DBX ETF Trust
SCHEDULE OF INVESTMENTS
Xtrackers Short Duration High Yield Bond ETF
November 30, 2023 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS - 98.3% | ||||||||
Basic Materials - 4.3% | ||||||||
Chemicals - 1.7% | ||||||||
ASP Unifrax Holdings, Inc.,144A,5.25%, 9/30/28 | $ | 150,000 | $ | 102,631 | ||||
Avient Corp.,144A,5.75%, 5/15/25 | 170,000 | 169,541 | ||||||
Chemours Co. | ||||||||
5.375%, 5/15/27 | 105,000 | 99,893 | ||||||
144A,5.75%, 11/15/28 | 160,000 | 144,909 | ||||||
Consolidated Energy Finance SA,144A,5.625%, 10/15/28 | 100,000 | 83,349 | ||||||
INEOS Finance PLC,144A,6.75%, 5/15/28 | 74,000 | 70,568 | ||||||
Methanex Corp.,5.125%, 10/15/27 | 131,000 | 123,608 | ||||||
NOVA Chemicals Corp. | ||||||||
144A,4.875%, 6/1/24 | 200,000 | 197,864 | ||||||
144A,5.00%, 5/1/25 | 112,000 | 108,661 | ||||||
144A,5.25%, 6/1/27 | 186,000 | 167,625 | ||||||
Olin Corp.,5.125%, 9/15/27 | 98,000 | 93,562 | ||||||
SCIH Salt Holdings, Inc.,144A,4.875%, 5/1/28 | 202,000 | 183,150 | ||||||
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| |||||||
(Cost $1,551,364) | 1,545,361 | |||||||
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| |||||||
Iron/Steel - 0.8% | ||||||||
Cleveland-Cliffs, Inc. | ||||||||
144A,6.75%, 3/15/26 | 170,000 | 170,388 | ||||||
5.875%, 6/1/27 | 100,000 | 98,256 | ||||||
Mineral Resources Ltd. | ||||||||
144A,8.125%, 5/1/27 | 113,000 | 113,159 | ||||||
144A,8.00%, 11/1/27 | 166,000 | 166,465 | ||||||
144A,9.25%, 10/1/28 | 190,000 | 197,157 | ||||||
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| |||||||
(Cost $746,086) | 745,425 | |||||||
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| |||||||
Mining - 1.8% | ||||||||
First Quantum Minerals Ltd. | ||||||||
144A,7.50%, 4/1/25 | 196,000 | 181,823 | ||||||
144A,6.875%, 3/1/26 | 204,000 | 176,015 | ||||||
144A,6.875%, 10/15/27 | 286,000 | 231,995 | ||||||
FMG Resources August 2006 Pty Ltd.,144A,4.50%, 9/15/27 | 115,000 | 108,641 | ||||||
Hudbay Minerals, Inc.,144A,4.50%, 4/1/26 | 125,000 | 118,858 | ||||||
Kaiser Aluminum Corp.,144A,4.625%, 3/1/28 | 105,000 | 93,103 | ||||||
Nexa Resources SA | ||||||||
144A,5.375%, 5/4/27 | 139,000 | 131,095 | ||||||
144A,6.50%, 1/18/28 | 94,000 | 91,470 | ||||||
Vedanta Resources Finance II PLC | ||||||||
144A,13.875%, 1/21/24 | 200,000 | 177,258 | ||||||
144A,8.95%, 3/11/25 | 260,000 | 185,761 | ||||||
144A,9.25%, 4/23/26 | 100,000 | 56,836 | ||||||
Vedanta Resources Ltd.,144A,6.125%, 8/9/24 | 163,000 | 102,972 | ||||||
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| |||||||
(Cost $1,786,183) | 1,655,827 | |||||||
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| |||||||
Communications - 16.9% | ||||||||
Advertising - 0.8% | ||||||||
Clear Channel Outdoor Holdings, Inc. | ||||||||
144A,5.125%, 8/15/27 | 252,000 | 233,917 | ||||||
144A,7.75%, 4/15/28 | 174,000 | 142,815 | ||||||
144A,9.00%, 9/15/28 (a) | 150,000 | 151,950 | ||||||
Lamar Media Corp.,3.75%, 2/15/28 | 115,000 | 106,271 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp.,144A,5.00%, 8/15/27 | 124,000 | 117,019 | ||||||
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| |||||||
(Cost $732,614) | 751,972 | |||||||
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| |||||||
Internet - 2.3% | ||||||||
EquipmentShare.com, Inc.,144A,9.00%, 5/15/28 | 190,000 | 187,387 | ||||||
Gen Digital, Inc. | ||||||||
144A,5.00%, 4/15/25 | 236,000 | 234,277 | ||||||
144A,6.75%, 9/30/27 | 156,000 | 157,128 | ||||||
Go Daddy Operating Co. LLC / GD Finance Co., Inc.,144A,5.25%, 12/1/27 | 120,000 | 116,190 | ||||||
Match Group Holdings II LLC | ||||||||
144A,5.00%, 12/15/27 | 88,000 | 84,335 | ||||||
144A,4.625%, 6/1/28 | 88,000 | 82,122 | ||||||
MercadoLibre, Inc.,2.375%, 1/14/26 | 75,000 | 69,560 | ||||||
Newfold Digital Holdings Group, Inc.,144A,11.75%, 10/15/28 | 105,000 | 107,978 | ||||||
Rakuten Group, Inc.,144A,10.25%, 11/30/24 | 185,000 | 189,162 | ||||||
Uber Technologies, Inc. | ||||||||
144A,7.50%, 5/15/25 | 225,000 | 229,219 | ||||||
144A,8.00%, 11/1/26 | 274,000 | 278,685 | ||||||
144A,7.50%, 9/15/27 | 236,000 | 240,489 | ||||||
144A,6.25%, 1/15/28 | 80,000 | 79,250 | ||||||
|
| |||||||
(Cost $2,038,159) | 2,055,782 | |||||||
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| |||||||
Media - 8.7% | ||||||||
Altice Financing SA,144A,5.00%, 1/15/28 | 258,000 | 221,089 | ||||||
AMC Networks, Inc.,4.75%, 8/1/25 | 162,000 | 153,868 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | ||||||||
144A,5.50%, 5/1/26 | 140,000 | 137,068 | ||||||
144A,5.125%, 5/1/27 | 640,000 | 610,046 | ||||||
144A,5.00%, 2/1/28 | 470,000 | 440,831 | ||||||
CSC Holdings LLC | ||||||||
5.25%, 6/1/24 | 180,000 | 171,666 | ||||||
144A,5.50%, 4/15/27 | 225,000 | 199,137 | ||||||
144A,5.375%, 2/1/28 | 181,000 | 153,884 | ||||||
144A,7.50%, 4/1/28 | 221,000 | 151,342 | ||||||
144A,11.25%, 5/15/28 | 175,000 | 174,831 |
DISH DBS Corp. | ||||||||
5.875%, 11/15/24 | 407,000 | 357,712 | ||||||
7.75%, 7/1/26 | 360,000 | 215,224 | ||||||
144A,5.25%, 12/1/26 | 555,000 | 447,288 | ||||||
7.375%, 7/1/28 | 195,000 | 96,585 | ||||||
DISH Network Corp.,144A,11.75%, 11/15/27 | 682,000 | 677,757 | ||||||
Gray Television, Inc. | ||||||||
144A,5.875%, 7/15/26 | 124,000 | 116,039 | ||||||
144A,7.00%, 5/15/27 | 150,000 | 136,080 | ||||||
iHeartCommunications, Inc. | ||||||||
6.375%, 5/1/26 | 136,000 | 115,551 | ||||||
8.375%, 5/1/27 | 187,000 | 131,156 | ||||||
144A,5.25%, 8/15/27 (a) | 133,000 | 102,287 | ||||||
144A,4.75%, 1/15/28 | 115,000 | 87,976 | ||||||
McGraw-Hill Education, Inc.,144A,5.75%, 8/1/28 | 165,000 | 150,719 | ||||||
Nexstar Media, Inc. | ||||||||
144A,5.625%, 7/15/27 | 315,000 | 298,627 | ||||||
144A,4.75%, 11/1/28 | 210,000 | 186,049 | ||||||
Radiate Holdco LLC / Radiate Finance, Inc. | ||||||||
144A,4.50%, 9/15/26 | 160,000 | 119,317 | ||||||
144A,6.50%, 9/15/28 | 205,000 | 96,248 | ||||||
Sirius XM Radio, Inc. | ||||||||
144A,3.125%, 9/1/26 | 220,000 | 202,611 | ||||||
144A,5.00%, 8/1/27 | 278,000 | 264,536 | ||||||
144A,4.00%, 7/15/28 | 380,000 | 340,048 | ||||||
TEGNA, Inc. | ||||||||
144A,4.75%, 3/15/26 | 102,000 | 98,270 | ||||||
4.625%, 3/15/28 | 191,000 | 174,417 | ||||||
Telenet Finance Luxembourg Notes SARL,144A,5.50%, 3/1/28 | 200,000 | 184,000 | ||||||
Univision Communications, Inc. | ||||||||
144A,5.125%, 2/15/25 | 208,000 | 205,542 | ||||||
144A,6.625%, 6/1/27 | 268,000 | 264,573 | ||||||
144A,8.00%, 8/15/28 | 105,000 | 106,277 | ||||||
UPC Holding BV,144A,5.50%, 1/15/28 | 70,000 | 63,622 | ||||||
Videotron Ltd. | ||||||||
144A,5.375%, 6/15/24 | 121,000 | 120,657 | ||||||
144A,5.125%, 4/15/27 | 95,000 | 91,991 | ||||||
Ziggo Bond Co. BV,144A,6.00%, 1/15/27 | 106,000 | 101,117 | ||||||
|
| |||||||
(Cost $8,389,575) | 7,966,038 | |||||||
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| |||||||
Telecommunications - 5.1% | ||||||||
Altice France Holding SA | ||||||||
144A,10.50%, 5/15/27 | 300,000 | 159,596 | ||||||
144A,6.00%, 2/15/28 (a) | 198,000 | 80,189 | ||||||
Altice France SA | ||||||||
144A,8.125%, 2/1/27 | 361,000 | 310,829 | ||||||
144A,5.50%, 1/15/28 | 214,000 | 163,837 | ||||||
C&W Senior Financing DAC,144A,6.875%, 9/15/27 | 232,000 | 211,929 | ||||||
CommScope Technologies LLC | ||||||||
144A,6.00%, 6/15/25 | 245,000 | 192,073 | ||||||
144A,5.00%, 3/15/27 | 164,000 | 69,884 | ||||||
CommScope, Inc. | ||||||||
144A,6.00%, 3/1/26 | 280,000 | 240,374 | ||||||
144A,8.25%, 3/1/27 (a) | 174,000 | 86,727 | ||||||
144A,7.125%, 7/1/28 | 125,000 | 58,538 | ||||||
Consolidated Communications, Inc. | ||||||||
144A,5.00%, 10/1/28 | 70,000 | 54,841 | ||||||
144A,6.50%, 10/1/28 | 140,000 | 115,850 | ||||||
Frontier Communications Holdings LLC | ||||||||
144A,5.875%, 10/15/27 | 240,000 | 225,698 | ||||||
144A,5.00%, 5/1/28 | 287,000 | 257,819 | ||||||
Hughes Satellite Systems Corp. | ||||||||
5.25%, 8/1/26 | 134,000 | 114,693 | ||||||
6.625%, 8/1/26 | 147,000 | 115,776 | ||||||
Iliad Holding SASU | ||||||||
144A,6.50%, 10/15/26 | 221,000 | 215,339 | ||||||
144A,7.00%, 10/15/28 | 160,000 | 153,976 | ||||||
Level 3 Financing, Inc. | ||||||||
144A,3.40%, 3/1/27 | 138,000 | 116,380 | ||||||
144A,4.625%, 9/15/27 | 197,000 | 104,630 | ||||||
144A,4.25%, 7/1/28 | 245,000 | 102,745 | ||||||
Lumen Technologies, Inc. | ||||||||
144A,5.125%, 12/15/26 | 85,000 | 41,733 | ||||||
144A,4.00%, 2/15/27 | 224,000 | 118,580 | ||||||
Millicom International Cellular SA,144A,5.125%, 1/15/28 | 88,200 | 79,794 | ||||||
Sable International Finance Ltd.,144A,5.75%, 9/7/27 | 82,000 | 75,457 | ||||||
Telecom Italia SpA,144A,5.303%, 5/30/24 | 289,000 | 286,924 | ||||||
Viasat, Inc. | ||||||||
144A,5.625%, 9/15/25 | 201,000 | 192,107 | ||||||
144A,5.625%, 4/15/27 | 79,000 | 73,238 | ||||||
144A,6.50%, 7/15/28 | 70,000 | 54,014 | ||||||
Windstream Escrow LLC / Windstream Escrow Finance Corp.,144A,7.75%, 8/15/28 (a) | 276,000 | 229,230 | ||||||
Zayo Group Holdings, Inc. | ||||||||
144A,4.00%, 3/1/27 | 299,000 | 228,450 | ||||||
144A,6.125%, 3/1/28 | 200,000 | 134,553 | ||||||
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| |||||||
(Cost $5,420,725) | 4,665,803 | |||||||
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| |||||||
Consumer, Cyclical - 21.2% | ||||||||
Airlines - 2.1% | ||||||||
Air Canada,144A,3.875%, 8/15/26 | 223,000 | 208,292 | ||||||
American Airlines Group, Inc.,144A,3.75%, 3/1/25 | 85,000 | 81,380 |
American Airlines, Inc. | ||||||||
144A,11.75%, 7/15/25 | 363,000 | 397,489 | ||||||
144A,7.25%, 2/15/28 (a) | 140,000 | 138,659 | ||||||
Delta Air Lines, Inc. | ||||||||
2.90%, 10/28/24 | 170,000 | 164,721 | ||||||
7.375%, 1/15/26 | 170,000 | 174,207 | ||||||
4.375%, 4/19/28 | 71,000 | 67,769 | ||||||
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A,5.75%, 1/20/26 | 239,252 | 190,598 | ||||||
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. | ||||||||
144A,8.00%, 9/20/25 | 121,000 | 87,260 | ||||||
144A,8.00%, 9/20/25 | 96,000 | 69,231 | ||||||
United Airlines, Inc.,144A,4.375%, 4/15/26 | 390,000 | 371,255 | ||||||
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| |||||||
(Cost $2,080,509) | 1,950,861 | |||||||
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| |||||||
Apparel - 0.2% | ||||||||
Hanesbrands, Inc.,144A,4.875%, 5/15/26 | ||||||||
(Cost $169,241) | 170,000 | 161,410 | ||||||
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| |||||||
Auto Manufacturers - 0.3% | ||||||||
Allison Transmission, Inc.,144A,4.75%, 10/1/27 | 81,000 | 76,462 | ||||||
Aston Martin Capital Holdings Ltd.,144A,10.50%, 11/30/25 | 210,000 | 210,165 | ||||||
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| |||||||
(Cost $283,041) | 286,627 | |||||||
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Auto Parts & Equipment - 2.6% | ||||||||
Adient Global Holdings Ltd. | ||||||||
144A,4.875%, 8/15/26 | 166,000 | 159,926 | ||||||
144A,7.00%, 4/15/28 | 84,000 | 85,456 | ||||||
American Axle & Manufacturing, Inc. | ||||||||
6.50%, 4/1/27 (a) | 108,000 | 104,254 | ||||||
6.875%, 7/1/28 | 75,000 | 69,080 | ||||||
Clarios Global LP,144A,6.75%, 5/15/25 | 90,000 | 90,280 | ||||||
Clarios Global LP / Clarios US Finance Co. | ||||||||
144A,6.25%, 5/15/26 | 150,000 | 149,274 | ||||||
144A,8.50%, 5/15/27 | 315,000 | 317,478 | ||||||
144A,6.75%, 5/15/28 | 150,000 | 151,440 | ||||||
Dana, Inc. | ||||||||
5.375%, 11/15/27 | 86,000 | 81,845 | ||||||
5.625%, 6/15/28 | 67,000 | 63,905 | ||||||
Goodyear Tire & Rubber Co. | ||||||||
9.50%, 5/31/25 | 143,000 | 145,606 | ||||||
5.00%, 5/31/26 (a) | 162,000 | 157,086 | ||||||
4.875%, 3/15/27 | 133,000 | 125,714 | ||||||
Tenneco, Inc.,144A,8.00%, 11/17/28 | 370,000 | 305,250 | ||||||
ZF North America Capital, Inc. | ||||||||
144A,4.75%, 4/29/25 | 210,000 | 205,338 | ||||||
144A,6.875%, 4/14/28 | 125,000 | 126,866 | ||||||
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| |||||||
(Cost $2,357,700) | 2,338,798 | |||||||
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Distribution/Wholesale - 0.2% | ||||||||
American Builders & Contractors Supply Co., Inc.,144A,4.00%, 1/15/28 | 130,000 | 119,764 | ||||||
Ritchie Bros Holdings, Inc.,144A,6.75%, 3/15/28 | 99,000 | 100,951 | ||||||
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| |||||||
(Cost $219,465) | 220,715 | |||||||
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Entertainment - 3.8% | ||||||||
Caesars Entertainment, Inc. | ||||||||
144A,6.25%, 7/1/25 | 667,000 | 663,726 | ||||||
144A,8.125%, 7/1/27 | 315,000 | 321,214 | ||||||
Caesars Resort Collection LLC / CRC Finco, Inc.,144A,5.75%, 7/1/25 | 169,000 | 168,232 | ||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op | ||||||||
144A,5.50%, 5/1/25 | 202,000 | 201,316 | ||||||
5.375%, 4/15/27 | 97,000 | 94,671 | ||||||
Churchill Downs, Inc. | ||||||||
144A,5.50%, 4/1/27 | 102,000 | 98,430 | ||||||
144A,4.75%, 1/15/28 | 155,000 | 144,220 | ||||||
Cinemark USA, Inc. | ||||||||
144A,5.875%, 3/15/26 | 78,000 | 75,399 | ||||||
144A,5.25%, 7/15/28 | 140,000 | 126,177 | ||||||
International Game Technology PLC | ||||||||
144A,6.50%, 2/15/25 | 58,000 | 58,028 | ||||||
144A,4.125%, 4/15/26 | 177,000 | 169,037 | ||||||
144A,6.25%, 1/15/27 | 150,000 | 149,850 | ||||||
Light & Wonder International, Inc.,144A,7.00%, 5/15/28 | 130,000 | 130,159 | ||||||
Live Nation Entertainment, Inc. | ||||||||
144A,4.875%, 11/1/24 | 137,000 | 135,565 | ||||||
144A,6.50%, 5/15/27 | 213,000 | 213,151 | ||||||
144A,4.75%, 10/15/27 | 198,000 | 186,138 | ||||||
144A,3.75%, 1/15/28 | 80,000 | 72,437 | ||||||
Mohegan Tribal Gaming Authority,144A,8.00%, 2/1/26 | 224,000 | 209,375 | ||||||
Penn Entertainment, Inc.,144A,5.625%, 1/15/27 | 68,000 | 64,748 | ||||||
Six Flags Entertainment Corp.,144A,5.50%, 4/15/27 | 86,000 | 82,279 | ||||||
Vail Resorts, Inc.,144A,6.25%, 5/15/25 | 119,000 | 118,759 | ||||||
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| |||||||
(Cost $3,521,527) | 3,482,911 | |||||||
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| |||||||
Food Service - 0.4% | ||||||||
Aramark Services, Inc. | ||||||||
144A,5.00%, 4/1/25 | 106,000 | 105,266 | ||||||
144A,5.00%, 2/1/28 | 220,000 | 208,362 | ||||||
TKC Holdings, Inc.,144A,6.875%, 5/15/28 | 85,000 | 76,782 | ||||||
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| |||||||
(Cost $384,914) | 390,410 | |||||||
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|
Home Builders - 0.5% | ||||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A,6.25%, 9/15/27 | 120,000 | 113,333 | ||||||
Century Communities, Inc.,6.75%, 6/1/27 | 100,000 | 100,110 | ||||||
Mattamy Group Corp.,144A,5.25%, 12/15/27 | 97,000 | 91,135 | ||||||
Taylor Morrison Communities, Inc. | ||||||||
144A,5.875%, 6/15/27 | 85,000 | 83,471 | ||||||
144A,5.75%, 1/15/28 | 80,000 | 77,925 | ||||||
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| |||||||
(Cost $454,894) | 465,974 | |||||||
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Housewares - 0.6% | ||||||||
Newell Brands, Inc. | ||||||||
4.875%, 6/1/25 | 87,000 | 84,984 | ||||||
5.20%, 4/1/26 | 395,000 | 381,655 | ||||||
6.375%, 9/15/27 (a) | 91,000 | 89,075 | ||||||
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| |||||||
(Cost $579,574) | 555,714 | |||||||
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Leisure Time - 4.4% | ||||||||
Carnival Corp. | ||||||||
144A,7.625%, 3/1/26 (a) | 260,000 | 262,085 | ||||||
144A,5.75%, 3/1/27 | 603,000 | 573,552 | ||||||
144A,9.875%, 8/1/27 | 165,000 | 172,526 | ||||||
144A,4.00%, 8/1/28 | 450,000 | 409,077 | ||||||
Carnival Holdings Bermuda Ltd.,144A,10.375%, 5/1/28 | 350,000 | 380,537 | ||||||
Life Time, Inc. | ||||||||
144A,5.75%, 1/15/26 | 173,000 | 169,700 | ||||||
144A,8.00%, 4/15/26 | 100,000 | 100,076 | ||||||
NCL Corp. Ltd. | ||||||||
144A,3.625%, 12/15/24 | 114,000 | 110,350 | ||||||
144A,5.875%, 3/15/26 | 310,000 | 293,958 | ||||||
144A,5.875%, 2/15/27 | 175,000 | 169,588 | ||||||
144A,8.375%, 2/1/28 | 110,000 | 113,865 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
144A,4.25%, 7/1/26 | 125,000 | 118,469 | ||||||
144A,5.50%, 8/31/26 | 169,000 | 164,594 | ||||||
144A,5.375%, 7/15/27 | 195,000 | 187,814 | ||||||
144A,11.625%, 8/15/27 | 232,000 | 251,787 | ||||||
3.70%, 3/15/28 | 103,000 | 92,152 | ||||||
144A,5.50%, 4/1/28 | 310,000 | 296,398 | ||||||
Viking Cruises Ltd.,144A,5.875%, 9/15/27 | 170,000 | 160,206 | ||||||
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| |||||||
(Cost $3,943,063) | 4,026,734 | |||||||
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| |||||||
Lodging - 3.4% | ||||||||
Boyd Gaming Corp.,4.75%, 12/1/27 | 196,000 | 185,922 | ||||||
Hilton Domestic Operating Co., Inc. | ||||||||
144A,5.375%, 5/1/25 | 81,000 | 80,629 | ||||||
144A,5.75%, 5/1/28 | 116,000 | 114,382 | ||||||
Las Vegas Sands Corp. | ||||||||
3.20%, 8/8/24 | 353,000 | 345,273 | ||||||
2.90%, 6/25/25 | 102,000 | 97,091 | ||||||
3.50%, 8/18/26 | 180,000 | 168,878 | ||||||
Melco Resorts Finance Ltd. | ||||||||
144A,4.875%, 6/6/25 | 190,000 | 183,139 | ||||||
144A,5.25%, 4/26/26 | 85,000 | 80,049 | ||||||
144A,5.625%, 7/17/27 | 130,000 | 117,751 | ||||||
144A,5.75%, 7/21/28 | 165,000 | 147,675 | ||||||
MGM Resorts International | ||||||||
6.75%, 5/1/25 | 211,000 | 211,560 | ||||||
5.75%, 6/15/25 | 101,000 | 100,493 | ||||||
4.625%, 9/1/26 | 78,000 | 74,964 | ||||||
5.50%, 4/15/27 | 118,000 | 114,433 | ||||||
4.75%, 10/15/28 | 140,000 | 129,556 | ||||||
Station Casinos LLC,144A,4.50%, 2/15/28 | 148,000 | 133,911 | ||||||
Studio City Finance Ltd. | ||||||||
144A,6.00%, 7/15/25 | 80,000 | 77,562 | ||||||
144A,6.50%, 1/15/28 | 104,000 | 91,626 | ||||||
Travel + Leisure Co. | ||||||||
144A,6.625%, 7/31/26 | 110,000 | 110,035 | ||||||
6.00%, 4/1/27 | 73,000 | 70,827 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | ||||||||
144A,5.50%, 3/1/25 | 285,000 | 281,790 | ||||||
144A,5.25%, 5/15/27 | 157,000 | 149,660 | ||||||
|
| |||||||
(Cost $3,070,363) | 3,067,206 | |||||||
|
| |||||||
Retail - 2.7% | ||||||||
1011778 BC ULC / New Red Finance, Inc. | ||||||||
144A,5.75%, 4/15/25 | 90,000 | 89,771 | ||||||
144A,3.875%, 1/15/28 | 284,000 | 261,639 | ||||||
144A,4.375%, 1/15/28 | 154,000 | 143,207 | ||||||
Asbury Automotive Group, Inc.,4.50%, 3/1/28 | 75,000 | 69,051 | ||||||
Bath & Body Works, Inc.,5.25%, 2/1/28 | 100,000 | 96,154 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp.,144A,5.375%, 4/1/26 | 113,000 | 108,043 | ||||||
FirstCash, Inc.,144A,4.625%, 9/1/28 | 92,000 | 84,340 | ||||||
Lithia Motors, Inc.,144A,4.625%, 12/15/27 | 75,000 | 69,762 | ||||||
Michaels Cos., Inc.,144A,5.25%, 5/1/28 | 166,000 | 121,382 | ||||||
NMG Holding Co, Inc. / Neiman Marcus Group LLC,144A,7.125%, 4/1/26 | 202,000 | 189,460 | ||||||
Penske Automotive Group, Inc.,3.50%, 9/1/25 | 100,000 | 96,256 | ||||||
PetSmart, Inc. / PetSmart Finance Corp.,144A,4.75%, 2/15/28 | 228,000 | 208,753 | ||||||
QVC, Inc. | ||||||||
4.85%, 4/1/24 | 60,000 | 58,971 | ||||||
4.45%, 2/15/25 | 130,000 | 120,661 | ||||||
4.75%, 2/15/27 | 103,000 | 79,238 | ||||||
4.375%, 9/1/28 (a) | 106,000 | 71,650 |
SRS Distribution, Inc.,144A,4.625%, 7/1/28 | 133,000 | 121,599 | ||||||
Staples, Inc. | ||||||||
144A,7.50%, 4/15/26 | 370,000 | 327,698 | ||||||
144A,10.75%, 4/15/27 | 194,000 | 126,585 | ||||||
|
| |||||||
(Cost $2,520,322) | 2,444,220 | |||||||
|
| |||||||
Consumer, Non-cyclical - 16.4% | ||||||||
Agriculture - 0.2% | ||||||||
Darling Ingredients, Inc.,144A,5.25%, 4/15/27 | 90,000 | 87,487 | ||||||
Vector Group Ltd.,144A,10.50%, 11/1/26 | 94,000 | 94,200 | ||||||
|
| |||||||
(Cost $183,692) | 181,687 | |||||||
|
| |||||||
Commercial Services - 4.8% | ||||||||
Albion Financing 1 SARL / Aggreko Holdings, Inc.,144A,6.125%, 10/15/26 | 29,000 | 28,331 | ||||||
Albion Financing 2 SARL,144A,8.75%, 4/15/27 | 123,000 | 117,607 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. | ||||||||
144A,6.625%, 7/15/26 | 367,000 | 357,017 | ||||||
144A,9.75%, 7/15/27 | 210,000 | 193,422 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28 | 233,000 | 202,343 | ||||||
APX Group, Inc.,144A,6.75%, 2/15/27 | 98,000 | 97,536 | ||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.,144A,4.75%, 4/1/28 | 94,000 | 85,232 | ||||||
Block, Inc.,2.75%, 6/1/26 | 189,000 | 174,294 | ||||||
Brink’s Co. | ||||||||
144A,5.50%, 7/15/25 | 60,000 | 59,366 | ||||||
144A,4.625%, 10/15/27 | 130,000 | 121,967 | ||||||
Garda World Security Corp. | ||||||||
144A,4.625%, 2/15/27 (a) | 96,000 | 91,375 | ||||||
144A,9.50%, 11/1/27 | 113,000 | 108,787 | ||||||
144A,7.75%, 2/15/28 | 88,000 | 88,914 | ||||||
Herc Holdings, Inc.,144A,5.50%, 7/15/27 | 239,000 | 232,207 | ||||||
Hertz Corp.,144A,4.625%, 12/1/26 | 85,000 | 74,969 | ||||||
MPH Acquisition Holdings LLC | ||||||||
144A,5.50%, 9/1/28 | 203,000 | 175,922 | ||||||
144A,5.75%, 11/1/28 | 190,000 | 147,804 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. | ||||||||
144A,5.25%, 4/15/24 | 140,000 | 139,295 | ||||||
144A,5.75%, 4/15/26 | 285,000 | 282,113 | ||||||
144A,3.375%, 8/31/27 | 206,000 | 186,602 | ||||||
144A,6.25%, 1/15/28 (a) | 226,000 | 218,097 | ||||||
Sabre GLBL, Inc. | ||||||||
144A,8.625%, 6/1/27 | 155,000 | 129,589 | ||||||
144A,11.25%, 12/15/27 (a) | 107,000 | 97,014 | ||||||
Service Corp. International,4.625%, 12/15/27 | 113,000 | 107,012 | ||||||
Sotheby’s,144A,7.375%, 10/15/27 | 150,000 | 137,665 | ||||||
United Rentals North America, Inc. | ||||||||
5.50%, 5/15/27 | 122,000 | 120,501 | ||||||
3.875%, 11/15/27 | 100,000 | 94,104 | ||||||
4.875%, 1/15/28 | 342,000 | 329,205 | ||||||
Williams Scotsman, Inc. | ||||||||
144A,6.125%, 6/15/25 | 120,000 | 119,299 | ||||||
144A,4.625%, 8/15/28 | 96,000 | 88,332 | ||||||
|
| |||||||
(Cost $4,457,428) | 4,405,921 | |||||||
|
| |||||||
Cosmetics/Personal Care - 0.4% | ||||||||
Coty, Inc. | ||||||||
144A,5.00%, 4/15/26 | 169,000 | 165,135 | ||||||
144A,6.50%, 4/15/26 | 93,000 | 92,727 | ||||||
Edgewell Personal Care Co.,144A,5.50%, 6/1/28 | 152,000 | 144,933 | ||||||
|
| |||||||
(Cost $407,860) | 402,795 | |||||||
|
| |||||||
Food - 1.9% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | ||||||||
144A,3.25%, 3/15/26 | 151,000 | 142,100 | ||||||
144A,7.50%, 3/15/26 | 110,000 | 111,968 | ||||||
144A,4.625%, 1/15/27 | 261,000 | 250,973 | ||||||
144A,5.875%, 2/15/28 | 130,000 | 128,353 | ||||||
144A,6.50%, 2/15/28 | 130,000 | 130,649 | ||||||
B&G Foods, Inc. | ||||||||
5.25%, 9/15/27 | 108,000 | 94,144 | ||||||
144A,8.00%, 9/15/28 | 105,000 | 107,438 | ||||||
Lamb Weston Holdings, Inc.,144A,4.875%, 5/15/28 | 107,000 | 102,422 | ||||||
Performance Food Group, Inc.,144A,5.50%, 10/15/27 | 195,000 | 188,950 | ||||||
Post Holdings, Inc. | ||||||||
144A,5.75%, 3/1/27 | 80,000 | 78,695 | ||||||
144A,5.625%, 1/15/28 | 184,000 | 179,171 | ||||||
Sigma Holdco BV,144A,7.875%, 5/15/26 | 91,000 | 78,365 | ||||||
US Foods, Inc.,144A,6.875%, 9/15/28 | 105,000 | 106,533 | ||||||
|
| |||||||
(Cost $1,709,194) | 1,699,761 | |||||||
|
| |||||||
Healthcare-Products - 0.9% | ||||||||
Avantor Funding, Inc.,144A,4.625%, 7/15/28 | 299,000 | 280,004 | ||||||
Bausch & Lomb Escrow Corp.,144A,8.375%, 10/1/28 | 275,000 | 281,474 | ||||||
Hologic, Inc.,144A,4.625%, 2/1/28 | 85,000 | 80,149 | ||||||
Teleflex, Inc. | ||||||||
4.625%, 11/15/27 | 100,000 | 94,832 | ||||||
144A,4.25%, 6/1/28 | 88,000 | 81,152 | ||||||
|
| |||||||
(Cost $811,393) | 817,611 | |||||||
|
|
Healthcare-Services - 4.5% | ||||||||
Catalent Pharma Solutions, Inc.,144A,5.00%, 7/15/27 | 107,000 | 101,116 | ||||||
Charles River Laboratories International, Inc.,144A,4.25%, 5/1/28 | 91,000 | 84,280 | ||||||
CHS/Community Health Systems, Inc. | ||||||||
144A,8.00%, 3/15/26 | 416,000 | 402,726 | ||||||
144A,5.625%, 3/15/27 | 375,000 | 334,890 | ||||||
144A,8.00%, 12/15/27 | 130,000 | 123,306 | ||||||
144A,6.875%, 4/1/28 | 140,000 | 70,837 | ||||||
Encompass Health Corp.,4.50%, 2/1/28 | 147,000 | 137,592 | ||||||
IQVIA, Inc. | ||||||||
144A,5.00%, 10/15/26 | 195,000 | 190,323 | ||||||
144A,5.00%, 5/15/27 | 217,000 | 210,381 | ||||||
Legacy LifePoint Health LLC,144A,4.375%, 2/15/27 | 104,000 | 91,149 | ||||||
ModivCare, Inc.,144A,5.875%, 11/15/25 | 89,000 | 86,710 | ||||||
Molina Healthcare, Inc.,144A,4.375%, 6/15/28 | 161,000 | 149,397 | ||||||
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.,144A,9.75%, 12/1/26 | 254,000 | 245,765 | ||||||
Select Medical Corp.,144A,6.25%, 8/15/26 | 237,000 | 235,442 | ||||||
Team Health Holdings, Inc.,144A,6.375%, 2/1/25 | 145,000 | 121,783 | ||||||
Tenet Healthcare Corp. | ||||||||
4.875%, 1/1/26 | 388,000 | 381,567 | ||||||
6.25%, 2/1/27 | 310,000 | 308,877 | ||||||
5.125%, 11/1/27 | 300,000 | 288,285 | ||||||
4.625%, 6/15/28 | 106,000 | 99,068 | ||||||
6.125%, 10/1/28 (a) | 480,000 | 465,797 | ||||||
|
| |||||||
(Cost $4,201,635) | 4,129,291 | |||||||
|
| |||||||
Pharmaceuticals - 3.7% | ||||||||
Bausch Health Americas, Inc. | ||||||||
144A,9.25%, 4/1/26 | 126,000 | 111,012 | ||||||
144A,8.50%, 1/31/27 (a) | 121,000 | 59,935 | ||||||
Bausch Health Cos., Inc. | ||||||||
144A,5.50%, 11/1/25 | 344,000 | 300,066 | ||||||
144A,9.00%, 12/15/25 | 185,000 | 166,049 | ||||||
144A,6.125%, 2/1/27 (a) | 193,000 | 107,481 | ||||||
144A,5.75%, 8/15/27 | 99,000 | 54,057 | ||||||
144A,5.00%, 1/30/28 | 75,000 | 28,114 | ||||||
144A,4.875%, 6/1/28 | 290,000 | 147,955 | ||||||
144A,11.00%, 9/30/28 | 360,000 | 225,900 | ||||||
Cheplapharm Arzneimittel GmbH,144A,5.50%, 1/15/28 | 108,000 | 100,115 | ||||||
Grifols SA,144A,4.75%, 10/15/28 | 125,000 | 110,588 | ||||||
Herbalife Nutrition Ltd / HLF Financing, Inc.,144A,7.875%, 9/1/25 | 120,000 | 117,806 | ||||||
Organon & Co. / Organon Foreign Debt Co.-Issuer BV,144A,4.125%, 4/30/28 | 406,000 | 360,890 | ||||||
Perrigo Finance Unlimited Co. | ||||||||
3.90%, 12/15/24 | 150,000 | 147,271 | ||||||
4.375%, 3/15/26 | 125,000 | 120,123 | ||||||
Prestige Brands, Inc.,144A,5.125%, 1/15/28 | 72,000 | 68,460 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
6.00%, 4/15/24 | 190,000 | 189,529 | ||||||
7.125%, 1/31/25 | 121,000 | 121,549 | ||||||
3.15%, 10/1/26 | 655,000 | 596,874 | ||||||
6.75%, 3/1/28 | 242,000 | 243,024 | ||||||
|
| |||||||
(Cost $3,631,597) | 3,376,798 | |||||||
|
| |||||||
Diversified - 0.1% | ||||||||
Holding Companies-Diversified - 0.1% | ||||||||
Benteler International AG, 144A,10.50%, 5/15/28 | ||||||||
(Cost $93,557) | 92,000 | 94,819 | ||||||
|
| |||||||
Energy - 10.2% | ||||||||
Energy-Alternate Sources - 0.1% | ||||||||
Sunnova Energy Corp.,144A,11.75%, 10/1/28 (a) | ||||||||
(Cost $72,802) | 85,000 | 72,992 | ||||||
|
| |||||||
Oil & Gas - 4.7% | ||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp.,144A,7.00%, 11/1/26 | 102,000 | 100,665 | ||||||
Baytex Energy Corp.,144A,8.75%, 4/1/27 | 70,000 | 71,852 | ||||||
Callon Petroleum Co.,144A,8.00%, 8/1/28 | 121,000 | 122,787 | ||||||
Calumet Specialty Products Partners LP / Calumet Finance Corp.,144A,11.00%, 4/15/25 | 78,000 | 78,842 | ||||||
Chesapeake Energy Corp.,144A,5.50%, 2/1/26 | 134,000 | 131,453 | ||||||
Civitas Resources, Inc. | ||||||||
144A,5.00%, 10/15/26 | 71,000 | 67,749 | ||||||
144A,8.375%, 7/1/28 | 253,000 | 259,392 | ||||||
Crescent Energy Finance LLC | ||||||||
144A,7.25%, 5/1/26 | 145,000 | 144,013 | ||||||
144A,9.25%, 2/15/28 | 163,000 | 168,590 | ||||||
CrownRock LP / CrownRock Finance, Inc.,144A,5.625%, 10/15/25 | 167,000 | 165,479 | ||||||
CVR Energy, Inc.,144A,5.75%, 2/15/28 | 83,000 | 76,836 | ||||||
Energean PLC,144A,6.50%, 4/30/27 | 98,000 | 86,955 | ||||||
Kosmos Energy Ltd. | ||||||||
144A,7.125%, 4/4/26 | 200,000 | 187,305 | ||||||
144A,7.75%, 5/1/27 | 91,000 | 83,807 | ||||||
144A,7.50%, 3/1/28 | 30,000 | 26,875 |
Leviathan Bond Ltd. | ||||||||
144A,REGS, 6.125%, 6/30/25 | 142,000 | 137,732 | ||||||
144A,REGS, 6.50%, 6/30/27 | 108,000 | 101,887 | ||||||
Matador Resources Co. | ||||||||
5.875%, 9/15/26 | 157,000 | 154,189 | ||||||
144A,6.875%, 4/15/28 | 88,000 | 88,263 | ||||||
Murphy Oil Corp.,5.875%, 12/1/27 | 68,000 | 67,056 | ||||||
Northern Oil and Gas, Inc.,144A,8.125%, 3/1/28 | 124,000 | 125,466 | ||||||
Parkland Corp.,144A,5.875%, 7/15/27 | 85,000 | 83,388 | ||||||
PBF Holding Co. LLC / PBF Finance Corp.,6.00%, 2/15/28 | 161,000 | 154,806 | ||||||
Permian Resources Operating LLC,144A,8.00%, 4/15/27 | 96,000 | 98,142 | ||||||
Puma International Financing SA,144A,5.00%, 1/24/26 | 200,000 | 185,607 | ||||||
Range Resources Corp.,4.875%, 5/15/25 | 111,000 | 109,323 | ||||||
Sitio Royalties Operating Partnership LP / Sitio Finance Corp.,144A,7.875%, 11/1/28 | 120,000 | 120,560 | ||||||
SM Energy Co. | ||||||||
6.75%, 9/15/26 | 75,000 | 74,053 | ||||||
6.625%, 1/15/27 | 97,000 | 96,191 | ||||||
6.50%, 7/15/28 | 69,000 | 67,219 | ||||||
Sunoco LP / Sunoco Finance Corp. | ||||||||
6.00%, 4/15/27 | 100,000 | 99,600 | ||||||
144A,7.00%, 9/15/28 | 110,000 | 110,934 | ||||||
Transocean, Inc. | ||||||||
144A,7.50%, 1/15/26 | 95,000 | 92,699 | ||||||
144A,11.50%, 1/30/27 | 135,000 | 140,530 | ||||||
144A,8.00%, 2/1/27 | 135,000 | 129,072 | ||||||
Tullow Oil PLC,144A,7.00%, 3/1/25 | 112,000 | 102,457 | ||||||
Vital Energy, Inc. | ||||||||
9.50%, 1/15/25 | 93,000 | 93,427 | ||||||
10.125%, 1/15/28 | 130,000 | 132,482 | ||||||
|
| |||||||
(Cost $4,294,722) | 4,337,683 | |||||||
|
| |||||||
Oil & Gas Services - 0.7% | ||||||||
Archrock Partners LP / Archrock Partners Finance Corp. | ||||||||
144A,6.875%, 4/1/27 | 85,000 | 84,316 | ||||||
144A,6.25%, 4/1/28 | 156,000 | 152,467 | ||||||
CGG SA,144A,8.75%, 4/1/27 | 103,000 | 93,561 | ||||||
USA Compression Partners LP / USA Compression Finance Corp. | ||||||||
6.875%, 4/1/26 | 133,000 | 132,356 | ||||||
6.875%, 9/1/27 | 142,000 | 140,299 | ||||||
|
| |||||||
(Cost $604,492) | 602,999 | |||||||
|
| |||||||
Pipelines - 4.7% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. | ||||||||
144A,7.875%, 5/15/26 | 101,000 | 103,055 | ||||||
144A,5.75%, 3/1/27 | 119,000 | 116,428 | ||||||
144A,5.75%, 1/15/28 | 120,000 | 116,168 | ||||||
Buckeye Partners LP | ||||||||
144A,4.125%, 3/1/25 | 85,000 | 82,859 | ||||||
3.95%, 12/1/26 | 122,000 | 115,391 | ||||||
4.125%, 12/1/27 | 75,000 | 69,331 | ||||||
144A,4.50%, 3/1/28 | 106,000 | 96,800 | ||||||
EnLink Midstream LLC,144A,5.625%, 1/15/28 | 85,000 | 82,600 | ||||||
EnLink Midstream Partners LP | ||||||||
4.15%, 6/1/25 | 80,000 | 78,448 | ||||||
4.85%, 7/15/26 | 91,000 | 88,624 | ||||||
EQM Midstream Partners LP | ||||||||
144A,6.00%, 7/1/25 | 108,000 | 107,238 | ||||||
4.125%, 12/1/26 | 102,000 | 96,465 | ||||||
144A,7.50%, 6/1/27 | 119,000 | 121,737 | ||||||
144A,6.50%, 7/1/27 | 159,000 | 159,396 | ||||||
5.50%, 7/15/28 | 140,000 | 136,204 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp. | ||||||||
6.50%, 10/1/25 | 93,000 | 92,273 | ||||||
8.00%, 1/15/27 | 196,000 | 196,357 | ||||||
7.75%, 2/1/28 | 133,000 | 131,531 | ||||||
Hess Midstream Operations LP | ||||||||
144A,5.625%, 2/15/26 | 162,000 | 160,115 | ||||||
144A,5.125%, 6/15/28 | 97,000 | 92,907 | ||||||
New Fortress Energy, Inc. | ||||||||
144A,6.75%, 9/15/25 | 232,000 | 225,131 | ||||||
144A,6.50%, 9/30/26 | 301,000 | 286,313 | ||||||
NGL Energy Operating LLC / NGL Energy Finance Corp.,144A,7.50%, 2/1/26 | 411,000 | 412,827 | ||||||
NuStar Logistics LP | ||||||||
5.75%, 10/1/25 | 110,000 | 109,316 | ||||||
6.00%, 6/1/26 | 106,000 | 105,731 | ||||||
5.625%, 4/28/27 | 89,000 | 87,683 | ||||||
Rockies Express Pipeline LLC,144A,3.60%, 5/15/25 | 54,000 | 51,745 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | ||||||||
144A,7.50%, 10/1/25 | 113,000 | 113,733 | ||||||
144A,6.00%, 3/1/27 | 79,000 | 76,038 | ||||||
144A,5.50%, 1/15/28 | 152,000 | 140,368 | ||||||
Venture Global LNG, Inc.,144A,8.125%, 6/1/28 | 447,000 | 443,837 | ||||||
|
| |||||||
(Cost $4,320,075) | 4,296,649 | |||||||
|
|
Financial - 11.8% | ||||||||
Banks - 0.4% | ||||||||
Freedom Mortgage Corp. | ||||||||
144A,7.625%, 5/1/26 | 81,000 | 77,473 | ||||||
144A,6.625%, 1/15/27 | 99,000 | 90,446 | ||||||
144A,12.00%, 10/1/28 | 174,000 | 182,716 | ||||||
|
| |||||||
(Cost $345,299) | 350,635 | |||||||
|
| |||||||
Diversified Financial Services - 4.3% | ||||||||
AG Issuer LLC,144A,6.25%, 3/1/28 | 95,000 | 92,186 | ||||||
AG TTMT Escrow Issuer LLC,144A,8.625%, 9/30/27 | 100,000 | 103,806 | ||||||
Coinbase Global, Inc.,144A,3.375%, 10/1/28 (a) | 206,000 | 165,746 | ||||||
Curo Group Holdings Corp.,144A,7.50%, 8/1/28 | 130,000 | 45,825 | ||||||
Jefferies Finance LLC / JFIN Co.-Issuer Corp.,144A,5.00%, 8/15/28 | 193,000 | 165,257 | ||||||
LD Holdings Group LLC | ||||||||
144A,6.50%, 11/1/25 | 98,000 | 85,654 | ||||||
144A,6.125%, 4/1/28 | 106,000 | 74,796 | ||||||
Macquarie Airfinance Holdings Ltd.,144A,8.375%, 5/1/28 | 100,000 | 102,563 | ||||||
Nationstar Mortgage Holdings, Inc. | ||||||||
144A,5.00%, 2/1/26 | 122,000 | 116,548 | ||||||
144A,6.00%, 1/15/27 | 104,000 | 101,091 | ||||||
144A,5.50%, 8/15/28 | 160,000 | 148,189 | ||||||
Navient Corp. | ||||||||
5.875%, 10/25/24 | 110,000 | 109,092 | ||||||
6.75%, 6/25/25 | 92,000 | 92,736 | ||||||
6.75%, 6/15/26 | 91,000 | 90,915 | ||||||
5.00%, 3/15/27 | 148,000 | 138,131 | ||||||
4.875%, 3/15/28 | 88,000 | 78,017 | ||||||
NFP Corp. | ||||||||
144A,4.875%, 8/15/28 | 99,000 | 90,443 | ||||||
144A,6.875%, 8/15/28 | 410,000 | 365,491 | ||||||
OneMain Finance Corp. | ||||||||
6.875%, 3/15/25 | 246,000 | 247,991 | ||||||
7.125%, 3/15/26 | 299,000 | 301,739 | ||||||
3.50%, 1/15/27 | 172,000 | 153,853 | ||||||
6.625%, 1/15/28 | 137,000 | 133,280 | ||||||
3.875%, 9/15/28 | 110,000 | 94,562 | ||||||
Osaic Holdings, Inc.,144A,10.75%, 8/1/27 | 70,000 | 70,623 | ||||||
PennyMac Financial Services, Inc.,144A,5.375%, 10/15/25 | 119,000 | 115,808 | ||||||
PRA Group, Inc.,144A,8.375%, 2/1/28 | 90,000 | 81,731 | ||||||
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.,144A,2.875%, 10/15/26 | 210,000 | 191,018 | ||||||
SLM Corp. | ||||||||
4.20%, 10/29/25 | 84,000 | 79,821 | ||||||
3.125%, 11/2/26 | 102,000 | 92,344 | ||||||
United Wholesale Mortgage LLC | ||||||||
144A,5.50%, 11/15/25 | 146,000 | 142,080 | ||||||
144A,5.75%, 6/15/27 | 105,000 | 98,825 | ||||||
|
| |||||||
(Cost $4,001,025) | 3,970,161 | |||||||
|
| |||||||
Insurance - 1.5% | ||||||||
Acrisure LLC / Acrisure Finance, Inc. | ||||||||
144A,7.00%, 11/15/25 | 193,000 | 190,707 | ||||||
144A,10.125%, 8/1/26 | 100,000 | 103,097 | ||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | ||||||||
144A,4.25%, 10/15/27 | 132,000 | 122,443 | ||||||
144A,6.75%, 10/15/27 | 248,000 | 238,080 | ||||||
144A,6.75%, 4/15/28 | 255,000 | 255,475 | ||||||
AssuredPartners, Inc.,144A,7.00%, 8/15/25 | 97,000 | 96,836 | ||||||
HUB International Ltd.,144A,7.00%, 5/1/26 | 334,000 | 332,517 | ||||||
|
| |||||||
(Cost $1,336,850) | 1,339,155 | |||||||
|
| |||||||
Real Estate - 0.3% | ||||||||
Cushman & Wakefield US Borrower LLC,144A,6.75%, 5/15/28 | 120,000 | 114,114 | ||||||
Howard Hughes Corp.,144A,5.375%, 8/1/28 | 147,000 | 137,969 | ||||||
|
| |||||||
(Cost $247,690) | 252,083 | |||||||
|
| |||||||
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 | 187,000 | 177,549 | ||||||
144A,4.50%, 4/1/27 | 144,000 | 126,400 | ||||||
Diversified Healthcare Trust | ||||||||
9.75%, 6/15/25 | 97,000 | 96,322 | ||||||
4.75%, 2/15/28 | 95,000 | 69,326 | ||||||
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27 | 95,000 | 77,552 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC | ||||||||
144A,6.00%, 4/15/25 | 71,000 | 70,052 | ||||||
144A,3.375%, 6/15/26 (a) | 193,000 | 174,848 | ||||||
Iron Mountain, Inc. | ||||||||
144A,4.875%, 9/15/27 | 189,000 | 179,094 | ||||||
144A,5.25%, 3/15/28 | 149,000 | 141,362 | ||||||
144A,5.00%, 7/15/28 | 110,000 | 102,835 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.,144A,4.25%, 2/1/27 | 107,000 | 98,803 | ||||||
MPT Operating Partnership LP / MPT Finance Corp. | ||||||||
5.25%, 8/1/26 | 89,000 | 77,527 | ||||||
5.00%, 10/15/27 | 284,000 | 226,555 |
Office Properties Income Trust,4.50%, 2/1/25 | 120,000 | 106,099 | ||||||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer | ||||||||
144A,7.50%, 6/1/25 | 132,000 | 132,887 | ||||||
144A,5.875%, 10/1/28 | 149,000 | 141,103 | ||||||
RHP Hotel Properties LP / RHP Finance Corp. | ||||||||
4.75%, 10/15/27 | 149,000 | 141,625 | ||||||
144A,7.25%, 7/15/28 | 68,000 | 69,098 | ||||||
RLJ Lodging Trust LP,144A,3.75%, 7/1/26 | 92,000 | 85,813 | ||||||
SBA Communications Corp.,3.875%, 2/15/27 | 264,000 | 248,653 | ||||||
Service Properties Trust | ||||||||
7.50%, 9/15/25 | 136,000 | 136,817 | ||||||
4.75%, 10/1/26 | 93,000 | 84,759 | ||||||
4.95%, 2/15/27 | 80,000 | 69,953 | ||||||
5.50%, 12/15/27 | 73,000 | 65,015 | ||||||
3.95%, 1/15/28 | 80,000 | 64,109 | ||||||
Starwood Property Trust, Inc. | ||||||||
144A,3.75%, 12/31/24 | 93,000 | 90,059 | ||||||
4.75%, 3/15/25 | 100,000 | 98,517 | ||||||
144A,3.625%, 7/15/26 | 70,000 | 64,261 | ||||||
144A,4.375%, 1/15/27 | 92,000 | 84,252 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | ||||||||
144A,10.50%, 2/15/28 | 502,000 | 494,561 | ||||||
144A,4.75%, 4/15/28 | 114,000 | 94,608 | ||||||
|
| |||||||
(Cost $3,978,723) | 3,890,414 | |||||||
|
| |||||||
REITS - 0.2% | ||||||||
Brandywine Operating Partnership LP,3.95%, 11/15/27 | 85,000 | 73,666 | ||||||
Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A,4.50%, 9/30/28 | 106,000 | 85,411 | ||||||
|
| |||||||
(Cost $152,450) | 159,077 | |||||||
|
| |||||||
Venture Capital - 0.9% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | ||||||||
4.75%, 9/15/24 | 241,000 | 236,710 | ||||||
6.375%, 12/15/25 | 130,000 | 125,544 | ||||||
6.25%, 5/15/26 | 286,000 | 270,266 | ||||||
5.25%, 5/15/27 | 262,000 | 237,529 | ||||||
|
| |||||||
(Cost $902,337) | 870,049 | |||||||
|
| |||||||
Industrial - 11.1% | ||||||||
Aerospace/Defense - 3.8% | ||||||||
Bombardier, Inc. | ||||||||
144A,7.125%, 6/15/26 | 198,000 | 198,165 | ||||||
144A,7.875%, 4/15/27 | 362,000 | 362,597 | ||||||
144A,6.00%, 2/15/28 | 170,000 | 160,380 | ||||||
Rolls-Royce PLC | ||||||||
144A,3.625%, 10/14/25 | 241,000 | 231,589 | ||||||
144A,5.75%, 10/15/27 | 181,000 | 178,991 | ||||||
Spirit AeroSystems, Inc.,4.60%, 6/15/28 | 122,000 | 103,968 | ||||||
TransDigm, Inc. | ||||||||
144A,6.25%, 3/15/26 | 843,000 | 838,054 | ||||||
7.50%, 3/15/27 | 130,000 | 130,114 | ||||||
5.50%, 11/15/27 | 520,000 | 500,919 | ||||||
144A,6.75%, 8/15/28 | 375,000 | 376,069 | ||||||
Triumph Group, Inc. | ||||||||
7.75%, 8/15/25 | 143,000 | 140,283 | ||||||
144A,9.00%, 3/15/28 | 209,000 | 214,795 | ||||||
|
| |||||||
(Cost $3,408,390) | 3,435,924 | |||||||
|
| |||||||
Building Materials - 0.7% | ||||||||
InterCement Financial Operations BV,144A,5.75%, 7/17/24 | 158,000 | 106,785 | ||||||
Smyrna Ready Mix Concrete LLC,144A,6.00%, 11/1/28 | 220,000 | 209,255 | ||||||
Standard Industries, Inc. | ||||||||
144A,5.00%, 2/15/27 | 150,000 | 143,933 | ||||||
144A,4.75%, 1/15/28 | 200,000 | 188,184 | ||||||
|
| |||||||
(Cost $677,222) | 648,157 | |||||||
|
| |||||||
Electrical Components & Equipment - 0.7% | ||||||||
Energizer Holdings, Inc.,144A,4.75%, 6/15/28 | 113,000 | 101,101 | ||||||
WESCO Distribution, Inc. | ||||||||
144A,7.125%, 6/15/25 | 264,000 | 264,567 | ||||||
144A,7.25%, 6/15/28 | 273,000 | 278,699 | ||||||
|
| |||||||
(Cost $652,159) | 644,367 | |||||||
|
| |||||||
Electronics - 0.2% | ||||||||
Sensata Technologies BV,144A,5.00%, 10/1/25 | ||||||||
(Cost $141,149) | 143,000 | 140,808 | ||||||
|
| |||||||
Engineering & Construction - 0.3% | ||||||||
Fluor Corp.,4.25%, 9/15/28 | 110,000 | 102,883 | ||||||
IHS Holding Ltd. | ||||||||
144A,5.625%, 11/29/26 | 87,000 | 75,276 | ||||||
144A,6.25%, 11/29/28 | 100,000 | 79,980 | ||||||
|
| |||||||
(Cost $257,517) | 258,139 | |||||||
|
| |||||||
Environmental Control - 0.7% | ||||||||
GFL Environmental, Inc. | ||||||||
144A,4.25%, 6/1/25 | 74,000 | 72,394 | ||||||
144A,3.75%, 8/1/25 | 130,000 | 125,686 | ||||||
144A,5.125%, 12/15/26 (a) | 130,000 | 126,213 | ||||||
144A,4.00%, 8/1/28 | 143,000 | 127,751 | ||||||
144A,3.50%, 9/1/28 | 155,000 | 138,974 |
Stericycle, Inc.,144A,5.375%, 7/15/24 | 87,000 | 86,714 | ||||||
|
| |||||||
(Cost $682,515) | 677,732 | |||||||
|
| |||||||
Machinery-Diversified - 0.5% | ||||||||
Maxim Crane Works Holdings Capital LLC,144A,11.50%, 9/1/28 | 110,000 | 109,972 | ||||||
TK Elevator Holdco GmbH,144A,7.625%, 7/15/28 | 70,000 | 66,500 | ||||||
TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27 | 294,000 | 279,571 | ||||||
|
| |||||||
(Cost $459,330) | 456,043 | |||||||
|
| |||||||
Miscellaneous Manufacturing - 0.2% | ||||||||
Hillenbrand, Inc.,5.75%, 6/15/25 | 94,000 | 92,957 | ||||||
Trinity Industries, Inc.,144A,7.75%, 7/15/28 | 70,000 | 71,444 | ||||||
|
| |||||||
(Cost $166,759) | 164,401 | |||||||
|
| |||||||
Packaging & Containers - 3.5% | ||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | ||||||||
144A,6.00%, 6/15/27 | 100,000 | 97,128 | ||||||
144A,3.25%, 9/1/28 | 111,000 | 95,666 | ||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | ||||||||
144A,5.25%, 4/30/25 | 145,000 | 141,445 | ||||||
144A,4.125%, 8/15/26 | 220,000 | 194,799 | ||||||
144A,5.25%, 8/15/27 | 206,000 | 151,536 | ||||||
144A,5.25%, 8/15/27 | 169,000 | 124,318 | ||||||
Ball Corp. | ||||||||
5.25%, 7/1/25 | 214,000 | 213,085 | ||||||
4.875%, 3/15/26 | 139,000 | 136,311 | ||||||
6.875%, 3/15/28 | 119,000 | 121,721 | ||||||
Berry Global, Inc.,144A,5.625%, 7/15/27 | 90,000 | 88,057 | ||||||
Graphic Packaging International LLC,144A,3.50%, 3/15/28 | 87,000 | 78,818 | ||||||
LABL, Inc. | ||||||||
144A,6.75%, 7/15/26 | 180,000 | 171,246 | ||||||
144A,10.50%, 7/15/27 | 105,000 | 95,515 | ||||||
144A,5.875%, 11/1/28 | 120,000 | 104,378 | ||||||
Mauser Packaging Solutions Holding Co. | ||||||||
144A,7.875%, 8/15/26 | 516,000 | 513,141 | ||||||
144A,9.25%, 4/15/27 | 268,000 | 244,164 | ||||||
Owens-Brockway Glass Container, Inc.,144A,6.625%, 5/13/27 | 120,000 | 118,356 | ||||||
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A,4.00%, 10/15/27 | 183,000 | 167,618 | ||||||
Sealed Air Corp. | ||||||||
144A,5.50%, 9/15/25 | 60,000 | 59,599 | ||||||
144A,4.00%, 12/1/27 | 110,000 | 101,198 | ||||||
144A,6.125%, 2/1/28 | 109,000 | 107,915 | ||||||
Silgan Holdings, Inc.,4.125%, 2/1/28 (a) | 115,000 | 105,938 | ||||||
|
| |||||||
(Cost $3,317,504) | 3,231,952 | |||||||
|
| |||||||
Transportation - 0.1% | ||||||||
Cargo Aircraft Management, Inc.,144A,4.75%, 2/1/28 | ||||||||
(Cost $102,460) | 113,000 | 99,364 | ||||||
|
| |||||||
Trucking & Leasing - 0.4% | ||||||||
Fortress Transportation and Infrastructure Investors LLC | ||||||||
144A,6.50%, 10/1/25 | 141,000 | 140,140 | ||||||
144A,9.75%, 8/1/27 | 65,000 | 67,638 | ||||||
144A,5.50%, 5/1/28 | 194,000 | 182,356 | ||||||
|
| |||||||
(Cost $385,316) | 390,134 | |||||||
|
| |||||||
Technology - 3.0% | ||||||||
Computers - 1.0% | ||||||||
NCR Voyix Corp.,144A,5.00%, 10/1/28 | 135,000 | 123,244 | ||||||
Presidio Holdings, Inc. | ||||||||
144A,4.875%, 2/1/27 | 86,000 | 83,247 | ||||||
144A,8.25%, 2/1/28 | 109,000 | 106,241 | ||||||
Seagate HDD Cayman | ||||||||
4.75%, 1/1/25 | 81,000 | 80,022 | ||||||
4.875%, 6/1/27 | 98,000 | 95,068 | ||||||
Western Digital Corp.,4.75%, 2/15/26 (a) | 451,000 | 435,389 | ||||||
|
| |||||||
(Cost $917,097) | 923,211 | |||||||
|
| |||||||
Office/Business Equipment - 0.3% | ||||||||
Xerox Holdings Corp. | ||||||||
144A,5.00%, 8/15/25 | 130,000 | 124,601 | ||||||
144A,5.50%, 8/15/28 | 164,000 | 137,429 | ||||||
|
| |||||||
(Cost $271,748) | 262,030 | |||||||
|
| |||||||
Semiconductors - 0.2% | ||||||||
Entegris, Inc.,144A,4.375%, 4/15/28 | 70,000 | 65,384 | ||||||
ON Semiconductor Corp.,144A,3.875%, 9/1/28 | 136,000 | 123,113 | ||||||
|
| |||||||
(Cost $185,538) | 188,497 | |||||||
|
| |||||||
Software - 1.5% | ||||||||
Alteryx, Inc.,144A,8.75%, 3/15/28 | 92,000 | 92,571 | ||||||
Boxer Parent Co., Inc.,144A,7.125%, 10/2/25 | 120,000 | 119,954 | ||||||
Clarivate Science Holdings Corp.,144A,3.875%, 7/1/28 | 180,000 | 162,579 | ||||||
Fair Isaac Corp. | ||||||||
144A,5.25%, 5/15/26 | 68,000 | 66,618 | ||||||
144A,4.00%, 6/15/28 | 189,000 | 174,064 | ||||||
MicroStrategy, Inc.,144A,6.125%, 6/15/28 | 88,000 | 81,259 | ||||||
Open Text Corp.,144A,3.875%, 2/15/28 | 164,000 | 149,523 | ||||||
PTC, Inc. | ||||||||
144A,3.625%, 2/15/25 | 92,000 | 89,556 | ||||||
144A,4.00%, 2/15/28 | 110,000 | 101,297 |
SS&C Technologies, Inc.,144A,5.50%, 9/30/27 | 371,000 | 359,360 | ||||||
|
| |||||||
(Cost $1,387,750) | 1,396,781 | |||||||
|
| |||||||
Utilities - 3.3% | ||||||||
Electric - 2.8% | ||||||||
Calpine Corp. | ||||||||
144A,5.25%, 6/1/26 | 73,000 | 71,719 | ||||||
144A,4.50%, 2/15/28 | 233,000 | 220,517 | ||||||
144A,5.125%, 3/15/28 | 280,000 | 263,714 | ||||||
Clearway Energy Operating LLC,144A,4.75%, 3/15/28 | 175,000 | 164,022 | ||||||
Continuum Energy Aura Pte Ltd.,144A,9.50%, 2/24/27 | 100,000 | 100,942 | ||||||
DPL, Inc.,4.125%, 7/1/25 | 76,000 | 73,391 | ||||||
Drax Finco PLC,144A,6.625%, 11/1/25 | 92,000 | 90,974 | ||||||
FirstEnergy Corp., Series B, 4.15%, 7/15/27 | 302,000 | 287,543 | ||||||
NextEra Energy Operating Partners LP | ||||||||
144A,4.25%, 7/15/24 | 130,000 | 128,331 | ||||||
144A,3.875%, 10/15/26 | 90,000 | 83,182 | ||||||
144A,4.50%, 9/15/27 | 102,000 | 94,240 | ||||||
NRG Energy, Inc.,5.75%, 1/15/28 | 165,000 | 161,118 | ||||||
PG&E Corp.,5.00%, 7/1/28 | 204,000 | 194,355 | ||||||
Vistra Operations Co. LLC | ||||||||
144A,5.50%, 9/1/26 | 176,000 | 173,014 | ||||||
144A,5.625%, 2/15/27 | 225,000 | 219,009 | ||||||
144A,5.00%, 7/31/27 | 259,000 | 246,670 | ||||||
|
| |||||||
(Cost $2,581,309) | 2,572,741 | |||||||
|
| |||||||
Gas - 0.5% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | ||||||||
5.50%, 5/20/25 | 110,000 | 107,819 | ||||||
5.875%, 8/20/26 | 181,000 | 176,921 | ||||||
5.75%, 5/20/27 | 96,000 | 92,059 | ||||||
144A,9.375%, 6/1/28 | 88,000 | 90,350 | ||||||
|
| |||||||
(Cost $475,934) | 467,149 | |||||||
|
| |||||||
TOTAL CORPORATE BONDS (Cost $92,071,837) | 89,985,798 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
SECURITIES LENDING COLLATERAL - 3.8% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | ||||||||
(Cost $3,469,160) | 3,469,160 | 3,469,160 | ||||||
|
| |||||||
CASH EQUIVALENTS - 1.4% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.31% (b) | ||||||||
(Cost $1,238,470) | 1,238,470 | $ | 1,238,470 | |||||
|
| |||||||
TOTAL INVESTMENTS - 103.5% (Cost $96,779,467) | $ | 94,693,428 | ||||||
Other assets and liabilities, net - (3.5%) | (3,228,379 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 91,465,049 | ||||||
|
|
For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.
A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:
Value ($) at 8/31/2023 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 11/30/2023 | Value ($) at 11/30/2023 | ||||||||
SECURITIES LENDING COLLATERAL — 3.8% | ||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | ||||||||||||||||
— | 3,469,160 (d) | — | — | — | 871 | — | 3,469,160 | 3,469,160 | ||||||||
CASH EQUIVALENTS — 1.4% | ||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.31% (b) | ||||||||||||||||
1,126,201 | 8,155,805 | (8,043,536) | — | — | 11,544 | — | 1,238,470 | 1,238,470 | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
1,126,201 | 11,624,965 | (8,043,536) | — | — | 12,415 | — | 4,707,630 | 4,707,630 | ||||||||
|
|
|
|
|
|
|
|
|
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2023 amounted to $3,393,558, which is 3.7% of net assets. |
(b) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
(d) | Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended November 30, 2023. |
REIT: | Real Estate Investment Trust |
REGS: | Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
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 November 30, 2023 in valuing the Fund’s investments.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds (a) | $ | — | $ | 89,985,798 | $ | — | $ | 89,985,798 | ||||||||
Short-Term Investments (a) | 4,707,630 | — | — | 4,707,630 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 4,707,630 | $ | 89,985,798 | $ | — | $ | 94,693,428 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
OBTAIN A FUND PROSPECTUS
To obtain a summary prospectus, or prospectus, download one from www.Xtrackers.com, talk to your financial representative or call (855) 329-3837. Investing involves risk, including the possible loss of principal. We advise you to carefully consider the product’s objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest. Xtrackers ETFs (“ETFs”) are managed by DBX Advisors LLC (the “Adviser”), and distributed by ALPS Distributors, Inc. (“ALPS”). The Adviser is a subsidiary of DWS Group GmbH & Co. KGaA, and is not affiliated with ALPS. Shares are not individually redeemable, and owners of Shares may acquire those Shares from the Fund, or tender such Shares for redemption to the Fund, in Creation Units only.
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.
NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE
SHYL-PH1
R-089711-1 (5/24) DBX005195 (5/24)