DBX ETF Trust
SCHEDULE OF INVESTMENTS
Xtrackers High Beta High Yield Bond ETF
November 30, 2023 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS - 97.3% | ||||||||
Basic Materials - 4.2% | ||||||||
Chemicals - 1.7% | ||||||||
ASP Unifrax Holdings, Inc. | ||||||||
144A,5.25%, 9/30/28 | $ | 23,000 | $ | 15,737 | ||||
144A,7.50%, 9/30/29 | 10,000 | 5,334 | ||||||
Chemours Co. | ||||||||
5.375%, 5/15/27 | 13,000 | 12,368 | ||||||
144A,5.75%, 11/15/28 | 25,000 | 22,642 | ||||||
144A,4.625%, 11/15/29 | 18,000 | 15,157 | ||||||
Consolidated Energy Finance SA,144A,5.625%, 10/15/28 | 13,000 | 10,835 | ||||||
INEOS Finance PLC,144A,6.75%, 5/15/28 | 15,000 | 14,304 | ||||||
INEOS Quattro Finance 2 PLC,144A,9.625%, 3/15/29 | 15,000 | 15,510 | ||||||
NOVA Chemicals Corp. | ||||||||
144A,5.00%, 5/1/25 | 17,000 | 16,493 | ||||||
144A,5.25%, 6/1/27 | 29,000 | 26,135 | ||||||
144A,4.25%, 5/15/29 | 13,000 | 10,267 | ||||||
SCIH Salt Holdings, Inc.,144A,6.625%, 5/1/29 | 19,000 | 16,847 | ||||||
Tronox, Inc.,144A,4.625%, 3/15/29 | 27,000 | 22,982 | ||||||
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| |||||||
(Cost $233,769) | 204,611 | |||||||
|
| |||||||
Forest Products & Paper - 0.2% | ||||||||
Mercer International, Inc.,5.125%, 2/1/29 | ||||||||
(Cost $22,635) | 24,000 | 20,068 | ||||||
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| |||||||
Iron/Steel - 0.8% | ||||||||
ATI, Inc.,7.25%, 8/15/30 | 10,000 | 10,056 | ||||||
Mineral Resources Ltd. | ||||||||
144A,8.125%, 5/1/27 | 18,000 | 18,025 | ||||||
144A,8.00%, 11/1/27 | 18,000 | 18,050 | ||||||
144A,9.25%, 10/1/28 | 30,000 | 31,130 | ||||||
144A,8.50%, 5/1/30 | 16,000 | 16,189 | ||||||
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| |||||||
(Cost $93,224) | 93,450 | |||||||
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| |||||||
Mining - 1.5% | ||||||||
First Quantum Minerals Ltd. | ||||||||
144A,6.875%, 3/1/26 | 40,000 | 34,513 | ||||||
144A,6.875%, 10/15/27 | 54,000 | 43,803 | ||||||
144A,8.625%, 6/1/31 | 36,000 | 29,160 | ||||||
Hudbay Minerals, Inc.,144A,6.125%, 4/1/29 | 15,000 | 14,153 | ||||||
Kaiser Aluminum Corp. | ||||||||
144A,4.625%, 3/1/28 | 15,000 | 13,301 | ||||||
144A,4.50%, 6/1/31 | 20,000 | 16,177 | ||||||
Vedanta Resources Finance II PLC | ||||||||
144A,8.95%, 3/11/25 | 15,000 | 10,717 | ||||||
144A,9.25%, 4/23/26 | 35,000 | 19,892 | ||||||
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| |||||||
(Cost $214,875) | 181,716 | |||||||
|
| |||||||
Communications - 23.6% | ||||||||
Advertising - 1.4% | ||||||||
Clear Channel Outdoor Holdings, Inc. | ||||||||
144A,5.125%, 8/15/27 | 32,000 | 29,704 | ||||||
144A,7.75%, 4/15/28 | 20,000 | 16,416 | ||||||
144A,9.00%, 9/15/28 | 25,000 | 25,325 | ||||||
144A,7.50%, 6/1/29 (a) | 32,000 | 25,247 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. | ||||||||
144A,5.00%, 8/15/27 | 5,000 | 4,718 | ||||||
144A,4.25%, 1/15/29 | 17,000 | 14,694 | ||||||
144A,4.625%, 3/15/30 | 20,000 | 17,190 | ||||||
Stagwell Global LLC,144A,5.625%, 8/15/29 | 34,000 | 29,732 | ||||||
|
| |||||||
(Cost $175,936) | 163,026 | |||||||
|
| |||||||
Internet - 0.5% | ||||||||
EquipmentShare.com, Inc.,144A,9.00%, 5/15/28 | 30,000 | 29,588 | ||||||
Newfold Digital Holdings Group, Inc.,144A,11.75%, 10/15/28 | 15,000 | 15,425 | ||||||
Rakuten Group, Inc.,144A,10.25%, 11/30/24 | 17,000 | 17,382 | ||||||
|
| |||||||
(Cost $60,210) | 62,395 | |||||||
|
| |||||||
Media - 13.2% | ||||||||
Altice Financing SA | ||||||||
144A,5.00%, 1/15/28 | 32,000 | 27,422 | ||||||
144A,5.75%, 8/15/29 | 59,000 | 48,573 | ||||||
AMC Networks, Inc. | ||||||||
4.75%, 8/1/25 | 27,000 | 25,645 | ||||||
4.25%, 2/15/29 | 26,000 | 18,226 | ||||||
Cable One, Inc.,144A,4.00%, 11/15/30 | 15,000 | 11,711 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | ||||||||
144A,7.375%, 3/1/31 (a) | 32,000 | 32,032 | ||||||
144A,4.75%, 2/1/32 | 35,000 | 29,422 | ||||||
4.50%, 5/1/32 | 80,000 | 65,952 | ||||||
144A,4.50%, 6/1/33 | 45,000 | 36,029 | ||||||
144A,4.25%, 1/15/34 | 55,000 | 42,950 | ||||||
CSC Holdings LLC | ||||||||
144A,5.50%, 4/15/27 | 38,000 | 33,632 | ||||||
144A,5.375%, 2/1/28 | 22,000 | 18,704 | ||||||
144A,7.50%, 4/1/28 | 30,000 | 20,544 | ||||||
144A,11.25%, 5/15/28 | 28,000 | 27,973 | ||||||
144A,6.50%, 2/1/29 | 51,000 | 43,380 | ||||||
144A,5.75%, 1/15/30 | 62,000 | 35,055 | ||||||
144A,4.125%, 12/1/30 | 31,000 | 22,091 | ||||||
144A,4.625%, 12/1/30 | 65,000 | 35,849 | ||||||
144A,3.375%, 2/15/31 | 27,000 | 18,436 | ||||||
144A,4.50%, 11/15/31 | 41,000 | 29,040 | ||||||
144A,5.00%, 11/15/31 | 18,000 | 10,073 |
DISH DBS Corp. | ||||||||
7.75%, 7/1/26 | 54,000 | 32,284 | ||||||
144A,5.25%, 12/1/26 | 81,000 | 65,280 | ||||||
7.375%, 7/1/28 | 25,000 | 12,383 | ||||||
144A,5.75%, 12/1/28 | 70,000 | 51,979 | ||||||
5.125%, 6/1/29 | 43,000 | 19,500 | ||||||
DISH Network Corp.,144A,11.75%, 11/15/27 | 101,000 | 100,372 | ||||||
Gray Television, Inc. | ||||||||
144A,5.875%, 7/15/26 | 27,000 | 25,266 | ||||||
144A,7.00%, 5/15/27 | 17,000 | 15,422 | ||||||
144A,4.75%, 10/15/30 | 20,000 | 14,296 | ||||||
iHeartCommunications, Inc. | ||||||||
6.375%, 5/1/26 | 22,000 | 18,692 | ||||||
8.375%, 5/1/27 | 33,000 | 23,145 | ||||||
144A,5.25%, 8/15/27 | 19,000 | 14,612 | ||||||
144A,4.75%, 1/15/28 | 11,000 | 8,415 | ||||||
McGraw-Hill Education, Inc. | ||||||||
144A,5.75%, 8/1/28 | 23,000 | 21,009 | ||||||
144A,8.00%, 8/1/29 | 16,000 | 14,430 | ||||||
Nexstar Media, Inc. | ||||||||
144A,5.625%, 7/15/27 | 50,000 | 47,401 | ||||||
144A,4.75%, 11/1/28 | 29,000 | 25,692 | ||||||
Radiate Holdco LLC / Radiate Finance, Inc. | ||||||||
144A,4.50%, 9/15/26 | 25,000 | 18,643 | ||||||
144A,6.50%, 9/15/28 | 30,000 | 14,085 | ||||||
Sinclair Television Group, Inc. | ||||||||
144A,5.50%, 3/1/30 | 13,000 | 9,642 | ||||||
144A,4.125%, 12/1/30 | 21,000 | 14,769 | ||||||
Sirius XM Radio, Inc. | ||||||||
144A,5.50%, 7/1/29 | 40,000 | 37,134 | ||||||
144A,4.125%, 7/1/30 | 40,000 | 33,775 | ||||||
144A,3.875%, 9/1/31 | 35,000 | 28,355 | ||||||
TEGNA, Inc. | ||||||||
4.625%, 3/15/28 | 30,000 | 27,395 | ||||||
5.00%, 9/15/29 | 30,000 | 26,645 | ||||||
Univision Communications, Inc. | ||||||||
144A,6.625%, 6/1/27 | 44,000 | 43,437 | ||||||
144A,8.00%, 8/15/28 | 10,000 | 10,122 | ||||||
144A,4.50%, 5/1/29 | 35,000 | 30,735 | ||||||
144A,7.375%, 6/30/30 | 21,000 | 20,625 | ||||||
UPC Broadband Finco BV,144A,4.875%, 7/15/31 | 32,000 | 27,022 | ||||||
UPC Holding BV,144A,5.50%, 1/15/28 | 15,000 | 13,633 | ||||||
Virgin Media Finance PLC,144A,5.00%, 7/15/30 | 25,000 | 20,912 | ||||||
VTR Finance NV,144A,6.375%, 7/15/28 | 13,000 | 2,254 | ||||||
Ziggo Bond Co. BV | ||||||||
144A,6.00%, 1/15/27 | 16,000 | 15,263 | ||||||
144A,5.125%, 2/28/30 | 13,000 | 10,170 | ||||||
Ziggo BV,144A,4.875%, 1/15/30 | 30,000 | 25,706 | ||||||
|
| |||||||
(Cost $1,810,437) | 1,573,239 | |||||||
|
| |||||||
Telecommunications - 8.5% | ||||||||
Altice France Holding SA | ||||||||
144A,10.50%, 5/15/27 | 43,000 | 22,875 | ||||||
144A,6.00%, 2/15/28 | 31,000 | 12,555 | ||||||
Altice France SA | ||||||||
144A,8.125%, 2/1/27 | 51,000 | 43,912 | ||||||
144A,5.50%, 1/15/28 | 26,000 | 19,905 | ||||||
144A,5.125%, 1/15/29 | 15,000 | 10,915 | ||||||
144A,5.125%, 7/15/29 | 73,000 | 52,274 | ||||||
144A,5.50%, 10/15/29 | 52,000 | 37,572 | ||||||
C&W Senior Financing DAC,144A,6.875%, 9/15/27 | 33,000 | 30,145 | ||||||
CommScope Technologies LLC | ||||||||
144A,6.00%, 6/15/25 | 37,000 | 29,007 | ||||||
144A,5.00%, 3/15/27 | 19,000 | 8,096 | ||||||
CommScope, Inc. | ||||||||
144A,6.00%, 3/1/26 | 38,000 | 32,622 | ||||||
144A,8.25%, 3/1/27 (a) | 25,000 | 12,461 | ||||||
144A,7.125%, 7/1/28 | 20,000 | 9,366 | ||||||
144A,4.75%, 9/1/29 | 38,000 | 23,877 | ||||||
Consolidated Communications, Inc. | ||||||||
144A,5.00%, 10/1/28 | 12,000 | 9,401 | ||||||
144A,6.50%, 10/1/28 | 20,000 | 16,550 | ||||||
Frontier Communications Holdings LLC | ||||||||
144A,5.875%, 10/15/27 | 30,000 | 28,212 | ||||||
144A,5.00%, 5/1/28 | 45,000 | 40,425 | ||||||
144A,6.75%, 5/1/29 | 26,000 | 22,054 | ||||||
5.875%, 11/1/29 | 20,000 | 16,037 | ||||||
144A,6.00%, 1/15/30 | 30,000 | 24,063 | ||||||
144A,8.75%, 5/15/30 | 40,000 | 39,975 | ||||||
144A,8.625%, 3/15/31 | 20,000 | 19,716 | ||||||
Hughes Satellite Systems Corp. | ||||||||
5.25%, 8/1/26 | 30,000 | 25,678 | ||||||
6.625%, 8/1/26 | 19,000 | 14,964 | ||||||
Iliad Holding SASU | ||||||||
144A,6.50%, 10/15/26 | 31,000 | 30,206 | ||||||
144A,7.00%, 10/15/28 | 23,000 | 22,134 | ||||||
Intelsat Jackson Holdings SA,144A,6.50%, 3/15/30 | 86,000 | 79,968 | ||||||
Level 3 Financing, Inc. | ||||||||
144A,4.625%, 9/15/27 | 25,000 | 13,278 | ||||||
144A,4.25%, 7/1/28 | 32,000 | 13,420 | ||||||
144A,3.625%, 1/15/29 | 22,000 | 7,949 | ||||||
144A,10.50%, 5/15/30 (a) | 26,000 | 24,157 | ||||||
Lumen Technologies, Inc. | ||||||||
144A,5.125%, 12/15/26 | 15,000 | 7,365 | ||||||
144A,4.00%, 2/15/27 | 35,000 | 18,528 | ||||||
144A,4.50%, 1/15/29 | 12,000 | 2,927 |
Millicom International Cellular SA | ||||||||
144A,5.125%, 1/15/28 | 13,500 | 12,213 | ||||||
144A,6.25%, 3/25/29 | 18,000 | 16,650 | ||||||
144A,4.50%, 4/27/31 | 22,000 | 17,633 | ||||||
Sable International Finance Ltd.,144A,5.75%, 9/7/27 | 12,000 | 11,043 | ||||||
Viasat, Inc. | ||||||||
144A,5.625%, 9/15/25 | 18,000 | 17,204 | ||||||
144A,5.625%, 4/15/27 | 16,000 | 14,833 | ||||||
144A,6.50%, 7/15/28 | 10,000 | 7,716 | ||||||
144A,7.50%, 5/30/31 | 20,000 | 14,325 | ||||||
Windstream Escrow LLC / Windstream Escrow Finance Corp.,144A,7.75%, 8/15/28 (a) | 40,000 | 33,222 | ||||||
Zayo Group Holdings, Inc. | ||||||||
144A,4.00%, 3/1/27 | 43,000 | 32,854 | ||||||
144A,6.125%, 3/1/28 | 30,000 | 20,183 | ||||||
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| |||||||
(Cost $1,280,696) | 1,020,465 | |||||||
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| |||||||
Consumer, Cyclical - 18.4% | ||||||||
Airlines - 1.1% | ||||||||
American Airlines Group, Inc.,144A,3.75%, 3/1/25 | 16,000 | 15,319 | ||||||
American Airlines, Inc.,144A,7.25%, 2/15/28 | 25,000 | 24,761 | ||||||
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.,144A,5.75%, 1/20/26 | 33,000 | 26,289 | ||||||
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. | ||||||||
144A,8.00%, 9/20/25 | 15,000 | 10,817 | ||||||
144A,8.00%, 9/20/25 | 14,000 | 10,096 | ||||||
United Airlines, Inc.,144A,4.625%, 4/15/29 | 50,000 | 44,665 | ||||||
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| |||||||
(Cost $147,521) | 131,947 | |||||||
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| |||||||
Apparel - 0.3% | ||||||||
Hanesbrands, Inc. | ||||||||
144A,4.875%, 5/15/26 | 26,000 | 24,686 | ||||||
144A,9.00%, 2/15/31 | 18,000 | 17,020 | ||||||
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| |||||||
(Cost $42,771) | 41,706 | |||||||
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| |||||||
Auto Manufacturers - 0.2% | ||||||||
Aston Martin Capital Holdings Ltd.,144A,10.50%, 11/30/25 | ||||||||
(Cost $27,751) | 28,000 | 28,022 | ||||||
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| |||||||
Auto Parts & Equipment - 1.8% | ||||||||
American Axle & Manufacturing, Inc. | ||||||||
6.50%, 4/1/27 (a) | 13,000 | 12,549 | ||||||
6.875%, 7/1/28 | 10,000 | 9,211 | ||||||
5.00%, 10/1/29 | 20,000 | 16,570 | ||||||
Clarios Global LP / Clarios US Finance Co.,144A,8.50%, 5/15/27 | 45,000 | 45,354 | ||||||
Dana, Inc. | ||||||||
5.375%, 11/15/27 | 10,000 | 9,517 | ||||||
5.625%, 6/15/28 | 10,000 | 9,538 | ||||||
4.25%, 9/1/30 | 10,000 | 8,494 | ||||||
Goodyear Tire & Rubber Co. | ||||||||
5.00%, 7/15/29 | 28,000 | 25,551 | ||||||
5.25%, 4/30/31 (a) | 14,000 | 12,263 | ||||||
5.25%, 7/15/31 | 16,000 | 13,890 | ||||||
5.625%, 4/30/33 | 13,000 | 11,194 | ||||||
Tenneco, Inc.,144A,8.00%, 11/17/28 | 55,000 | 45,375 | ||||||
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| |||||||
(Cost $234,077) | 219,506 | |||||||
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| |||||||
Entertainment - 2.0% | ||||||||
AMC Entertainment Holdings, Inc.,144A,7.50%, 2/15/29 | 28,000 | 19,026 | ||||||
Banijay Entertainment SASU,144A,8.125%, 5/1/29 | 10,000 | 10,076 | ||||||
Caesars Entertainment, Inc.,144A,4.625%, 10/15/29 | 35,000 | 30,756 | ||||||
Cinemark USA, Inc. | ||||||||
144A,5.875%, 3/15/26 | 17,000 | 16,433 | ||||||
144A,5.25%, 7/15/28 | 20,000 | 18,025 | ||||||
Light & Wonder International, Inc. | ||||||||
144A,7.25%, 11/15/29 | 11,000 | 11,035 | ||||||
144A,7.50%, 9/1/31 | 20,000 | 20,309 | ||||||
Mohegan Tribal Gaming Authority,144A,8.00%, 2/1/26 | 29,000 | 27,107 | ||||||
Penn Entertainment, Inc. | ||||||||
144A,5.625%, 1/15/27 | 15,000 | 14,283 | ||||||
144A,4.125%, 7/1/29 | 10,000 | 8,333 | ||||||
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. | ||||||||
144A,5.625%, 9/1/29 | 19,000 | 13,769 | ||||||
144A,5.875%, 9/1/31 | 21,000 | 14,956 | ||||||
Six Flags Entertainment Corp. | ||||||||
144A,5.50%, 4/15/27 | 10,000 | 9,567 | ||||||
144A,7.25%, 5/15/31 (a) | 25,000 | 24,149 | ||||||
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| |||||||
(Cost $263,685) | 237,824 | |||||||
|
| |||||||
Food Service - 0.2% | ||||||||
TKC Holdings, Inc. | ||||||||
144A,6.875%, 5/15/28 | 11,000 | 9,936 | ||||||
144A,10.50%, 5/15/29 | 21,000 | 18,179 | ||||||
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| |||||||
(Cost $31,596) | 28,115 | |||||||
|
| |||||||
Home Builders - 0.6% | ||||||||
Ashton Woods USA LLC / Ashton Woods Finance Co.,144A,4.625%, 4/1/30 | 10,000 | 8,351 | ||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC | ||||||||
144A,6.25%, 9/15/27 | 18,000 | 17,000 | ||||||
144A,4.875%, 2/15/30 | 15,000 | 12,679 |
Mattamy Group Corp. | ||||||||
144A,5.25%, 12/15/27 | 13,000 | 12,214 | ||||||
144A,4.625%, 3/1/30 | 18,000 | 15,850 | ||||||
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| |||||||
(Cost $71,731) | 66,094 | |||||||
|
| |||||||
Home Furnishings - 0.3% | ||||||||
Tempur Sealy International, Inc. | ||||||||
144A,4.00%, 4/15/29 | 22,000 | 19,086 | ||||||
144A,3.875%, 10/15/31 | 21,000 | 16,897 | ||||||
|
| |||||||
(Cost $39,170) | 35,983 | |||||||
|
| |||||||
Housewares - 1.1% | ||||||||
Newell Brands, Inc. | ||||||||
4.875%, 6/1/25 | 10,000 | 9,768 | ||||||
5.20%, 4/1/26 | 55,000 | 53,142 | ||||||
6.375%, 9/15/27 | 15,000 | 14,683 | ||||||
6.625%, 9/15/29 | 15,000 | 14,642 | ||||||
Scotts Miracle-Gro Co. | ||||||||
4.50%, 10/15/29 | 10,000 | 8,534 | ||||||
4.00%, 4/1/31 | 22,000 | 17,669 | ||||||
4.375%, 2/1/32 | 10,000 | 7,949 | ||||||
|
| |||||||
(Cost $128,830) | 126,387 | |||||||
|
| |||||||
Leisure Time - 4.7% | ||||||||
Carnival Corp. | ||||||||
144A,7.625%, 3/1/26 | 32,000 | 32,257 | ||||||
144A,5.75%, 3/1/27 | 88,000 | 83,703 | ||||||
144A,6.00%, 5/1/29 | 59,000 | 54,332 | ||||||
144A,10.50%, 6/1/30 | 29,000 | 30,948 | ||||||
Life Time, Inc.,144A,8.00%, 4/15/26 | 10,000 | 10,008 | ||||||
NCL Corp. Ltd. | ||||||||
144A,3.625%, 12/15/24 | 20,000 | 19,360 | ||||||
144A,5.875%, 3/15/26 | 45,000 | 42,671 | ||||||
144A,8.375%, 2/1/28 | 5,000 | 5,176 | ||||||
144A,8.125%, 1/15/29 | 18,000 | 18,344 | ||||||
144A,7.75%, 2/15/29 | 17,000 | 16,078 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
144A,4.25%, 7/1/26 | 18,000 | 17,060 | ||||||
144A,5.50%, 8/31/26 | 29,000 | 28,244 | ||||||
144A,5.375%, 7/15/27 | 29,000 | 27,931 | ||||||
144A,11.625%, 8/15/27 | 35,000 | 37,985 | ||||||
3.70%, 3/15/28 | 15,000 | 13,420 | ||||||
144A,5.50%, 4/1/28 | 34,000 | 32,508 | ||||||
144A,9.25%, 1/15/29 | 29,000 | 30,957 | ||||||
Viking Cruises Ltd. | ||||||||
144A,5.875%, 9/15/27 | 26,000 | 24,502 | ||||||
144A,7.00%, 2/15/29 | 13,000 | 12,463 | ||||||
144A,9.125%, 7/15/31 | 22,000 | 22,903 | ||||||
|
| |||||||
(Cost $553,468) | 560,850 | |||||||
|
| |||||||
Lodging - 1.6% | ||||||||
Marriott Ownership Resorts, Inc.,144A,4.50%, 6/15/29 | 13,000 | 10,943 | ||||||
Melco Resorts Finance Ltd. | ||||||||
144A,4.875%, 6/6/25 | 26,000 | 25,061 | ||||||
144A,5.25%, 4/26/26 | 10,000 | 9,418 | ||||||
144A,5.625%, 7/17/27 | 16,000 | 14,493 | ||||||
144A,5.75%, 7/21/28 | 23,000 | 20,585 | ||||||
144A,5.375%, 12/4/29 | 29,000 | 24,314 | ||||||
Station Casinos LLC,144A,4.625%, 12/1/31 | 13,000 | 11,030 | ||||||
Studio City Finance Ltd. | ||||||||
144A,6.00%, 7/15/25 | 25,000 | 24,238 | ||||||
144A,6.50%, 1/15/28 | 15,000 | 13,215 | ||||||
144A,5.00%, 1/15/29 | 32,000 | 24,955 | ||||||
Travel + Leisure Co.,144A,4.50%, 12/1/29 | 19,000 | 16,375 | ||||||
|
| |||||||
(Cost $211,410) | 194,627 | |||||||
|
| |||||||
Retail - 4.5% | ||||||||
Asbury Automotive Group, Inc.,144A,5.00%, 2/15/32 | 16,000 | 13,967 | ||||||
Bath & Body Works, Inc. | ||||||||
7.50%, 6/15/29 (a) | 19,000 | 19,523 | ||||||
144A,6.625%, 10/1/30 | 25,000 | 24,770 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp. | ||||||||
144A,5.375%, 4/1/26 | 17,000 | 16,254 | ||||||
144A,5.875%, 4/1/29 | 25,000 | 22,967 | ||||||
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. | ||||||||
144A,4.625%, 1/15/29 | 25,000 | 22,231 | ||||||
144A,6.75%, 1/15/30 | 36,000 | 30,368 | ||||||
Gap, Inc. | ||||||||
144A,3.625%, 10/1/29 | 19,000 | 15,642 | ||||||
144A,3.875%, 10/1/31 | 24,000 | 18,978 | ||||||
Kohl’s Corp.,4.625%, 5/1/31 | 15,000 | 10,983 | ||||||
LBM Acquisition LLC,144A,6.25%, 1/15/29 | 19,000 | 15,939 | ||||||
Macy’s Retail Holdings LLC | ||||||||
144A,5.875%, 4/1/29 | 13,000 | 12,230 | ||||||
144A,6.125%, 3/15/32 | 10,000 | 8,975 | ||||||
Michaels Cos., Inc. | ||||||||
144A,5.25%, 5/1/28 | 20,000 | 14,624 | ||||||
144A,7.875%, 5/1/29 | 37,000 | 21,062 | ||||||
NMG Holding Co, Inc. / Neiman Marcus Group LLC,144A,7.125%, 4/1/26 | 32,000 | 30,014 | ||||||
Nordstrom, Inc. | ||||||||
4.375%, 4/1/30 | 15,000 | 12,483 | ||||||
4.25%, 8/1/31 (a) | 11,000 | 8,693 | ||||||
PetSmart, Inc. / PetSmart Finance Corp.,144A,7.75%, 2/15/29 | 31,000 | 29,340 | ||||||
QVC, Inc. | ||||||||
4.45%, 2/15/25 | 15,000 | 13,922 | ||||||
4.75%, 2/15/27 | 15,000 | 11,540 | ||||||
4.375%, 9/1/28 | 13,000 | 8,787 |
Sonic Automotive, Inc. | ||||||||
144A,4.625%, 11/15/29 (a) | 17,000 | 15,004 | ||||||
144A,4.875%, 11/15/31 | 17,000 | 14,312 | ||||||
SRS Distribution, Inc. | ||||||||
144A,6.125%, 7/1/29 | 12,000 | 10,608 | ||||||
144A,6.00%, 12/1/29 | 25,000 | 21,770 | ||||||
Staples, Inc. | ||||||||
144A,7.50%, 4/15/26 | 54,000 | 47,826 | ||||||
144A,10.75%, 4/15/27 | 28,000 | 18,270 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp.,144A,5.00%, 6/1/31 | 24,000 | 21,255 | ||||||
|
| |||||||
(Cost $602,624) | 532,337 | |||||||
|
| |||||||
Consumer, Non-cyclical - 13.4% | ||||||||
Agriculture - 0.3% | ||||||||
Vector Group Ltd. | ||||||||
144A,10.50%, 11/1/26 | 12,000 | 12,026 | ||||||
144A,5.75%, 2/1/29 | 29,000 | 25,838 | ||||||
|
| |||||||
(Cost $40,794) | 37,864 | |||||||
|
| |||||||
Beverages - 0.1% | ||||||||
Primo Water Holdings, Inc.,144A,4.375%, 4/30/29 | ||||||||
(Cost $18,990) | 19,000 | 16,872 | ||||||
|
| |||||||
Commercial Services - 3.3% | ||||||||
Albion Financing 1 SARL / Aggreko Holdings, Inc.,144A,6.125%, 10/15/26 | 10,000 | 9,769 | ||||||
Albion Financing 2 SARL,144A,8.75%, 4/15/27 | 15,000 | 14,342 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. | ||||||||
144A,6.625%, 7/15/26 | 47,000 | 45,722 | ||||||
144A,9.75%, 7/15/27 | 33,000 | 30,395 | ||||||
144A,6.00%, 6/1/29 | 25,000 | 19,057 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL,144A,4.625%, 6/1/28 | 36,000 | 31,263 | ||||||
APX Group, Inc.,144A,5.75%, 7/15/29 | 23,000 | 20,558 | ||||||
Garda World Security Corp. | ||||||||
144A,4.625%, 2/15/27 | 14,000 | 13,326 | ||||||
144A,9.50%, 11/1/27 | 20,000 | 19,254 | ||||||
144A,7.75%, 2/15/28 | 10,000 | 10,104 | ||||||
144A,6.00%, 6/1/29 | 16,000 | 13,337 | ||||||
Hertz Corp. | ||||||||
144A,4.625%, 12/1/26 | 20,000 | 17,640 | ||||||
144A,5.00%, 12/1/29 | 24,000 | 18,471 | ||||||
MPH Acquisition Holdings LLC | ||||||||
144A,5.50%, 9/1/28 | 28,000 | 24,265 | ||||||
144A,5.75%, 11/1/28 | 28,000 | 21,782 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc.,144A,6.25%, 1/15/28 | 35,000 | 33,776 | ||||||
Sabre GLBL, Inc. | ||||||||
144A,8.625%, 6/1/27 | 25,000 | 20,901 | ||||||
144A,11.25%, 12/15/27 | 17,000 | 15,414 | ||||||
Sotheby’s,144A,7.375%, 10/15/27 | 20,000 | 18,355 | ||||||
|
| |||||||
(Cost $434,967) | 397,731 | |||||||
|
| |||||||
Cosmetics/Personal Care - 0.1% | ||||||||
Edgewell Personal Care Co.,144A,4.125%, 4/1/29 | ||||||||
(Cost $12,954) | 13,000 | 11,479 | ||||||
|
| |||||||
Food - 1.1% | ||||||||
B&G Foods, Inc. | ||||||||
5.25%, 9/15/27 | 14,000 | 12,204 | ||||||
144A,8.00%, 9/15/28 | 15,000 | 15,348 | ||||||
Post Holdings, Inc. | ||||||||
144A,5.50%, 12/15/29 | 32,000 | 30,102 | ||||||
144A,4.625%, 4/15/30 | 42,000 | 37,551 | ||||||
144A,4.50%, 9/15/31 | 28,000 | 24,406 | ||||||
Sigma Holdco BV,144A,7.875%, 5/15/26 | 19,000 | 16,362 | ||||||
|
| |||||||
(Cost $147,803) | 135,973 | |||||||
|
| |||||||
Healthcare-Products - 0.4% | ||||||||
Bausch & Lomb Escrow Corp.,144A,8.375%, 10/1/28 | ||||||||
(Cost $40,363) | 40,000 | 40,942 | ||||||
|
| |||||||
Healthcare-Services - 5.0% | ||||||||
CHS/Community Health Systems, Inc. | ||||||||
144A,8.00%, 3/15/26 | 57,000 | 55,181 | ||||||
144A,5.625%, 3/15/27 | 50,000 | 44,652 | ||||||
144A,8.00%, 12/15/27 | 24,000 | 22,764 | ||||||
144A,6.875%, 4/1/28 | 28,000 | 14,167 | ||||||
144A,6.00%, 1/15/29 | 23,000 | 19,404 | ||||||
144A,6.875%, 4/15/29 | 38,000 | 22,451 | ||||||
144A,6.125%, 4/1/30 | 34,000 | 19,012 | ||||||
144A,5.25%, 5/15/30 | 41,000 | 32,380 | ||||||
144A,4.75%, 2/15/31 | 28,000 | 20,572 | ||||||
DaVita, Inc. | ||||||||
144A,4.625%, 6/1/30 | 81,000 | 68,532 | ||||||
144A,3.75%, 2/15/31 | 38,000 | 29,827 | ||||||
Legacy LifePoint Health LLC,144A,4.375%, 2/15/27 | 22,000 | 19,282 | ||||||
LifePoint Health, Inc. | ||||||||
144A,5.375%, 1/15/29 | 13,000 | 8,529 | ||||||
144A,9.875%, 8/15/30 | 23,000 | 22,226 | ||||||
144A,11.00%, 10/15/30 | 25,000 | 25,122 | ||||||
ModivCare, Inc.,144A,5.875%, 11/15/25 | 13,000 | 12,666 | ||||||
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc.,144A,9.75%, 12/1/26 | 36,000 | 34,833 |
Star Parent, Inc.,144A,9.00%, 10/1/30 | 32,000 | 33,273 | ||||||
Team Health Holdings, Inc.,144A,6.375%, 2/1/25 | 20,000 | 16,798 | ||||||
Tenet Healthcare Corp.,6.125%, 10/1/28 (a) | 73,000 | 70,840 | ||||||
|
| |||||||
(Cost $682,159) | 592,511 | |||||||
|
| |||||||
Household Products/Wares - 0.2% | ||||||||
Central Garden & Pet Co.,144A,4.125%, 4/30/31 | 10,000 | 8,444 | ||||||
Spectrum Brands, Inc.,144A,3.875%, 3/15/31 | 13,000 | 11,075 | ||||||
|
| |||||||
(Cost $22,783) | 19,519 | |||||||
|
| |||||||
Pharmaceuticals - 2.9% | ||||||||
AdaptHealth LLC | ||||||||
144A,4.625%, 8/1/29 | 11,000 | 8,695 | ||||||
144A,5.125%, 3/1/30 | 16,000 | 12,758 | ||||||
Bausch Health Americas, Inc. | ||||||||
144A,9.25%, 4/1/26 | 22,000 | 19,383 | ||||||
144A,8.50%, 1/31/27 (a) | 20,000 | 9,907 | ||||||
Bausch Health Cos., Inc. | ||||||||
144A,5.50%, 11/1/25 | 49,000 | 42,742 | ||||||
144A,9.00%, 12/15/25 | 28,000 | 25,132 | ||||||
144A,6.125%, 2/1/27 | 26,000 | 14,479 | ||||||
144A,5.75%, 8/15/27 | 13,000 | 7,098 | ||||||
144A,5.00%, 1/30/28 | 12,000 | 4,498 | ||||||
144A,4.875%, 6/1/28 | 37,000 | 18,877 | ||||||
144A,11.00%, 9/30/28 | 52,000 | 32,630 | ||||||
144A,5.00%, 2/15/29 | 15,000 | 5,254 | ||||||
144A,6.25%, 2/15/29 | 23,000 | 8,216 | ||||||
144A,5.25%, 1/30/30 | 24,000 | 8,616 | ||||||
144A,5.25%, 2/15/31 | 11,000 | 3,887 | ||||||
Cheplapharm Arzneimittel GmbH,144A,5.50%, 1/15/28 | 13,000 | 12,051 | ||||||
Grifols SA,144A,4.75%, 10/15/28 | 19,000 | 16,809 | ||||||
Herbalife Nutrition Ltd / HLF Financing, Inc.,144A,7.875%, 9/1/25 | 20,000 | 19,635 | ||||||
HLF Financing Sarl LLC / Herbalife International, Inc.,144A,4.875%, 6/1/29 | 16,000 | 11,363 | ||||||
Organon & Co. / Organon Foreign Debt Co.-Issuer BV,144A,5.125%, 4/30/31 | 55,000 | 43,227 | ||||||
Owens & Minor, Inc. | ||||||||
144A,4.50%, 3/31/29 | 11,000 | 9,429 | ||||||
144A,6.625%, 4/1/30 (a) | 16,000 | 14,950 | ||||||
|
| |||||||
(Cost $487,495) | 349,636 | |||||||
|
| |||||||
Diversified - 0.1% | ||||||||
Holding Companies-Diversified - 0.1% | ||||||||
Benteler International AG,144A,10.50%, 5/15/28 | ||||||||
(Cost $15,253) | 15,000 | 15,460 | ||||||
|
| |||||||
Energy - 12.8% | ||||||||
Energy-Alternate Sources - 0.1% | ||||||||
Sunnova Energy Corp.,144A,11.75%, 10/1/28 | ||||||||
(Cost $8,556) | 10,000 | 8,587 | ||||||
|
| |||||||
Oil & Gas - 5.4% | ||||||||
Baytex Energy Corp. | ||||||||
144A,8.75%, 4/1/27 | 12,000 | 12,318 | ||||||
144A,8.50%, 4/30/30 | 20,000 | 20,465 | ||||||
Callon Petroleum Co. | ||||||||
144A,8.00%, 8/1/28 | 17,000 | 17,251 | ||||||
144A,7.50%, 6/15/30 (a) | 15,000 | 14,820 | ||||||
Calumet Specialty Products Partners LP / Calumet Finance Corp.,144A,11.00%, 4/15/25 | 15,000 | 15,162 | ||||||
Civitas Resources, Inc. | ||||||||
144A,8.375%, 7/1/28 | 35,000 | 35,884 | ||||||
144A,8.625%, 11/1/30 | 20,000 | 20,731 | ||||||
144A,8.75%, 7/1/31 | 40,000 | 41,450 | ||||||
CNX Resources Corp. | ||||||||
144A,6.00%, 1/15/29 | 13,000 | 12,404 | ||||||
144A,7.375%, 1/15/31 | 11,000 | 10,938 | ||||||
Comstock Resources, Inc. | ||||||||
144A,6.75%, 3/1/29 | 32,000 | 29,494 | ||||||
144A,5.875%, 1/15/30 | 28,000 | 24,321 | ||||||
Crescent Energy Finance LLC | ||||||||
144A,7.25%, 5/1/26 | 20,000 | 19,864 | ||||||
144A,9.25%, 2/15/28 | 22,000 | 22,755 | ||||||
CVR Energy, Inc.,144A,5.75%, 2/15/28 | 11,000 | 10,183 | ||||||
Energean PLC,144A,6.50%, 4/30/27 | 16,000 | 14,197 | ||||||
Kosmos Energy Ltd. | ||||||||
144A,7.125%, 4/4/26 | 22,000 | 20,604 | ||||||
144A,7.75%, 5/1/27 | 14,000 | 12,893 | ||||||
144A,7.50%, 3/1/28 | 10,000 | 8,958 | ||||||
Leviathan Bond Ltd. | ||||||||
144A,REGS, 6.125%, 6/30/25 | 16,000 | 15,519 | ||||||
144A,REGS, 6.50%, 6/30/27 | 25,000 | 23,585 | ||||||
144A,REGS, 6.75%, 6/30/30 | 14,000 | 12,758 | ||||||
Northern Oil and Gas, Inc. | ||||||||
144A,8.125%, 3/1/28 | 19,000 | 19,225 | ||||||
144A,8.75%, 6/15/31 | 20,000 | 20,775 | ||||||
Parkland Corp.,144A,4.625%, 5/1/30 | 21,000 | 18,760 | ||||||
PBF Holding Co. LLC / PBF Finance Corp. | ||||||||
6.00%, 2/15/28 | 29,000 | 27,884 | ||||||
144A,7.875%, 9/15/30 | 20,000 | 20,019 | ||||||
Sitio Royalties Operating Partnership LP / Sitio Finance Corp.,144A,7.875%, 11/1/28 | 20,000 | 20,093 | ||||||
Transocean, Inc. | ||||||||
144A,7.50%, 1/15/26 | 15,000 | 14,637 | ||||||
144A,11.50%, 1/30/27 | 23,000 | 23,942 | ||||||
144A,8.00%, 2/1/27 | 19,000 | 18,166 |
Tullow Oil PLC,144A,7.00%, 3/1/25 | 16,000 | 14,637 | ||||||
Vital Energy, Inc. | ||||||||
10.125%, 1/15/28 | 25,000 | 25,477 | ||||||
9.75%, 10/15/30 | 8,000 | 8,024 | ||||||
|
| |||||||
(Cost $652,252) | 648,193 | |||||||
|
| |||||||
Oil & Gas Services - 1.1% | ||||||||
Archrock Partners LP / Archrock Partners Finance Corp. | ||||||||
144A,6.875%, 4/1/27 | 16,000 | 15,871 | ||||||
144A,6.25%, 4/1/28 | 21,000 | 20,524 | ||||||
CGG SA,144A,8.75%, 4/1/27 | 16,000 | 14,534 | ||||||
USA Compression Partners LP / USA Compression Finance Corp. | ||||||||
6.875%, 4/1/26 | 19,000 | 18,908 | ||||||
6.875%, 9/1/27 | 19,000 | 18,773 | ||||||
Weatherford International Ltd.,144A,8.625%, 4/30/30 | 41,000 | 42,417 | ||||||
|
| |||||||
(Cost $132,846) | 131,027 | |||||||
|
| |||||||
Pipelines - 6.2% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. | ||||||||
144A,5.75%, 3/1/27 | 18,000 | 17,611 | ||||||
144A,5.75%, 1/15/28 | 17,000 | 16,457 | ||||||
Buckeye Partners LP | ||||||||
3.95%, 12/1/26 | 15,000 | 14,187 | ||||||
144A,4.50%, 3/1/28 | 13,000 | 11,872 | ||||||
EQM Midstream Partners LP | ||||||||
144A,7.50%, 6/1/27 | 13,000 | 13,299 | ||||||
144A,6.50%, 7/1/27 | 24,000 | 24,060 | ||||||
144A,4.50%, 1/15/29 | 21,000 | 19,175 | ||||||
144A,7.50%, 6/1/30 | 13,000 | 13,434 | ||||||
144A,4.75%, 1/15/31 | 32,000 | 28,524 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp. | ||||||||
6.50%, 10/1/25 | 14,000 | 13,891 | ||||||
8.00%, 1/15/27 | 25,000 | 25,045 | ||||||
7.75%, 2/1/28 | 28,000 | 27,691 | ||||||
8.875%, 4/15/30 | 10,000 | 10,172 | ||||||
ITT Holdings LLC,144A,6.50%, 8/1/29 | 36,000 | 31,438 | ||||||
New Fortress Energy, Inc. | ||||||||
144A,6.75%, 9/15/25 | 32,000 | 31,053 | ||||||
144A,6.50%, 9/30/26 | 43,000 | 40,902 | ||||||
NGL Energy Operating LLC / NGL Energy Finance Corp.,144A,7.50%, 2/1/26 | 60,000 | 60,267 | ||||||
NuStar Logistics LP | ||||||||
6.00%, 6/1/26 | 15,000 | 14,962 | ||||||
6.375%, 10/1/30 | 15,000 | 14,636 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | ||||||||
144A,7.50%, 10/1/25 | 15,000 | 15,097 | ||||||
144A,6.00%, 3/1/27 | 11,000 | 10,587 | ||||||
144A,5.50%, 1/15/28 | 22,000 | 20,316 | ||||||
144A,6.00%, 12/31/30 | 19,000 | 17,170 | ||||||
144A,6.00%, 9/1/31 | 14,000 | 12,562 | ||||||
Venture Global LNG, Inc. | ||||||||
144A,8.125%, 6/1/28 | 63,000 | 62,554 | ||||||
144A,9.50%, 2/1/29 | 73,000 | 75,319 | ||||||
144A,8.375%, 6/1/31 | 63,000 | 62,148 | ||||||
144A,9.875%, 2/1/32 | 40,000 | 41,027 | ||||||
|
| |||||||
(Cost $765,655) | 745,456 | |||||||
|
| |||||||
Financial - 11.2% | ||||||||
Banks - 0.5% | ||||||||
Freedom Mortgage Corp. | ||||||||
144A,7.625%, 5/1/26 | 15,000 | 14,347 | ||||||
144A,6.625%, 1/15/27 | 14,000 | 12,790 | ||||||
144A,12.00%, 10/1/28 | 22,000 | 23,102 | ||||||
144A,12.25%, 10/1/30 | 13,000 | 13,727 | ||||||
|
| |||||||
(Cost $61,926) | 63,966 | |||||||
|
| |||||||
Diversified Financial Services - 4.1% | ||||||||
Burford Capital Global Finance LLC,144A,9.25%, 7/1/31 | 11,000 | 11,347 | ||||||
Coinbase Global, Inc. | ||||||||
144A,3.375%, 10/1/28 | 30,000 | 24,138 | ||||||
144A,3.625%, 10/1/31 | 19,000 | 13,986 | ||||||
Curo Group Holdings Corp.,144A,7.50%, 8/1/28 | 20,000 | 7,050 | ||||||
Jefferies Finance LLC / JFIN Co.-Issuer Corp.,144A,5.00%, 8/15/28 | 26,000 | 22,263 | ||||||
LD Holdings Group LLC | ||||||||
144A,6.50%, 11/1/25 | 11,000 | 9,614 | ||||||
144A,6.125%, 4/1/28 | 16,000 | 11,290 | ||||||
Nationstar Mortgage Holdings, Inc. | ||||||||
144A,5.50%, 8/15/28 | 25,000 | 23,155 | ||||||
144A,5.125%, 12/15/30 | 19,000 | 16,433 | ||||||
144A,5.75%, 11/15/31 | 16,000 | 14,013 | ||||||
Navient Corp. | ||||||||
5.00%, 3/15/27 | 19,000 | 17,733 | ||||||
4.875%, 3/15/28 | 13,000 | 11,525 | ||||||
5.50%, 3/15/29 | 22,000 | 19,261 | ||||||
9.375%, 7/25/30 | 15,000 | 15,386 | ||||||
11.50%, 3/15/31 | 17,000 | 18,300 | ||||||
NFP Corp.,144A,6.875%, 8/15/28 | 59,000 | �� | 52,595 | |||||
OneMain Finance Corp. | ||||||||
6.625%, 1/15/28 | 25,000 | 24,321 | ||||||
3.875%, 9/15/28 | 15,000 | 12,895 | ||||||
9.00%, 1/15/29 | 22,000 | 22,688 | ||||||
5.375%, 11/15/29 | 22,000 | 19,822 | ||||||
4.00%, 9/15/30 | 22,000 | 17,931 |
Osaic Holdings, Inc.,144A,10.75%, 8/1/27 | 15,000 | 15,134 | ||||||
PennyMac Financial Services, Inc. | ||||||||
144A,4.25%, 2/15/29 | 17,000 | 14,718 | ||||||
144A,5.75%, 9/15/31 | 13,000 | 11,489 | ||||||
PRA Group, Inc.,144A,8.375%, 2/1/28 | 10,000 | 9,081 | ||||||
Synchrony Financial,7.25%, 2/2/33 | 20,000 | 18,704 | ||||||
United Wholesale Mortgage LLC | ||||||||
144A,5.75%, 6/15/27 | 11,000 | 10,353 | ||||||
144A,5.50%, 4/15/29 | 22,000 | 19,699 | ||||||
|
| |||||||
(Cost $528,290) | 484,924 | |||||||
|
| |||||||
Insurance - 1.0% | ||||||||
Acrisure LLC / Acrisure Finance, Inc. | ||||||||
144A,7.00%, 11/15/25 | 32,000 | 31,620 | ||||||
144A,10.125%, 8/1/26 | 12,000 | 12,372 | ||||||
144A,6.00%, 8/1/29 | 13,000 | 11,209 | ||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | ||||||||
144A,6.75%, 10/15/27 | 38,000 | 36,480 | ||||||
144A,5.875%, 11/1/29 | 12,000 | 10,861 | ||||||
AssuredPartners, Inc.,144A,5.625%, 1/15/29 | 14,000 | 12,522 | ||||||
|
| |||||||
(Cost $116,829) | 115,064 | |||||||
|
| |||||||
Real Estate - 0.9% | ||||||||
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.,144A,7.00%, 4/15/30 | 18,200 | 15,721 | ||||||
Cushman & Wakefield US Borrower LLC | ||||||||
144A,6.75%, 5/15/28 | 20,000 | 19,019 | ||||||
144A,8.875%, 9/1/31 | 10,000 | 10,032 | ||||||
Kennedy-Wilson, Inc. | ||||||||
4.75%, 3/1/29 | 17,000 | 13,641 | ||||||
4.75%, 2/1/30 | 12,000 | 9,197 | ||||||
5.00%, 3/1/31 | 24,000 | 18,015 | ||||||
Realogy Group LLC / Realogy Co.-Issuer Corp. | ||||||||
144A,5.75%, 1/15/29 | 24,000 | 17,139 | ||||||
144A,5.25%, 4/15/30 | 2,000 | 1,347 | ||||||
|
| |||||||
(Cost $125,031) | 104,111 | |||||||
|
| |||||||
Real Estate Investment Trusts - 3.6% | ||||||||
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | ||||||||
144A,5.75%, 5/15/26 | 28,000 | 26,585 | ||||||
144A,4.50%, 4/1/27 | 19,000 | 16,678 | ||||||
Diversified Healthcare Trust | ||||||||
9.75%, 6/15/25 | 20,000 | 19,860 | ||||||
4.75%, 2/15/28 | 13,000 | 9,487 | ||||||
4.375%, 3/1/31 | 10,000 | 7,061 | ||||||
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP,144A,3.75%, 12/15/27 | 15,000 | 12,245 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | ||||||||
144A,4.25%, 2/1/27 | 15,000 | 13,851 | ||||||
144A,4.75%, 6/15/29 | 17,000 | 14,815 | ||||||
MPT Operating Partnership LP / MPT Finance Corp. | ||||||||
5.25%, 8/1/26 | 10,000 | 8,711 | ||||||
5.00%, 10/15/27 | 41,000 | 32,707 | ||||||
4.625%, 8/1/29 | 29,000 | 20,734 | ||||||
3.50%, 3/15/31 | 34,000 | 20,987 | ||||||
Office Properties Income Trust | ||||||||
4.50%, 2/1/25 | 20,000 | 17,683 | ||||||
3.45%, 10/15/31 | 12,000 | 6,413 | ||||||
Service Properties Trust | ||||||||
7.50%, 9/15/25 | 16,000 | 16,096 | ||||||
4.75%, 10/1/26 | 15,000 | 13,671 | ||||||
4.95%, 2/15/27 | 21,000 | 18,363 | ||||||
5.50%, 12/15/27 | 16,000 | 14,250 | ||||||
3.95%, 1/15/28 | 7,000 | 5,609 | ||||||
4.95%, 10/1/29 | 11,000 | 8,575 | ||||||
4.375%, 2/15/30 | 10,000 | 7,327 | ||||||
Starwood Property Trust, Inc.,144A,4.375%, 1/15/27 | 10,000 | 9,158 | ||||||
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC,144A,6.00%, 1/15/30 | 20,000 | 12,985 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | ||||||||
144A,10.50%, 2/15/28 | 68,000 | 66,992 | ||||||
144A,4.75%, 4/15/28 | 15,000 | 12,448 | ||||||
144A,6.50%, 2/15/29 | 33,000 | 21,994 | ||||||
|
| |||||||
(Cost $473,180) | 435,285 | |||||||
|
| |||||||
REITS - 0.2% | ||||||||
Brandywine Operating Partnership LP,3.95%, 11/15/27 | 15,000 | 13,000 | ||||||
Necessity Retail REIT Inc/The / American Finance Operating Partner LP,144A, 4.50%, 9/30/28 | 15,000 | 12,086 | ||||||
|
| |||||||
(Cost $24,054) | 25,086 | |||||||
|
| |||||||
Venture Capital - 0.9% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | ||||||||
6.375%, 12/15/25 | 25,000 | 24,143 | ||||||
6.25%, 5/15/26 | 30,000 | 28,349 | ||||||
5.25%, 5/15/27 | 35,000 | 31,731 | ||||||
4.375%, 2/1/29 | 25,000 | 20,518 | ||||||
|
| |||||||
(Cost $99,683) | 104,741 | |||||||
|
|
Industrial - 7.1% | ||||||||
Aerospace/Defense - 1.8% | ||||||||
Bombardier, Inc. | ||||||||
144A,7.875%, 4/15/27 | 55,000 | 55,091 | ||||||
144A,6.00%, 2/15/28 | 20,000 | 18,868 | ||||||
144A,7.50%, 2/1/29 | 18,000 | 17,853 | ||||||
Spirit AeroSystems, Inc. | ||||||||
4.60%, 6/15/28 | 21,000 | 17,896 | ||||||
144A,9.375%, 11/30/29 | 25,000 | 27,067 | ||||||
144A,9.75%, 11/15/30 | 35,000 | 36,960 | ||||||
Triumph Group, Inc. | ||||||||
7.75%, 8/15/25 | 11,000 | 10,791 | ||||||
144A,9.00%, 3/15/28 | 35,000 | 35,970 | ||||||
|
| |||||||
(Cost $222,578) | 220,496 | |||||||
|
| |||||||
Building Materials - 0.5% | ||||||||
Smyrna Ready Mix Concrete LLC | ||||||||
144A,6.00%, 11/1/28 | 36,000 | 34,242 | ||||||
144A,8.875%, 11/15/31 | 30,000 | 30,600 | ||||||
|
| |||||||
(Cost $66,672) | 64,842 | |||||||
|
| |||||||
Electrical Components & Equipment - 0.3% | ||||||||
Energizer Holdings, Inc. | ||||||||
144A,4.75%, 6/15/28 | 15,000 | 13,421 | ||||||
144A,4.375%, 3/31/29 | 21,000 | 18,129 | ||||||
|
| |||||||
(Cost $34,583) | 31,550 | |||||||
|
| |||||||
Engineering & Construction - 0.5% | ||||||||
Brand Industrial Services, Inc.,144A,10.375%, 8/1/30 | 40,000 | 41,523 | ||||||
IHS Holding Ltd. | ||||||||
144A,5.625%, 11/29/26 | 7,000 | 6,057 | ||||||
144A,6.25%, 11/29/28 | 20,000 | 15,996 | ||||||
|
| |||||||
(Cost $64,260) | 63,576 | |||||||
|
| |||||||
Environmental Control - 0.1% | ||||||||
Covanta Holding Corp.,5.00%, 9/1/30 | ||||||||
(Cost $8,290) | 8,000 | 6,548 | ||||||
|
| |||||||
Machinery-Diversified - 0.7% | ||||||||
Maxim Crane Works Holdings Capital LLC,144A,11.50%, 9/1/28 | 18,000 | 17,996 | ||||||
SPX FLOW, Inc.,144A,8.75%, 4/1/30 | 14,000 | 13,382 | ||||||
TK Elevator Holdco GmbH,144A,7.625%, 7/15/28 | 10,000 | 9,500 | ||||||
TK Elevator US Newco, Inc.,144A,5.25%, 7/15/27 | 46,000 | 43,742 | ||||||
|
| |||||||
(Cost $87,026) | 84,620 | |||||||
|
| |||||||
Miscellaneous Manufacturing - 0.1% | ||||||||
Trinity Industries, Inc.,144A,7.75%, 7/15/28 | ||||||||
(Cost $10,176) | 10,000 | 10,206 | ||||||
|
| |||||||
Packaging & Containers - 2.7% | ||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC,144A,4.00%, 9/1/29 | 28,000 | 22,251 | ||||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | ||||||||
144A,5.25%, 4/30/25 | 20,000 | 19,510 | ||||||
144A,4.125%, 8/15/26 | 45,000 | 39,845 | ||||||
144A,5.25%, 8/15/27 | 29,000 | 21,333 | ||||||
144A,5.25%, 8/15/27 | 20,000 | 14,712 | ||||||
LABL, Inc. | ||||||||
144A,6.75%, 7/15/26 | 21,000 | 19,979 | ||||||
144A,10.50%, 7/15/27 | 22,000 | 20,013 | ||||||
144A,5.875%, 11/1/28 | 13,000 | 11,308 | ||||||
144A,8.25%, 11/1/29 | 11,000 | 8,821 | ||||||
Mauser Packaging Solutions Holding Co. | ||||||||
144A,7.875%, 8/15/26 | 70,000 | 69,612 | ||||||
144A,9.25%, 4/15/27 | 38,000 | 34,620 | ||||||
Owens-Brockway Glass Container, Inc. | ||||||||
144A,6.625%, 5/13/27 | 16,000 | 15,781 | ||||||
144A,7.25%, 5/15/31 | 20,000 | 19,826 | ||||||
|
| |||||||
(Cost $344,655) | 317,611 | |||||||
|
| |||||||
Transportation - 0.4% | ||||||||
Cargo Aircraft Management, Inc.,144A,4.75%, 2/1/28 | 18,000 | 15,828 | ||||||
Seaspan Corp.,144A,5.50%, 8/1/29 | 21,000 | 16,398 | ||||||
XPO, Inc.,144A,7.125%, 6/1/31 | 12,000 | 12,134 | ||||||
|
| |||||||
(Cost $47,573) | 44,360 | |||||||
|
| |||||||
Technology - 3.8% | ||||||||
Computers - 0.8% | ||||||||
McAfee Corp.,144A,7.375%, 2/15/30 | 55,000 | 47,711 | ||||||
NCR Atleos Corp.,144A,9.50%, 4/1/29 | 35,000 | 36,172 | ||||||
Presidio Holdings, Inc.,144A,8.25%, 2/1/28 | 15,000 | 14,620 | ||||||
|
| |||||||
(Cost $102,192) | 98,503 | |||||||
|
| |||||||
Office/Business Equipment - 0.3% | ||||||||
Xerox Holdings Corp. | ||||||||
144A,5.00%, 8/15/25 | 19,000 | 18,211 | ||||||
144A,5.50%, 8/15/28 | 19,000 | 15,921 | ||||||
|
| |||||||
(Cost $36,079) | 34,132 | |||||||
|
| |||||||
Software - 2.7% | ||||||||
Alteryx, Inc.,144A,8.75%, 3/15/28 | 15,000 | 15,093 | ||||||
AthenaHealth Group, Inc.,144A,6.50%, 2/15/30 | 69,000 | 59,853 | ||||||
Clarivate Science Holdings Corp.,144A,4.875%, 7/1/29 | 23,000 | 20,604 | ||||||
Cloud Software Group, Inc. | ||||||||
144A,6.50%, 3/31/29 | 112,000 | 103,245 | ||||||
144A,9.00%, 9/30/29 | 104,000 | 93,701 | ||||||
MicroStrategy, Inc.,144A,6.125%, 6/15/28 | 16,000 | 14,774 | ||||||
RingCentral, Inc.,144A,8.50%, 8/15/30 | 13,000 | 12,963 | ||||||
|
| |||||||
(Cost $319,392) | 320,233 | |||||||
|
|
Utilities - 2.7% | ||||||||
Electric - 2.3% | ||||||||
Calpine Corp. | ||||||||
144A,5.125%, 3/15/28 | 37,000 | 34,848 | ||||||
144A,4.625%, 2/1/29 | 19,000 | 17,191 | ||||||
144A,5.00%, 2/1/31 | 23,000 | 20,361 | ||||||
Continuum Energy Aura Pte Ltd.,144A,9.50%, 2/24/27 | 15,000 | 15,141 | ||||||
Drax Finco PLC,144A,6.625%, 11/1/25 | 15,000 | 14,833 | ||||||
NRG Energy, Inc. | ||||||||
5.75%, 1/15/28 | 21,000 | 20,506 | ||||||
144A,3.375%, 2/15/29 | 15,000 | 12,853 | ||||||
144A,5.25%, 6/15/29 | 20,000 | 18,645 | ||||||
144A,3.625%, 2/15/31 | 30,000 | 24,555 | ||||||
PG&E Corp. | ||||||||
5.00%, 7/1/28 | 35,000 | 33,345 | ||||||
5.25%, 7/1/30 (a) | 22,000 | 20,593 | ||||||
Talen Energy Supply LLC,144A,8.625%, 6/1/30 | 35,000 | 36,690 | ||||||
TransAlta Corp.,7.75%, 11/15/29 | 10,000 | 10,307 | ||||||
|
| |||||||
(Cost $294,569) | 279,868 | |||||||
|
| |||||||
Gas - 0.4% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | ||||||||
5.875%, 8/20/26 | 18,000 | 17,595 | ||||||
5.75%, 5/20/27 | 18,000 | 17,261 | ||||||
144A,9.375%, 6/1/28 | 10,000 | 10,267 | ||||||
|
| |||||||
(Cost $45,140) | 45,123 | |||||||
|
| |||||||
TOTAL CORPORATE BONDS (Cost $12,821,464) | 11,628,463 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
SECURITIES LENDING COLLATERAL - 2.6% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | ||||||||
(Cost $314,607) | 314,607 | 314,607 | ||||||
|
| |||||||
CASH EQUIVALENTS - 1.5% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.31% (b) | ||||||||
(Cost $174,568) | 174,568 | $ | 174,568 | |||||
|
| |||||||
TOTAL INVESTMENTS - 101.4% (Cost $13,310,639) | $ | 12,117,638 | ||||||
Other assets and liabilities, net - (1.4%) | (172,968 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 11,944,670 | ||||||
|
|
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 ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income | Capital Gain Distributions ($) | Number of | Value ($) at 11/30/2023 | ||||||||
SECURITIES LENDING COLLATERAL — 2.6% | ||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | ||||||||||||||||
— | 314,607 (d) | — | — | — | 69 | — | 314,607 | 314,607 | ||||||||
CASH EQUIVALENTS — 1.5% | ||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.31% (b) | ||||||||||||||||
203,368 | 380,537 | (409,337) | — | — | 1,801 | — | 174,568 | 174,568 | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
203,368 | 695,144 | (409,337) | — | — | 1,870 | — | 489,175 | 489,175 | ||||||||
|
|
|
|
|
|
|
|
|
(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 $306,691, which is 2.6% 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) | $ | — | $ | 11,628,463 | $ | — | $ | 11,628,463 | ||||||||
Short-Term Investments (a) | 489,175 | — | — | 489,175 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 489,175 | $ | 11,628,463 | $ | — | $ | 12,117,638 | ||||||||
|
|
|
|
|
|
|
|
(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
HYUP-PH1
R-089711-1 (5/24) DBX005195 (5/24)