DBX ETF TRUST

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To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this semi-annual report on five of our equity ETFs tracking the environmental, social, and governance (ESG) market for the period ended February 28, 2023.

The global economy showed signs of a sustained recovery throughout the period as the equity markets rallied strongly, with slowing inflation numbers from the U.S. and announcements from central banks across the developed world regarding slower rate hikes in their battle against rising prices. In contrast to such announcements, the Bank of Japan surprisingly continued to hold an accommodative stance on monetary policy in its push to solidify the economic recovery, although inflation reached worrying levels. While the Russia-Ukraine war continued, threats of nuclear action by Russia prompted China to announce discussions on potential peace terms between the two warring nations. To the relief of many, concerns of an energy crisis in Europe were also largely abated. China’s resurgence, after dropping its much-debated Zero-COVID policy, propelled another surge in equities. Early in 2023, developing markets continued to rally, although inflation numbers seemed primed to stay resolute in the developed world. In geopolitical developments, tensions between the U.S. and China were reignited after a Chinese spy balloon was shot down in the U.S.

ESG policy faced headwinds in 2022, with ESG-focused investment strategies having a mixed performance during the reporting period. Volatility in the energy sector took its toll. However, as the uncertainty around natural gas and energy waned, sustainability-centered investments picked up pace towards the end of the period. A new global climate pact was agreed upon at the COP27 summit in November 2022; this includes a commitment by richer nations to allocate funds to developing nations to help them recover from economic losses due to the impact of climate change.

Commitments from policymakers for 2023 could fuel investment in sustainable technology and infrastructure for the next decade. The Biden administration passed the landmark Inflation Reduction Act, allocating about USD 369 billion to clean energy and decarbonization projects, as well as clean energy tax credits, aiming to reduce U.S. carbon emissions by around 40% by 2030. The EU also outlined plans under the REPowerEU proposal to source 45% of its energy mix from renewables and save 13% of energy consumption through increased efficiency. At the United Nations COP15 biodiversity conference, negotiators struck an agreement (known as the “30x30” initiative) to safeguard 30% of land and water considered vital for biodiversity by 2030.

We believe 2023 will be a year of tackling uncertainties that can plague the investment environment including inflation rates, interest rate hikes, changing economic growth prospects, and geopolitical developments. Although there is a chance of a recession in 2023, we believe it will be shallow and mild, given the absence of structural imbalances in the economy. However, as demand for better reporting and climate-conscious investing grows, ESG-focused funds should continue to attract investor interest. In this environment, being cognizant of multiple headwinds will be critical in 2023.

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.

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

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 8.

The Xtrackers MSCI EAFE ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. It is not possible to invest directly into an index.

* As a percent of total investments excluding 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 MSCI Emerging Markets ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across emerging markets countries. It is not possible to invest directly into an index.

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

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

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

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 39.

Xtrackers Net Zero Pathway Paris Aligned US 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 Solactive ISS ESG United States Net Zero Pathway Enhanced Index (the “Underlying Index”), which is comprised of large and mid-capitalization companies in the United States that meet certain environmental, social and governance (“ ESG “) criteria.The constituents of the Underlying Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. It is not possible to invest directly into an index.

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

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2022 to February 28, 2023).

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

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

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

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


	Number of Shares		Value
COMMON STOCKS — 97.8%
Brazil — 3.0%
Ambev SA		457,429	$	1,173,209
Atacadao SA		56,149		144,656
B3 SA — Brasil Bolsa Balcao		613,959		1,240,689
Banco Bradesco SA		158,213		352,750
Banco BTG Pactual SA		136,658		528,759
Banco do Brasil SA		89,536		691,153
Banco Santander Brasil SA		38,745		210,249
BB Seguridade Participacoes SA		70,636		462,861
BRF SA*		42,849		50,558
Caixa Seguridade Participacoes S/A		48,444		78,595
CCR SA		119,806		252,201
Centrais Eletricas Brasileiras SA		73,563		483,591
Cia de Saneamento Basico do Estado de Sao Paulo		21,059		208,747
Cia Energetica de Minas Gerais		25,731		76,394
Cia Siderurgica Nacional SA		29,795		95,137
CPFL Energia SA		2,429		14,093
CSN Mineracao SA		26,255		23,435
Diagnosticos da America SA		11,195		19,814
Energisa SA		19,907		147,528
Engie Brasil Energia SA		18,815		141,562
Equatorial Energia SA		40,610		197,811
Hapvida Participacoes e Investimentos SA, 144A*		301,047		258,912
Hypera SA		42,276		337,272
Itau Unibanco Holding SA		46,529		193,577
Klabin SA		50,093		186,720
Localiza Rent a Car SA*		184		1,868
Localiza Rent a Car SA		51,713		549,649
Lojas Renner SA		102,598		366,513
Magazine Luiza SA*		205,832		141,540
Multiplan Empreendimentos Imobiliarios SA		17,634		85,017
Natura & Co. Holding SA		92,809		272,345
Neoenergia SA		20,444		55,097
NU Holdings Ltd., Class A*		167,030		841,831
Pagseguro Digital Ltd., Class A*		15,628		135,495
Porto Seguro SA		13,880		70,374
Raia Drogasil SA		119,800		520,441
Rede D’Or Sao Luiz SA, 144A		114,454		560,136
Rumo SA		127,462		438,489
Sendas Distribuidora SA		66,496		231,049
StoneCo Ltd., Class A*		28,887		245,828
Suzano SA		51,259		468,731
Telefonica Brasil SA		45,178		336,972
TIM SA		85,684		201,216
TOTVS SA		45,231		236,435
WEG SA		92,985		697,472
XP, Inc., Series BDR*		8,545		105,243
XP, Inc., Class A* (a)		18,980		235,732

(Cost $17,585,422)				14,367,746

Chile — 0.4%
Banco de Chile		4,429,284		457,645
Banco de Credito e Inversiones SA		7,264		226,033
Banco Santander Chile		6,993,460		294,830


	Number of Shares		Value
Chile (Continued)
Cencosud SA		139,513	$	262,317
Cia Sud Americana de Vapores SA		1,454,900		139,836
Empresas CMPC SA		60,284		99,608
Enel Americas SA		1,233,149		152,672
Enel Chile SA		856,873		38,389
Falabella SA		56,143		122,904

(Cost $1,846,344)				1,794,234

China — 29.7%
360 Security Technology, Inc., Class A		33,054		51,304
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		9,736		30,769
Advanced Micro-Fabrication Equipment Inc China, Class A*		2,121		32,128
AECC Aero-Engine Control Co. Ltd., Class A		7,000		25,496
Agricultural Bank of China Ltd., Class A		554,839		233,853
Agricultural Bank of China Ltd., Class H		3,196,035		1,107,486
Aier Eye Hospital Group Co. Ltd., Class A		31,520		141,692
Air China Ltd., Class A*		17,096		27,322
Air China Ltd., Class H*		69,821		64,311
Airtac International Group		7,969		281,156
Alibaba Group Holding Ltd., ADR*		115,180		10,111,652
Aluminum Corp. of China Ltd., Class H		66,329		33,800
Amlogic Shanghai Co. Ltd., Class A*		2,722		31,172
Angang Steel Co. Ltd., Class A		34,600		15,081
Angang Steel Co. Ltd., Class H		35,410		11,594
Angel Yeast Co. Ltd., Class A		6,112		35,555
Anhui Conch Cement Co. Ltd., Class H		25,168		92,342
Anjoy Foods Group Co. Ltd., Class A		1,900		44,681
ANTA Sports Products Ltd.		76,332		1,005,507
Apeloa Pharmaceutical Co. Ltd., Class A		6,900		23,812
Asymchem Laboratories Tianjin Co. Ltd., Class A		1,452		29,912
Asymchem Laboratories Tianjin Co. Ltd., Class H, 144A		2,040		27,418
Autohome, Inc., ADR		7,101		216,580
Avary Holding Shenzhen Co. Ltd., Class A		4,836		19,784
AVIC Industry-Finance Holdings Co. Ltd., Class A		47,600		29,786
Baidu, Inc., ADR*		29,384		4,045,883
Bank of Beijing Co. Ltd., Class A		91,802		57,181
Bank of Chengdu Co. Ltd., Class A		16,300		33,694
Bank of China Ltd., Class A		149,013		69,237
Bank of China Ltd., Class H		5,194,572		1,905,901
Bank of Communications Co. Ltd., Class A		259,714		183,063
Bank of Communications Co. Ltd., Class H		757,242		447,621
Bank of Hangzhou Co. Ltd., Class A		35,743		62,368
Bank of Jiangsu Co. Ltd., Class A		62,276		64,411
Bank of Nanjing Co. Ltd., Class A		52,895		75,405
Bank of Ningbo Co. Ltd., Class A		25,655		109,016
Bank of Shanghai Co. Ltd., Class A		65,639		56,464
Bank of Zhengzhou Co. Ltd., Class A*		73,100		25,237
Baoshan Iron & Steel Co. Ltd., Class A		7,256		6,868

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


	Number of Shares		Value
China (Continued)
BBMG Corp., Class A		45,480	$	17,075
Beijing Dabeinong Technology Group Co. Ltd., Class A*		19,038		22,566
Beijing Easpring Material Technology Co. Ltd., Class A		2,700		23,207
Beijing Enlight Media Co. Ltd., Class A		20,500		22,412
Beijing Kingsoft Office Software, Inc., Class A		2,364		98,958
Beijing New Building Materials PLC, Class A		8,000		34,628
Beijing Shiji Information Technology Co. Ltd., Class A		8,680		20,752
Beijing Tongrentang Co. Ltd., Class A		6,200		43,666
Beijing United Information Technology Co. Ltd., Class A		3,290		38,235
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		984		17,948
Bethel Automotive Safety Systems Co. Ltd., Class A		2,700		28,469
Betta Pharmaceuticals Co. Ltd., Class A		2,800		23,486
BGI Genomics Co. Ltd., Class A		3,200		25,626
Bilibili, Inc., ADR* (a)		21,876		422,207
Bloomage Biotechnology Corp. Ltd., Class A		518		9,448
Blue Moon Group Holdings Ltd., 144A		121,938		73,323
BOC International China Co. Ltd., Class A		14,455		23,621
BOE Technology Group Co. Ltd., Class A		51,887		31,125
BYD Co. Ltd., Class A		6,878		258,035
BYD Co. Ltd., Class H		57,551		1,548,477
By-health Co. Ltd., Class A		4,800		15,853
Caitong Securities Co. Ltd., Class A		27,800		30,832
CanSino Biologics, Inc., Class H, 144A		4,744		36,020
CECEP Wind-Power Corp., Class A		44,100		25,121
CETC Cyberspace Security Technology Co. Ltd., Class A		5,300		23,901
CGN Power Co. Ltd., Class A		122,190		47,985
CGN Power Co. Ltd., Class H, 144A		1,028,586		230,628
Changchun High & New Technology Industry Group, Inc., Class A		1,512		42,911
Changjiang Securities Co. Ltd., Class A		29,600		24,100
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		1,412		30,670
Chaozhou Three-Circle Group Co. Ltd., Class A		11,300		51,788
Chengxin Lithium Group Co. Ltd., Class A		5,100		27,878
China Baoan Group Co. Ltd., Class A		13,549		24,947
China Bohai Bank Co. Ltd., Class H, 144A		245,802		49,477
China Cinda Asset Management Co. Ltd., Class H		529,076		68,751
China CITIC Bank Corp. Ltd., Class A		34,100		24,134
China CITIC Bank Corp. Ltd., Class H		641,557		296,688
China Conch Venture Holdings Ltd.		94,009		189,228
China Construction Bank Corp., Class A		59,021		47,884
China Construction Bank Corp., Class H		9,617,325		5,881,032
China Eastern Airlines Corp. Ltd., Class A*		11,908		9,301


	Number of Shares		Value
China (Continued)
China Eastern Airlines Corp. Ltd., Class H* (a)		105,864	$	42,888
China Everbright Bank Co. Ltd., Class A		169,415		72,623
China Everbright Bank Co. Ltd., Class H		466,999		134,457
China Evergrande Group* (b)		185,090		0
China Feihe Ltd., 144A		148,909		119,135
China Galaxy Securities Co. Ltd., Class A		18,000		24,909
China Galaxy Securities Co. Ltd., Class H		243,905		121,494
China Great Wall Securities Co. Ltd., Class A		33,500		41,925
China Greatwall Technology Group Co. Ltd., Class A		13,749		25,751
China Hongqiao Group Ltd.		130,495		139,481
China International Capital Corp. Ltd., Class A		10,188		61,421
China International Capital Corp. Ltd., Class H, 144A		174,169		374,543
China Jushi Co. Ltd., Class A		19,600		42,715
China Lesso Group Holdings Ltd.		71,198		75,012
China Life Insurance Co. Ltd., Class A		13,829		71,157
China Life Insurance Co. Ltd., Class H		771,877		1,307,849
China Literature Ltd., 144A*		37,988		162,367
China Merchants Bank Co. Ltd., Class A		128,460		689,449
China Merchants Bank Co. Ltd., Class H		427,272		2,313,403
China Merchants Securities Co. Ltd., Class A		55,344		111,298
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		34,643		73,904
China Minsheng Banking Corp. Ltd., Class A		143,963		70,618
China Minsheng Banking Corp. Ltd., Class H (a)		449,954		155,344
China National Chemical Engineering Co. Ltd., Class A		10,701		13,885
China National Nuclear Power Co. Ltd., Class A		109,672		95,604
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		2,854		11,926
China Pacific Insurance Group Co. Ltd., Class A		29,460		117,048
China Pacific Insurance Group Co. Ltd., Class H		156,129		413,718
China Railway Group Ltd., Class A		43,224		37,555
China Railway Group Ltd., Class H		212,390		110,666
China Railway Signal & Communication Corp. Ltd., Class A		35,744		26,274
China Rare Earth Resources And Technology Co. Ltd., Class A*		5,900		34,237
China Resources Microelectronics Ltd., Class A		6,121		47,715
China Resources Mixc Lifestyle Services Ltd., 144A		45,989		251,930
China Resources Pharmaceutical Group Ltd., 144A		96,281		79,115
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		4,300		31,503
China Southern Airlines Co. Ltd., Class A*		22,000		25,001

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


	Number of Shares		Value
China (Continued)
China Southern Airlines Co. Ltd., Class H* (a)		80,834	$	58,904
China State Construction Engineering Corp. Ltd., Class A		142,259		115,007
China Three Gorges Renewables Group Co. Ltd., Class A		151,000		121,422
China Tower Corp. Ltd., Class H, 144A		3,000,181		324,881
China United Network Communications Ltd., Class A		198,767		150,969
China Vanke Co. Ltd., Class A		24,452		60,288
China Vanke Co. Ltd., Class H		83,774		146,214
China Yangtze Power Co. Ltd., Class A		169,618		516,293
China Zhenhua Group Science & Technology Co. Ltd., Class A		3,284		49,130
China Zheshang Bank Co. Ltd., Class A*		90,700		38,098
Chongqing Brewery Co. Ltd., Class A		3,100		61,294
Chongqing Changan Automobile Co. Ltd., Class A		12,870		24,845
Chongqing Changan Automobile Co. Ltd., Class B		50,800		24,593
Chongqing Rural Commercial Bank Co. Ltd., Class A		48,100		25,047
Chongqing Rural Commercial Bank Co. Ltd., Class H		163,645		56,498
Chongqing Zhifei Biological Products Co. Ltd., Class A		7,540		97,248
CITIC Securities Co. Ltd., Class A		71,246		211,636
CITIC Securities Co. Ltd., Class H		237,651		503,186
CMOC Group Ltd., Class A		33,700		28,602
CMOC Group Ltd., Class H		121,368		68,187
CNGR Advanced Material Co. Ltd., Class A		2,900		29,373
Contemporary Amperex Technology Co. Ltd., Class A		14,656		851,527
COSCO SHIPPING Holdings Co. Ltd., Class A		36,076		55,943
COSCO SHIPPING Holdings Co. Ltd., Class H		169,655		175,934
Country Garden Holdings Co. Ltd. (a)		822,932		251,613
Country Garden Services Holdings Co. Ltd.		223,570		414,129
CRRC Corp. Ltd., Class A		36,300		29,764
CRRC Corp. Ltd., Class H		204,213		93,398
CSC Financial Co. Ltd., Class A		14,300		55,088
CSC Financial Co. Ltd., Class H, 144A		57,366		56,347
Dali Foods Group Co. Ltd., 144A		140,667		56,808
DaShenLin Pharmaceutical Group Co. Ltd., Class A		5,739		31,866
DHC Software Co. Ltd., Class A		28,000		26,503
Do-Fluoride New Materials Co. Ltd., Class A		4,800		25,202
Dong-E-E-Jiao Co. Ltd., Class A		5,400		37,154
Dongfeng Motor Group Co. Ltd., Class H		165,315		84,453
Dongxing Securities Co. Ltd., Class A		22,800		28,173
East Money Information Co. Ltd., Class A		43,056		129,570
Eastroc Beverage Group Co. Ltd., Class A		1,800		53,073


	Number of Shares		Value
China (Continued)
Ecovacs Robotics Co. Ltd., Class A		1,965	$	25,556
Eve Energy Co. Ltd., Class A		6,482		67,788
Everbright Securities Co. Ltd., Class A		32,088		72,192
Evergrande Property Services Group Ltd., 144A* (b)		362,957		0
Fangda Carbon New Material Co. Ltd., Class A*		29,300		28,197
First Capital Securities Co. Ltd., Class A		28,400		24,471
Flat Glass Group Co. Ltd., Class A		9,482		47,126
Flat Glass Group Co. Ltd., Class H		59,696		157,805
Focus Media Information Technology Co. Ltd., Class A		60,942		57,333
Foshan Haitian Flavouring & Food Co. Ltd., Class A		9,259		109,456
Foxconn Industrial Internet Co. Ltd., Class A		26,457		36,536
Fujian Sunner Development Co. Ltd., Class A		8,260		29,515
Fuyao Glass Industry Group Co. Ltd., Class A		7,431		39,626
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		36,813		164,848
Ganfeng Lithium Group Co. Ltd., Class A		7,847		81,724
Ganfeng Lithium Group Co. Ltd., Class H, 144A		23,236		161,922
G-bits Network Technology Xiamen Co. Ltd., Class A		500		25,389
GDS Holdings Ltd., ADR* (a)		21,565		415,126
GEM Co. Ltd., Class A		26,341		29,896
Gemdale Corp., Class A		13,396		18,634
Genscript Biotech Corp.*		108,205		295,687
GF Securities Co. Ltd., Class A		40,163		94,346
GF Securities Co. Ltd., Class H		125,137		177,594
GigaDevice Semiconductor, Inc., Class A		3,204		48,343
Ginlong Technologies Co. Ltd., Class A*		2,000		45,681
GoerTek, Inc., Class A		10,488		32,512
Gotion High-tech Co. Ltd., Class A		2,119		9,013
Great Wall Motor Co. Ltd., Class A		7,101		35,231
Great Wall Motor Co. Ltd., Class H		98,812		130,919
Gree Electric Appliances, Inc. of Zhuhai, Class A		14,070		71,891
Greentown China Holdings Ltd.		38,013		51,914
Guangdong Haid Group Co. Ltd., Class A		3,270		29,879
Guangdong Kinlong Hardware Products Co. Ltd., Class A		1,171		16,196
Guangzhou Automobile Group Co. Ltd., Class H		87,485		55,726
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		7,832		35,568
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		27,363		80,526
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		2,871		34,807
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		4,300		42,519
Guangzhou Tinci Materials Technology Co. Ltd., Class A		11,210		72,549

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


	Number of Shares		Value
China (Continued)
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		25,700	$	24,289
Guosen Securities Co. Ltd., Class A		21,556		29,954
Guotai Junan Securities Co. Ltd., Class A		33,191		68,228
Guotai Junan Securities Co. Ltd., Class H, 144A		61,314		72,644
Guoyuan Securities Co. Ltd., Class A		22,400		22,717
H World Group Ltd., ADR		10,574		500,890
Haidilao International Holding Ltd., 144A*		94,340		260,804
Haier Smart Home Co. Ltd., Class A		23,907		90,480
Haier Smart Home Co. Ltd., Class H		141,147		498,991
Haitong Securities Co. Ltd., Class A		49,036		64,542
Haitong Securities Co. Ltd., Class H		197,837		127,279
Hangzhou First Applied Material Co. Ltd., Class A		11,644		115,055
Hangzhou Lion Electronics Co. Ltd., Class A		3,800		24,380
Hangzhou Oxygen Plant Group Co. Ltd., Class A		5,300		29,734
Hangzhou Robam Appliances Co. Ltd., Class A		4,600		20,374
Hangzhou Silan Microelectronics Co. Ltd., Class A		9,789		47,469
Hangzhou Tigermed Consulting Co. Ltd., Class A		2,805		46,588
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		7,661		87,888
Hansoh Pharmaceutical Group Co. Ltd., 144A		114,879		206,356
Henan Shuanghui Investment & Development Co. Ltd., Class A		7,800		29,711
Hengan International Group Co. Ltd.		36,388		167,349
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		9,500		29,737
Hengtong Optic-electric Co. Ltd., Class A		11,400		24,156
Hithink RoyalFlush Information Network Co. Ltd., Class A		1,442		24,581
Hoshine Silicon Industry Co. Ltd., Class A		3,100		43,697
Hua Hong Semiconductor Ltd., 144A*		60,442		231,388
Huadong Medicine Co. Ltd., Class A		6,850		47,347
Huafon Chemical Co. Ltd., Class A		11,000		12,912
Hualan Biological Engineering, Inc., Class A		8,100		25,855
Huaneng Lancang River Hydropower, Inc., Class A		38,942		39,773
Huatai Securities Co. Ltd., Class A		35,679		64,668
Huatai Securities Co. Ltd., Class H, 144A		85,391		96,057
Huaxi Securities Co. Ltd., Class A		20,900		24,863
Huaxia Bank Co. Ltd., Class A		54,452		40,888
Huayu Automotive Systems Co. Ltd., Class A		11,706		31,826
Huizhou Desay Sv Automotive Co. Ltd., Class A		3,670		60,221
Humanwell Healthcare Group Co. Ltd., Class A		7,800		29,936


	Number of Shares		Value
China (Continued)
Hundsun Technologies, Inc., Class A		8,183	$	52,264
Iflytek Co. Ltd., Class A		12,131		84,355
Imeik Technology Development Co. Ltd., Class A		1,200		101,580
Industrial & Commercial Bank of China Ltd., Class A		381,492		235,973
Industrial & Commercial Bank of China Ltd., Class H		8,103,037		4,046,615
Industrial Bank Co. Ltd., Class A		80,490		195,792
Industrial Securities Co. Ltd., Class A		36,516		33,776
Ingenic Semiconductor Co. Ltd., Class A		1,680		18,294
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		22,218		97,352
Innovent Biologics, Inc., 144A*		90,031		436,994
Inspur Electronic Information Industry Co. Ltd., Class A		7,671		43,035
iQIYI, Inc., ADR*		19,133		147,898
JA Solar Technology Co. Ltd., Class A		15,694		137,983
Jafron Biomedical Co. Ltd., Class A		5,198		24,234
Jason Furniture Hangzhou Co. Ltd., Class A		4,100		27,785
JCET Group Co. Ltd., Class A		8,792		35,589
JD Health International, Inc., 144A*		38,525		268,711
JD Logistics, Inc., 144A*		114,697		204,568
JD.com, Inc., ADR		65,116		2,893,755
JD.com, Inc., Class A		16,948		375,039
Jiangsu Eastern Shenghong Co. Ltd., Class A		23,742		53,039
Jiangsu Hengli Hydraulic Co. Ltd., Class A		3,900		38,676
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		25,012		156,512
Jiangsu Yangnong Chemical Co. Ltd., Class A		2,600		40,146
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		5,500		24,962
Jiangsu Zhongtian Technology Co. Ltd., Class A		4,325		9,992
Jiangxi Copper Co. Ltd., Class H		26,927		42,400
Jiangxi Special Electric Motor Co. Ltd., Class A*		9,000		23,174
Joinn Laboratories China Co. Ltd., Class A		2,800		23,663
Joinn Laboratories China Co. Ltd., Class H, 144A		7,278		31,525
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		5,489		30,091
Juewei Food Co. Ltd., Class A		3,700		27,890
Juneyao Airlines Co. Ltd., Class A*		11,100		28,709
KE Holdings, Inc., ADR*		38,174		696,676
Keda Industrial Group Co. Ltd., Class A		11,000		25,935
Kingdee International Software Group Co. Ltd.*		289,361		538,946
Kingsoft Corp. Ltd.		88,406		291,139
Kuaishou Technology, 144A*		77,417		517,790
Kuang-Chi Technologies Co. Ltd., Class A		9,700		24,432

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


	Number of Shares		Value
China (Continued)
LB Group Co. Ltd., Class A		7,201	$	22,696
Lenovo Group Ltd.		869,832		780,128
Lens Technology Co. Ltd., Class A		11,938		21,895
Lepu Medical Technology Beijing Co. Ltd., Class A		7,400		24,994
Li Auto, Inc., ADR*		57,428		1,355,875
Li Ning Co. Ltd.		146,823		1,248,543
Liaoning Port Co. Ltd., Class A		106,100		24,725
Livzon Pharmaceutical Group, Inc., Class A		5,000		25,756
Longfor Group Holdings Ltd., 144A		130,694		372,960
LONGi Green Energy Technology Co. Ltd., Class A		59,333		377,590
Lufax Holding Ltd., ADR		190,712		411,938
Luxshare Precision Industry Co. Ltd., Class A		29,353		126,419
Mango Excellent Media Co. Ltd., Class A		7,960		38,382
Maxscend Microelectronics Co. Ltd., Class A		2,174		36,683
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		26,100		24,667
Meituan, Class B, 144A*		506,035		8,773,981
Metallurgical Corp. of China Ltd., Class A		56,242		27,588
Metallurgical Corp. of China Ltd., Class H		220,909		48,125
Microport Scientific Corp.*		45,063		127,447
Ming Yang Smart Energy Group Ltd., Class A		11,834		43,222
Montage Technology Co. Ltd., Class A		6,436		53,484
Muyuan Foods Co. Ltd., Class A		15,550		110,814
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		15,500		38,506
NARI Technology Co. Ltd., Class A		26,736		100,957
NAURA Technology Group Co. Ltd., Class A		2,163		72,575
NavInfo Co. Ltd., Class A		11,031		20,692
NetEase, Inc., ADR (a)		24,025		1,865,301
New China Life Insurance Co. Ltd., Class A		9,680		43,403
New China Life Insurance Co. Ltd., Class H		58,721		142,136
New Hope Liuhe Co. Ltd., Class A*		10,878		20,655
New Oriental Education & Technology Group, Inc., ADR*		10,320		399,590
Ninestar Corp., Class A		7,759		60,249
Ningbo Deye Technology Co. Ltd., Class A		1,300		61,880
Ningbo Orient Wires & Cables Co. Ltd., Class A		3,000		23,735
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		2,814		29,198
Ningbo Shanshan Co. Ltd., Class A		13,500		34,703
Ningbo Tuopu Group Co. Ltd., Class A		3,500		33,733
Ningbo Zhoushan Port Co. Ltd., Class A		77,800		40,737
NIO, Inc., ADR*		159,074		1,493,705
Nongfu Spring Co. Ltd., Class H, 144A (a)		109,970		616,432
Offcn Education Technology Co. Ltd., Class A*		26,339		21,634


	Number of Shares		Value
China (Continued)
Oppein Home Group, Inc., Class A		2,766	$	56,341
Orient Securities Co. Ltd., Class A		23,380		34,305
Orient Securities Co. Ltd., Class H, 144A		82,219		45,459
Ovctek China, Inc., Class A		3,677		18,222
PDD Holdings, Inc., ADR*		52,666		4,620,388
People’s Insurance Co. Group of China Ltd., Class A		71,904		53,992
People’s Insurance Co. Group of China Ltd., Class H		901,113		284,701
Perfect World Co. Ltd., Class A		12,100		24,786
Pharmaron Beijing Co. Ltd., Class A		5,505		47,331
Pharmaron Beijing Co. Ltd., Class H, 144A		20,608		115,255
PICC Property & Casualty Co. Ltd., Class H		443,475		389,266
Ping An Bank Co. Ltd., Class A		81,233		161,024
Ping An Insurance Group Co. of China Ltd., Class A		69,167		479,573
Ping An Insurance Group Co. of China Ltd., Class H		646,524		4,390,054
Poly Developments and Holdings Group Co. Ltd., Class A		32,388		70,304
Poly Property Services Co. Ltd., Class H		10,741		65,066
Pop Mart International Group Ltd., 144A (a)		18,980		52,712
Postal Savings Bank of China Co. Ltd., Class A		173,473		112,792
Postal Savings Bank of China Co. Ltd., Class H, 144A		1,336,192		801,766
Proya Cosmetics Co. Ltd., Class A		1,000		26,253
Pylon Technologies Co. Ltd., Class A		839		32,345
Qinghai Salt Lake Industry Co. Ltd., Class A*		28,100		100,246
Remegen Co. Ltd., Class H, 144A*		11,366		74,427
Rockchip Electronics Co. Ltd., Class A		2,300		27,891
SAIC Motor Corp. Ltd., Class A		6,388		13,811
Sangfor Technologies, Inc., Class A		2,112		43,390
Sany Heavy Industry Co. Ltd., Class A		30,512		82,209
Satellite Chemical Co. Ltd., Class A		14,949		37,439
Seazen Holdings Co. Ltd., Class A*		10,115		28,431
SF Holding Co. Ltd., Class A		17,931		139,105
SG Micro Corp., Class A		1,209		27,320
Shandong Gold Mining Co. Ltd., Class A		13,900		37,951
Shandong Gold Mining Co. Ltd., Class H, 144A		49,319		84,445
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		10,250		53,272
Shandong Linglong Tyre Co. Ltd., Class A		4,844		15,699
Shandong Nanshan Aluminum Co. Ltd., Class A		6,684		3,471
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		149,410		240,975
Shanghai Baosight Software Co. Ltd., Class A		7,347		52,304
Shanghai Baosight Software Co. Ltd., Class B		31,434		102,475

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


	Number of Shares		Value
China (Continued)
Shanghai Electric Group Co. Ltd., Class H*		153,725	$	35,643
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		13,471		65,304
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		48,230		141,013
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		860		26,019
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		2,507		25,955
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		25,376		104,097
Shanghai International Airport Co. Ltd., Class A*		10,084		85,062
Shanghai International Port Group Co. Ltd., Class A		42,100		32,218
Shanghai Jinjiang International Hotels Co. Ltd., Class A		5,632		50,230
Shanghai Junshi Biosciences Co. Ltd., Class A*		4,474		33,981
Shanghai Junshi Biosciences Co. Ltd., Class H, 144A*		11,583		46,187
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		65,381		50,997
Shanghai M&G Stationery, Inc., Class A		4,400		34,293
Shanghai Medicilon, Inc., Class A		744		20,233
Shanghai MicroPort MedBot Group Co. Ltd.*		19,404		71,688
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		6,300		17,908
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		47,085		83,019
Shanghai Pudong Development Bank Co. Ltd., Class A		185,361		191,448
Shanghai Putailai New Energy Technology Co. Ltd., Class A		3,732		26,998
Shanghai RAAS Blood Products Co. Ltd., Class A		27,100		24,170
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		18,885		21,298
Shengyi Technology Co. Ltd., Class A		11,100		28,949
Shennan Circuits Co. Ltd., Class A		2,600		29,868
Shenwan Hongyuan Group Co. Ltd., Class A		74,927		45,484
Shenzhen Capchem Technology Co. Ltd., Class A		3,357		22,431
Shenzhen Dynanonic Co. Ltd., Class A		900		29,316
Shenzhen Inovance Technology Co. Ltd., Class A		8,818		92,979
Shenzhen Kangtai Biological Products Co. Ltd., Class A		8,224		41,063
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		7,791		351,933
Shenzhen Overseas Chinese Town Co. Ltd., Class A		67,864		51,837
Shenzhen SC New Energy Technology Corp., Class A		1,900		35,285


	Number of Shares		Value
China (Continued)
Shenzhen Transsion Holdings Co. Ltd., Class A		3,965	$	46,017
Shenzhou International Group Holdings Ltd.		49,621		541,757
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		9,800		42,320
Sichuan Chuantou Energy Co. Ltd., Class A		27,600		51,534
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		5,800		24,087
Sichuan Road & Bridge Group Co. Ltd., Class A		16,552		30,263
Sichuan Swellfun Co. Ltd., Class A		3,800		45,261
Sichuan Yahua Industrial Group Co. Ltd., Class A		7,000		24,670
Sinoma Science & Technology Co. Ltd., Class A		5,182		17,182
Sinomine Resource Group Co. Ltd., Class A		3,000		32,371
Sinopharm Group Co. Ltd., Class H		80,342		214,941
Sinotrans Ltd., Class H		68,376		20,906
Skshu Paint Co. Ltd., Class A*		1,500		26,413
Songcheng Performance Development Co. Ltd., Class A		11,400		25,746
SooChow Securities Co. Ltd., Class A		31,000		31,394
StarPower Semiconductor Ltd., Class A		1,000		42,437
Sunac China Holdings Ltd.* (b)		230,518		0
Sungrow Power Supply Co. Ltd., Class A		5,689		97,876
Sunny Optical Technology Group Co. Ltd.		42,016		476,390
Sunwoda Electronic Co. Ltd., Class A		10,172		31,635
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		8,700		36,544
Suzhou Maxwell Technologies Co. Ltd., Class A		690		36,440
Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A		3,200		26,468
TCL Technology Group Corp., Class A		24,568		15,691
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		24,262		152,342
Tencent Holdings Ltd.		635,310		27,809,735
Tencent Music Entertainment Group, ADR*		71,771		541,153
Thunder Software Technology Co. Ltd., Class A		2,871		39,482
Tianqi Lithium Corp., Class A*		5,700		67,227
Tianqi Lithium Corp., Class H*		6,629		47,124
Tingyi Cayman Islands Holding Corp.		68,291		110,317
Toly Bread Co. Ltd., Class A		10,700		27,121
Tongcheng Travel Holdings Ltd.*		91,194		180,773
Tongwei Co. Ltd., Class A		18,550		111,806
Topchoice Medical Corp., Class A*		1,965		41,283
Topsports International Holdings Ltd., 144A		161,124		140,608
TravelSky Technology Ltd., Class H		98,588		194,425
Trina Solar Co. Ltd., Class A		7,039		62,475
Trip.com Group Ltd., ADR*		66,523		2,364,893

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


	Number of Shares		Value
China (Continued)
Unigroup Guoxin Microelectronics Co. Ltd., Class A		3,428	$	54,687
Uni-President China Holdings Ltd.		78,694		68,974
Unisplendour Corp. Ltd., Class A		7,300		26,673
Universal Scientific Industrial Shanghai Co. Ltd., Class A		8,200		18,684
Vipshop Holdings Ltd., ADR*		35,883		534,298
Walvax Biotechnology Co. Ltd., Class A		6,070		33,416
Wanhua Chemical Group Co. Ltd., Class A		12,131		181,938
Want Want China Holdings Ltd.		261,042		164,284
Weibo Corp., ADR*		8,866		183,349
Weichai Power Co. Ltd., Class A		29,288		52,411
Weichai Power Co. Ltd., Class H		122,393		181,496
Weihai Guangwei Composites Co. Ltd., Class A		3,300		31,639
Wens Foodstuffs Group Co. Ltd., Class A		15,686		44,655
Western Mining Co. Ltd., Class A		14,800		24,441
Western Securities Co. Ltd., Class A		44,956		42,876
Western Superconducting Technologies Co. Ltd., Class A		2,657		34,674
Will Semiconductor Co. Ltd., Class A		4,218		52,151
Wingtech Technology Co. Ltd., Class A		4,901		37,979
WUS Printed Circuit Kunshan Co. Ltd., Class A		13,600		32,084
WuXi AppTec Co. Ltd., Class A		16,850		200,405
WuXi AppTec Co. Ltd., Class H, 144A		37,321		397,244
Wuxi Biologics Cayman, Inc., 144A*		369,527		2,575,085
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		5,500		34,416
Wuxi Shangji Automation Co. Ltd., Class A		1,900		30,357
Xiamen C & D, Inc., Class A		24,800		47,091
Xiamen Faratronic Co. Ltd., Class A		1,400		30,690
Xiaomi Corp., Class B, 144A*		914,446		1,381,659
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		27,287		44,591
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		100,138		90,194
Xinyi Solar Holdings Ltd.		517,881		552,881
XPeng, Inc., ADR* (a)		69,154		616,854
Yadea Group Holdings Ltd., 144A		93,620		200,610
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		3,400		26,778
Yealink Network Technology Corp. Ltd., Class A		4,533		43,461
Yifeng Pharmacy Chain Co. Ltd., Class A		3,395		29,546
Yihai Kerry Arawana Holdings Co. Ltd., Class A		7,184		47,547
Yintai Gold Co. Ltd., Class A		15,400		25,697
YongXing Special Materials Technology Co. Ltd., Class A		1,600		21,138
Yonyou Network Technology Co. Ltd., Class A		20,100		67,311
YTO Express Group Co. Ltd., Class A		14,655		38,262
Yunda Holding Co. Ltd., Class A		8,618		15,819
Yunnan Aluminium Co. Ltd., Class A		18,868		36,207


	Number of Shares		Value
China (Continued)
Yunnan Baiyao Group Co. Ltd., Class A		7,847	$	64,228
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		2,000		39,846
Yunnan Energy New Material Co. Ltd., Class A		4,177		75,504
Yunnan Tin Co. Ltd., Class A		1,600		3,565
Zai Lab Ltd., ADR*		5,246		194,889
Zangge Mining Co. Ltd., Class A		9,300		37,338
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		2,356		104,632
Zhejiang Century Huatong Group Co. Ltd., Class A*		34,986		22,144
Zhejiang Chint Electrics Co. Ltd., Class A		14,554		62,808
Zhejiang Dahua Technology Co. Ltd., Class A		19,868		41,441
Zhejiang Dingli Machinery Co. Ltd., Class A		2,700		22,740
Zhejiang Expressway Co. Ltd., Class H		101,490		81,844
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		9,900		29,536
Zhejiang Huayou Cobalt Co. Ltd., Class A		3,273		27,825
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		6,575		64,883
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		4,030		22,835
Zhejiang Juhua Co. Ltd., Class A		18,500		50,137
Zhejiang NHU Co. Ltd., Class A		13,516		36,883
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		13,700		50,352
Zhejiang Supcon Technology Co. Ltd., Class A		1,822		25,685
Zhejiang Supor Co. Ltd., Class A		2,900		23,749
Zhejiang Weiming Environment Protection Co. Ltd., Class A		9,700		27,363
Zhejiang Weixing New Building Materials Co. Ltd., Class A		9,000		33,247
Zheshang Securities Co. Ltd., Class A		16,722		24,824
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		100,762		289,469
Zhongji Innolight Co. Ltd., Class A		2,800		14,299
Zhongsheng Group Holdings Ltd.		30,982		154,525
Zhongtai Securities Co. Ltd., Class A		38,900		39,002
Zhuzhou CRRC Times Electric Co. Ltd.		30,023		136,738
Zhuzhou CRRC Times Electric Co. Ltd., Class A		2,832		21,082
Zhuzhou Kibing Group Co. Ltd., Class A		10,180		16,035
Zijin Mining Group Co. Ltd., Class A		72,952		119,738
Zijin Mining Group Co. Ltd., Class H		351,324		529,929
ZTE Corp., Class A		18,512		85,853
ZTE Corp., Class H		50,211		149,043
ZTO Express Cayman, Inc., ADR		29,561		711,238

(Cost $195,604,537)				141,710,415

Colombia — 0.1%
Bancolombia SA		24,943		184,937
Ecopetrol SA		95,129		53,007

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


	Number of Shares		Value
Colombia (Continued)
Interconexion Electrica SA ESP		26,185	$	93,071

(Cost $409,271)				331,015

Cyprus — 0.0%
Polymetal International PLC* (b) (Cost $548,412)		28,889		0

Czech Republic — 0.2%
CEZ AS		9,501		444,291
Komercni Banka AS		7,680		259,569
Moneta Money Bank AS, 144A		38,676		147,896

(Cost $882,771)				851,756

Egypt — 0.1%
Abou Kir Fertilizers & Chemical Industries		19,352		26,346
Commercial International Bank Egypt SAE		269,614		467,490
Egyptian Financial Group-Hermes Holding Co.*		72,041		48,568

(Cost $607,967)				542,404

Greece — 0.4%
Alpha Services and Holdings SA*		201,615		316,443
Eurobank Ergasias Services and Holdings SA*		269,404		414,841
Hellenic Telecommunications Organization SA		19,510		300,424
JUMBO SA		7,006		140,127
Mytilineos SA		4,852		131,315
National Bank of Greece SA*		55,490		311,890
Piraeus Financial Holdings SA*		72,832		185,449
Star Bulk Carriers Corp.		4,606		112,893
Terna Energy SA		6,954		145,282

(Cost $1,660,344)				2,058,664

Hong Kong — 0.8%
Beijing Enterprises Water Group Ltd.		149,433		37,503
BOC Hong Kong Holdings Ltd.		371,850		1,257,738
China Everbright Environment Group Ltd.		200,120		81,073
China Jinmao Holdings Group Ltd.		432,031		83,660
China Merchants Port Holdings Co. Ltd.		80,561		112,895
China Overseas Land & Investment Ltd.		300,222		744,292
China Resources Land Ltd.		179,983		797,937
China State Construction International Holdings Ltd.		100,213		114,008
China Taiping Insurance Holdings Co. Ltd.		147,385		174,057
Guangdong Investment Ltd.		127,454		128,761
Orient Overseas International Ltd.		4,242		68,093

(Cost $3,879,030)				3,600,017

Hungary — 0.2%
OTP Bank Nyrt		23,501		714,730
Richter Gedeon Nyrt		14,383		302,153

(Cost $1,766,928)				1,016,883


	Number of Shares		Value
India — 13.3%
Aarti Industries Ltd.		16,436	$	105,206
ABB India Ltd.		3,116		121,272
ACC Ltd.		3,245		67,976
Adani Green Energy Ltd.*		39,155		229,860
Adani Ports & Special Economic Zone Ltd.		76,811		550,478
Adani Transmission Ltd.*		23,635		183,808
Alkem Laboratories Ltd.		2,723		104,582
Ambuja Cements Ltd.		34,019		140,780
Apollo Hospitals Enterprise Ltd.		7,754		412,864
Ashok Leyland Ltd.		118,617		208,773
Asian Paints Ltd.		40,349		1,380,703
Astral Ltd.		7,489		171,083
AU Small Finance Bank Ltd., 144A		34,487		247,344
Aurobindo Pharma Ltd.		21,631		121,084
Avenue Supermarts Ltd., 144A*		20,293		838,784
Axis Bank Ltd.		191,270		1,953,017
Axis Bank Ltd., GDR		8,924		451,554
Bajaj Auto Ltd.		2,829		125,292
Bajaj Finance Ltd.		15,395		1,138,244
Bajaj Finserv Ltd.		23,950		386,740
Bajaj Holdings & Investment Ltd.		2,291		173,324
Balkrishna Industries Ltd.		5,087		123,954
Bandhan Bank Ltd., 144A*		69,084		192,960
Bank of Baroda		84,525		162,573
Berger Paints India Ltd.		23,484		164,651
Bharat Forge Ltd.		15,041		148,468
Bharti Airtel Ltd.		215,016		1,930,573
Biocon Ltd.		35,317		97,897
Bosch Ltd.		463		100,793
Britannia Industries Ltd.		4,327		233,538
Canara Bank		30,287		102,419
CG Power & Industrial Solutions Ltd.*		44,974		166,067
Cholamandalam Investment and Finance Co. Ltd.		37,973		347,495
Cipla Ltd.		49,572		543,528
Colgate-Palmolive India Ltd.		12,141		216,406
Container Corp. Of India Ltd.		19,022		135,876
Cummins India Ltd.		7,966		151,298
Dabur India Ltd.		41,274		265,915
Dalmia Bharat Ltd.		5,720		126,893
Deepak Nitrite Ltd.		7,381		160,638
Delhivery Ltd.*		18,859		78,842
Divi’s Laboratories Ltd.		11,563		395,227
DLF Ltd.		39,961		169,986
Dr. Reddy’s Laboratories Ltd.		11,134		581,378
Eicher Motors Ltd.		7,712		289,748
Embassy Office Parks REIT		83,442		307,858
FSN E-Commerce Ventures Ltd.*		54,242		91,828
Gland Pharma Ltd., 144A*		5,501		87,708
Godrej Consumer Products Ltd.*		39,921		445,871
Godrej Properties Ltd.*		7,592		101,058
Grasim Industries Ltd.		18,473		352,745
Gujarat Fluorochemicals Ltd.		3,350		127,453
Havells India Ltd.		12,185		176,442
HCL Technologies Ltd.		99,000		1,290,500
HDFC Asset Management Co. Ltd., 144A		3,973		86,977

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


	Number of Shares		Value
India (Continued)
HDFC Life Insurance Co. Ltd., 144A		59,420	$	351,341
Hero MotoCorp Ltd.		7,744		226,613
Hindalco Industries Ltd.		70,196		338,975
Hindustan Unilever Ltd.		81,074		2,413,218
Honeywell Automation India Ltd.		156		65,080
Housing Development Finance Corp. Ltd.		102,067		3,221,807
ICICI Bank Ltd.		321,030		3,319,714
ICICI Lombard General Insurance Co. Ltd., 144A		23,926		318,902
ICICI Prudential Life Insurance Co. Ltd., 144A		40,223		198,956
IDFC First Bank Ltd.*		216,473		144,416
Indian Railway Catering & Tourism Corp. Ltd.		21,352		157,362
Indus Towers Ltd.		40,374		83,466
IndusInd Bank Ltd.		59,936		781,359
Info Edge India Ltd.		5,921		250,091
Infosys Ltd.		341,229		6,140,203
Infosys Ltd., ADR		58,850		1,055,769
InterGlobe Aviation Ltd., 144A*		4,009		90,025
JSW Energy Ltd.		44,367		125,935
JSW Steel Ltd.		53,721		433,576
Jubilant Foodworks Ltd.		30,114		160,592
Kansai Nerolac Paints Ltd.		11,187		54,495
Kotak Mahindra Bank Ltd.		68,006		1,422,559
L&T Technology Services Ltd., 144A		2,360		105,193
Laurus Labs Ltd., 144A		30,967		117,755
Linde India Ltd.		2,032		91,483
LTIMindtree Ltd., 144A		7,477		427,094
Lupin Ltd.		20,674		164,869
Macrotech Developers Ltd., 144A*		9,418		93,442
Mahindra & Mahindra Ltd.		63,372		973,261
Marico Ltd.*		50,047		297,797
Maruti Suzuki India Ltd.		7,628		795,797
Max Financial Services Ltd.*		25,412		212,859
Max Healthcare Institute Ltd.*		62,111		320,144
Mphasis Ltd.		5,326		131,134
MRF Ltd.		144		148,510
Muthoot Finance Ltd.		9,595		112,887
Nestle India Ltd.		2,083		470,434
NHPC Ltd.		162,103		76,769
NMDC Ltd.		52,600		70,691
Oberoi Realty Ltd.		9,399		97,483
Oracle Financial Services Software Ltd.		2,341		89,743
Page Industries Ltd.		374		171,780
PB Fintech Ltd.*		17,937		121,128
Persistent Systems Ltd.		3,846		222,993
PI Industries Ltd.		6,519		244,425
Pidilite Industries Ltd.		8,621		239,940
Piramal Enterprises Ltd.		8,258		76,983
Polycab India Ltd.		3,340		124,495
Power Finance Corp. Ltd.		67,521		118,760
Power Grid Corp. of India Ltd.		186,986		502,708
Punjab National Bank		164,143		96,003
REC Ltd.		67,842		93,802
Samvardhana Motherson International Ltd.		113,361		109,223


	Number of Shares		Value
India (Continued)
SBI Cards & Payment Services Ltd.		17,072	$	154,978
SBI Life Insurance Co. Ltd., 144A		24,792		336,188
Schaeffler India Ltd.		3,207		115,678
Shree Cement Ltd.		616		194,395
Shriram Finance Ltd.		16,751		243,836
Siemens Ltd.		5,163		202,766
Sona Blw Precision Forgings Ltd., 144A		22,601		122,509
SRF Ltd.		11,293		296,240
State Bank of India		185,276		1,171,709
Steel Authority of India Ltd.		62,485		62,547
Sun Pharmaceutical Industries Ltd.		100,753		1,165,879
Tata Communications Ltd.		9,401		137,437
Tata Consultancy Services Ltd.		107,070		4,290,765
Tata Consumer Products Ltd.		48,407		418,853
Tata Elxsi Ltd.		3,075		227,991
Tata Motors Ltd.*		98,455		501,044
Tata Motors Ltd., Class A*		30,661		81,541
Tata Power Co. Ltd.		67,055		164,297
Tata Steel Ltd.		406,589		511,264
Tata Teleservices Maharashtra Ltd.*		48,570		32,931
Tech Mahindra Ltd.		66,599		886,389
Titan Co. Ltd.		22,641		649,863
Torrent Pharmaceuticals Ltd.		10,386		183,409
Trent Ltd.		15,318		236,837
Tube Investments of India Ltd.		7,668		257,104
TVS Motor Co. Ltd.		17,039		222,666
UltraTech Cement Ltd.		6,395		561,720
United Spirits Ltd.*		18,570		166,365
UPL Ltd.		27,331		229,512
Varun Beverages Ltd.		17,985		282,989
Vedanta Ltd.		47,386		153,821
Voltas Ltd.		18,068		194,958
Wipro Ltd.		157,095		735,520
WNS Holdings Ltd., ADR*		3,510		305,089
Yes Bank Ltd.*		1,955,745		412,832
Zydus Lifesciences Ltd.		12,118		68,280

(Cost $72,773,055)				63,322,572

Indonesia — 2.3%
Aneka Tambang Tbk		380,026		49,590
PT Avia Avian Tbk		1,402,971		57,499
PT Bank Central Asia Tbk		5,406,607		3,102,152
PT Bank Jago Tbk*		529,518		87,153
PT Bank Mandiri Persero Tbk		1,837,417		1,204,864
PT Bank Negara Indonesia Persero Tbk		782,086		450,020
PT Bank Rakyat Indonesia Persero Tbk		7,353,658		2,251,907
PT Barito Pacific Tbk		2,024,948		124,152
PT Bukalapak.Com Tbk*		4,586,220		78,793
PT Chandra Asri Petrochemical Tbk		1,231,052		186,474
PT Charoen Pokphand Indonesia Tbk		471,436		166,162
PT Dayamitra Telekomunikasi		1,727,020		78,141
PT Elang Mahkota Teknologi Tbk		2,080,502		129,605
PT Indah Kiat Pulp & Paper Tbk		113,331		58,895
PT Indocement Tunggal Prakarsa Tbk		7,289		5,317
PT Indofood CBP Sukses Makmur Tbk		73,928		49,083
PT Indofood Sukses Makmur Tbk		277,573		117,855
PT Indosat Tbk		125,053		55,966
PT Kalbe Farma Tbk		1,448,856		200,465

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


	Number of Shares		Value
Indonesia (Continued)
PT Merdeka Copper Gold Tbk*		975,882	$	290,525
PT Sarana Menara Nusantara Tbk		1,693,340		116,591
PT Semen Indonesia Persero Tbk		170,964		80,998
PT Sumber Alfaria Trijaya Tbk		1,575,748		299,650
PT Telkom Indonesia Persero Tbk		4,936,781		1,256,047
PT Tower Bersama Infrastructure Tbk		536,511		73,528
PT Unilever Indonesia Tbk		570,997		156,509
PT Vale Indonesia Tbk*		165,095		73,887

(Cost $10,686,892)				10,801,828

Kuwait — 0.8%
Agility Public Warehousing Co. KSC		116,136		228,185
Boubyan Bank KSCP		76,821		191,490
Gulf Bank KSCP		154,371		152,409
Kuwait Finance House KSCP		480,752		1,342,472
Mabanee Co KPSC		51,883		132,877
Mobile Telecommunications Co. KSCP		199,590		363,541
National Bank of Kuwait SAKP		444,886		1,551,085

(Cost $3,750,299)				3,962,059

Malaysia — 1.0%
AMMB Holdings Bhd		162,900		145,566
Axiata Group Bhd		151,452		106,987
CIMB Group Holdings Bhd		698,304		872,977
DiGi.Com Bhd		88,800		85,090
Gamuda Bhd		73,579		68,865
Hong Leong Bank Bhd		44,000		201,395
IHH Healthcare Bhd		74,700		96,382
Inari Amertron Bhd		150,600		82,222
IOI Corp. Bhd		87,400		74,594
Kuala Lumpur Kepong Bhd		15,700		72,771
Malayan Banking Bhd		277,556		544,288
Malaysia Airports Holdings Bhd*		40,700		61,583
Maxis Bhd		87,200		75,978
MR DIY Group M Bhd, 144A		189,350		71,732
Nestle Malaysia Bhd		2,419		72,826
Petronas Chemicals Group Bhd		89,000		142,003
PPB Group Bhd		25,300		98,663
Press Metal Aluminium Holdings Bhd		205,500		236,296
Public Bank Bhd		1,116,300		1,027,369
QL Resources Bhd		35,300		45,703
RHB Bank Bhd		155,931		197,368
Sime Darby Bhd		121,400		61,410
Sime Darby Plantation Bhd		102,400		96,524
Telekom Malaysia Bhd		76,800		86,085
TIME dotCom Bhd		74,700		89,057
Westports Holdings Bhd		60,000		49,471

(Cost $5,015,653)				4,763,205

Mexico — 2.5%
Alfa SAB de CV, Class A		310,609		202,383
America Movil SAB de CV, Series L		1,321,371		1,368,602
Arca Continental SAB de CV		25,541		215,227
Cemex SAB de CV, Series CPO*		866,554		433,159
Coca-Cola Femsa SAB de CV		51,934		375,058
El Puerto de Liverpool SAB de CV, Class C1		12,773		77,558
Fibra Uno Administracion SA de CV REIT		190,970		271,579


	Number of Shares		Value
Mexico (Continued)
Fomento Economico Mexicano SAB de CV		134,153	$	1,236,184
Gruma SAB de CV, Class B		6,395		93,599
Grupo Aeroportuario del Pacifico SAB de CV, Class B		23,195		440,446
Grupo Aeroportuario del Sureste SAB de CV, Class B		7,198		206,148
Grupo Bimbo SAB de CV, Series A		80,716		382,548
Grupo Elektra SAB DE CV (a)		4,101		215,812
Grupo Financiero Banorte SAB de CV, Class O		299,156		2,521,236
Grupo Financiero Inbursa SAB de CV, Class O*		107,371		222,476
Grupo Mexico SAB de CV, Series B		192,886		864,066
Grupo Televisa SAB, Series CPO		247,504		247,301
Industrias Penoles SAB de CV*		7,880		94,134
Kimberly-Clark de Mexico SAB de CV, Class A		164,475		329,489
Operadora De Sites Mexicanos SAB de CV, Class A-1		105,536		107,638
Orbia Advance Corp. SAB de CV		48,384		100,887
Wal-Mart de Mexico SAB de CV		533,523		2,096,534

(Cost $9,829,506)				12,102,064

Peru — 0.2%
Credicorp Ltd.		3,631		462,662
Credicorp Ltd. (c)		1,733		220,264
InRetail Peru Corp., 144A		3,535		120,190
Intercorp Financial Services, Inc.		3,238		77,162

(Cost $827,236)				880,278

Philippines — 0.6%
ACEN Corp.		59,410		6,805
Ayala Land, Inc.		376,800		194,016
Bank of the Philippine Islands		189,120		375,165
BDO Unibank, Inc.		218,298		486,684
Globe Telecom, Inc.		4,004		128,403
International Container Terminal Services, Inc.		51,820		187,058
JG Summit Holdings, Inc.		130,540		116,272
Jollibee Foods Corp.		32,860		142,482
Metropolitan Bank & Trust Co.		109,300		114,928
Monde Nissin Corp., 144A		621,100		135,329
PLDT, Inc.		8,645		200,702
SM Investments Corp.		29,490		453,938
SM Prime Holdings, Inc.		700,500		430,931
Universal Robina Corp.		37,690		92,948

(Cost $3,381,241)				3,065,661

Qatar — 1.0%
Commercial Bank PSQC		263,842		445,563
Industries Qatar QSC		124,835		477,161
Masraf Al Rayan QSC		415,275		307,886
Mesaieed Petrochemical Holding Co.		365,594		210,919
Ooredoo QPSC		62,238		157,229
Qatar International Islamic Bank QSC		120,267		346,427
Qatar Islamic Bank SAQ		138,148		705,582
Qatar National Bank QPSC		460,401		2,130,228

(Cost $5,385,566)				4,780,995

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


	Number of Shares		Value
Russia — 0.0%
Alrosa PJSC* (b)		246,725	$	0
MMC Norilsk Nickel PJSC (b)		5,593		0
Mobile TeleSystems PJSC, ADR* (b)		25,457		0
Mobile TeleSystems PJSC (b)		32,151		0
Novolipetsk Steel PJSC* (b)		121,611		0
PIK Group PJSC* (b)		21,692		0
Polyus PJSC* (b)		2,793		0
Sberbank of Russia PJSC* (b)		989,954		0
United Co RUSAL International PJSC (b)		255,320		0
Yandex NV, Class A* (b)		28,401		0

(Cost $9,710,782)				0

Saudi Arabia — 2.7%
Advanced Petrochemical Co.		10,671		137,345
Al Rajhi Bank*		122,077		2,286,921
Alinma Bank		81,657		640,827
Almarai Co. JSC		21,377		299,067
Arab National Bank		61,711		378,556
Bank AlBilad*		41,158		390,999
Banque Saudi Fransi		49,703		433,104
Bupa Arabia for Cooperative Insurance Co.		6,305		259,750
Dr Sulaiman Al Habib Medical Services Group Co.		5,341		329,912
Etihad Etisalat Co.		32,021		333,636
Jarir Marketing Co.		5,195		204,608
Mouwasat Medical Services Co.		3,077		148,084
Riyad Bank		91,501		635,178
Sahara International Petrochemical Co.		28,542		269,246
Saudi Basic Industries Corp.		92,468		2,180,704
Saudi British Bank		62,407		551,288
Saudi Industrial Investment Group		30,403		180,993
Saudi Kayan Petrochemical Co.*		62,131		210,268
Saudi National Bank		136,795		1,722,400
Saudi Telecom Co.		112,565		1,054,364
Savola Group		21,441		155,409

(Cost $14,201,096)				12,802,659

Singapore — 0.0%
BOC Aviation Ltd., 144A (Cost $112,509)		13,998		101,113

South Africa — 3.5%
Absa Group Ltd.		74,764		808,276
Anglo American Platinum Ltd.		2,781		154,110
AngloGold Ashanti Ltd.		22,809		385,297
Aspen Pharmacare Holdings Ltd.		39,008		301,524
Bid Corp. Ltd.		34,524		756,448
Bidvest Group Ltd.		20,944		267,364
Capitec Bank Holdings Ltd.		4,051		387,199
Clicks Group Ltd.		15,369		223,968
Discovery Ltd.*		39,533		322,510
FirstRand Ltd.		385,177		1,375,464
Gold Fields Ltd.		80,285		729,492
Impala Platinum Holdings Ltd.		53,313		498,125
Investec Ltd.		18,264		116,830
Kumba Iron Ore Ltd. (a)		2,423		63,235
MTN Group Ltd.		142,559		1,124,629


	Number of Shares		Value
South Africa (Continued)
MultiChoice Group		25,378	$	194,936
Naspers Ltd., Class N		22,691		4,026,188
Nedbank Group Ltd.		42,988		539,989
Northam Platinum Holdings Ltd.*		20,747		170,949
Old Mutual Ltd.		503,220		326,502
OUTsurance Group Ltd.		73,000		142,013
Pepkor Holdings Ltd., 144A		84,515		86,328
Sanlam Ltd.		173,424		565,255
Sasol Ltd.		22,991		338,598
Shoprite Holdings Ltd.		42,132		510,783
Sibanye Stillwater Ltd.		170,037		343,756
Standard Bank Group Ltd.		109,081		1,090,914
Vodacom Group Ltd.		86,661		598,206
Woolworths Holdings Ltd.		103,156		432,714

(Cost $18,930,745)				16,881,602

South Korea — 10.3%
Alteogen, Inc.*		2,685		76,395
Amorepacific Corp.		1,648		172,366
AMOREPACIFIC Group		1,617		48,880
BNK Financial Group, Inc.		30,011		151,954
Celltrion Healthcare Co. Ltd.		5,858		241,270
Celltrion Pharm, Inc.*		1,353		58,588
Celltrion, Inc.		9,798		1,075,133
Cheil Worldwide, Inc.		3,692		55,802
Chong Kun Dang Pharmaceutical Corp.		513		30,666
Chunbo Co. Ltd.		379		72,177
CJ CheilJedang Corp.		421		102,128
CJ Corp.		808		53,063
CJ ENM Co. Ltd.*		544		38,110
CJ Logistics Corp.		462		28,525
Coway Co. Ltd.		3,295		132,970
CS Wind Corp.		1,400		70,780
Daewoo Engineering & Construction Co. Ltd.*		13,124		42,697
DB HiTek Co. Ltd.		2,758		94,417
DB Insurance Co. Ltd.		3,889		226,301
DL E&C Co. Ltd.		2,302		57,409
Dongsuh Cos., Inc.		4,554		66,525
Doosan Fuel Cell Co. Ltd.*		3,358		87,297
Douzone Bizon Co. Ltd.		1,527		39,697
Ecopro BM Co. Ltd.		3,124		392,610
Ecopro Co. Ltd.		1,549		334,207
E-MART, Inc.		1,120		94,797
F&F Co. Ltd. / New		1,002		105,179
Fila Holdings Corp.		4,598		135,516
Green Cross Corp.		405		36,667
GS Engineering & Construction Corp.		2,982		50,141
Hana Financial Group, Inc.		26,651		914,382
Hanjin Kal Corp.		1,293		43,776
Hankook Tire & Technology Co. Ltd.		1,644		46,217
Hanmi Pharm. Co. Ltd.*		563		110,196
Hanmi Science Co. Ltd.*		3,108		76,452
Hanon Systems		11,187		76,341
Hansol Chemical Co. Ltd.		747		115,444
Hanssem Co. Ltd.		940		31,860
Hanwha Life Insurance Co. Ltd.*		28,391		63,830

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


	Number of Shares		Value
South Korea (Continued)
Hanwha Solutions Corp.* (b)		6,421	$	201,862
HL Mando Co. Ltd.		1,971		70,677
HLB, Inc.*		4,515		110,209
HMM Co. Ltd.*		14,398		245,362
Hugel, Inc.*		524		51,123
HYBE Co. Ltd.*		860		120,299
Hyosung Advanced Materials Corp.		152		47,211
Hyosung TNC Corp.		182		62,925
Hyundai Autoever Corp.		542		46,530
Hyundai Department Store Co. Ltd.		968		39,722
Hyundai Doosan Infracore Co. Ltd.		7,725		49,856
Hyundai Elevator Co. Ltd.*		1,580		33,134
Hyundai Engineering & Construction Co. Ltd.		6,315		173,713
Hyundai Glovis Co. Ltd.		899		107,751
Hyundai Marine & Fire Insurance Co. Ltd.		3,346		89,008
Hyundai Mipo Dockyard Co. Ltd.		86		4,562
Hyundai Mobis Co. Ltd.		3,263		524,003
Hyundai Motor Co.		7,026		936,092
Hyundai Steel Co.		4,263		112,756
Iljin Materials Co. Ltd.*		1,265		60,800
Industrial Bank of Korea		29,777		233,580
Kakao Corp.		28,097		1,324,960
Kakao Games Corp.*		2,226		82,681
KakaoBank Corp.*		10,271		206,856
Kakaopay Corp.*		2,370		112,299
KB Financial Group, Inc.		32,144		1,246,165
KCC Corp.		267		49,536
KEPCO Engineering & Construction Co., Inc.*		906		43,272
KEPCO Plant Service & Engineering Co. Ltd.*		1,770		43,339
Kia Corp.		13,063		743,355
KIWOOM Securities Co. Ltd.*		843		65,745
KMW Co. Ltd.*		2,610		49,705
Korea Investment Holdings Co. Ltd.*		2,240		104,954
Korea Zinc Co. Ltd.		554		244,501
Korean Air Lines Co. Ltd.		11,271		193,777
Krafton, Inc.*		1,666		213,782
KT Corp.		6,627		152,497
KT&G Corp.		10,049		673,604
Kumho Petrochemical Co. Ltd.*		627		74,534
L&F Co. Ltd.		1,969		389,857
LEENO Industrial, Inc.		687		84,262
LG Chem Ltd.		2,602		1,337,132
LG Corp.		6,191		385,051
LG Display Co. Ltd.		21,947		253,595
LG Electronics, Inc.		9,642		810,270
LG Energy Solution Ltd.*		1,861		735,540
LG H&H Co. Ltd.		858		433,134
LG Innotek Co. Ltd.		1,250		261,666
LG Uplus Corp.		22,570		188,815
Lotte Chemical Corp.		820		110,428
Lotte Shopping Co. Ltd.		602		39,580
Meritz Financial Group, Inc.		4,033		137,151
Meritz Securities Co. Ltd.		10,579		56,123


	Number of Shares		Value
South Korea (Continued)
Mirae Asset Securities Co. Ltd.		22,417	$	121,127
NAVER Corp.		13,310		2,097,211
NCSoft Corp.		813		266,955
Netmarble Corp., 144A*		1,489		69,541
NH Investment & Securities Co. Ltd.*		16,098		115,572
Orion Corp.		1,121		105,895
Pan Ocean Co. Ltd.		4,830		23,105
Pearl Abyss Corp.*		2,239		75,888
S-1 Corp.		961		40,960
Samsung Biologics Co. Ltd., 144A*		1,818		1,062,017
Samsung C&T Corp.		4,626		384,903
Samsung Card Co. Ltd.		2,740		63,569
Samsung Electro-Mechanics Co. Ltd.		4,997		543,788
Samsung Electronics Co. Ltd.		293,431		13,438,064
Samsung Fire & Marine Insurance Co. Ltd.		2,937		476,090
Samsung Life Insurance Co. Ltd.		7,072		363,955
Samsung SDI Co. Ltd.		4,813		2,531,531
Samsung SDS Co. Ltd.		3,237		306,515
Samsung Securities Co. Ltd.		5,822		147,392
Seegene, Inc.		2,986		55,060
Shin Poong Pharmaceutical Co. Ltd.*		2,983		43,711
Shinhan Financial Group Co. Ltd.		45,297		1,329,899
Shinsegae, Inc.		375		57,812
SK Biopharmaceuticals Co. Ltd.*		2,679		135,038
SK Bioscience Co. Ltd.*		1,963		103,398
SK Chemicals Co. Ltd.		728		43,078
SK Hynix, Inc.		49,532		3,346,428
SK IE Technology Co. Ltd., 144A*		2,057		101,665
SK Innovation Co. Ltd.*		2,397		271,893
SK Square Co. Ltd.*		9,185		266,197
SK Telecom Co. Ltd.		5,747		196,091
SKC Co. Ltd.		766		56,730
Solus Advanced Materials Co. Ltd.		1,344		49,921
Soulbrain Co. Ltd.		376		66,491
SSANGYONG C&E Co. Ltd.		5,733		25,129
Studio Dragon Corp.*		733		42,321
Wemade Co. Ltd.		1,492		60,210
WONIK IPS Co. Ltd.		2,298		53,922
Woori Financial Group, Inc.		54,518		502,641
Yuhan Corp.		2,718		108,248

(Cost $64,689,624)				48,970,067

Taiwan — 19.0%
Accton Technology Corp.		40,554		376,665
Acer, Inc.		310,579		258,395
Advantech Co. Ltd.		24,556		287,714
ASE Technology Holding Co. Ltd.		371,078		1,290,939
Asia Cement Corp.		134,498		197,535
ASMedia Technology, Inc.		2,611		84,921
ASPEED Technology, Inc.		3,000		275,193
Asustek Computer, Inc.		65,533		597,915
AUO Corp.		620,444		378,748
Catcher Technology Co. Ltd.		38,107		230,747
Cathay Financial Holding Co. Ltd.		858,261		1,223,894
Chailease Holding Co. Ltd.		151,926		1,124,381
Chang Hwa Commercial Bank Ltd.		632,246		362,090

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


	Number of Shares		Value
Taiwan (Continued)
China Airlines Ltd.		159,772	$	106,447
China Development Financial Holding Corp.		1,625,524		704,210
China Steel Corp.		683,259		704,125
Chroma ATE, Inc.		23,496		142,274
Chunghwa Telecom Co. Ltd.		393,883		1,493,083
Compal Electronics, Inc.		422,992		335,262
CTBC Financial Holding Co. Ltd.		1,860,037		1,388,793
Delta Electronics, Inc.		191,634		1,801,905
E Ink Holdings, Inc.		69,000		440,457
E.Sun Financial Holding Co. Ltd.		1,303,303		1,067,212
Eclat Textile Co. Ltd.		21,253		335,157
eMemory Technology, Inc.		4,605		282,622
Eva Airways Corp.		170,224		158,104
Evergreen Marine Corp. Taiwan Ltd.		57,968		298,691
Far Eastern New Century Corp.		192,409		204,915
Far EasTone Telecommunications Co. Ltd.		175,364		397,122
Feng TAY Enterprise Co. Ltd.		43,856		266,278
First Financial Holding Co. Ltd.		1,070,322		941,421
Formosa Chemicals & Fibre Corp.		199,640		466,511
Formosa Plastics Corp.		288,624		861,055
Formosa Sumco Technology Corp.		6,070		30,082
Formosa Taffeta Co. Ltd.		36,000		32,728
Foxconn Technology Co. Ltd.		91,613		166,873
Fubon Financial Holding Co. Ltd.		719,698		1,417,217
Giant Manufacturing Co. Ltd.		17,709		118,275
Globalwafers Co. Ltd.		12,663		212,785
Highwealth Construction Corp.		87,717		122,063
Hiwin Technologies Corp.		16,964		139,745
Hon Hai Precision Industry Co. Ltd.		1,171,938		3,884,729
Hotai Motor Co. Ltd.		17,609		356,578
Hua Nan Financial Holdings Co. Ltd.		1,002,480		751,790
Innolux Corp.		616,759		297,555
Inventec Corp.		269,515		235,288
Largan Precision Co. Ltd.		5,568		402,942
Lite-On Technology Corp.		204,169		465,703
Lotes Co. Ltd.		6,000		169,547
Macronix International Co. Ltd.		105,937		119,776
MediaTek, Inc.		90,881		2,156,483
Mega Financial Holding Co. Ltd.		1,068,990		1,168,295
Merida Industry Co. Ltd.		20,073		118,582
Micro-Star International Co. Ltd.		71,482		321,404
momo.com, Inc.		6,162		160,575
Nan Ya Plastics Corp.		291,138		722,363
Nan Ya Printed Circuit Board Corp.		10,944		84,407
Nanya Technology Corp.		116,457		223,210
Nien Made Enterprise Co. Ltd.		9,562		102,306
Novatek Microelectronics Corp.		55,386		740,734
Oneness Biotech Co. Ltd.*		19,720		169,568
Pegatron Corp.		174,548		389,546
PharmaEssentia Corp.*		19,000		314,281
Phison Electronics Corp.		8,051		92,745
Pou Chen Corp.		133,283		146,977
Powerchip Semiconductor Manufacturing Corp.		242,897		265,461
Powertech Technology, Inc.		68,856		199,091


	Number of Shares		Value
Taiwan (Continued)
Quanta Computer, Inc.		263,331	$	692,260
Realtek Semiconductor Corp.		26,578		331,467
Ruentex Development Co. Ltd.		77,613		113,225
Ruentex Industries Ltd.		46,838		103,915
Shanghai Commercial & Savings Bank Ltd.		372,996		583,313
Shin Kong Financial Holding Co. Ltd.		1,349,777		393,821
Silicon Motion Technology Corp., ADR		2,822		189,695
Sino-American Silicon Products, Inc.		35,611		185,830
SinoPac Financial Holdings Co. Ltd.		1,006,839		568,360
Standard Foods Corp.		37,567		51,598
Synnex Technology International Corp.		68,635		140,786
TA Chen Stainless Pipe		134,000		191,306
Taishin Financial Holding Co. Ltd.		1,110,497		599,540
Taiwan Business Bank		343,682		162,425
Taiwan Cement Corp.		241,828		310,723
Taiwan Cooperative Financial Holding Co. Ltd.		581,093		508,250
Taiwan Fertilizer Co. Ltd.		50,080		94,508
Taiwan High Speed Rail Corp.		229,877		221,808
Taiwan Mobile Co. Ltd.		215,984		684,752
Taiwan Semiconductor Manufacturing Co. Ltd.		2,511,032		42,112,189
Tatung Co. Ltd.*		123,942		136,269
Teco Electric and Machinery Co. Ltd.		4,051		4,088
Tripod Technology Corp.		34,616		119,289
Unimicron Technology Corp.		93,796		394,030
Uni-President Enterprises Corp.		291,953		646,772
United Microelectronics Corp.*		1,220,385		2,000,631
Vanguard International Semiconductor Corp.		91,426		277,553
VisEra Technologies Co. Ltd.		28,000		214,116
Voltronic Power Technology Corp.		5,343		281,446
Walsin Lihwa Corp.		46,624		86,609
Walsin Technology Corp.		18,937		62,461
Wan Hai Lines Ltd.		46,509		121,502
Win Semiconductors Corp.		32,837		183,209
Winbond Electronics Corp.		285,514		215,990
Wistron Corp.		276,505		300,830
Wiwynn Corp.		6,697		212,980
WPG Holdings Ltd.		87,190		141,074
Yageo Corp.		19,754		348,796
Yang Ming Marine Transport Corp.		131,850		279,542
Yuanta Financial Holding Co. Ltd.		1,212,318		905,175
Yulon Motor Co. Ltd.		21,000		56,033
Zhen Ding Technology Holding Ltd.		63,962		235,112

(Cost $108,033,956)				90,847,763

Thailand — 2.0%
Advanced Info Service PCL, NVDR		106,600		609,294
Airports of Thailand PCL, NVDR*		263,600		542,621
Asset World Corp. PCL, NVDR		820,500		136,977
Bangkok Bank PCL		54,500		252,135
Bangkok Bank PCL, NVDR		53,000		245,195
Bangkok Commercial Asset Management PCL, NVDR		197,200		82,582
Bangkok Dusit Medical Services PCL, NVDR		387,100		306,690

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


	Number of Shares		Value
Thailand (Continued)
Bangkok Expressway & Metro PCL		161,300	$	42,218
Bangkok Expressway & Metro PCL, NVDR		732,600		191,746
Bangkok Life Assurance PCL, NVDR		43,400		38,990
Berli Jucker PCL, NVDR		59,900		65,254
Beyond Securities PCL*		77,100		23,561
Beyond Securities PCL, NVDR*		71,000		21,697
BTS Group Holdings PCL, NVDR		874,300		199,147
Bumrungrad Hospital PCL, NVDR		36,800		219,709
Carabao Group PCL, NVDR		36,700		104,883
Central Pattana PCL, NVDR		107,100		212,889
Central Retail Corp. PCL		96,100		121,684
Central Retail Corp. PCL, NVDR		183,800		232,732
Charoen Pokphand Foods PCL, NVDR		222,300		139,640
Com7 PCL, NVDR		98,600		85,093
CP ALL PCL, NVDR		471,000		826,287
Energy Absolute PCL, NVDR		155,300		343,854
Fabrinet*		2,196		267,627
Home Product Center PCL, NVDR		322,000		127,556
Indorama Ventures PCL, NVDR		45,800		47,626
Intouch Holdings PCL, Class F		15,900		31,830
Intouch Holdings PCL, NVDR		83,400		166,959
Jay Mart PCL, NVDR		44,300		35,411
JMT Network Services PCL, NVDR		64,700		85,129
Kasikornbank PCL, NVDR		167,100		647,761
KCE Electronics PCL, NVDR		48,800		64,208
Krung Thai Bank PCL, NVDR		489,900		239,812
Krungthai Card PCL		59,000		98,079
Krungthai Card PCL, NVDR		37,100		61,674
Land & Houses PCL, NVDR		387,400		107,425
Minor International PCL, NVDR*		197,083		186,815
Muangthai Capital PCL		600		594
Muangthai Capital PCL, NVDR		33,600		33,276
Osotspa PCL		30,700		28,015
Osotspa PCL, NVDR		110,300		100,652
PTT Global Chemical PCL, NVDR		81,600		109,096
Ramkhamhaeng Hospital PCL		15,600		24,719
Ramkhamhaeng Hospital PCL, Class F		16,200		25,670
SCB X PCL, NVDR		115,700		340,475
SCG Packaging PCL		38,700		56,942
SCG Packaging PCL, NVDR		58,900		86,664
Siam Cement PCL, NVDR		21,600		199,857
Siam Global House PCL, NVDR		113,659		59,497
Siam Makro PCL		19,600		22,322
Siam Makro PCL, NVDR		126,200		143,729
Srisawad Corp. PCL, NVDR		71,100		108,638
Thai Life Insurance PCL, NVDR*		168,700		64,919
Thai Life Insurance PCL*		182,600		70,268
Thai Union Group PCL, NVDR		161,300		72,569
Thonburi Healthcare Group PCL, NVDR		28,300		55,853
Tisco Financial Group PCL, NVDR		49,900		145,431
TMBThanachart Bank PCL, NVDR		4,502,677		178,368
TOA Paint Thailand PCL		58,500		53,797
Total Access Communication PCL, NVDR (b)		37,900		56,033
True Corp. PCL, NVDR (b)		2,186,800		315,571
VGI PCL, NVDR		513,700		63,374

(Cost $9,893,668)				9,629,119


	Number of Shares		Value
Turkey — 0.8%
Akbank TAS		326,899	$	303,021
Aksa Akrilik Kimya Sanayii AS		5,766		27,976
Arcelik AS		3,371		21,320
Aselsan Elektronik Sanayi Ve Ticaret AS		35,396		103,494
Bera Holding AS		62,280		38,993
BIM Birlesik Magazalar AS		46,965		339,071
Borusan Yatirim ve Pazarlama AS		941		42,731
Coca-Cola Icecek AS		4,088		41,359
Dogus Otomotiv Servis Ve Ticaret AS		3,848		34,406
Eczacibasi Yatirim Holding Ortakligi AS		3,197		21,947
Ege Endustri Ve Ticaret AS		106		31,205
Eis Eczacibasi Ilac Ve Sinai Ve Finansal Yatirimlar Sanayi Ve Ticaret AS		16,850		24,812
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		132,971		59,094
Eregli Demir Ve Celik Fabrikalari TAS		91,691		214,184
Ford Otomotiv Sanayi AS		85		2,481
GEN Ilac Ve Saglik Urunleri Sanayi Ve Ticaret AS		10,054		27,826
Gubre Fabrikalari TAS*		4,243		52,074
Hektas Ticaret TAS*		81,446		153,410
Is Gayrimenkul Yatirim Ortakligi AS REIT*		53,629		29,486
Is Yatirim Menkul Degerler AS		13,074		34,626
Kardemir Karabuk Demir Celik Sanayi Ve Ticaret AS, Class D		14,695		17,545
KOC Holding AS		21,714		89,195
Kontrolmatik Enerji Ve Muhendislik AS		5,786		49,343
Koza Altin Isletmeleri AS		82,887		107,390
Koza Anadolu Metal Madencilik Isletmeleri AS*		739		1,786
Logo Yazilim Sanayi Ve Ticaret AS		8,139		23,366
Migros Ticaret AS*		553		4,236
MLP Saglik Hizmetleri AS, 144A*		8,586		35,224
Pegasus Hava Tasimaciligi AS*		3,558		95,721
Penta Teknoloji Urunleri Dagitim Ticaret AS*		11,533		23,947
Petkim Petrokimya Holding AS*		68,019		60,601
Sarkuysan Elektrolitik Bakir Sanayi Ve Ticaret AS		29,141		51,648
Sasa Polyester Sanayi AS*		38,101		221,998
Selcuk Ecza Deposu Ticaret Ve Sanayi A.S.		11,953		24,794
Sinpas Gayrimenkul Yatirim Ortakligi AS REIT*		148,012		24,304
Sok Marketler Ticaret AS*		19,937		26,971
Tekfen Holding AS		1,372		2,616
Tofas Turk Otomobil Fabrikasi AS		7,161		65,014
Turk Hava Yollari AO*		43,265		329,088
Turk Telekomunikasyon AS		59,507		56,736
Turkcell Iletisim Hizmetleri AS		126,936		214,619
Turkiye Halk Bankasi AS*		87,240		53,234
Turkiye Is Bankasi AS, Class C		361,847		217,733
Turkiye Sinai Kalkinma Bankasi AS*		137,997		29,019
Turkiye Sise Ve Cam Fabrikalari AS		70,348		175,879
Turkiye Vakiflar Bankasi TAO, Class D*		138,579		70,835
Ulker Biskuvi Sanayi AS*		9,264		15,104

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


	Number of Shares		Value
Turkey (Continued)
Verusa Holding AS		4,170	$	24,208
Vestel Elektronik Sanayi Ve Ticaret AS*		8,501		25,216
Yapi Ve Kredi Bankasi AS		293,545		155,643
Ziraat Gayrimenkul Yatirim Ortakligi AS		108,497		28,907

(Cost $2,610,245)				3,925,436

United Arab Emirates — 2.7%
Abu Dhabi Commercial Bank PJSC		287,259		655,412
Aldar Properties PJSC		233,601		298,930
Alpha Dhabi Holding PJSC*		115,151		673,440
Borouge PLC		251,187		174,395
Dubai Islamic Bank PJSC		195,547		305,604
Emaar Properties PJSC		427,371		651,613
Emirates NBD Bank PJSC		255,382		945,640
Emirates Telecommunications Group Co. PJSC		360,468		2,502,671
First Abu Dhabi Bank PJSC		458,237		1,756,668
International Holding Co. PJSC*		47,641		5,124,892

(Cost $10,676,053)				13,089,265

United States — 0.2%
BeiGene Ltd., ADR* (a) (Cost $1,021,115)		4,259		956,699

TOTAL COMMON STOCKS (Cost $576,320,267)				467,155,519

PREFERRED STOCKS — 1.8%
Brazil — 1.1%
Alpargatas SA*		19,396		35,034
Banco Bradesco SA		541,806		1,357,447
Bradespar SA		21,590		114,387
Centrais Eletricas Brasileiras SA, Class B		25,342		174,603
Cia Energetica de Minas Gerais		141,840		284,729
Gerdau SA		62,013		340,075
Itau Unibanco Holding SA		500,583		2,438,337
Itausa SA		325,041		512,400
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A		3,970		5,194

(Cost $6,074,119)				5,262,206

Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $463,190)		8,917		792,663

Colombia — 0.0%
Bancolombia SA (Cost $394,687)		48,465		308,490

Russia — 0.0%
Sberbank of Russia PJSC* (b) (Cost $275,893)		71,636		0

South Korea — 0.5%
Hyundai Motor Co.		1,493		104,028
Hyundai Motor Co. — 2nd Preferred		2,162		153,746
LG Chem Ltd.		521		115,756
LG Electronics, Inc.		997		35,789


	Number of Shares		Value
South Korea (Continued)
Samsung Electronics Co. Ltd.		50,932	$	2,055,370

(Cost $3,532,797)				2,464,689

TOTAL PREFERRED STOCKS (Cost $10,740,686)				8,828,048


	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. Series N3, 5.50%, 6/3/24 (Cost $0)	INR	2,494		29


	Number of Shares
RIGHTS — 0.0%
Taiwan — 0.0%
SinoPac Financial Holdings Co. Ltd.*, expires 3/10/23 (Cost $0)		53,020		3,828

WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		746		876

Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		400		2
BTS Group Holdings PCL*, expires 11/20/26		800		6

(Cost $0)				8

TOTAL WARRANTS (Cost $0)				884

SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (d)(e) (Cost $2,063,138)		2,063,138		2,063,138

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.51% (d) (Cost $651,954)		651,954		651,954


TOTAL INVESTMENTS — 100.2%
(Cost $589,776,045)			$	478,703,400
Other assets and liabilities, net — (0.2%)				(933,102	)

NET ASSETS — 100.0%			$	477,770,298

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

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 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.

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

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

The following is a summary of the inputs used as of February 28, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

During the year ended Feb 28, 2023, the amount of transfers from Level 1 to Level 3 was $ 473,530. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.


	Number of Shares		Value
COMMON STOCKS — 99.2%
Australia — 7.6%
ANZ Group Holdings Ltd.		12,861	$	213,785
APA Group (a)		5,065		36,649
Aristocrat Leisure Ltd.		2,470		60,863
ASX Ltd.		820		37,624
Aurizon Holdings Ltd.		8,091		18,060
BlueScope Steel Ltd.		2,056		26,426
Brambles Ltd.		6,131		53,210
Cochlear Ltd.		292		43,757
Coles Group Ltd.		5,819		71,339
Commonwealth Bank of Australia		7,361		499,814
Computershare Ltd.		2,424		40,539
Dexus REIT		4,501		25,587
Endeavour Group Ltd.		6,006		27,663
Fortescue Metals Group Ltd.		7,346		106,011
Goodman Group REIT		7,298		97,739
GPT Group REIT		8,067		25,622
IDP Education Ltd.		929		17,980
Lendlease Corp. Ltd. (a)		2,977		15,338
Macquarie Group Ltd.		1,585		202,568
Mineral Resources Ltd.		746		41,533
Mirvac Group REIT		17,368		26,586
Newcrest Mining Ltd.		3,790		57,607
Northern Star Resources Ltd.		5,176		36,196
Orica Ltd.		1,830		19,992
QBE Insurance Group Ltd.		6,516		66,263
Ramsay Health Care Ltd.		779		35,485
REA Group Ltd.		222		18,394
Santos Ltd.		13,873		65,487
Scentre Group REIT		22,403		45,020
SEEK Ltd.		1,444		23,546
Sonic Healthcare Ltd.		1,928		41,878
Stockland REIT		10,449		27,058
Suncorp Group Ltd.		5,648		48,942
Telstra Group Ltd.		17,612		49,407
Transurban Group (a)		13,344		127,599
Vicinity Ltd. REIT		17,016		23,408
Woodside Energy Group Ltd.		8,275		200,387

(Cost $2,523,947)				2,575,362

Austria — 0.2%
OMV AG		652		31,882
Verbund AG		285		24,814
voestalpine AG		474		17,604

(Cost $76,571)				74,300

Belgium — 0.5%
D’ieteren Group		112		21,796
KBC Group NV		1,075		80,601
Solvay SA		313		35,932
Umicore SA		936		31,337

(Cost $171,673)				169,666

Chile — 0.1%
Antofagasta PLC (Cost $33,705)		1,666		31,666


	Number of Shares		Value
Denmark — 4.7%
A.P. Moller — Maersk A/S, Class A		15	$	34,454
A.P. Moller — Maersk A/S, Class B		21		49,104
Chr Hansen Holding A/S		453		31,493
Coloplast A/S, Class B		514		59,603
Demant A/S*		371		11,149
Genmab A/S*		286		107,912
Novo Nordisk A/S, Class B		7,156		1,015,789
Novozymes A/S, Class B		891		43,065
Orsted AS, 144A		817		71,619
Pandora A/S		359		34,140
Vestas Wind Systems A/S		4,390		125,482

(Cost $1,148,562)				1,583,810

Finland — 1.7%
Elisa OYJ		620		35,321
Kesko OYJ, Class B		1,229		26,810
Neste OYJ		1,836		88,962
Nordea Bank Abp		14,391		183,037
Orion OYJ, Class B		461		21,780
Sampo OYJ, Class A		2,040		99,604
Stora Enso OYJ, Class R		2,458		34,917
UPM-Kymmene OYJ		2,231		81,177
Wartsila OYJ Abp		1,973		19,158

(Cost $560,541)				590,766

France — 14.4%
Accor SA*		771		25,740
Air Liquide SA		2,264		361,491
Alstom SA (b)		1,367		40,345
AXA SA		8,153		258,091
BioMerieux		185		18,195
BNP Paribas SA		4,820		338,133
Bouygues SA		990		33,639
Bureau Veritas SA		1,277		36,646
Carrefour SA		2,566		50,914
Cie Generale des Etablissements Michelin SCA		2,947		92,931
Covivio SA REIT		211		13,583
Danone SA		2,832		159,898
Eiffage SA		372		41,029
EssilorLuxottica SA		1,270		221,420
Gecina SA REIT		193		22,330
Kering SA		326		191,876
Klepierre SA REIT*		893		22,416
L’Oreal SA		1,045		415,694
LVMH Moet Hennessy Louis Vuitton SE		1,196		1,000,735
Orange SA		8,335		95,393
Publicis Groupe SA		993		79,234
Schneider Electric SE		2,338		377,174
SEB SA (b)		111		12,878
Societe Generale SA		3,449		99,927
Teleperformance		253		66,003
TotalEnergies SE		10,757		668,155
Unibail-Rodamco-Westfield REIT* (b)		525		33,372
Valeo		920		19,255
Vivendi SE		3,208		33,164
Worldline SA, 144A*		1,064		44,593

(Cost $4,475,171)				4,874,254


	Number of Shares		Value
Germany — 5.9%
adidas AG		702	$	105,462
Allianz SE		1,744		410,869
Bayerische Motoren Werke AG		1,450		150,313
Beiersdorf AG		420		50,331
Brenntag SE		672		50,884
Carl Zeiss Meditec AG		179		23,976
Commerzbank AG*		4,662		56,980
Delivery Hero SE, 144A*		692		28,026
Deutsche Boerse AG		824		144,186
Evonik Industries AG		939		20,145
GEA Group AG		653		28,822
HeidelbergCement AG		646		44,613
HelloFresh SE*		705		15,903
Henkel AG & Co. KGaA		465		32,276
LEG Immobilien SE		333		24,289
Merck KGaA		559		106,322
MTU Aero Engines AG		235		56,946
Puma SE		470		30,106
SAP SE		4,517		514,859
Symrise AG		558		57,282
Telefonica Deutschland Holding AG		4,664		14,200
Zalando SE, 144A*		991		39,516

(Cost $2,108,028)				2,006,306

Hong Kong — 2.4%
AIA Group Ltd.		51,630		547,576
BOC Hong Kong Holdings Ltd.		16,497		55,799
Hang Seng Bank Ltd.		3,343		54,343
HKT Trust & HKT Ltd. (a)		16,794		21,823
Hong Kong & China Gas Co. Ltd.		48,404		45,509
MTR Corp. Ltd.		6,511		32,806
Sino Land Co. Ltd.		14,235		18,244
Swire Pacific Ltd., Class A		2,204		17,970
Swire Properties Ltd.		4,791		12,604
WH Group Ltd., 144A		35,724		20,753

(Cost $863,790)				827,427

Ireland — 1.1%
CRH PLC		3,207		151,414
DCC PLC		419		23,446
James Hardie Industries PLC CDI		1,957		40,950
Kerry Group PLC, Class A		711		68,329
Kingspan Group PLC		656		42,840
Smurfit Kappa Group PLC		1,097		41,148

(Cost $398,189)				368,127

Israel — 0.2%
Bank Leumi Le-Israel BM (Cost $54,134)		6,487		50,486

Italy — 1.4%
Amplifon SpA		541		15,709
Enel SpA		35,557		200,495
Intesa Sanpaolo SpA		70,291		190,943
Nexi SpA, 144A*		2,342		19,005
Prysmian SpA		1,090		42,042

(Cost $516,103)				468,194


	Number of Shares		Value
Japan — 20.8%
Aeon Co. Ltd.		2,900	$	54,076
Ajinomoto Co., Inc.		2,000		58,995
ANA Holdings, Inc.*		600		12,173
Asahi Kasei Corp.		5,500		38,350
Astellas Pharma, Inc.		8,000		112,704
Azbil Corp.		500		12,994
Bridgestone Corp.		2,500		95,896
Chugai Pharmaceutical Co. Ltd.		2,898		72,208
Dai Nippon Printing Co. Ltd.		1,065		28,538
Daifuku Co. Ltd.		416		22,691
Dai-ichi Life Holdings, Inc.		4,300		91,657
Daiichi Sankyo Co. Ltd.		7,600		238,966
Daikin Industries Ltd.		1,071		183,552
Daiwa House Industry Co. Ltd.		2,600		59,992
Denso Corp.		1,860		98,848
Eisai Co. Ltd.		1,158		62,501
FANUC Corp.		821		139,651
Fast Retailing Co. Ltd.		762		150,481
FUJIFILM Holdings Corp.		1,550		72,303
Fujitsu Ltd.		850		109,327
Hankyu Hanshin Holdings, Inc.		1,000		28,448
Hikari Tsushin, Inc.		90		13,062
Hirose Electric Co. Ltd.		121		14,790
Hitachi Construction Machinery Co. Ltd.		400		8,942
Hoshizaki Corp.		400		14,169
Hoya Corp.		1,550		153,276
Hulic Co. Ltd.		1,800		14,324
Ibiden Co. Ltd.		500		17,160
Inpex Corp.		4,400		46,289
Isuzu Motors Ltd.		2,500		29,898
ITOCHU Corp.		5,100		152,347
Japan Real Estate Investment Corp. REIT		5		20,703
JFE Holdings, Inc.		2,200		27,230
JSR Corp.		800		18,177
Kajima Corp.		1,900		22,694
Kao Corp.		2,084		77,874
KDDI Corp.		7,000		204,838
Keio Corp.		439		15,292
Kikkoman Corp.		600		28,059
Komatsu Ltd.		4,000		95,731
Kubota Corp.		4,400		66,397
Kurita Water Industries Ltd.		400		18,089
Lixil Corp.		1,400		22,313
Marubeni Corp.		6,700		85,585
Mazda Motor Corp.		2,500		22,520
McDonald’s Holdings Co. Japan Ltd.		400		15,828
MEIJI Holdings Co. Ltd.		500		22,905
Mitsubishi Chemical Group Corp.		5,300		30,855
Mitsubishi Estate Co. Ltd.		5,100		63,481
Mitsui & Co. Ltd.		6,200		174,054
Mitsui Chemicals, Inc.		800		19,293
MS&AD Insurance Group Holdings, Inc.		1,800		58,831
Murata Manufacturing Co. Ltd.		2,500		134,346
Nintendo Co. Ltd.		4,720		177,552
Nippon Building Fund, Inc. REIT		6		25,328
NIPPON EXPRESS HOLDINGS, Inc.		350		19,528
Nippon Paint Holdings Co. Ltd.		3,550		30,987
Nippon Prologis REIT, Inc. REIT		9		19,201


	Number of Shares		Value
Japan (Continued)
Nippon Steel Corp.		3,400	$	75,805
Nippon Yusen KK		2,110		54,711
Nissin Foods Holdings Co. Ltd.		250		20,813
Nitori Holdings Co. Ltd.		344		38,891
Nitto Denko Corp.		650		39,129
Nomura Holdings, Inc.		12,900		53,157
Nomura Real Estate Holdings, Inc.		500		11,140
Nomura Research Institute Ltd.		1,700		37,940
NTT Data Corp.		2,800		38,850
Obayashi Corp.		2,600		19,221
Odakyu Electric Railway Co. Ltd.		1,400		16,969
Omron Corp.		813		43,642
Open House Group Co. Ltd.		300		10,792
Oriental Land Co. Ltd.		865		138,150
ORIX Corp.		5,100		91,412
Osaka Gas Co. Ltd.		1,700		27,619
Pan Pacific International Holdings Corp.		1,600		29,248
Panasonic Holdings Corp.		9,800		85,399
Rakuten Group, Inc.		4,000		19,734
Recruit Holdings Co. Ltd.		6,200		168,592
Rohm Co. Ltd.		390		30,006
SCSK Corp.		700		10,149
Sekisui Chemical Co. Ltd.		1,700		22,776
Sekisui House Ltd.		2,700		51,130
Seven & i Holdings Co. Ltd.		3,300		147,539
SG Holdings Co. Ltd.		1,200		17,293
Sharp Corp.		1,200		8,281
Shimadzu Corp.		940		27,155
Shimizu Corp.		2,500		13,490
Shin-Etsu Chemical Co. Ltd.		1,635		229,859
Shionogi & Co. Ltd.		1,200		53,377
SoftBank Corp.		12,500		141,091
Sompo Holdings, Inc.		1,340		57,441
Sony Group Corp.		5,455		457,737
Sumitomo Chemical Co. Ltd.		6,700		23,462
Sumitomo Electric Industries Ltd.		2,900		35,671
Sumitomo Metal Mining Co. Ltd.		1,053		39,116
Sumitomo Mitsui Trust Holdings, Inc.		1,400		51,852
Sumitomo Realty & Development Co. Ltd.		1,400		33,043
Suntory Beverage & Food Ltd.		500		17,546
Sysmex Corp.		650		38,943
Taisei Corp.		774		25,229
TDK Corp.		1,725		57,747
Terumo Corp.		2,750		73,911
Tobu Railway Co. Ltd.		800		17,854
Tokyo Electron Ltd.		651		223,237
Tokyo Gas Co. Ltd.		1,700		32,798
Tokyu Corp.		2,200		26,488
Toray Industries, Inc.		6,300		36,038
Tosoh Corp.		1,100		14,956
TOTO Ltd.		500		16,683
Unicharm Corp.		1,700		62,938
USS Co. Ltd.		900		14,595
West Japan Railway Co.		950		36,852
Yamaha Corp.		519		19,699
Yamaha Motor Co. Ltd.		1,300		33,260
Yaskawa Electric Corp.		1,101		43,324
Yokogawa Electric Corp.		1,000		14,932


	Number of Shares		Value
Japan (Continued)
Z Holdings Corp.		11,900	$	32,210
ZOZO, Inc.		500		11,104

(Cost $7,344,539)				7,048,325

Luxembourg — 0.1%
Tenaris SA (Cost $25,890)		2,104		34,987

Netherlands — 6.4%
Akzo Nobel NV		777		57,054
ASML Holding NV		1,748		1,082,593
IMCD NV		254		40,378
ING Groep NV		16,138		227,039
JDE Peet’s NV		453		13,375
Koninklijke Ahold Delhaize NV		4,521		143,908
Koninklijke DSM NV		760		94,058
Koninklijke KPN NV		14,762		50,738
NN Group NV		1,250		50,771
Prosus NV*		3,476		250,373
Randstad NV		520		32,040
Wolters Kluwer NV		1,140		132,322

(Cost $1,837,984)				2,174,649

New Zealand — 0.5%
Auckland International Airport Ltd.*		5,611		30,383
Fisher & Paykel Healthcare Corp. Ltd.		2,558		41,173
Mercury NZ Ltd.		3,061		11,891
Meridian Energy Ltd.		5,534		18,206
Spark New Zealand Ltd.		8,061		24,971
Xero Ltd.*		601		31,490

(Cost $183,388)				158,114

Norway — 1.2%
Aker BP ASA		1,359		36,817
DNB Bank ASA		4,022		80,700
Equinor ASA		4,114		127,298
Gjensidige Forsikring ASA		898		16,004
Mowi ASA (b)		1,846		32,053
Norsk Hydro ASA		5,869		42,917
Orkla ASA		3,234		21,855
Salmar ASA		263		10,981
Telenor ASA		3,060		34,470

(Cost $445,149)				403,095

Portugal — 0.2%
Galp Energia SGPS SA		2,211		27,106
Jeronimo Martins SGPS SA		1,192		24,549

(Cost $52,114)				51,655

Singapore — 0.9%
CapitaLand Integrated Commercial Trust REIT		22,965		33,096
Capitaland Investment Ltd.		11,100		30,674
City Developments Ltd.		1,900		10,882
Grab Holdings Ltd., Class A*		5,172		16,602
Keppel Corp. Ltd.		6,300		25,647
Sembcorp Marine Ltd.* (c)		120,330		11,352
Singapore Airlines Ltd.		6,050		25,573
Singapore Exchange Ltd.		3,600		23,293


	Number of Shares		Value
Singapore (Continued)
United Overseas Bank Ltd.		5,200	$	115,577
UOL Group Ltd.		2,100		10,655

(Cost $291,140)				303,351

Spain — 2.4%
Banco Bilbao Vizcaya Argentaria SA		26,005		203,335
Iberdrola SA		26,568		306,125
Industria de Diseno Textil SA		4,766		147,031
Naturgy Energy Group SA		549		15,173
Red Electrica Corp. SA		1,737		28,939
Repsol SA		5,964		94,904

(Cost $668,706)				795,507

Sweden — 3.1%
Alfa Laval AB		1,309		43,304
Assa Abloy AB, Class B		4,355		106,530
Atlas Copco AB, Class A		11,575		138,386
Atlas Copco AB, Class B		6,669		70,741
Boliden AB		1,214		50,074
Electrolux AB, Class B (b)		895		10,901
Epiroc AB, Class A		2,788		53,869
Epiroc AB, Class B		1,751		28,947
EQT AB		1,540		34,703
Essity AB, Class B (b)		2,611		70,855
H & M Hennes & Mauritz AB, Class B (b)		3,095		39,187
Holmen AB, Class B		419		16,995
Husqvarna AB, Class B		1,866		16,626
Nibe Industrier AB, Class B		6,579		68,385
Sandvik AB		4,622		95,644
SKF AB, Class B		1,672		31,961
Svenska Cellulosa AB SCA, Class B		2,765		38,789
Tele2 AB, Class B (b)		2,535		23,418
Telefonaktiebolaget LM Ericsson, Class B		12,695		70,727
Telia Co. AB		11,591		30,065

(Cost $1,151,889)				1,040,107

Switzerland — 7.9%
ABB Ltd.		6,729		224,575
Adecco Group AG		688		24,562
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		9		99,098
Cie Financiere Richemont SA, Class A		2,281		344,979
Clariant AG*		969		15,767
Coca-Cola HBC AG*		919		23,665
Geberit AG		161		87,435
Givaudan SA		40		121,248
Kuehne + Nagel International AG		220		56,570
Lonza Group AG		318		190,274
Roche Holding AG		3,037		880,722
SGS SA		28		64,469
Sika AG		623		175,417
Sonova Holding AG		240		59,203
Straumann Holding AG		497		66,205
Swiss Life Holding AG		131		79,138
Swiss Re AG		1,288		134,950
Temenos AG		250		18,480

(Cost $2,631,079)				2,666,757


	Number of Shares		Value
United Kingdom — 15.5%
abrdn PLC		9,568	$	26,017
Ashtead Group PLC		1,899		126,676
Associated British Foods PLC		1,517		36,860
AstraZeneca PLC		6,698		882,252
Barratt Developments PLC		4,278		24,295
Berkeley Group Holdings PLC		507		25,755
British Land Co. PLC REIT		3,945		21,334
BT Group PLC		29,944		50,517
Bunzl PLC		1,408		50,524
Burberry Group PLC		1,765		52,693
CNH Industrial NV		4,427		72,887
Coca-Cola Europacific Partners PLC		919		50,545
Compass Group PLC		7,610		176,891
Croda International PLC		594		47,189
GSK PLC		17,650		304,579
HSBC Holdings PLC		86,400		664,839
Informa PLC		5,860		47,419
InterContinental Hotels Group PLC		740		50,223
Intertek Group PLC		716		36,181
J Sainsbury PLC		7,629		24,771
Johnson Matthey PLC		780		20,605
Kingfisher PLC		7,451		25,907
Land Securities Group PLC REIT		3,093		25,755
Legal & General Group PLC		25,790		79,899
Lloyds Banking Group PLC		291,897		185,951
Mondi PLC		2,116		35,775
National Grid PLC		16,100		204,271
Next PLC		560		46,386
Ocado Group PLC* (b)		2,524		16,770
Pearson PLC		2,907		32,322
Persimmon PLC		1,420		24,970
Prudential PLC		11,732		180,312
Reckitt Benckiser Group PLC		3,067		213,947
RELX PLC		8,298		251,451
Rentokil Initial PLC		11,055		68,578
Schroders PLC		4,072		24,521
Segro PLC REIT		5,351		53,341
Spirax-Sarco Engineering PLC		325		45,976
St James’s Place PLC		2,315		35,916
Taylor Wimpey PLC		16,232		24,210
Tesco PLC		31,452		97,097
Unilever PLC		11,011		551,348
Vodafone Group PLC		112,011		135,308
Whitbread PLC		851		31,825
WPP PLC		4,849		60,113

(Cost $5,324,465)				5,245,001

TOTAL COMMON STOCKS (Cost $32,886,757)				33,541,912

PREFERRED STOCKS — 0.3%
Germany — 0.3%
Bayerische Motoren Werke AG		260		24,747
Henkel AG & Co. KGaA		781		57,000

(Cost $92,576)				81,747

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Number of Shares		Value
COMMON STOCKS — 97.9%
Brazil — 2.6%
Atacadao SA		4,126	$	10,630
Banco Bradesco SA		11,129		24,813
Banco Santander Brasil SA		2,487		13,496
CCR SA		9,331		19,643
Cia de Saneamento Basico do Estado de Sao Paulo		2,443		24,216
Cosan SA		9,176		26,329
Energisa SA		1,404		10,405
Equatorial Energia SA		7,758		37,789
Hapvida Participacoes e Investimentos SA, 144A*		34,150		29,370
Hypera SA		2,950		23,535
Klabin SA		5,472		20,397
Localiza Rent A Car SA*		25		254
Localiza Rent A Car SA		5,544		58,926
Lojas Renner SA		7,608		27,178
Natura & Co. Holding SA		6,893		20,227
Petro Rio SA*		4,828		31,165
Raia Drogasil SA		8,024		34,858
Rede D’Or Sao Luiz SA, 144A		4,083		19,982
Rumo SA		9,860		33,920
Telefonica Brasil SA		3,735		27,858
TIM SA		6,281		14,750
TOTVS SA		3,923		20,507
Ultrapar Participacoes SA		5,679		14,337
WEG SA		12,319		92,404

(Cost $703,200)				636,989

Chile — 0.4%
Cencosud SA		11,204		21,066
Empresas CMPC SA		7,977		13,181
Empresas Copec SA		2,896		20,806
Enel Americas SA		161,583		20,005
Falabella SA		5,724		12,531

(Cost $94,307)				87,589

China — 28.9%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		700		2,212
3SBio, Inc., 144A		11,138		11,039
AAC Technologies Holdings, Inc.* (a)		4,879		10,890
Air China Ltd., Class A*		2,300		3,676
Air China Ltd., Class H*		13,956		12,855
Airtac International Group		1,106		39,021
Alibaba Group Holding Ltd.*		108,783		1,198,768
Angel Yeast Co. Ltd., Class A		200		1,163
Anjoy Foods Group Co. Ltd., Class A		100		2,352
Baidu, Inc., Class A*		16,212		278,410
BBMG Corp., Class A		2,500		939
Beijing Capital International Airport Co. Ltd., Class H*		12,614		9,224
Beijing Easpring Material Technology Co. Ltd., Class A		200		1,719
BYD Co. Ltd., Class A		777		29,150
BYD Co. Ltd., Class H		6,042		162,567
By-health Co. Ltd., Class A		300		991
CECEP Solar Energy Co. Ltd., Class A		1,600		1,634


	Number of Shares		Value
China (Continued)
Chengxin Lithium Group Co. Ltd., Class A		300	$	1,640
China Baoan Group Co. Ltd., Class A		900		1,657
China Communications Services Corp. Ltd., Class H		16,044		6,234
China Conch Venture Holdings Ltd.		12,716		25,596
China Construction Bank Corp., Class H		708,161		433,043
China Eastern Airlines Corp. Ltd., Class A*		4,800		3,749
China Feihe Ltd., 144A		27,466		21,974
China Jushi Co. Ltd., Class A		1,828		3,984
China Lesso Group Holdings Ltd.		9,349		9,850
China Medical System Holdings Ltd.		9,958		14,970
China Merchants Bank Co. Ltd., Class A		9,034		48,486
China Merchants Bank Co. Ltd., Class H		29,018		157,114
China Resources Mixc Lifestyle Services Ltd., 144A		5,222		28,606
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		400		2,931
China Southern Airlines Co. Ltd., Class A*		3,674		4,175
China Southern Airlines Co. Ltd., Class H*		12,905		9,404
China Three Gorges Renewables Group Co. Ltd., Class A		12,810		10,301
China Vanke Co. Ltd., Class A		4,385		10,812
China Vanke Co. Ltd., Class H		12,715		22,192
CITIC Ltd.		44,575		49,178
CMOC Group Ltd., Class A		8,624		7,319
CMOC Group Ltd., Class H		25,630		14,399
Contemporary Amperex Technology Co. Ltd., Class A		1,053		61,180
COSCO SHIPPING Holdings Co. Ltd., Class A		5,600		8,684
COSCO SHIPPING Holdings Co. Ltd., Class H		23,486		24,355
Country Garden Services Holdings Co. Ltd.		15,205		28,165
CSPC Pharmaceutical Group Ltd.		67,324		72,303
Dali Foods Group Co. Ltd., 144A		15,813		6,386
ENN Energy Holdings Ltd.		5,922		84,120
ENN Natural Gas Co. Ltd., Class A		1,200		3,333
Fosun International Ltd.		19,653		16,074
Ganfeng Lithium Group Co. Ltd., Class A		664		6,915
Ganfeng Lithium Group Co. Ltd., Class H, 144A		2,798		19,498
GEM Co. Ltd., Class A		1,200		1,362
Genscript Biotech Corp.*		8,888		24,288
Greentown Service Group Co. Ltd.		9,902		6,598
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		300		1,362
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		200		2,425
Hansoh Pharmaceutical Group Co. Ltd., 144A		9,253		16,621
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,642		6,255
Huadong Medicine Co. Ltd., Class A		600		4,147
Huatai Securities Co. Ltd., Class A		3,356		6,083
Huatai Securities Co. Ltd., Class H, 144A		9,778		10,999


	Number of Shares		Value
China (Continued)
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,650	$	11,611
Jafron Biomedical Co. Ltd., Class A		200		932
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,600		3,574
Jiangsu Expressway Co. Ltd., Class H		7,064		6,749
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,500		3,465
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		300		1,645
Keda Industrial Group Co. Ltd., Class A		1,200		2,829
Kingdee International Software Group Co. Ltd.*		19,946		37,150
Lenovo Group Ltd.		54,318		48,716
Li Auto, Inc., Class A*		8,264		97,121
Longfor Group Holdings Ltd., 144A		13,998		39,946
Meituan, Class B, 144A*		37,294		646,629
Microport Scientific Corp.*		4,949		13,997
Ming Yang Smart Energy Group Ltd., Class A		600		2,191
NetEase, Inc.		14,520		224,011
Orient Securities Co. Ltd., Class A		3,500		5,135
Ovctek China, Inc., Class A		340		1,685
Pharmaron Beijing Co. Ltd., Class A		300		2,579
Pharmaron Beijing Co. Ltd., Class H, 144A		1,418		7,930
Ping An Healthcare and Technology Co. Ltd., 144A* (a)		4,153		9,492
Pop Mart International Group Ltd., 144A (a)		4,315		11,984
Postal Savings Bank of China Co. Ltd., Class A		12,284		7,987
Postal Savings Bank of China Co. Ltd., Class H, 144A		55,065		33,041
SF Holding Co. Ltd., Class A		2,188		16,974
Shandong Nanshan Aluminum Co. Ltd., Class A		4,300		2,233
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		18,553		29,923
Shanghai Electric Group Co. Ltd., Class A*		4,200		2,531
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		826		4,004
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		3,817		11,160
Shanghai M&G Stationery, Inc., Class A		400		3,118
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,278		3,633
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,091		8,976
Shanghai Putailai New Energy Technology Co. Ltd., Class A		726		5,252
Shenzhen Inovance Technology Co. Ltd., Class A		1,224		12,906
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		548		24,754
Sichuan Yahua Industrial Group Co. Ltd., Class A		500		1,762


	Number of Shares		Value
China (Continued)
Sinopharm Group Co. Ltd., Class H		10,427	$	27,896
Skshu Paint Co. Ltd., Class A*		140		2,465
Sungrow Power Supply Co. Ltd., Class A		670		11,527
Tencent Holdings Ltd.		45,717		2,001,193
Titan Wind Energy Suzhou Co. Ltd., Class A		700		1,542
Tongcheng Travel Holdings Ltd.*		8,927		17,696
Topchoice Medical Corp., Class A*		100		2,101
Uni-President China Holdings Ltd.		9,964		8,733
Unisplendour Corp. Ltd., Class A		1,040		3,800
Vipshop Holdings Ltd., ADR*		3,184		47,410
Want Want China Holdings Ltd.		36,487		22,963
Weichai Power Co. Ltd., Class A		2,700		4,832
Weichai Power Co. Ltd., Class H		13,000		19,278
WuXi AppTec Co. Ltd., Class A		1,088		12,940
WuXi AppTec Co. Ltd., Class H, 144A		2,764		29,420
Wuxi Biologics Cayman, Inc., 144A*		26,349		183,616
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,700		2,778
Xinyi Solar Holdings Ltd.		37,493		40,027
XPeng, Inc., Class A*		6,152		26,922
Yadea Group Holdings Ltd., 144A		8,450		18,107
Yihai International Holding Ltd.*		3,141		9,123
Yum China Holdings, Inc.		3,071		180,360
Yunnan Baiyao Group Co. Ltd., Class A		806		6,597
Yunnan Energy New Material Co. Ltd., Class A		358		6,471
Zhejiang Chint Electrics Co. Ltd., Class A		912		3,936
Zhejiang Expressway Co. Ltd., Class H		8,654		6,979
Zhejiang Huayou Cobalt Co. Ltd., Class A		699		5,943
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		300		1,700
Zhejiang Weixing New Building Materials Co. Ltd., Class A		800		2,955
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,800		3,668
ZTO Express Cayman, Inc., ADR		3,114		74,923

(Cost $9,278,327)				7,200,903

Colombia — 0.1%
Bancolombia SA		1,897		14,065
Interconexion Electrica SA ESP		3,577		12,714

(Cost $38,834)				26,779

Cyprus — 0.0%
Polymetal International PLC* (b) (Cost $40,174)		2,070		0

Czech Republic — 0.1%
Komercni Banka AS		454		15,344
Moneta Money Bank AS, 144A		2,951		11,285

(Cost $25,096)				26,629

Egypt — 0.1%
Commercial International Bank Egypt SAE (Cost $28,914)		18,719		32,457

Greece — 0.3%
Alpha Services and Holdings SA*		14,485		22,735


	Number of Shares		Value
Greece (Continued)
Eurobank Ergasias Services and Holdings SA*		20,033	$	30,848
Mytilineos SA		739		20,000
Terna Energy SA		426		8,900

(Cost $55,453)				82,483

Hong Kong — 1.8%
Alibaba Health Information Technology Ltd.*		34,090		24,321
Beijing Enterprises Water Group Ltd.		28,772		7,221
China Everbright Environment Group Ltd.		30,739		12,453
China Mengniu Dairy Co. Ltd.*		23,265		102,254
China Overseas Land & Investment Ltd.		27,973		69,349
China Resources Cement Holdings Ltd.		17,635		9,481
China Resources Gas Group Ltd.		7,040		29,686
China Resources Land Ltd.		23,647		104,837
China Ruyi Holdings Ltd.*		30,839		7,661
Far East Horizon Ltd. (a)		10,270		9,080
Kunlun Energy Co. Ltd.		29,480		23,585
Shenzhen International Holdings Ltd.		8,929		7,758
Shimao Group Holdings Ltd.* (a)(b)		7,398		0
Sino Biopharmaceutical Ltd.		76,834		39,643
Vinda International Holdings Ltd.		1,273		3,503

(Cost $572,536)				450,832

Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		2,959		22,545
OTP Bank Nyrt		1,674		50,911

(Cost $91,577)				73,456

India — 12.6%
Adani Green Energy Ltd.*		2,352		13,807
Adani Total Gas Ltd.		1,982		16,269
Asian Paints Ltd.		2,828		96,771
Axis Bank Ltd.		16,758		171,112
Berger Paints India Ltd.		1,796		12,592
Britannia Industries Ltd.		815		43,987
Colgate-Palmolive India Ltd.		919		16,381
Dabur India Ltd.		4,651		29,965
Eicher Motors Ltd.		1,047		39,337
GAIL India Ltd.		14,638		18,176
Grasim Industries Ltd.		2,039		38,935
Havells India Ltd.		1,865		27,006
HCL Technologies Ltd.		6,971		90,869
Hero MotoCorp Ltd.		824		24,113
Hindalco Industries Ltd.		9,926		47,933
Hindustan Unilever Ltd.		6,114		181,987
Housing Development Finance Corp. Ltd.		12,736		402,020
ICICI Prudential Life Insurance Co. Ltd., 144A		2,296		11,357
Indraprastha Gas Ltd.		2,296		12,183
Info Edge India Ltd.		535		22,597
Infosys Ltd.		15,499		278,895
Infosys Ltd., ADR		9,299		166,824
Kotak Mahindra Bank Ltd.		4,180		87,438
Lupin Ltd.		1,463		11,667
Mahindra & Mahindra Ltd.		6,405		98,367
Marico Ltd.*		3,961		23,569


	Number of Shares		Value
India (Continued)
Nestle India Ltd.		238	$	53,751
PI Industries Ltd.		528		19,797
Reliance Industries Ltd.		22,328		627,307
Shree Cement Ltd.		86		27,140
Shriram Finance Ltd.		1,716		24,979
Siemens Ltd.		522		20,501
State Bank of India		13,008		82,264
Tata Consultancy Services Ltd.		6,714		269,059
UPL Ltd.		3,228		27,107
Zomato Ltd.*		17,637		11,414

(Cost $3,091,186)				3,147,476

Indonesia — 1.8%
Aneka Tambang Tbk		64,114		8,366
PT Bank Central Asia Tbk		411,210		235,940
PT Bank Negara Indonesia Persero Tbk		55,191		31,758
PT Barito Pacific Tbk		202,106		12,391
PT Indah Kiat Pulp & Paper Tbk		21,000		10,913
PT Kalbe Farma Tbk		142,363		19,698
PT Merdeka Copper Gold Tbk*		93,215		27,751
PT Telkom Indonesia Persero Tbk		349,087		88,817
PT Unilever Indonesia Tbk		60,581		16,605

(Cost $436,156)				452,239

Kuwait — 0.6%
Kuwait Finance House KSCP (Cost $138,644)		54,905		153,319

Malaysia — 2.0%
AMMB Holdings Bhd		14,500		12,957
Axiata Group Bhd		20,983		14,823
CIMB Group Holdings Bhd		51,173		63,973
DiGi.Com Bhd		24,900		23,860
HAP Seng Consolidated Bhd		5,300		7,204
IHH Healthcare Bhd		12,900		16,644
Kuala Lumpur Kepong Bhd		3,500		16,223
Malayan Banking Bhd		36,153		70,896
Malaysia Airports Holdings Bhd*		4,400		6,658
Maxis Bhd		17,000		14,812
MISC Bhd		10,200		17,184
Nestle Malaysia Bhd		500		15,053
Petronas Dagangan Bhd		1,900		8,900
Petronas Gas Bhd		5,300		19,676
PPB Group Bhd		4,700		18,329
Press Metal Aluminium Holdings Bhd		25,400		29,206
Public Bank Bhd		105,675		97,256
QL Resources Bhd		7,400		9,581
RHB Bank Bhd		10,942		13,850
Sime Darby Bhd		20,200		10,218
Telekom Malaysia Bhd		8,500		9,528
Top Glove Corp. Bhd*		35,800		6,023

(Cost $511,696)				502,854

Mexico — 3.2%
America Movil SAB de CV, Series L		201,280		208,475
Arca Continental SAB de CV		3,394		28,600
Cemex SAB de CV, Series CPO*		113,975		56,972
Coca-Cola Femsa SAB de CV		3,903		28,187


	Number of Shares		Value
Mexico (Continued)
Fomento Economico Mexicano SAB de CV		13,949	$	128,536
Gruma SAB de CV, Class B		1,581		23,140
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,411		40,410
Grupo Bimbo SAB de CV, Series A		9,517		45,105
Grupo Financiero Banorte SAB de CV, Class O		18,712		157,702
Grupo Televisa SAB, Series CPO		17,939		17,924
Industrias Penoles SAB de CV*		1,062		12,687
Kimberly-Clark de Mexico SAB de CV, Class A		12,160		24,360
Orbia Advance Corp. SAB de CV		7,389		15,407

(Cost $716,822)				787,505

Netherlands — 0.1%
NEPI Rockcastle NV (Cost $21,995)		3,265		19,596

Peru — 0.3%
Credicorp Ltd. (Cost $75,018)		539		68,679

Philippines — 0.6%
Ayala Corp.		1,700		19,196
JG Summit Holdings, Inc.		23,520		20,949
Monde Nissin Corp., 144A		46,200		10,066
SM Investments Corp.		1,632		25,121
SM Prime Holdings, Inc.		85,100		52,352
Universal Robina Corp.		6,530		16,104

(Cost $161,908)				143,788

Poland — 1.0%
Bank Polska Kasa Opieki SA		1,390		28,094
CD Projekt SA (a)		496		14,800
KGHM Polska Miedz SA		1,064		30,550
Polski Koncern Naftowy ORLEN SA		4,667		70,114
Powszechna Kasa Oszczednosci Bank Polski SA		6,004		42,055
Powszechny Zaklad Ubezpieczen SA		4,504		37,172
Santander Bank Polska SA		286		19,260

(Cost $280,365)				242,045

Qatar — 0.9%
Commercial Bank PSQC		23,528		39,733
Qatar Fuel QSC		4,285		19,120
Qatar Gas Transport Co. Ltd.		17,822		17,862
Qatar National Bank QPSC		34,340		158,888

(Cost $255,084)				235,603

Russia — 0.0%
Gazprom PJSC (b)		68,905		0
LUKOIL PJSC (b)		2,409		0
Mobile TeleSystems PJSC, ADR* (b)		2,662		0
Moscow Exchange MICEX-RTS PJSC* (b)		8,602		0
Novatek PJSC (b)		5,300		0
Novolipetsk Steel PJSC* (b)		8,462		0
PhosAgro PJSC (b)		267		0
PhosAgro PJSC, GDR (b)		300		0


	Number of Shares		Value
Russia (Continued)
PhosAgro PJSC, GDR* (b)		4	$	0
Polyus PJSC* (b)		193		0

(Cost $634,911)				0

Saudi Arabia — 1.7%
ACWA Power Co.		590		21,917
Bank AlBilad*		3,556		33,782
Dr Sulaiman Al Habib Medical Services Group Co.		651		40,212
Saudi Arabian Oil Co., 144A		17,763		150,524
Saudi Basic Industries Corp.		6,447		152,041
Saudi Electricity Co.		6,201		36,684

(Cost $487,652)				435,160

Singapore — 0.0%
BOC Aviation Ltd., 144A (Cost $11,623)		1,457		10,524

South Africa — 5.6%
Absa Group Ltd.		6,155		66,542
Anglo American Platinum Ltd.		400		22,166
Aspen Pharmacare Holdings Ltd.		2,858		22,092
Bid Corp. Ltd.		2,555		55,982
Bidvest Group Ltd.		2,117		27,025
Capitec Bank Holdings Ltd.		634		60,598
Clicks Group Ltd.		1,878		27,367
Discovery Ltd.*		3,532		28,814
FirstRand Ltd.		37,282		133,134
Gold Fields Ltd.		6,611		60,069
Growthpoint Properties Ltd. REIT		21,296		15,592
Impala Platinum Holdings Ltd.		6,251		58,406
Kumba Iron Ore Ltd. (a)		500		13,049
Mr Price Group Ltd.		1,755		14,558
MTN Group Ltd.		12,673		99,976
MultiChoice Group		2,888		22,184
Naspers Ltd., Class N		1,592		282,477
Nedbank Group Ltd.		3,458		43,437
Northam Platinum Holdings Ltd.*		2,561		21,102
Old Mutual Ltd.		35,509		23,039
Remgro Ltd.		3,939		29,995
Sanlam Ltd.		12,433		40,524
Sasol Ltd.		4,274		62,945
Shoprite Holdings Ltd.		3,426		41,535
Standard Bank Group Ltd.		9,998		99,990
Vodacom Group Ltd.		4,741		32,726

(Cost $1,566,729)				1,405,324

South Korea — 6.9%
Amorepacific Corp.		202		21,127
BGF retail Co. Ltd.		55		7,511
Celltrion Healthcare Co. Ltd.		679		27,966
CJ CheilJedang Corp.		64		15,525
CJ Corp.		102		6,698
Coway Co. Ltd.		411		16,586
Doosan Bobcat, Inc.		313		8,965
Hana Financial Group, Inc.		2,109		72,359
Hanwha Solutions Corp.* (b)		896		28,168
HMM Co. Ltd.*		2,039		34,747


	Number of Shares		Value
South Korea (Continued)
Hyundai Engineering & Construction Co. Ltd.		606	$	16,670
Hyundai Glovis Co. Ltd.		144		17,259
Hyundai Mipo Dockyard Co. Ltd.		143		7,586
Kakao Corp.		2,209		104,169
KB Financial Group, Inc.		2,791		108,202
Korea Zinc Co. Ltd.		66		29,128
Korean Air Lines Co. Ltd.		1,331		22,883
LG Chem Ltd.		363		186,541
LG Corp.		724		45,029
LG Display Co. Ltd.		1,750		20,221
LG Electronics, Inc.		788		66,220
LG H&H Co. Ltd.		67		33,823
Lotte Chemical Corp.		154		20,739
NAVER Corp.		963		151,737
NCSoft Corp.		114		37,433
Netmarble Corp., 144A*		95		4,437
POSCO Chemical Co. Ltd.		195		32,568
S-1 Corp.		116		4,944
Samsung Engineering Co. Ltd.*		1,172		23,250
Samsung Life Insurance Co. Ltd.		622		32,011
Samsung SDI Co. Ltd.		404		212,495
Samsung SDS Co. Ltd.		219		20,737
Samsung Securities Co. Ltd.		477		12,076
Shinhan Financial Group Co. Ltd.		3,384		99,353
SK Biopharmaceuticals Co. Ltd.*		211		10,636
SK IE Technology Co. Ltd., 144A*		202		9,984
SK Innovation Co. Ltd.*		433		49,142
SK, Inc.		277		37,387
SKC Co. Ltd.		164		12,146
Woori Financial Group, Inc.		4,034		37,192
Yuhan Corp.		414		16,488

(Cost $1,947,380)				1,722,138

Taiwan — 20.9%
Acer, Inc.		21,941		18,254
AUO Corp.		43,513		26,562
Cathay Financial Holding Co. Ltd.		64,095		91,400
Chailease Holding Co. Ltd.		10,626		78,641
China Airlines Ltd.		21,022		14,006
China Steel Corp.		87,930		90,615
Chunghwa Telecom Co. Ltd.		27,058		102,568
CTBC Financial Holding Co. Ltd.		130,403		97,365
Delta Electronics, Inc.		14,377		135,185
E.Sun Financial Holding Co. Ltd.		97,149		79,551
Eva Airways Corp.		19,784		18,375
Evergreen Marine Corp. Taiwan Ltd.		6,987		36,002
Far Eastern New Century Corp.		23,050		24,548
Far EasTone Telecommunications Co. Ltd.		11,313		25,619
First Financial Holding Co. Ltd.		75,806		66,677
Fubon Financial Holding Co. Ltd.		54,846		108,002
Hotai Motor Co. Ltd.		2,099		42,504
Hua Nan Financial Holdings Co. Ltd.		68,065		51,044
MediaTek, Inc.		11,034		261,822
Mega Financial Holding Co. Ltd.		81,279		88,830
momo.com, Inc.		423		11,023
Nan Ya Plastics Corp.		36,034		89,406


	Number of Shares		Value
Taiwan (Continued)
President Chain Store Corp.		4,406	$	38,609
Shanghai Commercial & Savings Bank Ltd.		28,933		45,247
SinoPac Financial Holdings Co. Ltd.		77,494		43,745
Taishin Financial Holding Co. Ltd.		79,416		42,875
Taiwan Cement Corp.		44,314		56,939
Taiwan Cooperative Financial Holding Co. Ltd.		73,880		64,619
Taiwan High Speed Rail Corp.		16,623		16,040
Taiwan Mobile Co. Ltd.		13,023		41,288
Taiwan Semiconductor Manufacturing Co. Ltd.		180,722		3,030,865
Uni-President Enterprises Corp.		35,748		79,194
United Microelectronics Corp.*		87,869		144,048
Voltronic Power Technology Corp.		425		22,387
Wan Hai Lines Ltd.		5,523		14,429
Yang Ming Marine Transport Corp.		13,041		27,649

(Cost $4,572,522)				5,225,933

Thailand — 2.7%
Advanced Info Service PCL, NVDR		8,200		46,869
Airports of Thailand PCL, NVDR*		32,400		66,695
Asset World Corp. PCL, NVDR		57,700		9,633
B Grimm Power PCL, NVDR		6,200		6,842
Bangkok Dusit Medical Services PCL, NVDR		78,000		61,797
Berli Jucker PCL, NVDR		10,600		11,547
BTS Group Holdings PCL, NVDR		64,600		14,715
Bumrungrad Hospital PCL, NVDR		4,100		24,478
Central Pattana PCL, NVDR		14,900		29,618
Charoen Pokphand Foods PCL, NVDR		27,700		17,400
CP ALL PCL, NVDR		44,100		77,366
Energy Absolute PCL, NVDR		12,200		27,012
Home Product Center PCL, NVDR		44,000		17,430
Indorama Ventures PCL, NVDR		12,500		12,998
Intouch Holdings PCL, NVDR		8,500		17,016
Krungthai Card PCL		400		665
Krungthai Card PCL, NVDR		6,100		10,140
Minor International PCL, NVDR*		24,954		23,654
Osotspa PCL		2,600		2,373
Osotspa PCL, NVDR		6,200		5,658
PTT Exploration & Production PCL, NVDR		10,100		42,868
PTT Global Chemical PCL, NVDR		17,000		22,728
PTT Oil & Retail Business PCL, NVDR		20,200		12,517
SCB X PCL, NVDR		5,000		14,714
SCG Packaging PCL		400		589
SCG Packaging PCL, NVDR		8,900		13,095
Siam Cement PCL, NVDR		5,900		54,591
Thai Union Group PCL, NVDR		20,700		9,313
True Corp. PCL, NVDR (b)		87,600		12,641

(Cost $703,538)				666,962

Turkey — 0.5%
KOC Holding AS		6,021		24,733
Turk Hava Yollari AO*		3,870		29,436
Turkiye Is Bankasi AS, Class C		23,133		13,920
Turkiye Petrol Rafinerileri AS*		935		29,374


	Number of Shares		Value
Turkey (Continued)
Turkiye Sise ve Cam Fabrikalari AS		10,472	$	26,181

(Cost $72,019)				123,644

United Arab Emirates — 1.9%
Abu Dhabi Commercial Bank PJSC		19,545		44,594
Abu Dhabi Islamic Bank PJSC		10,740		30,528
Aldar Properties PJSC		29,086		37,220
Emirates NBD Bank PJSC		13,300		49,248
Emirates Telecommunications Group Co. PJSC		25,525		177,216
First Abu Dhabi Bank PJSC		33,048		126,691

(Cost $440,672)				465,497

TOTAL COMMON STOCKS (Cost $27,054,338)				24,426,403

PREFERRED STOCKS — 1.8%
Brazil — 1.3%
Banco Bradesco SA		39,515		99,001
Cia Energetica de Minas Gerais		10,986		22,053
Gerdau SA		7,738		42,435
Itau Unibanco Holding SA		34,831		169,662

(Cost $379,463)				333,151

Chile — 0.4%
Sociedad Quimica y Minera de Chile SA, Class B (Cost $67,001)		1,039		92,360

Colombia — 0.1%
Bancolombia SA (Cost $23,135)		3,336		21,235

South Korea — 0.0%
LG Chem Ltd. (Cost $14,435)		62		13,775

TOTAL PREFERRED STOCKS (Cost $484,034)				460,521


	Principal Amount
CORPORATE BONDS — 0.0%
India — 0.0%
Britannia Industries Ltd. Series N3, 5.50%, 6/3/24 (Cost $0)		INR 12,383		145


	Number of Shares
RIGHTS — 0.0%
Taiwan — 0.0%
SinoPac Financial Holdings Co. Ltd., expires 3/10/23 (Cost $0)		4,080		295


	Number of Shares		Value
WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL*, expires 11/7/24		3,050	$	17
BTS Group Holdings PCL*, expires 11/20/26		6,100		47

TOTAL WARRANTS (Cost $0)				64

EXCHANGE-TRADED FUNDS — 0.1%
iShares Inc iShares ESG Aware MSCI EM ETF		70		2,131
Xtrackers MSCI China A Inclusion Equity ETF (c)		405		9,270

TOTAL EXCHANGE-TRADED FUNDS (Cost $11,157)				11,401

SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (d)(e) (Cost $45,972)		45,972		45,972

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.51% (d) (Cost $25,543)		25,543		25,543

TOTAL INVESTMENTS — 100.1% (Cost $27,621,044)			$	24,970,344
Other assets and liabilities, net — (0.1%)				(15,055	)

NET ASSETS — 100.0%			$	24,955,289

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:

During the period ended February 28, 2023, the amount of transfers from Level 1 to Level 3 was $41,759. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.


	Number of Shares		Value
COMMON STOCKS — 99.7%
Communication Services — 8.5%
Alphabet, Inc., Class A*		1,083,796	$	97,606,668
Alphabet, Inc., Class C*		992,389		89,612,727
Electronic Arts, Inc.		50,373		5,588,380
Interpublic Group of Cos., Inc.		70,585		2,508,591
Sirius XM Holdings, Inc. (a)		140,053		614,833
Take-Two Interactive Software, Inc.*		30,749		3,368,553
Verizon Communications, Inc.		760,682		29,522,068
Walt Disney Co.*		329,838		32,855,163
Warner Bros Discovery, Inc.*		415,693		6,493,125
ZoomInfo Technologies, Inc.*		51,978		1,256,308

(Cost $285,484,817)				269,426,416

Consumer Discretionary — 10.9%
Advance Auto Parts, Inc.		11,160		1,617,754
Aptiv PLC*		48,807		5,675,278
Best Buy Co., Inc.		38,360		3,188,100
BorgWarner, Inc.		43,002		2,162,141
Burlington Stores, Inc.*		12,358		2,647,701
CarMax, Inc.* (a)		28,415		1,961,772
eBay, Inc.		100,398		4,608,268
Genuine Parts Co.		25,424		4,496,489
Hasbro, Inc.		22,951		1,262,535
Hilton Worldwide Holdings, Inc.		49,844		7,202,956
Home Depot, Inc.		184,690		54,767,973
Lear Corp.		10,511		1,467,861
LKQ Corp.		48,586		2,783,492
Lowe’s Cos., Inc.		108,911		22,408,438
Lululemon Athletica, Inc.*		21,084		6,519,173
McDonald’s Corp.		133,202		35,153,340
MercadoLibre, Inc.*		8,186		9,986,920
Newell Brands, Inc. (a)		72,701		1,067,978
NIKE, Inc., Class B		228,576		27,152,543
Pool Corp.		7,104		2,535,133
Rivian Automotive, Inc., Class A*		56,090		1,082,537
Target Corp.		83,653		14,095,530
Tesla, Inc.*		486,642		100,107,126
TJX Cos., Inc.		210,519		16,125,755
Tractor Supply Co.		20,105		4,689,692
Ulta Beauty, Inc.*		9,329		4,839,885
Vail Resorts, Inc.		7,072		1,651,241
VF Corp.		59,148		1,468,053

(Cost $289,675,723)				342,725,664

Consumer Staples — 6.8%
Bunge Ltd.		27,243		2,601,707
Campbell Soup Co.		37,843		1,987,514
Clorox Co.		22,273		3,462,115
Coca-Cola Co.		745,871		44,386,783
Colgate-Palmolive Co.		144,923		10,622,856
Conagra Brands, Inc.		85,821		3,124,743
Estee Lauder Cos., Inc., Class A		41,598		10,110,394
General Mills, Inc.		107,993		8,586,523
Hormel Foods Corp.		51,896		2,303,144
Kellogg Co.		48,495		3,197,760
Keurig Dr Pepper, Inc.		139,621		4,823,906
Kimberly-Clark Corp.		60,380		7,550,519


	Number of Shares		Value
Consumer Staples (Continued)
Kroger Co.		126,539	$	5,458,892
McCormick & Co., Inc.		45,268		3,364,318
PepsiCo, Inc.		248,971		43,203,938
Procter & Gamble Co.		429,450		59,075,142

(Cost $195,588,076)				213,860,254

Energy — 2.6%
Baker Hughes Co.		180,692		5,529,175
Cheniere Energy, Inc.		41,497		6,529,138
Halliburton Co.		165,380		5,991,717
HF Sinclair Corp.		29,394		1,461,470
Kinder Morgan, Inc.		363,010		6,192,951
Marathon Petroleum Corp.		84,891		10,492,528
ONEOK, Inc.		79,614		5,210,736
Phillips 66		85,873		8,807,135
Schlumberger NV		255,938		13,618,461
Targa Resources Corp.		38,683		2,866,410
Valero Energy Corp.		69,773		9,191,197
Williams Cos., Inc.		222,358		6,692,976

(Cost $66,412,729)				82,583,894

Financials — 11.6%
Aflac, Inc.		106,476		7,256,339
Allstate Corp.		48,719		6,274,033
Ally Financial, Inc.		53,755		1,615,338
American Express Co.		115,632		20,118,812
American International Group, Inc.		137,192		8,383,803
Ameriprise Financial, Inc.		19,223		6,590,990
Annaly Capital Management, Inc. REIT		84,396		1,745,309
Arch Capital Group Ltd.*		67,830		4,748,100
Arthur J Gallagher & Co.		37,650		7,053,728
Assurant, Inc.		9,725		1,238,868
Bank of New York Mellon Corp.		136,859		6,963,386
BlackRock, Inc.		27,268		18,799,377
Carlyle Group, Inc.		35,088		1,207,027
Cboe Global Markets, Inc.		19,121		2,412,497
Charles Schwab Corp.		264,363		20,599,165
Chubb Ltd.		75,260		15,881,365
Citizens Financial Group, Inc.		88,010		3,675,298
CME Group, Inc.		65,310		12,105,862
Discover Financial Services		49,692		5,565,504
Equitable Holdings, Inc.		69,684		2,189,471
FactSet Research Systems, Inc.		6,642		2,753,441
First Republic Bank		32,933		4,051,088
Franklin Resources, Inc. (a)		56,158		1,654,976
Hartford Financial Services Group, Inc.		59,461		4,654,607
Huntington Bancshares, Inc.		258,649		3,962,503
Intercontinental Exchange, Inc.		101,338		10,316,208
Invesco Ltd.		61,076		1,078,602
KeyCorp		165,097		3,019,624
Loews Corp.		38,026		2,323,008
LPL Financial Holdings, Inc.		14,239		3,553,485
MarketAxess Holdings, Inc.		6,766		2,310,251
Marsh & McLennan Cos., Inc.		90,106		14,609,787
Moody’s Corp.		29,834		8,656,335
Morgan Stanley		229,941		22,189,307
Nasdaq, Inc.		62,013		3,476,449


	Number of Shares		Value
Financials (Continued)
Northern Trust Corp.		35,309	$	3,363,888
PNC Financial Services Group, Inc.		73,734		11,644,073
Principal Financial Group, Inc.		43,893		3,931,057
Progressive Corp.		105,252		15,105,767
Prudential Financial, Inc.		67,541		6,754,100
Raymond James Financial, Inc.		34,075		3,695,775
Regions Financial Corp.		166,022		3,871,633
S&P Global, Inc.		60,329		20,584,255
State Street Corp.		65,592		5,816,699
SVB Financial Group*		10,504		3,026,307
Synchrony Financial		80,717		2,882,404
T. Rowe Price Group, Inc.		40,547		4,552,617
Travelers Cos., Inc.		43,269		8,009,957
Truist Financial Corp.		243,043		11,410,869
US Bancorp		252,654		12,059,175
Webster Financial Corp.		31,913		1,695,219
Willis Towers Watson PLC		19,795		4,639,156

(Cost $314,724,013)				366,076,894

Health Care — 14.9%
Agilent Technologies, Inc.		53,721		7,626,770
Align Technology, Inc.*		13,733		4,250,364
AmerisourceBergen Corp.		28,660		4,458,350
Amgen, Inc.		96,748		22,412,642
Baxter International, Inc.		93,146		3,721,183
Biogen, Inc.*		26,275		7,090,572
BioMarin Pharmaceutical, Inc.*		33,143		3,300,711
Bio-Techne Corp.		27,652		2,008,641
Bristol-Myers Squibb Co.		385,242		26,566,288
Cardinal Health, Inc.		47,426		3,590,622
Catalent, Inc.*		29,423		2,007,237
Cigna Group		55,020		16,071,342
DaVita, Inc.*		10,463		860,686
DENTSPLY SIRONA, Inc.		39,789		1,514,767
Dexcom, Inc.*		70,175		7,790,127
Edwards Lifesciences Corp.*		111,582		8,975,656
Elanco Animal Health, Inc.*		75,803		869,460
Elevance Health, Inc.		43,128		20,255,928
Eli Lilly & Co.		146,722		45,662,821
Gilead Sciences, Inc.		227,423		18,314,374
HCA Healthcare, Inc.		38,311		9,326,813
Hologic, Inc.*		44,075		3,510,133
Humana, Inc.		23,064		11,417,141
IDEXX Laboratories, Inc.*		15,161		7,174,792
Illumina, Inc.*		28,576		5,692,339
Insulet Corp.*		12,479		3,448,696
Jazz Pharmaceuticals PLC*		11,009		1,545,664
Johnson & Johnson		474,327		72,695,356
Laboratory Corp. of America Holdings		16,685		3,993,722
Merck & Co., Inc.		459,170		48,782,221
Mettler-Toledo International, Inc.*		4,024		5,769,249
Novocure Ltd.* (a)		16,979		1,306,874
Quest Diagnostics, Inc.		21,111		2,920,918
ResMed, Inc.		25,997		5,537,361
STERIS PLC		18,477		3,474,230
Teleflex, Inc.		8,418		2,005,420
Thermo Fisher Scientific, Inc.		70,816		38,365,276


	Number of Shares		Value
Health Care (Continued)
Vertex Pharmaceuticals, Inc.*		46,294	$	13,438,685
Waters Corp.*		10,783		3,352,327
West Pharmaceutical Services, Inc.		13,264		4,205,086
Zoetis, Inc.		84,567		14,122,689

(Cost $424,523,564)				469,433,533

Industrials — 8.8%
3M Co.		99,307		10,699,336
A O Smith Corp.		22,137		1,452,851
Allegion PLC		15,933		1,795,808
C.H. Robinson Worldwide, Inc.		22,779		2,276,989
Carrier Global Corp.		150,800		6,790,524
Caterpillar, Inc.		94,015		22,521,293
Copart, Inc.*		76,690		5,403,577
CSX Corp.		385,985		11,768,683
Cummins, Inc.		25,555		6,211,909
Deere & Co.		52,183		21,877,201
Delta Air Lines, Inc.*		28,558		1,094,914
Dover Corp.		25,852		3,875,215
Eaton Corp. PLC		71,495		12,506,620
Expeditors International of Washington, Inc.		30,277		3,165,763
Fastenal Co.		102,987		5,310,010
Fortive Corp.		60,668		4,044,129
Fortune Brands Innovations, Inc.		23,649		1,465,056
Generac Holdings, Inc.* (a)		11,550		1,386,116
IDEX Corp.		13,439		3,023,506
Illinois Tool Works, Inc.		56,056		13,070,017
Ingersoll Rand, Inc.		72,628		4,217,508
JB Hunt Transport Services, Inc.		15,015		2,714,562
Johnson Controls International PLC		126,303		7,921,724
Knight-Swift Transportation Holdings, Inc.		27,982		1,590,497
Lennox International, Inc.		5,667		1,444,122
Masco Corp.		42,020		2,203,109
Norfolk Southern Corp.		41,448		9,318,339
Old Dominion Freight Line, Inc.		17,402		5,903,803
Otis Worldwide Corp.		75,846		6,418,089
Owens Corning		17,555		1,716,703
Pentair PLC		29,640		1,658,062
Plug Power, Inc.* (a)		92,627		1,377,363
Quanta Services, Inc.		25,729		4,152,661
Republic Services, Inc.		39,579		5,102,920
Robert Half International, Inc.		19,684		1,586,924
Rockwell Automation, Inc.		20,802		6,135,134
Rollins, Inc.		39,597		1,393,814
Snap-on, Inc.		9,890		2,459,445
Trane Technologies PLC		41,989		7,766,705
U-Haul Holding Co.		17,244		959,284
Union Pacific Corp.		110,838		22,974,501
United Parcel Service, Inc., Class B		131,813		24,054,554
United Rentals, Inc.		12,736		5,967,198
W.W. Grainger, Inc.		8,281		5,535,269
Xylem, Inc.		32,849		3,371,950

(Cost $229,575,545)				277,683,757


	Number of Shares		Value
Information Technology — 28.5%
Accenture PLC, Class A		114,134	$	30,308,284
Adobe, Inc.*		84,508		27,376,367
ANSYS, Inc.*		15,608		4,738,745
Applied Materials, Inc.		155,249		18,032,171
Autodesk, Inc.*		39,461		7,840,506
Automatic Data Processing, Inc.		75,162		16,522,111
Cadence Design Systems, Inc.*		50,035		9,653,753
Cisco Systems, Inc.		747,141		36,176,567
Cognex Corp.		30,701		1,455,841
Gen Digital, Inc.		103,977		2,028,591
Hewlett Packard Enterprise Co.		234,077		3,653,942
HP, Inc.		181,294		5,351,799
HubSpot, Inc.*		8,132		3,145,946
Intel Corp.		747,938		18,646,094
International Business Machines Corp.		163,684		21,164,341
Intuit, Inc.		48,658		19,812,564
Keysight Technologies, Inc.*		32,934		5,268,123
Lam Research Corp.		24,901		12,102,135
Mastercard, Inc., Class A		155,915		55,395,040
Microsoft Corp.		1,283,613		320,158,755
Motorola Solutions, Inc.		29,962		7,874,313
NVIDIA Corp.		445,921		103,525,019
NXP Semiconductors NV		46,853		8,362,323
Roper Technologies, Inc.		18,908		8,134,222
Salesforce, Inc.*		181,667		29,722,538
ServiceNow, Inc.*		36,789		15,899,102
Splunk, Inc.*		28,300		2,900,750
Texas Instruments, Inc.		165,282		28,337,599
Trimble, Inc.*		45,138		2,349,884
Visa, Inc., Class A		295,533		64,999,528
VMware, Inc., Class A*		37,562		4,136,703
Zebra Technologies Corp., Class A*		9,410		2,825,353

(Cost $775,332,514)				897,899,009

Materials — 3.0%
Amcor PLC		271,766		3,027,473
Ball Corp.		57,512		3,232,750
Celanese Corp.		19,263		2,238,939
Ecolab, Inc.		46,532		7,415,805
International Flavors & Fragrances, Inc.		45,419		4,233,051
International Paper Co.		64,332		2,341,042
Linde PLC		89,949		31,335,533
Martin Marietta Materials, Inc.		11,055		3,978,363
Mosaic Co.		61,917		3,293,365
Newmont Corp.		142,840		6,229,252
Nucor Corp.		46,387		7,767,039
PPG Industries, Inc.		41,968		5,542,294
Sherwin-Williams Co.		44,218		9,787,654
Steel Dynamics, Inc.		31,495		3,971,834
Westrock Co.		46,894		1,472,472

(Cost $87,510,511)				95,866,866


	Number of Shares		Value
Real Estate — 2.8%
American Tower Corp. REIT		84,312	$	16,694,619
Boston Properties, Inc. REIT		28,074		1,838,285
CBRE Group, Inc., Class A*		57,505		4,895,976
Crown Castle, Inc. REIT		77,470		10,129,202
Equinix, Inc. REIT		16,876		11,615,245
Healthpeak Properties, Inc. REIT		97,161		2,337,694
Prologis, Inc. REIT		167,004		20,608,294
SBA Communications Corp. REIT		19,373		5,024,388
Ventas, Inc. REIT		71,265		3,467,042
Welltower, Inc. REIT		85,937		6,369,650
Weyerhaeuser Co. REIT		133,837		4,182,406

(Cost $92,977,584)				87,162,801

Utilities — 1.3%
American Water Works Co., Inc.		32,420		4,551,119
Atmos Energy Corp.		25,974		2,930,127
Consolidated Edison, Inc.		63,522		5,675,691
Edison International		70,952		4,697,732
Essential Utilities, Inc.		46,801		2,002,147
Eversource Energy		61,520		4,636,147
Exelon Corp.		180,984		7,309,944
Sempra Energy		56,705		8,503,482
UGI Corp.		36,523		1,359,751

(Cost $40,643,890)				41,666,140

TOTAL COMMON STOCKS (Cost $2,802,448,966)				3,144,385,228

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c) (Cost $609,881)		609,881		609,881

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b) (Cost $6,721,465)		6,721,465		6,721,465


TOTAL INVESTMENTS — 99.9% (Cost $2,809,780,312)			$	3,151,716,574
Other assets and liabilities, net — 0.1%				4,544,112

NET ASSETS — 100.0%			$	3,156,260,686

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Number of Shares		Value
COMMON STOCKS — 99.5%
Communication Services — 8.0%
Activision Blizzard, Inc.		1,832	$	139,690
Alphabet, Inc., Class A*		14,708		1,324,603
Alphabet, Inc., Class C*		12,989		1,172,907
AT&T, Inc.		17,762		335,879
Charter Communications, Inc., Class A*		250		91,903
Comcast Corp., Class A		10,562		392,590
DISH Network Corp., Class A*		707		8,067
Electronic Arts, Inc.		713		79,100
Fox Corp., Class A		721		25,249
Fox Corp., Class B		304		9,804
Liberty Broadband Corp., Class A*		113		9,801
Liberty Broadband Corp., Class C*		369		31,981
Liberty Media Corp-Liberty SiriusXM, Class A*		210		6,802
Liberty Media Corp-Liberty SiriusXM, Class C*		485		15,627
Live Nation Entertainment, Inc.*		437		31,490
Lumen Technologies, Inc.		3,200		10,880
Match Group, Inc.*		819		33,923
Meta Platforms, Inc., Class A*		5,546		970,217
Netflix, Inc.*		1,094		352,410
Omnicom Group, Inc.		468		42,387
Paramount Global, Class A (a)		153		3,761
Paramount Global, Class B		1,716		36,757
Pinterest, Inc., Class A*		1,639		41,155
ROBLOX Corp., Class A*		1,044		38,252
Sirius XM Holdings, Inc. (a)		2,515		11,041
Snap, Inc., Class A*		3,087		31,333
Spotify Technology SA*		358		41,635
Take-Two Interactive Software, Inc.*		467		51,160
T-Mobile US, Inc.*		1,565		222,512
Trade Desk, Inc., Class A*		1,213		67,879
Verizon Communications, Inc.		10,416		404,245
Walt Disney Co.*		4,497		447,946
Warner Bros Discovery, Inc.*		5,494		85,816
Warner Music Group Corp., Class A		334		10,541
ZoomInfo Technologies, Inc.*		989		23,904

(Cost $7,103,074)				6,603,247

Consumer Discretionary — 7.9%
Advance Auto Parts, Inc.		705		102,197
Airbnb, Inc., Class A*		974		120,075
Aptiv PLC*		1,482		172,327
AutoZone, Inc.*		80		198,923
Best Buy Co., Inc.		1,268		105,383
Booking Holdings, Inc.*		100		252,400
Chipotle Mexican Grill, Inc.*		69		102,885
D.R. Horton, Inc.		1,597		147,691
Domino’s Pizza, Inc.		100		29,401
DoorDash, Inc., Class A*		750		40,995
eBay, Inc.		3,399		156,014
Etsy, Inc.*		1,069		129,787
Expedia Group, Inc.*		422		45,985
Ford Motor Co.		13,374		161,424
Garmin Ltd.		1,285		126,097
General Motors Co.		4,807		186,223


	Number of Shares		Value
Consumer Discretionary (Continued)
Genuine Parts Co.		815	$	144,141
Hasbro, Inc.		1,689		92,912
Home Depot, Inc.		2,733		810,444
Lennar Corp., Class A		1,428		138,145
Lennar Corp., Class B		684		55,855
LKQ Corp.		2,255		129,189
Lowe’s Cos., Inc.		1,871		384,958
Lululemon Athletica, Inc.*		575		177,790
McDonald’s Corp.		1,793		473,191
MercadoLibre, Inc.*		223		272,060
NIKE, Inc., Class B		3,755		446,056
NVR, Inc.*		24		124,167
PulteGroup, Inc.		2,088		114,151
Starbucks Corp.		2,804		286,260
Target Corp.		1,610		271,285
Tractor Supply Co.		586		136,690
Ulta Beauty, Inc.*		304		157,715
VF Corp.		3,725		92,455
Whirlpool Corp.		66		9,107
Yum China Holdings, Inc.		995		58,436
Yum! Brands, Inc.		568		72,227

(Cost $5,810,584)				6,525,041

Consumer Staples — 6.0%
Archer-Daniels-Midland Co.		718		57,153
Campbell Soup Co.		1,924		101,049
Church & Dwight Co., Inc.		1,639		137,316
Clorox Co.		916		142,383
Coca-Cola Co.		10,822		644,017
Colgate-Palmolive Co.		3,051		223,638
Conagra Brands, Inc.		3,062		111,487
Estee Lauder Cos., Inc., Class A		868		210,967
General Mills, Inc.		2,394		190,347
Hershey Co.		733		174,689
Hormel Foods Corp.		2,343		103,982
J M Smucker Co.		748		110,622
Kellogg Co.		1,810		119,351
Keurig Dr Pepper, Inc.		4,496		155,337
Kimberly-Clark Corp.		1,428		178,571
Kraft Heinz Co.		3,784		147,349
McCormick & Co., Inc.		1,631		121,216
Mondelez International, Inc., Class A		4,555		296,895
PepsiCo, Inc.		3,829		664,446
Procter & Gamble Co.		6,360		874,882
Sysco Corp.		2,325		173,375
Tyson Foods, Inc., Class A		1,252		74,169

(Cost $5,068,664)				5,013,241

Financials — 10.1%
Aflac, Inc.		1,447		98,613
Allstate Corp.		659		84,866
Ally Financial, Inc.		737		22,147
American Express Co.		1,385		240,976
American International Group, Inc.		1,814		110,854
Ameriprise Financial, Inc.		280		96,004
Annaly Capital Management, Inc. REIT		5,289		109,377
Aon PLC, Class A		507		154,153


	Number of Shares		Value
Financials (Continued)
Apollo Global Management, Inc.		1,072	$	76,005
Arch Capital Group Ltd.*		879		61,530
Bank of America Corp.		17,323		594,179
Bank of New York Mellon Corp.		1,937		98,555
BlackRock, Inc.		344		237,164
Capital One Financial Corp.		959		104,608
Cboe Global Markets, Inc.		280		35,328
Charles Schwab Corp.		3,775		294,148
Chubb Ltd.		956		201,735
Cincinnati Financial Corp.		405		48,883
Citigroup, Inc.		4,847		245,694
Citizens Financial Group, Inc.		1,297		54,163
CME Group, Inc.		902		167,195
Discover Financial Services		687		76,944
Everest Re Group Ltd.		89		34,173
Fidelity National Financial, Inc.		591		23,557
Fifth Third Bancorp		1,834		66,574
First Republic Bank		485		59,660
Franklin Resources, Inc.		877		25,845
Globe Life, Inc.		257		31,274
Goldman Sachs Group, Inc.		855		300,661
Hartford Financial Services Group, Inc.		790		61,841
Huntington Bancshares, Inc.		3,859		59,120
Interactive Brokers Group, Inc., Class A		317		27,297
Intercontinental Exchange, Inc.		1,378		140,280
JPMorgan Chase & Co.		7,148		1,024,666
KeyCorp		2,577		47,133
KKR & Co., Inc.		1,684		94,893
M&T Bank Corp.		429		66,619
Markel Corp.*		36		47,875
Marsh & McLennan Cos., Inc.		1,252		202,999
MetLife, Inc.		1,489		106,806
Moody’s Corp.		400		116,060
Morgan Stanley		3,238		312,467
MSCI, Inc.		199		103,908
Nasdaq, Inc.		880		49,333
Northern Trust Corp.		552		52,589
PNC Financial Services Group, Inc.		1,024		161,710
Principal Financial Group, Inc.		596		53,378
Progressive Corp.		1,449		207,960
Prudential Financial, Inc.		919		91,900
Raymond James Financial, Inc.		532		57,701
Regions Financial Corp.		2,271		52,960
Rocket Cos., Inc., Class A (a)		527		4,142
S&P Global, Inc.		817		278,760
State Street Corp.		926		82,118
SVB Financial Group*		162		46,674
Synchrony Financial		1,254		44,780
T. Rowe Price Group, Inc.		584		65,572
Travelers Cos., Inc.		588		108,851
Truist Financial Corp.		3,291		154,512
US Bancorp		3,321		158,511
W.R. Berkley Corp.		533		35,279
Wells Fargo & Co.		9,510		444,783
Willis Towers Watson PLC		270		63,277

(Cost $7,565,000)				8,381,619


	Number of Shares		Value
Health Care — 19.3%
Abbott Laboratories		5,021	$	510,736
AbbVie, Inc.		4,867		749,031
Agilent Technologies, Inc.		1,314		186,549
Align Technology, Inc.*		570		176,415
Alnylam Pharmaceuticals, Inc.*		688		131,718
AmerisourceBergen Corp.		841		130,826
Amgen, Inc.		1,635		378,764
Avantor, Inc.*		5,432		132,378
Baxter International, Inc.		2,877		114,936
Becton Dickinson and Co.		1,034		242,525
Biogen, Inc.*		683		184,314
BioMarin Pharmaceutical, Inc.*		1,285		127,973
Boston Scientific Corp.*		5,417		253,082
Bristol-Myers Squibb Co.		6,397		441,137
Cardinal Health, Inc.		965		73,060
Catalent, Inc.*		2,294		156,497
Centene Corp.*		1,245		85,158
Cigna Group		731		213,525
Cooper Cos., Inc.		386		126,210
CVS Health Corp.		4,216		352,205
Danaher Corp.		1,949		482,436
DaVita, Inc.*		192		15,794
Dexcom, Inc.*		1,725		191,492
Edwards Lifesciences Corp.*		2,655		213,568
Elevance Health, Inc.		577		271,000
Eli Lilly & Co.		2,394		745,061
Gilead Sciences, Inc.		4,129		332,508
HCA Healthcare, Inc.		514		125,133
Henry Schein, Inc.*		1,315		102,978
Hologic, Inc.*		1,700		135,388
Horizon Therapeutics PLC*		1,331		145,731
Humana, Inc.		314		155,436
IDEXX Laboratories, Inc.*		408		193,082
Illumina, Inc.*		819		163,145
Incyte Corp.*		1,556		119,781
Intuitive Surgical, Inc.*		1,189		272,745
IQVIA Holdings, Inc.*		458		95,479
Jazz Pharmaceuticals PLC*		668		93,787
Johnson & Johnson		7,423		1,137,649
Laboratory Corp. of America Holdings		202		48,351
McKesson Corp.		421		147,270
Medtronic PLC		4,341		359,435
Merck & Co., Inc.		6,984		741,980
Mettler-Toledo International, Inc.*		114		163,443
Moderna, Inc.*		1,296		179,898
Pfizer, Inc.		15,520		629,646
Quest Diagnostics, Inc.		281		38,879
Regeneron Pharmaceuticals, Inc.*		379		288,199
ResMed, Inc.		772		164,436
Royalty Pharma PLC, Class A		3,169		113,609
Seagen, Inc.*		987		177,354
STERIS PLC		696		130,869
Stryker Corp.		1,170		307,570
Teleflex, Inc.		463		110,301
Thermo Fisher Scientific, Inc.		1,113		602,979
UnitedHealth Group, Inc.		2,286		1,087,999
Veeva Systems, Inc., Class A*		381		63,116


	Number of Shares		Value
Health Care (Continued)
Vertex Pharmaceuticals, Inc.*		940	$	272,873
Viatris, Inc.		10,161		115,835
Waters Corp.*		397		123,423
Zimmer Biomet Holdings, Inc.		1,206		149,387
Zoetis, Inc.		1,733		289,411

(Cost $16,138,496)				16,065,495

Industrials — 5.1%
A O Smith Corp.		265		17,392
C.H. Robinson Worldwide, Inc.		1,036		103,558
Carrier Global Corp.		3,928		176,878
Copart, Inc.*		2,554		179,955
CoStar Group, Inc.*		1,079		76,242
Deere & Co.		839		351,742
Delta Air Lines, Inc.*		3,511		134,612
Dover Corp.		842		126,216
Equifax, Inc.		330		66,835
Expeditors International of Washington, Inc.		1,107		115,748
Fastenal Co.		3,267		168,446
FedEx Corp.		990		201,188
JB Hunt Transport Services, Inc.		681		123,118
Johnson Controls International PLC		1,829		114,715
Masco Corp.		2,166		113,563
Old Dominion Freight Line, Inc.		549		186,254
Otis Worldwide Corp.		2,006		169,748
PACCAR, Inc.		1,713		123,678
Rollins, Inc.		789		27,773
Southwest Airlines Co.		3,484		116,993
Stanley Black & Decker, Inc.		1,375		117,714
Trane Technologies PLC		26		4,809
TransUnion		557		36,444
Uber Technologies, Inc.*		7,962		264,816
United Airlines Holdings, Inc.*		2,460		127,822
United Parcel Service, Inc., Class B		2,259		412,245
Verisk Analytics, Inc.		408		69,813
W.W. Grainger, Inc.		227		151,734
Waste Management, Inc.		1,556		233,026
Westinghouse Air Brake Technologies Corp.		890		92,854

(Cost $3,785,112)				4,205,931

Information Technology — 34.8%
Accenture PLC, Class A		1,634		433,909
Adobe, Inc.*		1,153		373,514
Advanced Micro Devices, Inc.*		5,259		413,252
Akamai Technologies, Inc.*		445		32,307
Amdocs Ltd.		350		32,064
Analog Devices, Inc.		1,777		326,026
Apple, Inc.		51,514		7,593,679
Applied Materials, Inc.		2,923		339,507
AppLovin Corp., Class A*		808		10,908
Arista Networks, Inc.*		1,349		187,106
Atlassian Corp., Class A*		407		66,882
Autodesk, Inc.*		567		112,657
Automatic Data Processing, Inc.		1,045		229,712
BILL Holdings, Inc.*		305		25,812


	Number of Shares		Value
Information Technology (Continued)
Block, Inc.*		1,405	$	107,806
Broadcom, Inc.		1,157		687,594
Broadridge Financial Solutions, Inc.		281		39,559
Cadence Design Systems, Inc.*		712		137,373
CDW Corp.		345		69,835
Cisco Systems, Inc.		11,016		533,395
Cloudflare, Inc., Class A*		785		47,108
Cognizant Technology Solutions Corp., Class A		1,337		83,736
Corning, Inc.		4,211		142,963
Crowdstrike Holdings, Inc., Class A*		577		69,638
Datadog, Inc., Class A*		733		56,089
DocuSign, Inc.*		583		35,767
Enphase Energy, Inc.*		681		143,371
EPAM Systems, Inc.*		155		47,686
Fidelity National Information Services, Inc.		1,510		95,689
Fiserv, Inc.*		1,492		171,714
FleetCor Technologies, Inc.*		214		45,965
Fortinet, Inc.*		1,742		103,545
Gartner, Inc.*		192		62,940
Gen Digital, Inc.		1,635		31,899
Global Payments, Inc.		707		79,325
GLOBALFOUNDRIES, Inc.*		1,660		108,464
HP, Inc.		4,995		147,452
HubSpot, Inc.*		134		51,839
Intel Corp.		13,301		331,594
Intuit, Inc.		693		282,176
Keysight Technologies, Inc.*		948		151,642
KLA Corp.		576		218,523
Lam Research Corp.		537		260,987
Marvell Technology, Inc.		4,496		202,994
Mastercard, Inc., Class A		2,088		741,846
Microchip Technology, Inc.		2,537		205,573
Micron Technology, Inc.		4,217		243,827
Microsoft Corp.		24,957		6,224,775
MongoDB, Inc.*		195		40,856
Motorola Solutions, Inc.		754		198,159
NetApp, Inc.		1,942		125,356
NVIDIA Corp.		6,382		1,481,645
Okta, Inc.*		456		32,508
ON Semiconductor Corp.*		1,961		151,801
Oracle Corp.		3,858		337,189
Palantir Technologies, Inc., Class A*		5,359		42,015
Palo Alto Networks, Inc.*		766		144,291
Paychex, Inc.		840		92,736
Paycom Software, Inc.*		143		41,336
PayPal Holdings, Inc.*		2,856		210,202
QUALCOMM, Inc.		3,540		437,296
Salesforce, Inc.*		2,432		397,900
Seagate Technology Holdings PLC		1,851		119,501
ServiceNow, Inc.*		507		219,110
Skyworks Solutions, Inc.		1,309		146,045
Snowflake, Inc., Class A*		711		109,764
Splunk, Inc.*		454		46,535
SS&C Technologies Holdings, Inc.		582		34,163
Synopsys, Inc.*		382		138,956


	Number of Shares		Value
Information Technology (Continued)
TE Connectivity Ltd.		1,508	$	191,999
Teradyne, Inc.		1,385		140,079
Texas Instruments, Inc.		2,744		470,459
Twilio, Inc., Class A*		529		35,554
Unity Software, Inc.*		950		28,918
VeriSign, Inc.*		264		51,963
Visa, Inc., Class A (a)		4,093		900,214
VMware, Inc., Class A*		620		68,281
Western Digital Corp.*		2,545		97,932
Workday, Inc., Class A*		535		99,226
Zoom Video Communications, Inc., Class A*		603		44,978
Zscaler, Inc.*		259		33,968

(Cost $27,675,555)				28,852,959

Materials — 2.1%
Ball Corp.		2,274		127,822
Corteva, Inc.		3,118		194,220
Ecolab, Inc.		1,171		186,622
FMC Corp.		1,007		130,054
International Flavors & Fragrances, Inc.		1,283		119,576
International Paper Co.		2,536		92,285
Martin Marietta Materials, Inc.		349		125,595
Mosaic Co.		2,174		115,635
Nucor Corp.		584		97,785
Packaging Corp. of America		810		110,743
PPG Industries, Inc.		1,172		154,774
Sherwin-Williams Co.		947		209,619
Southern Copper Corp.		1,528		112,598

(Cost $1,733,149)				1,777,328

Real Estate — 5.1%
Alexandria Real Estate Equities, Inc. REIT		1,004		150,379
American Tower Corp. REIT		1,544		305,727
AvalonBay Communities, Inc. REIT		884		152,508
Boston Properties, Inc. REIT		1,696		111,054
CBRE Group, Inc., Class A*		579		49,296
Crown Castle, Inc. REIT		1,683		220,052
Digital Realty Trust, Inc. REIT		1,554		161,973
Equinix, Inc. REIT		238		163,808
Equity Residential REIT		2,400		150,048
Essex Property Trust, Inc. REIT		575		131,135
Extra Space Storage, Inc. REIT		942		155,100
Healthpeak Properties, Inc. REIT		4,446		106,971
Invitation Homes, Inc. REIT		4,490		140,357
Iron Mountain, Inc. REIT		2,419		127,602
Mid-America Apartment Communities, Inc. REIT		854		136,725
Prologis, Inc. REIT		3,016		372,174
Public Storage REIT		697		208,368
Realty Income Corp. REIT		2,886		184,560
SBA Communications Corp. REIT		567		147,052
Simon Property Group, Inc. REIT		1,528		186,554
UDR, Inc. REIT		3,084		132,119
Ventas, Inc. REIT		2,861		139,188
VICI Properties, Inc. REIT		5,136		172,210
Welltower, Inc. REIT		2,448		181,446
Weyerhaeuser Co. REIT		4,346		135,813


	Number of Shares		Value
Real Estate (Continued)
WP Carey, Inc. REIT		1,627	$	132,047

(Cost $4,604,228)				4,254,266

Utilities — 1.1%
American Water Works Co., Inc.		3,229		453,287
Edison International		6,894		456,452

(Cost $910,309)				909,739

TOTAL COMMON STOCKS (Cost $80,394,171)				82,588,866

EXCHANGE-TRADED FUNDS — 0.3%
iShares Russell 1000 ETF		650		142,447
Vanguard S&P 500 ETF		290		105,592

TOTAL EXCHANGE-TRADED FUNDS (Cost $248,133)				248,039

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c) (Cost $5,245)		5,245		5,245

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b) (Cost $105,861)		105,861		105,861


TOTAL INVESTMENTS — 99.9% (Cost $80,753,410)			$	82,948,011
Other assets and liabilities, net — 0.1%				68,454

NET ASSETS — 100.0%			$	83,016,465

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:

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

As of February 28, 2023, the Trust consists of thirty-eight 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 seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:

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

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

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

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

Solactive ISS ESG United States Net Zero Pathway Enhanced Index is comprised of large and mid-capitalization companies in the United States that meet certain ESG criteria. The constituents of the Underlying Index are weighted in such a manner seeking to comply with the European Union Paris-aligned Benchmark standards, while incorporating recommendations of the Net Zero Investment Framework published, from time to time, by the Institutional Investors Group on Climate Change. Under normal circumstances, the Underlying Index is rebalanced semi-annually in February and August. The fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the fund’s rebalance schedule.

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

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF are non-diversified and are not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

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

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

The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

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 Pricing Committee. 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 Pricing Committee 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.

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

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 28, 2023, the Funds did not incur any interest or penalties.

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

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

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

on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of February 28, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 28, 2023, 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 (0.07% annualized effective rate as of February 28, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 28, 2023, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended February 28, 2023, 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 Net Zero Pathway Paris Aligned US Equity ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

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

A summary of the open futures contracts as of February 28, 2023 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of February 28, 2023 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 28, 2023 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

For the period ended February 28, 2023 the average monthly volume of derivatives was as follows:

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

money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

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

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

The Advisor for the Xtrackers MSCI USA ESG Leaders Equity ETF has voluntarily elected to waive its fees and/or reimburse Fund expenses to the extent necessary to maintain the Fund’s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at nine basis points of the Fund’s average daily net assets. Any voluntary waiver or reimbursement implemented by the Advisor may be eliminated by the Advisor at any time. For the period ended February 28, 2023, the Advisor waived $150,438 of expenses to the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated Funds. For the period ended February 28, 2023, the Advisor waived expenses of the Funds as follows:

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

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

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

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

For the period ended February 28, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

For the period ended February 28, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

As of February 28, 2023, 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.

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets. There is also substantially less publicly available information about emerging market issuers than there is about issuers in developed countries. Therefore, disclosure of certain material information may not be made, and less information may be available to the Funds and other investors than would be the case if the Funds’ investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.

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

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price

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

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at February 28, 2023.

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

In February 2023, as required by the Program and the Liquidity Rule, the Advisor provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2021 through November 30, 2022 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did experience a temporary breach of the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). The breach was caused by the temporary reclassification of Chinese securities as illiquid due to an extended Chinese and Taiwan holiday market closure in January/February 2022. The temporary reclassification of Chinese securities caused the Fund to exceed the 15% limit on illiquid investments. Because The Fund was inadvertently omitted from a notification to the Fund’s board of the anticipated extended holiday closure before the start of the holiday closure, a filing on Form N-RN was required. Because the holiday closure was anticipated in advance, no actions were needed to rebalance the Fund’s portfolio. Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, the Advisor stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. The Advisor also reported that there were no material changes made to the Program during the Reporting Period.

Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI USA ESG Leaders Equity ETF and Xtrackers Net Zero Pathway Paris Aligned US Equity ETF

In February 2023, as required by the Program and the Liquidity Rule, the Advisor provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2021 through November 30, 2022 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, your Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, the Advisor stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. The Advisor also reported that there were no material changes made to the Program during the Reporting Period.

In February 2023, as required by the Program and the Liquidity Rule, the Advisor provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2021 through November 30, 2022 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did experience a temporary breach of the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). The breach was caused by the temporary reclassification of Chinese securities as illiquid due to an extended Chinese and Taiwan holiday market closure in January/February 2022. The temporary reclassification of Chinese securities caused the Fund to exceed the 15% limit on illiquid investments. Because a notification to the Fund’s board of the anticipated extended holiday closure was made before the start of the holiday closure no filing on Form N-RN was required. Also, because the holiday closure was anticipated in advance, no actions were needed to rebalance the Fund’s portfolio. Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, the Advisor stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. The Advisor also reported that there were no material changes made to the Program during the Reporting Period.

Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, and Xtrackers MSCI USA ESG Leaders Equity ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 15-16, 2023 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF, Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF, and Xtrackers MSCI USA ESG Leaders Equity ETF, (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 13, 2023 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 15 and February 16, 2023.

The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

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

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

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

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

preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Investing involves risk, including the possible loss of principal. Incorporation of 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. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds following an ESG strategy such as the fund. The Underlying Index’s methodology for identifying companies attempting to reduce their carbon footprint 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 follow a carbon reduction strategy. 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. EMSG and USNZ are 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. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Fund. Please read the prospectus for more information.

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

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

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

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

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

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

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

EMCR and USNZ (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.

Copyright © 2023 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 semi-annual report on six of our equity ETFs tracking the environmental, social, and governance (ESG) market for the period ended February 28, 2023.

The global economy showed signs of recovery during the reporting period on cooling inflation, a robust job market, and declining energy prices. Driven by slowing inflation in the U.S., central banks across developed countries announced slower rate hikes in their fight against rising prices. While central banks readjusted their stance again by revising the possible peak level for lending rates, the Bank of Japan continued to hold an accommodative stance on monetary policy in its push to solidify the economic recovery. While the Russia-Ukraine war continued, concerns of an energy crisis in Europe were largely abated as winter was not as cold as expected. In early 2023, developing markets continue to rally, even though inflation numbers seem primed to stay resolute.

U.S. equities wobbled through the period on high inflation levels and the consequent rate hikes by the U.S. Federal Reserve (Fed). Multiple rate hikes by the Fed slowed inflation; however, it remained at its highest in decades, denting market expectations of further slowdown in rate hikes. Furthermore, a growing realization that the rate hikes by the Fed have not had much of an impact in taming inflation, weighed on investor sentiment. Meanwhile, the U.S. economy expanded at a healthy pace in Q4 2022 despite looming fears of a recession. By February 2023, the unemployment rate had dipped to its lowest level in 53 years.

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

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 is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P 500 Index. It is not possible to invest directly into an index.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.

Xtrackers S&P 500 Growth 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 Growth 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 Growth Index. It is not possible to invest directly into an index.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 14.

Xtrackers S&P 500 Value 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 Value 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 Value Index. It is not possible to invest directly into an index.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 16.

Xtrackers S&P ESG Dividend Aristocrats 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 ESG High Yield Dividend Aristocrats Index (the “Underlying Index”). The Underlying Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats Index that meet certain environmental, social and governance (“ESG”) criteria. The S&P High Yield Dividend Aristocrats Index measures the performance of companies within the S&P Composite 1500 Index that have followed a policy of consistently increasing dividends every year for at least 20 years. It is not possible to invest directly into an index.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 20.

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 is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P MidCap 400 Index. It is not possible to invest directly into an index.

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

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

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 is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. It is not possible to invest directly into an index.

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

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2022 to February 28, 2023) except Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETS which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to February 28, 2023).

(2) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 112 (the number of days in the period November 9, 2022 (commencement of operations) to February 28, 2023), then divided by 365.


	Number of Shares		Value
COMMON STOCKS — 99.5%
Communication Services — 7.5%
Alphabet, Inc., Class A*		160,729	$	14,475,254
Alphabet, Inc., Class C*		142,554		12,872,626
AT&T, Inc.		192,103		3,632,668
Charter Communications, Inc., Class A*		2,985		1,097,316
Comcast Corp., Class A		116,509		4,330,639
Electronic Arts, Inc.		7,061		783,347
Interpublic Group of Cos., Inc.		10,432		370,753
Omnicom Group, Inc.		5,740		519,872
Take-Two Interactive Software, Inc.*		4,165		456,276
Verizon Communications, Inc.		113,490		4,404,547
Walt Disney Co.*		49,192		4,900,015
Warner Bros Discovery, Inc.*		58,619		915,629

(Cost $69,266,361)				48,758,942

Consumer Discretionary — 8.8%
Amazon.com, Inc.*		239,257		22,545,187
Aptiv PLC*		7,272		845,588
Best Buy Co., Inc.		5,397		448,545
BorgWarner, Inc.		6,398		321,692
Caesars Entertainment, Inc.*		5,685		288,571
Darden Restaurants, Inc.		3,405		486,881
Dollar Tree, Inc.*		5,633		818,362
eBay, Inc.		14,928		685,195
Etsy, Inc.*		3,417		414,858
Expedia Group, Inc.*		4,014		437,406
Ford Motor Co.		106,991		1,291,381
General Motors Co.		38,503		1,491,606
Hasbro, Inc.		3,452		189,895
Hilton Worldwide Holdings, Inc.		7,381		1,066,628
Las Vegas Sands Corp.*		8,822		507,000
Lowe’s Cos., Inc.		16,667		3,429,235
Marriott International, Inc., Class A		7,331		1,240,699
McDonald’s Corp.		19,810		5,228,057
MGM Resorts International		8,339		358,660
Mohawk Industries, Inc.*		1,487		152,938
Newell Brands, Inc.		10,087		148,178
NIKE, Inc., Class B		33,841		4,019,972
PulteGroup, Inc.		6,614		361,587
Ralph Lauren Corp.		1,259		148,801
Royal Caribbean Cruises Ltd.*		5,860		413,950
Starbucks Corp.		30,761		3,140,391
Tapestry, Inc.		7,014		305,179
Target Corp.		12,339		2,079,122
TJX Cos., Inc.		31,601		2,420,637
VF Corp.		8,524		211,566
Whirlpool Corp.		1,589		219,250
Yum! Brands, Inc.		7,602		966,670

(Cost $75,862,825)				56,683,687

Consumer Staples — 6.8%
Archer-Daniels-Midland Co.		14,853		1,182,299
Brown-Forman Corp., Class B		4,896		317,604
Campbell Soup Co.		5,372		282,137
Coca-Cola Co.		104,945		6,245,277
Colgate-Palmolive Co.		22,281		1,633,197


	Number of Shares		Value
Consumer Staples (Continued)
Conagra Brands, Inc.		12,656	$	460,805
Constellation Brands, Inc., Class A		4,351		973,319
Estee Lauder Cos., Inc., Class A		6,213		1,510,070
General Mills, Inc.		15,989		1,271,285
Hershey Co.		3,936		938,028
Hormel Foods Corp.		7,742		343,590
J M Smucker Co.		2,912		430,656
Kellogg Co.		7,081		466,921
Kraft Heinz Co.		21,365		831,953
Kroger Co.		17,751		765,778
McCormick & Co., Inc.		6,653		494,451
Molson Coors Beverage Co., Class B		5,046		268,397
Mondelez International, Inc., Class A		36,736		2,394,452
PepsiCo, Inc.		37,223		6,459,307
Procter & Gamble Co.		63,972		8,799,988
Sysco Corp.		13,468		1,004,309
Tyson Foods, Inc., Class A		7,776		460,650
Walgreens Boots Alliance, Inc.		19,085		678,090
Walmart, Inc.		38,209		5,430,645

(Cost $44,769,706)				43,643,208

Energy — 5.2%
APA Corp.		9,015		345,996
Baker Hughes Co.		27,384		837,950
ConocoPhillips		33,626		3,475,247
Devon Energy Corp.		17,592		948,561
EOG Resources, Inc.		15,627		1,766,164
Exxon Mobil Corp.		110,953		12,194,844
Halliburton Co.		24,621		892,019
Hess Corp.		7,294		982,502
Kinder Morgan, Inc.		53,341		909,997
Marathon Oil Corp.		17,055		428,933
Marathon Petroleum Corp.		12,639		1,562,180
Occidental Petroleum Corp.		19,983		1,170,204
ONEOK, Inc.		11,695		765,438
Phillips 66		12,967		1,329,896
Pioneer Natural Resources Co.		6,377		1,278,015
Schlumberger NV		38,307		2,038,315
Valero Energy Corp.		10,386		1,368,148
Williams Cos., Inc.		33,295		1,002,180

(Cost $27,299,449)				33,296,589

Financials — 11.7%
Aflac, Inc.		15,184		1,034,790
Allstate Corp.		7,141		919,618
American Express Co.		16,020		2,787,320
American International Group, Inc.		19,866		1,214,011
Ameriprise Financial, Inc.		2,966		1,016,952
Assurant, Inc.		1,527		194,525
Bank of America Corp.		188,310		6,459,033
Bank of New York Mellon Corp.		19,632		998,876
BlackRock, Inc.		4,056		2,796,328
Capital One Financial Corp.		10,482		1,143,377
Cboe Global Markets, Inc.		2,791		352,140
Charles Schwab Corp.		41,296		3,217,784
Chubb Ltd.		11,198		2,363,002
Cincinnati Financial Corp.		4,002		483,041


	Number of Shares		Value
Financials (Continued)
Citigroup, Inc.		51,768	$	2,624,120
CME Group, Inc.		9,581		1,775,934
Comerica, Inc.		3,414		239,321
Discover Financial Services		7,312		818,944
FactSet Research Systems, Inc.		1,000		414,550
Fifth Third Bancorp		18,329		665,343
Franklin Resources, Inc.		7,378		217,430
Globe Life, Inc.		2,375		289,014
Goldman Sachs Group, Inc.		9,123		3,208,103
Hartford Financial Services Group, Inc.		8,969		702,093
Intercontinental Exchange, Inc.		14,969		1,523,844
Invesco Ltd.		12,171		214,940
JPMorgan Chase & Co.		78,959		11,318,773
KeyCorp		24,521		448,489
Lincoln National Corp.		4,406		139,758
MarketAxess Holdings, Inc.		989		337,694
Marsh & McLennan Cos., Inc.		13,413		2,174,784
MetLife, Inc.		17,635		1,264,959
Moody’s Corp.		4,300		1,247,645
Morgan Stanley		35,435		3,419,478
MSCI, Inc.		2,147		1,121,056
Nasdaq, Inc.		9,074		508,688
Northern Trust Corp.		5,539		527,701
PNC Financial Services Group, Inc.		10,920		1,724,486
Principal Financial Group, Inc.		6,016		538,793
Prudential Financial, Inc.		9,917		991,700
Raymond James Financial, Inc.		5,219		566,053
Regions Financial Corp.		25,589		596,735
S&P Global, Inc.		8,994		3,068,753
State Street Corp.		9,747		864,364
Synchrony Financial		11,935		426,199
T. Rowe Price Group, Inc.		6,107		685,694
Travelers Cos., Inc.		6,370		1,179,214
Truist Financial Corp.		35,584		1,670,669
US Bancorp		36,010		1,718,757
W R Berkley Corp.		5,563		368,215
Willis Towers Watson PLC		2,987		700,033

(Cost $78,524,630)				75,283,123

Health Care — 15.4%
Abbott Laboratories		46,873		4,767,922
AbbVie, Inc.		47,636		7,331,180
Agilent Technologies, Inc.		7,970		1,131,501
AmerisourceBergen Corp.		4,376		680,731
Amgen, Inc.		14,338		3,321,541
Baxter International, Inc.		13,491		538,965
Becton Dickinson and Co.		7,727		1,812,368
Biogen, Inc.*		3,849		1,038,691
Bio-Rad Laboratories, Inc., Class A*		534		255,167
Boston Scientific Corp.*		38,742		1,810,026
Bristol-Myers Squibb Co.		57,248		3,947,822
Cardinal Health, Inc.		7,356		556,923
Catalent, Inc.*		4,794		327,047
Centene Corp.*		15,575		1,065,330
Charles River Laboratories International, Inc.*		1,344		294,793
Cigna Group		8,162		2,384,120


	Number of Shares		Value
Health Care (Continued)
CVS Health Corp.		35,171	$	2,938,185
DaVita, Inc.*		1,619		133,179
Edwards Lifesciences Corp.*		16,685		1,342,141
Elevance Health, Inc.		6,428		3,019,039
Eli Lilly & Co.		21,233		6,608,134
Gilead Sciences, Inc.		33,982		2,736,570
Henry Schein, Inc.*		3,573		279,802
Hologic, Inc.*		6,647		529,367
Humana, Inc.		3,420		1,692,968
IDEXX Laboratories, Inc.*		2,266		1,072,362
Illumina, Inc.*		4,267		849,986
Laboratory Corp. of America Holdings		2,418		578,773
McKesson Corp.		3,869		1,353,415
Medtronic PLC		35,634		2,950,495
Merck & Co., Inc.		68,235		7,249,286
Mettler-Toledo International, Inc.*		583		835,853
Moderna, Inc.*		9,032		1,253,732
Organon & Co.		6,848		167,708
PerkinElmer, Inc.		3,411		424,908
Pfizer, Inc.		151,196		6,134,022
Quest Diagnostics, Inc.		3,230		446,903
Regeneron Pharmaceuticals, Inc.*		2,894		2,200,656
Thermo Fisher Scientific, Inc.		10,586		5,735,071
UnitedHealth Group, Inc.		25,154		11,971,795
Vertex Pharmaceuticals, Inc.*		6,869		1,994,002
Viatris, Inc.		32,113		366,088
Waters Corp.*		1,618		503,020
West Pharmaceutical Services, Inc.		1,981		628,036
Zoetis, Inc.		12,619		2,107,373

(Cost $101,591,042)				99,366,996

Industrials — 6.7%
American Airlines Group, Inc.*		17,374		277,637
Carrier Global Corp.		22,839		1,028,440
Caterpillar, Inc.		13,963		3,344,837
Cintas Corp.		2,334		1,023,389
CSX Corp.		57,436		1,751,224
Cummins, Inc.		3,781		919,085
Deere & Co.		7,408		3,105,730
Dover Corp.		3,781		566,772
Eaton Corp. PLC		10,612		1,856,357
Emerson Electric Co.		15,748		1,302,517
Fastenal Co.		15,269		787,270
FedEx Corp.		6,454		1,311,582
Fortive Corp.		9,328		621,804
Generac Holdings, Inc.*		1,657		198,857
General Electric Co.		29,142		2,468,619
IDEX Corp.		1,988		447,260
Illinois Tool Works, Inc.		7,609		1,774,114
Ingersoll Rand, Inc.		10,818		628,201
JB Hunt Transport Services, Inc.		2,256		407,862
Johnson Controls International PLC		18,572		1,164,836
Nordson Corp.		1,465		321,773
Otis Worldwide Corp.		11,325		958,322
PACCAR, Inc.		13,682		987,840
Parker-Hannifin Corp.		3,410		1,199,809
Pentair PLC		4,352		243,451


	Number of Shares		Value
Industrials (Continued)
Republic Services, Inc.		5,493	$	708,212
Robert Half International, Inc.		2,911		234,685
Rockwell Automation, Inc.		3,056		901,306
Snap-on, Inc.		1,378		342,681
Stanley Black & Decker, Inc.		4,267		365,298
Trane Technologies PLC		6,293		1,164,016
Union Pacific Corp.		16,498		3,419,705
United Parcel Service, Inc., Class B		19,584		3,573,884
United Rentals, Inc.		1,957		916,913
Verisk Analytics, Inc.		4,243		726,020
Waste Management, Inc.		10,252		1,535,340
Westinghouse Air Brake Technologies Corp.		5,042		526,032
Xylem, Inc.		4,716		484,097

(Cost $43,243,344)				43,595,777

Information Technology — 30.3%
Adobe, Inc.*		12,487		4,045,164
Advanced Micro Devices, Inc.*		43,344		3,405,971
ANSYS, Inc.*		2,337		709,537
Apple, Inc.		403,077		59,417,581
Applied Materials, Inc.		23,085		2,681,323
Arista Networks, Inc.*		6,656		923,187
Autodesk, Inc.*		5,870		1,166,310
CDW Corp.		3,622		733,165
Cisco Systems, Inc.		110,717		5,360,917
Corning, Inc.		19,803		672,312
Gen Digital, Inc.		15,231		297,157
Hewlett Packard Enterprise Co.		34,741		542,307
HP, Inc.		24,301		717,366
Intel Corp.		110,746		2,760,898
Intuit, Inc.		7,606		3,097,011
Juniper Networks, Inc.		8,595		264,554
Keysight Technologies, Inc.*		4,864		778,045
Lam Research Corp.		3,716		1,806,013
Mastercard, Inc., Class A		22,933		8,147,866
Micron Technology, Inc.		29,815		1,723,903
Microsoft Corp.		200,984		50,129,429
Motorola Solutions, Inc.		4,500		1,182,645
NVIDIA Corp.		67,072		15,571,436
Oracle Corp.		41,408		3,619,059
QUALCOMM, Inc.		30,140		3,723,194
Roper Technologies, Inc.		2,892		1,244,138
Salesforce, Inc.*		26,975		4,413,380
Seagate Technology Holdings PLC		5,338		344,621
TE Connectivity Ltd.		8,634		1,099,281
Texas Instruments, Inc.		24,482		4,197,439
Trimble, Inc.*		6,658		346,615
Tyler Technologies, Inc.*		1,095		351,769
Visa, Inc., Class A (a)		44,115		9,702,653
Zebra Technologies Corp., Class A*		1,399		420,050

(Cost $213,507,153)				195,596,296

Materials — 2.8%
Air Products and Chemicals, Inc.		5,984		1,711,304
Albemarle Corp.		3,079		783,021
Amcor PLC		40,600		452,284


	Number of Shares		Value
Materials (Continued)
Ball Corp.		8,809	$	495,154
CF Industries Holdings, Inc.		5,585		479,696
Corteva, Inc.		19,265		1,200,017
Dow, Inc.		19,533		1,117,288
Ecolab, Inc.		6,629		1,056,464
FMC Corp.		3,375		435,881
Freeport-McMoRan, Inc.		38,994		1,597,584
International Flavors & Fragrances, Inc.		6,694		623,881
International Paper Co.		10,165		369,904
Linde PLC		13,271		4,623,218
LyondellBasell Industries NV, Class A		6,922		664,443
Mosaic Co.		9,069		482,380
Newmont Corp.		21,122		921,130
PPG Industries, Inc.		6,304		832,506
Westrock Co.		7,016		220,302

(Cost $18,964,084)				18,066,457

Real Estate — 2.7%
Alexandria Real Estate Equities, Inc. REIT		3,883		581,596
American Tower Corp. REIT		12,646		2,504,034
AvalonBay Communities, Inc. REIT		3,711		640,222
Boston Properties, Inc. REIT		3,735		244,568
CBRE Group, Inc., Class A*		8,832		751,957
Digital Realty Trust, Inc. REIT		7,863		819,561
Equinix, Inc. REIT		2,518		1,733,064
Equity Residential REIT		9,181		573,996
Essex Property Trust, Inc. REIT		1,712		390,439
Extra Space Storage, Inc. REIT		3,493		575,122
Federal Realty Investment Trust REIT		1,904		203,309
Healthpeak Properties, Inc. REIT		14,154		340,545
Host Hotels & Resorts, Inc. REIT		18,929		318,007
Iron Mountain, Inc. REIT		7,735		408,021
Kimco Realty Corp. REIT		15,980		329,348
Prologis, Inc. REIT		24,774		3,057,112
Regency Centers Corp. REIT		4,433		278,836
Simon Property Group, Inc. REIT		8,734		1,066,334
UDR, Inc. REIT		8,006		342,977
Ventas, Inc. REIT		10,502		510,922
Welltower, Inc. REIT		13,012		964,449
Weyerhaeuser Co. REIT		19,689		615,281

(Cost $20,332,668)				17,249,700

Utilities — 1.6%
American Water Works Co., Inc.		4,864		682,808
Consolidated Edison, Inc.		9,410		840,783
Edison International		10,099		668,655
Entergy Corp.		5,342		549,532
Eversource Energy		9,523		717,653
Exelon Corp.		27,095		1,094,367
NextEra Energy, Inc.		53,558		3,804,225
Public Service Enterprise Group, Inc.		13,474		814,234
Sempra Energy		8,536		1,280,059

(Cost $11,253,710)				10,452,316

TOTAL COMMON STOCKS (Cost $704,614,972)				641,993,091

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Number of Shares		Value
COMMON STOCKS — 99.6%
Communication Services — 8.2%
Alphabet, Inc., Class A*		2,552	$	229,833
Alphabet, Inc., Class C*		2,262		204,259

(Cost $444,365)				434,092

Consumer Discretionary — 9.0%
Amazon.com, Inc.*		2,783		262,242
Etsy, Inc.*		50		6,070
Hilton Worldwide Holdings, Inc.		88		12,717
Lowe’s Cos., Inc.		292		60,079
McDonald’s Corp.		309		81,548
Starbucks Corp.		399		40,734
Yum! Brands, Inc.		124		15,768

(Cost $479,433)				479,158

Consumer Staples — 5.3%
Costco Wholesale Corp.		199		96,352
Hershey Co.		100		23,832
PepsiCo, Inc.		939		162,945

(Cost $284,772)				283,129

Energy — 2.6%
APA Corp.		219		8,405
Devon Energy Corp.		446		24,048
Hess Corp.		189		25,458
Occidental Petroleum Corp.		496		29,046
ONEOK, Inc.		305		19,962
Pioneer Natural Resources Co.		162		32,467

(Cost $162,084)				139,386

Financials — 3.2%
American Express Co.		200		34,798
Aon PLC, Class A		93		28,277
Cboe Global Markets, Inc.		48		6,056
FactSet Research Systems, Inc.		16		6,633
MarketAxess Holdings, Inc.		13		4,439
Marsh & McLennan Cos., Inc.		216		35,022
Moody’s Corp.		50		14,507
MSCI, Inc.		31		16,186
Nasdaq, Inc.		148		8,297
Raymond James Financial, Inc.		132		14,317

(Cost $165,464)				168,532

Health Care — 22.5%
Abbott Laboratories		618		62,863
AbbVie, Inc.		1,205		185,450
Agilent Technologies, Inc.		121		17,178
Amgen, Inc.		364		84,324
Eli Lilly & Co.		538		167,436
HCA Healthcare, Inc.		78		18,989
Hologic, Inc.*		173		13,778
IDEXX Laboratories, Inc.*		28		13,251
Mettler-Toledo International, Inc.*		10		14,337
Moderna, Inc.*		225		31,232
Quest Diagnostics, Inc.		49		6,780
Regeneron Pharmaceuticals, Inc.*		73		55,511
ResMed, Inc.		54		11,502
Thermo Fisher Scientific, Inc.		267		144,650


	Number of Shares		Value
Health Care (Continued)
UnitedHealth Group, Inc.		637	$	303,174
Vertex Pharmaceuticals, Inc.*		175		50,801
Waters Corp.*		41		12,746

(Cost $1,260,106)				1,194,002

Industrials — 4.3%
Cintas Corp.		35		15,346
Deere & Co.		187		78,398
Fastenal Co.		191		9,848
IDEX Corp.		29		6,524
Illinois Tool Works, Inc.		97		22,617
JB Hunt Transport Services, Inc.		56		10,124
Republic Services, Inc.		77		9,928
Union Pacific Corp.		210		43,529
Verisk Analytics, Inc.		49		8,384
Waste Management, Inc.		150		22,464

(Cost $225,237)				227,162

Information Technology — 40.1%
Adobe, Inc.*		149		48,269
Advanced Micro Devices, Inc.*		593		46,598
Apple, Inc.		3,443		507,533
Applied Materials, Inc.		586		68,064
Arista Networks, Inc.*		169		23,440
CDW Corp.		58		11,740
Keysight Technologies, Inc.*		66		10,557
Lam Research Corp.		93		45,199
Microsoft Corp.		1,976		492,854
Motorola Solutions, Inc.		63		16,557
NVIDIA Corp.		1,697		393,976
Oracle Corp.		618		54,013
QUALCOMM, Inc.		764		94,377
Texas Instruments, Inc.		390		66,865
Visa, Inc., Class A		1,114		245,013

(Cost $1,926,976)				2,125,055

Materials — 3.3%
Albemarle Corp.		80		20,345
CF Industries Holdings, Inc.		134		11,509
Freeport-McMoRan, Inc.		974		39,905
Linde PLC		206		71,764
Nucor Corp.		175		29,302

(Cost $167,115)				172,825

Real Estate — 1.1%
American Tower Corp. REIT		168		33,266
Extra Space Storage, Inc. REIT		46		7,574
Iron Mountain, Inc. REIT		125		6,594
Weyerhaeuser Co. REIT		290		9,062

(Cost $57,953)				56,496

TOTAL COMMON STOCKS (Cost $5,173,505)				5,279,837

EXCHANGE-TRADED FUNDS — 0.2%
SPDR Portfolio S&P 500 Growth ETF (Cost $8,720)		170		8,920

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Number of Shares		Value
COMMON STOCKS — 99.6%
Communication Services — 8.1%
AT&T, Inc.		3,830	$	72,425
Charter Communications, Inc., Class A*		58		21,321
Comcast Corp., Class A		2,318		86,160
Electronic Arts, Inc.		45		4,992
Interpublic Group of Cos., Inc.		213		7,570
Omnicom Group, Inc.		113		10,235
Take-Two Interactive Software, Inc.*		85		9,312
Verizon Communications, Inc.		2,256		87,555
Walt Disney Co.*		980		97,618
Warner Bros Discovery, Inc.*		1,167		18,229

(Cost $387,836)				415,417

Consumer Discretionary — 9.9%
Aptiv PLC*		145		16,861
Bath & Body Works, Inc.		122		4,986
Best Buy Co., Inc.		110		9,142
BorgWarner, Inc.		129		6,486
Caesars Entertainment, Inc.*		114		5,787
CarMax, Inc.*		85		5,868
Darden Restaurants, Inc.		67		9,580
eBay, Inc.		291		13,357
Expedia Group, Inc.*		83		9,045
General Motors Co.		762		29,520
Hasbro, Inc.		73		4,016
Hilton Worldwide Holdings, Inc.		75		10,838
Home Depot, Inc.		255		75,618
Las Vegas Sands Corp.*		181		10,402
Marriott International, Inc., Class A		70		11,847
McDonald’s Corp.		149		39,323
MGM Resorts International		172		7,398
Mohawk Industries, Inc.*		30		3,085
Newell Brands, Inc.		199		2,923
NIKE, Inc., Class B		677		80,421
Norwegian Cruise Line Holdings Ltd.*		242		3,586
PulteGroup, Inc.		125		6,834
Ralph Lauren Corp.		19		2,246
Ross Stores, Inc.		185		20,450
Royal Caribbean Cruises Ltd.*		121		8,547
Starbucks Corp.		302		30,831
Tapestry, Inc.		132		5,743
Target Corp.		247		41,619
TJX Cos., Inc.		225		17,235
VF Corp.		181		4,492
Whirlpool Corp.		31		4,277
Yum! Brands, Inc.		54		6,867

(Cost $486,157)				509,230

Consumer Staples — 8.6%
Archer-Daniels-Midland Co.		150		11,940
Brown-Forman Corp., Class B		43		2,789
Campbell Soup Co.		44		2,311
Coca-Cola Co.		732		43,561
Colgate-Palmolive Co.		201		14,733
Conagra Brands, Inc.		266		9,685
Constellation Brands, Inc., Class A		38		8,501
Estee Lauder Cos., Inc., Class A		124		30,138


	Number of Shares		Value
Consumer Staples (Continued)
General Mills, Inc.		102	$	8,110
Hormel Foods Corp.		42		1,864
J M Smucker Co.		59		8,725
Kellogg Co.		61		4,022
Kraft Heinz Co.		422		16,433
Kroger Co.		361		15,573
McCormick & Co., Inc.		65		4,831
Molson Coors Beverage Co., Class B		104		5,532
Mondelez International, Inc., Class A		337		21,966
Procter & Gamble Co.		573		78,822
Sysco Corp.		271		20,208
Tyson Foods, Inc., Class A		161		9,538
Walgreens Boots Alliance, Inc.		375		13,324
Walmart, Inc.		759		107,877

(Cost $450,055)				440,483

Energy — 2.8%
Baker Hughes Co.		530		16,218
Halliburton Co.		483		17,499
Kinder Morgan, Inc.		1,056		18,015
Marathon Petroleum Corp.		132		16,315
Phillips 66		255		26,153
Schlumberger NV		361		19,209
Valero Energy Corp.		208		27,400

(Cost $141,101)				140,809

Financials — 23.4%
Aflac, Inc.		302		20,581
Allstate Corp.		147		18,931
American Express Co.		164		28,534
American International Group, Inc.		398		24,322
Bank of America Corp.		3,752		128,694
Bank of New York Mellon Corp.		390		19,843
BlackRock, Inc.		81		55,844
Capital One Financial Corp.		205		22,361
Cboe Global Markets, Inc.		19		2,397
Charles Schwab Corp.		336		26,181
Chubb Ltd.		96		20,258
Cincinnati Financial Corp.		84		10,139
Citigroup, Inc.		1,041		52,768
CME Group, Inc.		193		35,775
Comerica, Inc.		70		4,907
FactSet Research Systems, Inc.		8		3,316
Fifth Third Bancorp		357		12,959
Franklin Resources, Inc.		153		4,509
Globe Life, Inc.		14		1,704
Hartford Financial Services Group, Inc.		166		12,994
Huntington Bancshares, Inc.		798		12,225
Intercontinental Exchange, Inc.		295		30,031
Invesco Ltd.		248		4,380
JPMorgan Chase & Co.		1,577		226,063
KeyCorp		513		9,383
Lincoln National Corp.		96		3,045
MarketAxess Holdings, Inc.		12		4,097
Marsh & McLennan Cos., Inc.		96		15,565
MetLife, Inc.		354		25,392
Moody’s Corp.		45		13,057
Morgan Stanley		709		68,419


	Number of Shares		Value
Financials (Continued)
Nasdaq, Inc.		66	$	3,700
Northern Trust Corp.		115		10,956
PNC Financial Services Group, Inc.		217		34,269
Principal Financial Group, Inc.		48		4,299
Prudential Financial, Inc.		196		19,600
Regions Financial Corp.		501		11,683
S&P Global, Inc.		179		61,075
State Street Corp.		194		17,204
Synchrony Financial		241		8,606
T. Rowe Price Group, Inc.		120		13,474
Travelers Cos., Inc.		58		10,737
Truist Financial Corp.		713		33,475
US Bancorp		727		34,700
Willis Towers Watson PLC		60		14,062

(Cost $1,163,199)				1,196,514

Health Care — 8.8%
Abbott Laboratories		454		46,181
Agilent Technologies, Inc.		65		9,228
AmerisourceBergen Corp.		85		13,223
Baxter International, Inc.		279		11,146
Becton Dickinson and Co.		153		35,886
Biogen, Inc.*		41		11,064
Bio-Rad Laboratories, Inc., Class A*		11		5,256
Boston Scientific Corp.*		361		16,866
Catalent, Inc.*		96		6,549
Centene Corp.*		304		20,794
Cigna Group		84		24,536
CVS Health Corp.		707		59,063
DaVita, Inc.*		24		1,974
Edwards Lifesciences Corp.*		332		26,706
Humana, Inc.		25		12,376
Illumina, Inc.*		84		16,733
IQVIA Holdings, Inc.*		52		10,840
Medtronic PLC		714		59,119
Mettler-Toledo International, Inc.*		4		5,735
Organon & Co.		145		3,551
Quest Diagnostics, Inc.		21		2,906
Viatris, Inc.		670		7,638
Zoetis, Inc.		250		41,750

(Cost $461,349)				449,120

Industrials — 12.1%
American Airlines Group, Inc.*		358		5,721
Carrier Global Corp.		445		20,038
Caterpillar, Inc.		112		26,830
Cintas Corp.		19		8,331
CSX Corp.		585		17,837
Cummins, Inc.		37		8,994
Dover Corp.		75		11,242
Eaton Corp. PLC		214		37,435
Emerson Electric Co.		318		26,302
Fastenal Co.		166		8,559
FedEx Corp.		128		26,012
Fortive Corp.		184		12,265
General Electric Co.		587		49,725
IDEX Corp.		18		4,050


	Number of Shares		Value
Industrials (Continued)
Illinois Tool Works, Inc.		74	$	17,254
Ingersoll Rand, Inc.		224		13,008
Johnson Controls International PLC		370		23,206
Nordson Corp.		29		6,369
Otis Worldwide Corp.		224		18,955
PACCAR, Inc.		279		20,144
Parker-Hannifin Corp.		68		23,926
Pentair PLC		87		4,867
Republic Services, Inc.		50		6,446
Robert Half International, Inc.		60		4,837
Rockwell Automation, Inc.		62		18,286
Snap-on, Inc.		12		2,984
Stanley Black & Decker, Inc.		82		7,020
Trane Technologies PLC		124		22,936
Union Pacific Corp.		165		34,201
United Parcel Service, Inc., Class B		392		71,536
United Rentals, Inc.		37		17,336
Verisk Analytics, Inc.		44		7,529
Waste Management, Inc.		83		12,430
Westinghouse Air Brake Technologies Corp.		100		10,433
Xylem, Inc.		97		9,957

(Cost $577,257)				617,001

Information Technology — 13.1%
Accenture PLC, Class A		173		45,940
Akamai Technologies, Inc.*		84		6,098
Analog Devices, Inc.		147		26,970
ANSYS, Inc.*		47		14,270
Autodesk, Inc.*		52		10,332
Cisco Systems, Inc.		2,207		106,863
Corning, Inc.		422		14,327
DXC Technology Co.*		134		3,717
Gen Digital, Inc.		145		2,829
Hewlett Packard Enterprise Co.		675		10,537
HP, Inc.		474		13,993
Intel Corp.		2,218		55,295
International Business Machines Corp.		486		62,840
Juniper Networks, Inc.		180		5,540
Keysight Technologies, Inc.*		44		7,038
Microchip Technology, Inc.		148		11,992
Micron Technology, Inc.		585		33,825
Motorola Solutions, Inc.		41		10,775
Paychex, Inc.		74		8,170
PayPal Holdings, Inc.*		613		45,117
Roper Technologies, Inc.		57		24,521
Salesforce, Inc.*		537		87,859
Seagate Technology Holdings PLC		103		6,650
TE Connectivity Ltd.		170		21,644
Texas Instruments, Inc.		181		31,032
Tyler Technologies, Inc.*		12		3,855

(Cost $669,620)				672,029

Materials — 3.3%
Amcor PLC		825		9,191
Ball Corp.		173		9,724
Corteva, Inc.		119		7,413


	Number of Shares		Value
Materials (Continued)
Dow, Inc.		376	$	21,507
Ecolab, Inc.		132		21,037
International Flavors & Fragrances, Inc.		141		13,141
Linde PLC		104		36,230
LyondellBasell Industries NV, Class A		133		12,767
Newmont Corp.		426		18,578
PPG Industries, Inc.		124		16,375
Westrock Co.		140		4,396

(Cost $158,561)				170,359

Real Estate — 5.7%
Alexandria Real Estate Equities, Inc. REIT		78		11,683
American Tower Corp. REIT		118		23,365
AvalonBay Communities, Inc. REIT		75		12,939
Boston Properties, Inc. REIT		79		5,173
CBRE Group, Inc., Class A*		169		14,389
Digital Realty Trust, Inc. REIT		152		15,843
Equinix, Inc. REIT		50		34,413
Equity Residential REIT		189		11,816
Essex Property Trust, Inc. REIT		32		7,298
Federal Realty Investment Trust REIT		39		4,164
Healthpeak Properties, Inc. REIT		297		7,146
Host Hotels & Resorts, Inc. REIT		396		6,653
Iron Mountain, Inc. REIT		52		2,743
Kimco Realty Corp. REIT		341		7,028
Prologis, Inc. REIT		497		61,330
Regency Centers Corp. REIT		85		5,346
Simon Property Group, Inc. REIT		175		21,366
UDR, Inc. REIT		163		6,983
Ventas, Inc. REIT		220		10,703
Welltower, Inc. REIT		250		18,530


	Number of Shares		Value
Real Estate (Continued)
Weyerhaeuser Co. REIT		170	$	5,313

(Cost $287,036)				294,224

Utilities — 3.8%
American Water Works Co., Inc.		101		14,178
Consolidated Edison, Inc.		197		17,602
Edison International		211		13,970
Entergy Corp.		113		11,624
Eversource Energy		193		14,545
Exelon Corp.		525		21,205
NextEra Energy, Inc.		1,065		75,647
Public Service Enterprise Group, Inc.		262		15,833
Sempra Energy		65		9,747

(Cost $202,331)				194,351

TOTAL COMMON STOCKS (Cost $4,984,502)				5,099,537

EXCHANGE-TRADED FUNDS — 0.2%
SPDR Portfolio S&P 500 Value ETF (Cost $11,844)		300		12,108

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 4.51% (a) (Cost $2,167)		2,167		2,167

TOTAL INVESTMENTS — 99.8% (Cost $4,998,513)			$	5,113,812
Other assets and liabilities, net — 0.2%				8,626

NET ASSETS — 100.0%			$	5,122,438

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:

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.


	Number of Shares		Value
COMMON STOCKS — 98.1%
Communication Services — 0.5%
John Wiley & Sons, Inc., Class A (Cost $25,215)		587	$	26,116

Consumer Discretionary — 8.9%
Genuine Parts Co.		345		61,017
Leggett & Platt, Inc.		2,225		76,740
Lowe’s Cos., Inc.		286		58,844
McDonald’s Corp.		232		61,227
NIKE, Inc., Class B		248		29,460
Polaris, Inc.		674		76,668
Target Corp.		493		83,071

(Cost $440,943)				447,027

Consumer Staples — 19.9%
Archer-Daniels-Midland Co.		549		43,700
Brown-Forman Corp., Class B		510		33,084
Church & Dwight Co., Inc.		439		36,779
Coca-Cola Co.		1,272		75,697
Colgate-Palmolive Co.		873		63,991
Flowers Foods, Inc.		3,165		88,240
Hormel Foods Corp.		1,464		64,972
J M Smucker Co.		477		70,544
Kimberly-Clark Corp.		698		87,285
McCormick & Co., Inc.		657		48,828
PepsiCo, Inc.		405		70,280
Procter & Gamble Co.		458		63,002
Sysco Corp.		890		66,367
Walgreens Boots Alliance, Inc.		3,954		140,486
Walmart, Inc.		304		43,208

(Cost $1,026,040)				996,463

Energy — 3.3%
Chevron Corp.		471		75,723
Exxon Mobil Corp.		804		88,367

(Cost $178,279)				164,090

Financials — 12.3%
Aflac, Inc.		907		61,812
Chubb Ltd.		191		40,305
Cincinnati Financial Corp.		724		87,387
Commerce Bancshares, Inc.		611		40,418
FactSet Research Systems, Inc.		56		23,215
Franklin Resources, Inc.		4,182		123,243
S&P Global, Inc.		78		26,613
SEI Investments Co.		663		39,946
T. Rowe Price Group, Inc.		1,031		115,761
UMB Financial Corp.		512		46,418
W R Berkley Corp.		213		14,098

(Cost $589,905)				619,216

Health Care — 7.3%
Abbott Laboratories		458		46,588
AbbVie, Inc.		659		101,420
Becton Dickinson and Co.		158		37,059
Cardinal Health, Inc.		919		69,577
Medtronic PLC		1,194		98,863


	Number of Shares		Value
Health Care (Continued)
West Pharmaceutical Services, Inc.		34	$	10,779

(Cost $357,232)				364,286

Industrials — 17.2%
ABM Industries, Inc.		812		39,309
Brady Corp., Class A		454		25,043
C.H. Robinson Worldwide, Inc.		786		78,568
Carlisle Cos., Inc.		146		37,700
Caterpillar, Inc.		222		53,180
Cintas Corp.		66		28,939
Dover Corp.		298		44,670
Emerson Electric Co.		670		55,416
Expeditors International of Washington, Inc.		325		33,982
Fastenal Co.		1,477		76,154
Franklin Electric Co., Inc.		308		29,436
Illinois Tool Works, Inc.		290		67,616
Lincoln Electric Holdings, Inc.		313		52,562
MSA Safety, Inc.		261		35,065
Nordson Corp.		125		27,455
Pentair PLC		1,104		61,758
Stanley Black & Decker, Inc.		1,370		117,286

(Cost $824,902)				864,139

Information Technology — 5.3%
Automatic Data Processing, Inc.		238		52,317
Badger Meter, Inc.		192		23,351
International Business Machines Corp.		916		118,439
Microchip Technology, Inc.		706		57,207
Roper Technologies, Inc.		38		16,348

(Cost $275,104)				267,662

Materials — 12.5%
Air Products and Chemicals, Inc.		191		54,622
Albemarle Corp.		79		20,090
Amcor PLC		9,563		106,532
AptarGroup, Inc.		329		38,401
Ecolab, Inc.		264		42,074
HB Fuller Co.		416		29,020
International Flavors & Fragrances, Inc.		760		70,832
Linde PLC		122		42,501
Nucor Corp.		272		45,544
PPG Industries, Inc.		417		55,069
Sherwin-Williams Co.		111		24,570
Sonoco Products Co.		1,298		76,660
Stepan Co.		184		19,152

(Cost $638,684)				625,067

Real Estate — 4.7%
Essex Property Trust, Inc. REIT		530		120,872
Federal Realty Investment Trust REIT		1,097		117,137

(Cost $236,363)				238,009

Utilities — 6.2%
California Water Service Group		644		36,863
Consolidated Edison, Inc.		976		87,206
Essential Utilities, Inc.		1,431		61,218
Eversource Energy		1,053		79,354


	Number of Shares		Value
Utilities (Continued)
NextEra Energy, Inc.		671	$	47,661

(Cost $328,132)				312,302

TOTAL COMMON STOCKS
(Cost $4,920,799)				4,924,377

EXCHANGE-TRADED FUNDS — 1.6%
ProShares S&P 500 Dividend Aristocrats ETF		635		57,601
Xtrackers S&P 500 ESG ETF (a)		500		17,875

TOTAL EXCHANGE-TRADED FUNDS
(Cost $75,635)				75,476

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Number of Shares		Value
COMMON STOCKS — 98.9%
Communication Services — 1.5%
Cable One, Inc.		39	$	26,934
John Wiley & Sons, Inc., Class A		379		16,862
New York Times Co., Class A		1,365		52,552
TEGNA, Inc.		1,877		32,660
TripAdvisor, Inc.*		848		18,291
Ziff Davis, Inc.*		415		32,777

(Cost $248,667)				180,076

Consumer Discretionary — 16.5%
Adient PLC*		802		34,261
AutoNation, Inc.*		284		38,769
Boyd Gaming Corp.		674		43,898
Brunswick Corp.		600		52,452
Capri Holdings Ltd.*		1,065		52,792
Carter’s, Inc.		310		23,371
Columbia Sportswear Co.		304		26,509
Cracker Barrel Old Country Store, Inc.		179		19,504
Crocs, Inc.*		511		62,194
Dana, Inc.		1,046		16,569
Deckers Outdoor Corp.*		222		92,430
Dick’s Sporting Goods, Inc.		470		60,456
Five Below, Inc.*		466		95,204
Foot Locker, Inc.		675		29,511
Gap, Inc.		1,728		22,481
Goodyear Tire & Rubber Co.*		2,420		27,491
Graham Holdings Co., Class B		31		19,426
Grand Canyon Education, Inc.*		259		29,342
H&R Block, Inc.		1,274		46,883
Hanesbrands, Inc.		3,010		17,097
Harley-Davidson, Inc.		1,114		52,971
KB Home		683		24,089
Kohl’s Corp.		963		27,003
Lear Corp.		489		68,289
Leggett & Platt, Inc.		1,105		38,111
Lithia Motors, Inc.		229		58,436
Macy’s, Inc.		2,241		45,851
Marriott Vacations Worldwide Corp.		317		48,498
Nordstrom, Inc.		912		17,766
Papa John’s International, Inc.		261		21,911
Polaris, Inc.		447		50,846
RH*		159		47,546
Service Corp. International		1,287		86,911
Taylor Morrison Home Corp.*		905		32,426
Tempur Sealy International, Inc.		1,415		60,477
Texas Roadhouse, Inc.		554		56,253
Thor Industries, Inc. (a)		456		41,491
Toll Brothers, Inc.		900		53,946
Topgolf Callaway Brands Corp.*		1,189		27,561
Travel + Leisure Co.		670		28,106
Visteon Corp.*		238		39,756
Wendy’s Co.		1,440		31,622
Williams-Sonoma, Inc. (a)		553		69,081
Wingstop, Inc.		253		43,099
Wyndham Hotels & Resorts, Inc.		741		57,072
YETI Holdings, Inc.*		734		28,611

(Cost $1,899,977)				1,968,369


	Number of Shares		Value
Consumer Staples — 3.0%
BJ’s Wholesale Club Holdings, Inc.*		1,136	$	81,565
Coty, Inc., Class A*		3,117		35,222
Darling Ingredients, Inc.*		1,325		83,833
Flowers Foods, Inc.		1,590		44,329
Grocery Outlet Holding Corp.*		759		20,531
Ingredion, Inc.		547		54,372
Pilgrim’s Pride Corp.*		356		8,327
Sprouts Farmers Market, Inc.*		854		25,867

(Cost $314,052)				354,046

Energy — 2.3%
CNX Resources Corp.*		1,525		23,409
Equitrans Midstream Corp.		3,705		22,341
HF Sinclair Corp.		1,104		54,891
Murphy Oil Corp.		1,216		47,448
NOV, Inc.		3,298		72,160
Range Resources Corp.		1,989		53,584

(Cost $238,956)				273,833

Financials — 16.4%
Affiliated Managers Group, Inc.		317		50,533
Associated Banc-Corp.		1,207		27,942
Bank of Hawaii Corp.		321		24,030
Bank OZK		936		43,084
Brighthouse Financial, Inc.*		573		33,137
Cadence Bank		1,540		40,902
CNO Financial Group, Inc.		924		23,673
Commerce Bancshares, Inc.		943		62,379
East West Bancorp, Inc.		1,163		88,632
Evercore, Inc., Class A		303		39,747
First American Financial Corp.		873		49,569
First Horizon Corp.		4,492		111,267
FNB Corp.		2,963		42,282
Fulton Financial Corp.		1,434		24,665
Hancock Whitney Corp.		710		34,875
Hanover Insurance Group, Inc.		295		41,147
Janus Henderson Group PLC		1,121		30,783
Jefferies Financial Group, Inc.		1,539		58,159
Kemper Corp.		543		33,449
Kinsale Capital Group, Inc.		179		57,047
MGIC Investment Corp.		2,413		33,203
Navient Corp.		905		16,335
Old National Bancorp.		2,435		43,026
PacWest Bancorp		1,001		27,778
Pinnacle Financial Partners, Inc.		634		46,973
Primerica, Inc.		310		59,501
Prosperity Bancshares, Inc.		762		55,999
Reinsurance Group of America, Inc.		565		81,626
RenaissanceRe Holdings Ltd.		360		77,364
SEI Investments Co.		857		51,634
Selective Insurance Group, Inc.		499		50,663
SLM Corp.		2,099		30,184
Stifel Financial Corp.		885		59,145
Synovus Financial Corp.		1,210		50,590
Texas Capital Bancshares, Inc.*		426		28,214
UMB Financial Corp.		369		33,454
Unum Group		1,546		68,874
Valley National Bancorp		3,500		40,530


	Number of Shares		Value
Financials (Continued)
Voya Financial, Inc.		812	$	60,486
Webster Financial Corp.		1,438		76,387
Wintrust Financial Corp.		505		46,526

(Cost $1,765,249)				1,955,794

Health Care — 9.3%
Acadia Healthcare Co., Inc.*		755		54,745
Amedisys, Inc.*		278		25,562
Arrowhead Pharmaceuticals, Inc.*		895		28,908
Azenta, Inc.*		626		27,475
Encompass Health Corp.		833		47,081
Enovis Corp.*		375		21,608
Envista Holdings Corp.*		1,350		52,191
Exelixis, Inc.*		2,710		46,287
Haemonetics Corp.*		411		31,963
Halozyme Therapeutics, Inc.*		1,141		54,757
HealthEquity, Inc.*		704		45,880
ICU Medical, Inc.*(a)		175		29,862
Integra LifeSciences Holdings Corp.*		614		34,151
Jazz Pharmaceuticals PLC*		518		72,727
LivaNova PLC*		450		21,294
Neurocrine Biosciences, Inc.*		807		83,202
Patterson Cos., Inc.		720		19,094
Penumbra, Inc.*		322		83,717
Perrigo Co. PLC		1,125		42,401
Progyny, Inc.*		598		22,461
QuidelOrtho Corp.*		445		38,688
R1 RCM, Inc.*		1,117		15,861
STAAR Surgical Co.*(a)		410		22,710
Syneos Health, Inc.*		864		34,750
Tenet Healthcare Corp.*		905		52,970
United Therapeutics Corp.*		379		93,249

(Cost $1,200,747)				1,103,594

Industrials — 21.8%
Acuity Brands, Inc.		264		51,205
AECOM		1,171		101,128
AGCO Corp.		511		71,954
Avis Budget Group, Inc.*		205		45,030
Axon Enterprise, Inc.*		564		112,975
Brink’s Co.		377		24,599
Carlisle Cos., Inc.		431		111,293
Chart Industries, Inc.*(a)		345		46,058
Clean Harbors, Inc.*		420		55,469
Donaldson Co., Inc.		1,014		64,136
EMCOR Group, Inc.		396		66,219
EnerSys		350		31,742
Flowserve Corp.		1,092		37,881
FTI Consulting, Inc.*		289		53,092
Graco, Inc.		1,415		98,399
Hubbell, Inc.		448		112,690
IAA, Inc.*		1,105		45,206
Insperity, Inc.		305		37,847
ITT, Inc.		685		62,260
Kennametal, Inc.		705		19,973
Kirby Corp.*		503		36,483
Knight-Swift Transportation Holdings, Inc.		1,327		75,427


	Number of Shares		Value
Industrials (Continued)
Lennox International, Inc.		266	$	67,785
Lincoln Electric Holdings, Inc.		479		80,438
ManpowerGroup, Inc.		431		36,583
MasTec, Inc.*		494		48,274
Middleby Corp.*		446		69,349
MSA Safety, Inc.		307		41,245
nVent Electric PLC		1,387		63,580
Owens Corning		778		76,081
Regal Rexnord Corp.		560		88,278
Ryder System, Inc.		428		41,905
Saia, Inc.*		221		59,862
Stericycle, Inc.*		766		36,523
Sunrun, Inc.*		1,762		42,358
Terex Corp.		571		33,809
Tetra Tech, Inc.		438		59,958
Timken Co.		554		47,339
Toro Co.		870		96,083
Trex Co., Inc.*		926		47,346
Univar Solutions, Inc.*		1,377		47,851
Valmont Industries, Inc.		176		55,850
Watts Water Technologies, Inc., Class A		228		39,952
Werner Enterprises, Inc.		477		22,157
XPO, Inc.*		974		32,493

(Cost $2,176,037)				2,596,165

Information Technology — 12.1%
ACI Worldwide, Inc.*		927		23,963
Amkor Technology, Inc.		861		22,179
Arrow Electronics, Inc.*		517		61,001
Avnet, Inc.		754		33,711
Belden, Inc.		352		29,702
Calix, Inc.*		480		24,552
Ciena Corp.*		1,232		59,407
Cirrus Logic, Inc.*		463		47,573
CommVault Systems, Inc.*		361		21,256
Envestnet, Inc.*		449		28,067
Fair Isaac Corp.*		209		141,575
Genpact Ltd.		1,399		66,774
Jabil, Inc.		1,128		93,658
Littelfuse, Inc.		207		53,557
Lumentum Holdings, Inc.*		584		31,425
Manhattan Associates, Inc.*		516		74,175
Maximus, Inc.		511		41,943
National Instruments Corp.		1,101		55,612
Paylocity Holding Corp.*		350		67,413
Power Integrations, Inc.		476		39,151
Silicon Laboratories, Inc.*		272		48,560
Synaptics, Inc.*		332		39,047
TD SYNNEX Corp.		353		34,072
Teradata Corp.*		865		35,257
Universal Display Corp.		361		49,042
Vishay Intertechnology, Inc.		1,053		22,355
Western Union Co.		3,204		41,524
WEX, Inc.*		366		70,568
Wolfspeed, Inc.*		1,044		77,235
Xerox Holdings Corp.		914		15,072

(Cost $1,384,518)				1,449,426


	Number of Shares		Value
Materials — 6.3%
Alcoa Corp.		1,472	$	72,040
AptarGroup, Inc.		540		63,029
Ashland, Inc.		413		42,035
Avient Corp.		735		32,068
Cabot Corp.		477		37,936
Chemours Co.		1,259		43,033
Cleveland-Cliffs, Inc.*(a)		4,258		90,823
Commercial Metals Co.		993		51,388
Greif, Inc., Class A		225		15,986
Ingevity Corp.*		289		23,860
Louisiana-Pacific Corp.		600		35,106
NewMarket Corp.		56		19,236
Scotts Miracle-Gro Co.		345		28,462
Sensient Technologies Corp.		353		26,613
Sonoco Products Co.		811		47,898
United States Steel Corp.		1,981		60,678
Valvoline, Inc.		1,467		51,638
Worthington Industries, Inc. (a)		239		14,445

(Cost $720,114)				756,274

Real Estate — 7.6%
Brixmor Property Group, Inc. REIT		2,491		56,396
Corporate Office Properties Trust REIT		967		24,591
Cousins Properties, Inc. REIT		1,275		31,225
Douglas Emmett, Inc. REIT		1,413		19,966
EastGroup Properties, Inc. REIT		360		58,777
First Industrial Realty Trust, Inc. REIT		1,099		57,972
Highwoods Properties, Inc. REIT		900		23,850
JBG SMITH Properties REIT		810		13,972
Jones Lang LaSalle, Inc.*		400		69,784
Kilroy Realty Corp. REIT		876		31,553
Lamar Advertising Co., Class A REIT		735		76,852
Life Storage, Inc. REIT		701		84,484
Macerich Co. REIT		1,741		20,805


	Number of Shares		Value
Real Estate (Continued)
Medical Properties Trust, Inc. REIT (a)		4,946	$	50,944
National Storage Affiliates Trust REIT		726		30,710
Park Hotels & Resorts, Inc. REIT		1,932		26,565
Pebblebrook Hotel Trust REIT		1,065		15,198
Physicians Realty Trust REIT		1,925		28,548
PotlatchDeltic Corp. REIT		677		31,250
Rayonier, Inc. REIT		1,230		41,303
Rexford Industrial Realty, Inc. REIT		1,541		93,169
SL Green Realty Corp. REIT		515		17,536

(Cost $1,087,717)				905,450

Utilities — 2.1%
Essential Utilities, Inc.		1,996		85,389
Hawaiian Electric Industries, Inc.		915		37,012
ONE Gas, Inc.		457		36,633
Spire, Inc.		441		31,046
UGI Corp.		1,730		64,408

(Cost $252,236)				254,488

TOTAL COMMON STOCKS
(Cost $11,288,270)				11,797,515

EXCHANGE-TRADED FUNDS — 1.0%
iShares ESG Screened S&P Mid-Cap ETF
(Cost $120,012)		3,500		123,830

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b) (Cost $11,541)		11,541		11,541

TOTAL INVESTMENTS — 100.0%8
(Cost $11,419,823)			$	11,932,886
Other assets and liabilities, net — (0.0)%				(3,567	)

NET ASSETS — 100.0%			$	11,929,319

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Number of Shares		Value
COMMON STOCKS — 99.6%
Communication Services — 1.3%
Cars.com, Inc.*		1,142	$	21,927
Cinemark Holdings, Inc.*		2,007		27,315
Consolidated Communications Holdings, Inc.*		1,267		3,839
EW Scripps Co., Class A*		1,083		13,668
QuinStreet, Inc.*		888		15,069
Scholastic Corp.		550		25,086
TechTarget, Inc.*		506		19,091
Thryv Holdings, Inc.*		579		13,803

(Cost $155,240)				139,798

Consumer Discretionary — 13.2%
Aaron’s Co., Inc.		620		8,897
Abercrombie & Fitch Co., Class A*		886		26,057
Adtalem Global Education, Inc.*		837		32,743
American Axle & Manufacturing Holdings, Inc.*		2,114		18,603
America’s Car-Mart, Inc.*		100		8,496
Asbury Automotive Group, Inc.*		404		91,748
Bed Bath & Beyond, Inc.*(a)		1,559		2,198
Big Lots, Inc. (a)		500		7,175
BJ’s Restaurants, Inc.*		414		13,248
Bloomin’ Brands, Inc.		1,599		41,734
Boot Barn Holdings, Inc.*		545		42,210
Brinker International, Inc.*		803		30,514
Buckle, Inc.		544		22,190
Caleres, Inc.		661		17,259
Cavco Industries, Inc.*		151		43,035
Century Communities, Inc.		506		30,264
Cheesecake Factory, Inc. (a)		860		32,198
Chico’s FAS, Inc.*		2,225		12,794
Children’s Place, Inc.*		249		10,426
Dine Brands Global, Inc.		293		22,464
Ethan Allen Interiors, Inc.		398		11,761
Gentherm, Inc.*		607		38,551
Group 1 Automotive, Inc.		265		58,584
Guess?, Inc.		597		12,561
Hibbett, Inc.		228		16,400
Installed Building Products, Inc.		426		49,152
iRobot Corp.*		511		20,997
Jack in the Box, Inc.		387		30,341
Kontoor Brands, Inc.		907		47,300
La-Z-Boy, Inc.		800		25,904
LCI Industries (a)		462		52,118
LGI Homes, Inc.*		374		39,012
MarineMax, Inc.*		380		12,760
MDC Holdings, Inc.		1,048		38,776
Monro, Inc.		579		29,205
Motorcar Parts of America, Inc.*		316		4,136
Movado Group, Inc.		317		10,975
ODP Corp.*		737		33,371
Patrick Industries, Inc. (a)		400		29,140
PetMed Express, Inc.		385		7,230
Ruth’s Hospitality Group, Inc.		519		9,679
Sally Beauty Holdings, Inc.*		1,943		31,263
Shake Shack, Inc., Class A*		689		38,439


	Number of Shares		Value
Consumer Discretionary (Continued)
Signet Jewelers Ltd.		840	$	60,161
Sleep Number Corp.*		389		15,506
Sonos, Inc.*		2,342		45,505
Standard Motor Products, Inc.		332		12,938
Steven Madden Ltd.		1,343		48,751
Strategic Education, Inc.		412		35,123
Universal Electronics, Inc.*		210		2,671
Upbound Group, Inc.		932		25,024
Winnebago Industries, Inc.		563		35,784
Wolverine World Wide, Inc.		1,470		24,623
WW International, Inc.*		960		3,514

(Cost $1,573,910)				1,471,508

Consumer Staples — 5.0%
Calavo Growers, Inc.		314		10,133
Cal-Maine Foods, Inc.		693		39,362
Edgewell Personal Care Co.		941		40,181
elf Beauty, Inc.*		917		68,546
Fresh Del Monte Produce, Inc.		572		17,892
Hostess Brands, Inc.*		2,436		60,169
J & J Snack Foods Corp.		275		38,833
John B Sanfilippo & Son, Inc.		161		14,453
Medifast, Inc.		202		22,650
MGP Ingredients, Inc.		281		28,505
PriceSmart, Inc.		451		31,444
Seneca Foods Corp., Class A*		99		5,504
Simply Good Foods Co.*		1,541		59,005
SpartanNash Co.		623		16,671
TreeHouse Foods, Inc.*		921		44,936
United Natural Foods, Inc.*		1,067		43,459
USANA Health Sciences, Inc.*		204		12,399

(Cost $497,177)				554,142

Energy — 4.0%
Archrock, Inc.		2,463		27,265
Bristow Group, Inc.*		415		11,305
Core Laboratories NV		852		20,337
DMC Global, Inc.*		349		9,343
Green Plains, Inc.*		1,086		37,652
Helix Energy Solutions Group, Inc.*		2,638		21,843
Helmerich & Payne, Inc.		1,929		81,172
Nabors Industries Ltd.*(a)		165		24,801
Par Pacific Holdings, Inc.*		1,030		28,613
Patterson-UTI Energy, Inc.		3,920		53,704
SM Energy Co.		2,242		66,161
Talos Energy, Inc.*		1,199		21,354
Vital Energy, Inc.*(a)		298		15,314
World Fuel Services Corp.		1,141		31,321

(Cost $395,034)				450,185

Financials — 20.0%
Ambac Financial Group, Inc.*		817		13,521
American Equity Investment Life Holding Co.		1,260		52,479
Ameris Bancorp		1,183		56,630
AMERISAFE, Inc.		358		19,525
Assured Guaranty Ltd.		1,102		68,776


	Number of Shares		Value
Financials (Continued)
Avantax, Inc.*		722	$	20,642
Banc of California, Inc.		996		17,480
Bancorp, Inc.*		1,018		35,213
BankUnited, Inc.		1,417		50,190
Banner Corp.		631		39,740
Berkshire Hills Bancorp, Inc.		818		23,771
Brightsphere Investment Group, Inc.		572		14,340
Central Pacific Financial Corp.		488		10,946
City Holding Co.		273		26,809
Community Bank System, Inc.		977		59,646
Customers Bancorp, Inc.*		555		17,094
Donnelley Financial Solutions, Inc.*		446		18,870
Eagle Bancorp, Inc.		588		25,760
Ellington Financial, Inc. REIT		1,027		13,218
Encore Capital Group, Inc.*		420		21,706
Enova International, Inc.*		581		28,324
FB Financial Corp.		629		23,707
First BanCorp		3,349		48,594
First Financial Bancorp		1,723		42,455
First Hawaiian, Inc.		2,311		63,206
Franklin BSP Realty Trust, Inc. REIT (a)		1,467		20,553
Genworth Financial, Inc., Class A*		9,057		56,425
Green Dot Corp., Class A*		830		15,712
Hanmi Financial Corp.		544		12,849
Heritage Financial Corp.		655		18,255
Hilltop Holdings, Inc.		848		28,128
HomeStreet, Inc.		330		8,326
Hope Bancorp, Inc.		2,189		28,041
Horace Mann Educators Corp.		758		28,016
Independent Bank Corp.		826		65,816
Independent Bank Group, Inc.		651		38,318
Invesco Mortgage Capital, Inc. REIT		662		8,295
Lakeland Financial Corp.		467		33,447
Mr Cooper Group, Inc.*		1,299		60,313
National Bank Holdings Corp., Class A		702		28,424
NBT Bancorp, Inc.		780		31,660
New York Mortgage Trust, Inc. REIT		6,575		17,555
Northfield Bancorp, Inc.		755		11,106
Northwest Bancshares, Inc.		2,348		32,449
OFG Bancorp		852		25,918
Pacific Premier Bancorp, Inc.		1,719		55,730
Park National Corp.		260		33,220
Pathward Financial, Inc.		514		26,219
PennyMac Mortgage Investment Trust REIT (a)		1,608		20,952
Piper Sandler Cos.		257		38,804
PRA Group, Inc.*		718		30,558
ProAssurance Corp.		978		19,452
Provident Financial Services, Inc.		1,386		32,363
Redwood Trust, Inc. REIT		2,100		15,981
S&T Bancorp, Inc.		713		26,566
Seacoast Banking Corp. of Florida		1,508		46,009
ServisFirst Bancshares, Inc.		886		65,520
Simmons First National Corp., Class A		2,309		51,329
Southside Bancshares, Inc.		559		21,348
Stewart Information Services Corp.		497		21,118
StoneX Group, Inc.*		320		32,266


	Number of Shares		Value
Financials (Continued)
Tompkins Financial Corp.		223	$	16,678
Triumph Financial, Inc.*		412		25,070
Trupanion, Inc.*(a)		636		37,766
Trustmark Corp.		1,090		32,046
Two Harbors Investment Corp. REIT		1,779		29,478
United Fire Group, Inc.		384		10,959
Veritex Holdings, Inc.		1,001		26,687
Virtus Investment Partners, Inc.		124		26,093
Westamerica BanCorp		501		27,615
WisdomTree, Inc.		1,954		11,665
World Acceptance Corp.*		66		6,162
WSFS Financial Corp.		1,117		55,749

(Cost $2,205,809)				2,225,651

Health Care — 10.5%
Addus HomeCare Corp.*		297		32,266
AMN Healthcare Services, Inc.*		784		70,568
Amphastar Pharmaceuticals, Inc.*		692		22,047
AngioDynamics, Inc.*		686		8,493
Anika Therapeutics, Inc.*		268		8,496
Avanos Medical, Inc.*		825		23,158
Avid Bioservices, Inc.*(a)		1,113		18,320
Cara Therapeutics, Inc.*		845		8,585
Coherus Biosciences, Inc.*		1,141		7,725
Collegium Pharmaceutical, Inc.*		603		15,998
Community Health Systems, Inc.*		2,283		13,835
Computer Programs and Systems, Inc.*		267		8,013
CONMED Corp. (a)		558		53,674
CorVel Corp.*		168		30,287
Cross Country Healthcare, Inc.*(a)		663		17,536
Cytokinetics, Inc.*		1,715		74,362
Eagle Pharmaceuticals, Inc.*		187		5,236
Emergent BioSolutions, Inc.*		781		9,669
Enanta Pharmaceuticals, Inc.*		362		17,557
Ensign Group, Inc.		1,012		90,554
Fulgent Genetics, Inc.*		374		12,263
Glaukos Corp.*		876		41,373
Innoviva, Inc.*		1,209		14,593
Inogen, Inc.*		404		6,331
iTeos Therapeutics, Inc.*		428		7,580
Ligand Pharmaceuticals, Inc.*		296		21,353
Merit Medical Systems, Inc.*		1,042		73,544
ModivCare, Inc.*		237		23,271
Myriad Genetics, Inc.*		1,457		27,566
Nektar Therapeutics*		3,271		4,514
NextGen Healthcare, Inc.*(a)		977		17,693
OraSure Technologies, Inc.*		1,383		8,727
Organogenesis Holdings, Inc.*		1,322		3,239
Orthofix Medical, Inc.*		598		12,319
Owens & Minor, Inc.*		1,414		21,677
Pediatrix Medical Group, Inc.*		1,489		23,437
Phibro Animal Health Corp., Class A		409		6,425
Prestige Consumer Healthcare, Inc.*		898		54,104
RadNet, Inc.*		877		20,684
REGENXBIO, Inc.*		712		15,842
Select Medical Holdings Corp.		1,881		51,144
Surmodics, Inc.*		263		5,744


	Number of Shares		Value
Health Care (Continued)
uniQure NV*		773	$	16,202
US Physical Therapy, Inc. (a)		238		24,117
Vanda Pharmaceuticals, Inc.*		1,005		6,472
Varex Imaging Corp.*		746		13,197
Veradigm, Inc.*		2,004		33,286
Vericel Corp.*		851		25,879
Xencor, Inc.*		1,106		35,536

(Cost $1,245,729)				1,164,491

Industrials — 16.6%
AAON, Inc.		765		69,584
ABM Industries, Inc.		1,209		58,528
Alamo Group, Inc.		188		34,289
Allegiant Travel Co.*		281		28,817
Applied Industrial Technologies, Inc.		704		100,573
ArcBest Corp.		447		43,001
Astec Industries, Inc.		424		19,093
Atlas Air Worldwide Holdings, Inc.*		474		47,784
AZZ, Inc.		469		19,065
Boise Cascade Co.		715		49,414
Brady Corp., Class A		834		46,003
Comfort Systems USA, Inc.		656		95,409
Deluxe Corp.		806		14,863
Encore Wire Corp.		334		64,465
Enerpac Tool Group Corp.		1,039		27,980
EnPro Industries, Inc.		381		40,958
Federal Signal Corp.		1,098		57,941
Forrester Research, Inc.*		210		6,907
Forward Air Corp.		487		50,263
Franklin Electric Co., Inc.		715		68,333
GEO Group, Inc.*		2,311		20,244
Granite Construction, Inc.		784		33,869
Greenbrier Cos., Inc.		589		18,913
Harsco Corp.*		1,420		12,013
Healthcare Services Group, Inc.		1,331		17,662
Heartland Express, Inc.		820		13,227
Heidrick & Struggles International, Inc.		352		12,084
Hillenbrand, Inc.		1,279		60,292
HNI Corp.		735		22,969
Interface, Inc.		1,049		9,252
John Bean Technologies Corp.		576		63,873
KAR Auction Services, Inc.*		2,018		28,837
Kelly Services, Inc., Class A		651		10,891
Korn Ferry		973		54,381
Lindsay Corp.		200		30,098
Liquidity Services, Inc.*		476		6,026
Matson, Inc.		690		45,892
Matthews International Corp., Class A		556		21,217
MYR Group, Inc.*		297		35,821
NOW, Inc.*		1,996		25,649
NV5 Global, Inc.*		224		23,569
PGT Innovations, Inc.*		1,105		23,371
Pitney Bowes, Inc.		2,980		12,933
Powell Industries, Inc.		173		7,673
Proto Labs, Inc.*		494		15,531
Quanex Building Products Corp.		590		15,311
Resideo Technologies, Inc.*		2,640		48,418
SkyWest, Inc.*		917		17,487


	Number of Shares		Value
Industrials (Continued)
SPX Technologies, Inc.*		821	$	57,831
Standex International Corp.		220		25,450
Tennant Co.		338		23,937
Titan International, Inc.*		905		11,231
TrueBlue, Inc.*		589		11,014
Veritiv Corp.		248		37,557
Viad Corp.*		362		9,307
Wabash National Corp.		893		24,468

(Cost $1,651,600)				1,851,568

Information Technology — 14.8%
8x8, Inc.*		2,074		11,034
ADTRAN Holdings, Inc.		1,263		22,039
Agilysys, Inc.*		364		29,087
Alarm.com Holdings, Inc.*		912		46,357
Arlo Technologies, Inc.*		1,533		5,825
Axcelis Technologies, Inc.*		600		77,124
Badger Meter, Inc.		528		64,215
Cerence, Inc.*		730		19,987
CEVA, Inc.*		405		12,782
Cohu, Inc.*		870		32,364
CTS Corp.		582		25,206
Digi International, Inc.*		638		21,290
Diodes, Inc.*		833		76,378
Ebix, Inc.		429		7,456
EVERTEC, Inc.		1,188		43,730
Extreme Networks, Inc.*		2,400		44,928
Fabrinet*		669		81,531
FARO Technologies, Inc.*		325		8,840
FormFactor, Inc.*		1,399		42,110
Harmonic, Inc.*		1,966		25,932
Ichor Holdings Ltd.*		537		17,694
Insight Enterprises, Inc.*		553		74,058
InterDigital, Inc.		533		38,904
Itron, Inc.*		821		45,787
Knowles Corp.*		1,661		28,204
Kulicke & Soffa Industries, Inc.		1,070		57,031
LivePerson, Inc.*		1,273		12,883
Methode Electronics, Inc.		667		32,503
NETGEAR, Inc.*		514		9,303
NetScout Systems, Inc.*		1,247		35,465
OneSpan, Inc.*		709		9,586
Onto Innovation, Inc.*		895		73,811
OSI Systems, Inc.*		290		26,839
PDF Solutions, Inc.*		556		20,817
Perficient, Inc.*		627		44,392
Plexus Corp.*		504		48,329
Progress Software Corp.		786		45,148
Rambus, Inc.*		1,962		86,779
Rogers Corp.*		344		50,637
ScanSource, Inc.*		446		13,906
SPS Commerce, Inc.*		660		99,422
TTEC Holdings, Inc.		334		13,447
Unisys Corp.*		1,184		5,896
Veeco Instruments, Inc.*		929		19,760
Viavi Solutions, Inc.*		4,135		45,237

(Cost $1,599,571)				1,654,053


	Number of Shares		Value
Materials — 5.7%
AdvanSix, Inc.		511	$	21,028
American Vanguard Corp.		485		10,122
Arconic Corp.*		1,833		48,464
Balchem Corp.		583		75,790
Century Aluminum Co.*		913		11,020
Clearwater Paper Corp.*		297		11,461
Compass Minerals International, Inc.		631		24,312
Hawkins, Inc.		331		13,462
Haynes International, Inc.		232		12,693
HB Fuller Co.		981		68,435
Innospec, Inc.		455		49,804
Kaiser Aluminum Corp.		287		22,765
Koppers Holdings, Inc.		383		13,746
Livent Corp.*		3,279		76,893
Olympic Steel, Inc.		177		9,292
Quaker Chemical Corp.		248		48,553
Stepan Co.		377		39,242
SunCoke Energy, Inc.		1,503		14,293
TimkenSteel Corp.*		734		13,425
Trinseo PLC		628		14,557
Warrior Met Coal, Inc.		929		35,553

(Cost $604,014)				634,910

Real Estate — 6.7%
Acadia Realty Trust REIT		1,750		25,498
American Assets Trust, Inc. REIT		924		23,313
Anywhere Real Estate, Inc.*		2,009		11,632
Armada Hoffler Properties, Inc. REIT		1,180		15,128
Brandywine Realty Trust REIT		3,179		18,724
CareTrust REIT, Inc. REIT		1,748		34,383
Centerspace REIT		270		16,905
Chatham Lodging Trust REIT		908		11,087
Community Healthcare Trust, Inc. REIT		413		16,000
DiamondRock Hospitality Co. REIT		3,878		33,816
Easterly Government Properties, Inc. REIT (a)		1,624		24,522
Elme Communities REIT		1,622		30,185
Essential Properties Realty Trust, Inc. REIT		2,573		66,281
Getty Realty Corp. REIT		778		26,709
Hersha Hospitality Trust, Class A REIT		558		4,665
Innovative Industrial Properties, Inc. REIT		513		45,354
iStar, Inc. REIT		1,536		11,827
LTC Properties, Inc. REIT		748		26,793
Office Properties Income Trust REIT		910		14,960
Retail Opportunity Investments Corp. REIT		2,227		31,690
RPT Realty REIT		1,586		17,002
Safehold, Inc. REIT		454		13,566
SITE Centers Corp. REIT		3,378		45,164


	Number of Shares		Value
Real Estate (Continued)
Summit Hotel Properties, Inc. REIT		1,881	$	13,919
Tanger Factory Outlet Centers, Inc. REIT		1,875		35,419
Uniti Group, Inc. REIT		4,411		24,216
Universal Health Realty Income Trust REIT		227		12,036
Urban Edge Properties REIT		2,112		32,525
Veris Residential, Inc. REIT*		1,431		23,096
Whitestone REIT		823		7,777
Xenia Hotels & Resorts, Inc. REIT		2,050		28,782

(Cost $886,106)				742,974

Utilities — 1.8%
American States Water Co.		667		59,563
Avista Corp.		1,344		55,265
California Water Service Group		991		56,725
Northwest Natural Holding Co.		648		31,325

(Cost $196,108)				202,878

TOTAL COMMON STOCKS (Cost $11,010,298)				11,092,158

OTHER INVESTMENTS — 0.0%
Health Care — 0.0%
Omniab, Inc. $12.50 Earnout *(b)(c)		105		0
Omniab, Inc. $15.00 Earnout *(b)(c)		105		0

(Cost $0)				0

TOTAL OTHER INVESTMENTS (Cost $0)				0

EXCHANGE-TRADED FUNDS — 0.3%
SPDR Portfolio S&P 600 Small Cap ETF (Cost $38,495)		1,013		40,500

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (d)(e) (Cost $2,525)		2,525		2,525

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.51% (d) (Cost $6,749)		6,749		6,749


TOTAL INVESTMENTS — 100.0% (Cost $11,058,067)			$	11,141,932
Other assets and liabilities, net — (0.0)%				(2,997	)

NET ASSETS — 100.0%			$	11,138,935

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:

Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF offers shares that are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”). 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.

S&P 500 ESG Index is a broad-based, market capitalization weighted index that is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, 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 500 Growth 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 Value 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 500 Value 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 Growth 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 ESG High Yield Dividend Aristocrats Index is designed to measure the performance of constituents from the S&P High Yield Dividend Aristocrats Index that meet certain environmental, social and governance (“ESG”) criteria. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of January. 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 is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, 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 is designed to measure the performance of companies meeting environmental, social and governance (ESG) criteria, while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. Under normal circumstances, the Underlying Index is rebalanced annually, effective after the close of the last business day of April. The Fund rebalances its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

Each Fund is non-diversified and is not limited by the 1940 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.

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.

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

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

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of February 28, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

As of February 28, 2023, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

As of February 28, 2023, Xtrackers S&P 500 Growth ESG ETF, Xtrackers S&P 500 Value ESG ETF and Xtrackers S&P ESG Dividend Aristocrats ETF had no securities on loan.

enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended February 28, 2023, 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 February 28, 2023 is included in a table following the Funds’ Schedule of Investments.

For the period ended February 28, 2023 the average monthly volume of derivatives was as follows:

The Advisor for the Xtrackers S&P 500 ESG ETF has contractually agreed through December 21, 2023 to waive its fees and/or reimburse fund expenses to the extent necessary to prevent the operating expenses of the fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.10% of the fund’s average daily net assets. This agreement may only be terminated by the Fund’s Board (and may not be terminated by the Advisor) prior to that time. For the period ended February 28, 2023, the Advisor waived $34,458 of expenses to the Fund.

For the period ended February 28, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

For the period ended February 28, 2023, 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 February 28, 2023, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

In February 2023, as required by the Program and the Liquidity Rule, the Advisor provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2021 through November 30, 2022 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, your Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, the Advisor stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. The Advisor also reported that there were no material changes made to the Program during the Reporting Period.

Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF and Xtrackers S&P SmallCap 600 ESG ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 15-16, 2023 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers S&P 500 ESG ETF, Xtrackers S&P MidCap 400 ESG ETF, and Xtrackers S&P SmallCap 600 ESG ETF, (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

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

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

were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

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

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on May 10, 2022, the Trustees, all of who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”) of DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement between DBX Advisors LLC (“DBX” or the “Advisor”) and the Trust, with respect to Xtrackers S&P 500 Growth ESG ETF and Xtrackers S&P 500 Value ESG ETF (each a “Fund”, and together, the “Funds”). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP (“Independent Trustee Counsel”).

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

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

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

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

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

Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolio directly, the Advisor will provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds.

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

Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee to those of other pertinent exchange-traded funds (“ETFs”) and noted that each Fund’s fee is below the average and median fee of the ETFs in the Fund’s respective peer group. The Board accordingly noted that each Fund’s fees are competitive with the fees of its respective peer groups. The Board agreed that it was familiar with the Advisor’s methodology for selecting the Funds’ peer groups and believed that each Fund’s peer group was appropriate. The Board considered that the proposed fees for each Fund is a unitary fee pursuant to which the Advisor pays all of the Fund’s costs (subject to certain specified exceptions). The Board also considered that the Funds’ portfolios will be managed on a day-to-day basis by the Advisor and that the Advisor will also provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fees for each Fund is reasonable in light of the services to be provided.

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

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

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

Investment Advisory Agreement between DBX Advisors LLC (“DBX” or the “Advisor”) and the Trust, with respect to Xtrackers S&P ESG Dividend Aristocrats ETF (the “Fund”). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP (“Independent Trustee Counsel”).

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

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

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

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

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

Reasonableness of Advisory Fee. The Board compared the Fund’s advisory fee to those of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is below the average and median fee of the ETFs in the Fund’s respective peer group. The Board accordingly noted that the Fund’s fees are competitive with the fees of its peer groups. The Board agreed that it was familiar with the Advisor’s methodology for selecting the Fund’s peer groups and believed that the Fund’s peer group was appropriate. The Board considered that the proposed fees for the Fund is a unitary fee pursuant to which the Advisor pays all of the Fund’s costs (subject to certain specified exceptions). The Board also considered that the Fund’s portfolios will be managed on a day-to-day basis by the Advisor and that the Advisor will also provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services to be provided.

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

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

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

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

Information regarding how often shares of each Fund traded on NYSE Arca or Cboe 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.

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. 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 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 LLC. 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.

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this semi-annual report on four of our equity ETFs for the period ended February 28, 2023.

U.S. equities wobbled through the period on high inflation levels and the consequent rate hikes by the U.S. Federal Reserve (Fed). Tight labor-market conditions kept inflation levels high with no signs of cooling. Despite multiple rate hikes by the Fed, inflation remained at its highest in decades, denting market expectations of a slowdown in rate hikes. A growing realization that the rate hikes by the Fed have not had much of an impact in taming inflation, weighed on the investor sentiment. Meanwhile, the U.S. economy expanded at a healthy pace in Q4 2022 despite looming fears of a recession. By February 2023, the unemployment rate had dipped to its lowest level in 53 years.

Eurozone equities rallied through the period on upbeat corporate earnings, strong business activity, falling energy prices and a milder-than-expected winter. Meanwhile, manufacturing activity also improved as supply bottlenecks eased. With winter ending, inflation in the Eurozone declined to 8.5% in February. Investors also expected the policymakers to ease off on the rate-hike spree. However, the European Central Bank maintained a hawkish stance and reiterated that it would work toward achieving the target inflation rate of 2%.

In the U.K., newly appointed Prime Minister Rishi Sunak signaled a slew of critical decisions in the coming days and promised a supportive approach to restoring the U.K.’s economic stability. U.K. equities rallied in the period, notwithstanding the historically high levels of inflation and the ensuing rate hikes. Elsewhere, Japan’s stocks also rallied on expectations of reduced monetary tightening by the Fed and other major central banks.

Our analysts believe 2023 will be a year of tackling uncertainties that can plague the investment environment. These relate to inflation rates, interest rate hikes, changing economic growth prospects, and geopolitical developments. Although there is a chance of a recession in 2023, we believe it will be shallow and mild, given the absence of structural imbalances in the economy. Meanwhile, we believe slowing demand and declining housing prices are likely to help reduce inflation and prompt the major central banks to pause or scale back further rate hikes.

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

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.

Country Diversification* as of February 28, 2023


Japan			30.3%
United Kingdom			10.6%
Australia			10.6%
Canada			5.5%
France			4.9%
Sweden			4.8%
South Korea			4.1%
Singapore			4.0%
Switzerland			3.5%
Germany			3.0%
Hong Kong			2.7%
Netherlands			2.1%
Spain			2.1%
Other			11.8%

Total			100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.

Xtrackers MSCI Kokusai Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Kokusai Index (the “Underlying Index”). The MSCI Kokusai Index is also known as the MSCI World ex Japan Index. The Underlying Index is designed to track the performance of equity markets in developed markets (excluding Japan). 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.

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 21.

Xtrackers Russell 1000 US Quality at a Reasonable Price ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 2Qual/Val 5% Capped Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.

* As a percent of total investments excluding 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 35.

Xtrackers Russell US Multifactor ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.

* As a percent of total investments excluding 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.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2022 to February 28, 2023).


	Number of Shares		Value
COMMON STOCKS — 98.9%
Australia — 10.5%
Adbri Ltd.		4,196	$	4,839
AGL Energy Ltd.		49,600		230,790
ALS Ltd.		3,542		30,311
Altium Ltd.		195		5,149
Alumina Ltd.		15,102		15,327
AMP Ltd.*		7,531		5,256
Ampol Ltd.		16,895		375,518
Ansell Ltd.		1,379		25,229
ANZ Group Holdings Ltd.		1,035		17,204
APA Group (a)		17,438		126,177
Aristocrat Leisure Ltd.		1,515		37,331
ASX Ltd.		1,157		53,086
Atlas Arteria Ltd. (a)		8,551		39,442
Aurizon Holdings Ltd.		84,088		187,693
Bank of Queensland Ltd.		986		4,694
Beach Energy Ltd.		19,955		19,041
Bendigo & Adelaide Bank Ltd.		5,058		33,358
BHP Group Ltd.		2,046		62,363
BlueScope Steel Ltd.		7,090		91,129
Boral Ltd.*		8,377		20,562
Brambles Ltd.		34,762		301,695
carsales.com Ltd.		840		12,853
Challenger Ltd.		2,685		13,562
Charter Hall Group REIT		4,673		41,943
Cleanaway Waste Management Ltd.		25,123		45,065
Cochlear Ltd.		772		115,687
Coles Group Ltd.		20,405		250,159
Commonwealth Bank of Australia		160		10,864
Computershare Ltd.		6,908		115,529
CSL Ltd.		102		20,381
CSR Ltd.		21,861		75,037
Deterra Royalties Ltd.		19,277		58,108
Dexus REIT		1,317		7,487
Downer EDI Ltd.		13,502		28,772
EBOS Group Ltd. (b)		1,464		40,245
Endeavour Group Ltd.		44,171		203,443
Fortescue Metals Group Ltd.		2,540		36,655
Goodman Group REIT		9,141		122,422
GPT Group REIT		67,319		213,818
Harvey Norman Holdings Ltd.		19,398		50,362
IGO Ltd.		544		4,817
Iluka Resources Ltd.		12,313		86,520
Incitec Pivot Ltd.		13,172		30,556
Insurance Australia Group Ltd.		15,854		49,714
JB Hi-Fi Ltd.		6,661		187,939
Lendlease Corp. Ltd. (a)		537		2,767
Lottery Corp. Ltd.*		15,235		53,321
Macquarie Group Ltd.		632		80,771
Medibank Pvt Ltd.		132,167		297,684
Metcash Ltd.		63,240		173,569
Mineral Resources Ltd.		90		5,011
Mirvac Group REIT		34,542		52,876
Newcrest Mining Ltd.		976		14,835
NEXTDC Ltd.*		272		1,884
Northern Star Resources Ltd.		2,880		20,140
Nufarm Ltd.		2,134		8,361


	Number of Shares		Value
Australia (Continued)
Orica Ltd.		2,500	$	27,311
Origin Energy Ltd.		4,353		23,513
Orora Ltd.		63,530		151,230
OZ Minerals Ltd.		3,879		73,373
Perpetual Ltd.		1,003		16,497
Qantas Airways Ltd.*		3,218		13,932
QBE Insurance Group Ltd.		13,951		141,871
Qube Holdings Ltd.		22,866		49,651
Ramsay Health Care Ltd.		1,311		59,719
REA Group Ltd.		213		17,649
Reece Ltd.		791		8,823
Region RE Ltd. REIT		82,050		141,093
Rio Tinto Ltd.		7,739		609,190
Santos Ltd.		1,408		6,646
Scentre Group REIT		18,309		36,793
SEEK Ltd.		1,317		21,475
Seven Group Holdings Ltd.		2,073		34,221
Sims Ltd.		8,332		89,730
Sonic Healthcare Ltd.		8,235		178,871
South32 Ltd.		27,152		79,465
Stockland REIT		35,902		92,968
Suncorp Group Ltd.		7,010		60,744
Tabcorp Holdings Ltd.		162,684		110,803
Telstra Group Ltd.		17,114		48,010
TPG Telecom Ltd.		1,534		5,245
Transurban Group (a)		1,476		14,114
Treasury Wine Estates Ltd.		4,880		46,104
Vicinity Ltd. REIT		128,814		177,206
Washington H Soul Pattinson & Co. Ltd.		1,230		24,187
Wesfarmers Ltd.		2,503		81,424
Westpac Banking Corp.		2,055		31,222
Whitehaven Coal Ltd.		4,120		20,087
Woodside Energy Group Ltd.		3,628		87,855
Woolworths Group Ltd.		390		9,710
Worley Ltd.		1,159		11,856

(Cost $6,753,699)				6,821,939

Austria — 0.2%
ANDRITZ AG		1,161		71,966
OMV AG		235		11,491
Telekom Austria AG*		5,902		44,189
Verbund AG		74		6,443
voestalpine AG		690		25,626

(Cost $114,939)				159,715

Belgium — 1.1%
Ackermans & van Haaren NV		255		43,350
Ageas SA/NV		386		17,492
Anheuser-Busch InBev SA/NV		85		5,159
D’ieteren Group		208		40,477
Elia Group SA/NV		1,585		209,775
Etablissements Franz Colruyt NV		279		7,572
Groupe Bruxelles Lambert NV		101		8,517
KBC Group NV		145		10,872
Proximus SADP		5,204		48,124
Sofina SA		144		36,101
Solvay SA		413		47,412
UCB SA		782		67,489


	Number of Shares		Value
Belgium (Continued)
Umicore SA		1,133	$	37,933
Warehouses De Pauw CVA REIT		3,450		105,957

(Cost $803,355)				686,230

Bermuda — 0.0%
Hiscox Ltd. (Cost $10,778)		880		12,145

Canada — 5.5%
Agnico Eagle Mines Ltd.		437		20,164
Alimentation Couche-Tard, Inc.		1,834		86,227
Bank of Montreal		177		16,813
Bank of Nova Scotia		81		4,012
Barrick Gold Corp.		2,859		46,304
BCE, Inc.		651		28,867
Brookfield Asset Management Ltd., Class A		47		1,585
Brookfield Corp.		294		9,804
Canadian Imperial Bank of Commerce		355		16,271
Canadian National Railway Co.		501		57,189
Canadian Natural Resources Ltd.		112		6,344
Canadian Pacific Railway Ltd.		107		8,145
Canadian Tire Corp. Ltd., Class A		948		118,436
Canadian Utilities Ltd., Class A		3,111		81,782
CGI, Inc.*		1,933		173,700
Constellation Software, Inc.		30		51,698
Dollarama, Inc.		2,668		154,462
Enbridge, Inc.		734		27,598
Fairfax Financial Holdings Ltd.		1,019		714,015
Fortis, Inc.		2,992		118,673
Franco-Nevada Corp.		556		71,129
George Weston Ltd.		1,542		193,621
Great-West Lifeco, Inc. (b)		539		14,739
Hydro One Ltd., 144A		3,363		87,468
IGM Financial, Inc.		1,424		43,428
Imperial Oil Ltd.		260		12,889
Intact Financial Corp.		1,225		176,365
Loblaw Cos. Ltd.		1,458		124,880
Lumine Group, Inc.* (c)		90		1,082
Magna International, Inc.		1,492		83,342
Manulife Financial Corp.		2,497		49,483
Metro, Inc.		5,655		294,370
National Bank of Canada		824		60,657
Nutrien Ltd.		447		34,908
Power Corp. of Canada		1,381		36,943
Restaurant Brands International, Inc.		390		25,223
Royal Bank of Canada		124		12,618
Saputo, Inc.		2,310		61,998
Shaw Communications, Inc., Class B		3,679		106,821
Sun Life Financial, Inc. (b)		1,470		71,197
Suncor Energy, Inc.		1,328		44,733
TC Energy Corp.		610		24,334
Teck Resources Ltd., Class B		311		12,443
TELUS Corp.		1,246		24,829
Thomson Reuters Corp.		500		60,693
Toronto-Dominion Bank		215		14,347
Tourmaline Oil Corp.		797		35,007
Wheaton Precious Metals Corp.		945		39,460

(Cost $3,009,504)				3,561,096


	Number of Shares		Value
Chile — 0.1%
Antofagasta PLC (Cost $37,361)		2,779	$	52,821

China — 0.2%
Lenovo Group Ltd.		76,984		69,045
Want Want China Holdings Ltd.		77,506		48,777

(Cost $121,068)				117,822

Denmark — 0.9%
A.P. Moller — Maersk A/S, Class A		13		29,860
A.P. Moller — Maersk A/S, Class B		19		44,427
Carlsberg A/S, Class B		1,054		149,555
Chr Hansen Holding A/S		240		16,685
Coloplast A/S, Class B		426		49,399
Danske Bank A/S		1,110		25,852
Demant A/S*		271		8,144
DSV A/S		57		10,404
Genmab A/S*		104		39,241
H Lundbeck A/S		2,961		12,556
H Lundbeck A/S, Class A*		1,706		6,539
Novo Nordisk A/S, Class B		159		22,570
Novozymes A/S, Class B		1,435		69,358
Orsted AS, 144A		137		12,009
Royal Unibrew A/S		386		26,967
SimCorp A/S		85		6,124
Tryg A/S		1,558		34,621
Vestas Wind Systems A/S		164		4,688

(Cost $553,565)				568,999

Finland — 1.6%
Elisa OYJ		2,478		141,172
Fortum OYJ		389		5,965
Huhtamaki OYJ (b)		389		13,775
Kesko OYJ, Class B		2,949		64,331
Kojamo OYJ		9,014		119,874
Kone OYJ, Class B		1,210		63,070
Metso Outotec OYJ		598		6,393
Neste OYJ		312		15,118
Nokia OYJ		3,951		18,350
Nordea Bank Abp		1,391		17,663
Orion OYJ, Class B		2,832		133,799
Sampo OYJ, Class A		2,327		113,617
Stora Enso OYJ, Class R		6,331		89,934
UPM-Kymmene OYJ		3,212		116,871
Valmet OYJ		2,492		82,639
Wartsila OYJ Abp		2,324		22,566

(Cost $1,163,188)				1,025,137

France — 4.8%
Air Liquide SA		356		56,842
Airbus SE		42		5,524
ALD SA, 144A		1,586		21,125
Alstom SA (b)		290		8,559
Amundi SA, 144A		340		22,500
Arkema SA		753		76,789
AXA SA		477		15,100
BioMerieux		331		32,554
BNP Paribas SA		144		10,102
Bollore SE		9,947		55,803


	Number of Shares		Value
France (Continued)
Bouygues SA		3,011	$	102,309
Bureau Veritas SA		2,008		57,624
Capgemini SE		199		37,533
Carrefour SA		17,785		352,889
Cie de L’Odet SE (b)		8		12,217
Cie de Saint-Gobain		1,047		62,546
Cie Generale des Etablissements Michelin SCA		3,862		121,784
Credit Agricole SA		451		5,530
Danone SA		1,238		69,899
Dassault Aviation SA		516		89,033
Dassault Systemes SE		183		7,099
Edenred		1,181		66,781
Eiffage SA		1,815		200,180
Engie SA		9,777		143,459
EssilorLuxottica SA		81		14,122
Eurazeo SE		1,818		123,006
Gecina SA REIT		181		20,942
Getlink SE		1,047		17,682
Hermes International		6		10,916
Ipsen SA		494		56,632
JCDecaux SE*		354		8,124
Kering SA		24		14,126
La Francaise des Jeux SAEM, 144A		195		7,732
Legrand SA		585		54,347
L’Oreal SA		22		8,752
LVMH Moet Hennessy Louis Vuitton SE		10		8,367
Orange SA		19,336		221,299
Pernod Ricard SA		215		45,077
Publicis Groupe SA		1,206		96,229
Remy Cointreau SA		221		38,999
Renault SA*		516		23,240
Rexel SA*		1,023		25,549
Sanofi		414		39,027
Sartorius Stedim Biotech		14		4,583
Schneider Electric SE		162		26,134
SEB SA (b)		196		22,740
Societe Generale SA		184		5,331
Sodexo SA		360		33,497
Teleperformance		144		37,567
Thales SA		288		40,377
TotalEnergies SE		468		29,069
Ubisoft Entertainment SA*		226		5,004
Veolia Environnement SA		4,819		144,680
Vinci SA		671		76,739
Vivendi SE		19,240		198,899
Wendel SE		496		56,546

(Cost $2,840,931)				3,149,115

Germany — 2.9%
adidas AG		94		14,122
Allianz SE		78		18,376
BASF SE		1,266		65,082
Bayer AG		676		40,354
Bayerische Motoren Werke AG		754		78,163
Bechtle AG		113		4,785
Beiersdorf AG		453		54,286
Brenntag SE		508		38,466


	Number of Shares		Value
Germany (Continued)
Carl Zeiss Meditec AG		40	$	5,358
Continental AG		212		15,288
Covestro AG, 144A		887		39,179
CTS Eventim AG & Co. KGaA*		247		16,293
Daimler Truck Holding AG*		1,608		51,184
Deutsche Boerse AG		53		9,274
Deutsche Post AG		969		41,228
Deutsche Telekom AG		2,204		49,633
E.ON SE		16,954		186,000
Evonik Industries AG		1,648		35,356
Fielmann AG		171		6,097
Fresenius Medical Care AG & Co. KGaA		403		15,779
Fresenius SE & Co. KGaA		571		15,762
FUCHS PETROLUB SE		541		17,786
GEA Group AG		2,023		89,291
Hannover Rueck SE		155		30,196
HeidelbergCement AG		1,130		78,038
Henkel AG & Co. KGaA		364		25,265
HOCHTIEF AG		78		5,334
Infineon Technologies AG		129		4,585
Knorr-Bremse AG		74		5,055
LEG Immobilien SE		925		67,471
Mercedes-Benz Group AG		584		44,995
Merck KGaA		356		67,711
METRO AG*		1,226		11,110
MTU Aero Engines AG		124		30,048
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		99		34,237
Puma SE		59		3,779
Rational AG		13		8,658
Rheinmetall AG		83		21,178
RWE AG		6,384		272,434
SAP SE		73		8,321
Scout24 SE, 144A		628		34,578
Siemens AG		94		14,425
Siemens Energy AG* (b)		625		12,574
Symrise AG		210		21,558
Talanx AG		68		3,257
Telefonica Deutschland Holding AG		30,361		92,440
United Internet AG		753		16,546
Vantage Towers AG* (b)		415		14,348
Vonovia SE		233		5,893
Wacker Chemie AG		67		10,544

(Cost $1,799,064)				1,851,720

Hong Kong — 2.7%
AIA Group Ltd.		1,818		19,281
ASMPT Ltd.		2,353		20,054
Bank of East Asia Ltd.		7,259		10,246
BOC Hong Kong Holdings Ltd.		5,040		17,047
Budweiser Brewing Co. APAC Ltd., 144A		2,636		7,892
Cafe de Coral Holdings Ltd.		10,020		15,395
Cathay Pacific Airways Ltd.*		5,616		5,523
China Travel International Investment Hong Kong Ltd.*		38,656		7,682
Chow Tai Fook Jewellery Group Ltd.		8,078		15,642
CK Asset Holdings Ltd.		14,176		88,854
CK Hutchison Holdings Ltd.		28,711		171,180


	Number of Shares		Value
Hong Kong (Continued)
CK Infrastructure Holdings Ltd.		5,073	$	26,756
CLP Holdings Ltd.		9,732		68,872
Dah Sing Financial Holdings Ltd.		1,787		4,826
DFI Retail Group Holdings Ltd.		3,800		12,236
ESR Group Ltd., 144A		1,622		2,757
First Pacific Co. Ltd.		81,517		27,313
Hang Lung Group Ltd.		5,688		10,333
Hang Lung Properties Ltd.		3,504		6,758
Hang Seng Bank Ltd.		787		12,793
Henderson Land Development Co. Ltd.		3,863		13,558
Hong Kong & China Gas Co. Ltd.		15,734		14,793
Hong Kong Exchanges & Clearing Ltd.		147		5,892
Hutchison Port Holdings Trust, Class U		182,500		33,580
Hutchison Telecommunications Hong Kong Holdings Ltd.		87,155		14,878
Hysan Development Co. Ltd.		5,427		17,181
Jardine Matheson Holdings Ltd.		5,100		252,552
Kerry Logistics Network Ltd.		13,657		22,549
Kerry Properties Ltd.		32,170		80,492
Link REIT		8,344		54,851
MTR Corp. Ltd.		2,641		13,307
New World Development Co. Ltd.		3,315		9,017
NWS Holdings Ltd.		21,812		19,201
PCCW Ltd.		189,436		94,121
Power Assets Holdings Ltd.		26,088		139,588
Sino Land Co. Ltd.		61,320		78,588
SITC International Holdings Co. Ltd.		8,909		18,614
Sun Hung Kai Properties Ltd.		2,610		35,645
Swire Pacific Ltd., Class A		6,635		54,098
Swire Pacific Ltd., Class B		17,598		22,240
Swire Properties Ltd.		3,665		9,642
VTech Holdings Ltd.		4,239		23,275
WH Group Ltd., 144A		161,097		93,586
Wharf Holdings Ltd.		4,369		9,674
Wharf Real Estate Investment Co. Ltd.		2,983		16,341
Xinyi Glass Holdings Ltd.		8,474		15,826
Yue Yuen Industrial Holdings Ltd.		7,414		10,956

(Cost $1,884,817)				1,725,485

Ireland — 0.6%
CRH PLC		1,625		76,873
DCC PLC		2,916		163,168
Experian PLC		1,453		49,342
Glanbia PLC		1,896		23,545
James Hardie Industries PLC CDI		1,051		21,992
Kerry Group PLC, Class A		360		34,597
Kingspan Group PLC		104		6,792
Smurfit Kappa Group PLC		1,271		47,593

(Cost $418,332)				423,902

Israel — 1.8%
Airport City Ltd.*		5,063		66,915
Alony Hetz Properties & Investments Ltd.		4,304		37,479
Amot Investments Ltd.		4,747		23,521
Ashtrom Group Ltd.		443		6,791
Azrieli Group Ltd.		500		28,059
Bank Hapoalim BM		6,011		50,319
Bank Leumi Le-Israel BM		6,616		51,490


	Number of Shares		Value
Israel (Continued)
Bezeq The Israeli Telecommunication Corp. Ltd.		80,579	$	111,571
Big Shopping Centers Ltd.*		149		12,926
Elbit Systems Ltd.		484		82,067
Elco Ltd.		166		6,126
Electra Ltd. (b)		16		6,487
Energix-Renewable Energies Ltd.		1,271		3,497
Enlight Renewable Energy Ltd.*		752		12,311
First International Bank Of Israel Ltd.		302		10,706
Fox Wizel Ltd.		62		4,930
Gav-Yam Lands Corp. Ltd.		2,104		15,038
Harel Insurance Investments & Financial Services Ltd.		1,587		13,359
ICL Group Ltd.		16,233		118,026
Israel Corp. Ltd.		47		16,044
Israel Discount Bank Ltd., Class A		9,684		45,968
Melisron Ltd.		345		20,645
Mivne Real Estate KD Ltd. (b)		21,710		56,132
Mizrahi Tefahot Bank Ltd.		806		23,984
Nice Ltd.*		124		25,662
Nova Ltd.*		231		21,089
OPC Energy Ltd.*		485		3,926
Paz Oil Co. Ltd.*		722		76,489
Phoenix Holdings Ltd.		2,042		19,503
Sapiens International Corp NV		183		3,813
Shapir Engineering and Industry Ltd.		1,197		7,897
Shufersal Ltd.		7,351		37,952
Strauss Group Ltd.		2,336		53,204
Teva Pharmaceutical Industries Ltd.*		726		7,218
Tower Semiconductor Ltd.*		1,699		69,486

(Cost $1,286,016)				1,150,630

Italy — 1.7%
A2A SpA		38,772		57,380
Amplifon SpA		128		3,717
Assicurazioni Generali SpA		1,584		31,430
Banca Mediolanum SpA		929		9,040
Buzzi Unicem SpA		2,141		49,384
Davide Campari-Milano NV		1,772		19,910
De’ Longhi SpA		257		6,432
Enel SpA		8,525		48,070
Eni SpA		11,626		164,794
Ferrari NV		204		53,069
Hera SpA		25,984		69,524
Infrastrutture Wireless Italiane SpA, 144A		1,278		14,122
Interpump Group SpA		178		9,806
Intesa Sanpaolo SpA		2,126		5,775
Italgas SpA		20,042		114,456
Leonardo SpA		2,224		25,036
Mediobanca Banca di Credito Finanziario SpA		1,517		16,249
Moncler SpA		698		42,785
Pirelli & C SpA, 144A		5,145		26,310
Poste Italiane SpA, 144A		372		4,024
PRADA SpA		1,128		7,631
Prysmian SpA		3,394		130,908
Recordati Industria Chimica e Farmaceutica SpA		1,022		43,505


	Number of Shares		Value
Italy (Continued)
Reply SpA		52	$	6,276
Snam SpA		10,352		51,005
Terna — Rete Elettrica Nazionale		9,084		68,668
UnipolSai Assicurazioni SpA		3,570		9,109

(Cost $1,081,303)				1,088,415

Japan — 30.1%
ABC-Mart, Inc. (b)		663		32,660
Acom Co. Ltd.		1,700		4,181
Activia Properties, Inc. REIT		4		11,526
Advance Residence Investment Corp. REIT		6		14,734
Advantest Corp.		100		7,936
Aeon Co. Ltd. (b)		1,049		19,561
Aeon Mall Co. Ltd. (b)		900		11,748
AEON REIT Investment Corp. REIT		15		16,386
AGC, Inc.		3,254		120,399
Aica Kogyo Co. Ltd.		914		20,767
Ain Holdings, Inc.		700		29,086
Air Water, Inc.		6,200		74,510
Aisin Corp.		2,593		71,005
Ajinomoto Co., Inc.		1,500		44,246
Alfresa Holdings Corp.		10,700		129,297
Amada Co. Ltd.		8,243		74,978
Amano Corp.		1,500		27,717
Anritsu Corp.		1,100		10,046
As One Corp.		200		8,340
Asahi Group Holdings Ltd.		692		24,466
Asahi Intecc Co. Ltd.		216		3,679
Asahi Kasei Corp.		7,819		54,520
Asics Corp.		400		10,131
ASKUL Corp.		900		11,378
Astellas Pharma, Inc.		5,883		82,880
Azbil Corp.		1,113		28,925
Bandai Namco Holdings, Inc.		1,600		98,832
Benesse Holdings, Inc.		1,000		14,793
Bic Camera, Inc. (b)		4,800		41,123
BIPROGY, Inc.		900		19,954
Bridgestone Corp.		1,624		62,294
Brother Industries Ltd.		3,942		57,966
Calbee, Inc.		1,480		29,347
Canon Marketing Japan, Inc.		1,700		37,566
Canon, Inc.		7,222		155,903
Capcom Co. Ltd.		1,408		44,292
Casio Computer Co. Ltd.		1,000		9,801
Central Japan Railway Co.		100		11,240
Chiba Bank Ltd.		2,000		14,639
Chubu Electric Power Co., Inc.		5,731		59,407
Chugai Pharmaceutical Co. Ltd.		700		17,442
Chugin Financial Group, Inc.		1,700		11,919
Chugoku Electric Power Co., Inc.		1,883		9,276
Coca-Cola Bottlers Japan Holdings, Inc.		1,200		12,633
COMSYS Holdings Corp.		1,634		29,725
Concordia Financial Group Ltd.		2,600		11,166
Cosmo Energy Holdings Co. Ltd.		900		27,056
Cosmos Pharmaceutical Corp.		90		8,246
Credit Saison Co. Ltd.		600		8,175
CyberAgent, Inc.		800		6,848


	Number of Shares		Value
Japan (Continued)
Dai Nippon Printing Co. Ltd.		10,407	$	278,865
Daicel Corp.		7,827		54,300
Daido Steel Co. Ltd.		255		9,997
Daifuku Co. Ltd.		126		6,873
Dai-ichi Life Holdings, Inc.		1,100		23,447
Daiichi Sankyo Co. Ltd.		200		6,289
Daiichikosho Co. Ltd.		700		22,252
Daikin Industries Ltd.		84		14,396
Daio Paper Corp.		800		6,349
Daito Trust Construction Co. Ltd.		1,885		177,547
Daiwa House Industry Co. Ltd.		3,302		76,190
Daiwa House REIT Investment Corp. REIT (b)		6		12,382
Daiwa Office Investment Corp. REIT		1		4,493
Daiwa Securities Living Investments Corp. REIT		13		10,813
DeNA Co. Ltd.		500		6,420
Denka Co. Ltd.		1,100		23,217
Denso Corp.		344		18,281
Dentsu Group, Inc.		1,700		54,539
DIC Corp.		700		12,488
Disco Corp.		159		49,843
DMG Mori Co. Ltd.		700		11,249
Dowa Holdings Co. Ltd.		3,100		100,932
East Japan Railway Co.		500		25,350
Ebara Corp.		1,500		63,759
Electric Power Development Co. Ltd.		10,976		175,178
ENEOS Holdings, Inc.		93,920		324,271
EXEO Group, Inc.		1,972		34,586
Ezaki Glico Co. Ltd.		900		22,597
Fancl Corp.		200		3,706
FANUC Corp.		196		33,339
Fast Retailing Co. Ltd.		33		6,517
FP Corp.		400		10,146
Frontier Real Estate Investment Corp. REIT		5		18,427
Fuji Electric Co. Ltd.		1,288		49,737
Fuji Media Holdings, Inc.		1,700		14,265
FUJIFILM Holdings Corp.		651		30,367
Fujitsu Ltd.		242		31,126
Fukuoka Financial Group, Inc.		900		20,086
Furukawa Electric Co. Ltd.		900		15,732
Fuyo General Lease Co. Ltd.		300		20,659
GLP J REIT (b)		9		9,455
Goldwin, Inc.		300		26,054
GS Yuasa Corp.		638		11,503
GungHo Online Entertainment, Inc.		800		14,395
H.U. Group Holdings, Inc.		3,000		59,024
Hachijuni Bank Ltd.		4,200		18,993
Hakuhodo DY Holdings, Inc.		569		6,341
Hamamatsu Photonics KK		950		46,588
Hankyu Hanshin Holdings, Inc.		2,467		70,180
Haseko Corp.		13,197		151,429
Heiwa Corp.		1,100		20,633
Hikari Tsushin, Inc.		100		14,514
Hirogin Holdings, Inc.		1,600		8,093
Hirose Electric Co. Ltd.		440		53,783


	Number of Shares		Value
Japan (Continued)
Hisamitsu Pharmaceutical Co., Inc.		500	$	14,022
Hitachi Construction Machinery Co. Ltd.		600		13,413
Hitachi Ltd.		1,046		52,909
Honda Motor Co. Ltd.		4,245		110,383
Horiba Ltd.		300		15,989
Hoshizaki Corp.		626		22,174
House Foods Group, Inc.		857		16,993
Hoya Corp.		200		19,778
Hulic Co. Ltd.		3,248		25,848
Ibiden Co. Ltd.		200		6,864
Idemitsu Kosan Co. Ltd.		10,225		227,823
IHI Corp.		1,000		25,952
Iida Group Holdings Co. Ltd.		600		9,968
Industrial & Infrastructure Fund Investment Corp. REIT		9		9,488
INFRONEER Holdings, Inc.*		1,484		11,254
Inpex Corp.		6,499		68,370
Internet Initiative Japan, Inc.		1,400		28,048
Isetan Mitsukoshi Holdings Ltd.		1,500		15,318
Isuzu Motors Ltd.		3,700		44,248
ITOCHU Corp.		6,536		195,243
Itochu Techno-Solutions Corp.		800		17,795
Itoham Yonekyu Holdings, Inc.		2,600		13,628
Iwatani Corp.		1,000		41,332
Iyogin Holdings, Inc.		1,000		5,954
Izumi Co. Ltd.		800		17,478
J. Front Retailing Co. Ltd. (b)		2,165		20,090
Japan Aviation Electronics Industry Ltd.		1,000		16,591
Japan Logistics Fund, Inc. REIT		3		6,484
Japan Metropolitan Fund Invest REIT (b)		16		12,016
Japan Post Holdings Co. Ltd.		4,200		37,309
Japan Post Insurance Co. Ltd.		700		12,138
Japan Prime Realty Investment Corp. REIT		7		18,474
Japan Real Estate Investment Corp. REIT		6		24,843
Japan Steel Works Ltd.		200		3,757
Japan Tobacco, Inc.		5,064		102,960
JFE Holdings, Inc.		3,900		48,272
JTEKT Corp.		3,700		27,625
Kadokawa Corp.		400		7,973
Kagome Co. Ltd.		665		14,695
Kajima Corp.		8,800		105,110
Kaken Pharmaceutical Co. Ltd.		647		17,218
Kamigumi Co. Ltd.		5,632		111,387
Kandenko Co. Ltd.		6,592		43,264
Kaneka Corp.		1,122		28,170
Kansai Electric Power Co., Inc.		21,011		197,747
Kansai Paint Co. Ltd.		488		6,542
Kao Corp.		1,053		39,348
Kawasaki Heavy Industries Ltd.		1,743		38,055
KDDI Corp.		1,829		53,521
Keihan Holdings Co. Ltd.		1,200		29,512
Keikyu Corp.		4,300		40,059
Keio Corp.		400		13,934
Keisei Electric Railway Co. Ltd.		600		17,333
Kenedix Office Investment Corp. REIT		4		9,382
Kewpie Corp.		1,659		26,807


	Number of Shares		Value
Japan (Continued)
Keyence Corp.		11	$	4,756
Kikkoman Corp.		473		22,119
Kinden Corp.		3,600		40,410
Kintetsu Group Holdings Co. Ltd.		1,900		57,538
Kirin Holdings Co. Ltd.		2,712		40,596
Kobayashi Pharmaceutical Co. Ltd.		526		31,665
Kobe Bussan Co. Ltd.		300		8,204
Kobe Steel Ltd.		1,300		8,799
Koei Tecmo Holdings Co. Ltd.		724		12,129
Koito Manufacturing Co. Ltd.		600		10,074
Kokuyo Co. Ltd.		4,100		56,406
Komatsu Ltd.		3,870		92,620
Konami Group Corp.		1,182		52,152
Kose Corp.		200		22,597
K’s Holdings Corp.		8,211		70,768
Kubota Corp.		1,700		25,653
Kuraray Co. Ltd.		13,381		119,944
Kurita Water Industries Ltd.		828		37,444
Kyocera Corp.		1,672		82,339
Kyowa Kirin Co. Ltd.		500		10,700
Kyudenko Corp.		499		12,602
Kyushu Electric Power Co., Inc.		19,464		103,454
Kyushu Financial Group, Inc.		2,400		9,144
Kyushu Railway Co.		3,800		83,105
LaSalle Logiport REIT (b)		7		7,960
Lawson, Inc.		600		23,610
Lintec Corp.		2,613		42,797
Lion Corp.		2,206		23,774
Lixil Corp.		1,411		22,489
Mabuchi Motor Co. Ltd.		1,100		30,444
Marubeni Corp.		22,791		291,130
Marui Group Co. Ltd.		1,379		20,997
Maruichi Steel Tube Ltd.		3,150		68,358
MatsukiyoCocokara & Co.		197		9,155
Mazda Motor Corp.		16,000		144,125
Mebuki Financial Group, Inc.		5,600		15,047
Medipal Holdings Corp.		6,451		84,536
MEIJI Holdings Co. Ltd.		1,669		76,457
MINEBEA MITSUMI, Inc.		1,471		25,507
MISUMI Group, Inc.		940		22,359
Mitsubishi Chemical Group Corp.		12,302		71,618
Mitsubishi Corp.		4,636		157,545
Mitsubishi Electric Corp.		11,874		133,633
Mitsubishi Estate Co. Ltd.		2,600		32,363
Mitsubishi Gas Chemical Co., Inc.		3,067		43,433
Mitsubishi HC Capital, Inc.		8,050		42,018
Mitsubishi Heavy Industries Ltd.		3,913		144,064
Mitsubishi Logistics Corp.		2,000		46,397
Mitsubishi Materials Corp.		4,000		62,254
Mitsubishi Motors Corp.*		10,300		40,606
Mitsubishi UFJ Financial Group, Inc.		1,200		8,502
Mitsui & Co. Ltd.		11,325		317,930
Mitsui Chemicals, Inc.		2,200		53,056
Mitsui Fudosan Co. Ltd.		1,700		32,386
Mitsui Fudosan Logistics Park, Inc. REIT		1		3,333
Mitsui Mining & Smelting Co. Ltd.		900		22,167
Mitsui OSK Lines Ltd. (b)		2,374		62,045


	Number of Shares		Value
Japan (Continued)
Mizuho Financial Group, Inc.		3,080	$	47,992
MonotaRO Co. Ltd.		500		6,798
Mori Hills REIT Investment Corp. REIT		11		12,372
Morinaga & Co. Ltd.		1,800		51,933
MS&AD Insurance Group Holdings, Inc.		1,800		58,831
Murata Manufacturing Co. Ltd.		317		17,035
Nabtesco Corp.		800		20,673
Nagase & Co. Ltd.		965		14,332
Nagoya Railroad Co. Ltd.		2,800		42,489
Nankai Electric Railway Co. Ltd.		2,018		40,889
NEC Corp.		400		14,316
NEC Networks & System Integration Corp.		1,100		13,486
Nexon Co. Ltd.		900		19,504
NGK Insulators Ltd.		6,477		85,970
NGK Spark Plug Co. Ltd. (b)		4,002		80,472
NH Foods Ltd.		500		13,802
NHK Spring Co. Ltd.		11,400		75,908
Nichirei Corp.		1,000		19,733
Nifco, Inc.		1,461		38,505
Nihon Kohden Corp.		800		20,027
Nikon Corp.		4,900		48,563
Nintendo Co. Ltd.		1,650		62,068
Nippon Accommodations Fund, Inc. REIT (b)		4		17,825
Nippon Building Fund, Inc. REIT		8		33,770
Nippon Electric Glass Co. Ltd.		4,300		79,993
NIPPON EXPRESS HOLDINGS, Inc.		1,136		63,382
Nippon Kayaku Co. Ltd.		7,200		63,218
Nippon Prologis REIT, Inc. REIT		5		10,667
Nippon Sanso Holdings Corp.		659		11,747
Nippon Shinyaku Co. Ltd.		200		8,956
Nippon Shokubai Co. Ltd.		1,700		70,514
Nippon Steel Corp.		8,413		187,573
Nippon Telegraph & Telephone Corp.		791		22,920
Nippon Television Holdings, Inc.		1,700		13,990
Nippon Yusen KK (b)		3,900		101,125
Nipro Corp.		600		4,563
Nishi-Nippon Railroad Co. Ltd.		2,600		45,295
Nissan Chemical Corp.		1,083		47,545
Nissan Motor Co. Ltd.		7,500		29,050
Nisshin Seifun Group, Inc.		1,678		19,390
Nissin Foods Holdings Co. Ltd.		1,084		90,244
Nitori Holdings Co. Ltd.		232		26,229
Nitto Denko Corp.		2,343		141,046
Noevir Holdings Co. Ltd.		300		11,893
NOF Corp.		707		30,052
NOK Corp.		3,400		33,322
Nomura Real Estate Holdings, Inc.		1,386		30,881
Nomura Real Estate Master Fund, Inc. REIT (b)		15		16,628
Nomura Research Institute Ltd.		330		7,365
NS Solutions Corp.		600		15,637
NSK Ltd.		4,800		26,570
NTT Data Corp.		917		12,723
Obayashi Corp.		17,462		129,092
Obic Co. Ltd.		100		14,639


	Number of Shares		Value
Japan (Continued)
Odakyu Electric Railway Co. Ltd.		700	$	8,484
Oji Holdings Corp.		30,588		124,180
OKUMA Corp.		600		24,138
Olympus Corp.		1,000		16,841
Omron Corp.		100		5,368
Ono Pharmaceutical Co. Ltd.		4,777		97,493
Open House Group Co. Ltd.		380		13,670
Oracle Corp.		300		20,438
Oriental Land Co. Ltd.		100		15,971
ORIX Corp.		5,836		104,604
Orix JREIT, Inc. REIT (b)		13		17,408
Osaka Gas Co. Ltd.		15,729		255,539
OSG Corp.		1,700		24,199
Otsuka Corp.		508		17,118
Otsuka Holdings Co. Ltd.		1,634		49,590
PALTAC Corp.		882		32,052
Pan Pacific International Holdings Corp.		4,599		84,069
Panasonic Holdings Corp.		2,272		19,799
Penta-Ocean Construction Co. Ltd.		1,520		7,242
Persol Holdings Co. Ltd.		1,629		32,612
Pigeon Corp.		400		6,161
Recruit Holdings Co. Ltd.		326		8,865
Relo Group, Inc.		800		12,768
Rengo Co. Ltd.		7,312		47,453
Resona Holdings, Inc.		5,500		30,279
Resonac Holdings Corp.		1,100		18,065
Resorttrust, Inc.		500		7,815
Ricoh Co. Ltd.		2,100		16,311
Rinnai Corp.		517		36,247
Rohm Co. Ltd.		414		31,852
Rohto Pharmaceutical Co. Ltd.		3,322		60,360
Ryohin Keikaku Co. Ltd.		500		5,032
Sankyo Co. Ltd.		3,009		122,600
Sankyu, Inc.		1,700		62,526
Sanrio Co. Ltd.		500		15,141
Santen Pharmaceutical Co. Ltd.		1,600		12,216
Sanwa Holdings Corp.		4,100		43,223
Sapporo Holdings Ltd.		800		18,794
SBI Holdings, Inc.		600		12,937
SCREEN Holdings Co. Ltd.		200		15,960
SCSK Corp.		1,000		14,499
Secom Co. Ltd.		2,635		153,266
Sega Sammy Holdings, Inc.		7,000		119,634
Seibu Holdings, Inc.		2,200		22,143
Seiko Epson Corp.		1,651		22,750
Seino Holdings Co. Ltd.		5,800		59,825
Sekisui Chemical Co. Ltd.		9,001		120,595
Sekisui House Ltd.		6,036		114,304
Sekisui House Reit, Inc. REIT		20		10,586
Seven & i Holdings Co. Ltd. (b)		2,700		120,714
Seven Bank Ltd.		7,200		14,483
SG Holdings Co. Ltd.		1,160		16,717
Shikoku Electric Power Co., Inc.		6,200		33,272
Shimadzu Corp.		1,196		34,550
Shimamura Co. Ltd.		1,300		121,396
Shimano, Inc.		100		15,575
Shimizu Corp.		7,946		42,876


	Number of Shares		Value
Japan (Continued)
Shin-Etsu Chemical Co. Ltd.		300	$	42,176
Shinko Electric Industries Co. Ltd.		300		8,226
Shionogi & Co. Ltd.		800		35,585
Ship Healthcare Holdings, Inc.		600		10,827
Shiseido Co. Ltd.		400		18,415
Shizuoka Financial Group, Inc.		1,000		7,987
SHO-BOND Holdings Co. Ltd.		1,149		45,297
Skylark Holdings Co. Ltd.*		1,800		21,064
SMC Corp.		53		26,886
SoftBank Corp.		3,405		38,433
Sohgo Security Services Co. Ltd.		887		23,280
Sojitz Corp.		12,620		242,181
Sompo Holdings, Inc.		1,900		81,445
Sony Group Corp.		208		17,454
Sotetsu Holdings, Inc.		1,200		20,412
Square Enix Holdings Co. Ltd.		800		35,649
Stanley Electric Co. Ltd.		2,131		44,430
Subaru Corp.		4,464		71,688
Sugi Holdings Co. Ltd.		335		14,018
Sumitomo Bakelite Co. Ltd.		400		13,963
Sumitomo Chemical Co. Ltd.		30,700		107,506
Sumitomo Corp.		11,832		201,782
Sumitomo Electric Industries Ltd.		9,526		117,174
Sumitomo Forestry Co. Ltd.		8,283		158,892
Sumitomo Heavy Industries Ltd.		3,249		76,446
Sumitomo Metal Mining Co. Ltd.		3,669		136,293
Sumitomo Mitsui Financial Group, Inc.		500		21,921
Sumitomo Mitsui Trust Holdings, Inc.		600		22,222
Sumitomo Realty & Development Co. Ltd.		771		18,197
Sumitomo Rubber Industries Ltd.		4,500		40,502
Sundrug Co. Ltd.		1,688		45,665
Suntory Beverage & Food Ltd.		1,474		51,725
Suzuken Co. Ltd.		5,084		128,392
Suzuki Motor Corp.		1,342		47,122
Sysmex Corp.		127		7,609
Taiheiyo Cement Corp.		1,000		18,375
Taisei Corp.		5,334		173,865
Taisho Pharmaceutical Holdings Co. Ltd.		200		7,885
Takashimaya Co. Ltd. (b)		5,400		75,164
Takeda Pharmaceutical Co. Ltd.		500		15,461
TDK Corp.		330		11,047
TechnoPro Holdings, Inc.		387		9,830
Teijin Ltd.		5,620		58,380
Terumo Corp.		216		5,805
THK Co. Ltd.		800		17,913
TIS, Inc.		2,700		66,997
Tobu Railway Co. Ltd.		2,200		49,099
Toda Corp.		4,400		22,934
Toho Co. Ltd.		1,659		57,730
Toho Gas Co. Ltd.		300		5,632
Tohoku Electric Power Co., Inc.		6,619		31,536
Tokio Marine Holdings, Inc.		2,700		57,294
Tokyo Electric Power Co. Holdings, Inc.*		29,404		97,571
Tokyo Electron Ltd.		50		17,146
Tokyo Gas Co. Ltd.		13,759		265,453
Tokyo Ohka Kogyo Co. Ltd.		500		26,392
Tokyo Tatemono Co. Ltd.		1,600		19,593


	Number of Shares		Value
Japan (Continued)
Tokyu Corp.		2,600	$	31,303
Tokyu Fudosan Holdings Corp.		1,922		9,284
TOPPAN, Inc.		11,065		200,074
Toray Industries, Inc.		19,000		108,687
Toshiba Corp.		4,300		133,121
Toshiba TEC Corp.		391		10,908
Tosoh Corp.		10,641		144,677
TOTO Ltd.		1,080		36,036
Toyo Seikan Group Holdings Ltd.		9,221		119,887
Toyo Suisan Kaisha Ltd.		1,000		40,451
Toyo Tire Corp.		1,000		11,834
Toyoda Gosei Co. Ltd.		1,484		24,164
Toyota Boshoku Corp.		3,500		54,421
Toyota Industries Corp.		298		17,480
Toyota Motor Corp.		500		6,837
Toyota Tsusho Corp.		2,023		82,574
Trend Micro, Inc.		1,139		53,599
TS Tech Co. Ltd.		5,058		64,128
Tsumura & Co.		300		5,706
Tsuruha Holdings, Inc.		128		9,012
UBE Corp.		2,993		44,868
Ulvac, Inc.		200		7,664
Unicharm Corp.		877		32,469
United Urban Investment Corp. REIT		14		15,458
Ushio, Inc.		1,901		21,715
USS Co. Ltd.		5,800		94,059
Yakult Honsha Co. Ltd.		1,600		109,122
Yamada Holdings Co. Ltd. (b)		15,857		55,761
Yamaha Corp.		481		18,256
Yamaha Motor Co. Ltd.		3,700		94,663
Yamato Holdings Co. Ltd.		3,700		62,502
Yamato Kogyo Co. Ltd.		1,600		64,016
Yamazaki Baking Co. Ltd.		1,553		18,025
Yaoko Co. Ltd.		200		10,072
Yaskawa Electric Corp.		300		11,805
Yokogawa Electric Corp.		3,600		53,756
Yokohama Rubber Co. Ltd.		4,700		89,159
Zenkoku Hosho Co. Ltd.		638		24,309
Zensho Holdings Co. Ltd.		2,000		56,308
Zeon Corp.		3,259		30,816

(Cost $20,013,759)				19,502,040

Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $24,221)		895		18,767

Luxembourg — 0.2%
ArcelorMittal SA		385		11,614
Eurofins Scientific SE		131		9,169
L’Occitane International SA		5,604		13,365
RTL Group SA		1,327		64,313
Tenaris SA		721		11,989

(Cost $105,372)				110,450

Mexico — 0.0%
Fresnillo PLC (Cost $6,006)		716		6,617


	Number of Shares		Value
Netherlands — 2.1%
Aalberts NV		595	$	29,051
Aegon NV		1,225		6,408
Akzo Nobel NV		504		37,008
ASM International NV		15		5,138
ASR Nederland NV		819		37,400
BE Semiconductor Industries NV		87		6,768
CTP NV, 144A		301		4,162
EXOR NV*		94		7,772
Heineken Holding NV		645		55,372
Heineken NV		248		25,380
IMCD NV		250		39,742
JDE Peet’s NV		915		27,015
Koninklijke Ahold Delhaize NV		5,923		188,535
Koninklijke DSM NV		480		59,405
Koninklijke KPN NV		71,040		244,170
Koninklijke Philips NV		1,109		18,171
Koninklijke Vopak NV		356		11,394
NN Group NV		980		39,805
OCI NV		1,100		36,630
QIAGEN NV*		1,970		91,005
Randstad NV		2,923		180,101
Signify NV, 144A		626		21,795
Stellantis NV		3,794		66,606
Universal Music Group NV		627		14,861
Wolters Kluwer NV		1,083		125,706

(Cost $1,279,928)				1,379,400

New Zealand — 0.9%
a2 Milk Co. Ltd.*		2,538		11,368
Auckland International Airport Ltd.*		6,270		33,951
Contact Energy Ltd.		14,788		70,180
Fisher & Paykel Healthcare Corp. Ltd.		1,848		29,745
Fletcher Building Ltd.		11,068		32,572
Infratil Ltd.		3,291		17,943
Kiwi Property Group Ltd.		76,649		43,926
Mainfreight Ltd.		2,122		95,775
Mercury NZ Ltd.		7,764		30,160
Meridian Energy Ltd.		14,995		49,331
Ryman Healthcare Ltd.		2,502		8,154
SKYCITY Entertainment Group Ltd.*		2,587		4,167
Spark New Zealand Ltd.		60,469		187,318

(Cost $637,504)				614,590

Norway — 1.3%
Aker ASA, Class A		138		9,797
Aker BP ASA		294		7,965
DNB Bank ASA		240		4,815
Equinor ASA		642		19,865
Gjensidige Forsikring ASA		3,485		62,111
Kongsberg Gruppen ASA		2,674		111,699
Leroy Seafood Group ASA		6,081		30,386
Mowi ASA		4,975		86,382
Norsk Hydro ASA		12,735		93,126
Orkla ASA		17,757		119,998
Salmar ASA		498		20,793
Telenor ASA		4,943		55,681
TOMRA Systems ASA		1,863		29,901
Var Energi ASA (b)		6,886		19,703


	Number of Shares		Value
Norway (Continued)
Yara International ASA		3,725	$	177,888

(Cost $921,117)				850,110

Poland — 0.4%
Dino Polska SA, 144A*		369		30,903
KGHM Polska Miedz SA		581		16,682
Polski Koncern Naftowy ORLEN SA		15,379		231,044
Powszechny Zaklad Ubezpieczen SA		1,569		12,949

(Cost $315,291)				291,578

Portugal — 0.5%
EDP — Energias de Portugal SA		17,464		88,454
Galp Energia SGPS SA		7,481		91,713
Jeronimo Martins SGPS SA		5,824		119,945

(Cost $285,122)				300,112

Russia — 0.0%
Evraz PLC* (c) (Cost $35,071)		4,559		0

Singapore — 3.9%
BOC Aviation Ltd., 144A		2,262		16,339
CapitaLand Ascendas REIT		72,636		149,465
CapitaLand Ascott Trust (a)		61,300		45,993
CapitaLand Integrated Commercial Trust REIT		88,674		127,792
Capitaland Investment Ltd.		20,700		57,203
City Developments Ltd.		2,500		14,319
ComfortDelGro Corp. Ltd.		151,344		136,037
DBS Group Holdings Ltd.		1,326		33,658
Frasers Logistics & Commercial Trust REIT		169,700		160,100
Genting Singapore Ltd.		110,900		84,031
Jardine Cycle & Carriage Ltd.		6,705		147,982
Kenon Holdings Ltd.		395		11,062
Keppel REIT		41,800		28,723
Keppel Corp. Ltd.		27,262		110,980
Keppel DC REIT		34,600		50,892
Mapletree Industrial Trust REIT		46,878		82,184
Mapletree Logistics Trust REIT		65,267		81,938
Mapletree Pan Asia Commercial Trust REIT		20,991		26,821
NETLINK NBN TRUST		62,100		39,904
Olam Group Ltd.		22,264		25,470
Oversea-Chinese Banking Corp. Ltd.		4,762		44,820
SATS Ltd.*		8,465		17,796
Sembcorp Industries Ltd.		44,653		120,410
Sembcorp Marine Ltd.* (c)		520,704		49,125
SIA Engineering Co. Ltd.* (b)		11,200		19,219
Singapore Airlines Ltd.		15,900		67,207
Singapore Exchange Ltd.		29,380		190,097
Singapore Post Ltd.		94,700		37,637
Singapore Technologies Engineering Ltd.		54,828		145,404
Singapore Telecommunications Ltd.		36,266		63,849
StarHub Ltd.		40,000		31,497
Suntec Real Estate Investment Trust REIT		82,300		86,815
United Overseas Bank Ltd.		1,900		42,230
UOL Group Ltd.		7,029		35,663


	Number of Shares		Value
Singapore (Continued)
Venture Corp. Ltd.		6,562	$	83,698
Wilmar International Ltd.		30,400		88,977

(Cost $2,637,504)				2,555,337

South Korea — 4.0%
AMOREPACIFIC Group		96		2,902
BGF retail Co. Ltd.		210		28,677
BNK Financial Group, Inc.		2,306		11,676
Cheil Worldwide, Inc.		4,238		64,054
CJ CheilJedang Corp.		214		51,913
CJ Corp.		328		21,540
CJ ENM Co. Ltd.*		51		3,573
CJ Logistics Corp.		91		5,619
Coway Co. Ltd.		374		15,093
Daewoo Engineering & Construction Co. Ltd.*		1,453		4,727
DB Insurance Co. Ltd.		1,056		61,449
DGB Financial Group, Inc.		2,164		12,919
DL E&C Co. Ltd.		309		7,706
DL Holdings Co. Ltd.		466		20,742
Doosan Bobcat, Inc.		370		10,597
E-MART, Inc.		49		4,147
GS Engineering & Construction Corp.		328		5,515
GS Holdings Corp.		2,398		73,666
GS Retail Co. Ltd.		174		3,794
Hana Financial Group, Inc.		1,164		39,936
Hankook Tire & Technology Co. Ltd.		1,470		41,326
Hanmi Pharm. Co. Ltd.*		29		5,676
Hanwha Aerospace Co. Ltd.		200		13,603
Hanwha Corp.		1,108		22,566
HD Hyundai Co. Ltd.		661		29,672
Hite Jinro Co. Ltd.*		897		16,201
Hotel Shilla Co. Ltd.		112		6,788
Hyundai Department Store Co. Ltd.		612		25,114
Hyundai Engineering & Construction Co. Ltd.		514		14,139
Hyundai Glovis Co. Ltd.		751		90,012
Hyundai Marine & Fire Insurance Co. Ltd.		1,922		51,127
Hyundai Mobis Co. Ltd.		381		61,185
Hyundai Motor Co.		109		14,522
Industrial Bank of Korea		3,913		30,695
Kangwon Land, Inc.*		754		11,510
KB Financial Group, Inc.		1,826		70,791
KEPCO Plant Service & Engineering Co. Ltd.*		744		18,217
Kia Corp.		1,888		107,437
Korea Aerospace Industries Ltd.*		240		8,180
Korea Electric Power Corp.		2,343		31,960
Korea Gas Corp.*		424		8,988
Korea Investment Holdings Co. Ltd.*		93		4,357
Korea Zinc Co. Ltd.		121		53,402
Korean Air Lines Co. Ltd.		566		9,731
KT&G Corp.		4,132		276,976
LG Corp.		1,432		89,064
LG Display Co. Ltd.		4,073		47,063
LG Electronics, Inc.		321		26,975
LG H&H Co. Ltd.		9		4,543
LG Innotek Co. Ltd.		118		24,701


	Number of Shares		Value
South Korea (Continued)
LG Uplus Corp.		6,905	$	57,766
Lotte Chemical Corp.		190		25,587
Lotte Chilsung Beverage Co. Ltd.		150		18,976
Lotte Corp.		225		5,212
LOTTE Fine Chemical Co. Ltd.		120		5,269
Lotte Shopping Co. Ltd.		208		13,675
LS Corp.		229		11,664
NAVER Corp.		52		8,194
NCSoft Corp.		18		5,910
NH Investment & Securities Co. Ltd.*		1,761		12,643
NHN Corp.*		266		5,830
NongShim Co. Ltd.		144		39,829
Orion Corp.		281		26,545
Ottogi Corp.*		40		13,301
Pan Ocean Co. Ltd.		820		3,923
POSCO Holdings, Inc.		164		39,412
Posco International Corp.		1,156		19,744
S-1 Corp.		550		23,442
Samsung C&T Corp.		813		67,645
Samsung Card Co. Ltd.		164		3,805
Samsung Electro-Mechanics Co. Ltd.		287		31,232
Samsung Electronics Co. Ltd.		200		9,159
Samsung Engineering Co. Ltd.*		760		15,077
Samsung Fire & Marine Insurance Co. Ltd.		339		54,952
Samsung Life Insurance Co. Ltd.		216		11,116
Samsung SDI Co. Ltd.		14		7,364
Samsung SDS Co. Ltd.		391		37,024
Samsung Securities Co. Ltd.		193		4,886
Shinhan Financial Group Co. Ltd.		598		17,557
Shinsegae, Inc.		127		19,579
SK Hynix, Inc.		873		58,981
SK Networks Co. Ltd.		3,818		11,873
SK Telecom Co. Ltd.		2,278		77,727
SK, Inc.		105		14,172
S-Oil Corp.		688		41,959
Woori Financial Group, Inc.		9,681		89,256
Yuhan Corp.		401		15,970

(Cost $2,655,586)				2,593,022

Spain — 2.1%
Acciona SA		174		32,864
ACS Actividades de Construccion y Servicios SA (b)		975		29,634
Aena SME SA, 144A*		66		10,247
Amadeus IT Group SA*		83		5,228
Banco Santander SA		2,589		10,221
Bankinter SA		1,955		13,791
CaixaBank SA		3,802		16,338
Corp ACCIONA Energias Renovables SA		302		11,728
EDP Renovaveis SA		306		6,299
Enagas SA (b)		6,049		108,798
Endesa SA		5,436		107,054
Ferrovial SA		1,080		30,077
Iberdrola SA		7,179		82,719
Industria de Diseno Textil SA		531		16,381
Inmobiliaria Colonial Socimi SA REIT		1,057		7,611
Mapfre SA (b)		10,219		21,978


	Number of Shares		Value
Spain (Continued)
Merlin Properties Socimi SA REIT		4,168	$	39,737
Naturgy Energy Group SA		1,432		39,576
Red Electrica Corp. SA		13,919		231,897
Repsol SA		18,096		287,958
Telefonica SA		59,763		243,945

(Cost $1,362,379)				1,354,081

Sweden — 4.8%
Alfa Laval AB		1,611		53,295
Alleima AB*		4,895		26,605
Assa Abloy AB, Class B		3,490		85,371
Atlas Copco AB, Class B		1,597		16,940
Axfood AB		2,444		58,753
Boliden AB		9,208		379,804
Castellum AB (b)		2,503		32,126
Electrolux AB, Class B		3,557		43,324
Epiroc AB, Class A		3,606		69,675
Epiroc AB, Class B		2,930		48,437
Essity AB, Class B (b)		4,726		128,249
Fastighets AB Balder, Class B* (b)		2,944		14,685
Getinge AB, Class B		432		9,341
H & M Hennes & Mauritz AB, Class B (b)		2,578		32,641
Hexagon AB, Class B		929		10,347
Holmen AB, Class B		2,252		91,345
Husqvarna AB, Class B		1,441		12,839
Industrivarden AB, Class A		9,050		250,102
Industrivarden AB, Class C (b)		7,711		212,654
Indutrade AB		1,086		23,222
Investment AB Latour, Class B (b)		792		16,495
Investor AB, Class A		3,993		82,321
Investor AB, Class B		11,459		222,618
Kinnevik AB, Class B* (b)		979		14,659
L E Lundbergforetagen AB, Class B		1,486		69,351
Lifco AB, Class B		312		6,271
Nibe Industrier AB, Class B		1,340		13,929
Saab AB, Class B		1,432		82,993
Sagax AB, Class B		702		17,374
Sagax AB, Class D		5,587		14,679
Sandvik AB		2,124		43,952
Securitas AB, Class B		6,489		56,237
Skandinaviska Enskilda Banken AB, Class A		1,378		17,317
Skanska AB, Class B		1,851		33,830
SKF AB, Class B		2,414		46,145
Svenska Cellulosa AB SCA, Class B		6,694		93,908
Svenska Handelsbanken AB, Class A		1,297		13,817
Sweco AB, Class B		842		9,931
Swedbank AB, Class A		1,278		26,201
Swedish Orphan Biovitrum AB*		1,233		28,506
Tele2 AB, Class B (b)		13,531		125,000
Telefonaktiebolaget LM Ericsson, Class B		9,645		53,734
Telia Co. AB		38,385		99,564
Trelleborg AB, Class B		5,892		152,772
Volvo AB, Class A		676		14,144
Volvo AB, Class B		5,932		119,339
Volvo Car AB, Class B* (b)		4,773		22,637

(Cost $2,967,999)				3,097,479


	Number of Shares		Value
Switzerland — 3.4%
ABB Ltd.		2,264	$	75,559
Accelleron Industries AG*		112		2,772
Adecco Group AG		1,662		59,334
Alcon, Inc.		376		25,739
Baloise Holding AG		325		54,268
Banque Cantonale Vaudoise		96		8,599
Barry Callebaut AG		29		57,984
Belimo Holding AG		57		29,678
BKW AG		227		33,278
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		5		55,055
Cie Financiere Richemont SA, Class A		595		89,988
Clariant AG*		2,600		42,305
Coca-Cola HBC AG*		1,748		45,012
DKSH Holding AG		2,045		167,026
Emmi AG		35		33,086
EMS-Chemie Holding AG		28		21,301
Flughafen Zurich AG*		113		20,556
Geberit AG		87		47,248
Georg Fischer AG		696		47,526
Givaudan SA		6		18,187
Glencore PLC		16,631		99,735
Helvetia Holding AG		177		22,794
Holcim AG*		2,950		182,996
Julius Baer Group Ltd.		50		3,327
Kuehne + Nagel International AG		152		39,085
Logitech International SA		347		19,060
Lonza Group AG		23		13,762
Nestle SA		127		14,374
Novartis AG		518		43,816
Partners Group Holding AG		19		18,115
PSP Swiss Property AG		1,347		151,767
Roche Holding AG		63		18,270
Schindler Holding AG		53		11,451
Schindler Holding AG Participation Certificates		105		23,683
SGS SA		26		59,864
SIG Group AG*		1,597		38,815
Sika AG		71		19,991
Sonova Holding AG		136		33,548
STMicroelectronics NV		277		13,344
Straumann Holding AG		71		9,458
Swatch Group AG — Bearer		385		134,406
Swatch Group AG — Registered		546		35,041
Swiss Life Holding AG		42		25,373
Swiss Prime Site AG		718		60,903
Swiss Re AG		272		28,499
Swisscom AG		170		105,274
Temenos AG		78		5,766
UBS Group AG		1,186		25,877
VAT Group AG, 144A		25		7,586
Zurich Insurance Group AG		59		28,101

(Cost $2,037,833)				2,228,582

United Kingdom — 10.5%
3i Group PLC		30,400		598,797
abrdn PLC (b)		25,110		68,277
Admiral Group PLC		3,768		100,404


	Number of Shares		Value
United Kingdom (Continued)
Amcor PLC CDI		17,181	$	191,517
Anglo American PLC		3,681		128,545
Ashtead Group PLC		156		10,406
Associated British Foods PLC		1,732		42,084
Auto Trader Group PLC, 144A		18,092		130,411
Aviva PLC		6,501		35,134
B&M European Value Retail SA		6,943		41,338
BAE Systems PLC		20,726		225,326
Barratt Developments PLC		10,222		58,052
Bellway PLC		1,278		34,302
Berkeley Group Holdings PLC		355		18,034
BP PLC		2,434		16,222
British American Tobacco PLC		1,251		47,609
British Land Co. PLC REIT		32,191		174,088
BT Group PLC		51,179		86,341
Bunzl PLC		5,029		180,459
Burberry Group PLC		3,960		118,224
Centrica PLC		114,985		146,376
CNH Industrial NV		931		15,328
Compass Group PLC		1,390		32,310
ConvaTec Group PLC, 144A		8,832		23,994
Croda International PLC		620		49,255
Dechra Pharmaceuticals PLC		210		6,951
Derwent London PLC REIT		378		11,962
Diageo PLC		772		32,983
Direct Line Insurance Group PLC		18,081		39,478
DS Smith PLC		8,361		34,142
Endeavour Mining PLC		2,290		47,047
Ferguson PLC		1,107		160,086
GSK PLC		6,631		114,429
Haleon PLC*		16,948		66,058
Halma PLC		1,418		37,149
Hargreaves Lansdown PLC		2,345		23,552
Howden Joinery Group PLC		5,119		44,422
HSBC Holdings PLC		1,107		8,518
IMI PLC		1,064		20,056
Imperial Brands PLC		15,972		387,697
Informa PLC		4,792		38,777
InterContinental Hotels Group PLC		671		45,540
International Distributions Services PLC		2,101		5,982
Intertek Group PLC		972		49,118
ITV PLC		5,888		6,301
J Sainsbury PLC		18,162		58,971
Johnson Matthey PLC		4,170		110,156
Kingfisher PLC		9,559		33,237
Land Securities Group PLC REIT		21,378		178,011
Legal & General Group PLC		3,513		10,883
Lloyds Banking Group PLC		37,775		24,064
Mondi PLC		5,492		92,852
National Grid PLC		8,754		111,067
NatWest Group PLC		1,941		6,869
Next PLC		1,076		89,128
Pearson PLC		6,343		70,525
Pennon Group PLC		1,587		15,851
Pepco Group NV*		1,234		12,254
Persimmon PLC		1,523		26,781
Reckitt Benckiser Group PLC		544		37,948


	Number of Shares		Value
United Kingdom (Continued)
RELX PLC		2,343	$	70,999
Renishaw PLC		59		2,853
Rentokil Initial PLC		5,824		36,128
Rightmove PLC		9,521		64,641
Rio Tinto PLC		3,372		233,182
RS GROUP PLC		10,405		123,134
Sage Group PLC		16,399		148,623
Schroders PLC		2,258		13,597
Segro PLC REIT		25,713		256,320
Severn Trent PLC		2,232		74,337
Shell PLC		189		5,781
Smith & Nephew PLC		2,964		42,558
Smiths Group PLC		5,121		109,332
Spirax-Sarco Engineering PLC		221		31,264
SSE PLC		12,552		265,248
St James’s Place PLC		651		10,100
Tate & Lyle PLC		2,247		21,828
Taylor Wimpey PLC		34,824		51,941
Tesco PLC		81,437		251,409
Unilever PLC		569		28,491
UNITE Group PLC REIT		2,797		33,286
United Utilities Group PLC		6,739		83,054
Vodafone Group PLC		137,256		165,803
Weir Group PLC		560		12,875
Whitbread PLC		218		8,153
WPP PLC		4,762		59,035

(Cost $6,666,436)				6,835,650

United States — 0.1%
Waste Connections, Inc. (Cost $60,949)		575		77,171

TOTAL COMMON STOCKS (Cost $63,889,997)				64,210,157

PREFERRED STOCKS — 0.2%
Germany — 0.1%
Bayerische Motoren Werke AG		221		21,035
FUCHS PETROLUB SE		686		27,616
Henkel AG & Co. KGaA		509		37,149
Sartorius AG		11		4,696

(Cost $88,339)				90,496

South Korea — 0.1%
CJ CheilJedang Corp.		53		6,384
Hanwha Corp.		1,820		19,600
Hyundai Motor Co.		98		6,969
Samsung Fire & Marine Insurance Co. Ltd.		86		10,431

(Cost $48,356)				43,384

TOTAL PREFERRED STOCKS (Cost $136,695)				133,880

RIGHTS — 0.0%
Hong Kong — 0.0%
Link REIT*, expires 3/27/23 (Cost $0)		1,668		1,573


	Number of Shares		Value
New Zealand — 0.0%
Ryman Healthcare Ltd.*, expires 3/6/23 (Cost $0)		890	$	110

TOTAL RIGHTS (Cost $0)				1,683

WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		826		969

SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (d)(e) (Cost $914,720)		914,720		914,720

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Number of Shares		Value
COMMON STOCKS — 99.1%
Australia — 2.4%
Ampol Ltd.		2,507	$	55,722
ANZ Group Holdings Ltd.		31,385		521,705
APA Group (a)		11,384		82,372
Aristocrat Leisure Ltd.		6,908		170,218
ASX Ltd.		2,193		100,621
Atlassian Corp., Class A*		1,597		262,435
Aurizon Holdings Ltd.		16,325		36,439
BHP Group Ltd.		53,049		1,616,967
BlueScope Steel Ltd.		5,167		66,412
Brambles Ltd.		14,991		130,105
Cochlear Ltd.		786		117,785
Coles Group Ltd.		13,331		163,434
Commonwealth Bank of Australia		17,969		1,220,101
Computershare Ltd.		5,724		95,728
CSL Ltd.		5,162		1,031,419
Dexus REIT		12,041		68,450
EBOS Group Ltd.		2,072		56,958
Endeavour Group Ltd.		13,936		64,187
Fortescue Metals Group Ltd.		18,157		262,026
Goodman Group REIT		17,542		234,933
GPT Group REIT		22,387		71,105
IDP Education Ltd.		2,287		44,262
IGO Ltd.		7,056		62,475
Insurance Australia Group Ltd.		24,577		77,067
Lendlease Corp. Ltd. (a)		7,597		39,140
Lottery Corp. Ltd.*		28,184		98,641
Macquarie Group Ltd.		3,843		491,146
Medibank Pvt Ltd.		31,226		70,331
Mineral Resources Ltd.		1,958		109,011
Mirvac Group REIT		44,321		67,846
National Australia Bank Ltd.		34,061		689,071
Newcrest Mining Ltd.		8,480		128,895
Northern Star Resources Ltd.		11,866		82,979
Orica Ltd.		5,205		56,862
Origin Energy Ltd.		19,925		107,626
Pilbara Minerals Ltd.*		26,559		74,685
Qantas Airways Ltd.*		8,405		36,388
QBE Insurance Group Ltd.		16,050		163,216
Ramsay Health Care Ltd.		2,068		94,202
REA Group Ltd.		644		53,360
Reece Ltd.		1,325		14,779
Rio Tinto Ltd.		4,032		317,387
Santos Ltd.		35,456		167,368
Scentre Group REIT		53,099		106,706
SEEK Ltd.		3,640		59,353
Sonic Healthcare Ltd.		4,957		107,670
South32 Ltd.		43,804		128,200
Stockland REIT		18,901		48,944
Suncorp Group Ltd.		13,301		115,259
Telstra Group Ltd.		38,195		107,148
Transurban Group (a)		33,729		322,526
Treasury Wine Estates Ltd.		9,025		85,265
Vicinity Ltd. REIT		51,676		71,089
Washington H Soul Pattinson & Co. Ltd.		2,244		44,126
Wesfarmers Ltd.		11,948		388,676


	Number of Shares		Value
Australia (Continued)
Westpac Banking Corp.		36,877	$	560,276
WiseTech Global Ltd.		1,441		61,220
Woodside Energy Group Ltd.		20,194		489,016
Woolworths Group Ltd.		12,766		317,835

(Cost $12,689,024)				12,489,168

Austria — 0.1%
Erste Group Bank AG		3,594		141,709
OMV AG		1,252		61,222
Verbund AG		609		53,024
voestalpine AG		1,178		43,750

(Cost $269,602)				299,705

Belgium — 0.3%
Ageas SA/NV		1,537		69,649
Anheuser-Busch InBev SA/NV		9,274		562,862
D’ieteren Group		265		51,570
Elia Group SA/NV		344		45,529
Groupe Bruxelles Lambert NV		1,191		100,438
KBC Group NV		2,684		201,239
Sofina SA		121		30,335
Solvay SA		812		93,217
UCB SA		1,433		123,673
Umicore SA		2,207		73,890
Warehouses De Pauw CVA REIT		1,569		48,187

(Cost $1,478,063)				1,400,589

Bermuda — 0.1%
Arch Capital Group Ltd.*		3,649		255,430
Everest Re Group Ltd.		411		157,812

(Cost $240,884)				413,242

Canada — 3.7%
Agnico Eagle Mines Ltd.		4,954		228,587
Air Canada*		1,527		22,567
Algonquin Power & Utilities Corp.		7,548		57,769
Alimentation Couche-Tard, Inc.		8,565		402,692
AltaGas Ltd.		3,775		64,938
ARC Resources Ltd.		7,237		78,991
Bank of Montreal		6,970		662,059
Bank of Nova Scotia		12,806		634,351
Barrick Gold Corp.		19,388		314,007
BCE, Inc.		766		33,966
Brookfield Asset Management Ltd., Class A		3,728		125,713
Brookfield Corp.		14,914		497,334
BRP, Inc.		398		34,563
CAE, Inc.*		2,955		66,786
Cameco Corp.		4,331		118,658
Canadian Apartment Properties REIT		844		30,637
Canadian Imperial Bank of Commerce		9,592		439,635
Canadian National Railway Co.		5,971		681,592
Canadian Natural Resources Ltd.		11,631		658,758
Canadian Pacific Railway Ltd.		9,832		748,386
Canadian Tire Corp. Ltd., Class A		654		81,706
Canadian Utilities Ltd., Class A		1,372		36,067
CCL Industries, Inc., Class B		1,547		74,575
Cenovus Energy, Inc.		14,713		271,901


	Number of Shares		Value
Canada (Continued)
CGI, Inc.*		2,305	$	207,127
Constellation Software, Inc.		214		368,782
Descartes Systems Group, Inc.*		851		62,907
Dollarama, Inc.		2,830		163,840
Element Fleet Management Corp.		3,800		54,399
Emera, Inc.		2,853		113,265
Empire Co. Ltd., Class A		1,417		37,667
Enbridge, Inc.		21,343		802,489
Fairfax Financial Holdings Ltd.		217		152,052
First Quantum Minerals Ltd.		6,186		135,447
FirstService Corp.		473		64,989
Fortis, Inc.		4,880		193,558
Franco-Nevada Corp.		2,048		262,000
George Weston Ltd.		818		102,712
GFL Environmental, Inc.		1,905		58,041
Gildan Activewear, Inc.		2,243		71,436
Great-West Lifeco, Inc. (b)		2,608		71,318
Hydro One Ltd., 144A		3,660		95,193
iA Financial Corp., Inc.		1,131		76,095
IGM Financial, Inc.		1,249		38,091
Imperial Oil Ltd.		2,335		115,751
Intact Financial Corp.		1,882		270,954
Ivanhoe Mines Ltd., Class A*		6,379		53,414
Keyera Corp. (b)		2,155		47,660
Kinross Gold Corp.		14,211		52,608
Loblaw Cos. Ltd.		1,753		150,147
Lululemon Athletica, Inc.*		1,182		365,474
Lumine Group, Inc.* (c)		642		7,715
Lundin Mining Corp.		6,394		39,873
Magna International, Inc.		2,866		160,094
Manulife Financial Corp.		20,455		405,359
Metro, Inc.		2,248		117,019
National Bank of Canada		3,570		262,797
Northland Power, Inc.		2,762		67,252
Nutrien Ltd.		5,467		426,936
Nuvei Corp., 144A*		663		20,346
Onex Corp.		727		38,960
Open Text Corp.		2,596		89,562
Pan American Silver Corp.		2,017		30,134
Parkland Corp.		1,889		41,403
Pembina Pipeline Corp.		5,419		178,318
Power Corp. of Canada		6,251		167,220
Quebecor, Inc., Class B		1,565		37,106
Restaurant Brands International, Inc.		2,700		174,619
RioCan Real Estate Investment Trust REIT		1,558		24,730
Ritchie Bros Auctioneers, Inc.		1,163		71,312
Rogers Communications, Inc., Class B		3,414		163,447
Royal Bank of Canada		14,582		1,483,852
Saputo, Inc.		2,485		66,695
Shaw Communications, Inc., Class B		4,810		139,659
Shopify, Inc., Class A*		12,799		528,149
Sun Life Financial, Inc. (b)		6,191		299,853
Suncor Energy, Inc. (b)		14,240		479,670
TC Energy Corp.		10,625		423,845
Teck Resources Ltd., Class B		5,134		205,405
TELUS Corp.		4,782		95,292


	Number of Shares		Value
Canada (Continued)
TFI International, Inc.		831	$	101,634
Thomson Reuters Corp.		1,636		198,586
TMX Group Ltd.		650		64,964
Toromont Industries Ltd.		870		71,916
Toronto-Dominion Bank		19,469		1,299,173
Tourmaline Oil Corp.		3,360		147,584
West Fraser Timber Co. Ltd.		468		35,235
Wheaton Precious Metals Corp.		4,759		198,721
WSP Global, Inc.		1,379		173,620

(Cost $19,136,552)				19,091,709

Chile — 0.0%
Antofagasta PLC (Cost $80,056)		4,186		79,564

Denmark — 0.9%
A.P. Moller — Maersk A/S, Class A		33		75,799
A.P. Moller — Maersk A/S, Class B		55		128,605
Carlsberg A/S, Class B		958		135,933
Chr Hansen Holding A/S		1,273		88,501
Coloplast A/S, Class B		1,263		146,456
Danske Bank A/S		6,419		149,499
Demant A/S*		883		26,535
DSV A/S		2,021		368,895
Genmab A/S*		659		248,651
Novo Nordisk A/S, Class B		17,403		2,470,343
Novozymes A/S, Class B		2,102		101,596
Orsted AS, 144A		2,061		180,668
Pandora A/S		1,202		114,308
ROCKWOOL A/S, Class B		134		30,598
Tryg A/S		3,795		84,330
Vestas Wind Systems A/S		10,782		308,189

(Cost $3,884,051)				4,658,906

Finland — 0.4%
Elisa OYJ		1,275		72,637
Fortum OYJ		4,980		76,368
Kesko OYJ, Class B		2,459		53,642
Kone OYJ, Class B		3,570		186,081
Metso Outotec OYJ		7,500		80,174
Neste OYJ		4,438		215,040
Nokia OYJ		59,302		275,426
Nordea Bank Abp		35,850		455,971
Orion OYJ, Class B		1,258		59,435
Sampo OYJ, Class A		5,045		246,324
Stora Enso OYJ, Class R		5,413		76,894
UPM-Kymmene OYJ		5,952		216,568
Wartsila OYJ Abp		5,034		48,880

(Cost $2,122,075)				2,063,440

France — 3.7%
Accor SA*		2,048		68,372
Aeroports de Paris*		316		46,062
Air Liquide SA		5,490		876,583
Airbus SE		6,183		813,208
Alstom SA (b)		3,534		104,302
Amundi SA, 144A		514		34,014
Arkema SA		656		66,897
AXA SA		19,843		628,149


	Number of Shares		Value
France (Continued)
BioMerieux		554	$	54,486
BNP Paribas SA		11,828		829,759
Bollore SE		10,000		56,101
Bouygues SA		2,769		94,086
Bureau Veritas SA		3,469		99,550
Capgemini SE		1,728		325,918
Carrefour SA		7,249		143,834
Cie de Saint-Gobain		5,246		313,386
Cie Generale des Etablissements Michelin SCA		7,667		241,771
Covivio SA REIT		651		41,906
Credit Agricole SA		12,106		148,438
Danone SA		6,998		395,114
Dassault Aviation SA		202		34,854
Dassault Systemes SE		6,978		270,698
Edenred		2,625		148,433
Eiffage SA		859		94,741
Engie SA		20,635		302,779
EssilorLuxottica SA		3,077		536,464
Eurazeo SE		503		34,033
Gecina SA REIT		567		65,602
Getlink SE		5,071		85,641
Hermes International		328		596,727
Ipsen SA		394		45,168
Kering SA		789		464,388
Klepierre SA REIT*		1,889		47,418
La Francaise des Jeux SAEM, 144A		850		33,704
Legrand SA		2,751		255,568
L’Oreal SA		2,535		1,008,407
LVMH Moet Hennessy Louis Vuitton SE		2,885		2,413,980
Orange SA		21,011		240,469
Pernod Ricard SA		2,165		453,916
Publicis Groupe SA		2,419		193,017
Remy Cointreau SA		246		43,411
Renault SA*		2,024		91,160
Safran SA		3,717		528,054
Sanofi		12,033		1,134,326
Sartorius Stedim Biotech		294		96,249
Schneider Electric SE		5,750		927,609
SEB SA (b)		129		14,966
Societe Generale SA		8,328		241,286
Sodexo SA		988		91,932
Teleperformance		655		170,879
Thales SA		1,121		157,162
TotalEnergies SE (b)		26,281		1,632,405
Unibail-Rodamco-Westfield REIT*		1,274		80,984
Valeo		2,248		47,048
Veolia Environnement SA		7,339		220,337
Vinci SA		5,574		637,467
Vivendi SE		7,528		77,823
Wendel SE		286		32,605
Worldline SA, 144A*		2,587		108,424

(Cost $16,970,818)				19,042,070

Germany — 2.4%
adidas AG		1,818		273,119
Allianz SE		4,222		994,662
BASF SE		9,722		499,786


	Number of Shares		Value
Germany (Continued)
Bayer AG		10,496	$	626,565
Bayerische Motoren Werke AG		3,545		367,489
Bechtle AG		752		31,844
Beiersdorf AG		1,058		126,787
Brenntag SE		1,710		129,481
Carl Zeiss Meditec AG		471		63,086
Commerzbank AG*		11,245		137,439
Continental AG		1,156		83,364
Covestro AG, 144A		2,058		90,902
Daimler Truck Holding AG*		4,426		140,884
Delivery Hero SE, 144A*		1,558		63,100
Deutsche Bank AG (d)		21,324		266,847
Deutsche Boerse AG		2,011		351,890
Deutsche Lufthansa AG*		5,569		58,008
Deutsche Post AG		10,618		451,767
Deutsche Telekom AG		34,133		768,666
E.ON SE		22,476		246,581
Evonik Industries AG		2,210		47,413
Fresenius Medical Care AG & Co. KGaA		2,069		81,009
Fresenius SE & Co. KGaA		4,251		117,348
GEA Group AG		1,618		71,415
Hannover Rueck SE		600		116,888
HeidelbergCement AG		1,542		106,490
HelloFresh SE*		1,540		34,738
Henkel AG & Co. KGaA		1,178		81,765
Infineon Technologies AG		13,990		497,242
Knorr-Bremse AG		647		44,201
LEG Immobilien SE		676		49,308
Mercedes-Benz Group AG		8,451		651,110
Merck KGaA		1,361		258,863
MTU Aero Engines AG		643		155,815
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,499		518,398
Nemetschek SE		589		33,530
Puma SE		1,179		75,520
Rational AG		34		22,644
Rheinmetall AG		456		116,351
RWE AG		6,870		293,174
SAP SE		10,998		1,253,581
Scout24 SE, 144A		586		32,266
Siemens AG		8,147		1,250,193
Siemens Energy AG* (b)		4,186		84,213
Siemens Healthineers AG, 144A		2,957		154,851
Symrise AG		1,433		147,107
Telefonica Deutschland Holding AG		10,718		32,633
United Internet AG		1,437		31,576
Volkswagen AG		314		56,210
Vonovia SE		8,233		208,237
Zalando SE, 144A*		2,162		86,209

(Cost $13,487,814)				12,482,565

Hong Kong — 0.8%
AIA Group Ltd.		124,878		1,324,428
BOC Hong Kong Holdings Ltd.		35,779		121,018
Budweiser Brewing Co. APAC Ltd., 144A		20,536		61,481
CK Asset Holdings Ltd.		21,324		133,657
CK Hutchison Holdings Ltd.		27,551		164,264


	Number of Shares		Value
Hong Kong (Continued)
CK Infrastructure Holdings Ltd.		6,637	$	35,005
CLP Holdings Ltd.		16,859		119,309
ESR Group Ltd., 144A		26,986		45,862
Futu Holdings Ltd., ADR*		662		32,577
Galaxy Entertainment Group Ltd.		21,091		140,257
Hang Lung Properties Ltd.		28,377		54,733
Hang Seng Bank Ltd.		7,093		115,303
Henderson Land Development Co. Ltd.		17,717		62,183
HKT Trust & HKT Ltd. (a)		32,397		42,098
Hong Kong & China Gas Co. Ltd.		102,306		96,187
Hong Kong Exchanges & Clearing Ltd.		12,866		515,656
Hongkong Land Holdings Ltd.		12,100		55,297
Jardine Matheson Holdings Ltd.		1,651		81,758
Link REIT		20,921		137,528
MTR Corp. Ltd.		17,543		88,391
New World Development Co. Ltd.		15,905		43,260
Power Assets Holdings Ltd.		14,613		78,189
Sino Land Co. Ltd.		37,865		48,528
SITC International Holdings Co. Ltd.		15,433		32,244
Sun Hung Kai Properties Ltd.		14,824		202,450
Swire Pacific Ltd., Class A		3,327		27,126
Swire Properties Ltd.		13,400		35,252
Techtronic Industries Co. Ltd.		14,647		145,640
WH Group Ltd., 144A		110,032		63,921
Wharf Real Estate Investment Co. Ltd.		14,195		77,761
Xinyi Glass Holdings Ltd.		17,012		31,772

(Cost $4,771,826)				4,213,135

Ireland — 1.1%
Accenture PLC, Class A		6,660		1,768,563
AerCap Holdings NV*		1,414		88,290
AIB Group PLC		10,277		44,096
Allegion PLC		931		104,933
Aptiv PLC*		2,891		336,166
Bank of Ireland Group PLC		10,885		120,399
CRH PLC		8,071		381,060
DCC PLC		1,183		66,196
Experian PLC		9,365		318,024
Flutter Entertainment PLC*		1,754		283,389
James Hardie Industries PLC CDI		4,349		91,003
Jazz Pharmaceuticals PLC*		646		90,698
Kerry Group PLC, Class A		1,507		144,827
Kingspan Group PLC		1,626		106,187
Medtronic PLC		14,022		1,161,022
Smurfit Kappa Group PLC		2,152		80,721
Trane Technologies PLC		2,456		454,286

(Cost $6,090,772)				5,639,860

Israel — 0.2%
Azrieli Group Ltd.		561		31,482
Bank Hapoalim BM		13,376		111,973
Bank Leumi Le-Israel BM		14,706		114,452
Bezeq The Israeli Telecommunication Corp. Ltd.		20,763		28,749
Check Point Software Technologies Ltd.*		1,084		134,112
CyberArk Software Ltd.*		496		71,806
Elbit Systems Ltd.		283		47,985


	Number of Shares		Value
Israel (Continued)
First International Bank Of Israel Ltd.		550	$	19,498
ICL Group Ltd.		7,695		55,948
Israel Discount Bank Ltd., Class A		12,524		59,449
Mizrahi Tefahot Bank Ltd.		1,777		52,877
Nice Ltd.*		720		149,006
SolarEdge Technologies, Inc.*		567		180,261
Teva Pharmaceutical Industries Ltd., ADR*		12,191		120,813
Tower Semiconductor Ltd.*		1,147		46,910
Wix.com Ltd.*		644		58,301

(Cost $1,373,513)				1,283,622

Italy — 0.6%
Amplifon SpA		1,275		37,022
Assicurazioni Generali SpA		11,653		231,218
Davide Campari-Milano NV		5,568		62,562
DiaSorin SpA		193		23,364
Enel SpA		85,958		484,690
Eni SpA		26,787		379,696
Ferrari NV		1,371		356,653
FinecoBank Banca Fineco SpA		6,668		115,618
Infrastrutture Wireless Italiane SpA, 144A		2,866		31,671
Intesa Sanpaolo SpA		174,275		473,413
Mediobanca Banca di Credito Finanziario SpA		5,650		60,517
Moncler SpA		2,153		131,972
Nexi SpA, 144A*		6,823		55,368
Poste Italiane SpA, 144A		3,913		42,327
Prysmian SpA		2,956		114,014
Recordati Industria Chimica e Farmaceutica SpA		1,343		57,170
Snam SpA		21,239		104,646
Telecom Italia SpA*		53,264		17,466
Terna — Rete Elettrica Nazionale		12,869		97,280
UniCredit SpA		20,289		416,301

(Cost $3,100,145)				3,292,968

Jersey — 0.0%
Novocure Ltd.* (Cost $101,886)		834		64,193

Jordan — 0.0%
Hikma Pharmaceuticals PLC (Cost $64,591)		2,053		43,048

Luxembourg — 0.1%
ArcelorMittal SA		5,260		158,673
Aroundtown SA (b)		10,721		27,878
Eurofins Scientific SE		1,443		101,000
Tenaris SA		4,952		82,345

(Cost $371,643)				369,896

Macau — 0.0%
Sands China Ltd.* (Cost $96,173)		26,189		90,750

Netherlands — 1.6%
ABN AMRO Bank NV, 144A		2,867		50,791
Adyen NV, 144A*		231		329,541


	Number of Shares		Value
Netherlands (Continued)
Aegon NV		19,718	$	103,154
Akzo Nobel NV		1,979		145,316
Argenx SE*		593		215,202
ASM International NV		491		168,188
ASML Holding NV		4,251		2,632,782
Euronext NV, 144A		904		66,284
EXOR NV*		1,359		112,358
Heineken Holding NV		1,400		120,186
Heineken NV		2,564		262,395
IMCD NV		668		106,191
ING Groep NV		40,168		565,107
JDE Peet’s NV		740		21,848
Just Eat Takeaway.com NV, 144A*		1,974		43,334
Koninklijke Ahold Delhaize NV		11,432		363,891
Koninklijke DSM NV		1,858		229,947
Koninklijke KPN NV		37,552		129,069
Koninklijke Philips NV		9,820		160,898
NN Group NV		3,208		130,300
NXP Semiconductors NV		2,704		482,610
OCI NV		1,107		36,863
Prosus NV*		8,739		629,463
QIAGEN NV*		2,434		112,440
Randstad NV		1,441		88,787
Stellantis NV		23,100		405,533
Universal Music Group NV		7,528		178,430
Wolters Kluwer NV		2,773		321,867

(Cost $7,915,129)				8,212,775

New Zealand — 0.1%
Auckland International Airport Ltd.*		12,828		69,462
Fisher & Paykel Healthcare Corp. Ltd.		5,584		89,880
Mercury NZ Ltd.		7,206		27,992
Meridian Energy Ltd.		13,566		44,630
Spark New Zealand Ltd.		22,480		69,637
Xero Ltd.*		1,525		79,905

(Cost $462,688)				381,506

Norway — 0.2%
Adevinta ASA*		1,886		14,163
Aker BP ASA		3,267		88,507
DNB Bank ASA		9,727		195,169
Equinor ASA		9,916		306,828
Gjensidige Forsikring ASA		1,901		33,880
Kongsberg Gruppen ASA		944		39,433
Mowi ASA		4,276		74,245
Norsk Hydro ASA		16,424		120,102
Orkla ASA		8,653		58,475
Salmar ASA		620		25,887
Telenor ASA		7,867		88,619
Yara International ASA		1,433		68,433

(Cost $1,181,972)				1,113,741

Portugal — 0.1%
EDP — Energias de Portugal SA		31,046		157,247
Galp Energia SGPS SA		5,904		72,379
Jeronimo Martins SGPS SA		3,502		72,123

(Cost $301,163)				301,749


	Number of Shares		Value
Singapore — 0.4%
CapitaLand Ascendas REIT		34,979	$	71,977
CapitaLand Integrated Commercial Trust REIT		48,156		69,400
Capitaland Investment Ltd.		27,702		76,553
City Developments Ltd.		3,300		18,901
DBS Group Holdings Ltd.		19,307		490,079
Genting Singapore Ltd.		88,400		66,982
Grab Holdings Ltd., Class A*		12,634		40,555
Jardine Cycle & Carriage Ltd.		1,300		28,692
Keppel Corp. Ltd.		15,500		63,099
Mapletree Logistics Trust REIT		34,128		42,845
Mapletree Pan Asia Commercial Trust REIT		14,100		18,016
Oversea-Chinese Banking Corp. Ltd.		35,285		332,103
Sea Ltd., ADR* (b)		3,780		236,212
Sembcorp Marine Ltd.* (c)		296,050		27,930
Singapore Airlines Ltd.		14,250		60,233
Singapore Exchange Ltd.		9,131		59,080
Singapore Technologies Engineering Ltd.		10,502		27,851
Singapore Telecommunications Ltd.		87,200		153,522
United Overseas Bank Ltd.		12,601		280,074
UOL Group Ltd.		2,801		14,212
Venture Corp. Ltd.		2,056		26,224
Wilmar International Ltd.		20,400		59,708

(Cost $2,486,037)				2,264,248

Spain — 0.8%
Acciona SA		263		49,674
ACS Actividades de Construccion y Servicios SA		2,360		71,730
Aena SME SA, 144A*		738		114,580
Amadeus IT Group SA*		4,744		298,842
Banco Bilbao Vizcaya Argentaria SA		63,976		500,233
Banco Santander SA		172,538		681,130
CaixaBank SA		46,707		200,707
Cellnex Telecom SA, 144A*		5,726		215,935
Corp ACCIONA Energias Renovables SA		692		26,874
EDP Renovaveis SA		2,883		59,345
Enagas SA		2,776		49,929
Endesa SA		3,394		66,840
Ferrovial SA		5,239		145,899
Grifols SA* (b)		3,570		43,671
Iberdrola SA		63,223		728,477
Industria de Diseno Textil SA		11,424		352,430
Naturgy Energy Group SA		1,079		29,820
Red Electrica Corp. SA		4,174		69,541
Repsol SA		13,972		222,334
Telefonica SA		57,332		234,022

(Cost $3,886,072)				4,162,013

Sweden — 1.0%
Alfa Laval AB		3,477		115,026
Assa Abloy AB, Class B		10,448		255,575
Atlas Copco AB, Class A		28,529		341,081
Atlas Copco AB, Class B		16,708		177,228
Boliden AB		2,882		118,874


	Number of Shares		Value
Sweden (Continued)
Electrolux AB, Class B		2,248	$	27,381
Embracer Group AB* (b)		6,727		32,665
Epiroc AB, Class A		7,164		138,422
Epiroc AB, Class B		4,774		78,921
EQT AB		3,300		74,363
Essity AB, Class B (b)		5,908		160,325
Evolution AB, 144A		1,887		229,185
Fastighets AB Balder, Class B* (b)		8,274		41,272
Getinge AB, Class B		2,631		56,891
H & M Hennes & Mauritz AB, Class B (b)		8,596		108,837
Hexagon AB, Class B		20,253		225,571
Holmen AB, Class B		991		40,196
Husqvarna AB, Class B		3,522		31,381
Industrivarden AB, Class A		1,509		41,702
Industrivarden AB, Class C (b)		1,886		52,012
Indutrade AB		2,878		61,542
Investment AB Latour, Class B (b)		1,355		28,221
Investor AB, Class A		5,453		112,421
Investor AB, Class B		19,580		380,387
Kinnevik AB, Class B* (b)		2,684		40,188
L E Lundbergforetagen AB, Class B		661		30,849
Lifco AB, Class B		2,760		55,472
Nibe Industrier AB, Class B		16,347		169,919
Sagax AB, Class B		2,014		49,845
Sandvik AB		11,326		234,370
Securitas AB, Class B		6,760		58,586
Skandinaviska Enskilda Banken AB, Class A		17,148		215,489
Skanska AB, Class B		2,861		52,289
SKF AB, Class B (b)		3,392		64,840
Svenska Cellulosa AB SCA, Class B		6,139		86,122
Svenska Handelsbanken AB, Class A		14,293		152,269
Swedbank AB, Class A		9,802		200,954
Swedish Orphan Biovitrum AB*		1,776		41,060
Tele2 AB, Class B		5,661		52,297
Telefonaktiebolaget LM Ericsson, Class B		31,875		177,583
Telia Co. AB		26,262		68,119
Volvo AB, Class A		1,612		33,728
Volvo AB, Class B		15,895		319,772
Volvo Car AB, Class B*		6,277		29,770

(Cost $5,752,655)				5,063,000

Switzerland — 3.4%
ABB Ltd.		17,067		569,598
Adecco Group AG		1,447		51,658
Alcon, Inc.		5,259		360,008
Bachem Holding AG		205		20,549
Baloise Holding AG		556		92,840
Banque Cantonale Vaudoise		280		25,080
Barry Callebaut AG		38		75,980
BKW AG		222		32,545
Chocoladefabriken Lindt & Spruengli AG		1		111,283
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		11		121,120
Chubb Ltd.		4,434		935,663
Cie Financiere Richemont SA, Class A		5,583		844,375


	Number of Shares		Value
Switzerland (Continued)
Clariant AG*		1,604	$	26,099
Coca-Cola HBC AG*		1,538		39,604
Credit Suisse Group AG		35,221		107,176
EMS-Chemie Holding AG		75		57,055
Garmin Ltd.		1,596		156,615
Geberit AG		375		203,654
Givaudan SA		100		303,121
Glencore PLC		112,062		672,031
Holcim AG*		5,842		362,394
Julius Baer Group Ltd.		2,083		138,593
Kuehne + Nagel International AG		571		146,824
Logitech International SA		1,615		88,706
Lonza Group AG		785		469,702
Nestle SA		29,117		3,295,526
Novartis AG		22,837		1,931,734
Partners Group Holding AG		241		229,776
Roche Holding AG		7,396		2,144,820
Roche Holding AG		284		88,238
Schindler Holding AG		250		54,014
Schindler Holding AG Participation Certificates		394		88,868
SGS SA		68		156,569
SIG Group AG*		3,217		78,190
Sika AG		1,502		422,916
Sonova Holding AG		564		139,127
STMicroelectronics NV		7,096		341,837
Straumann Holding AG		1,172		156,121
Swatch Group AG — Bearer		308		107,525
Swatch Group AG — Registered		751		48,197
Swiss Life Holding AG		328		198,147
Swiss Prime Site AG		727		61,666
Swiss Re AG		3,304		346,175
Swisscom AG		276		170,915
Temenos AG		650		48,047
UBS Group AG		35,200		768,034
VAT Group AG, 144A		287		87,087
Zurich Insurance Group AG		1,578		751,581

(Cost $18,181,644)				17,727,383

United Kingdom — 5.0%
3i Group PLC		10,966		216,000
abrdn PLC		17,635		47,952
Admiral Group PLC		2,151		57,316
Amcor PLC		14,698		163,736
Anglo American PLC		13,312		464,871
Ashtead Group PLC		4,506		300,581
Associated British Foods PLC		4,276		103,897
AstraZeneca PLC		16,327		2,150,572
Auto Trader Group PLC, 144A		10,678		76,969
Aviva PLC		29,313		158,417
BAE Systems PLC		33,139		360,275
Barclays PLC		176,480		373,128
Barratt Developments PLC		9,916		56,315
Berkeley Group Holdings PLC		1,274		64,718
BP PLC		190,986		1,272,851
British American Tobacco PLC		22,689		863,470
British Land Co. PLC REIT		9,639		52,127


	Number of Shares		Value
United Kingdom (Continued)
BT Group PLC		73,182	$	123,461
Bunzl PLC		3,554		127,531
Burberry Group PLC		3,660		109,268
Clarivate PLC*		3,643		36,904
CNH Industrial NV		9,923		163,375
Coca-Cola Europacific Partners PLC		2,074		114,070
Compass Group PLC		18,348		426,490
Croda International PLC		1,456		115,669
Diageo PLC		23,801		1,016,870
Entain PLC		5,500		90,523
Ferguson PLC		2,247		324,944
GSK PLC		42,376		731,266
Haleon PLC*		52,971		206,464
Halma PLC		3,663		95,965
Hargreaves Lansdown PLC		3,549		35,645
HSBC Holdings PLC		212,263		1,633,341
Imperial Brands PLC		9,506		230,744
Informa PLC		13,469		108,991
InterContinental Hotels Group PLC		2,068		140,353
Intertek Group PLC		1,703		86,057
J Sainsbury PLC		18,958		61,556
JD Sports Fashion PLC		33,261		72,924
Johnson Matthey PLC		1,972		52,093
Kingfisher PLC		18,156		63,128
Land Securities Group PLC REIT		7,418		61,769
Legal & General Group PLC		59,923		185,645
Liberty Global PLC, Class A*		1,683		34,485
Liberty Global PLC, Class C*		2,879		61,179
Linde PLC		5,221		1,818,840
Lloyds Banking Group PLC		693,715		441,927
London Stock Exchange Group PLC		3,360		302,318
M&G PLC		29,478		76,478
Melrose Industries PLC		45,027		81,686
Mondi PLC		5,709		96,521
National Grid PLC		39,344		499,181
NatWest Group PLC		54,956		194,474
Next PLC		1,212		100,393
Ocado Group PLC*		5,273		35,034
Pearson PLC		5,387		59,896
Pentair PLC		1,879		105,111
Persimmon PLC		3,391		59,630
Phoenix Group Holdings PLC		7,899		60,572
Prudential PLC		28,934		444,693
Reckitt Benckiser Group PLC		7,649		533,576
RELX PLC		19,860		601,809
Rentokil Initial PLC		26,400		163,769
Rio Tinto PLC		11,830		818,072
Rolls-Royce Holdings PLC*		90,971		159,628
Sage Group PLC		9,649		87,448
Schroders PLC		10,647		64,114
Segro PLC REIT		12,781		127,407
Severn Trent PLC		2,864		95,386
Shell PLC		74,403		2,275,770
Smith & Nephew PLC		9,265		133,030
Smiths Group PLC		3,451		73,678
Spirax-Sarco Engineering PLC		683		96,620
SSE PLC		10,860		229,492


	Number of Shares		Value
United Kingdom (Continued)
St James’s Place PLC		5,716	$	88,681
Standard Chartered PLC		25,489		241,991
Taylor Wimpey PLC		33,857		50,498
Tesco PLC		84,807		261,813
Unilever PLC		26,975		1,350,705
United Utilities Group PLC		6,895		84,977
Vodafone Group PLC		283,731		342,743
Whitbread PLC		2,149		80,366
Willis Towers Watson PLC		1,129		264,592
WPP PLC		12,837		159,141

(Cost $24,378,061)				26,055,965

United States — 69.6%
3M Co.		5,776		622,306
A O Smith Corp.		1,384		90,832
Abbott Laboratories		18,296		1,861,069
AbbVie, Inc.		18,637		2,868,234
Activision Blizzard, Inc.		8,322		634,552
Adobe, Inc.*		4,923		1,594,806
Advance Auto Parts, Inc.		643		93,209
Advanced Micro Devices, Inc.*		16,882		1,326,588
AECOM		1,250		107,950
AES Corp.		7,163		176,783
Aflac, Inc.		6,110		416,396
Agilent Technologies, Inc.		3,161		448,767
Air Products and Chemicals, Inc.		2,338		668,621
Airbnb, Inc., Class A*		3,951		487,079
Akamai Technologies, Inc.*		1,692		122,839
Albemarle Corp.		1,231		313,056
Alcoa Corp.		1,941		94,993
Alexandria Real Estate Equities, Inc. REIT		1,603		240,097
Align Technology, Inc.*		747		231,196
Alliant Energy Corp.		2,758		141,403
Allstate Corp.		2,856		367,796
Ally Financial, Inc.		3,394		101,990
Alnylam Pharmaceuticals, Inc.*		1,250		239,313
Alphabet, Inc., Class A*		63,240		5,695,394
Alphabet, Inc., Class C*		58,068		5,243,540
Altria Group, Inc.		19,142		888,763
Amazon.com, Inc.*		97,002		9,140,498
Ameren Corp.		2,841		234,979
American Electric Power Co., Inc.		5,139		452,078
American Express Co.		6,636		1,154,598
American Financial Group, Inc.		747		100,180
American Homes 4 Rent, Class A REIT		3,294		102,180
American International Group, Inc.		7,909		483,319
American Tower Corp. REIT		4,911		972,427
American Water Works Co., Inc.		1,912		268,407
Ameriprise Financial, Inc.		1,164		399,101
AmerisourceBergen Corp.		1,655		257,452
AMETEK, Inc.		2,437		344,982
Amgen, Inc.		5,643		1,307,257
Amphenol Corp., Class A		6,448		499,849
Analog Devices, Inc.		5,398		990,371
Annaly Capital Management, Inc. REIT (b)		5,118		105,840
ANSYS, Inc.*		921		279,625


	Number of Shares		Value
United States (Continued)
Aon PLC, Class A		2,220	$	674,991
APA Corp.		3,656		140,317
Apollo Global Management, Inc.		4,210		298,489
Apple, Inc.		167,864		24,744,832
Applied Materials, Inc.		9,062		1,052,551
Aramark		2,229		82,027
Archer-Daniels-Midland Co.		5,765		458,894
Ares Management Corp., Class A		1,633		131,669
Arista Networks, Inc.*		2,592		359,510
Arrow Electronics, Inc.*		610		71,974
Arthur J Gallagher & Co.		2,164		405,425
Aspen Technology, Inc.*		300		63,603
Assurant, Inc.		648		82,549
AT&T, Inc.		75,404		1,425,890
Atmos Energy Corp.		1,564		176,435
Autodesk, Inc.*		2,294		455,795
Automatic Data Processing, Inc.		4,427		973,143
AutoZone, Inc.*		203		504,768
AvalonBay Communities, Inc. REIT		1,427		246,186
Avantor, Inc.*		6,427		156,626
Avery Dennison Corp.		858		156,319
Axon Enterprise, Inc.*		748		149,832
Baker Hughes Co.		10,045		307,377
Ball Corp.		3,386		190,327
Bank of America Corp.		76,491		2,623,641
Bank of New York Mellon Corp.		8,245		419,506
Bath & Body Works, Inc.		2,230		91,140
Baxter International, Inc.		5,145		205,543
Becton Dickinson and Co.		3,002		704,119
Bentley Systems, Inc., Class B		1,975		79,909
Berkshire Hathaway, Inc., Class B*		13,695		4,179,440
Best Buy Co., Inc.		2,321		192,898
BILL Holdings, Inc.*		985		83,361
Biogen, Inc.*		1,529		412,616
BioMarin Pharmaceutical, Inc.*		1,937		192,906
Bio-Rad Laboratories, Inc., Class A*		238		113,726
Bio-Techne Corp.		1,644		119,420
Black Knight, Inc.*		1,638		97,625
BlackRock, Inc.		1,579		1,088,610
Blackstone, Inc.		7,375		669,650
Block, Inc.*		5,700		437,361
Boeing Co.*		5,919		1,192,974
Booking Holdings, Inc.*		415		1,047,460
Booz Allen Hamilton Holding Corp.		1,547		146,547
BorgWarner, Inc.		2,137		107,448
Boston Properties, Inc. REIT		1,446		94,684
Boston Scientific Corp.*		15,337		716,545
Bristol-Myers Squibb Co.		22,372		1,542,773
Broadcom, Inc.		4,422		2,627,950
Broadridge Financial Solutions, Inc.		1,261		177,524
Brookfield Renewable Corp., Class A		1,360		37,960
Brown & Brown, Inc.		2,740		153,632
Brown-Forman Corp., Class B		3,261		211,541
Bunge Ltd.		1,539		146,975
Burlington Stores, Inc.*		648		138,834
C.H. Robinson Worldwide, Inc.		1,351		135,046
Cadence Design Systems, Inc.*		2,968		572,646


	Number of Shares		Value
United States (Continued)
Caesars Entertainment, Inc.*		2,164	$	109,845
Camden Property Trust REIT		1,046		120,039
Campbell Soup Co.		1,961		102,992
Capital One Financial Corp.		3,952		431,084
Cardinal Health, Inc.		2,919		220,997
Carlisle Cos., Inc.		544		140,472
Carlyle Group, Inc.		2,012		69,213
CarMax, Inc.*		1,543		106,529
Carnival Corp.*		8,578		91,098
Carrier Global Corp.		9,011		405,765
Catalent, Inc.*		1,790		122,114
Caterpillar, Inc.		5,495		1,316,327
Cboe Global Markets, Inc.		1,003		126,549
CBRE Group, Inc., Class A*		3,244		276,194
CDW Corp.		1,400		283,388
Celanese Corp.		1,236		143,660
Centene Corp.*		5,840		399,456
CenterPoint Energy, Inc.		6,629		184,419
Ceridian HCM Holding, Inc.*		1,364		99,477
CF Industries Holdings, Inc.		2,142		183,976
Charles River Laboratories International, Inc.*		572		125,462
Charles Schwab Corp.		15,263		1,189,293
Charter Communications, Inc., Class A*		1,166		428,633
Cheniere Energy, Inc.		2,418		380,448
Chesapeake Energy Corp. (b)		1,047		84,608
Chevron Corp.		19,428		3,123,440
Chewy, Inc., Class A*		729		29,561
Chipotle Mexican Grill, Inc.*		298		444,342
Church & Dwight Co., Inc.		2,554		213,974
Cigna Group		3,202		935,304
Cincinnati Financial Corp.		1,607		193,965
Cintas Corp.		986		432,331
Cisco Systems, Inc.		43,134		2,088,548
Citigroup, Inc.		20,900		1,059,421
Citizens Financial Group, Inc.		5,144		214,813
Cleveland-Cliffs, Inc.*		5,524		117,827
Clorox Co.		1,295		201,295
Cloudflare, Inc., Class A*		2,816		168,988
CME Group, Inc.		3,698		685,461
CMS Energy Corp.		2,829		166,826
Coca-Cola Co.		43,480		2,587,495
Cognex Corp.		1,507		71,462
Cognizant Technology Solutions Corp., Class A		5,279		330,624
Coinbase Global, Inc., Class A*		1,261		81,751
Colgate-Palmolive Co.		8,319		609,783
Comcast Corp., Class A		45,126		1,677,333
Conagra Brands, Inc.		5,234		190,570
ConocoPhillips		13,114		1,355,332
Consolidated Edison, Inc.		3,731		333,365
Constellation Brands, Inc., Class A		1,735		388,120
Constellation Energy Corp.		3,530		264,362
Cooper Cos., Inc.		542		177,218
Copart, Inc.*		4,362		307,347
Corning, Inc.		8,586		291,495
Corteva, Inc.		7,658		477,017


	Number of Shares		Value
United States (Continued)
CoStar Group, Inc.*		4,323	$	305,463
Costco Wholesale Corp.		4,668		2,260,152
Coterra Energy, Inc.		8,572		214,043
Crowdstrike Holdings, Inc., Class A*		2,058		248,380
Crown Castle, Inc. REIT		4,550		594,913
Crown Holdings, Inc.		1,390		120,249
CSX Corp.		22,131		674,774
Cummins, Inc.		1,427		346,875
CVS Health Corp.		13,617		1,137,564
D.R. Horton, Inc.		3,557		328,951
Danaher Corp.		7,375		1,825,534
Darden Restaurants, Inc.		1,350		193,037
Darling Ingredients, Inc.*		1,612		101,991
Datadog, Inc., Class A*		2,638		201,860
DaVita, Inc.*		690		56,759
Deere & Co.		3,023		1,267,363
Dell Technologies, Inc., Class C		2,718		110,460
Delta Air Lines, Inc.*		1,356		51,989
DENTSPLY SIRONA, Inc. (b)		2,179		82,955
Devon Energy Corp.		6,464		348,539
Dexcom, Inc.*		4,086		453,587
Diamondback Energy, Inc.		1,773		249,248
Digital Realty Trust, Inc. REIT		2,998		312,482
Discover Financial Services		3,002		336,224
DISH Network Corp., Class A*		2,762		31,514
DocuSign, Inc.*		2,070		126,995
Dollar General Corp.		2,437		527,123
Dollar Tree, Inc.*		2,323		337,485
Dominion Energy, Inc.		8,537		474,828
Domino’s Pizza, Inc.		416		122,308
DoorDash, Inc., Class A*		2,429		132,769
Dover Corp.		1,520		227,848
Dow, Inc.		7,658		438,038
Dropbox, Inc., Class A*		2,758		56,263
DTE Energy Co.		2,143		235,109
Duke Energy Corp.		8,100		763,506
DuPont de Nemours, Inc.		5,152		376,251
Dynatrace, Inc.*		2,229		94,799
Eastman Chemical Co.		1,155		98,406
Eaton Corp. PLC		4,101		717,388
eBay, Inc.		5,632		258,509
Ecolab, Inc.		2,762		440,180
Edison International		4,097		271,262
Edwards Lifesciences Corp.*		6,566		528,169
Elanco Animal Health, Inc.*		4,180		47,945
Electronic Arts, Inc.		2,942		326,385
Elevance Health, Inc.		2,539		1,192,492
Eli Lilly & Co.		8,600		2,676,492
Emerson Electric Co.		6,248		516,772
Enphase Energy, Inc.*		1,430		301,058
Entegris, Inc.		1,625		138,499
Entergy Corp.		2,137		219,833
EOG Resources, Inc.		6,164		696,655
EPAM Systems, Inc.*		618		190,128
EQT Corp.		3,570		118,453
Equifax, Inc.		1,312		265,719
Equinix, Inc. REIT		958		659,363


	Number of Shares		Value
United States (Continued)
Equitable Holdings, Inc.		4,184	$	131,461
Equity LifeStyle Properties, Inc. REIT		2,055		140,788
Equity Residential REIT		4,000		250,080
Erie Indemnity Co., Class A		270		63,555
Essential Utilities, Inc.		2,229		95,357
Essex Property Trust, Inc. REIT		712		162,379
Estee Lauder Cos., Inc., Class A		2,445		594,257
Etsy, Inc.*		1,340		162,689
Evergy, Inc.		2,419		142,261
Eversource Energy		3,480		262,253
Exact Sciences Corp.*		1,889		117,741
Exelon Corp.		10,565		426,720
Expedia Group, Inc.*		1,440		156,917
Expeditors International of Washington, Inc.		1,781		186,221
Extra Space Storage, Inc. REIT		1,379		227,052
Exxon Mobil Corp.		43,517		4,782,953
F5, Inc.*		645		92,222
FactSet Research Systems, Inc.		395		163,747
Fair Isaac Corp.*		280		189,669
Fastenal Co.		6,061		312,505
FedEx Corp.		2,650		538,533
Fidelity National Financial, Inc.		2,642		105,310
Fidelity National Information Services, Inc.		6,459		409,307
Fifth Third Bancorp		7,202		261,433
First Citizens BancShares, Inc., Class A		127		93,188
First Horizon Corp.		5,355		132,643
First Republic Bank		1,976		243,068
First Solar, Inc.*		1,014		171,508
FirstEnergy Corp.		6,250		247,125
Fiserv, Inc.*		6,378		734,044
FleetCor Technologies, Inc.*		709		152,286
FMC Corp.		1,323		170,865
Ford Motor Co.		42,000		506,940
Fortinet, Inc.*		7,280		432,723
Fortive Corp.		3,695		246,309
Fortune Brands Innovations, Inc.		1,453		90,013
Fox Corp., Class A		2,858		100,087
Fox Corp., Class B		1,563		50,407
Franklin Resources, Inc.		3,384		99,726
Freeport-McMoRan, Inc.		14,789		605,905
Gaming and Leisure Properties, Inc. REIT		3,188		171,769
Gartner, Inc.*		797		261,265
GE HealthCare Technologies, Inc.*		3,819		290,244
Gen Digital, Inc.		5,685		110,914
Generac Holdings, Inc.*		656		78,727
General Dynamics Corp.		2,457		559,975
General Electric Co.		11,459		970,692
General Mills, Inc.		6,222		494,711
General Motors Co.		14,540		563,280
Genuine Parts Co.		1,546		273,426
Gilead Sciences, Inc.		13,234		1,065,734
Global Payments, Inc.		2,971		333,346
Globe Life, Inc.		997		121,325
GoDaddy, Inc., Class A*		1,757		133,022


	Number of Shares		Value
United States (Continued)
Goldman Sachs Group, Inc.		3,583	$	1,259,962
Graco, Inc.		1,383		96,174
Halliburton Co.		9,817		355,670
Hartford Financial Services Group, Inc.		3,435		268,892
Hasbro, Inc.		1,356		74,594
HCA Healthcare, Inc.		2,248		547,276
Healthcare Realty Trust, Inc. REIT (b)		3,990		77,805
Healthpeak Properties, Inc. REIT		6,159		148,186
HEICO Corp.		474		78,480
HEICO Corp., Class A		814		105,942
Henry Schein, Inc.*		1,355		106,110
Hershey Co.		1,539		366,774
Hess Corp.		2,852		384,164
Hewlett Packard Enterprise Co.		13,698		213,826
HF Sinclair Corp.		1,694		84,226
Hilton Worldwide Holdings, Inc.		2,833		409,397
Hologic, Inc.*		2,418		192,570
Home Depot, Inc.		10,732		3,182,467
Honeywell International, Inc.		7,084		1,356,444
Horizon Therapeutics PLC*		2,211		242,082
Hormel Foods Corp.		3,380		150,004
Host Hotels & Resorts, Inc. REIT		7,189		120,775
Howmet Aerospace, Inc.		4,250		179,265
HP, Inc.		11,114		328,085
Hubbell, Inc.		558		140,359
HubSpot, Inc.*		474		183,372
Humana, Inc.		1,333		659,862
Huntington Bancshares, Inc.		15,700		240,524
Huntington Ingalls Industries, Inc.		418		89,954
IDEX Corp.		833		187,408
IDEXX Laboratories, Inc.*		889		420,710
Illinois Tool Works, Inc.		3,294		768,029
Illumina, Inc.*		1,775		353,580
Incyte Corp.*		2,048		157,655
Ingersoll Rand, Inc.		4,270		247,959
Insulet Corp.*		737		203,677
Intel Corp.		43,500		1,084,455
Intercontinental Exchange, Inc.		5,764		586,775
International Business Machines Corp.		9,475		1,225,118
International Flavors & Fragrances, Inc.		2,713		252,852
International Paper Co.		4,004		145,706
Interpublic Group of Cos., Inc.		4,148		147,420
Intuit, Inc.		2,851		1,160,870
Intuitive Surgical, Inc.*		3,771		865,030
Invesco Ltd.		4,276		75,514
Invitation Homes, Inc. REIT		6,448		201,564
IQVIA Holdings, Inc.*		1,919		400,054
Iron Mountain, Inc. REIT		3,250		171,438
J M Smucker Co.		1,183		174,954
Jack Henry & Associates, Inc.		695		114,147
Jacobs Solutions, Inc.		1,444		172,558
JB Hunt Transport Services, Inc.		800		144,632
Johnson & Johnson		27,656		4,238,559
Johnson Controls International PLC		7,193		451,145
JPMorgan Chase & Co.		30,943		4,435,679
Juniper Networks, Inc.		2,860		88,031
Kellogg Co.		2,891		190,633


	Number of Shares		Value
United States (Continued)
Keurig Dr Pepper, Inc.		7,798	$	269,421
KeyCorp		8,447		154,496
Keysight Technologies, Inc.*		1,923		307,603
Kimberly-Clark Corp.		3,570		446,429
Kimco Realty Corp. REIT		7,106		146,455
Kinder Morgan, Inc.		21,920		373,955
KKR & Co., Inc.		5,662		319,054
KLA Corp.		1,475		559,586
Knight-Swift Transportation Holdings, Inc.		1,544		87,761
Kraft Heinz Co.		7,735		301,201
Kroger Co.		7,600		327,864
L3Harris Technologies, Inc.		2,033		429,349
Laboratory Corp. of America Holdings		986		236,009
Lam Research Corp.		1,478		718,323
Lamb Weston Holdings, Inc.		1,448		145,727
Las Vegas Sands Corp.*		4,006		230,225
Lear Corp.		642		89,655
Leidos Holdings, Inc.		1,260		122,308
Lennar Corp., Class A		2,857		276,386
Lennox International, Inc.		344		87,662
Liberty Broadband Corp., Class C*		1,244		107,817
Liberty Media Corp.-Liberty Formula One, Class C*		2,225		151,011
Liberty Media Corp-Liberty SiriusXM, Class A*		832		26,948
Liberty Media Corp-Liberty SiriusXM, Class C*		1,979		63,763
Live Nation Entertainment, Inc.*		1,893		136,410
LKQ Corp.		2,563		146,834
Lockheed Martin Corp.		2,506		1,188,496
Loews Corp.		2,121		129,572
Lowe’s Cos., Inc.		6,353		1,307,130
LPL Financial Holdings, Inc.		845		210,878
Lucid Group, Inc.*		4,242		38,729
LyondellBasell Industries NV, Class A		2,890		277,411
M&T Bank Corp.		1,796		278,901
Marathon Oil Corp.		6,295		158,319
Marathon Petroleum Corp.		4,948		611,573
Markel Corp.*		145		192,830
MarketAxess Holdings, Inc.		395		134,873
Marriott International, Inc., Class A		2,923		494,689
Marsh & McLennan Cos., Inc.		5,292		858,045
Martin Marietta Materials, Inc.		625		224,919
Marvell Technology, Inc.		9,073		409,646
Masco Corp.		2,287		119,907
Masimo Corp.*		621		103,900
Mastercard, Inc., Class A		9,099		3,232,784
Match Group, Inc.*		2,861		118,503
McCormick & Co., Inc.		2,715		201,779
McDonald’s Corp.		7,743		2,043,455
McKesson Corp.		1,488		520,517
Medical Properties Trust, Inc. REIT		6,367		65,580
Merck & Co., Inc.		26,628		2,828,959
Meta Platforms, Inc., Class A*		23,752		4,155,175
MetLife, Inc.		6,982		500,819
Mettler-Toledo International, Inc.*		243		348,392


	Number of Shares		Value
United States (Continued)
MGM Resorts International		3,720	$	159,997
Microchip Technology, Inc.		5,812		470,946
Micron Technology, Inc.		11,492		664,467
Microsoft Corp.		74,789		18,653,872
Mid-America Apartment Communities, Inc. REIT		1,266		202,687
Moderna, Inc.*		3,440		477,506
Mohawk Industries, Inc.*		416		42,786
Molina Healthcare, Inc.*		655		180,341
Molson Coors Beverage Co., Class B		1,967		104,625
Mondelez International, Inc., Class A		14,430		940,547
MongoDB, Inc.*		656		137,445
Monolithic Power Systems, Inc.		463		224,226
Monster Beverage Corp.*		4,116		418,844
Moody’s Corp.		1,751		508,053
Morgan Stanley		13,456		1,298,504
Mosaic Co.		3,536		188,080
Motorola Solutions, Inc.		1,768		464,648
MSCI, Inc.		858		448,005
Nasdaq, Inc.		3,630		203,498
NetApp, Inc.		2,318		149,627
Netflix, Inc.*		4,672		1,504,991
Neurocrine Biosciences, Inc.*		972		100,213
Newell Brands, Inc. (b)		4,259		62,565
Newmont Corp.		8,140		354,985
News Corp., Class A		4,251		72,905
NextEra Energy, Inc.		20,992		1,491,062
NIKE, Inc., Class B		13,251		1,574,086
NiSource, Inc.		4,271		117,154
Nordson Corp.		502		110,259
Norfolk Southern Corp.		2,366		531,924
Northern Trust Corp.		2,200		209,594
Northrop Grumman Corp.		1,542		715,658
NRG Energy, Inc.		2,670		87,549
Nucor Corp.		2,702		452,423
NVIDIA Corp.		26,009		6,038,249
NVR, Inc.*		33		170,729
Occidental Petroleum Corp.		8,040		470,822
Okta, Inc.*		1,582		112,781
Old Dominion Freight Line, Inc.		1,025		347,742
Omnicom Group, Inc.		2,139		193,729
ON Semiconductor Corp.*		4,796		371,258
ONEOK, Inc.		4,712		308,400
Oracle Corp.		17,187		1,502,144
O’Reilly Automotive, Inc.*		664		551,186
Otis Worldwide Corp.		4,286		362,681
Ovintiv, Inc.		2,599		111,159
Owens Corning		1,040		101,702
PACCAR, Inc.		5,355		386,631
Packaging Corp. of America		988		135,079
Palantir Technologies, Inc., Class A* (b)		18,341		143,793
Palo Alto Networks, Inc.*		3,102		584,324
Paramount Global, Class B		6,550		140,301
Parker-Hannifin Corp.		1,390		489,072
Paychex, Inc.		3,475		383,640
Paycom Software, Inc.*		579		167,366
Paylocity Holding Corp.*		417		80,318


	Number of Shares		Value
United States (Continued)
PayPal Holdings, Inc.*		11,492	$	845,811
PepsiCo, Inc.		14,600		2,533,538
PerkinElmer, Inc.		1,281		159,574
Pfizer, Inc.		59,263		2,404,300
PG&E Corp.* (b)		16,078		251,138
Philip Morris International, Inc.		16,241		1,580,249
Phillips 66		5,045		517,415
Pinterest, Inc., Class A*		5,608		140,817
Pioneer Natural Resources Co.		2,434		487,798
Plug Power, Inc.* (b)		5,060		75,242
PNC Financial Services Group, Inc.		4,328		683,478
Pool Corp.		420		149,881
PPG Industries, Inc.		2,483		327,905
PPL Corp.		7,747		209,711
Principal Financial Group, Inc.		2,538		227,303
Procter & Gamble Co.		25,028		3,442,852
Progressive Corp.		6,012		862,842
Prologis, Inc. REIT		9,731		1,200,805
Prudential Financial, Inc.		3,959		395,900
PTC, Inc.*		1,168		146,385
Public Service Enterprise Group, Inc.		5,033		304,144
Public Storage REIT		1,713		512,101
PulteGroup, Inc.		2,267		123,937
Qorvo, Inc.*		1,140		115,015
QUALCOMM, Inc.		11,770		1,453,948
Quanta Services, Inc.		1,516		244,682
Quest Diagnostics, Inc.		1,142		158,007
Raymond James Financial, Inc.		2,065		223,970
Raytheon Technologies Corp.		15,262		1,497,050
Realty Income Corp. REIT		6,945		444,133
Regency Centers Corp. REIT		1,627		102,338
Regeneron Pharmaceuticals, Inc.*		1,113		846,347
Regions Financial Corp.		9,121		212,702
Reliance Steel & Aluminum Co.		586		145,234
Repligen Corp.*		536		93,462
Republic Services, Inc.		2,228		287,256
ResMed, Inc.		1,542		328,446
Rivian Automotive, Inc., Class A*		3,208		61,914
Robert Half International, Inc.		991		79,894
ROBLOX Corp., Class A*		3,704		135,715
Rockwell Automation, Inc.		1,222		360,404
Roku, Inc.*		1,279		82,739
Rollins, Inc.		2,250		79,200
Roper Technologies, Inc.		1,109		477,092
Ross Stores, Inc.		3,723		411,540
Royal Caribbean Cruises Ltd.* (b)		2,320		163,885
Royalty Pharma PLC, Class A		3,547		127,160
RPM International, Inc.		1,356		120,182
S&P Global, Inc.		3,592		1,225,590
Salesforce, Inc.*		10,610		1,735,902
SBA Communications Corp. REIT		1,143		296,437
Schlumberger NV		15,258		811,878
Seagate Technology Holdings PLC		2,047		132,154
Seagen, Inc.*		1,502		269,894
Sealed Air Corp.		1,562		75,944
SEI Investments Co.		1,281		77,180
Sempra Energy		3,323		498,317


	Number of Shares		Value
United States (Continued)
Sensata Technologies Holding PLC		1,547	$	78,247
ServiceNow, Inc.*		2,108		911,014
Sherwin-Williams Co.		2,546		563,557
Signature Bank		664		76,393
Simon Property Group, Inc. REIT		3,600		439,524
Sirius XM Holdings, Inc. (b)		7,954		34,918
Skyworks Solutions, Inc.		1,724		192,347
Snap, Inc., Class A*		11,247		114,157
Snap-on, Inc.		561		139,509
Snowflake, Inc., Class A*		2,356		363,719
Southern Co.		11,291		712,010
Southwest Airlines Co.		1,546		51,915
Splunk, Inc.*		1,675		171,688
SS&C Technologies Holdings, Inc.		2,677		157,140
Stanley Black & Decker, Inc.		1,724		147,592
Starbucks Corp.		12,117		1,237,025
State Street Corp.		3,767		334,058
Steel Dynamics, Inc.		1,815		228,890
STERIS PLC		1,051		197,620
Stryker Corp.		3,570		938,482
Sun Communities, Inc. REIT		1,273		182,217
SVB Financial Group*		638		183,814
Synchrony Financial		4,811		171,801
Synopsys, Inc.*		1,615		587,472
Sysco Corp.		5,342		398,353
T. Rowe Price Group, Inc.		2,324		260,939
Take-Two Interactive Software, Inc.*		1,705		186,783
Targa Resources Corp.		2,286		169,393
Target Corp.		4,800		808,800
TE Connectivity Ltd.		3,398		432,633
Teledyne Technologies, Inc.*		469		201,703
Teleflex, Inc.		549		130,788
Teradyne, Inc.		1,714		173,354
Tesla, Inc.*		28,344		5,830,644
Texas Instruments, Inc.		9,533		1,634,433
Texas Pacific Land Corp. (b)		65		115,712
Textron, Inc.		2,237		162,250
Thermo Fisher Scientific, Inc.		4,119		2,231,509
TJX Cos., Inc.		12,299		942,103
T-Mobile US, Inc.*		6,536		929,288
Toast, Inc., Class A*		2,408		45,559
Toro Co.		1,099		121,374
Tractor Supply Co.		1,125		262,418
Trade Desk, Inc., Class A*		4,734		264,915
Tradeweb Markets, Inc., Class A		1,177		83,438
TransDigm Group, Inc.		523		389,044
TransUnion		2,164		141,591
Travelers Cos., Inc.		2,449		453,359
Trimble, Inc.*		2,760		143,686
Truist Financial Corp.		14,118		662,840
Twilio, Inc., Class A*		1,806		121,381
Tyler Technologies, Inc.*		433		139,101
Tyson Foods, Inc., Class A		2,930		173,573
Uber Technologies, Inc.*		15,618		519,455
UDR, Inc. REIT		3,351		143,557
UGI Corp.		2,049		76,284
U-Haul Holding Co.		936		52,070


	Number of Shares		Value
United States (Continued)
Ulta Beauty, Inc.*		538	$	279,114
Union Pacific Corp.		6,559		1,359,550
United Parcel Service, Inc., Class B		7,691		1,403,531
United Rentals, Inc.		744		348,586
United Therapeutics Corp.*		506		124,496
UnitedHealth Group, Inc.		9,821		4,674,207
Unity Software, Inc.*		2,754		83,832
Universal Health Services, Inc., Class B		639		85,351
US Bancorp		14,902		711,272
Vail Resorts, Inc.		423		98,766
Valero Energy Corp.		4,087		538,381
Veeva Systems, Inc., Class A*		1,443		239,047
Ventas, Inc. REIT		4,207		204,671
VeriSign, Inc.*		1,041		204,900
Verisk Analytics, Inc.		1,702		291,229
Verizon Communications, Inc.		44,800		1,738,688
Vertex Pharmaceuticals, Inc.*		2,680		777,977
VF Corp.		3,578		88,806
Viatris, Inc.		12,635		144,039
VICI Properties, Inc. REIT		10,150		340,330
Visa, Inc., Class A		17,140		3,769,772
Vistra Corp.		3,460		76,085
VMware, Inc., Class A*		2,156		237,440
Vulcan Materials Co.		1,343		242,962
W.R. Berkley Corp.		2,019		133,638
W.W. Grainger, Inc.		482		322,183
Walgreens Boots Alliance, Inc.		7,593		269,779
Walmart, Inc.		15,866		2,255,035
Walt Disney Co.*		19,135		1,906,037
Warner Bros Discovery, Inc.*		24,676		385,439
Waste Connections, Inc.		2,709		362,789
Waste Management, Inc.		4,364		653,553
Waters Corp.*		659		204,877
Webster Financial Corp.		1,974		104,859
WEC Energy Group, Inc.		3,321		294,440
Wells Fargo & Co.		40,176		1,879,032
Welltower, Inc. REIT		4,710		349,105
West Pharmaceutical Services, Inc.		763		241,894
Western Digital Corp.*		3,546		136,450
Westinghouse Air Brake Technologies Corp.		1,894		197,601
Westlake Corp.		402		47,894
Westrock Co.		2,772		87,041
Weyerhaeuser Co. REIT		7,864		245,750
Whirlpool Corp.		645		88,997
Williams Cos., Inc.		12,689		381,939
Wolfspeed, Inc.*		1,274		94,251
Workday, Inc., Class A*		2,081		385,963
WP Carey, Inc. REIT		2,007		162,888
Wynn Resorts Ltd.*		1,183		128,202
Xcel Energy, Inc.		5,797		374,312
Xylem, Inc.		2,048		210,227
Yum! Brands, Inc.		2,954		375,631
Zebra Technologies Corp., Class A*		531		159,433
Zillow Group, Inc., Class C*		1,452		60,984
Zimmer Biomet Holdings, Inc.		2,143		265,453
Zoetis, Inc.		4,903		818,801


	Number of Shares		Value
United States (Continued)
Zoom Video Communications, Inc., Class A*		2,314	$	172,601
ZoomInfo Technologies, Inc. *		2,760		66,709
Zscaler, Inc.*		975		127,871

(Cost $363,126,626)				360,911,745

Uruguay — 0.1%
MercadoLibre, Inc.* (Cost $515,633)		476		580,720

TOTAL COMMON STOCKS (Cost $514,517,168)				513,793,275

PREFERRED STOCKS — 0.1%
Germany — 0.1%
Bayerische Motoren Werke AG		558		53,111
Dr Ing hc F Porsche AG*		1,198		144,962
Henkel AG & Co. KGaA		1,875		136,844
Porsche Automobil Holding SE		1,615		92,075
Sartorius AG		259		110,582
Volkswagen AG		1,973		270,250

(Cost $900,239)				807,824

United States — 0.0%
AMC Entertainment Holdings, Inc.* (Cost $79,929)		5,444		11,269

TOTAL PREFERRED STOCKS (Cost $980,168)				819,093


	Number of Shares		Value
RIGHTS — 0.0%
Hong Kong — 0.0%
Link REIT*, expires 3/27/23 (Cost $0)		4,184	$	3,945

WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA*, expires 11/22/23 (Cost $0)		19,824		23,266

SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (e)(f) (Cost $1,008,168)		1,008,168		1,008,168

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 4.51% (e) (Cost $1,449,681)		1,449,681		1,449,681


TOTAL INVESTMENTS — 99.7%
(Cost $517,955,185)			$	517,097,428
Other assets and liabilities, net — 0.3%				1,723,347

NET ASSETS — 100.0%			$	518,820,775

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Number of Shares		Value
COMMON STOCKS — 99.6%
Communication Services — 9.8%
Activision Blizzard, Inc.		250	$	19,063
Alphabet, Inc., Class A*		2,163		194,800
Alphabet, Inc., Class C*		2,015		181,955
AT&T, Inc.		2,596		49,090
Charter Communications, Inc., Class A* (a)		41		15,072
Comcast Corp., Class A		1,183		43,972
Electronic Arts, Inc.		127		14,089
Fox Corp., Class A		176		6,164
Fox Corp., Class B		84		2,709
Interpublic Group of Cos., Inc.		315		11,195
Lumen Technologies, Inc.		294		1,000
Meta Platforms, Inc., Class A*		1,895		331,511
New York Times Co., Class A		82		3,157
News Corp., Class A		107		1,835
Omnicom Group, Inc.		86		7,789
Pinterest, Inc., Class A*		186		4,670
Spotify Technology SA*		34		3,954
Take-Two Interactive Software, Inc.*		18		1,972
Verizon Communications, Inc.		688		26,701
Walt Disney Co.*		23		2,291
Warner Bros Discovery, Inc.*		249		3,889

(Cost $1,133,961)				926,878

Consumer Discretionary — 12.9%
Advance Auto Parts, Inc.		64		9,277
Amazon.com, Inc.*		786		74,065
AutoNation, Inc.*		57		7,781
AutoZone, Inc.*		14		34,812
Bath & Body Works, Inc.		174		7,111
Best Buy Co., Inc.		337		28,008
Booking Holdings, Inc.*		5		12,620
BorgWarner, Inc.		154		7,743
Burlington Stores, Inc.*		39		8,356
Capri Holdings Ltd.*		102		5,056
Chipotle Mexican Grill, Inc.*		10		14,911
Columbia Sportswear Co.		32		2,790
D.R. Horton, Inc.		130		12,022
Darden Restaurants, Inc.		59		8,436
Deckers Outdoor Corp.*		18		7,494
Dick’s Sporting Goods, Inc.		92		11,834
Dollar General Corp.		150		32,445
Dollar Tree, Inc.*		56		8,136
Domino’s Pizza, Inc.		18		5,292
eBay, Inc.		203		9,318
Expedia Group, Inc.*		62		6,756
Five Below, Inc.*		25		5,107
Floor & Decor Holdings, Inc., Class A*		46		4,223
Garmin Ltd.		96		9,420
Gentex Corp.		161		4,597
Genuine Parts Co.		78		13,795
Grand Canyon Education, Inc.*		35		3,965
Home Depot, Inc.		669		198,385
Kohl’s Corp.		126		3,533
Lear Corp.		27		3,771
Lennar Corp., Class A		190		18,381
Lithia Motors, Inc.		20		5,104


	Number of Shares		Value
Consumer Discretionary (Continued)
LKQ Corp.		170	$	9,739
Lowe’s Cos., Inc.		607		124,890
Lululemon Athletica, Inc.*		45		13,914
Macy’s, Inc.		331		6,772
Mohawk Industries, Inc.*		48		4,937
NIKE, Inc., Class B		397		47,160
NVR, Inc.*		3		15,521
O’Reilly Automotive, Inc.*		47		39,015
Penske Automotive Group, Inc.		22		3,171
Polaris, Inc.		31		3,526
PulteGroup, Inc.		202		11,043
PVH Corp.		44		3,531
Ralph Lauren Corp.		29		3,428
Ross Stores, Inc.		266		29,404
Skechers U.S.A., Inc., Class A*		74		3,294
Starbucks Corp.		511		52,168
Tapestry, Inc.		217		9,442
Target Corp.		587		98,910
Tempur Sealy International, Inc.		150		6,411
Thor Industries, Inc. (a)		53		4,822
TJX Cos., Inc.		772		59,135
Toll Brothers, Inc.		59		3,536
Tractor Supply Co.		91		21,227
Ulta Beauty, Inc.*		34		17,639
VF Corp.		100		2,482
Victoria’s Secret & Co.*		108		4,281
Whirlpool Corp.		45		6,209
Williams-Sonoma, Inc. (a)		103		12,867
Yum! Brands, Inc.		97		12,335

(Cost $1,209,630)				1,215,353

Consumer Staples — 8.1%
Altria Group, Inc.		637		29,576
Archer-Daniels-Midland Co.		465		37,014
BJ’s Wholesale Club Holdings, Inc.*		128		9,190
Clorox Co.		55		8,549
Colgate-Palmolive Co.		326		23,896
Costco Wholesale Corp.		386		186,893
Darling Ingredients, Inc.*		55		3,480
Estee Lauder Cos., Inc., Class A		19		4,618
General Mills, Inc.		57		4,532
Hershey Co.		18		4,290
Hormel Foods Corp.		56		2,485
Kimberly-Clark Corp.		52		6,503
Kroger Co.		452		19,499
Monster Beverage Corp.*		143		14,552
PepsiCo, Inc.		18		3,124
Performance Food Group Co.*		52		2,943
Philip Morris International, Inc.		767		74,629
Procter & Gamble Co.		867		119,265
Sysco Corp.		57		4,251
Tyson Foods, Inc., Class A		152		9,004
US Foods Holding Corp.*		99		3,715
Walgreens Boots Alliance, Inc.		442		15,704
Walmart, Inc.		1,248		177,378

(Cost $750,148)				765,090


	Number of Shares		Value
Energy — 10.3%
Antero Resources Corp.*		104	$	2,725
APA Corp.		202		7,753
Chesapeake Energy Corp.		62		5,010
Chevron Corp.		1,246		200,319
ConocoPhillips		791		81,750
Coterra Energy, Inc.		100		2,497
Devon Energy Corp.		227		12,240
Diamondback Energy, Inc.		77		10,825
EOG Resources, Inc.		491		55,493
Exxon Mobil Corp.		3,445		378,640
HF Sinclair Corp.		49		2,436
Marathon Oil Corp.		402		10,110
Marathon Petroleum Corp.		542		66,991
Occidental Petroleum Corp.		171		10,014
ONEOK, Inc.		132		8,639
Ovintiv, Inc.		212		9,067
PDC Energy, Inc.		77		5,168
Phillips 66		410		42,050
Pioneer Natural Resources Co.		26		5,211
Targa Resources Corp.		122		9,040
Texas Pacific Land Corp. (a)		2		3,560
Valero Energy Corp.		336		44,261

(Cost $791,265)				973,799

Financials — 9.2%
Affiliated Managers Group, Inc.		17		2,710
Aflac, Inc.		50		3,408
Allstate Corp.		124		15,969
Aon PLC, Class A		20		6,081
Apollo Global Management, Inc.		133		9,430
Arch Capital Group Ltd.*		133		9,310
Berkshire Hathaway, Inc., Class B*		1,423		434,271
Blackstone, Inc.		358		32,506
Capital One Financial Corp.		38		4,145
Carlyle Group, Inc.		240		8,256
Cboe Global Markets, Inc.		48		6,056
Cincinnati Financial Corp.		146		17,622
Coinbase Global, Inc., Class A* (a)		194		12,577
Credit Acceptance Corp.*		8		3,555
Discover Financial Services		68		7,616
Erie Indemnity Co., Class A (a)		18		4,237
Evercore, Inc., Class A		72		9,445
F&G Annuities & Life, Inc.		9		183
FactSet Research Systems, Inc.		19		7,876
Fidelity National Financial, Inc.		143		5,700
First American Financial Corp.		103		5,848
Franklin Resources, Inc. (a)		197		5,806
Janus Henderson Group PLC		91		2,499
Lazard Ltd., Class A		119		4,446
LPL Financial Holdings, Inc.		27		6,738
Markel Corp.*		4		5,319
MarketAxess Holdings, Inc.		15		5,122
Marsh & McLennan Cos., Inc.		199		32,266
MGIC Investment Corp.		344		4,733
Moody’s Corp.		87		25,243
MSCI, Inc.		32		16,709
Old Republic International Corp.		161		4,246
Progressive Corp.		227		32,579


	Number of Shares		Value
Financials (Continued)
S&P Global, Inc.		147	$	50,156
SEI Investments Co.		101		6,085
Synchrony Financial		204		7,285
T. Rowe Price Group, Inc. (a)		254		28,519
Travelers Cos., Inc.		14		2,592
Willis Towers Watson PLC		93		21,796

(Cost $775,363)				868,940

Health Care — 14.4%
Abbott Laboratories		454		46,181
AbbVie, Inc.		132		20,315
Align Technology, Inc.*		35		10,833
AmerisourceBergen Corp.		22		3,422
Amgen, Inc.		96		22,239
Biogen, Inc.*		97		26,176
Bio-Rad Laboratories, Inc., Class A*		23		10,990
Bristol-Myers Squibb Co.		506		34,894
Cardinal Health, Inc.		64		4,845
Chemed Corp.		10		5,216
Cigna Group		120		35,052
Cooper Cos., Inc.		13		4,251
CVS Health Corp.		701		58,562
DaVita, Inc.*		30		2,468
Edwards Lifesciences Corp.*		205		16,490
Elevance Health, Inc.		72		33,816
Eli Lilly & Co.		48		14,939
Exelixis, Inc.*		175		2,989
Gilead Sciences, Inc.		382		30,762
HCA Healthcare, Inc.		136		33,109
Henry Schein, Inc.*		125		9,789
Hologic, Inc.*		191		15,211
Humana, Inc.		56		27,721
IDEXX Laboratories, Inc.*		26		12,304
Incyte Corp.*		72		5,543
Intuitive Surgical, Inc.*		14		3,211
Johnson & Johnson		1,131		173,337
Laboratory Corp. of America Holdings		65		15,558
Masimo Corp.*		18		3,012
McKesson Corp.		196		68,563
Merck & Co., Inc.		157		16,680
Mettler-Toledo International, Inc.*		9		12,903
Moderna, Inc.*		410		56,912
Molina Healthcare, Inc.*		62		17,070
Organon & Co.		228		5,584
Pfizer, Inc.		3,728		151,245
Premier, Inc., Class A		77		2,479
Quest Diagnostics, Inc.		102		14,113
QuidelOrtho Corp.*		46		3,999
Regeneron Pharmaceuticals, Inc.*		96		73,000
Thermo Fisher Scientific, Inc.		30		16,253
United Therapeutics Corp.*		16		3,937
UnitedHealth Group, Inc.		374		178,002
Universal Health Services, Inc., Class B		34		4,541
Vertex Pharmaceuticals, Inc.*		119		34,545
Waters Corp.*		24		7,461
West Pharmaceutical Services, Inc.		29		9,194

(Cost $1,287,314)				1,359,716


	Number of Shares		Value
Industrials — 6.1%
3M Co.		242	$	26,073
A O Smith Corp.		114		7,482
Acuity Brands, Inc.		27		5,237
AECOM		36		3,109
AGCO Corp.		41		5,773
Alaska Air Group, Inc.*		77		3,683
Allegion PLC		22		2,480
C.H. Robinson Worldwide, Inc.		52		5,198
Carrier Global Corp.		235		10,582
Caterpillar, Inc.		27		6,468
Cintas Corp.		6		2,631
Copart, Inc.*		180		12,683
Cummins, Inc.		107		26,010
Delta Air Lines, Inc.*		132		5,061
Donaldson Co., Inc.		64		4,048
Eaton Corp. PLC		27		4,723
Emerson Electric Co.		92		7,609
Expeditors International of Washington, Inc.		167		17,462
Fastenal Co.		264		13,612
FedEx Corp.		127		25,809
Fortune Brands Innovations, Inc.		50		3,097
FTI Consulting, Inc.* (a)		24		4,409
General Dynamics Corp.		14		3,191
Graco, Inc.		87		6,050
GXO Logistics, Inc.*		49		2,429
Huntington Ingalls Industries, Inc.		12		2,582
Illinois Tool Works, Inc.		21		4,896
JB Hunt Transport Services, Inc.		70		12,655
JetBlue Airways Corp.*		225		1,867
Johnson Controls International PLC		61		3,826
Knight-Swift Transportation Holdings, Inc.		114		6,480
L3Harris Technologies, Inc.		15		3,168
Landstar System, Inc.		40		7,232
Lennox International, Inc.		21		5,351
Lincoln Electric Holdings, Inc.		22		3,694
Lockheed Martin Corp.		173		82,047
ManpowerGroup, Inc.		44		3,735
Masco Corp.		128		6,711
Masterbrand, Inc.*		50		487
Nordson Corp.		13		2,855
Northrop Grumman Corp.		13		6,033
Old Dominion Freight Line, Inc.		53		17,981
Otis Worldwide Corp.		83		7,023
Owens Corning		73		7,139
PACCAR, Inc.		36		2,599
Parker-Hannifin Corp.		8		2,815
Pentair PLC		86		4,811
Quanta Services, Inc.		21		3,389
Robert Half International, Inc.		98		7,901
Rockwell Automation, Inc.		10		2,949
RXO, Inc.* (a)		74		1,522
Snap-on, Inc.		37		9,201
Southwest Airlines Co.		129		4,332
Tetra Tech, Inc.		18		2,464
Textron, Inc.		62		4,497
Toro Co.		61		6,737


	Number of Shares		Value
Industrials (Continued)
Trex Co., Inc.*		48	$	2,454
United Parcel Service, Inc., Class B		462		84,310
W.W. Grainger, Inc.		20		13,369
Waste Management, Inc.		97		14,527
Watsco, Inc.		22		6,704
WESCO International, Inc.*		17		2,815
XPO, Inc.*		74		2,469

(Cost $546,211)				580,536

Information Technology — 23.8%
Accenture PLC, Class A		312		82,852
Adobe, Inc.*		181		58,635
Advanced Micro Devices, Inc.*		546		42,905
Akamai Technologies, Inc.*		52		3,775
Amdocs Ltd.		92		8,428
Apple, Inc.		3,304		487,043
Applied Materials, Inc.		524		60,863
Arista Networks, Inc.*		94		13,038
Autodesk, Inc.*		14		2,782
Automatic Data Processing, Inc.		192		42,205
Broadridge Financial Solutions, Inc.		49		6,898
Cadence Design Systems, Inc.*		94		18,136
Ciena Corp.*		92		4,436
Cirrus Logic, Inc.*		39		4,007
Cisco Systems, Inc.		3,132		151,651
Cognex Corp.		62		2,940
Cognizant Technology Solutions Corp., Class A		388		24,300
Concentrix Corp.		18		2,463
Corning, Inc.		168		5,704
Dell Technologies, Inc., Class C		207		8,412
Dolby Laboratories, Inc., Class A		32		2,633
Dropbox, Inc., Class A*		106		2,162
EPAM Systems, Inc.*		18		5,538
F5, Inc.*		27		3,860
Fair Isaac Corp.*		8		5,419
First Solar, Inc.*		36		6,089
Fortinet, Inc.*		87		5,171
Gartner, Inc.*		23		7,540
Genpact Ltd.		50		2,387
HP, Inc.		1,559		46,022
Intel Corp.		3,493		87,081
International Business Machines Corp.		56		7,241
Intuit, Inc.		28		11,401
Jack Henry & Associates, Inc.		32		5,256
Keysight Technologies, Inc.*		66		10,557
KLA Corp.		51		19,348
Lam Research Corp.		74		35,965
Lumentum Holdings, Inc.*		37		1,991
Mastercard, Inc., Class A		299		106,232
Micron Technology, Inc.		1,036		59,902
Microsoft Corp.		1,808		450,951
MKS Instruments, Inc.		36		3,489
NetApp, Inc.		55		3,550
NVIDIA Corp.		126		29,252
ON Semiconductor Corp.*		93		7,199
Oracle Corp.		261		22,811


	Number of Shares		Value
Information Technology (Continued)
Paychex, Inc.		133	$	14,683
PayPal Holdings, Inc.*		322		23,699
Qorvo, Inc.*		49		4,944
QUALCOMM, Inc.		492		60,777
Salesforce, Inc.*		52		8,508
Skyworks Solutions, Inc.		108		12,050
Synopsys, Inc.*		15		5,456
Teradyne, Inc.		113		11,429
Texas Instruments, Inc.		536		91,897
VeriSign, Inc.*		13		2,559
Visa, Inc., Class A (a)		126		27,712
Western Union Co.		221		2,864
Zebra Technologies Corp., Class A*		26		7,807

(Cost $2,354,548)				2,254,905

Materials — 3.7%
Air Products and Chemicals, Inc.		26		7,435
Alcoa Corp.		55		2,692
Amcor PLC		231		2,573
Celanese Corp.		71		8,252
CF Industries Holdings, Inc.		149		12,798
Cleveland-Cliffs, Inc.* (a)		482		10,281
Corteva, Inc.		432		26,909
Dow, Inc.		476		27,227
DuPont de Nemours, Inc.		303		22,128
Eagle Materials, Inc.		27		3,789
Eastman Chemical Co.		33		2,812
Freeport-McMoRan, Inc.		905		37,078
Huntsman Corp.		112		3,286
International Paper Co.		167		6,077
Louisiana-Pacific Corp.		126		7,372
LyondellBasell Industries NV, Class A		280		26,877
Mosaic Co.		141		7,500
Newmont Corp.		112		4,884
Nucor Corp.		365		61,116
Olin Corp.		123		7,103
Packaging Corp. of America		41		5,606
Reliance Steel & Aluminum Co.		62		15,366
Sherwin-Williams Co.		18		3,984
Southern Copper Corp. (a)		42		3,095
Steel Dynamics, Inc.		226		28,501
United States Steel Corp.		295		9,036

(Cost $283,472)				353,777

Real Estate — 0.9%
CBRE Group, Inc., Class A*		298		25,372
Jones Lang LaSalle, Inc.*		27		4,710
Public Storage REIT		78		23,318
Simon Property Group, Inc. REIT		106		12,942
Weyerhaeuser Co. REIT		631		19,719

(Cost $86,304)				86,061

Utilities — 0.4%
Constellation Energy Corp.		37		2,771
DTE Energy Co.		76		8,338
Exelon Corp.		109		4,402
NRG Energy, Inc.		211		6,919
Public Service Enterprise Group, Inc.		55		3,324


	Number of Shares		Value
Utilities (Continued)
Sempra Energy		21	$	3,149
UGI Corp.		72		2,680
Vistra Corp.		112		2,463

(Cost $33,932)				34,046

TOTAL COMMON STOCKS (Cost $9,252,148)				9,419,101

EXCHANGE-TRADED FUNDS — 0.2%
iShares Russell 1000 ETF (Cost $18,578)		85		18,628

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c) (Cost $11,086)		11,086		11,086

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b) (Cost $2,487)		2,487		2,487


TOTAL INVESTMENTS — 99.9% (Cost $9,284,299)			$	9,451,302
Other assets and liabilities, net — 0.1%				6,073

NET ASSETS — 100.0%			$	9,457,375

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Number of Shares		Value
COMMON STOCKS — 99.4%
Communication Services — 2.8%
Activision Blizzard, Inc.		4,727	$	360,434
Alphabet, Inc., Class A*		475		42,779
Alphabet, Inc., Class C*		418		37,745
AT&T, Inc.		20,597		389,489
Cable One, Inc.		24		16,575
Charter Communications, Inc., Class A* (a)		236		86,756
Comcast Corp., Class A		3,525		131,024
DISH Network Corp., Class A* (a)		485		5,534
Electronic Arts, Inc.		2,414		267,809
Fox Corp., Class A		3,673		128,628
Fox Corp., Class B		2,141		69,047
Frontier Communications Parent, Inc.*		4,158		113,763
Interpublic Group of Cos., Inc.		13,837		491,767
Liberty Broadband Corp., Class C*		286		24,788
Liberty Media Corp.-Liberty Formula One, Class C*		799		54,228
Liberty Media Corp-Liberty SiriusXM, Class A*		962		31,159
Liberty Media Corp-Liberty SiriusXM, Class C*		1,857		59,833
Live Nation Entertainment, Inc.*		242		17,439
Lumen Technologies, Inc.		4,494		15,280
Madison Square Garden Sports Corp.		550		105,127
Meta Platforms, Inc., Class A*		84		14,695
New York Times Co., Class A		3,229		124,317
News Corp., Class A		8,384		143,786
News Corp., Class B		2,694		46,498
Nexstar Media Group, Inc.		966		179,579
Omnicom Group, Inc.		6,439		583,180
Paramount Global, Class B		1,656		35,472
Sirius XM Holdings, Inc. (a)		11,283		49,532
Take-Two Interactive Software, Inc.*		415		45,463
T-Mobile US, Inc.*		338		48,057
Verizon Communications, Inc.		3,435		133,312
Walt Disney Co.*		163		16,236
World Wrestling Entertainment, Inc., Class A		664		55,776

(Cost $3,970,990)				3,925,107

Consumer Discretionary — 10.0%
Advance Auto Parts, Inc.		1,419		205,698
Airbnb, Inc., Class A*		77		9,493
Aptiv PLC*		176		20,465
Aramark		3,077		113,234
AutoNation, Inc.*		2,067		282,166
AutoZone, Inc.*		241		599,256
Best Buy Co., Inc.		4,922		409,067
Booking Holdings, Inc.*		36		90,864
BorgWarner, Inc.		9,009		452,972
Boyd Gaming Corp.		144		9,379
Bright Horizons Family Solutions, Inc.*		98		7,726
Brunswick Corp.		1,076		94,064
Burlington Stores, Inc.*		147		31,495
CarMax, Inc.* (a)		354		24,440
Carter’s, Inc.		1,200		90,468


	Number of Shares		Value
Consumer Discretionary (Continued)
Chipotle Mexican Grill, Inc.*		83	$	123,760
Choice Hotels International, Inc. (a)		623		73,738
Churchill Downs, Inc.		228		56,038
Columbia Sportswear Co.		1,772		154,518
D.R. Horton, Inc.		1,433		132,524
Darden Restaurants, Inc.		1,031		147,423
Deckers Outdoor Corp.*		313		130,318
Dick’s Sporting Goods, Inc.		1,766		227,161
Dollar General Corp.		2,206		477,158
Dollar Tree, Inc.*		2,040		296,371
Domino’s Pizza, Inc.		418		122,896
eBay, Inc.		4,020		184,518
Expedia Group, Inc.*		510		55,575
Five Below, Inc.*		418		85,397
Floor & Decor Holdings, Inc., Class A*		365		33,511
Ford Motor Co.		9,239		111,515
Gap, Inc. (a)		2,016		26,228
Garmin Ltd.		1,809		177,517
General Motors Co.		2,183		84,569
Gentex Corp.		7,604		217,094
Genuine Parts Co.		3,468		613,350
Grand Canyon Education, Inc.*		2,430		275,295
H&R Block, Inc.		12,008		441,894
Harley-Davidson, Inc.		2,575		122,441
Hasbro, Inc.		876		48,189
Hilton Worldwide Holdings, Inc.		209		30,203
Home Depot, Inc.		205		60,791
Hyatt Hotels Corp., Class A*		111		12,903
Kohl’s Corp.		932		26,133
Las Vegas Sands Corp.*		305		17,528
Lear Corp.		1,166		162,832
Leggett & Platt, Inc.		3,135		108,126
Lennar Corp., Class A		2,082		201,413
Lithia Motors, Inc.		561		143,156
LKQ Corp.		6,433		368,547
Lowe’s Cos., Inc.		1,094		225,090
Lululemon Athletica, Inc.*		310		95,852
Macy’s, Inc.		1,378		28,194
Marriott International, Inc., Class A		355		60,080
Marriott Vacations Worldwide Corp.		56		8,567
Mattel, Inc.*		4,619		83,096
McDonald’s Corp.		390		102,925
MGM Resorts International		245		10,537
Mohawk Industries, Inc.*		595		61,196
Newell Brands, Inc. (a)		3,849		56,542
NIKE, Inc., Class B		431		51,198
Nordstrom, Inc.		1,030		20,064
NVR, Inc.*		60		310,417
Ollie’s Bargain Outlet Holdings, Inc.*		1,239		71,292
O’Reilly Automotive, Inc.*		709		588,541
Penske Automotive Group, Inc.		1,643		236,838
Polaris, Inc.		1,587		180,521
Pool Corp.		86		30,690
PulteGroup, Inc.		4,571		249,897
PVH Corp.		267		21,424
Ralph Lauren Corp. (a)		1,620		191,468
Ross Stores, Inc.		2,747		303,653


	Number of Shares		Value
Consumer Discretionary (Continued)
Service Corp. International		3,873	$	261,544
Skechers U.S.A., Inc., Class A*		3,954		175,993
Starbucks Corp.		1,601		163,446
Tapestry, Inc.		3,565		155,113
Target Corp.		2,048		345,088
Thor Industries, Inc. (a)		1,330		121,017
TJX Cos., Inc.		4,590		351,594
Toll Brothers, Inc.		1,046		62,697
TopBuild Corp.*		50		10,379
Tractor Supply Co.		2,149		501,276
Travel + Leisure Co.		643		26,974
Ulta Beauty, Inc.*		502		260,438
Vail Resorts, Inc.		324		75,651
VF Corp.		1,530		37,975
Victoria’s Secret & Co.*		587		23,269
Wendy’s Co.		782		17,173
Whirlpool Corp.		1,209		166,818
Williams-Sonoma, Inc. (a)		1,157		144,532
Wyndham Hotels & Resorts, Inc.		393		30,269
Yum! Brands, Inc.		2,918		371,053

(Cost $12,734,284)				14,281,798

Consumer Staples — 7.6%
Albertsons Cos., Inc., Class A		4,418		87,830
Altria Group, Inc.		6,582		305,602
Archer-Daniels-Midland Co.		15,096		1,201,642
BJ’s Wholesale Club Holdings, Inc.*		6,476		464,977
Boston Beer Co., Inc., Class A*		71		22,990
Brown-Forman Corp., Class A		355		23,047
Brown-Forman Corp., Class B		1,129		73,238
Bunge Ltd.		3,508		335,014
Campbell Soup Co.		4,403		231,246
Casey’s General Stores, Inc.		2,863		595,361
Church & Dwight Co., Inc.		2,090		175,100
Clorox Co.		1,027		159,637
Coca-Cola Co.		983		58,498
Colgate-Palmolive Co.		4,198		307,713
Conagra Brands, Inc.		6,708		244,238
Constellation Brands, Inc., Class A		488		109,166
Costco Wholesale Corp.		338		163,653
Darling Ingredients, Inc.*		3,276		207,273
Estee Lauder Cos., Inc., Class A		566		137,566
Flowers Foods, Inc.		6,610		184,287
General Mills, Inc.		5,031		400,015
Grocery Outlet Holding Corp.*		2,075		56,129
Hershey Co.		1,406		335,078
Hormel Foods Corp.		3,996		177,342
Ingredion, Inc.		1,774		176,336
J M Smucker Co.		1,928		285,132
Kellogg Co.		4,345		286,509
Keurig Dr Pepper, Inc.		3,302		114,084
Kimberly-Clark Corp.		2,404		300,620
Kraft Heinz Co.		4,029		156,889
Kroger Co.		17,189		741,533
Lamb Weston Holdings, Inc.		1,854		186,587
McCormick & Co., Inc.		1,598		118,763
Molson Coors Beverage Co., Class B		5,577		296,641


	Number of Shares		Value
Consumer Staples (Continued)
Mondelez International, Inc., Class A		2,872	$	187,197
Monster Beverage Corp.*		2,042		207,794
PepsiCo, Inc.		496		86,071
Philip Morris International, Inc.		2,573		250,353
Pilgrim’s Pride Corp.*		1,473		34,453
Post Holdings, Inc.*		2,480		223,101
Procter & Gamble Co.		416		57,225
Reynolds Consumer Products, Inc.		1,142		31,336
Seaboard Corp.		13		51,350
Sysco Corp.		6,327		471,804
Tyson Foods, Inc., Class A		5,004		296,437
US Foods Holding Corp.*		2,325		87,257
Walgreens Boots Alliance, Inc.		4,546		161,519
Walmart, Inc.		450		63,959

(Cost $10,504,919)				10,929,592

Energy — 3.9%
Antero Midstream Corp.		2,182		22,998
Baker Hughes Co.		4,870		149,022
Cheniere Energy, Inc.		627		98,652
Chesapeake Energy Corp.		5,889		475,890
Chevron Corp.		653		104,983
ConocoPhillips		1,725		178,279
Coterra Energy, Inc.		2,820		70,415
Devon Energy Corp.		1,236		66,645
Diamondback Energy, Inc.		356		50,046
DT Midstream, Inc.		2,798		140,460
Enviva, Inc. (a)		144		6,273
EOG Resources, Inc.		2,089		236,099
EQT Corp.		653		21,667
Exxon Mobil Corp.		1,190		130,793
Halliburton Co.		701		25,397
Hess Corp.		808		108,838
HF Sinclair Corp.		3,792		188,538
Kinder Morgan, Inc.		14,186		242,013
Marathon Oil Corp.		6,765		170,140
Marathon Petroleum Corp.		5,311		656,440
NOV, Inc.		902		19,736
Occidental Petroleum Corp.		783		45,852
ONEOK, Inc.		2,258		147,786
Ovintiv, Inc.		833		35,627
PDC Energy, Inc.		305		20,469
Phillips 66		8,399		861,401
Pioneer Natural Resources Co.		1,070		214,439
Schlumberger NV		1,447		76,995
Targa Resources Corp.		365		27,046
Texas Pacific Land Corp. (a)		30		53,406
Valero Energy Corp.		5,299		698,037
Vitesse Energy, Inc.*		650		11,303
Williams Cos., Inc.		6,671		200,797

(Cost $4,753,030)				5,556,482

Financials — 13.3%
Affiliated Managers Group, Inc.		1,432		228,275
Aflac, Inc.		3,924		267,421
AGNC Investment Corp. REIT (a)		4,074		44,284
Allstate Corp.		6,199		798,307
Ally Financial, Inc.		780		23,439


	Number of Shares		Value
Financials (Continued)
American Express Co.		848	$	147,544
American Financial Group, Inc.		958		128,477
American International Group, Inc.		2,710		165,608
Ameriprise Financial, Inc.		514		176,235
Annaly Capital Management, Inc. REIT		5,438		112,458
Aon PLC, Class A		445		135,302
Apollo Global Management, Inc.		3,065		217,308
Arch Capital Group Ltd.*		9,703		679,210
Ares Management Corp., Class A		242		19,512
Arthur J Gallagher & Co.		860		161,121
Assurant, Inc.		1,364		173,760
Assured Guaranty Ltd.		1,447		90,307
Axis Capital Holdings Ltd.		3,126		189,811
Bank of America Corp.		214		7,340
Bank of Hawaii Corp.		490		36,681
Bank of New York Mellon Corp.		1,390		70,723
Bank OZK		1,379		63,475
Berkshire Hathaway, Inc., Class B*		516		157,473
BlackRock, Inc.		87		59,980
Blackstone, Inc.		2,476		224,821
Brighthouse Financial, Inc.*		355		20,530
Brown & Brown, Inc.		2,614		146,567
Capital One Financial Corp.		994		108,426
Carlyle Group, Inc.		2,670		91,848
Cboe Global Markets, Inc.		1,999		252,214
Charles Schwab Corp.		214		16,675
Chubb Ltd.		1,514		319,484
Cincinnati Financial Corp.		6,678		806,035
Citigroup, Inc.		1,693		85,818
Citizens Financial Group, Inc.		1,828		76,337
CME Group, Inc.		235		43,560
CNA Financial Corp.		626		27,406
Comerica, Inc.		627		43,953
Commerce Bancshares, Inc.		1,028		68,002
Corebridge Financial, Inc.		828		16,742
Credit Acceptance Corp.* (a)		178		79,093
Cullen/Frost Bankers, Inc.		430		56,683
Discover Financial Services		1,765		197,680
East West Bancorp, Inc.		950		72,399
Equitable Holdings, Inc.		243		7,635
Erie Indemnity Co., Class A (a)		830		195,374
Evercore, Inc., Class A		2,088		273,904
Everest Re Group Ltd.		1,632		626,639
F&G Annuities & Life, Inc.		448		9,126
FactSet Research Systems, Inc.		571		236,708
Fidelity National Financial, Inc.		5,242		208,946
Fifth Third Bancorp		2,086		75,722
First American Financial Corp.		3,422		194,301
First Citizens BancShares, Inc., Class A		14		10,273
First Hawaiian, Inc.		1,385		37,880
First Horizon Corp.		3,654		90,510
First Republic Bank		150		18,451
FNB Corp.		3,704		52,856
Franklin Resources, Inc. (a)		4,183		123,273
Globe Life, Inc.		1,901		231,333
Goldman Sachs Group, Inc.		213		74,901
Hanover Insurance Group, Inc.		1,463		204,059


	Number of Shares		Value
Financials (Continued)
Hartford Financial Services Group, Inc.		4,327	$	338,718
Huntington Bancshares, Inc.		5,833		89,362
Interactive Brokers Group, Inc., Class A		876		75,432
Intercontinental Exchange, Inc.		701		71,362
Invesco Ltd.		7,702		136,017
Janus Henderson Group PLC		2,967		81,474
Jefferies Financial Group, Inc.		5,526		208,828
JPMorgan Chase & Co.		206		29,530
Kemper Corp.		466		28,706
KeyCorp		4,094		74,879
KKR & Co., Inc.		347		19,553
Lazard Ltd., Class A		6,077		227,037
Lincoln National Corp.		560		17,763
Loews Corp.		3,536		216,014
LPL Financial Holdings, Inc.		702		175,191
M&T Bank Corp.		754		117,089
Markel Corp.*		429		570,510
MarketAxess Holdings, Inc.		243		82,972
Marsh & McLennan Cos., Inc.		1,729		280,340
MetLife, Inc.		2,330		167,131
MGIC Investment Corp.		11,701		161,006
Moody’s Corp.		491		142,464
Morgan Stanley		564		54,426
Morningstar, Inc.		181		37,527
MSCI, Inc.		330		172,310
Nasdaq, Inc.		2,331		130,676
New York Community Bancorp, Inc.		4,556		40,457
Northern Trust Corp.		683		65,069
Old Republic International Corp.		20,506		540,743
OneMain Holdings, Inc.		735		31,671
PacWest Bancorp		605		16,789
Pinnacle Financial Partners, Inc.		579		42,898
PNC Financial Services Group, Inc.		392		61,905
Popular, Inc.		913		65,188
Primerica, Inc.		516		99,041
Principal Financial Group, Inc.		1,814		162,462
Progressive Corp.		3,251		466,584
Prosperity Bancshares, Inc.		1,006		73,931
Prudential Financial, Inc.		1,750		175,000
Raymond James Financial, Inc.		1,046		113,449
Regions Financial Corp.		5,861		136,679
Reinsurance Group of America, Inc.		1,201		173,508
RenaissanceRe Holdings Ltd.		328		70,487
Rithm Capital Corp. REIT		6,425		58,468
Ryan Specialty Holdings, Inc.* (a)		365		15,374
S&P Global, Inc.		287		97,924
SEI Investments Co.		5,196		313,059
SLM Corp.		4,935		70,965
Starwood Property Trust, Inc. REIT (a)		537		10,289
State Street Corp.		249		22,081
Stifel Financial Corp.		1,798		120,160
Synchrony Financial		4,910		175,336
Synovus Financial Corp.		850		35,539
T. Rowe Price Group, Inc. (a)		2,255		253,191
Tradeweb Markets, Inc., Class A		477		33,815
Travelers Cos., Inc.		2,224		411,707
Truist Financial Corp.		1,962		92,116


	Number of Shares		Value
Financials (Continued)
Umpqua Holdings Corp.		3,233	$	57,095
Unum Group		2,919		130,041
US Bancorp		1,946		92,883
Virtu Financial, Inc., Class A		2,577		47,365
Voya Financial, Inc.		1,824		135,870
W.R. Berkley Corp.		3,790		250,860
Webster Financial Corp.		508		26,985
Wells Fargo & Co.		542		25,349
Willis Towers Watson PLC		3,833		898,302
Wintrust Financial Corp.		568		52,330
Zions Bancorp NA		1,228		62,161

(Cost $16,838,744)				19,111,658

Health Care — 11.1%
Abbott Laboratories		807		82,088
AbbVie, Inc.		588		90,493
Acadia Healthcare Co., Inc.*		736		53,367
Agilent Technologies, Inc.		1,344		190,808
AmerisourceBergen Corp.		7,591		1,180,856
Amgen, Inc.		741		171,660
Baxter International, Inc.		778		31,081
Becton Dickinson and Co.		322		75,525
Biogen, Inc.*		448		120,897
BioMarin Pharmaceutical, Inc.*		504		50,193
Bio-Rad Laboratories, Inc., Class A*		276		131,884
Bio-Techne Corp.		967		70,243
Boston Scientific Corp.*		2,576		120,351
Bristol-Myers Squibb Co.		2,965		204,466
Bruker Corp.		925		63,751
Cardinal Health, Inc.		19,200		1,453,632
Centene Corp.*		2,528		172,915
Charles River Laboratories International, Inc.*		113		24,786
Chemed Corp.		542		282,696
Cigna Group		1,177		343,802
Cooper Cos., Inc.		846		276,617
CVS Health Corp.		3,782		315,948
Danaher Corp.		205		50,744
DaVita, Inc.*		1,017		83,659
DENTSPLY SIRONA, Inc.		1,889		71,914
Dexcom, Inc.*		141		15,652
Edwards Lifesciences Corp.*		940		75,614
Elevance Health, Inc.		448		210,412
Eli Lilly & Co.		132		41,081
Encompass Health Corp.		3,485		196,972
Enhabit, Inc.*		2,979		45,728
Enovis Corp.*		379		21,838
Envista Holdings Corp.*		1,944		75,155
Exelixis, Inc.*		5,990		102,309
GE HealthCare Technologies, Inc.*		122		9,272
Gilead Sciences, Inc.		3,968		319,543
Globus Medical, Inc., Class A*		1,618		94,394
HCA Healthcare, Inc.		811		197,438
Henry Schein, Inc.*		8,190		641,359
Hologic, Inc.*		5,677		452,116
Horizon Therapeutics PLC*		397		43,468
Humana, Inc.		65		32,176


	Number of Shares		Value
Health Care (Continued)
ICU Medical, Inc.* (a)		278	$	47,438
IDEXX Laboratories, Inc.*		216		102,220
Incyte Corp.*		3,582		275,742
Insulet Corp.*		71		19,622
Integra LifeSciences Holdings Corp.*		685		38,100
Intuitive Surgical, Inc.*		242		55,512
Ionis Pharmaceuticals, Inc.*		1,033		37,085
IQVIA Holdings, Inc.*		528		110,072
Jazz Pharmaceuticals PLC*		113		15,865
Johnson & Johnson		259		39,694
Laboratory Corp. of America Holdings		1,564		374,359
Masimo Corp.*		199		33,295
McKesson Corp.		4,100		1,434,221
Medtronic PLC		1,557		128,920
Merck & Co., Inc.		868		92,216
Mettler-Toledo International, Inc.*		158		226,526
Molina Healthcare, Inc.*		1,940		534,140
Neurocrine Biosciences, Inc.*		984		101,450
Organon & Co.		9,898		242,402
PerkinElmer, Inc.		206		25,661
Perrigo Co. PLC		925		34,863
Pfizer, Inc.		2,500		101,425
Premier, Inc., Class A		4,915		158,214
QIAGEN NV*		2,881		132,382
Quest Diagnostics, Inc.		4,013		555,239
QuidelOrtho Corp.*		320		27,821
Regeneron Pharmaceuticals, Inc.*		766		582,482
Repligen Corp.*		149		25,981
ResMed, Inc.		575		122,475
Royalty Pharma PLC, Class A		4,800		172,080
Seagen, Inc.*		133		23,899
STERIS PLC		91		17,111
Stryker Corp.		348		91,482
Teleflex, Inc.		293		69,801
Thermo Fisher Scientific, Inc.		49		26,546
United Therapeutics Corp.*		1,048		257,850
UnitedHealth Group, Inc.		70		33,316
Universal Health Services, Inc., Class B		1,754		234,282
Veeva Systems, Inc., Class A*		399		66,098
Vertex Pharmaceuticals, Inc.*		1,090		316,416
Viatris, Inc.		15,131		172,493
Waters Corp.*		732		227,572
West Pharmaceutical Services, Inc.		252		79,892
Zimmer Biomet Holdings, Inc.		1,078		133,532
Zoetis, Inc.		356		59,452

(Cost $15,120,285)				15,946,147

Industrials — 18.7%
3M Co.		2,249		242,307
A O Smith Corp.		3,900		255,957
Acuity Brands, Inc.		1,018		197,451
Advanced Drainage Systems, Inc.		277		24,578
AECOM		3,251		280,756
AGCO Corp.		2,773		390,466
Alaska Air Group, Inc.*		2,893		138,372
Allegion PLC		1,940		218,657
Allison Transmission Holdings, Inc.		7,139		339,102


	Number of Shares		Value
Industrials (Continued)
American Airlines Group, Inc.*		1,061	$	16,955
AMETEK, Inc.		1,432		202,714
Armstrong World Industries, Inc.		567		44,708
Axon Enterprise, Inc.*		263		52,681
Booz Allen Hamilton Holding Corp.		3,027		286,748
Builders FirstSource, Inc.*		765		64,857
BWX Technologies, Inc.		3,920		239,551
C.H. Robinson Worldwide, Inc.		5,178		517,593
CACI International, Inc., Class A*		1,616		473,488
Carlisle Cos., Inc.		395		101,997
Carrier Global Corp.		4,582		206,327
Caterpillar, Inc.		861		206,253
Cintas Corp.		531		232,828
Clean Harbors, Inc.*		702		92,713
Copa Holdings SA, Class A*		300		27,705
Copart, Inc.*		3,432		241,819
CoStar Group, Inc.*		1,010		71,367
Crane Holdings Co.		2,328		278,848
CSX Corp.		6,157		187,727
Cummins, Inc.		3,208		779,801
Curtiss-Wright Corp.		1,274		222,682
Deere & Co.		278		116,549
Delta Air Lines, Inc.*		4,163		159,609
Donaldson Co., Inc.		4,405		278,616
Dover Corp.		1,388		208,061
Driven Brands Holdings, Inc.*		365		10,211
Dun & Bradstreet Holdings, Inc.		1,696		20,369
Eaton Corp. PLC		1,094		191,373
Emerson Electric Co.		909		75,183
Equifax, Inc.		325		65,822
Esab Corp.		2,640		154,836
Expeditors International of Washington, Inc.		5,467		571,629
Fastenal Co.		4,578		236,042
FedEx Corp.		1,473		299,343
Flowserve Corp.		2,082		72,225
Fortive Corp.		1,628		108,522
Fortune Brands Innovations, Inc.		1,485		91,996
FTI Consulting, Inc.*		2,087		383,403
Gates Industrial Corp. PLC*		691		9,702
General Dynamics Corp.		1,460		332,749
General Electric Co.		368		31,173
Graco, Inc.		4,124		286,783
GXO Logistics, Inc.*		372		18,440
HEICO Corp.		452		74,838
HEICO Corp., Class A		709		92,276
Hexcel Corp.		355		25,897
Honeywell International, Inc.		572		109,527
Howmet Aerospace, Inc.		1,582		66,729
Hubbell, Inc.		1,066		268,142
Huntington Ingalls Industries, Inc.		586		126,107
IAA, Inc.*		1,095		44,796
IDEX Corp.		966		217,331
Illinois Tool Works, Inc.		1,091		254,378
Ingersoll Rand, Inc.		1,778		103,248
ITT, Inc.		710		64,532
Jacobs Solutions, Inc.		1,053		125,833


	Number of Shares		Value
Industrials (Continued)
JB Hunt Transport Services, Inc.		2,395	$	432,992
JetBlue Airways Corp.*		1,112		9,230
Johnson Controls International PLC		2,950		185,024
KBR, Inc.		2,893		159,433
Kirby Corp.*		599		43,445
Knight-Swift Transportation Holdings, Inc.		6,223		353,715
L3Harris Technologies, Inc.		1,788		377,608
Landstar System, Inc.		2,762		499,342
Leidos Holdings, Inc.		6,764		656,581
Lennox International, Inc.		1,010		257,378
Lincoln Electric Holdings, Inc.		1,881		315,876
Lockheed Martin Corp.		943		447,227
ManpowerGroup, Inc.		3,574		303,361
Masco Corp.		4,709		246,893
MasTec, Inc.*		886		86,580
Masterbrand, Inc.*		3,116		30,350
MDU Resources Group, Inc.		4,959		157,944
Middleby Corp.*		350		54,421
MSA Safety, Inc.		329		44,201
MSC Industrial Direct Co., Inc., Class A		2,381		201,242
Nordson Corp.		978		214,808
Norfolk Southern Corp.		807		181,430
Northrop Grumman Corp.		787		365,255
nVent Electric PLC		3,326		152,464
Old Dominion Freight Line, Inc.		749		254,106
Oshkosh Corp.		133		11,862
Otis Worldwide Corp.		4,109		347,704
Owens Corning		5,015		490,417
PACCAR, Inc.		7,629		550,814
Parker-Hannifin Corp.		788		277,258
Pentair PLC		2,672		149,472
Quanta Services, Inc.		421		67,949
Raytheon Technologies Corp.		1,270		124,574
Republic Services, Inc.		1,463		188,625
Robert Half International, Inc.		2,936		236,700
Rockwell Automation, Inc.		382		112,663
Rollins, Inc.		4,596		161,779
RXO, Inc.* (a)		7,213		148,371
Ryder System, Inc.		2,557		250,356
Schneider National, Inc., Class B		4,233		118,778
Science Applications International Corp.		4,095		436,691
Sensata Technologies Holding PLC		860		43,499
SiteOne Landscape Supply, Inc.* (a)		183		27,146
Snap-on, Inc.		2,532		629,658
Southwest Airlines Co.		7,024		235,866
Stanley Black & Decker, Inc.		203		17,379
Stericycle, Inc.*		1,125		53,640
Tetra Tech, Inc.		1,627		222,720
Textron, Inc.		3,822		277,210
Timken Co.		1,297		110,829
Toro Co.		4,684		517,301
Trane Technologies PLC		963		178,126
TransDigm Group, Inc.		80		59,510
TransUnion		811		53,064
U-Haul Holding Co.		1,058		58,857
U-Haul Holding Co.		241		15,475


	Number of Shares		Value
Industrials (Continued)
Union Pacific Corp.		622	$	128,928
United Airlines Holdings, Inc.*		438		22,758
United Parcel Service, Inc., Class B		1,488		271,545
United Rentals, Inc.		456		213,650
Univar Solutions, Inc.*		1,477		51,326
Valmont Industries, Inc.		290		92,026
Verisk Analytics, Inc.		698		119,435
W.W. Grainger, Inc.		696		465,227
Waste Management, Inc.		1,947		291,583
Watsco, Inc.		1,165		354,987
WESCO International, Inc.*		651		107,793
Westinghouse Air Brake Technologies Corp.		1,954		203,861
WillScot Mobile Mini Holdings Corp.*		1,979		101,721
Woodward, Inc.		651		64,449
XPO, Inc.*		3,142		104,817
Xylem, Inc.		1,173		120,408

(Cost $23,382,681)				26,852,991

Information Technology — 14.7%
Accenture PLC, Class A		350		92,943
Adobe, Inc.*		222		71,917
Advanced Micro Devices, Inc.*		318		24,988
Akamai Technologies, Inc.*		4,707		341,728
Allegro MicroSystems, Inc.*		1,523		66,525
Amdocs Ltd.		9,331		854,813
Amphenol Corp., Class A		4,087		316,824
Analog Devices, Inc.		2,370		434,824
ANSYS, Inc.*		379		115,068
Apple, Inc.		1,732		255,314
Applied Materials, Inc.		2,105		244,496
Arista Networks, Inc.*		924		128,159
Arrow Electronics, Inc.*		3,352		395,502
Atlassian Corp., Class A*		157		25,800
Autodesk, Inc.*		635		126,168
Automatic Data Processing, Inc.		1,088		239,164
Avnet, Inc.		6,543		292,538
Black Knight, Inc.*		1,345		80,162
Broadcom, Inc.		142		84,389
Broadridge Financial Solutions, Inc.		1,097		154,436
Cadence Design Systems, Inc.*		2,198		424,082
CDW Corp.		462		93,518
Ciena Corp.*		1,510		72,812
Cirrus Logic, Inc.*		3,320		341,130
Cisco Systems, Inc.		2,728		132,090
Cognex Corp.		1,004		47,610
Cognizant Technology Solutions Corp., Class A		9,511		595,674
Coherent Corp.* (a)		222		9,575
Concentrix Corp.		1,073		146,829
Corning, Inc.		19,691		668,509
Dell Technologies, Inc., Class C		12,110		492,150
Dolby Laboratories, Inc., Class A		2,099		172,706
Dropbox, Inc., Class A*		13,708		279,643
DXC Technology Co.*		1,954		54,204
Entegris, Inc.		560		47,729
EPAM Systems, Inc.*		148		45,532


	Number of Shares		Value
Information Technology (Continued)
Euronet Worldwide, Inc.*		576	$	62,698
F5, Inc.*		1,083		154,847
Fair Isaac Corp.*		417		282,472
Fidelity National Information Services, Inc.		715		45,310
First Solar, Inc.*		875		147,997
Fiserv, Inc.*		1,200		138,108
FleetCor Technologies, Inc.*		919		197,392
Fortinet, Inc.*		2,883		171,366
Gartner, Inc.*		1,703		558,260
Gen Digital, Inc.		13,191		257,356
Genpact Ltd.		4,526		216,026
Global Payments, Inc.		1,248		140,026
Globant SA*		255		42,095
GoDaddy, Inc., Class A*		2,536		192,001
Hewlett Packard Enterprise Co.		52,463		818,947
HP, Inc.		16,306		481,353
Intel Corp.		8,682		216,442
International Business Machines Corp.		1,928		249,290
Intuit, Inc.		53		21,581
IPG Photonics Corp.*		417		51,391
Jabil, Inc.		9,480		787,124
Jack Henry & Associates, Inc.		2,208		362,642
Juniper Networks, Inc.		6,571		202,255
Keysight Technologies, Inc.*		1,295		207,148
KLA Corp.		1,541		584,625
Lam Research Corp.		379		184,198
Lattice Semiconductor Corp.*		1,660		141,034
Littelfuse, Inc.		428		110,736
Lumentum Holdings, Inc.*		244		13,130
Manhattan Associates, Inc.*		777		111,694
Mastercard, Inc., Class A		121		42,990
Microchip Technology, Inc.		2,504		202,899
Micron Technology, Inc.		6,146		355,362
Microsoft Corp.		513		127,952
MKS Instruments, Inc.		304		29,467
Monolithic Power Systems, Inc.		350		169,502
Motorola Solutions, Inc.		905		237,843
National Instruments Corp.		3,035		153,298
NCR Corp.*		500		12,765
NetApp, Inc.		5,884		379,812
ON Semiconductor Corp.*		957		74,081
Oracle Corp.		579		50,605
Palo Alto Networks, Inc.*		946		178,198
Paychex, Inc.		2,570		283,728
Paycom Software, Inc.*		267		77,179
Paylocity Holding Corp.*		167		32,166
PayPal Holdings, Inc.*		326		23,994
PTC, Inc.*		1,131		141,748
Pure Storage, Inc., Class A*		1,842		52,571
Qorvo, Inc.*		2,318		233,863
QUALCOMM, Inc.		1,217		150,336
Roper Technologies, Inc.		483		207,787
Salesforce, Inc.*		78		12,762
ServiceNow, Inc.*		140		60,504
Skyworks Solutions, Inc.		2,498		278,702
SS&C Technologies Holdings, Inc.		2,089		122,624


	Number of Shares		Value
Information Technology (Continued)
Synopsys, Inc.*		1,304	$	474,343
Teradata Corp.*		2,281		92,974
Teradyne, Inc.		1,856		187,716
Texas Instruments, Inc.		2,251		385,934
Trimble, Inc.*		1,240		64,554
Tyler Technologies, Inc.*		81		26,021
Universal Display Corp.		321		43,608
VeriSign, Inc.*		1,492		293,670
Viasat, Inc.*		587		18,643
Visa, Inc., Class A		311		68,401
VMware, Inc., Class A*		1,403		154,512
Vontier Corp.		1,567		41,008
Western Digital Corp.*		1,725		66,378
Western Union Co.		19,170		248,443
WEX, Inc.*		160		30,850
Workday, Inc., Class A*		245		45,440
Zebra Technologies Corp., Class A*		153		45,938

(Cost $19,499,519)				21,100,266

Materials — 8.6%
Air Products and Chemicals, Inc.		622		177,880
Albemarle Corp.		89		22,634
Alcoa Corp.		791		38,711
Amcor PLC		26,655		296,937
AptarGroup, Inc.		1,397		163,058
Ashland, Inc.		842		85,699
Avery Dennison Corp.		744		135,549
Axalta Coating Systems Ltd.*		3,201		95,390
Ball Corp.		1,461		82,123
Berry Global Group, Inc.		3,671		227,969
Celanese Corp.		1,618		188,060
CF Industries Holdings, Inc.		5,049		433,659
Chemours Co.		2,118		72,393
Cleveland-Cliffs, Inc.* (a)		1,605		34,235
Corteva, Inc.		7,409		461,507
Crown Holdings, Inc.		835		72,236
Dow, Inc.		9,324		533,333
DuPont de Nemours, Inc.		7,856		573,724
Eagle Materials, Inc.		1,136		159,403
Eastman Chemical Co.		1,884		160,517
Ecolab, Inc.		225		35,858
Element Solutions, Inc.		1,832		37,629
FMC Corp.		1,624		209,740
Freeport-McMoRan, Inc.		3,502		143,477
Graphic Packaging Holding Co.		5,593		133,113
Huntsman Corp.		8,283		243,023
International Paper Co.		9,026		328,456
Linde PLC		451		157,115
Louisiana-Pacific Corp.		2,405		140,716
LyondellBasell Industries NV, Class A		6,826		655,228
Martin Marietta Materials, Inc.		195		70,175
Mosaic Co.		3,850		204,781
NewMarket Corp.		55		18,892
Newmont Corp.		4,175		182,072
Nucor Corp.		7,241		1,212,433
Olin Corp.		4,176		241,164
Packaging Corp. of America		3,368		460,473


	Number of Shares		Value
Materials (Continued)
PPG Industries, Inc.		1,132	$	149,492
Reliance Steel & Aluminum Co.		4,499		1,115,032
Royal Gold, Inc.		1,385		164,524
RPM International, Inc.		1,477		130,906
Sealed Air Corp.		2,459		119,557
Sherwin-Williams Co.		433		95,844
Silgan Holdings, Inc.		3,666		195,764
Sonoco Products Co.		2,115		124,912
Southern Copper Corp. (a)		823		60,647
SSR Mining, Inc.		7,218		98,526
Steel Dynamics, Inc.		8,419		1,061,720
United States Steel Corp.		3,303		101,171
Valvoline, Inc.		476		16,755
Vulcan Materials Co.		455		82,314
Westlake Corp. (a)		996		118,663
Westrock Co.		7,202		226,143

(Cost $10,342,018)				12,351,332

Real Estate — 3.0%
Alexandria Real Estate Equities, Inc. REIT		245		36,696
American Homes 4 Rent, Class A REIT		967		29,996
American Tower Corp. REIT		233		46,136
Americold Realty Trust, Inc. REIT		249		7,321
Apartment Income REIT Corp. REIT		2,657		100,435
AvalonBay Communities, Inc. REIT		529		91,263
Boston Properties, Inc. REIT		658		43,086
Brixmor Property Group, Inc. REIT		2,271		51,415
Camden Property Trust REIT		393		45,101
CBRE Group, Inc., Class A*		3,786		322,340
Cousins Properties, Inc. REIT		1,169		28,629
Crown Castle, Inc. REIT		304		39,748
CubeSmart REIT		1,391		65,363
Digital Realty Trust, Inc. REIT		699		72,857
EastGroup Properties, Inc. REIT		316		51,593
Equinix, Inc. REIT		42		28,907
Equity LifeStyle Properties, Inc. REIT		1,320		90,433
Equity Residential REIT		2,251		140,733
Essex Property Trust, Inc. REIT		215		49,033
Extra Space Storage, Inc. REIT		966		159,052
Federal Realty Investment Trust REIT		546		58,302
First Industrial Realty Trust, Inc. REIT		1,787		94,264
Gaming and Leisure Properties, Inc. REIT		1,325		71,391
Healthcare Realty Trust, Inc. REIT		1,640		31,980
Healthpeak Properties, Inc. REIT		2,051		49,347
Highwoods Properties, Inc. REIT		1,814		48,071
Host Hotels & Resorts, Inc. REIT		946		15,893
Invitation Homes, Inc. REIT		985		30,791
Iron Mountain, Inc. REIT		2,403		126,758
Jones Lang LaSalle, Inc.*		595		103,804
Kilroy Realty Corp. REIT		1,856		66,853
Kimco Realty Corp. REIT		5,009		103,235
Lamar Advertising Co., Class A REIT		1,152		120,453
Life Storage, Inc. REIT		582		70,143
Medical Properties Trust, Inc. REIT (a)		2,684		27,645
Mid-America Apartment Communities, Inc. REIT		522		83,572
National Retail Properties, Inc. REIT		1,686		76,410


	Number of Shares		Value
Real Estate (Continued)
National Storage Affiliates Trust REIT		293	$	12,394
Omega Healthcare Investors, Inc. REIT		1,976		52,937
Prologis, Inc. REIT		381		47,015
Public Storage REIT		812		242,747
Rayonier, Inc. REIT		2,096		70,384
Realty Income Corp. REIT		646		41,312
Regency Centers Corp. REIT		1,289		81,078
Rexford Industrial Realty, Inc. REIT		450		27,207
SBA Communications Corp. REIT		147		38,124
Simon Property Group, Inc. REIT		651		79,481
SL Green Realty Corp. REIT		719		24,482
Spirit Realty Capital, Inc. REIT		692		28,497
Sun Communities, Inc. REIT		348		49,813
UDR, Inc. REIT		619		26,518
Ventas, Inc. REIT		141		6,860
VICI Properties, Inc. REIT		4,850		162,620
Vornado Realty Trust REIT (a)		510		10,088
Welltower, Inc. REIT		228		16,899
Weyerhaeuser Co. REIT		16,419		513,094
WP Carey, Inc. REIT		1,450		117,682

(Cost $4,361,247)				4,328,281

Utilities — 5.7%
AES Corp.		7,039		173,722
Alliant Energy Corp.		3,028		155,246
Ameren Corp.		2,935		242,754
American Electric Power Co., Inc.		3,178		279,569
American Water Works Co., Inc.		865		121,429
Atmos Energy Corp.		2,240		252,694
Avangrid, Inc.		829		32,356
Brookfield Renewable Corp., Class A		1,027		28,602
CenterPoint Energy, Inc.		5,279		146,862
CMS Energy Corp.		6,158		363,137
Consolidated Edison, Inc.		3,517		314,244
Constellation Energy Corp.		470		35,198
Dominion Energy, Inc.		2,748		152,844
DTE Energy Co.		4,963		544,491
Duke Energy Corp.		2,570		242,248
Edison International		2,008		132,950
Entergy Corp.		2,986		307,170
Essential Utilities, Inc.		2,464		105,410
Evergy, Inc.		3,994		234,887
Eversource Energy		2,573		193,901
Exelon Corp.		8,881		358,704
FirstEnergy Corp.		7,140		282,316
Hawaiian Electric Industries, Inc.		3,863		156,258
IDACORP, Inc.		1,325		137,005
National Fuel Gas Co.		5,553		318,076
NextEra Energy, Inc.		764		54,267
NiSource, Inc.		8,970		246,047
NRG Energy, Inc.		14,375		471,356
OGE Energy Corp.		4,307		153,846
Pinnacle West Capital Corp.		3,596		264,953
PPL Corp.		5,597		151,511
Public Service Enterprise Group, Inc.		2,180		131,737
Sempra Energy		1,479		221,791
Southern Co.		3,592		226,511


	Number of Shares		Value
Utilities (Continued)
UGI Corp.		8,106	$	301,786
Vistra Corp.		4,735		104,123
WEC Energy Group, Inc.		2,720		241,155
Xcel Energy, Inc.		3,833		247,497

(Cost $8,254,185)				8,128,653

TOTAL COMMON STOCKS (Cost $129,761,902)				142,512,307

EXCHANGE-TRADED FUNDS — 0.2%
iShares Russell 1000 ETF (Cost $385,882)		1,750		383,512

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c) (Cost $110,355)		110,355		110,355

CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b) (Cost $328,577)		328,577		328,577


TOTAL INVESTMENTS — 99.9% (Cost $130,586,716)			$	143,334,751
Other assets and liabilities, net — 0.1%				79,467

NET ASSETS — 100.0%			$	143,414,218

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:

As of February 28 2023, the Trust consists of thirty-eight investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for Xtrackers MSCI Kokusai Equity ETF which lots consist of 10,000 shares, 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 FTSE Developed ex US Comprehensive Factor is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). The Underlying Index is rebalanced semiannually in March and September after the close of business on the third Friday of the review month.

The MSCI Kokusai Index, also known as the MSCI World ex Japan Index, is designed to track the performance of equity markets in developed markets (excluding Japan). The index is reviewed quarterly in February, May, August and November, with the objective of reflecting change in the underlying equity markets in a timely manner, while limiting undue index turnover. During the May and November semi-annual index reviews, the index is rebalanced and the large and mid capitalization cutoff points are recalculated.

The Russell 1000 2Qual/Val 5% Capped Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced annually in June after the close of business on the third Friday of the review month. Upon a rebalancing, no issuer in the Underlying Index may represent more than 5% of the Underlying Index. In the event an issuer represents more than 5% of the Underlying Index at a rebalancing, such amount in excess of 5% shall be reallocated pro-rata to the other issuers in the Underlying Index.

The Russell 1000 Comprehensive Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility

and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced semiannually in June and December after the close of business on the third Friday of the review month.

Each Fund, except Xtrackers MSCI Kokusai Equity ETF is diversified. Xtrackers MSCI Kokusai Equity ETF is non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies. Each Fund may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

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.

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

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

Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.

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

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

borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 28, 2023, 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 (0.07% annualized effective rate as of February 28, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 28, 2023, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended February 28, 2023, Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity 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.

Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).

A summary of the open futures contracts as of February 28, 2023 is included in a table following the Funds’ Schedule of Investments.

For the period ended February 28, 2023 the average monthly volume of derivatives was as follows:

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

The Advisor for Xtrackers FTSE Developed ex US Multifactor ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.24% of the Fund’s average daily net assets. For the period ended February 28, 2023, the Advisor waived $34,288 of expenses to the Fund.

For the period ended February 28, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

For the period ended February 28, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

As of February 28, 2023 here 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.

In February 2023, as required by the Program and the Liquidity Rule, the Advisor provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2021 through November 30, 2022 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, your Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, the Advisor stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. The Advisor also reported that there were no material changes made to the Program during the Reporting Period.

Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell US Multifactor ETF, and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 15-16, 2023 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers FTSE Developed ex US Multifactor ETF, Xtrackers MSCI Kokusai Equity ETF, Xtrackers Russell US Multifactor ETF, and Xtrackers Russell 1000 US Quality at a Reasonable Price ETF, (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

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

the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

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

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

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

meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

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

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

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

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

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region, generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Because the Funds seek to provide exposure to stocks based on the following multifactors — value, momentum, quality, low volatility and size — it is expected, exposure to such investment factors will detract from performance in some market environments, as more fully explained in the Funds’ prospectus. KOKU is currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that Fund. Please read the prospectus for more information.

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

DEEF, DEUS and QARP have been developed solely by DBX Advisors LLC. The Funds are not in any way connected to or sponsored, endorsed, issued, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the FTSE Developed ex US Comprehensive Factor Index, Russell 1000 Comprehensive Factor Index and Russell 1000 2Qual/Val 5% Capped Factor Index vest in the relevant LSE Group company which owns the Indexes. “FTSE^®” “Russell^®” and “FTSE Russell^®” are a trademarks of the relevant LSE Group company and are used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Funds. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Funds or the suitability of the Indexes for the purpose to which it is being put by DBX Advisors LLC.

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

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this semi-annual report for five of our ETFs tracking the fixed income market for the period ended February 28, 2023.

The global economy showed signs of recovery during the reporting period, with financial markets paring some of the year-to-date losses, on the back of easing inflation and prospects of a slowdown in rate hikes. Owing to slowing inflation in the U.S. central banks across developed countries announced slower rate hikes in their fight against rising prices. However, the Bank of Japan (BoJ) continued to hold an accommodative stance on its monetary policy in its push to solidify the economic recovery. While the Russia-Ukraine war continued, concerns surrounding an energy crisis in Europe largely eased as the winter was not as cold as expected. Around the turn of the year, China’s resurgence, after dropping the zero-Covid policy, buoyed markets. In early 2023, developing markets continued to rally even though inflation seemed primed to stay resolute.

Global bond markets ended Q4 2022 on a mixed note, with government bond yields moving up toward the end of the quarter, reflecting market disappointment at the hawkish stance of major central banks, despite signs of easing inflation. The US Federal Reserve (Fed) raised rates four times during the reporting period, ending between 4.50% and 4.75%. The Bank of England (BoE) increased the rate twice to 3.5% at the end of Q4. Meanwhile, the BoJ modified its yield-curve-control policy. U.S. and European investment-grade and high-yield credit bonds outperformed government bonds during the quarter on improved risk sentiment. In the Eurozone, there were signs of slowing inflation toward the end of the quarter owing to a decline in energy prices. Nevertheless, the European Central Bank (ECB) continued to tighten its monetary policy.

Bond prices rose in January 2023 on softening inflation and expectations of an end to the global monetary tightening policy. The Bank of Canada raised the rate by 25bps¹, indicating a pause in its hiking cycle. In the U.S. and Europe, credit market bonds outperformed government bonds across high yield and investment grades. Moreover, risk sentiment improved as investors welcomed the news on moderating inflation and higher-than-expected growth in the Eurozone and China.

A rebound in economic activity resulted in higher bond yields globally in February 2023. Bonds declined for the month, negating much of the prior month’s returns. The Fed, the ECB, and the BoE announced rate hikes at the beginning of February. Of late, investors have been wary of an expected improvement in the near-term global economic situation, as this implies that the interest rate will likely remain high longer than expected in order to tame inflation.

We believe 2023 will be a year of tackling uncertainties that can plague the investment environment including inflation rates, interest rate hikes, changing economic growth prospects, and geopolitical developments. Although there is a chance of a recession in 2023, we believe it will likely be shallow and mild, given the absence of structural imbalances in the economy. Meanwhile we believe slowing demand and declining housing prices are likely to slow inflation and prompt the major central banks around the globe to pause or scale back further rate hikes.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ Basis points (Bps) are a unit of measurement equal to 1/100th of 1 percent and a standard measure for interest rates.

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

Quality * as of February 28, 2023


Description	% of Market Value
BBB		1.8%
BB		42.8%
B		42.1%
CCC		13.1%
CC		0.1%
NR		0.1%

Total		100.0%

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

Sector Diversification* as of February 28, 2023


Consumer, Cyclical			24.1%
Communications			20.8%
Consumer, Non-cyclical			15.3%
Energy			12.0%
Financial			10.3%
Industrial			6.7%
Basic Materials			4.7%
Technology			3.7%
Utilities			2.4%

Total			100.0%

Modified duration to worst as of February 28, 2023: 3.9 years

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

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 8.

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.

Quality* as of February 28, 2023


Description	% of Market Value
BBB		12.6%
BB		75.0%
B		11.9%
CCC		0.5%

Total		100.0%

Sector Diversification* as of February 28, 2023


Consumer, Cyclical			23.5%
Consumer, Non-cyclical			17.8%
Communications			16.2%
Industrial			10.3%
Energy			10.0%
Financial			9.9%
Technology			5.6%
Utilities			3.5%
Basic Materials			3.2%

Total			100.0%

Modified duration to worst as of February 28, 2023: 4.1 years

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

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 18.

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

Quality* as of February 28, 2023


Description	% of Market Value
BBB		6.9%
BB		60.0%
B		26.5%
CCC		6.6%

Total		100.0%

Sector Diversification* as of February 28, 2023


Consumer, Cyclical			24.6%
Communications			19.0%
Consumer, Non-cyclical			16.0%
Energy			10.9%
Financial			9.8%
Industrial			8.5%
Basic Materials			3.9%
Technology			4.5%
Utilities			2.8%

Total			100.0%

Modified duration to worst as of February 28, 2023: 4.0 years

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

*As a percent of total investments excluding securities lending collateral and cash equivalents. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 28.

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

Quality* as of February 28, 2023


Description	% of Market Value
BBB		9.0%
BB		55.5%
B		29.1%
CCC		6.2%
CC		0.1%
NR		0.1%

Total		100.0%

Sector Diversification* as of February 28, 2023


Consumer, Cyclical			26.0%
Communications			18.3%
Consumer, Non-cyclical			15.1%
Financial			10.8%
Industrial			10.2%
Energy			9.8%
Basic Materials			4.1%
Technology			2.9%
Utilities			2.8%

Total			100.0%

Modified duration to worst as of February 28, 2023: 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.

* 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 30.

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

Quality* as of February 28, 2023


Description	% of Market Value
BBB		7.0%
BB		60.4%
B		26.1%
CCC		6.5%

Total		100.0%

Sector Diversification* as of February 28, 2023


Consumer, Cyclical			24.6%
Communications			19.0%
Consumer, Non-cyclical			16.0%
Energy			10.9%
Financial			9.8%
Industrial			8.5%
Technology			4.5%
Basic Materials			3.9%
Utilities			2.8%

Total			100.0%

Modified duration to worst as of February 28, 2023: 4.0 years

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

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 40.

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (September 1, 2022 to February 28, 2023).

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


	Principal Amount		Value
CORPORATE BONDS — 97.7%
Basic Materials — 4.6%
Chemicals — 2.0%
ASP Unifrax Holdings, Inc.
144A, 5.25%, 9/30/28	$	31,000	$	24,085
144A, 7.50%, 9/30/29		10,000		6,812
Chemours Co.
5.375%, 5/15/27 (a)		13,000		11,854
144A, 5.75%, 11/15/28		25,000		21,986
144A, 4.625%, 11/15/29		31,000		25,174
Consolidated Energy Finance SA, 144A, 5.625%, 10/15/28		13,000		11,130
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		13,000		11,449
Methanex Corp., 5.25%, 12/15/29		26,000		23,882
NOVA Chemicals Corp.
144A, 5.00%, 5/1/25		17,000		16,227
144A, 5.25%, 6/1/27		35,000		31,547
144A, 4.25%, 5/15/29 (a)		13,000		10,777
Olympus Water US Holding Corp., 144A, 4.25%, 10/1/28		10,000		8,358
SCIH Salt Holdings, Inc.
144A, 4.875%, 5/1/28		38,000		32,893
144A, 6.625%, 5/1/29		19,000		15,447
Tronox, Inc., 144A, 4.625%, 3/15/29		37,000		30,194

(Cost $317,791)				281,815

Forest Products & Paper — 0.2%
Mercer International, Inc., 5.125%, 2/1/29
(Cost $32,783)		34,000		27,959

Iron/Steel — 0.6%
Mineral Resources Ltd.
144A, 8.125%, 5/1/27		18,000		17,987
144A, 8.00%, 11/1/27		32,000		31,869
144A, 8.50%, 5/1/30		16,000		16,039
United States Steel Corp., 6.875%, 3/1/29 (a)		19,000		19,029

(Cost $86,126)				84,924

Mining — 1.8%
Arconic Corp., 144A, 6.125%, 2/15/28		24,000		23,727
Constellium SE, 144A, 3.75%, 4/15/29		13,000		10,810
First Quantum Minerals Ltd.
144A, 7.50%, 4/1/25		46,000		44,661
144A, 6.875%, 3/1/26		40,000		38,200
144A, 6.875%, 10/15/27		54,000		50,711
FMG Resources August 2006 Pty Ltd., 144A, 6.125%, 4/15/32		28,000		26,500
Hudbay Minerals, Inc.
144A, 4.50%, 4/1/26		15,000		13,483
144A, 6.125%, 4/1/29		15,000		13,258
Kaiser Aluminum Corp.
144A, 4.625%, 3/1/28		15,000		12,937
144A, 4.50%, 6/1/31		15,000		11,892

(Cost $261,152)				246,179


	Principal Amount		Value
Communications — 20.3%
Advertising — 1.3%
Clear Channel Outdoor Holdings, Inc.
144A, 5.125%, 8/15/27	$	42,000	$	37,525
144A, 7.75%, 4/15/28		35,000		29,067
144A, 7.50%, 6/1/29		37,000		30,005
CMG Media Corp., 144A, 8.875%, 12/15/27		36,000		24,263
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A, 4.25%, 1/15/29		17,000		13,998
144A, 4.625%, 3/15/30		20,000		16,473
Stagwell Global LLC, 144A, 5.625%, 8/15/29		29,000		24,894

(Cost $203,159)				176,225

Internet — 0.1%
Rakuten Group, Inc., 144A, 10.25%, 11/30/24 (Cost $19,759)		20,000		20,076

Media — 9.6%
Altice Financing SA
144A, 5.00%, 1/15/28		32,000		26,585
144A, 5.75%, 8/15/29		64,000		52,409
AMC Networks, Inc.
5.00%, 4/1/24		24,000		23,906
4.75%, 8/1/25		27,000		25,560
4.25%, 2/15/29		36,000		26,505
Audacy Capital Corp.
144A, 6.50%, 5/1/27		21,000		3,016
144A, 6.75%, 3/31/29		14,000		2,016
CCO Holdings LLC / CCO Holdings Capital Corp., 144A, 7.375%, 3/1/31		32,000		31,154
CSC Holdings LLC
5.25%, 6/1/24		35,000		33,944
144A, 5.50%, 4/15/27		48,000		41,809
144A, 5.375%, 2/1/28		37,000		30,895
144A, 7.50%, 4/1/28		43,000		28,837
144A, 6.50%, 2/1/29		56,000		47,531
144A, 5.75%, 1/15/30		72,000		41,111
144A, 4.125%, 12/1/30		41,000		29,400
144A, 4.625%, 12/1/30		85,000		45,762
144A, 3.375%, 2/15/31		37,000		25,348
144A, 4.50%, 11/15/31		53,000		37,694
144A, 5.00%, 11/15/31		18,000		9,603
DISH DBS Corp.
5.875%, 11/15/24		66,000		61,650
7.75%, 7/1/26		72,000		55,962
144A, 5.25%, 12/1/26		98,000		82,259
7.375%, 7/1/28		30,000		20,550
144A, 5.75%, 12/1/28		91,000		72,861
5.125%, 6/1/29		48,000		28,410
DISH Network Corp., 144A, 11.75%, 11/15/27		113,000		114,684
Gray Escrow II, Inc., 144A, 5.375%, 11/15/31		10,000		7,437


	Principal Amount		Value
Media (Continued)
Gray Television, Inc.
144A, 5.875%, 7/15/26	$	17,000	$	15,371
144A, 7.00%, 5/15/27		30,000		27,112
144A, 4.75%, 10/15/30		20,000		14,618
iHeartCommunications, Inc.
6.375%, 5/1/26		22,000		20,762
8.375%, 5/1/27		38,000		33,478
144A, 5.25%, 8/15/27		19,000		16,554
144A, 4.75%, 1/15/28		26,000		21,893
McGraw-Hill Education, Inc.
144A, 5.75%, 8/1/28		23,000		20,164
144A, 8.00%, 8/1/29		28,000		23,959
Sinclair Television Group, Inc.
144A, 5.50%, 3/1/30 (a)		13,000		9,627
144A, 4.125%, 12/1/30		26,000		20,207
Univision Communications, Inc., 144A, 7.375%, 6/30/30		31,000		29,433
UPC Holding BV, 144A, 5.50%, 1/15/28		20,000		17,618
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		25,000		20,398
VTR Finance NV, 144A, 6.375%, 7/15/28		18,000		7,776
Ziggo Bond Co. BV
144A, 6.00%, 1/15/27		16,000		14,896
144A, 5.125%, 2/28/30		13,000		10,518

(Cost $1,579,330)				1,331,282

Telecommunications — 9.3%
Altice France Holding SA
144A, 10.50%, 5/15/27		48,000		39,688
144A, 6.00%, 2/15/28		41,000		28,233
Altice France SA
144A, 8.125%, 2/1/27		64,000		59,805
144A, 5.50%, 1/15/28		41,000		33,813
144A, 5.125%, 1/15/29		15,000		11,533
144A, 5.125%, 7/15/29		79,000		61,074
144A, 5.50%, 10/15/29		67,000		52,336
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		43,000		39,000
CommScope Technologies LLC 144A, 6.00%, 6/15/25		53,000		50,856
144A, 5.00%, 3/15/27		19,000		14,494
CommScope, Inc.
144A, 6.00%, 3/1/26		48,000		46,297
144A, 8.25%, 3/1/27		35,000		29,845
144A, 7.125%, 7/1/28		30,000		23,397
144A, 4.75%, 9/1/29		43,000		35,193
Consolidated Communications, Inc.
144A, 5.00%, 10/1/28		12,000		8,114
144A, 6.50%, 10/1/28		30,000		22,125
Frontier Communications Holdings LLC
144A, 6.75%, 5/1/29		36,000		30,390
5.875%, 11/1/29		20,000		16,045
144A, 6.00%, 1/15/30		40,000		32,011
144A, 8.75%, 5/15/30		42,000		42,520
Hughes Satellite Systems Corp., 6.625%, 8/1/26 (a)		19,000		17,904


	Principal Amount		Value
Telecommunications (Continued)
Iliad Holding SASU
144A, 6.50%, 10/15/26	$	31,000	$	29,001
144A, 7.00%, 10/15/28		33,000		30,342
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		107,000		93,069
Level 3 Financing, Inc.
144A, 3.40%, 3/1/27		35,000		29,473
144A, 4.625%, 9/15/27		35,000		25,978
144A, 4.25%, 7/1/28		32,000		21,885
144A, 3.625%, 1/15/29		22,000		14,144
144A, 3.75%, 7/15/29		22,000		13,860
144A, 3.875%, 11/15/29		30,000		22,834
Lumen Technologies, Inc.
144A, 5.125%, 12/15/26		22,000		16,136
144A, 4.00%, 2/15/27		20,000		15,379
144A, 4.50%, 1/15/29		35,000		18,544
Millicom International Cellular SA, 144A, 6.25%, 3/25/29		18,000		16,345
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		17,000		15,669
Telecom Italia SpA, 144A, 5.303%, 5/30/24		65,000		63,357
VEON Holdings BV, 144A, 4.95%, 6/16/24		17,000		15,120
Viasat, Inc.
144A, 5.625%, 9/15/25		18,000		16,683
144A, 5.625%, 4/15/27		16,000		14,613
144A, 6.50%, 7/15/28		20,000		14,814
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		45,000		36,827
Zayo Group Holdings, Inc.
144A, 4.00%, 3/1/27		53,000		40,863
144A, 6.125%, 3/1/28		38,000		23,986

(Cost $1,480,168)				1,283,595

Consumer, Cyclical — 23.6%
Airlines — 1.4%
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		16,000		14,621
American Airlines, Inc.
144A, 11.75%, 7/15/25		80,000		87,707
144A, 7.25%, 2/15/28		25,000		24,477
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		31,000		28,845
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 144A, 8.00%, 9/20/25		40,000		40,210

(Cost $200,872)				195,860

Apparel — 0.4%
Hanesbrands, Inc.
144A, 4.875%, 5/15/26		34,000		31,432
144A, 9.00%, 2/15/31		23,000		23,286

(Cost $54,697)				54,718

Auto Manufacturers — 0.8%
Aston Martin Capital Holdings Ltd.,
144A, 10.50%, 11/30/25		45,000		44,941


	Principal Amount		Value
Auto Manufacturers (Continued)
Ford Motor Co., 9.625%, 4/22/30	$	16,000	$	18,422
Ford Motor Credit Co. LLC, 7.35%, 3/6/30		44,000		44,610

(Cost $109,219)				107,973

Auto Parts & Equipment — 1.4%
American Axle & Manufacturing, Inc.
6.50%, 4/1/27 (a)		13,000		12,031
6.875%, 7/1/28		10,000		8,983
5.00%, 10/1/29		24,000		19,384
Clarios Global LP / Clarios US Finance Co., 144A, 8.50%, 5/15/27		52,000		51,742
DanA, Inc.
5.375%, 11/15/27		10,000		9,238
5.625%, 6/15/28		20,000		18,123
4.25%, 9/1/30		10,000		8,089
Goodyear Tire & Rubber Co.
5.00%, 7/15/29		23,000		20,031
5.25%, 4/30/31 (a)		14,000		12,024
5.25%, 7/15/31 (a)		16,000		13,642
5.625%, 4/30/33 (a)		21,000		17,868

(Cost $210,156)				191,155

Distribution/Wholesale — 0.0%
Wesco Aircraft Holdings, Inc., 144A, 13.125%, 11/15/27 (Cost $13,429)		15,000		1,313

Entertainment — 2.6%
AMC Entertainment Holdings, Inc.
144A, 10.00%, 6/15/26		46,000		23,805
144A, 7.50%, 2/15/29		38,000		22,810
Caesars Entertainment, Inc. 144A, 8.125%, 7/1/27 (a)		46,000		46,474
144A, 4.625%, 10/15/29		46,000		39,386
Cinemark USA, Inc.
144A, 5.875%, 3/15/26		22,000		20,081
144A, 5.25%, 7/15/28		20,000		16,831
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		53,000		49,701
Penn Entertainment, Inc.
144A, 5.625%, 1/15/27		10,000		9,283
144A, 4.125%, 7/1/29		10,000		8,124
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
144A, 5.625%, 9/1/29		19,000		13,987
144A, 5.875%, 9/1/31		31,000		22,266
Scientific Games International, Inc.
144A, 7.00%, 5/15/28		19,000		18,561
144A, 7.25%, 11/15/29		21,000		20,659
Six Flags Entertainment Corp., 144A, 5.50%, 4/15/27		13,000		12,232
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
144A, 5.125%, 10/1/29		19,000		17,017
144A, 7.125%, 2/15/31		20,000		19,931

(Cost $416,615)				361,148


	Principal Amount		Value
Food Service — 0.2%
TKC Holdings, Inc.
144A, 6.875%, 5/15/28	$	11,000	$	9,007
144A, 10.50%, 5/15/29		26,000		15,956

(Cost $35,325)				24,963

Home Builders — 0.5%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		10,000		8,060
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A, 6.25%, 9/15/27		25,000		21,829
144A, 4.875%, 2/15/30		15,000		11,298
Mattamy Group Corp.
144A, 5.25%, 12/15/27		13,000		11,625
144A, 4.625%, 3/1/30		26,000		21,627

(Cost $83,925)				74,439

Home Furnishings — 0.2%
Tempur Sealy International, Inc., 144A, 3.875%, 10/15/31 (Cost $28,672)		31,000		25,017

Housewares — 0.2%
Scotts Miracle-Gro Co.
4.50%, 10/15/29 (a)		10,000		8,676
4.00%, 4/1/31		22,000		17,623
4.375%, 2/1/32		10,000		8,174

(Cost $37,822)				34,473

Leisure Time — 6.8%
Carnival Corp.
144A, 10.50%, 2/1/26		20,000		20,731
144A, 7.625%, 3/1/26 (a)		53,000		47,793
144A, 5.75%, 3/1/27		115,000		94,436
144A, 9.875%, 8/1/27		23,000		23,439
144A, 4.00%, 8/1/28		80,000		67,664
144A, 6.00%, 5/1/29		76,000		59,031
144A, 10.50%, 6/1/30		37,000		35,867
Carnival Holdings Bermuda Ltd.,
144A, 10.375%, 5/1/28		69,000		73,892
Life Time, Inc.
144A, 5.75%, 1/15/26		24,000		23,075
144A, 8.00%, 4/15/26		20,000		19,289
NCL Corp. Ltd.
144A, 3.625%, 12/15/24		14,000		13,160
144A, 5.875%, 3/15/26		45,000		38,978
144A, 5.875%, 2/15/27		26,000		24,140
144A, 8.375%, 2/1/28		25,000		25,492
144A, 7.75%, 2/15/29 (a)		25,000		21,787
Royal Caribbean Cruises Ltd.
144A, 4.25%, 7/1/26		18,000		15,811
144A, 5.50%, 8/31/26		38,000		34,433
144A, 5.375%, 7/15/27		36,000		31,660
144A, 11.625%, 8/15/27 (a)		35,000		37,378
3.70%, 3/15/28		22,000		17,586
144A, 5.50%, 4/1/28		63,000		54,968
144A, 8.25%, 1/15/29		26,000		26,938
144A, 9.25%, 1/15/29 (a)		26,000		27,595
144A, 7.25%, 1/15/30		25,000		25,138


	Principal Amount		Value
Leisure Time (Continued)
Viking Cruises Ltd.
144A, 13.00%, 5/15/25	$	35,000	$	37,235
144A, 5.875%, 9/15/27		32,000		27,481
144A, 7.00%, 2/15/29		13,000		11,193

(Cost $977,338)				936,190

Lodging — 2.7%
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A, 5.00%, 6/1/29		12,000		10,540
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29		13,000		10,922
Melco Resorts Finance Ltd.
144A, 4.875%, 6/6/25		26,000		24,278
144A, 5.25%, 4/26/26		10,000		9,023
144A, 5.625%, 7/17/27		16,000		14,162
144A, 5.75%, 7/21/28		33,000		28,524
144A, 5.375%, 12/4/29		39,000		32,409
Station Casinos LLC
144A, 4.50%, 2/15/28		19,000		16,731
144A, 4.625%, 12/1/31		13,000		10,603
Studio City Finance Ltd.
144A, 6.00%, 7/15/25		28,000		25,257
144A, 6.50%, 1/15/28		27,000		22,960
144A, 5.00%, 1/15/29		32,000		24,640
Travel + Leisure Co., 144A, 4.50%, 12/1/29		17,000		14,293
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
144A, 5.50%, 3/1/25		97,000		94,441
144A, 5.25%, 5/15/27		33,000		30,770

(Cost $397,341)				369,553

Retail — 6.4%
Asbury Automotive Group, Inc.
144A, 4.625%, 11/15/29		21,000		18,282
4.75%, 3/1/30		18,000		15,615
144A, 5.00%, 2/15/32		16,000		13,656
Bath & Body Works, Inc.
5.25%, 2/1/28		13,000		12,120
7.50%, 6/15/29 (a)		14,000		14,152
144A, 6.625%, 10/1/30		36,000		34,138
Carvana Co.
144A, 5.625%, 10/1/25		13,000		8,074
144A, 5.50%, 4/15/27		15,000		7,666
144A, 5.875%, 10/1/28		25,000		12,048
144A, 4.875%, 9/1/29		29,000		14,065
144A, 10.25%, 5/1/30		116,000		71,621
eG Global Finance PLC,
144A, 6.75%, 2/7/25		50,000		45,185
Ferrellgas LP / Ferrellgas Finance Corp.
144A, 5.375%, 4/1/26		17,000		15,322
144A, 5.875%, 4/1/29		35,000		28,577
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
144A, 4.625%, 1/15/29		51,000		44,156
144A, 6.75%, 1/15/30		36,000		29,863


	Principal Amount		Value
Retail (Continued)
Gap, Inc.
144A, 3.625%, 10/1/29	$	19,000	$	13,955
144A, 3.875%, 10/1/31		29,000		20,839
Kohl’s Corp., 3.625%, 5/1/31		10,000		7,041
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		31,000		22,223
Macy’s Retail Holdings LLC
144A, 5.875%, 4/1/29		13,000		11,826
144A, 5.875%, 3/15/30		11,000		9,711
144A, 6.125%, 3/15/32		21,000		18,086
Michaels Cos., Inc. 144A, 5.25%, 5/1/28		37,000		30,830
144A, 7.875%, 5/1/29		43,000		32,409
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		29,000		28,015
Nordstrom, Inc.
4.375%, 4/1/30		23,000		18,166
4.25%, 8/1/31		11,000		8,069
PetSmart, Inc. / PetSmart Finance Corp., 144A, 7.75%, 2/15/29		39,000		37,966
QVC, Inc.
4.85%, 4/1/24		16,000		15,051
4.45%, 2/15/25		15,000		12,149
4.75%, 2/15/27		15,000		9,620
4.375%, 9/1/28		23,000		12,848
Rite Aid Corp., 144A, 8.00%, 11/15/26		33,000		17,526
Sonic Automotive, Inc.
144A, 4.625%, 11/15/29		17,000		14,136
144A, 4.875%, 11/15/31		17,000		13,545
SRS Distribution, Inc.
144A, 6.125%, 7/1/29		12,000		10,048
144A, 6.00%, 12/1/29		31,000		25,934
Staples, Inc.
144A, 7.50%, 4/15/26		66,000		58,814
144A, 10.75%, 4/15/27 (a)		36,000		27,609
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		28,000		23,329

(Cost $1,038,349)				884,285

Consumer, Non-cyclical — 15.0%
Agriculture — 0.4%
Vector Group Ltd.
144A, 10.50%, 11/1/26		22,000		22,072
144A, 5.75%, 2/1/29		33,000		28,549

(Cost $54,380)				50,621

Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29 (Cost $18,989)		19,000		16,292

Biotechnology — 0.1%
Grifols Escrow Issuer SA, 144A, 4.75%, 10/15/28 (Cost $18,074)		19,000		16,262


	Principal Amount		Value
Commercial Services — 3.8%
Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A, 6.625%, 7/15/26	$	59,000	$	56,101
144A, 9.75%, 7/15/27		48,000		44,104
144A, 6.00%, 6/1/29		25,000		18,712
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		51,000		42,445
APX Group, Inc.
144A, 6.75%, 2/15/27		15,000		14,420
144A, 5.75%, 7/15/29		30,000		25,167
CoreCivic, Inc., 8.25%, 4/15/26 (a)		18,000		18,240
Garda World Security Corp.
144A, 4.625%, 2/15/27		14,000		12,484
144A, 9.50%, 11/1/27		26,000		25,021
144A, 6.00%, 6/1/29		11,000		9,038
Hertz Corp.
144A, 4.625%, 12/1/26		13,000		11,591
144A, 5.00%, 12/1/29		38,000		31,590
MPH Acquisition Holdings LLC
144A, 5.50%, 9/1/28		38,000		28,835
144A, 5.75%, 11/1/28 (a)		43,000		28,007
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A, 6.25%, 1/15/28		33,000		30,628
Sabre GLBL, Inc.
144A, 9.25%, 4/15/25		20,000		19,706
144A, 7.375%, 9/1/25		47,000		44,054
144A, 11.25%, 12/15/27		17,000		17,000
Sotheby’s, 144A, 7.375%, 10/15/27 (a)		20,000		18,886
Verscend Escrow Corp., 144A, 9.75%, 8/15/26		29,000		29,135

(Cost $584,298)				525,164

Cosmetics/Personal Care — 0.4%
Coty, Inc.
144A, 5.00%, 4/15/26		24,000		22,857
144A, 6.50%, 4/15/26 (a)		14,000		13,734
Edgewell Personal Care Co., 144A, 4.125%, 4/1/29		13,000		11,099

(Cost $51,366)				47,690

Food — 1.7%
B&G Foods, Inc.
5.25%, 4/1/25		24,000		21,633
5.25%, 9/15/27		24,000		19,365
Performance Food Group, Inc., 144A, 4.25%, 8/1/29		26,000		22,726
Post Holdings, Inc.
144A, 5.625%, 1/15/28		50,000		47,795
144A, 5.50%, 12/15/29		42,000		38,383
144A, 4.625%, 4/15/30		42,000		36,457
144A, 4.50%, 9/15/31		45,000		37,947
Sigma Holdco BV, 144A, 7.875%, 5/15/26		19,000		15,158

(Cost $264,527)				239,464


	Principal Amount		Value
Healthcare-Services — 4.8%
CHS/Community Health Systems, Inc.
144A, 8.00%, 3/15/26	$	67,000	$	65,407
144A, 5.625%, 3/15/27		60,000		52,724
144A, 8.00%, 12/15/27		24,000		23,304
144A, 6.875%, 4/1/28		28,000		19,040
144A, 6.00%, 1/15/29		31,000		26,847
144A, 6.875%, 4/15/29		48,000		33,618
144A, 6.125%, 4/1/30		44,000		29,986
144A, 5.25%, 5/15/30		51,000		40,877
144A, 4.75%, 2/15/31		38,000		29,400
DaVitA, Inc.
144A, 4.625%, 6/1/30		102,000		84,173
144A, 3.75%, 2/15/31		48,000		36,416
Envision Healthcare Corp., 144A, 8.75%, 10/15/26		29,000		6,821
Legacy LifePoint Health LLC
144A, 6.75%, 4/15/25		25,000		23,919
144A, 4.375%, 2/15/27		32,000		27,040
LifePoint Health, Inc., 144A, 5.375%, 1/15/29		13,000		8,548
ModivCare, Inc., 144A, 5.875%, 11/15/25		13,000		12,211
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		46,000		39,201
Select Medical Corp., 144A, 6.25%, 8/15/26		32,000		30,597
Tenet Healthcare Corp., 6.125%, 10/1/28 (a)		79,000		73,146

(Cost $752,248)				663,275

Household Products/Wares — 0.2%
Central Garden & Pet Co., 144A, 4.125%, 4/30/31		10,000		8,201
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31		23,000		18,230

(Cost $30,693)				26,431

Pharmaceuticals — 3.5%
AdaptHealth LLC
144A, 4.625%, 8/1/29		21,000		17,646
144A, 5.125%, 3/1/30		16,000		13,786
Bausch Health Americas, Inc.
144A, 9.25%, 4/1/26		38,000		28,453
144A, 8.50%, 1/31/27		25,000		13,179
Bausch Health Cos., Inc.
144A, 5.50%, 11/1/25		63,000		54,862
144A, 9.00%, 12/15/25		28,000		22,206
144A, 6.125%, 2/1/27		26,000		17,970
144A, 5.75%, 8/15/27		13,000		8,642
144A, 5.00%, 1/30/28		7,000		3,025
144A, 4.875%, 6/1/28		52,000		32,550
144A, 11.00%, 9/30/28		63,000		49,609
144A, 5.00%, 2/15/29		15,000		6,475
144A, 6.25%, 2/15/29		23,000		10,118
144A, 5.25%, 1/30/30		24,000		10,380
144A, 14.00%, 10/15/30		14,000		8,950
144A, 5.25%, 2/15/31		11,000		4,926
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		13,000		11,514


	Principal Amount		Value
Pharmaceuticals (Continued)
Elanco Animal Health, Inc., 6.65%, 8/28/28	$	19,000	$	18,190
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		26,000		20,183
Mallinckrodt International Finance SA / Mallinckrodt CB LLC
144A, 10.00%, 4/15/25		27,000		24,204
144A, 11.50%, 12/15/28		19,000		17,061
Owens & Minor, Inc.
144A, 4.50%, 3/31/29		21,000		16,139
144A, 6.625%, 4/1/30		16,000		13,202
Teva Pharmaceutical Finance Netherlands III BV 7.125%, 1/31/25		26,000		26,353
3.15%, 10/1/26		10,000		8,764
6.75%, 3/1/28 (a)		32,000		30,790

(Cost $623,824)				489,177

Energy — 11.7%
Energy-Alternate Sources — 0.1%
TerraForm Power Operating LLC, 144A, 5.00%, 1/31/28 (Cost $10,593)		10,000		9,164

Oil & Gas — 5.7%
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A, 7.00%, 11/1/26		16,000		15,544
144A, 5.875%, 6/30/29		10,000		8,710
Callon Petroleum Co.
144A, 8.00%, 8/1/28		17,000		16,687
144A, 7.50%, 6/15/30 (a)		25,000		23,510
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		29,000		30,096
CITGO Petroleum Corp., 144A, 6.375%, 6/15/26		17,000		16,434
CNX Resources Corp.
144A, 6.00%, 1/15/29		13,000		11,800
144A, 7.375%, 1/15/31		21,000		20,034
Comstock Resources, Inc.
144A, 6.75%, 3/1/29		42,000		38,691
144A, 5.875%, 1/15/30		40,000		34,457
Crescent Energy Finance LLC, 144A, 9.25%, 2/15/28		22,000		21,476
CVR Energy, Inc.
144A, 5.25%, 2/15/25		15,000		14,416
144A, 5.75%, 2/15/28		11,000		9,773
Energean PLC, 144A, 6.50%, 4/30/27		16,000		14,864
Hilcorp Energy I LP / Hilcorp Finance Co., 144A, 6.25%, 11/1/28		15,000		13,948
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		22,000		19,824
144A, 7.75%, 5/1/27		14,000		12,297
144A, 7.50%, 3/1/28		20,000		17,200
Leviathan Bond Ltd. 144A, REGS, 6.125%, 6/30/25		16,000		15,600
144A, REGS, 6.50%, 6/30/27		25,000		23,925
144A, REGS, 6.75%, 6/30/30		14,000		13,129


	Principal Amount		Value
Oil & Gas (Continued)
MEG Energy Corp., 144A, 5.875%, 2/1/29	$	16,000	$	14,940
Northern Oil and Gas, Inc., 144A, 8.125%, 3/1/28		19,000		18,352
Parkland Corp. 144A, 5.875%, 7/15/27		11,000		10,331
144A, 4.50%, 10/1/29		33,000		27,756
144A, 4.625%, 5/1/30		31,000		25,838
PBF Holding Co. LLC / PBF Finance Corp. 7.25%, 6/15/25		18,000		17,964
6.00%, 2/15/28		29,000		27,048
Permian Resources Operating LLC, 144A, 5.875%, 7/1/29		19,000		17,059
Puma International Financing SA, 144A, 5.125%, 10/6/24		50,000		48,312
Range Resources Corp., 8.25%, 1/15/29		16,000		16,435
SM Energy Co. 6.75%, 9/15/26		12,000		11,591
6.625%, 1/15/27		11,000		10,435
6.50%, 7/15/28		11,000		10,159
Transocean, Inc. 144A, 7.50%, 1/15/26		25,000		22,973
144A, 11.50%, 1/30/27		18,000		18,518
144A, 8.00%, 2/1/27		24,000		21,270
144A, 8.75%, 2/15/30		41,000		41,666
Tullow Oil PLC, 144A, 7.00%, 3/1/25		31,000		19,555
Vital Energy, Inc. 9.50%, 1/15/25		15,000		15,136
144A, 7.75%, 7/31/29		5,000		4,336

(Cost $824,673)				792,089

Oil & Gas Services — 1.2%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		16,000		15,537
144A, 6.25%, 4/1/28		21,000		19,760
CGG SA, 144A, 8.75%, 4/1/27		21,000		18,460
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		19,000		18,309
6.875%, 9/1/27		29,000		27,496
Weatherford International Ltd. 144A, 6.50%, 9/15/28		13,000		12,786
144A, 8.625%, 4/30/30		51,000		50,991

(Cost $171,013)				163,339

Pipelines — 4.7%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 5.75%, 3/1/27		18,000		17,013
144A, 5.75%, 1/15/28		17,000		15,975
Buckeye Partners LP, 144A, 4.50%, 3/1/28		13,000		11,427
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 144A, 5.625%, 5/1/27		15,000		13,823


	Principal Amount		Value
Pipelines (Continued)
144A, 6.00%, 2/1/29	$	29,000	$	26,412
144A, 8.00%, 4/1/29		11,000		10,955
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		19,000		18,357
144A, 7.50%, 6/1/27		13,000		12,737
144A, 6.50%, 7/1/27		24,000		22,759
5.50%, 7/15/28		40,000		35,740
144A, 4.50%, 1/15/29		21,000		17,539
144A, 7.50%, 6/1/30		13,000		12,402
144A, 4.75%, 1/15/31		47,000		38,265
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		14,000		13,462
8.00%, 1/15/27		25,000		24,444
7.75%, 2/1/28		28,000		26,816
ITT Holdings LLC, 144A, 6.50%, 8/1/29		41,000		33,757
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		32,000		29,963
144A, 6.50%, 9/30/26		53,000		48,566
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		62,000		59,273
NuStar Logistics LP 6.00%, 6/1/26		25,000		23,781
5.625%, 4/28/27		15,000		13,972
6.375%, 10/1/30		15,000		14,004
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 8.50%, 10/15/26		32,000		30,422
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25		15,000		14,946
144A, 6.00%, 3/1/27		11,000		10,227
144A, 5.50%, 1/15/28		22,000		19,779
144A, 6.00%, 12/31/30		19,000		16,410
144A, 6.00%, 9/1/31		25,000		21,408

(Cost $707,924)				654,634

Financial — 10.0%
Banks — 0.4%
Freedom Mortgage Corp. 144A, 8.125%, 11/15/24		11,000		10,631
144A, 8.25%, 4/15/25		14,000		13,261
144A, 7.625%, 5/1/26		15,000		12,820
144A, 6.625%, 1/15/27		24,000		19,586

(Cost $60,668)				56,298

Diversified Financial Services — 4.1%
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		37,000		24,274
144A, 3.625%, 10/1/31		34,000		20,394
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		33,000		13,485
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		26,000		21,968
LD Holdings Group LLC 144A, 6.50%, 11/1/25		11,000		8,161


	Principal Amount		Value
Diversified Financial Services (Continued)
144A, 6.125%, 4/1/28	$	26,000	$	15,408
Nationstar Mortgage Holdings, Inc. 144A, 6.00%, 1/15/27		15,000		13,816
144A, 5.50%, 8/15/28		32,000		27,215
144A, 5.125%, 12/15/30		31,000		24,046
144A, 5.75%, 11/15/31		16,000		12,568
Navient Corp. 6.75%, 6/25/25		13,000		12,831
6.75%, 6/15/26		10,000		9,643
5.00%, 3/15/27		19,000		16,911
4.875%, 3/15/28		13,000		11,063
5.50%, 3/15/29		34,000		28,797
NFP Corp., 144A, 6.875%, 8/15/28		67,000		57,141
OneMain Finance Corp. 7.125%, 3/15/26		45,000		43,783
6.625%, 1/15/28		30,000		27,966
3.875%, 9/15/28		15,000		11,940
5.375%, 11/15/29		32,000		26,993
4.00%, 9/15/30		32,000		24,470
PennyMac Financial Services, Inc. 144A, 5.375%, 10/15/25		17,000		15,507
144A, 4.25%, 2/15/29		17,000		13,322
144A, 5.75%, 9/15/31		23,000		18,360
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		21,000		19,365
144A, 5.75%, 6/15/27		11,000		9,662
144A, 5.50%, 4/15/29		29,000		24,037
VistaJet Malta Finance PLC / XO Management Holding, Inc., 144A, 7.875%, 5/1/27		13,000		12,412

(Cost $660,499)				565,538

Insurance — 0.7%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		32,000		29,934
144A, 10.125%, 8/1/26		20,000		19,936
144A, 6.00%, 8/1/29		13,000		10,586
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A, 6.75%, 10/15/27		12,000		10,916
AssuredPartners, Inc. 144A, 7.00%, 8/15/25		13,000		12,743
144A, 5.625%, 1/15/29		14,000		11,876

(Cost $102,575)				95,991

Real Estate — 0.7%
Kennedy-Wilson, Inc. 4.75%, 3/1/29		17,000		13,672
4.75%, 2/1/30		25,000		19,242
5.00%, 3/1/31		24,000		18,472
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		24,000		17,315
144A, 5.25%, 4/15/30		35,000		24,015
WeWork Cos., Inc., 144A, 7.875%, 5/1/25		18,000		9,555

(Cost $132,734)				102,271


	Principal Amount		Value
Real Estate Investment Trusts — 4.0%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A, 4.50%, 4/1/27	$	19,000	$	16,300
Diversified Healthcare Trust 9.75%, 6/15/25		13,000		12,625
4.75%, 2/15/28		13,000		8,474
4.375%, 3/1/31		22,000		15,299
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.75%, 6/15/29		27,000		21,982
MPT Operating Partnership LP / MPT Finance Corp. 5.00%, 10/15/27		57,000		46,839
4.625%, 8/1/29		29,000		21,714
3.50%, 3/15/31		44,000		30,205
Office Properties Income Trust 4.50%, 2/1/25		20,000		18,411
3.45%, 10/15/31		12,000		8,015
Service Properties Trust 4.35%, 10/1/24		32,000		30,664
7.50%, 9/15/25		26,000		25,797
4.75%, 10/1/26		15,000		13,029
4.95%, 2/15/27		21,000		18,121
5.50%, 12/15/27		16,000		14,435
3.95%, 1/15/28		7,000		5,601
4.95%, 10/1/29		22,000		17,378
4.375%, 2/15/30		10,000		7,651
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC 144A, 7.875%, 2/15/25		87,000		88,744
144A, 6.00%, 1/15/30		26,000		16,147
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28		83,000		83,199
144A, 4.75%, 4/15/28		15,000		11,911
144A, 6.50%, 2/15/29		38,000		24,930

(Cost $598,331)				557,471

Venture Capital — 0.1%
Compass Group Diversified Holdings LLC, 144A, 5.25%, 4/15/29 (Cost $10,344)		10,000		8,733

Industrial — 6.6%
Aerospace/Defense — 2.5%
Bombardier, Inc. 144A, 7.50%, 3/15/25		24,000		24,002
144A, 7.125%, 6/15/26		41,000		40,318
144A, 7.875%, 4/15/27		70,000		69,669
144A, 6.00%, 2/15/28		30,000		28,135
144A, 7.50%, 2/1/29		26,000		25,510
Rolls-Royce PLC, 144A, 3.625%, 10/14/25		12,000		11,160
Spirit AeroSystems, Inc. 144A, 7.50%, 4/15/25		31,000		31,006
4.60%, 6/15/28		29,000		23,971
144A, 9.375%, 11/30/29		25,000		26,529
TransDigm, Inc. 7.50%, 3/15/27		16,000		15,814


	Principal Amount		Value
Aerospace/Defense (Continued)
4.875%, 5/1/29	$	34,000	$	29,187
Triumph Group, Inc. 144A, 6.25%, 9/15/24		13,000		12,992
7.75%, 8/15/25		11,000		10,529

(Cost $356,404)				348,822

Building Materials — 0.7%
JELD-WEN, Inc. 144A, 4.625%, 12/15/25		10,000		8,990
144A, 4.875%, 12/15/27		10,000		8,366
Smyrna Ready Mix Concrete LLC, 144A, 6.00%, 11/1/28		36,000		31,992
Standard Industries, Inc., 144A, 4.375%, 7/15/30		56,000		46,675

(Cost $108,190)				96,023

Electrical Components & Equipment — 0.3%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		25,000		21,841
144A, 4.375%, 3/31/29		21,000		17,902

(Cost $44,666)				39,743

Engineering & Construction — 0.3%
IHS Holding Ltd. 144A, 5.625%, 11/29/26		17,000		14,569
144A, 6.25%, 11/29/28		20,000		16,475
Promontoria Holding 264 BV, 144A, 7.875%, 3/1/27		12,000		11,556

(Cost $42,385)				42,600

Environmental Control — 0.6%
Covanta Holding Corp. 144A, 4.875%, 12/1/29		10,000		8,459
5.00%, 9/1/30		10,000		8,296
GFL Environmental, Inc. 144A, 4.00%, 8/1/28		19,000		16,548
144A, 4.75%, 6/15/29		19,000		16,952
144A, 4.375%, 8/15/29		30,000		25,998

(Cost $86,339)				76,253

Machinery-Diversified — 0.3%
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28		10,000		9,188
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		41,000		37,179

(Cost $52,732)				46,367

Packaging & Containers — 1.5%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 4.00%, 9/1/29		28,000		22,491
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 4.125%, 8/15/26		31,000		28,240
144A, 5.25%, 8/15/27		40,000		32,894
144A, 5.25%, 8/15/27		34,000		27,960
LABL, Inc. 144A, 6.75%, 7/15/26		18,000		17,142


	Principal Amount		Value
Packaging & Containers (Continued)
144A, 10.50%, 7/15/27	$	28,000	$	26,202
144A, 5.875%, 11/1/28		13,000		11,285
144A, 8.25%, 11/1/29		11,000		8,920
OI European Group BV, 144A, 4.75%, 2/15/30		12,000		10,692
Owens-Brockway Glass Container, Inc., 144A, 6.625%, 5/13/27		16,000		15,576

(Cost $220,352)				201,402

Transportation — 0.1%
Seaspan Corp., 144A, 5.50%, 8/1/29 (Cost $25,234)		27,000		20,352

Trucking & Leasing — 0.3%
Fortress Transportation and Infrastructure Investors LLC 144A, 9.75%, 8/1/27		12,000		12,340
144A, 5.50%, 5/1/28		25,000		22,336

(Cost $37,620)				34,676

Technology — 3.6%
Computers — 1.4%
Diebold Nixdorf, Inc., 144A, 9.375%, 7/15/25		28,000		19,629
McAfee Corp., 144A, 7.375%, 2/15/30		70,000		55,559
NCR Corp. 144A, 5.00%, 10/1/28		32,000		27,540
144A, 5.125%, 4/15/29		32,000		27,364
144A, 5.25%, 10/1/30		11,000		9,100
Presidio Holdings, Inc., 144A, 8.25%, 2/1/28		15,000		14,270
Seagate HDD Cayman 4.125%, 1/15/31		5,000		4,153
144A, 9.625%, 12/1/32		15,600		17,072
Vericast Corp., 144A, 11.00%, 9/15/26		16,894		18,098

(Cost $213,865)				192,785

Office/Business Equipment — 0.3%
Xerox Holdings Corp. 144A, 5.00%, 8/15/25 (a)		19,000		17,707
144A, 5.50%, 8/15/28		29,000		24,390

(Cost $46,210)				42,097

Semiconductors — 0.1%
ams-OSRAM AG, 144A, 7.00%, 7/31/25 (Cost $11,291)		11,000		10,460

Software — 1.8%
AthenaHealth Group, Inc., 144A, 6.50%, 2/15/30		75,000		59,412
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		16,000		15,863
Clarivate Science Holdings Corp., 144A, 4.875%, 7/1/29		33,000		28,360
Cloud Software Group Holdings, Inc., 144A, 6.50%, 3/31/29		142,000		123,217


	Principal Amount		Value
Software (Continued)
MicroStrategy, Inc., 144A, 6.125%, 6/15/28 (a)	$	16,000	$	13,299
Rackspace Technology Global, Inc. 144A, 3.50%, 2/15/28		17,000		10,367
144A, 5.375%, 12/1/28		15,000		5,911

(Cost $282,832)				256,429

Utilities — 2.3%
Electric — 1.9%
Calpine Corp. 144A, 5.125%, 3/15/28		37,000		32,868
144A, 4.625%, 2/1/29		31,000		26,204
144A, 5.00%, 2/1/31		23,000		18,999
Drax Finco PLC, 144A, 6.625%, 11/1/25		25,000		24,653
NRG Energy, Inc. 5.75%, 1/15/28		21,000		19,733
144A, 5.25%, 6/15/29		20,000		17,779
144A, 3.625%, 2/15/31		46,000		35,702
144A, 3.875%, 2/15/32		13,000		10,097
PG&E Corp. 5.00%, 7/1/28		25,000		22,854
5.25%, 7/1/30		37,000		33,068
TransAlta Corp., 7.75%, 11/15/29		20,000		20,464

(Cost $290,758)				262,421

Gas — 0.4%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.50%, 5/20/25		18,000		17,129
5.875%, 8/20/26		18,000		16,983
5.75%, 5/20/27		28,000		25,930

(Cost $62,859)				60,042

TOTAL CORPORATE BONDS (Cost $15,143,518)				13,523,518


	Number of Shares
SECURITIES LENDING COLLATERAL — 3.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c)
(Cost $463,251)		463,251		463,251

CASH EQUIVALENTS — 1.9%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b)
(Cost $266,481)		266,481		266,481


TOTAL INVESTMENTS — 102.9%
(Cost $15,873,250)			$	14,253,250
Other assets and liabilities, net — (2.9%)				(406,562	)

NET ASSETS — 100.0%			$	13,846,688

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 98.3%
Basic Materials — 3.2%
Chemicals — 1.6%
Ashland LLC, 144A, 3.375%, 9/1/31	$	791,000	$	630,870
Avient Corp. 144A, 5.75%, 5/15/25		1,132,000		1,110,967
144A, 7.125%, 8/1/30		1,241,000		1,245,672
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		1,220,000		1,016,181
Methanex Corp., 5.125%, 10/15/27		1,277,000		1,201,440
NOVA Chemicals Corp., 144A, 4.875%, 6/1/24		1,808,000		1,773,645
Olin Corp. 5.125%, 9/15/27		909,000		865,009
5.625%, 8/1/29 (a)		1,028,000		980,584
5.00%, 2/1/30		966,000		880,134
Valvoline, Inc. 144A, 4.25%, 2/15/30 (a)		995,000		973,508
144A, 3.625%, 6/15/31		942,000		759,700

(Cost $12,018,014)				11,437,710

Iron/Steel — 0.3%
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		1,496,000		1,512,636
5.875%, 6/1/27 (a)		1,036,000		1,006,660

(Cost $2,592,706)				2,519,296

Mining — 1.3%
Arconic Corp., 144A, 6.00%, 5/15/25		1,133,000		1,133,000
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24		1,419,000		1,402,738
144A, 4.50%, 9/15/27		1,367,000		1,259,110
144A, 5.875%, 4/15/30		1,139,000		1,073,832
144A, 4.375%, 4/1/31		2,571,000		2,175,876
Nexa Resources SA 144A, 5.375%, 5/4/27		1,250,000		1,179,644
144A, 6.50%, 1/18/28		840,000		811,241

(Cost $9,544,978)				9,035,441

Communications — 15.9%

Advertising — 0.6%
Lamar Media Corp. 3.75%, 2/15/28		1,038,000		919,622
4.00%, 2/15/30		949,000		816,994
3.625%, 1/15/31		1,015,000		836,913
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 6.25%, 6/15/25		729,000		723,924
144A, 5.00%, 8/15/27		1,074,000		965,757
144A, 4.25%, 1/15/29		30,000		24,702

(Cost $4,656,189)				4,287,912


Internet — 3.0%
Gen Digital, Inc. 144A, 5.00%, 4/15/25		1,950,000		1,888,673
144A, 6.75%, 9/30/27		1,621,000		1,595,092


	Principal Amount		Value
Internet (Continued)
144A, 7.125%, 9/30/30	$	1,052,000	$	1,028,267
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27		995,000		942,554
144A, 3.50%, 3/1/29		1,365,000		1,148,300
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		671,000		625,942
144A, 4.625%, 6/1/28		894,000		795,007
144A, 4.125%, 8/1/30		976,000		810,128
144A, 3.625%, 10/1/31		856,000		670,590
MercadoLibre, Inc. 2.375%, 1/14/26		700,000		624,050
3.125%, 1/14/31		1,205,000		930,260
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		1,791,000		1,810,920
144A, 8.00%, 11/1/26		2,757,000		2,815,076
144A, 7.50%, 9/15/27		2,067,000		2,100,754
144A, 6.25%, 1/15/28		900,000		885,492
144A, 4.50%, 8/15/29		2,626,000		2,330,667
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		793,000		669,609

(Cost $22,563,070)				21,671,381

Media — 9.4%
Cable One, Inc., 144A, 4.00%, 11/15/30 (a)		1,138,000		888,357
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		931,000		899,397
144A, 5.125%, 5/1/27		3,452,000		3,199,892
144A, 5.00%, 2/1/28		4,377,000		3,970,814
144A, 5.375%, 6/1/29		1,502,000		1,341,061
144A, 6.375%, 9/1/29		1,593,000		1,491,120
144A, 4.75%, 3/1/30		3,358,000		2,835,394
144A, 4.50%, 8/15/30		2,877,000		2,374,215
144A, 4.25%, 2/1/31		3,187,000		2,561,073
144A, 4.75%, 2/1/32		1,314,000		1,067,165
4.50%, 5/1/32		3,074,000		2,440,318
144A, 4.50%, 6/1/33		1,926,000		1,500,291
144A, 4.25%, 1/15/34		2,013,000		1,508,859
News Corp. 144A, 3.875%, 5/15/29		1,691,000		1,450,624
144A, 5.125%, 2/15/32		876,000		778,195
Nexstar MediA, Inc. 144A, 5.625%, 7/15/27		2,911,000		2,706,320
144A, 4.75%, 11/1/28		1,857,000		1,625,191
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		1,751,000		1,549,858
144A, 5.00%, 8/1/27		2,626,000		2,411,955
144A, 4.00%, 7/15/28		3,093,000		2,647,299
144A, 5.50%, 7/1/29		2,464,000		2,226,101
144A, 4.125%, 7/1/30		2,685,000		2,184,587
144A, 3.875%, 9/1/31		2,651,000		2,063,565
TEGNA, Inc. 144A, 4.75%, 3/15/26		890,000		846,466
4.625%, 3/15/28		1,672,000		1,490,170
5.00%, 9/15/29		1,961,000		1,748,065


	Principal Amount		Value
Media (Continued)
Telenet Finance Luxembourg Notes SARL, 144A, 5.50%, 3/1/28	$	1,600,000	$	1,502,440
Univision Communications, Inc. 144A, 5.125%, 2/15/25		2,590,000		2,524,110
144A, 6.625%, 6/1/27		2,682,000		2,557,629
144A, 4.50%, 5/1/29		1,839,000		1,552,737
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		2,215,000		1,872,074
Videotron Ltd. 144A, 5.375%, 6/15/24		895,000		886,251
144A, 5.125%, 4/15/27		1,081,000		1,011,794
144A, 3.625%, 6/15/29 (a)		916,000		772,554
Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29		2,536,000		2,300,304
144A, 4.50%, 8/15/30		1,588,000		1,315,833
VZ Secured Financing BV, 144A, 5.00%, 1/15/32		37,000		30,470
Ziggo BV, 144A, 4.875%, 1/15/30		1,678,000		1,420,533

(Cost $73,885,188)				67,553,081

Telecommunications — 2.9%
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		2,013,000		1,873,539
144A, 5.00%, 5/1/28		2,714,000		2,404,631
Hughes Satellite Systems Corp., 5.25%, 8/1/26		1,306,000		1,251,879
Millicom International Cellular SA 144A, 5.125%, 1/15/28		655,200		577,488
144A, 4.50%, 4/27/31		1,482,000		1,198,197
Sprint LLC 7.125%, 6/15/24		3,946,000		3,999,271
7.625%, 2/15/25		2,427,000		2,489,468
7.625%, 3/1/26		2,988,000		3,105,656
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31		2,372,000		1,905,338
144A, 4.75%, 7/15/31		2,451,000		2,032,124

(Cost $21,951,360)				20,837,591

Consumer, Cyclical — 23.1%

Airlines — 1.8%
Air CanadA, 144A, 3.875%, 8/15/26		2,066,000		1,863,617
Delta Air Lines, Inc. 2.90%, 10/28/24		1,550,000		1,476,232
7.375%, 1/15/26		1,659,000		1,708,252
4.375%, 4/19/28		712,000		650,412
3.75%, 10/28/29 (a)		742,000		634,463
United Airlines, Inc. 144A, 4.375%, 4/15/26		3,783,000		3,549,766
144A, 4.625%, 4/15/29		3,387,000		3,005,645

(Cost $13,700,355)				12,888,387


Auto Manufacturers — 4.6%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		689,000		639,881
144A, 5.875%, 6/1/29		786,000		745,501


	Principal Amount		Value
Auto Manufacturers (Continued)
144A, 3.75%, 1/30/31	$	1,774,000	$	1,474,709
Ford Motor Co. 4.346%, 12/8/26 (a)		2,637,000		2,520,332
3.25%, 2/12/32		4,426,000		3,350,078
6.10%, 8/19/32		2,935,000		2,737,627
Ford Motor Credit Co. LLC 3.81%, 1/9/24		556,000		544,133
5.584%, 3/18/24		1,195,000		1,188,027
3.664%, 9/8/24		573,000		550,209
4.063%, 11/1/24		1,086,000		1,045,482
2.30%, 2/10/25		954,000		877,838
4.687%, 6/9/25		458,000		438,409
5.125%, 6/16/25		1,336,000		1,291,231
4.134%, 8/4/25		1,357,000		1,279,013
3.375%, 11/13/25		1,803,000		1,661,681
GMTN, 4.389%, 1/8/26		1,056,000		997,012
6.95%, 3/6/26		1,043,000		1,044,131
4.542%, 8/1/26		573,000		531,444
2.70%, 8/10/26		1,345,000		1,175,564
4.271%, 1/9/27		827,000		751,453
4.95%, 5/28/27		1,145,000		1,069,069
4.125%, 8/17/27		954,000		851,868
3.815%, 11/2/27		573,000		503,687
7.35%, 11/4/27		1,317,000		1,337,545
2.90%, 2/16/28		573,000		477,615
2.90%, 2/10/29		573,000		466,932
5.113%, 5/3/29		1,285,000		1,175,775
4.00%, 11/13/30		1,460,000		1,222,122
3.625%, 6/17/31		1,129,000		895,716

(Cost $36,630,864)				32,844,084

Auto Parts & Equipment — 1.3%
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/26		1,401,000		1,301,501
Clarios Global LP, 144A, 6.75%, 5/15/25		721,000		717,871
Clarios Global LP / Clarios US Finance Co., 144A, 6.25%, 5/15/26		1,603,000		1,575,148
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		1,373,000		1,416,889
5.00%, 5/31/26 (a)		1,572,000		1,514,795
4.875%, 3/15/27 (a)		1,161,000		1,078,319
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		1,877,000		1,795,144

(Cost $9,730,080)				9,399,667

Distribution/Wholesale — 0.5%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28		1,179,000		1,056,325
144A, 3.875%, 11/15/29		704,000		581,568
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		2,154,000		1,854,620

(Cost $3,737,388)				3,492,513


	Principal Amount		Value
Entertainment — 4.9%
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25	$	6,533,000	$	6,483,008
144A, 7.00%, 2/15/30		3,400,000		3,429,495
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		1,691,000		1,689,985
CDI Escrow Issuer, Inc., 144A, 5.75%, 4/1/30		2,067,000		1,922,114
Cedar Fair LP,5.25%, 7/15/29		863,000		788,147
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		1,718,000		1,698,698
5.375%, 4/15/27		846,000		808,994
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		1,095,000		1,041,307
144A, 4.75%, 1/15/28		1,192,000		1,085,864
International Game Technology PLC 144A, 6.50%, 2/15/25		1,255,000		1,259,355
144A, 4.125%, 4/15/26		1,369,000		1,277,996
144A, 6.25%, 1/15/27		1,317,000		1,292,583
144A, 5.25%, 1/15/29		1,330,000		1,235,590
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		858,000		833,152
144A, 6.50%, 5/15/27		2,037,000		2,003,500
144A, 4.75%, 10/15/27		1,819,000		1,634,326
144A, 3.75%, 1/15/28		836,000		729,000
Scientific Games International, Inc., 144A, 8.625%, 7/1/25		820,000		839,024
Six Flags Entertainment Corp., 144A, 4.875%, 7/31/24		1,881,000		1,848,684
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		1,033,000		1,031,265
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		1,095,000		925,410
144A, 3.875%, 7/15/30		878,000		745,510
144A, 3.00%, 2/15/31		1,284,000		1,009,075

(Cost $37,511,885)				35,612,082

Food Service — 0.8%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		1,145,000		1,111,876
144A, 6.375%, 5/1/25		2,620,000		2,606,088
144A, 5.00%, 2/1/28		2,010,000		1,851,009

(Cost $5,692,456)				5,568,973

Home Builders — 0.5%
Meritage Homes Corp. 6.00%, 6/1/25		785,000		781,947
144A, 3.875%, 4/15/29		746,000		647,908
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		917,000		879,467
144A, 5.75%, 1/15/28		728,000		686,996
144A, 5.125%, 8/1/30		923,000		814,548

(Cost $4,125,394)				3,810,866

Home Furnishings — 0.2%
Tempur Sealy International, Inc., 144A, 4.00%, 4/15/29 (Cost $1,381,421)		1,373,000		1,175,164


	Principal Amount		Value
Housewares — 0.8%
Newell Brands, Inc. 4.875%, 6/1/25	$	1,106,000	$	1,072,975
4.45%, 4/1/26		3,383,000		3,205,342
6.375%, 9/15/27		846,000		842,366
6.625%, 9/15/29 (a)		817,000		811,032

(Cost $6,338,802)				5,931,715

Leisure Time — 0.4%
Royal Caribbean Cruises Ltd., 144A, 11.50%, 6/1/25		2,376,000		2,532,864
Viking Cruises Ltd., 144A, 13.00%, 5/15/25		500,000		531,922

(Cost $3,068,323)				3,064,786

Lodging — 3.8%
Boyd Gaming Corp. 4.75%, 12/1/27		1,751,000		1,643,244
144A, 4.75%, 6/15/31		1,538,000		1,359,434
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		846,000		837,360
144A, 5.75%, 5/1/28		896,000		869,911
144A, 3.75%, 5/1/29		1,572,000		1,364,105
4.875%, 1/15/30		1,634,000		1,500,747
144A, 4.00%, 5/1/31		1,955,000		1,665,308
144A, 3.625%, 2/15/32		2,591,000		2,129,517
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		1,464,000		1,285,840
144A, 4.875%, 7/1/31		860,000		723,776
Las Vegas Sands Corp. 3.20%, 8/8/24		3,010,000		2,898,139
2.90%, 6/25/25		746,000		691,755
3.50%, 8/18/26		1,785,000		1,633,791
3.90%, 8/8/29		1,299,000		1,130,914
MGM Resorts International 6.75%, 5/1/25		1,319,000		1,323,475
5.75%, 6/15/25		1,281,000		1,259,168
4.625%, 9/1/26		697,000		649,590
5.50%, 4/15/27		1,184,000		1,124,245
4.75%, 10/15/28		1,313,000		1,178,100
Travel + Leisure Co. 144A, 6.625%, 7/31/26		1,075,000		1,054,875
6.00%, 4/1/27		732,000		709,462

(Cost $28,327,802)				27,032,756

Retail — 3.1%
1011778 BC ULC / New Red Finance, Inc. 144A, 3.875%, 1/15/28		2,598,000		2,313,955
144A, 4.375%, 1/15/28		1,333,000		1,192,822
144A, 3.50%, 2/15/29		1,431,000		1,219,913
Asbury Automotive Group, Inc., 4.50%, 3/1/28		697,000		624,372
Bath & Body Works, Inc., 5.25%, 2/1/28		834,000		777,530
FirstCash, Inc. 144A, 4.625%, 9/1/28		909,000		790,594
144A, 5.625%, 1/1/30		972,000		861,167
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		689,000		626,225


	Principal Amount		Value
Retail (Continued)
144A, 3.875%, 6/1/29	$	1,468,000	$	1,228,048
144A, 4.375%, 1/15/31		950,000		792,096
Murphy Oil USA, Inc. 4.75%, 9/15/29		859,000		767,727
144A, 3.75%, 2/15/31		875,000		708,895
Penske Automotive Group, Inc. 3.50%, 9/1/25		820,000		767,734
3.75%, 6/15/29		897,000		754,610
PetSmart, Inc. / PetSmart Finance Corp., 144A, 4.75%, 2/15/28		2,155,000		1,976,006
SRS Distribution, Inc., 144A, 4.625%, 7/1/28		1,136,000		995,023
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		1,377,000		1,256,306
3.625%, 3/15/31		1,806,000		1,512,823
4.625%, 1/31/32		1,966,000		1,739,871
5.375%, 4/1/32		1,812,000		1,680,561

(Cost $25,030,164)				22,586,278

Toys/Games/Hobbies — 0.4%
Mattel, Inc. 144A, 3.375%, 4/1/26		971,000		892,072
144A, 5.875%, 12/15/27		1,095,000		1,070,527
144A, 3.75%, 4/1/29		1,127,000		975,988

(Cost $3,229,384)				2,938,587

Consumer, Non-cyclical — 17.5%
Agriculture — 0.3%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		809,000		777,554
144A, 6.00%, 6/15/30		1,763,000		1,705,703

(Cost $2,594,645)				2,483,257

Commercial Services — 4.8%
ADT Security Corp., 144A, 4.125%, 8/1/29		1,876,000		1,610,977
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 4.75%, 4/1/28		900,000		799,562
144A, 5.375%, 3/1/29		1,050,000		946,218
Block, Inc. 2.75%, 6/1/26		1,893,000		1,690,943
3.50%, 6/1/31		1,728,000		1,397,701
Brink’s Co. 144A, 5.50%, 7/15/25		697,000		679,274
144A, 4.625%, 10/15/27		1,033,000		937,644
Gartner, Inc. 144A, 4.50%, 7/1/28		1,377,000		1,264,862
144A, 3.625%, 6/15/29		1,145,000		991,856
144A, 3.75%, 10/1/30		1,288,000		1,091,764
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		2,066,000		1,948,445
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24		1,319,000		1,297,114
144A, 5.75%, 4/15/26		2,013,000		1,947,406
144A, 3.375%, 8/31/27		1,785,000		1,545,846
Service Corp. International 4.625%, 12/15/27		820,000		764,363
5.125%, 6/1/29		1,197,000		1,123,684


	Principal Amount		Value
Commercial Services (Continued)
3.375%, 8/15/30	$	1,660,000	$	1,350,344
4.00%, 5/15/31		1,421,000		1,201,754
United Rentals North AmericA, Inc. 5.50%, 5/15/27		836,000		820,200
3.875%, 11/15/27		1,519,000		1,402,645
4.875%, 1/15/28		2,847,000		2,716,323
5.25%, 1/15/30		1,389,000		1,310,959
4.00%, 7/15/30		1,119,000		987,792
3.875%, 2/15/31		1,721,000		1,475,027
3.75%, 1/15/32		1,589,000		1,335,411
Williams Scotsman International, Inc. 144A, 6.125%, 6/15/25		1,122,000		1,102,519
144A, 4.625%, 8/15/28		769,000		696,130

(Cost $37,334,901)				34,436,763

Cosmetics/Personal Care — 0.2%
Edgewell Personal Care Co., 144A, 5.50%, 6/1/28 (Cost $1,300,935)		1,269,000		1,186,363

Food — 3.0%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		1,333,000		1,224,703
144A, 7.50%, 3/15/26		1,125,000		1,146,092
144A, 4.625%, 1/15/27		2,443,000		2,299,144
144A, 5.875%, 2/15/28		1,214,000		1,176,311
144A, 6.50%, 2/15/28		1,313,000		1,306,330
144A, 3.50%, 3/15/29		2,380,000		2,020,025
144A, 4.875%, 2/15/30		1,706,000		1,532,548
Lamb Weston Holdings, Inc. 144A, 4.875%, 5/15/28		846,000		798,174
144A, 4.125%, 1/31/30		1,712,000		1,504,136
144A, 4.375%, 1/31/32		1,204,000		1,060,466
Performance Food Group, Inc., 144A, 5.50%, 10/15/27		1,825,000		1,732,272
Pilgrim’s Pride Corp. 144A, 5.875%, 9/30/27		1,268,000		1,242,220
4.25%, 4/15/31		84,000		70,435
Post Holdings, Inc., 144A, 5.75%, 3/1/27		791,000		770,832
US Foods, Inc. 144A, 6.25%, 4/15/25		1,818,000		1,813,766
144A, 4.75%, 2/15/29		1,536,000		1,385,725
144A, 4.625%, 6/1/30		859,000		750,987

(Cost $23,209,590)				21,834,166

Healthcare-Products — 1.0%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28		2,713,000		2,496,693
144A, 3.875%, 11/1/29		1,343,000		1,163,293
Hologic, Inc. 144A, 4.625%, 2/1/28		825,000		770,039
144A, 3.25%, 2/15/29		1,633,000		1,409,696
Teleflex, Inc. 4.625%, 11/15/27		809,000		763,777
144A, 4.25%, 6/1/28		892,000		805,913

(Cost $8,176,661)				7,409,411


	Principal Amount		Value
Healthcare-Services — 4.7%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27	$	816,000	$	787,322
144A, 3.125%, 2/15/29		985,000		851,119
144A, 3.50%, 4/1/30 (a)		1,119,000		973,054
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		809,000		730,616
144A, 3.75%, 3/15/29		906,000		787,405
144A, 4.00%, 3/15/31		846,000		724,283
Encompass Health Corp. 4.50%, 2/1/28		1,414,000		1,299,777
4.75%, 2/1/30		1,418,000		1,255,956
4.625%, 4/1/31		714,000		611,238
IQVIA, Inc. 144A, 5.00%, 10/15/26		1,819,000		1,739,055
144A, 5.00%, 5/15/27		1,920,000		1,828,819
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		1,377,000		1,251,968
144A, 3.875%, 11/15/30		1,142,000		963,301
144A, 3.875%, 5/15/32		1,356,000		1,114,686
Tenet Healthcare Corp. 4.625%, 7/15/24		1,148,000		1,130,424
4.625%, 9/1/24		300,000		295,749
4.875%, 1/1/26		3,769,000		3,593,296
6.25%, 2/1/27		2,643,000		2,576,469
5.125%, 11/1/27		2,644,000		2,491,071
4.625%, 6/15/28		945,000		855,875
4.25%, 6/1/29		2,483,000		2,176,598
4.375%, 1/15/30		2,500,000		2,194,500
144A, 6.125%, 6/15/30		3,554,000		3,390,187

(Cost $35,854,325)				33,622,768

Household Products/Wares — 0.3%
Central Garden & Pet Co., 4.125%, 10/15/30		870,000		725,702
Spectrum Brands, Inc., 5.75%, 7/15/25		1,059,000		1,039,342

(Cost $1,847,527)				1,765,044

Pharmaceuticals — 3.2%
Jazz Securities DAC, 144A, 4.375%, 1/15/29		2,663,000		2,360,949
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28		3,677,000		3,248,997
144A, 5.125%, 4/30/31		3,502,000		2,976,543
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		1,537,000		1,472,884
4.375%, 3/15/26		1,134,000		1,066,833
4.40%, 6/15/30		1,278,000		1,099,195
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		597,000		561,345
144A, 3.75%, 4/1/31		1,077,000		876,167
Teva Pharmaceutical Finance Netherlands III BV 6.00%, 4/15/24		1,862,000		1,860,073
7.125%, 1/31/25		1,860,000		1,885,212


	Principal Amount		Value
Pharmaceuticals (Continued)
3.15%, 10/1/26	$	6,159,000	$	5,397,932

(Cost $24,226,220)				22,806,130

Energy — 9.8%
Oil & Gas — 5.1%
Antero Resources Corp. 144A, 7.625%, 2/1/29		820,000		826,927
144A, 5.375%, 3/1/30		970,000		884,573
Apache Corp., 4.25%, 1/15/30		1,004,000		887,866
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26		746,000		731,957
144A, 5.875%, 2/1/29		900,000		841,936
144A, 6.75%, 4/15/29		1,637,000		1,587,604
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		1,761,000		1,701,240
MEG Energy Corp., 144A, 7.125%, 2/1/27		1,207,000		1,226,366
Murphy Oil Corp. 5.75%, 8/15/25		444,000		439,989
5.875%, 12/1/27		979,000		936,709
6.375%, 7/15/28		719,000		694,777
Occidental Petroleum Corp. 2.90%, 8/15/24		978,000		933,324
5.875%, 9/1/25		1,293,000		1,291,209
5.50%, 12/1/25		682,000		676,629
5.55%, 3/15/26		1,378,000		1,369,257
8.50%, 7/15/27		857,000		920,371
6.375%, 9/1/28		1,015,000		1,026,617
8.875%, 7/15/30		2,031,000		2,310,222
6.625%, 9/1/30		2,387,000		2,456,044
6.125%, 1/1/31		2,029,000		2,039,084
7.50%, 5/1/31		1,390,000		1,485,590
7.875%, 9/15/31		849,000		923,088
Range Resources Corp. 4.875%, 5/15/25		1,269,000		1,239,416
144A, 4.75%, 2/15/30 (a)		870,000		779,524
Southwestern Energy Co. 5.375%, 2/1/29		1,197,000		1,120,940
5.375%, 3/15/30		2,101,000		1,925,609
4.75%, 2/1/32		2,011,000		1,731,149
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		1,095,000		1,077,151
4.50%, 5/15/29		1,465,000		1,287,170
4.50%, 4/30/30		1,300,000		1,127,750

(Cost $39,482,268)				36,480,088

Pipelines — 4.7%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		946,000		956,405
144A, 5.375%, 6/15/29		1,313,000		1,183,026
Buckeye Partners LP 144A, 4.125%, 3/1/25		746,000		700,132
3.95%, 12/1/26		1,084,000		959,615
4.125%, 12/1/27		717,000		621,292
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		2,482,000		2,176,165


	Principal Amount		Value
Pipelines (Continued)
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25 (a)	$	746,000	$	724,419
DT Midstream, Inc. 144A, 4.125%, 6/15/29		1,982,000		1,696,522
144A, 4.375%, 6/15/31		1,738,000		1,457,443
EnLink Midstream LLC 144A, 5.625%, 1/15/28		810,000		772,339
5.375%, 6/1/29		925,000		859,910
144A, 6.50%, 9/1/30		1,205,000		1,188,437
EnLink Midstream Partners LP 4.15%, 6/1/25		629,000		603,840
4.85%, 7/15/26		872,000		827,602
EQM Midstream Partners LP, 4.125%, 12/1/26		846,000		753,724
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		1,186,000		1,154,933
144A, 5.125%, 6/15/28		980,000		900,054
144A, 4.25%, 2/15/30		1,291,000		1,091,398
144A, 5.50%, 10/15/30		727,000		658,793
NuStar Logistics LP, 5.75%, 10/1/25		1,143,000		1,103,488
Rockies Express Pipeline LLC 144A, 3.60%, 5/15/25		689,000		637,886
144A, 4.95%, 7/15/29		961,000		836,839
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		2,389,000		2,062,770
144A, 6.25%, 1/15/30		1,650,000		1,629,499
144A, 4.125%, 8/15/31		2,122,000		1,822,533
144A, 3.875%, 11/1/33		2,189,000		1,787,209
Western Midstream Operating LP 3.35%, 2/1/25		1,090,000		1,034,256
4.65%, 7/1/26		867,000		824,578
4.50%, 3/1/28		789,000		728,100
4.75%, 8/15/28		640,000		592,681
4.30%, 2/1/30		2,160,000		1,915,785

(Cost $37,753,425)				34,261,673

Financial — 9.8%
Diversified Financial Services — 2.8%
LPL Holdings, Inc. 144A, 4.625%, 11/15/27		689,000		641,399
144A, 4.00%, 3/15/29		1,550,000		1,364,069
144A, 4.375%, 5/15/31		704,000		609,720
Navient Corp.
MTN, 6.125%, 3/25/24		1,348,000		1,339,467
5.875%, 10/25/24		896,000		874,159
6.75%, 6/25/25		975,000		962,325
NFP Corp., 144A, 4.875%, 8/15/28		946,000		828,996
OneMain Finance Corp. 6.125%, 3/15/24		1,949,000		1,923,746
6.875%, 3/15/25		2,174,000		2,133,814
3.50%, 1/15/27		1,343,000		1,129,276
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		1,965,000		1,686,324
144A, 3.625%, 3/1/29		1,282,000		1,034,510


	Principal Amount		Value
Diversified Financial Services (Continued)
144A, 3.875%, 3/1/31	$	2,263,000	$	1,765,755
144A, 4.00%, 10/15/33		1,466,000		1,083,422
SLM Corp. 4.20%, 10/29/25		806,000		738,935
3.125%, 11/2/26		906,000		782,576
Synchrony Financial, 7.25%, 2/2/33		1,313,000		1,263,250

(Cost $22,410,818)				20,161,743

Insurance — 0.7%
Acrisure LLC / Acrisure Finance, Inc., 144A, 4.25%, 2/15/29		1,201,000		981,997
HUB International Ltd. 144A, 7.00%, 5/1/26		2,925,000		2,877,686
144A, 5.625%, 12/1/29		939,000		807,379

(Cost $4,708,171)				4,667,062

Real Estate — 0.4%
Howard Hughes Corp. 144A, 5.375%, 8/1/28		1,285,000		1,165,893
144A, 4.125%, 2/1/29		1,217,000		1,015,175
144A, 4.375%, 2/1/31		1,119,000		912,835

(Cost $3,499,976)				3,093,903

Real Estate Investment Trusts — 4.6%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A, 5.75%, 5/15/26		1,628,000		1,500,495
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		673,000		646,742
144A, 3.375%, 6/15/26		1,727,000		1,499,943
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		1,751,000		1,613,782
144A, 5.25%, 3/15/28		1,396,000		1,286,477
144A, 5.00%, 7/15/28		866,000		785,739
144A, 4.875%, 9/15/29		1,751,000		1,534,112
144A, 5.25%, 7/15/30		2,352,000		2,053,625
144A, 4.50%, 2/15/31		1,919,000		1,590,654
144A, 5.625%, 7/15/32		1,050,000		909,647
iStar, Inc. 4.75%, 10/1/24		1,297,000		1,295,031
4.25%, 8/1/25		820,000		816,519
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		1,122,000		955,026
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26 (a)		861,000		766,080
3.50%, 3/15/31		30,000		20,594
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		1,219,000		1,223,752
144A, 5.875%, 10/1/28		1,287,000		1,146,211
144A, 4.875%, 5/15/29		1,313,000		1,098,546
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		1,205,000		1,108,962
144A, 4.50%, 2/15/29		1,103,000		961,114


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26	$	896,000	$	811,595
144A, 4.00%, 9/15/29		841,000		694,060
SBA Communications Corp. 3.875%, 2/15/27		2,797,000		2,533,259
3.125%, 2/1/29		2,455,000		2,029,303
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		697,000		656,726
4.75%, 3/15/25		809,000		766,818
144A, 3.625%, 7/15/26		742,000		649,857
144A, 4.375%, 1/15/27		911,000		790,316
XHR LP 144A, 6.375%, 8/15/25		746,000		724,277
144A, 4.875%, 6/1/29		892,000		762,767

(Cost $35,627,613)				33,232,029

Venture Capital — 1.3%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24		2,188,000		2,128,421
6.375%, 12/15/25		1,313,000		1,297,178
6.25%, 5/15/26		2,111,000		2,050,214
5.25%, 5/15/27		2,496,000		2,311,467
4.375%, 2/1/29		1,272,000		1,100,201

(Cost $8,995,835)				8,887,481

Industrial — 10.1%
Aerospace/Defense — 3.6%
Howmet Aerospace, Inc. 5.125%, 10/1/24		2,123,000		2,101,558
6.875%, 5/1/25		1,155,000		1,176,321
3.00%, 1/15/29		1,144,000		983,503
Rolls-Royce PLC 144A, 3.625%, 10/14/25		1,770,000		1,646,100
144A, 5.75%, 10/15/27		1,788,000		1,727,950
TransDigm, Inc. 144A, 8.00%, 12/15/25		2,121,000		2,169,635
144A, 6.25%, 3/15/26		7,617,000		7,525,916
6.375%, 6/15/26		1,750,000		1,699,010
5.50%, 11/15/27		4,856,000		4,477,999
4.625%, 1/15/29		1,900,000		1,634,774
Triumph Group, Inc., 144A, 8.875%, 6/1/24		983,000		1,027,077

(Cost $26,911,469)				26,169,843

Building Materials — 1.1%
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30		957,000		863,178
144A, 4.25%, 2/1/32		2,316,000		1,946,671
144A, 6.375%, 6/15/32		1,226,000		1,178,442
Standard Industries, Inc. 144A, 5.00%, 2/15/27		1,463,000		1,353,142
144A, 4.75%, 1/15/28		1,722,000		1,548,403
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		1,205,000		1,109,944

(Cost $8,492,807)				7,999,780


	Principal Amount		Value
Electrical Components & Equipment — 0.7%
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25	$	2,497,000	$	2,525,428
144A, 7.25%, 6/15/28		2,376,000		2,409,599

(Cost $5,037,325)				4,935,027

Electronics — 0.8%
Sensata Technologies BV 144A, 5.625%, 11/1/24		637,000		630,896
144A, 5.00%, 10/1/25		1,144,000		1,114,032
144A, 4.00%, 4/15/29		1,887,000		1,666,400
144A, 5.875%, 9/1/30		846,000		803,198
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		831,000		736,013
144A, 3.75%, 2/15/31		1,258,000		1,049,889

(Cost $6,670,680)				6,000,428

Environmental Control — 0.9%
Clean Harbors, Inc., 144A, 6.375%, 2/1/31		861,000		855,989
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		809,000		775,208
144A, 3.75%, 8/1/25		1,319,000		1,242,940
144A, 5.125%, 12/15/26		896,000		858,712
144A, 3.50%, 9/1/28		1,289,000		1,127,617
Stericycle, Inc. 144A, 5.375%, 7/15/24		1,033,000		1,018,078
144A, 3.875%, 1/15/29		860,000		738,045

(Cost $7,043,675)				6,616,589

Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc., 5.75%, 6/15/25 (Cost $809,785)		797,000		787,886

Packaging & Containers — 2.7%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		955,000		925,271
144A, 3.25%, 9/1/28		1,168,000		981,697
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144A, 5.25%, 4/30/25		1,044,000		1,010,331
Ball Corp. 5.25%, 7/1/25		1,841,000		1,809,641
4.875%, 3/15/26		1,119,000		1,082,369
6.875%, 3/15/28		1,371,000		1,385,944
2.875%, 8/15/30		2,261,000		1,807,104
3.125%, 9/15/31		1,563,000		1,253,237
Berry Global, Inc., 144A, 5.625%, 7/15/27		969,000		933,724
Crown Americas LLC, 5.25%, 4/1/30 (a)		861,000		802,153
Graphic Packaging International LLC 144A, 3.50%, 3/15/28		801,000		701,532
144A, 3.75%, 2/1/30		670,000		571,661
OI European Group BV, 144A, 4.75%, 2/15/30		670,000		596,967
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		1,793,000		1,565,737


	Principal Amount		Value
Packaging & Containers (Continued)
Sealed Air Corp. 144A, 5.125%, 12/1/24	$	599,000	$	589,081
144A, 5.50%, 9/15/25		647,000		637,295
144A, 4.00%, 12/1/27		919,000		821,197
144A, 5.00%, 4/15/29		634,000		584,973
Silgan Holdings, Inc., 4.125%, 2/1/28		1,027,000		939,859

(Cost $20,658,633)				18,999,773

Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC, 144A, 6.50%, 10/1/25 (Cost $1,113,975)		1,150,000		1,126,891

Technology — 5.5%
Computers — 1.5%
NCR Corp. 144A, 5.75%, 9/1/27		826,000		801,288
144A, 6.125%, 9/1/29		912,000		888,156
Presidio Holdings, Inc., 144A, 4.875%, 2/1/27		873,000		795,961
Seagate HDD Cayman 4.875%, 3/1/24		996,000		982,454
4.75%, 1/1/25		815,000		787,706
4.875%, 6/1/27		932,000		878,457
4.091%, 6/1/29		831,000		717,735
Western Digital Corp. 4.75%, 2/15/26		3,958,000		3,740,706
2.85%, 2/1/29		918,000		722,457
3.10%, 2/1/32		895,000		645,633

(Cost $11,338,853)				10,960,553

Semiconductors — 0.9%
Entegris Escrow Corp. 144A, 4.75%, 4/15/29		2,801,000		2,549,031
144A, 5.95%, 6/15/30		1,581,000		1,472,463
Entegris, Inc. 144A, 4.375%, 4/15/28		689,000		609,771
144A, 3.625%, 5/1/29 (a)		689,000		571,946
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		1,222,000		1,075,122

(Cost $6,499,428)				6,278,333

Software — 3.1%
Clarivate Science Holdings Corp., 144A, 3.875%, 7/1/28		1,598,000		1,375,701
Fair Isaac Corp. 144A, 5.25%, 5/15/26		847,000		824,605
144A, 4.00%, 6/15/28		1,481,000		1,346,348
MSCI, Inc. 144A, 4.00%, 11/15/29		1,905,000		1,685,735
144A, 3.625%, 9/1/30		1,459,000		1,243,287
144A, 3.875%, 2/15/31		1,801,000		1,552,822
144A, 3.625%, 11/1/31		1,068,000		894,124
144A, 3.25%, 8/15/33		1,199,000		946,796
Open Text Corp. 144A, 6.90%, 12/1/27		202,000		204,202
144A, 3.875%, 2/15/28		1,550,000		1,337,805
144A, 3.875%, 12/1/29		1,480,000		1,210,225
Open Text Holdings, Inc. 144A, 4.125%, 2/15/30		1,535,000		1,265,576


	Principal Amount		Value
Software (Continued)
144A, 4.125%, 12/1/31	$	1,119,000	$	891,519
PTC, Inc. 144A, 3.625%, 2/15/25		861,000		819,642
144A, 4.00%, 2/15/28		865,000		786,545
ROBLOX Corp., 144A, 3.875%, 5/1/30		1,726,000		1,420,515
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		3,458,000		3,257,444
Twilio, Inc. 3.625%, 3/15/29		939,000		789,739
3.875%, 3/15/31		799,000		655,040

(Cost $25,044,071)				22,507,670

Utilities — 3.4%
Electric — 3.1%
Calpine Corp. 144A, 5.25%, 6/1/26		786,000		754,248
144A, 4.50%, 2/15/28		2,089,000		1,882,300
144A, 3.75%, 3/1/31		1,649,000		1,340,459
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		1,389,000		1,276,179
144A, 3.75%, 2/15/31		1,640,000		1,325,899
DPL, Inc., 4.125%, 7/1/25		727,000		682,737
FirstEnergy Corp.
Series B, 4.15%, 7/15/27		2,457,000		2,294,580
2.65%, 3/1/30		1,129,000		937,307
Series B, 2.25%, 9/1/30		789,000		629,977
NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24		1,434,000		1,387,237
144A, 3.875%, 10/15/26		912,000		826,363
144A, 4.50%, 9/15/27		870,000		794,849
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		1,919,000		1,834,839
144A, 5.625%, 2/15/27		2,239,000		2,124,166
144A, 5.00%, 7/31/27		2,259,000		2,104,157
144A, 4.375%, 5/1/29		2,180,000		1,885,577

(Cost $24,031,171)				22,080,874

Gas — 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24		1,372,000		1,342,611
5.50%, 5/20/25		1,206,000		1,147,679

(Cost $2,525,428)				2,490,290

TOTAL CORPORATE BONDS
(Cost $758,916,033)				706,970,088


	Number of Shares
SECURITIES LENDING COLLATERAL — 1.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c) (Cost $12,621,919)		12,621,919		12,621,919

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 98.9%
Xtrackers High Beta High Yield Bond ETF (a)(b)		24,823	$	981,313
Xtrackers USD High Yield Corporate Bond ETF (b)		1,259,049		42,996,523

TOTAL EXCHANGE-TRADED FUNDS (Cost $48,462,184)				43,977,836

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (c)(d) (Cost $40,500)		40,500		40,500

CASH EQUIVALENTS — 1.1%
DWS Government Money Market Series “Institutional Shares”, 4.51% (c) (Cost $480,896)		480,896		480,896


TOTAL INVESTMENTS — 100.1% (Cost $48,983,580)			$	44,499,232
Other assets and liabilities, net — (0.1%)				(43,689	)

NET ASSETS — 100.0%			$	44,455,543

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 98.3%
Basic Materials — 4.1%
Chemicals — 1.4%
Avient Corp., 144A, 5.75%, 5/15/25	$	150,000	$	147,213
Chemours Co., 5.375%, 5/15/27 (a)		75,000		68,389
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		138,000		121,534
Methanex Corp., 5.125%, 10/15/27		100,000		94,083
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		178,000		174,618
144A, 5.00%, 5/1/25		97,000		92,587
144A, 5.25%, 6/1/27		179,000		161,342
Olin Corp., 5.125%, 9/15/27		167,000		158,918

(Cost $1,047,410)				1,018,684

Iron/Steel — 0.7%
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		155,000		156,724
5.875%, 6/1/27 (a)		100,000		97,168
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		170,000		169,878
144A, 8.00%, 11/1/27		116,000		115,524

(Cost $548,789)				539,294

Mining — 2.0%
Arconic Corp. 144A, 6.00%, 5/15/25		169,000		169,000
144A, 6.125%, 2/15/28		120,000		118,636
First Quantum Minerals Ltd. 144A, 6.50%, 3/1/24		6,000		5,946
144A, 7.50%, 4/1/25		276,000		267,965
144A, 6.875%, 3/1/26		194,000		185,270
144A, 6.875%, 10/15/27		250,000		234,775
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24		137,000		135,430
144A, 4.50%, 9/15/27		100,000		92,107
Hudbay Minerals, Inc., 144A, 4.50%, 4/1/26		85,000		76,403
Nexa Resources SA 144A, 5.375%, 5/4/27		128,000		120,796
144A, 6.50%, 1/18/28		111,000		107,200

(Cost $1,545,204)				1,513,528

Communications — 17.9%
Advertising — 0.7%
Clear Channel Outdoor Holdings, Inc., 144A, 5.125%, 8/15/27		214,000		191,199
CMG Media Corp., 144A, 8.875%, 12/15/27		182,000		122,662
Lamar Media Corp., 3.75%, 2/15/28		100,000		88,596
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 6.25%, 6/15/25		65,000		64,547
144A, 5.00%, 8/15/27		119,000		107,007

(Cost $593,522)				574,011


	Principal Amount		Value
Internet — 1.8%
Gen Digital, Inc. 144A, 5.00%, 4/15/25	$	160,000	$	154,968
144A, 6.75%, 9/30/27		152,000		149,571
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144A, 5.25%, 12/1/27		100,000		94,729
Match Group Holdings II LLC, 144A, 5.00%, 12/15/27		50,000		46,642
MercadoLibre, Inc., 2.375%, 1/14/26		50,000		44,575
Rakuten Group, Inc., 144A, 10.25%, 11/30/24		165,000		165,627
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		225,000		227,503
144A, 8.00%, 11/1/26		244,000		249,140
144A, 7.50%, 9/15/27		176,000		178,874
144A, 6.25%, 1/15/28		80,000		78,710

(Cost $1,395,078)				1,390,339

Media — 8.1%
Altice Financing SA, 144A, 5.00%, 1/15/28		200,000		166,156
AMC Networks, Inc. 5.00%, 4/1/24		68,000		67,733
4.75%, 8/1/25		160,000		151,468
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		100,000		96,606
144A, 5.125%, 5/1/27		599,000		555,254
144A, 5.00%, 2/1/28		420,000		381,024
CSC Holdings LLC 5.25%, 6/1/24		142,000		137,717
144A, 5.50%, 4/15/27		237,000		206,432
144A, 5.375%, 2/1/28		170,000		141,950
DISH DBS Corp. 5.00%, 3/15/23		209,000		208,666
5.875%, 11/15/24		390,000		364,295
7.75%, 7/1/26		312,000		242,504
144A, 5.25%, 12/1/26		505,000		423,884
DISH Network Corp., 144A, 11.75%, 11/15/27		615,000		624,167
Gray Television, Inc. 144A, 5.875%, 7/15/26		143,000		129,301
144A, 7.00%, 5/15/27		127,000		114,773
iHeartCommunications, Inc. 6.375%, 5/1/26		162,000		152,886
8.375%, 5/1/27		226,000		199,106
144A, 5.25%, 8/15/27		101,000		87,999
144A, 4.75%, 1/15/28		50,000		42,101
Nexstar Media, Inc., 144A, 5.625%, 7/15/27		295,000		274,258
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		270,000		238,984
144A, 5.00%, 8/1/27		168,000		154,306
TEGNA, Inc., 144A, 4.75%, 3/15/26		102,000		97,011
Univision Communications, Inc. 144A, 5.125%, 2/15/25		250,000		243,640
144A, 6.625%, 6/1/27		244,000		232,685


	Principal Amount		Value
Media (Continued)
UPC Holding BV, 144A, 5.50%, 1/15/28	$	100,000	$	88,090
Videotron Ltd. 144A, 5.375%, 6/15/24		121,000		119,817
144A, 5.125%, 4/15/27		80,000		74,878
Ziggo Bond Co. BV, 144A, 6.00%, 1/15/27		106,000		98,683

(Cost $6,525,605)				6,116,374

Telecommunications — 7.3%
Altice France Holding SA 144A, 10.50%, 5/15/27		289,000		238,954
144A, 6.00%, 2/15/28		170,000		117,062
Altice France SA 144A, 8.125%, 2/1/27		259,000		242,025
144A, 5.50%, 1/15/28		235,000		193,807
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		225,000		204,068
CommScope Technologies LLC 144A, 6.00%, 6/15/25		215,000		206,301
144A, 5.00%, 3/15/27		118,000		90,016
CommScope, Inc. 144A, 6.00%, 3/1/26		268,000		258,492
144A, 8.25%, 3/1/27		192,000		163,722
Frontier Communications Holdings LLC, 144A, 5.875%, 10/15/27		188,000		174,975
Hughes Satellite Systems Corp. 5.25%, 8/1/26		150,000		143,784
6.625%, 8/1/26 (a)		126,000		118,735
Iliad Holding SASU, 144A, 6.50%, 10/15/26		221,000		206,746
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27		127,000		106,946
144A, 4.625%, 9/15/27		186,000		138,053
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26		120,000		88,013
144A, 4.00%, 2/15/27		204,000		156,866
Millicom International Cellular SA, 144A, 5.125%, 1/15/28		65,700		57,907
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		84,000		77,424
Sprint LLC 7.875%, 9/15/23		714,000		721,230
7.125%, 6/15/24		550,000		557,425
7.625%, 2/15/25		120,000		123,089
7.625%, 3/1/26		315,000		327,403
Telecom Italia SpA, 144A, 5.303%, 5/30/24		259,000		252,455
VEON Holdings BV, 144A, 4.95%, 6/16/24		113,000		100,501
Viasat, Inc. 144A, 5.625%, 9/15/25		236,000		218,737
144A, 5.625%, 4/15/27		14,000		12,786
Zayo Group Holdings, Inc., 144A, 4.00%, 3/1/27		256,000		197,376

(Cost $5,832,466)				5,494,898


	Principal Amount		Value
Consumer, Cyclical — 25.6%
Airlines — 2.5%
Air Canada, 144A, 3.875%, 8/15/26	$	203,000	$	183,114
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		85,000		77,675
American Airlines, Inc. 144A, 11.75%, 7/15/25		480,000		526,240
144A, 7.25%, 2/15/28		90,000		88,119
Delta Air Lines, Inc. 2.90%, 10/28/24		140,000		133,337
7.375%, 1/15/26		122,000		125,622
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		201,252		187,260
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 144A, 8.00%, 9/20/25		150,000		150,863
144A, 8.00%, 9/20/25		70,000		70,367
United Airlines, Inc., 144A, 4.375%, 4/15/26		385,000		361,264

(Cost $2,007,301)				1,903,861

Apparel — 0.2%
Hanesbrands, Inc., 144A, 4.875%, 5/15/26 (Cost $183,839)		177,000		163,631

Auto Manufacturers — 3.6%
Allison Transmission, Inc., 144A, 4.75%, 10/1/27		61,000		56,651
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		180,000		179,763
Ford Motor Co., 4.346%, 12/8/26 (a)		300,000		286,727
Ford Motor Credit Co. LLC 5.584%, 3/18/24		130,000		129,242
3.664%, 9/8/24		213,000		204,528
4.063%, 11/1/24		215,000		206,979
2.30%, 2/10/25		161,000		148,147
4.687%, 6/9/25		97,000		92,851
5.125%, 6/16/25		186,000		179,767
4.134%, 8/4/25		125,000		117,816
3.375%, 11/13/25		210,000		193,540
GMTN, 4.389%, 1/8/26		180,000		169,945
4.542%, 8/1/26		82,000		76,053
2.70%, 8/10/26		151,000		131,978
4.271%, 1/9/27		113,000		102,677
4.95%, 5/28/27		159,000		148,456
4.125%, 8/17/27		107,000		95,545
3.815%, 11/2/27		35,000		30,766
7.35%, 11/4/27		128,000		129,997
2.90%, 2/16/28		50,000		41,677

(Cost $2,853,207)				2,723,105

Auto Parts & Equipment — 1.9%
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/26		134,000		124,483
American Axle & Manufacturing, Inc., 6.50%, 4/1/27 (a)		111,000		102,723


	Principal Amount		Value
Auto Parts & Equipment (Continued)
Clarios Global LP, 144A, 6.75%, 5/15/25	$	66,000	$	65,713
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26		187,000		183,751
144A, 8.50%, 5/15/27		331,000		329,361
Dana, Inc., 5.375%, 11/15/27		46,000		42,493
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		143,000		147,571
5.00%, 5/31/26 (a)		152,000		146,469
4.875%, 3/15/27 (a)		118,000		109,597
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		182,000		174,063

(Cost $1,476,574)				1,426,224

Distribution/Wholesale — 0.1%
American Builders & Contractors Supply Co., Inc., 144A, 4.00%, 1/15/28 (Cost $104,078)		115,000		103,034

Entertainment — 4.3%
AMC Entertainment Holdings, Inc., 144A, 10.00%, 6/15/26		247,000		127,823
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		497,000		493,197
144A, 8.125%, 7/1/27 (a)		325,000		328,347
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		169,000		168,899
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		192,000		189,843
5.375%, 4/15/27		97,000		92,757
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		102,000		96,998
144A, 4.75%, 1/15/28		120,000		109,315
Cinemark USA, Inc., 144A, 5.875%, 3/15/26		78,000		71,196
International Game Technology PLC 144A, 6.50%, 2/15/25		108,000		108,375
144A, 4.125%, 4/15/26		127,000		118,558
144A, 6.25%, 1/15/27		143,000		140,349
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		137,000		133,032
144A, 6.50%, 5/15/27		163,000		160,319
144A, 4.75%, 10/15/27		175,000		157,233
144A, 3.75%, 1/15/28		80,000		69,761
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		224,000		210,058
Penn Entertainment, Inc., 144A, 5.625%, 1/15/27		68,000		63,124
Scientific Games International, Inc., 144A, 8.625%, 7/1/25		102,000		104,366
Six Flags Entertainment Corp. 144A, 4.875%, 7/31/24		195,000		191,650
144A, 5.50%, 4/15/27 (a)		56,000		52,693


	Principal Amount		Value
Entertainment (Continued)
Vail Resorts, Inc., 144A, 6.25%, 5/15/25	$	100,000	$	99,832

(Cost $3,461,831)				3,287,725

Food Service — 0.8%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		50,000		48,554
144A, 6.375%, 5/1/25		434,000		431,695
144A, 5.00%, 2/1/28		150,000		138,135

(Cost $627,557)				618,384

Home Builders — 0.5%
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A, 6.25%, 9/15/27		90,000		78,586
Mattamy Group Corp., 144A, 5.25%, 12/15/27		97,000		86,740
Meritage Homes Corp., 6.00%, 6/1/25		78,000		77,697
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		85,000		81,521
144A, 5.75%, 1/15/28		80,000		75,494

(Cost $404,876)				400,038

Housewares — 0.7%
Newell Brands, Inc. 4.875%, 6/1/25		68,000		65,970
4.45%, 4/1/26		346,000		327,830
6.375%, 9/15/27		125,000		124,463

(Cost $560,324)				518,263

Leisure Time — 4.0%
Carnival Corp. 144A, 10.50%, 2/1/26		140,000		145,116
144A, 7.625%, 3/1/26		289,000		260,606
144A, 5.75%, 3/1/27		619,000		508,310
144A, 9.875%, 8/1/27		93,000		94,774
Life Time, Inc. 144A, 5.75%, 1/15/26		176,000		169,220
144A, 8.00%, 4/15/26		80,000		77,158
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		94,000		88,360
144A, 5.875%, 3/15/26		257,000		222,608
144A, 5.875%, 2/15/27		197,000		182,907
144A, 8.375%, 2/1/28		60,000		61,181
Royal Caribbean Cruises Ltd. 144A, 11.50%, 6/1/25		251,000		267,571
144A, 4.25%, 7/1/26		194,000		170,404
144A, 5.50%, 8/31/26		169,000		153,138
144A, 5.375%, 7/15/27		134,000		117,847
144A, 11.625%, 8/15/27		192,000		205,046
Viking Cruises Ltd. 144A, 13.00%, 5/15/25		152,000		161,704
144A, 5.875%, 9/15/27		139,000		119,369

(Cost $3,167,961)				3,005,319


	Principal Amount		Value
Lodging — 3.8%
Boyd Gaming Corp., 4.75%, 12/1/27 (a)	$	156,000	$	146,400
Hilton Domestic Operating Co., Inc., 144A, 5.375%, 5/1/25		81,000		80,173
Las Vegas Sands Corp. 3.20%, 8/8/24		313,000		301,368
2.90%, 6/25/25		100,000		92,729
3.50%, 8/18/26		180,000		164,752
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		200,000		186,750
144A, 5.25%, 4/26/26		85,000		76,694
144A, 5.625%, 7/17/27		100,000		88,509
MGM Resorts International 6.00%, 3/15/23		222,000		222,200
6.75%, 5/1/25		181,000		181,614
5.75%, 6/15/25		101,000		99,279
4.625%, 9/1/26		78,000		72,694
5.50%, 4/15/27		101,000		95,903
Station Casinos LLC, 144A, 4.50%, 2/15/28		100,000		88,057
Studio City Finance Ltd. 144A, 6.00%, 7/15/25		80,000		72,164
144A, 6.50%, 1/15/28		90,000		76,532
Travel + Leisure Co. 3.90%, 3/1/23		88,000		88,000
144A, 6.625%, 7/31/26		110,000		107,941
6.00%, 4/1/27		73,000		70,752
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 4.25%, 5/30/23		109,000		108,773
144A, 5.50%, 3/1/25		295,000		287,217
144A, 5.25%, 5/15/27 (a)		153,000		142,662

(Cost $2,891,055)				2,851,163

Retail — 2.9%
1011778 BC ULC / New Red Finance, Inc. 144A, 3.875%, 1/15/28		282,000		251,168
144A, 4.375%, 1/15/28		140,000		125,278
Bath & Body Works, Inc., 5.25%, 2/1/28		80,000		74,583
Carvana Co. 144A, 5.625%, 10/1/25		92,000		57,137
144A, 5.50%, 4/15/27		101,000		51,618
eG Global Finance PLC 144A, 6.75%, 2/7/25		110,000		99,407
144A, 8.50%, 10/30/25		133,000		119,893
Ferrellgas LP / Ferrellgas Finance Corp., 144A, 5.375%, 4/1/26		110,000		99,146
Lithia Motors, Inc., 144A, 4.625%, 12/15/27		75,000		68,167
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		186,000		179,680
Penske Automotive Group, Inc., 3.50%, 9/1/25		70,000		65,538
PetSmart, Inc. / PetSmart Finance Corp., 144A, 4.75%, 2/15/28		210,000		192,557


	Principal Amount		Value
Retail (Continued)
QVC, Inc. 4.85%, 4/1/24	$	116,000	$	109,119
4.45%, 2/15/25		138,000		111,768
4.75%, 2/15/27		74,000		47,459
Rite Aid Corp., 144A, 8.00%, 11/15/26		144,000		76,478
Staples, Inc. 144A, 7.50%, 4/15/26		349,000		311,001
144A, 10.75%, 4/15/27 (a)		170,000		130,374

(Cost $2,447,227)				2,170,371

Toys/Games/Hobbies — 0.3%
Mattel, Inc. 144A, 3.375%, 4/1/26		102,000		93,709
144A, 5.875%, 12/15/27		110,000		107,541

(Cost $211,494)				201,250

Consumer, Non-cyclical — 14.8%
Agriculture — 0.2%
Darling Ingredients, Inc., 144A, 5.25%, 4/15/27		60,000		57,668
Vector Group Ltd., 144A, 10.50%, 11/1/26		94,000		94,308

(Cost $153,838)				151,976

Commercial Services — 4.4%
ADT Security Corp., 4.125%, 6/15/23		118,000		117,399
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		355,000		337,557
144A, 9.75%, 7/15/27		177,000		162,635
APX Group, Inc., 144A, 6.75%, 2/15/27		132,000		126,892
Block, Inc., 2.75%, 6/1/26		169,000		150,961
Brink’s Co. 144A, 5.50%, 7/15/25		60,000		58,474
144A, 4.625%, 10/15/27		100,000		90,769
Garda World Security Corp. 144A, 4.625%, 2/15/27		96,000		85,602
144A, 9.50%, 11/1/27		107,000		102,969
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		203,000		191,449
Hertz Corp., 144A, 4.625%, 12/1/26		85,000		75,790
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24		112,000		110,142
144A, 5.75%, 4/15/26		243,000		235,082
144A, 3.375%, 8/31/27		186,000		161,080
144A, 6.25%, 1/15/28		214,000		198,621
Sabre GLBL, Inc. 144A, 9.25%, 4/15/25		70,000		68,972
144A, 7.375%, 9/1/25		240,000		224,958
144A, 11.25%, 12/15/27		85,000		84,999
Service Corp. International, 4.625%, 12/15/27		100,000		93,215


	Principal Amount		Value
Commercial Services (Continued)
Sotheby’s, 144A, 7.375%, 10/15/27 (a)	$	128,000	$	120,868
United Rentals North America, Inc. 5.50%, 5/15/27		110,000		107,921
3.875%, 11/15/27		70,000		64,638
4.875%, 1/15/28		332,000		316,761
Williams Scotsman International, Inc., 144A, 6.125%, 6/15/25		70,000		68,785

(Cost $3,499,952)				3,356,539

Cosmetics/Personal Care — 0.3%
Coty, Inc. 144A, 5.00%, 4/15/26		149,000		141,901
144A, 6.50%, 4/15/26		93,000		91,233

(Cost $244,547)				233,134

Food — 2.3%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		127,000		116,682
144A, 7.50%, 3/15/26		102,000		103,912
144A, 4.625%, 1/15/27		211,000		198,575
144A, 5.875%, 2/15/28		150,000		145,343
144A, 6.50%, 2/15/28		130,000		129,340
B&G Foods, Inc. 5.25%, 4/1/25		169,000		152,329
5.25%, 9/15/27		95,000		76,654
Performance Food Group, Inc., 144A, 5.50%, 10/15/27		161,000		152,820
Pilgrim’s Pride Corp., 144A, 5.875%, 9/30/27		189,000		185,157
Post Holdings, Inc. 144A, 5.75%, 3/1/27		108,000		105,246
144A, 5.625%, 1/15/28		150,000		143,386
Sigma Holdco BV, 144A, 7.875%, 5/15/26		75,000		59,834
US Foods, Inc., 144A, 6.25%, 4/15/25		152,000		151,646

(Cost $1,778,878)				1,720,924

Healthcare-Products — 0.2%
Hologic, Inc., 144A, 4.625%, 2/1/28		70,000		65,337
Teleflex, Inc., 4.625%, 11/15/27		80,000		75,528

(Cost $141,921)				140,865

Healthcare-Services — 4.1%
Catalent Pharma Solutions, Inc., 144A, 5.00%, 7/15/27		115,000		110,958
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		359,000		350,466
144A, 5.625%, 3/15/27		329,000		289,104
144A, 8.00%, 12/15/27		130,000		126,231
Encompass Health Corp., 4.50%, 2/1/28		130,000		119,499
Envision Healthcare Corp., 144A, 8.75%, 10/15/26		165,000		38,811


	Principal Amount		Value
Healthcare-Services (Continued)
IQVIA, Inc. 144A, 5.00%, 10/15/26	$	155,000	$	148,188
144A, 5.00%, 5/15/27		217,000		206,695
Legacy LifePoint Health LLC 144A, 6.75%, 4/15/25		76,000		72,712
144A, 4.375%, 2/15/27		84,000		70,980
ModivCare, Inc., 144A, 5.875%, 11/15/25		87,000		81,722
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		247,000		210,490
Select Medical Corp., 144A, 6.25%, 8/15/26		207,000		197,922
Tenet Healthcare Corp. 4.625%, 7/15/24		90,000		88,622
4.625%, 9/1/24		131,000		129,144
4.875%, 1/1/26		368,000		350,844
6.25%, 2/1/27		280,000		272,952
5.125%, 11/1/27		250,000		235,540

(Cost $3,258,458)				3,100,880

Household Products/Wares — 0.1%
Spectrum Brands, Inc., 5.75%, 7/15/25 (Cost $59,168)		60,000		58,886

Pharmaceuticals — 3.2%
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		130,000		97,338
144A, 8.50%, 1/31/27		116,000		61,152
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		296,000		257,763
144A, 9.00%, 12/15/25		160,000		126,892
144A, 6.125%, 2/1/27		177,000		122,333
144A, 5.75%, 8/15/27		79,000		52,518
144A, 5.00%, 1/30/28		75,000		32,415
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		100,000		88,566
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		100,000		96,344
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A, 10.00%, 4/15/25		94,000		84,265
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		120,000		114,994
4.375%, 3/15/26		125,000		117,596
Prestige Brands, Inc., 144A, 5.125%, 1/15/28		42,000		39,492
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 7/21/23		200,000		197,940
6.00%, 4/15/24		230,000		229,762
7.125%, 1/31/25		171,000		173,318
3.15%, 10/1/26		617,000		540,757

(Cost $2,710,869)				2,433,445


	Principal Amount		Value
Energy — 9.6%
Oil & Gas — 4.3%
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A, 7.00%, 11/1/26	$	102,000	$	99,096
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		108,000		112,082
Chesapeake Energy Corp., 144A, 5.50%, 2/1/26		85,000		83,400
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		120,000		111,164
144A, 9.25%, 2/15/28		70,000		68,332
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		167,000		161,333
CVR Energy, Inc. 144A, 5.25%, 2/15/25		108,000		103,797
144A, 5.75%, 2/15/28		55,000		48,866
Energean PLC, 144A, 6.50%, 4/30/27		100,000		92,900
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		100,000		90,107
144A, 7.75%, 5/1/27		85,000		74,658
Leviathan Bond Ltd. 144A, REGS, 6.125%, 6/30/25		102,000		99,450
144A, REGS, 6.50%, 6/30/27		108,000		103,356
MEG Energy Corp., 144A, 7.125%, 2/1/27		100,000		101,604
Murphy Oil Corp., 5.875%, 12/1/27		68,000		65,063
Occidental Petroleum Corp. 2.90%, 8/15/24		110,000		104,975
5.875%, 9/1/25		110,000		109,848
5.50%, 12/1/25		100,000		99,212
5.55%, 3/15/26		114,000		113,277
8.50%, 7/15/27		114,000		122,430
Parkland Corp., 144A, 5.875%, 7/15/27		98,000		92,038
PBF Holding Co. LLC / PBF Finance Corp. 7.25%, 6/15/25		50,000		49,900
6.00%, 2/15/28		120,000		111,924
Puma International Financing SA, 144A, 5.00%, 1/24/26		200,000		182,250
Range Resources Corp., 4.875%, 5/15/25		111,000		108,412
SM Energy Co. 6.75%, 9/15/26		75,000		72,445
6.625%, 1/15/27		46,000		43,637
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27		110,000		108,207
Transocean, Inc. 144A, 7.50%, 1/15/26		85,000		78,108
144A, 11.50%, 1/30/27		136,000		139,911
144A, 8.00%, 2/1/27		116,000		102,806
Tullow Oil PLC, 144A, 7.00%, 3/1/25		138,000		87,052
Vital Energy, Inc., 9.50%, 1/15/25		88,000		88,795

(Cost $3,299,449)				3,230,435


	Principal Amount		Value
Oil & Gas Services — 0.5%
Archrock Partners LP / Archrock Partners Finance Corp., 144A, 6.875%, 4/1/27	$	85,000	$	82,542
CGG SA, 144A, 8.75%, 4/1/27 (a)		85,000		74,720
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		133,000		128,164
6.875%, 9/1/27		124,000		117,569

(Cost $420,785)				402,995

Pipelines — 4.8%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		105,000		106,155
144A, 5.75%, 3/1/27		119,000		112,477
144A, 5.75%, 1/15/28		120,000		112,768
Buckeye Partners LP 4.15%, 7/1/23		75,000		74,521
144A, 4.125%, 3/1/25		100,000		93,851
3.95%, 12/1/26		130,000		115,083
4.125%, 12/1/27		60,000		51,991
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 5.75%, 4/1/25 (a)		80,000		77,686
144A, 5.625%, 5/1/27		110,000		101,366
EnLink Midstream LLC, 144A, 5.625%, 1/15/28		100,000		95,351
EnLink Midstream Partners LP 4.15%, 6/1/25		20,000		19,200
4.85%, 7/15/26		91,000		86,367
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		63,000		60,866
4.125%, 12/1/26		92,000		81,965
144A, 7.50%, 6/1/27		85,000		83,282
144A, 6.50%, 7/1/27		151,000		143,192
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		75,000		72,117
8.00%, 1/15/27		176,000		172,085
7.75%, 2/1/28		110,000		105,349
Hess Midstream Operations LP, 144A, 5.625%, 2/15/26		177,000		172,363
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		212,000		198,502
144A, 6.50%, 9/30/26		261,000		239,163
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		351,000		335,560
NuStar Logistics LP 5.75%, 10/1/25		110,000		106,197
6.00%, 6/1/26		106,000		100,832
5.625%, 4/28/27		69,000		64,272
Rockies Express Pipeline LLC, 144A, 3.60%, 5/15/25		54,000		49,994
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 8.50%, 10/15/26		138,000		131,193


	Principal Amount		Value
Pipelines (Continued)
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25	$	63,000	$	62,773
144A, 6.00%, 3/1/27		79,000		73,452
144A, 5.50%, 1/15/28		156,000		140,250
Western Midstream Operating LP 3.35%, 2/1/25		123,000		116,710
4.65%, 7/1/26		83,000		78,939

(Cost $3,801,012)				3,635,872

Financial — 10.6%
Banks — 0.3%
Freedom Mortgage Corp. 144A, 8.25%, 4/15/25		61,000		57,779
144A, 7.625%, 5/1/26		90,000		76,923
144A, 6.625%, 1/15/27		107,000		87,319

(Cost $249,642)				222,021

Diversified Financial Services — 3.4%
LD Holdings Group LLC, 144A, 6.50%, 11/1/25		98,000		72,705
LPL Holdings, Inc., 144A, 4.625%, 11/15/27		80,000		74,473
Nationstar Mortgage Holdings, Inc., 144A, 6.00%, 1/15/27		122,000		112,367
Navient Corp. MTN, 6.125%, 3/25/24		130,000		129,177
5.875%, 10/25/24		91,000		88,782
6.75%, 6/25/25		92,000		90,804
6.75%, 6/15/26		104,000		100,289
5.00%, 3/15/27		108,000		96,125
OneMain Finance Corp. 5.625%, 3/15/23		259,000		258,905
6.125%, 3/15/24		260,000		256,631
6.875%, 3/15/25		165,000		161,950
7.125%, 3/15/26		273,000		265,618
3.50%, 1/15/27		128,000		107,630
6.625%, 1/15/28		159,000		148,221
PennyMac Financial Services, Inc., 144A, 5.375%, 10/15/25		104,000		94,867
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144A, 2.875%, 10/15/26		205,000		175,927
SLM Corp. 4.20%, 10/29/25		84,000		77,010
3.125%, 11/2/26		97,000		83,786
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		122,000		112,504
144A, 5.75%, 6/15/27		85,000		74,658

(Cost $2,776,020)				2,582,429

Insurance — 0.8%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		179,000		167,440
144A, 10.125%, 8/1/26		50,000		49,840
AssuredPartners, Inc., 144A, 7.00%, 8/15/25		97,000		95,084
HUB International Ltd., 144A, 7.00%, 5/1/26		274,000		269,568

(Cost $597,951)				581,932


	Principal Amount		Value
Real Estate — 0.1%
WeWork Cos., Inc., 144A, 7.875%, 5/1/25 (Cost $100,332)	$	115,000	$	61,048

Real Estate Investment Trusts — 5.0%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26		180,000		165,902
144A, 4.50%, 4/1/27		136,000		116,675
Diversified Healthcare Trust 9.75%, 6/15/25		106,000		102,940
4.75%, 2/15/28		80,000		52,148
HAT Holdings I LLC / HAT Holdings II LLC, 144A, 3.375%, 6/15/26		205,000		178,048
Iron Mountain, Inc., 144A, 4.875%, 9/15/27		169,000		155,756
iStar, Inc. 4.75%, 10/1/24		116,000		115,824
4.25%, 8/1/25		107,000		106,546
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		132,000		112,356
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26 (a)		127,000		112,999
5.00%, 10/15/27 (a)		213,000		175,028
Office Properties Income Trust, 4.50%, 2/1/25		100,000		92,057
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 144A, 7.50%, 6/1/25		100,000		100,390
RHP Hotel Properties LP / RHP Finance Corp., 4.75%, 10/15/27		110,000		101,233
RLJ Lodging Trust LP, 144A, 3.75%, 7/1/26		92,000		83,333
SBA Communications Corp., 3.875%, 2/15/27		250,000		226,427
Service Properties Trust 4.50%, 6/15/23		80,000		80,021
4.35%, 10/1/24		125,000		119,783
7.50%, 9/15/25		136,000		134,939
4.75%, 10/1/26		83,000		72,096
4.95%, 2/15/27		80,000		69,034
5.50%, 12/15/27		65,000		58,642
3.95%, 1/15/28		70,000		56,007
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		73,000		68,782
4.75%, 3/15/25		70,000		66,350
144A, 3.625%, 7/15/26		73,000		63,935
144A, 4.375%, 1/15/27		85,000		73,740
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 7.875%, 2/15/25		400,000		408,016
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 144A, 10.50%, 2/15/28		450,000		451,078
XHR LP, 144A, 6.375%, 8/15/25		92,000		89,321

(Cost $3,968,188)				3,809,406


	Principal Amount		Value
Venture Capital — 1.0%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24	$	200,000	$	194,554
6.375%, 12/15/25		115,000		113,614
6.25%, 5/15/26		192,000		186,472
5.25%, 5/15/27		265,000		245,408

(Cost $760,106)				740,048

Industrial — 10.0%
Aerospace/Defense — 4.7%
Bombardier, Inc. 144A, 7.50%, 3/15/25		159,000		159,010
144A, 7.125%, 6/15/26		210,000		206,505
144A, 7.875%, 4/15/27		332,000		330,430
144A, 6.00%, 2/15/28		120,000		112,541
Howmet Aerospace, Inc. 5.125%, 10/1/24		198,000		196,000
6.875%, 5/1/25		114,000		116,104
Rolls-Royce PLC 144A, 3.625%, 10/14/25		201,000		186,930
144A, 5.75%, 10/15/27		145,000		140,130
Spirit AeroSystems, Inc., 144A, 7.50%, 4/15/25		160,000		160,028
TransDigm, Inc. 144A, 8.00%, 12/15/25		186,000		190,265
144A, 6.25%, 3/15/26		730,000		721,271
6.375%, 6/15/26		161,000		156,309
7.50%, 3/15/27		93,000		91,921
5.50%, 11/15/27		510,000		470,301
Triumph Group, Inc. 144A, 8.875%, 6/1/24		174,000		181,802
144A, 6.25%, 9/15/24		71,000		70,956
7.75%, 8/15/25		93,000		89,020

(Cost $3,604,804)				3,579,523

Building Materials — 0.7%
InterCement Financial Operations BV, 144A, 5.75%, 7/17/24		120,000		91,197
JELD-WEN, Inc. 144A, 4.625%, 12/15/25		68,000		61,134
144A, 4.875%, 12/15/27		75,000		62,745
Standard Industries, Inc. 144A, 5.00%, 2/15/27		100,000		92,491
144A, 4.75%, 1/15/28		233,000		209,511

(Cost $534,096)				517,078

Electrical Components & Equipment — 0.4%
WESCO Distribution, Inc., 144A, 7.125%, 6/15/25 (Cost $270,097)		264,000		267,006

Electronics — 0.2%
Sensata Technologies BV 144A, 5.625%, 11/1/24		66,000		65,368
144A, 5.00%, 10/1/25		118,000		114,909

(Cost $193,021)				180,277

Engineering & Construction — 0.2%
IHS Holding Ltd., 144A, 5.625%, 11/29/26		80,000		68,560


	Principal Amount		Value
Engineering & Construction (Continued)
Promontoria Holding 264 BV, 144A, 7.875%, 3/1/27	$	70,000	$	67,408

(Cost $135,583)				135,968

Environmental Control — 0.5%
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		54,000		51,744
144A, 3.75%, 8/1/25		130,000		122,504
144A, 5.125%, 12/15/26		130,000		124,590
Stericycle, Inc., 144A, 5.375%, 7/15/24		87,000		85,743

(Cost $398,900)				384,581

Machinery-Diversified — 0.3%
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27 (Cost $256,092)		265,000		240,302

Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc., 5.75%, 6/15/25 (Cost $95,751)		94,000		92,925

Packaging & Containers — 2.7%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 6.00%, 6/15/27		100,000		96,887
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		95,000		91,936
144A, 4.125%, 8/15/26		226,000		205,881
144A, 5.25%, 8/15/27		169,000		138,976
144A, 5.25%, 8/15/27		147,000		120,885
Ball Corp. 4.00%, 11/15/23		185,000		182,679
5.25%, 7/1/25		164,000		161,206
4.875%, 3/15/26		139,000		134,450
Berry Global, Inc., 144A, 5.625%, 7/15/27		90,000		86,724
LABL, Inc. 144A, 6.75%, 7/15/26		155,000		147,609
144A, 10.50%, 7/15/27		105,000		98,257
Owens-Brockway Glass Container, Inc., 144A, 6.625%, 5/13/27		100,000		97,351
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		175,000		152,819
Sealed Air Corp. 144A, 5.125%, 12/1/24		100,000		98,344
144A, 5.50%, 9/15/25		60,000		59,100
144A, 4.00%, 12/1/27		65,000		58,083
Silgan Holdings, Inc., 4.125%, 2/1/28		100,000		91,515

(Cost $2,070,614)				2,022,702

Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		141,000		138,166
144A, 9.75%, 8/1/27		42,000		43,190

(Cost $184,210)				181,356


	Principal Amount		Value
Technology — 2.9%
Computers — 1.4%
Diebold Nixdorf, Inc., 144A, 9.375%, 7/15/25	$	118,000	$	82,720
NCR Corp., 144A, 5.75%, 9/1/27		100,000		97,008
Presidio Holdings, Inc. 144A, 4.875%, 2/1/27		100,000		91,175
144A, 8.25%, 2/1/28		90,000		85,621
Seagate HDD Cayman 4.75%, 6/1/23		110,000		109,465
4.875%, 3/1/24		89,000		87,790
4.75%, 1/1/25		81,000		78,287
4.875%, 6/1/27		81,000		76,347
Western Digital Corp., 4.75%, 2/15/26		398,000		376,150

(Cost $1,095,597)				1,084,563

Office/Business Equipment — 0.2%
Xerox Holdings Corp., 144A, 5.00%, 8/15/25 (a) (Cost $129,149)		130,000		121,150

Semiconductors — 0.1%
ams-OSRAM AG, 144A, 7.00%, 7/31/25 (a) (Cost $78,458)		76,000		72,271

Software — 1.2%
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		122,000		120,956
Fair Isaac Corp., 144A, 5.25%, 5/15/26		80,000		77,885
Open Text Corp., 144A, 3.875%, 2/15/28		160,000		138,096
PTC, Inc. 144A, 3.625%, 2/15/25		92,000		87,581
144A, 4.00%, 2/15/28		80,000		72,744
Rackspace Technology Global, Inc., 144A, 3.50%, 2/15/28		95,000		57,934
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		360,000		339,121

(Cost $905,518)				894,317

Utilities — 2.8%
Electric — 2.2%
Calpine Corp. 144A, 5.25%, 6/1/26		71,000		68,132
144A, 4.50%, 2/15/28		220,000		198,232
DPL, Inc., 4.125%, 7/1/25		80,000		75,129
FirstEnergy Corp., Series B, 4.15%, 7/15/27		287,000		268,028
NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24		150,000		145,109
144A, 3.875%, 10/15/26		80,000		72,488
144A, 4.50%, 9/15/27		87,000		79,485
NRG Energy, Inc., 5.75%, 1/15/28		150,000		140,948


	Principal Amount		Value
Electric (Continued)
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26	$	173,000	$	165,413
144A, 5.625%, 2/15/27		200,000		189,742
144A, 5.00%, 7/31/27		280,000		260,807

(Cost $1,718,993)				1,663,513

Gas — 0.6%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24		121,000		118,408
5.50%, 5/20/25		175,000		166,537
5.875%, 8/20/26		116,000		109,445
5.75%, 5/20/27		46,000		42,599

(Cost $466,083)				436,989

TOTAL CORPORATE BONDS (Cost $77,843,480)				74,356,852


	Number of Shares
SECURITIES LENDING COLLATERAL — 2.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c) (Cost $1,537,895)		1,537,895		1,537,895

CASH EQUIVALENTS — 1.5%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b) (Cost $1,112,435)		1,112,435		1,112,435


TOTAL INVESTMENTS — 101.8% (Cost $80,493,810)			$	77,007,182
Other assets and liabilities, net — (1.8%)				(1,375,784	)

NET ASSETS — 100.0%			$	75,631,398

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 98.0%
Basic Materials — 3.9%
Chemicals — 1.8%
Ashland LLC, 144A, 3.375%, 9/1/31	$	1,924,000	$	1,534,505
ASP Unifrax Holdings, Inc. 144A, 5.25%, 9/30/28		3,420,000		2,657,087
144A, 7.50%, 9/30/29 (a)		1,710,000		1,164,886
Avient Corp. 144A, 5.75%, 5/15/25		2,779,000		2,727,365
144A, 7.125%, 8/1/30		3,099,000		3,110,668
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		2,993,000		2,492,974
Chemours Co. 5.375%, 5/15/27 (a)		2,115,000		1,928,571
144A, 5.75%, 11/15/28		3,420,000		3,007,710
144A, 4.625%, 11/15/29		2,652,000		2,153,646
Consolidated Energy Finance SA, 144A, 5.625%, 10/15/28		2,244,000		1,921,203
INEOS Finance PLC, 144A, 6.75%, 5/15/28		1,817,000		1,775,909
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		2,138,000		1,882,901
Methanex Corp. 5.125%, 10/15/27		2,993,000		2,815,904
5.25%, 12/15/29		2,993,000		2,749,190
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		4,489,000		4,403,702
144A, 5.00%, 5/1/25		2,138,000		2,040,745
144A, 5.25%, 6/1/27		4,489,000		4,046,160
144A, 4.25%, 5/15/29 (a)		2,458,000		2,037,621
Olin Corp. 5.125%, 9/15/27		2,138,000		2,034,531
5.625%, 8/1/29 (a)		2,861,000		2,729,036
5.00%, 2/1/30		2,203,000		2,007,180
SCIH Salt Holdings, Inc. 144A, 4.875%, 5/1/28		4,703,000		4,070,917
144A, 6.625%, 5/1/29		2,993,000		2,433,379
Tronox, Inc., 144A, 4.625%, 3/15/29		4,596,000		3,750,543
Valvoline, Inc. 144A, 4.25%, 2/15/30 (a)		2,552,000		2,496,877
144A, 3.625%, 6/15/31		2,287,000		1,844,410

(Cost $74,690,042)				65,817,620

Forest Products & Paper — 0.1%
Mercer International, Inc., 5.125%, 2/1/29 (Cost $3,748,089)		3,728,000		3,065,590

Iron/Steel — 0.5%
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		3,544,000		3,583,409
5.875%, 6/1/27 (a)		2,373,000		2,305,797
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		2,993,000		2,990,851
144A, 8.00%, 11/1/27		2,672,000		2,661,045
144A, 8.50%, 5/1/30		2,672,000		2,678,627


	Principal Amount		Value
Iron/Steel (Continued)
United States Steel Corp., 6.875%, 3/1/29 (a)	$	2,062,000	$	2,065,134

(Cost $16,812,040)				16,284,863

Mining — 1.5%
Arconic Corp. 144A, 6.00%, 5/15/25		2,993,000		2,993,000
144A, 6.125%, 2/15/28		3,848,000		3,804,248
First Quantum Minerals Ltd. 144A, 7.50%, 4/1/25		5,771,000		5,603,005
144A, 6.875%, 3/1/26		4,275,000		4,082,625
144A, 6.875%, 10/15/27		6,413,000		6,022,448
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24		3,206,000		3,169,259
144A, 4.50%, 9/15/27		2,565,000		2,362,558
144A, 5.875%, 4/15/30		2,993,000		2,821,755
144A, 4.375%, 4/1/31		6,413,000		5,427,418
144A, 6.125%, 4/15/32		3,420,000		3,236,825
Hudbay Minerals, Inc. 144A, 4.50%, 4/1/26		2,565,000		2,305,563
144A, 6.125%, 4/1/29		2,565,000		2,267,152
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28		2,138,000		1,843,919
144A, 4.50%, 6/1/31		2,351,000		1,863,802
Nexa Resources SA 144A, 5.375%, 5/4/27		2,993,000		2,824,541
144A, 6.50%, 1/18/28		2,138,000		2,064,801

(Cost $56,678,697)				52,692,919

Communications — 18.6%
Advertising — 0.9%
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27		5,344,000		4,774,624
144A, 7.75%, 4/15/28		4,275,000		3,550,399
144A, 7.50%, 6/1/29		4,489,000		3,640,310
CMG Media Corp., 144A, 8.875%, 12/15/27		4,339,000		2,924,334
Lamar Media Corp. 3.75%, 2/15/28		2,544,000		2,253,872
4.00%, 2/15/30 (a)		2,351,000		2,023,976
3.625%, 1/15/31		2,351,000		1,938,505
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 6.25%, 6/15/25		1,710,000		1,698,092
144A, 5.00%, 8/15/27		2,779,000		2,498,919
144A, 4.25%, 1/15/29		2,138,000		1,760,429
144A, 4.625%, 3/15/30		2,138,000		1,761,006
Stagwell Global LLC, 144A, 5.625%, 8/15/29		4,703,000		4,037,055

(Cost $39,257,920)				32,861,521

Internet — 1.6%
Gen Digital, Inc. 144A, 5.00%, 4/15/25		4,703,000		4,555,091
144A, 6.75%, 9/30/27		3,848,000		3,786,499
144A, 7.125%, 9/30/30		2,565,000		2,507,134


	Principal Amount		Value
Internet (Continued)
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27	$	2,565,000	$	2,429,799
144A, 3.50%, 3/1/29		3,420,000		2,877,058
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		1,924,000		1,794,803
144A, 4.625%, 6/1/28		2,138,000		1,901,258
144A, 4.125%, 8/1/30		2,138,000		1,774,645
144A, 3.625%, 10/1/31		2,138,000		1,674,909
MercadoLibre, Inc. 2.375%, 1/14/26		1,710,000		1,524,465
3.125%, 1/14/31		2,993,000		2,310,596
Rakuten Group, Inc., 144A, 10.25%, 11/30/24 (a)		3,776,000		3,790,347
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		4,275,000		4,322,548
144A, 8.00%, 11/1/26		6,413,000		6,548,090
144A, 7.50%, 9/15/27		5,130,000		5,213,773
144A, 6.25%, 1/15/28		2,138,000		2,103,535
144A, 4.50%, 8/15/29		6,413,000		5,691,762
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		1,967,000		1,660,935

(Cost $60,024,345)				56,467,247

Media — 10.2%
Altice Financing SA 144A, 5.00%, 1/15/28		5,130,000		4,261,901
144A, 5.75%, 8/15/29		8,764,000		7,176,796
AMC Networks, Inc. 5.00%, 4/1/24		1,710,000		1,703,296
4.75 %, 8/1/25		3,420,000		3,237,637
4.25%, 2/15/29		4,275,000		3,147,426
Audacy Capital Corp. 144A, 6.50%, 5/1/27		1,997,000		286,813
144A, 6.75%, 3/31/29		2,270,000		326,914
Cable One, Inc., 144A, 4.00%, 11/15/30 (a)		2,779,000		2,169,371
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		4,001,000		3,865,186
144A, 5.125%, 5/1/27		14,655,000		13,584,709
144A, 5.00%, 2/1/28		11,337,000		10,284,926
144A, 5.375%, 6/1/29		7,142,000		6,376,735
144A, 6.375%, 9/1/29		6,835,000		6,397,868
144A, 4.75%, 3/1/30		13,669,000		11,541,694
144A, 4.50%, 8/15/30		12,116,000		9,998,608
144A, 4.25%, 2/1/31		13,177,000		10,589,037
144A, 4.75%, 2/1/32		5,499,000		4,466,013
4.50%, 5/1/32		12,371,000		9,820,811
144A, 4.50%, 6/1/33		7,644,000		5,954,428
144A, 4.25%, 1/15/34		8,550,000		6,408,717
CSC Holdings LLC 5.25%, 6/1/24		3,206,000		3,109,307
144A, 5.50%, 4/15/27		5,600,000		4,877,717
144A, 5.375%, 2/1/28		4,275,000		3,569,625
144A, 7.50%, 4/1/28		4,471,000		2,998,364
144A, 6.50%, 2/1/29		7,481,000		6,349,686
144A, 5.75%, 1/15/30		9,619,000		5,492,299


	Principal Amount		Value
Media (Continued)
144A, 4.125%, 12/1/30	$	4,703,000	$	3,372,380
144A, 4.625%, 12/1/30		9,940,000		5,351,447
144A, 3.375%, 2/15/31		4,275,000		2,928,717
144A, 4.50%, 11/15/31		6,413,000		4,561,020
144A, 5.00%, 11/15/31		2,138,000		1,140,570
DISH DBS Corp. 5.875%, 11/15/24		8,802,000		8,221,860
7.75%, 7/1/26		8,789,000		6,831,294
144A, 5.25%, 12/1/26		12,229,000		10,264,717
7.375%, 7/1/28		4,436,000		3,038,660
144A, 5.75%, 12/1/28		11,085,000		8,875,482
5.125%, 6/1/29		6,542,000		3,872,046
DISH Network Corp., 144A, 11.75%, 11/15/27		13,157,000		13,353,105
Gray Television, Inc. 144A, 5.875%, 7/15/26		2,993,000		2,706,277
144A, 7.00%, 5/15/27		3,206,000		2,897,342
144A, 4.75%, 10/15/30		3,420,000		2,499,678
iHeartCommunications, Inc. 6.375%, 5/1/26		3,420,252		3,227,829
8.375%, 5/1/27		4,790,124		4,220,099
144A, 5.25%, 8/15/27		3,206,000		2,793,310
144A, 4.75%, 1/15/28		2,138,000		1,800,244
McGraw-Hill Education, Inc. 144A, 5.75%, 8/1/28		3,578,000		3,136,859
144A, 8.00%, 8/1/29		3,005,000		2,571,318
News Corp. 144A, 3.875%, 5/15/29		4,275,000		3,667,309
144A, 5.125%, 2/15/32		2,138,000		1,899,292
Nexstar Media, Inc. 144A, 5.625%, 7/15/27		7,327,000		6,811,820
144A, 4.75%, 11/1/28		4,275,000		3,741,352
Sinclair Television Group, Inc. 144A, 5.50%, 3/1/30 (a)		2,138,000		1,583,275
144A, 4.125%, 12/1/30		3,206,000		2,491,671
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		4,223,000		3,737,893
144A, 5.00%, 8/1/27		6,413,000		5,890,276
144A, 4.00%, 7/15/28		8,550,000		7,317,945
144A, 5.50%, 7/1/29		5,365,000		4,847,009
144A, 4.125%, 7/1/30		6,413,000		5,217,786
144A, 3.875%, 9/1/31		6,413,000		4,991,943
TEGNA, Inc. 144A, 4.75%, 3/15/26		2,351,000		2,236,001
4.625%, 3/15/28		4,275,000		3,810,094
5.00%, 9/15/29		4,703,000		4,192,325
Telenet Finance Luxembourg Notes SARL, 144A, 5.50%, 3/1/28		4,200,000		3,943,905
Univision Communications, Inc. 144A, 5.125%, 2/15/25		6,325,000		6,164,092
144A, 6.625%, 6/1/27		6,413,000		6,115,613
144A, 4.50%, 5/1/29		4,489,000		3,790,231
144A, 7.375%, 6/30/30		3,845,000		3,650,587
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		5,344,000		4,516,642
UPC Holding BV, 144A, 5.50%, 1/15/28		1,964,000		1,730,088


	Principal Amount		Value
Media (Continued)
Videotron Ltd. 144A, 5.375%, 6/15/24	$	2,135,000	$	2,114,130
144A, 5.125%, 4/15/27		2,605,500		2,438,696
144A, 3.625%, 6/15/29		2,171,000		1,831,021
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		3,954,000		3,226,069
Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29		6,092,000		5,525,810
144A, 4.50%, 8/15/30		3,912,000		3,241,522
VTR Finance NV, 144A, 6.375%, 7/15/28		2,065,000		892,136
Ziggo Bond Co. BV 144A, 6.00%, 1/15/27		2,714,000		2,526,666
144A, 5.125%, 2/28/30		2,138,000		1,729,781
Ziggo BV, 144A, 4.875%, 1/15/30		4,237,000		3,586,887

(Cost $439,808,410)				365,120,005

Telecommunications — 5.9%
Altice France Holding SA 144A, 10.50%, 5/15/27		6,678,000		5,521,571
144A, 6.00%, 2/15/28		4,701,000		3,237,109
Altice France SA 144A, 8.125%, 2/1/27		7,481,000		6,990,695
144A, 5.50%, 1/15/28		4,703,000		3,878,611
144A, 5.125%, 1/15/29		2,031,000		1,561,531
144A, 5.125%, 7/15/29		10,688,000		8,262,798
144A, 5.50%, 10/15/29		8,550,000		6,678,653
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		5,216,000		4,730,756
CommScope Technologies LLC 144A, 6.00%, 6/15/25		5,564,000		5,338,877
144A, 5.00%, 3/15/27		3,206,000		2,445,675
CommScope, Inc. 144A, 6.00%, 3/1/26		6,413,000		6,185,480
144A, 8.25%, 3/1/27		4,275,000		3,645,367
144A, 7.125%, 7/1/28		2,993,000		2,334,272
144A, 4.75%, 9/1/29		5,344,000		4,373,743
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28		1,710,000		1,156,311
144A, 6.50%, 10/1/28		3,206,000		2,364,425
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		4,916,000		4,575,420
144A, 5.00%, 5/1/28		6,626,000		5,870,702
144A, 6.75%, 5/1/29		4,275,000		3,608,869
5.875%, 11/1/29		3,206,685		2,572,547
144A, 6.00%, 1/15/30		4,274,000		3,420,375
144A, 8.75%, 5/15/30		5,130,000		5,193,497
Hughes Satellite Systems Corp. 5.25%, 8/1/26		3,206,000		3,073,143
6.625%, 8/1/26 (a)		3,205,500		3,020,671
Iliad Holding SASU 144A, 6.50%, 10/15/26		5,130,000		4,799,133
144A, 7.00%, 10/15/28		3,848,000		3,538,032
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		12,825,000		11,155,185
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27		3,206,000		2,699,754


	Principal Amount		Value
Telecommunications (Continued)
144A, 4.625%, 9/15/27	$	4,275,000	$	3,172,990
144A, 4.25%, 7/1/28		5,130,000		3,508,510
144A, 3.625%, 1/15/29		3,591,000		2,308,708
144A, 3.875%, 11/15/29		3,206,000		2,440,199
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26 (a)		3,052,000		2,238,459
144A, 4.00%, 2/15/27		5,344,000		4,109,269
144A, 4.50%, 1/15/29		4,135,000		2,190,826
Millicom International Cellular SA 144A, 5.125%, 1/15/28		1,731,600		1,526,217
144A, 6.25%, 3/25/29		2,597,400		2,358,537
144A, 4.50%, 4/27/31		3,452,000		2,790,942
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		2,116,000		1,950,350
Sprint LLC 7.125%, 6/15/24		10,688,000		10,832,288
7.625%, 2/15/25		6,413,000		6,578,062
7.625%, 3/1/26		6,413,000		6,665,518
Telecom Italia SpA, 144A, 5.303%, 5/30/24		6,473,000		6,309,427
Viasat, Inc. 144A, 5.625%, 9/15/25		2,993,000		2,774,062
144A, 5.625%, 4/15/27		2,565,000		2,342,614
144A, 6.50%, 7/15/28		1,710,000		1,266,606
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31		5,771,000		4,635,627
144A, 4.75%, 7/15/31		5,985,000		4,962,164
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		5,985,000		4,898,034
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27		6,316,000		4,869,636
144A, 6.125%, 3/1/28		4,617,000		2,914,343

(Cost $247,154,139)				209,876,590

Consumer, Cyclical — 24.1%
Airlines — 1.6%
Air Canada, 144A, 3.875%, 8/15/26		5,160,000		4,654,533
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		2,138,000		1,953,760
American Airlines, Inc. 144A, 11.75%, 7/15/25		11,041,000		12,104,624
144A, 7.25%, 2/15/28		3,000,000		2,937,300
Delta Air Lines, Inc. 2.90%, 10/28/24		3,848,000		3,664,864
7.375%, 1/15/26		3,664,000		3,772,775
4.375%, 4/19/28 (a)		1,754,000		1,602,279
3.75%, 10/28/29 (a)		2,026,000		1,732,375
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		5,152,858		4,794,605
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 144A, 8.00%, 9/20/25		2,374,195		2,387,847
144A, 8.00%, 9/20/25		2,207,366		2,218,955


	Principal Amount		Value
Airlines (Continued)
United Airlines, Inc. 144A, 4.375%, 4/15/26	$	8,550,000	$	8,022,866
144A, 4.625%, 4/15/29		8,550,000		7,587,324

(Cost $61,771,838)				57,434,107

Apparel — 0.2%
Hanesbrands, Inc. 144A, 4.875%, 5/15/26		3,848,000		3,557,361
144A, 9.00%, 2/15/31		2,565,000		2,596,934

(Cost $6,581,781)				6,154,295

Auto Manufacturers — 3.9%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		1,710,000		1,588,094
144A, 5.875%, 6/1/29		2,138,000		2,027,839
144A, 3.75%, 1/30/31		4,275,000		3,553,765
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		4,890,000		4,883,570
Ford Motor Co. 4.346%, 12/8/26 (a)		6,513,000		6,224,848
9.625%, 4/22/30		1,817,000		2,092,081
3.25%, 2/12/32		10,674,000		8,079,242
6.10%, 8/19/32		7,481,000		6,977,916
Ford Motor Credit Co. LLC 5.584%, 3/18/24		5,250,000		5,219,366
3.664%, 9/8/24		3,253,000		3,123,612
4.063%, 11/1/24		6,025,000		5,800,212
2.30%, 2/10/25		5,159,000		4,747,136
4.687%, 6/9/25		2,410,000		2,306,912
5.125%, 6/16/25		7,029,000		6,793,457
4.134%, 8/4/25		5,623,000		5,299,846
3.375%, 11/13/25		8,435,000		7,773,865
GMTN, 4.389%, 1/8/26		4,820,000		4,550,755
6.95%, 3/6/26		5,241,000		5,246,685
4.542%, 8/1/26		3,059,000		2,837,152
2.70%, 8/10/26		6,025,000		5,266,001
4.271%, 1/9/27		3,615,000		3,284,766
4.95%, 5/28/27		6,025,000		5,625,452
4.125%, 8/17/27		5,021,000		4,483,469
3.815%, 11/2/27		3,012,000		2,647,653
7.35%, 11/4/27		6,025,000		6,118,990
2.90%, 2/16/28		3,012,000		2,510,604
2.90%, 2/10/29		3,012,000		2,454,449
5.113%, 5/3/29		5,973,000		5,465,295
7.35%, 3/6/30		4,619,000		4,683,065
4.00%, 11/13/30		6,627,000		5,547,263
3.625%, 6/17/31		4,016,000		3,186,179

(Cost $156,171,960)				140,399,539

Auto Parts & Equipment — 1.4%
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/26		3,450,000		3,204,981
American Axle & Manufacturing, Inc. 6.50%, 4/1/27 (a)		2,137,000		1,977,655
6.875%, 7/1/28 (a)		1,710,000		1,536,178
5.00%, 10/1/29		2,565,000		2,071,722
Clarios Global LP, 144A, 6.75%, 5/15/25		1,890,000		1,881,796


	Principal Amount		Value
Auto Parts & Equipment (Continued)
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26	$	3,848,000	$	3,781,141
144A, 8.50%, 5/15/27		7,447,000		7,410,117
Dana, Inc. 5.375%, 11/15/27		1,710,000		1,579,630
5.625%, 6/15/28		1,710,000		1,549,482
4.25%, 9/1/30		1,710,000		1,383,193
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		3,420,000		3,529,323
5.00%, 5/31/26 (a)		3,848,000		3,707,971
4.875%, 3/15/27 (a)		2,993,000		2,779,854
5.00%, 7/15/29		3,611,000		3,144,820
5.25%, 4/30/31 (a)		2,351,000		2,019,239
5.25%, 7/15/31 (a)		2,565,000		2,187,047
5.625%, 4/30/33 (a)		1,924,000		1,637,016
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		4,606,000		4,405,132

(Cost $54,523,827)				49,786,297

Distribution/Wholesale — 0.2%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28		2,993,000		2,681,578
144A, 3.875%, 11/15/29		1,710,000		1,412,614
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		5,344,000		4,601,249

(Cost $10,007,875)				8,695,441

Entertainment — 3.7%
AMC Entertainment Holdings, Inc. 144A, 10.00%, 6/15/26		6,137,635		3,176,226
144A, 7.50%, 2/15/29		4,061,000		2,437,676
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		15,899,000		15,777,336
144A, 8.125%, 7/1/27 (a)		6,887,000		6,957,919
144A, 4.625%, 10/15/29		5,130,000		4,392,357
144A, 7.00%, 2/15/30		8,150,000		8,220,701
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		4,478,000		4,475,313
CDI Escrow Issuer, Inc., 144A, 5.75%, 4/1/30		5,130,000		4,770,413
Cedar Fair LP, 5.25%, 7/15/29 (a)		2,138,000		1,952,558
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		4,275,000		4,226,970
5.375%, 4/15/27		2,138,000		2,044,479
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		2,565,000		2,439,225
144A, 4.75%, 1/15/28		2,993,000		2,726,504
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		1,731,000		1,580,014
144A, 5.25%, 7/15/28		3,270,000		2,751,868


	Principal Amount		Value
Entertainment (Continued)
International Game Technology PLC 144A, 6.50%, 2/15/25	$	2,993,000	$	3,003,386
144A, 4.125%, 4/15/26		3,206,000		2,992,881
144A, 6.25%, 1/15/27		3,206,000		3,146,561
144A, 5.25%, 1/15/29		3,206,000		2,978,422
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		2,458,000		2,386,816
144A, 6.50%, 5/15/27		5,130,000		5,045,635
144A, 4.75%, 10/15/27		4,061,000		3,648,707
144A, 3.75%, 1/15/28		2,138,000		1,864,357
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		5,023,000		4,710,368
Penn Entertainment, Inc. 144A, 5.625%, 1/15/27		1,710,000		1,587,385
144A, 4.125%, 7/1/29		1,710,000		1,389,301
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29		3,206,000		2,360,065
144A, 5.875%, 9/1/31		3,206,000		2,302,726
Scientific Games International, Inc. 144A, 8.625%, 7/1/25		2,351,000		2,405,542
144A, 7.00%, 5/15/28		2,993,000		2,923,862
144A, 7.25%, 11/15/29		2,138,000		2,103,258
Six Flags Entertainment Corp. 144A, 4.875%, 7/31/24		4,059,000		3,989,266
144A, 5.50%, 4/15/27 (a)		2,138,000		2,011,740
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		2,605,000		2,600,626
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		2,309,000		1,951,390
144A, 3.875%, 7/15/30		2,287,000		1,941,892
144A, 3.00%, 2/15/31		3,420,000		2,687,722
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 5.125%, 10/1/29		3,206,000		2,871,390
144A, 7.125%, 2/15/31		2,150,000		2,142,593

(Cost $147,126,646)				132,975,450

Food Service — 0.5%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		2,358,000		2,289,786
144A, 6.375%, 5/1/25		6,413,000		6,378,947
144A, 5.00%, 2/1/28		4,916,000		4,527,145
TKC Holdings, Inc. 144A, 6.875%, 5/15/28		1,817,000		1,487,760
144A, 10.50%, 5/15/29		2,886,000		1,771,109

(Cost $18,583,737)				16,454,747

Home Builders — 0.5%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		1,710,000		1,378,298
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27		2,565,000		2,239,704
144A, 4.875%, 2/15/30		2,138,000		1,610,281
Mattamy Group Corp. 144A, 5.25%, 12/15/27		2,138,000		1,911,853
144A, 4.625%, 3/1/30		2,565,000		2,133,593


	Principal Amount		Value
Home Builders (Continued)
Meritage Homes Corp. 6.00%, 6/1/25	$	1,710,000	$	1,703,350
144A, 3.875%, 4/15/29		1,924,000		1,671,013
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		2,138,000		2,050,492
144A, 5.75%, 1/15/28		1,924,000		1,815,632
144A, 5.125%, 8/1/30		2,138,000		1,886,785

(Cost $21,490,147)				18,401,001

Home Furnishings — 0.2%
Tempur Sealy International, Inc. 144A, 4.00%, 4/15/29		3,420,000		2,927,212
144A, 3.875%, 10/15/31		3,420,000		2,759,940

(Cost $6,765,285)				5,687,152

Housewares — 0.5%
Newell Brands, Inc. 4.875%, 6/1/25		2,138,000		2,074,159
4.45%, 4/1/26		8,486,000		8,040,358
6.375%, 9/15/27		2,138,000		2,128,817
6.625%, 9/15/29 (a)		2,138,000		2,122,382
Scotts Miracle-Gro Co. 4.50%, 10/15/29		1,760,000		1,526,994
4.00%, 4/1/31		2,031,000		1,626,861
4.375%, 2/1/32		1,710,000		1,397,754

(Cost $20,953,052)				18,917,325

Leisure Time — 3.5%
Carnival Corp. 144A, 10.50%, 2/1/26		3,313,000		3,434,057
144A, 7.625%, 3/1/26		6,199,000		5,589,948
144A, 5.75%, 3/1/27		14,963,000		12,287,316
144A, 9.875%, 8/1/27		3,848,000		3,921,420
144A, 4.00%, 8/1/28		10,284,000		8,698,207
144A, 6.00%, 5/1/29		8,550,000		6,640,982
144A, 10.50%, 6/1/30 (a)		4,275,000		4,144,078
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28		8,679,000		9,294,341
Life Time, Inc. 144A, 5.75%, 1/15/26		3,954,000		3,801,672
144A, 8.00%, 4/15/26		2,031,000		1,958,839
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		2,549,000		2,396,060
144A, 5.875%, 3/15/26		6,233,000		5,398,900
144A, 5.875%, 2/15/27		4,874,000		4,525,314
144A, 8.375%, 2/1/28		1,580,000		1,611,110
144A, 7.75%, 2/15/29 (a)		2,565,000		2,235,397
Royal Caribbean Cruises Ltd. 144A, 11.50%, 6/1/25		6,357,000		6,776,689
144A, 4.25%, 7/1/26		2,779,000		2,440,990
144A, 5.50%, 8/31/26 (a)		4,544,000		4,117,500
144A, 5.375%, 7/15/27		4,512,000		3,968,093
144A, 11.625%, 8/15/27 (a)		5,344,000		5,707,125
3.70%, 3/15/28		2,138,000		1,709,064
144A, 5.50%, 4/1/28		6,568,000		5,730,580
144A, 8.25%, 1/15/29		4,867,000		5,042,660
144A, 9.25%, 1/15/29 (a)		4,462,000		4,735,644
144A, 7.25%, 1/15/30		1,400,000		1,407,714


	Principal Amount		Value
Leisure Time (Continued)
Viking Cruises Ltd. 144A, 13.00%, 5/15/25	$	2,886,000	$	3,070,257
144A, 5.875%, 9/15/27		3,527,000		3,028,882
144A, 7.00%, 2/15/29 (a)		2,138,000		1,840,858

(Cost $136,371,608)				125,513,697

Lodging — 3.1%
Boyd Gaming Corp. 4.75%, 12/1/27 (a)		4,274,000		4,010,978
144A, 4.75%, 6/15/31		3,848,000		3,401,238
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		2,138,000		2,116,166
144A, 5.75%, 5/1/28		2,138,000		2,075,748
144A, 3.75%, 5/1/29		3,420,000		2,967,710
4.875%, 1/15/30		4,275,000		3,926,374
144A, 4.00%, 5/1/31		4,703,000		4,006,109
144A, 3.625%, 2/15/32		6,413,000		5,270,781
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		3,634,000		3,191,763
144A, 4.875%, 7/1/31		2,138,000		1,799,341
Las Vegas Sands Corp. 3.20%, 8/8/24		7,481,000		7,202,983
2.90%, 6/25/25		2,138,000		1,982,537
3.50%, 8/18/26		4,275,000		3,912,860
3.90%, 8/8/29		3,206,000		2,791,154
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29		2,138,000		1,796,198
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		4,275,000		3,991,781
144A, 5.25%, 4/26/26 (a)		2,138,000		1,929,084
144A, 5.625%, 7/17/27 (a)		2,565,000		2,270,263
144A, 5.75%, 7/21/28		3,634,000		3,141,123
144A, 5.375%, 12/4/29		4,916,000		4,085,243
MGM Resorts International 6.75%, 5/1/25		3,206,000		3,216,878
5.75%, 6/15/25		2,886,000		2,836,815
4.625%, 9/1/26		1,710,000		1,593,685
5.50%, 4/15/27		2,886,000		2,740,348
4.75%, 10/15/28		3,206,000		2,876,609
Station Casinos LLC 144A, 4.50%, 2/15/28		2,953,000		2,600,321
144A, 4.625%, 12/1/31		2,138,000		1,743,817
Studio City Finance Ltd. 144A, 6.00%, 7/15/25		2,138,000		1,928,578
144A, 6.50%, 1/15/28		2,138,000		1,818,070
144A, 5.00%, 1/15/29		4,703,000		3,621,381
Travel + Leisure Co. 144A, 6.625%, 7/31/26		2,779,000		2,726,974
6.00%, 4/1/27		1,710,000		1,657,349
144A, 4.50%, 12/1/29		2,779,000		2,336,486
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 5.50%, 3/1/25		8,641,000		8,413,039
144A, 5.25%, 5/15/27 (a)		4,282,000		3,992,678

(Cost $120,739,983)				109,972,462


	Principal Amount		Value
Retail — 4.6%
1011778 BC ULC / New Red Finance, Inc. 144A, 3.875%, 1/15/28	$	6,626,000	$	5,901,566
144A, 4.375%, 1/15/28		3,206,000		2,868,857
144A, 3.50%, 2/15/29		3,206,000		2,733,082
Asbury Automotive Group, Inc. 4.50%, 3/1/28		1,731,000		1,550,629
144A, 4.625%, 11/15/29		3,420,000		2,977,332
4.75%, 3/1/30		1,902,000		1,649,956
144A, 5.00%, 2/15/32		2,565,000		2,189,190
Bath & Body Works, Inc. 5.25%, 2/1/28		2,138,000		1,993,236
7.50%, 6/15/29 (a)		2,138,000		2,161,176
144A, 6.625%, 10/1/30		4,275,000		4,053,876
Carvana Co. 144A, 5.625%, 10/1/25		2,138,000		1,327,805
144A, 5.50%, 4/15/27		2,565,000		1,310,897
144A, 5.875%, 10/1/28		2,565,000		1,236,134
144A, 4.875%, 9/1/29		3,206,000		1,554,910
144A, 10.25%, 5/1/30		14,001,000		8,644,588
eG Global Finance PLC 144A, 6.75%, 2/7/25		3,206,000		2,897,262
144A, 8.50%, 10/30/25		2,715,000		2,447,452
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		2,779,000		2,504,787
144A, 5.875%, 4/1/29		3,527,000		2,879,743
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A, 4.625%, 1/15/29		4,275,000		3,701,295
144A, 6.75%, 1/15/30		5,344,000		4,433,008
FirstCash, Inc. 144A, 4.625%, 9/1/28		2,138,000		1,859,504
144A, 5.625%, 1/1/30		2,351,000		2,082,925
Gap, Inc. 144A, 3.625%, 10/1/29		3,206,000		2,354,694
144A, 3.875%, 10/1/31		3,206,000		2,303,816
Kohl’s Corp., 3.625%, 5/1/31		2,138,000		1,505,334
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		3,506,000		2,513,413
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		1,710,000		1,554,202
144A, 3.875%, 6/1/29		3,420,000		2,860,984
144A, 4.375%, 1/15/31		2,351,000		1,960,229
Macy’s Retail Holdings LLC 144A, 5.875%, 4/1/29		2,138,000		1,944,917
144A, 5.875%, 3/15/30		1,817,000		1,604,048
144A, 6.125%, 3/15/32		1,817,000		1,564,873
Michaels Cos., Inc. 144A, 5.25%, 5/1/28		3,634,000		3,028,049
144A, 7.875%, 5/1/29		5,558,000		4,189,037
Murphy Oil USA, Inc. 4.75%, 9/15/29		2,138,000		1,910,827
144A, 3.75%, 2/15/31		2,138,000		1,732,134
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		4,703,000		4,543,192
Nordstrom, Inc. 4.375%, 4/1/30		2,138,000		1,688,646
4.25%, 8/1/31		1,817,000		1,332,806


	Principal Amount		Value
Retail (Continued)
Penske Automotive Group, Inc. 3.50%, 9/1/25	$	2,351,000	$	2,201,151
3.75%, 6/15/29		2,138,000		1,798,614
PetSmart, Inc. / PetSmart Finance Corp. 144A, 4.75%, 2/15/28		5,130,000		4,703,902
144A, 7.75%, 2/15/29		4,916,000		4,785,700
QVC, Inc. 4.85%, 4/1/24		2,565,000		2,412,844
4.45%, 2/15/25		2,565,000		2,077,419
4.75%, 2/15/27		2,458,000		1,576,414
4.375%, 9/1/28		2,138,000		1,194,276
Rite Aid Corp., 144A, 8.00%, 11/15/26		3,634,000		1,930,017
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29		2,779,000		2,310,780
144A, 4.875%, 11/15/31		2,138,000		1,703,494
SRS Distribution, Inc. 144A, 4.625%, 7/1/28		2,779,000		2,434,129
144A, 6.125%, 7/1/29		1,924,000		1,611,105
144A, 6.00%, 12/1/29		3,634,000		3,040,186
Staples, Inc. 144A, 7.50%, 4/15/26		8,550,000		7,619,076
144A, 10.75%, 4/15/27 (a)		4,060,000		3,113,634
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		2,779,000		2,315,436
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		3,420,000		3,120,237
3.625%, 3/15/31		4,489,000		3,760,278
4.625%, 1/31/32		4,703,000		4,162,061
5.375%, 4/1/32		4,275,000		3,964,899

(Cost $199,793,501)				165,386,063

Toys/Games/Hobbies — 0.2%
Mattel, Inc. 144A, 3.375%, 4/1/26		2,565,000		2,356,504
144A, 5.875%, 12/15/27		2,565,000		2,507,672
144A, 3.75%, 4/1/29		2,565,000		2,221,303

(Cost $7,802,262)				7,085,479

Consumer, Non-cyclical — 15.7%
Agriculture — 0.3%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		2,138,000		2,054,896
144A, 6.00%, 6/15/30		4,275,000		4,136,062
Vector Group Ltd. 144A, 10.50%, 11/1/26		2,373,000		2,380,785
144A, 5.75%, 2/1/29		3,741,000		3,236,401

(Cost $12,639,039)				11,808,144

Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29
(Cost $3,148,028)		3,206,000		2,749,017

Biotechnology — 0.1%
Grifols Escrow Issuer SA, 144A, 4.75%, 10/15/28 (Cost $2,841,141)		3,014,000		2,579,683


	Principal Amount		Value
Commercial Services — 4.1%
ADT Security Corp., 144A, 4.125%, 8/1/29	$	4,275,000	$	3,671,071
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		8,294,000		7,886,474
144A, 9.75%, 7/15/27		4,489,000		4,124,673
144A, 6.00%, 6/1/29		4,104,000		3,071,680
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		5,237,000		4,358,535
APX Group, Inc. 144A, 6.75%, 2/15/27		2,565,000		2,465,744
144A, 5.75%, 7/15/29		3,420,000		2,869,072
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 4.75%, 4/1/28		2,138,000		1,899,405
144A, 5.375%, 3/1/29 (a)		2,565,000		2,311,476
Block, Inc. 2.75%, 6/1/26		4,275,000		3,818,691
3.50%, 6/1/31		4,275,000		3,457,855
Brink’s Co. 144A, 5.50%, 7/15/25		1,710,000		1,666,510
144A, 4.625%, 10/15/27		2,565,000		2,328,225
Garda World Security Corp. 144A, 4.625%, 2/15/27		2,437,000		2,173,036
144A, 9.50%, 11/1/27		2,584,000		2,486,659
144A, 6.00%, 6/1/29		2,138,000		1,756,645
Gartner, Inc. 144A, 4.50%, 7/1/28		3,420,000		3,141,488
144A, 3.625%, 6/15/29		2,565,000		2,221,931
144A, 3.75%, 10/1/30		3,420,000		2,898,938
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		5,130,000		4,838,103
Hertz Corp. 144A, 4.625%, 12/1/26		2,138,000		1,906,346
144A, 5.00%, 12/1/29		4,275,000		3,553,829
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		4,489,000		3,406,365
144A, 5.75%, 11/1/28 (a)		4,975,000		3,240,367
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24		3,206,000		3,152,804
144A, 5.75%, 4/15/26		5,767,000		5,579,082
144A, 3.375%, 8/31/27		4,275,000		3,702,237
144A, 6.25%, 1/15/28		5,557,500		5,158,110
Sabre GLBL, Inc. 144A, 9.25%, 4/15/25		3,313,000		3,264,344
144A, 7.375%, 9/1/25		3,634,000		3,406,233
144A, 11.25%, 12/15/27		2,373,000		2,372,988
Service Corp. International 4.625%, 12/15/27		2,351,000		2,191,485
5.125%, 6/1/29		3,206,000		3,009,633
3.375%, 8/15/30		3,634,000		2,956,114
4.00%, 5/15/31		3,420,000		2,892,328
Sotheby’s, 144A, 7.375%, 10/15/27 (a)		3,270,000		3,087,796


	Principal Amount		Value
Commercial Services (Continued)
United Rentals North America, Inc. 5.50%, 5/15/27	$	2,138,000	$	2,097,592
3.875%, 11/15/27		3,206,000		2,960,420
4.875%, 1/15/28		7,136,000		6,808,458
5.25%, 1/15/30		3,206,000		3,025,871
4.00%, 7/15/30		3,206,000		2,830,080
3.875%, 2/15/31		4,703,000		4,030,827
3.75%, 1/15/32		3,206,000		2,694,354
Williams Scotsman International, Inc. 144A, 6.125%, 6/15/25		2,251,000		2,211,916
144A, 4.625%, 8/15/28		2,138,000		1,935,403

(Cost $164,004,607)				144,921,193

Cosmetics/Personal Care — 0.3%
Coty, Inc. 144A, 5.00%, 4/15/26		3,848,000		3,664,662
144A, 6.50%, 4/15/26 (a)		2,022,000		1,983,582
Edgewell Personal Care Co. 144A, 5.50%, 6/1/28		3,206,000		2,997,225
144A, 4.125%, 4/1/29		2,138,000		1,825,425

(Cost $11,310,963)				10,470,894

Food — 2.3%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		3,318,000		3,048,435
144A, 7.50%, 3/15/26		2,565,000		2,613,088
144A, 4.625%, 1/15/27		5,771,000		5,431,175
144A, 5.875%, 2/15/28		3,206,000		3,106,470
144A, 6.50%, 2/15/28		2,120,000		2,109,230
144A, 3.50%, 3/15/29		6,369,000		5,405,689
144A, 4.875%, 2/15/30		4,275,000		3,840,353
B&G Foods, Inc. 5.25%, 4/1/25		3,848,000		3,468,407
5.25%, 9/15/27		2,351,000		1,896,987
Lamb Weston Holdings, Inc. 144A, 4.875%, 5/15/28		2,138,000		2,017,136
144A, 4.125%, 1/31/30		4,147,000		3,643,489
144A, 4.375%, 1/31/32		2,993,000		2,636,192
Performance Food Group, Inc. 144A, 5.50%, 10/15/27		4,532,000		4,301,729
144A, 4.25%, 8/1/29		4,275,000		3,736,628
Pilgrim’s Pride Corp., 144A, 5.875%, 9/30/27		3,414,000		3,344,588
Post Holdings, Inc. 144A, 5.75%, 3/1/27		1,963,000		1,912,950
144A, 5.625%, 1/15/28		4,023,000		3,845,606
144A, 5.50%, 12/15/29		5,276,000		4,821,677
144A, 4.625%, 4/15/30		6,336,000		5,499,870
144A, 4.50%, 9/15/31		4,882,000		4,116,790
Sigma Holdco BV, 144A, 7.875%, 5/15/26		2,084,000		1,662,584
US Foods, Inc. 144A, 6.25%, 4/15/25		4,275,000		4,265,044
144A, 4.75%, 2/15/29		3,848,000		3,471,531
144A, 4.625%, 6/1/30		2,138,000		1,869,161

(Cost $90,916,765)				82,064,809


	Principal Amount		Value
Healthcare-Products — 0.5%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28	$	6,626,000	$	6,097,709
144A, 3.875%, 11/1/29		3,420,000		2,962,370
Hologic, Inc. 144A, 4.625%, 2/1/28		1,710,000		1,596,081
144A, 3.25%, 2/15/29		4,061,000		3,505,678
Teleflex, Inc. 4.625%, 11/15/27		2,138,000		2,018,486
144A, 4.25%, 6/1/28		2,138,000		1,931,662

(Cost $20,176,847)				18,111,986

Healthcare-Services — 4.6%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		2,138,000		2,062,860
144A, 3.125%, 2/15/29		2,351,000		2,031,452
144A, 3.50%, 4/1/30 (a)		2,779,000		2,416,549
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		2,138,000		1,930,849
144A, 3.75%, 3/15/29		2,138,000		1,858,136
144A, 4.00%, 3/15/31		2,138,000		1,830,398
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		8,981,000		8,767,522
144A, 5.625%, 3/15/27		8,123,000		7,137,964
144A, 8.00%, 12/15/27		2,992,000		2,905,262
144A, 6.875%, 4/1/28		3,232,000		2,197,808
144A, 6.00%, 1/15/29		3,848,000		3,332,438
144A, 6.875%, 4/15/29 (a)		5,927,000		4,151,184
144A, 6.125%, 4/1/30		5,267,000		3,589,460
144A, 5.25%, 5/15/30		6,562,000		5,259,509
144A, 4.75%, 2/15/31		4,522,000		3,498,581
DaVita, Inc. 144A, 4.625%, 6/1/30		11,757,000		9,702,170
144A, 3.75%, 2/15/31		6,413,000		4,865,319
Encompass Health Corp. 4.50%, 2/1/28		3,420,000		3,143,732
4.75%, 2/1/30		3,420,000		3,029,175
4.625%, 4/1/31		1,710,000		1,463,888
Envision Healthcare Corp., 144A, 8.75%, 10/15/26		4,050,000		952,641
IQVIA, Inc. 144A, 5.00%, 10/15/26		4,489,000		4,291,708
144A, 5.00%, 5/15/27		4,703,000		4,479,655
Legacy LifePoint Health LLC 144A, 6.75%, 4/15/25		2,565,000		2,454,038
144A, 4.375%, 2/15/27		2,565,000		2,167,425
LifePoint Health, Inc., 144A, 5.375%, 1/15/29		2,138,000		1,405,735
ModivCare, Inc., 144A, 5.875%, 11/15/25		2,171,000		2,039,283
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		3,420,000		3,109,464
144A, 3.875%, 11/15/30		2,779,000		2,344,146
144A, 3.875%, 5/15/32		3,206,000		2,635,460
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		5,429,000		4,626,525


	Principal Amount		Value
Healthcare-Services (Continued)
Select Medical Corp., 144A, 6.25%, 8/15/26	$	5,237,000	$	5,007,331
Tenet Healthcare Corp. 4.625%, 7/15/24		3,000,000		2,954,070
4.875%, 1/1/26		8,978,000		8,559,462
6.25%, 2/1/27		5,910,000		5,761,231
5.125%, 11/1/27		6,673,000		6,287,034
4.625%, 6/15/28		2,657,000		2,406,412
6.125%, 10/1/28 (a)		11,523,000		10,669,146
4.25%, 6/1/29		6,201,000		5,435,797
4.375%, 1/15/30		5,222,000		4,583,872
144A, 6.125%, 6/15/30		8,667,000		8,267,516

(Cost $188,637,696)				165,612,207

Household Products/Wares — 0.2%
Central Garden & Pet Co. 4.125%, 10/15/30		2,138,000		1,783,391
144A, 4.125%, 4/30/31		1,710,000		1,402,429
Spectrum Brands, Inc. 5.75%, 7/15/25		1,879,000		1,844,121
144A, 3.875%, 3/15/31		2,138,000		1,694,589

(Cost $7,780,551)				6,724,530

Pharmaceuticals — 3.2%
AdaptHealth LLC 144A, 4.625%, 8/1/29		2,138,000		1,796,561
144A, 5.125%, 3/1/30		2,565,000		2,210,119
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		3,167,000		2,371,314
144A, 8.50%, 1/31/27		2,747,000		1,448,136
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		7,182,000		6,254,229
144A, 9.00%, 12/15/25		4,101,000		3,252,415
144A, 6.125%, 2/1/27		4,275,000		2,954,645
144A, 5.75%, 8/15/27		2,138,000		1,421,301
144A, 5.00%, 1/30/28		1,852,000		800,437
144A, 4.875%, 6/1/28		6,840,000		4,281,532
144A, 11.00%, 9/30/28		7,584,000		5,971,999
144A, 5.00%, 2/15/29		1,932,000		833,959
144A, 6.25%, 2/15/29		3,509,000		1,543,630
144A, 5.25%, 1/30/30		3,329,000		1,439,793
144A, 5.25%, 2/15/31		1,978,000		885,857
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		2,138,000		1,893,535
Elanco Animal Health, Inc., 6.65%, 8/28/28		3,127,000		2,993,696
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		2,565,000		2,471,224
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		2,565,000		1,991,081
Jazz Securities DAC, 144A, 4.375%, 1/15/29		6,413,000		5,685,605
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 144A, 10.00%, 4/15/25 (a)		2,116,000		1,896,852
144A, 11.50%, 12/15/28		2,779,000		2,495,389


	Principal Amount		Value
Pharmaceuticals (Continued)
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28	$	8,978,000	$	7,932,961
144A, 5.125%, 4/30/31		8,550,000		7,267,115
Owens & Minor, Inc. 144A, 4.50%, 3/31/29 (a)		2,138,000		1,643,128
144A, 6.625%, 4/1/30		2,565,000		2,116,484
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		2,993,000		2,868,147
4.375%, 3/15/26		2,993,000		2,815,725
4.40%, 6/15/30		3,206,000		2,757,449
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		1,710,000		1,607,873
144A, 3.75%, 4/1/31		2,565,000		2,086,692
Teva Pharmaceutical Finance Netherlands III BV 6.00%, 4/15/24		5,336,000		5,330,477
7.125%, 1/31/25		4,270,000		4,327,880
3.15%, 10/1/26		14,963,000		13,114,022
6.75%, 3/1/28 (a)		5,343,000		5,140,981

(Cost $144,606,143)				115,902,243

Energy — 10.6%
Oil & Gas — 5.2%
Antero Resources Corp. 144A, 7.625%, 2/1/29		1,740,000		1,754,698
144A, 5.375%, 3/1/30		2,565,000		2,339,103
Apache Corp., 4.25%, 1/15/30 (a)		2,419,000		2,139,191
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		2,552,000		2,479,332
144A, 5.875%, 6/30/29		1,710,000		1,489,470
Callon Petroleum Co. 144A, 8.00%, 8/1/28		2,779,000		2,727,797
144A, 7.50%, 6/15/30 (a)		2,565,000		2,412,126
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		2,230,000		2,314,294
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26		2,138,000		2,097,752
144A, 5.875%, 2/1/29		2,138,000		2,000,067
144A, 6.75%, 4/15/29		4,061,000		3,938,459
CNX Resources Corp. 144A, 6.00%, 1/15/29		2,138,000		1,940,684
144A, 7.375%, 1/15/31		2,138,000		2,039,652
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		5,232,000		4,819,849
144A, 5.875%, 1/15/30		4,125,000		3,553,337
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		2,993,000		2,772,625
144A, 9.25%, 2/15/28		1,710,000		1,669,259
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		4,313,000		4,166,638
CVR Energy, Inc. 144A, 5.25%, 2/15/25		2,565,000		2,465,170
144A, 5.75%, 2/15/28		1,710,000		1,519,292


	Principal Amount		Value
Oil & Gas (Continued)
Energean PLC, 144A, 6.50%, 4/30/27	$	1,954,000	$	1,815,258
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		2,779,000		2,504,074
144A, 7.75%, 5/1/27		1,701,000		1,494,031
144A, 7.50%, 3/1/28		1,924,000		1,654,659
Leviathan Bond Ltd. 144A,REGS, 6.125%, 6/30/25		2,563,429		2,499,343
144A,REGS, 6.50%, 6/30/27		2,564,289		2,454,025
144A,REGS, 6.75%, 6/30/30		2,349,059		2,202,919
MEG Energy Corp. 144A, 7.125%, 2/1/27		2,317,000		2,354,176
144A, 5.875%, 2/1/29		2,565,000		2,395,018
Murphy Oil Corp. 5.875%, 12/1/27		2,322,000		2,221,694
6.375%, 7/15/28		1,932,000		1,866,911
Northern Oil and Gas, Inc., 144A, 8.125%, 3/1/28		3,093,000		2,987,529
Occidental Petroleum Corp. 2.90%, 8/15/24		2,582,000		2,464,051
5.875%, 9/1/25		2,593,000		2,589,409
5.50%, 12/1/25		1,987,000		1,971,352
5.55%, 3/15/26		3,642,000		3,618,892
8.50%, 7/15/27		2,092,000		2,246,693
6.375%, 9/1/28		2,470,000		2,498,269
8.875%, 7/15/30		4,275,000		4,862,727
6.625%, 9/1/30		6,197,000		6,376,248
6.125%, 1/1/31		4,885,000		4,909,278
7.50%, 5/1/31		3,717,000		3,972,618
7.875%, 9/15/31		2,072,000		2,252,813
Parkland Corp. 144A, 5.875%, 7/15/27		2,138,000		2,007,927
144A, 4.50%, 10/1/29		3,420,000		2,876,545
144A, 4.625%, 5/1/30		3,420,000		2,850,519
PBF Holding Co. LLC / PBF Finance Corp. 7.25%, 6/15/25		2,858,000		2,852,298
6.00%, 2/15/28		3,533,000		3,295,229
Permian Resources Operating LLC, 144A, 5.875%, 7/1/29		2,992,000		2,686,277
Puma International Financing SA 144A, 5.125%, 10/6/24 (a)		2,567,000		2,480,364
144A, 5.00%, 1/24/26		3,110,000		2,833,984
Range Resources Corp. 4.875%, 5/15/25		3,206,000		3,131,260
8.25%, 1/15/29		2,565,000		2,634,807
144A,4.75%, 2/15/30 (a)		2,138,000		1,915,659
SM Energy Co. 6.75%, 9/15/26		1,792,000		1,730,960
6.625%, 1/15/27 (a)		1,782,000		1,690,468
6.50%, 7/15/28		1,710,000		1,579,262
Southwestern Energy Co. 5.375%, 2/1/29		2,974,000		2,785,025
5.375%, 3/15/30		5,130,000		4,701,748
4.75%, 2/1/32		4,916,000		4,231,889
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		2,565,000		2,523,191
4.50%, 5/15/29		3,420,000		3,004,860
4.50%, 4/30/30		3,418,000		2,965,115


	Principal Amount		Value
Oil & Gas (Continued)
Transocean, Inc. 144A, 7.50%, 1/15/26	$	2,637,000	$	2,423,179
144A, 11.50%, 1/30/27		3,253,000		3,346,556
144A, 8.00%, 2/1/27		2,760,000		2,446,064
144A, 8.75%, 2/15/30		4,200,000		4,268,176
Tullow Oil PLC, 144A, 7.00%, 3/1/25		3,420,000		2,157,387
Vital Energy, Inc., 9.50%, 1/15/25		1,948,000		1,965,600

(Cost $201,002,699)				186,235,131

Oil & Gas Services — 0.6%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		2,138,000		2,076,169
144A,6.25%, 4/1/28		3,420,000		3,218,018
CGG SA, 144A, 8.75%, 4/1/27 (a)		2,138,000		1,879,431
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		3,099,000		2,986,311
6.875%, 9/1/27		3,206,000		3,039,737
Weatherford International Ltd. 144A, 6.50%, 9/15/28		2,138,000		2,102,808
144A, 8.625%, 4/30/30		6,840,000		6,838,735

(Cost $23,470,765)				22,141,209

Pipelines — 4.8%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		2,351,000		2,376,859
144A, 5.75%, 3/1/27		2,779,000		2,626,669
144A, 5.75%, 1/15/28		2,779,000		2,611,510
144A, 5.375%, 6/15/29		3,206,000		2,888,638
Buckeye Partners LP 144A, 4.125%, 3/1/25		2,138,000		2,006,544
3.95%, 12/1/26		2,565,000		2,270,676
4.125%, 12/1/27		1,710,000		1,481,742
144A, 4.50%, 3/1/28		2,138,000		1,879,323
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		5,985,000		5,247,520
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 5.75%, 4/1/25		2,138,000		2,076,150
144A, 5.625%, 5/1/27		2,565,000		2,363,668
144A, 6.00%, 2/1/29		2,993,000		2,725,950
144A, 8.00%, 4/1/29		1,924,000		1,916,169
DT Midstream, Inc. 144A, 4.125%, 6/15/29		4,703,000		4,025,602
144A, 4.375%, 6/15/31		4,275,000		3,584,908
EnLink Midstream LLC 144A, 5.625%, 1/15/28		2,138,000		2,038,594
5.375%, 6/1/29		2,132,000		1,981,976
144A, 6.50%, 9/1/30		2,993,000		2,951,861
EnLink Midstream Partners LP 4.15%, 6/1/25		1,802,000		1,729,920
4.85%, 7/15/26		2,099,000		1,992,130


	Principal Amount		Value
Pipelines (Continued)
EQM Midstream Partners LP 144A, 6.00%, 7/1/25	$	1,710,000	$	1,652,088
4.125%, 12/1/26		2,138,000		1,904,801
144A, 7.50%, 6/1/27		2,138,000		2,094,780
144A, 6.50%, 7/1/27		3,848,000		3,649,020
5.50%, 7/15/28		3,634,000		3,246,997
144A, 4.50%, 1/15/29		3,420,000		2,856,416
144A, 7.50%, 6/1/30		2,138,000		2,039,712
144A, 4.75%, 1/15/31		4,703,000		3,828,924
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		2,286,000		2,198,122
8.00%, 1/15/27		4,195,000		4,101,682
7.75%, 2/1/28		2,904,000		2,781,221
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		3,399,000		3,309,963
144A, 5.125%, 6/15/28		2,351,000		2,159,212
144A, 4.25%, 2/15/30		3,206,000		2,710,320
144A, 5.50%, 10/15/30		1,710,000		1,549,568
ITT Holdings LLC, 144A, 6.50%, 8/1/29		5,216,000		4,294,515
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		5,344,000		5,003,748
144A, 6.50%, 9/30/26		6,412,000		5,875,540
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		8,764,000		8,378,479
NuStar Logistics LP 5.75%, 10/1/25		2,565,000		2,476,332
6.00%, 6/1/26		2,138,000		2,033,763
5.625%, 4/28/27		2,351,000		2,189,907
6.375%, 10/1/30		2,565,000		2,394,762
Rockies Express Pipeline LLC 144A, 3.60%, 5/15/25		1,710,000		1,583,143
144A, 4.95%, 7/15/29		2,351,000		2,047,251
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 8.50%, 10/15/26		3,356,000		3,190,459
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25		2,565,000		2,555,766
144A, 6.00%, 3/1/27		1,838,000		1,708,921
144A, 5.50%, 1/15/28		3,206,000		2,882,323
144A, 6.00%, 12/31/30		3,100,000		2,677,377
144A, 6.00%, 9/1/31		1,999,000		1,711,752
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		5,344,000		4,614,250
144A, 6.25%, 1/15/30		4,275,000		4,221,883
144A, 4.125%, 8/15/31		5,344,000		4,589,828
144A, 3.875%, 11/1/33		5,344,000		4,363,109
Western Midstream Operating LP 3.35%, 2/1/25		3,124,000		2,964,235
4.65%, 7/1/26		2,027,000		1,927,819
4.50%, 3/1/28		1,710,000		1,578,011
4.75%, 8/15/28		1,710,000		1,583,568
4.30%, 2/1/30		5,130,000		4,549,989

(Cost $191,647,928)				172,255,965


	Principal Amount		Value
Financial — 9.6%
Banks — 0.2%
Freedom Mortgage Corp. 144A, 8.25%, 4/15/25	$	2,306,000	$	2,184,243
144A, 7.625%, 5/1/26		2,195,000		1,876,067
144A, 6.625%, 1/15/27		2,400,000		1,958,556

(Cost $6,874,806)				6,018,866

Diversified Financial Services — 3.4%
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		4,275,000		2,804,678
144A, 3.625%, 10/1/31		4,275,000		2,564,310
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		4,275,000		1,746,880
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		4,245,000		3,586,649
LD Holdings Group LLC 144A, 6.50%, 11/1/25		2,138,000		1,586,152
144A, 6.125%, 4/1/28		2,565,000		1,520,019
LPL Holdings, Inc. 144A, 4.625%, 11/15/27		1,710,000		1,591,862
144A, 4.00%, 3/15/29		3,848,000		3,386,411
144A, 4.375%, 5/15/31		1,710,000		1,480,995
Nationstar Mortgage Holdings, Inc. 144A, 6.00%, 1/15/27		2,565,000		2,362,468
144A, 5.50%, 8/15/28		3,634,000		3,090,608
144A, 5.125%, 12/15/30		2,779,000		2,155,615
144A, 5.75%, 11/15/31		2,565,000		2,014,795
Navient Corp.
MTN, 6.125%, 3/25/24		3,634,000		3,610,997
5.875%, 10/25/24		2,138,000		2,085,885
6.75%, 6/25/25		2,138,000		2,110,206
6.75%, 6/15/26		2,138,000		2,061,708
5.00%, 3/15/27		2,993,000		2,663,905
4.875%, 3/15/28		2,138,000		1,819,523
5.50%, 3/15/29		3,206,000		2,715,367
NFP Corp. 144A, 4.875%, 8/15/28		2,351,000		2,060,221
144A, 6.875%, 8/15/28		8,869,000		7,563,927
OneMain Finance Corp. 6.125%, 3/15/24 (a)		5,431,000		5,360,628
6.875%, 3/15/25		5,338,000		5,239,327
7.125%, 3/15/26		6,840,000		6,655,045
3.50%, 1/15/27		3,206,000		2,695,800
6.625%, 1/15/28		3,208,000		2,990,522
3.875%, 9/15/28		2,564,000		2,040,970
5.375%, 11/15/29		3,165,000		2,669,741
4.00%, 9/15/30		3,599,000		2,752,110
PennyMac Financial Services, Inc. 144A, 5.375%, 10/15/25		2,778,000		2,534,057
144A, 4.25%, 2/15/29		2,779,000		2,177,705
144A, 5.75%, 9/15/31		2,138,000		1,706,664
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		4,916,000		4,218,813
144A, 3.625%, 3/1/29		3,206,000		2,587,081


	Principal Amount		Value
Diversified Financial Services (Continued)
144A, 3.875%, 3/1/31	$	5,344,000	$	4,169,773
144A, 4.00%, 10/15/33		3,634,000		2,685,645
SLM Corp. 4.20%, 10/29/25		2,138,000		1,960,104
3.125%, 11/2/26		2,138,000		1,846,740
Synchrony Financial, 7.25%, 2/2/33		3,206,000		3,084,524
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		3,420,000		3,153,805
144A, 5.75%, 6/15/27		2,138,000		1,877,865
144A, 5.50%, 4/15/29		2,993,000		2,480,748

(Cost $144,255,898)				121,470,848

Insurance — 0.6%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		3,954,000		3,698,656
144A, 10.125%, 8/1/26		1,710,000		1,704,532
144A, 4.25%, 2/15/29		2,993,000		2,447,227
144A, 6.00%, 8/1/29		2,138,000		1,740,978
AssuredPartners, Inc. 144A, 7.00%, 8/15/25		2,138,000		2,095,762
144A, 5.625%, 1/15/29		2,351,000		1,994,356
HUB International Ltd. 144A, 7.00%, 5/1/26		7,139,000		7,023,521
144A, 5.625%, 12/1/29		2,351,000		2,021,456

(Cost $24,657,722)				22,726,488

Real Estate — 0.6%
Howard Hughes Corp. 144A, 5.375%, 8/1/28		3,206,000		2,908,836
144A, 4.125%, 2/1/29		2,779,000		2,318,135
144A, 4.375%, 2/1/31		2,779,000		2,266,997
Kennedy-Wilson, Inc. 4.75%, 3/1/29		2,565,000		2,062,886
4.75%, 2/1/30		2,565,000		1,974,248
5.00%, 3/1/31		2,565,000		1,974,158
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		3,848,000		2,776,197
144A, 5.25%, 4/15/30		4,275,000		2,933,184
WeWork Cos., Inc., 144A, 7.875%, 5/1/25		2,860,000		1,518,227

(Cost $26,881,098)				20,732,868

Real Estate Investment Trusts — 4.2%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26		4,042,000		3,725,430
144A, 4.50%, 4/1/27		3,206,000		2,750,443
Diversified Healthcare Trust 9.75%, 6/15/25		2,138,000		2,076,276
4.75%, 2/15/28		2,138,000		1,393,665
4.375%, 3/1/31		2,138,000		1,486,769
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		1,710,000		1,643,283
144A, 3.375%, 6/15/26		4,275,000		3,712,944


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Iron Mountain, Inc. 144A, 4.875%, 9/15/27	$	4,275,000	$	3,939,988
144A, 5.25%, 3/15/28		3,527,000		3,250,289
144A, 5.00%, 7/15/28		2,138,000		1,939,850
144A, 4.875%, 9/15/29		4,275,000		3,745,477
144A, 5.25%, 7/15/30		5,558,000		4,852,912
144A, 4.50%, 2/15/31		4,703,000		3,898,305
144A, 5.625%, 7/15/32		2,565,000		2,222,136
iStar, Inc. 4.75%, 10/1/24		3,358,000		3,352,903
4.25%, 8/1/25		2,221,000		2,211,571
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 144A, 4.25%, 2/1/27		2,787,000		2,372,244
144A, 4.75%, 6/15/29		2,779,000		2,262,507
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26 (a)		2,138,000		1,902,297
5.00%, 10/15/27 (a)		5,985,000		4,918,049
4.625%, 8/1/29		3,848,000		2,881,267
3.50%, 3/15/31		5,558,000		3,815,456
Office Properties Income Trust 4.50%, 2/1/25		2,779,000		2,558,251
3.45%, 10/15/31		1,710,000		1,142,075
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		2,779,000		2,789,832
144A, 5.875%, 10/1/28		3,099,000		2,759,990
144A, 4.875%, 5/15/29		3,206,000		2,682,360
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		2,990,500		2,752,157
144A, 4.50%, 2/15/29		2,565,000		2,235,047
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		2,138,000		1,936,595
144A, 4.00%, 9/15/29		2,138,000		1,764,449
SBA Communications Corp. 3.875%, 2/15/27		6,395,000		5,791,989
3.125%, 2/1/29		6,412,000		5,300,159
Service Properties Trust 4.35%, 10/1/24		3,527,000		3,379,801
7.50%, 9/15/25		3,420,000		3,393,324
4.75%, 10/1/26		1,924,000		1,671,244
4.95%, 2/15/27		1,710,000		1,475,593
5.50%, 12/15/27		1,924,000		1,735,809
3.95%, 1/15/28		1,710,000		1,368,171
4.95%, 10/1/29		1,817,000		1,435,296
4.375%, 2/15/30		1,710,000		1,308,310
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		1,710,000		1,611,192
4.75%, 3/15/25		2,137,000		2,025,576
144A, 3.625%, 7/15/26		1,710,000		1,497,649
144A, 4.375%, 1/15/27		2,138,000		1,854,769
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC 144A, 7.875%, 2/15/25		9,970,000		10,169,806
144A, 6.00%, 1/15/30		2,957,000		1,836,391


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28	$	11,000,000	$	11,026,345
144A, 4.75%, 4/15/28		2,521,000		2,001,775
144A, 6.50%, 2/15/29		4,665,000		3,060,480
XHR LP 144A, 6.375%, 8/15/25		2,138,000		2,075,744
144A, 4.875%, 6/1/29		2,138,000		1,828,247

(Cost $171,455,362)				150,822,487

Venture Capital — 0.6%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24		4,701,000		4,572,992
6.375%, 12/15/25		3,195,000		3,156,500
6.25%, 5/15/26		5,336,000		5,182,350
5.25%, 5/15/27		6,205,000		5,746,256
4.375%, 2/1/29		3,205,000		2,772,125

(Cost $22,892,973)				21,430,223

Industrial — 8.3%
Aerospace/Defense — 3.0%
Bombardier, Inc. 144A, 7.50%, 3/15/25		4,764,000		4,764,302
144A, 7.125%, 6/15/26		5,130,000		5,044,611
144A, 7.875%, 4/15/27		8,770,000		8,728,531
144A, 6.00%, 2/15/28		3,403,000		3,191,487
144A, 7.50%, 2/1/29		2,680,000		2,629,531
Howmet Aerospace, Inc. 5.125%, 10/1/24		4,582,000		4,535,722
6.875%, 5/1/25		2,565,000		2,612,350
3.00%, 1/15/29		2,993,000		2,573,097
Rolls-Royce PLC 144A, 3.625%, 10/14/25		4,275,000		3,975,750
144A, 5.75%, 10/15/27		4,275,000		4,131,424
Spirit AeroSystems, Inc. 144A, 7.50%, 4/15/25		5,130,000		5,130,898
4.60%, 6/15/28 (a)		2,993,000		2,474,014
144A, 9.375%, 11/30/29		3,848,000		4,083,305
TransDigm, Inc. 144A, 8.00%, 12/15/25		3,895,000		3,984,312
144A, 6.25%, 3/15/26		18,809,000		18,584,081
6.375%, 6/15/26		4,061,000		3,942,675
7.50%, 3/15/27		2,438,000		2,409,719
5.50%, 11/15/27		11,370,000		10,484,936
4.625%, 1/15/29		5,130,000		4,413,891
4.875%, 5/1/29		3,205,000		2,751,280
Triumph Group, Inc. 144A, 8.875%, 6/1/24		2,539,000		2,652,848
144A, 6.25%, 9/15/24		2,569,000		2,567,394
7.75%, 8/15/25		2,171,000		2,078,092

(Cost $113,315,483)				107,744,250

Building Materials — 0.9%
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30		2,351,000		2,120,515
144A, 4.25%, 2/1/32		5,558,000		4,671,674
144A, 6.375%, 6/15/32 (a)		2,993,000		2,876,897


	Principal Amount		Value
Building Materials (Continued)
JELD-WEN, Inc. 144A, 4.625%, 12/15/25	$	1,710,000	$	1,537,330
144A, 4.875%, 12/15/27		1,710,000		1,430,586
Smyrna Ready Mix Concrete LLC, 144A, 6.00%, 11/1/28		4,703,000		4,179,392
Standard Industries, Inc. 144A, 5.00%, 2/15/27		3,634,000		3,361,120
144A, 4.75%, 1/15/28		4,275,000		3,844,032
144A, 4.375%, 7/15/30		6,840,000		5,701,003
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		3,039,000		2,799,268

(Cost $37,104,257)				32,521,817

Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		2,496,000		2,180,568
144A, 4.375%, 3/31/29		3,383,000		2,884,007
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		6,413,000		6,486,012
144A, 7.25%, 6/15/28		5,665,000		5,745,108

(Cost $18,362,213)				17,295,695

Electronics — 0.4%
Sensata Technologies BV 144A, 5.625%, 11/1/24		1,710,000		1,693,615
144A, 5.00%, 10/1/25		2,993,000		2,914,597
144A, 4.00%, 4/15/29		4,275,000		3,775,231
144A, 5.875%, 9/1/30		2,138,000		2,029,831
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		1,924,000		1,704,078
144A, 3.75%, 2/15/31		3,206,000		2,675,630

(Cost $16,521,691)				14,792,982

Engineering & Construction — 0.2%
IHS Holding Ltd. 144A, 5.625%, 11/29/26		2,141,000		1,834,837
144A, 6.25%, 11/29/28		2,138,000		1,761,177
Promontoria Holding 264 BV, 144A, 7.875%, 3/1/27		1,710,000		1,646,689

(Cost $5,233,779)				5,242,703

Environmental Control — 0.7%
Clean Harbors, Inc., 144A, 6.375%, 2/1/31		2,171,000		2,158,366
Covanta Holding Corp., 5.00%, 9/1/30		1,710,000		1,418,638
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		2,138,000		2,048,696
144A, 3.75%, 8/1/25		3,206,000		3,021,126
144A, 5.125%, 12/15/26		2,138,000		2,049,025
144A, 4.00%, 8/1/28		3,206,000		2,792,263
144A, 3.50%, 9/1/28		3,206,000		2,804,609
144A, 4.75%, 6/15/29		3,206,000		2,860,473
144A, 4.375%, 8/15/29		2,351,000		2,037,353
Stericycle, Inc. 144A, 5.375%, 7/15/24		2,565,000		2,527,947
144A, 3.875%, 1/15/29		2,138,000		1,834,814

(Cost $28,116,016)				25,553,310


	Principal Amount		Value
Machinery-Diversified — 0.2%
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28	$	1,712,000	$	1,573,004
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		6,669,000		6,047,456

(Cost $8,532,246)				7,620,460

Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc., 5.75%, 6/15/25 (Cost $1,869,964)		1,840,000		1,818,960

Packaging & Containers — 2.0%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		2,565,000		2,485,151
144A, 3.25%, 9/1/28		2,538,000		2,133,175
144A, 4.00%, 9/1/29		4,489,000		3,605,767
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		2,633,000		2,548,086
144A, 4.125%, 8/15/26		5,405,000		4,923,847
144A, 5.25%, 8/15/27 (a)		4,275,000		3,515,525
144A, 5.25%, 8/15/27		3,420,000		2,812,420
Ball Corp. 5.25%, 7/1/25		4,275,000		4,202,181
4.875%, 3/15/26		3,206,000		3,101,052
6.875%, 3/15/28		3,206,000		3,240,945
2.875%, 8/15/30		5,558,000		4,442,231
3.125%, 9/15/31		3,634,000		2,913,796
Berry Global, Inc., 144A, 5.625%, 7/15/27		2,138,000		2,060,166
Crown Americas LLC, 5.25%, 4/1/30 (a)		2,171,000		2,022,619
Graphic Packaging International LLC 144A, 3.50%, 3/15/28		1,924,000		1,685,078
144A, 3.75%, 2/1/30		1,710,000		1,459,015
LABL, Inc. 144A, 6.75%, 7/15/26		2,993,000		2,850,282
144A, 10.50%, 7/15/27		2,950,000		2,760,551
144A, 5.875%, 11/1/28		2,138,000		1,856,051
144A, 8.25%, 11/1/29		1,967,000		1,595,018
OI European Group BV, 144A, 4.75%, 2/15/30		1,710,000		1,523,601
Owens-Brockway Glass Container, Inc., 144A, 6.625%, 5/13/27		2,616,000		2,546,702
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		4,275,000		3,733,144
Sealed Air Corp. 144A, 5.125%, 12/1/24		1,817,000		1,786,912
144A, 5.50%, 9/15/25		1,710,000		1,684,350
144A, 4.00%, 12/1/27		1,817,000		1,623,630
144A, 5.00%, 4/15/29		1,817,000		1,676,491
Silgan Holdings, Inc., 4.125%, 2/1/28		2,475,000		2,264,996

(Cost $81,767,973)				73,052,782


	Principal Amount		Value
Transportation — 0.1%
Seaspan Corp., 144A, 5.50%, 8/1/29 (Cost $3,127,301)	$	3,206,000	$	2,416,645

Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		2,779,000		2,723,156
144A, 9.75%, 8/1/27		1,710,000		1,758,445
144A, 5.50%, 5/1/28		4,275,000		3,819,538

(Cost $8,927,925)				8,301,139

Technology — 4.5%
Computers — 1.4%
Diebold Nixdorf, Inc., 144A, 9.375%, 7/15/25		3,070,000		2,152,132
McAfee Corp., 144A, 7.375%, 2/15/30		8,636,000		6,854,444
NCR Corp. 144A, 5.75%, 9/1/27		2,138,000		2,074,038
144A, 5.00%, 10/1/28		2,779,000		2,391,708
144A, 5.125%, 4/15/29		5,130,000		4,386,765
144A, 6.125%, 9/1/29		2,138,000		2,082,102
144A, 5.25%, 10/1/30		1,924,000		1,591,721
Presidio Holdings, Inc. 144A, 4.875%, 2/1/27		2,244,000		2,045,975
144A, 8.25%, 2/1/28		2,351,000		2,236,606
Seagate HDD Cayman 4.875%, 3/1/24		1,935,000		1,908,684
4.75%, 1/1/25		2,049,000		1,980,379
4.875%, 6/1/27		2,159,000		2,034,967
4.091%, 6/1/29		2,114,000		1,825,862
144A,9.625%, 12/1/32		2,890,815		3,163,493
Western Digital Corp. 4.75%, 2/15/26		9,833,000		9,293,168
2.85%, 2/1/29		2,138,000		1,682,585
3.10%, 2/1/32		2,138,000		1,542,306

(Cost $54,091,426)				49,246,935

Office/Business Equipment — 0.2%
Xerox Holdings Corp. 144A, 5.00%, 8/15/25 (a)		3,206,000		2,987,737
144A, 5.50%, 8/15/28		3,206,000		2,696,407

(Cost $6,544,681)				5,684,144

Semiconductors — 0.5%
ams-OSRAM AG, 144A, 7.00%, 7/31/25 (a)		1,924,000		1,829,609
Entegris Escrow Corp. 144A, 4.75%, 4/15/29		6,600,000		6,006,285
144A, 5.95%, 6/15/30		3,826,000		3,563,341
Entegris, Inc. 144A, 4.375%, 4/15/28		1,710,000		1,513,366
144A, 3.625%, 5/1/29 (a)		1,944,000		1,613,734
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		3,039,000		2,673,727

(Cost $18,040,585)				17,200,062


	Principal Amount		Value
Software — 2.4%
AthenaHealth Group, Inc., 144A, 6.50%, 2/15/30	$	10,047,000	$	7,958,753
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		2,605,000		2,582,712
Clarivate Science Holdings Corp. 144A, 3.875%, 7/1/28		3,938,000		3,390,182
144A, 4.875%, 7/1/29		3,939,000		3,385,122
Cloud Software Group Holdings, Inc., 144A, 6.50%, 3/31/29		17,101,000		14,838,928
Fair Isaac Corp. 144A, 5.25%, 5/15/26		1,710,000		1,664,788
144A, 4.00%, 6/15/28		3,848,000		3,498,140
MicroStrategy, Inc., 144A, 6.125%, 6/15/28 (a)		2,138,000		1,777,084
MSCI, Inc. 144A, 4.00%, 11/15/29		4,275,000		3,782,948
144A, 3.625%, 9/1/30		3,848,000		3,279,073
144A, 3.875%, 2/15/31		4,275,000		3,685,905
144A, 3.625%, 11/1/31		2,565,000		2,147,405
144A, 3.25%, 8/15/33		2,993,000		2,363,437
Open Text Corp. 144A, 3.875%, 2/15/28		3,848,000		3,321,209
144A, 3.875%, 12/1/29		3,634,000		2,971,594
Open Text Holdings, Inc. 144A, 4.125%, 2/15/30		3,848,000		3,172,598
144A, 4.125%, 12/1/31		2,772,000		2,208,480
PTC, Inc. 144A, 3.625%, 2/15/25		2,138,000		2,035,301
144A, 4.00%, 2/15/28		2,138,000		1,944,083
Rackspace Technology Global, Inc. 144A, 3.50%, 2/15/28		2,351,000		1,433,722
144A, 5.375%, 12/1/28		2,351,000		926,487
ROBLOX Corp., 144A, 3.875%, 5/1/30		4,275,000		3,518,368
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		8,550,000		8,054,119
Twilio, Inc. 3.625%, 3/15/29		2,138,000		1,798,150
3.875%, 3/15/31		2,138,000		1,752,786

(Cost $100,642,576)				87,491,374

Utilities — 2.7%
Electric — 2.4%
Calpine Corp. 144A, 5.25%, 6/1/26		1,796,000		1,723,447
144A, 4.50%, 2/15/28		5,344,000		4,815,227
144A, 5.125%, 3/15/28		5,985,000		5,316,593
144A, 4.625%, 2/1/29		2,779,000		2,349,043
144A, 5.00%, 2/1/31		3,634,000		3,001,782
144A, 3.75%, 3/1/31		3,848,000		3,128,010
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		3,634,000		3,338,828
144A, 3.75%, 2/15/31		3,954,000		3,196,710
DPL, Inc., 4.125%, 7/1/25		1,858,000		1,744,876
Drax Finco PLC, 144A, 6.625%, 11/1/25		1,700,000		1,676,438
FirstEnergy Corp. Series B, 4.15%, 7/15/27		6,413,000		5,989,069
2.65%, 3/1/30		2,565,000		2,129,489


	Principal Amount		Value
Electric (Continued)
Series B, 2.25%, 9/1/30	$	1,924,000	$	1,536,218
NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24		2,993,000		2,895,398
144A, 3.875%, 10/15/26		2,138,000		1,937,242
144A, 4.50%, 9/15/27		2,351,000		2,147,921
NRG Energy, Inc. 5.75%, 1/15/28		3,510,000		3,298,186
144A, 3.375%, 2/15/29		2,138,000		1,738,474
144A, 5.25%, 6/15/29		3,134,000		2,786,048
144A, 3.625%, 2/15/31		4,403,000		3,417,279
PG&E Corp. 5.00%, 7/1/28		4,275,000		3,908,077
5.25%, 7/1/30		4,275,000		3,820,738
TransAlta Corp.,7.75%, 11/15/29		1,737,000		1,777,298
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		4,275,000		4,087,512
144A, 5.625%, 2/15/27		5,558,000		5,272,941
144A, 5.00%, 7/31/27		5,558,000		5,177,027
144A, 4.375%, 5/1/29		5,344,000		4,622,258

(Cost $98,138,496)				86,832,129

Gas — 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24		2,886,000		2,824,182
5.50%, 5/20/25		2,993,000		2,848,261
5.875%, 8/20/26		2,886,000		2,722,912
5.75%, 5/20/27		2,244,000		2,078,089

(Cost $11,496,467)				10,473,444

TOTAL CORPORATE BONDS (Cost $3,977,891,294)				3,503,117,032

SECURITIES LENDING COLLATERAL — 2.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c) (Cost $97,081,967)		97,081,967		97,081,967

CASH EQUIVALENTS — 1.3%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b) (Cost $45,273,491)		45,273,491		45,273,491


TOTAL INVESTMENTS — 102.0%
(Cost $4,120,246,752)			$	3,645,472,490
Other assets and liabilities, net — (2.0%)				(71,801,512	)

NET ASSETS — 100.0%			$	3,573,670,978

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:

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

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

Xtrackers Risk Managed USD High Yield Strategy ETF is non-diversified and is not limited by the 1940 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.

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

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

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

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.

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

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

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

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of February 28, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort

to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 28, 2023, 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 (0.07% annualized effective rate as of February 28, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 28, 2023, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

The Advisor for Xtrackers High Beta High Yield Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 28, 2023, the Advisor waived $9,644 of expenses to the Fund.

The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 28, 2023, the Advisor waived $256,179 of expenses to the Fund.

The Advisor for Xtrackers Risk Managed USD High Yield Strategy ETF has contractually agreed, until November 14, 2024, to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the period ended February 28, 2023, the Advisor waived $35,853 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.

The Advisor for Xtrackers USD High Yield Corporate Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.15% of the fund’s average daily net assets. For the period ended February 28, 2023, the Advisor waived $947,982 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 cash management vehicles. For the period ended February 28, 2023, the Advisor waived expenses of the Funds as follows:

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

For the period ended February 28, 2023, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

For the period ended February 28, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Transactions with Affiliates. The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment advisor, common officers, or common trustees. During the period ended February 28, 2023, 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:

During the period ended February 28, 2023, the Advisor agreed to reimburse the following Funds for losses due to trades executed incorrectly. The amount compensated was less than 0.01% of the Funds average net assets, thus having no impact on the Funds total return.

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. 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 Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at February 28, 2023.

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

In February 2023, as required by the Program and the Liquidity Rule, the Advisor provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2021 through November 30, 2022 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, your Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, the Advisor stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. The Advisor also reported that there were no material changes made to the Program during the Reporting Period.

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

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 15-16, 2023 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond ETF, (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

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

the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

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

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

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

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

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

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. HYRM is currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.

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

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

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

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

Copyright © 2023 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

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.



Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		8.8%
Tencent Holdings Ltd. (China)		5.8%
Samsung Electronics Co. Ltd. (South Korea)		2.8%
Alibaba Group Holding Ltd. (China)		2.1%
Meituan (China)		1.8%
Infosys Ltd. (India)		1.5%
China Construction Bank Corp. (China)		1.3%
International Holding Co. PJSC (United Arab Emirates)		1.1%
PDD Holdings, Inc. (China)		1.0%
Ping An Insurance Group Co. of China Ltd. (China)		0.9%


	Beginning Account Value September 1, 2022		Ending Account Value February 28, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
Actual	$	1,000.00	$	981.10		0.15	%	$	0.74
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.05		0.15	%	$	0.75
Xtrackers MSCI EAFE ESG Leaders Equity ETF
Actual	$	1,000.00	$	1,124.10		0.14	%	$	0.74
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.10		0.14	%	$	0.70
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
Actual	$	1,000.00	$	983.30		0.20	%	$	0.98
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80		0.20	%	$	1.00
Xtrackers MSCI USA ESG Leaders Equity ETF
Actual	$	1,000.00	$	1,018.60		0.09	%	$	0.45
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.35		0.09	%	$	0.45
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Actual	$	1,000.00	$	1,021.10		0.10	%	$	0.50
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.30		0.10	%	$	0.50


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Depreciation
MSCI Emerging Markets Index Future	USD	37	$	1,830,652	$1,781,365		3/17/2023	$	(49,287	)


	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		2
Xtrackers MSCI EAFE ESG Leaders Equity ETF		3
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		4
Xtrackers MSCI USA ESG Leaders Equity ETF		5
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		6
Fees and Expenses		7
Schedule of Investments
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		8
Xtrackers MSCI EAFE ESG Leaders Equity ETF		25
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		31
Xtrackers MSCI USA ESG Leaders Equity ETF		39
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		44
Statements of Assets and Liabilities		50
Statements of Operations		52
Statements of Changes in Net Assets		54
Financial Highlights		57
Notes to Financial Statements		60
Liquidity Risk Management		70
Board Considerations in Approval of Investment Advisory Contracts		72
Additional Information		75


China			29.8%
Taiwan			19.1%
India			13.3%
South Korea			10.8%
Brazil			4.1%
South Africa			3.5%
United Arab Emirates			2.8%
Saudi Arabia			2.7%
Mexico			2.5%
Indonesia			2.3%
Thailand			2.0%
other			7.1%

Total			100.0%


Financials			26.8%
Information Technology			24.2%
Consumer Discretionary			12.7%
Communication Services			12.5%
Materials			5.9%
Industrials			5.7%
Consumer Staples			5.0%
Health Care			4.3%
Real Estate			1.6%
Utilities			1.2%
Energy			0.1%

Total			100.0%



Description	% of Net Assets
ASML Holding NV (Netherlands)		3.2%
Novo Nordisk A/S (Denmark)		3.0%
LVMH Moet Hennessy Louis Vuitton SE (France)		3.0%
AstraZeneca PLC (United Kingdom)		2.6%
Roche Holding AG (Switzerland)		2.6%
TotalEnergies SE (France)		2.0%
HSBC Holdings PLC (United Kingdom)		2.0%
Unilever PLC (United Kingdom)		1.6%
AIA Group Ltd. (Hong Kong)		1.6%
SAP SE (Germany)		1.5%


Japan			21.0%
United Kingdom			15.6%
France			14.5%
Switzerland			7.9%
Australia			7.7%
Netherlands			6.5%
Germany			6.2%
Denmark			4.7%
Sweden			3.1%
Hong Kong			2.5%
Spain			2.4%
Other			7.9%

Total			100.0%


Financials			18.5%
Health Care			14.7%
Industrials			14.7%
Consumer Discretionary			13.5%
Consumer Staples			8.6%
Information Technology			8.0%
Materials			7.9%
Energy			4.2%
Communication Services			4.2%
Utilities			3.1%
Real Estate			2.6%

Total			100.0%


China			28.9%
Taiwan			21.0%
India			12.6%
South Korea			7.0%
South Africa			5.6%
Brazil			3.9%
Mexico			3.2%
Thailand			2.7%
Malaysia			2.0%
Other			13.1%

Total			100.0%


Financials			21.3%
Information Technology			19.4%
Communication Services			15.5%
Consumer Discretionary			12.8%
Materials			7.2%
Industrials			6.0%
Consumer Staples			5.9%
Energy			4.5%
Health Care			3.6%
Utilities			1.9%
Real Estate			1.9%

Total			100.0%


Information Technology			28.6%
Health Care			14.9%
Financials			11.6%
Consumer Discretionary			10.9%
Industrials			8.8%
Communication Services			8.6%
Consumer Staples			6.8%
Materials			3.1%
Real Estate			2.8%
Energy			2.6%
Utilities			1.3%

Total			100.0%


Information Technology			34.9%
Health Care			19.5%
Financials			10.1%
Communication Services			8.0%
Consumer Discretionary			7.9%
Consumer Staples			6.1%
Real Estate			5.1%
Industrials			5.1%
Materials			2.2%
Utilities			1.1%

Total			100.0%


	Value ($) at 8/31/2022		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2023		Value ($) at 2/28/2023
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (d)(e)
		1,366,731		696,407	(f)		—			—		—		29,630		—		2,063,138		2,063,138

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 4.51% (d)
		1,859,521		10,540,124			(11,747,691	)		—		—		36,153		—		651,954		651,954

		3,226,252		11,236,531			(11,747,691	)		—		—		65,783		—		2,715,092		2,715,092


Assets	Level 1			Level 2		Level 3		Total
Common Stocks (a)	$	466,582,053		$	—	$	573,466	$	467,155,519
Preferred Stocks (a)		8,828,048			—		0		8,828,048
Corporate Bonds		—			29		—		29
Rights		—			3,828		—		3,828
Warrants (a)		884			—		—		884
Short-Term Investments (a)		2,715,092			—		—		2,715,092

TOTAL	$	478,126,077		$	3,857	$	573,466	$	478,703,400


Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (b)
Futures Contracts	$	(49,287	)	$	—	$	—	$	(49,287	)

TOTAL	$	(49,287	)	$	—	$	—	$	(49,287	)


	Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF			Xtrackers MSCI EAFE ESG Leaders Equity ETF			Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF			Xtrackers MSCI USA ESG Leaders Equity ETF
Assets
Investment in non-affiliated securities at value	$	475,988,308		$	33,625,865		$	24,889,559		$	3,144,385,228
Investment in affiliated securities at value		—			—			9,270			—
Investment in DWS Government Money Market Series		651,954			14,154			25,543			6,721,465
Investment in DWS Government & Agency Securities Portfolio*		2,063,138			10,666			45,972			609,881
Foreign currency at value		233,012			57,562			26,119			—
Deposit with broker for futures contracts		66,658			9,964			1,803			697,300
Receivables:
Investment securities sold		—			67,673			202,648			11,357,561
Dividends		888,089			60,516			37,654			5,058,700
Interest		1,712			53			32			20,391
Securities lending income		7,198			29			114			5,425
Foreign tax reclaim		3,993			35,063			—			—

Total assets	$	479,904,062		$	33,881,545		$	25,238,714		$	3,168,855,951


Liabilities
Payable upon return of securities loaned	$	2,063,138		$	10,666		$	45,972		$	609,881
Payables:
Investment securities purchased		1,081			57,633			232,886			11,729,017
Investment advisory fees		57,618			3,695			4,079			223,647
Variation margin on futures contracts		11,355			30			307			32,720
Deferred foreign tax payable		572			—			181			—

Total liabilities		2,133,764			72,024			283,425			12,595,265

Net Assets, at value	$	477,770,298		$	33,809,521		$	24,955,289		$	3,156,260,686


Net Assets Consist of
Paid-in capital	$	636,268,497		$	34,446,635		$	29,812,045		$	2,835,973,319
Distributable earnings (loss)		(158,498,199	)		(637,114	)		(4,856,756	)		320,287,367

Net Assets, at value	$	477,770,298		$	33,809,521		$	24,955,289		$	3,156,260,686


Number of Common Shares outstanding		18,400,001			1,250,001			1,050,001			87,100,001

Net Asset Value	$	25.97		$	27.05		$	23.77		$	36.24


Investment in non-affiliated securities at cost	$	587,060,953		$	32,979,333		$	27,540,493		$	2,802,448,966

Investment in affiliated securities at cost	$	—		$	—		$	9,036		$	—

Value of securities loaned	$	3,607,863		$	244,740		$	55,935		$	6,317,737

Investment in DWS Government Money Market Series at cost	$	651,954		$	14,154		$	25,543		$	6,721,465

Investment in DWS Government & Agency Securities Portfolio at cost*	$	2,063,138		$	10,666		$	45,972		$	609,881

Non-cash collateral for securities on loan	$	2,413,724		$	248,504		$	17,199		$	5,813,746

Foreign currency at cost	$	249,447		$	57,815		$	57,700		$	—


	Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Assets
Investment in non-affiliated securities at value	$	82,836,905
Investment in DWS Government Money Market Series		105,861
Investment in DWS Government & Agency Securities Portfolio*		5,245
Deposit with broker for futures contracts		12,100
Receivables:
Dividends		104,604
Interest		459
Securities lending income		244

Total assets	$	83,065,418

Liabilities
Payable upon return of securities loaned	$	5,245
Payables:
Investment securities purchased		36,595
Investment advisory fees		6,513
Variation margin on futures contracts		600

Total liabilities		48,953

Net Assets, at value	$	83,016,465

Net Assets Consist of
Paid-in capital	$	80,103,704
Distributable earnings (loss)		2,912,761

Net Assets, at value	$	83,016,465

Number of Common Shares outstanding		3,250,001

Net Asset Value	$	25.54

Investment in non-affiliated securities at cost	$	80,642,304

Value of securities loaned	$	860,102

Investment in DWS Government Money Market Series at cost	$	105,861

Investment in DWS Government & Agency Securities Portfolio at cost*	$	5,245

Non-cash collateral for securities on loan	$	874,009


	Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
Investment Income
Unaffiliated dividend income	$	618,605
Income distributions from affiliated funds		2,589
Affiliated securities lending income		552
Unaffiliated securities lending income, net of borrower rebates		837

Total investment income		622,583


Expenses
Investment advisory fees		38,074
Other expenses		30

Total expenses		38,104

Less fees waived (see note 3):
Waiver		(49	)

Net expenses		38,055

Net investment income (loss)		584,528


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(119,003	)
In-kind redemptions		704,152
Futures contracts		(29,016	)

Net realized gain (loss)		556,133

Net change in unrealized appreciation (depreciation) on:
Investments		629,918
Futures contracts		10,025

Net change in unrealized appreciation (depreciation)		639,943

Net realized and unrealized gain (loss) on investments and futures		1,196,076


Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,780,604


	Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF						Xtrackers MSCI EAFE ESG Leaders Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	4,681,486		$	12,906,765		$	276,807		$	775,286
Net realized gain (loss)		(9,130,777	)		(47,552,026	)		(201,378	)		(828,340	)
Net change in net unrealized appreciation (depreciation)		(4,775,654	)		(122,838,645	)		3,714,280			(6,754,362	)

Net increase (decrease) in net assets resulting from operations		(9,224,945	)		(157,483,905	)		3,789,709			(6,807,415	)

Distributions to Shareholders		(8,145,496	)		(9,660,140	)		(259,600	)		(738,856	)


Fund Shares Transactions
Proceeds from shares sold		2,359,527			304,205,924			1,173,220			17,576,378
Value of shares redeemed		—			(140,382,770	)		—			—

Net increase (decrease) in net assets resulting from fund share transactions		2,359,527			163,823,154			1,173,220			17,576,378

Total net increase (decrease) in Net Assets		(15,010,914	)		(3,320,892	)		4,703,329			10,030,106

Net Assets
Beginning of period		492,781,212			496,102,104			29,106,192			19,076,086

End of period	$	477,770,298		$	492,781,212		$	33,809,521		$	29,106,192


Changes in Shares Outstanding
Shares outstanding, beginning of period		18,300,001			14,300,001			1,200,001			600,001
Shares sold		100,000			9,050,000			50,000			600,000
Shares redeemed		—			(5,050,000	)		—			—

Shares outstanding, end of period		18,400,001			18,300,001			1,250,001			1,200,001


	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF						Xtrackers MSCI USA ESG Leaders Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	254,475		$	494,259		$	24,187,169		$	45,489,454
Net realized gain (loss)		(895,891	)		(879,835	)		29,961,497			502,947,305
Net change in net unrealized appreciation (depreciation)		345,141			(6,114,670	)		4,431,185			(947,734,755	)

Net increase (decrease) in net assets resulting from operations		(296,275	)		(6,500,246	)		58,579,851			(399,297,996	)

Distributions to Shareholders		(218,284	)		(519,666	)		(24,522,543	)		(45,094,920	)


Fund Shares Transactions
Proceeds from shares sold		4,573,005			9,159,408			185,320,407			858,929,738
Value of shares redeemed		(2,277,610	)		(4,168,383	)		(122,808,833	)		(1,244,247,484	)

Net increase (decrease) in net assets resulting from fund share transactions		2,295,395			4,991,025			62,511,574			(385,317,746	)

Total net increase (decrease) in Net Assets		1,780,836			(2,028,887	)		96,568,882			(829,710,662	)

Net Assets
Beginning of period		23,174,453			25,203,340			3,059,691,804			3,889,402,466

End of period	$	24,955,289		$	23,174,453		$	3,156,260,686		$	3,059,691,804


Changes in Shares Outstanding
Shares outstanding, beginning of period		950,001			750,001			85,300,001			92,850,001
Shares sold		200,000			350,000			5,250,000			21,800,000
Shares redeemed		(100,000	)		(150,000	)		(3,450,000	)		(29,350,000	)

Shares outstanding, end of period		1,050,001			950,001			87,100,001			85,300,001


	Xtrackers Net Zero Pathway Paris Aligned US Equity ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period June 28, 2022⁽¹⁾to August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	584,528		$	196,738
Net realized gain (loss)		556,133			830,386
Net change in net unrealized appreciation (depreciation)		639,943			1,551,953

Net increase (decrease) in net assets resulting from operations		1,780,604			2,579,077

Distributions to Shareholders		(593,761	)		—


Fund Shares Transactions
Proceeds from shares sold		10,100,572			77,058,253
Value of shares redeemed		(3,908,386	)		(3,999,919	)

Net increase (decrease) in net assets resulting from fund share transactions		6,192,186			73,058,334

Total net increase (decrease) in Net Assets		7,379,029			75,637,411

Net Assets
Beginning of period		75,637,436			25

End of period	$	83,016,465		$	75,637,436


Changes in Shares Outstanding
Shares outstanding, beginning of period		3,000,001			1
Shares sold		400,000			3,150,000
Shares redeemed		(150,000	)		(150,000	)

Shares outstanding, end of period		3,250,001			3,000,001


Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF Selected Per Share Data	For the Six Months Ended 2/28/2023 (Unaudited)			Years Ended August 31,									Period Ended 8/31/2019(a)
	For the Six Months Ended 2/28/2023 (Unaudited)			2022			2021			2020			Period Ended 8/31/2019(a)
Net Asset Value, beginning of period	$	26.93		$	34.69		$	27.90		$	25.42		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.25			0.70			0.57			0.68			0.60
Net realized and unrealized gain (loss)		(0.77	)		(7.88	)		6.86			2.53			0.27

Total from investment operations		(0.52	)		(7.18	)		7.43			3.21			0.87

Less distributions from:
Net investment income		(0.44	)		(0.58	)		(0.64	)		(0.73	)		(0.45	)

Total distributions		(0.44	)		(0.58	)		(0.64	)		(0.73	)		(0.45	)

Net Asset Value, end of period	$	25.97		$	26.93		$	34.69		$	27.90		$	25.42

Total Return (%)(c)		(1.89	)**		(20.81	)		26.80			12.74			3.44	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		478			493			496			8			8
Ratio of expenses before fee waiver (%)		0.15	*		0.15			0.16			0.16			0.16	*
Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.16			0.16			0.16	*
Ratio of net investment income (loss) (%)		2.00	*		2.30			1.97			2.61			3.17	*
Portfolio turnover rate (%)(d)		8	**		33			17			13			10	**

Xtrackers MSCI EAFE ESG Leaders Equity ETF Selected Per Share Data	For the Six Months Ended 2/28/2023 (Unaudited)			Years Ended August 31,									Period Ended 8/31/2019(e)
	For the Six Months Ended 2/28/2023 (Unaudited)			2022			2021			2020			Period Ended 8/31/2019(e)
Net Asset Value, beginning of period	$	24.26		$	31.79		$	25.96		$	24.10		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.22			0.85			0.72			0.59			0.78
Net realized and unrealized gain (loss)		2.78			(7.57	)		5.80			1.83			(1.01	)

Total from investment operations		3.00			(6.72	)		6.52			2.42			(0.23	)

Less distributions from:
Net investment income		(0.21	)		(0.81	)		(0.69	)		(0.56	)		(0.66	)
Net realized gains		—			—			—			—			(0.01	)

Total distributions		(0.21	)		(0.81	)		(0.69	)		(0.56	)		(0.67	)

Net Asset Value, end of period	$	27.05		$	24.26		$	31.79		$	25.96		$	24.10

Total Return (%)(c)		12.41	**		(21.40	)		25.28			10.12			(0.91	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		34			29			19			12			7
Ratio of expenses before fee waiver (%)		0.14	*		0.14			0.14			0.14			0.14	*
Ratio of expenses after fee waiver (%)		0.14	*		0.14			0.14			0.14			0.14	*
Ratio of net investment income (loss) (%)		1.78	*		3.04			2.45			2.39			3.25	*
Portfolio turnover rate (%)(d)		4	**		22			22			16			10	**


Xtrackers Net Zero Pathway Paris Aligned US Equity ETF Selected Per Share Data	For the Six Months Ended 2/28/2023 (Unaudited)			Period Ended 8/31/2022(a)
Net Asset Value, beginning of period	$	25.21		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.19			0.07
Net realized and unrealized gain (loss)		0.33			0.14

Total from investment operations		0.52			0.21

Less distributions from:
Net investment income		(0.19	)		—
Net realized gains		(0.00	)(c)		—

Total distributions		(0.19	)		—

Net Asset Value, end of period	$	25.54		$	25.21


Total Return (%)(d)		2.11	**		0.84	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		83			76
Ratio of expenses before fee waiver (%)		0.10	*		0.10	*
Ratio of expenses after fee waiver (%)		0.10	*		0.10	*
Ratio of net investment income (loss) (%)		1.54	*		1.50	*
Portfolio turnover rate (%)(e)		4	**		11	**


Fund		Underlying Index
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		Solactive ISS Emerging Markets Carbon Reduction & Climate Improvers Index NTR
Xtrackers MSCI EAFE ESG Leaders Equity ETF		MSCI EAFE ESG Leaders Index
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		MSCI Emerging Markets ESG Leaders Index
Xtrackers MSCI USA ESG Leaders Equity ETF		MSCI USA ESG Leaders Index
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		Solactive ISS ESG United States Net Zero Pathway Enhanced Index


	Short-Term		Long-Term		Total Amount
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	35,935,999	$	403,120	$	36,339,119
Xtrackers MSCI EAFE ESG Leaders Equity ETF		313,618		409,341		722,959
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		483,759		617,549		1,101,308
Xtrackers MSCI USA ESG Leaders Equity ETF		9,242,769		23,824,243		33,067,012


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	602,132,890	$	(109,419,520	)	$	16,251,105	$	(125,670,625	)
Xtrackers MSCI EAFE ESG Leaders Equity ETF		32,501,513		(3,523,038	)		671,408		(4,194,446	)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		26,074,692		(3,283,405	)		1,207,289		(4,490,694	)
Xtrackers MSCI USA ESG Leaders Equity ETF		2,744,831,492		310,584,395			436,242,789		(125,658,394	)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		74,006,257		1,520,008			3,249,343		(1,729,335	)


Remaining Contractual Maturity of the Agreements, as of February 28, 2023

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
Common Stocks	$	2,063,138	$	—	$	28,566	$	2,385,158	$	4,476,862

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	4,476,862

Xtrackers MSCI EAFE ESG Leaders Equity ETF
Common Stocks	$	10,666	$	1,566	$	747	$	246,191	$	259,170

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	259,170


		Asset Derivatives			Liability Derivatives
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	49,287


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	6,144
Xtrackers MSCI EAFE ESG Leaders Equity ETF		17,876
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		(4,967	)
Xtrackers MSCI USA ESG Leaders Equity ETF		(516,512	)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		(29,016	)


Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	(7,142	)
Xtrackers MSCI EAFE ESG Leaders Equity ETF		9,696
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		1,915
Xtrackers MSCI USA ESG Leaders Equity ETF		(127,639	)
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		10,025


	Futures Contracts (Contract Value)
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	3,187,696
Xtrackers MSCI EAFE ESG Leaders Equity ETF		190,120
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		61,577
Xtrackers MSCI USA ESG Leaders Equity ETF		9,800,640
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		195,853


	Unitary Advisory Fee
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF		0.15	%
Xtrackers MSCI EAFE ESG Leaders Equity ETF		0.14	%
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		0.20	%
Xtrackers MSCI USA ESG Leaders Equity ETF		0.10	%
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		0.10	%


	Expenses Waived
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF	$	753
Xtrackers MSCI EAFE ESG Leaders Equity ETF		12
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		35
Xtrackers MSCI USA ESG Leaders Equity ETF		2,486
Xtrackers Net Zero Pathway Paris Aligned US Equity ETF		49