db-X Exchange-Traded Funds NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22001

db-X Exchange-Traded Funds Inc.

(Exact name of Registrant as specified in charter)

60 Wall Street

New York, New York 10005

(Address of principal executive offices) (Zip code)

Alex Depetris

db-X Exchange-Traded Funds Inc.

60 Wall Street

New York, New York 10005

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 250-4352

Date of fiscal year end: May 31, 2011

Date of reporting period: May 31, 2011

Item 1.

Report to Stockholders.

The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

ANNUAL REPORT

May 31, 2011

db-X Exchange-Traded Funds Inc.

db-X 2010 Target Date Fund

(formerly, TDX Independence 2010 Exchange-Traded Fund)

db-X 2020 Target Date Fund

(formerly, TDX Independence 2020 Exchange-Traded Fund)

db-X 2030 Target Date Fund

(formerly, TDX Independence 2030 Exchange-Traded Fund)

db-X 2040 Target Date Fund

(formerly, TDX Independence 2040 Exchange-Traded Fund)

db-X In-Target Date Fund

(formerly, TDX Independence In-Target Exchange-Traded Fund)

db-X Exchange-Traded Funds Inc.

TABLE OF CONTENTS


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		2
Performance Summary (Unaudited)
db-X 2010 Target Date Fund		3
db-X 2020 Target Date Fund		5
db-X 2030 Target Date Fund		7
db-X 2040 Target Date Fund		9
db-X In-Target Date Fund		11
Fees and Expenses (Unaudited)		13
Schedules of Investments
db-X 2010 Target Date Fund		14
db-X 2020 Target Date Fund		19
db-X 2030 Target Date Fund		25
db-X 2040 Target Date Fund		31
db-X In-Target Date Fund		37
Statements of Assets and Liabilities		43
Statements of Operations		45
Statements of Changes in Net Assets		47
Financial Highlights		50
Notes to Financial Statements		53
Report of Independent Registered Public Accounting Firm		62
Frequency Distribution of Discounts & Premiums (Unaudited)		63
Officers and Directors (Unaudited)		65
Additional Information (Unaudited)		68
Privacy Policy Notice (Unaudited)		69

This Page is Intentionally Left Blank

TO OUR SHAREHOLDERS:

Dear Shareholder,

We are pleased to present this Annual Report for db-X Exchange-Traded Funds Inc. (formerly TDX Independence Funds, Inc.), which covers the year ending May 31, 2011.

Effective June 17, 2011, the names of the funds were changed to the “db-X” brand, to make it easier for investors to identify our funds. Although the names of the funds have changed, their ticker symbols and investment strategies remain the same. This change reflects our commitment to providing outstanding products and support in order to help you reach you investment goals.

Over the past year, the funds have continued to highlight the benefits of target-date investing. During the twelve months covered by this report, the db-X 2040 Target Date Fund (formerly TDX Independence 2040 Exchange-Traded Fund) and the db-X 2030 Target Date Fund (formerly TDX Independence 2030 Exchange-Traded Fund), which have the greatest percentage allocations to equities, benefitted from strong performance in domestic and international equity markets and experienced net asset value (NAV) returns of 26.32% and 23.74%, respectively.* The db-X 2020 Target Date Fund (formerly TDX Independence 2020 Exchange-Traded Fund), with a more balanced allocation between equity and fixed income securities, experienced a NAV return of 18.71%.* For investors with a shorter investment horizon, the db-X 2010 Target Date Fund (formerly TDX Independence 2010 Exchange-Traded Fund) and the db-X In-Target Date Fund (formerly TDX Independence In-Target Exchange-Traded Fund), which allocate a large percentage of assets to less volatile fixed-income securities, experienced NAV returns of 6.09% and 7.44%, respectively.*

Deutsche Bank, a leading global banking institution, has managed and operated a successful and growing platform of exchange-traded products since 2006. Our team at Deutsche Bank values the trust that you have placed in us and we look forward to meeting your investment needs by continuing to offer innovative index-driven strategies.

Very truly yours,

LOGO

Alex N. Depetris

Chairman, President and Chief Executive Officer

July 25, 2011

* Performance quoted represents past performance, assumes reinvestment of all dividends and capital gains distributions at NAV, and does not guarantee future results. The NAV return is based on the changes in a Fund’s per share NAV for the period(s) indicated. The Fund’s NAV per share is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. Current performance may be higher or lower than the performance quoted. See pages 3-12 of this report for additional performance information, including performance data based on market value. Performance data for the most recent month end may be obtained by visiting www.dbxstrategicadvisors.db.com. Investment in the Funds poses investment risk including the possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost.

This Page is Intentionally Left Blank

db-X Exchange-Traded Funds Inc.

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

After being range-bound for much of the summer in 2010, a six month rally spurred by the Federal Reserve’s second round of quantitative easing and improving economic conditions helped lead equity markets to strong gains for the year ended May 31, 2011 with the S&P 500 Index increasing 25.95%, the Russell 3000 Index increasing 27.04% and the NASDAQ Composite Index increasing 26.92%. International equity markets also exhibited strength, with the MSCI EAFE Index (measuring equities in Europe, Australasia and the Far East) gaining 30.41%. U.S. fixed income securities continued to be a haven for risk-averse investors, with the Barclays Capital U.S. Aggregate Bond Index increasing 5.84% during the same period.

db-X Exchange-Traded Funds Inc. (the “Funds”) had a wide range of returns during the year. (For specific performance results, please refer to the Fund Performance Section on the following pages of this report.) The wide range in the performance of the five Funds was due to the varying allocations in the funds to domestic equities, international equities and fixed income securities. The 2040 Fund, which is allocated heavily towards U.S. equities, experienced a strong gain of 26.32% during the one year period ending May 31, 2011. The 2010 Fund, which has a heavy exposure to short-term U.S. Treasury securities, returned a more modest 6.09% during the same period.

The Standard & Poor’s (“S&P”) 500 Index is a broad-based index designed to measure the performance of the domestic stock market as represented by 500 large capitalization stocks.

The Russell 3000 Index is a broad-based index representing approximately 98% of the investable U.S. equity market.

The NASDAQ Composite Index is a broad-based index of NASDAQ-listed securities commonly used as a barometer of technology stock performance.

The Morgan Stanley Capital International (“MSCI”) EAFE Index is a broad-based index representing the largest stocks by market capitalization in 21 developed countries in Europe, Australasia and the Far East.

The Barclays Capital U.S. Aggregate Bond Index is a broad-based index designed to represent the U.S. investment-grade bond universe.

One cannot invest directly in an index. Performance quoted represents past performance and does not guarantee future results.

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

db-X 2010 Target Date Fund (TDD)

The db-X 2010 Target Date Fund (the “Fund”) commenced investment operations and its shares began trading on the NYSE Arca, Inc. (“NYSE Arca”) on October 1, 2007. The Fund seeks to track the performance, before fees and expenses, of the Zacks 2010 Lifecycle Index. Both the Fund’s equity and bond portfolios held fewer securities than the Zacks 2010 Lifecycle Index, a constraint imposed by the relatively small size of the Fund.

For the fiscal year ended May 31, 2011, the Fund’s net asset value increased 6.09%, compared to an increase of 6.56% for the Zacks 2010 Lifecycle Index and 13.01% for the Dow Jones Target 2010 Index. The fund’s performance benefited from favorable results in several equity sectors, in particular Energy, Information Technology and Industrials, partially offset by the Fund’s heavier weighting to fixed income securities, in particular short-term U.S. Treasury securities.

Performance as of 5/31/11


Average Annual Total Return
	Net Asset Value	Market Price	Zacks 2010 Lifecycle Index	Dow Jones Target 2010 Index
One Year	6.09%	3.53%	6.56%	13.01%
Since Inception¹	1.09%	0.35%	1.25%	4.54%

Cumulative Total Return
	Net Asset Value	Market Price	Zacks 2010 Lifecycle Index	Dow Jones Target 2010 Index
One Year	6.09%	3.53%	6.56%	13.01%
Since Inception¹	4.04%	1.31%	4.64%	17.67%

¹Total returns are calculated based on the commencement of trading, 10/1/07 (“Inception”).

Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.dbxstrategicadvisors.db.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The gross expense ratio for the fiscal year ended May 31, 2010, as disclosed in the most recent prospectus dated September 28, 2010, was 2.10%. DBX Strategic Advisors LLC, the advisor to the Fund, has agreed to cap its fees and/or pay certain Fund operating expenses in order to limit Fund net annual operating expenses for shares of the Fund to 0.65% of the Fund’s average net assets until 9/30/11.

The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The Dow Jones Target Date Indexes are indexes whose allocations are automatically adjusted to reduce potential risk over time. The Dow Jones Target Date Indexes are designed to measure the performance of multi-asset class portfolios that allocate among U.S. and global stock, bond and cash subindexes on a monthly basis. The indexes automatically adjust their asset allocation over time to reflect reductions in potential risk as the investor’s target date approaches.

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.

“Target Date” refers to a time in the future, generally a specified year, in which the investor expects to retire or otherwise require the use of the invested funds. Target date funds are generally more aggressive the further the target date is from the present, with an objective of capital appreciation. As the target date approaches, the fund’s objective will generally become more conservative, aiming to achieve a higher level of capital preservation. Upon reaching the target date, the Underlying Index will have approximately a 10% allocation to equity securities. Over the next five years, allocations shift from conservative to more moderately-conservative allocations, allowing for a larger exposure to equities than at the target date (“Moderately-Conservative Allocation”).

Investors should note that although target date funds aim to preserve capital as the target date approaches, there is no guarantee that the Fund will achieve this objective.

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

db-X 2010 Target Date Fund (TDD) (Continued)

Growth of a $10,000 Investment in TDD² as of 5/31/11

LOGO

² Based on Net Asset Value from commencement of trading 10/1/07.

Asset Class Breakdown* as of 5/31/11

LOGO

* Weightings are expressed as a percentage of total investments and may change over time.

Top Ten Holdings³as of 5/31/11



Top Ten Equity Holdings

Description	Shares		Value		% of Net Assets
Exxon Mobil Corp.		794		$66,275		0.5%
Apple, Inc.		150		52,174		0.4%
Chevron Corp.		325		34,096		0.2%
International Business Machines Corp.		199		33,617		0.2%
General Electric Co.		1,662		32,641		0.2%
Berkshire Hathaway, Inc., Class B		409		32,340		0.2%
Microsoft Corp.		1,217		30,437		0.2%
Wal-Mart Stores, Inc.		551		30,427		0.2%
Procter & Gamble (The) Co.		442		29,614		0.2%
Johnson & Johnson		436		29,337		0.2%


Top Ten Fixed Income Holdings

Description	Principal Amount		Value		% of Net Assets
U.S. Treasury Bond/Note, 4.75%, 5/15/14		$955,200		$1,066,690		7.4%
U.S. Treasury Bond/Note, 1.38%, 4/15/12		992,900		1,003,217		7.0%
U.S. Treasury Bond/Note, 1.38%, 2/15/13		901,200		916,620		6.4%
U.S. Treasury Bond/Note, 1.38%, 5/15/12		840,000		849,384		5.9%
U.S. Treasury Bond/Note, 1.38%, 3/15/13		830,000		844,464		5.9%
U.S. Treasury Bond/Note, 1.75%, 11/15/11		768,800		774,596		5.4%
U.S. Treasury Bond/Note, 2.38%, 2/28/15		689,700		721,706		5.0%
U.S. Treasury Bond/Note, 3.38%, 7/31/13		614,900		653,283		4.5%
U.S. Treasury Bond/Note, 1.38%, 2/15/12		420,000		423,659		2.9%
Fed. Home Loan Mort. Corp., 4.50%, 1/15/13		373,000		397,821		2.8%

³ Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to www.dbxstrategicadvisors.db.com.

Sector Breakdown* as of 5/31/11

LOGO

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

db-X 2020 Target Date Fund (TDH)

The db-X 2020 Target Date Fund (the “Fund”) commenced investment operations and its shares began trading on the NYSE Arca, Inc. (“NYSE Arca”) on October 1, 2007. The Fund seeks to track the performance, before fees and expenses, of the Zacks 2020 Lifecycle Index. Both the Fund’s equity and bond portfolios held fewer securities than the Zacks 2020 Lifecycle Index, a constraint imposed by the relatively small size of the Fund.

For the fiscal year ended May 31, 2011, the Fund’s net asset value increased 18.71%, compared to an increase of 19.38% for the Zacks 2020 Lifecycle Index and 17.29% for the Dow Jones Target 2020 Index. The fund’s performance benefitted from favorable results in several equity sectors, in particular Energy, Information Technology and Industrials as well as strong performance in intermediate-term U.S. Treasury securities.

Performance as of 5/31/11


Average Annual Total Return
	Net Asset Value	Market Price	Zacks 2020 Lifecycle Index	Dow Jones Target 2020 Index
One Year	18.71%	17.65%	19.38%	17.29%
Since Inception¹	0.56%	-0.17%	0.74%	2.60%

Cumulative Total Return
	Net Asset Value	Market Price	Zacks 2020 Lifecycle Index	Dow Jones Target 2020 Index
One Year	18.71%	17.65%	19.38%	17.29%
Since Inception¹	2.07%	-0.64%	2.72%	9.85%

¹ Total returns are calculated based on the commencement of trading, 10/1/07 (“Inception”).

Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.dbxstrategicadvisors.db.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The gross expense ratio for the fiscal year ended May 31, 2010, as disclosed in the most recent prospectus dated September 28, 2010, was 1.90%. DBX Strategic Advisors LLC, the advisor to the Fund, has agreed to cap its fees and/or pay certain Fund operating expenses in order to limit Fund net annual operating expenses for shares of the Fund to 0.65% of the Fund’s average net assets until 9/30/11.

Investors should note that although target date funds aim to preserve capital as the target date approaches, there is no guarantee that the Fund will achieve this objective.

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

db-X 2020 Target Date Fund (TDH) (Continued)

Growth of a $10,000 Investment in TDH² as of 5/31/11

LOGO

² Based on Net Asset Value from commencement of trading 10/1/07.

Asset Class Breakdown* as of 5/31/11

LOGO

* Weightings are expressed as a percentage of total investments and may change over time.

Top Ten Holdings³ as of 5/31/11



Top Ten Equity Holdings

Description	Shares		Value		% of Net Assets
Exxon Mobil Corp.		8,219		$686,039		1.8%
Apple, Inc.		1,488		517,570		1.3%
International Business Machines Corp.		2,060		347,997		0.9%
Berkshire Hathaway, Inc., Class B		4,171		329,800		0.9%
General Electric Co.		16,693		327,850		0.9%
Chevron Corp.		3,099		325,116		0.8%
Wal-Mart Stores, Inc.		5,874		324,362		0.8%
Johnson & Johnson		4,788		322,184		0.8%
Procter & Gamble (The) Co.		4,797		321,399		0.8%
Microsoft Corp.		12,843		321,203		0.8%


Top Ten Fixed Income Holdings

Description	Principal Amount		Value		% of Net Assets
U.S. Treasury Bond/Note, 4.75%, 5/15/14		$1,026,300		$1,146,089		3.0%
U.S. Treasury Bond/Note, 8.13%, 8/15/19		527,900		744,916		1.9%
U.S. Treasury Bond/Note, 3.13%, 1/31/17		686,700		731,175		1.9%
European Investment Bank, MTN, 4.63%, 5/15/14		625,000		689,733		1.8%
General Electric Co., 5.25%, 12/06/17		543,000		611,242		1.6%
Fed. Natl. Mort. Assoc., 5.00%, 5/11/17		485,000		559,033		1.5%
U.S. Treasury Bond/Note, 2.50%, 3/31/15		510,600		536,649		1.4%
U.S. Treasury Bond/Note, 6.25%, 5/15/30		399,200		526,570		1.4%
Goldman Sachs Group (The), Inc., 5.00%, 10/01/14		459,000		495,442		1.3%
U.S. Treasury Bond/Note, 3.63%, 2/15/20		424,700		452,372		1.2%

Sector Breakdown* as of 5/31/11

LOGO

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

db-X 2030 Target Date Fund (TDN)

The db-X 2030 Target Date Fund (the “Fund”) commenced investment operations and its shares began trading on the NYSE Arca, Inc. (“NYSE Arca”) on October 1, 2007. The Fund seeks to track the performance, before fees and expenses, of the Zacks 2030 Lifecycle Index. Both the Fund’s equity and bond portfolios held fewer securities than the Zacks 2030 Lifecycle Index, a constraint imposed by the relatively small size of the Fund.

For the fiscal year ended May 31, 2011, the Fund’s net asset value increased 23.74%, compared to an increase of 24.63% for the Zacks 2030 Lifecycle Index and 22.79% for the Dow Jones Target 2030 Index. The fund’s performance benefitted from its heavy weighting to equities with favorable results in several sectors, in particular Energy, Information Technology and Industrials.

Performance as of 5/31/11


Average Annual Total Return
	Net Asset Value	Market Price	Zacks 2030 Lifecycle Index	Dow Jones Target 2030 Index
One Year	23.74%	27.37%	24.63%	22.79%
Since Inception¹	-2.23%	-2.26%	-2.03%	1.40%

Cumulative Total Return
	Net Asset Value	Market Price	Zacks 2030 Lifecycle Index	Dow Jones Target 2030 Index
One Year	23.74%	27.37%	24.63%	22.79%
Since Inception¹	-7.95%	-8.05%	-7.23%	5.21%

¹ Total returns are calculated based on the commencement of trading, 10/1/07 (“Inception”).

Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.dbxstrategicadvisors.db.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The gross expense ratio for the fiscal year ended May 31, 2010, as disclosed in the most recent prospectus dated September 28, 2010, was 1.95%. DBX Strategic Advisors LLC, the advisor to the Fund, has agreed to cap its fees and/or pay certain Fund operating expenses in order to limit Fund net annual operating expenses for shares of the Fund to 0.65% of the Fund’s average net assets until 9/30/11.

Investors should note that although target date funds aim to preserve capital as the target date approaches, there is no guarantee that the Fund will achieve this objective.

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

db-X 2030 Target Date Fund (TDN) (Continued)

Growth of a $10,000 Investment in TDN² as of 5/31/11

LOGO

² Based on Net Asset Value from commencement of trading 10/1/07.

Asset Class Breakdown* as of 5/31/11

LOGO

* Weightings are expressed as a percentage of total investments and may change over time.

Top Ten Holdings³ as of 5/31/11



Top Ten Equity Holdings

Description	Shares		Value		% of Net Assets
Exxon Mobil Corp.		10,062		$839,875		2.4%
Apple, Inc.		1,804		627,485		1.8%
International Business Machines Corp.		2,560		432,461		1.2%
Wal-Mart Stores, Inc.		7,325		404,486		1.1%
General Electric Co.		20,565		403,897		1.1%
Berkshire Hathaway, Inc., Class B		5,102		403,415		1.1%
Microsoft Corp.		15,818		395,607		1.1%
Johnson & Johnson		5,869		394,925		1.1%
Chevron Corp.		3,758		394,252		1.1%
Procter & Gamble (The) Co.		5,841		391,347		1.1%


Top Ten Fixed Income Holdings

Description	Principal Amount		Value		% of Net Assets
U.S. Treasury Bond/Note, 4.38%, 2/15/38		$304,200		$314,467		0.9%
U.S. Treasury Bond/Note, 8.13%, 8/15/19		113,900		160,724		0.5%
Verizon Global Funding Corp., 7.75%, 12/01/30		124,000		157,618		0.4%
General Electric Capital Corp., Series A, MTN, 6.75%, 3/15/32		136,000		155,873		0.4%
MidAmerican Energy Holdings Co., 6.13%, 4/01/36		133,000		147,432		0.4%
Citigroup, Inc., 8.13%, 7/15/39		108,000		141,230		0.4%
U.S. Treasury Bond/Note, 1.75%, 11/15/11		139,600		140,652		0.4%
Target Corp., 7.00%, 1/15/38		110,000		135,936		0.4%
ConocoPhillips, 5.90%, 10/15/32		117,000		130,145		0.4%
Bank of New York Mellon (The) Corp., Series G, MTN, 4.60%, 1/15/20		117,000		124,737		0.4%

Sector Breakdown* as of 5/31/11

LOGO

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

db-X 2040 Target Date Fund (TDV)

The db-X 2040 Target Date Fund (the “Fund”) commenced investment operations and its shares began trading on the NYSE Arca, Inc. (“NYSE Arca”) on October 1, 2007. The Fund seeks to track the performance, before fees and expenses, of the Zacks 2040 Lifecycle Index. Both the Fund’s equity and bond portfolios held fewer securities than the Zacks 2040 Lifecycle Index, a constraint imposed by the relatively small size of the Fund.

For the fiscal year ended May 31, 2011, the Fund’s net asset value increased 26.32%, compared to an increase of 27.00% for the Zacks 2040 Lifecycle Index and 26.33% for the Dow Jones Target 2040 Index. The fund’s performance benefitted from its heavy weighting to equities with favorable results in several sectors, in particular Energy, Information Technology and Industrials.

Performance as of 5/31/11


Average Annual Total Return
	Net Asset Value	Market Price	Zacks 2040 Lifecycle Index	Dow Jones Target 2040 Index
One Year	26.32%	30.20%	27.00%	26.33%
Since Inception¹	-2.88%	-2.84%	-2.73%	0.88%

Cumulative Total Return
	Net Asset Value	Market Price	Zacks 2040 Lifecycle Index	Dow Jones Target 2040 Index
One Year	26.32%	30.20%	27.00%	26.33%
Since Inception¹	-10.18%	-10.03%	-9.64%	3.26%

¹ Total returns are calculated based on the commencement of trading, 10/1/07 (“Inception”).

Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.dbxstrategicadvisors.db.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The gross expense ratio for the fiscal year ended May 31, 2010, as disclosed in the most recent prospectus dated September 28, 2010, was 1.97%. DBX Strategic Advisors LLC, the advisor to the Fund, has agreed to cap its fees and/or pay certain Fund operating expenses in order to limit Fund net annual operating expenses for shares of the Fund to 0.65% of the Fund’s average net assets until 9/30/11.

Investors should note that although target date funds aim to preserve capital as the target date approaches, there is no guarantee that the Fund will achieve this objective.

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

db-X 2040 Target Date Fund (TDV) (Continued)

Growth of a $10,000 Investment in TDV² as of 5/31/11

² Based on Net Asset Value from commencement of trading 10/1/07.

Asset Class Breakdown* as of 5/31/11

LOGO

* Weightings are expressed as a percentage of total investments and may change over time.

Top Ten Holdings³ as of 5/31/11



Top Ten Equity Holdings

Description	Shares		Value		% of Net Assets
Exxon Mobil Corp.		11,239		$938,120		2.7%
Apple, Inc.		2,016		701,225		2.0%
International Business Machines Corp.		2,872		485,166		1.4%
General Electric Co.		23,220		456,041		1.3%
Berkshire Hathaway, Inc., Class B		5,765		455,839		1.3%
Microsoft Corp.		17,728		443,376		1.3%
Wal-Mart Stores, Inc.		8,025		443,142		1.3%
Chevron Corp.		4,208		441,461		1.3%
Johnson & Johnson		6,484		436,308		1.3%
Procter & Gamble (The) Co.		6,428		430,676		1.2%


Top Ten Fixed Income Holdings

Description	Principal Amount		Value		% of Net Assets
U.S. Treasury Bond/Note, 4.38%, 5/15/40		$115,500		$118,604		0.3%
U.S. Treasury Bond/Note, 8.13%, 8/15/19		75,200		106,114		0.3%
U.S. Treasury Bond/Note, 7.63%, 2/15/25		62,700		90,768		0.3%
U.S. Treasury Bond/Note, 6.25%, 5/15/30		40,400		53,290		0.2%
Fed. Home Loan Mort. Corp., 6.25%, 7/15/32		42,000		52,908		0.2%
U.S. Treasury Bond/Note, 3.63%, 2/15/20		39,900		42,500		0.1%
U.S. Treasury Bond/Note, 4.38%, 2/15/38		40,800		42,177		0.1%
MidAmerican Energy Holdings Co., 6.13%, 4/01/36		31,000		34,364		0.1%
BellSouth Corp., 6.00%, 11/15/34		33,000		34,353		0.1%
ConocoPhillips, 5.90% 10/15/32		30,000		33,371		0.1%

Sector Breakdown* as of 5/31/11

LOGO

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

db-X In-Target Date Fund (TDX)

The db-X In-Target Date Fund (the “Fund”) commenced investment operations and its shares began trading on the NYSE Arca, Inc. (“NYSE Arca”) on October 1, 2007. The Fund seeks to track the performance, before fees and expenses, of the Zacks In-Target Lifecycle Index. Both the Fund’s equity and bond portfolios held fewer securities than the Zacks In-Target Lifecycle Index, a constraint imposed by the relatively small size of the Fund.

For the fiscal year ended May 31, 2011, the Fund’s net asset value increased 7.44%, compared to an increase of 7.64% for the Zacks In-Target Lifecycle Index and 11.24% for the Dow Jones Target Today Index. The fund’s performance benefited from favorable results in several equity sectors, in particular Energy, Information Technology and Industrials, partially offset by the Fund’s heavier weighting to fixed income securities, in particular short-term U.S. Treasury securities.

Performance as of 5/31/11


Average Annual Total Return
	Net Asset Value	Market Price	Zacks In-Target Lifecycle Index	Dow Jones Target Today Index
One Year	7.44%	6.88%	7.64%	11.24%
Since Inception¹	3.19%	2.51%	3.24%	5.70%

Cumulative Total Return
	Net Asset Value	Market Price	Zacks In-Target Lifecycle Index	Dow Jones Target Today Index
One Year	7.44%	6.88%	7.64%	11.24%
Since Inception¹	12.20%	9.52%	12.41%	22.52%

¹ Total returns are calculated based on the commencement of trading, 10/1/07 (“Inception”).

Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.dbxstrategicadvisors.db.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The gross expense ratio for the fiscal year ended May 31, 2010, as disclosed in the most recent prospectus dated September 28, 2010, was 2.06%. DBX Strategic Advisors LLC, the advisor to the Fund, has agreed to cap its fees and/or pay certain Fund operating expenses in order to limit Fund net annual operating expenses for shares of the Fund to 0.65% of the Fund’s average net assets until 9/30/11.

Investors should note that although target date funds aim to preserve capital as the target date approaches, there is no guarantee that the Fund will achieve this objective.

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

db-X In-Target Date Fund (TDX) (Continued)

Growth of a $10,000 Investment in TDX² as of 5/31/11

LOGO

² Based on Net Asset Value from commencement of trading 10/1/07.

Asset Class Breakdown* as of 5/31/11

LOGO

* Weightings are expressed as a percentage of total investments and may change over time.

Top Ten Holdings³ as of 5/31/11



Top Ten Equity Holdings

Description	Shares		Value		% of Net Assets
Exxon Mobil Corp.		1,531		$127,793		0.8%
Apple, Inc.		282		98,088		0.6%
International Business Machines Corp.		375		63,349		0.4%
General Electric Co.		3,193		62,711		0.4%
Microsoft Corp.		2,502		62,575		0.4%
Chevron Corp.		596		62,526		0.4%
Berkshire Hathaway, Inc., Class B		778		61,515		0.4%
Wal-Mart Stores, Inc.		1,075		59,361		0.4%
AT&T, Inc.		1,796		56,683		0.4%
Procter & Gamble (The) Co.		845		56,615		0.4%


Top Ten Fixed Income Holdings

Description	Principal Amount		Value		% of Net Assets
U.S. Treasury Bond/Note, 4.25%, 9/30/12		$786,900		$828,735		5.2%
U.S. Treasury Bond/Note, 1.38%, 2/15/12		820,000		827,144		5.2%
U.S. Treasury Bond/Note, 4.75%, 5/15/14		727,500		812,413		5.1%
U.S. Treasury Bond/Note, 3.38%, 11/30/12		707,000		739,561		4.6%
U.S. Treasury Bond/Note, 2.88%, 1/31/13		635,500		662,360		4.2%
U.S. Treasury Bond/Note, 3.63%, 12/31/12		576,300		606,398		3.8%
U.S. Treasury Bond/Note, 4.63%, 2/29/12		553,300		571,758		3.6%
U.S. Treasury Bond/Note, 2.50%, 3/31/13		550,000		571,313		3.6%
U.S. Treasury Bond/Note, 4.50%, 11/30/11		550,800		562,870		3.5%
U.S. Treasury Bond/Note, 1.38%, 3/15/12		556,000		561,321		3.5%

Sector Breakdown* as of 5/31/11

LOGO

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

db-X Exchange-Traded Funds Inc.

FEES AND EXPENSES

As a shareholder of one or more of the funds of db-X Exchange-Traded Funds Inc. (each, a “Fund” and collectively, the “Funds” or “db-X Target Date Funds”), you incur advisory fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held through the six month period ended May 31, 2011.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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


	Beginning Account Value December 1, 2010		Ending Account Value May 31, 2011		Annualized Expense Ratio⁽¹⁾ based on the number of days in the period			Expenses Paid During the Period⁽²⁾ December 1, 2010 to May 31, 2011
db-X 2010 Target Date Fund
Actual	$	1,000.00	$	1,027.28		0.65	%	$	3.29
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28
db-X 2020 Target Date Fund
Actual	$	1,000.00	$	1,094.99		0.65	%	$	3.40
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28
db-X 2030 Target Date Fund
Actual	$	1,000.00	$	1,127.08		0.65	%	$	3.45
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28
db-X 2040 Target Date Fund
Actual	$	1,000.00	$	1,141.68		0.65	%	$	3.47
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28
db-X In-Target Date Fund
Actual	$	1,000.00	$	1,040.79		0.65	%	$	3.31
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28

(1) DBX Strategic Advisors LLC (the “Advisor”), has contractually agreed to reduce its fees and/or pay Fund operating expenses (excluding, among other things, acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit each Fund’s net annual operating expenses for shares of each Fund to 0.65% of the Fund’s average net assets (the “Expense Cap”). The Expense Cap will remain in effect until September 30, 2011. The Advisor is permitted to be reimbursed for fee reductions and/or expense payments made in the prior three fiscal years. This reimbursement may be paid to the Advisor if the aggregate amount actually paid by a Fund toward operating expenses for such fiscal year (taking into account the reimbursement) does not exceed the Expense Cap. Ratios would have been higher if fees were not reduced by the Advisor.

(2) Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period December 1, 2010 to May 31, 2011. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period; then multiplying the result by 182 days and then dividing the result by 365.

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2010 Target Date Fund

May 31, 2011


	Number of Shares		Value

COMMON STOCKS — 16.2%
Basic Materials — 1.0%
Air Liquide S.A. (France)		41	$	5,690
Allied Nevada Gold Corp.*		150		5,562
Anglo American PLC (United Kingdom)		208		10,373
ArcelorMittal (Luxembourg)		132		4,398
BASF SE (Germany)		136		12,563
Bayer AG (Germany)		130		10,643
BHP Billiton Ltd. (Australia)		289		13,660
BHP Billiton PLC (United Kingdom)		337		13,329
Buckeye Technologies, Inc.		150		3,821
Coeur d’Alene Mines Corp.*		75		2,068
Dow Chemical (The) Co.		74		2,674
E.I. du Pont de Nemours & Co.		105		5,597
Freeport-McMoRan Copper & Gold, Inc.		150		7,746
Metals USA Holdings Corp.*		150		2,358
Newmont Mining Corp.		70		3,960
Rio Tinto PLC (United Kingdom)		199		13,904
Rockwood Holdings, Inc.*		100		5,259
Sensient Technologies Corp.		31		1,180
Sherwin-Williams (The) Co.		75		6,587
Solutia, Inc.*		50		1,249
Syngenta AG (Switzerland)*		17		5,871
Vulcan Materials Co.		150		6,074

				144,566

Communications — 1.7%
Acme Packet, Inc.*		75		5,677
ADTRAN, Inc.		75		3,215
Anixter International, Inc.*		8		542
Arris Group, Inc.*		119		1,344
AT&T, Inc.		845		26,668
Calix, Inc.*		150		3,236
Cisco Systems, Inc.		748		12,565
Comcast Corp., Class A		360		9,086
Corning, Inc.		133		2,679
Deutsche Telekom AG (Germany)		434		6,445
Digital River, Inc.*		82		2,669
Discovery Communications, Inc., Class A*		225		9,801
eResearch Technology, Inc.*		193		1,224
France Telecom S.A. (France)		295		6,743
Google, Inc., Class A*		49		25,921
GSI Commerce, Inc.*		75		2,194
Limelight Networks, Inc.*		375		2,149
News Corp., Class A		247		4,530
Nokia OYJ (Finland)		549		3,749
NTT DoCoMo, Inc. (Japan)		2		3,737
Orbitz Worldwide, Inc.*		450		1,035
Rackspace Hosting, Inc.*		124		5,456
Symantec Corp.*		675		13,196
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		427		6,305
Telefonica S.A. (Spain)		238		5,774
Thomson Reuters Corp. (Canada)		150		5,846
TIBCO Software, Inc.*		219		6,152
Time Warner, Inc.		184		6,703
Verizon Communications, Inc.		443		16,360
Vivendi (France)		193		5,381


	Number of Shares		Value

Communications (Continued)
Vodafone Group PLC (United Kingdom)		4,388	$	12,202
Walt Disney (The) Co.		277		11,532
Windstream Corp.		375		5,044
Yahoo!, Inc.*		207		3,426

				238,586

Consumer, Cyclical — 1.7%
Alaska Air Group, Inc.*		75		5,065
Ascena Retail Group, Inc.*		50		1,673
Buckle (The), Inc.		32		1,366
Callaway Golf Co.		300		2,031
Carter’s, Inc.*		119		3,772
Casey’s General Stores, Inc.		105		4,352
Cinemark Holdings, Inc.		100		2,175
Coach, Inc.		300		19,097
Columbia Sportswear Co.		76		4,986
CVS Caremark Corp.		190		7,351
Daimler AG (Germany)		126		8,895
Dana Holding Corp.*		150		2,718
Deckers Outdoor Corp.*		75		6,832
Dillard’s, Inc., Class A		75		4,214
Dollar General Corp.*		300		10,521
DSW, Inc., Class A*		97		4,865
Exide Technologies*		300		2,958
Ford Motor Co.*		447		6,669
G&K Services, Inc., Class A		75		2,372
Hennes & Mauritz AB, Class B (Sweden)		153		5,674
Honda Motor Co. Ltd. (Japan)		46		1,750
JetBlue Airways Corp.*		152		923
Johnson Controls, Inc.		75		2,970
Jones Group (The), Inc.		50		615
K-Swiss, Inc., Class A*		150		1,655
La-Z-Boy, Inc.*		225		2,491
Liz Claiborne, Inc.*		350		2,286
Lowe’s Cos., Inc.		225		5,432
McDonald’s Corp.		165		13,454
Mitsubishi Corp. (Japan)		241		6,102
Mitsui & Co. Ltd. (Japan)		300		5,111
Nike, Inc., Class B		75		6,334
Nintendo Co. Ltd. (Japan)		15		3,484
Nissan Motor Co. Ltd. (Japan)		386		3,868
Nu Skin Enterprises, Inc., Class A		75		2,932
Owens & Minor, Inc.		67		2,318
Panasonic Corp. (Japan)		333		3,910
Sony Corp. (Japan)		181		4,819
Toyota Motor Corp. (Japan)		199		8,328
Under Armour, Inc., Class A*		75		4,889
US Airways Group, Inc.*		50		455
Vail Resorts, Inc.*		82		3,989
Walgreen Co.		150		6,545
Wal-Mart Stores, Inc.		551		30,427
Warnaco Group (The), Inc.*		26		1,434
Watsco, Inc.		66		4,418
World Fuel Services Corp.		64		2,341

				240,866


See Notes to Financial Statements.		14

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2010 Target Date Fund (Continued)

May 31, 2011


	Number of Shares		Value

Consumer, Non-cyclical — 3.1%
Abbott Laboratories		224	$	11,704
Accuray, Inc.*		300		2,292
Aetna, Inc.		375		16,380
Amedisys, Inc.*		75		2,348
American Medical Systems Holdings, Inc.*		75		2,246
American Reprographics Co.*		225		2,111
AMERIGROUP Corp.*		42		2,978
Amgen, Inc.*		150		9,081
Anheuser-Busch InBev NV (Belgium)		100		6,026
AstraZeneca PLC (United Kingdom)		202		10,565
British American Tobacco PLC (United Kingdom)		268		12,007
Bruker Corp.*		178		3,510
Catalyst Health Solutions, Inc.*		32		1,953
CBIZ, Inc.*		300		2,295
Coca-Cola (The) Co.		371		24,786
Diageo PLC (United Kingdom)		357		7,604
Ennis, Inc.		75		1,432
GlaxoSmithKline PLC (United Kingdom)		301		6,540
HEALTHSOUTH Corp.*		150		4,211
Heidrick & Struggles International, Inc.		166		3,478
Hospira, Inc.*		150		8,294
Johnson & Johnson		436		29,337
Kraft Foods, Inc., Class A		128		4,476
Live Nation Entertainment, Inc.*		225		2,594
Magellan Health Services, Inc.*		11		582
Masimo Corp.*		150		4,608
MasterCard, Inc., Class A		30		8,612
Medifast, Inc.*		75		2,004
Merck & Co., Inc.		525		19,294
Molson Coors Brewing Co., Class B		130		6,065
Nestle S.A. (Switzerland)		325		20,862
Novartis AG (Switzerland)		202		13,026
Novo Nordisk A/S, Class B (Denmark)		67		8,391
Pfizer, Inc.		1,283		27,520
Philip Morris International, Inc.		236		16,933
Procter & Gamble (The) Co.		442		29,614
Roche Holding AG (Switzerland)		50		8,794
Rollins, Inc.		81		1,630
Ruddick Corp.		37		1,626
Safeway, Inc.		362		8,941
Salix Pharmaceuticals Ltd.*		75		3,002
Sanofi		166		13,130
Sirona Dental Systems, Inc.*		64		3,460
SonoSite, Inc.*		75		2,678
Sotheby’s		75		3,192
STERIS Corp.		58		2,093
Takeda Pharmaceutical Co. Ltd. (Japan)		136		6,470
Tesco PLC (United Kingdom)		1,167		8,049
Teva Pharmaceutical Industries Ltd. (Israel)		140		7,176
TreeHouse Foods, Inc.*		75		4,570
Unilever NV (Netherlands)		238		7,760
Unilever PLC (United Kingdom)		187		6,067
UnitedHealth Group, Inc.		171		8,370
Visa, Inc., Class A		139		11,267
WellPoint, Inc.		75		5,863

				449,897


	Number of Shares		Value

Diversified — 0.0% (a)
LVMH Moet Hennessy Louis Vuitton S.A. (France)		41	$	7,125

Energy — 1.9%
Berry Petroleum Co., Class A		60		3,145
BG Group PLC (United Kingdom)		548		12,686
Bill Barrett Corp.*		33		1,471
BP PLC (United Kingdom)		2,890		22,278
Brigham Exploration Co.*		150		4,671
Chevron Corp.		325		34,096
ConocoPhillips		188		13,765
Delek US Holdings, Inc.		225		3,395
Devon Energy Corp.		75		6,305
Dril-Quip, Inc.*		13		964
ENI S.p.A (Italy)		412		9,868
Exxon Mobil Corp.		794		66,275
Hornbeck Offshore Services, Inc.*		75		2,024
Occidental Petroleum Corp.		127		13,697
Peabody Energy Corp.		211		12,947
Royal Dutch Shell PLC, Class A (United Kingdom)		301		10,860
Royal Dutch Shell PLC, Class B (United Kingdom)		157		5,683
RPC, Inc.		112		2,820
Schlumberger Ltd. (Netherlands Antilles)		157		13,459
Southwestern Energy Co.*		43		1,882
Statoil ASA (Norway)		202		5,316
Total S.A. (France)		192		11,049
Williams (The) Cos., Inc.		425		13,341

				271,997

Financial — 3.3%
Alexander’s, Inc. REIT		11		4,314
Allianz SE (Germany)		70		9,679
American Campus Communities, Inc. REIT		111		3,923
American Capital Ltd.*		375		3,713
American Express Co.		150		7,740
Apollo Investment Corp.		225		2,567
Ashford Hospitality Trust, Inc. REIT		225		3,211
Associated Estates Realty Corp. REIT		150		2,529
Australia & New Zealand Banking Group Ltd. (Australia)		278		6,555
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		475		5,541
Banco Santander S.A. (Spain)		428		5,085
Bank of America Corp.		1,437		16,885
Barclays PLC (United Kingdom)		1,133		5,159
Berkshire Hathaway, Inc., Class B*		409		32,340
BioMed Realty Trust, Inc. REIT		150		3,074
BNP Paribas (France)		124		9,665
Boston Properties, Inc. REIT		120		13,002
CBL & Associates Properties, Inc. REIT		150		2,886
Charles Schwab (The) Corp.		168		3,026
Citigroup, Inc.		442		18,188
Commonwealth Bank of Australia (Australia)		193		10,410
Community Trust Bancorp, Inc.		75		2,061
Credit Suisse Group AG (Switzerland)*		458		19,664
Entertainment Properties Trust REIT		75		3,644
Equity One, Inc. REIT		109		2,137


See Notes to Financial Statements.		15

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2010 Target Date Fund (Continued)

May 31, 2011


	Number of Shares		Value

Financial (Continued)
Equity Residential REIT		75	$	4,637
Evercore Partners, Inc., Class A		75		2,776
FirstMerit Corp.		157		2,558
Franklin Resources, Inc.		31		4,017
Goldman Sachs Group (The), Inc.		58		8,162
Highwoods Properties, Inc. REIT		81		2,922
Home Properties, Inc. REIT		75		4,643
HSBC Holdings PLC (United Kingdom)		1,538		16,070
Investors Bancorp, Inc.*		150		2,246
JPMorgan Chase & Co.		571		24,690
Kilroy Realty Corp. REIT		75		3,110
LaSalle Hotel Properties REIT		75		2,099
M&T Bank Corp.		75		6,623
MFA Financial, Inc. REIT		238		1,961
Mid-America Apartment Communities, Inc. REIT		64		4,387
Mitsubishi UFJ Financial Group, Inc. (Japan)		1,793		8,276
Mizuho Financial Group, Inc. (Japan)		1,667		2,626
Muenchener Rueckversicherungs-Gesellschaft AG (Germany)		32		4,904
National Australia Bank Ltd. (Australia)		262		7,393
National Interstate Corp.		75		1,619
National Retail Properties, Inc. REIT		98		2,526
Nordea Bank AB (Sweden)		450		5,270
Northern Trust Corp.		211		10,295
OMEGA Healthcare Investors, Inc. REIT		97		2,065
Pebblebrook Hotel Trust REIT		75		1,631
Platinum Underwriters Holdings Ltd. (Bermuda)		14		478
Potlatch Corp. REIT		12		432
ProAssurance Corp.*		65		4,570
Prosperity Bancshares, Inc.		91		3,981
Signature Bank*		75		4,269
Simon Property Group, Inc. REIT		63		7,438
Societe Generale (France)		71		4,209
Standard Chartered PLC (United Kingdom)		288		7,717
Sumitomo Mitsui Financial Group, Inc. (Japan)		121		3,500
SVB Financial Group*		75		4,454
T. Rowe Price Group, Inc.		225		14,242
Travelers (The) Cos., Inc.		75		4,656
U.S. Bancorp		300		7,680
UBS AG (Switzerland)*		505		9,675
UMB Financial Corp.		77		3,284
UniCredit S.p.A (Italy)		2,261		5,132
Washington Real Estate Investment Trust REIT		49		1,692
Webster Financial Corp.		75		1,565
Wells Fargo & Co.		807		22,895
Westpac Banking Corp. (Australia)		391		9,220
Weyerhaeuser Co. REIT		458		9,865
Zurich Financial Services AG (Switzerland)*		23		6,151

				471,609

Industrial — 1.7%
AAON, Inc.		75		2,528
ABB Ltd. (Switzerland)*		328		8,802
Acuity Brands, Inc.		75		4,572
Benchmark Electronics, Inc.*		150		2,592
Boeing (The) Co.		150		11,705


	Number of Shares		Value

Industrial (Continued)
Cascade Corp.		75	$	3,047
Caterpillar, Inc.		99		10,474
CLARCOR, Inc.		31		1,321
East Japan Railway Co. (Japan)		33		1,925
Eaton Corp.		254		13,124
EMCOR Group, Inc.*		76		2,308
Emerson Electric Co.		130		7,091
FedEx Corp.		75		7,023
General Dynamics Corp.		37		2,746
General Electric Co.		1,662		32,641
GrafTech International Ltd.*		114		2,410
Hexcel Corp.*		75		1,550
Ingersoll-Rand PLC (Ireland)		300		14,971
Knight Transportation, Inc.		103		1,761
Koninklijke Philips Electronics NV (Netherlands)		159		4,406
Lindsay Corp.		75		5,031
Metabolix, Inc.*		75		663
Moog, Inc., Class A*		75		3,079
Nordson Corp.		150		7,803
Parker Hannifin Corp.		150		13,328
Republic Services, Inc.		337		10,621
Rock-Tenn Co., Class A		81		6,224
Schneider Electric S.A. (France)		33		5,437
Siemens AG (Germany)		54		7,220
Silgan Holdings, Inc.		87		3,905
Sun Hydraulics Corp.		75		3,632
Thermo Fisher Scientific, Inc.*		75		4,909
TriMas Corp.*		150		3,060
Union Pacific Corp.		66		6,929
United Parcel Service, Inc., Class B		116		8,525
United Technologies Corp.		159		13,955
Vinci S.A. (France)		62		3,996
Woodward, Inc.		75		2,642

				247,956

Technology — 1.4%
Apple, Inc.*		150		52,174
Applied Materials, Inc.		225		3,101
CACI International, Inc., Class A*		64		4,085
Concur Technologies, Inc.*		32		1,599
EMC Corp.*		268		7,630
Intel Corp.		825		18,570
International Business Machines Corp.		199		33,617
Jack Henry & Associates, Inc.		103		3,218
Microsoft Corp.		1,217		30,437
Netlogic Microsystems, Inc.*		75		2,874
Parametric Technology Corp.*		109		2,539
Quality Systems, Inc.		66		5,681
Quest Software, Inc.*		128		2,905
Riverbed Technology, Inc.*		142		5,385
SAP AG (Germany)		139		8,627
SRA International, Inc., Class A*		121		3,745
Ultratech, Inc.*		75		2,383
VeriFone Systems, Inc.*		75		3,610
Xerox Corp.		1,100		11,231

				203,411


See Notes to Financial Statements.		16

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2010 Target Date Fund (Continued)

May 31, 2011


	Number of Shares		Value

Utilities — 0.4%
Cleco Corp.		75	$	2,632
E.ON AG (Germany)		297		8,426
GDF Suez (France)		181		6,651
National Fuel Gas Co.		75		5,403
Nicor, Inc.		24		1,319
Piedmont Natural Gas Co., Inc.		85		2,675
RWE AG (Germany)		71		4,137
Sempra Energy		225		12,413
Southern Co.		158		6,333
Tokyo Electric Power (The) Co., Inc. (Japan)		180		702
WGL Holdings, Inc.		33		1,295

				51,986

TOTAL COMMON STOCKS (Cost $2,137,241)				2,327,999


	Principal Amount		Value

CORPORATE BONDS — 18.3%
Basic Materials — 0.4%
BHP Billiton Finance USA Ltd. (Australia) 5.50%, 4/01/14	$	47,000		52,518

Communications — 1.2%
AT&T, Inc. 5.875%, 2/01/12		86,000		89,030
Cellco Partnership/Verizon Wireless Capital LLC 5.55%, 2/01/14		62,000		68,525
Telefonica Emisiones SAU (Spain) 4.949%, 1/15/15		22,000		23,683

				181,238

Consumer, Cyclical — 0.3%
Wal-Mart Stores, Inc. 4.55%, 5/01/13		35,000		37,600

Consumer, Non-cyclical — 1.5%
Diageo Finance BV (Netherlands) 5.30%, 10/28/15		30,000		33,861
UnitedHealth Group, Inc. 4.875%, 3/15/15		47,000		51,662
WellPoint, Inc. 5.25%, 1/15/16		56,000		62,869
Wyeth 5.50%, 2/01/14		56,000		62,395

				210,787

Energy — 0.4%
Apache Corp. 5.25%, 4/15/13		32,000		34,631
BP Capital Markets PLC (United Kingdom) 3.875%, 3/10/15		22,000		23,261

				57,892

Financial — 10.9%
Bank of America Corp. 4.875%, 1/15/13		110,000		116,010


	Principal Amount		Value

Financial (Continued)
Bank of New York Mellon (The) Corp. 4.30%, 5/15/14	$	86,000	$	93,385
Berkshire Hathaway, Inc. 3.20%, 2/11/15		48,000		50,441
Boeing Capital Corp. 5.80%, 1/15/13		110,000		118,958
Boston Properties LP 6.25%, 1/15/13		2,000		2,159
Citigroup, Inc. 6.00%, 2/21/12		71,000		73,707
Goldman Sachs Group (The), Inc. 5.00%, 10/01/14		116,000		125,209
HSBC Finance Corp. 6.375%, 11/27/12		63,000		67,861
5.50%, 1/19/16		50,000		55,814
John Deere Capital Corp. 7.00%, 3/15/12		60,000		63,121
JPMorgan Chase & Co. 5.75%, 1/02/13		111,000		118,715
KFW (Germany) 3.25%, 10/14/11		52,000		52,588
Merrill Lynch & Co., Inc., Series C, MTN 5.00%, 1/15/15		78,000		83,670
MetLife, Inc. 5.00%, 6/15/15		75,000		82,532
Morgan Stanley 5.30%, 3/01/13		74,000		78,901
National Rural Utilities Cooperative Finance Corp., Series C, MTN 7.25%, 3/01/12		36,000		37,805
PNC Funding Corp. 5.25%, 11/15/15		41,000		44,870
Prudential Financial, Inc., Series B, MTN 5.10%, 9/20/14		18,000		19,718
Simon Property Group LP 5.10%, 6/15/15		33,000		36,546
Wachovia Corp. 5.25%, 8/01/14		94,000		102,408
Wells Fargo & Co. 5.00%, 11/15/14		138,000		150,111

				1,574,529

Government — 2.1%
European Investment Bank, MTN (Supranational) 4.625%, 5/15/14		192,000		211,885
Inter-American Development Bank (Supranational) 4.375%, 9/20/12		82,000		86,223

				298,108

Technology — 0.8%
Hewlett-Packard Co. 6.125%, 3/01/14		37,000		41,652
Oracle Corp. 5.25%, 1/15/16		66,000		74,867

				116,519


See Notes to Financial Statements.		17

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2010 Target Date Fund (Continued)

May 31, 2011


	Principal Amount		Value

Utilities — 0.7%
Dominion Resources, Inc., Series C 5.15%, 7/15/15	$	93,000	$	103,496

TOTAL CORPORATE BONDS (Cost $2,493,016)				2,632,687

UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 64.5%
Federal Home Loan Mortgage Corp. — 5.2%
4.875%, 11/18/11		170,000		173,733
2.125%, 3/23/12		176,000		178,683
4.50%, 1/15/13		373,000		397,821

				750,237

Federal National Mortgage Association — 4.9%
2.625%, 11/20/14		230,000		241,865
5.00%, 4/15/15		208,000		237,141
5.00%, 5/11/17		195,000		224,766

				703,772

United States Treasury Bonds/ Notes — 54.4%
1.75%, 11/15/11		768,800		774,596
1.375%, 2/15/12		420,000		423,659
1.375%, 4/15/12		992,900		1,003,217
1.375%, 5/15/12		840,000		849,384
1.75%, 8/15/12		217,400		221,357
4.00%, 11/15/12		104,900		110,571
1.375%, 2/15/13		901,200		916,620
1.375%, 3/15/13		830,000		844,464
3.375%, 7/31/13		614,900		653,283
4.75%, 5/15/14		955,200		1,066,690
2.625%, 12/31/14		246,100		259,905
2.375%, 2/28/15		689,700		721,706

				7,845,452

TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $9,095,623)				9,299,461

SOVEREIGN BONDS — 0.7%
Province of Ontario, Series G, MTN (Canada) 2.625%, 1/20/12		10,000		10,148
Province of Ontario (Canada) 2.95%, 2/05/15		26,000		27,370
United Mexican States, Series A, MTN (Mexico) 6.375%, 1/16/13		59,000		64,074

TOTAL SOVEREIGN BONDS (Cost $97,906)				101,592


TOTAL INVESTMENTS — 99.7% (Cost $13,823,786)			$	14,361,739
Liabilities in excess of other assets — 0.3%				46,201

NET ASSETS — 100.0%			$	14,407,940

MTN – Medium Term Note.

REIT – Real Estate Investment Trust.

* Non-income producing security.

(a) Less than 0.1%.

COUNTRY BREAKDOWN AS OF MAY 31, 2011 (Unaudited)


	Value		% of Net Assets
United States	$	13,099,098		90.9	%
Supranational		298,109		2.1
United Kingdom		204,355		1.4
Germany		134,127		0.9
Australia		99,756		0.7
Switzerland		92,848		0.7
France		79,076		0.5
Japan		64,608		0.5
Mexico		64,074		0.5
Netherlands		46,028		0.3
Canada		43,364		0.3
Spain		40,083		0.3
Sweden		17,250		0.1
Italy		15,000		0.1
Ireland		14,971		0.1
Netherlands Antilles		13,458		0.1
Denmark		8,391		0.1
Israel		7,176		0.1
Belgium		6,026		0.0
Norway		5,316		0.0
Luxembourg		4,398		0.0
Finland		3,749		0.0
Bermuda		478		0.0

TOTAL INVESTMENTS		14,361,739		99.7
Other assets less liabilities		46,201		0.3

NET ASSETS	$	14,407,940		100.0	%


See Notes to Financial Statements.		18

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2020 Target Date Fund

May 31, 2011


	Number of Shares		Value

COMMON STOCKS — 63.0%
Basic Materials — 3.5%
Air Liquide S.A. (France)		252	$	34,970
Allied Nevada Gold Corp.*		1,200		44,496
Anglo American PLC (United Kingdom)		1,353		67,477
ArcelorMittal (Luxembourg)		898		29,918
BASF SE (Germany)		920		84,990
Bayer AG (Germany)		770		63,041
BHP Billiton Ltd. (Australia)		3,347		158,206
BHP Billiton PLC (United Kingdom)		2,090		82,664
Buckeye Technologies, Inc.		1,759		44,802
Coeur d’Alene Mines Corp.*		1,120		30,878
Dow Chemical (The) Co.		1,615		58,350
E.I. du Pont de Nemours & Co.		1,337		71,262
Freeport-McMoRan Copper & Gold, Inc.		1,280		66,099
Metals USA Holdings Corp.*		1,440		22,637
Newmont Mining Corp.		774		43,785
Rio Tinto Ltd. (Australia)		459		39,861
Rio Tinto PLC (United Kingdom)		1,363		95,234
Rockwood Holdings, Inc.*		771		40,547
Sensient Technologies Corp.		651		24,771
Sherwin-Williams (The) Co.		1,022		89,772
Solutia, Inc.*		1,440		35,957
Syngenta AG (Switzerland)*		108		37,304
Vulcan Materials Co.		1,121		45,389
Xstrata PLC (United Kingdom)		2,073		48,639

				1,361,049

Communications — 6.6%
Acme Packet, Inc.*		640		48,442
ADTRAN, Inc.		640		27,430
Anixter International, Inc.*		413		27,956
Arris Group, Inc.*		1,735		19,588
AT&T, Inc.		9,234		291,424
Calix, Inc.*		1,679		36,216
Cisco Systems, Inc.		8,473		142,347
Comcast Corp., Class A		4,336		109,441
Corning, Inc.		2,290		46,143
Deutsche Telekom AG (Germany)		3,315		49,229
Digital River, Inc.*		533		17,349
Discovery Communications, Inc., Class A*		2,639		114,955
eResearch Technology, Inc.*		3,050		19,337
France Telecom S.A. (France)		2,063		47,156
Google, Inc., Class A*		484		256,046
GSI Commerce, Inc.*		800		23,400
Limelight Networks, Inc.*		4,159		23,831
News Corp., Class A		2,724		49,958
Nokia OYJ (Finland)		4,591		31,350
NTT DoCoMo, Inc. (Japan)		17		31,765
Orbitz Worldwide, Inc.*		4,238		9,747
Rackspace Hosting, Inc.*		1,711		75,284
Symantec Corp.*		6,798		132,901
Tekelec*		900		8,190
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		2,899		42,811
Telefonica S.A. (Spain)		3,816		92,574
Thomson Reuters Corp. (Canada)		1,360		52,999
TIBCO Software, Inc.*		1,854		52,079


	Number of Shares		Value

Communications (Continued)
Time Warner, Inc.		1,783	$	64,955
Verizon Communications, Inc.		4,873		179,960
Vivendi (France)		1,001		27,910
Vodafone Group PLC (United Kingdom)		51,118		142,151
Walt Disney (The) Co.		3,074		127,971
Windstream Corp.		3,919		52,711
Yahoo!, Inc.*		2,686		44,453

				2,520,059

Consumer, Cyclical — 6.8%
Alaska Air Group, Inc.*		400		27,015
Ascena Retail Group, Inc.*		837		28,006
Buckle (The), Inc.		649		27,706
Callaway Golf Co.		2,959		20,032
Carter’s, Inc.*		799		25,328
Casey’s General Stores, Inc.		665		27,564
Cash America International, Inc.		320		16,659
Cinemark Holdings, Inc.		1,240		26,970
Coach, Inc.		2,781		177,037
Collective Brands, Inc.*		885		13,806
Columbia Sportswear Co.		446		29,258
Compagnie Financiere Richemont S.A. (Switzerland)		508		33,116
CVS Caremark Corp.		2,182		84,422
Daimler AG (Germany)		871		61,487
Dana Holding Corp.*		1,599		28,974
Deckers Outdoor Corp.*		480		43,728
Dillard’s, Inc., Class A		880		49,447
Dollar General Corp.*		3,199		112,189
DSW, Inc., Class A*		904		45,336
Exide Technologies*		3,199		31,542
Ford Motor Co.*		4,607		68,736
G&K Services, Inc., Class A		800		25,304
Gaylord Entertainment Co.*		480		15,480
Hennes & Mauritz AB, Class B (Sweden)		963		35,716
Honda Motor Co. Ltd. (Japan)		1,898		72,191
JetBlue Airways Corp.*		3,055		18,544
Johnson Controls, Inc.		1,040		41,184
Jones Group (The), Inc.		1,200		14,748
K-Swiss, Inc., Class A*		1,759		19,402
La-Z-Boy, Inc.*		2,239		24,786
Liz Claiborne, Inc.*		4,239		27,681
Lowe’s Cos., Inc.		2,399		57,913
McDonald’s Corp.		1,583		129,078
Men’s Wearhouse (The), Inc.		719		24,755
Mitsubishi Corp. (Japan)		1,570		39,753
Mitsui & Co. Ltd. (Japan)		2,099		35,758
Nike, Inc., Class B		800		67,560
Nintendo Co. Ltd. (Japan)		103		23,924
Nissan Motor Co. Ltd. (Japan)		2,522		25,270
Nu Skin Enterprises, Inc., Class A		640		25,017
Owens & Minor, Inc.		881		30,483
Panasonic Corp. (Japan)		2,075		24,367
Penske Automotive Group, Inc.		1,040		21,590
Polaris Industries, Inc.		400		44,140
Saks, Inc.*		1,919		21,704
Skechers U.S.A., Inc., Class A*		560		9,789


See Notes to Financial Statements.		19

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2020 Target Date Fund (Continued)

May 31, 2011


	Number of Shares		Value

Consumer, Cyclical (Continued)
Sony Corp. (Japan)		1,208	$	32,162
Tenneco, Inc.*		640		26,720
Toyota Motor Corp. (Japan)		3,000		125,554
Under Armour, Inc., Class A*		551		35,914
UniFirst Corp.		267		14,317
US Airways Group, Inc.*		1,475		13,423
Vail Resorts, Inc.*		389		18,925
Walgreen Co.		1,440		62,827
Wal-Mart Stores, Inc.		5,874		324,362
Warnaco Group (The), Inc.*		557		30,719
Watsco, Inc.		483		32,332
World Fuel Services Corp.		773		28,276

				2,600,026

Consumer, Non-cyclical — 12.6%
Abbott Laboratories		2,459		128,483
ABM Industries, Inc.		640		14,579
Accuray, Inc.*		2,879		21,996
Aetna, Inc.		3,759		164,192
Amedisys, Inc.*		670		20,971
American Medical Systems Holdings, Inc.*		880		26,347
American Reprographics Co.*		2,239		21,002
AMERIGROUP Corp.*		723		51,268
Amgen, Inc.*		1,599		96,803
Anheuser-Busch InBev NV (Belgium)		610		36,761
AstraZeneca PLC (United Kingdom)		1,411		73,795
British American Tobacco PLC (United Kingdom)		1,871		83,826
Bruker Corp.*		2,533		49,951
Capella Education Co.*		160		7,734
Catalyst Health Solutions, Inc.*		619		37,778
CBIZ, Inc.*		2,959		22,636
Centene Corp.*		639		22,237
Coca-Cola (The) Co.		3,477		232,299
DANONE S.A. (France)		531		38,893
Diageo PLC (United Kingdom)		2,446		52,096
Ennis, Inc.		1,120		21,381
Fresh Del Monte Produce, Inc. (Cayman Islands)		876		24,081
Gentiva Health Services, Inc.*		622		15,227
GlaxoSmithKline PLC (United Kingdom)		5,005		108,741
HEALTHSOUTH Corp.*		1,200		33,684
Healthspring, Inc.*		711		31,177
Heidrick & Struggles International, Inc.		1,027		21,516
HMS Holdings Corp.*		320		24,979
Hospira, Inc.*		1,520		84,041
Invacare Corp.		355		11,921
Johnson & Johnson		4,788		322,184
Kraft Foods, Inc., Class A		2,298		80,361
Lancaster Colony Corp.		380		23,043
Live Nation Entertainment, Inc.*		2,399		27,660
Magellan Health Services, Inc.*		508		26,894
Masimo Corp.*		1,360		41,779
MasterCard, Inc., Class A		186		53,391
Medifast, Inc.*		640		17,101
Merck & Co., Inc.		5,038		185,147
Molina Healthcare, Inc.*		532		14,460


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
Molson Coors Brewing Co., Class B		1,373	$	64,050
Nestle S.A. (Switzerland)		3,335		214,083
Novartis AG (Switzerland)		2,064		133,099
Novo Nordisk A/S, Class B (Denmark)		456		57,111
Pfizer, Inc.		12,855		275,740
Philip Morris International, Inc.		2,704		194,012
Procter & Gamble (The) Co.		4,797		321,399
Reckitt Benckiser Group PLC (United Kingdom)		591		33,434
Roche Holding AG (Switzerland)		799		140,521
Rollins, Inc.		1,759		35,391
Ruddick Corp.		508		22,327
Safeway, Inc.		3,475		85,833
Salix Pharmaceuticals Ltd.*		640		25,619
Sanofi		1,154		91,278
Seaboard Corp.		14		32,340
Select Medical Holdings Corp.*		2,159		20,511
Sirona Dental Systems, Inc.*		729		39,410
SonoSite, Inc.*		640		22,854
Sotheby’s		720		30,644
STERIS Corp.		812		29,305
Takeda Pharmaceutical Co. Ltd. (Japan)		616		29,306
Tejon Ranch Co.*		800		29,480
Tesco PLC (United Kingdom)		7,993		55,131
Teva Pharmaceutical Industries Ltd. (Israel)		997		51,102
TreeHouse Foods, Inc.*		400		24,372
Unilever NV (Netherlands)		1,648		53,733
Unilever PLC (United Kingdom)		1,299		42,142
UnitedHealth Group, Inc.		1,736		84,977
ViroPharma, Inc.*		889		17,202
Visa, Inc., Class A		1,320		106,999
WellCare Health Plans, Inc.*		609		29,993
WellPoint, Inc.		640		50,029
Woolworths Ltd. (Australia)		1,240		36,216

				4,852,058

Diversified — 0.1%
LVMH Moet Hennessy Louis Vuitton S.A. (France)		207		35,978

Energy — 7.6%
Berry Petroleum Co., Class A		554		29,035
BG Group PLC (United Kingdom)		3,312		76,674
Bill Barrett Corp.*		554		24,692
BP PLC (United Kingdom)		22,787		175,661
Brigham Exploration Co.*		1,360		42,350
CARBO Ceramics, Inc.		240		36,065
Chevron Corp.		3,099		325,116
Complete Production Services, Inc.*		800		26,552
ConocoPhillips.		2,241		164,086
Delek US Holdings, Inc.		2,639		39,823
Devon Energy Corp.		720		60,530
Dril-Quip, Inc.*		443		32,862
ENI S.p.A (Italy)		2,408		57,673
Exxon Mobil Corp.		8,219		686,039
Helix Energy Solutions Group, Inc.*		1,439		25,211
Hornbeck Offshore Services, Inc.*		1,120		30,229
Key Energy Services, Inc.*		1,599		28,270


See Notes to Financial Statements.		20

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2020 Target Date Fund (Continued)

May 31, 2011


	Number of Shares		Value

Energy (Continued)
Occidental Petroleum Corp.		1,264	$	136,322
Peabody Energy Corp.		2,163		132,722
Royal Dutch Shell PLC, Class A (United Kingdom)		3,537		127,612
Royal Dutch Shell PLC, Class B (United Kingdom)		2,597		93,997
RPC, Inc.		1,529		38,500
Schlumberger Ltd. (Netherlands Antilles)		1,729		148,210
Southwestern Energy Co.*		574		25,124
Statoil ASA (Norway)		1,034		27,214
Total S.A. (France)		2,155		124,014
Williams (The) Cos., Inc.		5,118		160,654
Woodside Petroleum Ltd. (Australia)		553		27,477

				2,902,714

Financial — 12.1%
Alexander’s, Inc. REIT		72		28,240
Allianz SE (Germany)		518		71,623
American Campus Communities, Inc. REIT		694		24,526
American Capital Ltd.*		3,919		38,798
American Express Co.		1,839		94,893
Apollo Investment Corp.		2,239		25,547
Ashford Hospitality Trust, Inc. REIT		2,239		31,951
Associated Estates Realty Corp. REIT		1,360		22,930
Australia & New Zealand Banking Group Ltd. (Australia)		2,564		60,461
AXA S.A. (France)		1,974		42,113
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		3,311		38,627
Banco Santander S.A. (Spain)		7,135		84,766
Bank of America Corp.		14,737		173,160
Barclays PLC (United Kingdom)		12,280		55,917
Berkshire Hathaway, Inc., Class B*		4,171		329,800
BioMed Realty Trust, Inc. REIT		1,360		27,866
BNP Paribas (France)		903		70,386
Boston Properties, Inc. REIT		1,211		131,211
CBL & Associates Properties, Inc. REIT		1,599		30,765
Charles Schwab (The) Corp.		1,831		32,976
Citigroup, Inc.		4,395		180,854
Commonwealth Bank of Australia (Australia)		1,599		86,246
Community Trust Bancorp, Inc.		720		19,786
Credit Acceptance Corp.*		400		32,000
Credit Suisse Group AG (Switzerland)*		1,107		47,530
Deutsche Bank AG (Germany) (a)		897		53,406
Entertainment Properties Trust REIT		560		27,205
Equity Lifestyle Properties, Inc. REIT		346		20,328
Equity One, Inc. REIT		1,149		22,532
Equity Residential REIT		480		29,678
Evercore Partners, Inc., Class A		800		29,608
FirstMerit Corp.		1,098		17,886
Franklin Resources, Inc.		349		45,223
Goldman Sachs Group (The), Inc.		773		108,784
Highwoods Properties, Inc. REIT		827		29,838
Home Properties, Inc. REIT		400		24,760
HSBC Holdings PLC (United Kingdom)		16,358		170,915
ING Groep NV (Netherlands)*		3,721		44,822
Investors Bancorp, Inc.*		1,440		21,557
JPMorgan Chase & Co.		6,105		263,980


	Number of Shares		Value

Financial (Continued)
Kilroy Realty Corp. REIT		640	$	26,541
LaSalle Hotel Properties REIT		800		22,384
Lloyds Banking Group PLC (United Kingdom)*		37,182		31,824
M&T Bank Corp.		1,120		98,895
MFA Financial, Inc. REIT		3,140		25,874
Mid-America Apartment Communities, Inc. REIT		393		26,940
Mitsubishi UFJ Financial Group, Inc. (Japan)		14,570		67,254
Mizuho Financial Group, Inc. (Japan)		17,029		26,831
Muenchener Rueckversicherungs-Gesellschaft AG (Germany)		224		34,328
National Australia Bank Ltd. (Australia)		2,209		62,329
National Interstate Corp.		880		18,999
National Retail Properties, Inc. REIT		941		24,259
Nomura Holdings, Inc. (Japan)		4,399		22,092
Nordea Bank AB (Sweden)		3,179		37,228
Northern Trust Corp.		2,224		108,509
OMEGA Healthcare Investors, Inc. REIT		1,133		24,122
Pebblebrook Hotel Trust REIT		960		20,870
Platinum Underwriters Holdings Ltd. (Bermuda)		336		11,471
Potlatch Corp. REIT		533		19,188
ProAssurance Corp.*		451		31,710
Prosperity Bancshares, Inc.		635		27,781
Public Storage REIT		240		28,402
Signature Bank*		480		27,322
Simon Property Group, Inc. REIT		436		51,473
Societe Generale (France)		574		34,031
Standard Chartered PLC (United Kingdom)		2,003		53,673
Sumitomo Mitsui Financial Group, Inc. (Japan)		1,459		42,204
SVB Financial Group*		560		33,253
T. Rowe Price Group, Inc.		2,150		136,096
Tanger Factory Outlet Centers, Inc. REIT		881		24,192
Tower Group, Inc.		546		13,268
Travelers (The) Cos., Inc.		800		49,664
U.S. Bancorp		3,039		77,798
UBS AG (Switzerland)*		3,494		66,939
UMB Financial Corp.		518		22,093
UniCredit S.p.A (Italy)		12,335		28,000
Universal Health Realty Income Trust REIT		560		24,254
Washington Real Estate Investment Trust REIT		781		26,968
Webster Financial Corp.		960		20,026
Wells Fargo & Co.		8,042		228,151
Westamerica Bancorporation		336		16,901
Westpac Banking Corp. (Australia)		3,171		74,774
Weyerhaeuser Co. REIT		4,094		88,184
Zurich Financial Services AG (Switzerland)*		124		33,163

				4,663,752

Industrial — 6.8%
AAON, Inc.		800		26,960
ABB Ltd. (Switzerland)*		1,936		51,958
Acuity Brands, Inc.		480		29,261
BAE Systems PLC (United Kingdom)		3,530		19,185


See Notes to Financial Statements.		21

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2020 Target Date Fund (Continued)

May 31, 2011


	Number of Shares		Value

Industrial (Continued)
Benchmark Electronics, Inc.*		876	$	15,137
Boeing (The) Co.		1,200		93,636
Brady Corp., Class A		640		22,061
Cascade Corp.		480		19,502
Caterpillar, Inc.		885		93,633
CLARCOR, Inc.		691		29,444
Clean Harbors, Inc.*		320		32,371
East Japan Railway Co. (Japan)		322		18,787
Eaton Corp.		2,705		139,766
EMCOR Group, Inc.*		766		23,263
Emerson Electric Co.		1,176		64,151
EnerSys*		560		20,048
Fanuc Corp. (Japan)		233		35,822
FedEx Corp.		480		44,947
General Dynamics Corp.		600		44,532
General Electric Co.		16,693		327,850
GrafTech International Ltd.*		1,446		30,568
Graphic Packaging Holding Co.*		3,759		20,599
Griffon Corp.*		836		8,853
Hexcel Corp.*		1,120		23,150
Ingersoll-Rand PLC (Ireland)		2,790		139,221
Kaydon Corp.		400		14,548
Knight Transportation, Inc.		929		15,886
Komatsu Ltd. (Japan)		960		28,739
Koninklijke Philips Electronics NV (Netherlands)		1,042		28,874
L-1 Identity Solutions, Inc.*		1,155		12,844
Lindsay Corp.		560		37,565
Metabolix, Inc.*		1,120		9,901
Mitsubishi Electric Corp. (Japan)		2,399		27,020
Moog, Inc., Class A*		560		22,988
Nordson Corp.		800		41,616
Parker Hannifin Corp.		1,351		120,036
Republic Services, Inc.		3,414		107,609
Rock-Tenn Co., Class A		433		33,267
Schneider Electric S.A. (France)		231		38,057
Siemens AG (Germany)		810		108,294
Silgan Holdings, Inc.		876		39,324
Simpson Manufacturing Co., Inc.		640		17,933
Sun Hydraulics Corp.		800		38,744
Thermo Fisher Scientific, Inc.*		640		41,888
Toshiba Corp. (Japan)		3,999		21,167
TriMas Corp.*		1,679		34,252
Union Pacific Corp.		817		85,761
United Parcel Service, Inc., Class B		1,498		110,088
United Technologies Corp.		1,430		125,512
Vinci S.A. (France)		454		29,263
Watts Water Technologies, Inc., Class A		400		13,996
Woodward, Inc.		800		28,176
Worthington Industries, Inc.		880		19,210

				2,627,263

Technology — 5.5%
Apple, Inc.*		1,488		517,570
Applied Materials, Inc.		2,159		29,751
CACI International, Inc., Class A*		410		26,170
Concur Technologies, Inc.*		672		33,580


	Number of Shares		Value

Technology (Continued)
EMC Corp.*		3,091	$	88,001
Intel Corp.		8,237		185,415
International Business Machines Corp.		2,060		347,997
Jack Henry & Associates, Inc.		1,164		36,363
JDA Software Group, Inc.*		533		17,605
Mentor Graphics Corp.*		1,244		16,682
Microsoft Corp.		12,843		321,203
MKS Instruments, Inc.		622		16,359
Netlogic Microsystems, Inc.*		720		27,590
Parametric Technology Corp.*		1,240		28,880
Quality Systems, Inc.		427		36,756
Quest Software, Inc.*		1,279		29,027
Riverbed Technology, Inc.*		1,521		57,676
SAP AG (Germany)		933		57,903
SRA International, Inc., Class A*		739		22,872
SYNNEX Corp.*		444		14,537
TriQuint Semiconductor, Inc.*		1,688		21,860
Ultratech, Inc.*		1,120		35,582
VeriFone Systems, Inc.*		960		46,205
Xerox Corp.		11,356		115,945

				2,131,529

Utilities — 1.4%
Cleco Corp.		720		25,265
E.ON AG (Germany)		2,092		59,351
ENEL S.p.A (Italy)		7,248		49,744
GDF Suez (France)		1,275		46,850
National Fuel Gas Co.		720		51,868
Nicor, Inc.		547		30,063
Piedmont Natural Gas Co., Inc.		874		27,505
RWE AG (Germany)		507		29,541
Sempra Energy		2,159		119,113
Southern Co.		1,288		51,623
Tokyo Electric Power (The) Co., Inc. (Japan)		1,279		4,991
WGL Holdings, Inc.		623		24,453

				520,367

TOTAL COMMON STOCKS (Cost $21,327,487)				24,214,795


	Principal Amount		Value
CORPORATE BONDS — 21.8%
Basic Materials — 0.3%
E.I. du Pont de Nemours & Co. 5.25%, 12/15/16	$	87,000		99,199

Communications — 0.6%
Cellco Partnership/Verizon Wireless Capital LLC 5.55%, 2/01/14		94,000		103,893
Cisco Systems, Inc. 4.45%, 1/15/20		104,000		109,119
France Telecom S.A. (France) 5.375%, 7/08/19		35,000		39,552

				252,564


See Notes to Financial Statements.		22

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2020 Target Date Fund (Continued)

May 31, 2011


	Principal Amount		Value

Consumer, Cyclical — 0.2%
McDonald’s Corp., MTN 5.35%, 3/01/18	$	56,000	$	64,253

Consumer, Non-cyclical — 3.3%
Abbott Laboratories 5.875%, 5/15/16		135,000		157,835
Amgen, Inc. 5.70%, 2/01/19		79,000		90,684
Coca-Cola Enterprises, Inc. 8.50%, 2/01/22		111,000		152,771
Diageo Finance BV (Netherlands) 5.30%, 10/28/15		174,000		196,392
GlaxoSmithKline Capital, Inc. 5.65%, 5/15/18		87,000		99,899
Merck & Co., Inc. 5.00%, 6/30/19		43,000		47,953
PepsiCo, Inc. 7.90%, 11/01/18		48,000		62,428
Philip Morris International, Inc. 5.65%, 5/16/18		27,000		30,823
Wyeth 5.50%, 2/01/14		375,000		417,824

				1,256,609

Energy — 0.7%
BP Capital Markets PLC (United Kingdom) 3.875%, 3/10/15		88,000		93,046
Chevron Corp. 3.95%, 3/03/14		87,000		94,084
TransCanada PipeLines Ltd. (Canada) 7.125%, 1/15/19		59,000		73,479

				260,609

Financial — 11.1%
Bank of New York Mellon (The) Corp., Series G, MTN 4.60%, 1/15/20		75,000		79,960
Bank of New York Mellon (The) Corp. 4.30%, 5/15/14		215,000		233,463
Barclays Bank PLC (United Kingdom) 5.20%, 7/10/14		160,000		175,122
5.125%, 1/08/20		150,000		155,475
Bear Stearns & Co., Inc. 7.25%, 2/01/18		22,000		26,425
Berkshire Hathaway, Inc. 3.20%, 2/11/15		19,000		19,966
Caterpillar Financial Services Corp., MTN 6.125%, 2/17/14		83,000		94,051
7.15%, 2/15/19		95,000		118,877
Deutsche Bank AG (Germany) 6.00%, 9/01/17 (a)		133,000		152,459
Goldman Sachs Group (The), Inc. 5.00%, 10/01/14		459,000		495,442
HSBC Finance Corp. 5.50%, 1/19/16		150,000		167,441
JPMorgan Chase & Co. 6.30%, 4/23/19		91,000		104,086
JPMorgan Chase Bank NA 5.875%, 6/13/16		200,000		224,703


	Principal Amount		Value

Financial (Continued)
KFW (Germany) 4.875%, 6/17/19	$	128,000	$	146,979
Landwirtschaftliche Rentenbank, Series G, MTN (Germany) 5.00%, 11/08/16		201,000		229,845
Merrill Lynch & Co., Inc., Series C, MTN 5.00%, 1/15/15		154,000		165,194
Merrill Lynch & Co., Inc., MTN 6.875%, 4/25/18		233,000		265,888
MetLife, Inc. 5.00%, 6/15/15		273,000		300,416
Morgan Stanley 5.30%, 3/01/13		149,000		158,867
PNC Funding Corp. 5.25%, 11/15/15		32,000		35,020
Simon Property Group LP 5.10%, 6/15/15		119,000		131,788
UBS AG, MTN (Switzerland) 5.875%, 12/20/17		175,000		198,382
Wachovia Corp. 5.25%, 8/01/14		297,000		323,566
Wells Fargo & Co. 5.00%, 11/15/14		255,000		277,378

				4,280,793

Government — 1.8%
European Investment Bank, MTN (Supranational) 4.625%, 5/15/14		625,000		689,733

Industrial — 2.0%
General Electric Co. 5.25%, 12/06/17		543,000		611,242
Honeywell International, Inc. 5.00%, 2/15/19		99,000		110,380
United Technologies Corp. 6.125%, 2/01/19		40,000		47,442

				769,064

Technology — 1.3%
Dell, Inc. 5.875%, 6/15/19		48,000		54,254
Hewlett-Packard Co. 6.125%, 3/01/14		95,000		106,944
International Business Machines Corp. 5.70%, 9/14/17		160,000		187,119
Microsoft Corp. 4.20%, 6/01/19		43,000		45,715
Oracle Corp. 5.25%, 1/15/16		111,000		125,913

				519,945

Utilities — 0.5%
Consolidated Edison Co. of New York, Inc. 7.125%, 12/01/18		48,000		59,652
Progress Energy Carolinas, Inc. 5.30%, 1/15/19		40,000		45,075


See Notes to Financial Statements.		23

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2020 Target Date Fund (Continued)

May 31, 2011


	Principal Amount		Value

Utilities (Continued)
Public Service Co. of Colorado 5.125%, 6/01/19	$	64,000	$	71,458

				176,185

TOTAL CORPORATE BONDS (Cost $8,018,277)				8,368,954

UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 14.0%
Federal National Mortgage Association —2.1%
5.00%, 4/15/15		214,000		243,981
5.00%, 5/11/17		485,000		559,033

				803,014

United States Treasury Bonds/ Notes — 11.9%
4.75%, 5/15/14		1,026,300		1,146,089
2.50%, 3/31/15		510,600		536,649
7.50%, 11/15/16		214,700		278,338
3.125%, 1/31/17		686,700		731,175
8.125%, 8/15/19		527,900		744,916
3.625%, 2/15/20		424,700		452,372
7.625%, 2/15/25		113,600		164,454
6.25%, 5/15/30		399,200		526,570

				4,580,563

TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $5,143,903)				5,383,577

SOVEREIGN BONDS — 0.7%
Republic of Italy (Italy) 5.25%, 9/20/16		175,000		191,960
United Mexican States, Series A, MTN (Mexico) 6.375%, 1/16/13		53,000		57,558

TOTAL SOVEREIGN BONDS (Cost $235,948)				249,518


TOTAL INVESTMENTS — 99.5% (Cost $34,725,615)			$	38,216,844
Other assets less liabilities — 0.5%				195,231

NET ASSETS — 100.0%			$	38,412,075

MTN – Medium Term Note.

REIT – Real Estate Investment Trust.

* Non-income producing security.

(a) Affiliated company. The Advisor is a subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Fund.

COUNTRY BREAKDOWN AS OF MAY 31, 2011 (Unaudited)


	Value		% of Net Assets
United States	$	29,549,736		76.9	%
United Kingdom		2,114,431		5.5
Germany		1,202,476		3.1
Switzerland		956,095		2.5
Japan		734,957		1.9
France		700,451		1.8
Supranational		689,733		1.8
Australia		545,570		1.4
Italy		327,377		0.9
Netherlands		323,821		0.9
Spain		215,967		0.6
Netherlands Antilles		148,210		0.4
Ireland		139,221		0.4
Canada		126,478		0.3
Sweden		115,755		0.3
Mexico		57,558		0.1
Denmark		57,111		0.1
Israel		51,102		0.1
Belgium		36,761		0.1
Finland		31,350		0.1
Luxembourg		29,918		0.1
Norway		27,214		0.1
Cayman Islands		24,081		0.1
Bermuda		11,471		0.0

TOTAL INVESTMENTS		38,216,844		99.5
Other assets less liabilities		195,231		0.5

NET ASSETS	$	38,412,075		100.0	%


See Notes to Financial Statements.		24

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund

May 31, 2011


	Number of Shares		Value

COMMON STOCKS — 84.3%
Basic Materials — 4.7%
Air Liquide S.A. (France)		268	$	37,191
Allied Nevada Gold Corp.*		1,512		56,065
Anglo American PLC (United Kingdom)		1,682		83,885
ArcelorMittal (Luxembourg)		1,059		35,282
BASF SE (Germany)		1,099		101,526
Bayer AG (Germany)		1,051		86,047
BHP Billiton Ltd. (Australia)		4,040		190,962
BHP Billiton PLC (United Kingdom)		2,571		101,689
Buckeye Technologies, Inc.		2,134		54,353
Coeur d’Alene Mines Corp.*		1,423		39,232
Dow Chemical (The) Co.		2,021		73,019
E.I. du Pont de Nemours & Co.		1,602		85,387
Freeport-McMoRan Copper & Gold, Inc.		1,422		73,432
Metals USA Holdings Corp.*		1,778		27,950
Newmont Mining Corp.		926		52,384
Rio Tinto Ltd. (Australia)		562		48,805
Rio Tinto PLC (United Kingdom)		1,638		114,448
Rockwood Holdings, Inc.*		943		49,592
Sensient Technologies Corp.		769		29,260
Sherwin-Williams (The) Co.		1,241		109,009
Solutia, Inc.*		1,778		44,397
Syngenta AG (Switzerland)*		130		44,903
Vulcan Materials Co.		1,441		58,346
Xstrata PLC (United Kingdom)		2,535		59,479

				1,656,643

Communications — 8.7%
Acme Packet, Inc.*		800		60,552
ADTRAN, Inc.		800		34,288
Anixter International, Inc.*		593		40,140
Arris Group, Inc.*		2,052		23,167
AT&T, Inc.		11,368		358,774
Calix, Inc.*		2,045		44,111
Cisco Systems, Inc.		10,693		179,642
Comcast Corp., Class A		5,309		133,999
Corning, Inc.		2,843		57,287
Deutsche Telekom AG (Germany)		2,804		41,641
Digital River, Inc.*		605		19,693
Discovery Communications, Inc., Class A*		3,201		139,436
eResearch Technology, Inc.*		3,601		22,830
France Telecom S.A. (France)		2,461		56,253
Google, Inc., Class A*		595		314,766
GSI Commerce, Inc.*		978		28,607
Limelight Networks, Inc.*		5,068		29,040
News Corp., Class A		3,192		58,541
Nokia OYJ (Finland)		5,275		36,021
NTT DoCoMo, Inc. (Japan)		20		37,371
Orbitz Worldwide, Inc.*		5,157		11,861
Rackspace Hosting, Inc.*		2,021		88,923
Symantec Corp.*		8,358		163,399
Tekelec*		1,100		10,010
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		3,495		51,612
Telefonica S.A. (Spain)		4,752		115,281
Thomson Reuters Corp. (Canada)		1,600		62,352
TIBCO Software, Inc.*		2,717		76,321


	Number of Shares		Value

Communications (Continued)
Time Warner, Inc.		2,233	$	81,348
Verizon Communications, Inc.		5,967		220,361
Vivendi (France)		1,588		44,277
Vodafone Group PLC (United Kingdom)		61,183		170,139
Walt Disney (The) Co.		3,663		152,490
Windstream Corp.		4,802		64,587
Yahoo!, Inc.*		3,174		52,530

				3,081,650

Consumer, Cyclical — 9.0%
Alaska Air Group, Inc.*		445		30,056
Ascena Retail Group, Inc.*		989		33,092
Buckle (The), Inc.		766		32,701
Callaway Golf Co.		3,557		24,081
Carter’s, Inc.*		947		30,020
Casey’s General Stores, Inc.		788		32,663
Cash America International, Inc.		445		23,167
Cinemark Holdings, Inc.		1,535		33,386
Coach, Inc.		3,468		220,773
Collective Brands, Inc.*		1,125		17,550
Columbia Sportswear Co.		528		34,637
Compagnie Financiere Richemont S.A. (Switzerland)		589		38,397
CVS Caremark Corp.		2,615		101,174
Daimler AG (Germany)		1,029		72,641
Dana Holding Corp.*		1,956		35,443
Deckers Outdoor Corp.*		533		48,556
Dillard’s, Inc., Class A		1,067		59,955
Dollar General Corp.*		3,912		137,194
DSW, Inc., Class A*		1,121		56,218
Exide Technologies*		3,912		38,572
Ford Motor Co.*		5,865		87,506
G&K Services, Inc., Class A		978		30,934
Gaylord Entertainment Co.*		533		17,189
Hennes & Mauritz AB, Class B (Sweden)		1,197		44,395
Honda Motor Co. Ltd. (Japan)		2,258		85,884
JetBlue Airways Corp.*		3,789		22,999
Johnson Controls, Inc.		1,245		49,302
Jones Group (The), Inc.		1,423		17,489
K-Swiss, Inc., Class A*		2,134		23,538
La-Z-Boy, Inc.*		2,756		30,509
Liz Claiborne, Inc.*		5,246		34,256
Lowe’s Cos., Inc.		2,934		70,827
McDonald’s Corp.		1,993		162,510
Men’s Wearhouse (The), Inc.		847		29,162
Mitsubishi Corp. (Japan)		1,797		45,500
Mitsui & Co. Ltd. (Japan)		2,534		43,169
Nike, Inc., Class B		889		75,076
Nintendo Co. Ltd. (Japan)		123		28,570
Nissan Motor Co. Ltd. (Japan)		2,974		29,799
Nu Skin Enterprises, Inc., Class A		800		31,272
Owens & Minor, Inc.		1,039		35,949
Panasonic Corp. (Japan)		2,484		29,170
Penske Automotive Group, Inc.		1,245		25,846
Polaris Industries, Inc.		445		49,106
Saks, Inc.*		2,401		27,155
Skechers U.S.A., Inc., Class A*		711		12,428


See Notes to Financial Statements.		25

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund (Continued)

May 31, 2011


	Number of Shares		Value

Consumer, Cyclical (Continued)
Sony Corp. (Japan)		1,376	$	36,635
Tenneco, Inc.*		800		33,400
Toyota Motor Corp. (Japan)		3,822		159,955
Under Armour, Inc., Class A*		711		46,343
UniFirst Corp.		400		21,448
US Airways Group, Inc.*		2,312		21,039
Vail Resorts, Inc.*		476		23,157
Walgreen Co.		1,778		77,574
Wal-Mart Stores, Inc.		7,325		404,486
Warnaco Group (The), Inc.*		543		29,946
Watsco, Inc.		860		57,569
World Fuel Services Corp.		1,019		37,275

				3,188,643

Consumer, Non-cyclical — 17.0%
Abbott Laboratories		3,030		158,318
ABM Industries, Inc.		800		18,224
Accuray, Inc.*		3,557		27,175
Aetna, Inc.		4,624		201,976
Amedisys, Inc.*		703		22,004
American Medical Systems Holdings, Inc.*		1,067		31,946
American Reprographics Co.*		2,668		25,026
AMERIGROUP Corp.*		854		60,557
Amgen, Inc.*		1,956		118,417
Anheuser-Busch InBev NV (Belgium)		791		47,669
AstraZeneca PLC (United Kingdom)		1,684		88,073
British American Tobacco PLC (United Kingdom)		2,230		99,910
Bruker Corp.*		2,992		59,003
Capella Education Co.*		267		12,907
Catalyst Health Solutions, Inc.*		731		44,613
CBIZ, Inc.*		3,557		27,211
Centene Corp.*		754		26,239
Coca-Cola (The) Co.		4,344		290,223
DANONE S.A. (France)		651		47,683
Diageo PLC (United Kingdom)		2,927		62,341
Ennis, Inc.		1,334		25,466
Fresh Del Monte Produce, Inc. (Cayman Islands)		766		21,057
Gentiva Health Services, Inc.*		400		9,792
GlaxoSmithKline PLC (United Kingdom)		6,407		139,202
HEALTHSOUTH Corp.*		1,423		39,944
Healthspring, Inc.*		845		37,053
Heidrick & Struggles International, Inc.		1,215		25,454
HMS Holdings Corp.*		356		27,789
Hospira, Inc.*		1,867		103,226
Invacare Corp.		420		14,104
Johnson & Johnson		5,869		394,925
Kraft Foods, Inc., Class A		2,900		101,413
Lancaster Colony Corp.		449		27,227
Live Nation Entertainment, Inc.*		2,934		33,829
Magellan Health Services, Inc.*		600		31,764
Masimo Corp.*		1,689		51,886
MasterCard, Inc., Class A		276		79,226
Medifast, Inc.*		800		21,376
Merck & Co., Inc.		6,435		236,486
Molina Healthcare, Inc.*		1,500		40,770


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
Molson Coors Brewing Co., Class B		1,737	$	81,031
Nestle S.A. (Switzerland)		4,064		260,880
Novartis AG (Switzerland)		2,524		162,762
Novo Nordisk A/S, Class B (Denmark)		546		68,383
Pfizer, Inc.		15,843		339,832
Philip Morris International, Inc.		3,361		241,152
Procter & Gamble (The) Co.		5,841		391,347
Reckitt Benckiser Group PLC (United Kingdom)		726		41,071
Roche Holding AG (Switzerland)		925		162,680
Rollins, Inc.		2,105		42,353
Ruddick Corp.		813		35,731
Safeway, Inc.		4,190		103,493
Salix Pharmaceuticals Ltd.*		800		32,024
Sanofi		1,385		109,549
Seaboard Corp.		18		41,580
Select Medical Holdings Corp.*		2,579		24,501
Sirona Dental Systems, Inc.*		862		46,600
SonoSite, Inc.*		800		28,568
Sotheby’s		889		37,836
STERIS Corp.		958		34,574
Takeda Pharmaceutical Co. Ltd. (Japan)		963		45,815
Tejon Ranch Co.*		978		36,039
Tesco PLC (United Kingdom)		10,874		75,002
Teva Pharmaceutical Industries Ltd. (Israel)		1,220		62,532
TreeHouse Foods, Inc.*		533		32,476
Unilever NV (Netherlands)		1,986		64,753
Unilever PLC (United Kingdom)		1,552		50,349
UnitedHealth Group, Inc.		2,098		102,697
ViroPharma, Inc.*		1,233		23,859
Visa, Inc., Class A		1,657		134,316
WellCare Health Plans, Inc.*		718		35,362
WellPoint, Inc.		800		62,536
Woolworths Ltd. (Australia)		1,518		44,336

				5,987,523

Diversified — 0.1%
LVMH Moet Hennessy Louis Vuitton S.A. (France)		270		46,928

Energy — 10.2%
Berry Petroleum Co., Class A		758		39,727
BG Group PLC (United Kingdom)		3,998		92,555
Bill Barrett Corp.*		761		33,918
BP PLC (United Kingdom)		28,143		216,949
Brigham Exploration Co.*		1,689		52,595
CARBO Ceramics, Inc.		267		40,122
Chevron Corp.		3,758		394,252
Complete Production Services, Inc.*		978		32,460
ConocoPhillips		2,781		203,625
Delek US Holdings, Inc.		3,201		48,303
Devon Energy Corp.		889		74,738
Dril-Quip, Inc.*		541		40,131
ENI S.p.A (Italy)		3,345		80,114
Exxon Mobil Corp.		10,062		839,875
Helix Energy Solutions Group, Inc.*		1,689		29,591
Hornbeck Offshore Services, Inc.*		1,334		36,005
Key Energy Services, Inc.*		1,867		33,009


See Notes to Financial Statements.		26

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund (Continued)

May 31, 2011


	Number of Shares		Value

Energy (Continued)
Occidental Petroleum Corp.		1,548	$	166,952
Peabody Energy Corp.		2,627		161,193
Royal Dutch Shell PLC, Class A (United Kingdom)		4,417		159,362
Royal Dutch Shell PLC, Class B (United Kingdom)		3,396		122,916
RPC, Inc.		2,332		58,720
Schlumberger Ltd. (Netherlands Antilles)		2,173		186,269
Southwestern Energy Co.*		742		32,477
Statoil ASA (Norway)		1,431		37,662
Total S.A. (France)		2,635		151,637
Williams (The) Cos., Inc.		6,313		198,165
Woodside Petroleum Ltd. (Australia)		654		32,495

				3,595,817

Financial — 16.2%
Alexander’s, Inc. REIT		84		32,946
Allianz SE (Germany)		503		69,549
American Campus Communities, Inc. REIT		822		29,049
American Capital Ltd.*		4,802		47,540
American Express Co.		2,312		119,299
Apollo Investment Corp.		2,756		31,446
Ashford Hospitality Trust, Inc. REIT		2,756		39,328
Associated Estates Realty Corp. REIT		1,689		28,477
Australia & New Zealand Banking Group Ltd. (Australia)		3,135		73,925
AXA S.A. (France)		2,291		48,876
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		4,737		55,262
Banco Santander S.A. (Spain)		8,413		99,949
Bank of America Corp.		18,815		221,076
Barclays PLC (United Kingdom)		15,018		68,385
Berkshire Hathaway, Inc., Class B*		5,102		403,415
BioMed Realty Trust, Inc. REIT		1,600		32,784
BNP Paribas (France)		1,124		87,612
Boston Properties, Inc. REIT		1,423		154,183
CBL & Associates Properties, Inc. REIT		1,956		37,633
Charles Schwab (The) Corp.		2,281		41,081
Citigroup, Inc.*		5,513		226,860
Commonwealth Bank of Australia (Australia)		1,956		105,503
Community Trust Bancorp, Inc.		800		21,984
Credit Acceptance Corp.*		445		35,600
Credit Suisse Group AG (Switzerland)*		1,307		56,117
Deutsche Bank AG (Germany) (a)		1,087		64,718
Entertainment Properties Trust REIT		622		30,217
Equity Lifestyle Properties, Inc. REIT		409		24,029
Equity One, Inc. REIT		1,360		26,670
Equity Residential REIT		533		32,955
Evercore Partners, Inc., Class A		978		36,196
FirstMerit Corp.		1,296		21,112
Franklin Resources, Inc.		448		58,052
Goldman Sachs Group (The), Inc.		913		128,486
Highwoods Properties, Inc. REIT		1,015		36,621
Home Properties, Inc. REIT		533		32,993
HSBC Holdings PLC (United Kingdom)		20,507		214,267
ING Groep NV (Netherlands)*		4,550		54,808
Investors Bancorp, Inc.*		1,778		26,617
JPMorgan Chase & Co.		7,430		321,273


	Number of Shares		Value

Financial (Continued)
Kilroy Realty Corp. REIT		800	$	33,176
LaSalle Hotel Properties REIT		978		27,364
Lloyds Banking Group PLC (United Kingdom)*		45,476		38,923
M&T Bank Corp.		1,334		117,792
MFA Financial, Inc. REIT		3,711		30,579
Mid-America Apartment Communities, Inc. REIT		464		31,807
Mitsubishi UFJ Financial Group, Inc. (Japan)		16,342		75,434
Mizuho Financial Group, Inc. (Japan)		20,827		32,815
Muenchener Rueckversicherungs-Gesellschaft AG (Germany)		268		41,070
National Australia Bank Ltd. (Australia)		2,644		74,603
National Interstate Corp.		1,067		23,037
National Retail Properties, Inc. REIT		1,322		34,081
Nomura Holdings, Inc. (Japan)		5,335		26,793
Nordea Bank AB (Sweden)		3,775		44,207
Northern Trust Corp.		2,604		127,049
OMEGA Healthcare Investors, Inc. REIT		1,341		28,550
Pebblebrook Hotel Trust REIT		1,245		27,066
Platinum Underwriters Holdings Ltd. (Bermuda)		411		14,032
Potlatch Corp. REIT		631		22,716
ProAssurance Corp.*		534		37,546
Prosperity Bancshares, Inc.		750		32,813
Public Storage REIT		356		42,129
Signature Bank*		622		35,404
Simon Property Group, Inc. REIT		520		61,391
Societe Generale (France)		704		41,738
Standard Chartered PLC (United Kingdom)		2,592		69,455
Sumitomo Mitsui Financial Group, Inc. (Japan)		1,759		50,882
SVB Financial Group*		622		36,934
T. Rowe Price Group, Inc.		2,668		168,884
Tanger Factory Outlet Centers, Inc. REIT		1,046		28,723
Tower Group, Inc.		646		15,698
Travelers (The) Cos., Inc.		978		60,714
U.S. Bancorp		3,735		95,616
UBS AG (Switzerland)*		4,216		80,771
UMB Financial Corp.		612		26,102
UniCredit S.p.A (Italy)		20,155		45,751
Universal Health Realty Income Trust REIT		711		30,793
Washington Real Estate Investment Trust REIT		925		31,940
Webster Financial Corp.		1,156		24,114
Wells Fargo & Co.		10,283		291,729
Westamerica Bancorporation		501		25,200
Westpac Banking Corp. (Australia)		3,827		90,243
Weyerhaeuser Co. REIT		5,268		113,474
Zurich Financial Services AG (Switzerland)*		153		40,918

				5,706,949

Industrial — 9.1%
AAON, Inc.		978		32,959
ABB Ltd. (Switzerland)*		2,466		66,183
Acuity Brands, Inc.		622		37,917
BAE Systems PLC (United Kingdom)		4,475		24,321
Benchmark Electronics, Inc.*		1,037		17,919
Boeing (The) Co.		1,512		117,981
Brady Corp., Class A		800		27,576


See Notes to Financial Statements.		27

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund (Continued)

May 31, 2011


	Number of Shares		Value

Industrial (Continued)
Cascade Corp.		622	$	25,272
Caterpillar, Inc.		1,081		114,370
CLARCOR, Inc.		823		35,068
Clean Harbors, Inc.*		445		45,016
East Japan Railway Co. (Japan)		432		25,205
Eaton Corp.		3,258		168,340
EMCOR Group, Inc.*		856		25,997
Emerson Electric Co.		1,420		77,462
EnerSys*		711		25,454
Fanuc Corp. (Japan)		266		40,895
FedEx Corp.		533		49,910
General Dynamics Corp.		726		53,884
General Electric Co.		20,565		403,897
GrafTech International Ltd.*		1,667		35,240
Graphic Packaging Holding Co.*		4,624		25,340
Griffon Corp.*		555		5,877
Hexcel Corp.*		1,334		27,574
Ingersoll-Rand PLC (Ireland)		3,468		173,052
Kaydon Corp.		445		16,185
Knight Transportation, Inc.		1,407		24,060
Komatsu Ltd. (Japan)		1,156		34,606
Koninklijke Philips Electronics NV (Netherlands)		1,311		36,327
L-1 Identity Solutions, Inc.*		1,400		15,568
Lindsay Corp.		711		47,694
Metabolix, Inc.*		1,423		12,579
Mitsubishi Electric Corp. (Japan)		2,668		30,049
Moog, Inc., Class A*		622		25,533
Nordson Corp.		890		46,298
Parker Hannifin Corp.		1,689		150,068
Republic Services, Inc.		4,205		132,541
Rock-Tenn Co., Class A		529		40,643
Schneider Electric S.A. (France)		269		44,317
Siemens AG (Germany)		980		131,023
Silgan Holdings, Inc.		1,158		51,982
Simpson Manufacturing Co., Inc.		800		22,416
Sun Hydraulics Corp.		978		47,365
Thermo Fisher Scientific, Inc.*		800		52,360
Toshiba Corp. (Japan)		5,335		28,238
TriMas Corp.*		2,045		41,718
Union Pacific Corp.		1,038		108,959
United Parcel Service, Inc., Class B		1,848		135,810
United Technologies Corp.		1,739		152,632
Vinci S.A. (France)		539		34,741
Watts Water Technologies, Inc., Class A		533		18,650
Woodward, Inc.		978		34,445
Worthington Industries, Inc.		1,067		23,293

				3,222,809

Technology — 7.5%
Apple, Inc.*		1,804		627,485
Applied Materials, Inc.		2,668		36,765
CACI International, Inc., Class A*		485		30,958
Concur Technologies, Inc.*		796		39,776
EMC Corp.*		3,793		107,987
Intel Corp.		10,137		228,184
International Business Machines Corp.		2,560		432,461


	Number of Shares		Value

Technology (Continued)
Jack Henry & Associates, Inc.		1,378	$	43,049
JDA Software Group, Inc.*		1,200		39,636
Mentor Graphics Corp.*		1,500		20,115
Microsoft Corp.		15,818		395,607
MKS Instruments, Inc.		700		18,410
Netlogic Microsystems, Inc.*		889		34,066
Parametric Technology Corp.*		1,888		43,972
Quality Systems, Inc.		505		43,470
Quest Software, Inc.*		1,512		34,315
Riverbed Technology, Inc.*		1,864		70,683
SAP AG (Germany)		1,116		69,260
SRA International, Inc., Class A*		875		27,081
SYNNEX Corp.*		600		19,644
TriQuint Semiconductor, Inc.*		2,090		27,066
Ultratech, Inc.*		1,334		42,381
VeriFone Systems, Inc.*		1,156		55,638
Xerox Corp.		13,960		142,532

				2,630,541

Utilities — 1.8%
Cleco Corp.		800		28,072
E.ON AG (Germany)		2,644		75,013
ENEL S.p.A (Italy)		8,809		60,457
GDF Suez (France)		1,514		55,632
National Fuel Gas Co.		889		64,043
Nicor, Inc.		663		36,438
Piedmont Natural Gas Co., Inc.		1,053		33,138
RWE AG (Germany)		605		35,251
Sempra Energy		2,668		147,194
Southern Co.		1,571		62,966
Tokyo Electric Power (The) Co., Inc. (Japan)		1,510		5,892
WGL Holdings, Inc.		842		33,049

				637,145

TOTAL COMMON STOCKS (Cost $26,263,949)				29,754,648


	Principal Amount		Value

CORPORATE BONDS — 11.5%
Basic Materials — 0.8%
ArcelorMittal (Luxembourg) 9.85%, 6/01/19	$	58,000		74,819
Dow Chemical (The) Co. 8.55%, 5/15/19		66,000		86,077
Rio Tinto Finance USA Ltd. (Australia) 9.00%, 5/01/19		66,000		88,161
Vale Overseas Ltd. (Cayman Islands) 6.875%, 11/21/36		46,000		50,770

				299,827

Communications — 2.4%
BellSouth Corp. 6.00%, 11/15/34		109,000		113,471
British Telecommunications PLC (United Kingdom) 9.875%, 12/15/30 (b)		30,000		42,907


See Notes to Financial Statements.		28

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund (Continued)

May 31, 2011


	Principal Amount		Value

Communications (Continued)
CBS Corp. 7.875%, 7/30/30	$	15,000	$	18,224
Cisco Systems, Inc. 4.45%, 1/15/20		60,000		62,953
5.90%, 2/15/39		46,000		49,875
Comcast Corp. 6.45%, 3/15/37		45,000		49,068
Deutsche Telekom International Finance BV (Netherlands) 8.75%, 6/15/30 (b)		69,000		94,636
News America, Inc. 6.20%, 12/15/34		77,000		80,222
Telecom Italia Capital S.A. (Luxembourg) 7.721%, 6/04/38		43,000		46,129
Time Warner Cable, Inc. 6.55%, 5/01/37		18,000		19,216
Time Warner, Inc. 7.70%, 5/01/32		77,000		94,148
Verizon Global Funding Corp. 7.75%, 12/01/30		124,000		157,618
Viacom, Inc. 6.25%, 4/30/16		15,000		17,370

				845,837

Consumer, Cyclical — 0.9%
CVS Caremark Corp. 6.125%, 9/15/39		44,000		46,066
Target Corp. 7.00%, 1/15/38		110,000		135,936
Wal-Mart Stores, Inc. 4.55%, 5/01/13		5,000		5,371
6.50%, 8/15/37		106,000		123,810

				311,183

Consumer, Non-cyclical — 1.5%
Abbott Laboratories 5.875%, 5/15/16		14,000		16,368
Aetna, Inc. 6.625%, 6/15/36		18,000		20,611
Anheuser-Busch InBev Worldwide, Inc. 5.375%, 1/15/20		43,000		47,752
AstraZeneca PLC (United Kingdom) 6.45%, 9/15/37		45,000		53,656
Bristol-Myers Squibb Co. 5.875%, 11/15/36		52,000		59,451
Coca-Cola Enterprises, Inc. 8.50%, 2/01/22		88,000		121,116
Eli Lilly & Co. 5.55%, 3/15/37		30,000		31,864
Johnson & Johnson 5.95%, 8/15/37		33,000		38,376
Merck & Co., Inc. 5.00%, 6/30/19		21,000		23,419
Procter & Gamble (The) Co. 5.55%, 3/05/37		18,000		19,826
Unilever Capital Corp. 5.90%, 11/15/32		74,000		85,031

				517,470


	Principal Amount		Value

Energy — 1.1%
ConocoPhillips 5.90%, 10/15/32	$	117,000	$	130,145
Kinder Morgan Energy Partners LP 5.80%, 3/15/35		87,000		87,271
Petrobras International Finance Co. (Cayman Islands) 5.75%, 1/20/20		48,000		51,150
Shell International Finance BV (Netherlands) 6.375%, 12/15/38		42,000		50,362
Suncor Energy, Inc. (Canada) 6.50%, 6/15/38		30,000		34,145
TransCanada PipeLines Ltd. (Canada) 7.625%, 1/15/39		17,000		22,066

				375,139

Financial — 2.6%
Allstate (The) Corp. 5.55%, 5/09/35		34,000		34,254
Bank of New York Mellon (The) Corp., Series G, MTN 4.60%, 1/15/20		117,000		124,737
Bear Stearns & Co., Inc. 7.25%, 2/01/18		30,000		36,034
Chubb Corp. 6.00%, 5/11/37		27,000		29,465
Citigroup, Inc. 8.125%, 7/15/39		108,000		141,230
Credit Suisse (USA), Inc. 7.125%, 7/15/32		56,000		69,331
General Electric Capital Corp., Series A, MTN 6.75%, 3/15/32		136,000		155,873
Goldman Sachs Group (The), Inc. 5.00%, 10/01/14		58,000		62,605
6.75%, 10/01/37		67,000		67,528
JPMorgan Chase Bank NA 5.875%, 6/13/16		50,000		56,176
Merrill Lynch & Co., Inc., Series C, MTN 5.00%, 1/15/15		64,000		68,652
PNC Funding Corp. 5.25%, 11/15/15		8,000		8,755
Principal Financial Group, Inc. 6.05%, 10/15/36		28,000		29,991
Travelers (The) Cos., Inc. 6.25%, 3/15/37 (b)		27,000		28,655

				913,286

Industrial — 0.6%
Burlington Northern Santa Fe LLC 6.15%, 5/01/37		26,000		28,799
CSX Corp. 6.00%, 10/01/36		74,000		79,815
Lockheed Martin Corp., Series B 6.15%, 9/01/36		13,000		14,615
Norfolk Southern Corp. 7.90%, 5/15/97		32,000		41,828
United Parcel Service, Inc. 6.20%, 1/15/38		16,000		18,821


See Notes to Financial Statements.		29

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund (Continued)

May 31, 2011


	Principal Amount		Value

Industrial (Continued)
United Technologies Corp. 6.125%, 7/15/38	$	32,000	$	37,596

				221,474

Technology — 0.1%
Dell, Inc. 5.875%, 6/15/19		23,000		25,997
Microsoft Corp. 4.20%, 6/01/19		28,000		29,768

				55,765

Utilities — 1.5%
Appalachian Power Co. 7.95%, 1/15/20		40,000		51,165
Florida Power & Light Co. 5.95%, 2/01/38		53,000		60,358
MidAmerican Energy Holdings Co. 6.125%, 4/01/36		133,000		147,432
Oncor Electric Delivery Co. LLC 7.00%, 9/01/22		71,000		85,997
Pacific Gas & Electric Co. 6.05%, 3/01/34		28,000		30,632
6.25%, 3/01/39		40,000		44,664
Public Service Co. of Colorado 5.125%, 6/01/19		44,000		49,127
Scana Corp., MTN 6.25%, 4/01/20		27,000		30,357
Southern California Edison Co. 6.05%, 3/15/39		21,000		24,044

				523,776

TOTAL CORPORATE BONDS (Cost $3,912,689)				4,063,757

UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 3.1%
Federal Home Loan Mortgage Corp. — 0.1%
6.25%, 7/15/32		43,000		54,168

United States Treasury Bonds/ Notes — 3.0%
1.75%, 11/15/11		139,600		140,652
7.50%, 11/15/16		93,300		120,955
8.125%, 8/15/19		113,900		160,724
3.625%, 2/15/20		74,100		78,928
6.25%, 5/15/30		17,700		23,347
4.375%, 2/15/38		304,200		314,467
4.625%, 2/15/40		96,000		102,810
4.375%, 5/15/40		100,400		103,098

				1,044,981

TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $1,076,196)				1,099,149

SOVEREIGN BONDS — 0.6%
Federative Republic of Brazil (Brazil) 7.125%, 1/20/37		53,000		64,660


	Principal Amount		Value

SOVEREIGN BONDS (Continued)
Province of Quebec, Series PD (Canada) 7.50%, 9/15/29	$	64,000	$	87,640
Republic of Italy (Italy) 5.25%, 9/20/16		25,000		27,423
United Mexican States (Mexico) 5.625%, 1/15/17		44,000		49,676

TOTAL SOVEREIGN BONDS (Cost $215,837)				229,399


TOTAL INVESTMENTS — 99.5% (Cost $31,468,671)			$	35,146,953
Other assets less liabilities — 0.5%				160,395

NET ASSETS — 100.0%			$	35,307,348

MTN – Medium Term Note.

REIT – Real Estate Investment Trust.

* Non-income producing security.

(a) Affiliated company. The Advisor is a subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Fund.

(b) Variable Rate Coupon. Stated interest rate was in effect at May 31, 2011.

COUNTRY BREAKDOWN AS OF MAY 31, 2011

(Unaudited)


	Value		% of Net Assets
United States	$	26,657,472		75.5	%
United Kingdom		2,189,284		6.2
Switzerland		913,611		2.6
Japan		892,677		2.5
France		806,434		2.3
Germany		787,739		2.2
Australia		749,033		2.1
Netherlands		300,886		0.9
Spain		270,492		0.8
Italy		213,745		0.6
Canada		206,203		0.6
Netherlands Antilles		186,269		0.5
Ireland		173,052		0.5
Luxembourg		156,230		0.4
Sweden		140,214		0.4
Cayman Islands		122,977		0.4
Denmark		68,383		0.2
Brazil		64,660		0.2
Israel		62,532		0.2
Mexico		49,676		0.1
Belgium		47,669		0.1
Norway		37,662		0.1
Finland		36,021		0.1
Bermuda		14,032		0.0

TOTAL INVESTMENTS		35,146,953		99.5
Other assets less liabilities		160,395		0.5

NET ASSETS	$	35,307,348		100.0	%


See Notes to Financial Statements.		30

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund

May 31, 2011


	Number of Shares		Value


COMMON STOCKS — 95.4%
Basic Materials — 5.4%
Air Liquide S.A. (France)		310	$	43,019
Allied Nevada Gold Corp.*		1,689		62,628
Anglo American PLC (United Kingdom)		1,968		98,149
ArcelorMittal (Luxembourg)		1,147		38,214
BASF SE (Germany)		1,200		110,856
Bayer AG (Germany)		1,141		93,415
BHP Billiton Ltd. (Australia)		4,740		224,048
BHP Billiton PLC (United Kingdom)		2,942		116,362
Buckeye Technologies, Inc.		2,400		61,128
Coeur d’Alene Mines Corp.*		1,600		44,112
Dow Chemical (The) Co.		2,347		84,797
E.I. du Pont de Nemours & Co.		1,947		103,775
Freeport-McMoRan Copper & Gold, Inc.		1,778		91,816
Metals USA Holdings Corp.*		1,955		30,733
Newmont Mining Corp.		1,188		67,205
Rio Tinto Ltd. (Australia)		624		54,190
Rio Tinto PLC (United Kingdom)		1,788		124,929
Rockwood Holdings, Inc.*		1,013		53,274
Sensient Technologies Corp.		835		31,772
Sherwin-Williams (The) Co.		1,486		130,530
Solutia, Inc.*		1,955		48,816
Syngenta AG (Switzerland)*		141		48,703
Vulcan Materials Co.		1,555		62,962
Xstrata PLC (United Kingdom)		2,815		66,048

				1,891,481

Communications — 9.8%
Acme Packet, Inc.*		889		67,288
ADTRAN, Inc.		889		38,103
Anixter International, Inc.*		640		43,322
Arris Group, Inc.*		2,229		25,165
AT&T, Inc.		12,690		400,496
Calix, Inc.*		2,222		47,929
Cisco Systems, Inc.		11,858		199,214
Comcast Corp., Class A		5,861		147,932
Corning, Inc.		3,146		63,392
Deutsche Telekom AG (Germany)		3,808		56,550
Digital River, Inc.*		656		21,353
Discovery Communications, Inc., Class A*		3,555		154,855
eResearch Technology, Inc.*		2,999		19,014
France Telecom S.A. (France)		2,673		61,099
Google, Inc., Class A*		675		357,088
GSI Commerce, Inc.*		1,155		33,784
Limelight Networks, Inc.*		5,688		32,592
News Corp., Class A		3,805		69,784
Nokia OYJ (Finland)		5,752		39,278
NTT DoCoMo, Inc. (Japan)		22		41,108
Orbitz Worldwide, Inc.*		5,777		13,287
Rackspace Hosting, Inc.*		2,190		96,360
Symantec Corp.*		9,243		180,701
Tekelec*		1,200		10,920
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		3,850		56,855
Telefonica S.A. (Spain)		5,384		130,613
Thomson Reuters Corp. (Canada)		1,778		69,289
TIBCO Software, Inc.*		2,442		68,596


	Number of Shares		Value

Communications (Continued)
Time Warner, Inc.		2,364	$	86,121
Verizon Communications, Inc.		6,649		245,548
Vivendi (France)		1,740		48,515
Vodafone Group PLC (United Kingdom)		66,352		184,514
Walt Disney (The) Co.		4,076		169,683
Windstream Corp.		5,333		71,729
Yahoo!, Inc.*		3,433		56,816

				3,408,893

Consumer, Cyclical — 10.2%
Alaska Air Group, Inc.*		533		35,998
Ascena Retail Group, Inc.*		1,400		46,844
Buckle (The), Inc.		854		36,457
Callaway Golf Co.		3,999		27,073
Carter’s, Inc.*		1,060		33,602
Casey’s General Stores, Inc.		861		35,688
Cash America International, Inc.		444		23,115
Cinemark Holdings, Inc.		1,750		38,063
Coach, Inc.		3,899		248,211
Collective Brands, Inc.*		1,244		19,406
Columbia Sportswear Co.		580		38,048
Compagnie Financiere Richemont S.A. (Switzerland)		691		45,046
CVS Caremark Corp.		2,902		112,278
Daimler AG (Germany)		1,226		86,547
Dana Holding Corp.*		2,133		38,650
Deckers Outdoor Corp.*		622		56,664
Dillard’s, Inc., Class A		1,155		64,899
Dollar General Corp.*		4,396		154,168
DSW, Inc., Class A*		1,237		62,036
Exide Technologies*		4,355		42,940
Ford Motor Co.*		6,363		94,936
G&K Services, Inc., Class A		1,155		36,533
Gaylord Entertainment Co.*		622		20,060
Hennes & Mauritz AB, Class B (Sweden)		1,326		49,180
Honda Motor Co. Ltd. (Japan)		2,570		97,751
JetBlue Airways Corp.*		4,153		25,209
Johnson Controls, Inc.		1,422		56,311
Jones Group (The), Inc.		1,600		19,664
K-Swiss, Inc., Class A*		2,311		25,490
La-Z-Boy, Inc.*		3,111		34,439
Liz Claiborne, Inc.*		4,977		32,500
Lowe’s Cos., Inc.		3,288		79,373
McDonald’s Corp.		2,234		182,160
Men’s Wearhouse (The), Inc.		936		32,226
Mitsubishi Corp. (Japan)		1,992		50,437
Mitsui & Co. Ltd. (Japan)		2,801		47,718
Nike, Inc., Class B		1,067		90,108
Nintendo Co. Ltd. (Japan)		137		31,822
Nissan Motor Co. Ltd. (Japan)		3,204		32,103
Nu Skin Enterprises, Inc., Class A		889		34,751
Owens & Minor, Inc.		1,128		39,029
Panasonic Corp. (Japan)		2,734		32,105
Penske Automotive Group, Inc.		1,422		29,521
Polaris Industries, Inc.		533		58,817
Saks, Inc.*		2,666		30,152
Skechers U.S.A., Inc., Class A*		800		13,984


See Notes to Financial Statements.		31

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund (Continued)

May 31, 2011


	Number of Shares		Value

Consumer, Cyclical (Continued)
Sony Corp. (Japan)		1,491	$	39,698
Tenneco, Inc.*		889		37,116
Toyota Motor Corp. (Japan)		4,328		181,133
Under Armour, Inc., Class A*		700		45,626
UniFirst Corp.		400		21,448
US Airways Group, Inc.*		2,577		23,451
Vail Resorts, Inc.*		516		25,103
Walgreen Co.		1,955		85,297
Wal-Mart Stores, Inc.		8,025		443,142
Warnaco Group (The), Inc.*		688		37,943
Watsco, Inc.		570		38,156
World Fuel Services Corp.		1,113		40,714

				3,540,939

Consumer, Non-cyclical — 19.2%
Abbott Laboratories		3,444		179,949
ABM Industries, Inc.		889		20,251
Accuray, Inc.*		3,910		29,872
Aetna, Inc.		5,066		221,282
Amedisys, Inc.*		827		25,885
American Medical Systems Holdings, Inc.*		1,155		34,581
American Reprographics Co.*		3,022		28,346
AMERIGROUP Corp.*		926		65,663
Amgen, Inc.*		2,133		129,132
Anheuser-Busch InBev NV (Belgium)		859		51,767
AstraZeneca PLC (United Kingdom)		1,825		95,448
British American Tobacco PLC (United Kingdom)		2,418		108,333
Bruker Corp.*		3,243		63,952
Capella Education Co.*		267		12,907
Catalyst Health Solutions, Inc.*		835		50,960
CBIZ, Inc.*		3,999		30,593
Centene Corp.*		816		28,397
Coca-Cola (The) Co.		4,833		322,892
DANONE S.A. (France)		723		52,957
Diageo PLC (United Kingdom)		3,168		67,474
Ennis, Inc.		1,511		28,845
Fresh Del Monte Produce, Inc. (Cayman Islands)		1,116		30,679
Gentiva Health Services, Inc.*		856		20,955
GlaxoSmithKline PLC (United Kingdom)		6,908		150,087
HEALTHSOUTH Corp.*		1,600		44,912
Healthspring, Inc.*		978		42,885
Heidrick & Struggles International, Inc.		1,315		27,549
HMS Holdings Corp.*		444		34,659
Hospira, Inc.*		2,044		113,013
Invacare Corp.		500		16,790
Johnson & Johnson		6,484		436,308
Kraft Foods, Inc., Class A		3,240		113,303
Lancaster Colony Corp.		493		29,896
Live Nation Entertainment, Inc.*		3,288		37,911
Magellan Health Services, Inc.*		648		34,305
Masimo Corp.*		1,866		57,324
MasterCard, Inc., Class A		342		98,171
Medifast, Inc.*		889		23,754
Merck & Co., Inc.		7,044		258,867
Molina Healthcare, Inc.*		750		20,385


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
Molson Coors Brewing Co., Class B		1,947	$	90,828
Nestle S.A. (Switzerland)		4,675		300,100
Novartis AG (Switzerland)		2,802		180,689
Novo Nordisk A/S, Class B (Denmark)		593		74,269
Pfizer, Inc.		17,686		379,365
Philip Morris International, Inc.		3,835		275,161
Procter & Gamble (The) Co.		6,428		430,676
Reckitt Benckiser Group PLC (United Kingdom)		783		44,295
Roche Holding AG (Switzerland)		1,064		187,126
Rollins, Inc.		2,403		48,348
Ruddick Corp.		883		38,808
Safeway, Inc.		5,019		123,969
Salix Pharmaceuticals Ltd.*		889		35,587
Sanofi		1,500		118,645
Seaboard Corp.		23		53,130
Select Medical Holdings Corp.*		2,933		27,864
Sirona Dental Systems, Inc.*		931		50,330
SonoSite, Inc.*		889		31,746
Sotheby’s		978		41,623
STERIS Corp.		1,038		37,461
Takeda Pharmaceutical Co. Ltd. (Japan)		1,236		58,803
Tejon Ranch Co.*		1,067		39,319
Tesco PLC (United Kingdom)		11,750		81,044
Teva Pharmaceutical Industries Ltd. (Israel)		1,354		69,400
TreeHouse Foods, Inc.*		533		32,476
Unilever NV (Netherlands)		2,155		70,263
Unilever PLC (United Kingdom)		1,686		54,697
UnitedHealth Group, Inc.		2,314		113,270
ViroPharma, Inc.*		1,350		26,123
Visa, Inc., Class A		1,848		149,799
WellCare Health Plans, Inc.*		775		38,169
WellPoint, Inc.		889		69,493
Woolworths Ltd. (Australia)		1,685		49,213

				6,663,328

Diversified — 0.2%
LVMH Moet Hennessy Louis Vuitton S.A. (France)		289		50,230

Energy — 11.5%
Berry Petroleum Co., Class A		819		42,924
BG Group PLC (United Kingdom)		4,721		109,292
Bill Barrett Corp.*		823		36,681
BP PLC (United Kingdom)		32,610		251,384
Brigham Exploration Co.*		1,866		58,107
CARBO Ceramics, Inc.		356		53,496
Chevron Corp.		4,208		441,461
Complete Production Services, Inc.*		1,155		38,334
ConocoPhillips		3,141		229,984
Delek US Holdings, Inc.		3,644		54,988
Devon Energy Corp.		978		82,220
Dril-Quip, Inc.*		581		43,099
ENI S.p.A (Italy)		3,510		84,066
Exxon Mobil Corp.		11,239		938,120
Helix Energy Solutions Group, Inc.*		1,866		32,692
Hornbeck Offshore Services, Inc.*		1,511		40,782
Key Energy Services, Inc.*		2,133		37,711


See Notes to Financial Statements.		32

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund (Continued)

May 31, 2011


	Number of Shares		Value

Energy (Continued)
Occidental Petroleum Corp.		1,703	$	183,669
Peabody Energy Corp.		2,916		178,926
Royal Dutch Shell PLC, Class A (United Kingdom)		4,815		173,721
Royal Dutch Shell PLC, Class B (United Kingdom)		3,604		130,445
RPC, Inc.		2,023		50,939
Schlumberger Ltd. (Netherlands Antilles)		2,401		205,815
Southwestern Energy Co.*		804		35,191
Statoil ASA (Norway)		1,371		36,083
Total S.A. (France)		2,925		168,325
Williams (The) Cos., Inc.		7,021		220,389
Woodside Petroleum Ltd. (Australia)		707		35,128

				3,993,972

Financial — 18.4%
Alexander’s, Inc. REIT		92		36,084
Allianz SE (Germany)		569		78,675
American Campus Communities, Inc. REIT		887		31,347
American Capital Ltd.*		5,333		52,797
American Express Co.		2,577		132,973
Apollo Investment Corp.		3,022		34,481
Ashford Hospitality Trust, Inc. REIT		3,111		44,394
Associated Estates Realty Corp. REIT		1,866		31,461
Australia & New Zealand Banking Group Ltd. (Australia)		3,481		82,084
AXA S.A. (France)		2,401		51,223
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		5,237		61,095
Banco Santander S.A. (Spain)		9,594		113,980
Bank of America Corp.		20,586		241,886
Barclays PLC (United Kingdom)		16,674		75,925
Berkshire Hathaway, Inc., Class B*		5,765		455,839
BioMed Realty Trust, Inc. REIT		1,778		36,431
BNP Paribas (France)		1,216		94,783
Boston Properties, Inc. REIT		1,600		173,360
CBL & Associates Properties, Inc. REIT		2,222		42,751
Charles Schwab (The) Corp.		2,489		44,827
Citigroup, Inc.		6,123		251,961
Commonwealth Bank of Australia (Australia)		2,171		117,101
Community Trust Bancorp, Inc.		889		24,430
Credit Acceptance Corp.*		533		42,640
Credit Suisse Group AG (Switzerland)*		1,418		60,883
Deutsche Bank AG (Germany) (a)		1,220		72,637
Entertainment Properties Trust REIT		711		34,540
Equity Lifestyle Properties, Inc. REIT		446		26,203
Equity One, Inc. REIT		1,467		28,768
Equity Residential REIT		622		38,458
Evercore Partners, Inc., Class A		1,067		39,490
FirstMerit Corp.		1,415		23,050
Franklin Resources, Inc.		512		66,345
Goldman Sachs Group (The), Inc.		1,044		146,922
Highwoods Properties, Inc. REIT		1,275		46,002
Home Properties, Inc. REIT		533		32,993
HSBC Holdings PLC (United Kingdom)		22,855		238,801
ING Groep NV (Netherlands)*		5,052		60,855
Investors Bancorp, Inc.*		1,955		29,266
JPMorgan Chase & Co.		8,466		366,069


	Number of Shares		Value

Financial (Continued)
Kilroy Realty Corp. REIT		800	$	33,176
LaSalle Hotel Properties REIT		1,067		29,855
Lloyds Banking Group PLC (United Kingdom)*		50,488		43,212
M&T Bank Corp.		1,511		133,422
MFA Financial, Inc. REIT		4,031		33,215
Mid-America Apartment Communities, Inc. REIT		503		34,481
Mitsubishi UFJ Financial Group, Inc. (Japan)		22,361		103,217
Mizuho Financial Group, Inc. (Japan)		23,123		36,432
Muenchener Rueckversicherungs-Gesellschaft AG (Germany)		291		44,595
National Australia Bank Ltd. (Australia)		2,935		82,813
National Interstate Corp.		1,155		24,936
National Retail Properties, Inc. REIT		1,429		36,840
Nomura Holdings, Inc. (Japan)		5,955		29,907
Nordea Bank AB (Sweden)		4,150		48,598
Northern Trust Corp.		3,073		149,931
OMEGA Healthcare Investors, Inc. REIT		1,455		30,977
Pebblebrook Hotel Trust REIT		1,333		28,979
Platinum Underwriters Holdings Ltd. (Bermuda)		640		21,850
Potlatch Corp. REIT		684		24,624
ProAssurance Corp.*		581		40,850
Prosperity Bancshares, Inc.		817		35,744
Public Storage REIT		356		42,129
Signature Bank*		711		40,470
Simon Property Group, Inc. REIT		586		69,183
Societe Generale (France)		764		45,295
Standard Chartered PLC (United Kingdom)		2,921		78,271
Sumitomo Mitsui Financial Group, Inc. (Japan)		2,002		57,911
SVB Financial Group*		711		42,219
T. Rowe Price Group, Inc.		3,022		191,292
Tanger Factory Outlet Centers, Inc. REIT		1,138		31,249
Tower Group, Inc.		707		17,180
Travelers (The) Cos., Inc.		1,067		66,239
U.S. Bancorp		4,177		106,931
UBS AG (Switzerland)*		4,456		85,369
UMB Financial Corp.		755		32,201
UniCredit S.p.A (Italy)		15,830		35,934
Universal Health Realty Income Trust REIT		711		30,793
Washington Real Estate Investment Trust REIT		1,000		34,530
Webster Financial Corp.		1,244		25,950
Wells Fargo & Co.		10,997		311,986
Westamerica Bancorporation		549		27,615
Westpac Banking Corp. (Australia)		4,771		112,503
Weyerhaeuser Co. REIT		5,807		125,083
Zurich Financial Services AG (Switzerland)*		205		54,825

				6,376,622

Industrial — 10.4%
AAON, Inc.		1,067		35,957
ABB Ltd. (Switzerland)*		2,671		71,684
Acuity Brands, Inc.		622		37,917
BAE Systems PLC (United Kingdom)		4,850		26,359
Benchmark Electronics, Inc.*		1,118		19,319
Boeing (The) Co.		1,589		123,990
Brady Corp., Class A		889		30,644


See Notes to Financial Statements.		33

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund (Continued)

May 31, 2011


	Number of Shares		Value

Industrial (Continued)
Cascade Corp.		711	$	28,888
Caterpillar, Inc.		1,238		130,980
CLARCOR, Inc.		897		38,221
Clean Harbors, Inc.*		444		44,915
East Japan Railway Co. (Japan)		551		32,148
Eaton Corp.		3,770		194,797
EMCOR Group, Inc.*		1,216		36,930
Emerson Electric Co.		1,479		80,679
EnerSys*		711		25,454
Fanuc Corp. (Japan)		267		41,049
FedEx Corp.		622		58,244
General Dynamics Corp.		882		65,462
General Electric Co.		23,220		456,041
GrafTech International Ltd.*		1,795		37,946
Graphic Packaging Holding Co.*		5,066		27,762
Griffon Corp.*		1,086		11,501
Hexcel Corp.*		1,511		31,232
Ingersoll-Rand PLC (Ireland)		3,811		190,169
Kaydon Corp.		533		19,385
Knight Transportation, Inc.		1,534		26,231
Komatsu Ltd. (Japan)		1,244		37,240
Koninklijke Philips Electronics NV (Netherlands)		1,412		39,126
L-1 Identity Solutions, Inc.*		1,600		17,792
Lindsay Corp.		711		47,694
Metabolix, Inc.*		1,511		13,357
Mitsubishi Electric Corp. (Japan)		2,666		30,027
Moog, Inc., Class A*		711		29,187
Nordson Corp.		1,066		55,453
Parker Hannifin Corp.		1,855		164,817
Republic Services, Inc.		4,713		148,555
Rock-Tenn Co., Class A		573		44,024
Schneider Electric S.A. (France)		358		58,980
Siemens AG (Germany)		1,200		160,436
Silgan Holdings, Inc.		1,360		61,050
Simpson Manufacturing Co., Inc.		889		24,910
Sun Hydraulics Corp.		1,067		51,675
Thermo Fisher Scientific, Inc.*		889		58,185
Toshiba Corp. (Japan)		6,221		32,928
TriMas Corp.*		2,222		45,329
Union Pacific Corp.		1,142		119,877
United Parcel Service, Inc., Class B		2,009		147,641
United Technologies Corp.		1,930		169,396
Vinci S.A. (France)		588		37,899
Watts Water Technologies, Inc., Class A		622		21,764
Woodward, Inc.		1,067		37,580
Worthington Industries, Inc.		1,244		27,157

				3,605,983

Technology — 8.3%
Apple, Inc.*		2,016		701,225
Applied Materials, Inc.		2,933		40,417
CACI International, Inc., Class A*		525		33,511
Concur Technologies, Inc.*		763		38,127
EMC Corp.*		4,385		124,841
Intel Corp.		11,198		252,067
International Business Machines Corp.		2,872		485,166


	Number of Shares		Value

Technology (Continued)
Jack Henry & Associates, Inc.		1,498	$	46,798
JDA Software Group, Inc.*		700		23,121
Mentor Graphics Corp.*		1,700		22,797
Microsoft Corp.		17,728		443,376
MKS Instruments, Inc.		800		21,040
Netlogic Microsystems, Inc.*		978		37,477
Parametric Technology Corp.*		1,741		40,548
Quality Systems, Inc.		551		47,430
Quest Software, Inc.*		1,438		32,635
Riverbed Technology, Inc.*		2,114		80,163
SAP AG (Germany)		1,212		75,218
SRA International, Inc., Class A*		947		29,310
SYNNEX Corp.*		500		16,370
TriQuint Semiconductor, Inc.*		2,100		27,195
Ultratech, Inc.*		1,511		48,004
VeriFone Systems, Inc.*		1,244		59,874
Xerox Corp.		15,542		158,684

				2,885,394

Utilities — 2.0%
Cleco Corp.		889		31,195
E.ON AG (Germany)		2,923		82,929
ENEL S.p.A (Italy)		9,436		64,760
GDF Suez (France)		1,639		60,225
National Fuel Gas Co.		978		70,455
Nicor, Inc.		716		39,351
Piedmont Natural Gas Co., Inc.		1,157		36,411
RWE AG (Germany)		655		38,164
Sempra Energy		2,933		161,814
Southern Co.		1,717		68,817
Tokyo Electric Power (The) Co., Inc. (Japan)		1,689		6,591
WGL Holdings, Inc.		915		35,914

				696,626

TOTAL COMMON STOCKS (Cost $29,616,447)				33,113,468


	Principal Amount		Value

CORPORATE BONDS — 2.6%
Basic Materials — 0.0% (b)
Vale Overseas Ltd. (Cayman Islands) 6.875%, 11/21/36	$	7,000		7,726

Communications — 0.6%
BellSouth Corp. 6.00%, 11/15/34		33,000		34,353
British Telecommunications PLC (United Kingdom) 9.875%, 12/15/30 (d)		10,000		14,302
CBS Corp. 7.875%, 7/30/30		4,000		4,860
Cisco Systems, Inc. 4.45%, 1/15/20		13,000		13,640
5.90%, 2/15/39		11,000		11,927
Comcast Corp. 6.45%, 3/15/37		14,000		15,266


See Notes to Financial Statements.		34

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund (Continued)

May 31, 2011


	Principal Amount		Value

Communications (Continued)
Deutsche Telekom International Finance BV (Netherlands) 8.75%, 6/15/30 (d)	$	15,000	$	20,573
News America, Inc. 6.20%, 12/15/34		11,000		11,460
Telecom Italia Capital S.A. (Luxembourg) 7.721%, 6/04/38		9,000		9,655
Time Warner Cable, Inc. 6.55%, 5/01/37		6,000		6,405
Time Warner, Inc. 7.70%, 5/01/32		18,000		22,009
Verizon Global Funding Corp. 7.75%, 12/01/30		24,000		30,507
Viacom, Inc. 6.25%, 4/30/16		6,000		6,948

				201,905

Consumer, Cyclical — 0.2%
CVS Caremark Corp. 6.302%, 6/01/37 (c)		16,000		15,844
Target Corp. 7.00%, 1/15/38		16,000		19,772
Wal-Mart Stores, Inc. 6.50%, 8/15/37		25,000		29,201

				64,817

Consumer, Non-cyclical — 0.4%
Aetna, Inc. 6.625%, 6/15/36		5,000		5,725
Anheuser-Busch InBev Worldwide, Inc. 5.375%, 1/15/20		9,000		9,994
AstraZeneca PLC (United Kingdom) 6.45%, 9/15/37		14,000		16,693
Bristol-Myers Squibb Co. 5.875%, 11/15/36		19,000		21,723
Coca-Cola Enterprises, Inc. 8.50%, 2/01/22		16,000		22,021
Eli Lilly & Co. 5.55%, 3/15/37		6,000		6,373
Johnson & Johnson 5.95%, 8/15/37		8,000		9,303
Merck & Co., Inc. 5.00%, 6/30/19		6,000		6,691
Pepsi Bottling Group, Inc., Series B 7.00%, 3/01/29		4,000		5,090
Procter & Gamble (The) Co. 5.55%, 3/05/37		8,000		8,812
Unilever Capital Corp. 5.90%, 11/15/32		20,000		22,981

				135,406

Energy — 0.2%
ConocoPhillips 5.90%, 10/15/32		30,000		33,371
Kinder Morgan Energy Partners LP 5.80%, 3/15/35		11,000		11,034
Petrobras International Finance Co. (Cayman Islands) 5.75%, 1/20/20		11,000		11,722


	Principal Amount		Value

Energy (Continued)
Shell International Finance BV (Netherlands) 6.375%, 12/15/38	$	11,000	$	13,190
Suncor Energy, Inc. (Canada) 6.50%, 6/15/38		9,000		10,243
TransCanada PipeLines Ltd. (Canada) 7.625%, 1/15/39		5,000		6,490

				86,050

Financial — 0.6%
Allstate (The) Corp. 5.55%, 5/09/35		5,000		5,037
Bank of New York Mellon (The) Corp., Series G, MTN 4.60%, 1/15/20		25,000		26,653
Chubb Corp. 6.00%, 5/11/37		8,000		8,730
Citigroup, Inc. 8.125%, 7/15/39		25,000		32,693
Credit Suisse (USA), Inc. 7.125%, 7/15/32		25,000		30,951
General Electric Capital Corp., Series A, MTN 6.75%, 3/15/32		6,000		6,876
Goldman Sachs Group (The), Inc. 6.75%, 10/01/37		21,000		21,165
JPMorgan Chase Bank NA 5.875%, 6/13/16		25,000		28,088
Landwirtschaftliche Rentenbank, Series G, MTN (Germany) 5.00%, 11/08/16		8,000		9,148
Merrill Lynch & Co., Inc., Series C, MTN 5.00%, 1/15/15		16,000		17,163
Merrill Lynch & Co., Inc., MTN 6.875%, 4/25/18		4,000		4,565
PNC Funding Corp. 5.25%, 11/15/15		4,000		4,378
Principal Financial Group, Inc. 6.05%, 10/15/36		8,000		8,569
Travelers (The) Cos., Inc. 6.25%, 3/15/37 (c)		9,000		9,552

				213,568

Industrial — 0.1%
Burlington Northern Santa Fe LLC 6.15%, 5/01/37		7,000		7,754
CSX Corp. 6.00%, 10/01/36		8,000		8,629
Lockheed Martin Corp., Series B 6.15%, 9/01/36		5,000		5,621
Norfolk Southern Corp. 7.90%, 5/15/97		8,000		10,457
United Parcel Service, Inc. 6.20%, 1/15/38		7,000		8,234
United Technologies Corp. 6.125%, 7/15/38		7,000		8,224

				48,919

Technology — 0.1%
Dell, Inc. 5.875%, 6/15/19		8,000		9,042


See Notes to Financial Statements.		35

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund (Continued)

May 31, 2011


	Principal Amount		Value

Technology (Continued)
Microsoft Corp. 4.20%, 6/01/19	$	8,000	$	8,505

				17,547

Utilities — 0.4%
Appalachian Power Co. 7.95%, 1/15/20		9,000		11,512
Florida Power & Light Co. 5.95%, 2/01/38		13,000		14,805
MidAmerican Energy Holdings Co. 6.125%, 4/01/36		31,000		34,364
Oncor Electric Delivery Co. LLC 7.00%, 9/01/22		18,000		21,802
Pacific Gas & Electric Co. 6.05%, 3/01/34		17,000		18,598
6.25%, 3/01/39		13,000		14,516
Scana Corp., MTN 6.25%, 4/01/20		8,000		8,995
Southern California Edison Co. 6.05%, 3/15/39		5,000		5,725

				130,317

TOTAL CORPORATE BONDS (Cost $872,778)				906,255

UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 1.5%
Federal Home Loan Mortgage Corp. — 0.1%
6.25%, 7/15/32		42,000		52,908

United States Treasury Bonds/ Notes — 1.4%
3.25%, 7/31/16		7,300		7,851
8.125%, 8/15/19		75,200		106,114
3.625%, 2/15/20		39,900		42,500
7.625%, 2/15/25		62,700		90,768
6.25%, 5/15/30		40,400		53,290
5.00%, 5/15/37		20,600		23,468
4.375%, 2/15/38		40,800		42,177
4.375%, 5/15/40		115,500		118,604

				484,772

TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $524,187)				537,680

SOVEREIGN BONDS — 0.1%
Federative Republic of Brazil (Brazil) 7.125%, 1/20/37		13,000		15,860
Province of Quebec, Series PD (Canada) 7.50%, 9/15/29		6,000		8,216
United Mexican States (Mexico) 5.625%, 1/15/17		8,000		9,032

TOTAL SOVEREIGN BONDS (Cost $30,864)				33,108


TOTAL INVESTMENTS — 99.6% (Cost $31,044,276)			$	34,590,511
Other assets less liabilities — 0.4%				132,110

NET ASSETS — 100.0%			$	34,722,621

MTN – Medium Term Note.

REIT – Real Estate Investment Trust.

* Non-income producing security.

(a) Affiliated company. The Advisor is a subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Fund.

(b) Less than 0.1%.

(d) The rate shown reflects the coupon after the step date.

COUNTRY BREAKDOWN AS OF MAY 31, 2011 (Unaudited)


	Value		% of Net Assets
United States	$	25,873,883		74.5	%
United Kingdom		2,349,785		6.8
Switzerland		1,034,425		3.0
Japan		1,020,128		2.9
Germany		909,170		2.6
France		891,195		2.6
Australia		757,080		2.2
Spain		305,688		0.9
Netherlands Antilles		205,815		0.6
Netherlands		204,007		0.6
Ireland		190,169		0.6
Italy		184,760		0.5
Sweden		154,633		0.5
Canada		94,238		0.3
Denmark		74,269		0.2
Israel		69,400		0.2
Belgium		51,767		0.1
Cayman Islands		50,127		0.1
Luxembourg		47,869		0.1
Finland		39,278		0.1
Norway		36,083		0.1
Bermuda		21,850		0.1
Brazil		15,860		0.0
Mexico		9,032		0.0

TOTAL INVESTMENTS		34,590,511		99.6
Other assets less liabilities		132,110		0.4

NET ASSETS	$	34,722,621		100.0	%


See Notes to Financial Statements.		36

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X In-Target Date Fund

May 31, 2011


	Number of Shares		Value

COMMON STOCKS — 28.4%
Basic Materials — 1.6%
Air Liquide S.A. (France)		44	$	6,106
Allied Nevada Gold Corp.*		225		8,343
Anglo American PLC (United Kingdom)		207		10,324
ArcelorMittal (Luxembourg)		139		4,631
BASF SE (Germany)		142		13,118
Bayer AG (Germany)		135		11,053
BHP Billiton Ltd. (Australia)		633		29,921
BHP Billiton PLC (United Kingdom)		353		13,962
Buckeye Technologies, Inc.		300		7,641
Coeur d’Alene Mines Corp.*		125		3,446
Dow Chemical (The) Co.		351		12,682
E.I. du Pont de Nemours & Co.		240		12,792
Freeport-McMoRan Copper & Gold, Inc.		300		15,492
Metals USA Holdings Corp.*		300		4,716
Newmont Mining Corp.		162		9,164
Rio Tinto Ltd. (Australia)		129		11,203
Rio Tinto PLC (United Kingdom)		208		14,533
Rockwood Holdings, Inc.*		180		9,466
Sensient Technologies Corp.		127		4,832
Sherwin-Williams (The) Co.		187		16,426
Solutia, Inc.*		300		7,491
Syngenta AG (Switzerland)*		17		5,872
Vulcan Materials Co.		225		9,110
Xstrata PLC (United Kingdom)		517		12,130

				254,454

Communications — 2.9%
Acme Packet, Inc.*		150		11,354
ADTRAN, Inc.		150		6,429
Anixter International, Inc.*		92		6,227
Arris Group, Inc.*		297		3,353
AT&T, Inc.		1,796		56,683
Calix, Inc.*		300		6,471
Cisco Systems, Inc.		1,607		26,997
Comcast Corp., Class A		871		21,984
Corning, Inc.		485		9,773
Deutsche Telekom AG (Germany)		450		6,683
Digital River, Inc.*		91		2,962
Discovery Communications, Inc., Class A*		525		22,869
eResearch Technology, Inc.*		557		3,531
France Telecom S.A. (France)		299		6,834
Google, Inc., Class A*		88		46,553
GSI Commerce, Inc.*		150		4,388
Limelight Networks, Inc.*		749		4,292
News Corp., Class A		587		10,766
Nokia OYJ (Finland)		566		3,865
NTT DoCoMo, Inc. (Japan)		8		14,948
Orbitz Worldwide, Inc.*		824		1,895
Rackspace Hosting, Inc.*		249		10,956
Symantec Corp.*		1,274		24,907
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		212		3,131
Telefonica S.A. (Spain)		599		14,531
Thomson Reuters Corp. (Canada)		225		8,768
TIBCO Software, Inc.*		422		11,854
Time Warner, Inc.		351		12,787


	Number of Shares		Value

Communications (Continued)
Verizon Communications, Inc.		910	$	33,606
Vivendi (France)		201		5,604
Vodafone Group PLC (United Kingdom)		8,089		22,494
Walt Disney (The) Co.		595		24,769
Windstream Corp.		749		10,074
Yahoo!, Inc.*		450		7,448

				469,786

Consumer, Cyclical — 2.9%
Alaska Air Group, Inc.*		75		5,066
Ascena Retail Group, Inc.*		180		6,023
Buckle (The), Inc.		123		5,251
Callaway Golf Co.		525		3,554
Carter’s, Inc.*		152		4,818
Casey’s General Stores, Inc.		118		4,891
Cinemark Holdings, Inc.		281		6,112
Coach, Inc.		525		33,421
Columbia Sportswear Co.		35		2,296
Compagnie Financiere Richemont S.A. (Switzerland)		100		6,519
CVS Caremark Corp.		432		16,714
Daimler AG (Germany)		130		9,177
Dana Holding Corp.*		300		5,436
Deckers Outdoor Corp.*		75		6,833
Dillard’s, Inc., Class A		150		8,429
Dollar General Corp.*		599		21,007
DSW, Inc., Class A*		163		8,174
Exide Technologies*		599		5,906
Ford Motor Co.*		1,047		15,621
G&K Services, Inc., Class A		150		4,745
Hennes & Mauritz AB, Class B (Sweden)		154		5,712
Honda Motor Co. Ltd. (Japan)		258		9,813
JetBlue Airways Corp.*		635		3,854
Johnson Controls, Inc.		125		4,950
Jones Group (The), Inc.		225		2,765
K-Swiss, Inc., Class A*		300		3,309
La-Z-Boy, Inc.*		450		4,982
Liz Claiborne, Inc.*		824		5,381
Lowe’s Cos., Inc.		450		10,862
McDonald’s Corp.		321		26,174
Men’s Wearhouse (The), Inc.		112		3,856
Mitsubishi Corp. (Japan)		249		6,304
Mitsui & Co. Ltd. (Japan)		360		6,133
Nike, Inc., Class B		150		12,668
Nintendo Co. Ltd. (Japan)		16		3,716
Nissan Motor Co. Ltd. (Japan)		599		6,002
Nu Skin Enterprises, Inc., Class A		150		5,864
Owens & Minor, Inc.		165		5,709
Panasonic Corp. (Japan)		360		4,227
Polaris Industries, Inc.		75		8,277
Saks, Inc.*		375		4,241
Skechers U.S.A., Inc., Class A*		75		1,311
Sony Corp. (Japan)		169		4,500
Tenneco, Inc.*		150		6,263
Toyota Motor Corp. (Japan)		480		20,089
Under Armour, Inc., Class A*		150		9,777
UniFirst Corp.		75		4,022


See Notes to Financial Statements.		37

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X In-Target Date Fund (Continued)

May 31, 2011


	Number of Shares		Value

Consumer, Cyclical (Continued)
Vail Resorts, Inc.*		135	$	6,568
Walgreen Co.		300		13,089
Wal-Mart Stores, Inc.		1,075		59,361
Warnaco Group (The), Inc.*		83		4,577
Watsco, Inc.		75		5,021
World Fuel Services Corp.		158		5,780

				465,150

Consumer, Non-cyclical — 5.6%
Abbott Laboratories		471		24,610
ABM Industries, Inc.		150		3,417
Accuray, Inc.*		525		4,011
Aetna, Inc.		674		29,439
Amedisys, Inc.*		135		4,226
American Medical Systems Holdings, Inc.*		150		4,491
American Reprographics Co.*		450		4,221
AMERIGROUP Corp.*		136		9,644
Amgen, Inc.*		300		18,162
Anheuser-Busch InBev NV (Belgium)		112		6,750
AstraZeneca PLC (United Kingdom)		207		10,826
British American Tobacco PLC (United Kingdom)		279		12,500
Bruker Corp.*		444		8,756
Catalyst Health Solutions, Inc.*		120		7,324
CBIZ, Inc.*		524		4,008
Centene Corp.*		150		5,220
Coca-Cola (The) Co.		696		46,499
DANONE S.A. (France)		130		9,522
Diageo PLC (United Kingdom)		378		8,051
Ennis, Inc.		225		4,295
Fresh Del Monte Produce, Inc. (Cayman Islands)		120		3,299
GlaxoSmithKline PLC (United Kingdom)		1,161		25,225
HEALTHSOUTH Corp.*		225		6,316
Healthspring, Inc.*		100		4,385
Heidrick & Struggles International, Inc.		187		3,918
HMS Holdings Corp.*		75		5,855
Hospira, Inc.*		300		16,587
Johnson & Johnson		836		56,253
Kraft Foods, Inc., Class A		406		14,198
Lancaster Colony Corp.		64		3,881
Live Nation Entertainment, Inc.*		450		5,189
Magellan Health Services, Inc.*		103		5,453
Masimo Corp.*		225		6,912
MasterCard, Inc., Class A		35		10,047
Medifast, Inc.*		150		4,008
Merck & Co., Inc.		974		35,795
Molson Coors Brewing Co., Class B		300		13,995
Nestle S.A. (Switzerland)		679		43,586
Novartis AG (Switzerland)		363		23,408
Novo Nordisk A/S, Class B (Denmark)		79		9,894
Pfizer, Inc.		2,410		51,694
Philip Morris International, Inc.		563		40,395
Procter & Gamble (The) Co.		845		56,615
Reckitt Benckiser Group PLC (United Kingdom)		75		4,243
Roche Holding AG (Switzerland)		164		28,843


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
Rollins, Inc.		330	$	6,640
Ruddick Corp.		128		5,626
Safeway, Inc.		680		16,796
Salix Pharmaceuticals Ltd.*		150		6,005
Sanofi		168		13,288
Seaboard Corp.		3		6,930
Sirona Dental Systems, Inc.*		120		6,487
SonoSite, Inc.*		150		5,357
Sotheby’s		150		6,384
STERIS Corp.		157		5,666
Takeda Pharmaceutical Co. Ltd. (Japan)		160		7,612
Tejon Ranch Co.*		150		5,528
Tesco PLC (United Kingdom)		1,246		8,594
Teva Pharmaceutical Industries Ltd. (Israel)		187		9,585
TreeHouse Foods, Inc.*		75		4,570
Unilever NV (Netherlands)		246		8,021
Unilever PLC (United Kingdom)		197		6,391
UnitedHealth Group, Inc.		339		16,593
Visa, Inc., Class A		222		17,995
WellCare Health Plans, Inc.*		120		5,910
WellPoint, Inc.		150		11,726
Woolworths Ltd. (Australia)		321		9,375

				897,045

Diversified — 0.1%
LVMH Moet Hennessy Louis Vuitton S.A. (France)		46		7,995

Energy — 3.5%
Berry Petroleum Co., Class A		75		3,931
BG Group PLC (United Kingdom)		1,026		23,752
Bill Barrett Corp.*		122		5,438
BP PLC (United Kingdom)		4,485		34,574
Brigham Exploration Co.*		225		7,007
CARBO Ceramics, Inc.		75		11,270
Chevron Corp.		596		62,526
Complete Production Services, Inc.*		150		4,979
ConocoPhillips		426		31,192
Delek US Holdings, Inc.		525		7,922
Devon Energy Corp.		150		12,611
Dril-Quip, Inc.*		75		5,564
ENI S.p.A (Italy)		414		9,915
Exxon Mobil Corp.		1,531		127,793
Helix Energy Solutions Group, Inc.*		300		5,256
Hornbeck Offshore Services, Inc.*		225		6,073
Key Energy Services, Inc.*		300		5,304
Occidental Petroleum Corp.		243		26,208
Peabody Energy Corp.		443		27,182
Royal Dutch Shell PLC, Class A (United Kingdom)		595		21,467
Royal Dutch Shell PLC, Class B (United Kingdom)		459		16,613
RPC, Inc.		280		7,050
Schlumberger Ltd. (Netherlands Antilles)		333		28,544
Southwestern Energy Co.*		134		5,865
Statoil ASA (Norway)		244		6,422
Total S.A. (France)		350		20,141
Williams (The) Cos., Inc.		974		30,574


See Notes to Financial Statements.		38

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X In-Target Date Fund (Continued)

May 31, 2011


	Number of Shares		Value

Energy (Continued)
Woodside Petroleum Ltd. (Australia)		88	$	4,372

				559,545

Financial — 5.6%
Alexander’s, Inc. REIT		13		5,099
Allianz SE (Germany)		73		10,094
American Campus Communities, Inc. REIT		64		2,262
American Capital Ltd.*		749		7,415
American Express Co.		375		19,350
Apollo Investment Corp.		450		5,135
Ashford Hospitality Trust, Inc. REIT		450		6,422
Associated Estates Realty Corp. REIT		225		3,794
Australia & New Zealand Banking Group Ltd. (Australia)		668		15,752
AXA S.A. (France)		240		5,120
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		492		5,740
Banco Santander S.A. (Spain)		1,056		12,546
Bank of America Corp.		2,789		32,771
Barclays PLC (United Kingdom)		2,950		13,433
Berkshire Hathaway, Inc., Class B*		778		61,515
BioMed Realty Trust, Inc. REIT		225		4,610
BNP Paribas (France)		128		9,977
Boston Properties, Inc. REIT		225		24,378
CBL & Associates Properties, Inc. REIT		300		5,772
Charles Schwab (The) Corp.		351		6,322
Citigroup, Inc.		839		34,525
Commonwealth Bank of Australia (Australia)		368		19,849
Community Trust Bancorp, Inc.		150		4,122
Credit Acceptance Corp.*		75		6,000
Credit Suisse Group AG (Switzerland)*		139		5,968
Deutsche Bank AG (Germany) (a)		85		5,061
Entertainment Properties Trust REIT		75		3,644
Equity Lifestyle Properties, Inc. REIT		75		4,406
Equity One, Inc. REIT		230		4,510
Equity Residential REIT		75		4,637
Evercore Partners, Inc., Class A		150		5,552
FirstMerit Corp.		325		5,294
Franklin Resources, Inc.		76		9,848
Goldman Sachs Group (The), Inc.		164		23,079
Highwoods Properties, Inc. REIT		145		5,232
Home Properties, Inc. REIT		75		4,643
HSBC Holdings PLC (United Kingdom)		3,503		36,600
ING Groep NV (Netherlands)*		901		10,853
Investors Bancorp, Inc.*		300		4,491
JPMorgan Chase & Co.		1,131		48,904
Kilroy Realty Corp. REIT		150		6,221
LaSalle Hotel Properties REIT		150		4,197
Lloyds Banking Group PLC (United Kingdom)*		8,217		7,033
M&T Bank Corp.		225		19,868
MFA Financial, Inc. REIT		581		4,787
Mid-America Apartment Communities, Inc. REIT		60		4,113
Mitsubishi UFJ Financial Group, Inc. (Japan)		1,936		8,936
Mizuho Financial Group, Inc. (Japan)		3,180		5,010
Muenchener Rueckversicherungs-Gesellschaft AG (Germany)		33		5,057
National Australia Bank Ltd. (Australia)		273		7,703


	Number of Shares		Value

Financial (Continued)
National Interstate Corp.		150	$	3,239
National Retail Properties, Inc. REIT		210		5,414
Nomura Holdings, Inc. (Japan)		1,424		7,152
Nordea Bank AB (Sweden)		471		5,516
Northern Trust Corp.		369		18,003
OMEGA Healthcare Investors, Inc. REIT		219		4,663
Pebblebrook Hotel Trust REIT		150		3,261
Platinum Underwriters Holdings Ltd. (Bermuda)		112		3,824
ProAssurance Corp.*		76		5,344
Prosperity Bancshares, Inc.		101		4,419
Public Storage REIT		75		8,875
Signature Bank*		75		4,269
Simon Property Group, Inc. REIT		82		9,680
Societe Generale (France)		75		4,447
Standard Chartered PLC (United Kingdom)		301		8,066
Sumitomo Mitsui Financial Group, Inc. (Japan)		332		9,604
SVB Financial Group*		75		4,454
T. Rowe Price Group, Inc.		450		28,484
Tanger Factory Outlet Centers, Inc. REIT		210		5,767
Tower Group, Inc.		150		3,645
Travelers (The) Cos., Inc.		150		9,312
U.S. Bancorp		599		15,334
UBS AG (Switzerland)*		522		10,001
UMB Financial Corp.		85		3,625
UniCredit S.p.A (Italy)		5,194		11,790
Universal Health Realty Income Trust REIT		75		3,248
Washington Real Estate Investment Trust REIT		154		5,318
Wells Fargo & Co.		1,599		45,363
Westamerica Bancorporation		65		3,270
Westpac Banking Corp. (Australia)		1,169		27,566
Weyerhaeuser Co. REIT		932		20,074
Zurich Financial Services AG (Switzerland)*		23		6,151

				886,828

Industrial — 3.2%
AAON, Inc.		150		5,055
ABB Ltd. (Switzerland)*		360		9,662
Acuity Brands, Inc.		75		4,572
BAE Systems PLC (United Kingdom)		611		3,321
Benchmark Electronics, Inc.*		225		3,888
Boeing (The) Co.		225		17,557
Brady Corp., Class A		150		5,171
Cascade Corp.		75		3,047
Caterpillar, Inc.		163		17,245
CLARCOR, Inc.		124		5,284
Clean Harbors, Inc.*		75		7,586
East Japan Railway Co. (Japan)		120		7,001
Eaton Corp.		570		29,451
EMCOR Group, Inc.*		97		2,946
Emerson Electric Co.		227		12,382
EnerSys*		100		3,580
Fanuc Corp. (Japan)		60		9,225
FedEx Corp.		75		7,023
General Dynamics Corp.		124		9,203
General Electric Co.		3,193		62,711
GrafTech International Ltd.*		300		6,342


See Notes to Financial Statements.		39

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X In-Target Date Fund (Continued)

May 31, 2011


	Number of Shares		Value

Industrial (Continued)
Hexcel Corp.*		225	$	4,651
Ingersoll-Rand PLC (Ireland)		525		26,198
Knight Transportation, Inc.		346		5,917
Komatsu Ltd. (Japan)		200		5,987
Koninklijke Philips Electronics NV (Netherlands)		188		5,209
Lindsay Corp.		75		5,031
Metabolix, Inc.*		225		1,989
Mitsubishi Electric Corp. (Japan)		1,000		11,263
Moog, Inc., Class A*		75		3,079
Nordson Corp.		150		7,803
Parker Hannifin Corp.		300		26,655
Republic Services, Inc.		653		20,582
Rock-Tenn Co., Class A		94		7,222
Schneider Electric S.A. (France)		37		6,096
Siemens AG (Germany)		142		18,985
Silgan Holdings, Inc.		189		8,484
Simpson Manufacturing Co., Inc.		150		4,203
Sun Hydraulics Corp.		150		7,265
Thermo Fisher Scientific, Inc.*		150		9,818
Toshiba Corp. (Japan)		1,499		7,934
TriMas Corp.*		300		6,120
Union Pacific Corp.		151		15,851
United Parcel Service, Inc., Class B		308		22,635
United Technologies Corp.		248		21,766
Vinci S.A. (France)		71		4,576
Woodward, Inc.		150		5,283
Worthington Industries, Inc.		150		3,275

				506,129

Technology — 2.4%
Apple, Inc.*		282		98,088
Applied Materials, Inc.		375		5,168
CACI International, Inc., Class A*		75		4,787
Concur Technologies, Inc.*		120		5,996
EMC Corp.*		597		16,997
Intel Corp.		1,574		35,431
International Business Machines Corp.		375		63,349
Jack Henry & Associates, Inc.		202		6,310
Mentor Graphics Corp.*		300		4,023
Microsoft Corp.		2,502		62,575
Netlogic Microsystems, Inc.*		150		5,748
Parametric Technology Corp.*		294		6,847
Quality Systems, Inc.		76		6,542
Quest Software, Inc.*		231		5,243
Riverbed Technology, Inc.*		322		12,210
SAP AG (Germany)		151		9,371
TriQuint Semiconductor, Inc.*		375		4,856
Ultratech, Inc.*		225		7,148
VeriFone Systems, Inc.*		150		7,220
Xerox Corp.		2,248		22,952

				390,861

Utilities — 0.6%
Cleco Corp.		150		5,264
E.ON AG (Germany)		309		8,767
ENEL S.p.A (Italy)		816		5,600


	Number of Shares		Value

Utilities (Continued)
GDF Suez (France)		185	$	6,798
National Fuel Gas Co.		150		10,806
Nicor, Inc.		111		6,101
Piedmont Natural Gas Co., Inc.		177		5,570
RWE AG (Germany)		186		10,837
Sempra Energy		375		20,689
Southern Co.		232		9,298
Tokyo Electric Power (The) Co., Inc. (Japan)		180		702
WGL Holdings, Inc.		121		4,749

				95,181

TOTAL COMMON STOCKS (Cost $3,826,837)				4,532,974


	Principal Amount		Value

CORPORATE BONDS — 9.7%
Basic Materials — 0.1%
BHP Billiton Finance USA Ltd. (Australia) 4.80%, 4/15/13	$	22,000		23,591

Communications — 0.3%
Cellco Partnership/Verizon Wireless Capital LLC 5.55%, 2/01/14		20,000		22,105
Telefonica Emisiones SAU (Spain) 4.949%, 1/15/15		18,000		19,377

				41,482

Consumer, Cyclical — 0.2%
Wal-Mart Stores, Inc. 4.55%, 5/01/13		29,000		31,154

Consumer, Non-cyclical — 0.5%
Diageo Finance BV (Netherlands) 5.30%, 10/28/15		17,000		19,188
UnitedHealth Group, Inc. 4.875%, 3/15/15		29,000		31,876
Wyeth 5.50%, 2/01/14		26,000		28,969

				80,033

Energy — 0.2%
Apache Corp. 5.25%, 4/15/13		20,000		21,645
BP Capital Markets PLC (United Kingdom) 3.875%, 3/10/15		13,000		13,745

				35,390

Financial — 7.2%
Bank of America Corp., MTN 3.125%, 6/15/12		108,000		111,182
Bank of America Corp. 4.875%, 1/15/13		112,000		118,119
Bank of New York Mellon (The) Corp. 4.30%, 5/15/14		52,000		56,465
Berkshire Hathaway, Inc. 3.20%, 2/11/15		37,000		38,882
Boeing Capital Corp. 5.80%, 1/15/13		54,000		58,397


See Notes to Financial Statements.		40

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X In-Target Date Fund (Continued)

May 31, 2011


	Principal Amount		Value

Financial (Continued)
Caterpillar Financial Services Corp., MTN 6.125%, 2/17/14	$	20,000	$	22,663
Citigroup, Inc. 6.00%, 2/21/12		59,000		61,250
General Electric Capital Corp., Series A, MTN 5.875%, 2/15/12		14,000		14,536
Goldman Sachs Group (The), Inc. 5.00%, 10/01/14		59,000		63,684
HSBC Finance Corp. 6.375%, 11/27/12		77,000		82,941
John Deere Capital Corp. 7.00%, 3/15/12		44,000		46,288
JPMorgan Chase & Co. 5.75%, 1/02/13		14,000		14,973
JPMorgan Chase Bank NA 5.875%, 6/13/16		70,000		78,646
KFW (Germany) 3.25%, 10/14/11		119,000		120,348
Merrill Lynch & Co., Inc., Series C, MTN 5.00%, 1/15/15		23,000		24,672
MetLife, Inc. 5.00%, 6/15/15		48,000		52,820
Morgan Stanley 5.30%, 3/01/13		64,000		68,238
National Rural Utilities Cooperative Finance Corp., Series C, MTN 7.25%, 3/01/12		17,000		17,852
PNC Funding Corp. 5.25%, 11/15/15		24,000		26,265
Prudential Financial, Inc., Series B, MTN 5.10%, 9/20/14		6,000		6,573
Simon Property Group LP 5.10%, 6/15/15		18,000		19,934
Wachovia Corp. 5.25%, 8/01/14		44,000		47,936

				1,152,664

Government — 0.6%
European Investment Bank, MTN (Supranational) 4.625%, 5/15/14		83,000		91,597

Technology — 0.2%
Hewlett-Packard Co. 6.125%, 3/01/14		26,000		29,269

Utilities — 0.4%
Dominion Resources, Inc., Series C 5.15%, 7/15/15		56,000		62,319

TOTAL CORPORATE BONDS (Cost $1,482,239)				1,547,499

UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 61.3%
Federal Home Loan Mortgage Corp. — 2.6%
4.875%, 11/18/11		20,000		20,439
4.50%, 1/15/13		374,000		398,888

				419,327


	Principal Amount		Value

Federal National Mortgage Association — 2.5%
2.625%, 11/20/14	$	306,000	$	321,786
5.00%, 4/15/15		70,000		79,807

				401,593

United States Treasury Bonds/ Notes — 56.2%
5.125%, 6/30/11		215,400		216,292
4.875%, 7/31/11		506,700		510,797
4.625%, 8/31/11		74,800		75,647
4.50%, 11/30/11		550,800		562,870
1.375%, 2/15/12		820,000		827,144
4.625%, 2/29/12		553,300		571,758
1.375%, 3/15/12		556,000		561,321
1.375%, 5/15/12		158,700		160,473
4.75%, 5/31/12		355,800		371,853
4.25%, 9/30/12		786,900		828,735
3.375%, 11/30/12		707,000		739,561
3.625%, 12/31/12		576,300		606,398
2.875%, 1/31/13		635,500		662,360
2.50%, 3/31/13		550,000		571,313
3.375%, 7/31/13		484,000		514,212
4.75%, 5/15/14		727,500		812,413
2.50%, 3/31/15		343,000		360,498

				8,953,645

TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $9,698,088)				9,774,565

SOVEREIGN BONDS — 0.3%
Province of Ontario, Series G, MTN (Canada) 2.625%, 1/20/12		22,000		22,326
Province of Ontario (Canada) 2.95%, 2/05/15		15,000		15,791

TOTAL SOVEREIGN BONDS (Cost $37,793)				38,117


TOTAL INVESTMENTS — 99.7% (Cost $15,044,957)			$	15,893,155
Other assets less liabilities — 0.3%				54,891

NET ASSETS — 100.0%			$	15,948,046

MTN – Medium Term Note.

REIT – Real Estate Investment Trust.

* Non-income producing security.

(a) Affiliated company. The Advisor is a subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Fund.

(b) The rate shown reflects the coupon after the step date.


See Notes to Financial Statements.		41

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X In-Target Date Fund (Continued)

May 31, 2011

COUNTRY BREAKDOWN AS OF MAY 31, 2011

(Unaudited)


	Value		% of Net Assets
United States	$	14,406,100		90.3	%
United Kingdom		327,877		2.1
Germany		228,551		1.4
Japan		156,158		1.0
Australia		149,332		0.9
Switzerland		140,010		0.9
France		106,504		0.7
Supranational		91,597		0.6
Spain		52,194		0.3
Canada		46,885		0.3
Netherlands		43,271		0.3
Netherlands Antilles		28,544		0.2
Italy		27,305		0.2
Ireland		26,198		0.2
Sweden		14,359		0.1
Denmark		9,894		0.1
Israel		9,585		0.1
Belgium		6,750		0.0
Norway		6,422		0.0
Luxembourg		4,631		0.0
Finland		3,865		0.0
Bermuda		3,824		0.0
Cayman Islands		3,299		0.0

TOTAL INVESTMENTS		15,893,155		99.7
Other assets less liabilities		54,891		0.3

NET ASSETS	$	15,948,046		100.0	%


See Notes to Financial Statements.		42

db-X Exchange-Traded Funds Inc.

STATEMENTS OF ASSETS AND LIABILITIES

May 31, 2011


	db-X 2010 Target Date Fund			db-X 2020 Target Date Fund			db-X 2030 Target Date Fund
Assets:
Investments at fair value	$	14,361,739		$	38,010,979		$	35,082,235
Investments in Affiliates at fair value (See Note 5)		—			205,865			64,718
Cash		433,937			12,741			29,053
Foreign currency at value		8,374			48,420			40,307
Receivables:
Interest and dividends		77,251			212,619			154,970
From investment advisor		5,976			—			2,922
Foreign tax reclaim		1,152			18,202			21,732
Prepaid expense		7,649			7,649			7,649

Total Assets	$	14,896,078		$	38,516,475		$	35,403,586


Liabilities:
Payables:
Investment securities purchased	$	423,626		$	—		$	—
Investment advisory fees		15,561			41,269			37,949
Accrued expenses and other liabilities		48,951			63,131			58,289

Total Liabilities		488,138			104,400			96,238


Net Assets	$	14,407,940		$	38,412,075		$	35,307,348


Net Assets Consist of:
Paid-in capital	$	15,824,773		$	41,001,140		$	39,276,279
Undistributed net investment income		49,122			309,767			280,210
Accumulated net realized loss		(2,004,271	)		(6,392,933	)		(7,930,538	)
Net unrealized appreciation		538,316			3,494,101			3,681,397


Net Assets	$	14,407,940		$	38,412,075		$	35,307,348


Number of Common Shares outstanding⁽¹⁾		600,800			1,600,800			1,600,800


Net Asset Value	$	23.98		$	24.00		$	22.06


Investments at cost	$	13,823,786		$	34,725,615		$	31,468,671

Foreign currency at cost	$	8,194		$	47,630		$	39,607

⁽¹⁾	12.5 billion Common Shares of par value $0.0001 have been authorized.


See Notes to Financial Statements.		43

db-X Exchange-Traded Funds Inc.

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

May 31, 2011


	db-X 2040 Target Date Fund			db-X In-Target Date Fund
Assets:
Investments at fair value	$	34,517,874		$	15,888,094
Investments in Affiliates at fair value (See Note 5)		72,637			5,061
Cash		33,506			856,315
Foreign currency at value		53,644			4,829
Receivables:
Interest and dividends		107,095			95,287
From investment advisor		1,408			5,795
Foreign tax reclaim		23,449			1,765
Prepaid expense		7,649			7,649

Total Assets	$	34,817,262		$	16,864,795


Liabilities:
Payables:
Investment securities purchased	$	—		$	847,746
Investment advisory fees		37,374			17,241
Accrued expenses and other liabilities		57,267			51,762

Total Liabilities		94,641			916,749


Net Assets	$	34,722,621		$	15,948,046


Net Assets Consist of:
Paid-in capital	$	39,794,904		$	15,643,754
Undistributed net investment income		245,401			44,596
Accumulated net realized loss		(8,867,339	)		(588,944	)
Net unrealized appreciation		3,549,655			848,640


Net Assets	$	34,722,621		$	15,948,046


Number of Common Shares outstanding⁽¹⁾		1,600,800			600,800


Net Asset Value	$	21.69		$	26.54


Investments at cost	$	31,044,276		$	15,044,957

Foreign currency at cost	$	52,780		$	4,643

⁽¹⁾	12.5 billion Common Shares of par value $0.0001 have been authorized.


See Notes to Financial Statements.		44

db-X Exchange-Traded Funds Inc.

STATEMENTS OF OPERATIONS

For the Year Ended May 31, 2011


	db-X 2010 Target Date Fund			db-X 2020 Target Date Fund			db-X 2030 Target Date Fund
Investment Income:
Unaffiliated interest income*	$	309,154		$	513,683		$	267,429
Affiliated interest income		—			9,062			271
Unaffiliated dividend income**		58,217			536,530			623,059
Affiliated dividend income		—			742			910

Total investment income		367,371			1,060,017			891,669


Expenses:
Professional fees		75,652			124,782			102,527
Sub-advisory fees		40,620			88,271			72,356
Advisory fees		67,406			174,663			151,905
Insurance		26,408			26,408			26,408
Directors		21,193			50,779			43,176
Printing		25,522			68,642			57,182
Listing fees		17,974			17,974			17,974
Compliance		4,547			18,133			16,291
Other expenses		3,035			5,978			4,915

Total Expenses		282,357			575,630			492,734

Less fees waived and expenses reimbursed (See Note 3)		(174,213	)		(312,578	)		(268,355	)

Net Expenses		108,144			263,052			224,379


Net Investment Income		259,227			796,965			667,290


Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments		2,884			255,144			(40,989	)
Contributions from Advisor/Sub-Advisor (See Note 3)		25,839			10,751			1,040
In-kind redemptions		216,817			1,044,268			757,123
Foreign currency related transactions		1,363			5,054			3,680

Net realized gain (loss)		246,903			1,315,217			720,854
Net change in unrealized appreciation (depreciation) on:
Investments		488,027			4,704,736			6,031,102
Foreign currency translations		974			4,849			5,736

Net change in unrealized appreciation (depreciation)		489,001			4,709,585			6,036,838

Net realized and unrealized gain		735,904			6,024,802			6,757,692


Net Increase in Net Assets Resulting from Operations	$	995,131		$	6,821,767		$	7,424,982

* Foreign taxes withheld	$	23		$	—		$	—
** Foreign taxes withheld	$	3,093		$	20,689		$	24,148


See Notes to Financial Statements.		45

db-X Exchange-Traded Funds Inc.

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended May 31, 2011


	db-X 2040 Target Date Fund			db-X In-Target Date Fund
Investment Income:
Unaffiliated interest income*	$	70,000		$	190,408
Affiliated interest income		—			—
Unaffiliated dividend income**		673,913			100,547
Affiliated dividend income		1,025			55

Total investment income		744,938			291,010


Expenses:
Professional fees		96,685			77,223
Sub-advisory fees		67,816			43,624
Advisory fees		143,438			73,886
Insurance		26,408			26,408
Directors		40,781			23,071
Printing		53,971			27,939
Listing fees		17,974			17,974
Compliance		13,794			5,566
Other expenses		4,981			3,552

Total Expenses		465,848			299,243

Less fees waived and expenses reimbursed (See Note 3)		(254,476	)		(181,615	)

Net Expenses		211,372			117,628


Net Investment Income		533,566			173,382


Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) from:
Investments		(266,268	)		160,264
Contributions from Advisor/Sub-Advisor (See Note 3)		—			1,557
In-kind redemptions		423,726			273,866
Foreign currency related transactions		4,152			784

Net realized gain (loss)		161,610			436,471
Net change in unrealized appreciation (depreciation) on:
Investments		6,850,778			675,539
Foreign currency translations		5,707			949

Net change in unrealized appreciation (depreciation)		6,856,485			676,488

Net realized and unrealized gain		7,018,095			1,112,959


Net Increase in Net Assets Resulting from Operations	$	7,551,661		$	1,286,341

* Foreign taxes withheld	$	—		$	—
** Foreign taxes withheld	$	25,272		$	4,068


See Notes to Financial Statements.		46

db-X Exchange-Traded Funds Inc.

STATEMENTS OF CHANGES IN NET ASSETS


	db-X 2010 Target Date Fund						db-X 2020 Target Date Fund
	Year Ended May 31,						Year Ended May 31,
	2011			2010			2011			2010
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	259,227		$	496,404		$	796,965		$	1,050,824
Net realized gain (loss)		246,903			(326,952	)		1,315,217			(2,615,663	)
Net change in unrealized appreciation (depreciation)		489,001			1,461,160			4,709,585			6,963,931

Net increase resulting from operations		995,131			1,630,612			6,821,767			5,399,092


Distributions to Shareholders from:
Net investment income		(396,186	)		(508,513	)		(951,011	)		(1,045,885	)

Total distributions		(396,186	)		(508,513	)		(951,011	)		(1,045,885	)


Fund Share Transactions:
Proceeds from shares sold		—			4,422,360			—			4,016,000
Value of shares redeemed		(4,801,447	)		(4,626,618	)		(8,863,437	)		(4,106,764	)

Net decrease resulting from fund share transactions		(4,801,447	)		(204,258	)		(8,863,437	)		(90,764	)

Total increase (decrease) in Net Assets		(4,202,502	)		917,841			(2,992,681	)		4,262,443

Net Assets:
Beginning of year		18,610,442			17,692,601			41,404,756			37,142,313

End of year	$	14,407,940		$	18,610,442		$	38,412,075		$	41,404,756

Undistributed net investment income	$	49,122		$	184,718		$	309,767		$	458,759


Changes in Shares Outstanding:
Shares outstanding, beginning of year		800,800			800,800			2,000,800			2,000,800
Shares sold		—			200,000			—			200,000
Shares redeemed		(200,000	)		(200,000	)		(400,000	)		(200,000	)

Shares outstanding, end of year		600,800			800,800			1,600,800			2,000,800


See Notes to Financial Statements.		47

db-X Exchange-Traded Funds Inc.

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	db-X 2030 Target Date Fund						db-X 2040 Target Date Fund
	Year Ended May 31,						Year Ended May 31,
	2011			2010			2011			2010
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	667,290		$	710,015		$	533,566		$	586,219
Net realized gain (loss)		720,854			(3,046,383	)		161,610			(3,933,873	)
Net change in unrealized appreciation (depreciation)		6,036,838			7,239,741			6,856,485			7,994,825

Net increase resulting from operations		7,424,982			4,903,373			7,551,661			4,647,171


Distributions to Shareholders from:
Net investment income		(733,001	)		(663,238	)		(580,727	)		(547,621	)

Total distributions		(733,001	)		(663,238	)		(580,727	)		(547,621	)


Fund Share Transactions:
Proceeds from shares sold		—			3,506,540			—			3,459,736
Value of shares redeemed		(4,124,355	)		(3,944,243	)		(3,725,058	)		(3,733,659	)

Net decrease resulting from fund share transactions		(4,124,355	)		(437,703	)		(3,725,058	)		(273,923	)

Total increase (decrease) in Net Assets		2,567,626			3,802,432			3,245,876			3,825,627

Net Assets:
Beginning of year		32,739,722			28,937,290			31,476,745			27,651,118

End of year	$	35,307,348		$	32,739,722		$	34,722,621		$	31,476,745

Undistributed net investment income	$	280,210		$	342,241		$	245,401		$	288,410


Changes in Shares Outstanding:
Shares outstanding, beginning of year		1,800,800			1,800,800			1,800,800			1,800,800
Shares sold		—			200,000			—			200,000
Shares redeemed		(200,000	)		(200,000	)		(200,000	)		(200,000	)

Shares outstanding, end of year		1,600,800			1,800,800			1,600,800			1,800,800


See Notes to Financial Statements.		48

db-X Exchange-Traded Funds Inc.

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	db-X In-Target Date Fund
	Year Ended May 31,
	2011			2010
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	173,382		$	314,849
Net realized gain (loss)		436,471			89,867
Net change in unrealized appreciation (depreciation)		676,488			696,320

Net increase resulting from operations		1,286,341			1,101,036


Distributions to Shareholders from:
Net investment income		(231,750	)		(344,219	)

Total distributions		(231,750	)		(344,219	)


Fund Share Transactions:
Proceeds from shares sold		—			—
Value of shares redeemed		(5,180,562	)		(5,083,124	)

Net decrease resulting from fund share transactions		(5,180,562	)		(5,083,124	)

Total increase (decrease) in Net Assets		(4,125,971	)		(4,326,307	)

Net Assets:
Beginning of year		20,074,017			24,400,324

End of year	$	15,948,046		$	20,074,017

Undistributed net investment income	$	44,596		$	102,180


Changes in Shares Outstanding:
Shares outstanding, beginning of year		800,800			1,000,800
Shares sold		—			—
Shares redeemed		(200,000	)		(200,000	)

Shares outstanding, end of year		600,800			800,800


See Notes to Financial Statements.		49

db-X Exchange-Traded Funds Inc.

FINANCIAL HIGHLIGHTS

For a Share outstanding throughout each period


	Year Ended May 31,									For the Period October 1, 2007* through May 31, 2008
db-X 2010 Target Date Fund		2011			2010			2009		For the Period October 1, 2007* through May 31, 2008
Net Asset Value, beginning of period	$	23.24		$	22.09		$	24.93		$	25.39

Income from Investment Operations:
Net investment income**		0.37			0.55			0.69			0.55
Net realized and unrealized gain (loss)**		0.99			1.11			(2.67	)		(0.80	)
Contributions from advisor		0.04			—			—			—

Total from investment operations		1.40			1.66			(1.98	)		(0.25	)

Distributions paid to shareholders from:
Net investment income		(0.66	)		(0.51	)		(0.86	)		(0.18	)
Net realized capital gains		—			—			—			(0.03	)

Total distributions		(0.66	)		(0.51	)		(0.86	)		(0.21	)

Net Asset Value, end of period	$	23.98		$	23.24		$	22.09		$	24.93


Total Return***		6.09	%		7.51	%		(7.87	)%		(0.99	)%

Ratios/Supplemental Data:
Net Assets, end of period (000’s omitted)	$	14,408		$	18,610		$	17,693		$	24,953
Ratios to average net assets:
Expenses, net of expense reimbursements		0.65	%		0.65	%		0.65	%		0.65	%†
Expenses, prior to fee waiver and expense reimbursements		1.70	%		2.10	%		1.70	%		1.55	%†
Net investment income		1.56	%		2.32	%		3.09	%		3.33	%†
Portfolio turnover rate††		58	%		51	%		54	%		22	%

	Year Ended May 31,									For the Period October 1, 2007* through May 31, 2008
db-X 2020 Target Date Fund		2011			2010			2009		For the Period October 1, 2007* through May 31, 2008
Net Asset Value, beginning of period	$	20.69		$	18.56		$	24.18		$	25.52

Income from Investment Operations:
Net investment income**		0.44			0.51			0.61			0.44
Net realized and unrealized gain (loss)**		3.39			2.10			(5.64	)		(1.67	)
Contributions from advisor		0.01			—			—			—

Total from investment operations		3.84			2.61			(5.03	)		(1.23	)

Distributions paid to shareholders from:
Net investment income		(0.53	)		(0.48	)		(0.59	)		(0.10	)
Net realized capital gains		—			—			(0.00	)(a)		(0.01	)

Total distributions		(0.53	)		(0.48	)		(0.59	)		(0.11	)

Net Asset Value, end of period	$	24.00		$	20.69		$	18.56		$	24.18


Total Return***		18.71	%		13.99	%		(20.73	)%		(4.82	)%

Ratios/Supplemental Data:
Net Assets, end of period (000’s omitted)	$	38,412		$	41,405		$	37,142		$	43,539
Ratios to average net assets:
Expenses, net of expense reimbursements		0.65	%		0.65	%		0.65	%		0.65	%†
Expenses, prior to fee waiver and expense reimbursements		1.42	%		1.90	%		1.60	%		1.32	%†
Net investment income		1.97	%		2.43	%		3.17	%		2.69	%†
Portfolio turnover rate††		49	%		37	%		64	%		20	%

*	Commencement of Investment Operations.

**	Based on average shares outstanding.

***

Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividends and capital gain distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year is not annualized. The Total Return would have been lower if certain fees had not been reimbursed by the investment sub-advisor, Amerivest Investment Management LLC (from June 1, 2010 through October 20, 2010) and the Advisor, DBX Strategic Advisors LLC.

†	Annualized.

††	Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions.

(a)	Amount represents less than $0.01.


See Notes to Financial Statements.		50

db-X Exchange-Traded Funds Inc.

FINANCIAL HIGHLIGHTS (Continued)

For a Share outstanding throughout each period


	Year Ended May 31,									For the Period October 1, 2007* through May 31, 2008
db-X 2030 Target Date Fund		2011			2010			2009		For the Period October 1, 2007* through May 31, 2008
Net Asset Value, beginning of period	$	18.18		$	16.07		$	23.57		$	25.60

Income from Investment Operations:
Net investment income**		0.39			0.37			0.44			0.35
Net realized and unrealized gain (loss) **		3.90			2.07			(7.54	)		(2.29	)
Contributions from advisor		0.00	(a)		—			—			—

Total from investment operations		4.29			2.44			(7.10	)		(1.94	)

Distributions paid to shareholders from:
Net investment income		(0.41	)		(0.33	)		(0.40	)		(0.08	)
Net realized capital gains		—			—			—			(0.01	)

Total distributions		(0.41	)		(0.33	)		(0.40	)		(0.09	)

Net Asset Value, end of period	$	22.06		$	18.18		$	16.07		$	23.57


Total Return***		23.74	%		15.13	%		(30.08	)%		(7.59	)%

Ratios/Supplemental Data:
Net Assets, end of period (000’s omitted)	$	35,307		$	32,740		$	28,937		$	33,021
Ratios to average net assets:
Expenses, net of expense reimbursements		0.65	%		0.65	%		0.65	%		0.65	%†
Expenses, prior to fee waiver and expense reimbursements		1.43	%		1.95	%		1.62	%		1.38	%†
Net investment income		1.93	%		2.01	%		2.52	%		2.13	%†
Portfolio turnover rate††		39	%		42	%		64	%		13	%

	Year Ended May 31,									For the Period October 1, 2007* through May 31, 2008
db-X 2040 Target Date Fund		2011			2010			2009		For the Period October 1, 2007* through May 31, 2008
Net Asset Value, beginning of period	$	17.48		$	15.35		$	23.49		$	25.64

Income from Investment Operations:
Net investment income**		0.32			0.32			0.37			0.29
Net realized and unrealized gain (loss)**		4.25			2.08			(8.15	)		(2.38	)

Total from investment operations		4.57			2.40			(7.78	)		(2.09	)

Distributions paid to shareholders from:
Net investment income		(0.36	)		(0.27	)		(0.36	)		(0.06	)
Net realized capital gains		—			—			—			(0.00	)(a)

Total distributions		(0.36	)		(0.27	)		(0.36	)		(0.06	)

Net Asset Value, end of period	$	21.69		$	17.48		$	15.35		$	23.49


Total Return***		26.32	%		15.59	%		(33.03	)%		(8.14	)%

Ratios/Supplemental Data:
Net Assets, end of period (000’s omitted)	$	34,723		$	31,477		$	27,651		$	37,605
Ratios to average net assets:
Expenses, net of expense reimbursements		0.65	%		0.65	%		0.65	%		0.65	%†
Expenses, prior to fee waiver and expense reimbursements		1.43	%		1.97	%		1.65	%		1.36	%†
Net investment income		1.64	%		1.79	%		2.21	%		1.89	%†
Portfolio turnover rate††		35	%		38	%		56	%		10	%

*	Commencement of Investment Operations.

**	Based on average shares outstanding.

***

†	Annualized.

††	Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions.

(a)	Amount represents less than $0.01 or greater than $(0.01).


See Notes to Financial Statements.		51

db-X Exchange-Traded Funds Inc.

FINANCIAL HIGHLIGHTS (Continued)

For a Share outstanding throughout each period


	Year Ended May 31,									For the Period October 1, 2007* through May 31, 2008
db-X In-Target Date Fund		2011			2010			2009		For the Period October 1, 2007* through May 31, 2008
Net Asset Value, beginning of period	$	25.07		$	24.38		$	25.46		$	25.08

Income from Investment Operations:
Net investment income**		0.25			0.33			0.47			0.43
Net realized and unrealized gain (loss)**		1.61			0.70			(0.96	)		0.10
Contributions from advisor		0.00	(a)		—			—			—

Total from investment operations		1.86			1.03			(0.49	)		0.53

Distributions paid to shareholders from:
Net investment income		(0.39	)		(0.34	)		(0.59	)		(0.15	)
Net realized capital gains		—			—			(0.00	)(a)		(0.00	)(a)

Total distributions		(0.39	)		(0.34	)		(0.59	)		(0.15	)

Net Asset Value, end of period	$	26.54		$	25.07		$	24.38		$	25.46


Total Return***		7.44	%		4.23	%		(1.87	)%		2.12	%

Ratios/Supplemental Data:
Net Assets, end of period (000’s omitted)	$	15,948		$	20,074		$	24,400		$	30,576
Ratios to average net assets:
Expenses, net of expense reimbursements		0.65	%		0.65	%		0.65	%		0.65	%†
Expenses, prior to fee waiver and expense reimbursements		1.66	%		2.06	%		1.57	%		1.61	%†
Net investment income		0.96	%		1.30	%		1.91	%		2.62	%†
Portfolio turnover rate††		60	%		42	%		75	%		21	%

*	Commencement of Investment Operations.

**	Based on average shares outstanding.

***

†	Annualized.

††	Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions.

(a)	Amount represents less than $0.01 or greater than $(0.01).


See Notes to Financial Statements.		52

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION

db-X Exchange-Traded Funds Inc. (formerly TDX Independence Funds, Inc.) (the “Company”) was organized as a Maryland corporation on December 22, 2006 and is registered under the Investment Company Act of 1940, as amended (the “Act”).

Effective June 17, 2011, the Board of Directors of TDX Independence Funds, Inc. agreed to change the name of the Company from TDX Independence Funds, Inc. to db-X Exchange-Traded Funds Inc. As of May 31, 2011, there were five (5) series of exchange-traded funds (“ETF”) (each, a “Fund,” and collectively, the “Funds,” or “db-X Exchange-Traded Funds”) in operation and trading, each of which were rebranded under the DBX Strategic Advisors LLC (“DBX” or the “Advisor”) name, as follows:


db-X 2010 Target Date Fund (formerly TDX Independence 2010 Exchange-Traded Fund)		“db-X 2010 Fund”

db-X 2020 Target Date Fund (formerly TDX Independence 2020 Exchange-Traded Fund)		“db-X 2020 Fund”

db-X 2030 Target Date Fund (formerly TDX Independence 2030 Exchange-Traded Fund)		“db-X 2030 Fund”

db-X 2040 Target Date Fund (formerly TDX Independence 2040 Exchange-Traded Fund)		“db-X 2040 Fund”

db-X In-Target Date Fund (formerly TDX Independence In-Target Exchange-Traded Fund)		“db-X In-Target Fund”

DBX serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Directors.

Each Fund offers shares, known as db-X Target Date Shares, that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 200,000 shares, each called a “Creation Unit.” Except when aggregated in Creation Units, shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). Zacks Investment Research (“Zacks”) is the creator of each Underlying Index. Each Underlying Index is comprised of a mix of securities from three broad asset classes: international equities, domestic equities, and fixed income, which includes cash, cash equivalents or short-term money market instruments. Short-term instruments include obligations of the U.S. government and its agencies or instrumentalities; commercial paper, variable amount master demand notes and other debt securities, including high quality U.S. dollar-denominated short-term bonds and notes issued by domestic and foreign corporations; variable and floating rate securities; bank obligations; repurchase agreements collateralized by these securities; and shares of other investment companies that primarily invest in any of the above-referenced securities. These Underlying Indexes are designed to reflect a portfolio of investments that can be used for lifecycle investing. Lifecycle investing is an investment technique that starts by targeting a particular investment horizon. That investment horizon corresponds to the date the investor expects to need his or her invested assets.

The underlying indexes for the db-X Exchange-Traded Funds are:


Fund		Underlying Index
db-X 2010 Fund		Zacks 2010 Lifecycle Index
db-X 2020 Fund		Zacks 2020 Lifecycle Index
db-X 2030 Fund		Zacks 2030 Lifecycle Index
db-X 2040 Fund		Zacks 2040 Lifecycle Index
db-X In-Target Fund		Zacks In-Target Lifecycle Index

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

Investment Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding. Investments are valued at fair value. Any assets or securities for which market quotations are not readily available are valued at fair-value in accordance with procedures adopted by the Board of Directors. The Board of Directors has delegated to the Advisor the responsibility to exercise oversight in the administration of these procedures.

The Funds are subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are as follows:

•

Level 1 — quoted prices in active markets for identical securities

•

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means

•

Level 3 — significant unobservable inputs (including a Fund’s own assumption in determining the fair value of investments

The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. However, the determination of what constitutes an “observable” input may require significant judgment by the Funds. The Funds consider observable inputs to be market data that is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Funds’ perceived risk of that instrument.

Level 1 investments consist of active listed equities.

Level 2 investments generally include certain U.S. government and sovereign obligations, most government agency securities and investment-grade corporate bonds.

Level 3 investments may include unlisted securities related to corporate actions, securities whose trading have been suspended or which have been de-listed from their primary trading exchange and less liquid corporate debt securities. When observable prices are not available for these securities, the Funds use one or more valuation techniques (e.g., the market approach or the income approach) for which sufficient and reliable data is available. Within Level 3 of the fair value hierarchy, the use of the market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

The inputs used by the Funds in estimating the value of investments classified as Level 3 may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 securities may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Funds in the absence of market information. The fair value measurement of Level 3 securities does not include transaction costs that may have been capitalized as part of the security’s cost basis. Assumptions used by the Funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Funds’ results of operations. There were no securities classified as Level 3 at May 31, 2011.

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.

The following is a summary of the inputs used as of May 31, 2011 in valuing each Fund’s investments at fair value:


	Level 1		Level 2		Level 3		Fair Value at 5/31/2011
db-X 2010 Fund
Investments in Securities
Common Stocks	$	2,327,999	$	—	$	—	$	2,327,999
Corporate Bonds		—		2,632,687		—		2,632,687
United States Government & Agencies Obligations		—		9,299,461		—		9,299,461
Sovereign Bonds		—		101,592		—		101,592

Total Investments	$	2,327,999	$	12,033,740	$	—	$	14,361,739

db-X 2020 Fund
Investments in Securities
Common Stocks	$	24,214,795	$	—	$	—	$	24,214,795
Corporate Bonds		—		8,368,954		—		8,368,954
United States Government & Agencies Obligations		—		5,383,577		—		5,383,577
Sovereign Bonds		—		249,518		—		249,518

Total Investments	$	24,214,795	$	14,002,049	$	—	$	38,216,844

db-X 2030 Fund
Investments in Securities
Common Stocks	$	29,754,648	$	—	$	—	$	29,754,648
Corporate Bonds		—		4,063,757		—		4,063,757
United States Government & Agencies Obligations		—		1,099,149		—		1,099,149
Sovereign Bonds		—		229,399		—		229,399

Total Investments	$	29,754,648	$	5,392,305	$	—	$	35,146,953

db-X 2040 Fund
Investments in Securities
Common Stocks	$	33,113,468	$	—	$	—	$	33,113,468
Corporate Bonds		—		906,255		—		906,255
United States Government & Agencies Obligations		—		537,680		—		537,680
Sovereign Bonds		—		33,108		—		33,108

Total Investments	$	33,113,468	$	1,477,043	$	—	$	34,590,511

db-X In-Target Fund
Investments in Securities
Common Stocks	$	4,532,974	$	—	$	—	$	4,532,974
Corporate Bonds		—		1,547,499		—		1,547,499
United States Government & Agencies Obligations		—		9,774,565		—		9,774,565
Sovereign Bonds		—		38,117		—		38,117

Total Investments.	$	4,532,974	$	11,360,181	$	—	$	15,893,155

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No. 2010-06 Improving Disclosures about Fair Value Measurements. ASU 2010-06 which, among other disclosure items requires the Funds to include disclosures on purchases, sales, issuances and settlements in the reconciliation of activity in Level 3 fair value measurements. This is effective for interim and annual reporting periods beginning after December 15, 2010. The Advisor has evaluated the implications of ASU No. 2010-06 and does not anticipate a material impact on the financial statements.

In May 2011, the FASB issued ASU No. 2011-04 Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. The Advisor is currently evaluating the implications of ASU No. 2011-04 and its impact on the financial statements.

Investment Transactions and Investment Income Investment transactions are recorded as of the date that the

securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Interest income is recorded on the accrual basis. Discounts and premiums on securities purchased are accreted/amortized over the lives of the respective securities.

Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends, if any, to investors at least annually sufficient to relieve it from all, or substantially all, Federal income and excise taxes. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital. Each Fund pays out dividends from its net investment income to investors annually. Each Fund distributes any net capital gains annually.

Expenses Expenses that are directly related to a specific Fund are charged to that respective Fund. Expenses which are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

Foreign Currency Translation The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars using an exchange rate deemed appropriate by the investment advisor. The effects of changes in foreign currency exchange rates on investments in securities are not segregated in the Statements of Operations from the effects of changes in market prices of those securities, but are included with the net realized and unrealized gain or loss on investments in securities. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in “Net change in unrealized appreciation (depreciation) on foreign currency translations” on the Statements of Operations. The portion of foreign currency gains and losses related to fluctuations in exchange rates between the initial purchase trade date and subsequent sale trade date is included in “Net realized gain (loss) from foreign currency related transactions” on the Statements of Operations. Certain

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

foreign exchange gains and losses included in realized and unrealized gains or losses are included in or are a reduction of ordinary income in accordance with U.S. Federal income tax regulations.

Taxes The Funds are subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. Taxable years ended 2007, 2008, 2009, 2010 and 2011 remain open to federal and state audit.

Cash Equivalents The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. As of May 31, 2011, there were no cash equivalents.

3. INVESTMENT ADVISORY AND OTHER AGREEMENTS

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

For the services it provides to the Funds, the Advisor receives a unified advisory fee computed daily and payable monthly in an amount equal to 0.65% on an annualized basis of each Fund’s average daily net assets. Out of the advisory fee, the Advisor pays, or arranges for the payment of, all fees and expenses of the Sub-Advisor, Transfer Agent, the Administrator and Accounting Agent and the Custodian. Each Fund is responsible for the payment of all other expenses associated with its operations, including but not limited to, brokerage expenses, taxes, interest, fees and expenses of counsel to the Funds, fees and expenses of the Disinterested Directors (including legal counsel fees), certain out-of-pocket expenses of the Advisor or Sub-Advisor, including, but not limited to, cost of obtaining prices for security valuations (including manual broker quotes), Federal Reserve charges related to securities transactions, postage and insurance on physical transfer items, telecommunication charges, and proxy voting execution, advice and reporting etc., fees and expenses of the Chief Compliance Officer and expenses associated with the Funds’ compliance program, litigation expenses, fees and expenses of the Funds’ independent auditors, registration fees, expenses associated with compliance by the Funds with regulatory requirements, including those relating to the development and distribution of its prospectus and shareholder reports, and extraordinary expenses. Pursuant to the Investment Advisory Agreement, the Advisor is authorized to engage one or more sub-advisors to perform any of the services contemplated to be performed by the Advisor under the Investment Advisory Agreement.

For the year ended May 31, 2011, the Advisor and Sub-Advisor reimbursed the Funds $1,532 and $37,655, respectively, in connection with the reversal of certain trades effected with an affiliated broker-dealer.

TDAM USA Inc. (“TDAM”) acts as investment sub-advisor to the Funds (“Sub-Advisor”). TDAM is a direct, wholly-owned subsidiary of The Toronto-Dominion Bank. The Sub-Advisor is responsible for the day-to-day management of the Funds, subject to the supervision of the Advisor and the Funds’ Board of Directors. In this regard, the Sub-Advisor is responsible for implementing the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Advisor and Sub Advisor from time to time. During the period June 1, 2010 to October 20, 2010, Amerivest Investment Management, LLC (“Amerivest”) was also a Sub-advisor. Amerivest is a wholly-owned subsidiary of TD AMERITRADE Holding Corporation.

The Advisor pays TDAM, out of its own resources, a fee based on a percentage of the average daily net assets of each Fund as set forth below:

•

10 basis points (0.10%) of the first $100 million in combined daily net assets of all Funds; and

•

5 basis points (0.05%) of the combined daily net assets of all Funds in excess of $100 million.

The Advisor pays TDAM a minimum annual fee of $35,000 per Fund.

The Advisor has contractually agreed to reduce its fees and/or pay Fund operating expenses (excluding, among other things, acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit each Fund’s net annual operating expenses to 0.65% of the Fund’s average daily net assets (the “Expense Cap”). The Expense Cap will remain in effect until September 30, 2011. The Advisor is permitted to be reimbursed for fee reductions and/or expense payments made in the prior three fiscal years. This reimbursement may be paid to the Advisor if the aggregate amount actually paid by a Fund toward operating expenses for such fiscal year (taking into account the reimbursement) does not exceed the Expense Cap. No amounts were reimbursed under this contractual arrangement during the fiscal year ended May 31, 2011.

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

The amounts subject to potential reimbursement to the Advisor as of May 31, 2011 were as follows:


	Reimbursements available through:
	5/31/2011		5/31/2012		5/31/2013
db-X 2010 Fund	$	690,777	$	485,309	$	174,213
db-X 2020 Fund		1,188,794		854,315		312,578
db-X 2030 Fund		998,623		726,554		268,355
db-X 2040 Fund		963,325		687,803		254,476
db-X In-Target Fund		761,474		522,615		181,615

For the fiscal year ended May 31, 2011, the advisory fee waivers and expenses assumed by the Advisor were as follows:


	Sub-Advisory Fees Waived by Amerivest		Fees & Expenses Assumed by Amerivest		Advisory Fees Waived by DBX		Fees & Expenses Assumed by DBX
db-X 2010 Fund	$	40,620	$	36,579	$	67,406	$	29,608
db-X 2020 Fund		88,271		54,464		169,843		—
db-X 2030 Fund		72,356		46,915		149,084		—
db-X 2040 Fund		67,816		48,530		138,130		—
db-X In-Target Fund		43,624		37,663		73,886		26,442

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

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

The Board of Directors is currently comprised of four Directors, of whom three are Independent Directors. The Company pays each Independent Director an annual fee of $30,000, plus a fee of $4,000 per meeting attended in-person or $1,000 per meeting attended conducted telephonically. Each Independent Director also receives $2,000 per Audit Committee meeting attended in-person or $1,000 per meeting attended conducted telephonically, although the Audit Committee Chairman receives $3,000 per Audit Committee meeting attended in-person. The Company reimburses each Director for their costs and expenses associated with the performance of their duties hereunder, including the cost and expenses associated with attendance at meetings of the Board. Directors’ fees and expenses are allocated among the Funds based on each Fund’s relative average daily net assets.

4. FEDERAL INCOME TAXES

As of May 31, 2011 the components of accumulated earnings (losses) were as follows:


	Accumulated Earnings		Net Accumulated Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)		Total Accumulated Earnings (Losses)
db-X 2010 Fund	$	49,122	$	(1,993,181	)	$	527,226	$	(1,416,833	)
db-X 2020 Fund		309,767		(6,356,241	)		3,457,409		(2,589,065	)
db-X 2030 Fund		280,210		(7,889,655	)		3,640,514		(3,968,931	)
db-X 2040 Fund		245,401		(8,827,882	)		3,510,198		(5,072,283	)
db-X In-Target Fund		44,596		(583,299	)		842,995		304,292

For the years ended May 31, 2011 and May 31, 2010, the tax characterization of distributions paid for each Fund was equal to the book characterization of distributions paid. The total distributions and distributions per share are disclosed in the accompanying Statements of Changes in Net Assets and the Financial Highlights for all Funds.

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

At May 31, 2011, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains through the years indicated. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders. The use of some portion of the capital carryforwards by any one Fund may be limited by Federal tax rules. These rules limit the use of the carryforwards when there has been a greater than fifty percent change in ownership of a Fund.


	Year of Expiration						Total Amount
	2017		2018		2019		Total Amount
db-X 2010 Fund	$	972,554	$	1,020,627	$	—	$	1,993,181
db-X 2020 Fund		2,642,505		3,713,736		—		6,356,241
db-X 2030 Fund		3,249,773		4,568,179		71,703		7,889,655
db-X 2040 Fund		3,538,689		4,936,668		352,525		8,827,882
db-X In-Target Fund		22,211		561,088		—		583,299

db-X 2010 Fund, db-X 2020 Fund and db-X In-Target Fund utilized $31,512, $241,594 and $154,425 respectively, of capital loss carryforwards during the fiscal year ended May 31, 2011.

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the “Act”), the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years (beginning on June 1, 2011) will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards presented in the table above may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. Capital losses can be carried forward for a period of eight years.

During the fiscal year ended May 31, 2011, the Funds incurred and elected to defer net capital losses as follows:


	Post-October Losses on Capital		Post-October Losses on Currency
db-X 2010 Fund	$	—	$	684
db-X 2020 Fund		—		—
db-X 2030 Fund		—		—
db-X 2040 Fund		—		—
db-X In-Target Fund		—		80

In order to present paid-in capital and accumulated net realized gains or losses on the Statements of Assets and Liabilities that more closesly represent their tax character, certain adjustments have been made to additional paid-in capital, undistributed net investment income or loss and accumulated net realized gains or losses on investments. These differences are primarily due to currency gain/(loss) and redemptions-in-kind. For the fiscal year ended May 31, 2011, the adjustments were as follows:


	Undistributed Net Investment Income (Loss)		Undistributed Capital Gains (Accumulated Losses)			Paid-in Capital
db-X 2010 Fund	$	1,363	$	(217,510	)	$	216,147
db-X 2020 Fund		5,054		(1,033,557	)		1,028,503
db-X 2030 Fund		3,680		(744,603	)		740,923
db-X 2040 Fund		4,152		(407,322	)		403,170
db-X In-Target Fund		784		(274,639	)		273,855

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

As of May 31, 2011, the cost of investments for Federal income tax purposes and the aggregated gross unrealized appreciation/depreciation on investments was as follows:


	Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
db-X 2010 Fund	$	13,834,876	$	739,755	$	(212,892	)	$	526,863
db-X 2020 Fund		34,762,307		4,933,534		(1,478,997	)		3,454,537
db-X 2030 Fund		31,509,554		5,555,210		(1,917,811	)		3,637,399
db-X 2040 Fund		31,083,733		5,805,159		(2,298,381	)		3,506,778
db-X In-Target Fund		15,050,602		1,003,862		(161,309	)		842,553

5. INVESTMENTS IN AFFILIATES

The Advisor is a wholly-owned subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Fund. The table below shows the transactions in and earnings from investments in Deutsche Bank AG Securities for the fiscal year ended May 31, 2011.


	Fair Value 5/31/2010		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain			Fair Value 5/31/2011		Interest Income
db-X 2010 Fund
Deutsche Bank AG (Common Stock)	$	6,456	$	—	$	(6,920	)	$	3,132		$	(2,668	)	$	—	$	—
db-X 2020 Fund
Deutsche Bank AG, 6.00%, 9/01/17	$	179,528	$	—	$	(38,839	)	$	7,243		$	4,527		$	152,459	$	9,062
Deutsche Bank AG (Common Stock)		41,485		20,972		(11,241	)		1,718			472			53,406		742

Total Investments in Affiliates	$	221,013	$	20,972	$	(50,080	)	$	8,961		$	4,999		$	205,865	$	9,804

db-X 2030 Fund
Deutsche Bank AG, 6.00%, 9/01/17	$	31,175	$	—	$	(32,131	)	$	(1,691	)	$	2,647		$	—	$	271
Deutsche Bank AG (Common Stock)	$	44,235	$	26,901	$	(5,284	)	$	(861	)	$	(273	)	$	64,718	$	910

Total Investments in Affiliates	$	75,410	$	26,901	$	37,415		$	2,552		$	2,374		$	64,718	$	1,181

db-X 2040 Fund
Deutsche Bank AG (Common Stock)	$	47,881	$	27,881	$	(5,231	)	$	3,165		$	(1,059	)	$	72,637	$	1,025
db-X In-Target Fund
Deutsche Bank AG (Common Stock)	$	6,815	$	—	$	(1,409	)	$	216		$	(561	)	$	5,061	$	55

On June 30, 2010, XShares Group, Inc. and Deutsche Bank AG consummated an agreement pursuant to which Deutsche Bank AG acquired all of the issued and outstanding membership interests in the investment advisor to the Company and rebranded the investment advisor from XShares Advisors, LLC, to DBX Strategic Advisors LLC.

6. INVESTMENT PORTFOLIO TRANSACTIONS

For the fiscal year ended May 31, 2011, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases				Sales
	Other		U.S. Government		Other		U.S. Government
db-X 2010 Fund	$	1,794,027	$	6,787,531	$	5,740,420	$	3,867,207
db-X 2020 Fund		15,093,896		4,697,035		14,562,169		4,962,407
db-X 2030 Fund		12,654,740		775,301		12,025,131		1,290,238
db-X 2040 Fund		11,132,563		304,770		11,166,631		209,592
db-X In-Target Fund		3,008,986		7,545,363		1,547,252		8,818,442

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Continued)

For the fiscal year ended May 31, 2011 the cost of in-kind purchases and the proceeds from in-kind sales were as follows:


	Purchases		Sales
db-X 2010 Fund	$	—	$	4,060,921
db-X 2020 Fund		—		8,817,781
db-X 2030 Fund		—		4,109,584
db-X 2040 Fund		—		3,722,705
db-X In-Target Fund		—		4,955,264

7. FUND SHARE TRANSACTIONS

As of May 31, 2011, there were 12.5 billion shares of $0.0001 par value Fund shares authorized by the Company. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the relevant Fund’s underlying index and an amount of cash. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

8. INDEMNIFICATIONS

In the normal course of business the Company enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Company expects the risk of loss to be remote.

9. SUBSEQUENT EVENTS

The Company evaluated the need for disclosure and/or adjustment resulting from subsequent events through the date the financial statements were available to be issued. This evaluation did not result in any subsequent events that necessitated disclosure and/or adjustment.

db-X Exchange-Traded Funds Inc.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of

db-X Exchange-Traded Funds Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of db-X Exchange-Traded Funds Inc., formerly TDX Independence Funds, Inc. (the “Company”), consisting of: db-X 2010 Target Date Fund, db-X 2020 Target Date Fund, db-X 2030 Target Date Fund, db-X 2040 Target Date Fund, and db-X In-Target Date Fund (formerly, TDX Independence 2010 Exchange-Traded Fund, TDX Independence 2020 Exchange-Traded Fund, TDX Independence 2030 Exchange-Traded Fund, TDX Independence 2040 Exchange-Traded Fund, and TDX Independence In-Target Exchange-Traded Fund, respectively), as of May 31, 2011, and the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended. These financial statements and financial highlights are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the indicated periods through May 31, 2009, were audited by other auditors whose report, dated July 28, 2009, expressed an unqualified opinion on such financial statements and financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Company’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of May 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of db-X 2010 Target Date Fund, db-X 2020 Target Date Fund, db-X 2030 Target Date Fund, db-X 2040 Target Date Fund, db-X In-Target Date Fund of db-X Exchange-Traded Funds Inc. at May 31, 2011, the results of their operations, the changes in their net assets and the financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

New York, New York

July 26, 2011

db-X Exchange-Traded Funds Inc.

FREQUENCY DISTRIBUTION OF DISCOUNTS & PREMIUMS

The tables that follow present information about the differences between the daily market price on secondary markets for shares of a Fund and that Fund’s net asset value (“NAV”). NAV is the price per share at which each Fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market returns (“Market Price”) of each Fund generally is determined using the midpoint between the highest bid and the lower offer on the national securities exchange on which the shares of such Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Each Fund’s Market Price may be at, above or below its NAV. The NAV of each Fund will fluctuate with changes in the market value of its portfolio holdings. The Market Price of each Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand. Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares, because shares are bought and sold at current market prices.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a Fund on a given day, generally at the time NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a Fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency distributions of premiums and discounts for each Fund included in this report. The information shown for each Fund is for each full calendar quarter completed after the inception date of such Fund, October 1, 2007, through the fiscal year ended May 31, 2011.

Each line in the table shows the number of trading days in which a Fund trades within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.


	MARKET PRICE ABOVE OR EQUAL TO NAV				MARKET PRICE BELOW NAV
	Basis point Differential*		Number of Days	Percentage of Total Days	Number of Days	Percentage of Total Days
db-X 2010 Target Date Fund October 1, 2007 – May 31, 2011		0 - <.25%	62	6.71%	53	5.73%
		.25% - <.50%	69	7.47%	56	6.06%
		.50% - <.75%	112	12.12%	58	6.28%
		.75% - <1.00%	73	7.90%	47	5.09%
		>= 1.00%	160	17.32%	234	25.32%
		Total:	476	51.52%	448	48.48%
db-X 2020 Target Date Fund October 1, 2007 – May 31, 2011		0 - <.25%	60	6.49%	65	7.03%
		.25% - <.50%	64	6.92%	53	5.74%
		.50% - <.75%	121	13.10%	52	5.63%
		.75% - <1.00%	90	9.74%	58	6.28%
		>= 1.00%	130	14.07%	231	25.00%
		Total:	465	50.32%	459	49.68%
db-X 2030 Target Date Fund October 1, 2007 – May 31, 2011		0 - <.25%	62	6.71%	51	5.52%
		.25% - <.50%	84	9.09%	48	5.19%
		.50% - <.75%	126	13.64%	40	4.33%
		.75% - <1.00%	58	6.28%	49	5.30%
		>= 1.00%	168	18.18%	238	25.76%
		Total:	498	53.90%	426	46.10%

db-X Exchange-Traded Funds Inc.

FREQUENCY DISTRIBUTION OF DISCOUNTS & PREMIUMS (Continued)


	MARKET PRICE ABOVE OR EQUAL TO NAV				MARKET PRICE BELOW NAV
	Basis point Differential*		Number of Days	Percentage of Total Days	Number of Days	Percentage of Total Days
db-X 2040 Target Date Fund October 1, 2007 – May 31, 2011		0 - <.25%	98	10.61%	70	7.57%
		.25% - <.50%	93	10.06%	62	6.71%
		.50% - <.75%	129	13.96%	53	5.74%
		.75% - <1.00%	53	5.74%	39	4.22%
		> = 1.00%	161	17.42%	166	17.97%
		Total:	534	57.79%	390	42.21%
db-X In-Target Date Fund October 1, 2007 – May 31, 2011		0 - <.25%	69	7.47%	70	7.58%
		.25% - <.50%	66	7.14%	86	9.31%
		.50% - <.75%	147	15.91%	83	8.98%
		.75% - <1.00%	28	3.03%	70	7.57%
		> = 1.00%	73	7.90%	232	25.11%
		Total:	383	41.45%	541	58.55%

* A basis point equals one-hundredth of one percent (0.01%).

db-X Exchange-Traded Funds Inc.

OFFICERS AND DIRECTORS


Name, Address, and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships held by Director
Disinterested Directors:
R. Charles Tschampion Age 65, 25 Great Oak Drive Short Hills, NJ 07078	Director, Chairman of the Audit Committee and Member of the Nominating Committee	Since 2007	Director, Special Projects, CFA Institute (2005 to present); Trustee of Lehigh University (October 1998 to June 2010) and Chair of the Investment Sub-Committee for the Lehigh University Endowment Fund (October 1998 to December 2008).	5	Trustee and Member of the Audit Committee, SPDR Select Sector Trust; Director, Real Estate Information Standards Board.
Ernest J. Scalberg Age 66, 176 Mal Paso Road Carmel, CA 93923	Director, Member of the Audit and Nominating Committees	Since 2007	Research Professor and Director of the GLOBE Center, Monterey Institute of International Studies (2009 to present); Associate Vice President for External Programs and Dean of Fisher Graduate School of International Business (2001 to 2009); Director, Adviser or Trustee to numerous non-profit organizations (1974 to present).	5	Trustee and Member of the Audit Committee, SPDR Select Sector Trust; Chairman of the Board of the Foundation, International University in Geneva (IUG), Switzerland.
Michael G. Smith Age 67, 614 Lenox Glen Ellyn, IL 60137	Director, Member of the Audit and Nominating Committees	Since 2007	Retired since 1999. Formerly, Managing Director, Corporate and Institutional Client Group, Central Region, Merrill Lynch & Co., Inc.	5	Director, Ivy Funds, Inc; Director, Northwestern Mutual Series Fund, Inc; Executive Board Director, Cox Business School, Southern Methodist University.

db-X Exchange-Traded Funds Inc.

OFFICERS AND DIRECTORS (Continued)


Name, Address, and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships held by Director
Interested Director/Officers:*
Alex Depetris** Age 31 60 Wall Street New York, New York 10005	Director, Chairman of the Board, President, Chief Executive Officer and Secretary	Since 2010	Vice President in the DBX Group at Deutsche Bank AG 2008; Associate, Arnold & Porter 2006 until 2008; Associate, Sullivan & Worcester 2005 until 2006.	10	N/A
Martin Kremenstein Age 34 60 Wall Street New York, New York 10005	Chief Operating Officer	Since 2010	Director in the DBX Group at Deutsche Bank AG with responsibility for providing investor solutions to the DB sales force in North America since 2006; Vice President, Market Risk Management JP Morgan Chase until 2006.	N/A	N/A
Michael Gilligan Age 44 60 Wall Street New York, New York 10005	Treasurer, Chief Financial Officer and Controller	Since 2010	Director in the Finance Group at Deutsche Bank AG with CFO responsibility for DBX Strategic Advisors LLC, DBX Advisors LLC and DB Commodity Services LLC since 2008; Chief Operating Officer, Americas Credit Trading, Credit Suisse 2007 to 2008; Director in the Finance Group, Credit Suisse 1998 to 2007.	N/A	N/A

db-X Exchange-Traded Funds Inc.

OFFICERS AND DIRECTORS (Continued)

Name, Address,
and Age

Position(s) Held
with Fund

Term of Office
and Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Director

Other Directorships
held by Director

Frank Gecsedi

Age 43

60 Wall Street

New York, New York 10005

Chief Compliance Officer

Since
2010

Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division Since 2010; Vice President and Compliance Manager at Bank of America Merill Lynch (Formerly Merrill Lynch) (2000-2010)

N/A

* Officers/Director of the Company are “interested persons” as defined in the 1940 Act.

** Effective February 22, 2011, Mr. Depetris was elected as a Director of the Company and appointed Chairman of the Board. On such date, Mr. Depetris was also elected President and Chief Executive Officer of the Company. Mr. Depetris has served as the Company’s Secretary since 2010.

The Fund’s SAI includes additional information about the Fund’s Directors and is available by calling 1-877-369-4617, or on the Company’s website at www.dbxstrategicadvisors.db.com.

db-X Exchange-Traded Funds Inc.

ADDITIONAL INFORMATION

PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures that the Company uses to determine how to vote proxies related to each Fund’s portfolio securities, (and information on how the Funds voted proxies during the period ended June 30, 2010 on Form N-PX) is available without charge, upon request, (i) by calling 877-369-4617; (ii) on the Company’s website at www.dbxstrategicadvisors.db.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

QUARTERLY PORTFOLIO DISCLOSURE

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Company at 877-369-4617. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.

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

TAX INFORMATION

Form 1099-DIV, Form 1042-S and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

The following distribution information is being provided as required by the Internal Revenue Code.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended May 31, 2011.

FEDERAL AND STATE INCOME TAX


	Qualified Dividend Income*		Corporate Dividend Received Deduction*
db-X 2010 Fund		22%		13%
db-X 2020 Fund		63%		37%
db-X 2030 Fund		100%		57%
db-X 2040 Fund		100%		75%
db-X In-Target Fund		47%		28%

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

db-X Exchange-Traded Funds Inc.

DBX Strategic Advisors, LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax adviser, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.

Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.dbxstrategicadvisors.db.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.

db-X Exchange-Traded Funds Inc.

This report is intended for the shareholders of the db-X Exchange-Traded Funds. It may not be distributed to prospective Investors unless it is preceded or accompanied by the current prospectus.

An Investor should consider the fund’s investment objective, risks, charges and expenses carefully before investing. For this and more complete information about the fund call 877-369-4617 or visit the website www.dbxstrategicadvisors.db.com. Please read the prospectus carefully before investing.

There are risks involved with investing in exchange-traded funds including possible loss of money. db-X Exchange-Traded Funds are not actively managed and are subject to risks similar to stocks, including those related to short selling and margin maintenance. Losses from short sales may be unlimited, and losses from purchases on margin may exceed original investment.

Investments in small and medium capitalization companies will be subject to higher volatility than larger, more established companies.

Investments in foreign securities will be subject to certain risks not associated with domestic securities, such as currency fluctuations, and changes in political and economic conditions.

Investments in fixed income securities will be subject to certain risks as well. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Generally, fixed income securities will decrease in value if interest rates rise, and the volatility of lower rated securities is even greater than that of higher rated securities.

There is no assurance that the investment process will consistently lead to successful investing. Diversification does not eliminate the risk of experiencing investment losses.

The prospectus is not an offer to buy or sell the portfolio shares, nor is the fund soliciting an offer to buy its shares in any jurisdiction where the offer or sale is not permitted.

db-X Exchange-Traded Funds are distributed by ALPS Distributors, Inc., member of FINRA, which is neither affiliated with db-X Exchange-Traded Funds Inc. or any other affiliate, nor is it affiliated with The Bank of New York Mellon, Amerivest Investment Management, LLC, or TDAM USA Inc.

Investors should note that although target date funds aim to preserve capital as the target date approaches, there is no guarantee that the fund will achieve this objective.

db-X Exchange-Traded Funds Inc.

INVESTMENT ADVISOR

DBX Strategic Advisors LLC

60 Wall Street

New York, NY 10005

INVESTMENT SUB-ADVISOR

TDAM USA Inc.

161 Bay Street, 35th Floor

TD Canada Trust Tower

Toronto, Ontario Canada M5J 2T2

ADMINISTRATOR, CUSTODIAN, FUND ACCOUNTANT & TRANSFER AGENT

The Bank of New York Mellon

101 Barclay Street

New York, NY 10286

DISTRIBUTOR

ALPS Distributors, Inc.

1290 Broadway

Suite 1100

Denver, CO 80203

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Ernst & Young LLP

5 Times Square

New York, NY 10036

LEGAL COUNSEL

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

Item 2.

Code of Ethics.

(a) The Fund has adopted a code of ethics (the “Code of Ethics”) that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This Code is filed as an exhibit to this report on Form N-CSR under item (a)(1).

Item 3.

Audit Committee Financial Expert.

R. Charles Tschampion is the designated financial expert on the Audit Committee of db-X Exchange-Traded Funds Inc. With respect to db-X Exchange-Traded Funds Inc., R. Charles Tschampion is not an “interested person” as such terms are defined by Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19).

Item 4.

Principal Accountant Fees and Services.

(a) Audit Fees. Fees for audit services for the Registrant’s fiscal year ended May 31, 2011 and 2010, for professional services rendered by Ernst & Young LLP (“principal accountant”) for the audit of the Registrant’s annual financial statements were $90,000 and $90,000, respectively. Fees for professional services rendered by Eisner LLP (“predecessor accountant”) for the reissuance of the Registrant’s annual financial statements opinion for the fiscal year ended May 31, 2009, including examinations of securities conducted under rule 17f-2 of the 1940 Act for the fiscal year ended May 31, 2010 was $16,023.

(b) Audit-Related Fees. The aggregate fees billed for the Registrant’s fiscal year ended May 31, 2011 and 2010, for professional services rendered by the principal accountant for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported above in Item 4(a) were $0 and $0, respectively.

(c) Tax Fees. Fees for tax services billed to the Registrant during the fiscal year ended May 31, 2011 and 2010, for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $15,000 and $15,000, respectively.

(d) All Other Fees. All other aggregate fees billed for the Registrant’s fiscal year ended May 31, 2011 and 2010 were $0 and $0, respectively.

(e) Audit Committee Pre-Approval Policies and Procedures. In accordance with Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the audit and permissible non-audit services of the Registrant. All of the services described in paragraphs (b) through (d) above were approved by the Audit Committee in accordance with paragraph (c) (7) (i) (c) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Not applicable.

(h) The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant’s independence.

Items 5.

Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Ernest J. Scalberg, Michael G. Smith and R. Charles Tschampion.

Item 6.

Schedule of Investments.

(a) The schedule is included as a part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Directors that would require disclosure herein.

Item 11.

Controls and Procedures.

Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3-(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the Registrant’s Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer) have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized and reported on a timely basis.

There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Exhibits.

(a)(1) Code of Ethics

(a)(2) Certifications of the Registrant’s Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 302CERT.

(b) Certifications of the Registrant’s Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) db-X Exchange-Traded Funds Inc.

By: /s/ Alex Depetris

Name: Alex Depetris

Title: President and Chief Executive Officer

Date: August 3, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Alex Depetris

Name: Alex Depetris

Title: President and Chief Executive Officer

Date: August 3, 2011

By: /s/ Michael Gilligan

Name: Michael Gilligan

Title: Treasurer, Chief Financial Officer and Controller

Date: August 3, 2011

db-X Exchange-Traded Funds Inactive N-CSRCertified annual shareholder report (management investment company)