DBX ETF TRUST

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To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semiannual report for seven of our equity ETFs tracking the environmental, social, and governance (ESG) market for the period ended February 28, 2022.

The recovery in global economy during the second half of 2021 was stalled by the emergence of the highly infectious Omicron variant of the coronavirus, which led to a spike in equity market volatility. To tackle the spread of the virus, countries had to restrict movements through different lockdown measures and expedite their vaccination programs. The services sector was heavily impacted, slowing the positive momentum it had gained in the past months, while global manufacturing sentiment remained upbeat. However, global equity markets started 2022 on a rough note as central banks shifted to a more hawkish stance in the face of rising inflation, with the U.S. Federal Reserve emphasizing multiple rate hikes this year and mentioning the possibility of shrinking its balance sheet as a next step. The European Central Bank maintained its accommodative stance initially, but pivoted to a more hawkish tone lately, stating rate hikes this year could not be ruled out. Meanwhile, the Bank of England became the only developed-economy central bank to make rate hikes. The geopolitical turmoil due to Russia’s invasion of Ukraine and retaliatory sanctions by the western countries further dented investor risk appetite.

ESG-focused funds continued to gain, while carbon- and water-focused themes were seen as a huge draw for investors. Global sustainable fund assets expanded in 4Q 2021, as investors poured in USD142bn. Europe accounted for the lion’s share of this increased inflow, while the U.S. still lagged behind its developed contemporaries. In the U.S., the Biden administration continued its ESG initiatives from 2021 policy actions, which started showing visible results. The Department of Labor proposed rules to permit fiduciaries of retirement plans to make allowances on ESG matters in their investment decision-making. The U.S. Securities and Exchange Commission’s (SEC’s) semiannual regulatory agenda published in December 2021 included disclosure requirements on climate change, human capital management, and corporate board diversity. The SEC also considered policies on cybersecurity governance, strategy, and risk management.

The UK introduced a series of ESG-related rules and regulations. All companies are currently required to include climate-related disclosures on a “comply or explain” basis. In the EU, the sustainable finance disclosure regulation hastened the mainstreaming of ESG more than any other catalysts in the past year, designating funds that promote ESG characteristics along with a sustainable investment objective. The EU started its implementation of the EU Taxonomy Regulation, which covers environmentally sustainable economic activities. Once it is fully implemented, it will cover 80% of all greenhouse gas emissions in the EU. European authorities drafted a new Corporate Sustainability Reporting Directive (CSRD), which emphasizes “double materiality,” requiring companies to detail both their environmental impact and climate-related risks. Meanwhile, China furthered its commitment to carbon emissions reduction, pledged in October before the UN Climate Change Conference (COP26), announcing it would reach peak carbon emissions before 2030 and achieve neutrality before 2060.

We believe 2022 will be viewed as a year of transition as the global economy, along with the investment environment, evolves in search of a new normal. Geopolitical pressures, coupled with disparities in central bank policies across different regions, are expected to impact investment decisions. On one hand, the economic effects of the war between Russia and Ukraine and other supporting nations need to be monitored. On the other, we believe high inflation signals a readjustment to demand supply-mismatches and labor markets. However, ESG-focused funds should continue to attract investors’ interest, and from a strategic perspective, we believe, actively managing asset allocation around this near-term geopolitical headwind will be vital.

The Xtrackers Emerging Markets Carbon Reduction and Climate Improvers 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 ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR (the “Underlying Index”). The Underlying Index is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. The Underlying Index is then weighted in such a manner seeking to align its constituent companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. It is not possible to invest directly into an index.

* 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 11.

The Xtrackers MSCI EAFE ESG Leaders 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 ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. It is not possible to invest directly into an index.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 26.

The Xtrackers MSCI Emerging Markets ESG Leaders 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 Emerging Markets ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across emerging markets countries. It is not possible to invest directly into an index.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 32.

Xtrackers MSCI USA ESG Leaders 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 USA ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies in the U.S. market. The S&P 500 Index or the Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. It is not possible to invest directly into an index.

* 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 40.

Xtrackers S&P 500 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 S&P 500 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Index. It is not possible to invest directly into an index.

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

Xtrackers S&P MidCap 400 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 S&P MidCap 400 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. It is not possible to invest directly into an index.

* As a percent of total investments excluding exchange-traded funds and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 50.

Xtrackers S&P SmallCap 600 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 S&P SmallCap 600 ESG Index (the “Underlying Index”). The Underlying Index is a broad-based, market capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. It is not possible to invest directly into an index.

* As a percent of total investments excluding exchange-traded funds, 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 54.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (Septemebr 1, 2021 to February 28, 2022).

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

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

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

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.


	Number of Shares		Value
COMMON STOCKS — 97.8%
Argentina — 0.0%
Adecoagro SA*		9,879	$	94,443
Despegar.com Corp.*		7,920		91,159
Grupo Financiero Galicia SA, ADR		10,673		101,073
Telecom Argentina SA, ADR* (a)		19,570		98,242

(Cost $375,106)				384,917

Brazil — 2.8%
Ambev SA		410,483		1,211,123
Americanas SA		62,529		370,195
Atacadao SA		23,300		86,159
B3 SA — Brasil Bolsa Balcao		924,980		2,617,817
Banco Bradesco SA		183,960		609,189
Banco BTG Pactual SA		216,589		1,080,065
Banco do Brasil SA		133,837		914,727
Banco Inter SA		55,557		217,733
Banco Santander Brasil SA		54,255		325,844
BB Seguridade Participacoes SA		108,208		483,940
BRF SA*		53,637		173,976
CCR SA		99,189		226,423
Centrais Eletricas Brasileiras SA		62,689		423,102
Cia de Saneamento Basico do Estado de Sao Paulo		33,083		265,925
Cia Siderurgica Nacional SA		57,636		280,813
CPFL Energia SA		14,484		85,076
Energisa SA		28,890		247,250
Equatorial Energia SA		50,840		252,340
Hapvida Participacoes e Investimentos SA, 144A		493,784		1,162,645
Hypera SA		46,127		299,950
Itau Unibanco Holding SA		43,671		185,053
Klabin SA		78,572		353,839
Localiza Rent a Car SA		55,557		620,308
Lojas Renner SA		143,637		705,959
Magazine Luiza SA		257,540		300,448
Multiplan Empreendimentos Imobiliarios SA		34,477		147,834
Natura & Co. Holding SA*		138,903		624,183
Neoenergia SA		25,559		79,827
Pagseguro Digital Ltd., Class A* (a)		25,162		401,082
Porto Seguro SA		24,210		98,594
Raia Drogasil SA		182,234		826,327
Rede D’Or Sao Luiz SA, 144A		70,710		700,004
Rumo SA*		174,506		525,039
Sendas Distribuidora SA		103,549		270,546
StoneCo Ltd., Class A*		19,572		219,989
Suzano SA		72,798		778,187
Telefonica Brasil SA		40,069		390,213
TIM SA		107,198		283,201
TOTVS SA		44,932		288,255
Via S/A*		192,954		141,952
WEG SA		135,698		774,409
XP, Inc.*		1,919		61,540
XP, Inc., Class A* (a)		7,287		235,662

(Cost $22,494,537)				20,346,743


	Number of Shares		Value
Chile — 0.3%
Banco de Chile		4,282,617	$	456,820
Banco de Credito e Inversiones SA		10,250		368,461
Banco Santander Chile		10,350,842		510,510
Cencosud SA		128,246		237,194
Cencosud Shopping SA		40,660		43,893
Cia Sud Americana de Vapores SA		1,820,483		178,200
Empresas CMPC SA		100,739		167,357
Falabella SA		81,648		270,174

(Cost $2,251,299)				2,232,609

China — 31.5%
360 Security Technology, Inc., Class A*		38,200		63,324
51job, Inc., ADR*		5,591		289,614
AAC Technologies Holdings, Inc. (a)		69,533		190,436
Agile Group Holdings Ltd.		91,432		41,657
Agricultural Bank of China Ltd., Class A		776,600		366,762
Agricultural Bank of China Ltd., Class H		4,316,518		1,635,191
Aier Eye Hospital Group Co. Ltd., Class A		30,400		174,692
Air China Ltd., Class A*		59,100		92,537
Air China Ltd., Class H*		157,466		120,915
Airtac International Group		7,457		244,710
Alibaba Group Holding Ltd., ADR*		167,041		17,571,043
A-Living Smart City Services Co. Ltd., 144A		80,254		143,998
Aluminum Corp. of China Ltd., Class A*		66,600		68,394
Aluminum Corp. of China Ltd., Class H*		405,824		280,982
Angang Steel Co. Ltd., Class A		34,600		21,056
Angang Steel Co. Ltd., Class H		226,789		112,615
Angel Yeast Co. Ltd., Class A		11,300		89,361
Anhui Conch Cement Co. Ltd., Class A		35,000		223,534
Anhui Conch Cement Co. Ltd., Class H		102,149		547,761
ANTA Sports Products Ltd.		108,374		1,649,112
Apeloa Pharmaceutical Co. Ltd., Class A		6,900		31,012
Asymchem Laboratories Tianjin Co. Ltd., Class A		2,000		107,895
Autohome, Inc., ADR*		5,590		170,998
Avary Holding Shenzhen Co. Ltd., Class A		5,400		29,619
Baidu, Inc., ADR*		24,790		3,778,988
Bank of Beijing Co. Ltd., Class A		106,000		75,762
Bank of China Ltd., Class A		305,200		149,940
Bank of China Ltd., Class H		7,428,510		2,890,138
Bank of Communications Co. Ltd., Class A		371,500		281,422
Bank of Communications Co. Ltd., Class H		1,072,659		735,817
Bank of Hangzhou Co. Ltd., Class A		68,900		156,363
Bank of Jiangsu Co. Ltd., Class A		77,900		82,097
Bank of Nanjing Co. Ltd., Class A		85,700		132,557
Bank of Ningbo Co. Ltd., Class A		39,360		237,657
Bank of Shanghai Co. Ltd., Class A		82,100		90,948
Baoshan Iron & Steel Co. Ltd., Class A		75,000		85,816
BBMG Corp., Class A		203,800		93,018
BeiGene Ltd., ADR*		5,488		1,155,334
Beijing Dabeinong Technology Group Co. Ltd., Class A		21,200		27,819

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)


	Number of Shares		Value
China (Continued)
Beijing Shiji Information Technology Co. Ltd., Class A		6,200	$	23,523
Beijing United Information Technology Co. Ltd., Class A		4,000		74,796
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		2,300		91,781
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		248,900		203,538
Bilibili, Inc., ADR* (a)		22,367		707,021
Blue Moon Group Holdings Ltd., 144A (a)		155,975		121,767
BOC International China Co. Ltd., Class A		16,100		29,904
BOE Technology Group Co. Ltd., Class A		250,500		186,585
BYD Co. Ltd., Class A		10,200		403,474
BYD Co. Ltd., Class H		76,992		2,339,212
By-health Co. Ltd., Class A		4,800		18,842
CanSino Biologics, Inc., Class H, 144A* (a)		6,057		109,067
CGN Power Co. Ltd., Class A		141,100		65,742
CGN Power Co. Ltd., Class H, 144A		1,831,480		518,009
Changchun High & New Technology Industry Group, Inc., Class A		1,700		49,047
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		1,600		39,120
China Baoan Group Co. Ltd., Class A		15,100		32,928
China Bohai Bank Co. Ltd., Class H, 144A (a)		314,387		52,306
China Cinda Asset Management Co. Ltd., Class H		676,696		122,111
China CITIC Bank Corp. Ltd., Class H		820,493		385,376
China Conch Venture Holdings Ltd.		148,250		713,388
China Construction Bank Corp., Class A		140,300		134,074
China Construction Bank Corp., Class H		13,775,109		10,330,847
China CSSC Holdings Ltd., Class A		9,600		33,334
China Eastern Airlines Corp. Ltd., Class A*		62,800		53,743
China Everbright Bank Co. Ltd., Class A		360,500		190,819
China Everbright Bank Co. Ltd., Class H		597,247		221,664
China Evergrande Group (a)		185,090		37,901
China Feihe Ltd., 144A		144,494		172,349
China Galaxy Securities Co. Ltd., Class H		381,125		218,031
China Greatwall Technology Group Co. Ltd., Class A		15,300		32,200
China Hongqiao Group Ltd.		223,994		311,322
China International Capital Corp. Ltd., Class A		11,800		79,178
China International Capital Corp. Ltd., Class H, 144A		222,756		541,659
China International Marine Containers Group Co. Ltd., Class H		58,819		97,408
China Lesso Group Holdings Ltd.		133,370		204,483
China Life Insurance Co. Ltd., Class A		21,600		98,518
China Life Insurance Co. Ltd., Class H		1,127,148		1,869,516
China Literature Ltd., 144A*		42,187		227,572
China Meidong Auto Holdings Ltd.		64,838		304,121
China Merchants Bank Co. Ltd., Class A		111,200		877,616


	Number of Shares		Value
China (Continued)
China Merchants Bank Co. Ltd., Class H		367,463	$	3,094,445
China Merchants Securities Co. Ltd., Class A		42,400		106,437
China Merchants Securities Co. Ltd., Class H, 144A		31,640		39,886
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		14,300		30,708
China Minsheng Banking Corp. Ltd., Class A		281,900		174,680
China Minsheng Banking Corp. Ltd., Class H		575,455		223,887
China Molybdenum Co. Ltd., Class H		329,296		197,231
China National Building Material Co. Ltd., Class H		329,766		422,880
China National Chemical Engineering Co. Ltd., Class A		66,000		108,884
China National Nuclear Power Co. Ltd., Class A		137,200		160,900
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		15,200		118,541
China Pacific Insurance Group Co. Ltd., Class A		36,900		154,617
China Pacific Insurance Group Co. Ltd., Class H		225,079		626,524
China Railway Group Ltd., Class A		153,900		151,461
China Railway Group Ltd., Class H		392,311		230,455
China Railway Signal & Communication Corp. Ltd., Class H, 144A		249,186		90,570
China Reinsurance Group Corp., Class H		848,934		81,485
China Resources Mixc Lifestyle Services Ltd., 144A		58,816		302,597
China Southern Airlines Co. Ltd., Class H*		149,015		94,020
China State Construction Engineering Corp. Ltd., Class A		248,500		200,454
China Tower Corp. Ltd., Class H, 144A		3,990,424		464,733
China United Network Communications Ltd., Class A		176,600		106,912
China Vanke Co. Ltd., Class A		62,800		191,087
China Vanke Co. Ltd., Class H		167,165		396,214
China Yangtze Power Co. Ltd., Class A		270,300		992,956
China Zhenhua Group Science & Technology Co. Ltd., Class A		5,700		105,843
Chongqing Changan Automobile Co. Ltd., Class A		38,200		78,337
Chongqing Rural Commercial Bank Co. Ltd., Class H		320,912		118,283
Chongqing Zhifei Biological Products Co. Ltd., Class A		9,400		192,588
CIFI Holdings Group Co. Ltd.		369,885		257,519
CITIC Securities Co. Ltd., Class A		98,555		364,388
CITIC Securities Co. Ltd., Class H		193,829		469,831
Contemporary Amperex Technology Co. Ltd., Class A		21,100		1,783,502
COSCO SHIPPING Holdings Co. Ltd., Class A*		77,700		215,738
COSCO SHIPPING Holdings Co. Ltd., Class H*		308,329		619,523

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)


	Number of Shares		Value
China (Continued)
Country Garden Holdings Co. Ltd.		789,746	$	612,496
Country Garden Services Holdings Co. Ltd.		173,200		1,035,161
CRRC Corp. Ltd., Class A		138,800		127,362
CRRC Corp. Ltd., Class H		411,288		182,650
CSC Financial Co. Ltd., Class H, 144A		131,508		139,693
Dada Nexus Ltd., ADR*		28,888		240,059
Dali Foods Group Co. Ltd., 144A		179,908		94,631
DaShenLin Pharmaceutical Group Co. Ltd., Class A		5,300		29,893
Dongfang Electric Corp. Ltd., Class A		11,300		29,119
Dongfang Electric Corp. Ltd., Class H		30,880		38,690
Dongfeng Motor Group Co. Ltd., Class H		157,073		134,886
East Money Information Co. Ltd., Class A		62,300		264,010
Ecovacs Robotics Co. Ltd., Class A		2,200		47,232
Eve Energy Co. Ltd., Class A		12,000		170,206
Everbright Securities Co. Ltd., Class A		54,400		114,835
Evergrande Property Services Group Ltd., 144A*		362,957		109,161
Flat Glass Group Co. Ltd., Class A		11,900		92,409
Flat Glass Group Co. Ltd., Class H		76,361		314,681
Focus Media Information Technology Co. Ltd., Class A		95,500		115,780
Foshan Haitian Flavouring & Food Co. Ltd., Class A		12,800		200,824
Founder Securities Co. Ltd., Class A		49,100		55,870
Foxconn Industrial Internet Co. Ltd., Class A		70,000		123,914
Fujian Sunner Development Co. Ltd., Class A*		9,200		28,737
Fuyao Glass Industry Group Co. Ltd., Class A		15,200		105,990
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		47,115		230,338
Ganfeng Lithium Co. Ltd., Class A		7,000		167,967
Ganfeng Lithium Co. Ltd., Class H, 144A		20,970		352,913
GDS Holdings Ltd., ADR* (a)		27,957		1,244,646
GEM Co. Ltd., Class A		75,600		114,538
Gemdale Corp., Class A		14,900		30,012
Genscript Biotech Corp.*		153,488		606,000
GF Securities Co. Ltd., Class A		50,300		148,349
GF Securities Co. Ltd., Class H		109,027		163,533
Gigadevice Semiconductor Beijing, Inc., Class A		3,600		87,467
GoerTek, Inc., Class A		12,100		83,952
Gotion High-tech Co. Ltd., Class A*		10,500		71,686
Great Wall Motor Co. Ltd., Class A		7,900		45,710
Great Wall Motor Co. Ltd., Class H		195,286		406,382
Gree Electric Appliances, Inc. of Zhuhai, Class A		50,900		296,607
Guangdong Haid Group Co. Ltd., Class A		7,000		73,084
Guangdong Kinlong Hardware Products Co. Ltd., Class A		3,200		53,756
Guangzhou Automobile Group Co. Ltd., Class H		157,073		154,787


	Number of Shares		Value
China (Continued)
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		35,300	$	166,654
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		3,200		42,700
Guangzhou Tinci Materials Technology Co. Ltd., Class A		7,000		117,802
Guosen Securities Co. Ltd., Class A		24,000		39,366
Guotai Junan Securities Co. Ltd., Class A		52,200		138,069
Guotai Junan Securities Co. Ltd., Class H, 144A		78,389		115,572
Haidilao International Holding Ltd., 144A (a)		85,379		195,809
Haier Smart Home Co. Ltd., Class A		46,600		188,246
Haier Smart Home Co. Ltd., Class H		200,873		700,537
Haitong Securities Co. Ltd., Class A		56,600		100,822
Haitong Securities Co. Ltd., Class H		252,989		217,578
Hangzhou First Applied Material Co. Ltd., Class A		12,400		233,144
Hangzhou Silan Microelectronics Co. Ltd., Class A		12,300		111,090
Hangzhou Tigermed Consulting Co. Ltd., Class A		7,000		112,910
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		9,782		109,542
Hansoh Pharmaceutical Group Co. Ltd., 144A		117,993		252,485
Hengan International Group Co. Ltd.		58,353		309,550
Hithink RoyalFlush Information Network Co. Ltd., Class A		4,300		73,563
Hongfa Technology Co. Ltd., Class A		10,000		99,525
Hua Hong Semiconductor Ltd., 144A*		95,161		493,239
Huadong Medicine Co. Ltd., Class A		23,200		139,310
Huaneng Lancang River Hydropower, Inc., Class A		73,600		71,850
Huatai Securities Co. Ltd., Class A		44,700		112,210
Huatai Securities Co. Ltd., Class H, 144A		126,281		206,544
Huaxia Bank Co. Ltd., Class A		109,400		97,610
Huaxin Cement Co. Ltd., Class B		51,300		97,111
Huayu Automotive Systems Co. Ltd., Class A		26,800		107,710
Huazhu Group Ltd., ADR*		9,319		385,434
Huizhou Desay Sv Automotive Co. Ltd., Class A		4,600		96,316
Hunan Valin Steel Co. Ltd., Class A		39,300		36,310
Hundsun Technologies, Inc., Class A		7,000		57,952
Iflytek Co. Ltd., Class A		15,200		118,011
Industrial & Commercial Bank of China Ltd., Class A		572,100		422,502
Industrial & Commercial Bank of China Ltd., Class H		11,637,133		6,955,144
Industrial Bank Co. Ltd., Class A		125,200		437,902
Industrial Securities Co. Ltd., Class A		94,500		122,506
Ingenic Semiconductor Co. Ltd., Class A		4,500		79,374
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		282,000		119,772
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		34,400		215,450

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)


	Number of Shares		Value
China (Continued)
Innovent Biologics, Inc., 144A*		76,987	$	344,356
Inspur Electronic Information Industry Co. Ltd., Class A		24,600		128,380
Intco Medical Technology Co. Ltd., Class A		4,800		38,970
iQIYI, Inc., ADR*		29,823		123,467
JA Solar Technology Co. Ltd., Class A		12,200		183,599
Jafron Biomedical Co. Ltd., Class A		9,800		71,054
Jason Furniture Hangzhou Co. Ltd., Class A		10,200		113,800
JCET Group Co. Ltd., Class A		25,900		114,888
JD Health International, Inc., 144A* (a)		63,503		470,561
JD.com, Inc., ADR*		82,749		5,927,311
JD.com, Inc., Class A*		43,777		1,564,245
Jiangsu Eastern Shenghong Co. Ltd., Class A		27,400		82,678
Jiangsu Hengrui Medicine Co. Ltd., Class A		38,200		242,640
Jiangsu Zhongtian Technology Co. Ltd., Class A		34,900		103,483
Jiangxi Copper Co. Ltd., Class A		38,200		134,154
Jiangxi Copper Co. Ltd., Class H		76,521		137,496
Jiangxi Zhengbang Technology Co. Ltd., Class A		21,900		23,913
Joinn Laboratories China Co. Ltd., Class H, 144A		10,629		88,556
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		6,100		33,265
KE Holdings, Inc., ADR*		55,079		1,069,083
Kingdee International Software Group Co. Ltd.*		428,655		1,052,204
Kingfa Sci & Tech Co. Ltd., Class A		4,300		7,319
Kingsoft Cloud Holdings Ltd., ADR* (a)		13,756		92,715
Kingsoft Corp. Ltd.		129,117		479,209
Kuaishou Technology, 144A*		91,859		1,052,763
Kuang-Chi Technologies Co. Ltd., Class A*		9,700		31,191
LB Group Co. Ltd., Class A		8,000		33,534
Legend Holdings Corp., Class H, 144A		142,165		199,774
Lenovo Group Ltd.		1,021,913		1,136,520
Lens Technology Co. Ltd., Class A		46,600		107,379
Li Auto, Inc., ADR*		89,342		2,720,464
Li Ning Co. Ltd.		210,422		2,091,105
Lingyi iTech Guangdong Co., Class A*		43,900		41,674
Livzon Pharmaceutical Group, Inc., Class H		26,124		97,793
Logan Group Co. Ltd.		204,659		68,100
Longfor Group Holdings Ltd., 144A		183,324		980,706
LONGi Green Energy Technology Co. Ltd., Class A		62,300		766,853
Lufax Holding Ltd., ADR*		290,360		1,878,629
Luxshare Precision Industry Co. Ltd., Class A		36,700		252,596
Mango Excellent Media Co. Ltd., Class A		9,200		49,762
Maxscend Microelectronics Co. Ltd., Class A		1,500		64,101
Meituan, Class B, 144A*		359,436		7,921,328


	Number of Shares		Value
China (Continued)
Metallurgical Corp. of China Ltd., Class A		203,500	$	131,259
Metallurgical Corp. of China Ltd., Class H		244,500		74,160
Microport Scientific Corp. (a)		65,564		181,243
Ming Yang Smart Energy Group Ltd., Class A		19,900		81,051
Ming Yuan Cloud Group Holdings Ltd.* (a)		43,800		85,989
MINISO Group Holding Ltd., ADR		28,425		248,150
Montage Technology Co. Ltd., Class A		10,348		126,767
Muyuan Foods Co. Ltd., Class A		23,200		209,866
NARI Technology Co. Ltd., Class A		27,860		156,078
NAURA Technology Group Co. Ltd., Class A		4,100		196,975
NavInfo Co. Ltd., Class A*		12,300		33,352
NetEase, Inc., ADR		36,479		3,477,908
New China Life Insurance Co. Ltd., Class A		18,300		110,496
New China Life Insurance Co. Ltd., Class H		135,022		386,212
New Hope Liuhe Co. Ltd., Class A*		12,100		29,473
New Oriental Education & Technology Group, Inc., ADR*		144,899		218,797
Ninestar Corp., Class A		17,000		134,437
NIO, Inc., ADR*		194,127		4,433,861
Nongfu Spring Co. Ltd., Class H, 144A		161,736		1,013,217
Offcn Education Technology Co. Ltd., Class A*		29,300		32,550
Oppein Home Group, Inc., Class A		3,200		64,208
Orient Securities Co. Ltd., Class A		55,500		107,834
Ovctek China, Inc., Class A		4,100		26,634
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		52,700		35,078
People’s Insurance Co. Group of China Ltd., Class A		187,800		137,799
People’s Insurance Co. Group of China Ltd., Class H		1,183,386		380,140
Pharmaron Beijing Co. Ltd., Class A		4,600		88,377
Pharmaron Beijing Co. Ltd., Class H, 144A		11,651		140,760
PICC Property & Casualty Co. Ltd., Class H		620,673		655,330
Pinduoduo, Inc., ADR*		58,119		3,014,051
Ping An Bank Co. Ltd., Class A		116,900		291,787
Ping An Healthcare and Technology Co. Ltd., 144A* (a)		45,199		139,408
Ping An Insurance Group Co. of China Ltd., Class A		107,900		867,988
Ping An Insurance Group Co. of China Ltd., Class H		922,628		7,131,926
Poly Developments and Holdings Group Co. Ltd., Class A		54,400		136,388
Poly Property Services Co. Ltd., Class H		13,771		97,374
Pop Mart International Group Ltd., 144A*		24,238		121,443
Postal Savings Bank of China Co. Ltd., Class A		203,200		179,692

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)


	Number of Shares		Value
China (Continued)
Postal Savings Bank of China Co. Ltd., Class H, 144A (a)		1,141,691	$	936,591
Rongsheng Petrochemical Co. Ltd., Class A		27,500		82,064
SAIC Motor Corp. Ltd., Class A		54,400		156,131
Sangfor Technologies, Inc., Class A		1,700		39,200
Sany Heavy Industry Co. Ltd., Class A		38,200		118,717
Satellite Chemical Co. Ltd., Class A		17,700		126,453
SDIC Capital Co. Ltd., Class A		63,300		74,235
Seazen Group Ltd.*		186,429		98,300
Seazen Holdings Co. Ltd., Class A		20,700		99,038
SF Holding Co. Ltd., Class A		15,200		145,496
SG Micro Corp., Class A		900		49,635
Shandong Gold Mining Co. Ltd., Class H, 144A		117,058		221,721
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		23,200		129,310
Shandong Linglong Tyre Co. Ltd., Class A		17,800		78,873
Shandong Nanshan Aluminum Co. Ltd., Class A		124,200		95,660
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		236,110		325,140
Shanghai Baosight Software Co. Ltd., Class A		9,800		83,432
Shanghai Baosight Software Co. Ltd., Class B		54,400		234,355
Shanghai Electric Group Co. Ltd., Class H		388,620		108,921
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		24,700		165,971
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		69,878		279,916
Shanghai International Airport Co. Ltd., Class A*		8,300		68,860
Shanghai Jinjiang International Hotels Co. Ltd., Class A		6,500		57,882
Shanghai Junshi Biosciences Co. Ltd., Class H, 144A*		20,504		138,815
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		144,004		128,308
Shanghai MicroPort MedBot Group Co. Ltd.*		24,858		154,454
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		60,215		108,505
Shanghai Pudong Development Bank Co. Ltd., Class A		195,800		260,343
Shanghai Putailai New Energy Technology Co. Ltd., Class A		3,300		76,083
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		21,000		34,845
Shanxi Taigang Stainless Steel Co. Ltd., Class A		49,700		57,576
Shenwan Hongyuan Group Co. Ltd., Class A		182,700		132,609
Shenzhen Capchem Technology Co. Ltd., Class A		2,100		31,949


	Number of Shares		Value
China (Continued)
Shenzhen Inovance Technology Co. Ltd., Class A		11,050	$	111,481
Shenzhen Kangtai Biological Products Co. Ltd., Class A		2,500		33,455
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		6,100		316,224
Shenzhen Overseas Chinese Town Co. Ltd., Class A		40,600		44,396
Shenzhou International Group Holdings Ltd.		72,794		1,223,217
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		23,200		63,864
Sichuan Road & Bridge Co. Ltd., Class A		48,200		95,178
Sinoma Science & Technology Co. Ltd., Class A		18,100		85,423
Sinopharm Group Co. Ltd., Class H		209,317		505,766
Sinotrans Ltd., Class H		179,300		55,990
Sinotruk Hong Kong Ltd.		56,264		83,816
Sunac China Holdings Ltd.		230,518		188,811
Sunac Services Holdings Ltd., 144A		76,988		65,325
Sungrow Power Supply Co. Ltd., Class A		12,400		237,978
Suning.com Co. Ltd., Class A*		50,300		28,618
Sunny Optical Technology Group Co. Ltd.		40,537		968,588
Sunwoda Electronic Co. Ltd., Class A		11,300		65,758
Suzhou Maxwell Technologies Co. Ltd., Class A		1,000		86,704
TCL Technology Group Corp., Class A		109,400		96,397
Tencent Holdings Ltd.		890,666		48,011,636
Tencent Music Entertainment Group, ADR*		94,972		511,899
Thunder Software Technology Co. Ltd., Class A		3,200		70,714
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		30,400		231,156
Tingyi Cayman Islands Holding Corp.		120,322		266,092
Tongcheng Travel Holdings Ltd.*		129,611		240,521
Tongwei Co. Ltd., Class A		23,200		157,731
Topchoice Medical Corp., Class A*		2,200		56,234
Topsports International Holdings Ltd., 144A		236,576		244,942
TravelSky Technology Ltd., Class H		157,073		295,905
Trip.com Group Ltd., ADR*		56,486		1,458,468
Unigroup Guoxin Microelectronics Co. Ltd., Class A		3,100		108,726
Uni-President China Holdings Ltd.		162,488		168,442
Vipshop Holdings Ltd., ADR*		51,365		445,335
Walvax Biotechnology Co. Ltd., Class A		7,000		51,862
Wanhua Chemical Group Co. Ltd., Class A		15,200		228,361
Want Want China Holdings Ltd.		401,164		426,645
Weibo Corp., ADR*		8,393		230,220
Weichai Power Co. Ltd., Class A		54,400		130,698
Weichai Power Co. Ltd., Class H		188,293		318,091
Wens Foodstuffs Group Co. Ltd., Class A		45,400		140,229
Western Securities Co. Ltd., Class A		51,900		62,510
Will Semiconductor Co. Ltd., Class A		3,900		151,927

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)


	Number of Shares		Value
China (Continued)
Wingtech Technology Co. Ltd., Class A		7,000	$	129,461
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		22,400		73,945
WuXi AppTec Co. Ltd., Class A		12,168		200,415
WuXi AppTec Co. Ltd., Class H, 144A		33,550		475,746
Wuxi Biologics Cayman, Inc., 144A*		533,301		4,385,194
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		8,800		93,760
XCMG Construction Machinery Co. Ltd., Class A		166,900		146,269
Xiaomi Corp., Class B, 144A*		880,894		1,652,726
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		65,300		154,712
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		128,115		208,888
Xinyi Solar Holdings Ltd.		774,778		1,400,088
XPeng, Inc., ADR* (a)		82,454		2,998,852
Yealink Network Technology Corp. Ltd., Class A		8,600		104,154
Yifeng Pharmacy Chain Co. Ltd., Class A		7,000		54,813
Yihai International Holding Ltd.*		42,399		176,895
Yihai Kerry Arawana Holdings Co. Ltd., Class A		8,300		70,293
Yonyou Network Technology Co. Ltd., Class A		23,200		115,265
YTO Express Group Co. Ltd., Class A		16,300		44,922
Yunda Holding Co. Ltd., Class A		28,100		86,348
Yunnan Aluminium Co. Ltd., Class A*		39,700		90,662
Yunnan Baiyao Group Co. Ltd., Class A		7,000		100,119
Yunnan Energy New Material Co. Ltd., Class A		5,200		214,263
Zai Lab Ltd., ADR*		6,833		373,765
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		3,800		217,588
Zhejiang Century Huatong Group Co. Ltd., Class A*		91,100		93,987
Zhejiang Chint Electrics Co. Ltd., Class A		8,400		66,455
Zhejiang Dahua Technology Co. Ltd., Class A		41,900		124,173
Zhejiang Dingli Machinery Co. Ltd., Class A		2,700		24,612
Zhejiang Expressway Co. Ltd., Class H		89,570		80,701
Zhejiang Huayou Cobalt Co. Ltd., Class A		2,800		54,638
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		11,500		118,463
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		4,500		34,132
Zhejiang NHU Co. Ltd., Class A		13,000		69,945
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		7,500		23,891
Zheshang Securities Co. Ltd., Class A		54,900		100,490
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A* (a)		109,606		359,102
Zhongsheng Group Holdings Ltd.		34,014		236,810
Zhuzhou CRRC Times Electric Co. Ltd.		50,843		263,530


	Number of Shares		Value
China (Continued)
Zhuzhou Kibing Group Co. Ltd., Class A		27,700	$	68,965
Zijin Mining Group Co. Ltd., Class A		109,400		194,527
Zijin Mining Group Co. Ltd., Class H		334,878		496,293
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		197,145		130,695
ZTE Corp., Class A		38,200		175,926
ZTE Corp., Class H		51,306		126,070
ZTO Express Cayman, Inc., ADR		43,331		1,275,665

(Cost $258,463,300)				230,022,749

Colombia — 0.1%
Bancolombia SA		38,671		387,106
Interconexion Electrica SA ESP		40,535		252,564

(Cost $573,737)				639,670

Czech Republic — 0.1%
Komercni Banka AS		10,719		422,362
Moneta Money Bank AS, 144A		49,064		194,421

(Cost $641,376)				616,783

Egypt — 0.1%
Commercial International Bank Egypt SAE*		308,333		938,345
Fawry for Banking & Payment Technology Services SAE*		146,823		90,374

(Cost $1,113,455)				1,028,719

Greece — 0.3%
Alpha Services and Holdings SA*		289,060		393,503
Eurobank Ergasias Services and Holdings SA*		407,676		447,004
Hellenic Telecommunications Organization SA		33,549		670,744
JUMBO SA		12,578		180,692
National Bank of Greece SA*		88,875		329,421
Piraeus Financial Holdings SA*		92,400		146,958
Star Bulk Carriers Corp.		7,362		221,449
Terna Energy SA		6,072		88,115

(Cost $2,388,136)				2,477,886

Hong Kong — 1.2%
Beijing Enterprises Water Group Ltd.		313,922		123,742
BOC Hong Kong Holdings Ltd.		536,759		1,930,318
China Everbright Environment Group Ltd.		326,288		233,847
China Jinmao Holdings Group Ltd.		637,555		212,146
China Mengniu Dairy Co. Ltd.*		277,115		1,799,863
China Merchants Port Holdings Co. Ltd.		103,082		193,929
China Overseas Land & Investment Ltd.		436,573		1,332,565
China Resources Cement Holdings Ltd.		163,660		139,914
China Resources Land Ltd.		259,875		1,263,838
China State Construction International Holdings Ltd.		179,441		252,155
China Taiping Insurance Holdings Co. Ltd.		224,925		265,695
Guangdong Investment Ltd.		272,903		366,725
Jinmao Property Services Co. Ltd.*		9,630		37
Orient Overseas International Ltd.		18,964		533,944

(Cost $7,883,638)				8,648,718

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)


	Number of Shares		Value
Hungary — 0.2%
OTP Bank Nyrt*		32,641	$	1,261,780
Richter Gedeon Nyrt		13,981		295,236

(Cost $2,328,328)				1,557,016

India — 12.8%
Aarti Industries Ltd.		20,590		253,086
ABB India Ltd.		3,953		113,292
ACC Ltd.		7,639		211,806
Adani Green Energy Ltd.*		80,018		1,957,665
Adani Ports & Special Economic Zone Ltd.		65,339		613,522
Adani Transmission Ltd.*		35,411		1,003,102
Alkem Laboratories Ltd.		3,727		162,141
Ambuja Cements Ltd.		51,776		215,941
Apollo Hospitals Enterprise Ltd.		11,649		742,531
Ashok Leyland Ltd.		184,567		290,638
Asian Paints Ltd.		56,489		2,380,076
Astral Ltd.		8,033		207,015
AU Small Finance Bank Ltd., 144A*		19,570		312,611
Aurobindo Pharma Ltd.		27,025		224,259
Avenue Supermarts Ltd., 144A*		20,523		1,182,216
Axis Bank Ltd., GDR*		15,970		776,142
Axis Bank Ltd.*		258,482		2,546,827
Bajaj Auto Ltd.		5,052		236,708
Bajaj Finance Ltd.		21,921		2,037,193
Bajaj Finserv Ltd.		3,364		714,904
Bajaj Holdings & Investment Ltd.		3,260		225,088
Balkrishna Industries Ltd.		8,439		204,128
Bandhan Bank Ltd., 144A		95,160		386,841
Bank of Baroda*		105,822		149,644
Berger Paints India Ltd.		34,012		311,670
Bharat Forge Ltd.		31,721		285,709
Bharti Airtel Ltd.*		208,547		1,900,096
Biocon Ltd.*		57,888		268,015
Bosch Ltd.		348		72,737
Britannia Industries Ltd.		6,992		318,056
Cadila Healthcare Ltd.		21,432		102,513
Cholamandalam Investment and Finance Co. Ltd.		56,489		518,014
Cipla Ltd.		44,733		549,192
Colgate-Palmolive India Ltd.		17,704		340,793
Container Corp. Of India Ltd.		23,765		188,991
Dabur India Ltd.		58,352		436,280
Dalmia Bharat Ltd.		10,419		216,684
Deepak Nitrite Ltd.		11,621		308,318
Divi’s Laboratories Ltd.		12,113		685,649
DLF Ltd.		62,078		288,979
Dr. Reddy’s Laboratories Ltd.		16,263		877,044
Eicher Motors Ltd.		8,767		301,334
Embassy Office Parks REIT		120,321		597,090
Gland Pharma Ltd., 144A*		4,923		213,209
Godrej Consumer Products Ltd.*		58,295		594,149
Godrej Properties Ltd.*		12,579		250,779
Grasim Industries Ltd.		28,739		609,699
Havells India Ltd.		34,948		549,956
HCL Technologies Ltd.		90,503		1,353,626
HDFC Asset Management Co. Ltd., 144A		6,987		193,454
HDFC Life Insurance Co. Ltd., 144A		112,868		783,736


	Number of Shares		Value
India (Continued)
Hero MotoCorp Ltd.		12,582	$	423,385
Hindalco Industries Ltd.		118,745		904,210
Hindustan Unilever Ltd.		72,913		2,101,919
Honeywell Automation India Ltd.		218		118,482
Housing Development Finance Corp. Ltd.		238,103		7,471,974
ICICI Bank Ltd.		457,922		4,513,735
ICICI Lombard General Insurance Co. Ltd., 144A		26,118		438,076
ICICI Prudential Life Insurance Co. Ltd., 144A		48,705		309,725
IDFC First Bank Ltd.*		339,914		189,925
Indian Railway Catering & Tourism Corp. Ltd.		26,746		287,294
Indus Towers Ltd.*		65,805		187,858
Info Edge India Ltd.		8,854		523,420
Infosys Ltd., ADR		146,236		3,284,461
Infosys Ltd.		343,736		7,826,583
InterGlobe Aviation Ltd., 144A*		7,454		185,481
JSW Energy Ltd.		75,069		338,943
JSW Steel Ltd.		90,967		757,520
Jubilant Foodworks Ltd.		8,856		342,087
Kansai Nerolac Paints Ltd.		13,977		84,338
Kotak Mahindra Bank Ltd.		98,488		2,408,690
L&T Technology Services Ltd., 144A		2,918		175,514
Larsen & Toubro Infotech Ltd., 144A		5,589		433,917
Laurus Labs Ltd., 144A		38,779		278,719
Lupin Ltd.		19,568		193,700
Mahindra & Mahindra Ltd.		92,378		969,603
Marico Ltd.		69,066		471,791
Maruti Suzuki India Ltd.		10,285		1,134,889
Max Financial Services Ltd.*		28,735		316,458
Mindtree Ltd.		6,525		336,107
Motherson Sumi Systems Ltd.		92,192		184,084
Motherson Sumi Wiring India Ltd.* (b)		92,192		42,580
Mphasis Ltd.		9,193		379,286
MRF Ltd.		434		378,666
Muthoot Finance Ltd.		14,447		260,524
Nestle India Ltd.		3,261		763,413
NHPC Ltd.		287,826		104,667
NMDC Ltd.		65,806		125,022
Oracle Financial Services Software Ltd.		3,725		167,571
Page Industries Ltd.		467		261,902
PI Industries Ltd.		9,787		320,618
Pidilite Industries Ltd.		12,421		396,125
Piramal Enterprises Ltd.		10,304		283,113
Polycab India Ltd.		4,177		131,653
Power Finance Corp. Ltd.		84,447		123,116
Power Grid Corp. of India Ltd.		270,035		749,565
Punjab National Bank*		205,373		95,126
REC Ltd.		84,911		138,105
SBI Cards & Payment Services Ltd.*		21,350		222,589
SBI Life Insurance Co. Ltd., 144A		49,715		699,497
Shree Cement Ltd.		802		259,870
Shriram Transport Finance Co. Ltd.		17,705		264,162
Siemens Ltd.		5,593		174,250
SRF Ltd.		16,300		515,657

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)


	Number of Shares		Value
India (Continued)
State Bank of India		266,946	$	1,711,912
Steel Authority of India Ltd.		157,543		201,457
Sun Pharmaceutical Industries Ltd.		82,169		920,302
Tata Communications Ltd.		11,819		185,604
Tata Consultancy Services Ltd.		132,038		6,228,335
Tata Consumer Products Ltd.		81,648		778,689
Tata Elxsi Ltd.		3,984		340,084
Tata Motors Ltd.*		147,245		887,310
Tata Motors Ltd., Class A*		24,360		70,092
Tata Power Co. Ltd.		132,392		391,918
Tata Steel Ltd.		56,792		920,121
Tech Mahindra Ltd.		54,101		1,012,408
Titan Co. Ltd.		32,153		1,086,688
Torrent Pharmaceuticals Ltd.		6,521		237,992
Trent Ltd.		19,224		282,718
UltraTech Cement Ltd.		9,786		853,027
UPL Ltd.		41,005		362,146
Varun Beverages Ltd.		16,389		205,658
Vedanta Ltd.		59,290		299,253
Voltas Ltd.		27,026		453,073
Wipro Ltd.		195,283		1,440,503
Yes Bank Ltd.*		2,173,312		382,181

(Cost $98,907,796)				93,564,584

Indonesia — 2.0%
Aneka Tambang Tbk		1,038,467		160,465
PT Bank Central Asia Tbk		8,159,797		4,572,031
PT Bank Jago Tbk*		752,298		846,970
PT Bank Mandiri Persero Tbk		2,628,708		1,408,857
PT Bank Negara Indonesia Persero Tbk		705,182		392,668
PT Bank Rakyat Indonesia Persero Tbk		9,664,695		3,060,789
PT Barito Pacific Tbk		3,506,284		217,206
PT Chandra Asri Petrochemical Tbk		455,459		286,108
PT Charoen Pokphand Indonesia Tbk		438,950		177,205
PT Elang Mahkota Teknologi Tbk*		2,186,824		315,078
PT Indah Kiat Pulp & Paper Tbk		246,937		138,791
PT Indocement Tunggal Prakarsa Tbk		235,751		179,681
PT Indofood CBP Sukses Makmur Tbk		183,132		108,347
PT Indofood Sukses Makmur Tbk		352,117		151,954
PT Kalbe Farma Tbk		1,837,791		210,424
PT Merdeka Copper Gold Tbk*		1,297,745		349,570
PT Sarana Menara Nusantara Tbk		2,886,628		207,953
PT Semen Indonesia Persero Tbk		317,173		158,951
PT Telkom Indonesia Persero Tbk		4,303,062		1,299,874
PT Tower Bersama Infrastructure Tbk		807,810		165,307
PT Unilever Indonesia Tbk		894,134		229,026

(Cost $13,413,245)				14,637,255

Kuwait — 0.7%
Agility Public Warehousing Co. KSC		139,894		469,393
Boubyan Bank KSCP*		131,973		358,698
Kuwait Finance House KSCP		386,070		1,203,600
Mabanee Co KPSC		47,699		133,582
Mobile Telecommunications Co. KSCP		277,554		568,308
National Bank of Kuwait SAKP		604,742		2,107,011

(Cost $4,468,433)				4,840,592


	Number of Shares		Value
Malaysia — 0.9%
AMMB Holdings Bhd*		203,200	$	162,618
Axiata Group Bhd		279,352		261,487
CIMB Group Holdings Bhd		347,493		472,594
DiGi.Com Bhd		183,400		176,913
Greatech Technology Bhd*		61,300		60,884
Hartalega Holdings Bhd		93,000		102,336
Hong Leong Bank Bhd		62,800		300,052
IHH Healthcare Bhd		93,300		146,000
Inari Amertron Bhd		279,500		214,360
IOI Corp. Bhd		106,000		116,137
Kossan Rubber Industries Bhd		93,100		38,362
Kuala Lumpur Kepong Bhd		29,700		183,923
Malayan Banking Bhd		273,557		570,765
Malaysia Airports Holdings Bhd*		46,900		68,699
Malaysian Pacific Industries Bhd		8,000		68,177
Maxis Bhd		181,800		174,071
MISC Bhd		49,500		86,656
MR DIY Group M Bhd, 144A		232,800		201,278
Nestle Malaysia Bhd		5,319		169,762
Petronas Chemicals Group Bhd		139,500		317,310
PPB Group Bhd		46,700		199,547
Press Metal Aluminium Holdings Bhd		169,400		275,575
Public Bank Bhd		955,600		1,012,843
QL Resources Bhd		66,000		77,813
RHB Bank Bhd		188,649		265,102
Sime Darby Bhd		140,000		75,694
Sime Darby Plantation Bhd		93,500		109,345
Supermax Corp. Bhd		95,238		23,818
Telekom Malaysia Bhd		139,600		168,245
TIME dotCom Bhd		93,300		94,444
Top Glove Corp. Bhd		372,500		181,880
Westports Holdings Bhd		93,100		86,703

(Cost $6,425,185)				6,463,393

Mexico — 2.3%
Alfa SAB de CV, Class A		477,910		358,798
America Movil SAB de CV, Series L		2,507,070		2,271,179
Arca Continental SAB de CV		41,006		271,172
Cemex SAB de CV, Series CPO*		1,305,850		672,338
Coca-Cola Femsa SAB de CV		75,829		417,435
El Puerto de Liverpool SAB de CV, Class C1		16,203		78,872
Fibra Uno Administracion SA de CV REIT		298,536		337,218
Fomento Economico Mexicano SAB de CV		182,570		1,474,588
Gruma SAB de CV, Class B		12,674		172,297
Grupo Aeroportuario del Pacifico SAB de CV, Class B*		35,413		516,329
Grupo Aeroportuario del Sureste SAB de CV, Class B		12,112		262,549
Grupo Bimbo SAB de CV, Series A		117,751		363,468
Grupo Elektra SAB DE CV		6,992		459,817
Grupo Financiero Banorte SAB de CV, Class O		423,448		2,871,136
Grupo Financiero Inbursa SAB de CV, Class O*		188,171		307,410
Grupo Mexico SAB de CV, Series B		287,353		1,477,655

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)


	Number of Shares		Value
Mexico (Continued)
Grupo Televisa SAB, Series CPO		398,820	$	856,880
Industrias Penoles SAB de CV		12,114		151,552
Kimberly-Clark de Mexico SAB de CV, Class A		265,106		372,893
Orbia Advance Corp. SAB de CV		98,659		252,629
Telesites SAB de CV		180,253		200,345
Wal-Mart de Mexico SAB de CV		738,955		2,817,305

(Cost $16,742,915)				16,963,865

Peru — 0.2%
Credicorp Ltd.		7,930		1,199,412
Credicorp Ltd.		1,733		259,950
InRetail Peru Corp., 144A		4,448		157,415
Intercorp Financial Services, Inc. (a)		4,120		133,076

(Cost $1,422,951)				1,749,853

Philippines — 0.6%
Ayala Corp.		23,320		386,620
Ayala Land, Inc.		540,300		410,995
Bank of the Philippine Islands		260,930		508,933
BDO Unibank, Inc.		260,910		657,491
Globe Telecom, Inc.		1,900		95,167
International Container Terminal Services, Inc.		74,530		306,144
Jollibee Foods Corp.		41,950		197,190
Metropolitan Bank & Trust Co.		139,600		155,474
PLDT, Inc.		6,995		245,446
SM Investments Corp.		37,570		653,646
SM Prime Holdings, Inc.		978,200		759,360
Universal Robina Corp.		74,560		174,511

(Cost $4,323,234)				4,550,977

Qatar — 1.1%
Commercial Bank PSQC		162,669		308,271
Industries Qatar QSC		273,849		1,376,390
Masraf Al Rayan QSC		359,692		493,947
Mesaieed Petrochemical Holding Co.		597,379		438,067
Ooredoo QPSC		90,567		190,910
Qatar International Islamic Bank QSC		122,187		343,976
Qatar Islamic Bank SAQ		102,975		596,469
Qatar National Bank QPSC		663,906		3,975,048

(Cost $6,852,169)				7,723,078

Russia — 0.2%
Alrosa PJSC (b)		246,725		93,198
MMC Norilsk Nickel PJSC (b)		5,593		597,891
Mobile TeleSystems PJSC, ADR (b)		25,457		65,918
Mobile TeleSystems PJSC (b)		32,151		33,186
Novolipetsk Steel PJSC (b)		121,611		62,856
PIK Group PJSC (b)		21,692		47,830
Polymetal International PLC (b)		28,889		106,155
Polyus PJSC (b)		2,793		199,813
Sberbank of Russia PJSC (b)		989,954		313,338
United Co RUSAL International PJSC* (b)		255,320		69,866
Yandex NV, Class A* (b)		28,401		240,759

(Cost $10,259,194)				1,830,810


	Number of Shares		Value
Saudi Arabia — 2.8%
Advanced Petrochemical Co.		13,514	$	270,158
Al Rajhi Bank		108,287		4,629,697
Alinma Bank		113,135		1,070,526
Almarai Co. JSC		35,094		468,643
Arab National Bank		78,979		589,443
Arabian Centres Co. Ltd.		24,229		146,600
Bank AlBilad*		42,165		661,971
Banque Saudi Fransi		73,261		1,036,906
BinDawood Holding Co.		2,910		69,653
Bupa Arabia for Cooperative Insurance Co.		6,989		301,788
Dar Al Arkan Real Estate Development Co.*		71,398		208,197
Dr Sulaiman Al Habib Medical Services Group Co.		10,253		467,872
Etihad Etisalat Co.		46,650		433,959
Jarir Marketing Co.		7,920		440,786
Mouwasat Medical Services Co.		6,057		334,841
National Industrialization Co.*		42,864		257,753
National Petrochemical Co.		16,308		195,607
Riyad Bank		130,444		1,234,310
Sahara International Petrochemical Co.		48,048		596,806
Saudi British Bank		89,808		926,399
Saudi Industrial Investment Group		30,287		284,569
Saudi Kayan Petrochemical Co.*		92,833		503,298
Saudi National Bank		197,059		3,582,222
Saudi Telecom Co.		53,440		1,623,840
Savola Group		33,085		298,953

(Cost $18,365,717)				20,634,797

Singapore — 0.0%
BOC Aviation Ltd., 144A (Cost $109,798)		13,979		121,207

South Africa — 3.3%
Absa Group Ltd.		91,667		1,047,860
Anglo American Platinum Ltd.		3,827		594,389
AngloGold Ashanti Ltd.		34,479		811,029
Aspen Pharmacare Holdings Ltd.		34,016		442,467
Bid Corp. Ltd.		29,354		593,444
Bidvest Group Ltd.		19,102		260,128
Capitec Bank Holdings Ltd.		5,594		750,941
Clicks Group Ltd. (a)		22,833		441,736
Discovery Ltd.*		53,465		545,981
FirstRand Ltd.		549,326		2,350,522
Gold Fields Ltd.		97,345		1,353,349
Harmony Gold Mining Co. Ltd.		67,441		293,245
Impala Platinum Holdings Ltd.		73,034		1,389,170
Investec Ltd.		23,164		129,592
Kumba Iron Ore Ltd.		5,123		200,398
MTN Group Ltd.*		147,581		1,829,899
MultiChoice Group		38,672		315,382
Naspers Ltd., Class N		19,537		2,438,202
Nedbank Group Ltd.		58,945		833,832
Northam Platinum Holdings Ltd.*		29,103		467,588
Old Mutual Ltd.		720,828		587,765
Pepkor Holdings Ltd., 144A		106,170		150,813
Rand Merchant Investment Holdings Ltd.		92,599		289,917

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)


	Number of Shares		Value
South Africa (Continued)
Sanlam Ltd.		256,719	$	1,074,224
Shoprite Holdings Ltd.		37,276		552,416
Sibanye Stillwater Ltd.		246,019		1,136,281
Standard Bank Group Ltd.		198,424		2,088,444
Vodacom Group Ltd.		52,293		500,883
Woolworths Holdings Ltd.		146,181		477,731

(Cost $22,305,164)				23,947,628

South Korea — 10.4%
Alteogen, Inc.*		2,796		124,179
Amorepacific Corp.		2,332		356,874
AMOREPACIFIC Group		1,865		75,695
BGF retail Co. Ltd.		934		131,670
BNK Financial Group, Inc.		41,005		268,740
Celltrion Healthcare Co. Ltd.		8,491		448,437
Celltrion Pharm, Inc.*		1,895		138,537
Celltrion, Inc.		8,016		1,063,378
Cheil Worldwide, Inc.		6,988		130,769
Chong Kun Dang Pharmaceutical Corp.		980		78,328
CJ CheilJedang Corp.		514		161,807
CJ Corp.		932		65,190
CJ ENM Co. Ltd.		1,399		151,262
Coway Co. Ltd.		7,458		447,226
CS Wind Corp.		2,331		115,547
Daewoo Engineering & Construction Co. Ltd.*		16,441		85,736
DB Insurance Co. Ltd.		6,058		311,377
DL E&C Co. Ltd.		2,327		248,696
Dongsuh Cos., Inc.		3,479		79,427
Doosan Bobcat, Inc.		3,260		103,438
Doosan Co. Ltd.*		932		87,979
Doosan Fuel Cell Co. Ltd.*		4,195		135,373
Doosan Heavy Industries & Construction Co. Ltd.*		28,630		495,283
Douzone Bizon Co. Ltd.		2,796		112,319
Ecopro BM Co. Ltd.		469		146,354
E-MART, Inc.		1,399		151,262
F&F Co. Ltd. / New		382		282,763
Fila Holdings Corp.		4,658		136,368
Genexine, Inc.*		2,328		89,937
Green Cross Corp.		467		70,690
GS Engineering & Construction Corp.		3,726		132,789
Hana Financial Group, Inc.		36,934		1,495,975
Hanjin Kal Corp.*		1,665		72,978
Hankook Tire & Technology Co. Ltd.		6,989		204,610
Hanmi Pharm. Co. Ltd.*		474		104,470
Hanmi Science Co. Ltd.*		2,357		89,097
Hanon Systems		13,977		134,266
Hansol Chemical Co. Ltd.		933		166,448
Hanssem Co. Ltd.		1,219		74,011
Hanwha Life Insurance Co. Ltd.*		68,135		167,455
Hanwha Solutions Corp.*		8,853		249,240
Helixmith Co. Ltd.*		5,240		87,598
HLB, Inc.*		6,059		156,722
HMM Co. Ltd.*		33,546		804,925
Hugel, Inc.		930		113,548
HYBE Co. Ltd.*		1,471		352,962


	Number of Shares		Value
South Korea (Continued)
Hyosung Advanced Materials Corp.		245	$	94,548
Hyosung TNC Corp.		244		97,815
Hyundai Autoever Corp.		728		65,089
Hyundai Department Store Co. Ltd.		1,247		80,689
Hyundai Doosan Infracore Co. Ltd.*		14,964		84,132
Hyundai Elevator Co. Ltd.*		3,262		102,417
Hyundai Engineering & Construction Co. Ltd.		5,614		202,176
Hyundai Glovis Co. Ltd.		1,400		204,932
Hyundai Marine & Fire Insurance Co. Ltd.		8,386		200,871
Hyundai Mipo Dockyard Co. Ltd.		2,332		154,775
Hyundai Mobis Co. Ltd.		4,619		860,528
Hyundai Motor Co.		10,810		1,573,377
Hyundai Steel Co.		7,455		246,154
Iljin Materials Co. Ltd.		860		65,018
Industrial Bank of Korea		20,967		187,462
Kakao Corp.		23,506		1,839,660
Kakao Games Corp.*		4,196		256,503
KakaoBank Corp.*		23,321		931,017
KB Financial Group, Inc.		46,098		2,288,893
KCC Corp.		467		128,757
Kia Corp.		20,038		1,229,928
KIWOOM Securities Co. Ltd.*		1,861		157,102
KMW Co. Ltd.		3,261		84,213
Korea Gas Corp.		2,566		87,607
Korea Investment Holdings Co. Ltd.*		2,798		184,307
Korea Zinc Co. Ltd.		873		399,343
Korean Air Lines Co. Ltd.*		17,705		431,452
KT Corp.		6,250		166,341
Kumho Petrochemical Co. Ltd.*		1,397		186,484
L&F Co. Ltd.		2,569		416,647
LEENO Industrial, Inc.		1,398		209,406
LG Chem Ltd.		3,868		1,817,624
LG Corp.		8,390		524,746
LG Display Co. Ltd.		20,036		311,617
LG Electronics, Inc.		13,981		1,436,066
LG Household & Health Care Ltd.		1,211		956,835
LG Innotek Co. Ltd.		935		254,290
LG Uplus Corp.		34,013		371,997
Lotte Chemical Corp.		1,081		197,796
Lotte Shopping Co. Ltd.		1,134		80,451
LS Corp.		2,793		113,128
Mando Corp.		3,729		140,650
MedPacto, Inc.*		1,532		44,277
Meritz Financial Group, Inc.		3,814		116,893
Meritz Fire & Marine Insurance Co. Ltd.		5,125		175,188
Meritz Securities Co. Ltd.		37,275		181,670
Mirae Asset Securities Co. Ltd.		46,650		341,043
NAVER Corp.		11,184		2,957,967
NCSoft Corp.		1,344		495,749
Netmarble Corp., 144A		1,861		158,650
NH Investment & Securities Co. Ltd.		11,646		111,874
Orion Corp.		1,400		106,541
Pan Ocean Co. Ltd.		18,638		101,844
Pearl Abyss Corp.*		2,797		221,229
S-1 Corp.		2,328		135,147

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)


	Number of Shares		Value
South Korea (Continued)
Samsung Biologics Co. Ltd., 144A*		1,150	$	745,083
Samsung C&T Corp.		6,524		596,864
Samsung Electro-Mechanics Co. Ltd.		4,661		643,511
Samsung Electronics Co. Ltd.		420,776		25,232,212
Samsung Engineering Co. Ltd.*		13,510		260,683
Samsung Fire & Marine Insurance Co. Ltd.		4,659		738,171
Samsung Life Insurance Co. Ltd.		10,250		509,793
Samsung SDI Co. Ltd.		4,094		1,865,939
Samsung SDS Co. Ltd.		2,796		325,562
Samsung Securities Co. Ltd.		8,387		295,064
Seegene, Inc.		3,730		159,146
Shin Poong Pharmaceutical Co. Ltd.*		3,727		107,562
Shinhan Financial Group Co. Ltd.		63,361		2,057,843
Shinsegae, Inc.		468		101,786
SK Biopharmaceuticals Co. Ltd.*		2,798		196,873
SK Bioscience Co. Ltd.*		1,779		216,022
SK Chemicals Co. Ltd.		1,398		145,340
SK Hynix, Inc.		41,535		4,266,289
SK IE Technology Co. Ltd., 144A*		2,796		287,193
SK Telecom Co. Ltd.		5,625		255,437
SKC Co. Ltd.		952		108,870
Solus Advanced Materials Co. Ltd.		1,316		68,955
Soulbrain Co. Ltd./New		469		88,663
SSANGYONG C&E Co. Ltd.		18,172		114,562
Studio Dragon Corp.*		1,861		132,028
Wemade Co. Ltd.		1,864		169,137
WONIK IPS Co. Ltd.		5,125		152,810
Woori Financial Group, Inc.		45,870		545,549
Yuhan Corp.		2,402		116,070

(Cost $85,318,789)				75,775,667

Taiwan — 19.9%
Accton Technology Corp.		59,226		532,368
Acer, Inc.		468,779		481,571
Advantech Co. Ltd.		36,346		475,149
ASE Technology Holding Co. Ltd.		285,360		1,010,745
Asia Cement Corp.		168,257		270,676
ASMedia Technology, Inc.		3,262		197,803
Asustek Computer, Inc.		90,228		1,195,638
AU Optronics Corp.		1,278,970		937,501
Catcher Technology Co. Ltd.		63,941		326,148
Cathay Financial Holding Co. Ltd.		1,087,985		2,417,744
Chailease Holding Co. Ltd.		188,941		1,691,607
Chang Hwa Commercial Bank Ltd.		724,430		457,372
Cheng Shin Rubber Industry Co. Ltd.		176,648		224,315
Chicony Electronics Co. Ltd.		61,613		196,915
China Airlines Ltd. *		292,486		291,078
China Development Financial Holding Corp.*		259,946		86,417
China Development Financial Holding Corp.		2,493,276		1,685,307
China Steel Corp.		1,035,010		1,329,066
Chroma ATE, Inc.		49,447		332,469
Chunghwa Telecom Co. Ltd.		339,549		1,507,895
Compal Electronics, Inc.		538,036		487,466
CTBC Financial Holding Co. Ltd.		2,693,112		2,608,097


	Number of Shares		Value
Taiwan (Continued)
Delta Electronics, Inc.		269,848	$	2,372,660
E.Sun Financial Holding Co. Ltd.		1,739,424		1,827,217
Eclat Textile Co. Ltd.		28,420		586,951
eMemory Technology, Inc.		7,000		460,674
Eva Airways Corp.*		254,281		292,512
Evergreen Marine Corp. Taiwan Ltd.		238,436		1,220,459
Far Eastern New Century Corp.		240,769		253,780
Far EasTone Telecommunications Co. Ltd.		252,415		623,947
Feng TAY Enterprise Co. Ltd.		64,876		479,020
First Financial Holding Co. Ltd.		1,494,201		1,369,751
Formosa Chemicals & Fibre Corp.		300,094		845,637
Formosa Plastics Corp.		281,306		1,053,580
Formosa Sumco Technology Corp.		7,000		64,170
Foxconn Technology Co. Ltd.		75,865		172,648
Fubon Financial Holding Co. Ltd.		1,043,732		2,795,943
Giant Manufacturing Co. Ltd.		28,887		298,298
Globalwafers Co. Ltd.		19,569		480,238
Highwealth Construction Corp.		99,819		174,287
Hiwin Technologies Corp.		20,585		194,212
Hon Hai Precision Industry Co. Ltd.		1,034,282		3,799,930
Hotai Motor Co. Ltd.		23,766		534,067
Hua Nan Financial Holdings Co. Ltd.		795,773		627,308
Innolux Corp.		835,407		499,128
Inventec Corp.		235,883		215,816
Largan Precision Co. Ltd.		8,386		604,235
Lite-On Technology Corp.		185,967		453,724
Macronix International Co. Ltd.		190,160		295,058
MediaTek, Inc.		127,974		4,952,801
Mega Financial Holding Co. Ltd.		1,484,555		1,991,056
Merida Industry Co. Ltd.		32,614		329,223
Micro-Star International Co. Ltd.		106,811		592,442
momo.com, Inc.		7,457		261,467
Nan Ya Plastics Corp.		433,779		1,356,962
Nan Ya Printed Circuit Board Corp.		24,966		466,638
Nanya Technology Corp.		179,906		494,766
Nien Made Enterprise Co. Ltd.		14,445		186,005
Novatek Microelectronics Corp.		33,551		546,318
Oneness Biotech Co. Ltd.*		28,424		250,934
Pegatron Corp.		157,075		387,155
Phison Electronics Corp.		16,306		296,631
Pou Chen Corp.		209,319		239,670
Powerchip Semiconductor Manufacturing Corp.		280,000		532,335
Powertech Technology, Inc.		64,876		217,989
Quanta Computer, Inc.		237,043		785,493
Realtek Semiconductor Corp.		33,957		552,324
Ruentex Development Co. Ltd.		121,015		309,066
Ruentex Industries Ltd.		51,576		211,566
Shanghai Commercial & Savings Bank Ltd.		503,312		822,247
Shin Kong Financial Holding Co. Ltd.		1,723,694		691,691
Silicon Motion Technology Corp., ADR		4,657		337,819
Sino-American Silicon Products, Inc.		50,841		330,054
SinoPac Financial Holdings Co. Ltd.		1,559,163		951,014
Standard Foods Corp.		47,053		85,261
Synnex Technology International Corp.		85,840		220,150

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)


	Number of Shares		Value
Taiwan (Continued)
Taishin Financial Holding Co. Ltd.		1,455,622	$	1,012,471
Taiwan Business Bank		283,163		112,114
Taiwan Cement Corp.		275,100		464,633
Taiwan Cooperative Financial Holding Co. Ltd.		774,899		731,089
Taiwan Fertilizer Co. Ltd.		88,936		216,987
Taiwan High Speed Rail Corp.		345,193		363,847
Taiwan Mobile Co. Ltd.		246,823		911,225
Taiwan Semiconductor Manufacturing Co. Ltd.		3,211,708		69,194,636
Tatung Co. Ltd.*		201,397		224,493
Teco Electric and Machinery Co. Ltd.		191,553		205,321
Tripod Technology Corp.		62,078		282,324
Unimicron Technology Corp.		134,084		1,214,815
Uni-President Enterprises Corp.		373,365		893,625
United Microelectronics Corp.		1,662,852		3,090,230
Vanguard International Semiconductor Corp.		141,231		632,227
Voltronic Power Technology Corp.		7,924		407,011
Walsin Lihwa Corp.		346,181		344,514
Walsin Technology Corp.*		34,943		181,975
Wan Hai Lines Ltd.		72,551		483,932
Win Semiconductors Corp.		29,820		321,228
Winbond Electronics Corp.		273,384		321,800
Wistron Corp.		202,084		211,923
Wiwynn Corp.		9,650		339,738
WPG Holdings Ltd.		109,138		216,836
Yageo Corp.		34,946		562,801
Yang Ming Marine Transport Corp.*		212,114		873,878
Yuanta Financial Holding Co. Ltd.		1,707,852		1,513,826
Zhen Ding Technology Holding Ltd.		90,035		295,460

(Cost $145,039,573)				145,362,633

Thailand — 2.0%
Advanced Info Service PCL, NVDR		93,400		654,586
Airports of Thailand PCL, NVDR*		372,600		732,657
Asset World Corp. PCL, NVDR*		1,039,800		152,748
Bangkok Bank PCL		93,100		396,049
Bangkok Bank PCL, NVDR		93,100		398,898
Bangkok Commercial Asset Management PCL, NVDR		246,200		165,012
Bangkok Dusit Medical Services PCL, NVDR		605,700		439,329
Bangkok Expressway & Metro PCL		95,100		25,903
Bangkok Expressway & Metro PCL, NVDR		605,800		165,008
Berli Jucker PCL, NVDR		139,500		143,022
BTS Group Holdings PCL, NVDR		747,100		217,213
Bumrungrad Hospital PCL, NVDR		46,600		218,917
Carabao Group PCL, NVDR		46,500		151,561
Central Pattana PCL, NVDR		186,300		315,014
Central Retail Corp. PCL		232,800		272,520
Central Retail Corp. PCL, NVDR		232,800		272,520
Charoen Pokphand Foods PCL, NVDR		326,300		252,152
Com7 PCL, NVDR		64,000		161,591
Energy Absolute PCL, NVDR		326,200		948,401
Fabrinet*		2,086		208,871


	Number of Shares		Value
Thailand (Continued)
Hana Microelectronics PCL, NVDR		66,000	$	103,015
Home Product Center PCL, NVDR		559,200		260,133
Indorama Ventures PCL, NVDR		186,300		256,572
Intouch Holdings PCL, Class F		19,200		44,511
Intouch Holdings PCL, NVDR		186,400		432,129
Kasikornbank PCL, NVDR		233,000		1,165,891
KCE Electronics PCL, NVDR		65,000		120,352
Krung Thai Bank PCL, NVDR		792,300		339,471
Krungthai Card PCL		46,900		90,786
Krungthai Card PCL, NVDR		46,900		90,786
Land & Houses PCL, NVDR		559,200		164,294
Minor International PCL, NVDR*		186,631		175,636
Muangthai Capital PCL		600		946
Osotspa PCL		139,700		150,709
Osotspa PCL, NVDR		139,700		150,709
PTT Exploration & Production PCL, NVDR		107,000		446,993
PTT Global Chemical PCL, NVDR		326,700		529,919
SCG Packaging PCL		93,000		174,331
SCG Packaging PCL, NVDR		93,000		174,331
Siam Cement PCL, NVDR		46,600		559,057
Siam Commercial Bank PCL, NVDR		277,100		1,064,301
Siam Global House PCL, NVDR		261,893		157,897
Sri Trang Agro-Industry PCL, NVDR		79,680		65,232
Sri Trang Gloves Thailand PCL		93,500		73,684
Srisawad Corp. PCL, NVDR		48,000		84,836
Thai Union Group PCL, NVDR		140,000		87,406
Tisco Financial Group PCL, NVDR		59,700		178,598
TMBThanachart Bank PCL, NVDR		6,697,700		280,822
Total Access Communication PCL, NVDR		105,400		151,608
True Corp. PCL, NVDR		3,263,900		499,449

(Cost $13,327,135)				14,366,376

Turkey — 0.5%
Akbank TAS		529,165		268,407
Akcansa Cimento AS		17,385		20,772
Anadolu Efes Biracilik Ve Malt Sanayii AS		34,267		59,734
Arcelik AS		46,892		187,268
Aselsan Elektronik Sanayi Ve Ticaret AS		56,955		91,393
BIM Birlesik Magazalar AS		50,429		265,978
Borusan Yatirim ve Pazarlama AS		1,125		28,004
Coca-Cola Icecek AS		10,364		81,284
Eregli Demir ve Celik Fabrikalari TAS		111,079		249,093
Ford Otomotiv Sanayi AS		7,919		154,042
Hektas Ticaret TAS*		74,210		69,125
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D*		193,146		163,467
KOC Holding AS		42,999		98,162
Koza Altin Isletmeleri AS*		12,502		103,284
Koza Anadolu Metal Madencilik Isletmeleri AS*		43,737		61,915
Nuh Cimento Sanayi AS		8,708		26,389
Petkim Petrokimya Holding AS*		86,251		48,230
Sasa Polyester Sanayi AS*		26,646		89,322
Tekfen Holding AS*		38,854		51,863
Tofas Turk Otomobil Fabrikasi AS		23,809		137,944

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)


	Number of Shares		Value
Turkey (Continued)
Turk Hava Yollari AO*		94,017	$	173,793
Turk Telekomunikasyon AS		75,480		47,163
Turkcell Iletisim Hizmetleri AS		106,169		157,189
Turkiye Garanti Bankasi AS		353,514		282,614
Turkiye Halk Bankasi AS*		110,660		34,971
Turkiye Is Bankasi AS, Class C		293,877		168,782
Turkiye Sise ve Cam Fabrikalari AS		239,100		213,574
Turkiye Vakiflar Bankasi TAO, Class D*		265,430		63,965
Ulker Biskuvi Sanayi AS		33,629		36,032
Yapi ve Kredi Bankasi AS		500,739		129,343

(Cost $4,102,487)				3,563,102

United Arab Emirates — 1.5%
Abu Dhabi Commercial Bank PJSC		240,766		705,311
Aldar Properties PJSC		369,014		421,954
Dubai Islamic Bank PJSC		248,716		412,377
Emaar Properties PJSC		329,761		456,075
Emirates NBD Bank PJSC		225,301		877,147
Emirates Telecommunications Group Co. PJSC		306,243		2,916,481
First Abu Dhabi Bank PJSC		389,683		2,193,993
International Holding Co. PJSC*		56,905		2,915,702

(Cost $9,208,114)				10,899,040

TOTAL COMMON STOCKS (Cost $759,104,811)				714,950,667

PREFERRED STOCKS — 2.0%
Brazil — 1.2%
Alpargatas SA		24,232		121,026
Banco Bradesco SA		710,043		2,804,778
Bradespar SA		32,120		187,793
Braskem SA, Class A		15,630		144,811
Centrais Eletricas Brasileiras SA, Class B		29,333		195,925
Gerdau SA		108,674		537,073
Itau Unibanco Holding SA		745,653		3,686,508
Itausa SA		399,759		777,527
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A		66,272		189,231

(Cost $9,202,305)				8,644,672

Chile — 0.1%
Embotelladora Andina SA, Class B		52,242		114,304
Sociedad Quimica y Minera de Chile SA, Class B		12,583		839,078

(Cost $788,684)				953,382

Colombia — 0.1%
Bancolombia SA		73,115		652,410
Grupo Aval Acciones y Valores SA		122,160		33,202

(Cost $638,818)				685,612

Russia — 0.0%
Sberbank of Russia PJSC (b) (Cost $275,893)		71,636		41,360

South Korea — 0.6%
Hyundai Motor Co.		1,865		135,724
Hyundai Motor Co.—2nd Preferred		3,278		240,462


	Number of Shares		Value
South Korea (Continued)
LG Chem Ltd.		290	$	65,243
LG Electronics, Inc.		2,796		138,596
Samsung Electronics Co. Ltd.		72,605		3,991,509

(Cost $5,050,729)				4,571,534

TOTAL PREFERRED STOCKS (Cost $15,956,429)				14,896,560


	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. Series N3, 5.50%, 6/3/24 (Cost $0)	INR	2,494		33


	Number of Shares
RIGHTS — 0.0%
Brazil — 0.0%
Americanas SA*, expires 3/9/22 (Cost $0)		1,749		2,299

South Korea — 0.0%
Samsung Biologics Co. Ltd.*, expires 5/9/22 (Cost $0)		76		8,849

TOTAL RIGHTS (Cost $0)				11,148

WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		746		659

Thailand — 0.0%
BTS Group Holdings PCL*, expires 9/5/22		200		4
BTS Group Holdings PCL*, expires 11/7/24		400		8
BTS Group Holdings PCL*, expires 11/20/26		800		14
Minor International PCL*, expires 2/15/24		52		5

(Cost $0)				31

TOTAL WARRANTS (Cost $0)				690

SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $1,966,294)		1,966,294		1,966,294

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

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

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (Continued)

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.

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

The following is a summary of the inputs used as of February 28, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

During the period ended February 28, 2022, the amount of transfers from Level 1 to Level 3 was $7,043,013 and between Level 3 and Level 1 was $31. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.


	Number of Shares		Value
COMMON STOCKS — 99.4%
Australia — 6.7%
APA Group (a)		4,033	$	29,412
Aristocrat Leisure Ltd.		2,020		54,631
ASX Ltd.		625		37,339
Aurizon Holdings Ltd.		6,131		15,571
Australia & New Zealand Banking Group Ltd.		9,594		181,079
BlueScope Steel Ltd.		1,558		22,883
Brambles Ltd.		4,896		35,172
Cochlear Ltd.		220		35,584
Coles Group Ltd.		4,627		58,355
Commonwealth Bank of Australia		5,691		385,959
Computershare Ltd.		1,626		25,557
Dexus REIT		3,649		28,915
Evolution Mining Ltd.		6,105		18,916
Fortescue Metals Group Ltd.		5,721		75,349
Goodman Group REIT		5,549		89,512
GPT Group REIT		6,727		24,114
Insurance Australia Group Ltd.		8,047		26,861
Lendlease Corp. Ltd. (a)		2,255		17,280
Macquarie Group Ltd.		1,140		149,549
Mineral Resources Ltd.		566		18,585
Mirvac Group REIT		13,165		24,743
Newcrest Mining Ltd.		2,716		50,592
Northern Star Resources Ltd.		3,565		26,671
Orica Ltd.		1,258		13,319
QBE Insurance Group Ltd.		4,939		41,180
Ramsay Health Care Ltd.		663		30,776
REA Group Ltd.		168		16,053
SEEK Ltd.		1,093		21,153
Sonic Healthcare Ltd.		1,472		37,439
Stockland REIT		7,920		23,908
Telstra Corp. Ltd.		14,038		40,339
Transurban Group (a)		10,421		95,962
Vicinity Centres REIT		12,090		15,792
Woodside Petroleum Ltd. (b)		3,215		66,583

(Cost $1,729,512)				1,835,133

Austria — 0.3%
Erste Group Bank AG		1,180		42,399
OMV AG		493		23,467
voestalpine AG		360		11,904

(Cost $79,597)				77,770

Belgium — 0.6%
Etablissements Franz Colruyt NV		205		8,216
KBC Group NV		845		61,236
Solvay SA		235		26,321
UCB SA		417		45,760
Umicore SA		654		26,952

(Cost $174,288)				168,485

Chile — 0.1%
Antofagasta PLC (Cost $28,501)		1,336		27,265

Denmark — 4.0%
Ambu A/S, Class B		562		10,421


	Number of Shares		Value
Denmark (Continued)
Chr Hansen Holding A/S		343	$	25,099
Coloplast A/S, Class B		399		60,140
Demant A/S*		336		14,201
Genmab A/S*		222		74,754
GN Store Nord AS		429		22,705
Novo Nordisk A/S, Class B		5,614		578,223
Novozymes A/S, Class B		675		44,357
Orsted AS, 144A		637		82,836
Pandora A/S		340		35,198
Tryg A/S		1,100		25,014
Vestas Wind Systems A/S		3,402		111,730

(Cost $854,787)				1,084,678

Finland — 1.3%
Elisa OYJ		470		26,157
Kesko OYJ, Class B		930		27,514
Neste OYJ (b)		1,431		56,545
Nordea Bank Abp		10,657		119,327
Orion OYJ, Class B		324		15,281
Stora Enso OYJ, Class R		1,910		36,835
UPM-Kymmene OYJ		1,794		62,466
Wartsila OYJ Abp		1,494		16,898

(Cost $368,907)				361,023

France — 10.6%
Accor SA*		585		20,100
Air Liquide SA		1,582		264,225
Alstom SA		1,073		27,599
Amundi SA, 144A		220		15,419
AXA SA		6,382		174,010
BNP Paribas SA		3,725		219,698
Bouygues SA		750		26,974
Bureau Veritas SA		966		27,841
Carrefour SA		2,079		41,799
Cie Generale des Etablissements Michelin SCA		563		78,413
CNP Assurances		603		14,745
Covivio REIT		184		15,178
Danone SA		2,167		132,189
Eiffage SA		304		31,181
EssilorLuxottica SA		957		168,459
Eurazeo SE		126		9,800
Gecina SA REIT		145		18,485
Kering SA		248		177,466
Klepierre SA REIT*		677		19,512
L’Oreal SA		842		335,736
Orange SA		6,446		78,295
Publicis Groupe SA		753		50,442
Schneider Electric SE		1,797		282,131
SEB SA		88		12,919
Societe Generale SA		2,730		78,621
Teleperformance		202		75,304
TotalEnergies SE		8,368		428,498
Unibail-Rodamco-Westfield REIT* (b)		430		32,784
Valeo		698		15,511
Vivendi SE		2,626		33,359
Wendel SE		93		9,511

(Cost $2,867,080)				2,916,204


	Number of Shares		Value
Germany — 7.6%
adidas AG		636	$	151,479
Allianz SE		1,359		310,323
BASF SE		3,098		206,171
Bayerische Motoren Werke AG		1,136		110,447
Beiersdorf AG		337		34,226
Brenntag SE		510		42,894
Commerzbank AG*		3,532		29,888
Delivery Hero SE, 144A*		524		28,139
Deutsche Boerse AG		623		106,852
Deutsche Post AG		3,333		169,062
HeidelbergCement AG		500		32,651
HelloFresh SE*		532		29,208
Henkel AG & Co. KGaA		361		27,816
LANXESS AG		278		13,608
LEG Immobilien SE		241		31,211
Merck KGaA		435		86,749
MTU Aero Engines AG		184		44,682
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		464		128,806
Puma SE		372		34,254
SAP SE		3,477		395,692
Symrise AG		433		51,796
Telefonica Deutschland Holding AG		3,675		10,092

(Cost $2,261,570)				2,076,046

Hong Kong — 1.6%
BOC Hong Kong Holdings Ltd.		12,506		44,975
CK Infrastructure Holdings Ltd.		2,208		13,705
ESR Cayman Ltd., 144A*		5,977		18,473
Hang Seng Bank Ltd.		2,533		46,746
HKT Trust & HKT Ltd. (a)		10,579		14,270
Hong Kong & China Gas Co. Ltd.		37,254		56,355
Hong Kong Exchanges & Clearing Ltd.		4,024		194,462
MTR Corp. Ltd.		5,143		26,624
Swire Pacific Ltd., Class A		1,373		7,591
Swire Properties Ltd.		3,092		8,033

(Cost $429,012)				431,234

Ireland — 1.1%
CRH PLC		2,589		118,092
DCC PLC		317		24,924
James Hardie Industries PLC CDI		1,483		48,050
Kerry Group PLC, Class A		545		65,010
Kingspan Group PLC		525		51,208

(Cost $288,074)				307,284

Israel — 0.4%
Bank Hapoalim BM		3,853		40,736
Bank Leumi Le-Israel BM		5,024		54,355
CyberArk Software Ltd.*		126		21,438

(Cost $89,674)				116,529

Italy — 1.6%
Amplifon SpA		409		17,663
Assicurazioni Generali SpA		3,724		74,161
Enel SpA		26,908		199,442
Intesa Sanpaolo SpA		54,584		140,612

(Cost $445,303)				431,878


	Number of Shares		Value
Japan — 24.1%
Aeon Co. Ltd.		2,100	$	47,361
Ajinomoto Co., Inc.		1,700		49,284
ANA Holdings, Inc.*		300		6,581
Asahi Kasei Corp.		4,200		39,292
Astellas Pharma, Inc.		6,000		99,944
Azbil Corp.		300		11,278
Bridgestone Corp.		1,900		77,947
Capcom Co. Ltd.		600		14,456
Central Japan Railway Co.		510		68,590
Chugai Pharmaceutical Co. Ltd.		2,098		69,220
CyberAgent, Inc.		1,512		19,508
Dai Nippon Printing Co. Ltd.		765		19,840
Daifuku Co. Ltd.		316		22,663
Dai-ichi Life Holdings, Inc.		3,400		71,085
Daikin Industries Ltd.		824		151,708
Daiwa House Industry Co. Ltd.		1,900		53,928
Denso Corp.		1,460		102,007
East Japan Railway Co.		1,029		60,842
Eisai Co. Ltd.		758		37,632
ENEOS Holdings, Inc.		10,600		41,765
Fast Retailing Co. Ltd.		198		106,293
FUJIFILM Holdings Corp.		1,250		78,815
Fujitsu Ltd.		659		94,780
Hankyu Hanshin Holdings, Inc.		800		23,859
Hikari Tsushin, Inc.		40		4,932
Hirose Electric Co. Ltd.		80		11,912
Hitachi Construction Machinery Co. Ltd.		200		4,867
Hitachi Metals Ltd.*		700		12,441
Hoshizaki Corp.		200		13,857
Hoya Corp.		1,250		161,222
Hulic Co. Ltd.		1,500		13,636
Ibiden Co. Ltd.		400		19,171
Inpex Corp.		3,400		34,982
Isuzu Motors Ltd.		1,900		25,685
ITOCHU Corp.		3,900		126,744
JFE Holdings, Inc.		1,600		23,894
JSR Corp.		700		21,819
Kajima Corp.		1,600		21,449
Kansai Paint Co. Ltd.		600		11,977
Kao Corp.		1,684		78,662
KDDI Corp.		5,400		176,101
Keio Corp.		239		9,753
Kikkoman Corp.		500		37,074
Kobayashi Pharmaceutical Co. Ltd.		180		15,347
Komatsu Ltd.		2,900		66,536
Kubota Corp.		3,600		64,452
Kurita Water Industries Ltd.		300		12,242
Kyowa Kirin Co. Ltd.		1,000		25,648
Lawson, Inc.		100		4,168
Lixil Corp.		900		19,965
Marubeni Corp.		5,400		56,426
Mazda Motor Corp.*		2,000		14,864
Mercari, Inc.*		250		7,706
Mitsubishi Chemical Holdings Corp.		4,100		29,098
Mitsubishi Estate Co. Ltd.		3,900		59,495
Mitsui Chemicals, Inc.		500		12,755
Mitsui Fudosan Co. Ltd.		3,300		73,263


	Number of Shares		Value
Japan (Continued)
Miura Co. Ltd.		200	$	5,444
Mizuho Financial Group, Inc.		7,890		104,469
MS&AD Insurance Group Holdings, Inc.		1,600		54,248
Murata Manufacturing Co. Ltd.		1,900		128,459
NEC Corp.		800		34,417
Nintendo Co. Ltd.		374		188,404
Nippon Building Fund, Inc. REIT		5		28,565
Nippon Express Holdings, Inc.		250		15,151
Nippon Paint Holdings Co. Ltd.		2,850		25,215
Nippon Steel Corp.		2,800		51,259
Nippon Yusen KK		470		43,542
Nissin Foods Holdings Co. Ltd.		250		19,904
Nitori Holdings Co. Ltd.		294		44,020
Nitto Denko Corp.		450		32,624
Nomura Holdings, Inc.		10,700		48,894
Nomura Real Estate Holdings, Inc.		300		7,463
Nomura Real Estate Master Fund, Inc. REIT		16		21,088
Nomura Research Institute Ltd.		1,200		41,415
NTT Data Corp.		2,200		41,507
Obayashi Corp.		2,000		16,688
Odakyu Electric Railway Co. Ltd.		1,000		16,445
Omron Corp.		613		41,301
Oriental Land Co. Ltd.		665		122,001
ORIX Corp.		4,000		79,288
Orix JREIT, Inc. REIT (b)		9		12,573
Osaka Gas Co. Ltd.		1,500		27,467
Otsuka Corp.		350		13,477
Pan Pacific International Holdings Corp.		1,600		26,117
Panasonic Corp.		7,500		77,491
Recruit Holdings Co. Ltd.		4,500		188,283
Resona Holdings, Inc.		6,800		30,571
Rohm Co. Ltd.		290		22,737
SCSK Corp.		300		5,100
Secom Co. Ltd.		740		54,111
Sekisui Chemical Co. Ltd.		1,300		21,231
Sekisui House Ltd.		2,000		40,738
Seven & i Holdings Co. Ltd.		2,500		121,359
SG Holdings Co. Ltd.		1,100		23,227
Sharp Corp.		1,100		10,343
Shimadzu Corp.		840		29,939
Shimizu Corp.		1,900		12,554
Shin-Etsu Chemical Co. Ltd.		1,188		182,261
Shionogi & Co. Ltd.		900		59,708
Shiseido Co. Ltd.		1,350		76,962
SoftBank Corp.		9,600		120,901
Sohgo Security Services Co. Ltd.		200		7,189
Sompo Holdings, Inc.		1,040		45,329
Sony Group Corp.		4,205		431,179
Stanley Electric Co. Ltd.		300		7,103
Sumitomo Chemical Co. Ltd.		5,100		24,354
Sumitomo Metal Mining Co. Ltd.		853		42,556
Sumitomo Mitsui Trust Holdings, Inc.		1,100		39,253
Suntory Beverage & Food Ltd.		300		11,982
Sysmex Corp.		550		43,570
T&D Holdings, Inc.		1,700		24,856
Taisei Corp.		674		22,325


	Number of Shares		Value
Japan (Continued)
Takeda Pharmaceutical Co. Ltd.		5,450	$	165,665
TDK Corp.		1,325		52,919
Terumo Corp.		2,050		66,017
Tobu Railway Co. Ltd.		400		9,811
Tokyo Century Corp.		100		4,376
Tokyo Electron Ltd.		493		238,720
Tokyo Gas Co. Ltd.		1,200		24,464
Tokyu Corp.		1,800		23,943
Toray Industries, Inc.		5,000		28,639
TOTO Ltd.		400		16,792
Toyo Suisan Kaisha Ltd.		250		10,506
Unicharm Corp.		1,300		48,761
USS Co. Ltd.		700		11,572
West Japan Railway Co.		750		32,247
Yakult Honsha Co. Ltd.		380		20,555
Yamaha Corp.		419		19,499
Yamaha Motor Co. Ltd.		1,000		22,366
Yaskawa Electric Corp.		801		31,783
Yokogawa Electric Corp.		1,100		17,621
Z Holdings Corp.		9,100		44,056
ZOZO, Inc.		300		8,465

(Cost $6,300,000)				6,608,255

Luxembourg — 0.1%
Tenaris SA (Cost $19,505)		1,664		21,568

Netherlands — 6.5%
Aegon NV		6,194		30,715
Akzo Nobel NV		639		61,007
ASML Holding NV		1,378		926,959
ING Groep NV		13,148		155,033
JDE Peet’s NV		248		8,155
Koninklijke Ahold Delhaize NV		3,535		109,110
Koninklijke DSM NV		582		109,364
Koninklijke KPN NV		11,386		39,006
NN Group NV		828		39,786
Prosus NV*		3,135		195,147
Randstad NV		394		26,862
Wolters Kluwer NV		908		92,624

(Cost $1,513,382)				1,793,768

New Zealand — 0.5%
Auckland International Airport Ltd.*		4,253		20,493
Fisher & Paykel Healthcare Corp. Ltd.		1,919		35,727
Mercury NZ Ltd.		2,569		9,945
Meridian Energy Ltd.		4,194		14,177
Ryman Healthcare Ltd.		1,286		8,703
Spark New Zealand Ltd.		6,110		18,628
Xero Ltd.*		464		31,559

(Cost $159,058)				139,232

Norway — 1.2%
Aker BP ASA		374		11,632
DNB Bank ASA		3,148		70,559
Equinor ASA		3,284		103,987
Mowi ASA		1,523		39,211
Norsk Hydro ASA		4,448		42,266


	Number of Shares		Value
Norway (Continued)
Orkla ASA		2,451	$	23,006
Telenor ASA		2,129		31,583

(Cost $289,034)				322,244

Portugal — 0.1%
Galp Energia SGPS SA		1,674		18,536
Jeronimo Martins SGPS SA		862		18,807

(Cost $39,233)				37,343

Singapore — 1.6%
CapitaLand Integrated Commercial Trust REIT		16,865		26,215
Capitaland Investment Ltd.*		9,200		25,008
City Developments Ltd.		1,300		6,819
DBS Group Holdings Ltd.		5,747		143,183
Keppel Corp. Ltd.		5,400		23,828
Oversea-Chinese Banking Corp. Ltd.		11,400		98,006
Singapore Airlines Ltd.*		5,250		19,686
Singapore Exchange Ltd.		3,100		21,330
Singapore Telecommunications Ltd.		28,300		52,537
UOL Group Ltd.		1,800		9,255

(Cost $401,149)				425,867

Spain — 2.2%
Banco Bilbao Vizcaya Argentaria SA		22,001		130,724
CaixaBank SA		14,546		48,034
Iberdrola SA		19,438		222,257
Industria de Diseno Textil SA		3,608		95,639
Naturgy Energy Group SA		657		17,733
Red Electrica Corp. SA (b)		1,411		28,250
Repsol SA		5,035		65,749

(Cost $588,941)				608,386

Sweden — 3.2%
Alfa Laval AB		1,074		35,276
Assa Abloy AB, Class B		3,375		89,970
Atlas Copco AB, Class A		2,286		119,747
Atlas Copco AB, Class B		1,319		60,470
Boliden AB		920		41,281
Electrolux AB, Class B (b)		680		12,302
Essity AB, Class B		2,075		53,798
Evolution AB, 144A		577		67,297
H & M Hennes & Mauritz AB, Class B (b)		2,495		42,418
Husqvarna AB, Class B		1,413		17,134
Nibe Industrier AB, Class B		4,781		43,017
Sandvik AB		3,799		83,280
SKF AB, Class B		1,266		23,581
Svenska Cellulosa AB SCA, Class B		1,946		32,062
Tele2 AB, Class B		1,697		22,610
Telefonaktiebolaget LM Ericsson, Class B		9,819		91,446
Telia Co. AB		8,786		32,875

(Cost $920,164)				868,564

Switzerland — 9.8%
ABB Ltd.		5,487		186,299
Adecco Group AG		520		24,678
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		7		74,582


	Number of Shares		Value
Switzerland (Continued)
Cie Financiere Richemont SA		1,738	$	236,987
Clariant AG*		660		11,931
Coca-Cola HBC AG*		697		17,806
Geberit AG		124		81,284
Givaudan SA		31		130,123
Kuehne + Nagel International AG		183		50,146
Lonza Group AG		249		172,993
Roche Holding AG		2,346		894,597
SGS SA		20		57,442
Sika AG		475		158,428
Sonova Holding AG		182		70,820
Straumann Holding AG		33		52,497
Swiss Life Holding AG		106		64,748
Swiss Re AG		1,017		97,349
Swisscom AG		86		51,612
Vifor Pharma AG		165		28,982
Zurich Insurance Group AG		509		233,903

(Cost $2,297,964)				2,697,207

United Kingdom — 14.2%
abrdn PLC		7,252		20,113
Ashtead Group PLC		1,486		97,220
Associated British Foods PLC		1,148		29,574
AstraZeneca PLC		5,172		628,652
Barratt Developments PLC		3,243		26,586
Berkeley Group Holdings PLC		382		19,969
British Land Co. PLC REIT		3,106		22,071
BT Group PLC (b)		30,133		75,303
Burberry Group PLC		1,336		34,776
CNH Industrial NV		3,454		49,755
Coca-Cola Europacific Partners PLC		697		35,693
Compass Group PLC		5,990		136,148
Croda International PLC		474		47,598
Ferguson PLC		737		112,880
GlaxoSmithKline PLC		16,798		348,314
Informa PLC*		4,997		39,853
InterContinental Hotels Group PLC*		584		41,028
Intertek Group PLC		542		39,154
J Sainsbury PLC		5,782		21,389
JD Sports Fashion PLC		8,880		17,991
Johnson Matthey PLC		641		16,195
Kingfisher PLC		7,188		29,532
Land Securities Group PLC REIT		2,344		24,978
Legal & General Group PLC		20,154		74,959
Lloyds Banking Group PLC		233,279		151,603
Mondi PLC		1,603		33,800
National Grid PLC		12,099		183,572
Next PLC		456		41,984
Ocado Group PLC*		1,680		30,949
Reckitt Benckiser Group PLC		2,374		201,344
RELX PLC		6,433		196,884
Rentokil Initial PLC		6,216		42,352
Schroders PLC		415		17,061
Segro PLC REIT		3,889		67,913
Spirax-Sarco Engineering PLC		247		39,587
St James’s Place PLC		1,754		33,030
Standard Chartered PLC		9,051		64,704


	Number of Shares		Value
United Kingdom (Continued)
Taylor Wimpey PLC		12,303	$	24,803
Tesco PLC		26,101		101,474
Unilever PLC		8,573		430,954
Vodafone Group PLC		90,546		159,687
Whitbread PLC*		644		25,266
WPP PLC		3,901		55,351

(Cost $3,793,894)				3,892,049

TOTAL COMMON STOCKS (Cost $25,938,629)				27,248,012

PREFERRED STOCKS — 0.2%
Germany — 0.2%
Bayerische Motoren Werke AG		153		12,528
Henkel AG & Co. KGaA		590		46,945

(Cost $71,993)				59,473

WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		1,880		1,660


	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 0.1%
iShares Trust iShares ESG Aware MSCI EAFE ETF (Cost $33,643)		450	$	33,160

SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $70,402)		70,402		70,402


TOTAL INVESTMENTS — 100.0% (Cost $26,114,667)			$	27,412,707
Other assets and liabilities, net — 0.0%				637

NET ASSETS — 100.0%			$	27,413,344

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


	Number of Shares		Value
COMMON STOCKS — 98.9%
Brazil — 3.0%
Americanas SA		3,677	$	21,769
Atacadao SA		2,898		10,716
B3 SA — Brasil Bolsa Balcao		35,700		101,036
Banco Bradesco SA		8,606		28,499
Banco do Brasil SA		4,973		33,989
Banco Santander Brasil SA		2,490		14,954
CCR SA		7,093		16,191
Cosan SA		6,089		24,951
Energisa SA		1,081		9,252
Equatorial Energia SA		5,899		29,279
Hapvida Participacoes e Investimentos SA, 144A		24,838		58,483
Hypera SA		2,243		14,586
Klabin SA		4,159		18,729
Localiza Rent a Car SA		3,421		38,196
Lojas Renner SA		5,783		28,423
Natura & Co. Holding SA*		5,238		23,538
Petro Rio SA*		4,069		20,394
Raia Drogasil SA		6,099		27,655
Rede D’Or Sao Luiz SA, 144A		2,342		23,185
Rumo SA*		7,495		22,550
Telefonica Brasil SA		3,023		29,440
TIM SA		4,773		12,609
TOTVS SA		2,982		19,131
Ultrapar Participacoes SA		3,983		11,450
WEG SA		9,663		55,145

(Cost $751,750)				694,150

Chile — 0.2%
Empresas CMPC SA		6,062		10,071
Empresas COPEC SA		2,200		17,162
Enel Americas SA		134,219		15,789
Falabella SA		4,349		14,391

(Cost $79,045)				57,413

China — 30.0%
360 Security Technology, Inc., Class A*		2,700		4,476
3SBio, Inc., 144A*		7,378		5,854
51job, Inc., ADR*		189		9,790
AAC Technologies Holdings, Inc. (a)		4,150		11,366
Air China Ltd., Class A*		2,300		3,601
Air China Ltd., Class H*		10,611		8,148
Alibaba Group Holding Ltd.*		87,976		1,173,208
A-Living Smart City Services Co. Ltd., 144A		3,103		5,568
Angel Yeast Co. Ltd., Class A		200		1,582
Anjoy Foods Group Co. Ltd., Class A		100		1,957
BBMG Corp., Class A		2,500		1,141
Beijing Capital International Airport Co. Ltd., Class H*		10,259		6,565
BYD Co. Ltd., Class A		700		27,689
BYD Co. Ltd., Class H		4,600		139,760
By-health Co. Ltd., Class A		300		1,178
CanSino Biologics, Inc., Class A*		26		1,041
CanSino Biologics, Inc., Class H, 144A*		412		7,419
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		100		2,445


	Number of Shares		Value
China (Continued)
China Communications Services Corp. Ltd., Class H		13,055	$	7,168
China Conch Venture Holdings Ltd.		9,663		46,499
China Construction Bank Corp., Class A		1,800		1,720
China Construction Bank Corp., Class H		559,778		419,814
China Eastern Airlines Corp. Ltd., Class A*		4,800		4,108
China Feihe Ltd., 144A		20,878		24,903
China Jushi Co. Ltd., Class A		1,028		2,778
China Lesso Group Holdings Ltd.		7,105		10,893
China Medical System Holdings Ltd.		7,570		13,428
China Merchants Bank Co. Ltd., Class H		22,794		191,951
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,100		4,509
China Molybdenum Co. Ltd., Class A		6,200		5,905
China Molybdenum Co. Ltd., Class H		19,482		11,669
China National Medicines Corp. Ltd., Class A		200		882
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		400		2,270
China Southern Airlines Co. Ltd., Class A*		4,200		4,613
China Southern Airlines Co. Ltd., Class H*		9,335		5,890
China Three Gorges Renewables Group Co. Ltd., Class A		9,900		11,186
China Tourism Group Duty Free Corp. Ltd., Class A		700		22,464
China Vanke Co. Ltd., Class A		3,300		10,041
China Vanke Co. Ltd., Class H		9,662		22,901
CIFI Ever Sunshine Services Group Ltd.		4,248		7,742
CIFI Holdings Group Co. Ltd.		22,556		15,704
CITIC Ltd.		33,884		39,505
Contemporary Amperex Technology Co. Ltd., Class A		804		67,959
Country Garden Services Holdings Co. Ltd.		11,680		69,808
CSPC Pharmaceutical Group Ltd.		52,930		62,659
Dali Foods Group Co. Ltd., 144A		13,444		7,071
Dongfeng Motor Group Co. Ltd., Class H		16,051		13,784
ENN Energy Holdings Ltd.		4,599		66,745
ENN Natural Gas Co. Ltd., Class A		800		2,264
Eve Energy Co. Ltd., Class A		680		9,645
Fosun International Ltd.		14,939		16,194
Fuyao Glass Industry Group Co. Ltd., Class A		600		4,184
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		3,632		17,756
Ganfeng Lithium Co. Ltd., Class A		400		9,598
Ganfeng Lithium Co. Ltd., Class H, 144A		1,518		25,547
GEM Co. Ltd., Class A		1,200		1,818
Genscript Biotech Corp.*		6,754		26,666
GoerTek, Inc., Class A		1,300		9,020
Gotion High-tech Co. Ltd., Class A*		500		3,414
Great Wall Motor Co. Ltd., Class A		800		4,629
Great Wall Motor Co. Ltd., Class H		17,720		36,875
Greenland Holdings Corp. Ltd., Class A		3,460		2,369
Greentown Service Group Co. Ltd.		8,419		8,436
Guangzhou Automobile Group Co. Ltd., Class H		18,051		17,788


	Number of Shares		Value
China (Continued)
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		300	$	1,416
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		200		2,669
Guangzhou R&F Properties Co. Ltd., Class H (a)		8,808		3,742
Hangzhou Robam Appliances Co. Ltd., Class A		300		1,582
Hansoh Pharmaceutical Group Co. Ltd., 144A		7,033		15,049
Huaxia Bank Co. Ltd., Class A		5,100		4,550
Industrial Bank Co. Ltd., Class A		7,300		25,533
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,100		13,152
Jafron Biomedical Co. Ltd., Class A		200		1,450
JD.com, Inc., Class A*		1,596		57,028
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,100		3,262
Jinke Properties Group Co. Ltd., Class A		1,400		998
Jinxin Fertility Group Ltd., 144A*		8,019		9,329
Kingdee International Software Group Co. Ltd.*		15,162		37,218
Kuang-Chi Technologies Co. Ltd., Class A*		600		1,929
KWG Group Holdings Ltd.		6,775		3,165
Lenovo Group Ltd.		41,288		45,918
Li Auto, Inc., ADR*		3,200		97,440
Li Ning Co. Ltd.		13,035		129,538
Logan Group Co. Ltd.		8,775		2,920
Longfor Group Holdings Ltd., 144A		10,638		56,909
Meituan, Class B, 144A*		23,785		524,179
Microport Scientific Corp. (a)		3,764		10,405
Ming Yang Smart Energy Group Ltd., Class A		600		2,444
Minth Group Ltd.		4,482		16,118
NIO, Inc., ADR*		7,613		173,881
Offshore Oil Engineering Co. Ltd., Class A		100		78
Ovctek China, Inc., Class A		340		2,209
Pharmaron Beijing Co. Ltd., Class A		200		3,842
Pharmaron Beijing Co. Ltd., Class H, 144A		802		9,689
Ping An Insurance Group Co. of China Ltd., Class A		3,800		30,569
Ping An Insurance Group Co. of China Ltd., Class H		36,915		285,353
Poly Developments and Holdings Group Co. Ltd., Class A		4,100		10,279
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		15,336		21,119
Shanghai Electric Group Co. Ltd., Class A		4,200		2,935
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		600		4,032
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		2,903		11,629
Shanghai M&G Stationery, Inc., Class A		200		1,721
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		300		888
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		4,327		7,797


	Number of Shares		Value
China (Continued)
Shenzhen Inovance Technology Co. Ltd., Class A		850	$	8,575
Shenzhen Overseas Chinese Town Co. Ltd., Class A		1,900		2,078
Shenzhou International Group Holdings Ltd.		4,814		80,894
Sinotrans Ltd., Class A		1,400		952
Sinotruk Hong Kong Ltd.		3,625		5,400
Skshu Paint Co. Ltd., Class A		140		1,970
Sungrow Power Supply Co. Ltd., Class A		500		9,596
Suning.com Co. Ltd., Class A*		2,700		1,536
TCL Technology Group Corp., Class A		3,700		3,260
Tencent Holdings Ltd.		33,339		1,797,149
Tongcheng Travel Holdings Ltd.*		5,137		9,533
Topchoice Medical Corp., Class A*		100		2,556
Topsports International Holdings Ltd., 144A		9,631		9,972
Uni-President China Holdings Ltd.		8,468		8,778
Unisplendour Corp. Ltd., Class A		1,040		3,624
Vipshop Holdings Ltd., ADR*		2,610		22,629
Want Want China Holdings Ltd.		27,733		29,494
Wuchan Zhongda Group Co. Ltd., Class A		1,100		988
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		700		2,311
WuXi AppTec Co. Ltd., Class A		856		14,099
WuXi AppTec Co. Ltd., Class H, 144A		2,102		29,807
Wuxi Biologics Cayman, Inc., 144A*		21,018		172,825
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,700		4,028
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		4,238		6,910
Xinyi Solar Holdings Ltd.		28,501		51,504
XPeng, Inc., ADR* (a)		2,260		82,196
Yadea Group Holdings Ltd., 144A		6,422		9,485
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		500		3,538
Yum China Holdings, Inc.		2,484		129,218
Yunnan Baiyao Group Co. Ltd., Class A		400		5,721
Zhejiang Chint Electrics Co. Ltd., Class A		700		5,538
Zhejiang Expressway Co. Ltd., Class H		9,035		8,140
Zhejiang Huayou Cobalt Co. Ltd., Class A		500		9,757
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		300		2,275
Zhejiang Weixing New Building Materials Co. Ltd., Class A		300		1,101
Zhongsheng Group Holdings Ltd.		3,386		23,574
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,800		4,240
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		7,378		4,891

(Cost $8,311,001)				6,989,666

Czech Republic — 0.1%
Komercni Banka AS		446		17,574
Moneta Money Bank AS, 144A		2,246		8,900

(Cost $23,182)				26,474


	Number of Shares		Value
Egypt — 0.1%
Commercial International Bank Egypt SAE* (Cost $24,922)		9,459	$	28,786

Greece — 0.2%
Eurobank Ergasias Services and Holdings SA*		15,249		16,720
Hellenic Telecommunications Organization SA		1,350		26,991
Public Power Corp. SA*		1,214		11,549

(Cost $46,538)				55,260

Hong Kong — 2.0%
Alibaba Health Information Technology Ltd.*		22,634		15,758
Beijing Enterprises Water Group Ltd.		24,465		9,643
China Education Group Holdings Ltd.		4,512		3,846
China Everbright Environment Group Ltd.		23,363		16,744
China Gas Holdings Ltd.		17,781		28,127
China Jinmao Holdings Group Ltd.		30,086		10,011
China Mengniu Dairy Co. Ltd.*		18,469		119,956
China Overseas Land & Investment Ltd.		22,471		68,589
China Resources Gas Group Ltd.		5,350		24,546
China Ruyi Holdings Ltd.* (a)		14,243		4,211
Geely Automobile Holdings Ltd.		34,298		63,296
Hopson Development Holdings Ltd. (a)		3,808		7,807
HUTCHMED China Ltd., ADR* (a)		475		12,944
Jinmao Property Services Co. Ltd.*		454		2
Kunlun Energy Co. Ltd.		22,410		21,912
Lee & Man Paper Manufacturing Ltd.		6,934		4,455
Shenzhen International Holdings Ltd.		6,769		6,965
Shimao Group Holdings Ltd. (a)		6,769		4,045
Sino Biopharmaceutical Ltd.		60,940		38,840
Vinda International Holdings Ltd.		1,753		4,992

(Cost $573,716)				466,689

Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		2,437		19,137
OTP Bank Nyrt*		1,283		49,596

(Cost $83,233)				68,733

India — 12.5%
Adani Green Energy Ltd.*		2,300		56,270
Adani Total Gas Ltd.		1,602		33,774
Asian Paints Ltd.		2,246		94,632
Axis Bank Ltd.*		13,309		131,134
Bajaj Auto Ltd.		416		19,491
Bandhan Bank Ltd., 144A		3,700		15,041
Berger Paints India Ltd.		1,366		12,517
Bharat Petroleum Corp. Ltd.		5,249		24,368
Biocon Ltd.*		2,358		10,917
Britannia Industries Ltd.		620		28,203
Colgate-Palmolive India Ltd.		699		13,455
Dabur India Ltd.		3,533		26,415
DLF Ltd.		3,477		16,186
Eicher Motors Ltd.		797		27,394
Grasim Industries Ltd.		1,551		32,905
Havells India Ltd.		1,534		24,140
HCL Technologies Ltd.		6,337		94,781
Hero MotoCorp Ltd.		698		23,488


	Number of Shares		Value
India (Continued)
Hindalco Industries Ltd.		9,242	$	70,375
Hindustan Unilever Ltd.		4,810		138,662
Housing Development Finance Corp. Ltd.		9,991		313,530
Indraprastha Gas Ltd.		1,618		7,448
Info Edge India Ltd.		457		27,016
Infosys Ltd.		7,664		174,503
Infosys Ltd., ADR		11,803		265,095
Lupin Ltd.		1,359		13,452
Mahindra & Mahindra Ltd.		5,115		53,687
Marico Ltd.		3,008		20,548
Motherson Sumi Systems Ltd.		7,494		14,964
Motherson Sumi Wiring India Ltd.* (b)		7,494		3,461
Nestle India Ltd.		197		46,118
PI Industries Ltd.		496		16,249
Piramal Enterprises Ltd.		649		17,832
Reliance Industries Ltd.		16,604		519,964
Shree Cement Ltd.		66		21,386
Siemens Ltd.		397		12,369
State Bank of India		10,487		67,253
Tata Consultancy Services Ltd.		5,409		255,147
Titan Co. Ltd.		2,089		70,603
Trent Ltd.		1,086		15,971
UPL Ltd.		2,836		25,047
Wipro Ltd., ADR		542		3,951
Wipro Ltd.		7,473		55,124

(Cost $2,542,711)				2,914,866

Indonesia — 1.1%
Aneka Tambang Tbk		48,806		7,542
PT Bank Central Asia Tbk		321,082		179,906
PT Barito Pacific Tbk		153,304		9,497
PT Indah Kiat Pulp & Paper Tbk		15,986		8,985
PT Kalbe Farma Tbk		128,844		14,752
PT Merdeka Copper Gold Tbk*		67,303		18,129
PT Tower Bersama Infrastructure Tbk		45,916		9,396
PT Unilever Indonesia Tbk		46,118		11,813

(Cost $220,989)				260,020

Kuwait — 0.4%
Kuwait Finance House KSCP (Cost $68,411)		26,801		83,554

Malaysia — 2.1%
AMMB Holdings Bhd*		10,100		8,083
Axiata Group Bhd		15,983		14,961
CIMB Group Holdings Bhd		38,135		51,864
Dialog Group Bhd		21,300		14,307
DiGi.Com Bhd		18,900		18,232
Fraser & Neave Holdings Bhd		700		3,768
HAP Seng Consolidated Bhd		3,900		7,041
Hartalega Holdings Bhd		11,100		12,214
IHH Healthcare Bhd		9,900		15,492
Kuala Lumpur Kepong Bhd		2,500		15,482
Malayan Banking Bhd		27,775		57,951
Malaysia Airports Holdings Bhd*		6,300		9,228
Maxis Bhd		13,000		12,447
MISC Bhd		7,700		13,480
Nestle Malaysia Bhd		400		12,766


	Number of Shares		Value
Malaysia (Continued)
Petronas Dagangan Bhd		1,500	$	7,688
Petronas Gas Bhd		4,900		20,307
PPB Group Bhd		3,700		15,810
Press Metal Aluminium Holdings Bhd		19,400		31,559
Public Bank Bhd		85,875		91,019
QL Resources Bhd		5,400		6,367
RHB Bank Bhd		9,581		13,464
Sime Darby Bhd		15,000		8,110
Telekom Malaysia Bhd		6,100		7,352
Top Glove Corp. Bhd		30,500		14,892
Westports Holdings Bhd		5,900		5,495

(Cost $484,482)				489,379

Mexico — 1.6%
Arca Continental SAB de CV		2,584		17,088
Cemex SAB de CV, Series CPO*		86,765		44,672
Coca-Cola Femsa SAB de CV		3,171		17,456
Fomento Economico Mexicano SAB de CV		11,272		91,042
Gruma SAB de CV, Class B		1,368		18,597
Grupo Bimbo SAB de CV, Series A		9,010		27,812
Grupo Financiero Banorte SAB de CV, Class O		15,145		102,689
Grupo Televisa SAB, Series CPO		13,892		29,848
Industrias Penoles SAB de CV		807		10,096
Kimberly-Clark de Mexico SAB de CV, Class A		9,258		13,022
Telesites SAB de CV		8,024		8,918

(Cost $377,816)				381,240

Philippines — 0.7%
Ayala Land, Inc.		45,900		34,915
Bank of the Philippine Islands		10,520		20,519
Globe Telecom, Inc.		155		7,763
GT Capital Holdings, Inc.		460		5,186
JG Summit Holdings, Inc.		18,050		21,229
SM Investments Corp.		1,472		25,610
SM Prime Holdings, Inc.		59,000		45,801
Universal Robina Corp.		5,630		13,177

(Cost $170,288)				174,200

Poland — 0.9%
Bank Polska Kasa Opieki SA		1,078		29,788
CD Projekt SA (a)		411		16,544
Cyfrowy Polsat SA		1,343		8,738
KGHM Polska Miedz SA		809		32,004
Orange Polska SA*		4,075		7,588
Polski Koncern Naftowy ORLEN SA		1,764		29,963
Powszechna Kasa Oszczednosci Bank Polski SA*		5,086		49,030
Powszechny Zaklad Ubezpieczen SA		3,474		26,191
Santander Bank Polska SA		216		16,249

(Cost $233,252)				216,095

Qatar — 0.9%
Commercial Bank PSQC		10,928		20,710
Ooredoo QPSC		5,392		11,366
Qatar Fuel QSC		2,741		14,002


	Number of Shares		Value
Qatar (Continued)
Qatar National Bank QPSC		26,361	$	157,833

(Cost $173,668)				203,911

Romania — 0.1%
NEPI Rockcastle PLC (Cost $17,660)		2,485		15,728

Russia — 0.9%
Gazprom PJSC (b)		68,905		100,739
LUKOIL PJSC (b)		2,408		43,021
LUKOIL PJSC, ADR		1		19
Mobile TeleSystems PJSC, ADR (b)		2,662		6,893
Moscow Exchange MICEX-RTS PJSC (b)		8,602		3,754
Novatek PJSC, GDR		530		20,331
Novolipetsk Steel PJSC (b)		8,462		4,374
PhosAgro PJSC, GDR		810		4,933
Polymetal International PLC (b)		2,070		7,606
Polyus PJSC (b)		193		13,807

(Cost $684,406)				205,477

Saudi Arabia — 1.4%
Almarai Co. JSC		1,512		20,191
Bank AlBilad*		2,119		33,267
Dr Sulaiman Al Habib Medical Services Group Co.		330		15,059
Saudi Arabian Mining Co.*		2,496		71,054
Saudi Basic Industries Corp.		5,244		174,162
Savola Group		1,471		13,292

(Cost $265,480)				327,025

Singapore — 0.0%
BOC Aviation Ltd., 144A (Cost $8,753)		1,104		9,572

South Africa — 5.5%
Absa Group Ltd.		4,155		47,496
Anglo American Platinum Ltd.		318		49,390
Aspen Pharmacare Holdings Ltd.		2,300		29,917
Bid Corp. Ltd.		1,945		39,322
Bidvest Group Ltd.		1,612		21,952
Capitec Bank Holdings Ltd.		476		63,898
Clicks Group Ltd. (a)		1,428		27,627
Discovery Ltd.*		2,537		25,908
FirstRand Ltd.		29,393		125,770
Gold Fields Ltd.		5,190		72,155
Growthpoint Properties Ltd. REIT		21,251		18,428
Impala Platinum Holdings Ltd.		4,758		90,501
Kumba Iron Ore Ltd.		380		14,865
MTN Group Ltd.*		9,817		121,724
MultiChoice Group		2,198		17,925
Naspers Ltd., Class N		1,267		158,121
Nedbank Group Ltd.		2,663		37,671
Northam Platinum Holdings Ltd.*		2,088		33,547
Old Mutual Ltd.		27,029		22,039
Remgro Ltd.		3,000		27,128
Sanlam Ltd.		11,158		46,690
Shoprite Holdings Ltd.		2,967		43,970
SPAR Group Ltd.		1,072		11,383
Standard Bank Group Ltd.		7,406		77,949


	Number of Shares		Value
South Africa (Continued)
Vodacom Group Ltd.		3,710	$	35,536
Woolworths Holdings Ltd.		5,831		19,056

(Cost $1,129,835)				1,279,968

South Korea — 6.4%
Amorepacific Corp.		190		29,076
AMOREPACIFIC Group		165		6,697
BGF retail Co. Ltd.		43		6,062
Celltrion Healthcare Co. Ltd.		498		26,301
CJ CheilJedang Corp.		49		15,425
CJ Corp.		94		6,575
CJ Logistics Corp.*		47		4,847
Coway Co. Ltd.		309		18,529
Doosan Bobcat, Inc.		266		8,440
GS Engineering & Construction Corp.		364		12,972
GS Holdings Corp.		267		8,883
Hankook Tire & Technology Co. Ltd.		426		12,472
Hanon Systems		1,078		10,355
Hanwha Solutions Corp.*		681		19,172
Hyundai Engineering & Construction Co. Ltd.		461		16,602
Hyundai Glovis Co. Ltd.		109		15,955
Hyundai Heavy Industries Holdings Co. Ltd.		289		12,355
Kakao Corp.		1,820		142,439
KB Financial Group, Inc.		2,295		113,953
Korean Air Lines Co. Ltd.*		1,008		24,564
LG Chem Ltd.		266		124,997
LG Corp.		494		30,897
LG Display Co. Ltd.		1,328		20,654
LG Electronics, Inc.		620		63,684
LG Household & Health Care Ltd.		54		42,666
Lotte Chemical Corp.		99		18,114
NAVER Corp.		717		189,634
POSCO Chemical Co. Ltd.		178		16,803
Samsung Electro-Mechanics Co. Ltd.		327		45,147
Samsung Engineering Co. Ltd.*		892		17,212
Samsung Fire & Marine Insurance Co. Ltd.		179		28,361
Samsung SDI Co. Ltd.		320		145,848
Samsung SDS Co. Ltd.		202		23,521
Shinhan Financial Group Co. Ltd.		2,533		82,267
SK Biopharmaceuticals Co. Ltd.*		161		11,328
SK Innovation Co. Ltd.*		295		49,193
SK Telecom Co. Ltd.		142		6,448
SK, Inc.		247		46,736
SKC Co. Ltd.		124		14,181
Yuhan Corp.		300		14,497

(Cost $1,750,351)				1,503,862

Taiwan — 23.7%
Acer, Inc.		16,926		17,388
ASE Technology Holding Co. Ltd.		19,266		68,240
AU Optronics Corp.		48,404		35,481
Cathay Financial Holding Co. Ltd.		45,472		101,049
Chailease Holding Co. Ltd.		7,736		69,261
Cheng Shin Rubber Industry Co. Ltd.		10,798		13,712
China Steel Corp.		68,627		88,125


	Number of Shares		Value
Taiwan (Continued)
Chunghwa Telecom Co. Ltd.		21,794	$	96,784
Compal Electronics, Inc.		22,846		20,699
CTBC Financial Holding Co. Ltd.		105,708		102,371
Delta Electronics, Inc.		11,714		102,996
E.Sun Financial Holding Co. Ltd.		67,710		71,127
Eclat Textile Co. Ltd.		1,118		23,090
Evergreen Marine Corp. Taiwan Ltd.		14,968		76,615
Far Eastern New Century Corp.		16,038		16,905
Far EasTone Telecommunications Co. Ltd.		8,804		21,763
Feng TAY Enterprise Co. Ltd.		2,655		19,604
First Financial Holding Co. Ltd.		60,946		55,870
Fubon Financial Holding Co. Ltd.		43,351		116,128
Hiwin Technologies Corp.		1,696		16,001
Hotai Motor Co. Ltd.		1,753		39,393
Hua Nan Financial Holdings Co. Ltd.		50,784		40,033
Innolux Corp.		55,234		33,001
Inventec Corp.		13,656		12,494
Lite-On Technology Corp.		12,163		29,675
MediaTek, Inc.		8,860		342,896
Mega Financial Holding Co. Ltd.		63,594		85,291
Nan Ya Plastics Corp.		29,728		92,996
Nien Made Enterprise Co. Ltd.		973		12,529
Oneness Biotech Co. Ltd.*		1,406		12,413
President Chain Store Corp.		3,159		29,466
Ruentex Development Co. Ltd.		6,153		15,714
Shanghai Commercial & Savings Bank Ltd.		20,865		34,087
SinoPac Financial Holdings Co. Ltd.		57,944		35,343
Taishin Financial Holding Co. Ltd.		58,121		40,427
Taiwan Cement Corp.		29,696		50,155
Taiwan High Speed Rail Corp.		12,863		13,558
Taiwan Mobile Co. Ltd.		10,272		37,922
Taiwan Semiconductor Manufacturing Co. Ltd.		143,406		3,089,610
Uni-President Enterprises Corp.		27,978		66,964
United Microelectronics Corp.		68,569		127,428
Wan Hai Lines Ltd.		3,552		23,693
Yageo Corp.		2,135		34,384
Yang Ming Marine Transport Corp.*		10,292		42,402
Yuanta Financial Holding Co. Ltd.		54,228		48,067

(Cost $4,151,477)				5,523,150

Thailand — 2.5%
Advanced Info Service PCL, NVDR		7,100		49,760
Airports of Thailand PCL, NVDR*		25,200		49,552
Asset World Corp. PCL, NVDR*		55,300		8,124
B Grimm Power PCL, NVDR		4,700		4,963
Bangkok Dusit Medical Services PCL, NVDR		54,300		39,385
Berli Jucker PCL, NVDR		8,100		8,305
BTS Group Holdings PCL, NVDR		49,100		14,276
Bumrungrad Hospital PCL, NVDR		3,100		14,563
Central Pattana PCL, NVDR		11,400		19,276
Charoen Pokphand Foods PCL, NVDR		23,500		18,160
CP ALL PCL, NVDR		33,600		69,925
Energy Absolute PCL, NVDR		8,600		25,004
Home Product Center PCL, NVDR		33,500		15,584
Indorama Ventures PCL, NVDR		9,500		13,083


	Number of Shares		Value
Thailand (Continued)
Intouch Holdings PCL, NVDR		6,500	$	15,069
Land & Houses PCL, NVDR		48,700		14,308
Minor International PCL, NVDR*		18,954		17,837
Muangthai Capital PCL, NVDR		4,800		7,565
Osotspa PCL		2,300		2,481
Osotspa PCL, NVDR		4,700		5,070
PTT Exploration & Production PCL, NVDR		8,100		33,838
PTT Global Chemical PCL, NVDR		13,000		21,087
Siam Cement PCL, NVDR		4,600		55,186
Siam Commercial Bank PCL, NVDR		4,900		18,820
Sri Trang Gloves Thailand PCL, NVDR		5,600		4,413
Thai Oil PCL, NVDR		6,500		10,692
Thai Union Group PCL, NVDR		15,700		9,802
True Corp. PCL, NVDR		66,600		10,191

(Cost $553,369)				576,319

Turkey — 0.2%
KOC Holding AS		4,583		10,462
Turkcell Iletisim Hizmetleri AS		7,039		10,422
Turkiye Garanti Bankasi AS		12,919		10,328
Turkiye Is Bankasi AS, Class C		7,924		4,551
Turkiye Sise ve Cam Fabrikalari AS		7,971		7,120

(Cost $51,977)				42,883

United Arab Emirates — 2.1%
Abu Dhabi Commercial Bank PJSC		16,106		47,182
Abu Dhabi Islamic Bank PJSC		8,165		19,673
Aldar Properties PJSC		23,047		26,353
Emirates NBD Bank PJSC		14,802		57,627
Emirates Telecommunications Group Co. PJSC		20,324		193,554
First Abu Dhabi Bank PJSC		25,455		143,317

(Cost $362,777)				487,706

TOTAL COMMON STOCKS (Cost $23,141,089)				23,082,126

PREFERRED STOCKS — 1.1%
Brazil — 0.7%
Banco Bradesco SA		27,950		110,407
Cia Energetica de Minas Gerais		6,427		15,969
Gerdau SA		6,602		32,627

(Cost $191,190)				159,003

Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $38,931)		787		52,480

Colombia — 0.1%
Bancolombia SA (Cost $19,706)		2,705		24,137

South Korea — 0.1%
LG Chem Ltd.		47		10,574
LG Household & Health Care Ltd.		13		5,676

(Cost $21,449)				16,250

TOTAL PREFERRED STOCKS (Cost $271,276)				251,870


	Principal Amount		Value
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd.
8.00%, 8/28/22	INR	4,500	$	61
Series N3, 5.50%, 6/3/24	INR	12,383		164

(Cost $64)				225


	Number of Shares
RIGHTS — 0.0%
Brazil — 0.0%
Americanas SA*, expires 3/9/22 (Cost $0)		81		107

WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 9/5/22		1,525		32
BTS Group Holdings PCL*, expires 11/7/24		3,050		60
BTS Group Holdings PCL*, expires 11/20/26		6,100		106

TOTAL WARRANTS (Cost $0)				198

EXCHANGE-TRADED FUNDS — 0.0%
iShares ESG Aware MSCI EM ETF (a) (Cost $10,095)		250		9,480

SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $161,048)		161,048		161,048


TOTAL INVESTMENTS — 100.7% (Cost $23,583,572)			$	23,505,054
Other assets and liabilities, net — (0.7%)				(172,262	)

NET ASSETS — 100.0%			$	23,332,792

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

During the year ended February 28, 2022, the amount of transfers from Level 1 to Level 3 was $608,106, and between Level 3 to Level 1 was $243. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.


	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 11.6%
Activision Blizzard, Inc.		128,026	$	10,434,119
Alphabet, Inc., Class A*		49,048		132,485,515
Alphabet, Inc., Class C*		46,627		125,791,253
Cable One, Inc.		857		1,227,952
Discovery, Inc., Class A*		26,876		753,872
Discovery, Inc., Class C*		53,673		1,501,234
Electronic Arts, Inc.		46,746		6,081,187
Interpublic Group of Cos., Inc.		64,908		2,388,614
Omnicom Group, Inc.		35,735		2,997,809
Sirius XM Holdings, Inc. (a)		146,132		900,173
Take-Two Interactive Software, Inc.*		18,198		2,948,076
Verizon Communications, Inc.		674,480		36,199,342
Walt Disney Co.*		295,422		43,858,350

(Cost $257,668,503)				367,567,496

Consumer Discretionary — 12.5%
Advance Auto Parts, Inc.		9,954		2,035,394
Aptiv PLC*		43,654		5,650,574
Best Buy Co., Inc.		35,674		3,447,535
Booking Holdings, Inc.*		6,708		14,571,453
BorgWarner, Inc.		40,174		1,647,536
Burlington Stores, Inc.*		10,951		2,473,721
CarMax, Inc.*		26,635		2,912,005
Darden Restaurants, Inc.		20,345		2,954,501
Domino’s Pizza, Inc.		5,905		2,552,200
eBay, Inc.		105,535		5,761,156
Garmin Ltd.		25,795		2,848,800
Genuine Parts Co.		23,409		2,859,643
Hasbro, Inc.		20,338		1,973,803
Hilton Worldwide Holdings, Inc.*		45,048		6,705,845
Home Depot, Inc.		170,266		53,775,111
LKQ Corp.		47,332		2,222,237
Lowe’s Cos., Inc.		109,853		24,284,104
Lululemon Athletica, Inc.*		19,528		6,247,788
McDonald’s Corp.		122,125		29,892,536
MercadoLibre, Inc.*		7,391		8,327,070
Mohawk Industries, Inc.*		9,027		1,270,821
Newell Brands, Inc.		64,266		1,526,318
NIKE, Inc., Class B		207,990		28,401,035
NVR, Inc.*		540		2,677,558
Pool Corp.		6,300		2,889,054
Starbucks Corp.		191,585		17,585,587
Target Corp.		78,120		15,606,032
Tesla, Inc.*		139,189		121,154,281
TJX Cos., Inc.		196,304		12,975,694
Tractor Supply Co.		18,479		3,765,835
Vail Resorts, Inc.		6,832		1,780,078
VF Corp.		54,089		3,138,244

(Cost $280,538,441)				395,913,549

Consumer Staples — 6.5%
Bunge Ltd.		21,962		2,296,127
Campbell Soup Co.		31,257		1,405,627
Clorox Co.		19,727		2,875,999
Coca-Cola Co.		667,216		41,527,524
Colgate-Palmolive Co.		131,269		10,101,150


	Number of Shares		Value
Consumer Staples (Continued)
Conagra Brands, Inc.		80,508	$	2,815,365
Estee Lauder Cos., Inc., Class A		37,871		11,222,313
General Mills, Inc.		99,575		6,714,342
Hormel Foods Corp.		45,873		2,185,390
J M Smucker Co.		17,975		2,422,131
Kellogg Co.		42,223		2,699,739
Keurig Dr Pepper, Inc.		117,123		4,529,146
Kimberly-Clark Corp.		55,095		7,170,614
Kroger Co.		116,191		5,437,739
McCormick & Co., Inc.		41,550		3,954,314
PepsiCo, Inc.		225,055		36,850,506
Procter & Gamble Co.		394,266		61,462,127

(Cost $172,126,035)				205,670,153

Energy — 1.5%
Baker Hughes Co.		131,587		3,866,026
Cheniere Energy, Inc.		39,288		5,221,375
Marathon Petroleum Corp.		100,368		7,815,656
ONEOK, Inc.		72,541		4,736,928
Phillips 66		71,025		5,983,146
Schlumberger N.V.		230,205		9,033,244
Valero Energy Corp.		66,553		5,557,841
Williams Cos., Inc.		199,251		6,232,571

(Cost $40,248,633)				48,446,787

Financials — 11.6%
Aflac, Inc.		106,401		6,500,037
Allstate Corp.		46,480		5,687,293
Ally Financial, Inc.		61,792		3,083,421
American Express Co.		107,573		20,927,252
American International Group, Inc.		136,622		8,366,731
Ameriprise Financial, Inc.		18,544		5,559,306
Annaly Capital Management, Inc. REIT		235,585		1,639,672
Aon PLC, Class A		35,926		10,495,422
Arch Capital Group Ltd.*		62,100		2,925,531
Arthur J Gallagher & Co.		33,631		5,320,088
Assurant, Inc.		9,317		1,581,188
Bank of New York Mellon Corp.		127,909		6,798,363
BlackRock, Inc.		24,770		18,426,155
Carlyle Group, Inc.		24,068		1,128,067
Cboe Global Markets, Inc.		17,529		2,055,976
Charles Schwab Corp.		234,574		19,812,120
Chubb Ltd.		70,897		14,437,465
Citizens Financial Group, Inc.		69,237		3,629,404
CME Group, Inc.		58,378		13,808,148
Discover Financial Services		47,678		5,885,372
Equitable Holdings, Inc.		58,570		1,912,896
Erie Indemnity Co., Class A		3,490		611,099
FactSet Research Systems, Inc.		5,838		2,370,753
First Republic Bank		27,870		4,828,756
Franklin Resources, Inc.		49,726		1,478,354
Hartford Financial Services Group, Inc.		55,421		3,850,651
Huntington Bancshares, Inc.		239,903		3,723,295
Intercontinental Exchange, Inc.		92,409		11,839,441
Invesco Ltd.		54,050		1,148,022
KeyCorp		161,025		4,036,897
Lincoln National Corp.		27,950		1,884,389


	Number of Shares		Value
Financials (Continued)
Loews Corp.		35,010	$	2,147,513
M&T Bank Corp.		21,006		3,827,923
MarketAxess Holdings, Inc.		5,962		2,274,086
Marsh & McLennan Cos., Inc.		82,774		12,863,907
Moody’s Corp.		27,413		8,827,808
Morgan Stanley		221,762		20,122,684
Nasdaq, Inc.		19,211		3,287,963
Northern Trust Corp.		32,585		3,711,432
PNC Financial Services Group, Inc.		69,281		13,804,239
Principal Financial Group, Inc.		43,755		3,090,853
Progressive Corp.		95,552		10,121,823
Prudential Financial, Inc.		61,675		6,886,631
Raymond James Financial, Inc.		30,062		3,296,298
Regions Financial Corp.		153,332		3,709,101
S&P Global, Inc.		56,355		21,172,453
State Street Corp.		60,652		5,175,435
SVB Financial Group*		9,463		5,734,578
T. Rowe Price Group, Inc.		37,037		5,354,069
Travelers Cos., Inc.		40,612		6,978,360
Truist Financial Corp.		217,981		13,562,778
US Bancorp		227,827		12,881,339
Willis Towers Watson PLC		20,626		4,585,160

(Cost $289,040,453)				369,167,997

Health Care — 13.2%
ABIOMED, Inc.*		7,263		2,256,905
Agilent Technologies, Inc.		49,638		6,470,810
Align Technology, Inc.*		12,125		6,201,452
AmerisourceBergen Corp.		24,408		3,478,872
Amgen, Inc.		92,900		21,039,992
Baxter International, Inc.		82,678		7,025,150
Biogen, Inc.*		24,165		5,099,057
BioMarin Pharmaceutical, Inc.*		29,324		2,290,791
Bio-Techne Corp.		6,501		2,726,584
Bristol-Myers Squibb Co.		361,158		24,800,720
Cardinal Health, Inc.		44,949		2,427,695
Catalent, Inc.*		27,256		2,781,202
Centene Corp.*		94,521		7,809,325
Cerner Corp.		49,926		4,655,600
Cigna Corp.		54,037		12,848,918
DaVita, Inc.*		11,612		1,309,485
DENTSPLY SIRONA, Inc.		35,173		1,904,266
Dexcom, Inc.*		15,664		6,483,486
Edwards Lifesciences Corp.*		101,703		11,428,366
Eli Lilly & Co.		132,479		33,113,126
Gilead Sciences, Inc.		202,608		12,237,523
HCA Healthcare, Inc.		40,568		10,154,576
Hologic, Inc.*		40,899		2,910,782
Horizon Therapeutics PLC*		35,453		3,232,250
Humana, Inc.		21,102		9,165,021
IDEXX Laboratories, Inc.*		13,903		7,401,262
Illumina, Inc.*		24,170		7,893,922
Insulet Corp.*		11,072		2,930,648
Jazz Pharmaceuticals PLC*		8,865		1,218,228
Johnson & Johnson		429,116		70,619,620
Laboratory Corp. of America Holdings*		15,247		4,135,901
Merck & Co., Inc.		411,869		31,540,928


	Number of Shares		Value
Health Care (Continued)
Mettler-Toledo International, Inc.*		3,773	$	5,315,176
Novocure Ltd.* (a)		14,940		1,222,988
Quest Diagnostics, Inc.		19,671		2,582,212
ResMed, Inc.		23,690		5,845,508
STERIS PLC		16,273		3,905,520
Teladoc Health, Inc.*		21,889		1,661,594
Teleflex, Inc.		7,735		2,601,358
Thermo Fisher Scientific, Inc.		64,138		34,891,072
Vertex Pharmaceuticals, Inc.*		42,146		9,694,423
Waters Corp.*		10,024		3,174,902
West Pharmaceutical Services, Inc.		12,164		4,708,441
Zoetis, Inc.		77,414		14,991,221

(Cost $370,864,110)				420,186,878

Industrials — 7.8%
3M Co.		93,614		13,915,721
Allegion PLC		14,124		1,617,480
AMERCO		1,708		986,558
C.H. Robinson Worldwide, Inc.		21,488		2,077,460
Caterpillar, Inc.		88,758		16,649,226
Copart, Inc.*		35,173		4,322,058
CSX Corp.		365,816		12,404,821
Cummins, Inc.		24,021		4,903,167
Deere & Co.		47,953		17,264,039
Delta Air Lines, Inc.*		29,478		1,176,762
Dover Corp.		22,799		3,576,251
Eaton Corp. PLC		64,662		9,976,700
Expeditors International of Washington, Inc.		28,177		2,912,375
Fastenal Co.		93,002		4,785,883
Fortive Corp.		55,986		3,625,094
Fortune Brands Home & Security, Inc.		22,873		1,987,664
Generac Holdings, Inc.*		10,150		3,202,021
Howmet Aerospace, Inc.		64,407		2,313,499
IDEX Corp.		11,831		2,270,369
Illinois Tool Works, Inc.		51,246		11,086,560
Johnson Controls International PLC		116,467		7,565,696
Lennox International, Inc.		5,064		1,351,734
Masco Corp.		40,182		2,251,799
Norfolk Southern Corp.		40,210		10,314,669
Owens Corning		16,796		1,565,219
PACCAR, Inc.		56,327		5,171,382
Pentair PLC		27,841		1,612,272
Robert Half International, Inc.		17,473		2,101,827
Rockwell Automation, Inc.		18,838		5,021,834
Roper Technologies, Inc.		17,028		7,632,290
Snap-on, Inc.		8,684		1,825,203
Stanley Black & Decker, Inc.		27,120		4,412,424
Trane Technologies PLC		39,596		6,095,012
Union Pacific Corp.		104,898		25,799,663
United Parcel Service, Inc., Class B		118,146		24,860,281
United Rentals, Inc.*		11,794		3,793,186
W.W. Grainger, Inc.		7,086		3,380,447
Waste Management, Inc.		68,572		9,901,797
Xylem, Inc.		29,040		2,583,108

(Cost $196,424,458)				248,293,551


	Number of Shares		Value
Information Technology — 28.7%
Accenture PLC, Class A		103,306	$	32,646,762
Adobe, Inc.*		77,528		36,258,295
ANSYS, Inc.*		14,365		4,656,989
Applied Materials, Inc.		147,014		19,729,279
Autodesk, Inc.*		35,839		7,892,823
Automatic Data Processing, Inc.		68,826		14,070,787
Cadence Design Systems, Inc.*		44,213		6,695,175
Cisco Systems, Inc.		686,751		38,300,103
Citrix Systems, Inc.		19,824		2,031,960
Cognex Corp.		27,090		1,830,200
Hewlett Packard Enterprise Co.		206,925		3,294,246
HP, Inc.		195,261		6,709,168
Intel Corp.		663,518		31,649,809
International Business Machines Corp.		145,857		17,868,941
Intuit, Inc.		43,963		20,854,728
Keysight Technologies, Inc.*		30,185		4,750,213
Lam Research Corp.		23,100		12,967,185
Mastercard, Inc., Class A		143,306		51,707,671
Microsoft Corp.		1,163,556		347,658,897
Motorola Solutions, Inc.		27,202		5,996,137
NVIDIA Corp.		407,970		99,483,485
Okta, Inc.*		24,356		4,453,251
salesforce.com, Inc.*		160,109		33,707,748
Teledyne Technologies, Inc.*		7,721		3,315,243
Texas Instruments, Inc.		150,094		25,514,479
Trimble, Inc.*		42,035		2,931,941
Visa, Inc., Class A		272,432		58,878,004
VMware, Inc., Class A		33,908		3,978,087
Western Union Co.		58,346		1,060,730
Workday, Inc., Class A*		31,218		7,150,483
Zebra Technologies Corp., Class A*		8,646		3,573,738

(Cost $656,337,559)				911,616,557

Materials — 2.8%
Amcor PLC		253,702		2,950,554
Ball Corp.		52,141		4,679,133
DuPont de Nemours, Inc.		85,360		6,604,303
Ecolab, Inc.		42,295		7,454,917
International Flavors & Fragrances, Inc.		40,158		5,341,014
International Paper Co.		60,147		2,618,199
Linde PLC		84,338		24,731,275
LyondellBasell Industries NV, Class A		42,673		4,149,096
Mosaic Co.		60,027		3,147,216
Newmont Corp.		129,769		8,590,708
PPG Industries, Inc.		38,277		5,108,066
Sherwin-Williams Co.		40,464		10,647,292
Steel Dynamics, Inc.		35,455		2,502,414

(Cost $74,268,961)				88,524,187

Real Estate — 2.7%
American Tower Corp. REIT		74,257		16,846,686
Boston Properties, Inc. REIT		23,016		2,815,087
CBRE Group, Inc., Class A*		54,420		5,270,577
Crown Castle International Corp. REIT		70,713		11,780,079
Equinix, Inc. REIT		14,598		10,360,638
Equity Residential REIT		59,106		5,041,742
Healthpeak Properties, Inc. REIT		85,912		2,668,427


	Number of Shares		Value
Real Estate (Continued)
Host Hotels & Resorts, Inc. REIT*		120,130	$	2,194,775
Prologis, Inc. REIT		120,325		17,549,401
Welltower, Inc. REIT		70,853		5,901,346
Weyerhaeuser Co. REIT		122,407		4,759,184

(Cost $74,987,093)				85,187,942

Utilities — 1.0%
American Water Works Co., Inc.		29,562		4,466,523
Atmos Energy Corp.		21,660		2,378,485
Consolidated Edison, Inc.		57,497		4,931,518
Edison International		62,808		3,983,283
Essential Utilities, Inc.		36,855		1,736,239
Eversource Energy		56,013		4,581,863
Sempra Energy		51,503		7,427,763
UGI Corp.		32,271		1,240,497

(Cost $28,821,526)				30,746,171


TOTAL COMMON STOCKS (Cost $2,441,325,772)				3,171,321,268

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c) (Cost $865,404)		865,404		865,404

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $860,638)		860,638		860,638


TOTAL INVESTMENTS — 99.9% (Cost $2,443,051,814)			$	3,173,047,310
Other assets and liabilities, net — 0.1%				2,673,127

NET ASSETS — 100.0%			$	3,175,720,437

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

(f) Derivatives include unrealized appreciation (depreciation) on open futures contracts.


	Number of Shares		Value
COMMON STOCKS — 99.8%
Communication Services — 9.5%
Activision Blizzard, Inc.		23,486	$	1,914,109
Alphabet, Inc., Class A*		9,161		24,745,143
Alphabet, Inc., Class C*		8,516		22,974,635
AT&T, Inc.		215,911		5,114,932
Charter Communications, Inc., Class A*		3,859		2,322,269
Comcast Corp., Class A		138,945		6,497,068
Discovery, Inc., Class A*		4,892		137,221
Discovery, Inc., Class C*		9,887		276,539
Electronic Arts, Inc.		8,746		1,137,767
Interpublic Group of Cos., Inc.		11,851		436,117
Live Nation Entertainment, Inc.*		4,394		530,883
News Corp., Class A		11,871		264,961
News Corp., Class B		3,654		81,959
Omnicom Group, Inc.		6,520		546,963
Take-Two Interactive Software, Inc.*		3,503		567,486
Verizon Communications, Inc.		125,334		6,726,676
Walt Disney Co.*		54,994		8,164,409

(Cost $76,043,106)				82,439,137

Consumer Discretionary — 13.5%
Amazon.com, Inc.*		13,259		40,721,836
Aptiv PLC*		8,240		1,066,586
Best Buy Co., Inc.		6,998		676,287
Booking Holdings, Inc.*		1,264		2,745,724
BorgWarner, Inc.		7,272		298,225
CarMax, Inc.*		5,184		566,767
Dollar Tree, Inc.*		7,099		1,008,626
eBay, Inc.		19,638		1,072,038
Etsy, Inc.*		3,865		598,650
Ford Motor Co.		118,262		2,076,681
General Motors Co.*		44,499		2,078,993
Hasbro, Inc.		4,396		426,632
Hilton Worldwide Holdings, Inc.*		8,414		1,252,508
Home Depot, Inc.		32,170		10,160,251
Las Vegas Sands Corp.*		10,013		429,157
Lowe’s Cos., Inc.		21,085		4,661,050
Marriott International, Inc., Class A*		8,299		1,411,992
McDonald’s Corp.		22,568		5,523,969
MGM Resorts International		12,572		556,814
Newell Brands, Inc.		11,459		272,151
NIKE, Inc., Class B		38,739		5,289,810
PulteGroup, Inc.		7,844		389,533
PVH Corp.		2,068		202,437
Ralph Lauren Corp.		1,434		189,345
Royal Caribbean Cruises Ltd.*		6,640		535,981
Starbucks Corp.		35,667		3,273,874
Tapestry, Inc.		8,801		359,961
Target Corp.		14,986		2,993,753
Tesla, Inc.*		24,726		21,522,252
TJX Cos., Inc.		36,436		2,408,420
Under Armour, Inc., Class A*		6,182		110,596
Under Armour, Inc., Class C*		6,006		93,874
VF Corp.		9,708		563,258
Whirlpool Corp.		1,841		370,538
Yum! Brands, Inc.		9,142		1,120,626

(Cost $112,942,813)				117,029,195


	Number of Shares		Value
Consumer Staples — 5.7%
Archer-Daniels-Midland Co.		16,770	$	1,315,606
Brown-Forman Corp., Class B		5,582		364,114
Campbell Soup Co.		6,105		274,542
Coca-Cola Co.		118,236		7,359,009
Colgate-Palmolive Co.		25,595		1,969,535
Conagra Brands, Inc.		14,809		517,871
Constellation Brands, Inc., Class A		5,186		1,118,205
General Mills, Inc.		18,452		1,244,218
Hershey Co.		4,434		896,821
Hormel Foods Corp.		8,197		390,505
J M Smucker Co.		3,157		425,406
Kellogg Co.		7,584		484,921
Kraft Heinz Co.		20,380		799,304
Kroger Co.		20,622		965,110
McCormick & Co., Inc.		7,837		745,847
Molson Coors Beverage Co., Class B		5,385		280,989
Mondelez International, Inc., Class A		42,630		2,791,412
PepsiCo, Inc.		42,062		6,887,232
Procter & Gamble Co.		73,534		11,463,215
Sysco Corp.		15,455		1,346,131
Tyson Foods, Inc., Class A		8,866		821,524
Walgreens Boots Alliance, Inc.		21,688		999,600
Walmart, Inc.		43,315		5,854,455

(Cost $44,776,455)				49,315,572

Energy — 4.0%
APA Corp.		12,218		435,327
Chevron Corp.		58,566		8,433,504
ConocoPhillips		40,875		3,877,402
Devon Energy Corp.		19,089		1,136,750
Exxon Mobil Corp.		128,259		10,058,071
Halliburton Co.		26,843		900,046
Hess Corp.		8,262		834,957
Kinder Morgan, Inc.		58,735		1,021,989
Marathon Petroleum Corp.		19,755		1,538,322
Occidental Petroleum Corp.		26,863		1,174,719
ONEOK, Inc.		13,536		883,901
Pioneer Natural Resources Co.		7,020		1,681,992
Schlumberger N.V.		42,116		1,652,632
Williams Cos., Inc.		36,810		1,151,417

(Cost $24,298,113)				34,781,029

Financials — 10.3%
Aflac, Inc.		19,244		1,175,616
Allstate Corp.		9,216		1,127,670
American Express Co.		19,090		3,713,769
Ameriprise Financial, Inc.		3,551		1,064,554
Arthur J Gallagher & Co.		6,201		980,936
Assurant, Inc.		1,834		311,248
Bank of America Corp.		219,299		9,693,016
Bank of New York Mellon Corp.		23,149		1,230,369
BlackRock, Inc.		4,325		3,217,324
Capital One Financial Corp.		12,945		1,984,080
Cboe Global Markets, Inc.		3,195		374,742
Charles Schwab Corp.		45,342		3,829,585
Chubb Ltd.		13,282		2,704,747
Citigroup, Inc.		60,403		3,577,670
CME Group, Inc.		10,906		2,579,596


	Number of Shares		Value
Financials (Continued)
Comerica, Inc.		4,072	$	388,835
Discover Financial Services		9,295		1,147,375
Fifth Third Bancorp		21,541		1,030,521
Franklin Resources, Inc.		9,360		278,273
Globe Life, Inc.		2,732		275,823
Goldman Sachs Group, Inc.		10,380		3,542,590
Hartford Financial Services Group, Inc.		10,858		754,414
Intercontinental Exchange, Inc.		17,027		2,181,499
Invesco Ltd.		10,375		220,365
JPMorgan Chase & Co.		89,864		12,742,715
KeyCorp		29,356		735,955
Lincoln National Corp.		5,386		363,124
MarketAxess Holdings, Inc.		1,200		457,716
Marsh & McLennan Cos., Inc.		15,332		2,382,746
MetLife, Inc.		22,497		1,519,672
Moody’s Corp.		4,861		1,565,388
Morgan Stanley		44,103		4,001,906
MSCI, Inc.		2,547		1,277,804
Nasdaq, Inc.		3,477		595,089
Northern Trust Corp.		6,272		714,381
PNC Financial Services Group, Inc.		12,833		2,556,975
Principal Financial Group, Inc.		7,541		532,696
Progressive Corp.		17,650		1,869,665
Prudential Financial, Inc.		11,741		1,311,000
Raymond James Financial, Inc.		5,370		588,821
Regions Financial Corp.		29,066		703,107
S&P Global, Inc.		10,775		4,048,063
State Street Corp.		11,072		944,774
Synchrony Financial		16,537		707,453
T. Rowe Price Group, Inc.		6,934		1,002,379
Travelers Cos., Inc.		7,546		1,296,629

(Cost $77,786,844)				89,302,675

Health Care — 12.9%
Abbott Laboratories		53,676		6,474,399
AbbVie, Inc.		53,558		7,914,266
Agilent Technologies, Inc.		9,257		1,206,743
AmerisourceBergen Corp.		4,418		629,698
Amgen, Inc.		17,200		3,895,456
Anthem, Inc.		7,398		3,342,786
Baxter International, Inc.		15,329		1,302,505
Becton Dickinson and Co.		8,713		2,363,663
Biogen, Inc.*		4,673		986,050
Bio-Rad Laboratories, Inc., Class A*		626		391,851
Boston Scientific Corp.*		42,987		1,898,736
Bristol-Myers Squibb Co.		67,993		4,669,079
Cardinal Health, Inc.		8,796		475,072
Cigna Corp.		10,093		2,399,914
CVS Health Corp.		39,748		4,119,880
Danaher Corp.		19,247		5,281,569
DaVita, Inc.*		2,114		238,396
Edwards Lifesciences Corp.*		18,931		2,127,276
Eli Lilly & Co.		24,129		6,031,044
Gilead Sciences, Inc.		38,138		2,303,535
Henry Schein, Inc.*		4,235		365,819
Hologic, Inc.*		7,845		558,329
Humana, Inc.		3,921		1,702,969
IDEXX Laboratories, Inc.*		2,607		1,387,836


	Number of Shares		Value
Health Care (Continued)
Illumina, Inc.*		4,767	$	1,556,902
Incyte Corp.*		5,666		386,988
Laboratory Corp. of America Holdings*		3,008		815,950
McKesson Corp.		4,824		1,326,407
Medtronic PLC		40,849		4,288,736
Merck & Co., Inc.		76,753		5,877,745
Mettler-Toledo International, Inc.*		723		1,018,519
PerkinElmer, Inc.		3,850		691,498
Pfizer, Inc.		170,813		8,017,962
Quest Diagnostics, Inc.		3,681		483,205
Regeneron Pharmaceuticals, Inc.*		3,160		1,954,018
Thermo Fisher Scientific, Inc.		11,916		6,482,304
UnitedHealth Group, Inc.		28,633		13,625,586
Vertex Pharmaceuticals, Inc.*		7,901		1,817,388
Viatris, Inc.		36,451		401,325
Waters Corp.*		1,810		573,281
West Pharmaceutical Services, Inc.		2,238		866,285

(Cost $99,311,930)				112,250,970

Industrials — 6.4%
Alaska Air Group, Inc.*		3,582		201,094
American Airlines Group, Inc.*		18,541		319,832
AMETEK, Inc.		6,994		907,751
Caterpillar, Inc.		16,568		3,107,825
Cintas Corp.		2,662		999,102
CSX Corp.		69,308		2,350,234
Cummins, Inc.		4,449		908,130
Deere & Co.		8,629		3,106,613
Delta Air Lines, Inc.*		19,388		773,969
Dover Corp.		4,326		678,576
Eaton Corp. PLC		11,994		1,850,554
Emerson Electric Co.		18,124		1,684,082
Fastenal Co.		17,324		891,493
FedEx Corp.		7,418		1,648,799
Fortive Corp.		10,871		703,897
General Electric Co.		33,250		3,175,708
Howmet Aerospace, Inc.		11,743		421,809
IDEX Corp.		2,251		431,967
Illinois Tool Works, Inc.		8,720		1,886,485
Ingersoll Rand, Inc.		12,284		620,588
Johnson Controls International PLC		21,846		1,419,116
L3Harris Technologies, Inc.		6,097		1,538,334
Leidos Holdings, Inc.		4,017		409,091
Nielsen Holdings PLC		10,509		183,067
Norfolk Southern Corp.		7,580		1,944,422
PACCAR, Inc.		10,518		965,658
Parker-Hannifin Corp.		3,923		1,162,738
Pentair PLC		4,944		286,307
Republic Services, Inc.		6,226		748,863
Robert Half International, Inc.		3,447		414,640
Rockwell Automation, Inc.		3,518		937,828
Roper Technologies, Inc.		3,167		1,419,513
Snap-on, Inc.		1,630		342,593
Stanley Black & Decker, Inc.		4,859		790,559
Trane Technologies PLC		7,181		1,105,371
TransDigm Group, Inc.*		1,689		1,125,871
Union Pacific Corp.		19,764		4,860,956
United Parcel Service, Inc., Class B		22,067		4,643,338


	Number of Shares		Value
Industrials (Continued)
United Rentals, Inc.*		2,192	$	704,991
Verisk Analytics, Inc.		4,899		868,789
W.W. Grainger, Inc.		1,321		630,196
Waste Management, Inc.		11,755		1,697,422
Westinghouse Air Brake Technologies Corp.		5,728		531,673
Xylem, Inc.		5,355		476,327

(Cost $50,728,846)				55,876,171

Information Technology — 31.0%
Accenture PLC, Class A		19,261		6,086,861
Adobe, Inc.*		14,444		6,755,170
Advanced Micro Devices, Inc.*		49,751		6,136,288
Akamai Technologies, Inc.*		4,912		531,773
Amphenol Corp., Class A		18,101		1,375,857
Analog Devices, Inc.		16,249		2,604,552
ANSYS, Inc.*		2,635		854,241
Apple, Inc.		474,034		78,272,494
Applied Materials, Inc.		27,778		3,727,808
Arista Networks, Inc.*		6,727		825,605
Autodesk, Inc.*		6,650		1,464,530
Cisco Systems, Inc.		127,916		7,133,875
Corning, Inc.		23,283		940,633
DXC Technology Co.*		7,482		254,613
Hewlett Packard Enterprise Co.		39,488		628,649
HP, Inc.		35,099		1,206,002
Intel Corp.		123,143		5,873,921
Intuit, Inc.		8,587		4,073,415
Juniper Networks, Inc.		9,779		330,433
Keysight Technologies, Inc.*		5,657		890,242
KLA Corp.		4,654		1,621,919
Lam Research Corp.		4,350		2,441,873
Mastercard, Inc., Class A		26,393		9,523,122
Micron Technology, Inc.		33,884		3,010,932
Microsoft Corp.		228,367		68,233,776
Motorola Solutions, Inc.		5,173		1,140,284
NortonLifeLock, Inc.		17,288		501,006
NVIDIA Corp.		76,041		18,542,598
Oracle Corp.		49,121		3,731,722
QUALCOMM, Inc.		34,401		5,916,628
salesforce.com, Inc.*		29,817		6,277,373
Seagate Technology Holdings PLC		6,071		626,284
TE Connectivity Ltd.		10,050		1,431,422
Texas Instruments, Inc.		28,019		4,762,950
Trimble, Inc.*		7,581		528,775
Visa, Inc., Class A (a)		51,134		11,051,080
Zebra Technologies Corp., Class A*		1,660		686,144

(Cost $227,170,446)				269,994,850

Materials — 2.5%
Air Products and Chemicals, Inc.		6,667		1,575,412
Albemarle Corp.		3,530		691,492
Ball Corp.		9,974		895,067
CF Industries Holdings, Inc.		6,247		507,194
Corteva, Inc.		22,521		1,171,768
Dow, Inc.		22,539		1,328,899
Eastman Chemical Co.		4,302		509,658


	Number of Shares		Value
Materials (Continued)
Ecolab, Inc.		7,503	$	1,322,479
FMC Corp.		3,926		460,323
Freeport-McMoRan, Inc.		44,283		2,079,087
International Flavors & Fragrances, Inc.		7,517		999,761
International Paper Co.		11,861		516,309
Linde PLC		15,669		4,594,777
LyondellBasell Industries NV, Class A		7,827		761,019
Martin Marietta Materials, Inc.		1,862		706,443
Mosaic Co.		10,483		549,624
Newmont Corp.		24,263		1,606,211
PPG Industries, Inc.		7,131		951,632
Westrock Co.		7,968		360,711

(Cost $19,685,589)				21,587,866

Real Estate — 2.5%
American Tower Corp. REIT		13,712		3,110,841
AvalonBay Communities, Inc. REIT		4,277		1,020,449
Boston Properties, Inc. REIT		4,333		529,969
CBRE Group, Inc., Class A*		10,496		1,016,538
Digital Realty Trust, Inc. REIT		8,473		1,143,177
Duke Realty Corp. REIT		11,371		602,663
Equinix, Inc. REIT		2,687		1,907,044
Equity Residential REIT		10,445		890,958
Essex Property Trust, Inc. REIT		1,933		613,090
Extra Space Storage, Inc. REIT		3,991		750,907
Healthpeak Properties, Inc. REIT		16,495		512,335
Host Hotels & Resorts, Inc. REIT*		21,532		393,390
Iron Mountain, Inc. REIT		9,484		466,423
Kimco Realty Corp. REIT		18,161		427,328
Prologis, Inc. REIT		22,434		3,271,999
Realty Income Corp. REIT		16,644		1,100,002
Regency Centers Corp. REIT		4,521		297,889
Simon Property Group, Inc. REIT		10,018		1,378,076
Ventas, Inc. REIT		11,921		643,734
Vornado Realty Trust REIT		4,342		187,922
Welltower, Inc. REIT		13,230		1,101,927
Weyerhaeuser Co. REIT		22,742		884,209

(Cost $20,646,965)				22,250,870

Utilities — 1.5%
American Water Works Co., Inc.		5,550		838,549
Consolidated Edison, Inc.		10,688		916,710
Edison International		11,471		727,491
Entergy Corp.		6,075		639,151
Eversource Energy		10,422		852,519
Exelon Corp.		29,435		1,252,754
FirstEnergy Corp.		16,436		687,847
NextEra Energy, Inc.		59,384		4,647,986
Public Service Enterprise Group, Inc.		15,311		992,612
Sempra Energy		9,573		1,380,618

(Cost $12,059,791)				12,936,237

TOTAL COMMON STOCKS (Cost $765,450,898)				867,764,572

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


	Number of Shares		Value
COMMON STOCKS — 99.4%
Communication Services — 2.0%
Cable One, Inc.		36	$	51,583
Iridium Communications, Inc.*		928		36,739
New York Times Co., Class A		1,185		52,128
TEGNA, Inc.		1,565		35,870
TripAdvisor, Inc.*		705		17,935
Yelp, Inc.*		495		16,776

(Cost $245,046)				211,031

Consumer Discretionary — 15.3%
American Eagle Outfitters, Inc. (a)		1,092		23,019
AutoNation, Inc.*		293		33,595
Brunswick Corp.		554		52,918
Capri Holdings Ltd.*		1,077		72,956
Carter’s, Inc.		299		28,907
Columbia Sportswear Co.		250		23,180
Cracker Barrel Old Country Store, Inc.		170		22,826
Dana, Inc.		1,048		19,514
Deckers Outdoor Corp.*		196		56,573
Dick’s Sporting Goods, Inc. (a)		461		48,405
Foot Locker, Inc.		644		20,363
Gentex Corp.		1,692		51,217
Goodyear Tire & Rubber Co.*		1,990		30,825
Graham Holdings Co., Class B		28		16,832
Grand Canyon Education, Inc.*		300		26,049
H&R Block, Inc.		1,248		30,963
Harley-Davidson, Inc.		1,109		45,802
Helen of Troy Ltd.*		171		35,170
KB Home		598		23,089
Kohl’s Corp.		1,078		59,958
Lear Corp.		427		67,184
Lithia Motors, Inc.		217		73,958
Mattel, Inc.*		2,509		62,675
Murphy USA, Inc.		167		30,184
Nordstrom, Inc.*		813		16,862
Papa John’s International, Inc.		230		24,569
Polaris, Inc.		402		48,847
RH*		123		49,430
Service Corp. International		1,181		71,864
Six Flags Entertainment Corp.*		554		24,188
Tempur Sealy International, Inc.		1,364		45,026
Texas Roadhouse, Inc.		502		47,645
Thor Industries, Inc. (a)		389		35,204
Toll Brothers, Inc.		836		45,361
Travel + Leisure Co.		619		34,695
Urban Outfitters, Inc.*		465		12,792
Visteon Corp.*		202		24,274
Wendy’s Co.		1,264		28,743
Williams-Sonoma, Inc.		532		77,066
Wingstop, Inc.		210		30,523
Wyndham Hotels & Resorts, Inc.		668		57,722

(Cost $1,646,060)				1,630,973

Consumer Staples — 3.5%
BJ’s Wholesale Club Holdings, Inc.*		966		60,732
Boston Beer Co., Inc., Class A*		70		26,842
Coty, Inc., Class A*		2,398		21,990


	Number of Shares		Value
Consumer Staples (Continued)
Darling Ingredients, Inc.*		1,168	$	84,657
Flowers Foods, Inc.		1,400		38,374
Hain Celestial Group, Inc.*		678		24,652
Ingredion, Inc.		474		42,063
Nu Skin Enterprises, Inc., Class A		353		16,376
Pilgrim’s Pride Corp.*		347		8,182
Sanderson Farms, Inc.		152		27,146
Sprouts Farmers Market, Inc.*		801		22,812

(Cost $368,296)				373,826

Energy — 1.2%
CNX Resources Corp.*		1,501		24,526
EQT Corp.		2,186		50,584
Equitrans Midstream Corp.		2,904		18,615
Murphy Oil Corp.		1,034		35,849

(Cost $99,426)				129,574

Financials — 15.6%
Affiliated Managers Group, Inc.		288		39,848
Alleghany Corp.*		99		65,530
Associated Banc-Corp.		1,083		26,414
Bank of Hawaii Corp.		292		25,165
Bank OZK		865		40,672
Cadence Bank		1,415		44,742
CNO Financial Group, Inc.		892		21,560
Commerce Bancshares, Inc.		797		57,209
East West Bancorp, Inc.		1,017		89,048
Essent Group Ltd.		784		34,637
Evercore, Inc., Class A		278		35,309
First American Financial Corp.		788		52,827
First Horizon Corp.		3,859		90,609
FNB Corp.		2,440		32,769
Fulton Financial Corp.		1,165		20,993
Hancock Whitney Corp.		616		34,299
Hanover Insurance Group, Inc.		265		36,970
Interactive Brokers Group, Inc., Class A		620		41,032
Janus Henderson Group PLC		1,205		40,452
Kemper Corp.		427		22,819
MGIC Investment Corp.		2,305		34,990
Navient Corp.		1,142		20,111
New York Community Bancorp, Inc.		3,268		37,713
PacWest Bancorp		839		41,463
Pinnacle Financial Partners, Inc.		540		54,583
Primerica, Inc.		281		36,499
PROG Holdings, Inc.*		409		12,532
Prosperity Bancshares, Inc.		662		49,292
Reinsurance Group of America, Inc.		479		53,102
RenaissanceRe Holdings Ltd.		327		49,305
RLI Corp.		282		28,623
SEI Investments Co.		769		45,048
Selective Insurance Group, Inc.		430		35,772
SLM Corp.		2,080		40,976
Synovus Financial Corp.		1,037		54,598
Texas Capital Bancshares, Inc.*		364		24,242
UMB Financial Corp.		308		31,373
Umpqua Holdings Corp.		1,559		33,285
Webster Financial Corp.		1,289		77,611


	Number of Shares		Value
Financials (Continued)
Wintrust Financial Corp.		409	$	40,638

(Cost $1,542,848)				1,654,660

Health Care — 8.5%
Acadia Healthcare Co., Inc.*		656		37,202
Amedisys, Inc.*		228		36,535
Encompass Health Corp.		711		46,940
Exelixis, Inc.*		2,308		47,383
Haemonetics Corp.*		357		20,603
ICU Medical, Inc.*		145		34,326
Integra LifeSciences Holdings Corp.*		514		34,469
Jazz Pharmaceuticals PLC*		445		61,152
LHC Group, Inc.*		225		30,638
LivaNova PLC*		381		30,030
Masimo Corp.*		366		57,627
Molina Healthcare, Inc.*		420		128,885
Neurocrine Biosciences, Inc.*		674		60,572
NuVasive, Inc.*		372		20,133
Penumbra, Inc.*		249		55,213
Quidel Corp.*		276		29,198
Syneos Health, Inc.*		734		58,133
Tenet Healthcare Corp.*		759		65,266
United Therapeutics Corp.*		320		53,184

(Cost $981,467)				907,489

Industrials — 19.4%
Acuity Brands, Inc.		246		44,863
AECOM		1,032		74,985
AGCO Corp.		440		52,870
Avis Budget Group, Inc.*		285		52,280
Axon Enterprise, Inc.*		465		65,216
Brink’s Co.		351		24,591
Carlisle Cos., Inc.		375		89,025
Clean Harbors, Inc.*		365		34,832
Colfax Corp.*		972		39,084
Crane Co.		355		35,883
Curtiss-Wright Corp.		286		42,191
Donaldson Co., Inc.		889		48,246
Dycom Industries, Inc.*		223		19,414
EMCOR Group, Inc.		379		43,790
EnerSys		303		22,037
Flowserve Corp.		935		28,396
FTI Consulting, Inc.*		241		35,186
Graco, Inc.		1,220		87,950
Hexcel Corp.		596		34,508
Hubbell, Inc.		389		69,339
Insperity, Inc.		255		22,937
ITT, Inc.		608		53,425
KBR, Inc.		1,015		50,385
Kennametal, Inc.		593		18,804
Kirby Corp.*		432		28,145
Lincoln Electric Holdings, Inc.		424		54,043
ManpowerGroup, Inc.		391		41,556
MasTec, Inc.*		405		31,898
Mercury Systems, Inc.*		402		24,209
Middleby Corp.*		394		69,982
MillerKnoll, Inc.		541		21,034


	Number of Shares		Value
Industrials (Continued)
MSA Safety, Inc.		258	$	35,888
Oshkosh Corp.		487		54,077
Owens Corning		716		66,724
Regal Rexnord Corp.		489		78,411
Ryder System, Inc.		386		30,432
Science Applications International Corp.		407		35,690
Stericycle, Inc.*		662		38,634
Terex Corp.		498		20,557
Tetra Tech, Inc.		384		60,968
Timken Co.		495		32,452
Toro Co.		763		71,577
Trinity Industries, Inc.		581		16,768
Univar Solutions, Inc.*		1,224		37,589
Werner Enterprises, Inc.		437		18,992
Woodward, Inc.		455		56,707
XPO Logistics, Inc.*		707		51,385

(Cost $1,943,182)				2,067,955

Information Technology — 13.1%
ACI Worldwide, Inc.*		837		28,056
Alliance Data Systems Corp.		352		23,742
Amkor Technology, Inc.		714		16,186
Arrow Electronics, Inc.*		496		60,453
Avnet, Inc.		709		29,828
Belden, Inc.		320		18,032
Blackbaud, Inc.*		318		19,872
Ciena Corp.*		1,110		75,946
CMC Materials, Inc.		203		37,642
Cognex Corp.		1,268		85,666
Coherent, Inc.*		176		46,520
CommVault Systems, Inc.*		323		20,320
Fair Isaac Corp.*		196		92,353
First Solar, Inc.*		702		52,854
Jabil, Inc.		1,029		59,487
Littelfuse, Inc.		177		45,703
LiveRamp Holdings, Inc.*		483		20,846
Manhattan Associates, Inc.*		449		60,022
Maximus, Inc.		440		34,698
National Instruments Corp.		942		37,821
Paylocity Holding Corp.*		285		60,545
Qualys, Inc.*		238		29,824
Semtech Corp.*		454		31,499
Silicon Laboratories, Inc.*		286		43,961
Synaptics, Inc.*		278		63,504
TD SYNNEX Corp.		293		29,836
Teradata Corp.*		772		38,592
Universal Display Corp.		315		48,797
Viasat, Inc.*		531		24,235
WEX, Inc.*		319		53,755
Wolfspeed, Inc.*		834		85,668
Xerox Holdings Corp.		974		19,198

(Cost $1,403,005)				1,395,461

Materials — 7.5%
AptarGroup, Inc.		476		58,015
Ashland Global Holdings, Inc.		410		37,835
Avient Corp.		647		33,896


	Number of Shares		Value
Materials (Continued)
Cabot Corp.		411	$	30,069
Chemours Co.		1,156		31,906
Cleveland-Cliffs, Inc.*		3,257		72,827
Commercial Metals Co.		844		32,536
Eagle Materials, Inc.		289		39,544
Greif, Inc., Class A		194		11,153
Ingevity Corp.*		278		18,968
Minerals Technologies, Inc.		250		17,497
Olin Corp.		1,020		52,540
RPM International, Inc.		935		79,073
Scotts Miracle-Gro Co.		290		40,617
Sonoco Products Co.		702		41,221
Steel Dynamics, Inc.		1,349		95,212
United States Steel Corp.		1,917		52,162
Valvoline, Inc.		1,275		41,221
Worthington Industries, Inc.		238		13,571

(Cost $725,949)				799,863

Real Estate — 11.8%
American Campus Communities, Inc. REIT		1,000		53,810
Brixmor Property Group, Inc. REIT		2,133		53,581
Camden Property Trust REIT		734		121,191
Corporate Office Properties Trust REIT		810		21,230
Cousins Properties, Inc. REIT		1,053		40,677
CyrusOne, Inc. REIT		909		82,128
Douglas Emmett, Inc. REIT		1,247		39,530
Healthcare Realty Trust, Inc. REIT		1,048		27,332
Highwoods Properties, Inc. REIT		753		32,831
Hudson Pacific Properties, Inc. REIT		1,078		28,459
JBG SMITH Properties REIT		797		21,264
Jones Lang LaSalle, Inc.*		362		89,132
Kilroy Realty Corp. REIT		753		53,930
Life Storage, Inc. REIT		589		74,561
Macerich Co. REIT (a)		1,531		23,424
Medical Properties Trust, Inc. REIT		4,279		87,035


	Number of Shares		Value
Real Estate (Continued)
National Retail Properties, Inc. REIT		1,246	$	53,092
Park Hotels & Resorts, Inc. REIT*		1,677		31,595
Pebblebrook Hotel Trust REIT		950		21,384
PotlatchDeltic Corp. REIT		478		26,242
PS Business Parks, Inc. REIT		144		22,938
Rayonier, Inc. REIT		1,028		40,812
Rexford Industrial Realty, Inc. REIT		1,075		75,390
SL Green Realty Corp. REIT		476		37,852
Spirit Realty Capital, Inc. REIT		881		40,852
STORE Capital Corp. REIT		1,763		54,159

(Cost $1,127,739)				1,254,431

Utilities — 1.5%
Hawaiian Electric Industries, Inc.		775		31,759
National Fuel Gas Co.		665		41,390
New Jersey Resources Corp.		688		30,011
Southwest Gas Holdings, Inc.		424		30,079
Spire, Inc.		367		24,629

(Cost $139,754)				157,868

TOTAL COMMON STOCKS (Cost $10,222,772)				10,583,131

EXCHANGE-TRADED FUNDS — 0.5%
iShares ESG Screened S&P Mid-Cap ETF (Cost $58,845)		1,600		58,102

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $9,786)		9,786		9,786


TOTAL INVESTMENTS — 100.0% (Cost $10,291,403)			$	10,651,019
Other assets and liabilities, net — (0.0)%				(2,141	)

NET ASSETS — 100.0%			$	10,648,878

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


	Number of Shares		Value
COMMON STOCKS — 99.7%
Communication Services — 1.1%
ATN International, Inc.		154	$	5,133
Consolidated Communications Holdings, Inc.*		1,076		7,661
EW Scripps Co., Class A*		900		20,034
Marcus Corp.*		316		5,745
QuinStreet, Inc.*		742		8,347
Scholastic Corp.		448		18,852
Shenandoah Telecommunications Co.		744		16,628
TechTarget, Inc.*		397		31,117

(Cost $132,370)				113,517

Consumer Discretionary — 12.5%
Abercrombie & Fitch Co., Class A*		909		34,615
American Axle & Manufacturing Holdings, Inc.*		1,689		15,640
American Public Education, Inc.*		306		6,108
Asbury Automotive Group, Inc.*		351		68,133
Bed Bath & Beyond, Inc.* (a)		1,522		25,707
Big Lots, Inc.		507		17,623
Bloomin’ Brands, Inc.*		1,213		29,852
Boot Barn Holdings, Inc.*		451		39,246
Brinker International, Inc.*		699		29,735
Buckle, Inc. (a)		440		15,840
Caleres, Inc.		596		12,373
Cato Corp., Class A		267		4,699
Cheesecake Factory, Inc.*		746		31,921
Chico’s FAS, Inc.*		1,788		8,404
Children’s Place, Inc.*		208		13,096
Cooper-Standard Holdings, Inc.*		251		3,193
Designer Brands, Inc., Class A*		908		11,849
Dine Brands Global, Inc.		258		21,631
Ethan Allen Interiors, Inc.		356		9,277
Fiesta Restaurant Group, Inc.*		283		2,850
Fossil Group, Inc.*		685		9,261
Genesco, Inc.*		212		13,600
Gentherm, Inc.*		506		42,929
G-III Apparel Group Ltd.*		655		18,170
Group 1 Automotive, Inc.		275		50,031
Guess?, Inc. (a)		609		13,337
Hibbett, Inc. (a)		235		10,594
Installed Building Products, Inc.		360		34,812
iRobot Corp.*		407		25,299
Kontoor Brands, Inc.		731		36,214
La-Z-Boy, Inc.		666		19,434
LCI Industries		383		47,691
MarineMax, Inc.*		321		14,689
MDC Holdings, Inc.		862		38,221
Meritage Homes Corp.*		564		55,599
ODP Corp.*		688		30,272
Oxford Industries, Inc.		237		20,948
Perdoceo Education Corp.*		1,101		11,527
Red Robin Gourmet Burgers, Inc.*		218		3,826
Rent-A-Center, Inc.		928		26,364
Ruth’s Hospitality Group, Inc.		481		11,934
Sally Beauty Holdings, Inc.*		1,741		30,084
Shake Shack, Inc., Class A*		600		44,832


	Number of Shares		Value
Consumer Discretionary (Continued)
Shoe Carnival, Inc.		273	$	7,961
Signet Jewelers Ltd.		802		56,541
Sleep Number Corp.*		349		22,929
Standard Motor Products, Inc.		281		12,283
Steven Madden Ltd.		1,160		49,486
Sturm Ruger & Co., Inc.		266		19,261
Tupperware Brands Corp.*		724		13,199
Unifi, Inc.*		198		3,716
Universal Electronics, Inc.*		193		6,413
Vera Bradley, Inc.*		394		2,979
Vista Outdoor, Inc.*		856		31,201
Winnebago Industries, Inc. (a)		514		32,932
Wolverine World Wide, Inc.		1,236		28,465

(Cost $1,452,712)				1,298,826

Consumer Staples — 4.4%
Andersons, Inc.		468		21,341
B&G Foods, Inc. (a)		969		28,682
Calavo Growers, Inc.		263		11,228
Cal-Maine Foods, Inc.		577		25,544
Celsius Holdings, Inc.*		585		37,376
Chefs’ Warehouse, Inc.*		507		16,655
Coca-Cola Consolidated, Inc.		70		34,785
Edgewell Personal Care Co.		829		29,579
elf Beauty, Inc.*		738		19,505
Fresh Del Monte Produce, Inc.		488		12,629
J & J Snack Foods Corp.		227		37,164
John B Sanfilippo & Son, Inc.		135		10,735
Medifast, Inc.		178		33,108
MGP Ingredients, Inc.		184		14,648
Seneca Foods Corp., Class A*		102		5,075
Simply Good Foods Co.*		1,284		50,885
SpartanNash Co.		543		15,280
United Natural Foods, Inc.*		844		33,954
USANA Health Sciences, Inc.*		177		15,578

(Cost $428,161)				453,751

Energy — 4.4%
Callon Petroleum Co.* (a)		727		40,974
Core Laboratories NV		709		19,540
Helix Energy Solutions Group, Inc.*		2,139		8,663
Helmerich & Payne, Inc.		1,640		59,417
Laredo Petroleum, Inc.* (a)		213		16,307
Par Pacific Holdings, Inc.*		681		9,262
PBF Energy, Inc., Class A*		1,436		23,866
Range Resources Corp.*		3,783		86,820
Renewable Energy Group, Inc.*		756		46,494
SM Energy Co.		1,840		65,339
Southwestern Energy Co.* (a)		15,363		76,661

(Cost $333,337)				453,343

Financials — 18.5%
Ambac Financial Group, Inc.*		708		9,084
Ameris Bancorp		1,008		49,896
AMERISAFE, Inc.		288		13,565
Assured Guaranty Ltd.		1,064		65,936
Banc of California, Inc.		813		15,975
BankUnited, Inc.		1,357		59,979


	Number of Shares		Value
Financials (Continued)
Banner Corp.		520	$	32,037
Berkshire Hills Bancorp, Inc.		736		22,890
Blucora, Inc.*		762		15,164
Brightsphere Investment Group, Inc.		535		12,770
Central Pacific Financial Corp.		432		12,610
City Holding Co.		234		18,643
Columbia Banking System, Inc.		1,192		43,663
Community Bank System, Inc.		818		59,665
Customers Bancorp, Inc.*		456		28,067
Donnelley Financial Solutions, Inc.*		441		14,156
Eagle Bancorp, Inc.		477		28,582
eHealth, Inc.*		353		5,486
Employers Holdings, Inc.		421		16,360
Encore Capital Group, Inc.*		377		24,878
Enova International, Inc.*		562		22,913
First BanCorp		3,113		43,956
First Financial Bancorp		1,426		35,051
First Hawaiian, Inc.		1,948		56,628
Franklin BSP Realty Trust, Inc. REIT		656		8,659
Granite Point Mortgage Trust, Inc. REIT		855		9,593
Green Dot Corp., Class A*		820		23,493
Greenhill & Co., Inc.		232		4,102
Hanmi Financial Corp.		468		12,224
Heritage Financial Corp.		546		14,316
Hilltop Holdings, Inc.		921		28,477
HomeStreet, Inc.		307		15,798
Hope Bancorp, Inc.		1,801		30,545
Horace Mann Educators Corp.		640		26,618
Independent Bank Corp.		719		61,841
Independent Bank Group, Inc.		562		43,358
Invesco Mortgage Capital, Inc. REIT		4,644		10,124
Investors Bancorp, Inc.		3,428		57,385
KKR Real Estate Finance Trust, Inc. REIT		659		14,149
Meta Financial Group, Inc.		474		26,255
National Bank Holdings Corp., Class A		464		20,592
NBT Bancorp, Inc.		647		24,825
New York Mortgage Trust, Inc. REIT		5,653		19,842
NMI Holdings, Inc., Class A*		1,311		30,337
Northfield Bancorp, Inc.		656		10,299
Northwest Bancshares, Inc.		1,942		27,343
OFG Bancorp		764		21,530
Pacific Premier Bancorp, Inc.		1,435		55,549
Palomar Holdings, Inc.*		363		23,388
Park National Corp.		222		29,761
PennyMac Mortgage Investment Trust REIT (a)		1,448		22,589
Piper Sandler Cos.		211		31,230
PRA Group, Inc.*		658		29,367
Preferred Bank		213		16,716
ProAssurance Corp.		814		19,617
Provident Financial Services, Inc.		1,148		27,242
Redwood Trust, Inc. REIT		1,702		17,684
S&T Bancorp, Inc.		584		18,157
Safety Insurance Group, Inc.		214		17,856
Seacoast Banking Corp. of Florida		894		32,765
Simmons First National Corp., Class A		1,742		49,682
Southside Bancshares, Inc.		496		20,678


	Number of Shares		Value
Financials (Continued)
Stewart Information Services Corp.		400	$	27,152
Tompkins Financial Corp.		179		14,159
Trupanion, Inc.* (a)		523		46,876
United Community Banks, Inc.		1,587		61,353
United Fire Group, Inc.		332		9,167
Universal Insurance Holdings, Inc.		398		4,601
Veritex Holdings, Inc.		756		30,716
WisdomTree Investments, Inc. (a)		1,571		8,845
WSFS Financial Corp.		988		50,220

(Cost $1,827,630)				1,915,029

Health Care — 11.7%
Addus HomeCare Corp.*		239		20,325
Allscripts Healthcare Solutions, Inc.* (a)		1,839		35,787
AMN Healthcare Services, Inc.*		714		75,784
Amphastar Pharmaceuticals, Inc.*		574		15,905
AngioDynamics, Inc.*		585		13,765
Anika Therapeutics, Inc.*		211		6,857
Artivion, Inc.*		622		12,160
Cardiovascular Systems, Inc.*		602		12,678
Coherus Biosciences, Inc.*		961		11,330
Collegium Pharmaceutical, Inc.*		527		10,261
Community Health Systems, Inc.*		1,854		19,485
Computer Programs and Systems, Inc.*		226		6,956
CONMED Corp.		443		64,749
Corcept Therapeutics, Inc.*		1,415		31,540
CorVel Corp.*		140		22,268
Covetrus, Inc.*		1,592		28,210
Cross Country Healthcare, Inc.*		527		11,768
Cutera, Inc.*		238		9,130
Cytokinetics, Inc.*		1,273		44,962
Eagle Pharmaceuticals, Inc.*		177		8,388
Enanta Pharmaceuticals, Inc.*		273		19,225
Endo International PLC* (a)		3,470		10,792
Ensign Group, Inc.		795		66,812
Glaukos Corp.*		717		39,657
Heska Corp.*		162		23,004
Inogen, Inc.*		304		10,607
Merit Medical Systems, Inc.*		775		50,398
Myriad Genetics, Inc.*		1,228		29,939
Natus Medical, Inc.*		500		13,910
NextGen Healthcare, Inc.*		858		16,757
Omnicell, Inc.*		670		86,618
OraSure Technologies, Inc.*		1,056		8,237
Orthofix Medical, Inc.*		314		10,670
Owens & Minor, Inc.		1,148		50,684
Pacira BioSciences, Inc.* (a)		680		45,349
Phibro Animal Health Corp., Class A		317		6,752
Prestige Consumer Healthcare, Inc.*		764		45,481
RadNet, Inc.*		658		16,233
REGENXBIO, Inc.*		566		14,835
Select Medical Holdings Corp.		1,626		37,642
Supernus Pharmaceuticals, Inc.*		814		26,007
Surmodics, Inc.*		212		9,515
Tabula Rasa HealthCare, Inc.* (a)		352		2,006
Tactile Systems Technology, Inc.*		299		6,088
Tivity Health, Inc.*		688		18,769


	Number of Shares		Value
Health Care (Continued)
US Physical Therapy, Inc.		201	$	18,486
Vanda Pharmaceuticals, Inc.*		876		9,951
Vericel Corp.*		696		28,682
Xencor, Inc.*		894		27,991

(Cost $1,263,205)				1,213,405

Industrials — 17.8%
AAR Corp.*		502		22,560
ABM Industries, Inc.		1,031		46,220
AeroVironment, Inc.*		347		24,654
Alamo Group, Inc.		153		21,284
Albany International Corp., Class A		496		43,559
Applied Industrial Technologies, Inc.		582		58,840
ArcBest Corp.		391		36,238
Arcosa, Inc.		743		39,134
Astec Industries, Inc.		349		17,380
Atlas Air Worldwide Holdings, Inc.*		415		32,519
AZZ, Inc.		365		17,969
Barnes Group, Inc.		697		32,376
Boise Cascade Co.		598		47,804
Brady Corp., Class A		736		33,915
Chart Industries, Inc.*		539		77,832
CIRCOR International, Inc.*		311		8,378
Comfort Systems USA, Inc.		548		47,117
CoreCivic, Inc.*		1,812		16,507
Deluxe Corp.		660		20,533
Encore Wire Corp.		311		36,207
Enerpac Tool Group Corp.		894		15,421
EnPro Industries, Inc.		316		34,899
ESCO Technologies, Inc.		388		26,993
Exponent, Inc.		787		74,576
Federal Signal Corp.		937		33,835
Forward Air Corp.		413		42,613
Franklin Electric Co., Inc.		587		49,637
GEO Group, Inc. REIT*		1,777		10,591
GMS, Inc.*		652		35,371
Granite Construction, Inc.		705		21,340
Greenbrier Cos., Inc.		488		21,682
Harsco Corp.*		1,178		14,030
Heartland Express, Inc.		735		10,555
Heidrick & Struggles International, Inc.		307		13,124
Hillenbrand, Inc.		1,109		52,910
HNI Corp.		648		26,367
Hub Group, Inc., Class A*		521		43,972
Interface, Inc.		927		12,097
John Bean Technologies Corp.		481		54,531
Kaman Corp.		421		18,276
Kelly Services, Inc., Class A		573		12,159
Lindsay Corp.		164		21,518
Marten Transport Ltd.		887		15,301
Matson, Inc.		638		70,671
Meritor, Inc.*		1,082		38,530
Mueller Industries, Inc.		873		49,805
MYR Group, Inc.*		260		23,335
National Presto Industries, Inc.		73		5,803
Pitney Bowes, Inc.		2,573		12,814
Powell Industries, Inc.		139		2,938


	Number of Shares		Value
Industrials (Continued)
Proto Labs, Inc.*		411	$	23,111
SPX Corp.*		689		34,932
SPX FLOW, Inc.		637		54,712
Standex International Corp.		183		19,385
Tennant Co.		278		21,901
Titan International, Inc.*		854		9,565
Triumph Group, Inc.*		995		24,915
UniFirst Corp.		232		42,050
US Ecology, Inc.*		474		22,487
Veritiv Corp.*		215		23,042
Viad Corp.*		324		11,321
Wabash National Corp.		727		12,388

(Cost $1,786,728)				1,846,529

Information Technology — 14.2%
8x8, Inc.*		1,751		22,693
ADTRAN, Inc.		736		15,154
Advanced Energy Industries, Inc.		575		49,364
Agilysys, Inc.*		297		12,483
Badger Meter, Inc.		446		44,337
Benchmark Electronics, Inc.		538		14,063
Bottomline Technologies DE, Inc.*		579		32,795
Cohu, Inc.*		724		22,574
CSG Systems International, Inc.		492		30,366
CTS Corp.		490		18,591
Diodes, Inc.*		682		61,100
Ebix, Inc.		353		10,417
EVERTEC, Inc.		915		36,929
ExlService Holdings, Inc.*		504		60,878
Extreme Networks, Inc.*		1,935		22,233
Fabrinet*		561		56,173
FARO Technologies, Inc.*		284		15,546
FormFactor, Inc.*		1,192		48,264
Ichor Holdings Ltd.*		441		15,536
Insight Enterprises, Inc.*		529		55,016
Itron, Inc.*		691		32,940
Knowles Corp.*		1,420		30,928
Kulicke & Soffa Industries, Inc.		948		49,524
LivePerson, Inc.*		979		19,854
MaxLinear, Inc.*		1,070		65,645
Methode Electronics, Inc.		570		26,015
NETGEAR, Inc.*		446		11,868
OneSpan, Inc.*		506		6,973
Onto Innovation, Inc.*		745		64,226
PDF Solutions, Inc.*		457		12,504
Plantronics, Inc.*		644		18,141
Plexus Corp.*		433		35,277
Progress Software Corp.		667		29,401
Rogers Corp.*		283		77,259
Sanmina Corp.*		984		39,144
ScanSource, Inc.*		386		12,190
SPS Commerce, Inc.*		544		70,638
TTEC Holdings, Inc.		272		21,624
TTM Technologies, Inc.*		1,556		19,559
Unisys Corp.*		1,006		21,498
Veeco Instruments, Inc.*		777		22,199
Viavi Solutions, Inc.*		3,600		59,040


	Number of Shares		Value
Information Technology (Continued)
Vonage Holdings Corp.*		3,853	$	78,293

(Cost $1,454,910)				1,469,252

Materials — 5.9%
AdvanSix, Inc.		415		16,625
Allegheny Technologies, Inc.*		1,909		49,138
American Vanguard Corp.		438		6,601
Balchem Corp.		489		67,648
Carpenter Technology Corp.		740		28,409
Century Aluminum Co.*		751		17,739
Clearwater Paper Corp.*		254		7,323
Ferro Corp.*		1,275		27,706
GCP Applied Technologies, Inc.*		821		25,927
Glatfelter Corp.		643		8,835
Hawkins, Inc.		285		12,899
Haynes International, Inc.		198		7,239
HB Fuller Co.		798		54,559
Innospec, Inc.		379		36,194
Kaiser Aluminum Corp.		245		23,642
Koppers Holdings, Inc.*		327		9,362
Kraton Corp.*		484		22,337
Livent Corp.*		2,453		57,768
Mercer International, Inc.		620		8,289
Neenah, Inc.		256		9,971
Stepan Co.		325		33,676
SunCoke Energy, Inc.		1,302		10,325
TimkenSteel Corp.*		607		10,944
Tredegar Corp.		429		4,938
Trinseo PLC		582		30,241
Warrior Met Coal, Inc.		789		24,853

(Cost $574,505)				613,188

Real Estate — 8.2%
Acadia Realty Trust REIT		1,358		29,115
Agree Realty Corp. REIT		1,059		67,935
Alexander & Baldwin, Inc. REIT		1,113		24,965
American Assets Trust, Inc. REIT		802		29,321
Armada Hoffler Properties, Inc. REIT		910		13,359
Brandywine Realty Trust REIT		2,571		34,271
CareTrust REIT, Inc. REIT		1,488		26,040
Centerspace REIT		213		20,020
Chatham Lodging Trust REIT*		769		10,574
Community Healthcare Trust, Inc. REIT		353		14,720
DiamondRock Hospitality Co. REIT*		3,177		30,340
Diversified Healthcare Trust REIT		3,538		10,189
Easterly Government Properties, Inc. REIT		1,290		26,858
Four Corners Property Trust, Inc. REIT		1,190		31,392
Getty Realty Corp. REIT		592		16,310
Hersha Hospitality Trust REIT*		511		4,717
Independence Realty Trust, Inc. REIT		1,605		40,558
iStar, Inc. REIT (a)		1,045		26,250
LTC Properties, Inc. REIT (a)		606		20,501
LXP Industrial Trust REIT		4,293		66,370
Office Properties Income Trust REIT		712		17,836
Realogy Holdings Corp.*		1,751		31,833
Retail Opportunity Investments Corp. REIT		1,812		32,906


	Number of Shares		Value
Real Estate (Continued)
RPT Realty REIT		1,252	$	16,213
SITE Centers Corp. REIT		2,739		42,591
Summit Hotel Properties, Inc. REIT*		1,657		16,388
Tanger Factory Outlet Centers, Inc. REIT		1,604		26,755
Uniti Group, Inc. REIT		3,599		46,679
Washington Real Estate Investment Trust REIT		1,302		30,415
Whitestone REIT		703		8,281
Xenia Hotels & Resorts, Inc. REIT*		1,738		32,223

(Cost $792,926)				845,925

Utilities — 1.0%
California Water Service Group		801		45,601
South Jersey Industries, Inc.		1,721		58,394

(Cost $91,181)				103,995

TOTAL COMMON STOCKS (Cost $10,137,665)				10,326,760

EXCHANGE-TRADED FUNDS — 0.2%
iShares Core S&P Small-Cap ETF (Cost $23,351)		205		22,081

SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c) (Cost $54,608)		54,608		54,608

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $4,559)		4,559		4,559


TOTAL INVESTMENTS — 100.5% (Cost $10,220,183)			$	10,408,008
Other assets and liabilities, net — (0.5%)				(50,569	)

NET ASSETS — 100.0%			$	10,357,439

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

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

As of February 28, 2022, the Trust consists of thirty-six investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

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

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

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

The Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR is comprised of large and mid-capitalization companies in emerging markets countries that meet certain environmental, social and governance (“ESG”) criteria and/or have committed to greenhouse gas emissions reduction targets. The Under-lying Index is then weighted in such a manner seeking to align its constituent companies’ greenhouse gas emissions with the long-term global warming target of the Paris Climate Agreement. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The MSCI EAFE ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. The annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

The MSCI Emerging Markets ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies across emerging markets countries. The annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

MSCI USA ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies in the U.S market. The annual review of the Underlying Index takes place in May and it is rebalanced in August, November and February, and thus the Fund updates and rebalances its portfolio in a corresponding fashion.

S&P 500 ESG Index is a broad-based, market capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P 500 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

S&P MidCap 400 ESG Index is a broad-based, market capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

S&P SmallCap 600 ESG is a broad-based, market capitalization weighted index that provides exposure to companies with high ESG performance relative to their sector peers, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

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

Each Fund, except Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF and Xtrackers MSCI USA ESG Leaders Equity ETF (effective March 7, 2022), is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. Each Fund 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 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.

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.

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

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. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.

the policy of Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF and Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF to pay out dividends from its net investment income, if any, to investors semi-annually. It is the policy of Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF to pay out dividends from its net investment income, if any, to investors quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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

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

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

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

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

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, 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 February 28, 2022, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 28, 2022, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.06% annualized effective rate as of February 28, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 28, 2022, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended February 28, 2022, Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF and Xtrackers S&P 500 ESG ETF utilized futures in order to simulate investment in the Funds’ 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 February 28, 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 February 28, 2022 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 28, 2022 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

For the period ended February 28, 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 was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:

The Advisor for the Xtrackers MSCI USA ESG Leaders Equity ETF has voluntarily elected to waive its fees and/or reimburse Fund expenses to the extent necessary to maintain the Fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at 0.09% of the Fund’s average daily net assets. Any voluntary waiver or reimbursement implemented by the Advisor may be eliminated by the Advisor at any time. For the period ended February 28, 2022, the Advisor waived $189,500 of expenses to the Fund.

The Advisor for the Xtrackers S&P 500 ESG ETF has contractually agreed through December 16, 2022 to waive its fees and/or reimburse fund expenses to the extent necessary to prevent the operating expenses of the fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.10% of the fund’s average daily net assets. This agreement may only be terminated by the Fund’s Board (and may not be terminated by the Advisor) prior to that time. For the period ended February 28, 2022, the Advisor waived $40,598 of expenses to the Fund.

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

Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.

ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.

The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).

For the period ended February 28, 2022, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

For the period ended February 28, 2022, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

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 February 28, 2022, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility; currency revaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients); higher rates of inflation; greater political, economic and social uncertainty; higher market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; restrictions on foreign ownership; custody risks associated with investing through Shanghai — Hong Kong and Shenzhen — Hong Kong Stock Connect programs, Renminbi Qualified Foreign Institutional Investor program or other programs to access the Chinese securities markets, both interim and permanent market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable; and different and less stringent financial reporting standards. In addition, in June 2021, President Biden issued an executive order (“CMIC Order”) prohibiting U.S. persons, including the Funds, from purchasing or selling publicly traded securities (including publicly traded securities that are derivative of, or designed to provide exposure to, such securities) of any Chinese company identified as a “Chinese Military-Industrial Complex Company” (“CMIC”). This prohibition, effective August 2, 2021, expands on similar sanctions imposed by the prior administration on certain designated Chinese military companies (“CCMCs”) that took effect in January 2021. To the extent that any company in an Underlying Index is identified as a CMIC at any time (or was previously designated as a CCMC), it may have material adverse effect on a fund’s ability to track its Underlying Index.

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders 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 February 28, 2022.

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

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.

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF

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.

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 three 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 experience a temporary breach of 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). The breach was caused by the temporary reclassification of Chinese securities as illiquid due to an extended Chinese and Taiwan holiday market closure in February 2021. The temporary reclassification of Chinese securities caused the Fund to exceed the 15% limit on illiquid investments. Because a notification to the Fund’s board of the anticipated extended holiday closure was made before the start of the holiday closure no filing on Form N-LIQUID was required. Also, because the holiday closure was anticipated in advance, no actions were needed to rebalance the Fund’s portfolio. 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 Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG 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 Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF, Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF, and Xtrackers S&P SmallCap 600 ESG ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

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

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

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

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

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

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

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

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

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

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

The Board considered, however, the following additional factors in connection with the following Fund:

The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

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

Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

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

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

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 at a price above (i.e.,at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

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

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

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

Investing involves risk, including the possible loss of principal. ESG criteria in a Fund’s investment strategy does not guarantee a return or protect against 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. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US 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. Stocks of medium-sized companies involve greater risk than securities of larger, more established companies. Small company stocks tend to be more volatile than medium-sized or large company stocks. Each Fund, except EASG, EMCR and USSG is currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

The U.S. government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies. To the extent that an Underlying Index includes such a security and the Fund excludes it, the Fund’s tracking error may increase and the performance of the Fund and Underlying Index may diverge.

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 its investments.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. 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.

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.

The S&P 400 ESG Index, S&P 500 ESG Index and S&P 600 ESG Index are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and have been licensed for use by DBX Advisors. S&P^®, S&P 400^®, S&P 500^® and S&P 600^®, are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by DBX Advisors. The ESG Scores used in the Indexes are calculated by SAM. DBX Advisors LLC. Xtrackers ETFs are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates or SAM, and none of such parties make any representation regarding the advisability of investing in such ETFs, nor do they have any liability for any errors, omissions, or interruptions of the S&P 400 ESG Index, S&P 500 ESG Index and S&P 600 ESG Index.

EMCR (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 Indexes to track general stock market performance. Neither Solactive nor any other party makes any express or implied warranties, and Solactive hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Underlying Indexes or any data included therein. The prospectus contains a more detailed description of the limited relationship Solactive has with DBX Advisors LLC and any related funds.

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.

To our Shareholders: (Unaudited)

Dear Shareholder,

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

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

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

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

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

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

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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


*Quality as of February 28, 2022**


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

Total		100.0%

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


*Sector Diversification as of February 28, 2022**


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

Total			100.0%

Modified duration to worst as of February 28, 2022: 4.8 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 10.

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


*Quality as of February 28, 2022**


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

Total		100.0%


*Sector Diversification as of February 28, 2022**


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

Total			100.0%

Modified duration to worst as of February 28, 2022: 3.6 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 22.

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


*Sector Diversification as of February 28, 2022**


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

Total			100.0%

Modified duration to worst as of February 28, 2022: 4.2 years

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

*As a percentage of total investments excluding cash equivalents. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.

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

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


*Quality as of February 28, 2022**


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

Total		100.0%


*Sector Diversification as of February 28, 2022**


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

Total			100.0%

Modified duration to worst as of February 28, 2022: 2.2 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 35.

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


*Quality as of February 28, 2022**


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

Total		100.0%


*Sector Diversification as of February 28, 2022**


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

Total			100.0%

Modified duration to worst as of February 28, 2022: 4.2 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 44.

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

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

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

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


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

(Cost $619,729)				578,104

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

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

(Cost $58,590)				58,581

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


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

(Cost $194,877)				184,056

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

(Cost $223,990)				220,313

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

(Cost $109,869)				105,172

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


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


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

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

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


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

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

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

(Cost $255,971)				265,436

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

(Cost $90,863)				87,724

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

(Cost $331,279)				325,603

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


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

(Cost $132,540)				121,921

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

(Cost $595,502)				572,418

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

(Cost $92,342)				90,505


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

(Cost $123,236)				117,294

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

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

(Cost $41,407)				38,730

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

(Cost $883,444)				863,672

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


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

(Cost $593,259)				568,050

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


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

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

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

(Cost $52,728)				49,220

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


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

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

(Cost $967,052)				929,226

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


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

(Cost $68,383)				67,259

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

(Cost $372,302)				356,184

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

(Cost $274,090)				261,030

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


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

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

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

(Cost $81,921)				73,216

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


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

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

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

(Cost $57,234)				54,602

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


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

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

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


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

(Cost $206,864)				202,931

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

(Cost $905,135)				879,651


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

(Cost $106,502)				100,942

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

(Cost $827,821)				783,986

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


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

(Cost $263,008)				254,459

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

(Cost $223,336)				216,319

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


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

(Cost $741,032)				710,681

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

(Cost $122,231)				116,184

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


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

(Cost $591,586)				588,701

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

(Cost $322,620)				306,547

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

(Cost $49,551)				45,278

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

(Cost $117,181)				112,692

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

(Cost $51,402)				47,903

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

(Cost $216,157)				202,495


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

(Cost $73,293)				69,767

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

(Cost $45,159)				44,533

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

(Cost $471,321)				458,428

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

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

(Cost $89,701)				88,847


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

(Cost $330,365)				316,294

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

(Cost $47,335)				45,179

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

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


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

(Cost $540,674)				523,236

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

(Cost $537,854)				491,102

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


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

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


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

NET ASSETS — 100.0%			$	22,732,747

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


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

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

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

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

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

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

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

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


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

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

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


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

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

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


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

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

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

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

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

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

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


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

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

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

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

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

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

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


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

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

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

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

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

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


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

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

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

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

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

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

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

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


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

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

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

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

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

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


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

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

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

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

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

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


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

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

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

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


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

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

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

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


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

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

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

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


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

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

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

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

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


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

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

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

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

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

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

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


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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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


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

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

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

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

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

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


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

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

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

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

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


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

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


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

NET ASSETS — 100.0%			$	1,531,203,016

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


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

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

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


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

NET ASSETS — 100.0%			$	29,226,234

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


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

(Cost $952,104)				864,396

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

(Cost $221,166)				221,205

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

(Cost $621,067)				602,087

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

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

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

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


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

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

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


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

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

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

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

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

(Cost $401,821)				391,366

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


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

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

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

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

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

(Cost $518,645)				519,346

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


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

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

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

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

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

(Cost $812,372)				788,064

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

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

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


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

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

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

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

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


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

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

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

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

(Cost $304,912)				302,969

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

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


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

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

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

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

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


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

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


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

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

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

(Cost $332,271)				325,874

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


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

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

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

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

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


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

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

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

(Cost $914,466)				905,622

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

(Cost $308,332)				304,719

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


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

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

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

(Cost $715,593)				705,760

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


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

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

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

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

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

(Cost $315,072)				309,107

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

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

(Cost $570,184)				563,337

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

(Cost $412,528)				407,034

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


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

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

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

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

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

(Cost $956,628)				936,029

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

(Cost $337,795)				337,026

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

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


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

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

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

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

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

(Cost $435,741)				411,106

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


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

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


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

NET ASSETS — 100.0%			$	87,800,784

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


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

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

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

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


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

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

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

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

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

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


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

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

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


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


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

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

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


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


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

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

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

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

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


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

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

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

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

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


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

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

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

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

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


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


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

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

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

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

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

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

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

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

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

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

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


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

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

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


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

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

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


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


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

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

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

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

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

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

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

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

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


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


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

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

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

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

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

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


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

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

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


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

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

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

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

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


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

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

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

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


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


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


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

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

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

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

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


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


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

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

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

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


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


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

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

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

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

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


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

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

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


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

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

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

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


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

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

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

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

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


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

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

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

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

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

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

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

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

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

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


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

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

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


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

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

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

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

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

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

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

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

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


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

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

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

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

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


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

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

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

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

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


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

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

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


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

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


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

NET ASSETS — 100.0%			$	4,802,401,285

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

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

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

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

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.

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

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

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

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.

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

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

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of February 28, 2022, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 28, 2022, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.06% annualized effective rate as of February 28, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 28, 2022, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.

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

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

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

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

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

The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).

For the period ended February 28, 2022, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

For the period ended February 28, 2022, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

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

As of February 28, 2022, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

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

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to borrow up to $105 million. The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain the Fund’s status as a regulated

investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. The Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at February 28, 2022.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

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.

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

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

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semiannual report on four of our equity ETFs for the period ended February 28, 2022.

Global equities posted strong results, supported by economic resilience and robust corporate earnings, even though the Omicron variant of the coronavirus-induced lockdowns and Russia’s full-fledged military invasion of Ukraine kept investors wary. As the period ended, developed markets outperformed emerging markets – Japan and the UK recovered faster than other regions owing to better management of Omicron-related cases.

The U.S. economy recovered steadily, supported by growing personal consumption expenditure and manufacturing activity. Despite the receding number of Omicron infections, consumer confidence remained weak owing to a less favorable long-term economic outlook. Markets gained during Q4 2021 on the back of stable economic data and rising corporate earnings. Notwithstanding this advance, U.S. equities have witnessed heightened volatility so far in 2022, due to rising energy prices, coupled with concerns regarding the Federal Reserve’s tightening monetary policy. Labor-market data indicated falling unemployment rates. However, as inflation jumped to the highest level in 40 years, the Federal Reserve indicated a hawkish stance and confirmed tapering of bond purchases by March 2022.

Within the Eurozone, the manufacturing sector struggled, due to supply-chain bottlenecks, escalating input costs, and weak consumer confidence. Amid rising geopolitical risks and gas supply concerns, inflation reached an all-time high. Although the European Central Bank (ECB) plans to end its bond buying under the Pandemic Emergency Purchase Programme by the end of March, quantitative easing would continue through the older Asset Purchase Programme. The ECB expects to defer interest rate hikes until then.

The UK economy expanded, backed by higher government spending and household expenditure. Elsewhere, Japan turned out to be the most resilient of developed nations, experiencing the strongest economic recovery. Economic growth was aided by expanding household consumption and business investment amid declining coronavirus cases and easing restrictions.

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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 FTSE Developed ex US Multifactor 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 FTSE Developed ex US Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Under-lying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). It is not possible to invest directly into an index.

Country Diversification * as of February 28, 2022


Japan			26.2%
Australia			11.1%
United Kingdom			10.9%
Canada			6.1%
Sweden			5.6%
Switzerland			4.5%
South Korea			4.4%
Germany			3.7%
France			3.7%
Israel			3.2%
Netherlands			2.6%
Hong Kong			2.4%
Singapore			2.1%
Other			13.5%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.

Xtrackers MSCI Kokusai 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 Kokusai Index (the “Underlying Index”). The MSCI Kokusai Index is also known as the MSCI World ex Japan Index. The Underlying Index is designed to track the performance of equity markets in developed markets (excluding Japan). It is not possible to invest directly into an index.

* 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 21.

Xtrackers Russell 1000 US Quality at a Reasonable Price 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 Russell 1000 2Qual/Val 5% Capped Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 35.

Xtrackers Russell US Multifactor 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 Russell 1000 Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.

* 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 40.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2021 to February 28, 2022).


	Number of Shares		Value
COMMON STOCKS — 99.3%
Australia — 11.1%
Adbri Ltd.		6,728	$	16,111
ALS Ltd.		8,225		70,607
Alumina Ltd.		45,469		65,164
Ampol Ltd.		502		10,735
Ansell Ltd.		4,452		83,026
APA Group (a)		6,482		47,272
Aristocrat Leisure Ltd.		2,892		78,214
ASX Ltd.		2,855		170,566
Aurizon Holdings Ltd.		43,600		110,734
Australia & New Zealand Banking Group Ltd.		2,436		45,977
Bank of Queensland Ltd.		8,346		48,450
Bendigo & Adelaide Bank Ltd.		14,683		102,392
BHP Group Ltd.		10,442		353,554
BlueScope Steel Ltd.		16,220		238,226
Boral Ltd.		1,820		4,794
Brambles Ltd.		31,390		225,504
carsales.com Ltd.		3,773		56,126
Challenger Ltd.		9,674		47,385
Charter Hall Group REIT		12,875		156,678
Cleanaway Waste Management Ltd.		17,252		34,677
Cochlear Ltd.		876		141,691
Coles Group Ltd.		16,273		205,232
Commonwealth Bank of Australia		981		66,531
Computershare Ltd.		12,146		190,906
CSL Ltd.		160		30,185
CSR Ltd.		32,776		136,044
Deterra Royalties Ltd.		10,130		32,785
Dexus REIT		45,784		362,797
Domino’s Pizza Enterprises Ltd.		856		49,040
Downer EDI Ltd.		28,738		105,103
Endeavour Group Ltd.		23,138		120,217
Fortescue Metals Group Ltd.		2,415		31,807
Goodman Group REIT		14,583		235,241
GPT Group REIT		3,571		12,801
Harvey Norman Holdings Ltd.		32,879		125,258
IDP Education Ltd.		496		9,452
IGO Ltd.		1,716		13,610
Iluka Resources Ltd.		18,060		140,095
Incitec Pivot Ltd.		18,476		41,428
Insurance Australia Group Ltd.		6,069		20,258
JB Hi-Fi Ltd.		3,117		111,532
Lendlease Corp. Ltd. (a)		3,724		28,537
Macquarie Group Ltd.		680		89,204
Magellan Financial Group Ltd.		340		4,540
Medibank Pvt Ltd.		186,169		429,598
Metcash Ltd.		76,836		229,715
Mineral Resources Ltd.		2,948		96,800
Mirvac Group REIT		161,520		303,566
National Australia Bank Ltd.		1,511		31,731
Newcrest Mining Ltd.		1,510		28,127
Orica Ltd.		889		9,412
Origin Energy Ltd.		2,071		8,566
Orora Ltd.		69,648		188,515
OZ Minerals Ltd.		4,090		75,682
Perpetual Ltd.		2,046		52,246


	Number of Shares		Value
Australia (Continued)
Platinum Asset Management Ltd.		10,004	$	17,277
Qube Holdings Ltd.		17,610		37,953
Ramsay Health Care Ltd.		817		37,925
REA Group Ltd.		599		57,237
Reece Ltd.		6,715		94,385
Rio Tinto Ltd.		3,466		297,210
Santos Ltd.		4,975		26,209
SEEK Ltd.		1,277		24,714
Seven Group Holdings Ltd.		1,456		23,445
Shopping Centres Australasia Property Group REIT		84,461		177,738
Sonic Healthcare Ltd.		14,333		364,546
South32 Ltd.		49,700		173,472
Star Entertainment Group Ltd. *		2,517		6,119
Stockland REIT		57,692		174,155
Suncorp Group Ltd.		35,094		274,268
Tabcorp Holdings Ltd.		45,196		163,654
Telstra Corp. Ltd.		40,644		116,794
Transurban Group (a)		8,536		78,604
Treasury Wine Estates Ltd.		8,583		72,372
Washington H Soul Pattinson & Co. Ltd.		5,853		106,945
Wesfarmers Ltd.		6,681		233,628
Westpac Banking Corp.		3,474		57,502
Woodside Petroleum Ltd.		1,137		23,547
Woolworths Group Ltd.		9,527		245,352

(Cost $8,250,438)				8,609,495

Austria — 0.4%
ANDRITZ AG		2,797		125,664
Erste Group Bank AG		357		12,827
Raiffeisen Bank International AG		558		9,194
Telekom Austria AG *		7,572		62,001
Verbund AG		309		37,484
voestalpine AG		2,166		71,623

(Cost $308,448)				318,793

Belgium — 1.1%
Ackermans & van Haaren NV		302		56,648
Ageas SA/NV		975		47,068
D’ieteren Group		243		39,440
Elia Group SA/NV		155		22,389
Etablissements Franz Colruyt NV		559		22,402
Groupe Bruxelles Lambert SA		389		40,608
KBC Group NV		154		11,160
Proximus SADP		5,332		106,363
Sofina SA		576		224,626
Solvay SA		395		44,242
Telenet Group Holding NV		1,137		39,717
UCB SA		246		26,995
Umicore SA		1,184		48,793
Warehouses De Pauw CVA REIT		2,640		104,436

(Cost $781,384)				834,887

Canada — 6.1%
Alimentation Couche-Tard, Inc.		2,539		99,590
Bank of Montreal		467		53,289
Bank of Nova Scotia		2,056		148,889
Barrick Gold Corp.		233		5,263


	Number of Shares		Value
Canada (Continued)
BCE, Inc.		1,066	$	55,950
Brookfield Asset Management, Inc., Class A		528		28,836
Canadian Imperial Bank of Commerce		463		58,564
Canadian National Railway Co.		269		33,348
Canadian Pacific Railway Ltd.		1,613		113,502
Canadian Tire Corp. Ltd., Class A		1,899		279,786
Canadian Utilities Ltd., Class A		2,582		71,861
CGI, Inc.*		1,820		149,118
Constellation Software, Inc.		101		170,105
Dollarama, Inc.		2,181		112,631
Enbridge, Inc.		1,696		73,223
Fairfax Financial Holdings Ltd.		399		193,295
Fortis, Inc.		3,149		144,198
Franco-Nevada Corp.		251		36,939
George Weston Ltd.		2,955		320,208
Great-West Lifeco, Inc.		2,527		75,968
Hydro One Ltd., 144A		5,374		132,618
IGM Financial, Inc.		3,626		128,733
Intact Financial Corp.		1,219		174,717
Loblaw Cos. Ltd.		3,614		281,717
Magna International, Inc.		2,421		179,750
Manulife Financial Corp.		5,801		117,452
Metro, Inc.		2,418		126,128
National Bank of Canada		1,510		120,993
Nutrien Ltd.		1,019		87,579
Power Corp. of Canada		7,021		216,384
Restaurant Brands International, Inc.		165		9,230
Rogers Communications, Inc., Class B		4,443		229,410
Royal Bank of Canada		288		31,837
Saputo, Inc.		3,220		78,853
Shaw Communications, Inc., Class B		6,611		198,119
Sun Life Financial, Inc. (b)		3,006		157,985
TC Energy Corp.		1,502		80,645
TELUS Corp.		2,171		54,791
Thomson Reuters Corp.		526		53,149
Toronto-Dominion Bank		837		67,496
Wheaton Precious Metals Corp.		217		9,502

(Cost $4,093,268)				4,761,651

Chile — 0.0%
Antofagasta PLC
(Cost $22,753)		1,477		30,143

China — 0.4%
Lenovo Group Ltd.		142,257		158,211
Tingyi Cayman Islands Holding Corp.		12,174		26,922
Uni-President China Holdings Ltd.		18,772		19,460
Want Want China Holdings Ltd.		68,295		72,633

(Cost $232,609)				277,226

Denmark — 1.4%
A.P. Moller — Maersk A/S, Class A		27		81,132
A.P. Moller — Maersk A/S, Class B		11		34,914
Carlsberg A/S, Class B		1,129		165,739
Chr Hansen Holding A/S		87		6,366
Coloplast A/S, Class B		453		68,280
Demant A/S*		824		34,826


	Number of Shares		Value
Denmark (Continued)
DSV A/S		570	$	105,607
Genmab A/S*		137		46,132
GN Store Nord AS		372		19,688
H Lundbeck A/S		110		2,673
Novo Nordisk A/S, Class B		559		57,575
Novozymes A/S, Class B		1,946		127,881
Orsted AS, 144A		182		23,667
Pandora A/S		215		22,258
ROCKWOOL International A/S, Class B		98		33,754
Royal Unibrew A/S		1,096		116,906
SimCorp A/S		404		36,615
Tryg A/S		2,323		52,826
Vestas Wind Systems A/S		1,071		35,174

(Cost $971,753)				1,072,013

Finland — 1.7%
Elisa OYJ		2,237		124,499
Fortum OYJ		9,890		209,283
Huhtamaki OYJ (b)		1,354		49,715
Kesko OYJ, Class B		11,059		327,182
Kojamo OYJ		1,808		42,158
Kone OYJ, Class B		864		50,832
Neste OYJ (b)		190		7,508
Nokia OYJ*		1,094		5,944
Nokian Renkaat OYJ		4,860		92,799
Nordea Bank Abp		2,185		24,414
Orion OYJ, Class B		654		30,845
Sampo OYJ, Class A		258		12,275
Stora Enso OYJ, Class R		1,498		28,890
UPM-Kymmene OYJ		3,398		118,316
Valmet OYJ		4,407		153,943
Wartsila OYJ Abp		6,202		70,149

(Cost $1,475,945)				1,348,752

France — 3.7%
Air Liquide SA		244		40,753
ALD SA, 144A		786		11,035
Amundi SA, 144A		346		24,250
Arkema SA		407		54,354
AXA SA		1,183		32,255
BioMerieux		82		9,037
BNP Paribas SA		153		9,024
Bollore SA		13,559		69,111
Bouygues SA		1,501		53,983
Bureau Veritas SA		2,336		67,327
Capgemini SE		554		117,170
Carrefour SA		12,524		251,799
Cie de Saint-Gobain		1,649		103,628
Cie Generale des Etablissements Michelin SCA		1,872		260,726
Danone SA		1,045		63,746
Dassault Systemes SE		548		26,769
Edenred		993		45,606
Eiffage SA		556		57,029
Electricite de France SA		734		6,703
Engie SA		4,481		71,812
EssilorLuxottica SA		163		28,693


	Number of Shares		Value
France (Continued)
Eurazeo SE		97	$	7,545
Getlink SE		663		10,902
Hermes International		6		8,370
ICADE REIT (b)		131		8,137
Imerys SA		296		12,700
Ipsen SA		94		11,007
JCDecaux SA*		375		10,623
Kering SA		5		3,578
Legrand SA		1,298		123,660
L’Oreal SA		11		4,386
Orange SA		16,209		196,879
Orpea SA		154		6,407
Pernod Ricard SA		185		40,655
Publicis Groupe SA		3,911		261,989
Remy Cointreau SA		130		25,217
Renault SA*		565		18,112
Rexel SA*		1,123		24,969
Rubis SCA		1,181		37,102
Sanofi		369		38,740
Sartorius Stedim Biotech		34		13,114
Schneider Electric SE		307		48,199
SCOR SE		398		13,022
SEB SA		356		52,262
Sodexo SA		286		24,125
Teleperformance		361		134,577
Thales SA		472		54,553
TotalEnergies SE (b)		202		10,344
Ubisoft Entertainment SA*		125		6,788
Veolia Environnement SA		6,042		211,803
Vinci SA		402		42,678
Vivendi SE		1,739		22,091
Wendel SE		42		4,295

(Cost $2,652,663)				2,893,639

Germany — 3.5%
1&1 AG		454		10,923
adidas AG		51		12,147
Allianz SE		84		19,181
BASF SE		923		61,425
Bayerische Motoren Werke AG		579		56,293
Bechtle AG		358		18,517
Beiersdorf AG		402		40,827
Brenntag SE		3,363		282,846
Carl Zeiss Meditec AG		217		34,330
Continental AG*		240		20,703
Covestro AG, 144A		579		30,702
Daimler Truck Holding AG*		290		8,853
Deutsche Boerse AG		62		10,634
Deutsche Post AG		1,639		83,136
Deutsche Telekom AG		1,530		27,547
Deutsche Wohnen SE		320		13,374
E.ON SE		22,882		311,446
Evonik Industries AG		1,923		58,080
Fielmann AG		79		4,712
Fresenius Medical Care AG & Co. KGaA		824		53,051
Fresenius SE & Co. KGaA		1,820		63,913
FUCHS PETROLUB SE		574		18,104


	Number of Shares		Value
Germany (Continued)
GEA Group AG		1,820	$	79,868
Hannover Rueck SE		166		30,727
HeidelbergCement AG		599		39,116
Henkel AG & Co. KGaA		269		20,727
HOCHTIEF AG		84		5,687
Infineon Technologies AG		138		4,765
KION Group AG		111		8,997
Knorr-Bremse AG		166		14,730
LANXESS AG		1,440		70,487
LEG Immobilien SE		1,538		199,179
Mercedes-Benz Group AG		565		44,530
Merck KGaA		752		149,967
METRO AG*		5,385		50,565
MTU Aero Engines AG		94		22,827
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		113		31,369
ProSiebenSat.1 Media SE		2,078		28,627
Puma SE		191		17,587
Rational AG		32		23,650
Rheinmetall AG		206		30,912
RWE AG		3,600		167,766
SAP SE		56		6,373
Scout24 SE, 144A		562		32,951
Siemens AG		141		20,059
Siemens Energy AG		1,433		34,493
Siemens Healthineers AG, 144A		293		18,916
Symrise AG		406		48,566
Talanx AG		237		10,424
Telefonica Deutschland Holding AG		15,791		43,366
Uniper SE		2,489		79,676
United Internet AG		470		16,027
Vitesco Technologies Group AG*		114		4,834
Vonovia SE		1,657		88,404
Wacker Chemie AG		131		20,415
Zalando SE, 144A*		163		10,908

(Cost $2,612,635)				2,718,239

Hong Kong — 2.4%
AIA Group Ltd.		2,686		27,930
ASM Pacific Technology Ltd.		1,600		17,487
Bank of East Asia Ltd.		7,365		12,404
BOC Hong Kong Holdings Ltd.		9,952		35,790
Cafe de Coral Holdings Ltd.		1,846		2,830
Chow Tai Fook Jewellery Group Ltd.*		16,039		33,336
CK Asset Holdings Ltd.		20,703		130,757
CK Hutchison Holdings Ltd.		24,381		170,836
CK Infrastructure Holdings Ltd.		7,422		46,069
CLP Holdings Ltd.		10,310		104,964
Dairy Farm International Holdings Ltd.		3,565		9,447
First Pacific Co. Ltd.		11,851		4,641
Hang Lung Group Ltd.		1,899		4,185
Hang Seng Bank Ltd.		1,937		35,747
Henderson Land Development Co. Ltd.		8,574		35,662
Hong Kong & China Gas Co. Ltd.		39,836		60,261
Hong Kong Exchanges & Clearing Ltd.		630		30,445
Hutchison Port Holdings Trust, Class U		261,600		65,400
Hutchison Telecommunications Hong Kong Holdings Ltd.		60,268		9,950


	Number of Shares		Value
Hong Kong (Continued)
Jardine Matheson Holdings Ltd.		800	$	47,600
Johnson Electric Holdings Ltd.		4,966		8,249
Kerry Logistics Network Ltd.		20,731		50,304
Kerry Properties Ltd.		27,641		75,703
Lee & Man Paper Manufacturing Ltd.		5,123		3,291
Link REIT		4,440		35,856
MTR Corp. Ltd.		1,551		8,029
New World Development Co. Ltd.		794		3,176
NWS Holdings Ltd.		10,783		10,585
PCCW Ltd.		35,131		19,603
Power Assets Holdings Ltd.		30,148		190,024
Sino Land Co. Ltd.		53,592		67,421
SITC International Holdings Co. Ltd.		14,118		57,999
Sun Hung Kai Properties Ltd.		5,501		63,995
Swire Pacific Ltd., Class A		3,272		18,090
Swire Pacific Ltd., Class B		11,709		10,999
Swire Properties Ltd.		3,892		10,111
Techtronic Industries Co. Ltd.		2,836		47,365
Towngas Smart Energy Co. Ltd.*		47,385		33,597
VTech Holdings Ltd.		12,801		105,259
WH Group Ltd., 144A		30,128		21,014
Wharf Holdings Ltd.		17,082		61,650
Xinyi Glass Holdings Ltd.		16,334		43,377
Yue Yuen Industrial Holdings Ltd.*		10,200		17,231

(Cost $1,803,092)				1,848,669

Ireland — 0.9%
CRH PLC		1,840		83,594
DCC PLC		359		28,227
Experian PLC		878		34,552
Glanbia PLC (b)		9,203		129,417
James Hardie Industries PLC CDI		5,645		182,900
Kerry Group PLC, Class A		443		52,843
Kingspan Group PLC		616		60,084
Smurfit Kappa Group PLC		1,871		93,036

(Cost $558,819)				664,653

Israel — 3.2%
Airport City Ltd.*		2,157		48,840
Alony Hetz Properties & Investments Ltd.		2,322		40,711
Amot Investments Ltd.		5,334		41,019
Azrieli Group Ltd.		290		24,789
Bank Hapoalim BM		18,265		193,109
Bank Leumi Le-Israel BM		35,379		382,768
Bezeq The Israeli Telecommunication Corp. Ltd.*		29,971		49,275
Big Shopping Centers Ltd.		99		14,633
Elbit Systems Ltd.		425		87,109
Electra Ltd.		60		44,849
First International Bank Of Israel Ltd.		1,923		82,608
Gav-Yam Lands Corp. Ltd.		4,403		53,845
Harel Insurance Investments & Financial Services Ltd.		5,385		65,316
ICL Group Ltd.		20,198		229,362
Israel Corp. Ltd.*		57		29,913
Israel Discount Bank Ltd., Class A		56,960		374,586
Maytronics Ltd.		813		17,493
Melisron Ltd.*		95		7,563


	Number of Shares		Value
Israel (Continued)
Mivne Real Estate KD Ltd.		36,300	$	142,122
Mizrahi Tefahot Bank Ltd.		4,412		172,188
Nice Ltd.*		373		84,446
Nova Ltd.*		460		49,926
Phoenix Holdings Ltd.		6,522		80,979
Shapir Engineering and Industry Ltd. (b)		927		9,139
Shufersal Ltd.		4,608		41,215
Strauss Group Ltd.		830		27,266
Tower Semiconductor Ltd.*		1,587		74,165

(Cost $1,970,591)				2,469,234

Italy — 1.9%
A2A SpA		66,767		119,763
Amplifon SpA		550		23,753
Assicurazioni Generali SpA		3,814		75,953
Atlantia SpA*		412		7,594
Banca Mediolanum SpA		986		8,153
Buzzi Unicem SpA		2,230		42,843
Davide Campari-Milano NV		2,481		27,164
De’ Longhi SpA		928		29,665
DiaSorin SpA		143		21,467
Enel SpA		4,019		29,789
Ferrari NV		114		24,681
FinecoBank Banca Fineco SpA		1,440		24,140
Hera SpA		25,127		97,791
Interpump Group SpA		1,768		96,233
Intesa Sanpaolo SpA		11,533		29,710
Italgas SpA		14,168		91,948
Iveco Group NV*		886		7,409
Leonardo SpA*		1,173		10,540
Mediobanca Banca di Credito Finanziario SpA		2,958		30,985
Moncler SpA		1,442		87,753
Pirelli & C SpA, 144A		7,245		40,224
Poste Italiane SpA, 144A		2,542		29,337
Prysmian SpA		2,532		83,953
Recordati Industria Chimica e Farmaceutica SpA		1,085		53,329
Reply SpA		301		49,259
Snam SpA		18,619		103,832
Telecom Italia SpA		129,243		54,858
Telecom Italia SpA-RSP		93,302		39,058
Terna—Rete Elettrica Nazionale		16,268		134,155
UnipolSai Assicurazioni SpA		3,244		8,854

(Cost $1,500,775)				1,484,193

Japan — 26.1%
ABC-Mart, Inc. (b)		363		15,696
Acom Co. Ltd.		6,000		16,670
Activia Properties, Inc. REIT		8		26,985
Advance Residence Investment Corp. REIT		11		30,753
Advantest Corp.		300		23,625
Aeon Co. Ltd. (b)		3,049		68,763
Aeon Mall Co. Ltd. (b)		300		4,201
AEON REIT Investment Corp. REIT		33		41,001
AGC, Inc.		5,300		234,226
Aica Kogyo Co. Ltd.		714		19,962


	Number of Shares		Value
Japan (Continued)
Ain Holdings, Inc.		300	$	16,670
Air Water, Inc.		7,800		113,233
Aisin Corp.		2,993		108,754
Ajinomoto Co., Inc.		4,800		139,155
Amada Co. Ltd.		6,243		54,909
Amano Corp.		2,600		50,747
Anritsu Corp.		200		2,782
Aozora Bank Ltd.		2,600		58,738
As One Corp.		200		11,999
Asahi Group Holdings Ltd.		392		15,806
Asahi Intecc Co. Ltd.		216		4,606
Asahi Kasei Corp.		14,019		131,152
Astellas Pharma, Inc.		5,783		96,329
Azbil Corp.		3,213		120,793
Bandai Namco Holdings, Inc.		700		50,870
Benesse Holdings, Inc.		300		6,090
Bic Camera, Inc. (b)		1,100		9,541
Bridgestone Corp.		4,324		177,390
Brother Industries Ltd.		5,842		105,808
Calbee, Inc.		280		6,277
Canon Marketing Japan, Inc.		2,600		54,201
Canon, Inc.		10,622		248,869
Capcom Co. Ltd.		408		9,830
Casio Computer Co. Ltd.		698		8,151
Chiba Bank Ltd.		3,700		23,419
Chubu Electric Power Co., Inc.		15,331		153,476
Chugai Pharmaceutical Co. Ltd.		100		3,299
Chugoku Electric Power Co., Inc.		3,283		25,711
Coca-Cola Bottlers Japan Holdings, Inc.		400		5,098
COMSYS Holdings Corp.		3,634		87,494
Concordia Financial Group Ltd.		2,900		11,859
Cosmo Energy Holdings Co. Ltd.		200		4,508
Cosmos Pharmaceutical Corp.		190		26,180
Credit Saison Co. Ltd.		1,100		12,368
CyberAgent, Inc.		300		3,871
Dai Nippon Printing Co. Ltd.		3,907		101,326
Daicel Corp.		8,327		63,840
Daido Steel Co. Ltd.		455		16,395
Daifuku Co. Ltd.		126		9,036
Dai-ichi Life Holdings, Inc.		2,200		45,996
Daikin Industries Ltd.		184		33,876
Daio Paper Corp.		4,900		72,325
Daito Trust Construction Co. Ltd.		3,685		406,974
Daiwa House Industry Co. Ltd.		5,602		159,001
Daiwa House REIT Investment Corp. REIT (b)		26		70,319
Daiwa Office Investment Corp. REIT		2		12,294
Daiwa Securities Group, Inc.		14,245		84,326
DeNA Co. Ltd.		500		7,658
Denka Co. Ltd.		1,000		30,649
Denso Corp.		444		31,021
DIC Corp.		2,700		61,396
Disco Corp.		211		58,899
Dowa Holdings Co. Ltd.		900		40,712
Ebara Corp.		4,400		227,688
Electric Power Development Co. Ltd.		4,576		72,509
ENEOS Holdings, Inc.		20,020		78,881


	Number of Shares		Value
Japan (Continued)
EXEO Group, Inc.		1,072	$	22,208
Ezaki Glico Co. Ltd.		400		13,649
Fancl Corp.		200		5,635
FANUC Corp.		96		17,633
Food & Life Cos. Ltd.		184		6,071
FP Corp.		400		11,322
Fuji Electric Co. Ltd.		888		45,181
Fuji Media Holdings, Inc.		800		8,655
FUJIFILM Holdings Corp.		2,451		154,540
Fujitsu General Ltd.		400		8,585
Fujitsu Ltd.		642		92,335
Fukuoka Financial Group, Inc.		500		9,902
Fukuyama Transporting Co. Ltd.		200		6,885
Fuyo General Lease Co. Ltd.		200		13,058
GLP J REIT (b)		26		38,738
GMO Payment Gateway, Inc.		100		9,525
GS Yuasa Corp.		2,638		56,505
H.U. Group Holdings, Inc.		900		23,716
Hakuhodo DY Holdings, Inc.		1,069		14,071
Hamamatsu Photonics KK		850		42,731
Hankyu Hanshin Holdings, Inc.		167		4,981
Haseko Corp.		4,197		53,421
Hino Motors Ltd.		4,159		38,891
Hirose Electric Co. Ltd.		440		65,518
Hisamitsu Pharmaceutical Co., Inc.		140		4,449
Hitachi Ltd.		3,846		188,669
Hitachi Metals Ltd.*		800		14,218
Hitachi Transport System Ltd.		1,280		67,570
Honda Motor Co. Ltd.		3,345		102,376
Horiba Ltd.		500		28,609
Hoshizaki Corp.		313		21,686
House Foods Group, Inc.		857		22,144
Hoya Corp.		500		64,489
Hulic Co. Ltd.		10,048		91,341
Idemitsu Kosan Co. Ltd.		425		11,365
IHI Corp.		300		6,923
Iida Group Holdings Co. Ltd.		7,800		143,776
Industrial & Infrastructure Fund Investment Corp. REIT		26		38,896
INFRONEER Holdings, Inc.		4,984		44,139
Inpex Corp.		3,299		33,942
Internet Initiative Japan, Inc.		1,100		34,956
Isuzu Motors Ltd.		6,200		83,815
Ito En Ltd.		100		5,730
ITOCHU Corp.		5,636		183,161
Itochu Techno-Solutions Corp.		300		7,707
Itoham Yonekyu Holdings, Inc.		5,600		33,598
Iwatani Corp.		4,200		198,376
Izumi Co. Ltd.		500		13,957
J. Front Retailing Co. Ltd. (b)		1,065		8,895
Japan Exchange Group, Inc.		200		3,751
Japan Logistics Fund, Inc. REIT		28		73,054
Japan Metropolitan Fund Invest REIT (b)		48		38,800
Japan Post Holdings Co. Ltd.*		3,500		28,994
Japan Post Insurance Co. Ltd.		700		11,997
Japan Prime Realty Investment Corp. REIT		11		35,720


	Number of Shares		Value
Japan (Continued)
Japan Real Estate Investment Corp. REIT		9	$	47,901
Japan Tobacco, Inc.		6,764		124,503
JFE Holdings, Inc.		5,100		76,162
JSR Corp.		2,632		82,039
JTEKT Corp.		700		6,023
Kadokawa Corp.		800		20,053
Kagome Co. Ltd.		365		9,729
Kajima Corp.		13,300		178,296
Kakaku.com, Inc.		386		8,392
Kaken Pharmaceutical Co. Ltd.		447		16,378
Kamigumi Co. Ltd.		3,732		72,258
Kandenko Co. Ltd.		5,292		40,112
Kaneka Corp.		4,522		147,429
Kansai Electric Power Co., Inc.		13,411		135,304
Kansai Paint Co. Ltd.		1,088		21,718
Kao Corp.		553		25,831
Kawasaki Heavy Industries Ltd.		1,443		26,636
KDDI Corp.		5,729		186,830
Keisei Electric Railway Co. Ltd.		100		2,796
Kenedix Office Investment Corp. REIT		5		29,477
Kewpie Corp.		3,259		69,467
Keyence Corp.		28		13,074
Kikkoman Corp.		773		57,316
Kinden Corp.		3,800		53,779
Kirin Holdings Co. Ltd.		3,312		54,853
Kobayashi Pharmaceutical Co. Ltd.		126		10,743
Kobe Bussan Co. Ltd.		300		9,859
Kobe Steel Ltd.		2,800		14,878
Koei Tecmo Holdings Co. Ltd.		562		19,396
Koito Manufacturing Co. Ltd.		500		25,700
Kokuyo Co. Ltd.		7,800		108,899
Komatsu Ltd.		2,470		56,670
Konami Holdings Corp.		1,582		89,007
Konica Minolta, Inc.		2,700		11,370
Kose Corp.		100		11,400
K’s Holdings Corp.		3,211		34,570
Kubota Corp.		3,800		68,032
Kuraray Co. Ltd.		5,381		50,364
Kurita Water Industries Ltd.		3,828		156,211
Kyocera Corp.		772		44,098
Kyowa Kirin Co. Ltd.		2,600		66,685
Kyudenko Corp.		1,099		29,437
Kyushu Electric Power Co., Inc.		8,364		63,034
LaSalle Logiport REIT		26		37,225
Lawson, Inc. (b)		2,600		108,357
Lintec Corp.		2,613		58,057
Lion Corp.		2,606		34,053
Lixil Corp.		4,811		106,725
M3, Inc.		100		3,707
Mabuchi Motor Co. Ltd.		400		13,770
Makita Corp.		1,418		50,170
Marubeni Corp.		21,091		220,387
Marui Group Co. Ltd.		379		7,420
Maruichi Steel Tube Ltd.		750		18,559
MatsukiyoCocokara & Co.		2,197		84,122
Mazda Motor Corp.*		5,200		38,647
Mebuki Financial Group, Inc.		5,900		13,882


	Number of Shares		Value
Japan (Continued)
Medipal Holdings Corp.		3,151	$	57,371
MEIJI Holdings Co. Ltd.		969		58,136
Menicon Co. Ltd.		200		5,180
MINEBEA MITSUMI, Inc.		1,071		23,210
MISUMI Group, Inc.		3,140		99,918
Mitsubishi Chemical Holdings Corp.		31,802		225,700
Mitsubishi Corp.		3,936		132,288
Mitsubishi Electric Corp.		9,374		112,439
Mitsubishi Estate Co. Ltd.		2,900		44,240
Mitsubishi Gas Chemical Co., Inc.		2,867		50,706
Mitsubishi HC Capital, Inc.		4,050		21,063
Mitsubishi Heavy Industries Ltd.		1,913		56,406
Mitsubishi Logistics Corp.		1,100		26,188
Mitsubishi Materials Corp.		700		12,599
Mitsubishi Shokuhin Co. Ltd.		500		13,458
Mitsubishi UFJ Financial Group, Inc.		2,700		16,710
Mitsui & Co. Ltd.		10,625		264,345
Mitsui Chemicals, Inc.		6,200		158,156
Mitsui Fudosan Co. Ltd.		1,100		24,421
Mitsui Fudosan Logistics Park, Inc. REIT		3		13,675
Mitsui OSK Lines Ltd.		700		56,766
Miura Co. Ltd.		557		15,161
Mizuho Financial Group, Inc.		3,180		42,105
MonotaRO Co. Ltd.		200		3,733
Mori Hills REIT Investment Corp. REIT		11		13,180
Morinaga & Co. Ltd.		300		9,742
Morinaga Milk Industry Co. Ltd.		900		45,010
MS&AD Insurance Group Holdings, Inc.		900		30,514
Murata Manufacturing Co. Ltd.		517		34,954
Nabtesco Corp.		700		19,206
Nagase & Co. Ltd.		4,165		66,394
Nankai Electric Railway Co. Ltd.		418		8,489
NEC Corp.		100		4,302
NEC Networks & System Integration Corp.		1,000		15,246
NGK Insulators Ltd.		4,877		75,373
NGK Spark Plug Co. Ltd.		602		10,809
NH Foods Ltd.		500		18,754
NHK Spring Co. Ltd.		3,000		23,807
Nichirei Corp.		800		17,594
Nidec Corp.		72		6,178
Nifco, Inc.		1,061		30,123
Nihon Kohden Corp.		900		24,302
Nihon M&A Center Holdings, Inc.		700		10,107
Nihon Unisys Ltd.		300		8,140
Nikon Corp.		600		6,215
Nintendo Co. Ltd.		50		25,188
Nippon Accommodations Fund, Inc. REIT (b)		4		21,012
Nippon Building Fund, Inc. REIT		6		34,278
Nippon Electric Glass Co. Ltd.		2,100		50,360
Nippon Express Holdings, Inc.		1,836		111,268
Nippon Kayaku Co. Ltd.		7,800		76,933
Nippon Prologis REIT, Inc. REIT		9		26,373
Nippon Sanso Holdings Corp.		959		18,668
Nippon Shinyaku Co. Ltd.		200		12,937
Nippon Shokubai Co. Ltd.		300		14,587


	Number of Shares		Value
Japan (Continued)
Nippon Steel Corp.		4,613	$	84,450
Nippon Telegraph & Telephone Corp.		3,291		94,094
Nippon Television Holdings, Inc.		700		8,004
Nippon Yusen KK		1,200		111,170
Nissan Chemical Corp.		783		44,189
Nissan Motor Co. Ltd.*		14,300		67,704
Nisshin Seifun Group, Inc.		3,878		54,883
Nissin Foods Holdings Co. Ltd.		384		30,573
Nitori Holdings Co. Ltd.		232		34,737
Nitto Denko Corp.		3,143		227,862
Noevir Holdings Co. Ltd.		200		8,978
NOF Corp.		2,807		121,371
NOK Corp.		1,000		10,419
Nomura Holdings, Inc.		5,000		22,848
Nomura Real Estate Holdings, Inc.		886		22,039
Nomura Real Estate Master Fund, Inc. REIT (b)		35		46,130
Nomura Research Institute Ltd.		430		14,840
NS Solutions Corp.		300		9,468
NSK Ltd.		556		3,592
NTT Data Corp.		1,917		36,168
Obayashi Corp.		3,862		32,224
Obic Co. Ltd.		200		31,795
Odakyu Electric Railway Co. Ltd.		209		3,437
Oji Holdings Corp.		24,388		124,296
OKUMA Corp.		100		4,050
Omron Corp.		500		33,688
Ono Pharmaceutical Co. Ltd.		477		11,706
Open House Group Co. Ltd.		545		24,606
ORIX Corp.		9,936		196,951
Orix JREIT, Inc. REIT (b)		40		55,880
Osaka Gas Co. Ltd.		10,129		185,475
OSG Corp.		900		14,964
Otsuka Corp.		608		23,412
Otsuka Holdings Co. Ltd.		1,534		52,783
PALTAC Corp.		382		14,759
Pan Pacific International Holdings Corp.		999		16,307
Panasonic Corp.		8,072		83,401
Penta-Ocean Construction Co. Ltd.		4,420		23,141
Persol Holdings Co. Ltd.		2,629		58,298
Pigeon Corp.		100		1,839
Pola Orbis Holdings, Inc.		500		7,797
Rakuten Group, Inc.		515		4,355
Recruit Holdings Co. Ltd.		326		13,640
Relo Group, Inc.		200		2,969
Rengo Co. Ltd.		7,912		59,078
Resona Holdings, Inc.		7,800		35,067
Resorttrust, Inc.		200		3,372
Ricoh Co. Ltd.		10,200		86,701
Rinnai Corp.		817		66,821
Rohm Co. Ltd.		214		16,778
Rohto Pharmaceutical Co. Ltd.		511		17,104
Sankyo Co. Ltd.		509		14,164
Sankyu, Inc.		1,000		34,600
Santen Pharmaceutical Co. Ltd.		300		3,397
Sanwa Holdings Corp.		10,300		114,469
Sapporo Holdings Ltd.		600		11,862


	Number of Shares		Value
Japan (Continued)
Sawai Group Holdings Co. Ltd.		800	$	31,708
SCREEN Holdings Co. Ltd. (b)		200		19,310
SCSK Corp.		600		10,200
Secom Co. Ltd.		635		46,433
Seiko Epson Corp.		4,651		71,194
Seino Holdings Co. Ltd.		2,700		28,178
Sekisui Chemical Co. Ltd.		4,501		73,509
Sekisui House Ltd.		10,036		204,423
Sekisui House Reit, Inc. REIT		50		33,167
Seven & i Holdings Co. Ltd. (b)		4,900		237,863
Seven Bank Ltd.		7,800		16,660
SG Holdings Co. Ltd.		3,944		83,280
Shikoku Electric Power Co., Inc.		3,600		27,756
Shimadzu Corp.		3,896		138,859
Shimamura Co. Ltd.		800		72,168
Shimano, Inc.		400		92,312
Shimizu Corp.		4,746		31,358
Shin-Etsu Chemical Co. Ltd.		300		46,026
Shinko Electric Industries Co. Ltd.		300		12,555
Shinsei Bank Ltd.		500		9,403
Shionogi & Co. Ltd.		1,600		106,148
Ship Healthcare Holdings, Inc.		338		6,679
Shizuoka Bank Ltd.		1,100		8,166
SHO-BOND Holdings Co. Ltd.		449		19,999
Skylark Holdings Co. Ltd.*		600		7,851
SMC Corp.		67		39,586
SMS Co. Ltd.		300		8,036
SoftBank Corp.		5,405		68,070
Sohgo Security Services Co. Ltd.		887		31,883
Sojitz Corp.		8,120		133,953
Sompo Holdings, Inc.		2,600		113,323
Sony Group Corp.		608		62,344
Square Enix Holdings Co. Ltd.		300		14,482
Stanley Electric Co. Ltd.		831		19,676
Subaru Corp.		3,564		58,593
Sugi Holdings Co. Ltd.		1,235		69,698
Sumitomo Bakelite Co. Ltd.		1,400		57,799
Sumitomo Chemical Co. Ltd. (b)		60,500		288,908
Sumitomo Corp.		6,232		101,400
Sumitomo Dainippon Pharma Co. Ltd.		900		9,869
Sumitomo Electric Industries Ltd.		5,726		75,692
Sumitomo Forestry Co. Ltd.		883		16,959
Sumitomo Heavy Industries Ltd.		3,049		73,727
Sumitomo Metal Mining Co. Ltd.		1,069		53,332
Sumitomo Mitsui Financial Group, Inc.		700		25,046
Sumitomo Mitsui Trust Holdings, Inc.		800		28,548
Sumitomo Realty & Development Co. Ltd.		771		22,666
Sumitomo Rubber Industries Ltd.		14,500		139,870
Sundrug Co. Ltd.		788		21,346
Suntory Beverage & Food Ltd.		1,174		46,889
Suzuken Co. Ltd.		384		12,369
Suzuki Motor Corp.		2,642		104,900
Sysmex Corp.		327		25,904
T&D Holdings, Inc.		2,341		34,228
Taiheiyo Cement Corp.		900		17,246
Taisei Corp.		1,534		50,811
Taisho Pharmaceutical Holdings Co. Ltd.		200		9,915


	Number of Shares		Value
Japan (Continued)
Taiyo Yuden Co. Ltd.		100	$	4,428
Takara Bio, Inc.		300		6,228
Takara Holdings, Inc.		1,100		10,897
Takashimaya Co. Ltd.		2,700		26,326
Takeda Pharmaceutical Co. Ltd.		300		9,119
TDK Corp.		330		13,180
TechnoPro Holdings, Inc.		1,087		31,192
Teijin Ltd.		4,620		55,476
Terumo Corp.		216		6,956
TIS, Inc.		1,500		35,164
Tobu Railway Co. Ltd.		200		4,906
Toda Corp.		900		6,001
Toho Co. Ltd.		859		35,688
Toho Gas Co. Ltd.		1,049		28,007
Tohoku Electric Power Co., Inc.		4,619		29,958
Tokai Rika Co. Ltd.		900		11,909
Tokio Marine Holdings, Inc.		600		34,247
Tokyo Century Corp.		100		4,376
Tokyo Electric Power Co. Holdings, Inc.*		15,704		49,358
Tokyo Electron Ltd.		100		48,422
Tokyo Gas Co. Ltd.		4,859		99,057
Tokyo Ohka Kogyo Co. Ltd.		500		31,430
Tokyo Tatemono Co. Ltd.		2,700		41,306
Tokyu Corp.		2,600		34,584
Tokyu Fudosan Holdings Corp.		3,822		21,205
TOPPAN, Inc.		8,865		173,721
Toray Industries, Inc.		24,300		139,186
Toshiba Corp.		700		27,818
Toshiba TEC Corp.		91		3,852
Tosoh Corp.		6,241		96,887
TOTO Ltd.		1,380		57,932
Toyo Seikan Group Holdings Ltd.		6,000		79,861
Toyo Suisan Kaisha Ltd.		600		25,214
Toyo Tire Corp.		600		7,913
Toyoda Gosei Co. Ltd.		584		11,054
Toyota Boshoku Corp.		1,100		20,018
Toyota Industries Corp.		398		30,202
Toyota Motor Corp.		500		9,284
Toyota Tsusho Corp.		1,823		75,421
Trend Micro, Inc.		339		18,837
TS Tech Co. Ltd.		2,658		35,678
Tsumura & Co.		300		8,309
Tsuruha Holdings, Inc.		328		26,172
TV Asahi Holdings Corp.		400		5,442
Ube Industries Ltd.		4,393		81,014
Ulvac, Inc.		200		9,829
Unicharm Corp.		877		32,895
United Urban Investment Corp. REIT		46		52,520
Ushio, Inc.		2,001		32,367
USS Co. Ltd.		1,900		31,410
Welcia Holdings Co. Ltd.		542		14,424
Yakult Honsha Co. Ltd.		900		48,682
Yamada Holdings Co. Ltd.		15,657		54,240
Yamaguchi Financial Group, Inc.		2,600		16,118
Yamaha Corp.		481		22,385
Yamaha Motor Co. Ltd.		4,700		105,120
Yamato Holdings Co. Ltd.		5,400		105,398


	Number of Shares		Value
Japan (Continued)
Yamato Kogyo Co. Ltd.		1,100	$	35,242
Yamazaki Baking Co. Ltd.		2,653		35,865
Yaoko Co. Ltd.		200		11,409
Yaskawa Electric Corp. (b)		300		11,904
Yokogawa Electric Corp.		900		14,417
Yokohama Rubber Co. Ltd.		3,300		46,044
Zenkoku Hosho Co. Ltd.		1,038		43,440
Zensho Holdings Co. Ltd.		400		9,572
Zeon Corp.		5,059		59,078

(Cost $20,866,762)				20,330,224

Jordan — 0.0%
Hikma Pharmaceuticals PLC
(Cost $24,222)		930		25,992

Luxembourg — 0.4%
Aroundtown SA		8,854		54,995
Eurofins Scientific SE		702		71,390
L’Occitane International SA		20,878		72,143
RTL Group SA		1,712		96,030
Tenaris SA		2,253		29,203

(Cost $324,056)				323,761

Netherlands — 2.6%
Aalberts NV		1,768		98,715
ABN AMRO Bank NV, 144A		556		7,408
Adyen NV, 144A*		1		2,094
Akzo Nobel NV		1,130		107,883
ASM International NV		78		25,249
ASML Holding NV		28		18,835
ASR Nederland NV		1,171		50,677
BE Semiconductor Industries NV		304		25,998
CTP NV, 144A		310		5,310
Euronext NV, 144A		449		40,774
EXOR NV		310		23,607
Heineken Holding NV		462		37,751
Heineken NV		186		18,882
IMCD NV		186		30,230
ING Groep NV		511		6,025
Koninklijke Ahold Delhaize NV		12,210		376,868
Koninklijke DSM NV		563		105,794
Koninklijke KPN NV		70,999		243,226
Koninklijke Philips NV		1,458		49,686
Koninklijke Vopak NV		207		7,682
NN Group NV		2,476		118,973
QIAGEN NV*		766		38,545
Randstad NV		3,304		225,261
Signify NV, 144A		2,276		116,521
Stellantis NV		1,403		25,797
Universal Music Group NV		1,439		32,859
Wolters Kluwer NV		1,817		185,351

(Cost $1,853,280)				2,026,001

New Zealand — 1.4%
Auckland International Airport Ltd.*		2,628		12,663
Contact Energy Ltd.		31,152		171,187
Fisher & Paykel Healthcare Corp. Ltd.		3,821		71,137
Fletcher Building Ltd.		55,193		250,631


	Number of Shares		Value
New Zealand (Continued)
Infratil Ltd.		4,135	$	22,247
Kiwi Property Group Ltd.		85,825		62,729
Mainfreight Ltd.		3,969		213,243
Mercury NZ Ltd.		11,527		44,621
Meridian Energy Ltd.		10,419		35,220
Ryman Healthcare Ltd.		3,840		25,987
SKYCITY Entertainment Group Ltd.		8,900		17,828
Spark New Zealand Ltd.		44,464		135,560
Xero Ltd.*		394		26,798

(Cost $1,099,366)				1,089,851

Norway — 1.3%
Aker BP ASA		472		14,680
Equinor ASA		181		5,731
Gjensidige Forsikring ASA		1,758		43,562
Leroy Seafood Group ASA		5,025		43,886
Mowi ASA		2,597		66,862
Norsk Hydro ASA		22,726		215,950
Orkla ASA		6,567		61,640
Salmar ASA		528		38,980
Telenor ASA		6,976		103,486
TOMRA Systems ASA		1,548		73,090
Yara International ASA		6,564		334,409

(Cost $861,863)				1,002,276

Poland — 0.5%
Allegro.eu SA, 144A* (b)		1,338		10,031
Bank Polska Kasa Opieki SA		299		8,262
Cyfrowy Polsat SA		14,914		97,038
Dino Polska SA, 144A*		393		27,731
InPost SA*		1,717		10,642
KGHM Polska Miedz SA		1,445		57,165
LPP SA		2		4,138
Polski Koncern Naftowy ORLEN SA		1,494		25,377
Polskie Gornictwo Naftowe i Gazownictwo SA		84,405		112,338
Powszechna Kasa Oszczednosci Bank Polski SA*		831		8,011
Powszechny Zaklad Ubezpieczen SA		6,509		49,072
Santander Bank Polska SA		199		14,970

(Cost $495,522)				424,775

Portugal — 0.3%
EDP—Energias de Portugal SA		11,173		54,766
Galp Energia SGPS SA		773		8,559
Jeronimo Martins SGPS SA		6,680		145,745

(Cost $201,539)				209,070

Russia — 0.0%
Polymetal International PLC		2,320		10,932
Raspadskaya OJSC (c)		1,940		2,727

(Cost $46,518)				13,659

Singapore — 2.1%
Ascendas Real Estate Investment Trust REIT		23,936		48,844
BOC Aviation Ltd., 144A		1,544		13,387
CapitaLand Integrated Commercial Trust REIT		21,174		32,913


	Number of Shares		Value
Singapore (Continued)
ComfortDelGro Corp. Ltd.		59,744	$	62,057
DBS Group Holdings Ltd.		2,626		65,425
Frasers Logistics & Commercial Trust REIT		96,700		99,731
Genting Singapore Ltd.		64,900		36,814
Golden Agri-Resources Ltd.		305,600		64,161
Jardine Cycle & Carriage Ltd.		3,505		56,392
Kenon Holdings Ltd		241		13,669
Keppel REIT		18,000		15,249
Keppel Corp. Ltd.		10,562		46,607
Keppel DC REIT		11,100		17,908
Mapletree Commercial Trust REIT		13,791		18,389
Mapletree Industrial Trust REIT		9,278		17,497
Mapletree Logistics Trust REIT		46,767		60,291
NetLink NBN Trust		50,500		35,528
Olam International Ltd.		21,764		27,577
Oversea-Chinese Banking Corp. Ltd.		15,962		137,225
SATS Ltd.*		3,865		11,304
Sembcorp Industries Ltd.		9,953		18,404
SIA Engineering Co. Ltd.*		8,100		13,068
Singapore Exchange Ltd.		25,380		174,628
Singapore Post Ltd.		40,900		18,982
Singapore Press Holdings Ltd.		19,600		33,642
Singapore Technologies Engineering Ltd.		52,328		147,256
Singapore Telecommunications Ltd.		26,966		50,060
StarHub Ltd.		21,300		19,614
United Overseas Bank Ltd.		6,100		134,407
UOL Group Ltd.		3,129		16,089
Venture Corp. Ltd.		3,962		51,165
Wilmar International Ltd.		11,400		36,784

(Cost $1,572,591)				1,595,067

South Korea — 4.2%
Amorepacific Corp.		99		15,150
AMOREPACIFIC Group		96		3,896
BGF retail Co. Ltd.		107		15,084
BNK Financial Group, Inc.		5,961		39,067
Cheil Worldwide, Inc.		1,878		35,144
CJ CheilJedang Corp.		183		57,608
CJ Corp.		328		22,942
CJ Logistics Corp.*		91		9,385
Coway Co. Ltd.		328		19,669
Daewoo Engineering & Construction Co. Ltd.*		3,789		19,759
DB Insurance Co. Ltd.		1,114		57,259
DGB Financial Group, Inc.		5,162		40,700
DL E&C Co. Ltd.		305		32,597
Doosan Bobcat, Inc.		702		22,274
E-MART, Inc.		632		68,333
Fila Holdings Corp.		232		6,792
GS Engineering & Construction Corp.		1,711		60,978
GS Holdings Corp.		2,131		70,894
GS Retail Co. Ltd.		493		10,886
Hana Financial Group, Inc.		4,461		180,688
Hankook Tire & Technology Co. Ltd.		2,644		77,406
Hanon Systems		946		9,087
Hanwha Aerospace Co. Ltd.		200		8,650


	Number of Shares		Value
South Korea (Continued)
Hanwha Corp.		694	$	17,518
Hyundai Department Store Co. Ltd.		424		27,436
Hyundai Engineering & Construction Co. Ltd.		1,661		59,817
Hyundai Glovis Co. Ltd.		278		40,694
Hyundai Heavy Industries Holdings Co. Ltd.		284		12,141
Hyundai Marine & Fire Insurance Co. Ltd.		1,199		28,720
Hyundai Mobis Co. Ltd.		192		35,770
Hyundai Motor Co.		31		4,512
Hyundai Steel Co.		403		13,307
Industrial Bank of Korea		6,362		56,882
Kakao Corp.		100		7,826
KB Financial Group, Inc.		3,007		149,306
KCC Corp.		183		50,455
KEPCO Plant Service & Engineering Co. Ltd.*		744		22,895
Kia Corp.		2,376		145,838
Korea Aerospace Industries Ltd.*		801		24,716
Korea Electric Power Corp.		3,611		69,676
Korea Gas Corp.		575		19,631
Korea Investment Holdings Co. Ltd.*		104		6,851
Korea Zinc Co. Ltd.		207		94,690
KT&G Corp.		2,234		148,271
Kumho Petrochemical Co. Ltd.*		126		16,820
LG Chem Ltd.		9		4,229
LG Corp.		941		58,854
LG Display Co. Ltd.		2,030		31,572
LG Electronics, Inc.		1,387		142,466
LG Household & Health Care Ltd.		9		7,111
LG Innotek Co. Ltd.		76		20,670
LG Uplus Corp.		7,602		83,142
Lotte Chemical Corp.		60		10,978
LOTTE Fine Chemical Co. Ltd.		249		16,423
Lotte Shopping Co. Ltd.		129		9,152
LS Corp.		104		4,212
Mando Corp.		194		7,317
Mirae Asset Securities Co. Ltd.		1,432		10,469
NAVER Corp.		37		9,786
NCSoft Corp.		48		17,705
NH Investment & Securities Co. Ltd.		1,137		10,922
NongShim Co. Ltd.		78		19,916
Orion Corp.		78		5,936
Pan Ocean Co. Ltd.		1,885		10,300
POSCO		728		172,562
Posco International Corp.		1,624		27,892
S-1 Corp.		333		19,332
Samsung C&T Corp.		335		30,648
Samsung Card Co. Ltd.		298		7,968
Samsung Electro-Mechanics Co. Ltd.		287		39,624
Samsung Electronics Co. Ltd.		291		17,450
Samsung Engineering Co. Ltd.*		1,183		22,827
Samsung Fire & Marine Insurance Co. Ltd.		614		97,282
Samsung Life Insurance Co. Ltd.		351		17,457
Samsung SDI Co. Ltd.		11		5,014
Samsung SDS Co. Ltd.		107		12,459


	Number of Shares		Value
South Korea (Continued)
Samsung Securities Co. Ltd.		347	$	12,208
Shinhan Financial Group Co. Ltd.		4,492		145,891
Shinsegae, Inc.		38		8,265
SK Hynix, Inc.		504		51,769
SK Square Co. Ltd.*		572		26,546
SK Telecom Co. Ltd.		1,128		51,224
SK, Inc.		82		15,515
S-Oil Corp.		149		10,472
Woori Financial Group, Inc.		7,924		94,243

(Cost $3,076,426)				3,305,828

Spain — 1.4%
Acciona SA		407		69,989
ACS Actividades de Construccion y Servicios SA		450		11,029
Banco Bilbao Vizcaya Argentaria SA		4,190		24,896
Banco Santander SA		2,751		9,222
Bankinter SA		2,075		11,877
CaixaBank SA		4,039		13,338
Cellnex Telecom SA, 144A*		166		7,577
EDP Renovaveis SA		879		21,444
Enagas SA		3,254		69,169
Endesa SA		1,458		32,204
Ferrovial SA		827		22,683
Fluidra SA		1,271		38,830
Grifols SA (b)		940		17,965
Iberdrola SA		4,492		51,362
Industria de Diseno Textil SA		417		11,054
Mapfre SA (b)		13,755		27,215
Merlin Properties Socimi SA REIT		736		8,283
Naturgy Energy Group SA		1,742		47,017
Red Electrica Corp. SA		7,643		153,021
Repsol SA		2,801		36,576
Telefonica SA (b)		91,798		440,888

(Cost $1,157,315)				1,125,639

Sweden — 5.6%
Alfa Laval AB		4,868		159,891
Assa Abloy AB, Class B		4,723		125,904
Atlas Copco AB, Class A		919		48,140
Atlas Copco AB, Class B		424		19,438
Beijer Ref AB		869		13,231
Boliden AB		4,694		210,624
Castellum AB		4,195		94,050
Electrolux AB, Class B (b)		9,997		180,859
Elekta AB, Class B (b)		2,531		22,070
Epiroc AB, Class A		5,801		110,049
Epiroc AB, Class B		3,111		50,794
Essity AB, Class B		2,957		76,665
Fastighets AB Balder, Class B*		883		55,497
Getinge AB, Class B		6,566		257,820
Hexagon AB, Class B		6,941		94,685
Holmen AB, Class B		1,874		92,844
Husqvarna AB, Class A		982		11,924
Husqvarna AB, Class B		8,733		105,899
Industrivarden AB, Class A		4,077		113,694
Industrivarden AB, Class C		2,472		67,810
Indutrade AB		4,237		94,947


	Number of Shares		Value
Sweden (Continued)
Investment AB Latour, Class B		2,109	$	59,059
Investor AB, Class A		2,320		51,890
Investor AB, Class B		5,288		108,750
Kinnevik AB, Class B*		16,206		417,418
L E Lundbergforetagen AB, Class B		567		27,682
Lifco AB, Class B		2,309		53,039
Lundin Energy AB		1,348		49,945
Nibe Industrier AB, Class B		9,621		86,565
Saab AB, Class B		719		21,795
Sagax AB, Class B		2,795		76,996
Sagax AB, Class D		6,143		20,405
Sandvik AB		4,350		95,359
Securitas AB, Class B		10,511		128,016
Skanska AB, Class B		16,583		378,635
SKF AB, Class B		4,653		86,669
Svenska Cellulosa AB SCA, Class B		3,628		59,773
Svenska Handelsbanken AB, Class A		5,436		52,297
Sweco AB, Class B		927		13,083
Swedbank AB, Class A		728		11,841
Swedish Match AB		18,701		137,391
Swedish Orphan Biovitrum AB*		250		5,151
Tele2 AB, Class B		11,644		155,139
Telefonaktiebolaget LM Ericsson, Class B		4,902		45,653
Telia Co. AB		9,114		34,102
Trelleborg AB, Class B		5,484		111,560
Volvo AB, Class A		718		14,127
Volvo AB, Class B		1,345		26,190

(Cost $3,914,578)				4,335,365

Switzerland — 4.5%
ABB Ltd.		3,426		116,322
Adecco Group AG		838		39,769
Alcon, Inc.		578		44,781
Baloise Holding AG		193		32,417
Barry Callebaut AG		38		87,809
BKW AG		367		46,323
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		10		106,545
Cie Financiere Richemont SA		867		118,221
Clariant AG*		1,305		23,591
Coca-Cola HBC AG*		2,275		58,119
DKSH Holding AG		1,199		102,656
EMS-Chemie Holding AG		46		45,551
Flughafen Zurich AG*		57		10,251
Geberit AG		369		241,884
Georg Fischer AG		90		111,341
Givaudan SA		10		41,975
Helvetia Holding AG		288		35,096
Holcim Ltd.*		2,313		116,198
Julius Baer Group Ltd.		182		10,673
Kuehne + Nagel International AG		402		110,156
Logitech International SA		2,775		208,401
Lonza Group AG		48		33,348
Medmix AG, 144A*		142		5,256
Nestle SA		62		8,095
OC Oerlikon Corp. AG		4,668		41,722
Partners Group Holding AG		114		154,887


	Number of Shares		Value
Switzerland (Continued)
PSP Swiss Property AG		476	$	61,637
Roche Holding AG		36		13,728
Schindler Holding AG		112		25,270
Schindler Holding AG Participation Certificates		186		42,879
SGS SA		37		106,267
SIG Combibloc Group AG*		4,094		92,282
Sika AG		357		119,071
Sonova Holding AG		415		161,486
STMicroelectronics NV		295		12,571
Straumann Holding AG		48		76,359
Sulzer AG		139		11,749
Swatch Group AG — Bearer		187		58,111
Swatch Group AG — Registered		579		34,584
Swiss Life Holding AG		136		83,072
Swiss Prime Site AG		1,649		162,033
Swiss Re AG		307		29,387
Swisscom AG		185		111,026
Tecan Group AG		193		83,683
Temenos AG		159		16,052
UBS Group AG		3,415		62,851
VAT Group AG, 144A		262		99,494
Vifor Pharma AG		158		27,753
Zurich Insurance Group AG		110		50,549

(Cost $3,116,373)				3,493,281

United Kingdom — 10.9%
3i Group PLC		15,076		270,148
abrdn PLC		43,513		120,679
Admiral Group PLC		5,529		220,850
Amcor PLC CDI		14,889		171,355
Anglo American PLC		959		49,192
Ashmore Group PLC		6,889		23,293
Ashtead Group PLC		992		64,900
Associated British Foods PLC		563		14,504
AstraZeneca PLC		90		10,939
Auto Trader Group PLC, 144A		6,000		53,375
Aviva PLC		22,418		126,273
B&M European Value Retail SA		50,112		407,058
BAE Systems PLC		17,755		171,429
Barclays PLC		7,512		18,433
Barratt Developments PLC		1,281		10,502
Berkeley Group Holdings PLC		1,764		92,212
British American Tobacco PLC		1,489		65,160
BT Group PLC (b)		126,292		315,605
Bunzl PLC		3,771		150,224
Burberry Group PLC		1,961		51,045
Centrica PLC*		14,972		15,525
CNH Industrial NV		4,445		64,030
ConvaTec Group PLC, 144A		7,451		18,020
Croda International PLC		114		11,448
Dechra Pharmaceuticals PLC		1,233		68,127
Diageo PLC		1,223		61,126
Direct Line Insurance Group PLC		31,229		124,070
Dr. Martens PLC		4,279		16,282
DS Smith PLC		27,954		129,250
Electrocomponents PLC		6,792		90,175


	Number of Shares		Value
United Kingdom (Continued)
Evraz PLC		4,559	$	8,854
Ferguson PLC		1,510		231,273
GlaxoSmithKline PLC		2,410		49,972
Halma PLC		4,642		150,167
Hargreaves Lansdown PLC		1,550		23,594
Howden Joinery Group PLC		9,456		108,251
HSBC Holdings PLC		2,176		15,025
IMI PLC		7,621		149,599
Imperial Brands PLC		13,397		294,617
InterContinental Hotels Group PLC*		106		7,447
Intermediate Capital Group PLC		404		9,291
Intertek Group PLC		496		35,831
ITV PLC*		47,495		70,513
J Sainsbury PLC		102,642		379,694
Johnson Matthey PLC		6,374		161,040
Kingfisher PLC		30,997		127,349
Legal & General Group PLC		12,613		46,912
Lloyds Banking Group PLC		53,733		34,920
Mondi PLC		7,021		148,042
National Grid PLC		9,993		151,619
Next PLC		576		53,033
Pearson PLC		12,939		112,499
Pennon Group PLC		5,234		73,036
Persimmon PLC		2,543		82,333
Phoenix Group Holdings PLC		1,870		15,521
Prudential PLC		656		10,003
Quilter PLC, 144A		6,121		10,652
Reckitt Benckiser Group PLC		188		15,945
RELX PLC		2,180		66,720
Renishaw PLC		163		10,275
Rentokil Initial PLC		6,658		45,364
Rightmove PLC		9,777		88,234
Rio Tinto PLC		1,147		89,123
Royal Mail PLC		45,317		238,778
Sage Group PLC		8,523		80,370
Schroders PLC		1,065		43,783
Segro PLC REIT		23,314		407,130
Severn Trent PLC		3,246		125,259
Smith & Nephew PLC		1,994		35,771
Smiths Group PLC		1,612		33,071
Spirax-Sarco Engineering PLC		961		154,022
SSE PLC		21,075		481,988
St James’s Place PLC		2,108		39,697
Standard Chartered PLC		1,639		11,717
Tate & Lyle PLC		12,429		125,608
Tesco PLC		85,496		332,385
Travis Perkins PLC		993		19,472
Unilever PLC		181		9,099
United Utilities Group PLC		13,962		201,292
Vodafone Group PLC		104,337		184,008
WPP PLC		3,134		44,468

(Cost $8,073,416)				8,449,895

United States — 0.2%
Sims Ltd.		4,093		54,085
Waste Connections, Inc.		874		107,842

(Cost $138,039)				161,927

TOTAL COMMON STOCKS (Cost $74,057,039)				77,244,198


	Number of Shares		Value
PREFERRED STOCKS — 0.3%
Germany — 0.2%
FUCHS PETROLUB SE		769	$	30,663
Henkel AG & Co. KGaA		286		22,756
Porsche Automobil Holding SE		1,237		126,269
Sartorius AG		11		4,870

(Cost $167,144)				184,558

South Korea — 0.1%
Hanwha Corp.		1,820		23,160
LG Electronics, Inc.		142		7,039
Mirae Asset Securities Co. Ltd.		2,364		8,798

(Cost $37,674)				38,997

TOTAL PREFERRED STOCKS (Cost $204,818)				223,555

WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		826		730

SECURITIES LENDING COLLATERAL — 1.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d) (e) (Cost $967,655)		967,655		967,655

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) (Cost $15,752)		15,752		15,752


TOTAL INVESTMENTS — 100.9% (Cost $75,245,264)			$	78,451,890
Other assets and liabilities, net — (0.9%)				(689,283	)

NET ASSETS — 100.0%			$	77,762,607

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


	Number of Shares		Value
COMMON STOCKS — 99.7%
Argentina — 0.1%
MercadoLibre, Inc.* (Cost $343,960)		305	$	343,628

Australia — 2.2%
Ampol Ltd.		950		20,316
APA Group (a)		7,272		53,033
Aristocrat Leisure Ltd.		4,338		117,321
ASX Ltd.		1,422		84,954
Aurizon Holdings Ltd.		10,414		26,449
Australia & New Zealand Banking Group Ltd.		19,476		367,593
BHP Group Ltd.		33,774		1,143,548
BlueScope Steel Ltd.		2,081		30,564
Brambles Ltd.		9,594		68,923
Cochlear Ltd.		330		53,377
Coles Group Ltd.		8,448		106,545
Commonwealth Bank of Australia		11,685		792,468
Computershare Ltd.		4,529		71,185
Crown Resorts Ltd.*		3,296		29,610
CSL Ltd.		3,194		602,563
Dexus REIT		7,672		60,794
Domino’s Pizza Enterprises Ltd.		400		22,916
Endeavour Group Ltd.		8,796		45,701
Evolution Mining Ltd.		11,669		36,157
Fortescue Metals Group Ltd.		11,475		151,132
Goodman Group REIT		11,117		179,331
GPT Group REIT		14,163		50,770
IDP Education Ltd.		1,516		28,888
Insurance Australia Group Ltd.		15,582		52,013
Lendlease Corp. Ltd. (a)		4,770		36,552
Macquarie Group Ltd.		2,195		287,947
Medibank Pvt Ltd.		19,918		45,962
Mineral Resources Ltd.		1,187		38,976
Mirvac Group REIT		28,130		52,868
National Australia Bank Ltd.		22,313		468,580
Newcrest Mining Ltd.		5,396		100,514
Northern Star Resources Ltd.		7,497		56,088
Orica Ltd.		3,370		35,679
Origin Energy Ltd.		12,729		52,650
Qantas Airways Ltd.*		5,321		19,576
QBE Insurance Group Ltd.		10,139		84,536
Ramsay Health Care Ltd.		1,297		60,207
REA Group Ltd.		387		36,979
Reece Ltd.		811		11,399
Rio Tinto Ltd.		2,490		213,518
Santos Ltd.		22,606		119,093
Scentre Group REIT		33,824		75,351
SEEK Ltd.		2,355		45,577
Sonic Healthcare Ltd.		3,158		80,321
South32 Ltd.		35,530		124,013
Stockland REIT		19,076		57,585
Suncorp Group Ltd.		6,950		54,316
Tabcorp Holdings Ltd.		17,904		64,830
Telstra Corp. Ltd.		24,317		69,877
Transurban Group (a)		21,393		196,997
Treasury Wine Estates Ltd.		5,684		47,928
Vicinity Centres REIT		32,926		43,007


	Number of Shares		Value
Australia (Continued)
Washington H Soul Pattinson & Co. Ltd.		1,473	$	26,914
Wesfarmers Ltd.		7,243		253,281
Westpac Banking Corp.		24,966		413,239
WiseTech Global Ltd.		927		29,315
Woodside Petroleum Ltd.		7,135		147,766
Woolworths Group Ltd.		8,763		225,676

(Cost $7,187,859)				7,873,268

Austria — 0.1%
Erste Group Bank AG		2,309		82,965
OMV AG		738		35,130
Raiffeisen Bank International AG		1,104		18,191
Verbund AG		352		42,700
voestalpine AG		664		21,956

(Cost $186,238)				200,942

Belgium — 0.3%
Ageas SA/NV		1,023		49,385
Anheuser-Busch InBev SA/NV		5,933		367,450
Elia Group SA/NV		230		33,222
Etablissements Franz Colruyt NV		383		15,349
Groupe Bruxelles Lambert SA		677		70,672
KBC Group NV		1,656		120,009
Proximus SADP		1,028		20,507
Sofina SA		121		47,187
Solvay SA		555		62,163
UCB SA		919		100,848
Umicore SA		1,100		45,331

(Cost $925,135)				932,123

Bermuda — 0.1%
Arch Capital Group Ltd.*		2,761		130,071
Everest Re Group Ltd.		292		87,080

(Cost $161,593)				217,151

Canada — 3.8%
Agnico Eagle Mines Ltd.		3,045		153,720
Air Canada*		1,013		19,128
Algonquin Power & Utilities Corp.		4,511		65,228
Alimentation Couche-Tard, Inc.		5,763		226,049
AltaGas Ltd.		1,504		33,107
Ballard Power Systems, Inc.*		1,657		18,943
Bank of Montreal		4,502		513,718
Bank of Nova Scotia		8,180		592,370
Barrick Gold Corp.		12,266		277,069
BCE, Inc.		906		47,552
BlackBerry Ltd.*		3,819		26,196
Brookfield Asset Management, Inc., Class A		9,517		519,764
CAE, Inc. *		1,927		51,519
Cameco Corp.		2,789		68,540
Canadian Apartment Properties REIT		587		24,418
Canadian Imperial Bank of Commerce		2,997		379,082
Canadian National Railway Co.		4,828		598,537
Canadian Natural Resources Ltd.		8,075		450,815
Canadian Pacific Railway Ltd.		6,234		438,668
Canadian Tire Corp. Ltd., Class A		397		58,491
Canadian Utilities Ltd., Class A		858		23,879


	Number of Shares		Value
Canada (Continued)
Canopy Growth Corp.*(b)		1,566	$	11,161
CCL Industries, Inc., Class B		1,033		46,537
Cenovus Energy, Inc.		8,625		135,527
CGI, Inc.*		1,561		127,898
Constellation Software, Inc.		141		237,473
Dollarama, Inc.		2,048		105,763
Emera, Inc.		1,825		85,325
Empire Co. Ltd., Class A		1,657		51,290
Enbridge, Inc.		13,835		597,315
Fairfax Financial Holdings Ltd.		168		81,387
First Quantum Minerals Ltd.		4,329		126,865
FirstService Corp.		216		30,729
Fortis, Inc.		2,959		135,498
Franco-Nevada Corp.		1,261		185,578
George Weston Ltd.		561		60,791
GFL Environmental, Inc.		1,134		33,134
Gildan Activewear, Inc.		1,472		57,750
Great-West Lifeco, Inc.		1,580		47,499
Hydro One Ltd., 144A		2,375		58,610
iA Financial Corp., Inc.		491		29,154
IGM Financial, Inc.		735		26,095
Imperial Oil Ltd.		1,779		79,795
Intact Financial Corp.		1,109		158,951
Ivanhoe Mines Ltd., Class A*		4,066		41,354
Keyera Corp.		1,384		32,397
Kinross Gold Corp.		9,071		45,199
Lightspeed Commerce, Inc.*		830		21,791
Loblaw Cos. Ltd.		1,028		80,134
Lululemon Athletica, Inc.*		772		246,994
Lundin Mining Corp.		4,081		39,351
Magna International, Inc.		1,838		136,464
Manulife Financial Corp.		13,002		263,249
Metro, Inc.		1,477		77,044
National Bank of Canada		2,285		183,092
Northland Power, Inc.		1,734		55,095
Nutrien Ltd.		3,955		339,918
Nuvei Corp., 144A*		406		22,026
Onex Corp.		470		31,542
Open Text Corp.		1,568		68,192
Pan American Silver Corp.		1,246		29,452
Parkland Corp.		1,118		29,238
Pembina Pipeline Corp.		3,363		114,279
Power Corp. of Canada		3,938		121,367
Quebecor, Inc., Class B		1,051		22,970
Restaurant Brands International, Inc.		1,726		96,550
RioCan Real Estate Investment Trust REIT		1,044		20,677
Ritchie Bros Auctioneers, Inc.		560		29,330
Rogers Communications, Inc., Class B		2,129		109,929
Royal Bank of Canada		9,439		1,043,436
Saputo, Inc.		1,547		37,884
Shaw Communications, Inc., Class B		3,011		90,234
Shopify, Inc., Class A*		749		519,620
Sun Life Financial, Inc.		3,878		203,814
Suncor Energy, Inc.		9,840		300,704
TC Energy Corp.		6,727		361,185
Teck Resources Ltd., Class B		3,335		120,006
TELUS Corp.		2,374		59,914


	Number of Shares		Value
Canada (Continued)
TFI International, Inc.		574	$	59,792
Thomson Reuters Corp.		1,207		121,961
TMX Group Ltd.		393		39,673
Toromont Industries Ltd.		340		28,801
Toronto-Dominion Bank		12,124		977,682
Tourmaline Oil Corp.		2,075		81,799
West Fraser Timber Co. Ltd.		576		57,457
Wheaton Precious Metals Corp.		2,942		128,828
WSP Global, Inc.		865		106,056

(Cost $11,259,988)				13,693,398

Chile — 0.0%
Antofagasta PLC (Cost $45,665 )		2,644		53,959

Denmark — 0.8%
A.P. Moller — Maersk A/S, Class A		21		63,103
A.P. Moller — Maersk A/S, Class B		33		104,742
Ambu A/S, Class B		1,278		23,698
Carlsberg A/S, Class B		669		98,210
Chr Hansen Holding A/S		759		55,539
Coloplast A/S, Class B		749		112,895
Danske Bank A/S		4,106		69,874
Demant A/S*		626		26,458
DSV A/S		1,377		255,125
Genmab A/S*		402		135,365
GN Store Nord AS		836		44,246
Novo Nordisk A/S, Class B		11,320		1,165,921
Novozymes A/S, Class B		1,331		87,466
Orsted AS, 144A		1,290		167,752
Pandora A/S		688		71,225
ROCKWOOL International A/S, Class B		34		11,711
Tryg A/S		3,314		75,362
Vestas Wind Systems A/S		6,927		227,499

(Cost $2,418,022)				2,796,191

Finland — 0.3%
Elisa OYJ		761		42,353
Fortum OYJ		3,181		67,313
Kesko OYJ, Class B		1,553		45,946
Kone OYJ, Class B		2,285		134,434
Neste OYJ		2,896		114,433
Nokia OYJ*		37,714		204,918
Nordea Bank Abp		21,512		240,871
Orion OYJ, Class B		744		35,089
Sampo OYJ, Class A		3,505		166,764
Stora Enso OYJ, Class R		3,357		64,741
UPM-Kymmene OYJ		3,160		110,029
Wartsila OYJ Abp		3,235		36,590

(Cost $1,295,345)				1,263,481

France — 3.3%
Accor SA*		1,277		43,876
Aeroports de Paris*		289		41,225
Air Liquide SA		3,194		533,462
Airbus SE*		3,870		499,446
Alstom SA		1,728		44,446
Amundi SA, 144A		257		18,013


	Number of Shares		Value
France (Continued)
Arkema SA		399	$	53,286
AXA SA		13,271		361,843
BioMerieux		297		32,732
BNP Paribas SA		7,459		439,926
Bollore SA		7,861		40,068
Bouygues SA		1,741		62,615
Bureau Veritas SA		2,184		62,946
Capgemini SE		1,072		226,727
Carrefour SA		4,679		94,073
Cie de Saint-Gobain		3,617		227,303
Cie Generale des Etablissements Michelin SCA		1,144		159,333
CNP Assurances		1,204		29,440
Covivio REIT		394		32,500
Credit Agricole SA		7,737		99,642
Danone SA		4,428		270,112
Dassault Aviation SA		202		30,471
Dassault Systemes SE		4,408		215,322
Edenred		1,465		67,284
Eiffage SA		602		61,747
Electricite de France SA		2,709		24,738
Engie SA		12,196		195,451
EssilorLuxottica SA		1,877		330,404
Eurazeo SE		246		19,134
Faurecia SE (b)		1,179		45,091
Gecina SA REIT		310		39,520
Getlink SE		3,272		53,804
Hermes International		221		308,298
Ipsen SA		117		13,700
Kering SA		490		350,640
Klepierre SA REIT*		1,118		32,222
La Francaise des Jeux SAEM, 144A		676		28,162
Legrand SA		1,723		164,150
L’Oreal SA		1,695		675,858
LVMH Moet Hennessy Louis Vuitton SE		1,845		1,367,514
Orange SA		14,709		178,660
Orpea SA		455		18,929
Pernod Ricard SA		1,394		306,337
Publicis Groupe SA		1,467		98,271
Remy Cointreau SA		74		14,354
Renault SA*		1,727		55,361
Safran SA		2,165		278,919
Sanofi		7,667		804,924
Sartorius Stedim Biotech		192		74,056
Schneider Electric SE		3,544		556,411
SEB SA		129		18,937
Societe Generale SA		5,244		151,021
Sodexo SA		460		38,802
Teleperformance		398		148,370
Thales SA		526		60,794
TotalEnergies SE (b)		16,810		860,785
Ubisoft Entertainment SA*		462		25,090
Unibail-Rodamco-Westfield REIT*		760		57,945
Valeo		1,477		32,823
Veolia Environnement SA		4,120		144,427
Vinci SA		3,518		373,488
Vivendi SE		4,701		59,719
Wendel SE		215		21,987


	Number of Shares		Value
France (Continued)
Worldline SA, 144A*		1,559	$	80,383

(Cost $10,685,801)				11,857,317

Germany — 2.4%
adidas AG		1,286		306,293
Allianz SE		2,827		645,536
BASF SE		6,124		407,550
Bayer AG		6,641		384,222
Bayerische Motoren Werke AG		2,260		219,727
Bechtle AG		495		25,603
Beiersdorf AG		506		51,389
Brenntag SE		895		75,274
Carl Zeiss Meditec AG		214		33,855
Commerzbank AG*		7,133		60,361
Continental AG*		607		52,361
Covestro AG, 144A		1,287		68,245
Daimler Truck Holding AG*		2,884		88,044
Delivery Hero SE, 144A*		1,044		56,063
Deutsche Bank AG*(c)		13,614		172,180
Deutsche Boerse AG		1,240		212,676
Deutsche Lufthansa AG*		3,513		27,123
Deutsche Post AG		6,763		343,045
Deutsche Telekom AG		22,682		408,387
E.ON SE		14,252		193,983
Evonik Industries AG		1,011		30,535
Fresenius Medical Care AG & Co. KGaA		1,298		83,568
Fresenius SE & Co. KGaA		2,620		92,006
GEA Group AG		1,384		60,735
Hannover Rueck SE		480		88,850
HeidelbergCement AG		1,028		67,131
HelloFresh SE*		1,026		56,330
Henkel AG & Co. KGaA		664		51,162
Infineon Technologies AG		8,850		305,615
KION Group AG		567		45,955
Knorr-Bremse AG		390		34,606
LANXESS AG		741		36,271
LEG Immobilien SE		390		50,507
Mercedes-Benz Group AG		5,769		454,684
Merck KGaA		847		168,912
MTU Aero Engines AG		386		93,735
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		921		255,669
Nemetschek SE		332		29,623
Puma SE		665		61,233
Rational AG		34		25,128
RWE AG		4,300		200,387
SAP SE		6,909		786,263
Scout24 SE, 144A		329		19,290
Siemens AG		5,123		728,821
Siemens Energy AG		2,644		63,642
Siemens Healthineers AG, 144A		1,929		124,539
Symrise AG		919		109,932
Telefonica Deutschland Holding AG		6,863		18,847
Uniper SE		549		17,574
United Internet AG		923		31,475
Volkswagen AG		221		58,383
Vonovia SE		5,004		266,974


	Number of Shares		Value
Germany (Continued)
Zalando SE, 144A*		1,391	$	93,086

(Cost $9,119,430)				8,443,385

Hong Kong — 0.8%
AIA Group Ltd.		79,005		821,526
BOC Hong Kong Holdings Ltd.		22,672		81,534
Budweiser Brewing Co. APAC Ltd., 144A		13,083		40,603
Chow Tai Fook Jewellery Group Ltd.*		14,080		29,264
CK Asset Holdings Ltd.		13,614		85,984
CK Hutchison Holdings Ltd.		17,528		122,817
CK Infrastructure Holdings Ltd.		6,759		41,954
CLP Holdings Ltd.		10,691		108,843
ESR Cayman Ltd., 144A*		17,220		53,222
Futu Holdings Ltd., ADR* (b)		405		17,314
Galaxy Entertainment Group Ltd.*		13,381		74,408
Hang Lung Properties Ltd.		18,097		37,937
Hang Seng Bank Ltd.		4,523		83,471
Henderson Land Development Co. Ltd.		11,292		46,968
HK Electric Investments & HK Electric Investments Ltd. (a)		27,944		27,573
HKT Trust & HKT Ltd. (a)		20,575		27,754
Hong Kong & China Gas Co. Ltd.		65,041		98,389
Hong Kong Exchanges & Clearing Ltd.		8,240		398,201
Hongkong Land Holdings Ltd.		4,800		25,872
Jardine Matheson Holdings Ltd.		1,251		74,435
Link REIT		13,211		106,686
Melco Resorts & Entertainment Ltd., ADR*		1,597		16,002
MTR Corp. Ltd.		11,118		57,556
New World Development Co. Ltd.		4,589		18,353
Power Assets Holdings Ltd.		7,383		46,535
Sino Land Co. Ltd.		33,033		41,557
SITC International Holdings Co. Ltd.		9,779		40,174
Sun Hung Kai Properties Ltd.		9,427		109,668
Swire Pacific Ltd., Class A		3,986		22,038
Swire Properties Ltd.		8,517		22,127
Techtronic Industries Co. Ltd.		9,250		154,488
WH Group Ltd., 144A		69,798		48,684
Wharf Real Estate Investment Co. Ltd.		9,055		40,618
Xinyi Glass Holdings Ltd.		10,844		28,797

(Cost $3,202,259)				3,051,352

Ireland — 1.1%
Accenture PLC, Class A		4,256		1,344,981
AerCap Holdings NV*		900		48,987
Allegion PLC		673		77,072
Aptiv PLC*		1,863		241,147
CRH PLC		5,476		249,778
DCC PLC		669		52,601
Experian PLC		6,024		237,066
Flutter Entertainment PLC*		1,020		146,931
James Hardie Industries PLC CDI		2,807		90,948
Jazz Pharmaceuticals PLC*		389		53,456
Kerry Group PLC, Class A		993		118,449
Kingspan Group PLC		1,159		113,047
Medtronic PLC		8,882		932,521
Smurfit Kappa Group PLC		1,381		69,165


	Number of Shares		Value
Ireland (Continued)
Trane Technologies PLC		1,647	$	253,523

(Cost $3,758,688)				4,029,672

Israel — 0.3%
Azrieli Group Ltd.		304		25,986
Bank Hapoalim BM		6,517		68,902
Bank Leumi Le-Israel BM		9,309		100,715
Check Point Software Technologies Ltd.*		752		108,950
CyberArk Software Ltd.*		239		40,663
Elbit Systems Ltd.		288		59,029
Fiverr International Ltd.*		216		17,045
ICL Group Ltd.		4,868		55,279
Inmode Ltd.*		345		14,728
Israel Discount Bank Ltd., Class A		7,898		51,940
Kornit Digital Ltd.*		317		30,061
Mizrahi Tefahot Bank Ltd.		1,200		46,833
Nice Ltd.*		463		104,821
SolarEdge Technologies, Inc.*		310		99,020
Teva Pharmaceutical Industries Ltd., ADR*		7,822		63,593
Wix.com Ltd.*		387		35,441

(Cost $825,263)				923,006

Italy — 0.6%
Amplifon SpA		761		32,865
Assicurazioni Generali SpA		8,076		160,828
Atlantia SpA*		2,734		50,392
Davide Campari-Milano NV		3,512		38,453
DiaSorin SpA		193		28,972
Enel SpA		54,604		404,725
Eni SpA		17,021		264,440
Ferrari NV		847		183,373
FinecoBank Banca Fineco SpA		3,367		56,444
Infrastrutture Wireless Italiane SpA, 144A		1,838		18,811
Intesa Sanpaolo SpA		110,796		285,417
Mediobanca Banca di Credito Finanziario SpA		3,594		37,647
Moncler SpA		1,382		84,102
Nexi SpA, 144A*		2,464		33,958
Poste Italiane SpA, 144A		4,676		53,965
Prysmian SpA		1,928		63,927
Recordati Industria Chimica e Farmaceutica SpA		829		40,747
Snam SpA		16,484		91,926
Telecom Italia SpA		33,584		14,255
Terna — Rete Elettrica Nazionale		8,243		67,976
UniCredit SpA		15,207		194,513

(Cost $2,078,190)				2,207,736

Jersey — 0.0%
Novocure Ltd.* (b) (Cost $80,326)		577		47,233

Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $43,942)		1,282		35,830

Luxembourg — 0.1%
ArcelorMittal SA		4,854		151,048


	Number of Shares		Value
Luxembourg (Continued)
Aroundtown SA		6,866	$	42,647
Eurofins Scientific SE		929		94,474
Tenaris SA		3,153		40,868

(Cost $252,930)				329,037

Macau — 0.0%
Sands China Ltd.* (Cost $74,187)		16,680		43,655

Netherlands — 1.5%
ABN AMRO Bank NV, 144A		1,839		24,502
Adyen NV, 144A*		131		274,326
Aegon NV		15,741		78,059
Akzo Nobel NV		1,208		115,330
Argenx SE*		313		90,035
ASM International NV		309		100,025
ASML Holding NV		2,769		1,862,664
Euronext NV, 144A		759		68,925
EXOR NV		845		64,349
Heineken Holding NV		618		50,499
Heineken NV		1,850		187,803
IMCD NV		411		66,799
ING Groep NV		27,223		320,996
JDE Peet’s NV		483		15,882
Just Eat Takeaway.com NV, 144A*		1,203		48,941
Koninklijke Ahold Delhaize NV		7,320		225,936
Koninklijke DSM NV		1,102		207,078
Koninklijke KPN NV		23,931		81,982
Koninklijke Philips NV		6,222		212,033
NN Group NV		2,122		101,963
NXP Semiconductors NV		1,791		340,505
Prosus NV*		6,293		391,725
QIAGEN NV*		1,836		92,386
Randstad NV		927		63,201
Stellantis NV		13,439		247,100
Universal Music Group NV		4,701		107,346
Wolters Kluwer NV		1,745		178,006

(Cost $5,085,788)				5,618,396

New Zealand — 0.1%
Auckland International Airport Ltd.*		10,128		48,801
Fisher & Paykel Healthcare Corp. Ltd.		3,476		64,714
Mercury NZ Ltd.		5,584		21,616
Meridian Energy Ltd.		4,240		14,333
Ryman Healthcare Ltd.		2,265		15,329
Spark New Zealand Ltd.		14,256		43,463
Xero Ltd.*		1,011		68,763

(Cost $337,046)				277,019

Norway — 0.2%
Adevinta ASA*		1,115		11,977
Aker BP ASA		750		23,326
DNB Bank ASA		6,129		137,375
Equinor ASA		6,318		200,059
Gjensidige Forsikring ASA		1,130		28,001
Mowi ASA		2,734		70,389
Norsk Hydro ASA		10,513		99,898
Orkla ASA		5,569		52,273
Schibsted ASA, Class A		551		15,865


	Number of Shares		Value
Norway (Continued)
Schibsted ASA, Class B (d)		624	$	16,193
Telenor ASA		5,040		74,766
Yara International ASA		919		46,819

(Cost $606,147)				776,941

Poland — 0.0%
InPost SA* (Cost $27,327)		1,403		8,696

Portugal — 0.0%
EDP—Energias de Portugal SA		19,738		96,748
Galp Energia SGPS SA		2,465		27,294
Jeronimo Martins SGPS SA		2,217		48,371

(Cost $171,113)				172,413

Singapore — 0.4%
Ascendas Real Estate Investment Trust REIT		21,479		43,830
CapitaLand Integrated Commercial Trust REIT		22,456		34,905
Capitaland Investment Ltd.*		10,302		28,004
City Developments Ltd.		3,300		17,309
DBS Group Holdings Ltd.		12,207		304,130
Genting Singapore Ltd.		62,700		35,566
Grab Holdings Ltd., Class A*		8,008		46,126
Keppel Corp. Ltd.		9,800		43,244
Mapletree Commercial Trust REIT		14,100		18,801
Mapletree Logistics Trust REIT		12,728		16,409
Oversea-Chinese Banking Corp. Ltd.		22,285		191,584
Sea Ltd., ADR*		2,218		322,941
Singapore Airlines Ltd.* (b)		4,050		15,186
Singapore Exchange Ltd.		2,931		20,167
Singapore Technologies Engineering Ltd.		10,502		29,554
Singapore Telecommunications Ltd.		51,300		95,234
United Overseas Bank Ltd.		8,401		185,107
UOL Group Ltd.		2,801		14,403
Venture Corp. Ltd.		2,056		26,551
Wilmar International Ltd.		12,900		41,624

(Cost $1,500,357)				1,530,675

Spain — 0.7%
ACS Actividades de Construccion y Servicios SA		1,404		34,410
Aena SME SA, 144A*		481		79,040
Amadeus IT Group SA*		2,779		187,095
Banco Bilbao Vizcaya Argentaria SA		41,679		247,645
Banco Santander SA		118,583		397,513
CaixaBank SA		24,226		79,999
Cellnex Telecom SA, 144A*		3,312		151,183
EDP Renovaveis SA		1,855		45,254
Enagas SA		1,748		37,157
Endesa SA		2,109		46,583
Ferrovial SA		3,793		104,037
Grifols SA (b)		2,285		43,669
Iberdrola SA		38,405		439,130
Industria de Diseno Textil SA		7,312		193,823
Naturgy Energy Group SA		1,288		34,764
Red Electrica Corp. SA		2,632		52,695


	Number of Shares		Value
Spain (Continued)
Repsol SA		10,029	$	130,962
Siemens Gamesa Renewable Energy SA*		1,297		30,199
Telefonica SA		35,234		169,222

(Cost $2,458,367)				2,504,380

Sweden — 1.0%
Alfa Laval AB		2,192		71,997
Assa Abloy AB, Class B		6,593		175,754
Atlas Copco AB, Class A		4,564		239,075
Atlas Copco AB, Class B		2,635		120,803
Boliden AB		1,332		59,768
Electrolux AB, Class B (b)		1,477		26,721
Embracer Group AB*		2,591		22,511
Epiroc AB, Class A		4,594		87,152
Epiroc AB, Class B		2,975		48,574
EQT AB		2,015		68,510
Essity AB, Class B		4,454		115,477
Evolution AB, 144A		1,116		130,162
Fastighets AB Balder, Class B*		865		54,366
Getinge AB, Class B		1,603		62,943
H & M Hennes & Mauritz AB, Class B		5,512		93,710
Hexagon AB, Class B		12,800		174,610
Husqvarna AB, Class B		2,237		27,126
Industrivarden AB, Class A		995		27,747
Industrivarden AB, Class C		1,115		30,586
Investment AB Latour, Class B		841		23,551
Investor AB, Class A		3,397		75,979
Investor AB, Class B		12,384		254,681
Kinnevik AB, Class B*		1,656		42,654
L E Lundbergforetagen AB, Class B		404		19,725
Lifco AB, Class B		1,732		39,785
Lundin Energy AB		1,657		61,394
Nibe Industrier AB, Class B		10,436		93,898
Sagax AB, Class B		1,243		34,242
Sandvik AB		7,214		158,142
Securitas AB, Class B		1,373		16,722
Sinch AB, 144A*		3,390		29,151
Skandinaviska Enskilda Banken AB, Class A		9,708		112,836
Skanska AB, Class B		1,833		41,852
SKF AB, Class B		2,107		39,246
Svenska Cellulosa AB SCA, Class B		3,826		63,036
Svenska Handelsbanken AB, Class A		9,153		88,056
Swedbank AB, Class A		6,204		100,913
Swedish Match AB		11,139		81,835
Tele2 AB, Class B		3,605		48,031
Telefonaktiebolaget LM Ericsson, Class B		20,310		189,151
Telia Co. AB		16,753		62,685
Volvo AB, Class A		1,098		21,604
Volvo AB, Class B		9,305		181,186

(Cost $3,702,254)				3,517,947

Switzerland — 3.5%
ABB Ltd.		10,899		370,052
Adecco Group AG		933		44,278
Alcon, Inc.		3,514		272,249


	Number of Shares		Value
Switzerland (Continued)
Bachem Holding AG		41	$	24,400
Baloise Holding AG		299		50,222
Barry Callebaut AG		29		67,012
Chocoladefabriken Lindt & Spruengli AG		1		112,813
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		8		85,236
Chubb Ltd.		2,892		588,927
Cie Financiere Richemont SA		3,527		480,928
Clariant AG*		1,090		19,704
Coca-Cola HBC AG*		1,024		26,160
Credit Suisse Group AG		17,372		146,861
EMS-Chemie Holding AG		46		45,551
Garmin Ltd.		1,125		124,245
Geberit AG		228		149,457
Givaudan SA		62		260,245
Glencore PLC*		68,531		406,564
Holcim Ltd.*		3,174		159,452
Julius Baer Group Ltd.		1,312		76,937
Kuehne + Nagel International AG		394		107,964
Logitech International SA		1,101		82,684
Lonza Group AG		484		336,260
Nestle SA		18,958		2,475,110
Novartis AG		14,698		1,287,086
Partners Group Holding AG		162		220,102
Roche Holding AG		4,697		1,791,101
Roche Holding AG		228		95,529
Schindler Holding AG		57		12,861
Schindler Holding AG Participation Certificates		273		62,935
SGS SA		41		117,756
Sika AG		988		329,531
Sonova Holding AG		386		150,201
STMicroelectronics NV		4,526		192,872
Straumann Holding AG		71		112,948
Swatch Group AG — Bearer		188		58,421
Swatch Group AG — Registered		494		29,507
Swiss Life Holding AG		193		117,889
Swiss Prime Site AG		470		46,183
Swiss Re AG		2,019		193,262
Swisscom AG		190		114,027
Temenos AG		393		39,675
UBS Group AG		24,428		449,580
VAT Group AG, 144A		177		67,215
Vifor Pharma AG		264		46,372
Zurich Insurance Group AG		964		442,991

(Cost $11,218,676)				12,491,355

United Kingdom — 4.8%
3i Group PLC		5,981		107,174
abrdn PLC		11,210		31,090
Admiral Group PLC		1,380		55,123
Amcor PLC		10,957		127,430
Anglo American PLC		8,429		432,367
Ashtead Group PLC		3,145		205,758
Associated British Foods PLC		2,734		70,432
AstraZeneca PLC		10,416		1,266,056
Auto Trader Group PLC, 144A		6,823		60,696
AVEVA Group PLC		662		22,117


	Number of Shares		Value
United Kingdom (Continued)
Aviva PLC		24,437	$	137,646
BAE Systems PLC		23,536		227,246
Barclays PLC		119,870		294,136
Barratt Developments PLC		6,318		51,796
Berkeley Group Holdings PLC		760		39,729
BP PLC		129,952		633,897
British American Tobacco PLC		14,465		633,006
British Land Co. PLC REIT		6,041		42,927
BT Group PLC		64,470		161,111
Bunzl PLC		2,555		101,782
Burberry Group PLC		2,375		61,821
Clarivate PLC*		2,358		35,323
CNH Industrial NV		6,325		91,112
Coca-Cola Europacific Partners PLC		1,303		66,727
Compass Group PLC		11,666		265,159
Croda International PLC		942		94,592
Diageo PLC		15,866		792,986
Entain PLC*		4,011		90,629
Ferguson PLC		1,476		226,065
GlaxoSmithKline PLC		33,696		698,700
Halma PLC		2,378		76,927
Hargreaves Lansdown PLC		2,264		34,463
HSBC Holdings PLC		134,906		931,478
Imperial Brands PLC		7,113		156,424
Informa PLC*		8,586		68,476
InterContinental Hotels Group PLC*		1,297		91,119
Intertek Group PLC		813		58,731
J Sainsbury PLC		12,019		44,461
JD Sports Fashion PLC		21,182		42,916
Johnson Matthey PLC		1,567		39,590
Kingfisher PLC		11,474		47,140
Land Securities Group PLC REIT		3,379		36,007
Legal & General Group PLC		38,078		141,625
Liberty Global PLC, Class A*		1,756		45,270
Liberty Global PLC, Class C*		1,851		47,885
Linde PLC		3,454		1,012,851
Lloyds Banking Group PLC		488,562		317,505
London Stock Exchange Group PLC		2,075		183,029
M&G PLC		18,684		51,593
Melrose Industries PLC		28,579		56,848
Mondi PLC		3,653		77,026
National Grid PLC		24,952		378,585
NatWest Group PLC		42,135		129,860
Next PLC		698		64,265
Ocado Group PLC*		3,339		61,512
Pearson PLC		5,307		46,142
Pentair PLC		1,106		64,048
Persimmon PLC		2,106		68,185
Phoenix Group Holdings PLC		3,070		25,481
Prudential PLC		17,396		265,271
Reckitt Benckiser Group PLC		4,822		408,964
RELX PLC		12,664		387,586
Rentokil Initial PLC		13,981		95,258
Rio Tinto PLC		7,802		606,221
Rolls-Royce Holdings PLC*		57,818		80,293
Sage Group PLC		6,051		57,060
Schroders PLC		533		21,912


	Number of Shares		Value
United Kingdom (Continued)
Segro PLC REIT		8,073	$	140,978
Severn Trent PLC		1,836		70,849
Shell PLC		52,541		1,390,199
Smith & Nephew PLC		6,550		117,502
Smiths Group PLC		2,984		61,218
Spirax-Sarco Engineering PLC		426		68,276
SSE PLC		6,649		152,064
St James’s Place PLC		3,660		68,923
Standard Chartered PLC		16,237		116,076
Taylor Wimpey PLC		21,521		43,386
Tesco PLC		53,967		209,809
Unilever PLC		17,566		883,020
United Utilities Group PLC		4,325		62,354
Vodafone Group PLC		193,523		341,297
Whitbread PLC*		1,378		54,063
Willis Towers Watson PLC		824		183,175
WPP PLC		8,211		116,506

(Cost $15,151,147)				17,526,335

United States — 71.2%
10X Genomics, Inc., Class A* (b)		398		32,425
3M Co.		3,942		585,978
A O Smith Corp.		589		40,394
Abbott Laboratories		11,938		1,439,962
AbbVie, Inc.		11,839		1,749,449
ABIOMED, Inc.*		292		90,736
Activision Blizzard, Inc.		5,238		426,897
Adobe, Inc.*		3,204		1,498,447
Advance Auto Parts, Inc.		481		98,355
Advanced Micro Devices, Inc.*		11,142		1,374,254
AES Corp.		4,593		97,509
Affirm Holdings, Inc.* (b)		594		24,853
Aflac, Inc.		4,469		273,011
Agilent Technologies, Inc.		1,893		246,771
AGNC Investment Corp. REIT		3,993		51,550
Air Products and Chemicals, Inc.		1,477		349,015
Airbnb, Inc., Class A*		1,989		301,314
Akamai Technologies, Inc.*		970		105,012
Albemarle Corp.		828		162,197
Alexandria Real Estate Equities, Inc. REIT		928		175,763
Align Technology, Inc.*		490		250,615
Alleghany Corp.*		78		51,630
Alliant Energy Corp.		1,730		101,032
Allstate Corp.		2,092		255,977
Ally Financial, Inc.		2,109		105,239
Alnylam Pharmaceuticals, Inc.*		736		116,178
Alphabet, Inc., Class A*		2,016		5,445,498
Alphabet, Inc., Class C*		1,929		5,204,095
Altria Group, Inc.		12,203		625,892
Amazon.com, Inc.*		3,064		9,410,341
AMC Entertainment Holdings, Inc., Class A*(b)		3,388		63,898
AMERCO		63		36,389
Ameren Corp.		1,813		155,827
American Electric Power Co., Inc.		3,250		294,612
American Express Co.		4,440		863,758
American Financial Group, Inc.		490		66,341
American International Group, Inc.		5,760		352,742


	Number of Shares		Value
United States (Continued)
American Tower Corp. REIT		3,099	$	703,070
American Water Works Co., Inc.		1,278		193,093
Ameriprise Financial, Inc.		749		224,543
AmerisourceBergen Corp.		1,021		145,523
AMETEK, Inc.		1,682		218,307
Amgen, Inc.		3,810		862,889
Amphenol Corp., Class A		4,135		314,301
Analog Devices, Inc.		3,644		584,097
Annaly Capital Management, Inc. REIT		9,789		68,131
ANSYS, Inc.*		570		184,788
Anthem, Inc.		1,600		722,960
Aon PLC, Class A		1,555		454,278
Apollo Global Management, Inc.		2,291		149,511
Apple, Inc.		110,058		18,172,777
Applied Materials, Inc.		5,998		804,932
Aramark		1,458		53,888
Archer-Daniels-Midland Co.		3,709		290,971
Arista Networks, Inc.*		1,522		186,795
Arrow Electronics, Inc.*		582		70,934
Arthur J Gallagher & Co.		1,393		220,359
Asana, Inc., Class A* (b)		449		24,601
Assurant, Inc.		391		66,357
AT&T, Inc.		47,905		1,134,869
Atmos Energy Corp.		1,050		115,300
Autodesk, Inc.*		1,423		313,387
Automatic Data Processing, Inc.		2,800		572,432
AutoZone, Inc.*		144		268,328
Avalara, Inc.*		593		61,619
AvalonBay Communities, Inc. REIT		913		217,833
Avantor, Inc.*		3,315		114,997
Avery Dennison Corp.		601		105,896
Baker Hughes Co.		5,199		152,747
Ball Corp.		2,379		213,491
Bank of America Corp.		49,504		2,188,077
Bank of New York Mellon Corp.		5,161		274,307
Bath & Body Works, Inc.		1,916		102,257
Bausch Health Cos., Inc.*		2,380		57,213
Baxter International, Inc.		3,346		284,310
Becton Dickinson and Co.		1,900		515,432
Bentley Systems, Inc., Class B		1,204		46,222
Berkshire Hathaway, Inc., Class B*		8,735		2,807,866
Best Buy Co., Inc.		1,550		149,792
Bill.com Holdings, Inc.*		503		119,654
Biogen, Inc.*		1,015		214,175
BioMarin Pharmaceutical, Inc.*		1,083		84,604
Bio-Rad Laboratories, Inc., Class A*		131		82,001
Bio-Techne Corp.		244		102,336
Black Knight, Inc.*		846		47,537
BlackRock, Inc.		1,015		755,048
Blackstone, Inc.		4,495		572,978
Block, Inc.*		2,816		359,040
Block, Inc. CDI*		572		64,461
Boeing Co.*		3,718		763,454
Booking Holdings, Inc.*		277		601,713
Booz Allen Hamilton Holding Corp.		1,033		83,353
BorgWarner, Inc.		1,366		56,020
Boston Properties, Inc. REIT		932		113,993


	Number of Shares		Value
United States (Continued)
Boston Scientific Corp.*		9,683	$	427,698
Bristol-Myers Squibb Co.		15,082		1,035,681
Broadcom, Inc.		2,737		1,607,823
Broadridge Financial Solutions, Inc.		747		109,219
Brookfield Renewable Corp., Class A		567		21,234
Brown & Brown, Inc.		1,712		115,748
Brown-Forman Corp., Class B		1,831		119,436
Bunge Ltd.		1,025		107,164
Burlington Stores, Inc.*		391		88,323
C.H. Robinson Worldwide, Inc.		837		80,921
Cable One, Inc.		36		51,583
Cadence Design Systems, Inc.*		1,940		293,774
Caesars Entertainment, Inc.*		1,393		117,277
Camden Property Trust REIT		658		108,642
Campbell Soup Co.		810		36,426
Capital One Financial Corp.		2,985		457,511
Cardinal Health, Inc.		2,191		118,336
Carlyle Group, Inc.		1,241		58,166
CarMax, Inc.*		1,029		112,501
Carnival Corp.*		5,494		111,693
Carrier Global Corp.		5,284		237,146
Carvana Co.*		487		73,279
Catalent, Inc.*		1,032		105,305
Caterpillar, Inc.		3,679		690,107
Cboe Global Markets, Inc.		745		87,381
CBRE Group, Inc., Class A*		2,362		228,760
CDW Corp.		886		152,800
Celanese Corp.		722		100,560
Centene Corp.*		3,784		312,634
CenterPoint Energy, Inc.		3,708		101,414
Ceridian HCM Holding, Inc.*		850		61,973
Cerner Corp.		1,919		178,947
CF Industries Holdings, Inc.		1,371		111,311
Charles River Laboratories International, Inc.*		315		91,715
Charles Schwab Corp.		9,543		806,002
Charter Communications, Inc., Class A*		865		520,540
Cheniere Energy, Inc.		1,717		228,189
Chevron Corp.		12,905		1,858,320
Chewy, Inc., Class A* (b)		472		22,250
Chipotle Mexican Grill, Inc.*		192		292,483
Church & Dwight Co., Inc.		1,525		149,221
Cigna Corp.		2,287		543,803
Cincinnati Financial Corp.		873		107,196
Cintas Corp.		608		228,195
Cisco Systems, Inc.		28,380		1,582,753
Citigroup, Inc.		13,232		783,731
Citizens Financial Group, Inc.		2,633		138,022
Citrix Systems, Inc.		921		94,402
Clorox Co.		915		133,398
Cloudflare, Inc., Class A*		1,588		184,875
CME Group, Inc.		2,413		570,747
CMS Energy Corp.		2,007		128,468
Coca-Cola Co.		27,503		1,711,787
Cognex Corp.		993		67,087
Cognizant Technology Solutions Corp., Class A		3,655		314,805


	Number of Shares		Value
United States (Continued)
Coinbase Global, Inc., Class A*		258	$	49,219
Colgate-Palmolive Co.		5,235		402,833
Comcast Corp., Class A		30,829		1,441,564
Conagra Brands, Inc.		2,703		94,524
ConocoPhillips		9,024		856,017
Consolidated Edison, Inc.		2,539		217,770
Constellation Brands, Inc., Class A		1,079		232,654
Constellation Energy Corp.		2,245		103,225
Cooper Cos., Inc.		360		147,247
Copart, Inc.*		1,410		173,261
Corning, Inc.		5,502		222,281
Corteva, Inc.		4,633		241,055
CoStar Group, Inc.*		2,781		169,669
Costco Wholesale Corp.		2,958		1,535,941
Coterra Energy, Inc.		5,040		117,583
Coupa Software, Inc.*		474		57,359
Crowdstrike Holdings, Inc., Class A*		1,287		251,235
Crown Castle International Corp. REIT		2,892		481,778
Crown Holdings, Inc.		876		107,459
CSX Corp.		15,068		510,956
Cummins, Inc.		913		186,362
CVS Health Corp.		8,794		911,498
D.R. Horton, Inc.		2,272		194,029
Danaher Corp.		4,335		1,189,567
Darden Restaurants, Inc.		836		121,404
Datadog, Inc., Class A*		1,467		236,348
DaVita, Inc.*		433		48,829
Deere & Co.		2,009		723,280
Dell Technologies, Inc., Class C*		1,690		86,122
Delta Air Lines, Inc.*		606		24,191
DENTSPLY SIRONA, Inc.		1,408		76,229
Devon Energy Corp.		4,151		247,192
Dexcom, Inc.*		669		276,906
Diamondback Energy, Inc.		1,182		163,234
Digital Realty Trust, Inc. REIT		2,007		270,784
Discover Financial Services		2,105		259,841
Discovery, Inc., Class A*		1,239		34,754
Discovery, Inc., Class C*		1,882		52,640
DISH Network Corp., Class A*		1,734		55,419
DocuSign, Inc.*		1,299		153,841
Dollar General Corp.		1,621		321,509
Dollar Tree, Inc.*		1,552		220,508
Dominion Energy, Inc.		5,628		447,595
Domino’s Pizza, Inc.		236		102,002
DoorDash, Inc., Class A*		730		76,613
Dover Corp.		1,006		157,801
Dow, Inc.		4,831		284,836
DraftKings, Inc., Class A*(b)		2,175		51,504
Dropbox, Inc., Class A*		1,730		39,254
DTE Energy Co.		1,372		166,821
Duke Energy Corp.		5,223		524,441
Duke Realty Corp. REIT		2,819		149,407
DuPont de Nemours, Inc.		3,439		266,075
Dynatrace, Inc.*		1,458		64,764
Eastman Chemical Co.		938		111,125
Eaton Corp. PLC		2,559		394,828
eBay, Inc.		4,529		247,238
Ecolab, Inc.		1,734		305,635


	Number of Shares		Value
United States (Continued)
Edison International		2,555	$	162,038
Edwards Lifesciences Corp.*		4,306		483,865
Elanco Animal Health, Inc.*		2,638		74,946
Electronic Arts, Inc.		1,914		248,992
Eli Lilly & Co.		5,498		1,374,225
Emerson Electric Co.		3,935		365,640
Enphase Energy, Inc.*		916		152,697
Entegris, Inc.		864		112,735
Entergy Corp.		1,366		143,717
EOG Resources, Inc.		4,043		464,622
EPAM Systems, Inc.*		385		79,984
Equifax, Inc.		798		174,235
Equinix, Inc. REIT		587		416,611
Equitable Holdings, Inc.		2,642		86,288
Equity LifeStyle Properties, Inc. REIT		1,284		95,812
Equity Residential REIT		2,389		203,782
Erie Indemnity Co., Class A		119		20,837
Essential Utilities, Inc.		1,458		68,686
Essex Property Trust, Inc. REIT		455		144,312
Estee Lauder Cos., Inc., Class A		1,548		458,719
Etsy, Inc.*		826		127,939
Evergy, Inc.		1,320		82,381
Eversource Energy		2,195		179,551
Exact Sciences Corp.*		1,118		87,271
Exelon Corp.		6,736		286,684
Expedia Group, Inc.*		926		181,598
Expeditors International of Washington, Inc.		1,092		112,869
Extra Space Storage, Inc. REIT		865		162,750
Exxon Mobil Corp.		28,466		2,232,304
F5, Inc.*		388		77,930
FactSet Research Systems, Inc.		291		118,172
Fair Isaac Corp.*		192		90,468
Fastenal Co.		3,625		186,542
FedEx Corp.		1,748		388,528
Fidelity National Financial, Inc.		1,614		76,891
Fidelity National Information Services, Inc.		4,146		394,824
Fifth Third Bancorp		4,930		235,851
First Citizens BancShares, Inc., Class A		79		62,288
First Republic Bank		1,211		209,818
FirstEnergy Corp.		3,882		162,462
Fiserv, Inc.*		4,065		397,029
FleetCor Technologies, Inc.*		581		136,070
FMC Corp.		1,025		120,181
Ford Motor Co.		26,773		470,134
Fortinet, Inc.*		942		324,538
Fortive Corp.		2,410		156,047
Fortune Brands Home & Security, Inc.		939		81,599
Fox Corp., Class A		1,830		76,549
Fox Corp., Class B		624		23,874
Franklin Resources, Inc.		2,099		62,403
Freeport-McMoRan, Inc.		9,977		468,420
Gartner, Inc.*		540		151,427
Generac Holdings, Inc.*		399		125,873
General Dynamics Corp.		1,555		364,570
General Electric Co.		7,347		701,712


	Number of Shares		Value
United States (Continued)
General Mills, Inc.		4,309	$	290,556
General Motors Co.*		8,568		400,297
Genuine Parts Co.		1,032		126,069
Gilead Sciences, Inc.		8,351		504,400
Global Payments, Inc.		2,010		268,094
Globe Life, Inc.		675		68,148
GoDaddy, Inc., Class A*		1,284		107,098
Goldman Sachs Group, Inc.		2,217		756,640
Guidewire Software, Inc.*		563		49,628
Halliburton Co.		5,976		200,375
Hartford Financial Services Group, Inc.		2,150		149,382
Hasbro, Inc.		842		81,716
HCA Healthcare, Inc.		1,773		443,800
Healthpeak Properties, Inc. REIT		3,846		119,457
HEICO Corp. (b)		217		32,010
HEICO Corp., Class A		557		68,466
Henry Schein, Inc. *		841		72,646
Hershey Co.		1,025		207,316
Hess Corp.		1,824		184,333
Hewlett Packard Enterprise Co.		9,551		152,052
Hilton Worldwide Holdings, Inc.*		1,805		268,692
Hologic, Inc.*		1,806		128,533
Home Depot, Inc.		7,011		2,214,284
Honeywell International, Inc.		4,678		887,650
Horizon Therapeutics PLC*		1,440		131,285
Hormel Foods Corp.		2,095		99,806
Host Hotels & Resorts, Inc. REIT*		5,598		102,275
Howmet Aerospace, Inc.		2,708		97,271
HP, Inc.		7,862		270,138
HubSpot, Inc.*		292		153,300
Humana, Inc.		897		389,585
Huntington Bancshares, Inc.		10,046		155,914
Huntington Ingalls Industries, Inc.		292		59,685
IAC/InterActiveCorp*		559		64,151
IDEX Corp.		576		110,534
IDEXX Laboratories, Inc.*		576		306,634
Illinois Tool Works, Inc.		2,158		466,862
Illumina, Inc.*		1,028		335,745
Incyte Corp.*		1,277		87,219
Ingersoll Rand, Inc.		2,728		137,819
Insulet Corp.*		480		127,051
Intel Corp.		26,962		1,286,087
Intercontinental Exchange, Inc.		3,708		475,069
International Business Machines Corp.		6,075		744,248
International Flavors & Fragrances, Inc.		1,685		224,105
International Paper Co.		2,462		107,171
Interpublic Group of Cos., Inc.		3,016		110,989
Intuit, Inc.		1,823		864,776
Intuitive Surgical, Inc.*		2,371		688,372
Invesco Ltd.		2,734		58,070
Invitation Homes, Inc. REIT		4,135		156,303
IPG Photonics Corp.*		274		35,716
IQVIA Holdings, Inc.*		1,294		297,775
Iron Mountain, Inc. REIT		1,702		83,704
J M Smucker Co.		842		113,459
Jack Henry & Associates, Inc.		438		77,438
Jacobs Engineering Group, Inc.		930		114,390


	Number of Shares		Value
United States (Continued)
JB Hunt Transport Services, Inc.		543	$	110,191
Johnson & Johnson		17,621		2,899,888
Johnson Controls International PLC		4,863		315,900
JPMorgan Chase & Co.		19,849		2,814,588
Juniper Networks, Inc.		1,832		61,903
Kellogg Co.		1,563		99,938
Keurig Dr Pepper, Inc.		4,971		192,229
KeyCorp		6,786		170,125
Keysight Technologies, Inc.*		1,303		205,053
Kimberly-Clark Corp.		2,285		297,393
Kimco Realty Corp. REIT		4,536		106,732
Kinder Morgan, Inc.		13,953		242,782
KKR & Co., Inc.		3,606		216,793
KLA Corp.		1,028		358,258
Knight-Swift Transportation Holdings, Inc.		1,030		56,114
Kraft Heinz Co.		4,284		168,018
Kroger Co.		4,870		227,916
L3Harris Technologies, Inc.		1,370		345,665
Laboratory Corp. of America Holdings*		669		181,473
Lam Research Corp.		964		541,141
Las Vegas Sands Corp.*		2,464		105,607
Lear Corp.		385		60,576
Leidos Holdings, Inc.		746		75,973
Lennar Corp., Class A		1,829		164,390
Lennox International, Inc.		207		55,254
Liberty Broadband Corp., Class A*		135		19,549
Liberty Broadband Corp., Class C*		965		141,565
Liberty Media Corp.-Liberty Formula One, Class C*		1,454		88,301
Liberty Media Corp-Liberty SiriusXM, Class A*		575		28,957
Liberty Media Corp-Liberty SiriusXM, Class C*		1,208		60,787
Lincoln National Corp.		1,294		87,241
Live Nation Entertainment, Inc.*		1,122		135,560
LKQ Corp.		2,009		94,323
Lockheed Martin Corp.		1,661		720,542
Loews Corp.		1,644		100,843
Lowe’s Cos., Inc.		4,586		1,013,781
Lucid Group, Inc.* (b)		2,700		78,246
Lumen Technologies, Inc. (b)		5,406		56,006
Lyft, Inc., Class A*		1,816		70,715
LyondellBasell Industries NV, Class A		1,862		181,042
M&T Bank Corp.		838		152,709
Marathon Petroleum Corp.		4,322		336,554
Markel Corp.*		82		101,919
MarketAxess Holdings, Inc.		288		109,852
Marriott International, Inc., Class A*		1,750		297,745
Marsh & McLennan Cos., Inc.		3,308		514,096
Martin Marietta Materials, Inc.		454		172,248
Marvell Technology, Inc.		5,489		375,063
Masco Corp.		1,516		84,957
Masimo Corp.*		364		57,312
Mastercard, Inc., Class A		5,921		2,136,415
Match Group, Inc.*		1,833		204,361
McCormick & Co., Inc.		1,513		143,992


	Number of Shares		Value
United States (Continued)
McDonald’s Corp.		5,027	$	1,230,459
McKesson Corp.		1,001		275,235
Medical Properties Trust, Inc. REIT		4,054		82,458
Merck & Co., Inc.		16,777		1,284,783
Meta Platforms, Inc., Class A*		15,954		3,366,773
MetLife, Inc.		5,135		346,869
Mettler-Toledo International, Inc.*		162		228,216
MGM Resorts International		2,435		107,846
Microchip Technology, Inc.		3,556		250,093
Micron Technology, Inc.		7,631		678,091
Microsoft Corp.		47,849		14,296,803
Mid-America Apartment Communities, Inc. REIT		752		153,867
Moderna, Inc.*		2,285		350,976
Mohawk Industries, Inc.*		399		56,171
Molina Healthcare, Inc.*		398		122,134
Molson Coors Beverage Co., Class B		1,196		62,407
Mondelez International, Inc., Class A		9,425		617,149
MongoDB, Inc.*		399		152,414
Monolithic Power Systems, Inc.		276		126,601
Monster Beverage Corp.*		2,574		217,246
Moody’s Corp.		1,106		356,165
Morgan Stanley		9,184		833,356
Mosaic Co.		2,554		133,906
Motorola Solutions, Inc.		1,118		246,441
MSCI, Inc.		524		262,886
Nasdaq, Inc.		832		142,397
NetApp, Inc.		1,547		121,254
Netflix, Inc.*		2,952		1,164,623
Neurocrine Biosciences, Inc.*		676		60,752
Newell Brands, Inc.		1,946		46,217
Newmont Corp.		5,506		364,497
News Corp., Class A		2,709		60,465
NextEra Energy, Inc.		13,107		1,025,885
NIKE, Inc., Class B		8,540		1,166,137
NiSource, Inc.		1,861		53,839
Nordson Corp.		376		85,160
Norfolk Southern Corp.		1,654		424,284
Northern Trust Corp.		1,429		162,763
Northrop Grumman Corp.		1,028		454,520
NortonLifeLock, Inc.		3,629		105,168
Novavax, Inc.* (b)		495		41,268
NRG Energy, Inc.		1,642		62,133
Nuance Communications, Inc.*		2,038		113,150
Nucor Corp.		1,926		253,500
NVIDIA Corp.		16,709		4,074,490
NVR, Inc.*		22		109,086
Occidental Petroleum Corp.		5,809		254,028
Okta, Inc.*		1,068		195,273
Old Dominion Freight Line, Inc.		672		211,028
Omnicom Group, Inc.		1,368		114,761
ON Semiconductor Corp.*		2,997		187,642
ONEOK, Inc.		2,913		190,219
Oracle Corp.		11,218		852,231
O’Reilly Automotive, Inc.*		445		288,912
Otis Worldwide Corp.		2,744		214,938
Owens Corning		549		51,161


	Number of Shares		Value
United States (Continued)
PACCAR, Inc.		2,285	$	209,786
Packaging Corp. of America		577		84,929
Palantir Technologies, Inc., Class A*		11,819		140,055
Palo Alto Networks, Inc.*		668		396,959
Paramount Global, Class B		4,237		129,695
Parker-Hannifin Corp.		876		259,638
Paychex, Inc.		2,190		260,741
Paycom Software, Inc.*		322		109,226
PayPal Holdings, Inc.*		7,510		840,594
Peloton Interactive, Inc., Class A*		1,666		48,414
PepsiCo, Inc.		9,183		1,503,624
PerkinElmer, Inc.		767		137,761
Pfizer, Inc.		37,675		1,768,464
PG&E Corp.* (b)		10,167		115,599
Philip Morris International, Inc.		10,330		1,044,053
Phillips 66		2,896		243,959
Pinterest, Inc., Class A*		3,552		95,016
Pioneer Natural Resources Co.		1,552		371,859
Plug Power, Inc.* (b)		3,261		82,471
PNC Financial Services Group, Inc.		2,786		555,110
Pool Corp.		280		128,402
PPG Industries, Inc.		1,482		197,773
PPL Corp.		4,561		119,361
Principal Financial Group, Inc.		1,747		123,408
Procter & Gamble Co.		16,182		2,522,612
Progressive Corp.		3,961		419,589
Prologis, Inc. REIT		4,872		710,581
Prudential Financial, Inc.		2,398		267,761
PTC, Inc.*		608		67,658
Public Service Enterprise Group, Inc.		3,234		209,660
Public Storage REIT		1,099		390,167
PulteGroup, Inc.		1,823		90,530
Qorvo, Inc.*		656		89,728
QUALCOMM, Inc.		7,605		1,307,984
Quest Diagnostics, Inc.		848		111,317
Raymond James Financial, Inc.		1,294		141,887
Raytheon Technologies Corp.		10,056		1,032,751
Realty Income Corp. REIT		3,932		259,866
Regency Centers Corp. REIT		1,168		76,960
Regeneron Pharmaceuticals, Inc.*		699		432,234
Regions Financial Corp.		6,786		164,153
Republic Services, Inc.		1,457		175,248
ResMed, Inc.		917		226,270
RingCentral, Inc., Class A*		576		75,364
Rivian Automotive, Inc., Class A* (b)		1,155		78,032
Robert Half International, Inc.		844		101,525
Robinhood Markets, Inc., Class A* (b)		1,559		18,724
Rockwell Automation, Inc.		830		221,261
Roku, Inc.*		765		106,740
Rollins, Inc.		1,479		48,260
Roper Technologies, Inc.		711		318,684
Ross Stores, Inc.		2,461		224,911
Royal Caribbean Cruises Ltd.*		1,549		125,035
Royalty Pharma PLC, Class A		2,262		88,806
RPM International, Inc.		842		71,208
S&P Global, Inc.		2,311		868,243
salesforce.com, Inc.*		6,573		1,383,814


	Number of Shares		Value
United States (Continued)
SBA Communications Corp. REIT		692	$	209,946
Schlumberger N.V.		9,261		363,402
Seagate Technology Holdings PLC		1,276		131,632
Seagen, Inc.*		988		127,324
Sealed Air Corp.		1,106		74,246
SEI Investments Co.		767		44,931
Sempra Energy		2,172		313,246
Sensata Technologies Holding PLC*		1,033		59,821
ServiceNow, Inc.*		1,337		775,353
Sherwin-Williams Co.		1,647		433,375
Signature Bank		407		140,370
Simon Property Group, Inc. REIT		2,119		291,490
Sirius XM Holdings, Inc. (b)		5,127		31,582
Skyworks Solutions, Inc.		993		137,203
Snap, Inc., Class A*		7,135		284,972
Snap-on, Inc.		404		84,913
Snowflake, Inc., Class A*		1,415		375,909
SoFi Technologies, Inc.* (b)		3,508		40,167
Southern Co.		7,179		464,984
Southwest Airlines Co.*		1,032		45,202
Splunk, Inc.*		1,118		132,036
SS&C Technologies Holdings, Inc.		1,649		123,626
Stanley Black & Decker, Inc.		1,118		181,899
Starbucks Corp.		7,851		720,643
State Street Corp.		2,562		218,615
Steel Dynamics, Inc.		1,557		109,893
STERIS PLC		669		160,560
Stryker Corp.		2,285		601,755
Sun Communities, Inc. REIT		759		137,379
Sunrun, Inc.*		1,223		33,363
SVB Financial Group*		381		230,886
Synchrony Financial		3,601		154,051
Synopsys, Inc.*		997		311,453
Sysco Corp.		3,586		312,341
T. Rowe Price Group, Inc.		1,553		224,502
Take-Two Interactive Software, Inc.*		758		122,796
Target Corp.		3,274		654,047
TE Connectivity Ltd.		2,113		300,955
Teladoc Health, Inc.*		987		74,923
Teledyne Technologies, Inc.*		312		133,967
Teleflex, Inc.		292		98,203
Teradyne, Inc.		1,114		131,363
Tesla, Inc.*		5,730		4,987,564
Texas Instruments, Inc.		6,126		1,041,359
Textron, Inc.		1,466		107,209
Thermo Fisher Scientific, Inc.		2,645		1,438,880
TJX Cos., Inc.		8,180		540,698
T-Mobile US, Inc.*		4,223		520,316
Tractor Supply Co.		763		155,492
Trade Desk, Inc., Class A*		2,761		235,569
Tradeweb Markets, Inc., Class A		663		56,010
TransDigm Group, Inc.*		326		217,308
TransUnion		1,393		126,429
Travelers Cos., Inc.		1,747		300,187
Trimble, Inc.*		1,732		120,807
Truist Financial Corp.		8,978		558,611
Twilio, Inc., Class A*		1,081		188,959


	Number of Shares		Value
United States (Continued)
Twitter, Inc.*		5,027	$	178,710
Tyler Technologies, Inc.*		291		124,624
Tyson Foods, Inc., Class A		1,860		172,348
Uber Technologies, Inc.*		9,964		359,003
UDR, Inc. REIT		1,838		100,851
UGI Corp.		1,278		49,126
Ulta Beauty, Inc.*		321		120,214
Union Pacific Corp.		4,356		1,071,358
United Parcel Service, Inc., Class B		4,864		1,023,483
United Rentals, Inc.*		487		156,629
UnitedHealth Group, Inc.		6,302		2,998,933
Unity Software, Inc.*		398		42,367
Universal Health Services, Inc., Class B		522		75,131
Upstart Holdings, Inc.*		137		21,645
US Bancorp		9,505		537,413
Vail Resorts, Inc.		290		75,559
Valero Energy Corp.		2,545		212,533
Veeva Systems, Inc., Class A*		929		212,787
Ventas, Inc. REIT		2,942		158,868
VeriSign, Inc.*		673		143,834
Verisk Analytics, Inc.		1,020		180,887
Verizon Communications, Inc.		27,659		1,484,459
Vertex Pharmaceuticals, Inc.*		1,729		397,705
VF Corp.		2,293		133,040
Viatris, Inc.		8,009		88,179
VICI Properties, Inc. REIT		3,795		106,108
Visa, Inc., Class A		11,324		2,447,343
Vistra Corp.		2,919		66,612
VMware, Inc., Class A		1,385		162,488
Vornado Realty Trust REIT		1,115		48,257
Vulcan Materials Co.		829		150,422
W.R. Berkley Corp.		832		75,130
W.W. Grainger, Inc.		299		142,641
Walgreens Boots Alliance, Inc.		4,766		219,665
Walmart, Inc.		10,325		1,395,527
Walt Disney Co.*		12,196		1,810,618
Waste Connections, Inc.		1,837		226,851
Waste Management, Inc.		2,822		407,497
Waters Corp.*		402		127,325
Wayfair, Inc., Class A* (b)		474		66,772
Webster Financial Corp.		1,203		72,433
WEC Energy Group, Inc.		1,989		180,760
Wells Fargo & Co.		26,776		1,429,035
Welltower, Inc. REIT		2,717		226,299
West Pharmaceutical Services, Inc.		506		195,862
Western Digital Corp.*		2,261		115,175
Western Union Co.		3,307		60,121
Westinghouse Air Brake Technologies Corp.		1,123		104,237
Westrock Co.		1,640		74,243
Weyerhaeuser Co. REIT		4,686		182,192
Whirlpool Corp.		388		78,093
Williams Cos., Inc.		7,563		236,571
Workday, Inc., Class A*		1,310		300,055
WP Carey, Inc. REIT		1,107		85,682
Wynn Resorts Ltd.*		669		57,882
Xcel Energy, Inc.		3,741		251,882


	Number of Shares		Value
United States (Continued)
Xylem, Inc.		1,277	$	113,589
Yum! Brands, Inc.		1,926		236,089
Zebra Technologies Corp., Class A*		342		141,362
Zendesk, Inc.*		762		88,903
Zillow Group, Inc., Class A*		412		23,595
Zillow Group, Inc., Class C*		938		53,954
Zimmer Biomet Holdings, Inc.		1,372		174,505
Zoetis, Inc.		3,104		601,090
Zoom Video Communications, Inc., Class A*		1,543		204,602
ZoomInfo Technologies, Inc.*		1,529		83,621
Zscaler, Inc.*		541		129,380

(Cost $217,048,224)				257,352,542

TOTAL COMMON STOCKS (Cost $311,251,267)				360,119,063

PREFERRED STOCKS — 0.1%
Germany — 0.1%
Bayerische Motoren Werke AG		301		24,646
FUCHS PETROLUB SE		392		15,630
Henkel AG & Co. KGaA		909		72,327
Porsche Automobil Holding SE		1,111		113,407
Sartorius AG		160		70,843


	Number of Shares		Value
Germany (Continued)
Volkswagen AG		1,202	$	240,370

(Cost $530,676)				537,223

WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		19,824		17,502

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (e)(f) (Cost $300,102)		300,102		300,102

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (e) (Cost $60,718)		60,718		60,718

TOTAL INVESTMENTS — 99.9% (Cost $312,142,763)			$	361,034,608
Other assets and liabilities, net — 0.1%				493,447

NET ASSETS — 100.0%			$	361,528,055

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

During the period ended February 28, 2022, the amount of transfers from Level 1 to Level 3 was $61,210. The investments 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 — 98.4%
Communication Services — 10.6%
Activision Blizzard, Inc.		299	$	24,369
Alphabet, Inc., Class A*		139		375,458
Alphabet, Inc., Class C*		139		374,997
AT&T, Inc.		3,749		88,814
Charter Communications, Inc., Class A*		33		19,859
Discovery, Inc., Class C*		172		4,811
DISH Network Corp., Class A* (a)		80		2,557
Electronic Arts, Inc.		251		32,653
Fox Corp., Class A		292		12,214
Fox Corp., Class B		141		5,395
Interpublic Group of Cos., Inc.		348		12,806
Lumen Technologies, Inc. (a)		251		2,600
Meta Platforms, Inc., Class A*		1,589		335,327
New York Times Co., Class A		93		4,091
News Corp., Class A		151		3,370
Nexstar Media Group, Inc., Class A		20		3,701
Omnicom Group, Inc.		134		11,241
Take-Two Interactive Software, Inc.*		79		12,798
Verizon Communications, Inc.		2,938		157,682
Walt Disney Co.*		100		14,846

(Cost $1,375,246)				1,499,589

Consumer Discretionary — 13.2%
Advance Auto Parts, Inc.		86		17,585
Amazon.com, Inc.*		168		515,972
AutoNation, Inc.*		45		5,160
AutoZone, Inc.*		17		31,678
Bath & Body Works, Inc.		73		3,896
Best Buy Co., Inc.		380		36,723
Booking Holdings, Inc.*		21		45,617
BorgWarner, Inc.		122		5,003
Brunswick Corp.		65		6,209
Carnival Corp.*		258		5,245
Carter’s, Inc.		31		2,997
Chipotle Mexican Grill, Inc.*		8		12,187
Columbia Sportswear Co.		30		2,782
D.R. Horton, Inc.		210		17,934
Darden Restaurants, Inc.		93		13,505
Deckers Outdoor Corp.*		19		5,484
Dick’s Sporting Goods, Inc. (a)		107		11,235
Dollar General Corp.		271		53,750
Dollar Tree, Inc.*		237		33,673
Domino’s Pizza, Inc.		14		6,051
eBay, Inc.		870		47,493
Etsy, Inc.*		47		7,280
Expedia Group, Inc.*		61		11,963
Five Below, Inc.*		17		2,781
Floor & Decor Holdings, Inc., Class A*		45		4,303
Foot Locker, Inc.		155		4,901
Gap, Inc.		103		1,499
Garmin Ltd.		134		14,799
Gentex Corp.		280		8,476
Genuine Parts Co.		103		12,582
Grand Canyon Education, Inc.*		45		3,907
Home Depot, Inc.		688		217,291
Kohl’s Corp.		53		2,948


	Number of Shares		Value
Consumer Discretionary (Continued)
Las Vegas Sands Corp.*		79	$	3,386
Lear Corp.		31		4,878
Lennar Corp., Class A		250		22,470
LKQ Corp.		175		8,216
Lowe’s Cos., Inc.		698		154,300
Lululemon Athletica, Inc.*		38		12,158
MGM Resorts International		86		3,809
Mohawk Industries, Inc.*		58		8,165
Newell Brands, Inc.		100		2,375
NIKE, Inc., Class B		422		57,624
NVR, Inc.*		3		14,875
Ollie’s Bargain Outlet Holdings, Inc.*		46		1,986
O’Reilly Automotive, Inc.*		58		37,656
Polaris, Inc. (a)		71		8,627
Pool Corp.		17		7,796
PulteGroup, Inc.		325		16,140
Qurate Retail, Inc., Series A		277		1,526
Ralph Lauren Corp.		26		3,433
Ross Stores, Inc.		210		19,192
Royal Caribbean Cruises Ltd.*		58		4,682
Starbucks Corp.		529		48,557
Tapestry, Inc.		150		6,135
Target Corp.		706		141,038
Tempur Sealy International, Inc.		115		3,796
Thor Industries, Inc. (a)		38		3,439
TJX Cos., Inc.		416		27,498
Tractor Supply Co.		127		25,881
Ulta Beauty, Inc.*		33		12,359
Victoria’s Secret & Co.*		24		1,287
Wayfair, Inc., Class A* (a)		38		5,353
Whirlpool Corp.		38		7,648
Williams-Sonoma, Inc.		106		15,355
YETI Holdings, Inc.*		38		2,339
Yum China Holdings, Inc.		44		2,289

(Cost $1,896,746)				1,869,177

Consumer Staples — 7.9%
Altria Group, Inc.		1,071		54,932
Boston Beer Co., Inc., Class A*		3		1,150
Campbell Soup Co.		65		2,923
Church & Dwight Co., Inc.		86		8,415
Clorox Co.		93		13,559
Colgate-Palmolive Co.		430		33,089
Conagra Brands, Inc.		155		5,420
Costco Wholesale Corp.		448		232,624
Darling Ingredients, Inc.*		38		2,754
Estee Lauder Cos., Inc., Class A		83		24,595
General Mills, Inc.		243		16,386
Herbalife Nutrition Ltd.*		93		3,309
Hershey Co.		76		15,372
Hormel Foods Corp.		237		11,291
Ingredion, Inc.		45		3,993
J M Smucker Co.		47		6,333
Kellogg Co.		89		5,691
Kimberly-Clark Corp.		217		28,243
Kroger Co.		539		25,225
Monster Beverage Corp.*		253		21,353


	Number of Shares		Value
Consumer Staples (Continued)
PepsiCo, Inc.		79	$	12,935
Philip Morris International, Inc.		1,192		120,475
Procter & Gamble Co.		1,219		190,030
Spectrum Brands Holdings, Inc.		31		2,876
Sysco Corp.		244		21,252
Tyson Foods, Inc., Class A		122		11,305
Walgreens Boots Alliance, Inc.		499		22,999
Walmart, Inc.		1,677		226,663

(Cost $1,033,453)				1,125,192

Energy — 3.8%
Chevron Corp.		980		141,120
ConocoPhillips		777		73,706
Coterra Energy, Inc.		423		9,869
Devon Energy Corp.		250		14,887
Diamondback Energy, Inc.		52		7,181
DT Midstream, Inc.		31		1,646
EOG Resources, Inc.		637		73,204
Exxon Mobil Corp.		1,737		136,216
Marathon Oil Corp.		271		6,114
Marathon Petroleum Corp.		368		28,656
Phillips 66		66		5,560
Pioneer Natural Resources Co.		111		26,596
Valero Energy Corp.		65		5,428

(Cost $438,990)				530,183

Financials — 8.3%
Aflac, Inc.		210		12,829
Allstate Corp.		224		27,409
Aon PLC, Class A		86		25,124
Apollo Global Management, Inc.		79		5,156
Arch Capital Group Ltd.*		223		10,505
Berkshire Hathaway, Inc., Class B*		1,717		551,930
Brown & Brown, Inc.		79		5,341
Capital One Financial Corp.		162		24,830
Cboe Global Markets, Inc.		100		11,729
Cincinnati Financial Corp.		160		19,646
Credit Acceptance Corp.*		11		6,051
Erie Indemnity Co., Class A		24		4,202
Evercore, Inc., Class A		99		12,574
FactSet Research Systems, Inc.		30		12,183
Fidelity National Financial, Inc.		368		17,531
First American Financial Corp.		132		8,849
Franklin Resources, Inc.		279		8,295
Hartford Financial Services Group, Inc.		86		5,975
Lazard Ltd., Class A		168		5,809
LPL Financial Holdings, Inc.		113		20,447
Markel Corp.*		3		3,729
MarketAxess Holdings, Inc.		17		6,484
Marsh & McLennan Cos., Inc.		243		37,765
MGIC Investment Corp.		656		9,958
Moody’s Corp.		127		40,898
MSCI, Inc.		51		25,586
Nasdaq, Inc.		38		6,504
Old Republic International Corp.		162		4,269
Progressive Corp.		970		102,752
S&P Global, Inc. (a)		192		72,134


	Number of Shares		Value
Financials (Continued)
SEI Investments Co.		141	$	8,260
Synchrony Financial		265		11,337
T. Rowe Price Group, Inc.		276		39,899
Travelers Cos., Inc.		58		9,966
White Mountains Insurance Group Ltd.		4		4,201

(Cost $966,655)				1,180,157

Health Care — 14.8%
AbbVie, Inc.		560		82,751
ABIOMED, Inc.*		19		5,904
Align Technology, Inc.*		21		10,741
AmerisourceBergen Corp.		99		14,110
Amgen, Inc.		412		93,310
Anthem, Inc.		300		135,555
Biogen, Inc.*		272		57,395
Bio-Rad Laboratories, Inc., Class A*		27		16,901
Bristol-Myers Squibb Co.		176		12,086
Cardinal Health, Inc.		271		14,637
Cerner Corp.		303		28,255
Chemed Corp.		16		7,653
Cigna Corp.		512		121,743
CVS Health Corp.		930		96,394
DaVita, Inc.*		65		7,330
Edwards Lifesciences Corp.*		313		35,172
Eli Lilly & Co.		206		51,490
Exelixis, Inc.*		182		3,736
Gilead Sciences, Inc.		91		5,496
HCA Healthcare, Inc.		129		32,290
Henry Schein, Inc.*		160		13,821
Hologic, Inc.*		89		6,334
Humana, Inc.		232		100,762
IDEXX Laboratories, Inc.*		22		11,712
Illumina, Inc.*		26		8,492
Incyte Corp.*		38		2,595
Intuitive Surgical, Inc.*		60		17,420
Jazz Pharmaceuticals PLC*		37		5,084
Johnson & Johnson		1,810		297,872
Laboratory Corp. of America Holdings*		45		12,207
Masimo Corp.*		17		2,677
McKesson Corp.		210		57,742
Merck & Co., Inc.		667		51,079
Mettler-Toledo International, Inc.*		13		18,314
Molina Healthcare, Inc.*		31		9,513
Neurocrine Biosciences, Inc.*		38		3,415
Organon & Co.		381		14,223
PerkinElmer, Inc.		32		5,747
Pfizer, Inc.		1,318		61,867
Premier, Inc., Class A		107		3,846
Quest Diagnostics, Inc.		84		11,027
Quidel Corp.*		45		4,760
Regeneron Pharmaceuticals, Inc.*		98		60,599
ResMed, Inc.		45		11,104
Sage Therapeutics, Inc. *(a)		65		2,364
Seagen, Inc.*		38		4,897
Thermo Fisher Scientific, Inc.		127		69,088
United Therapeutics Corp.*		26		4,321
UnitedHealth Group, Inc.		658		313,122


	Number of Shares		Value
Health Care (Continued)
Universal Health Services, Inc., Class B		79	$	11,370
Vertex Pharmaceuticals, Inc.*		168		38,643
Waters Corp.*		38		12,036
West Pharmaceutical Services, Inc.		38		14,709

(Cost $1,841,545)				2,095,711

Industrials — 6.9%
3M Co.		251		37,311
A O Smith Corp.		148		10,150
Acuity Brands, Inc.		52		9,483
AGCO Corp.		58		6,969
Alaska Air Group, Inc.*		107		6,007
Boeing Co.*		52		10,678
Booz Allen Hamilton Holding Corp.		38		3,066
C.H. Robinson Worldwide, Inc.		52		5,027
Carlisle Cos., Inc.		17		4,036
Carrier Global Corp.		1,001		44,925
Caterpillar, Inc.		113		21,197
Cintas Corp.		24		9,008
Copart, Inc.*		127		15,606
Cummins, Inc.		172		35,109
Delta Air Lines, Inc.*		564		22,515
Donaldson Co., Inc.		72		3,907
Eaton Corp. PLC		113		17,435
Emerson Electric Co.		388		36,053
Expeditors International of Washington, Inc.		168		17,364
Fastenal Co.		475		24,443
FedEx Corp.		60		13,336
Fortune Brands Home & Security, Inc.		31		2,694
FTI Consulting, Inc.*		38		5,548
General Dynamics Corp.		58		13,598
Graco, Inc.		113		8,146
Honeywell International, Inc.		38		7,211
Huntington Ingalls Industries, Inc.		52		10,629
Illinois Tool Works, Inc.		91		19,687
ITT, Inc.		79		6,942
Jacobs Engineering Group, Inc.		40		4,920
JB Hunt Transport Services, Inc.		93		18,872
JetBlue Airways Corp.*		188		2,871
Johnson Controls International PLC		258		16,760
Knight-Swift Transportation Holdings, Inc.		203		11,059
L3Harris Technologies, Inc.		65		16,400
Landstar System, Inc.		31		4,787
Lennox International, Inc.		13		3,470
Lincoln Electric Holdings, Inc.		43		5,481
Lockheed Martin Corp.		292		126,670
ManpowerGroup, Inc.		50		5,314
Masco Corp.		223		12,497
MSC Industrial Direct Co., Inc., Class A		51		3,951
Northrop Grumman Corp.		53		23,433
Old Dominion Freight Line, Inc.		70		21,982
Oshkosh Corp.		58		6,440
Otis Worldwide Corp.		354		27,729
Owens Corning		58		5,405
PACCAR, Inc.		103		9,456
Parker-Hannifin Corp.		33		9,781


	Number of Shares		Value
Industrials (Continued)
Pentair PLC		63	$	3,648
Quanta Services, Inc.		86		9,369
Republic Services, Inc.		52		6,255
Robert Half International, Inc.		106		12,751
Rockwell Automation, Inc.		45		11,996
Snap-on, Inc.		52		10,929
Southwest Airlines Co.*		550		24,090
Stanley Black & Decker, Inc.		30		4,881
Textron, Inc.		65		4,753
Toro Co.		38		3,565
Trane Technologies PLC		50		7,697
Trex Co., Inc.*		51		4,684
Union Pacific Corp.		34		8,362
United Airlines Holdings, Inc.*		107		4,751
United Parcel Service, Inc., Class B		285		59,970
United Rentals, Inc.*		25		8,041
W.W. Grainger, Inc.		37		17,651
Watsco, Inc.		32		8,738

(Cost $910,721)				977,489

Information Technology — 29.1%
Accenture PLC, Class A		458		144,737
Adobe, Inc.*		250		116,920
Advanced Micro Devices, Inc.*		499		61,547
Akamai Technologies, Inc.*		45		4,872
Amdocs Ltd.		138		10,861
Apple, Inc.		5,332		880,420
Applied Materials, Inc.		485		65,087
Arista Networks, Inc.*		148		18,164
Arrow Electronics, Inc.*		52		6,338
Autodesk, Inc.*		58		12,773
Automatic Data Processing, Inc.		313		63,990
Avnet, Inc.		100		4,207
Broadridge Financial Solutions, Inc.		97		14,182
Cadence Design Systems, Inc.*		145		21,957
CDW Corp.		25		4,311
Ciena Corp.*		148		10,126
Cirrus Logic, Inc.*		55		4,778
Cisco Systems, Inc.		4,637		258,605
Citrix Systems, Inc.		107		10,967
Cognex Corp.		52		3,513
Cognizant Technology Solutions Corp., Class A		680		58,568
Dell Technologies, Inc., Class C*		65		3,312
Dolby Laboratories, Inc., Class A		45		3,380
Enphase Energy, Inc.*		20		3,334
EPAM Systems, Inc.*		17		3,532
F5, Inc.*		44		8,837
Fortinet, Inc.*		73		25,150
Hewlett Packard Enterprise Co.		361		5,747
HP, Inc.		2,306		79,234
Intel Corp.		6,778		323,311
International Business Machines Corp.		237		29,035
Intuit, Inc.		120		56,924
IPG Photonics Corp.*		17		2,216
Jabil, Inc.		131		7,573
Jack Henry & Associates, Inc.		52		9,194


	Number of Shares		Value
Information Technology (Continued)
Keysight Technologies, Inc.*		64	$	10,072
KLA Corp.		63		21,956
Kyndryl Holdings, Inc.*		45		714
Lam Research Corp.		72		40,417
Mastercard, Inc., Class A		481		173,554
Micron Technology, Inc.		1,355		120,405
Microsoft Corp.		2,448		731,438
MKS Instruments, Inc.		23		3,464
Monolithic Power Systems, Inc.		11		5,046
National Instruments Corp.		80		3,212
NetApp, Inc.		235		18,419
NortonLifeLock, Inc.		223		6,463
NVIDIA Corp.		540		131,679
Oracle Corp.		1,118		84,934
Paychex, Inc.		244		29,051
PayPal Holdings, Inc.*		49		5,485
Qorvo, Inc.*		58		7,933
salesforce.com, Inc.*		225		47,369
Skyworks Solutions, Inc.		141		19,482
Synopsys, Inc.*		66		20,618
TD SYNNEX Corp.		38		3,870
Teledyne Technologies, Inc.*		12		5,153
Teradyne, Inc.		145		17,098
Texas Instruments, Inc.		774		131,572
Tyler Technologies, Inc.*		10		4,283
Universal Display Corp.		20		3,098
VeriSign, Inc.*		52		11,113
Visa, Inc., Class A (a)		540		116,705
VMware, Inc., Class A		65		7,626
Western Union Co.		365		6,636
Zebra Technologies Corp., Class A*		13		5,373

(Cost $3,630,839)				4,131,940

Materials — 1.9%
Air Products and Chemicals, Inc.		112		26,465
Amcor PLC		981		11,409
Berry Global Group, Inc.*		52		3,154
Celanese Corp.		93		12,953
CF Industries Holdings, Inc.		120		9,743
Corteva, Inc.		608		31,634
Dow, Inc.		457		26,945
DuPont de Nemours, Inc.		32		2,476
Eagle Materials, Inc.		24		3,284
International Paper Co.		251		10,926
Louisiana-Pacific Corp.		107		7,699
LyondellBasell Industries NV, Class A		143		13,904
Mosaic Co.		113		5,924
Newmont Corp.		477		31,577
Nucor Corp.		155		20,401
Packaging Corp. of America		58		8,537
Reliance Steel & Aluminum Co.		72		13,743
Scotts Miracle-Gro Co.		31		4,342
Sherwin-Williams Co.		76		19,998
Steel Dynamics, Inc.		93		6,564
Sylvamo Corp.*		24		838

(Cost $241,982)				272,516


	Number of Shares		Value
Real Estate — 1.1%
Apartment Income REIT Corp. REIT		70	$	3,613
Boston Properties, Inc. REIT		38		4,648
CBRE Group, Inc., Class A*		402		38,934
Gaming and Leisure Properties, Inc. REIT		65		2,952
Highwoods Properties, Inc. REIT		58		2,529
Host Hotels & Resorts, Inc. REIT*		415		7,582
Jones Lang LaSalle, Inc.*		31		7,633
Kimco Realty Corp. REIT		320		7,529
Public Storage REIT		121		42,957
Simon Property Group, Inc. REIT		148		20,359
VICI Properties, Inc. REIT		187		5,228
Vornado Realty Trust REIT		162		7,011
Weyerhaeuser Co. REIT		216		8,398

(Cost $133,561)				159,373

Utilities — 0.8%
AES Corp.		293		6,220
Constellation Energy Corp.		155		7,127
DTE Energy Co.		58		7,052
Entergy Corp.		50		5,261
Evergy, Inc.		102		6,366
Exelon Corp.		465		19,790
NRG Energy, Inc.		349		13,206
PPL Corp.		206		5,391
Public Service Enterprise Group, Inc.		230		14,911
Sempra Energy		90		12,980
Vistra Corp.		478		10,908

(Cost $100,437)				109,212

TOTAL COMMON STOCKS (Cost $12,570,175)				13,950,539

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c) (Cost $10,656)		10,656		10,656

CASH EQUIVALENTS — 1.4%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $204,073)		204,073	$	204,073


TOTAL INVESTMENTS — 99.9% (Cost $12,784,904)			$	14,165,268
Other assets and liabilities, net — 0.1%				20,533

NET ASSETS — 100.0%			$	14,185,801

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


	Number of Shares		Value
COMMON STOCKS — 99.6%
Communication Services — 2.6%
Activision Blizzard, Inc.		716	$	58,354
Alphabet, Inc., Class A*		60		162,068
Alphabet, Inc., Class C*		60		161,869
AT&T, Inc.		3,437		81,423
Cable One, Inc.		24		34,388
Charter Communications, Inc., Class A*		167		100,497
Comcast Corp., Class A		1,540		72,010
Discovery, Inc., Class A*(a)		721		20,224
Discovery, Inc., Class C*		2,931		81,980
DISH Network Corp., Class A*		3,866		123,557
Electronic Arts, Inc.		1,108		144,140
Fox Corp., Class A		8,921		373,165
Fox Corp., Class B		3,758		143,781
Interpublic Group of Cos., Inc.		19,936		733,645
Liberty Broadband Corp., Class C*		200		29,340
Liberty Media Corp.-Liberty Formula One, Class C*		219		13,300
Liberty Media Corp-Liberty SiriusXM, Class A*		975		49,101
Liberty Media Corp-Liberty SiriusXM, Class C*		1,804		90,777
Loyalty Ventures, Inc.*		1,210		29,040
Lumen Technologies, Inc.		18,811		194,882
Match Group, Inc.*		351		39,133
Meta Platforms, Inc., Class A*		253		53,391
Netflix, Inc.*		33		13,019
New York Times Co., Class A		1,529		67,261
News Corp., Class A		12,117		270,451
News Corp., Class B		3,886		87,163
Nexstar Media Group, Inc., Class A		1,993		368,805
Omnicom Group, Inc.		4,888		410,054
Paramount Global, Class B		1,298		39,732
Playtika Holding Corp.*		1,817		37,430
Sirius XM Holdings, Inc. (a)		6,322		38,944
Take-Two Interactive Software, Inc.*		421		68,202
Verizon Communications, Inc.		1,565		83,994
Vimeo, Inc.*		855		11,107
Walt Disney Co.*		113		16,776
World Wrestling Entertainment, Inc., Class A (a)		846		50,134

(Cost $4,084,370)				4,353,137

Consumer Discretionary — 11.0%
Advance Auto Parts, Inc.		3,418		698,913
Amazon.com, Inc.*		19		58,354
Aptiv PLC*		393		50,870
Aramark		701		25,909
AutoNation, Inc.*		2,191		251,220
AutoZone, Inc.*		682		1,270,832
Bath & Body Works, Inc.		246		13,129
Best Buy Co., Inc.		8,513		822,696
Booking Holdings, Inc.*		12		26,067
BorgWarner, Inc.		1,354		55,528
Brunswick Corp.		2,634		251,600
Burlington Stores, Inc.*		64		14,457
CarMax, Inc.*		1,298		141,910
Carter’s, Inc.		1,443		139,509


	Number of Shares		Value
Consumer Discretionary (Continued)
Chipotle Mexican Grill, Inc.*		79	$	120,345
Choice Hotels International, Inc.		330		47,635
Churchill Downs, Inc.		45		10,839
Columbia Sportswear Co.		1,231		114,138
D.R. Horton, Inc.		4,484		382,934
Darden Restaurants, Inc.		498		72,320
Deckers Outdoor Corp.*		482		139,124
Dick’s Sporting Goods, Inc. (a)		1,978		207,690
Dollar General Corp.		2,465		488,908
Dollar Tree, Inc.*		4,328		614,922
Domino’s Pizza, Inc.		746		322,429
DoorDash, Inc., Class A*		71		7,451
eBay, Inc.		14,917		814,319
Etsy, Inc.*		146		22,614
Five Below, Inc.*		511		83,605
Floor & Decor Holdings, Inc., Class A*		577		55,173
Foot Locker, Inc.		3,248		102,702
Ford Motor Co.		20,885		366,741
Frontdoor, Inc.*		292		8,775
Garmin Ltd.		2,750		303,710
General Motors Co.*		4,246		198,373
Gentex Corp.		7,362		222,848
Genuine Parts Co.		6,811		832,032
Grand Canyon Education, Inc.*		741		64,341
H&R Block, Inc.		7,532		186,869
Hanesbrands, Inc.		4,712		72,800
Harley-Davidson, Inc.		1,726		71,284
Hasbro, Inc.		370		35,908
Hayward Holdings, Inc.*(a)		550		9,839
Hilton Worldwide Holdings, Inc.*		487		72,495
Home Depot, Inc.		188		59,376
Kohl’s Corp.		659		36,654
Lear Corp.		390		61,363
Leggett & Platt, Inc.		2,028		75,198
Lennar Corp., Class A		3,785		340,196
Lennar Corp., Class B		289		21,819
Lithia Motors, Inc.		29		9,884
LKQ Corp.		8,211		385,506
Lowe’s Cos., Inc.		1,505		332,695
Lululemon Athletica, Inc.*		241		77,106
Marriott International, Inc., Class A*		184		31,306
Mattel, Inc.*		1,861		46,488
McDonald’s Corp.		335		81,998
Mister Car Wash, Inc.*		1,197		19,176
Mohawk Industries, Inc.*		1,015		142,892
Newell Brands, Inc.		4,474		106,257
NIKE, Inc., Class B		689		94,083
NVR, Inc.*		51		252,880
Ollie’s Bargain Outlet Holdings, Inc.*		440		18,999
O’Reilly Automotive, Inc.*		1,234		801,162
Penske Automotive Group, Inc.		919		90,329
Petco Health & Wellness Co., Inc.*(a)		581		10,179
Polaris, Inc. (a)		2,005		243,628
Pool Corp.		1,033		473,713
PulteGroup, Inc.		5,926		294,285
Qurate Retail, Inc., Series A		3,006		16,563
Ralph Lauren Corp.		303		40,008


	Number of Shares		Value
Consumer Discretionary (Continued)
Ross Stores, Inc.		822	$	75,123
Service Corp. International		6,003		365,283
Skechers U.S.A., Inc., Class A*		1,346		61,889
Starbucks Corp.		1,523		139,796
Tapestry, Inc.		8,278		338,570
Target Corp.		2,571		513,609
Tempur Sealy International, Inc.		206		6,800
Terminix Global Holdings, Inc.*		307		13,066
Thor Industries, Inc. (a)		867		78,463
TJX Cos., Inc.		1,751		115,741
Toll Brothers, Inc.		1,942		105,373
TopBuild Corp.*		311		66,765
Tractor Supply Co.		4,294		875,074
Travel + Leisure Co.		263		14,741
Ulta Beauty, Inc.*		376		140,812
Vail Resorts, Inc.		389		101,354
VF Corp.		337		19,553
Victoria’s Secret & Co.*		3,623		194,301
Whirlpool Corp.		1,402		282,181
Williams-Sonoma, Inc.		1,883		272,771
Wyndham Hotels & Resorts, Inc.		172		14,863
YETI Holdings, Inc.*		400		24,624
Yum China Holdings, Inc.		870		45,257
Yum! Brands, Inc.		1,773		217,334

(Cost $16,497,846)				18,121,243

Consumer Staples — 5.5%
Albertsons Cos., Inc., Class A		6,932		202,068
Altria Group, Inc.		7,382		378,623
Archer-Daniels-Midland Co.		1,878		147,329
Brown-Forman Corp., Class A		225		13,734
Brown-Forman Corp., Class B		514		33,528
Campbell Soup Co.		1,641		73,796
Casey’s General Stores, Inc.		813		152,909
Church & Dwight Co., Inc.		2,727		266,837
Clorox Co.		775		112,987
Coca-Cola Co.		900		56,016
Colgate-Palmolive Co.		2,257		173,676
Conagra Brands, Inc.		3,500		122,395
Constellation Brands, Inc., Class A		902		194,489
Costco Wholesale Corp.		663		344,263
Darling Ingredients, Inc.*		2,217		160,688
Estee Lauder Cos., Inc., Class A		1,135		336,335
Flowers Foods, Inc.		10,723		293,917
General Mills, Inc.		4,642		313,010
Grocery Outlet Holding Corp.*		337		9,372
Hain Celestial Group, Inc.*		2,047		74,429
Herbalife Nutrition Ltd.*		1,370		48,745
Hershey Co.		2,146		434,050
Hormel Foods Corp.		2,366		112,716
Ingredion, Inc.		2,908		258,056
J M Smucker Co.		3,018		406,675
Kellogg Co.		3,455		220,913
Keurig Dr Pepper, Inc.		2,479		95,863
Kimberly-Clark Corp.		2,231		290,365
Kraft Heinz Co.		3,187		124,994
Kroger Co.		21,727		1,016,824
Lamb Weston Holdings, Inc.		349		23,184


	Number of Shares		Value
Consumer Staples (Continued)
McCormick & Co., Inc.		989	$	94,123
Molson Coors Beverage Co., Class B		1,717		89,593
Mondelez International, Inc., Class A		2,841		186,029
Monster Beverage Corp.*		1,511		127,528
PepsiCo, Inc.		534		87,437
Philip Morris International, Inc.		2,385		241,052
Pilgrim’s Pride Corp.*		2,622		61,827
Post Holdings, Inc.*		975		102,511
Procter & Gamble Co.		422		65,786
Seaboard Corp.		13		50,173
Spectrum Brands Holdings, Inc.		125		11,598
Sysco Corp.		1,592		138,663
Tyson Foods, Inc., Class A		8,236		763,148
Walgreens Boots Alliance, Inc.		12,090		557,228
Walmart, Inc.		258		34,871

(Cost $8,169,451)				9,104,353

Energy — 1.4%
Antero Midstream Corp. (a)		930		9,337
Baker Hughes Co.		1,028		30,203
Cheniere Energy, Inc.		2,214		294,241
Chevron Corp.		410		59,040
ConocoPhillips		998		94,670
Coterra Energy, Inc.		7,972		185,987
Devon Energy Corp.		268		15,959
DT Midstream, Inc.		2,593		137,688
EOG Resources, Inc.		2,617		300,746
EQT Corp.		1,264		29,249
Exxon Mobil Corp.		721		56,541
Hess Corp.		115		11,622
HollyFrontier Corp.*		439		13,368
Kinder Morgan, Inc.		12,326		214,472
Marathon Oil Corp.		1,341		30,253
Marathon Petroleum Corp.		242		18,844
NOV, Inc.		914		15,675
Occidental Petroleum Corp.		646		28,250
ONEOK, Inc.		1,211		79,078
Phillips 66		313		26,367
Pioneer Natural Resources Co.		762		182,575
Schlumberger N.V.		690		27,076
Texas Pacific Land Corp.		66		78,456
Valero Energy Corp.		437		36,494
Williams Cos., Inc.		9,192		287,526

(Cost $1,755,646)				2,263,717

Financials — 16.5%
Affiliated Managers Group, Inc.		1,531		211,829
Aflac, Inc.		8,439		515,539
AGNC Investment Corp. REIT (a)		3,377		43,597
Alleghany Corp.*		187		123,779
Allstate Corp.		4,461		545,848
Ally Financial, Inc.		3,420		170,658
American Express Co.		698		135,789
American Financial Group, Inc.		1,472		199,294
American International Group, Inc.		349		21,373
Ameriprise Financial, Inc.		1,290		386,729
Annaly Capital Management, Inc. REIT		2,048		14,254
Aon PLC, Class A		1,642		479,694


	Number of Shares		Value
Financials (Continued)
Apollo Global Management, Inc.		1,820	$	118,773
Arch Capital Group Ltd.*		11,019		519,105
Ares Management Corp., Class A		869		70,467
Arthur J Gallagher & Co.		2,270		359,091
Assurant, Inc.		1,303		221,132
Assured Guaranty Ltd.		2,878		178,350
Axis Capital Holdings Ltd.		592		32,335
Bank of America Corp.		1,000		44,200
Bank of Hawaii Corp.		423		36,454
Bank of New York Mellon Corp.		5,663		300,988
Bank OZK		1,961		92,206
Berkshire Hathaway, Inc., Class B*		502		161,368
BlackRock, Inc.		130		96,706
Blackstone, Inc.		1,296		165,201
BOK Financial Corp.		304		31,221
Brighthouse Financial, Inc.*		360		18,814
Brown & Brown, Inc.		5,887		398,020
Capital One Financial Corp.		3,107		476,210
Carlyle Group, Inc.		1,243		58,259
Cboe Global Markets, Inc.		5,844		685,443
Charles Schwab Corp.		894		75,507
Chubb Ltd.		1,519		309,329
Cincinnati Financial Corp.		5,274		647,594
Citigroup, Inc.		456		27,009
Citizens Financial Group, Inc.		2,154		112,913
CME Group, Inc.		551		130,328
CNA Financial Corp.		634		28,974
Comerica, Inc.		1,523		145,431
Commerce Bancshares, Inc.		1,302		93,458
Credit Acceptance Corp.*(a)		369		202,994
Cullen/Frost Bankers, Inc.		867		122,013
Discover Financial Services		1,068		131,834
East West Bancorp, Inc.		2,068		181,074
Equitable Holdings, Inc.		932		30,439
Erie Indemnity Co., Class A		308		53,931
Evercore, Inc., Class A		2,982		378,744
Everest Re Group Ltd.		915		272,871
FactSet Research Systems, Inc.		958		389,034
Fidelity National Financial, Inc.		11,511		548,384
Fifth Third Bancorp		2,866		137,109
First American Financial Corp.		7,687		515,336
First Citizens BancShares, Inc., Class A		90		70,960
First Hawaiian, Inc.		1,882		54,710
First Horizon Corp.		8,101		190,211
First Republic Bank		796		137,915
FNB Corp.		4,718		63,363
Franklin Resources, Inc.		15,544		462,123
Globe Life, Inc.		1,786		180,315
Goldman Sachs Group, Inc.		185		63,139
Hanover Insurance Group, Inc.		1,226		171,039
Hartford Financial Services Group, Inc.		7,491		520,475
Huntington Bancshares, Inc.		8,346		129,530
Interactive Brokers Group, Inc., Class A		1,530		101,255
Intercontinental Exchange, Inc.		989		126,711
Invesco Ltd.		8,638		183,471
Janus Henderson Group PLC		4,361		146,399
Jefferies Financial Group, Inc.		8,064		286,595


	Number of Shares		Value
Financials (Continued)
Kemper Corp.		498	$	26,613
KeyCorp		8,056		201,964
KKR & Co., Inc.		813		48,878
Lazard Ltd., Class A		5,940		205,405
Lincoln National Corp.		1,230		82,927
Loews Corp.		1,422		87,225
LPL Financial Holdings, Inc.		2,617		473,546
M&T Bank Corp.		1,202		219,040
Markel Corp.*		261		324,400
MarketAxess Holdings, Inc.		49		18,690
Marsh & McLennan Cos., Inc.		2,790		433,594
Mercury General Corp.		1,284		70,620
MetLife, Inc.		4,850		327,618
MGIC Investment Corp.		9,701		147,261
Moody’s Corp.		853		274,692
Morgan Stanley		1,007		91,375
Morningstar, Inc.		702		197,016
MSCI, Inc.		611		306,533
Nasdaq, Inc.		2,126		363,865
New York Community Bancorp, Inc.		7,326		84,542
Northern Trust Corp.		1,753		199,667
Old Republic International Corp.		17,860		470,611
OneMain Holdings, Inc.		487		24,827
People’s United Financial, Inc.		7,752		163,412
Pinnacle Financial Partners, Inc.		1,150		116,242
PNC Financial Services Group, Inc.		697		138,877
Popular, Inc.		1,648		151,369
Primerica, Inc.		981		127,422
Principal Financial Group, Inc.		4,434		313,218
Progressive Corp.		5,092		539,396
Prosperity Bancshares, Inc.		1,347		100,298
Prudential Financial, Inc.		2,548		284,510
Raymond James Financial, Inc.		6,486		711,190
Regions Financial Corp.		7,944		192,165
Reinsurance Group of America, Inc.		492		54,543
RenaissanceRe Holdings Ltd.		891		134,345
S&P Global, Inc. (a)		1,242		466,619
SEI Investments Co.		4,115		241,057
Signature Bank		425		146,578
SLM Corp.		10,025		197,493
Starwood Property Trust, Inc. REIT		5,532		131,883
State Street Corp.		2,752		234,828
Stifel Financial Corp.		3,156		231,966
SVB Financial Group*		177		107,262
Synchrony Financial		9,990		427,372
Synovus Financial Corp.		1,093		57,546
T. Rowe Price Group, Inc.		3,628		524,464
Tradeweb Markets, Inc., Class A		1,219		102,981
Travelers Cos., Inc.		2,302		395,553
Truist Financial Corp.		2,937		182,740
Unum Group		2,727		76,138
Upstart Holdings, Inc.*(a)		220		34,758
US Bancorp		2,533		143,216
Virtu Financial, Inc., Class A		3,522		123,552
Voya Financial, Inc.		1,697		114,293
W.R. Berkley Corp.		2,955		266,836
Webster Financial Corp.		1,830		110,184


	Number of Shares		Value
Financials (Continued)
Wells Fargo & Co.		1,052	$	56,145
Western Alliance Bancorp		941		88,209
White Mountains Insurance Group Ltd.		198		207,940
Willis Towers Watson PLC		1,067		237,194
Wintrust Financial Corp.		161		15,997
Zions Bancorp NA		2,817		199,697

(Cost $24,036,881)				27,165,640

Health Care — 9.8%
Abbott Laboratories		680		82,022
AbbVie, Inc.		127		18,767
ABIOMED, Inc.*		242		75,199
Agilent Technologies, Inc.		2,761		359,924
Align Technology, Inc.*		122		62,398
AmerisourceBergen Corp.		667		95,067
Amgen, Inc.		633		143,362
Anthem, Inc.		1,653		746,908
Avantor, Inc.*		1,785		61,922
Baxter International, Inc.		1,804		153,286
Becton Dickinson and Co.		620		168,194
Biogen, Inc.*		640		135,046
BioMarin Pharmaceutical, Inc.*		178		13,905
Bio-Rad Laboratories, Inc., Class A*		816		510,783
Bio-Techne Corp.		792		332,173
Boston Scientific Corp.*		2,124		93,817
Bristol-Myers Squibb Co.		1,069		73,408
Bruker Corp.		1,694		119,207
Cardinal Health, Inc.		2,701		145,881
Catalent, Inc.*		699		71,326
Centene Corp.*		1,324		109,389
Cerner Corp.		3,211		299,426
Charles River Laboratories International, Inc.*		501		145,871
Chemed Corp.		314		150,183
Cigna Corp.		1,870		444,649
Cooper Cos., Inc.		926		378,752
CVS Health Corp.		5,031		521,463
Danaher Corp.		101		27,715
DaVita, Inc.*		671		75,669
DENTSPLY SIRONA, Inc.		946		51,216
Dexcom, Inc.*		67		27,732
Edwards Lifesciences Corp.*		2,318		260,474
Eli Lilly & Co.		452		112,977
Encompass Health Corp.		550		36,311
Envista Holdings Corp.*		929		44,592
Exelixis, Inc.*		940		19,298
Figs, Inc., Class A*		1,421		23,347
Gilead Sciences, Inc.		2,449		147,920
Globus Medical, Inc., Class A*		1,073		75,453
HCA Healthcare, Inc.		1,064		266,330
Henry Schein, Inc.*		5,346		461,787
Hologic, Inc.*		4,674		332,648
Horizon Therapeutics PLC*		1,352		123,262
Humana, Inc.		1,425		618,906
ICU Medical, Inc.*		497		117,655
IDEXX Laboratories, Inc.*		436		232,105
Illumina, Inc.*		209		68,259
Insulet Corp.*		103		27,263


	Number of Shares		Value
Health Care (Continued)
Integra LifeSciences Holdings Corp.*		695	$	46,607
Intuitive Surgical, Inc.*		451		130,939
IQVIA Holdings, Inc.*		731		168,218
Jazz Pharmaceuticals PLC*		535		73,520
Johnson & Johnson		263		43,282
Laboratory Corp. of America Holdings*		2,172		589,177
Masimo Corp.*		578		91,006
McKesson Corp.		2,309		634,883
Medtronic PLC		625		65,619
Merck & Co., Inc.		1,214		92,968
Mettler-Toledo International, Inc.*		238		335,280
Molina Healthcare, Inc.*		1,475		452,633
Neurocrine Biosciences, Inc.*		341		30,646
Organon & Co.		15,359		573,351
PerkinElmer, Inc.		1,826		327,968
Perrigo Co. PLC		941		33,424
Pfizer, Inc.		1,582		74,259
Premier, Inc., Class A		6,150		221,031
QIAGEN NV*		2,075		103,107
Quest Diagnostics, Inc.		4,706		617,757
Quidel Corp.*		78		8,252
Regeneron Pharmaceuticals, Inc.*		594		367,306
Repligen Corp.*		206		40,520
ResMed, Inc.		928		228,984
Royalty Pharma PLC, Class A		772		30,309
Seagen, Inc.*		227		29,253
STERIS PLC		740		177,600
Stryker Corp.		312		82,165
Syneos Health, Inc.*		451		35,719
Teleflex, Inc.		65		21,860
Thermo Fisher Scientific, Inc.		183		99,552
United Therapeutics Corp.*		2,143		356,167
UnitedHealth Group, Inc.		168		79,946
Universal Health Services, Inc., Class B		929		133,711
Veeva Systems, Inc., Class A*		403		92,307
Vertex Pharmaceuticals, Inc.*		436		100,289
Waters Corp.*		1,067		337,951
West Pharmaceutical Services, Inc.		1,048		405,660
Zimmer Biomet Holdings, Inc.		223		28,363
Zoetis, Inc.		866		167,701

(Cost $14,018,660)				16,192,537

Industrials — 15.6%
3M Co.		1,157		171,988
A O Smith Corp.		6,776		464,698
Acuity Brands, Inc.		1,691		308,388
Advanced Drainage Systems, Inc.		1,385		161,657
AECOM		6,215		451,582
AGCO Corp.		1,825		219,292
Allegion PLC		1,516		173,612
Allison Transmission Holdings, Inc.		989		39,501
AMERCO		516		298,047
AMETEK, Inc.		1,937		251,403
Armstrong World Industries, Inc.		330		29,172
Axon Enterprise, Inc.*		109		15,287
AZEK Co., Inc.*		719		21,203
Booz Allen Hamilton Holding Corp.		1,860		150,083
Builders FirstSource, Inc.*		650		48,373


	Number of Shares		Value
Industrials (Continued)
BWX Technologies, Inc.		709	$	37,875
C.H. Robinson Worldwide, Inc.		2,225		215,113
CACI International, Inc., Class A*		1,431		400,379
Carlisle Cos., Inc.		1,717		407,616
Carrier Global Corp.		8,372		375,735
Caterpillar, Inc.		339		63,590
Cintas Corp.		552		207,177
Clean Harbors, Inc.*		1,065		101,633
Colfax Corp.*		706		28,388
Copart, Inc.*		2,031		249,569
Core & Main, Inc., Class A*		375		8,430
CoStar Group, Inc.*		572		34,898
Crane Co.		994		100,474
CSX Corp.		4,493		152,358
Cummins, Inc.		1,296		264,540
Curtiss-Wright Corp.		629		92,790
Deere & Co.		587		211,332
Donaldson Co., Inc.		3,545		192,387
Dover Corp.		1,949		305,720
Eaton Corp. PLC		2,050		316,295
Emerson Electric Co.		3,550		329,866
Equifax, Inc.		902		196,943
Expeditors International of Washington, Inc.		5,455		563,829
Fastenal Co.		7,369		379,209
FedEx Corp.		663		147,365
Flowserve Corp.		672		20,409
Fluence Energy, Inc.*		481		6,508
Fortive Corp.		2,269		146,918
Fortune Brands Home & Security, Inc.		1,666		144,775
FTI Consulting, Inc.*		2,404		350,984
Gates Industrial Corp. PLC*(a)		698		11,056
Generac Holdings, Inc.*		677		213,573
General Dynamics Corp.		2,278		534,077
General Electric Co.		589		56,255
Graco, Inc.		2,651		191,111
GXO Logistics, Inc.*		988		82,923
HEICO Corp. (a)		175		25,814
HEICO Corp., Class A		327		40,195
Hexcel Corp.		326		18,875
Honeywell International, Inc.		418		79,315
Hubbell, Inc.		1,486		264,879
Huntington Ingalls Industries, Inc.		1,708		349,115
IAA, Inc.*		345		12,675
IDEX Corp.		951		182,497
Illinois Tool Works, Inc.		921		199,249
ITT, Inc.		2,379		209,043
Jacobs Engineering Group, Inc.		1,606		197,538
JB Hunt Transport Services, Inc.		2,750		558,058
Johnson Controls International PLC		7,057		458,423
Kirby Corp.*		441		28,731
Knight-Swift Transportation Holdings, Inc.		8,638		470,598
L3Harris Technologies, Inc.		1,804		455,167
Landstar System, Inc.		1,715		264,813
Leidos Holdings, Inc.		1,330		135,447
Lennox International, Inc.		843		225,022


	Number of Shares		Value
Industrials (Continued)
Lincoln Electric Holdings, Inc.		1,439	$	183,415
Lockheed Martin Corp.		755		327,519
ManpowerGroup, Inc.		1,740		184,927
Masco Corp.		7,732		433,301
MasTec, Inc.*		1,453		114,438
MDU Resources Group, Inc.		6,280		168,116
Middleby Corp.*		632		112,256
MSA Safety, Inc.		523		72,749
MSC Industrial Direct Co., Inc., Class A		1,001		77,557
Nielsen Holdings PLC		4,743		82,623
Nordson Corp.		818		185,269
Norfolk Southern Corp.		721		184,951
Northrop Grumman Corp.		1,119		494,755
nVent Electric PLC		2,265		76,851
Old Dominion Freight Line, Inc.		1,159		363,961
Oshkosh Corp.		4,479		497,348
Otis Worldwide Corp.		6,060		474,680
Owens Corning		1,643		153,111
PACCAR, Inc.		1,288		118,251
Parker-Hannifin Corp.		750		222,293
Pentair PLC		5,809		336,399
Quanta Services, Inc.		6,850		746,239
Raytheon Technologies Corp.		116		11,913
Regal Rexnord Corp.		1,490		238,922
Republic Services, Inc.		2,583		310,683
Robert Half International, Inc.		4,529		544,793
Rockwell Automation, Inc.		466		124,226
Rollins, Inc.		1,431		46,694
Roper Technologies, Inc.		395		177,047
Ryder System, Inc.		2,160		170,294
Schneider National, Inc., Class B		3,985		104,088
Science Applications International Corp.		932		81,727
Sensata Technologies Holding PLC*		1,647		95,378
Shoals Technologies Group, Inc., Class A*(a)		1,579		24,964
SiteOne Landscape Supply, Inc.*		723		124,667
Snap-on, Inc.		2,326		488,879
Stanley Black & Decker, Inc.		877		142,688
Stericycle, Inc.*		625		36,475
Textron, Inc.		2,915		213,174
Timken Co.		559		36,648
Toro Co.		2,266		212,573
Trane Technologies PLC		1,811		278,767
TransDigm Group, Inc.*		30		19,998
TransUnion		1,131		102,650
Trex Co., Inc.*		1,117		102,585
Union Pacific Corp.		528		129,862
United Parcel Service, Inc., Class B		942		198,216
United Rentals, Inc.*		502		161,453
Univar Solutions, Inc.*		1,039		31,908
Valmont Industries, Inc.		1,038		224,675
Verisk Analytics, Inc.		693		122,897
Vertiv Holdings Co.		4,220		54,944
W.W. Grainger, Inc.		604		288,144
Waste Management, Inc.		2,022		291,977
Watsco, Inc.		1,765		481,951
Westinghouse Air Brake Technologies Corp.		1,537		142,664


	Number of Shares		Value
Industrials (Continued)
Woodward, Inc.		494	$	61,567
XPO Logistics, Inc.*		620		45,062
Xylem, Inc.		1,727		153,617

(Cost $22,679,980)				25,811,619

Information Technology — 19.4%
Accenture PLC, Class A		532		168,123
Adobe, Inc.*		267		124,871
Advanced Micro Devices, Inc.*		3,307		407,885
Akamai Technologies, Inc.*		3,127		338,529
Allegro MicroSystems, Inc.*		1,017		29,157
Amdocs Ltd.		10,089		794,004
Amphenol Corp., Class A		7,335		557,533
Analog Devices, Inc.		203		32,539
ANSYS, Inc.*		688		223,043
Apple, Inc.		2,470		407,846
Applied Materials, Inc.		4,673		627,117
Arista Networks, Inc.*		1,557		191,091
Arrow Electronics, Inc.*		5,426		661,321
Aspen Technology, Inc.*		2,417		368,375
Atlassian Corp. PLC, Class A*		713		217,978
Autodesk, Inc.*		935		205,915
Automatic Data Processing, Inc.		1,451		296,642
Avnet, Inc.		3,571		150,232
Azenta, Inc.		584		51,112
Bentley Systems, Inc., Class B (a)		1,848		70,945
Black Knight, Inc.*		317		17,812
Broadcom, Inc.		228		133,936
Broadridge Financial Solutions, Inc.		2,003		292,859
Cadence Design Systems, Inc.*		3,967		600,723
CDK Global, Inc.		1,767		80,116
CDW Corp.		4,501		776,242
Ceridian HCM Holding, Inc.*		175		12,759
Ciena Corp.*		3,245		222,023
Cirrus Logic, Inc.*		2,427		210,833
Cisco Systems, Inc.		3,269		182,312
Citrix Systems, Inc.		1,034		105,985
Cognex Corp.		990		66,884
Cognizant Technology Solutions Corp., Class A		8,681		747,695
Coherent, Inc.*		92		24,317
Concentrix Corp.		309		61,766
Corning, Inc.		6,232		251,773
Dell Technologies, Inc., Class C*		14,049		715,937
DocuSign, Inc.*		98		11,606
Dolby Laboratories, Inc., Class A		2,527		189,778
DoubleVerify Holdings, Inc.*		1,103		30,498
Dropbox, Inc., Class A*		5,003		113,518
DXC Technology Co.*		1,035		35,221
Dynatrace, Inc.*		302		13,415
Elastic NV*		115		9,965
Entegris, Inc.		3,418		445,981
EPAM Systems, Inc.*		1,567		325,544
F5, Inc.*		3,394		681,685
Fair Isaac Corp.*		66		31,099
Fidelity National Information Services, Inc.		255		24,284
First Solar, Inc.*		369		27,782


	Number of Shares		Value
Information Technology (Continued)
Fiserv, Inc.*		549	$	53,621
FleetCor Technologies, Inc.*		231		54,100
Fortinet, Inc.*		1,914		659,411
Gartner, Inc.*		2,338		655,622
Genpact Ltd.		4,268		178,573
Global Payments, Inc.		129		17,206
Globant SA*		354		96,996
GoDaddy, Inc., Class A*		465		38,786
Guidewire Software, Inc.*		485		42,753
Hewlett Packard Enterprise Co.		59,578		948,482
HP, Inc.		53,339		1,832,728
HubSpot, Inc.*		91		47,775
Intel Corp.		8,225		392,332
International Business Machines Corp.		3,222		394,727
Intuit, Inc.		351		166,504
IPG Photonics Corp.*		148		19,292
Jabil, Inc.		11,058		639,263
Jack Henry & Associates, Inc.		920		162,656
Juniper Networks, Inc.		11,478		387,842
Keysight Technologies, Inc.*		2,780		437,489
KLA Corp.		2,222		774,367
Kyndryl Holdings, Inc.*		17,385		275,726
Lam Research Corp.		660		370,491
Littelfuse, Inc.		331		85,467
Lumentum Holdings, Inc.*		497		49,133
Manhattan Associates, Inc.*		1,332		178,062
Marvell Technology, Inc.		4,350		297,235
Mastercard, Inc., Class A		80		28,866
McAfee Corp., Class A		1,572		40,856
Microchip Technology, Inc.		1,744		122,655
Micron Technology, Inc.		4,084		362,904
Microsoft Corp.		1,573		469,997
MKS Instruments, Inc.		635		95,631
Monolithic Power Systems, Inc.		1,235		566,494
Motorola Solutions, Inc.		1,623		357,758
National Instruments Corp.		4,318		173,368
NCR Corp.*		1,784		72,288
NetApp, Inc.		9,578		750,724
New Relic, Inc.*		100		6,624
NortonLifeLock, Inc.		10,693		309,883
Nuance Communications, Inc.*		1,373		76,229
NVIDIA Corp.		67		16,338
NXP Semiconductors NV		1,349		256,472
ON Semiconductor Corp.*		705		44,140
Oracle Corp.		2,073		157,486
Palo Alto Networks, Inc.*		336		199,668
Paychex, Inc.		3,233		384,921
Paycom Software, Inc.*		257		87,177
Paycor HCM, Inc.*		395		11,088
Paylocity Holding Corp.*		249		52,898
PayPal Holdings, Inc.*		102		11,417
Procore Technologies, Inc.*		641		41,787
PTC, Inc.*		800		89,024
Qorvo, Inc.*		1,992		272,466
QUALCOMM, Inc.		1,385		238,206
salesforce.com, Inc.*		428		90,107
ServiceNow, Inc.*		235		136,281


	Number of Shares		Value
Information Technology (Continued)
Skyworks Solutions, Inc.		3,652	$	504,597
SolarWinds Corp.		835		11,314
SS&C Technologies Holdings, Inc.		3,030		227,159
Switch, Inc., Class A		3,543		92,189
Synopsys, Inc.*		2,467		770,666
TD SYNNEX Corp.		3,258		331,762
Teledyne Technologies, Inc.*		373		160,159
Teradata Corp.*		3,264		163,167
Teradyne, Inc.		3,203		377,698
Texas Instruments, Inc.		1,946		330,801
Thoughtworks Holding, Inc.*		684		15,636
Trimble, Inc.*		1,726		120,388
Tyler Technologies, Inc.*		935		400,423
VeriSign, Inc.*		2,021		431,928
Viasat, Inc.*		1,813		82,745
Visa, Inc., Class A		130		28,096
VMware, Inc., Class A		1,026		120,370
Vontier Corp.		3,817		92,753
Western Digital Corp.*		1,621		82,574
Western Union Co.		2,635		47,904
Workday, Inc., Class A*		587		134,452
Xerox Holdings Corp.		945		18,626
Zebra Technologies Corp., Class A*		548		226,510

(Cost $28,541,037)				31,920,915

Materials — 6.2%
Air Products and Chemicals, Inc.		789		186,441
Albemarle Corp.		633		123,998
Alcoa Corp.		1,052		79,258
Amcor PLC		15,211		176,904
AptarGroup, Inc.		870		106,036
Ardagh Metal Packaging SA*(a)		2,752		22,869
Ashland Global Holdings, Inc.		2,240		206,707
Avery Dennison Corp.		1,786		314,693
Axalta Coating Systems Ltd.*		1,875		50,700
Ball Corp.		1,141		102,393
Berry Global Group, Inc.*		4,392		266,375
Celanese Corp.		3,082		429,261
CF Industries Holdings, Inc.		4,186		339,861
Chemours Co.		988		27,269
Corteva, Inc.		7,392		384,606
Crown Holdings, Inc.		1,928		236,508
Diversey Holdings Ltd.*		754		7,216
Dow, Inc.		2,160		127,354
DuPont de Nemours, Inc.		1,058		81,857
Eagle Materials, Inc.		2,525		345,496
Eastman Chemical Co.		1,745		206,730
Ecolab, Inc.		608		107,166
Element Solutions, Inc.		3,442		84,604
FMC Corp.		669		78,440
Freeport-McMoRan, Inc.		1,788		83,947
Graphic Packaging Holding Co.		12,632		259,967
Huntsman Corp.		5,741		232,166
International Flavors & Fragrances, Inc.		1,137		151,221
International Paper Co.		6,225		270,974
Louisiana-Pacific Corp.		5,128		368,960
LyondellBasell Industries NV, Class A		591		57,463
Martin Marietta Materials, Inc.		801		303,899


	Number of Shares		Value
Materials (Continued)
Mosaic Co.		3,811	$	199,811
NewMarket Corp. (a)		108		34,318
Newmont Corp.		4,671		309,220
Nucor Corp.		5,283		695,348
Olin Corp.		638		32,863
Packaging Corp. of America		1,286		189,286
PPG Industries, Inc.		1,105		147,462
Reliance Steel & Aluminum Co.		3,773		720,153
Royal Gold, Inc.		841		101,980
RPM International, Inc.		2,133		180,388
Scotts Miracle-Gro Co.		173		24,230
Sealed Air Corp.		4,230		283,960
Sherwin-Williams Co.		911		239,711
Silgan Holdings, Inc.		2,327		97,455
Sonoco Products Co.		3,126		183,559
Southern Copper Corp.		245		17,001
Steel Dynamics, Inc.		3,809		268,839
Sylvamo Corp.*		2,545		88,820
Valvoline, Inc.		7,139		230,804
Vulcan Materials Co.		1,127		204,494
Westlake Corp.		478		52,728
Westrock Co.		3,954		178,998

(Cost $8,663,337)				10,302,767

Real Estate — 6.1%
Alexandria Real Estate Equities, Inc. REIT		1,000		189,400
American Campus Communities, Inc. REIT		969		52,142
American Homes 4 Rent, Class A REIT		2,860		108,709
American Tower Corp. REIT		400		90,748
Americold Realty Trust REIT		901		24,075
Apartment Income REIT Corp. REIT		1,669		86,137
AvalonBay Communities, Inc. REIT		1,735		413,954
Boston Properties, Inc. REIT		2,775		339,410
Brixmor Property Group, Inc. REIT		3,126		78,525
Camden Property Trust REIT		1,195		197,306
CBRE Group, Inc., Class A*		5,851		566,669
Cousins Properties, Inc. REIT		2,782		107,469
Crown Castle International Corp. REIT		705		117,446
CubeSmart REIT		5,147		248,137
CyrusOne, Inc. REIT		742		67,040
Digital Realty Trust, Inc. REIT		625		84,325
Douglas Emmett, Inc. REIT		1,599		50,688
Duke Realty Corp. REIT		4,670		247,510
Equinix, Inc. REIT		80		56,778
Equity LifeStyle Properties, Inc. REIT		3,565		266,020
Equity Residential REIT		5,159		440,063
Essex Property Trust, Inc. REIT		1,132		359,036
Extra Space Storage, Inc. REIT		2,381		447,985
Federal Realty Investment Trust REIT		849		99,825
First Industrial Realty Trust, Inc. REIT		4,471		257,440
Gaming and Leisure Properties, Inc. REIT		1,067		48,452
Healthcare Trust of America, Inc., Class A REIT		2,147		63,100
Healthpeak Properties, Inc. REIT		3,959		122,966
Highwoods Properties, Inc. REIT		4,931		214,992
Hudson Pacific Properties, Inc. REIT		969		25,582
Invitation Homes, Inc. REIT		3,538		133,736


	Number of Shares		Value
Real Estate (Continued)
Iron Mountain, Inc. REIT		7,719	$	379,620
Jones Lang LaSalle, Inc.*		1,750		430,885
Kilroy Realty Corp. REIT		1,785		127,842
Kimco Realty Corp. REIT		14,190		333,891
Lamar Advertising Co., Class A REIT		1,634		178,204
Life Storage, Inc. REIT		1,896		240,015
Medical Properties Trust, Inc. REIT		4,293		87,320
Mid-America Apartment Communities, Inc. REIT		1,242		254,126
National Retail Properties, Inc. REIT		2,123		90,461
Prologis, Inc. REIT		1,056		154,018
Public Storage REIT		1,427		506,614
Rayonier, Inc. REIT		2,052		81,464
Realty Income Corp. REIT		1,539		101,712
Regency Centers Corp. REIT		1,199		79,002
Rexford Industrial Realty, Inc. REIT		1,651		115,785
SBA Communications Corp. REIT		202		61,285
Simon Property Group, Inc. REIT		566		77,859
SL Green Realty Corp. REIT		1,819		144,647
Spirit Realty Capital, Inc. REIT		701		32,505
STORE Capital Corp. REIT		1,196		36,741
Sun Communities, Inc. REIT		670		121,270
UDR, Inc. REIT		2,331		127,902
Ventas, Inc. REIT		333		17,982
VICI Properties, Inc. REIT		5,592		156,352
Vornado Realty Trust REIT		271		11,729
Welltower, Inc. REIT		499		41,562
Weyerhaeuser Co. REIT		5,795		225,310
WP Carey, Inc. REIT (a)		2,172		168,113

(Cost $8,927,427)				9,989,881

Utilities — 5.5%
AES Corp.		8,678		184,234
Alliant Energy Corp.		3,513		205,159
Ameren Corp.		3,151		270,828
American Electric Power Co., Inc.		3,230		292,800
American Water Works Co., Inc.		1,305		197,172
Atmos Energy Corp.		427		46,889
Avangrid, Inc. (a)		840		37,691
CenterPoint Energy, Inc.		5,310		145,229
CMS Energy Corp.		3,341		213,857
Consolidated Edison, Inc.		3,799		325,840
Constellation Energy Corp.		2,926		134,538
Dominion Energy, Inc.		1,995		158,662
DTE Energy Co.		3,585		435,900


	Number of Shares		Value
Utilities (Continued)
Duke Energy Corp.		2,591	$	260,162
Edison International		2,742		173,898
Entergy Corp.		3,348		352,243
Essential Utilities, Inc.		1,271		59,877
Evergy, Inc.		6,886		429,755
Eversource Energy		2,015		164,827
Exelon Corp.		8,779		373,634
FirstEnergy Corp.		11,002		460,434
Hawaiian Electric Industries, Inc.		3,610		147,938
IDACORP, Inc.		1,691		175,779
National Fuel Gas Co.		6,786		422,361
NextEra Energy, Inc.		1,054		82,497
NiSource, Inc.		8,638		249,897
NRG Energy, Inc.		6,475		245,014
OGE Energy Corp.		4,405		165,408
Pinnacle West Capital Corp.		1,656		117,294
PPL Corp.		12,090		316,395
Public Service Enterprise Group, Inc.		5,928		384,312
Sempra Energy		1,728		249,212
Southern Co.		4,294		278,122
UGI Corp.		12,149		467,008
Vistra Corp.		14,536		331,712
WEC Energy Group, Inc.		2,366		215,022
Xcel Energy, Inc.		3,193		214,985

(Cost $8,442,058)				8,986,585

TOTAL COMMON STOCKS (Cost $145,816,693)				164,212,394

SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c) (Cost $319,784)		319,784		319,784

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $551,369)		551,369		551,369


TOTAL INVESTMENTS — 100.1% (Cost $146,687,846)			$	165,083,547
Other assets and liabilities, net — (0.1%)				(90,617	)

NET ASSETS — 100.0%			$	164,992,930

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

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for Xtrackers MSCI Kokusai Equity ETF which lots consist of 10,000 shares effective February 24, 2022, 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 FTSE Developed ex US Comprehensive Factor is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). The Underlying Index is rebalanced semiannually in March and September after the close of business on the third Friday of the review month.

The MSCI Kokusai Index, also known as the MSCI World ex Japan Index, is designed to track the performance of equity markets in developed markets (excluding Japan). The index is reviewed quarterly in February, May, August and November, with the objective of reflecting change in the underlying equity markets in a timely manner, while limiting undue index turnover. During the May and November semi-annual index reviews, the index is rebalanced and the large and mid capitalization cutoff points are recalculated.

The Russell 1000 2Qual/Val 5% Capped Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced annually in June after the close of business on the third Friday of the review month. Upon a rebalancing, no issuer in the Underlying Index may represent more than 5% of the Underlying Index. In the event an issuer represents more than 5% of the Underlying Index at a rebalancing, such amount in excess of 5% shall be reallocated pro-rata to the other issuers in the Underlying Index.

The Russell 1000 Comprehensive Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced semiannually in June and December after the close of business on the third Friday of the review month.

Each Fund, except Xtrackers MSCI Kokusai Equity ETF is diversified. Xtrackers MSCI Kokusai Equity ETF is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. Each Fund 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.

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.

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.

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. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.

Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors 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.

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

borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 28, 2022, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.06% annualized effective rate as of February 28, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 28, 2022, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended February 28, 2022, Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor 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.

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).

A summary of the open futures contracts as of February 28, 2022 is included in a table following the Funds’ Schedule of Investments.

For the period ended February 28, 2022 the average monthly volume of derivatives was as follows:

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary advisory fee from each Fund 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 FTSE Developed ex US Multifactor ETF has contractually agreed, until December 16, 2022, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.24% of the Fund’s average daily net assets. For the period ended February 28, 2022, the Advisor waived $36,199 of expenses to the Fund.

For the period ended February 28, 2022, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

For the period ended February 28, 2022, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 US Quality at a Reasonable Price ETF, and Xtrackers Russell US Multifactor 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 FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 US Quality at a Reasonable Price ETF, and Xtrackers Russell US Multifactor 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”).

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

The Board considered, however, the following additional factors in connection with the following Fund:

The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

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.

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 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.

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

Investing involves risk, including the possible loss of principal. Stocks may decline in value. 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. Funds investing in a single industry, country or in a limited geographic region, generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Because the Funds seek to provide exposure to stocks based on the following multifactors — value, momentum, quality, low volatility and size — it is expected, exposure to such investment factors will detract from performance in some market environments, as more fully explained in the Funds’ prospectus. KOKU is currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that Fund. Please read the prospectus for more information.

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.

DEEF, DEUS and QARP have been developed solely by DBX Advisors LLC. The Funds are not in any way connected to or sponsored, endorsed, issued, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the FTSE Developed ex US Comprehensive Factor Index, Russell 1000 Comprehensive Factor Index and Russell 1000 2Qual/Val 5% Capped Factor Index vest in the relevant LSE Group company which owns the Indexes. “FTSE^®” “Russell^®” and “FTSE Russell^®” are a trademarks of the relevant LSE Group company and are used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Funds. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Funds or the suitability of the Indexes for the purpose to which it is being put by DBX Advisors LLC.

KOKU is 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.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


	Beginning Account Value September 1, 2021		Ending Account Value February 28, 2022		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
Actual	$	1,000.00	$	911.50		0.15	%	$	0.71
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.05		0.15	%	$	0.76
Xtrackers MSCI EAFE ESG Leaders Equity ETF
Actual	$	1,000.00	$	919.30		0.14	%	$	0.64
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.12		0.14	%	$	0.68
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
Actual	$	1,000.00	$	879.30		0.20	%	$	0.93
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.81		0.20	%	$	1.00
Xtrackers MSCI USA ESG Leaders Equity ETF
Actual	$	1,000.00	$	966.20		0.09	%	$	0.44
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.35		0.09	%	$	0.45
Xtrackers S&P 500 ESG ETF
Actual	$	1,000.00	$	996.00		0.10	%	$	0.49
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.30		0.10	%	$	0.50
Xtrackers S&P MidCap 400 ESG ETF
Actual	$	1,000.00	$	978.30		0.15	%	$	0.74
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.05		0.15	%	$	0.76
Xtrackers S&P SmallCap 600 ESG ETF
Actual	$	1,000.00	$	982.80		0.15	%	$	0.74
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.05		0.15	%	$	0.76


	Number of Shares		Value
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $406,136)		406,136	$	406,136

TOTAL INVESTMENTS — 100.2% (Cost $777,433,670)			$	732,231,528
Other assets and liabilities, net — (0.2%)				(1,098,007	)

NET ASSETS — 100.0%			$	731,133,521


Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Depreciation
MSCI Emerging Markets Index Future		USD		12	$	730,580	$	705,300		3/18/2022	$	(25,280	)


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (h)
Futures Contracts	$	(25,280	)	$	—	$	—	$	(25,280	)

TOTAL	$	(25,280	)	$	—	$	—	$	(25,280	)


	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		3
Xtrackers MSCI EAFE ESG Leaders Equity ETF		4
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		5
Xtrackers MSCI USA ESG Leaders Equity ETF		6
Xtrackers S&P 500 ESG ETF		7
Xtrackers S&P MidCap 400 ESG ETF		8
Xtrackers S&P SmallCap 600 ESG ETF		9
Fees and Expenses		10
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		11
Xtrackers MSCI EAFE ESG Leaders Equity ETF		26
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		32
Xtrackers MSCI USA ESG Leaders Equity ETF		40
Xtrackers S&P 500 ESG ETF		45
Xtrackers S&P MidCap 400 ESG ETF		50
Xtrackers S&P SmallCap 600 ESG ETF		54
Statements of Assets and Liabilities		60
Statements of Operations		62
Statements of Changes in Net Assets		64
Financial Highlights		68
Notes to Financial Statements		72
Liquidity Risk Management		83
Board Consideration in Approval of Investment Advisory Contracts		84
Additional Information		87
Privacy Policy Notice		88


Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		9.5%
Tencent Holdings Ltd. (China)		6.6%
Samsung Electronics Co. Ltd. (South Korea)		4.0%
Alibaba Group Holding Ltd. (China)		2.4%
Infosys Ltd. (India)		1.5%
China Construction Bank Corp. (China)		1.4%
Meituan (China)		1.1%
Ping An Insurance Group Co. of China Ltd. (China)		1.1%
JD.com, Inc. (China)		1.0%
Housing Development Finance Corp. Ltd. (India)		1.0%


China			31.5%
Taiwan			19.9%
India			12.8%
South Korea			11.0%
Brazil			4.0%
South Africa			3.3%
Saudi Arabia			2.8%
Mexico			2.3%
Indonesia			2.0%
Thailand			2.0%
Other			8.4%

Total			100.0%


Financials			27.4%
Information Technology			24.7%
Communication Services			12.6%
Consumer Discretionary			12.1%
Materials			6.5%
Industrials			4.9%
Consumer Staples			4.7%
Health Care			3.8%
Real Estate			1.9%
Utilities			1.3%
Energy			0.1%

Total			100.0%


Description	% of Net Assets
ASML Holding NV (Netherlands)		3.4%
Roche Holding AG (Switzerland)		3.3%
AstraZeneca PLC (United Kingdom)		2.3%
Novo Nordisk A/S (Denmark)		2.1%
Sony Group Corp. (Japan)		1.6%
Unilever PLC (United Kingdom)		1.6%
TotalEnergies SE (France)		1.6%
SAP SE (Germany)		1.4%
Commonwealth Bank of Australia (Australia)		1.4%
GlaxoSmithKline PLC (United Kingdom)		1.3%


Japan			24.2%
United Kingdom			14.2%
France			10.7%
Switzerland			9.9%
Germany			7.8%
Australia			6.7%
Netherlands			6.6%
Denmark			4.0%
Sweden			3.2%
Spain			2.2%
Other			10.5%

Total			100.0%


Financials			17.4%
Industrials			14.7%
Health Care			14.6%
Consumer Discretionary			11.4%
Consumer Staples			9.4%
Materials			9.0%
Information Technology			8.7%
Communication Services			5.3%
Utilities			3.3%
Energy			3.2%
Real Estate			3.0%

Total			100.0%


China			30.0%
Taiwan			23.7%
India			12.5%
South Korea			6.5%
South Africa			5.5%
Brazil			3.7%
Thailand			2.5%
Malaysia			2.1%
United Arab Emirates			2.1%
Hong Kong			2.0%
Other			9.4%

Total			100.0%


Information Technology			22.2%
Financials			20.1%
Consumer Discretionary			15.6%
Communication Services			12.9%
Materials			7.2%
Consumer Staples			5.5%
Industrials			4.7%
Energy			4.2%
Health Care			3.6%
Real Estate			2.3%
Utilities			1.7%

Total			100.0%


Information Technology			28.7%
Health Care			13.3%
Consumer Discretionary			12.5%
Financials			11.6%
Communication Services			11.6%
Industrials			7.8%
Consumer Staples			6.5%
Materials			2.8%
Real Estate			2.7%
Energy			1.5%
Utilities			1.0%

Total			100.0%


Information Technology			31.1%
Consumer Discretionary			13.5%
Health Care			12.9%
Financials			10.3%
Communication Services			9.5%
Industrials			6.4%
Consumer Staples			5.7%
Energy			4.0%
Real Estate			2.6%
Materials			2.5%
Utilities			1.5%

Total			100.0%


Description	% of Net Assets
Molina Healthcare, Inc.		1.2%
Camden Property Trust		1.1%
Steel Dynamics, Inc.		0.9%
Fair Isaac Corp.		0.9%
First Horizon Corp.		0.8%
Jones Lang LaSalle, Inc.		0.8%
East West Bancorp, Inc.		0.8%
Carlisle Cos., Inc.		0.8%
Graco, Inc.		0.8%
Medical Properties Trust, Inc.		0.8%


Industrials			19.5%
Financials			15.6%
Consumer Discretionary			15.4%
Information Technology			13.2%
Real Estate			11.9%
Health Care			8.6%
Materials			7.6%
Consumer Staples			3.5%
Communication Services			2.0%
Utilities			1.5%
Energy			1.2%

Total			100.0%


Description	% of Net Assets
Range Resources Corp.		0.8%
Omnicell, Inc.		0.8%
Vonage Holdings Corp.		0.8%
Chart Industries, Inc.		0.8%
Rogers Corp.		0.7%
Southwestern Energy Co.		0.7%
AMN Healthcare Services, Inc.		0.7%
Exponent, Inc.		0.7%
Matson, Inc.		0.7%
SPS Commerce, Inc.		0.7%


Financials			18.5%
Industrials			17.9%
Information Technology			14.2%
Consumer Discretionary			12.6%
Health Care			11.8%
Real Estate			8.2%
Materials			5.9%
Consumer Staples			4.4%
Energy			4.4%
Communication Services			1.1%
Utilities			1.0%

Total			100.0%


	Value ($) at 8/31/2021		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2022		Value ($) at 2/28/2022
EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers MSCI EAFE ESG Leaders Equity ETF (e)
		3,087		—			(3,141	)		297		(243	)		—		—		—		—
SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d)
		1,768,050		198,244	(f)		—			—		—			146		—		1,966,294		1,966,294
CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
		3,753,775		17,973,920			(21,321,559	)		—		—			101		—		406,136		406,136

		5,524,912		18,172,164			(21,324,700	)		297		(243	)		247		—		2,372,430		2,372,430


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (g)	$	713,077,277	$	—	$	1,873,390	$	714,950,667
Preferred Stocks (g)		14,855,200		—		41,360		14,896,560
Corporate Bonds		—		33		—		33
Rights (g)		—		11,148		—		11,148
Warrants (g)		690		—		—		690
Short-Term Investments (g)		2,372,430		—		—		2,372,430

TOTAL	$	730,305,597	$	11,181	$	1,914,750	$	732,231,528


	Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF			Xtrackers MSCI EAFE ESG Leaders Equity ETF		Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF			Xtrackers MSCI USA ESG Leaders Equity ETF
Assets
Investment in non-affiliated securities at value	$	729,859,098		$	27,342,305	$	23,344,006		$	3,171,321,268
Investment in DWS Government Money Market Series		406,136			—		—			860,638
Investment in DWS Government & Agency Securities Portfolio*		1,966,294			70,402		161,048			865,404
Foreign currency at value		57,876			49,813		37,707			—
Due from broker		—			—		4,172			—
Deposit with broker for futures contracts		30,586			4,523		2,549			206,040
Receivables:
Investment securities sold		931,054			304,857		143,108			10,687,247
Variation margin on futures contracts		—			—		—			9,253
Dividends		796,853			46,153		27,249			4,251,058
Interest		7			—		9			56
Securities lending income		2,867			29		95			3,294
Foreign tax reclaim		7,290			17,116		—			—

Total assets	$	734,058,061		$	27,835,198	$	23,719,943		$	3,188,204,258


Liabilities
Due to custodian	$	—		$	18,713	$	9,376		$	—
Payable upon return of securities loaned		1,966,294			70,402		161,048			865,404
Payables:
Investment securities purchased		861,324			329,467		170,448			7,364,248
Capital shares		—			—		—			4,031,504
Investment advisory fees		87,340			3,033		3,788			222,665
Variation margin on futures contracts		8,568			239		714			—
Deferred foreign tax payable		1,014			—		41,777			—

Total liabilities		2,924,540			421,854		387,151			12,483,821

Net Assets, at value	$	731,133,521		$	27,413,344	$	23,332,792		$	3,175,720,437


Net Assets Consist of
Paid-in capital	$	782,334,626		$	26,617,450	$	24,058,459		$	2,021,422,816
Distributable earnings (loss)		(51,201,105	)		795,894		(725,667	)		1,154,297,621

Net Assets, at value	$	731,133,521		$	27,413,344	$	23,332,792		$	3,175,720,437


Number of Common Shares outstanding		23,300,001			950,001		800,001			78,950,001

Net Asset Value	$	31.38		$	28.86	$	29.17		$	40.22


Investment in non-affiliated securities at cost	$	775,061,240		$	26,044,265	$	23,422,524		$	2,441,325,772

Value of securities loaned	$	5,743,295		$	234,309	$	235,383		$	863,808

Investment in DWS Government Money Market Series at cost	$	406,136		$	—	$	—		$	860,638

Investment in DWS Government & Agency Securities Portfolio at cost*	$	1,966,294		$	70,402	$	161,048		$	865,404

Non-cash collateral for securities on loan	$	4,447,594		$	177,822	$	125,469		$	45,408

Foreign currency at cost	$	58,658		$	50,739	$	47,200		$	—


	Xtrackers S&P 500 ESG ETF		Xtrackers S&P MidCap 400 ESG ETF		Xtrackers S&P SmallCap 600 ESG ETF
Assets
Investment in non-affiliated securities at value	$	867,764,572	$	10,641,233	$	10,348,841
Investment in DWS Government Money Market Series		451,432		9,786		4,559
Investment in DWS Government & Agency Securities Portfolio*		—		—		54,608
Deposit with broker for futures contracts		67,800		—		—
Receivables:
Investment securities sold		3,943,760		—		—
Dividends		1,036,444		7,975		5,155
Interest		22		—		—
Securities lending income		910		29		59

Total assets	$	873,264,940	$	10,659,023	$	10,413,222


Liabilities
Due to custodian	$	865	$	—	$	—
Payable upon return of securities loaned		—		—		54,608
Payables:
Investment securities purchased		—		8,928		—
Capital shares		3,960,992		—		—
Investment advisory fees		67,004		1,217		1,175
Variation margin on futures contracts		3,840		—		—

Total liabilities		4,032,701		10,145		55,783

Net Assets, at value	$	869,232,239	$	10,648,878	$	10,357,439


Net Assets Consist of
Paid-in capital	$	734,715,049	$	10,172,141	$	10,142,260
Distributable earnings (loss)		134,517,190		476,737		215,179

Net Assets, at value	$	869,232,239	$	10,648,878	$	10,357,439


Number of Common Shares outstanding		22,000,001		400,001		400,001

Net Asset Value	$	39.51	$	26.62	$	25.89


Investment in non-affiliated securities at cost	$	765,450,898	$	10,281,617	$	10,161,016

Value of securities loaned	$	1,251,335	$	123,386	$	442,397

Investment in DWS Government Money Market Series at cost	$	451,432	$	9,786	$	4,559

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—	$	—	$	54,608

Non-cash collateral for securities on loan	$	1,295,096	$	135,638	$	393,469


	Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF						Xtrackers MSCI EAFE ESG Leaders Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	3,253,218		$	297,064		$	218,175		$	408,101
Net realized gain (loss)		(5,490,359	)		1,511,757			(150,820	)		264,176
Net change in net unrealized appreciation (depreciation)		(61,678,785	)		15,562,693			(2,398,053	)		2,955,505

Net increase (decrease) in net assets resulting from operations		(63,915,926	)		17,371,514			(2,330,698	)		3,627,782


Distributions to Shareholders		(3,512,080	)		(192,472	)		(252,337	)		(404,392	)


Fund Shares Transactions
Proceeds from shares sold		302,459,423			475,859,618			10,920,293			5,739,352
Value of shares redeemed		—			(5,307,482	)		—			(1,567,175	)

Net increase (decrease) in net assets resulting from fund share transactions		302,459,423			470,552,136			10,920,293			4,172,177

Total net increase (decrease) in Net Assets		235,031,417			487,731,178			8,337,258			7,395,567

Net Assets
Beginning of period		496,102,104			8,370,926			19,076,086			11,680,519

End of period	$	731,133,521		$	496,102,104		$	27,413,344		$	19,076,086


Changes in Shares Outstanding
Shares outstanding, beginning of period		14,300,001			300,001			600,001			450,001
Shares sold		9,000,000			14,150,000			350,000			200,000
Shares redeemed		—			(150,000	)		—			(50,000	)

Shares outstanding, end of period		23,300,001			14,300,001			950,001			600,001


	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF						Xtrackers MSCI USA ESG Leaders Equity ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	199,455		$	200,440		$	24,196,384		$	44,760,180
Net realized gain (loss)		(188,235	)		(263,400	)		452,998,060			79,672,605
Net change in net unrealized appreciation (depreciation)		(3,217,362	)		1,853,650			(555,354,518	)		828,704,550

Net increase (decrease) in net assets resulting from operations		(3,206,142	)		1,790,690			(78,160,074	)		953,137,335

Distributions to Shareholders		(312,680	)		(82,138	)		(25,259,204	)		(44,278,620	)


Fund Shares Transactions
Proceeds from shares sold		1,648,274			14,924,326			391,933,747			610,533,251
Value of shares redeemed		—			—			(1,002,196,498	)		(296,434,378	)

Net increase (decrease) in net assets resulting from fund share transactions		1,648,274			14,924,326			(610,262,751	)		314,098,873

Total net increase (decrease) in Net Assets		(1,870,548	)		16,632,878			(713,682,029	)		1,222,957,588

Net Assets
Beginning of period		25,203,340			8,570,462			3,889,402,466			2,666,444,878

End of period	$	23,332,792		$	25,203,340		$	3,175,720,437		$	3,889,402,466


Changes in Shares Outstanding
Shares outstanding, beginning of period		750,001			300,001			92,850,001			83,750,001
Shares sold		50,000			450,000			9,050,000			17,200,000
Shares redeemed		—			—			(22,950,000	)		(8,100,000	)

Shares outstanding, end of period		800,001			750,001			78,950,001			92,850,001


	Xtrackers S&P SmallCap 600 ESG ETF
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Period February 24, 2021⁽¹⁾ to August 31, 2021 (Unaudited)
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	62,632		$	65,069
Net realized gain (loss)		56,700			128,496
Net change in net unrealized appreciation (depreciation)		(297,892	)		485,717

Net increase (decrease) in net assets resulting from operations		(178,560	)		679,282


Distributions to Shareholders		(134,708	)		(27,800	)


Fund Shares Transactions
Proceeds from shares sold		—			11,335,683
Value of shares redeemed		—			(1,316,483	)

Net increase (decrease) in net assets resulting from fund share transactions		—			10,019,200

Total net increase (decrease) in Net Assets		(313,268	)		10,670,682

Net Assets
Beginning of period		10,670,707			25

End of period	$	10,357,439		$	10,670,707


Changes in Shares Outstanding
Shares outstanding, beginning of period		400,001			1
Shares sold		—			450,000
Shares redeemed		—			(50,000	)

Shares outstanding, end of period		400,001			400,001


Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF Selected Per Share Data	For the Six Months Ended 2/28/2022 (Unaudited)			Years Ended August 31,						Period Ended 8/31/2019(a)
	For the Six Months Ended 2/28/2022 (Unaudited)			2021			2020			Period Ended 8/31/2019(a)
Net Asset Value, beginning of period	$	34.69		$	27.90		$	25.42		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.20			0.57			0.68			0.60
Net realized and unrealized gain (loss)		(3.26	)		6.86			2.53			0.27

Total from investment operations		(3.06	)		7.43			3.21			0.87

Less distributions from:
Net investment income		(0.25	)		(0.64	)		(0.73	)		(0.45	)

Total distributions		(0.25	)		(0.64	)		(0.73	)		(0.45	)

Net Asset Value, end of period	$	31.38		$	34.69		$	27.90		$	25.42

Total Return (%)(c)		(8.85	)**		26.80			12.74			3.44	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		731			496			8			8
Ratio of expenses before fee waiver (%)		0.15	*		0.16			0.16			0.16	*
Ratio of expenses after fee waiver (%)		0.15	*		0.16			0.16			0.16	*
Ratio of net investment income (loss) (%)		1.12	*		1.97			2.61			3.17	*
Portfolio turnover rate (%)(d)		10	**		17			13			10	**

Xtrackers MSCI EAFE ESG Leaders Equity ETF Selected Per Share Data	For the Six Months Ended 2/28/2022 (Unaudited)			Years Ended August 31,						Period Ended 8/31/2019(e)
	For the Six Months Ended 2/28/2022 (Unaudited)			2021			2020			Period Ended 8/31/2019(e)
Net Asset Value, beginning of period	$	31.79		$	25.96		$	24.10		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.30			0.72			0.59			0.78
Net realized and unrealized gain (loss)		(2.84	)		5.80			1.83			(1.01	)

Total from investment operations		(2.54	)		6.52			2.42			(0.23	)

Less distributions from:
Net investment income		(0.39	)		(0.69	)		(0.56	)		(0.66	)
Net realized gains		—			—			—			(0.01	)

Total distributions		(0.39	)		(0.69	)		(0.56	)		(0.67	)

Net Asset Value, end of period	$	28.86		$	31.79		$	25.96		$	24.10

Total Return (%)(c)		(8.07	)**		25.28			10.12			(0.91	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		27			19			12			7
Ratio of expenses before fee waiver (%)		0.14	*		0.14			0.14			0.14	*
Ratio of expenses after fee waiver (%)		0.14	*		0.14			0.14			0.14	*
Ratio of net investment income (loss) (%)		1.73	*		2.45			2.39			3.25	*
Portfolio turnover rate (%)(d)		6	**		22			16			10	**


Xtrackers S&P 500 ESG ETF Selected Per Share Data	For the Six Months Ended 2/28/2022 (Unaudited)			Years Ended August 31,						Period Ended 8/31/2019(a)
Xtrackers S&P 500 ESG ETF Selected Per Share Data	For the Six Months Ended 2/28/2022 (Unaudited)			2021			2020			Period Ended 8/31/2019(a)
Net Asset Value, beginning of period	$	39.93		$	31.08		$	25.30		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.26			0.49			0.50			0.10
Net realized and unrealized gain (loss)		(0.41	)		8.79			5.85			0.20

Total from investment operations		(0.15	)		9.28			6.35			0.30

Less distributions from:
Net investment income		(0.27	)		(0.43	)		(0.57	)		—

Total distributions		(0.27	)		(0.43	)		(0.57	)		—

Net Asset Value, end of period	$	39.51		$	39.93		$	31.08		$	25.30

Total Return (%)(c)		(0.40	)**		30.16			25.71			1.20	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		869			745			270			11
Ratio of expenses before fee waiver (%)		0.11	*		0.11			0.11			0.11	*
Ratio of expenses after fee waiver (%)		0.10	*		0.10			0.11			0.11	*
Ratio of net investment income (loss) (%)		1.31	*		1.41			1.86			2.08	*
Portfolio turnover rate (%)(d)		1	**		13			11			0	**

Xtrackers S&P MidCap 400 ESG ETF Selected Per Share Data	For the Six Months Ended 2/28/2022 (Unaudited)			Period Ended 8/31/2021(e)
Net Asset Value, beginning of period	$	27.39		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.17			0.14
Net realized and unrealized gain (loss)		(0.76	)		2.33

Total from investment operations		(0.59	)		2.47

Less distributions from:
Net investment income		(0.18	)		(0.08	)

Total distributions		(0.18	)		(0.08	)

Net Asset Value, end of period	$	26.62		$	27.39

Total Return (%)(c)		(2.17	)**		9.92	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		11			11
Ratio of expenses before fee waiver (%)		0.15	*		0.15	*
Ratio of expenses after fee waiver (%)		0.15	*		0.15	*
Ratio of net investment income (loss) (%)		1.24	*		1.00	*
Portfolio turnover rate (%)(d)		11	**		27	**


Xtrackers S&P SmallCap 600 ESG ETF Selected Per Share Data	For the Six Months Ended 2/28/2022 (Unaudited)			Period Ended 8/31/2021(a)
Net Asset Value, beginning of period	$	26.68		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.16			0.16
Net realized and unrealized gain (loss)		(0.61	)		1.59

Total from investment operations		(0.45	)		1.75

Less distributions from:
Net investment income		(0.22	)		(0.07	)
Net realized gains		(0.12	)		—

Total distributions		(0.34	)		(0.07	)

Net Asset Value, end of period	$	25.89		$	26.68

Total Return (%)(c)		(1.72	)**		7.01	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		10			11
Ratio of expenses before fee waiver (%)		0.15	*		0.15	*
Ratio of expenses after fee waiver (%)		0.15	*		0.15	*
Ratio of net investment income (loss) (%)		1.18	*		1.19	*
Portfolio turnover rate (%)(d)		9	**		25	**


Fund		Underlying Index
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR
Xtrackers MSCI EAFE ESG Leaders Equity ETF		MSCI EAFE ESG Leaders Index
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		MSCI Emerging Markets ESG Leaders Index
Xtrackers MSCI USA ESG Leaders Equity ETF		MSCI USA ESG Leaders Index
Xtrackers S&P 500 ESG ETF		S&P 500 ESG Index
Xtrackers S&P MidCap 400 ESG ETF		S&P MidCap 400 ESG Index
Xtrackers S&P SmallCap 600 ESG ETF		S&P SmallCap 600 ESG Index


	Short-Term		Long-Term		Total Amount
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	56,337	$	5,254	$	61,591
Xtrackers MSCI EAFE ESG Leaders Equity ETF		75,738		171,787		247,525
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		49,283		193,625		242,908
Xtrackers MSCI USA ESG Leaders Equity ETF		4,036,785		21,206,967		25,243,752
Xtrackers S&P 500 ESG ETF		304,487		—		304,487


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	484,672,330	$	16,359,227	$	18,027,181	$	(1,667,954	)
Xtrackers MSCI EAFE ESG Leaders Equity ETF		15,515,051		3,556,895		3,970,952		(414,057	)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		22,326,991		2,961,656		3,733,486		(771,830	)
Xtrackers MSCI USA ESG Leaders Equity ETF		2,613,059,960		1,274,642,509		1,289,542,739		(14,900,230	)
Xtrackers S&P 500 ESG ETF		599,953,403		144,040,089		147,236,303		(3,196,214	)
Xtrackers S&P MidCap 400 ESG ETF		10,189,433		762,891		1,142,858		(379,967	)
Xtrackers S&P SmallCap 600 ESG ETF		10,284,752		442,892		1,044,269		(601,377	)


Remaining Contractual Maturity of the Agreements, as of February 28, 2021

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
Common Stocks	$	1,966,294	$	32,036	$	15,291	$	4,400,267	$	6,413,888

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	6,413,888

Xtrackers MSCI EAFE ESG Leaders Equity ETF
Common Stocks	$	70,402	$	—	$	—	$	177,822	$	248,224

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	248,224

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
Common Stocks	$	89,948	$	3,464	$	385	$	121,621	$	215,418
Exchange-Trade Funds		71,100		—		—		—		71,100

Total Borrowings	$	161,048	$	3,464	$	385	$	121,621	$	286,518

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	286,518

Xtrackers MSCI USA ESG Leaders Equity ETF
Common Stocks	$	865,404	$	1,638	$	182	$	43,588	$	910,812

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	910,812

Xtrackers S&P 500 ESG ETF
Common Stocks	$	—	$	20,521	$	39,019	$	1,235,556	$	1,295,096

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,295,096

Xtrackers S&P MidCap 400 ESG ETF
Common Stocks	$	—	$	20,642	$	796	$	114,200	$	135,638

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	135,638

Xtrackers S&P SmallCap 600 ESG ETF
Common Stocks	$	54,608	$	1,102	$	122	$	392,245	$	448,077

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	448,077


		Asset Derivatives			Liability Derivatives
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	25,280
Xtrackers MSCI EAFE ESG Leaders Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	3,269
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	1,985
Xtrackers MSCI USA ESG Leaders Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	293,290
Xtrackers S&p 500 ESG ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	35,445