DBX ETF Trust

EXPLANATORY NOTE: The Registrant is filing this amendment to its Form N-CSR for the annual period ended August 31, 2021, originally filed with the Securities and Exchange Commission on November 4, 2021 (Accession Number 0001193125-21-319470). The annual shareholder reports as of August 31, 2021 were amended to remove “unaudited” from the Notes to Financial Statements section of the reports for the following funds: Xtrackers FTSE Developed ex US Multifactor ETF (DEEF), Xtrackers MSCI Kokusai Equity ETF (KOKU), Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP), Xtrackers Russell US Multifactor ETF (DEUS), Xtrackers High Beta High Yield Bond ETF (HYUP), Xtrackers Low Beta High Yield Bond ETF (HYDW), Xtrackers Short Duration High Yield Bond ETF (SHYL), and Xtrackers USD High Yield Corporate Bond ETF (HYLB).

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this annual report for four of our equity ETFs for the period ended August 31, 2021.

The global economy staged a comeback from its post-pandemic recession, supported by accommodative fiscal and monetary policies, rapid vaccination rollouts, favorable economic data, and healthy corporate earnings results. The economic recovery was more pronounced in major economies, such as the U.S. and China, while most emerging countries continued to grapple with COVID-19, owing to slower vaccination numbers. The U.S. economy recovered strongly as unprecedented government aid and successful vaccination rollouts fueled consumption of goods and services. The Eurozone economy also posted positive growth in Q2 2021, after contracting for two consecutive quarters, driven mainly by increased household spending.

The U.S. economy sustained its robust recovery, driven by continued fiscal and monetary stimulus, and easing restrictions by many state and local governments. Markets also benefited from reduced political uncertainty after Joe Biden was elected as the new president. Stocks continued their gains into early 2021 due to positive developments surrounding the pandemic and the eventual accelerated rollout of approved coronavirus vaccines. Favorable data on unemployment rates and labor force participation as well as healthy corporate earnings results drove the surge in markets for H1 2021. On the flip side of this accelerated growth, high inflation readings and expectations of a Federal Reserve Board (Fed) tapering cautioned investors, while potential supply chain disruptions and a surge in the Delta variant of the virus also weighed on market sentiment. Although Fed officials maintained a dovish stance throughout the period, the Fed chair also acknowledged the initiation of discussions on slowing bond purchases, the first step towards eventually raising interest rates.

After a brief recession, the Eurozone economy started recovering as easing of lockdown restrictions supported economic activity. Increased household spending and healthy export numbers were major drivers of growth for the euro area. Eurozone’s third and fourth largest economies, Italy and Spain, were the major contributors to growth, while the bloc’s largest economy, Germany, grew at a rate below expectations. France, Eurozone’s second largest economy posted positive growth on the back of easing lockdown restrictions. Economic sentiment reached an all-time high in July 2021 and the composite Purchasing Managers Index¹ posted its strongest numbers in over 15 years on the back of robust demand. In light of the rapid spread of the Delta variant posing a risk to the economy, the European Central Bank (ECB) decided to defer increasing interest rates until inflation is maintained below its target of 2%. Furthermore, the ECB announced its intention to purchase EUR1.85tn of bonds until March 2022 as part of its Pandemic Emergency Purchase Program.

The UK economy started to recover after contracting significantly in 2020, as a fast pace of vaccination allowed the policy makers to withdraw many of the lockdown restrictions. Healthcare sector contributed the most to the recovery followed by food and beverages services as restaurants started to open back up or increase capacity due to easing COVID-19 precautions. Elsewhere, Japan’s economic recovery remained weak, compared with other developed economies. This was mainly due to the government’s inability to contain the pandemic and the slow rollout of vaccinations, which hurt overall consumption in the economy.

The global economy is expected to continue its recovery over the coming quarters, supported by rapid rollout of vaccination drives and reopening of economies. Despite a positive outlook, the spread of the Delta variant, U.S.-China conflict, and a sudden rise in inflation pose threats to the recovery. Nonetheless, central banks across the world are likely to maintain an accommodative

The Xtrackers FTSE Developed ex-US Multifactor Factor ETF (DEEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE Developed ex-US Comprehensive Factor Index (the DEEF Index). The DEEF index is designed to provide exposure to developed international equities (except the United States) based on five factors — value, momentum, quality, low volatility and size. For the 12-month period ended August 31, 2021, DEEF shares returned 22.69%, compared to the DEEF Index return of 23.19%.

All sectors contributed positively to the performance during the period with the greatest contributions coming from Industrials, Materials and Financials. From a geographical perspective, all contributed positively to performance during the period with the greatest contributions coming from Japan, Sweden, and the United Kingdom.

The Xtrackers MSCI Kokusai Equity ETF (KOKU) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Kokusai Index (the KOKU Index). The KOKU Index is a market capitalization weighted index designed to provide exposure to the large- and mid-cap equity securities in 22 of the 23 developed stock market across the world, excluding Japan. For the 12-month period ended August 31, 2021, KOKU shares returned 30.87%, compared to the KOKU Index return of 30.52%.

All sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Financials and Health Care. From a geographical perspective, a majority of countries contributed positively to performance during the period with the greatest contributions coming from the United States, the United Kingdom, and France. New Zealand was the only negative contributor to performance.

The Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (QARP) seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 2Qual/Val 5% Capped Factor Index (the QARP Index). The QARP Index is a multifactor index designed to capture exposure to large-cap U.S. equities that exhibit strong quality and value factor characteristics. For the 12-month period ended August 31, 2021, QARP shares returned 35.25%, compared to the QARP Index return of 35.55%.

All sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Communication Services and Consumer Discretionary.

The Xtrackers Russell US Multifactor ETF (DEUS) seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 Comprehensive Factor Index (the DEUS Index). The DEUS index is designed to provide exposure to large-cap United States equities based on five factors — value, momentum, quality, low volatility and size. For the 12-month period ended August 31, 2021, DEUS shares returned 34.85%, compared to the DEUS Index return of 35.03%.

All sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Industrials and Financials.

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 4-11 of this report for additional performance information, including performance data based on market value.

The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

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 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). It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, November 24, 2015 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 18, 2020, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

Country Diversification* as of August 31, 2021


Japan			30.1%
United Kingdom			8.0%
Sweden			7.9%
Australia			7.5%
South Korea			5.9%
Switzerland			5.2%
Germany			4.8%
Canada			4.8%
France			3.8%
Netherlands			3.0%
Hong Kong			2.6%
Finland			2.4%
Denmark			2.0%
Singapore			2.0%
Other			10.0%

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 13.

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). The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure developed-market equity performance throughout the world. It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, April 8, 2020 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 18, 2020, was 0.09%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 27.

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.

¹ Total returns are calculated based on the commencement of operations, April 5, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 18, 2020, was 0.19%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 41.

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.

¹ Total returns are calculated based on the commencement of operations, November 24, 2015 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated December 18, 2020, was 0.17%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 46.

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 management 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. 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 period and held for the entire period (March 1, 2021 to August 31, 2021).

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 184 (the number of days in the most recent six-month period), then divided by 365.


	Number of Shares		Value
COMMON STOCKS — 98.8%
Australia — 7.4%
Adbri Ltd.		4,782	$	11,988
AGL Energy Ltd.		5,291		24,942
ALS Ltd.		4,480		41,779
Altium Ltd.		399		8,719
Alumina Ltd.		32,336		42,066
Ampol Ltd.		356		7,171
Ansell Ltd.		7,648		201,168
APA Group (a)		5,914		39,678
Aristocrat Leisure Ltd.		3,359		112,116
ASX Ltd.		825		52,921
Aurizon Holdings Ltd.		33,481		92,495
AusNet Services Ltd.		14,542		20,565
Australia & New Zealand Banking Group Ltd.		906		18,441
Bank of Queensland Ltd.		2,041		14,111
Beach Energy Ltd.		7,388		5,670
Bendigo & Adelaide Bank Ltd.		3,423		25,117
BHP Group Ltd.		1,650		55,001
BHP Group PLC		4,560		141,674
BlueScope Steel Ltd.		5,036		92,750
Boral Ltd.*		3,301		14,717
Brambles Ltd.		12,216		108,119
carsales.com Ltd.		5,737		105,241
Charter Hall Group REIT		18,519		241,728
Cleanaway Waste Management Ltd.		12,267		23,758
Coles Group Ltd.		2,527		33,391
Commonwealth Bank of Australia		388		28,391
Computershare Ltd.		17,231		207,789
Crown Resorts Ltd.*		3,264		22,209
CSL Ltd.		64		14,591
CSR Ltd.		15,565		61,998
Deterra Royalties Ltd.		8,689		27,624
Dexus REIT		12,543		97,537
Domino’s Pizza Enterprises Ltd.		720		82,479
Downer EDI Ltd.		7,185		34,185
Endeavour Group Ltd.*		845		4,508
Evolution Mining Ltd.		4,156		11,876
Fortescue Metals Group Ltd.		1,712		26,276
Goodman Group REIT		16,066		271,589
Harvey Norman Holdings Ltd.		38,487		151,330
IDP Education Ltd.		350		7,372
IGO Ltd.		2,318		16,348
Iluka Resources Ltd.		20,578		150,394
Incitec Pivot Ltd.		13,134		25,917
Insurance Australia Group Ltd.		6,098		23,353
JB Hi-Fi Ltd.		6,799		227,533
Macquarie Group Ltd.		858		104,558
Magellan Financial Group Ltd.		1,411		44,694
Medibank Pvt Ltd.		46,906		121,699
Mineral Resources Ltd.		3,338		133,957
Mirvac Group REIT		38,474		87,730
National Australia Bank Ltd.		735		14,896
Newcrest Mining Ltd.		2,060		37,247
Oil Search Ltd.		3,016		8,244
Orica Ltd.		1,510		14,534
Origin Energy Ltd.		4,887		15,894


	Number of Shares		Value
Australia (Continued)
Orora Ltd.		19,110	$	47,626
OZ Minerals Ltd.		6,860		118,171
Perpetual Ltd.		1,048		32,376
Platinum Asset Management Ltd.		3,809		11,080
Qube Holdings Ltd.		12,519		28,912
Ramsay Health Care Ltd.		311		15,661
REA Group Ltd.		621		69,667
Reece Ltd.		2,864		43,705
Rio Tinto Ltd.		2,522		206,549
Santos Ltd.		3,068		13,566
SEEK Ltd.		4,069		96,768
Seven Group Holdings Ltd.		1,036		16,090
Shopping Centres Australasia Property Group REIT		9,718		19,034
Sonic Healthcare Ltd.		8,060		255,654
South32 Ltd.		40,174		92,194
Star Entertainment Group Ltd.*		1,782		5,314
Stockland REIT		9,371		31,641
Suncorp Group Ltd.		7,285		66,447
Tabcorp Holdings Ltd.		8,728		30,555
Telstra Corp. Ltd.		10,288		28,873
Transurban Group (a)		2,471		25,662
Treasury Wine Estates Ltd.		1,157		10,680
Washington H Soul Pattinson & Co. Ltd. (b)		4,163		108,983
Wesfarmers Ltd.		4,367		191,338
Westpac Banking Corp.		1,296		24,456
Woodside Petroleum Ltd.		806		11,481
Woolworths Group Ltd.		845		25,784
Worley Ltd.		645		4,940

(Cost $3,918,568)				5,245,285

Austria — 0.4%
ANDRITZ AG		1,638		94,088
Raiffeisen Bank International AG		200		4,802
Telekom Austria AG*		3,814		33,857
Verbund AG		349		38,211
voestalpine AG		1,848		83,768

(Cost $161,167)				254,726

Belgium — 1.1%
Ackermans & van Haaren NV		101		18,599
Ageas SA/NV		1,302		65,090
Elia Group SA/NV		165		20,724
Etablissements Franz Colruyt NV		624		34,908
Groupe Bruxelles Lambert SA		430		49,287
KBC Group NV		106		8,927
Proximus SADP		2,237		43,848
Sofina SA		599		264,734
Solvay SA		118		15,455
Telenet Group Holding NV		806		30,656
UCB SA		346		39,569
Umicore SA		837		55,073
Warehouses De Pauw CVA REIT		3,133		144,014

(Cost $594,673)				790,884


	Number of Shares		Value
Cambodia — 0.0%
NagaCorp Ltd. (Cost $15,534)		11,877	$	9,544

Canada — 4.7%
Agnico Eagle Mines Ltd.		659		37,861
Alimentation Couche-Tard, Inc., Class B		2,203		88,877
Bank of Montreal		255		25,337
Bank of Nova Scotia		775		47,930
Barrick Gold Corp.		1,247		25,026
BCE, Inc.		471		24,526
Brookfield Asset Management Reinsurance Partners Ltd., Class A*		3		183
Brookfield Asset Management, Inc., Class A		511		28,384
Canadian Imperial Bank of Commerce		326		37,444
Canadian National Railway Co.		454		53,317
Canadian Natural Resources Ltd.		626		20,682
Canadian Pacific Railway Ltd.		1,646		112,920
Canadian Tire Corp. Ltd., Class A		2,704		410,848
Canadian Utilities Ltd., Class A		1,489		42,078
CGI, Inc.*		1,501		133,939
Constellation Software, Inc.		69		116,753
Dollarama, Inc.		744		33,872
Enbridge, Inc.		925		36,344
Fairfax Financial Holdings Ltd.		301		133,027
Fortis, Inc.		1,824		83,431
Franco-Nevada Corp.		299		43,549
George Weston Ltd.		780		83,947
Great-West Lifeco, Inc.		1,157		35,736
Hydro One Ltd., 144A		3,815		94,798
IGM Financial, Inc.		3,082		112,217
Intact Financial Corp.		1,195		162,495
Loblaw Cos. Ltd.		1,235		86,875
Magna International, Inc.		1,913		150,827
Manulife Financial Corp.		4,325		84,094
Metro, Inc.		1,252		63,677
National Bank of Canada		1,311		103,892
Nutrien Ltd.		1,347		81,759
Power Corp. of Canada		4,230		145,748
Restaurant Brands International, Inc.		322		20,655
Rogers Communications, Inc., Class B		1,559		79,304
Royal Bank of Canada		199		20,409
Saputo, Inc.		476		13,369
Shaw Communications, Inc., Class B		5,668		166,544
Sun Life Financial, Inc.		2,928		150,519
TC Energy Corp.		1,370		64,941
TELUS Corp.		1,524		35,059
Thomson Reuters Corp.		296		34,532
Toronto-Dominion Bank		93		6,030
Wheaton Precious Metals Corp.		407		18,314

(Cost $2,573,114)				3,352,069

Chile — 0.1%
Antofagasta PLC (Cost $31,758)		2,250		45,086

China — 0.3%
Lenovo Group Ltd.		86,143		95,476
Minth Group Ltd.		2,487		10,329


	Number of Shares		Value
China (Continued)
Tingyi Cayman Islands Holding Corp.		11,660	$	20,749
Uni-President China Holdings Ltd.		13,891		13,163
Want Want China Holdings Ltd.		79,455		54,044

(Cost $172,120)				193,761

Czech Republic — 0.0%
Avast PLC, 144A (Cost $2,583)		704		5,792

Denmark — 2.0%
A.P. Moller — Maersk A/S, Class A		27		73,073
A.P. Moller — Maersk A/S, Class B		25		70,914
Carlsberg A/S, Class B		914		159,519
Chr Hansen Holding A/S		224		20,665
Coloplast A/S, Class B		208		36,021
Demant A/S*		829		46,978
DSV PANALPINA A/S		848		216,043
Genmab A/S*		274		129,696
GN Store Nord AS		1,661		124,947
H Lundbeck A/S		269		7,944
Novo Nordisk A/S, Class B		397		39,556
Novozymes A/S, Class B		1,773		143,194
Orsted AS, 144A		150		23,834
Pandora A/S		337		40,334
ROCKWOOL International A/S, Class B		145		76,714
SimCorp A/S		800		109,057
Tryg A/S		1,652		40,895
Vestas Wind Systems A/S		2,106		85,011

(Cost $908,680)				1,444,395

Finland — 2.4%
Elisa OYJ		929		59,482
Fortum OYJ		4,780		145,127
Huhtamaki OYJ		2,133		113,834
Kesko OYJ, Class B		17,680		729,628
Kojamo OYJ		1,283		31,199
Kone OYJ, Class B		1,300		107,789
Neste OYJ		399		24,275
Nokian Renkaat OYJ		4,759		180,948
Nordea Bank Abp		1,561		18,311
Orion OYJ, Class B		998		40,680
Sampo OYJ, Class A		185		9,552
Stora Enso OYJ, Class R		2,448		47,898
UPM-Kymmene OYJ		2,545		103,436
Wartsila OYJ Abp		4,408		62,467

(Cost $1,153,173)				1,674,626

France — 3.8%
Air Liquide SA		282		50,539
Alstom SA (b)		429		18,433
Amundi SA, 144A		241		22,802
Arkema SA		633		83,988
Atos SE		595		30,876
AXA SA		417		11,706
BioMerieux		236		28,931
Bollore SA		9,639		57,006
Bouygues SA		1,065		44,542
Bureau Veritas SA		1,155		38,326


	Number of Shares		Value
France (Continued)
Capgemini SE		657	$	147,472
Carrefour SA		4,205		83,640
Cie de Saint-Gobain		1,510		109,426
Cie Generale des Etablissements Michelin SCA		1,673		270,659
Cie Plastic Omnium SA		237		7,140
Credit Agricole SA		470		6,774
Danone SA		377		27,534
Dassault Aviation SA		12		13,528
Dassault Systemes SE		386		22,010
Edenred		708		40,116
Eiffage SA		394		40,938
Electricite de France SA		510		6,908
Engie SA		3,180		45,542
EssilorLuxottica SA		115		22,570
Eurazeo SE		155		15,937
Getlink SE		469		7,538
Hermes International		6		8,814
Iliad SA		154		33,086
Imerys SA		609		28,181
Ipsen SA		442		44,183
Kering SA		15		11,934
Legrand SA		1,030		117,842
L’Oreal SA		13		6,082
Orange SA		4,282		48,626
Orpea SA		106		13,339
Pernod Ricard SA		128		26,888
Publicis Groupe SA		4,751		311,374
Remy Cointreau SA*		141		27,763
Renault SA*		553		20,530
Rexel SA*		792		16,562
Rubis SCA		415		16,073
Sanofi		191		19,755
Sartorius Stedim Biotech		46		27,889
Schneider Electric SE		275		49,116
SCOR SE		277		8,498
SEB SA		357		56,133
Sodexo SA*		197		16,283
Suez SA		4,529		105,054
Technip Energies NV*		5,999		78,357
Teleperformance		333		147,173
Thales SA		150		15,217
Veolia Environnement SA		2,537		86,999
Vinci SA		213		22,853
Vivendi SE (b)		1,019		38,877
Wendel SE		381		55,274

(Cost $2,065,136)				2,713,636

Germany — 4.2%
1&1 Drillisch AG		317		10,006
adidas AG		77		27,309
Allianz SE		16		3,758
BASF SE		656		50,737
Bayerische Motoren Werke AG		543		51,516
Bechtle AG		1,073		77,543
Beiersdorf AG		207		25,107
Brenntag SE		2,386		240,647


	Number of Shares		Value
Germany (Continued)
Carl Zeiss Meditec AG		187	$	41,301
Continental AG*		421		56,565
Covestro AG, 144A		929		60,206
CTS Eventim AG & Co. KGaA*		262		16,893
Daimler AG (b)		545		45,948
Delivery Hero SE, 144A*(b)		32		4,631
Deutsche Boerse AG		50		8,623
Deutsche Lufthansa AG*(b)		742		7,432
Deutsche Post AG		2,126		149,524
Deutsche Telekom AG		1,085		23,064
Deutsche Wohnen SE		3,112		193,082
E.ON SE		2,088		27,551
Evonik Industries AG		1,614		54,490
Fielmann AG		131		10,067
Fraport AG Frankfurt Airport Services Worldwide*		159		10,259
Fresenius Medical Care AG & Co. KGaA		195		14,971
Fresenius SE & Co. KGaA		1,630		84,758
FUCHS PETROLUB SE		267		10,527
GEA Group AG		1,300		60,018
Hannover Rueck SE		118		21,723
HeidelbergCement AG		1,135		98,610
Hella GmbH & Co. KGaA*		178		12,721
Henkel AG & Co. KGaA		303		27,255
HOCHTIEF AG		227		18,168
Infineon Technologies AG		170		7,237
KION Group AG		186		19,897
Knorr-Bremse AG		216		25,918
LANXESS AG		792		57,722
LEG Immobilien SE		1,166		185,815
Merck KGaA		321		76,240
METRO AG		3,036		40,426
MTU Aero Engines AG		62		14,224
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		81		23,660
ProSiebenSat.1 Media SE		2,750		52,475
Puma SE		197		23,906
Rational AG		14		16,007
Rheinmetall AG		617		60,336
RWE AG		1,530		59,764
SAP SE		83		12,488
Scout24 AG, 144A		117		9,834
Siemens AG		133		22,112
Siemens Energy AG*		533		15,465
Siemens Healthineers AG, 144A		132		9,178
Symrise AG		58		8,257
Telefonica Deutschland Holding AG		11,225		31,497
Uniper SE		1,914		75,983
United Internet AG		1,084		46,847
Vonovia SE		1,589		107,217
Wacker Chemie AG		139		24,506
Zalando SE, 144A*(b)		3,340		369,826

(Cost $2,235,178)				2,941,847

Hong Kong — 2.6%
AIA Group Ltd.		2,736		32,699
ASM Pacific Technology Ltd.		2,006		23,884


	Number of Shares		Value
Hong Kong (Continued)
Bank of East Asia Ltd.		5,446	$	9,131
BOC Hong Kong Holdings Ltd.		5,600		16,993
Cafe de Coral Holdings Ltd.		5,730		10,433
Cathay Pacific Airways Ltd.*(b)		8,147		6,840
China Travel International Investment Hong Kong Ltd.*		67,581		9,472
Chow Tai Fook Jewellery Group Ltd.		14,569		29,523
CK Asset Holdings Ltd.		18,378		119,805
CK Hutchison Holdings Ltd.		12,198		89,007
CK Infrastructure Holdings Ltd.		4,489		27,272
CLP Holdings Ltd.		4,585		45,836
Dah Sing Banking Group Ltd.		8,620		8,290
Dairy Farm International Holdings Ltd.		1,965		6,936
ESR Cayman Ltd., 144A*		851		2,593
First Pacific Co. Ltd.		65,319		24,356
Galaxy Entertainment Group Ltd.*		1,089		6,980
Hang Lung Group Ltd.		4,134		10,355
Hang Lung Properties Ltd.		8,252		19,820
Hang Seng Bank Ltd.		931		16,663
Henderson Land Development Co. Ltd.		6,347		28,726
Hong Kong & China Gas Co. Ltd.		8,389		13,505
Hong Kong Exchanges & Clearing Ltd.		1,292		81,533
Hongkong Land Holdings Ltd.		1,544		6,485
Hutchison Port Holdings Trust, Class U		278,600		57,113
Hutchison Telecommunications Hong Kong Holdings Ltd.		44,567		7,048
Hysan Development Co. Ltd.		1,068		3,811
Jardine Matheson Holdings Ltd.		300		16,296
Johnson Electric Holdings Ltd.		3,671		8,421
Kerry Logistics Network Ltd. (b)		26,649		84,806
Kerry Properties Ltd.		23,350		79,561
Lee & Man Paper Manufacturing Ltd.		33,382		29,316
Man Wah Holdings Ltd.		2,915		5,450
MTR Corp. Ltd.		1,997		11,247
New World Development Co. Ltd.		584		2,748
PCCW Ltd.		25,980		13,562
Power Assets Holdings Ltd.		9,103		57,177
Shangri-La Asia Ltd.*		4,795		4,217
Shun Tak Holdings Ltd.*		21,191		6,076
Sino Land Co. Ltd.		15,718		23,161
SITC International Holdings Co. Ltd.		30,920		134,774
Sun Hung Kai Properties Ltd.		2,150		30,298
Swire Pacific Ltd., Class A		5,845		39,606
Swire Pacific Ltd., Class B		13,201		14,343
Swire Properties Ltd.		6,414		17,360
Techtronic Industries Co. Ltd.		6,421		142,416
Towngas China Co. Ltd.*		8,277		6,034
Vinda International Holdings Ltd. (b)		3,518		10,359
Vitasoy International Holdings Ltd. (b)		7,014		18,127
VTech Holdings Ltd.		5,958		57,877
WH Group Ltd., 144A		30,540		26,506
Wharf Holdings Ltd.		8,952		30,272
Wharf Real Estate Investment Co. Ltd.		920		4,560
Xinyi Glass Holdings Ltd.		46,289		194,623
Yue Yuen Industrial Holdings Ltd.*		23,625		47,934

(Cost $1,441,871)				1,832,236


	Number of Shares		Value
Ireland — 1.0%
CRH PLC		2,026	$	107,823
DCC PLC		737		62,683
Experian PLC		1,304		57,500
Glanbia PLC		3,097		55,240
James Hardie Industries PLC CDI		4,816		186,689
Kerry Group PLC, Class A		229		33,574
Kingspan Group PLC		606		69,232
Smurfit Kappa Group PLC		2,643		151,608

(Cost $409,799)				724,349

Israel — 1.4%
Airport City Ltd.*		1,079		19,776
Alony Hetz Properties & Investments Ltd.		1,651		24,375
Amot Investments Ltd.		2,850		20,247
Azrieli Group Ltd.		270		25,266
Bank Hapoalim BM		2,677		23,054
Bank Leumi Le-Israel BM		6,510		53,848
Bezeq The Israeli Telecommunication Corp. Ltd.*		25,144		29,902
Big Shopping Centers Ltd.*		217		31,909
Elbit Systems Ltd.		133		19,366
Electra Ltd.		28		16,754
Enlight Renewable Energy Ltd.*(b)		4,009		8,684
First International Bank Of Israel Ltd.		264		9,551
Harel Insurance Investments & Financial Services Ltd.		1,063		10,452
ICL Group Ltd.		12,318		87,240
Israel Discount Bank Ltd., Class A*		9,824		50,810
Maytronics Ltd.		1,148		26,355
Melisron Ltd.*(b)		488		39,451
Mivne Real Estate KD Ltd.		9,755		33,037
Mizrahi Tefahot Bank Ltd.		675		22,481
Nice Ltd.*		735		214,690
Nova Ltd.*		420		42,200
Paz Oil Co. Ltd.*		410		41,323
Phoenix Holdings Ltd.		1,222		13,060
Sapiens International Corp NV		304		8,748
Shapir Engineering and Industry Ltd.		660		5,272
Shufersal Ltd.		4,694		38,768
Strauss Group Ltd.		588		17,016
Tower Semiconductor Ltd.*		952		28,057

(Cost $621,278)				961,692

Italy — 1.7%
A2A SpA		69,528		152,658
Amplifon SpA		1,095		57,236
Assicurazioni Generali SpA		1,151		23,465
Atlantia SpA*		987		18,496
Banca Mediolanum SpA		1,036		10,750
Buzzi Unicem SpA		1,023		27,147
Davide Campari-Milano NV		2,977		41,151
DiaSorin SpA		168		38,325
Enel SpA		3,516		32,029
Ferrari NV		83		17,998
FinecoBank Banca Fineco SpA*		1,947		35,889
Hera SpA		8,981		38,834
Infrastrutture Wireless Italiane SpA, 144A		484		5,753


	Number of Shares		Value
Italy (Continued)
Intesa Sanpaolo SpA		2,584	$	7,313
Italgas SpA		8,403		55,687
Leonardo SpA*		833		6,783
Mediobanca Banca di Credito Finanziario SpA*		865		10,190
Moncler SpA		1,507		96,418
Pirelli & C SpA, 144A		5,146		30,823
Poste Italiane SpA, 144A		1,205		16,337
Prysmian SpA		6,469		243,370
Recordati Industria Chimica e Farmaceutica SpA		616		40,401
Snam SpA		11,162		65,934
Telecom Italia SpA		59,700		27,012
Telecom Italia SpA-RSP		45,019		21,730
Terna - Rete Elettrica Nazionale		6,436		50,872
UnipolSai Assicurazioni SpA		2,299		6,611

(Cost $923,522)				1,179,212

Japan — 29.9%
ABC-Mart, Inc.		363		19,462
Acom Co. Ltd.		1,500		5,803
Activia Properties, Inc. REIT		10		42,008
Advance Residence Investment Corp. REIT		12		40,907
Advantest Corp.		200		17,331
Aeon Co. Ltd. (b)		2,849		75,711
Aeon Mall Co. Ltd.		2,500		38,185
AGC, Inc.		3,300		159,803
Aica Kogyo Co. Ltd.		914		30,700
Ain Holdings, Inc.		400		27,053
Air Water, Inc.		2,000		32,296
Aisin Corp.		2,693		103,077
Ajinomoto Co., Inc.		2,600		76,774
Alfresa Holdings Corp.		1,870		29,635
Alps Alpine Co. Ltd.		1,500		15,756
Amada Co. Ltd.		7,643		77,640
Amano Corp.		1,100		27,976
ANA Holdings, Inc.*		243		5,763
Anritsu Corp. (b)		900		15,647
Ariake Japan Co. Ltd.		112		6,351
As One Corp.		200		29,765
Asahi Group Holdings Ltd.		192		8,938
Asahi Intecc Co. Ltd.		216		6,547
Asahi Kasei Corp.		9,919		102,567
ASKUL Corp.		618		9,698
Astellas Pharma, Inc.		1,483		25,068
Azbil Corp.		4,013		174,423
Bandai Namco Holdings, Inc.		1,500		104,328
Bank of Kyoto Ltd.		200		8,866
Benesse Holdings, Inc.		700		15,152
Bic Camera, Inc.		3,100		30,221
Bridgestone Corp.		1,624		74,858
Brother Industries Ltd.		2,042		41,970
Calbee, Inc.		1,280		31,761
Canon Marketing Japan, Inc.		700		16,012
Canon, Inc.		1,922		45,688
Capcom Co. Ltd.		1,308		36,552


	Number of Shares		Value
Japan (Continued)
Casio Computer Co. Ltd.		1,398	$	21,620
Central Japan Railway Co.		156		22,897
Chubu Electric Power Co., Inc.		4,031		48,764
Chugai Pharmaceutical Co. Ltd.		300		11,764
Chugoku Electric Power Co., Inc.		3,083		28,793
COMSYS Holdings Corp.		4,534		122,079
Concordia Financial Group Ltd.		2,600		10,106
Cosmo Energy Holdings Co. Ltd.		600		11,950
Cosmos Pharmaceutical Corp.		390		69,153
Credit Saison Co. Ltd.		500		5,698
CyberAgent, Inc.		700		12,877
Dai Nippon Printing Co. Ltd.		4,907		116,846
Daicel Corp.		3,927		31,670
Daido Steel Co. Ltd.		755		34,499
Daifuku Co. Ltd.		226		19,996
Dai-ichi Life Holdings, Inc.		1,000		19,748
Daiichi Sankyo Co. Ltd.		500		11,899
Daiichikosho Co. Ltd.		1,416		47,948
Daikin Industries Ltd.		284		70,845
Daio Paper Corp.		2,600		48,800
Daito Trust Construction Co. Ltd.		2,085		229,263
Daiwa House Industry Co. Ltd.		3,602		110,034
Daiwa House REIT Investment Corp. REIT (b)		10		29,629
Daiwa Office Investment Corp. REIT		2		14,418
Daiwa Securities Group, Inc.		2,845		16,121
Denka Co. Ltd.		2,400		84,325
Denso Corp.		1,544		108,358
DIC Corp.		1,500		43,214
Disco Corp.		111		32,383
Dowa Holdings Co. Ltd.		1,500		65,948
East Japan Railway Co.		347		23,471
Ebara Corp.		4,300		214,491
Eisai Co. Ltd.		300		24,812
Elecom Co. Ltd.		600		9,732
Electric Power Development Co. Ltd.		1,776		26,577
ENEOS Holdings, Inc.		30,720		119,150
Ezaki Glico Co. Ltd.		400		15,147
Fancl Corp.		400		13,563
FANUC Corp.		196		42,800
Food & Life Cos. Ltd.		184		7,922
FP Corp.		400		15,347
Fuji Electric Co. Ltd.		1,488		64,540
Fuji Media Holdings, Inc.		800		8,331
Fuji Oil Holdings, Inc.		1,800		40,715
FUJIFILM Holdings Corp.		751		61,989
Fujitsu General Ltd.		1,300		32,553
Fujitsu Ltd.		842		155,585
Fukuoka Financial Group, Inc.		1,000		18,505
Fukuyama Transporting Co. Ltd.		500		21,072
Furukawa Electric Co. Ltd.		600		12,922
Fuyo General Lease Co. Ltd.		200		13,836
GLP J REIT		27		49,080
GMO Payment Gateway, Inc.		100		13,171
GS Yuasa Corp.		2,938		69,024
GungHo Online Entertainment, Inc.		500		9,753
Gunma Bank Ltd.		200		646


	Number of Shares		Value
Japan (Continued)
Hakuhodo DY Holdings, Inc.		7,869	$	123,987
Hamamatsu Photonics KK		1,050		61,360
Hankyu Hanshin Holdings, Inc.		867		26,004
Haseko Corp.		1,497		20,767
Hikari Tsushin, Inc.		100		17,540
Hino Motors Ltd.		5,259		45,620
Hirose Electric Co. Ltd.		440		73,413
Hisamitsu Pharmaceutical Co., Inc. (b)		640		25,691
Hitachi Construction Machinery Co. Ltd.		400		11,487
Hitachi Ltd.		1,546		85,631
Hitachi Metals Ltd.*		1,800		34,817
Hitachi Transport System Ltd.		280		11,737
Hokuriku Electric Power Co.		2,563		13,881
Honda Motor Co. Ltd.		1,945		59,168
Horiba Ltd.		500		35,818
Hoshizaki Corp.		213		20,028
House Foods Group, Inc.		1,357		43,603
Hoya Corp.		500		80,921
Hulic Co. Ltd.		4,848		56,926
Ibiden Co. Ltd.		300		16,221
Idemitsu Kosan Co. Ltd.		225		5,403
IHI Corp.*		300		6,679
Iida Group Holdings Co. Ltd.		1,800		45,811
Industrial & Infrastructure Fund Investment Corp. REIT		17		34,229
Inpex Corp.		1,499		10,343
Isetan Mitsukoshi Holdings Ltd.		900		6,046
Isuzu Motors Ltd.		7,100		89,962
Ito En Ltd.		400		25,341
ITOCHU Corp.		3,236		97,528
Itochu Techno-Solutions Corp.		800		24,795
Itoham Yonekyu Holdings, Inc.		4,000		27,053
Iwatani Corp.		3,300		182,632
Iyo Bank Ltd.		1,500		8,042
Izumi Co. Ltd.		1,700		55,475
J. Front Retailing Co. Ltd.		1,465		12,682
Japan Airlines Co. Ltd.*		679		14,469
Japan Exchange Group, Inc.		400		9,536
Japan Logistics Fund, Inc. REIT		32		102,822
Japan Metropolitan Fund Invest REIT		45		43,788
Japan Post Holdings Co. Ltd.*		1,100		9,455
Japan Post Insurance Co. Ltd.		700		12,712
Japan Prime Realty Investment Corp. REIT		9		33,711
Japan Real Estate Investment Corp. REIT		5		30,994
Japan Tobacco, Inc.		3,464		67,240
JFE Holdings, Inc.		3,500		56,868
JGC Holdings Corp.		4,800		40,371
JSR Corp.		4,532		157,378
JTEKT Corp.		1,500		13,585
Justsystems Corp.		107		6,331
Kagome Co. Ltd.		865		23,038
Kajima Corp.		7,900		102,327
Kakaku.com, Inc.		786		24,540
Kaken Pharmaceutical Co. Ltd.		547		24,746
Kamigumi Co. Ltd.		3,732		80,782
Kandenko Co. Ltd.		4,992		42,986


	Number of Shares		Value
Japan (Continued)
Kaneka Corp.		2,722	$	112,859
Kansai Electric Power Co., Inc.		7,211		72,530
Kansai Paint Co. Ltd.		1,288		33,425
Kao Corp.		353		21,355
Kawasaki Heavy Industries Ltd.*		543		11,576
KDDI Corp.		1,329		40,768
Keihan Holdings Co. Ltd.		310		8,917
Keikyu Corp.		181		2,211
Keio Corp.		419		22,579
Keisei Electric Railway Co. Ltd.		600		18,487
Kenedix Office Investment Corp. REIT		4		29,419
Kewpie Corp.		1,159		28,590
Keyence Corp.		28		16,855
Kikkoman Corp.		1,273		95,713
Kinden Corp.		4,000		67,832
Kintetsu Group Holdings Co. Ltd.*		200		6,845
Kirin Holdings Co. Ltd.		1,012		18,368
Kobayashi Pharmaceutical Co. Ltd.		126		9,875
Koei Tecmo Holdings Co. Ltd.		962		41,200
Koito Manufacturing Co. Ltd.		1,800		110,268
Kokuyo Co. Ltd.		1,300		22,779
Komatsu Ltd.		3,070		74,403
Konami Holdings Corp.		1,182		75,099
Kose Corp.		200		24,213
K’s Holdings Corp.		7,211		79,094
Kubota Corp.		2,700		55,900
Kuraray Co. Ltd.		3,781		35,621
Kurita Water Industries Ltd.		2,228		104,647
Kyocera Corp.		672		41,876
Kyoritsu Maintenance Co. Ltd.		100		3,309
Kyowa Exeo Corp.		2,472		62,149
Kyowa Kirin Co. Ltd.		1,600		52,358
Kyudenko Corp.		1,499		53,965
Kyushu Electric Power Co., Inc.		8,264		63,187
Kyushu Railway Co.		824		18,684
LaSalle Logiport REIT		23		40,197
Lawson, Inc. (b)		400		19,297
Lintec Corp.		1,513		34,334
Lion Corp.		1,406		23,971
Lixil Corp.		2,511		73,255
Mabuchi Motor Co. Ltd.		800		28,036
Maeda Corp.		700		5,167
Maeda Road Construction Co. Ltd.		300		5,044
Makita Corp.		2,518		144,855
Marubeni Corp.		10,991		87,600
Marui Group Co. Ltd.		379		6,769
Maruichi Steel Tube Ltd.		750		18,473
Matsumotokiyoshi Holdings Co. Ltd.		697		32,357
Mazda Motor Corp.*		3,600		31,294
Mebuki Financial Group, Inc.		4,300		9,629
Medipal Holdings Corp.		3,051		58,404
Megmilk Snow Brand Co. Ltd.		400		8,392
MEIJI Holdings Co. Ltd.		1,369		84,238
MINEBEA MITSUMI, Inc.		1,371		35,354
MISUMI Group, Inc.		2,240		89,001
Mitsubishi Chemical Holdings Corp.		18,202		160,017
Mitsubishi Corp.		1,736		52,320


	Number of Shares		Value
Japan (Continued)
Mitsubishi Electric Corp.		8,974	$	122,978
Mitsubishi Estate Co. Ltd.		3,100		48,563
Mitsubishi Gas Chemical Co., Inc.		8,367		158,033
Mitsubishi HC Capital, Inc.		2,450		13,135
Mitsubishi Heavy Industries Ltd.		3,913		103,613
Mitsubishi Logistics Corp.		1,300		37,097
Mitsubishi Materials Corp.		700		14,375
Mitsubishi Shokuhin Co. Ltd.		500		13,112
Mitsui & Co. Ltd.		6,325		139,845
Mitsui Chemicals, Inc.		3,800		131,440
Mitsui Fudosan Co. Ltd.		2,000		45,949
Mitsui Fudosan Logistics Park, Inc. REIT		3		17,804
Mitsui OSK Lines Ltd. (b)		1,500		116,057
Miura Co. Ltd.		1,157		52,026
Mizuho Financial Group, Inc.		1,580		22,191
Mochida Pharmaceutical Co. Ltd.		261		8,707
MonotaRO Co. Ltd.		600		13,288
Mori Hills REIT Investment Corp. REIT		13		18,874
Morinaga & Co. Ltd.		500		17,568
Morinaga Milk Industry Co. Ltd.		700		44,220
MS&AD Insurance Group Holdings, Inc.		900		29,123
Murata Manufacturing Co. Ltd.		417		34,613
Nabtesco Corp.		1,300		51,593
Nagase & Co. Ltd.		3,565		58,897
Nagoya Railroad Co. Ltd.*		776		13,668
Nankai Electric Railway Co. Ltd.		1,018		21,896
NEC Corp.		1,600		84,180
NEC Networks & System Integration Corp.		1,700		32,480
NET One Systems Co. Ltd.		100		3,177
Nexon Co. Ltd.		600		10,978
NGK Insulators Ltd.		2,177		36,164
NGK Spark Plug Co. Ltd.		1,802		27,753
NH Foods Ltd.		2,300		89,291
NHK Spring Co. Ltd.		4,100		29,483
Nichirei Corp.		1,200		30,628
Nidec Corp.		72		8,271
Nifco, Inc.		2,661		84,171
Nihon Kohden Corp.		300		10,090
Nihon M&A Center, Inc.		1,700		50,910
Nihon Unisys Ltd.		1,300		35,441
Nikon Corp.		600		6,330
Nippo Corp.		1,761		51,855
Nippon Accommodations Fund, Inc. REIT		2		12,033
Nippon Building Fund, Inc. REIT		3		19,525
Nippon Electric Glass Co. Ltd.		2,500		53,477
Nippon Express Co. Ltd.		1,036		70,632
Nippon Kayaku Co. Ltd.		7,100		78,717
Nippon Paper Industries Co. Ltd.		1,230		13,704
Nippon Prologis REIT, Inc. REIT		12		43,310
Nippon Sanso Holdings Corp.		1,559		37,889
Nippon Shinyaku Co. Ltd.		100		8,129
Nippon Shokubai Co. Ltd.		700		37,147
Nippon Steel Corp.		6,713		137,364
Nippon Telegraph & Telephone Corp.		691		18,467
Nippon Television Holdings, Inc.		700		7,449
Nippon Yusen KK		3,000		242,217


	Number of Shares		Value
Japan (Continued)
Nishi-Nippon Railroad Co. Ltd.		400	$	9,900
Nissan Chemical Corp.		2,483		139,451
Nissan Motor Co. Ltd.*		8,300		43,706
Nisshin Seifun Group, Inc.		2,278		37,407
Nissin Foods Holdings Co. Ltd.		484		37,712
Nitori Holdings Co. Ltd.		432		80,926
Nitto Denko Corp.		2,643		201,124
Noevir Holdings Co. Ltd.		200		10,632
NOF Corp.		2,207		122,343
NOK Corp.		2,500		30,675
Nomura Holdings, Inc.		3,400		16,514
Nomura Real Estate Holdings, Inc.		2,286		58,575
Nomura Real Estate Master Fund, Inc. REIT		25		38,617
Nomura Research Institute Ltd.		1,530		57,587
NS Solutions Corp.		900		30,557
NSK Ltd.		3,356		23,583
NTT Data Corp.		1,317		23,748
Obayashi Corp.		17,562		144,831
OBIC Business Consultants Co. Ltd.		200		9,394
Obic Co. Ltd.		200		38,139
Odakyu Electric Railway Co. Ltd.		909		21,215
Oji Holdings Corp.		14,488		75,961
OKUMA Corp.		400		19,188
Olympus Corp.		1,156		24,323
Omron Corp.		1,000		94,484
Ono Pharmaceutical Co. Ltd.		2,377		57,207
Open House Co. Ltd.		1,145		55,864
Oracle Corp.		200		16,457
Oriental Land Co. Ltd.		100		15,165
ORIX Corp.		9,436		176,206
Orix JREIT, Inc. REIT		29		51,765
Osaka Gas Co. Ltd.		5,829		109,460
OSG Corp.		900		16,196
Otsuka Corp.		508		26,357
Otsuka Holdings Co. Ltd.		1,534		65,362
PALTAC Corp.		382		16,656
Pan Pacific International Holdings Corp.		3,499		66,789
Panasonic Corp.		8,572		102,371
Penta-Ocean Construction Co. Ltd.		5,520		35,122
Persol Holdings Co. Ltd.		3,029		70,914
Pigeon Corp.		500		14,496
Pola Orbis Holdings, Inc.		200		4,376
Rakuten Group, Inc.		3,815		40,004
Recruit Holdings Co. Ltd.		626		37,038
Relo Group, Inc.		200		4,489
Rengo Co. Ltd.		3,212		26,226
Resona Holdings, Inc.		6,400		24,800
Resorttrust, Inc.		600		10,393
Ricoh Co. Ltd.		2,700		27,526
Rinnai Corp.		1,017		109,513
Rohm Co. Ltd.		514		49,688
Rohto Pharmaceutical Co. Ltd.		411		12,944
Sankyo Co. Ltd.		809		20,634
Sankyu, Inc.		1,000		46,696
Santen Pharmaceutical Co. Ltd.		1,000		14,928
Sanwa Holdings Corp.		12,300		163,686


	Number of Shares		Value
Japan (Continued)
Sapporo Holdings Ltd.		600	$	12,955
SBI Holdings, Inc.		300		7,291
SCSK Corp.		700		44,284
Secom Co. Ltd.		1,135		86,215
Sega Sammy Holdings, Inc.		3,800		51,400
Seibu Holdings, Inc.*		1,200		14,484
Seiko Epson Corp.		1,651		30,808
Seino Holdings Co. Ltd.		6,800		83,994
Sekisui Chemical Co. Ltd.		11,301		193,802
Sekisui House Ltd.		7,236		144,443
Sekisui House Reit, Inc. REIT		34		29,092
Seven & i Holdings Co. Ltd.		2,200		96,423
Seven Bank Ltd.		4,800		10,967
SG Holdings Co. Ltd.		1,944		52,944
Shikoku Electric Power Co., Inc.		2,000		14,036
Shimadzu Corp.		2,296		103,138
Shimamura Co. Ltd.		600		52,976
Shimano, Inc.		566		166,410
Shimizu Corp.		11,346		81,589
Shin-Etsu Chemical Co. Ltd.		500		82,855
Shionogi & Co. Ltd.		1,500		94,921
Ship Healthcare Holdings, Inc.		1,038		26,437
Shizuoka Bank Ltd.		1,500		11,769
SHO-BOND Holdings Co. Ltd.		549		24,711
Shochiku Co. Ltd.*		18		1,938
SKY Perfect JSAT Holdings, Inc.		2,400		8,913
SMC Corp.		67		43,002
SMS Co. Ltd.		300		10,636
SoftBank Corp.		1,105		14,821
Sohgo Security Services Co. Ltd.		487		22,098
Sojitz Corp.		14,900		43,808
Sompo Holdings, Inc.		1,600		70,315
Sony Group Corp.		508		52,529
Sotetsu Holdings, Inc.		300		6,035
Square Enix Holdings Co. Ltd.		400		23,339
Stanley Electric Co. Ltd.		4,331		108,334
Subaru Corp.		2,864		53,091
Sugi Holdings Co. Ltd.		935		72,342
Sumitomo Bakelite Co. Ltd.		1,300		56,208
Sumitomo Chemical Co. Ltd.		11,000		55,871
Sumitomo Corp.		7,132		100,917
Sumitomo Electric Industries Ltd.		12,926		173,017
Sumitomo Forestry Co. Ltd.		1,383		27,091
Sumitomo Heavy Industries Ltd.		1,749		45,850
Sumitomo Metal Mining Co. Ltd.		2,469		94,930
Sumitomo Mitsui Financial Group, Inc.		900		31,139
Sumitomo Mitsui Trust Holdings, Inc.		400		13,100
Sumitomo Realty & Development Co. Ltd.		1,371		44,327
Sumitomo Rubber Industries Ltd.		4,600		55,228
Sundrug Co. Ltd.		1,388		46,178
Suntory Beverage & Food Ltd.		574		23,015
Suzuken Co. Ltd.		384		11,430
Suzuki Motor Corp.		1,742		75,414
Sysmex Corp.		327		37,266
T&D Holdings, Inc.		1,341		16,296
Taiheiyo Cement Corp.		2,400		55,096
Taisei Corp.		4,234		132,770


	Number of Shares		Value
Japan (Continued)
Taisho Pharmaceutical Holdings Co. Ltd.		300	$	17,531
Taiyo Yuden Co. Ltd.		200		11,360
Takara Holdings, Inc.		1,900		24,645
Takashimaya Co. Ltd.		1,000		10,013
Takeda Pharmaceutical Co. Ltd.		300		10,046
TBS Holdings, Inc.		1,472		21,559
TDK Corp.		410		43,179
TechnoPro Holdings, Inc.		1,287		34,571
Teijin Ltd.		5,120		73,775
Terumo Corp.		316		13,223
TIS, Inc.		3,700		104,742
Tobu Railway Co. Ltd.		600		15,680
Toda Corp.		10,900		79,771
Toho Co. Ltd.		1,359		58,883
Toho Gas Co. Ltd.		1,449		67,662
Tohoku Electric Power Co., Inc.		7,919		60,694
Tokai Rika Co. Ltd.		2,900		42,262
Tokio Marine Holdings, Inc.		600		29,366
Tokyo Century Corp.		200		11,451
Tokyo Electric Power Co. Holdings, Inc.*		10,904		28,684
Tokyo Electron Ltd.		111		47,730
Tokyo Gas Co. Ltd.		4,359		83,958
Tokyo Ohka Kogyo Co. Ltd.		500		31,449
Tokyo Tatemono Co. Ltd.		2,200		33,743
Tokyu Corp.		1,200		16,548
Tokyu Fudosan Holdings Corp.		3,422		19,842
TOPPAN, Inc.		5,665		97,459
Toray Industries, Inc.		33,900		228,901
Toshiba TEC Corp.		491		21,051
Tosoh Corp.		11,641		211,712
TOTO Ltd.		2,080		113,410
Toyo Seikan Group Holdings Ltd.		2,900		40,441
Toyo Suisan Kaisha Ltd.		1,300		53,900
Toyo Tire Corp.		600		10,683
Toyoda Gosei Co. Ltd.		1,784		37,999
Toyota Boshoku Corp.		2,300		43,358
Toyota Industries Corp.		798		67,481
Toyota Motor Corp.		100		8,731
Toyota Tsusho Corp.		2,823		125,013
Trend Micro, Inc.		1,339		73,495
TS Tech Co. Ltd.		3,958		53,717
Tsuruha Holdings, Inc.		328		41,351
TV Asahi Holdings Corp.		1,500		23,184
Ube Industries Ltd.		3,093		62,474
Unicharm Corp.		1,177		52,540
United Urban Investment Corp. REIT		30		42,490
Ushio, Inc.		601		10,881
USS Co. Ltd.		3,500		58,015
Welcia Holdings Co. Ltd.		542		19,167
West Japan Railway Co.		336		18,400
Yakult Honsha Co. Ltd.		300		17,313
Yamada Holdings Co. Ltd.		8,057		34,689
Yamaguchi Financial Group, Inc.		100		584
Yamaha Corp.		981		57,953
Yamaha Motor Co. Ltd.		2,500		63,717
Yamato Holdings Co. Ltd.		6,200		158,019
Yamato Kogyo Co. Ltd.		1,900		71,946


	Number of Shares		Value
Japan (Continued)
Yamazaki Baking Co. Ltd.		653	$	10,729
Yaoko Co. Ltd.		200		13,017
Yaskawa Electric Corp.		300		14,691
Yokogawa Electric Corp.		3,200		50,187
Yokohama Rubber Co. Ltd.		1,700		29,045
Z Holdings Corp.		1,682		10,978
Zenkoku Hosho Co. Ltd.		1,638		78,128
Zensho Holdings Co. Ltd.		1,000		24,804
Zeon Corp.		6,559		87,167
ZOZO, Inc.		200		7,637

(Cost $18,981,686)				21,158,910

Jordan — 0.1%
Hikma Pharmaceuticals PLC (Cost $34,156)		1,432		50,019

Luxembourg — 0.5%
Aroundtown SA		10,786		82,582
Eurofins Scientific SE		1,043		147,844
L’Occitane International SA		11,202		38,097
RTL Group SA		1,674		104,040
Tenaris SA		683		6,882

(Cost $304,855)				379,445

Netherlands — 3.0%
Aalberts NV		2,107		131,573
Adyen NV, 144A*		7		22,596
Akzo Nobel NV		2,153		265,334
ASM International NV		135		52,366
ASML Holding NV		26		21,622
ASR Nederland NV (b)		1,862		85,107
Euronext NV, 144A		1,084		125,722
EXOR NV		409		34,086
Heineken Holding NV		248		22,981
Heineken NV		59		6,456
IMCD NV		197		38,801
JDE Peet’s NV		319		10,958
Koninklijke Ahold Delhaize NV		9,578		323,023
Koninklijke DSM NV (b)		577		122,772
Koninklijke KPN NV		31,267		100,171
Koninklijke Philips NV		1,833		84,473
Koninklijke Vopak NV		301		13,029
NN Group NV		1,634		84,812
QIAGEN NV*		814		45,037
Randstad NV		2,466		181,355
Signify NV, 144A		2,218		124,157
Stellantis NV		2,595		51,867
Wolters Kluwer NV		1,418		163,069

(Cost $1,487,070)				2,111,367

New Zealand — 1.0%
Auckland International Airport Ltd.*		2,169		11,007
Contact Energy Ltd.		12,324		70,695
Fisher & Paykel Healthcare Corp. Ltd.		3,475		80,959
Fletcher Building Ltd.		7,471		39,386
Infratil Ltd.		18,831		99,075
Mercury NZ Ltd.		9,520		44,559
Meridian Energy Ltd.		8,616		31,838


	Number of Shares		Value
New Zealand (Continued)
Ryman Healthcare Ltd.		8,090	$	88,145
SKYCITY Entertainment Group Ltd.*		11,506		26,401
Spark New Zealand Ltd.		42,398		145,479
Xero Ltd.*		338		37,504

(Cost $487,280)				675,048

Norway — 0.9%
Aker BP ASA		335		8,735
Equinor ASA		124		2,631
Gjensidige Forsikring ASA		1,249		29,169
Leroy Seafood Group ASA		2,104		18,552
Mowi ASA		830		22,206
Norsk Hydro ASA		24,690		170,228
Orkla ASA		5,736		51,184
Salmar ASA		379		25,373
Scatec ASA, 144A		350		7,229
Schibsted ASA, Class A		153		8,155
Schibsted ASA, Class B		101		4,694
Telenor ASA		2,506		43,857
TOMRA Systems ASA		1,096		67,281
Yara International ASA		3,705		185,817

(Cost $497,780)				645,111

Poland — 0.5%
Allegro.eu SA, 144A*		950		17,619
Cyfrowy Polsat SA		2,316		22,115
Dino Polska SA, 144A*		357		30,266
InPost SA*		772		15,037
KGHM Polska Miedz SA		1,613		75,114
LPP SA		8		29,168
Polski Koncern Naftowy ORLEN SA		500		9,703
Polskie Gornictwo Naftowe i Gazownictwo SA		64,046		105,383
Powszechna Kasa Oszczednosci Bank Polski SA*		1,934		21,240
Powszechny Zaklad Ubezpieczen SA*		1,038		11,007

(Cost $263,793)				336,652

Portugal — 0.1%
EDP — Energias de Portugal SA		11,865		65,156
Galp Energia SGPS SA		547		5,601
Jeronimo Martins SGPS SA		380		8,052

(Cost $60,236)				78,809

Russia — 0.1%
Polymetal International PLC (Cost $84,460)		5,021		100,059

Singapore — 2.0%
Ascendas Real Estate Investment Trust REIT		28,036		63,363
BOC Aviation Ltd., 144A		3,600		26,986
CapitaLand Integrated Commercial Trust REIT		14,774		22,626
ComfortDelGro Corp. Ltd.		41,944		50,516
DBS Group Holdings Ltd.		426		9,492
Frasers Logistics & Commercial Trust REIT		172,500		192,365


	Number of Shares		Value
Singapore (Continued)
Genting Singapore Ltd.		54,600	$	31,053
Golden Agri-Resources Ltd.		163,800		28,008
Jardine Cycle & Carriage Ltd.		1,905		27,518
Keppel REIT		10,600		8,274
Keppel Corp. Ltd.		2,262		8,745
Keppel DC REIT		37,900		70,441
Mapletree Commercial Trust REIT		41,091		62,014
Mapletree Industrial Trust REIT		47,778		103,719
Mapletree Logistics Trust REIT		56,781		85,693
Mapletree North Asia Commercial Trust REIT		22,196		16,336
NetLink NBN Trust		25,000		18,028
Olam International Ltd.		15,364		18,276
Oversea-Chinese Banking Corp. Ltd.		5,162		43,864
SATS Ltd.*		10,865		32,875
Sembcorp Industries Ltd.		10,253		14,711
SIA Engineering Co. Ltd.*		5,600		8,868
Singapore Airlines Ltd.*		6,727		25,306
Singapore Exchange Ltd.		10,980		80,813
Singapore Post Ltd.		28,800		14,024
Singapore Technologies Engineering Ltd.		27,828		78,202
Singapore Telecommunications Ltd.		19,366		33,402
StarHub Ltd.		14,900		13,514
United Overseas Bank Ltd.		2,600		49,445
UOL Group Ltd.		1,129		5,875
Venture Corp. Ltd.		6,462		92,047
Wilmar International Ltd.		17,500		53,862

(Cost $1,308,768)				1,390,261

South Korea — 5.8%
Amorepacific Corp.		122		23,938
AMOREPACIFIC Group		70		3,490
BGF retail Co. Ltd.		67		10,315
BNK Financial Group, Inc.		4,071		27,246
Cheil Worldwide, Inc.		3,573		71,186
CJ CheilJedang Corp.		126		49,283
CJ Corp.		272		23,811
CJ ENM Co. Ltd.		353		46,612
CJ Logistics Corp.*		162		23,892
Coway Co. Ltd.		675		45,526
DB Insurance Co. Ltd.		562		28,453
DGB Financial Group, Inc.		6,130		48,112
DL E&C Co. Ltd.*		325		39,523
DL Holdings Co. Ltd.		503		31,366
Dongsuh Cos., Inc.		672		16,750
Doosan Bobcat, Inc.*		617		23,069
E-MART, Inc.		350		54,034
Fila Holdings Corp.		676		26,178
GS Engineering & Construction Corp.		798		30,800
GS Holdings Corp.		791		28,994
GS Retail Co. Ltd.		363		10,739
Hana Financial Group, Inc.		2,947		114,505
Hankook Tire & Technology Co. Ltd.		3,086		124,031
Hanon Systems		699		9,917
Hanwha Aerospace Co. Ltd.		452		19,843
Hanwha Corp.		1,664		49,944
Hanwha Solutions Corp.*		363		12,758


	Number of Shares		Value
South Korea (Continued)
Hyundai Department Store Co. Ltd.		429	$	29,896
Hyundai Engineering & Construction Co. Ltd.		1,292		61,845
Hyundai Glovis Co. Ltd.		420		70,275
Hyundai Heavy Industries Holdings Co. Ltd.		410		23,091
Hyundai Marine & Fire Insurance Co. Ltd.		447		9,869
Hyundai Mobis Co. Ltd.		560		134,029
Hyundai Motor Co.		107		19,611
Hyundai Steel Co.		707		31,098
Hyundai Wia Corp.		138		10,890
Industrial Bank of Korea		3,551		31,545
Kakao Corp.		165		22,058
Kangwon Land, Inc.*		2,256		53,897
KB Financial Group, Inc.		2,416		110,230
KEPCO Plant Service & Engineering Co. Ltd.		507		16,442
Kia Corp.		2,331		171,088
Korea Aerospace Industries Ltd.		717		20,314
Korea Electric Power Corp.		2,076		42,972
Korea Gas Corp.*		614		19,170
Korea Investment Holdings Co. Ltd.		1,102		90,578
Korea Zinc Co. Ltd.		236		108,286
Korean Air Lines Co. Ltd.*		710		19,167
KT&G Corp.		2,093		147,302
Kumho Petrochemical Co. Ltd.		73		12,246
LG Chem Ltd.		9		5,884
LG Corp.		814		66,906
LG Display Co. Ltd.*		4,139		73,181
LG Electronics, Inc.		1,254		153,580
LG Household & Health Care Ltd.		19		23,942
LG Innotek Co. Ltd.		147		27,259
LG Uplus Corp.		5,796		70,235
Lotte Chemical Corp.		140		30,187
LOTTE Fine Chemical Co. Ltd.		466		28,174
Lotte Shopping Co. Ltd.		90		8,344
LS Corp.		243		13,958
LX Holdings Corp.*		439		3,737
Mando Corp.*		339		17,747
Mirae Asset Securities Co. Ltd.		7,488		56,962
NAVER Corp.		101		38,241
NCSoft Corp.		46		26,185
NH Investment & Securities Co. Ltd.		3,105		35,483
NHN Corp.*		162		9,864
NongShim Co. Ltd.		60		15,447
Orion Corp.		134		14,620
Ottogi Corp.		28		12,485
POSCO		892		259,264
Posco International Corp.		2,697		52,919
S-1 Corp.		225		15,932
Samsung C&T Corp.		335		38,428
Samsung Card Co. Ltd.		550		16,176
Samsung Electro-Mechanics Co. Ltd.		510		81,155
Samsung Electronics Co. Ltd.		351		23,219
Samsung Engineering Co. Ltd.*		3,579		68,990
Samsung Fire & Marine Insurance Co. Ltd.		486		94,731


	Number of Shares		Value
South Korea (Continued)
Samsung Life Insurance Co. Ltd.		554	$	35,597
Samsung SDI Co. Ltd.		18		12,311
Samsung SDS Co. Ltd.		102		15,175
Samsung Securities Co. Ltd.		2,143		91,398
Shinhan Financial Group Co. Ltd.		2,577		86,348
Shinsegae, Inc.		70		16,240
SK Hynix, Inc.		236		21,678
SK Innovation Co. Ltd.*		62		13,342
SK Telecom Co. Ltd.		292		75,049
SK, Inc.		202		45,907
S-Oil Corp.		259		21,244
Woori Financial Group, Inc.		3,018		29,283
Yuhan Corp.		281		15,147

(Cost $3,373,866)				4,112,168

Spain — 0.7%
Acciona SA		196		31,836
ACS Actividades de Construccion y Servicios SA		713		19,240
Bankinter SA		1,477		8,653
EDP Renovaveis SA		864		22,968
Enagas SA		1,816		41,298
Endesa SA		2,092		50,279
Ferrovial SA		578		16,730
Grifols SA (b)		464		11,332
Iberdrola SA		3,142		38,926
Industria de Diseno Textil SA		296		10,102
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		1,477		3,123
Mapfre SA (b)		3,036		6,544
Naturgy Energy Group SA (b)		734		18,889
Red Electrica Corp. SA		4,667		93,050
Repsol SA		937		10,735
Siemens Gamesa Renewable Energy SA*		228		6,758
Telefonica SA (b)		14,595		72,042
Zardoya Otis SA		1,525		10,063

(Cost $462,931)				472,568

Sweden — 7.8%
Alfa Laval AB		3,218		130,379
Assa Abloy AB, Class B		1,979		63,182
Atlas Copco AB, Class A		975		66,861
Atlas Copco AB, Class B		518		29,933
Boliden AB		11,032		384,265
Castellum AB		4,790		139,342
Electrolux AB, Series B		15,073		381,420
Elekta AB, Class B (b)		3,678		46,046
Epiroc AB, Class A		5,430		119,020
Epiroc AB, Class B		3,219		61,092
Essity AB, Class B		1,836		58,829
Fastighets AB Balder, Class B*		727		51,908
Getinge AB, Class B		3,798		155,637
H & M Hennes & Mauritz AB, Class B*		359		7,188
Hexagon AB, Class B		11,600		200,749
Holmen AB, Class B		1,339		67,968
Husqvarna AB, Class A		699		9,435
Husqvarna AB, Class B		20,401		273,355


	Number of Shares		Value
Sweden (Continued)
ICA Gruppen AB		600	$	29,817
Industrivarden AB, Class A		2,835		104,229
Industrivarden AB, Class C		1,753		61,040
Indutrade AB		5,344		176,305
Investment AB Latour, Class B		2,168		75,365
Investor AB, Class A		2,642		63,308
Investor AB, Class B		6,066		144,933
Kinnevik AB, Class B*		16,213		634,545
L E Lundbergforetagen AB, Class B		187		11,923
Lifco AB, Class B		3,112		92,006
Lundin Energy AB		1,312		40,034
Nibe Industrier AB, Class B		16,472		229,385
Saab AB, Class B		1,346		40,075
Sagax AB, Class B		3,693		137,569
Sagax AB, Class D		5,546		22,502
Sandvik AB		3,707		94,406
Securitas AB, Class B		11,511		190,880
Skanska AB, Class B		8,276		238,068
SKF AB, Class B		7,690		195,841
Svenska Cellulosa AB SCA, Class B		3,268		57,596
Svenska Handelsbanken AB, Class A		1,340		15,056
Sweco AB, Class B		4,396		76,993
Swedbank AB, Class A		277		5,343
Swedish Match AB		17,080		157,540
Swedish Orphan Biovitrum AB*		602		13,098
Tele2 AB, Class B		4,599		68,863
Telefonaktiebolaget LM Ericsson, Class B		6,994		82,824
Telia Co. AB		2,878		12,340
Trelleborg AB, Class B		7,531		182,812
Volvo AB, Class A		508		11,755
Volvo AB, Class B		1,276		28,824

(Cost $3,766,992)				5,541,884

Switzerland — 5.2%
ABB Ltd.		3,989		147,707
Adecco Group AG		1,125		62,609
Alcon, Inc.		409		33,683
Baloise Holding AG		264		42,105
Banque Cantonale Vaudoise		68		5,768
Barry Callebaut AG		14		35,671
BKW AG		377		43,707
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		5		58,785
Cie Financiere Richemont SA, Class A		552		60,861
Clariant AG*		6,933		145,918
Coca-Cola HBC AG*		1,613		58,361
Credit Suisse Group AG		1,040		11,028
DKSH Holding AG		1,230		95,803
EMS-Chemie Holding AG		69		74,759
Flughafen Zurich AG*		213		35,390
Geberit AG		244		203,819
Georg Fischer AG		96		157,511
Givaudan SA		14		70,225
Helvetia Holding AG		199		22,788
Holcim Ltd.*		1,786		101,773
Kuehne + Nagel International AG		461		168,638
Logitech International SA		2,109		215,585


	Number of Shares		Value
Switzerland (Continued)
Lonza Group AG		76	$	64,298
Nestle SA		50		6,317
OC Oerlikon Corp. AG		4,321		48,208
Partners Group Holding AG		164		290,744
PSP Swiss Property AG		268		35,926
Schindler Holding AG		80		24,942
Schindler Holding AG Participation Certificates		150		48,436
SGS SA		15		47,126
SIG Combibloc Group AG*		3,542		108,420
Sika AG		400		144,141
Sonova Holding AG		557		214,640
STMicroelectronics NV		206		9,171
Straumann Holding AG		73		141,051
Sulzer AG		98		14,763
Swatch Group AG — Bearer		130		36,642
Swatch Group AG — Registered		413		22,700
Swiss Life Holding AG		78		40,667
Swiss Prime Site AG		649		69,395
Swiss Re AG		169		15,545
Swisscom AG		67		39,306
Tecan Group AG		299		182,295
Temenos AG		148		23,491
UBS Group AG		955		15,930
VAT Group AG, 144A		337		141,120
Vifor Pharma AG		110		15,659
Zurich Insurance Group AG		51		22,381

(Cost $2,448,906)				3,675,808

United Kingdom — 8.0%
3i Group PLC		1,852		34,090
Abrdn PLC		7,026		25,673
Admiral Group PLC		3,929		195,257
Amcor PLC CDI		14,644		187,188
Anglo American PLC		676		28,552
Ashmore Group PLC		9,171		50,385
Ashtead Group PLC		1,137		89,037
Associated British Foods PLC		597		16,268
AstraZeneca PLC		113		13,241
Auto Trader Group PLC, 144A		12,296		106,442
AVEVA Group PLC		292		16,621
Aviva PLC		9,011		50,114
B&M European Value Retail SA		14,174		109,044
BAE Systems PLC		9,443		73,869
Berkeley Group Holdings PLC*		1,360		90,347
British American Tobacco PLC		856		32,150
BT Group PLC*		14,218		33,226
Bunzl PLC		5,920		214,765
Burberry Group PLC		798		20,422
Centrica PLC*		10,648		7,614
CNH Industrial NV		3,160		52,223
ConvaTec Group PLC, 144A		5,298		16,435
Croda International PLC		84		10,576
Derwent London PLC REIT		687		35,862
Diageo PLC		514		24,716
Direct Line Insurance Group PLC		33,574		142,777


	Number of Shares		Value
United Kingdom (Continued)
DS Smith PLC		15,810	$	96,260
Evraz PLC		392		3,185
Ferguson PLC		1,913		276,572
GlaxoSmithKline PLC		1,043		20,986
Halma PLC		1,688		69,763
Hargreaves Lansdown PLC		1,751		36,352
HomeServe PLC		2,211		28,512
Howden Joinery Group PLC		5,928		77,146
IMI PLC		8,629		216,493
Imperial Brands PLC		7,526		159,663
Informa PLC*		5,435		39,718
InterContinental Hotels Group PLC*		174		11,095
Intertek Group PLC		1,275		92,474
ITV PLC*		59,240		94,411
J Sainsbury PLC		10,212		42,725
Johnson Matthey PLC		5,938		240,180
Kingfisher PLC		19,900		95,938
Legal & General Group PLC		8,961		33,323
Mondi PLC		5,379		148,427
National Grid PLC		3,154		40,859
Next PLC		945		102,874
Pearson PLC		6,323		66,797
Pennon Group PLC		739		12,693
Persimmon PLC		1,814		73,398
Phoenix Group Holdings PLC		1,333		11,436
Prudential PLC		462		9,633
Reckitt Benckiser Group PLC		288		21,954
RELX PLC		1,554		46,666
Renishaw PLC		302		22,444
Rentokil Initial PLC		7,660		61,186
Rightmove PLC		12,814		123,694
Rio Tinto PLC		1,135		84,069
Sage Group PLC		8,695		88,815
Schroders PLC		535		27,832
Segro PLC REIT		24,128		426,367
Severn Trent PLC		1,323		50,290
Smith & Nephew PLC		2,210		42,429
Smiths Group PLC		3,122		61,979
Spirax-Sarco Engineering PLC		459		101,767
SSE PLC		3,917		88,004
St James’s Place PLC		1,110		24,595
Tate & Lyle PLC		17,719		172,066
Tesco PLC		16,972		59,597
Travis Perkins PLC*		707		17,529
Unilever PLC		123		6,849
United Utilities Group PLC		3,531		51,390
Vodafone Group PLC		25,834		43,362
Whitbread PLC*		246		10,861
Wickes Group PLC*		793		2,641
Wm Morrison Supermarkets PLC		18,068		72,112
WPP PLC		11,769		159,315

(Cost $4,242,439)				5,645,620


	Number of Shares		Value
United States — 0.1%
Samsonite International SA, 144A*		7,497	$	15,693
Waste Connections, Inc.		488		62,960

(Cost $60,512)				78,653

TOTAL COMMON STOCKS (Cost $55,093,884)				69,821,522

PREFERRED STOCKS — 0.7%
Germany — 0.6%
FUCHS PETROLUB SE		543		27,473
Henkel AG & Co. KGaA		452		44,147
Porsche Automobil Holding SE		3,143		318,183
Sartorius AG		54		35,569
Volkswagen AG		31		7,366

(Cost $383,760)				432,738

South Korea — 0.1%
Hanwha Corp.		1,241		17,125
Hyundai Motor Co. — 2nd Preferred		55		4,711
LG Electronics, Inc.		365		22,005
Mirae Asset Securities Co. Ltd.		4,081		16,719

(Cost $46,567)				60,560

TOTAL PREFERRED STOCKS (Cost $430,327)				493,298


	Number of Shares		Value
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		826	$	424

SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $990,427)		990,427		990,427

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $6,186)		6,186		6,186


TOTAL INVESTMENTS — 100.9% (Cost $56,520,824)			$	71,311,857
Other assets and liabilities, net — (0.9%)				(623,013	)

NET ASSETS — 100.0%			$	70,688,844

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2021 is as follows:

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

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 August 31, 2021 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.


	Number of Shares		Value
COMMON STOCKS — 99.6%
Argentina — 0.2%
MercadoLibre, Inc.* (Cost $673,781)		633	$	1,182,096

Australia — 2.2%
Afterpay Ltd.*		3,127		307,588
AGL Energy Ltd.		9,630		45,396
Ampol Ltd.		4,646		93,581
APA Group (a)		15,387		103,235
Aristocrat Leisure Ltd.		8,512		284,113
ASX Ltd.		2,183		140,032
Aurizon Holdings Ltd.		21,994		60,761
AusNet Services Ltd.		30,604		43,280
Australia & New Zealand Banking Group Ltd.		41,055		835,641
BHP Group Ltd.		42,438		1,414,631
BHP Group PLC		29,234		908,267
BlueScope Steel Ltd.		8,090		148,997
Brambles Ltd.		20,252		179,242
Cochlear Ltd.		1,055		179,808
Coles Group Ltd.		17,819		235,456
Commonwealth Bank of Australia		24,651		1,803,781
Computershare Ltd.		5,532		66,711
CSL Ltd.		6,384		1,455,433
Dexus REIT		16,186		125,866
Domino’s Pizza Enterprises Ltd.		861		98,631
Endeavour Group Ltd.*		18,563		99,037
Evolution Mining Ltd.		24,539		70,123
Fortescue Metals Group Ltd.		24,178		371,080
Goodman Group REIT		23,424		395,972
GPT Group REIT		29,836		105,757
Insurance Australia Group Ltd.		32,904		126,011
Lendlease Corp. Ltd. (a)		10,048		87,682
Macquarie Group Ltd.		4,986		607,604
Magellan Financial Group Ltd.		2,141		67,816
Medibank Pvt Ltd.		41,992		108,949
Mirvac Group REIT		59,213		135,021
National Australia Bank Ltd.		46,964		951,795
Newcrest Mining Ltd.		11,336		204,969
Northern Star Resources Ltd.		15,813		112,796
Oil Search Ltd.		24,502		66,973
Orica Ltd.		7,132		68,648
Origin Energy Ltd.		26,852		87,330
Qantas Airways Ltd.*		11,258		41,880
QBE Insurance Group Ltd.		21,391		184,946
Ramsay Health Care Ltd.		2,748		138,377
REA Group Ltd.		814		91,319
Reece Ltd.		5,208		79,475
Rio Tinto Ltd.		5,394		441,764
Santos Ltd.		30,295		133,954
Scentre Group REIT		71,339		148,594
SEEK Ltd.		5,025		119,504
Sonic Healthcare Ltd.		6,719		213,119
South32 Ltd.		74,830		171,725
Stockland REIT		40,259		135,936
Suncorp Group Ltd.		14,669		133,796
Sydney Airport*(a)		18,855		109,828
Tabcorp Holdings Ltd.		37,702		131,986


	Number of Shares		Value
Australia (Continued)
Telstra Corp. Ltd.		51,242	$	143,809
Transurban Group (a)		40,546		421,086
Treasury Wine Estates Ltd.		11,986		110,638
Vicinity Centres REIT		48,269		61,030
Wesfarmers Ltd.		16,762		734,418
Westpac Banking Corp.		52,584		992,289
WiseTech Global Ltd.		2,013		71,118
Woodside Petroleum Ltd. (b)		15,055		214,447
Woolworths Group Ltd.		18,465		563,422

(Cost $14,652,618)				17,786,473

Austria — 0.1%
Erste Group Bank AG		3,503		140,015
OMV AG		2,501		138,552
Raiffeisen Bank International AG		2,323		55,776
Verbund AG		748		81,896
voestalpine AG		1,388		62,917

(Cost $338,072)				479,156

Belgium — 0.3%
Ageas SA/NV		2,143		107,133
Anheuser-Busch InBev SA/NV		11,217		688,405
Elia Group SA/NV		431		54,133
Etablissements Franz Colruyt NV		810		45,313
Groupe Bruxelles Lambert SA		1,373		157,376
KBC Group NV		3,472		292,389
Proximus SADP		2,216		43,437
Sofina SA		285		125,959
Solvay SA		1,149		150,486
UCB SA		1,940		221,862
Umicore SA		2,319		152,586

(Cost $1,783,602)				2,039,079

Bermuda — 0.1%
Arch Capital Group Ltd.*		5,230		214,953
Athene Holding Ltd., Class A*		1,969		131,864
Everest Re Group Ltd.		589		156,026
RenaissanceRe Holdings Ltd.		570		89,336

(Cost $466,252)				592,179

Canada — 3.5%
Agnico Eagle Mines Ltd.		3,487		200,337
Air Canada*		2,198		42,633
Algonquin Power & Utilities Corp.		6,488		100,582
Alimentation Couche-Tard, Inc., Class B		12,099		488,115
AltaGas Ltd.		3,187		63,732
B2Gold Corp.		15,619		60,318
Ballard Power Systems, Inc.*		3,440		57,876
Bank of Montreal		9,452		939,179
Bank of Nova Scotia		17,285		1,068,985
Barrick Gold Corp.		25,767		517,114
BCE, Inc.		310		16,142
BlackBerry Ltd.*		8,076		91,903
Brookfield Asset Management, Inc., Class A		18,799		1,044,199
CAE, Inc.*		4,074		117,450
Cameco Corp.		5,858		108,060
Canadian Apartment Properties REIT		1,184		57,258


	Number of Shares		Value
Canada (Continued)
Canadian Imperial Bank of Commerce		6,264	$	719,469
Canadian National Railway Co.		10,174		1,194,810
Canadian Natural Resources Ltd.		17,081		564,343
Canadian Pacific Railway Ltd.		9,623		660,165
Canadian Tire Corp. Ltd., Class A		824		125,199
Canadian Utilities Ltd., Class A		1,848		52,223
Canopy Growth Corp.*		3,283		56,403
CCL Industries, Inc., Class B		2,221		126,583
Cenovus Energy, Inc.		18,136		150,266
CGI, Inc.*		3,275		292,240
Constellation Software, Inc.		283		478,857
Dollarama, Inc.		3,697		168,313
Emera, Inc.		3,901		183,867
Empire Co. Ltd., Class A		3,473		112,134
Enbridge, Inc.		28,562		1,122,228
Fairfax Financial Holdings Ltd.		366		161,754
First Quantum Minerals Ltd.		9,112		189,501
FirstService Corp.		445		82,517
Fortis, Inc.		7,349		336,147
Franco-Nevada Corp.		2,902		422,675
George Weston Ltd.		1,155		124,307
GFL Environmental, Inc.		2,421		85,161
Gildan Activewear, Inc.		3,121		119,787
Great-West Lifeco, Inc.		3,362		103,841
Hydro One Ltd., 144A		4,984		123,846
iA Financial Corp., Inc.		1,085		60,069
IGM Financial, Inc.		1,527		55,599
Imperial Oil Ltd. (b)		3,759		99,326
Intact Financial Corp.		2,328		316,559
Inter Pipeline Ltd.		6,145		97,258
Ivanhoe Mines Ltd., Class A*		8,586		69,169
Keyera Corp. (b)		2,900		69,720
Kinross Gold Corp.		19,101		114,729
Kirkland Lake Gold Ltd.		3,613		143,845
Lightspeed Commerce, Inc.*		1,721		190,752
Loblaw Cos. Ltd.		2,185		153,701
Lululemon Athletica, Inc.*		1,755		702,298
Lundin Mining Corp.		8,635		69,701
Magna International, Inc.		3,852		303,703
Manulife Financial Corp.		27,388		532,523
Metro, Inc.		3,126		158,990
National Bank of Canada		4,762		377,373
Northland Power, Inc.		3,646		120,432
Nutrien Ltd.		8,311		504,454
Nuvei Corp., 144A*		805		104,176
Onex Corp.		965		67,508
Open Text Corp.		3,319		181,781
Pan American Silver Corp.		2,632		68,234
Parkland Corp.		2,309		68,832
Pembina Pipeline Corp.		8,885		270,350
Power Corp. of Canada		8,294		285,776
Quebecor, Inc., Class B		2,239		55,778
Restaurant Brands International, Inc.		3,672		235,550
Ritchie Bros Auctioneers, Inc.		1,938		121,235
Rogers Communications, Inc., Class B		5,775		293,766
Royal Bank of Canada		20,457		2,098,071
Saputo, Inc.		3,295		92,541


	Number of Shares		Value
Canada (Continued)
Shaw Communications, Inc., Class B		6,361	$	186,906
Shopify, Inc., Class A*		1,606		2,448,545
Sun Life Financial, Inc.		8,231		423,128
Suncor Energy, Inc.		20,730		386,499
TC Energy Corp.		14,152		670,838
Teck Resources Ltd., Class B		7,094		159,715
TELUS Corp.		6,980		160,573
Thomson Reuters Corp.		2,559		298,538
TMX Group Ltd.		789		86,664
Toromont Industries Ltd.		1,346		112,993
Toronto-Dominion Bank		24,760		1,605,339
West Fraser Timber Co. Ltd.		1,235		95,211
Wheaton Precious Metals Corp.		5,966		268,450
WSP Global, Inc.		1,369		178,464
Yamana Gold, Inc.		14,483		63,839

(Cost $22,364,427)				27,960,020

Chile — 0.0%
Antofagasta PLC (Cost $87,472)		5,547		111,152

Denmark — 0.8%
A.P. Moller — Maersk A/S, Class A		31		83,899
A.P. Moller — Maersk A/S, Class B		87		246,782
Ambu A/S, Class B		2,695		85,173
Carlsberg A/S, Class B		1,393		243,118
Chr Hansen Holding A/S		1,551		143,089
Coloplast A/S, Class B		1,541		266,868
Danske Bank A/S		8,660		145,505
Demant A/S*		1,319		74,745
DSV PANALPINA A/S		2,862		729,146
Genmab A/S*		970		459,144
GN Store Nord AS		1,758		132,244
Novo Nordisk A/S, Class B		23,890		2,380,335
Novozymes A/S, Class B		2,816		227,431
Orsted AS, 144A		2,676		425,197
Pandora A/S		1,480		177,134
ROCKWOOL International A/S, Class B		99		52,377
Tryg A/S		4,164		103,078
Vestas Wind Systems A/S		14,581		588,577

(Cost $4,965,312)				6,563,842

Finland — 0.4%
Elisa OYJ		2,557		163,719
Fortum OYJ		6,646		201,781
Kesko OYJ, Class B		3,236		133,545
Kone OYJ, Class B		4,796		397,660
Neste OYJ		6,160		374,777
Nokia OYJ*		79,486		476,653
Nordea Bank Abp		45,368		532,632
Orion OYJ, Class B		1,567		63,872
Sampo OYJ, Class A		7,366		380,328
Stora Enso OYJ, Class R		7,116		139,231
UPM-Kymmene OYJ		8,254		335,467
Wartsila OYJ Abp		6,799		96,351

(Cost $2,725,027)				3,296,016


	Number of Shares		Value
France — 3.4%
Accor SA*		2,694	$	92,733
Aeroports de Paris*		586		68,787
Air Liquide SA		6,873		1,231,752
Airbus SE*		8,568		1,170,202
Alstom SA (b)		3,640		156,405
Amundi SA, 144A		1,168		110,508
Arkema SA		863		114,505
Atos SE		1,552		80,537
AXA SA		27,923		783,830
BioMerieux		594		72,818
BNP Paribas SA		15,772		1,000,349
Bollore SA		16,573		98,014
Bouygues SA		3,687		154,203
Bureau Veritas SA		4,625		153,469
Capgemini SE		2,260		507,286
Carrefour SA		9,858		196,082
Cie de Saint-Gobain		7,673		556,046
Cie Generale des Etablissements Michelin SCA		2,431		393,289
CNP Assurances		2,556		43,735
Covivio REIT		821		78,036
Credit Agricole SA		16,316		235,167
Danone SA		9,375		684,698
Dassault Aviation SA		40		45,093
Dassault Systemes SE		9,290		529,731
Edenred		3,145		178,201
Eiffage SA		1,295		134,555
Electricite de France SA		5,486		74,312
Engie SA		25,691		367,927
EssilorLuxottica SA		4,215		827,243
Eurazeo SE		543		55,830
Faurecia SE		1,218		58,719
Gecina SA REIT		674		104,664
Getlink SE		6,933		111,426
Hermes International		438		643,453
Iliad SA		238		51,132
Ipsen SA		247		24,690
Kering SA		1,084		862,456
Klepierre SA REIT*		2,340		57,179
La Francaise des Jeux SAEM, 144A		1,372		70,954
Legrand SA		3,604		412,331
L’Oreal SA		3,576		1,672,898
LVMH Moet Hennessy Louis Vuitton SE		3,924		2,903,393
Orange SA		30,976		351,762
Orpea SA		950		119,544
Pernod Ricard SA		2,978		625,562
Publicis Groupe SA		3,082		201,990
Remy Cointreau SA*		173		34,064
Renault SA*		3,637		135,024
Safran SA		4,541		569,599
Sanofi		16,178		1,673,308
Sartorius Stedim Biotech		390		236,449
Schneider Electric SE		7,851		1,402,206
SCOR SE		1,477		45,314
SEB SA		293		46,070
Societe Generale SA		11,082		348,629
Sodexo SA*		955		78,936


	Number of Shares		Value
France (Continued)
Suez SA		4,717	$	109,415
Teleperformance		794		350,917
Thales SA		1,755		178,041
TotalEnergies SE (b)		35,419		1,561,409
Ubisoft Entertainment SA*		957		60,913
Unibail-Rodamco-Westfield REIT*		1,620		141,895
Valeo		3,092		87,891
Veolia Environnement SA		8,816		302,319
Vinci SA		7,475		802,002
Vivendi SE (b)		9,849		375,761
Wendel SE		413		59,917
Worldline SA, 144A*		3,273		290,814

(Cost $22,154,343)				27,358,389

Germany — 2.7%
adidas AG		2,703		958,663
Allianz SE		5,799		1,362,105
BASF SE		12,887		996,721
Bayer AG		14,032		780,914
Bayerische Motoren Werke AG		4,831		458,331
Bechtle AG		1,089		78,699
Beiersdorf AG		1,560		189,215
Brenntag SE		2,557		257,893
Carl Zeiss Meditec AG		412		90,995
Commerzbank AG*		15,051		94,343
Continental AG*		1,755		235,800
Covestro AG, 144A		2,704		175,237
Daimler AG		12,105		1,020,546
Delivery Hero SE, 144A*		2,232		323,022
Deutsche Bank AG*(c)		28,662		356,205
Deutsche Boerse AG		2,626		452,890
Deutsche Lufthansa AG*(b)		3,687		36,929
Deutsche Post AG		14,284		1,004,612
Deutsche Telekom AG		47,825		1,016,643
Deutsche Wohnen SE		4,257		264,123
E.ON SE		30,024		396,169
Evonik Industries AG		2,100		70,898
Fresenius Medical Care AG & Co. KGaA		2,716		208,525
Fresenius SE & Co. KGaA		5,522		287,138
GEA Group AG		2,900		133,886
Hannover Rueck SE		975		179,489
HeidelbergCement AG		2,182		189,575
HelloFresh SE*		2,146		231,235
Henkel AG & Co. KGaA		1,357		122,063
Infineon Technologies AG		18,651		794,028
KION Group AG		1,192		127,511
Knorr-Bremse AG		786		94,314
LANXESS AG		1,564		113,986
LEG Immobilien SE		1,179		187,886
Merck KGaA		1,834		435,587
MTU Aero Engines AG		782		179,407
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,942		567,263
Nemetschek SE		1,153		112,995
Puma SE		1,423		172,682
Rational AG		65		74,320
RWE AG		9,052		353,581


	Number of Shares		Value
Germany (Continued)
SAP SE		14,628	$	2,200,933
Scout24 AG, 144A		1,536		129,098
Siemens AG		10,797		1,795,052
Siemens Energy AG*		5,546		160,920
Siemens Healthineers AG, 144A		4,076		283,398
Symrise AG		1,940		276,183
TeamViewer AG, 144A*		1,931		64,303
Telefonica Deutschland Holding AG		14,484		40,641
Uniper SE		1,143		45,375
United Internet AG		1,944		84,013
Volkswagen AG		422		141,076
Vonovia SE		7,867		530,822
Zalando SE, 144A*(b)		2,910		322,214

(Cost $18,885,471)				21,260,452

Hong Kong — 0.9%
AIA Group Ltd.		171,650		2,051,453
BOC Hong Kong Holdings Ltd.		47,750		144,895
Budweiser Brewing Co. APAC Ltd., 144A		27,602		69,064
Chow Tai Fook Jewellery Group Ltd.		29,654		60,091
CK Asset Holdings Ltd.		28,662		186,846
CK Hutchison Holdings Ltd.		36,929		269,465
CK Infrastructure Holdings Ltd.		14,218		86,379
CLP Holdings Ltd.		22,503		224,962
ESR Cayman Ltd., 144A*		19,616		59,776
Futu Holdings Ltd., ADR*(b)		804		76,533
Galaxy Entertainment Group Ltd.*		28,228		180,931
Hang Lung Properties Ltd.		38,126		91,573
Hang Seng Bank Ltd.		9,507		170,158
Henderson Land Development Co. Ltd.		23,831		107,858
HKT Trust & HKT Ltd. (a)		43,342		59,072
Hong Kong & China Gas Co. Ltd.		137,104		220,710
Hong Kong Exchanges & Clearing Ltd.		17,348		1,094,769
Hongkong Land Holdings Ltd.		19,600		82,320
Jardine Matheson Holdings Ltd.		2,451		133,138
Link REIT		33,356		306,868
Melco Resorts & Entertainment Ltd., ADR*		3,379		46,495
MTR Corp. Ltd.		23,490		132,290
New World Development Co. Ltd.		22,541		106,077
Power Assets Holdings Ltd.		15,535		97,576
Sino Land Co. Ltd.		69,626		102,595
SITC International Holdings Co. Ltd.		20,666		90,079
Sun Hung Kai Properties Ltd.		19,822		279,336
Swire Pacific Ltd., Class A		8,342		56,526
Swire Properties Ltd.		17,987		48,683
Techtronic Industries Co. Ltd.		19,478		432,018
WH Group Ltd., 144A		125,327		108,772
Wharf Real Estate Investment Co. Ltd.		19,119		94,767
Xinyi Glass Holdings Ltd.		22,888		96,233

(Cost $6,613,992)				7,368,308

Ireland — 1.2%
Accenture PLC, Class A		8,940		3,008,846
Allegion PLC		1,062		152,917
Aptiv PLC*		3,942		599,933
CRH PLC		11,515		612,224


	Number of Shares		Value
Ireland (Continued)
DCC PLC		1,363	$	115,926
Experian PLC		12,657		558,111
Flutter Entertainment PLC*		2,140		416,186
James Hardie Industries PLC CDI		5,972		231,500
Jazz Pharmaceuticals PLC*		785		103,392
Kerry Group PLC, Class A		2,522		369,756
Kingspan Group PLC		1,940		221,634
Medtronic PLC		19,329		2,580,035
Smurfit Kappa Group PLC		2,897		166,132
Trane Technologies PLC		3,525		699,713

(Cost $7,574,947)				9,836,305

Israel — 0.2%
Azrieli Group Ltd.		666		62,323
Bank Hapoalim BM		13,744		118,360
Bank Leumi Le-Israel BM		19,605		162,164
Check Point Software Technologies Ltd.*		1,575		197,867
CyberArk Software Ltd.*		791		132,841
Elbit Systems Ltd.		585		85,182
ICL Group Ltd.		10,245		72,558
Israel Discount Bank Ltd., Class A*		16,675		86,244
Mizrahi Tefahot Bank Ltd.		2,487		82,829
Nice Ltd.*		958		279,827
SolarEdge Technologies, Inc.*		705		204,295
Teva Pharmaceutical Industries Ltd., ADR*		16,466		155,110
Wix.com Ltd.*		783		173,889

(Cost $1,488,016)				1,813,489

Italy — 0.6%
Amplifon SpA		1,652		86,351
Assicurazioni Generali SpA		14,995		305,694
Atlantia SpA*		5,770		108,128
Davide Campari-Milano NV		7,404		102,346
DiaSorin SpA		391		89,196
Enel SpA		119,485		1,088,453
Eni SpA		35,896		442,972
Ferrari NV		1,939		420,470
FinecoBank Banca Fineco SpA*		7,129		131,407
Infrastrutture Wireless Italiane SpA, 144A		3,852		45,789
Intesa Sanpaolo SpA		236,540		669,439
Mediobanca Banca di Credito Finanziario SpA*		7,554		88,993
Moncler SpA		2,898		185,415
Nexi SpA, 144A*		5,174		107,770
Poste Italiane SpA, 144A		9,824		133,189
Prysmian SpA		4,041		152,026
Recordati Industria Chimica e Farmaceutica SpA		1,751		114,841
Snam SpA		34,731		205,155
Telecom Italia SpA		132,008		59,729
Telecom Italia SpA-RSP		115,409		55,706
Terna —Rete Elettrica Nazionale		17,351		137,148
UniCredit SpA		32,034		399,624

(Cost $4,397,834)				5,129,841


	Number of Shares		Value
Jersey Island — 0.0%
Novocure Ltd.*(b) (Cost $158,857)		1,202	$	161,321

Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $92,039)		2,699		94,274

Luxembourg — 0.1%
ArcelorMittal SA		10,231		342,932
Aroundtown SA		14,489		110,933
Eurofins Scientific SE		1,950		276,410
Tenaris SA		6,683		67,340

(Cost $466,786)				797,615

Macau — 0.0%
Sands China Ltd.*		35,190		112,891
Wynn Macau Ltd.*		43,813		49,348

(Cost $233,871)				162,239

Netherlands — 2.0%
ABN AMRO Bank NV, 144A*		3,887		54,244
Adyen NV, 144A*		278		897,368
Aegon NV		32,537		161,085
Akzo Nobel NV		2,527		311,425
Argenx SE*		678		228,739
ASM International NV		672		260,666
ASML Holding NV		5,921		4,924,067
EXOR NV		1,736		144,678
Heineken Holding NV		1,949		180,605
Heineken NV		3,740		409,260
ING Groep NV		57,316		791,607
JDE Peet’s NV		1,043		35,828
Just Eat Takeaway.com NV, 144A*		2,555		231,391
Koninklijke Ahold Delhaize NV		15,438		520,654
Koninklijke DSM NV		2,355		501,088
Koninklijke KPN NV		50,460		161,661
Koninklijke Philips NV		13,084		602,973
Koninklijke Vopak NV		494		21,384
NN Group NV		4,406		228,691
NXP Semiconductors NV		3,771		811,255
Prosus NV*		13,254		1,171,863
QIAGEN NV*		3,881		214,727
Randstad NV		1,948		143,260
Royal Dutch Shell PLC, Class A		57,511		1,133,105
Royal Dutch Shell PLC, Class B		50,581		996,149
Stellantis NV		28,320		566,043
Wolters Kluwer NV		3,691		424,463

(Cost $11,158,248)				16,128,279

New Zealand — 0.1%
a2 Milk Co. Ltd.*		9,630		40,872
Auckland International Airport Ltd.*		21,315		108,168
Fisher & Paykel Healthcare Corp. Ltd.		7,337		170,933
Mercury NZ Ltd.		11,753		55,011
Meridian Energy Ltd.		26,853		99,228
Ryman Healthcare Ltd.		4,771		51,983
Spark New Zealand Ltd.		30,028		103,034
Xero Ltd.*		1,569		174,093

(Cost $818,189)				803,322


	Number of Shares		Value
Norway — 0.2%
Adevinta ASA*		2,334	$	46,919
DNB Bank ASA		12,926		272,616
Equinor ASA		13,344		283,179
Gjensidige Forsikring ASA		2,417		56,445
Mowi ASA		5,770		154,369
Norsk Hydro ASA		22,192		153,005
Orkla ASA		11,772		105,045
Schibsted ASA, Class A		1,145		61,029
Schibsted ASA, Class B		1,317		61,210
Telenor ASA		10,615		185,770
Yara International ASA		1,940		97,297

(Cost $1,185,728)				1,476,884

Poland — 0.0%
InPost SA* (Cost $58,179)		2,987		58,179

Portugal — 0.0%
EDP — Energias de Portugal SA		43,752		240,262
Galp Energia SGPS SA		5,173		52,967
Jeronimo Martins SGPS SA		1,912		40,514

(Cost $311,942)				333,743

Singapore — 0.4%
Ascendas Real Estate Investment Trust REIT		41,279		93,293
CapitaLand Integrated Commercial Trust REIT		72,004		110,273
CapitaLand Ltd.		44,302		131,743
City Developments Ltd.		9,800		49,834
DBS Group Holdings Ltd.		25,307		563,862
Genting Singapore Ltd.		38,000		21,612
Keppel Corp. Ltd.		19,800		76,544
Mapletree Commercial Trust REIT		30,800		46,483
Mapletree Logistics Trust REIT		60,264		90,949
Oversea-Chinese Banking Corp. Ltd.		45,185		383,960
Sea Ltd., ADR*		1,038		351,176
Singapore Airlines Ltd.*		20,950		78,810
Singapore Exchange Ltd.		9,431		69,413
Singapore Technologies Engineering Ltd.		21,102		59,301
Singapore Telecommunications Ltd.		135,700		234,053
United Overseas Bank Ltd.		16,901		321,409
UOL Group Ltd.		5,901		30,709
Venture Corp. Ltd.		4,056		57,775
Wilmar International Ltd.		36,800		113,264

(Cost $2,488,486)				2,884,463

Spain — 0.7%
ACS Actividades de Construccion y Servicios SA		2,892		78,041
Aena SME SA, 144A*		976		155,767
Amadeus IT Group SA*		6,680		407,833
Banco Bilbao Vizcaya Argentaria SA*		97,386		637,680
Banco Santander SA*		249,842		922,382
CaixaBank SA		51,052		158,616
Cellnex Telecom SA, 144A*		6,975		477,551
EDP Renovaveis SA		3,934		104,580
Enagas SA		3,663		83,302


	Number of Shares		Value
Spain (Continued)
Endesa SA		4,485	$	107,792
Ferrovial SA		7,877		227,997
Grifols SA (b)		4,794		117,086
Iberdrola SA		79,633		986,560
Industria de Diseno Textil SA		15,430		526,577
Naturgy Energy Group SA (b)		4,638		119,354
Red Electrica Corp. SA		5,503		109,718
Repsol SA		21,117		241,922
Siemens Gamesa Renewable Energy SA*		2,715		80,476
Telefonica SA (b)		71,512		352,987

(Cost $4,996,436)				5,896,221

Sweden — 1.1%
Alfa Laval AB		4,664		188,965
Assa Abloy AB, Class B		13,917		444,318
Atlas Copco AB, Class A		9,613		659,217
Atlas Copco AB, Class B		5,537		319,965
Autoliv, Inc.		1,343		118,708
Boliden AB		4,445		154,827
Electrolux AB, Series B		3,061		77,458
Embracer Group AB*		2,731		61,900
Epiroc AB, Class A		9,674		212,044
Epiroc AB, Class B		6,338		120,287
EQT AB		3,357		170,868
Essity AB, Class B		7,488		239,931
Evolution AB, 144A		2,335		375,821
Fastighets AB Balder, Class B*		1,102		78,683
H & M Hennes & Mauritz AB, Class B*		11,647		233,192
Hexagon AB, Class B		26,957		466,516
Husqvarna AB, Class B		8,624		115,554
ICA Gruppen AB		1,646		81,798
Industrivarden AB, Class A		1,774		65,221
Industrivarden AB, Class C		2,399		83,534
Investment AB Latour, Class B		1,763		61,286
Investor AB, Class B		26,111		623,860
Kinnevik AB, Class B*		3,472		135,887
L E Lundbergforetagen AB, Class B		868		55,344
Lundin Energy AB		3,507		107,013
Nibe Industrier AB, Class B		17,815		248,088
Sandvik AB		15,230		387,861
Securitas AB, Class B		2,889		47,907
Sinch AB, 144A*		7,152		160,283
Skandinaviska Enskilda Banken AB, Class A		24,224		325,000
Skanska AB, Class B		3,878		111,555
SKF AB, Class B		4,418		112,513
Svenska Cellulosa AB SCA, Class B		8,083		142,457
Svenska Handelsbanken AB, Class A		19,251		216,296
Swedbank AB, Class A		13,035		251,416
Swedish Match AB		23,511		216,857
Tele2 AB, Class B		7,596		113,738
Telefonaktiebolaget LM Ericsson, Class B		42,780		506,606
Telia Co. AB		35,331		151,489
Volvo AB, Class A		2,382		55,120
Volvo AB, Class B		19,601		442,770

(Cost $7,015,543)				8,742,153


	Number of Shares		Value
Switzerland — 3.5%
ABB Ltd.		24,593	$	910,643
Adecco Group AG		1,954		108,744
Alcon, Inc.		6,680		550,122
Baloise Holding AG		661		105,422
Banque Cantonale Vaudoise		444		37,660
Barry Callebaut AG		53		135,038
Chocoladefabriken Lindt & Spruengli AG		1		122,155
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		12		141,084
Chubb Ltd.		6,568		1,207,987
Cie Financiere Richemont SA, Class A		7,666		845,222
Clariant AG*		2,278		47,945
Coca-Cola HBC AG*		2,144		77,573
Credit Suisse Group AG		36,643		388,571
EMS-Chemie Holding AG		114		123,514
Garmin Ltd.		1,959		341,708
Geberit AG		525		438,546
Givaudan SA		128		642,061
Glencore PLC*		144,388		650,590
Holcim Ltd.*		7,867		448,291
Julius Baer Group Ltd.		3,687		251,958
Kuehne + Nagel International AG		821		300,330
Logitech International SA		2,320		237,154
Lonza Group AG		1,010		854,484
Nestle SA		40,696		5,141,810
Novartis AG		31,830		2,946,199
Partners Group Holding AG		323		572,624
Roche Holding AG		9,845		3,952,294
Roche Holding AG		460		205,884
Schindler Holding AG		381		118,786
Schindler Holding AG Participation Certificates		586		189,224
SGS SA		87		273,332
Sika AG		1,940		699,082
Sonova Holding AG		782		301,344
STMicroelectronics NV		9,572		426,152
Straumann Holding AG		147		284,035
Swatch Group AG — Bearer		386		108,799
Swatch Group AG — Registered		992		54,525
Swiss Life Holding AG		391		203,855
Swiss Prime Site AG		965		103,184
Swiss Re AG		4,200		386,324
Swisscom AG		388		227,620
TE Connectivity Ltd.		4,855		729,318
Temenos AG		885		140,472
UBS Group AG		52,624		877,785
Vifor Pharma AG		561		79,858
Zurich Insurance Group AG		2,119		929,903

(Cost $23,486,884)				27,919,211

United Kingdom — 4.4%
3i Group PLC		15,624		287,596
Abrdn PLC		23,681		86,529
Admiral Group PLC		2,896		143,921
Amcor PLC		23,131		297,233
Anglo American PLC		17,831		753,130
Ashtead Group PLC		5,889		461,160


	Number of Shares		Value
United Kingdom (Continued)
Associated British Foods PLC		5,739	$	156,386
AstraZeneca PLC		21,996		2,577,358
Auto Trader Group PLC, 144A		14,443		125,027
AVEVA Group PLC		1,386		78,893
Aviva PLC		62,224		346,054
BAE Systems PLC		49,570		387,767
Barclays PLC		252,546		642,650
Barratt Developments PLC		13,344		135,715
Berkeley Group Holdings PLC*		1,684		111,871
BP PLC		289,597		1,183,518
British American Tobacco PLC		30,500		1,145,515
British Land Co. PLC REIT		12,739		92,955
BT Group PLC*		135,840		317,441
Bunzl PLC		5,364		194,595
Burberry Group PLC		4,986		127,599
Clarivate PLC*		4,997		125,874
CNH Industrial NV		13,352		220,659
Coca-Cola Europacific Partners PLC		2,788		160,979
Compass Group PLC*		24,601		508,026
Croda International PLC		1,935		243,615
Diageo PLC		33,824		1,626,467
Direct Line Insurance Group PLC		24,352		103,560
Entain PLC*		8,466		225,220
Evraz PLC		7,251		58,917
Ferguson PLC		3,125		451,797
GlaxoSmithKline PLC		71,661		1,441,875
Halma PLC		5,051		208,752
Hargreaves Lansdown PLC		4,835		100,378
HSBC Holdings PLC		293,824		1,561,698
IHS Markit Ltd.		5,507		664,144
Imperial Brands PLC		12,331		261,601
Informa PLC*		18,090		132,200
InterContinental Hotels Group PLC*		2,751		175,408
Intertek Group PLC		2,558		185,528
J Sainsbury PLC		25,350		106,059
JD Sports Fashion PLC		8,986		124,845
Johnson Matthey PLC		3,284		132,831
Kingfisher PLC		24,146		116,408
Land Securities Group PLC REIT		7,141		69,679
Legal & General Group PLC		94,691		352,121
Liberty Global PLC, Class A*		1,241		35,666
Liberty Global PLC, Class C*		5,866		169,997
Linde PLC		7,315		2,301,226
Lloyds Banking Group PLC		1,029,371		620,148
London Stock Exchange Group PLC		4,352		476,520
M&G PLC		39,372		111,623
Melrose Industries PLC		60,222		139,024
Mondi PLC		7,712		212,804
National Grid PLC		51,662		669,263
Natwest Group PLC		69,577		204,055
Next PLC		1,937		210,864
Ocado Group PLC*		7,067		195,784
Pearson PLC		11,213		118,455
Pentair PLC (b)		2,325		179,397
Persimmon PLC		4,418		178,760
Phoenix Group Holdings PLC		6,436		55,218
Prudential PLC		36,698		765,160


	Number of Shares		Value
United Kingdom (Continued)
Reckitt Benckiser Group PLC		10,168	$	775,112
RELX PLC		26,719		802,366
Rentokil Initial PLC		29,521		235,807
Rio Tinto PLC		15,402		1,140,823
Rolls-Royce Holdings PLC*		121,862		192,635
Sage Group PLC		12,780		130,542
Schroders PLC		2,320		120,692
Segro PLC REIT		15,312		270,579
Severn Trent PLC		3,848		146,270
Smith & Nephew PLC		13,839		265,691
Smiths Group PLC		6,347		126,003
Spirax-Sarco Engineering PLC		921		204,199
SSE PLC		13,420		301,511
St James’s Place PLC		7,719		171,035
Standard Chartered PLC		34,190		214,002
Taylor Wimpey PLC		45,377		114,221
Tesco PLC		113,723		399,339
Unilever PLC		37,066		2,063,949
United Utilities Group PLC		9,173		133,502
Vodafone Group PLC		387,302		650,077
Whitbread PLC*		2,894		127,770
Willis Towers Watson PLC		1,930		425,990
Wm Morrison Supermarkets PLC		26,702		106,571
WPP PLC		17,317		234,417

(Cost $29,808,529)				35,008,621

United States — 70.5%
10X Genomics, Inc., Class A*		825		145,134
3M Co.		8,298		1,615,953
A O Smith Corp.		1,940		141,077
Abbott Laboratories		25,201		3,184,650
AbbVie, Inc.		24,907		3,008,267
ABIOMED, Inc.*		589		214,372
Activision Blizzard, Inc.		11,011		906,976
Adobe, Inc.*		6,768		4,491,922
Advance Auto Parts, Inc.		976		197,982
Advanced Micro Devices, Inc.*		17,359		1,921,988
AES Corp.		9,707		231,706
Aflac, Inc.		9,419		533,869
Agilent Technologies, Inc.		4,344		762,242
AGNC Investment Corp. REIT		6,325		103,161
Air Products and Chemicals, Inc.		3,095		834,133
Airbnb, Inc., Class A*		1,735		268,908
Akamai Technologies, Inc.*		2,535		287,089
Albemarle Corp.		1,719		406,956
Alexandria Real Estate Equities, Inc. REIT		1,949		402,215
Align Technology, Inc.*		1,083		767,847
Alleghany Corp.*		197		133,308
Alliant Energy Corp.		3,707		225,349
Allstate Corp.		3,934		532,192
Ally Financial, Inc.		5,619		297,245
Alnylam Pharmaceuticals, Inc.*		1,755		353,510
Alphabet, Inc., Class A*		4,266		12,345,591
Alphabet, Inc., Class C*		4,127		12,006,433
Altice USA, Inc., Class A*		2,995		82,183
Altria Group, Inc.		26,970		1,354,703
Amazon.com, Inc.*		6,431		22,320,650


	Number of Shares		Value
United States (Continued)
AMC Entertainment Holdings, Inc., Class A*		7,150	$	336,979
AMERCO		93		61,487
Ameren Corp.		3,858		338,424
American Electric Power Co., Inc.		6,910		618,929
American Express Co.		9,632		1,598,527
American Financial Group, Inc.		1,017		140,285
American International Group, Inc.		12,161		663,504
American Tower Corp. REIT		6,337		1,851,481
American Water Works Co., Inc.		2,729		497,360
Ameriprise Financial, Inc.		1,760		480,322
AmerisourceBergen Corp.		2,110		257,863
AMETEK, Inc.		3,552		482,965
Amgen, Inc.		8,002		1,804,691
Amphenol Corp., Class A		8,072		618,557
Analog Devices, Inc.		7,703		1,255,204
Annaly Capital Management, Inc. REIT		20,580		178,840
ANSYS, Inc.*		1,164		425,279
Anthem, Inc.		3,544		1,329,461
Aon PLC, Class A (b)		3,334		956,391
Apollo Global Management, Inc. (b)		2,528		151,124
Apple, Inc.		236,487		35,905,821
Applied Materials, Inc.		13,122		1,773,176
Aramark		3,107		108,093
Archer-Daniels-Midland Co.		7,799		467,940
Arista Networks, Inc.*		785		290,081
Arrow Electronics, Inc.*		1,179		142,918
Arthur J Gallagher & Co.		2,946		423,105
Assurant, Inc.		787		133,877
AT&T, Inc.		98,607		2,703,804
Atmos Energy Corp.		1,561		152,213
Autodesk, Inc.*		3,236		1,003,451
Automatic Data Processing, Inc.		6,194		1,294,794
AutoZone, Inc.*		312		483,335
Avalara, Inc.*		1,286		231,094
AvalonBay Communities, Inc. REIT		2,145		492,449
Avantor, Inc.*		6,978		275,212
Avery Dennison Corp.		1,072		241,618
Baker Hughes Co.		10,941		249,236
Ball Corp.		5,052		484,790
Bank of America Corp.		108,600		4,534,050
Bank of New York Mellon Corp.		11,994		662,309
Bath & Body Works, Inc.		3,337		225,181
Bausch Health Cos., Inc.*		5,053		146,993
Baxter International, Inc.		7,105		541,543
Becton Dickinson and Co.		4,279		1,077,024
Bentley Systems, Inc., Class B (b)		2,491		160,645
Berkshire Hathaway, Inc., Class B*		18,589		5,312,179
Best Buy Co., Inc.		3,329		387,862
Biogen, Inc.*		2,104		713,067
BioMarin Pharmaceutical, Inc.*		2,728		229,725
Bio-Rad Laboratories, Inc., Class A*		326		262,371
Bio-Techne Corp.		541		270,035
Black Knight, Inc.*		2,534		191,748
BlackRock, Inc.		2,135		2,013,924
Blackstone, Inc.		9,445		1,187,520
Boeing Co.*		7,873		1,728,123


	Number of Shares		Value
United States (Continued)
Booking Holdings, Inc.*		586	$	1,347,607
Booz Allen Hamilton Holding Corp.		2,156		176,598
BorgWarner, Inc.		2,947		125,778
Boston Beer Co., Inc., Class A*(b)		132		75,268
Boston Properties, Inc. REIT		1,953		220,669
Boston Scientific Corp.*		20,471		924,266
Bristol-Myers Squibb Co.		31,810		2,126,817
Broadcom, Inc.		5,806		2,886,801
Broadridge Financial Solutions, Inc.		1,604		276,241
Brookfield Renewable Corp., Class A		1,192		52,155
Brown & Brown, Inc.		2,689		156,096
Brown-Forman Corp., Class B		4,663		327,436
Bunge Ltd.		2,114		160,051
Burlington Stores, Inc.*		981		293,800
C.H. Robinson Worldwide, Inc.		1,824		164,269
Cable One, Inc.		67		140,673
Cadence Design Systems, Inc.*		3,857		630,542
Caesars Entertainment, Inc.*		2,977		302,553
Camden Property Trust REIT		1,351		202,704
Campbell Soup Co.		3,111		129,822
Capital One Financial Corp.		6,317		1,048,432
Cardinal Health, Inc.		4,663		244,761
Carlyle Group, Inc.		1,588		78,415
CarMax, Inc.*		2,186		273,709
Carnival Corp.*(b)		11,629		280,724
Carrier Global Corp.		11,125		640,800
Carvana Co.*(b)		1,047		343,479
Catalent, Inc.*		2,158		281,490
Caterpillar, Inc.		7,906		1,667,138
Cboe Global Markets, Inc.		1,568		197,803
CBRE Group, Inc., Class A*		4,475		430,942
CDW Corp.		2,072		415,664
Celanese Corp.		1,514		240,120
Centene Corp.*		8,007		504,281
CenterPoint Energy, Inc. (b)		7,832		196,505
Ceridian HCM Holding, Inc.*		1,809		203,241
Cerner Corp.		4,063		310,210
CF Industries Holdings, Inc.		2,952		134,080
Charles River Laboratories International, Inc.*		711		315,584
Charles Schwab Corp.		20,789		1,514,479
Charter Communications, Inc., Class A*(b)		1,855		1,514,904
Cheniere Energy, Inc.*		3,109		271,913
Chevron Corp.		27,575		2,668,433
Chewy, Inc., Class A*(b)		1,063		93,672
Chipotle Mexican Grill, Inc.*		390		742,299
Church & Dwight Co., Inc.		3,858		322,760
Cigna Corp.		4,830		1,022,269
Cincinnati Financial Corp.		2,351		290,113
Cintas Corp.		1,365		540,226
Cisco Systems, Inc.		59,825		3,530,871
Citigroup, Inc.		28,706		2,064,248
Citizens Financial Group, Inc.		5,569		243,867
Citrix Systems, Inc.		1,911		196,585
Clorox Co.		1,644		276,274
Cloudflare, Inc., Class A*		2,993		361,375


	Number of Shares		Value
United States (Continued)
CME Group, Inc.		5,204	$	1,049,751
CMS Energy Corp.		4,250		272,552
Coca-Cola Co.		58,372		3,286,927
Cognex Corp.		2,766		245,123
Cognizant Technology Solutions Corp., Class A		7,714		588,655
Colgate-Palmolive Co.		11,073		863,140
Comcast Corp., Class A		64,978		3,942,865
Conagra Brands, Inc.		7,518		248,996
ConocoPhillips		17,916		994,875
Consolidated Edison, Inc.		4,574		345,108
Constellation Brands, Inc., Class A		2,267		478,654
Cooper Cos., Inc.		704		317,300
Copart, Inc.*		2,994		432,094
Corning, Inc.		11,541		461,525
Corteva, Inc.		10,940		481,032
CoStar Group, Inc.*		5,850		495,729
Costco Wholesale Corp.		6,296		2,867,765
Coupa Software, Inc.*(b)		969		237,221
Crowdstrike Holdings, Inc., Class A*		2,738		769,378
Crown Castle International Corp. REIT		6,060		1,179,821
Crown Holdings, Inc.		1,866		204,868
CSX Corp.		31,731		1,032,209
Cummins, Inc.		2,122		500,750
CVS Health Corp.		18,561		1,603,485
D.R. Horton, Inc.		4,778		456,872
Danaher Corp.		9,098		2,949,208
Darden Restaurants, Inc.		1,823		274,635
Datadog, Inc., Class A*		2,795		385,151
DaVita, Inc.*		928		121,355
Deere & Co.		4,252		1,607,384
Dell Technologies, Inc., Class C*		3,571		348,030
Delta Air Lines, Inc.*		2,708		109,512
DENTSPLY SIRONA, Inc.		2,992		184,606
Devon Energy Corp.		8,736		258,149
Dexcom, Inc.*		1,364		722,129
Digital Realty Trust, Inc. REIT		4,216		691,045
Discover Financial Services		4,479		574,297
Discovery, Inc., Class A*(b)		2,625		75,705
Discovery, Inc., Class C*		3,961		109,284
DISH Network Corp., Class A*		3,711		161,762
DocuSign, Inc.*		2,784		824,732
Dollar General Corp.		3,424		763,244
Dollar Tree, Inc.*		3,331		301,589
Dominion Energy, Inc.		11,203		872,042
Domino’s Pizza, Inc.		585		302,381
DoorDash, Inc., Class A*		1,030		197,142
Dover Corp.		1,840		320,822
Dow, Inc.		10,796		679,068
DraftKings, Inc., Class A*(b)		4,582		271,667
Dropbox, Inc., Class A*		3,707		117,549
DTE Energy Co.		2,922		351,633
Duke Energy Corp.		10,996		1,150,841
Duke Realty Corp. REIT		5,001		262,603
DuPont de Nemours, Inc.		7,981		590,754
Dynatrace, Inc.*		2,154		148,044
Eastman Chemical Co.		1,930		218,399


	Number of Shares		Value
United States (Continued)
Eaton Corp. PLC		5,430	$	914,195
eBay, Inc.		9,575		734,785
Ecolab, Inc.		3,330		750,449
Edison International		5,393		311,931
Edwards Lifesciences Corp.*		9,058		1,061,416
Elanco Animal Health, Inc.*		5,574		186,060
Electronic Arts, Inc.		4,089		593,764
Eli Lilly & Co.		11,537		2,979,892
Emerson Electric Co.		8,291		874,700
Enphase Energy, Inc.*		1,699		295,167
Entergy Corp.		2,947		325,968
EOG Resources, Inc.		8,498		573,785
EPAM Systems, Inc.*		781		494,225
Equifax, Inc.		1,689		459,847
Equinix, Inc. REIT		1,280		1,079,616
Equitable Holdings, Inc.		5,578		172,974
Equity LifeStyle Properties, Inc. REIT		2,766		235,304
Equity Residential REIT		5,062		425,562
Erie Indemnity Co., Class A		314		55,606
Essential Utilities, Inc.		3,107		154,200
Essex Property Trust, Inc. REIT		950		314,203
Estee Lauder Cos., Inc., Class A		3,262		1,110,678
Etsy, Inc.*(b)		1,717		371,318
Evergy, Inc.		3,707		253,744
Eversource Energy		4,574		414,999
Exact Sciences Corp.*(b)		2,340		244,249
Exelon Corp.		14,192		695,692
Expedia Group, Inc.*		1,916		276,862
Expeditors International of Washington, Inc.		2,280		284,179
Extra Space Storage, Inc. REIT		1,855		346,718
Exxon Mobil Corp.		59,023		3,217,934
F5 Networks, Inc.*		784		159,599
Facebook, Inc., Class A*		33,944		12,877,675
FactSet Research Systems, Inc.		588		223,569
Fair Isaac Corp.*		390		179,299
Fastenal Co.		7,650		427,252
FedEx Corp.		3,519		934,963
Fidelity National Financial, Inc.		4,671		228,085
Fidelity National Information Services, Inc.		9,078		1,159,896
Fifth Third Bancorp		10,375		403,172
First Republic Bank		2,535		504,313
FirstEnergy Corp.		8,139		316,363
Fiserv, Inc.*		8,501		1,001,333
FleetCor Technologies, Inc.*		1,209		318,306
FMC Corp.		2,145		200,836
Ford Motor Co.*		56,467		735,765
Fortinet, Inc.*		2,081		655,806
Fortive Corp.		4,342		320,744
Fortune Brands Home & Security, Inc.		1,963		191,137
Fox Corp., Class A		3,823		143,133
Fox Corp., Class B		2,918		101,050
Franklin Resources, Inc.		4,441		144,066
Freeport-McMoRan, Inc.		21,031		765,318
Gartner, Inc.*		1,316		406,302
Generac Holdings, Inc.*		826		360,945


	Number of Shares		Value
United States (Continued)
General Dynamics Corp.		3,269	$	654,813
General Electric Co.		15,465		1,630,166
General Mills, Inc.		8,172		472,423
General Motors Co.*		18,930		927,759
Genuine Parts Co.		2,155		263,319
Gilead Sciences, Inc.		17,654		1,284,858
Global Payments, Inc.		4,253		691,708
Globe Life, Inc.		1,405		134,978
GoDaddy, Inc., Class A*		2,766		202,775
Goldman Sachs Group, Inc.		4,792		1,981,540
Guidewire Software, Inc.*		1,157		137,058
Halliburton Co.		12,609		251,928
Hartford Financial Services Group, Inc.		4,526		304,238
Hasbro, Inc.		1,764		173,419
HCA Healthcare, Inc.		3,753		949,434
Healthpeak Properties, Inc. REIT		8,103		291,708
HEICO Corp.		446		56,562
HEICO Corp., Class A		1,151		131,490
Henry Schein, Inc.*		1,763		133,265
Hershey Co.		2,145		381,166
Hess Corp.		3,900		268,125
Hewlett Packard Enterprise Co.		16,336		252,555
Hilton Worldwide Holdings, Inc.*		4,248		530,405
Hologic, Inc.*		3,786		299,662
Home Depot, Inc.		14,980		4,886,176
Honeywell International, Inc.		9,601		2,226,568
Horizon Therapeutics PLC*		3,024		326,864
Hormel Foods Corp.		4,468		203,473
Host Hotels & Resorts, Inc. REIT*		11,832		195,938
Howmet Aerospace, Inc.		5,774		183,324
HP, Inc.		18,305		544,391
HubSpot, Inc.*		614		420,265
Humana, Inc.		1,787		724,486
Huntington Bancshares, Inc.		21,134		328,211
Huntington Ingalls Industries, Inc.		589		120,256
IAC/InterActiveCorp*		1,153		152,254
IDEX Corp.		1,170		262,080
IDEXX Laboratories, Inc.*		1,235		832,094
Illinois Tool Works, Inc.		4,534		1,055,787
Illumina, Inc.*		2,145		980,608
Incyte Corp.*		2,728		208,665
Ingersoll Rand, Inc.*		5,729		303,752
Insulet Corp.*		975		290,365
Intel Corp.		57,943		3,132,399
Intercontinental Exchange, Inc.		7,863		939,864
International Business Machines Corp.		12,796		1,795,791
International Flavors & Fragrances, Inc.		3,566		540,249
International Paper Co.		5,200		312,468
Interpublic Group of Cos., Inc.		6,382		237,602
Intuit, Inc.		3,899		2,207,263
Intuitive Surgical, Inc.*		1,670		1,759,445
Invesco Ltd.		5,803		146,932
Invitation Homes, Inc. REIT		8,689		357,813
IPG Photonics Corp.*		571		97,458
IQVIA Holdings, Inc.*		2,776		721,010
Iron Mountain, Inc. REIT		3,786		180,782
J M Smucker Co.		1,764		218,154


	Number of Shares		Value
United States (Continued)
Jack Henry & Associates, Inc.		1,176	$	207,423
Jacobs Engineering Group, Inc.		1,920		259,123
JB Hunt Transport Services, Inc.		1,372		243,393
Johnson & Johnson		37,321		6,461,385
Johnson Controls International PLC		10,240		765,952
JPMorgan Chase & Co.		42,646		6,821,228
Juniper Networks, Inc.		3,908		113,254
Kansas City Southern		1,259		353,364
Kellogg Co. (b)		3,342		211,014
Keurig Dr Pepper, Inc. (b)		10,481		373,857
KeyCorp		14,310		290,779
Keysight Technologies, Inc.*		2,726		488,990
Kimberly-Clark Corp.		4,859		669,619
Kinder Morgan, Inc.		29,394		478,240
KKR & Co., Inc.		6,914		444,501
KLA Corp.		2,185		742,813
Knight-Swift Transportation Holdings, Inc.		2,122		110,195
Kraft Heinz Co.		9,036		325,206
Kroger Co.		10,247		471,669
L3Harris Technologies, Inc.		2,920		680,389
Laboratory Corp. of America Holdings*		1,365		414,114
Lam Research Corp.		2,053		1,241,695
Lamb Weston Holdings, Inc.		2,376		154,796
Las Vegas Sands Corp.*		5,233		233,444
Lear Corp.		781		124,913
Leidos Holdings, Inc.		2,156		211,525
Lennar Corp., Class A		3,809		408,744
Lennox International, Inc.		588		197,086
Liberty Broadband Corp., Class A*		237		44,027
Liberty Broadband Corp., Class C*		2,300		440,036
Liberty Media Corp.-Liberty Formula One, Class C*		3,330		168,298
Liberty Media Corp-Liberty SiriusXM, Class A*		1,200		59,400
Liberty Media Corp-Liberty SiriusXM, Class C*		2,527		124,707
Lincoln National Corp.		2,711		186,110
Live Nation Entertainment, Inc.*		2,347		203,485
LKQ Corp.*		4,252		224,038
Lockheed Martin Corp.		3,480		1,252,104
Loews Corp.		3,426		191,411
Lowe’s Cos., Inc.		9,938		2,026,259
Lumen Technologies, Inc. (b)		11,346		139,556
Lyft, Inc., Class A*		3,796		180,728
LyondellBasell Industries NV, Class A		4,054		406,819
M&T Bank Corp.		1,825		255,518
Marathon Petroleum Corp.		9,139		541,669
Markel Corp.*		196		248,969
MarketAxess Holdings, Inc.		585		278,413
Marriott International, Inc., Class A*		4,034		545,155
Marsh & McLennan Cos., Inc.		7,328		1,151,962
Martin Marietta Materials, Inc.		818		311,863
Marvell Technology, Inc.		12,053		737,523
Masco Corp.		4,088		248,223
Masimo Corp.*		760		206,370
Mastercard, Inc., Class A		12,455		4,312,295
Match Group, Inc.*		3,414		469,220


	Number of Shares		Value
United States (Continued)
McCormick & Co., Inc.		3,907	$	337,135
McDonald’s Corp.		10,311		2,448,450
McKesson Corp.		2,340		477,688
Medical Properties Trust, Inc. REIT		8,540		174,899
Merck & Co., Inc.		35,251		2,689,299
MetLife, Inc.		10,843		672,266
Mettler-Toledo International, Inc.*		342		531,068
MGM Resorts International		6,437		274,345
Microchip Technology, Inc.		3,708		583,491
Micron Technology, Inc.*		16,046		1,182,590
Microsoft Corp.		101,315		30,584,972
Mid-America Apartment Communities, Inc. REIT		1,544		297,019
Moderna, Inc.*		4,858		1,829,960
Mohawk Industries, Inc.*		891		176,204
Molina Healthcare, Inc.*		794		213,403
Molson Coors Beverage Co., Class B		2,514		119,490
Mondelez International, Inc., Class A		18,916		1,174,116
MongoDB, Inc.*		826		323,652
Monolithic Power Systems, Inc.		573		283,595
Monster Beverage Corp.*		5,445		531,269
Moody’s Corp.		2,359		898,236
Morgan Stanley		19,959		2,084,318
Mosaic Co.		5,391		173,482
Motorola Solutions, Inc.		2,340		571,475
MSCI, Inc.		1,162		737,382
Nasdaq, Inc.		1,754		343,398
NetApp, Inc.		3,230		287,244
Netflix, Inc.*		6,262		3,564,268
Neurocrine Biosciences, Inc.*		1,372		130,614
Newell Brands, Inc.		6,578		167,147
Newmont Corp.		11,576		671,292
News Corp., Class A		5,710		128,304
NextEra Energy, Inc.		27,592		2,317,452
NIKE, Inc., Class B		18,041		2,972,074
NiSource, Inc.		6,185		152,460
Nordson Corp.		772		184,199
Norfolk Southern Corp.		3,678		932,520
Northern Trust Corp.		2,566		304,122
Northrop Grumman Corp.		2,215		814,456
NortonLifeLock, Inc.		7,620		202,387
Novavax, Inc.*(b)		1,089		259,770
NRG Energy, Inc.		3,489		159,343
Nucor Corp.		4,072		478,704
NVIDIA Corp.		35,334		7,909,516
NVR, Inc.*		50		258,997
Oak Street Health, Inc.*(b)		1,508		70,469
Occidental Petroleum Corp.		14,014		360,020
Okta, Inc.*(b)		1,754		462,354
Old Dominion Freight Line, Inc.		1,289		372,160
Omega Healthcare Investors, Inc. REIT		2,987		100,154
Omnicom Group, Inc.		2,918		213,656
ON Semiconductor Corp.*		5,426		240,697
ONEOK, Inc.		6,147		322,840
Oracle Corp.		26,719		2,381,464
O’Reilly Automotive, Inc.*		1,014		602,397
Otis Worldwide Corp.		5,813		536,075


	Number of Shares		Value
United States (Continued)
Owens Corning		1,767	$	168,837
PACCAR, Inc.		4,792		392,321
Packaging Corp. of America		1,171		177,641
Palantir Technologies, Inc., Class A*		21,800		574,212
Palo Alto Networks, Inc.*		1,392		641,768
Parker-Hannifin Corp.		1,866		553,586
Paychex, Inc.		4,662		533,659
Paycom Software, Inc.*		780		381,342
PayPal Holdings, Inc.*		15,871		4,581,323
Peloton Interactive, Inc., Class A*		3,547		355,374
PepsiCo, Inc.		19,707		3,081,978
PerkinElmer, Inc.		1,658		306,398
Pfizer, Inc.		79,351		3,655,701
PG&E Corp.*		21,450		196,697
Philip Morris International, Inc.		21,715		2,236,645
Phillips 66		6,129		435,711
Pinnacle West Capital Corp.		1,587		122,040
Pinterest, Inc., Class A*		7,512		417,442
Pioneer Natural Resources Co.		3,235		484,182
Plug Power, Inc.*(b)		6,856		178,667
PNC Financial Services Group, Inc.		6,181		1,181,189
Pool Corp.		496		245,173
PPD, Inc.*		1,376		63,723
PPG Industries, Inc.		3,435		548,054
PPL Corp.		11,573		339,668
Principal Financial Group, Inc.		3,694		246,796
Procter & Gamble Co.		34,498		4,912,170
Progressive Corp.		8,482		817,156
Prologis, Inc. REIT		10,624		1,430,628
Prudential Financial, Inc.		5,612		594,199
PTC, Inc.*		1,843		242,649
Public Service Enterprise Group, Inc.		7,713		493,169
Public Storage REIT		2,137		691,555
PulteGroup, Inc.		3,868		208,330
Qorvo, Inc.*		1,755		329,993
QUALCOMM, Inc.		16,205		2,377,111
Quest Diagnostics, Inc.		1,770		270,509
Raymond James Financial, Inc.		1,830		256,017
Raytheon Technologies Corp.		21,723		1,841,241
Realty Income Corp. REIT (b)		5,446		393,310
Regency Centers Corp. REIT		1,693		116,174
Regeneron Pharmaceuticals, Inc.*		1,448		975,083
Regions Financial Corp.		12,023		245,630
Republic Services, Inc.		3,469		430,607
ResMed, Inc.		2,144		622,896
RingCentral, Inc., Class A*		1,170		295,144
Robert Half International, Inc.		1,735		179,399
Rockwell Automation, Inc.		1,755		571,165
Roku, Inc.*		1,560		549,744
Rollins, Inc.		3,162		123,065
Roper Technologies, Inc.		1,560		753,917
Ross Stores, Inc.		5,230		619,232
Royal Caribbean Cruises Ltd.*		3,263		269,948
Royalty Pharma PLC, Class A		2,642		102,113
RPM International, Inc.		1,764		145,160
S&P Global, Inc. (b)		3,406		1,511,651
salesforce.com, Inc.*		13,800		3,660,726


	Number of Shares		Value
United States (Continued)
SBA Communications Corp. REIT		1,484	$	532,711
Schlumberger N.V.		19,523		547,425
Seagate Technology Holdings PLC		2,727		238,858
Seagen, Inc.*		1,755		294,138
Sealed Air Corp.		2,717		165,819
SEI Investments Co.		1,562		98,109
Sempra Energy		4,579		606,076
Sensata Technologies Holding PLC*		2,159		127,770
ServiceNow, Inc.*		2,767		1,780,952
Sherwin-Williams Co.		3,525		1,070,437
Simon Property Group, Inc. REIT		4,756		639,444
Sirius XM Holdings, Inc. (b)		10,866		68,130
Skyworks Solutions, Inc.		2,452		449,844
Snap, Inc., Class A*		13,423		1,021,625
Snap-on, Inc.		834		187,608
Snowflake, Inc., Class A*		2,638		802,875
Southern Co.		15,130		994,495
Southwest Airlines Co.*		2,158		107,425
Splunk, Inc.*		2,340		357,716
Square, Inc., Class A*		5,573		1,493,954
SS&C Technologies Holdings, Inc.		3,462		261,935
Stanley Black & Decker, Inc.		2,339		452,059
Starbucks Corp.		17,032		2,001,090
State Street Corp.		4,861		451,636
Steel Dynamics, Inc.		3,336		225,147
STERIS PLC		1,364		293,274
Stryker Corp.		4,859		1,346,429
Sun Communities, Inc. REIT		1,554		313,115
Sunrun, Inc.*		2,609		115,448
SVB Financial Group*		777		434,732
Synchrony Financial		7,592		377,702
Synopsys, Inc.*		2,086		693,053
Sysco Corp.		6,797		541,381
T. Rowe Price Group, Inc.		3,301		738,995
Take-Two Interactive Software, Inc.*		1,615		260,370
Target Corp.		7,137		1,762,696
Teladoc Health, Inc.*		2,076		299,816
Teledyne Technologies, Inc.*		677		313,708
Teleflex, Inc.		589		232,926
Teradyne, Inc.		2,398		291,213
Tesla, Inc.*		11,606		8,538,766
Texas Instruments, Inc.		12,954		2,473,048
Textron, Inc.		3,146		228,620
Thermo Fisher Scientific, Inc.		5,630		3,124,369
TJX Cos., Inc.		17,220		1,252,238
T-Mobile US, Inc.*		8,876		1,216,190
Tractor Supply Co.		1,623		315,268
Trade Desk, Inc., Class A*		5,830		466,692
Tradeweb Markets, Inc., Class A		1,356		117,986
TransDigm Group, Inc.*		722		438,593
TransUnion		2,946		358,027
Travelers Cos., Inc.		3,631		579,907
Trimble, Inc.*		3,709		349,462
Truist Financial Corp.		18,943		1,080,888
Twilio, Inc., Class A*		2,269		809,942
Twitter, Inc.*		11,835		763,358
Tyler Technologies, Inc.*		588		285,592


	Number of Shares		Value
United States (Continued)
Tyson Foods, Inc., Class A		3,939	$	309,290
Uber Technologies, Inc.*		17,425		682,015
UDR, Inc. REIT		3,821		206,410
UGI Corp.		2,760		127,816
Ulta Beauty, Inc.*		785		304,038
Union Pacific Corp.		9,135		1,980,833
United Parcel Service, Inc., Class B		10,210		1,997,382
United Rentals, Inc.*		1,013		357,234
UnitedHealth Group, Inc.		13,452		5,599,664
Unity Software, Inc.*(b)		794		100,640
Universal Health Services, Inc., Class B		1,116		173,828
US Bancorp		20,095		1,153,252
Vail Resorts, Inc.*		587		178,947
Valero Energy Corp.		6,182		409,928
Veeva Systems, Inc., Class A*		1,950		647,361
Ventas, Inc. REIT		5,180		289,769
VEREIT, Inc. REIT		2,571		129,913
VeriSign, Inc.*		1,369		296,060
Verisk Analytics, Inc.		2,140		431,766
Verizon Communications, Inc.		58,312		3,207,160
Vertex Pharmaceuticals, Inc.*		3,675		736,066
VF Corp.		4,867		372,179
ViacomCBS, Inc., Class B		7,895		327,248
Viatris, Inc.		16,851		246,530
VICI Properties, Inc. REIT		7,953		245,827
Visa, Inc., Class A		24,079		5,516,499
Vistra Corp.		6,186		118,091
VMware, Inc., Class A*		1,372		204,250
Vornado Realty Trust REIT		2,303		96,450
Voya Financial, Inc. (b)		1,941		126,126
Vulcan Materials Co.		1,751		325,563
W.R. Berkley Corp.		2,376		178,937
W.W. Grainger, Inc.		596		258,485
Walgreens Boots Alliance, Inc.		10,078		511,459
Walmart, Inc.		21,806		3,229,469
Walt Disney Co.*		25,660		4,652,158
Waste Connections, Inc.		3,489		450,814
Waste Management, Inc.		5,922		918,561
Waters Corp.*		897		371,376
Wayfair, Inc., Class A*(b)		969		272,047
WEC Energy Group, Inc.		4,858		458,984
Wells Fargo & Co.		58,857		2,689,765
Welltower, Inc. REIT		5,718		500,497
West Pharmaceutical Services, Inc.		970		438,071
Western Digital Corp.*		4,038		255,202
Western Union Co.		6,970		150,831
Westinghouse Air Brake Technologies Corp.		2,345		210,558
Westrock Co.		3,487		181,463
Weyerhaeuser Co. REIT		9,834		354,024
Whirlpool Corp.		784		173,680
Williams Cos., Inc.		17,994		444,272
Workday, Inc., Class A*		2,535		692,461
WP Carey, Inc. REIT (b)		2,326		181,707
Wynn Resorts Ltd.*		1,396		141,959
Xcel Energy, Inc.		8,104		557,150
Xilinx, Inc.		3,615		562,458


	Number of Shares		Value
United States (Continued)
Xylem, Inc.		2,728	$	371,854
Yum! Brands, Inc.		4,042		529,623
Zebra Technologies Corp., Class A*		785		460,928
Zendesk, Inc.*(b)		1,622		200,479
Zillow Group, Inc., Class A*		850		81,260
Zillow Group, Inc., Class C*		1,961		187,805
Zimmer Biomet Holdings, Inc.		2,922		439,615
Zoetis, Inc.		6,916		1,414,737
Zoom Video Communications, Inc., Class A*		3,027		876,317
Zscaler, Inc.*		1,135		315,916

(Cost $437,576,893)				566,234,132

TOTAL COMMON STOCKS (Cost $629,027,776)				799,477,454

PREFERRED STOCKS — 0.2%
Germany — 0.2%
Bayerische Motoren Werke AG		629		52,643
FUCHS PETROLUB SE		819		41,436
Henkel AG & Co. KGaA		2,714		265,078
Porsche Automobil Holding SE		2,364		239,321
Sartorius AG		404		266,111
Volkswagen AG		2,554		606,894

(Cost $1,189,307)				1,471,483


	Number of Shares		Value
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		19,824	$	10,171

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e) (Cost $430,881)		430,881		430,881

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) (Cost $985,575)		985,575		985,575


TOTAL INVESTMENTS — 100.0% (Cost $631,633,539)			$	802,375,564
Other assets and liabilities, net — 0.0%				380,995

NET ASSETS — 100.0%			$	802,756,559

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2021 is as follows:


	Number of Shares		Value
COMMON STOCKS — 99.4%
Communication Services — 12.8%
Activision Blizzard, Inc.		819	$	67,461
Alphabet, Inc., Class A*		381		1,102,595
Alphabet, Inc., Class C*		380		1,105,511
AT&T, Inc.		10,290		282,152
Charter Communications, Inc., Class A*(a)		91		74,316
Discovery, Inc., Class C*		472		13,023
DISH Network Corp., Class A*		224		9,764
Electronic Arts, Inc.		688		99,905
Facebook, Inc., Class A*		4,374		1,659,408
Fox Corp., Class A		800		29,952
Fox Corp., Class B		348		12,051
Interpublic Group of Cos., Inc.		958		35,666
Lumen Technologies, Inc. (a)		694		8,536
New York Times Co., Class A		326		16,554
News Corp., Class A		415		9,325
Nexstar Media Group, Inc., Class A		52		7,787
Omnicom Group, Inc.		363		26,579
Take-Two Interactive Software, Inc.*		215		34,662
Verizon Communications, Inc.		8,056		443,080
Walt Disney Co.*		272		49,314

(Cost $3,491,913)				5,087,641

Consumer Discretionary — 14.3%
Advance Auto Parts, Inc.		234		47,467
Amazon.com, Inc.*		458		1,589,622
AutoNation, Inc.*		120		13,091
AutoZone, Inc.*		43		66,613
Bath & Body Works, Inc.		205		13,833
Best Buy Co., Inc.		1,040		121,170
Booking Holdings, Inc.*		57		131,081
BorgWarner, Inc.		338		14,426
Brunswick Corp.		173		16,759
Carnival Corp.*		713		17,212
Carter’s, Inc.		89		9,112
Chipotle Mexican Grill, Inc.*		20		38,067
Columbia Sportswear Co.		78		7,957
D.R. Horton, Inc.		571		54,599
Darden Restaurants, Inc.		261		39,320
Deckers Outdoor Corp.*		53		22,178
Dick’s Sporting Goods, Inc. (a)		294		41,398
Dollar General Corp.		742		165,399
Dollar Tree, Inc.*		649		58,760
Domino’s Pizza, Inc.		38		19,642
eBay, Inc.		2,368		181,720
Etsy, Inc.*(a)		131		28,330
Expedia Group, Inc.*		169		24,420
Five Below, Inc.*		50		10,641
Floor & Decor Holdings, Inc., Class A*		122		15,043
Foot Locker, Inc.		429		24,320
Gap, Inc.		283		7,565
Garmin Ltd.		362		63,144
Gentex Corp.		772		23,778
Genuine Parts Co.		283		34,580
Grand Canyon Education, Inc.*		126		11,232
Home Depot, Inc.		1,891		616,806
Kohl’s Corp.		149		8,553


	Number of Shares		Value
Consumer Discretionary (Continued)
Las Vegas Sands Corp.*		215	$	9,591
Lear Corp.		79		12,635
Lennar Corp., Class A		682		73,185
LKQ Corp.*		478		25,186
Lowe’s Cos., Inc.		1,897		386,779
Lululemon Athletica, Inc.*		106		42,418
MGM Resorts International		304		12,956
Mohawk Industries, Inc.*		156		30,851
Newell Brands, Inc.		407		10,342
NIKE, Inc., Class B		1,154		190,110
NVR, Inc.*		10		51,799
Ollie’s Bargain Outlet Holdings, Inc.*(a)		130		9,409
O’Reilly Automotive, Inc.*		156		92,676
Polaris, Inc. (a)		191		22,874
Pool Corp.		46		22,738
PulteGroup, Inc.		889		47,882
Qurate Retail, Inc., Series A		763		8,416
Ralph Lauren Corp.		74		8,594
Ross Stores, Inc.		579		68,554
Royal Caribbean Cruises Ltd.*		163		13,485
Starbucks Corp.		1,453		170,713
Tapestry, Inc.*		414		16,692
Target Corp.		1,940		479,141
Tempur Sealy International, Inc.		319		14,259
Thor Industries, Inc. (a)		100		11,343
TJX Cos., Inc.		1,136		82,610
Tractor Supply Co.		352		68,376
Ulta Beauty, Inc.*		93		36,020
Victoria’s Secret & Co.*		68		4,508
Wayfair, Inc., Class A*(a)		105		29,479
Whirlpool Corp.		102		22,596
Williams-Sonoma, Inc.		297		55,450
YETI Holdings, Inc.*		110		10,927
Yum China Holdings, Inc.		116		7,141

(Cost $4,888,564)				5,687,573

Consumer Staples — 7.6%
Altria Group, Inc.		2,943		147,827
Boston Beer Co., Inc., Class A*(a)		8		4,562
Campbell Soup Co. (a)		182		7,595
Church & Dwight Co., Inc.		232		19,409
Clorox Co.		254		42,685
Colgate-Palmolive Co.		1,176		91,669
Conagra Brands, Inc.		420		13,910
Costco Wholesale Corp.		1,231		560,708
Darling Ingredients, Inc.*		109		8,121
Estee Lauder Cos., Inc., Class A		227		77,291
General Mills, Inc.		663		38,328
Herbalife Nutrition Ltd.*		260		13,348
Hershey Co.		208		36,962
Hormel Foods Corp.		645		29,373
Ingredion, Inc.		118		10,368
J M Smucker Co.		131		16,201
Kellogg Co. (a)		245		15,469
Kimberly-Clark Corp.		599		82,548
Kroger Co.		1,480		68,124
Monster Beverage Corp.*		697		68,006


	Number of Shares		Value
Consumer Staples (Continued)
PepsiCo, Inc.		221	$	34,562
Philip Morris International, Inc.		3,268		336,604
Procter & Gamble Co.		3,345		476,295
Spectrum Brands Holdings, Inc.		90		7,025
Sysco Corp.		667		53,127
Tyson Foods, Inc., Class A		338		26,540
Walgreens Boots Alliance, Inc.		1,375		69,781
Walmart, Inc.		4,600		681,260

(Cost $2,712,743)				3,037,698

Energy — 2.4%
Cabot Oil & Gas Corp.		1,157		18,385
Chevron Corp.		2,730		264,182
ConocoPhillips		2,133		118,445
Devon Energy Corp.		647		19,119
Diamondback Energy, Inc.		136		10,491
DT Midstream, Inc.*		82		3,811
EOG Resources, Inc.		1,742		117,620
Exxon Mobil Corp.		4,714		257,007
Marathon Oil Corp.		751		8,824
Marathon Petroleum Corp.		998		59,151
Phillips 66		186		13,223
Pioneer Natural Resources Co.		295		44,153
Valero Energy Corp.		182		12,068

(Cost $1,142,412)				946,479

Financials — 8.1%
Aflac, Inc.		574		32,534
Allstate Corp.		600		81,168
Aon PLC, Class A (a)		238		68,273
Apollo Global Management, Inc. (a)		214		12,793
Arch Capital Group Ltd.*		608		24,989
Berkshire Hathaway, Inc., Class B*		4,717		1,347,977
Brown & Brown, Inc.		194		11,262
Capital One Financial Corp.		450		74,686
Cboe Global Markets, Inc.		270		34,060
Cincinnati Financial Corp.		436		53,802
Credit Acceptance Corp.*(a)		32		18,550
Erie Indemnity Co., Class A		65		11,511
Evercore, Inc., Class A		267		37,284
FactSet Research Systems, Inc.		78		29,657
Fidelity National Financial, Inc.		1,009		49,269
First American Financial Corp.		360		25,391
Franklin Resources, Inc. (a)		767		24,881
Hartford Financial Services Group, Inc.		236		15,864
Lazard Ltd., Class A		460		21,804
LPL Financial Holdings, Inc.		309		45,686
Markel Corp.*		8		10,162
MarketAxess Holdings, Inc.		53		25,224
Marsh & McLennan Cos., Inc.		663		104,224
MGIC Investment Corp. (a)		2,034		31,059
Moody’s Corp.		348		132,508
MSCI, Inc.		137		86,937
Nasdaq, Inc.		105		20,557
Old Republic International Corp.		585		15,210
Progressive Corp.		2,662		256,457
S&P Global, Inc.		526		233,449


	Number of Shares		Value
Financials (Continued)
SEI Investments Co.		391	$	24,559
Synchrony Financial		725		36,069
T. Rowe Price Group, Inc.		756		169,246
Travelers Cos., Inc.		158		25,234
White Mountains Insurance Group Ltd.		13		14,571

(Cost $2,461,344)				3,206,907

Health Care — 14.1%
AbbVie, Inc.		1,535		185,397
ABIOMED, Inc.*		53		19,290
Align Technology, Inc.*		57		40,413
AmerisourceBergen Corp.		267		32,630
Amgen, Inc.		1,121		252,819
Anthem, Inc.		827		310,233
Biogen, Inc.*		755		255,877
Bio-Rad Laboratories, Inc., Class A*		71		57,142
Bristol-Myers Squibb Co.		488		32,628
Cardinal Health, Inc.		751		39,420
Cerner Corp.		721		55,048
Chemed Corp.		40		19,068
Cigna Corp.		1,403		296,945
CVS Health Corp.		2,550		220,295
DaVita, Inc.*		185		24,192
Edwards Lifesciences Corp.*		857		100,423
Eli Lilly & Co.		564		145,676
Exelixis, Inc.*		499		9,566
Gilead Sciences, Inc.		243		17,686
HCA Healthcare, Inc.		366		92,591
Henry Schein, Inc.*		436		32,957
Hologic, Inc.*		245		19,392
Humana, Inc.		637		258,253
IDEXX Laboratories, Inc.*		55		37,057
Illumina, Inc.*		74		33,830
Incyte Corp.*		98		7,496
Intuitive Surgical, Inc.*		56		58,999
Jazz Pharmaceuticals PLC*		97		12,776
Johnson & Johnson		4,972		860,802
Laboratory Corp. of America Holdings*		117		35,495
Masimo Corp.*		43		11,676
McKesson Corp.		573		116,972
Merck & Co., Inc.		1,831		139,687
Mettler-Toledo International, Inc.*		37		57,455
Molina Healthcare, Inc.*		83		22,308
Neurocrine Biosciences, Inc.*		107		10,186
Organon & Co.		1,046		35,449
PerkinElmer, Inc.		92		17,002
Pfizer, Inc.		3,618		166,681
Premier, Inc., Class A		290		10,782
Quest Diagnostics, Inc.		228		34,845
Quidel Corp.*(a)		127		16,377
Regeneron Pharmaceuticals, Inc.*		266		179,124
ResMed, Inc.		117		33,992
Sage Therapeutics, Inc.*		177		8,179
Seagen, Inc.*		110		18,436
Thermo Fisher Scientific, Inc.		347		192,568
United Therapeutics Corp.*		74		15,901
UnitedHealth Group, Inc.		1,810		753,449


	Number of Shares		Value
Health Care (Continued)
Universal Health Services, Inc., Class B		220	$	34,267
Vertex Pharmaceuticals, Inc.*		464		92,935
Waters Corp.*		102		42,230
West Pharmaceutical Services, Inc.		102		46,065

(Cost $4,720,802)				5,620,962

Industrials — 7.0%
3M Co.		684		133,202
A O Smith Corp.		409		29,742
Acuity Brands, Inc. (a)		140		25,834
AGCO Corp.		156		21,469
Alaska Air Group, Inc.*		287		16,457
Boeing Co.*		142		31,169
Booz Allen Hamilton Holding Corp.		99		8,109
C.H. Robinson Worldwide, Inc.		140		12,608
Carlisle Cos., Inc.		41		8,640
Carrier Global Corp.		2,742		157,939
Caterpillar, Inc.		313		66,002
Cintas Corp.		64		25,329
Copart, Inc.*		343		49,502
Cummins, Inc.		469		110,675
Delta Air Lines, Inc.*		1,534		62,035
Donaldson Co., Inc.		204		13,821
Eaton Corp. PLC		321		54,044
Emerson Electric Co.		1,065		112,358
Expeditors International of Washington, Inc.		464		57,833
Fastenal Co.		1,303		72,773
FedEx Corp.		168		44,636
Fortune Brands Home & Security, Inc.		80		7,790
FTI Consulting, Inc.*		102		14,250
General Dynamics Corp.		163		32,651
Graco, Inc.		317		24,859
Honeywell International, Inc.		110		25,510
Huntington Ingalls Industries, Inc.		159		32,463
Illinois Tool Works, Inc.		247		57,516
ITT, Inc.		204		19,517
Jacobs Engineering Group, Inc.		112		15,116
JB Hunt Transport Services, Inc.		258		45,769
JetBlue Airways Corp.*		521		7,883
Johnson Controls International PLC		706		52,809
Knight-Swift Transportation Holdings, Inc.		552		28,665
L3Harris Technologies, Inc.		175		40,777
Landstar System, Inc.		90		15,123
Lennox International, Inc.		34		11,396
Lincoln Electric Holdings, Inc.		115		16,055
Lockheed Martin Corp.		804		289,279
ManpowerGroup, Inc.		134		16,270
Masco Corp.		607		36,857
MSC Industrial Direct Co., Inc., Class A		144		12,126
Northrop Grumman Corp.		145		53,317
Old Dominion Freight Line, Inc.		190		54,857
Oshkosh Corp.		156		17,874
Otis Worldwide Corp.		970		89,453
Owens Corning		161		15,384
PACCAR, Inc.		283		23,169
Parker-Hannifin Corp.		91		26,997


	Number of Shares		Value
Industrials (Continued)
Pentair PLC		171	$	13,194
Quanta Services, Inc.		242		24,708
Republic Services, Inc.		148		18,371
Robert Half International, Inc.		295		30,503
Rockwell Automation, Inc.		126		41,007
Snap-on, Inc.		140		31,493
Southwest Airlines Co.*		1,510		75,168
Stanley Black & Decker, Inc.		78		15,075
Textron, Inc.		174		12,645
Toro Co.		98		10,774
Trane Technologies PLC		134		26,599
Trex Co., Inc.*(a)		144		15,805
Union Pacific Corp.		94		20,383
United Airlines Holdings, Inc.*		294		13,674
United Parcel Service, Inc., Class B		802		156,895
United Rentals, Inc.*		69		24,333
W.W. Grainger, Inc.		97		42,069
Watsco, Inc.		88		24,501

(Cost $2,337,032)				2,795,106

Information Technology — 29.4%
Accenture PLC, Class A		1,259		423,729
Adobe, Inc.*		682		452,643
Advanced Micro Devices, Inc.*		1,027		113,709
Akamai Technologies, Inc.*		117		13,250
Amdocs Ltd.		378		29,117
Analog Devices, Inc.		287		46,767
Apple, Inc.		14,649		2,224,158
Applied Materials, Inc.		1,329		179,588
Arista Networks, Inc.*		99		36,583
Arrow Electronics, Inc.*		140		16,971
Autodesk, Inc.*		161		49,924
Automatic Data Processing, Inc.		854		178,520
Avnet, Inc.		271		10,965
Broadridge Financial Solutions, Inc.		265		45,638
Cadence Design Systems, Inc.*		397		64,902
CDW Corp.		73		14,645
Ciena Corp.*		401		22,909
Cirrus Logic, Inc.*		151		12,634
Cisco Systems, Inc.		12,742		752,033
Citrix Systems, Inc.		290		29,832
Cognex Corp.		138		12,230
Cognizant Technology Solutions Corp., Class A		1,868		142,547
Dell Technologies, Inc., Class C*		181		17,640
Dolby Laboratories, Inc., Class A		120		11,893
Enphase Energy, Inc.*		56		9,729
EPAM Systems, Inc.*		41		25,945
F5 Networks, Inc.*		116		23,614
Fortinet, Inc.*		202		63,658
Hewlett Packard Enterprise Co.		987		15,259
HP, Inc.		6,327		188,165
Intel Corp.		18,678		1,009,733
International Business Machines Corp.		647		90,800
Intuit, Inc.		329		186,250
IPG Photonics Corp.*		49		8,363
Jabil, Inc.		359		22,179


	Number of Shares		Value
Information Technology (Continued)
Jack Henry & Associates, Inc.		148	$	26,104
Keysight Technologies, Inc.*		172		30,853
KLA Corp.		171		58,133
Lam Research Corp.		201		121,569
Mastercard, Inc., Class A		1,319		456,677
Micron Technology, Inc.*		3,719		274,090
Microsoft Corp.		6,735		2,033,162
MKS Instruments, Inc.		59		8,684
Monolithic Power Systems, Inc.		32		15,838
National Instruments Corp.		224		9,368
NetApp, Inc.		643		57,182
NortonLifeLock, Inc.		617		16,388
NVIDIA Corp.		1,470		329,059
Oracle Corp.		3,054		272,203
Paychex, Inc.		671		76,809
PayPal Holdings, Inc.*		133		38,392
Qorvo, Inc.*		158		29,709
salesforce.com, Inc.*		617		163,672
Skyworks Solutions, Inc.		386		70,816
SYNNEX Corp.		99		12,580
Synopsys, Inc.*		186		61,797
Teledyne Technologies, Inc.*		33		15,292
Teradyne, Inc.		397		48,212
Texas Instruments, Inc.		2,123		405,302
Tyler Technologies, Inc.*		26		12,628
Universal Display Corp.		56		11,681
VeriSign, Inc.*		143		30,925
Visa, Inc., Class A (a)		1,481		339,297
VMware, Inc., Class A*(a)		100		14,887
Western Union Co.		1,001		21,662
Xilinx, Inc.		200		31,118
Zebra Technologies Corp., Class A*		37		21,725

(Cost $9,270,502)				11,662,336

Materials — 1.8%
Air Products and Chemicals, Inc.		305		82,201
Amcor PLC		2,697		34,656
Berry Global Group, Inc.*		145		9,740
Celanese Corp.		250		39,650
CF Industries Holdings, Inc.		331		15,034
Corteva, Inc.		1,665		73,210
Dow, Inc.		1,250		78,625
DuPont de Nemours, Inc.		92		6,810
Eagle Materials, Inc.		70		10,979
International Paper Co.		688		41,342
Louisiana-Pacific Corp.		287		18,207
LyondellBasell Industries NV, Class A		395		39,638
Mosaic Co.		308		9,911
Newmont Corp.		1,304		75,619
Nucor Corp.		429		50,433
Packaging Corp. of America		159		24,120
Reliance Steel & Aluminum Co.		201		30,158
Scotts Miracle-Gro Co.		79		12,390
Sherwin-Williams Co.		208		63,163
Steel Dynamics, Inc.		252		17,008

(Cost $622,193)				732,894


	Number of Shares		Value
Real Estate — 1.1%
Apartment Income REIT Corp. REIT		148	$	7,521
Boston Properties, Inc. REIT		102		11,525
CBRE Group, Inc., Class A*		1,096		105,545
Gaming and Leisure Properties, Inc. REIT		182		8,973
Highwoods Properties, Inc. REIT		166		7,584
Host Hotels & Resorts, Inc. REIT*		1,138		18,845
Jones Lang LaSalle, Inc.*		83		20,122
Kimco Realty Corp. REIT (a)		883		19,241
Public Storage REIT		331		107,115
Simon Property Group, Inc. REIT		430		57,813
VICI Properties, Inc. REIT (a)		511		15,795
Vornado Realty Trust REIT		412		17,255
Weyerhaeuser Co. REIT		589		21,204

(Cost $341,809)				418,538

Utilities — 0.8%
AES Corp.		809		19,311
DTE Energy Co.		164		19,736
Entergy Corp.		134		14,822
Evergy, Inc.		282		19,303
Exelon Corp.		1,277		62,598
NRG Energy, Inc.		961		43,889
PPL Corp.		552		16,201
Public Service Enterprise Group, Inc.		638		40,794
Sempra Energy		246		32,561
Vistra Corp.		1,493		28,501

(Cost $271,625)				297,716

TOTAL COMMON STOCKS (Cost $32,260,939)				39,493,850

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c) (Cost $18,629)		18,629		18,629

CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $187,481)		187,481		187,481


TOTAL INVESTMENTS — 99.9% (Cost $32,467,049)			$	39,699,960
Other assets and liabilities, net — 0.1%				37,306

NET ASSETS — 100.0%			$	39,737,266

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2021 is as follows:


	Number of Shares		Value
COMMON STOCKS — 99.8%
Communication Services — 2.9%
Activision Blizzard, Inc.		1,786	$	147,113
Alphabet, Inc., Class A*		50		144,697
Alphabet, Inc., Class C*		59		171,645
Altice USA, Inc., Class A*		7,378		202,452
AT&T, Inc.		2,114		57,966
Cable One, Inc.		24		50,390
Charter Communications, Inc., Class A*(a)		183		149,449
Comcast Corp., Class A		1,700		103,156
Discovery, Inc., Class A*(a)		2,182		62,929
Discovery, Inc., Class C*		6,375		175,886
DISH Network Corp., Class A*		3,834		167,124
Electronic Arts, Inc.		1,059		153,777
Facebook, Inc., Class A*		185		70,185
Fox Corp., Class A		3,867		144,780
Fox Corp., Class B		1,890		65,451
IAC/InterActiveCorp*		154		20,336
Interpublic Group of Cos., Inc.		37,376		1,391,508
Liberty Broadband Corp., Class C*		152		29,081
Liberty Media Corp-Liberty SiriusXM, Class A*		707		34,996
Liberty Media Corp-Liberty SiriusXM, Class C*		1,648		81,329
Lumen Technologies, Inc. (a)		20,004		246,049
Madison Square Garden Sports Corp.*		104		18,801
Match Group, Inc.*		947		130,156
New York Times Co., Class A		1,393		70,737
News Corp., Class A		9,850		221,329
News Corp., Class B		3,194		70,364
Nexstar Media Group, Inc., Class A		2,201		329,600
Omnicom Group, Inc.		10,030		734,397
Playtika Holding Corp.*		1,235		32,592
Sirius XM Holdings, Inc. (a)		4,878		30,585
Take-Two Interactive Software, Inc.*		1,398		225,386
Twitter, Inc.*		157		10,126
Verizon Communications, Inc.		1,249		68,695
ViacomCBS, Inc., Class B		5,241		217,239
Vimeo, Inc.*		947		36,100
Walt Disney Co.*		136		24,657
World Wrestling Entertainment, Inc., Class A		927		48,306
Zynga, Inc., Class A*		1,743		15,426

(Cost $5,030,939)				5,954,795

Consumer Discretionary — 11.4%
Advance Auto Parts, Inc.		2,994		607,333
Amazon.com, Inc.*		15		52,062
Aptiv PLC*		652		99,228
Aramark		777		27,032
AutoNation, Inc.*		4,512		492,214
AutoZone, Inc.*		301		466,294
Bath & Body Works, Inc.		457		30,838
Best Buy Co., Inc.		7,431		865,786
Booking Holdings, Inc.*		12		27,596
BorgWarner, Inc.		1,865		79,598
Bright Horizons Family Solutions, Inc.*		178		25,945


	Number of Shares		Value
Consumer Discretionary (Continued)
Brunswick Corp.		4,335	$	419,931
Burlington Stores, Inc.*		72		21,563
CarMax, Inc.*		1,021		127,839
Carter’s, Inc.		1,364		139,646
Chipotle Mexican Grill, Inc.*		87		165,590
Choice Hotels International, Inc.		362		43,208
Columbia Sportswear Co.		1,226		125,064
D.R. Horton, Inc.		5,654		540,636
Darden Restaurants, Inc.		216		32,540
Deckers Outdoor Corp.*		800		334,760
Dick’s Sporting Goods, Inc. (a)		3,252		457,914
Dollar General Corp.		2,086		464,990
Dollar Tree, Inc.*		6,031		546,047
Domino’s Pizza, Inc.		433		223,813
eBay, Inc.		10,020		768,935
Etsy, Inc.*(a)		245		52,984
Five Below, Inc.*		931		198,126
Floor & Decor Holdings, Inc., Class A*		1,131		139,452
Foot Locker, Inc.		7,080		401,365
Ford Motor Co.*		42,593		554,987
Frontdoor, Inc.*		830		36,205
Gap, Inc.		718		19,192
Garmin Ltd.		3,475		606,144
General Motors Co.*		6,545		320,770
Gentex Corp.		9,575		294,910
Genuine Parts Co.		7,822		955,770
Grand Canyon Education, Inc.*		717		63,913
H&R Block, Inc.		3,774		96,803
Hanesbrands, Inc.		8,918		166,588
Harley-Davidson, Inc.		6,256		247,300
Hasbro, Inc.		719		70,685
Hilton Worldwide Holdings, Inc.*		643		80,285
Home Depot, Inc.		167		54,472
Kohl’s Corp.		1,364		78,294
Lear Corp.		1,021		163,299
Leggett & Platt, Inc.		5,582		270,113
Lennar Corp., Class A		5,128		550,286
Lennar Corp., Class B		578		50,587
Lithia Motors, Inc.		147		48,701
LKQ Corp.*		14,629		770,802
Lowe’s Cos., Inc.		1,833		373,730
Lululemon Athletica, Inc.*		147		58,825
Marriott International, Inc., Class A*		303		40,947
Mattel, Inc.*		5,329		113,774
McDonald’s Corp.		293		69,576
Mohawk Industries, Inc.*		1,967		388,994
Newell Brands, Inc.		10,323		262,307
NIKE, Inc., Class B		323		53,211
NVR, Inc.*		75		388,496
Ollie’s Bargain Outlet Holdings, Inc.*(a)		181		13,101
O’Reilly Automotive, Inc.*		1,084		643,983
Penske Automotive Group, Inc.		1,535		138,043
Petco Health & Wellness Co., Inc., Class A*		1,344		28,936
Polaris, Inc.		2,090		250,298
Pool Corp.		1,506		744,416
PulteGroup, Inc.		11,346		611,096


	Number of Shares		Value
Consumer Discretionary (Continued)
PVH Corp.*		213	$	22,320
Qurate Retail, Inc., Series A		21,221		234,068
Ralph Lauren Corp.		665		77,226
Ross Stores, Inc.		1,435		169,904
Service Corp. International		6,299		395,325
Skechers U.S.A., Inc., Class A*		1,253		63,189
Starbucks Corp.		183		21,501
Tapestry, Inc.*		1,232		49,674
Target Corp.		4,326		1,068,436
Terminix Global Holdings, Inc.*		1,703		70,896
Thor Industries, Inc.		270		30,626
TJX Cos., Inc.		2,514		182,818
Toll Brothers, Inc.		3,295		211,078
TopBuild Corp.*		517		113,114
Tractor Supply Co.		4,811		934,537
Travel + Leisure Co.		622		34,061
Ulta Beauty, Inc.*		379		146,791
Under Armour, Inc., Class A*		965		22,330
Vail Resorts, Inc.*		615		187,483
VF Corp.		827		63,241
Victoria’s Secret & Co.*		152		10,078
Whirlpool Corp.		3,199		708,674
Williams-Sonoma, Inc.		3,165		590,906
YETI Holdings, Inc.*		440		43,710
Yum China Holdings, Inc.		1,320		81,259
Yum! Brands, Inc.		2,448		320,761

(Cost $17,846,401)				23,512,174

Consumer Staples — 4.3%
Albertsons Cos., Inc., Class A (a)		10,822		328,556
Altria Group, Inc.		7,600		381,748
Archer-Daniels-Midland Co.		2,847		170,820
Boston Beer Co., Inc., Class A*(a)		309		176,195
Brown-Forman Corp., Class A		625		41,375
Brown-Forman Corp., Class B		849		59,617
Campbell Soup Co. (a)		2,192		91,472
Casey’s General Stores, Inc.		1,482		303,158
Church & Dwight Co., Inc.		2,904		242,949
Clorox Co.		575		96,629
Coca-Cola Co.		765		43,077
Colgate-Palmolive Co.		3,130		243,983
Conagra Brands, Inc.		7,353		243,531
Constellation Brands, Inc., Class A		1,154		243,656
Costco Wholesale Corp.		652		296,979
Darling Ingredients, Inc.*		6,933		516,508
Estee Lauder Cos., Inc., Class A		656		223,361
Flowers Foods, Inc.		6,123		147,748
Freshpet, Inc.*		180		23,065
General Mills, Inc.		3,885		224,592
Grocery Outlet Holding Corp.*(a)		848		22,073
Hain Celestial Group, Inc.*		1,522		56,938
Herbalife Nutrition Ltd.*		3,610		185,337
Hershey Co.		2,744		487,609
Hormel Foods Corp.		2,303		104,879
Ingredion, Inc.		1,745		153,316
J M Smucker Co. (a)		3,887		480,705
Kellogg Co. (a)		2,242		141,560


	Number of Shares		Value
Consumer Staples (Continued)
Keurig Dr Pepper, Inc. (a)		2,366	$	84,395
Kimberly-Clark Corp.		1,188		163,718
Kraft Heinz Co.		3,519		126,649
Kroger Co.		11,473		528,102
Lamb Weston Holdings, Inc.		1,336		87,040
McCormick & Co., Inc.		1,276		110,106
Molson Coors Beverage Co., Class B		4,083		194,065
Mondelez International, Inc., Class A		2,822		175,162
Monster Beverage Corp.*		2,337		228,021
PepsiCo, Inc.		400		62,556
Philip Morris International, Inc.		2,633		271,199
Pilgrim’s Pride Corp.*		2,177		60,608
Post Holdings, Inc.*		1,415		158,353
Procter & Gamble Co.		255		36,309
Seaboard Corp.		9		38,291
Spectrum Brands Holdings, Inc.		1,129		88,130
Sysco Corp.		2,030		161,690
Tyson Foods, Inc., Class A		5,276		414,272
Walgreens Boots Alliance, Inc.		2,103		106,727
Walmart, Inc.		195		28,880

(Cost $7,748,444)				8,855,709

Energy — 0.9%
Baker Hughes Co.		3,531		80,436
Cabot Oil & Gas Corp.		3,792		60,255
Cheniere Energy, Inc.*		3,134		274,100
Chevron Corp.		206		19,935
Cimarex Energy Co.		675		43,349
ConocoPhillips		706		39,204
DT Midstream, Inc.*		2,251		104,604
EOG Resources, Inc.		2,737		184,802
EQT Corp.*		2,054		37,650
Exxon Mobil Corp.		349		19,027
Hess Corp.		301		20,694
Kinder Morgan, Inc.		8,138		132,405
Marathon Oil Corp.		2,338		27,472
Marathon Petroleum Corp.		266		15,766
NOV, Inc.*		2,420		31,871
ONEOK, Inc.		1,552		81,511
Phillips 66		345		24,526
Pioneer Natural Resources Co.		1,099		164,487
Schlumberger N.V.		1,209		33,900
Texas Pacific Land Corp.		86		116,938
Valero Energy Corp.		336		22,280
Williams Cos., Inc.		8,915		220,111

(Cost $1,731,421)				1,755,323

Financials — 17.1%
Affiliated Managers Group, Inc.		2,906		494,340
Aflac, Inc.		11,788		668,144
AGNC Investment Corp. REIT		7,057		115,100
Alleghany Corp.*		339		229,398
Allstate Corp.		6,822		922,880
Ally Financial, Inc.		6,572		347,659
American Express Co.		470		78,001
American Financial Group, Inc.		2,478		341,815
American International Group, Inc.		385		21,006


	Number of Shares		Value
Financials (Continued)
Ameriprise Financial, Inc.		1,889	$	515,527
Annaly Capital Management, Inc. REIT		2,264		19,674
Aon PLC, Class A (a)		1,622		465,287
Arch Capital Group Ltd.*		13,429		551,932
Ares Management Corp., Class A		590		45,536
Arthur J Gallagher & Co.		3,921		563,134
Assurant, Inc.		2,092		355,870
Assured Guaranty Ltd.		4,163		207,567
Athene Holding Ltd., Class A*		1,502		100,589
Axis Capital Holdings Ltd.		920		47,076
Bank of America Corp.		962		40,164
Bank of Hawaii Corp.		746		62,522
Bank of New York Mellon Corp.		4,687		258,816
Bank OZK		2,909		123,429
Berkshire Hathaway, Inc., Class B*		460		131,454
BlackRock, Inc.		176		166,019
Blackstone, Inc.		2,440		306,781
BOK Financial Corp. (a)		336		29,585
Brown & Brown, Inc.		5,234		303,834
Capital One Financial Corp.		3,431		569,443
Carlyle Group, Inc.		1,082		53,429
Cboe Global Markets, Inc.		2,992		377,441
Charles Schwab Corp.		1,377		100,314
Chubb Ltd.		1,577		290,042
Cincinnati Financial Corp.		9,193		1,134,416
Citigroup, Inc.		504		36,243
Citizens Financial Group, Inc.		3,817		167,146
CME Group, Inc.		410		82,705
CNA Financial Corp.		1,083		48,031
Comerica, Inc.		2,697		199,335
Commerce Bancshares, Inc.		1,624		114,849
Credit Acceptance Corp.*(a)		127		73,619
Cullen/Frost Bankers, Inc.		1,110		126,784
Discover Financial Services		2,293		294,008
East West Bancorp, Inc.		3,533		259,110
Equitable Holdings, Inc.		1,032		32,002
Erie Indemnity Co., Class A		480		85,003
Evercore, Inc., Class A		3,962		553,254
Everest Re Group Ltd.		943		249,801
FactSet Research Systems, Inc.		545		207,220
Fidelity National Financial, Inc.		14,689		717,264
Fifth Third Bancorp		4,779		185,712
First American Financial Corp.		5,766		406,676
First Citizens BancShares, Inc., Class A (a)		189		169,665
First Hawaiian, Inc.		3,373		94,140
First Horizon Corp.		13,320		218,315
First Republic Bank		1,128		224,404
FNB Corp.		8,185		95,601
Franklin Resources, Inc.		9,939		322,421
Globe Life, Inc.		3,913		375,922
Goldman Sachs Group, Inc.		230		95,107
Hanover Insurance Group, Inc.		2,056		290,533
Hartford Financial Services Group, Inc.		10,093		678,451
Huntington Bancshares, Inc.		11,552		179,403
Interactive Brokers Group, Inc., Class A		2,918		188,620
Intercontinental Exchange, Inc.		1,012		120,964


	Number of Shares		Value
Financials (Continued)
Invesco Ltd.		15,389	$	389,649
Janus Henderson Group PLC		7,931		343,888
Jefferies Financial Group, Inc.		15,327		566,486
Kemper Corp.		1,423		97,618
KeyCorp		11,347		230,571
KKR & Co., Inc.		1,641		105,500
Lazard Ltd., Class A		9,978		472,957
Lincoln National Corp.		1,886		129,474
Loews Corp.		2,370		132,412
LPL Financial Holdings, Inc.		3,982		588,739
M&T Bank Corp.		1,576		220,656
Markel Corp.*		279		354,400
MarketAxess Holdings, Inc.		104		49,496
Marsh & McLennan Cos., Inc.		2,659		417,995
Mercury General Corp.		2,608		155,724
MetLife, Inc.		6,847		424,514
MGIC Investment Corp.		21,570		329,374
Moody’s Corp.		566		215,516
Morgan Stanley		1,473		153,825
Morningstar, Inc.		1,076		288,357
MSCI, Inc.		656		416,285
Nasdaq, Inc.		2,097		410,551
New York Community Bancorp, Inc. (a)		5,681		71,126
Northern Trust Corp.		2,075		245,929
Old Republic International Corp.		23,577		613,002
OneMain Holdings, Inc.		539		31,170
People’s United Financial, Inc.		10,523		172,893
Pinnacle Financial Partners, Inc.		2,050		198,686
PNC Financial Services Group, Inc.		1,226		234,289
Popular, Inc.		3,038		230,706
Primerica, Inc.		1,275		194,999
Principal Financial Group, Inc.		5,513		368,324
Progressive Corp.		8,636		831,992
Prosperity Bancshares, Inc.		1,487		103,912
Prudential Financial, Inc.		3,626		383,921
Raymond James Financial, Inc.		5,528		773,367
Regions Financial Corp.		13,012		265,835
Reinsurance Group of America, Inc.		1,782		206,391
RenaissanceRe Holdings Ltd.		407		63,789
Rocket Cos., Inc., Class A (a)		623		10,809
S&P Global, Inc. (a)		428		189,955
Santander Consumer USA Holdings, Inc.		1,785		74,488
SEI Investments Co.		2,863		179,825
Signature Bank		956		247,919
SLM Corp.		16,790		314,813
Starwood Property Trust, Inc. REIT		9,612		247,990
State Street Corp.		2,667		247,791
Sterling Bancorp		3,860		88,355
Stifel Financial Corp.		6,293		434,846
SVB Financial Group*		383		214,289
Synchrony Financial		14,386		715,704
Synovus Financial Corp.		2,215		95,467
T. Rowe Price Group, Inc.		4,074		912,046
Tradeweb Markets, Inc., Class A		688		59,863
Travelers Cos., Inc.		3,358		536,306
Truist Financial Corp.		3,699		211,065
Unum Group		7,580		201,780


	Number of Shares		Value
Financials (Continued)
US Bancorp		3,090	$	177,335
Virtu Financial, Inc., Class A		3,355		82,130
Voya Financial, Inc. (a)		2,276		147,894
W.R. Berkley Corp.		3,430		258,313
Webster Financial Corp.		1,831		92,502
Wells Fargo & Co.		734		33,544
Western Alliance Bancorp		1,832		178,730
White Mountains Insurance Group Ltd.		295		330,639
Willis Towers Watson PLC		1,346		297,089
Wintrust Financial Corp.		177		13,247
Zions Bancorp NA		3,837		222,162

(Cost $28,924,633)				35,231,746

Health Care — 9.6%
Abbott Laboratories		677		85,552
AbbVie, Inc.		143		17,272
ABIOMED, Inc.*		147		53,502
Acadia Healthcare Co., Inc.*		299		19,770
Agilent Technologies, Inc.		2,199		385,859
Align Technology, Inc.*		337		238,933
Amedisys, Inc.*		635		116,491
AmerisourceBergen Corp.		995		121,599
Amgen, Inc.		422		95,174
Anthem, Inc.		1,814		680,486
Avantor, Inc.*		2,500		98,600
Baxter International, Inc.		1,061		80,869
Becton Dickinson and Co.		238		59,905
Biogen, Inc.*		575		194,873
Bio-Rad Laboratories, Inc., Class A*		886		713,070
Bio-Techne Corp.		723		360,878
Boston Scientific Corp.*		1,273		57,476
Bristol-Myers Squibb Co.		891		59,572
Bruker Corp.		2,471		218,214
Cardinal Health, Inc.		3,544		186,025
Catalent, Inc.*		771		100,569
Centene Corp.*		745		46,920
Cerner Corp.		3,008		229,661
Charles River Laboratories International, Inc.*		827		367,072
Chemed Corp.		396		188,773
Cigna Corp.		1,717		363,403
Cooper Cos., Inc.		321		144,678
CureVac NV*(a)		504		33,178
CVS Health Corp.		4,440		383,572
Danaher Corp.		154		49,921
DaVita, Inc.*		3,537		462,533
DENTSPLY SIRONA, Inc.		2,225		137,282
Edwards Lifesciences Corp.*		1,927		225,806
Eli Lilly & Co.		342		88,335
Encompass Health Corp.		2,725		213,776
Envista Holdings Corp.*		1,018		43,560
Exelixis, Inc.*		445		8,531
Gilead Sciences, Inc.		614		44,687
Globus Medical, Inc., Class A*		2,295		187,272
HCA Healthcare, Inc.		1,989		503,177
Henry Schein, Inc.*		6,598		498,743
Hill-Rom Holdings, Inc.		899		130,876


	Number of Shares		Value
Health Care (Continued)
Hologic, Inc.*		3,029	$	239,745
Horizon Therapeutics PLC*		1,698		183,537
Humana, Inc.		1,089		441,502
ICU Medical, Inc.*		422		84,126
IDEXX Laboratories, Inc.*		734		494,540
Illumina, Inc.*		137		62,631
Insulet Corp.*		62		18,464
Integra LifeSciences Holdings Corp.*		1,249		93,962
Intuitive Surgical, Inc.*		163		171,730
IQVIA Holdings, Inc.*		1,125		292,196
Jazz Pharmaceuticals PLC*		2,482		326,904
Johnson & Johnson		158		27,355
Laboratory Corp. of America Holdings*		3,470		1,052,729
Maravai LifeSciences Holdings, Inc., Class A*		2,450		144,991
Masimo Corp.*		276		74,945
McKesson Corp.		2,263		461,969
Medtronic PLC		693		92,502
Merck & Co., Inc.		607		46,308
Mettler-Toledo International, Inc.*		349		541,938
Molina Healthcare, Inc.*		1,364		366,602
Neurocrine Biosciences, Inc.*		109		10,377
Organon & Co.		21,412		725,653
PerkinElmer, Inc.		3,406		629,429
Perrigo Co. PLC		434		17,772
Pfizer, Inc.		2,507		115,497
Premier, Inc., Class A		3,048		113,325
QIAGEN NV*		2,291		127,884
Quest Diagnostics, Inc.		4,196		641,275
Regeneron Pharmaceuticals, Inc.*		97		65,320
Repligen Corp.*		280		79,234
ResMed, Inc.		887		257,700
Royalty Pharma PLC, Class A		483		18,668
Seagen, Inc.*		121		20,280
STERIS PLC		816		175,448
Stryker Corp.		344		95,322
Syneos Health, Inc.*		499		46,297
Teleflex, Inc.		121		47,851
Thermo Fisher Scientific, Inc.		254		140,957
United Therapeutics Corp.*		3,145		675,798
UnitedHealth Group, Inc.		158		65,771
Universal Health Services, Inc., Class B		4,454		693,755
Veeva Systems, Inc., Class A*		274		90,963
Vertex Pharmaceuticals, Inc.*		184		36,853
Waters Corp.*		1,365		565,137
West Pharmaceutical Services, Inc.		1,227		554,138
Zimmer Biomet Holdings, Inc.		520		78,234
Zoetis, Inc.		802		164,057

(Cost $14,491,071)				19,768,116

Industrials — 17.3%
3M Co.		1,039		202,335
A O Smith Corp.		7,186		522,566
Acuity Brands, Inc.		2,044		377,179
Advanced Drainage Systems, Inc.		2,225		253,984
AECOM*		990		64,904
AGCO Corp.		5,154		709,293


	Number of Shares		Value
Industrials (Continued)
Allegion PLC		1,482	$	213,393
Allison Transmission Holdings, Inc.		2,441		90,268
AMERCO		875		578,506
AMETEK, Inc.		2,867		389,826
Armstrong World Industries, Inc.		172		17,876
Booz Allen Hamilton Holding Corp.		1,563		128,025
Builders FirstSource, Inc.*		1,179		62,829
BWX Technologies, Inc.		785		45,083
C.H. Robinson Worldwide, Inc.		2,921		263,065
CACI International, Inc., Class A*		813		209,380
Carlisle Cos., Inc.		2,250		474,165
Carrier Global Corp.		16,352		941,875
Caterpillar, Inc.		503		106,068
Cintas Corp.		537		212,528
Clean Harbors, Inc.*		1,173		120,373
Colfax Corp.*		782		37,669
Copart, Inc.*		2,986		430,940
CoStar Group, Inc.*		980		83,045
Crane Co.		1,585		161,305
CSX Corp.		6,127		199,311
Cummins, Inc.		2,383		562,340
Curtiss-Wright Corp.		953		116,056
Deere & Co.		688		260,085
Donaldson Co., Inc.		3,614		244,849
Dover Corp.		2,441		425,613
Dun & Bradstreet Holdings, Inc.*		750		13,748
Eaton Corp. PLC		2,666		448,848
Emerson Electric Co.		3,748		395,414
Equifax, Inc.		836		227,609
Expeditors International of Washington, Inc.		7,548		940,783
Fastenal Co.		7,447		415,915
FedEx Corp.		520		138,159
Flowserve Corp.		2,332		90,645
Fortive Corp.		2,505		185,044
Fortune Brands Home & Security, Inc.		3,430		333,979
FTI Consulting, Inc.*		1,825		254,971
Generac Holdings, Inc.*		1,294		565,452
General Dynamics Corp.		1,336		267,614
General Electric Co.		1,739		183,308
Graco, Inc.		5,768		452,327
GXO Logistics, Inc.*		684		55,944
HEICO Corp.		191		24,223
HEICO Corp., Class A		359		41,012
Hexcel Corp.*		358		20,302
Honeywell International, Inc.		625		144,944
Howmet Aerospace, Inc.		415		13,176
Hubbell, Inc.		1,746		359,868
Huntington Ingalls Industries, Inc.		1,435		292,984
IAA, Inc.*		874		46,427
IDEX Corp.		1,295		290,080
IHS Markit Ltd.		1,833		221,060
Illinois Tool Works, Inc.		976		227,271
ITT, Inc.		3,544		339,054
Jacobs Engineering Group, Inc.		4,740		639,710
JB Hunt Transport Services, Inc.		3,175		563,245
Johnson Controls International PLC		8,039		601,317


	Number of Shares		Value
Industrials (Continued)
Kansas City Southern		1,604	$	450,195
Kirby Corp.*		564		30,225
Knight-Swift Transportation Holdings, Inc.		4,581		237,891
L3Harris Technologies, Inc.		1,109		258,408
Landstar System, Inc.		2,277		382,604
Leidos Holdings, Inc.		1,470		144,222
Lennox International, Inc.		1,314		440,427
Lincoln Electric Holdings, Inc.		2,288		319,428
Lockheed Martin Corp.		421		151,476
ManpowerGroup, Inc.		4,386		532,548
Masco Corp.		7,016		426,012
MasTec, Inc.*		1,856		169,713
Mercury Systems, Inc.*		134		6,751
Middleby Corp.*		1,252		229,041
MSA Safety, Inc.		1,044		170,005
MSC Industrial Direct Co., Inc., Class A		2,959		249,177
Nielsen Holdings PLC		14,108		302,758
Nordson Corp.		278		66,331
Norfolk Southern Corp.		1,081		274,077
Northrop Grumman Corp.		705		259,229
nVent Electric PLC		2,192		75,317
Old Dominion Freight Line, Inc.		1,408		406,518
Oshkosh Corp.		1,332		152,621
Otis Worldwide Corp.		4,978		459,071
Owens Corning		3,482		332,705
PACCAR, Inc.		1,629		133,366
Parker-Hannifin Corp.		516		153,082
Pentair PLC (a)		8,283		639,116
Quanta Services, Inc.		13,535		1,381,924
Regal Beloit Corp.		2,101		313,931
Republic Services, Inc.		3,098		384,555
Robert Half International, Inc.		6,132		634,049
Rockwell Automation, Inc.		473		153,938
Rollins, Inc.		3,891		151,438
Roper Technologies, Inc.		203		98,106
Ryder System, Inc.		4,006		318,437
Schneider National, Inc., Class B		2,482		55,944
Science Applications International Corp.		1,213		102,171
Sensata Technologies Holding PLC*		2,960		175,173
Shoals Technologies Group, Inc., Class A*(a)		2,297		74,813
SiteOne Landscape Supply, Inc.*		970		194,097
Snap-on, Inc.		3,774		848,961
Stanley Black & Decker, Inc.		1,609		310,971
Stericycle, Inc.*		1,869		130,082
Textron, Inc.		4,339		315,315
Timken Co.		2,821		207,456
Toro Co.		5,222		574,107
Trane Technologies PLC		3,407		676,290
TransDigm Group, Inc.*		81		49,205
TransUnion		951		115,575
Trex Co., Inc.*(a)		1,233		135,334
Union Pacific Corp.		450		97,578
United Parcel Service, Inc., Class B		1,597		312,421
United Rentals, Inc.*		628		221,464
Univar Solutions, Inc.*		1,147		27,081


	Number of Shares		Value
Industrials (Continued)
Valmont Industries, Inc.		1,816	$	451,930
Verisk Analytics, Inc.		530		106,933
Vertiv Holdings Co.		3,225		90,848
W.W. Grainger, Inc.		1,066		462,324
Waste Management, Inc.		2,230		345,895
Watsco, Inc.		2,416		672,663
Westinghouse Air Brake Technologies Corp.		1,295		116,278
Woodward, Inc.		995		120,335
XPO Logistics, Inc.*		684		59,446
Xylem, Inc.		3,171		432,239

(Cost $26,452,243)				35,670,788

Information Technology — 18.9%
Accenture PLC, Class A		547		184,098
Adobe, Inc.*		126		83,626
Advanced Micro Devices, Inc.*		660		73,075
Akamai Technologies, Inc.*		2,374		268,855
Allegro MicroSystems, Inc.*		2,075		62,354
Amdocs Ltd.		10,690		823,451
Amphenol Corp., Class A		7,942		608,595
Analog Devices, Inc.		7,433		1,211,207
ANSYS, Inc.*		533		194,737
Apple, Inc.		2,091		317,477
Applied Materials, Inc.		3,635		491,198
Arista Networks, Inc.*		624		230,587
Arrow Electronics, Inc.*		7,226		875,936
Aspen Technology, Inc.*		2,574		333,333
Atlassian Corp. PLC, Class A*		259		95,069
Autodesk, Inc.*		654		202,799
Automatic Data Processing, Inc.		1,316		275,097
Avnet, Inc.		9,677		391,531
Bentley Systems, Inc., Class B (a)		3,217		207,464
Black Knight, Inc.*		349		26,409
Broadcom, Inc.		252		125,297
Broadridge Financial Solutions, Inc.		2,662		458,450
Brooks Automation, Inc.		932		79,183
Cadence Design Systems, Inc.*		3,601		588,691
CDK Global, Inc.		3,442		143,187
CDW Corp.		4,097		821,899
Ciena Corp.*		1,393		79,582
Cirrus Logic, Inc.*		2,538		212,354
Cisco Systems, Inc.		1,934		114,145
Citrix Systems, Inc.		977		100,504
Cognex Corp.		1,861		164,922
Cognizant Technology Solutions Corp., Class A		15,280		1,166,017
CommScope Holding Co., Inc.*		1,411		22,294
Concentrix Corp.*		1,196		207,374
Corning, Inc.		11,988		479,400
Datto Holding Corp.*		628		16,014
Dell Technologies, Inc., Class C*		11,680		1,138,333
DocuSign, Inc.*		106		31,401
Dolby Laboratories, Inc., Class A		4,409		436,976
Dropbox, Inc., Class A*		2,691		85,332
Duck Creek Technologies, Inc.*		1,289		60,106
DXC Technology Co.*		1,662		61,029


	Number of Shares		Value
Information Technology (Continued)
Entegris, Inc.		4,780	$	574,269
EPAM Systems, Inc.*		2,004		1,268,151
Euronet Worldwide, Inc.*		145		19,318
F5 Networks, Inc.*		2,680		545,568
Fair Isaac Corp.*		167		76,777
Fidelity National Information Services, Inc.		282		36,031
FireEye, Inc.*		915		16,644
First Solar, Inc.*		861		80,934
Fiserv, Inc.*		605		71,263
Five9, Inc.*		89		14,082
FleetCor Technologies, Inc.*		255		67,136
Fortinet, Inc.*		2,052		646,667
Gartner, Inc.*		3,516		1,085,530
Genpact Ltd.		4,203		218,052
Global Payments, Inc.		293		47,654
Globant SA*		268		86,371
GoDaddy, Inc., Class A*		320		23,459
Guidewire Software, Inc.*		165		19,546
Hewlett Packard Enterprise Co.		46,407		717,452
HP, Inc.		87,325		2,597,045
HubSpot, Inc.*		131		89,666
Intel Corp.		1,587		85,793
International Business Machines Corp.		2,182		306,222
Intuit, Inc.		739		418,355
IPG Photonics Corp.*		494		84,316
Jabil, Inc.		10,712		661,787
Jack Henry & Associates, Inc.		404		71,258
Jamf Holding Corp.*(a)		1,108		38,946
Juniper Networks, Inc.		6,332		183,501
Keysight Technologies, Inc.*		1,580		283,420
KLA Corp.		2,413		820,323
Lam Research Corp.		508		307,249
Littelfuse, Inc.		550		156,970
Lumentum Holdings, Inc.*(a)		124		10,743
Manhattan Associates, Inc.*		949		154,678
Marvell Technology, Inc.		3,373		206,394
Mastercard, Inc., Class A		40		13,849
McAfee Corp., Class A		1,380		36,653
Microchip Technology, Inc.		1,038		163,340
Micron Technology, Inc.*		3,452		254,412
Microsoft Corp.		574		173,279
MKS Instruments, Inc.		1,246		183,386
Monolithic Power Systems, Inc.		1,178		583,028
Motorola Solutions, Inc.		2,099		512,618
National Instruments Corp.		2,208		92,339
NCR Corp.*		4,197		178,289
NetApp, Inc.		17,127		1,523,104
NortonLifeLock, Inc.		7,877		209,213
Nuance Communications, Inc.*		7,667		422,068
NVIDIA Corp.		120		26,862
NXP Semiconductors NV		1,489		320,329
ON Semiconductor Corp.*		1,432		63,524
Oracle Corp.		1,949		173,714
Palo Alto Networks, Inc.*		681		313,968
Paychex, Inc.		4,036		462,001
Paycom Software, Inc.*		148		72,357


	Number of Shares		Value
Information Technology (Continued)
Paylocity Holding Corp.*		141	$	37,957
PayPal Holdings, Inc.*		110		31,753
Paysafe Ltd.*		4,071		34,441
Proofpoint, Inc.*(b)		825		145,200
PTC, Inc.*		1,075		141,534
Qorvo, Inc.*		4,884		918,339
QUALCOMM, Inc.		1,039		152,411
salesforce.com, Inc.*		249		66,052
ServiceNow, Inc.*		206		132,590
Skyworks Solutions, Inc.		2,645		485,252
Snowflake, Inc., Class A*		56		17,044
Square, Inc., Class A*(a)		149		39,942
SS&C Technologies Holdings, Inc.		2,908		220,019
Switch, Inc., Class A (a)		1,207		29,946
SYNNEX Corp.		4,119		523,401
Synopsys, Inc.*		1,712		568,795
Teledyne Technologies, Inc.*		315		145,965
Teradata Corp.*		3,593		196,501
Teradyne, Inc.		4,725		573,804
Texas Instruments, Inc.		1,949		372,084
Trimble, Inc.*		3,107		292,742
Tyler Technologies, Inc.*		682		331,247
Ubiquiti, Inc. (a)		56		18,220
Unity Software, Inc.*(a)		266		33,715
Universal Display Corp.		294		61,325
VeriSign, Inc.*		1,061		229,452
Viasat, Inc.*		617		31,862
Visa, Inc., Class A (a)		82		18,786
VMware, Inc., Class A*(a)		1,180		175,667
Vontier Corp.		7,718		280,704
Western Digital Corp.*		1,125		71,100
Western Union Co.		7,214		156,111
WEX, Inc.*		121		22,212
Workday, Inc., Class A*		427		116,639
Xerox Holdings Corp.		4,192		94,362
Xilinx, Inc.		2,053		319,426
Zebra Technologies Corp., Class A*		879		516,122
Zendesk, Inc.*(a)		321		39,676

(Cost $28,596,565)				39,061,689

Materials — 7.9%
Air Products and Chemicals, Inc.		806		217,225
Albemarle Corp.		1,503		355,820
Alcoa Corp.*		1,445		64,115
Amcor PLC		23,534		302,412
AptarGroup, Inc.		1,759		237,113
Ardagh Group SA		601		15,788
Ashland Global Holdings, Inc.		234		21,320
Avery Dennison Corp.		2,941		662,872
Axalta Coating Systems Ltd.*		2,646		80,809
Ball Corp.		1,783		171,097
Berry Global Group, Inc.*		8,231		552,876
Celanese Corp.		6,609		1,048,187
CF Industries Holdings, Inc.		6,008		272,883
Chemours Co. (a)		1,088		36,459
Corteva, Inc.		12,202		536,522
Crown Holdings, Inc.		4,516		495,812


	Number of Shares		Value
Materials (Continued)
Dow, Inc.		3,593	$	226,000
DuPont de Nemours, Inc.		1,845		136,567
Eagle Materials, Inc.		4,040		633,634
Eastman Chemical Co.		4,794		542,489
Ecolab, Inc.		428		96,454
Element Solutions, Inc.		6,092		138,471
FMC Corp.		1,070		100,184
Freeport-McMoRan, Inc.		1,756		63,901
Graphic Packaging Holding Co.		11,874		243,654
Huntsman Corp.		9,728		257,111
International Flavors & Fragrances, Inc.		464		70,296
International Paper Co.		18,376		1,104,214
Louisiana-Pacific Corp.		7,822		496,228
LyondellBasell Industries NV, Class A		1,803		180,931
Martin Marietta Materials, Inc.		1,106		421,662
Mosaic Co.		6,386		205,501
NewMarket Corp.		75		26,230
Newmont Corp.		5,403		313,320
Nucor Corp.		8,621		1,013,485
Olin Corp.		706		35,187
Packaging Corp. of America		3,345		507,437
PPG Industries, Inc.		2,231		355,956
Reliance Steel & Aluminum Co.		5,490		823,720
Royal Gold, Inc.		582		64,794
RPM International, Inc.		1,916		157,668
Scotts Miracle-Gro Co.		2,569		402,896
Sealed Air Corp.		7,076		431,848
Sherwin-Williams Co.		1,053		319,765
Silgan Holdings, Inc.		2,919		123,853
Sonoco Products Co.		4,494		293,458
Southern Copper Corp.		1,048		65,594
Steel Dynamics, Inc.		5,756		388,472
Valvoline, Inc.		4,226		127,456
Vulcan Materials Co.		1,405		261,232
W.R. Grace & Co.		943		65,671
Westlake Chemical Corp.		1,172		102,374
Westrock Co.		8,900		463,156

(Cost $12,966,781)				16,332,179

Real Estate — 5.2%
Alexandria Real Estate Equities, Inc. REIT		583		120,314
American Campus Communities, Inc. REIT		1,069		54,359
American Homes 4 Rent, Class A REIT		2,685		112,609
American Tower Corp. REIT		112		32,723
Americold Realty Trust REIT		993		36,483
Apartment Income REIT Corp. REIT		1,614		82,024
AvalonBay Communities, Inc. REIT		1,362		312,688
Boston Properties, Inc. REIT		2,229		251,855
Brixmor Property Group, Inc. REIT		4,309		101,046
Camden Property Trust REIT		908		136,236
CBRE Group, Inc., Class A*		9,927		955,970
CoreSite Realty Corp. REIT		344		51,039
Cousins Properties, Inc. REIT		2,459		94,819
Crown Castle International Corp. REIT		323		62,885
CubeSmart REIT		6,580		352,030
CyrusOne, Inc. REIT		245		18,860


	Number of Shares		Value
Real Estate (Continued)
Digital Realty Trust, Inc. REIT		342	$	56,057
Douglas Emmett, Inc. REIT		1,057		34,892
Duke Realty Corp. REIT		3,777		198,330
Equinix, Inc. REIT		47		39,642
Equity LifeStyle Properties, Inc. REIT		1,549		131,773
Equity Residential REIT		3,489		293,320
Essex Property Trust, Inc. REIT		770		254,670
Extra Space Storage, Inc. REIT		3,265		610,261
Federal Realty Investment Trust REIT		730		88,892
First Industrial Realty Trust, Inc. REIT		3,468		194,173
Gaming and Leisure Properties, Inc. REIT		1,175		57,928
Healthcare Trust of America, Inc., Class A REIT		1,208		36,639
Healthpeak Properties, Inc. REIT		3,983		143,388
Highwoods Properties, Inc. REIT		3,542		161,834
Howard Hughes Corp.*		200		18,106
Hudson Pacific Properties, Inc. REIT		629		16,593
Invitation Homes, Inc. REIT		2,571		105,874
Iron Mountain, Inc. REIT		10,703		511,068
Jones Lang LaSalle, Inc.*		3,112		754,442
Kilroy Realty Corp. REIT		990		64,994
Kimco Realty Corp. REIT		22,795		496,703
Lamar Advertising Co., Class A REIT		1,665		189,527
Life Storage, Inc. REIT		2,362		293,927
Medical Properties Trust, Inc. REIT		4,130		84,582
Mid-America Apartment Communities, Inc. REIT		1,269		244,118
National Retail Properties, Inc. REIT		2,336		111,217
Omega Healthcare Investors, Inc. REIT		556		18,643
Prologis, Inc. REIT		896		120,655
Public Storage REIT		1,649		533,633
Rayonier, Inc. REIT		2,257		83,012
Realty Income Corp. REIT (a)		896		64,709
Regency Centers Corp. REIT		1,031		70,747
Rexford Industrial Realty, Inc. REIT (a)		1,199		74,254
SBA Communications Corp. REIT		51		18,307
Simon Property Group, Inc. REIT		1,046		140,635
SL Green Realty Corp. REIT (a)		2,772		194,262
Spirit Realty Capital, Inc. REIT		777		40,225
STORE Capital Corp. REIT		2,182		78,705
Sun Communities, Inc. REIT		461		92,887
UDR, Inc. REIT		1,897		102,476
Ventas, Inc. REIT		852		47,661
VEREIT, Inc. REIT		1,850		93,481
VICI Properties, Inc. REIT (a)		7,328		226,508
Welltower, Inc. REIT		551		48,229
Weyerhaeuser Co. REIT		13,861		498,996
WP Carey, Inc. REIT (a)		1,674		130,773

(Cost $8,299,924)				10,647,688

Utilities — 4.3%
AES Corp.		28,012		668,646
Alliant Energy Corp.		3,427		208,327
Ameren Corp.		3,631		318,511
American Electric Power Co., Inc.		2,764		247,571
American Water Works Co., Inc.		1,441		262,622
Atmos Energy Corp.		1,195		116,524


	Number of Shares		Value
Utilities (Continued)
Avangrid, Inc. (a)		1,477	$	80,718
Brookfield Renewable Corp., Class A (a)		1,031		45,168
CenterPoint Energy, Inc. (a)		8,021		201,247
CMS Energy Corp.		3,072		197,007
Consolidated Edison, Inc.		3,112		234,800
Dominion Energy, Inc.		1,058		82,355
DTE Energy Co.		4,502		541,771
Duke Energy Corp.		2,859		299,223
Edison International		2,654		153,507
Entergy Corp.		3,040		336,254
Essential Utilities, Inc.		954		47,347
Evergy, Inc.		3,406		233,141
Eversource Energy		1,670		151,519
Exelon Corp.		8,755		429,170
FirstEnergy Corp.		3,438		133,635
Hawaiian Electric Industries, Inc.		3,616		157,658
IDACORP, Inc.		1,530		161,186
MDU Resources Group, Inc.		12,306		395,884
National Fuel Gas Co.		3,181		164,808
NextEra Energy, Inc.		1,162		97,596
NiSource, Inc.		6,194		152,682
NRG Energy, Inc.		3,165		144,546
OGE Energy Corp.		3,220		114,020
Pinnacle West Capital Corp.		3,014		231,777
PPL Corp.		10,934		320,913
Public Service Enterprise Group, Inc.		8,040		514,078
Sempra Energy		2,333		308,796
Southern Co.		4,731		310,969
UGI Corp.		8,583		397,479
Vistra Corp.		3,207		61,222
WEC Energy Group, Inc.		2,229		210,596
Xcel Energy, Inc.		3,125		214,844

(Cost $7,899,899)				8,948,117

TOTAL COMMON STOCKS (Cost $159,988,321)				205,738,324

SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $639,018)		639,018		639,018

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $426,619)		426,619		426,619


TOTAL INVESTMENTS — 100.3% (Cost $161,053,958)			$	206,803,961
Other assets and liabilities, net — (0.3%)				(644,199	)

NET ASSETS — 100.0%			$	206,159,762

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2021 is as follows:

During the period ended August 31, 2021, the amount of transfers from Level 1 to Level 3 was $64,486. 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.

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 August 31, 2021, the Trust consists of thirty-five 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 FTSE Developed ex US Comprehensive Factor 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 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 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 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.

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

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

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

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

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.

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. Prior to March 1, 2021 it was the policy of Xtrackers MSCI Kokusai Equity ETF to pay out dividends from its net investment income, if any, to investors annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended August 31, 2021, the Funds did not incur any interest or penalties.

As of August 31, 2021, the components of accumulated earnings (losses) on a tax basis were as follows:

The tax character of dividends and distributions declared for the years ended August 31, 2021 and August 31, 2020 were as follows:

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.

For the fiscal year ended August 31, 2021, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind and equalization.

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:

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 August 31, 2021, 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 year ended August 31, 2021, 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 (0.02% annualized effective rate as of August 31, 2021) 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 August 31, 2021, 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 year ended August 31, 2021, 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.

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 August 31, 2021 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 August 31, 2021 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended August 31, 2021 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

For the year ended August 31, 2021 the average monthly volume of derivatives was as follows:

invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

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

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary advisory fee 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 17, 2021, 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 year ended August 31, 2021, the Advisor waived $79,763 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 year ended August 31, 2021, 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 year ended August 31, 2021, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

For the year ended August 31, 2021, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

As of August 31, 2021, 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.

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.

Xtrackers FTSE Developed ex US Multifactor ETF (formerly Xtrackers FTSE Developed ex US Comprehensive Factor ETF), Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF (formerly Xtrackers Russell 1000 Comprehensive Factor ETF) and the Board of Trustees of DBX ETF Trust

We have audited the accompanying statements of assets and liabilities of Xtrackers FTSE Developed ex US Multifactor ETF (formerly Xtrackers FTSE Developed Ex US Comprehensive Factor ETF), Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell 1000 US Quality at a Reasonable Price ETF and Xtrackers Russell US Multifactor ETF (formerly Xtrackers Russell 1000 Comprehensive Factor ETF) (collectively referred to as the “Funds”), (four of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2021, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting DBX ETF Trust) at August 31, 2021, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

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

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

procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2021, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

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

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

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

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

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

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

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

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

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

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

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

* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

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

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. 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.

War, terrorism, economic uncertainty, trade disputes, public health crises (including the ongoing pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. 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 Deutsche Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.

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 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.

Copyright © 2021 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 annual report for seven of our equity ETFs tracking the environmental, social, and governance (ESG) market for the period ended August 31, 2021.

The global economy staged a rebound from its post-pandemic recession, supported by accommodative fiscal and monetary policies, rapid vaccination rollouts, favorable economic data, and corporate earnings results. Major economies, such as the U.S. and China, witnessed more pronounced recovery, while most developing nations continued to grapple with the emerging “Delta” variant of the virus. The Eurozone economy posted positive growth in Q2 2021 after contracting for two consecutive quarters driven by largely burgeoning household spending.

According to Citigroup, in 2020, half of new EMEA passive funds were launched as “sustainable” funds — passive funds linked to ESG goals. Demand for ESG investments has accelerated in recent years, particularly in Europe, partly driven by growing evidence that companies that perform well on various ESG criteria tend to outperform over the longer term. With advancements in technology, such as artificial intelligence, and the regulatory landscape becoming clearer, ESG-mandated assets are on their way to reaching almost USD35tn by 2025, according to Deloitte. Equities remained the most popular asset class for sustainable investment, due mainly to an increase in the number of sustainable products, market appreciation, and positive inflows.

In the U.S., a favorable unemployment rate along with healthy corporate earnings results, drove a surge in markets in H1 2021. Biden’s administrative policies toward climate change proved to be a growth catalyst in the alternative energy space. The USD2.3tn infrastructure plan is expected to provide a huge impetus to ESG-oriented companies. The growing preference for electric vehicles (EVs) over combustion engines has been at the forefront of this “green revolution.” The industry has seen a massive inflow of funds, prompted partly by government policies to pare carbon emissions. The Eurozone economy began its recovery as lockdown restrictions were eased, shoring up key pandemic-affected sectors, especially the hospitality sector. In its pursuit to become the global bellwether in green initiatives, the European Union (EU) is aiming to cut net CO₂ emissions to zero by 2050 to retard climate change. Given the supply-demand imbalance in the market, prices in the “green” sector have seen a significant escalation, with ESG funds turning out to be one of the most crowded trades.

Developments with vaccine administration in emerging markets were mixed, but generally lagged behind those in developed markets. China still leads in sustainable investing among the emerging markets. Following President Xi Jinping’s announcement of China’s net carbon neutrality goals, net flow into ESG funds jumped dramatically in Q4 2020. However, net inflow dipped in H1 2021. Strong performance of many sustainable funds in China, coupled with the government’s new crackdown on national security, technology, and monopolies, led many investors toward profit booking.

While vaccination rollouts in developed nations have been swift, progress remains slow in other parts of the world, and new coronavirus variants, such as “Delta,” remain a viable threat. Accelerating inflation in the U.S. and some emerging markets points to a possible bumpy transition from ultra-low interest rates and easy financing conditions to a post-pandemic “normalized” state. On the ESG front, sustainable investing has only gotten bigger, gathering more steam. The pandemic has shown investors that companies with robust ESG characteristics have, on average, better tools to cope with the changing political and economic environment.

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 Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR)

The Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (EMCR), 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 “EMCR Index”). The EMCR 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 fund’s performance reflects the result of the current strategy and the strategy in place prior to August 18, 2021, when the MSCI ACWI ex USA ESG Leaders Equity ETF’s name changed to Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF and the Fund’s ticker symbol changed to EMCR. At that time the underlying index replaced the MSCI ACWI ex USA ESG Leaders Index which provides exposure to companies in the developed and emerging markets that exhibit high Environmental, Social and Governance (ESG) performance relative to their sector peers. For the 12-month period ended August 31, 2021 EMCR shares returned 26.80%, compared to the EMCR Index return of 27.32%.

All sectors contributed positively to performance during the period with the greatest contributions coming from Financials, Information Technology and Industrials. From a geographical perspective, Japan, Canada and Taiwan were the major positive contributors, while the United States, Hong Kong and Malaysia contributed negatively to performance.

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG), seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE ESG Leaders Index. (the EASG Index). The EASG Index provides exposure to companies across developed market countries, (except the United States and Canada) that exhibit high environmental, social and governance (ESG) performance relative to their sector peers. For the 12-month period ended August 31, 2021 EASG shares returned 25.28%, compared to the EASG Index return of 25.37%.

All sectors contributed positively to performance during the period with the greatest contributions coming from Financials, Industrials and Information Technology. From a geographical perspective, all the countries contributed positively with the greatest contribution coming from Japan, Netherlands and France.

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG), seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets ESG Leaders Index (the EMSG Index). The EMSG Index is designed to provide exposure to large and mid-sized companies across emerging markets that exhibit high Environmental, Social and Governance (ESG) performance relative to its sector peers. For the 12-month period ended August 31, 2021, EMSG shares returned 18.43%, compared to the EMSG Index return of 18.74%.

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Financials and Materials. The Consumer Discretionary and Real Estate sectors were the only negative contributors to performance. From a geographical perspective, Taiwan, India and Korea were the major positive contributors, while the United States, Hong Kong and Netherlands contributed negatively to performance.

Xtrackers MSCI USA ESG Leaders Equity ETF (USSG), seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI USA ESG Leaders Index (the USSG Index). The USSG Index is designed to provide exposure to large and medium sized companies in US markets that exhibit high Environmental, Social and Governance (ESG) performance relative to its sector peers. For the 12-month period ended August 31, 2021, USSG shares returned 33.48%, compared to the USSG Index return of 33.59%.

All sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Communication Services and Financials.

Xtrackers S&P 500 ESG ETF (SNPE), seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P 500 ESG Index (the SNPE Index). The SNPE Index measures the

performance of securities that fulfills sustainability criteria, while preserving similar overall industry group weights as S&P 500 index. For the 12-month period ended August 31, 2021 SNPE shares returned 30.16%, compared to the SNPE Index return of 30.27%.

All sectors contributed positively to performance during the period with the greatest contributions coming from Information Technology, Financials and Communication Services.

Xtrackers S&P MidCap 400 ESG ETF (MIDE), seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P MidCap 400 ESG Index (the MIDE Index). The MIDE Index measures the performance of securities that fulfills sustainability criteria, while preserving similar overall industry group weights as S&P MidCap 400 Index. For the period February 24, 2021 (commencement of operations) to August 31, 2021 MIDE shares returned 9.92%, compared to the MIDE Index return of 10.01%.

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Industrials, Consumer Discretionary and Real Estate. The Communication Services sector was the only negative contributor to performance.

Xtrackers S&P SmallCap 600 ESG ETF (SMLE), seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P SmallCap 600 ESG Index (the SMLE Index). The SMLE Index measures the performance of securities that fulfills sustainability criteria, while preserving similar overall industry group weights as S&P SmallCap 600 Index. For the period February 24, 2021 (commencement of operations) to August 31, 2021 MIDE shares returned 7.01%, compared to the MIDE Index return of 7.10%.

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Consumer Discretionary, Industrials and Information Technology. The Energy and Materials’ sectors were the only negative contributors to performance.

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-19 of this report for additional performance information, including performance data based on market value.

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. On August 18, 2021 the Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF name changed to Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF and the Fund’s ticker symbol cahnged to EMCR. At that time, the Underlying Index replaced the MSCI ACWI ex USA ESG Leaders Index which is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and is constructed using regional indexes that provide exposure to large- and medium-capitalization companies from developed and emerging markets countries (excluding the United States). It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, December 6, 2018 (“Inception”).

² On August 18, 2021, the Fund changed its Underlying Index from MSCI ACWI ex USA ESG Leaders Index to the Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR. Returns reflect performance for the MSCI ACWI ex USA ESG Leaders Index through August 17, 2021.

Prior to August 18, 2021, the Fund was known as Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (ASCG) and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated August 18, 2021, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

* 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 21.

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.

¹ Total returns are calculated based on the commencement of operations, September 6, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 18, 2020, was 0.14%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 34.

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.

¹ Total returns are calculated based on the commencement of operations, December 6, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 18, 2020, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

* As a percent of total investments excluding 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 40.

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.

¹ Total returns are calculated based on the commencement of operations, March 7, 2019 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 18, 2020, was 0.10%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 48.

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.

¹ Total returns are calculated based on the commencement of operations, June 26, 2019 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 18, 2020, was 0.11%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 52.

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.

¹ Total returns are calculated based on the commencement of operations, February 24, 2021 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated January 26, 2021, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 57.

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.

¹ Total returns are calculated based on the commencement of operations, February 24, 2021 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated January 26, 2021, was 0.15%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

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

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

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 (March 1, 2021 to August 31, 2021).


	Number of Shares		Value
COMMON STOCKS — 97.7%
Argentina — 0.0%
Despegar.com Corp.* (a)		4,860	$	58,271
Grupo Financiero Galicia SA, ADR		9,725		104,836
Telecom Argentina SA, ADR		12,010		67,376

(Cost $219,693)				230,483

Brazil — 3.2%
Ambev SA		251,903		841,391
Americanas SA*		32,935		266,076
Atacadao SA		14,300		50,697
B3 SA — Brasil Bolsa Balcao		582,206		1,600,070
Banco Bradesco SA		128,782		501,590
Banco BTG Pactual SA		113,857		628,492
Banco do Brasil SA		82,177		488,450
Banco Inter SA		34,137		452,022
Banco Santander Brasil SA		32,709		267,956
BB Seguridade Participacoes SA		66,448		247,385
BRF SA*		32,937		150,674
CCR SA		40,712		97,415
Cia de Saneamento Basico do Estado de Sao Paulo		20,303		143,284
Cia Siderurgica Nacional SA		25,737		175,248
Cielo SA		109,852		61,583
Energisa SA		17,730		153,662
Equatorial Energia SA		31,220		155,199
Hapvida Participacoes e Investimentos SA, 144A		79,313		228,045
Hypera SA		28,307		196,674
Itau Unibanco Holding SA		42,145		235,687
Klabin SA*		37,854		194,536
Localiza Rent a Car SA		34,137		369,806
Lojas Renner SA		55,868		415,337
Magazine Luiza SA		158,000		562,924
Multiplan Empreendimentos Imobiliarios SA		21,157		87,198
Natura & Co. Holding SA*		85,263		859,700
Notre Dame Intermedica Participacoes SA		42,714		666,964
Pagseguro Digital Ltd., Class A* (a)		15,442		918,336
Raia Drogasil SA		111,854		558,445
Rede D’Or Sao Luiz SA, 144A		59,586		800,990
Rumo SA*		124,493		455,218
Sendas Distribuidora SA		63,589		208,794
StoneCo Ltd., Class A*		12,012		559,038
Suzano SA*		44,718		532,820
Telefonica Brasil SA		24,589		210,033
TIM SA		33,223		80,858
Via S/A*		118,434		240,359
WEG SA		83,318		578,720
XP, Inc., Class A*		11,438		556,459

(Cost $15,657,905)				15,798,135

Chile — 0.3%
Banco de Chile		2,628,237		256,465
Banco de Credito e Inversiones SA		6,003		259,664
Banco Santander Chile		6,352,322		335,178
Cencosud SA		78,746		148,357


	Number of Shares		Value
Chile (Continued)
Cencosud Shopping SA		25,000	$	35,486
Empresas CMPC SA		61,859		137,216
Falabella SA		50,148		198,340

(Cost $1,338,086)				1,370,706

China — 34.0%
360 Security Technology, Inc., Class A*		23,500		43,343
51job, Inc., ADR* (a)		3,431		263,501
AAC Technologies Holdings, Inc.		42,713		238,077
Agile Group Holdings Ltd.		56,152		64,402
Agricultural Bank of China Ltd., Class A		476,600		218,651
Agricultural Bank of China Ltd., Class H		2,648,998		888,977
Aier Eye Hospital Group Co. Ltd., Class A		18,700		122,309
Air China Ltd., Class A*		76,800		86,180
Air China Ltd., Class H*		144,847		97,218
Airtac International Group		4,577		139,555
Alibaba Group Holding Ltd., ADR*		106,247		17,742,187
A-Living Smart City Services Co. Ltd., 144A		49,294		195,215
Aluminum Corp. of China Ltd., Class A*		105,400		127,421
Aluminum Corp. of China Ltd., Class H*		249,044		180,602
Angang Steel Co. Ltd., Class A		134,500		118,824
Angang Steel Co. Ltd., Class H		139,129		106,440
Anhui Conch Cement Co. Ltd., Class A		28,600		177,132
Anhui Conch Cement Co. Ltd., Class H		62,729		339,562
ANTA Sports Products Ltd.		63,587		1,308,147
Autohome, Inc., ADR		3,430		151,812
Baidu, Inc., ADR*		16,300		2,559,426
Bank of Beijing Co. Ltd., Class A		129,600		87,177
Bank of China Ltd., Class A		187,300		87,960
Bank of China Ltd., Class H		4,719,911		1,656,780
Bank of Communications Co. Ltd., Class A		288,500		197,639
Bank of Communications Co. Ltd., Class H		658,299		378,355
Bank of Jiangsu Co. Ltd., Class A		91,200		90,889
Bank of Nanjing Co. Ltd., Class A		52,600		76,471
Bank of Ningbo Co. Ltd., Class A		28,600		143,177
Bank of Shanghai Co. Ltd., Class A		91,200		101,914
Baoshan Iron & Steel Co. Ltd., Class A		86,200		136,140
BBMG Corp., Class A		231,100		97,068
BeiGene Ltd., ADR*		4,287		1,321,682
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		211,500		155,708
Bilibili, Inc., ADR* (a)		13,727		1,101,317
BOE Technology Group Co. Ltd., Class A		153,700		138,644
BYD Co. Ltd., Class A		5,700		244,715
BYD Co. Ltd., Class H		47,292		1,601,665
By-health Co. Ltd., Class A		3,000		11,694
CanSino Biologics, Inc., Class H, 144A*		3,717		146,915
CGN Power Co. Ltd., Class A		35,000		14,375
CGN Power Co. Ltd., Class H, 144A		1,286,326		284,477
Changchun High & New Technology Industry Group, Inc., Class A		1,000		39,560
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		2,700		80,983

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


	Number of Shares		Value
China (Continued)
China Bohai Bank Co. Ltd., Class H, 144A		192,887	$	78,372
China Cinda Asset Management Co. Ltd., Class H		415,336		73,697
China CITIC Bank Corp. Ltd., Class H		503,513		231,773
China Conch Venture Holdings Ltd.		67,875		277,527
China Construction Bank Corp., Class A		86,200		78,157
China Construction Bank Corp., Class H		8,816,388		6,370,820
China Eastern Airlines Corp. Ltd., Class A*		38,500		28,046
China Everbright Bank Co. Ltd., Class A		221,200		114,851
China Everbright Bank Co. Ltd., Class H		366,487		131,471
China Evergrande Group (a)		113,630		63,701
China Feihe Ltd., 144A		88,694		160,570
China Galaxy Securities Co. Ltd., Class H		233,885		131,417
China Hongqiao Group Ltd.		137,414		204,954
China International Capital Corp. Ltd., Class H, 144A		120,152		279,317
China International Marine Containers Group Co. Ltd., Class H		36,139		79,180
China Lesso Group Holdings Ltd.		81,890		175,207
China Life Insurance Co. Ltd., Class A		23,500		105,043
China Life Insurance Co. Ltd., Class H		691,728		1,158,016
China Literature Ltd., 144A*		33,224		278,955
China Merchants Bank Co. Ltd., Class A		124,800		947,025
China Merchants Bank Co. Ltd., Class H		391,032		3,230,381
China Merchants Securities Co. Ltd., Class A		43,000		121,029
China Merchants Securities Co. Ltd., Class H, 144A		19,400		29,334
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		8,800		13,585
China Minsheng Banking Corp. Ltd., Class A		173,000		106,449
China Minsheng Banking Corp. Ltd., Class H		353,155		147,576
China Molybdenum Co. Ltd., Class H		202,036		157,943
China National Building Material Co. Ltd., Class H		202,326		276,797
China National Nuclear Power Co. Ltd., Class A		124,800		105,999
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		18,700		168,190
China Pacific Insurance Group Co. Ltd., Class A		33,400		136,147
China Pacific Insurance Group Co. Ltd., Class H		138,139		388,981
China Railway Group Ltd., Class A		139,500		121,727
China Railway Group Ltd., Class H		240,751		115,464
China Railway Signal & Communication Corp. Ltd., Class H, 144A		278,779		101,083
China Resources Mixc Lifestyle Services Ltd., 144A		36,136		189,802
China Resources Pharmaceutical Group Ltd., 144A		44,163		22,998
China Southern Airlines Co. Ltd., Class H*		166,008		96,693


	Number of Shares		Value
China (Continued)
China State Construction Engineering Corp. Ltd., Class A		206,700	$	153,776
China Tower Corp. Ltd., Class H, 144A		2,012,468		263,935
China Vanke Co. Ltd., Class A		52,600		161,420
China Vanke Co. Ltd., Class H		102,545		276,887
China Yangtze Power Co. Ltd., Class A		129,600		388,479
Chongqing Changan Automobile Co. Ltd., Class A		23,500		75,104
Chongqing Rural Commercial Bank Co. Ltd., Class H		196,892		75,442
Chongqing Zhifei Biological Products Co. Ltd., Class A		5,800		159,113
CIFI Holdings Group Co. Ltd.		216,158		145,637
CITIC Securities Co. Ltd., Class A		52,600		209,356
CITIC Securities Co. Ltd., Class H		116,267		294,504
Contemporary Amperex Technology Co. Ltd., Class A		14,200		1,089,144
COSCO SHIPPING Holdings Co. Ltd., Class A*		47,700		153,332
COSCO SHIPPING Holdings Co. Ltd., Class H* (a)		189,169		357,549
Country Garden Holdings Co. Ltd.		484,646		535,909
Country Garden Services Holdings Co. Ltd.		98,703		751,947
CSC Financial Co. Ltd., Class H, 144A		80,748		88,459
Dada Nexus Ltd., ADR*		17,728		419,799
Dali Foods Group Co. Ltd., 144A		110,428		61,906
Dongfeng Motor Group Co. Ltd., Class H		96,413		105,619
East Money Information Co. Ltd., Class A		38,200		183,244
Ecovacs Robotics Co. Ltd., Class A		1,300		29,556
Eve Energy Co. Ltd., Class A		9,300		147,024
Everbright Securities Co. Ltd., Class A		33,400		82,309
Evergrande Property Services Group Ltd., 144A * (a)		222,737		167,253
Flat Glass Group Co. Ltd., Class H		36,994		215,951
Foshan Haitian Flavouring & Food Co. Ltd., Class A		4,300		63,300
Foxconn Industrial Internet Co. Ltd., Class A		43,000		76,510
Fuyao Glass Industry Group Co. Ltd., Class A		9,300		69,044
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		28,935		178,208
Ganfeng Lithium Co. Ltd., Class A		4,300		146,621
Ganfeng Lithium Co. Ltd., Class H, 144A		12,870		296,541
Gaotu Techedu, Inc., ADR* (a)		24,020		69,178
GDS Holdings Ltd., ADR*		17,157		1,003,341
GF Securities Co. Ltd., Class A		30,900		90,947
GF Securities Co. Ltd., Class H		66,907		119,063
GoerTek, Inc., Class A		7,500		54,100
Gotion High-tech Co. Ltd., Class A*		3,500		29,158
Great Wall Motor Co. Ltd., Class A		4,900		50,215
Great Wall Motor Co. Ltd., Class H		119,866		551,756
Guangdong Haid Group Co. Ltd., Class A		4,300		42,820
Guangzhou Automobile Group Co. Ltd., Class H		96,413		97,066

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


	Number of Shares		Value
China (Continued)
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		21,700	$	99,083
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		2,000		32,703
Guangzhou R&F Properties Co. Ltd., Class H		31,229		26,662
Guangzhou Tinci Materials Technology Co. Ltd., Class A		4,300		90,779
Guosen Securities Co. Ltd., Class A		40,500		76,581
Guotai Junan Securities Co. Ltd., Class A		47,700		131,301
Guotai Junan Securities Co. Ltd., Class H, 144A		48,149		67,357
Haidilao International Holding Ltd., 144A (a)		52,439		213,738
Haier Smart Home Co. Ltd., Class A		28,600		119,950
Haier Smart Home Co. Ltd., Class H		123,293		464,488
Haitong Securities Co. Ltd., Class A		59,100		116,423
Haitong Securities Co. Ltd., Class H		155,249		143,525
Hangzhou First Applied Material Co. Ltd., Class A		7,600		179,045
Hangzhou Tigermed Consulting Co. Ltd., Class A		4,300		89,359
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		6,002		106,498
Hansoh Pharmaceutical Group Co. Ltd., 144A		72,453		197,963
Hello Group, Inc., ADR		10,297		135,303
Hengan International Group Co. Ltd.		35,853		207,908
HengTen Networks Group Ltd.* (a)		394,177		193,608
Hua Hong Semiconductor Ltd., 144A*		58,441		344,153
Huadong Medicine Co. Ltd., Class A		14,200		67,677
Huatai Securities Co. Ltd., Class A		43,500		110,436
Huatai Securities Co. Ltd., Class H, 144A		77,501		111,209
Huaxia Bank Co. Ltd., Class A		67,100		58,239
Huaxin Cement Co. Ltd., Class B		31,500		55,188
Huazhu Group Ltd., ADR*		5,719		276,171
Hunan Valin Steel Co. Ltd., Class A		76,800		92,846
Hundsun Technologies, Inc., Class A		4,300		33,030
HUYA, Inc., ADR* (a)		7,148		76,412
Iflytek Co. Ltd., Class A		9,300		75,501
Industrial & Commercial Bank of China Ltd., Class A		351,100		251,408
Industrial & Commercial Bank of China Ltd., Class H		7,417,003		4,138,915
Industrial Bank Co. Ltd., Class A		76,800		220,211
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		173,100		100,877
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		28,600		150,757
Innovent Biologics, Inc., 144A*		47,287		381,222
Intco Medical Technology Co. Ltd., Class A		2,000		31,671
iQIYI, Inc., ADR*		18,303		165,825
JA Solar Technology Co. Ltd., Class A		4,300		51,851
Jafron Biomedical Co. Ltd., Class A		9,300		70,600
JD Health International, Inc., 144A* (a)		39,023		362,767
JD.com, Inc., ADR*		52,136		4,095,804


	Number of Shares		Value
China (Continued)
Jiangsu Hengrui Medicine Co. Ltd., Class A		23,500	$	164,631
Jiangxi Copper Co. Ltd., Class A		23,500		96,630
Jiangxi Copper Co. Ltd., Class H (a)		47,001		95,605
KE Holdings, Inc., ADR*		36,765		665,079
Kingdee International Software Group Co. Ltd.*		263,055		957,197
Kingfa Sci & Tech Co. Ltd., Class A		2,700		6,783
Kingsoft Cloud Holdings Ltd., ADR* (a)		16,869		543,013
Kingsoft Corp. Ltd.		79,257		317,442
Kuaishou Technology, 144A* (a)		104,136		1,131,425
KWG Group Holdings Ltd.		43,572		45,940
Legend Holdings Corp., Class H, 144A		87,265		140,704
Lenovo Group Ltd.		584,491		647,819
Lens Technology Co. Ltd., Class A		28,600		104,613
Li Auto, Inc., ADR* (a)		54,782		1,690,573
Li Ning Co. Ltd.		124,496		1,672,785
Lingyi iTech Guangdong Co., Class A		27,000		27,996
Logan Group Co. Ltd.		125,639		149,914
Longfor Group Holdings Ltd., 144A		94,127		407,861
LONGi Green Energy Technology Co. Ltd., Class A		38,200		529,661
Lufax Holding Ltd., ADR*		188,585		1,635,032
Luxshare Precision Industry Co. Ltd., Class A		28,600		150,092
Mango Excellent Media Co. Ltd., Class A		5,600		39,752
Maxscend Microelectronics Co. Ltd., Class A		2,500		146,854
Meituan, Class B, 144A*		225,020		7,204,251
Metallurgical Corp. of China Ltd., Class A		124,900		96,985
Metallurgical Corp. of China Ltd., Class H		150,000		59,789
Microport Scientific Corp. (a)		55,009		340,564
Midea Group Co. Ltd., Class A		14,200		145,257
Ming Yuan Cloud Group Holdings Ltd.*		26,880		93,317
MINISO Group Holding Ltd., ADR		17,445		235,856
Muyuan Foods Co. Ltd., Class A		14,200		93,119
NARI Technology Co. Ltd., Class A		17,060		92,571
NAURA Technology Group Co. Ltd., Class A		3,000		165,460
NetEase, Inc., ADR		21,561		2,100,473
New China Life Insurance Co. Ltd., Class A		18,700		117,730
New China Life Insurance Co. Ltd., Class H		82,822		243,865
New Oriental Education & Technology Group, Inc., ADR*		88,919		200,957
NIO, Inc., ADR*		127,461		5,010,492
Nongfu Spring Co. Ltd., Class H, 144A (a)		99,276		525,270
OneConnect Financial Technology Co. Ltd., ADR*		30,133		141,625
Orient Securities Co. Ltd., Class A		34,100		79,119
Ovctek China, Inc., Class A		2,500		25,883
People’s Insurance Co. Group of China Ltd., Class A		115,300		91,854
People’s Insurance Co. Group of China Ltd., Class H		726,186		224,093

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


	Number of Shares		Value
China (Continued)
Pharmaron Beijing Co. Ltd., Class H, 144A		7,151	$	158,700
PICC Property & Casualty Co. Ltd., Class H		380,913		344,310
Pinduoduo, Inc., ADR*		37,336		3,734,347
Ping An Bank Co. Ltd., Class A		71,800		198,084
Ping An Healthcare and Technology Co. Ltd., 144A* (a)		27,739		204,725
Ping An Insurance Group Co. of China Ltd., Class A		66,200		511,993
Ping An Insurance Group Co. of China Ltd., Class H		544,753		4,230,629
Poly Developments and Holdings Group Co. Ltd., Class A		33,400		58,962
Postal Savings Bank of China Co. Ltd., Class A		124,800		99,422
Postal Savings Bank of China Co. Ltd., Class H, 144A		700,691		505,426
Rongsheng Petrochemical Co. Ltd., Class A		16,900		48,877
Sanan Optoelectronics Co. Ltd., Class A		9,300		52,338
Sangfor Technologies, Inc., Class A		1,000		42,219
Sany Heavy Industry Co. Ltd., Class A		23,500		95,537
SDIC Capital Co. Ltd., Class A		76,800		111,058
Seazen Group Ltd.*		114,429		101,520
SF Holding Co. Ltd., Class A		9,300		83,054
SG Micro Corp., Class A		600		29,758
Shandong Gold Mining Co. Ltd., Class H, 144A		71,878		116,264
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		14,200		80,156
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		144,850		238,395
Shanghai Baosight Software Co. Ltd., Class B		33,400		125,851
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		15,200		149,126
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		42,878		275,108
Shanghai International Airport Co. Ltd., Class A*		14,200		95,232
Shanghai Junshi Biosciences Co. Ltd., Class H, 144A*		12,584		71,193
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		36,995		73,444
Shanghai Pudong Development Bank Co. Ltd., Class A		120,200		168,600
Shanxi Taigang Stainless Steel Co. Ltd., Class A		71,800		112,507
Shenwan Hongyuan Group Co. Ltd., Class A		112,200		81,733
Shenzhen Inovance Technology Co. Ltd., Class A		6,750		74,300
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		4,300		218,599
Shenzhou International Group Holdings Ltd.		44,714		975,074


	Number of Shares		Value
China (Continued)
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		14,200	$	40,056
Sinopharm Group Co. Ltd., Class H		128,497		330,109
Sinotrans Ltd., Class H		110,000		44,835
Sinotruk Hong Kong Ltd.		34,484		67,927
Sunac China Holdings Ltd.		141,418		361,848
Sunac Services Holdings Ltd., 144A		47,288		123,124
Sungrow Power Supply Co. Ltd., Class A		7,600		185,265
Suning.com Co. Ltd., Class A*		30,900		25,287
Sunny Optical Technology Group Co. Ltd.		24,877		752,322
Sunwoda Electronic Co. Ltd., Class A		7,000		42,649
TAL Education Group, ADR*		26,305		139,943
TCL Technology Group Corp., Class A		67,100		74,151
Tencent Holdings Ltd.		565,957		35,016,877
Tencent Music Entertainment Group, ADR*		71,993		636,418
Thunder Software Technology Co. Ltd., Class A		2,000		36,748
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		18,700		156,510
Tingyi Cayman Islands Holding Corp.		73,882		131,475
Tongcheng-Elong Holdings Ltd.*		51,365		119,540
Tongwei Co. Ltd., Class A		14,200		134,253
Topsports International Holdings Ltd., 144A		145,136		191,839
TravelSky Technology Ltd., Class H		96,413		180,743
Trip.com Group Ltd., ADR*		34,706		1,058,186
Unigroup Guoxin Microelectronics Co. Ltd., Class A		4,300		149,087
Vipshop Holdings Ltd., ADR*		31,565		466,846
Walvax Biotechnology Co. Ltd., Class A		4,300		51,784
Wanhua Chemical Group Co. Ltd., Class A		9,300		153,799
Want Want China Holdings Ltd.		246,184		167,450
Weibo Corp., ADR* (a)		3,718		187,833
Weichai Power Co. Ltd., Class A		33,400		103,896
Weichai Power Co. Ltd., Class H		115,573		291,557
Wens Foodstuffs Group Co. Ltd., Class A		43,000		86,507
Western Securities Co. Ltd., Class A		69,900		88,296
Will Semiconductor Co. Ltd., Class A		4,300		161,343
Wingtech Technology Co. Ltd., Class A		4,300		79,542
WuXi AppTec Co. Ltd., Class A		7,568		155,770
WuXi AppTec Co. Ltd., Class H, 144A		20,590		410,352
Wuxi Biologics Cayman, Inc., 144A*		196,602		3,043,566
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		9,300		107,529
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		52,800		119,397
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		78,615		150,208
Xinyi Solar Holdings Ltd.		475,438		1,149,265
XPeng, Inc., ADR* (a)		55,065		2,340,262
Yatsen Holding Ltd., ADR*		28,079		142,361
Yifeng Pharmacy Chain Co. Ltd., Class A		4,300		34,549
Yihai International Holding Ltd.*		26,019		140,510

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


	Number of Shares		Value
China (Continued)
Yonyou Network Technology Co. Ltd., Class A		14,200	$	73,729
Yunnan Baiyao Group Co. Ltd., Class A		4,300		59,108
Yunnan Energy New Material Co. Ltd., Class A		4,300		188,208
Zai Lab Ltd., ADR* (a)		5,431		784,779
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		2,800		150,611
Zhejiang Chint Electrics Co. Ltd., Class A		5,200		50,735
Zhejiang Expressway Co. Ltd., Class H		55,010		48,239
Zhejiang Huayou Cobalt Co. Ltd., Class A		1,800		39,116
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		18,700		73,183
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		67,306		327,991
Zhongsheng Group Holdings Ltd.		20,874		174,457
Zhuzhou CRRC Times Electric Co. Ltd., Class H*		31,223		188,084
Zijin Mining Group Co. Ltd., Class A		67,100		115,543
Zijin Mining Group Co. Ltd., Class H		205,458		292,706
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		121,005		115,290
ZTE Corp., Class A		23,500		120,924
ZTE Corp., Class H		31,506		110,795
ZTO Express Cayman, Inc., ADR		26,591		750,132

(Cost $164,163,124)				168,826,045

Colombia — 0.1%
Bancolombia SA		23,731		195,935
Interconexion Electrica SA ESP		24,875		150,053

(Cost $339,707)				345,988

Czech Republic — 0.1%
Komercni banka AS*		6,579		252,873
Moneta Money Bank AS, 144A*		46,202		187,348

(Cost $436,422)				440,221

Egypt — 0.1%
Commercial International Bank Egypt SAE*		189,173		563,904
Fawry for Banking & Payment Technology Services SAE*		90,123		93,510

(Cost $659,322)				657,414

France — 0.0%
Alstom SA (a) (Cost $40)		1		43

Greece — 0.2%
Alpha Services and Holdings SA*		122,312		169,723
Eurobank Ergasias Services and Holdings SA*		250,176		238,324
Hellenic Telecommunications Organization SA		20,589		405,031
JUMBO SA		7,718		121,172
LAMDA Development SA*		8,576		83,975
National Bank of Greece SA*		54,495		164,810

(Cost $1,154,946)				1,183,035


	Number of Shares		Value
Hong Kong — 0.9%
Beijing Enterprises Water Group Ltd.*		192,602	$	79,494
BOC Hong Kong Holdings Ltd.		204,324		620,011
China Everbright Environment Group Ltd.		126,206		87,303
China Jinmao Holdings Group Ltd.		391,315		127,296
China Mengniu Dairy Co. Ltd.*		170,015		1,021,968
China Merchants Port Holdings Co. Ltd.		63,302		106,625
China Overseas Land & Investment Ltd.		267,913		616,617
China Resources Cement Holdings Ltd.		194,605		190,918
China Resources Land Ltd.		159,435		593,472
China State Construction International Holdings Ltd.		110,141		89,219
China Taiping Insurance Holdings Co. Ltd.		137,985		201,548
Futu Holdings Ltd., ADR* (a)		5,719		544,392
Orient Overseas International Ltd.		8,577		220,784
Shenzhen International Holdings Ltd.		104,136		135,771

(Cost $4,549,395)				4,635,418

Hungary — 0.3%
OTP Bank Nyrt*		20,873		1,259,639
Richter Gedeon Nyrt		8,581		257,036

(Cost $1,481,690)				1,516,675

India — 12.0%
ACC Ltd.		6,576		217,364
Adani Green Energy Ltd.*		44,716		654,348
Adani Ports & Special Economic Zone Ltd.		40,139		411,410
Adani Transmission Ltd.*		21,731		470,472
Alkem Laboratories Ltd.		2,287		121,499
Ambuja Cements Ltd.		31,796		183,374
Apollo Hospitals Enterprise Ltd.		7,149		486,626
Ashok Leyland Ltd.		113,287		190,473
Asian Paints Ltd.		34,709		1,521,976
AU Small Finance Bank Ltd., 144A*		12,010		186,013
Aurobindo Pharma Ltd.		16,585		165,220
Avenue Supermarts Ltd., 144A*		13,728		743,643
Axis Bank Ltd.*		153,998		1,659,000
Axis Bank Ltd., GDR*		9,850		545,690
Bajaj Auto Ltd.		3,072		156,860
Bajaj Finance Ltd.		14,867		1,532,264
Bajaj Finserv Ltd.		2,286		536,959
Bajaj Holdings & Investment Ltd.		2,000		119,351
Bandhan Bank Ltd., 144A		58,440		228,133
Bank of Baroda*		84,976		90,030
Berger Paints India Ltd.		20,872		234,657
Bharti Airtel Ltd.*		134,269		1,221,263
Biocon Ltd.*		35,568		174,826
Britannia Industries Ltd.		4,292		235,007
Cadila Healthcare Ltd.		13,152		99,828
Cholamandalam Investment and Finance Co. Ltd.		34,709		263,405
Cipla Ltd.		27,453		356,401
Colgate-Palmolive India Ltd.		10,864		251,974
Container Corp. Of India Ltd.		14,585		135,756
Dabur India Ltd.		35,852		305,202
Divi’s Laboratories Ltd.		7,433		526,732

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


	Number of Shares		Value
India (Continued)
DLF Ltd.		38,138	$	167,450
Dr. Reddy’s Laboratories Ltd.		11,153		718,615
Eicher Motors Ltd.		5,347		196,226
Embassy Office Parks REIT		73,881		361,879
Godrej Consumer Products Ltd.*		35,795		538,978
Godrej Properties Ltd.*		7,719		157,430
Grasim Industries Ltd.		21,159		434,845
Havells India Ltd.		21,448		372,643
HCL Technologies Ltd.		55,583		900,124
HDFC Asset Management Co. Ltd., 144A		4,287		180,523
HDFC Life Insurance Co. Ltd., 144A		69,308		681,380
Hero MotoCorp Ltd.		7,722		290,005
Hindalco Industries Ltd.		79,200		508,021
Hindustan Unilever Ltd.		46,715		1,743,058
Honeywell Automation India Ltd.		3		1,627
Housing Development Finance Corp. Ltd.		148,333		5,685,853
ICICI Bank Ltd.		289,125		2,847,589
ICICI Lombard General Insurance Co. Ltd., 144A		12,011		262,339
ICICI Prudential Life Insurance Co. Ltd., 144A		38,424		346,886
IDFC First Bank Ltd.*		363,758		213,997
Indus Towers Ltd.		40,425		119,242
Info Edge India Ltd.		5,434		460,157
Infosys Ltd.		197,461		4,615,380
Infosys Ltd., ADR		116,024		2,763,692
InterGlobe Aviation Ltd., 144A*		4,574		119,297
JSW Steel Ltd.		55,867		526,167
Jubilant Foodworks Ltd.		5,436		297,460
Kansai Nerolac Paints Ltd.		8,577		72,785
Kotak Mahindra Bank Ltd.		83,260		1,999,973
Larsen & Toubro Infotech Ltd., 144A		3,429		249,514
Lupin Ltd.		12,008		157,544
Mahindra & Mahindra Ltd.		61,587		669,205
Marico Ltd.		42,426		316,390
Maruti Suzuki India Ltd.		7,718		723,737
Mindtree Ltd.		4,005		198,981
Motherson Sumi Systems Ltd.*		56,552		169,329
Mphasis Ltd.*		4,291		170,335
MRF Ltd.		254		277,433
Muthoot Finance Ltd.		8,867		183,880
Nestle India Ltd.		2,001		533,575
NHPC Ltd.		176,586		65,185
NMDC Ltd.		40,426		85,301
Oracle Financial Services Software Ltd.		2,285		147,087
Page Industries Ltd.		287		123,826
PI Industries Ltd.		6,007		279,256
Pidilite Industries Ltd.		6,293		196,558
Piramal Enterprises Ltd.		4,864		173,664
Power Finance Corp. Ltd.		51,867		91,681
Power Grid Corp. of India Ltd.		143,994		345,846
Punjab National Bank*		174,589		87,644
REC Ltd.		52,151		108,363
SBI Cards & Payment Services Ltd.*		17,155		268,002
SBI Life Insurance Co. Ltd., 144A		39,284		641,420
Shree Cement Ltd.		289		111,978


	Number of Shares		Value
India (Continued)
Shriram Transport Finance Co. Ltd.		10,865	$	201,309
Siemens Ltd.		3,433		106,854
SRF Ltd.		2,000		277,773
State Bank of India		170,298		993,808
Steel Authority of India Ltd.		96,703		161,067
Sun Pharmaceutical Industries Ltd.		60,732		660,538
Tata Consultancy Services Ltd.		83,893		4,351,014
Tata Consumer Products Ltd.		50,148		594,124
Tata Motors Ltd.*		90,365		355,605
Tech Mahindra Ltd.		33,221		658,732
Titan Co. Ltd.		19,733		519,384
Torrent Pharmaceuticals Ltd.		4,001		170,211
UltraTech Cement Ltd.		6,006		644,341
UPL Ltd.		25,165		255,502
Voltas Ltd.		16,586		226,239
Wipro Ltd.		119,863		1,052,305
Yes Bank Ltd.*		1,333,792		197,308

(Cost $56,660,148)				59,411,225

Indonesia — 1.2%
Aneka Tambang Tbk		637,247		106,785
PT Bank Central Asia Tbk		616,888		1,416,518
PT Bank Mandiri Persero Tbk		1,104,260		472,286
PT Bank Negara Indonesia Persero Tbk		687,679		260,366
PT Bank Rakyat Indonesia Persero Tbk		4,953,063		1,364,805
PT Bank Syariah Indonesia Tbk*		2,509,988		390,687
PT Barito Pacific Tbk		2,151,784		160,677
PT Charoen Pokphand Indonesia Tbk		269,390		120,883
PT Elang Mahkota Teknologi Tbk*		1,342,084		204,194
PT Indah Kiat Pulp & Paper Tbk		151,537		83,936
PT Indocement Tunggal Prakarsa Tbk		144,671		114,114
PT Indofood Sukses Makmur Tbk*		216,037		93,534
PT Kalbe Farma Tbk		1,127,871		106,362
PT Merdeka Copper Gold Tbk*		796,445		157,474
PT Sarana Menara Nusantara Tbk		1,771,528		166,440
PT Semen Indonesia Persero Tbk		194,593		126,204
PT Telkom Indonesia Persero Tbk		2,640,762		629,524
PT Unilever Indonesia Tbk		548,714		155,814

(Cost $6,005,972)				6,130,603

Kuwait — 0.7%
Agility Public Warehousing Co. KSC		85,894		285,266
Boubyan Bank KSCP*		81,033		210,934
Kuwait Finance House KSCP		332,874		914,076
Mobile Telecommunications Co. KSC		255,905		519,807
National Bank of Kuwait SAKP		496,369		1,544,552

(Cost $3,441,635)				3,474,635

Malaysia — 0.8%
AMMB Holdings Bhd*		57,400		41,838
Axiata Group Bhd		171,352		170,651
CIMB Group Holdings Bhd		257,429		304,060
DiGi.Com Bhd		171,700		181,737
Hartalega Holdings Bhd		57,000		101,193
Hong Leong Bank Bhd		28,500		131,496
Hong Leong Financial Group Bhd		300		1,316
IHH Healthcare Bhd		57,300		88,218
Inari Amertron Bhd		171,500		141,920

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


	Number of Shares		Value
Malaysia (Continued)
Kossan Rubber Industries		57,100	$	42,581
Kuala Lumpur Kepong Bhd		28,600		146,956
Malayan Banking Bhd		143,089		289,138
Malaysia Airports Holdings Bhd*		28,900		46,093
Maxis Bhd		109,800		123,878
MR DIY Group M Bhd, 144A		142,800		124,697
Nestle Malaysia Bhd		19		616
Petronas Chemicals Group Bhd		85,500		170,712
PPB Group Bhd		28,700		127,862
Press Metal Aluminium Holdings Bhd		171,400		222,651
Public Bank Bhd		657,700		661,339
RHB Bank Bhd		114,214		153,586
Sime Darby Bhd		86,000		48,824
Sime Darby Plantation Bhd		57,500		55,743
Supermax Corp. Bhd		57,328		45,509
Telekom Malaysia Bhd		85,600		125,816
TIME dotCom Bhd		57,300		63,406
Top Glove Corp. Bhd		228,500		219,870
Westports Holdings Bhd		57,100		60,438

(Cost $3,779,188)				3,892,144

Mexico — 1.9%
Alfa SAB de CV, Class A		293,230		206,320
America Movil SAB de CV, Series L		1,709,597		1,686,605
Arca Continental SAB de CV		25,166		162,465
Cemex SAB de CV, Series CPO*		801,310		659,778
Coca-Cola Femsa SAB de CV		46,489		269,731
Fibra Uno Administracion SA de CV REIT		183,156		208,843
Gruma SAB de CV, Class B		11,722		134,169
Grupo Aeroportuario del Pacifico SAB de CV, Class B*		21,733		253,645
Grupo Aeroportuario del Sureste SAB de CV, Class B*		7,432		133,672
Grupo Bimbo SAB de CV, Series A		89,662		227,382
Grupo Elektra SAB DE CV (a)		4,292		342,747
Grupo Financiero Banorte SAB de CV, Class O		276,820		1,831,423
Grupo Financiero Inbursa SAB de CV, Class O*		115,451		110,787
Grupo Mexico SAB de CV, Series B		176,293		822,985
Grupo Televisa SAB, Series CPO		244,740		646,550
Industrias Penoles SAB de CV*		7,434		105,574
Kimberly-Clark de Mexico SAB de CV, Class A		162,686		287,955
Orbia Advance Corp. SAB de CV		60,499		173,109
Telesites SAB de CV*		110,593		101,931
Wal-Mart de Mexico SAB de CV		291,457		1,039,323

(Cost $9,022,973)				9,404,994

Peru — 0.1%
Credicorp Ltd.*		1,733		184,755
Credicorp Ltd.*		1,250		133,288
Intercorp Financial Services, Inc.		2,500		56,525

(Cost $363,562)				374,568

Philippines — 0.5%
Ayala Corp.		14,320		228,113
Ayala Land, Inc.		428,800		290,894


	Number of Shares		Value
Philippines (Continued)
Bank of the Philippine Islands		160,130	$	267,795
BDO Unibank, Inc.		160,110		353,690
International Container Terminal Services, Inc.		45,730		171,062
Jollibee Foods Corp.		25,750		104,449
Manila Electric Co.		11,440		64,846
Metropolitan Bank & Trust Co.		85,600		77,771
PLDT, Inc.		4,295		126,476
SM Investments Corp.		17,170		348,232
SM Prime Holdings, Inc.		600,200		410,187
Universal Robina Corp.		45,760		138,706

(Cost $2,528,493)				2,582,221

Qatar — 0.8%
Commercial Bank PSQC		99,849		165,583
Industries Qatar QSC		168,009		592,946
Masraf Al Rayan QSC		220,732		275,839
Mesaieed Petrochemical Holding Co.		366,619		201,384
Ooredoo QPSC		32,364		61,448
Qatar International Islamic Bank QSC		75,027		197,819
Qatar Islamic Bank SAQ		68,736		345,474
Qatar National Bank QPSC		413,623		2,177,740

(Cost $4,027,257)				4,018,233

Russia — 1.4%
Alrosa PJSC		116,597		232,096
MMC Norilsk Nickel PJSC		3,433		1,127,413
Mobile TeleSystems PJSC, ADR		24,880		233,374
Mobile TeleSystems PJSC		19,731		88,627
Novolipetsk Steel PJSC		88,347		297,759
Polymetal International PLC		17,729		354,120
Polyus PJSC		1,713		308,829
Sberbank of Russia PJSC		607,454		2,727,717
United Co RUSAL International PJSC*		156,680		113,138
Yandex NV, Class A*		18,012		1,374,071

(Cost $6,641,191)				6,857,144

Saudi Arabia — 2.1%
Advanced Petrochemical Co.		8,294		158,331
Al Rajhi Bank		70,451		2,272,795
Alinma Bank		75,310		459,807
Almarai Co. JSC		18,012		278,534
Arab National Bank		42,145		257,093
Arabian Centres Co. Ltd.		14,869		99,108
Bank AlBilad*		29,737		338,939
Banque Saudi Fransi		45,001		485,920
Bupa Arabia for Cooperative Insurance Co.		4,289		190,968
Dar Al Arkan Real Estate Development Co.*		43,858		119,271
Dr Sulaiman Al Habib Medical Services Group Co.		6,293		308,048
Etihad Etisalat Co.		28,650		244,434
Jarir Marketing Co.		4,860		280,661
Mouwasat Medical Services Co.		3,717		194,239
National Industrialization Co.*		26,304		146,433
National Petrochemical Co.		10,008		126,744
Riyad Bank		111,572		800,194

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


	Number of Shares		Value
Saudi Arabia (Continued)
Sahara International Petrochemical Co.		29,508	$	261,982
Saudi British Bank		66,448		610,322
Saudi Industrial Investment Group		18,587		177,906
Saudi Kayan Petrochemical Co.*		57,013		283,036
Saudi National Bank		124,209		2,013,466
Savola Group		20,305		217,358

(Cost $10,200,156)				10,325,589

Singapore — 0.0%
Ascendas Real Estate Investment Trust REIT		72		163
BOC Aviation Ltd., 144A		8,579		64,309
JOYY, Inc., ADR		2,859		180,975

(Cost $223,922)				245,447

South Africa — 3.3%
Absa Group Ltd.*		56,207		614,139
Anglo American Platinum Ltd.		2,575		293,445
AngloGold Ashanti Ltd.		21,159		356,785
Aspen Pharmacare Holdings Ltd.*		20,876		283,027
Bid Corp. Ltd.*		18,014		398,363
Bidvest Group Ltd.		11,722		166,126
Capitec Bank Holdings Ltd.		3,434		450,515
Clicks Group Ltd.		14,013		293,106
Discovery Ltd.*		32,765		291,680
FirstRand Ltd.		351,506		1,503,955
Gold Fields Ltd. (a)		42,769		403,533
Harmony Gold Mining Co. Ltd.		41,341		152,531
Impala Platinum Holdings Ltd.		44,774		689,950
Kumba Iron Ore Ltd. (a)		3,143		141,886
MTN Group Ltd.*		90,521		835,058
MultiChoice Group		23,732		188,511
Naspers Ltd., Class N (a)		24,306		4,167,223
Nedbank Group Ltd.*		38,197		488,520
Northam Platinum Ltd.*		19,159		264,888
Old Mutual Ltd.		442,368		469,739
Pepkor Holdings Ltd., 144A*		65,130		103,650
Rand Merchant Investment Holdings Ltd.		56,779		124,352
Sanlam Ltd.		157,539		701,819
Shoprite Holdings Ltd.		22,876		290,754
Sibanye Stillwater Ltd.		160,115		651,972
Standard Bank Group Ltd.		121,744		1,251,611
Vodacom Group Ltd.		32,133		319,109
Woolworths Holdings Ltd.*		89,661		394,533

(Cost $15,383,082)				16,290,780

South Korea — 11.2%
Alteogen, Inc.*		1,716		125,801
Amorepacific Corp.		1,432		280,978
AMOREPACIFIC Group		1,145		57,080
BGF retail Co. Ltd.		574		88,369
BNK Financial Group, Inc.		25,165		168,425
Celltrion Healthcare Co. Ltd.*		4,288		457,480
Celltrion Pharm, Inc.*		1,141		170,149
Celltrion, Inc.*		4,859		1,227,899
Cheil Worldwide, Inc.		4,288		85,431
CJ CheilJedang Corp.		521		203,781
CJ Corp.		572		50,074


	Number of Shares		Value
South Korea (Continued)
CJ ENM Co. Ltd.		859	$	113,427
Coway Co. Ltd.		4,578		308,767
CS Wind Corp.		1,431		98,613
DB Insurance Co. Ltd.		3,718		188,233
DL E&C Co. Ltd.*		1,427		173,537
Doosan Bobcat, Inc.*		2,000		74,777
Doosan Fuel Cell Co. Ltd.*		2,575		121,926
Doosan Heavy Industries & Construction Co. Ltd.*		13,440		242,267
Douzone Bizon Co. Ltd.		1,716		126,245
Ecopro BM Co. Ltd.		289		79,862
E-MART, Inc.		859		132,615
Fila Holdings Corp.		2,858		110,677
Genexine, Inc.*		1,428		91,879
Green Cross Corp.		287		95,299
GS Engineering & Construction Corp.		2,286		88,230
Hana Financial Group, Inc.		24,877		966,587
Hankook Tire & Technology Co. Ltd.		4,289		172,381
Hanmi Pharm. Co. Ltd.		289		77,020
Hanmi Science Co. Ltd.		1,429		90,464
Hanon Systems		8,577		121,688
Hansol Chemical Co. Ltd.		573		143,565
Hanwha Life Insurance Co. Ltd.		41,855		120,390
Hanwha Solutions Corp.*		5,433		190,948
Helixmith Co. Ltd.*		4,860		110,031
HLB, Inc.*		3,719		178,019
HMM Co. Ltd.*		20,586		745,709
Hugel, Inc.*		570		95,864
HYBE Co. Ltd.*		1,428		356,554
Hyundai Elevator Co. Ltd.		2,002		86,679
Hyundai Engineering & Construction Co. Ltd.		4,001		191,518
Hyundai Glovis Co. Ltd.		860		143,896
Hyundai Marine & Fire Insurance Co. Ltd.		5,146		113,621
Hyundai Mipo Dockyard Co. Ltd.*		1,432		94,236
Hyundai Mobis Co. Ltd.		3,146		752,956
Hyundai Motor Co.		6,861		1,257,460
Hyundai Steel Co.		4,575		201,238
Industrial Bank of Korea		12,867		114,304
Kakao Corp.		13,437		1,796,313
Kakao Games Corp.*		2,576		180,406
KB Financial Group, Inc.		30,081		1,372,448
KCC Corp.		287		89,111
Kia Corp.		12,298		902,635
KIWOOM Securities Co. Ltd.		1,141		116,122
KMW Co. Ltd.*		2,001		73,520
Korea Investment Holdings Co. Ltd.		1,718		141,210
Korea Zinc Co. Ltd.		571		261,997
Korean Air Lines Co. Ltd.*		10,865		293,307
Kumho Petrochemical Co. Ltd.		857		143,763
LEENO Industrial, Inc.		858		131,869
LG Chem Ltd.		2,428		1,587,325
LG Corp.		5,150		423,300
LG Display Co. Ltd.*		12,296		217,403
LG Electronics, Inc.		8,581		1,050,931
LG Household & Health Care Ltd.		488		614,919

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


	Number of Shares		Value
South Korea (Continued)
LG Innotek Co. Ltd.		575	$	106,624
LG Uplus Corp.		20,873		252,935
Lotte Chemical Corp.		859		185,217
LS Corp.		1,713		98,396
Mando Corp.*		2,289		119,835
Meritz Fire & Marine Insurance Co. Ltd.		3,145		72,017
Meritz Securities Co. Ltd.		22,875		105,748
Mirae Asset Securities Co. Ltd.		28,650		217,942
NAVER Corp.		6,864		2,598,901
NCSoft Corp.		857		487,835
Netmarble Corp., 144A		1,141		126,947
NH Investment & Securities Co. Ltd.		7,146		81,663
Orion Corp.		860		93,829
Pan Ocean Co. Ltd.		11,438		81,978
Pearl Abyss Corp.*		1,717		139,646
S-1 Corp.		1,428		101,116
Samsung Biologics Co. Ltd., 144A*		794		660,839
Samsung C&T Corp.		4,004		459,297
Samsung Electro-Mechanics Co. Ltd.		2,861		455,263
Samsung Electronics Co. Ltd.		268,601		17,768,508
Samsung Engineering Co. Ltd.*		8,290		159,801
Samsung Fire & Marine Insurance Co. Ltd.		2,859		557,276
Samsung Life Insurance Co. Ltd.		6,290		404,161
Samsung SDI Co. Ltd.		4,291		2,934,808
Samsung SDS Co. Ltd.		1,716		255,302
Samsung Securities Co. Ltd.		5,147		219,517
Seegene, Inc.		2,290		129,960
Shin Poong Pharmaceutical Co. Ltd.		2,287		139,258
Shinhan Financial Group Co. Ltd.		42,144		1,412,130
Shinsegae, Inc.		288		66,818
SK Biopharmaceuticals Co. Ltd.*		1,718		185,958
SK Bioscience Co. Ltd.*		33		8,923
SK Chemicals Co. Ltd.		572		133,201
SK Hynix, Inc.		26,594		2,442,762
SK IE Technology Co. Ltd., 144A*		1,716		307,102
SK Materials Co. Ltd.		285		99,429
SK Telecom Co. Ltd.		1,141		293,258
Soulbrain Co. Ltd./New		289		70,614
SSANGYONG C&E Co. Ltd.		11,152		81,083
Studio Dragon Corp.*		1,141		85,616
WONIK IPS Co. Ltd.		3,145		122,876
Woori Financial Group, Inc.		24,303		235,809
Yuhan Corp.		1,431		77,138

(Cost $53,673,193)				55,320,864

Taiwan — 19.5%
Accton Technology Corp.		36,366		368,076
Acer, Inc.		287,699		261,606
Advantech Co. Ltd.		22,306		310,683
ASE Technology Holding Co. Ltd.*		138,560		642,465
Asia Cement Corp.		74,457		120,631
ASMedia Technology, Inc.		2,002		149,896
Asustek Computer, Inc.		34,708		405,773
AU Optronics Corp.		784,870		498,447
Catcher Technology Co. Ltd.		39,281		236,705
Cathay Financial Holding Co. Ltd.		692,685		1,489,672


	Number of Shares		Value
Taiwan (Continued)
Chailease Holding Co. Ltd.		122,721	$	1,180,116
Chang Hwa Commercial Bank Ltd.		534,830		318,426
Cheng Shin Rubber Industry Co. Ltd.		108,428		145,739
Chicony Electronics Co. Ltd.		37,853		107,221
China Airlines Ltd.*		179,446		111,694
China Development Financial Holding Corp.		1,355,295		694,434
China Life Insurance Co. Ltd.		210,099		219,094
China Steel Corp.		657,230		904,733
Chroma ATE, Inc.		30,367		196,687
Chunghwa Telecom Co. Ltd.		208,329		841,931
Compal Electronics, Inc.		217,876		180,034
CTBC Financial Holding Co. Ltd.		1,652,712		1,371,619
Delta Electronics, Inc.		176,588		1,723,602
E.Sun Financial Holding Co. Ltd.		1,067,484		1,024,594
Eclat Textile Co. Ltd.		17,440		350,518
Eva Airways Corp.		156,001		108,078
Evergreen Marine Corp. Taiwan Ltd.		146,276		717,828
Far Eastern New Century Corp.		147,709		160,162
Far EasTone Telecommunications Co. Ltd.		154,855		344,203
Feng TAY Enterprise Co. Ltd.		39,856		310,639
First Financial Holding Co. Ltd.		916,941		757,679
Formosa Chemicals & Fibre Corp.		184,174		558,899
Formosa Plastics Corp.		172,586		638,319
Foxconn Technology Co. Ltd.		69,305		165,801
Fubon Financial Holding Co. Ltd.		556,472		1,706,754
Giant Manufacturing Co. Ltd.		17,727		214,283
Globalwafers Co. Ltd.		12,009		376,994
Highwealth Construction Corp.		61,299		106,613
Hiwin Technologies Corp.		12,297		144,652
Hon Hai Precision Industry Co. Ltd.		674,102		2,699,959
Hotai Motor Co. Ltd.		14,586		306,841
Hua Nan Financial Holdings Co. Ltd.*		864,413		651,893
Innolux Corp.		512,667		319,105
Inventec Corp.		93,843		82,284
Largan Precision Co. Ltd.		5,146		497,638
Lite-On Technology Corp.		114,147		252,072
Macronix International Co. Ltd.*		116,720		169,730
MediaTek, Inc.		83,034		2,699,538
Mega Financial Holding Co. Ltd.		911,075		1,078,293
Merida Industry Co. Ltd.		20,014		230,374
Micro-Star International Co. Ltd.		65,591		308,861
momo.com, Inc.		4,577		283,239
Nan Ya Plastics Corp.		266,199		860,643
Nan Ya Printed Circuit Board Corp.		12,866		195,682
Nanya Technology Corp.		110,426		264,575
Nien Made Enterprise Co. Ltd.		8,865		132,430
Novatek Microelectronics Corp.		20,591		333,605
Oneness Biotech Co. Ltd.*		17,444		121,482
Pegatron Corp.		96,415		225,439
Phison Electronics Corp.		10,006		154,169
Pou Chen Corp.		128,499		152,779
Powertech Technology, Inc.		39,856		161,791
Quanta Computer, Inc.		145,423		411,394
Realtek Semiconductor Corp.		17,157		342,973
Ruentex Development Co. Ltd.		53,011		132,559

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


	Number of Shares		Value
Taiwan (Continued)
Ruentex Industries Ltd.		24,305	$	97,348
Shanghai Commercial & Savings Bank Ltd.		308,912		501,598
Shin Kong Financial Holding Co. Ltd.		1,057,874		362,632
Silicon Motion Technology Corp., ADR		2,857		213,304
Sino-American Silicon Products, Inc.		31,221		217,427
SinoPac Financial Holdings Co. Ltd.		956,883		492,020
Standard Foods Corp.		61,873		116,541
Synnex Technology International Corp.		52,720		102,345
Taishin Financial Holding Co. Ltd.*		1,000,111		698,293
Taiwan Business Bank*		168,011		58,745
Taiwan Cement Corp.		217,300		379,894
Taiwan Cooperative Financial Holding Co. Ltd.		466,235		376,003
Taiwan Fertilizer Co. Ltd.		54,556		111,224
Taiwan High Speed Rail Corp.		211,813		230,817
Taiwan Mobile Co. Ltd.		151,423		551,851
Taiwan Semiconductor Manufacturing Co. Ltd.		2,292,788		50,797,331
Tatung Co. Ltd.*		123,637		136,291
Teco Electric and Machinery Co. Ltd.		117,573		132,364
Tripod Technology Corp.		38,138		157,569
Unimicron Technology Corp.		92,124		490,313
Uni-President Enterprises Corp.*		176,305		459,951
United Microelectronics Corp.		1,064,452		2,423,617
Vanguard International Semiconductor Corp.		86,691		462,961
Voltronic Power Technology Corp.		4,864		217,633
Walsin Lihwa Corp.		212,441		205,822
Walsin Technology Corp.*		21,443		139,660
Wan Hai Lines Ltd.*		40,429		361,787
Win Semiconductors Corp.		18,300		218,238
Winbond Electronics Corp.		167,724		178,536
Wistron Corp.		251,044		248,204
Wiwynn Corp.		7,150		250,257
WPG Holdings Ltd.		67,018		117,043
Yageo Corp.		21,446		371,059
Yang Ming Marine Transport Corp.*		130,214		627,260
Yuanta Financial Holding Co. Ltd.		1,048,152		945,525
Zhen Ding Technology Holding Ltd.		55,295		198,127

(Cost $92,141,083)				96,884,238

Thailand — 1.4%
Advanced Info Service PCL, NVDR		57,400		334,793
Airports of Thailand PCL, NVDR		228,600		452,129
Bangkok Bank PCL		57,100		201,952
Bangkok Bank PCL, NVDR		57,100		201,952
Bangkok Dusit Medical Services PCL, NVDR		371,700		269,845
Bangkok Expressway & Metro PCL		371,800		99,777
Bangkok Expressway & Metro PCL, NVDR		371,800		99,777
Berli Jucker PCL, NVDR		85,500		96,157
BTS Group Holdings PCL, NVDR		286,100		83,436
Bumrungrad Hospital PCL, NVDR		28,600		118,011
Carabao Group PCL, NVDR		28,500		123,788
Central Pattana PCL, NVDR		114,300		190,603


	Number of Shares		Value
Thailand (Continued)
Central Retail Corp. PCL		142,800	$	148,415
Central Retail Corp. PCL, NVDR		142,800		151,738
Charoen Pokphand Foods PCL, NVDR		200,300		167,784
Energy Absolute PCL, NVDR		200,200		406,829
Fabrinet*		1,713		176,473
Home Product Center PCL, NVDR		343,200		152,261
Indorama Ventures PCL, NVDR		114,300		155,142
Intouch Holdings PCL, Class F		57,000		151,198
Intouch Holdings PCL, NVDR		114,400		303,458
Kasikornbank PCL, NVDR		143,000		545,692
Krung Thai Bank PCL, NVDR		486,300		168,977
Krungthai Card PCL		28,900		59,401
Krungthai Card PCL, NVDR		28,900		59,401
Land & Houses PCL, NVDR		343,200		86,778
Minor International PCL, NVDR*		114,631		116,471
Muangthai Capital PCL		600		1,205
Osotspa PCL		85,700		80,761
Osotspa PCL, NVDR		85,700		97,047
SCG Packaging PCL		57,000		118,483
SCG Packaging PCL, NVDR		57,000		123,788
Siam Cement PCL, NVDR		28,600		381,540
Siam Commercial Bank PCL, NVDR		114,200		377,330
Sri Trang Gloves Thailand PCL		57,500		66,674
Thai Union Group PCL, NVDR		86,000		53,096
TMBThanachart Bank PCL, NVDR		4,105,700		136,294
True Corp. PCL, NVDR		2,258,900		232,670

(Cost $6,520,142)				6,791,126

Turkey — 0.6%
Akbank TAS		324,685		230,007
Akcansa Cimento AS		113,449		208,764
Arcelik AS		41,054		158,597
BIM Birlesik Magazalar AS		30,989		267,792
Coca-Cola Icecek AS		12,010		126,463
Eregli Demir ve Celik Fabrikalari TAS		91,091		205,748
Ford Otomotiv Sanayi AS		4,859		100,400
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D*		173,379		162,233
Petkim Petrokimya Holding AS*		124,891		93,129
Sasa Polyester Sanayi AS*		24,020		79,388
Tekfen Holding AS		50,207		89,068
Turk Hava Yollari AO*		84,228		128,452
Turk Telekomunikasyon AS		111,449		99,325
Turkcell Iletisim Hizmetleri AS		65,129		128,386
Turkiye Garanti Bankasi AS		216,894		257,732
Turkiye Is Bankasi AS, Class C		180,297		124,687
Turkiye Sise ve Cam Fabrikalari AS		193,450		207,072
Yapi ve Kredi Bankasi AS		307,239		97,554

(Cost $2,700,769)				2,764,797

United Arab Emirates — 1.0%
Abu Dhabi Commercial Bank PJSC		147,706		301,995
Aldar Properties PJSC		226,454		255,852
Dubai Islamic Bank PJSC		104,425		144,989
Emaar Properties PJSC		202,321		231,340
Emirates Integrated Telecommunications Co. PJSC		79,316		143,165

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


	Number of Shares		Value
United Arab Emirates (Continued)
Emirates NBD Bank PJSC		184,884	$	697,125
Emirates Telecommunications Group Co. PJSC		91,838		590,059
First Abu Dhabi Bank PJSC		252,474		1,168,495
International Holding Co. PJSC*		36,709		1,469,100

(Cost $4,987,803)				5,002,120

TOTAL COMMON STOCKS (Cost $468,300,899)				484,774,891

PREFERRED STOCKS — 2.2%
Brazil — 1.3%
Alpargatas SA*		14,872		174,209
Banco Bradesco SA		457,369		2,068,169
Bradespar SA		17,442		215,148
Gerdau SA		66,734		369,155
Itau Unibanco Holding SA		457,653		2,765,826
Itausa SA		271,058		612,052
Lojas Americanas SA		81,319		94,669
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A		40,712		147,037

(Cost $6,227,322)				6,446,265

Chile — 0.1%
Embotelladora Andina SA, Class B		32,082		76,132
Sociedad Quimica y Minera de Chile SA, Class B		7,723		403,426

(Cost $469,584)				479,558

Colombia — 0.1%
Bancolombia SA		44,855		374,279
Grupo Aval Acciones y Valores SA		75,000		22,322

(Cost $386,104)				396,601

Russia — 0.0%
Sberbank of Russia PJSC (Cost $180,922)		43,916		185,869

South Korea — 0.7%
Hyundai Motor Co.		1,145		101,223
Hyundai Motor Co. — 2nd Preferred		1,718		147,136
LG Chem Ltd.		3		895
LG Electronics, Inc.		1,716		103,453
Samsung Electronics Co. Ltd.		47,004		2,870,226

(Cost $3,154,521)				3,222,933

TOTAL PREFERRED STOCKS (Cost $10,418,453)				10,731,226


	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. Series N3, 5.50%, 6/3/24 (Cost $34)	INR	2,494		35


	Number of Shares		Value
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		746	$	383

Thailand — 0.0%
BTS Group Holdings PCL*, expires 9/5/22 (b)		200		5
BTS Group Holdings PCL*, expires 11/7/24 (b)		400		10
BTS Group Holdings PCL*, expires 11/20/26 (b)		800		16
Minor International PCL*, expires 9/30/21		80		1
Minor International PCL*, expires 2/15/24		52		7

(Cost $0)				39

TOTAL WARRANTS (Cost $0)				422

EXCHANGE-TRADED FUNDS — 0.0%
Xtrackers MSCI EAFE ESG Leaders Equity ETF (c) (Cost $2,844)		97		3,087

SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e) (Cost $1,768,050)		1,768,050		1,768,050

CASH EQUIVALENTS — 0.8%
DWS Government Money Market Series “Institutional Shares”, 0.04% (d) (Cost $3,753,775)		3,753,775		3,753,775


TOTAL INVESTMENTS — 101.0% (Cost $484,244,055)			$	501,031,486
Other assets and liabilities, net — (1.0%)				(4,929,382	)

NET ASSETS — 100.0%			$	496,102,104

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

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2021 is as follows:

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


	Number of Shares		Value
COMMON STOCKS — 99.4%
Australia — 6.7%
Afterpay Ltd.*		459	$	45,150
APA Group (a)		2,539		17,035
Aristocrat Leisure Ltd.		1,213		40,487
ASX Ltd.		394		25,274
Aurizon Holdings Ltd.		3,860		10,664
AusNet Services Ltd.		4,361		6,167
Australia & New Zealand Banking Group Ltd.		6,018		122,491
BlueScope Steel Ltd.		979		18,031
Brambles Ltd.		3,083		27,286
Cochlear Ltd.		136		23,179
Coles Group Ltd.		2,797		36,959
Commonwealth Bank of Australia		3,773		276,081
Computershare Ltd.		1,024		12,348
Dexus REIT		2,206		17,154
Evolution Mining Ltd.		3,348		9,567
Fortescue Metals Group Ltd.		3,601		55,268
Goodman Group REIT		3,492		59,031
GPT Group REIT		4,236		15,015
Insurance Australia Group Ltd.		5,066		19,401
Lendlease Corp. Ltd. (a)		1,419		12,383
Macquarie Group Ltd.		726		88,472
Mirvac Group REIT		8,290		18,903
Newcrest Mining Ltd.		1,709		30,901
Northern Star Resources Ltd.		2,584		18,432
Orica Ltd.		790		7,604
QBE Insurance Group Ltd.		3,109		26,880
Ramsay Health Care Ltd.		418		21,049
REA Group Ltd.		103		11,555
SEEK Ltd.		687		16,338
Sonic Healthcare Ltd.		917		29,086
Stockland REIT		4,988		16,842
Sydney Airport* (a)		2,981		17,364
Telstra Corp. Ltd.		8,841		24,812
Transurban Group (a)		5,701		59,207
Vicinity Centres REIT		9,454		11,953
Woodside Petroleum Ltd.		2,025		28,845

(Cost $1,064,256)				1,277,214

Austria — 0.3%
Erste Group Bank AG		602		24,062
OMV AG		311		17,229
voestalpine AG		227		10,290

(Cost $35,579)				51,581

Belgium — 0.7%
Etablissements Franz Colruyt NV		128		7,161
KBC Group NV		530		44,633
Solvay SA		169		22,134
UCB SA		263		30,077
Umicore SA		409		26,912

(Cost $107,899)				130,917

Chile — 0.1%
Antofagasta PLC (Cost $18,896)		839		16,812


	Number of Shares		Value
Denmark — 4.0%
Ambu A/S, Class B		352	$	11,125
Chr Hansen Holding A/S		217		20,020
Coloplast A/S, Class B		252		43,641
Demant A/S*		255		14,450
Genmab A/S*		138		65,321
GN Store Nord AS		268		20,160
Novo Nordisk A/S, Class B		3,569		355,605
Novozymes A/S, Class B		446		36,021
Orsted AS, 144A		399		63,398
Pandora A/S		214		25,613
Tryg A/S		693		17,155
Vestas Wind Systems A/S		2,142		86,464

(Cost $454,887)				758,973

Finland — 1.4%
Elisa OYJ		295		18,888
Kesko OYJ, Class B		586		24,183
Neste OYJ		899		54,696
Nordea Bank Abp		6,899		80,996
Orion OYJ, Class B		261		10,639
Stora Enso OYJ, Class R		1,203		23,538
UPM-Kymmene OYJ		1,129		45,886
Wartsila OYJ Abp		941		13,335

(Cost $223,913)				272,161

France — 10.7%
Accor SA*		368		12,667
Air Liquide SA		1,007		180,471
Alstom SA (b)		674		28,961
Amundi SA, 144A		136		12,867
Atos SE		192		9,963
AXA SA		4,094		114,923
BNP Paribas SA		2,396		151,968
Bouygues SA		470		19,657
Bureau Veritas SA		609		20,208
Carrefour SA		1,309		26,037
Cie Generale des Etablissements Michelin SCA		353		57,109
CNP Assurances		379		6,485
Covivio REIT		114		10,836
Danone SA		1,395		101,883
Eiffage SA		192		19,949
EssilorLuxottica SA		612		120,112
Eurazeo SE		77		7,917
Gecina SA REIT		89		13,821
Kering SA		160		127,300
Klepierre SA REIT*		425		10,385
L’Oreal SA		535		250,280
Orange SA		4,231		48,047
Publicis Groupe SA		473		31,000
Schneider Electric SE		1,140		203,606
SEB SA		53		8,333
Societe Generale SA		1,717		54,015
Teleperformance		126		55,687
TotalEnergies SE		5,278		232,675
Unibail-Rodamco-Westfield REIT*		269		23,562
Valeo		517		14,696


	Number of Shares		Value
France (Continued)
Vivendi SE (b)		1,512	$	57,686
Wendel SE		58		8,414

(Cost $1,710,433)				2,041,520

Germany — 8.4%
adidas AG		406		143,995
Allianz SE		878		206,230
BASF SE		1,950		150,819
Bayerische Motoren Werke AG		716		67,929
Beiersdorf AG		232		28,140
Brenntag SE		321		32,375
Commerzbank AG*		2,223		13,934
Delivery Hero SE, 144A* (b)		331		47,903
Deutsche Boerse AG		406		70,020
Deutsche Post AG		2,098		147,555
Deutsche Wohnen SE		739		45,851
HeidelbergCement AG		313		27,194
Henkel AG & Co. KGaA		228		20,509
LANXESS AG		173		12,608
Merck KGaA		274		65,077
MTU Aero Engines AG		114		26,154
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		298		87,046
Puma SE		205		24,877
SAP SE		2,227		335,075
Symrise AG		272		38,723
Telefonica Deutschland Holding AG		2,312		6,487

(Cost $1,372,089)				1,598,501

Hong Kong — 1.6%
BOC Hong Kong Holdings Ltd.		7,876		23,899
ESR Cayman Ltd., 144A*		4,034		12,293
Hang Seng Bank Ltd.		1,598		28,601
HKT Trust & HKT Ltd. (a)		7,739		10,548
Hong Kong & China Gas Co. Ltd.		23,461		37,768
Hong Kong Exchanges & Clearing Ltd.		2,542		160,416
MTR Corp. Ltd.		3,010		16,952
Swire Pacific Ltd., Class A		1,081		7,325
Swire Properties Ltd.		2,436		6,593

(Cost $247,593)				304,395

Ireland — 1.0%
CRH PLC		1,686		89,641
DCC PLC		198		16,840
Kerry Group PLC, Class A		342		50,141
Kingspan Group PLC		329		37,586

(Cost $135,188)				194,208

Israel — 0.3%
Bank Hapoalim BM		2,195		18,903
Bank Leumi Le-Israel BM		3,370		27,875
CyberArk Software Ltd.*		77		12,931

(Cost $46,679)				59,709

Italy — 1.7%
Amplifon SpA		255		13,329
Assicurazioni Generali SpA		2,345		47,806
Enel SpA		17,242		157,067


	Number of Shares		Value
Italy (Continued)
Intesa Sanpaolo SpA		35,008	$	99,077

(Cost $276,554)				317,279

Japan — 24.1%
Aeon Co. Ltd. (b)		1,400		37,205
Ajinomoto Co., Inc.		1,000		29,529
ANA Holdings, Inc.*		300		7,115
Asahi Kasei Corp.		2,600		26,885
Astellas Pharma, Inc.		4,000		67,613
Azbil Corp.		300		13,039
Bridgestone Corp.		1,200		55,314
Capcom Co. Ltd.		400		11,178
Casio Computer Co. Ltd.		400		6,186
Central Japan Railway Co.		310		45,501
Chugai Pharmaceutical Co. Ltd.		1,398		54,821
CyberAgent, Inc.		912		16,777
Dai Nippon Printing Co. Ltd.		465		11,073
Daifuku Co. Ltd.		216		19,111
Dai-ichi Life Holdings, Inc.		2,200		43,445
Daikin Industries Ltd.		554		138,197
Daiwa House Industry Co. Ltd.		1,200		36,658
Denso Corp.		960		67,373
East Japan Railway Co.		629		42,546
Eisai Co. Ltd.		458		37,879
ENEOS Holdings, Inc.		6,400		24,823
Fast Retailing Co. Ltd.		128		84,494
FUJIFILM Holdings Corp.		800		66,033
Fujitsu Ltd.		409		75,575
Hankyu Hanshin Holdings, Inc.		500		14,996
Hirose Electric Co. Ltd.		80		13,348
Hitachi Construction Machinery Co. Ltd.		200		5,744
Hitachi Metals Ltd.*		400		7,737
Hoshizaki Corp.		100		9,403
Hoya Corp.		800		129,474
Hulic Co. Ltd.		500		5,871
Ibiden Co. Ltd.		200		10,814
Inpex Corp.		2,300		15,869
Isuzu Motors Ltd.		1,200		15,205
ITOCHU Corp.		2,500		75,346
JFE Holdings, Inc.		1,100		17,873
JSR Corp.		400		13,890
Kajima Corp.		1,100		14,248
Kansai Paint Co. Ltd.		300		7,785
Kao Corp.		984		59,527
KDDI Corp.		3,400		104,296
Keio Corp.		239		12,879
Kikkoman Corp.		300		22,556
Kobayashi Pharmaceutical Co. Ltd.		80		6,270
Komatsu Ltd.		1,900		46,047
Kubota Corp.		2,200		45,548
Kurita Water Industries Ltd.		200		9,394
Kyowa Kirin Co. Ltd.		600		19,634
Lawson, Inc.		100		4,824
Lixil Corp.		600		17,504
Marubeni Corp.		3,300		26,302
Mazda Motor Corp.*		1,300		11,301
Mercari, Inc.*		250		12,379


	Number of Shares		Value
Japan (Continued)
Mitsubishi Chemical Holdings Corp.		2,700	$	23,736
Mitsubishi Estate Co. Ltd.		2,500		39,164
Mitsui Chemicals, Inc.		400		13,836
Mitsui Fudosan Co. Ltd.		1,900		43,652
Miura Co. Ltd.		200		8,993
Mizuho Financial Group, Inc.		5,090		71,490
MS&AD Insurance Group Holdings, Inc.		1,000		32,359
Murata Manufacturing Co. Ltd.		1,200		99,607
Nabtesco Corp.		250		9,922
NEC Corp.		500		26,306
Nintendo Co. Ltd.		239		115,084
Nippon Building Fund, Inc. REIT		3		19,525
Nippon Express Co. Ltd.		150		10,227
Nippon Paint Holdings Co. Ltd.		1,550		19,315
Nippon Yusen KK		300		24,222
Nissin Foods Holdings Co. Ltd.		100		7,792
Nitori Holdings Co. Ltd.		144		26,975
Nitto Denko Corp.		350		26,634
Nomura Holdings, Inc.		6,500		31,571
Nomura Real Estate Holdings, Inc.		200		5,125
Nomura Real Estate Master Fund, Inc. REIT		9		13,902
Nomura Research Institute Ltd.		800		30,111
NSK Ltd.		800		5,622
NTT Data Corp.		1,300		23,442
Obayashi Corp.		1,300		10,721
Odakyu Electric Railway Co. Ltd.		600		14,003
Omron Corp.		413		39,022
Oriental Land Co. Ltd.		415		62,934
ORIX Corp.		2,600		48,552
Orix JREIT, Inc. REIT		6		10,710
Osaka Gas Co. Ltd.		800		15,023
Otsuka Corp.		250		12,971
Pan Pacific International Holdings Corp.		900		17,179
Panasonic Corp.		4,700		56,130
Recruit Holdings Co. Ltd.		2,900		171,582
Resona Holdings, Inc.		5,000		19,375
Rohm Co. Ltd.		150		14,500
SCSK Corp.		100		6,326
Secom Co. Ltd.		440		33,423
Sekisui Chemical Co. Ltd.		800		13,719
Sekisui House Ltd.		1,300		25,950
Seven & i Holdings Co. Ltd.		1,600		70,126
SG Holdings Co. Ltd.		700		19,064
Sharp Corp.		400		5,290
Shimadzu Corp.		540		24,257
Shimizu Corp.		1,200		8,629
Shin-Etsu Chemical Co. Ltd.		743		123,123
Shionogi & Co. Ltd.		600		37,968
Shiseido Co. Ltd.		850		56,427
SoftBank Corp.		6,100		81,816
Sohgo Security Services Co. Ltd.		200		9,075
Sompo Holdings, Inc.		640		28,126
Sony Group Corp.		2,705		279,709
Stanley Electric Co. Ltd.		200		5,003
Sumitomo Chemical Co. Ltd.		3,600		18,285
Sumitomo Metal Mining Co. Ltd.		553		21,262


	Number of Shares		Value
Japan (Continued)
Sumitomo Mitsui Trust Holdings, Inc.		700	$	22,926
Suntory Beverage & Food Ltd.		300		12,029
Sysmex Corp.		350		39,887
T&D Holdings, Inc.		1,200		14,582
Taisei Corp.		374		11,728
Takeda Pharmaceutical Co. Ltd.		3,350		112,185
TDK Corp.		275		28,962
Terumo Corp.		1,350		56,490
Tobu Railway Co. Ltd.		400		10,453
Toho Gas Co. Ltd.		150		7,004
Tokyo Century Corp.		100		5,726
Tokyo Electron Ltd.		323		138,891
Tokyo Gas Co. Ltd.		800		15,409
Tokyu Corp.		1,100		15,169
Toray Industries, Inc.		2,900		19,581
TOTO Ltd.		300		16,357
Toyo Suisan Kaisha Ltd.		250		10,365
Unicharm Corp.		800		35,711
USS Co. Ltd.		500		8,288
West Japan Railway Co.		350		19,166
Yakult Honsha Co. Ltd.		280		16,159
Yamada Holdings Co. Ltd.		2,000		8,611
Yamaha Corp.		319		18,845
Yamaha Motor Co. Ltd.		600		15,292
Yaskawa Electric Corp.		501		24,535
Yokogawa Electric Corp.		400		6,273
Z Holdings Corp.		5,600		36,548
ZOZO, Inc.		200		7,637

(Cost $3,807,029)				4,598,135

Luxembourg — 0.1%
Tenaris SA (Cost $12,409)		1,048		10,560

Netherlands — 7.3%
Aegon NV		3,308		16,377
Akzo Nobel NV		401		49,419
ASML Holding NV		885		735,990
ING Groep NV		8,280		114,357
JDE Peet’s NV		157		5,393
Koninklijke Ahold Delhaize NV		2,226		75,073
Koninklijke DSM NV (b)		363		77,238
Koninklijke KPN NV		7,170		22,971
Koninklijke Vopak NV		143		6,190
NN Group NV		612		31,766
Prosus NV*		1,973		174,444
Randstad NV		247		18,165
Wolters Kluwer NV		572		65,780

(Cost $769,176)				1,393,163

New Zealand — 0.6%
Auckland International Airport Ltd.*		2,678		13,590
Fisher & Paykel Healthcare Corp. Ltd.		1,212		28,236
Mercury NZ Ltd.		1,617		7,569
Meridian Energy Ltd.		2,640		9,755
Ryman Healthcare Ltd.		810		8,825
Spark New Zealand Ltd.		3,846		13,197
Xero Ltd.*		271		30,070

(Cost $97,096)				111,242


	Number of Shares		Value
Norway — 0.7%
DNB Bank ASA		1,980	$	41,759
Mowi ASA		999		26,727
Norsk Hydro ASA		2,800		19,305
Orkla ASA		1,726		15,402
Telenor ASA		1,486		26,006

(Cost $119,797)				129,199

Portugal — 0.1%
Galp Energia SGPS SA		1,052		10,772
Jeronimo Martins SGPS SA		540		11,442

(Cost $25,060)				22,214

Singapore — 1.3%
Ascendas Real Estate Investment Trust REIT		203		459
CapitaLand Integrated Commercial Trust REIT		9,684		14,831
CapitaLand Ltd.		5,700		16,950
City Developments Ltd.		1,100		5,594
DBS Group Holdings Ltd.		3,847		85,715
Keppel Corp. Ltd.		3,300		12,757
Oversea-Chinese Banking Corp. Ltd.		7,000		59,483
Singapore Airlines Ltd.*		3,150		11,850
Singapore Exchange Ltd.		1,700		12,512
Singapore Telecommunications Ltd.		16,800		28,976
UOL Group Ltd.		1,100		5,724

(Cost $244,125)				254,851

Spain — 2.2%
Banco Bilbao Vizcaya Argentaria SA*		14,170		92,784
CaixaBank SA		9,160		28,460
Iberdrola SA		12,496		154,811
Industria de Diseno Textil SA		2,341		79,891
Naturgy Energy Group SA (b)		631		16,238
Red Electrica Corp. SA		886		17,665
Repsol SA		3,170		36,316

(Cost $367,702)				426,165

Sweden — 3.6%
Alfa Laval AB		675		27,348
Assa Abloy AB, Class B		2,123		67,780
Atlas Copco AB, Class A		1,468		100,669
Atlas Copco AB, Class B		773		44,669
Boliden AB		577		20,098
Electrolux AB, Series B		523		13,234
Essity AB, Class B		1,305		41,815
Evolution AB, 144A		361		58,103
H & M Hennes & Mauritz AB, Class B*		1,571		31,454
Husqvarna AB, Class B		888		11,898
ICA Gruppen AB		223		11,082
Nibe Industrier AB, Class B		3,010		41,917
Sandvik AB		2,392		60,917
SKF AB, Class B		879		22,385
Svenska Cellulosa AB SCA, Class B		1,354		23,863
Tele2 AB, Class B		1,067		15,977
Telefonaktiebolaget LM Ericsson, Class B		6,183		73,220
Telia Co. AB		5,532		23,720

(Cost $552,419)				690,149


	Number of Shares		Value
Switzerland — 9.4%
ABB Ltd.		3,696	$	136,858
Adecco Group AG		325		18,087
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		4		47,028
Cie Financiere Richemont SA, Class A		1,109		122,274
Clariant AG*		415		8,734
Coca-Cola HBC AG*		438		15,848
Geberit AG		75		62,649
Givaudan SA		20		100,322
Kuehne + Nagel International AG		113		41,337
Lonza Group AG		158		133,672
Roche Holding AG		1,488		597,360
SGS SA		13		40,843
Sika AG		300		108,105
Sonova Holding AG		118		45,471
Straumann Holding AG		22		42,509
Swiss Life Holding AG		68		35,453
Swiss Re AG		639		58,776
Swisscom AG		56		32,852
Vifor Pharma AG		102		14,520
Zurich Insurance Group AG		320		140,429

(Cost $1,251,751)				1,803,127

United Kingdom — 13.1%
Abrdn PLC		4,565		16,680
Ashtead Group PLC		960		75,176
Associated British Foods PLC		814		22,181
AstraZeneca PLC		3,283		384,682
Barratt Developments PLC		1,934		19,670
Berkeley Group Holdings PLC*		262		17,405
British Land Co. PLC REIT		1,955		14,265
BT Group PLC*		18,977		44,347
Burberry Group PLC		929		23,774
CNH Industrial NV		2,174		35,928
Coca-Cola Europacific Partners PLC		438		25,290
Compass Group PLC*		3,772		77,894
Croda International PLC		299		37,644
Ferguson PLC		477		68,962
GlaxoSmithKline PLC		10,723		215,755
Informa PLC*		3,146		22,991
InterContinental Hotels Group PLC*		367		23,401
Intertek Group PLC		339		24,587
J Sainsbury PLC		3,641		15,233
JD Sports Fashion PLC		1,118		15,533
Johnson Matthey PLC		403		16,301
Kingfisher PLC		4,525		21,815
Legal & General Group PLC		12,691		47,193
Lloyds Banking Group PLC		150,666		90,769
Mondi PLC		1,008		27,815
National Grid PLC		7,396		95,813
Next PLC		288		31,352
Reckitt Benckiser Group PLC		1,519		115,794
RELX PLC		4,122		123,783
Rentokil Initial PLC		3,914		31,264
Schroders PLC		261		13,578
Segro PLC REIT		2,566		45,344
Spirax-Sarco Engineering PLC		156		34,587


	Number of Shares		Value
United Kingdom (Continued)
St James’s Place PLC		1,103	$	24,440
Standard Chartered PLC		5,699		35,671
Taylor Wimpey PLC		7,747		19,500
Tesco PLC		16,436		57,715
Unilever PLC		5,615		312,661
Vodafone Group PLC		59,234		99,423
Whitbread PLC*		465		20,530
Wm Morrison Supermarkets PLC		4,870		19,437
WPP PLC		2,550		34,519

(Cost $2,328,064)				2,500,702

TOTAL COMMON STOCKS (Cost $15,268,594)				18,962,777

PREFERRED STOCKS — 0.3%
Germany — 0.3%
Bayerische Motoren Werke AG		97		8,118
Henkel AG & Co. KGaA		372		36,334

(Cost $47,931)				44,452


	Number of Shares		Value
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		1,880	$	965

SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $61,137)		61,137		61,137

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $2,532)		2,532		2,532



TOTAL INVESTMENTS — 100.0% (Cost $15,380,194)			$	19,071,863
Other assets and liabilities, net — 0.0%				4,223

NET ASSETS — 100.0%			$	19,076,086

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2021 is as follows:


	Number of Shares		Value
COMMON STOCKS — 98.3%
Argentina — 0.0%
Adecoagro SA* (Cost $5,993)		607	$	5,675

Brazil — 2.6%
Americanas SA*		2,205		17,814
Atacadao SA		2,553		9,051
B3 SA — Brasil Bolsa Balcao		33,459		91,955
Banco Bradesco SA		8,066		31,416
Banco do Brasil SA		5,089		30,248
Banco Santander Brasil SA		2,151		17,621
CCR SA		6,648		15,907
Cosan SA		6,110		26,316
CPFL Energia SA		1,270		7,204
Energisa SA		911		7,895
Equatorial Energia SA		5,014		24,925
Klabin SA*		4,203		21,600
Localiza Rent a Car SA		3,305		35,803
Lojas Renner SA		4,928		36,636
Natura & Co. Holding SA*		4,909		49,497
Notre Dame Intermedica Participacoes SA		2,831		44,205
Rede D’Or Sao Luiz SA, 144A		2,195		29,507
Rumo SA*		7,024		25,684
Telefonica Brasil SA		2,716		23,200
TIM SA		3,968		9,657
Ultrapar Participacoes SA		4,393		12,391
Via S/A*		7,659		15,544
WEG SA		9,056		62,902

(Cost $656,228)				646,978

Chile — 0.3%
Cencosud Shopping SA		1,212		1,720
Empresas CMPC SA		6,575		14,585
Empresas COPEC SA		2,062		19,155
Enel Americas SA		125,793		17,651
Falabella SA		4,076		16,121

(Cost $80,776)				69,232

China — 33.0%
360 Security Technology, Inc., Class A*		800		1,476
3SBio, Inc., 144A*		7,378		8,225
51job, Inc., ADR* (a)		177		13,594
AAC Technologies Holdings, Inc.		4,225		23,550
Air China Ltd., Class A*		4,600		5,162
Air China Ltd., Class H*		5,074		3,406
Alibaba Group Holding Ltd.*		83,278		1,772,134
A-Living Smart City Services Co. Ltd., 144A		3,103		12,289
Angel Yeast Co. Ltd., Class A		200		1,242
Baozun, Inc., ADR*		339		8,163
BBMG Corp., Class A		1,800		756
Beijing Capital International Airport Co. Ltd., Class H*		10,259		6,187
BYD Co. Ltd., Class A		600		25,759
BYD Co. Ltd., Class H		4,311		146,003
By-health Co. Ltd., Class A		300		1,169
CanSino Biologics, Inc., Class A*		26		1,552
CanSino Biologics, Inc., Class H, 144A*		412		16,284


	Number of Shares		Value
China (Continued)
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		100	$	2,999
China Aoyuan Group Ltd.		6,000		3,595
China Communications Services Corp. Ltd., Class H		13,055		6,949
China Conch Venture Holdings Ltd.		9,056		37,028
China Construction Bank Corp., Class A		1,800		1,632
China Construction Bank Corp., Class H		528,376		381,810
China East Education Holdings Ltd., 144A* (a)		2,000		2,145
China Eastern Airlines Corp. Ltd., Class A*		4,800		3,497
China Feihe Ltd., 144A		19,567		35,424
China Jushi Co. Ltd., Class A		1,028		2,796
China Lesso Group Holdings Ltd.		5,105		10,922
China Medical System Holdings Ltd.		7,095		13,903
China Merchants Bank Co. Ltd., Class H		21,739		179,590
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,100		3,242
China Molybdenum Co. Ltd., Class A		4,200		5,091
China Molybdenum Co. Ltd., Class H		21,869		17,096
China National Medicines Corp. Ltd., Class A		200		905
China Resources Pharmaceutical Group Ltd., 144A		4,506		2,346
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		400		1,733
China Southern Airlines Co. Ltd., Class H*		9,335		5,437
China Tourism Group Duty Free Corp. Ltd., Class A		600		21,230
China Vanke Co. Ltd., Class A		3,300		10,127
China Vanke Co. Ltd., Class H		9,055		24,450
Chongqing Changan Automobile Co. Ltd., Class A		2,000		6,392
CIFI Ever Sunshine Services Group Ltd.		4,248		8,772
CIFI Holdings Group Co. Ltd.		20,133		13,565
CITIC Ltd.		31,757		39,526
Contemporary Amperex Technology Co. Ltd., Class A		804		61,667
Country Garden Services Holdings Co. Ltd.		8,241		62,782
CSPC Pharmaceutical Group Ltd.		50,890		64,583
Dali Foods Group Co. Ltd., 144A		5,848		3,278
Dongfeng Motor Group Co. Ltd., Class H		15,043		16,479
ENN Energy Holdings Ltd.		4,386		86,791
Eve Energy Co. Ltd., Class A		480		7,588
Fosun International Ltd.		14,001		17,714
Fu Jian Anjoy Foods Co. Ltd., Class A		100		2,422
Fuyao Glass Industry Group Co. Ltd., Class A		600		4,454
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		3,010		18,538
Ganfeng Lithium Co. Ltd., Class A		400		13,639
Ganfeng Lithium Co. Ltd., Class H, 144A		1,423		32,788
GEM Co. Ltd., Class A		1,200		2,498
Genscript Biotech Corp.*		6,941		32,977
GoerTek, Inc., Class A		700		5,049
Gotion High-tech Co. Ltd., Class A*		500		4,165


	Number of Shares		Value
China (Continued)
Great Wall Motor Co. Ltd., Class A		600	$	6,149
Great Wall Motor Co. Ltd., Class H		16,548		76,172
Greenland Holdings Corp. Ltd., Class A		1,260		869
Greentown Service Group Co. Ltd.		8,419		9,006
Guangzhou Automobile Group Co. Ltd., Class H		15,043		15,145
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		300		1,370
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		200		3,270
Guangzhou R&F Properties Co. Ltd., Class H		8,808		7,520
Hangzhou Robam Appliances Co. Ltd., Class A		300		1,660
Hansoh Pharmaceutical Group Co. Ltd., 144A		7,187		19,637
HengTen Networks Group Ltd.* (a)		18,050		8,866
Huaxia Bank Co. Ltd., Class A		5,100		4,427
Industrial Bank Co. Ltd., Class A		7,500		21,505
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,000		10,542
Jafron Biomedical Co. Ltd., Class A		200		1,518
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,100		1,386
Jinke Properties Group Co. Ltd., Class A		1,400		1,042
Jinxin Fertility Group Ltd., 144A*		6,019		9,566
Kaisa Group Holdings Ltd.*		10,000		3,330
Kingdee International Software Group Co. Ltd.*		13,539		49,265
Kuang-Chi Technologies Co. Ltd., Class A*		600		2,125
KWG Group Holdings Ltd.		6,775		7,143
Lenovo Group Ltd.		41,508		46,005
Li Auto, Inc., ADR* (a)		2,968		91,593
Li Ning Co. Ltd.		12,036		161,721
Liaoning Cheng Da Co. Ltd., Class A		700		2,636
Logan Group Co. Ltd.		6,775		8,084
Longfor Group Holdings Ltd., 144A		10,252		44,423
Meituan, Class B, 144A*		22,008		704,609
Microport Scientific Corp.		3,528		21,842
Minth Group Ltd.		4,801		19,939
NARI Technology Co. Ltd., Class A		1,260		6,837
NIO, Inc., ADR*		7,434		292,231
Offshore Oil Engineering Co. Ltd., Class A		100		70
Ovctek China, Inc., Class A		140		1,449
Pharmaron Beijing Co. Ltd., Class A		200		5,967
Pharmaron Beijing Co. Ltd., Class H, 144A		752		16,689
Ping An Insurance Group Co. of China Ltd., Class A		3,900		30,163
Ping An Insurance Group Co. of China Ltd., Class H		34,598		268,693
Poly Developments and Holdings Group Co. Ltd., Class A		4,100		7,238
Poly Property Services Co. Ltd., Class H		400		2,446
Shandong Sinocera Functional Material Co. Ltd., Class A		300		2,128
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		14,373		23,655


	Number of Shares		Value
China (Continued)
Shanghai Electric Group Co. Ltd., Class A		2,300	$	1,743
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		600		5,887
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,012		19,325
Shanghai M&G Stationery, Inc., Class A		200		2,136
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		300		893
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		4,327		8,590
Shenzhen Inovance Technology Co. Ltd., Class A		850		9,356
Shenzhen Overseas Chinese Town Co. Ltd., Class A		1,900		1,985
Shenzhou International Group Holdings Ltd.		4,512		98,393
Sichuan Chuantou Energy Co. Ltd., Class A		700		1,235
Sinotruk Hong Kong Ltd.		3,625		7,141
Skshu Paint Co. Ltd., Class A		140		3,162
Sungrow Power Supply Co. Ltd., Class A		500		12,188
Suning.com Co. Ltd., Class A*		2,700		2,210
TCL Technology Group Corp., Class A		3,700		4,089
Tencent Holdings Ltd.		31,579		1,953,855
Tongcheng-Elong Holdings Ltd.*		4,814		11,203
Topchoice Medical Corp., Class A*		100		3,642
Topsports International Holdings Ltd., 144A		9,026		11,930
Uni-President China Holdings Ltd.		8,468		8,024
Unisplendour Corp. Ltd., Class A		1,040		3,828
Vipshop Holdings Ltd., ADR*		2,446		36,176
Want Want China Holdings Ltd.		25,992		17,679
Wuchan Zhongda Group Co. Ltd., Class A		1,100		1,037
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,100		2,907
WuXi AppTec Co. Ltd., Class A		856		17,619
WuXi AppTec Co. Ltd., Class H, 144A		2,115		42,151
Wuxi Biologics Cayman, Inc., 144A*		19,665		304,431
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,700		3,844
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,818		5,384
Xinyi Solar Holdings Ltd.		27,439		66,328
XPeng, Inc., ADR* (a)		2,118		90,015
Yadea Group Holdings Ltd., 144A		6,019		10,696
Yum China Holdings, Inc.		2,328		143,312
Yunnan Baiyao Group Co. Ltd., Class A		300		4,124
Yutong Bus Co. Ltd., Class A		600		1,144
Zhejiang Chint Electrics Co. Ltd., Class A		700		6,830
Zhejiang Expressway Co. Ltd., Class H		9,035		7,923
Zhejiang Huayou Cobalt Co. Ltd., Class A		300		6,519
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		300		1,874
Zhejiang Weixing New Building Materials Co. Ltd., Class A		300		919
Zhenro Properties Group Ltd.		4,000		2,335


	Number of Shares		Value
China (Continued)
Zhongsheng Group Holdings Ltd.		3,010	$	25,156
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,800		4,641
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		7,378		7,030

(Cost $7,845,791)				8,327,385

Czech Republic — 0.1%
Komercni banka AS*		358		13,760
Moneta Money Bank AS, 144A*		2,105		8,536

(Cost $19,287)				22,296

Egypt — 0.1%
Commercial International Bank Egypt SAE* (Cost $22,954)		8,865		26,426

Greece — 0.1%
Eurobank Ergasias Services and Holdings SA*		14,292		13,615
Hellenic Telecommunications Organization SA		1,265		24,885

(Cost $32,432)				38,500

Hong Kong — 2.1%
Alibaba Health Information Technology Ltd.*		22,679		37,209
Beijing Enterprises Water Group Ltd.*		24,465		10,098
China Education Group Holdings Ltd.		4,512		8,517
China Everbright Environment Group Ltd.		17,100		11,829
China Gas Holdings Ltd.		17,935		52,001
China Jinmao Holdings Group Ltd.		30,086		9,787
China Mengniu Dairy Co. Ltd.*		16,890		101,527
China Overseas Land & Investment Ltd.		21,060		48,471
China Resources Gas Group Ltd.		5,014		30,429
Geely Automobile Holdings Ltd.		32,143		116,134
Hopson Development Holdings Ltd.		3,462		13,488
Hutchmed China Ltd., ADR* (a)		445		17,960
Lee & Man Paper Manufacturing Ltd.		4,038		3,546
Shenzhen International Holdings Ltd.		6,769		8,825
Shenzhen Investment Ltd.		9,074		2,695
Shimao Group Holdings Ltd.		6,769		13,995
Sino Biopharmaceutical Ltd.		59,046		49,424
Vinda International Holdings Ltd. (a)		1,753		5,162

(Cost $519,180)				541,097

Hungary — 0.4%
MOL Hungarian Oil & Gas PLC		2,284		18,718
OTP Bank Nyrt*		1,229		74,167

(Cost $79,006)				92,885

India — 11.7%
Adani Green Energy Ltd.*		2,241		32,793
Adani Total Gas Ltd.		958		19,060
Asian Paints Ltd.		2,105		92,303
Axis Bank Ltd.*		12,473		134,370
Bajaj Auto Ltd.		390		19,914
Bandhan Bank Ltd., 144A		3,468		13,538
Berger Paints India Ltd.		1,280		14,391
Bharat Petroleum Corp. Ltd.		4,919		31,778


	Number of Shares		Value
India (Continued)
Biocon Ltd.*		2,210	$	10,863
Britannia Industries Ltd.		581		31,812
Colgate-Palmolive India Ltd.		655		15,192
Dabur India Ltd.		3,311		28,186
DLF Ltd.		3,259		14,309
Eicher Motors Ltd.		806		29,579
Grasim Industries Ltd.		1,454		29,882
Havells India Ltd.		1,250		21,718
HCL Technologies Ltd.		5,939		96,177
Hero MotoCorp Ltd.		654		24,561
Hindalco Industries Ltd.		8,662		55,561
Hindustan Unilever Ltd.		4,508		168,205
Housing Development Finance Corp. Ltd.		9,401		360,356
Info Edge India Ltd.		428		36,243
Infosys Ltd.		5,955		139,190
Infosys Ltd., ADR		12,406		295,511
Lupin Ltd.		1,274		16,715
Mahindra & Mahindra Ltd.		4,794		52,092
Marico Ltd.		3,076		22,939
Motherson Sumi Systems Ltd.*		7,023		21,028
Nestle India Ltd.		185		49,331
PI Industries Ltd.		465		21,617
Pidilite Industries Ltd.		757		23,644
Piramal Enterprises Ltd.		524		18,709
Reliance Industries Ltd.		15,648		483,999
Shree Cement Ltd.		62		24,023
Siemens Ltd.		372		11,579
State Bank of India		9,829		57,359
Tata Consultancy Services Ltd.		5,069		262,898
Titan Co. Ltd.		1,958		51,536
Trent Ltd.		1,018		14,040
UPL Ltd.		2,658		26,987
Wipro Ltd.		7,004		61,490
Wipro Ltd., ADR		508		4,745

(Cost $2,350,120)				2,940,223

Indonesia — 0.8%
Aneka Tambang Tbk		45,742		7,665
PT Bank Central Asia Tbk		60,616		139,188
PT Barito Pacific Tbk		165,986		12,394
PT Indah Kiat Pulp & Paper Tbk		13,000		7,201
PT Kalbe Farma Tbk		110,845		10,453
PT Merdeka Copper Gold Tbk*		58,830		11,632
PT Tower Bersama Infrastructure Tbk		43,033		9,444
PT Unilever Indonesia Tbk		43,223		12,274

(Cost $204,717)				210,251

Kuwait — 0.3%
Kuwait Finance House KSCP
(Cost $65,089)		25,616		70,342

Malaysia — 1.9%
AMMB Holdings Bhd*		10,100		7,362
Axiata Group Bhd		12,883		12,830
CIMB Group Holdings Bhd		38,401		45,357
Dialog Group Bhd		22,400		14,333
DiGi.Com Bhd		17,700		18,735
Fraser & Neave Holdings Bhd		300		2,012


	Number of Shares		Value
Malaysia (Continued)
HAP Seng Consolidated Bhd		2,200	$	4,498
Hartalega Holdings Bhd		10,400		18,463
IHH Healthcare Bhd		9,300		14,318
Kossan Rubber Industries		6,200		4,624
Kuala Lumpur Kepong Bhd		2,800		14,387
Malayan Banking Bhd		22,472		45,409
Malaysia Airports Holdings Bhd*		5,400		8,612
Maxis Bhd		12,200		13,764
MISC Bhd		7,200		12,471
Nestle Malaysia Bhd		500		16,202
Petronas Dagangan Bhd		1,500		7,202
Petronas Gas Bhd		4,600		18,590
PPB Group Bhd		4,100		18,266
Press Metal Aluminium Holdings Bhd		18,200		23,642
Public Bank Bhd		80,475		80,920
QL Resources Bhd		5,400		7,223
RHB Bank Bhd		8,794		11,826
Sime Darby Bhd		15,000		8,516
Supermax Corp. Bhd		4,177		3,316
Telekom Malaysia Bhd		6,100		8,966
Top Glove Corp. Bhd		28,600		27,520
Westports Holdings Bhd		2,700		2,858

(Cost $473,917)				472,222

Mexico — 1.4%
Arca Continental SAB de CV		2,422		15,636
Cemex SAB de CV, Series CPO*		83,556		68,798
Coca-Cola Femsa SAB de CV		2,972		17,244
Fomento Economico Mexicano SAB de CV		10,755		93,851
Gruma SAB de CV, Class B		1,282		14,674
Grupo Bimbo SAB de CV, Series A		8,444		21,414
Grupo Financiero Banorte SAB de CV, Class O		14,194		93,906
Industrias Penoles SAB de CV*		756		10,736
Kimberly-Clark de Mexico SAB de CV, Class A		8,677		15,358

(Cost $323,308)				351,617

Philippines — 0.6%
Ayala Land, Inc.		43,000		29,171
Bank of the Philippine Islands		10,720		17,928
Globe Telecom, Inc.		130		7,108
GT Capital Holdings, Inc.		460		4,993
JG Summit Holdings, Inc.		16,920		22,072
SM Investments Corp.		1,382		28,029
SM Prime Holdings, Inc.		55,300		37,793
Universal Robina Corp.		5,280		16,004

(Cost $160,130)				163,098

Poland — 1.0%
Bank Polska Kasa Opieki SA*		1,010		28,278
CD Projekt SA		418		18,485
Cyfrowy Polsat SA		1,259		12,022
KGHM Polska Miedz SA		758		35,299
Orange Polska SA*		4,561		9,864
Polski Koncern Naftowy ORLEN SA		1,653		32,077
Powszechna Kasa Oszczednosci Bank Polski SA*		4,767		52,354


	Number of Shares		Value
Poland (Continued)
Powszechny Zaklad Ubezpieczen SA*		3,256	$	34,526
Santander Bank Polska SA*		223		17,589

(Cost $226,012)				240,494

Qatar — 0.7%
Commercial Bank PSQC		10,242		16,985
Ooredoo QPSC		3,312		6,288
Qatar Fuel QSC		2,569		12,912
Qatar National Bank QPSC		25,083		132,063

(Cost $160,286)				168,248

Romania — 0.1%
NEPI Rockcastle PLC (Cost $18,617)		2,573		18,658

Russia — 2.9%
Gazprom PJSC		65,265		272,626
LUKOIL PJSC		2,272		194,226
LUKOIL PJSC, ADR		1		85
Mobile TeleSystems PJSC, ADR		2,678		25,120
Moscow Exchange MICEX-RTS PJSC		7,202		18,022
Novatek PJSC, GDR		505		119,685
Novolipetsk Steel PJSC		7,931		26,730
PhosAgro PJSC, GDR		759		14,952
Polymetal International PLC		1,940		38,750
Polyus PJSC		181		32,632

(Cost $638,096)				742,828

Saudi Arabia — 1.1%
Almarai Co. JSC		1,417		21,912
Bank AlBilad*		2,124		24,209
Dr Sulaiman Al Habib Medical Services Group Co.		309		15,126
Saudi Arabian Mining Co.*		2,339		45,399
Saudi Basic Industries Corp.		4,915		161,182
Savola Group		1,599		17,117

(Cost $250,672)				284,945

Singapore — 0.0%
BOC Aviation Ltd., 144A (Cost $8,753)		1,104		8,276

South Africa — 4.7%
Absa Group Ltd.*		3,894		42,547
Anglo American Platinum Ltd. (a)		298		33,960
Aspen Pharmacare Holdings Ltd.*		2,296		31,128
Bid Corp. Ltd.*		1,823		40,314
Bidvest Group Ltd.		1,511		21,414
Capitec Bank Holdings Ltd.		446		58,512
Clicks Group Ltd.		1,265		26,460
Discovery Ltd.*		2,378		21,169
FirstRand Ltd.		27,938		119,536
Gold Fields Ltd. (a)		5,036		47,516
Growthpoint Properties Ltd. REIT		19,917		21,315
Impala Platinum Holdings Ltd.		4,302		66,292
Kumba Iron Ore Ltd.		404		18,238
MTN Group Ltd.*		9,332		86,088
MultiChoice Group		2,060		16,363
Naspers Ltd., Class N (a)		1,200		205,738


	Number of Shares		Value
South Africa (Continued)
Nedbank Group Ltd.*		2,034	$	26,014
Northam Platinum Ltd.*		1,957		27,057
Old Mutual Ltd.		25,332		26,899
Remgro Ltd.		2,812		23,485
Sanlam Ltd.		10,457		46,585
Shoprite Holdings Ltd.		2,932		37,266
SPAR Group Ltd.		1,005		14,426
Standard Bank Group Ltd.		6,941		71,358
Vodacom Group Ltd.		3,477		34,530
Woolworths Holdings Ltd.*		5,465		24,047

(Cost $1,061,897)				1,188,257

South Korea — 7.5%
Amorepacific Corp.		178		34,926
AMOREPACIFIC Group		165		8,225
BGF retail Co. Ltd.		19		2,925
Celltrion Healthcare Co. Ltd.*		458		48,863
CJ CheilJedang Corp.		46		17,992
CJ Corp.		52		4,552
CJ Logistics Corp.*		47		6,932
Coway Co. Ltd.		311		20,976
Doosan Bobcat, Inc.*		266		9,945
Fila Holdings Corp.		282		10,921
GS Engineering & Construction Corp.		341		13,161
GS Holdings Corp.		210		7,698
Hankook Tire & Technology Co. Ltd.		445		17,885
Hanon Systems		1,010		14,330
Hanwha Solutions Corp.*		638		22,423
Hyundai Engineering & Construction Co. Ltd.		432		20,679
Hyundai Glovis Co. Ltd.		102		17,067
Hyundai Heavy Industries Holdings Co. Ltd.		271		15,263
Kakao Corp.		1,706		228,065
KB Financial Group, Inc.		2,180		99,463
Korean Air Lines Co. Ltd.*		875		23,621
LG Chem Ltd.		252		164,747
LG Corp.		463		38,056
LG Display Co. Ltd.*		1,245		22,013
LG Electronics, Inc.		605		74,095
LG Household & Health Care Ltd.		49		61,744
Lotte Chemical Corp.		103		22,209
NAVER Corp.		676		255,952
POSCO Chemical Co. Ltd.		167		22,397
Samsung Electro-Mechanics Co. Ltd.		316		50,284
Samsung Engineering Co. Ltd.*		907		17,484
Samsung Fire & Marine Insurance Co. Ltd.		178		34,696
Samsung SDI Co. Ltd.		300		205,183
Samsung SDS Co. Ltd.		189		28,119
Shinhan Financial Group Co. Ltd.		2,419		81,054
SK Biopharmaceuticals Co. Ltd.*		151		16,344
SK Innovation Co. Ltd.*		281		60,468
SK Telecom Co. Ltd.		47		12,080
SK, Inc.		175		39,771
SKC Co. Ltd.		116		15,958
Yuhan Corp.		268		14,446

(Cost $1,657,332)				1,883,012


	Number of Shares		Value
Taiwan — 21.0%
Acer, Inc.		15,863	$	14,424
ASE Technology Holding Co. Ltd.*		17,213		79,812
AU Optronics Corp.		45,365		28,810
Cathay Financial Holding Co. Ltd.		43,555		93,668
Chailease Holding Co. Ltd.		6,819		65,573
Cheng Shin Rubber Industry Co. Ltd.		8,317		11,179
China Steel Corp.		65,256		89,830
Chunghwa Telecom Co. Ltd.		21,363		86,335
Compal Electronics, Inc.		25,161		20,791
CTBC Financial Holding Co. Ltd.		101,884		84,556
Delta Electronics, Inc.		10,979		107,161
E.Sun Financial Holding Co. Ltd.		66,271		63,608
Eclat Textile Co. Ltd.		1,048		21,063
Evergreen Marine Corp. Taiwan Ltd.		15,000		73,610
Far Eastern New Century Corp.		16,906		18,331
Far EasTone Telecommunications Co. Ltd.		8,251		18,340
Feng TAY Enterprise Co. Ltd.		3,012		23,476
First Financial Holding Co. Ltd.		57,120		47,199
Fubon Financial Holding Co. Ltd.		37,347		114,547
Hiwin Technologies Corp.		1,543		18,151
Hotai Motor Co. Ltd.		1,795		37,761
Hua Nan Financial Holdings Co. Ltd.*		46,372		34,971
Innolux Corp.		48,955		30,472
Inventec Corp.		14,673		12,866
Lite-On Technology Corp.		12,337		27,244
MediaTek, Inc.		8,304		269,973
Mega Financial Holding Co. Ltd.		58,665		69,432
Nan Ya Plastics Corp.		28,799		93,110
Nien Made Enterprise Co. Ltd.		752		11,234
Oneness Biotech Co. Ltd.*		1,505		10,481
President Chain Store Corp.*		2,961		30,504
Ruentex Development Co. Ltd.		3,014		7,537
Shanghai Commercial & Savings Bank Ltd.		19,555		31,753
SinoPac Financial Holdings Co. Ltd.		56,181		28,888
Taishin Financial Holding Co. Ltd.*		54,795		38,259
Taiwan Cement Corp.		27,079		47,341
Taiwan High Speed Rail Corp.		10,181		11,094
Taiwan Mobile Co. Ltd.		8,690		31,670
Taiwan Semiconductor Manufacturing Co. Ltd.		135,122		2,993,664
Uni-President Enterprises Corp.*		27,159		70,853
United Microelectronics Corp.		65,202		148,456
Wan Hai Lines Ltd.*		3,027		27,088
Wistron Corp.		14,686		14,520
Yageo Corp.		2,268		39,241
Yang Ming Marine Transport Corp.*		8,646		41,649
Yuanta Financial Holding Co. Ltd.		55,510		50,075

(Cost $3,861,174)				5,290,600

Thailand — 2.2%
Advanced Info Service PCL, NVDR		6,200		36,162
Airports of Thailand PCL, NVDR		23,600		46,677
Asset World Corp. PCL, NVDR*		27,400		3,689
B Grimm Power PCL, NVDR		5,600		8,035
Bangkok Dusit Medical Services PCL, NVDR		50,900		36,952


	Number of Shares		Value
Thailand (Continued)
Berli Jucker PCL, NVDR		7,600	$	8,547
BTS Group Holdings PCL, NVDR		46,000		13,415
Bumrungrad Hospital PCL, NVDR		2,900		11,966
Central Pattana PCL, NVDR		11,700		19,511
Charoen Pokphand Foods PCL, NVDR		22,000		18,429
CP ALL PCL, NVDR		31,500		63,523
Energy Absolute PCL, NVDR		8,700		17,679
Gulf Energy Development PCL, NVDR		16,500		21,372
Home Product Center PCL, NVDR		31,400		13,931
Indorama Ventures PCL, NVDR		8,900		12,080
Intouch Holdings PCL, NVDR		6,100		16,181
Land & Houses PCL, NVDR		52,300		13,224
Minor International PCL, NVDR*		17,374		17,653
Muangthai Capital PCL, NVDR		4,500		9,040
Osotspa PCL, NVDR		4,400		4,983
PTT Exploration & Production PCL, NVDR		7,600		26,290
PTT Global Chemical PCL, NVDR		12,200		24,224
Siam Cement PCL, NVDR		4,300		57,364
Siam Commercial Bank PCL, NVDR		4,600		15,199
Sri Trang Gloves Thailand PCL, NVDR		3,500		4,018
Thai Oil PCL, NVDR		6,100		9,415
Thai Union Group PCL, NVDR		14,700		9,076
True Corp. PCL, NVDR		62,400		6,427

(Cost $533,729)				545,062

Turkey — 0.2%
KOC Holding AS		4,872		13,501
Turkcell Iletisim Hizmetleri AS		6,597		13,004
Turkiye Garanti Bankasi AS		14,875		17,676
Turkiye Is Bankasi AS, Class C		7,426		5,135

(Cost $46,343)				49,316

United Arab Emirates — 1.2%
Abu Dhabi Commercial Bank PJSC		15,685		32,069
Abu Dhabi Islamic Bank PJSC		7,652		11,749
Aldar Properties PJSC		23,199		26,211
Emirates NBD Bank PJSC		13,873		52,310
Emirates Telecommunications Group Co. PJSC		9,915		63,704
First Abu Dhabi Bank PJSC		23,857		110,414

(Cost $259,136)				296,457

Uruguay — 0.3%
Globant SA* (Cost $42,016)		226		72,835

TOTAL COMMON STOCKS (Cost $21,602,991)				24,767,215

PREFERRED STOCKS — 0.8%
Brazil — 0.5%
Banco Bradesco SA		26,583		120,205
Cia Energetica de Minas Gerais		6,023		15,894

(Cost $156,233)				136,099

Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $35,103)		726		37,924


		Number of Shares		Value
Colombia — 0.1%
Bancolombia SA (Cost $20,274)			2,722	$	22,713

South Korea — 0.1%
LG Chem Ltd.			44		13,130
LG Household & Health Care Ltd.			13		7,703

(Cost $20,506)					20,833

TOTAL PREFERRED STOCKS (Cost $232,116)					217,569


		Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. 8.00%, 8/28/22	INR		4,500		64
Series N3, 5.50%, 6/3/24	INR		12,383		171

(Cost $234)					235


		Number of Shares
WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 9/5/22 (b)			1,525		43
BTS Group Holdings PCL*, expires 11/7/24 (b)			3,050		80
BTS Group Holdings PCL*, expires 11/20/26 (b)			6,100		120
Minor International PCL*, expires 9/30/21			305		3
Minor International PCL*, expires 2/15/24			380		52

(Cost $0)					298

EXCHANGE-TRADED FUNDS — 0.3%
iShares ESG Aware MSCI EM ETF (a)
(Cost $74,925)			1,717		74,106

SECURITIES LENDING COLLATERAL — 0.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $79,911)			79,911		79,911

CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $149,313)			149,313		149,313


TOTAL INVESTMENTS — 100.3% (Cost $22,139,490)				$	25,288,647
Other assets and liabilities, net — (0.3%)					(85,307	)

NET ASSETS — 100.0%				$	25,203,340

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2021 is as follows:


	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 12.0%
Activision Blizzard, Inc.		148,003	$	12,191,007
Alphabet, Inc., Class A*		57,189		165,502,107
Alphabet, Inc., Class C*		55,510		161,491,912
Cable One, Inc.		1,006		2,112,188
Discovery, Inc., Class A* (a)		39,528		1,139,988
Discovery, Inc., Class C*		51,687		1,426,044
Electronic Arts, Inc.		54,966		7,981,613
Interpublic Group of Cos., Inc.		76,142		2,834,767
Omnicom Group, Inc.		42,037		3,077,949
Sirius XM Holdings, Inc. (a)		171,627		1,076,101
Take-Two Interactive Software, Inc.*		21,486		3,463,973
Verizon Communications, Inc.		789,265		43,409,575
Walt Disney Co.*		346,631		62,844,200

(Cost $273,140,047)				468,551,424

Consumer Discretionary — 12.3%
Advance Auto Parts, Inc.		11,598		2,352,654
Aptiv PLC*		51,326		7,811,304
Best Buy Co., Inc.		41,976		4,890,624
Booking Holdings, Inc.*		7,804		17,946,625
BorgWarner, Inc.		43,109		1,839,892
Burlington Stores, Inc.*		12,869		3,854,137
CarMax, Inc.*		31,293		3,918,196
Darden Restaurants, Inc.		23,906		3,601,439
Domino’s Pizza, Inc.		7,501		3,877,192
eBay, Inc.		130,029		9,978,425
Garmin Ltd.		30,180		5,264,297
Genuine Parts Co.		27,519		3,362,547
Hasbro, Inc.		25,803		2,536,693
Hilton Worldwide Holdings, Inc.*		52,994		6,616,831
Home Depot, Inc.		202,623		66,091,570
LKQ Corp.*		55,552		2,927,035
Lowe’s Cos., Inc.		134,095		27,340,630
Lululemon Athletica, Inc.*		23,623		9,453,216
McDonald’s Corp.		142,223		33,772,274
MercadoLibre, Inc.*		8,581		16,024,588
Mohawk Industries, Inc.*		10,671		2,110,297
Newell Brands, Inc.		75,500		1,918,455
NIKE, Inc., Class B		242,619		39,969,054
NVR, Inc.*		640		3,315,162
Pool Corp.		7,396		3,655,843
Starbucks Corp.		224,865		26,419,389
Target Corp.		94,532		23,347,513
Tesla, Inc.*		155,891		114,692,126
TJX Cos., Inc.		231,663		16,846,533
Tractor Supply Co.		21,767		4,228,240
Vail Resorts, Inc.*		7,928		2,416,851
VF Corp.		63,405		4,848,580

(Cost $276,099,588)				477,228,212

Consumer Staples — 5.9%
Bunge Ltd.		25,798		1,953,167
Campbell Soup Co.		36,737		1,533,035
Clorox Co.		23,289		3,913,716
Coca-Cola Co.		781,928		44,030,366
Colgate-Palmolive Co.		154,011		12,005,157


	Number of Shares		Value
Consumer Staples (Continued)
Conagra Brands, Inc.		89,503	$	2,964,339
Estee Lauder Cos., Inc., Class A		43,947		14,963,514
General Mills, Inc.		116,837		6,754,347
Hormel Foods Corp.		53,819		2,450,917
J M Smucker Co.		20,989		2,595,710
Kellogg Co.		46,635		2,944,534
Keurig Dr Pepper, Inc. (a)		137,399		4,901,022
Kimberly-Clark Corp.		64,686		8,914,378
Kroger Co.		135,051		6,216,398
Lamb Weston Holdings, Inc.		29,444		1,918,277
McCormick & Co., Inc.		48,674		4,200,079
PepsiCo, Inc.		263,742		41,246,611
Procter & Gamble Co.		467,116		66,512,647

(Cost $193,894,708)				230,018,214

Energy — 1.1%
Baker Hughes Co.		140,162		3,192,890
Cheniere Energy, Inc.*		46,138		4,035,230
Marathon Petroleum Corp.		124,155		7,358,667
ONEOK, Inc.		85,145		4,471,815
Phillips 66		83,355		5,925,707
Schlumberger N.V.		266,662		7,477,203
Valero Energy Corp.		78,061		5,176,225
Williams Cos., Inc.		227,944		5,627,937

(Cost $43,124,917)				43,265,674

Financials — 11.1%
Aflac, Inc.		124,933		7,081,202
Allstate Corp.		56,974		7,707,443
Ally Financial, Inc.		72,478		3,834,086
American Express Co.		130,611		21,676,202
American Financial Group, Inc.		13,835		1,908,400
American International Group, Inc.		160,460		8,754,698
Ameriprise Financial, Inc.		21,832		5,958,171
Annaly Capital Management, Inc. REIT		258,917		2,249,989
Aon PLC, Class A (a)		43,150		12,378,009
Arch Capital Group Ltd.*		78,886		3,242,215
Arthur J Gallagher & Co.		39,385		5,656,474
Assurant, Inc.		11,957		2,034,005
Bank of New York Mellon Corp.		159,776		8,822,831
BlackRock, Inc.		28,888		27,249,761
Carlyle Group, Inc.		28,163		1,390,689
Cboe Global Markets, Inc.		19,372		2,443,778
Charles Schwab Corp.		275,390		20,062,161
Chubb Ltd.		84,654		15,569,564
Citizens Financial Group, Inc.		77,377		3,388,339
CME Group, Inc.		68,516		13,821,047
Discover Financial Services		58,327		7,478,688
Equitable Holdings, Inc.		78,103		2,421,974
Erie Indemnity Co., Class A		5,237		927,420
FactSet Research Systems, Inc.		6,934		2,636,445
First Republic Bank		32,802		6,525,630
Franklin Resources, Inc.		58,494		1,897,545
Hartford Financial Services Group, Inc.		69,061		4,642,280
Huntington Bancshares, Inc.		281,547		4,372,425
Intercontinental Exchange, Inc.		107,302		12,825,808
Invesco Ltd.		71,374		1,807,190
KeyCorp		192,506		3,911,722


	Number of Shares		Value
Financials (Continued)
Lincoln National Corp.		32,882	$	2,257,349
Loews Corp.		41,038		2,292,793
M&T Bank Corp.		24,568		3,439,766
MarketAxess Holdings, Inc.		7,058		3,359,043
Marsh & McLennan Cos., Inc.		97,155		15,272,766
Moody’s Corp.		32,071		12,211,675
Morgan Stanley		265,998		27,778,171
Nasdaq, Inc.		21,999		4,306,964
Northern Trust Corp.		38,339		4,543,938
PNC Financial Services Group, Inc.		80,548		15,392,723
Principal Financial Group, Inc.		51,427		3,435,838
Progressive Corp.		112,268		10,815,899
Prudential Financial, Inc.		75,911		8,037,457
Raymond James Financial, Inc.		23,512		3,289,329
Regions Financial Corp.		179,909		3,675,541
S&P Global, Inc.		45,896		20,369,563
State Street Corp.		67,077		6,232,124
SVB Financial Group*		10,946		6,124,287
T. Rowe Price Group, Inc.		43,341		9,702,750
Travelers Cos., Inc.		47,737		7,624,076
Truist Financial Corp.		252,514		14,408,449
US Bancorp		267,308		15,340,806
Voya Financial, Inc. (a)		21,870		1,421,113
Willis Towers Watson PLC		24,188		5,338,775

(Cost $311,507,591)				431,347,386

Health Care — 13.5%
ABIOMED, Inc.*		8,633		3,142,067
Agilent Technologies, Inc.		58,230		10,217,618
Align Technology, Inc.*		14,317		10,150,753
AmerisourceBergen Corp.		28,743		3,512,682
Amgen, Inc.		109,066		24,597,655
Baxter International, Inc.		96,652		7,366,815
Biogen, Inc.*		28,275		9,582,680
BioMarin Pharmaceutical, Inc.*		34,530		2,907,771
Bio-Techne Corp.		7,597		3,791,967
Bristol-Myers Squibb Co.		423,901		28,342,021
Cardinal Health, Inc.		52,721		2,767,325
Catalent, Inc.*		33,302		4,343,913
Centene Corp.*		110,961		6,988,324
Cerner Corp.		58,632		4,476,553
Cigna Corp.		65,724		13,910,485
DaVita, Inc.*		13,530		1,769,318
DENTSPLY SIRONA, Inc.		41,201		2,542,102
Dexcom, Inc.*		18,404		9,743,446
Edwards Lifesciences Corp.*		119,278		13,976,996
Eli Lilly & Co.		154,995		40,033,659
Gilead Sciences, Inc.		239,759		17,449,660
HCA Healthcare, Inc.		50,971		12,894,644
Hologic, Inc.*		48,023		3,801,021
Horizon Therapeutics PLC*		41,676		4,504,759
Humana, Inc.		24,664		9,999,279
IDEXX Laboratories, Inc.*		16,369		11,028,777
Illumina, Inc.*		28,126		12,858,082
Insulet Corp.*		12,990		3,868,552
Jazz Pharmaceuticals PLC*		10,509		1,384,140
Johnson & Johnson		500,252		86,608,629


	Number of Shares		Value
Health Care (Continued)
Laboratory Corp. of America Holdings*		17,987	$	5,456,896
Merck & Co., Inc.		483,386		36,877,518
Mettler-Toledo International, Inc.*		4,321		6,709,778
Novocure Ltd.* (a)		17,406		2,336,059
Quest Diagnostics, Inc.		24,942		3,811,886
ResMed, Inc.		27,800		8,076,734
STERIS PLC		19,013		4,087,985
Teladoc Health, Inc.*		25,724		3,715,060
Teleflex, Inc.		9,105		3,600,663
Thermo Fisher Scientific, Inc.		74,761		41,488,617
Vertex Pharmaceuticals, Inc.*		49,544		9,923,168
Waters Corp.*		11,668		4,830,785
West Pharmaceutical Services, Inc.		13,727		6,199,388
Zoetis, Inc.		90,840		18,582,230

(Cost $415,258,730)				524,258,460

Industrials — 8.4%
3M Co.		110,531		21,524,807
Allegion PLC		18,473		2,659,927
AMERCO		1,982		1,310,399
C.H. Robinson Worldwide, Inc.		25,324		2,280,679
Caterpillar, Inc.		104,102		21,951,989
Copart, Inc.*		41,202		5,946,273
CSX Corp.		436,089		14,185,975
Cummins, Inc.		28,132		6,638,589
Deere & Co.		57,028		21,558,295
Delta Air Lines, Inc.*		32,362		1,308,719
Dover Corp.		26,635		4,644,079
Eaton Corp. PLC		75,896		12,777,851
Expeditors International of Washington, Inc.		33,109		4,126,706
Fastenal Co.		109,168		6,097,033
Fortive Corp.		60,893		4,498,166
Fortune Brands Home & Security, Inc.		26,713		2,601,045
Generac Holdings, Inc.*		11,794		5,153,742
Howmet Aerospace, Inc.		70,767		2,246,852
IDEX Corp.		14,021		3,140,704
IHS Markit Ltd.		71,675		8,644,005
Illinois Tool Works, Inc.		60,199		14,017,939
Johnson Controls International PLC		136,743		10,228,376
Kansas City Southern		16,762		4,704,591
Lennox International, Inc.		5,885		1,972,534
Masco Corp.		51,106		3,103,156
Norfolk Southern Corp.		47,996		12,168,906
Owens Corning		19,810		1,892,845
PACCAR, Inc.		66,191		5,419,057
Pentair PLC (a)		32,773		2,528,765
Robert Half International, Inc.		20,487		2,118,356
Rockwell Automation, Inc.		22,126		7,200,907
Roper Technologies, Inc.		20,042		9,685,898
Snap-on, Inc.		10,326		2,322,834
Stanley Black & Decker, Inc.		29,899		5,778,580
Trane Technologies PLC		45,331		8,998,203
Union Pacific Corp.		126,456		27,420,719
United Parcel Service, Inc., Class B		137,282		26,856,478
United Rentals, Inc.*		13,818		4,872,918


	Number of Shares		Value
Industrials (Continued)
W. W. Grainger, Inc.		8,345	$	3,619,226
Waste Management, Inc.		80,573		12,497,678
Xylem, Inc.		33,972		4,630,723

(Cost $219,645,750)				325,334,524

Information Technology — 28.9%
Accenture PLC, Class A		121,241		40,804,871
Adobe, Inc.*		90,954		60,366,170
ANSYS, Inc.*		16,831		6,149,374
Applied Materials, Inc.		175,246		23,680,992
Autodesk, Inc.*		42,141		13,067,503
Automatic Data Processing, Inc.		80,882		16,907,573
Cadence Design Systems, Inc.*		51,884		8,481,996
Cisco Systems, Inc.		800,801		47,263,275
Citrix Systems, Inc.		23,386		2,405,718
Cognex Corp.		31,746		2,813,330
Hewlett Packard Enterprise Co.		243,025		3,757,166
HP, Inc.		237,823		7,072,856
Intel Corp.		769,865		41,618,902
International Business Machines Corp.		170,567		23,937,373
Intuit, Inc.		51,885		29,372,617
Keysight Technologies, Inc.*		35,391		6,348,438
Lam Research Corp.		26,861		16,246,070
Mastercard, Inc., Class A		168,422		58,312,749
Microsoft Corp.		1,362,513		411,315,424
Motorola Solutions, Inc.		32,357		7,902,227
NVIDIA Corp.		474,458		106,207,423
Okta, Inc.*		23,818		6,278,425
salesforce.com, Inc.*		185,057		49,090,070
Teledyne Technologies, Inc.*		9,091		4,212,588
Texas Instruments, Inc.		175,624		33,528,378
Trimble, Inc.*		49,435		4,657,766
Visa, Inc., Class A		323,614		74,139,967
VMware, Inc., Class A* (a)		15,310		2,279,200
Western Union Co.		68,484		1,481,994
Workday, Inc., Class A*		36,021		9,839,496
Zebra Technologies Corp., Class A*		10,015		5,880,508

(Cost $669,331,459)				1,125,420,439

Materials — 2.9%
Amcor PLC		297,852		3,827,398
Ball Corp.		62,584		6,005,561
DuPont de Nemours, Inc.		101,907		7,543,156
Ecolab, Inc.		49,027		11,048,725
International Flavors & Fragrances, Inc.		47,009		7,121,864
International Paper Co.		70,559		4,239,890
Linde PLC		98,972		31,135,601
LyondellBasell Industries NV, Class A		51,472		5,165,215
Mosaic Co.		70,439		2,266,727
Newmont Corp.		152,236		8,828,166
PPG Industries, Inc.		44,853		7,156,296
Sherwin-Williams Co.		48,696		14,787,514
Steel Dynamics, Inc.		41,491		2,800,228

(Cost $80,821,738)				111,926,341


	Number of Shares		Value
Real Estate — 2.8%
American Tower Corp. REIT		86,901	$	25,389,865
Boston Properties, Inc. REIT		27,126		3,064,967
CBRE Group, Inc., Class A*		64,010		6,164,163
Crown Castle International Corp. REIT		81,664		15,899,164
Equinix, Inc. REIT		17,064		14,392,631
Equity Residential REIT		65,251		5,485,652
Healthpeak Properties, Inc. REIT		100,699		3,625,164
Host Hotels & Resorts, Inc. REIT*		140,954		2,334,198
Prologis, Inc. REIT		141,149		19,007,124
Welltower, Inc. REIT		79,910		6,994,522
Weyerhaeuser Co. REIT		143,779		5,176,044

(Cost $80,814,827)				107,533,494

Utilities — 1.0%
American Water Works Co., Inc.		34,768		6,336,468
Atmos Energy Corp.		25,496		2,486,115
CenterPoint Energy, Inc.		112,494		2,822,475
Consolidated Edison, Inc.		64,094		4,835,892
Edison International		73,768		4,266,741
Essential Utilities, Inc.		43,157		2,141,882
Eversource Energy		65,877		5,977,020
Sempra Energy		60,545		8,013,736
UGI Corp.		37,851		1,752,880

(Cost $35,117,423)				38,633,209

TOTAL COMMON STOCKS (Cost $2,598,756,778)				3,883,517,377

SECURITIES LENDING COLLATERAL —0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c) (Cost $852,902)		852,902		852,902

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $3,332,190)		3,332,190		3,332,190


TOTAL INVESTMENTS — 100.0% (Cost $2,602,941,870)			$	3,887,702,469
Other assets and liabilities, net — 0.0%				1,699,997

NET ASSETS — 100.0%			$	3,889,402,466

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2021 is as follows:


	Number of Shares		Value
COMMON STOCKS — 99.7%
Communication Services — 10.5%
Activision Blizzard, Inc.		19,912	$	1,640,152
Alphabet, Inc., Class A*		7,752		22,433,901
Alphabet, Inc., Class C*		7,309		21,263,635
AT&T, Inc.		182,986		5,017,476
Charter Communications, Inc., Class A* (a)		3,513		2,868,927
Comcast Corp., Class A		117,765		7,145,980
Discovery, Inc., Class A* (a)		4,155		119,830
Discovery, Inc., Class C*		7,453		205,628
Electronic Arts, Inc.		7,406		1,075,425
Interpublic Group of Cos., Inc.		10,042		373,864
Live Nation Entertainment, Inc.*		3,724		322,871
News Corp., Class A		12,898		289,818
Omnicom Group, Inc.		5,515		403,808
Take-Two Interactive Software, Inc.*		2,967		478,340
Verizon Communications, Inc.		106,231		5,842,705
Walt Disney Co.*		46,618		8,451,843

(Cost $60,479,909)				77,934,203

Consumer Discretionary — 13.7%
Amazon.com, Inc.*		11,009		38,209,927
Aptiv PLC *		6,967		1,060,308
Best Buy Co., Inc.		5,926		690,438
Booking Holdings, Inc.*		1,063		2,444,549
BorgWarner, Inc.		6,127		261,500
CarMax, Inc.*		4,161		520,999
Dollar Tree, Inc.*		6,027		545,685
eBay, Inc.		16,623		1,275,649
Etsy, Inc.* (a)		3,262		705,440
Ford Motor Co.*		100,209		1,305,723
Gap, Inc.		4,857		129,828
General Motors Co.*		32,558		1,595,668
Hanesbrands, Inc.		8,591		160,480
Hasbro, Inc.		3,257		320,196
Hilton Worldwide Holdings, Inc.*		7,141		891,625
Home Depot, Inc.		27,278		8,897,538
Las Vegas Sands Corp.*		8,472		377,936
Leggett & Platt, Inc.		3,219		155,767
Lowe’s Cos., Inc.		18,159		3,702,438
Marriott International, Inc., Class A *		6,827		922,601
McDonald’s Corp.		19,161		4,549,971
MGM Resorts International		10,629		453,008
Newell Brands, Inc.		9,717		246,909
NIKE, Inc., Class B		32,672		5,382,385
PulteGroup, Inc.		6,638		357,523
PVH Corp.*		1,733		181,601
Ralph Lauren Corp.		1,233		143,188
Royal Caribbean Cruises Ltd.*		5,635		466,184
Starbucks Corp.		30,240		3,552,898
Tapestry, Inc.*		7,461		300,827
Target Corp.		12,905		3,187,277
Tesla, Inc.*		19,775		14,548,863
TJX Cos., Inc.		30,875		2,245,230
Under Armour, Inc., Class A *		5,245		121,369
Under Armour, Inc., Class C *		5,068		101,664
VF Corp.		8,234		629,654


	Number of Shares		Value
Consumer Discretionary (Continued)
Whirlpool Corp.		1,573	$	348,467
Yum! Brands, Inc.		7,735		1,013,517

(Cost $87,372,885)				102,004,830

Consumer Staples — 5.3%
Archer-Daniels-Midland Co.		14,224		853,440
Brown-Forman Corp., Class B		4,711		330,806
Campbell Soup Co.		5,167		215,619
Coca-Cola Co.		99,573		5,606,956
Colgate-Palmolive Co.		21,709		1,692,217
Conagra Brands, Inc.		12,531		415,027
Constellation Brands, Inc., Class A		4,382		925,215
General Mills, Inc.		15,638		904,033
Hershey Co.		3,764		668,863
Hormel Foods Corp.		6,924		315,319
J M Smucker Co.		2,688		332,425
Kellogg Co. (a)		6,445		406,937
Kraft Heinz Co.		16,674		600,097
Kroger Co.		19,563		900,485
McCormick & Co., Inc.		6,362		548,977
Molson Coors Beverage Co., Class B		4,581		217,735
Mondelez International, Inc., Class A		36,131		2,242,651
PepsiCo, Inc.		35,378		5,532,765
Procter & Gamble Co.		62,851		8,949,354
Sysco Corp.		13,110		1,044,211
Tyson Foods, Inc., Class A		7,526		590,942
Walgreens Boots Alliance, Inc.		18,383		932,937
Walmart, Inc.		35,260		5,222,006

(Cost $36,370,119)				39,449,017

Energy — 2.7%
APA Corp.		10,342		201,462
Chevron Corp.		49,634		4,803,082
ConocoPhillips		34,644		1,923,781
Devon Energy Corp.		15,143		447,476
Exxon Mobil Corp.		108,694		5,925,997
Halliburton Co.		22,756		454,665
Hess Corp.		6,989		480,494
Kinder Morgan, Inc.		49,757		809,546
Marathon Petroleum Corp.		16,740		992,180
Occidental Petroleum Corp.		21,525		552,977
ONEOK, Inc.		11,459		601,827
Pioneer Natural Resources Co.		5,948		890,237
Schlumberger N.V.		35,684		1,000,579
Williams Cos., Inc.		31,182		769,884

(Cost $18,695,551)				19,854,187

Financials — 10.6%
Aflac, Inc.		16,296		923,657
Allstate Corp.		7,809		1,056,402
American Express Co.		16,766		2,782,485
Ameriprise Financial, Inc.		3,015		822,824
Arthur J Gallagher & Co.		5,263		755,872
Assurant, Inc.		1,566		266,392
Bank of America Corp.		193,597		8,082,675
Bank of New York Mellon Corp.		20,657		1,140,680
BlackRock, Inc.		3,655		3,447,725
Capital One Financial Corp.		11,820		1,961,765


	Number of Shares		Value
Financials (Continued)
Cboe Global Markets, Inc.		2,726	$	343,885
Charles Schwab Corp.		38,438		2,800,208
Chubb Ltd.		11,541		2,122,621
Citigroup, Inc.		53,560		3,851,500
CME Group, Inc.		9,231		1,862,077
Comerica, Inc.		3,469		256,394
Discover Financial Services		7,888		1,011,399
Fifth Third Bancorp		18,258		709,506
Franklin Resources, Inc.		7,953		257,995
Globe Life, Inc.		2,330		223,843
Goldman Sachs Group, Inc.		8,763		3,623,588
Hartford Financial Services Group, Inc.		9,183		617,281
Intercontinental Exchange, Inc.		14,414		1,722,905
Invesco Ltd.		9,662		244,642
JPMorgan Chase & Co.		77,715		12,430,514
KeyCorp		24,867		505,297
Lincoln National Corp.		4,582		314,554
MarketAxess Holdings, Inc.		999		475,444
Marsh & McLennan Cos., Inc.		12,987		2,041,556
MetLife, Inc.		19,080		1,182,960
Moody’s Corp.		4,124		1,570,295
Morgan Stanley		38,423		4,012,514
MSCI, Inc.		2,145		1,361,174
Nasdaq, Inc.		2,941		575,789
Northern Trust Corp.		5,334		632,186
PNC Financial Services Group, Inc.		10,890		2,081,079
Principal Financial Group, Inc.		6,402		427,718
Progressive Corp.		14,970		1,442,210
Prudential Financial, Inc.		10,254		1,085,694
Raymond James Financial, Inc.		3,044		425,856
Regions Financial Corp.		24,643		503,457
S&P Global, Inc.		6,206		2,754,347
State Street Corp.		9,005		836,655
Synchrony Financial		13,991		696,052
T. Rowe Price Group, Inc.		5,862		1,312,326
Travelers Cos., Inc.		6,407		1,023,262
Unum Group		5,617		149,525

(Cost $60,329,166)				78,728,785

Health Care — 12.8%
Abbott Laboratories		45,501		5,749,961
AbbVie, Inc.		45,384		5,481,479
Agilent Technologies, Inc.		7,850		1,377,439
AmerisourceBergen Corp.		3,748		458,043
Amgen, Inc.		14,849		3,348,895
Anthem, Inc.		6,314		2,368,571
Baxter International, Inc.		12,984		989,640
Becton Dickinson and Co.		7,461		1,877,934
Biogen, Inc.*		3,936		1,333,950
Bio-Rad Laboratories, Inc., Class A *		526		423,335
Boston Scientific Corp.*		36,421		1,644,408
Bristol-Myers Squibb Co.		57,608		3,851,671
Cardinal Health, Inc.		7,456		391,365
Cigna Corp.		8,824		1,867,600
CVS Health Corp.		33,693		2,910,738
Danaher Corp.		16,299		5,283,484
DaVita, Inc.*		1,779		232,640


	Number of Shares		Value
Health Care (Continued)
Edwards Lifesciences Corp.*		16,050	$	1,880,739
Eli Lilly & Co.		20,444		5,280,481
Gilead Sciences, Inc.		32,309		2,351,449
Henry Schein, Inc.*		3,565		269,478
Hologic, Inc.*		6,639		525,477
Humana, Inc.		3,318		1,345,184
IDEXX Laboratories, Inc.*		2,205		1,485,641
Illumina, Inc.*		3,748		1,713,436
Incyte Corp.*		4,795		366,769
Laboratory Corp. of America Holdings *		2,539		770,282
McKesson Corp.		4,087		834,320
Medtronic PLC		34,618		4,620,811
Merck & Co., Inc.		65,029		4,961,062
Mettler-Toledo International, Inc.*		626		972,072
PerkinElmer, Inc.		2,913		538,322
Perrigo Co. PLC		3,423		140,172
Pfizer, Inc.		143,777		6,623,806
Quest Diagnostics, Inc.		3,372		515,343
Regeneron Pharmaceuticals, Inc.*		2,691		1,812,119
Thermo Fisher Scientific, Inc.		10,107		5,608,880
UnitedHealth Group, Inc.		24,278		10,106,203
Vertex Pharmaceuticals, Inc.*		6,695		1,340,942
Viatris, Inc.		30,876		451,716
Waters Corp.*		1,542		638,419
West Pharmaceutical Services, Inc.		1,903		859,433

(Cost $79,010,824)				95,603,709

Industrials — 6.8%
Alaska Air Group, Inc.*		3,046		174,658
American Airlines Group, Inc.* (a)		15,717		313,397
AMETEK, Inc.		5,922		805,214
Caterpillar, Inc.		14,022		2,956,819
Cintas Corp.		2,260		894,440
CSX Corp.		58,722		1,910,227
Cummins, Inc.		3,779		891,768
Deere & Co.		8,070		3,050,702
Delta Air Lines, Inc.*		16,440		664,834
Dover Corp.		3,656		637,460
Eaton Corp. PLC		10,185		1,714,747
Emerson Electric Co.		15,377		1,622,273
Fastenal Co.		14,695		820,716
FedEx Corp.		6,279		1,668,268
Fortive Corp.		8,612		636,168
General Electric Co.		28,158		2,968,135
Howmet Aerospace, Inc.		9,934		315,405
IDEX Corp.		1,916		429,184
IHS Markit Ltd.		9,564		1,153,418
Illinois Tool Works, Inc.		7,380		1,718,507
Ingersoll Rand, Inc.*		9,607		509,363
Johnson Controls International PLC		18,496		1,383,501
L3Harris Technologies, Inc.		5,261		1,225,866
Leidos Holdings, Inc.		3,414		334,948
Nielsen Holdings PLC		8,901		191,015
Norfolk Southern Corp.		6,441		1,633,051
PACCAR, Inc.		8,910		729,462
Parker-Hannifin Corp.		3,320		984,944
Pentair PLC (a)		4,207		324,612


	Number of Shares		Value
Industrials (Continued)
Republic Services, Inc.		5,288	$	656,399
Robert Half International, Inc.		2,911		300,997
Rockwell Automation, Inc.		2,982		970,492
Roper Technologies, Inc.		2,698		1,303,889
Snap-on, Inc.		1,362		306,382
Stanley Black & Decker, Inc.		4,122		796,659
Trane Technologies PLC		6,109		1,212,637
TransDigm Group, Inc.*		1,421		863,215
Union Pacific Corp.		17,185		3,726,395
United Parcel Service, Inc., Class B		18,509		3,620,916
United Rentals, Inc.*		1,857		654,871
Verisk Analytics, Inc.		4,162		839,725
W.W. Grainger, Inc.		1,120		485,744
Waste Management, Inc.		9,946		1,542,724
Westinghouse Air Brake Technologies Corp.		4,541		407,736
Xylem, Inc.		4,551		620,347

(Cost $40,810,543)				50,972,230

Information Technology — 30.7%
Accenture PLC, Class A		16,313		5,490,303
Adobe, Inc.*		12,309		8,169,483
Advanced Micro Devices, Inc.*		31,159		3,449,925
Akamai Technologies, Inc.*		4,175		472,819
Amphenol Corp., Class A		15,354		1,176,577
Analog Devices, Inc.		13,807		2,249,851
ANSYS, Inc.*		2,233		815,849
Apple, Inc.		403,033		61,192,500
Applied Materials, Inc.		23,557		3,183,257
Arista Networks, Inc.*		1,427		527,319
Autodesk, Inc.*		5,645		1,750,458
Cisco Systems, Inc.		108,398		6,397,650
Corning, Inc.		19,732		789,083
DXC Technology Co.*		6,343		232,915
Hewlett Packard Enterprise Co.		33,458		517,261
HP, Inc.		32,077		953,970
Intel Corp.		104,374		5,642,458
Intuit, Inc.		7,046		3,988,811
Juniper Networks, Inc.		8,300		240,534
Keysight Technologies, Inc.*		4,786		858,513
KLA Corp.		3,982		1,353,721
Lam Research Corp.		3,680		2,225,738
Mastercard, Inc., Class A		22,457		7,775,287
Micron Technology, Inc.*		28,725		2,117,033
Microsoft Corp.		193,516		58,418,610
Motorola Solutions, Inc.		4,369		1,066,997
NortonLifeLock, Inc.		14,658		389,317
NVIDIA Corp.		63,972		14,320,132
Oracle Corp.		46,620		4,155,241
QUALCOMM, Inc.		29,161		4,277,627
salesforce.com, Inc.*		24,812		6,581,879
Seagate Technology Holdings PLC		5,133		449,599
TE Connectivity Ltd.		8,509		1,278,222
Texas Instruments, Inc.		23,731		4,530,485
Trimble, Inc.*		6,442		606,965
Visa, Inc., Class A (a)		43,553		9,977,992


	Number of Shares		Value
Information Technology (Continued)
Zebra Technologies Corp., Class A *		1,392	$	817,341

(Cost $171,217,400)				228,441,722

Materials — 2.5%
Air Products and Chemicals, Inc.		5,662		1,525,966
Albemarle Corp.		2,994		708,800
Ball Corp.		8,433		809,231
CF Industries Holdings, Inc.		5,309		241,135
Corteva, Inc.		19,104		840,003
Dow, Inc.		19,114		1,202,271
Eastman Chemical Co.		3,632		410,997
Ecolab, Inc.		6,364		1,434,191
FMC Corp.		3,323		311,132
Freeport-McMoRan, Inc.		37,516		1,365,207
International Flavors & Fragrances, Inc.		6,378		966,267
International Paper Co.		10,052		604,025
Linde PLC		13,422		4,222,427
LyondellBasell Industries NV, Class A		6,621		664,417
Martin Marietta Materials, Inc.		1,594		607,712
Mosaic Co.		8,875		285,598
Newmont Corp.		20,578		1,193,318
PPG Industries, Inc.		6,059		966,713
Westrock Co.		6,762		351,894

(Cost $15,685,887)				18,711,304

Real Estate — 2.6%
American Tower Corp. REIT		11,635		3,399,398
AvalonBay Communities, Inc. REIT		3,607		828,095
Boston Properties, Inc. REIT		3,663		413,882
CBRE Group, Inc., Class A *		8,619		830,010
Digital Realty Trust, Inc. REIT		7,200		1,180,152
Duke Realty Corp. REIT		9,629		505,619
Equinix, Inc. REIT		2,285		1,927,283
Equity Residential REIT		8,837		742,927
Essex Property Trust, Inc. REIT		1,652		546,382
Extra Space Storage, Inc. REIT		3,388		633,251
Healthpeak Properties, Inc. REIT		13,945		502,020
Host Hotels & Resorts, Inc. REIT *		18,247		302,170
Iron Mountain, Inc. REIT		7,422		354,401
Kimco Realty Corp. REIT		15,426		336,133
Prologis, Inc. REIT		19,017		2,560,829
Realty Income Corp. REIT (a)		9,636		695,912
Regency Centers Corp. REIT		3,851		264,256
Simon Property Group, Inc. REIT		8,477		1,139,733
Ventas, Inc. REIT		9,664		540,604
Vornado Realty Trust REIT		3,672		153,783
Welltower, Inc. REIT		10,759		941,735
Weyerhaeuser Co. REIT		19,258		693,288

(Cost $15,908,716)				19,491,863

Utilities — 1.5%
American Water Works Co., Inc.		4,679		852,748
Consolidated Edison, Inc.		8,782		662,602
Edison International		9,729		562,725
Entergy Corp.		5,137		568,203
Eversource Energy		8,814		799,694
Exelon Corp.		24,946		1,222,853
FirstEnergy Corp.		13,949		542,198


	Number of Shares		Value
Utilities (Continued)
NextEra Energy, Inc.		50,338	$	4,227,889
Public Service Enterprise Group, Inc.		12,966		829,046
Sempra Energy		8,099		1,071,984

(Cost $10,077,173)				11,339,942

TOTAL COMMON STOCKS (Cost $595,958,173)				742,531,792

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c) (Cost $107,727)		107,727		107,727

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $1,353,973)		1,353,973		1,353,973


TOTAL INVESTMENTS — 99.9% (Cost $597,419,873)			$	743,993,492
Other assets and liabilities, net — 0.1%				758,642

NET ASSETS — 100.0%			$	744,752,134

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2021 is as follows:


	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 2.1%
Cable One, Inc.		36	$	75,585
Iridium Communications, Inc.*		790		35,163
New York Times Co., Class A		953		48,394
TEGNA, Inc.		1,481		26,243
TripAdvisor, Inc.*		636		22,260
Yelp, Inc.*		449		17,291

(Cost $223,383)				224,936

Consumer Discretionary — 15.5%
American Eagle Outfitters, Inc. (a)		981		29,940
AutoNation, Inc.*		351		38,291
Brunswick Corp.		518		50,179
Capri Holdings Ltd.*		1,007		56,906
Carter’s, Inc.		293		29,997
Columbia Sportswear Co.		206		21,014
Cracker Barrel Old Country Store, Inc.		158		22,686
Dana, Inc.		968		22,516
Deckers Outdoor Corp.*		184		76,995
Dick’s Sporting Goods, Inc. (a)		436		61,393
Foot Locker, Inc.		684		38,776
Gentex Corp.		1,591		49,003
Goodyear Tire & Rubber Co.*		1,803		28,560
Graham Holdings Co., Class B		26		16,037
Grand Canyon Education, Inc.*		311		27,723
H&R Block, Inc.		1,214		31,139
Harley-Davidson, Inc.		1,008		39,846
Helen of Troy Ltd.*		159		38,031
Jack in the Box, Inc.		145		15,364
KB Home		587		25,259
Kohl’s Corp.		1,038		59,581
Lear Corp.		364		58,218
Lithia Motors, Inc.		198		65,597
Mattel, Inc.*		2,318		49,489
Murphy USA, Inc.		162		25,155
Nordstrom, Inc.*		720		20,599
Papa John’s International, Inc.		214		27,291
Polaris, Inc. (a)		378		45,269
RH*		112		78,475
Service Corp. International		1,102		69,162
Six Flags Entertainment Corp.*		511		21,585
Tempur Sealy International, Inc.		1,219		54,489
Texas Roadhouse, Inc.		430		40,850
Thor Industries, Inc. (a)		360		40,835
Toll Brothers, Inc.		735		47,084
Travel + Leisure Co.		573		31,377
Urban Outfitters, Inc.*		465		15,354
Visteon Corp.*		188		19,868
Wendy’s Co.		1,140		26,243
Williams-Sonoma, Inc.		505		94,283
Wingstop, Inc.		194		33,354
WW International, Inc.*		350		7,578
Wyndham Hotels & Resorts, Inc.		611		44,420

(Cost $1,563,483)				1,695,811


	Number of Shares		Value
Consumer Staples — 3.3%
BJ’s Wholesale Club Holdings, Inc.*		893	$	50,597
Boston Beer Co., Inc., Class A *		62		35,353
Coty, Inc., Class A*		1,807		17,654
Darling Ingredients, Inc.*		1,082		80,609
Flowers Foods, Inc.		1,300		31,369
Hain Celestial Group, Inc.*		548		20,501
Ingredion, Inc.		440		38,658
Nu Skin Enterprises, Inc., Class A		324		16,401
Pilgrim’s Pride Corp.*		307		8,547
Sanderson Farms, Inc.		131		25,742
Sprouts Farmers Market, Inc.* (a)		801		19,945
TreeHouse Foods, Inc.*		355		13,302

(Cost $360,101)				358,678

Energy — 1.3%
Cimarex Energy Co.		674		43,284
CNX Resources Corp.*		1,401		15,915
EQT Corp.*		1,843		33,782
Equitrans Midstream Corp.		2,731		23,842
Murphy Oil Corp.		969		20,601

(Cost $126,050)				137,424

Financials — 16.5%
Affiliated Managers Group, Inc.		272		46,270
Alleghany Corp.*		93		62,932
Associated Banc-Corp.		1,033		21,300
BancorpSouth Bank		657		19,270
Bank of Hawaii Corp.		272		22,796
Bank OZK		791		33,562
Brown & Brown, Inc.		1,551		90,036
CIT Group, Inc.		646		35,801
CNO Financial Group, Inc.		858		20,987
Commerce Bancshares, Inc.		686		48,514
East West Bancorp, Inc.		941		69,013
Essent Group Ltd.		769		36,205
Evercore, Inc., Class A		266		37,144
FactSet Research Systems, Inc.		251		95,435
First American Financial Corp.		716		50,500
First Horizon Corp.		3,617		59,283
FNB Corp.		2,057		24,026
Fulton Financial Corp.		1,036		16,421
Hancock Whitney Corp.		582		26,749
Hanover Insurance Group, Inc.		240		33,914
Interactive Brokers Group, Inc., Class A		530		34,259
Janus Henderson Group PLC		1,115		48,346
Kemper Corp.		412		28,263
MGIC Investment Corp. (a)		2,239		34,190
Navient Corp.		1,172		27,202
New York Community Bancorp, Inc.		3,043		38,098
PacWest Bancorp		767		32,636
Pinnacle Financial Partners, Inc.		495		47,975
Primerica, Inc.		259		39,611
PROG Holdings, Inc.		444		21,010
Prosperity Bancshares, Inc.		609		42,557
Reinsurance Group of America, Inc.		443		51,308
RenaissanceRe Holdings Ltd.		329		51,564
RLI Corp.		261		28,509


	Number of Shares		Value
Financials (Continued)
SEI Investments Co.		787	$	49,432
Selective Insurance Group, Inc.		393		32,843
Signature Bank		382		99,064
SLM Corp.		2,155		40,406
Sterling Bancorp		1,290		29,528
Synovus Financial Corp.		974		41,979
Texas Capital Bancshares, Inc.*		336		22,845
UMB Financial Corp.		292		26,741
Umpqua Holdings Corp.		1,478		28,777
Webster Financial Corp.		594		30,009
Wintrust Financial Corp.		378		28,290

(Cost $1,697,376)				1,805,600

Health Care — 9.3%
Acadia Healthcare Co., Inc.*		582		38,482
Amedisys, Inc.*		215		39,442
Emergent BioSolutions, Inc.*		302		19,050
Encompass Health Corp.		662		51,934
Exelixis, Inc.*		2,053		39,356
Haemonetics Corp.*		338		21,209
Hill-Rom Holdings, Inc.		435		63,327
ICU Medical, Inc.*		132		26,314
Integra LifeSciences Holdings Corp.*		464		34,907
Jazz Pharmaceuticals PLC *		400		52,684
LHC Group, Inc.*		206		38,473
Ligand Pharmaceuticals, Inc.*		106		14,024
LivaNova PLC *		342		28,280
Masimo Corp.*		336		91,237
Molina Healthcare, Inc.*		387		104,014
Neurocrine Biosciences, Inc.*		629		59,881
NuVasive, Inc.*		340		21,128
Penumbra, Inc.*		226		62,139
Quidel Corp.*		252		32,495
Syneos Health, Inc.*		672		62,348
Tenet Healthcare Corp.*		710		53,499
United Therapeutics Corp.*		298		64,034

(Cost $1,010,396)				1,018,257

Industrials — 18.7%
Acuity Brands, Inc. (a)		238		43,918
AECOM*		961		63,003
AGCO Corp.		410		56,424
Avis Budget Group, Inc.* (a)		340		30,855
Axon Enterprise, Inc.*		429		78,022
Brink’s Co.		326		25,480
Carlisle Cos., Inc.		347		73,127
Clean Harbors, Inc.*		335		34,378
Colfax Corp.*		766		36,898
Crane Co.		324		32,973
Curtiss-Wright Corp.		274		33,368
Donaldson Co., Inc.		822		55,690
Dycom Industries, Inc.*		208		15,669
EMCOR Group, Inc.		359		43,618
EnerSys		288		24,362
Flowserve Corp.		845		32,845
FTI Consulting, Inc.*		224		31,295
Graco, Inc.		1,124		88,144


	Number of Shares		Value
Industrials (Continued)
Herman Miller, Inc.		477	$	20,048
Hexcel Corp.*		549		31,134
Hubbell, Inc.		361		74,406
Insperity, Inc.		247		27,254
ITT, Inc.		565		54,054
KAR Auction Services, Inc.*		826		13,968
KBR, Inc.		920		35,825
Kennametal, Inc.		547		20,337
Kirby Corp.*		404		21,650
Lincoln Electric Holdings, Inc.		391		54,588
ManpowerGroup, Inc.		364		44,197
MasTec, Inc.*		369		33,741
Mercury Systems, Inc.*		368		18,540
Middleby Corp.*		370		67,688
MSA Safety, Inc.		237		38,593
Nordson Corp.		358		85,419
Oshkosh Corp.		456		52,248
Owens Corning		682		65,165
Regal Beloit Corp.		273		40,792
Ryder System, Inc.		353		28,060
Science Applications International Corp.		388		32,681
Stericycle, Inc.*		596		41,482
Terex Corp.		461		23,534
Tetra Tech, Inc.		357		51,351
Timken Co.		446		32,799
Toro Co.		710		78,057
Trinity Industries, Inc.		525		15,241
Univar Solutions, Inc.*		1,114		26,302
Werner Enterprises, Inc.		394		18,581
Woodward, Inc.		386		46,683
XPO Logistics, Inc.*		676		58,751

(Cost $1,845,568)				2,053,238

Information Technology — 14.4%
ACI Worldwide, Inc.*		777		25,043
Alliance Data Systems Corp.		329		32,278
Amkor Technology, Inc.		717		19,696
Arrow Electronics, Inc.*		486		58,913
Avnet, Inc.		667		26,987
Belden, Inc.		303		17,347
Blackbaud, Inc.*		320		22,301
Ceridian HCM Holding, Inc.*		871		97,857
Ciena Corp.*		1,031		58,901
CMC Materials, Inc.		192		25,463
Cognex Corp.		1,171		103,774
Coherent, Inc.*		160		40,427
CommVault Systems, Inc.*		300		24,291
Cree, Inc.*		766		65,095
Fair Isaac Corp.*		189		86,891
First Solar, Inc.*		565		53,110
Jabil, Inc.		889		54,922
Littelfuse, Inc.		161		45,949
LiveRamp Holdings, Inc.*		449		22,001
Manhattan Associates, Inc.*		423		68,945
Maximus, Inc.		406		35,358
National Instruments Corp.		872		36,467
NetScout Systems, Inc.*		467		12,805


	Number of Shares		Value
Information Technology (Continued)
Paylocity Holding Corp.*		250	$	67,300
Qualys, Inc.*		226		26,528
Semtech Corp.*		435		30,415
Silicon Laboratories, Inc.*		298		46,971
SolarEdge Technologies, Inc.*		345		99,974
Synaptics, Inc.*		229		43,460
SYNNEX Corp.		270		34,309
Teradata Corp.*		713		38,994
Universal Display Corp.		280		58,405
Viasat, Inc.*		457		23,599
WEX, Inc.*		298		54,704
Xerox Holdings Corp.		1,063		23,928

(Cost $1,478,076)				1,583,408

Materials — 7.1%
AptarGroup, Inc.		436		58,773
Ashland Global Holdings, Inc.		363		33,073
Avient Corp.		612		31,879
Cabot Corp.		381		20,345
Chemours Co.		1,079		36,157
Cleveland-Cliffs, Inc. * (a)		3,053		71,654
Commercial Metals Co.		791		25,802
Compass Minerals International, Inc.		216		14,457
Eagle Materials, Inc.		283		44,386
Greif, Inc., Class A		169		10,701
Ingevity Corp.*		258		20,741
Minerals Technologies, Inc.		216		16,986
Olin Corp.		940		46,850
RPM International, Inc.		861		70,852
Scotts Miracle-Gro Co.		276		43,285
Sonoco Products Co.		660		43,098
Steel Dynamics, Inc.		1,332		89,897
United States Steel Corp. (a)		1,765		47,214
Valvoline, Inc.		1,191		35,920
Worthington Industries, Inc.		238		13,792

(Cost $695,122)				775,862

Real Estate — 10.5%
American Campus Communities, Inc. REIT		906		46,070
Brixmor Property Group, Inc. REIT		1,951		45,751
Camden Property Trust REIT		648		97,226
CoreSite Realty Corp. REIT		279		41,395
Corporate Office Properties Trust REIT		756		21,304
Cousins Properties, Inc. REIT		969		37,365
CyrusOne, Inc. REIT		814		62,662
Douglas Emmett, Inc. REIT		1,091		36,014
Healthcare Realty Trust, Inc. REIT		920		27,628
Highwoods Properties, Inc. REIT		696		31,800
Hudson Pacific Properties, Inc. REIT		1,013		26,723
JBG SMITH Properties REIT		743		22,387
Jones Lang LaSalle, Inc.*		336		81,456
Kilroy Realty Corp. REIT		694		45,561
Life Storage, Inc. REIT		511		63,589
Macerich Co. REIT (a)		1,088		18,583
Medical Properties Trust, Inc. REIT		3,908		80,036
National Retail Properties, Inc. REIT		1,145		54,513
Park Hotels & Resorts, Inc. REIT *		1,566		29,973


	Number of Shares		Value
Real Estate (Continued)
Pebblebrook Hotel Trust REIT		873	$	19,232
PotlatchDeltic Corp. REIT		451		23,429
PS Business Parks, Inc. REIT		136		21,383
Rayonier, Inc. REIT		902		33,176
Rexford Industrial Realty, Inc. REIT		893		55,304
SL Green Realty Corp. REIT (a)		457		32,027
Spirit Realty Capital, Inc. REIT		760		39,345
STORE Capital Corp. REIT		1,588		57,279

(Cost $1,030,289)				1,151,211

Utilities — 1.2%
Hawaiian Electric Industries, Inc.		717		31,261
National Fuel Gas Co.		605		31,345
New Jersey Resources Corp. (a)		647		24,159
Southwest Gas Holdings, Inc.		377		26,507
Spire, Inc.		347		23,145

(Cost $127,635)				136,417

TOTAL COMMON STOCKS (Cost $10,157,479)				10,940,842

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c) (Cost $1,305)		1,305		1,305

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $10,177)		10,177		10,177


TOTAL INVESTMENTS — 100.0% (Cost $10,168,961)			$	10,952,324
Other assets and liabilities, net — 0.0%				4,431

NET ASSETS — 100.0%			$	10,956,755

A summary of the Fund’s transactions with affiliated investments during the period ended August 31, 2021 is as follows:


	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 1.3%
ATN International, Inc.		154	$	7,021
Consolidated Communications Holdings, Inc.*		1,019		9,446
EW Scripps Co., Class A		855		15,852
Marcus Corp.*		367		5,725
Meredith Corp.*		585		25,161
QuinStreet, Inc.*		850		15,223
Scholastic Corp.		500		16,620
Shenandoah Telecommunications Co.		630		18,793
TechTarget, Inc.* (a)		352		29,772

(Cost $145,902)				143,613

Consumer Discretionary — 14.3%
Abercrombie & Fitch Co., Class A*		900		32,184
American Axle & Manufacturing Holdings, Inc.*		1,689		14,981
American Public Education, Inc.*		260		6,838
Asbury Automotive Group, Inc.*		278		51,775
Bed Bath & Beyond, Inc.* (a)		1,541		42,439
Big Lots, Inc. (a)		461		22,432
Bloomin’ Brands, Inc.*		1,199		32,121
Boot Barn Holdings, Inc.*		417		37,230
Brinker International, Inc.*		600		31,962
Buckle, Inc.		436		16,886
Caleres, Inc.		572		14,066
Cato Corp., Class A		267		4,608
Cheesecake Factory, Inc.*		674		31,442
Chico’s FAS, Inc.*		1,788		9,244
Children’s Place, Inc.*		212		18,410
Cooper-Standard Holdings, Inc.*		236		5,494
Designer Brands, Inc., Class A*		908		13,166
Dine Brands Global, Inc.*		274		22,665
Ethan Allen Interiors, Inc.		306		7,350
Fiesta Restaurant Group, Inc.*		283		3,399
Fossil Group, Inc.*		654		8,764
Genesco, Inc.*		199		12,344
Gentherm, Inc.*		482		41,365
G-III Apparel Group Ltd.*		643		19,888
Group 1 Automotive, Inc.		250		41,360
Guess?, Inc. (a)		562		13,595
Hibbett, Inc.		232		22,200
Installed Building Products, Inc.		331		41,104
iRobot Corp.* (a)		406		32,935
Kontoor Brands, Inc.		695		37,502
La-Z-Boy, Inc.		666		23,317
LCI Industries		368		52,131
Macy’s, Inc.*		4,512		101,024
MarineMax, Inc.*		321		15,607
MDC Holdings, Inc.		804		42,009
Meritage Homes Corp.*		552		61,570
ODP Corp.*		764		36,038
Oxford Industries, Inc.		248		22,394
Perdoceo Education Corp.*		1,150		12,627
Red Robin Gourmet Burgers, Inc.*		218		5,337
Regis Corp.*		317		1,718
Rent-A-Center, Inc.		858		54,123


	Number of Shares		Value
Consumer Discretionary (Continued)
Ruth’s Hospitality Group, Inc.*		481	$	9,856
Sally Beauty Holdings, Inc.*		1,614		30,004
Shake Shack, Inc., Class A*		491		42,594
Shoe Carnival, Inc.		240		9,187
Signet Jewelers Ltd.		779		61,697
Sleep Number Corp.*		351		32,471
Standard Motor Products, Inc.		281		12,052
Steven Madden Ltd.		1,110		44,922
Sturm Ruger & Co., Inc.		254		19,860
Tupperware Brands Corp.*		718		17,139
Unifi, Inc.*		198		4,602
Universal Electronics, Inc.*		193		9,750
Vera Bradley, Inc.*		296		3,392
Vista Outdoor, Inc.*		838		34,232
Winnebago Industries, Inc.		488		33,975
Wolverine World Wide, Inc.		1,204		43,175

(Cost $1,465,487)				1,526,552

Consumer Staples — 4.0%
Andersons, Inc.		470		14,279
B&G Foods, Inc. (a)		928		28,174
Calavo Growers, Inc.		251		11,777
Cal-Maine Foods, Inc.		552		19,960
Celsius Holdings, Inc.* (a)		485		39,654
Chefs’ Warehouse, Inc.*		472		14,269
Coca-Cola Consolidated, Inc.		68		27,619
Edgewell Personal Care Co.		775		32,782
elf Beauty, Inc.*		574		17,765
Fresh Del Monte Produce, Inc.		424		13,941
J & J Snack Foods Corp.		222		36,355
John B Sanfilippo & Son, Inc.		135		11,474
Medifast, Inc.		173		39,427
MGP Ingredients, Inc.		184		12,015
Seneca Foods Corp., Class A*		102		4,995
Simply Good Foods Co.*		1,236		44,026
SpartanNash Co. (a)		505		10,857
United Natural Foods, Inc.*		811		29,845
USANA Health Sciences, Inc.*		166		16,107

(Cost $400,271)				425,321

Energy — 2.7%
Callon Petroleum Co.*		677		23,133
Core Laboratories NV		671		18,493
Helix Energy Solutions Group, Inc.*		2,139		8,043
Helmerich & Payne, Inc.		1,570		42,264
Laredo Petroleum, Inc.*		138		7,456
Par Pacific Holdings, Inc.*		750		12,368
PBF Energy, Inc., Class A*		1,411		14,674
Range Resources Corp.*		3,744		54,737
Renewable Energy Group, Inc.* (a)		630		30,505
SM Energy Co.		1,630		31,133
Southwestern Energy Co.*		9,427		42,893

(Cost $283,552)				285,699

Financials — 17.6%
Ambac Financial Group, Inc.*		642		9,046
Ameris Bancorp		1,006		49,535
AMERISAFE, Inc.		288		16,574


	Number of Shares		Value
Financials (Continued)
Assured Guaranty Ltd.		1,086	$	54,148
Banc of California, Inc.		624		11,213
BankUnited, Inc.		1,340		56,320
Banner Corp.		512		29,286
Berkshire Hills Bancorp, Inc.		752		19,274
Blucora, Inc.*		674		11,060
Brightsphere Investment Group, Inc.		872		23,710
Cadence BanCorp		1,852		39,837
Capstead Mortgage Corp. REIT		1,355		9,336
Central Pacific Financial Corp.		394		9,972
City Holding Co.		235		18,306
Columbia Banking System, Inc.		1,054		38,323
Community Bank System, Inc.		808		59,792
Customers Bancorp, Inc.*		438		18,138
Donnelley Financial Solutions, Inc.*		450		15,007
Eagle Bancorp, Inc.		463		26,715
eHealth, Inc.*		300		11,595
Employers Holdings, Inc.		421		17,333
Encore Capital Group, Inc.*		461		22,686
Enova International, Inc.*		540		17,809
First BanCorp		3,126		39,794
First Financial Bancorp		1,386		32,585
First Hawaiian, Inc.		1,877		52,387
First Midwest Bancorp, Inc.		1,632		30,567
Granite Point Mortgage Trust, Inc. REIT		770		10,595
Great Western Bancorp, Inc.		803		24,861
Green Dot Corp., Class A*		798		41,688
Greenhill & Co., Inc.		188		2,771
Hanmi Financial Corp.		430		8,290
Heritage Financial Corp.		502		12,776
Hilltop Holdings, Inc.		931		31,161
HomeStreet, Inc.		350		14,297
Hope Bancorp, Inc.		1,801		24,836
Horace Mann Educators Corp.		598		24,518
Independent Bank Corp. (a)		486		37,276
Independent Bank Group, Inc.		524		36,905
Invesco Mortgage Capital, Inc. REIT (a)		4,158		12,973
Investors Bancorp, Inc.		3,301		47,237
KKR Real Estate Finance Trust, Inc. REIT		381		8,127
Meta Financial Group, Inc.		477		23,464
National Bank Holdings Corp., Class A		442		16,575
NBT Bancorp, Inc.		646		23,166
New York Mortgage Trust, Inc. REIT		5,460		24,133
NMI Holdings, Inc., Class A*		1,223		27,603
Northfield Bancorp, Inc.		656		11,086
Northwest Bancshares, Inc.		1,827		23,788
OFG Bancorp		764		18,191
Old National Bancorp.		2,362		39,351
Pacific Premier Bancorp, Inc.		1,362		54,426
Palomar Holdings, Inc.*		313		28,107
Park National Corp. (a)		204		23,917
PennyMac Mortgage Investment Trust REIT		1,406		27,290
Piper Sandler Cos.		206		29,442
PRA Group, Inc.*		656		27,552
Preferred Bank		190		12,139
ProAssurance Corp.		783		19,967
Provident Financial Services, Inc.		1,043		23,019


	Number of Shares		Value
Financials (Continued)
Redwood Trust, Inc. REIT		1,627	$	20,289
S&T Bancorp, Inc.		584		17,403
Safety Insurance Group, Inc.		204		16,587
Seacoast Banking Corp. of Florida		806		25,744
Simmons First National Corp., Class A		1,575		45,754
Southside Bancshares, Inc.		435		16,395
Stewart Information Services Corp.		407		25,621
Tompkins Financial Corp.		169		13,451
Trupanion, Inc.* (a)		497		45,515
United Community Banks, Inc.		1,286		38,799
United Fire Group, Inc.		301		7,814
Universal Insurance Holdings, Inc.		398		5,668
Veritex Holdings, Inc.		711		25,546
WisdomTree Investments, Inc. (a)		1,571		9,913
WSFS Financial Corp.		676		30,697

(Cost $1,856,547)				1,877,071

Health Care — 12.3%
Addus HomeCare Corp.*		221		19,872
Allscripts Healthcare Solutions, Inc.* (a)		2,141		32,886
AMN Healthcare Services, Inc.*		677		76,853
Amphastar Pharmaceuticals, Inc.*		558		10,970
AngioDynamics, Inc.*		581		16,442
Anika Therapeutics, Inc.*		237		10,222
Cardiovascular Systems, Inc.*		566		20,257
Coherus Biosciences, Inc.* (a)		1,028		16,428
Collegium Pharmaceutical, Inc.*		527		10,819
Community Health Systems, Inc.*		1,797		22,121
Computer Programs and Systems, Inc.*		193		6,865
CONMED Corp.		418		54,900
Corcept Therapeutics, Inc.*		1,529		32,537
CorVel Corp.*		136		22,414
Covetrus, Inc.*		1,459		32,959
Cross Country Healthcare, Inc.*		488		10,614
CryoLife, Inc.* (a)		591		15,508
Cutera, Inc.*		266		13,231
Cytokinetics, Inc.* (a)		1,176		38,773
Eagle Pharmaceuticals, Inc.*		162		8,646
Enanta Pharmaceuticals, Inc.*		251		14,357
Endo International PLC*		2,094		4,795
Ensign Group, Inc.		741		60,518
Glaukos Corp.*		600		35,778
Heska Corp.*		143		37,938
Inogen, Inc.*		270		15,981
Invacare Corp.* (a)		541		4,577
Magellan Health, Inc.*		331		31,319
Merit Medical Systems, Inc.*		713		51,172
Myriad Genetics, Inc.*		1,100		39,358
Natus Medical, Inc.*		550		14,586
NextGen Healthcare, Inc.*		777		11,857
Omnicell, Inc.*		627		97,354
OraSure Technologies, Inc.*		1,056		11,563
Orthofix Medical, Inc.*		300		12,720
Owens & Minor, Inc.		1,080		40,262
Pacira BioSciences, Inc.* (a)		648		38,420
Phibro Animal Health Corp., Class A		283		6,874
Prestige Consumer Healthcare, Inc.*		747		42,870


	Number of Shares		Value
Health Care (Continued)
RadNet, Inc.*		621	$	19,506
REGENXBIO, Inc.*		520		16,796
Select Medical Holdings Corp.		1,554		53,722
Spectrum Pharmaceuticals, Inc.*		2,733		6,423
Supernus Pharmaceuticals, Inc.*		779		21,446
Surmodics, Inc.*		192		11,533
Tabula Rasa HealthCare, Inc.* (a)		331		10,364
Tactile Systems Technology, Inc.*		340		15,123
Tivity Health, Inc.*		558		12,974
US Physical Therapy, Inc.		186		21,836
Vanda Pharmaceuticals, Inc.* (a)		806		13,492
Vericel Corp.* (a)		681		36,890
Xencor, Inc.*		780		26,419

(Cost $1,250,000)				1,312,140

Industrials — 18.1%
AAR Corp.*		497		16,823
ABM Industries, Inc.		983		48,678
AeroVironment, Inc.*		321		32,858
Alamo Group, Inc.		145		22,476
Albany International Corp., Class A		438		34,309
Applied Industrial Technologies, Inc.		560		49,734
ArcBest Corp.		371		24,757
Arcosa, Inc.		702		35,676
Astec Industries, Inc.		333		20,360
Atlas Air Worldwide Holdings, Inc.*		392		28,683
AZZ, Inc.		352		18,850
Barnes Group, Inc.		680		32,416
Boise Cascade Co.		560		32,396
Brady Corp., Class A		713		38,024
Chart Industries, Inc.* (a)		523		98,523
CIRCOR International, Inc.*		280		10,010
Comfort Systems USA, Inc.		532		40,421
CoreCivic, Inc.*		1,735		16,864
Deluxe Corp.		603		23,125
Echo Global Logistics, Inc.*		372		12,231
Encore Wire Corp.		298		25,333
Enerpac Tool Group Corp.		894		22,493
EnPro Industries, Inc.		299		25,567
ESCO Technologies, Inc.		372		33,525
Exponent, Inc.		749		87,558
Federal Signal Corp.		891		36,201
Forward Air Corp.		390		34,386
Franklin Electric Co., Inc.		563		47,844
GMS, Inc.*		622		30,733
Granite Construction, Inc.		657		26,635
Greenbrier Cos., Inc. (a)		482		21,256
Harsco Corp.*		1,137		20,739
Heartland Express, Inc.		682		11,444
Heidrick & Struggles International, Inc.		271		11,713
Hillenbrand, Inc.		1,090		50,598
HNI Corp.		620		23,492
Hub Group, Inc., Class A*		484		33,977
Interface, Inc.		820		11,792
John Bean Technologies Corp.		456		66,526
Kaman Corp.		418		16,335
Kelly Services, Inc., Class A		468		9,098


	Number of Shares		Value
Industrials (Continued)
Lindsay Corp.		158	$	26,030
Lydall, Inc.*		251		15,557
Marten Transport Ltd.		887		13,828
Matson, Inc.		635		50,273
Meritor, Inc.*		1,042		24,716
Mueller Industries, Inc.		815		36,357
MYR Group, Inc.*		242		25,170
National Presto Industries, Inc.		73		6,098
Pitney Bowes, Inc.		2,510		18,750
Powell Industries, Inc.		139		3,517
Proto Labs, Inc.*		350		25,956
Raven Industries, Inc.*		523		30,517
SPX Corp.*		656		40,987
SPX FLOW, Inc.		617		49,687
Standex International Corp.		173		17,168
Team, Inc.*		505		2,262
Tennant Co.		268		19,827
Titan International, Inc.*		704		5,850
Triumph Group, Inc.*		905		16,706
UniFirst Corp.		228		52,228
US Ecology, Inc.*		474		16,993
Veritiv Corp.*		174		15,603
Viad Corp.*		286		12,352
Vicor Corp.*		304		37,504
Wabash National Corp.		727		11,298
Watts Water Technologies, Inc., Class A		412		70,687

(Cost $1,813,921)				1,930,380

Information Technology — 15.4%
8x8, Inc.*		1,485		35,863
ADTRAN, Inc.		734		15,164
Advanced Energy Industries, Inc.		560		50,501
Agilysys, Inc.*		297		16,879
Badger Meter, Inc.		424		45,406
Benchmark Electronics, Inc.		508		13,731
Bottomline Technologies DE, Inc.*		563		23,798
Cohu, Inc.*		725		25,868
CSG Systems International, Inc.		479		23,093
CTS Corp.		487		17,084
Diodes, Inc.*		616		59,647
Ebix, Inc.		400		11,512
EVERTEC, Inc.		878		40,608
ExlService Holdings, Inc.*		482		59,354
Extreme Networks, Inc.*		1,794		19,429
Fabrinet*		536		55,219
FARO Technologies, Inc.*		264		18,200
FormFactor, Inc.*		1,131		43,973
Ichor Holdings Ltd.*		414		18,344
Insight Enterprises, Inc.*		528		54,326
Itron, Inc.*		658		55,279
Knowles Corp.*		1,318		26,360
Kulicke & Soffa Industries, Inc.		901		63,241
LivePerson, Inc.* (a)		920		58,972
MaxLinear, Inc.*		989		51,655
Methode Electronics, Inc.		553		25,753
MicroStrategy, Inc., Class A* (a)		112		77,762
NETGEAR, Inc.*		427		15,257


	Number of Shares		Value
Information Technology (Continued)
OneSpan, Inc.*		560	$	10,791
Onto Innovation, Inc.*		708		52,484
PDF Solutions, Inc.*		410		9,233
Plantronics, Inc.*		544		16,200
Plexus Corp.*		409		37,558
Power Integrations, Inc.		871		94,625
Progress Software Corp.		644		29,985
Rogers Corp.*		271		57,563
Sanmina Corp.*		956		37,743
ScanSource, Inc.*		356		12,666
SPS Commerce, Inc.*		516		69,933
TTEC Holdings, Inc.		260		27,420
TTM Technologies, Inc.*		1,427		19,978
Unisys Corp.*		985		23,847
Veeco Instruments, Inc.* (a)		740		16,865
Viavi Solutions, Inc.*		3,305		53,838
Vonage Holdings Corp.*		3,406		48,025

(Cost $1,530,156)				1,641,032

Materials — 5.1%
AdvanSix, Inc.*		392		14,308
Allegheny Technologies, Inc.*		1,860		33,220
American Vanguard Corp.		372		5,703
Balchem Corp.		466		65,436
Carpenter Technology Corp.		705		23,512
Century Aluminum Co.*		751		9,628
Clearwater Paper Corp.*		232		7,538
Ferro Corp.*		1,186		24,669
GCP Applied Technologies, Inc.*		718		17,117
Glatfelter Corp.		686		10,839
Hawkins, Inc.		264		10,000
Haynes International, Inc.		173		6,790
HB Fuller Co.		758		51,218
Innospec, Inc.		350		32,760
Kaiser Aluminum Corp.		227		28,661
Koppers Holdings, Inc.*		295		9,706
Kraton Corp.*		467		19,670
Livent Corp.* (a)		2,305		57,325
Mercer International, Inc.		553		6,293
Neenah, Inc.		236		11,892
Stepan Co.		315		37,031
SunCoke Energy, Inc.		1,156		8,034
TimkenSteel Corp.*		530		7,250
Tredegar Corp.		361		4,794
Trinseo SA		567		29,444
Warrior Met Coal, Inc.		751		16,815

(Cost $540,506)				549,653

Real Estate — 8.3%
Acadia Realty Trust REIT		1,240		26,313
Agree Realty Corp. REIT		996		74,252
Alexander & Baldwin, Inc. REIT		1,067		22,279
American Assets Trust, Inc. REIT		722		28,750
Armada Hoffler Properties, Inc. REIT		910		12,221
Brandywine Realty Trust REIT		2,438		33,839
CareTrust REIT, Inc. REIT		1,429		31,424
Centerspace REIT		189		19,123


	Number of Shares		Value
Real Estate (Continued)
Chatham Lodging Trust REIT*		748	$	8,976
Community Healthcare Trust, Inc. REIT		336		16,299
DiamondRock Hospitality Co. REIT*		3,009		27,201
Diversified Healthcare Trust REIT		3,538		13,268
Easterly Government Properties, Inc. REIT		1,220		26,071
Four Corners Property Trust, Inc. REIT		1,086		31,070
GEO Group, Inc. REIT		1,777		13,772
Getty Realty Corp. REIT		547		17,302
Hersha Hospitality Trust REIT*		511		4,793
Independence Realty Trust, Inc. REIT		1,457		29,839
iStar, Inc. REIT (a)		1,088		28,778
Kite Realty Group Trust REIT		1,211		24,535
Lexington Realty Trust REIT		4,028		54,499
LTC Properties, Inc. REIT		576		19,878
Office Properties Income Trust REIT		712		18,889
Realogy Holdings Corp.*		1,704		29,905
Retail Opportunity Investments Corp. REIT		1,736		31,387
Retail Properties of America, Inc., Class A REIT		3,072		40,612
RPT Realty REIT		1,135		14,687
SITE Centers Corp. REIT		2,444		39,373
Summit Hotel Properties, Inc. REIT*		1,607		14,977
Tanger Factory Outlet Centers, Inc. REIT (a)		1,475		24,662
Uniti Group, Inc. REIT		3,330		43,523
Washington Real Estate Investment Trust REIT (a)		1,205		30,294
Whitestone REIT		558		5,474
Xenia Hotels & Resorts, Inc. REIT*		1,626		28,325

(Cost $808,442)				886,590

Utilities — 0.8%
California Water Service Group		733		46,582
South Jersey Industries, Inc. (a)		1,626		40,341

(Cost $84,473)				86,923

TOTAL COMMON STOCKS (Cost $10,179,257)				10,664,974

SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c) (Cost $50,397)		50,397		50,397

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $12,273)		12,273		12,273


TOTAL INVESTMENTS — 100.5% (Cost $10,241,927)			$	10,727,644
Other assets and liabilities, net — (0.5%)				(56,937	)

NET ASSETS — 100.0%			$	10,670,707

A summary of the Fund’s transactions with affiliated investments during the period ended August 31, 2021 is as follows:

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 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. 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, except Xtrackers MSCI EAFE ESG Leaders Equity ETF (effective September 13, 2021), 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.

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.

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.

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 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.

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 August 31, 2021, the Funds did not incur any interest or penalties.

As of August 31, 2021, the components of accumulated earnings (losses) on a tax basis were as follows:

The tax character of dividends and distributions declared for the period ended August 31, 2021 and year ended August 31, 2020 were as follows:

For the period ended August 31, 2021, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind, excise tax and equalization.

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 August 31, 2021, 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 (0.02% annualized effective rate as of August 31, 2021) 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 August 31, 2021, 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 August 31, 2021, 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.

A summary of the open futures contracts as of August 31, 2021 is included in a table following the Funds’ Schedule of Investments.

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended August 31, 2021 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 August 31, 2021 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.

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:

For its investment advisory services to Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, for the period from September 1, 2020 through August 17, 2021, the Advisor was entitled to receive a unitary advisory fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.16%.

Effective August 18, 2021, for its investment advisory services to Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, the Advisor is entitled to receive a unitary advisory fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.15%.

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 year ended August 31, 2021, the Advisor waived $321,385 of expenses to the Fund.

The Advisor for the Xtrackers S&P 500 ESG ETF has contractually agreed through December 17, 2021 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 year ended August 31, 2021, the Advisor waived $48,315 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 August 31, 2021, the Advisor waived expenses of the Funds as follows:

For the period ended August 31, 2021, 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 August 31, 2021, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

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 August 31, 2021, 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 Stock Connect, an Renminbi Qualified Foreign Investors 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 August 31, 2021.

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (formerly Xtrackers MSCI ACWI ex USA ESG Leaders Equity 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 and the Board of Trustees of DBX ETF Trust

We have audited the accompanying statements of assets and liabilities of Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF (formerly Xtrackers MSCI ACWI ex USA ESG Leaders Equity 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 (collectively referred to as the “Funds”), (seven of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2021, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (seven of the funds constituting DBX ETF Trust) at August 31, 2021, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2021, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

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.

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

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

* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.

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

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. 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, 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.

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 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.

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this annual report for four of our ETFs tracking the fixed income market for the period ended August 31, 2021.

The global economy continued to recover during the reporting period, supported by a robust pace of vaccinations and extension of monetary and fiscal stimulus globally. Policy measures across the world supported economic growth, although at the risk of widening government deficits. The U.S. economy grew strongly, led by personal consumption, rapid vaccination and unparalleled liquidity provided by the central bank. The Eurozone economy came out of a recession in Q2 2021 as it posted positive economic growth after two quarters on easing lockdown restrictions as well as government support.

Central banks across the world are determined to help support the economy; however, rising inflationary pressures have begun to take a toll on the quantum of monetary stimulus. The U.S. economy benefited from continued fiscal and monetary stimulus, easing lockdown restrictions, and healthy corporate earnings results. Following the reopening of businesses in the U.S., labor markets continued to improve steadily and unemployment levels were the lowest since March 2020. The Federal Reserve Board (Fed), at its July meeting, indicated that it would start tapering asset purchases by the end of 2021 or the start of 2022. Although, the central bank showed no intentions to hike interest rates. The U.S. 10-year Treasury yield fell after the Fed chair Jerome Powell reiterated the Fed’s commitment to remain accommodative, irrespective of inflation being more persistent than anticipated. The Biden administration looks to fund its USD1.9tn economic relief package through stronger tax enforcement rather than formal tax increases.

Bond markets, in general, generated low returns in Q1 2021 due to concerns over the likelihood of rising interest rates. However, in Q2 2021, central banks adopted a firm stance and conveyed that it was not the time to change monetary policy. The global High Yield bond issuances remained buoyant during the reporting period as the spreads tightened. Low default rates and ample liquidity in the global financial system spurred the returns. The Eurozone economy started recovering as easing lockdown restrictions drove household spending and export numbers. In countries, such as France and Luxembourg, abundant liquidity ensured robust High Yield bond issuance, which more than doubled year-on-year in H1 2021. The German bond yields, on the other hand, started rising as the economy faced high inflation. The European Central Bank could be seen supportive in keeping interest rates lower by retaining the EUR1.85tn Pandemic Emergency Purchase Program and the EUR20bn monthly bond buying scheme even though inflation exceeded its target.

The global economic recovery is likely to continue in the coming quarters, aided by the rapid implementation of vaccination campaigns and the reopening of economies. Despite the positive outlook, the spread of the Delta variants, political tensions, and a sudden rise in inflation pose a threat to the recovery. Nevertheless, central banks across the world are likely to maintain an accommodative stance even if inflation targets are exceeded for a longer period, as protecting jobs remains the primary objective.

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 (HYUP) 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 HYUP Index). The HYUP Index is a rules-based, market value weighted index engineered to mirror the performance of the higher yielding segment of the High Yield rated corporate bond market issued in USD. For the 12-month period ended August 31, 2021 HYUP shares returned 11.67%, compared to the HYUP Index return of 12.00%.

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Energy, Consumer Cyclical, and Consumer Non-Cyclical, The Utility sector was the only negative contributor to performance.

The Xtrackers Low Beta High Yield Bond ETF (HYDW) 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 HYDW Index). The HYDW Index is a rules-based, market value weighted index engineered to mirror the performance of the lower yielding segment of the High Yield rated corporate bond market issued in USD. For the 12-month period ended August 31, 2021 HYDW shares returned 5.12%, compared to the HYDW Index return of 5.26%.

All sectors contributed positively to performance during the period with the greatest contributions coming from Energy, Consumer Cyclical and Communications.

The Xtrackers Short Duration High Yield Bond ETF (SHYL) 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 SHYL Index). The SHYL Index a rules-based, market value weighted Index designed to track the performance of High Yield rated corporate bonds issued in USD with 0 to 5 years term to maturity. For the 12-month period ended August 31, 2021, SHYL shares returned 8.86%, compared to the SHYL Index return of 9.15%.

The majority of sectors contributed positively to performance during the period with the greatest contributions coming from Consumer Cyclical, Energy and Consumer Non-Cyclical. The Utility sector was the only negative contributor to performance.

The Xtrackers USD High Yield Corporate Bond ETF (HYLB) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Index (the HYLB Index). The HYLB Index is a rules-based, market value weighted index engineered to mirror the performance of high-yield-rated corporate bonds issued in U.S. dollars. For the 12-month period ended August 31, 2021, HYLB shares returned 8.31%, compared to the HYLB Index return of 8.60%.

All sectors contributed positively to performance during the period with the greatest contributions coming from Energy, Consumer Cyclical and Consumer Non-Cyclical.

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 U.S. 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.

¹Total returns are calculated based on the commencement of operations, January 11, 2018 (“Inception”).


*Sector Diversification as of August 31, 2021**


Communications			20.5%
Consumer, Cyclical			20.4%
Consumer, Non-cyclical			18.2%
Energy			12.7%
Industrial			8.9%
Financial			8.5%
Basic Materials			4.7%
Technology			3.4%
Utilities			2.7%

Total			100.0%

Modified duration to worst as of August 31, 2021: 3.8 years

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


*Quality as of August 31, 2021**


Description	% of Market Value
BBB		1.1%
BB		46.3%
B		40.1%
CCC		12.4%
CC		0.1%

Total		100%

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.

* 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 13.

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 U.S. 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.

¹ Total returns are calculated based on the commencement of operations, January 11, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 18, 2020, was 0.25%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.


*Sector Diversification as of August 31, 2021**


Consumer, Cyclical			19.6%
Consumer, Non-cyclical			18.9%
Communications			18.6%
Energy			13.3%
Financial			11.4%
Industrial			7.0%
Technology			4.7%
Basic Materials			3.8%
Utilities			2.7%

Total			100.0%

Modified duration to worst as of August 31, 2021: 2.7 years

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


*Quality as of August 31, 2021**


Description	% of Market Value
BBB		17.9%
BB		70.6%
B		11.1%
CCC		0.4%

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 25.

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 U.S. dollar-denominated below investment grade corporate debt. It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, January 10, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 18, 2020, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.


*Sector Diversification as of August 31, 2021**


Consumer, Cyclical			29.3%
Energy			14.2%
Communications			13.9%
Consumer, Non-cyclical			11.8%
Financial			11.4%
Industrial			10.0%
Technology			4.2%
Basic Materials			3.3%
Utilities			1.9%

Total			100.0%

Modified duration to worst as of August 31, 2021: 1.8 years

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


*Quality as of August 31, 2021**


Description	% of Market Value
BBB		9.2%
BB		59.2%
B		25.0%
CCC		6.6%

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 36.

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.

¹ Total returns are calculated based on the commencement of operations, December 7, 2016 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 18, 2020, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.


*Sector Diversification as of August 31, 2021**


Consumer, Cyclical			20.9%
Communications			19.4%
Consumer, Non-cyclical			18.6%
Energy			12.6%
Financial			9.8%
Industrial			8.0%
Basic Materials			4.1%
Technology			3.9%
Utilities			2.7%

Total			100.0%

Modified duration to worst as of August 31, 2021: 3.2 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.


*Quality as of August 31, 2021**


Description	% of Market Value
BBB		9.2%
BB		58.3%
B		25.6%
CCC		6.8%
CC		0.1%

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 45.

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 (March 1, 2021 to August 31, 2021).


	Principal Amount		Value
CORPORATE BONDS — 98.0%
Basic Materials — 4.6%
Chemicals — 2.5%
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29	$	21,000	$	20,635
Chemours Co. 5.375%, 5/15/27 (a)		10,000		10,876
144A, 5.75%, 11/15/28		38,000		40,328
144A, 4.625%, 11/15/29		18,000		17,939
Consolidated Energy Finance SA, 144A, 6.875%, 6/15/25		25,000		25,844
INEOS Group Holdings SA, 144A, 5.625%, 8/1/24		16,000		16,041
Methanex Corp. 5.125%, 10/15/27		25,000		27,259
5.25%, 12/15/29		25,000		27,158
NOVA Chemicals Corp. 144A, 5.25%, 6/1/27		37,000		39,584
144A, 4.25%, 5/15/29		17,000		17,106
OCI NV, 144A, 5.25%, 11/1/24		20,000		20,650
Olin Corp., 5.00%, 2/1/30		18,000		19,341
SCIH Salt Holdings, Inc. 144A, 4.875%, 5/1/28		40,000		40,342
144A, 6.625%, 5/1/29 (a)		21,000		20,682
TPC Group, Inc., 144A, 10.50%, 8/1/24		30,000		27,788
Tronox, Inc., 144A, 4.625%, 3/15/29		37,000		37,562
Valvoline, Inc. 144A, 4.25%, 2/15/30		13,000		13,506
144A, 3.625%, 6/15/31		27,000		26,902
WR Grace Holdings LLC, 144A, 5.625%, 8/15/29		37,000		38,635

(Cost $483,557)				488,178

Forest Products & Paper — 0.2%
Mercer International, Inc., 5.125%, 2/1/29
(Cost $25,640)		25,000		25,281

Iron/Steel — 0.6%
Cleveland-Cliffs, Inc. 5.875%, 6/1/27		25,000		26,156
144A, 4.875%, 3/1/31 (a)		25,000		26,926
United States Steel Corp. 6.25%, 3/15/26 (a)		35,000		36,093
6.875%, 3/1/29 (a)		25,000		27,344

(Cost $109,258)				116,519

Mining — 1.3%
Arconic Corp., 144A, 6.125%, 2/15/28		35,000		37,457
Constellium SE, 144A, 3.75%, 4/15/29		10,000		9,960
FMG Resources August 2006 Pty Ltd., 144A, 4.375%, 4/1/31		52,000		56,074


	Principal Amount		Value
Mining (Continued)
Hudbay Minerals, Inc. 144A, 4.50%, 4/1/26	$	17,000	$	17,110
144A, 6.125%, 4/1/29 (a)		20,000		21,525
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28		15,000		15,582
144A, 4.50%, 6/1/31		16,000		16,602
Novelis Corp. 144A, 4.75%, 1/30/30		55,000		58,678
144A, 3.875%, 8/15/31		22,000		22,233

(Cost $248,563)				255,221

Communications — 20.1%
Advertising — 1.1%
Clear Channel Outdoor Holdings, Inc. 144A, 7.75%, 4/15/28 (a)		62,000		64,731
144A, 7.50%, 6/1/29		13,000		13,471
Lamar Media Corp., 144A, 3.625%, 1/15/31		25,000		24,974
Midas OpCo Holdings LLC, 144A, 5.625%, 8/15/29		12,000		12,299
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 5.00%, 8/15/27		25,000		25,806
144A, 4.25%, 1/15/29 (a)		10,000		10,038
144A, 4.625%, 3/15/30		20,000		20,276
Terrier Media Buyer, Inc., 144A, 8.875%, 12/15/27		33,000		35,186

(Cost $203,380)				206,781

Internet — 1.1%
Arches Buyer, Inc. 144A, 4.25%, 6/1/28		15,000		15,263
144A, 6.125%, 12/1/28		25,000		25,834
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144A, 3.50%, 3/1/29		28,000		27,689
Photo Holdings Merger Sub, Inc., 144A, 8.50%, 10/1/26		32,000		34,760
Uber Technologies, Inc. 144A, 7.50%, 9/15/27		50,000		54,563
144A, 6.25%, 1/15/28 (a)		15,000		16,106
144A, 4.50%, 8/15/29		42,000		41,541

(Cost $210,235)				215,756

Media — 11.4%
Altice Financing SA 144A, 5.00%, 1/15/28		40,000		40,026
144A, 5.75%, 8/15/29		51,000		52,451
AMC Networks, Inc., 4.25%, 2/15/29 (a)		35,000		34,781
Cable One, Inc., 144A, 4.00%, 11/15/30		21,000		21,275
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 4.50%, 8/15/30		92,000		96,249
144A, 4.25%, 2/1/31		99,000		101,726
4.50%, 5/1/32		98,000		102,540


	Principal Amount		Value
Media (Continued)
144A, 4.50%, 6/1/33	$	50,000	$	51,808
144A, 4.25%, 1/15/34		62,000		62,656
Clear Channel Worldwide Holdings, Inc., 144A, 5.125%, 8/15/27		35,000		36,071
CSC Holdings LLC 144A, 5.75%, 1/15/30		100,000		105,802
144A, 4.125%, 12/1/30		31,000		31,078
144A, 4.625%, 12/1/30		90,000		88,354
144A, 3.375%, 2/15/31		51,000		48,582
144A, 4.50%, 11/15/31		25,000		25,182
144A, 5.00%, 11/15/31		7,000		6,975
Diamond Sports Group LLC / Diamond Sports Finance Co. 144A, 5.375%, 8/15/26		99,000		65,781
144A, 6.625%, 8/15/27 (a)		55,000		23,719
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 144A, 5.875%, 8/15/27		74,000		77,452
DISH DBS Corp. 7.75%, 7/1/26		65,000		74,535
7.375%, 7/1/28 (a)		40,000		43,095
144A, 5.125%, 6/1/29		44,000		43,835
Gray Television, Inc. 144A, 7.00%, 5/15/27		30,000		32,214
144A, 4.75%, 10/15/30		25,000		24,742
iHeartCommunications, Inc., 8.375%, 5/1/27		70,000		74,448
LCPR Senior Secured Financing DAC 144A, 6.75%, 10/15/27		30,000		32,100
144A, 5.125%, 7/15/29		30,000		31,087
Mav Acquisition Corp. 144A, 5.75%, 8/1/28		30,000		29,972
144A, 8.00%, 8/1/29		24,000		23,611
Nexstar Media, Inc. 144A, 5.625%, 7/15/27		68,000		72,325
144A, 4.75%, 11/1/28 (a)		30,000		31,231
Radiate Holdco LLC / Radiate Finance, Inc. 144A, 4.50%, 9/15/26		30,000		31,274
144A, 6.50%, 9/15/28		30,000		30,638
Scripps Escrow II, Inc. 144A, 3.875%, 1/15/29		12,000		12,008
144A, 5.375%, 1/15/31		20,000		19,821
Sinclair Television Group, Inc. 144A, 5.50%, 3/1/30 (a)		25,000		24,531
144A, 4.125%, 12/1/30		30,000		29,366
Sirius XM Radio, Inc. 144A, 4.125%, 7/1/30 (a)		45,000		46,125
144A, 3.875%, 9/1/31		51,000		50,763
TEGNA, Inc. 4.625%, 3/15/28 (a)		54,000		56,054
5.00%, 9/15/29		20,000		21,148
Univision Communications, Inc. 144A, 6.625%, 6/1/27		49,000		53,118
144A, 4.50%, 5/1/29 (a)		36,000		36,563
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		42,000		42,937


	Principal Amount		Value
Media (Continued)
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30	$	15,000	$	15,551
Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29		50,000		53,625
144A, 4.50%, 8/15/30		34,000		34,529
Ziggo Bond Co. BV, 144A, 5.125%, 2/28/30		20,000		20,559
Ziggo BV, 144A, 4.875%, 1/15/30		35,000		36,100

(Cost $2,210,136)				2,200,413

Telecommunications — 6.5%
Altice France Holding SA 144A, 10.50%, 5/15/27		20,000		22,000
144A, 6.00%, 2/15/28 (a)		45,000		44,765
Altice France SA 144A, 5.50%, 1/15/28		34,000		35,020
144A, 5.125%, 1/15/29		20,000		20,171
144A, 5.125%, 7/15/29		75,000		75,920
Avaya, Inc., 144A, 6.125%, 9/15/28		58,000		61,262
C&W Senior Financing DAC 144A, 7.50%, 10/15/26		16,000		16,683
144A, 6.875%, 9/15/27		40,000		42,574
CommScope Technologies LLC 144A, 6.00%, 6/15/25		53,000		53,967
144A, 5.00%, 3/15/27 (a)		22,000		21,719
CommScope, Inc. 144A, 8.25%, 3/1/27		30,000		31,664
144A, 7.125%, 7/1/28		21,000		22,050
Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26		59,000		61,286
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28 (a)		20,000		20,567
144A, 6.50%, 10/1/28		15,000		16,425
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		35,000		37,339
144A, 5.00%, 5/1/28		57,000		59,636
144A, 6.75%, 5/1/29		33,000		35,358
5.875%, 11/1/29		20,000		20,366
Hughes Satellite Systems Corp., 6.625%, 8/1/26 (a)		26,000		29,578
Level 3 Financing, Inc. 144A, 4.25%, 7/1/28		35,000		35,462
144A, 3.625%, 1/15/29		20,000		19,436
144A, 3.75%, 7/15/29		32,000		31,240
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26		36,000		37,269
144A, 4.50%, 1/15/29		30,000		29,479
144A, 5.375%, 6/15/29		45,000		46,293
Telesat Canada / Telesat LLC 144A, 5.625%, 12/6/26		15,000		14,424
144A, 4.875%, 6/1/27		11,000		10,169
144A, 6.50%, 10/15/27 (a)		20,000		16,924
Viasat, Inc. 144A, 5.625%, 9/15/25		25,000		25,479
144A, 5.625%, 4/15/27		30,000		31,163
144A, 6.50%, 7/15/28		10,000		10,561


	Principal Amount		Value
Telecommunications (Continued)
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31	$	45,000	$	45,283
144A, 4.75%, 7/15/31		46,000		47,323
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28 (a)		45,000		46,547
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27		65,000		64,348
144A, 6.125%, 3/1/28		25,000		25,469

(Cost $1,259,395)				1,265,219

Consumer, Cyclical — 20.0%
Airlines — 1.5%
Air Canada, 144A, 3.875%, 8/15/26		27,000		27,203
American Airlines Group, Inc., 144A, 3.75%, 3/1/25 (a)		16,000		14,262
American Airlines, Inc., 144A, 11.75%, 7/15/25		82,000		101,906
Delta Air Lines, Inc. 4.375%, 4/19/28		17,000		18,004
3.75%, 10/28/29 (a)		20,000		20,320
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		40,000		42,175
United Airlines, Inc., 144A, 4.625%, 4/15/29		67,000		69,611

(Cost $273,375)				293,481

Auto Manufacturers — 0.6%
Allison Transmission, Inc., 144A, 3.75%, 1/30/31		27,000		27,004
Ford Motor Co., 9.625%, 4/22/30		27,000		38,533
Jaguar Land Rover Automotive PLC 144A, 4.50%, 10/1/27 (a)		20,000		19,681
144A, 5.875%, 1/15/28 (a)		15,000		15,488
144A, 5.50%, 7/15/29		16,000		15,899

(Cost $113,050)				116,605

Auto Parts & Equipment — 1.8%
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/26 (a)		25,000		25,719
American Axle & Manufacturing, Inc. 6.50%, 4/1/27		16,000		16,820
6.875%, 7/1/28 (a)		20,000		21,634
5.00%, 10/1/29		16,000		16,017
Clarios Global LP / Clarios US Finance Co., 144A, 8.50%, 5/15/27		63,000		67,331
Dana, Inc., 4.25%, 9/1/30 (a)		12,000		12,494
Goodyear Tire & Rubber Co. 4.875%, 3/15/27 (a)		25,000		26,873
144A, 5.00%, 7/15/29		23,000		24,390
5.25%, 4/30/31 (a)		16,000		17,142
144A, 5.25%, 7/15/31 (a)		28,000		29,992
5.625%, 4/30/33		13,000		14,123


	Principal Amount		Value
Auto Parts & Equipment (Continued)
Tenneco, Inc. 5.00%, 7/15/26 (a)	$	10,000	$	9,987
144A, 7.875%, 1/15/29		14,000		15,768
144A, 5.125%, 4/15/29		41,000		42,585

(Cost $331,745)				340,875

Distribution/Wholesale — 0.6%
American Builders & Contractors Supply Co., Inc., 144A, 3.875%, 11/15/29		15,000		14,925
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		41,000		41,244
Wolverine Escrow LLC 144A, 8.50%, 11/15/24		15,000		14,269
144A, 9.00%, 11/15/26		25,000		24,031
144A, 13.125%, 11/15/27		25,000		20,313

(Cost $114,324)				114,782

Entertainment — 3.8%
AMC Entertainment Holdings, Inc., 144A, 10.50%, 4/15/25 (a)		16,000		17,160
Banijay Entertainment SASU, 144A, 5.375%, 3/1/25		20,000		20,575
Caesars Entertainment, Inc., 144A, 8.125%, 7/1/27 (a)		68,000		75,245
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.25%, 10/15/25		49,000		49,757
Cedar Fair LP, 5.25%, 7/15/29		10,000		10,259
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		32,000		33,400
5.375%, 4/15/27		15,000		15,394
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		18,000		18,720
144A, 4.75%, 1/15/28		21,000		21,988
Cinemark USA, Inc. 144A, 5.875%, 3/15/26 (a)		20,000		19,925
144A, 5.25%, 7/15/28 (a)		22,000		20,929
Cirsa Finance International SARL, 144A, 7.875%, 12/20/23		17,000		17,335
Lions Gate Capital Holdings LLC, 144A, 5.50%, 4/15/29 (a)		30,000		30,669
Live Nation Entertainment, Inc., 144A, 4.75%, 10/15/27 (a)		50,000		50,863
Mohegan Gaming & Entertainment 144A, 7.875%, 10/15/24		10,000		10,500
144A, 8.00%, 2/1/26		40,000		42,015
Penn National Gaming, Inc. 144A, 5.625%, 1/15/27		13,000		13,471
144A, 4.125%, 7/1/29		13,000		13,000
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29		24,000		24,646
144A, 5.875%, 9/1/31		24,000		24,639
Resorts World Las Vegas LLC / RWLV Capital, Inc., 144A, 4.625%, 4/16/29		18,000		18,629


	Principal Amount		Value
Entertainment (Continued)
Scientific Games International, Inc. 144A, 8.25%, 3/15/26	$	40,000	$	42,595
144A, 7.00%, 5/15/28		50,000		53,960
Six Flags Entertainment Corp., 144A, 4.875%, 7/31/24		55,000		55,664
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 7.75%, 4/15/25		10,000		10,638
144A, 5.125%, 10/1/29		26,000		27,078

(Cost $725,942)				739,054

Food Service — 0.4%
Aramark Services, Inc., 144A, 5.00%, 2/1/28		40,000		41,643
TKC Holdings, Inc. 144A, 6.875%, 5/15/28		13,000		13,536
144A, 10.50%, 5/15/29		20,000		22,025

(Cost $75,357)				77,204

Home Builders — 0.7%
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27		25,000		26,417
144A, 4.875%, 2/15/30		17,000		17,186
Century Communities, Inc., 144A, 3.875%, 8/15/29		16,000		16,265
Mattamy Group Corp. 144A, 5.25%, 12/15/27		29,000		30,270
144A, 4.625%, 3/1/30		9,000		9,237
Taylor Morrison Communities, Inc., 144A, 5.125%, 8/1/30		17,000		18,621
Williams Scotsman International, Inc., 144A, 4.625%, 8/15/28		19,000		19,736

(Cost $135,629)				137,732

Housewares — 0.1%
Scotts Miracle-Gro Co. 4.50%, 10/15/29		8,000		8,370
144A, 4.00%, 4/1/31		21,000		21,079

(Cost $29,229)				29,449

Leisure Time — 3.6%
Carnival Corp. 144A, 10.50%, 2/1/26 (a)		15,000		17,325
144A, 7.625%, 3/1/26		28,000		29,732
144A, 5.75%, 3/1/27		135,000		138,246
144A, 9.875%, 8/1/27		30,000		34,612
144A, 4.00%, 8/1/28		80,000		80,532
Life Time, Inc. 144A, 5.75%, 1/15/26		40,000		41,050
144A, 8.00%, 4/15/26 (a)		10,000		10,488
NCL Corp. Ltd. 144A, 12.25%, 5/15/24		29,000		34,257
144A, 3.625%, 12/15/24		16,000		15,140
144A, 10.25%, 2/1/26		31,000		35,850
144A, 5.875%, 3/15/26		42,000		42,158


	Principal Amount		Value
Leisure Time (Continued)
Royal Caribbean Cruises Ltd. 144A, 11.50%, 6/1/25	$	41,000	$	47,253
144A, 4.25%, 7/1/26		26,000		25,383
144A, 5.50%, 8/31/26		10,000		10,150
3.70%, 3/15/28		73,000		69,155
Viking Cruises Ltd. 144A, 13.00%, 5/15/25		30,000		34,764
144A, 5.875%, 9/15/27		25,000		24,225

(Cost $683,534)				690,320

Lodging — 2.3%
Boyd Gaming Corp. 4.75%, 12/1/27 (a)		29,000		29,943
144A, 4.75%, 6/15/31		33,000		34,093
Hilton Domestic Operating Co., Inc. 144A, 4.00%, 5/1/31		37,000		38,208
144A, 3.625%, 2/15/32		50,000		49,820
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		31,000		31,426
144A, 4.875%, 7/1/31		14,000		13,895
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29		14,000		14,156
Melco Resorts Finance Ltd. 144A, 5.25%, 4/26/26		16,000		16,480
144A, 5.625%, 7/17/27		19,000		19,685
144A, 5.75%, 7/21/28		30,000		31,313
144A, 5.375%, 12/4/29		38,000		39,375
MGM Resorts International 5.50%, 4/15/27		20,000		21,800
4.75%, 10/15/28		27,000		28,386
Travel + Leisure Co., 144A, 6.625%, 7/31/26		37,000		41,856
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 5.25%, 5/15/27 (a)		31,000		32,593

(Cost $438,133)				443,029

Retail — 4.6%
1011778 BC ULC / New Red Finance, Inc. 144A, 4.375%, 1/15/28		25,000		25,406
144A, 3.50%, 2/15/29		14,000		13,949
144A, 4.00%, 10/15/30		102,000		101,564
Carvana Co. 144A, 5.625%, 10/1/25		30,000		31,238
144A, 5.50%, 4/15/27		16,000		16,534
144A, 5.875%, 10/1/28 (a)		10,000		10,450
144A, 4.875%, 9/1/29		20,000		19,820
eG Global Finance PLC 144A, 6.75%, 2/7/25		21,000		21,604
144A, 8.50%, 10/30/25		25,000		26,220
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		19,000		18,691
144A, 5.875%, 4/1/29 (a)		24,000		23,589
Golden Nugget, Inc., 144A, 6.75%, 10/15/24		43,000		43,153
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		23,000		23,115


	Principal Amount		Value
Retail (Continued)
Macy’s Retail Holdings LLC, 144A, 5.875%, 4/1/29 (a)	$	17,000	$	18,595
Michaels Cos., Inc. 144A, 5.25%, 5/1/28		25,000		25,688
144A, 7.875%, 5/1/29		44,000		45,395
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		41,000		43,460
Party City Holdings, Inc., 144A, 8.75%, 2/15/26 (a)		25,000		26,094
PetSmart, Inc. / PetSmart Finance Corp. 144A, 4.75%, 2/15/28		40,000		41,700
144A, 7.75%, 2/15/29		40,000		44,000
QVC, Inc., 4.375%, 9/1/28		14,000		14,364
Rite Aid Corp. 144A, 7.50%, 7/1/25		19,000		19,565
144A, 8.00%, 11/15/26		29,000		29,940
SRS Distribution, Inc. 144A, 4.625%, 7/1/28		24,000		24,762
144A, 6.125%, 7/1/29 (a)		13,000		13,520
Staples, Inc. 144A, 7.50%, 4/15/26		78,000		78,878
144A, 10.75%, 4/15/27 (a)		25,000		24,406
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		20,000		20,634
Yum! Brands, Inc., 4.625%, 1/31/32		34,000		36,843

(Cost $875,222)				883,177

Consumer, Non-cyclical — 17.9%
Agriculture — 0.3%
Vector Group Ltd. 144A, 10.50%, 11/1/26		20,000		21,125
144A, 5.75%, 2/1/29		30,000		30,563

(Cost $52,095)				51,688

Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29
(Cost $21,984)		22,000		22,237

Commercial Services — 4.1%
ADT Security Corp., 144A, 4.125%, 8/1/29		33,000		32,999
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		64,000		68,480
144A, 9.75%, 7/15/27		34,000		37,230
144A, 6.00%, 6/1/29		31,000		31,037
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		40,000		40,225
APX Group, Inc. 144A, 6.75%, 2/15/27		42,000		44,835
144A, 5.75%, 7/15/29		17,000		17,021


	Principal Amount		Value
Commercial Services (Continued)
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 5.75%, 7/15/27 (a)	$	13,000	$	13,585
144A, 4.75%, 4/1/28		20,000		20,660
144A, 5.375%, 3/1/29 (a)		17,000		17,871
Garda World Security Corp. 144A, 4.625%, 2/15/27		17,000		17,064
144A, 9.50%, 11/1/27		17,000		18,534
144A, 6.00%, 6/1/29		19,000		18,381
Gartner, Inc., 144A, 3.75%, 10/1/30		25,000		26,191
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		28,000		28,542
144A, 5.75%, 11/1/28 (a)		43,000		41,115
Nielsen Finance LLC / Nielsen Finance Co. 144A, 5.625%, 10/1/28		50,000		52,625
144A, 4.50%, 7/15/29		14,000		13,893
144A, 5.875%, 10/1/30		27,000		28,923
144A, 4.75%, 7/15/31		14,000		13,841
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.75%, 4/15/26		45,000		48,739
144A, 3.375%, 8/31/27		10,000		9,663
144A, 6.25%, 1/15/28		73,000		75,738
RR Donnelley & Sons Co., 144A, 6.125%, 11/1/26		12,000		12,615
Sabre GLBL, Inc. 144A, 9.25%, 4/15/25		35,000		40,381
144A, 7.375%, 9/1/25		5,000		5,294
Service Corp. International, 4.00%, 5/15/31		24,000		24,897

(Cost $796,197)				800,379

Cosmetics/Personal Care — 0.4%
Coty, Inc. 144A, 5.00%, 4/15/26		29,000		29,934
144A, 6.50%, 4/15/26 (a)		21,000		21,683
Edgewell Personal Care Co. 144A, 5.50%, 6/1/28		17,000		18,020
144A, 4.125%, 4/1/29		10,000		10,075

(Cost $77,819)				79,712

Food — 2.2%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.50%, 3/15/29		61,000		61,686
144A, 4.875%, 2/15/30		27,000		29,497
B&G Foods, Inc., 5.25%, 9/15/27		20,000		20,795
Performance Food Group, Inc. 144A, 5.50%, 10/15/27		32,000		33,360
144A, 4.25%, 8/1/29		35,000		35,165
Pilgrim’s Pride Corp., 144A, 4.25%, 4/15/31		30,000		32,343
Post Holdings, Inc. 144A, 5.625%, 1/15/28		20,000		21,075
144A, 5.50%, 12/15/29		25,000		26,812
144A, 4.625%, 4/15/30		50,000		51,116
144A, 4.50%, 9/15/31		64,000		64,640


	Principal Amount		Value
Food (Continued)
Sigma Holdco BV, 144A, 7.875%, 5/15/26 (a)	$	10,000	$	10,038
US Foods, Inc., 144A, 4.75%, 2/15/29		35,000		35,875

(Cost $413,995)				422,402

Healthcare-Services — 4.5%
CHS/Community Health Systems, Inc. 144A, 5.625%, 3/15/27		89,000		94,006
144A, 6.875%, 4/1/28 (a)		25,000		24,837
144A, 6.00%, 1/15/29		35,000		37,362
144A, 6.875%, 4/15/29		54,000		56,252
144A, 6.125%, 4/1/30		48,000		48,450
144A, 4.75%, 2/15/31		20,000		20,428
DaVita, Inc. 144A, 4.625%, 6/1/30		84,000		87,872
144A, 3.75%, 2/15/31		57,000		56,401
Encompass Health Corp., 4.75%, 2/1/30		15,000		16,012
Envision Healthcare Corp., 144A, 8.75%, 10/15/26		35,000		29,619
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27		45,000		44,944
MEDNAX, Inc., 144A, 6.25%, 1/15/27		35,000		36,925
Radiology Partners, Inc., 144A, 9.25%, 2/1/28		15,000		16,106
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		50,000		53,250
Select Medical Corp., 144A, 6.25%, 8/15/26		37,000		39,174
Tenet Healthcare Corp. 144A, 6.25%, 2/1/27		40,000		41,750
144A, 4.625%, 6/15/28		10,000		10,363
144A, 6.125%, 10/1/28		110,000		116,325
144A, 4.25%, 6/1/29		38,000		38,876

(Cost $844,164)				868,952

Household Products/Wares — 0.4%
Central Garden & Pet Co. 4.125%, 10/15/30		15,000		15,434
144A, 4.125%, 4/30/31		12,000		12,197
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 144A, 7.00%, 12/31/27 (a)		28,000		27,272
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31		11,000		10,875

(Cost $67,175)				65,778

Pharmaceuticals — 5.9%
AdaptHealth LLC 144A, 4.625%, 8/1/29		16,000		16,065
144A, 5.125%, 3/1/30		19,000		19,268
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		43,000		46,332
144A, 8.50%, 1/31/27		50,000		53,835


	Principal Amount		Value
Pharmaceuticals (Continued)
Bausch Health Cos., Inc. 144A, 6.125%, 4/15/25	$	91,000	$	93,161
144A, 5.75%, 8/15/27		15,000		15,769
144A, 5.00%, 1/30/28		30,000		28,665
144A, 4.875%, 6/1/28		53,000		54,524
144A, 6.25%, 2/15/29		98,000		97,381
144A, 5.25%, 1/30/30 (a)		70,000		65,898
144A, 5.25%, 2/15/31 (a)		35,000		32,692
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		17,000		17,404
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 144A, 9.50%, 7/31/27 (a)		30,000		29,441
144A, 6.00%, 6/30/28		45,000		28,187
Endo Luxembourg Finance Co I Sarl / Endo US, Inc., 144A, 6.125%, 4/1/29		37,000		36,677
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		20,000		20,075
Jazz Securities DAC, 144A, 4.375%, 1/15/29		45,000		46,694
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28		63,000		65,076
144A, 5.125%, 4/30/31		69,000		72,467
Par Pharmaceutical, Inc., 144A, 7.50%, 4/1/27		68,000		68,935
Prestige Brands, Inc., 144A, 3.75%, 4/1/31		18,000		17,798
Teva Pharmaceutical Finance Netherlands III BV 7.125%, 1/31/25		40,000		43,738
3.15%, 10/1/26		160,000		153,022
6.75%, 3/1/28 (a)		20,000		22,629

(Cost $1,167,428)				1,145,733

Energy — 12.4%
Energy-Alternate Sources — 0.1%
TerraForm Power Operating LLC, 144A, 4.75%, 1/15/30
(Cost $26,115)		25,000		26,343

Oil & Gas — 7.3%
Antero Resources Corp. 144A, 7.625%, 2/1/29		30,000		33,038
144A, 5.375%, 3/1/30 (a)		18,000		18,343
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		25,000		25,500
144A, 5.875%, 6/30/29		13,000		12,480
Callon Petroleum Co. 6.125%, 10/1/24 (a)		25,000		24,156
144A, 8.00%, 8/1/28 (a)		16,000		15,424
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		18,000		18,607
Citgo Holding, Inc., 144A, 9.25%, 8/1/24		57,000		57,185


	Principal Amount		Value
Oil & Gas (Continued)
CITGO Petroleum Corp. 144A, 7.00%, 6/15/25	$	23,000	$	23,604
144A, 6.375%, 6/15/26		20,000		20,326
CNX Resources Corp. 144A, 7.25%, 3/14/27		21,000		22,287
144A, 6.00%, 1/15/29		20,000		20,859
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		42,000		44,037
144A, 5.875%, 1/15/30		23,000		23,092
CrownRock LP / CrownRock Finance, Inc. 144A, 5.625%, 10/15/25		45,000		46,403
144A, 5.00%, 5/1/29		10,000		10,287
CVR Energy, Inc., 144A, 5.25%, 2/15/25 (a)		40,000		39,252
Endeavor Energy Resources LP / EER Finance, Inc. 144A, 5.50%, 1/30/26		16,000		16,584
144A, 5.75%, 1/30/28		32,000		33,720
Hilcorp Energy I LP / Hilcorp Finance Co. 144A, 5.75%, 2/1/29		22,000		22,357
144A, 6.00%, 2/1/31		35,000		36,006
Laredo Petroleum, Inc. 9.50%, 1/15/25		19,000		19,553
144A, 7.75%, 7/31/29 (a)		13,000		12,608
Leviathan Bond Ltd. 144A,REGS, 6.50%, 6/30/27		20,000		22,124
144A,REGS, 6.75%, 6/30/30		18,000		20,205
Matador Resources Co., 5.875%, 9/15/26 (a)		35,000		35,250
MEG Energy Corp. 144A, 7.125%, 2/1/27		25,000		26,338
144A, 5.875%, 2/1/29		35,000		35,833
Moss Creek Resources Holdings, Inc., 144A, 7.50%, 1/15/26		42,000		35,936
Murphy Oil Corp. 5.75%, 8/15/25		65,000		66,544
6.375%, 7/15/28		15,000		15,806
Nabors Industries Ltd., 144A, 7.25%, 1/15/26		17,000		15,831
Nabors Industries, Inc., 5.75%, 2/1/25		25,000		21,125
Occidental Petroleum Corp. 8.875%, 7/15/30		20,000		27,473
7.50%, 5/1/31		36,000		47,154
7.875%, 9/15/31		14,000		18,617
Parkland Corp., 144A, 4.50%, 10/1/29		27,000		27,715
PBF Holding Co. LLC / PBF Finance Corp. 144A, 9.25%, 5/15/25 (a)		41,000		39,616
6.00%, 2/15/28		57,000		37,414
PDC Energy, Inc. 6.125%, 9/15/24		13,000		13,230
5.75%, 5/15/26		24,000		24,950
Puma International Financing SA, 144A, 5.125%, 10/6/24		50,000		50,188


	Principal Amount		Value
Oil & Gas (Continued)
Range Resources Corp. 9.25%, 2/1/26	$	27,000	$	29,560
144A, 8.25%, 1/15/29		15,000		16,670
SM Energy Co. 144A, 10.00%, 1/15/25		16,000		17,860
6.75%, 9/15/26 (a)		12,000		12,075
6.625%, 1/15/27 (a)		12,000		12,075
6.50%, 7/15/28 (a)		11,000		11,067
Southwestern Energy Co. 7.75%, 10/1/27		14,000		15,172
5.375%, 3/15/30		34,000		35,346
Sunoco LP / Sunoco Finance Corp., 4.50%, 5/15/29		27,000		27,380
Transocean, Inc. 144A, 7.25%, 11/1/25		15,000		11,719
144A, 7.50%, 1/15/26		10,000		7,662
144A, 11.50%, 1/30/27		22,000		22,190
144A, 8.00%, 2/1/27		25,000		18,406

(Cost $1,383,340)				1,414,239

Oil & Gas Services — 1.0%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		25,000		26,000
144A, 6.25%, 4/1/28		16,000		16,320
CGG SA, 144A, 8.75%, 4/1/27 (a)		15,000		14,607
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		34,000		35,372
6.875%, 9/1/27		19,000		19,925
Weatherford International Ltd., 144A, 11.00%, 12/1/24		77,000		80,561

(Cost $186,389)				192,785

Pipelines — 4.0%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 5.75%, 3/1/27		50,000		51,563
144A, 5.375%, 6/15/29		21,000		21,525
Buckeye Partners LP, 144A, 4.50%, 3/1/28		15,000		15,511
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		46,000		47,496
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 144A, 5.625%, 5/1/27		25,000		25,219
144A, 6.00%, 2/1/29		20,000		20,380
EnLink Midstream LLC, 5.375%, 6/1/29		15,000		15,420
EnLink Midstream Partners LP, 4.85%, 7/15/26		20,000		20,840
EQM Midstream Partners LP 144A, 6.50%, 7/1/27		21,000		23,390
5.50%, 7/15/28		20,000		21,850
144A, 4.50%, 1/15/29		45,000		45,620
144A, 4.75%, 1/15/31		35,000		35,569


	Principal Amount		Value
Pipelines (Continued)
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25	$	20,000	$	19,625
8.00%, 1/15/27		34,000		33,806
7.75%, 2/1/28		19,000		18,650
ITT Holdings LLC, 144A, 6.50%, 8/1/29		40,000		40,850
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		75,000		76,219
144A, 6.50%, 9/30/26		15,000		15,097
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		66,000		67,073
NGL Energy Partners LP / NGL Energy Finance Corp., 7.50%, 11/1/23		20,000		18,725
NuStar Logistics LP, 6.375%, 10/1/30		31,000		34,317
Rockies Express Pipeline LLC, 144A, 4.95%, 7/15/29		19,000		19,791
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25		15,000		16,181
144A, 6.00%, 3/1/27 (a)		35,000		36,270
144A, 5.50%, 1/15/28		20,000		20,226
144A, 6.00%, 12/31/30		15,000		15,278

(Cost $769,523)				776,491

Financial — 8.3%
Banks — 0.4%
Freedom Mortgage Corp. 144A, 8.25%, 4/15/25		19,000		19,407
144A, 7.625%, 5/1/26		18,000		18,052
144A, 6.625%, 1/15/27		21,000		20,140
Intesa Sanpaolo SpA, 144A, 4.198%, 6/1/32		25,000		25,770

(Cost $83,931)				83,369

Diversified Financial Services — 2.4%
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		26,000		26,684
LD Holdings Group LLC 144A, 6.50%, 11/1/25		11,000		11,234
144A, 6.125%, 4/1/28		28,000		27,553
LPL Holdings, Inc., 144A, 4.375%, 5/15/31		15,000		15,546
Midcap Financial Issuer Trust 144A, 6.50%, 5/1/28		33,000		34,574
144A, 5.625%, 1/15/30		13,000		12,953
Nationstar Mortgage Holdings, Inc. 144A, 6.00%, 1/15/27		15,000		15,825
144A, 5.125%, 12/15/30		45,000		46,070
Navient Corp. 6.75%, 6/25/25		8,000		8,930
6.75%, 6/15/26		14,000		15,785
5.00%, 3/15/27		15,000		15,772
4.875%, 3/15/28		30,000		30,569


	Principal Amount		Value
Diversified Financial Services (Continued)
NFP Corp., 144A, 6.875%, 8/15/28	$	61,000	$	62,677
OneMain Finance Corp. 3.875%, 9/15/28		25,000		25,156
5.375%, 11/15/29		17,000		18,596
4.00%, 9/15/30		31,000		31,108
PennyMac Financial Services, Inc., 144A, 4.25%, 2/15/29		23,000		22,168
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		30,000		30,788
144A, 5.50%, 4/15/29		21,000		20,608

(Cost $470,017)				472,596

Insurance — 1.2%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		50,000		51,000
144A, 4.25%, 2/15/29		25,000		24,782
144A, 6.00%, 8/1/29		8,000		7,891
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 4.25%, 10/15/27		22,000		22,082
144A, 6.75%, 10/15/27		40,000		41,550
AssuredPartners, Inc., 144A, 5.625%, 1/15/29		25,000		25,193
HUB International Ltd., 144A, 7.00%, 5/1/26		50,000		51,793

(Cost $222,093)				224,291

Real Estate — 0.6%
Howard Hughes Corp. 144A, 4.125%, 2/1/29		23,000		23,144
144A, 4.375%, 2/1/31		20,000		20,200
Kennedy-Wilson, Inc. 4.75%, 3/1/29		18,000		18,539
5.00%, 3/1/31		18,000		18,750
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A, 5.75%, 1/15/29		30,000		31,434

(Cost $111,044)				112,067

Real Estate Investment Trusts — 3.1%
Apollo Commercial Real Estate Finance, Inc., 144A, 4.625%, 6/15/29		14,000		13,653
Diversified Healthcare Trust 4.75%, 2/15/28		22,000		22,309
4.375%, 3/1/31		13,000		12,773
EPR Properties, 3.75%, 8/15/29		9,000		9,050
Iron Mountain, Inc. 144A, 5.00%, 7/15/28		15,000		15,694
144A, 4.875%, 9/15/29		29,000		30,626
144A, 5.25%, 7/15/30		40,000		42,750
144A, 4.50%, 2/15/31		40,000		41,188
144A, 5.625%, 7/15/32		26,000		28,291
iStar, Inc., 5.50%, 2/15/26		20,000		20,975


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 144A, 4.25%, 2/1/27	$	25,000	$	25,156
144A, 4.75%, 6/15/29		19,000		19,451
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 5.875%, 10/1/28		17,000		18,126
144A, 4.875%, 5/15/29		32,000		32,938
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		16,000		16,689
144A, 4.50%, 2/15/29		26,000		26,363
Service Properties Trust 7.50%, 9/15/25		55,000		62,155
5.50%, 12/15/27 (a)		45,000		48,319
3.95%, 1/15/28		10,000		9,514
4.95%, 10/1/29		18,000		17,711
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 7.125%, 12/15/24		19,000		19,565
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 4.75%, 4/15/28		17,000		17,383
144A, 6.50%, 2/15/29		38,000		39,710
XHR LP, 144A, 4.875%, 6/1/29		15,000		15,469

(Cost $587,627)				605,858

Venture Capital — 0.6%
Compass Group Diversified Holdings LLC, 144A, 5.25%, 4/15/29		30,000		31,441
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 5.25%, 5/15/27		55,000		57,200
4.375%, 2/1/29		22,000		22,105

(Cost $110,267)				110,746

Industrial — 8.7%
Aerospace/Defense — 3.0%
Bombardier, Inc. 144A, 7.50%, 12/1/24		40,000		41,742
144A, 7.50%, 3/15/25		50,000		51,426
144A, 7.125%, 6/15/26 (a)		20,000		21,125
144A, 7.875%, 4/15/27 (a)		110,000		115,467
Rolls-Royce PLC, 144A, 5.75%, 10/15/27		32,000		35,139
Spirit AeroSystems, Inc. 144A, 7.50%, 4/15/25		25,000		26,500
4.60%, 6/15/28 (a)		25,000		24,469
TransDigm, Inc. 6.375%, 6/15/26		15,000		15,593
7.50%, 3/15/27		10,000		10,592
5.50%, 11/15/27		149,000		152,725
144A, 4.875%, 5/1/29 (a)		17,000		16,916
Triumph Group, Inc. 144A, 8.875%, 6/1/24		8,000		8,820
144A, 6.25%, 9/15/24		50,000		50,677

(Cost $555,397)				571,191


	Principal Amount		Value
Building Materials — 1.6%
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30	$	17,000	$	18,211
144A, 4.25%, 2/1/32		33,000		33,941
Griffon Corp., 5.75%, 3/1/28		35,000		37,185
JELD-WEN, Inc., 144A, 4.875%, 12/15/27		12,000		12,526
SRM Escrow Issuer LLC, 144A, 6.00%, 11/1/28		31,000		32,899
Standard Industries, Inc. 144A, 5.00%, 2/15/27		26,000		26,910
144A, 4.75%, 1/15/28		30,000		31,186
144A, 4.375%, 7/15/30		48,000		49,375
144A, 3.375%, 1/15/31		32,000		30,800
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		30,000		31,801

(Cost $303,049)				304,834

Electrical Components & Equipment — 0.3%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		11,000		11,316
144A, 4.375%, 3/31/29		44,000		44,181

(Cost $55,640)				55,497

Engineering & Construction — 0.2%
Brand Industrial Services, Inc., 144A, 8.50%, 7/15/25		25,000		25,219
Fluor Corp., 4.25%, 9/15/28 (a)		20,000		21,015

(Cost $44,001)				46,234

Environmental Control — 0.8%
Covanta Holding Corp., 5.00%, 9/1/30		15,000		15,469
GFL Environmental, Inc. 144A, 4.00%, 8/1/28		15,000		14,907
144A, 4.75%, 6/15/29		24,000		24,690
144A, 4.375%, 8/15/29		18,000		18,122
Madison IAQ LLC 144A, 4.125%, 6/30/28		23,000		23,161
144A, 5.875%, 6/30/29		34,000		34,850
Stericycle, Inc., 144A, 3.875%, 1/15/29		15,000		15,285

(Cost $145,814)				146,484

Machinery-Diversified — 0.3%
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27

(Cost $58,775)		56,000		59,238

Miscellaneous Manufacturing — 0.2%
FXI Holdings, Inc. 144A, 7.875%, 11/1/24		17,000		17,488
144A, 12.25%, 11/15/26		25,000		28,507

(Cost $44,573)				45,995


	Principal Amount		Value
Packaging & Containers — 2.0%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 4.00%, 9/1/29	$	40,000	$	40,820
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 8/15/27		45,000		46,631
144A, 5.25%, 8/15/27		15,000		15,544
Cascades, Inc./Cascades USA, Inc., 144A, 5.375%, 1/15/28		25,000		26,375
Flex Acquisition Co., Inc., 144A, 6.875%, 1/15/25		35,000		35,394
Graphic Packaging International LLC, 144A, 3.50%, 3/15/28		14,000		14,198
LABL, Inc., 144A, 10.50%, 7/15/27		25,000		27,276
Mauser Packaging Solutions Holding Co., 144A, 7.25%, 4/15/25		60,000		59,388
Owens-Brockway Glass Container, Inc., 144A, 6.625%, 5/13/27		30,000		32,395
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 144A, 4.00%, 10/15/27		30,000		30,027
Trivium Packaging Finance BV, 144A, 5.50%, 8/15/26		46,000		48,527

(Cost $372,401)				376,575

Transportation — 0.1%
Seaspan Corp., 144A, 5.50%, 8/1/29

(Cost $24,958)		25,000		25,594

Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC 144A, 9.75%, 8/1/27		35,000		39,550
144A, 5.50%, 5/1/28		8,000		8,120

(Cost $46,025)				47,670

Technology — 3.4%
Computers — 1.7%
Banff Merger Sub, Inc., 144A, 9.75%, 9/1/26		44,000		46,200
Booz Allen Hamilton, Inc. 144A, 3.875%, 9/1/28		20,000		20,641
144A, 4.00%, 7/1/29		20,000		20,757
Diebold Nixdorf, Inc., 144A, 9.375%, 7/15/25		35,000		38,500
Exela Intermediate LLC / Exela Finance, Inc., 144A, 10.00%, 7/15/23		28,000		21,035
NCR Corp. 144A, 5.75%, 9/1/27		19,000		20,117
144A, 5.00%, 10/1/28		14,000		14,508
144A, 5.125%, 4/15/29		37,000		38,409
144A, 6.125%, 9/1/29		25,000		27,282
144A, 5.25%, 10/1/30		15,000		15,696


	Principal Amount		Value
Computers (Continued)
Seagate HDD Cayman 144A, 4.091%, 6/1/29	$	7,000	$	7,412
144A, 4.125%, 1/15/31		39,000		41,179
144A, 3.375%, 7/15/31		12,000		11,897

(Cost $321,067)				323,633

Office/Business Equipment — 0.3%
Pitney Bowes, Inc., 144A, 6.875%, 3/15/27		9,000		9,596
Xerox Holdings Corp. 144A, 5.00%, 8/15/25		15,000		15,839
144A, 5.50%, 8/15/28 (a)		35,000		36,613

(Cost $61,211)				62,048

Semiconductors — 0.1%
ams AG, 144A, 7.00%, 7/31/25 (a)

(Cost $21,558)		20,000		21,446

Software — 1.3%
Black Knight InfoServ LLC, 144A, 3.625%, 9/1/28		35,000		35,481
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A, 5.75%, 3/1/25		43,000		43,484
J2 Global, Inc., 144A, 4.625%, 10/15/30		30,000		31,805
MicroStrategy, Inc., 144A, 6.125%, 6/15/28 (a)		14,000		14,419
Rackspace Technology Global, Inc. 144A, 3.50%, 2/15/28		20,000		19,225
144A, 5.375%, 12/1/28 (a)		13,000		12,885
Twilio, Inc., 3.875%, 3/15/31		15,000		15,696
Veritas US, Inc. / Veritas Bermuda Ltd., 144A, 7.50%, 9/1/25		68,000		70,785

(Cost $241,803)				243,780

Utilities — 2.6%
Electric — 2.6%
Calpine Corp. 144A, 4.50%, 2/15/28		75,000		77,344
144A, 5.125%, 3/15/28		25,000		25,469
144A, 4.625%, 2/1/29		10,000		10,046
144A, 5.00%, 2/1/31		25,000		25,471
144A, 3.75%, 3/1/31		40,000		39,283
Clearway Energy Operating LLC, 144A, 3.75%, 2/15/31		28,000		28,459
NRG Energy, Inc. 144A, 3.625%, 2/15/31		31,000		31,505
144A, 3.875%, 2/15/32		27,000		27,421
PG&E Corp. 5.00%, 7/1/28 (a)		10,000		9,939
5.25%, 7/1/30		51,000		50,304
Talen Energy Supply LLC 6.50%, 6/1/25		25,000		10,973
144A, 10.50%, 1/15/26		30,000		14,015
144A, 7.25%, 5/15/27		33,000		28,575


	Principal Amount		Value
Electric (Continued)
Vistra Operations Co. LLC 144A, 5.625%, 2/15/27	$	40,000	$	41,702
144A, 5.00%, 7/31/27		40,000		41,554
144A, 4.375%, 5/1/29		46,000		46,748

(Cost $537,494)				508,808

TOTAL CORPORATE BONDS (Cost $18,770,673)				18,953,769


	Number of Shares
SECURITIES LENDING COLLATERAL — 7.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c) (Cost $1,444,823)		1,444,823		1,444,823

CASH EQUIVALENTS — 0.9%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $171,850)		171,850		171,850


TOTAL INVESTMENTS — 106.4% (Cost $20,387,346)			$	20,570,442
Other assets and liabilities, net — (6.4%)				(1,231,809	)

NET ASSETS — 100.0%			$	19,338,633

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2021 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 98.4%
Basic Materials — 3.7%
Chemicals — 1.3%
Ashland LLC 4.75%, 8/15/22	$	542,000	$	558,260
144A, 3.375%, 9/1/31		583,000		599,974
CF Industries, Inc., 3.45%, 6/1/23		880,000		926,763
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		639,000		647,786
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		1,299,000		1,375,316
144A, 5.00%, 5/1/25		660,000		703,897
Olin Corp. 144A, 9.50%, 6/1/25		625,000		784,219
5.125%, 9/15/27		625,000		650,000
5.625%, 8/1/29		1,013,000		1,119,163
SPCM SA, 144A, 4.875%, 9/15/25		648,000		663,659
Tronox, Inc., 144A, 6.50%, 5/1/25		625,000		660,156
WR Grace & Co.-Conn, 144A, 4.875%, 6/15/27		880,000		914,100

(Cost $9,540,538)				9,603,293

Iron/Steel — 0.4%
Allegheny Technologies, Inc., 7.875%, 8/15/23		758,000		817,726
Cleveland-Cliffs, Inc. 144A, 9.875%, 10/17/25		843,000		978,934
144A, 6.75%, 3/15/26		1,048,000		1,125,290

(Cost $2,920,482)				2,921,950

Mining — 2.0%
Alcoa Nederland Holding BV 144A, 7.00%, 9/30/26		613,000		641,235
144A, 5.50%, 12/15/27		1,055,000		1,136,762
144A, 6.125%, 5/15/28		522,000		568,327
144A, 4.125%, 3/31/29		686,000		724,642
Arconic Corp., 144A, 6.00%, 5/15/25		1,223,000		1,296,135
Constellium SE, 144A, 5.875%, 2/15/26		625,000		642,219
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24		880,000		947,628
144A, 4.50%, 9/15/27		804,000		873,570
Freeport-McMoRan, Inc. 3.875%, 3/15/23		1,267,000		1,311,345
4.55%, 11/14/24		942,000		1,020,893
5.00%, 9/1/27		543,000		572,186
4.125%, 3/1/28		824,000		862,110
4.375%, 8/1/28		867,000		920,104
5.25%, 9/1/29		950,000		1,052,553
4.25%, 3/1/30		672,000		726,600
4.625%, 8/1/30 (a)		1,080,000		1,190,700
Novelis Corp., 144A, 3.25%, 11/15/26		971,000		996,722

(Cost $15,356,655)				15,483,731


	Principal Amount		Value
Communications — 18.3%
Advertising — 0.3%
Lamar Media Corp. 3.75%, 2/15/28	$	848,000	$	872,346
4.00%, 2/15/30		646,000		667,948
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 6.25%, 6/15/25		500,000		531,675

(Cost $2,022,923)				2,071,969

Internet — 3.1%
Cogent Communications Group, Inc., 144A, 3.50%, 5/1/26		693,000		707,726
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144A, 5.25%, 12/1/27		1,088,000		1,148,330
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		522,000		549,640
144A, 4.625%, 6/1/28		768,000		802,906
144A, 4.125%, 8/1/30		648,000		679,590
Netflix, Inc. 5.75%, 3/1/24		815,000		906,524
5.875%, 2/15/25		1,165,000		1,338,294
144A, 3.625%, 6/15/25		628,000		673,530
4.375%, 11/15/26		1,295,000		1,466,788
4.875%, 4/15/28		2,035,000		2,381,011
5.875%, 11/15/28		2,325,000		2,885,988
6.375%, 5/15/29		1,181,000		1,514,756
144A, 5.375%, 11/15/29		1,168,000		1,438,001
144A, 4.875%, 6/15/30		1,187,000		1,422,299
NortonLifeLock, Inc., 144A, 5.00%, 4/15/25		996,000		1,008,121
Twitter, Inc., 144A, 3.875%, 12/15/27		886,000		957,700
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		1,519,000		1,621,532
144A, 8.00%, 11/1/26		1,675,000		1,785,969

(Cost $22,808,369)				23,288,705

Media — 7.6%
AMC Networks, Inc. 5.00%, 4/1/24		325,000		329,469
4.75%, 8/1/25 (a)		1,082,000		1,110,402
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 4.00%, 3/1/23		994,000		1,001,256
144A, 5.75%, 2/15/26		922,000		948,507
144A, 5.50%, 5/1/26		603,000		621,910
144A, 5.125%, 5/1/27		4,265,000		4,464,154
144A, 5.00%, 2/1/28		3,327,000		3,489,524
144A, 5.375%, 6/1/29		1,876,000		2,051,875
144A, 4.75%, 3/1/30		3,950,000		4,184,353
CSC Holdings LLC 5.875%, 9/15/22		812,000		845,495
5.25%, 6/1/24		938,000		1,013,040
144A, 5.50%, 4/15/27		1,663,000		1,741,789
144A, 5.375%, 2/1/28		1,548,000		1,631,205
144A, 6.50%, 2/1/29		2,158,000		2,384,590


	Principal Amount		Value
Media (Continued)
DISH DBS Corp. 5.00%, 3/15/23	$	1,975,000	$	2,063,875
5.875%, 11/15/24		2,590,000		2,787,487
Gray Television, Inc., 144A, 5.875%, 7/15/26		886,000		914,755
iHeartCommunications, Inc. 6.375%, 5/1/26		1,326,150		1,402,404
144A, 5.25%, 8/15/27		834,000		869,445
Meredith Corp., 6.875%, 2/1/26		1,279,000		1,326,962
News Corp., 144A, 3.875%, 5/15/29		1,295,000		1,332,024
Quebecor Media, Inc., 5.75%, 1/15/23		1,219,000		1,295,188
Sirius XM Radio, Inc. 144A, 5.375%, 7/15/26		1,306,000		1,341,105
144A, 3.125%, 9/1/26		1,450,000		1,479,218
144A, 5.00%, 8/1/27		1,860,000		1,953,000
144A, 4.00%, 7/15/28		2,516,000		2,582,485
144A, 5.50%, 7/1/29		1,628,000		1,784,695
TEGNA, Inc., 144A, 4.75%, 3/15/26		885,000		940,313
Telenet Finance Luxembourg Notes SARL, 144A, 5.50%, 3/1/28		1,200,000		1,265,400
Univision Communications, Inc., 144A, 5.125%, 2/15/25		1,546,000		1,576,039
UPC Holding BV, 144A, 5.50%, 1/15/28		693,000		732,293
Videotron Ltd. 144A, 5.375%, 6/15/24		664,000		732,060
144A, 5.125%, 4/15/27		851,000		887,168
144A, 3.625%, 6/15/29 (a)		659,000		679,808
Ziggo Bond Co. BV, 144A, 6.00%, 1/15/27		954,000		999,325
Ziggo BV, 144A, 5.50%, 1/15/27		2,001,000		2,070,715

(Cost $56,511,061)				56,833,333

Telecommunications — 7.3%
Altice France SA 144A, 7.375%, 5/1/26		1,995,000		2,073,244
144A, 8.125%, 2/1/27		2,180,000		2,370,750
Cincinnati Bell, Inc., 144A, 7.00%, 7/15/24		809,000		825,180
CommScope, Inc., 144A, 6.00%, 3/1/26		1,876,000		1,970,644
Hughes Satellite Systems Corp., 5.25%, 8/1/26		992,000		1,124,397
Level 3 Financing, Inc. 5.375%, 5/1/25		600,000		614,550
5.25%, 3/15/26		650,000		670,962
144A, 4.625%, 9/15/27		1,345,000		1,388,712
Lumen Technologies, Inc.
Series W, 6.75%, 12/1/23		921,000		1,014,297
Series Y, 7.50%, 4/1/24		1,232,000		1,372,140
5.625%, 4/1/25		701,000		759,537
144A, 4.00%, 2/15/27		1,600,000		1,644,000


	Principal Amount		Value
Telecommunications (Continued)
Nokia OYJ, 4.375%, 6/12/27	$	625,000	$	694,356
Sprint Communications, Inc., 6.00%, 11/15/22		2,852,000		3,015,990
Sprint Corp. 7.875%, 9/15/23		5,504,000		6,242,637
7.125%, 6/15/24		3,238,000		3,727,748
7.625%, 2/15/25		2,216,000		2,625,960
7.625%, 3/1/26		1,943,000		2,398,051
Switch Ltd. 144A, 3.75%, 9/15/28		740,000		753,842
144A, 4.125%, 6/15/29		689,000		711,703
Telecom Italia SpA, 144A, 5.303%, 5/30/24		1,876,000		2,039,118
T-Mobile USA, Inc. 2.25%, 2/15/26		919,000		939,678
2.625%, 4/15/26		1,780,000		1,831,175
5.375%, 4/15/27		531,000		563,890
4.75%, 2/1/28		2,021,000		2,159,135
2.625%, 2/15/29		1,295,000		1,312,806
3.375%, 4/15/29		1,619,000		1,712,594
2.875%, 2/15/31		1,261,000		1,297,254
3.50%, 4/15/31		1,748,000		1,860,729
VEON Holdings BV 144A, 5.95%, 2/13/23		662,000		706,182
144A, 7.25%, 4/26/23		1,153,000		1,243,144
144A, 4.95%, 6/16/24		666,000		718,744
144A, 4.00%, 4/9/25		1,251,000		1,321,400
144A, 3.375%, 11/25/27		1,520,000		1,548,766

(Cost $54,402,565)				55,253,315

Consumer, Cyclical — 19.3%
Airlines — 0.9%
Delta Air Lines, Inc. 3.80%, 4/19/23		625,000		647,867
2.90%, 10/28/24		1,166,000		1,188,720
7.375%, 1/15/26		1,467,000		1,728,268
United Airlines Holdings, Inc., 4.25%, 10/1/22		829,000		846,616
United Airlines, Inc., 144A, 4.375%, 4/15/26		2,451,000		2,547,521

(Cost $6,885,062)				6,958,992

Apparel — 0.7%
Hanesbrands, Inc. 144A, 4.625%, 5/15/24		1,478,000		1,570,375
144A, 5.375%, 5/15/25		682,000		717,109
144A, 4.875%, 5/15/26		1,093,000		1,194,102
Levi Strauss & Co., 144A, 3.50%, 3/1/31		625,000		644,616
William Carter Co. 144A, 5.50%, 5/15/25		655,000		689,024
144A, 5.625%, 3/15/27		562,000		587,993

(Cost $5,326,520)				5,403,219


	Principal Amount		Value
Auto Manufacturers — 4.9%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27	$	503,000	$	527,901
144A, 5.875%, 6/1/29 (a)		629,000		692,718
Ford Motor Co. 8.50%, 4/21/23		4,498,000		4,981,535
9.00%, 4/22/25		4,070,000		4,977,406
4.346%, 12/8/26		2,049,000		2,210,041
Ford Motor Credit Co. LLC 4.25%, 9/20/22		585,000		602,550
MTN, 3.55%, 10/7/22		425,000		435,625
3.35%, 11/1/22		796,000		814,507
3.087%, 1/9/23		1,139,000		1,161,780
4.14%, 2/15/23		629,000		651,015
3.096%, 5/4/23		614,000		628,398
4.375%, 8/6/23		760,000		795,264
3.37%, 11/17/23		962,000		993,986
3.81%, 1/9/24		746,000		774,907
5.584%, 3/18/24		1,061,000		1,151,132
3.664%, 9/8/24		621,000		648,169
4.063%, 11/1/24		1,131,000		1,196,824
4.687%, 6/9/25		666,000		722,264
5.125%, 6/16/25		1,320,000		1,450,350
4.134%, 8/4/25		1,221,000		1,304,944
3.375%, 11/13/25		1,495,000		1,549,194
GMTN, 4.389%, 1/8/26		1,053,000		1,130,659
4.542%, 8/1/26		531,000		577,462
2.70%, 8/10/26		200,000		202,090
4.271%, 1/9/27		543,000		582,091
4.125%, 8/17/27		887,000		949,236
3.815%, 11/2/27		594,000		626,094
2.90%, 2/16/28		531,000		529,747
5.113%, 5/3/29		1,051,000		1,191,887
4.00%, 11/13/30		1,267,000		1,341,772
3.625%, 6/17/31		730,000		752,875
Jaguar Land Rover Automotive PLC, 144A, 7.75%, 10/15/25		907,000		989,582

(Cost $36,486,905)				37,144,005

Auto Parts & Equipment — 1.3%
Adient US LLC, 144A, 9.00%, 4/15/25		705,000		769,487
American Axle & Manufacturing, Inc. 6.25%, 4/1/25 (a)		750,000		775,912
6.25%, 3/15/26		518,000		534,188
Clarios Global LP, 144A, 6.75%, 5/15/25		528,000		559,680
Clarios Global LP / Clarios US Finance Co., 144A, 6.25%, 5/15/26		1,168,000		1,232,240
Dana Financing Luxembourg SARL, 144A, 5.75%, 4/15/25		518,000		534,835
Dana, Inc. 5.375%, 11/15/27		512,000		540,800
5.625%, 6/15/28		527,000		567,516
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		1,036,000		1,148,976
5.00%, 5/31/26		1,223,000		1,260,840


	Principal Amount		Value
Auto Parts & Equipment (Continued)
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25	$	1,383,000	$	1,505,741

(Cost $9,354,062)				9,430,215

Distribution/Wholesale — 0.4%
American Builders & Contractors Supply Co., Inc., 144A, 4.00%, 1/15/28		907,000		937,974
Avient Corp. 5.25%, 3/15/23		750,000		797,813
144A, 5.75%, 5/15/25		939,000		992,288

(Cost $2,695,325)				2,728,075

Entertainment — 2.6%
Bally’s Corp., 144A, 6.75%, 6/1/27		680,000		736,100
Caesars Entertainment, Inc., 144A, 6.25%, 7/1/25		4,350,000		4,603,170
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25 (a)		1,349,000		1,418,136
International Game Technology PLC 144A, 6.50%, 2/15/25		1,522,000		1,697,030
144A, 4.125%, 4/15/26		900,000		935,820
144A, 6.25%, 1/15/27		971,000		1,108,154
144A, 5.25%, 1/15/29		984,000		1,051,650
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		719,000		729,785
144A, 6.50%, 5/15/27		1,501,000		1,656,729
Scientific Games International, Inc., 144A, 5.00%, 10/15/25		1,566,000		1,612,667
Six Flags Theme Parks, Inc., 144A, 7.00%, 7/1/25		1,225,000		1,310,750
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		704,000		751,020
WMG Acquisition Corp. 144A, 3.875%, 7/15/30		606,000		639,342
144A, 3.00%, 2/15/31		1,123,000		1,107,710

(Cost $19,209,667)				19,358,063

Food Service — 0.4%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		664,000		681,972
144A, 6.375%, 5/1/25		2,027,000		2,148,214

(Cost $2,813,184)				2,830,186

Home Builders — 0.8%
Century Communities, Inc., 6.75%, 6/1/27		648,000		693,179
Meritage Homes Corp. 6.00%, 6/1/25		582,000		668,118
144A, 3.875%, 4/15/29		612,000		652,628
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		625,000		708,772
144A, 5.75%, 1/15/28		574,000		648,066


	Principal Amount		Value
Home Builders (Continued)
Toll Brothers Finance Corp. 4.375%, 4/15/23	$	601,000	$	627,294
4.875%, 3/15/27		567,000		644,435
4.35%, 2/15/28		517,000		573,275
3.80%, 11/1/29 (a)		489,000		532,937

(Cost $5,637,160)				5,748,704

Housewares — 0.7%
Newell Brands, Inc. 4.35%, 4/1/23		1,458,000		1,539,750
4.875%, 6/1/25		687,000		765,544
4.70%, 4/1/26		2,547,000		2,849,456

(Cost $5,045,135)				5,154,750

Leisure Time — 0.9%
Carnival Corp., 144A, 11.50%, 4/1/23		2,584,000		2,906,173
Royal Caribbean Cruises Ltd. 5.25%, 11/15/22		906,000		928,650
144A, 10.875%, 6/1/23		1,244,000		1,401,574
144A, 9.125%, 6/15/23		1,214,000		1,324,778

(Cost $6,534,413)				6,561,175

Lodging — 2.1%
Boyd Gaming Corp., 144A, 8.625%, 6/1/25		704,000		764,579
Diamond Resorts International, Inc. 144A, 7.75%, 9/1/23		78,000		79,511
144A, 10.75%, 9/1/24		590,000		605,859
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		434,000		455,873
144A, 5.75%, 5/1/28		411,000		441,328
144A, 3.75%, 5/1/29		1,020,000		1,041,716
4.875%, 1/15/30		1,259,000		1,354,999
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.875%, 4/1/27		1,212,000		1,258,668
Marriott Ownership Resorts, Inc., 144A, 6.125%, 9/15/25		670,000		705,202
Melco Resorts Finance Ltd., 144A, 4.875%, 6/6/25		1,295,000		1,319,281
MGM Resorts International 6.00%, 3/15/23		1,563,000		1,656,780
6.75%, 5/1/25		879,000		932,839
5.75%, 6/15/25		1,205,000		1,320,981
4.625%, 9/1/26		500,000		528,275
Travel + Leisure Co., 3.90%, 3/1/23		582,000		600,397
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 4.25%, 5/30/23		644,000		661,575
144A, 5.50%, 3/1/25		2,251,000		2,388,874

(Cost $16,032,009)				16,116,737

Retail — 3.3%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		656,000		692,080


	Principal Amount		Value
Retail (Continued)
144A, 3.875%, 1/15/28	$	2,007,000	$	2,034,596
Bath & Body Works, Inc. 144A, 9.375%, 7/1/25 (a)		637,000		824,915
5.25%, 2/1/28		648,000		726,700
7.50%, 6/15/29		728,000		844,935
144A, 6.625%, 10/1/30		1,295,000		1,494,106
Gap, Inc. 144A, 8.375%, 5/15/23 (a)		609,000		683,299
144A, 8.625%, 5/15/25		912,000		996,178
144A, 8.875%, 5/15/27		1,304,000		1,499,600
Golden Nugget, Inc., 144A, 8.75%, 10/1/25 (a)		165,000		174,281
IRB Holding Corp., 144A, 7.00%, 6/15/25		971,000		1,039,504
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A, 4.75%, 6/1/27		980,000		1,028,449
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		522,000		553,973
144A, 3.875%, 6/1/29		850,000		892,330
144A, 4.375%, 1/15/31		895,000		972,194
Macy’s Retail Holdings LLC, 2.875%, 2/15/23		696,000		709,050
Murphy Oil USA, Inc. 4.75%, 9/15/29		654,000		692,423
144A, 3.75%, 2/15/31		629,000		635,469
Penske Automotive Group, Inc. 3.50%, 9/1/25		894,000		926,060
3.75%, 6/15/29		589,000		600,235
QVC, Inc. 4.375%, 3/15/23		847,000		888,291
4.85%, 4/1/24		985,000		1,072,173
4.45%, 2/15/25		683,000		731,614
4.75%, 2/15/27		711,000		762,782
Yum! Brands, Inc. 144A, 7.75%, 4/1/25		777,000		838,103
144A, 4.75%, 1/15/30		1,036,000		1,144,832
3.625%, 3/15/31		1,360,000		1,398,984

(Cost $24,600,853)				24,857,156

Toys/Games/Hobbies — 0.3%
Mattel, Inc. 144A, 3.375%, 4/1/26		931,000		968,301
144A, 5.875%, 12/15/27		716,000		782,266
144A, 3.75%, 4/1/29 (a)		704,000		739,939

(Cost $2,452,860)				2,490,506

Consumer, Non-cyclical — 18.6%
Agriculture — 0.1%
Darling Ingredients, Inc., 144A, 5.25%, 4/15/27

(Cost $960,790)		924,000		966,208

Commercial Services — 3.2%
ADT Security Corp., 4.125%, 6/15/23		889,000		935,672


	Principal Amount		Value
Commercial Services (Continued)
Brink’s Co. 144A, 5.50%, 7/15/25	$	481,000	$	505,964
144A, 4.625%, 10/15/27		750,000		788,685
Gartner, Inc. 144A, 4.50%, 7/1/28		891,000		944,460
144A, 3.625%, 6/15/29		825,000		850,410
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		1,501,000		1,584,230
Jaguar Holding Co. II / PPD Development LP 144A, 4.625%, 6/15/25		633,000		665,315
144A, 5.00%, 6/15/28		888,000		957,930
Modulaire Global Finance PLC, 144A, 8.00%, 2/15/23		16,000		16,439
Nielsen Co. Luxembourg SARL, 144A, 5.00%, 2/1/25 (a)		651,000		668,118
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A, 5.25%, 4/15/24		943,000		1,005,474
Service Corp. International 4.625%, 12/15/27		775,000		820,299
5.125%, 6/1/29		899,000		981,438
3.375%, 8/15/30		1,101,000		1,109,846
Square, Inc. 144A, 2.75%, 6/1/26		1,047,000		1,076,871
144A, 3.50%, 6/1/31		1,408,000		1,463,440
United Rentals North America, Inc. 5.875%, 9/15/26		1,207,000		1,245,202
5.50%, 5/15/27		1,295,000		1,367,598
4.875%, 1/15/28		2,162,000		2,296,012
5.25%, 1/15/30		1,360,000		1,492,668
4.00%, 7/15/30		788,000		826,446
3.875%, 2/15/31		1,250,000		1,295,994
3.75%, 1/15/32		971,000		992,988
Verscend Escrow Corp., 144A, 9.75%, 8/15/26		40,000		42,350

(Cost $23,524,366)				23,933,849

Food — 3.9%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.50%, 2/15/23		943,000		971,469
144A, 3.25%, 3/15/26		980,000		1,006,950
144A, 7.50%, 3/15/26		804,000		876,171
144A, 4.625%, 1/15/27		41,000		43,460
144A, 5.875%, 2/15/28		943,000		1,012,546
B&G Foods, Inc., 5.25%, 4/1/25		1,357,000		1,394,318
JBS USA Food Co. 144A, 7.00%, 1/15/26		1,295,000		1,365,383
144A, 5.75%, 1/15/28		594,000		627,888
JBS USA LUX SA / JBS USA Finance, Inc., 144A, 6.75%, 2/15/28		1,126,000		1,235,785
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. 144A, 6.50%, 4/15/29		1,751,000		1,985,196


	Principal Amount		Value
Food (Continued)
144A, 5.50%, 1/15/30	$	1,563,000	$	1,765,877
144A, 3.75%, 12/1/31 (a)		705,000		744,656
Kraft Heinz Foods Co. 3.00%, 6/1/26		2,343,000		2,485,953
3.875%, 5/15/27		1,684,000		1,857,561
4.625%, 1/30/29		1,346,000		1,559,648
3.75%, 4/1/30		825,000		912,937
4.25%, 3/1/31		1,688,000		1,950,876
Lamb Weston Holdings, Inc. 144A, 4.625%, 11/1/24		1,039,000		1,067,573
144A, 4.875%, 11/1/26		1,004,000		1,033,997
144A, 4.875%, 5/15/28		625,000		696,017
Pilgrim’s Pride Corp., 144A, 5.875%, 9/30/27		1,245,000		1,330,307
Post Holdings, Inc., 144A, 5.75%, 3/1/27		1,540,000		1,613,843
US Foods, Inc., 144A, 6.25%, 4/15/25		1,566,000		1,652,130

(Cost $28,788,441)				29,190,541

Healthcare-Products — 0.7%
Avantor Funding, Inc., 144A, 4.625%, 7/15/28		1,939,000		2,052,722
Hologic, Inc. 144A, 4.625%, 2/1/28		490,000		521,872
144A, 3.25%, 2/15/29		1,191,000		1,221,907
Teleflex, Inc. 4.625%, 11/15/27		587,000		615,616
144A, 4.25%, 6/1/28		805,000		839,213

(Cost $5,156,985)				5,251,330

Healthcare-Services — 9.1%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		619,000		649,204
144A, 3.125%, 2/15/29		647,000		640,077
Centene Corp. 4.25%, 12/15/27		3,116,000		3,295,170
2.45%, 7/15/28		2,979,000		3,026,865
4.625%, 12/15/29		4,608,000		5,060,229
3.375%, 2/15/30		2,553,000		2,671,076
3.00%, 10/15/30		2,810,000		2,902,976
2.50%, 3/1/31		2,902,000		2,898,140
2.625%, 8/1/31		1,684,000		1,709,260
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		664,000		694,740
144A, 3.75%, 3/15/29		648,000		668,820
144A, 4.00%, 3/15/31		648,000		692,576
CHS/Community Health Systems, Inc. 144A, 6.625%, 2/15/25		1,528,000		1,608,033
144A, 8.00%, 3/15/26		2,721,000		2,916,096
144A, 8.00%, 12/15/27		1,231,000		1,357,177
Encompass Health Corp. 4.50%, 2/1/28		1,036,000		1,086,505
4.625%, 4/1/31		518,000		556,109
HCA, Inc. 5.875%, 5/1/23		1,587,000		1,711,976


	Principal Amount		Value
Healthcare-Services (Continued)
5.375%, 2/1/25	$	3,367,000	$	3,798,431
5.875%, 2/15/26		2,113,000		2,453,299
5.375%, 9/1/26		1,402,000		1,619,030
5.625%, 9/1/28		1,988,000		2,373,245
5.875%, 2/1/29		1,139,000		1,382,558
3.50%, 9/1/30		3,497,000		3,758,034
IQVIA, Inc. 144A, 5.00%, 10/15/26		1,313,000		1,354,031
144A, 5.00%, 5/15/27		1,376,000		1,439,544
Legacy LifePoint Health LLC, 144A, 6.75%, 4/15/25		704,000		741,840
Molina Healthcare, Inc. 5.375%, 11/15/22		918,000		952,884
144A, 4.375%, 6/15/28		1,177,000		1,235,850
144A, 3.875%, 11/15/30		813,000		867,987
Tenet Healthcare Corp. 6.75%, 6/15/23		2,557,000		2,774,345
4.625%, 7/15/24		2,313,000		2,347,695
144A, 4.625%, 9/1/24		936,000		961,047
144A, 7.50%, 4/1/25		907,000		971,660
144A, 4.875%, 1/1/26		2,720,000		2,824,856
144A, 5.125%, 11/1/27		1,943,000		2,047,436

(Cost $66,862,991)				68,048,801

Household Products/Wares — 0.0%
Spectrum Brands, Inc., 5.75%, 7/15/25
(Cost $419,393)		412,000		422,300

Pharmaceuticals — 1.6%
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		2,267,000		2,321,748
144A, 9.00%, 12/15/25		1,893,000		2,016,045
Elanco Animal Health, Inc. 5.272%, 8/28/23		932,000		999,617
5.90%, 8/28/28		965,000		1,131,091
Prestige Brands, Inc., 144A, 5.125%, 1/15/28		469,000		491,864
Teva Pharmaceutical Finance Co. BV, 2.95%, 12/18/22		1,094,000		1,103,572
Teva Pharmaceutical Finance Netherlands III BV, 2.80%, 7/21/23		3,885,000		3,845,140

(Cost $11,858,950)				11,909,077

Energy — 13.1%
Energy-Alternate Sources — 0.2%
TerraForm Power Operating LLC 144A, 4.25%, 1/31/23		687,000		706,751
144A, 5.00%, 1/31/28		897,000		970,191

(Cost $1,653,796)				1,676,942

Oil & Gas — 6.4%
Antero Resources Corp., 5.00%, 3/1/25 (a)		701,000		716,531
Apache Corp. 4.625%, 11/15/25		767,000		831,014
4.375%, 10/15/28		690,000		745,476
4.25%, 1/15/30		903,000		973,222


	Principal Amount		Value
Oil & Gas (Continued)
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26	$	998,000	$	1,044,866
144A, 5.875%, 2/1/29		408,000		436,068
Continental Resources, Inc. 4.50%, 4/15/23		841,000		877,794
3.80%, 6/1/24		1,379,000		1,473,806
4.375%, 1/15/28 (a)		1,272,000		1,429,614
144A, 5.75%, 1/15/31 (a)		1,943,000		2,370,460
Endeavor Energy Resources LP / EER Finance, Inc., 144A, 6.625%, 7/15/25		750,000		796,275
EQT Corp. 3.00%, 10/1/22 (a)		773,000		790,261
6.625%, 2/1/25		1,186,000		1,360,899
144A, 3.125%, 5/15/26		758,000		779,792
3.90%, 10/1/27		1,619,000		1,750,204
7.50%, 2/1/30		1,022,000		1,329,239
144A, 3.625%, 5/15/31		587,000		620,098
Leviathan Bond Ltd. 144A,REGS, 5.75%, 6/30/23		728,000		760,593
144A,REGS, 6.125%, 6/30/25 (a)		688,000		751,399
Occidental Petroleum Corp. 2.70%, 2/15/23		300,000		305,520
6.95%, 7/1/24		801,000		902,290
2.90%, 8/15/24		1,726,000		1,771,308
3.50%, 6/15/25		816,000		857,130
8.00%, 7/15/25		1,035,000		1,248,469
5.875%, 9/1/25 (a)		967,000		1,089,142
5.50%, 12/1/25 (a)		972,000		1,085,034
5.55%, 3/15/26		1,438,000		1,605,168
3.40%, 4/15/26		1,170,000		1,203,637
3.20%, 8/15/26		1,264,000		1,306,148
3.00%, 2/15/27		925,000		928,792
8.50%, 7/15/27		492,000		621,423
6.375%, 9/1/28		727,000		861,353
3.50%, 8/15/29		2,010,000		2,072,330
6.625%, 9/1/30		1,943,000		2,425,923
6.125%, 1/1/31		1,619,000		1,959,953
Ovintiv Exploration, Inc. 5.625%, 7/1/24		1,251,000		1,394,844
5.375%, 1/1/26		861,000		974,185
Parkland Corp., 144A, 5.875%, 7/15/27		658,000		701,922
Range Resources Corp. 5.00%, 3/15/23		666,000		684,355
4.875%, 5/15/25		985,000		1,020,706
Southwestern Energy Co., 6.45%, 1/23/25		1,195,000		1,303,912
Sunoco LP / Sunoco Finance Corp. 5.50%, 2/15/26		1,074,000		1,104,829
6.00%, 4/15/27		823,000		861,027

(Cost $46,620,266)				48,127,011

Oil & Gas Services — 0.2%
TechnipFMC PLC, 144A, 6.50%, 2/1/26
(Cost $1,389,716)		1,295,000		1,376,226


	Principal Amount		Value
Pipelines — 6.3%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 144A, 7.875%, 5/15/26	$	712,000	$	784,987
Buckeye Partners LP 4.15%, 7/1/23		627,000		648,189
144A, 4.125%, 3/1/25		587,000		607,566
3.95%, 12/1/26		945,000		977,026
4.125%, 12/1/27		400,000		410,652
Cheniere Energy Partners LP 5.625%, 10/1/26		1,253,000		1,298,296
4.50%, 10/1/29		1,943,000		2,096,011
144A, 4.00%, 3/1/31		2,030,000		2,139,112
Cheniere Energy, Inc., 4.625%, 10/15/28		2,501,000		2,641,681
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25		752,000		768,920
DCP Midstream Operating LP 3.875%, 3/15/23		605,000		622,690
5.375%, 7/15/25		1,068,000		1,177,470
5.625%, 7/15/27		679,000		772,600
5.125%, 5/15/29		777,000		863,523
DT Midstream, Inc. 144A, 4.125%, 6/15/29		1,425,000		1,462,406
144A, 4.375%, 6/15/31		1,295,000		1,338,706
EnLink Midstream Partners LP 4.40%, 4/1/24		701,000		730,056
4.15%, 6/1/25		998,000		1,029,168
EQM Midstream Partners LP 4.75%, 7/15/23		728,000		761,670
4.00%, 8/1/24		691,000		708,137
144A, 6.00%, 7/1/25		939,000		1,015,294
4.125%, 12/1/26		587,000		599,304
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		1,312,000		1,363,981
144A, 5.125%, 6/15/28		610,000		639,738
144A, 4.25%, 2/15/30		1,000,000		1,013,950
NuStar Logistics LP 5.75%, 10/1/25		727,000		782,434
6.00%, 6/1/26		658,000		712,963
Rockies Express Pipeline LLC, 144A, 3.60%, 5/15/25		518,000		533,789
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 5.875%, 4/15/26		924,000		967,890
5.375%, 2/1/27		585,000		605,475
6.50%, 7/15/27		1,119,000		1,212,962
5.00%, 1/15/28		907,000		954,218
6.875%, 1/15/29		880,000		990,396
5.50%, 3/1/30		1,320,000		1,456,950
4.875%, 2/1/31		1,277,000		1,390,717
144A, 4.00%, 1/15/32		1,284,000		1,341,889
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		1,619,000		1,670,727
144A, 4.125%, 8/15/31		1,619,000		1,702,128
Western Midstream Operating LP 4.35%, 2/1/25		1,295,000		1,362,431


	Principal Amount		Value
Pipelines (Continued)
3.95%, 6/1/25	$	675,000	$	706,219
4.65%, 7/1/26		648,000		699,354
4.50%, 3/1/28		559,000		603,077
4.75%, 8/15/28		820,000		903,353
5.30%, 2/1/30		1,554,000		1,733,961

(Cost $45,982,645)				46,802,066

Financial — 11.2%
Banks — 1.6%
CIT Group, Inc. 5.00%, 8/1/23		971,000		1,047,466
4.75%, 2/16/24		648,000		699,840
3.929%, 6/19/24		648,000		680,400
5.25%, 3/7/25		632,000		713,180
6.125%, 3/9/28		539,000		661,954
Commerzbank AG, 144A, 8.125%, 9/19/23		1,259,000		1,421,772
Deutsche Bank AG, 3.729%, 1/14/32 (b)		1,619,000		1,672,217
Intesa Sanpaolo SpA 144A, 5.017%, 6/26/24		2,590,000		2,812,652
144A, 5.71%, 1/15/26		1,943,000		2,186,758

(Cost $11,720,891)				11,896,239

Diversified Financial Services — 3.0%
Ally Financial, Inc., 5.75%, 11/20/25		1,357,000		1,550,025
LPL Holdings, Inc. 144A, 4.625%, 11/15/27		667,000		692,043
144A, 4.00%, 3/15/29		1,074,000		1,098,219
Navient Corp. 5.50%, 1/25/23		1,233,000		1,294,650
7.25%, 9/25/23		807,000		887,601
MTN, 6.125%, 3/25/24		972,000		1,055,057
5.875%, 10/25/24		627,000		684,026
OneMain Finance Corp. 5.625%, 3/15/23		1,129,000		1,194,013
6.125%, 3/15/24		1,789,000		1,929,884
6.875%, 3/15/25		1,564,000		1,773,185
8.875%, 6/1/25		768,000		843,226
7.125%, 3/15/26		2,006,000		2,344,512
3.50%, 1/15/27		912,000		924,321
6.625%, 1/15/28		1,139,000		1,316,530
PennyMac Financial Services, Inc., 144A, 5.375%, 10/15/25		903,000		935,544
Quicken Loans LLC / Quicken Loans Co.-Issuer, Inc. 144A, 3.625%, 3/1/29		915,000		935,587
144A, 3.875%, 3/1/31		1,577,000		1,615,420
Rocket Mortgage LLC, 144A, 5.25%, 1/15/28		1,433,000		1,510,024

(Cost $22,222,470)				22,583,867

Insurance — 0.4%
MGIC Investment Corp., 5.25%, 8/15/28		843,000		903,064


	Principal Amount		Value
Insurance (Continued)
Radian Group, Inc. 4.50%, 10/1/24	$	295,000	$	319,338
6.625%, 3/15/25		931,000		1,050,866
4.875%, 3/15/27		583,000		643,183

(Cost $2,825,715)				2,916,451

Real Estate — 0.4%
Howard Hughes Corp., 144A, 5.375%, 8/1/28		955,000		1,013,494
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 4.875%, 6/1/23		680,000		708,764
144A, 7.625%, 6/15/25		795,000		857,002
144A, 9.375%, 4/1/27		675,000		745,905

(Cost $3,297,454)				3,325,165

Real Estate Investment Trusts — 5.1%
Diversified Healthcare Trust, 9.75%, 6/15/25		1,510,000		1,662,887
EPR Properties 4.75%, 12/15/26		593,000		640,867
4.50%, 6/1/27		583,000		618,334
4.95%, 4/15/28		576,000		622,776
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		562,000		593,157
144A, 3.375%, 6/15/26		1,251,000		1,276,395
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		1,013,000		1,056,052
144A, 5.25%, 3/15/28		1,253,000		1,317,216
iStar, Inc. 4.75%, 10/1/24		975,000		1,035,986
4.25%, 8/1/25		710,000		741,062
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. 5.625%, 5/1/24		1,313,000		1,432,811
144A, 4.625%, 6/15/25		1,001,000		1,077,126
4.50%, 9/1/26		532,000		580,356
5.75%, 2/1/27		971,000		1,119,247
144A, 3.875%, 2/15/29		938,000		995,579
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26		612,000		631,388
5.00%, 10/15/27		1,866,000		1,977,960
4.625%, 8/1/29		1,056,000		1,130,361
3.50%, 3/15/31		1,626,000		1,673,796
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 144A, 7.50%, 6/1/25		450,000		482,067
SBA Communications Corp. 4.875%, 9/1/24		1,375,000		1,397,344
3.875%, 2/15/27		2,272,000		2,364,084
144A, 3.125%, 2/1/29		1,861,000		1,830,796
Service Properties Trust, 4.50%, 6/15/23		718,000		735,085


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Starwood Property Trust, Inc. 4.75%, 3/15/25	$	690,000	$	723,638
144A, 3.625%, 7/15/26		492,000		495,690
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 7.875%, 2/15/25		2,814,000		3,010,980
VICI Properties LP / VICI Note Co., Inc. 144A, 3.50%, 2/15/25		971,000		996,489
144A, 4.25%, 12/1/26		1,619,000		1,702,650
144A, 3.75%, 2/15/27		971,000		1,011,054
144A, 4.625%, 12/1/29		1,026,000		1,117,058
144A, 4.125%, 8/15/30		1,620,000		1,731,375
XHR LP, 144A, 6.375%, 8/15/25		648,000		687,690

(Cost $37,736,871)				38,469,356

Venture Capital — 0.7%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.75%, 2/1/24		817,000		833,340
4.75%, 9/15/24		1,383,000		1,435,675
6.375%, 12/15/25		934,000		963,188
6.25%, 5/15/26		1,561,000		1,646,855

(Cost $4,850,321)				4,879,058

Industrial — 6.9%
Aerospace/Defense — 1.8%
Bombardier, Inc., 144A, 6.125%, 1/15/23		725,000		780,495
Howmet Aerospace, Inc. 5.125%, 10/1/24		1,617,000		1,779,153
6.875%, 5/1/25		1,508,000		1,784,160
Rolls-Royce PLC, 144A, 3.625%, 10/14/25		1,355,000		1,380,677
Spirit AeroSystems, Inc., 144A, 5.50%, 1/15/25		625,000		654,712
TransDigm, Inc. 144A, 8.00%, 12/15/25		1,747,000		1,871,474
144A, 6.25%, 3/15/26		5,366,000		5,647,715

(Cost $13,717,740)				13,898,386

Building Materials — 0.2%
Builders FirstSource, Inc., 144A, 6.75%, 6/1/27		909,000		971,494
JELD-WEN, Inc., 144A, 4.625%, 12/15/25		692,000		706,072

(Cost $1,664,960)				1,677,566

Electrical Components & Equipment — 0.5%
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		1,876,000		2,020,340
144A, 7.25%, 6/15/28		1,657,000		1,844,970

(Cost $3,818,351)				3,865,310

Electronics — 1.1%
Imola Merger Corp., 144A, 4.75%, 5/15/29		2,590,000		2,683,887


	Principal Amount		Value
Electronics (Continued)
Sensata Technologies BV 144A, 4.875%, 10/15/23	$	816,000	$	874,964
144A, 5.625%, 11/1/24		640,000		712,800
144A, 5.00%, 10/1/25		765,000		856,127
144A, 4.00%, 4/15/29		1,295,000		1,341,374
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30 (a)		587,000		630,350
144A, 3.75%, 2/15/31		953,000		959,085

(Cost $7,980,497)				8,058,587

Engineering & Construction — 0.1%
Fluor Corp., 3.50%, 12/15/24 (Cost $709,337)		685,000		720,781

Environmental Control — 0.7%
Covanta Holding Corp. 5.875%, 7/1/25		518,000		535,483
6.00%, 1/1/27		593,000		614,496
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		625,000		649,219
144A, 3.75%, 8/1/25		1,013,000		1,044,656
144A, 5.125%, 12/15/26		625,000		660,156
144A, 3.50%, 9/1/28		971,000		970,175
Stericycle, Inc., 144A, 5.375%, 7/15/24		750,000		769,710

(Cost $5,228,206)				5,243,895

Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc., 5.75%, 6/15/25 (Cost $524,795)		497,000		526,199

Packaging & Containers — 2.1%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 3.25%, 9/1/28		777,000		783,799
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		907,000		950,082
144A, 4.125%, 8/15/26		1,636,000		1,702,994
Ball Corp. 4.00%, 11/15/23		1,264,000		1,338,260
5.25%, 7/1/25		1,295,000		1,464,969
4.875%, 3/15/26		1,046,000		1,175,442
2.875%, 8/15/30		1,684,000		1,690,382
Berry Global, Inc., 144A, 5.625%, 7/15/27		648,000		682,830
Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 1/15/23		1,295,000		1,358,714
Owens-Brockway Glass Container, Inc., 144A, 5.875%, 8/15/23		877,000		932,909
Sealed Air Corp. 144A, 4.875%, 12/1/22		532,000		551,285
144A, 5.25%, 4/1/23		550,000		578,188
144A, 5.125%, 12/1/24		573,000		622,619


	Principal Amount		Value
Packaging & Containers (Continued)
144A, 5.50%, 9/15/25	$	493,000	$	553,718
144A, 4.00%, 12/1/27		550,000		590,741
Silgan Holdings, Inc., 4.125%, 2/1/28		642,000		665,228

(Cost $15,383,302)				15,642,160

Transportation — 0.3%
XPO Logistics, Inc. 144A, 6.125%, 9/1/23		690,000		690,000
144A, 6.25%, 5/1/25		1,438,000		1,520,685

(Cost $2,206,568)				2,210,685

Technology — 4.6%
Computers — 1.3%
Dell International LLC / EMC Corp., 144A, 7.125%, 6/15/24		1,553,000		1,587,943
EMC Corp., 3.375%, 6/1/23		1,607,000		1,661,236
Seagate HDD Cayman 4.75%, 6/1/23		443,000		472,018
4.875%, 3/1/24		1,479,000		1,599,331
4.75%, 1/1/25		340,000		375,343
4.875%, 6/1/27		540,000		604,951
Vericast Corp., 144A, 11.00%, 9/15/26		20,200		21,436
Western Digital Corp., 4.75%, 2/15/26		2,979,000		3,330,760

(Cost $9,509,885)				9,653,018

Office/Business Equipment — 0.7%
CDW LLC / CDW Finance Corp. 5.50%, 12/1/24		546,000		604,395
4.125%, 5/1/25		795,000		827,794
4.25%, 4/1/28		945,000		991,069
3.25%, 2/15/29		875,000		900,156
Xerox Corp., 4.375%, 3/15/23		1,647,000		1,726,797

(Cost $4,972,769)				5,050,211

Semiconductors — 0.3%
Microchip Technology, Inc., 4.25%, 9/1/25		1,501,000		1,582,991
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		868,000		906,010

(Cost $2,453,105)				2,489,001

Software — 2.3%
CDK Global, Inc. 5.00%, 10/15/24		458,000		508,952
4.875%, 6/1/27		1,144,000		1,202,630
144A, 5.25%, 5/15/29		759,000		826,149
Dun & Bradstreet Corp. 144A, 6.875%, 8/15/26		615,000		648,825
144A, 10.25%, 2/15/27		623,000		676,737
MSCI, Inc. 144A, 5.375%, 5/15/27		712,000		760,274
144A, 4.00%, 11/15/29		1,295,000		1,387,269
144A, 3.625%, 9/1/30		1,166,000		1,229,780


	Principal Amount		Value
Software (Continued)
144A, 3.875%, 2/15/31	$	1,295,000	$	1,384,031
144A, 3.625%, 11/1/31		777,000		826,033
144A, 3.25%, 8/15/33		907,000		935,434
Open Text Corp. 144A, 5.875%, 6/1/26		1,063,000		1,098,610
144A, 3.875%, 2/15/28		1,166,000		1,202,437
PTC, Inc. 144A, 3.625%, 2/15/25		613,000		627,559
144A, 4.00%, 2/15/28		678,000		701,730
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		2,502,000		2,652,620
Twilio, Inc., 3.625%, 3/15/29		790,000		816,426

(Cost $17,277,036)				17,485,496

Utilities — 2.7%
Electric — 2.2%
Calpine Corp., 144A, 5.25%, 6/1/26		1,063,000		1,097,547
Clearway Energy Operating LLC, 144A, 4.75%, 3/15/28		1,070,000		1,134,146
DPL, Inc., 4.125%, 7/1/25		521,000		558,382
FirstEnergy Corp. Series B, 4.75%, 3/15/23		1,193,000		1,243,643
Series B, 4.40%, 7/15/27		1,827,000		2,052,695
2.65%, 3/1/30		754,000		769,080
Series B, 2.25%, 9/1/30		678,000		672,196
FirstEnergy Transmission LLC 144A, 4.35%, 1/15/25		777,000		856,066
144A, 2.866%, 9/15/28		648,000		686,104
NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24		907,000		958,608
144A, 3.875%, 10/15/26		736,000		781,319
144A, 4.50%, 9/15/27		652,000		706,044
NRG Energy, Inc. 6.625%, 1/15/27		30,000		31,173
5.75%, 1/15/28		1,063,000		1,137,410


	Principal Amount		Value
Electric (Continued)
144A, 3.375%, 2/15/29	$	687,000	$	691,294
144A, 5.25%, 6/15/29		906,000		984,777
TransAlta Corp., 4.50%, 11/15/22		518,000		539,070
Vistra Operations Co. LLC, 144A, 5.50%, 9/1/26		1,251,000		1,288,280

(Cost $15,903,971)				16,187,834

Gas — 0.5%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24		941,000		1,030,395
5.50%, 5/20/25		900,000		990,000
5.875%, 8/20/26		881,000		992,226
5.75%, 5/20/27		575,000		647,758

(Cost $3,623,109)				3,660,379

TOTAL CORPORATE BONDS (Cost $727,481,440)				738,382,074


	Number of Shares
SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $4,866,433)		4,866,433		4,866,433

CASH EQUIVALENTS — 4.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $29,654,545)		29,654,545		29,654,545


TOTAL INVESTMENTS — 103.0% (Cost $762,002,418)			$	772,903,052
Other assets and liabilities, net — (3.0%)				(22,518,784	)

NET ASSETS — 100.0%			$	750,384,268

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2021 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 94.6%
Basic Materials — 3.1%
Chemicals — 1.6%
Ashland LLC, 4.75%, 8/15/22	$	64,000	$	65,920
CF Industries, Inc., 3.45%, 6/1/23		102,000		107,420
Consolidated Energy Finance SA, 144A, 6.875%, 6/15/25		150,000		155,062
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		85,000		86,169
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		144,000		152,460
144A, 5.00%, 5/1/25		50,000		53,325
OCI NV, 144A, 5.25%, 11/1/24		155,000		160,038
Olin Corp., 144A, 9.50%, 6/1/25		75,000		94,106
TPC Group, Inc., 144A, 10.50%, 8/1/24		151,000		139,864
Tronox, Inc., 144A, 6.50%, 5/1/25		219,000		231,319

(Cost $1,223,955)				1,245,683

Iron/Steel — 0.7%
Allegheny Technologies, Inc., 7.875%, 8/15/23 (a)		61,000		65,807
Cleveland-Cliffs, Inc. 144A, 9.875%, 10/17/25		109,000		126,576
144A, 6.75%, 3/15/26		215,000		230,856
United States Steel Corp., 6.25%, 3/15/26 (a)		105,000		108,279

(Cost $522,593)				531,518

Mining — 0.8%
Arconic Corp., 144A, 6.00%, 5/15/25		150,000		158,970
FMG Resources August 2006 Pty Ltd., 144A, 5.125%, 5/15/24		117,000		125,992
Freeport-McMoRan, Inc. 3.875%, 3/15/23		135,000		139,725
4.55%, 11/14/24		85,000		92,119
Hudbay Minerals, Inc., 144A, 4.50%, 4/1/26		85,000		85,548

(Cost $594,050)				602,354

Communications — 13.2%
Advertising — 0.1%
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 6.25%, 6/15/25
(Cost $66,924)		65,000		69,118

Internet — 1.1%
Cogent Communications Group, Inc., 144A, 3.50%, 5/1/26		70,000		71,487
Netflix, Inc. 5.50%, 2/15/22		38,000		38,803


	Principal Amount		Value
Internet (Continued)
5.75%, 3/1/24	$	61,000	$	67,850
5.875%, 2/15/25		160,000		183,800
144A, 3.625%, 6/15/25		68,000		72,930
NortonLifeLock, Inc. 3.95%, 6/15/22		61,000		61,898
144A, 5.00%, 4/15/25		115,000		116,400
Uber Technologies, Inc., 144A, 7.50%, 5/15/25		175,000		186,813

(Cost $787,114)				799,981

Media — 4.5%
AMC Networks, Inc. 5.00%, 4/1/24		81,000		82,114
4.75%, 8/1/25 (a)		215,000		220,644
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 4.00%, 3/1/23		68,000		68,496
144A, 5.75%, 2/15/26		250,000		257,187
CSC Holdings LLC 6.75%, 11/15/21		166,000		167,934
5.875%, 9/15/22		154,000		160,352
5.25%, 6/1/24		62,000		66,960
Diamond Sports Group LLC / Diamond Sports Finance Co., 144A, 5.375%, 8/15/26		512,000		340,198
DISH DBS Corp. 5.875%, 7/15/22		318,000		329,267
5.00%, 3/15/23		225,000		235,125
5.875%, 11/15/24		405,000		435,881
7.75%, 7/1/26		285,000		326,809
iHeartCommunications, Inc., 6.375%, 5/1/26		130,000		137,475
Meredith Corp., 6.875%, 2/1/26 (a)		148,000		153,550
Quebecor Media, Inc., 5.75%, 1/15/23		115,000		122,188
TEGNA, Inc., 144A, 4.75%, 3/15/26		75,000		79,688
Univision Communications, Inc., 144A, 5.125%, 2/15/25		172,000		175,342
Videotron Ltd., 144A, 5.375%, 6/15/24		111,000		122,378

(Cost $3,426,775)				3,481,588

Telecommunications — 7.5%
Cincinnati Bell, Inc., 144A, 7.00%, 7/15/24		62,000		63,240
CommScope Technologies LLC, 144A, 6.00%, 6/15/25		193,000		196,522
CommScope, Inc., 144A, 6.00%, 3/1/26		310,000		325,639
DKT Finance ApS, 144A, 9.375%, 6/17/23		150,000		153,394
Hughes Satellite Systems Corp. 5.25%, 8/1/26		125,000		141,683
6.625%, 8/1/26		125,000		142,201


	Principal Amount		Value
Telecommunications (Continued)
Lumen Technologies, Inc. Series T, 5.80%, 3/15/22	$	231,000	$	236,486
Series W, 6.75%, 12/1/23		162,000		178,411
Series Y, 7.50%, 4/1/24		216,000		240,570
5.625%, 4/1/25		123,000		133,271
Qwest Corp., 6.75%, 12/1/21		131,000		133,063
Sprint Communications, Inc. 11.50%, 11/15/21		157,000		160,430
6.00%, 11/15/22		265,000		280,237
Sprint Corp. 7.25%, 9/15/21		406,000		407,401
7.875%, 9/15/23		553,000		627,213
7.125%, 6/15/24		495,000		569,869
7.625%, 2/15/25		140,000		165,900
7.625%, 3/1/26		250,000		308,550
Telecom Italia SpA, 144A, 5.303%, 5/30/24		244,000		265,216
T-Mobile USA, Inc. 4.00%, 4/15/22		44,000		44,715
2.25%, 2/15/26		300,000		306,750
2.625%, 4/15/26		175,000		180,031
VEON Holdings BV, 144A, 4.00%, 4/9/25		300,000		316,883
Viasat, Inc., 144A, 5.625%, 9/15/25		150,000		152,872

(Cost $5,631,930)				5,730,547

Consumer, Cyclical — 27.7%
Airlines — 3.0%
Air Canada, 144A, 3.875%, 8/15/26		201,000		202,509
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		100,000		89,135
American Airlines, Inc., 144A, 11.75%, 7/15/25		416,000		516,984
Delta Air Lines, Inc. 3.625%, 3/15/22		130,000		131,378
3.80%, 4/19/23		100,000		103,659
2.90%, 10/28/24		266,000		271,183
7.375%, 1/15/26		169,000		199,098
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		233,000		245,671
United Airlines Holdings, Inc., 4.25%, 10/1/22		167,000		170,549
United Airlines, Inc., 144A, 4.375%, 4/15/26		326,000		338,838

(Cost $2,202,130)				2,269,004

Apparel — 0.6%
Hanesbrands, Inc. 144A, 4.625%, 5/15/24		122,000		129,625
144A, 4.875%, 5/15/26		222,000		242,535
William Carter Co., 144A, 5.50%, 5/15/25		75,000		78,896

(Cost $443,749)				451,056


	Principal Amount		Value
Auto Manufacturers — 4.7%
Ford Motor Co. 8.50%, 4/21/23	$	205,000	$	227,037
9.00%, 4/22/25		545,000		666,508
Ford Motor Credit Co. LLC MTN, 3.55%, 10/7/22		449,000		460,225
3.087%, 1/9/23		200,000		204,000
3.096%, 5/4/23		200,000		204,690
4.375%, 8/6/23		218,000		228,115
5.584%, 3/18/24		115,000		124,769
3.664%, 9/8/24		442,000		461,338
5.125%, 6/16/25		200,000		219,750
4.134%, 8/4/25		25,000		26,719
3.375%, 11/13/25		330,000		341,962
Jaguar Land Rover Automotive PLC 144A, 5.625%, 2/1/23		300,000		301,875
144A, 7.75%, 10/15/25		100,000		109,105

(Cost $3,443,371)				3,576,093

Auto Parts & Equipment — 1.3%
Adient US LLC, 144A, 9.00%, 4/15/25		100,000		109,147
American Axle & Manufacturing, Inc. 6.25%, 4/1/25 (a)		52,000		53,797
6.25%, 3/15/26		60,000		61,875
Clarios Global LP, 144A, 6.75%, 5/15/25		134,000		142,040
Clarios Global LP / Clarios US Finance Co., 144A, 6.25%, 5/15/26		100,000		105,500
Goodyear Tire & Rubber Co., 9.50%, 5/31/25		160,000		177,448
Tenneco, Inc., 5.00%, 7/15/26 (a)		125,000		124,844
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		246,000		267,832

(Cost $1,010,110)				1,042,483

Distribution/Wholesale — 0.5%
Avient Corp. 5.25%, 3/15/23		32,000		34,040
144A, 5.75%, 5/15/25		250,000		264,187
Wolverine Escrow LLC, 144A, 8.50%, 11/15/24		88,000		83,710

(Cost $371,238)				381,937

Entertainment — 4.1%
AMC Entertainment Holdings, Inc., 144A, 10.50%, 4/15/25 (a)		60,000		64,350
Banijay Entertainment SASU, 144A, 5.375%, 3/1/25		105,000		108,019
Caesars Entertainment, Inc., 144A, 6.25%, 7/1/25		553,000		585,185
Caesars Resort Collection LLC / CRC Finco, Inc. 144A, 5.75%, 7/1/25 (a)		163,000		171,354
144A, 5.25%, 10/15/25		276,000		280,264


	Principal Amount		Value
Entertainment (Continued)
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 144A, 5.50%, 5/1/25	$	192,000	$	200,400
Cinemark USA, Inc., 144A, 5.875%, 3/15/26 (a)		13,000		12,951
Cirsa Finance International SARL, 144A, 7.875%, 12/20/23		70,000		71,378
International Game Technology PLC 144A, 6.50%, 2/15/25		175,000		195,125
144A, 4.125%, 4/15/26		200,000		207,960
Live Nation Entertainment, Inc., 144A, 4.875%, 11/1/24		178,000		180,670
Mohegan Gaming & Entertainment, 144A, 8.00%, 2/1/26		183,000		192,218
Scientific Games International, Inc. 144A, 8.625%, 7/1/25		52,000		56,204
144A, 5.00%, 10/15/25		330,000		339,834
144A, 8.25%, 3/15/26		135,000		143,758
Six Flags Entertainment Corp., 144A, 4.875%, 7/31/24		200,000		202,414
Six Flags Theme Parks, Inc., 144A, 7.00%, 7/1/25		77,000		82,390
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		50,000		53,339

(Cost $3,098,451)				3,147,813

Food Service — 0.6%
Aramark Services, Inc., 144A, 6.375%, 5/1/25 (Cost $428,969)		410,000		434,518

Home Builders — 0.3%
Meritage Homes Corp., 6.00%, 6/1/25		80,000		91,838
Toll Brothers Finance Corp. 5.875%, 2/15/22		57,000		57,632
4.375%, 4/15/23		56,000		58,450

(Cost $200,066)				207,920

Housewares — 0.8%
Newell Brands, Inc. 4.35%, 4/1/23		157,000		165,803
4.875%, 6/1/25		68,000		75,774
4.70%, 4/1/26		305,000		341,219

(Cost $572,373)				582,796

Leisure Time — 4.8%
Carnival Corp. 144A, 11.50%, 4/1/23		484,000		544,345
144A, 10.50%, 2/1/26 (a)		105,000		121,277
144A, 7.625%, 3/1/26		515,000		546,866
Life Time, Inc. 144A, 5.75%, 1/15/26		212,000		217,565
144A, 8.00%, 4/15/26		100,000		104,875
NCL Corp. Ltd. 144A, 12.25%, 5/15/24		227,000		268,146
144A, 3.625%, 12/15/24		370,000		350,113
144A, 10.25%, 2/1/26		160,000		185,034


	Principal Amount		Value
Leisure Time (Continued)
Royal Caribbean Cruises Ltd. 5.25%, 11/15/22	$	88,000	$	90,200
144A, 10.875%, 6/1/23		336,000		378,560
144A, 9.125%, 6/15/23		283,000		308,824
144A, 11.50%, 6/1/25		114,000		131,385
144A, 4.25%, 7/1/26		110,000		107,388
144A, 5.50%, 8/31/26		200,000		203,000
Viking Cruises Ltd., 144A, 13.00%, 5/15/25		79,000		91,544

(Cost $3,616,484)				3,649,122

Lodging — 3.2%
Boyd Gaming Corp., 144A, 8.625%, 6/1/25		90,000		97,744
Diamond Resorts International, Inc. 144A, 7.75%, 9/1/23		77,000		78,492
144A, 10.75%, 9/1/24		66,000		67,774
Hilton Domestic Operating Co., Inc., 144A, 5.375%, 5/1/25		81,000		85,082
Marriott Ownership Resorts, Inc., 144A, 6.125%, 9/15/25		65,000		68,415
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		200,000		203,750
144A, 5.25%, 4/26/26		200,000		206,004
MGM Resorts International 7.75%, 3/15/22		230,000		238,384
6.00%, 3/15/23		204,000		216,240
6.75%, 5/1/25		91,000		96,574
5.75%, 6/15/25		200,000		219,250
Travel + Leisure Co. 4.25%, 3/1/22		104,000		104,390
3.90%, 3/1/23		133,000		137,204
144A, 6.625%, 7/31/26		150,000		169,688
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 4.25%, 5/30/23		304,000		312,296
144A, 5.50%, 3/1/25		179,000		189,964

(Cost $2,436,189)				2,491,251

Retail — 3.7%
1011778 BC ULC / New Red Finance, Inc., 144A, 5.75%, 4/15/25		190,000		200,450
Bath & Body Works, Inc., 144A, 9.375%, 7/1/25		76,000		98,420
Carvana Co., 144A, 5.625%, 10/1/25		60,000		62,475
eG Global Finance PLC 144A, 6.75%, 2/7/25		100,000		102,875
144A, 8.50%, 10/30/25		90,000		94,392
Ferrellgas LP / Ferrellgas Finance Corp., 144A, 5.375%, 4/1/26		288,000		283,320
Gap, Inc. 144A, 8.375%, 5/15/23		85,000		95,370
144A, 8.625%, 5/15/25		120,000		131,076
Golden Nugget, Inc., 144A, 6.75%, 10/15/24		183,000		183,650


	Principal Amount		Value
Retail (Continued)
IRB Holding Corp., 144A, 7.00%, 6/15/25	$	237,000	$	253,720
Macy’s Retail Holdings LLC, 2.875%, 2/15/23		171,000		174,206
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		155,000		164,300
Party City Holdings, Inc., 144A, 8.75%, 2/15/26 (a)		105,000		109,594
Penske Automotive Group, Inc., 3.50%, 9/1/25		150,000		155,379
QVC, Inc. 4.375%, 3/15/23		101,000		105,924
4.85%, 4/1/24		148,000		161,098
4.45%, 2/15/25		150,000		160,677
Rite Aid Corp. 144A, 7.50%, 7/1/25		100,000		102,974
144A, 8.00%, 11/15/26		91,000		93,948
Yum! Brands, Inc., 144A, 7.75%, 4/1/25		125,000		134,830

(Cost $2,804,362)				2,868,678

Toys/Games/Hobbies — 0.1%
Mattel, Inc., 144A, 3.375%, 4/1/26 (Cost $92,980)		90,000		93,606

Consumer, Non-cyclical — 11.2%
Commercial Services — 1.8%
ADT Security Corp., 4.125%, 6/15/23		98,000		103,145
Allied Universal Holdco LLC / Allied Universal Finance Corp., 144A, 6.625%, 7/15/26		316,000		338,120
APX Group, Inc., 7.625%, 9/1/23		33,000		33,668
Nielsen Co. Luxembourg SARL, 144A, 5.00%, 2/1/25 (a)		63,000		64,657
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24		92,000		98,095
144A, 5.75%, 4/15/26		243,000		263,190
Sabre GLBL, Inc. 144A, 9.25%, 4/15/25		149,000		171,909
144A, 7.375%, 9/1/25		96,000		101,640
Square, Inc., 144A, 2.75%, 6/1/26		165,000		169,707

(Cost $1,318,767)				1,344,131

Cosmetics/Personal Care — 0.4%
Coty, Inc. 144A, 5.00%, 4/15/26		175,000		180,639
144A, 6.50%, 4/15/26 (a)		127,000		131,127

(Cost $305,153)				311,766


	Principal Amount		Value
Food — 1.8%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.50%, 2/15/23	$	102,000	$	105,079
144A, 3.25%, 3/15/26		100,000		102,750
144A, 7.50%, 3/15/26		150,000		163,465
B&G Foods, Inc., 5.25%, 4/1/25 (a)		120,000		123,300
Kraft Heinz Foods Co., 3.00%, 6/1/26		330,000		350,134
Lamb Weston Holdings, Inc., 144A, 4.625%, 11/1/24		163,000		167,483
Sigma Holdco BV, 144A, 7.875%, 5/15/26 (a)		80,000		80,300
US Foods, Inc., 144A, 6.25%, 4/15/25		269,000		283,795

(Cost $1,366,016)				1,376,306

Healthcare-Services — 3.8%
CHS/Community Health Systems, Inc. 144A, 6.625%, 2/15/25		270,000		284,142
144A, 8.00%, 3/15/26		250,000		267,925
HCA, Inc. 5.875%, 5/1/23		191,000		206,041
5.375%, 2/1/25		450,000		507,661
5.875%, 2/15/26		231,000		268,203
Legacy LifePoint Health LLC, 144A, 6.75%, 4/15/25		100,000		105,375
Molina Healthcare, Inc., 5.375%, 11/15/22		98,000		101,724
Tenet Healthcare Corp. 6.75%, 6/15/23		286,000		310,310
4.625%, 7/15/24		218,000		221,270
144A, 4.625%, 9/1/24		116,000		119,104
144A, 7.50%, 4/1/25		200,000		214,258
144A, 4.875%, 1/1/26		304,000		315,719

(Cost $2,861,979)				2,921,732

Pharmaceuticals — 3.4%
Bausch Health Americas, Inc., 144A, 9.25%, 4/1/26		300,000		323,250
Bausch Health Cos., Inc. 144A, 6.125%, 4/15/25		456,000		466,830
144A, 5.50%, 11/1/25		313,000		320,559
144A, 9.00%, 12/15/25		190,000		202,350
Elanco Animal Health, Inc., 5.272%, 8/28/23		108,000		115,835
Teva Pharmaceutical Finance Co. BV Series 2, 3.65%, 11/10/21		101,000		101,551
2.95%, 12/18/22		215,000		216,881
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 7/21/23		506,000		500,808
6.00%, 4/15/24		190,000		199,223
7.125%, 1/31/25		136,000		148,709

(Cost $2,565,039)				2,595,996


	Principal Amount		Value
Energy — 13.4%
Energy-Alternate Sources — 0.3%
TerraForm Power Operating LLC, 144A, 4.25%, 1/31/23 (Cost $262,492)	$	256,000	$	263,360

Oil & Gas — 8.2%
Antero Resources Corp., 5.00%, 3/1/25 (a)		100,000		102,215
Apache Corp., 4.625%, 11/15/25		100,000		108,346
Callon Petroleum Co., 6.125%, 10/1/24 (a)		88,000		85,030
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		100,000		103,375
Chesapeake Energy Corp., 144A, 5.50%, 2/1/26		130,000		136,105
Citgo Holding, Inc., 144A, 9.25%, 8/1/24		86,000		86,279
CITGO Petroleum Corp., 144A, 7.00%, 6/15/25		566,000		580,857
Continental Resources, Inc. 4.50%, 4/15/23		24,000		25,050
3.80%, 6/1/24		204,000		218,025
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		270,000		278,419
CVR Energy, Inc., 144A, 5.25%, 2/15/25 (a)		27,000		26,495
Endeavor Energy Resources LP / EER Finance, Inc., 144A, 6.625%, 7/15/25		184,000		195,353
EQT Corp. 3.00%, 10/1/22 (a)		87,000		88,943
6.625%, 2/1/25		174,000		199,660
144A, 3.125%, 5/15/26		76,000		78,185
Laredo Petroleum, Inc., 9.50%, 1/15/25		75,000		77,183
Leviathan Bond Ltd. 144A,REGS, 5.75%, 6/30/23		72,000		75,223
144A,REGS, 6.125%, 6/30/25		93,000		101,570
Moss Creek Resources Holdings, Inc., 144A, 7.50%, 1/15/26		155,000		132,621
Murphy Oil Corp., 5.75%, 8/15/25		90,000		92,137
Nabors Industries Ltd., 144A, 7.25%, 1/15/26		85,000		79,156
Nabors Industries, Inc., 5.75%, 2/1/25		87,000		73,515
Occidental Petroleum Corp. 6.95%, 7/1/24		150,000		168,968
2.90%, 8/15/24		100,000		102,625
3.50%, 6/15/25		160,000		168,065
5.875%, 9/1/25 (a)		264,000		297,346
5.50%, 12/1/25 (a)		100,000		111,629
5.55%, 3/15/26		194,000		216,553
3.40%, 4/15/26		75,000		77,156
3.20%, 8/15/26		300,000		310,004


	Principal Amount		Value
Oil & Gas (Continued)
Ovintiv Exploration, Inc. 5.625%, 7/1/24	$	130,000	$	144,948
5.375%, 1/1/26		100,000		113,146
PBF Holding Co. LLC / PBF Finance Corp. 144A, 9.25%, 5/15/25 (a)		25,000		24,156
7.25%, 6/15/25		50,000		35,066
PDC Energy, Inc. 6.125%, 9/15/24		72,000		73,272
5.75%, 5/15/26 (a)		161,000		167,376
Puma International Financing SA 144A, 5.125%, 10/6/24		200,000		200,751
144A, 5.00%, 1/24/26		200,000		200,427
Range Resources Corp. 5.00%, 3/15/23		199,000		204,484
4.875%, 5/15/25 (a)		115,000		119,169
SM Energy Co., 144A, 10.00%, 1/15/25		159,000		177,484
Southwestern Energy Co. 6.45%, 1/23/25		130,000		141,848
7.50%, 4/1/26 (a)		100,000		106,125
Transocean, Inc. 144A, 7.25%, 11/1/25		76,000		59,375
144A, 7.50%, 1/15/26		141,000		108,041

(Cost $5,989,214)				6,271,756

Oil & Gas Services — 1.2%
TechnipFMC PLC, 144A, 6.50%, 2/1/26		163,000		173,224
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26		110,000		114,437
Weatherford International Ltd. 144A, 8.75%, 9/1/24		193,000		200,961
144A, 11.00%, 12/1/24		385,000		402,806

(Cost $824,124)				891,428

Pipelines — 3.7%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 144A, 7.875%, 5/15/26		75,000		82,688
Buckeye Partners LP 4.15%, 7/1/23		68,000		70,298
144A, 4.125%, 3/1/25		68,000		70,382
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25		50,000		51,125
DCP Midstream Operating LP 3.875%, 3/15/23		73,000		75,135
5.375%, 7/15/25		112,000		123,480
EnLink Midstream Partners LP 4.40%, 4/1/24		180,000		187,461
4.15%, 6/1/25		50,000		51,561
4.85%, 7/15/26		250,000		260,498
EQM Midstream Partners LP 4.75%, 7/15/23		100,000		104,625
4.00%, 8/1/24		25,000		25,620
144A, 6.00%, 7/1/25		170,000		183,812


	Principal Amount		Value
Pipelines (Continued)
Genesis Energy LP / Genesis Energy Finance Corp., 6.50%, 10/1/25	$	60,000	$	58,876
Hess Midstream Operations LP, 144A, 5.625%, 2/15/26		100,000		103,962
NGL Energy Partners LP / NGL Energy Finance Corp., 7.50%, 11/1/23		525,000		491,531
NuStar Logistics LP 5.75%, 10/1/25		100,000		107,625
6.00%, 6/1/26		150,000		162,530
Rockies Express Pipeline LLC, 144A, 3.60%, 5/15/25		54,000		55,646
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144A, 7.50%, 10/1/25		98,000		105,717
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.875%, 4/15/26		100,000		104,750
Western Midstream Operating LP 4.35%, 2/1/25		300,000		315,621
4.65%, 7/1/26		33,000		35,615

(Cost $2,768,979)				2,828,558

Financial — 10.8%
Banks — 2.2%
CIT Group, Inc. 5.00%, 8/15/22		275,000		286,261
5.00%, 8/1/23		114,000		122,977
4.75%, 2/16/24		50,000		54,000
3.929%, 6/19/24		50,000		52,500
5.25%, 3/7/25		75,000		84,634
Commerzbank AG, 144A, 8.125%, 9/19/23		136,000		153,583
Freedom Mortgage Corp. 144A, 8.125%, 11/15/24		102,000		103,408
144A, 8.25%, 4/15/25		76,000		77,627
144A, 7.625%, 5/1/26		180,000		180,516
Intesa Sanpaolo SpA 144A, 5.017%, 6/26/24		265,000		287,781
144A, 5.71%, 1/15/26		290,000		326,382

(Cost $1,699,728)				1,729,669

Diversified Financial Services — 3.4%
Ally Financial, Inc., 5.75%, 11/20/25		180,000		205,604
LD Holdings Group LLC, 144A, 6.50%, 11/1/25		18,000		18,382
Navient Corp. 6.50%, 6/15/22		149,000		154,774
5.50%, 1/25/23		166,000		174,300
7.25%, 9/25/23		68,000		74,792
MTN, 6.125%, 3/25/24		145,000		157,390
5.875%, 10/25/24		56,000		61,093
6.75%, 6/25/25		110,000		122,787
6.75%, 6/15/26		100,000		112,750


	Principal Amount		Value
Diversified Financial Services (Continued)
OneMain Finance Corp. 6.125%, 5/15/22	$	153,000	$	157,973
5.625%, 3/15/23		147,000		155,465
6.125%, 3/15/24		117,000		126,214
6.875%, 3/15/25		265,000		300,444
8.875%, 6/1/25		200,000		219,590
7.125%, 3/15/26		255,000		298,031
PennyMac Financial Services, Inc., 144A, 5.375%, 10/15/25		106,000		109,820
United Wholesale Mortgage LLC, 144A, 5.50%, 11/15/25		130,000		133,413

(Cost $2,524,923)				2,582,822

Insurance — 0.8%
Acrisure LLC / Acrisure Finance, Inc., 144A, 7.00%, 11/15/25		126,000		128,520
AssuredPartners, Inc., 144A, 7.00%, 8/15/25		176,000		179,080
HUB International Ltd., 144A, 7.00%, 5/1/26		150,000		155,377
Radian Group, Inc., 6.625%, 3/15/25		160,000		180,600

(Cost $629,847)				643,577

Real Estate — 0.4%
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 4.875%, 6/1/23		62,000		64,623
144A, 7.625%, 6/15/25		200,000		215,598

(Cost $272,149)				280,221

Real Estate Investment Trusts — 3.2%
Diversified Healthcare Trust, 9.75%, 6/15/25		248,000		273,110
HAT Holdings I LLC / HAT Holdings II LLC, 144A, 3.375%, 6/15/26		150,000		153,045
iStar, Inc. 4.75%, 10/1/24		94,000		99,880
4.25%, 8/1/25		150,000		156,562
5.50%, 2/15/26		65,000		68,169
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 5.25%, 3/15/22		76,000		76,361
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. 5.625%, 5/1/24		102,000		111,307
144A, 4.625%, 6/15/25		122,000		131,278
SBA Communications Corp., 4.875%, 9/1/24		143,000		145,324
Service Properties Trust 5.00%, 8/15/22		118,000		119,333
4.35%, 10/1/24		130,000		131,950
7.50%, 9/15/25		170,000		192,116
Starwood Property Trust, Inc. 5.00%, 12/15/21		70,000		70,100
4.75%, 3/15/25		70,000		73,412
144A, 3.625%, 7/15/26		65,000		65,488


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC 144A, 7.125%, 12/15/24	$	150,000	$	154,462
144A, 7.875%, 2/15/25		322,000		344,540
VICI Properties LP / VICI Note Co., Inc., 144A, 3.50%, 2/15/25		50,000		51,313
XHR LP, 144A, 6.375%, 8/15/25		50,000		53,063

(Cost $2,405,609)				2,470,813

Venture Capital — 0.8%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.75%, 2/1/24		115,000		117,300
4.75%, 9/15/24		178,000		184,779
6.25%, 5/15/26		270,000		284,850

(Cost $575,292)				586,929

Industrial — 9.4%
Aerospace/Defense — 4.0%
Bombardier, Inc. 144A, 6.00%, 10/15/22		74,000		74,181
144A, 6.125%, 1/15/23		90,000		96,889
144A, 7.50%, 12/1/24		250,000		260,888
144A, 7.50%, 3/15/25		225,000		231,417
144A, 7.125%, 6/15/26		213,000		224,981
Howmet Aerospace, Inc. 5.125%, 10/1/24		241,000		265,168
6.875%, 5/1/25		125,000		147,891
Rolls-Royce PLC, 144A, 3.625%, 10/14/25		156,000		158,956
Spirit AeroSystems, Inc. 144A, 5.50%, 1/15/25		100,000		104,754
144A, 7.50%, 4/15/25		45,000		47,700
TransDigm, Inc. 144A, 8.00%, 12/15/25		180,000		192,825
144A, 6.25%, 3/15/26		880,000		926,200
Triumph Group, Inc. 144A, 8.875%, 6/1/24		114,000		125,685
144A, 6.25%, 9/15/24		71,000		71,962
7.75%, 8/15/25 (a)		118,000		117,853

(Cost $2,905,427)				3,047,350

Building Materials — 0.1%
JELD-WEN, Inc., 144A, 4.625%, 12/15/25 (Cost $81,327)		80,000		81,627

Electrical Components & Equipment — 0.5%
WESCO Distribution, Inc., 144A, 7.125%, 6/15/25 (Cost $347,736)		325,000		350,005

Electronics — 0.3%
Sensata Technologies BV 144A, 4.875%, 10/15/23		76,000		81,492
144A, 5.625%, 11/1/24		61,000		67,938
144A, 5.00%, 10/1/25		107,000		119,746

(Cost $261,896)				269,176


	Principal Amount		Value
Engineering & Construction — 0.3%
Brand Industrial Services, Inc., 144A, 8.50%, 7/15/25	$	153,000	$	154,339
Fluor Corp., 3.50%, 12/15/24 (a)		68,000		71,552

(Cost $220,838)				225,891

Environmental Control — 0.6%
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		232,000		240,990
144A, 3.75%, 8/1/25		50,000		51,562
Stericycle, Inc., 144A, 5.375%, 7/15/24		149,000		152,916

(Cost $440,633)				445,468

Miscellaneous Manufacturing — 0.3%
FXI Holdings, Inc., 144A, 7.875%, 11/1/24		175,000		180,022
Hillenbrand, Inc., 5.75%, 6/15/25		50,000		52,938

(Cost $227,528)				232,960

Packaging & Containers — 2.8%
Ball Corp. 5.00%, 3/15/22		292,000		298,205
4.00%, 11/15/23		83,000		87,876
5.25%, 7/1/25		250,000		282,812
4.875%, 3/15/26		100,000		112,375
Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 1/15/23		157,000		164,724
Flex Acquisition Co., Inc., 144A, 6.875%, 1/15/25		206,000		208,317
LABL, Inc., 144A, 6.75%, 7/15/26		100,000		105,125
Mauser Packaging Solutions Holding Co. 144A, 5.50%, 4/15/24		400,000		405,180
144A, 7.25%, 4/15/25		182,000		180,144
Owens-Brockway Glass Container, Inc., 144A, 5.875%, 8/15/23		110,000		117,013
Sealed Air Corp. 144A, 4.875%, 12/1/22		58,000		60,103
144A, 5.125%, 12/1/24		50,000		54,330
144A, 5.50%, 9/15/25		80,000		89,853

(Cost $2,117,318)				2,166,057

Transportation — 0.4%
XPO Logistics, Inc., 144A, 6.25%, 5/1/25 (Cost $291,205)		275,000		290,813

Trucking & Leasing — 0.1%
Fortress Transportation and Infrastructure Investors LLC, 144A, 6.50%, 10/1/25 (Cost $106,396)		105,000		108,281


	Principal Amount		Value
Technology — 4.0%
Computers — 1.6%
Diebold Nixdorf, Inc. 8.50%, 4/15/24 (a)	$	33,000	$	33,743
144A, 9.375%, 7/15/25		200,000		220,000
EMC Corp., 3.375%, 6/1/23		121,000		125,084
Exela Intermediate LLC / Exela Finance, Inc., 144A, 10.00%, 7/15/23		161,000		120,951
Seagate HDD Cayman 4.875%, 3/1/24		103,000		111,380
4.75%, 1/1/25		120,000		132,474
Vericast Corp., 144A, 8.375%, 8/15/22		66,000		66,956
Western Digital Corp., 4.75%, 2/15/26		375,000		419,280

(Cost $1,169,684)				1,229,868

Office/Business Equipment — 0.8%
CDW LLC / CDW Finance Corp. 5.50%, 12/1/24		108,000		119,551
4.125%, 5/1/25		170,000		177,012
Xerox Corp., 4.375%, 3/15/23		153,000		160,413
Xerox Holdings Corp., 144A, 5.00%, 8/15/25		175,000		184,795

(Cost $629,557)				641,771

Semiconductors — 0.4%
ams AG, 144A, 7.00%, 7/31/25 (a)		75,000		80,422
Microchip Technology, Inc., 4.25%, 9/1/25		198,000		208,816

(Cost $286,242)				289,238

Software — 1.2%
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		102,000		109,313
CDK Global, Inc., 5.00%, 10/15/24		52,000		57,785
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A, 5.75%, 3/1/25		260,000		262,925
PTC, Inc., 144A, 3.625%, 2/15/25		132,000		135,135
Veritas US, Inc. / Veritas Bermuda Ltd., 144A, 7.50%, 9/1/25		338,000		351,845

(Cost $905,608)				917,003

Utilities — 1.8%
Electric — 1.2%
DPL, Inc., 4.125%, 7/1/25		260,000		278,655
FirstEnergy Corp., Series B, 4.75%, 3/15/23		100,000		104,245


	Principal Amount		Value
Electric (Continued)
FirstEnergy Transmission LLC, 144A, 4.35%, 1/15/25	$	142,000	$	156,450
NextEra Energy Operating Partners LP, 144A, 4.25%, 7/15/24		300,000		317,070
Talen Energy Supply LLC, 6.50%, 6/1/25		25,000		10,973
TransAlta Corp., 4.50%, 11/15/22		54,000		56,196

(Cost $922,270)				923,589

Gas — 0.6%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24		121,000		132,495
5.50%, 5/20/25		107,000		117,700
5.875%, 8/20/26		200,000		225,250

(Cost $468,608)				475,445

TOTAL CORPORATE BONDS (Cost $70,725,397)				72,450,672


	Number of Shares
SECURITIES LENDING COLLATERAL — 1.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b)(c) (Cost $1,323,612)		1,323,612		1,323,612

CASH EQUIVALENTS — 6.9%
DWS Government Money Market Series “Institutional Shares”, 0.04% (b) (Cost $5,311,866)		5,311,866		5,311,866


TOTAL INVESTMENTS — 103.2% (Cost $77,360,875)			$	79,086,150
Other assets and liabilities, net — (3.2%)				(2,458,197	)

NET ASSETS — 100.0%			$	76,627,953

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2021 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 98.8%
Basic Materials — 4.0%
Chemicals — 1.8%
Ashland LLC 4.75%, 8/15/22	$	2,252,000	$	2,319,560
144A, 3.375%, 9/1/31		2,500,000		2,572,787
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		3,867,000		3,799,695
CF Industries, Inc., 3.45%, 6/1/23		4,097,000		4,314,715
Chemours Co. 5.375%, 5/15/27 (a)		2,785,000		3,028,813
144A, 5.75%, 11/15/28		4,580,000		4,860,525
144A, 4.625%, 11/15/29		3,600,000		3,587,868
Consolidated Energy Finance SA 144A, 6.875%, 6/15/25		2,731,000		2,823,171
144A, 6.50%, 5/15/26		2,189,000		2,224,779
INEOS Group Holdings SA, 144A, 5.625%, 8/1/24		2,737,000		2,743,993
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		2,762,000		2,799,977
Methanex Corp. 5.125%, 10/15/27		3,889,000		4,240,468
5.25%, 12/15/29 (a)		3,900,000		4,236,707
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		5,800,000		6,140,750
144A, 5.00%, 5/1/25		2,861,000		3,051,285
144A, 5.25%, 6/1/27		5,814,000		6,220,050
144A, 4.25%, 5/15/29		3,215,000		3,235,094
OCI NV, 144A, 5.25%, 11/1/24		3,270,000		3,376,275
Olin Corp. 144A, 9.50%, 6/1/25		2,737,000		3,434,251
5.125%, 9/15/27		2,851,000		2,965,040
5.625%, 8/1/29		4,143,000		4,577,186
5.00%, 2/1/30		3,127,000		3,360,024
SCIH Salt Holdings, Inc. 144A, 4.875%, 5/1/28		6,121,000		6,173,335
144A, 6.625%, 5/1/29 (a)		3,867,000		3,808,357
SPCM SA, 144A, 4.875%, 9/15/25		2,837,000		2,905,556
TPC Group, Inc., 144A, 10.50%, 8/1/24		5,181,000		4,798,901
Tronox, Inc. 144A, 6.50%, 5/1/25		2,787,000		2,943,769
144A, 4.625%, 3/15/29		5,938,000		6,028,258
Valvoline, Inc. 144A, 4.25%, 2/15/30		3,342,000		3,471,954
144A, 3.625%, 6/15/31		2,979,000		2,968,231
WR Grace & Co.-Conn, 144A, 4.875%, 6/15/27		4,275,000		4,440,656
WR Grace Holdings LLC, 144A, 5.625%, 8/15/29		6,400,000		6,682,880

(Cost $123,169,143)				124,134,910


	Principal Amount		Value
Forest Products & Paper — 0.1%
Mercer International, Inc., 5.125%, 2/1/29 (Cost $4,947,587)	$	4,818,000	$	4,872,203

Iron/Steel — 0.4%
Allegheny Technologies, Inc., 7.875%, 8/15/23		2,787,000		3,006,602
Cleveland-Cliffs, Inc. 144A, 9.875%, 10/17/25		4,204,000		4,881,895
144A, 6.75%, 3/15/26		4,422,000		4,748,122
5.875%, 6/1/27		2,973,000		3,110,501
144A, 4.625%, 3/1/29 (a)		2,762,000		2,910,457
144A, 4.875%, 3/1/31 (a)		2,769,000		2,982,365
United States Steel Corp. 6.25%, 3/15/26 (a)		3,325,000		3,428,840
6.875%, 3/1/29 (a)		4,178,000		4,569,688

(Cost $28,932,604)				29,638,470

Mining — 1.7%
Alcoa Nederland Holding BV 144A, 7.00%, 9/30/26		2,715,000		2,840,053
144A, 5.50%, 12/15/27		4,464,000		4,809,960
144A, 6.125%, 5/15/28		2,610,000		2,841,637
144A, 4.125%, 3/31/29		2,673,000		2,823,570
Arconic Corp. 144A, 6.00%, 5/15/25		4,076,000		4,319,745
144A, 6.125%, 2/15/28		4,984,000		5,333,827
Constellium SE 144A, 5.875%, 2/15/26		2,737,000		2,812,404
144A, 3.75%, 4/15/29 (a)		2,885,000		2,873,417
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24		4,105,000		4,420,469
144A, 4.50%, 9/15/27		3,315,000		3,601,847
144A, 4.375%, 4/1/31 (a)		8,548,000		9,217,736
Freeport-McMoRan, Inc. 3.875%, 3/15/23		5,462,000		5,653,170
4.55%, 11/14/24		4,269,000		4,626,529
5.00%, 9/1/27		3,136,000		3,304,560
4.125%, 3/1/28		4,114,000		4,304,272
4.375%, 8/1/28		3,621,000		3,842,786
5.25%, 9/1/29		3,342,000		3,702,769
4.25%, 3/1/30		3,315,000		3,584,344
4.625%, 8/1/30		4,696,000		5,177,340
Hudbay Minerals, Inc. 144A, 4.50%, 4/1/26		3,322,000		3,343,427
144A, 6.125%, 4/1/29		3,284,000		3,534,405
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28		2,778,000		2,885,773
144A, 4.50%, 6/1/31		3,097,000		3,213,571
Novelis Corp. 144A, 3.25%, 11/15/26		4,200,000		4,311,258
144A, 4.75%, 1/30/30		8,740,000		9,324,487
144A, 3.875%, 8/15/31		4,200,000		4,244,541

(Cost $109,890,959)				110,947,897


	Principal Amount		Value
Communications — 19.1%
Advertising — 0.7%
Clear Channel Outdoor Holdings, Inc. 144A, 7.75%, 4/15/28 (a)	$	5,737,000	$	5,989,715
144A, 7.50%, 6/1/29		5,814,000		6,024,757
Lamar Media Corp. 3.75%, 2/15/28		3,257,000		3,350,508
4.00%, 2/15/30		3,010,000		3,112,265
144A, 3.625%, 1/15/31		3,004,000		3,000,831
Midas OpCo Holdings LLC, 144A, 5.625%, 8/15/29		6,200,000		6,354,690
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 6.25%, 6/15/25		2,111,000		2,244,732
144A, 5.00%, 8/15/27		3,599,000		3,715,032
144A, 4.25%, 1/15/29		2,769,000		2,779,384
144A, 4.625%, 3/15/30		2,771,000		2,809,170
Terrier Media Buyer, Inc., 144A, 8.875%, 12/15/27		5,556,000		5,924,085

(Cost $45,135,531)				45,305,169

Internet — 2.0%
Arches Buyer, Inc. 144A, 4.25%, 6/1/28		3,817,000		3,883,874
144A, 6.125%, 12/1/28		2,826,000		2,920,332
Cogent Communications Group, Inc., 144A, 3.50%, 5/1/26		2,769,000		2,827,841
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27		3,284,000		3,466,098
144A, 3.50%, 3/1/29		4,480,000		4,430,205
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		2,463,000		2,593,416
144A, 4.625%, 6/1/28		2,848,000		2,977,442
144A, 4.125%, 8/1/30 (a)		2,769,000		2,903,989
Netflix, Inc. 5.75%, 3/1/24		2,206,000		2,453,734
5.875%, 2/15/25		5,288,000		6,074,590
144A, 3.625%, 6/15/25		2,665,000		2,858,212
4.375%, 11/15/26 (a)		5,571,000		6,310,021
4.875%, 4/15/28		8,859,000		10,365,296
5.875%, 11/15/28		10,520,000		13,058,318
6.375%, 5/15/29		4,430,000		5,681,940
144A, 5.375%, 11/15/29		4,983,000		6,134,895
144A, 4.875%, 6/15/30		5,463,000		6,545,930
NortonLifeLock, Inc., 144A, 5.00%, 4/15/25		6,159,000		6,233,955
Photo Holdings Merger Sub, Inc., 144A, 8.50%, 10/1/26		4,597,000		4,993,491
Twitter, Inc., 144A, 3.875%, 12/15/27		3,881,000		4,195,070
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		5,937,000		6,337,748
144A, 8.00%, 11/1/26		8,422,000		8,979,957
144A, 7.50%, 9/15/27		6,745,000		7,360,481
144A, 6.25%, 1/15/28 (a)		2,862,000		3,073,073


	Principal Amount		Value
Internet (Continued)
144A, 4.50%, 8/15/29	$	8,000,000	$	7,912,600

(Cost $133,097,584)				134,572,508

Media — 9.4%
Altice Financing SA 144A, 5.00%, 1/15/28		6,629,000		6,633,243
144A, 5.75%, 8/15/29		10,500,000		10,798,725
AMC Networks, Inc. 5.00%, 4/1/24		2,228,000		2,258,635
4.75%, 8/1/25 (a)		4,363,000		4,477,529
4.25%, 2/15/29 (a)		5,523,000		5,488,481
Cable One, Inc., 144A, 4.00%, 11/15/30		3,649,000		3,696,784
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 4.00%, 3/1/23		2,731,000		2,750,936
144A, 5.75%, 2/15/26		7,578,000		7,795,867
144A, 5.50%, 5/1/26		2,621,000		2,703,195
144A, 5.125%, 5/1/27		17,854,000		18,687,693
144A, 5.00%, 2/1/28		13,962,000		14,644,044
144A, 5.375%, 6/1/29		8,662,000		9,474,062
144A, 4.75%, 3/1/30		17,138,000		18,154,798
144A, 4.50%, 8/15/30		15,374,000		16,083,971
144A, 4.25%, 2/1/31		16,784,000		17,246,147
4.50%, 5/1/32		16,023,000		16,765,265
144A, 4.50%, 6/1/33		9,690,000		10,040,439
144A, 4.25%, 1/15/34		11,000,000		11,116,380
Clear Channel Worldwide Holdings, Inc., 144A, 5.125%, 8/15/27		6,921,000		7,132,783
CSC Holdings LLC 5.875%, 9/15/22		3,552,000		3,698,520
5.25%, 6/1/24		4,243,000		4,582,440
144A, 5.50%, 4/15/27		7,156,000		7,495,033
144A, 5.375%, 2/1/28		5,473,000		5,767,174
144A, 7.50%, 4/1/28		5,778,000		6,334,132
144A, 6.50%, 2/1/29		9,599,000		10,606,895
144A, 5.75%, 1/15/30		12,429,000		13,150,131
144A, 4.125%, 12/1/30		6,009,000		6,024,143
144A, 4.625%, 12/1/30		12,914,000		12,677,803
144A, 3.375%, 2/15/31		5,473,000		5,213,470
144A, 4.50%, 11/15/31		8,743,000		8,806,649
144A, 5.00%, 11/15/31		2,970,000		2,959,219
Diamond Sports Group LLC / Diamond Sports Finance Co. 144A, 5.375%, 8/15/26		16,961,000		11,269,736
144A, 6.625%, 8/15/27 (a)		9,726,000		4,194,337
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 144A, 5.875%, 8/15/27		12,800,000		13,397,184
DISH DBS Corp. 5.00%, 3/15/23		8,271,000		8,643,195
5.875%, 11/15/24		11,204,000		12,058,305
7.75%, 7/1/26		11,344,000		13,008,165
7.375%, 7/1/28 (a)		5,519,000		5,946,046
144A, 5.125%, 6/1/29		8,254,000		8,223,047


	Principal Amount		Value
Media (Continued)
Gray Television, Inc. 144A, 5.875%, 7/15/26	$	3,838,000	$	3,962,562
144A, 7.00%, 5/15/27		4,403,000		4,727,941
144A, 4.75%, 10/15/30 (a)		4,430,000		4,384,260
iHeartCommunications, Inc. 6.375%, 5/1/26		4,419,839		4,673,980
8.375%, 5/1/27		8,546,083		9,089,187
144A, 5.25%, 8/15/27		4,105,000		4,279,462
144A, 4.75%, 1/15/28		2,762,000		2,855,218
LCPR Senior Secured Financing DAC 144A, 6.75%, 10/15/27		7,143,000		7,643,010
144A, 5.125%, 7/15/29		4,654,000		4,822,708
Mav Acquisition Corp. 144A, 5.75%, 8/1/28		5,044,000		5,039,208
144A, 8.00%, 8/1/29		4,082,000		4,015,851
Meredith Corp., 6.875%, 2/1/26 (a)		5,129,000		5,321,338
News Corp., 144A, 3.875%, 5/15/29		5,584,000		5,743,647
Nexstar Media, Inc. 144A, 5.625%, 7/15/27		10,307,000		10,962,628
144A, 4.75%, 11/1/28		5,473,000		5,697,557
Quebecor Media, Inc., 5.75%, 1/15/23		4,706,000		5,000,125
Radiate Holdco LLC / Radiate Finance, Inc. 144A, 4.50%, 9/15/26		4,983,000		5,194,678
144A, 6.50%, 9/15/28		5,612,000		5,731,255
Scripps Escrow II, Inc. 144A, 3.875%, 1/15/29		3,045,000		3,047,071
144A, 5.375%, 1/15/31		2,771,000		2,746,248
Sinclair Television Group, Inc. 144A, 5.125%, 2/15/27		2,228,000		2,167,443
144A, 5.50%, 3/1/30 (a)		2,831,000		2,777,890
144A, 4.125%, 12/1/30		4,205,000		4,116,169
Sirius XM Radio, Inc. 144A, 5.375%, 7/15/26		5,574,000		5,723,829
144A, 3.125%, 9/1/26		5,600,000		5,712,840
144A, 5.00%, 8/1/27		8,333,000		8,749,650
144A, 4.00%, 7/15/28		11,448,000		11,750,513
144A, 5.50%, 7/1/29		6,828,000		7,485,195
144A, 4.125%, 7/1/30		8,194,000		8,398,850
144A, 3.875%, 9/1/31		8,300,000		8,261,364
TEGNA, Inc. 144A, 4.75%, 3/15/26		3,010,000		3,198,125
4.625%, 3/15/28		5,564,000		5,775,599
5.00%, 9/15/29		6,109,000		6,459,519
Telenet Finance Luxembourg Notes SARL, 144A, 5.50%, 3/1/28		5,400,000		5,694,300
Univision Communications, Inc. 144A, 5.125%, 2/15/25		8,391,000		8,554,037
144A, 6.625%, 6/1/27		8,210,000		8,900,051
144A, 4.50%, 5/1/29 (a)		5,867,000		5,958,819
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		6,903,000		7,056,937


	Principal Amount		Value
Media (Continued)
UPC Holding BV, 144A, 5.50%, 1/15/28	$	2,886,000	$	3,049,636
Videotron Ltd. 144A, 5.375%, 6/15/24		3,374,000		3,719,835
144A, 5.125%, 4/15/27		3,284,000		3,423,570
144A, 3.625%, 6/15/29 (a)		2,869,000		2,959,589
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		5,097,000		5,284,060
Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29		8,182,000		8,775,195
144A, 4.50%, 8/15/30		5,074,000		5,152,901
Ziggo Bond Co. BV 144A, 6.00%, 1/15/27		4,314,000		4,518,958
144A, 5.125%, 2/28/30		2,737,000		2,813,554
Ziggo BV 144A, 5.50%, 1/15/27		8,740,000		9,044,502
144A, 4.875%, 1/15/30		5,539,000		5,713,146

(Cost $634,215,073)				626,138,611

Telecommunications — 7.0%
Altice France Holding SA 144A, 10.50%, 5/15/27		9,183,000		10,101,300
144A, 6.00%, 2/15/28 (a)		6,705,000		6,669,966
Altice France SA 144A, 7.375%, 5/1/26		12,556,000		13,048,446
144A, 8.125%, 2/1/27 (a)		9,620,000		10,461,750
144A, 5.50%, 1/15/28		6,134,000		6,318,020
144A, 5.125%, 1/15/29		2,874,000		2,898,573
144A, 5.125%, 7/15/29		13,886,000		14,056,381
Avaya, Inc., 144A, 6.125%, 9/15/28		5,571,000		5,884,369
C&W Senior Financing DAC 144A, 7.50%, 10/15/26		2,887,000		3,010,275
144A, 6.875%, 9/15/27		6,664,000		7,092,828
Cincinnati Bell, Inc., 144A, 7.00%, 7/15/24		3,843,000		3,919,860
CommScope Technologies LLC 144A, 6.00%, 6/15/25		7,448,000		7,583,926
144A, 5.00%, 3/15/27 (a)		4,253,000		4,198,647
CommScope, Inc. 144A, 6.00%, 3/1/26		8,444,000		8,870,000
144A, 8.25%, 3/1/27		5,337,000		5,632,937
144A, 7.125%, 7/1/28		3,874,000		4,067,700
144A, 4.75%, 9/1/29		7,000,000		7,097,685
Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26		11,589,000		12,038,074
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28 (a)		2,264,000		2,328,184
144A, 6.50%, 10/1/28		4,105,000		4,494,975
DKT Finance ApS, 144A, 9.375%, 6/17/23		2,240,000		2,290,680
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		6,487,000		6,920,575
144A, 5.00%, 5/1/28		8,583,000		8,979,964
144A, 6.75%, 5/1/29		5,656,000		6,060,121


	Principal Amount		Value
Telecommunications (Continued)
5.875%, 11/1/29	$	4,202,828	$	4,279,824
Hughes Satellite Systems Corp. 5.25%, 8/1/26		4,244,000		4,810,425
6.625%, 8/1/26		4,099,500		4,663,632
Level 3 Financing, Inc. 5.375%, 5/1/25		2,863,000		2,932,428
5.25%, 3/15/26		2,755,000		2,843,849
144A, 4.625%, 9/15/27		5,787,000		5,975,077
144A, 4.25%, 7/1/28		6,629,000		6,716,569
144A, 3.625%, 1/15/29		4,485,000		4,358,433
144A, 3.75%, 7/15/29		5,064,000		4,943,730
Lumen Technologies, Inc. Series W, 6.75%, 12/1/23		4,105,000		4,520,836
Series Y, 7.50%, 4/1/24		5,498,000		6,123,397
5.625%, 4/1/25		2,937,000		3,182,254
144A, 5.125%, 12/15/26		6,921,000		7,164,965
144A, 4.00%, 2/15/27 (a)		6,948,000		7,139,070
144A, 4.50%, 1/15/29		5,571,000		5,474,176
144A, 5.375%, 6/15/29		5,571,000		5,731,111
Nokia OYJ, 4.375%, 6/12/27		2,806,000		3,117,382
Sprint Communications, Inc., 6.00%, 11/15/22		12,479,000		13,196,542
Sprint Corp. 7.875%, 9/15/23		23,860,000		27,062,012
7.125%, 6/15/24		13,843,000		15,936,754
7.625%, 2/15/25		8,456,000		10,020,360
7.625%, 3/1/26		8,223,000		10,148,827
Switch Ltd. 144A, 3.75%, 9/15/28		3,322,000		3,384,138
144A, 4.125%, 6/15/29		2,839,000		2,932,545
Telecom Italia SpA, 144A, 5.303%, 5/30/24		8,413,000		9,144,510
Telesat Canada / Telesat LLC 144A, 5.625%, 12/6/26		2,812,000		2,704,075
144A, 4.875%, 6/1/27		2,278,000		2,105,852
144A, 6.50%, 10/15/27		3,064,000		2,592,818
T-Mobile USA, Inc. 2.25%, 2/15/26		5,637,000		5,763,833
2.625%, 4/15/26		6,798,000		6,993,443
5.375%, 4/15/27		2,767,000		2,938,388
4.75%, 2/1/28		8,410,000		8,984,824
2.625%, 2/15/29		5,553,000		5,629,354
3.375%, 4/15/29		6,966,000		7,368,704
2.875%, 2/15/31		5,713,000		5,877,249
3.50%, 4/15/31		7,539,000		8,025,190
VEON Holdings BV 144A, 5.95%, 2/13/23		2,861,000		3,051,943
144A, 7.25%, 4/26/23		3,862,000		4,163,939
144A, 4.95%, 6/16/24		2,708,000		2,922,460
144A, 4.00%, 4/9/25		5,503,000		5,812,681
144A, 3.375%, 11/25/27		6,897,000		7,027,526
Viasat, Inc. 144A, 5.625%, 9/15/25		4,651,000		4,740,043
144A, 5.625%, 4/15/27		3,267,000		3,393,596
144A, 6.50%, 7/15/28 (a)		2,215,000		2,339,162


	Principal Amount		Value
Telecommunications (Continued)
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31	$	7,365,000	$	7,411,326
144A, 4.75%, 7/15/31		8,022,000		8,252,633
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28 (a)		7,734,000		7,999,934
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27		8,276,000		8,193,033
144A, 6.125%, 3/1/28		5,995,000		6,107,406

(Cost $467,681,363)				470,227,494

Consumer, Cyclical — 20.7%
Airlines — 1.2%
Air Canada, 144A, 3.875%, 8/15/26		6,700,000		6,750,317
American Airlines Group, Inc., 144A, 3.75%, 3/1/25 (a)		2,949,000		2,628,591
American Airlines, Inc., 144A, 11.75%, 7/15/25		13,795,000		17,143,736
Delta Air Lines, Inc. 3.80%, 4/19/23		2,737,000		2,837,140
2.90%, 10/28/24		5,107,000		5,206,514
7.375%, 1/15/26		6,199,000		7,303,020
4.375%, 4/19/28		2,737,000		2,898,694
3.75%, 10/28/29 (a)		3,333,000		3,386,378
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		6,684,998		7,048,528
United Airlines Holdings, Inc., 4.25%, 10/1/22		2,197,000		2,243,686
United Airlines, Inc. 144A, 4.375%, 4/15/26		11,140,000		11,578,693
144A, 4.625%, 4/15/29		11,141,000		11,575,221

(Cost $78,877,685)				80,600,518

Apparel — 0.4%
Hanesbrands, Inc. 144A, 4.625%, 5/15/24		5,016,000		5,329,500
144A, 5.375%, 5/15/25		4,131,000		4,343,664
144A, 4.875%, 5/15/26		4,926,000		5,381,655
Levi Strauss & Co., 144A, 3.50%, 3/1/31 (a)		2,908,000		2,999,268
William Carter Co. 144A, 5.50%, 5/15/25		2,882,000		3,031,705
144A, 5.625%, 3/15/27		2,737,000		2,863,586

(Cost $23,694,483)				23,949,378

Auto Manufacturers — 4.0%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		2,189,000		2,297,366
144A, 5.875%, 6/1/29 (a)		2,609,000		2,873,292
144A, 3.75%, 1/30/31		5,688,000		5,688,825
Ford Motor Co. 8.50%, 4/21/23		19,530,000		21,629,475
9.00%, 4/22/25		19,722,000		24,119,020
4.346%, 12/8/26		8,377,000		9,035,390
9.625%, 4/22/30		5,575,000		7,956,305


	Principal Amount		Value
Auto Manufacturers (Continued)
Ford Motor Credit Co. LLC 4.25%, 9/20/22	$	5,689,000	$	5,859,670
MTN, 3.55%, 10/7/22		3,294,000		3,376,350
3.35%, 11/1/22		6,848,000		7,007,216
3.087%, 1/9/23		8,468,000		8,637,360
4.14%, 2/15/23		5,063,000		5,240,205
3.096%, 5/4/23		5,550,000		5,680,147
4.375%, 8/6/23		5,537,000		5,793,917
3.37%, 11/17/23		5,617,000		5,803,765
3.81%, 1/9/24		4,176,000		4,337,820
5.584%, 3/18/24		8,372,000		9,083,201
3.664%, 9/8/24		4,143,000		4,324,256
4.063%, 11/1/24		8,455,000		8,947,081
4.687%, 6/9/25		3,284,000		3,561,432
5.125%, 6/16/25		9,690,000		10,646,887
4.134%, 8/4/25		7,852,000		8,391,825
3.375%, 11/13/25		12,102,000		12,540,697
GMTN, 4.389%, 1/8/26		6,645,000		7,135,069
4.542%, 8/1/26		4,153,000		4,516,388
2.70%, 8/10/26		8,000,000		8,083,600
4.271%, 1/9/27		4,998,000		5,357,806
4.125%, 8/17/27		6,842,000		7,322,069
3.815%, 11/2/27		4,153,000		4,377,387
2.90%, 2/16/28		4,105,000		4,095,312
5.113%, 5/3/29		8,334,000		9,451,173
4.00%, 11/13/30		9,198,000		9,740,820
3.625%, 6/17/31		5,587,000		5,762,069
Jaguar Land Rover Automotive PLC 144A, 5.625%, 2/1/23		2,192,000		2,205,700
144A, 7.75%, 10/15/25		4,272,000		4,660,966
144A, 4.50%, 10/1/27 (a)		2,794,000		2,749,450
144A, 5.875%, 1/15/28 (a)		3,640,000		3,758,482
144A, 5.50%, 7/15/29		2,762,000		2,744,517

(Cost $260,964,007)				264,792,310

Auto Parts & Equipment — 1.4%
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/26 (a)		4,360,000		4,485,350
Adient US LLC, 144A, 9.00%, 4/15/25		3,177,000		3,467,605
American Axle & Manufacturing, Inc. 6.25%, 4/1/25 (a)		3,192,000		3,302,284
6.25%, 3/15/26		2,398,000		2,472,937
6.50%, 4/1/27 (a)		3,540,000		3,721,425
6.875%, 7/1/28 (a)		2,239,000		2,421,956
5.00%, 10/1/29		3,000,000		3,003,165
Clarios Global LP, 144A, 6.75%, 5/15/25		2,741,000		2,905,460
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26		4,983,000		5,257,065
144A, 8.50%, 5/15/27		11,197,000		11,966,794
Dana, Inc. 5.375%, 11/15/27		2,189,000		2,312,131
5.625%, 6/15/28		2,266,500		2,440,748
4.25%, 9/1/30 (a)		2,265,000		2,358,239


	Principal Amount		Value
Auto Parts & Equipment (Continued)
Goodyear Tire & Rubber Co. 9.50%, 5/31/25	$	4,379,000	$	4,856,530
5.00%, 5/31/26		4,172,000		4,301,082
4.875%, 3/15/27		3,876,000		4,166,467
144A, 5.00%, 7/15/29		4,723,000		5,008,458
5.25%, 4/30/31		3,118,000		3,340,563
144A, 5.25%, 7/15/31		3,336,000		3,573,290
5.625%, 4/30/33		2,513,000		2,730,148
Tenneco, Inc. 5.00%, 7/15/26 (a)		2,700,000		2,696,625
144A, 7.875%, 1/15/29		2,737,000		3,082,546
144A, 5.125%, 4/15/29		4,566,000		4,742,476
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		5,966,000		6,495,482

(Cost $93,754,339)				95,108,826

Distribution/Wholesale — 0.5%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28		3,867,000		3,999,058
144A, 3.875%, 11/15/29		2,228,000		2,216,905
Avient Corp. 5.25%, 3/15/23		3,284,000		3,493,355
144A, 5.75%, 5/15/25		3,558,000		3,759,916
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		6,878,000		6,918,924
Wolverine Escrow LLC 144A, 8.50%, 11/15/24		3,558,000		3,384,548
144A, 9.00%, 11/15/26		5,084,000		4,886,995
144A, 13.125%, 11/15/27 (a)		2,907,000		2,361,937

(Cost $31,630,313)				31,021,638

Entertainment — 3.2%
AMC Entertainment Holdings, Inc., 144A, 10.50%, 4/15/25 (a)		2,737,000		2,935,432
Bally’s Corp., 144A, 6.75%, 6/1/27		2,900,000		3,139,250
Banijay Entertainment SASU, 144A, 5.375%, 3/1/25		2,206,000		2,269,422
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		19,675,000		20,820,085
144A, 8.125%, 7/1/27 (a)		10,035,000		11,104,229
Caesars Resort Collection LLC / CRC Finco, Inc. 144A, 5.75%, 7/1/25 (a)		5,252,000		5,521,165
144A, 5.25%, 10/15/25		9,387,000		9,532,029
Cedar Fair LP, 5.25%, 7/15/29 (a)		2,884,000		2,958,523
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		5,133,000		5,357,569
5.375%, 4/15/27 (a)		2,737,000		2,808,846
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		3,315,000		3,447,600
144A, 4.75%, 1/15/28		3,951,000		4,136,895


	Principal Amount		Value
Entertainment (Continued)
Cinemark USA, Inc. 144A, 5.875%, 3/15/26 (a)	$	2,243,000	$	2,234,589
144A, 5.25%, 7/15/28 (a)		4,226,000		4,020,342
Cirsa Finance International SARL, 144A, 7.875%, 12/20/23		2,709,000		2,762,327
International Game Technology PLC 144A, 6.50%, 2/15/25		6,012,000		6,703,380
144A, 4.125%, 4/15/26		4,151,000		4,316,210
144A, 6.25%, 1/15/27		4,082,000		4,658,582
144A, 5.25%, 1/15/29		4,389,000		4,690,744
Lions Gate Capital Holdings LLC, 144A, 5.50%, 4/15/29		5,537,000		5,660,475
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		3,147,000		3,194,205
144A, 6.50%, 5/15/27		6,729,000		7,427,134
144A, 4.75%, 10/15/27 (a)		5,310,000		5,401,597
144A, 3.75%, 1/15/28 (a)		2,912,000		2,916,426
Mohegan Gaming & Entertainment 144A, 7.875%, 10/15/24 (a)		2,148,000		2,255,400
144A, 8.00%, 2/1/26		6,566,000		6,896,729
Penn National Gaming, Inc. 144A, 5.625%, 1/15/27		2,189,000		2,268,351
144A, 4.125%, 7/1/29		2,228,000		2,228,045
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29		4,200,000		4,313,106
144A, 5.875%, 9/1/31		4,000,000		4,106,540
Resorts World Las Vegas LLC / RWLV Capital, Inc., 144A, 4.625%, 4/16/29		5,600,000		5,795,812
Scientific Games International, Inc. 144A, 8.625%, 7/1/25		3,123,000		3,375,455
144A, 5.00%, 10/15/25		6,905,000		7,110,769
144A, 8.25%, 3/15/26		6,370,000		6,783,270
144A, 7.00%, 5/15/28		3,855,000		4,160,316
144A, 7.25%, 11/15/29 (a)		2,713,000		3,031,778
Six Flags Entertainment Corp. 144A, 4.875%, 7/31/24		6,037,000		6,109,867
144A, 5.50%, 4/15/27		2,737,000		2,836,216
Six Flags Theme Parks, Inc., 144A, 7.00%, 7/1/25		4,118,000		4,406,260
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		3,284,000		3,503,338
WMG Acquisition Corp. 144A, 3.875%, 7/15/30		2,928,000		3,089,099
144A, 3.00%, 2/15/31		4,419,000		4,358,835
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 7.75%, 4/15/25		3,434,000		3,653,055
144A, 5.125%, 10/1/29		4,203,000		4,377,172

(Cost $211,839,360)				212,676,469

Food Service — 0.4%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		3,322,000		3,411,913
144A, 6.375%, 5/1/25		8,306,000		8,802,699
144A, 5.00%, 2/1/28 (a)		6,406,000		6,669,078


	Principal Amount		Value
Food Service (Continued)
TKC Holdings, Inc. 144A, 6.875%, 5/15/28	$	2,322,000	$	2,417,783
144A, 10.50%, 5/15/29		3,738,000		4,116,472

(Cost $25,112,206)				25,417,945

Home Builders — 0.7%
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27		3,484,000		3,681,430
144A, 4.875%, 2/15/30		2,737,000		2,766,915
Century Communities, Inc. 6.75%, 6/1/27		2,800,000		2,995,216
144A, 3.875%, 8/15/29		2,800,000		2,846,438
Mattamy Group Corp. 144A, 5.25%, 12/15/27		2,769,000		2,890,282
144A, 4.625%, 3/1/30		3,322,000		3,409,618
Meritage Homes Corp. 6.00%, 6/1/25		2,215,000		2,542,754
144A, 3.875%, 4/15/29		2,555,000		2,724,614
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		2,746,000		3,114,060
144A, 5.75%, 1/15/28		2,463,000		2,780,813
144A, 5.125%, 8/1/30		2,842,000		3,112,914
Toll Brothers Finance Corp. 4.375%, 4/15/23		2,110,000		2,202,312
4.875%, 3/15/27		2,463,000		2,799,372
4.35%, 2/15/28		2,365,000		2,622,430
3.80%, 11/1/29 (a)		2,210,000		2,408,569
Williams Scotsman International, Inc., 144A, 4.625%, 8/15/28		2,819,000		2,928,236

(Cost $45,430,048)				45,825,973

Housewares — 0.4%
Newell Brands, Inc. 4.35%, 4/1/23		6,042,000		6,380,775
4.875%, 6/1/25		2,785,000		3,103,406
4.70%, 4/1/26		11,265,000		12,602,719
Scotts Miracle-Gro Co. 4.50%, 10/15/29		2,333,000		2,440,901
144A, 4.00%, 4/1/31		2,762,000		2,772,454
144A, 4.375%, 2/1/32		2,000,000		2,030,620

(Cost $29,025,036)				29,330,875

Leisure Time — 2.2%
Carnival Corp. 144A, 11.50%, 4/1/23		11,367,000		12,784,238
144A, 10.50%, 2/1/26 (a)		4,210,000		4,862,634
144A, 7.625%, 3/1/26		8,086,000		8,586,321
144A, 5.75%, 3/1/27		20,110,000		20,593,545
144A, 9.875%, 8/1/27		5,038,000		5,812,592
144A, 4.00%, 8/1/28		13,411,000		13,500,250
Life Time, Inc. 144A, 5.75%, 1/15/26		5,122,000		5,256,452
144A, 8.00%, 4/15/26 (a)		2,679,000		2,809,601
NCL Corp. Ltd. 144A, 12.25%, 5/15/24		3,929,000		4,641,171


	Principal Amount		Value
Leisure Time (Continued)
144A, 3.625%, 12/15/24	$	3,151,000	$	2,981,634
144A, 10.25%, 2/1/26		4,353,000		5,034,092
144A, 5.875%, 3/15/26		7,890,000		7,919,587
Royal Caribbean Cruises Ltd. 5.25%, 11/15/22		3,866,000		3,962,650
144A, 10.875%, 6/1/23		5,887,000		6,632,692
144A, 9.125%, 6/15/23		5,774,000		6,300,878
144A, 11.50%, 6/1/25		7,949,000		9,161,223
144A, 4.25%, 7/1/26		3,591,000		3,505,714
144A, 5.50%, 8/31/26		5,000,000		5,075,000
3.70%, 3/15/28 (a)		3,220,000		3,050,403
144A, 5.50%, 4/1/28		8,121,000		8,202,210
Viking Cruises Ltd. 144A, 13.00%, 5/15/25		3,730,000		4,322,287
144A, 5.875%, 9/15/27		4,566,000		4,424,522

(Cost $149,303,570)				149,419,696

Lodging — 2.2%
Boyd Gaming Corp. 144A, 8.625%, 6/1/25		3,402,000		3,694,742
4.75%, 12/1/27 (a)		5,432,000		5,608,540
144A, 4.75%, 6/15/31		5,075,000		5,243,109
Diamond Resorts International, Inc. 144A, 7.75%, 9/1/23		2,737,000		2,790,043
144A, 10.75%, 9/1/24 (a)		3,235,000		3,321,957
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		2,737,000		2,874,945
144A, 5.75%, 5/1/28		2,733,000		2,934,668
144A, 3.75%, 5/1/29		4,520,000		4,616,231
4.875%, 1/15/30		5,587,000		6,013,009
144A, 4.00%, 5/1/31		6,091,000		6,289,841
144A, 3.625%, 2/15/32		8,306,000		8,276,057
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		4,690,000		4,754,487
144A, 4.875%, 7/1/31		2,821,000		2,799,899
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.875%, 4/1/27		3,619,000		3,758,350
Marriott Ownership Resorts, Inc. 144A, 6.125%, 9/15/25		2,785,000		2,931,324
144A, 4.50%, 6/15/29		2,737,000		2,767,518
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		5,554,000		5,658,137
144A, 5.25%, 4/26/26		2,797,000		2,880,966
144A, 5.625%, 7/17/27		3,484,000		3,609,598
144A, 5.75%, 7/21/28		4,721,000		4,927,544
144A, 5.375%, 12/4/29		6,387,000		6,618,145
MGM Resorts International 6.00%, 3/15/23		6,828,000		7,237,680
6.75%, 5/1/25		4,097,000		4,347,941
5.75%, 6/15/25		3,863,000		4,234,814
4.625%, 9/1/26		2,213,000		2,338,145
5.50%, 4/15/27		3,887,000		4,236,772
4.75%, 10/15/28		4,153,000		4,366,236


	Principal Amount		Value
Lodging (Continued)
Travel + Leisure Co. 3.90%, 3/1/23	$	2,056,000	$	2,120,990
144A, 6.625%, 7/31/26		3,791,000		4,288,569
6.00%, 4/1/27		2,210,000		2,448,205
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 4.25%, 5/30/23		2,737,000		2,811,693
144A, 5.50%, 3/1/25		9,814,000		10,415,107
144A, 5.25%, 5/15/27 (a)		5,239,000		5,508,232

(Cost $146,424,182)				146,723,494

Retail — 3.9%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		2,737,000		2,887,535
144A, 3.875%, 1/15/28		8,849,000		8,970,674
144A, 4.375%, 1/15/28		4,097,000		4,163,576
144A, 3.50%, 2/15/29		4,363,000		4,347,228
144A, 4.00%, 10/15/30		16,016,000		15,947,612
Bath & Body Works, Inc. 144A, 9.375%, 7/1/25		2,769,000		3,585,855
5.25%, 2/1/28		2,798,000		3,137,817
7.50%, 6/15/29		2,869,000		3,329,833
144A, 6.625%, 10/1/30		5,571,000		6,427,541
Carvana Co. 144A, 5.625%, 10/1/25		2,819,000		2,935,284
144A, 5.50%, 4/15/27		3,548,000		3,666,432
144A, 5.875%, 10/1/28		3,400,000		3,553,000
144A, 4.875%, 9/1/29		4,000,000		3,963,980
eG Global Finance PLC 144A, 6.75%, 2/7/25		4,355,000		4,480,206
144A, 8.50%, 10/30/25		3,476,000		3,645,611
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		3,599,000		3,540,516
144A, 5.875%, 4/1/29 (a)		4,568,000		4,489,842
Gap, Inc. 144A, 8.375%, 5/15/23 (a)		2,786,000		3,125,895
144A, 8.625%, 5/15/25		4,155,000		4,538,506
144A, 8.875%, 5/15/27		5,688,000		6,541,200
Golden Nugget, Inc. 144A, 6.75%, 10/15/24		7,362,000		7,388,135
144A, 8.75%, 10/1/25 (a)		1,468,000		1,550,575
IRB Holding Corp. 144A, 7.00%, 6/15/25		4,353,000		4,660,104
144A, 6.75%, 2/15/26		2,655,000		2,734,650
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A, 4.75%, 6/1/27		4,355,000		4,570,304
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		4,580,000		4,602,900
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		2,228,000		2,364,465
144A, 3.875%, 6/1/29		4,456,000		4,677,909
144A, 4.375%, 1/15/31		3,046,000		3,308,718
Macy’s Retail Holdings LLC 2.875%, 2/15/23		2,785,000		2,837,219
144A, 5.875%, 4/1/29 (a)		2,737,000		2,993,867


	Principal Amount		Value
Retail (Continued)
Michaels Cos., Inc. 144A, 5.25%, 5/1/28	$	4,706,000	$	4,835,415
144A, 7.875%, 5/1/29		7,242,000		7,471,571
Murphy Oil USA, Inc. 4.75%, 9/15/29		2,762,000		2,924,268
144A, 3.75%, 2/15/31		2,812,000		2,840,921
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		6,091,000		6,456,460
Party City Holdings, Inc., 144A, 8.75%, 2/15/26 (a)		4,153,000		4,334,694
Penske Automotive Group, Inc. 3.50%, 9/1/25		3,010,000		3,117,943
3.75%, 6/15/29		2,780,000		2,833,029
PetSmart, Inc. / PetSmart Finance Corp. 144A, 4.75%, 2/15/28		6,795,000		7,083,788
144A, 7.75%, 2/15/29		6,368,000		7,004,800
QVC, Inc. 4.375%, 3/15/23		4,776,000		5,008,830
4.85%, 4/1/24		3,168,000		3,448,368
4.45%, 2/15/25		3,322,000		3,558,449
4.75%, 2/15/27		3,184,000		3,415,891
4.375%, 9/1/28		2,839,000		2,912,885
Rite Aid Corp. 144A, 7.50%, 7/1/25		3,349,000		3,448,616
144A, 8.00%, 11/15/26 (a)		4,652,000		4,802,725
SRS Distribution, Inc. 144A, 4.625%, 7/1/28		3,551,000		3,663,744
144A, 6.125%, 7/1/29 (a)		2,563,000		2,665,520
Staples, Inc. 144A, 7.50%, 4/15/26		11,225,000		11,351,281
144A, 10.75%, 4/15/27 (a)		5,582,000		5,449,428
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		3,639,000		3,754,302
Yum! Brands, Inc. 144A, 7.75%, 4/1/25		3,934,000		4,243,370
144A, 4.75%, 1/15/30		4,506,000		4,979,355
3.625%, 3/15/31		5,814,000		5,980,658
4.625%, 1/31/32		6,103,000		6,613,394

(Cost $261,512,242)				263,166,694

Toys/Games/Hobbies — 0.2%
Mattel, Inc. 144A, 3.375%, 4/1/26		3,367,000		3,501,899
144A, 5.875%, 12/15/27		3,442,000		3,760,557
144A, 3.75%, 4/1/29 (a)		3,522,000		3,701,798

(Cost $10,836,118)				10,964,254

Consumer, Non-cyclical — 18.4%
Agriculture — 0.2%
Darling Ingredients, Inc., 144A, 5.25%, 4/15/27		2,919,000		3,052,340
Vector Group Ltd. 144A, 10.50%, 11/1/26		3,108,000		3,282,825
144A, 5.75%, 2/1/29		4,874,000		4,965,387

(Cost $11,370,810)				11,300,552


	Principal Amount		Value
Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29 (Cost $4,194,925)	$	4,193,000	$	4,238,117

Commercial Services — 3.8%
ADT Security Corp. 4.125%, 6/15/23		3,947,000		4,154,218
144A, 4.125%, 8/1/29		5,549,000		5,548,889
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		10,598,000		11,339,860
144A, 9.75%, 7/15/27		5,769,000		6,317,055
144A, 6.00%, 6/1/29		5,511,000		5,517,641
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		6,692,000		6,729,643
APX Group, Inc. 7.625%, 9/1/23		2,189,000		2,233,327
144A, 6.75%, 2/15/27		3,378,000		3,606,015
144A, 5.75%, 7/15/29		4,469,000		4,474,586
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 5.75%, 7/15/27 (a)		2,215,000		2,314,675
144A, 4.75%, 4/1/28		2,769,000		2,860,349
144A, 5.375%, 3/1/29 (a)		3,284,000		3,452,305
Brink’s Co. 144A, 5.50%, 7/15/25		2,189,000		2,302,609
144A, 4.625%, 10/15/27		3,284,000		3,453,389
Garda World Security Corp. 144A, 4.625%, 2/15/27		3,120,000		3,131,700
144A, 9.50%, 11/1/27		3,902,000		4,254,116
144A, 6.00%, 6/1/29		2,715,000		2,626,545
Gartner, Inc. 144A, 4.50%, 7/1/28		4,404,000		4,668,240
144A, 3.625%, 6/15/29		3,322,000		3,424,318
144A, 3.75%, 10/1/30		4,404,000		4,613,851
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		6,685,000		7,055,683
Jaguar Holding Co. II / PPD Development LP 144A, 4.625%, 6/15/25		2,912,000		3,060,658
144A, 5.00%, 6/15/28		3,900,000		4,207,125
Modulaire Global Finance PLC, 144A, 8.00%, 2/15/23		856,000		879,467
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		6,000,000		6,116,220
144A, 5.75%, 11/1/28 (a)		7,201,000		6,885,380
Nielsen Co. Luxembourg SARL, 144A, 5.00%, 2/1/25 (a)		2,705,000		2,776,128
Nielsen Finance LLC / Nielsen Finance Co. 144A, 5.625%, 10/1/28		5,596,000		5,889,790
144A, 4.50%, 7/15/29		3,508,000		3,481,076
144A, 5.875%, 10/1/30		4,210,000		4,509,899
144A, 4.75%, 7/15/31		3,532,000		3,491,824


	Principal Amount		Value
Commercial Services (Continued)
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24	$	4,215,000	$	4,494,244
144A, 5.75%, 4/15/26		7,519,000		8,143,735
144A, 3.375%, 8/31/27		5,587,000		5,398,439
144A, 6.25%, 1/15/28		7,198,000		7,467,925
RR Donnelley & Sons Co., 144A, 6.125%, 11/1/26		2,492,000		2,619,715
Sabre GLBL, Inc. 144A, 9.25%, 4/15/25		4,327,000		4,992,276
144A, 7.375%, 9/1/25		4,746,000		5,024,828
Service Corp. International 4.625%, 12/15/27		3,066,000		3,245,208
5.125%, 6/1/29		4,153,000		4,533,830
3.375%, 8/15/30		4,694,000		4,731,716
4.00%, 5/15/31		4,508,000		4,676,441
Sotheby’s, 144A, 7.375%, 10/15/27		4,000,000		4,249,200
Square, Inc. 144A, 2.75%, 6/1/26		5,424,000		5,578,747
144A, 3.50%, 6/1/31		5,737,000		5,962,894
United Rentals North America, Inc. 5.875%, 9/15/26		5,563,000		5,739,069
5.50%, 5/15/27		5,608,000		5,922,384
4.875%, 1/15/28		9,119,000		9,684,241
5.25%, 1/15/30		4,097,000		4,496,662
4.00%, 7/15/30		4,324,000		4,534,968
3.875%, 2/15/31		6,221,000		6,449,902
3.75%, 1/15/32		4,000,000		4,090,580
Verscend Escrow Corp., 144A, 9.75%, 8/15/26		6,021,000		6,374,734

(Cost $253,551,975)				253,788,319

Cosmetics/Personal Care — 0.2%
Coty, Inc. 144A, 5.00%, 4/15/26		5,014,000		5,175,551
144A, 6.50%, 4/15/26 (a)		3,064,000		3,163,580
Edgewell Personal Care Co. 144A, 5.50%, 6/1/28		4,083,000		4,327,980
144A, 4.125%, 4/1/29		2,856,000		2,877,420

(Cost $15,407,200)				15,544,531

Food — 3.1%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.50%, 2/15/23		4,147,000		4,272,198
144A, 3.25%, 3/15/26		4,135,000		4,248,712
144A, 7.50%, 3/15/26		3,284,000		3,578,788
144A, 4.625%, 1/15/27		7,375,000		7,817,500
144A, 5.875%, 2/15/28		4,169,000		4,476,464
144A, 3.50%, 3/15/29		7,608,000		7,693,590
144A, 4.875%, 2/15/30		5,537,000		6,049,172
B&G Foods, Inc. 5.25%, 4/1/25		4,631,000		4,758,352
5.25%, 9/15/27		3,164,000		3,289,769
JBS USA Food Co. 144A, 7.00%, 1/15/26		5,713,000		6,023,502


	Principal Amount		Value
Food (Continued)
144A, 5.75%, 1/15/28	$	4,105,000	$	4,339,190
JBS USA LUX SA / JBS USA Finance, Inc., 144A, 6.75%, 2/15/28		5,016,000		5,505,060
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. 144A, 6.50%, 4/15/29		7,802,000		8,845,517
144A, 5.50%, 1/15/30		7,042,000		7,956,052
144A, 3.75%, 12/1/31		2,737,000		2,890,956
Kraft Heinz Foods Co. 3.00%, 6/1/26		10,482,000		11,121,534
3.875%, 5/15/27		7,858,000		8,667,882
4.625%, 1/30/29		4,151,000		4,809,879
3.75%, 4/1/30		4,091,000		4,527,061
4.25%, 3/1/31		7,475,000		8,639,099
Lamb Weston Holdings, Inc. 144A, 4.625%, 11/1/24		4,559,000		4,684,372
144A, 4.875%, 11/1/26		5,109,000		5,261,644
144A, 4.875%, 5/15/28		2,785,000		3,101,453
Performance Food Group, Inc. 144A, 5.50%, 10/15/27		5,728,000		5,971,440
144A, 4.25%, 8/1/29		5,679,000		5,705,805
Pilgrim’s Pride Corp. 144A, 5.875%, 9/30/27		4,745,000		5,070,127
144A, 4.25%, 4/15/31 (a)		5,653,000		6,094,429
Post Holdings, Inc. 144A, 5.75%, 3/1/27		7,368,000		7,721,296
144A, 5.625%, 1/15/28		5,245,000		5,526,919
144A, 5.50%, 12/15/29		4,328,000		4,641,780
144A, 4.625%, 4/15/30		9,063,000		9,265,264
144A, 4.50%, 9/15/31		10,056,000		10,156,560
Sigma Holdco BV, 144A, 7.875%, 5/15/26 (a)		2,668,000		2,678,005
US Foods, Inc. 144A, 6.25%, 4/15/25		5,563,000		5,868,965
144A, 4.75%, 2/15/29		4,984,000		5,108,600

(Cost $204,469,733)				206,366,936

Healthcare-Products — 0.3%
Avantor Funding, Inc., 144A, 4.625%, 7/15/28		8,635,000		9,141,443
Hologic, Inc. 144A, 4.625%, 2/1/28		2,339,000		2,491,140
144A, 3.25%, 2/15/29		5,190,000		5,324,680
Teleflex, Inc. 4.625%, 11/15/27		2,769,000		2,903,989
144A, 4.25%, 6/1/28		2,785,000		2,903,363

(Cost $22,591,707)				22,764,615

Healthcare-Services — 6.6%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		3,019,000		3,166,312
144A, 3.125%, 2/15/29		2,999,000		2,966,911
Centene Corp. 4.25%, 12/15/27		13,886,000		14,684,445
2.45%, 7/15/28		12,833,000		13,039,194
4.625%, 12/15/29		19,497,000		21,410,436
3.375%, 2/15/30		11,459,000		11,988,979


	Principal Amount		Value
Healthcare-Services (Continued)
3.00%, 10/15/30	$	12,356,000	$	12,764,829
2.50%, 3/1/31		12,256,000		12,239,700
2.625%, 8/1/31		7,000,000		7,105,000
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		2,787,000		2,916,024
144A, 3.75%, 3/15/29		2,837,000		2,928,153
144A, 4.00%, 3/15/31		2,767,000		2,957,342
CHS/Community Health Systems, Inc. 144A, 6.625%, 2/15/25		7,986,000		8,404,287
144A, 8.00%, 3/15/26		12,491,000		13,386,605
144A, 5.625%, 3/15/27		10,585,000		11,180,406
144A, 8.00%, 12/15/27		3,831,000		4,223,677
144A, 6.875%, 4/1/28 (a)		4,198,000		4,170,608
144A, 6.00%, 1/15/29		5,009,000		5,347,107
144A, 6.875%, 4/15/29		9,982,000		10,398,249
144A, 6.125%, 4/1/30		8,039,000		8,114,366
144A, 4.75%, 2/15/31 (a)		5,993,000		6,121,130
DaVita, Inc. 144A, 4.625%, 6/1/30		15,374,000		16,082,741
144A, 3.75%, 2/15/31		8,356,000		8,268,262
Encompass Health Corp. 4.50%, 2/1/28		4,430,000		4,645,962
4.75%, 2/1/30		4,520,000		4,825,055
4.625%, 4/1/31		2,228,000		2,391,914
Envision Healthcare Corp., 144A, 8.75%, 10/15/26		5,607,000		4,744,924
HCA, Inc. 5.875%, 5/1/23		6,922,000		7,467,107
5.375%, 2/1/25		14,761,000		16,652,401
5.875%, 2/15/26		8,483,000		9,849,187
5.375%, 9/1/26		5,571,000		6,433,391
5.625%, 9/1/28		8,306,000		9,915,578
5.875%, 2/1/29		5,563,000		6,752,564
3.50%, 9/1/30		15,215,000		16,350,724
IQVIA, Inc. 144A, 5.00%, 10/15/26		5,897,000		6,081,281
144A, 5.00%, 5/15/27		6,009,000		6,286,496
Legacy LifePoint Health LLC 144A, 6.75%, 4/15/25		3,278,000		3,454,192
144A, 4.375%, 2/15/27		3,284,000		3,279,895
LifePoint Health, Inc., 144A, 5.375%, 1/15/29		2,819,000		2,772,966
MEDNAX, Inc., 144A, 6.25%, 1/15/27		5,571,000		5,877,405
Molina Healthcare, Inc. 5.375%, 11/15/22		3,931,000		4,080,378
144A, 4.375%, 6/15/28		4,457,000		4,679,850
144A, 3.875%, 11/15/30		3,597,000		3,840,283
Radiology Partners, Inc., 144A, 9.25%, 2/1/28		3,981,000		4,274,599
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		8,504,000		9,056,760
Select Medical Corp., 144A, 6.25%, 8/15/26		6,692,000		7,085,155


	Principal Amount		Value
Healthcare-Services (Continued)
Tenet Healthcare Corp. 6.75%, 6/15/23	$	10,363,000	$	11,243,855
4.625%, 7/15/24		10,288,000		10,442,320
144A, 4.625%, 9/1/24		3,057,000		3,138,805
144A, 7.50%, 4/1/25		4,599,000		4,926,863
144A, 4.875%, 1/1/26		11,707,000		12,158,305
144A, 6.25%, 2/1/27		8,147,000		8,503,431
144A, 5.125%, 11/1/27		8,376,000		8,826,210
144A, 4.625%, 6/15/28		3,244,000		3,361,595
144A, 6.125%, 10/1/28		13,975,000		14,778,563
144A, 4.25%, 6/1/29		7,766,000		7,944,929

(Cost $435,773,263)				439,987,706

Household Products/Wares — 0.2%
Central Garden & Pet Co. 4.125%, 10/15/30		2,762,000		2,842,001
144A, 4.125%, 4/30/31		2,239,000		2,275,697
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 144A, 5.00%, 12/31/26 (a)		2,646,000		2,636,713
144A, 7.00%, 12/31/27 (a)		2,912,000		2,836,332
Spectrum Brands, Inc. 5.75%, 7/15/25		2,209,000		2,264,225
144A, 3.875%, 3/15/31		2,919,000		2,885,796

(Cost $16,008,133)				15,740,764

Pharmaceuticals — 3.9%
AdaptHealth LLC 144A, 4.625%, 8/1/29		2,800,000		2,811,340
144A, 5.125%, 3/1/30		3,300,000		3,346,513
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		8,356,000		9,003,590
144A, 8.50%, 1/31/27		9,759,000		10,507,515
Bausch Health Cos., Inc. 144A, 6.125%, 4/15/25		16,873,000		17,273,734
144A, 5.50%, 11/1/25		9,919,000		10,158,544
144A, 9.00%, 12/15/25		8,210,000		8,743,650
144A, 5.75%, 8/15/27		2,769,000		2,911,050
144A, 7.00%, 1/15/28		4,353,000		4,517,065
144A, 5.00%, 1/30/28		6,922,000		6,614,075
144A, 4.875%, 6/1/28		8,913,000		9,169,249
144A, 5.00%, 2/15/29		5,373,000		5,030,713
144A, 6.25%, 2/15/29		8,683,000		8,628,123
144A, 7.25%, 5/30/29		4,105,000		4,233,569
144A, 5.25%, 1/30/30		6,857,000		6,455,146
144A, 5.25%, 2/15/31 (a)		5,524,000		5,159,720
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		2,737,000		2,802,045
Elanco Animal Health, Inc. 5.272%, 8/28/23		4,005,000		4,295,563
5.90%, 8/28/28		4,125,000		4,834,974
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 144A, 9.50%, 7/31/27 (a)		5,345,000		5,245,423
144A, 6.00%, 6/30/28		7,001,000		4,385,251
Endo Luxembourg Finance Co I Sarl / Endo US, Inc., 144A, 6.125%, 4/1/29		7,088,000		7,026,228


	Principal Amount		Value
Pharmaceuticals (Continued)
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29	$	3,342,000	$	3,354,566
Jazz Securities DAC, 144A, 4.375%, 1/15/29		8,336,000		8,649,809
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28		11,701,000		12,086,548
144A, 5.125%, 4/30/31 (a)		11,147,000		11,707,025
Par Pharmaceutical, Inc., 144A, 7.50%, 4/1/27		11,299,000		11,454,361
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		2,215,000		2,322,981
144A, 3.75%, 4/1/31		3,343,000		3,305,508
Teva Pharmaceutical Finance Co. BV, 2.95%, 12/18/22		4,742,000		4,783,493
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 7/21/23		16,712,000		16,540,535
6.00%, 4/15/24 (a)		7,034,000		7,375,430
7.125%, 1/31/25		5,558,000		6,077,395
3.15%, 10/1/26 (a)		19,580,000		18,726,018
6.75%, 3/1/28 (a)		6,920,000		7,829,599

(Cost $261,947,120)				257,366,348

Energy — 12.4%
Energy-Alternate Sources — 0.2%
TerraForm Power Operating LLC 144A, 4.25%, 1/31/23		2,762,000		2,841,408
144A, 5.00%, 1/31/28		3,882,000		4,198,752
144A, 4.75%, 1/15/30		3,876,000		4,084,199

(Cost $11,215,099)				11,124,359

Oil & Gas — 6.6%
Antero Resources Corp. 5.00%, 3/1/25 (a)		3,548,000		3,626,606
144A, 7.625%, 2/1/29		3,926,000		4,323,547
144A, 5.375%, 3/1/30		3,284,000		3,346,511
Apache Corp. 4.625%, 11/15/25		2,769,000		3,000,101
4.375%, 10/15/28		3,900,000		4,213,560
4.25%, 1/15/30 (a)		3,409,000		3,674,101
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		3,342,000		3,408,840
144A, 5.875%, 6/30/29		2,238,000		2,148,413
Callon Petroleum Co. 6.125%, 10/1/24 (a)		2,520,000		2,434,950
144A, 8.00%, 8/1/28 (a)		3,558,000		3,429,965
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		3,110,000		3,214,963
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26		2,970,000		3,109,471
144A, 5.875%, 2/1/29		2,785,000		2,976,594
Citgo Holding, Inc., 144A, 9.25%, 8/1/24		7,699,000		7,724,022


	Principal Amount		Value
Oil & Gas (Continued)
CITGO Petroleum Corp. 144A, 7.00%, 6/15/25	$	6,229,000	$	6,392,511
144A, 6.375%, 6/15/26		3,608,000		3,666,792
CNX Resources Corp. 144A, 7.25%, 3/14/27		3,876,000		4,113,463
144A, 6.00%, 1/15/29		2,785,000		2,904,574
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		6,922,000		7,257,752
144A, 5.875%, 1/15/30		5,433,000		5,454,705
Continental Resources, Inc. 4.50%, 4/15/23		3,556,000		3,711,575
3.80%, 6/1/24		5,593,000		5,977,519
4.375%, 1/15/28 (a)		5,536,000		6,221,966
144A, 5.75%, 1/15/31		8,301,000		10,127,220
CrownRock LP / CrownRock Finance, Inc. 144A, 5.625%, 10/15/25		6,473,000		6,674,828
144A, 5.00%, 5/1/29		2,415,000		2,484,407
CVR Energy, Inc. 144A, 5.25%, 2/15/25 (a)		3,315,000		3,252,976
144A, 5.75%, 2/15/28 (a)		2,246,000		2,221,204
Endeavor Energy Resources LP / EER Finance, Inc. 144A, 6.625%, 7/15/25		3,334,000		3,539,708
144A, 5.50%, 1/30/26		2,737,000		2,836,818
144A, 5.75%, 1/30/28		5,623,000		5,925,236
EQT Corp. 3.00%, 10/1/22 (a)		3,039,000		3,106,861
6.625%, 2/1/25		5,537,000		6,353,541
144A, 3.125%, 5/15/26		2,800,000		2,880,500
3.90%, 10/1/27		6,905,700		7,465,338
7.50%, 2/1/30		4,143,000		5,388,489
144A, 3.625%, 5/15/31 (a)		2,762,000		2,917,735
Hilcorp Energy I LP / Hilcorp Finance Co. 144A, 6.25%, 11/1/28		3,278,000		3,389,813
144A, 5.75%, 2/1/29		3,315,000		3,368,869
144A, 6.00%, 2/1/31		3,372,000		3,468,945
Laredo Petroleum, Inc. 9.50%, 1/15/25		3,263,000		3,357,970
144A, 7.75%, 7/31/29 (a)		2,207,000		2,140,393
Leviathan Bond Ltd. 144A,REGS, 5.75%, 6/30/23		2,736,649		2,859,169
144A,REGS, 6.125%, 6/30/25		3,284,379		3,587,035
144A,REGS, 6.50%, 6/30/27 (a)		3,284,379		3,633,147
144A,REGS, 6.75%, 6/30/30		3,245,514		3,643,089
Matador Resources Co., 5.875%, 9/15/26		5,800,000		5,841,470
MEG Energy Corp. 144A, 7.125%, 2/1/27		6,760,000		7,121,728
144A, 5.875%, 2/1/29		3,284,000		3,362,143
Moss Creek Resources Holdings, Inc. 144A, 7.50%, 1/15/26		3,956,000		3,384,833
144A, 10.50%, 5/15/27 (a)		2,727,000		2,481,611
Murphy Oil Corp. 5.75%, 8/15/25		3,147,000		3,221,741
5.875%, 12/1/27 (a)		2,953,000		3,074,811
6.375%, 7/15/28		3,010,000		3,171,788


	Principal Amount		Value
Oil & Gas (Continued)
Nabors Industries Ltd., 144A, 7.25%, 1/15/26	$	3,101,000	$	2,887,806
Nabors Industries, Inc., 5.75%, 2/1/25		3,645,000		3,080,025
Occidental Petroleum Corp. 2.70%, 2/15/23		2,449,000		2,494,062
6.95%, 7/1/24		3,883,000		4,374,025
2.90%, 8/15/24		5,600,000		5,747,000
3.50%, 6/15/25		3,226,000		3,388,607
8.00%, 7/15/25		2,812,000		3,391,975
5.875%, 9/1/25 (a)		5,261,000		5,925,517
5.50%, 12/1/25		4,097,000		4,573,440
5.55%, 3/15/26		5,907,000		6,593,689
3.40%, 4/15/26		5,311,000		5,463,691
3.20%, 8/15/26		5,008,000		5,174,992
3.00%, 2/15/27		4,405,000		4,423,061
8.50%, 7/15/27		2,799,000		3,535,291
6.375%, 9/1/28		3,354,000		3,973,836
3.50%, 8/15/29		8,333,000		8,591,406
8.875%, 7/15/30		5,537,000		7,605,872
6.625%, 9/1/30		8,210,000		10,250,554
6.125%, 1/1/31 (a)		7,147,000		8,652,122
7.50%, 5/1/31		4,867,000		6,374,894
7.875%, 9/15/31		2,682,000		3,566,577
Ovintiv Exploration, Inc. 5.625%, 7/1/24		5,532,000		6,168,085
5.375%, 1/1/26		3,911,000		4,425,131
Parkland Corp. 144A, 5.875%, 7/15/27		2,887,000		3,079,707
144A, 4.50%, 10/1/29		4,379,000		4,494,934
PBF Holding Co. LLC / PBF Finance Corp. 144A, 9.25%, 5/15/25		6,928,000		6,694,180
7.25%, 6/15/25		4,062,000		2,848,782
6.00%, 2/15/28		5,563,000		3,651,442
PDC Energy, Inc. 6.125%, 9/15/24		2,270,000		2,310,100
5.75%, 5/15/26 (a)		4,120,000		4,283,152
Puma International Financing SA 144A, 5.125%, 10/6/24		3,240,000		3,252,166
144A, 5.00%, 1/24/26 (a)		4,188,000		4,196,941
Range Resources Corp. 5.00%, 3/15/23		3,048,000		3,132,003
4.875%, 5/15/25		4,143,000		4,293,184
9.25%, 2/1/26 (a)		5,093,000		5,575,918
144A, 8.25%, 1/15/29		3,315,000		3,684,109
SM Energy Co. 144A, 10.00%, 1/15/25		2,445,000		2,729,231
6.75%, 9/15/26 (a)		2,295,000		2,309,367
6.625%, 1/15/27 (a)		2,331,000		2,345,592
6.50%, 7/15/28		2,249,000		2,262,775
Southwestern Energy Co. 6.45%, 1/23/25		4,888,000		5,333,492
7.75%, 10/1/27 (a)		2,431,000		2,634,596
5.375%, 3/15/30		6,700,000		6,965,220
Sunoco LP / Sunoco Finance Corp. 5.50%, 2/15/26		4,674,000		4,808,167


	Principal Amount		Value
Oil & Gas (Continued)
6.00%, 4/15/27	$	3,719,000	$	3,890,836
4.50%, 5/15/29		4,430,000		4,492,286
Transocean, Inc. 144A, 7.25%, 11/1/25		2,241,000		1,750,781
144A, 7.50%, 1/15/26		3,100,000		2,375,375
144A, 11.50%, 1/30/27		3,872,000		3,905,454
144A, 8.00%, 2/1/27		3,470,000		2,554,788

(Cost $435,495,999)				443,132,153

Oil & Gas Services — 0.6%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		2,737,000		2,846,507
144A, 6.25%, 4/1/28		4,430,000		4,518,600
CGG SA, 144A, 8.75%, 4/1/27 (a)		2,767,000		2,694,504
TechnipFMC PLC, 144A, 6.50%, 2/1/26		5,637,000		5,990,569
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		3,968,000		4,128,069
6.875%, 9/1/27		4,228,000		4,433,777
Weatherford International Ltd. 144A, 8.75%, 9/1/24		2,987,000		3,110,214
144A, 11.00%, 12/1/24		11,472,000		12,002,580

(Cost $39,137,721)				39,724,820

Pipelines — 5.0%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		3,038,000		3,349,425
144A, 5.75%, 3/1/27		3,902,000		4,024,016
144A, 5.75%, 1/15/28		3,301,000		3,441,359
144A, 5.375%, 6/15/29		4,400,000		4,510,000
Buckeye Partners LP 4.15%, 7/1/23		2,889,000		2,986,634
144A, 4.125%, 3/1/25		2,871,000		2,971,585
3.95%, 12/1/26		3,358,000		3,471,803
4.125%, 12/1/27		2,211,000		2,269,879
144A, 4.50%, 3/1/28		2,737,000		2,830,222
Cheniere Energy Partners LP 5.625%, 10/1/26		6,038,000		6,256,274
4.50%, 10/1/29		8,343,000		9,000,011
144A, 4.00%, 3/1/31		8,457,000		8,911,564
Cheniere Energy, Inc., 4.625%, 10/15/28		10,923,000		11,537,419
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		7,734,000		7,985,587
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 5.75%, 4/1/25 (a)		2,773,000		2,835,392
144A, 5.625%, 5/1/27		3,342,000		3,371,242
144A, 6.00%, 2/1/29		3,900,000		3,974,178
DCP Midstream Operating LP 3.875%, 3/15/23		2,762,000		2,842,761
5.375%, 7/15/25		4,868,000		5,366,970
5.625%, 7/15/27		2,762,000		3,142,742


	Principal Amount		Value
Pipelines (Continued)
5.125%, 5/15/29	$	3,315,000	$	3,684,142
DT Midstream, Inc. 144A, 4.125%, 6/15/29		6,091,000		6,250,889
144A, 4.375%, 6/15/31		5,537,000		5,723,874
EnLink Midstream LLC, 5.375%, 6/1/29		2,750,000		2,827,083
EnLink Midstream Partners LP 4.40%, 4/1/24		2,883,000		3,002,500
4.15%, 6/1/25		3,989,000		4,113,576
4.85%, 7/15/26		2,688,000		2,800,869
EQM Midstream Partners LP 4.75%, 7/15/23		3,302,000		3,454,717
4.00%, 8/1/24		2,712,000		2,779,258
144A, 6.00%, 7/1/25		3,787,000		4,094,694
4.125%, 12/1/26		2,680,000		2,736,173
144A, 6.50%, 7/1/27		5,362,000		5,972,222
5.50%, 7/15/28		4,552,000		4,973,060
144A, 4.50%, 1/15/29		4,427,000		4,487,982
144A, 4.75%, 1/15/31		6,203,000		6,303,799
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		2,927,000		2,872,148
8.00%, 1/15/27		5,524,000		5,492,403
7.75%, 2/1/28		4,112,000		4,036,339
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		4,401,000		4,575,368
144A, 5.125%, 6/15/28		3,038,000		3,186,103
144A, 4.25%, 2/15/30		4,200,000		4,258,590
ITT Holdings LLC, 144A, 6.50%, 8/1/29		6,664,000		6,805,610
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		6,922,000		7,034,483
144A, 6.50%, 9/30/26		8,436,000		8,490,412
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		11,325,000		11,509,031
NGL Energy Partners LP / NGL Energy Finance Corp., 7.50%, 11/1/23		3,125,000		2,925,781
NuStar Logistics LP 5.75%, 10/1/25		3,542,000		3,812,078
6.00%, 6/1/26		2,785,000		3,017,631
5.625%, 4/28/27		3,031,000		3,227,954
6.375%, 10/1/30		3,322,000		3,677,454
Rockies Express Pipeline LLC 144A, 3.60%, 5/15/25		2,210,000		2,277,361
144A, 4.95%, 7/15/29		3,045,000		3,171,839
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25		3,306,000		3,566,314
144A, 6.00%, 3/1/27 (a)		2,354,000		2,439,403
144A, 5.50%, 1/15/28		4,130,000		4,176,690
144A, 6.00%, 12/31/30		4,248,000		4,326,843
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 5.875%, 4/15/26		5,262,000		5,511,945
5.375%, 2/1/27		2,730,000		2,825,550


	Principal Amount		Value
Pipelines (Continued)
6.50%, 7/15/27	$	4,099,000	$	4,443,193
5.00%, 1/15/28		3,967,000		4,173,522
6.875%, 1/15/29		3,718,000		4,184,423
5.50%, 3/1/30		5,243,000		5,786,961
4.875%, 2/1/31		5,563,000		6,058,385
144A, 4.00%, 1/15/32		5,463,000		5,709,299
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		7,000,000		7,223,650
144A, 4.125%, 8/15/31		7,000,000		7,359,415
Western Midstream Operating LP 4.35%, 2/1/25		5,600,000		5,891,592
3.95%, 6/1/25		2,800,000		2,929,500
4.65%, 7/1/26		2,785,000		3,005,711
4.50%, 3/1/28		4,385,000		4,730,757
4.75%, 8/15/28		2,239,000		2,466,594
5.30%, 2/1/30		6,795,000		7,581,895

(Cost $330,026,928)				333,046,128

Financial — 9.7%
Banks — 1.0%
CIT Group, Inc. 5.00%, 8/1/23		4,566,000		4,925,573
4.75%, 2/16/24		2,731,000		2,949,480
3.929%, 6/19/24		2,737,000		2,873,850
5.25%, 3/7/25		2,731,000		3,081,797
6.125%, 3/9/28		2,210,000		2,714,134
Commerzbank AG, 144A, 8.125%, 9/19/23		5,463,000		6,169,293
Deutsche Bank AG, 3.729%, 1/14/32 (b)		6,978,000		7,207,371
Freedom Mortgage Corp. 144A, 8.125%, 11/15/24		2,337,000		2,369,262
144A, 8.25%, 4/15/25		3,010,000		3,074,444
144A, 7.625%, 5/1/26		3,372,000		3,381,661
144A, 6.625%, 1/15/27		3,621,000		3,472,792
Intesa Sanpaolo SpA 144A, 5.017%, 6/26/24		11,155,000		12,113,951
144A, 5.71%, 1/15/26		8,337,000		9,382,912
144A, 4.198%, 6/1/32		4,201,000		4,330,382

(Cost $67,394,566)				68,046,902

Diversified Financial Services — 2.7%
Ally Financial, Inc., 5.75%, 11/20/25		5,800,000		6,625,015
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		5,600,000		5,747,336
LD Holdings Group LLC 144A, 6.50%, 11/1/25		2,785,000		2,844,181
144A, 6.125%, 4/1/28		3,342,000		3,288,595
LPL Holdings, Inc. 144A, 4.625%, 11/15/27		2,291,000		2,377,016
144A, 4.00%, 3/15/29		5,066,000		5,180,238
144A, 4.375%, 5/15/31		2,210,000		2,290,466
Midcap Financial Issuer Trust 144A, 6.50%, 5/1/28		5,393,000		5,650,300
144A, 5.625%, 1/15/30		2,393,000		2,384,397


	Principal Amount		Value
Diversified Financial Services (Continued)
Nationstar Mortgage Holdings, Inc. 144A, 6.00%, 1/15/27	$	3,284,000	$	3,464,620
144A, 5.50%, 8/15/28		4,652,000		4,838,080
144A, 5.125%, 12/15/30		3,658,000		3,744,951
Navient Corp. 5.50%, 1/25/23		5,463,000		5,736,150
7.25%, 9/25/23		2,856,000		3,141,250
MTN, 6.125%, 3/25/24		4,757,000		5,163,486
5.875%, 10/25/24		2,737,000		2,985,930
6.75%, 6/25/25		2,769,000		3,090,896
6.75%, 6/15/26		2,769,000		3,122,047
5.00%, 3/15/27		3,831,000		4,028,201
4.875%, 3/15/28		2,869,000		2,923,396
NFP Corp., 144A, 6.875%, 8/15/28		9,899,000		10,171,222
OneMain Finance Corp. 5.625%, 3/15/23		4,818,000		5,095,445
6.125%, 3/15/24		7,090,000		7,648,338
6.875%, 3/15/25		7,328,000		8,308,120
8.875%, 6/1/25		3,284,000		3,605,668
7.125%, 3/15/26		8,913,000		10,417,069
3.50%, 1/15/27		4,178,000		4,234,445
6.625%, 1/15/28		4,430,000		5,120,482
3.875%, 9/15/28		3,300,000		3,320,641
5.375%, 11/15/29		4,203,000		4,597,599
4.00%, 9/15/30		4,746,000		4,762,469
PennyMac Financial Services, Inc. 144A, 5.375%, 10/15/25		3,591,000		3,720,420
144A, 4.25%, 2/15/29		3,591,000		3,461,167
Quicken Loans LLC / Quicken Loans Co.-Issuer, Inc. 144A, 3.625%, 3/1/29		4,155,000		4,248,487
144A, 3.875%, 3/1/31		6,949,000		7,118,295
Rocket Mortgage LLC, 144A, 5.25%, 1/15/28		5,627,000		5,929,451
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		4,379,000		4,493,949
144A, 5.50%, 4/15/29		3,899,000		3,826,245

(Cost $177,825,370)				178,706,063

Insurance — 0.8%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		5,203,000		5,307,060
144A, 10.125%, 8/1/26		2,189,000		2,459,889
144A, 4.25%, 2/15/29		3,876,000		3,842,163
144A, 6.00%, 8/1/29		2,800,000		2,761,724
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 4.25%, 10/15/27		2,907,000		2,917,901
144A, 6.75%, 10/15/27		7,520,000		7,811,400
AssuredPartners, Inc. 144A, 7.00%, 8/15/25		2,785,000		2,833,737
144A, 5.625%, 1/15/29		3,124,000		3,148,149
HUB International Ltd., 144A, 7.00%, 5/1/26		9,303,000		9,636,513
MGIC Investment Corp., 5.25%, 8/15/28		3,621,000		3,878,996


	Principal Amount		Value
Insurance (Continued)
Radian Group, Inc. 4.50%, 10/1/24	$	2,463,000	$	2,666,197
6.625%, 3/15/25		3,100,000		3,499,125
4.875%, 3/15/27		2,517,000		2,776,830

(Cost $53,376,660)				53,539,684

Real Estate — 0.6%
Howard Hughes Corp. 144A, 5.375%, 8/1/28		4,143,000		4,396,759
144A, 4.125%, 2/1/29		3,583,000		3,605,394
144A, 4.375%, 2/1/31		3,591,000		3,626,910
Kennedy-Wilson, Inc. 4.75%, 3/1/29		3,509,000		3,614,217
4.75%, 2/1/30		3,300,000		3,395,007
5.00%, 3/1/31		3,315,000		3,453,119
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 4.875%, 6/1/23		2,199,000		2,292,018
144A, 7.625%, 6/15/25		3,345,000		3,605,877
144A, 9.375%, 4/1/27		3,160,000		3,491,942
144A, 5.75%, 1/15/29		4,975,000		5,212,805

(Cost $36,476,375)				36,694,048

Real Estate Investment Trusts — 4.0%
Apollo Commercial Real Estate Finance, Inc., 144A, 4.625%, 6/15/29		2,815,000		2,745,244
Diversified Healthcare Trust 9.75%, 6/15/25		5,473,000		6,027,141
4.75%, 2/15/28		2,819,000		2,858,649
4.375%, 3/1/31		2,737,000		2,689,171
EPR Properties 4.75%, 12/15/26		2,507,000		2,709,365
4.50%, 6/1/27		2,463,000		2,612,276
4.95%, 4/15/28		2,185,000		2,362,438
3.75%, 8/15/29		2,916,000		2,932,192
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		2,189,000		2,310,358
144A, 3.375%, 6/15/26		5,473,000		5,584,102
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		5,627,000		5,866,147
144A, 5.25%, 3/15/28		4,462,000		4,690,677
144A, 5.00%, 7/15/28		2,710,000		2,835,337
144A, 4.875%, 9/15/29		5,765,000		6,088,128
144A, 5.25%, 7/15/30		7,328,000		7,831,800
144A, 4.50%, 2/15/31		5,949,000		6,125,626
144A, 5.625%, 7/15/32		3,251,000		3,537,494
iStar, Inc. 4.75%, 10/1/24		4,184,000		4,445,709
4.25%, 8/1/25		3,117,000		3,253,369
5.50%, 2/15/26		2,289,000		2,400,589
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 144A, 4.25%, 2/1/27		3,568,000		3,590,300
144A, 4.75%, 6/15/29		3,632,000		3,718,260


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. 5.625%, 5/1/24	$	5,866,000	$	6,401,272
144A, 4.625%, 6/15/25		4,529,000		4,873,430
4.50%, 9/1/26		2,793,000		3,046,870
5.75%, 2/1/27		4,096,000		4,721,354
144A, 3.875%, 2/15/29		4,130,000		4,383,520
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26		2,717,000		2,803,075
5.00%, 10/15/27		7,812,000		8,280,720
4.625%, 8/1/29		5,224,000		5,591,861
3.50%, 3/15/31		7,162,000		7,372,527
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		3,492,000		3,740,840
144A, 5.875%, 10/1/28		4,005,000		4,270,331
144A, 4.875%, 5/15/29		4,143,000		4,264,431
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		3,973,000		4,144,189
144A, 4.50%, 2/15/29		3,342,000		3,388,621
SBA Communications Corp. 4.875%, 9/1/24		6,107,000		6,206,239
3.875%, 2/15/27		8,332,000		8,669,696
144A, 3.125%, 2/1/29		8,381,000		8,244,976
Service Properties Trust 4.50%, 6/15/23		2,793,000		2,859,459
4.35%, 10/1/24		4,716,000		4,786,740
7.50%, 9/15/25		4,457,000		5,036,834
4.75%, 10/1/26		2,481,000		2,477,899
4.95%, 2/15/27 (a)		2,273,000		2,276,569
5.50%, 12/15/27 (a)		2,492,000		2,675,807
3.95%, 1/15/28		2,240,000		2,131,091
4.95%, 10/1/29		2,323,000		2,285,658
4.375%, 2/15/30		2,217,000		2,132,710
Starwood Property Trust, Inc. 4.75%, 3/15/25		2,762,000		2,896,648
144A, 3.625%, 7/15/26		2,210,000		2,226,575
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC 144A, 7.125%, 12/15/24		3,421,000		3,522,775
144A, 7.875%, 2/15/25		12,612,000		13,494,840
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 4.75%, 4/15/28		3,155,000		3,225,988
144A, 6.50%, 2/15/29		6,141,000		6,417,345
VICI Properties LP / VICI Note Co., Inc. 144A, 3.50%, 2/15/25 (a)		4,097,000		4,204,546
144A, 4.25%, 12/1/26		6,971,000		7,331,174
144A, 3.75%, 2/15/27 (a)		4,176,000		4,348,260
144A, 4.625%, 12/1/29		5,557,000		6,050,184
144A, 4.125%, 8/15/30		5,568,000		5,950,800


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
XHR LP 144A, 6.375%, 8/15/25	$	2,812,000	$	2,984,235
144A, 4.875%, 6/1/29		2,787,000		2,874,094

(Cost $266,251,520)				269,808,555

Venture Capital — 0.6%
Compass Group Diversified Holdings LLC, 144A, 5.25%, 4/15/29		5,534,000		5,799,853
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.75%, 2/1/24		2,679,000		2,732,580
4.75%, 9/15/24		6,124,000		6,357,248
6.375%, 12/15/25		4,185,000		4,315,781
6.25%, 5/15/26		6,918,000		7,298,490
5.25%, 5/15/27		8,139,000		8,464,601
4.375%, 2/1/29		4,267,000		4,287,247

(Cost $39,154,399)				39,255,800

Industrial — 7.9%
Aerospace/Defense — 2.4%
Bombardier, Inc. 144A, 6.00%, 10/15/22		2,815,000		2,821,897
144A, 6.125%, 1/15/23		2,922,000		3,145,664
144A, 7.50%, 12/1/24		5,698,000		5,946,148
144A, 7.50%, 3/15/25		8,194,000		8,427,693
144A, 7.125%, 6/15/26 (a)		6,600,000		6,971,250
144A, 7.875%, 4/15/27 (a)		11,275,000		11,835,367
144A, 6.00%, 2/15/28		4,000,000		4,039,320
Howmet Aerospace, Inc. 5.125%, 10/1/24		7,052,000		7,759,175
6.875%, 5/1/25		6,581,000		7,786,179
Rolls-Royce PLC 144A, 3.625%, 10/14/25		5,463,000		5,566,524
144A, 5.75%, 10/15/27		5,590,000		6,138,295
Spirit AeroSystems, Inc. 144A, 5.50%, 1/15/25		2,737,000		2,867,117
144A, 7.50%, 4/15/25		6,629,000		7,026,740
4.60%, 6/15/28 (a)		4,006,000		3,920,872
TransDigm, Inc. 144A, 8.00%, 12/15/25		6,009,000		6,437,141
144A, 6.25%, 3/15/26		24,395,000		25,675,737
6.375%, 6/15/26		5,129,000		5,331,852
7.50%, 3/15/27		3,547,000		3,756,895
5.50%, 11/15/27		15,003,000		15,378,075
144A, 4.625%, 1/15/29		6,590,000		6,515,863
144A, 4.875%, 5/1/29		4,123,000		4,102,653
Triumph Group, Inc. 144A, 8.875%, 6/1/24		3,271,000		3,606,278
144A, 6.25%, 9/15/24		2,906,000		2,945,376
7.75%, 8/15/25 (a)		2,862,000		2,858,423

(Cost $159,178,974)				160,860,534

Building Materials — 0.9%
Builders FirstSource, Inc. 144A, 6.75%, 6/1/27		3,904,000		4,172,400
144A, 5.00%, 3/1/30		3,045,000		3,261,956
144A, 4.25%, 2/1/32		5,571,000		5,729,857


	Principal Amount		Value
Building Materials (Continued)
Griffon Corp., 5.75%, 3/1/28	$	5,520,000	$	5,864,669
JELD-WEN, Inc. 144A, 4.625%, 12/15/25		2,214,000		2,259,024
144A, 4.875%, 12/15/27		2,415,000		2,520,765
SRM Escrow Issuer LLC, 144A, 6.00%, 11/1/28		6,128,000		6,503,340
Standard Industries, Inc. 144A, 5.00%, 2/15/27		4,696,000		4,860,360
144A, 4.75%, 1/15/28		5,571,000		5,791,194
144A, 4.375%, 7/15/30 (a)		6,228,000		6,406,463
144A, 3.375%, 1/15/31		6,027,000		5,800,988
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		3,910,000		4,144,756

(Cost $57,547,411)				57,315,772

Electrical Components & Equipment — 0.4%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		3,284,000		3,378,415
144A, 4.375%, 3/31/29		4,535,000		4,553,684
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		8,286,000		8,923,525
144A, 7.25%, 6/15/28		7,381,000		8,218,301

(Cost $25,055,188)				25,073,925

Electronics — 0.5%
Imola Merger Corp., 144A, 4.75%, 5/15/29		10,925,000		11,321,031
Sensata Technologies BV 144A, 4.875%, 10/15/23		2,838,000		3,043,074
144A, 5.625%, 11/1/24		2,153,000		2,397,904
144A, 5.00%, 10/1/25		3,942,000		4,411,571
144A, 4.00%, 4/15/29		5,439,000		5,633,771
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30 (a)		2,422,000		2,600,865
144A, 3.75%, 2/15/31		4,474,000		4,502,566

(Cost $33,625,249)				33,910,782

Engineering & Construction — 0.2%
Brand Industrial Services, Inc., 144A, 8.50%, 7/15/25		5,537,000		5,585,449
Fluor Corp. 3.50%, 12/15/24 (a)		2,771,000		2,915,743
4.25%, 9/15/28 (a)		3,325,000		3,493,710

(Cost $11,793,452)				11,994,902

Environmental Control — 0.7%
Covanta Holding Corp. 5.875%, 7/1/25		2,189,000		2,262,879
6.00%, 1/1/27		2,326,000		2,410,317
5.00%, 9/1/30		2,210,000		2,279,062
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		2,787,000		2,894,996
144A, 3.75%, 8/1/25		4,213,000		4,344,656
144A, 5.125%, 12/15/26		2,769,000		2,924,756
144A, 4.00%, 8/1/28		2,785,000		2,767,649
144A, 3.50%, 9/1/28		4,178,000		4,174,449


	Principal Amount		Value
Environmental Control (Continued)
144A, 4.75%, 6/15/29	$	4,178,000	$	4,298,118
144A, 4.375%, 8/15/29		3,100,000		3,121,049
Madison IAQ LLC 144A, 4.125%, 6/30/28		3,942,000		3,969,673
144A, 5.875%, 6/30/29		5,718,000		5,860,950
Stericycle, Inc. 144A, 5.375%, 7/15/24		3,488,000		3,579,665
144A, 3.875%, 1/15/29		2,769,000		2,821,625

(Cost $47,795,521)				47,709,844

Machinery-Diversified — 0.2%
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		8,711,000		9,214,670
Vertical Holdco GmbH, 144A, 7.625%, 7/15/28		2,560,000		2,776,013

(Cost $11,909,884)				11,990,683

Miscellaneous Manufacturing — 0.1%
FXI Holdings, Inc. 144A, 7.875%, 11/1/24		2,813,000		2,893,733
144A, 12.25%, 11/15/26		4,244,000		4,839,348
Hillenbrand, Inc., 5.75%, 6/15/25		2,235,000		2,366,306

(Cost $9,978,313)				10,099,387

Packaging & Containers — 2.1%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 3.25%, 9/1/28		3,278,000		3,306,682
144A, 4.00%, 9/1/29		5,742,000		5,859,711
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		3,831,000		4,012,972
144A, 4.125%, 8/15/26		6,787,000		7,064,928
144A, 5.25%, 8/15/27		5,545,000		5,746,006
144A, 5.25%, 8/15/27		4,479,000		4,641,364
Ball Corp. 4.00%, 11/15/23		5,559,000		5,885,591
5.25%, 7/1/25		5,554,000		6,282,962
4.875%, 3/15/26		4,180,000		4,697,275
2.875%, 8/15/30		7,238,000		7,265,432
Berry Global, Inc., 144A, 5.625%, 7/15/27		2,797,000		2,947,339
Cascades, Inc./Cascades USA, Inc., 144A, 5.375%, 1/15/28		3,497,000		3,689,335
Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 1/15/23		5,473,000		5,742,272
Flex Acquisition Co., Inc. 144A, 6.875%, 1/15/25		3,521,000		3,560,611
144A, 7.875%, 7/15/26		2,737,000		2,877,271
Graphic Packaging International LLC, 144A, 3.50%, 3/15/28 (a)		2,463,000		2,497,790
LABL, Inc. 144A, 6.75%, 7/15/26		3,831,000		4,027,339
144A, 10.50%, 7/15/27		3,807,000		4,153,627


	Principal Amount		Value
Packaging & Containers (Continued)
Mauser Packaging Solutions Holding Co. 144A, 5.50%, 4/15/24	$	8,509,000	$	8,619,192
144A, 7.25%, 4/15/25		7,475,000		7,398,755
Owens-Brockway Glass Container, Inc. 144A, 5.875%, 8/15/23		3,950,000		4,201,812
144A, 6.625%, 5/13/27		3,867,000		4,175,703
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 144A, 4.00%, 10/15/27		5,571,000		5,576,042
Sealed Air Corp. 144A, 4.875%, 12/1/22		2,326,000		2,410,318
144A, 5.25%, 4/1/23		2,326,000		2,445,207
144A, 5.125%, 12/1/24		2,326,000		2,527,420
144A, 5.50%, 9/15/25		2,439,000		2,739,387
144A, 4.00%, 12/1/27		2,422,000		2,601,410
Silgan Holdings, Inc., 4.125%, 2/1/28		3,156,000		3,270,184
Trivium Packaging Finance BV 144A, 5.50%, 8/15/26		5,800,000		6,118,594
144A, 8.50%, 8/15/27		3,975,000		4,282,069

(Cost $139,852,323)				140,624,600

Transportation — 0.2%
Seaspan Corp., 144A, 5.50%, 8/1/29		4,297,000		4,399,054
XPO Logistics, Inc. 144A, 6.125%, 9/1/23		2,928,000		2,928,000
144A, 6.25%, 5/1/25		6,406,000		6,774,345

(Cost $13,991,771)				14,101,399

Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		4,696,000		4,842,750
144A, 9.75%, 8/1/27		2,210,000		2,497,300
144A, 5.50%, 5/1/28		2,882,000		2,925,230

(Cost $10,365,671)				10,265,280

Technology — 3.9%
Computers — 1.4%
Banff Merger Sub, Inc., 144A, 9.75%, 9/1/26		6,365,000		6,683,250
Booz Allen Hamilton, Inc. 144A, 3.875%, 9/1/28		3,876,000		4,000,245
144A, 4.00%, 7/1/29		2,767,000		2,871,676
Dell International LLC / EMC Corp., 144A, 7.125%, 6/15/24		8,394,000		8,582,865
Diebold Nixdorf, Inc. 8.50%, 4/15/24 (a)		2,214,000		2,263,815
144A, 9.375%, 7/15/25		3,867,000		4,253,700
EMC Corp., 3.375%, 6/1/23		5,524,000		5,710,435
Exela Intermediate LLC / Exela Finance, Inc., 144A, 10.00%, 7/15/23		5,463,000		4,104,079


	Principal Amount		Value
Computers (Continued)
NCR Corp. 144A, 5.75%, 9/1/27	$	2,707,000	$	2,866,171
144A, 5.00%, 10/1/28		3,599,000		3,729,518
144A, 5.125%, 4/15/29		6,645,000		6,898,091
144A, 6.125%, 9/1/29		2,763,000		3,015,207
144A, 5.25%, 10/1/30		2,481,000		2,596,069
Seagate HDD Cayman 4.75%, 6/1/23		3,052,000		3,251,914
4.875%, 3/1/24		2,785,000		3,011,588
4.75%, 1/1/25		2,587,000		2,855,919
4.875%, 6/1/27		2,764,000		3,096,454
144A, 4.091%, 6/1/29		2,787,000		2,951,112
144A, 3.125%, 7/15/29		2,946,000		2,895,675
144A, 4.125%, 1/15/31		2,781,000		2,936,402
144A, 3.375%, 7/15/31		2,785,000		2,761,007
Western Digital Corp., 4.75%, 2/15/26		12,813,000		14,325,959

(Cost $95,008,501)				95,661,151

Office/Business Equipment — 0.5%
CDW LLC / CDW Finance Corp. 5.50%, 12/1/24		3,184,000		3,524,529
4.125%, 5/1/25		3,284,000		3,419,465
4.25%, 4/1/28		3,315,000		3,476,606
3.25%, 2/15/29		3,861,000		3,972,004
Pitney Bowes, Inc., 144A, 6.875%, 3/15/27		2,378,000		2,535,543
Xerox Corp., 4.375%, 3/15/23		5,571,000		5,840,915
Xerox Holdings Corp. 144A, 5.00%, 8/15/25		4,278,000		4,517,450
144A, 5.50%, 8/15/28 (a)		4,078,000		4,265,914

(Cost $31,299,384)				31,552,426

Semiconductors — 0.2%
ams AG, 144A, 7.00%, 7/31/25 (a)		2,542,000		2,725,786
Microchip Technology, Inc., 4.25%, 9/1/25		6,705,000		7,071,256
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		3,876,000		4,045,730

(Cost $13,758,286)				13,842,772

Software — 1.8%
Black Knight InfoServ LLC, 144A, 3.625%, 9/1/28		5,537,000		5,613,134
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		3,278,000		3,513,033
CDK Global, Inc. 5.00%, 10/15/24		2,750,000		3,055,937
4.875%, 6/1/27		3,365,000		3,537,456
144A, 5.25%, 5/15/29		2,769,000		3,013,973
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A, 5.75%, 3/1/25		7,537,000		7,621,791
Dun & Bradstreet Corp. 144A, 6.875%, 8/15/26		2,304,000		2,430,720


	Principal Amount		Value
Software (Continued)
144A, 10.25%, 2/15/27	$	2,507,000	$	2,723,241
J2 Global, Inc., 144A, 4.625%, 10/15/30		4,293,000		4,551,267
MicroStrategy, Inc., 144A, 6.125%, 6/15/28 (a)		2,787,000		2,870,443
MSCI, Inc. 144A, 5.375%, 5/15/27		2,761,000		2,948,196
144A, 4.00%, 11/15/29		5,614,000		6,013,997
144A, 3.625%, 9/1/30		5,151,000		5,432,760
144A, 3.875%, 2/15/31		5,537,000		5,917,669
144A, 3.625%, 11/1/31		3,322,000		3,531,635
144A, 3.25%, 8/15/33		3,900,000		4,022,265
Open Text Corp. 144A, 5.875%, 6/1/26		4,652,000		4,807,842
144A, 3.875%, 2/15/28		5,134,000		5,294,438
PTC, Inc. 144A, 3.625%, 2/15/25		2,762,000		2,827,598
144A, 4.00%, 2/15/28		2,785,000		2,882,475
Rackspace Technology Global, Inc. 144A, 3.50%, 2/15/28		3,036,000		2,918,416
144A, 5.375%, 12/1/28 (a)		3,004,000		2,977,309
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		11,142,000		11,812,748
Twilio, Inc. 3.625%, 3/15/29		2,762,000		2,854,389
3.875%, 3/15/31		2,762,000		2,890,115
Veritas US, Inc. / Veritas Bermuda Ltd., 144A, 7.50%, 9/1/25		9,767,000		10,167,056

(Cost $115,341,220)				116,229,903

Utilities — 2.7%
Electric — 2.5%
Calpine Corp. 144A, 5.25%, 6/1/26		4,591,000		4,740,208
144A, 4.50%, 2/15/28		7,231,000		7,456,969
144A, 5.125%, 3/15/28		8,139,000		8,291,606
144A, 4.625%, 2/1/29		3,634,000		3,650,716
144A, 5.00%, 2/1/31		4,603,000		4,689,674
144A, 3.75%, 3/1/31		4,851,000		4,764,070
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		4,652,000		4,930,887
144A, 3.75%, 2/15/31		5,121,000		5,204,959
DPL, Inc., 4.125%, 7/1/25		2,286,000		2,450,021
FirstEnergy Corp. Series B, 4.75%, 3/15/23		4,681,000		4,879,708
Series B, 4.40%, 7/15/27		8,194,000		9,206,229
2.65%, 3/1/30		3,560,000		3,631,200
Series B, 2.25%, 9/1/30		2,463,000		2,441,917
FirstEnergy Transmission LLC 144A, 4.35%, 1/15/25		3,309,000		3,645,717
144A, 2.866%, 9/15/28		2,737,000		2,897,941
NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24		3,742,000		3,954,920
144A, 3.875%, 10/15/26		2,737,000		2,905,531


	Principal Amount		Value
Electric (Continued)
144A, 4.50%, 9/15/27	$	3,179,000	$	3,442,507
NRG Energy, Inc. 6.625%, 1/15/27		4,756,000		4,941,983
5.75%, 1/15/28		4,544,000		4,862,080
144A, 3.375%, 2/15/29		3,341,000		3,361,881
144A, 5.25%, 6/15/29		4,012,000		4,360,843
144A, 3.625%, 2/15/31		5,448,000		5,536,748
144A, 3.875%, 2/15/32		6,100,000		6,195,130
PG&E Corp. 5.00%, 7/1/28 (a)		5,563,000		5,529,260
5.25%, 7/1/30		5,563,000		5,487,065
Talen Energy Supply LLC 6.50%, 6/1/25		2,970,000		1,303,592
144A, 10.50%, 1/15/26		3,437,000		1,605,646
144A, 7.25%, 5/15/27		4,255,000		3,684,490
144A, 6.625%, 1/15/28 (a)		2,659,000		2,285,756
144A, 7.625%, 6/1/28		2,178,000		1,887,498
TransAlta Corp., 4.50%, 11/15/22 (a)		2,189,000		2,278,038
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		5,913,000		6,089,207
144A, 5.625%, 2/15/27		7,101,000		7,403,219
144A, 5.00%, 7/31/27		7,115,000		7,391,418
144A, 4.375%, 5/1/29		6,963,000		7,076,149

(Cost $168,741,121)				164,464,783

Gas — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24		3,729,000		4,083,255
5.50%, 5/20/25		4,046,000		4,450,600
5.875%, 8/20/26		3,895,000		4,386,744
5.75%, 5/20/27		2,917,000		3,286,103

(Cost $16,082,795)				16,206,702

TOTAL CORPORATE BONDS (Cost $6,558,468,000)				6,586,916,577


	Number of Shares
SECURITIES LENDING COLLATERAL — 3.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $219,083,931)		219,083,931		219,083,931

CASH EQUIVALENTS — 2.5%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $168,443,173)		168,443,173		168,443,173


TOTAL INVESTMENTS — 104.6% (Cost $6,945,995,104)			$	6,974,443,681
Other assets and liabilities, net — (4.6%)				(307,946,799	)

NET ASSETS — 100.0%			$	6,666,496,882

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2021 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 USD High Yield Corporate Bond ETF which lots consist of 100,000 shares effective April 14, 2021, 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 U.S. 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 U.S. dollar-denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market 0-5 Year Index is designed to track the performance of short-term publicly issued U.S. 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.

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.

As of August 31, 2021, the components of accumulated earnings (losses) on a tax basis were as follows:

The tax character of dividends and distributions declared for the years ended August 31, 2021 and August 31, 2020 were as follows:

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, 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 August 31, 2021, 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 year ended August 31, 2021, 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 (0.02% annualized effective rate as of August 31, 2021) 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 August 31, 2021, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at year end.

The Advisor for Xtrackers High Beta High Yield Bond ETF has contractually agreed, until December 17, 2021, 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 year ended August 31, 2021, the Advisor waived $18,723 of expenses to the Fund.

The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 17, 2021, 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 year ended August 31, 2021, the Advisor waived $138,596 of expenses to the Fund.

The Advisor for Xtrackers USD High Yield Corporate Bond ETF has contractually agreed, until December 17, 2021, 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 year ended August 31, 2021, the Advisor waived $3,448,539 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 year ended August 31, 2021, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

For the year ended August 31, 2021, 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 year ended August 31, 2021, 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:

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 August 31, 2021.

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 and the Board of Trustees of DBX ETF Trust

We have audited the accompanying statements of assets and liabilities of 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 (collectively referred to as the “Funds”), (four of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2021, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting DBX ETF Trust) at August 31, 2021, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

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

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.

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

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

Stephen R. Byers, George O. Elston, and J. David Officer are the designated financial experts on the Audit Committee of DBX ETF Trust. With respect to DBX ETF Trust, Stephen Byers, George O. Elston, and J. David Officer are not “interested persons” as such terms are defined by Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

In accordance with Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the audit and permissible non-audit services of the Registrant.

Pursuant to PCAOB Rule 3526, EY is required to describe in writing to the Funds’ Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the Xtrackers ETFs, or persons in financial reporting oversight roles at DWS that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgement in connection with the audits of the financial statements for the Funds and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue to act as the Independent Registered Public Accounting Firm for the Funds.

The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Stephen R. Byers, George O. Elston, and J. David Officer.

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.



Average Annual Total Returns

	Net Asset Value	Market Value	FTSE Developed ex US Comprehensive Factor Index	FTSE Developed ex US Net Tax (US RIC) Index
One Year	22.69%	23.17%	23.19%	27.73%
Five Year	8.84%	8.69%	9.33%	10.31%
Since Inception¹	8.20%	8.14%	8.76%	8.98%

Cumulative Total Returns

	Net Asset Value	Market Value	FTSE Developed ex US Comprehensive Factor Index	FTSE Developed ex US Net Tax (US RIC) Index
One Year	22.69%	23.17%	23.19%	27.73%
Five Year	52.73%	51.68%	56.21%	63.36%
Since Inception¹	57.63%	57.16%	62.43%	64.31%



Average Annual Total Returns

	Net Asset Value	Market Value	MSCI Kokusai Index	MSCI World Index
One Year	30.87%	30.89%	30.52%	29.76%
Since Inception¹	47.50%	47.35%	47.07%	45.62%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI Kokusai Index	MSCI World Index
One Year	30.87%	30.89%	30.52%	29.76%
Since Inception¹	72.31%	72.07%	71.60%	69.25%



Average Annual Total Returns

	Net Asset Value	Market Value	Russell 1000 2Qual/Val 5% Capped Factor Index	Russell 1000 Index Total Return
One Year	35.25%	35.27%	35.55%	32.25%
Since Inception¹	18.37%	18.34%	18.64%	19.54%

Cumulative Total Returns

	Net Asset Value	Market Value	Russell 1000 2Qual/Val 5% Capped Factor Index	Russell 1000 Index Total Return
One Year	35.25%	35.27%	35.55%	32.25%
Since Inception¹	77.66%	77.62%	79.14%	83.84%



Average Annual Total Returns

	Net Asset Value	Market Value	Russell 1000 Comprehensive Factor Index	Russell 1000 Index Total Return
One Year	34.85%	34.88%	35.03%	32.25%
Five Year	13.64%	13.62%	13.80%	18.24%
Since Inception¹	13.22%	13.21%	13.39%	16.73%

Cumulative Total Returns

	Net Asset Value	Market Value	Russell 1000 Comprehensive Factor Index	Russell 1000 Index Total Return
One Year	34.85%	34.88%	35.03%	32.25%
Five Year	89.48%	89.37%	90.83%	131.10%
Since Inception¹	104.74%	104.78%	106.59%	144.30%


	Beginning Account Value March 1, 2021		Ending Account Value August 31, 2021		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers FTSE Developed ex US Multifactor ETF
Actual	$	1,000.00	$	1,114.70		0.24	%	$	1.28
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.00		0.24	%	$	1.22
Xtrackers MSCI Kokusai Equity ETF
Actual	$	1,000.00	$	1,174.30		0.09	%	$	0.49
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.75		0.09	%	$	0.46
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
Actual	$	1,000.00	$	1,198.80		0.19	%	$	1.05
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.19	%	$	0.97
Xtrackers Russell US Multifactor ETF
Actual	$	1,000.00	$	1,177.20		0.17	%	$	0.93
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.35		0.17	%	$	0.87


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers FTSE Developed ex US Multifactor ETF		4
Xtrackers MSCI Kokusai Equity ETF		6
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		8
Xtrackers Russell US Multifactor ETF		10
Fees and Expenses		12
Schedule of Investments
Xtrackers FTSE Developed ex US Multifactor ETF		13
Xtrackers MSCI Kokusai Equity ETF		27
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		41
Xtrackers Russell US Multifactor ETF		46
Statements of Assets and Liabilities		56
Statements of Operations		57
Statements of Changes in Net Assets		58
Financial Highlights		60
Notes to Financial Statements		62
Report of Independent Registered Public Accounting Firm		71
Board Members and Officers		73
Additional Information		76
Privacy Policy Notice		77


Industrials			23.4%
Materials			14.4%
Consumer Discretionary			13.2%
Financials			10.2%
Consumer Staples			8.2%
Real Estate			7.3%
Information Technology			6.6%
Communication Services			5.5%
Health Care			5.4%
Utilities			4.4%
Energy			1.4%

Total			100.0%


Description	% of Net Assets
Kesko OYJ (Finland)		1.0%
Kinnevik AB (Sweden)		0.9%
Segro PLC (United Kingdom)		0.6%
Canadian Tire Corp. Ltd. (Canada)		0.6%
Boliden AB (Sweden)		0.6%
Electrolux AB (Sweden)		0.5%
Zalando SE (Germany)		0.5%
Koninklijke Ahold Delhaize NV (Netherlands)		0.5%
Porsche Automobil Holding SE (Germany)		0.5%
Publicis Groupe SA (France)		0.4%


Information Technology			23.5%
Financials			13.6%
Health Care			12.9%
Consumer Discretionary			11.4%
Industrials			9.5%
Communication Services			9.4%
Consumer Staples			6.9%
Materials			4.3%
Energy			2.9%
Utilities			2.9%
Real Estate			2.7%

Total			100.0%


Description	% of Net Assets
Apple, Inc. (United States)		4.5%
Microsoft Corp. (United States)		3.8%
Alphabet, Inc. (United States)		3.0%
Amazon.com, Inc. (United States)		2.8%
Facebook, Inc. (United States)		1.6%
Tesla, Inc. (United States)		1.1%
NVIDIA Corp. (United States)		1.0%
JPMorgan Chase & Co. (United States)		0.9%
Johnson & Johnson (United States)		0.8%
UnitedHealth Group, Inc. (United States)		0.7%


United States			70.7%
United Kingdom			4.4%
Canada			3.5%
Switzerland			3.5%
France			3.4%
Germany			2.9%
Australia			2.2%
Netherlands			2.0%
Other			7.4%

Total			100.0%


Information Technology			29.5%
Consumer Discretionary			14.4%
Health Care			14.2%
Communication Services			12.9%
Financials			8.1%
Consumer Staples			7.7%
Industrials			7.1%
Energy			2.4%
Materials			1.9%
Real Estate			1.1%
Utilities			0.7%

Total			100.0%


Information Technology			19.0%
Industrials			17.3%
Financials			17.1%
Consumer Discretionary			11.4%
Health Care			9.6%
Materials			7.9%
Real Estate			5.2%
Utilities			4.4%
Consumer Staples			4.3%
Communication Services			2.9%
Energy			0.9%

Total			100.0%


Ten Largest Equity Holdings as of August 31, 2021 (6.9% of Net Assets)


	Value ($) at 8/31/2020		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2021		Value ($) at 8/31/2021
COMMON STOCKS — 0.0%
Germany — 0.0%
DWS Group GmbH & Co. KGaA, 144A*(e)
		7,951		—		(7,485	)		1,203		(1,669	)		—		—		—		—

SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d)
		1,188,901		—		(198,474	)(f)		—		—			116		—		990,427		990,427

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
		15,272		9,925,040		(9,934,126	)		—		—			39		—		6,186		6,186

		1,212,124		9,925,040		(10,140,085	)		1,203		(1,669	)		155		—		996,613		996,613


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Depreciation
MSCI EAFE Futures	USD	3	$	355,416	$352,725		9/17/2021	$	(2,691	)


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (g)	$	69,821,522		$	—	$	—	$	69,821,522
Preferred Stocks (g)		493,298			—		—		493,298
Warrants		424			—		—		424
Short-Term Investments (g)		996,613			—		—		996,613

TOTAL	$	71,311,857		$	—	$	—	$	71,311,857


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (h)
Futures Contracts	$	(2,691	)	$	—	$	—	$	(2,691	)

TOTAL	$	(2,691	)	$	—	$	—	$	(2,691	)


	Xtrackers FTSE Developed ex US Multifactor ETF		Xtrackers MSCI Kokusai Equity ETF		Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		Xtrackers Russell US Multifactor ETF
Assets
Investment in non-affiliated securities at value	$	70,315,244	$	800,602,903	$	39,493,850	$	205,738,324
Investment in affiliated securities at value		—		356,205		—		—
Investment in DWS Government Money Market Series		6,186		985,575		187,481		426,619
Investment in DWS Government & Agency Securities Portfolio*		990,427		430,881		18,629		639,018
Cash		—		—		—		26
Foreign currency at value		154,868		456,248		—		—
Deposit with broker for futures contracts		18,177		104,553		11,500		23,000
Receivables:
Investment securities sold		—		9,138,577		—		—
Capital shares		—		4,256,643		—		—
Variation margin on futures contracts		—		80,040		—		—
Dividends		161,785		1,281,082		50,613		249,595
Interest		1		36		6		13
Securities lending income		928		1,948		89		890
Foreign tax reclaim		46,584		208,278		—		—

Total assets	$	71,694,200	$	817,902,969	$	39,762,168	$	207,077,485


Liabilities
Payable upon return of securities loaned	$	990,427	$	430,881	$	18,629	$	639,018
Payables:
Investment securities purchased		—		10,407,637		—		248,955
Capital shares		—		4,247,396		—		—
Investment advisory fees		14,599		60,496		6,038		29,280
Variation margin on futures contracts		330		—		235		470

Total liabilities		1,005,356		15,146,410		24,902		917,723

Net Assets, at value	$	70,688,844	$	802,756,559	$	39,737,266	$	206,159,762


Net Assets Consist of
Paid-in capital	$	67,659,275	$	629,965,555	$	36,001,703	$	184,958,408
Distributable earnings (loss)		3,029,569		172,791,004		3,735,563		21,201,354

Net Assets, at value	$	70,688,844	$	802,756,559	$	39,737,266	$	206,159,762


Number of Common Shares outstanding		2,150,001		9,450,001		950,001		4,450,001

Net Asset Value	$	32.88	$	84.95	$	41.83	$	46.33


Investment in non-affiliated securities at cost	$	55,524,211	$	629,932,162	$	32,260,939	$	159,988,321

Investment in affiliated securities at cost	$	—	$	284,921	$	—	$	—

Value of securities loaned	$	1,107,618	$	10,706,170	$	785,717	$	4,809,459

Investment in DWS Government Money Market Series at cost	$	6,186	$	985,575	$	187,481	$	426,619

Investment in DWS Government & Agency Securities Portfolio at cost*	$	990,427	$	430,881	$	18,629	$	639,018

Non-cash collateral for securities on loan	$	185,153	$	10,662,668	$	788,522	$	4,257,814

Foreign currency at cost	$	154,600	$	455,876	$	—	$	—


	Xtrackers FTSE Developed ex US Multifactor ETF						Xtrackers MSCI Kokusai Equity ETF
	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2021			For the Period April 8, 2020⁽¹⁾ to August 31, 2020
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,995,225		$	1,708,506		$	12,961,318		$	767,418
Net realized gain (loss)		5,545,507			(6,610,086	)		66,852,582			1,295,060
Net change in net unrealized appreciation (depreciation)		7,471,727			8,981,710			147,646,826			23,140,960

Net increase (decrease) in net assets resulting from operations		15,012,459			4,080,130			227,460,726			25,203,438

Distributions to Shareholders		(2,769,501	)		(2,471,676	)		(11,461,571	)		—


Fund Shares Transactions
Proceeds from shares sold		3,122,218			13,809,804			738,181,720			115,024,649
Value of shares redeemed		(17,052,937	)		(15,395,512	)		(283,087,229	)		(8,565,224	)

Net increase (decrease) in net assets resulting from fund share transactions		(13,930,719	)		(1,585,708	)		455,094,491			106,459,425

Total net increase (decrease) in Net Assets		(1,687,761	)		22,746			671,093,646			131,662,863

Net Assets
Beginning of period		72,376,605			72,353,859			131,662,913			50

End of period	$	70,688,844		$	72,376,605		$	802,756,559		$	131,662,913


Changes in Shares Outstanding
Shares outstanding, beginning of period		2,600,001			2,700,001			2,000,001			1
Shares sold		100,000			550,000			11,250,000			2,150,000
Shares redeemed		(550,000	)		(650,000	)		(3,800,000	)		(150,000	)

Shares outstanding, end of period		2,150,001			2,600,001			9,450,001			2,000,001


	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF						Xtrackers Russell US Multifactor ETF
	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2021			Year Ended August 31, 2020
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,069,129		$	1,866,796		$	2,521,312		$	3,260,210
Net realized gain (loss)		28,616,974			4,545,372			23,394,468			(1,248,251	)
Net change in net unrealized appreciation (depreciation)		(7,514,529	)		10,910,970			28,283,557			(2,005,958	)

Net increase (decrease) in net assets resulting from operations		22,171,574			17,323,138			54,199,337			6,001

Distributions to Shareholders		(1,304,404	)		(2,168,938	)		(2,600,903	)		(3,463,473	)


Fund Shares Transactions
Proceeds from shares sold		22,826,382			24,136,207			79,876,610			74,739,642
Value of shares redeemed		(104,524,407	)		(49,740,049	)		(75,144,279	)		(124,756,049	)

Net increase (decrease) in net assets resulting from fund share transactions		(81,698,025	)		(25,603,842	)		4,732,331			(50,016,407	)

Total net increase (decrease) in Net Assets		(60,830,855	)		(10,449,642	)		56,330,765			(53,473,879	)

Net Assets
Beginning of year		100,568,121			111,017,763			149,828,997			203,302,876

End of year	$	39,737,266		$	100,568,121		$	206,159,762		$	149,828,997


Changes in Shares Outstanding
Shares outstanding, beginning of year		3,200,001			4,100,001			4,300,001			6,000,001
Shares sold		700,000			900,000			1,950,000			2,250,000
Shares redeemed		(2,950,000	)		(1,800,000	)		(1,800,000	)		(3,950,000	)

Shares outstanding, end of year		950,001			3,200,001			4,450,001			4,300,001


Xtrackers FTSE Developed ex US Multifactor ETF Selected Per Share Data	Years Ended August 31,
	2021			2020			2019			2018			2017
Net Asset Value, beginning of year	$	27.84		$	26.80		$	28.84		$	28.17		$	25.41

Income (loss) from investment operations:
Net investment income (loss)(a)		0.84			0.62			0.83			0.77			0.54
Net realized and unrealized gain (loss)		5.35			1.32			(2.11	)		0.72			3.19

Total from investment operations		6.19			1.94			(1.28	)		1.49			3.73

Less distributions from:
Net investment income		(1.15	)		(0.90	)		(0.76	)		(0.82	)		(0.97	)

Total distributions		(1.15	)		(0.90	)		(0.76	)		(0.82	)		(0.97	)

Net Asset Value, end of year	$	32.88		$	27.84		$	26.80		$	28.84		$	28.17

Total Return (%)		22.69	(b)		7.49	(b)		(4.51	)(b)		5.32			15.16

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		71			72			72			59			15
Ratio of expenses before fee waiver (%)		0.35			0.35			0.35			0.35			0.35
Ratio of expenses after fee waiver (%)		0.24			0.24			0.29			0.35			0.35
Ratio of net investment income (loss) (%)		2.75			2.37			3.05			2.62			2.10
Portfolio turnover rate (%)(c)		53			43			51			45			45

Xtrackers MSCI Kokusai Equity ETF Selected Per Share Data	Year Ended 8/31/2021			Period Ended 8/31/2020(d)
Net Asset Value, beginning of period	$	65.83		$	50.00

Income (loss) from investment operations:
Net investment income (loss)(a)		1.28			0.49
Net realized and unrealized gain (loss)		18.91			15.34

Total from investment operations		20.19			15.83

Less distributions from:
Net investment income		(1.06	)		—
Net realized gains		(0.01	)		—

Total distributions		(1.07	)		—

Net Asset Value, end of period	$	84.95		$	65.83

Total Return (%)(b)		30.87			31.66	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		803			132
Ratio of expenses before fee waiver (%)		0.09			0.09	*
Ratio of expenses after fee waiver (%)		0.09			0.09	*
Ratio of net investment income (loss) (%)		1.73			2.08	*
Portfolio turnover rate (%)(c)		6			7	**


Xtrackers Russell 1000 US Quality at a Reasonable Price ETF Selected Per Share Data	Years Ended August 31,									Period Ended 8/31/2018(a)
	2021			2020			2019			Period Ended 8/31/2018(a)
Net Asset Value, beginning of period	$	31.43		$	27.08		$	27.29		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.52			0.52			0.51			0.21
Net realized and unrealized gain (loss)		10.44			4.42			(0.25	)		2.16

Total from investment operations		10.96			4.94			0.26			2.37

Less distributions from:
Net investment income		(0.56	)		(0.59	)		(0.47	)		(0.08	)

Total distributions		(0.56	)		(0.59	)		(0.47	)		(0.08	)

Net Asset Value, end of period	$	41.83		$	31.43		$	27.08		$	27.29

Total Return (%)		35.25	(c)		18.72	(c)		1.03	(c)		9.52	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		40			101			111			61
Ratio of expenses before fee waiver (%)		0.19			0.19			0.19			0.19	*
Ratio of expenses after fee waiver (%)		0.19			0.19			0.19			0.19	*
Ratio of net investment income (loss) (%)		1.51			1.85			1.93			2.00	*
Portfolio turnover rate (%)(d)		13			22			31			26	**

Xtrackers Russell US Multifactor ETF Selected Per Share Data	Years Ended August 31,
	2021			2020			2019			2018			2017
Net Asset Value, beginning of year	$	34.84		$	33.88		$	33.93		$	29.47		$	26.76

Income (loss) from investment operations:
Net investment income (loss)(b)		0.56			0.62			0.57			0.52			0.51
Net realized and unrealized gain (loss)		11.47			0.96	(e)		(0.09	)		4.44			2.85

Total from investment operations		12.03			1.58			0.48			4.96			3.36

Less distributions from:
Net investment income		(0.54	)		(0.62	)		(0.53	)		(0.50	)		(0.65	)

Total distributions		(0.54	)		(0.62	)		(0.53	)		(0.50	)		(0.65	)

Net Asset Value, end of year	$	46.33		$	34.84		$	33.88		$	33.93		$	29.47

Total Return (%)(c)		34.85			4.93			1.53			16.97			12.75

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		206			150			203			171			100
Ratio of expenses before fee waiver (%)		0.17			0.17			0.17			0.19			0.23
Ratio of expenses after fee waiver (%)		0.17			0.17			0.17			0.18			0.21
Ratio of net investment income (loss) (%)		1.40			1.85			1.77			1.62			1.83
Portfolio turnover rate (%)(d)		39			47			48			45			67


Fund		Underlying Index
Xtrackers FTSE Developed ex US Multifactor ETF*		FTSE Developed ex US Comprehensive Factor Index
Xtrackers MSCI Kokusai Equity ETF		MSCI Kokusai Index
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		Russell 1000 2Qual/Val 5% Capped Factor Index
Xtrackers Russell US Multifactor ETF**		Russell 1000 Comprehensive Factor Index


	Undistributed Ordinary Income*		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)		Total Accumulated Earnings (Losses)
Xtrackers FTSE Developed ex US Multifactor ETF	$	753,053	$	(11,327,048	)	$	13,603,564	$	3,029,569
Xtrackers MSCI Kokusai Equity ETF		2,835,471		—			169,955,533		172,791,004
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		93,484		(3,412,401	)		7,054,480		3,735,563
Xtrackers Russell US Multifactor ETF		468,036		(23,194,781	)		43,928,099		21,201,354


	Year Ended August 31, 2021
	Ordinary Income*		Long Term Capital Gains
Xtrackers FTSE Developed ex US Multifactor ETF	$	2,769,501	$	—
Xtrackers MSCI Kokusai Equity ETF		11,426,407		35,164
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		1,304,404		—
Xtrackers Russell US Multifactor ETF		2,600,903		—


	Short-Term		Long-Term		Total Amount
Xtrackers FTSE Developed ex US Multifactor ETF	$	4,361,472	$	6,965,576	$	11,327,048
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		453,671		2,958,730		3,412,401
Xtrackers Russell US Multifactor ETF		14,999,514		8,195,267		23,194,781


	Distributable earnings (loss)			Paid-In Capital
Xtrackers FTSE Developed ex US Multifactor ETF	$	(4,813,950	)	$	4,813,950
Xtrackers MSCI Kokusai Equity ETF		(67,159,632	)		67,159,632
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		(27,255,407	)		27,255,407
Xtrackers Russell US Multifactor ETF		(23,436,089	)		23,436,089


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers FTSE Developed ex US Multifactor ETF	$	57,709,682	$	13,602,175	$	15,353,361	$	(1,751,186	)
Xtrackers MSCI Kokusai Equity ETF		632,419,518		169,955,856		176,074,827		(6,118,971	)
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		32,465,480		7,054,480		7,649,954		(595,474	)
Xtrackers Russell US Multifactor ETF		162,875,862		43,928,099		45,100,533		(1,172,434	)


Remaining Contractual Maturity of the Agreements, as of August 31, 2021

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers FTSE Developed ex US Multifactor ETF
Common Stocks	$	990,427	$	797	$	—	$	184,356	$	1,175,580

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,175,580

Xtrackers MSCI Kokusai Equity ETF
Common Stocks	$	430,881	$	21,046	$	200,893	$	10,440,729	$	11,093,549

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	11,093,549

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF
Common Stocks	$	18,629	$	1,704	$	32,684	$	754,134	$	807,151

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	807,151

Xtrackers Russell US Multifactor ETF
Common Stocks	$	639,018	$	24,248	$	138,380	$	4,095,186	$	4,896,832

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	4,896,832


		Asset Derivatives			Liability Derivatives
Xtrackers FTSE Developed ex US Multifactor ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	2,691

Xtrackers MSCI Kokusai Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	47,477	Unrealized depreciation on futures contracts*	$	1,393

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	13,743	Unrealized depreciation on futures contracts*	$	—

Xtrackers Russell US Multifactor ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	25,405	Unrealized depreciation on futures contracts*	$	—


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts
Xtrackers FTSE Developed ex US Multifactor ETF	$	113,349
Xtrackers MSCI Kokusai Equity ETF		371,234
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		165,327
Xtrackers Russell US Multifactor ETF		392,378

Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts
Xtrackers FTSE Developed ex US Multifactor ETF	$	(15,911	)
Xtrackers MSCI Kokusai Equity ETF		26,119
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		(58,522	)
Xtrackers Russell US Multifactor ETF		(83,947	)


	Futures Contracts (Contract Value)
Xtrackers FTSE Developed ex US Multifactor ETF	$	375,315
Xtrackers MSCI Kokusai Equity ETF		1,344,255
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		400,865
Xtrackers Russell US Multifactor ETF		919,660


	Unitary Advisory Fee
Xtrackers FTSE Developed ex US Multifactor ETF		0.35	%
Xtrackers MSCI Kokusai Equity ETF		0.09	%
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		0.19	%
Xtrackers Russell US Multifactor ETF		0.17	%


	Expenses Waived
Xtrackers FTSE Developed ex US Multifactor ETF	$	56
Xtrackers MSCI Kokusai Equity ETF		310
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		220
Xtrackers Russell US Multifactor ETF		569


	Purchases		Sales
Xtrackers FTSE Developed ex US Multifactor ETF	$	38,772,012	$	37,422,000
Xtrackers MSCI Kokusai Equity ETF		41,878,214		44,044,943
Xtrackers Russell 1000 US Quality at a Reasonable Price ETF		9,934,610		9,318,438
Xtrackers Russell US Multifactor ETF		69,246,992		68,857,046