DBX ETF Trust
SCHEDULE OF INVESTMENTS
Xtrackers Low Beta High Yield Bond ETF
November 30, 2023 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS - 98.5% | ||||||||
Basic Materials - 3.8% | ||||||||
Chemicals - 1.9% | ||||||||
Ashland, Inc.,144A,3.375%, 9/1/31 | $ | 231,000 | $ | 188,054 | ||||
Avient Corp. | ||||||||
144A,5.75%, 5/15/25 | 348,000 | 347,061 | ||||||
144A,7.125%, 8/1/30 | 428,000 | 430,779 | ||||||
Axalta Coating Systems Dutch Holding B BV,144A,7.25%, 2/15/31 | 300,000 | 309,645 | ||||||
Axalta Coating Systems LLC,144A,3.375%, 2/15/29 | 375,000 | 327,122 | ||||||
Methanex Corp. | ||||||||
5.125%, 10/15/27 | 390,000 | 367,992 | ||||||
5.25%, 12/15/29 (a) | 410,000 | 377,837 | ||||||
Olin Corp. | ||||||||
5.125%, 9/15/27 | 258,000 | 246,316 | ||||||
5.625%, 8/1/29 (a) | 419,000 | 400,306 | ||||||
5.00%, 2/1/30 | 276,000 | 253,482 | ||||||
SCIH Salt Holdings, Inc.,144A,4.875%, 5/1/28 | 639,000 | 579,372 | ||||||
Valvoline, Inc. | ||||||||
144A,4.25%, 2/15/30 | 322,000 | 318,965 | ||||||
144A,3.625%, 6/15/31 | 287,000 | 235,870 | ||||||
|
| |||||||
(Cost $4,581,408) | 4,382,801 | |||||||
|
| |||||||
Iron/Steel - 0.7% | ||||||||
Cleveland-Cliffs, Inc. | ||||||||
144A,6.75%, 3/15/26 | 494,000 | 495,129 | ||||||
5.875%, 6/1/27 | 297,000 | 291,820 | ||||||
144A,6.75%, 4/15/30 | 452,000 | 440,341 | ||||||
United States Steel Corp.,6.875%, 3/1/29 | 255,000 | 253,656 | ||||||
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| |||||||
(Cost $1,513,606) | 1,480,946 | |||||||
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| |||||||
Mining - 1.2% | ||||||||
FMG Resources August 2006 Pty Ltd. | ||||||||
144A,4.50%, 9/15/27 | 332,000 | 313,641 | ||||||
144A,5.875%, 4/15/30 | 495,000 | 476,348 | ||||||
144A,4.375%, 4/1/31 | 804,000 | 702,061 | ||||||
144A,6.125%, 4/15/32 | 404,000 | 391,499 | ||||||
Hudbay Minerals, Inc.,144A,4.50%, 4/1/26 | 305,000 | 290,013 | ||||||
Nexa Resources SA | ||||||||
144A,5.375%, 5/4/27 | 375,000 | 353,674 | ||||||
144A,6.50%, 1/18/28 | 308,000 | 299,711 | ||||||
|
| |||||||
(Cost $2,953,125) | 2,826,947 | |||||||
|
| |||||||
Communications - 10.8% | ||||||||
Advertising - 0.5% | ||||||||
Lamar Media Corp. | ||||||||
3.75%, 2/15/28 | 319,000 | 294,788 | ||||||
4.00%, 2/15/30 | 295,000 | 263,196 | ||||||
3.625%, 1/15/31 | 345,000 | 295,506 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp.,144A,7.375%, 2/15/31 | 250,000 | 256,580 | ||||||
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| |||||||
(Cost $1,210,531) | 1,110,070 | |||||||
|
| |||||||
Internet - 3.2% | ||||||||
Gen Digital, Inc. | ||||||||
144A,5.00%, 4/15/25 | 699,000 | 693,897 | ||||||
144A,6.75%, 9/30/27 | 482,000 | 485,484 | ||||||
144A,7.125%, 9/30/30 (a) | 362,000 | 370,128 | ||||||
Go Daddy Operating Co. LLC / GD Finance Co., Inc. | ||||||||
144A,5.25%, 12/1/27 | 312,000 | 302,093 | ||||||
144A,3.50%, 3/1/29 | 429,000 | 378,133 | ||||||
Match Group Holdings II LLC | ||||||||
144A,5.00%, 12/15/27 | 246,000 | 235,754 | ||||||
144A,4.625%, 6/1/28 | 298,000 | 278,097 | ||||||
144A,4.125%, 8/1/30 | 303,000 | 263,857 | ||||||
144A,3.625%, 10/1/31 | 268,000 | 219,260 | ||||||
MercadoLibre, Inc. | ||||||||
2.375%, 1/14/26 | 214,000 | 198,477 | ||||||
3.125%, 1/14/31 | 391,000 | 318,983 | ||||||
Uber Technologies, Inc. | ||||||||
144A,7.50%, 5/15/25 | 532,000 | 541,975 | ||||||
144A,8.00%, 11/1/26 | 984,000 | 1,000,824 | ||||||
144A,7.50%, 9/15/27 | 643,000 | 655,230 | ||||||
144A,6.25%, 1/15/28 | 268,000 | 265,488 | ||||||
144A,4.50%, 8/15/29 | 844,000 | 778,126 | ||||||
Ziff Davis, Inc.,144A,4.625%, 10/15/30 | 232,000 | 204,645 | ||||||
|
| |||||||
(Cost $7,436,583) | 7,190,451 | |||||||
|
| |||||||
Media - 6.2% | ||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | ||||||||
144A,5.50%, 5/1/26 | 351,000 | 343,650 | ||||||
144A,5.125%, 5/1/27 | 1,571,000 | 1,497,473 | ||||||
144A,5.00%, 2/1/28 | 1,340,000 | 1,256,839 | ||||||
144A,5.375%, 6/1/29 | 702,000 | 647,836 | ||||||
144A,6.375%, 9/1/29 (a) | 722,000 | 697,142 | ||||||
144A,4.75%, 3/1/30 | 1,427,000 | 1,250,065 | ||||||
144A,4.50%, 8/15/30 | 1,316,000 | 1,130,039 | ||||||
144A,4.25%, 2/1/31 | 1,404,000 | 1,174,659 | ||||||
News Corp. | ||||||||
144A,3.875%, 5/15/29 | 596,000 | 527,759 | ||||||
144A,5.125%, 2/15/32 | 268,000 | 242,350 | ||||||
Sirius XM Radio, Inc. | ||||||||
144A,3.125%, 9/1/26 | 536,000 | 493,635 | ||||||
144A,5.00%, 8/1/27 | 884,000 | 841,185 | ||||||
144A,4.00%, 7/15/28 | 1,132,000 | 1,012,985 | ||||||
TEGNA, Inc.,144A,4.75%, 3/15/26 | 295,000 | 284,212 |
Telenet Finance Luxembourg Notes SARL,144A,5.50%, 3/1/28 | 600,000 | 552,000 | ||||||
Univision Communications, Inc.,144A,5.125%, 2/15/25 | 548,000 | 541,523 | ||||||
Videotron Ltd. | ||||||||
144A,5.125%, 4/15/27 | 322,000 | 311,800 | ||||||
144A,3.625%, 6/15/29 | 268,000 | 235,372 | ||||||
Virgin Media Secured Finance PLC | ||||||||
144A,5.50%, 5/15/29 | 814,000 | 766,139 | ||||||
144A,4.50%, 8/15/30 | 490,000 | 420,944 | ||||||
|
| |||||||
(Cost $15,282,658) | 14,227,607 | |||||||
|
| |||||||
Telecommunications - 0.9% | ||||||||
Level 3 Financing, Inc. | ||||||||
144A,3.40%, 3/1/27 | 405,000 | 341,549 | ||||||
144A,3.875%, 11/15/29 (a) | 435,000 | 333,982 | ||||||
Vmed O2 UK Financing I PLC | ||||||||
144A,4.25%, 1/31/31 | 733,000 | 616,673 | ||||||
144A,4.75%, 7/15/31 | 820,000 | 700,517 | ||||||
|
| |||||||
(Cost $2,153,070) | 1,992,721 | |||||||
|
| |||||||
Consumer, Cyclical - 22.7% | ||||||||
Airlines - 1.7% | ||||||||
Air Canada,144A,3.875%, 8/15/26 | 643,000 | 600,593 | ||||||
American Airlines, Inc.,144A,11.75%, 7/15/25 | 1,030,000 | 1,127,860 | ||||||
Delta Air Lines, Inc. | ||||||||
7.375%, 1/15/26 | 552,000 | 565,662 | ||||||
4.375%, 4/19/28 (a) | 230,000 | 219,535 | ||||||
3.75%, 10/28/29 | 234,000 | 209,451 | ||||||
United Airlines, Inc.,144A,4.375%, 4/15/26 | 1,082,000 | 1,029,995 | ||||||
|
| |||||||
(Cost $3,922,456) | 3,753,096 | |||||||
|
| |||||||
Apparel - 0.1% | ||||||||
Levi Strauss & Co.,144A,3.50%, 3/1/31 (a) | ||||||||
(Cost $229,325) | 268,000 | 224,627 | ||||||
|
| |||||||
Auto Manufacturers - 0.4% | ||||||||
Allison Transmission, Inc. | ||||||||
144A,4.75%, 10/1/27 | 214,000 | 202,011 | ||||||
144A,5.875%, 6/1/29 | 268,000 | 259,576 | ||||||
144A,3.75%, 1/30/31 | 591,000 | 494,061 | ||||||
|
| |||||||
(Cost $1,045,441) | 955,648 | |||||||
|
| |||||||
Auto Parts & Equipment - 2.1% | ||||||||
Adient Global Holdings Ltd. | ||||||||
144A,4.875%, 8/15/26 | 426,000 | 410,413 | ||||||
144A,7.00%, 4/15/28 | 268,000 | 272,647 | ||||||
144A,8.25%, 4/15/31 | 268,000 | 272,487 | ||||||
Clarios Global LP,144A,6.75%, 5/15/25 | 300,000 | 300,933 | ||||||
Clarios Global LP / Clarios US Finance Co. | ||||||||
144A,6.25%, 5/15/26 | 551,000 | 548,334 | ||||||
144A,6.75%, 5/15/28 | 402,000 | 405,859 | ||||||
Goodyear Tire & Rubber Co. | ||||||||
9.50%, 5/31/25 | 426,000 | 433,764 | ||||||
5.00%, 5/31/26 (a) | 552,000 | 535,257 | ||||||
4.875%, 3/15/27 | 395,000 | 373,362 | ||||||
ZF North America Capital, Inc. | ||||||||
144A,4.75%, 4/29/25 | 617,000 | 603,301 | ||||||
144A,6.875%, 4/14/28 | 322,000 | 326,806 | ||||||
144A,7.125%, 4/14/30 | 362,000 | 371,836 | ||||||
|
| |||||||
(Cost $4,930,235) | 4,854,999 | |||||||
|
| |||||||
Distribution/Wholesale - 0.8% | ||||||||
American Builders & Contractors Supply Co., Inc. | ||||||||
144A,4.00%, 1/15/28 | 390,000 | 359,290 | ||||||
144A,3.875%, 11/15/29 | 214,000 | 185,463 | ||||||
H&E Equipment Services, Inc.,144A,3.875%, 12/15/28 | 720,000 | 638,093 | ||||||
Ritchie Bros Holdings, Inc. | ||||||||
144A,6.75%, 3/15/28 | 295,000 | 300,814 | ||||||
144A,7.75%, 3/15/31 | 429,000 | 444,826 | ||||||
|
| |||||||
(Cost $2,000,910) | 1,928,486 | |||||||
|
| |||||||
Entertainment - 5.5% | ||||||||
Caesars Entertainment, Inc. | ||||||||
144A,6.25%, 7/1/25 | 1,922,000 | 1,912,566 | ||||||
144A,8.125%, 7/1/27 | 923,000 | 941,207 | ||||||
144A,7.00%, 2/15/30 | 1,132,000 | 1,134,621 | ||||||
Caesars Resort Collection LLC / CRC Finco, Inc.,144A,5.75%, 7/1/25 | 530,000 | 527,592 | ||||||
CDI Escrow Issuer, Inc.,144A,5.75%, 4/1/30 | 693,000 | 651,330 | ||||||
Cedar Fair LP,5.25%, 7/15/29 | 263,000 | 240,473 | ||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op | ||||||||
144A,5.50%, 5/1/25 | 536,000 | 534,185 | ||||||
5.375%, 4/15/27 | 348,000 | 339,646 | ||||||
Churchill Downs, Inc. | ||||||||
144A,5.50%, 4/1/27 | 322,000 | 310,729 | ||||||
144A,4.75%, 1/15/28 | 425,000 | 395,441 | ||||||
144A,6.75%, 5/1/31 | 322,000 | 315,158 | ||||||
International Game Technology PLC | ||||||||
144A,6.50%, 2/15/25 | 338,000 | 338,166 | ||||||
144A,4.125%, 4/15/26 | 437,000 | 417,340 | ||||||
144A,6.25%, 1/15/27 | 402,000 | 401,598 | ||||||
144A,5.25%, 1/15/29 | 402,000 | 380,452 | ||||||
Light & Wonder International, Inc.,144A,7.00%, 5/15/28 | 359,000 | 359,438 | ||||||
Live Nation Entertainment, Inc. | ||||||||
144A,6.50%, 5/15/27 | 693,000 | 693,490 | ||||||
144A,4.75%, 10/15/27 | 509,000 | 478,506 | ||||||
144A,3.75%, 1/15/28 | 298,000 | 269,829 |
Vail Resorts, Inc.,144A,6.25%, 5/15/25 | 322,000 | 321,349 | ||||||
WMG Acquisition Corp. | ||||||||
144A,3.75%, 12/1/29 | 299,000 | 261,632 | ||||||
144A,3.875%, 7/15/30 | 287,000 | 250,563 | ||||||
144A,3.00%, 2/15/31 | 489,000 | 407,413 | ||||||
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | ||||||||
144A,5.125%, 10/1/29 | 452,000 | 407,415 | ||||||
144A,7.125%, 2/15/31 | 326,000 | 324,313 | ||||||
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| |||||||
(Cost $13,148,981) | 12,614,452 | |||||||
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| |||||||
Food Service - 0.4% | ||||||||
Aramark Services, Inc. | ||||||||
144A,5.00%, 4/1/25 | 296,000 | 293,951 | ||||||
144A,5.00%, 2/1/28 | 616,000 | 583,412 | ||||||
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| |||||||
(Cost $895,501) | 877,363 | |||||||
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| |||||||
Home Builders - 0.6% | ||||||||
Century Communities, Inc. | ||||||||
6.75%, 6/1/27 | 300,000 | 300,330 | ||||||
144A,3.875%, 8/15/29 | 250,000 | 217,310 | ||||||
Taylor Morrison Communities, Inc. | ||||||||
144A,5.875%, 6/15/27 | 268,000 | 263,179 | ||||||
144A,5.75%, 1/15/28 | 250,000 | 243,515 | ||||||
144A,5.125%, 8/1/30 | 308,000 | 284,352 | ||||||
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| |||||||
(Cost $1,336,971) | 1,308,686 | |||||||
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| |||||||
Leisure Time - 2.3% | ||||||||
Carnival Corp. | ||||||||
144A,9.875%, 8/1/27 | 366,000 | 382,695 | ||||||
144A,4.00%, 8/1/28 | 1,369,000 | 1,244,503 | ||||||
144A,7.00%, 8/15/29 | 260,000 | 265,271 | ||||||
Carnival Holdings Bermuda Ltd.,144A,10.375%, 5/1/28 | 1,163,000 | 1,264,470 | ||||||
Life Time, Inc.,144A,5.75%, 1/15/26 | 496,000 | 486,539 | ||||||
NCL Corp. Ltd.,144A,5.875%, 2/15/27 | 536,000 | 519,424 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
144A,8.25%, 1/15/29 | 536,000 | 561,167 | ||||||
144A,7.25%, 1/15/30 | 445,000 | 453,531 | ||||||
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| |||||||
(Cost $5,165,556) | 5,177,600 | |||||||
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| |||||||
Lodging - 4.2% | ||||||||
Boyd Gaming Corp. | ||||||||
4.75%, 12/1/27 | 536,000 | 508,440 | ||||||
144A,4.75%, 6/15/31 | 532,000 | 471,238 | ||||||
Hilton Domestic Operating Co., Inc. | ||||||||
144A,5.375%, 5/1/25 | 268,000 | 266,773 | ||||||
144A,5.75%, 5/1/28 | 268,000 | 264,263 | ||||||
144A,3.75%, 5/1/29 | 429,000 | 385,698 | ||||||
4.875%, 1/15/30 | 636,000 | 599,047 | ||||||
144A,4.00%, 5/1/31 | 649,000 | 571,589 | ||||||
144A,3.625%, 2/15/32 | 814,000 | 684,474 | ||||||
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc | ||||||||
144A,5.00%, 6/1/29 | 505,000 | 446,012 | ||||||
144A,4.875%, 7/1/31 | 268,000 | 225,228 | ||||||
Las Vegas Sands Corp. | ||||||||
2.90%, 6/25/25 | 268,000 | 255,103 | ||||||
3.50%, 8/18/26 | 526,000 | 493,500 | ||||||
3.90%, 8/8/29 | 452,000 | 404,020 | ||||||
MGM Resorts International | ||||||||
6.75%, 5/1/25 | 386,000 | 387,024 | ||||||
5.75%, 6/15/25 | 432,000 | 429,832 | ||||||
4.625%, 9/1/26 | 214,000 | 205,669 | ||||||
5.50%, 4/15/27 | 362,000 | 351,056 | ||||||
4.75%, 10/15/28 | 462,000 | 427,535 | ||||||
Station Casinos LLC,144A,4.50%, 2/15/28 | 370,000 | 334,778 | ||||||
Travel + Leisure Co. | ||||||||
144A,6.625%, 7/31/26 | 348,000 | 348,111 | ||||||
6.00%, 4/1/27 | 214,000 | 207,629 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | ||||||||
144A,5.50%, 3/1/25 | 795,000 | 786,047 | ||||||
144A,5.25%, 5/15/27 | 483,000 | 460,419 | ||||||
|
| |||||||
(Cost $9,917,460) | 9,513,485 | |||||||
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| |||||||
Retail - 4.6% | ||||||||
1011778 BC ULC / New Red Finance, Inc. | ||||||||
144A,5.75%, 4/15/25 | 358,000 | 357,088 | ||||||
144A,3.875%, 1/15/28 | 831,000 | 765,569 | ||||||
144A,4.375%, 1/15/28 | 402,000 | 373,827 | ||||||
144A,3.50%, 2/15/29 | 402,000 | 358,747 | ||||||
144A,4.00%, 10/15/30 | 1,649,000 | 1,422,920 | ||||||
Asbury Automotive Group, Inc. | ||||||||
4.50%, 3/1/28 | 217,000 | 199,787 | ||||||
144A,4.625%, 11/15/29 (a) | 499,000 | 449,761 | ||||||
4.75%, 3/1/30 | 228,000 | 205,129 | ||||||
Bath & Body Works, Inc.,5.25%, 2/1/28 | 268,000 | 257,692 | ||||||
Beacon Roofing Supply, Inc.,144A,6.50%, 8/1/30 | 360,000 | 359,695 | ||||||
FirstCash, Inc. | ||||||||
144A,4.625%, 9/1/28 | 268,000 | 245,686 | ||||||
144A,5.625%, 1/1/30 | 295,000 | 276,328 | ||||||
Lithia Motors, Inc. | ||||||||
144A,4.625%, 12/15/27 | 214,000 | 199,054 | ||||||
144A,3.875%, 6/1/29 | 409,000 | 360,822 | ||||||
144A,4.375%, 1/15/31 (a) | 375,000 | 323,598 | ||||||
Macy’s Retail Holdings LLC,144A,5.875%, 3/15/30 | 228,000 | 207,090 | ||||||
Murphy Oil USA, Inc. | ||||||||
4.75%, 9/15/29 | 268,000 | 246,767 | ||||||
144A,3.75%, 2/15/31 | 268,000 | 227,618 |
Penske Automotive Group, Inc. | ||||||||
3.50%, 9/1/25 | 295,000 | 283,957 | ||||||
3.75%, 6/15/29 | 268,000 | 232,586 | ||||||
PetSmart, Inc. / PetSmart Finance Corp.,144A,4.75%, 2/15/28 | 693,000 | 634,501 | ||||||
SRS Distribution, Inc.,144A,4.625%, 7/1/28 | 348,000 | 318,170 | ||||||
Yum! Brands, Inc. | ||||||||
144A,4.75%, 1/15/30 | 429,000 | 399,074 | ||||||
3.625%, 3/15/31 | 543,000 | 466,730 | ||||||
4.625%, 1/31/32 | 739,000 | 665,201 | ||||||
5.375%, 4/1/32 | 536,000 | 507,788 | ||||||
|
| |||||||
(Cost $11,018,108) | 10,345,185 | |||||||
|
| |||||||
Consumer, Non-cyclical - 20.6% | ||||||||
Agriculture - 0.4% | ||||||||
Darling Ingredients, Inc. | ||||||||
144A,5.25%, 4/15/27 | 268,000 | 260,516 | ||||||
144A,6.00%, 6/15/30 | 536,000 | 517,571 | ||||||
|
| |||||||
(Cost $818,868) | 778,087 | |||||||
|
| |||||||
Commercial Services - 4.7% | ||||||||
ADT Security Corp.,144A,4.125%, 8/1/29 | 586,000 | 521,285 | ||||||
APX Group, Inc.,144A,6.75%, 2/15/27 | 322,000 | 320,475 | ||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | ||||||||
144A,4.75%, 4/1/28 | 268,000 | 243,003 | ||||||
144A,5.375%, 3/1/29 (a) | 312,000 | 281,395 | ||||||
144A,8.00%, 2/15/31 | 335,000 | 327,746 | ||||||
Block, Inc. | ||||||||
2.75%, 6/1/26 | 536,000 | 494,295 | ||||||
3.50%, 6/1/31 | 606,000 | 507,844 | ||||||
Brink’s Co. | ||||||||
144A,5.50%, 7/15/25 | 214,000 | 211,737 | ||||||
144A,4.625%, 10/15/27 | 322,000 | 302,103 | ||||||
Herc Holdings, Inc.,144A,5.50%, 7/15/27 | 693,000 | 673,304 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. | ||||||||
144A,5.75%, 4/15/26 | 713,000 | 705,778 | ||||||
144A,3.375%, 8/31/27 | 586,000 | 530,818 | ||||||
Service Corp. International | ||||||||
4.625%, 12/15/27 | 295,000 | 279,368 | ||||||
5.125%, 6/1/29 | 452,000 | 432,790 | ||||||
3.375%, 8/15/30 | 490,000 | 411,987 | ||||||
4.00%, 5/15/31 | 429,000 | 365,950 | ||||||
United Rentals North America, Inc. | ||||||||
5.50%, 5/15/27 | 268,000 | 264,708 | ||||||
3.875%, 11/15/27 | 402,000 | 378,298 | ||||||
4.875%, 1/15/28 | 1,024,000 | 985,689 | ||||||
5.25%, 1/15/30 | 402,000 | 384,061 | ||||||
4.00%, 7/15/30 | 367,000 | 327,318 | ||||||
3.875%, 2/15/31 | 689,000 | 599,943 | ||||||
3.75%, 1/15/32 | 402,000 | 341,263 | ||||||
Williams Scotsman, Inc. | ||||||||
144A,6.125%, 6/15/25 | 332,000 | 330,059 | ||||||
144A,4.625%, 8/15/28 | 268,000 | 246,595 | ||||||
144A,7.375%, 10/1/31 | 300,000 | 307,407 | ||||||
|
| |||||||
(Cost $11,504,426) | 10,775,219 | |||||||
|
| |||||||
Cosmetics/Personal Care - 0.7% | ||||||||
Coty, Inc. | ||||||||
144A,5.00%, 4/15/26 | 482,000 | 470,976 | ||||||
144A,6.50%, 4/15/26 | 204,000 | 203,401 | ||||||
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC,144A,6.625%, 7/15/30 | 420,000 | 422,506 | ||||||
Edgewell Personal Care Co.,144A,5.50%, 6/1/28 | 402,000 | 383,311 | ||||||
|
| |||||||
(Cost $1,514,288) | 1,480,194 | |||||||
|
| |||||||
Food - 4.0% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | ||||||||
144A,3.25%, 3/15/26 | 402,000 | 378,306 | ||||||
144A,7.50%, 3/15/26 | 402,000 | 409,193 | ||||||
144A,4.625%, 1/15/27 | 813,000 | 781,767 | ||||||
144A,5.875%, 2/15/28 | 402,000 | 396,907 | ||||||
144A,6.50%, 2/15/28 | 387,000 | 388,931 | ||||||
144A,3.50%, 3/15/29 | 773,000 | 685,747 | ||||||
144A,4.875%, 2/15/30 | 536,000 | 501,749 | ||||||
Lamb Weston Holdings, Inc. | ||||||||
144A,4.875%, 5/15/28 | 268,000 | 256,534 | ||||||
144A,4.125%, 1/31/30 | 570,000 | 510,865 | ||||||
144A,4.375%, 1/31/32 | 415,000 | 362,114 | ||||||
Performance Food Group, Inc. | ||||||||
144A,5.50%, 10/15/27 | 638,000 | 618,206 | ||||||
144A,4.25%, 8/1/29 | 536,000 | 480,558 | ||||||
Pilgrim’s Pride Corp. | ||||||||
3.50%, 3/1/32 | 487,000 | 394,650 | ||||||
6.25%, 7/1/33 | 626,000 | 616,546 | ||||||
6.875%, 5/15/34 | 250,000 | 255,839 | ||||||
Post Holdings, Inc. | ||||||||
144A,5.75%, 3/1/27 | 246,000 | 241,988 | ||||||
144A,5.625%, 1/15/28 | 504,000 | 490,773 | ||||||
US Foods, Inc. | ||||||||
144A,6.875%, 9/15/28 | 310,000 | 314,526 | ||||||
144A,4.75%, 2/15/29 | 482,000 | 447,612 | ||||||
144A,4.625%, 6/1/30 | 283,000 | 255,612 | ||||||
144A,7.25%, 1/15/32 | 310,000 | 317,099 | ||||||
|
| |||||||
(Cost $9,412,827) | 9,105,522 | |||||||
|
| |||||||
Healthcare-Products - 2.6% | ||||||||
Avantor Funding, Inc. | ||||||||
144A,4.625%, 7/15/28 | 866,000 | 810,982 | ||||||
144A,3.875%, 11/1/29 | 479,000 | 424,699 |
Hologic, Inc. | ||||||||
144A,4.625%, 2/1/28 | 214,000 | 201,786 | ||||||
144A,3.25%, 2/15/29 | 509,000 | 447,356 | ||||||
Medline Borrower LP | ||||||||
144A,3.875%, 4/1/29 | 2,546,000 | 2,263,675 | ||||||
144A,5.25%, 10/1/29 | 1,415,000 | 1,281,469 | ||||||
Teleflex, Inc. | ||||||||
4.625%, 11/15/27 | 268,000 | 254,150 | ||||||
144A,4.25%, 6/1/28 | 268,000 | 247,146 | ||||||
|
| |||||||
(Cost $6,092,523) | 5,931,263 | |||||||
|
| |||||||
Healthcare-Services - 5.4% | ||||||||
Catalent Pharma Solutions, Inc. | ||||||||
144A,5.00%, 7/15/27 | 268,000 | 253,262 | ||||||
144A,3.125%, 2/15/29 (a) | 345,000 | 289,645 | ||||||
144A,3.50%, 4/1/30 | 348,000 | 291,212 | ||||||
Charles River Laboratories International, Inc. | ||||||||
144A,4.25%, 5/1/28 | 268,000 | 248,208 | ||||||
144A,3.75%, 3/15/29 | 283,000 | 252,249 | ||||||
144A,4.00%, 3/15/31 | 318,000 | 273,712 | ||||||
Encompass Health Corp. | ||||||||
4.50%, 2/1/28 | 429,000 | 401,544 | ||||||
4.75%, 2/1/30 | 499,000 | 453,687 | ||||||
4.625%, 4/1/31 | 204,000 | 179,214 | ||||||
IQVIA, Inc. | ||||||||
144A,5.00%, 10/15/26 | 563,000 | 549,496 | ||||||
144A,5.00%, 5/15/27 | 589,000 | 571,034 | ||||||
144A,6.50%, 5/15/30 | 268,000 | 270,680 | ||||||
Molina Healthcare, Inc. | ||||||||
144A,4.375%, 6/15/28 | 429,000 | 398,083 | ||||||
144A,3.875%, 11/15/30 | 408,000 | 354,872 | ||||||
144A,3.875%, 5/15/32 | 402,000 | 337,356 | ||||||
Select Medical Corp.,144A,6.25%, 8/15/26 | 730,000 | 725,202 | ||||||
Tenet Healthcare Corp. | ||||||||
4.875%, 1/1/26 | 1,225,000 | 1,204,690 | ||||||
6.25%, 2/1/27 | 804,000 | 801,088 | ||||||
5.125%, 11/1/27 | 774,000 | 743,775 | ||||||
4.625%, 6/15/28 | 292,000 | 272,904 | ||||||
4.25%, 6/1/29 | 750,000 | 672,884 | ||||||
4.375%, 1/15/30 | 777,000 | 695,113 | ||||||
6.125%, 6/15/30 | 1,217,000 | 1,186,830 | ||||||
144A,6.75%, 5/15/31 | 873,000 | 873,058 | ||||||
|
| |||||||
(Cost $13,013,190) | 12,299,798 | |||||||
|
| |||||||
Household Products/Wares - 0.1% | ||||||||
Central Garden & Pet Co.,4.125%, 10/15/30 | ||||||||
(Cost $246,405) | 268,000 | 229,753 | ||||||
|
| |||||||
Pharmaceuticals — 2.7% | ||||||||
Jazz Securities DAC,144A,4.375%, 1/15/29 | 804,000 | 724,044 | ||||||
Organon & Co. / Organon Foreign Debt Co.-Issuer BV,144A,4.125%, 4/30/28 | 1,195,000 | 1,062,226 | ||||||
Perrigo Finance Unlimited Co. | ||||||||
3.90%, 12/15/24 | 475,000 | 466,359 | ||||||
4.375%, 3/15/26 | 375,000 | 360,367 | ||||||
4.65%, 6/15/30 | 402,000 | 359,211 | ||||||
Prestige Brands, Inc. | ||||||||
144A,5.125%, 1/15/28 | 214,000 | 203,477 | ||||||
144A,3.75%, 4/1/31 | 382,000 | 318,848 | ||||||
Teva Pharmaceutical Finance Netherlands III BV | ||||||||
7.125%, 1/31/25 | 228,000 | 229,035 | ||||||
3.15%, 10/1/26 | 1,845,000 | 1,681,272 | ||||||
6.75%, 3/1/28 | 784,000 | 787,316 | ||||||
|
| |||||||
(Cost $6,495,450) | 6,192,155 | |||||||
|
| |||||||
Energy - 9.6% | ||||||||
Oil & Gas - 5.0% | ||||||||
Antero Resources Corp. | ||||||||
144A,7.625%, 2/1/29 | 218,000 | 223,414 | ||||||
144A,5.375%, 3/1/30 | 322,000 | 302,383 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. | ||||||||
144A,7.00%, 11/1/26 | 320,000 | 315,812 | ||||||
144A,8.25%, 12/31/28 | 330,000 | 330,561 | ||||||
144A,5.875%, 6/30/29 | 229,000 | 210,375 | ||||||
Chesapeake Energy Corp. | ||||||||
144A,5.50%, 2/1/26 | 268,000 | 262,906 | ||||||
144A,5.875%, 2/1/29 | 268,000 | 257,558 | ||||||
144A,6.75%, 4/15/29 | 509,000 | 507,434 | ||||||
Civitas Resources, Inc.,144A,5.00%, 10/15/26 | 205,000 | 195,612 | ||||||
CrownRock LP / CrownRock Finance, Inc.,144A,5.625%, 10/15/25 | 493,000 | 488,509 | ||||||
CVR Energy, Inc.,144A,5.25%, 2/15/25 | 315,000 | 310,596 | ||||||
Matador Resources Co. | ||||||||
5.875%, 9/15/26 | 375,000 | 368,285 | ||||||
144A,6.875%, 4/15/28 | 268,000 | 268,801 | ||||||
Murphy Oil Corp.,5.875%, 12/1/27 | 291,000 | 286,960 | ||||||
Parkland Corp. | ||||||||
144A,5.875%, 7/15/27 | 268,000 | 262,919 | ||||||
144A,4.50%, 10/1/29 | 483,000 | 430,866 | ||||||
Permian Resources Operating LLC | ||||||||
144A,8.00%, 4/15/27 | 295,000 | 301,583 | ||||||
144A,5.875%, 7/1/29 | 375,000 | 358,653 | ||||||
144A,9.875%, 7/15/31 | 354,000 | 388,123 | ||||||
144A,7.00%, 1/15/32 | 270,000 | 271,005 | ||||||
Range Resources Corp. | ||||||||
4.875%, 5/15/25 | 469,000 | 461,913 | ||||||
8.25%, 1/15/29 | 322,000 | 334,069 | ||||||
144A,4.75%, 2/15/30 | 268,000 | 244,649 |
SM Energy Co. | ||||||||
6.75%, 9/15/26 | 222,000 | 219,198 | ||||||
6.625%, 1/15/27 | 211,000 | 209,239 | ||||||
6.50%, 7/15/28 | 211,000 | 205,553 | ||||||
Southwestern Energy Co. | ||||||||
5.375%, 2/1/29 | 373,000 | 355,137 | ||||||
5.375%, 3/15/30 | 703,000 | 667,498 | ||||||
4.75%, 2/1/32 | 666,000 | 594,840 | ||||||
Sunoco LP / Sunoco Finance Corp. | ||||||||
6.00%, 4/15/27 | 322,000 | 320,713 | ||||||
144A,7.00%, 9/15/28 | 270,000 | 272,293 | ||||||
4.50%, 5/15/29 | 499,000 | 455,322 | ||||||
4.50%, 4/30/30 | 428,000 | 384,819 | ||||||
Vital Energy, Inc.,9.50%, 1/15/25 | 315,000 | 316,447 | ||||||
|
| |||||||
(Cost $11,608,160) | 11,384,045 | |||||||
|
| |||||||
Pipelines - 4.6% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. | ||||||||
144A,7.875%, 5/15/26 | 295,000 | 301,003 | ||||||
144A,5.375%, 6/15/29 | 402,000 | 376,745 | ||||||
Buckeye Partners LP | ||||||||
144A,4.125%, 3/1/25 | 288,000 | 280,745 | ||||||
4.125%, 12/1/27 | 214,000 | 197,824 | ||||||
CQP Holdco LP / BIP-V Chinook Holdco LLC,144A,5.50%, 6/15/31 | 790,000 | 731,301 | ||||||
DT Midstream, Inc. | ||||||||
144A,4.125%, 6/15/29 | 589,000 | 529,662 | ||||||
144A,4.375%, 6/15/31 | 596,000 | 523,739 | ||||||
EnLink Midstream LLC | ||||||||
144A,5.625%, 1/15/28 | 318,000 | 309,021 | ||||||
5.375%, 6/1/29 | 262,000 | 253,035 | ||||||
144A,6.50%, 9/1/30 | 576,000 | 581,405 | ||||||
EnLink Midstream Partners LP | ||||||||
4.15%, 6/1/25 | 226,000 | 221,616 | ||||||
4.85%, 7/15/26 | 263,000 | 256,133 | ||||||
EQM Midstream Partners LP | ||||||||
144A,6.00%, 7/1/25 | 214,000 | 212,490 | ||||||
4.125%, 12/1/26 | 268,000 | 253,457 | ||||||
5.50%, 7/15/28 | 505,000 | 491,308 | ||||||
Hess Midstream Operations LP | ||||||||
144A,5.625%, 2/15/26 | 506,000 | 500,113 | ||||||
144A,5.125%, 6/15/28 | 295,000 | 282,551 | ||||||
144A,4.25%, 2/15/30 | 432,000 | 386,770 | ||||||
144A,5.50%, 10/15/30 | 214,000 | 202,131 | ||||||
NuStar Logistics LP | ||||||||
5.75%, 10/1/25 | 322,000 | 319,997 | ||||||
5.625%, 4/28/27 | 335,000 | 330,042 | ||||||
Rockies Express Pipeline LLC | ||||||||
144A,3.60%, 5/15/25 | 214,000 | 205,064 | ||||||
144A,4.95%, 7/15/29 | 285,000 | 263,136 | ||||||
Venture Global Calcasieu Pass LLC | ||||||||
144A,3.875%, 8/15/29 | 670,000 | 588,161 | ||||||
144A,6.25%, 1/15/30 | 586,000 | 575,373 | ||||||
144A,4.125%, 8/15/31 | 765,000 | 660,312 | ||||||
144A,3.875%, 11/1/33 | 670,000 | 547,314 | ||||||
|
| |||||||
(Cost $11,086,626) | 10,380,448 | |||||||
|
| |||||||
Financial - 10.0% | ||||||||
Diversified Financial Services - 3.3% | ||||||||
AG Issuer LLC,144A,6.25%, 3/1/28 | 268,000 | 260,063 | ||||||
AG TTMT Escrow Issuer LLC,144A,8.625%, 9/30/27 | 275,000 | 285,466 | ||||||
Macquarie Airfinance Holdings Ltd.,144A,8.375%, 5/1/28 | 265,000 | 271,791 | ||||||
Nationstar Mortgage Holdings, Inc. | ||||||||
144A,5.00%, 2/1/26 | 220,000 | 210,169 | ||||||
144A,6.00%, 1/15/27 | 420,000 | 408,251 | ||||||
Navient Corp. | ||||||||
6.75%, 6/25/25 | 268,000 | 270,144 | ||||||
6.75%, 6/15/26 | 260,000 | 259,756 | ||||||
NFP Corp.,144A,4.875%, 8/15/28 | 345,000 | 315,181 | ||||||
OneMain Finance Corp. | ||||||||
6.875%, 3/15/25 | 669,000 | 674,414 | ||||||
7.125%, 3/15/26 | 905,000 | 913,291 | ||||||
3.50%, 1/15/27 | 462,000 | 413,257 | ||||||
PennyMac Financial Services, Inc.,144A,5.375%, 10/15/25 | 362,000 | 352,291 | ||||||
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. | ||||||||
144A,2.875%, 10/15/26 | 716,000 | 651,281 | ||||||
144A,3.625%, 3/1/29 | 402,000 | 353,439 | ||||||
144A,3.875%, 3/1/31 | 750,000 | 630,581 | ||||||
144A,4.00%, 10/15/33 | 435,000 | 349,601 | ||||||
SLM Corp. | ||||||||
4.20%, 10/29/25 | 268,000 | 254,668 | ||||||
3.125%, 11/2/26 | 268,000 | 242,628 | ||||||
United Wholesale Mortgage LLC,144A,5.50%, 11/15/25 | 449,000 | 436,945 | ||||||
|
| |||||||
(Cost $7,890,241) | 7,553,217 | |||||||
|
| |||||||
Insurance - 1.9% | ||||||||
Acrisure LLC / Acrisure Finance, Inc.,144A,4.25%, 2/15/29 | 375,000 | 327,741 | ||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | ||||||||
144A,4.25%, 10/15/27 | 402,000 | 372,895 | ||||||
144A,6.75%, 4/15/28 | 755,000 | 756,407 | ||||||
AssuredPartners, Inc.,144A,7.00%, 8/15/25 | 268,000 | 267,548 |
HUB International Ltd. | ||||||||
144A,7.00%, 5/1/26 | 945,000 | 940,805 | ||||||
144A,5.625%, 12/1/29 | 340,000 | 309,156 | ||||||
144A,7.25%, 6/15/30 | 1,195,000 | 1,222,552 | ||||||
|
| |||||||
(Cost $4,187,587) | 4,197,104 | |||||||
|
| |||||||
Real Estate - 0.4% | ||||||||
Howard Hughes Corp. | ||||||||
144A,5.375%, 8/1/28 | 402,000 | 377,303 | ||||||
144A,4.125%, 2/1/29 | 408,000 | 350,164 | ||||||
144A,4.375%, 2/1/31 | 338,000 | 280,807 | ||||||
|
| |||||||
(Cost $1,127,801) | 1,008,274 | |||||||
|
| |||||||
Real Estate Investment Trusts - 4.1% | ||||||||
HAT Holdings I LLC / HAT Holdings II LLC | ||||||||
144A,6.00%, 4/15/25 | 214,000 | 211,142 | ||||||
144A,3.375%, 6/15/26 (a) | 536,000 | 485,588 | ||||||
Iron Mountain, Inc. | ||||||||
144A,4.875%, 9/15/27 | 536,000 | 507,908 | ||||||
144A,5.25%, 3/15/28 | 442,000 | 419,343 | ||||||
144A,5.00%, 7/15/28 | 268,000 | 250,543 | ||||||
144A,7.00%, 2/15/29 | 686,000 | 692,016 | ||||||
144A,4.875%, 9/15/29 | 536,000 | 488,536 | ||||||
144A,5.25%, 7/15/30 | 697,000 | 639,802 | ||||||
144A,4.50%, 2/15/31 | 589,000 | 510,418 | ||||||
144A,5.625%, 7/15/32 | 412,000 | 374,488 | ||||||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer | ||||||||
144A,7.50%, 6/1/25 | 428,000 | 430,876 | ||||||
144A,5.875%, 10/1/28 | 428,000 | 405,316 | ||||||
144A,4.875%, 5/15/29 | 402,000 | 358,037 | ||||||
RHP Hotel Properties LP / RHP Finance Corp. | ||||||||
4.75%, 10/15/27 | 370,000 | 351,685 | ||||||
144A,7.25%, 7/15/28 | 294,000 | 298,745 | ||||||
144A,4.50%, 2/15/29 | 322,000 | 290,663 | ||||||
RLJ Lodging Trust LP | ||||||||
144A,3.75%, 7/1/26 | 268,000 | 249,978 | ||||||
144A,4.00%, 9/15/29 | 268,000 | 231,847 | ||||||
SBA Communications Corp. | ||||||||
3.875%, 2/15/27 | 852,000 | 802,472 | ||||||
3.125%, 2/1/29 | 854,000 | 744,401 | ||||||
Starwood Property Trust, Inc. | ||||||||
144A,3.75%, 12/31/24 | 204,000 | 197,549 | ||||||
4.75%, 3/15/25 | 268,000 | 264,026 | ||||||
144A,3.625%, 7/15/26 | 205,000 | 188,193 | ||||||
|
| |||||||
(Cost $9,804,393) | 9,393,572 | |||||||
|
| |||||||
REITS - 0.3% | ||||||||
Service Properties Trust,144A,8.625%, 11/15/31 | ||||||||
(Cost $605,983) | 590,000 | 605,424 | ||||||
|
| |||||||
Industrial - 12.1% | ||||||||
Aerospace/Defense - 3.7% | ||||||||
Bombardier, Inc.,144A,7.125%, 6/15/26 | 711,000 | 711,592 | ||||||
Rolls-Royce PLC | ||||||||
144A,3.625%, 10/14/25 | 606,000 | 582,336 | ||||||
144A,5.75%, 10/15/27 | 536,000 | 530,051 | ||||||
TransDigm, Inc. | ||||||||
144A,6.25%, 3/15/26 | 2,268,000 | 2,254,694 | ||||||
7.50%, 3/15/27 | 284,000 | 284,248 | ||||||
5.50%, 11/15/27 | 1,397,000 | 1,345,737 | ||||||
144A,6.75%, 8/15/28 | 1,083,000 | 1,086,087 | ||||||
4.625%, 1/15/29 | 622,000 | 562,761 | ||||||
4.875%, 5/1/29 | 411,000 | 372,788 | ||||||
144A,6.875%, 12/15/30 | 750,000 | 752,419 | ||||||
|
| |||||||
(Cost $8,545,002) | 8,482,713 | |||||||
|
| |||||||
Building Materials - 1.7% | ||||||||
Builders FirstSource, Inc. | ||||||||
144A,5.00%, 3/1/30 | 295,000 | 274,969 | ||||||
144A,4.25%, 2/1/32 | 787,000 | 676,396 | ||||||
144A,6.375%, 6/15/32 | 360,000 | 354,468 | ||||||
Standard Industries, Inc. | ||||||||
144A,5.00%, 2/15/27 | 555,000 | 532,550 | ||||||
144A,4.75%, 1/15/28 | 506,000 | 476,107 | ||||||
144A,4.375%, 7/15/30 | 937,000 | 822,185 | ||||||
144A,3.375%, 1/15/31 | 590,000 | 485,023 | ||||||
Summit Materials LLC / Summit Materials Finance Corp.,144A,5.25%, 1/15/29 | 375,000 | 350,998 | ||||||
|
| |||||||
(Cost $4,051,284) | 3,972,696 | |||||||
|
| |||||||
Electrical Components & Equipment - 0.7% | ||||||||
WESCO Distribution, Inc. | ||||||||
144A,7.125%, 6/15/25 | 804,000 | 805,727 | ||||||
144A,7.25%, 6/15/28 | 790,000 | 806,491 | ||||||
|
| |||||||
(Cost $1,677,431) | 1,612,218 | |||||||
|
| |||||||
Electronics - 0.8% | ||||||||
Sensata Technologies BV | ||||||||
144A,5.00%, 10/1/25 (a) | 374,000 | 368,268 | ||||||
144A,4.00%, 4/15/29 | 586,000 | 526,504 | ||||||
144A,5.875%, 9/1/30 | 268,000 | 258,182 | ||||||
Sensata Technologies, Inc. | ||||||||
144A,4.375%, 2/15/30 | 241,000 | 214,965 | ||||||
144A,3.75%, 2/15/31 | 452,000 | 382,618 | ||||||
|
| |||||||
(Cost $1,941,394) | 1,750,537 | |||||||
|
| |||||||
Engineering & Construction - 0.1% | ||||||||
Fluor Corp.,4.25%, 9/15/28 | ||||||||
(Cost $308,836) | 330,000 | 308,649 | ||||||
|
| |||||||
Environmental Control - 1.3% | ||||||||
Clean Harbors, Inc.,144A,6.375%, 2/1/31 | 278,000 | 276,093 |
GFL Environmental, Inc. | ||||||||
144A,4.25%, 6/1/25 | 268,000 | 262,184 | ||||||
144A,3.75%, 8/1/25 | 402,000 | 388,660 | ||||||
144A,5.125%, 12/15/26 (a) | 313,000 | 303,882 | ||||||
144A,4.00%, 8/1/28 | 402,000 | 359,133 | ||||||
144A,3.50%, 9/1/28 | 382,000 | 342,504 | ||||||
144A,4.75%, 6/15/29 | 502,000 | 459,133 | ||||||
144A,4.375%, 8/15/29 | 295,000 | 260,703 | ||||||
Stericycle, Inc.,144A,3.875%, 1/15/29 | 268,000 | 236,514 | ||||||
|
| |||||||
(Cost $3,026,395) | 2,888,806 | |||||||
|
| |||||||
Miscellaneous Manufacturing - 0.1% | ||||||||
Hillenbrand, Inc.,5.75%, 6/15/25 | ||||||||
(Cost $219,627) | 214,000 | 211,625 | ||||||
|
| |||||||
Packaging & Containers - 3.0% | ||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | ||||||||
144A,6.00%, 6/15/27 | 322,000 | 312,752 | ||||||
144A,3.25%, 9/1/28 | 372,000 | 320,610 | ||||||
Ball Corp. | ||||||||
5.25%, 7/1/25 | 536,000 | 533,708 | ||||||
4.875%, 3/15/26 | 402,000 | 394,223 | ||||||
6.875%, 3/15/28 | 402,000 | 411,193 | ||||||
6.00%, 6/15/29 | 596,000 | 595,438 | ||||||
2.875%, 8/15/30 | 797,000 | 660,836 | ||||||
3.125%, 9/15/31 | 460,000 | 380,251 | ||||||
Berry Global, Inc.,144A,5.625%, 7/15/27 | 268,000 | 262,213 | ||||||
Crown Americas LLC,5.25%, 4/1/30 | 268,000 | 253,717 | ||||||
Graphic Packaging International LLC | ||||||||
144A,3.50%, 3/15/28 | 241,000 | 218,334 | ||||||
144A,3.75%, 2/1/30 | 214,000 | 186,697 | ||||||
OI European Group BV,144A,4.75%, 2/15/30 | 214,000 | 192,764 | ||||||
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A,4.00%, 10/15/27 | 536,000 | 490,947 | ||||||
Sealed Air Corp. | ||||||||
144A,5.50%, 9/15/25 | 214,000 | 212,570 | ||||||
144A,4.00%, 12/1/27 | 228,000 | 209,756 | ||||||
144A,6.125%, 2/1/28 | 415,000 | 410,868 | ||||||
144A,5.00%, 4/15/29 | 198,000 | 184,735 | ||||||
144A,7.25%, 2/15/31 | 330,000 | 338,233 | ||||||
Silgan Holdings, Inc.,4.125%, 2/1/28 (a) | 305,000 | 280,967 | ||||||
|
| |||||||
(Cost $7,324,216) | 6,850,812 | |||||||
|
| |||||||
Trucking & Leasing - 0.7% | ||||||||
Fortress Transportation and Infrastructure Investors LLC | ||||||||
144A,6.50%, 10/1/25 | 448,000 | 445,270 | ||||||
144A,9.75%, 8/1/27 | 214,000 | 222,684 | ||||||
144A,5.50%, 5/1/28 | 546,000 | 513,229 | ||||||
144A,7.875%, 12/1/30 | 300,000 | 305,717 | ||||||
|
| |||||||
(Cost $1,477,779) | 1,486,900 | |||||||
|
| |||||||
Technology - 5.4% | ||||||||
Computers - 2.0% | ||||||||
NCR Voyix Corp. | ||||||||
144A,5.00%, 10/1/28 | 379,000 | 345,996 | ||||||
144A,5.125%, 4/15/29 | 640,000 | 586,666 | ||||||
144A,5.25%, 10/1/30 | 291,000 | 256,053 | ||||||
Presidio Holdings, Inc.,144A,4.875%, 2/1/27 | 281,000 | 272,005 | ||||||
Seagate HDD Cayman | ||||||||
4.75%, 1/1/25 | 257,000 | 253,898 | ||||||
4.875%, 6/1/27 | 271,000 | 262,892 | ||||||
4.091%, 6/1/29 | 265,000 | 238,050 | ||||||
144A,8.25%, 12/15/29 | 278,000 | 295,429 | ||||||
144A,8.50%, 7/15/31 | 315,000 | 336,885 | ||||||
144A,9.625%, 12/1/32 | 435,600 | 489,607 | ||||||
Western Digital Corp.,4.75%, 2/15/26 (a) | 1,232,000 | 1,189,354 | ||||||
|
| |||||||
(Cost $4,559,575) | 4,526,835 | |||||||
|
| |||||||
Semiconductors - 0.9% | ||||||||
Entegris Escrow Corp. | ||||||||
144A,4.75%, 4/15/29 | 987,000 | 933,090 | ||||||
144A,5.95%, 6/15/30 | 480,000 | 463,564 | ||||||
Entegris, Inc. | ||||||||
144A,4.375%, 4/15/28 | 214,000 | 199,890 | ||||||
144A,3.625%, 5/1/29 (a) | 199,000 | 174,103 | ||||||
ON Semiconductor Corp.,144A,3.875%, 9/1/28 | 375,000 | 339,465 | ||||||
|
| |||||||
(Cost $2,135,908) | 2,110,112 | |||||||
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| |||||||
Software - 2.5% | ||||||||
Boxer Parent Co., Inc.,144A,7.125%, 10/2/25 | 322,000 | 321,876 | ||||||
Clarivate Science Holdings Corp.,144A,3.875%, 7/1/28 | 494,000 | 446,189 | ||||||
Fair Isaac Corp. | ||||||||
144A,5.25%, 5/15/26 | 214,000 | 209,649 | ||||||
144A,4.00%, 6/15/28 | 482,000 | 443,909 | ||||||
Open Text Corp. | ||||||||
144A,3.875%, 2/15/28 | 482,000 | 439,453 | ||||||
144A,3.875%, 12/1/29 | 455,000 | 398,370 | ||||||
Open Text Holdings, Inc. | ||||||||
144A,4.125%, 2/15/30 | 612,000 | 542,099 | ||||||
144A,4.125%, 12/1/31 | 333,000 | 285,040 | ||||||
PTC, Inc. | ||||||||
144A,3.625%, 2/15/25 | 388,000 | 377,694 | ||||||
144A,4.00%, 2/15/28 | 268,000 | 246,797 | ||||||
ROBLOX Corp.,144A,3.875%, 5/1/30 | 536,000 | 461,070 | ||||||
SS&C Technologies, Inc.,144A,5.50%, 9/30/27 | 1,072,000 | 1,038,366 | ||||||
Twilio, Inc. | ||||||||
3.625%, 3/15/29 | 268,000 | 236,337 | ||||||
3.875%, 3/15/31 | 268,000 | 231,512 | ||||||
|
| |||||||
(Cost $6,003,452) | 5,678,361 | |||||||
|
|
Utilities - 3.5% | ||||||||
Electric - 3.3% | ||||||||
Calpine Corp. | ||||||||
144A,5.25%, 6/1/26 | 275,000 | 270,175 | ||||||
144A,4.50%, 2/15/28 | 670,000 | 634,105 | ||||||
144A,3.75%, 3/1/31 | 532,000 | 456,243 | ||||||
Clearway Energy Operating LLC | ||||||||
144A,4.75%, 3/15/28 | 485,000 | 454,574 | ||||||
144A,3.75%, 2/15/31 | 526,000 | 440,510 | ||||||
DPL, Inc.,4.125%, 7/1/25 | 222,000 | 214,379 | ||||||
FirstEnergy Corp. | ||||||||
Series B, 4.15%, 7/15/27 | 854,000 | 813,118 | ||||||
2.65%, 3/1/30 | 332,000 | 281,180 | ||||||
Series B, 2.25%, 9/1/30 | 271,000 | 220,663 | ||||||
NextEra Energy Operating Partners LP | ||||||||
144A,3.875%, 10/15/26 | 278,000 | 256,940 | ||||||
144A,4.50%, 9/15/27 | 295,000 | 272,558 | ||||||
Vistra Operations Co. LLC | ||||||||
144A,5.50%, 9/1/26 | 536,000 | 526,907 | ||||||
144A,5.625%, 2/15/27 | 747,000 | 727,109 | ||||||
144A,5.00%, 7/31/27 | 717,000 | 682,865 | ||||||
144A,4.375%, 5/1/29 | 670,000 | 605,847 | ||||||
144A,7.75%, 10/15/31 | 650,000 | 665,803 | ||||||
|
| |||||||
(Cost $7,975,783) | 7,522,976 | |||||||
|
| |||||||
Gas - 0.2% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp.,5.50%, 5/20/25 | ||||||||
(Cost $368,032) | 375,000 | 367,564 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS (Cost $233,765,407) | 223,850,049 | |||||||
|
| |||||||
Number of Shares | Value | |||||||
SECURITIES LENDING COLLATERAL - 2.9% |
| |||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | ||||||||
(Cost $6,658,657) | 6,658,657 | 6,658,657 | ||||||
|
| |||||||
CASH EQUIVALENTS - 0.6% | ||||||||
DWS Government Money Market Series “Institutional Shares”, 5.31% (b) | ||||||||
(Cost $1,275,052) | 1,275,052 | 1,275,052 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 102.0% (Cost $241,699,116) | 231,783,758 | |||||||
Other assets and liabilities, net - (2.0%) | (4,508,867 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $ | 227,274,891 | ||||||
|
|
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 ($) | Net Realized ($) | 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 — 2.9% | ||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) | ||||||||||||||||
— | 6,658,657 (d) | — | — | — | 2,881 | — | 6,658,657 | 6,658,657 | ||||||||
CASH EQUIVALENTS — 0.6% | ||||||||||||||||
DWS Government Money Market Series “Institutional Shares”, 5.31% (b) | ||||||||||||||||
3,360,237 | 6,730,055 | (8,815,240) | — | — | 18,103 | — | 1,275,052 | 1,275,052 | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
3,360,237 | 13,388,712 | (8,815,240) | — | — | 20,984 | — | 7,933,709 | 7,933,709 | ||||||||
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|
|
|
|
|
|
|
(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 $6,506,884, which is 2.9% 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. |
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) | $ | — | $ | 223,850,049 | $ | — | $ | 223,850,049 | ||||||||
Short-Term Investments (a) | 7,933,709 | — | — | 7,933,709 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 7,933,709 | $ | 223,850,049 | $ | — | $ | 231,783,758 | ||||||||
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|
(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
HYDW-PH1
R-089711-1 (5/24) DBX005195 (5/24)