DBX ETF Trust

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report for our six ETFs tracking the fixed income and equity dividend markets for the period ended May 31, 2022.

Globally, economic recovery had been underway, recouping from the impact of the COVID-19 pandemic, aided by accelerated vaccinations and high levels of post-infection immunity. However, developments around fast-spreading new variants, like Omicron in Q1 2022, resulted in strict lockdowns and the subsequent resurgence in cases raised concerns over the growth outlook and supply chain constraints. Geopolitical tensions stemming from the war in Ukraine amplified uncertainties and added to the woes of economies globally. Central banks pivoted to higher interest rates in the face of high inflation only to be challenged by slowing growth.

U.S. bond returns were volatile during the reporting period, driven by various economic events throughout the year, coupled with uncertainties around new variants like Omicron. Yields fell initially on moderating economic recovery followed by elevated inflation and hawkish central bank policy shifts buffeting the markets in Q4 2021. The emergence of the Omicron variant, along with the Ukraine war in early 2022, also made markets volatile, influencing a shift to safe haven assets. The U.S. 1-year Treasury yield rose over the reporting period, largely attributed to the first four months of 2022, driven by a significant rate hike in March 2022 and followed by a slight correction in May 2022.

With the Omicron wave easing, Eurozone’s economy continued to recover. Elevated inflation, slower economic growth, and a strong labor market highlighted Eurozone’s economic backdrop, alongside the war unfolding in Ukraine. Latest GDP¹ data revealed the Euro Area economy had matched growth in Q4 2021. Developments around the Omicron variant and associated restrictions, as well as the impact of the war in Ukraine on commodity prices and supply chains, were the predominant factors weighing on growth. Eurozone’s inflation treaded higher over the period amid rising geopolitical risks and gas supply concerns, but stabilized in April 2022. Although the labor market remained a bright spot, consumer confidence dropped significantly over the period amid prevalent uncertainties. The accommodative European Central Bank (ECB) pivoted to a more hawkish tone lately. President Lagarde remarked the ECB could end the bond-buying program in July and steer away from negative interest rates by the end of the third quarter, chalking out plans to incorporate further hikes. The UK 10-year yield almost tripled over the reporting period, mostly attributed to an all-time high inflation in the UK and the Bank of England’s raising interest rates in Q1 2022. In the Eurozone, both Germany and Italy have witnessed rising 10-year yields in 2022 as Europe has seen surging inflation and speculation around monetary tightening.

Developments around the pandemic, central banks’ pivoting towards higher interest rates, sticky inflation alongside risks of recession, and geopolitics-fueled uncertainties are major themes for investors to digest. Although labor markets have recovered, and the number of Omicron variant infections receded, consumer confidence has remained weak owing to a less favorable long-term economic outlook. The economic impairment from the war in Ukraine is expected to contribute to a significant slowdown in global growth in 2022. However, a fragmented recovery is anticipated, as policy responses based on the region’s needs would influence growth. Investors remain wary of further actions from central banks as they balance the task of taming inflation and supporting slowing growth.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.

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.

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (ESCR), seeks to track the performance, before fees and expenses, of the Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index (the ESCR Index). The ESCR index measures the investment grade, fixed-rate, taxable corporate bond market, including USD denominated securities publicly issued by US and non-US industrial, utility and financial issuers, while implementing ESG considerations. On August 24, 2021, Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF was renamed to Xtrackers Bloomberg US Investment Grade Corporate ESG ETF. Also on August 24, 2021, the Fund’s Underlying Index, Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index, was renamed to Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index. The name changes have no impact on the Fund’s investment objective, policies, or investment strategy. For the 12-month period ended May 31, 2022, ESCR returned -10.36%, compared to the ESCR Index return of -10.30%.

All sectors contributed negatively to performance during the period with the Financial Institutions, Consumer Non-Cyclical and Technology sectors detracting the most from performance.

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (ESEB), seeks to track the performance, before fees and expenses, of the J.P. Morgan ESG EMBI Global Diversified Sovereign Index (the ESEB Index). The index is an unmanaged, market-capitalization weighted, total-return index tracking the traded market for U.S.-dollar-denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by sovereign and quasi-sovereign entities, while implementing ESG considerations. For the 12-month period ended May 31, 2022, ESEB returned -16.16%, compared to the ESEB Index return of -16.30%.

From a geographical perspective, Oman, Belize and Zambia were the major positive contributors while Ghana, Ukraine and Russia contributed negatively to performance.

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (ESHY), seeks to track the performance, before fees and expenses, of the J.P. Morgan ESG DM Corporate High Yield USD Index (the ESHY Index). The ESHY Index provides exposure to a USD denominated high yield corporate bond index of developed market issuers while implementing ESG considerations. For the 12-month period ended May 31, 2022, ESHY returned -4.90%, compared to the ESHY Index return of -4.62%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Communications, Consumer Cyclical and Consumer Non-Cyclical. The Energy sector was the only positive contributor to performance.

The Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index (the RVNU Index). The RVNU Index is designed to track returns of the segment of the U.S. long-term tax-exempt bond market that consists of infrastructure revenue bonds. For the 12-month period ended May 31, 2022, RVNU returned -9.87%, compared to the RVNU Index return of -9.46%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Transport, Utility and Tax-Backed while General Obligation sector was the only positive contributor to performance.

The Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA High Dividend Yield Index (the HDAW Index). The HDAW Index is designed to give investors exposure to equity securities across developed and emerging market countries (excluding the United States), with higher dividend income and quality characteristics than average dividend yields of equities in its parent index (excluding REITs), where such higher

dividend income and quality characteristics are both sustainable and persistent. For the 12-month period ended May 31, 2022, HDAW returned -3.61%, compared to the HDAW Index return of -3.47%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Energy, Materials and Consumer Discretionary while Health Care sector was the only positive contributor to performance. From a geographical perspective, United Kingdom, Indonesia and Switzerland were the major positive contributors while Russia, Hong Kong and Germany contributed negatively to performance.

The Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield Index (the HDEF Index). The HDEF Index is designed to give investors exposure to equity securities in developed international stock markets, with higher dividend income and quality characteristics than average dividend yields of equities in its parent index (excluding REITs), where such higher dividend income and quality characteristics are both sustainable and persistent. For the 12-month period ended May 31, 2022, HDEF returned -2.15%, compared to the HDEF Index return of -2.17%.

Health Care and Energy were the major positive contributors while Utilities, Consumer Discretionary and Financials sector detracted most from the performance. From a geographical perspective, United Kingdom, Switzerland and Singapore were the major positive contributors while Germany, Italy and Japan contributed negatively to performance.

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-17 of this report for additional performance information, including performance data based on market value. The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

The Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the Bloomberg US Corporate Index (an investment grade corporate bond universe), resulting in a broad investment grade fixed income market exposure with ESG aspects. On August 24, 2021 the Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF name changed to Xtrackers Bloomberg US Investment Grade Corporate ESG ETF. At that time, the Underlying Index was renamed from the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index. The name changes had no impact on the Fund’s investment objective, policies, or investment strategy. It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, March 3, 2015 (“Inception”).

² On May 12, 2020, the Fund changed its Underlying Index from Solactive Investment Grade Bond — Interest Rate Hedged Index to the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index. Returns reflect performance for the Solactive Investment Grade Bond — Interest Rate Hedged Index through May 11, 2020.

Prior to May 12, 2020, the Fund was known as Xtrackers Investment Grade Bond — Interest Rate Hedged ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF (ESCR) (Continued)

Sector Diversification* as of May 31, 2022


Financial			33.7%
Consumer, Non-cyclical			17.0%
Technology			11.0%
Communications			8.9%
Utilities			8.3%
Industrial			7.4%
Consumer, Cyclical			7.2%
Energy			4.4%
Basic Materials			2.1%

Total			100.0%

Modified duration to worst as of May 31, 2022: 7.8 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.

Quality* as of May 31, 2022


Description	% of Market Value
AAA		3.9%
AA		14.3%
A		43.7%
BBB		38.1%

Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s and S&P 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.

* 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 19.

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

¹ Total returns are calculated based on the commencement of operations, March 3, 2015 (“Inception”).

² On May 12, 2020, the Fund changed its Underlying Index from Solactive Emerging Markets Bond — Interest Rate Hedged Index to the J.P. Morgan ESG EMBI Global Diversified Sovereign Index. Returns reflect performance for the Solactive Emerging Markets Bond — Interest Rate Hedged Index through May 11, 2020.

Prior to May 12, 2020, the Fund was known as Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

Growth of an Assumed $10,000 Investment

LOGO

¹ Based on Net Asset Value from commencement of operations, March 3, 2015.

Quality* as of May 31, 2022


Description	% of Market Value
AA		8.3%
A		11.3%
BBB		33.2%
BB		21.6%
B		19.9%
CCC		3.3%
CC		1.6%
NR		0.8%

Total		100.0%

Country Diversification* as of May 31, 2022


Saudi Arabia			5.6%
Panama			4.3%
Philippines			4.2%
Uruguay			4.1%
Qatar			4.1%
Brazil			3.7%
Dominican Republic			3.4%
Peru			3.3%
Indonesia			3.3%
Oman			3.1%
Mexico			3.1%
United Arab Emirates			3.1%
South Africa			3.0%
Turkey			2.8%
Chile			2.8%
Egypt			2.7%
Romania			2.7%
Colombia			2.3%
Ecuador			2.2%
Argentina			2.2%
Costa Rica			2.1%
Bahrain			2.0%
Other			29.9%

Total			100.0%

Modified duration to worst as of May 31, 2022: 7.4 years

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

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 31.

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

¹ Total returns are calculated based on the commencement of operations, March 3, 2015 (“Inception”).

² On May 12, 2020, the Fund changed its Underlying Index from Solactive High Yield Corporate Bond — Interest Rate Hedged Index to the J.P. Morgan ESG DM Corporate High Yield USD Index. Returns reflect performance for theSolactive High Yield Corporate Bond — Interest Rate Hedged Index through May 11, 2020.

Prior to May 12, 2020, the Fund was known as Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

Sector Diversification* as of May 31, 2022


Consumer, Cyclical			19.9%
Communications			17.9%
Consumer, Non-cyclical			15.0%
Energy			13.9%
Industrial			10.9%
Financial			10.8%
Basic Materials			5.7%
Technology			4.6%
Utilities			1.2%
Diversified			0.1%

Total			100.0%

Modified duration to worst as of May 31, 2022: 4.4 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.

Quality* as of May 31, 2022


Description	% of Market Value
A		0.0%
BBB		8.4%
BB		56.2%
B		25.4%
CCC		9.9%
CC		0.1%

Total		100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 36.

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

¹ Total returns are calculated based on the commencement of operations, June 4, 2013 (“Inception”).

Quality* as of May 31, 2022


Description	% of Market Value
AAA		5.0%
AA		50.4%
A		41.4%
BBB		3.2%

Total		100.0%

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 53.

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

¹ Total returns are calculated based on the commencement of operations, August 12, 2015 (“Inception”).

Prior to February 13, 2018, the Fund was known as Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW) (Continued)


*Sector Diversification as of May 31, 2022**


Financials			22.4%
Materials			18.9%
Consumer Staples			11.5%
Health Care			11.2%
Industrials			8.6%
Utilities			7.6%
Consumer Discretionary			5.7%
Information Technology			4.6%
Communication Services			4.0%
Real Estate			2.8%
Energy			2.7%

Total			100.0%

Country Diversification* as of May 31, 2022


United Kingdom			16.5%
Japan			9.7%
Switzerland			9.5%
Australia			7.7%
Taiwan			6.6%
China			6.0%
France			5.4%
Germany			4.8%
Hong Kong			3.6%
Canada			3.6%
Brazil			3.2%
Spain			2.8%
Italy			2.6%
Netherlands			2.1%
Other			15.9%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 61.

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

¹ Total returns are calculated based on the commencement of operations, August 12, 2015 (“Inception”).

Prior to February 13, 2018, the Fund was known as Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.


*Sector Diversification as of May 31, 2022**


Materials			19.7%
Financials			18.2%
Consumer Staples			16.0%
Health Care			14.2%
Utilities			9.8%
Industrials			8.6%
Consumer Discretionary			6.8%
Communication Services			2.9%
Real Estate			2.3%
Energy			1.3%
Information Technology			0.2%

Total			100.0%


*Country Diversification as of May 31, 2022**


United Kingdom			25.0%
Japan			13.7%
Switzerland			10.8%
Australia			10.3%
France			8.5%
Germany			7.5%
Italy			4.1%
Spain			3.5%
Hong Kong			3.5%
Netherlands			3.0%
Singapore			2.9%
Other			7.2%

Total			100.0%

* 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 68.

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (December 1, 2021 to May 31, 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 182 (the number of days in the most recent six-month period), then divided by 365.


	Principal Amount		Value
CORPORATE BONDS — 98.7%
Basic Materials — 2.1%
Chemicals — 1.5%
Air Products and Chemicals, Inc., 2.80%, 5/15/50	$	4,000	$	3,083
Dow Chemical Co.
7.375%, 11/1/29		10,000		11,928
2.10%, 11/15/30 (a)		10,000		8,592
3.60%, 11/15/50		5,000		4,164
DuPont de Nemours, Inc.
4.205%, 11/15/23		10,000		10,191
5.419%, 11/15/48		8,000		8,500
Ecolab, Inc., 2.70%, 12/15/51		5,000		3,767
Linde, Inc., 2.00%, 8/10/50		5,000		3,313
LYB International Finance III LLC, 2.25%, 10/1/30		10,000		8,580
LyondellBasell Industries NV, 4.625%, 2/26/55		8,000		7,357
Nutrien Ltd.
2.95%, 5/13/30		10,000		9,205
5.00%, 4/1/49		6,000		6,271
PPG Industries, Inc., 1.20%, 3/15/26		6,000		5,479
Sherwin-Williams Co., 4.50%, 6/1/47		13,000		12,509

(Cost $117,288)				102,939

Forest Products & Paper — 0.1%
International Paper Co., 4.80%, 6/15/44 (Cost $8,649)		8,000		7,872

Iron/Steel — 0.2%
Steel Dynamics, Inc.
2.80%, 12/15/24		2,000		1,968
3.25%, 1/15/31		12,000		10,938

(Cost $14,755)				12,906

Mining — 0.3%
Newmont Corp.
2.25%, 10/1/30		10,000		8,620
4.875%, 3/15/42		5,000		5,067
Rio Tinto Finance USA Ltd., 2.75%, 11/2/51		5,000		3,833

(Cost $19,813)				17,520

Communications — 8.8%
Advertising — 0.1%
Interpublic Group of Cos., Inc., 2.40%, 3/1/31 (Cost $5,107)		5,000		4,211

Internet — 2.4%
Alibaba Group Holding Ltd.
3.40%, 12/6/27		5,000		4,819
4.50%, 11/28/34		15,000		14,191
3.25%, 2/9/61		5,000		3,376


	Principal Amount		Value
Internet (Continued)
Alphabet, Inc.
1.998%, 8/15/26	$	22,000	$	21,207
2.05%, 8/15/50		5,000		3,557
2.25%, 8/15/60		5,000		3,475
Amazon.com, Inc.
5.20%, 12/3/25		13,000		13,870
1.00%, 5/12/26		10,000		9,245
1.65%, 5/12/28		5,000		4,523
1.50%, 6/3/30		12,000		10,251
2.10%, 5/12/31		10,000		8,824
2.875%, 5/12/41		10,000		8,362
3.10%, 5/12/51		10,000		8,354
3.25%, 5/12/61		10,000		8,140
4.10%, 4/13/62		15,000		14,429
Baidu, Inc., 1.625%, 2/23/27		10,000		8,920
Booking Holdings, Inc., 3.60%, 6/1/26		8,000		8,040
eBay, Inc.
1.90%, 3/11/25		5,000		4,773
4.00%, 7/15/42		7,000		6,166

(Cost $184,457)				164,522

Media — 1.9%
Discovery Communications LLC
3.45%, 3/15/25		10,000		9,831
5.20%, 9/20/47		5,000		4,574
4.65%, 5/15/50		5,000		4,207
4.00%, 9/15/55		6,000		4,554
Fox Corp.
3.05%, 4/7/25		11,000		10,850
5.576%, 1/25/49		5,000		5,215
Paramount Global
4.95%, 1/15/31		16,000		16,001
4.95%, 5/19/50		7,000		6,375
TWDC Enterprises 18 Corp.,MTN, 2.95%, 6/15/27		13,000		12,704
Walt Disney Co.
1.75%, 8/30/24		4,000		3,914
3.70%, 3/23/27		11,000		11,089
2.65%, 1/13/31		10,000		9,067
2.75%, 9/1/49		8,000		6,053
4.70%, 3/23/50		10,000		10,454
3.60%, 1/13/51		5,000		4,402
3.80%, 5/13/60		7,000		6,209

(Cost $144,062)				125,499

Telecommunications — 4.4%
Bell Telephone Co. of Canada or Bell Canada,Series US-4, 3.65%, 3/17/51		3,000		2,556
British Telecommunications PLC, 5.125%, 12/4/28		10,000		10,262
Cisco Systems, Inc.
2.20%, 9/20/23		5,000		4,995
5.50%, 1/15/40		7,000		7,978


	Principal Amount		Value
Telecommunications (Continued)
Corning, Inc.
5.35%, 11/15/48	$	4,000	$	4,273
4.375%, 11/15/57		3,000		2,734
Deutsche Telekom International Finance BV, 8.75%, 6/15/30		10,000		12,744
Motorola Solutions, Inc., 2.30%, 11/15/30		10,000		8,170
Orange SA, 5.50%, 2/6/44		6,000		6,585
Rogers Communications, Inc.
4.50%, 3/15/43		8,000		7,351
4.30%, 2/15/48		2,000		1,742
3.70%, 11/15/49		5,000		4,080
Telefonica Europe BV, 8.25%, 9/15/30		25,000		31,139
TELUS Corp., 3.70%, 9/15/27		10,000		10,009
Verizon Communications, Inc.
3.376%, 2/15/25		5,000		5,051
4.016%, 12/3/29		8,000		7,946
2.55%, 3/21/31		11,000		9,757
2.355%, 3/15/32		20,000		17,228
4.40%, 11/1/34		25,000		25,266
4.272%, 1/15/36		17,000		16,813
4.812%, 3/15/39		20,000		20,792
2.875%, 11/20/50		15,000		11,221
3.55%, 3/22/51		5,000		4,243
2.987%, 10/30/56		9,000		6,676
3.00%, 11/20/60		6,000		4,373
3.70%, 3/22/61		12,000		10,051
Vodafone Group PLC
4.125%, 5/30/25		15,000		15,272
4.375%, 2/19/43		16,000		14,640
5.25%, 5/30/48		6,000		6,003
4.25%, 9/17/50		5,000		4,432

(Cost $323,184)				294,382

Consumer, Cyclical — 7.1%
Apparel — 0.3%
NIKE, Inc.
2.75%, 3/27/27		8,000		7,842
3.625%, 5/1/43		11,000		10,216
VF Corp., 2.40%, 4/23/25 (a)		5,000		4,850

(Cost $25,466)				22,908

Auto Manufacturers — 1.1%
American Honda Finance Corp., MTN, 2.15%, 9/10/24		30,000		29,441
Cummins, Inc., 1.50%, 9/1/30		11,000		9,099
Toyota Motor Credit Corp. GMTN,
3.45%, 9/20/23		10,000		10,115
3.65%, 1/8/29		20,000		19,801
1.90%, 9/12/31		7,000		5,912

(Cost $79,643)				74,368


	Principal Amount		Value
Auto Parts & Equipment — 0.3%
Aptiv PLC / Aptiv Corp., 3.25%, 3/1/32	$	10,000	$	8,857
Lear Corp., 3.50%, 5/30/30		10,000		9,023

(Cost $20,694)				17,880

Entertainment — 0.7%
Magallanes, Inc.
144A,3.755%, 3/15/27		15,000		14,566
144A,4.279%, 3/15/32		10,000		9,339
144A,5.05%, 3/15/42		15,000		13,572
144A,5.141%, 3/15/52		10,000		8,957

(Cost $46,491)				46,434

Home Builders — 0.2%
D.R. Horton, Inc., 5.75%, 8/15/23		8,000		8,225
MDC Holdings, Inc., 3.966%, 8/6/61		2,000		1,269
NVR, Inc., 3.00%, 5/15/30		5,000		4,486

(Cost $15,723)				13,980

Home Furnishings — 0.1%
Whirlpool Corp., 2.40%, 5/15/31
(Cost $6,017)		6,000		5,100

Leisure Time — 0.1%
Harley-Davidson, Inc., 3.50%, 7/28/25 (Cost $5,249)		5,000		4,912

Retail — 4.2%
AutoNation, Inc., 3.50%, 11/15/24		5,000		4,973
Costco Wholesale Corp., 1.75%, 4/20/32		10,000		8,461
Dollar General Corp., 3.875%, 4/15/27		8,000		8,016
Dollar Tree, Inc.
4.00%, 5/15/25		5,000		5,049
2.65%, 12/1/31		7,000		5,946
Home Depot, Inc.
3.75%, 2/15/24		5,000		5,095
3.00%, 4/1/26		8,000		8,001
2.70%, 4/15/30		28,000		26,087
3.90%, 6/15/47		2,000		1,869
4.50%, 12/6/48		5,000		5,102
2.375%, 3/15/51		5,000		3,569
2.75%, 9/15/51		5,000		3,810
3.50%, 9/15/56		10,000		8,609
Lowe’s Cos., Inc.
3.65%, 4/5/29		14,000		13,603
2.625%, 4/1/31		15,000		13,266
2.80%, 9/15/41		5,000		3,885
4.375%, 9/15/45		6,000		5,520
4.55%, 4/5/49		4,000		3,820
3.00%, 10/15/50		5,000		3,741
McDonald’s Corp.
MTN, 1.45%, 9/1/25		10,000		9,459


	Principal Amount		Value
Retail (Continued)
MTN, 2.125%, 3/1/30	$	21,000	$	18,454
MTN, 4.45%, 9/1/48		5,000		4,844
MTN, 3.625%, 9/1/49		10,000		8,636
Starbucks Corp.
3.85%, 10/1/23		10,000		10,124
4.00%, 11/15/28		2,000		2,011
2.55%, 11/15/30		2,000		1,764
4.50%, 11/15/48		5,000		4,745
3.50%, 11/15/50		5,000		4,075
Target Corp.
2.50%, 4/15/26		7,000		6,866
4.00%, 7/1/42		6,000		5,831
2.95%, 1/15/52		3,000		2,418
TJX Cos., Inc., 2.25%, 9/15/26		8,000		7,648
Walgreens Boots Alliance, Inc.
3.80%, 11/18/24		5,000		5,069
4.10%, 4/15/50		5,000		4,176
Walmart, Inc.
2.85%, 7/8/24		10,000		10,051
1.05%, 9/17/26		15,000		13,842
1.50%, 9/22/28		5,000		4,466
1.80%, 9/22/31		16,000		13,937
2.65%, 9/22/51		10,000		7,934

(Cost $318,683)				284,772

Toys/Games/Hobbies — 0.1%
Hasbro, Inc., 3.90%, 11/19/29
(Cost $6,067)		6,000		5,746

Consumer, Non-cyclical — 16.8%
Agriculture — 0.2%
Archer-Daniels-Midland Co., 4.50%, 3/15/49		8,000		8,422
Bunge Ltd. Finance Corp., 2.75%, 5/14/31		4,000		3,471

(Cost $14,104)				11,893

Beverages — 1.8%
Coca-Cola Co.
3.45%, 3/25/30		25,000		24,868
4.20%, 3/25/50		10,000		10,194
Fomento Economico Mexicano SAB de CV, 3.50%, 1/16/50		10,000		8,240
Keurig Dr Pepper, Inc., 2.55%, 9/15/26		30,000		28,527
PepsiCo, Inc.
0.40%, 10/7/23		12,000		11,733
2.75%, 3/19/30		21,000		19,811
1.95%, 10/21/31		10,000		8,759
2.75%, 10/21/51		10,000		8,103

(Cost $135,044)				120,235

Biotechnology — 1.6%
Amgen, Inc.
3.625%, 5/22/24		10,000		10,120
4.40%, 5/1/45		25,000		23,947


	Principal Amount		Value
Biotechnology (Continued)
3.375%, 2/21/50	$	5,000	$	4,041
4.663%, 6/15/51		4,000		3,977
3.00%, 1/15/52		3,000		2,251
2.77%, 9/1/53		5,000		3,564
Baxalta, Inc., 5.25%, 6/23/45		10,000		10,395
Biogen, Inc.
4.05%, 9/15/25		10,000		10,090
144A,3.25%, 2/15/51		5,000		3,677
Gilead Sciences, Inc.
2.95%, 3/1/27		15,000		14,550
1.65%, 10/1/30		2,000		1,696
4.00%, 9/1/36		9,000		8,768
4.75%, 3/1/46		5,000		5,005
4.15%, 3/1/47		6,000		5,529
2.80%, 10/1/50		1,000		732

(Cost $124,261)				108,342

Commercial Services — 0.6%
Equifax, Inc., 2.60%, 12/15/25		8,000		7,677
Moody’s Corp., 5.25%, 7/15/44		6,000		6,327
PayPal Holdings, Inc.
2.85%, 10/1/29		5,000		4,649
3.25%, 6/1/50 (a)		5,000		3,962
Quanta Services, Inc., 2.90%, 10/1/30		5,000		4,352
RELX Capital, Inc., 4.00%, 3/18/29		5,000		4,978
S&P Global, Inc., 2.30%, 8/15/60		5,000		3,227
Verisk Analytics, Inc., 3.625%, 5/15/50		5,000		4,041

(Cost $47,214)				39,213

Cosmetics/Personal Care — 1.0%
Colgate-Palmolive Co., MTN, 4.00%, 8/15/45		3,000		2,897
Estee Lauder Cos., Inc., 2.00%, 12/1/24		20,000		19,648
GSK Consumer Healthcare Capital US LLC
144A,3.375%, 3/24/27		8,000		7,837
144A,3.625%, 3/24/32		7,000		6,696
Procter & Gamble Co.
2.85%, 8/11/27		11,000		10,831
3.60%, 3/25/50		5,000		4,749
Unilever Capital Corp.
1.75%, 8/12/31		10,000		8,468
Series 30Y, 2.625%, 8/12/51		5,000		3,709

(Cost $70,597)				64,835

Food — 2.0%
Campbell Soup Co., 4.15%, 3/15/28		5,000		5,016
Conagra Brands, Inc.
4.30%, 5/1/24		7,000		7,101


	Principal Amount		Value
Food (Continued)
5.40%, 11/1/48	$	5,000	$	5,035
General Mills, Inc.
3.20%, 2/10/27		6,000		5,886
3.00%, 2/1/51 (a)		7,000		5,357
Hershey Co., 2.65%, 6/1/50		4,000		3,004
J M Smucker Co., 2.125%, 3/15/32		10,000		8,303
Kellogg Co., 2.10%, 6/1/30		5,000		4,257
Kraft Heinz Foods Co.
4.25%, 3/1/31		5,000		4,915
4.625%, 10/1/39		5,000		4,617
5.20%, 7/15/45		10,000		9,755
4.875%, 10/1/49		5,000		4,680
Kroger Co.
4.50%, 1/15/29		12,000		12,246
4.45%, 2/1/47		3,000		2,839
3.95%, 1/15/50		3,000		2,636
McCormick & Co., Inc., 3.40%, 8/15/27		5,000		4,894
Mondelez International, Inc., 2.75%, 4/13/30		5,000		4,520
Sysco Corp.
3.75%, 10/1/25		5,000		5,050
3.25%, 7/15/27		17,000		16,512
6.60%, 4/1/50		5,000		6,113
Tyson Foods, Inc., 4.55%, 6/2/47		10,000		9,627

(Cost $145,524)				132,363

Healthcare-Products — 0.6%
Baxter International, Inc., 2.60%, 8/15/26		7,000		6,679
Danaher Corp., 2.60%, 10/1/50		5,000		3,628
DH Europe Finance II SARL, 2.60%, 11/15/29		5,000		4,591
PerkinElmer, Inc., 3.625%, 3/15/51		5,000		4,033
Thermo Fisher Scientific, Inc.
0.797%, 10/18/23		15,000		14,618
2.00%, 10/15/31		4,000		3,431
4.10%, 8/15/47		5,000		4,840

(Cost $48,031)				41,820

Healthcare-Services — 1.2%
Aetna, Inc., 3.875%, 8/15/47		5,000		4,379
Anthem, Inc.
1.50%, 3/15/26		20,000		18,580
2.25%, 5/15/30		10,000		8,785
3.125%, 5/15/50		12,000		9,495
HCA, Inc.
4.125%, 6/15/29		2,000		1,946
5.50%, 6/15/47		7,000		6,948
5.25%, 6/15/49		3,000		2,896
Humana, Inc., 3.125%, 8/15/29		13,000		12,144


	Principal Amount		Value
Healthcare-Services (Continued)
Laboratory Corp. of America Holdings, 3.60%, 2/1/25	$	10,000	$	10,012
Quest Diagnostics, Inc.
2.95%, 6/30/30		5,000		4,527
2.80%, 6/30/31		3,000		2,650

(Cost $91,815)				82,362

Household Products/Wares — 0.3%
Clorox Co., 3.50%, 12/15/24		13,000		13,218
Kimberly-Clark Corp.
2.75%, 2/15/26		5,000		4,916
2.875%, 2/7/50		7,000		5,472

(Cost $26,049)				23,606

Pharmaceuticals — 7.5%
AbbVie, Inc.
3.80%, 3/15/25		20,000		20,236
3.60%, 5/14/25		25,000		25,172
4.25%, 11/14/28		12,000		12,204
4.70%, 5/14/45		17,000		16,917
4.45%, 5/14/46		11,000		10,569
4.875%, 11/14/48		3,000		3,048
4.25%, 11/21/49		12,000		11,181
AmerisourceBergen Corp., 4.30%, 12/15/47		6,000		5,679
Astrazeneca Finance LLC, 0.70%, 5/28/24		12,000		11,506
AstraZeneca PLC
1.375%, 8/6/30		5,000		4,187
6.45%, 9/15/37		10,000		12,596
4.375%, 11/16/45		4,000		4,047
3.00%, 5/28/51		3,000		2,497
Becton Dickinson and Co., 4.669%, 6/6/47		10,000		9,806
Bristol-Myers Squibb Co.
0.75%, 11/13/25		5,000		4,621
3.40%, 7/26/29		6,000		5,929
1.45%, 11/13/30		20,000		16,788
3.55%, 3/15/42		7,000		6,336
4.25%, 10/26/49		18,000		17,821
Cardinal Health, Inc., 3.41%, 6/15/27		13,000		12,774
Cigna Corp.
3.75%, 7/15/23		6,000		6,062
4.375%, 10/15/28		26,000		26,400
4.80%, 7/15/46		10,000		9,972
4.90%, 12/15/48		4,000		4,005
3.40%, 3/15/51		8,000		6,407
CVS Health Corp.
3.875%, 7/20/25		27,000		27,309
4.30%, 3/25/28		3,000		3,039
3.25%, 8/15/29		19,000		17,916
4.78%, 3/25/38		10,000		10,036
5.125%, 7/20/45		13,000		13,280
5.05%, 3/25/48		8,000		8,161
4.25%, 4/1/50		10,000		9,168


	Principal Amount		Value
Pharmaceuticals (Continued)
Eli Lilly & Co.
2.75%, 6/1/25	$	5,000	$	4,983
3.95%, 3/15/49		5,000		4,993
2.25%, 5/15/50		5,000		3,632
GlaxoSmithKline Capital PLC, 3.375%, 6/1/29		12,000		11,814
GlaxoSmithKline Capital, Inc., 3.875%, 5/15/28		5,000		5,108
Johnson & Johnson
2.625%, 1/15/25		10,000		10,014
5.95%, 8/15/37		10,000		12,365
3.70%, 3/1/46		11,000		10,494
3.50%, 1/15/48		3,000		2,762
2.45%, 9/1/60		5,000		3,572
McKesson Corp., 1.30%, 8/15/26		5,000		4,521
Merck & Co., Inc.
2.15%, 12/10/31		10,000		8,869
3.60%, 9/15/42		10,000		9,188
4.15%, 5/18/43		5,000		4,982
3.70%, 2/10/45		8,000		7,403
4.00%, 3/7/49		3,000		2,921
Novartis Capital Corp.
2.00%, 2/14/27		15,000		14,238
2.75%, 8/14/50		7,000		5,654
Sanofi, 3.625%, 6/19/28		3,000		3,039
Shire Acquisitions Investments Ireland DAC, 2.875%, 9/23/23		8,000		7,978
Zoetis, Inc.
2.00%, 5/15/30		3,000		2,598
4.70%, 2/1/43		2,000		2,042
4.45%, 8/20/48		3,000		2,965

(Cost $554,478)				501,804

Energy — 4.4%
Oil & Gas — 0.4%
Marathon Petroleum Corp.
3.80%, 4/1/28		2,000		1,949
4.50%, 4/1/48		6,000		5,282
Phillips 66
2.15%, 12/15/30		5,000		4,244
5.875%, 5/1/42		5,000		5,649
4.875%, 11/15/44		3,000		3,049
Valero Energy Corp.
2.85%, 4/15/25		2,000		1,963
2.15%, 9/15/27		4,000		3,631
3.65%, 12/1/51		5,000		4,003

(Cost $34,154)				29,770

Oil & Gas Services — 0.5%
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 4.08%, 12/15/47		6,000		5,412
Halliburton Co., 2.92%, 3/1/30		28,000		25,728


	Principal Amount		Value
Oil & Gas Services (Continued)
NOV, Inc., 3.95%, 12/1/42	$	2,000	$	1,582

(Cost $32,031)				32,722

Pipelines — 3.5%
Boardwalk Pipelines LP, 3.40%, 2/15/31		5,000		4,457
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27		10,000		10,315
Enbridge, Inc.
3.70%, 7/15/27		25,000		24,602
3.40%, 8/1/51		5,000		3,981
Enterprise Products Operating LLC
3.95%, 2/15/27		12,000		12,059
2.80%, 1/31/30 (a)		10,000		9,157
3.30%, 2/15/53		25,000		19,274
MPLX LP
1.75%, 3/1/26		15,000		13,772
2.65%, 8/15/30		15,000		13,051
4.90%, 4/15/58		8,000		7,035
ONEOK, Inc.
2.75%, 9/1/24		20,000		19,628
4.35%, 3/15/29		10,000		9,763
5.20%, 7/15/48		5,000		4,740
Sabine Pass Liquefaction LLC
5.00%, 3/15/27		10,000		10,314
4.50%, 5/15/30		5,000		5,001
TransCanada PipeLines Ltd.
4.10%, 4/15/30		2,000		1,980
2.50%, 10/12/31		10,000		8,651
7.625%, 1/15/39		13,000		16,883
4.875%, 5/15/48		3,000		3,039
Transcontinental Gas Pipe Line Co. LLC, 4.60%, 3/15/48		10,000		9,392
Williams Cos., Inc.
4.00%, 9/15/25		1,000		1,005
3.50%, 11/15/30		5,000		4,679
2.60%, 3/15/31		22,000		19,092

(Cost $256,361)				231,870

Financial — 33.2%
Banks — 22.9%
Banco Santander SA, 2.958%, 3/25/31		20,000		17,407
Bank of America Corp.
MTN, 0.81%, 10/24/24		40,000		38,595
0.976%, 4/22/25		25,000		23,838
MTN, 2.015%, 2/13/26		15,000		14,286
MTN, 1.197%, 10/24/26		20,000		18,276
1.734%, 7/22/27		20,000		18,221
MTN, 1.898%, 7/23/31		15,000		12,488
Series N, 2.651%, 3/11/32		10,000		8,736
2.687%, 4/22/32		30,000		26,231
2.299%, 7/21/32		10,000		8,401
MTN, 2.676%, 6/19/41		10,000		7,695
MTN, 4.33%, 3/15/50		8,000		7,727
MTN, 4.083%, 3/20/51		10,000		9,230


	Principal Amount		Value
Banks (Continued)
MTN, 2.831%, 10/24/51	$	10,000	$	7,349
Series N, 3.483%, 3/13/52		18,000		15,166
2.972%, 7/21/52		10,000		7,560
Bank of Montreal, MTN, 1.25%, 9/15/26		15,000		13,525
Bank of New York Mellon Corp.
MTN, 2.20%, 8/16/23		5,000		4,997
MTN, 3.95%, 11/18/25		30,000		30,582
Bank of Nova Scotia
3.40%, 2/11/24		25,000		25,122
4.50%, 12/16/25		5,000		5,101
Barclays PLC, 2.667%, 3/10/32		40,000		33,773
Canadian Imperial Bank of Commerce, 0.95%, 10/23/25		15,000		13,751
Citigroup, Inc.
3.875%, 3/26/25		5,000		5,017
3.30%, 4/27/25		5,000		4,993
4.40%, 6/10/25		10,000		10,126
3.106%, 4/8/26		25,000		24,446
4.45%, 9/29/27		35,000		35,097
4.125%, 7/25/28		20,000		19,700
2.976%, 11/5/30		5,000		4,526
2.666%, 1/29/31		20,000		17,648
2.572%, 6/3/31		20,000		17,390
2.561%, 5/1/32		5,000		4,293
4.75%, 5/18/46		5,000		4,785
4.65%, 7/23/48		5,000		4,998
Citizens Financial Group, Inc., 2.85%, 7/27/26		10,000		9,523
Cooperatieve Rabobank UA, 5.25%, 5/24/41		10,000		11,446
Credit Suisse Group AG, 4.55%, 4/17/26		15,000		15,025
Deutsche Bank AG, 3.70%, 5/30/24 (b)		10,000		10,033
Deutsche Bank AG/New York NY, 3.035%, 5/28/32 (b)		15,000		12,535
Discover Bank, 2.70%, 2/6/30		10,000		8,731
Fifth Third Bancorp, 4.337%, 4/25/33		15,000		14,950
Goldman Sachs Group, Inc.
4.00%, 3/3/24		15,000		15,250
MTN, 3.85%, 7/8/24		10,000		10,163
3.50%, 1/23/25		10,000		10,023
3.50%, 11/16/26		20,000		19,791
1.542%, 9/10/27		25,000		22,554
3.80%, 3/15/30		10,000		9,619
2.615%, 4/22/32		7,000		6,046
2.65%, 10/21/32		20,000		17,194
6.25%, 2/1/41		10,000		11,823
MTN, 4.80%, 7/8/44		5,000		5,050
5.15%, 5/22/45		5,000		5,151
4.75%, 10/21/45		10,000		10,062
HSBC Holdings PLC, 6.10%, 1/14/42		20,000		22,492


	Principal Amount		Value
Banks (Continued)
HSBC USA, Inc., 3.50%, 6/23/24	$	60,000	$	60,239
ING Groep NV, 3.95%, 3/29/27		10,000		9,837
JPMorgan Chase & Co.
3.625%, 5/13/24		15,000		15,206
4.023%, 12/5/24		10,000		10,102
2.083%, 4/22/26		40,000		38,092
3.20%, 6/15/26		10,000		9,902
1.578%, 4/22/27		15,000		13,765
2.739%, 10/15/30		10,000		9,049
2.522%, 4/22/31		30,000		26,528
2.956%, 5/13/31		30,000		26,855
3.109%, 4/22/41		5,000		4,138
3.157%, 4/22/42		5,000		4,137
3.964%, 11/15/48		20,000		18,134
3.109%, 4/22/51		10,000		7,841
3.328%, 4/22/52		12,000		9,775
KeyCorp
MTN, 4.10%, 4/30/28		5,000		4,973
MTN, 2.55%, 10/1/29		5,000		4,458
Lloyds Banking Group PLC, 1.627%, 5/11/27		35,000		31,709
Mitsubishi UFJ Financial Group, Inc.
3.407%, 3/7/24		15,000		15,069
3.287%, 7/25/27		20,000		19,264
4.05%, 9/11/28		12,000		11,856
3.741%, 3/7/29		5,000		4,820
Mizuho Financial Group, Inc., 2.564%, 9/13/31		15,000		12,379
Morgan Stanley
Series F, 3.875%, 4/29/24		15,000		15,311
GMTN, 3.70%, 10/23/24		5,000		5,074
0.79%, 5/30/25		30,000		28,387
MTN, 2.72%, 7/22/25		5,000		4,904
2.188%, 4/28/26		10,000		9,553
MTN, 3.125%, 7/27/26		5,000		4,891
GMTN, 4.35%, 9/8/26		5,000		5,066
GMTN, 2.699%, 1/22/31		30,000		26,940
GMTN, 2.239%, 7/21/32		10,000		8,454
4.30%, 1/27/45		5,000		4,772
4.375%, 1/22/47		15,000		14,568
GMTN, 5.597%, 3/24/51		5,000		5,797
NatWest Group PLC, 1.642%, 6/14/27		30,000		26,938
PNC Financial Services Group, Inc.
3.90%, 4/29/24		20,000		20,289
2.20%, 11/1/24		10,000		9,852
3.45%, 4/23/29		5,000		4,830
Royal Bank of Canada,GMTN, 2.25%, 11/1/24		30,000		29,356
Santander Holdings USA, Inc., 4.40%, 7/13/27		10,000		9,931
Santander UK PLC, 4.00%, 3/13/24		10,000		10,172
State Street Corp., 3.152%, 3/30/31		8,000		7,465


	Principal Amount		Value
Banks (Continued)
Sumitomo Mitsui Financial Group, Inc.
3.784%, 3/9/26	$	5,000	$	4,977
2.632%, 7/14/26		5,000		4,742
3.364%, 7/12/27		30,000		29,141
3.05%, 1/14/42		5,000		4,014
Toronto-Dominion Bank
GMTN, 3.50%, 7/19/23		10,000		10,120
MTN, 1.20%, 6/3/26		10,000		9,100
MTN, 1.25%, 9/10/26		10,000		9,032
Truist Bank, 3.20%, 4/1/24		5,000		5,022
Truist Financial Corp.
MTN, 3.70%, 6/5/25		15,000		15,120
MTN, 1.95%, 6/5/30 (a)		10,000		8,590
US Bancorp
2.40%, 7/30/24		20,000		19,755
Series DMTN, 3.00%, 7/30/29		5,000		4,674
MTN, 1.375%, 7/22/30		6,000		4,926
Westpac Banking Corp.
3.35%, 3/8/27		15,000		14,775
2.15%, 6/3/31		10,000		8,624

(Cost $1,672,650)				1,541,827

Diversified Financial Services — 4.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
2.875%, 8/14/24		20,000		19,358
2.45%, 10/29/26		10,000		8,963
3.30%, 1/30/32		12,000		10,151
Air Lease Corp.
0.80%, 8/18/24		15,000		13,995
1.875%, 8/15/26		15,000		13,414
Ally Financial, Inc., 4.625%, 3/30/25		30,000		30,548
American Express Co.
1.65%, 11/4/26		15,000		13,833
4.05%, 12/3/42		3,000		2,809
BlackRock, Inc., 3.20%, 3/15/27		15,000		14,976
Charles Schwab Corp.
4.625%, 3/22/30		10,000		10,387
1.65%, 3/11/31		10,000		8,241
CME Group, Inc.
3.75%, 6/15/28		8,000		8,059
5.30%, 9/15/43		5,000		5,604
Intercontinental Exchange, Inc.
3.75%, 12/1/25		10,000		10,100
3.00%, 9/15/60		10,000		7,084
Mastercard, Inc.
2.00%, 3/3/25		14,000		13,686
3.80%, 11/21/46		8,000		7,526
Nasdaq, Inc., 1.65%, 1/15/31		8,000		6,459
Nomura Holdings, Inc., 2.679%, 7/16/30		10,000		8,562
ORIX Corp., 3.25%, 12/4/24		5,000		4,990


	Principal Amount		Value
Diversified Financial Services (Continued)
Raymond James Financial, Inc., 4.65%, 4/1/30	$	15,000	$	15,246
Synchrony Financial, 4.375%, 3/19/24		10,000		10,087
Visa, Inc.
3.15%, 12/14/25		5,000		5,018
2.75%, 9/15/27		5,000		4,897
4.15%, 12/14/35		13,000		13,403
3.65%, 9/15/47		4,000		3,690
2.00%, 8/15/50		5,000		3,440

(Cost $301,814)				274,526

Insurance — 2.7%
Aflac, Inc., 3.60%, 4/1/30		5,000		4,900
Allstate Corp., 4.20%, 12/15/46		5,000		4,779
American International Group, Inc.
2.50%, 6/30/25		10,000		9,688
3.40%, 6/30/30		5,000		4,735
4.375%, 6/30/50		3,000		2,897
Arch Capital Group Ltd., 3.635%, 6/30/50		5,000		4,156
Chubb INA Holdings, Inc.
3.35%, 5/3/26		10,000		9,968
4.35%, 11/3/45		5,000		4,930
Equitable Holdings, Inc., 4.35%, 4/20/28		10,000		10,021
Hartford Financial Services Group, Inc., 2.90%, 9/15/51		5,000		3,662
Lincoln National Corp., 3.35%, 3/9/25		13,000		12,934
Manulife Financial Corp., 4.15%, 3/4/26		5,000		5,070
Marsh & McLennan Cos., Inc.
4.375%, 3/15/29		10,000		10,181
2.25%, 11/15/30		5,000		4,353
MetLife, Inc.
4.125%, 8/13/42		6,000		5,679
4.60%, 5/13/46		5,000		5,071
Principal Financial Group, Inc., 2.125%, 6/15/30		10,000		8,496
Progressive Corp.
2.45%, 1/15/27		15,000		14,389
4.125%, 4/15/47		3,000		2,845
Prudential Financial, Inc.
MTN, 2.10%, 3/10/30		8,000		7,079
MTN, 4.60%, 5/15/44		10,000		9,838
3.905%, 12/7/47		12,000		10,857
Travelers Cos., Inc., 3.75%, 5/15/46		9,000		8,001
Voya Financial, Inc., 3.65%, 6/15/26		5,000		4,944
Willis North America, Inc.
2.95%, 9/15/29		5,000		4,498
5.05%, 9/15/48		5,000		4,870

(Cost $199,048)				178,841


	Principal Amount		Value
Real Estate Investment Trusts — 3.5%
Alexandria Real Estate Equities, Inc., 3.375%, 8/15/31	$	20,000	$	18,514
American Tower Corp.
3.80%, 8/15/29		2,000		1,893
2.90%, 1/15/30		20,000		17,698
AvalonBay Communities, Inc., 2.05%, 1/15/32		5,000		4,314
Boston Properties LP
3.125%, 9/1/23		5,000		5,003
3.40%, 6/21/29		10,000		9,313
Brixmor Operating Partnership LP, 3.65%, 6/15/24		10,000		9,954
Crown Castle International Corp.
3.65%, 9/1/27		2,000		1,950
3.80%, 2/15/28		6,000		5,844
2.25%, 1/15/31		16,000		13,435
2.10%, 4/1/31		4,000		3,297
Digital Realty Trust LP, 3.60%, 7/1/29 (a)		6,000		5,655
Equinix, Inc.
2.625%, 11/18/24		25,000		24,497
2.95%, 9/15/51		5,000		3,592
ERP Operating LP, 4.50%, 7/1/44		8,000		7,824
Healthpeak Properties, Inc., 3.00%, 1/15/30		5,000		4,577
Host Hotels & Resorts LP,Series J, 2.90%, 12/15/31		6,000		4,967
Kilroy Realty LP, 2.65%, 11/15/33		8,000		6,389
Kimco Realty Corp., 4.25%, 4/1/45		7,000		6,129
Prologis LP, 4.375%, 2/1/29		20,000		20,440
Realty Income Corp.
3.25%, 1/15/31		5,000		4,697
2.85%, 12/15/32		5,000		4,488
Regency Centers LP, 3.60%, 2/1/27		10,000		9,873
Ventas Realty LP, 4.40%, 1/15/29		12,000		11,916
Welltower, Inc.
3.625%, 3/15/24		10,000		10,052
4.25%, 4/15/28		10,000		10,009
Weyerhaeuser Co., 4.00%, 4/15/30		9,000		8,759

(Cost $258,812)				235,079

Industrial — 7.3%
Aerospace/Defense — 0.1%
Teledyne Technologies, Inc., 1.60%, 4/1/26 (Cost $5,035)		5,000		4,552

Building Materials — 0.7%
Carrier Global Corp.
2.493%, 2/15/27		3,000		2,801
3.577%, 4/5/50		6,000		4,848


	Principal Amount		Value
Building Materials (Continued)
Johnson Controls International PLC, 4.50%, 2/15/47	$	8,000	$	7,498
Martin Marietta Materials, Inc.
3.45%, 6/1/27		3,000		2,909
2.40%, 7/15/31		8,000		6,757
Masco Corp., 2.00%, 10/1/30		5,000		4,095
Owens Corning, 4.30%, 7/15/47		7,000		6,115
Vulcan Materials Co., 3.50%, 6/1/30		10,000		9,422

(Cost $50,719)				44,445

Electrical Components & Equipment — 0.0%
Emerson Electric Co., 2.75%, 10/15/50 (Cost $5,132)		5,000		3,784

Electronics — 0.5%
Agilent Technologies, Inc., 2.30%, 3/12/31		5,000		4,223
Amphenol Corp., 2.20%, 9/15/31		6,000		5,037
Flex Ltd., 4.875%, 5/12/30		3,000		2,960
Fortive Corp., 3.15%, 6/15/26		5,000		4,859
TD SYNNEX Corp., 144A, 1.25%, 8/9/24		10,000		9,415
Vontier Corp., 2.95%, 4/1/31		10,000		8,426

(Cost $39,113)				34,920

Environmental Control — 0.4%
Republic Services, Inc.
2.30%, 3/1/30		5,000		4,391
3.05%, 3/1/50		5,000		3,894
Waste Connections, Inc.
2.60%, 2/1/30		5,000		4,478
2.20%, 1/15/32		5,000		4,232
Waste Management, Inc.
3.15%, 11/15/27		3,000		2,944
1.50%, 3/15/31		10,000		8,223

(Cost $33,595)				28,162

Hand/Machine Tools — 0.1%
Stanley Black & Decker, Inc., 2.30%, 3/15/30 (Cost $10,639)		10,000		8,802

Machinery-Construction & Mining — 0.6%
Caterpillar Financial Services Corp.
0.65%, 7/7/23		7,000		6,871
MTN, 0.45%, 5/17/24		20,000		19,177
MTN, 0.80%, 11/13/25		5,000		4,634
Caterpillar, Inc.
3.803%, 8/15/42		5,000		4,773
3.25%, 9/19/49		7,000		6,072

(Cost $44,107)				41,527


	Principal Amount		Value
Machinery-Diversified — 1.0%
CNH Industrial Capital LLC, 1.875%, 1/15/26	$	7,000	$	6,520
Deere & Co., 3.90%, 6/9/42		8,000		7,792
John Deere Capital Corp.
MTN, 2.05%, 1/9/25		10,000		9,783
MTN, 3.45%, 3/13/25		10,000		10,152
MTN, 2.00%, 6/17/31		7,000		6,096
Otis Worldwide Corp., 3.112%, 2/15/40		15,000		12,277
Rockwell Automation, Inc., 1.75%, 8/15/31		8,000		6,731
Xylem, Inc., 2.25%, 1/30/31		7,000		6,076

(Cost $70,730)				65,427

Miscellaneous Manufacturing — 0.9%
3M Co.
MTN, 3.25%, 2/14/24		5,000		5,048
MTN, 4.00%, 9/14/48		10,000		9,487
Carlisle Cos., Inc., 2.20%, 3/1/32		10,000		8,085
Eaton Corp., 4.15%, 11/2/42		8,000		7,652
Illinois Tool Works, Inc., 3.50%, 3/1/24		10,000		10,123
Parker-Hannifin Corp., 3.25%, 6/14/29		10,000		9,377
Trane Technologies Global Holding Co. Ltd., 4.25%, 6/15/23		10,000		10,133

(Cost $66,591)				59,905

Packaging & Containers — 0.2%
Sonoco Products Co., 3.125%, 5/1/30		2,000		1,807
WRKCo, Inc.
3.00%, 9/15/24		10,000		9,906
3.75%, 3/15/25		5,000		5,020

(Cost $17,872)				16,733

Transportation — 2.7%
Canadian National Railway Co.
2.75%, 3/1/26		5,000		4,884
2.45%, 5/1/50		5,000		3,540
Canadian Pacific Railway Co.
2.90%, 2/1/25		10,000		9,870
2.05%, 3/5/30		9,000		7,885
3.10%, 12/2/51		3,000		2,358
CSX Corp.
2.40%, 2/15/30		15,000		13,454
3.80%, 11/1/46		15,000		13,293
FedEx Corp.
3.25%, 4/1/26		5,000		4,965
4.25%, 5/15/30		5,000		5,004
2.40%, 5/15/31 (a)		5,000		4,355
5.25%, 5/15/50 (a)		15,000		15,471
Kansas City Southern/Old, 3.50%, 5/1/50		5,000		4,108


	Principal Amount		Value
Transportation (Continued)
Norfolk Southern Corp.
2.90%, 8/25/51	$	5,000	$	3,848
4.05%, 8/15/52		16,000		14,652
Ryder System, Inc., MTN, 2.90%, 12/1/26		5,000		4,755
Union Pacific Corp.
2.40%, 2/5/30		11,000		9,952
2.375%, 5/20/31 (a)		10,000		8,899
2.891%, 4/6/36		5,000		4,359
3.839%, 3/20/60		19,000		16,831
3.55%, 5/20/61		5,000		4,180
United Parcel Service, Inc.
2.50%, 9/1/29		10,000		9,235
4.45%, 4/1/30		7,000		7,345
3.75%, 11/15/47		7,000		6,457

(Cost $209,403)				179,700

Trucking & Leasing — 0.1%
GATX Corp., 4.00%, 6/30/30 (Cost $6,914)		6,000		5,783

Technology — 10.8%
Computers — 3.9%
Apple, Inc.
3.00%, 2/9/24		20,000		20,179
2.75%, 1/13/25		10,000		10,022
3.20%, 5/13/25		12,000		12,136
2.45%, 8/4/26		9,000		8,795
3.20%, 5/11/27		10,000		10,026
1.65%, 2/8/31		6,000		5,176
1.70%, 8/5/31 (a)		10,000		8,578
4.45%, 5/6/44		12,000		12,560
3.85%, 8/4/46		15,000		14,453
3.75%, 11/13/47		15,000		14,227
2.95%, 9/11/49		2,000		1,651
2.65%, 2/8/51		10,000		7,762
2.80%, 2/8/61		8,000		6,031
Dell International LLC / EMC Corp.
6.02%, 6/15/26		15,000		15,875
5.30%, 10/1/29		20,000		20,378
Hewlett Packard Enterprise Co.
4.90%, 10/15/25		10,000		10,368
1.75%, 4/1/26		7,000		6,506
6.35%, 10/15/45		3,000		3,241
HP, Inc., 3.40%, 6/17/30		10,000		9,081
International Business Machines Corp.
3.625%, 2/12/24		15,000		15,217
3.50%, 5/15/29		15,000		14,499
1.95%, 5/15/30		10,000		8,611
4.00%, 6/20/42		12,000		11,001
4.25%, 5/15/49		5,000		4,691
NetApp, Inc., 1.875%, 6/22/25		5,000		4,739
Western Digital Corp., 2.85%, 2/1/29		5,000		4,293

(Cost $280,987)				260,096


	Principal Amount		Value
Office/Business Equipment — 0.1%
CDW LLC / CDW Finance Corp., 4.125%, 5/1/25 (Cost $10,198)	$	10,000	$	9,906

Semiconductors — 2.3%
Analog Devices, Inc., 2.95%, 10/1/51		5,000		4,029
Applied Materials, Inc.
4.35%, 4/1/47		3,000		3,071
2.75%, 6/1/50		3,000		2,340
Intel Corp.
3.70%, 7/29/25		15,000		15,273
2.60%, 5/19/26		10,000		9,795
3.15%, 5/11/27 (a)		6,000		5,976
4.10%, 5/11/47		12,000		11,327
3.05%, 8/12/51		6,000		4,749
3.10%, 2/15/60		7,000		5,333
4.95%, 3/25/60 (a)		7,000		7,528
Lam Research Corp.
4.875%, 3/15/49		2,000		2,127
2.875%, 6/15/50		5,000		3,886
Marvell Technology, Inc., 1.65%, 4/15/26		6,000		5,468
Micron Technology, Inc., 2.703%, 4/15/32		10,000		8,397
NVIDIA Corp.
2.85%, 4/1/30		12,000		11,291
3.70%, 4/1/60		4,000		3,543
NXP BV / NXP Funding LLC / NXP USA, Inc.
3.15%, 5/1/27		5,000		4,786
2.50%, 5/11/31		12,000		10,113
QUALCOMM, Inc.
3.45%, 5/20/25		5,000		5,060
1.65%, 5/20/32		10,000		8,270
3.25%, 5/20/50 (a)		5,000		4,266
Texas Instruments, Inc., 4.15%, 5/15/48		5,000		5,033
TSMC Arizona Corp., 2.50%, 10/25/31		12,000		10,524

(Cost $172,581)				152,185

Software — 4.5%
Activision Blizzard, Inc.
3.40%, 9/15/26		7,000		6,999
2.50%, 9/15/50		2,000		1,486
Adobe, Inc., 2.15%, 2/1/27		7,000		6,684
Autodesk, Inc., 2.40%, 12/15/31		5,000		4,255
Broadridge Financial Solutions, Inc., 2.60%, 5/1/31		5,000		4,329
Electronic Arts, Inc., 1.85%, 2/15/31		5,000		4,167
Fidelity National Information Services, Inc., 2.25%, 3/1/31		7,000		5,876
Fiserv, Inc.
4.20%, 10/1/28		15,000		14,863
3.50%, 7/1/29		10,000		9,411


	Principal Amount		Value
Software (Continued)
Microsoft Corp.
2.00%, 8/8/23	$	10,000	$	10,014
2.40%, 8/8/26		10,000		9,806
3.30%, 2/6/27		15,000		15,184
3.50%, 2/12/35		10,000		9,827
3.70%, 8/8/46		8,000		7,798
2.525%, 6/1/50		11,000		8,552
2.921%, 3/17/52		20,000		16,684
3.95%, 8/8/56		2,000		1,972
2.675%, 6/1/60		5,000		3,829
3.041%, 3/17/62		3,000		2,464
Oracle Corp.
3.40%, 7/8/24		10,000		9,991
2.50%, 4/1/25		15,000		14,463
2.95%, 5/15/25		5,000		4,876
2.80%, 4/1/27		5,000		4,656
2.95%, 4/1/30		9,000		7,880
2.875%, 3/25/31		17,000		14,516
4.30%, 7/8/34		20,000		18,387
4.00%, 7/15/46		10,000		7,828
4.00%, 11/15/47		10,000		7,849
3.60%, 4/1/50		7,000		5,073
3.95%, 3/25/51		10,000		7,691
3.85%, 4/1/60		10,000		7,185
4.10%, 3/25/61		8,000		6,012
Roper Technologies, Inc., 3.80%, 12/15/26		13,000		12,988
Salesforce, Inc.
0.625%, 7/15/24		10,000		9,558
3.70%, 4/11/28		5,000		5,068
3.05%, 7/15/61		8,000		6,184
VMware, Inc.
4.70%, 5/15/30		6,000		5,955
2.20%, 8/15/31		5,000		4,059

(Cost $350,299)				304,419

Utilities — 8.2%
Electric — 5.7%
Avangrid, Inc., 3.20%, 4/15/25		15,000		14,830
Baltimore Gas and Electric Co.
3.50%, 8/15/46		15,000		12,865
2.90%, 6/15/50		11,000		8,481
CenterPoint Energy Houston Electric LLC
Series Z, 2.40%, 9/1/26		5,000		4,798
Series AC, 4.25%, 2/1/49		7,000		6,899
Series AF, 3.35%, 4/1/51		5,000		4,269
Commonwealth Edison Co.
2.55%, 6/15/26		15,000		14,556
2.20%, 3/1/30		20,000		17,755
4.00%, 3/1/48		5,000		4,777
3.00%, 3/1/50		6,000		4,763
Series 130, 3.125%, 3/15/51		15,000		12,200
Connecticut Light and Power Co., Series A, 2.05%, 7/1/31		10,000		8,629
Consolidated Edison Co. of New York, Inc.
Series 20A, 3.35%, 4/1/30		10,000		9,578


	Principal Amount		Value
Electric (Continued)
2.40%, 6/15/31	$	12,000	$	10,554
Series 20B, 3.95%, 4/1/50		19,000		17,418
3.20%, 12/1/51		5,000		3,987
4.625%, 12/1/54		5,000		4,861
Series C, 3.00%, 12/1/60		5,000		3,599
3.60%, 6/15/61		10,000		8,235
Entergy Mississippi LLC, 3.50%, 6/1/51		5,000		4,233
Entergy Texas, Inc., 1.75%, 3/15/31		10,000		8,326
Eversource Energy
Series N, 3.80%, 12/1/23		15,000		15,162
Series L, 2.90%, 10/1/24		15,000		14,921
3.45%, 1/15/50		13,000		10,396
Exelon Corp., 3.40%, 4/15/26		10,000		9,871
ITC Holdings Corp., 3.35%, 11/15/27		10,000		9,730
National Rural Utilities Cooperative Finance Corp.
Series D, 1.00%, 10/18/24		10,000		9,530
2.75%, 4/15/32		10,000		9,009
NSTAR Electric Co., 3.10%, 6/1/51		2,000		1,572
Ohio Power Co., Series Q, 1.625%, 1/15/31		15,000		12,321
Oncor Electric Delivery Co. LLC
0.55%, 10/1/25		12,000		10,971
2.75%, 5/15/30		12,000		11,118
3.10%, 9/15/49		14,000		11,400
PECO Energy Co., 3.05%, 3/15/51		7,000		5,594
PPL Electric Utilities Corp., 3.00%, 10/1/49		10,000		7,887
Public Service Electric and Gas Co.
MTN, 2.25%, 9/15/26		5,000		4,748
MTN, 1.90%, 8/15/31		15,000		12,782
MTN, 3.80%, 3/1/46		13,000		11,830
MTN, 2.05%, 8/1/50		5,000		3,269
San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/1/30		10,000		8,419
Series RRR, 3.75%, 6/1/47		10,000		8,918
Sempra Energy, 3.40%, 2/1/28		8,000		7,776

(Cost $444,165)				382,837

Gas — 1.6%
Atmos Energy Corp.
3.00%, 6/15/27		7,000		6,820
1.50%, 1/15/31		6,000		4,940
3.375%, 9/15/49		8,000		6,726
2.85%, 2/15/52		4,000		3,010
ONE Gas, Inc., 2.00%, 5/15/30		16,000		13,635
Piedmont Natural Gas Co., Inc., 2.50%, 3/15/31		20,000		17,344


	Principal Amount		Value
Gas (Continued)
Southern California Gas Co.
3.20%, 6/15/25	$	10,000	$	9,960
Series TT, 2.60%, 6/15/26		10,000		9,650
Series XX, 2.55%, 2/1/30		10,000		9,026
Series VV, 4.30%, 1/15/49		20,000		19,024
Southwest Gas Corp., 3.18%, 8/15/51		8,000		5,814

(Cost $123,897)				105,949

Water — 0.9%
American Water Capital Corp.
3.40%, 3/1/25		10,000		10,041
2.95%, 9/1/27		10,000		9,607
2.80%, 5/1/30		2,000		1,822
2.30%, 6/1/31		10,000		8,664
3.45%, 5/1/50		11,000		9,163
3.25%, 6/1/51		13,000		10,471
Essential Utilities, Inc.
2.40%, 5/1/31		8,000		6,848
3.351%, 4/15/50		5,000		3,918

(Cost $74,787)				60,534

TOTAL CORPORATE BONDS (Cost $7,370,099)				6,626,725


	Number of Shares
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.68% (c)(d) (Cost $30,582)		30,582		30,582

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 0.72% (c) (Cost $19,380)		19,380		19,380


TOTAL INVESTMENTS — 99.5% (Cost $7,420,061)			$	6,676,687
Other assets and liabilities, net — 0.5%				35,972

NET ASSETS — 100.0%			$	6,712,659

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2022 is as follows:



Average Annual Total Return

	Net Asset Value	Market Value	Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/ Maturity Neutral Index²	Bloomberg US Aggregate Bond Index
One Year	-10.36%	-10.19%	-10.30%	-8.22%
Five Year	-1.17%	-1.37%	-2.01%	1.18%
Since Inception¹	-0.31%	-0.31%	-0.90%	1.47%

Cumulative Total Returns

	Net Asset Value	Market Value	Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/ Maturity Neutral Index²	Bloomberg US Aggregate Bond Index
One Year	-10.36%	-10.19%	-10.30%	-8.22%
Five Year	-5.71%	-6.68%	-9.67%	6.02%
Since Inception¹	-2.25%	-2.25%	-6.33%	11.15%



Average Annual Total Return

	Net Asset Value	Market Value	J.P. Morgan ESG EMBI Global Diversified Sovereign Index²	J.P. Morgan EMBI Global Diversified Sovereign Index
One Year	-16.16%	-16.39%	-16.30%	-16.11%
Five Year	-2.04%	-2.06%	-3.33%	-0.23%
Since Inception¹	0.13%	0.14%	-0.89%	1.91%

Cumulative Total Returns

	Net Asset Value	Market Value	J.P. Morgan ESG EMBI Global Diversified Sovereign Index²	J.P. Morgan EMBI Global Diversified Sovereign Index
One Year	-16.16%	-16.39%	-16.30%	-16.11%
Five Year	-9.75%	-9.89%	-15.58%	-1.15%
Since Inception¹	0.98%	1.00%	-6.27%	14.67%



Average Annual Total Return

	Net Asset Value	Market Value	J.P. Morgan ESG DM Corporate High Yield USD Index²	Baseline JESG DM Corporate HY USD Index
One Year	-4.90%	-4.67%	-4.62%	-4.66%
Five Year	1.98%	1.95%	0.92%	3.59%
Since Inception¹	2.17%	2.18%	1.67%	4.35%

Cumulative Total Returns

	Net Asset Value	Market Value	J.P. Morgan ESG DM Corporate High Yield USD Index²	Baseline JESG DM Corporate HY USD Index
One Year	-4.90%	-4.67%	-4.62%	-4.66%
Five Year	10.29%	10.16%	4.71%	19.27%
Since Inception¹	16.86%	16.91%	12.76%	36.19%



Average Annual Total Return

	Net Asset Value	Market Value	Solactive Municipal Infrastructure Revenue Bond Index	S&P Municipal Bond Revenue Index
One Year	-9.87%	-10.58%	-9.46%	-6.67%
Five Year	1.93%	1.87%	2.38%	2.07%
Since Inception¹	3.15%	3.08%	3.48%	2.92%

Cumulative Total Returns

	Net Asset Value	Market Value	Solactive Municipal Infrastructure Revenue Bond Index	S&P Municipal Bond Revenue Index
One Year	-9.87%	-10.58%	-9.46%	-6.67%
Five Year	10.04%	9.73%	12.47%	10.79%
Since Inception¹	32.22%	31.42%	36.00%	29.56%



Average Annual Total Return

	Net Asset Value	Market Value	MSCI ACWI ex USA High Dividend Yield Index	MSCI ACWI ex US Index
One Year	-3.61%	-4.11%	-3.47%	-12.31%
Five Year	3.05%	3.00%	3.08%	4.42%
Since Inception¹	3.71%	3.65%	3.87%	4.59%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI ACWI ex USA High Dividend Yield Index	MSCI ACWI ex US Index
One Year	-3.61%	-4.11%	-3.47%	-12.31%
Five Year	16.18%	15.92%	16.36%	24.16%
Since Inception¹	28.14%	27.63%	29.47%	35.70%


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF		6
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		8
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		10
Xtrackers Municipal Infrastructure Revenue Bond ETF		12
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		14
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		16
Fees and Expenses		18
Schedule of Investments
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF		19
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		31
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		36
Xtrackers Municipal Infrastructure Revenue Bond ETF		53
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		61
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		68
Statements of Assets and Liabilities		72
Statements of Operations		74
Statements of Changes in Net Assets		76
Financial Highlights		79
Notes to Financial Statements		82
Report of Independent Registered Public Accounting Firm		93
Liquidity Risk Management		94
Board Considerations in Approval of Investment Advisory Contracts		95
Board Members and Officers		98
Additional Information		101


United States			87.3%
Canada			3.8%
United Kingdom			3.3%
Other			5.6%

Total			100.0%


Airport			31.8%
Transportation			31.4%
Water			14.3%
General			8.7%
Power			8.6%
Utilities			3.1%
Development			2.1%

Total			100.0%


Description	% of Net Assets
Novartis AG (Switzerland)		4.9%
BHP Group Ltd. (Australia)		4.0%
Unilever PLC (United Kingdom)		3.1%
Sanofi (France)		3.0%
GSK PLC (United Kingdom)		2.7%
British American Tobacco PLC (United Kingdom)		2.4%
Allianz SE (Germany)		2.1%
Rio Tinto PLC (United Kingdom)		2.0%
Vale SA (Brazil)		1.8%
China Construction Bank Corp. (China)		1.8%


Ten Largest Equity Holdings as of May 31, 2022 (38.8% of Net Assets)


	Beginning Account Value December 1, 2021		Ending Account Value May 31, 2022		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF
Actual	$	1,000.00	$	879.90		0.15	%	$	0.70
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.18		0.15	%	$	0.76
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
Actual	$	1,000.00	$	857.60		0.35	%	$	1.62
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.19		0.35	%	$	1.77
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
Actual	$	1,000.00	$	943.60		0.20	%	$	0.97
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.93		0.20	%	$	1.01
Xtrackers Municipal Infrastructure Revenue Bond ETF
Actual	$	1,000.00	$	893.00		0.15	%	$	0.71
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.18		0.15	%	$	0.76
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Actual	$	1,000.00	$	1,042.30		0.20	%	$	1.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.93		0.20	%	$	1.01
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Actual	$	1,000.00	$	1,065.50		0.20	%	$	1.03
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.93		0.20	%	$	1.01


	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 5/31/2022		Value ($) at 5/31/2022
CORPORATE BONDS — 0.3%
Financial — 0.3%
Deutsche Bank AG, 3.70%, 5/30/24 (b)
		10,805		35		—			—		(807	)		370		—		10,000		10,033
Deutsche Bank AG/New York NY, 3.04%, 5/28/32 (b)
		—		15,093		—			—		(2,558	)		244		—		15,000		12,535

SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.68% (c)(d)
		41,760		—		(11,178	) (e)		—		—			27		—		30,582		30,582

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 0.72% (c)
		108,903		455,202		(544,725)			—		—			34		—		19,380		19,380

		161,468		470,330		(555,903	)		—		(3,365	)		675		—		74,962		72,530