DBX ETF TRUST

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semiannual report for five of our ETFs tracking the fixed income market for the period ended February 28, 2022.

Global financial markets witnessed several severe shifts during the last six months as economies continued to unlock again. The emergence of the highly infectious Omicron variant of the coronavirus began to take a toll on global growth by the end of 2021. To tackle the attendant disruptions, countries had to restrict movements and expedite their vaccination programs. Additionally, the invasion of the Russian Army into Ukraine on February 24, 2022 increased volatility in financial markets. Macro data depicted a mixed picture of the U.S. economy since the start of the reporting period. The purchasing manager’s index (PMI)¹ continued to slide worldwide; however, it recovered strongly in February 2022, signaling expanded economic activity. In 4Q 2021, Eurozone GDP experienced the slowest quarter-on-quarter growth in the last three quarters; nonetheless, the economy touched the pre-pandemic size. The PMI in the region slipped to an 11-month low in January 2022, due to weakness in the services sector, disrupted by the Omicron wave.

Central banks globally kept a hawkish stance as rallying oil and gas prices continued to trouble most parts of the world. The U.S. Federal Reserve (Fed) is on track to ending its bond purchase program in March 2022. The Federal Open Market Committee (FOMC) meeting confirmed widespread expectations of a Fed funds lift-off in March 2022. In addition, the FOMC is actively looking to reduce its inflated balance sheet. This would raise the cost of capital for corporates, evident in widening spreads on both investment grade and high-yield corporates in January 2022. U.S. benchmark Treasury yields rose as well during the reporting period.

Higher inflation and hawkish central bank policies contributed to dismal bond market returns during most of the period under consideration. Yield curves flattened globally as short-term yields rose higher than long-term yields as investors anticipated rate hikes in 2022. Spreads widened the most in the U.S. market followed by the European and U.K. markets during the fourth quarter of 2021 following fears the Omicron variant would impact global growth. However, spreads tightened again in December 2021 on evidence of a lower impact of the virus, fewer supply of new issues, and “Santa Claus Rally”.²

January and February 2022 were dominated by a number of negative themes, especially for the Eurozone bond markets, such as higher-than-expected inflation and increased geopolitical tensions over the Russia-Ukraine border. This resulted in relatively more widening of spreads in the European markets than in the U.S. bond market. During the last six months, the German 10-year government bond yields rose and entered into positive territory by January 2022 as European countries eased lockdown measures. The European Central Bank (ECB) has indicated that inflation in the Eurozone will likely remain elevated longer than previously expected, but will ease during the course of the year. In light of this and recovery in economic activity, the ECB is expected to end asset purchases under the Pandemic Emergency Purchase Programme by the end of March 2022.

We believe 2022 will be viewed as a year of transition as the global economy, along with the investment environment, evolves in search of a new normal. Geopolitical pressures coupled with disparities in central bank policies across different regions is expected to impact investment decisions. On one hand, the economic effects of the war between Russia and Ukraine and other supporting nations need to be monitored. On the other, we believe high inflation is a proxy of readjustment to demand-supply mismatches and labor markets. It can, therefore, be tackled with efficient risk management of portfolios, along with longer-term investment horizon.

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 Purchasing Managers’ Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. The purpose of the PMI is to provide information about current and future business conditions to company decision makers, analysts, and investors.

² A Santa Claus rally is a calendar effect that involves a rise in risk asset prices during the last five trading days in December and the first two trading days in the following January.

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

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


*Quality as of February 28, 2022**


Description	% of Market Value
BBB		1.2%
BB		48.4%
B		37.6%
CCC		12.7%
CC		0.1%

Total		100.0%

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


*Sector Diversification as of February 28, 2022**


Communications			21.0%
Consumer, Cyclical			20.0%
Consumer, Non-cyclical			18.4%
Energy			11.9%
Financial			9.8%
Industrial			8.9%
Technology			4.0%
Basic Materials			3.8%
Utilities			2.2%

Total			100.0%

Modified duration to worst as of February 28, 2022: 4.8 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 10.

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


*Quality as of February 28, 2022**


Description	% of Market Value
BBB		18.4%
BB		68.8%
B		11.9%
CCC		0.9%

Total		100.0%


*Sector Diversification as of February 28, 2022**


Consumer, Cyclical			20.4%
Consumer, Non-cyclical			20.2%
Communications			17.3%
Energy			13.0%
Financial			11.8%
Industrial			7.7%
Technology			4.0%
Basic Materials			2.8%
Utilities			2.8%

Total			100.0%

Modified duration to worst as of February 28, 2022: 3.6 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 22.

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


*Quality as of February 28, 2022**


Description	% of Market Value
BB		100.0%

Total		100.0%


*Sector Diversification as of February 28, 2022**


Consumer, Cyclical			20.9%
Communications			19.0%
Consumer, Non-cyclical			18.9%
Energy			12.4%
Financial			10.8%
Industrial			8.2%
Technology			4.0%
Basic Materials			3.3%
Utilities			2.5%

Total			100.0%

Modified duration to worst as of February 28, 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 percentage of total investments excluding cash equivalents. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 33.

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


*Quality as of February 28, 2022**


Description	% of Market Value
BBB		8.6%
BB		59.0%
B		26.2%
CCC		6.2%

Total		100.0%


*Sector Diversification as of February 28, 2022**


Consumer, Cyclical			25.7%
Communications			16.1%
Consumer, Non-cyclical			15.2%
Energy			13.6%
Financial			13.0%
Industrial			9.8%
Technology			2.9%
Basic Materials			1.9%
Utilities			1.8%

Total			100.0%

Modified duration to worst as of February 28, 2022: 2.2 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 35.

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


*Quality as of February 28, 2022**


Description	% of Market Value
BBB		9.0%
BB		58.5%
B		25.3%
CCC		7.1%
C		0.1%

Total		100.0%


*Sector Diversification as of February 28, 2022**


Consumer, Cyclical			20.9%
Communications			19.0%
Consumer, Non-cyclical			18.9%
Energy			12.4%
Financial			10.8%
Industrial			8.2%
Technology			4.0%
Basic Materials			3.3%
Utilities			2.5%

Total			100.0%

Modified duration to worst as of February 28, 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 44.

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (September 1, 2021 to February 28, 2022), except Xtrackers Risk Managed USD High Yield Strategy ETF which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to February 28, 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 181 (the number of days in the most recent six-month period), then divided by 365.

(2) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 19 (the number of days in the period February 10, 2022 (commencement of operations) to February 28, 2022), then divided by 365.

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


	Principal Amount		Value
CORPORATE BONDS — 98.3%
Basic Materials — 3.7%
Chemicals — 2.5%
ASP Unifrax Holdings, Inc. 144A, 5.25%, 9/30/28	$	28,000	$	26,857
144A, 7.50%, 9/30/29 (a)		14,000		12,798
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		31,000		28,332
Chemours Co. 5.375%, 5/15/27 (a)		8,000		8,040
144A, 5.75%, 11/15/28		47,000		46,246
144A, 4.625%, 11/15/29		18,000		16,701
Consolidated Energy Finance SA 144A, 6.50%, 5/15/26		14,000		14,003
144A, 5.625%, 10/15/28		28,000		25,915
Methanex Corp. 5.125%, 10/15/27		25,000		25,423
5.25%, 12/15/29		25,000		25,298
NOVA Chemicals Corp. 144A, 5.25%, 6/1/27		47,000		47,199
144A, 4.25%, 5/15/29 (a)		20,000		18,775
Olympus Water US Holding Corp. 144A, 4.25%, 10/1/28		30,000		28,014
144A, 6.25%, 10/1/29 (a)		14,000		12,861
SCIH Salt Holdings, Inc. 144A, 4.875%, 5/1/28		40,000		38,300
144A, 6.625%, 5/1/29		34,000		32,005
TPC Group, Inc., 144A, 10.50%, 8/1/24 (b)		33,000		18,150
Tronox, Inc., 144A, 4.625%, 3/15/29		37,000		34,926
Valvoline, Inc. 144A, 4.25%, 2/15/30		23,000		21,822
144A, 3.625%, 6/15/31		25,000		22,432
WR Grace Holdings LLC 144A, 4.875%, 6/15/27		26,000		26,007
144A, 5.625%, 8/15/29		50,000		48,000

(Cost $619,729)				578,104

Forest Products & Paper — 0.1%
Mercer International, Inc., 5.125%, 2/1/29
(Cost $31,529)		31,000		30,360

Iron/Steel — 0.3%
Cleveland-Cliffs, Inc. 144A, 4.625%, 3/1/29 (a)		5,000		4,833
144A, 4.875%, 3/1/31 (a)		29,000		28,029
United States Steel Corp., 6.875%, 3/1/29 (a)		25,000		25,719

(Cost $58,590)				58,581

Mining — 0.8%
Constellium SE, 144A, 3.75%, 4/15/29		18,000		16,571
Hudbay Minerals, Inc. 144A, 4.50%, 4/1/26		17,000		16,447
144A, 6.125%, 4/1/29 (a)		26,000		26,621


	Principal Amount		Value
Mining (Continued)
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28	$	15,000	$	14,188
144A, 4.50%, 6/1/31		21,000		18,946
Novelis Corp. 144A, 4.75%, 1/30/30		63,000		61,760
144A, 3.875%, 8/15/31		32,000		29,523

(Cost $194,877)				184,056

Communications — 20.6%
Advertising — 1.0%
Clear Channel Outdoor Holdings, Inc. 144A, 7.75%, 4/15/28		50,000		51,925
144A, 7.50%, 6/1/29		31,000		32,186
Midas OpCo Holdings LLC, 144A, 5.625%, 8/15/29		41,000		40,232
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 5.00%, 8/15/27		23,000		22,732
144A, 4.25%, 1/15/29		18,000		17,191
144A, 4.625%, 3/15/30		18,000		17,054
Terrier Media Buyer, Inc., 144A, 8.875%, 12/15/27		38,000		38,993

(Cost $223,990)				220,313

Internet — 0.4%
Arches Buyer, Inc., 144A, 6.125%, 12/1/28		18,000		16,881
Photo Holdings Merger Sub, Inc., 144A, 8.50%, 10/1/26		28,000		27,857
Uber Technologies, Inc., 144A, 4.50%, 8/15/29		63,000		60,434

(Cost $109,869)				105,172

Media — 11.7%
Altice Financing SA 144A, 5.00%, 1/15/28		42,000		37,892
144A, 5.75%, 8/15/29		72,000		65,699
AMC Networks, Inc., 4.25%, 2/15/29		45,000		42,202
Audacy Capital Corp. 144A, 6.50%, 5/1/27 (a)		17,000		16,171
144A, 6.75%, 3/31/29 (a)		24,000		22,783
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 4.50%, 8/15/30		101,000		96,878
144A, 4.25%, 2/1/31		120,000		112,634
144A, 4.75%, 2/1/32		45,000		43,750
4.50%, 5/1/32		114,000		108,275
144A, 4.50%, 6/1/33		71,000		66,667
144A, 4.25%, 1/15/34		74,000		67,889
CSC Holdings LLC 144A, 7.50%, 4/1/28		42,000		41,990
144A, 6.50%, 2/1/29		61,000		61,859
144A, 5.75%, 1/15/30		79,000		69,768
144A, 4.125%, 12/1/30		54,000		48,566
144A, 4.625%, 12/1/30		99,000		82,614
144A, 3.375%, 2/15/31		50,000		42,663
144A, 4.50%, 11/15/31		53,000		48,304
144A, 5.00%, 11/15/31		18,000		15,006


	Principal Amount		Value
Media (Continued)
Diamond Sports Group LLC / Diamond Sports Finance Co. 144A, 5.375%, 8/15/26	$	120,000	$	49,406
144A, 6.625%, 8/15/27		76,000		18,430
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 144A, 5.875%, 8/15/27		145,000		145,231
DISH DBS Corp. 5.875%, 11/15/24		80,000		80,080
7.75%, 7/1/26		80,000		81,108
144A, 5.25%, 12/1/26		101,000		99,201
7.375%, 7/1/28 (a)		35,000		32,962
144A, 5.75%, 12/1/28		108,000		103,580
5.125%, 6/1/29		53,000		44,814
Gray Escrow II, Inc., 144A, 5.375%, 11/15/31		56,000		53,418
Gray Television, Inc., 144A, 4.75%, 10/15/30		28,000		26,288
iHeartCommunications, Inc. 8.375%, 5/1/27		58,000		60,478
144A, 4.75%, 1/15/28		18,000		17,436
LCPR Senior Secured Financing DAC 144A, 6.75%, 10/15/27		56,000		57,038
144A, 5.125%, 7/15/29		30,000		28,883
McGraw-Hill Education, Inc. 144A, 5.75%, 8/1/28		34,000		32,300
144A, 8.00%, 8/1/29		24,000		21,585
Nexstar Media, Inc., 144A, 4.75%, 11/1/28 (a)		35,000		34,083
Radiate Holdco LLC / Radiate Finance, Inc. 144A, 4.50%, 9/15/26		41,000		39,223
144A, 6.50%, 9/15/28		35,000		32,915
Scripps Escrow II, Inc., 144A, 5.375%, 1/15/31 (a)		18,000		17,100
Sinclair Television Group, Inc. 144A, 5.125%, 2/15/27		14,000		12,756
144A, 5.50%, 3/1/30		18,000		15,816
144A, 4.125%, 12/1/30		26,000		23,311
Sirius XM Radio, Inc., 144A, 3.875%, 9/1/31		58,000		53,523
TEGNA, Inc. 4.625%, 3/15/28		44,000		44,055
5.00%, 9/15/29		42,000		41,966
Univision Communications, Inc., 144A, 4.50%, 5/1/29		37,000		35,198
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		52,000		49,739
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		33,000		31,056
Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29		50,000		50,033
144A, 4.50%, 8/15/30		32,000		29,969
VZ Secured Financing BV, 144A, 5.00%, 1/15/32		64,000		61,216
Ziggo Bond Co. BV, 144A, 5.125%, 2/28/30		18,000		16,807


	Principal Amount		Value
Media (Continued)
Ziggo BV, 144A, 4.875%, 1/15/30	$	35,000	$	33,450

(Cost $2,882,643)				2,666,064

Telecommunications — 7.5%
Altice France Holding SA 144A, 10.50%, 5/15/27		64,000		67,114
144A, 6.00%, 2/15/28 (a)		45,000		39,791
Altice France SA 144A, 5.50%, 1/15/28		39,000		36,512
144A, 5.125%, 1/15/29		17,000		15,447
144A, 5.125%, 7/15/29		108,000		97,873
144A, 5.50%, 10/15/29		70,000		64,237
Avaya, Inc., 144A, 6.125%, 9/15/28		38,000		36,678
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		47,000		48,794
CommScope Technologies LLC 144A, 6.00%, 6/15/25		46,000		45,146
144A, 5.00%, 3/15/27		26,000		23,044
CommScope, Inc. 144A, 6.00%, 3/1/26		54,000		55,149
144A, 8.25%, 3/1/27		35,000		34,887
144A, 7.125%, 7/1/28		40,000		37,568
144A, 4.75%, 9/1/29		44,000		41,101
Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26		73,000		73,985
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28 (a)		14,000		13,281
144A, 6.50%, 10/1/28 (a)		27,000		26,933
DKT Finance ApS, 144A, 9.375%, 6/17/23		13,000		13,067
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		45,000		45,684
144A, 5.00%, 5/1/28		61,000		59,307
144A, 6.75%, 5/1/29		39,000		37,928
5.875%, 11/1/29		30,000		27,654
144A, 6.00%, 1/15/30		38,000		35,074
Iliad Holding SASU 144A, 6.50%, 10/15/26		43,000		42,838
144A, 7.00%, 10/15/28		41,000		40,852
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		116,000		118,030
Level 3 Financing, Inc. 144A, 4.25%, 7/1/28		42,000		38,850
144A, 3.625%, 1/15/29		40,000		35,101
144A, 3.75%, 7/15/29		41,000		36,246
Lumen Technologies, Inc. 144A, 4.50%, 1/15/29		30,000		25,101
144A, 5.375%, 6/15/29		43,000		37,389
Telesat Canada / Telesat LLC 144A, 5.625%, 12/6/26		18,000		13,264
144A, 4.875%, 6/1/27		15,000		10,678
144A, 6.50%, 10/15/27		22,000		11,037
Viasat, Inc. 144A, 5.625%, 9/15/25		25,000		23,915
144A, 5.625%, 4/15/27		21,000		21,002
144A, 6.50%, 7/15/28		24,000		22,185


	Principal Amount		Value
Telecommunications (Continued)
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31	$	52,000	$	47,917
144A, 4.75%, 7/15/31		60,000		57,606
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28 (a)		49,000		49,516
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27		62,000		59,029
144A, 6.125%, 3/1/28 (a)		38,000		35,384

(Cost $1,802,930)				1,702,194

Consumer, Cyclical — 19.7%
Airlines — 1.2%
American Airlines Group, Inc., 144A, 3.75%, 3/1/25 (a)		18,000		16,785
American Airlines, Inc., 144A, 11.75%, 7/15/25		97,000		117,884
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		52,000		52,711
United Airlines, Inc., 144A, 4.625%, 4/15/29		80,000		78,056

(Cost $255,971)				265,436

Auto Manufacturers — 0.4%
Allison Transmission, Inc., 144A, 3.75%, 1/30/31		35,000		32,552
Jaguar Land Rover Automotive PLC 144A, 4.50%, 10/1/27		27,000		24,876
144A, 5.875%, 1/15/28		15,000		14,895
144A, 5.50%, 7/15/29		16,000		15,401

(Cost $90,863)				87,724

Auto Parts & Equipment — 1.4%
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/26 (a)		29,000		29,079
American Axle & Manufacturing, Inc. 6.875%, 7/1/28 (a)		14,000		14,452
5.00%, 10/1/29 (a)		21,000		19,955
Clarios Global LP / Clarios US Finance Co., 144A, 8.50%, 5/15/27		72,000		75,042
Dana, Inc., 4.25%, 9/1/30		12,000		11,419
Goodyear Tire & Rubber Co. 144A, 5.00%, 7/15/29		30,000		29,553
5.25%, 4/30/31		16,000		15,578
144A, 5.25%, 7/15/31		24,000		23,407
5.625%, 4/30/33		26,000		25,038
Tenneco, Inc. 5.00%, 7/15/26 (a)		10,000		9,989
144A, 7.875%, 1/15/29		24,000		25,375
144A, 5.125%, 4/15/29		47,000		46,716

(Cost $331,279)				325,603

Distribution/Wholesale — 0.6%
American Builders & Contractors Supply Co., Inc., 144A, 3.875%, 11/15/29		14,000		13,182


	Principal Amount		Value
Distribution/Wholesale (Continued)
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28	$	44,000	$	41,232
Wolverine Escrow LLC 144A, 8.50%, 11/15/24 (a)		25,000		21,041
144A, 9.00%, 11/15/26 (a)		37,000		37,061
144A, 13.125%, 11/15/27 (a)		19,000		9,405

(Cost $132,540)				121,921

Entertainment — 2.5%
AMC Entertainment Holdings, Inc. 144A, , 6/15/26 (a)		63,000		58,385
144A, 7.50%, 2/15/29		32,000		31,654
Caesars Entertainment, Inc., 144A, 4.625%, 10/15/29		52,000		49,546
Cedar Fair LP, 5.25%, 7/15/29 (a)		19,000		19,012
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.375%, 4/15/27		15,000		15,128
Cinemark USA, Inc. 144A, 5.875%, 3/15/26 (a)		14,000		13,804
144A, 5.25%, 7/15/28 (a)		27,000		25,581
Lions Gate Capital Holdings LLC, 144A, 5.50%, 4/15/29		35,000		33,330
Live Nation Entertainment, Inc., 144A, 4.75%, 10/15/27		40,000		39,350
Mohegan Gaming & Entertainment, 144A, 8.00%, 2/1/26		41,000		41,459
Penn National Gaming, Inc. 144A, 5.625%, 1/15/27		22,000		22,330
144A, 4.125%, 7/1/29		13,000		12,039
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29		34,000		30,888
144A, 5.875%, 9/1/31		28,000		25,236
Resorts World Las Vegas LLC / RWLV Capital, Inc., 144A, 4.625%, 4/16/29		35,000		32,794
Scientific Games International, Inc., 144A, 7.00%, 5/15/28		50,000		51,550
Six Flags Entertainment Corp., 144A, 5.50%, 4/15/27		20,000		20,194
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 7.75%, 4/15/25		24,000		25,082
144A, 5.125%, 10/1/29		26,000		25,056

(Cost $595,502)				572,418

Food Service — 0.4%
Aramark Services, Inc., 144A, 5.00%, 2/1/28 (a)		50,000		50,144
TKC Holdings, Inc. 144A, 6.875%, 5/15/28		20,000		19,825
144A, 10.50%, 5/15/29		20,000		20,536

(Cost $92,342)				90,505


	Principal Amount		Value
Home Builders — 0.5%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30	$	14,000	$	13,212
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27		25,000		25,093
144A, 4.875%, 2/15/30		17,000		15,533
Century Communities, Inc., 144A, 3.875%, 8/15/29		18,000		16,723
Mattamy Group Corp., 144A, 4.625%, 3/1/30		21,000		19,778
Taylor Morrison Communities, Inc., 144A, 5.125%, 8/1/30		27,000		26,955

(Cost $123,236)				117,294

Home Furnishings — 0.1%
Tempur Sealy International, Inc., 144A, 3.875%, 10/15/31
(Cost $30,736)		31,000		27,900

Housewares — 0.2%
Scotts Miracle-Gro Co. 4.00%, 4/1/31		19,000		17,462
4.375%, 2/1/32		23,000		21,268

(Cost $41,407)				38,730

Leisure Time — 3.8%
Carnival Corp. 144A, 10.50%, 2/1/26		26,000		29,219
144A, 7.625%, 3/1/26		56,000		57,624
144A, 5.75%, 3/1/27		137,000		133,410
144A, 9.875%, 8/1/27		35,000		39,337
144A, 4.00%, 8/1/28		100,000		95,644
144A, 6.00%, 5/1/29		78,000		75,380
Life Time, Inc. 144A, 5.75%, 1/15/26		40,000		39,841
144A, 8.00%, 4/15/26 (a)		10,000		9,994
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		16,000		15,020
144A, 5.875%, 3/15/26		53,000		51,331
144A, 5.875%, 2/15/27		39,000		39,024
144A, 7.75%, 2/15/29		28,000		28,875
Royal Caribbean Cruises Ltd. 144A, 4.25%, 7/1/26		21,000		19,920
144A, 5.50%, 8/31/26		35,000		34,711
144A, 5.375%, 7/15/27		36,000		35,412
3.70%, 3/15/28 (a)		71,000		64,440
144A, 5.50%, 4/1/28		18,000		17,663
Viking Cruises Ltd. 144A, 13.00%, 5/15/25		26,000		28,928
144A, 5.875%, 9/15/27		29,000		27,076
144A, 7.00%, 2/15/29		22,000		20,823

(Cost $883,444)				863,672

Lodging — 2.5%
Boyd Gaming Corp. 4.75%, 12/1/27		44,000		44,116
144A, 4.75%, 6/15/31		35,000		34,421


	Principal Amount		Value
Lodging (Continued)
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29	$	31,000	$	30,427
144A, 4.875%, 7/1/31		22,000		20,922
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29		19,000		18,026
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		35,000		33,408
144A, 5.25%, 4/26/26		19,000		17,741
144A, 5.625%, 7/17/27		23,000		21,500
144A, 5.75%, 7/21/28		43,000		38,937
144A, 5.375%, 12/4/29		38,000		33,045
MGM Resorts International 5.50%, 4/15/27		24,000		24,814
4.75%, 10/15/28		27,000		26,932
Station Casinos LLC 144A, 4.50%, 2/15/28		25,000		24,063
144A, 4.625%, 12/1/31		18,000		16,986
Travel + Leisure Co. 144A, 6.625%, 7/31/26		27,000		28,861
6.00%, 4/1/27		20,000		20,932
144A, 4.50%, 12/1/29		23,000		22,008
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 5.50%, 3/1/25		78,000		79,193
144A, 5.25%, 5/15/27 (a)		32,000		31,718

(Cost $593,259)				568,050

Retail — 6.1%
1011778 BC ULC / New Red Finance, Inc. 144A, 4.375%, 1/15/28		35,000		34,446
144A, 3.50%, 2/15/29		26,000		24,553
144A, 4.00%, 10/15/30		114,000		105,699
Asbury Automotive Group, Inc. 4.50%, 3/1/28		14,000		13,784
144A, 4.625%, 11/15/29		38,000		37,120
4.75%, 3/1/30		16,000		15,550
144A, 5.00%, 2/15/32		21,000		20,417
Bath & Body Works, Inc., 144A, 6.625%, 10/1/30		35,000		37,932
Carvana Co. 144A, 5.625%, 10/1/25		24,000		22,824
144A, 5.50%, 4/15/27		26,000		23,284
144A, 5.875%, 10/1/28 (a)		18,000		16,097
144A, 4.875%, 9/1/29 (a)		29,000		24,270
eG Global Finance PLC 144A, 6.75%, 2/7/25		21,000		21,026
144A, 8.50%, 10/30/25		27,000		27,323
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		23,000		21,534
144A, 5.875%, 4/1/29		39,000		35,892
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A, 4.625%, 1/15/29		37,000		35,471
144A, 6.75%, 1/15/30		50,000		47,562
FirstCash, Inc. 144A, 4.625%, 9/1/28		20,000		18,907
144A, 5.625%, 1/1/30		18,000		17,903


	Principal Amount		Value
Retail (Continued)
Gap, Inc. 144A, 3.625%, 10/1/29	$	29,000	$	26,267
144A, 3.875%, 10/1/31		26,000		23,205
IRB Holding Corp., 144A, 6.75%, 2/15/26		19,000		19,161
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		29,000		26,946
LCM Investments Holdings II LLC, 144A, 4.875%, 5/1/29		36,000		34,351
Macy’s Retail Holdings LLC, 144A, 5.875%, 4/1/29		20,000		20,474
Michaels Cos., Inc. 144A, 5.25%, 5/1/28		46,000		43,200
144A, 7.875%, 5/1/29		45,000		39,459
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		39,000		40,190
Nordstrom, Inc. 4.375%, 4/1/30 (a)		26,000		23,730
4.25%, 8/1/31 (a)		16,000		14,350
Party City Holdings, Inc., 144A, 8.75%, 2/15/26		26,000		26,065
PetSmart, Inc. / PetSmart Finance Corp. 144A, 4.75%, 2/15/28		52,000		51,944
144A, 7.75%, 2/15/29		40,000		42,091
QVC, Inc. 4.75%, 2/15/27		20,000		18,632
4.375%, 9/1/28		18,000		16,342
Rite Aid Corp. 144A, 7.50%, 7/1/25		22,000		21,165
144A, 8.00%, 11/15/26		39,000		37,126
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29		33,000		31,378
144A, 4.875%, 11/15/31		18,000		16,994
SRS Distribution, Inc. 144A, 4.625%, 7/1/28		24,000		22,949
144A, 6.125%, 7/1/29		23,000		22,004
144A, 6.00%, 12/1/29		30,000		28,427
Staples, Inc. 144A, 7.50%, 4/15/26		85,000		84,203
144A, 10.75%, 4/15/27 (a)		35,000		32,701
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		25,000		23,780

(Cost $1,455,894)				1,388,728

Consumer, Non-cyclical — 18.1%
Agriculture — 0.2%
Vector Group Ltd. 144A, 10.50%, 11/1/26		20,000		20,568
144A, 5.75%, 2/1/29		31,000		28,652

(Cost $52,728)				49,220

Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29
(Cost $25,966)		26,000		24,247


	Principal Amount		Value
Biotechnology — 0.1%
Grifols Escrow Issuer SA, 144A, 4.75%, 10/15/28
(Cost $25,491)	$	27,000	$	25,481

Commercial Services — 4.1%
ADT Security Corp., 144A, 4.125%, 8/1/29		53,000		50,062
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		68,000		69,720
144A, 9.75%, 7/15/27		37,000		38,702
144A, 6.00%, 6/1/29 (a)		46,000		42,837
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		47,000		44,689
APX Group, Inc. 144A, 6.75%, 2/15/27		42,000		43,171
144A, 5.75%, 7/15/29		17,000		15,268
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 4.75%, 4/1/28		20,000		19,167
144A, 5.375%, 3/1/29 (a)		27,000		26,607
CoreCivic, Inc., 8.25%, 4/15/26 (a)		27,000		27,456
Garda World Security Corp. 144A, 4.625%, 2/15/27		27,000		26,199
144A, 9.50%, 11/1/27		21,000		21,691
144A, 6.00%, 6/1/29		19,000		17,265
Hertz Corp. 144A, 4.625%, 12/1/26		18,000		17,164
144A, 5.00%, 12/1/29		36,000		33,626
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		37,000		35,955
144A, 5.75%, 11/1/28 (a)		56,000		50,602
Nielsen Finance LLC / Nielsen Finance Co. 144A, 5.625%, 10/1/28		35,000		33,574
144A, 4.50%, 7/15/29		22,000		19,807
144A, 5.875%, 10/1/30		27,000		25,972
144A, 4.75%, 7/15/31		31,000		27,701
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.75%, 4/15/26		45,000		46,236
144A, 3.375%, 8/31/27		40,000		37,063
144A, 6.25%, 1/15/28		46,000		44,445
Sabre GLBL, Inc. 144A, 9.25%, 4/15/25		27,000		30,484
144A, 7.375%, 9/1/25		30,000		31,125
Service Corp. International, 4.00%, 5/15/31		28,000		26,575
Sotheby’s, 144A, 7.375%, 10/15/27		25,000		26,063

(Cost $967,052)				929,226

Cosmetics/Personal Care — 0.3%
Coty, Inc. 144A, 5.00%, 4/15/26		29,000		28,960
144A, 6.50%, 4/15/26 (a)		21,000		21,365


	Principal Amount		Value
Cosmetics/Personal Care (Continued)
Edgewell Personal Care Co., 144A, 4.125%, 4/1/29	$	18,000	$	16,934

(Cost $68,383)				67,259

Food — 1.6%
B&G Foods, Inc., 5.25%, 9/15/27		20,000		19,963
Lamb Weston Holdings, Inc. 144A, 4.125%, 1/31/30		35,000		33,925
144A, 4.375%, 1/31/32		34,000		33,091
Performance Food Group, Inc., 144A, 4.25%, 8/1/29		35,000		33,435
Post Holdings, Inc. 144A, 5.50%, 12/15/29		45,000		45,437
144A, 4.625%, 4/15/30		61,000		57,562
144A, 4.50%, 9/15/31		73,000		67,697
Sigma Holdco BV, 144A, 7.875%, 5/15/26 (a)		17,000		14,988
US Foods, Inc. 144A, 4.75%, 2/15/29		35,000		34,666
144A, 4.625%, 6/1/30		16,000		15,420

(Cost $372,302)				356,184

Healthcare-Products — 1.2%
Mozart Debt Merger Sub, Inc. 144A, 3.875%, 4/1/29		177,000		167,303
144A, 5.25%, 10/1/29 (a)		98,000		93,727

(Cost $274,090)				261,030

Healthcare-Services — 4.5%
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		83,000		86,230
144A, 5.625%, 3/15/27		71,000		71,253
144A, 8.00%, 12/15/27		27,000		28,511
144A, 6.875%, 4/1/28		27,000		24,988
144A, 6.00%, 1/15/29		35,000		35,103
144A, 6.875%, 4/15/29		65,000		63,104
144A, 6.125%, 4/1/30 (a)		68,000		63,324
144A, 5.25%, 5/15/30		52,000		50,468
144A, 4.75%, 2/15/31		45,000		42,414
DaVita, Inc. 144A, 4.625%, 6/1/30		106,000		101,934
144A, 3.75%, 2/15/31		58,000		53,088
Encompass Health Corp. 4.75%, 2/1/30		30,000		28,464
4.625%, 4/1/31		15,000		14,177
Envision Healthcare Corp., 144A, 8.75%, 10/15/26		40,000		21,270
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27		30,000		28,464
LifePoint Health, Inc., 144A, 5.375%, 1/15/29		18,000		16,669
Radiology Partners, Inc., 144A, 9.25%, 2/1/28		25,000		24,980
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		50,000		52,495


	Principal Amount		Value
Healthcare-Services (Continued)
Tenet Healthcare Corp. 144A, 4.625%, 6/15/28	$	22,000	$	21,535
144A, 6.125%, 10/1/28		99,000		99,646
144A, 4.25%, 6/1/29		58,000		56,049
144A, 4.375%, 1/15/30		51,000		49,294

(Cost $1,070,247)				1,033,460

Household Products/Wares — 0.3%
Central Garden & Pet Co. 4.125%, 10/15/30 (a)		20,000		19,023
144A, 4.125%, 4/30/31		12,000		11,237
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 144A, 5.00%, 12/31/26		10,000		9,036
144A, 7.00%, 12/31/27 (a)		23,000		19,242
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31		16,000		14,678

(Cost $81,921)				73,216

Pharmaceuticals — 5.7%
AdaptHealth LLC 144A, 4.625%, 8/1/29		16,000		14,453
144A, 5.125%, 3/1/30		23,000		21,247
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		54,000		55,929
144A, 8.50%, 1/31/27		50,000		50,724
Bausch Health Cos., Inc. 144A, 6.125%, 4/15/25		96,000		96,540
144A, 9.00%, 12/15/25		60,000		61,943
144A, 6.125%, 2/1/27		39,000		39,372
144A, 5.75%, 8/15/27		18,000		17,908
144A, 7.00%, 1/15/28		11,000		10,082
144A, 5.00%, 1/30/28		75,000		62,940
144A, 4.875%, 6/1/28		58,000		55,817
144A, 6.25%, 2/15/29		90,000		76,913
144A, 7.25%, 5/30/29		25,000		21,922
144A, 5.25%, 1/30/30		68,000		54,939
144A, 5.25%, 2/15/31 (a)		35,000		27,882
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		17,000		17,011
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 144A, 9.50%, 7/31/27 (a)		40,000		39,065
144A, 6.00%, 6/30/28		47,000		31,099
Endo Luxembourg Finance Co I Sarl / Endo US, Inc., 144A, 6.125%, 4/1/29		47,000		44,131
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		20,000		18,381
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 5.125%, 4/30/31		80,000		79,479
Par Pharmaceutical, Inc., 144A, 7.50%, 4/1/27		79,000		79,091
Prestige Brands, Inc., 144A, 3.75%, 4/1/31		23,000		21,224


	Principal Amount		Value
Pharmaceuticals (Continued)
Teva Pharmaceutical Finance Netherlands III BV 7.125%, 1/31/25	$	40,000	$	42,053
3.15%, 10/1/26		125,000		113,594
4.75%, 5/9/27		36,000		34,740
6.75%, 3/1/28 (a)		50,000		52,535
5.125%, 5/9/29		46,000		44,160

(Cost $1,372,669)				1,285,174

Energy — 11.7%
Energy-Alternate Sources — 0.2%
TerraForm Power Operating LLC 144A, 5.00%, 1/31/28		25,000		25,108
144A, 4.75%, 1/15/30		30,000		29,494

(Cost $57,234)				54,602

Oil & Gas — 6.7%
Antero Resources Corp. 144A, 7.625%, 2/1/29		19,000		20,592
144A, 5.375%, 3/1/30 (a)		22,000		22,452
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		36,000		35,611
144A, 5.875%, 6/30/29		14,000		13,344
Callon Petroleum Co. 6.125%, 10/1/24		14,000		13,961
144A, 8.00%, 8/1/28 (a)		24,000		24,989
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		20,000		21,084
Chesapeake Energy Corp., 144A, 6.75%, 4/15/29		34,000		35,994
Citgo Holding, Inc., 144A, 9.25%, 8/1/24		62,000		62,420
CITGO Petroleum Corp. 144A, 7.00%, 6/15/25		28,000		28,032
144A, 6.375%, 6/15/26		35,000		34,830
CNX Resources Corp. 144A, 7.25%, 3/14/27		24,000		25,260
144A, 6.00%, 1/15/29		18,000		18,410
Colgate Energy Partners III LLC, 144A, 5.875%, 7/1/29		25,000		25,780
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		52,000		52,974
144A, 5.875%, 1/15/30		35,000		34,013
CrownRock LP / CrownRock Finance, Inc. 144A, 5.625%, 10/15/25		64,000		64,804
144A, 5.00%, 5/1/29		12,000		12,228
CVR Energy, Inc. 144A, 5.25%, 2/15/25 (a)		32,000		31,020
144A, 5.75%, 2/15/28 (a)		8,000		7,551
Hilcorp Energy I LP / Hilcorp Finance Co. 144A, 6.25%, 11/1/28		24,000		24,508
144A, 5.75%, 2/1/29		22,000		22,148
144A, 6.00%, 2/1/31		25,000		25,412
Laredo Petroleum, Inc. 9.50%, 1/15/25		23,000		23,704
144A, 7.75%, 7/31/29 (a)		13,000		12,629


	Principal Amount		Value
Oil & Gas (Continued)
Leviathan Bond Ltd. 144A, REGS, 6.50%, 6/30/27	$	22,000	$	22,638
144A, REGS, 6.75%, 6/30/30		19,000		19,352
Matador Resources Co., 5.875%, 9/15/26		37,000		37,601
MEG Energy Corp. 144A, 7.125%, 2/1/27		35,000		36,613
144A, 5.875%, 2/1/29		26,000		26,320
Moss Creek Resources Holdings, Inc., 144A, 7.50%, 1/15/26		56,000		49,662
Murphy Oil Corp. 5.875%, 12/1/27		19,000		19,381
6.375%, 7/15/28		20,000		20,749
Nabors Industries Ltd., 144A, 7.25%, 1/15/26		20,000		19,533
Nabors Industries, Inc. 5.75%, 2/1/25		22,000		21,142
144A, 7.375%, 5/15/27		25,000		25,844
Parkland Corp. 144A, 4.50%, 10/1/29		28,000		26,449
144A, 4.625%, 5/1/30		38,000		35,969
PBF Holding Co. LLC / PBF Finance Corp. 144A, 9.25%, 5/15/25 (a)		44,000		44,575
6.00%, 2/15/28		53,000		38,866
Puma International Financing SA, 144A, 5.125%, 10/6/24		50,000		49,124
Range Resources Corp. 8.25%, 1/15/29		21,000		23,039
144A, 4.75%, 2/15/30		21,000		20,584
SM Energy Co. 144A, 10.00%, 1/15/25		16,000		17,563
6.75%, 9/15/26 (a)		22,000		22,248
6.625%, 1/15/27		27,000		27,303
6.50%, 7/15/28 (a)		11,000		11,288
Southwestern Energy Co. 5.375%, 3/15/30		44,000		45,462
4.75%, 2/1/32		49,000		48,802
Sunoco LP / Sunoco Finance Corp. 4.50%, 5/15/29		27,000		25,921
144A, 4.50%, 4/30/30		31,000		29,664
Transocean, Inc. 144A, 7.25%, 11/1/25		15,000		11,675
144A, 7.50%, 1/15/26		20,000		15,533
144A, 11.50%, 1/30/27		24,000		24,045
144A, 8.00%, 2/1/27		31,000		23,011

(Cost $1,536,287)				1,533,706

Oil & Gas Services — 0.9%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		18,000		18,497
144A, 6.25%, 4/1/28		27,000		27,031
CGG SA, 144A, 8.75%, 4/1/27 (a)		20,000		19,538
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		25,000		25,140
6.875%, 9/1/27		27,000		27,056


	Principal Amount		Value
Oil & Gas Services (Continued)
Weatherford International Ltd. 144A, 6.50%, 9/15/28	$	18,000	$	18,658
144A, 8.625%, 4/30/30		66,000		67,011

(Cost $206,864)				202,931

Pipelines — 3.9%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 5.75%, 3/1/27		34,000		34,557
144A, 5.75%, 1/15/28		22,000		22,358
144A, 5.375%, 6/15/29		26,000		26,163
Buckeye Partners LP, 144A, 4.50%, 3/1/28		18,000		17,129
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		59,000		58,779
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 144A, 5.625%, 5/1/27		21,000		20,879
144A, 6.00%, 2/1/29		25,000		25,193
144A, 8.00%, 4/1/29		22,000		23,437
EnLink Midstream LLC, 5.375%, 6/1/29		15,000		14,949
EQM Midstream Partners LP 144A, 6.50%, 7/1/27		31,000		32,269
144A, 4.50%, 1/15/29		33,000		30,870
144A, 4.75%, 1/15/31		45,000		42,250
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		19,000		18,544
8.00%, 1/15/27		44,000		44,550
7.75%, 2/1/28 (a)		26,000		25,719
Hess Midstream Operations LP, 144A, 4.25%, 2/15/30		27,000		26,108
ITT Holdings LLC, 144A, 6.50%, 8/1/29		47,000		44,132
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		44,000		42,379
144A, 6.50%, 9/30/26		63,000		60,397
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		79,000		79,419
NGL Energy Partners LP / NGL Energy Finance Corp., 7.50%, 11/1/23 (a)		18,000		17,308
NuStar Logistics LP 5.625%, 4/28/27		15,000		15,043
6.375%, 10/1/30		24,000		24,356
Rockies Express Pipeline LLC, 144A, 4.95%, 7/15/29		19,000		18,414
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25		15,000		15,771
144A, 6.00%, 3/1/27		28,000		28,046
144A, 5.50%, 1/15/28		20,000		19,157
144A, 6.00%, 12/31/30		36,000		34,481
144A, 6.00%, 9/1/31		18,000		16,994

(Cost $905,135)				879,651


	Principal Amount		Value
Financial — 9.6%
Banks — 0.4%
Freedom Mortgage Corp. 144A, 8.25%, 4/15/25	$	22,000	$	21,986
144A, 7.625%, 5/1/26		24,000		23,085
144A, 6.625%, 1/15/27		34,000		31,430
Intesa Sanpaolo SpA, 144A, 4.198%, 6/1/32		27,000		24,441

(Cost $106,502)				100,942

Diversified Financial Services — 3.5%
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		43,000		39,262
144A, 3.625%, 10/1/31		38,000		33,535
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		35,000		31,126
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		43,000		41,459
LD Holdings Group LLC 144A, 6.50%, 11/1/25		11,000		10,469
144A, 6.125%, 4/1/28		29,000		25,917
Midcap Financial Issuer Trust 144A, 6.50%, 5/1/28		36,000		35,129
144A, 5.625%, 1/15/30		13,000		11,887
Nationstar Mortgage Holdings, Inc. 144A, 6.00%, 1/15/27		15,000		15,244
144A, 5.50%, 8/15/28		30,000		29,955
144A, 5.125%, 12/15/30		30,000		28,160
144A, 5.75%, 11/15/31		27,000		26,154
Navient Corp. 6.75%, 6/15/26		29,000		30,124
5.00%, 3/15/27		28,000		27,063
4.875%, 3/15/28		18,000		16,856
5.50%, 3/15/29		26,000		24,616
NFP Corp. 144A, 4.875%, 8/15/28		13,000		12,430
144A, 6.875%, 8/15/28		93,000		86,613
OneMain Finance Corp. 3.875%, 9/15/28		21,000		19,484
5.375%, 11/15/29		17,000		17,128
4.00%, 9/15/30		51,000		46,548
PennyMac Financial Services, Inc. 144A, 5.375%, 10/15/25		21,000		20,919
144A, 4.25%, 2/15/29		23,000		20,616
144A, 5.75%, 9/15/31		23,000		21,708
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		28,000		26,988
144A, 5.75%, 6/15/27		18,000		17,231
144A, 5.50%, 4/15/29 (a)		35,000		32,085
VistaJet Malta Finance PLC / XO Management Holding, Inc., 144A, 6.375%, 2/1/30 (a)		37,000		35,280

(Cost $827,821)				783,986

Insurance — 1.1%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		56,000		55,500
144A, 10.125%, 8/1/26		5,000		5,304


	Principal Amount		Value
Insurance (Continued)
144A, 4.25%, 2/15/29	$	25,000	$	23,530
144A, 6.00%, 8/1/29		18,000		16,259
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 144A, 5.875%, 11/1/29		31,000		29,304
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 4.25%, 10/15/27		22,000		21,259
144A, 6.75%, 10/15/27		50,000		48,932
AssuredPartners, Inc. 144A, 7.00%, 8/15/25		18,000		17,838
144A, 5.625%, 1/15/29		19,000		17,508
HUB International Ltd., 144A, 5.625%, 12/1/29		20,000		19,025

(Cost $263,008)				254,459

Real Estate — 1.0%
Howard Hughes Corp., 144A, 4.375%, 2/1/31		30,000		28,287
Kennedy-Wilson, Inc. 4.75%, 3/1/29		28,000		27,405
4.75%, 2/1/30		28,000		26,828
5.00%, 3/1/31		18,000		17,495
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		40,000		39,738
144A, 5.25%, 4/15/30		37,000		35,310
WeWork Cos. LLC / WW Co.-Obligor, Inc., 144A, 5.00%, 7/10/25		21,000		17,679
WeWork Cos., Inc., 144A, 7.875%, 5/1/25 (a)		26,000		23,577

(Cost $223,336)				216,319

Real Estate Investment Trusts — 3.1%
Apollo Commercial Real Estate Finance, Inc., 144A, 4.625%, 6/15/29		18,000		16,276
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26		31,000		30,645
144A, 4.50%, 4/1/27		34,000		31,764
Diversified Healthcare Trust 4.75%, 2/15/28		18,000		16,302
4.375%, 3/1/31		17,000		14,628
Iron Mountain, Inc. 144A, 5.00%, 7/15/28		15,000		14,884
144A, 4.875%, 9/15/29		39,000		37,696
144A, 5.25%, 7/15/30		56,000		55,522
144A, 4.50%, 2/15/31		40,000		37,455
144A, 5.625%, 7/15/32		26,000		25,759
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 144A, 4.25%, 2/1/27		27,000		26,340
144A, 4.75%, 6/15/29		19,000		18,440


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 5.875%, 10/1/28	$	17,000	$	17,275
144A, 4.875%, 5/15/29		34,000		32,810
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		26,000		25,499
144A, 4.50%, 2/15/29		26,000		24,602
RLJ Lodging Trust LP, 144A, 4.00%, 9/15/29		20,000		18,814
Service Properties Trust 4.50%, 6/15/23		19,000		18,839
7.50%, 9/15/25		55,000		57,833
5.50%, 12/15/27		28,000		27,440
3.95%, 1/15/28		25,000		21,721
4.95%, 10/1/29		33,000		29,892
4.375%, 2/15/30		10,000		8,743
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 6.00%, 1/15/30		25,000		22,393
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 4.75%, 4/15/28		20,000		19,070
144A, 6.50%, 2/15/29		49,000		45,491
XHR LP, 144A, 4.875%, 6/1/29		15,000		14,548

(Cost $741,032)				710,681

Venture Capital — 0.5%
Compass Group Diversified Holdings LLC, 144A, 5.25%, 4/15/29		35,000		33,874
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 5.25%, 5/15/27		51,000		50,719
4.375%, 2/1/29		34,000		31,591

(Cost $122,231)				116,184

Industrial — 8.7%
Aerospace/Defense — 2.6%
Bombardier, Inc. 144A, 7.50%, 12/1/24		35,000		36,263
144A, 7.50%, 3/15/25		65,000		64,906
144A, 7.125%, 6/15/26		42,000		41,991
144A, 7.875%, 4/15/27 (a)		91,000		91,626
144A, 6.00%, 2/15/28		26,000		24,866
Spirit AeroSystems, Inc., 4.60%, 6/15/28 (a)		25,000		23,902
TransDigm, Inc. 6.375%, 6/15/26		37,000		37,764
7.50%, 3/15/27		40,000		41,390
5.50%, 11/15/27		122,000		121,217
4.625%, 1/15/29		15,000		14,223
4.875%, 5/1/29		35,000		33,296
Triumph Group, Inc. 144A, 8.875%, 6/1/24		19,000		20,294


	Principal Amount		Value
Aerospace/Defense (Continued)
144A, 6.25%, 9/15/24	$	19,000	$	18,877
7.75%, 8/15/25 (a)		18,000		18,086

(Cost $591,586)				588,701

Building Materials — 1.3%
Builders FirstSource, Inc., 144A, 4.25%, 2/1/32		56,000		53,726
Griffon Corp., 5.75%, 3/1/28		35,000		34,835
JELD-WEN, Inc., 144A, 4.875%, 12/15/27		16,000		15,581
SRM Escrow Issuer LLC, 144A, 6.00%, 11/1/28		42,000		41,952
Standard Industries, Inc. 144A, 4.75%, 1/15/28		35,000		34,359
144A, 4.375%, 7/15/30		56,000		53,107
144A, 3.375%, 1/15/31		54,000		47,861
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		25,000		25,126

(Cost $322,620)				306,547

Electrical Components & Equipment — 0.2%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		21,000		19,973
144A, 4.375%, 3/31/29 (a)		28,000		25,305

(Cost $49,551)				45,278

Electronics — 0.5%
II-VI, Inc., 144A, 5.00%, 12/15/29		35,000		34,975
Imola Merger Corp., 144A, 4.75%, 5/15/29		80,000		77,717

(Cost $117,181)				112,692

Engineering & Construction — 0.2%
Brand Industrial Services, Inc., 144A, 8.50%, 7/15/25 (a)		35,000		32,172
Promontoria Holding 264 BV, 144A, 7.875%, 3/1/27		16,000		15,731

(Cost $51,402)				47,903

Environmental Control — 0.9%
Covanta Holding Corp. 144A, 4.875%, 12/1/29		29,000		27,786
5.00%, 9/1/30		15,000		14,433
GFL Environmental, Inc. 144A, 4.00%, 8/1/28		26,000		24,078
144A, 4.75%, 6/15/29		31,000		29,334
144A, 4.375%, 8/15/29		25,000		23,252
Madison IAQ LLC 144A, 4.125%, 6/30/28		38,000		35,997
144A, 5.875%, 6/30/29		37,000		33,625
Stericycle, Inc., 144A, 3.875%, 1/15/29		15,000		13,990

(Cost $216,157)				202,495


	Principal Amount		Value
Machinery-Diversified — 0.3%
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28	$	14,000	$	14,259
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		56,000		55,508

(Cost $73,293)				69,767

Miscellaneous Manufacturing — 0.2%
FXI Holdings, Inc. 144A, 7.875%, 11/1/24		18,000		17,752
144A, 12.25%, 11/15/26		25,000		26,781

(Cost $45,159)				44,533

Packaging & Containers — 2.0%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 4.00%, 9/1/29		43,000		40,385
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 8/15/27		45,000		42,826
144A, 5.25%, 8/15/27		28,000		26,647
Flex Acquisition Co., Inc. 144A, 6.875%, 1/15/25		24,000		24,079
144A, 7.875%, 7/15/26		19,000		19,613
LABL, Inc. 144A, 6.75%, 7/15/26		25,000		25,092
144A, 10.50%, 7/15/27		24,000		24,644
144A, 5.875%, 11/1/28		18,000		17,263
144A, 8.25%, 11/1/29 (a)		21,000		19,569
Mauser Packaging Solutions Holding Co. 144A, 5.50%, 4/15/24		58,000		57,768
144A, 7.25%, 4/15/25		52,000		51,183
OI European Group BV, 144A, 4.75%, 2/15/30		14,000		13,422
Owens-Brockway Glass Container, Inc., 144A, 6.625%, 5/13/27		30,000		31,157
Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 144A, 4.00%, 10/15/27 (a)		40,000		37,058
Trivium Packaging Finance BV, 144A, 8.50%, 8/15/27		27,000		27,722

(Cost $471,321)				458,428

Transportation — 0.1%
Seaspan Corp., 144A, 5.50%, 8/1/29
(Cost $26,093)		26,000		24,813

Trucking & Leasing — 0.4%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		30,000		30,409
144A, 9.75%, 8/1/27		14,000		15,382
144A, 5.50%, 5/1/28		45,000		43,056

(Cost $89,701)				88,847


	Principal Amount		Value
Technology — 4.0%
Computers — 1.4%
Condor Merger Sub, Inc., 144A, 7.375%, 2/15/30	$	78,000	$	75,417
Diebold Nixdorf, Inc. 8.50%, 4/15/24 (a)		14,000		13,812
144A,9.375%, 7/15/25		25,000		26,063
Exela Intermediate LLC / Exela Finance, Inc., 144A, 11.50%, 7/15/26 (a)		44,000		25,960
NCR Corp. 144A,5.00%, 10/1/28		38,000		37,530
144A,5.125%, 4/15/29		42,000		41,374
144A,6.125%, 9/1/29		18,000		18,713
144A,5.25%, 10/1/30		15,000		14,531
Seagate HDD Cayman, 4.125%, 1/15/31		19,000		18,012
Vericast Corp., 144A, 11.00%, 9/15/26		43,894		44,882

(Cost $330,365)				316,294

Office/Business Equipment — 0.2%
Pitney Bowes, Inc., 144A, 6.875%, 3/15/27		14,000		13,203
Xerox Holdings Corp., 144A, 5.50%, 8/15/28 (a)		32,000		31,976

(Cost $47,335)				45,179

Semiconductors — 0.1%
ams-OSRAM AG, 144A, 7.00%, 7/31/25
(Cost $18,784)		18,000		18,676

Software — 2.3%
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		21,000		21,756
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A, 5.75%, 3/1/25		51,000		50,758
Clarivate Science Holdings Corp. 144A,3.875%, 7/1/28		40,000		37,859
144A,4.875%, 7/1/29		34,000		32,057
MicroStrategy, Inc., 144A, 6.125%, 6/15/28 (a)		19,000		18,359
Minerva Merger Sub, Inc., 144A, 6.50%, 2/15/30		91,000		87,737
Open Text Corp., 144A, 3.875%, 12/1/29		30,000		28,359
Open Text Holdings, Inc. 144A,4.125%, 2/15/30		32,000		30,687
144A,4.125%, 12/1/31		33,000		31,397
Rackspace Technology Global, Inc. 144A,3.50%, 2/15/28		33,000		29,983
144A,5.375%, 12/1/28 (a)		13,000		11,681
ROBLOX Corp., 144A, 3.875%, 5/1/30 (a)		35,000		33,330
Twilio, Inc., 3.875%, 3/15/31		20,000		18,809


	Principal Amount		Value
Software (Continued)
Veritas US, Inc. / Veritas Bermuda Ltd., 144A, 7.50%, 9/1/25	$	68,000	$	67,340
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		24,000		23,124

(Cost $540,674)				523,236

Utilities — 2.2%
Electric — 2.2%
Calpine Corp. 144A,4.50%, 2/15/28		44,000		42,972
144A,5.125%, 3/15/28		55,000		53,042
144A,4.625%, 2/1/29		25,000		23,224
144A,5.00%, 2/1/31		38,000		35,237
144A,3.75%, 3/1/31		31,000		28,261
Clearway Energy Operating LLC, 144A, 3.75%, 2/15/31		32,000		29,816
NRG Energy, Inc. 144A,3.625%, 2/15/31		46,000		42,371
144A,3.875%, 2/15/32		39,000		36,237
PG&E Corp. 5.00%, 7/1/28		40,000		39,666
5.25%, 7/1/30		38,000		37,808
Talen Energy Supply LLC 6.50%, 6/1/25		21,000		8,644
144A,10.50%, 1/15/26		23,000		10,390
144A,7.25%, 5/15/27		33,000		29,430
144A,6.625%, 1/15/28		36,000		31,290
Vistra Operations Co. LLC, 144A, 4.375%, 5/1/29		44,000		42,714

(Cost $537,854)				491,102

TOTAL CORPORATE BONDS
(Cost $23,380,005)				22,355,274


	Number of Shares
SECURITIES LENDING COLLATERAL — 6.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $1,561,891)		1,561,891		1,561,891

CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $131,179)		131,179		131,179


TOTAL INVESTMENTS — 105.8% (Cost $25,073,075)			$	24,048,344
Other assets and liabilities, net — (5.8%)				(1,315,597	)

NET ASSETS — 100.0%			$	22,732,747

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 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 February 28, 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
CORPORATE BONDS — 98.5%
Basic Materials — 2.8%
Chemicals — 0.9%
Ashland LLC, 144A, 3.375%, 9/1/31	$	1,352,000	$	1,245,963
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		1,444,000		1,380,645
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		2,893,000		2,932,692
144A, 5.00%, 5/1/25		1,600,000		1,618,200
Olin Corp. 5.125%, 9/15/27		1,444,000		1,463,826
5.625%, 8/1/29 (a)		2,212,000		2,311,197
5.00%, 2/1/30		1,647,000		1,662,243
Tronox, Inc., 144A, 6.50%, 5/1/25 (a)		1,475,000		1,533,594

(Cost $14,497,962)				14,148,360

Iron/Steel — 0.4%
Cleveland-Cliffs, Inc. 144A, 9.875%, 10/17/25		1,802,000		2,002,418
144A, 6.75%, 3/15/26		2,507,000		2,647,066
5.875%, 6/1/27		1,762,000		1,817,151

(Cost $6,465,873)				6,466,635

Mining — 1.5%
Alcoa Nederland Holding BV 144A, 5.50%, 12/15/27		2,212,000		2,308,852
144A, 6.125%, 5/15/28		1,547,000		1,630,213
144A, 4.125%, 3/31/29		1,475,000		1,481,258
Arconic Corp. 144A, 6.00%, 5/15/25		2,137,000		2,206,453
144A, 6.125%, 2/15/28		2,605,000		2,667,481
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24		2,212,000		2,276,170
144A, 4.50%, 9/15/27		1,770,000		1,772,974
144A, 4.375%, 4/1/31		4,440,000		4,315,791
Freeport-McMoRan, Inc., 4.55%, 11/14/24		1,452,000		1,517,594
Novelis Corp., 144A, 3.25%, 11/15/26		2,212,000		2,101,909

(Cost $22,626,034)				22,278,695

Communications — 17.0%
Advertising — 0.6%
Clear Channel Outdoor Holdings, Inc., 144A, 5.125%, 8/15/27		3,687,000		3,688,106
Lamar Media Corp. 3.75%, 2/15/28		1,816,000		1,747,900
4.00%, 2/15/30		1,622,000		1,558,556
3.625%, 1/15/31		1,622,000		1,525,126
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 6.25%, 6/15/25		1,136,000		1,177,083

(Cost $9,855,111)				9,696,771


	Principal Amount		Value
Internet — 2.0%
Arches Buyer, Inc., 144A, 4.25%, 6/1/28	$	2,802,000	$	2,656,422
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27		1,728,000		1,760,530
144A, 3.50%, 3/1/29		2,360,000		2,223,828
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		1,340,000		1,341,648
144A, 4.625%, 6/1/28		1,475,000		1,481,977
144A, 4.125%, 8/1/30 (a)		1,569,000		1,521,326
144A, 3.625%, 10/1/31 (a)		1,394,000		1,302,024
NortonLifeLock, Inc., 144A, 5.00%, 4/15/25		3,245,000		3,254,767
Twitter, Inc., 144A, 3.875%, 12/15/27 (a)		2,065,000		2,033,612
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		2,950,000		3,070,950
144A, 8.00%, 11/1/26		4,425,000		4,704,815
144A, 7.50%, 9/15/27		3,540,000		3,765,339
144A, 6.25%, 1/15/28		1,475,000		1,507,892

(Cost $31,054,221)				30,625,130

Media — 7.6%
AMC Networks, Inc. 5.00%, 4/1/24		1,236,000		1,235,852
4.75%, 8/1/25 (a)		2,321,000		2,319,549
Cable One, Inc., 144A, 4.00%, 11/15/30		1,924,000		1,782,086
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 4.00%, 3/1/23		1,483,000		1,482,815
144A, 5.50%, 5/1/26		2,225,000		2,272,259
144A, 5.125%, 5/1/27		9,643,000		9,760,934
144A, 5.00%, 2/1/28		7,428,000		7,455,298
144A, 5.375%, 6/1/29		4,450,000		4,513,235
144A, 4.75%, 3/1/30		9,049,000		8,883,992
CSC Holdings LLC 5.25%, 6/1/24		2,212,000		2,238,632
144A, 5.50%, 4/15/27		3,864,000		3,859,015
144A, 5.375%, 2/1/28		2,950,000		2,876,250
DISH DBS Corp., 5.00%, 3/15/23		4,425,000		4,478,100
Gray Television, Inc. 144A, 5.875%, 7/15/26		2,065,000		2,113,971
144A, 7.00%, 5/15/27		2,212,000		2,330,762
iHeartCommunications, Inc. 6.375%, 5/1/26		2,359,874		2,436,452
144A, 5.25%, 8/15/27		2,207,000		2,201,041
News Corp. 144A, 3.875%, 5/15/29		2,967,000		2,846,095
144A, 5.125%, 2/15/32		1,480,000		1,515,683
Nexstar Media, Inc., 144A, 5.625%, 7/15/27		5,265,000		5,386,753
Scripps Escrow II, Inc., 144A, 3.875%, 1/15/29		1,622,000		1,525,694
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		2,967,000		2,837,521


	Principal Amount		Value
Media (Continued)
144A, 5.00%, 8/1/27	$	4,450,000	$	4,499,662
144A, 4.00%, 7/15/28		5,934,000		5,715,035
144A, 5.50%, 7/1/29		3,709,000		3,798,851
144A, 4.125%, 7/1/30		4,440,000		4,203,681
TEGNA, Inc., 144A, 4.75%, 3/15/26		1,634,000		1,646,794
Telenet Finance Luxembourg Notes SARL, 144A, 5.50%, 3/1/28		3,000,000		3,000,000
Univision Communications, Inc. 144A, 5.125%, 2/15/25		4,364,000		4,397,708
144A, 6.625%, 6/1/27		4,425,000		4,596,026
UPC Holding BV, 144A, 5.50%, 1/15/28		1,560,000		1,554,002
Videotron Ltd. 144A, 5.375%, 6/15/24		1,681,000		1,743,701
144A, 5.125%, 4/15/27		1,881,000		1,916,438
144A, 3.625%, 6/15/29		1,475,000		1,405,852
Ziggo Bond Co. BV, 144A, 6.00%, 1/15/27		1,844,000		1,868,995

(Cost $119,066,029)				116,698,734

Telecommunications — 6.8%
Altice France SA, 144A, 8.125%, 2/1/27		5,192,000		5,471,070
Hughes Satellite Systems Corp. 5.25%, 8/1/26		2,206,000		2,268,695
6.625%, 8/1/26 (a)		2,209,000		2,303,545
Level 3 Financing, Inc. 5.375%, 5/1/25		2,459,000		2,468,787
5.25%, 3/15/26		2,193,000		2,199,952
144A, 4.625%, 9/15/27		2,950,000		2,842,133
Lumen Technologies, Inc.
Series W, 6.75%, 12/1/23		2,332,000		2,439,738
Series Y, 7.50%, 4/1/24		2,950,000		3,099,344
5.625%, 4/1/25		1,391,000		1,384,480
144A, 5.125%, 12/15/26		3,751,000		3,488,430
144A, 4.00%, 2/15/27		3,687,000		3,508,549
Nokia OYJ, 4.375%, 6/12/27		1,475,000		1,529,597
Sprint Corp. 7.875%, 9/15/23		12,610,000		13,563,631
7.125%, 6/15/24		7,417,000		8,035,652
7.625%, 2/15/25		4,450,000		4,933,937
7.625%, 3/1/26		4,493,000		5,127,412
Switch Ltd. 144A, 3.75%, 9/15/28		1,733,000		1,646,870
144A, 4.125%, 6/15/29		1,519,000		1,456,675
Telecom Italia SpA, 144A, 5.303%, 5/30/24		4,425,000		4,559,078
T-Mobile USA, Inc. 2.25%, 2/15/26		2,967,000		2,866,552
2.625%, 4/15/26		3,540,000		3,463,093
5.375%, 4/15/27		1,483,000		1,529,299
4.75%, 2/1/28		4,425,000		4,573,127
2.625%, 2/15/29		2,950,000		2,771,658
3.375%, 4/15/29		3,709,000		3,640,903


	Principal Amount		Value
Telecommunications (Continued)
2.875%, 2/15/31	$	2,967,000	$	2,788,298
3.50%, 4/15/31		4,005,000		3,936,214
VEON Holdings BV 144A, 5.95%, 2/13/23		1,370,000		863,100
144A, 7.25%, 4/26/23 (a)		2,065,000		1,350,562
144A, 4.95%, 6/16/24		1,579,000		884,240
144A, 4.00%, 4/9/25		2,950,000		1,283,250
144A, 3.375%, 11/25/27		3,687,000		1,622,280

(Cost $111,734,066)				103,900,151

Consumer, Cyclical — 20.1%
Airlines — 1.3%
Air Canada, 144A, 3.875%, 8/15/26		3,540,000		3,447,553
Delta Air Lines, Inc. 3.80%, 4/19/23		1,419,000		1,431,366
2.90%, 10/28/24		2,655,000		2,624,441
7.375%, 1/15/26		3,187,000		3,557,871
4.375%, 4/19/28 (a)		1,519,000		1,521,552
3.75%, 10/28/29 (a)		1,770,000		1,686,279
United Airlines, Inc., 144A, 4.375%, 4/15/26		5,900,000		5,910,384

(Cost $20,523,086)				20,179,446

Apparel — 0.6%
Hanesbrands, Inc. 144A, 4.625%, 5/15/24		2,655,000		2,694,520
144A, 4.875%, 5/15/26		2,655,000		2,706,945
Levi Strauss & Co., 144A, 3.50%, 3/1/31		1,475,000		1,376,891
William Carter Co. 144A, 5.50%, 5/15/25		1,475,000		1,513,571
144A, 5.625%, 3/15/27		1,494,000		1,523,932

(Cost $10,027,955)				9,815,859

Auto Manufacturers — 4.4%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		1,276,000		1,270,564
144A, 5.875%, 6/1/29		1,394,000		1,464,641
Ford Motor Co. 9.00%, 4/22/25		3,187,000		3,698,912
4.346%, 12/8/26		4,450,000		4,555,687
9.625%, 4/22/30		1,282,000		1,763,833
3.25%, 2/12/32		7,417,000		7,006,469
Ford Motor Credit Co. LLC 3.096%, 5/4/23		1,714,000		1,728,998
4.375%, 8/6/23		1,714,000		1,741,638
3.37%, 11/17/23		1,714,000		1,723,787
3.81%, 1/9/24		1,286,000		1,302,461
5.584%, 3/18/24		2,571,000		2,686,129
3.664%, 9/8/24		1,374,000		1,377,263
4.063%, 11/1/24		2,480,000		2,519,948
2.30%, 2/10/25		2,066,000		2,006,716
4.687%, 6/9/25		1,028,000		1,060,891
5.125%, 6/16/25		2,928,000		3,044,710
4.134%, 8/4/25		2,400,000		2,430,000
3.375%, 11/13/25		3,599,000		3,549,118


	Principal Amount		Value
Auto Manufacturers (Continued)
GMTN, 4.389%, 1/8/26	$	2,057,000	$	2,100,876
4.542%, 8/1/26		1,286,000		1,326,316
2.70%, 8/10/26		2,571,000		2,464,946
4.271%, 1/9/27		1,543,000		1,557,196
4.125%, 8/17/27		2,146,000		2,164,992
3.815%, 11/2/27		1,286,000		1,276,059
2.90%, 2/16/28		1,306,000		1,238,996
2.90%, 2/10/29		1,451,000		1,357,411
5.113%, 5/3/29		2,549,000		2,691,349
4.00%, 11/13/30		2,828,000		2,810,127
3.625%, 6/17/31		1,714,000		1,650,818
Jaguar Land Rover Automotive PLC, 144A, 7.75%, 10/15/25		2,065,000		2,178,575

(Cost $68,983,478)				67,749,426

Auto Parts & Equipment — 1.3%
American Axle & Manufacturing, Inc. 6.25%, 3/15/26		1,081,000		1,097,799
6.50%, 4/1/27 (a)		1,539,000		1,575,166
Clarios Global LP, 144A, 6.75%, 5/15/25		1,111,000		1,154,140
Clarios Global LP / Clarios US Finance Co., 144A, 6.25%, 5/15/26		2,693,000		2,790,931
Dana Financing Luxembourg SARL, 144A, 5.75%, 4/15/25		955,000		968,165
Dana, Inc. 5.375%, 11/15/27		1,413,000		1,443,033
5.625%, 6/15/28		1,098,000		1,124,083
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		2,360,000		2,515,170
5.00%, 5/31/26		2,505,000		2,517,500
4.875%, 3/15/27		2,147,000		2,149,748
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		3,178,000		3,229,547

(Cost $20,822,852)				20,565,282

Distribution/Wholesale — 0.4%
American Builders & Contractors Supply Co., Inc., 144A, 4.00%, 1/15/28		2,065,000		2,022,007
Avient Corp. 5.25%, 3/15/23		1,898,000		1,947,946
144A, 5.75%, 5/15/25		1,833,000		1,883,444

(Cost $5,920,108)				5,853,397

Entertainment — 4.3%
Banijay Entertainment SASU, 144A, 5.375%, 3/1/25		1,189,000		1,178,299
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		10,029,000		10,406,742
144A, 8.125%, 7/1/27 (a)		5,310,000		5,713,932
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		2,950,000		3,028,322


	Principal Amount		Value
Entertainment (Continued)
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 144A, 5.50%, 5/1/25	$	2,954,000	$	3,039,858
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		1,770,000		1,798,630
144A, 4.75%, 1/15/28		2,065,000		2,030,876
International Game Technology PLC 144A, 6.50%, 2/15/25		3,245,000		3,451,625
144A, 4.125%, 4/15/26		2,313,000		2,281,173
144A, 6.25%, 1/15/27		2,154,000		2,286,126
144A, 5.25%, 1/15/29		2,212,000		2,259,116
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		1,696,000		1,715,979
144A, 6.50%, 5/15/27		3,540,000		3,794,066
144A, 3.75%, 1/15/28		1,480,000		1,418,950
Mohegan Gaming & Entertainment, 144A, 7.875%, 10/15/24		10,000		10,298
Scientific Games International, Inc. 144A, 8.625%, 7/1/25		1,727,000		1,832,347
144A, 5.00%, 10/15/25		3,687,000		3,728,368
144A, 8.25%, 3/15/26		3,245,000		3,382,199
Six Flags Entertainment Corp., 144A, 4.875%, 7/31/24		2,967,000		2,970,382
Six Flags Theme Parks, Inc., 144A, 7.00%, 7/1/25		2,162,000		2,256,577
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		1,753,000		1,807,921
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		1,598,000		1,528,870
144A, 3.875%, 7/15/30		1,578,000		1,517,381
144A, 3.00%, 2/15/31		2,360,000		2,127,977

(Cost $66,325,282)				65,566,014

Food Service — 0.4%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		1,770,000		1,786,142
144A, 6.375%, 5/1/25		4,442,000		4,592,340

(Cost $6,393,977)				6,378,482

Home Builders — 0.7%
Century Communities, Inc., 6.75%, 6/1/27		1,475,000		1,528,321
Mattamy Group Corp., 144A, 5.25%, 12/15/27		1,494,000		1,501,485
Meritage Homes Corp. 6.00%, 6/1/25		1,236,000		1,317,823
144A, 3.875%, 4/15/29		1,307,000		1,279,756
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		1,399,000		1,469,370
144A, 5.75%, 1/15/28		1,410,000		1,472,371
Williams Scotsman International, Inc., 144A, 4.625%, 8/15/28		1,480,000		1,461,500

(Cost $10,258,088)				10,030,626


	Principal Amount		Value
Home Furnishings — 0.2%
Tempur Sealy International, Inc., 144A, 4.00%, 4/15/29 (Cost $2,353,123)	$	2,360,000	$	2,228,453

Housewares — 0.8%
Newell Brands, Inc. 4.35%, 4/1/23		3,225,000		3,294,708
4.875%, 6/1/25		1,694,000		1,784,849
4.70%, 4/1/26		5,828,000		6,039,557
Scotts Miracle-Gro Co., 4.50%, 10/15/29		1,217,000		1,176,462

(Cost $12,495,896)				12,295,576

Leisure Time — 0.7%
Royal Caribbean Cruises Ltd. 144A, 10.875%, 6/1/23		3,027,000		3,252,633
144A, 9.125%, 6/15/23		2,950,000		3,082,602
144A, 11.50%, 6/1/25		4,106,000		4,543,823

(Cost $10,923,717)				10,879,058

Lodging — 1.9%
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		1,475,000		1,523,675
144A, 5.75%, 5/1/28		1,483,000		1,551,522
144A, 3.75%, 5/1/29		2,374,000		2,294,649
4.875%, 1/15/30		2,967,000		3,057,509
144A, 4.00%, 5/1/31		3,256,000		3,186,647
144A, 3.625%, 2/15/32		4,440,000		4,229,233
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.875%, 4/1/27 (a)		1,780,000		1,820,148
MGM Resorts International 6.00%, 3/15/23		3,610,000		3,727,325
6.75%, 5/1/25		2,384,000		2,470,086
5.75%, 6/15/25		1,933,000		2,005,488
4.625%, 9/1/26		1,184,000		1,182,496
Travel + Leisure Co., 3.90%, 3/1/23		1,136,000		1,140,220
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 4.25%, 5/30/23		1,475,000		1,483,865

(Cost $29,889,943)				29,672,863

Retail — 2.7%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		1,551,000		1,599,329
144A, 3.875%, 1/15/28		4,572,000		4,453,585
Bath & Body Works, Inc. 5.25%, 2/1/28		1,475,000		1,530,312
7.50%, 6/15/29		1,544,000		1,699,141
IRB Holding Corp., 144A, 7.00%, 6/15/25		2,132,000		2,230,051
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A, 4.75%, 6/1/27		2,212,000		2,270,341
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		1,036,000		1,060,538
144A, 3.875%, 6/1/29		2,471,000		2,438,309
144A, 4.375%, 1/15/31		1,624,000		1,638,843


	Principal Amount		Value
Retail (Continued)
Murphy Oil USA, Inc. 4.75%, 9/15/29	$	1,419,000	$	1,425,052
144A, 3.75%, 2/15/31		1,519,000		1,422,741
Penske Automotive Group, Inc. 3.50%, 9/1/25		1,530,000		1,516,674
3.75%, 6/15/29		1,516,000		1,418,256
QVC, Inc. 4.375%, 3/15/23		2,342,000		2,385,807
4.85%, 4/1/24		1,628,000		1,646,266
4.45%, 2/15/25		1,778,000		1,771,181
Yum! Brands, Inc. 144A, 7.75%, 4/1/25		1,770,000		1,845,358
144A, 4.75%, 1/15/30		2,360,000		2,399,672
3.625%, 3/15/31		3,097,000		2,898,684
4.625%, 1/31/32		3,245,000		3,185,130

(Cost $41,849,596)				40,835,270

Toys/Games/Hobbies — 0.4%
Mattel, Inc. 144A, 3.375%, 4/1/26		1,753,000		1,743,236
144A, 5.875%, 12/15/27		1,703,000		1,807,292
144A, 3.75%, 4/1/29 (a)		1,803,000		1,808,048

(Cost $5,417,932)				5,358,576

Consumer, Non-cyclical — 19.9%
Agriculture — 0.1%
Darling Ingredients, Inc., 144A, 5.25%, 4/15/27 (Cost $1,509,431)		1,475,000		1,502,700

Commercial Services — 3.8%
ADT Security Corp., 4.125%, 6/15/23		2,037,000		2,078,351
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A, 5.75%, 7/15/27 (a)		1,136,000		1,146,667
Block, Inc. 144A, 2.75%, 6/1/26		2,950,000		2,865,350
144A, 3.50%, 6/1/31 (a)		2,950,000		2,774,711
Brink’s Co. 144A, 5.50%, 7/15/25		1,180,000		1,208,007
144A, 4.625%, 10/15/27		1,770,000		1,730,511
Gartner, Inc. 144A, 4.50%, 7/1/28		2,371,000		2,404,763
144A, 3.625%, 6/15/29		1,780,000		1,730,142
144A, 3.75%, 10/1/30		2,368,000		2,288,779
Grand Canyon University, 4.125%, 10/1/24 (a)		1,444,000		1,463,581
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		3,540,000		3,632,925
Nielsen Co. Luxembourg SARL, 144A, 5.00%, 2/1/25 (a)		1,475,000		1,488,017
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A, 5.25%, 4/15/24		2,212,000		2,259,149
Ritchie Bros Auctioneers, Inc., 144A, 5.375%, 1/15/25		1,475,000		1,499,928


	Principal Amount		Value
Commercial Services (Continued)
RR Donnelley & Sons Co., 144A, 6.125%, 11/1/26	$	1,265,000	$	1,348,806
Service Corp. International 4.625%, 12/15/27		2,117,000		2,140,837
5.125%, 6/1/29		1,942,000		1,994,143
3.375%, 8/15/30		2,451,000		2,256,648
United Rentals North America, Inc. 5.50%, 5/15/27		2,950,000		3,046,745
4.875%, 1/15/28		4,924,000		5,019,464
5.25%, 1/15/30		2,312,000		2,408,561
4.00%, 7/15/30		2,212,000		2,181,585
3.875%, 2/15/31		3,245,000		3,140,235
3.75%, 1/15/32		2,212,000		2,110,171
Verscend Escrow Corp., 144A, 9.75%, 8/15/26		3,245,000		3,386,514

(Cost $58,550,645)				57,604,590

Cosmetics/Personal Care — 0.1%
Edgewell Personal Care Co., 144A, 5.50%, 6/1/28 (Cost $2,314,276)		2,212,000		2,226,245

Food — 3.5%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		2,332,000		2,248,048
144A, 7.50%, 3/15/26		1,776,000		1,884,718
144A, 4.625%, 1/15/27		3,982,000		4,004,409
144A, 5.875%, 2/15/28		2,212,000		2,289,708
144A, 3.50%, 3/15/29		3,970,000		3,700,794
144A, 4.875%, 2/15/30		2,950,000		2,964,750
B&G Foods, Inc., 5.25%, 4/1/25 (a)		2,655,000		2,671,581
Kraft Heinz Foods Co. 3.00%, 6/1/26		5,637,000		5,640,241
3.875%, 5/15/27		4,293,000		4,461,286
3.75%, 4/1/30		1,917,000		1,963,583
Lamb Weston Holdings, Inc., 144A, 4.875%, 5/15/28 (a)		1,494,000		1,535,720
Performance Food Group, Inc., 144A, 5.50%, 10/15/27		3,127,000		3,185,881
Pilgrim’s Pride Corp. 144A, 5.875%, 9/30/27		2,507,000		2,579,665
144A, 4.25%, 4/15/31		2,982,000		2,885,085
144A, 3.50%, 3/1/32		2,630,000		2,410,500
Post Holdings, Inc. 144A, 5.75%, 3/1/27		3,833,000		3,875,163
144A, 5.625%, 1/15/28		2,776,000		2,789,394
US Foods, Inc., 144A, 6.25%, 4/15/25		2,950,000		3,056,879

(Cost $55,585,144)				54,147,405

Healthcare-Products — 0.9%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28		4,599,000		4,673,504
144A, 3.875%, 11/1/29		2,368,000		2,282,385
Hologic, Inc. 144A, 4.625%, 2/1/28		1,176,000		1,215,637
144A, 3.25%, 2/15/29		2,802,000		2,659,714


	Principal Amount		Value
Healthcare-Products (Continued)
Teleflex, Inc. 4.625%, 11/15/27	$	1,475,000	$	1,500,082
144A, 4.25%, 6/1/28		1,478,000		1,462,171

(Cost $13,968,308)				13,793,493

Healthcare-Services — 9.1%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		1,475,000		1,510,009
144A, 3.125%, 2/15/29		1,639,000		1,520,181
144A, 3.50%, 4/1/30		1,917,000		1,787,056
Centene Corp. 4.25%, 12/15/27		7,367,000		7,550,254
2.45%, 7/15/28		6,784,000		6,400,840
4.625%, 12/15/29		10,324,000		10,650,806
3.375%, 2/15/30		5,892,000		5,662,124
3.00%, 10/15/30		6,489,000		6,195,347
2.50%, 3/1/31		6,489,000		6,003,915
2.625%, 8/1/31		3,835,000		3,541,738
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		1,419,000		1,408,918
144A, 3.75%, 3/15/29		1,519,000		1,460,807
144A, 4.00%, 3/15/31		1,475,000		1,414,341
Encompass Health Corp., 4.50%, 2/1/28		2,360,000		2,300,528
HCA, Inc. 5.875%, 5/1/23		3,709,000		3,861,533
5.375%, 2/1/25		7,714,000		8,177,843
5.875%, 2/15/26		4,450,000		4,814,569
5.375%, 9/1/26		2,967,000		3,196,141
5.625%, 9/1/28		4,450,000		4,937,876
5.875%, 2/1/29		2,967,000		3,327,639
3.50%, 9/1/30		8,011,000		7,942,906
IQVIA, Inc. 144A, 5.00%, 10/15/26		3,097,000		3,166,713
144A, 5.00%, 5/15/27		3,245,000		3,313,534
Legacy LifePoint Health LLC, 144A, 6.75%, 4/15/25		1,770,000		1,834,552
ModivCare, Inc., 144A, 5.875%, 11/15/25		1,475,000		1,482,065
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		2,374,000		2,367,982
144A, 3.875%, 11/15/30		1,929,000		1,896,930
144A, 3.875%, 5/15/32		2,220,000		2,157,185
Select Medical Corp., 144A, 6.25%, 8/15/26		3,613,000		3,630,162
Tenet Healthcare Corp. 6.75%, 6/15/23		5,521,000		5,747,747
4.625%, 7/15/24		2,285,000		2,296,105
144A, 4.625%, 9/1/24		1,919,000		1,947,113
144A, 4.875%, 1/1/26		6,195,000		6,218,789
144A, 6.25%, 2/1/27		4,425,000		4,555,715
144A, 5.125%, 11/1/27		4,425,000		4,468,808

(Cost $141,586,405)				138,748,771


	Principal Amount		Value
Household Products/Wares — 0.1%
Spectrum Brands, Inc., 5.75%, 7/15/25 (Cost $1,348,538)	$	1,327,000	$	1,351,928

Pharmaceuticals — 2.3%
Bausch Health Cos., Inc., 144A, 5.50%, 11/1/25		5,192,000		5,211,470
Elanco Animal Health, Inc. 5.772%, 8/28/23		2,212,000		2,281,235
6.40%, 8/28/28		2,179,000		2,364,869
Jazz Securities DAC, 144A, 4.375%, 1/15/29		4,440,000		4,405,457
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 4.125%, 4/30/28		6,216,000		6,124,625
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		2,065,000		2,063,390
4.375%, 3/15/26		2,134,000		2,141,939
3.90%, 6/15/30		2,212,000		2,029,705
Prestige Brands, Inc., 144A, 5.125%, 1/15/28		1,136,000		1,138,868
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 7/21/23		4,289,000		4,206,222
6.00%, 4/15/24		3,682,000		3,752,952

(Cost $36,328,398)				35,720,732

Energy — 12.8%
Oil & Gas — 5.8%
Antero Resources Corp., 5.00%, 3/1/25		1,527,000		1,546,087
Apache Corp. 4.625%, 11/15/25		1,519,000		1,570,016
4.375%, 10/15/28		2,045,000		2,074,019
4.25%, 1/15/30 (a)		1,710,000		1,725,766
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26		1,530,000		1,574,133
144A, 5.875%, 2/1/29		1,425,000		1,476,770
Endeavor Energy Resources LP / EER Finance, Inc. 144A, 6.625%, 7/15/25		1,770,000		1,851,942
144A, 5.75%, 1/30/28		2,950,000		3,059,062
EQT Corp. 6.625%, 2/1/25		2,950,000		3,190,012
144A, 3.125%, 5/15/26		1,534,000		1,510,530
3.90%, 10/1/27		3,687,000		3,729,788
7.50%, 2/1/30		2,212,000		2,642,245
144A, 3.625%, 5/15/31 (a)		1,475,000		1,436,680
Leviathan Bond Ltd. 144A, REGS, 5.75%, 6/30/23		1,474,488		1,487,896
144A, REGS, 6.125%, 6/30/25		1,770,385		1,812,653
Murphy Oil Corp., 5.75%, 8/15/25		1,618,000		1,650,344
Occidental Petroleum Corp. 6.95%, 7/1/24		1,658,000		1,800,986
2.90%, 8/15/24		2,700,000		2,706,534
8.00%, 7/15/25		1,445,000		1,636,679
5.875%, 9/1/25		2,561,000		2,750,104


	Principal Amount		Value
Oil & Gas (Continued)
5.50%, 12/1/25	$	2,134,000	$	2,296,045
5.55%, 3/15/26		3,078,000		3,305,880
3.40%, 4/15/26		2,223,000		2,225,923
3.20%, 8/15/26		2,185,000		2,188,234
3.00%, 2/15/27		1,805,000		1,763,151
8.50%, 7/15/27		1,384,000		1,670,087
6.375%, 9/1/28		1,707,000		1,931,931
3.50%, 8/15/29		4,193,000		4,189,541
8.875%, 7/15/30		2,890,000		3,723,462
6.625%, 9/1/30		4,258,000		4,961,549
6.125%, 1/1/31 (a)		3,548,000		4,041,278
7.50%, 5/1/31		2,468,000		2,996,411
7.875%, 9/15/31		1,376,000		1,704,052
Parkland Corp., 144A, 5.875%, 7/15/27		1,475,000		1,494,669
Range Resources Corp. 5.00%, 3/15/23		1,570,000		1,591,226
4.875%, 5/15/25		2,212,000		2,243,377
Southwestern Energy Co. 7.75%, 10/1/27 (a)		1,305,000		1,383,170
5.375%, 2/1/29		2,101,000		2,164,051
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27		1,778,000		1,837,661

(Cost $89,796,523)				88,943,944

Oil & Gas Services — 0.1%
TechnipFMC PLC, 144A, 6.50%, 2/1/26 (Cost $1,964,821)		1,867,000		1,930,095

Pipelines — 6.9%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 144A, 7.875%, 5/15/26		1,622,000		1,745,718
Buckeye Partners LP 4.15%, 7/1/23		1,475,000		1,494,868
144A, 4.125%, 3/1/25		1,451,000		1,432,906
3.95%, 12/1/26		1,878,000		1,815,162
4.125%, 12/1/27		1,127,000		1,066,018
Cheniere Energy Partners LP 4.50%, 10/1/29		4,524,000		4,595,796
4.00%, 3/1/31		4,421,000		4,361,383
144A, 3.25%, 1/31/32		3,540,000		3,333,689
Cheniere Energy, Inc., 4.625%, 10/15/28		5,898,000		6,009,118
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25		1,475,000		1,486,114
DCP Midstream Operating LP 3.875%, 3/15/23		1,483,000		1,501,486
5.375%, 7/15/25		2,525,000		2,677,258
5.625%, 7/15/27		1,475,000		1,586,635
5.125%, 5/15/29		1,770,000		1,865,961
3.25%, 2/15/32		1,180,000		1,101,849
DT Midstream, Inc. 144A, 4.125%, 6/15/29		3,245,000		3,145,233
144A, 4.375%, 6/15/31		2,950,000		2,886,560


	Principal Amount		Value
Pipelines (Continued)
EnLink Midstream Partners LP 4.40%, 4/1/24	$	1,676,000	$	1,708,996
4.15%, 6/1/25		2,126,000		2,131,474
4.85%, 7/15/26		1,381,000		1,399,961
EQM Midstream Partners LP 4.75%, 7/15/23		1,669,000		1,679,581
4.00%, 8/1/24		1,475,000		1,447,359
144A, 6.00%, 7/1/25		2,134,000		2,179,486
4.125%, 12/1/26		1,475,000		1,411,155
5.50%, 7/15/28		2,507,000		2,471,426
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		2,358,000		2,419,933
144A, 5.125%, 6/15/28		1,622,000		1,658,657
NuStar Logistics LP 5.75%, 10/1/25		1,809,000		1,886,036
6.00%, 6/1/26		1,450,000		1,475,129
Rockies Express Pipeline LLC, 144A, 3.60%, 5/15/25		1,180,000		1,157,863
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 5.875%, 4/15/26		3,079,000		3,182,531
5.375%, 2/1/27		1,212,000		1,246,887
6.50%, 7/15/27		2,019,000		2,142,825
5.00%, 1/15/28		2,066,000		2,135,841
6.875%, 1/15/29		2,004,000		2,184,019
5.50%, 3/1/30		2,801,000		2,974,606
4.875%, 2/1/31		2,950,000		3,043,338
4.00%, 1/15/32		2,950,000		2,917,653
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		3,687,000		3,615,933
144A, 4.125%, 8/15/31		3,687,000		3,655,716
144A, 3.875%, 11/1/33		3,687,000		3,556,130
Western Midstream Operating LP 3.60%, 2/1/25		2,160,000		2,171,999
4.65%, 7/1/26		1,399,000		1,451,407
4.50%, 3/1/28		1,236,000		1,285,786
4.75%, 8/15/28		1,173,000		1,216,055
4.55%, 2/1/30		3,540,000		3,646,837

(Cost $107,579,179)				105,560,373

Financial — 11.6%
Banks — 1.5%
Commerzbank AG, 144A, 8.125%, 9/19/23		2,950,000		3,173,545
Deutsche Bank AG 5.882%, 7/8/31 (b)		1,475,000		1,600,705
3.729%, 1/14/32 (b)		3,687,000		3,459,080
3.742%, 1/7/33 (b)		3,687,000		3,453,656
Intesa Sanpaolo SpA 144A, 5.017%, 6/26/24		5,900,000		6,080,856
144A, 5.71%, 1/15/26		4,425,000		4,671,469

(Cost $23,029,107)				22,439,311

Diversified Financial Services — 3.3%
Ally Financial, Inc., 5.75%, 11/20/25		3,097,000		3,302,075


	Principal Amount		Value
Diversified Financial Services (Continued)
LPL Holdings, Inc. 144A, 4.625%, 11/15/27	$	1,180,000	$	1,176,130
144A, 4.00%, 3/15/29		2,655,000		2,582,704
144A, 4.375%, 5/15/31		1,180,000		1,152,471
Navient Corp. MTN, 6.125%, 3/25/24		2,507,000		2,585,269
5.875%, 10/25/24		1,475,000		1,527,392
6.75%, 6/25/25		1,475,000		1,533,801
OneMain Finance Corp. 5.625%, 3/15/23		2,581,000		2,648,622
6.125%, 3/15/24		3,835,000		3,954,748
6.875%, 3/15/25		3,687,000		3,938,933
8.875%, 6/1/25		1,770,000		1,869,607
7.125%, 3/15/26		4,820,000		5,230,833
3.50%, 1/15/27		2,212,000		2,095,781
6.625%, 1/15/28		2,360,000		2,499,830
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		3,392,000		3,194,043
144A, 3.625%, 3/1/29		2,212,000		2,075,276
144A, 3.875%, 3/1/31		3,687,000		3,457,705
144A, 4.00%, 10/15/33		2,507,000		2,337,552
SLM Corp. 4.20%, 10/29/25		1,475,000		1,484,160
3.125%, 11/2/26		1,494,000		1,434,038

(Cost $51,370,954)				50,080,970

Insurance — 0.7%
HUB International Ltd., 144A, 7.00%, 5/1/26		4,926,000		4,963,930
MGIC Investment Corp., 5.25%, 8/15/28		1,917,000		1,944,720
Radian Group, Inc. 4.50%, 10/1/24		1,395,000		1,410,638
6.625%, 3/15/25		1,633,000		1,730,955
4.875%, 3/15/27		1,235,000		1,277,231

(Cost $11,504,356)				11,327,474

Real Estate — 0.3%
Howard Hughes Corp. 144A, 5.375%, 8/1/28		2,161,000		2,187,062
144A, 4.125%, 2/1/29		1,954,000		1,850,174
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A, 4.875%, 6/1/23		1,228,000		1,256,956

(Cost $5,351,527)				5,294,192

Real Estate Investment Trusts — 5.2%
Blackstone Mortgage Trust, Inc., 144A, 3.75%, 1/15/27		1,180,000		1,116,781
Diversified Healthcare Trust, 9.75%, 6/15/25		2,950,000		3,119,861
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		1,147,000		1,184,450
144A, 3.375%, 6/15/26		2,950,000		2,800,376
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		2,889,000		2,886,371
144A, 5.25%, 3/15/28		2,481,000		2,485,962


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
iStar, Inc. 4.75%, 10/1/24	$	2,286,000	$	2,303,042
4.25%, 8/1/25		1,609,000		1,597,174
5.50%, 2/15/26		1,180,000		1,209,146
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. 5.625%, 5/1/24 (a)		1,858,000		1,931,063
144A, 4.625%, 6/15/25		2,210,000		2,279,792
4.50%, 9/1/26 (a)		940,000		960,045
5.75%, 2/1/27		1,559,000		1,688,701
144A, 3.875%, 2/15/29 (a)		2,109,000		2,123,341
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26		1,494,000		1,525,568
5.00%, 10/15/27		4,130,000		4,224,660
4.625%, 8/1/29		2,655,000		2,669,616
3.50%, 3/15/31		3,835,000		3,619,243
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 144A, 7.50%, 6/1/25		1,683,000		1,760,738
RLJ Lodging Trust LP, 144A, 3.75%, 7/1/26		1,475,000		1,438,567
SBA Communications Corp. 3.875%, 2/15/27		4,412,000		4,406,816
3.125%, 2/1/29		4,420,000		4,110,909
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		1,274,000		1,246,775
4.75%, 3/15/25		1,294,000		1,308,994
144A, 3.625%, 7/15/26		1,249,000		1,184,014
144A, 4.375%, 1/15/27		1,480,000		1,438,868
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 7.875%, 2/15/25		6,637,000		6,914,261
VICI Properties LP / VICI Note Co., Inc. 144A, 3.50%, 2/15/25		2,047,000		2,054,318
144A, 4.25%, 12/1/26		3,821,000		3,863,509
144A, 3.75%, 2/15/27		2,217,000		2,204,108
144A, 4.625%, 12/1/29		2,950,000		3,013,823
144A, 4.125%, 8/15/30		2,950,000		2,932,344
XHR LP, 144A, 6.375%, 8/15/25		1,444,000		1,488,858

(Cost $80,267,607)				79,092,094

Venture Capital — 0.6%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24		3,239,000		3,218,481
6.375%, 12/15/25		2,202,000		2,234,700
6.25%, 5/15/26		3,682,000		3,713,610

(Cost $9,319,090)				9,166,791

Industrial — 7.6%
Aerospace/Defense — 2.3%
Howmet Aerospace, Inc. 5.125%, 10/1/24 (a)		3,392,000		3,563,228
6.875%, 5/1/25		1,778,000		1,960,419
3.00%, 1/15/29		2,065,000		1,962,679


	Principal Amount		Value
Aerospace/Defense (Continued)
Rolls-Royce PLC 144A, 3.625%, 10/14/25	$	2,950,000	$	2,884,510
144A, 5.75%, 10/15/27		2,950,000		3,044,356
Spirit AeroSystems, Inc. 144A, 5.50%, 1/15/25		1,475,000		1,517,590
144A, 7.50%, 4/15/25		3,540,000		3,676,290
TransDigm, Inc. 144A, 8.00%, 12/15/25		3,245,000		3,392,193
144A, 6.25%, 3/15/26		13,079,000		13,501,386

(Cost $35,799,112)				35,502,651

Building Materials — 0.5%
Builders FirstSource, Inc. 144A, 6.75%, 6/1/27		1,807,000		1,881,476
144A, 5.00%, 3/1/30		1,622,000		1,648,276
JELD-WEN, Inc., 144A, 4.625%, 12/15/25		1,180,000		1,159,674
Standard Industries, Inc., 144A, 5.00%, 2/15/27		2,507,000		2,525,765

(Cost $7,321,238)				7,215,191

Electrical Components & Equipment — 0.6%
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		4,425,000		4,642,666
144A, 7.25%, 6/15/28		3,908,000		4,170,578

(Cost $8,842,010)				8,813,244

Electronics — 0.7%
Sensata Technologies BV 144A, 4.875%, 10/15/23		1,475,000		1,513,490
144A, 5.625%, 11/1/24		1,180,000		1,244,664
144A, 5.00%, 10/1/25		2,065,000		2,137,895
144A, 4.00%, 4/15/29		2,950,000		2,837,177
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		1,314,000		1,280,079
144A, 3.75%, 2/15/31		2,212,000		2,060,721

(Cost $11,476,058)				11,074,026

Engineering & Construction — 0.1%
Fluor Corp., 4.25%, 9/15/28 (a) (Cost $1,785,787)		1,770,000		1,732,618

Environmental Control — 0.6%
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		1,357,000		1,356,817
144A, 3.75%, 8/1/25		2,389,000		2,368,001
144A, 5.125%, 12/15/26		1,509,000		1,542,485
144A, 3.50%, 9/1/28 (a)		2,212,000		2,115,402
Stericycle, Inc., 144A, 5.375%, 7/15/24		1,770,000		1,811,794

(Cost $9,312,982)				9,194,499

Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc., 5.75%, 6/15/25
(Cost $1,222,143)		1,180,000		1,224,716


	Principal Amount		Value
Packaging & Containers — 2.5%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 3.25%, 9/1/28	$	1,770,000	$	1,667,021
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		1,998,000		2,018,000
144A, 4.125%, 8/15/26		3,635,000		3,522,897
Ball Corp. 4.00%, 11/15/23		2,950,000		3,016,080
5.25%, 7/1/25		2,950,000		3,130,393
4.875%, 3/15/26		2,242,000		2,344,706
2.875%, 8/15/30		3,835,000		3,511,767
3.125%, 9/15/31		2,507,000		2,301,226
Berry Global, Inc., 144A, 5.625%, 7/15/27		1,475,000		1,513,180
Graphic Packaging International LLC 144A, 3.50%, 3/15/28		1,315,000		1,251,084
144A, 3.75%, 2/1/30		1,197,000		1,142,285
Owens-Brockway Glass Container, Inc., 144A, 5.875%, 8/15/23		2,065,000		2,103,481
Sealed Air Corp. 144A, 5.25%, 4/1/23		1,261,000		1,284,600
144A, 5.125%, 12/1/24		1,125,000		1,165,708
144A, 5.50%, 9/15/25		1,361,000		1,427,362
144A, 4.00%, 12/1/27		1,254,000		1,243,548
Silgan Holdings, Inc., 4.125%, 2/1/28		1,681,000		1,651,465
Trivium Packaging Finance BV, 144A, 5.50%, 8/15/26		3,097,000		3,128,868

(Cost $38,384,311)				37,423,671

Transportation — 0.2%
XPO Logistics, Inc., 144A, 6.25%, 5/1/25 (Cost $3,572,431)		3,448,000		3,582,644

Technology — 3.9%
Computers — 1.0%
Booz Allen Hamilton, Inc. 144A, 3.875%, 9/1/28		2,065,000		2,024,815
144A, 4.00%, 7/1/29		1,524,000		1,506,261
NCR Corp., 144A, 5.75%, 9/1/27		1,475,000		1,491,631
Seagate HDD Cayman 4.75%, 6/1/23		1,603,000		1,648,982
4.875%, 3/1/24		1,584,000		1,635,559
4.75%, 1/1/25		1,414,000		1,458,095
4.875%, 6/1/27 (a)		1,508,000		1,551,935
4.091%, 6/1/29		1,483,000		1,430,035
3.125%, 7/15/29		1,483,000		1,353,252
3.375%, 7/15/31		1,480,000		1,337,099

(Cost $15,822,229)				15,437,664

Office/Business Equipment — 0.4%
Xerox Corp., 4.375%, 3/15/23		2,950,000		2,983,261


	Principal Amount		Value
Office/Business Equipment (Continued)
Xerox Holdings Corp., 144A, 5.00%, 8/15/25 (a)	$	2,242,000	$	2,286,840

(Cost $5,280,035)				5,270,101

Semiconductors — 0.1%
ON Semiconductor Corp., 144A, 3.875%, 9/1/28 (Cost $1,984,698)		1,962,000		1,947,658

Software — 2.4%
Black Knight InfoServ LLC, 144A, 3.625%, 9/1/28		2,960,000		2,809,588
CDK Global, Inc. 5.00%, 10/15/24		1,475,000		1,546,508
4.875%, 6/1/27		1,770,000		1,814,861
144A, 5.25%, 5/15/29		1,458,000		1,497,060
Fair Isaac Corp. 144A, 5.25%, 5/15/26		1,286,000		1,366,330
144A, 4.00%, 6/15/28		2,580,000		2,535,830
MSCI, Inc. 144A, 4.00%, 11/15/29 (a)		2,914,000		2,934,485
144A, 3.625%, 9/1/30		2,919,000		2,866,925
144A, 3.875%, 2/15/31		2,734,000		2,725,798
144A, 3.625%, 11/1/31		1,770,000		1,741,361
144A, 3.25%, 8/15/33		2,065,000		1,954,502
Open Text Corp., 144A, 3.875%, 2/15/28		2,655,000		2,567,199
PTC, Inc. 144A, 3.625%, 2/15/25		1,544,000		1,543,491
144A, 4.00%, 2/15/28		1,475,000		1,440,625
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		5,900,000		6,068,858
Twilio, Inc., 3.625%, 3/15/29 (a)		1,475,000		1,411,929

(Cost $37,577,461)				36,825,350

Utilities — 2.8%
Electric — 2.3%
Calpine Corp., 144A, 5.25%, 6/1/26		1,239,000		1,252,846
Clearway Energy Operating LLC, 144A, 4.75%, 3/15/28		2,507,000		2,524,323
DPL, Inc., 4.125%, 7/1/25		1,221,000		1,216,373
FirstEnergy Corp.
Series B, 4.40%, 7/15/27		4,425,000		4,581,623
2.65%, 3/1/30		1,724,000		1,619,129
Series B, 2.25%, 9/1/30		1,394,000		1,266,860
NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24		2,065,000		2,108,097
144A, 3.875%, 10/15/26		1,419,000		1,404,342
144A, 4.50%, 9/15/27		1,674,000		1,685,107
NRG Energy, Inc. 5.75%, 1/15/28		2,472,000		2,530,685
144A, 3.375%, 2/15/29		1,548,000		1,440,259
144A, 5.25%, 6/15/29		2,048,000		2,092,984
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		3,050,000		3,101,865


	Principal Amount		Value
Electric (Continued)
144A, 5.625%, 2/15/27	$	3,823,000	$	3,921,786
144A, 5.00%, 7/31/27		3,835,000		3,867,943

(Cost $35,168,221)				34,614,222

Gas — 0.5%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24		1,991,000		2,033,518
5.50%, 5/20/25		2,065,000		2,104,018
5.875%, 8/20/26		1,991,000		2,030,820
5.75%, 5/20/27		1,549,000		1,567,015

(Cost $8,117,247)				7,735,371

TOTAL CORPORATE BONDS (Cost $1,540,524,601)				1,507,747,538


	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 1.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $20,540,953)		20,540,953	$	20,540,953

CASH EQUIVALENTS — 0.9%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $13,841,389)		13,841,389		13,841,389


TOTAL INVESTMENTS — 100.7% (Cost $1,574,906,943)			$	1,542,129,880
Other assets and liabilities, net — (0.7%)				(10,926,864	)

NET ASSETS — 100.0%			$	1,531,203,016

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2022 is as follows:


	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 99.8%
Xtrackers High Beta High Yield Bond ETF (a)		14,520	$	661,774
Xtrackers USD High Yield Corporate Bond ETF (a)		743,858		28,504,638

TOTAL EXCHANGE-TRADED FUNDS (Cost $28,972,812)				29,166,412

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $61,597)		61,597		61,597


TOTAL INVESTMENTS — 100.0% (Cost $29,034,409)			$	29,228,009
Other assets and liabilities, net — (0.0)%				(1,775	)

NET ASSETS — 100.0%			$	29,226,234

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2022 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 98.6%
Basic Materials — 1.9%
Chemicals — 1.0%
Consolidated Energy Finance SA, 144A, 6.50%, 5/15/26	$	150,000	$	150,035
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		115,000		109,954
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		244,000		247,348
144A, 5.00%, 5/1/25		150,000		151,706
TPC Group, Inc., 144A, 10.50%, 8/1/24 (a)		190,000		104,500
Tronox, Inc., 144A, 6.50%, 5/1/25 (b)		97,000		100,853

(Cost $952,104)				864,396

Iron/Steel — 0.2%
Cleveland-Cliffs, Inc. 144A, 9.875%, 10/17/25		124,000		137,791
144A, 6.75%, 3/15/26		79,000		83,414

(Cost $221,166)				221,205

Mining — 0.7%
Arconic Corp., 144A, 6.00%, 5/15/25		150,000		154,875
FMG Resources August 2006 Pty Ltd., 144A, 5.125%, 5/15/24		170,000		174,932
Hudbay Minerals, Inc., 144A, 4.50%, 4/1/26		85,000		82,234
Novelis Corp., 144A, 3.25%, 11/15/26		200,000		190,046

(Cost $621,067)				602,087

Communications — 15.8%
Advertising — 0.1%
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 6.25%, 6/15/25
(Cost $66,814)		65,000		67,351

Internet — 1.5%
NortonLifeLock, Inc. 3.95%, 6/15/22		376,000		373,637
144A, 5.00%, 4/15/25		130,000		130,391
Photo Holdings Merger Sub, Inc., 144A, 8.50%, 10/1/26		150,000		149,232
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		175,000		182,175
144A, 8.00%, 11/1/26		450,000		478,456

(Cost $1,320,061)				1,313,891

Media — 5.6%
AMC Networks, Inc. 5.00%, 4/1/24		111,000		110,987
4.75%, 8/1/25 (b)		155,000		154,903
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 4.00%, 3/1/23		133,000		132,983
144A, 5.50%, 5/1/26		100,000		102,124


	Principal Amount		Value
Media (Continued)
CSC Holdings LLC 5.875%, 9/15/22	$	219,000	$	222,259
5.25%, 6/1/24		154,000		155,854
Diamond Sports Group LLC / Diamond Sports Finance Co., 144A, 5.375%, 8/15/26		626,000		257,737
DISH DBS Corp. 5.875%, 7/15/22		385,000		388,785
5.00%, 3/15/23		278,000		281,336
5.875%, 11/15/24		407,000		407,407
7.75%, 7/1/26		507,000		514,019
144A, 5.25%, 12/1/26		590,000		579,491
Gray Television, Inc., 144A, 5.875%, 7/15/26		160,000		163,794
iHeartCommunications, Inc., 6.375%, 5/1/26		130,000		134,218
Quebecor Media, Inc., 5.75%, 1/15/23		157,000		159,936
Radiate Holdco LLC / Radiate Finance, Inc., 144A, 4.50%, 9/15/26 (b)		174,000		166,461
Sirius XM Radio, Inc., 144A, 3.125%, 9/1/26		270,000		258,217
TEGNA, Inc., 144A, 4.75%, 3/15/26		102,000		102,799
Univision Communications, Inc., 144A, 5.125%, 2/15/25		337,000		339,603
Videotron Ltd., 144A, 5.375%, 6/15/24		261,000		270,735

(Cost $5,123,939)				4,903,648

Telecommunications — 8.6%
CommScope Technologies LLC, 144A, 6.00%, 6/15/25		266,000		261,064
CommScope, Inc., 144A, 6.00%, 3/1/26		355,000		362,554
Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26		400,000		405,400
DKT Finance ApS, 144A, 9.375%, 6/17/23		200,000		201,023
Hughes Satellite Systems Corp. 5.25%, 8/1/26		125,000		128,553
6.625%, 8/1/26 (b)		160,000		166,848
Iliad Holding SASU, 144A, 6.50%, 10/15/26		250,000		249,056
Level 3 Financing, Inc. 5.375%, 5/1/25		160,000		160,637
5.25%, 3/15/26		160,000		160,507
Lumen Technologies, Inc.
Series T, 5.80%, 3/15/22		246,000		246,417
Series W, 6.75%, 12/1/23		245,000		256,319
Series Y, 7.50%, 4/1/24		194,000		203,821
5.625%, 4/1/25		97,000		96,545
144A, 5.125%, 12/15/26		318,000		295,740
144A, 4.00%, 2/15/27		200,000		190,320
Sprint Communications, Inc., 6.00%, 11/15/22		457,000		470,335


	Principal Amount		Value
Telecommunications (Continued)
Sprint Corp. 7.875%, 9/15/23	$	993,000	$	1,068,096
7.125%, 6/15/24		595,000		644,629
7.625%, 2/15/25		278,000		308,233
7.625%, 3/1/26		265,000		302,418
Telecom Italia SpA, 144A, 5.303%, 5/30/24		259,000		266,848
Telesat Canada / Telesat LLC, 144A, 5.625%, 12/6/26		130,000		95,796
T-Mobile USA, Inc. 4.00%, 4/15/22		324,000		324,162
2.25%, 2/15/26		200,000		193,229
2.625%, 4/15/26		235,000		229,895
VEON Holdings BV, 144A, 4.00%, 4/9/25		445,000		193,575
Viasat, Inc., 144A, 5.625%, 9/15/25		136,000		130,099

(Cost $8,054,677)				7,612,119

Consumer, Cyclical — 25.4%
Airlines — 2.8%
Air Canada, 144A, 3.875%, 8/15/26		282,000		274,636
American Airlines Group, Inc. 144A, 5.00%, 6/1/22		250,000		250,910
144A, 3.75%, 3/1/25 (b)		97,000		90,452
American Airlines, Inc., 144A, 11.75%, 7/15/25		484,000		588,205
Delta Air Lines, Inc. 3.80%, 4/19/23		115,000		116,002
2.90%, 10/28/24		245,000		242,180
7.375%, 1/15/26 (b)		284,000		317,049
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		237,252		240,498
United Airlines, Inc., 144A, 4.375%, 4/15/26		370,000		370,651

(Cost $2,497,786)				2,490,583

Apparel — 0.5%
Hanesbrands, Inc. 144A, 4.625%, 5/15/24		137,000		139,040
144A, 4.875%, 5/15/26		172,000		175,365
William Carter Co., 144A, 5.50%, 5/15/25		75,000		76,961

(Cost $401,821)				391,366

Auto Manufacturers — 4.0%
Ford Motor Co. 9.00%, 4/22/25		260,000		301,762
4.346%, 12/8/26		200,000		204,750
Ford Motor Credit Co. LLC MTN, 3.55%, 10/7/22		368,000		370,521
3.087%, 1/9/23		200,000		201,498
3.096%, 5/4/23		250,000		252,188
4.375%, 8/6/23		218,000		221,515
5.584%, 3/18/24		115,000		120,150
3.664%, 9/8/24		122,000		122,290


	Principal Amount		Value
Auto Manufacturers (Continued)
4.063%, 11/1/24	$	200,000	$	203,222
4.687%, 6/9/25		200,000		206,399
5.125%, 6/16/25		200,000		207,972
4.134%, 8/4/25		25,000		25,312
3.375%, 11/13/25		330,000		325,426
GMTN, 4.389%, 1/8/26		200,000		204,266
2.70%, 8/10/26		200,000		191,750
Jaguar Land Rover Automotive PLC 144A, 5.625%, 2/1/23		300,000		300,205
144A, 7.75%, 10/15/25		70,000		73,850

(Cost $3,560,236)				3,533,076

Auto Parts & Equipment — 1.7%
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/26 (b)		250,000		250,679
American Axle & Manufacturing, Inc., 6.25%, 3/15/26		60,000		60,932
Clarios Global LP, 144A, 6.75%, 5/15/25		134,000		139,203
Clarios Global LP / Clarios US Finance Co., 144A, 6.25%, 5/15/26		165,000		171,000
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		310,000		330,383
5.00%, 5/31/26		196,000		196,978
Tenneco, Inc., 5.00%, 7/15/26 (b)		97,000		96,890
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		246,000		249,990

(Cost $1,509,848)				1,496,055

Distribution/Wholesale — 0.6%
Avient Corp. 5.25%, 3/15/23		67,000		68,763
144A, 5.75%, 5/15/25		141,000		144,880
Wolverine Escrow LLC 144A, 8.50%, 11/15/24 (b)		149,000		125,406
144A, 9.00%, 11/15/26 (b)		180,000		180,297

(Cost $518,645)				519,346

Entertainment — 4.3%
AMC Entertainment Holdings, Inc., 144A, , 6/15/26 (b)		310,000		287,289
Banijay Entertainment SASU, 144A, 5.375%, 3/1/25		125,000		123,875
Caesars Entertainment, Inc., 144A, 6.25%, 7/1/25		709,000		735,704
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		218,000		223,788
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 144A, 5.50%, 5/1/25		192,000		197,580
Cinemark USA, Inc., 144A, 5.875%, 3/15/26 (b)		78,000		76,908
International Game Technology PLC 144A, 6.50%, 2/15/25		175,000		186,143


	Principal Amount		Value
Entertainment (Continued)
144A, 4.125%, 4/15/26	$	220,000	$	216,973
144A, 6.25%, 1/15/27		200,000		212,268
Live Nation Entertainment, Inc., 144A, 4.875%, 11/1/24		126,000		127,484
Mohegan Gaming & Entertainment, 144A, 8.00%, 2/1/26		248,000		250,778
Scientific Games International, Inc. 144A, 8.625%, 7/1/25		52,000		55,172
144A, 5.00%, 10/15/25		330,000		333,703
144A, 8.25%, 3/15/26		225,000		234,513
Six Flags Entertainment Corp., 144A, 4.875%, 7/31/24		315,000		315,359
Six Flags Theme Parks, Inc., 144A, 7.00%, 7/1/25		134,000		139,862
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		50,000		51,567

(Cost $3,807,276)				3,768,966

Food Service — 0.5%
Aramark Services, Inc., 144A, 6.375%, 5/1/25 (Cost $424,577)		410,000		423,876

Home Builders — 0.2%
Meritage Homes Corp., 6.00%, 6/1/25 (Cost $176,007)		164,000		174,857

Housewares — 0.9%
Newell Brands, Inc. 4.35%, 4/1/23		189,000		193,085
4.875%, 6/1/25		68,000		71,647
4.70%, 4/1/26		505,000		523,332

(Cost $812,372)				788,064

Leisure Time — 3.4%
Carnival Corp. 144A, 10.50%, 2/1/26		150,000		168,568
144A, 7.625%, 3/1/26		329,000		338,539
Life Time, Inc. 144A, 5.75%, 1/15/26		179,000		178,288
144A, 8.00%, 4/15/26		100,000		99,938
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		300,000		281,630
144A, 5.875%, 3/15/26		200,000		193,700
144A, 5.875%, 2/15/27		200,000		200,125
Royal Caribbean Cruises Ltd. 5.25%, 11/15/22		155,000		156,336
144A, 10.875%, 6/1/23		194,000		208,461
144A, 9.125%, 6/15/23		185,000		193,316
144A, 11.50%, 6/1/25		358,000		396,174
144A, 4.25%, 7/1/26		110,000		104,344
144A, 5.50%, 8/31/26		300,000		297,524
Viking Cruises Ltd., 144A, 13.00%, 5/15/25		152,000		169,116

(Cost $3,015,992)				2,986,059

Lodging — 2.8%
Hilton Domestic Operating Co., Inc., 144A, 5.375%, 5/1/25		81,000		83,673


	Principal Amount		Value
Lodging (Continued)
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25	$	200,000	$	190,900
144A, 5.25%, 4/26/26		215,000		200,756
MGM Resorts International 7.75%, 3/15/22		345,000		346,116
6.00%, 3/15/23		232,000		239,540
6.75%, 5/1/25		91,000		94,286
5.75%, 6/15/25 (b)		192,000		199,200
4.625%, 9/1/26		120,000		119,848
Travel + Leisure Co. 3.90%, 3/1/23		77,000		77,286
144A, 6.625%, 7/31/26		126,000		134,684
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 4.25%, 5/30/23		323,000		324,941
144A, 5.50%, 3/1/25		394,000		400,028

(Cost $2,439,658)				2,411,258

Retail — 3.6%
1011778 BC ULC / New Red Finance, Inc., 144A, 5.75%, 4/15/25		147,000		151,581
Carvana Co., 144A, 5.625%, 10/1/25		165,000		156,915
eG Global Finance PLC 144A, 6.75%, 2/7/25		200,000		200,251
144A, 8.50%, 10/30/25		90,000		91,078
Ferrellgas LP / Ferrellgas Finance Corp., 144A, 5.375%, 4/1/26		126,000		117,970
IRB Holding Corp., 144A, 7.00%, 6/15/25		337,000		352,499
Macy’s Retail Holdings LLC, 2.875%, 2/15/23		171,000		171,000
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		204,000		210,222
Party City Holdings, Inc., 144A, 8.75%, 2/15/26		130,000		130,325
Penske Automotive Group, Inc., 3.50%, 9/1/25		150,000		148,693
QVC, Inc. 4.375%, 3/15/23		139,000		141,600
4.85%, 4/1/24		116,000		117,302
4.45%, 2/15/25		116,000		115,555
4.75%, 2/15/27		50,000		46,581
Rite Aid Corp. 144A, 7.50%, 7/1/25		220,000		211,645
144A, 8.00%, 11/15/26		185,000		176,112
Staples, Inc., 144A, 7.50%, 4/15/26		500,000		495,312
Yum! Brands, Inc., 144A, 7.75%, 4/1/25		125,000		130,322

(Cost $3,221,439)				3,164,963

Toys/Games/Hobbies — 0.1%
Mattel, Inc., 144A, 3.375%, 4/1/26 (Cost $121,364)		118,000		117,343


	Principal Amount		Value
Consumer, Non-cyclical — 15.0%
Agriculture — 0.1%
Vector Group Ltd., 144A, 10.50%, 11/1/26 (Cost $113,688)	$	110,000	$	113,125

Commercial Services — 2.8%
ADT Security Corp., 4.125%, 6/15/23		218,000		222,425
Allied Universal Holdco LLC / Allied Universal Finance Corp., 144A, 6.625%, 7/15/26		359,000		368,083
Block, Inc., 144A, 2.75%, 6/1/26		230,000		223,400
CoreCivic, Inc., 8.25%, 4/15/26 (b)		140,000		142,365
Garda World Security Corp., 144A, 4.625%, 2/15/27		125,000		121,293
Grand Canyon University, 4.125%, 10/1/24 (b)		115,000		116,559
Hertz Corp., 144A, 4.625%, 12/1/26		100,000		95,357
Nielsen Co. Luxembourg SARL, 144A, 5.00%, 2/1/25 (b)		132,000		133,165
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24		112,000		114,387
144A, 5.75%, 4/15/26		243,000		249,674
Ritchie Bros Auctioneers, Inc., 144A, 5.375%, 1/15/25		100,000		101,690
RR Donnelley & Sons Co., 144A, 6.125%, 11/1/26		179,000		190,859
Sabre GLBL, Inc. 144A, 9.25%, 4/15/25		189,000		213,390
144A, 7.375%, 9/1/25		167,000		173,263

(Cost $2,502,880)				2,465,910

Cosmetics/Personal Care — 0.3%
Coty, Inc. 144A, 5.00%, 4/15/26		174,000		173,763
144A, 6.50%, 4/15/26 (b)		127,000		129,206

(Cost $304,912)				302,969

Food — 2.0%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.50%, 2/15/23		117,000		117,455
144A, 3.25%, 3/15/26		195,000		187,980
144A, 7.50%, 3/15/26		150,000		159,182
144A, 4.625%, 1/15/27		280,000		281,576
B&G Foods, Inc., 5.25%, 4/1/25 (b)		220,000		221,374
Kraft Heinz Foods Co., 3.00%, 6/1/26		390,000		390,224
Sigma Holdco BV, 144A, 7.875%, 5/15/26 (b)		105,000		92,572
US Foods, Inc., 144A, 6.25%, 4/15/25		269,000		278,746

(Cost $1,768,457)				1,729,109


	Principal Amount		Value
Healthcare-Services — 4.9%
CHS/Community Health Systems, Inc., 144A, 8.00%, 3/15/26	$	457,000	$	474,786
Envision Healthcare Corp., 144A, 8.75%, 10/15/26		245,000		130,276
HCA, Inc. 5.875%, 5/1/23		232,000		241,541
5.375%, 2/1/25		522,000		553,388
5.875%, 2/15/26		328,000		354,872
5.375%, 9/1/26		250,000		269,307
IQVIA, Inc., 144A, 5.00%, 10/15/26		225,000		230,065
Legacy LifePoint Health LLC 144A, 6.75%, 4/15/25		136,000		140,960
144A, 4.375%, 2/15/27		150,000		142,321
ModivCare, Inc., 144A, 5.875%, 11/15/25		120,000		120,575
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		100,000		104,990
Select Medical Corp., 144A, 6.25%, 8/15/26		277,000		278,316
Tenet Healthcare Corp. 6.75%, 6/15/23		357,000		371,662
4.625%, 7/15/24		90,000		90,437
144A, 4.625%, 9/1/24		131,000		132,919
144A, 4.875%, 1/1/26		539,000		541,070
144A, 6.25%, 2/1/27		100,000		102,954

(Cost $4,360,510)				4,280,439

Household Products/Wares — 0.1%
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 144A, 5.00%, 12/31/26 (Cost $98,920)		101,000		91,268

Pharmaceuticals — 4.8%
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		300,000		310,719
144A, 8.50%, 1/31/27		400,000		405,792
Bausch Health Cos., Inc. 144A, 6.125%, 4/15/25		513,000		515,886
144A, 5.50%, 11/1/25		328,000		329,230
144A, 9.00%, 12/15/25		291,000		300,424
144A, 6.125%, 2/1/27		150,000		151,432
Elanco Animal Health, Inc., 5.772%, 8/28/23		147,000		151,601
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		100,000		99,922
4.375%, 3/15/26		200,000		200,744
Teva Pharmaceutical Finance Co. BV, 2.95%, 12/18/22		189,000		188,783
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 7/21/23		297,000		291,268
6.00%, 4/15/24		190,000		193,661
7.125%, 1/31/25		386,000		405,813
3.15%, 10/1/26		706,000		641,577

(Cost $4,248,312)				4,186,852


	Principal Amount		Value
Energy — 13.4%
Energy-Alternate Sources — 0.3%
TerraForm Power Operating LLC, 144A, 4.25%, 1/31/23 (Cost $275,040)	$	271,000	$	271,660

Oil & Gas — 7.9%
Antero Resources Corp., 5.00%, 3/1/25		100,000		101,250
Apache Corp., 4.625%, 11/15/25		100,000		103,358
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A, 7.00%, 11/1/26		120,000		118,704
Callon Petroleum Co., 6.125%, 10/1/24		88,000		87,758
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		200,000		210,844
Chesapeake Energy Corp., 144A, 5.50%, 2/1/26		130,000		133,750
Citgo Holding, Inc., 144A, 9.25%, 8/1/24		251,000		252,699
CITGO Petroleum Corp., 144A, 7.00%, 6/15/25		418,000		418,479
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		230,000		232,890
CVR Energy, Inc., 144A, 5.25%, 2/15/25 (b)		27,000		26,173
Endeavor Energy Resources LP / EER Finance, Inc., 144A, 6.625%, 7/15/25		116,000		121,370
EQT Corp. 6.625%, 2/1/25		174,000		188,157
144A, 3.125%, 5/15/26		91,000		89,608
Laredo Petroleum, Inc., 9.50%, 1/15/25		169,000		174,176
Leviathan Bond Ltd. 144A, REGS, 5.75%, 6/30/23		87,000		87,791
144A, REGS, 6.125%, 6/30/25		208,000		212,966
Matador Resources Co., 5.875%, 9/15/26		310,000		315,037
MEG Energy Corp., 144A, 7.125%, 2/1/27		250,000		261,525
Moss Creek Resources Holdings, Inc., 144A, 7.50%, 1/15/26		186,000		164,948
Murphy Oil Corp., 5.75%, 8/15/25		100,000		101,999
Nabors Industries Ltd., 144A, 7.25%, 1/15/26		110,000		107,430
Nabors Industries, Inc., 5.75%, 2/1/25		119,000		114,359
Occidental Petroleum Corp. 6.95%, 7/1/24		150,000		162,936
2.90%, 8/15/24		256,000		256,620
8.00%, 7/15/25		50,000		56,632
5.875%, 9/1/25		264,000		283,494


	Principal Amount		Value
Oil & Gas (Continued)
5.50%, 12/1/25	$	100,000	$	107,593
5.55%, 3/15/26		194,000		208,363
3.40%, 4/15/26		175,000		175,230
3.20%, 8/15/26		150,000		150,222
3.00%, 2/15/27		150,000		146,522
PBF Holding Co. LLC / PBF Finance Corp. 144A, 9.25%, 5/15/25 (b)		282,000		285,683
7.25%, 6/15/25 (b)		130,000		109,436
Puma International Financing SA 144A, 5.125%, 10/6/24		200,000		196,494
144A, 5.00%, 1/24/26		200,000		196,272
Range Resources Corp. 5.00%, 3/15/23		197,000		199,663
4.875%, 5/15/25		151,000		153,142
SM Energy Co. 144A, 10.00%, 1/15/25		174,000		190,998
6.625%, 1/15/27 (b)		100,000		101,121
Transocean, Inc. 144A, 7.25%, 11/1/25		136,000		105,858
144A, 7.50%, 1/15/26		111,000		86,206
144A, 11.50%, 1/30/27		140,000		140,263

(Cost $6,805,089)				6,938,019

Oil & Gas Services — 0.4%
TechnipFMC PLC, 144A, 6.50%, 2/1/26		109,000		112,684
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26		212,000		213,190

(Cost $332,271)				325,874

Pipelines — 4.8%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 144A, 7.875%, 5/15/26		75,000		80,721
Buckeye Partners LP 4.15%, 7/1/23		68,000		68,916
144A, 4.125%, 3/1/25		98,000		96,778
3.95%, 12/1/26		203,000		196,208
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25		50,000		50,377
DCP Midstream Operating LP 3.875%, 3/15/23		73,000		73,910
5.375%, 7/15/25		162,000		171,768
EnLink Midstream Partners LP 4.40%, 4/1/24		180,000		183,544
4.15%, 6/1/25		50,000		50,129
4.85%, 7/15/26		166,000		168,279
EQM Midstream Partners LP 4.75%, 7/15/23		100,000		100,634
4.00%, 8/1/24		25,000		24,531
144A, 6.00%, 7/1/25		170,000		173,623
4.125%, 12/1/26		120,000		114,806
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		110,000		107,363


	Principal Amount		Value
Pipelines (Continued)
8.00%, 1/15/27	$	210,000	$	212,625
Hess Midstream Operations LP, 144A, 5.625%, 2/15/26		147,000		150,861
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		282,000		271,612
144A, 6.50%, 9/30/26		310,000		297,192
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		420,000		422,226
NGL Energy Partners LP / NGL Energy Finance Corp., 7.50%, 11/1/23 (b)		116,000		111,539
NuStar Logistics LP 5.75%, 10/1/25		131,000		136,579
6.00%, 6/1/26		150,000		152,599
Rockies Express Pipeline LLC, 144A, 3.60%, 5/15/25		54,000		52,987
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144A, 7.50%, 10/1/25		113,000		118,810
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.875%, 4/15/26		78,000		80,623
Western Midstream Operating LP 4.00%, 7/1/22		250,000		250,281
3.60%, 2/1/25		200,000		201,111
4.65%, 7/1/26		83,000		86,109

(Cost $4,231,677)				4,206,741

Financial — 12.9%
Banks — 1.9%
Commerzbank AG, 144A, 8.125%, 9/19/23		286,000		307,672
Freedom Mortgage Corp. 144A, 8.125%, 11/15/24		92,000		91,929
144A, 8.25%, 4/15/25		111,000		110,927
144A, 7.625%, 5/1/26		142,000		136,587
144A, 6.625%, 1/15/27		142,000		131,268
Intesa Sanpaolo SpA 144A, 5.017%, 6/26/24		500,000		515,327
144A, 5.71%, 1/15/26		340,000		358,938

(Cost $1,678,745)				1,652,648

Diversified Financial Services — 3.8%
Ally Financial, Inc., 5.75%, 11/20/25		180,000		191,919
LD Holdings Group LLC, 144A, 6.50%, 11/1/25		95,000		90,418
Nationstar Mortgage Holdings, Inc., 144A, 6.00%, 1/15/27		120,000		121,952
Navient Corp. 5.50%, 1/25/23		181,000		185,031
MTN, 6.125%, 3/25/24		165,000		170,151
5.875%, 10/25/24		91,000		94,232
6.75%, 6/25/25		110,000		114,385
6.75%, 6/15/26		140,000		145,426
OneMain Finance Corp. 5.625%, 3/15/23		197,000		202,161


	Principal Amount		Value
Diversified Financial Services (Continued)
6.125%, 3/15/24	$	241,000	$	248,525
6.875%, 3/15/25		265,000		283,107
8.875%, 6/1/25		230,000		242,943
7.125%, 3/15/26		296,000		321,230
3.50%, 1/15/27		150,000		142,119
PennyMac Financial Services, Inc., 144A, 5.375%, 10/15/25		126,000		125,512
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144A, 2.875%, 10/15/26		240,000		225,994
SLM Corp. 4.20%, 10/29/25		200,000		201,242
3.125%, 11/2/26		100,000		95,987
United Wholesale Mortgage LLC, 144A, 5.50%, 11/15/25		145,000		139,758

(Cost $3,420,428)				3,342,092

Insurance — 1.0%
Acrisure LLC / Acrisure Finance, Inc., 144A, 7.00%, 11/15/25		209,000		207,134
AssuredPartners, Inc., 144A, 7.00%, 8/15/25		226,000		223,966
HUB International Ltd., 144A, 7.00%, 5/1/26		250,000		251,925
Radian Group, Inc., 6.625%, 3/15/25		210,000		222,597

(Cost $914,466)				905,622

Real Estate — 0.4%
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A, 4.875%, 6/1/23		62,000		63,462
WeWork Cos. LLC / WW Co.-Obligor, Inc., 144A, 5.00%, 7/10/25		125,000		105,235
WeWork Cos., Inc., 144A, 7.875%, 5/1/25 (b)		150,000		136,022

(Cost $308,332)				304,719

Real Estate Investment Trusts — 5.0%
Blackstone Mortgage Trust, Inc., 144A, 3.75%, 1/15/27		159,000		150,482
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A, 5.75%, 5/15/26 (b)		218,000		215,506
Diversified Healthcare Trust, 9.75%, 6/15/25		263,000		278,144
HAT Holdings I LLC / HAT Holdings II LLC, 144A, 3.375%, 6/15/26		250,000		237,320
iStar, Inc. 4.75%, 10/1/24		159,000		160,185
4.25%, 8/1/25 (b)		107,000		106,214
5.50%, 2/15/26		85,000		87,099
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		125,000		121,943


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. 5.625%, 5/1/24	$	102,000	$	106,011
144A, 4.625%, 6/15/25		122,000		125,853
4.50%, 9/1/26		100,000		102,132
5.75%, 2/1/27		100,000		108,319
RLJ Lodging Trust LP, 144A, 3.75%, 7/1/26		115,000		112,159
SBA Communications Corp., 3.875%, 2/15/27		250,000		249,706
Service Properties Trust 5.00%, 8/15/22		168,000		167,562
4.35%, 10/1/24		145,000		139,014
7.50%, 9/15/25		211,000		221,867
4.75%, 10/1/26		100,000		92,673
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		70,000		68,504
4.75%, 3/15/25		70,000		70,811
144A, 3.625%, 7/15/26		150,000		142,196
144A, 4.375%, 1/15/27		100,000		97,221
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 7.875%, 2/15/25		522,000		543,807
VICI Properties LP / VICI Note Co., Inc. 144A, 3.50%, 2/15/25		204,000		204,729
144A, 4.25%, 12/1/26		215,000		217,392
144A, 3.75%, 2/15/27		150,000		149,128
XHR LP, 144A, 6.375%, 8/15/25		97,000		100,013

(Cost $4,447,983)				4,375,990

Venture Capital — 0.8%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24		293,000		291,144
6.375%, 12/15/25		175,000		177,599
6.25%, 5/15/26		235,000		237,017

(Cost $715,593)				705,760

Industrial — 9.6%
Aerospace/Defense — 4.0%
Bombardier, Inc. 144A, 7.50%, 12/1/24		200,000		207,215
144A, 7.50%, 3/15/25		291,000		290,580
144A, 7.125%, 6/15/26		282,000		281,938
Howmet Aerospace, Inc. 5.125%, 10/1/24 (b)		256,000		268,923
6.875%, 5/1/25		175,000		192,955
Rolls-Royce PLC, 144A, 3.625%, 10/14/25		186,000		181,871
Spirit AeroSystems, Inc. 144A, 5.50%, 1/15/25		130,000		133,754
144A, 7.50%, 4/15/25		145,000		150,582
TransDigm, Inc. 144A, 8.00%, 12/15/25		195,000		203,845
144A, 6.25%, 3/15/26		1,015,000		1,047,779


	Principal Amount		Value
Aerospace/Defense (Continued)
6.375%, 6/15/26	$	205,000	$	209,232
Triumph Group, Inc. 144A, 8.875%, 6/1/24		138,000		147,401
144A, 6.25%, 9/15/24		71,000		70,539
7.75%, 8/15/25 (b)		118,000		118,561

(Cost $3,456,614)				3,505,175

Building Materials — 0.1%
JELD-WEN, Inc., 144A, 4.625%, 12/15/25 (Cost $95,875)		95,000		93,364

Electrical Components & Equipment — 0.4%
WESCO Distribution, Inc., 144A, 7.125%, 6/15/25 (Cost $340,733)		325,000		340,987

Electronics — 0.3%
Sensata Technologies BV 144A, 4.875%, 10/15/23		76,000		77,983
144A, 5.625%, 11/1/24		66,000		69,617
144A, 5.00%, 10/1/25		156,000		161,507

(Cost $315,072)				309,107

Engineering & Construction — 0.2%
Brand Industrial Services, Inc., 144A, 8.50%, 7/15/25 (b) (Cost $200,709)		203,000		186,598

Environmental Control — 0.6%
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		282,000		281,962
144A, 3.75%, 8/1/25		130,000		128,857
Stericycle, Inc., 144A, 5.375%, 7/15/24		149,000		152,518

(Cost $570,184)				563,337

Miscellaneous Manufacturing — 0.5%
FXI Holdings, Inc. 144A, 7.875%, 11/1/24		140,000		138,070
144A, 12.25%, 11/15/26		160,000		171,402
Hillenbrand, Inc., 5.75%, 6/15/25		94,000		97,562

(Cost $412,528)				407,034

Packaging & Containers — 3.0%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		215,000		217,152
144A, 4.125%, 8/15/26		265,000		256,827
Ball Corp. 4.00%, 11/15/23		185,000		189,144
5.25%, 7/1/25		250,000		265,288
4.875%, 3/15/26		139,000		145,368
Flex Acquisition Co., Inc., 144A, 6.875%, 1/15/25		206,000		206,678
LABL, Inc., 144A, 6.75%, 7/15/26		185,000		185,682
Mauser Packaging Solutions Holding Co. 144A, 5.50%, 4/15/24		425,000		423,300


	Principal Amount		Value
Packaging & Containers (Continued)
144A, 7.25%, 4/15/25	$	250,000	$	246,071
Owens-Brockway Glass Container, Inc., 144A, 5.875%, 8/15/23		136,000		138,534
Sealed Air Corp. 144A, 5.125%, 12/1/24		50,000		51,809
144A, 5.50%, 9/15/25		100,000		104,876
Trivium Packaging Finance BV, 144A, 5.50%, 8/15/26		200,000		202,058

(Cost $2,670,328)				2,632,787

Transportation — 0.3%
XPO Logistics, Inc., 144A, 6.25%, 5/1/25 (Cost $247,091)		238,000		247,294

Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC, 144A, 6.50%, 10/1/25 (Cost $188,065)		185,000		187,521

Technology — 2.8%
Computers — 1.1%
Diebold Nixdorf, Inc. 8.50%, 4/15/24 (b)		33,000		32,556
144A, 9.375%, 7/15/25		145,000		151,164
Exela Intermediate LLC / Exela Finance, Inc., 144A, 11.50%, 7/15/26 (b)		236,000		139,240
Seagate HDD Cayman 4.75%, 6/1/23		110,000		113,155
4.875%, 3/1/24		97,000		100,157
4.75%, 1/1/25		113,000		116,524
Vericast Corp., 144A, 11.00%, 9/15/26		277,000		283,233

(Cost $956,628)				936,029

Office/Business Equipment — 0.4%
Xerox Corp., 4.375%, 3/15/23		185,000		187,086
Xerox Holdings Corp., 144A, 5.00%, 8/15/25 (b)		147,000		149,940

(Cost $337,795)				337,026

Semiconductors — 0.1%
ams-OSRAM AG, 144A, 7.00%, 7/31/25 (Cost $132,174)		125,000		129,695

Software — 1.2%
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		137,000		141,932
CDK Global, Inc., 5.00%, 10/15/24 (b)		87,000		91,218
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A, 5.75%, 3/1/25		260,000		258,765
Fair Isaac Corp., 144A, 5.25%, 5/15/26		80,000		84,997


	Principal Amount		Value
Software (Continued)
PTC, Inc., 144A, 3.625%, 2/15/25	$	162,000	$	161,946
Veritas US, Inc. / Veritas Bermuda Ltd., 144A, 7.50%, 9/1/25		353,000		349,576

(Cost $1,103,751)				1,088,434

Utilities — 1.8%
Electric — 1.3%
Calpine Corp., 144A, 5.25%, 6/1/26		84,000		84,939
DPL, Inc., 4.125%, 7/1/25		80,000		79,697
NextEra Energy Operating Partners LP, 144A, 4.25%, 7/15/24		350,000		357,304
Talen Energy Supply LLC 6.50%, 6/1/25		115,000		47,338
144A, 10.50%, 1/15/26		120,000		54,209
TransAlta Corp., 4.50%, 11/15/22		69,000		69,427
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		230,000		233,911
144A, 5.625%, 2/15/27		200,000		205,168

(Cost $1,176,259)				1,131,993

Gas — 0.5%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24		121,000		123,584
5.50%, 5/20/25		107,000		109,022
5.875%, 8/20/26		175,000		178,500

(Cost $435,741)				411,106

TOTAL CORPORATE BONDS (Cost $88,033,699)				86,556,793


	Number of Shares
SECURITIES LENDING COLLATERAL — 4.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $3,496,240)		3,496,240		3,496,240

CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $346,281)		346,281		346,281


TOTAL INVESTMENTS — 103.0% (Cost $91,876,220)			$	90,399,314
Other assets and liabilities, net — (3.0%)				(2,598,530	)

NET ASSETS — 100.0%			$	87,800,784

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2022 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 98.3%
Basic Materials — 3.2%
Chemicals — 1.7%
Ashland LLC, 144A, 3.375%, 9/1/31	$	1,812,000	$	1,669,885
ASP Unifrax Holdings, Inc. 144A, 5.25%, 9/30/28		3,460,000		3,318,763
144A, 7.50%, 9/30/29 (a)		1,700,000		1,554,047
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		2,975,000		2,718,971
Chemours Co. 5.375%, 5/15/27 (a)		2,175,000		2,185,875
144A, 5.75%, 11/15/28		3,475,000		3,419,261
144A, 4.625%, 11/15/29		2,762,000		2,562,584
Consolidated Energy Finance SA 144A, 6.50%, 5/15/26 (a)		1,853,000		1,853,426
144A, 5.625%, 10/15/28		2,231,000		2,064,902
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		2,135,000		2,041,327
Methanex Corp. 5.125%, 10/15/27		3,050,000		3,101,621
5.25%, 12/15/29 (a)		2,975,000		3,010,402
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		4,462,000		4,523,219
144A, 5.00%, 5/1/25		2,111,000		2,135,013
144A, 5.25%, 6/1/27		4,327,000		4,345,303
144A, 4.25%, 5/15/29 (a)		2,479,000		2,327,187
Olin Corp. 5.125%, 9/15/27		2,292,000		2,323,469
5.625%, 8/1/29		3,331,000		3,480,379
5.00%, 2/1/30		2,019,000		2,037,686
Olympus Water US Holding Corp. 144A, 4.25%, 10/1/28		3,463,000		3,233,749
144A, 6.25%, 10/1/29 (a)		1,750,000		1,607,655
SCIH Salt Holdings, Inc. 144A, 4.875%, 5/1/28		4,975,000		4,763,563
144A, 6.625%, 5/1/29 (a)		2,975,000		2,800,412
TPC Group, Inc., 144A, 10.50%, 8/1/24 (b)		1,900,000		1,045,000
Tronox, Inc. 144A, 6.50%, 5/1/25		2,125,000		2,209,416
144A, 4.625%, 3/15/29		4,568,000		4,311,941
Valvoline, Inc. 144A, 4.25%, 2/15/30		2,556,000		2,425,133
144A, 3.625%, 6/15/31		2,349,000		2,107,675
WR Grace Holdings LLC 144A, 4.875%, 6/15/27		3,156,000		3,156,852
144A, 5.625%, 8/15/29		4,908,000		4,711,680

(Cost $88,784,351)				83,046,396

Forest Products & Paper — 0.1%
Mercer International, Inc., 5.125%, 2/1/29 (Cost $3,813,941)		3,706,000		3,629,536

Iron/Steel — 0.3%
Cleveland-Cliffs, Inc. 144A, 9.875%, 10/17/25		2,581,000		2,868,059


	Principal Amount		Value
Iron/Steel (Continued)
144A, 6.75%, 3/15/26	$	3,591,000	$	3,791,629
5.875%, 6/1/27		2,458,000		2,534,935
144A, 4.625%, 3/1/29 (a)		2,125,000		2,054,121
144A, 4.875%, 3/1/31 (a)		2,125,000		2,053,834
United States Steel Corp., 6.875%, 3/1/29 (a)		3,187,000		3,278,706

(Cost $16,984,269)				16,581,284

Mining — 1.1%
Alcoa Nederland Holding BV 144A, 5.50%, 12/15/27		3,302,000		3,446,578
144A, 6.125%, 5/15/28		2,125,000		2,239,304
144A, 4.125%, 3/31/29		2,135,000		2,144,059
Arconic Corp. 144A, 6.00%, 5/15/25		2,959,000		3,055,167
144A, 6.125%, 2/15/28		3,896,000		3,989,446
Constellium SE, 144A, 3.75%, 4/15/29		2,135,000		1,965,470
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24		3,187,000		3,279,455
144A, 4.50%, 9/15/27		2,571,000		2,575,319
144A, 4.375%, 4/1/31		6,479,000		6,297,750
Hudbay Minerals, Inc. 144A, 4.50%, 4/1/26		2,589,000		2,504,741
144A, 6.125%, 4/1/29 (a)		2,550,000		2,610,907
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28		2,149,000		2,032,707
144A, 4.50%, 6/1/31		2,363,000		2,131,863
Novelis Corp. 144A, 3.25%, 11/15/26		3,237,000		3,075,894
144A, 4.75%, 1/30/30		6,700,000		6,568,177
144A, 3.875%, 8/15/31		3,237,000		2,986,408

(Cost $53,785,150)				50,903,245

Communications — 18.7%
Advertising — 0.8%
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27		5,285,000		5,286,585
144A, 7.75%, 4/15/28		4,387,000		4,555,900
144A, 7.50%, 6/1/29		4,462,000		4,632,738
Lamar Media Corp. 3.75%, 2/15/28		2,632,000		2,533,300
4.00%, 2/15/30		2,337,000		2,245,588
3.625%, 1/15/31		2,337,000		2,197,423
Midas OpCo Holdings LLC, 144A, 5.625%, 8/15/29		4,675,000		4,587,391
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 6.25%, 6/15/25		1,609,000		1,667,189
144A, 5.00%, 8/15/27		2,906,000		2,872,218
144A, 4.25%, 1/15/29		2,125,000		2,029,449
144A, 4.625%, 3/15/30		2,125,000		2,013,342
Terrier Media Buyer, Inc., 144A, 8.875%, 12/15/27		4,413,000		4,528,312

(Cost $40,489,287)				39,149,435


	Principal Amount		Value
Internet — 1.2%
Arches Buyer, Inc. 144A, 4.25%, 6/1/28	$	4,037,000	$	3,827,258
144A, 6.125%, 12/1/28		2,125,000		1,992,825
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27		2,496,000		2,542,987
144A, 3.50%, 3/1/29		3,400,000		3,203,820
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		1,822,000		1,824,241
144A, 4.625%, 6/1/28 (a)		2,122,000		2,132,037
144A, 4.125%, 8/1/30		2,147,000		2,081,764
144A, 3.625%, 10/1/31		2,260,000		2,110,885
NortonLifeLock, Inc., 144A, 5.00%, 4/15/25		4,775,000		4,789,373
Photo Holdings Merger Sub, Inc., 144A, 8.50%, 10/1/26		3,336,000		3,318,920
Twitter, Inc., 144A, 3.875%, 12/15/27 (a)		2,975,000		2,929,780
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		4,250,000		4,424,250
144A, 8.00%, 11/1/26		6,431,000		6,837,664
144A, 7.50%, 9/15/27		5,144,000		5,471,441
144A, 6.25%, 1/15/28 (a)		2,267,000		2,317,554
144A, 4.50%, 8/15/29		6,375,000		6,115,378

(Cost $57,763,382)				55,920,177

Media — 9.7%
Altice Financing SA 144A, 5.00%, 1/15/28		5,180,000		4,673,344
144A, 5.75%, 8/15/29		8,648,000		7,891,214
AMC Networks, Inc. 5.00%, 4/1/24		1,896,000		1,895,772
4.75%, 8/1/25		3,400,000		3,397,875
4.25%, 2/15/29		4,350,000		4,079,495
Audacy Capital Corp. 144A, 6.50%, 5/1/27 (a)		1,997,000		1,899,626
144A, 6.75%, 3/31/29 (a)		2,295,000		2,178,643
Cable One, Inc., 144A, 4.00%, 11/15/30 (a)		2,762,000		2,558,275
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 4.00%, 3/1/23		2,141,000		2,140,732
144A, 5.50%, 5/1/26		3,187,000		3,254,692
144A, 5.125%, 5/1/27		14,211,000		14,384,801
144A, 5.00%, 2/1/28		10,624,000		10,663,043
144A, 5.375%, 6/1/29		6,375,000		6,465,589
144A, 4.75%, 3/1/30		12,962,000		12,725,638
144A, 4.50%, 8/15/30		11,687,000		11,210,054
144A, 4.25%, 2/1/31		12,899,000		12,107,259
144A, 4.75%, 2/1/32		5,100,000		4,958,296
4.50%, 5/1/32		12,337,000		11,717,498
144A, 4.50%, 6/1/33		7,437,000		6,983,157
144A, 4.25%, 1/15/34		8,549,000		7,843,003
CSC Holdings LLC 5.25%, 6/1/24		3,187,000		3,225,371
144A, 5.50%, 4/15/27		5,567,000		5,559,819
144A, 5.375%, 2/1/28		4,359,000		4,250,025


	Principal Amount		Value
Media (Continued)
144A, 7.50%, 4/1/28	$	4,445,000	$	4,443,978
144A, 6.50%, 2/1/29		7,437,000		7,541,676
144A, 5.75%, 1/15/30		9,873,000		8,719,217
144A, 4.125%, 12/1/30		4,675,000		4,204,578
144A, 4.625%, 12/1/30		9,886,000		8,249,743
144A, 3.375%, 2/15/31		4,280,000		3,651,921
144A, 4.50%, 11/15/31		6,375,000		5,810,175
144A, 5.00%, 11/15/31		2,350,000		1,959,148
Diamond Sports Group LLC / Diamond Sports Finance Co. 144A, 5.375%, 8/15/26		12,962,000		5,336,715
144A, 6.625%, 8/15/27		7,411,000		1,797,167
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 144A, 5.875%, 8/15/27		15,624,000		15,648,842
DISH DBS Corp. 5.00%, 3/15/23		6,575,000		6,653,900
5.875%, 11/15/24		8,906,000		8,914,906
7.75%, 7/1/26		8,581,000		8,699,804
144A, 5.25%, 12/1/26		11,897,000		11,685,085
7.375%, 7/1/28 (a)		4,245,000		3,997,856
144A, 5.75%, 12/1/28		10,574,000		10,141,259
5.125%, 6/1/29		6,474,000		5,474,026
Gray Escrow II, Inc., 144A, 5.375%, 11/15/31		5,525,000		5,270,242
Gray Television, Inc. 144A, 5.875%, 7/15/26		3,075,000		3,147,924
144A, 7.00%, 5/15/27		3,148,000		3,317,016
144A, 4.75%, 10/15/30		3,400,000		3,192,073
iHeartCommunications, Inc. 6.375%, 5/1/26		3,362,004		3,471,101
8.375%, 5/1/27		6,274,305		6,542,343
144A, 5.25%, 8/15/27		3,187,000		3,178,395
144A, 4.75%, 1/15/28		2,163,000		2,095,179
LCPR Senior Secured Financing DAC 144A, 6.75%, 10/15/27		5,022,000		5,115,133
144A, 5.125%, 7/15/29		3,547,000		3,414,892
McGraw-Hill Education, Inc. 144A, 5.75%, 8/1/28		3,880,000		3,686,000
144A, 8.00%, 8/1/29		3,126,000		2,811,431
News Corp. 144A, 3.875%, 5/15/29		4,250,000		4,076,813
144A, 5.125%, 2/15/32		2,505,000		2,565,396
Nexstar Media, Inc. 144A, 5.625%, 7/15/27		7,786,000		7,966,051
144A, 4.75%, 11/1/28		4,250,000		4,138,650
Radiate Holdco LLC / Radiate Finance, Inc. 144A, 4.50%, 9/15/26 (a)		3,825,000		3,659,263
144A, 6.50%, 9/15/28		4,250,000		3,996,764
Scripps Escrow II, Inc. 144A, 3.875%, 1/15/29		2,437,000		2,292,303
144A, 5.375%, 1/15/31 (a)		2,170,000		2,061,500
Sinclair Television Group, Inc. 144A, 5.125%, 2/15/27		1,700,000		1,548,938
144A, 5.50%, 3/1/30		2,125,000		1,867,184
144A, 4.125%, 12/1/30		3,187,000		2,857,400


	Principal Amount		Value
Media (Continued)
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26	$	4,236,000	$	4,051,142
144A, 5.00%, 8/1/27		6,737,000		6,812,185
144A, 4.00%, 7/15/28		8,499,000		8,185,387
144A, 5.50%, 7/1/29		5,245,000		5,372,060
144A, 4.125%, 7/1/30		6,375,000		6,035,691
144A, 3.875%, 9/1/31		6,324,000		5,835,882
TEGNA, Inc. 144A, 4.75%, 3/15/26		2,346,000		2,364,369
4.625%, 3/15/28		4,448,000		4,453,582
5.00%, 9/15/29		4,727,000		4,723,124
Telenet Finance Luxembourg Notes SARL, 144A, 5.50%, 3/1/28		4,200,000		4,200,000
Univision Communications, Inc. 144A, 5.125%, 2/15/25		6,414,000		6,463,542
144A, 6.625%, 6/1/27		6,321,000		6,565,307
144A, 4.50%, 5/1/29		4,568,000		4,345,561
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		5,382,000		5,147,937
UPC Holding BV, 144A, 5.50%, 1/15/28		2,427,000		2,417,668
Videotron Ltd. 144A, 5.375%, 6/15/24		2,821,000		2,926,223
144A, 5.125%, 4/15/27		2,417,500		2,463,046
144A, 3.625%, 6/15/29		2,113,000		2,013,943
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		3,931,000		3,699,444
Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29		6,056,000		6,060,023
144A, 4.50%, 8/15/30		4,038,000		3,781,708
VZ Secured Financing BV, 144A, 5.00%, 1/15/32		6,631,000		6,342,518
Ziggo Bond Co. BV 144A, 6.00%, 1/15/27		2,656,000		2,692,002
144A, 5.125%, 2/28/30 (a)		2,125,000		1,984,155
Ziggo BV, 144A, 4.875%, 1/15/30		4,211,000		4,024,516

(Cost $507,296,613)				464,226,223

Telecommunications — 7.0%
Altice France Holding SA 144A, 10.50%, 5/15/27		6,813,000		7,144,487
144A, 6.00%, 2/15/28		5,206,000		4,603,405
Altice France SA 144A, 8.125%, 2/1/27		7,781,000		8,199,229
144A, 5.50%, 1/15/28		5,115,000		4,788,714
144A, 5.125%, 1/15/29		1,941,000		1,763,651
144A, 5.125%, 7/15/29		10,630,000		9,633,278
144A, 5.50%, 10/15/29		8,554,000		7,849,706
Avaya, Inc., 144A, 6.125%, 9/15/28		4,250,000		4,102,185
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		5,185,000		5,382,860
CommScope Technologies LLC 144A, 6.00%, 6/15/25		5,550,000		5,447,020
144A, 5.00%, 3/15/27		3,230,000		2,862,717


	Principal Amount		Value
Telecommunications (Continued)
CommScope, Inc. 144A, 6.00%, 3/1/26	$	6,456,000	$	6,593,384
144A, 8.25%, 3/1/27		4,307,000		4,293,067
144A, 7.125%, 7/1/28 (a)		3,010,000		2,826,962
144A, 4.75%, 9/1/29		5,312,000		4,962,072
Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26		8,923,000		9,043,460
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28 (a)		1,686,000		1,599,458
144A, 6.50%, 10/1/28 (a)		3,187,000		3,179,032
DKT Finance ApS, 144A, 9.375%, 6/17/23		1,892,000		1,901,679
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		4,787,000		4,859,738
144A, 5.00%, 5/1/28		6,587,000		6,404,211
144A, 6.75%, 5/1/29		4,250,000		4,133,125
5.875%, 11/1/29		3,243,303		2,989,709
144A, 6.00%, 1/15/30		4,250,000		3,922,771
Hughes Satellite Systems Corp. 5.25%, 8/1/26		3,279,000		3,372,189
6.625%, 8/1/26 (a)		3,182,500		3,318,711
Iliad Holding SASU 144A, 6.50%, 10/15/26		5,116,000		5,096,687
144A, 7.00%, 10/15/28		3,825,000		3,811,192
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		12,000,000		12,210,000
Level 3 Financing, Inc. 5.375%, 5/1/25		2,337,000		2,346,301
5.25%, 3/15/26		3,401,000		3,411,781
144A, 4.625%, 9/15/27		4,350,000		4,190,942
144A, 4.25%, 7/1/28		5,242,000		4,848,850
144A, 3.625%, 1/15/29		3,654,000		3,206,484
144A, 3.75%, 7/15/29		3,915,000		3,461,017
Lumen Technologies, Inc. Series W, 6.75%, 12/1/23		3,387,000		3,543,479
Series Y, 7.50%, 4/1/24		4,215,000		4,428,384
5.625%, 4/1/25		2,130,000		2,120,016
144A, 5.125%, 12/15/26		5,312,000		4,940,160
144A, 4.00%, 2/15/27		5,341,000		5,082,496
144A, 4.50%, 1/15/29		4,350,000		3,639,710
144A, 5.375%, 6/15/29		4,200,000		3,651,942
Nokia OYJ, 4.375%, 6/12/27		2,125,000		2,203,657
Sprint Corp. 7.875%, 9/15/23		18,211,000		19,588,207
7.125%, 6/15/24		11,324,000		12,268,535
7.625%, 2/15/25		6,515,000		7,223,506
7.625%, 3/1/26		6,225,000		7,103,970
Switch Ltd. 144A, 3.75%, 9/15/28		2,550,000		2,423,265
144A, 4.125%, 6/15/29		2,225,000		2,133,708
Telecom Italia SpA, 144A, 5.303%, 5/30/24		6,475,000		6,671,193
Telesat Canada / Telesat LLC 144A, 5.625%, 12/6/26		2,170,000		1,599,062


	Principal Amount		Value
Telecommunications (Continued)
144A, 4.875%, 6/1/27	$	1,775,000	$	1,263,525
144A, 6.50%, 10/15/27		2,337,000		1,172,391
T-Mobile USA, Inc. 2.25%, 2/15/26		4,250,000		4,106,116
2.625%, 4/15/26		5,230,000		5,116,378
5.375%, 4/15/27		2,125,000		2,191,343
4.75%, 2/1/28		6,375,000		6,588,403
2.625%, 2/15/29		4,250,000		3,993,066
3.375%, 4/15/29		5,312,000		5,214,472
2.875%, 2/15/31		4,250,000		3,994,023
3.50%, 4/15/31		5,737,000		5,638,467
VEON Holdings BV 144A, 5.95%, 2/13/23		2,249,000		1,416,870
144A, 7.25%, 4/26/23		2,975,000		1,945,724
144A, 4.95%, 6/16/24		2,263,000		1,267,280
144A, 4.00%, 4/9/25		4,250,000		1,848,750
144A, 3.375%, 11/25/27		5,312,000		2,337,280
Viasat, Inc. 144A, 5.625%, 9/15/25		2,975,000		2,845,915
144A, 5.625%, 4/15/27		2,480,000		2,480,273
144A, 6.50%, 7/15/28		1,734,000		1,602,849
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31		5,737,000		5,286,588
144A, 4.75%, 7/15/31		5,950,000		5,712,595
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28 (a)		5,950,000		6,012,713
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27		6,479,000		6,168,526
144A, 6.125%, 3/1/28 (a)		4,660,000		4,339,206

(Cost $367,814,108)				338,924,117

Consumer, Cyclical — 20.6%
Airlines — 1.2%
Air Canada, 144A, 3.875%, 8/15/26		5,100,000		4,966,814
American Airlines Group, Inc., 144A, 3.75%, 3/1/25 (a)		2,125,000		1,981,563
American Airlines, Inc., 144A, 11.75%, 7/15/25		10,624,000		12,911,347
Delta Air Lines, Inc. 3.80%, 4/19/23		2,170,000		2,188,912
2.90%, 10/28/24		3,825,000		3,780,974
7.375%, 1/15/26		4,592,000		5,126,371
4.375%, 4/19/28 (a)		2,025,000		2,028,402
3.75%, 10/28/29 (a)		2,605,000		2,481,784
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		5,199,506		5,270,635
United Airlines, Inc. 144A, 4.375%, 4/15/26		8,203,000		8,217,437
144A, 4.625%, 4/15/29		8,651,000		8,440,737

(Cost $59,007,784)				57,394,976

Apparel — 0.3%
Hanesbrands, Inc. 144A, 4.625%, 5/15/24		3,825,000		3,881,935


	Principal Amount		Value
Apparel (Continued)
144A, 4.875%, 5/15/26	$	3,825,000	$	3,899,836
Levi Strauss & Co., 144A, 3.50%, 3/1/31 (a)		2,225,000		2,077,004
William Carter Co. 144A, 5.50%, 5/15/25		2,125,000		2,180,569
144A, 5.625%, 3/15/27		2,197,000		2,241,017

(Cost $14,750,115)				14,280,361

Auto Manufacturers — 3.3%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		1,824,000		1,816,230
144A, 5.875%, 6/1/29		2,125,000		2,232,684
144A, 3.75%, 1/30/31		4,285,000		3,985,350
Ford Motor Co. 9.00%, 4/22/25		4,951,000		5,746,254
4.346%, 12/8/26		6,344,000		6,494,670
9.625%, 4/22/30		1,861,000		2,560,448
3.25%, 2/12/32		10,624,000		10,035,962
Ford Motor Credit Co. LLC 3.096%, 5/4/23		4,250,000		4,287,188
4.375%, 8/6/23		4,250,000		4,318,531
3.37%, 11/17/23		4,093,000		4,116,371
3.81%, 1/9/24		3,187,000		3,227,794
5.584%, 3/18/24		6,375,000		6,660,473
3.664%, 9/8/24		3,162,000		3,169,510
4.063%, 11/1/24		6,024,000		6,121,035
2.30%, 2/10/25		5,437,000		5,280,985
4.687%, 6/9/25		2,550,000		2,631,587
5.125%, 6/16/25		7,537,000		7,837,425
4.134%, 8/4/25		5,950,000		6,024,375
3.375%, 11/13/25		8,924,000		8,800,313
GMTN, 4.389%, 1/8/26		5,200,000		5,310,916
4.542%, 8/1/26		3,247,000		3,348,793
2.70%, 8/10/26		6,494,000		6,226,122
4.271%, 1/9/27		3,896,000		3,931,843
4.125%, 8/17/27		5,569,000		5,618,286
3.815%, 11/2/27		3,332,000		3,306,244
2.90%, 2/16/28		3,243,000		3,076,618
2.90%, 2/10/29		3,187,000		2,981,438
5.113%, 5/3/29		6,319,000		6,671,885
4.00%, 11/13/30		6,977,000		6,932,905
3.625%, 6/17/31		4,250,000		4,093,334
Jaguar Land Rover Automotive PLC 144A, 7.75%, 10/15/25		2,237,000		2,360,035
144A, 4.50%, 10/1/27		2,389,000		2,201,045
144A, 5.875%, 1/15/28		2,897,000		2,876,721
144A, 5.50%, 7/15/29		2,165,000		2,083,899

(Cost $162,324,667)				156,367,269

Auto Parts & Equipment — 1.4%
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/26 (a)		3,565,000		3,574,679
American Axle & Manufacturing, Inc. 6.25%, 3/15/26		1,820,000		1,848,283
6.50%, 4/1/27 (a)		2,108,000		2,157,538
6.875%, 7/1/28 (a)		1,700,000		1,754,825
5.00%, 10/1/29 (a)		2,550,000		2,423,112


	Principal Amount		Value
Auto Parts & Equipment (Continued)
Clarios Global LP, 144A, 6.75%, 5/15/25	$	1,912,000	$	1,986,243
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26		3,825,000		3,964,096
144A, 8.50%, 5/15/27		8,302,000		8,652,760
Dana Financing Luxembourg SARL, 144A, 5.75%, 4/15/25		1,849,000		1,874,488
Dana, Inc. 5.375%, 11/15/27		1,577,000		1,610,519
5.625%, 6/15/28		1,744,000		1,785,429
4.25%, 9/1/30		1,769,000		1,683,283
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		3,449,000		3,675,772
5.00%, 5/31/26		3,915,000		3,934,536
4.875%, 3/15/27		2,975,000		2,978,808
144A, 5.00%, 7/15/29		3,612,000		3,558,217
5.25%, 4/30/31		2,737,000		2,664,894
144A, 5.25%, 7/15/31		2,432,000		2,371,930
5.625%, 4/30/33		1,948,000		1,875,924
Tenneco, Inc. 5.00%, 7/15/26 (a)		2,125,000		2,122,588
144A, 7.875%, 1/15/29		2,225,000		2,352,448
144A, 5.125%, 4/15/29		3,400,000		3,379,481
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		4,579,000		4,653,271

(Cost $68,896,698)				66,883,124

Distribution/Wholesale — 0.5%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28		2,975,000		2,913,060
144A, 3.875%, 11/15/29		1,700,000		1,600,660
Avient Corp. 5.25%, 3/15/23		2,550,000		2,617,103
144A, 5.75%, 5/15/25		2,980,000		3,062,010
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		5,312,000		4,977,796
Wolverine Escrow LLC 144A, 8.50%, 11/15/24 (a)		2,811,000		2,365,878
144A, 9.00%, 11/15/26 (a)		3,635,000		3,640,997
144A, 13.125%, 11/15/27 (a)		2,231,000		1,104,345

(Cost $24,409,451)				22,281,849

Entertainment — 3.3%
AMC Entertainment Holdings, Inc. 144A, , 6/15/26 (a)		6,585,730		6,103,259
144A, 7.50%, 2/15/29		3,800,000		3,758,903
Banijay Entertainment SASU, 144A, 5.375%, 3/1/25		1,763,000		1,747,133
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		14,495,000		15,040,954
144A, 8.125%, 7/1/27		7,673,000		8,256,685
144A, 4.625%, 10/15/29		5,169,000		4,925,023
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		4,111,000		4,220,147


	Principal Amount		Value
Entertainment (Continued)
Cedar Fair LP, 5.25%, 7/15/29 (a)	$	2,125,000	$	2,126,328
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		4,450,000		4,579,339
5.375%, 4/15/27 (a)		2,125,000		2,143,201
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		2,550,000		2,591,246
144A, 4.75%, 1/15/28		3,075,000		3,024,186
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		1,721,000		1,696,906
144A, 5.25%, 7/15/28 (a)		3,251,000		3,080,193
International Game Technology PLC 144A, 6.50%, 2/15/25		4,834,000		5,141,805
144A, 4.125%, 4/15/26		3,278,000		3,232,895
144A, 6.25%, 1/15/27		3,187,000		3,382,491
144A, 5.25%, 1/15/29		3,237,000		3,305,948
Lions Gate Capital Holdings LLC, 144A, 5.50%, 4/15/29		4,270,000		4,066,321
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		2,444,000		2,472,790
144A, 6.50%, 5/15/27		5,100,000		5,466,027
144A, 4.75%, 10/15/27		4,037,000		3,971,439
144A, 3.75%, 1/15/28		2,225,000		2,133,219
Mohegan Gaming & Entertainment, 144A, 8.00%, 2/1/26		5,314,000		5,373,517
Penn National Gaming, Inc. 144A, 5.625%, 1/15/27		1,700,000		1,725,466
144A, 4.125%, 7/1/29		1,700,000		1,574,336
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29		3,187,000		2,895,278
144A, 5.875%, 9/1/31		3,187,000		2,872,395
Resorts World Las Vegas LLC / RWLV Capital, Inc., 144A, 4.625%, 4/16/29 (a)		4,290,000		4,019,594
Scientific Games International, Inc. 144A, 8.625%, 7/1/25		2,386,000		2,531,546
144A, 5.00%, 10/15/25		5,412,000		5,472,723
144A, 8.25%, 3/15/26		4,768,000		4,969,591
144A, 7.00%, 5/15/28		2,975,000		3,067,225
144A, 7.25%, 11/15/29		2,125,000		2,259,938
Six Flags Entertainment Corp. 144A, 4.875%, 7/31/24		4,250,000		4,254,845
144A, 5.50%, 4/15/27		2,125,000		2,145,591
Six Flags Theme Parks, Inc., 144A, 7.00%, 7/1/25		3,085,000		3,219,953
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		2,650,000		2,733,025
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		2,295,000		2,195,718
144A, 3.875%, 7/15/30 (a)		2,314,000		2,225,108
144A, 3.00%, 2/15/31		3,460,000		3,119,830
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 7.75%, 4/15/25		2,550,000		2,664,992


	Principal Amount		Value
Entertainment (Continued)
144A, 5.125%, 10/1/29	$	3,187,000	$	3,071,296

(Cost $164,312,081)				158,858,405

Food Service — 0.4%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		2,550,000		2,573,256
144A, 6.375%, 5/1/25		6,575,000		6,797,531
144A, 5.00%, 2/1/28 (a)		5,030,000		5,044,537
TKC Holdings, Inc. 144A, 6.875%, 5/15/28		1,806,000		1,790,170
144A, 10.50%, 5/15/29		2,869,000		2,945,904

(Cost $19,506,234)				19,151,398

Home Builders — 0.6%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		1,698,000		1,602,462
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27		2,600,000		2,609,633
144A, 4.875%, 2/15/30		2,125,000		1,941,655
Century Communities, Inc. 6.75%, 6/1/27		2,301,000		2,384,181
144A, 3.875%, 8/15/29		2,125,000		1,974,231
Mattamy Group Corp. 144A, 5.25%, 12/15/27		2,245,000		2,256,247
144A, 4.625%, 3/1/30		2,640,000		2,486,418
Meritage Homes Corp. 6.00%, 6/1/25		2,100,000		2,239,020
144A, 3.875%, 4/15/29		1,962,000		1,921,102
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		1,975,000		2,074,343
144A, 5.75%, 1/15/28		1,912,000		1,996,577
144A, 5.125%, 8/1/30		2,175,000		2,171,346
Williams Scotsman International, Inc., 144A, 4.625%, 8/15/28		2,325,000		2,295,938

(Cost $29,588,641)				27,953,153

Home Furnishings — 0.1%
Tempur Sealy International, Inc. 144A, 4.00%, 4/15/29		3,400,000		3,210,484
144A, 3.875%, 10/15/31		3,300,000		2,970,000

(Cost $6,801,628)				6,180,484

Housewares — 0.4%
Newell Brands, Inc. 4.35%, 4/1/23		4,646,000		4,746,423
4.875%, 6/1/25		2,125,000		2,238,964
4.70%, 4/1/26		8,624,000		8,937,051
Scotts Miracle-Gro Co. 4.50%, 10/15/29 (a)		2,147,000		2,075,484
4.00%, 4/1/31		1,875,000		1,723,200
4.375%, 2/1/32		1,750,000		1,618,225

(Cost $22,422,869)				21,339,347

Leisure Time — 2.3%
Carnival Corp. 144A, 10.50%, 2/1/26		3,294,000		3,701,764


	Principal Amount		Value
Leisure Time (Continued)
144A, 7.625%, 3/1/26	$	6,034,000	$	6,208,956
144A, 5.75%, 3/1/27		14,934,000		14,542,655
144A, 9.875%, 8/1/27		3,923,000		4,409,079
144A, 4.00%, 8/1/28		10,349,000		9,898,198
144A, 6.00%, 5/1/29		8,574,000		8,285,956
Life Time, Inc. 144A, 5.75%, 1/15/26		3,997,000		3,981,112
144A, 8.00%, 4/15/26 (a)		2,289,000		2,287,581
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		2,601,000		2,441,728
144A, 5.875%, 3/15/26		6,056,000		5,865,236
144A, 5.875%, 2/15/27		4,000,000		4,002,500
144A, 7.75%, 2/15/29		2,500,000		2,578,100
Royal Caribbean Cruises Ltd. 144A, 10.875%, 6/1/23		4,079,000		4,383,049
144A, 9.125%, 6/15/23		4,250,000		4,441,037
144A, 11.50%, 6/1/25		6,167,000		6,824,587
144A, 4.25%, 7/1/26		2,762,000		2,619,992
144A, 5.50%, 8/31/26		4,250,000		4,214,916
144A, 5.375%, 7/15/27		4,316,000		4,245,563
3.70%, 3/15/28 (a)		2,251,000		2,043,030
144A, 5.50%, 4/1/28		6,375,000		6,255,756
Viking Cruises Ltd. 144A, 13.00%, 5/15/25		2,982,000		3,317,788
144A, 5.875%, 9/15/27		3,581,000		3,343,472
144A, 7.00%, 2/15/29		2,195,000		2,077,589

(Cost $115,309,682)				111,969,644

Lodging — 2.2%
Boyd Gaming Corp. 4.75%, 12/1/27 (a)		4,249,000		4,260,154
144A, 4.75%, 6/15/31		3,825,000		3,761,734
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		2,125,000		2,195,125
144A, 5.75%, 5/1/28		2,215,000		2,317,344
144A, 3.75%, 5/1/29		3,350,000		3,238,026
4.875%, 1/15/30		4,650,000		4,791,848
144A, 4.00%, 5/1/31		4,675,000		4,575,422
144A, 3.625%, 2/15/32		6,375,000		6,072,379
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		3,712,000		3,643,365
144A, 4.875%, 7/1/31		2,125,000		2,020,843
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.875%, 4/1/27		2,550,000		2,607,515
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29		2,225,000		2,110,958
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25 (a)		4,410,000		4,209,345
144A, 5.25%, 4/26/26 (a)		2,125,000		1,984,219
144A, 5.625%, 7/17/27		2,550,000		2,383,740
144A, 5.75%, 7/21/28		3,812,000		3,451,804
144A, 5.375%, 12/4/29		4,887,000		4,249,735
MGM Resorts International 6.00%, 3/15/23		5,412,000		5,587,890


	Principal Amount		Value
Lodging (Continued)
6.75%, 5/1/25	$	3,200,000	$	3,315,552
5.75%, 6/15/25		2,880,000		2,988,000
4.625%, 9/1/26		1,557,000		1,555,023
5.50%, 4/15/27		2,902,000		3,000,421
4.75%, 10/15/28		3,071,000		3,063,284
Station Casinos LLC 144A, 4.50%, 2/15/28		3,248,000		3,126,200
144A, 4.625%, 12/1/31		2,125,000		2,005,320
Travel + Leisure Co. 3.90%, 3/1/23		1,689,000		1,695,275
144A, 6.625%, 7/31/26		2,762,000		2,952,357
6.00%, 4/1/27		1,700,000		1,779,237
144A, 4.50%, 12/1/29		2,762,000		2,642,889
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 4.25%, 5/30/23		2,125,000		2,137,771
144A, 5.50%, 3/1/25		7,649,000		7,766,030
144A, 5.25%, 5/15/27 (a)		3,825,000		3,791,302

(Cost $110,562,391)				105,280,107

Retail — 4.4%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		1,929,000		1,989,108
144A, 3.875%, 1/15/28		6,581,000		6,410,552
144A, 4.375%, 1/15/28		3,237,000		3,185,807
144A, 3.50%, 2/15/29		3,237,000		3,056,845
144A, 4.00%, 10/15/30		12,324,000		11,426,659
Asbury Automotive Group, Inc. 4.50%, 3/1/28		1,731,000		1,704,273
144A, 4.625%, 11/15/29		3,400,000		3,321,307
4.75%, 3/1/30		1,891,000		1,837,797
144A, 5.00%, 2/15/32		2,550,000		2,479,161
Bath & Body Works, Inc. 5.25%, 2/1/28		2,125,000		2,204,687
7.50%, 6/15/29		2,125,000		2,338,520
144A, 6.625%, 10/1/30		4,150,000		4,497,645
Carvana Co. 144A, 5.625%, 10/1/25 (a)		2,125,000		2,020,875
144A, 5.50%, 4/15/27		2,550,000		2,283,576
144A, 5.875%, 10/1/28 (a)		2,550,000		2,280,401
144A, 4.875%, 9/1/29 (a)		3,287,000		2,750,874
eG Global Finance PLC 144A, 6.75%, 2/7/25		3,441,000		3,445,318
144A, 8.50%, 10/30/25		2,612,000		2,643,292
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		2,762,000		2,585,978
144A, 5.875%, 4/1/29		3,556,000		3,272,587
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A, 4.625%, 1/15/29		4,250,000		4,074,369
144A, 6.75%, 1/15/30		5,442,000		5,176,675
FirstCash, Inc. 144A, 4.625%, 9/1/28		2,125,000		2,008,869
144A, 5.625%, 1/1/30		2,387,000		2,374,194
Gap, Inc. 144A, 3.625%, 10/1/29		2,962,000		2,682,831


	Principal Amount		Value
Retail (Continued)
144A, 3.875%, 10/1/31	$	3,262,000	$	2,911,335
IRB Holding Corp. 144A, 7.00%, 6/15/25		3,333,000		3,486,285
144A, 6.75%, 2/15/26		2,061,000		2,078,518
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A, 4.75%, 6/1/27		2,748,000		2,820,478
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		3,485,000		3,238,175
LCM Investments Holdings II LLC, 144A, 4.875%, 5/1/29		4,250,000		4,055,329
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		1,725,000		1,765,857
144A, 3.875%, 6/1/29		3,400,000		3,355,018
144A, 4.375%, 1/15/31		2,337,000		2,358,360
Macy’s Retail Holdings LLC, 144A, 5.875%, 4/1/29		2,157,000		2,208,089
Michaels Cos., Inc. 144A, 5.25%, 5/1/28		3,612,000		3,392,101
144A, 7.875%, 5/1/29		5,525,000		4,844,679
Murphy Oil USA, Inc. 4.75%, 9/15/29		2,175,000		2,184,276
144A, 3.75%, 2/15/31 (a)		2,175,000		2,037,170
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		5,175,000		5,332,838
Nordstrom, Inc. 4.375%, 4/1/30 (a)		2,125,000		1,939,488
4.25%, 8/1/31 (a)		1,804,000		1,617,908
Party City Holdings, Inc., 144A, 8.75%, 2/15/26		3,187,000		3,194,968
Penske Automotive Group, Inc. 3.50%, 9/1/25		2,348,000		2,327,549
3.75%, 6/15/29 (a)		2,125,000		1,987,991
PetSmart, Inc. / PetSmart Finance Corp. 144A, 4.75%, 2/15/28		5,100,000		5,094,543
144A, 7.75%, 2/15/29		5,152,000		5,421,269
QVC, Inc. 4.375%, 3/15/23		3,248,000		3,308,754
4.85%, 4/1/24		2,556,000		2,584,678
4.45%, 2/15/25		2,551,000		2,541,217
4.75%, 2/15/27		2,472,000		2,302,965
4.375%, 9/1/28		2,125,000		1,929,256
Rite Aid Corp. 144A, 7.50%, 7/1/25		2,525,000		2,429,113
144A, 8.00%, 11/15/26		3,612,000		3,438,461
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29		2,762,000		2,626,234
144A, 4.875%, 11/15/31		2,225,000		2,100,656
SRS Distribution, Inc. 144A, 4.625%, 7/1/28		2,762,000		2,641,080
144A, 6.125%, 7/1/29		1,947,000		1,862,714
144A, 6.00%, 12/1/29		3,677,000		3,484,141
Staples, Inc. 144A, 7.50%, 4/15/26		8,586,000		8,505,506
144A, 10.75%, 4/15/27 (a)		4,175,000		3,900,765


	Principal Amount		Value
Retail (Continued)
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31	$	2,837,000	$	2,698,512
Yum! Brands, Inc. 144A, 7.75%, 4/1/25		1,908,000		1,989,233
144A, 4.75%, 1/15/30		3,455,000		3,513,079
3.625%, 3/15/31		4,359,000		4,079,871
4.625%, 1/31/32		4,828,000		4,738,923

(Cost $223,113,151)				210,379,582

Toys/Games/Hobbies — 0.2%
Mattel, Inc. 144A, 3.375%, 4/1/26		2,650,000		2,635,239
144A, 5.875%, 12/15/27		2,508,000		2,661,590
144A, 3.75%, 4/1/29 (a)		2,550,000		2,557,140

(Cost $8,058,212)				7,853,969

Consumer, Non-cyclical — 18.6%
Agriculture — 0.2%
Darling Ingredients, Inc., 144A, 5.25%, 4/15/27		2,125,000		2,164,908
Vector Group Ltd. 144A, 10.50%, 11/1/26		2,459,000		2,528,860
144A, 5.75%, 2/1/29		3,718,000		3,436,343

(Cost $8,599,958)				8,130,111

Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29 (Cost $3,192,251)		3,187,000		2,972,053

Biotechnology — 0.1%
Grifols Escrow Issuer SA, 144A, 4.75%, 10/15/28 (Cost $2,549,097)		2,700,000		2,548,058

Commercial Services — 3.9%
ADT Security Corp. 4.125%, 6/15/23		3,003,000		3,063,961
144A, 4.125%, 8/1/29		4,250,000		4,014,359
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		8,348,000		8,559,204
144A, 9.75%, 7/15/27		4,667,000		4,881,682
144A, 6.00%, 6/1/29 (a)		4,237,000		3,945,664
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		5,268,000		5,008,946
APX Group, Inc. 144A, 6.75%, 2/15/27		2,650,000		2,723,882
144A, 5.75%, 7/15/29 (a)		3,400,000		3,053,489
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 5.75%, 7/15/27 (a)		2,110,000		2,129,813
144A, 4.75%, 4/1/28		2,158,000		2,068,098
144A, 5.375%, 3/1/29 (a)		2,590,000		2,552,302


	Principal Amount		Value
Commercial Services (Continued)
Block, Inc. 144A, 2.75%, 6/1/26	$	4,250,000	$	4,128,046
144A, 3.50%, 6/1/31 (a)		4,350,000		4,091,523
Brink’s Co. 144A, 5.50%, 7/15/25		1,700,000		1,740,349
144A, 4.625%, 10/15/27		2,720,000		2,659,317
CoreCivic, Inc., 8.25%, 4/15/26 (a)		2,869,000		2,917,472
Garda World Security Corp. 144A, 4.625%, 2/15/27		2,788,000		2,705,308
144A, 9.50%, 11/1/27		2,592,000		2,677,316
144A, 6.00%, 6/1/29		2,195,000		1,994,542
Gartner, Inc. 144A, 4.50%, 7/1/28		3,470,000		3,519,413
144A, 3.625%, 6/15/29		2,550,000		2,478,574
144A, 3.75%, 10/1/30		3,400,000		3,286,253
Grand Canyon University, 4.125%, 10/1/24 (a)		2,125,000		2,153,815
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		5,200,000		5,336,500
Hertz Corp. 144A, 4.625%, 12/1/26		2,125,000		2,026,326
144A, 5.00%, 12/1/29		4,365,000		4,077,194
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		4,532,000		4,404,039
144A, 5.75%, 11/1/28 (a)		5,525,000		4,992,445
Nielsen Co. Luxembourg SARL, 144A, 5.00%, 2/1/25 (a)		2,187,000		2,206,300
Nielsen Finance LLC / Nielsen Finance Co. 144A, 5.625%, 10/1/28		4,250,000		4,076,834
144A, 4.50%, 7/15/29		2,656,000		2,391,197
144A, 5.875%, 10/1/30		3,214,000		3,091,579
144A, 4.75%, 7/15/31		2,609,000		2,331,363
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24		3,228,000		3,296,805
144A, 5.75%, 4/15/26		5,712,000		5,868,880
144A, 3.375%, 8/31/27		4,250,000		3,937,952
144A, 6.25%, 1/15/28		5,625,000		5,434,847
Ritchie Bros Auctioneers, Inc., 144A, 5.375%, 1/15/25		2,125,000		2,160,912
RR Donnelley & Sons Co., 144A, 6.125%, 11/1/26		1,912,000		2,038,670
Sabre GLBL, Inc. 144A, 9.25%, 4/15/25		3,294,000		3,719,091
144A, 7.375%, 9/1/25		3,712,000		3,851,200
Service Corp. International 4.625%, 12/15/27		2,337,000		2,363,314
5.125%, 6/1/29		3,187,000		3,272,571
3.375%, 8/15/30		3,462,000		3,187,481
4.00%, 5/15/31		3,400,000		3,226,991
Sotheby’s, 144A, 7.375%, 10/15/27		3,321,000		3,462,142
United Rentals North America, Inc. 5.50%, 5/15/27		4,669,000		4,822,120
4.875%, 1/15/28		6,698,000		6,827,857


	Principal Amount		Value
Commercial Services (Continued)
5.25%, 1/15/30	$	3,240,000	$	3,375,318
4.00%, 7/15/30		3,187,000		3,143,179
3.875%, 2/15/31 (a)		4,752,000		4,598,582
3.75%, 1/15/32		3,233,000		3,084,169
Verscend Escrow Corp., 144A, 9.75%, 8/15/26		4,675,000		4,878,877

(Cost $196,720,486)				187,838,063

Cosmetics/Personal Care — 0.2%
Coty, Inc. 144A, 5.00%, 4/15/26		3,895,000		3,889,703
144A, 6.50%, 4/15/26 (a)		2,437,000		2,479,331
Edgewell Personal Care Co. 144A, 5.50%, 6/1/28		3,287,000		3,308,168
144A, 4.125%, 4/1/29		2,125,000		1,999,125

(Cost $12,072,033)				11,676,327

Food — 2.4%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		3,602,000		3,472,328
144A, 7.50%, 3/15/26		2,308,000		2,449,284
144A, 4.625%, 1/15/27		5,352,000		5,382,118
144A, 5.875%, 2/15/28		3,252,000		3,366,243
144A, 3.50%, 3/15/29		5,921,000		5,519,497
144A, 4.875%, 2/15/30		4,353,000		4,374,765
B&G Foods, Inc. 5.25%, 4/1/25		4,181,000		4,207,110
5.25%, 9/15/27		2,337,000		2,332,630
Kraft Heinz Foods Co. 3.00%, 6/1/26		7,765,000		7,769,465
3.875%, 5/15/27		5,734,000		5,958,773
3.75%, 4/1/30		3,203,000		3,280,833
Lamb Weston Holdings, Inc. 144A, 4.875%, 5/15/28 (a)		2,125,000		2,184,341
144A, 4.125%, 1/31/30		4,089,000		3,963,427
144A, 4.375%, 1/31/32		2,975,000		2,895,448
Performance Food Group, Inc. 144A, 5.50%, 10/15/27		4,505,000		4,589,829
144A, 4.25%, 8/1/29		4,350,000		4,155,555
Pilgrim’s Pride Corp. 144A, 5.875%, 9/30/27		3,312,000		3,407,998
144A, 4.25%, 4/15/31		4,350,000		4,208,625
144A, 3.50%, 3/1/32		3,825,000		3,505,765
Post Holdings, Inc. 144A, 5.75%, 3/1/27		5,522,000		5,582,742
144A, 5.625%, 1/15/28		3,769,000		3,787,185
144A, 5.50%, 12/15/29		5,410,000		5,462,477
144A, 4.625%, 4/15/30		7,096,000		6,696,105
144A, 4.50%, 9/15/31		7,649,000		7,093,377
Sigma Holdco BV, 144A, 7.875%, 5/15/26 (a)		2,071,000		1,825,866
US Foods, Inc. 144A, 6.25%, 4/15/25		4,320,000		4,476,514
144A, 4.75%, 2/15/29		3,825,000		3,788,529
144A, 4.625%, 6/1/30		2,125,000		2,047,969

(Cost $123,670,374)				117,784,798


	Principal Amount		Value
Healthcare-Products — 1.0%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28	$	6,587,000	$	6,693,709
144A, 3.875%, 11/1/29		3,400,000		3,277,073
Hologic, Inc. 144A, 4.625%, 2/1/28		1,528,000		1,579,501
144A, 3.25%, 2/15/29		4,085,000		3,877,564
Mozart Debt Merger Sub, Inc. 144A, 3.875%, 4/1/29		19,124,000		18,076,292
144A, 5.25%, 10/1/29 (a)		10,724,000		10,256,434
Teleflex, Inc. 4.625%, 11/15/27		2,125,000		2,161,136
144A, 4.25%, 6/1/28		2,222,000		2,198,202

(Cost $50,491,579)				48,119,911

Healthcare-Services — 6.6%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		2,125,000		2,175,437
144A, 3.125%, 2/15/29		2,346,000		2,175,927
144A, 3.50%, 4/1/30		2,762,000		2,574,778
Centene Corp. 4.25%, 12/15/27		10,847,000		11,116,819
2.45%, 7/15/28		9,883,000		9,324,808
4.625%, 12/15/29		14,901,000		15,372,691
3.375%, 2/15/30		8,488,000		8,156,841
3.00%, 10/15/30		9,755,000		9,313,547
2.50%, 3/1/31		9,349,000		8,650,116
2.625%, 8/1/31		5,665,000		5,231,797
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		2,250,000		2,234,014
144A, 3.75%, 3/15/29		2,125,000		2,043,591
144A, 4.00%, 3/15/31		2,125,000		2,037,609
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		9,028,000		9,379,370
144A, 5.625%, 3/15/27		8,374,000		8,403,853
144A, 8.00%, 12/15/27		2,974,000		3,140,455
144A, 6.875%, 4/1/28 (a)		3,360,000		3,109,646
144A, 6.00%, 1/15/29		3,825,000		3,836,265
144A, 6.875%, 4/15/29		7,543,000		7,322,971
144A, 6.125%, 4/1/30 (a)		6,270,000		5,838,875
144A, 5.25%, 5/15/30		6,700,000		6,502,618
144A, 4.75%, 2/15/31		4,653,000		4,385,592
DaVita, Inc. 144A, 4.625%, 6/1/30		11,787,000		11,334,910
144A, 3.75%, 2/15/31		6,375,000		5,835,101
Encompass Health Corp. 4.50%, 2/1/28		3,400,000		3,314,320
4.75%, 2/1/30		3,475,000		3,297,080
4.625%, 4/1/31		1,700,000		1,606,729
Envision Healthcare Corp., 144A, 8.75%, 10/15/26		4,412,000		2,346,037
HCA, Inc. 5.875%, 5/1/23		5,312,000		5,530,456
5.375%, 2/1/25		11,098,000		11,765,323
5.875%, 2/15/26		6,475,000		7,005,469
5.375%, 9/1/26		4,350,000		4,685,950
5.625%, 9/1/28		6,480,000		7,190,435


	Principal Amount		Value
Healthcare-Services (Continued)
5.875%, 2/1/29	$	4,200,000	$	4,710,510
3.50%, 9/1/30		11,735,000		11,635,252
IQVIA, Inc. 144A, 5.00%, 10/15/26		4,562,000		4,664,691
144A, 5.00%, 5/15/27		4,960,000		5,064,755
Legacy LifePoint Health LLC 144A, 6.75%, 4/15/25		2,550,000		2,642,998
144A, 4.375%, 2/15/27		2,750,000		2,609,214
LifePoint Health, Inc., 144A, 5.375%, 1/15/29		2,125,000		1,967,846
ModivCare, Inc., 144A, 5.875%, 11/15/25		2,167,000		2,177,380
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		3,400,000		3,391,381
144A, 3.875%, 11/15/30		2,762,000		2,716,082
144A, 3.875%, 5/15/32		3,187,000		3,096,824
Radiology Partners, Inc., 144A, 9.25%, 2/1/28		3,047,000		3,044,593
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		6,056,000		6,358,194
Select Medical Corp., 144A, 6.25%, 8/15/26		5,206,000		5,230,728
Tenet Healthcare Corp. 6.75%, 6/15/23		7,954,000		8,280,671
4.625%, 7/15/24		3,272,000		3,287,902
144A, 4.625%, 9/1/24		2,550,000		2,587,358
144A, 4.875%, 1/1/26		9,324,000		9,359,804
144A, 6.25%, 2/1/27		6,445,000		6,635,385
144A, 5.125%, 11/1/27		6,375,000		6,438,113
144A, 4.625%, 6/15/28		2,562,000		2,507,788
144A, 6.125%, 10/1/28		10,822,000		10,892,559
144A, 4.25%, 6/1/29		5,950,000		5,749,812
144A, 4.375%, 1/15/30		6,162,000		5,955,881

(Cost $332,904,536)				317,245,151

Household Products/Wares — 0.2%
Central Garden & Pet Co. 4.125%, 10/15/30		2,125,000		2,021,226
144A, 4.125%, 4/30/31		1,750,000		1,638,647
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 144A, 5.00%, 12/31/26		2,019,000		1,824,449
144A, 7.00%, 12/31/27 (a)		2,231,000		1,866,455
Spectrum Brands, Inc. 5.75%, 7/15/25		1,912,000		1,947,917
144A, 3.875%, 3/15/31		2,125,000		1,949,475

(Cost $12,447,305)				11,248,169

Pharmaceuticals — 3.9%
AdaptHealth LLC 144A, 4.625%, 8/1/29		2,125,000		1,919,512
144A, 5.125%, 3/1/30		2,550,000		2,355,639
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		6,375,000		6,602,779
144A, 8.50%, 1/31/27		7,437,000		7,544,688
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		7,787,000		7,816,201


	Principal Amount		Value
Pharmaceuticals (Continued)
144A, 9.00%, 12/15/25	$	6,657,000	$	6,872,587
144A, 6.125%, 2/1/27		3,500,000		3,533,407
144A, 5.75%, 8/15/27		2,259,000		2,247,457
144A, 7.00%, 1/15/28		3,187,000		2,920,885
144A, 5.00%, 1/30/28		5,312,000		4,457,857
144A, 4.875%, 6/1/28		6,850,000		6,592,166
144A, 5.00%, 2/15/29		4,476,000		3,622,270
144A, 6.25%, 2/15/29		6,545,000		5,593,259
144A, 7.25%, 5/30/29		3,237,000		2,838,477
144A, 5.25%, 1/30/30		5,312,000		4,291,724
144A, 5.25%, 2/15/31 (a)		4,450,000		3,545,026
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		2,225,000		2,226,468
Elanco Animal Health, Inc. 5.772%, 8/28/23		3,248,000		3,349,662
6.40%, 8/28/28		3,145,000		3,413,268
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 144A, 9.50%, 7/31/27		4,040,000		3,945,565
144A, 6.00%, 6/30/28 (a)		5,441,000		3,600,174
Endo Luxembourg Finance Co I Sarl / Endo US, Inc., 144A, 6.125%, 4/1/29		5,531,000		5,193,305
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		2,800,000		2,573,340
Jazz Securities DAC, 144A, 4.375%, 1/15/29		6,875,000		6,821,513
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28		8,924,000		8,792,817
144A, 5.125%, 4/30/31		8,649,000		8,592,695
Par Pharmaceutical, Inc., 144A, 7.50%, 4/1/27		8,684,000		8,694,030
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		2,985,000		2,982,673
4.375%, 3/15/26		3,047,000		3,058,335
3.90%, 6/15/30		3,187,000		2,924,353
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		1,820,000		1,824,596
144A, 3.75%, 4/1/31		2,550,000		2,353,140
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 7/21/23		6,179,000		6,059,745
6.00%, 4/15/24 (a)		5,604,000		5,711,989
7.125%, 1/31/25		4,442,000		4,670,008
3.15%, 10/1/26 (a)		14,874,000		13,516,748
4.75%, 5/9/27		4,250,000		4,101,250
6.75%, 3/1/28 (a)		5,340,000		5,610,765
5.125%, 5/9/29 (a)		4,470,000		4,291,144

(Cost $201,575,629)				187,061,517

Energy — 12.2%
Energy-Alternate Sources — 0.1%
TerraForm Power Operating LLC 144A, 5.00%, 1/31/28		2,975,000		2,987,793
144A, 4.75%, 1/15/30		3,125,000		3,072,328

(Cost $6,553,506)				6,060,121


	Principal Amount		Value
Oil & Gas — 6.3%
Antero Resources Corp. 5.00%, 3/1/25	$	2,507,000	$	2,538,337
144A, 7.625%, 2/1/29		2,482,000		2,689,905
144A, 5.375%, 3/1/30 (a)		2,550,000		2,602,377
Apache Corp. 4.625%, 11/15/25		2,052,000		2,120,916
4.375%, 10/15/28		2,987,000		3,029,386
4.25%, 1/15/30 (a)		2,463,000		2,485,709
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		2,650,000		2,621,380
144A, 5.875%, 6/30/29		1,700,000		1,620,312
Callon Petroleum Co. 6.125%, 10/1/24		2,015,000		2,009,459
144A, 8.00%, 8/1/28 (a)		2,812,000		2,927,897
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		2,337,000		2,463,712
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26		2,175,000		2,237,738
144A, 5.875%, 2/1/29		2,175,000		2,254,018
144A, 6.75%, 4/15/29		4,037,000		4,273,750
Citgo Holding, Inc., 144A, 9.25%, 8/1/24		5,922,000		5,962,092
CITGO Petroleum Corp. 144A, 7.00%, 6/15/25		4,781,000		4,786,474
144A, 6.375%, 6/15/26		2,762,000		2,748,590
CNX Resources Corp. 144A, 7.25%, 3/14/27		3,075,000		3,236,407
144A, 6.00%, 1/15/29		2,125,000		2,173,450
Colgate Energy Partners III LLC, 144A, 5.875%, 7/1/29		2,975,000		3,067,850
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		5,333,000		5,432,860
144A, 5.875%, 1/15/30		4,326,000		4,203,964
CrownRock LP / CrownRock Finance, Inc. 144A, 5.625%, 10/15/25		5,036,000		5,099,277
144A, 5.00%, 5/1/29		1,800,000		1,834,137
CVR Energy, Inc. 144A, 5.25%, 2/15/25 (a)		2,550,000		2,471,881
144A, 5.75%, 2/15/28 (a)		2,100,000		1,982,148
Endeavor Energy Resources LP / EER Finance, Inc. 144A, 6.625%, 7/15/25		2,641,000		2,763,265
144A, 5.75%, 1/30/28		4,262,000		4,419,566
EQT Corp. 6.625%, 2/1/25		3,996,000		4,321,115
144A, 3.125%, 5/15/26		2,125,000		2,092,487
3.90%, 10/1/27		5,340,700		5,402,679
7.50%, 2/1/30		3,287,000		3,926,338
144A, 3.625%, 5/15/31 (a)		2,125,000		2,069,792
Hilcorp Energy I LP / Hilcorp Finance Co. 144A, 6.25%, 11/1/28		2,618,000		2,673,423
144A, 5.75%, 2/1/29		2,552,000		2,569,213
144A, 6.00%, 2/1/31		2,550,000		2,592,075


	Principal Amount		Value
Oil & Gas (Continued)
Laredo Petroleum, Inc. 9.50%, 1/15/25	$	2,456,000	$	2,531,215
144A, 7.75%, 7/31/29 (a)		1,780,000		1,729,208
Leviathan Bond Ltd. 144A, REGS, 5.75%, 6/30/23		2,124,495		2,143,813
144A, REGS, 6.125%, 6/30/25		2,609,379		2,671,678
144A, REGS, 6.50%, 6/30/27		2,550,379		2,624,350
144A, REGS, 6.75%, 6/30/30		2,337,668		2,381,032
Matador Resources Co., 5.875%, 9/15/26		4,462,000		4,534,508
MEG Energy Corp. 144A, 7.125%, 2/1/27		5,100,000		5,335,110
144A, 5.875%, 2/1/29		2,657,000		2,689,681
Moss Creek Resources Holdings, Inc. 144A, 7.50%, 1/15/26		3,045,000		2,700,352
144A, 10.50%, 5/15/27		2,125,000		2,006,584
Murphy Oil Corp. 5.75%, 8/15/25		2,332,000		2,378,617
5.875%, 12/1/27		2,309,000		2,355,261
6.375%, 7/15/28		2,337,000		2,424,579
Nabors Industries Ltd., 144A, 7.25%, 1/15/26 (a)		2,380,000		2,324,391
Nabors Industries, Inc. 5.75%, 2/1/25		2,830,000		2,719,630
144A, 7.375%, 5/15/27		3,045,000		3,147,784
Occidental Petroleum Corp. 6.95%, 7/1/24		2,506,000		2,722,117
2.90%, 8/15/24		4,084,000		4,093,883
8.00%, 7/15/25		2,152,000		2,437,463
5.875%, 9/1/25		3,825,000		4,107,438
5.50%, 12/1/25		3,228,000		3,473,118
5.55%, 3/15/26		4,598,000		4,938,413
3.40%, 4/15/26		3,309,000		3,313,351
3.20%, 8/15/26		3,389,000		3,394,016
3.00%, 2/15/27		2,696,000		2,633,493
8.50%, 7/15/27		2,125,000		2,564,259
6.375%, 9/1/28		2,550,000		2,886,014
3.50%, 8/15/29		6,378,000		6,372,738
8.875%, 7/15/30		4,250,000		5,475,679
6.625%, 9/1/30		6,375,000		7,428,341
6.125%, 1/1/31 (a)		5,312,000		6,050,527
7.50%, 5/1/31		3,695,000		4,486,118
7.875%, 9/15/31		2,160,000		2,674,966
Parkland Corp. 144A, 5.875%, 7/15/27		2,053,000		2,080,377
144A, 4.50%, 10/1/29		3,505,000		3,310,805
144A, 4.625%, 5/1/30		3,307,000		3,130,241
PBF Holding Co. LLC / PBF Finance Corp. 144A, 9.25%, 5/15/25 (a)		5,312,000		5,381,375
7.25%, 6/15/25 (a)		2,841,000		2,391,596
6.00%, 2/15/28		3,686,000		2,702,999
Puma International Financing SA 144A, 5.125%, 10/6/24		2,640,000		2,593,721
144A, 5.00%, 1/24/26		3,248,000		3,187,457
Range Resources Corp. 5.00%, 3/15/23		2,762,000		2,799,342


	Principal Amount		Value
Oil & Gas (Continued)
4.875%, 5/15/25	$	3,406,000	$	3,454,314
8.25%, 1/15/29		2,550,000		2,797,554
144A, 4.75%, 2/15/30		1,700,000		1,666,340
SM Energy Co. 144A, 10.00%, 1/15/25		1,898,000		2,083,416
6.75%, 9/15/26 (a)		1,782,000		1,802,083
6.625%, 1/15/27 (a)		1,771,000		1,790,844
6.50%, 7/15/28		1,700,000		1,744,566
Southwestern Energy Co. 7.75%, 10/1/27 (a)		1,870,000		1,982,013
5.375%, 2/1/29		2,939,000		3,027,199
5.375%, 3/15/30		5,100,000		5,269,422
4.75%, 2/1/32		5,037,000		5,016,651
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		2,593,000		2,680,009
4.50%, 5/15/29		3,607,000		3,462,900
144A, 4.50%, 4/30/30		3,300,000		3,157,820
Transocean, Inc. 144A, 7.25%, 11/1/25		1,760,000		1,369,922
144A, 7.50%, 1/15/26		2,487,000		1,931,491
144A, 11.50%, 1/30/27		2,941,000		2,946,529
144A, 8.00%, 2/1/27		2,619,000		1,944,058

(Cost $310,441,920)				303,158,750

Oil & Gas Services — 0.6%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		2,215,000		2,276,178
144A, 6.25%, 4/1/28		3,600,000		3,604,176
CGG SA, 144A, 8.75%, 4/1/27 (a)		2,125,000		2,075,891
TechnipFMC PLC, 144A, 6.50%, 2/1/26		3,044,000		3,146,872
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		3,081,000		3,098,300
6.875%, 9/1/27		3,187,000		3,193,661
Weatherford International Ltd. 144A, 6.50%, 9/15/28		2,161,000		2,239,931
144A, 8.625%, 4/30/30		6,714,000		6,816,791

(Cost $27,165,172)				26,451,800

Pipelines — 5.2%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		2,383,000		2,564,763
144A, 5.75%, 3/1/27		2,812,000		2,858,061
144A, 5.75%, 1/15/28		2,866,000		2,912,687
144A, 5.375%, 6/15/29		3,187,000		3,207,030
Buckeye Partners LP 4.15%, 7/1/23		2,125,000		2,153,624
144A, 4.125%, 3/1/25		2,125,000		2,098,501
3.95%, 12/1/26		2,550,000		2,464,677
4.125%, 12/1/27		1,827,000		1,728,141
144A, 4.50%, 3/1/28		2,125,000		2,022,182
Cheniere Energy Partners LP 4.50%, 10/1/29		6,374,000		6,475,155


	Principal Amount		Value
Pipelines (Continued)
4.00%, 3/1/31	$	6,369,000	$	6,283,114
144A, 3.25%, 1/31/32		5,100,000		4,802,772
Cheniere Energy, Inc., 4.625%, 10/15/28		8,898,000		9,065,638
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		6,050,000		6,027,312
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 5.75%, 4/1/25		2,125,000		2,141,012
144A, 5.625%, 5/1/27		2,550,000		2,535,312
144A, 6.00%, 2/1/29		2,975,000		2,997,937
144A, 8.00%, 4/1/29		1,500,000		1,597,950
DCP Midstream Operating LP 3.875%, 3/15/23		1,797,000		1,819,400
5.375%, 7/15/25		3,634,000		3,853,130
5.625%, 7/15/27		2,125,000		2,285,831
5.125%, 5/15/29		2,550,000		2,688,248
3.25%, 2/15/32		1,600,000		1,494,032
DT Midstream, Inc. 144A, 4.125%, 6/15/29		4,775,000		4,628,193
144A, 4.375%, 6/15/31		4,250,000		4,158,604
EnLink Midstream LLC, 5.375%, 6/1/29		2,166,000		2,158,592
EnLink Midstream Partners LP 4.40%, 4/1/24		2,262,000		2,306,533
4.15%, 6/1/25		3,112,000		3,120,013
4.85%, 7/15/26		2,111,000		2,139,984
EQM Midstream Partners LP 4.75%, 7/15/23		2,601,000		2,617,490
4.00%, 8/1/24		1,978,000		1,940,932
144A, 6.00%, 7/1/25		2,998,000		3,061,902
4.125%, 12/1/26		2,064,000		1,974,660
144A, 6.50%, 7/1/27		3,896,000		4,055,502
5.50%, 7/15/28		3,856,000		3,801,283
144A, 4.50%, 1/15/29		3,400,000		3,180,598
144A, 4.75%, 1/15/31		4,675,000		4,389,264
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		2,343,000		2,286,827
8.00%, 1/15/27		4,300,000		4,353,750
7.75%, 2/1/28		3,064,000		3,030,832
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		3,378,000		3,466,723
144A, 5.125%, 6/15/28		2,337,000		2,389,816
144A, 4.25%, 2/15/30		3,112,000		3,009,148
ITT Holdings LLC, 144A, 6.50%, 8/1/29		5,255,000		4,934,340
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		5,312,000		5,116,332
144A, 6.50%, 9/30/26		6,375,000		6,111,617
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		8,712,000		8,758,174
NGL Energy Partners LP / NGL Energy Finance Corp., 7.50%, 11/1/23 (a)		2,108,000		2,026,926


	Principal Amount		Value
Pipelines (Continued)
NuStar Logistics LP 5.75%, 10/1/25	$	2,550,000	$	2,658,592
6.00%, 6/1/26		2,125,000		2,161,826
5.625%, 4/28/27		2,385,000		2,391,905
6.375%, 10/1/30		2,602,000		2,640,549
Rockies Express Pipeline LLC 144A, 3.60%, 5/15/25		1,700,000		1,668,108
144A, 4.95%, 7/15/29		2,387,000		2,313,409
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25		2,550,000		2,681,108
144A, 6.00%, 3/1/27		1,927,000		1,930,151
144A, 5.50%, 1/15/28		3,187,000		3,052,679
144A, 6.00%, 12/31/30		3,237,000		3,100,382
144A, 6.00%, 9/1/31		2,125,000		2,006,298
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 5.875%, 4/15/26		4,302,000		4,446,655
5.375%, 2/1/27		1,836,000		1,888,849
6.50%, 7/15/27		3,067,000		3,255,099
5.00%, 1/15/28		3,407,000		3,522,174
6.875%, 1/15/29		2,887,000		3,146,339
5.50%, 3/1/30		4,253,000		4,516,601
4.875%, 2/1/31		4,300,000		4,436,052
4.00%, 1/15/32		4,300,000		4,252,851
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		5,537,000		5,430,274
144A, 4.125%, 8/15/31		5,312,000		5,266,928
144A, 3.875%, 11/1/33		5,312,000		5,123,451
Western Midstream Operating LP 3.60%, 2/1/25		3,111,000		3,128,282
4.65%, 7/1/26		2,015,000		2,090,482
4.50%, 3/1/28		1,700,000		1,768,476
4.75%, 8/15/28		1,700,000		1,762,399
4.55%, 2/1/30		5,200,000		5,356,936

(Cost $261,514,000)				251,091,399

Financial — 10.6%
Banks — 0.9%
Commerzbank AG, 144A, 8.125%, 9/19/23		4,255,000		4,577,435
Deutsche Bank AG 5.882%, 7/8/31 (c)		2,154,000		2,337,571
3.729%, 1/14/32 (c)		5,308,000		4,979,874
3.742%, 1/7/33 (c)		5,312,000		4,975,813
Freedom Mortgage Corp. 144A, 8.125%, 11/15/24		1,823,000		1,821,587
144A, 8.25%, 4/15/25		2,292,000		2,290,487
144A, 7.625%, 5/1/26		2,550,000		2,452,794
144A, 6.625%, 1/15/27		2,797,000		2,585,617
Intesa Sanpaolo SpA 144A, 5.017%, 6/26/24		8,523,000		8,784,261
144A, 5.71%, 1/15/26		6,497,000		6,858,877
144A, 4.198%, 6/1/32		3,187,000		2,884,880

(Cost $46,611,384)				44,549,196


	Principal Amount		Value
Diversified Financial Services — 3.3%
Ally Financial, Inc., 5.75%, 11/20/25	$	4,462,000	$	4,757,462
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		4,250,000		3,880,526
144A, 3.625%, 10/1/31		4,375,000		3,860,937
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		4,250,000		3,779,546
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		4,250,000		4,097,701
LD Holdings Group LLC 144A, 6.50%, 11/1/25		2,125,000		2,022,511
144A, 6.125%, 4/1/28		2,550,000		2,278,884
LPL Holdings, Inc. 144A, 4.625%, 11/15/27		1,950,000		1,943,604
144A, 4.00%, 3/15/29		3,825,000		3,720,845
144A, 4.375%, 5/15/31		1,700,000		1,660,339
Midcap Financial Issuer Trust 144A, 6.50%, 5/1/28		4,321,000		4,216,475
144A, 5.625%, 1/15/30		1,729,000		1,580,903
Nationstar Mortgage Holdings, Inc. 144A, 6.00%, 1/15/27		2,800,000		2,845,542
144A, 5.50%, 8/15/28		3,612,000		3,606,582
144A, 5.125%, 12/15/30		2,901,000		2,723,111
144A, 5.75%, 11/15/31		2,550,000		2,470,070
Navient Corp.MTN, 6.125%, 3/25/24		3,158,000		3,256,593
5.875%, 10/25/24		2,125,000		2,200,480
6.75%, 6/25/25		2,525,000		2,625,659
6.75%, 6/15/26		2,252,000		2,339,276
5.00%, 3/15/27		2,975,000		2,875,471
4.875%, 3/15/28		2,152,000		2,015,251
5.50%, 3/15/29		3,187,000		3,017,372
NFP Corp. 144A, 4.875%, 8/15/28		2,368,000		2,264,175
144A, 6.875%, 8/15/28		8,737,000		8,136,987
OneMain Finance Corp. 5.625%, 3/15/23		3,719,000		3,816,438
6.125%, 3/15/24		5,153,000		5,313,902
6.875%, 3/15/25		5,377,000		5,744,410
8.875%, 6/1/25		2,006,000		2,118,888
7.125%, 3/15/26		7,150,000		7,759,430
3.50%, 1/15/27		3,197,000		3,029,030
6.625%, 1/15/28		3,400,000		3,601,450
3.875%, 9/15/28		2,700,000		2,505,128
5.375%, 11/15/29		3,237,000		3,261,278
4.00%, 9/15/30		3,802,000		3,470,104
PennyMac Financial Services, Inc. 144A, 5.375%, 10/15/25		2,862,000		2,850,910
144A, 4.25%, 2/15/29		2,762,000		2,475,719
144A, 5.75%, 9/15/31		2,125,000		2,005,660
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		4,935,000		4,646,993
144A, 3.625%, 3/1/29		3,187,000		2,990,012
144A, 3.875%, 3/1/31		5,364,000		5,030,413
144A, 4.00%, 10/15/33		3,612,000		3,367,865


	Principal Amount		Value
Diversified Financial Services (Continued)
SLM Corp. 4.20%, 10/29/25	$	2,162,000	$	2,175,426
3.125%, 11/2/26		2,046,000		1,963,884
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		3,400,000		3,277,073
144A, 5.75%, 6/15/27		2,125,000		2,034,199
144A, 5.50%, 4/15/29 (a)		3,075,000		2,818,929
VistaJet Malta Finance PLC / XO Management Holding, Inc., 144A, 6.375%, 2/1/30 (a)		4,492,000		4,283,212

(Cost $168,395,126)				158,716,655

Insurance — 0.9%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		3,931,000		3,895,896
144A, 10.125%, 8/1/26		1,544,000		1,637,921
144A, 4.25%, 2/15/29		2,875,000		2,706,007
144A, 6.00%, 8/1/29		2,181,000		1,970,075
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 144A, 5.875%, 11/1/29		2,014,000		1,903,834
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 4.25%, 10/15/27		3,187,000		3,079,614
144A, 6.75%, 10/15/27		5,695,000		5,573,298
AssuredPartners, Inc. 144A, 7.00%, 8/15/25		2,184,000		2,164,344
144A, 5.625%, 1/15/29		2,337,000		2,153,499
HUB International Ltd. 144A, 7.00%, 5/1/26		7,697,000		7,756,267
144A, 5.625%, 12/1/29		2,337,000		2,223,071
MGIC Investment Corp., 5.25%, 8/15/28		2,812,000		2,852,662
Radian Group, Inc. 4.50%, 10/1/24		2,012,000		2,034,555
6.625%, 3/15/25		2,231,000		2,364,827
4.875%, 3/15/27		1,912,000		1,977,381

(Cost $46,210,767)				44,293,251

Real Estate — 0.6%
Howard Hughes Corp. 144A, 5.375%, 8/1/28		3,190,000		3,228,471
144A, 4.125%, 2/1/29		2,762,000		2,615,241
144A, 4.375%, 2/1/31		2,862,000		2,698,551
Kennedy-Wilson, Inc. 4.75%, 3/1/29		2,550,000		2,495,813
4.75%, 2/1/30		2,600,000		2,491,138
5.00%, 3/1/31		2,550,000		2,478,524
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 4.875%, 6/1/23		1,729,000		1,769,770
144A, 5.75%, 1/15/29		4,025,000		3,998,636
144A, 5.25%, 4/15/30		4,350,000		4,151,314
WeWork Cos. LLC / WW Co.-Obligor, Inc., 144A, 5.00%, 7/10/25		2,382,000		2,005,358


	Principal Amount		Value
Real Estate (Continued)
WeWork Cos., Inc., 144A, 7.875%, 5/1/25 (a)	$	2,843,000	$	2,578,075

(Cost $31,844,963)				30,510,891

Real Estate Investment Trusts — 4.3%
Apollo Commercial Real Estate Finance, Inc., 144A, 4.625%, 6/15/29		2,125,000		1,921,467
Blackstone Mortgage Trust, Inc., 144A, 3.75%, 1/15/27		1,750,000		1,656,244
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26 (a)		4,017,000		3,971,046
144A, 4.50%, 4/1/27		3,187,000		2,977,423
Diversified Healthcare Trust 9.75%, 6/15/25		4,557,000		4,819,392
4.75%, 2/15/28		2,158,000		1,954,425
4.375%, 3/1/31		2,125,000		1,828,446
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		1,721,000		1,777,191
144A, 3.375%, 6/15/26		4,274,000		4,057,223
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		4,324,000		4,320,065
144A, 5.25%, 3/15/28		3,706,000		3,713,412
144A, 5.00%, 7/15/28		2,125,000		2,108,595
144A, 4.875%, 9/15/29		4,250,000		4,107,923
144A, 5.25%, 7/15/30		5,525,000		5,477,844
144A, 4.50%, 2/15/31		4,675,000		4,377,530
144A, 5.625%, 7/15/32		2,550,000		2,526,374
iStar, Inc. 4.75%, 10/1/24		3,290,000		3,314,527
4.25%, 8/1/25		2,346,000		2,328,757
5.50%, 2/15/26		1,406,000		1,440,728
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 144A, 4.25%, 2/1/27		2,770,000		2,702,260
144A, 4.75%, 6/15/29		2,762,000		2,680,549
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. 5.625%, 5/1/24		6,011,000		6,247,373
144A, 4.625%, 6/15/25		4,753,000		4,903,100
4.50%, 9/1/26		2,807,000		2,866,859
5.75%, 2/1/27		4,196,000		4,545,086
144A, 3.875%, 2/15/29		6,795,000		6,841,206
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26		2,148,000		2,193,387
5.00%, 10/15/27		5,515,000		5,641,404
4.625%, 8/1/29		3,866,000		3,887,282
3.50%, 3/15/31		5,645,000		5,327,412
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		1,546,000		1,617,410


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
144A, 5.875%, 10/1/28	$	3,181,000	$	3,232,548
144A, 4.875%, 5/15/29		3,187,000		3,075,455
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		3,367,500		3,302,659
144A, 4.50%, 2/15/29		2,585,000		2,446,056
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		2,125,000		2,072,513
144A, 4.00%, 9/15/29		2,125,000		1,999,019
SBA Communications Corp. 3.875%, 2/15/27		6,844,000		6,835,958
3.125%, 2/1/29		6,548,000		6,090,098
Service Properties Trust 4.50%, 6/15/23		2,125,000		2,106,980
4.35%, 10/1/24		3,506,000		3,361,272
7.50%, 9/15/25		3,400,000		3,575,100
4.75%, 10/1/26		1,912,000		1,771,917
4.95%, 2/15/27 (a)		1,700,000		1,583,898
5.50%, 12/15/27		2,012,000		1,971,760
3.95%, 1/15/28		1,700,000		1,477,062
4.95%, 10/1/29		1,806,000		1,635,902
4.375%, 2/15/30		1,700,000		1,486,259
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		1,700,000		1,663,671
4.75%, 3/15/25		2,161,000		2,186,040
144A, 3.625%, 7/15/26		1,729,000		1,639,040
144A, 4.375%, 1/15/27		2,161,000		2,100,942
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC 144A, 7.875%, 2/15/25		9,562,000		9,961,453
144A, 6.00%, 1/15/30		2,990,000		2,678,158
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 4.75%, 4/15/28		2,838,000		2,705,976
144A, 6.50%, 2/15/29		4,717,000		4,379,192
VICI Properties LP / VICI Note Co., Inc. 144A, 3.50%, 2/15/25		3,262,000		3,273,662
144A, 4.25%, 12/1/26		5,312,000		5,371,096
144A, 3.75%, 2/15/27		3,402,000		3,382,217
144A, 4.625%, 12/1/29		4,400,000		4,495,194
144A, 4.125%, 8/15/30		4,250,000		4,224,564
XHR LP 144A, 6.375%, 8/15/25		2,125,000		2,191,013
144A, 4.875%, 6/1/29		2,125,000		2,060,899

(Cost $217,540,999)				208,469,513

Venture Capital — 0.6%
Compass Group Diversified Holdings LLC, 144A, 5.25%, 4/15/29		4,250,000		4,113,278
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24		4,714,000		4,684,137
6.375%, 12/15/25		3,172,000		3,219,104
6.25%, 5/15/26		5,007,000		5,049,985
5.25%, 5/15/27		6,203,000		6,168,790
4.375%, 2/1/29		3,243,000		3,013,266

(Cost $27,428,054)				26,248,560


	Principal Amount		Value
Industrial — 8.1%
Aerospace/Defense — 2.4%
Bombardier, Inc. 144A, 7.50%, 12/1/24	$	4,318,000	$	4,473,772
144A, 7.50%, 3/15/25		5,978,000		5,969,362
144A, 7.125%, 6/15/26		5,162,000		5,160,864
144A, 7.875%, 4/15/27 (a)		8,769,000		8,829,331
144A, 6.00%, 2/15/28 (a)		3,187,000		3,048,047
Howmet Aerospace, Inc. 5.125%, 10/1/24		5,016,000		5,269,207
6.875%, 5/1/25		2,550,000		2,811,623
3.00%, 1/15/29		2,975,000		2,827,589
Rolls-Royce PLC 144A, 3.625%, 10/14/25		4,380,000		4,282,764
144A, 5.75%, 10/15/27		4,250,000		4,385,936
Spirit AeroSystems, Inc. 144A, 5.50%, 1/15/25		2,147,000		2,208,993
144A, 7.50%, 4/15/25		4,996,000		5,188,346
4.60%, 6/15/28 (a)		3,134,000		2,996,370
TransDigm, Inc. 144A, 8.00%, 12/15/25		4,713,000		4,926,782
144A, 6.25%, 3/15/26		18,878,000		19,487,665
6.375%, 6/15/26		4,037,000		4,120,344
7.50%, 3/15/27		2,356,000		2,437,871
5.50%, 11/15/27		11,020,000		10,949,307
4.625%, 1/15/29		5,178,000		4,909,872
4.875%, 5/1/29		3,186,000		3,030,842
Triumph Group, Inc. 144A, 8.875%, 6/1/24		2,393,000		2,556,023
144A, 6.25%, 9/15/24		2,433,000		2,417,210
7.75%, 8/15/25 (a)		2,250,000		2,260,687

(Cost $117,112,937)				114,548,807

Building Materials — 0.9%
Builders FirstSource, Inc. 144A, 6.75%, 6/1/27		2,203,000		2,293,797
144A, 5.00%, 3/1/30		2,337,000		2,374,859
144A, 4.25%, 2/1/32		5,625,000		5,396,541
Griffon Corp., 5.75%, 3/1/28		4,647,000		4,625,159
JELD-WEN, Inc. 144A, 4.625%, 12/15/25		1,700,000		1,670,717
144A, 4.875%, 12/15/27 (a)		1,700,000		1,655,451
SRM Escrow Issuer LLC, 144A, 6.00%, 11/1/28		4,675,000		4,669,624
Standard Industries, Inc. 144A, 5.00%, 2/15/27		3,612,000		3,639,036
144A, 4.75%, 1/15/28		4,250,000		4,172,182
144A, 4.375%, 7/15/30		6,900,000		6,543,581
144A, 3.375%, 1/15/31		4,687,000		4,154,158
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		2,975,000		2,990,039

(Cost $46,920,661)				44,185,144

Electrical Components & Equipment — 0.4%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		2,600,000		2,472,795
144A, 4.375%, 3/31/29 (a)		3,525,000		3,185,719


	Principal Amount		Value
Electrical Components & Equipment (Continued)
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25	$	6,526,000	$	6,847,014
144A, 7.25%, 6/15/28		5,631,000		6,009,347

(Cost $19,242,529)				18,514,875

Electronics — 0.6%
II-VI, Inc., 144A, 5.00%, 12/15/29		4,207,000		4,204,013
Imola Merger Corp., 144A, 4.75%, 5/15/29		8,499,000		8,256,438
Sensata Technologies BV 144A, 4.875%, 10/15/23		2,125,000		2,180,452
144A, 5.625%, 11/1/24		1,700,000		1,793,160
144A, 5.00%, 10/1/25		3,200,000		3,312,960
144A, 4.00%, 4/15/29		4,250,000		4,087,459
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		1,912,000		1,862,642
144A, 3.75%, 2/15/31		3,187,000		2,969,041

(Cost $30,292,763)				28,666,165

Engineering & Construction — 0.2%
Brand Industrial Services, Inc., 144A, 8.50%, 7/15/25 (a)		4,275,000		3,929,601
Fluor Corp., 4.25%, 9/15/28 (a)		2,511,000		2,457,968
Promontoria Holding 264 BV, 144A, 7.875%, 3/1/27		1,500,000		1,474,800

(Cost $8,424,415)				7,862,369

Environmental Control — 0.7%
Covanta Holding Corp. 144A, 4.875%, 12/1/29		3,271,000		3,134,055
5.00%, 9/1/30		1,710,000		1,645,362
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		2,250,000		2,249,696
144A, 3.75%, 8/1/25		3,187,000		3,158,986
144A, 5.125%, 12/15/26		2,125,000		2,172,154
144A, 4.00%, 8/1/28 (a)		3,187,000		2,951,385
144A, 3.50%, 9/1/28		3,187,000		3,047,824
144A, 4.75%, 6/15/29		3,187,000		3,015,699
144A, 4.375%, 8/15/29		2,337,000		2,173,609
Madison IAQ LLC 144A, 4.125%, 6/30/28		2,975,000		2,818,217
144A, 5.875%, 6/30/29		4,391,000		3,990,431
Stericycle, Inc. 144A, 5.375%, 7/15/24		2,650,000		2,712,574
144A, 3.875%, 1/15/29		2,125,000		1,981,892

(Cost $37,271,398)				35,051,884

Machinery-Diversified — 0.2%
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28		1,702,000		1,733,487
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		6,795,000		6,735,306

(Cost $8,908,634)				8,468,793


	Principal Amount		Value
Miscellaneous Manufacturing — 0.1%
FXI Holdings, Inc. 144A, 7.875%, 11/1/24	$	2,145,000	$	2,115,431
144A, 12.25%, 11/15/26		3,237,000		3,467,669
Hillenbrand, Inc., 5.75%, 6/15/25		1,700,000		1,764,421

(Cost $7,503,301)				7,347,521

Packaging & Containers — 2.2%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 3.25%, 9/1/28		2,550,000		2,401,641
144A, 4.00%, 9/1/29		4,512,000		4,237,625
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		3,001,000		3,031,040
144A, 4.125%, 8/15/26		4,968,000		4,814,787
144A, 5.25%, 8/15/27		4,250,000		4,044,632
144A, 5.25%, 8/15/27		3,469,000		3,301,372
Ball Corp. 4.00%, 11/15/23		4,250,000		4,345,200
5.25%, 7/1/25		4,250,000		4,509,888
4.875%, 3/15/26		3,337,000		3,489,868
2.875%, 8/15/30		5,525,000		5,059,325
3.125%, 9/15/31		3,612,000		3,315,527
Berry Global, Inc., 144A, 5.625%, 7/15/27		2,246,000		2,304,138
Flex Acquisition Co., Inc. 144A, 6.875%, 1/15/25		2,758,000		2,767,074
144A, 7.875%, 7/15/26		2,222,000		2,293,660
Graphic Packaging International LLC 144A, 3.50%, 3/15/28		1,912,000		1,819,067
144A, 3.75%, 2/1/30		1,754,000		1,673,825
LABL, Inc. 144A, 6.75%, 7/15/26		2,975,000		2,985,963
144A, 10.50%, 7/15/27		2,961,000		3,040,414
144A, 5.875%, 11/1/28		2,146,000		2,058,175
144A, 8.25%, 11/1/29		1,980,000		1,845,113
Mauser Packaging Solutions Holding Co. 144A, 5.50%, 4/15/24		6,290,000		6,264,840
144A, 7.25%, 4/15/25		5,877,000		5,784,643
OI European Group BV, 144A, 4.75%, 2/15/30		1,700,000		1,629,867
Owens-Brockway Glass Container, Inc. 144A, 5.875%, 8/15/23		2,888,000		2,941,818
144A, 6.625%, 5/13/27		3,125,000		3,245,500
Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 144A, 4.00%, 10/15/27		4,250,000		3,937,391
Sealed Air Corp. 144A, 5.25%, 4/1/23		1,806,000		1,839,799
144A, 5.125%, 12/1/24		1,806,000		1,871,350
144A, 5.50%, 9/15/25		1,746,000		1,831,135
144A, 4.00%, 12/1/27		1,906,000		1,890,113
Silgan Holdings, Inc., 4.125%, 2/1/28		2,422,000		2,379,445


	Principal Amount		Value
Packaging & Containers (Continued)
Trivium Packaging Finance BV 144A, 5.50%, 8/15/26	$	4,499,000	$	4,545,295
144A, 8.50%, 8/15/27		2,802,000		2,876,925

(Cost $108,843,379)				104,376,455

Transportation — 0.2%
Seaspan Corp., 144A, 5.50%, 8/1/29		3,197,000		3,051,025
XPO Logistics, Inc., 144A, 6.25%, 5/1/25		4,887,000		5,077,837

(Cost $8,294,113)				8,128,862

Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		3,612,000		3,661,231
144A, 9.75%, 8/1/27		1,850,000		2,032,697
144A, 5.50%, 5/1/28		4,250,000		4,066,379

(Cost $10,144,059)				9,760,307

Technology — 3.9%
Computers — 1.2%
Booz Allen Hamilton, Inc. 144A, 3.875%, 9/1/28		3,175,000		3,113,215
144A, 4.00%, 7/1/29		2,125,000		2,100,265
Condor Merger Sub, Inc., 144A, 7.375%, 2/15/30		8,650,000		8,363,555
Diebold Nixdorf, Inc. 8.50%, 4/15/24 (a)		1,821,000		1,796,498
144A, 9.375%, 7/15/25		3,238,000		3,375,647
Exela Intermediate LLC / Exela Finance, Inc., 144A, 11.50%, 7/15/26 (a)		4,544,000		2,680,960
NCR Corp. 144A, 5.75%, 9/1/27		2,065,000		2,088,283
144A, 5.00%, 10/1/28		2,842,000		2,806,873
144A, 5.125%, 4/15/29		5,111,000		5,034,872
144A, 6.125%, 9/1/29		2,265,000		2,354,762
144A, 5.25%, 10/1/30		1,912,000		1,852,269
Seagate HDD Cayman 4.75%, 6/1/23		2,250,000		2,314,541
4.875%, 3/1/24		2,257,000		2,330,465
4.75%, 1/1/25 (a)		2,121,000		2,187,143
4.875%, 6/1/27		2,077,000		2,137,513
4.091%, 6/1/29		2,158,000		2,080,927
3.125%, 7/15/29		2,125,000		1,939,084
4.125%, 1/15/31		2,167,000		2,054,262
3.375%, 7/15/31		2,125,000		1,919,821
Vericast Corp., 144A, 11.00%, 9/15/26		5,304,301		5,423,648

(Cost $60,922,983)				57,954,603

Office/Business Equipment — 0.3%
Pitney Bowes, Inc., 144A, 6.875%, 3/15/27		1,700,000		1,603,227
Xerox Corp., 4.375%, 3/15/23		4,250,000		4,297,919


	Principal Amount		Value
Office/Business Equipment (Continued)
Xerox Holdings Corp. 144A, 5.00%, 8/15/25	$	3,123,000	$	3,185,460
144A, 5.50%, 8/15/28 (a)		3,347,000		3,344,440

(Cost $12,927,417)				12,431,046

Semiconductors — 0.1%
ams-OSRAM AG, 144A, 7.00%, 7/31/25		2,058,000		2,135,298
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		3,375,000		3,350,329

(Cost $5,664,975)				5,485,627

Software — 2.3%
Black Knight InfoServ LLC, 144A, 3.625%, 9/1/28		4,250,000		4,034,036
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		2,550,000		2,641,800
CDK Global, Inc. 5.00%, 10/15/24		2,093,000		2,194,469
4.875%, 6/1/27		2,638,000		2,704,860
144A, 5.25%, 5/15/29		2,125,000		2,181,929
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A, 5.75%, 3/1/25		5,656,000		5,629,134
Clarivate Science Holdings Corp. 144A, 3.875%, 7/1/28		3,915,000		3,705,450
144A, 4.875%, 7/1/29		3,916,000		3,692,240
Fair Isaac Corp. 144A, 5.25%, 5/15/26		1,561,000		1,658,508
144A, 4.00%, 6/15/28		4,121,000		4,050,449
MicroStrategy, Inc., 144A, 6.125%, 6/15/28 (a)		2,225,000		2,149,884
Minerva Merger Sub, Inc., 144A, 6.50%, 2/15/30		10,286,000		9,917,144
MSCI, Inc. 144A, 4.00%, 11/15/29 (a)		4,266,000		4,295,990
144A, 3.625%, 9/1/30		3,775,000		3,707,654
144A, 3.875%, 2/15/31		4,250,000		4,237,250
144A, 3.625%, 11/1/31		2,550,000		2,508,741
144A, 3.25%, 8/15/33		2,975,000		2,815,808
Open Text Corp. 144A, 3.875%, 2/15/28		3,825,000		3,698,507
144A, 3.875%, 12/1/29		3,612,000		3,414,424
Open Text Holdings, Inc. 144A, 4.125%, 2/15/30		3,825,000		3,668,060
144A, 4.125%, 12/1/31		2,762,000		2,627,808
PTC, Inc. 144A, 3.625%, 2/15/25		2,222,000		2,221,267
144A, 4.00%, 2/15/28		2,125,000		2,075,477
Rackspace Technology Global, Inc. 144A, 3.50%, 2/15/28		2,337,000		2,123,351
144A, 5.375%, 12/1/28 (a)		2,387,000		2,144,827
ROBLOX Corp., 144A, 3.875%, 5/1/30 (a)		4,350,000		4,142,505
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		8,499,000		8,742,241
Twilio, Inc. 3.625%, 3/15/29 (a)		2,125,000		2,034,135


	Principal Amount		Value
Software (Continued)
3.875%, 3/15/31	$	2,125,000	$	1,998,456
Veritas US, Inc. / Veritas Bermuda Ltd., 144A, 7.50%, 9/1/25		7,537,000		7,463,891
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		2,833,000		2,729,581

(Cost $116,003,612)				111,209,876

Utilities — 2.4%
Electric — 2.2%
Calpine Corp. 144A, 5.25%, 6/1/26		1,910,000		1,931,344
144A, 4.50%, 2/15/28		5,312,000		5,187,885
144A, 5.125%, 3/15/28		6,327,000		6,101,727
144A, 4.625%, 2/1/29		2,672,000		2,482,155
144A, 5.00%, 2/1/31		3,688,000		3,419,882
144A, 3.75%, 3/1/31		3,825,000		3,487,080
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		3,712,000		3,737,650
144A, 3.75%, 2/15/31		4,016,000		3,741,948
DPL, Inc., 4.125%, 7/1/25		1,759,000		1,752,333
FirstEnergy Corp. Series B, 4.40%, 7/15/27		6,496,000		6,725,926
2.65%, 3/1/30		2,500,000		2,347,925
Series B, 2.25%, 9/1/30		1,869,000		1,698,538
NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24		2,975,000		3,037,088
144A, 3.875%, 10/15/26		2,125,000		2,103,049
144A, 4.50%, 9/15/27		2,346,000		2,361,566
NRG Energy, Inc. 5.75%, 1/15/28		3,508,000		3,591,280
144A, 3.375%, 2/15/29		2,125,000		1,977,100
144A, 5.25%, 6/15/29		3,115,000		3,183,421
144A, 3.625%, 2/15/31		4,281,000		3,943,251
144A, 3.875%, 2/15/32		4,727,000		4,392,069
PG&E Corp. 5.00%, 7/1/28 (a)		4,050,000		4,016,183
5.25%, 7/1/30		4,350,000		4,328,076
Talen Energy Supply LLC 6.50%, 6/1/25		2,306,000		949,230
144A, 10.50%, 1/15/26		2,591,000		1,170,458
144A, 7.25%, 5/15/27		3,233,000		2,883,238
144A, 6.625%, 1/15/28		2,166,000		1,882,611
144A, 7.625%, 6/1/28		1,725,000		1,546,773
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		4,542,000		4,619,237
144A, 5.625%, 2/15/27		5,525,000		5,667,766
144A, 5.00%, 7/31/27		5,525,000		5,572,460
144A, 4.375%, 5/1/29		5,312,000		5,156,730

(Cost $113,687,040)				104,995,979

Gas — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24		2,892,000		2,953,759
5.50%, 5/20/25		2,975,000		3,031,212


	Principal Amount		Value
Gas (Continued)
5.875%, 8/20/26	$	2,934,000	$	2,992,680
5.75%, 5/20/27		2,543,000		2,572,575

(Cost $12,355,345)				11,550,226

TOTAL CORPORATE BONDS (Cost $4,978,243,405)				4,723,266,914


	Number of Shares
SECURITIES LENDING COLLATERAL — 3.8%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e) (Cost $181,376,226)		181,376,226		181,376,226

CASH EQUIVALENTS — 0.8%
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) (Cost $36,045,170)		36,045,170		36,045,170


TOTAL INVESTMENTS — 102.9% (Cost $5,195,664,801)			$	4,940,688,310
Other assets and liabilities, net — (2.9%)				(138,287,025	)

NET ASSETS — 100.0%			$	4,802,401,285

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 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 February 28, 2022, the Trust consists of thirty-six investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below, each a diversified series of the Trust:

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

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

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

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

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

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.

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

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

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

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

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

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

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

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

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

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 28, 2022, the Funds did not incur any interest or penalties.

At August 31, 2021, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

As of August 31, 2021, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

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

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of February 28, 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 may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 28, 2022, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.06% annualized effective rate as of February 28, 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 February 28, 2022, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.

As of February 28, 2022, Xtrackers Risk Managed USD High Yield Strategy ETF had no securities on loan.

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

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

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

The Advisor for Xtrackers High Beta High Yield Bond ETF has contractually agreed, until December 16, 2022, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other

extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 28, 2022, the Advisor waived $15,834 of expenses to the Fund.

The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 16, 2022, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 28, 2022, the Advisor waived $241,292 of expenses to the Fund.

The Advisor for Xtrackers USD High Yield Corporate Bond ETF has contractually agreed, until December 16, 2022, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.15% of the fund’s average daily net assets. For the period ended February 28, 2022, the Advisor waived $1,576,628 of expenses to the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the period ended February 28, 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 February 28, 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 February 28, 2022, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Transactions with Affiliates. The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment advisor, common officers, or common trustees. During the period ended February 28, 2022, the Funds engaged in securities purchases and securities sales with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act as follows:

As of February 28, 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.

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

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to borrow up to $105 million. The 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 the Fund’s 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 one-month LIBOR Rate. The 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 Fund had no outstanding loans at February 28, 2022.

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, 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 low vaccination rates 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, and the pandemic may result in the Funds and their service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. 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.

On April 13, 2021, the Xtrackers USD High Yield Corporate Bond ETF implemented a 5 for 4 stock split of its outstanding shares. The net effect of the stock split was to increase the number of outstanding shares and decrease the net asset value per share by a proportionate amount for the shares of the Fund. The stock split had no impact on the overall value of a shareholder’s investment in the Fund. Capital share activity referenced in the Statement of Changes in Net Assets, and per share and net asset value data in the Financial Highlights tables have been restated to reflect the stock split.

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

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

In February 2022, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2020 through November 30, 2021 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.

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

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 16-17, 2022 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 16 and February 17, 2022. The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

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

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

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

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

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

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

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

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

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

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

Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive.

The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

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

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

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on November 16, 2021, the Trustees, all of who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of DBX ETF Trust (the “Trust”) or its service providers, unanimously approved the (i) Investment Advisory Agreement between DBX Advisors LLC (“DBX” or the “Advisor”) and the Trust, with respect to Xtrackers Risk Managed USD High Yield ETF (subsequently renamed as Xtrackers Risk Managed USD High Yield Strategy ETF) (the “Fund”). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP (“Independent Trustee Counsel”).

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and its shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the Fund’s advisory fee; (4) the total cost of the services to be provided by, and the anticipated profits to be realized, by the Advisor from its relationship with the Fund; and (5) the extent to which economies of scale would be realized, and if the Fund’s shareholders would benefit from those economies.

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

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

Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Advisor under the Investment Advisory Agreement. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services, such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

The Board considered that the Advisor will provide, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor will pay or arrange for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operations. The Board also considered that in addition to managing the Fund’s portfolio directly, the

Advisor will provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund.

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

Reasonableness of Advisory Fee. The Board compared the Fund’s advisory fee to that of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is below the average and median fee of the ETFs in the Fund’s peer group. The Board accordingly noted that the Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Advisor’s methodology for selecting the Fund’s peer group and believed that the Fund’s peer group was appropriate. The Board considered that the proposed fee for the Fund is a unitary fee pursuant to which the Advisor pays all of the Fund’s costs (subject to certain specified exceptions). Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services to be provided.

Costs of Services and Profitability. The Board considered the anticipated expenses of the Advisor in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it is difficult to estimate the profitability of the Fund to the Advisor at this time. The Board considered whether the Advisor would benefit in other ways from its relationships with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Fund.

Economies of Scale. The Board noted that the Fund’s advisory fee was set at a competitive level that was designed to reflect scale in assets from the Fund’s commencement of operations. The Board noted that because the Fund is new, it is difficult to estimate whether the Fund would experience economies of scale beyond those already reflected in the advisory fee. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund.

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

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

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

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

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

DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.

California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.

Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.

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

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises 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 its investments.

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

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

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

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

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

Copyright © 2022 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.


	Beginning Account Value September 1, 2021		Ending Account Value February 28, 2022		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers High Beta High Yield Bond ETF
Actual	$	1,000.00	$	966.80		0.20	%	$	0.97
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.81		0.20	%	$	1.00
Xtrackers Low Beta High Yield Bond ETF
Actual	$	1,000.00	$	970.70		0.20	%	$	0.98
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.81		0.20	%	$	1.00
Xtrackers Risk Managed USD High Yield Strategy ETF ⁽³⁾
Actual ⁽²⁾	$	1,000.00	$	994.80		0.15	%	$	0.08
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.05		0.15	%	$	0.76
Xtrackers Short Duration High Yield Bond ETF
Actual	$	1,000.00	$	985.80		0.20	%	$	0.98
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.81		0.20	%	$	1.00


	Beginning Account Value September 1, 2021		Ending Account Value February 28, 2022		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers USD High Yield Corporate Bond ETF
Actual	$	1,000.00	$	969.00		0.15	%	$	0.73
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.05		0.15	%	$	0.75


	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers High Beta High Yield Bond ETF		3
Xtrackers Low Beta High Yield Bond ETF		4
Xtrackers Risk Managed USD High Yield Strategy ETF		5
Xtrackers Short Duration High Yield Bond ETF		6
Xtrackers USD High Yield Corporate Bond ETF		7
Fees and Expenses		8
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF		10
Xtrackers Low Beta High Yield Bond ETF		22
Xtrackers Risk Managed USD High Yield Strategy ETF		33
Xtrackers Short Duration High Yield Bond ETF		35
Xtrackers USD High Yield Corporate Bond ETF		44
Statements of Assets and Liabilities		64
Statements of Operations		66
Statements of Changes in Net Assets		68
Financial Highlights		71
Notes to Financial Statements		74
Liquidity Risk Management		82
Board Consideration in Approval of Investment Advisory Contracts		83
Additional Information		87
Privacy Policy Notice		88


United States			84.6%
Canada			4.6%
Luxembourg			2.6%
Netherlands			2.3%
Other			5.9%

Total			100.0%


United States			86.4%
Canada			3.8%
Netherlands			2.3%
Other			7.5%

Total			100.0%


United States			87.5%
Canada			3.5%
Netherlands			2.0%
Other			7.0%

Total			100.0%


	Value ($) at 8/31/2021		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2022		Value ($) at 2/28/2022
SECURITIES LENDING COLLATERAL — 6.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d)
		1,444,823		117,068	(e)		—			—		—		63		—		1,561,891		1,561,891

CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
		171,850		962,584			(1,003,255	)		—		—		18		—		131,179		131,179

		1,616,673		1,079,652			(1,003,255	)		—		—		81		—		1,693,070		1,693,070


Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (f)	$	—	$	22,355,274	$	—	$	22,355,274
Short-Term Investments (f)		1,693,070		—		—		1,693,070

TOTAL	$	1,693,070	$	22,355,274	$	—	$	24,048,344


	Value ($) at 8/31/2021		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2022		Value ($) at 2/28/2022
CORPORATE BONDS — 0.6%
Financial — 0.6%
Deutsche Bank AG , 3.73% (b)
		1,672,217		2,022,115			—			—		(235,252	)		40,950		—		3,687,000		3,459,080
Deutsche Bank AG , 5.88% (b)
		—		1,639,302			—			—		(38,597	)		5,604		—		1,475,000		1,600,705
Deutsche Bank AG , 3.74% (b)
		—		3,536,487			—			—		(82,831	)		8,929		—		3,687,000		3,453,656
SECURITIES LENDING COLLATERAL — 1.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d)
		4,866,433		15,674,520	(e)		—			—		—			423		—		20,540,953		20,540,953
CASH EQUIVALENTS — 0.9%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
		29,654,545		114,683,954			(130,497,110	)		—		—			2,007		—		13,841,389		13,841,389

		36,193,195		137,556,378			(130,497,110	)		—		(356,680	)		57,913		—		43,231,342		42,895,783


	Value ($) at 2/10/2022 (Commenc- ement of Operations)		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2022		Value ($) at 2/28/2022
EXCHANGE-TRADED FUNDS — 99.8%
Xtrackers High Beta High Yield Bond ETF (a)
		—		657,658		—		—		4,116		—		—		14,520		661,774
Xtrackers USD High Yield Corporate Bond ETF (a)
		—		28,315,154		—		—		189,484		—		—		743,858		28,504,638
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b)
		—		61,597		—		—		—		1		—		61,597		61,597

		—		29,034,409		—		—		193,600		1		—		819,975		29,228,009


	Xtrackers High Beta High Yield Bond ETF			Xtrackers Low Beta High Yield Bond ETF			Xtrackers Risk Managed USD High Yield Strategy ETF		Xtrackers Short Duration High Yield Bond ETF
Assets
Investment in non-affiliated securities at value	$	22,355,274		$	1,499,234,097		$	—	$	86,556,793
Investment in affiliated securities at value		—			8,513,441			29,166,412		—
Investment in DWS Government Money Market Series		131,179			13,841,389			61,597		346,281
Investment in DWS Government & Agency Securities Portfolio*		1,561,891			20,540,953			—		3,496,240
Cash		—			—			—		353,131
Receivables:
Investment securities sold		899,177			38,925,212			—		1,726,216
Interest		347,011			19,427,522			1		1,387,095
Securities lending income		1,026			4,722			—		2,072

Total assets	$	25,295,558		$	1,600,487,336		$	29,228,010	$	93,867,828

Liabilities
Payable upon return of securities loaned	$	1,561,891		$	20,540,953		$	—	$	3,496,240
Payables:
Investment securities purchased		997,638			48,545,835			—		2,557,893
Investment advisory fees		3,282			197,532			1,776		12,911

Total liabilities		2,562,811			69,284,320			1,776		6,067,044

Net Assets, at value	$	22,732,747		$	1,531,203,016		$	29,226,234	$	87,800,784


Net Assets Consist of
Paid-in capital	$	34,208,269		$	1,567,615,362		$	29,034,409	$	89,380,029
Distributable earnings (loss)		(11,475,522	)		(36,412,346	)		191,825		(1,579,245	)

Net Assets, at value	$	22,732,747		$	1,531,203,016		$	29,226,234	$	87,800,784


Number of Common Shares outstanding		500,001			31,400,001			1,175,001		1,900,001

Net Asset Value	$	45.47		$	48.76		$	24.87	$	46.21


Investment in non-affiliated securities at cost	$	23,380,005		$	1,531,716,675		$	—	$	88,033,699

Investment in affiliated securities at cost	$	—		$	8,807,926		$	28,972,812	$	—

Value of securities loaned	$	1,999,184		$	29,095,050		$	—	$	4,335,578

Investment in DWS Government Money Market Series at cost	$	131,179		$	13,841,389		$	61,597	$	346,281

Investment in DWS Government & Agency Securities Portfolio at cost*	$	1,561,891		$	20,540,953		$	—	$	3,496,240

Non-cash collateral for securities on loan	$	524,247		$	9,610,830		$	—	$	1,011,020


	Xtrackers USD High Yield Corporate Bond ETF
Assets
Investment in non-affiliated securities at value	$	4,710,973,656
Investment in affiliated securities at value		12,293,258
Investment in DWS Government Money Market Series		36,045,170
Investment in DWS Government & Agency Securities Portfolio*		181,376,226
Receivables:
Investment securities sold		37,398,721
Capital shares		64,998,345
Interest		67,199,032
Securities lending income		119,872

Total assets	$	5,110,404,280

Liabilities
Payable upon return of securities loaned	$	181,376,226
Payables:
Investment securities purchased		126,039,572
Investment advisory fees		587,197

Total liabilities		308,002,995

Net Assets, at value	$	4,802,401,285


Net Assets Consist of
Paid-in capital	$	5,189,708,930
Distributable earnings (loss)		(387,307,645	)

Net Assets, at value	$	4,802,401,285


Number of Common Shares outstanding		125,587,501

Net Asset Value	$	38.24


Investment in non-affiliated securities at cost	$	4,965,333,367

Investment in affiliated securities at cost	$	12,910,038

Value of securities loaned	$	223,357,220

Investment in DWS Government Money Market Series at cost	$	36,045,170

Investment in DWS Government & Agency Securities Portfolio at cost*	$	181,376,226

Non-cash collateral for securities on loan	$	51,196,425


	Xtrackers USD High Yield Corporate Bond ETF
Investment Income
Unaffiliated interest income	$	127,214,198
Affiliated interest income		150,679
Income distributions from affiliated funds		7,500
Affiliated securities lending income		10,061
Unaffiliated securities lending income, net of borrower rebates		816,544

Total investment income		128,198,982


Expenses
Investment advisory fees		6,306,511
Other expenses		4,147

Total expenses		6,310,658

Less fees waived (see note 3):
Waiver		(1,583,562	)

Net expenses		4,727,096

Net investment income (loss)		123,471,886


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		8,145,351
Investments in affiliates		(20,008	)
In-kind redemptions		(38,409,021	)
In-kind redemptions in affiliates		(34,780	)

Net realized gain (loss)		(30,318,458	)

Net change in unrealized appreciation (depreciation) on:
Investments		(282,596,410	)
Investments in affiliates		(828,658	)

Net change in unrealized appreciation (depreciation)		(283,425,068	)

Net realized and unrealized gain (loss) on investments		(313,743,526	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(190,271,640	)


	Xtrackers High Beta High Yield Bond ETF						Xtrackers Low Beta High Yield Bond ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	548,372		$	680,195		$	14,141,993		$	8,011,095
Net realized gain (loss)		(1,924	)		331,044			(99,493	)		2,106,618
Net change in net unrealized appreciation (depreciation)		(1,207,827	)		178,690			(43,677,697	)		10,048,247

Net increase (decrease) in net assets resulting from operations		(661,379	)		1,189,929			(29,635,197	)		20,165,960

Distributions to Shareholders		(588,992	)		(825,490	)		(14,867,722	)		(8,258,522	)


Fund Shares Transactions
Proceeds from shares sold		6,992,436			11,992,336			825,321,667			715,759,317
Value of shares redeemed		(2,347,951	)		—			—			(15,156,196	)

Net increase (decrease) in net assets resulting from fund share transactions		4,644,485			11,992,336			825,321,667			700,603,121

Total net increase (decrease) in Net Assets		3,394,114			12,356,775			780,818,748			712,510,559

Net Assets
Beginning of period		19,338,633			6,981,858			750,384,268			37,873,709

End of period	$	22,732,747		$	19,338,633		$	1,531,203,016		$	750,384,268


Changes in Shares Outstanding
Shares outstanding, beginning of period		400,001			150,001			14,700,001			750,001
Shares sold		150,000			250,000			16,700,000			14,250,000
Shares redeemed		(50,000	)		—			—			(300,000	)

Shares outstanding, end of period		500,001			400,001			31,400,001			14,700,001


	Xtrackers Risk Managed USD High Yield Strategy ETF			Xtrackers Short Duration High Yield Bond ETF
	For the Period February 10, 2022⁽¹⁾ to February 28, 2022 (Unaudited)			For the Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	(1,775	)	$	1,609,191		$	2,489,447
Net realized gain (loss)		—			344,800			1,271,532
Net change in net unrealized appreciation (depreciation)		193,600			(3,202,181	)		185,876

Net increase (decrease) in net assets resulting from operations		191,825			(1,248,190	)		3,946,855

Distributions to Shareholders		—			(1,748,843	)		(2,657,928	)

Fund Shares Transactions
Proceeds from shares sold		29,034,384			18,867,538			45,259,188
Value of shares redeemed		—			(4,697,674	)		(7,179,887	)

Net increase (decrease) in net assets resulting from fund share transactions		29,034,384			14,169,864			38,079,301

Total net increase (decrease) in Net Assets		29,226,209			11,172,831			39,368,228
Net Assets
Beginning of period		25			76,627,953			37,259,725

End of period	$	29,226,234		$	87,800,784		$	76,627,953

Changes in Shares Outstanding
Shares outstanding, beginning of period		1			1,600,001			800,001
Shares sold		1,175,000			400,000			950,000
Shares redeemed		—			(100,000	)		(150,000	)

Shares outstanding, end of period		1,175,001			1,900,001			1,600,001


	Xtrackers USD High Yield Corporate Bond ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	123,471,886		$	294,840,227
Net realized gain (loss)		(30,318,458	)		261,534,954
Net change in net unrealized appreciation (depreciation)		(283,425,068	)		(13,795,630	)

Net increase (decrease) in net assets resulting from operations		(190,271,640	)		542,579,551

Distributions to Shareholders		(136,451,771	)		(328,072,536	)

Fund Shares Transactions
Proceeds from shares sold		2,229,405,684			8,910,076,826
Value of shares redeemed		(3,766,777,870	)		(8,666,637,450	)

Net increase (decrease) in net assets resulting from fund share transactions		(1,537,372,186	)		243,439,376

Total net increase (decrease) in Net Assets		(1,864,095,597	)		457,946,391
Net Assets
Beginning of period		6,666,496,882			6,208,550,491

End of period	$	4,802,401,285		$	6,666,496,882

Changes in Shares Outstanding
Shares outstanding, beginning of period		165,387,501			158,937,501	*
Shares sold		56,200,000			224,750,000	*
Shares redeemed		(96,000,000	)		(218,300,000	)*

Shares outstanding, end of period		125,587,501			165,387,501	*


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

Income (loss) from investment operations:
Net investment income (loss)(b)		1.21			2.60			3.01	(c)		3.32			2.07
Net realized and unrealized gain (loss)		(2.78	)		2.65			(1.95	)(c)		(0.58	)		(1.11	)

Total from investment operations		(1.57	)		5.25			1.06			2.74			0.96

Less distributions from:
Net investment income		(1.31	)		(3.45	)		(3.12	)		(3.30	)		(1.79	)

Total distributions		(1.31	)		(3.45	)		(3.12	)		(3.30	)		(1.79	)

Net Asset Value, end of period	$	45.47		$	48.35		$	46.55		$	48.61		$	49.17

Total Return (%)		(3.32	)**(d)		11.67	(d)		2.46	(d)		5.90	(d)		2.01	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		23			19			7			151			148
Ratio of expenses before fee waiver (%)		0.35	*		0.35			0.35			0.35			0.35	*
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.31			0.35	*
Ratio of net investment income (loss) (%)		5.19	*		5.45			6.50	(c)		6.91			6.71	*
Portfolio turnover rate (%)(e)		29	**		98			98			51			34	**

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

Income (loss) from investment operations:
Net investment income (loss)(b)		0.72			1.45			2.02	(c)		2.29			1.37
Net realized and unrealized gain (loss)		(2.20	)		1.07			0.12	(c)		1.44			(1.05	)

Total from investment operations		(1.48	)		2.52			2.14			3.73			0.32

Less distributions from:
Net investment income		(0.81	)		(1.97	)		(2.26	)		(2.27	)		(1.16	)

Total distributions		(0.81	)		(1.97	)		(2.26	)		(2.27	)		(1.16	)

Net Asset Value, end of period	$	48.76		$	51.05		$	50.50		$	50.62		$	49.16

Total Return (%)		(2.93	)**(d)		5.12	(d)		4.42	(d)		7.84	(d)		0.68	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		1,531			750			38			144			138
Ratio of expenses before fee waiver (%)		0.25	*		0.25			0.25			0.25			0.25	*
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.24			0.25	*
Ratio of net investment income (loss) (%)		2.93	*		2.89			4.09	(c)		4.66			4.44	*
Portfolio turnover rate (%)(e)		31	**		88			111			55			52	**


Xtrackers Risk Managed USD High Yield Strategy ETF Selected Per Share Data	Period Ended 2/28/2022(a) (Unaudited)
	Period Ended 2/28/2022(a) (Unaudited)
Net Asset Value, beginning of period	$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		(0.00	)(c)
Net realized and unrealized gain (loss)		(0.13	)(d)

Total from investment operations		(0.13	)

Net Asset Value, end of period	$	24.87

Total Return (%)(e)		(0.52	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		29
Ratio of expenses before fee waiver (%)(f)		0.30	*
Ratio of expenses after fee waiver (%)(f)		0.15	*
Ratio of net investment income (loss) (%)		(0.15	)*
Portfolio turnover rate (%)(g)		0	**


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


	Short-Term		Long-Term		Total Amount
Xtrackers High Beta High Yield Bond ETF	$	2,689,526	$	7,800,548	$	10,490,074
Xtrackers Low Beta High Yield Bond ETF		2,299,291		945,160		3,244,451
Xtrackers Short Duration High Yield Bond ETF		—		420,709		420,709
Xtrackers USD High Yield Corporate Bond ETF		16,148,977		61,720,592		77,869,569


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers High Beta High Yield Bond ETF	$	20,413,294	$	157,148		$	334,227	$	(177,079	)
Xtrackers Low Beta High Yield Bond ETF		763,246,426		9,656,626			10,135,340		(478,714	)
Xtrackers Short Duration High Yield Bond ETF		77,497,802		1,588,348			1,672,322		(83,974	)
Xtrackers USD High Yield Corporate Bond ETF		6,974,502,514		(58,833	)		58,267,957		(58,326,790	)


Remaining Contractual Maturity of the Agreements, as of February 28, 2022

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers High Beta High Yield Bond ETF
Corporate Bonds	$	1,561,891	$	—	$	63,631	$	460,616	$	2,086,138

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	2,086,138

Xtrackers Low Beta High Yield Bond ETF
Corporate Bonds	$	20,540,953	$	—	$	932,305	$	8,678,525	$	30,151,783

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	30,151,783

Xtrackers Short Duration High Yield Bond ETF
Corporate Bonds	$	3,496,240	$	—	$	123,297	$	887,723	$	4,507,260

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	4,507,260

Xtrackers USD High Yield Corporate Bond ETF
Corporate Bonds	$	181,376,226	$	—	$	5,789,407	$	45,407,018	$	232,572,651

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	232,572,651


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


	Expenses Waived
Xtrackers High Beta High Yield Bond ETF	$	148
Xtrackers Low Beta High Yield Bond ETF		1,861
Xtrackers Risk Managed USD High Yield Strategy ETF		1,798
Xtrackers Short Duration High Yield Bond ETF		483
Xtrackers USD High Yield Corporate Bond ETF		6,934


	Purchases		Sales
Xtrackers High Beta High Yield Bond ETF	$	6,265,150	$	6,191,773
Xtrackers Low Beta High Yield Bond ETF		313,208,740		301,890,012
Xtrackers Risk Managed USD High Yield Strategy ETF		533,752		—
Xtrackers Short Duration High Yield Bond ETF		21,978,414		19,443,624
Xtrackers USD High Yield Corporate Bond ETF		777,926,589		810,013,820


	Securities Purchased		Securities Sold		Net Realized Gain (Loss) on Securities Sold
Xtrackers High Beta High Yield Bond ETF	$	1,604,138	$	3,693,538	$	18,541
Xtrackers Low Beta High Yield Bond ETF		4,960,334		2,470,999		(76,784	)
Xtrackers USD High Yield Corporate Bond ETF		866,861		1,266,796		18,258


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