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.

* 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:

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 May 31, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.


	Principal Amount		Value
SOVEREIGN BONDS — 97.6%
Angola — 1.0%
Angolan Government International Bond, REGS, 8.00%, 11/26/29 (Cost $202,560)	$	200,000	$	187,500

Argentina — 2.1%
Argentine Republic Government International Bond 1.00%, 7/9/29		55,589		16,593
Step Up Coupon, 0.50% to 7/9/23, 0.75% to 7/9/27, 1.75% to 7/9/30		341,076		100,618
Step Up Coupon, 1.125% to 7/9/22, 1.50% to 7/9/23, 3.625% to 7/9/24, 4.125% to 7/9/27, 4.75% to 7/9/28, 5.00% to 7/9/35		434,008		119,135
Step Up Coupon, 2.00% to 7/9/22, 3.85% to 7/9/23, 4.25% to 7/9/24, 5.00% to 7/9/38		241,407		84,613
Step Up Coupon, 2.50% to 7/9/22, 3.50% to 7/9/29, 4.875% to 7/9/41		222,501		72,535
Step Up Coupon, 1.125% to 7/9/22, 1.50% to 7/9/23, 3.625% to 7/9/24, 4.125% to 7/9/27, 4.375% to 7/9/28, 5.00% to 7/9/46		44,000		12,540

(Cost $639,002)				406,034

Armenia — 1.0%
Republic of Armenia International Bond, REGS, 7.15%, 3/26/25 (Cost $214,305)		200,000		198,975

Azerbaijan — 1.0%
Republic of Azerbaijan International Bond, REGS, 4.75%, 3/18/24 (Cost $210,611)		200,000		200,538

Bahrain — 2.0%
Bahrain Government International Bond REGS, 7.00%, 1/26/26		200,000		212,031
REGS, 6.00%, 9/19/44		200,000		166,429

(Cost $422,037)				378,460

Bolivia — 0.3%
Bolivian Government International Bond, REGS, 4.50%, 3/20/28 (Cost $64,168)		75,000		61,455

Brazil — 3.6%
Brazilian Government International Bond 4.625%, 1/13/28		200,000		195,740
4.50%, 5/30/29		100,000		94,937
3.875%, 6/12/30 (a)		175,000		156,853
8.25%, 1/20/34		45,000		52,342
7.125%, 1/20/37		50,000		54,245
5.625%, 1/7/41		50,000		44,431
5.00%, 1/27/45		71,000		56,854
5.625%, 2/21/47		50,000		42,931

(Cost $789,539)				698,333


	Principal Amount		Value
Cayman Islands — 0.9%
Sharjah Sukuk Program Ltd., REGS, 3.20%, 7/13/31
(Cost $199,655)	$	200,000	$	181,537

Chile — 2.7%
Chile Government International Bond 2.55%, 7/27/33		150,000		128,100
3.10%, 5/7/41		150,000		121,537
4.34%, 3/7/42		150,000		140,738
3.86%, 6/21/47		150,000		132,823

(Cost $619,465)				523,198

China — 1.1%
China Government International Bond, REGS, 3.50%, 10/19/28
(Cost $229,682)		200,000		205,065

Colombia — 2.2%
Colombia Government International Bond 8.125%, 5/21/24		25,000		26,801
3.875%, 4/25/27		75,000		70,218
3.25%, 4/22/32		100,000		80,500
6.125%, 1/18/41		50,000		45,478
5.625%, 2/26/44		124,000		104,489
5.00%, 6/15/45		125,000		97,704

(Cost $532,127)				425,190

Costa Rica — 2.0%
Costa Rica Government International Bond
REGS, 4.25%, 1/26/23		200,000		201,252
REGS, 6.125%, 2/19/31 (a)		100,000		97,688
REGS, 7.158%, 3/12/45		100,000		94,423

(Cost $375,102)				393,363

Croatia — 1.1%
Croatia Government International Bond, REGS, 6.00%, 1/26/24
(Cost $217,372)		200,000		207,158

Dominican Republic — 3.3%
Dominican Republic International Bond
REGS, 6.875%, 1/29/26		100,000		103,750
REGS, 6.00%, 7/19/28		100,000		98,518
REGS, 4.50%, 1/30/30		100,000		87,970
REGS, 5.30%, 1/21/41		150,000		118,620
REGS, 7.45%, 4/30/44		150,000		144,285
REGS, 6.85%, 1/27/45		100,000		90,109

(Cost $718,380)				643,252

Ecuador — 2.2%
Ecuador Government International Bond
REGS, 7/31/30, Zero Coupon		36,000		19,956
Step Up Coupon, 144A, 5.00% to 7/31/22, 5.50% to 7/31/23, 6.00% to 7/31/24, 6.90% to 7/31/30		140,000		116,536
Step Up Coupon, 144A, 1.00% to 7/31/22, 2.50% to 7/31/23, 3.50% to 7/31/24, 5.50% to 7/31/25, 6.90% to 7/31/35		252,000		162,139


	Principal Amount		Value
Ecuador (Continued)
Step up Coupon, REGS, 1.00% to 7/31/22, 2.50% to 7/31/23, 3.50% to 7/31/24, 5.50% to 7/31/25, 6.90% to 7/31/35	$	70,000	$	45,039
Step Up Coupon, 144A, 0.50% to 7/31/22, 1.50% to 7/31/23, 2.50% to 7/31/24, 5.00% to 7/31/26, 5.50% to 7/31/27, 6.00% to 7/31/28, 6.50% to 7/31/29, 6.90% to 7/31/40		119,000		65,462
Step up Coupon, REGS, 0.50% to 7/31/22, 1.50% to 7/31/23, 2.50% to 7/31/24, 5.00% to 7/31/26, 5.50% to 7/31/27, 6.00% to 7/31/28, 6.50% to 7/31/29, 6.90% to 7/31/40		10,000		5,501

(Cost $414,242)				414,633

Egypt — 2.7%
Egypt Government International Bond
REGS, 7.50%, 1/31/27		200,000		183,500
REGS, 7.600%, 3/1/29		200,000		174,000
REGS, 5.875%, 2/16/31		200,000		152,250

(Cost $560,303)				509,750

El Salvador — 0.5%
El Salvador Government International Bond
REGS, 6.375%, 1/18/27		40,000		15,973
REGS, 8.625%, 2/28/29		60,000		24,099
REGS, 7.65%, 6/15/35		130,000		51,877

(Cost $198,547)				91,949

Gabon — 1.0%
Gabon Government International Bond, REGS, 6.95%, 6/16/25
(Cost $198,505)		200,000		191,993

Ghana — 1.5%
Ghana Government International Bond
REGS, 10.75%, 10/14/30		200,000		183,000
REGS, 7.875%, 2/11/35		200,000		104,621

(Cost $438,689)				287,621

Guatemala — 0.6%
Guatemala Government Bond
REGS, 4.90%, 6/1/30		75,000		71,884
REGS, 6.125%, 6/1/50		50,000		46,486

(Cost $143,658)				118,370

Hungary — 1.7%
Hungary Government International Bond 5.75%, 11/22/23		60,000		61,794
5.375%, 3/25/24		90,000		92,550
7.625%, 3/29/41		24,000		29,701
REGS, 3.125%, 9/21/51		200,000		136,313

(Cost $394,837)				320,358

Indonesia — 3.2%
Indonesia Government International Bond 3.85%, 10/15/30 (a)		50,000		49,420
REGS, 8.50%, 10/12/35		150,000		199,039


	Principal Amount		Value
Indonesia (Continued)
REGS, 6.625%, 2/17/37	$	150,000	$	173,278
REGS, 7.75%, 1/17/38		150,000		189,282

(Cost $723,138)				611,019

Ivory Coast (Cote D’Ivoire) — 0.6%
Ivory Coast Government International Bond, Coupon Series REGS, 5.75%, 12/31/32
(Cost $129,988)		131,389		123,825

Jamaica — 1.6%
Jamaica Government International Bond 6.75%, 4/28/28		181,000		193,683
7.875%, 7/28/45		93,000		108,261

(Cost $311,671)				301,944

Jordan — 1.0%
Jordan Government International Bond, REGS, 5.75%, 1/31/27
(Cost $205,371)		200,000		190,659

Kazakhstan — 1.1%
Kazakhstan Government International Bond, REGS, 6.50%, 7/21/45
(Cost $293,532)		200,000		216,500

Kenya — 0.9%
Republic of Kenya Government International Bond, REGS, 7.25%, 2/28/28
(Cost $198,893)		200,000		176,000

Kuwait — 1.1%
Kuwait International Government Bond, REGS, 3.50%, 3/20/27
(Cost $214,428)		200,000		204,600

Malaysia — 0.4%
Malaysia Wakala Sukuk Bhd, REGS, 2.07%, 4/28/31
(Cost $81,567)		80,000		72,209

Mexico — 3.1%
Mexico Government International Bond 3.25%, 4/16/30 (a)		100,000		92,050
MTN, 8.30%, 8/15/31		50,000		64,938
Series A, MTN, 7.50%, 4/8/33		50,000		62,525
Series A, MTN, 6.75%, 9/27/34		40,000		46,270
6.05%, 1/11/40		76,000		80,028
MTN, 4.75%, 3/8/44		90,000		81,180
5.55%, 1/21/45 (a)		40,000		39,640
4.60%, 1/23/46		25,000		21,788
4.60%, 2/10/48		50,000		43,175
4.50%, 1/31/50		25,000		21,300
GMTN, 5.75%, 10/12/10		40,000		36,880

(Cost $673,952)				589,774

Mongolia — 1.1%
Mongolia Government International Bond, REGS, 8.75%, 3/9/24
(Cost $214,414)		200,000		206,085


	Principal Amount		Value
Morocco — 0.9%
Morocco Government International Bond, REGS, 5.50%, 12/11/42
(Cost $245,611)	$	200,000	$	170,049

Oman — 3.1%
Oman Government International Bond
REGS, 5.375%, 3/8/27		200,000		201,000
REGS, 5.625%, 1/17/28		200,000		202,000
REGS, 6.75%, 1/17/48		200,000		187,000

(Cost $527,851)				590,000

Panama — 4.2%
Panama Government International Bond 3.75%, 3/16/25		50,000		50,261
7.125%, 1/29/26		100,000		111,182
3.875%, 3/17/28		150,000		147,198
9.375%, 4/1/29		25,000		31,706
6.70%, 1/26/36		100,000		113,792
4.30%, 4/29/53		50,000		42,673
4.50%, 4/1/56		150,000		129,205
3.87%, 7/23/60		175,000		134,349
4.50%, 1/19/63		50,000		42,138

(Cost $982,946)				802,504

Paraguay — 0.9%
Paraguay Government International Bond, REGS, 3.849%, 6/28/33
(Cost $176,500)		200,000		176,650

Peru — 3.2%
Peruvian Government International Bond 7.35%, 7/21/25		25,000		27,485
4.125%, 8/25/27		25,000		25,068
2.783%, 1/23/31		100,000		88,597
8.75%, 11/21/33		100,000		132,785
3.00%, 1/15/34		100,000		86,050
6.55%, 3/14/37		40,000		46,211
3.30%, 3/11/41		75,000		60,919
5.625%, 11/18/50		71,000		79,049
2.78%, 12/1/60		115,000		78,874

(Cost $770,847)				625,038

Philippines — 4.1%
Philippine Government International Bond 5.50%, 3/30/26		25,000		26,712
3.00%, 2/1/28		100,000		96,687
3.75%, 1/14/29		100,000		99,562
9.50%, 2/2/30		218,000		289,259
3.95%, 1/20/40		50,000		46,500
3.70%, 3/1/41		100,000		89,750
3.70%, 2/2/42		150,000		134,250

(Cost $905,908)				782,720

Poland — 1.6%
Republic of Poland Government International Bond, 3.25%, 4/6/26
(Cost $320,406)		300,000		299,137


	Principal Amount		Value
Qatar — 4.0%
Qatar Government International Bond
REGS, 4.00%, 3/14/29	$	200,000	$	208,125
144A, 9.75%, 6/15/30		100,000		143,750
144A, 6.40%, 1/20/40		50,000		62,687
REGS, 6.40%, 1/20/40		100,000		125,375
REGS, 5.103%, 4/23/48		200,000		222,250

(Cost $866,285)				762,187

Romania — 2.6%
Romanian Government International Bond
REGS, 4.375%, 8/22/23		100,000		100,620
REGS, 4.875%, 1/22/24 (a)		100,000		101,100
REGS, 3.00%, 2/14/31		100,000		84,454
144A, 6.125%, 1/22/44		70,000		71,186
REGS, 5.125%, 6/15/48 (a)		90,000		81,859
REGS, 4.00%, 2/14/51		90,000		69,509

(Cost $607,102)				508,728

Russia — 0.8%
Russian Foreign Bond—Eurobond
REGS, 4.75%, 5/27/26 (b)		200,000		42,500
144A, 4.375%, 3/21/29 (b)		200,000		37,000
REGS, 4.375%, 3/21/29 (b)		200,000		37,000
REGS, 5.10%, 3/28/35 (b)		200,000		35,000

(Cost $883,435)				151,500

Saudi Arabia — 5.5%
KSA Sukuk Ltd.
REGS, 2.25%, 5/17/31		300,000		271,125
Saudi Government International Bond
REGS, 4.375%, 4/16/29		200,000		210,250
REGS, 2.75%, 2/3/32		200,000		187,000
REGS, 2.25%, 2/2/33		200,000		176,125
REGS, 5.00%, 4/17/49		200,000		207,750

(Cost $1,183,834)				1,052,250

Senegal — 0.9%
Senegal Government International Bond, REGS, 6.25%, 5/23/33
(Cost $199,533)		200,000		174,500

South Africa — 2.9%
Republic of South Africa Government International Bond 4.85%, 9/27/27		175,000		171,188
4.30%, 10/12/28		200,000		185,400
5.65%, 9/27/47		150,000		121,697
6.30%, 6/22/48		100,000		87,622

(Cost $589,109)				565,907

Sri Lanka — 0.8%
Sri Lanka Government International Bond
REGS, 6.85%, 3/14/24		100,000		38,750
144A, 7.85%, 3/14/29		150,000		58,687
REGS, 7.55%, 3/28/30		150,000		58,688

(Cost $314,103)				156,125


	Principal Amount		Value
Trinidad and Tobago — 1.0%
Trinidad & Tobago Government International Bond, REGS, 4.50%, 8/4/26 (a)
(Cost $206,856)	$	200,000	$	193,416

Turkey — 2.7%
Turkey Government International Bond 5.75%, 3/22/24		25,000		24,059
7.375%, 2/5/25		55,000		53,533
4.25%, 4/14/26		25,000		21,430
4.875%, 10/9/26		100,000		86,143
5.125%, 2/17/28		85,000		70,893
11.875%, 1/15/30		100,000		115,077
8.00%, 2/14/34		75,000		71,017
6.875%, 3/17/36		50,000		41,203
7.25%, 3/5/38		50,000		42,576

(Cost $600,001)				525,931

Ukraine — 1.1%
Ukraine Government International Bond
REGS, 7.75%, 9/1/25		100,000		37,688
REGS, 7.75%, 9/1/27		250,000		99,000
REGS, 9.75%, 11/1/28		200,000		80,000

(Cost $583,867)				216,688

United Arab Emirates — 3.0%
Abu Dhabi Government International Bond
REGS, 3.125%, 10/11/27		200,000		200,742
REGS, 4.125%, 10/11/47		200,000		195,933
REGS, 3.875%, 4/16/50		200,000		189,544

(Cost $700,595)				586,219

Uruguay — 4.0%
Uruguay Government International Bond 4.50%, 8/14/24 (a)		52,000		53,135
4.375%, 10/27/27		77,000		80,033
4.375%, 1/23/31		124,000		129,728
7.875%, 1/15/33		42,000		53,971


	Principal Amount		Value
Uruguay (Continued)
7.625%, 3/21/36	$	54,000	$	70,040
4.125%, 11/20/45		37,000		36,034
5.10%, 6/18/50		201,000		214,838
4.975%, 4/20/55		132,000		138,865

(Cost $877,466)				776,644

Uzbekistan — 1.0%
Republic of Uzbekistan International Bond, REGS, 4.75%, 2/20/24
(Cost $208,835)		200,000		197,668

Zambia — 0.7%
Zambia Government International Bond, REGS, 8.97%, 7/30/27 (b)
(Cost $99,316)		200,000		137,655

TOTAL SOVEREIGN BONDS
(Cost $22,680,146)				18,788,863


	Number of Shares
SECURITIES LENDING COLLATERAL — 2.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.68% (c)(d)
(Cost $482,208)		482,208		482,208

CASH EQUIVALENTS — 0.9%
DWS Government Money Market Series “Institutional Shares”, 0.72% (c)
(Cost $166,057)		166,057		166,057


TOTAL INVESTMENTS — 101.0% (Cost $23,328,411)			$	19,437,128
Other assets and liabilities, net — (1.0%)				(201,293	)

NET ASSETS — 100.0%			$	19,235,835

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


	Principal Amount		Value
CORPORATE BONDS — 97.9%
Basic Materials — 5.6%
Chemicals — 2.7%
Ashland LLC, 6.875%, 5/15/43	$	10,000	$	10,725
ASP Unifrax Holdings, Inc., 144A, 5.25%, 9/30/28		30,000		27,181
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		10,000		8,832
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 144A, 4.75%, 6/15/27		10,000		9,575
Cerdia Finanz GmbH, 144A, 10.50%, 2/15/27		17,000		15,050
Chemours Co., 144A, 5.75%, 11/15/28		25,000		24,728
Consolidated Energy Finance SA, 144A, 5.625%, 10/15/28		21,000		19,320
Cornerstone Chemical Co., 144A, 6.75%, 8/15/24		10,000		9,250
CVR Partners LP / CVR Nitrogen Finance Corp., 144A, 6.125%, 6/15/28		12,000		11,520
Diamond BC BV, 144A, 4.625%, 10/1/29		10,000		8,550
Element Solutions, Inc., 144A, 3.875%, 9/1/28		21,000		19,011
EverArc Escrow SARL, 144A, 5.00%, 10/30/29		10,000		8,650
HB Fuller Co., 4.25%, 10/15/28		21,000		19,734
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 144A, 9.00%, 7/1/28		12,000		10,740
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		15,000		13,800
LSF11 A5 HoldCo LLC, 144A, 6.625%, 10/15/29		10,000		8,600
Methanex Corp. 5.25%, 12/15/29		30,000		28,890
5.65%, 12/1/44		10,000		8,050
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		50,000		49,578
144A,5.25%, 6/1/27		20,000		19,514
Olympus Water US Holding Corp. 144A, 4.25%, 10/1/28		20,000		18,273
144A,6.25%, 10/1/29		20,000		16,100
Rain CII Carbon LLC / CII Carbon Corp., 144A, 7.25%, 4/1/25		10,000		9,650
Rayonier AM Products, Inc., 144A, 5.50%, 6/1/24 (a)		20,000		19,950
SCIH Salt Holdings, Inc., 144A, 6.625%, 5/1/29		30,000		26,922
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 144A, 5.375%, 9/1/25		15,000		14,325
144A,5.125%, 4/1/29		10,000		8,450
Tronox, Inc., 144A, 4.625%, 3/15/29		35,000		32,288


	Principal Amount		Value
Chemicals (Continued)
Valvoline, Inc. 144A, 4.25%, 2/15/30	$	22,000	$	20,158
144A,3.625%, 6/15/31		10,000		8,922
Venator Finance Sarl / Venator Materials LLC, 144A, 5.75%, 7/15/25		10,000		8,500
Vibrantz Technologies, Inc., 144A, 9.00%, 2/15/30		15,000		11,475
WR Grace Holdings LLC 144A, 5.625%, 10/1/24		20,000		20,000
144A, 4.875%, 6/15/27		15,000		14,059
144A, 5.625%, 8/15/29		30,000		24,684

(Cost $627,466)				585,054

Forest Products & Paper — 0.4%
Clearwater Paper Corp., 144A, 4.75%, 8/15/28		10,000		9,050
Domtar Corp., 144A, 6.75%, 10/1/28		17,000		16,697
Glatfelter Corp., 144A, 4.75%, 11/15/29		25,000		18,101
Mercer International, Inc., 5.125%, 2/1/29		25,000		23,125
Sylvamo Corp., 144A, 7.00%, 9/1/29		10,000		9,875

(Cost $87,731)				76,848

Iron/Steel — 1.0%
Allegheny Technologies, Inc., 5.125%, 10/1/31		20,000		18,305
Big River Steel LLC / BRS Finance Corp., 144A, 6.625%, 1/31/29		37,000		37,647
Carpenter Technology Corp., 6.375%, 7/15/28		20,000		19,630
Cleveland-Cliffs, Inc. 5.875%, 6/1/27 (a)		25,000		25,219
6.25%, 10/1/40		14,000		12,933
Commercial Metals Co., 4.375%, 3/15/32		23,000		20,384
Infrabuild Australia Pty Ltd., 144A, 12.00%, 10/1/24		7,000		7,070
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		21,000		21,794
144A, 8.00%, 11/1/27		45,000		46,434
United States Steel Corp. 6.875%, 3/1/29 (a)		10,000		10,025
6.65%, 6/1/37		10,000		9,225

(Cost $228,699)				228,666

Mining — 1.5%
Arconic Corp., 144A, 6.125%, 2/15/28		18,000		17,730
Compass Minerals International, Inc., 144A, 6.75%, 12/1/27		25,000		23,750
Constellium SE, 144A, 3.75%, 4/15/29		30,000		26,409
Eldorado Gold Corp., 144A, 6.25%, 9/1/29		10,000		9,008


	Principal Amount		Value
Mining (Continued)
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24	$	98,000	$	100,232
144A, 4.375%, 4/1/31		25,000		22,375
144A, 6.125%, 4/15/32		40,000		39,880
Hudbay Minerals, Inc., 144A, 6.125%, 4/1/29		6,000		5,399
JW Aluminum Continuous Cast Co., 144A, 10.25%, 6/1/26		15,000		15,450
Kaiser Aluminum Corp., 144A, 4.50%, 6/1/31		15,000		13,298
Novelis Corp. 144A, 4.75%, 1/30/30		40,000		38,125
144A, 3.875%, 8/15/31		30,000		26,213

(Cost $354,387)				337,869

Communications — 17.5%
Advertising — 0.8%
Advantage Sales & Marketing, Inc., 144A, 6.50%, 11/15/28		20,000		17,914
Clear Channel Outdoor Holdings, Inc. 144A, 7.75%, 4/15/28		35,000		29,444
144A, 7.50%, 6/1/29		23,000		18,687
CMG Media Corp., 144A, 8.875%, 12/15/27		20,000		18,190
Lamar Media Corp. 3.75%, 2/15/28		10,000		9,419
3.625%, 1/15/31		25,000		22,422
National CineMedia LLC, 144A, 5.875%, 4/15/28		10,000		7,730
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 5.00%, 8/15/27		40,000		37,600
Stagwell Global LLC, 144A, 5.625%, 8/15/29		20,000		18,200

(Cost $200,819)				179,606

Internet — 0.9%
ANGI Group LLC, 144A, 3.875%, 8/15/28		10,000		8,450
Arches Buyer, Inc., 144A, 6.125%, 12/1/28 (a)		15,000		12,600
Cablevision Lightpath LLC, 144A, 5.625%, 9/15/28		15,000		11,869
Endurance International Group Holdings, Inc., 144A, 6.00%, 2/15/29		10,000		7,550
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27		10,000		9,972
144A, 3.50%, 3/1/29		40,000		37,125
ION Trading Technologies SARL, 144A, 5.75%, 5/15/28		10,000		8,950
Match Group Holdings II LLC, 144A, 4.625%, 6/1/28		20,000		18,720
NortonLifeLock, Inc., 144A, 5.00%, 4/15/25		28,000		28,070
Photo Holdings Merger Sub, Inc., 144A, 8.50%, 10/1/26		25,000		21,250


	Principal Amount		Value
Internet (Continued)
Rakuten Group, Inc., 144A, 5.125%, Perpetual (b)	$	30,000	$	26,295

(Cost $212,048)				190,851

Media — 7.7%
AMC Networks, Inc. 4.75%, 8/1/25		13,000		12,878
4.25%, 2/15/29 (a)		20,000		18,402
Cable One, Inc., 144A, 4.00%, 11/15/30 (a)		10,000		8,875
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.125%, 5/1/27		100,000		99,060
144A, 4.75%, 3/1/30		30,000		27,825
144A, 4.25%, 2/1/31		100,000		88,720
4.50%, 5/1/32		50,000		44,125
CSC Holdings LLC 144A, 5.50%, 4/15/27		25,000		25,096
144A, 5.375%, 2/1/28		20,000		19,100
144A, 6.50%, 2/1/29		30,000		29,596
144A, 4.625%, 12/1/30		35,000		27,609
144A, 4.50%, 11/15/31		30,000		25,800
144A, 5.00%, 11/15/31		80,000		63,324
Cumulus Media New Holdings, Inc., 144A, 6.75%, 7/1/26 (a)		10,000		9,787
Diamond Sports Group LLC / Diamond Sports Finance Co. 144A, 5.375%, 8/15/26		50,000		16,500
144A, 6.625%, 8/15/27		25,000		4,875
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 144A, 5.875%, 8/15/27		90,000		85,320
DISH DBS Corp. 5.875%, 11/15/24		60,000		55,776
7.75%, 7/1/26		70,000		60,550
144A, 5.25%, 12/1/26		50,000		42,490
144A, 5.75%, 12/1/28		40,000		32,899
GCI LLC, 144A, 4.75%, 10/15/28		13,000		11,797
Gray Escrow II, Inc., 144A, 5.375%, 11/15/31		30,000		27,375
Gray Television, Inc., 144A, 7.00%, 5/15/27		50,000		50,929
iHeartCommunications, Inc., 144A, 4.75%, 1/15/28		50,000		45,250
LCPR Senior Secured Financing DAC, 144A, 5.125%, 7/15/29		40,000		36,300
Liberty Interactive LLC, 8.25%, 2/1/30		15,000		10,961
McGraw-Hill Education, Inc. 144A, 5.75%, 8/1/28		10,000		9,137
144A, 8.00%, 8/1/29		10,000		8,999
News Corp., 144A, 3.875%, 5/15/29		50,000		46,502
Nexstar Media, Inc., 144A, 5.625%, 7/15/27		100,000		100,000
Paramount Global, 6.375%, 3/30/62		35,000		33,297
Radiate Holdco LLC / Radiate Finance, Inc., 144A, 6.50%, 9/15/28		25,000		20,851


	Principal Amount		Value
Media (Continued)
Scripps Escrow II, Inc., 144A, 5.375%, 1/15/31	$	20,000	$	17,585
Sinclair Television Group, Inc., 144A, 5.50%, 3/1/30		20,000		16,400
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		50,000		46,995
144A, 5.00%, 8/1/27		20,000		19,961
144A, 4.00%, 7/15/28		30,000		27,872
144A, 5.50%, 7/1/29		19,000		18,920
144A, 4.125%, 7/1/30		10,000		9,063
144A, 3.875%, 9/1/31		20,000		17,653
TEGNA, Inc. 4.625%, 3/15/28		20,000		19,627
5.00%, 9/15/29		25,000		24,813
Univision Communications, Inc. 144A, 6.625%, 6/1/27		50,000		50,838
144A, 4.50%, 5/1/29		20,000		18,497
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		10,000		9,249
UPC Holding BV, 144A, 5.50%, 1/15/28		65,000		61,588
Virgin Media Secured Finance PLC, 144A, 5.50%, 5/15/29		50,000		49,300
Virgin Media Vendor Financing Notes IV DAC, 144A, 5.00%, 7/15/28		25,000		22,976
VZ Secured Financing BV, 144A, 5.00%, 1/15/32		35,000		31,752
Ziggo BV, 144A, 4.875%, 1/15/30		40,000		37,119

(Cost $1,843,419)				1,700,213

Telecommunications — 8.1%
Altice France Holding SA 144A, 10.50%, 5/15/27		25,000		24,713
144A, 6.00%, 2/15/28		35,000		29,426
Altice France SA 144A, 8.125%, 2/1/27		30,000		30,181
144A, 5.50%, 1/15/28		62,000		56,846
Avaya, Inc., 144A, 6.125%, 9/15/28		25,000		17,656
British Telecommunications PLC, 144A, 4.875%, 11/23/81		20,000		18,187
CommScope Technologies LLC 144A, 6.00%, 6/15/25		40,000		37,400
144A, 5.00%, 3/15/27		15,000		12,581
CommScope, Inc. 144A, 6.00%, 3/1/26		25,000		24,695
144A, 8.25%, 3/1/27		10,000		8,832
144A, 7.125%, 7/1/28		25,000		21,257
144A, 4.75%, 9/1/29		50,000		44,355
Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26		50,000		48,208
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28		15,000		13,204
144A, 6.50%, 10/1/28		15,000		13,350
Embarq Corp., 7.995%, 6/1/36		35,000		29,662


	Principal Amount		Value
Telecommunications (Continued)
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27	$	15,000	$	14,775
144A, 5.00%, 5/1/28		25,000		23,331
144A, 6.75%, 5/1/29		25,000		22,182
144A, 6.00%, 1/15/30		25,000		21,313
Hughes Satellite Systems Corp., 5.25%, 8/1/26		20,000		20,000
Iliad Holding SASU 144A, 6.50%, 10/15/26		20,000		19,400
144A, 7.00%, 10/15/28		20,000		19,396
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		60,000		56,250
Intrado Corp., 144A, 8.50%, 10/15/25		10,000		8,838
Level 3 Financing, Inc. 144A, 4.25%, 7/1/28		25,000		22,263
144A, 3.75%, 7/15/29		15,000		12,839
Ligado Networks LLC 144A, 15.50%, 11/1/23 PIK		15,839		10,458
144A, 17.50%, 5/1/24 PIK		17,739		7,628
LogMeIn, Inc., 144A, 5.50%, 9/1/27		10,000		8,000
Lumen Technologies, Inc.
Series W, 6.75%, 12/1/23		100,000		103,565
144A, 4.00%, 2/15/27		25,000		23,062
144A, 5.375%, 6/15/29		25,000		21,500
Series P, 7.60%, 9/15/39		10,000		8,650
Series U, 7.65%, 3/15/42		10,000		8,525
Nokia OYJ, 6.625%, 5/15/39		25,000		26,281
Plantronics, Inc., 144A, 4.75%, 3/1/29		26,000		26,520
Quebecor Media, Inc., 5.75%, 1/15/23		50,000		50,789
SoftBank Group Corp., REGS, 3.125%, 1/6/25		200,000		185,500
Sprint Capital Corp. 6.875%, 11/15/28		35,000		39,697
8.75%, 3/15/32		20,000		26,031
Sprint Corp., 7.125%, 6/15/24		20,000		21,275
Switch Ltd., 144A, 3.75%, 9/15/28		25,000		25,131
Telecom Italia Capital SA 6.375%, 11/15/33		20,000		18,352
7.20%, 7/18/36		30,000		27,225
7.721%, 6/4/38		10,000		9,075
Telesat Canada / Telesat LLC, 144A, 6.50%, 10/15/27		14,000		6,755
T-Mobile USA, Inc. 2.625%, 4/15/26		10,000		9,489
5.375%, 4/15/27		75,000		76,706
3.375%, 4/15/29		50,000		46,484
3.50%, 4/15/31		50,000		46,072
144A, 3.50%, 4/15/31		40,000		36,625
United States Cellular Corp., 6.70%, 12/15/33 (a)		10,000		10,029


	Principal Amount		Value
Telecommunications (Continued)
Viasat, Inc., 144A, 5.625%, 9/15/25	$	50,000	$	47,688
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31		25,000		22,250
144A, 4.75%, 7/15/31		46,000		41,745
Vodafone Group PLC 7.00%, 4/4/79		60,000		62,943
5.125%, 6/4/81		25,000		19,625
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		30,000		27,735
Zayo Group Holdings, Inc., 144A, 6.125%, 3/1/28		25,000		20,063

(Cost $1,921,474)				1,792,613

Consumer, Cyclical — 19.5%
Airlines — 1.4%
Air Canada, 144A, 3.875%, 8/15/26		45,000		42,066
American Airlines Inc/AAdvantage Loyalty IP Ltd. 144A, 5.50%, 4/20/26		60,000		59,493
144A, 5.75%, 4/20/29		30,000		29,138
American Airlines, Inc., 144A, 11.75%, 7/15/25		40,000		45,460
Delta Air Lines, Inc., 7.375%, 1/15/26		60,000		64,861
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		20,000		19,926
United Airlines Holdings, Inc., 4.875%, 1/15/25 (a)		50,000		48,680

(Cost $304,676)				309,624

Apparel — 0.3%
Crocs, Inc., 144A, 4.125%, 8/15/31		18,000		14,445
Hanesbrands, Inc., 144A, 4.625%, 5/15/24		42,000		42,000

(Cost $56,509)				56,445

Auto Manufacturers — 2.4%
Allison Transmission, Inc. 144A, 5.875%, 6/1/29		15,000		15,058
144A, 3.75%, 1/30/31		20,000		17,225
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		40,000		39,662
Ford Motor Co. 4.346%, 12/8/26		25,000		24,500
6.625%, 10/1/28		25,000		26,156
9.625%, 4/22/30		25,000		30,375
7.45%, 7/16/31		100,000		113,105
Ford Motor Credit Co. LLC 5.125%, 6/16/25		200,000		200,750
4.95%, 5/28/27		35,000		34,923
Mclaren Finance PLC, 144A, 7.50%, 8/1/26		25,000		20,188


	Principal Amount		Value
Auto Manufacturers (Continued)
PM General Purchaser LLC, 144A, 9.50%, 10/1/28	$	10,000	$	8,488

(Cost $546,808)				530,430

Auto Parts & Equipment — 1.3%
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/26		20,000		18,704
American Axle & Manufacturing, Inc., 6.50%, 4/1/27 (a)		30,000		28,650
Clarios Global LP / Clarios US Finance Co., 144A, 8.50%, 5/15/27		70,000		69,888
Cooper-Standard Automotive, Inc., 144A, 5.625%, 11/15/26		10,000		5,025
Dana, Inc. 5.375%, 11/15/27		25,000		23,750
4.25%, 9/1/30		10,000		8,729
Dornoch Debt Merger Sub, Inc., 144A, 6.625%, 10/15/29		13,000		10,432
Goodyear Tire & Rubber Co. 5.25%, 4/30/31 (a)		25,000		22,875
5.625%, 4/30/33		25,000		22,438
Real Hero Merger Sub 2, Inc., 144A, 6.25%, 2/1/29		20,000		15,975
Tenneco, Inc. 5.00%, 7/15/26 (a)		13,000		12,220
144A, 5.125%, 4/15/29		28,000		27,521
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		30,000		29,475

(Cost $313,825)				295,682

Distribution/Wholesale — 0.9%
American Builders & Contractors Supply Co., Inc., 144A, 4.00%, 1/15/28		50,000		47,224
Avient Corp., 144A, 5.75%, 5/15/25		50,000		50,875
BCPE Empire Holdings, Inc., 144A, 7.625%, 5/1/27		14,000		12,968
G-III Apparel Group Ltd., 144A, 7.875%, 8/15/25		10,000		10,163
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		46,000		40,360
Univar Solutions USA Inc., 144A, 5.125%, 12/1/27		20,000		19,712
Wesco Aircraft Holdings, Inc., 144A, 9.00%, 11/15/26 (a)		28,000		16,275

(Cost $211,455)				197,577

Entertainment — 2.8%
Affinity Gaming, 144A, 6.875%, 12/15/27		12,000		10,935
Allen Media LLC / Allen Media Co.-Issuer, Inc., 144A, 10.50%, 2/15/28		10,000		7,100
AMC Entertainment Holdings, Inc., 144A, 7.50%, 2/15/29		25,000		23,094
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		50,000		50,750
144A, 8.125%, 7/1/27 (a)		50,000		51,110


	Principal Amount		Value
Entertainment (Continued)
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25	$	50,000	$	50,226
CDI Escrow Issuer, Inc., 144A, 5.75%, 4/1/30		33,000		32,319
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.375%, 4/15/27		50,000		48,997
Churchill Downs, Inc., 144A, 4.75%, 1/15/28		10,000		9,512
Cinemark USA, Inc., 144A, 5.25%, 7/15/28		20,000		18,031
International Game Technology PLC 144A, 6.50%, 2/15/25		65,000		66,788
144A, 6.25%, 1/15/27		20,000		20,707
Lions Gate Capital Holdings LLC, 144A, 5.50%, 4/15/29		20,000		17,500
Merlin Entertainments Ltd., 144A, 5.75%, 6/15/26		29,000		27,840
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 144A, 4.875%, 5/1/29		20,000		17,100
Mohegan Gaming & Entertainment, 144A, 8.00%, 2/1/26		15,000		13,913
Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In, 144A, 8.50%, 11/15/27		10,000		10,888
Penn National Gaming, Inc., 144A, 5.625%, 1/15/27		25,000		23,157
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29		10,000		7,975
144A, 5.875%, 9/1/31		10,000		7,875
Resorts World Las Vegas LLC / RWLV Capital, Inc., 144A, 4.625%, 4/16/29		20,000		17,184
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 144A, 6.625%, 3/1/30		15,000		13,969
Scientific Games International, Inc., 144A, 7.25%, 11/15/29		25,000		24,932
Speedway Motorsports LLC / Speedway Funding II, Inc., 144A, 4.875%, 11/1/27		15,000		14,231
WMG Acquisition Corp., 144A, 3.00%, 2/15/31		25,000		21,500
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 144A, 5.125%, 10/1/29		12,000		10,666

(Cost $648,763)				618,299

Food Service — 0.4%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		54,000		54,167
144A, 5.00%, 2/1/28		18,000		17,543
TKC Holdings, Inc., 144A, 10.50%, 5/15/29		25,000		22,500

(Cost $98,791)				94,210

Home Builders — 1.3%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		15,000		12,750


	Principal Amount		Value
Home Builders (Continued)
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A, 4.875%, 2/15/30	$	25,000	$	20,812
Century Communities, Inc. 6.75%, 6/1/27		10,000		10,219
144A, 3.875%, 8/15/29		10,000		8,699
Empire Communities Corp., 144A, 7.00%, 12/15/25		20,000		18,025
K Hovnanian Enterprises, Inc., 144A, 10.50%, 2/15/26		25,000		25,312
KB Home, 4.00%, 6/15/31		25,000		21,719
M/I Homes, Inc., 4.95%, 2/1/28		25,000		23,313
Mattamy Group Corp., 144A, 5.25%, 12/15/27		10,000		9,260
Meritage Homes Corp., 6.00%, 6/1/25		20,000		20,550
Picasso Finance Sub, Inc., 144A, 6.125%, 6/15/25		17,000		17,489
Shea Homes LP / Shea Homes Funding Corp., 144A, 4.75%, 2/15/28		10,000		8,775
Taylor Morrison Communities, Inc., 144A, 5.75%, 1/15/28		51,000		50,490
Thor Industries, Inc., 144A, 4.00%, 10/15/29		19,000		15,489
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.875%, 6/15/24		20,000		20,450

(Cost $302,398)				283,352

Home Furnishings — 0.1%
Tempur Sealy International, Inc., 144A, 3.875%, 10/15/31
(Cost $30,071)		30,000		25,097

Housewares — 0.3%
Newell Brands, Inc. 4.45%, 4/1/26		20,000		20,029
5.625%, 4/1/36		10,000		9,550
5.75%, 4/1/46		11,000		10,017
Scotts Miracle-Gro Co., 4.00%, 4/1/31		20,000		16,777
SWF Escrow Issuer Corp., 144A, 6.50%, 10/1/29 (a)		10,000		7,693

(Cost $74,363)				64,066

Leisure Time — 1.5%
Life Time, Inc., 144A, 5.75%, 1/15/26		40,000		38,600
MajorDrive Holdings IV LLC, 144A, 6.375%, 6/1/29		15,000		11,772
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		35,000		31,545
144A, 5.875%, 3/15/26		40,000		36,115
Royal Caribbean Cruises Ltd. 144A, 9.125%, 6/15/23		80,000		82,000
144A, 11.50%, 6/1/25		25,000		27,224
144A, 5.50%, 8/31/26		15,000		13,331
144A, 5.50%, 4/1/28 (a)		45,000		38,138


	Principal Amount		Value
Leisure Time (Continued)
Viking Cruises Ltd., 144A, 5.875%, 9/15/27	$	25,000	$	21,281
VOC Escrow Ltd., 144A, 5.00%, 2/15/28		25,000		22,250

(Cost $336,034)				322,256

Lodging — 2.0%
Boyd Gaming Corp., 144A, 4.75%, 6/15/31		10,000		9,175
Genting New York LLC / GENNY Capital, Inc., 144A, 3.30%, 2/15/26		11,000		10,014
Hilton Domestic Operating Co., Inc. 144A, 5.75%, 5/1/28		147,000		150,124
144A, 4.00%, 5/1/31		50,000		46,003
144A, 3.625%, 2/15/32		25,000		21,939
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A, 5.00%, 6/1/29		20,000		18,650
Marriott Ownership Resorts, Inc., 4.75%, 1/15/28		30,000		27,750
MGM Resorts International, 4.75%, 10/15/28		33,000		30,195
Station Casinos LLC, 144A, 4.50%, 2/15/28		15,000		13,630
Travel + Leisure Co., 6.00%, 4/1/27		50,000		49,250
Wyndham Hotels & Resorts, Inc., 144A, 4.375%, 8/15/28		25,000		23,719
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 5.50%, 3/1/25		45,000		44,125

(Cost $451,079)				444,574

Office Furnishings — 0.1%
Steelcase, Inc., 5.125%, 1/18/29
(Cost $22,097)		23,000		22,008

Retail — 4.6%
1011778 BC ULC / New Red Finance, Inc. 144A, 3.875%, 1/15/28		24,000		22,770
144A, 3.50%, 2/15/29		32,000		29,487
144A, 4.00%, 10/15/30		50,000		44,150
99 Escrow Issuer, Inc., 144A, 7.50%, 1/15/26		10,000		6,725
Asbury Automotive Group, Inc., 144A, 4.625%, 11/15/29		50,000		46,328
At Home Group, Inc., 144A, 7.125%, 7/15/29		15,000		10,237
Bath & Body Works, Inc., 6.875%, 11/1/35		30,000		27,631
BCPE Ulysses Intermediate, Inc., 144A, 7.75%, 4/1/27, 7.75% Cash or 8.50% PIK, PIK		10,000		8,112
Beacon Roofing Supply, Inc., 144A, 4.125%, 5/15/29		25,000		22,125
Bed Bath & Beyond, Inc., 5.165%, 8/1/44		7,000		3,185


	Principal Amount		Value
Retail (Continued)
Carvana Co. 144A, 5.875%, 10/1/28 (a)	$	5,000	$	3,556
144A, 4.875%, 9/1/29		20,000		13,400
144A, 10.25%, 5/1/30		37,000		33,311
Ferrellgas LP / Ferrellgas Finance Corp., 144A, 5.875%, 4/1/29		25,000		21,811
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144A, 6.75%, 1/15/30		30,000		26,148
FirstCash, Inc., 144A, 5.625%, 1/1/30		10,000		9,565
Gap, Inc. 144A, 3.625%, 10/1/29		10,000		7,375
144A, 3.875%, 10/1/31		10,000		7,163
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 144A, 7.00%, 8/15/28		10,000		6,512
IRB Holding Corp., 144A, 7.00%, 6/15/25		50,000		50,752
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		20,000		15,600
LCM Investments Holdings II LLC, 144A, 4.875%, 5/1/29		21,000		17,955
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		15,000		14,839
144A, 4.375%, 1/15/31		35,000		32,463
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 144A, 7.75%, 2/15/26		17,000		14,025
Macy’s Retail Holdings LLC 144A, 5.875%, 4/1/29		10,000		9,451
144A, 5.875%, 3/15/30		10,000		9,163
144A, 6.125%, 3/15/32		10,000		9,039
4.50%, 12/15/34		10,000		7,550
5.125%, 1/15/42		15,000		11,196
Michaels Cos., Inc., 144A, 7.875%, 5/1/29		45,000		32,400
Murphy Oil USA, Inc., 144A, 3.75%, 2/15/31 (a)		25,000		22,703
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		25,000		24,875
Nordstrom, Inc., 4.375%, 4/1/30 (a)		55,000		48,371
Park River Holdings, Inc. 144A, 5.625%, 2/1/29		10,000		7,150
144A, 6.75%, 8/1/29		10,000		7,300
Party City Holdings, Inc., 144A, 8.75%, 2/15/26		25,000		19,000
Penske Automotive Group, Inc., 3.50%, 9/1/25		10,000		9,836
PetSmart, Inc. / PetSmart Finance Corp., 144A, 4.75%, 2/15/28		25,000		23,125
QVC, Inc. 4.45%, 2/15/25		50,000		46,250
5.95%, 3/15/43		5,000		3,644
Sally Holdings LLC / Sally Capital, Inc., 5.625%, 12/1/25		11,000		10,750
Sizzling Platter LLC / Sizzling Platter Finance Corp., 144A, 8.50%, 11/28/25		10,000		8,225


	Principal Amount		Value
Retail (Continued)
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29	$	10,000	$	8,905
144A, 4.875%, 11/15/31		10,000		8,688
Specialty Building Products Holdings LLC / SBP Finance Corp., 144A, 6.375%, 9/30/26		22,000		20,323
SRS Distribution, Inc., 144A, 6.00%, 12/1/29		25,000		21,625
Staples, Inc., 144A, 7.50%, 4/15/26		70,000		65,006
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		20,000		18,375
White Cap Buyer LLC, 144A, 6.875%, 10/15/28		13,000		11,635
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		10,000		9,675
5.375%, 4/1/32		25,000		24,466
5.35%, 11/1/43		10,000		8,975

(Cost $1,098,169)				1,002,926

Toys/Games/Hobbies — 0.1%
Mattel, Inc. 144A, 3.375%, 4/1/26		25,000		24,310
144A, 5.875%, 12/15/27		5,000		5,162

(Cost $30,926)				29,472

Consumer, Non-cyclical — 14.7%
Agriculture — 0.0%
Darling Ingredients, Inc., 144A, 5.25%, 4/15/27 (Cost $9,146)		9,000		8,966

Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29		15,000		13,203
Triton Water Holdings, Inc., 144A, 6.25%, 4/1/29		16,000		12,560

(Cost $30,415)				25,763

Biotechnology — 0.1%
Emergent BioSolutions, Inc., 144A, 3.875%, 8/15/28 (a)		5,000		3,975
Grifols Escrow Issuer SA, 144A, 4.75%, 10/15/28		20,000		18,358

(Cost $23,073)				22,333

Commercial Services — 5.2%
ADT Security Corp., 144A, 4.125%, 8/1/29		20,000		17,898
Adtalem Global Education, Inc., 144A, 5.50%, 3/1/28		10,000		9,253
Albion Financing 2SARL, 144A, 8.75%, 4/15/27		20,000		18,350
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		50,000		49,734
144A, 9.75%, 7/15/27		18,000		16,950
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		20,000		17,950


	Principal Amount		Value
Commercial Services (Continued)
AMN Healthcare, Inc., 144A, 4.625%, 10/1/27	$	20,000	$	19,404
APi Group DE, Inc., 144A, 4.125%, 7/15/29		10,000		8,679
Aptim Corp., 144A, 7.75%, 6/15/25		10,000		7,400
APX Group, Inc., 144A, 5.75%, 7/15/29		20,000		17,000
ASGN, Inc., 144A, 4.625%, 5/15/28		10,000		9,412
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A, 5.375%, 3/1/29 (a)		29,000		26,581
Block, Inc., 144A, 3.50%, 6/1/31		30,000		25,875
Brink’s Co., 144A, 4.625%, 10/15/27		10,000		9,487
Cimpress PLC, 144A, 7.00%, 6/15/26		15,000		12,825
CoreLogic, Inc., 144A, 4.50%, 5/1/28		12,000		10,362
Deluxe Corp., 144A, 8.00%, 6/1/29		15,000		13,369
Garda World Security Corp. 144A, 4.625%, 2/15/27		10,000		9,012
144A, 6.00%, 6/1/29		12,000		9,996
Gartner, Inc. 144A ,4.50%, 7/1/28		35,000		34,125
144A, 3.75%, 10/1/30		25,000		23,312
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		30,000		30,127
Hertz Corp., 144A, 4.625%, 12/1/26		20,000		18,250
Metis Merger Sub LLC, 144A, 6.50%, 5/15/29		20,000		16,850
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		16,000		15,364
144A, 5.75%, 11/1/28 (a)		25,000		22,375
NESCO Holdings II, Inc., 144A, 5.50%, 4/15/29		18,000		16,110
Nielsen Co. Luxembourg SARL, 144A, 5.00%, 2/1/25		13,000		12,951
Nielsen Finance LLC / Nielsen Finance Co. 144A, 5.625%, 10/1/28		50,000		49,928
144A, 4.75%, 7/15/31		20,000		19,250
PECF USS Intermediate Holding III Corp., 144A, 8.00%, 11/15/29		16,000		13,440
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24		100,000		100,625
144A, 5.75%, 4/15/26		30,000		29,744
144A, 3.375%, 8/31/27		20,000		17,900
144A, 6.25%, 1/15/28		25,000		23,125
PROG Holdings, Inc., 144A, 6.00%, 11/15/29		10,000		8,900
RR Donnelley & Sons Co., 144A, 8.50%, 4/15/29		25,000		37,375
Sabre GLBL, Inc., 144A, 7.375%, 9/1/25		50,000		49,250


	Principal Amount		Value
Commercial Services (Continued)
Service Corp. International, 4.00%, 5/15/31	$	40,000	$	37,325
Team Health Holdings, Inc., 144A, 6.375%, 2/1/25		11,000		8,470
United Rentals North America, Inc. 4.875%, 1/15/28		100,000		99,937
5.25%, 1/15/30		15,000		15,080
3.875%, 2/15/31		50,000		45,600
Verscend Escrow Corp., 144A, 9.75%, 8/15/26		50,000		51,700
WASH Multifamily Acquisition, Inc., 144A, 5.75%, 4/15/26		27,000		26,806
WW International, Inc., 144A, 4.50%, 4/15/29		14,000		9,975

(Cost $1,184,898)				1,143,431

Cosmetics/Personal Care — 0.2%
Coty, Inc., 144A, 6.50%, 4/15/26		25,000		24,125
Edgewell Personal Care Co. 144A, 5.50%, 6/1/28		22,000		21,478
144A, 4.125%, 4/1/29		10,000		9,119

(Cost $55,910)				54,722

Food — 1.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 4.625%, 1/15/27		50,000		48,635
144A, 5.875%, 2/15/28		13,000		12,798
144A, 3.50%, 3/15/29		20,000		17,481
B&G Foods, Inc., 5.25%, 4/1/25		34,000		32,244
Chobani LLC / Chobani Finance Corp., Inc. 144A, 7.50%, 4/15/25 (a)		10,000		9,445
144A, 4.625%, 11/15/28		10,000		8,937
Ingles Markets, Inc., 144A, 4.00%, 6/15/31		10,000		9,112
Lamb Weston Holdings, Inc., 144A, 4.125%, 1/31/30		40,000		37,150
Performance Food Group, Inc. 144A, 5.50%, 10/15/27		30,000		29,581
144A, 4.25%, 8/1/29		15,000		13,365
Post Holdings, Inc. 144A, 5.50%, 12/15/29		13,000		12,415
144A, 4.625%, 4/15/30		17,000		15,298
144A, 4.50%, 9/15/31		20,000		17,650
Safeway, Inc., 7.25%, 2/1/31		10,000		10,150
Sigma Holdco BV, 144A, 7.875%, 5/15/26		12,000		8,276
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed, 144A, 4.625%, 3/1/29		10,000		9,044
TreeHouse Foods, Inc., 4.00%, 9/1/28		10,000		8,800
United Natural Foods, Inc., 144A, 6.75%, 10/15/28 (a)		10,000		9,638


	Principal Amount		Value
Food (Continued)
US Foods, Inc., 144A, 4.75%, 2/15/29	$	39,000	$	36,705

(Cost $365,950)				346,724

Healthcare-Products — 1.2%
Avantor Funding, Inc., 144A, 4.625%, 7/15/28		81,000		79,060
Hologic, Inc., 144A, 3.25%, 2/15/29		30,000		27,150
Mozart Debt Merger Sub, Inc. 144A, 3.875%, 4/1/29		93,000		84,398
144A, 5.25%, 10/1/29 (a)		52,000		46,129
Teleflex, Inc., 4.625%, 11/15/27		25,000		25,000

(Cost $282,448)				261,737

Healthcare-Services — 4.1%
Acadia Healthcare Co., Inc., 144A, 5.00%, 4/15/29		20,000		19,616
Akumin, Inc., 144A, 7.00%, 11/1/25		16,000		13,120
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		35,000		34,687
144A, 3.50%, 4/1/30		20,000		18,045
Centene Corp. 2.45%, 7/15/28		100,000		90,084
3.00%, 10/15/30		21,000		18,739
2.50%, 3/1/31		35,000		29,971
Charles River Laboratories International, Inc., 144A, 4.00%, 3/15/31		25,000		23,151
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		25,000		25,094
144A, 5.625%, 3/15/27		50,000		46,750
144A, 6.875%, 4/1/28		30,000		21,600
144A, 6.00%, 1/15/29		16,000		14,528
144A, 6.875%, 4/15/29		40,000		31,288
144A, 6.125%, 4/1/30		20,000		14,637
DaVita, Inc. 144A, 4.625%, 6/1/30		20,000		17,412
144A, 3.75%, 2/15/31		45,000		37,028
Encompass Health Corp. 4.50%, 2/1/28		17,000		15,847
4.75%, 2/1/30		10,000		9,175
4.625%, 4/1/31		10,000		8,900
Envision Healthcare Corp., 144A, 8.75%, 10/15/26		20,000		6,300
Global Medical Response, Inc., 144A, 6.50%, 10/1/25		10,000		9,737
HCA, Inc. 5.375%, 2/1/25		40,000		41,475
5.625%, 9/1/28		23,000		24,121
3.50%, 9/1/30		42,000		38,565
Legacy LifePoint Health LLC 144A, 6.75%, 4/15/25		10,000		10,236
144A, 4.375%, 2/15/27		10,000		9,370
LifePoint Health, Inc., 144A, 5.375%, 1/15/29		25,000		21,063


	Principal Amount		Value
Healthcare-Services (Continued)
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28	$	20,000	$	19,403
144A, 3.875%, 11/15/30		10,000		9,273
144A, 3.875%, 5/15/32		10,000		9,150
Radiology Partners, Inc., 144A, 9.25%, 2/1/28		10,000		8,250
RP Escrow Issuer LLC, 144A, 5.25%, 12/15/25		12,000		11,040
Select Medical Corp., 144A, 6.25%, 8/15/26		30,000		30,000
Surgery Center Holdings, Inc., 144A, 6.75%, 7/1/25		20,000		19,100
Syneos Health, Inc., 144A, 3.625%, 1/15/29		15,000		13,275
Tenet Healthcare Corp. 144A, 4.875%, 1/1/26		25,000		25,008
144A, 6.25%, 2/1/27		15,000		15,038
144A, 6.125%, 10/1/28		30,000		29,375
144A,4.375%, 1/15/30		50,000		46,816
US Acute Care Solutions LLC, 144A, 6.375%, 3/1/26		15,000		14,250
US Renal Care, Inc., 144A, 10.625%, 7/15/27		10,000		7,350

(Cost $993,330)				907,867

Household Products/Wares — 0.3%
ACCO Brands Corp., 144A, 4.25%, 3/15/29		10,000		8,538
Central Garden & Pet Co., 4.125%, 10/15/30 (a)		10,000		8,800
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 144A, 5.00%, 12/31/26		25,000		22,750
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31		20,000		17,110

(Cost $59,971)				57,198

Pharmaceuticals — 1.9%
AdaptHealth LLC, 144A, 5.125%, 3/1/30		20,000		17,375
Bausch Health Americas, Inc. 144A,9.25%, 4/1/26 (a)		30,000		25,247
144A,8.50%, 1/31/27 (a)		18,000		14,364
Bausch Health Cos., Inc. 144A,5.50%, 11/1/25		18,000		17,062
144A,6.125%, 2/1/27 (a)		10,000		9,159
144A,5.00%, 1/30/28		20,000		12,837
144A,4.875%, 6/1/28		25,000		21,552
144A,5.00%, 2/15/29		10,000		6,006
144A,6.25%, 2/15/29		15,000		9,375
144A,7.25%, 5/30/29		10,000		6,662
144A,5.25%, 1/30/30		13,000		7,670
144A,5.25%, 2/15/31		10,000		5,900
BellRing Brands, Inc., 144A, 7.00%, 3/15/30		10,000		10,022
Elanco Animal Health, Inc., 6.40%, 8/28/28		20,000		20,856


	Principal Amount		Value
Pharmaceuticals (Continued)
Embecta Corp., 144A, 5.00%, 2/15/30	$	10,000	$	8,950
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 144A, 6.00%, 6/30/28		20,000		1,550
Endo Luxembourg Finance Co I Sarl / Endo US, Inc., 144A, 6.125%, 4/1/29		24,000		18,330
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		12,000		11,130
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		12,000		8,686
Lannett Co., Inc., 144A, 7.75%, 4/15/26		7,000		3,045
Option Care Health, Inc., 144A, 4.375%, 10/31/29		10,000		9,159
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28		15,000		14,389
144A, 5.125%, 4/30/31		65,000		62,197
Owens & Minor, Inc., 144A, 4.50%, 3/31/29 (a)		10,000		9,087
P&L Development LLC / PLD Finance Corp., 144A, 7.75%, 11/15/25		13,000		10,839
Par Pharmaceutical, Inc., 144A, 7.50%, 4/1/27		15,000		11,813
Perrigo Finance Unlimited Co., 3.90%, 6/15/30		40,000		37,050
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		10,000		9,650
144A, 3.75%, 4/1/31		14,000		11,900

(Cost $483,478)				411,862

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Stena International SA, 144A, 6.125%, 2/1/25 (Cost $14,995)		15,000		14,777

Energy — 13.6%
Energy-Alternate Sources — 0.3%
Atlantica Sustainable Infrastructure PLC, 144A, 4.125%, 6/15/28		10,000		9,062
Sunnova Energy Corp., 144A, 5.875%, 9/1/26 (a)		10,000		9,029
TerraForm Power Operating LLC 144A, 5.00%, 1/31/28		18,000		17,322
144A, 4.75%, 1/15/30		20,000		19,050

(Cost $58,182)				54,463

Oil & Gas — 6.2%
Aethon United BR LP / Aethon United Finance Corp., 144A, 8.25%, 2/15/26		28,000		28,624
Antero Resources Corp., 144A, 7.625%, 2/1/29		40,000		43,433
Apache Corp., 5.10%, 9/1/40		58,000		54,157
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A, 7.00%, 11/1/26		25,000		25,281


	Principal Amount		Value
Oil & Gas (Continued)
Callon Petroleum Co. 6.125%, 10/1/24	$	25,000	$	24,945
144A, 8.00%, 8/1/28 (a)		10,000		10,375
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		25,000		25,289
Chesapeake Energy Corp., 144A, 6.75%, 4/15/29		30,000		31,672
CNX Resources Corp., 144A, 7.25%, 3/14/27		20,000		20,981
Colgate Energy Partners III LLC, 144A, 5.875%, 7/1/29		30,000		29,006
Comstock Resources, Inc., 144A, 6.75%, 3/1/29		45,000		45,070
Crescent Energy Finance LLC, 144A, 7.25%, 5/1/26		15,000		14,611
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		35,000		35,394
CVR Energy, Inc., 144A, 5.25%, 2/15/25		30,000		29,550
Encino Acquisition Partners Holdings LLC, 144A, 8.50%, 5/1/28		20,000		20,150
Endeavor Energy Resources LP / EER Finance, Inc., 144A, 5.75%, 1/30/28		20,000		20,446
Ensign Drilling, Inc., 144A, 9.25%, 4/15/24		10,000		9,875
Gulfport Energy Corp., 8.00%, 5/17/26		20,000		20,675
Hilcorp Energy I LP / Hilcorp Finance Co. 144A, 5.75%, 2/1/29		25,000		24,536
144A, 6.25%, 4/15/32		15,000		14,659
Laredo Petroleum, Inc., 9.50%, 1/15/25		40,000		41,612
Matador Resources Co., 5.875%, 9/15/26		30,000		30,450
Moss Creek Resources Holdings, Inc., 144A, 7.50%, 1/15/26		30,000		27,262
Murphy Oil Corp. 5.75%, 8/15/25		50,000		50,922
6.125%, 12/1/42		15,000		13,350
Nabors Industries Ltd., 144A, 7.25%, 1/15/26		35,000		33,967
Nabors Industries, Inc., 144A, 7.375%, 5/15/27		20,000		20,250
Neptune Energy Bondco PLC, 144A, 6.625%, 5/15/25		27,000		26,873
Northern Oil and Gas, Inc., 144A, 8.125%, 3/1/28		10,000		10,241
Parkland Corp. 144A, 5.875%, 7/15/27		10,000		9,850
144A, 4.625%, 5/1/30		25,000		22,588
Patterson-UTI Energy, Inc. 3.95%, 2/1/28		10,000		9,245
5.15%, 11/15/29		10,000		8,971
PBF Holding Co. LLC / PBF Finance Corp. 144A, 9.25%, 5/15/25		40,000		41,800
6.00%, 2/15/28		40,000		35,600


	Principal Amount		Value
Oil & Gas (Continued)
Precision Drilling Corp., 144A, 7.125%, 1/15/26	$	20,000	$	20,100
Range Resources Corp., 4.875%, 5/15/25		50,000		51,187
Rockcliff Energy II LLC, 144A, 5.50%, 10/15/29		25,000		23,625
SM Energy Co., 6.50%, 7/15/28		20,000		20,006
Southwestern Energy Co. 5.95%, 1/23/25		16,000		16,583
5.375%, 2/1/29		24,000		24,229
5.375%, 3/15/30		30,000		30,566
4.75%, 2/1/32		28,000		27,440
Strathcona Resources Ltd., 144A, 6.875%, 8/1/26		20,000		19,450
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		30,000		30,707
4.50%, 5/15/29		34,000		31,604
Transocean Guardian Ltd., 144A, 5.875%, 1/15/24		60,640		58,214
Transocean, Inc. 144A,7.50%, 1/15/26		25,000		20,578
144A,11.50%, 1/30/27		15,000		15,096
144A,8.00%, 2/1/27		10,000		7,916
6.80%, 3/15/38		15,000		9,075
Vermilion Energy, Inc., 144A, 6.875%, 5/1/30		10,000		9,616
Viper Energy Partners LP, 144A, 5.375%, 11/1/27		25,000		24,969
W&T Offshore, Inc., 144A, 9.75%, 11/1/23		20,000		19,975

(Cost $1,312,037)				1,372,646

Oil & Gas Services — 1.1%
Archrock Partners LP / Archrock Partners Finance Corp., 144A, 6.25%, 4/1/28		30,000		29,325
CGG SA, 144A, 8.75%, 4/1/27 (a)		13,000		12,434
CSI Compressco LP / CSI Compressco Finance, Inc., 144A, 7.50%, 4/1/25		10,000		9,450
Exterran Energy Solutions LP / EES Finance Corp., 8.125%, 5/1/25		10,000		10,050
Oceaneering International, Inc., 4.65%, 11/15/24		44,000		43,360
Transocean Phoenix 2 Ltd., 144A, 7.75%, 10/15/24		11,250		11,166
Transocean Proteus Ltd., 144A, 6.25%, 12/1/24		12,500		12,156
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26		50,000		49,063
Weatherford International Ltd. 144A, 11.00%, 12/1/24		28,000		28,630
144A, 8.625%, 4/30/30		40,000		38,312

(Cost $240,675)				243,946


	Principal Amount		Value
Pipelines — 6.0%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 144A, 5.75%, 1/15/28	$	50,000	$	49,875
Buckeye Partners LP 4.125%, 12/1/27		35,000		32,637
144A, 4.50%, 3/1/28		50,000		47,250
Cheniere Energy Partners LP 4.50%, 10/1/29		20,000		19,577
4.00%, 3/1/31		55,000		51,081
Cheniere Energy, Inc., 4.625%, 10/15/28		50,000		48,703
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		30,000		28,489
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25		100,000		99,650
DCP Midstream Operating LP 5.375%, 7/15/25		21,000		21,543
5.125%, 5/15/29		15,000		15,076
144A, 6.45%, 11/3/36		10,000		10,650
144A, 6.75%, 9/15/37		14,000		15,389
5.60%, 4/1/44		10,000		8,937
DT Midstream, Inc., 144A, 4.375%, 6/15/31		50,000		46,750
EnLink Midstream LLC, 5.375%, 6/1/29		25,000		24,394
EnLink Midstream Partners LP 4.15%, 6/1/25		30,000		30,156
5.60%, 4/1/44		25,000		20,562
5.45%, 6/1/47		10,000		7,900
EQM Midstream Partners LP 4.75%, 7/15/23		34,000		34,694
144A, 6.50%, 7/1/27		50,000		49,750
5.50%, 7/15/28		25,000		23,812
144A, 4.75%, 1/15/31		25,000		21,619
6.50%, 7/15/48		10,000		8,675
Genesis Energy LP / Genesis Energy Finance Corp. 8.00%, 1/15/27		30,000		29,694
7.75%, 2/1/28		25,000		24,164
Global Partners LP / GLP Finance Corp., 7.00%, 8/1/27		15,000		14,649
Harvest Midstream I LP, 144A, 7.50%, 9/1/28		15,000		15,094
Hess Midstream Operations LP, 144A, 5.625%, 2/15/26		50,000		51,187
Holly Energy Partners LP / Holly Energy Finance Corp., 144A, 5.00%, 2/1/28		25,000		23,503
ITT Holdings LLC, 144A, 6.50%, 8/1/29		20,000		17,000
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		25,000		24,674
144A, 6.50%, 9/30/26		25,000		24,433
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		40,000		37,675
NGL Energy Partners LP / NGL Energy Finance Corp. 7.50%, 11/1/23 (a)		20,000		18,506
7.50%, 4/15/26		14,000		11,343


	Principal Amount		Value
Pipelines (Continued)
NuStar Logistics LP, 5.625%, 4/28/27	$	50,000	$	50,400
Rockies Express Pipeline LLC, 144A, 4.95%, 7/15/29		35,000		33,257
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 8.50%, 10/15/26		25,000		24,094
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 5.50%, 1/15/28		25,000		23,289
144A, 6.00%, 12/31/30		20,000		18,106
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		30,000		28,485
144A, 4.125%, 8/15/31		30,000		28,238
Western Midstream Operating LP 4.55%, 2/1/30		50,000		47,938
5.45%, 4/1/44		25,000		23,125
5.30%, 3/1/48		25,000		23,125
5.75%, 2/1/50		15,000		13,444

(Cost $1,355,646)				1,322,592

Financial — 10.5%
Banks — 0.8%
Deutsche Bank AG 4.50%, 4/1/25 (c)		50,000		49,978
3.729%, 1/14/32 (c)		30,000		25,278
3.742%, 1/7/33 (c)		30,000		24,707
Freedom Mortgage Corp. 144A, 8.25%, 4/15/25		44,000		41,085
144A, 7.625%, 5/1/26		15,000		13,313
Intesa Sanpaolo SpA 144A, 4.198%, 6/1/32		25,000		20,560
144A, 4.95%, 6/1/42		14,000		10,634
Popular, Inc., 6.125%, 9/14/23		6,000		6,096

(Cost $203,232)				191,651

Diversified Financial Services — 3.4%
Advisor Group Holdings, Inc., 144A, 10.75%, 8/1/27		15,000		15,675
AerCap Holdings NV, 5.875%, 10/10/79		10,000		9,325
Ally Financial, Inc., 5.75%, 11/20/25		50,000		51,572
Armor Holdco, Inc., 144A, 8.50%, 11/15/29		12,000		10,395
Castlelake Aviation Finance DAC, 144A, 5.00%, 4/15/27 (a)		14,000		12,154
Cobra AcquisitionCo LLC, 144A, 6.375%, 11/1/29		10,000		7,850
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		25,000		18,375
144A, 3.625%, 10/1/31 (a)		5,000		3,400
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		20,000		14,625
Enact Holdings, Inc., 144A, 6.50%, 8/15/25		20,000		20,152


	Principal Amount		Value
Diversified Financial Services (Continued)
Global Aircraft Leasing Co. Ltd., 144A, 6.50%, 9/15/24, 6.50% Cash or 7.25% PIK, PIK	$	36,965	$	29,942
Home Point Capital, Inc., 144A, 5.00%, 2/1/26		20,000		16,500
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		20,000		18,106
LD Holdings Group LLC 144A, 6.50%, 11/1/25		5,000		4,225
144A, 6.125%, 4/1/28		5,000		4,019
LPL Holdings, Inc., 144A, 4.00%, 3/15/29		25,000		23,219
Midcap Financial Issuer Trust 144A, 6.50%, 5/1/28		20,000		16,900
144A, 5.625%, 1/15/30		12,000		9,420
Nationstar Mortgage Holdings, Inc., 144A, 5.50%, 8/15/28		31,000		29,412
Navient Corp. 5.50%, 1/25/23		25,000		25,125
MTN, 5.625%, 8/1/33		25,000		19,750
NFP Corp. 144A, 4.875%, 8/15/28		20,000		18,750
144A, 6.875%, 8/15/28		45,000		39,330
OneMain Finance Corp. 6.875%, 3/15/25		120,000		122,550
7.125%, 3/15/26		10,000		10,275
5.375%, 11/15/29		20,000		18,646
PennyMac Financial Services, Inc. 144A, 4.25%, 2/15/29		5,000		4,188
144A, 5.75%, 9/15/31		15,000		13,087
PHH Mortgage Corp., 144A, 7.875%, 3/15/26		20,000		19,250
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		18,000		16,191
144A, 3.625%, 3/1/29		10,000		8,697
144A, 3.875%, 3/1/31		40,000		33,800
StoneX Group, Inc., 144A, 8.625%, 6/15/25		10,000		10,348
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		10,000		9,500
144A, 5.75%, 6/15/27		10,000		9,050
144A, 5.50%, 4/15/29 (a)		15,000		13,223
VistaJet Malta Finance PLC / XO Management Holding, Inc. 144A, 7.875%, 5/1/27		16,000		15,120
144A, 6.375%, 2/1/30		20,000		17,100

(Cost $786,216)				739,246

Insurance — 1.9%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		35,000		34,125
144A, 4.25%, 2/15/29		16,000		14,200
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A, 6.75%, 10/15/27		41,000		39,778


	Principal Amount		Value
Insurance (Continued)
AmWINS Group, Inc., 144A, 4.875%, 6/30/29	$	15,000	$	13,936
AssuredPartners, Inc., 144A, 5.625%, 1/15/29		20,000		17,485
BroadStreet Partners, Inc., 144A, 5.875%, 4/15/29		14,000		11,970
Genworth Holdings, Inc. 4.80%, 2/15/24		50,000		50,370
3.414%, 11/15/36		15,000		7,762
Global Atlantic Fin Co., 144A, 4.70%, 10/15/51		15,000		13,073
HUB International Ltd., 144A, 7.00%, 5/1/26		80,000		81,030
Liberty Mutual Group, Inc. 144A, 7.80%, 3/15/37		10,000		12,412
144A, 4.125%, 12/15/51		30,000		26,219
144A, 4.30%, 2/1/61		10,000		7,394
MBIA, Inc., 5.70%, 12/1/34		10,000		9,300
MGIC Investment Corp., 5.25%, 8/15/28		30,000		29,135
Radian Group, Inc., 6.625%, 3/15/25		25,000		25,868
USI, Inc., 144A, 6.875%, 5/1/25		30,000		29,513

(Cost $440,118)				423,570

Real Estate — 0.7%
Cushman & Wakefield US Borrower LLC, 144A, 6.75%, 5/15/28		20,000		20,206
Howard Hughes Corp. 144A, 5.375%, 8/1/28		35,000		34,109
144A, 4.375%, 2/1/31		10,000		8,912
Hunt Cos., Inc., 144A, 5.25%, 4/15/29		25,000		23,750
Kennedy-Wilson, Inc. 4.75%, 3/1/29		15,000		13,575
5.00%, 3/1/31		10,000		8,850
Newmark Group, Inc., 6.125%, 11/15/23		10,000		10,150
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		15,000		13,443
144A, 5.25%, 4/15/30		15,000		13,142
WeWork Cos. LLC / WW Co.-Obligor, Inc., 144A, 5.00%, 7/10/25		10,000		7,793
WeWork Cos., Inc., 144A, 7.875%, 5/1/25		12,000		10,084

(Cost $177,463)				164,014

Real Estate Investment Trusts — 3.2%
Apollo Commercial Real Estate Finance, Inc., 144A, 4.625%, 6/15/29		10,000		8,575
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A, 5.75%, 5/15/26		45,000		44,437


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Diversified Healthcare Trust 9.75%, 6/15/25	$	30,000	$	31,632
4.75%, 2/15/28		10,000		8,403
4.375%, 3/1/31		15,000		11,831
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A, 3.75%, 12/15/27		10,000		9,125
HAT Holdings I LLC / HAT Holdings II LLC, 144A, 3.75%, 9/15/30		25,000		21,000
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		75,000		73,992
144A, 4.50%, 2/15/31		25,000		22,492
144A, 5.625%, 7/15/32		30,000		28,725
iStar, Inc., 4.75%, 10/1/24		25,000		25,032
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		20,000		18,050
MPT Operating Partnership LP / MPT Finance Corp. 5.00%, 10/15/27		50,000		49,819
3.50%, 3/15/31		25,000		21,926
New Residential Investment Corp., 144A, 6.25%, 10/15/25		20,000		18,900
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		10,000		10,405
144A, 5.875%, 10/1/28		11,000		10,914
144A, 4.875%, 5/15/29		10,000		9,538
RHP Hotel Properties LP / RHP Finance Corp., 144A, 4.50%, 2/15/29		20,000		18,750
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		10,000		9,670
144A, 4.00%, 9/15/29		10,000		9,100
SBA Communications Corp. 3.875%, 2/15/27		50,000		49,131
3.125%, 2/1/29		35,000		31,238
Service Properties Trust 4.65%, 3/15/24		20,000		18,775
7.50%, 9/15/25		12,000		11,914
4.95%, 2/15/27		25,000		20,875
4.95%, 10/1/29		25,000		19,766
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		10,000		9,650
4.75%, 3/15/25		10,000		9,933
144A, 4.375%, 1/15/27		10,000		9,475
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 144A, 6.50%, 2/15/29		36,000		30,600
XHR LP, 144A, 4.875%, 6/1/29		20,000		18,850

(Cost $722,212)				692,523

Venture Capital — 0.5%
Compass Group Diversified Holdings LLC, 144A, 5.25%, 4/15/29		18,000		16,276


	Principal Amount		Value
Venture Capital (Continued)
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.25%, 5/15/26	$	50,000	$	50,825
5.25%, 5/15/27		45,000		43,685

(Cost $116,538)				110,786

Industrial — 10.7%
Aerospace/Defense — 2.5%
Bombardier, Inc. 144A, 7.50%, 12/1/24		57,000		55,432
144A, 7.125%, 6/15/26		25,000		22,914
144A, 7.875%, 4/15/27		45,000		41,378
Howmet Aerospace, Inc. 5.125%, 10/1/24		86,000		88,902
6.875%, 5/1/25		20,000		21,456
5.95%, 2/1/37		25,000		25,226
Spirit AeroSystems, Inc. 144A, 7.50%, 4/15/25		50,000		50,421
4.60%, 6/15/28		25,000		20,625
TransDigm, Inc. 144A, 8.00%, 12/15/25		40,000		41,848
144A, 6.25%, 3/15/26		27,000		27,464
6.375%, 6/15/26		25,000		24,844
7.50%, 3/15/27		50,000		51,000
4.875%, 5/1/29		35,000		31,588
Triumph Group, Inc., 144A, 6.25%, 9/15/24		50,000		47,875

(Cost $561,197)				550,973

Building Materials — 1.1%
Builders FirstSource, Inc., 144A, 5.00%, 3/1/30		25,000		23,500
Cornerstone Building Brands, Inc., 144A, 6.125%, 1/15/29		10,000		7,464
CP Atlas Buyer, Inc., 144A, 7.00%, 12/1/28		15,000		12,450
Griffon Corp., 5.75%, 3/1/28		25,000		24,250
JELD-WEN, Inc., 144A, 4.875%, 12/15/27		20,000		18,325
Masonite International Corp., 144A, 3.50%, 2/15/30		25,000		21,906
New Enterprise Stone & Lime Co., Inc., 144A, 5.25%, 7/15/28		20,000		17,750
Oscar AcquisitionCo LLC / Oscar Finance, Inc., 144A, 9.50%, 4/15/30		14,000		12,530
SRM Escrow Issuer LLC, 144A, 6.00%, 11/1/28		25,000		23,466
Standard Industries, Inc. 144A, 4.75%, 1/15/28		20,000		19,033
144A, 4.375%, 7/15/30		17,000		15,374
144A, 3.375%, 1/15/31		17,000		14,323
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		27,000		25,650
Victors Merger Corp., 144A, 6.375%, 5/15/29		10,000		6,538

(Cost $261,312)				242,559


	Principal Amount		Value
Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc., 144A, 4.375%, 3/31/29	$	25,000	$	21,219
EnerSys, 144A, 5.00%, 4/30/23		50,000		49,625
WESCO Distribution, Inc., 144A, 7.25%, 6/15/28		40,000		42,100

(Cost $114,816)				112,944

Electronics — 0.8%
II-VI, Inc., 144A, 5.00%, 12/15/29		20,000		18,956
Imola Merger Corp., 144A, 4.75%, 5/15/29		49,000		46,244
Sensata Technologies BV, 144A, 5.625%, 11/1/24		100,000		101,506
Sensata Technologies, Inc., 144A, 3.75%, 2/15/31		20,000		17,975

(Cost $194,906)				184,681

Engineering & Construction — 0.5%
AECOM, 5.125%, 3/15/27		35,000		35,129
Artera Services LLC, 144A, 9.033%, 12/4/25		15,000		11,925
Brand Industrial Services, Inc., 144A, 8.50%, 7/15/25		19,000		15,789
Cellnex Finance Co. SA, 144A, 3.875%, 7/7/41		20,000		14,900
Global Infrastructure Solutions, Inc., 144A, 7.50%, 4/15/32		15,000		12,938
TopBuild Corp., 144A, 4.125%, 2/15/32		10,000		8,848
Tutor Perini Corp., 144A, 6.875%, 5/1/25 (a)		15,000		14,025

(Cost $127,871)				113,554

Environmental Control — 0.8%
Clean Harbors, Inc. 144A, 4.875%, 7/15/27		11,000		11,033
144A, 5.125%, 7/15/29		5,000		4,825
Covanta Holding Corp., 5.00%, 9/1/30		20,000		17,600
GFL Environmental, Inc. 144A, 3.75%, 8/1/25		50,000		49,653
144A, 4.00%, 8/1/28 (a)		20,000		18,100
144A, 3.50%, 9/1/28		10,000		9,234
144A, 4.75%, 6/15/29		25,000		22,867
Madison IAQ LLC, 144A, 5.875%, 6/30/29		30,000		23,550
Stericycle, Inc., 144A, 3.875%, 1/15/29		10,000		9,129

(Cost $182,761)				165,991

Machinery-Construction & Mining — 0.2%
Terex Corp., 144A, 5.00%, 5/15/29		20,000		18,706


	Principal Amount		Value
Machinery-Construction & Mining (Continued)
Vertiv Group Corp., 144A, 4.125%, 11/15/28	$	20,000	$	17,831

(Cost $39,950)				36,537

Machinery-Diversified — 0.2%
Mueller Water Products, Inc., 144A, 4.00%, 6/15/29		10,000		9,150
SPX FLOW, Inc., 144A, 8.75%, 4/1/30		15,000		12,337
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 144A, 7.75%, 4/15/26		20,000		18,850

(Cost $41,044)				40,337

Metal Fabricate/Hardware — 0.0%
Roller Bearing Co. of America, Inc., 144A, 4.375%, 10/15/29
(Cost $9,348)		10,000		8,913

Miscellaneous Manufacturing — 0.4%
Amsted Industries, Inc., 144A, 5.625%, 7/1/27		10,000		9,675
FXI Holdings, Inc. 144A, 7.875%, 11/1/24		10,000		9,250
144A, 12.25%, 11/15/26		25,000		24,851
Gates Global LLC / Gates Corp., 144A, 6.25%, 1/15/26		25,000		24,500
Hillenbrand, Inc. 5.75%, 6/15/25		15,000		15,446
3.75%, 3/1/31		10,000		9,340

(Cost $91,994)				93,062

Packaging & Containers — 3.1%
ARD Finance SA, 144A, 6.50%, 6/30/27, 6.50% Cash or 7.25% PIK, PIK		20,000		15,852
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 4.00%, 9/1/29		36,000		31,248
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 4.125%, 8/15/26		25,000		23,331
144A, 5.25%, 8/15/27 (a)		40,000		33,600
144A, 5.25%, 8/15/27		30,000		25,693
Ball Corp. 5.25%, 7/1/25		20,000		20,600
4.875%, 3/15/26		16,000		16,372
2.875%, 8/15/30		30,000		26,100
3.125%, 9/15/31		22,000		19,277
Berry Global, Inc., 144A, 5.625%, 7/15/27		39,000		38,908
Clydesdale Acquisition Holdings, Inc., 144A, 8.75%, 4/15/30		20,000		18,002
Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 9/30/26		30,000		29,581
Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		10,000		10,550
Graham Packaging Co., Inc., 144A, 7.125%, 8/15/28		25,000		20,500


	Principal Amount		Value
Packaging & Containers (Continued)
Graphic Packaging International LLC 4.125%, 8/15/24	$	46,000	$	45,943
144A, 3.50%, 3/1/29		10,000		9,075
144A, 3.75%, 2/1/30		10,000		8,970
Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC, 144A, 6.00%, 9/15/28		10,000		9,300
Intertape Polymer Group, Inc., 144A, 4.375%, 6/15/29		20,000		20,800
LABL, Inc. 144A, 10.50%, 7/15/27		25,000		23,940
144A, 5.875%, 11/1/28		25,000		23,000
Mauser Packaging Solutions Holding Co., 144A, 7.25%, 4/15/25		35,000		33,950
OI European Group BV, 144A, 4.75%, 2/15/30		10,000		8,825
Owens-Brockway Glass Container, Inc. 144A, 5.875%, 8/15/23		36,000		36,630
144A, 6.625%, 5/13/27 (a)		13,000		12,883
Sealed Air Corp., 144A, 5.50%, 9/15/25		57,000		58,656
Trident TPI Holdings, Inc., 144A, 6.625%, 11/1/25		10,000		9,375
Trivium Packaging Finance BV, 144A, 5.50%, 8/15/26		50,000		49,813

(Cost $718,462)				680,774

Transportation — 0.3%
Altera Infrastructure LP/Teekay Offshore Finance Corp., 144A, 8.50%, 7/15/23		10,000		5,513
First Student Bidco, Inc. / First Transit Parent, Inc., 144A, 4. 00%, 7/31/29		25,000		22,250
Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 144A, 10.75%, 7/1/25		10,000		10,206
Watco Cos. LLC / Watco Finance Corp., 144A, 6.50%, 6/15/27		13,000		12,391
XPO Logistics, Inc., 144A, 6.25%, 5/1/25		11,000		11,385

(Cost $69,994)				61,745

Trucking & Leasing — 0.3%
Fly Leasing Ltd., 144A, 7.00%, 10/15/24		15,000		12,459
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		31,000		30,457
144A, 5.50%, 5/1/28		18,000		15,565

(Cost $62,898)				58,481

Technology — 4.5%
Computers — 1.6%
Ahead DB Holdings LLC, 144A, 6.625%, 5/1/28		15,000		12,900
Booz Allen Hamilton, Inc., 144A, 3.875%, 9/1/28		40,000		37,545


	Principal Amount		Value
Computers (Continued)
Condor Merger Sub, Inc., 144A, 7.375%, 2/15/30	$	40,000	$	35,388
Crowdstrike Holdings, Inc., 3.00%, 2/15/29		15,000		13,687
Diebold Nixdorf, Inc., 144A, 9.375%, 7/15/25		20,000		15,300
Exela Intermediate LLC / Exela Finance, Inc., 144A, 11.50%, 7/15/26		18,000		6,390
NCR Corp. 144A, 5.125%, 4/15/29		40,000		38,250
144A, 6.125%, 9/1/29		25,000		24,031
Presidio Holdings, Inc., 144A, 8.25%, 2/1/28		25,000		24,625
Seagate HDD Cayman 4.75%, 6/1/23		14,000		14,269
4.875%, 3/1/24		13,000		13,427
4.875%, 6/1/27		10,000		10,150
4.091%, 6/1/29		14,000		13,265
3.125%, 7/15/29		13,000		11,439
4.125%, 1/15/31		40,000		37,031
3.375%, 7/15/31		5,000		4,325
5.75%, 12/1/34		10,000		9,732
Vericast Corp., 144A, 11.00%, 9/15/26		20,000		20,050
Virtusa Corp., 144A, 7.125%, 12/15/28		10,000		8,500

(Cost $373,568)				350,304

Office/Business Equipment — 0.4%
Pitney Bowes, Inc. 4.625%, 3/15/24		10,000		9,675
144A, 6.875%, 3/15/27		12,000		10,633
Xerox Corp. 4.625%, 3/15/23		25,000		25,250
6.75%, 12/15/39		16,000		14,525
Xerox Holdings Corp., 144A, 5.50%, 8/15/28 (a)		25,000		22,750

(Cost $89,425)				82,833

Semiconductors — 0.2%
Amkor Technology, Inc., 144A, 6.625%, 9/15/27		15,000		15,019
Entegris, Inc., 144A, 4.375%, 4/15/28		10,000		9,512
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		15,000		14,308

(Cost $41,341)				38,839

Software — 2.3%
Black Knight InfoServ LLC, 144A, 3.625%, 9/1/28		12,000		11,403
Boxer Parent Co., Inc. 144A, 7.125%, 10/2/25		12,000		11,757
144A, 9.125%, 3/1/26		10,000		9,790
Camelot Finance SA, 144A, 4.50%, 11/1/26		15,000		14,392


	Principal Amount		Value
Software (Continued)
CDK Global, Inc., 144A, 5.25%, 5/15/29	$	25,000	$	25,088
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A, 5.75%, 3/1/25		25,000		24,935
Clarivate Science Holdings Corp., 144A, 4.875%, 7/1/29		38,000		34,053
Consensus Cloud Solutions, Inc., 144A, 6.50%, 10/15/28		16,000		14,500
Fair Isaac Corp., 144A, 4.00%, 6/15/28		20,000		18,922
Minerva Merger Sub, Inc., 144A, 6.50%, 2/15/30		50,000		46,485
MSCI, Inc. 144A, 4.00%, 11/15/29 (a)		10,000		9,500
144A, 3.875%, 2/15/31		20,000		18,752
144A, 3.625%, 11/1/31		25,000		22,742
144A, 3.25%, 8/15/33		30,000		26,266
Open Text Corp., 144A, 3.875%, 12/1/29		25,000		22,917
Open Text Holdings, Inc., 144A, 4.125%, 2/15/30		50,000		46,500
PTC, Inc., 144A, 3.625%, 2/15/25		25,000		24,956
Rackspace Technology Global, Inc., 144A, 5.375%, 12/1/28 (a)		30,000		23,839
Rocket Software, Inc., 144A, 6.50%, 2/15/29		10,000		7,825
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		20,000		20,093
Twilio, Inc., 3.875%, 3/15/31		33,000		30,004
Veritas US, Inc. / Veritas Bermuda Ltd., 144A, 7.50%, 9/1/25		45,000		39,655
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		14,000		12,282

(Cost $562,393)				516,656

Utilities — 1.2%
Electric — 1.0%
Calpine Corp. 144A, 5.25%, 6/1/26		21,000		20,632
144A, 5.125%, 3/15/28		25,000		23,456
144A, 4.625%, 2/1/29		20,000		17,700
144A, 5.00%, 2/1/31		5,000		4,475
144A, 3.75%, 3/1/31		20,000		17,652
Clearway Energy Operating LLC, 144A, 4.75%, 3/15/28		50,000		47,938
NextEra Energy Operating Partners LP, 144A, 4.50%, 9/15/27		50,000		48,762
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144A, 4.50%, 8/15/28		20,000		18,870
Pike Corp., 144A, 5.50%, 9/1/28		10,000		8,500

(Cost $221,195)				207,985


	Principal Amount		Value
Gas — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.625%, 5/20/24
(Cost $52,644)	$	50,000	$	51,000

TOTAL CORPORATE BONDS
(Cost $22,735,059)				21,556,723


	Number of Shares
SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.68% (d)(e)
(Cost $302,229)		302,229		302,229

CASH EQUIVALENTS — 1.9%
DWS Government Money Market Series “Institutional Shares”, 0.72% (d)
(Cost $412,215)		412,215		412,215


TOTAL INVESTMENTS — 101.2%
(Cost $23,449,503)			$	22,271,167
Other assets and liabilities, net — (1.2%)				(264,203	)

NET ASSETS — 100.0%			$	22,006,964

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


	Principal Amount		Value
MUNICIPAL BONDS — 98.0%
Alabama — 0.1%
Lower Alabama Gas District, Natural Gas Revenue, Series A, 5.00%, 9/1/31 (Cost $193,070)	$	160,000	$	174,415

Arizona — 1.1%
City of Mesa AZ Utility System Revenue, Multiple Utility Revenue, Series A, 5.00%, 7/1/43		500,000		563,319
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, Series A, 5.00%, 1/1/33		35,000		39,535
Series A, 5.00%, 1/1/36		15,000		16,799
Series A, 5.00%, 1/1/39		500,000		556,504
Series A, 5.00%, 1/1/47		500,000		563,939
Series A, 3.00%, 1/1/49		65,000		54,869

(Cost $1,885,806)				1,794,965

California — 20.0%
Bay Area Toll Authority, Highway Revenue Tolls, Series S-7, 4.00%, 4/1/37		65,000		67,314
4.00%, 4/1/38		25,000		25,805
4.00%, 4/1/49		25,000		25,253
Sub-Series S-8, 3.00%, 4/1/54		535,000		455,716
City of Long Beach CA Harbor Revenue, Private Airport & Marina Revenue, Series C, 5.00%, 5/15/47		30,000		32,377
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Series A, 5.00%, 5/15/34		105,000		120,287
Series A, 5.00%, 5/15/35		25,000		28,566
Series A, 5.00%, 5/15/36		35,000		39,950
5.00%, 5/15/37		45,000		51,299
Series A, 5.00%, 5/15/38		300,000		341,456
5.00%, 5/15/39		40,000		45,455
5.00%, 5/15/40		55,000		62,412
Series D, AMT, 5.00%, 5/15/43		125,000		135,669
Series A, AMT, 4.00%, 5/15/44		1,225,000		1,234,089
Series C, AMT, 5.00%, 5/15/44		200,000		213,574
Series E, 5.00%, 5/15/44		25,000		27,794
Series F, AMT, 5.00%, 5/15/44		200,000		216,739
Series B, 5.00%, 5/15/45		260,000		297,162
Series C, AMT, 5.00%, 5/15/45		50,000		54,785
Series A, AMT, 5.00%, 5/15/46		600,000		659,897
Series B, 5.00%, 5/15/48		250,000		284,666
Series E, 5.00%, 5/15/48		20,000		22,220
Series F, AMT, 3.00%, 5/15/49		330,000		265,628
Series F, AMT, 4.00%, 5/15/49		500,000		500,948
Series D, AMT, 5.00%, 5/15/49		100,000		107,292
Series C, AMT, 4.00%, 5/15/50		500,000		500,623
Series A, AMT, 5.00%, 5/15/51		135,000		147,796
City of Sacramento CA Transient Occupancy Tax Revenue, Hotel Occupancy Tax, Series A, 5.00%, 6/1/48		25,000		27,387


	Principal Amount		Value
California (Continued)
City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue, Series D, 5.00%, 11/1/32	$	150,000	$	167,729
Series D, 3.00%, 11/1/50		340,000		288,833
Series C, 4.00%, 11/1/50		1,000,000		1,020,673
East Bay Municipal Utility District Water System Revenue, Water Revenue, Series A, 5.00%, 6/1/45		115,000		126,133
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Sales Tax Revenue, Series A, 5.00%, 6/1/32		25,000		29,488
Series A, 5.00%, 6/1/33		160,000		188,312
Series A, 5.00%, 6/1/34		315,000		368,493
Series A, 5.00%, 6/1/35		130,000		151,463
Series A, 5.00%, 6/1/37		375,000		434,100
Series A, 4.00%, 6/1/39		40,000		42,330
Series A, 5.00%, 7/1/42		225,000		247,741
Series A, 5.00%, 7/1/44		430,000		480,583
Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue, Series D, 5.00%, 7/1/32		85,000		97,808
Series D, 5.00%, 7/1/34		45,000		50,651
Series D, 5.00%, 7/1/35		130,000		146,172
Series B, 5.00%, 7/1/39		600,000		693,530
Series B, 5.00%, 7/1/40		260,000		300,279
Series C, 5.00%, 7/1/42		120,000		132,069
Series D, 5.00%, 7/1/43		140,000		156,353
Series D, 5.00%, 7/1/44		125,000		141,546
Series A, 5.00%, 7/1/45		60,000		67,327
Series C, 5.00%, 7/1/47		200,000		218,772
Series C, 5.00%, 7/1/49		1,135,000		1,277,404
Los Angeles Department of Water & Power Water System Revenue, Water Revenue, Series A, 5.00%, 7/1/41		270,000		312,447
Series B, 5.00%, 7/1/43		315,000		352,539
Series A, 5.00%, 7/1/48		210,000		231,818
Series A, 5.00%, 7/1/50		210,000		239,428
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, Series B, 5.00%, 7/1/45		45,000		51,607
Series B, 5.00%, 7/1/48		500,000		573,688
Metropolitan Water District of Southern California, Water Revenue, Series C, 5.00%, 7/1/39		25,000		28,858
Series C, 5.00%, 7/1/40		100,000		115,258
Series A, 5.00%, 10/1/45		225,000		255,917
Riverside County Transportation Commission, Highway Revenue Tolls, 4.00%, 6/1/40		50,000		50,640
Series B-1, 4.00%, 6/1/46		10,000		9,999
Series B-1, 3.00%, 6/1/49		1,000,000		787,004
Sacramento County Sanitation Districts Financing Authority, Intergovernmental, 5.00%, 12/1/32		100,000		121,874
5.00%, 12/1/33		30,000		35,924


	Principal Amount		Value
California (Continued)
Sacramento Municipal Utility District, Electric, Power & Light Revenue, Series H, 4.00%, 8/15/45	$	415,000	$	426,540
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, Series A, 5.00%, 7/1/49		200,000		216,471
Series A, 4.00%, 7/1/51		1,400,000		1,438,220
Series B, AMT, 4.00%, 7/1/51		250,000		246,864
Series A, 5.00%, 7/1/51		1,000,000		1,099,958
Series B, AMT, 5.00%, 7/1/51		500,000		541,152
Series A, 5.00%, 7/1/56		1,300,000		1,424,385
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, Series 2020A, AMT, 5.00%, 5/1/37		600,000		664,006
Series A, AMT, 5.00%, 5/1/37		1,015,000		1,111,153
Series A, AMT, 5.00%, 5/1/39		50,000		54,575
AMT, 5.00%, 5/1/43		320,000		343,645
Series A, AMT, 5.00%, 5/1/44		1,310,000		1,415,755
Series E, AMT, 5.00%, 5/1/45		1,225,000		1,321,734
Series A, AMT, 5.00%, 5/1/47		200,000		209,252
Series B, 5.00%, 5/1/47		260,000		281,189
Series D, AMT, 5.00%, 5/1/48		75,000		80,110
Series E, 5.00%, 5/1/48		25,000		27,188
Series D, AMT, 5.25%, 5/1/48		870,000		940,734
Series A, AMT, 4.00%, 5/1/49		1,000,000		996,986
Series A, AMT, 5.00%, 5/1/49		200,000		215,496
Series E, AMT, 5.00%, 5/1/50		370,000		398,363
Series F, 5.00%, 5/1/50		900,000		989,121
San Francisco City & County Public Utilities Commission Wastewater Revenue, Sewer Revenue, Series A, 4.00%, 10/1/43		110,000		113,161
San Francisco Municipal Transportation Agency, Transit Revenue, Series C, 4.00%, 3/1/51		40,000		40,637
Series C, 5.00%, 3/1/51		750,000		852,633
Southern California Public Power Authority, Natural Gas Revenue, Series A, 5.00%, 11/1/33		570,000		639,387
State of California Department of Water Resources, Water Revenue, Series BB, 5.00%, 12/1/32		70,000		82,882
Series BB, 5.00%, 12/1/33		45,000		52,826
Series BB, 5.00%, 12/1/34		25,000		29,254
Series BB, 5.00%, 12/1/35		45,000		52,589

(Cost $35,267,093)				32,293,215

Colorado — 3.3%
City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 12/1/32		285,000		310,606
Series A, AMT, 5.00%, 12/1/34		350,000		380,243
Series A, AMT, 5.00%, 12/1/35		1,000,000		1,085,289


	Principal Amount		Value
Colorado (Continued)
Sub-Series A, AMT, 5.00%, 12/1/36	$	300,000	$	349,404
Series A, AMT, 5.00%, 12/1/37		20,000		21,672
Series A, AMT, 5.00%, 12/1/38		320,000		346,271
Series A, AMT, 4.00%, 12/1/43		650,000		650,700
Series A, AMT, 5.00%, 12/1/43		325,000		348,214
Series A, AMT, 5.00%, 12/1/48		700,000		745,647
Sub-Series B, 5.00%, 12/1/48		40,000		43,494
City & County of Denver Co. Hotel Occupancy Tax, Series A, 4.00%, 8/1/51		700,000		713,772
City of Colorado Springs CO Utilities System Revenue, Multiple Utility Revenue, Series B, 4.00%, 11/15/51		100,000		103,229
Colorado Bridge Enterprise, Miscellaneous Revenue, AMT, 4.00%, 6/30/51		250,000		248,129

(Cost $5,663,596)				5,346,670

Connecticut — 0.4%
State of Connecticut Special Tax Revenue, Fuel Sales Tax Revenue, 5.00%, 5/1/32		70,000		80,938
5.00%, 5/1/33		105,000		120,905
5.00%, 5/1/34		25,000		28,671
5.00%, 5/1/35		10,000		11,453
5.00%, 5/1/37		100,000		113,935
5.00%, 5/1/38		100,000		113,670
5.00%, 5/1/40		120,000		135,974

(Cost $666,469)				605,546

District of Columbia — 4.3%
District of Columbia Water & Sewer Authority, Water Revenue, Series B, 5.00%, 10/1/49		250,000		276,015
District of Columbia, Income Tax Revenue, Series A, 4.00%, 3/1/39		110,000		115,806
Series A, 4.00%, 3/1/40		105,000		110,387
Series A, 5.00%, 3/1/44		525,000		599,635
Series C, 5.00%, 5/1/45		170,000		195,666
Metropolitan Washington Airports Authority Aviation Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/32		100,000		113,902
AMT, 5.00%, 10/1/42		130,000		139,019
Series A, AMT, 5.00%, 10/1/46		850,000		936,423
Series A, AMT, 5.00%, 10/1/48		175,000		187,668
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Highway Revenue Tolls, Series B, 4.00%, 10/1/44		1,000,000		975,839
Series B, 5.00%, 10/1/47		500,000		530,355
Series B, 4.00%, 10/1/49		80,000		76,554
Series B, 3.00%, 10/1/50		1,200,000		1,020,503
Series B, 4.00%, 10/1/53		1,350,000		1,274,646
Washington Metropolitan Area Transit Authority, Transit Revenue, Series B, 5.00%, 7/1/42		365,000		398,820

(Cost $7,679,253)				6,951,238


	Principal Amount		Value
Florida — 9.4%
Broward County FL Water & Sewer Utility Revenue, Water Revenue, Series A, 4.00%, 10/1/47	$	240,000	$	247,653
Central Florida Expressway Authority, Highway Revenue Tolls, Series D, 5.00%, 7/1/35		40,000		46,376
5.00%, 7/1/38		125,000		134,844
4.00%, 7/1/41		10,000		10,197
City of Cape Coral FL Water & Sewer Revenue, Water Revenue, 5.00%, 10/1/39		150,000		164,840
City of Gainesville FL Utilities System Revenue, Multiple Utility Revenue, Series A, 5.00%, 10/1/44		380,000		421,821
Series A, 5.00%, 10/1/47		215,000		237,818
City of Tampa FL Water & Wastewater System Revenue, Water Revenue, Series A, 5.00%, 10/1/54		1,000,000		1,134,054
County of Broward FL Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/44		100,000		99,894
AMT, 5.00%, 10/1/47		45,000		47,728
Series A, AMT, 4.00%, 10/1/49		150,000		149,542
County of Broward FL Port Facilities Revenue, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 9/1/44		500,000		506,356
County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 10/1/40		270,000		285,881
Series A, AMT, 4.00%, 10/1/44		400,000		395,498
Series A, AMT, 5.00%, 10/1/44		1,000,000		1,070,354
Series A, AMT, 5.00%, 10/1/49		380,000		404,457
County of Miami-Dade FL Transit System, Sales Tax Revenue, Series A, 4.00%, 7/1/49		500,000		512,553
Series A, 4.00%, 7/1/50		90,000		92,177
County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue, 5.00%, 10/1/43		50,000		55,813
Series A, 4.00%, 10/1/44		165,000		169,160
Series B, 4.00%, 10/1/44		475,000		492,183
4.00%, 10/1/46		145,000		150,229
Series A, 3.375%, 10/1/47		105,000		100,348
4.00%, 10/1/48		400,000		409,066
4.00%, 10/1/48		40,000		41,213
Series B, 3.00%, 10/1/49		495,000		438,101
Series B, 4.00%, 10/1/49		1,000,000		1,024,996
4.00%, 10/1/51		275,000		282,537
Greater Orlando Aviation Authority, Private Airport & Marina Revenue, Sub-Series A, AMT, 5.00%, 10/1/42		250,000		266,720
Series A, AMT, 5.00%, 10/1/44		165,000		179,461
Sub-Series A, AMT, 4.00%, 10/1/47		40,000		39,972
Sub-Series A, AMT, 5.00%, 10/1/47		100,000		106,062


	Principal Amount		Value
Florida (Continued)
Series A, AMT, 4.00%, 10/1/49	$	500,000	$	498,472
Series A, AMT, 4.00%, 10/1/52		1,000,000		990,101
Series A, AMT, 4.00%, 10/1/52		25,000		24,753
Sub-Series A, AMT, 5.00%, 10/1/52		605,000		639,800
Series A, AMT, 3.25%, 10/1/54		250,000		206,011
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series F, 5.00%, 10/1/48		195,000		212,909
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/52		1,000,000		998,774
Putnam County Development Authority, Electric, Power & Light Revenue, 5.00%, 3/15/42		40,000		44,171
Series A, 5.00%, 3/15/42		250,000		276,069
State of Florida Department of Transportation Turnpike System Revenue, Highway Revenue Tolls, Series C, 3.00%, 7/1/46		425,000		383,019
Series B, 3.00%, 7/1/49		45,000		39,913
Series C, 3.00%, 7/1/51		100,000		86,205
Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls, Series B, 4.00%, 7/1/42		1,000,000		1,020,629

(Cost $16,371,354)				15,138,730

Georgia — 1.4%
City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 7/1/49		200,000		199,395
City of Atlanta GA Water & Wastewater, Water Revenue, Series B, 5.00%, 11/1/47		250,000		276,200
Development Authority of Burke County, Electric, Power & Light Revenue, Series C, 4.125%, 11/1/45		25,000		24,888
Series D, 4.125%, 11/1/45		355,000		353,417
George L Smith II Congress Center Authority, Industrial Revenue, Series A, 4.00%, 1/1/54		850,000		773,795
Main Street Natural Gas, Inc., Natural Gas Revenue, Series A, 5.00%, 5/15/43		30,000		31,635
Municipal Electric Authority of Georgia, Nuclear Revenue, Series A, 5.00%, 1/1/62		500,000		538,951

(Cost $2,382,997)				2,198,281

Hawaii — 0.9%
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43		400,000		429,400
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/51		1,000,000		1,100,227

(Cost $1,521,988)				1,529,627


	Principal Amount		Value
Illinois — 5.0%
Chicago O’Hare International Airport, Private Airport & Marina Revenue, Series A, 4.00%, 1/1/35	$	55,000	$	56,069
Series A, 5.00%, 1/1/35		650,000		721,113
Series A, 4.00%, 1/1/36		280,000		285,105
Series D, AMT, 5.00%, 1/1/42		825,000		865,580
Series A, AMT, 4.00%, 1/1/43		115,000		115,652
Series B, 4.00%, 1/1/44		175,000		175,327
Series B, 5.00%, 1/1/48		1,285,000		1,385,183
Series D, AMT, 5.00%, 1/1/52		400,000		416,293
Series B, 4.00%, 1/1/53		130,000		129,842
Series A, AMT, 4.375%, 1/1/53		25,000		25,153
Series B, 5.00%, 1/1/53		500,000		534,426
Illinois Finance Authority, Water Revenue, 4.00%, 7/1/38		25,000		26,197
Illinois State Toll Highway Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/41		30,000		33,804
Series A, 5.00%, 1/1/42		550,000		596,744
Series A, 4.00%, 1/1/44		1,050,000		1,067,018
Series A, 5.00%, 1/1/44		800,000		881,144
Series A, 5.00%, 1/1/45		775,000		866,301

(Cost $8,824,544)				8,180,951

Kentucky — 0.2%
Kentucky Economic Development Finance Authority, Lease Revenue, Series A, 4.00%, 12/1/41		255,000		260,158
Kentucky Municipal Power Agency, Electric, Power & Light Revenue, Series A, 4.00%, 9/1/39		45,000		45,589
Louisville & Jefferson County Metropolitan Sewer District, Sewer Revenue, Series A, 3.00%, 5/15/46		10,000		8,790

(Cost $327,232)				314,537

Louisiana — 0.2%
East Baton Rouge Sewerage Commission, Sewer Revenue, Series A, 4.00%, 2/1/45		245,000		248,937
Jefferson Sales Tax District, Sales Tax Revenue, Series B, 4.00%, 12/1/42		115,000		116,125

(Cost $417,258)				365,062

Maine — 0.0%
Maine Turnpike Authority, Highway Revenue Tolls, 5.00%, 7/1/47 (Cost $46,493)		40,000		44,500

Maryland — 0.5%
Maryland State Transportation Authority, Highway Revenue Tolls, 4.00%, 7/1/50 (Cost $882,252)		750,000		767,084

Massachusetts — 1.8%
Commonwealth of Massachusetts, Hotel Occupancy Tax, 5.50%, 1/1/34		185,000		226,500


	Principal Amount		Value
Massachusetts (Continued)
Massachusetts Bay Transportation Authority Sales Tax Revenue, Sales Tax Revenue, Series B-1, 5.00%, 7/1/50	$	35,000	$	38,291
Series A-1, 4.00%, 7/1/51		205,000		209,799
Massachusetts Port Authority, Private Airport & Marina Revenue, Series C, AMT, 5.00%, 7/1/44		400,000		434,014
Series E, AMT, 5.00%, 7/1/46		500,000		550,509
Series E, AMT, 5.00%, 7/1/51		505,000		553,437
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, Highway Revenue Tolls, Series A, 5.00%, 1/1/33		745,000		842,981

(Cost $3,025,094)				2,855,531

Michigan — 1.3%
Lansing Board of Water & Light, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/44		600,000		672,894
Series A, 5.00%, 7/1/48		90,000		100,456
State of Michigan Trunk Line Revenue, Fuel Sales Tax Revenue, Series B, 4.00%, 11/15/45		1,300,000		1,328,564

(Cost $2,237,980)				2,101,914

Missouri — 0.2%
Metropolitan St Louis Sewer District, Sewer Revenue, Series A, 5.00%, 5/1/47 (Cost $272,730)		245,000		267,295

Nevada — 0.9%
City of Reno NV, Sales Tax Revenue, Series A, 4.00%, 6/1/58		145,000		148,277
County of Clark Department of Aviation, Private Airport & Marina Revenue, Sub-Series A-2, 5.00%, 7/1/40		50,000		54,628
County of Washoe NV, Fuel Sales Tax Revenue, 5.00%, 2/1/42		50,000		55,144
Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax, Series B, 5.00%, 7/1/43		840,000		927,760
Series B, 4.00%, 7/1/49		290,000		294,403

(Cost $1,487,408)				1,480,212

New Jersey — 2.9%
New Jersey Transportation Trust Fund Authority, Appropriations, Series A, 4.00%, 6/15/36		100,000		101,370
New Jersey Turnpike Authority, Highway Revenue Tolls, Series G, 4.00%, 1/1/33		130,000		136,991
Series B, 5.00%, 1/1/34		130,000		143,979
Series G, 4.00%, 1/1/35		75,000		78,030
Series G, 5.00%, 1/1/35		295,000		326,490
Series G, 5.00%, 1/1/37		40,000		44,195
Series G, 3.25%, 1/1/38		675,000		649,120


	Principal Amount		Value
New Jersey (Continued)
Series B, 5.00%, 1/1/40	$	100,000	$	109,824
Series G, 4.00%, 1/1/43		1,010,000		1,034,294
Series A, 4.00%, 1/1/48		45,000		45,977
Series A, 5.00%, 1/1/48		740,000		815,882
Series A, 4.00%, 1/1/51		1,255,000		1,278,375

(Cost $4,953,517)				4,764,527

New York — 17.6%
Long Island Power Authority, Electric, Power & Light Revenue, Series A, 4.00%, 9/1/33		140,000		150,425
5.00%, 9/1/33		125,000		141,049
5.00%, 9/1/34		50,000		56,304
5.00%, 9/1/35		140,000		157,399
5.00%, 9/1/38		490,000		548,305
5.00%, 9/1/42		185,000		204,264
5.00%, 9/1/47		60,000		65,923
Metropolitan Transportation Authority, Transit Revenue, Series D, 5.00%, 11/15/32		25,000		26,796
Series C-1, 5.00%, 11/15/33		30,000		32,069
Series D, 5.00%, 11/15/33		100,000		106,895
Series C-1, 5.00%, 11/15/34		50,000		53,320
Series C-1, 4.00%, 11/15/35		30,000		30,020
Series C-1, 3.25%, 11/15/36		430,000		389,814
Series C-1, 4.00%, 11/15/37		155,000		154,328
Series C-1, 4.00%, 11/15/38		180,000		179,076
Series A-2, 4.00%, 11/15/41		500,000		496,568
Series D, 4.00%, 11/15/42		430,000		426,517
Series A, Sub-Series A-2, 5.00%, 11/15/44		100,000		107,697
Series E, 4.00%, 11/15/45		1,000,000		987,269
Series C-1, 4.75%, 11/15/45		1,000,000		1,028,337
Sub-Series A, 5.00%, 11/15/45		75,000		79,012
Series A, 4.00%, 11/15/46		150,000		147,275
Series D, 4.00%, 11/15/46		790,000		770,614
Series D-2, 4.00%, 11/15/48		630,000		611,376
Series A-1-GROUP 1, 5.00%, 11/15/48		600,000		638,612
Series D-3, 4.00%, 11/15/49		140,000		135,554
Series A-1, 4.00%, 11/15/50		35,000		34,123
Series D-3, 4.00%, 11/15/50		250,000		241,686
Series C-1, 5.00%, 11/15/50		1,110,000		1,179,449
Series A-1, 4.00%, 11/15/52		775,000		745,040
Series B, 5.00%, 11/15/52		115,000		120,773
Series A-1-GROUP 2, 4.00%, 11/15/54		345,000		333,050
Series C-1, 5.25%, 11/15/55		250,000		270,219
New York City Municipal Water Finance Authority, Water Revenue, Series CC-3, 5.00%, 6/15/32		460,000		549,207
Series CC-1, 4.00%, 6/15/37		95,000		97,937
Series FF, 5.00%, 6/15/39		35,000		38,760
Series DD-2, 3.50%, 6/15/40		90,000		87,408
Series AA, 4.00%, 6/15/40		490,000		508,057
Series EE-2, 4.00%, 6/15/40		30,000		31,041
Series AA, 5.00%, 6/15/40		95,000		107,179
Series FF, 5.00%, 6/15/40		100,000		110,556
Sub-Series EE-2, 5.00%, 6/15/40		135,000		151,278


	Principal Amount		Value
New York (Continued)
4.00%, 6/15/42	$	400,000	$	414,225
Series AA-2, 4.00%, 6/15/42		100,000		103,747
Series BB2, 4.00%, 6/15/42		40,000		41,499
Series CC-2, 4.00%, 6/15/42		25,000		25,841
Series BB-1, 3.00%, 6/15/44		150,000		133,387
Series BB-1, 5.00%, 6/15/44		140,000		161,352
Series BB-1, 4.00%, 6/15/45		255,000		264,739
Series BB-1, 5.00%, 6/15/46		15,000		16,355
Series CC-1, 5.00%, 6/15/48		965,000		1,050,540
Series DD-1, 5.00%, 6/15/48		300,000		328,217
Series BB-1, 4.00%, 6/15/49		200,000		205,393
Series CC-1, 4.00%, 6/15/49		200,000		205,393
Series FF-1, 4.00%, 6/15/49		15,000		15,447
Series DD-1, 5.00%, 6/15/49		400,000		437,892
Series DD-1, 5.25%, 6/15/49		70,000		77,745
Series AA-1, 3.00%, 6/15/50		245,000		210,048
Series BB-1, 3.00%, 6/15/50		180,000		154,321
Series DD-1, 3.00%, 6/15/50		500,000		428,669
Series BB-1, 4.00%, 6/15/50		285,000		294,767
Series GG-1, 4.00%, 6/15/50		305,000		314,922
Sub-Series DD-1, 4.00%, 6/15/50		600,000		619,519
Series AA-1, 5.00%, 6/15/50		140,000		159,125
Series AA-1, 3.00%, 6/15/51		300,000		255,903
Series CC-1, 5.00%, 6/15/51		250,000		284,355
New York Convention Center Development Corp., Hotel Occupancy Tax, Series A, 5.00%, 11/15/46		25,000		26,643
New York Liberty Development Corp., Industrial Revenue, 2.625%, 9/15/69		505,000		469,768
Series 3, 2.80%, 9/15/69		210,000		196,523
New York Power Authority, Electric, Power & Light Revenue, Series A, 4.00%, 11/15/45		35,000		35,585
Series A, 4.00%, 11/15/47		115,000		118,246
Series A, 4.00%, 11/15/50		75,000		76,013
Series A, 4.00%, 11/15/55		500,000		504,857
Series A, 3.25%, 11/15/60		2,060,000		1,684,676
Series A, 4.00%, 11/15/60		525,000		528,310
New York State Dormitory Authority, Income Tax Revenue, Series A, 4.00%, 3/15/37		225,000		235,865
New York State Environmental Facilities Corp., Water Revenue, Sub-Series E, 5.00%, 6/15/42		100,000		109,829
Series A, 5.00%, 6/15/51		500,000		580,278
New York Transportation Development Corp., Industrial Revenue, AMT, 5.00%, 1/1/30		485,000		506,924
AMT, 5.00%, 1/1/31		175,000		182,387
AMT, 5.00%, 1/1/34		500,000		518,436
AMT, 4.00%, 1/1/36		270,000		260,428
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, Series 224, 4.00%, 7/15/51		15,000		15,470
Triborough Bridge & Tunnel Authority, Highway Revenue Tolls, Series A, 4.00%, 11/15/54		450,000		455,902


	Principal Amount		Value
New York (Continued)
Triborough Bridge & Tunnel Authority, Miscellaneous Taxes, Series C-3, 3.00%, 5/15/51	$	445,000	$	380,453
Series A, 4.00%, 5/15/51		500,000		514,325
Series A-1, 5.00%, 5/15/51		2,000,000		2,259,371
Series C-1A, 5.00%, 5/15/51		225,000		255,570

(Cost $31,146,476)				28,449,841

North Carolina — 0.0%
City of Charlotte NC Airport Revenue, Private Airport & Marina Revenue, Series A, 5.00%, 7/1/47 (Cost $29,810)		25,000		27,101

Ohio — 1.0%
Franklin County Convention Facilities Authority, Industrial Revenue, 5.00%, 12/1/51		100,000		101,979
Northeast Ohio Regional Sewer District, Sewer Revenue, 4.00%, 11/15/43		60,000		61,111
Ohio Turnpike & Infrastructure Commission, Highway Revenue Tolls, Series A, 4.00%, 2/15/46		10,000		10,188
Series A, 5.00%, 2/15/46		275,000		312,760
Ohio Water Development Authority Water Pollution Control Loan Fund, Water Revenue, Series A, 5.00%, 12/1/50		750,000		848,472
Ohio Water Development Authority, Intergovernmental, 5.00%, 6/1/46		225,000		260,323

(Cost $1,743,866)				1,594,833

Oregon — 1.5%
Port of Portland OR Airport Revenue, Private Airport & Marina Revenue, Series 25B, AMT, 5.00%, 7/1/44		315,000		340,356
Series 28, AMT, 4.00%, 7/1/47		500,000		500,226
Series TWENTY-SEVEN-A, AMT, 4.00%, 7/1/50		1,000,000		994,737
State of Oregon Department of Transportation, Fuel Sales Tax Revenue, Series A, 5.00%, 11/15/40		380,000		438,804
Series A, 4.00%, 11/15/42		60,000		62,277
Sub-Series A, 5.00%, 11/15/42		65,000		73,770

(Cost $2,475,964)				2,410,170

Pennsylvania — 7.4%
Allegheny County Airport Authority, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 1/1/46		700,000		700,952
Series A, AMT, 5.00%, 1/1/51		950,000		1,024,561
Series A, AMT, 4.00%, 1/1/56		1,000,000		962,965
Chester County Industrial Development Authority, Recreational Revenue, 4.00%, 12/1/51		245,000		247,514
City of Philadelphia PA Airport Revenue,Private Airport & Marina Revenue, Series B, AMT, 5.00%, 7/1/42		50,000		53,059
Series B, AMT, 5.00%, 7/1/47		325,000		342,945


	Principal Amount		Value
Pennsylvania (Continued)
City of Philadelphia PA Water & Wastewater, Water Revenue, Series A, 5.00%, 10/1/43	$	25,000	$	27,785
Series A, 5.00%, 11/1/45		515,000		577,051
Series A, 5.00%, 10/1/48		35,000		38,676
Series A, 5.00%, 11/1/50		500,000		557,660
Delaware River Joint Toll Bridge Commission, Highway Revenue Tolls, 5.00%, 7/1/42		365,000		398,641
Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees, Series B, 5.00%, 12/1/43		115,000		124,593
Series A, 5.25%, 12/1/44		565,000		633,272
Series A, 5.00%, 12/1/48		480,000		527,494
Pennsylvania Turnpike Commission, Highway Revenue Tolls, Series B-2, 5.00%, 6/1/34		500,000		547,512
Sub-Series B-1, 5.00%, 6/1/42		100,000		106,358
Series A, 3.00%, 12/1/42		160,000		143,658
Series A-1, 5.00%, 12/1/42		25,000		27,070
Series A-2, 5.00%, 12/1/43		290,000		317,536
Series A, 5.00%, 12/1/44		230,000		254,223
Sub-Series A, 5.00%, 12/1/44		535,000		576,291
Series A, 4.00%, 12/1/46		20,000		19,630
Series A-1, 5.00%, 12/1/46		900,000		951,990
Series C, 5.00%, 12/1/46		45,000		50,643
Series A, 5.00%, 12/1/47		55,000		61,527
Series A-1, 5.00%, 12/1/47		500,000		538,397
Sub-Series A, 4.00%, 12/1/49		285,000		291,336
Series A, 5.00%, 12/1/49		15,000		16,495
Series B, 5.00%, 12/1/50		960,000		1,064,211
Series B, 3.00%, 12/1/51		500,000		396,586
Series A, 4.00%, 12/1/51		65,000		65,618
Series B, 4.00%, 12/1/51		300,000		290,703
Series B, 5.00%, 12/1/51		15,000		16,646

(Cost $12,933,122)				11,953,598

South Carolina — 0.9%
South Carolina Public Service Authority, Electric, Power & Light Revenue, Series A, 4.00%, 12/1/42		475,000		478,457
Series A, 4.00%, 12/1/52		600,000		588,915
South Carolina Public Service Authority, Nuclear Revenue, Series A, 5.00%, 12/1/55		365,000		378,274

(Cost $1,464,129)				1,445,646

Tennessee — 1.3%
Metropolitan Nashville Airport Authority, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 7/1/49		125,000		134,733
Series B, AMT, 4.00%, 7/1/54		550,000		539,567
Series A, 5.00%, 7/1/54		805,000		871,253
Series B, AMT, 5.00%, 7/1/54		500,000		533,976

(Cost $2,290,559)				2,079,529


	Principal Amount		Value
Texas — 7.1%
Central Texas Regional Mobility Authority, Highway Revenue Tolls, Series E, 5.00%, 1/1/45	$	100,000	$	108,696
Series B, 5.00%, 1/1/46		300,000		327,500
Series B, 4.00%, 1/1/51		50,000		50,238
City of Austin TX Electric Utility Revenue, Electric, Power & Light Revenue, Series B, 5.00%, 11/15/44		125,000		138,789
Series B, 5.00%, 11/15/49		125,000		138,430
City of Austin TX Water & Wastewater System Revenue, Water Revenue, Series C, 5.00%, 11/15/50		305,000		347,765
City of Dallas TX Waterworks & Sewer System Revenue, Water Revenue, Series C, 4.00%, 10/1/49		110,000		112,993
City of Georgetown TX Utility System Revenue, Multiple Utility Revenue, 4.25%, 8/15/47		1,000,000		1,042,190
City of Houston TX Airport System Revenue, Private Airport & Marina Revenue, Sub-Series A, AMT, 4.00%, 7/1/46		575,000		574,911
City of Houston TX Combined Utility System, Water Revenue, Series B, 5.00%, 11/15/42		30,000		33,238
Series C, 4.00%, 11/15/43		165,000		167,591
Series D, 5.00%, 11/15/43		30,000		33,625
Series C, 3.00%, 11/15/47		645,000		565,329
Series C, 4.00%, 11/15/49		55,000		55,399
City of San Antonio TX Electric & Gas Systems Revenue, Electric, Power & Light Revenue, 5.00%, 2/1/35		100,000		114,225
Series A, 5.00%, 2/1/46		10,000		11,247
City of San Antonio TX Electric & Gas Systems, Electric, Power & Light Revenue, 5.00%, 2/1/34		220,000		251,841
5.00%, 2/1/47		150,000		163,316
Dallas Fort Worth International Airport, Private Airport & Marina Revenue, 4.00%, 11/1/34		60,000		62,615
4.00%, 11/1/35		85,000		88,585
Series A, 4.00%, 11/1/35		70,000		72,953
Series B, 4.00%, 11/1/45		500,000		512,393
Harris County Toll Road Authority, Highway Revenue Tolls, Series A, 4.00%, 8/15/48		555,000		566,164
4.00%, 8/15/50		670,000		681,641
Harris County-Houston Sports Authority, Hotel Occupancy Tax, Series A, 3.125%, 11/15/56		110,000		91,533
Lower Colorado River Authority, Intergovernmental, 5.00%, 5/15/47		250,000		278,520
North Fort Bend Water Authority, Water Revenue, Series A, 4.00%, 12/15/58		25,000		25,461


	Principal Amount		Value
Texas (Continued)
North Texas Tollway Authority, Highway Revenue Tolls, Series A, 4.00%, 1/1/36	$	225,000	$	237,359
Series A, 4.00%, 1/1/37		25,000		26,211
Series A, 3.00%, 1/1/38		500,000		468,026
Series A, 5.00%, 1/1/38		65,000		72,124
Series A, 5.00%, 1/1/43		710,000		772,136
Series A, 5.00%, 1/1/48		1,575,000		1,704,087
4.25%, 1/1/49		30,000		30,614
Series B, 3.00%, 1/1/51		750,000		635,220
San Antonio Water System, Water Revenue, Series A, 5.00%, 5/15/46		25,000		28,624
Series A, 4.00%, 5/15/51		335,000		341,727
Texas Water Development Board, Water Revenue, 4.00%, 10/15/45		320,000		333,760
4.00%, 4/15/51		225,000		233,195
West Harris County Regional Water Authority, Water Revenue, 3.00%, 12/15/58		85,000		69,638

(Cost $12,768,033)				11,569,909

Utah — 2.2%
City of Salt Lake City UT Airport Revenue, Private Airport & Marina Revenue, Series B, 5.00%, 7/1/42		160,000		172,479
Series A, AMT, 5.00%, 7/1/43		400,000		426,926
Series A, AMT, 5.00%, 7/1/47		500,000		527,607
Series B, 5.00%, 7/1/47		30,000		32,158
Series A, AMT, 5.00%, 7/1/48		1,000,000		1,061,465
Series A, AMT, 5.25%, 7/1/48		225,000		241,853
Intermountain Power Agency, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/42		1,000,000		1,156,326

(Cost $3,620,416)				3,618,814

Virginia — 1.8%
Hampton Roads Transportation Accountability Commission, Appropriations, Series A, 4.00%, 7/1/45		275,000		284,897
Series A, 5.00%, 7/1/50		40,000		45,056
Series A, 4.00%, 7/1/55		700,000		720,119
Series A, 5.00%, 7/1/60		500,000		561,476
Virginia Small Business Financing Authority, Highway Revenue Tolls, AMT, 5.00%, 12/31/52		550,000		571,495
AMT, 5.00%, 12/31/56		750,000		778,094

(Cost $3,183,404)				2,961,137

Washington — 1.4%
Central Puget Sound Regional Transit Authority, Sales Tax Revenue, Series S-1, 5.00%, 11/1/32		50,000		60,416
Series S-1, 5.00%, 11/1/33		100,000		120,447
Series S-1, 4.00%, 11/1/40		20,000		21,008
Series S-1, 4.00%, 11/1/46		1,000,000		1,025,179


	Principal Amount		Value
Washington (Continued)
Energy Northwest, Nuclear Revenue, Series A, 5.00%, 7/1/36	$	10,000	$	11,487
Series A, 5.00%, 7/1/38		300,000		342,679
Port of Seattle WA, Private Airport & Marina Revenue, Series C, AMT, 5.25%, 5/1/42		190,000		206,976
AMT, 5.00%, 4/1/44		500,000		538,049

(Cost $2,548,715)				2,326,241

West Virginia — 0.2%
West Virginia Parkways Authority, Highway Revenue Tolls, 5.00%, 6/1/47 (Cost $322,221)		250,000		286,113

Wisconsin — 0.2%
Wisconsin Health & Educational Facilities Authority, Electric, Power & Light Revenue, 5.00%, 4/1/44 (Cost $271,430)		245,000		262,432

Guam — 0.1%
Guam Government Waterworks Authority, Water Revenue, 5.00%, 1/1/46 (Cost $129,380)		125,000		133,240


	Principal Amount		Value
Puerto Rico — 1.4%
Puerto Rico Highway & Transportation Authority, Fuel Sales Tax Revenue, Series CC, 5.25%, 7/1/36	$	540,000	$	574,211
Series N, 5.25%, 7/1/36		855,000		909,103
Puerto Rico Highway & Transportation Authority, Highway Revenue Tolls, Series L, 5.25%, 7/1/35		705,000		733,427
Series L, 5.25%, 7/1/41		65,000		68,994

(Cost $2,352,435)				2,285,735

TOTAL MUNICIPAL BONDS
(Cost $171,386,094)				158,578,639


TOTAL INVESTMENTS — 98.0% (Cost $171,386,094)			$	158,578,639
Other assets and liabilities, net — 2.0%				3,162,092

NET ASSETS — 100.0%			$	161,740,731


	Number of Shares		Value
COMMON STOCKS — 98.3%
Australia — 7.6%
Aurizon Holdings Ltd.		5,350	$	15,428
BHP Group Ltd.		15,323		490,351
Coles Group Ltd.		4,023		50,590
Fortescue Metals Group Ltd.		5,114		73,774
Medibank Pvt Ltd.		8,223		18,994
Mineral Resources Ltd.		513		23,497
Rio Tinto Ltd.		1,122		92,117
Wesfarmers Ltd.		3,429		116,078
Woodside Energy Group Ltd.		2,565		54,758

(Cost $901,013)				935,587

Austria — 0.2%
OMV AG (Cost $23,895)		449		26,166

Belgium — 0.2%
Ageas SA/NV (Cost $24,663)		491		24,663

Brazil — 2.8%
Ambev SA		14,264		42,714
B3 SA — Brasil Bolsa Balcao		18,553		49,998
Hypera SA		1,299		10,634
TIM SA		2,424		7,366
Vale SA		12,168		221,374
Vibra Energia SA		3,567		14,634

(Cost $299,043)				346,720

Canada — 3.6%
BCE, Inc.		208		11,332
Canadian Tire Corp. Ltd., Class A		172		23,632
Great-West Lifeco, Inc. (a)		825		22,640
Hydro One Ltd., 144A		993		27,697
iA Financial Corp., Inc.		322		16,721
IGM Financial, Inc.		229		7,054
Manulife Financial Corp.		5,854		108,439
Quebecor, Inc., Class B		481		10,914
Restaurant Brands International, Inc.		887		46,578
Shaw Communications, Inc., Class B		1,438		40,746
Sun Life Financial, Inc. (a)		1,761		86,014
TELUS Corp.		1,379		34,506

(Cost $414,392)				436,273

Chile — 0.3%
Antofagasta PLC		1,188		22,122
Cia Cervecerias Unidas SA		396		2,829
Cia Sud Americana de Vapores SA		46,532		6,388
Enel Americas SA		67,137		7,273

(Cost $42,196)				38,612

China — 5.9%
Anhui Conch Cement Co. Ltd., Class A		500		2,757
Anhui Conch Cement Co. Ltd., Class H		3,671		18,623
Baoshan Iron & Steel Co. Ltd., Class A		4,500		4,312
China Coal Energy Co. Ltd., Class H (b)		5,598		5,137
China Communications Services Corp. Ltd., Class H		6,830		3,204
China Construction Bank Corp., Class A		2,400		2,149


	Number of Shares		Value
China (Continued)
China Construction Bank Corp., Class H		292,578	$	217,787
China Hongqiao Group Ltd. (a)		7,356		9,132
China Lesso Group Holdings Ltd.		2,933		3,768
China Medical System Holdings Ltd.		3,863		5,712
China Pacific Insurance Group Co. Ltd., Class A		1,200		3,818
China Pacific Insurance Group Co. Ltd., Class H		8,017		18,761
China Railway Group Ltd., Class H		12,638		8,747
China Railway Signal & Communication Corp. Ltd., Class A		1,593		1,087
China Shenhua Energy Co. Ltd., Class A		1,156		5,877
China Shenhua Energy Co. Ltd., Class H		10,306		34,482
China State Construction Engineering Corp. Ltd., Class A		7,000		5,774
China Vanke Co. Ltd., Class A		2,100		5,599
China Vanke Co. Ltd., Class H		5,415		11,982
CIFI Holdings Group Co. Ltd.		10,900		4,738
Country Garden Holdings Co. Ltd. (a)		24,743		15,516
Daqin Railway Co. Ltd., Class A		2,800		2,813
Gemdale Corp., Class A		1,300		2,314
Gree Electric Appliances, Inc. of Zhuhai, Class A		600		2,890
Haitian International Holdings Ltd.		1,719		4,415
Hengli Petrochemical Co. Ltd., Class A (b)		1,244		4,392
Huaibei Mining Holdings Co. Ltd., Class A (b)		600		1,373
Huaxin Cement Co. Ltd., Class A		459		1,363
Hunan Valin Steel Co. Ltd., Class A (b)		1,600		1,284
Industrial & Commercial Bank of China Ltd., Class A		11,900		8,302
Industrial & Commercial Bank of China Ltd., Class H		172,617		103,629
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,453		1,590
Jiangsu Expressway Co. Ltd., Class H		4,168		4,308
LB Group Co. Ltd., Class A		500		1,421
Lenovo Group Ltd.		21,931		21,636
Livzon Pharmaceutical Group, Inc., Class A		307		1,521
Logan Group Co. Ltd. (c)		4,790		1,331
Longfor Group Holdings Ltd., 144A		5,535		27,620
Lufax Holding Ltd., ADR		2,559		16,096
New China Life Insurance Co. Ltd., Class A		300		1,267
New China Life Insurance Co. Ltd., Class H		2,734		7,161
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,380		3,215
People’s Insurance Co. Group of China Ltd., Class H		23,987		7,552
PICC Property & Casualty Co. Ltd., Class H		20,072		19,495
Postal Savings Bank of China Co. Ltd., Class A		5,226		4,108
Postal Savings Bank of China Co. Ltd., Class H, 144A (a)		23,468		17,439


	Number of Shares		Value
China (Continued)
Seazen Holdings Co. Ltd., Class A		300	$	1,090
Shaanxi Coal Industry Co. Ltd., Class A		1,800		5,112
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B (b)		3,640		3,385
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,307		3,758
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		459		687
Shanxi Taigang Stainless Steel Co. Ltd., Class A		1,500		1,298
Shenzhen Overseas Chinese Town Co. Ltd., Class A		2,100		1,801
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		459		1,499
Sichuan Chuantou Energy Co. Ltd., Class A		700		1,262
Sinopharm Group Co. Ltd., Class H		3,761		9,329
Sinotruk Hong Kong Ltd.		1,856		2,635
Tingyi Cayman Islands Holding Corp.		6,124		10,850
Topsports International Holdings Ltd., 144A		5,633		4,179
Uni-President China Holdings Ltd.		3,358		2,714
Weichai Power Co. Ltd., Class H		5,931		9,223
Zhejiang Expressway Co. Ltd., Class H (b)		5,163		4,560
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		2,000		1,776
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		3,468		2,139

(Cost $854,417)				724,794

Denmark — 0.6%
A.P. Moller — Maersk A/S, Class A		10		28,827
A.P. Moller — Maersk A/S, Class B		16		46,583

(Cost $75,410)				75,410

Egypt — 0.0%
Eastern Co. SAE (Cost $4,202)		4,474		2,549

Finland — 1.4%
Elisa OYJ		427		24,106
Kesko OYJ, Class B		816		20,385
Kone OYJ, Class B		1,027		52,236
Orion OYJ, Class B		320		13,095
UPM-Kymmene OYJ		1,607		56,793

(Cost $168,592)				166,615

France — 5.3%
AXA SA		5,864		147,685
Bouygues SA		690		23,749
Danone SA		1,978		115,969
Sanofi (a)		3,449		367,184

(Cost $639,258)				654,587

Germany — 4.7%
Allianz SE		1,237		258,428
BASF SE		2,810		154,394
Covestro AG, 144A		581		26,452


	Number of Shares		Value
Germany (Continued)
Deutsche Post AG		3,001	$	123,787
Evonik Industries AG		649		17,332

(Cost $641,187)				580,393

Greece — 0.2%
Hellenic Telecommunications Organization SA		625		11,844
JUMBO SA		371		6,140
OPAP SA		570		8,482

(Cost $25,994)				26,466

Hong Kong — 3.6%
Beijing Enterprises Holdings Ltd.		1,481		5,191
China Everbright Environment Group Ltd.		11,010		6,624
China Merchants Port Holdings Co. Ltd.		3,971		7,531
China Overseas Land & Investment Ltd.		11,600		33,711
China Resources Cement Holdings Ltd.		6,981		5,526
China Resources Land Ltd.		9,739		43,447
China State Construction International Holdings Ltd.		5,757		6,773
China Taiping Insurance Holdings Co. Ltd.		4,383		5,039
CK Infrastructure Holdings Ltd.		1,839		12,318
CLP Holdings Ltd.		4,965		49,520
Guangdong Investment Ltd.		8,905		11,237
Hang Lung Properties Ltd.		5,722		10,692
Henderson Land Development Co. Ltd.		4,375		18,569
HKT Trust & HKT Ltd. (d)		11,022		15,173
Kingboard Holdings Ltd.		2,154		10,323
Kingboard Laminates Holdings Ltd.		3,077		5,169
Kunlun Energy Co. Ltd.		10,932		9,419
Nine Dragons Paper Holdings Ltd.		4,378		3,934
Orient Overseas International Ltd.		401		12,318
Power Assets Holdings Ltd.		4,211		27,508
Sino Land Co. Ltd.		10,350		14,670
SITC International Holdings Co. Ltd.		4,077		15,382
Sun Hung Kai Properties Ltd.		4,382		53,563
Swire Properties Ltd.		3,558		8,707
Wharf Real Estate Investment Co. Ltd.		5,053		24,410
Xinyi Glass Holdings Ltd.		5,628		14,304
Yuexiu Property Co. Ltd.		4,851		5,274

(Cost $477,958)				436,332

India — 1.3%
Bajaj Auto Ltd.		216		10,751
Bharat Petroleum Corp. Ltd.		2,693		11,315
GAIL India Ltd.		13,426		25,456
Hero MotoCorp Ltd.		354		12,648
Hindustan Petroleum Corp. Ltd.		1,805		5,296
Indian Oil Corp. Ltd.		5,579		8,336
ITC Ltd.		8,894		31,006
NTPC Ltd.		11,748		23,606
Petronet LNG Ltd.		2,143		6,263
Power Grid Corp. of India Ltd.		9,334		28,001

(Cost $138,742)				162,678

Indonesia — 1.4%
PT Adaro Energy Indonesia Tbk		44,541		9,989
PT Bank Mandiri Persero Tbk		55,625		32,427


	Number of Shares		Value
Indonesia (Continued)
PT Bank Rakyat Indonesia Persero Tbk		205,113	$	65,131
PT Indofood Sukses Makmur Tbk		14,551		6,586
PT Telkom Indonesia Persero Tbk		149,272		44,123
PT Unilever Indonesia Tbk		23,811		7,724
PT United Tractors Tbk		5,066		10,875

(Cost $145,893)				176,855

Israel — 0.4%
Bank Leumi Le-Israel BM (Cost $43,532)		4,394		43,532

Italy — 2.6%
Assicurazioni Generali SpA		3,329		60,447
Enel SpA		24,633		159,490
FinecoBank Banca Fineco SpA		1,825		25,748
Snam SpA		6,068		35,167
Terna—Rete Elettrica Nazionale		4,263		36,031

(Cost $390,496)				316,883

Japan — 9.6%
Aisin Corp.		400		13,137
Asahi Kasei Corp.		3,900		31,620
Bridgestone Corp.		1,700		67,170
Daiwa House Industry Co. Ltd.		1,800		43,445
Honda Motor Co. Ltd.		5,000		123,868
Iida Group Holdings Co. Ltd.		400		6,328
ITOCHU Corp.		3,650		104,837
Japan Tobacco, Inc.		3,700		67,316
JFE Holdings, Inc.		1,500		18,504
Kajima Corp.		1,300		14,006
Kirin Holdings Co. Ltd.		2,500		38,721
Mitsui & Co. Ltd.		4,300		108,031
Mitsui Chemicals, Inc.		500		12,262
Mitsui OSK Lines Ltd.		1,000		26,779
MS&AD Insurance Group Holdings, Inc.		1,378		43,843
Nippon Steel Corp.		2,400		41,985
Nippon Yusen KK		500		41,587
Nomura Real Estate Holdings, Inc.		400		10,028
Obayashi Corp.		1,900		13,484
Sekisui House Ltd.		1,875		33,267
SoftBank Corp.		8,700		100,089
Sompo Holdings, Inc.		900		40,913
T&D Holdings, Inc.		1,600		18,333
Taisei Corp.		600		17,956
Tokio Marine Holdings, Inc.		1,900		110,268
Tosoh Corp.		800		11,660
Yamaha Motor Co. Ltd.		900		18,281

(Cost $1,178,449)				1,177,718

Kuwait — 0.1%
Mobile Telecommunications Co. KSCP (Cost $12,533)		6,521		13,417

Malaysia — 1.1%
Hartalega Holdings Bhd		5,400		5,180
Inari Amertron Bhd		8,500		5,455
Malayan Banking Bhd		14,209		29,531
MISC Bhd		3,900		6,387
Petronas Chemicals Group Bhd		7,300		17,106


	Number of Shares		Value
Malaysia (Continued)
Petronas Gas Bhd		2,300	$	9,077
Public Bank Bhd		43,700		47,208
RHB Bank Bhd		4,409		6,122
Sime Darby Bhd		9,400		4,702

(Cost $112,057)				130,768

Mexico — 0.7%
Arca Continental SAB de CV		1,369		9,291
Coca-Cola Femsa SAB de CV		1,432		8,564
Grupo Mexico SAB de CV, Series B		9,353		46,122
Kimberly-Clark de Mexico SAB de CV, Class A		4,752		7,345
Orbia Advance Corp. SAB de CV		3,279		8,791

(Cost $61,959)				80,113

Netherlands — 2.0%
Koninklijke Ahold Delhaize NV		3,156		86,905
NN Group NV		859		42,615
Randstad NV		366		20,608
Stellantis NV		6,620		98,815

(Cost $254,599)				248,943

New Zealand — 0.2%
Spark New Zealand Ltd. (Cost $16,736)		5,630		17,811

Norway — 0.9%
Aker BP ASA (a)		387		16,788
Gjensidige Forsikring ASA		586		12,767
Norsk Hydro ASA		4,056		32,428
Orkla ASA		2,251		17,652
Yara International ASA		499		25,776

(Cost $107,345)				105,411

Peru — 0.1%
Southern Copper Corp. (Cost $15,305)		260		16,063

Philippines — 0.1%
Globe Telecom, Inc.		77		3,569
PLDT, Inc.		265		9,611

(Cost $10,657)				13,180

Poland — 0.4%
CD Projekt SA (b)		205		5,209
Cyfrowy Polsat SA		822		4,313
LPP SA		3		7,198
Polski Koncern Naftowy ORLEN SA		894		15,449
Polskie Gornictwo Naftowe i Gazownictwo SA		5,407		7,566
Powszechny Zaklad Ubezpieczen SA		1,799		13,622

(Cost $57,588)				53,357

Qatar — 0.3%
Industries Qatar QSC		4,617		23,188
Mesaieed Petrochemical Holding Co.		13,097		9,746

(Cost $32,957)				32,934


	Number of Shares		Value
Russia — 0.0%
Alrosa PJSC (c)		14,479	$	0
Inter RAO UES PJSC (c)		188,952		0
LUKOIL PJSC (c)		2,350		0
MMC Norilsk Nickel PJSC (c)		361		0
Mobile TeleSystems PJSC, ADR (c)		2,615		0
Novolipetsk Steel PJSC (c)		8,593		0
PhosAgro PJSC (c)		4		0
PhosAgro PJSC, GDR (c)		776		0
Polymetal International PLC (c)		1,987		0
Polyus PJSC (c)		192		0
Severstal PAO (c)		1,174		0
Tatneft PJSC (c)		7,791		0

(Cost $553,233)				0

Saudi Arabia — 0.6%
Advanced Petrochemical Co.		427		6,660
Jarir Marketing Co.		167		7,214
Saudi Industrial Investment Group		1,120		9,108
Saudi Telecom Co.		1,829		50,132

(Cost $69,959)				73,114

Singapore — 1.7%
Oversea-Chinese Banking Corp. Ltd.		10,208		88,089
Singapore Exchange Ltd.		2,641		18,359
Singapore Technologies Engineering Ltd.		4,500		13,491
United Overseas Bank Ltd.		3,600		77,494
Venture Corp. Ltd.		800		10,457

(Cost $193,229)				207,890

South Africa — 0.9%
African Rainbow Minerals Ltd.		354		5,919
Anglo American Platinum Ltd.		160		17,592
Exxaro Resources Ltd.		754		10,706
Impala Platinum Holdings Ltd.		2,552		35,050
Kumba Iron Ore Ltd.		210		7,946
Sanlam Ltd.		5,485		23,747
SPAR Group Ltd. (a)		507		4,988

(Cost $112,290)				105,948

South Korea — 1.2%
Cheil Worldwide, Inc.		229		4,813
DB Insurance Co. Ltd.		129		6,777
Korea Zinc Co. Ltd.		26		12,504
KT&G Corp.		318		21,848
Kumho Petrochemical Co. Ltd.		55		7,113
LG Uplus Corp.		645		7,221
POSCO Holdings, Inc.		235		54,894
S-1 Corp.		52		3,026
Samsung Fire & Marine Insurance Co. Ltd.		96		15,441
Samsung Life Insurance Co. Ltd.		240		13,210
SK Telecom Co. Ltd.		91		4,200

(Cost $151,429)				151,047

Spain — 2.8%
Enagas SA		722		16,482
Endesa SA		967		21,371
Iberdrola SA		17,629		208,397


	Number of Shares		Value
Spain (Continued)
Red Electrica Corp. SA		1,185	$	24,487
Repsol SA		4,391		70,534

(Cost $305,914)				341,271

Sweden — 0.7%
Boliden AB		825		34,548
Securitas AB, Class B		964		10,261
SKF AB, Class B		1,158		20,394
Tele2 AB, Class B		1,717		20,963

(Cost $93,074)				86,166

Switzerland — 9.3%
Adecco Group AG		487		18,946
Baloise Holding AG		136		23,127
Holcim AG		1,673		82,869
Kuehne + Nagel International AG		165		43,516
Novartis AG		6,581		596,344
SGS SA		19		47,175
Swiss Re AG		909		74,840
Swisscom AG		78		46,122
Zurich Insurance Group AG		458		209,279

(Cost $1,146,748)				1,142,218

Taiwan — 6.5%
Acer, Inc.		9,000		9,023
ASE Technology Holding Co. Ltd.		10,355		37,282
Asia Cement Corp.		6,782		10,374
Asustek Computer, Inc.		1,947		22,908
Cathay Financial Holding Co. Ltd.		23,886		45,838
Compal Electronics, Inc.		12,045		9,545
CTBC Financial Holding Co. Ltd.		52,707		49,302
Fubon Financial Holding Co. Ltd.		21,502		47,486
Hon Hai Precision Industry Co. Ltd.		38,153		148,537
Largan Precision Co. Ltd.		279		16,053
Lite-On Technology Corp.		7,073		15,401
MediaTek, Inc.		4,271		133,170
Micro-Star International Co. Ltd.		1,948		9,060
Nien Made Enterprise Co. Ltd.		541		5,890
Novatek Microelectronics Corp.		1,612		22,549
Pegatron Corp.		6,000		14,388
President Chain Store Corp.		1,561		14,817
Quanta Computer, Inc.		8,458		23,196
Shanghai Commercial & Savings Bank Ltd.		11,393		19,862
Shin Kong Financial Holding Co. Ltd.		37,596		12,007
SinoPac Financial Holdings Co. Ltd.		31,658		19,796
Synnex Technology International Corp.		4,958		12,008
Taishin Financial Holding Co. Ltd.		31,482		19,469
Taiwan Cement Corp.		17,297		25,387
Win Semiconductors Corp.		1,000		7,752
Wiwynn Corp.		200		6,360
WPG Holdings Ltd.		5,408		9,838
Yuanta Financial Holding Co. Ltd.		30,437		25,535
Zhen Ding Technology Holding Ltd.		1,969		8,208

(Cost $714,706)				801,041


	Number of Shares		Value
Thailand — 0.3%
Osotspa PCL, NVDR		4,500	$	4,570
PTT Exploration & Production PCL, NVDR		4,100		20,308
Ratch Group PCL, NVDR		3,300		4,026
Thai Union Group PCL, NVDR		8,500		4,272

(Cost $29,659)				33,176

Turkey — 0.2%
BIM Birlesik Magazalar AS		1,274		6,415
Eregli Demir ve Celik Fabrikalari TAS		4,399		9,182
Ford Otomotiv Sanayi AS		205		3,874

(Cost $19,759)				19,471

United Arab Emirates — 0.3%
Abu Dhabi Islamic Bank PJSC		4,252		9,654
Abu Dhabi National Oil Co. for Distribution PJSC		9,324		10,636
Emirates NBD Bank PJSC		5,740		20,550

(Cost $34,126)				40,840

United Kingdom — 16.2%
3i Group PLC		2,980		47,679
Admiral Group PLC		556		15,577
Anglo American PLC		3,863		189,240
BAE Systems PLC		9,511		90,620
British American Tobacco PLC		6,596		291,119
GSK PLC		15,416		336,624
Hargreaves Lansdown PLC		1,028		11,103
Imperial Brands PLC		2,717		61,311
Kingfisher PLC		6,113		20,308
National Grid PLC		11,074		163,432
Persimmon PLC		960		26,339
Rio Tinto PLC		3,401		246,461
Schroders PLC		378		14,111
St James’s Place PLC		1,648		26,876
Tesco PLC		22,961		74,949
Unilever PLC		7,759		374,035

(Cost $1,976,041)				1,989,784

TOTAL COMMON STOCKS (Cost $12,571,236)				12,056,796


	Number of Shares		Value
PREFERRED STOCKS — 0.3%
Brazil — 0.3%
Cia Energetica de Minas Gerais		4,362	$	10,724
Gerdau SA		3,398		20,917

(Cost $24,766)				31,641

RIGHTS — 0.0%
Thailand — 0.0%
Ratch Group PCL, NVDR*, expires 6/17/22 (Cost $0)		1,600		187

EXCHANGE-TRADED FUNDS — 0.1%
WisdomTree Emerging Markets High Dividend Fund		100		4,166
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (e)		250		5,858

TOTAL EXCHANGE-TRADED FUNDS (Cost $9,502)				10,024

SECURITIES LENDING COLLATERAL — 3.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.68% (f)(g) (Cost $403,253)		403,253		403,253

CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 0.72% (f) (Cost $89,424)		89,424		89,424


TOTAL INVESTMENTS — 102.7% (Cost $13,098,181)			$	12,591,325
Other assets and liabilities, net — (2.7%)				(326,155	)

NET ASSETS — 100.0%			$	12,265,170

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

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

During the year ended May 31, 2022, the amount of transfers from Level 1 to Level 3 was $303,279. The investment were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.


	Number of Shares		Value
COMMON STOCKS — 99.2%
Australia — 10.2%
Aurizon Holdings Ltd.		688,458	$	1,985,339
BHP Group Ltd.		1,329,213		42,536,128
Coles Group Ltd.		498,805		6,272,546
Fortescue Metals Group Ltd.		629,194		9,076,696
Medibank Pvt Ltd.		1,033,905		2,388,184
Mineral Resources Ltd.		63,209		2,895,149
Rio Tinto Ltd.		137,982		11,328,421
Wesfarmers Ltd.		421,716		14,275,825
Woodside Energy Group Ltd.		314,358		6,711,021

(Cost $91,183,388)				97,469,309

Austria — 0.3%
OMV AG (Cost $2,904,955)		54,637		3,184,027

Belgium — 0.3%
Ageas SA/NV (Cost $3,035,807)		60,437		3,035,807

Chile — 0.3%
Antofagasta PLC (Cost $2,738,299)		147,398		2,744,691

Denmark — 1.0%
A.P. Moller — Maersk A/S, Class A		1,172		3,378,489
A.P. Moller — Maersk A/S, Class B		1,982		5,770,530

(Cost $9,149,019)				9,149,019

Finland — 1.5%
Elisa OYJ		53,176		3,002,046
Kesko OYJ, Class B		101,796		2,543,023
Orion OYJ, Class B		39,681		1,623,817
UPM-Kymmene OYJ		198,564		7,017,361

(Cost $13,704,772)				14,186,247

France — 8.4%
AXA SA (a)		717,881		18,079,904
Bouygues SA (a)		85,189		2,932,144
Danone SA (a)		242,986		14,246,157
Sanofi (a)		422,507		44,980,464

(Cost $77,811,061)				80,238,669

Germany — 7.4%
Allianz SE		151,576		31,666,541
BASF SE		341,223		18,748,305
Covestro AG, 144A		71,883		3,272,700
Deutsche Post AG		368,342		15,193,555
Evonik Industries AG		78,495		2,096,309

(Cost $75,894,189)				70,977,410

Hong Kong — 3.4%
CK Infrastructure Holdings Ltd.		234,832		1,572,920
CLP Holdings Ltd.		610,700		6,091,004
Hang Lung Properties Ltd.		753,160		1,407,336
Henderson Land Development Co. Ltd.		541,706		2,299,241
HKT Trust & HKT Ltd. (b)		1,432,860		1,972,441
Power Assets Holdings Ltd.		517,675		3,381,642
Sino Land Co. Ltd.		1,286,357		1,823,236
SITC International Holdings Co. Ltd.		498,548		1,880,941


	Number of Shares		Value
Hong Kong (Continued)
Sun Hung Kai Properties Ltd.		537,751	$	6,573,194
Swire Properties Ltd.		435,555		1,065,911
Wharf Real Estate Investment Co. Ltd.		620,207		2,996,074
Xinyi Glass Holdings Ltd.		672,309		1,708,719

(Cost $33,046,408)				32,772,659

Israel — 0.6%
Bank Leumi Le-Israel BM (Cost $5,348,631)		539,881		5,348,631

Italy — 4.1%
Assicurazioni Generali SpA (a)		410,035		7,445,291
Enel SpA		3,020,160		19,554,442
FinecoBank Banca Fineco SpA		228,569		3,224,736
Snam SpA		749,786		4,345,359
Terna—Rete Elettrica Nazionale		522,105		4,412,918

(Cost $45,093,487)				38,982,746

Japan — 13.6%
Aisin Corp.		54,900		1,803,043
Asahi Kasei Corp.		465,474		3,773,869
Bridgestone Corp.		212,300		8,388,362
Concordia Financial Group Ltd.		413,200		1,397,194
Daiwa House Industry Co. Ltd.		222,971		5,381,670
Honda Motor Co. Ltd.		605,300		14,995,461
Iida Group Holdings Co. Ltd.		54,900		868,448
Japan Tobacco, Inc.		446,200		8,117,930
Kajima Corp.		158,000		1,702,266
Kirin Holdings Co. Ltd.		306,000		4,739,438
Mitsui & Co. Ltd.		518,200		13,018,947
Mitsui Chemicals, Inc.		68,600		1,682,405
Mitsui OSK Lines Ltd.		127,600		3,417,016
MS&AD Insurance Group Holdings, Inc.		165,200		5,256,043
Nippon Steel Corp.		300,100		5,249,913
Nippon Yusen KK		60,000		4,990,478
Obayashi Corp.		246,400		1,748,713
Sekisui House Ltd.		228,824		4,059,938
SoftBank Corp.		1,068,700		12,294,889
Sompo Holdings, Inc.		116,100		5,277,724
T&D Holdings, Inc.		196,724		2,254,042
Taisei Corp.		71,300		2,133,818
Tokio Marine Holdings, Inc.		233,076		13,526,724
Tosoh Corp.		96,920		1,412,608
Yamaha Motor Co. Ltd.		110,600		2,246,475

(Cost $130,289,201)				129,737,414

Netherlands — 2.9%
Koninklijke Ahold Delhaize NV		388,534		10,698,864
NN Group NV		106,194		5,268,242
Stellantis NV		814,204		12,153,464

(Cost $27,840,662)				28,120,570

New Zealand — 0.2%
Spark New Zealand Ltd. (Cost $2,091,466)		721,212		2,281,639

Norway — 1.4%
Aker BP ASA (a)		46,883		2,033,773
Gjensidige Forsikring ASA		73,758		1,606,863


	Number of Shares		Value
Norway (Continued)
Norsk Hydro ASA		500,159	$	3,998,846
Orkla ASA		283,537		2,223,488
Yara International ASA		61,343		3,168,717

(Cost $13,171,387)				13,031,687

Portugal — 0.2%
Jeronimo Martins SGPS SA (Cost $2,146,939)		105,094		2,146,939

Singapore — 2.9%
Oversea-Chinese Banking Corp. Ltd.		1,262,007		10,890,322
Singapore Exchange Ltd.		320,450		2,227,652
Singapore Technologies Engineering Ltd.		591,300		1,772,736
United Overseas Bank Ltd.		439,600		9,462,832
Venture Corp. Ltd.		103,700		1,355,536
Wilmar International Ltd.		716,800		2,180,360

(Cost $25,654,909)				27,889,438

Spain — 3.5%
Enagas SA		92,957		2,122,055
Endesa SA		118,971		2,629,247
Iberdrola SA		2,152,454		25,444,694
Red Electrica Corp. SA		150,927		3,118,819

(Cost $31,426,856)				33,314,815

Sweden — 1.4%
Atlas Copco AB, Class B		578,838		5,581,514
Boliden AB		101,735		4,260,254
Securitas AB, Class B (a)		115,645		1,231,077
Tele2 AB, Class B (a)		210,593		2,571,160

(Cost $14,446,009)				13,644,005

Switzerland — 10.8%
Adecco Group AG		60,163		2,340,492
Baloise Holding AG		17,149		2,916,162
Holcim AG		206,028		10,205,215
Novartis AG		517,899		46,929,954
Swiss Re AG		112,136		9,232,458
Swisscom AG		9,670		5,717,966


	Number of Shares		Value
Switzerland (Continued)
Zurich Insurance Group AG		55,864	$	25,526,506

(Cost $99,688,531)				102,868,753

United Kingdom — 24.8%
Admiral Group PLC		66,904		1,874,416
Anglo American PLC		472,309		23,137,433
BAE Systems PLC		1,166,818		11,117,300
British American Tobacco PLC		808,496		35,683,581
GSK PLC		1,888,883		41,245,615
Imperial Brands PLC		335,336		7,567,090
Kingfisher PLC		762,702		2,533,814
National Grid PLC		1,353,354		19,972,973
Persimmon PLC		118,407		3,248,705
Rio Tinto PLC		417,407		30,248,371
Schroders PLC		46,172		1,723,607
St James’s Place PLC		201,005		3,278,050
Tesco PLC		2,840,362		9,271,454
Unilever PLC		951,522		45,869,572

(Cost $223,801,496)				236,771,981

TOTAL COMMON STOCKS (Cost $930,467,472)				947,896,456

SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.68% (c)(d) (Cost $5,263,643)		5,263,643		5,263,643

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 0.72% (c) (Cost $2,365,904)		2,365,904		2,365,904


TOTAL INVESTMENTS — 100.0% (Cost $938,097,019)			$	955,526,003
Other assets and liabilities, net — (0.0)%				(120,556	)

NET ASSETS — 100.0%			$	955,405,447

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 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 May 31, 2022, the Trust consists of thirty-four investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

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

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

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

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

The J.P. Morgan ESG EMBI Global Diversified Sovereign Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the

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

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

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

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

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF are diversified series of the Trust. Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF are non-diversified and are not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. In addition, each Fund, with the exception of Xtrackers Bloomberg US Investment Grade Corporate ESG ETF , Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF, may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

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

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

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

Municipal debt securities are valued at prices supplied by independent pricing services approved by the 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.

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.

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

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

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

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the 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; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

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

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

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

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

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended May 31, 2022, the Funds did not incur any interest or penalties.

As of May 31, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:

The tax character of dividends and distributions declared for the years ended May 31, 2022 and May 31, 2021 were as follows:

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

For the fiscal year ended May 31, 2022, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind.

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

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of May 31, 2022, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

Securities Lending The Funds, except the Xtrackers Municipal Infrastructure Revenue Bond ETF, may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or

instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 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 (0.08% annualized effective rate as of May 31, 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 May 31, 2022, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2022, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of May 31, 2022 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of May 31, 2022 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended May 31, 2022 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

For the year ended May 31, 2022 the average monthly volume of derivatives was as follows:

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

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

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

The Advisor for Xtrackers MSCI All World ex US High Dividend Yield Equity ETF has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the year ended May 31, 2022, the Advisor waived $138 of the expenses of the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the year ended May 31, 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 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 year ended May 31, 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 year ended May 31, 2022, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

As of May 31, 2022, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At May 31, 2022, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or

delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets. There is also substantially less publicly available information about emerging market issuers than there is about issuers in developed countries. Therefore, disclosure of certain material information may not be made, and less information may be available to the Funds and other investors than would be the case if the Funds’ investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.

Russia’s recent military incursions in Ukraine have led to, and may lead to additional sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Funds’ investments, even beyond any direct exposure the Funds may have to Russian issuers or the adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial.

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

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Bloomberg US Investment Grade Corporate ESG ETF , Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at May 31, 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 significant portions of the population remaining unvaccinated and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Funds’ and their investments may be adversely affected by the effects of the COVID-19 pandemic, 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.

To the Shareholders of Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (formerly known as Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF), Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF and the Board of Trustees of DBX ETF Trust

We have audited the accompanying statements of assets and liabilities of Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (formerly known as Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF), Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF (collectively referred to as the “Funds”), (six of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of May 31, 2022, and the related statements of operations for the year ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting DBX ETF Trust) at May 31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of the internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2022, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

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 Bloomberg US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF, and Xtrackers MSCI EAFE High Dividend Yield Equity 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 Bloomberg US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF, Xtrackers MSCI EAFE High Dividend Yield Equity ETF, and Xtrackers Municipal Infrastructure Revenue 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 “Adviser”) 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 Adviser 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 Adviser.

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 Adviser under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Adviser continuously during the prior year, in addition to the information the Adviser 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 Adviser, including portfolio management.

The Board considered that the Adviser 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 Adviser pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser 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 Adviser 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 Adviser and by Broadridge. The Board took note of the detailed information provided by the Adviser 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 Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Adviser, 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 Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Adviser’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 Adviser, which supports the Funds’ compliance program.

Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser 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 many 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, but the following Funds had advisory fees and/or total expenses (after waivers/reimbursements) that were above the average and/or median of their respective Peer Groups:

The Board considered, however, that Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF’s total expenses were lower than the average and median of its Peer Group.

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

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

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

The Board has responsibility for the overall management and operations of the funds, including general supervision of the duties performed by the Advisor and other service providers. Each Board Member serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.

The Trust currently has three Board Members. The three Independent Board Members have no affiliation or business connection with the Advisor or any of its affiliated persons and do not own any stock or other securities issued by the Advisor.

The Independent Board Members of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the fund complex (defined below) overseen by each Independent Board Member, and other directorships, if any, held by the Board Members are shown below. The fund complex includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor. As of the date of this shareholder report, the fund complex consists of the funds in the Trust, as well as the registered funds advised by affiliates of the Advisor.

Shareholder Communications to the Board. Shareholders may send communications to the Trust’s Board by addressing the communications directly to the Board (or individual Board Members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board Members). The shareholder may send the communication to either the Trust’s office or directly to such Board members c/o 875 Third Avenue, New York, NY 10022. Other shareholder communications received by the Trust not directly addressed and sent to the Board will be reviewed and generally responded to by management. Such communications will be forwarded to the Board at management’s discretion based on the matters contained therein.

The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Funds’ Board Members. The SAI is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com.

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.

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended May 31, 2021.

Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:

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

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

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

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

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

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

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

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

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

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

Copyright © 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.



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%


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%


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


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%


	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


Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	6,626,725	$	—	$	6,626,725
Short-Term Investments (a)		49,962		—		—		49,962

TOTAL	$	49,962	$	6,626,725	$	—	$	6,676,687


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
EURO STOXX 50 Futures	EUR	2	$	78,202	$	81,072	6/17/2022	$	2,870
MINI TOPIX Index Futures	JPY	2		29,187		29,679	6/09/2022		492
MSCI Emerging Markets Index Future	USD	1		51,735		53,165	6/17/2022		1,430

Total unrealized appreciation								$	4,792


	Xtrackers Bloomberg US Investment Grade Corporate ESG ETF			Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF			Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF
Assets
Investment in non-affiliated securities at value	$	6,604,157		$	18,788,863		$	21,456,760		$	158,578,639
Investment in affiliated securities at value		22,568			—			99,963			—
Investment in DWS Government Money Market Series		19,380			166,057			412,215			—
Investment in DWS Government & Agency Securities Portfolio*		30,582			482,208			302,229			—
Cash		—			—			—			2,645,419
Receivables:
Investment securities sold		87,353			354,256			837,109			1,196,839
Interest		55,455			284,491			338,249			1,994,852
Securities lending income		24			379			661			—

Total assets	$	6,819,519		$	20,076,254		$	23,447,186		$	164,415,749


Liabilities
Payable upon return of securities loaned	$	30,582		$	482,208		$	302,229		$	—
Payables:
Investment securities purchased		75,434			351,911			1,134,351			2,655,120
Investment advisory fees		844			6,300			3,642			19,898

Total liabilities		106,860			840,419			1,440,222			2,675,018

Net Assets, at value	$	6,712,659		$	19,235,835		$	22,006,964		$	161,740,731


Net Assets Consist of
Paid-in capital	$	8,619,113		$	24,383,490		$	24,812,777		$	175,847,681
Distributable earnings (loss)		(1,906,454	)		(5,147,655	)		(2,805,813	)		(14,106,950	)

Net Assets, at value	$	6,712,659		$	19,235,835		$	22,006,964		$	161,740,731


Number of Common Shares outstanding		350,001			1,100,001			1,150,001			6,250,001

Net Asset Value	$	19.18		$	17.49		$	19.14		$	25.88


Investment in non-affiliated securities at cost	$	7,345,079		$	22,680,146		$	22,629,481		$	171,386,094

Investment in affiliated securities at cost	$	25,020		$	—		$	105,578		$	—

Value of securities loaned	$	60,743		$	524,554		$	530,745		$	—

Investment in DWS Government Money Market Series at cost	$	19,380		$	166,057		$	412,215		$	—

Investment in DWS Government & Agency Securities Portfolio at cost*	$	30,582		$	482,208		$	302,229		$	—

Non-cash collateral for securities on loan	$	32,281		$	63,188		$	246,476		$	—


	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Assets
Investment in non-affiliated securities at value	$	12,092,790		$	947,896,456
Investment in affiliated securities at value		5,858			—
Investment in DWS Government Money Market Series		89,424			2,365,904
Investment in DWS Government & Agency Securities Portfolio*		403,253			5,263,643
Foreign currency at value		79,353			3,115,565
Deposit with broker for futures contracts		13,576			580,108
Receivables:
Investment securities sold		1,975,073			172,129,121
Capital shares		2,345			193,333
Variation margin on futures contracts		8,932			193,133
Dividends		77,224			4,110,386
Interest		19			417
Securities lending income		1,492			98,667
Foreign tax reclaim		57,310			2,715,461

Total assets	$	14,806,649		$	1,138,662,194


Liabilities
Payable upon return of securities loaned	$	403,253		$	5,263,643
Payables:
Investment securities purchased		2,132,753			113,280,502
Capital shares		—			64,554,560
Investment advisory fees		2,880			158,042
Deferred foreign tax payable		2,593			—

Total liabilities		2,541,479			183,256,747

Net Assets, at value	$	12,265,170		$	955,405,447


Net Assets Consist of
Paid-in capital	$	16,914,738		$	1,010,643,627
Distributable earnings (loss)		(4,649,568	)		(55,238,180	)

Net Assets, at value	$	12,265,170		$	955,405,447


Number of Common Shares outstanding		500,001			40,700,001

Net Asset Value	$	24.53		$	23.47


Investment in non-affiliated securities at cost	$	12,599,958		$	930,467,472

Investment in affiliated securities at cost	$	5,546		$	—

Value of securities loaned	$	440,342		$	6,467,554

Investment in DWS Government Money Market Series at cost	$	89,424		$	2,365,904

Investment in DWS Government & Agency Securities Portfolio at cost*	$	403,253		$	5,263,643

Non-cash collateral for securities on loan	$	74,379		$	1,551,692

Foreign currency at cost	$	74,209		$	3,042,232


	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Investment Income
Unaffiliated dividend income*	$	1,205,044		$	43,221,558
Income distributions from affiliated funds		3,795			1,140
Affiliated securities lending income		532			29,693
Unaffiliated securities lending income, net of borrower rebates		5,471			198,308

Total investment income		1,214,842			43,450,699


Expenses
Investment advisory fees		48,595			1,697,492
Other expenses		57			1,147

Total expenses		48,652			1,698,639

Less fees waived (see note 3):
Waiver		(158	)		(412	)

Net expenses		48,494			1,698,227

Net investment income (loss)		1,166,348			41,752,472


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(186,082	)		(26,303,779	)
Investments in affiliates		(3,728	)		—
In-kind redemptions		844,021			29,490,317
Futures contracts		(23,222	)		215,167
Foreign currency transactions		(23,980	)		(586,396	)

Net realized gain (loss)		607,009			2,815,309

Net change in unrealized appreciation (depreciation) on:
Investments***		(3,072,115	)		(57,911,695	)
Investments in affiliates		95			—
Futures contracts		3,702			(93,441	)
Foreign currency translations		1,497			(159,974	)

Net change in unrealized appreciation (depreciation)		(3,066,821	)		(58,165,110	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(2,459,812	)		(55,349,801	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,293,464	)	$	(13,597,329	)

* Unaffiliated foreign tax withheld	$	109,872		$	3,034,765
** Including foreign taxes	$	457		$	—
*** Net of change in deferred foreign taxes	$	(54	)	$	—


	Xtrackers Bloomberg US Investment Grade Corporate ESG ETF						Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
	Year Ended May 31,						Year Ended May 31,
	2022			2021			2022			2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	175,650		$	215,759		$	1,159,925		$	1,041,498
Net realized gain (loss)		73,762			251,449			(1,696,232	)		484,854
Net change in net unrealized appreciation (depreciation)		(1,009,974	)		(229,678	)		(4,349,089	)		348,646

Net increase (decrease) in net assets resulting from operations		(760,562	)		237,530			(4,885,396	)		1,874,998

Distributions to Shareholders		(180,073	)		(218,315	)		(1,220,031	)		(1,002,086	)


Fund Shares Transactions
Proceeds from shares sold		1,097,308			—			—			20,615,556
Value of shares redeemed		(1,119,611	)		(2,252,359	)		(5,144,046	)		(5,440,721	)

Net increase (decrease) in net assets resulting from fund share transactions		(22,303	)		(2,252,359	)		(5,144,046	)		15,174,835

Total net increase (decrease) in Net Assets		(962,938	)		(2,233,144	)		(11,249,473	)		16,047,747

Net Assets
Beginning of year		7,675,597			9,908,741			30,485,308			14,437,561

End of year	$	6,712,659		$	7,675,597		$	19,235,835		$	30,485,308


Changes in Shares Outstanding
Shares outstanding, beginning of year		350,001			450,001			1,400,001			700,001
Shares sold		50,000			—			—			950,000
Shares redeemed		(50,000	)		(100,000	)		(300,000	)		(250,000	)

Shares outstanding, end of year		350,001			350,001			1,100,001			1,400,001


	Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF						Xtrackers Municipal Infrastructure Revenue Bond ETF
	Year Ended May 31,						Year Ended May 31,
	2022			2021			2022			2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,163,039		$	1,052,055		$	3,538,149		$	2,810,931
Net realized gain (loss)		(158,672	)		1,012,134			(1,453,152	)		742,159
Net change in net unrealized appreciation (depreciation)		(2,204,323	)		479,819			(19,965,660	)		5,541,055

Net increase (decrease) in net assets resulting from operations		(1,199,956	)		2,544,008			(17,880,663	)		9,094,145

Distributions to Shareholders		(1,190,482	)		(1,059,815	)		(3,438,355	)		(2,889,288	)


Fund Shares Transactions
Proceeds from shares sold		7,440,810			2,107,141			45,128,404			46,362,718
Value of shares redeemed		—			(5,206,838	)		—			(11,773,539	)

Net increase (decrease) in net assets resulting from fund share transactions		7,440,810			(3,099,697	)		45,128,404			34,589,179

Total net increase (decrease) in Net Assets		5,050,372			(1,615,504	)		23,809,386			40,794,036

Net Assets
Beginning of year		16,956,592			18,572,096			137,931,345			97,137,309

End of year	$	22,006,964		$	16,956,592		$	161,740,731		$	137,931,345


Changes in Shares Outstanding
Shares outstanding, beginning of year		800,001			950,001			4,700,001			3,500,001
Shares sold		350,000			100,000			1,550,000			1,600,000
Shares redeemed		—			(250,000	)		—			(400,000	)

Shares outstanding, end of year		1,150,001			800,001			6,250,001			4,700,001


	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF						Xtrackers MSCI EAFE High Dividend Yield Equity ETF
	Year Ended May 31,						Year Ended May 31,
	2022			2021			2022			2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,166,348		$	1,040,851		$	41,752,472		$	29,157,054
Net realized gain (loss)		607,009			138,229			2,815,309			20,670,571
Net change in net unrealized appreciation (depreciation)		(3,066,821	)		5,024,661			(58,165,110	)		94,017,999

Net increase (decrease) in net assets resulting from operations		(1,293,464	)		6,203,741			(13,597,329	)		143,845,624

Distributions to Shareholders		(1,163,325	)		(1,043,240	)		(37,386,297	)		(24,511,986	)


Fund Shares Transactions
Proceeds from shares sold		7,568,045			2,655,173			442,165,658			394,847,467
Value of shares redeemed		(15,475,443	)		(5,014,288	)		(174,417,168	)		(184,212,039	)

Net increase (decrease) in net assets resulting from fund share transactions		(7,907,398	)		(2,359,115	)		267,748,490			210,635,428

Total net increase (decrease) in Net Assets		(10,364,187	)		2,801,386			216,764,864			329,969,066

Net Assets
Beginning of year		22,629,357			19,827,971			738,640,583			408,671,517

End of year	$	12,265,170		$	22,629,357		$	955,405,447		$	738,640,583


Changes in Shares Outstanding
Shares outstanding, beginning of year		850,001			950,001			29,550,001			20,550,001
Shares sold		300,000			100,000			18,750,000			16,750,000
Shares redeemed		(650,000	)		(200,000	)		(7,600,000	)		(7,750,000	)

Shares outstanding, end of year		500,001			850,001			40,700,001			29,550,001


Xtrackers Bloomberg US Investment Grade Corporate ESG ETF Selected Per Share Data	Years Ended May 31,
	2022			2021			2020			2019			2018
Net Asset Value, beginning of year	$	21.93		$	22.02		$	23.04		$	23.84		$	24.09

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

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

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

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

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

Total Return (%)		(10.36	)(c)		1.95	(c)		(1.16	)(c)		2.28	(c)		2.05

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

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF Selected Per Share Data	Years Ended May 31,
	2022			2021			2020			2019			2018
Net Asset Value, beginning of year	$	21.78		$	20.63		$	23.10		$	24.36		$	24.91

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

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

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

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

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

Total Return (%)		(16.21	)(c)		9.57	(c)		(6.79	)(c)		3.31	(c)		2.03

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


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


	Undistributed Ordinary Income*		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	14,392	$	(1,174,248	)	$	(746,598	)	$	(1,906,454	)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		101,654		(1,328,851	)		(3,920,458	)		(5,147,655	)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		106,890		(1,693,537	)		(1,219,166	)		(2,805,813	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		355,381		(1,654,448	)		(12,807,883	)		(14,106,950	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		364,530		(4,305,037	)		(709,061	)		(4,649,568	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		24,385,784		(70,361,044	)		(9,262,920	)		(55,238,180	)


	Year Ended May 31, 2022
	Ordinary Income*		Tax-Exempt
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	180,073	$	—
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		1,220,031		—
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		1,190,482		—
Xtrackers Municipal Infrastructure Revenue Bond ETF		574		3,437,781
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		1,163,325		—
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		37,386,297		—

	Year Ended May 31, 2021
	Ordinary Income*		Tax-Exempt
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	218,315	$	—
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		1,002,086		—
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		1,059,815		—
Xtrackers Municipal Infrastructure Revenue Bond ETF		—		2,889,288
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		1,043,240		—
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		24,511,986		—


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


	Distributable earnings (loss)			Paid-In Capital
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	(51,241	)	$	51,241
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		1,287,459			(1,287,459	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		(633,486	)		633,486
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		(23,851,258	)		23,851,258


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


Remaining Contractual Maturity of the Agreements, as of May 31, 2022

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF
Corporate Bonds	$	30,582	$	—	$	3,212	$	29,069	$	62,863

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	62,863

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
Corporate Bonds	$	482,208	$	—	$	6,288	$	56,900	$	545,396

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	545,396

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
Corporate Bonds	$	302,229	$	—	$	23,399	$	223,077	$	548,705

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	548,705

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Common Stocks	$	403,253	$	—	$	—	$	74,379	$	477,632

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	477,632

Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Common Stocks	$	5,263,643	$	—	$	—	$	1,551,692	$	6,815,335

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	6,815,335


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

	Equity contracts	Unrealized appreciation on futures contracts*	$	4,792	Unrealized depreciation on futures contracts*	$	—
Xtrackers MSCI EAFE High Dividend Yield Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	225,437	Unrealized depreciation on futures contracts*	$	—


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	(23,222	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		215,167


Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	3,702
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		(93,441	)


	Futures Contracts (Contract Value)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	236,987
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		6,444,965


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