db-X Exchange-Traded Funds NCSRS Certified semi-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: November 30, 2011

Item 1. Report to Stockholders.

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

SEMI-ANNUAL REPORT

November 30, 2011

Unaudited

db-X Exchange-Traded Funds Inc.

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

db-X Exchange-Traded Funds Inc.

TABLE OF CONTENTS


	Page
Shareholder Letter		1
Performance Summary
db-X 2010 Target Date Fund		2
db-X 2020 Target Date Fund		4
db-X 2030 Target Date Fund		6
db-X 2040 Target Date Fund		8
db-X In-Target Date Fund		10
Fees and Expenses		12
Schedules of Investments
db-X 2010 Target Date Fund		13
db-X 2020 Target Date Fund		18
db-X 2030 Target Date Fund		24
db-X 2040 Target Date Fund		30
db-X In-Target Date Fund		36
Statements of Assets and Liabilities		42
Statements of Operations		44
Statements of Changes in Net Assets		46
Financial Highlights		49
Notes to Financial Statements		52
Additional Information		60

TO OUR SHAREHOLDERS:

Dear Shareholder,

We are pleased to present this Semi-Annual Report for db-X Exchange-Trade Funds Inc, which covers the six-month period ending November 30, 2011.

We believe that these funds provide convenience and clarity for investors seeking a sophisticated product in one single investment. Over the past six months, the funds have continued to highlight the benefits of target-date investing as global equity markets remained volatile and declined sharply in the late summer due to concerns over the European sovereign debt crisis. During the six months covered by this report, investors with a shorter investment horizon benefitted from lower exposure to equities as the db-X 2010 Target Date Fund and the db-X In-Target Date Fund, which allocate a large percentage of assets to less volatile fixed-income securities, experienced returns based on changes in its Net Asset Value (“NAV”) of -1.17% and -2.60%, respectively.* The db-X 2020 Target Date Fund, with a more balanced allocation between equity and fixed income securities, experienced a NAV return of -5.13%.* The db-X 2040 Target Date Fund and the db-X 2030 Target Date Fund, which have the greatest percentage allocations to equities, were affected by weak performance in domestic equity markets and experienced NAV returns of -7.93% and -5.26%, 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 Depetris

Chairman, President and Chief Executive Officer

* 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 2-11 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.

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 six-month period ended November 30, 2011, the Fund’s net asset value decreased 1.17%, compared to a decrease of 0.78% for the Zacks 2010 Lifecycle Index and 0.64% for the Dow Jones Target 2010 Index.

Performance as of 11/30/11


Average Annual Total Returns
	Net Asset Value	Market Price	Zacks 2010 Lifecycle Index	Dow Jones Target 2010 Index
One Year	1.53%	1.61%	2.07%	5.20%
Since Inception¹	0.67%	0.07%	0.90%	3.82%

Cumulative Total Return
	Net Asset Value	Market Price	Zacks 2010 Lifecycle Index	Dow Jones Target 2010 Index
Six Months	-1.17%	-1.02%	-0.78%	-0.64%
One Year	1.53%	1.61%	2.07%	5.20%
Since Inception¹	2.83%	0.27%	3.82%	16.91%

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, 2011, as disclosed in the most recent prospectus dated September 28, 2011, was 1.70%. 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 9/30/12.

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 index whose performance the Fund seeks to track 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.

Asset Class Breakdown* as of 11/30/11

LOGO

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

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

Top Ten Holdings²as of 11/30/11



Top Ten Equity Holdings

Description	Shares		Value		% of Net Assets
Exxon Mobil Corp.		594		$47,780		0.3%
Apple, Inc.		110		42,042		0.3%
Wal-Mart Stores, Inc.		451		26,564		0.2%
Microsoft Corp.		1,017		26,016		0.2%
Berkshire Hathaway, Inc., Class B		318		25,045		0.2%
Chevron Corp.		225		23,134		0.2%
Procter & Gamble (The) Co.		342		22,083		0.2%
Oracle Corp.		700		21,945		0.2%
Johnson & Johnson		336		21,745		0.2%
Pfizer, Inc.		1,083		21,736		0.2%


Top Ten Fixed Income Holdings

Description	Principal Amount		Value		% of Net Assets
US Government Note/Bond, 4.75%, 5/15/14		$955,200		$1,058,333		7.4%
US Government Note/Bond, 1.375%, 5/15/12		840,000		845,119		5.9%
US Government Note/Bond, 1.125%, 12/15/12		770,000		777,790		5.5%
US Government Note/Bond, 0.875%, 1/31/12		765,000		766,196		5.4%
US Government Note/Bond, 1.75%, 8/15/12		667,400		675,247		4.7%
US Government Note/Bond, 1.00%, 12/31/11		670,000		670,628		4.7%
US Government Note/Bond, 1.00%, 5/15/14		650,000		660,817		4.6%
US Government Note/Bond, 3.375%, 7/31/13		614,900		647,110		4.5%
US Government Note/Bond, 0.75%, 12/15/13		640,000		646,300		4.5%
US Government Note/Bond, 0.75%, 9/15/13		635,000		640,755		4.5%

² 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 11/30/11

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 six-month period ended November 30, 2011, the Fund’s net asset value decreased 5.13%, compared to a decrease of 4.78% for the Zacks 2020 Lifecycle Index and 3.46% for the Dow Jones Target 2020 Index.

Performance as of 11/30/11


Average Annual Total Returns
	Net Asset Value	Market Price	Zacks 2020 Lifecycle Index	Dow Jones Target 2020 Index
One Year	3.89%	2.80%	4.54%	4.54%
Since Inception¹	-0.77%	-1.04%	-0.53%	1.42%

Cumulative Total Return
	Net Asset Value	Market Price	Zacks 2020 Lifecycle Index	Dow Jones Target 2020 Index
Six Months	-5.13%	-3.66%	-4.78%	-3.46%
One Year	3.89%	2.80%	4.54%	4.54%
Since Inception¹	-3.16%	-4.27%	-2.19%	6.05%

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, 2011, as disclosed in the most recent prospectus dated September 28, 2011, was 1.42%. 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 9/30/12.

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.

Asset Class Breakdown* as of 11/30/11

LOGO

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

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

Top Ten Holdings² as of 11/30/11



Top Ten Equity Holdings

Description	Shares		Value		% of Net Assets
Exxon Mobil Corp.		7,019		$564,607		1.5%
Apple, Inc.		1,188		454,054		1.2%
International Business Machines Corp.		1,660		312,080		0.9%
Wal-Mart Stores, Inc.		5,074		298,859		0.8%
Microsoft Corp.		11,443		292,711		0.8%
Berkshire Hathaway, Inc., Class B		3,684		290,151		0.8%
Chevron Corp.		2,799		287,793		0.8%
Johnson & Johnson		4,188		271,047		0.7%
AT&T, Inc.		9,214		267,022		0.7%
Procter & Gamble (The) Co.		4,097		264,543		0.7%


Top Ten Fixed Income Holdings

Description	Principal Amount		Value		% of Net Assets
US Government Note/Bond, 4.75%, 5/15/14		$1,026,300		$1,137,108		3.1%
US Government Note/Bond, 1.125%, 6/15/13		950,000		963,211		2.6%
US Government Note/Bond, 2.625%, 12/31/14		870,000		928,521		2.5%
US Government Note/Bond, 3.375%, 7/31/13		879,000		925,045		2.5%
US Government Note/Bond, 2.375%, 9/30/14		870,000		918,802		2.5%
US Government Note/Bond, 1.375%, 5/15/13		895,000		910,103		2.5%
US Government Note/Bond, 1.75%, 4/15/13		890,000		909,051		2.5%
US Government Note/Bond, 1.375%, 3/15/13		895,000		908,880		2.5%
US Government Note/Bond, 3.125%, 8/31/13		865,000		908,487		2.5%
US Government Note/Bond, 1.75%, 8/15/12		895,000		905,523		2.5%

Sector Breakdown* as of 11/30/11

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 six-month period ended November 30, 2011, the Fund’s net asset value decreased 5.26%, compared to a decrease of 4.60% for the Zacks 2030 Lifecycle Index and 7.05% for the Dow Jones Target 2030 Index.

Performance as of 11/30/11


Average Annual Total Returns
	Net Asset Value	Market Price	Zacks 2030 Lifecycle Index	Dow Jones Target 2030 Index
One Year	6.78%	4.08%	7.94%	3.54%
Since Inception¹	-3.23%	-3.97%	-2.89%	-0.53%

Cumulative Total Return
	Net Asset Value	Market Price	Zacks 2030 Lifecycle Index	Dow Jones Target 2030 Index
Six Months	-5.26%	-8.12%	-4.60%	-7.05%
One Year	6.78%	4.08%	7.94%	3.54%
Since Inception¹	-12.79%	-15.51%	-11.50%	-2.20%

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, 2011, as disclosed in the most recent prospectus dated September 28, 2011, was 1.43%. 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 9/30/12.

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.

Asset Class Breakdown* as of 11/30/11

LOGO

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

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

Top Ten Holdings² as of 11/30/11



Top Ten Equity Holdings

Description	Shares		Value		% of Net Assets
Exxon Mobil Corp.		7,928		$637,727		2.2%
Apple, Inc.		1,316		502,975		1.7%
International Business Machines Corp.		1,890		355,320		1.2%
Wal-Mart Stores, Inc.		5,796		341,383		1.2%
Berkshire Hathaway, Inc., Class B		4,214		331,895		1.1%
Microsoft Corp.		12,964		331,619		1.1%
Chevron Corp.		3,183		327,276		1.1%
Johnson & Johnson		4,722		305,608		1.0%
Procter & Gamble (The) Co.		4,673		301,736		1.0%
AT&T, Inc.		10,296		298,378		1.0%


Top Ten Fixed Income Holdings

Description	Principal Amount		Value		% of Net Assets
US Government Note/Bond, 4.375%, 5/15/40		$464,000		$584,277		2.0%
US Government Note/Bond, 7.625%, 2/15/25		348,200		553,584		1.9%
US Government Note/Bond, 4.50%, 8/15/39		327,400		419,737		1.4%
US Government Note/Bond, 4.375%, 2/15/38		266,100		334,080		1.1%
Federal Home Loan Mortgage Corp., MTN, 6.25%, 7/15/32		230,000		327,823		1.1%
US Government Note/Bond, 4.375%, 11/15/39		227,400		286,204		1.0%
ConocoPhillips, 5.90%, 10/15/32		167,000		200,521		0.7%
Pacific Gas & Electric Co., 6.05%, 3/01/34		145,000		174,824		0.6%
BellSouth Corp., 6.00%, 11/15/34		156,000		172,225		0.6%
Citigroup, Inc., 8.125%, 7/15/39		129,000		149,848		0.5%

Sector Breakdown* as of 11/30/11

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 six-month period ended November 30, 2011, the Fund’s net asset value decreased 7.93%, compared to a decrease of 7.78% for the Zacks 2040 Lifecycle Index and 9.61% for the Dow Jones Target 2040 Index.

Performance as of 11/30/11


Average Annual Total Returns
	Net Asset Value	Market Price	Zacks 2040 Lifecycle Index	Dow Jones Target 2040 Index
One Year	5.12%	3.43%	5.71%	2.49%
Since Inception¹	-4.46%	-5.14%	-4.28%	-1.64%

Cumulative Total Return
	Net Asset Value	Market Price	Zacks 2040 Lifecycle Index	Dow Jones Target 2040 Index
Six Months	-7.93%	-10.78%	-7.78%	-9.61%
One Year	5.12%	3.43%	5.71%	2.49%
Since Inception¹	-17.30%	-19.73%	-16.67%	-6.66%

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, 2011, as disclosed in the most recent prospectus dated September 28, 2011, was 1.43%. 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 9/30/12.

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.

Asset Class Breakdown* as of 11/30/11

LOGO

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

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

Top Ten Holdings² as of 11/30/11



Top Ten Equity Holdings

Description	Shares		Value		% of Net Assets
Exxon Mobil Corp.		9,333		$750,746		2.7%
Apple, Inc.		1,571		600,436		2.1%
International Business Machines Corp.		2,213		416,045		1.5%
Berkshire Hathaway, Inc., Class B		5,044		397,266		1.4%
Wal-Mart Stores, Inc.		6,744		397,221		1.4%
Microsoft Corp.		15,248		390,044		1.4%
Chevron Corp.		3,734		383,930		1.4%
Procter & Gamble (The) Co.		5,524		356,685		1.3%
Johnson & Johnson		5,460		353,372		1.3%
AT&T, Inc.		11,878		344,225		1.2%


Top Ten Fixed Income Holdings

Description	Principal Amount		Value		% of Net Assets
US Government Note/Bond, 4.625%, 2/15/40		$100,000		$130,782		0.5%
US Government Note/Bond, 4.375%, 11/15/39		100,000		125,859		0.4%
US Government Note/Bond, 4.375%, 5/15/40		88,500		111,441		0.4%
US Government Note/Bond, 4.75%, 2/15/41		80,000		106,862		0.4%
US Government Note/Bond, 3.875%, 8/15/40		90,000		104,442		0.4%
BellSouth Corp., 6.00%, 11/15/34		74,000		81,696		0.3%
MidAmerican Energy Holdings Co., 6.125%, 4/01/36		55,000		65,682		0.2%
Federative Republic of Brazil (Brazil), 7.125%, 1/20/37		48,000		64,440		0.2%
Pacific Gas & Electric Co., 6.05%, 3/01/34		52,000		62,695		0.2%
Wal-Mart Stores, Inc., 6.50%, 8/15/37		42,000		53,154		0.2%

Sector Breakdown* as of 11/30/11

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 six-month period ended November 30, 2011, the Fund’s net asset value decreased 2.60%, compared to a decrease of 2.32% for the Zacks In-Target Lifecycle Index and an increase of 0.34% for the Dow Jones Target Today Index.

Performance as of 11/30/11


Average Annual Total Returns
	Net Asset Value	Market Price	Zacks In-Target Lifecycle Index	Dow Jones Target Today Index
One Year	1.37%	1.91%	1.81%	5.27%
Since Inception¹	2.15%	1.49%	2.27%	5.08%

Cumulative Total Return
	Net Asset Value	Market Price	Zacks In-Target Lifecycle Index	Dow Jones Target Today Index
Six Months	-2.60%	-2.89%	-2.32%	0.34%
One Year	1.37%	1.91%	1.81%	5.27%
Since Inception¹	9.28%	6.35%	9.81%	22.95%

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, 2011, as disclosed in the most recent prospectus dated September 28, 2011, was 1.66%. 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 9/30/12.

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.

Asset Class Breakdown* as of 11/30/11

LOGO

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

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

Top Ten Holdings² as of 11/30/11



Top Ten Equity Holdings

Description	Shares		Value		% of Net Assets
Exxon Mobil Corp.		1,631		$131,197		0.8%
Apple, Inc.		242		92,492		0.6%
Chevron Corp.		696		71,563		0.5%
International Business Machines Corp.		375		70,501		0.5%
Wal-Mart Stores, Inc.		1,175		69,207		0.4%
Berkshire Hathaway, Inc., Class B		808		63,639		0.4%
Microsoft Corp.		2,402		61,443		0.4%
AT&T, Inc.		1,896		54,946		0.4%
Procter & Gamble (The) Co.		845		54,562		0.4%
Johnson & Johnson		836		54,106		0.3%


Top Ten Fixed Income Holdings

Description	Principal Amount		Value		% of Net Assets
US Government Note/Bond, 4.75%, 5/15/14		$727,500		$806,048		5.2%
US Government Note/Bond, 2.875%, 1/31/13		702,500		724,701		4.7%
US Government Note/Bond, 2.50%, 3/31/13		625,000		644,238		4.1%
US Government Note/Bond, 1.00%, 5/15/14		613,000		623,200		4.0%
US Government Note/Bond, 4.75%, 5/31/12		575,800		589,251		3.8%
US Government Note/Bond, 0.875%, 1/31/12		570,000		570,891		3.7%
US Government Note/Bond, 1.125%, 12/15/12		565,000		570,716		3.7%
US Government Note/Bond, 0.75%, 12/15/13		565,000		570,562		3.7%
US Government Note/Bond, 0.75%, 9/15/13		565,000		570,121		3.7%
Federal Home Loan Mortgage Corp., 4.50%, 1/15/13		539,000		564,712		3.6%

Sector Breakdown* as of 11/30/11

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 November 30, 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 June 1, 2011		Ending Account Value November 30, 2011		Annualized Expense Ratio⁽¹⁾ based on the number of days in the period			Expenses Paid During the Period⁽²⁾ June 1, 2011 to November 30, 2011
2010 Target Date Fund
Actual	$	1,000.00	$	988.30		0.65	%	$	3.23
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.75		0.65	%	$	3.29
2020 Target Date Fund
Actual	$	1,000.00	$	948.80		0.65	%	$	3.17
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.75		0.65	%	$	3.29
2030 Target Date Fund
Actual	$	1,000.00	$	947.40		0.65	%	$	3.16
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.75		0.65	%	$	3.29
2040 Target Date Fund
Actual	$	1,000.00	$	920.70		0.65	%	$	3.12
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.75		0.65	%	$	3.29
In-Target Date Fund
Actual	$	1,000.00	$	974.00		0.65	%	$	3.21
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.75		0.65	%	$	3.29

(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, 2012. 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 June 1, 2011 to November 30, 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 183 days and then dividing the result by 366.

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2010 Target Date Fund

November 30, 2011 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 11.7%
Basic Materials — 0.5%
Air Liquide S.A. (France)		41	$	5,186
Allied Nevada Gold Corp.*		50		1,795
Anglo American PLC (United Kingdom)		208		7,917
BASF SE (Germany)		30		2,182
Bayer AG (Germany)		4		263
BHP Billiton Ltd. (Australia)		289		10,368
BHP Billiton PLC (United Kingdom)		71		2,176
Coeur d’Alene Mines Corp.*		75		2,195
Dow Chemical (The) Co.		174		4,822
E.I. du Pont de Nemours & Co.		205		9,782
Freeport-McMoRan Copper & Gold, Inc.		150		5,940
Hecla Mining Co.*		200		1,238
Horsehead Holding Corp.*		100		929
Molycorp, Inc.*		100		3,385
Newmont Mining Corp.		70		4,822
Rio Tinto PLC (United Kingdom)		57		2,993
Vulcan Materials Co.		50		1,622
WR Grace & Co.*		100		4,167

				71,782

Communications — 1.5%
Acme Packet, Inc.*		75		2,507
Amazon.com, Inc.*		100		19,229
Anixter International, Inc.*		8		491
Aruba Networks, Inc.*		100		2,110
AT&T, Inc.		745		21,591
Cisco Systems, Inc.		748		13,943
Comcast Corp., Class A		360		8,161
Corning, Inc.		233		3,092
Deutsche Telekom AG (Germany)		434		5,632
DISH Network Corp., Class A*		200		4,914
eBay, Inc.*		100		2,959
France Telecom S.A. (France)		295		5,083
Google, Inc., Class A*		29		17,382
Motorola Solutions, Inc.*		200		9,334
News Corp., Class A		247		4,308
Nokia OYJ (Finland)		549		3,159
NTT DoCoMo, Inc. (Japan)		2		3,478
QUALCOMM, Inc.		200		10,960
Rackspace Hosting, Inc.*		124		5,379
Sprint Nextel Corp.*		1,800		4,860
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		427		4,581
Thomson Reuters Corp. (Canada)		150		4,061
TIBCO Software, Inc.*		119		3,261
Time Warner, Inc.		184		6,407
United Online, Inc.		300		1,584
Verizon Communications, Inc.		343		12,941
Vivendi (France)		193		4,448
Vodafone Group PLC (United Kingdom)		4,388		11,884
Walt Disney (The) Co.		277		9,930
Yahoo!, Inc.*		207		3,252

				210,921

Consumer, Cyclical — 1.1%
Ascena Retail Group, Inc.*		50		1,376


	Number of Shares		Value

Consumer, Cyclical (Continued)
Bebe Stores, Inc.		200	$	1,472
Brunswick Corp.		100		1,862
Cinemark Holdings, Inc.		200		3,918
CROCS, Inc.*		100		1,551
CVS Caremark Corp.		190		7,380
Daimler AG (Germany)		126		5,701
Dana Holding Corp.*		150		1,869
Ford Motor Co.*		447		4,738
Hennes & Mauritz AB, Class B (Sweden)		153		4,855
Honda Motor Co. Ltd. (Japan)		46		1,416
Johnson Controls, Inc.		175		5,509
Kohl’s Corp.		200		10,760
Las Vegas Sands Corp.*		100		4,671
McDonald’s Corp.		165		15,761
Modine Manufacturing Co.*		100		968
Nike, Inc., Class B		75		7,213
Nintendo Co. Ltd. (Japan)		15		2,247
Nu Skin Enterprises, Inc., Class A		75		3,581
Penske Automotive Group, Inc.		100		2,029
Saks, Inc.*		100		952
Sally Beauty Holdings, Inc.*		100		2,010
Steelcase, Inc., Class A		100		784
Target Corp.		100		5,270
Titan Machinery, Inc.*		100		2,170
Toyota Motor Corp. (Japan)		499		16,127
Wal-Mart Stores, Inc.		451		26,564
Warnaco Group (The), Inc.*		126		6,387
World Fuel Services Corp.		164		7,031

				156,172

Consumer, Non-cyclical — 2.5%
Abbott Laboratories		224		12,219
AMERIGROUP Corp.*		42		2,401
Amgen, Inc.		150		8,687
Amsurg Corp.*		100		2,608
Anheuser-Busch InBev NV (Belgium)		100		5,963
AstraZeneca PLC (United Kingdom)		202		9,341
Bristol-Myers Squibb Co.		200		6,544
British American Tobacco PLC (United Kingdom)		268		12,413
Bruker Corp.*		78		977
Cardinal Health, Inc.		200		8,492
Catalyst Health Solutions, Inc.*		132		6,867
Coca-Cola (The) Co.		271		18,220
CONMED Corp.*		100		2,629
Diageo PLC (United Kingdom)		357		7,647
Geo Group (The), Inc.*		100		1,770
Geron Corp.*		400		668
GlaxoSmithKline PLC (United Kingdom)		301		6,644
HEALTHSOUTH Corp.*		50		864
Healthspring, Inc.*		100		5,462
Healthways, Inc.*		100		651
Humana, Inc.		100		8,868
Incyte Corp. Ltd.*		100		1,377
Invacare Corp.		100		2,054
JM Smucker (The) Co.		100		7,598
Johnson & Johnson		336		21,745
Kindred Healthcare, Inc.*		100		1,240


See Notes to Financial Statements.		13

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2010 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
Kraft Foods, Inc., Class A		228	$	8,242
Lexicon Pharmaceuticals, Inc.*		1,000		1,170
Live Nation Entertainment, Inc.*		125		1,080
Magellan Health Services, Inc.*		11		557
MannKind Corp.*		500		1,530
Merck & Co., Inc.		425		15,194
Micromet, Inc.*		300		1,839
Molina Healthcare, Inc.*		100		2,185
Navigant Consulting, Inc.*		200		2,254
Nestle S.A. (Switzerland)		325		18,266
Novartis AG (Switzerland)		202		10,922
Pfizer, Inc.		1,083		21,736
Procter & Gamble (The) Co.		342		22,083
Quidel Corp.*		100		1,815
Roche Holding AG (Switzerland)		50		7,966
Rollins, Inc.		181		4,018
Ruddick Corp.		37		1,474
Salix Pharmaceuticals Ltd.*		75		3,311
Sanofi (France)		36		2,524
Seaboard Corp.		1		2,010
Seattle Genetics, Inc.*		100		1,663
Select Medical Holdings Corp.*		100		867
Sirona Dental Systems, Inc.*		64		2,844
Sotheby’s		75		2,356
Tesco PLC (United Kingdom)		1,167		7,437
Teva Pharmaceutical Industries Ltd. (Israel)		140		5,546
Unilever NV (Netherlands)		238		8,104
Unilever PLC (United Kingdom)		187		6,285
United Rentals, Inc.*		100		2,814
UnitedHealth Group, Inc.		171		8,340
Viropharma, Inc.*		100		2,401
Visa, Inc., Class A		139		13,479

				356,261

Energy — 1.4%
Berry Petroleum Co., Class A		60		2,633
BG Group PLC (United Kingdom)		107		2,286
Bill Barrett Corp.*		133		5,187
BP PLC (United Kingdom)		1,527		11,066
Brigham Exploration Co.*		50		1,822
Cameron International Corp.*		100		5,399
Chevron Corp.		225		23,134
ConocoPhillips		188		13,408
Crosstex Energy, Inc.		100		1,197
Dril-Quip, Inc.*		13		925
El Paso Corp.		500		12,505
Endeavour International Corp.*		100		691
ENI S.p.A (Italy)		412		8,696
EQT Corp.		100		6,201
Exxon Mobil Corp.		594		47,780
Halliburton Co.		100		3,680
McMoRan Exploration Co.*		100		1,598
Peabody Energy Corp.		111		4,355
Royal Dutch Shell PLC, Class A (United Kingdom)		301		10,529
Royal Dutch Shell PLC, Class B (United Kingdom)		157		5,645


	Number of Shares		Value

Energy (Continued)
RPC, Inc.		112	$	2,186
Schlumberger Ltd. (Netherland Antilles)		157		11,827
Southwestern Energy Co.*		143		5,441
Total S.A. (France)		192		9,908
Vantage Drilling Co.*		1,000		1,200

				199,299

Financial — 2.3%
1st Source Corp.		100		2,511
Allianz SE (Germany)		70		7,254
Allstate (The) Corp.		300		8,037
Alterra Capital Holdings Ltd. (Bermuda)		100		2,295
American Campus Communities, Inc. REIT		11		433
American Capital Agency Corp.		100		2,869
American Capital Ltd.*		275		1,917
American Express Co.		150		7,206
American International Group, Inc.*		200		4,662
Apollo Investment Corp.		225		1,622
Australia & New Zealand Banking Group Ltd. (Australia)		278		5,683
AvalonBay Communities, Inc. REIT		100		12,485
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		475		4,012
Banco Santander S.A. (Spain)		428		3,226
Bank of America Corp.		1,437		7,817
Barclays PLC (United Kingdom)		1,133		3,212
Berkshire Hathaway, Inc., Class B*		318		25,045
BioMed Realty Trust, Inc.		50		891
BNP Paribas (France)		124		4,919
Boston Private Financial Holdings, Inc.		300		2,331
Boston Properties, Inc. REIT		120		11,446
CBL & Associates Properties, Inc. REIT		150		2,144
Charles Schwab (The) Corp.		168		2,009
Chemical Financial Corp.		100		2,056
Citigroup, Inc.		342		9,398
Commonwealth Bank of Australia (Australia)		193		9,398
Credit Suisse Group AG (Switzerland)		107		2,582
DCT Industrial Trust, Inc. REIT		200		962
Deutsche Bank AG (Germany) (a)		84		3,236
Equity One, Inc. REIT		109		1,821
Franklin Resources, Inc.		31		3,125
Goldman Sachs Group (The), Inc.		58		5,560
Hatteras Financial Corp. REIT		100		2,680
HCP, Inc. REIT		200		7,730
HFF, Inc., Class A*		100		1,122
Highwoods Properties, Inc. REIT		81		2,336
HSBC Holdings PLC (United Kingdom)		1,538		11,962
Invesco Mortgage Capital, Inc. REIT		100		1,577
JPMorgan Chase & Co.		471		14,587
Kilroy Realty Corp. REIT		75		2,707
LaSalle Hotel Properties REIT		75		1,756
Meadowbrook Insurance Group, Inc.		200		2,040
MFA Financial, Inc. REIT		338		2,325
Mizuho Financial Group, Inc. (Japan)		1,667		2,147
National Australia Bank Ltd. (Australia)		262		6,301
National Retail Properties, Inc. REIT		98		2,593
NewStar Financial, Inc.*		200		1,978
Nordea Bank AB (Sweden)		450		3,580


See Notes to Financial Statements.		14

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2010 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Number of Shares		Value

Financial (Continued)
OMEGA Healthcare Investors, Inc. REIT		97	$	1,739
PennantPark Investment Corp.		200		2,120
Pinnacle Financial Partners, Inc.*		100		1,499
Primerica, Inc.		100		2,296
S&T Bancorp, Inc.		100		1,846
Simon Property Group, Inc. REIT		63		7,833
Societe Generale (France)		71		1,728
Standard Chartered PLC (United Kingdom)		288		6,269
Sumitomo Mitsui Financial Group, Inc. (Japan)		121		3,256
T. Rowe Price Group, Inc.		125		7,095
Tanger Factory Outlet Centers, Inc. REIT		100		2,835
UBS AG (Switzerland)*		505		6,203
Washington Real Estate Investment Trust REIT		49		1,333
Wells Fargo & Co.		707		18,283
WesBanco, Inc.		100		1,964
Westamerica Bancorporation		100		4,591
Westpac Banking Corp. (Australia)		391		8,262
Weyerhaeuser Co. REIT		358		6,011
Zurich Financial Services AG (Switzerland)		23		5,057

				319,805

Industrial — 0.9%
ABB Ltd. (Switzerland)		328		6,227
Brink’s (The) Co.		100		2,462
Caterpillar, Inc.		99		9,689
CLARCOR, Inc.		31		1,501
Cymer, Inc.*		100		4,472
Drew Industries, Inc.*		100		2,170
Eaton Corp.		54		2,425
Emerson Electric Co.		130		6,793
FedEx Corp.		75		6,231
General Dynamics Corp.		37		2,444
General Electric Co.		1,362		21,670
GrafTech International Ltd.*		114		1,646
Greenbrier Cos., Inc.*		100		2,220
Ingersoll-Rand PLC (Ireland)		200		6,624
Jacobs Engineering Group, Inc.*		100		4,154
John Bean Technologies Corp.		100		1,646
Koninklijke Philips Electronics NV (Netherlands)		159		3,221
Measurement Specialties, Inc.*		100		2,853
Multi-Fineline Electronix, Inc.*		100		2,093
Nordson Corp.		50		2,353
Republic Services, Inc.		237		6,506
Schneider Electric S.A. (France)		66		3,732
Siemens AG (Germany)		54		5,451
Silgan Holdings, Inc.		87		3,388
Stanley Black & Decker, Inc.		100		6,543
Thermo Fisher Scientific, Inc.*		75		3,543
United Parcel Service, Inc., Class B		116		8,323
Vinci S.A. (France)		62		2,763

				133,143

Technology — 1.3%
Accenture PLC, Class A (Ireland)		100		5,793
Activision Blizzard, Inc.		600		7,452
Apple, Inc.*		110		42,042
Ariba, Inc.*		100		3,035


	Number of Shares		Value

Technology (Continued)
Concur Technologies, Inc.*		32	$	1,511
Deltek, Inc.*		200		1,630
EPIQ Systems, Inc.		100		1,350
Fortinet, Inc.*		100		2,399
Hewlett-Packard Co.		300		8,385
Intel Corp.		625		15,569
International Business Machines Corp.		99		18,611
Jack Henry & Associates, Inc.		103		3,421
Magma Design Automation, Inc.*		200		1,144
MedAssets, Inc.*		100		956
Microsemi Corp.*		100		1,776
Microsoft Corp.		1,017		26,016
Monolithic Power Systems, Inc.*		100		1,204
Monotype Imaging Holdings, Inc.*		100		1,483
Omnicell, Inc.*		100		1,616
Oracle Corp.		700		21,945
Parametric Technology Corp.*		109		2,270
QLIK Technologies, Inc.*		100		2,737
Quest Software, Inc.*		128		2,313
Riverbed Technology, Inc.*		142		3,692
Silicon Graphics International Corp.*		100		1,492
Silicon Image, Inc.*		300		1,473
TriQuint Semiconductor, Inc.*		100		437
VeriFone Systems, Inc.*		75		3,289
Xerox Corp.		800		6,520

				191,561

Utilities — 0.2%
CenterPoint Energy, Inc.		200		3,980
E.ON AG (Germany)		297		7,341
GDF Suez (France)		181		5,064
Piedmont Natural Gas Co., Inc.		185		6,099
Southern Co.		58		2,547

				25,031

TOTAL COMMON STOCKS (Cost $1,808,782)				1,663,975


	Principal Amount		Value

CORPORATE BONDS — 12.0%
Basic Materials — 0.2%
BHP Billiton Finance USA Ltd. (Australia) 4.80%, 4/15/13	$	20,000		21,146

Communications — 0.8%
Cellco Partnership/Verizon Wireless Capital LLC 5.55%, 2/01/14		37,000		40,279
Comcast Cable Communications Holdings, Inc. 8.375%, 3/15/13		60,000		65,587
Google, Inc. 1.25%, 5/19/14		10,000		10,155

				116,021

Consumer, Cyclical — 0.3%
Wal-Mart Stores, Inc. 4.55%, 5/01/13		35,000		37,019


See Notes to Financial Statements.		15

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2010 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Principal Amount		Value

Consumer, Non-cyclical — 0.8%
Kroger (The) Co. 5.50%, 2/01/13	$	45,000	$	47,021
Wyeth 5.50%, 2/01/14		56,000		61,597

				108,618

Energy — 1.0%
Apache Corp. 5.25%, 4/15/13		32,000		33,969
BP Capital Markets PLC (United Kingdom) 3.625%, 5/08/14		35,000		36,753
Spectra Energy Capital LLC 6.25%, 2/15/13		70,000		73,638

				144,360

Financial — 6.3%
Bank of America Corp., MTN 3.125%, 6/15/12		130,000		132,168
Bank of America Corp. 4.875%, 1/15/13		110,000		109,943
Bank of New York Mellon (The) Corp. 4.30%, 5/15/14		86,000		92,137
Boeing Capital Corp. 5.80%, 1/15/13		55,000		58,125
Boston Properties LP 6.25%, 1/15/13		2,000		2,089
Caterpillar Financial Services Corp., MTN 6.125%, 2/17/14		20,000		22,234
Citigroup, Inc. 6.375%, 8/12/14		30,000		31,629
General Electric Capital Corp., Series G, MTN 5.25%, 10/19/12		45,000		46,796
HSBC Finance Corp. 6.375%, 11/27/12		63,000		64,706
John Deere Capital Corp. 7.00%, 3/15/12		60,000		61,141
JPMorgan Chase & Co. 5.75%, 1/02/13		111,000		115,235
Morgan Stanley 5.30%, 3/01/13		74,000		73,924
Prudential Financial, Inc., Series B, MTN 5.10%, 9/20/14		33,000		35,388
Wachovia Corp. 5.25%, 8/01/14		49,000		51,762

				897,277

Government — 2.0%
European Investment Bank, MTN (Supranational) 4.625%, 5/15/14		192,000		207,199
Inter-American Development Bank (Supranational) 4.375%, 9/20/12		82,000		84,660

				291,859

Technology — 0.3%
Hewlett-Packard Co. 6.125%, 3/01/14		37,000		40,655


	Principal Amount		Value

Utilities — 0.3%
Exelon Generation Co. LLC 5.35%, 1/15/14	$	45,000	$	48,184

TOTAL CORPORATE BONDS (Cost $1,683,670)				1,705,139

UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 75.7%
Federal Home Loan Banks — 1.3%
1.125%, 5/18/12		190,000		190,876

Federal Home Loan Mortgage Corp. — 5.6%
2.125%, 3/23/12		176,000		177,117
4.50%, 1/15/13		593,000		621,287

				798,404

Federal National Mortgage Association — 1.4%
1.50%, 6/26/13		190,000		193,569

United States Treasury Bonds/Notes — 67.4%
1.00%, 12/31/11		670,000		670,628
0.875%, 1/31/12		765,000		766,196
1.375%, 5/15/12		840,000		845,119
1.75%, 8/15/12		667,400		675,247
4.00%, 11/15/12		104,900		108,756
1.125%, 12/15/12		770,000		777,790
1.375%, 2/15/13		227,200		230,501
1.375%, 3/15/13		228,000		231,536
1.375%, 5/15/13		475,000		483,016
1.125%, 6/15/13		390,000		395,423
1.00%, 7/15/13		127,000		128,592
3.375%, 7/31/13		614,900		647,110
3.125%, 8/31/13		605,000		635,416
0.75%, 9/15/13		635,000		640,755
0.75%, 12/15/13		640,000		646,300
1.00%, 5/15/14		650,000		660,817
4.75%, 5/15/14		955,200		1,058,333

				9,601,535

TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $10,665,887)				10,784,384

SOVEREIGN BOND — 0.3%
United Mexican States, Series A, MTN (Mexico) 6.375%, 1/16/13		39,000		41,243

TOTAL SOVEREIGN BONDS (Cost $39,836)				41,243


	Number of Shares
RIGHTS — 0.0% (b)
Consumer, Non-cyclical — 0.0% (b)
Lexicon Pharmaceuticals, Inc., expires 12/22/11*		1,000		17

TOTAL RIGHTS (Cost $0)				17


See Notes to Financial Statements.		16

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2010 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Value

TOTAL INVESTMENTS — 99.7% (Cost $14,198,175)	$	14,194,758
Other assets less liabilities — 0.3%		45,474

NET ASSETS — 100.0%	$	14,240,232

MTN – Medium Term Note.

REIT – Real Estate Investment Trust.

* Non-Income producing securities.

(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%.


See Notes to Financial Statements.		17

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2020 Target Date Fund

November 30, 2011 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 53.2%
Basic Materials — 2.7%
Air Liquide S.A. (France)		252	$	31,874
Allied Nevada Gold Corp.*		600		21,534
Anglo American PLC (United Kingdom)		1,353		51,498
BASF SE (Germany)		799		58,124
Bayer AG (Germany)		717		47,063
BHP Billiton Ltd. (Australia)		2,978		106,832
BHP Billiton PLC (United Kingdom)		2,090		64,067
Coeur d’Alene Mines Corp.*		620		18,147
Dow Chemical (The) Co.		1,815		50,294
E.I. du Pont de Nemours & Co.		1,337		63,801
Freeport-McMoRan Copper & Gold, Inc.		1,280		50,688
Hecla Mining Co.*		2,100		12,999
Horsehead Holding Corp.*		1,600		14,864
Linde AG (Germany)		149		22,906
Molycorp, Inc.*		700		23,695
Newcrest Mining Ltd. (Australia)		670		23,815
Newmont Mining Corp.		674		46,425
Quaker Chemical Corp.		500		19,455
Rio Tinto Ltd. (Australia)		459		29,683
Rio Tinto PLC (United Kingdom)		1,363		71,579
Rockwood Holdings, Inc.*		571		25,444
Syngenta AG (Switzerland)*		76		22,345
Vulcan Materials Co.		1,121		36,365
Westlake Chemical Corp.		600		25,200
WR Grace & Co.*		600		25,002
Xstrata PLC (United Kingdom)		2,073		33,158

				996,857

Communications — 6.3%
AboveNet, Inc.*		200		11,948
Acme Packet, Inc.*		640		21,395
Amazon.com, Inc.*		600		115,374
Anixter International, Inc.*		213		13,080
Aruba Networks, Inc.*		800		16,880
AT&T, Inc.		9,214		267,022
Cisco Systems, Inc.		8,173		152,345
Comcast Corp., Class A		3,936		89,229
Corning, Inc.		2,290		30,388
Deutsche Telekom AG (Germany)		2,594		33,662
DISH Network Corp., Class A*		2,800		68,796
eBay, Inc.*		1,700		50,303
France Telecom S.A. (France)		2,063		35,547
Google, Inc., Class A*		394		236,160
InterDigital, Inc.		300		13,188
IPG Photonics Corp.*		400		15,332
Motorola Solutions, Inc.		2,500		116,675
News Corp., Class A		2,724		47,507
Nokia OYJ (Finland)		4,591		26,414
NTT DoCoMo, Inc. (Japan)		17		29,563
QUALCOMM, Inc.		2,400		131,520
Rackspace Hosting, Inc.*		1,011		43,857
Softbank Corp. (Japan)		700		22,967
Sprint Nextel Corp.*		20,500		55,350
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		2,899		31,101
Thomson Reuters Corp. (Canada)		1,360		36,815


	Number of Shares		Value

Communications (Continued)
TIBCO Software, Inc.*		1,354	$	37,100
Time Warner, Inc.		1,783		62,084
United Online, Inc.		3,300		17,424
Verizon Communications, Inc.		4,073		153,674
Viasat, Inc.*		400		18,928
Vivendi (France)		1,241		28,600
Vodafone Group PLC (United Kingdom)		51,118		138,446
Walt Disney (The) Co.		2,774		99,448
Yahoo!, Inc.*		1,986		31,200

				2,299,322

Consumer, Cyclical — 4.9%
Alaska Air Group, Inc.*		300		20,826
Ascena Retail Group, Inc.*		537		14,778
Bayerische Motoren Werke AG (Germany)		269		20,271
Bebe Stores, Inc.		2,700		19,872
Brunswick Corp.		700		13,034
Cabela’s, Inc.*		600		14,142
Cash America International, Inc.		320		15,907
Cie Financiere Richemont S.A. (Switzerland)		508		27,467
Cinemark Holdings, Inc.		1,240		24,292
Columbia Sportswear Co.		326		16,561
CROCS, Inc.*		700		10,857
CVS Caremark Corp.		2,182		84,749
Daimler AG (Germany)		871		39,408
Dana Holding Corp.*		999		12,448
Deckers Outdoor Corp.*		280		30,505
Dillard’s, Inc., Class A		380		17,860
DSW, Inc., Class A		300		13,500
Ezcorp, Inc., Class A*		300		8,727
Ford Motor Co.*		5,707		60,494
Hennes & Mauritz AB, Class B (Sweden)		963		30,558
Honda Motor Co. Ltd. (Japan)		1,298		39,945
Johnson Controls, Inc.		1,040		32,739
Kohl’s Corp.		1,800		96,840
Las Vegas Sands Corp.*		900		42,039
McDonald’s Corp.		1,483		141,656
Men’s Wearhouse (The), Inc.		419		11,661
Mitsubishi Corp. (Japan)		1,170		23,376
Mitsui & Co. Ltd. (Japan)		1,399		21,301
Nike, Inc., Class B		600		57,707
Nintendo Co. Ltd. (Japan)		103		15,431
Nu Skin Enterprises, Inc., Class A		540		25,780
Penske Automotive Group, Inc.		540		10,957
Polaris Industries, Inc.		600		36,060
Red Robin Gourmet Burgers, Inc.*		500		13,290
Saks, Inc.*		919		8,749
Sally Beauty Holdings, Inc.*		1,500		30,150
Sony Corp. (Japan)		808		14,280
Steelcase, Inc., Class A		1,100		8,624
Target Corp.		1,000		52,700
Titan Machinery, Inc.*		800		17,360
Toyota Motor Corp. (Japan)		2,400		77,568
Ulta Salon Cosmetics & Fragrance, Inc.*		500		34,815
Under Armour, Inc., Class A*		451		36,680
Volvo AB, Class B (Sweden)		1,450		16,620
Wal-Mart Stores, Inc.		5,074		298,859


See Notes to Financial Statements.		18

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2020 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Number of Shares		Value

Consumer, Cyclical (Continued)
Warnaco Group (The), Inc.*		357	$	18,096
Watsco, Inc.		283		17,971
Wesfarmers Ltd. (Australia)		994		31,134
Wolverine World Wide, Inc.		400		14,736
World Fuel Services Corp.		473		20,278

				1,763,658

Consumer, Non-cyclical — 10.9%
Abbott Laboratories		2,259		123,228
Acacia Research — Acacia Technologies*		300		10,446
AMERIGROUP Corp.*		423		24,183
Amgen, Inc.		1,399		81,016
Anheuser-Busch InBev NV (Belgium)		789		47,052
AstraZeneca PLC (United Kingdom)		1,411		65,245
Bristol-Myers Squibb Co.		2,400		78,528
British American Tobacco PLC (United Kingdom)		1,871		86,663
Bruker Corp.*		1,333		16,689
Cardinal Health, Inc.		2,300		97,658
Catalyst Health Solutions, Inc.*		419		21,796
Centene Corp.*		339		13,123
Coca-Cola (The) Co.		3,297		221,657
Cubist Pharmaceuticals, Inc.*		500		19,285
DANONE S.A. (France)		531		35,058
Diageo PLC (United Kingdom)		2,446		52,397
Geo Group (The), Inc.*		600		10,620
Geron Corp.*		4,900		8,183
GlaxoSmithKline PLC (United Kingdom)		4,510		99,555
HEALTHSOUTH Corp.*		800		13,824
Healthspring, Inc.*		711		38,835
Healthways, Inc.*		1,200		7,812
Humana, Inc.		1,200		106,415
Imperial Tobacco Group PLC (United Kingdom)		947		34,078
Incyte Corp. Ltd.*		1,000		13,770
Intuitive Surgical, Inc.*		230		99,868
JM Smucker (The) Co.		800		60,784
Johnson & Johnson		4,188		271,047
Kraft Foods, Inc., Class A		2,498		90,303
Lancaster Colony Corp.		180		12,672
Lexicon Pharmaceuticals, Inc.*		11,600		13,572
Live Nation Entertainment, Inc.*		1,499		12,951
Magellan Health Services, Inc.*		308		15,603
MannKind Corp.*		5,500		16,830
MasterCard, Inc., Class A		176		65,921
Medicis Pharmaceutical Corp., Class A		500		16,325
Merck & Co., Inc.		4,518		161,519
Micromet, Inc.*		3,300		20,229
Navigant Consulting, Inc.*		1,700		19,159
Nestle S.A. (Switzerland)		3,165		177,871
Novartis AG (Switzerland)		2,064		111,596
Novo Nordisk A/S, Class B (Denmark)		372		42,288
Onyx Pharmaceuticals, Inc.*		600		26,460
Pfizer, Inc.		12,055		241,944
Pharmasset, Inc.*		600		78,594
Procter & Gamble (The) Co.		4,097		264,543
Quidel Corp.*		1,200		21,780


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
Roche Holding AG (Switzerland)		664	$	105,785
Rollins, Inc.		1,259		27,950
Ruddick Corp.		508		20,244
Salix Pharmaceuticals Ltd.*		640		28,250
Sanofi (France)		969		67,947
Seaboard Corp.		10		20,097
Seattle Genetics, Inc.*		1,100		18,293
Select Medical Holdings Corp.*		2,159		18,719
Sirona Dental Systems, Inc.*		429		19,065
Sotheby’s		720		22,615
Takeda Pharmaceutical Co. Ltd. (Japan)		616		24,956
Tesco PLC (United Kingdom)		7,993		50,939
Teva Pharmaceutical Industries Ltd. (Israel)		997		39,498
Tootsie Roll Industries, Inc.		500		12,055
TreeHouse Foods, Inc.*		400		26,372
Unilever NV (Netherlands)		1,316		44,811
Unilever PLC (United Kingdom)		1,299		43,660
United Rentals, Inc.*		500		14,070
UnitedHealth Group, Inc.		1,536		74,911
Viropharma, Inc.*		889		21,345
Visa, Inc., Class A		1,020		98,909

				3,969,466

Diversified — 0.1%
Hutchison Whampoa Ltd. (Hong Kong)		2,000		16,783
LVMH Moet Hennessy Louis Vuitton S.A. (France)		207		32,491

				49,274

Energy — 6.6%
Berry Petroleum Co., Class A		354		15,534
BG Group PLC (United Kingdom)		3,312		70,766
Bill Barrett Corp.*		354		13,806
BP PLC (United Kingdom)		17,630		127,759
Brigham Exploration Co.*		860		31,330
Cameron International Corp.*		1,600		86,384
CARBO Ceramics, Inc.		140		19,925
Chevron Corp.		2,799		287,793
ConocoPhillips		2,041		145,564
Crosstex Energy, Inc.		1,500		17,955
Dril-Quip, Inc.*		343		24,398
El Paso Corp.		5,200		130,052
Endeavour International Corp.*		1,300		8,983
ENI S.p.A (Italy)		2,408		50,827
EQT Corp.		900		55,809
Exxon Mobil Corp.		7,019		564,607
Halliburton Co.		1,200		44,160
McMoRan Exploration Co.*		1,200		19,176
Peabody Energy Corp.		1,763		69,162
Royal Dutch Shell PLC, Class A (United Kingdom)		3,210		112,283
Royal Dutch Shell PLC, Class B (United Kingdom)		2,597		93,373
RPC, Inc.		1,129		22,038
Schlumberger Ltd. (Netherland Antilles)		1,929		145,311
Southwestern Energy Co.*		2,074		78,916
Statoil ASA (Norway)		1,034		26,726


See Notes to Financial Statements.		19

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2020 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Number of Shares		Value

Energy (Continued)
Total S.A. (France)		1,960	$	101,145
Vantage Drilling Co.*		11,400		13,680
Woodside Petroleum Ltd. (Australia)		794		26,754

				2,404,216

Financial — 9.9%
1st Source Corp.		900		22,599
Alexander’s, Inc. REIT		32		12,692
Allianz SE (Germany)		434		44,974
Allstate (The) Corp.		3,800		101,802
Alterra Capital Holdings Ltd. (Bermuda)		900		20,655
American Campus Communities, Inc. REIT		694		27,302
American Capital Agency Corp. REIT		1,100		31,559
American Capital Ltd.*		2,819		19,648
American Express Co.		1,639		78,738
American International Group, Inc.*		2,900		67,599
Apollo Investment Corp.		2,239		16,143
Australia & New Zealand Banking Group Ltd. (Australia)		2,564		52,417
AvalonBay Communities, Inc. REIT		600		74,910
AXA S.A. (France)		1,974		28,486
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		4,883		41,241
Banco Santander S.A. (Spain)		8,745		65,912
Bank of America Corp.		16,537		89,961
Barclays PLC (United Kingdom)		12,300		34,870
Berkshire Hathaway, Inc., Class B*		3,684		290,151
BioMed Realty Trust, Inc. REIT		860		15,317
BNP Paribas (France)		1,079		42,805
Boston Private Financial Holdings, Inc.		3,200		24,864
Boston Properties, Inc. REIT		1,011		96,428
CBL & Associates Properties, Inc. REIT		999		14,276
Charles Schwab (The) Corp.		1,831		21,899
Chemical Financial Corp.		1,100		22,616
Citigroup, Inc.		4,395		120,775
Cohen & Steers, Inc.		300		8,166
Commonwealth Bank of Australia (Australia)		1,395		67,928
Credit Acceptance Corp.*		200		16,402
Credit Suisse Group AG (Switzerland)		1,107		26,710
DCT Industrial Trust, Inc. REIT		2,100		10,101
Deutsche Bank AG (Germany) (a)		897		34,553
Entertainment Properties Trust REIT		360		16,092
Equity Lifestyle Properties, Inc.		246		15,210
Equity One, Inc. REIT		1,149		19,200
Equity Residential REIT		480		26,491
Franklin Resources, Inc.		349		35,186
GAMCO Investors, Inc., Class A		200		9,442
Goldman Sachs Group (The), Inc.		773		74,100
Hatteras Financial Corp. REIT		600		16,080
HCP, Inc. REIT		2,800		108,219
HFF, Inc., Class A*		1,300		14,586
Highwoods Properties, Inc. REIT		527		15,199
Home Properties, Inc. REIT		400		21,988
HSBC Holdings PLC (United Kingdom)		17,018		132,358
ING Groep NV (Netherlands)*		3,721		28,747
Invesco Mortgage Capital, Inc. REIT		600		9,462
JPMorgan Chase & Co.		5,805		179,781
Kilroy Realty Corp. REIT		340		12,271


	Number of Shares		Value

Financial (Continued)
LaSalle Hotel Properties REIT		800	$	18,728
Lloyds Banking Group PLC (United Kingdom)*		51,523		20,117
Meadowbrook Insurance Group, Inc.		2,000		20,400
MFA Financial, Inc. REIT		3,140		21,603
Mid-America Apartment Communities, Inc. REIT		293		16,795
Mitsubishi UFJ Financial Group, Inc. (Japan)		10,170		42,970
Mizuho Financial Group, Inc. (Japan)		17,029		21,936
National Australia Bank Ltd. (Australia)		2,209		53,124
National Retail Properties, Inc. REIT		541		14,315
NewStar Financial, Inc.*		1,900		18,791
Nordea Bank AB (Sweden)		3,179		25,290
OMEGA Healthcare Investors, Inc. REIT		633		11,350
PennantPark Investment Corp.		1,800		19,080
Pinnacle Financial Partners, Inc.*		1,400		20,986
Post Properties, Inc. REIT		400		15,996
Primerica, Inc.		600		13,776
ProAssurance Corp.		251		19,982
Prosperity Bancshares, Inc.		435		17,396
Prudential PLC (United Kingdom)		2,578		25,261
Public Storage REIT		240		31,656
S&T Bancorp, Inc.		1,100		20,306
Signature Bank*		280		16,360
Simon Property Group, Inc. REIT		436		54,212
Societe Generale (France)		780		18,984
Standard Chartered PLC (United Kingdom)		2,003		43,600
Sumitomo Mitsui Financial Group, Inc. (Japan)		1,059		28,497
SVB Financial Group*		360		16,934
T. Rowe Price Group, Inc.		1,850		105,005
Tanger Factory Outlet Centers, Inc. REIT		481		13,636
UBS AG (Switzerland)*		4,110		50,486
Universal Health Realty Income Trust REIT		560		20,670
Washington Real Estate Investment Trust REIT		481		13,088
Wells Fargo & Co.		7,442		192,451
WesBanco, Inc.		1,000		19,640
Westamerica Bancorporation		336		15,426
Westpac Banking Corp. (Australia)		3,171		67,008
Weyerhaeuser Co. REIT		3,594		60,343
Zurich Financial Services AG (Switzerland)		167		36,716

				3,621,825

Industrial — 4.7%
ABB Ltd. (Switzerland)		1,936		36,757
Actuant Corp., Class A		600		13,752
Acuity Brands, Inc.		480		24,120
AO Smith Corp.		400		15,704
Brady Corp., Class A		340		10,180
Brink’s (The) Co.		400		9,848
Caterpillar, Inc.		885		86,624
CIE de St-Gobain (France)		415		17,544
CLARCOR, Inc.		391		18,932
Clean Harbors, Inc.*		440		26,387
Cymer, Inc.*		300		13,416
Drew Industries, Inc.*		900		19,530
Eaton Corp.		505		22,680
Emerson Electric Co.		1,176		61,445
EnerSys*		260		6,253


See Notes to Financial Statements.		20

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2020 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Number of Shares		Value

Industrial (Continued)
Fanuc Corp. (Japan)		133	$	21,022
FedEx Corp.		480		39,878
FEI Co.*		300		12,108
General Dynamics Corp.		600		39,636
General Electric Co.		15,933		253,495
Genesee & Wyoming, Inc., Class A*		300		18,321
Golar LNG Ltd. (Bermuda)		500		21,800
GrafTech International Ltd.*		946		13,660
Greenbrier Cos., Inc.*		900		19,980
HEICO Corp.		400		23,736
Hitachi Ltd. (Japan)		4,000		21,796
Ingersoll-Rand PLC (Ireland)		2,490		82,469
Jacobs Engineering Group, Inc.*		900		37,386
John Bean Technologies Corp.		1,000		16,460
Komatsu Ltd. (Japan)		560		13,670
Koninklijke Philips Electronics NV (Netherlands)		1,042		21,110
Measurement Specialties, Inc.*		600		17,118
Mitsubishi Electric Corp. (Japan)		1,399		12,831
Multi-Fineline Electronix, Inc.*		1,000		20,930
Nordson Corp.		600		28,236
Norfolk Southern Corp.		500		37,770
Old Dominion Freight Line, Inc.*		500		19,405
Polypore International, Inc.*		400		19,620
Republic Services, Inc.		2,714		74,499
Robbins & Myers, Inc.		300		15,960
Sauer-Danfoss, Inc.*		400		15,036
Schneider Electric S.A. (France)		462		26,121
Siemens AG (Germany)		810		81,768
Silgan Holdings, Inc.		576		22,429
Stanley Black & Decker, Inc.		1,200		78,516
Teledyne Technologies, Inc.*		300		17,004
Thermo Fisher Scientific, Inc.*		640		30,240
Triumph Group, Inc.		400		23,796
United Parcel Service, Inc., Class B		1,398		100,307
Vinci S.A. (France)		454		20,232

				1,701,517

Technology — 6.3%
Accenture PLC, Class A (Ireland)		900		52,137
Activision Blizzard, Inc.		7,400		91,908
Apple, Inc.*		1,188		454,054
Ariba, Inc.*		800		24,280
CACI International, Inc., Class A*		210		11,840
Canon, Inc. (Japan)		1,000		44,055
Concur Technologies, Inc.*		472		22,293
Deltek, Inc.*		2,700		22,005
EPIQ Systems, Inc.		1,400		18,900
Fortinet, Inc.*		1,200		28,788
Hewlett-Packard Co.		3,200		89,440
Intel Corp.		7,537		187,746
International Business Machines Corp.		1,660		312,080
Jack Henry & Associates, Inc.		764		25,372
Magma Design Automation, Inc.*		2,500		14,300
Mantech International Corp., Class A		300		10,140
Mentor Graphics Corp.*		1,244		15,849
Microsemi Corp.*		800		14,208


	Number of Shares		Value
Technology (Continued)

Microsoft Corp.		11,443	$	292,711
Monolithic Power Systems, Inc.*		1,400		16,856
Monotype Imaging Holdings, Inc.*		1,400		20,762
Omnicell, Inc.*		1,200		19,392
Oracle Corp.		7,700		241,394
Parametric Technology Corp.*		740		15,414
QLIK Technologies, Inc.*		700		19,159
Quality Systems, Inc.		454		16,049
Quest Software, Inc.*		779		14,077
Riverbed Technology, Inc.*		1,421		36,946
Silicon Graphics International Corp.*		1,200		17,904
Silicon Image, Inc.*		3,100		15,221
TriQuint Semiconductor, Inc.*		1,688		7,377
VeriFone Systems, Inc.*		760		33,326
Xerox Corp.		9,556		77,882

				2,283,865

Utilities — 0.8%
CenterPoint Energy, Inc.		2,800		55,720
E.ON AG (Germany)		1,694		41,868
ENEL S.p.A (Italy)		7,248		30,754
GDF Suez (France)		1,275		35,674
Iberdrola S.A. (Spain)		4,035		26,925
National Grid PLC (United Kingdom)		3,355		32,953
Piedmont Natural Gas Co., Inc.		474		15,628
South Jersey Industries, Inc.		200		11,236
Southern Co.		1,288		56,556

				307,314

TOTAL COMMON STOCKS (Cost $20,338,429)				19,397,314

PREFERRED STOCKS — 0.1%
Consumer, Cyclical — 0.1%
Volkswagen AG (Germany)		132		22,682

TOTAL PREFERRED STOCKS (Cost $28,230)				22,682


	Principal Amount		Value

CORPORATE BONDS — 9.5%
Basic Materials — 0.2%
BHP Billiton Finance USA Ltd. (Australia) 4.80%, 4/15/13	$	55,000		58,150

Communications — 0.7%
Cellco Partnership/Verizon Wireless Capital LLC 5.55%, 2/01/14		94,000		102,330
Comcast Cable Communications Holdings, Inc. 8.375%, 3/15/13		105,000		114,778
Google, Inc. 1.25%, 5/19/14		20,000		20,311
Telefonica Emisiones S.A.U (Spain) 4.949%, 1/15/15		20,000		19,755

				257,174


See Notes to Financial Statements.		21

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2020 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Principal Amount		Value

Consumer, Cyclical — 0.2%
Wal-Mart Stores, Inc. 4.55%, 5/01/13	$	85,000	$	89,903

Consumer, Non-cyclical — 0.5%
Anheuser-Busch InBev Worldwide, Inc. 4.125%, 1/15/15		20,000		21,565
Kroger (The) Co. 5.50%, 2/01/13		85,000		88,818
Wyeth 5.50%, 2/01/14		65,000		71,496

				181,879

Energy — 0.9%
Apache Corp. 5.25%, 4/15/13		55,000		58,384
Chevron Corp. 3.95%, 3/03/14		87,000		93,259
Spectra Energy Capital LLC 6.25%, 2/15/13		170,000		178,834

				330,477

Financial — 4.8%
Bank of America Corp. 4.875%, 1/15/13		70,000		69,964
Bank of New York Mellon (The) Corp. 4.30%, 5/15/14		110,000		117,851
Barclays PLC (United Kingdom) 5.20%, 7/10/14		55,000		57,005
Caterpillar Financial Services Corp., MTN 6.125%, 2/17/14		83,000		92,272
Citigroup, Inc. 6.375%, 8/12/14		75,000		79,072
General Electric Capital Corp., Series G, MTN 5.25%, 10/19/12		35,000		36,397
Goldman Sachs Group (The), Inc. 5.00%, 10/01/14		199,000		202,320
HSBC Finance Corp. 6.375%, 11/27/12		170,000		174,603
JPMorgan Chase & Co. 5.75%, 1/02/13		175,000		181,677
Merrill Lynch & Co., Inc., Series C, MTN 5.00%, 1/15/15		154,000		147,135
Morgan Stanley 5.30%, 3/01/13		149,000		148,848
Oesterreichische Kontrollbank AG (Austria) 1.375%, 1/21/14		70,000		69,964
Prudential Financial, Inc., Series B, MTN 5.10%, 9/20/14		85,000		91,151
Wachovia Corp. 5.25%, 8/01/14		102,000		107,750
Wells Fargo & Co. 5.00%, 11/15/14		150,000		159,075

				1,735,084

Government — 1.9%
European Investment Bank, MTN (Supranational) 4.625%, 5/15/14		625,000		674,473


	Principal Amount		Value

Technology — 0.1%
Hewlett-Packard Co. 6.125%, 3/01/14	$	45,000	$	49,446

Utilities — 0.2%
Exelon Generation Co. LLC 5.35%, 1/15/14		85,000		91,015

TOTAL CORPORATE BONDS (Cost $3,454,695)				3,467,601

UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 35.3%
Federal Home Loan Mortgage Corp. — 2.3%
4.50%, 1/15/13		790,000		827,685

Federal National Mortgage Association — 0.3%
1.50%, 6/26/13		98,000		99,841

United States Treasury Bonds/Notes — 32.7%
1.75%, 8/15/12		895,000		905,523
0.375%, 10/31/12		220,000		220,507
1.375%, 2/15/13		889,000		901,918
1.375%, 3/15/13		895,000		908,880
1.75%, 4/15/13		890,000		909,051
1.375%, 5/15/13		895,000		910,103
1.125%, 6/15/13		950,000		963,211
3.375%, 7/31/13		879,000		925,045
3.125%, 8/31/13		865,000		908,487
0.75%, 9/15/13		855,000		862,749
4.75%, 5/15/14		1,026,300		1,137,108
2.375%, 9/30/14		870,000		918,802
2.625%, 12/31/14		870,000		928,521
2.50%, 3/31/15		510,600		544,826

				11,944,731

TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $12,773,288)				12,872,257

SOVEREIGN BONDS — 1.5%
Federal National Mortgage Association 2.625%, 11/20/14		470,000		497,847
United Mexican States, Series A, MTN (Mexico) 6.375%, 1/16/13		53,000		56,048

TOTAL SOVEREIGN BONDS (Cost $545,836)				553,895


	Number of Shares
RIGHTS — 0.0% (b)
Consumer, Non-cyclical — 0.0% (b)
Lexicon Pharmaceuticals, Inc., expires 12/22/11*		11,600		198

TOTAL RIGHTS (Cost $0)				198


TOTAL INVESTMENTS — 99.6%
(Cost $37,140,478)			$	36,313,947
Other assets less liabilities — 0.4%				137,878

NET ASSETS — 100.0%			$	36,451,825


See Notes to Financial Statements.		22

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2020 Target Date Fund (Continued)

November 30, 2011 (Unaudited)

MTN – Medium Term Note.

REIT – Real Estate Investment Trust.

* Non-Income producing securities.

(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%.


See Notes to Financial Statements.		23

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund

November 30, 2011 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 75.8%
Basic Materials — 3.9%
Air Liquide S.A. (France)		304	$	38,451
Allied Nevada Gold Corp.*		710		25,482
Anglo American PLC (United Kingdom)		1,472		56,027
BASF SE (Germany)		961		69,909
Bayer AG (Germany)		919		60,322
BHP Billiton Ltd. (Australia)		3,487		125,089
BHP Billiton PLC (United Kingdom)		2,249		68,941
Coeur d’Alene Mines Corp.*		720		21,074
Dow Chemical (The) Co.		2,031		56,279
E.I. du Pont de Nemours & Co.		1,402		66,903
Freeport-McMoRan Copper & Gold, Inc.		1,419		56,192
Hecla Mining Co.		2,362		14,621
Horsehead Holding Corp.*		1,837		17,066
Linde AG (Germany)		170		26,134
Molycorp, Inc.*		875		29,619
Newcrest Mining Ltd. (Australia)		765		27,192
Newmont Mining Corp.		810		55,793
Quaker Chemical Corp.		525		20,428
Rio Tinto Ltd. (Australia)		492		31,817
Rio Tinto PLC (United Kingdom)		1,433		75,255
Rockwood Holdings, Inc.*		562		25,043
Syngenta AG (Switzerland)		114		33,518
Vulcan Materials Co.		1,261		40,907
Westlake Chemical Corp.		612		25,704
WR Grace & Co.*		700		29,169
Xstrata PLC (United Kingdom)		2,218		35,478

				1,132,413

Communications — 9.0%
AboveNet, Inc.*		262		15,652
Acme Packet, Inc.*		700		23,401
Amazon.com, Inc.*		700		134,603
Anixter International, Inc.*		519		31,872
Aruba Networks, Inc.*		962		20,298
AT&T, Inc.		10,296		298,378
Cisco Systems, Inc.		9,355		174,377
Comcast Corp., Class A		4,645		105,302
Corning, Inc.		2,487		33,003
Deutsche Telekom AG (Germany)		3,050		39,580
DISH Network Corp., Class A*		3,237		79,533
eBay, Inc.*		2,012		59,535
France Telecom S.A. (France)		2,153		37,098
Google, Inc., Class A*		451		270,325
InterDigital, Inc.		350		15,386
IPG Photonics Corp.*		437		16,750
Motorola Solutions, Inc.*		2,800		130,676
News Corp., Class A		3,405		59,383
Nokia OYJ (Finland)		4,615		26,552
NTT DoCoMo, Inc. (Japan)		18		31,302
QUALCOMM, Inc.		2,712		148,618
Rackspace Hosting, Inc.*		1,156		50,147
Softbank Corp. (Japan)		787		25,821
Sprint Nextel Corp.*		23,447		63,307
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		3,058		32,807
Thomson Reuters Corp. (Canada)		1,400		37,898


	Number of Shares			Value

Communications (Continued)
TIBCO Software, Inc.*		1,502		$	41,155
Time Warner, Inc.		1,954			68,038
United Online, Inc.		3,762			19,863
Verizon Communications, Inc.		4,608			173,860
Viasat, Inc.*		437			20,679
Vivendi (France)		1,389			32,011
Vodafone Group PLC (United Kingdom)		58,702			158,986
Walt Disney (The) Co.		3,205	��		114,900
Yahoo!, Inc.*		2,777			43,627

					2,634,723

Consumer, Cyclical — 7.0%
Alaska Air Group, Inc.*		389			27,004
Ascena Retail Group, Inc.*		620			17,062
Bayerische Motoren Werke AG (Germany)		307			23,135
Bebe Stores, Inc.		3,062			22,536
Brunswick Corp.		875			16,293
Cabela’s, Inc.*		612			14,425
Cash America International, Inc.		389			19,337
Cie Financiere Richemont S.A. (Switzerland)		515			27,845
Cinemark Holdings, Inc.		1,343			26,309
Columbia Sportswear Co.		199			10,109
CROCS, Inc.*		787			12,206
CVS Caremark Corp.		2,288			88,866
Daimler AG (Germany)		900			40,720
Dana Holding Corp.*		1,711			21,319
Deckers Outdoor Corp.*		291			31,703
Dillard’s, Inc., Class A		496			23,312
DSW, Inc., Class A		437			19,665
Ford Motor Co.*		6,531			69,229
Hennes & Mauritz AB, Class B (Sweden)		1,047			33,224
Honda Motor Co. Ltd. (Japan)		1,538			47,331
Johnson Controls, Inc.		1,089			34,282
Kohl’s Corp.		2,100			112,980
Las Vegas Sands Corp.*		1,050			49,046
McDonald’s Corp.		1,744			166,586
Men’s Wearhouse (The), Inc.		304			8,460
Mitsubishi Corp. (Japan)		1,572			31,407
Mitsui & Co. Ltd. (Japan)		1,342			20,433
Nike, Inc., Class B		778			74,828
Nintendo Co. Ltd. (Japan)		108			16,180
Nu Skin Enterprises, Inc., Class A		700			33,418
Penske Automotive Group, Inc.		1,089			22,096
Polaris Industries, Inc.		779			46,817
Red Robin Gourmet Burgers, Inc.*		612			16,267
Saks, Inc.*		2,101			20,002
Sally Beauty Holdings, Inc.*		1,750			35,175
Sony Corp. (Japan)		1,204			21,279
Target Corp.		1,050			55,335
Titan Machinery, Inc.*		875			18,988
Toyota Motor Corp. (Japan)		2,819			91,109
Ulta Salon Cosmetics & Fragrance, Inc.*		525			36,556
Under Armour, Inc., Class A*		447			36,355
Volvo AB, Class B (Sweden)		1,659			19,016
Wal-Mart Stores, Inc.		5,796			341,383
Warnaco Group (The), Inc.*		475			24,078
Watsco, Inc.		315			20,003


See Notes to Financial Statements.		24

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Number of Shares		Value

Consumer, Cyclical (Continued)
Wesfarmers Ltd. (Australia)		1,137	$	35,614
Wolverine World Wide, Inc.		525		19,341
World Fuel Services Corp.		891		38,197

				2,036,861

Consumer, Non-cyclical — 15.3%
Abbott Laboratories		2,651		144,612
AMERIGROUP Corp.*		397		22,696
Amgen, Inc.		1,711		99,084
Anheuser-Busch InBev NV (Belgium)		692		41,267
AstraZeneca PLC (United Kingdom)		1,473		68,112
Bristol-Myers Squibb Co.		2,800		91,616
British American Tobacco PLC (United Kingdom)		1,951		90,369
Bruker Corp.*		1,568		19,631
Cardinal Health, Inc.		2,712		115,152
Catalyst Health Solutions, Inc.*		639		33,241
Centene Corp.*		660		25,549
Coca-Cola (The) Co.		3,800		255,474
Cubist Pharmaceuticals, Inc.*		612		23,605
DANONE S.A. (France)		569		37,567
Diageo PLC (United Kingdom)		2,561		54,861
Geron Corp.*		5,687		9,497
GlaxoSmithKline PLC (United Kingdom)		5,605		123,726
HEALTHSOUTH Corp.*		1,245		21,514
Healthspring, Inc.*		739		40,364
Healthways, Inc.*		1,312		8,541
Humana, Inc.		1,312		116,347
Imperial Tobacco Group PLC (United Kingdom)		1,083		38,972
Incyte Corp. Ltd.*		1,137		15,656
Intuitive Surgical, Inc.*		262		113,764
Invacare Corp.		367		7,538
JM Smucker (The) Co.		962		73,093
Johnson & Johnson		4,722		305,608
Kraft Foods, Inc., Class A		2,887		104,365
Lancaster Colony Corp.		130		9,152
Lexicon Pharmaceuticals, Inc.*		13,211		15,457
Live Nation Entertainment, Inc.*		2,567		22,179
Magellan Health Services, Inc.*		525		26,597
MannKind Corp.*		6,387		19,544
Mastercard, Inc., Class A		241		90,267
Medicis Pharmaceutical Corp., Class A		612		19,982
Merck & Co., Inc.		5,430		194,123
Micromet, Inc.*		3,762		23,061
Navigant Consulting, Inc.*		2,012		22,675
Nestle S.A. (Switzerland)		3,556		199,845
Novartis AG (Switzerland)		2,208		119,382
Novo Nordisk A/S, Class B (Denmark)		478		54,337
Onyx Pharmaceuticals, Inc.*		612		26,989
Pfizer, Inc.		13,861		278,190
Pharmasset, Inc.*		525		68,770
Procter & Gamble (The) Co.		4,673		301,736
Quidel Corp.*		1,400		25,410
Roche Holding AG (Switzerland)		760		121,079
Rollins, Inc.		1,054		23,399
Ruddick Corp.		361		14,386


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
Salix Pharmaceuticals Ltd.*		700	$	30,898
Sanofi (France)		1,212		84,987
Seaboard Corp.		16		32,155
Seattle Genetics, Inc.*		1,225		20,372
Sirona Dental Systems, Inc.*		492		21,864
Sotheby’s		778		24,437
Takeda Pharmaceutical Co. Ltd. (Japan)		842		34,112
Tesco PLC (United Kingdom)		9,514		60,633
Teva Pharmaceutical Industries Ltd. (Israel)		1,067		42,271
Tootsie Roll Industries, Inc.		525		12,658
TreeHouse Foods, Inc.*		466		30,723
Unilever NV (Netherlands)		1,737		59,146
Unilever PLC (United Kingdom)		1,358		45,643
UnitedHealth Group, Inc.		1,835		89,493
Visa, Inc., Class A		1,187		115,103

				4,482,876

Diversified — 0.2%
Hutchison Whampoa Ltd. (Hong Kong)		2,625		22,028
LVMH Moet Hennessy Louis Vuitton S.A. (France)		236		37,043

				59,071

Energy — 9.4%
Berry Petroleum Co., Class A		401		17,596
BG Group PLC (United Kingdom)		3,498		74,740
Bill Barrett Corp.*		316		12,324
BP PLC (United Kingdom)		20,169		146,158
Brigham Exploration Co.*		953		34,718
Cameron International Corp.*		1,837		99,180
CARBO Ceramics, Inc.*		199		28,322
Chevron Corp.		3,183		327,276
ConocoPhillips		2,433		173,522
Crosstex Energy, Inc.		1,750		20,948
Dril-Quip, Inc.*		473		33,644
El Paso Corp.		6,037		150,985
Endeavour International Corp.*		1,575		10,883
ENI S.p.A (Italy)		2,926		61,761
EQT Corp.		962		59,654
Exxon Mobil Corp.		7,928		637,727
Halliburton Co.		1,400		51,520
McMoRan Exploration Co.*		1,312		20,966
Peabody Energy Corp.		2,036		79,872
Royal Dutch Shell PLC, Class A (United Kingdom)		3,864		135,159
Royal Dutch Shell PLC, Class B (United Kingdom)		2,971		106,820
RPC, Inc.		1,253		24,459
Schlumberger Ltd. (Netherland Antilles)		2,164		163,014
Southwestern Energy Co.*		2,399		91,282
Statoil ASA (Norway)		1,252		32,360
Total S.A. (France)		2,305		118,949
Vantage Drilling Co.*		13,036		15,643
Woodside Petroleum Ltd. (Australia)		783		26,384

				2,755,866


See Notes to Financial Statements.		25

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Number of Shares		Value

Financial — 14.2%
1st Source Corp.		1,050	$	26,366
Alexander’s, Inc. REIT		100		39,661
Allianz SE (Germany)		516		53,471
Allstate (The) Corp.		4,374		117,179
Alterra Capital Holdings Ltd. (Bermuda)		1,050		24,098
American Campus Communities, Inc. REIT		719		28,285
American Capital Agency Corp. REIT		1,225		35,145
American Capital Ltd.*		4,201		29,281
American Express Co.		2,023		97,185
American International Group, Inc.*		3,325		77,506
Apollo Investment Corp.		2,411		17,383
Australia & New Zealand Banking Group Ltd. (Australia)		2,743		56,076
AvalonBay Communities, Inc. REIT		700		87,395
AXA S.A. (France)		2,004		28,919
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		5,092		43,006
Banco Santander S.A. (Spain)		10,004		75,401
Bank of America Corp.		18,911		102,876
Barclays PLC (United Kingdom)		16,066		45,547
Berkshire Hathaway, Inc., Class B*		4,214		331,895
BioMed Realty Trust, Inc. REIT		1,400		24,934
BNP Paribas (France)		1,234		48,954
Boston Private Financial Holdings, Inc.		3,674		28,547
Boston Properties, Inc. REIT		1,070		102,057
CBL & Associates Properties, Inc. REIT		1,711		24,450
Charles Schwab (The) Corp.		1,996		23,872
Chemical Financial Corp.		1,225		25,186
Citigroup, Inc.		5,086		139,763
Commonwealth Bank of Australia (Australia)		1,711		83,316
Credit Acceptance Corp.*		214		17,550
Credit Suisse Group AG (Switzerland)		1,412		34,069
Deutsche Bank AG (Germany) (a)		1,121		43,181
Entertainment Properties Trust REIT		544		24,317
Equity Lifestyle Properties, Inc. REIT		358		22,135
Equity One, Inc. REIT		1,190		19,885
Equity Residential REIT		466		25,719
Franklin Resources, Inc.		392		39,521
Goldman Sachs Group (The), Inc.		886		84,932
Hatteras Financial Corp. REIT		700		18,760
HCP, Inc. REIT		3,237		125,110
HFF, Inc., Class A*		1,487		16,684
Highwoods Properties, Inc. REIT		451		13,007
Home Properties, Inc. REIT		204		11,214
HSBC Holdings PLC (United Kingdom)		19,829		154,220
ING Groep NV (Netherlands)*		4,810		37,160
JPMorgan Chase & Co.		6,693		207,283
Kilroy Realty Corp. REIT		700		25,263
LaSalle Hotel Properties REIT		856		20,039
Lloyds Banking Group PLC (United Kingdom)*		53,419		20,857
Meadowbrook Insurance Group, Inc.		2,362		24,092
MFA Financial, Inc. REIT		3,247		22,339
Mid-America Apartment Communities, Inc. REIT		406		23,272
Mitsubishi UFJ Financial Group, Inc. (Japan)		11,673		49,320
Mizuho Financial Group, Inc. (Japan)		18,221		23,472
National Australia Bank Ltd. (Australia)		2,313		55,626
National Retail Properties, Inc. REIT		544		14,394


	Number of Shares		Value

Financial (Continued)
NewStar Financial, Inc.*		2,187	$	21,629
Nordea Bank AB (Sweden)		3,303		26,276
OMEGA Healthcare Investors, Inc. REIT		1,173		21,032
PennantPark Investment Corp.		2,012		21,327
Pinnacle Financial Partners, Inc.*		1,575		23,609
Post Properties, Inc. REIT		437		17,476
Primerica, Inc.		500		11,480
ProAssurance Corp.		205		16,320
Prosperity Bancshares, Inc.		656		26,233
Prudential PLC (United Kingdom)		2,949		28,896
Public Storage REIT		311		41,021
S&T Bancorp, Inc.		1,312		24,220
Signature Bank*		544		31,786
Simon Property Group, Inc. REIT		455		56,575
Societe Generale (France)		825		20,079
Standard Chartered PLC (United Kingdom)		2,268		49,369
Sumitomo Mitsui Financial Group, Inc. (Japan)		1,539		41,414
SVB Financial Group*		544		25,590
T. Rowe Price Group, Inc.		1,984		112,612
Tanger Factory Outlet Centers, Inc. REIT		915		25,940
UBS AG (Switzerland)*		4,408		54,147
Universal Health Realty Income Trust REIT		622		22,958
Washington Real Estate Investment Trust REIT		809		22,013
Wells Fargo & Co.		8,997		232,661
WesBanco, Inc.		1,137		22,331
Westpac Banking Corp. (Australia)		3,348		70,749
Weyerhaeuser Co. REIT		4,609		77,385
Zurich Financial Services AG (Switzerland)		171		37,595

				4,173,898

Industrial — 6.6%
ABB Ltd. (Switzerland)		2,157		40,952
Actuant Corp., Class A		612		14,027
Acuity Brands, Inc.		544		27,336
AO Smith Corp.		437		17,157
Brady Corp., Class A		700		20,958
Caterpillar, Inc.		1,033		101,111
CIE de St-Gobain (France)		475		20,081
CLARCOR, Inc.		720		34,862
Clean Harbors, Inc.*		429		25,727
Drew Industries, Inc.*		962		20,875
Eaton Corp.		576		25,868
Emerson Electric Co.		1,242		64,894
EnerSys*		622		14,959
Fanuc Corp. (Japan)		145		22,918
FedEx Corp.		466		38,715
General Dynamics Corp.		635		41,948
General Electric Co.		18,517		294,606
Genesee & Wyoming, Inc., Class A*		437		26,688
Golar LNG Ltd. (Bermuda)		612		26,683
GrafTech International Ltd.*		1,458		21,054
Greenbrier Cos., Inc.*		1,050		23,310
HEICO Corp.		437		25,932
Hitachi Ltd. (Japan)		4,374		23,834
Ingersoll-Rand PLC (Ireland)		2,684		88,894
Jacobs Engineering Group, Inc.*		1,050		43,617
John Bean Technologies Corp.		1,225		20,164


See Notes to Financial Statements.		26

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Number of Shares		Value

Industrial (Continued)
Komatsu Ltd. (Japan)		1,011	$	24,679
Koninklijke Philips Electronics NV (Netherlands)		1,147		23,238
Measurement Specialties, Inc.*		700		19,971
Mitsubishi Electric Corp. (Japan)		2,334		21,407
Multi-Fineline Electronix, Inc.*		1,137		23,797
Nordson Corp.		779		36,660
Norfolk Southern Corp.		612		46,230
Old Dominion Freight Line, Inc.*		525		20,375
Polypore International, Inc.*		437		21,435
Republic Services, Inc.		3,154		86,577
Robbins & Myers, Inc.		350		18,620
Sauer-Danfoss, Inc.*		437		16,427
Schneider Electric S.A. (France)		471		26,630
Siemens AG (Germany)		857		86,512
Silgan Holdings, Inc.		576		22,429
Stanley Black & Decker, Inc.		1,312		85,844
Teledyne Technologies, Inc.*		350		19,838
Thermo Fisher Scientific, Inc.*		700		33,075
Triumph Group, Inc.		437		25,997
United Parcel Service, Inc., Class B		1,617		116,020
Vinci S.A. (France)		472		21,034

				1,923,965

Technology — 9.0%
Accenture PLC, Class A (Ireland)		962		55,729
Activision Blizzard, Inc.		8,486		105,396
Apple, Inc.*		1,316		502,975
Ariba, Inc.*		875		26,556
CACI International, Inc., Class A*		424		23,905
Canon, Inc. (Japan)		1,137		50,091
Concur Technologies, Inc.*		696		32,872
Deltek, Inc.*		3,062		24,955
EPIQ Systems, Inc.		1,575		21,263
Fortinet, Inc.*		1,400		33,586
Hewlett-Packard Co.		3,675		102,716
Intel Corp.		8,869		220,927
International Business Machines Corp.		1,890		355,320
Jack Henry & Associates, Inc.		1,206		40,051
Magma Design Automation, Inc.*		2,887		16,514
Mantech International Corp., Class A		350		11,830
Microsemi Corp.*		875		15,540
Microsoft Corp.		12,964		331,619
Monolithic Power Systems, Inc.*		1,575		18,963
Monotype Imaging Holdings, Inc.*		1,575		23,357
Omnicell, Inc.*		1,312		21,202
Oracle Corp.		8,749		274,281
Parametric Technology Corp.*		1,652		34,411
QLIK Technologies, Inc.*		787		21,540
Quality Systems, Inc.		534		18,877
Quest Software, Inc.*		1,323		23,907
Riverbed Technology, Inc.*		1,631		42,406
Silicon Graphics International Corp.*		1,400		20,888
Silicon Image, Inc.*		3,499		17,180
TriQuint Semiconductor, Inc.*		1,828		7,988
VeriFone Systems, Inc.*		1,011		44,332
Xerox Corp.		12,214		99,544

				2,640,721


	Number of Shares		Value

Utilities — 1.2%
CenterPoint Energy, Inc.		3,237	$	64,417
E.ON AG (Germany)		2,313		57,167
ENEL S.p.A (Italy)		7,707		32,701
GDF Suez (France)		1,325		37,073
Iberdrola S.A. (Spain)		4,616		30,802
National Grid PLC (United Kingdom)		3,838		37,697
Piedmont Natural Gas Co., Inc.		921		30,365
South Jersey Industries, Inc.		200		11,236
Southern Co.		1,374		60,332

				361,790

TOTAL COMMON STOCKS (Cost $23,552,647)				22,202,184

PREFERRED STOCKS — 0.1%
Consumer, Cyclical — 0.1%
Volkswagen AG (Germany)		151		25,947

TOTAL PREFERRED STOCKS (Cost $32,294)				25,947


	Principal Amount		Value

CORPORATE BONDS — 13.5%
Basic Materials — 0.3%
Vale Overseas Ltd. (Cayman Islands) 6.875%, 11/21/36	$	75,000		82,346

Communications — 3.1%
BellSouth Corp. 6.00%, 11/15/34		156,000		172,225
British Telecommunications PLC (United Kingdom) 9.875%, 12/15/30		26,000		36,172
CBS Corp. 7.875%, 7/30/30		39,000		48,833
Cisco Systems, Inc. 5.90%, 2/15/39		40,000		47,830
Comcast Corp. 6.45%, 3/15/37		96,000		109,268
Deutsche Telekom International Finance BV (Netherlands) 8.75%, 6/15/30		60,000		81,728
News America, Inc. 6.20%, 12/15/34		67,000		70,582
Telecom Italia Capital S.A. (Luxembourg) 7.721%, 6/04/38		37,000		30,918
Time Warner Cable, Inc. 6.55%, 5/01/37		72,000		79,773
Time Warner, Inc. 7.70%, 5/01/32		67,000		83,629
Verizon Global Funding Corp. 7.75%, 12/01/30		108,000		144,675

				905,633

Consumer, Cyclical — 1.0%
CVS Caremark Corp. 6.125%, 9/15/39		38,000		42,427

��


See Notes to Financial Statements.		27

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Principal Amount		Value

Consumer, Cyclical (Continued)
Target Corp. 7.00%, 1/15/38	$	110,000	$	143,093
Wal-Mart Stores, Inc. 6.50%, 8/15/37		92,000		116,432

				301,952

Consumer, Non-cyclical — 1.6%
Aetna, Inc. 6.625%, 6/15/36		15,000		18,140
Anheuser-Busch InBev Worldwide, Inc. 8.00%, 11/15/39		26,000		39,122
AstraZeneca PLC (United Kingdom) 6.45%, 9/15/37		39,000		50,480
Bristol-Myers Squibb Co. 5.875%, 11/15/36		45,000		55,248
Eli Lilly & Co. 5.55%, 3/15/37		26,000		30,856
Johnson & Johnson 5.95%, 8/15/37		28,000		36,623
Kroger (The) Co. 5.40%, 7/15/40		26,000		27,502
Pepsi Bottling Group, Inc., Series B 7.00%, 3/01/29		55,000		75,262
Procter & Gamble (The) Co. 5.55%, 3/05/37		37,000		47,119
Unilever Capital Corp. 5.90%, 11/15/32		64,000		81,167

				461,519

Energy — 1.7%
Apache Corp. 6.00%, 1/15/37		34,000		42,115
ConocoPhillips 5.90%, 10/15/32		167,000		200,521
Kinder Morgan Energy Partners LP, MTN 6.95%, 1/15/38		96,000		106,354
Shell International Finance BV (Netherlands) 6.375%, 12/15/38		66,000		87,672
Suncor Energy, Inc. (Canada) 6.50%, 6/15/38		26,000		30,141
TransCanada PipeLines Ltd. (Canada) 7.625%, 1/15/39		14,000		19,457
Transocean, Inc. (Cayman Islands) 6.80%, 3/15/38		30,000		28,363

				514,623

Financial — 2.7%
Allstate (The) Corp. 5.55%, 5/09/35		69,000		70,856
Bank of America NA 6.00%, 10/15/36		73,000		60,968
Chubb Corp. 6.00%, 5/11/37		23,000		26,740
Citigroup, Inc. 8.125%, 7/15/39		129,000		149,848
Credit Suisse (USA), Inc. 7.125%, 7/15/32		114,000		129,529


	Principal Amount		Value

Financial (Continued)
General Electric Capital Corp., Series A, MTN 6.75%, 3/15/32	$	118,000	$	128,040
Goldman Sachs Group (The), Inc. 6.75%, 10/01/37		58,000		51,752
HSBC Holdings PLC (United Kingdom) 6.50%, 9/15/37		50,000		47,790
JPMorgan Chase Capital XXV, Series Y 6.80%, 10/01/37		61,000		61,367
Principal Financial Group, Inc. 6.05%, 10/15/36		24,000		24,411
Wachovia Bank NA, MTN 6.60%, 1/15/38		40,000		43,776

				795,077

Industrial — 0.9%
Burlington Northern Santa Fe LLC 6.15%, 5/01/37		22,000		27,203
CSX Corp. 6.00%, 10/01/36		64,000		74,377
Lockheed Martin Corp., Series B 6.15%, 9/01/36		11,000		12,416
Norfolk Southern Corp. 7.90%, 5/15/97		27,000		41,330
Republic Services, Inc. 4.75%, 5/15/23		56,000		60,387
United Parcel Service, Inc. 6.20%, 1/15/38		13,000		16,451
United Technologies Corp. 6.125%, 7/15/38		27,000		33,682

				265,846

Technology — 0.2%
Oracle Corp. — 144A 5.375%, 7/15/40		43,000		49,652

Utilities — 2.0%
Florida Power & Light Co. 5.95%, 2/01/38		46,000		59,865
MidAmerican Energy Holdings Co. 6.125%, 4/01/36		116,000		138,529
Oncor Electric Delivery Co. LLC 7.00%, 9/01/22		62,000		78,446
Pacific Gas & Electric Co. 6.05%, 3/01/34		145,000		174,824
Southern California Edison Co. 6.05%, 3/15/39		18,000		23,849
Southern California Gas Co. 5.125%, 11/15/40		91,000		108,160

				583,673

TOTAL CORPORATE BONDS (Cost $3,806,538)				3,960,321

UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 7.9%
United States Treasury Bonds/Notes — 7.9%
7.625%, 2/15/25		348,200		553,584
6.25%, 5/15/30		22,400		33,838


See Notes to Financial Statements.		28

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Principal Amount		Value
United States Treasury Bonds/Notes (Continued)

4.375%, 2/15/38	$	266,100	$	334,080
4.50%, 8/15/39		327,400		419,737
4.375%, 11/15/39		227,400		286,204
4.625%, 2/15/40		83,900		109,726
4.375%, 5/15/40		464,000		584,277

				2,321,446

TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $1,940,927)				2,321,446

SOVEREIGN BONDS — 2.2%
Federal Home Loan Mortgage Corp., MTN 6.25%, 7/15/32		230,000		327,823
Federative Republic of Brazil (Brazil) 7.125%, 1/20/37		103,000		138,278
Panama Government International Bond (Panama) 6.70%, 1/26/36		48,000		62,400
United Mexican States, MTN (Mexico) 6.75%, 9/27/34		78,000		99,840

				628,341

TOTAL SOVEREIGN BONDS (Cost $558,708)				628,341


	Number of Shares
RIGHTS — 0.0% (b)
Consumer, Non-cyclical — 0.0% (b)
Lexicon Pharmaceuticals, Inc., expires 12/22/11*		13,211		226

TOTAL RIGHTS (Cost $0)				226


TOTAL INVESTMENTS — 99.5%
(Cost $29,891,114)			$	29,138,465
Other assets less liabilities — 0.5%				141,366

NET ASSETS — 100.0%			$	29,279,831

MTN – Medium Term Note.

REIT – Real Estate Investment Trust.

* Non-Income producing securities.

144A – Security is exempt from registration under Rule 144A of the securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2011 the aggregate market value of this security amounted to $49,652 or 0.2% of net assets.

(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%.


See Notes to Financial Statements.		29

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund

November 30, 2011 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 92.3%
Basic Materials — 4.8%
Air Liquide S.A. (France)		354	$	44,775
Allied Nevada Gold Corp.*		778		27,922
Anglo American PLC (United Kingdom)		1,722		65,542
BASF SE (Germany)		1,050		76,383
Bayer AG (Germany)		998		65,507
BHP Billiton Ltd. (Australia)		4,147		148,767
BHP Billiton PLC (United Kingdom)		2,574		78,903
Coeur d’Alene Mines Corp.*		1,300		38,051
Dow Chemical (The) Co.		2,453		67,973
E.I. du Pont de Nemours & Co.		1,703		81,267
Freeport-McMoRan Copper & Gold, Inc.		1,556		61,618
Hecla Mining Co.		2,700		16,713
Horsehead Holding Corp.*		2,100		19,509
Linde AG (Germany)		198		30,439
Molycorp, Inc.*		1,000		33,850
Newcrest Mining Ltd. (Australia)		889		31,599
Newmont Mining Corp.		1,039		71,566
Quaker Chemical Corp.		600		23,346
Rio Tinto Ltd. (Australia)		546		35,309
Rio Tinto PLC (United Kingdom)		1,652		86,756
Rockwood Holdings, Inc.*		886		39,480
Syngenta AG (Switzerland)		123		36,164
Vulcan Materials Co.		1,361		44,151
Westlake Chemical Corp.		800		33,600
WR Grace & Co.*		800		33,336
Xstrata PLC (United Kingdom)		2,463		39,397

				1,331,923

Communications — 10.9%
AboveNet, Inc.*		300		17,922
Acme Packet, Inc.*		778		26,009
Amazon.com, Inc.*		800		153,832
Anixter International, Inc.*		560		34,390
Aruba Networks, Inc.*		1,100		23,210
AT&T, Inc.		11,878		344,225
Cisco Systems, Inc.		10,375		193,390
Comcast Corp., Class A		5,128		116,252
Corning, Inc.		3,252		43,153
Deutsche Telekom AG (Germany)		3,332		43,239
DISH Network Corp., Class A*		3,700		90,909
eBay, Inc.*		2,300		68,057
France Telecom S.A. (France)		2,339		40,303
Google, Inc., Class A*		521		312,282
InterDigital, Inc.		500		21,980
IPG Photonics Corp.*		500		19,165
Motorola Solutions, Inc.*		3,300		154,011
News Corp., Class A		3,929		68,522
Nokia OYJ (Finland)		5,032		28,951
NTT DoCoMo, Inc. (Japan)		19		33,041
QUALCOMM, Inc.		3,200		175,360
Rackspace Hosting, Inc.*		1,316		57,088
Softbank Corp. (Japan)		900		29,529
Sprint Nextel Corp.*		27,200		73,440
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		3,368		36,133
Thomson Reuters Corp. (Canada)		1,556		42,121


	Number of Shares		Value

Communications (Continued)
TIBCO Software, Inc.*		2,137	$	58,554
Time Warner, Inc.		2,068		72,008
United Online, Inc.		4,400		23,232
Verizon Communications, Inc.		5,717		215,702
Viasat, Inc.*		500		23,660
Vivendi (France)		1,522		35,076
Vodafone Group PLC (United Kingdom)		68,144		184,558
Walt Disney (The) Co.		3,706		132,861
Yahoo!, Inc.*		3,004		47,193

				3,039,358

Consumer, Cyclical — 8.5%
Alaska Air Group, Inc.*		466		32,350
Ascena Retail Group, Inc.*		725		19,952
Bayerische Motoren Werke AG (Germany)		357		26,903
Bebe Stores, Inc.		3,500		25,760
Brunswick Corp.		1,000		18,620
Cabela’s, Inc.*		700		16,499
Cash America International, Inc.		389		19,337
Cie Financiere Richemont S.A. (Switzerland)		605		32,711
Cinemark Holdings, Inc.		1,531		29,992
Columbia Sportswear Co.		507		25,756
CROCS, Inc.*		900		13,959
CVS Caremark Corp.		2,696		104,713
Daimler AG (Germany)		1,073		48,547
Dana Holding Corp.*		1,866		23,250
Deckers Outdoor Corp.*		344		37,477
Dillard’s, Inc., Class A		511		24,017
DSW, Inc., Class A		500		22,500
Ford Motor Co.*		7,667		81,270
Hennes & Mauritz AB, Class B (Sweden)		1,160		36,810
Honda Motor Co. Ltd. (Japan)		1,749		53,824
Johnson Controls, Inc.		1,244		39,161
Kohl’s Corp.		2,400		129,120
Las Vegas Sands Corp.*		1,300		60,723
McDonald’s Corp.		1,955		186,742
Men’s Wearhouse (The), Inc.		819		22,793
Mitsubishi Corp. (Japan)		1,743		34,823
Mitsui & Co. Ltd. (Japan)		1,551		23,616
NIKE, Inc., Class B		934		89,832
Nintendo Co. Ltd. (Japan)		120		17,978
Nu Skin Enterprises, Inc., Class A		778		37,142
Penske Automotive Group, Inc.		1,244		25,241
Polaris Industries, Inc.		932		56,013
Red Robin Gourmet Burgers, Inc.*		700		18,606
Saks, Inc.*		2,333		22,210
Sally Beauty Holdings, Inc.*		2,100		42,210
Sony Corp. (Japan)		1,497		26,457
Target Corp.		1,300		68,510
Titan Machinery, Inc.*		1,000		21,700
Toyota Motor Corp. (Japan)		3,187		103,004
Ulta Salon Cosmetics & Fragrance, Inc.*		700		48,740
Under Armour, Inc., Class A*		612		49,774
Volvo AB, Class B (Sweden)		1,925		22,065
Wal-Mart Stores, Inc.		6,744		397,221
Warnaco Group (The), Inc.*		302		15,308
Watsco, Inc.		499		31,687


See Notes to Financial Statements.		30

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Number of Shares		Value

Consumer, Cyclical (Continued)
Wesfarmers Ltd. (Australia)		1,320	$	41,346
Wolverine World Wide, Inc.		600		22,104
World Fuel Services Corp.		974		41,755

				2,390,128

Consumer, Non-cyclical — 18.8%
Abbott Laboratories		3,013		164,359
Acacia Research — Acacia Technologies*		400		13,928
AMERIGROUP Corp.*		510		29,157
Amgen, Inc.		1,866		108,060
Anheuser-Busch InBev NV (Belgium)		839		50,033
AstraZeneca PLC (United Kingdom)		1,814		83,880
Bristol-Myers Squibb Co.		3,200		104,704
British American Tobacco PLC (United Kingdom)		2,340		108,386
Bruker Corp.*		1,737		21,747
Cardinal Health, Inc.		3,100		131,626
Catalyst Health Solutions, Inc.*		731		38,027
Centene Corp.*		714		27,639
Coca-Cola (The) Co.		4,403		296,014
Cubist Pharmaceuticals, Inc.*		700		26,999
DANONE S.A. (France)		633		41,792
Diageo PLC (United Kingdom)		3,276		70,177
Geron Corp.*		6,600		11,022
GlaxoSmithKline PLC (United Kingdom)		6,044		133,417
HEALTHSOUTH Corp.*		1,400		24,192
Healthspring, Inc.*		856		46,755
Healthways, Inc.*		1,500		9,765
Humana, Inc.		1,500		133,019
Imperial Tobacco Group PLC (United Kingdom)		1,257		45,234
Incyte Corp. Ltd.*		1,300		17,901
Intuitive Surgical, Inc.*		300		130,263
Invacare Corp.		437		8,976
JM Smucker (The) Co.		1,100		83,578
Johnson & Johnson		5,460		353,372
Kraft Foods, Inc., Class A		3,335		120,560
Lancaster Colony Corp.		431		30,342
Lexicon Pharmaceuticals, Inc.*		15,300		17,901
Live Nation Entertainment, Inc.*		2,877		24,857
Magellan Health Services, Inc.*		567		28,724
MannKind Corp.*		7,400		22,644
Mastercard, Inc., Class A		199		74,535
Medicis Pharmaceutical Corp., Class A		700		22,855
Merck & Co., Inc.		6,163		220,327
Micromet, Inc.*		4,400		26,972
Molina Healthcare, Inc.*		656		14,334
Navigant Consulting, Inc.*		2,300		25,921
Nestle S.A. (Switzerland)		4,259		239,354
Novartis AG (Switzerland)		2,667		144,199
Novo Nordisk A/S, Class B (Denmark)		519		58,998
Onyx Pharmaceuticals, Inc.*		800		35,280
Pfizer, Inc.		15,774		316,584
Pharmasset, Inc.*		800		104,792
Procter & Gamble (The) Co.		5,524		356,685
Quidel Corp.*		1,600		29,040
Roche Holding AG (Switzerland)		931		148,322


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
Rollins, Inc.		1,302	$	28,904
Ruddick Corp.		373		14,864
Salix Pharmaceuticals Ltd.*		778		34,341
Sanofi (France)		1,312		91,999
Seaboard Corp.		13		26,126
Seattle Genetics, Inc.*		1,400		23,282
Select Medical Holdings Corp.*		2,566		22,247
Sirona Dental Systems, Inc.*		620		27,553
Sotheby’s		856		26,887
Takeda Pharmaceutical Co. Ltd. (Japan)		1,081		43,794
Tesco PLC (United Kingdom)		10,280		65,514
Teva Pharmaceutical Industries Ltd. (Israel)		1,185		46,946
Tootsie Roll Industries, Inc.		600		14,466
TreeHouse Foods, Inc.*		466		30,723
Unilever NV (Netherlands)		1,885		64,186
Unilever PLC (United Kingdom)		1,475		49,576
UnitedHealth Group, Inc.		2,025		98,759
Viropharma, Inc.*		1,000		24,010
Visa, Inc., Class A		1,417		137,406

				5,248,831

Diversified — 0.2%
Hutchison Whampoa Ltd. (Hong Kong)		3,000		25,175
LVMH Moet Hennessy Louis Vuitton S.A. (France)		253		39,711

				64,886

Energy — 11.5%
Berry Petroleum Co., Class A		417		18,298
BG Group PLC (United Kingdom)		4,130		88,244
Bill Barrett Corp.*		720		28,080
BP PLC (United Kingdom)		23,413		169,666
Brigham Exploration Co.*		1,133		41,275
Cameron International Corp.*		2,100		113,379
CARBO Ceramics, Inc.*		212		30,172
Chevron Corp.		3,734		383,930
ConocoPhillips		2,748		195,987
Crosstex Energy, Inc.		2,000		23,940
Dril-Quip, Inc.*		508		36,134
El Paso Corp.		7,000		175,070
Endeavour International Corp.*		1,800		12,438
ENI S.p.A (Italy)		3,071		64,822
EQT Corp.		1,200		74,412
Exxon Mobil Corp.		9,333		750,746
Halliburton Co.		1,600		58,880
McMoRan Exploration Co.*		1,500		23,970
Peabody Energy Corp.		2,351		92,230
Royal Dutch Shell PLC, Class A (United Kingdom)		4,213		147,367
Royal Dutch Shell PLC, Class B (United Kingdom)		3,437		123,575
RPC, Inc.		1,770		34,550
Schlumberger Ltd. (Netherland Antilles)		2,571		193,674
Southwestern Energy Co.*		2,803		106,654
Statoil ASA (Norway)		1,410		36,444
Total S.A. (France)		2,559		132,056
Vantage Drilling Co.*		15,200		18,240


See Notes to Financial Statements.		31

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Number of Shares		Value

Energy (Continued)
Woodside Petroleum Ltd. (Australia)		903	$	30,427

				3,204,660

Financial — 17.2%
1st Source Corp.		1,200		30,132
Allianz SE (Germany)		599		62,072
Allstate (The) Corp.		5,100		136,629
Alterra Capital Holdings Ltd. (Bermuda)		1,200		27,540
American Campus Communities, Inc. REIT		776		30,528
American Capital Agency Corp. REIT		1,400		40,166
American Capital Ltd.*		4,666		32,522
American Express Co.		2,255		108,330
American International Group, Inc.*		3,800		88,578
Apollo Investment Corp.		2,644		19,063
Australia & New Zealand Banking Group Ltd. (Australia)		3,046		62,270
AvalonBay Communities, Inc. REIT		800		99,880
AXA S.A. (France)		2,101		30,319
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		5,911		49,923
Banco Santander S.A. (Spain)		11,614		87,536
Bank of America Corp.		21,911		119,196
Barclays PLC (United Kingdom)		18,651		52,875
Berkshire Hathaway, Inc., Class B*		5,044		397,266
BioMed Realty Trust, Inc. REIT		1,556		27,712
BNP Paribas (France)		1,433		56,849
Boston Private Financial Holdings, Inc.		4,300		33,411
Boston Properties, Inc. REIT		1,200		114,456
CBL & Associates Properties, Inc. REIT		1,944		27,780
Charles Schwab (The) Corp.		2,178		26,049
Chemical Financial Corp.		1,400		28,784
Citigroup, Inc.		5,857		160,950
Commonwealth Bank of Australia (Australia)		1,899		92,470
Credit Acceptance Corp.*		266		21,815
Credit Suisse Group AG (Switzerland)		1,656		39,956
Deutsche Bank AG (Germany) (a)		1,301		50,115
Entertainment Properties Trust REIT		622		27,803
Equity Lifestyle Properties, Inc. REIT		390		24,114
Equity One, Inc. REIT		1,284		21,456
Equity Residential REIT		544		30,023
Franklin Resources, Inc.		448		45,167
Goldman Sachs Group (The), Inc.		1,013		97,106
Hatteras Financial Corp. REIT		800		21,440
HCP, Inc. REIT		3,700		143,005
HFF, Inc., Class A*		1,700		19,074
Highwoods Properties, Inc. REIT		616		17,765
Home Properties, Inc. REIT		466		25,616
HSBC Holdings PLC (United Kingdom)		23,017		179,015
ING Groep NV (Netherlands)*		5,507		42,545
Invesco Mortgage Capital, Inc. REIT		800		12,616
JPMorgan Chase & Co.		7,907		244,880
Kilroy Realty Corp. REIT		700		25,263
LaSalle Hotel Properties REIT		934		21,865
Lloyds Banking Group PLC (United Kingdom)*		62,011		24,212
Meadowbrook Insurance Group, Inc.		2,700		27,540
MFA Financial, Inc. REIT		4,122		28,359
Mid-America Apartment Communities, Inc. REIT		440		25,221


	Number of Shares		Value

Financial (Continued)
Mitsubishi UFJ Financial Group, Inc. (Japan)		13,564	$	57,310
Mizuho Financial Group, Inc. (Japan)		20,230		26,060
National Australia Bank Ltd. (Australia)		2,568		61,758
National Retail Properties, Inc. REIT		1,250		33,075
NewStar Financial, Inc.*		2,500		24,725
Nordea Bank AB (Sweden)		3,631		28,886
OMEGA Healthcare Investors, Inc. REIT		1,273		22,825
PennantPark Investment Corp.		2,300		24,380
Pinnacle Financial Partners, Inc.*		1,800		26,982
Post Properties, Inc. REIT		500		19,995
Primerica, Inc.		800		18,368
ProAssurance Corp.		508		40,442
Prosperity Bancshares, Inc.		715		28,593
Prudential PLC (United Kingdom)		3,424		33,550
Public Storage REIT		312		41,153
S&T Bancorp, Inc.		1,500		27,690
Signature Bank*		622		36,343
Simon Property Group, Inc. REIT		513		63,786
Societe Generale (France)		958		23,316
Standard Chartered PLC (United Kingdom)		2,556		55,638
Sumitomo Mitsui Financial Group, Inc. (Japan)		1,752		47,146
SVB Financial Group*		622		29,259
T. Rowe Price Group, Inc.		2,444		138,722
Tanger Factory Outlet Centers, Inc. REIT		996		28,237
UBS AG (Switzerland)*		5,116		62,843
Universal Health Realty Income Trust REIT		622		22,958
Washington Real Estate Investment Trust REIT		875		23,809
Wells Fargo & Co.		10,471		270,779
WesBanco, Inc.		1,400		27,496
Westpac Banking Corp. (Australia)		4,174		88,203
Weyerhaeuser Co. REIT		5,081		85,310
Zurich Financial Services AG (Switzerland)		179		39,354

				4,818,248

Industrial — 8.0%
ABB Ltd. (Switzerland)		2,529		48,015
Actuant Corp., Class A		800		18,336
Acuity Brands, Inc.		544		27,336
AO Smith Corp.		500		19,630
Brady Corp., Class A		778		23,293
Caterpillar, Inc.		1,183		115,792
CIE de St-Gobain (France)		551		23,294
CLARCOR, Inc.		785		38,010
Clean Harbors, Inc.*		676		40,540
Drew Industries, Inc.*		1,200		26,040
Eaton Corp.		598		26,856
Emerson Electric Co.		1,294		67,612
EnerSys*		622		14,959
FANUC Corp. (Japan)		234		36,985
FedEx Corp.		544		45,196
FEI Co.*		500		20,180
General Dynamics Corp.		772		50,998
General Electric Co.		21,215		337,531
Genesee & Wyoming, Inc., Class A*		500		30,535
Golar LNG Ltd. (Bermuda)		700		30,520
GrafTech International Ltd.*		1,570		22,671
Greenbrier Cos., Inc.*		1,200		26,640


See Notes to Financial Statements.		32

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Number of Shares		Value

Industrial (Continued)
HEICO Corp.		500	$	29,670
Hitachi Ltd. (Japan)		5,000		27,245
Ingersoll-Rand PLC (Ireland)		3,434		113,734
Jacobs Engineering Group, Inc.*		1,200		49,848
John Bean Technologies Corp.		1,400		23,044
Komatsu Ltd. (Japan)		1,088		26,559
Koninklijke Philips Electronics NV (Netherlands)		1,235		25,021
Measurement Specialties, Inc.*		800		22,824
Mitsubishi Electric Corp. (Japan)		2,333		21,398
Multi-Fineline Electronix, Inc.*		1,300		27,209
Nordson Corp.		933		43,907
Norfolk Southern Corp.		700		52,878
Old Dominion Freight Line, Inc.*		600		23,286
Polypore International, Inc.*		500		24,525
Republic Services, Inc.		3,523		96,706
Robbins & Myers, Inc.		400		21,280
Sauer-Danfoss, Inc.*		500		18,795
Schneider Electric S.A. (France)		626		35,393
Siemens AG (Germany)		1,050		105,995
Silgan Holdings, Inc.		790		30,763
Stanley Black & Decker, Inc.		1,500		98,145
Teledyne Technologies, Inc.*		400		22,672
Thermo Fisher Scientific, Inc.*		778		36,761
Triumph Group, Inc.		500		29,745
United Parcel Service, Inc., Class B		1,758		126,136
Vinci S.A. (France)		514		22,906

				2,247,414

Technology — 11.0%
Accenture PLC, Class A (Ireland)		1,200		69,516
Activision Blizzard, Inc.		9,900		122,958
Apple, Inc.*		1,571		600,436
Ariba, Inc.*		1,100		33,385
CACI International, Inc., Class A*		459		25,878
Canon, Inc. (Japan)		1,300		57,272
Concur Technologies, Inc.*		668		31,550
Deltek, Inc.*		3,500		28,525
EPIQ Systems, Inc.		1,800		24,300
Fortinet, Inc.*		1,600		38,384
Hewlett-Packard Co.		4,200		117,390
Intel Corp.		10,235		254,954
International Business Machines Corp.		2,213		416,045
Jack Henry & Associates, Inc.		1,311		43,538
Magma Design Automation, Inc.*		3,300		18,876
Mantech International Corp., Class A		400		13,520
Mentor Graphics Corp.*		1,000		12,740
Microsemi Corp.*		1,000		17,760
Microsoft Corp.		15,248		390,044
Monolithic Power Systems, Inc.*		1,900		22,876
Monotype Imaging Holdings, Inc.*		1,900		28,177
Omnicell, Inc.*		1,500		24,240
Oracle Corp.		10,200		319,770
Parametric Technology Corp.*		1,523		31,724
QLIK Technologies, Inc.*		900		24,633
Quality Systems, Inc.		564		19,937
Quest Software, Inc.*		1,258		22,732


	Number of Shares		Value

Technology (Continued)
Riverbed Technology, Inc.*		1,950	$	50,700
Silicon Graphics International Corp.*		1,600		23,872
Silicon Image, Inc.*		4,100		20,131
TriQuint Semiconductor, Inc.*		1,837		8,028
VeriFone Systems, Inc.*		1,088		47,709
Xerox Corp.		13,598		110,823

				3,072,423

Utilities — 1.4%
CenterPoint Energy, Inc.		3,800		75,620
E.ON AG (Germany)		2,557		63,197
ENEL S.p.A (Italy)		8,256		35,031
GDF Suez (France)		1,434		40,123
Iberdrola S.A. (Spain)		5,358		35,753
National Grid PLC (United Kingdom)		4,455		43,758
Piedmont Natural Gas Co., Inc.		1,012		33,366
South Jersey Industries, Inc.		300		16,854
Southern Co.		1,502		65,952

				409,654

TOTAL COMMON STOCKS (Cost $27,570,256)				25,827,525

PREFERRED STOCKS — 0.1%
Consumer, Cyclical — 0.1%
Volkswagen AG (Germany)		175		30,071

TOTAL PREFERRED STOCKS (Cost $37,426)				30,071


	Principal Amount		Value

CORPORATE BONDS — 4.6%
Basic Materials — 0.1%
Barrick North America Finance LLC 5.70%, 5/30/41	$	15,000		16,421

Communications — 0.7%
America Movil S.A.B de CV (Mexico) 6.125%, 3/30/40		8,000		8,864
BellSouth Corp. 6.00%, 11/15/34		74,000		81,696
Cisco Systems, Inc. 5.90%, 2/15/39		20,000		23,915
Comcast Corp. 6.45%, 3/15/37		33,000		37,561
Time Warner Cable, Inc. 6.55%, 5/01/37		36,000		39,886
Verizon Communications, Inc. 6.00%, 4/01/41		8,000		9,449

				201,371

Consumer, Cyclical — 0.5%
CVS Caremark Corp. 6.302%, 6/01/37 (b)		14,000		13,967
6.125%, 9/15/39		15,000		16,747
Home Depot, Inc. 5.95%, 4/01/41		10,000		11,947


See Notes to Financial Statements.		33

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Principal Amount		Value

Consumer, Cyclical (Continued)
Johnson Controls, Inc. 5.70%, 3/01/41	$	8,000	$	8,899
Target Corp. 7.00%, 1/15/38		26,000		33,822
Wal-Mart Stores, Inc. 6.50%, 8/15/37		42,000		53,154

				138,536

Consumer, Non-cyclical — 0.7%
Aetna, Inc. 6.625%, 6/15/36		5,000		6,047
Anheuser-Busch InBev Worldwide, Inc. 8.00%, 11/15/39		13,000		19,561
Archer-Daniels-Midland Co. 5.765%, 3/01/41		10,000		12,295
AstraZeneca PLC (United Kingdom) 6.45%, 9/15/37		27,000		34,948
Bristol-Myers Squibb Co. 5.875%, 11/15/36		17,000		20,872
Eli Lilly & Co. 5.55%, 3/15/37		19,000		22,549
Johnson & Johnson 5.95%, 8/15/37		15,000		19,619
Kroger (The) Co. 5.40%, 7/15/40		9,000		9,520
Procter & Gamble (The) Co. 5.55%, 3/05/37		31,000		39,479
Unilever Capital Corp. 5.90%, 11/15/32		17,000		21,560

				206,450

Energy — 0.6%
Apache Corp. 6.00%, 1/15/37		15,000		18,580
Hess Corp. 5.60%, 2/15/41		20,000		21,328
Marathon Petroleum Corp. 6.50%, 3/01/41		11,000		12,042
Oneok Partners LP 6.125%, 2/01/41		10,000		11,190
Petrobras International Finance Co. — Pifco (Cayman Islands) 6.75%, 1/27/41		12,000		13,129
Shell International Finance BV (Netherlands) 6.375%, 12/15/38		25,000		33,210
Suncor Energy, Inc. (Canada) 6.50%, 6/15/38		18,000		20,867
TransCanada PipeLines Ltd. (Canada) 7.625%, 1/15/39		12,000		16,677
Transocean, Inc. (Cayman Islands) 6.80%, 3/15/38		15,000		14,182

				161,205

Financial — 0.7%
Allstate (The) Corp. 5.55%, 5/09/35		33,000		33,887
Bank of America NA 6.00%, 10/15/36		30,000		25,055


	Principal Amount		Value

Financial (Continued)
Chubb Corp. 6.00%, 5/11/37	$	17,000	$	19,764
General Electric Capital Corp., MTN 5.875%, 1/14/38		19,000		18,769
Goldman Sachs Capital II 5.793%, 6/01/43 (b)		8,000		5,180
JPMorgan Chase & Co. 5.50%, 10/15/40		28,000		28,834
Principal Financial Group, Inc. 6.05%, 10/15/36		6,000		6,103
Prudential Financial, Inc., MTN 6.20%, 11/15/40		15,000		14,767
Wachovia Bank NA, MTN 6.60%, 1/15/38		28,000		30,643

				183,002

Industrial — 0.5%
Burlington Northern Santa Fe LLC 6.15%, 5/01/37		27,000		33,386
Caterpillar, Inc. 5.20%, 5/27/41		12,000		13,648
CSX Corp. 6.00%, 10/01/36		28,000		32,540
GE Capital Trust I 6.375%, 11/15/67 (b)		8,000		7,820
Lockheed Martin Corp., Series B 6.15%, 9/01/36		4,000		4,515
Norfolk Southern Corp. 7.90%, 5/15/97		7,000		10,715
United Parcel Service, Inc. 6.20%, 1/15/38		7,000		8,858
United Technologies Corp. 6.125%, 7/15/38		17,000		21,208

				132,690

Technology — 0.1%
Oracle Corp. — 144A 5.375%, 7/15/40		22,000		25,403

Utilities — 0.7%
Florida Power & Light Co. 5.95%, 2/01/38		11,000		14,316
5.25%, 2/01/41		14,000		16,812
Georgia Power Co. 5.40%, 6/01/40		15,000		17,648
MidAmerican Energy Holdings Co. 6.125%, 4/01/36		55,000		65,682
Pacific Gas & Electric Co. 6.05%, 3/01/34		52,000		62,695
Southern California Edison Co. 6.05%, 3/15/39		4,000		5,300
Southern California Gas Co. 5.125%, 11/15/40		14,000		16,640

				199,093

TOTAL CORPORATE BONDS (Cost $1,195,972)				1,264,171


See Notes to Financial Statements.		34

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Principal Amount		Value

UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 2.2%
United States Treasury Bonds/Notes — 2.2%
4.50%, 8/15/39	$	30,000	$	38,461
4.375%, 11/15/39		100,000		125,859
4.625%, 2/15/40		100,000		130,782
4.375%, 5/15/40		88,500		111,441
3.875%, 8/15/40		90,000		104,442
4.75%, 2/15/41		80,000		106,862

				617,847

TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $505,840)				617,847

SOVEREIGN BONDS — 0.5%
Federative Republic of Brazil (Brazil) 7.125%, 1/20/37		48,000		64,440
Panama Government International Bond (Panama) 6.70%, 1/26/36		24,000		31,200
Tennessee Valley Authority 4.875%, 1/15/48		37,000		44,636

				140,276

TOTAL SOVEREIGN BONDS (Cost $124,632)				140,276


	Number of Shares
RIGHTS — 0.0% (c)
Consumer, Non-cyclical — 0.0% (c)
Lexicon Pharmaceuticals, Inc., expires 12/22/11*		15,300		261

TOTAL RIGHTS (Cost $0)				261


TOTAL INVESTMENTS — 99.7% (Cost $29,434,126)			$	27,880,151
Other assets less liabilities — 0.3%				93,987

NET ASSETS — 100.0%			$	27,974,138

MTN – Medium Term Note.

REIT – Real Estate Investment Trust.

* Non-Income producing securities.

(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 November 30, 2011.


See Notes to Financial Statements.		35

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X In-Target Date Fund

November 30, 2011 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 26.6%
Basic Materials — 1.4%
Air Liquide S.A. (France)		44	$	5,565
Allied Nevada Gold Corp.*		125		4,486
Anglo American PLC (United Kingdom)		207		7,879
BASF SE (Germany)		142		10,330
Bayer AG (Germany)		135		8,861
BHP Billiton Ltd. (Australia)		633		22,707
BHP Billiton PLC (United Kingdom)		353		10,821
Coeur d’Alene Mines Corp.*		125		3,659
Dow Chemical (The) Co.		351		9,726
E.I. du Pont de Nemours & Co.		240		11,453
Freeport-McMoRan Copper & Gold, Inc.		200		7,920
Hecla Mining Co.		400		2,476
Horsehead Holding Corp.*		300		2,787
Linde AG (Germany)		58		8,916
Molycorp, Inc.*		200		6,770
Newcrest Mining Ltd. (Australia)		230		8,175
Newmont Mining Corp.		162		11,159
Quaker Chemical Corp.		100		3,891
Rio Tinto Ltd. (Australia)		129		8,342
Rio Tinto PLC (United Kingdom)		350		18,381
Rockwood Holdings, Inc.*		80		3,565
Syngenta AG (Switzerland)		48		14,113
Vulcan Materials Co.		225		7,299
Westlake Chemical Corp.		100		4,200
WR Grace & Co.*		100		4,167
Xstrata PLC (United Kingdom)		517		8,270

				215,918

Communications — 3.1%
AboveNet, Inc.*		100		5,974
Acme Packet, Inc.*		150		5,015
Amazon.com, Inc.*		110		21,152
Aruba Networks, Inc.*		200		4,220
AT&T, Inc.		1,896		54,946
Cisco Systems, Inc.		1,707		31,819
Comcast Corp., Class A		871		19,745
Corning, Inc.		585		7,763
Deutsche Telekom AG (Germany)		450		5,840
DISH Network Corp., Class A*		600		14,742
eBay, Inc.*		400		11,836
France Telecom S.A. (France)		299		5,152
Google, Inc., Class A*		88		52,745
InterDigital, Inc.		100		4,396
IPG Photonics Corp.*		100		3,833
Motorola Solutions, Inc.*		500		23,335
News Corp., Class A		587		10,237
Nokia OYJ (Finland)		566		3,256
NTT DoCoMo, Inc. (Japan)		2		3,478
QUALCOMM, Inc.		500		27,400
Rackspace Hosting, Inc.*		149		6,464
Softbank Corp. (Japan)		300		9,843
Sprint Nextel Corp.*		4,400		11,880
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		922		9,891
Thomson Reuters Corp. (Canada)		225		6,091
TIBCO Software, Inc.*		322		8,823


	Number of Shares		Value

Communications (Continued)
Time Warner, Inc.		351	$	12,222
United Online, Inc.		700		3,696
Verizon Communications, Inc.		810		30,561
Viasat, Inc.*		100		4,732
Vivendi (France)		201		4,632
Vodafone Group PLC (United Kingdom)		11,988		32,468
Walt Disney (The) Co.		595		21,330
Yahoo!, Inc.*		450		7,070

				486,587

Consumer, Cyclical — 2.5%
Alaska Air Group, Inc.*		75		5,207
Ascena Retail Group, Inc.*		180		4,954
Bayerische Motoren Werke AG (Germany)		98		7,385
Bebe Stores, Inc.		600		4,416
Brunswick Corp.		200		3,724
Cabela’s, Inc.*		100		2,357
Cash America International, Inc.		100		4,971
Cie Financiere Richemont S.A. (Switzerland)		100		5,407
Cinemark Holdings, Inc.		281		5,505
Columbia Sportswear Co.		35		1,778
CROCS, Inc.*		100		1,551
CVS Caremark Corp.		432		16,779
Daimler AG (Germany)		130		5,882
Dana Holding Corp.*		300		3,738
Deckers Outdoor Corp.*		75		8,171
Dillard’s, Inc., Class A		50		2,350
DSW, Inc., Class A		100		4,500
Ezcorp, Inc., Class A*		100		2,909
Ford Motor Co.*		1,247		13,218
Hennes & Mauritz AB, Class B (Sweden)		154		4,887
Honda Motor Co. Ltd. (Japan)		258		7,940
Johnson Controls, Inc.		225		7,083
Kohl’s Corp.		400		21,520
Las Vegas Sands Corp.*		200		9,342
McDonald’s Corp.		321		30,662
Men’s Wearhouse (The), Inc.		112		3,117
Mitsubishi Corp. (Japan)		249		4,975
Mitsui & Co. Ltd. (Japan)		360		5,481
Nike, Inc., Class B		150		14,427
Nintendo Co. Ltd. (Japan)		16		2,397
Nu Skin Enterprises, Inc., Class A		150		7,161
Penske Automotive Group, Inc.		200		4,058
Red Robin Gourmet Burgers, Inc.*		100		2,658
Saks, Inc.*		375		3,570
Sally Beauty Holdings, Inc.*		300		6,030
Sony Corp. (Japan)		169		2,987
Steelcase, Inc., Class A		200		1,568
Target Corp.		200		10,540
Titan Machinery, Inc.*		200		4,340
Toyota Motor Corp. (Japan)		480		15,513
Ulta Salon Cosmetics & Fragrance, Inc.*		100		6,962
Under Armour, Inc., Class A*		50		4,067
Wal-Mart Stores, Inc.		1,175		69,207
Warnaco Group (The), Inc.*		83		4,207
Watsco, Inc.		75		4,763
Wesfarmers Ltd. (Australia)		310		9,710


See Notes to Financial Statements.		36

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X In-Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Number of Shares		Value

Consumer, Cyclical (Continued)
Wolverine World Wide, Inc.		100	$	3,684
World Fuel Services Corp.		158		6,773

				384,431

Consumer, Non-cyclical — 5.4%
Abbott Laboratories		471		25,693
Acacia Research — Acacia Technologies*		100		3,482
AMERIGROUP Corp.*		36		2,058
Amgen, Inc.		300		17,373
Anheuser-Busch InBev NV (Belgium)		112		6,679
AstraZeneca PLC (United Kingdom)		207		9,572
Bristol-Myers Squibb Co.		500		16,360
British American Tobacco PLC (United Kingdom)		279		12,923
Bruker Corp.*		244		3,055
Cardinal Health, Inc.		500		21,230
Catalyst Health Solutions, Inc.*		120		6,242
Centene Corp.*		150		5,807
Coca-Cola (The) Co.		796		53,515
Cubist Pharmaceuticals, Inc.*		100		3,857
DANONE S.A. (France)		130		8,583
Diageo PLC (United Kingdom)		378		8,097
Geo Group (The), Inc.*		100		1,770
Geron Corp.*		1,100		1,837
GlaxoSmithKline PLC (United Kingdom)		1,161		25,628
HEALTHSOUTH Corp.*		225		3,888
Healthspring, Inc.*		100		5,462
Healthways, Inc.*		200		1,302
Humana, Inc.		200		17,736
Imperial Tobacco Group PLC (United Kingdom)		290		10,436
Incyte Corp. Ltd.*		200		2,754
Intuitive Surgical, Inc.*		50		21,710
JM Smucker (The) Co.		200		15,196
Johnson & Johnson		836		54,106
Kraft Foods, Inc., Class A		506		18,292
Lancaster Colony Corp.		64		4,506
Lexicon Pharmaceuticals, Inc.*		2,500		2,925
Live Nation Entertainment, Inc.*		450		3,888
Magellan Health Services, Inc.*		103		5,218
MannKind Corp.*		1,200		3,672
MasterCard, Inc., Class A		35		13,109
Medicis Pharmaceutical Corp., Class A		100		3,265
Merck & Co., Inc.		974		34,821
Micromet, Inc.*		700		4,291
Navigant Consulting, Inc.*		400		4,508
Nestle S.A. (Switzerland)		679		38,158
Novartis AG (Switzerland)		363		19,627
Novo Nordisk A/S, Class B (Denmark)		79		8,980
Onyx Pharmaceuticals, Inc.*		100		4,410
Pfizer, Inc.		2,610		52,383
Pharmasset, Inc.*		200		26,198
Procter & Gamble (The) Co.		845		54,562
Quidel Corp.*		300		5,445
Roche Holding AG (Switzerland)		164		26,128
Rollins, Inc.		330		7,326
Ruddick Corp.		128		5,101


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
Salix Pharmaceuticals Ltd.*		150	$	6,621
Sanofi (France)		168		11,780
Seaboard Corp.		2		4,019
Seattle Genetics, Inc.*		200		3,326
Select Medical Holdings Corp.*		300		2,601
Sirona Dental Systems, Inc.*		20		889
Sotheby’s		150		4,712
Takeda Pharmaceutical Co. Ltd. (Japan)		160		6,482
Tesco PLC (United Kingdom)		1,246		7,941
Teva Pharmaceutical Industries Ltd. (Israel)		187		7,408
Tootsie Roll Industries, Inc.		100		2,411
TreeHouse Foods, Inc.*		75		4,945
Unilever NV (Netherlands)		246		8,377
Unilever PLC (United Kingdom)		197		6,621
United Rentals, Inc.*		100		2,814
UnitedHealth Group, Inc.		339		16,533
ViroPharma, Inc.*		100		2,401
Visa, Inc., Class A		222		21,527

				834,572

Diversified — 0.1%
Compass Diversified Holdings		100		1,282
LVMH Moet Hennessy Louis Vuitton S.A. (France)		46		7,220

				8,502

Energy — 3.3%
Berry Petroleum Co., Class A		175		7,679
BG Group PLC (United Kingdom)		585		12,499
Bill Barrett Corp.*		22		858
BP PLC (United Kingdom)		3,141		22,762
Brigham Exploration Co.*		225		8,197
Cameron International Corp.*		300		16,197
Chevron Corp.		696		71,563
ConocoPhillips		426		30,382
Crosstex Energy, Inc.		300		3,591
Dril-Quip, Inc.*		75		5,335
El Paso Corp.		1,100		27,511
Endeavour International Corp.*		300		2,073
ENI S.p.A (Italy)		414		8,739
EQT Corp.		200		12,402
Exxon Mobil Corp.		1,631		131,197
Halliburton Co.		300		11,040
McMoRan Exploration Co.*		200		3,196
Peabody Energy Corp.		343		13,456
Royal Dutch Shell PLC, Class A (United Kingdom)		595		20,813
Royal Dutch Shell PLC, Class B (United Kingdom)		459		16,503
RPC, Inc.		180		3,514
Schlumberger Ltd. (Netherland Antilles)		433		32,617
Southwestern Energy Co.*		434		16,514
Statoil ASA (Norway)		657		16,981
Total S.A. (France)		350		18,062
Vantage Drilling Co.*		2,400		2,880
Woodside Petroleum Ltd. (Australia)		88		2,965

				519,526


See Notes to Financial Statements.		37

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X In-Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Number of Shares		Value

Financial — 5.0%
1st Source Corp.		200	$	5,022
Alexander’s, Inc. REIT		13		5,156
Allianz SE (Germany)		73		7,565
Allstate (The) Corp.		800		21,432
Alterra Capital Holdings Ltd. (Bermuda)		200		4,590
American Campus Communities, Inc. REIT		164		6,452
American Capital Agency Corp. REIT		200		5,738
American Capital Ltd.*		749		5,221
American Express Co.		375		18,015
American International Group, Inc.*		600		13,986
Apollo Investment Corp.		450		3,245
Australia & New Zealand Banking Group Ltd. (Australia)		668		13,656
AvalonBay Communities, Inc. REIT		100		12,485
AXA S.A. (France)		240		3,463
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		492		4,155
Banco Santander S.A. (Spain)		2,030		15,300
Bank of America Corp.		3,589		19,524
Barclays PLC (United Kingdom)		2,950		8,363
Berkshire Hathaway, Inc., Class B*		808		63,639
BioMed Realty Trust, Inc. REIT		225		4,007
BNP Paribas (France)		285		11,306
Boston Private Financial Holdings, Inc.		700		5,439
Boston Properties, Inc. REIT		225		21,460
CBL & Associates Properties, Inc. REIT		300		4,287
Charles Schwab (The) Corp.		451		5,394
Chemical Financial Corp.		200		4,112
Citigroup, Inc.		939		25,804
Cohen & Steers, Inc.		100		2,722
Commonwealth Bank of Australia (Australia)		368		17,919
Credit Acceptance Corp.*		75		6,151
Credit Suisse Group AG (Switzerland)		139		3,354
DCT Industrial Trust, Inc. REIT		400		1,924
Deutsche Bank AG (Germany) (a)		167		6,433
Entertainment Properties Trust REIT		75		3,353
Equity Lifestyle Properties, Inc., REIT		75		4,637
Equity One, Inc. REIT		230		3,843
Equity Residential REIT		75		4,139
Franklin Resources, Inc.		76		7,662
Goldman Sachs Group (The), Inc.		164		15,721
Hatteras Financial Corp. REIT		100		2,680
HCP, Inc. REIT		600		23,189
HFF, Inc., Class A*		300		3,366
Highwoods Properties, Inc. REIT		145		4,182
Home Properties, Inc., REIT		75		4,123
HSBC Holdings PLC (United Kingdom)		3,503		27,246
ING Groep NV (Netherlands)*		901		6,961
Invesco Mortgage Capital, Inc. REIT		100		1,577
JPMorgan Chase & Co.		1,231		38,124
Kilroy Realty Corp. REIT		50		1,805
LaSalle Hotel Properties REIT		150		3,512
Lloyds Banking Group PLC (United Kingdom)*		8,217		3,208
Meadowbrook Insurance Group, Inc.		400		4,080
MFA Financial, Inc. REIT		581		3,997
Mid-America Apartment Communities, Inc. REIT		60		3,439
Mitsubishi UFJ Financial Group, Inc. (Japan)		1,936		8,180


	Number of Shares		Value

Financial (Continued)
Mizuho Financial Group, Inc. (Japan)		9,480	$	12,212
National Australia Bank Ltd. (Australia)		273		6,565
National Retail Properties, Inc. REIT		210		5,557
NewStar Financial, Inc.*		400		3,956
Nordea Bank AB (Sweden)		471		3,747
OMEGA Healthcare Investors, Inc. REIT		219		3,927
PennantPark Investment Corp.		400		4,240
Pinnacle Financial Partners, Inc.*		300		4,497
Post Properties, Inc. REIT		100		3,999
Primerica, Inc.		100		2,296
ProAssurance Corp.		76		6,050
Prosperity Bancshares, Inc.		101		4,039
Prudential PLC (United Kingdom)		931		9,122
Public Storage REIT		75		9,893
S&T Bancorp, Inc.		200		3,692
Signature Bank*		75		4,382
Simon Property Group, Inc. REIT		82		10,196
Societe Generale (France)		75		1,825
Standard Chartered PLC (United Kingdom)		301		6,552
Sumitomo Mitsui Financial Group, Inc. (Japan)		332		8,934
SVB Financial Group*		75		3,528
T. Rowe Price Group, Inc.		350		19,865
Tanger Factory Outlet Centers, Inc. REIT		110		3,119
UBS AG (Switzerland)*		522		6,412
Universal Health Realty Income Trust REIT		75		2,768
Washington Real Estate Investment Trust REIT		154		4,190
Wells Fargo & Co.		1,699		43,937
WesBanco, Inc.		200		3,928
Westamerica Bancorporation		65		2,984
Westpac Banking Corp. (Australia)		611		12,911
Weyerhaeuser Co. REIT		732		12,290
Zurich Financial Services AG (Switzerland)		23		5,057

				773,013

Industrial — 2.3%
ABB Ltd. (Switzerland)		360		6,835
Actuant Corp., Class A		100		2,292
Acuity Brands, Inc.		75		3,769
AO Smith Corp.		100		3,926
Brady Corp., Class A		150		4,491
Brink’s (The) Co.		100		2,462
Caterpillar, Inc.		163		15,955
CIE de St-Gobain (France)		175		7,398
CLARCOR, Inc.		124		6,004
Clean Harbors, Inc.*		150		8,996
Cymer, Inc.*		100		4,472
Drew Industries, Inc.*		200		4,340
Eaton Corp.		70		3,144
Emerson Electric Co.		227		11,860
EnerSys*		100		2,405
Fanuc Corp. (Japan)		60		9,483
FedEx Corp.		75		6,231
FEI Co.*		100		4,036
General Dynamics Corp.		124		8,191
General Electric Co.		3,393		53,982
Genesee & Wyoming, Inc., Class A*		100		6,107
Golar LNG Ltd. (Bermuda)		100		4,360


See Notes to Financial Statements.		38

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X In-Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Number of Shares		Value

Industrial (Continued)
GrafTech International Ltd.*		300	$	4,332
Greenbrier Cos., Inc.*		200		4,440
HEICO Corp.		100		5,934
Ingersoll-Rand PLC (Ireland)		525		17,389
Jacobs Engineering Group, Inc.*		200		8,308
John Bean Technologies Corp.		200		3,292
Komatsu Ltd. (Japan)		200		4,882
Koninklijke Philips Electronics NV (Netherlands)		188		3,809
Measurement Specialties, Inc.*		100		2,853
Multi-Fineline Electronix, Inc.*		200		4,186
Nordson Corp.		50		2,353
Norfolk Southern Corp.		100		7,554
Old Dominion Freight Line, Inc.*		100		3,881
Polypore International, Inc.*		100		4,905
Republic Services, Inc.		553		15,179
Robbins & Myers, Inc.		100		5,320
Sauer-Danfoss, Inc.*		100		3,759
Schneider Electric S.A. (France)		74		4,184
Siemens AG (Germany)		142		14,335
Silgan Holdings, Inc.		89		3,466
Stanley Black & Decker, Inc.		200		13,086
Teledyne Technologies, Inc.*		100		5,668
Thermo Fisher Scientific, Inc.*		150		7,087
Triumph Group, Inc.		100		5,949
United Parcel Service, Inc., Class B		308		22,099
Vinci S.A. (France)		71		3,164

				362,153

Technology — 3.1%
Accenture PLC, Class A (Ireland)		200		11,586
Activision Blizzard, Inc.		1,600		19,872
Apple, Inc.*		242		92,492
Ariba, Inc.*		200		6,070
Canon, Inc. (Japan)		300		13,217
Concur Technologies, Inc.*		120		5,668
Deltek, Inc.*		600		4,890
EPIQ Systems, Inc.		300		4,050
Fortinet, Inc.*		300		7,197
Hewlett-Packard Co.		700		19,565
Intel Corp.		1,574		39,208
International Business Machines Corp.		375		70,501
Jack Henry & Associates, Inc.		102		3,387
Magma Design Automation, Inc.*		500		2,860
Mantech International Corp., Class A		100		3,380
MedAssets, Inc.*		200		1,912
Mentor Graphics Corp.*		300		3,822
Microsemi Corp.*		200		3,552
Microsoft Corp.		2,402		61,443
Monolithic Power Systems, Inc.*		300		3,612
Monotype Imaging Holdings, Inc.*		300		4,449
Omnicell, Inc.*		200		3,232
Oracle Corp.		1,600		50,160
Parametric Technology Corp.*		194		4,041
QLIK Technologies, Inc.*		200		5,474
Quest Software, Inc.*		231		4,174
Riverbed Technology, Inc.*		222		5,772


	Number of Shares		Value

Technology (Continued)
Silicon Graphics International Corp.*		300	$	4,476
Silicon Image, Inc.*		700		3,437
TriQuint Semiconductor, Inc.*		375		1,639
VeriFone Systems, Inc.*		50		2,193
Xerox Corp.		2,048		16,691

				484,022

Utilities — 0.4%
CenterPoint Energy, Inc.		600		11,940
E.ON AG (Germany)		309		7,637
ENEL S.p.A (Italy)		816		3,462
GDF Suez (France)		185		5,176
Iberdrola S.A. (Spain)		1,284		8,568
National Grid PLC (United Kingdom)		1,041		10,225
Piedmont Natural Gas Co., Inc.		177		5,836
South Jersey Industries, Inc.		100		5,618
Southern Co.		232		10,187

				68,649

TOTAL COMMON STOCKS (Cost $4,149,897)				4,137,373

PREFERRED STOCKS — 0.1%
Consumer, Cyclical — 0.1%
Volkswagen AG (Germany)		47		8,076

TOTAL PREFERRED STOCKS (Cost $10,052)				8,076


	Principal Amount		Value

CORPORATE BONDS — 9.9%
Basic Materials — 0.2%
BHP Billiton Finance USA Ltd. (Australia) 4.80%, 4/15/13	$	22,000		23,260

Communications — 0.6%
Cellco Partnership/Verizon Wireless Capital LLC 5.55%, 2/01/14		20,000		21,773
Comcast Cable Communications Holdings, Inc. 8.375%, 3/15/13		50,000		54,656
Google, Inc. 1.25%, 5/19/14		10,000		10,155

				86,584

Consumer, Cyclical — 0.2%
Wal-Mart Stores, Inc. 4.55%, 5/01/13		29,000		30,673

Consumer, Non-cyclical — 0.4%
Kroger (The) Co. 5.50%, 2/01/13		40,000		41,797
Wyeth 5.50%, 2/01/14		26,000		28,598

				70,395

Energy — 0.7%
Apache Corp. 5.25%, 4/15/13		20,000		21,231
BP Capital Markets PLC (United Kingdom) 3.625%, 5/08/14		30,000		31,503


See Notes to Financial Statements.		39

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X In-Target Date Fund (Continued)

November 30, 2011 (Unaudited)


	Principal Amount		Value

Energy (Continued)
Spectra Energy Capital LLC 6.25%, 2/15/13	$	60,000	$	63,118

				115,852

Financial — 5.9%
Bank of America Corp., MTN 3.125%, 6/15/12		108,000		109,801
Bank of America Corp. 4.875%, 1/15/13		112,000		111,942
Bank of New York Mellon (The) Corp., MTN 4.30%, 5/15/14		52,000		55,711
Boeing Capital Corp. 5.80%, 1/15/13		54,000		57,068
Caterpillar Financial Services Corp., MTN 6.125%, 2/17/14		20,000		22,234
Citigroup, Inc. 6.375%, 8/12/14		25,000		26,357
General Electric Capital Corp., Series G, MTN 5.25%, 10/19/12		20,000		20,798
General Electric Capital Corp., Series A, MTN 5.875%, 2/15/12		14,000		14,143
HSBC Finance Corp. 6.375%, 11/27/12		77,000		79,085
John Deere Capital Corp. 7.00%, 3/15/12		44,000		44,837
JPMorgan Chase & Co. 5.75%, 1/02/13		224,000		232,546
Morgan Stanley 5.30%, 3/01/13		64,000		63,935
Prudential Financial, Inc., Series B, MTN 5.10%, 9/20/14		36,000		38,605
Wachovia Corp. 5.25%, 8/01/14		44,000		46,481

				923,543

Government — 1.4%
European Investment Bank, MTN (Supranational) 4.625%, 5/15/14		156,000		168,348
Inter-American Development Bank (Supranational) 4.375%, 9/20/12		50,000		51,622

				219,970

Technology — 0.2%
Hewlett-Packard Co. 6.125%, 3/01/14		26,000		28,569

Utilities — 0.3%
Exelon Generation Co. LLC 5.35%, 1/15/14		40,000		42,830

TOTAL CORPORATE BONDS (Cost $1,530,901)				1,541,676

UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 62.8%
Federal Home Loan Banks — 1.1%
1.125%, 5/18/12		170,000		170,784


	Principal Amount		Value

Federal Home Loan Mortgage Corp. — 4.8%
2.125%, 3/23/12	$	170,000	$	171,078
4.50%, 1/15/13		539,000		564,712

				735,790

Federal National Mortgage Association — 0.7%
1.50%, 6/26/13		110,000		112,066

United States Treasury Bonds/Notes — 56.2%
0.875%, 1/31/12		570,000		570,891
1.375%, 2/15/12		542,000		543,588
1.375%, 5/15/12		158,700		159,667
4.75%, 5/31/12		575,800		589,251
1.75%, 8/15/12		254,000		256,987
1.125%, 12/15/12		565,000		570,716
2.875%, 1/31/13		702,500		724,701
2.50%, 3/31/13		625,000		644,238
1.125%, 6/15/13		390,000		395,423
1.00%, 7/15/13		119,000		120,492
3.375%, 7/31/13		484,000		509,353
3.125%, 8/31/13		535,000		561,897
0.75%, 9/15/13		565,000		570,121
0.75%, 12/15/13		565,000		570,562
1.25%, 2/15/14		500,000		510,547
1.00%, 5/15/14		613,000		623,200
4.75%, 5/15/14		727,500		806,048

				8,727,682

TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $9,693,822)				9,746,322

SOVEREIGN BOND — 0.2%
United Mexican States, Series A, MTN (Mexico) 6.375%, 1/16/13		30,000		31,725

TOTAL SOVEREIGN BONDS (Cost $31,846)				31,725


	Number of Shares
RIGHTS — 0.0% (b)
Consumer, Non-cyclical — 0.0% (b)
Lexicon Pharmaceuticals, Inc., expires 12/22/11*		2,500		43

TOTAL RIGHTS (Cost $0)				43


TOTAL INVESTMENTS — 99.6% (Cost $15,416,518)			$	15,465,215
Other assets less liabilities — 0.4%				64,507

NET ASSETS — 100.0%			$	15,529,722

MTN – Medium Term Note.

REIT – Real Estate Investment Trust.

* Non-Income producing securities.

(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%.


See Notes to Financial Statements.		40

This Page is Intentionally Left Blank

db-X Exchange-Traded Funds Inc.

STATEMENTS OF ASSETS AND LIABILITIES

November 30, 2011 (Unaudited)


	db-X 2010 Target Date Fund			db-X 2020 Target Date Fund			db-X 2030 Target Date Fund
Assets
Investments at fair value	$	14,191,522		$	36,279,394		$	29,095,284
Investments in Affiliates at fair value (See Note 5)		3,236			34,553			43,181
Cash		52,263			90,254			85,500
Foreign currency at value		6,235			15,881			16,262
Receivables:
Investment securities sold		657,819			—			—
Interest and dividends		76,027			166,131			156,560
From investment advisor		6,874			5,509			6,165
Foreign tax reclaim		993			16,944			20,024
Prepaid expenses		1,149			1,149			1,149

Total Assets	$	14,996,118		$	36,609,815		$	29,424,125


Liabilities
Payables:
Investment securities purchased	$	660,512		$	—		$	—
Investment advisory fees		22,937			57,862			51,205
Accrued expenses and other liabilities		72,437			100,128			93,089

Total Liabilities		755,886			157,990			144,294


Net Assets	$	14,240,232		$	36,451,825		$	29,279,831


Net Assets Consist of
Paid-in capital	$	15,824,773		$	41,001,140		$	35,005,008
Undistributed net investment income		104,045			545,521			620,607
Accumulated net realized loss		(1,685,082	)		(4,268,901	)		(5,593,693	)
Net unrealized appreciation (depreciation)		(3,504	)		(825,935	)		(752,091	)


Net Assets	$	14,240,232		$	36,451,825		$	29,279,831


Number of Common Shares outstanding⁽¹⁾		600,800			1,600,800			1,400,800


Net Asset Value	$	23.70		$	22.77		$	20.90


Investments at cost	$	14,193,425		$	37,069,694		$	29,803,404
Investments in Affiliates at cost	$	4,750		$	70,784		$	87,710
Foreign currency at cost	$	6,414		$	15,905		$	16,360

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


See Notes to Financial Statements.		42

db-X Exchange-Traded Funds Inc.

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

November 30, 2011 (Unaudited)


	db-X 2040 Target Date Fund			db-X In-Target Date Fund
Assets
Investments at fair value	$	27,830,036		$	15,458,782
Investments in Affiliates at fair value (See Note 5)		50,115			6,433
Cash		89,824			692,204
Foreign currency at value		12,442			3,982
Receivables:
Investment securities sold		—			—
Interest and dividends		101,788			81,195
From investment advisor		3,250			6,769
Foreign tax reclaim		21,728			1,556
Prepaid expenses		1,149			1,149

Total Assets	$	28,110,332		$	16,252,070


Liabilities
Payables:
Investment securities purchased	$	—		$	623,057
Investment advisory fees		43,773			24,873
Accrued expenses and other liabilities		92,421			74,418

Total Liabilities		136,194			722,348


Net Assets	$	27,974,138		$	15,529,722


Net Assets Consist of
Paid-in capital	$	35,666,737		$	15,643,754
Undistributed net investment income		491,835			92,786
Accumulated net realized loss		(6,631,065	)		(255,490	)
Net unrealized appreciation (depreciation)		(1,553,369	)		48,672


Net Assets	$	27,974,138		$	15,529,722


Number of Common Shares outstanding⁽¹⁾		1,400,800			600,800


Net Asset Value	$	19.97		$	25.85


Investments at cost	$	29,337,204		$	15,404,830
Investments in Affiliates at cost	$	96,922		$	11,688
Foreign currency at cost	$	12,476		$	4,088

⁽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 OPERATIONS

For the Six Months Ended November 30, 2011 (Unaudited)


	db-X 2010 Target Date Fund			db-X 2020 Target Date Fund			db-X 2030 Target Date Fund
Investment Income
Unaffiliated interest income	$	81,301		$	125,568		$	162,180
Affiliated interest income		—			1,241			—
Unaffiliated dividend income*		20,066			227,568			284,646

Total investment income		101,367			354,377			446,826


Expenses
Advisory fees		46,287			118,465			106,271
Professional fees		23,073			40,993			38,562
Insurance		13,619			13,619			13,619
Directors		11,357			29,309			26,767
Listing fees		9,000			9,000			9,000
Printing		5,836			15,993			14,495
Other expenses		1,470			3,619			3,317

Total Expenses		110,642			230,998			212,031

Less fees waived and expenses reimbursed: (See Note 3)		(64,198	)		(112,375	)		(105,602	)

Net Expenses		46,444			118,623			106,429


Net Investment Income		54,923			235,754			340,397


Net Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investments		319,233			2,123,409			1,900,598
In-kind redemptions		—			—			436,362
Foreign currency related transactions		(44	)		623			(115	)

Net realized gain (loss)		319,189			2,124,032			2,336,845
Net change in unrealized appreciation (depreciation) of:
Investments		(541,370	)		(4,317,760	)		(4,430,931	)
Foreign currency translations		(450	)		(2,276	)		(2,557	)

Net change in unrealized appreciation (depreciation)		(541,820	)		(4,320,036	)		(4,433,488	)

Net loss on investment and foreign currency transactions		(222,631	)		(2,196,004	)		(2,096,643	)


Net Decrease in Net Assets from Operations	$	(167,708	)	$	(1,960,250	)	$	(1,756,246	)

* Foreign taxes withheld	$	451		$	2,546		$	3,217


See Notes to Financial Statements.		44

db-X Exchange-Traded Funds Inc.

STATEMENTS OF OPERATIONS (Continued)

For the Six Months Ended November 30, 2011 (Unaudited)


	db-X 2040 Target Date Fund			db-X In-Target Date Fund
Investment Income
Unaffiliated interest income	$	41,777		$	52,482
Affiliated interest income		—			—
Unaffiliated dividend income*		297,356			46,355

Total investment income		339,133			98,837


Expenses
Advisory fees		92,539			50,489
Professional fees		37,997			24,222
Insurance		13,619			13,619
Directors		24,081			12,431
Listing fees		9,000			9,000
Printing		14,312			6,466
Other expenses		3,258			1,613

Total Expenses		194,806			117,840

Less fees waived and expenses reimbursed (See Note 3)		(102,107	)		(67,193	)

Net Expenses		92,699			50,647


Net Investment Income		246,434			48,190


Net Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investments		1,546,357			333,441
In-kind redemptions		689,559			—
Foreign currency related transactions		358			13

Net realized gain (loss)		2,236,274			333,454
Net change in unrealized appreciation (depreciation) of:
Investments		(5,100,210	)		(799,501	)
Foreign currency translations		(2,814	)		(467	)

Net change in unrealized appreciation (depreciation)		(5,103,024	)		(799,968	)

Net loss on investment and foreign currency transactions		(2,866,750	)		(466,514	)


Net Decrease in Net Assets from Operations	$	(2,620,316	)	$	(418,324	)

* Foreign taxes withheld	$	3,381		$	599


See Notes to Financial Statements.		45

db-X Exchange-Traded Funds Inc.

STATEMENTS OF CHANGES IN NET ASSETS


	db-X 2010 Target Date Fund						db-X 2020 Target Date Fund
	For the Six Months Ended November 30, 2011 (Unaudited)			Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			Year Ended May 31, 2011
Increase (Decrease) in Net Assets from Operations
Net investment income	$	54,923		$	259,227		$	235,754		$	796,965
Net realized gain (loss)		319,189			246,903			2,124,032			1,315,217
Net change in unrealized appreciation (depreciation)		(541,820	)		489,001			(4,320,036	)		4,709,585

Net increase (decrease) resulting from operations		(167,708	)		995,131			(1,960,250	)		6,821,767


Distributions to Shareholders from
Net investment income		—			(396,186	)		—			(951,011	)

Total distributions		—			(396,186	)		—			(951,011	)


Fund Share Transactions
Value of shares redeemed		—			(4,801,447	)		—			(8,863,437	)

Net decrease resulting from fund share transactions		—			(4,801,447	)		—			(8,863,437	)

Total increase (decrease) in Net Assets		(167,708	)		(4,202,502	)		(1,960,250	)		(2,992,681	)

Net Assets
Beginning of period		14,407,940			18,610,442			38,412,075			41,404,756

End of period	$	14,240,232		$	14,407,940		$	36,451,825		$	38,412,075

Undistributed net investment income	$	104,045		$	49,122		$	545,521		$	309,767


Changes in Shares Outstanding
Shares outstanding, beginning of period		600,800			800,800			1,600,800			2,000,800
Shares redeemed		—			(200,000	)		—			(400,000	)

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


See Notes to Financial Statements.		46

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
	For the Six Months Ended November 30, 2011 (Unaudited)			Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			Year Ended May 31, 2011
Increase (Decrease) in Net Assets from Operations
Net investment income	$	340,397		$	667,290		$	246,434		$	533,566
Net realized gain (loss)		2,336,845			720,854			2,236,274			161,610
Net change in unrealized appreciation (depreciation)		(4,433,488	)		6,036,838			(5,103,024	)		6,856,485

Net increase (decrease) resulting from operations		(1,756,246	)		7,424,982			(2,620,316	)		7,551,661


Distributions to Shareholders from
Net investment income		—			(733,001	)		—			(580,727	)

Total distributions		—			(733,001	)		—			(580,727	)


Fund Share Transactions
Value of shares redeemed		(4,271,271	)		(4,124,355	)		(4,128,167	)		(3,725,058	)

Net decrease resulting from fund share transactions		(4,271,271	)		(4,124,355	)		(4,128,167	)		(3,725,058	)

Total increase (decrease) in Net Assets		(6,027,517	)		2,567,626			(6,748,483	)		3,245,876

Net Assets
Beginning of period		35,307,348			32,739,722			34,722,621			31,476,745

End of period	$	29,279,831		$	35,307,348		$	27,974,138		$	34,722,621

Undistributed net investment income	$	620,607		$	280,210		$	491,835		$	245,401


Changes in Shares Outstanding
Shares outstanding, beginning of period		1,600,800			1,800,800			1,600,800			1,800,800
Shares redeemed		(200,000	)		(200,000	)		(200,000	)		(200,000	)

Shares outstanding, end of period		1,400,800			1,600,800			1,400,800			1,600,800


See Notes to Financial Statements.		47

db-X Exchange-Traded Funds Inc.

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	db-X In-Target Date Fund
	For the Six Months Ended November 30, 2011 (Unaudited)			Year Ended May 31, 2011
Increase (Decrease) in Net Assets from Operations
Net investment income	$	48,190		$	173,382
Net realized gain (loss)		333,454			436,471
Net change in unrealized appreciation (depreciation)		(799,968	)		676,488

Net increase (decrease) resulting from operations		(418,324	)		1,286,341


Distributions to Shareholders from
Net investment income		—			(231,750	)

Total distributions		—			(231,750	)


Fund Share Transactions
Value of shares redeemed		—			(5,180,562	)

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

Total increase (decrease) in Net Assets		(418,324	)		(4,125,971	)

Net Assets
Beginning of period		15,948,046			20,074,017

End of period	$	15,529,722		$	15,948,046

Undistributed net investment income	$	92,786		$	44,596


Changes in Shares Outstanding
Shares outstanding, beginning of period		600,800			800,800
Shares redeemed		—			(200,000	)

Shares outstanding, end of period		600,800			600,800


See Notes to Financial Statements.		48

db-X Exchange-Traded Funds Inc.

FINANCIAL HIGHLIGHTS

For a Share outstanding throughout each period


	For the Six Months Ended November 30, 2011 (Unaudited)			Year Ended May 31,									For the Period October 1, 2007* through May 31, 2008
db-X 2010 Target Date Fund	For the Six Months Ended November 30, 2011 (Unaudited)			2011			2010			2009			For the Period October 1, 2007* through May 31, 2008
Net Asset Value, beginning of period	$	23.98		$	23.24		$	22.09		$	24.93		$	25.39

Income from Investment Operations:
Net investment income**		0.09			0.37			0.55			0.69			0.55
Net realized and unrealized gain (loss)**		(0.37	)		0.99			1.11			(2.67	)		(0.80	)
Contributions from advisor		—			0.04			—			—			—

Net increase (decrease) in net asset value from operations		(0.28	)		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	$	23.70		$	23.98		$	23.24		$	22.09		$	24.93


Total Return
Total investment return based on net asset value***		(1.17	)%		6.09	%		7.51	%		(7.87	)%		(0.99	)%

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	14,240		$	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	%		0.65	%†
Expenses, prior to fee waiver and expense reimbursements		1.55	%†		1.70	%		2.10	%		1.70	%		1.55	%†
Net investment income		0.77	%†		1.56	%		2.32	%		3.09	%		3.33	%†
Portfolio turnover rate††		51	%		58	%		51	%		54	%		22	%

	For the Six Months Ended November 30, 2011 (Unaudited)			Year Ended May 31,									For the Period October 1, 2007* through May 31, 2008
db-X 2020 Target Date Fund	For the Six Months Ended November 30, 2011 (Unaudited)			2011			2010			2009			For the Period October 1, 2007* through May 31, 2008
Net Asset Value, beginning of period	$	24.00		$	20.69		$	18.56		$	24.18		$	25.52

Income from Investment Operations:
Net investment income**		0.15			0.44			0.51			0.61			0.44
Net realized and unrealized gain (loss)**		(1.38	)		3.39			2.10			(5.64	)		(1.67	)
Contributions from advisor		—			0.01			—			—			—

Net increase (decrease) in net asset value from operations		(1.23	)		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	$	22.77		$	24.00		$	20.69		$	18.56		$	24.18


Total Return
Total investment return based on net asset value***		(5.13	)%		18.71	%		13.99	%		(20.73	)%		(4.82	)%

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	36,452		$	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	%		0.65	%†
Expenses, prior to fee waiver and expense reimbursements		1.27	%†		1.42	%		1.90	%		1.60	%		1.32	%†
Net investment income		1.29	%†		1.97	%		2.43	%		3.17	%		2.69	%†
Portfolio turnover rate††		50	%		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 October 1, 2007 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.		49

db-X Exchange-Traded Funds Inc.

FINANCIAL HIGHLIGHTS (Continued)

For a Share outstanding throughout each period


	For the Six Months Ended November 30, 2011 (Unaudited)			Year Ended May 31,									For the Period October 1, 2007* through May 31, 2008
db-X 2030 Target Date Fund	For the Six Months Ended November 30, 2011 (Unaudited)			2011			2010			2009			For the Period October 1, 2007* through May 31, 2008
Net Asset Value, beginning of period	$	22.06		$	18.18		$	16.07		$	23.57		$	25.60

Income from Investment Operations:
Net investment income**		0.22			0.39			0.37			0.44			0.35
Net realized and unrealized gain (loss) **		(1.38	)		3.90			2.07			(7.54	)		(2.29	)
Contributions from advisor		—			0.00	(a)		—			—			—

Net increase (decrease) in net asset value from operations		(1.16	)		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	$	20.90		$	22.06		$	18.18		$	16.07		$	23.57


Total Return
Total investment return based on net asset value***		(5.26	)%		23.74	%		15.13	%		(30.08	)%		(7.59	)%

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	29,280		$	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	%		0.65	%†
Expenses, prior to fee waiver and expense reimbursements		1.30	%†		1.43	%		1.95	%		1.62	%		1.38	%†
Net investment income		2.08	%†		1.93	%		2.01	%		2.52	%		2.13	%†
Portfolio turnover rate††		35	%		39	%		42	%		64	%		13	%

	For the Six Months Ended November 30, 2011 (Unaudited)			Year Ended May 31,									For the Period October 1, 2007* through May 31, 2008
db-X 2040 Target Date Fund	For the Six Months Ended November 30, 2011 (Unaudited)			2011			2010			2009			For the Period October 1, 2007* through May 31, 2008
Net Asset Value, beginning of period	$	21.69		$	17.48		$	15.35		$	23.49		$	25.64

Income from Investment Operations:
Net investment income**		0.17			0.32			0.32			0.37			0.29
Net realized and unrealized gain (loss)**		(1.89	)		4.25			2.08			(8.15	)		(2.38	)

Net increase (decrease) in net asset value from operations		(1.72	)		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	$	19.97		$	21.69		$	17.48		$	15.35		$	23.49


Total Return
Total investment return based on net asset value***		(7.93	)%		26.32	%		15.59	%		(33.03	)%		(8.14	)%

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	27,974		$	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	%		0.65	%†
Expenses, prior to fee waiver and expense reimbursements		1.37	%†		1.43	%		1.97	%		1.65	%		1.36	%†
Net investment income		1.73	%†		1.64	%		1.79	%		2.21	%		1.89	%†
Portfolio turnover rate††		31	%		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.		50

db-X Exchange-Traded Funds Inc.

FINANCIAL HIGHLIGHTS (Continued)

For a Share outstanding throughout each period


	For the Six Months Ended November 30, 2011 (Unaudited)			Year Ended May 31,									For the Period October 1, 2007* through May 31, 2008
db-X In-Target Date Fund	For the Six Months Ended November 30, 2011 (Unaudited)			2011			2010			2009			For the Period October 1, 2007* through May 31, 2008
Net Asset Value, beginning of period	$	26.54		$	25.07		$	24.38		$	25.46		$	25.08

Income from Investment Operations:
Net investment income**		0.08			0.25			0.33			0.47			0.43
Net realized and unrealized gain (loss)**		(0.77	)		1.61			0.70			(0.96	)		0.10
Contributions from advisor		—			0.00	(a)		—			—			—

Net increase (decrease) in net asset value from operations		(0.69	)		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	$	25.85		$	26.54		$	25.07		$	24.38		$	25.46


Total Return
Total investment return based on net asset value***		(2.60	)%		7.44	%		4.23	%		(1.87	)%		2.12	%

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	15,530		$	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	%		0.65	%†
Expenses, prior to fee waiver and expense reimbursements		1.52	%†		1.66	%		2.06	%		1.57	%		1.61	%†
Net investment income		0.62	%†		0.96	%		1.30	%		1.91	%		2.62	%†
Portfolio turnover rate††		50	%		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.		51

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. Organization

db-X Exchange-Traded 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”).

As of November 30, 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:


db-X 2010 Target Date Fund		“db-X 2010 Fund”
db-X 2020 Target Date Fund		“db-X 2020 Fund”
db-X 2030 Target Date Fund		“db-X 2030 Fund”
db-X 2040 Target Date Fund		“db-X 2040 Fund”
db-X In-Target Date Fund		“db-X In-Target Fund”

DBX Strategic Advisors LLC (“DBX” or the “Advisor”) 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.

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.

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

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 November 30, 2011.

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.

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

The following table summarizes the valuation of each Fund’s investments by the above fair value hierarchy levels as of November 30, 2011:


	Level 1		Level 2		Level 3		Total
db-X 2010 Fund
Investments in Securities
Common Stocks	$	1,663,975	$	—	$	—	$	1,663,975
Corporate Bonds		—		1,705,139		—		1,705,139
United States Government & Agencies Obligations		—		10,784,384		—		10,784,384
Sovereign Bonds		—		41,243		—		41,243
Rights		—		17		—		17

Total Investments	$	1,663,975	$	12,530,783	$	—	$	14,194,758

db-X 2020 Fund
Investments in Securities
Common Stocks	$	19,397,314	$	—	$	—	$	19,397,314
Preferred Stocks		22,682		—		—		22,682
Corporate Bonds		—		3,467,601		—		3,467,601
United States Government & Agencies Obligations		—		12,872,257		—		12,872,257
Sovereign Bonds		—		553,895		—		553,895
Rights		—		198		—		198

Total Investments	$	19,419,996	$	16,893,951	$	—	$	36,313,947

db-X 2030 Fund
Investments in Securities
Common Stocks	$	22,202,184	$	—	$	—	$	22,202,184
Preferred Stocks		25,947		—		—		25,947
Corporate Bonds		—		3,960,321		—		3,960,321
United States Government & Agencies Obligations		—		2,321,446		—		2,321,446
Sovereign Bonds		—		628,341		—		628,341
Rights		—		226		—		226

Total Investments	$	22,228,131	$	6,910,334	$	—	$	29,138,465

db-X 2040 Fund
Investments in Securities
Common Stocks	$	25,827,525	$	—	$	—	$	25,827,525
Preferred Stocks		30,071		—		—		30,071
Corporate Bonds		—		1,264,171		—		1,264,171
United States Government & Agencies Obligations		—		617,847		—		617,847
Sovereign Bonds		—		140,276		—		140,276
Rights		—		261		—		261

Total Investments	$	25,857,596	$	2,022,555	$	—	$	27,880,151

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)


	Level 1		Level 2		Level 3		Total
db-X In-Target Fund
Investments in Securities
Common Stocks	$	4,137,373	$	—	$	—	$	4,137,373
Preferred Stocks		8,076		—		—		8,076
Corporate Bonds		—		1,541,676		—		1,541,676
United States Government & Agencies Obligations		—		9,746,322		—		9,746,322
Sovereign Bonds		—		31,725		—		31,725
Rights		—		43		—		43

Total Investments	$	4,145,449	$	11,319,766	$	—	$	15,465,215

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

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

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

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 November 30, 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 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.

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.

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

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

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, 2012. 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 six-month period ended November 30, 2011.

The amounts subject to potential reimbursement to the Advisor as of November 30, 2011 were as follows:


	Reimbursements available through:
	5/31/2012		5/31/2013		5/31/2014
db-X 2010 Fund	$	549,507	$	238,411	$	64,198
db-X 2020 Fund		966,690		424,953		112,375
db-X 2030 Fund		832,156		373,957		105,602
db-X 2040 Fund		789,910		356,583		102,107
db-X In-Target Fund		589,808		248,808		67,193

For the six-month period ended November 30, 2011, the advisory fee waivers and expenses assumed by the Advisor were as follows:


	Advisory Fees Waived by DBX		Fees & Expenses Assumed by DBX
db-X 2010 Fund	$	46,287	$	17,911
db-X 2020 Fund		112,375		—
db-X 2030 Fund		105,602		—
db-X 2040 Fund		92,539		9,568
db-X In-Target Fund		50,489		16,704

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 telephonically. Each Independent Director also receives $2,000 per Audit Committee meeting attended in-person or $1,000 per meeting attended 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

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 Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

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

As of November 30, 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	$	14,209,265	$	283,562	$	(298,069	)	$	(14,507	)
db-X 2020 Fund		37,177,170		2,021,654		(2,884,877	)		(863,223	)
db-X 2030 Fund		29,931,997		2,800,221		(3,593,753	)		(793,532	)
db-X 2040 Fund		29,473,583		2,668,600		(4,262,032	)		(1,593,432	)
db-X In-Target Fund		15,422,163		499,324		(456,272	)		43,052

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 six-month period ended November 30, 2011.


	Fair Value 5/31/2011		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain			Fair Value 11/30/2011		Interest Income
db-X 2010 Fund
Deutsche Bank AG (Common Stock)	$	—	$	4,750	$	—		$	—					$	3,236	$	—
db-X 2020 Fund
Deutsche Bank AG, 6.00%, 9/01/17	$	152,459	$	—	$	(150,315	)	$	—		$	14,811		$	—	$	1,241
Deutsche Bank AG (Common Stock)		53,406		—		—			(18,853	)		—			34,553		—

Total Investments in Affiliates	$	205,865	$	—	$	(150,315	)	$	(18,853	)	$	14,811		$	34,553	$	1,241

db-X 2030 Fund
Deutsche Bank AG (Common Stock)	$	64,718	$	10,789	$	(6,306	)	$	(23,427	)	$	(2,593	)	$	43,181	$	—
db-X 2040 Fund
Deutsche Bank AG (Common Stock)	$	72,637	$	13,014	$	(8,667	)	$	(27,139	)	$	270		$	50,115	$	—
db-X In-Target Fund
Deutsche Bank AG (Common Stock)	$	5,061	$	4,637	$	—		$	(3,265	)	$	—		$	6,433	$	—

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

6. Investment Portfolio Transactions

For the six-month period ended November 30, 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	$	920,897	$	5,319,234	$	2,460,109	$	4,973,854
db-X 2020 Fund		7,064,748		11,815,777		14,631,443		3,820,775
db-X 2030 Fund		9,184,599		2,673,986		10,249,639		1,264,304
db-X 2040 Fund		8,747,807		433,308		8,401,904		494,686
db-X In -Target Fund		1,478,183		5,239,947		2,015,835		5,383,214

For the six-month period ended November 30, 2011 the cost of in-kind purchases and the proceeds from in-kind sales were as follows:


	Purchases		Sales
db-X 2030 Fund	$	—	$	4,243,136
db-X 2040 Fund		—		4,125,259

7. Fund Share Transactions

As of November 30, 2011, there were 12.5 billion Fund shares of $0.0001 par value 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.

ADDITIONAL INFORMATION (unaudited)

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, 2011 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.

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, 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.

Not required for a semi-annual period.

Item 3. Audit Committee Financial Expert.

Not required for a semi-annual period.

Item 4. Principal Accountant Fees and Services.

Not required for a semi-annual period.

Items 5. Audit Committee of Listed Registrants.

Not required for a semi-annual period.

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)(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:		January 30, 2012

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:		January 30, 2012


By:		/s/ Michael Gilligan
Name:		Michael Gilligan
Title:		Treasurer, Chief Financial Officer and Controller
Date:		January 30, 2012

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