db-X Exchange-Traded Funds N-CSRS 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, 2012

Date of reporting period: November 30, 2012

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, 2012

Unaudited

db-X Exchange-Traded Funds Inc.

db-X 2010 Target Date Fund (TDD)

db-X 2020 Target Date Fund (TDH)

db-X 2030 Target Date Fund (TDN)

db-X 2040 Target Date Fund (TDV)

db-X In-Target Date Fund (TDX)

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		17
db-X 2030 Target Date Fund		22
db-X 2040 Target Date Fund		28
db-X In-Target Date Fund		34
Statements of Assets and Liabilities		40
Statements of Operations		41
Statements of Changes in Net Assets		42
Financial Highlights		45
Notes to Financial Statements		48
Additional Information		57

TO OUR SHAREHOLDERS:

Dear Shareholder,

We are pleased to present this Semi-Annual Report for db-X Exchange-Traded Funds Inc, which covers the six-month period ending November 30, 2012.

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. During the six months covered by this report, investors with a longer investment horizon benefitted from higher exposure to equities as the db-X 2040 Target Date Fund and the db-X 2030 Target Date Fund, which allocate a large percentage of assets to domestic and international equity securities, experienced net asset value (“NAV”) returns of 11.31% and 9.58%, respectively. The db-X 2020 Target Date Fund, with a more balanced allocation between equity and fixed income securities, experienced a NAV return of 6.36%. The db-X 2010 Target Date Fund and the db-X In-Target Date Fund, which have the greatest percentage allocations to fixed income securities experienced NAV returns of 1.74% and 3.44%, respectively.

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

Very truly yours,

Alex Depetris

Chairman, President and Chief Executive Officer

Performance quoted above represents past performance, assumes reinvestment of all dividends and capital gains distributions at net asset value (“NAV”), and does not guarantee future results. A Fund’s NAV return is based on the changes in the Fund’s NAV per share for the period indicated. A 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 Fund performance may be higher or lower than the performance quoted. Fund performance data current to the most recent month end may be obtained by visiting www.dbxstrategicadvisors.db.com.

An index is a statistical measure of a specified financial market or sector. An index is unmanaged and one cannot invest directly in an index. 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. In comparison, a 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.

The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk. Investment in the Funds 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.

1

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

The db-X 2010 Target Date Fund (the “Fund”) commenced investment operations and its shares began trading on 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, 2012, the Fund’s net asset value increased 1.74%, compared to an increase of 1.92% for the Zacks 2010 Lifecycle Index and 3.95% for the Dow Jones Target 2010 Index.

Performance as of 11/30/12

Average Annual Total Returns
	Net Asset Value	Market Price	Zacks 2010 Lifecycle Index	Dow Jones Target 2010 Index
One Year	2.13%	-6.89%	2.63%	7.21%
Since Inception1	0.95%	-1.32%	1.24%	4.46%
Cumulative Total Return
	Net Asset Value	Market Price	Zacks 2010 Lifecycle Index	Dow Jones Target 2010 Index
Six Months	1.74%	-3.58%	1.92%	3.95%
One Year	2.13%	-6.89%	2.63%	7.21%
Since Inception1	5.02%	-6.63%	6.56%	25.33%

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, 2012, as disclosed in the most recent prospectus dated September 28, 2012, was 1.39%. 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 9/30/13.

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 sub indexes 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.

Asset Class Breakdown* as of 11/30/12

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

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.

2

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

Top Ten Holdings² as of 11/30/12

Top Ten Equity Holdings
Description	Shares		Value		% of Net Assets
Exxon Mobil Corp.		497		$43,806		0.5%
Apple, Inc.		74		43,311		0.5%
Chevron Corp.		250		26,423		0.3%
General Electric Co.		1,210		25,568		0.3%
Microsoft Corp.		879		23,399		0.2%
Procter & Gamble (The) Co.		328		22,904		0.2%
Johnson & Johnson		324		22,592		0.2%
Wal-Mart Stores, Inc.		301		21,677		0.2%
Coca-Cola (The) Co.		562		21,312		0.2%
Pfizer, Inc.		823		20,591		0.2%
Top Ten Fixed Income Holdings
Description	Principal Amount		Value		% of Net Assets
US Treasury Bond/Note 2.50%, 3/31/13		$775,000		$781,085		8.1%
US Treasury Bond/Note 1.75%, 3/31/14		500,000		510,077		5.3%
US Treasury Bond/Note 4.75%, 5/15/14		434,800		463,232		4.8%
US Treasury Bond/Note 2.375%, 9/30/14		435,000		451,873		4.7%
US Treasury Bond/Note 4.25%, 11/15/14		409,000		440,745		4.6%
US Treasury Bond/Note 3.50%, 5/31/13		429,500		436,614		4.5%
US Treasury Bond/Note 1.00%, 7/15/13		395,000		397,099		4.1%
US Treasury Bond/Note 0.50%, 10/15/14		395,000		396,821		4.1%
US Treasury Bond/Note 0.75%, 6/15/14		392,000		395,109		4.1%
US Treasury Bond/Note 0.25%, 12/15/14		395,000		394,938		4.1%

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 11/30/12

* 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.

3

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

The db-X 2020 Target Date Fund (the “Fund”) commenced investment operations and its shares began trading on 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, 2012, the Fund’s net asset value increased 6.36%, compared to an increase of 6.64% for the Zacks 2020 Lifecycle Index and 5.98% for the Dow Jones Target 2020 Index.

Performance as of 11/30/12

Average Annual Total Returns
	Net Asset Value	Market Price	Zacks 2020 Lifecycle Index	Dow Jones Target 2020 Index
One Year	8.20%	1.35%	7.96%	9.00%
Since Inception1	0.91%	-0.58%	1.06%	2.84%
Cumulative Total Return
	Net Asset Value	Market Price	Zacks 2020 Lifecycle Index	Dow Jones Target 2020 Index
Six months	6.36%	5.76%	6.64%	5.98%
One Year	8.20%	1.35%	7.96%	9.00%
Since Inception1	4.78%	-2.98%	5.59%	15.59%

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, 2012, as disclosed in the most recent prospectus dated September 28, 2012, was 1.16%. 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 9/30/13.

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.

Asset Class Breakdown* as of 11/30/12

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

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.

4

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

Top Ten Holdings² as of 11/30/12

Top Ten Equity Holdings
Description	Shares		Value		% of Net Assets
Apple, Inc.		919		$537,873		1.8%
Exxon Mobil Corp.		4,578		403,505		1.4%
Wal-Mart Stores, Inc.		3,305		238,026		0.8%
International Business Machines Corp.		1,212		230,364		0.8%
Microsoft Corp.		8,581		228,427		0.8%
General Electric Co.		10,791		228,013		0.8%
Google, Inc., Class A		317		221,383		0.8%
Berkshire Hathaway, Inc., Class B		2,420		213,153		0.7%
Chevron Corp.		1,927		203,665		0.7%
AT&T, Inc.		5,967		203,654		0.7%
Top Ten Fixed Income Holdings
Description	Principal Amount		Value		% of Net Assets
US Treasury Bond/Note 0.75%, 9/15/13		$1,111,900		$1,116,981		3.8%
National Rural Utilities Cooperative Finance Corp. 1.00%, 2/02/15		784,000		791,608		2.7%
US Treasury Bond/Note 2.50%, 3/31/15		684,800		720,164		2.5%
US Treasury Bond/Note 2.625%, 12/31/14		652,400		684,460		2.4%
US Treasury Bond/Note 2.375%, 9/30/14		652,400		677,706		2.3%
US Treasury Bond/Note 2.375%, 2/28/15		641,800		671,834		2.3%
US Treasury Bond/Note 2.125%, 5/31/15		641,800		670,982		2.3%
US Treasury Bond/Note 0.375%, 3/15/15		659,800		661,347		2.3%
US Treasury Bond/Note 0.25%, 12/15/14		659,800		659,697		2.3%
US Treasury Bond/Note 1.25%, 9/30/15		642,700		659,621		2.3%

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 11/30/12

* 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.

5

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

The db-X 2030 Target Date Fund (the “Fund”) commenced investment operations and its shares began trading on 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, 2012, the Fund’s net asset value increased 9.58%, compared to an increase of 10.36% for the Zacks 2030 Lifecycle Index and 8.11% for the Dow Jones Target 2030 Index.

Performance as of 11/30/12

Average Annual Total Returns
	Net Asset Value	Market Price	Zacks 2030 Lifecycle Index	Dow Jones Target 2030 Index
One Year	14.30%	9.06%	15.33%	11.08%
Since Inception1	-0.06%	-1.57%	0.40%	1.61%
Cumulative Total Return
	Net Asset Value	Market Price	Zacks 2030 Lifecycle Index	Dow Jones Target 2030 Index
Six Months	9.58%	8.39%	10.36%	8.11%
One Year	14.30%	9.06%	15.33%	11.08%
Since Inception1	-0.32%	-7.86%	2.07%	8.63%

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, 2012, as disclosed in the most recent prospectus dated September 28, 2012, was 1.18%. 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 9/30/13.

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.

Asset Class Breakdown* as of 11/30/12

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

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.

6

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

Top Ten Holdings² as of 11/30/12

Top Ten Equity Holdings
Description	Shares		Value		% of Net Assets
Apple, Inc.		1,486		$869,726		2.7%
Exxon Mobil Corp.		7,528		663,518		2.0%
Wal-Mart Stores, Inc.		5,396		388,620		1.2%
General Electric Co.		18,117		382,811		1.2%
Microsoft Corp.		13,964		371,723		1.1%
International Business Machines Corp.		1,940		368,735		1.1%
Google, Inc., Class A		521		363,851		1.1%
Berkshire Hathaway, Inc., Class B		4,014		353,554		1.1%
AT&T, Inc.		9,696		330,924		1.0%
Chevron Corp.		3,083		325,842		1.0%
Top Ten Fixed Income Holdings
Description	Principal Amount		Value		% of Net Assets
Procter & Gamble (The) Co., 5.55%, 3/05/37		$217,000		$296,930		0.9%
AT&T, Inc., 5.55%, 8/15/41		235,000		282,926		0.9%
Southern California Edison Co., 6.05%, 3/15/39		193,000		268,183		0.8%
General Electric Capital Corp., 2.10%, 1/07/14		260,000		264,497		0.8%
Shell International Finance BV (Netherlands) 6.375%, 12/15/38		176,000		253,670		0.8%
Amgen, Inc., 5.65%, 6/15/42		185,000		225,299		0.7%
Cisco Systems, Inc., 5.90%, 2/15/39		160,000		211,731		0.6%
US Treasury Bond/Note 4.375%, 5/15/41		130,000		173,448		0.5%
Johnson & Johnson, 5.95%, 8/15/37		118,000		166,388		0.5%
Florida Power & Light Co., 5.95%, 2/01/38		121,000		163,980		0.5%

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 11/30/12

* 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.

7

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

The db-X 2040 Target Date Fund (the “Fund”) commenced investment operations and its shares began trading on 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, 2012, the Fund’s net asset value increased 11.31%, compared to an increase of 11.41% for the Zacks 2040 Lifecycle Index and 9.64% for the Dow Jones Target 2040 Index.

Performance as of 11/30/12

Average Annual Total Returns
	Net Asset Value	Market Price	Zacks 2040 Lifecycle Index	Dow Jones Target 2040 Index
One Year	15.02%	18.96%	13.94%	12.49%
Since Inception1	-0.96%	-0.89%	-1.00%	0.95%
Cumulative Total Return
	Net Asset Value	Market Price	Zacks 2040 Lifecycle Index	Dow Jones Target 2040 Index
Six Months	11.31%	10.31%	11.41%	9.64%
One Year	15.02%	18.96%	13.94%	12.49%
Since Inception1	-4.87%	-4.50%	-5.05%	5.00%

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, 2012, as disclosed in the most recent prospectus dated September 28, 2012, was 1.20%. 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 9/30/13.

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.

Asset Class Breakdown* as of 11/30/12

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

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.

8

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

Top Ten Holdings² as of 11/30/12

Top Ten Equity Holdings
Description	Shares		Value		% of Net Assets
Apple, Inc.		1,466		$858,021		3.2%
Exxon Mobil Corp.		7,397		651,971		2.4%
Wal-Mart Stores, Inc.		5,478		394,525		1.5%
Google, Inc., Class A		549		383,405		1.4%
International Business Machines Corp.		1,982		376,720		1.4%
Microsoft Corp.		13,749		365,999		1.4%
General Electric Co.		17,320		365,972		1.4%
Berkshire Hathaway, Inc., Class B		4,042		356,018		1.3%
AT&T, Inc.		9,806		334,679		1.2%
Chevron Corp.		3,114		329,118		1.2%
Top Ten Fixed Income Holdings
Description	Principal Amount		Value		% of Net Assets
US Treasury Bond/Note 4.375%, 11/15/39		$112,200		$149,402		0.6%
US Treasury Bond/Note 3.125%, 2/15/42		119,100		127,827		0.5%
US Treasury Bond/Note 4.625%, 2/15/40		85,700		118,507		0.4%
US Treasury Bond/Note 4.375%, 5/15/41		81,400		108,605		0.4%
US Treasury Bond/Note 3.875%, 8/15/40		84,800		104,410		0.4%
US Treasury Bond/Note 4.375%, 5/15/40		75,800		101,027		0.4%
US Treasury Bond/Note 4.75%, 2/15/41		68,500		96,660		0.4%
US Treasury Bond/Note 4.50%, 2/15/36		40,200		54,038		0.2%
AT&T, Inc., 5.55%, 8/15/41		30,000		36,118		0.1%
Procter & Gamble (The) Co., 5.55%, 3/05/37		26,000		35,577		0.1%

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 11/30/12

* 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.

9

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

The db-X In-Target Date Fund (the “Fund”) commenced investment operations and its shares began trading on 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, 2012, the Fund’s net asset value 3.44%, compared to an increase of 3.69% for the Zacks In-Target Lifecycle Index and an increase of 3.41% for the Dow Jones Target Today Index.

Performance as of 11/30/12

Average Annual Total Returns
	Net Asset Value	Market Price	Zacks In-Target Lifecycle Index	Dow Jones Target Today Index
One Year	4.32%	-1.23%	4.83%	6.54%
Since Inception1	2.57%	0.96%	2.76%	5.36%
Cumulative Total Return
	Net Asset Value	Market Price	Zacks In-Target Lifecycle Index	Dow Jones Target Today Index
Six Months	3.44%	3.43%	3.69%	3.41%
One Year	4.32%	-1.23%	4.83%	6.54%
Since Inception1	14.01%	5.05%	15.11%	30.99%

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, 2012, as disclosed in the most recent prospectus dated September 28, 2012, was 1.36%. 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 9/30/13.

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.

Asset Class Breakdown* as of 11/30/12

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

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.

10

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

Top Ten Holdings² as of 11/30/12

Top Ten Equity Holdings
Description	Shares		Value		% of Net Assets
Apple, Inc.		193		$112,959		1.1%
Exxon Mobil Corp.		1,055		92,989		0.9%
Microsoft Corp.		1,970		52,441		0.5%
General Electric Co.		2,465		52,086		0.5%
Wal-Mart Stores, Inc.		684		49,262		0.5%
International Business Machines Corp.		250		47,517		0.4%
Berkshire Hathaway, Inc., Class B		539		47,474		0.4%
AT&T, Inc.		1,365		46,588		0.4%
Chevron Corp.		431		45,552		0.4%
Johnson & Johnson		625		43,582		0.4%
Top Ten Fixed Income Holdings
Description	Principal Amount		Value		% of Net Assets
US Treasury Bond/Note 2.50%, 3/31/13		$713,700		$719,304		6.7%
US Treasury Bond/Note 4.75%, 5/15/14		602,900		642,323		6.0%
US Treasury Bond/Note 2.625%, 7/31/14		372,000		386,706		3.6%
US Treasury Bond/Note 1.25%, 2/15/14		363,700		368,204		3.4%
US Treasury Bond/Note 0.25%, 12/15/14		360,000		359,944		3.4%
US Treasury Bond/Note 2.125%,11/30/14		345,000		357,776		3.3%
US Treasury Bond/Note 1.75%, 4/15/13		355,000		357,163		3.3%
US Treasury Bond/Note 0.50%, 10/15/14		355,000		356,637		3.3%
US Treasury Bond/Note 1.375%, 2/15/13		355,000		355,957		3.3%
US Treasury Bond/Note 0.75%, 615/14		352,000		354,791		3.3%

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 11/30/12

* 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.

11

db-X Exchange-Traded Funds Inc.

FEES AND EXPENSES (Unaudited)

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, 2012.

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, 2012		Ending Account Value November 30, 2012		Annualized Expense  Ratio(1) based on the number of days in the period			Expenses Paid During the Period(2) June 1, 2012 to November 30, 2012
db-X 2010 Target Date Fund
Actual	$	1,000.00	$	1,017.40		0.65	%	$	3.29
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
db-X 2020 Target Date Fund
Actual	$	1,000.00	$	1,063.60		0.65	%	$	3.36
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
db-X 2030 Target Date Fund
Actual	$	1,000.00	$	1,095.80		0.65	%	$	3.42
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
db-X 2040 Target Date Fund
Actual	$	1,000.00	$	1,113.10		0.65	%	$	3.44
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
db-X In-Target Date Fund
Actual	$	1,000.00	$	1,034.40		0.65	%	$	3.31
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		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, 2013. 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, 2012 to November 30, 2012. 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 365.

12

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2010 Target Date Fund

November 30, 2012 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 17.7%
Basic Materials — 1.0%
Air Liquide S.A. (France)		29	$	3,542
Anglo American PLC (United Kingdom)		139		3,859
BASF SE (Germany)		80		7,169
BHP Billiton Ltd. (Australia)		274		9,831
BHP Billiton PLC (United Kingdom)		167		5,251
Coeur d’Alene Mines Corp.*		50		1,163
Dow Chemical (The) Co.		116		3,502
E.I. du Pont de Nemours & Co.		137		5,910
Freeport-McMoRan Copper & Gold, Inc.		100		3,901
International Paper Co.		200		7,428
Linde AG (Germany)		17		2,940
Monsanto Co.		100		9,159
Rio Tinto Ltd. (Australia)		46		2,819
Rio Tinto PLC (United Kingdom)		123		6,099
Sherwin-Williams (The) Co.		100		15,251
Syngenta AG (Switzerland)		8		3,208
Xstrata PLC (United Kingdom)		191		3,165
				94,197
Communications — 1.6%
Amazon.com, Inc.*		33		8,318
Anixter International, Inc.		105		6,413
AT&T, Inc.		598		20,410
Bankrate, Inc.*		100		1,203
Brightcove, Inc.*		100		972
BT Group PLC, Class A (United Kingdom)		709		2,653
Centurylink, Inc.		100		3,884
Cisco Systems, Inc.		600		11,346
Comcast Corp., Class A		240		8,923
Consolidated Communications Holdings, Inc.		100		1,504
Corning, Inc.		156		1,908
Deutsche Telekom AG (Germany)		290		3,195
France Telecom S.A. (France)		197		2,085
Google, Inc., Class A*		19		13,269
Leap Wireless International, Inc.*		300		1,950
News Corp., Class A		165		4,066
Softbank Corp. (Japan)		100		3,747
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		574		5,345
Telefonica S.A. (Spain)		387		5,079
Thomson Reuters Corp. (Canada)		100		2,754
Time Warner, Inc.		123		5,818
Verizon Communications, Inc.		329		14,515
Vodafone Group PLC (United Kingdom)		3,915		10,111
Vonage Holdings Corp.*		1,000		2,430
Walt Disney (The) Co.		185		9,187
				151,085
Consumer, Cyclical — 1.9%
Arctic Cat, Inc.*		100		3,763
Ascena Retail Group, Inc.*		67		1,347
Bayerische Motoren Werke AG (Germany)		35		3,104
Cash America International, Inc.		100		3,724
Cie Financiere Richemont S.A. (Switzerland)		54		4,165
Cinemark Holdings, Inc.		34		925
Compass Group PLC (United Kingdom)		241		2,785

	Number of Shares		Value
Consumer, Cyclical (Continued)
CVS Caremark Corp.		227	$	10,558
Daimler AG (Germany)		84		4,149
Dana Holding Corp.		100		1,418
Dr Horton, Inc.		100		1,946
DTS, Inc.*		100		1,528
Ford Motor Co.		499		5,714
GNC Holdings, Inc., Class A		100		3,513
Hennes & Mauritz AB, Class B (Sweden)		31		1,005
Honda Motor Co. Ltd. (Japan)		131		4,340
Inditex S.A. (Spain)		26		3,564
JetBlue Airways Corp.*		200		1,028
Kohl’s Corp.		134		5,982
Krispy Kreme Doughnuts, Inc.*		300		2,730
Las Vegas Sands Corp.		67		3,126
Lennar Corp., Class A		100		3,804
Life Time Fitness, Inc.*		100		4,705
Lions Gate Entertainment Corp. (Canada)*		100		1,638
Lowe’s Cos., Inc.		100		3,609
LVMH Moet Hennessy Louis Vuitton S.A. (France)		19		3,334
Maidenform Brands, Inc.*		100		1,837
MDC Holdings, Inc.		100		3,524
Men’s Wearhouse (The), Inc.		100		3,244
Mitsui & Co. Ltd. (Japan)		200		2,762
Nissan Motor Co. Ltd. (Japan)		300		2,907
Penske Automotive Group, Inc.		167		4,865
Red Robin Gourmet Burgers, Inc.*		100		3,275
Ross Stores, Inc.		100		5,692
Ruby Tuesday, Inc.*		300		2,343
Ryman Hospitality Properties REIT		100		3,322
Saks, Inc.*		167		1,754
Southwest Airlines Co.		400		3,812
Systemax, Inc.*		100		1,030
Target Corp.		67		4,230
Toyota Motor Corp. (Japan)		233		9,986
VF Corp.		100		16,050
Wabash National Corp.*		300		2,427
Wal-Mart Stores, Inc.		301		21,677
World Fuel Services Corp.		10		390
				182,631
Consumer, Non-cyclical — 3.7%
Abbott Laboratories		150		9,750
Acacia Research — Acacia Technologies*		100		2,223
Accuray, Inc.*		300		1,884
Aetna, Inc.		200		8,639
Align Technology, Inc.*		100		2,739
Anheuser-Busch InBev NV (Belgium)		67		5,872
Ariad Pharmaceuticals, Inc.*		100		2,236
AstraZeneca PLC (United Kingdom)		81		3,851
Avanir Pharmaceuticals, Inc., Class A*		600		1,584
Bayer AG (Germany)		65		5,880
Becton Dickinson and Co.		100		7,667
BioScrip, Inc.*		300		3,090
Bristol-Myers Squibb Co.		134		4,372
British American Tobacco PLC (United Kingdom)		179		9,393

See Notes to Financial Statements. 13

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2010 Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Number of Shares		Value
Consumer, Non-cyclical (Continued)
Capella Education Co.*		100	$	2,767
Centene Corp.*		100		4,391
Chemocentryx, Inc.*		100		1,185
Coca-Cola (The) Co.		562		21,312
CONMED Corp.		67		1,851
Convergys Corp.		100		1,561
CSL Ltd. (Australia)		61		3,290
DANONE S.A. (France)		45		2,855
Diageo PLC (United Kingdom)		238		7,083
Fresh Del Monte Produce, Inc.		100		2,595
FTI Consulting, Inc.*		100		3,091
Geo Group (The), Inc.		67		1,889
GlaxoSmithKline PLC (United Kingdom)		412		8,812
Hanger, Inc.*		100		2,611
Harris Teeter Supermarkets, Inc.		25		950
Imperial Tobacco Group PLC (United Kingdom)		70		2,801
Incyte Corp. Ltd.*		67		1,179
JM Smucker (The) Co.		67		5,927
Johnson & Johnson		324		22,592
Live Nation Entertainment, Inc.*		83		729
Magellan Health Services, Inc.*		7		363
Medtronic, Inc.		100		4,211
Merck & Co., Inc.		284		12,581
Molina Healthcare, Inc.*		67		1,865
Mondelez International, Inc., Class A		252		6,524
Nestle S.A. (Switzerland)		264		17,283
Novartis AG (Switzerland)		183		11,329
Novo Nordisk A/S, Class B (Denmark)		32		5,082
Pfizer, Inc.		823		20,591
Pilgrim’s Pride Corp.*		400		2,856
Procter & Gamble (The) Co.		328		22,904
Quad/Graphics, Inc.		100		1,620
Reckitt Benckiser Group PLC (United Kingdom)		51		3,208
Rent-A-Center, Inc.		100		3,476
Roche Holding AG (Switzerland)		59		11,617
Rollins, Inc.		21		478
Sabmiller PLC (United Kingdom)		67		3,036
Salix Pharmaceuticals Ltd.*		50		2,143
Sanofi (France)		62		5,537
Santarus, Inc.*		300		2,991
Seaboard Corp.*		1		2,360
Seattle Genetics, Inc.*		67		1,696
Select Medical Holdings Corp.*		67		740
Sequenom, Inc.*		500		2,435
Spectrum Brands Holdings, Inc.		100		4,783
Takeda Pharmaceutical Co. Ltd. (Japan)		100		4,571
Tesco PLC (United Kingdom)		779		4,059
Teva Pharmaceutical Industries Ltd. (Israel)		93		3,782
TNS, Inc.*		100		1,460
Unilever NV (Netherlands)		159		6,033
Unilever PLC (United Kingdom)		125		4,814
UnitedHealth Group, Inc.		114		6,200
Viropharma, Inc.*		67		1,661
Woolworths Ltd. (Australia)		100		3,055
				355,995

	Number of Shares		Value
Energy — 2.0%
BG Group PLC (United Kingdom)		277	$	4,750
BP PLC (United Kingdom)		1,477		10,216
Cameron International Corp.*		167		9,010
Cheniere Energy, Inc.*		100		1,680
Chevron Corp.		250		26,423
ConocoPhillips		126		7,174
Continental Resources, Inc.*		100		6,870
CVR Energy, Inc.*		100		4,574
Dril-Quip, Inc.*		9		633
Energy XXI Bermuda Ltd. (Bermuda)		100		3,168
ENI S.p.A (Italy)		153		3,618
Exxon Mobil Corp.		497		43,806
Hess Corp.		200		9,922
Kodiak Oil & Gas Corp.*		200		1,716
McMoRan Exploration Co.*		67		572
Oasis Petroleum, Inc.*		100		3,022
Royal Dutch Shell PLC, Class A (United Kingdom)		298		9,979
Royal Dutch Shell PLC, Class B (United Kingdom)		208		7,182
Schlumberger Ltd. (Netherland Antilles)		105		7,520
Southwestern Energy Co.*		196		6,803
Statoil ASA (Norway)		106		2,592
Targa Resources Corp.		100		5,009
Tesco Corp.*		200		2,160
Total S.A. (France)		184		9,207
Vantage Drilling Co.*		1,267		2,281
Williams (The) Cos., Inc.		100		3,284
Woodside Petroleum Ltd. (Australia)		80		2,821
				195,992
Financial — 3.5%
AIA Group Ltd. (Hong Kong)		800		3,112
Allianz SE (Germany)		21		2,730
Alterra Capital Holdings Ltd. (Bermuda)		67		1,568
American Campus Communities, Inc. REIT		7		307
American Express Co.		100		5,590
American International Group, Inc.*		234		7,752
AON PLC (United Kingdom)		200		11,360
Australia & New Zealand Banking Group Ltd. (Australia)		186		4,727
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		321		2,724
Banco Santander S.A. (Spain)		1,346		10,353
Bank of America Corp.		1,160		11,438
Barclays PLC (United Kingdom)		757		2,984
Berkshire Hathaway, Inc., Class B*		212		18,674
BioMed Realty Trust, Inc. REIT		133		2,563
BNP Paribas (France)		152		8,490
Boston Properties, Inc. REIT		80		8,210
CBL & Associates Properties, Inc. REIT		100		2,251
Citigroup, Inc.		328		11,339
Citizens, Inc.*		200		2,012
Commonwealth Bank of Australia (Australia)		129		8,033
Deutsche Bank AG (Germany) (a)		56		2,472
Equity One, Inc. REIT		73		1,509
Extra Space Storage, Inc. REIT		100		3,515
Franklin Resources, Inc.		21		2,772

See Notes to Financial Statements. 14

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2010 Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Number of Shares		Value
Financial (Continued)
Goldman Sachs Group (The), Inc.		39	$	4,594
Hancock Holding Co.		100		3,142
Hatteras Financial Corp. REIT		67		1,786
Highwoods Properties, Inc. REIT		54		1,741
HSBC Holdings PLC (United Kingdom)		1,524		15,575
ING Groep NV (Netherlands)*		381		3,424
Invesco Mortgage Capital, Inc. REIT		67		1,418
JPMorgan Chase & Co.		415		17,048
Kilroy Realty Corp. REIT		50		2,255
LaSalle Hotel Properties REIT		150		3,617
Marsh & McLennan Cos., Inc.		100		3,522
Meadowbrook Insurance Group, Inc.		234		1,301
MFA Financial, Inc. REIT		226		1,901
Mitsubishi UFJ Financial Group, Inc. (Japan)		1,000		4,571
Mizuho Financial Group, Inc. (Japan)		1,113		1,781
Monmouth Real Estate Investment Corp., Class A REIT		200		2,100
Muenchener Rueckversicherungs-Gesellschaft AG (Germany)		18		3,073
National Australia Bank Ltd. (Australia)		175		4,436
National Retail Properties, Inc. REIT		65		1,997
Ocwen Financial Corp.*		100		3,586
OMEGA Healthcare Investors, Inc. REIT		65		1,490
Primerica, Inc.		67		1,918
ProLogis, Inc. REIT		200		6,788
Prudential PLC (United Kingdom)		237		3,437
PS Business Parks, Inc. REIT		100		6,449
Republic Bancorp, Inc., Class A		100		2,047
Shopping Centres Australasia Property Group REIT (Australia)*		20		30
Simon Property Group, Inc. REIT		42		6,389
Sovran Self Storage, Inc. REIT		100		6,179
Standard Chartered PLC (United Kingdom)		300		6,996
Starwood Property Trust, Inc. REIT		100		2,286
Sumitomo Mitsui Financial Group, Inc. (Japan)		81		2,607
T. Rowe Price Group, Inc.		183		11,835
Tanger Factory Outlet Centers, Inc. REIT		67		2,203
Taylor Capital Group, Inc.*		100		1,760
Texas Capital Bancshares, Inc.*		100		4,504
Two Harbors Investment Corp. REIT		200		2,264
U.S. Bancorp		200		6,452
UBS AG (Switzerland)		337		5,275
Visa, Inc., Class A		93		13,923
Washington Real Estate Investment Trust REIT		33		855
Wells Fargo & Co.		572		18,882
Westpac Banking Corp. (Australia)		261		6,943
Zurich Financial Services AG (Switzerland)		3		766
				341,631
Industrial — 1.8%
ABB Ltd. (Switzerland)		219		4,269
Altra Holdings, Inc.		100		1,881
Apogee Enterprises, Inc.		100		2,292
Boeing (The) Co.		100		7,428
Builders FirstSource, Inc.*		400		2,080
Caterpillar, Inc.		66		5,626
Chart Industries, Inc.*		100		6,048

	Number of Shares		Value
Industrial (Continued)
Colfax Corp.*		100	$	3,899
Darling International, Inc.*		100		1,687
Eaton Corp.*		136		7,093
EMCOR Group, Inc.		100		3,285
Emerson Electric Co.		87		4,370
Fabrinet (Cayman Islands)*		200		2,484
FedEx Corp.		50		4,477
FEI Co.		100		5,503
General Dynamics Corp.		25		1,663
General Electric Co.		1,210		25,568
Graphic Packaging Holding Co.*		300		1,947
Hexcel Corp.*		100		2,585
Ingersoll-Rand PLC (Ireland)		134		6,537
Koninklijke Philips Electronics NV (Netherlands)		106		2,738
Mueller Industries, Inc.		100		4,776
Robbins & Myers, Inc.		100		5,940
Rolls-Royce Holdings PLC (United Kingdom)		186		2,655
Schneider Electric S.A. (France)		44		3,093
Siemens AG (Germany)		67		6,910
Smith & Wesson Holding Corp.*		200		2,120
Stanley Black & Decker, Inc.		67		4,818
Tetra Tech, Inc.*		100		2,577
Tredegar Corp.		100		1,885
Union Pacific Corp.		100		12,278
United Parcel Service, Inc., Class B		77		5,629
United Technologies Corp.		100		8,010
Vinci S.A. (France)		41		1,809
Woodward, Inc.		100		3,657
				169,617
Technology — 1.9%
Accelrys, Inc.*		200		1,762
Activision Blizzard, Inc.		501		5,731
Apple, Inc.		74		43,311
Applied Materials, Inc.		700		7,512
ASML Holding NV (Netherlands)		36		2,249
Aspen Technology, Inc.*		100		2,599
CACI International, Inc., Class A*		100		5,115
Canon, Inc. (Japan)		100		3,496
Citrix Systems, Inc.*		100		6,116
Concur Technologies, Inc.*		21		1,380
Cray, Inc.*		200		2,844
Dell, Inc.		200		1,928
EMC Corp.*		200		4,964
EPIQ Systems, Inc.		167		2,002
Fidelity National Information Services, Inc.		100		3,610
Hewlett-Packard Co.		200		2,598
International Business Machines Corp.		100		19,007
Jack Henry & Associates, Inc.		169		6,569
JDA Software Group, Inc.*		100		4,466
Mentor Graphics Corp.*		100		1,493
Microsemi Corp.*		67		1,282
Microsoft Corp.		879		23,399
Netsuite, Inc.*		100		5,962
Parametric Technology Corp.*		73		1,478
Progress Software Corp.*		100		2,011

See Notes to Financial Statements. 15

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2010 Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Number of Shares		Value
Technology (Continued)
QLIK Technologies, Inc.*		167	$	3,236
SAP AG (Germany)		77		6,013
Solarwinds, Inc.*		100		5,603
SYNNEX Corp.*		100		3,302
				181,038
Utilities — 0.3%
Centrica PLC (United Kingdom)		497		2,596
Dominion Resources, Inc.		100		5,110
E.ON SE (Germany)		84		1,513
Edison International		200		9,096
GDF Suez (France)		121		2,722
National Grid PLC (United Kingdom)		270		3,051
Piedmont Natural Gas Co., Inc.		24		741
SJW Corp.		100		2,446
Wisconsin Energy Corp.		100		3,753
				31,028
TOTAL COMMON STOCKS (Cost $1,621,395)				1,703,214
PREFERRED STOCKS — 0.0% (b)
Consumer, Cyclical — 0.0% (b)
Volkswagen AG (Germany)		15		3,247
Industrial — 0.0% (b)
Rolls-Royce Holdings PLC, Class C (United Kingdom)		14,136		23
TOTAL PREFERRED STOCKS (Cost $2,535)				3,270
	Principal Amount		Value
CORPORATE BONDS — 12.6%
Communications — 2.1%
Cellco Partnership/Verizon Wireless Capital LLC 5.55%, 2/01/14	$	170,000		179,034
Google, Inc. 1.25%, 5/19/14		7,000		7,089
Telefonica Emisiones S.A.U. (Spain) 4.949%, 1/15/15		10,000		10,377
				196,500
Consumer, Non-cyclical — 3.0%
Clorox (The) Co. 5.00%, 1/15/15		55,000		59,503
PepsiCo, Inc. 0.75%, 3/05/15		80,000		80,438
Wyeth 5.50%, 2/01/14		37,000		39,189
Yale University, MTN 2.90%, 10/15/14		105,000		109,792
				288,922
Energy — 1.8%
BP Capital Markets PLC (United Kingdom) 3.625%, 5/08/14		168,000		175,260
Financial — 5.1%
American Tower Corp. 4.625%, 4/01/15		50,000		53,591
Bank of New York Mellon (The) Corp. 4.30%, 5/15/14		57,000		60,075

	Principal Amount		Value
Financial (Continued)
Caterpillar Financial Services Corp., MTN 6.125%, 2/17/14	$	13,000	$	13,873
Citigroup, Inc. 6.375%, 8/12/14		20,000		21,678
National Rural Utilities Cooperative Finance Corp. 1.00%, 2/02/15		280,000		282,717
Prudential Financial, Inc., Series B, MTN 5.10%, 9/20/14		22,000		23,595
Wachovia Corp. 5.25%, 8/01/14		33,000		35,368
				490,897
Technology — 0.3%
Microsoft Corp. 0.875%, 9/27/13		30,000		30,151
Utilities — 0.3%
Exelon Generation Co. LLC 5.35%, 1/15/14		30,000		31,444
TOTAL CORPORATE BONDS (Cost $1,205,549)				1,213,174
UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 69.4%
United States Treasury Bonds/ Notes — 69.4%
1.375%, 2/15/13		391,700		392,756
2.50%, 3/31/13		775,000		781,085
1.75%, 4/15/13		390,000		392,377
3.50%, 5/31/13		429,500		436,614
1.00%, 7/15/13		395,000		397,099
0.25%, 3/31/14		220,000		220,095
1.75%, 3/31/14		500,000		510,077
4.75%, 5/15/14		434,800		463,232
0.75%, 6/15/14		392,000		395,109
2.375%, 9/30/14		435,000		451,873
0.50%, 10/15/14		395,000		396,821
0.375%, 11/15/14		132,000		132,315
4.25%, 11/15/14		409,000		440,745
2.125%, 11/30/14		378,000		391,998
0.25%, 12/15/14		395,000		394,938
4.00%, 2/15/15		355,000		383,983
2.50%, 3/31/15		83,000		87,286
				6,668,403
TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $6,650,373)				6,668,403
TOTAL INVESTMENTS — 99.7%
(Cost $9,479,852)			$	9,588,061
Other assets less liabilities — 0.3%				29,309
NET ASSETS — 100.0%			$	9,617,370

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. 16

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2020 Target Date Fund

November 30, 2012 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 54.1%
Basic Materials — 2.7%
Air Liquide S.A. (France)		207	$	25,283
Anglo American PLC (United Kingdom)		1,078		29,932
BASF SE (Germany)		684		61,294
BHP Billiton Ltd. (Australia)		2,481		89,011
BHP Billiton PLC (United Kingdom)		1,567		49,273
Coeur d’Alene Mines Corp.*		565		13,142
Dow Chemical (The) Co.		1,361		41,089
E.I. du Pont de Nemours & Co.		1,003		43,269
Freeport-McMoRan Copper & Gold, Inc.		960		37,450
HB Fuller Co.		300		9,855
International Paper Co.		1,971		73,203
Linde AG (Germany)		111		19,194
Monsanto Co.		514		47,077
NewMarket Corp.		86		22,820
Rio Tinto Ltd. (Australia)		269		16,487
Rio Tinto PLC (United Kingdom)		1,022		50,668
Sensient Technologies Corp.		343		12,417
Sherwin-Williams (The) Co.		514		78,394
Syngenta AG (Switzerland)		72		28,873
Xstrata PLC (United Kingdom)		1,554		25,752
				774,483
Communications — 5.1%
Amazon.com, Inc.*		450		113,423
Anixter International, Inc.		159		9,712
Arris Group, Inc.*		771		10,771
AT&T, Inc.		5,967		203,654
Bankrate, Inc.*		857		10,310
Brightcove, Inc.*		943		9,166
BT Group PLC, Class A (United Kingdom)		5,694		21,308
Centurylink, Inc.		600		23,304
Cisco Systems, Inc.		5,829		110,227
Comcast Corp., Class A		2,694		100,162
Consolidated Communications Holdings, Inc.		857		12,889
Corning, Inc.		1,717		20,998
Deutsche Telekom AG (Germany)		1,945		21,426
France Telecom S.A. (France)		1,547		16,376
Google, Inc., Class A*		317		221,383
Leap Wireless International, Inc.*		2,314		15,041
Netgear, Inc.*		257		8,959
News Corp., Class A		1,529		37,675
Softbank Corp. (Japan)		525		19,671
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		3,212		29,907
Telefonica S.A. (Spain)		3,262		42,807
Thomson Reuters Corp. (Canada)		1,020		28,091
Time Warner, Inc.		1,112		52,598
Verizon Communications, Inc.		2,797		123,404
Viasat, Inc.*		300		11,469
Vodafone Group PLC (United Kingdom)		38,333		99,001
Vonage Holdings Corp.*		7,713		18,743
Walt Disney (The) Co.		1,737		86,259
				1,478,734

	Number of Shares		Value
Consumer, Cyclical — 5.5%
Arctic Cat, Inc.*		343	$	12,907
Ascena Retail Group, Inc.*		1,062		21,346
Bayerische Motoren Werke AG (Germany)		278		24,655
Carter’s, Inc.*		343		18,193
Cash America International, Inc.		240		8,938
Cie Financiere Richemont S.A. (Switzerland)		381		29,385
Cinemark Holdings, Inc.		705		19,176
Coinstar, Inc.*		257		12,089
Columbia Sportswear Co.		244		14,128
Compass Group PLC (United Kingdom)		1,374		15,877
CVS Caremark Corp.		1,329		61,812
Daimler AG (Germany)		653		32,256
Dana Holding Corp.		835		11,840
Dr Horton, Inc.		1,371		26,680
DTS, Inc.*		771		11,781
Ford Motor Co.		4,280		49,006
GNC Holdings, Inc., Class A		600		21,078
Hennes & Mauritz AB, Class B (Sweden)		722		23,410
Honda Motor Co. Ltd. (Japan)		1,316		43,595
Inditex S.A. (Spain)		170		23,304
Kohl’s Corp.		1,007		44,963
Krispy Kreme Doughnuts, Inc.*		2,057		18,719
Las Vegas Sands Corp.		1,018		47,489
Lennar Corp., Class A		771		29,328
Life Time Fitness, Inc.*		257		12,094
Lions Gate Entertainment Corp. (Canada)*		943		15,446
Lowe’s Cos., Inc.		1,285		46,376
LVMH Moet Hennessy Louis Vuitton S.A. (France)		194		34,037
Maidenform Brands, Inc.*		685		12,583
MDC Holdings, Inc.		257		9,057
Men’s Wearhouse (The), Inc.		314		10,186
Mitsubishi Corp. (Japan)		877		16,600
Mitsui & Co. Ltd. (Japan)		1,049		14,488
Nike, Inc., Class B		535		52,152
Nissan Motor Co. Ltd. (Japan)		1,885		18,263
Nu Skin Enterprises, Inc., Class A		405		18,387
Penske Automotive Group, Inc.		577		16,808
Red Robin Gourmet Burgers, Inc.*		375		12,281
Ross Stores, Inc.		1,114		63,409
Ruby Tuesday, Inc.*		1,971		15,394
Ryman Hospitality Properties REIT		300		9,966
Saks, Inc.*		1,117		11,729
SIX Flags Entertainment Corp.		343		21,088
Southwest Airlines Co.		3,599		34,298
Systemax, Inc.*		1,114		11,474
Target Corp.		750		47,347
Tenneco, Inc.*		428		13,726
Toyota Motor Corp. (Japan)		2,071		88,772
VF Corp.		514		82,502
Wabash National Corp.*		2,228		18,025
Wal-Mart Stores, Inc.		3,305		238,026
Warnaco Group (The), Inc.*		267		19,195
Watsco, Inc.		212		15,198
World Fuel Services Corp.		355		13,827
				1,614,689

See Notes to Financial Statements. 17

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2020 Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Number of Shares		Value
Consumer, Non-cyclical — 11.1%
Abbott Laboratories		1,523	$	98,995
Acacia Research — Acacia Technologies*		224		4,980
Accuray, Inc.*		2,142		13,452
Aetna, Inc.		1,799		77,699
Align Technology, Inc.*		514		14,078
Amsurg Corp.*		224		6,276
Anheuser-Busch InBev NV (Belgium)		518		45,401
Ariad Pharmaceuticals, Inc.*		1,114		24,908
AstraZeneca PLC (United Kingdom)		1,058		50,300
Avanir Pharmaceuticals, Inc., Class A*		4,285		11,312
Bayer AG (Germany)		537		48,575
Becton Dickinson and Co.		943		72,300
BioScrip, Inc.*		1,885		19,416
Bristol-Myers Squibb Co.		1,799		58,701
British American Tobacco PLC (United Kingdom)		1,403		73,616
Capella Education Co.*		514		14,223
Centene Corp.*		254		11,153
Cepheid, Inc.*		428		13,876
Chemocentryx, Inc.*		943		11,175
Coca-Cola (The) Co.		4,530		171,778
CONMED Corp.		224		6,189
Convergys Corp.		771		12,035
Costar Group, Inc.*		171		14,853
CSL Ltd. (Australia)		413		22,276
DANONE S.A. (France)		398		25,248
Diageo PLC (United Kingdom)		1,834		54,582
Fresh Del Monte Produce, Inc.		200		5,190
Fresh Market (The), Inc.*		343		17,778
FTI Consulting, Inc.*		343		10,602
Geo Group (The), Inc.		450		12,690
GlaxoSmithKline PLC (United Kingdom)		3,968		84,865
Hain Celestial Group (The), Inc.*		257		15,489
Hanger, Inc.*		343		8,956
Harris Teeter Supermarkets, Inc.		381		14,474
Imperial Tobacco Group PLC (United Kingdom)		710		28,413
Incyte Corp. Ltd.*		750		13,200
JM Smucker (The) Co.		600		53,076
Johnson & Johnson		2,637		183,878
Live Nation Entertainment, Inc.*		1,124		9,869
Magellan Health Services, Inc.*		230		11,932
MasterCard, Inc., Class A		132		64,506
Medivation, Inc.*		343		17,887
Medtronic, Inc.		1,028		43,289
Merck & Co., Inc.		2,702		119,699
Molina Healthcare, Inc.*		300		8,352
Mondelez International, Inc., Class A		2,687		69,566
Nestle S.A. (Switzerland)		2,457		160,856
Novartis AG (Switzerland)		1,757		108,769
Novo Nordisk A/S, Class B (Denmark)		278		44,154
Onyx Pharmaceuticals, Inc.*		278		20,981
Pfizer, Inc.		7,326		183,297
Pharmacyclics, Inc.*		343		18,196
Pilgrim’s Pride Corp.*		2,742		19,578
Procter & Gamble (The) Co.		2,644		184,630
Quad/Graphics, Inc.		857		13,883

	Number of Shares		Value
Consumer, Non-cyclical (Continued)
Questcor Pharmaceuticals, Inc.		428	$	11,107
Reckitt Benckiser Group PLC (United Kingdom)		511		32,144
Rent-A-Center, Inc.		428		14,877
Roche Holding AG (Switzerland)		536		105,534
Rollins, Inc.		944		21,496
Sabmiller PLC (United Kingdom)		675		30,588
Salix Pharmaceuticals Ltd.*		330		14,141
Sanofi (France)		601		53,669
Santarus, Inc.*		1,971		19,651
Seaboard Corp.*		8		18,883
Seattle Genetics, Inc.*		825		20,881
Select Medical Holdings Corp.*		1,019		11,250
Sequenom, Inc.*		3,599		17,527
Spectrum Brands Holdings, Inc.*		343		16,406
Takeda Pharmaceutical Co. Ltd. (Japan)		462		21,120
Tesco PLC (United Kingdom)		5,993		31,225
Teva Pharmaceutical Industries Ltd. (Israel)		747		30,381
TNS, Inc.*		771		11,257
TreeHouse Foods, Inc.*		300		15,732
Unilever NV (Netherlands)		1,136		43,106
Unilever PLC (United Kingdom)		974		37,510
United Natural Foods, Inc.*		343		17,757
UnitedHealth Group, Inc.		1,237		67,280
Viropharma, Inc.*		441		10,932
Woolworths Ltd. (Australia)		906		27,675
				3,227,581
Diversified — 0.1%
Hutchison Whampoa Ltd. (Hong Kong)		1,500		15,426
Energy — 5.7%
BG Group PLC (United Kingdom)		2,483		42,579
BP PLC (United Kingdom)		13,220		91,443
Cameron International Corp.*		1,200		64,740
Cheniere Energy, Inc.*		1,200		20,160
Chevron Corp.		1,927		203,665
ConocoPhillips		1,273		72,485
Continental Resources, Inc.*		857		58,876
CVR Energy, Inc.*		514		23,510
Dril-Quip, Inc.*		257		18,085
Energy XXI Bermuda Ltd. (Bermuda)		428		13,559
ENI S.p.A (Italy)		1,805		42,679
Exxon Mobil Corp.		4,578		403,505
Helix Energy Solutions Group, Inc.*		685		11,994
Hess Corp.		1,628		80,765
Kodiak Oil & Gas Corp.*		1,542		13,230
McMoRan Exploration Co.*		900		7,677
Oasis Petroleum, Inc.*		514		15,533
Royal Dutch Shell PLC, Class A (United Kingdom)		2,689		90,047
Royal Dutch Shell PLC, Class B (United Kingdom)		1,960		67,677
Schlumberger Ltd. (Netherland Antilles)		1,361		97,476
Southwestern Energy Co.*		1,555		53,974
Statoil ASA (Norway)		775		18,953
Targa Resources Corp.		257		12,873
Tesco Corp.*		1,200		12,960

See Notes to Financial Statements. 18

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2020 Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Number of Shares		Value
Energy (Continued)
Total S.A. (France)		1,596	$	79,865
Vantage Drilling Co.*		8,548		15,386
Williams (The) Cos., Inc.		600		19,704
Woodside Petroleum Ltd. (Australia)		595		20,981
				1,674,381
Financial — 11.0%
AIA Group Ltd. (Hong Kong)		7,027		27,337
Alexander’s, Inc. REIT		24		10,632
Allianz SE (Germany)		326		42,378
Alterra Capital Holdings Ltd. (Bermuda)		675		15,795
American Campus Communities, Inc. REIT		456		19,973
American Express Co.		1,057		59,086
American International Group, Inc.*		1,832		60,694
American Tower Corp., Class A REIT		343		25,701
AON PLC (United Kingdom)		1,542		87,586
Australia & New Zealand Banking Group Ltd. (Australia)		1,923		48,870
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		4,241		35,985
Banco Santander S.A. (Spain)		12,170		93,609
Bank of America Corp.		11,901		117,344
Barclays PLC (United Kingdom)		11,295		44,531
Berkshire Hathaway, Inc., Class B*		2,420		213,153
BioMed Realty Trust, Inc. REIT		817		15,744
BNP Paribas (France)		809		45,186
Boston Properties, Inc. REIT		713		73,175
CBL & Associates Properties, Inc. REIT		920		20,709
Citigroup, Inc.		2,953		102,085
Citizens, Inc.*		1,371		13,792
Commonwealth Bank of Australia (Australia)		1,143		71,176
Credit Acceptance Corp.*		150		13,839
Deutsche Bank AG (Germany) (a)		818		36,108
Equity Lifestyle Properties, Inc. REIT		270		17,723
Equity One, Inc. REIT		861		17,797
Equity Residential REIT		360		19,984
Extra Space Storage, Inc. REIT		600		21,090
Franklin Resources, Inc.		261		34,457
Goldman Sachs Group (The), Inc.		493		58,070
Hancock Holding Co.		514		16,150
Hatteras Financial Corp. REIT		707		18,849
Highwoods Properties, Inc. REIT		481		15,507
Home Properties, Inc. REIT		310		18,256
HSBC Holdings PLC (United Kingdom)		14,106		144,165
ING Groep NV (Netherlands)*		2,790		25,074
Invesco Mortgage Capital, Inc. REIT		707		14,967
JPMorgan Chase & Co.		3,939		161,814
Kilroy Realty Corp. REIT		426		19,213
LaSalle Hotel Properties REIT		600		14,466
Marsh & McLennan Cos., Inc.		514		18,103
Meadowbrook Insurance Group, Inc.		1,500		8,340
MFA Financial, Inc. REIT		2,355		19,806
Mid-America Apartment Communities, Inc. REIT		219		13,648
Mitsubishi UFJ Financial Group, Inc. (Japan)		8,826		40,347
Mizuho Financial Group, Inc. (Japan)		17,226		27,572
Monmouth Real Estate Investment Corp., Class A REIT		1,200		12,600

	Number of Shares		Value
Financial (Continued)
Muenchener Rueckversicherungs-Gesellschaft AG (Germany)		122	$	20,826
National Australia Bank Ltd. (Australia)		1,656		41,981
National Retail Properties, Inc. REIT		662		20,337
Ocwen Financial Corp.*		857		30,732
OMEGA Healthcare Investors, Inc. REIT		732		16,777
Post Properties, Inc. REIT		300		14,739
Primerica, Inc.		450		12,884
ProAssurance Corp.		188		17,048
ProLogis, Inc. REIT		2,142		72,699
Prudential PLC (United Kingdom)		1,933		28,036
PS Business Parks, Inc. REIT		171		11,028
Public Storage REIT		180		25,315
Republic Bancorp, Inc., Class A		600		12,282
Shopping Centres Australasia Property Group REIT (Australia)*		181		274
Signature Bank*		210		14,734
Simon Property Group, Inc. REIT		326		49,594
Sovran Self Storage, Inc. REIT		100		6,179
Standard Chartered PLC (United Kingdom)		1,734		40,434
Starwood Property Trust, Inc. REIT		771		17,625
Sumitomo Mitsui Financial Group, Inc. (Japan)		966		31,087
SVB Financial Group*		270		14,909
T. Rowe Price Group, Inc.		1,312		84,848
Tanger Factory Outlet Centers, Inc. REIT		532		17,492
Taylor Capital Group, Inc.*		857		15,083
Texas Capital Bancshares, Inc.*		257		11,575
Tompkins Financial Corp.		343		13,374
Two Harbors Investment Corp. REIT		1,285		14,546
U.S. Bancorp		1,885		60,810
UBS AG (Switzerland)		3,188		49,899
Visa, Inc., Class A		851		127,403
Washington Real Estate Investment Trust REIT		361		9,357
Wells Fargo & Co.		5,152		170,068
Westpac Banking Corp. (Australia)		2,078		55,281
Zurich Financial Services AG (Switzerland)		109		27,827
				3,209,569
Industrial — 5.7%
ABB Ltd. (Switzerland)		1,606		31,309
Actuant Corp., Class A		450		12,947
Acuity Brands, Inc.		360		23,814
Altra Holdings, Inc.		943		17,738
AO Smith Corp.		300		18,885
Apogee Enterprises, Inc.		857		19,642
Boeing (The) Co.		771		57,270
Bristow Group, Inc.		100		5,210
Builders FirstSource, Inc.*		2,914		15,153
Caterpillar, Inc.		663		56,514
Chart Industries, Inc.*		257		15,543
Clean Harbors, Inc.*		330		18,902
Colfax Corp.*		685		26,708
Cummins, Inc.		257		25,227
Darling International, Inc.*		685		11,556
East Japan Railway Co. (Japan)		257		16,859
Eaton Corp.*		1,664		86,794
EMCOR Group, Inc.		428		14,060

See Notes to Financial Statements. 19

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2020 Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Number of Shares		Value
Industrial (Continued)
Emerson Electric Co.		882	$	44,303
EnerSys*		366		12,751
Fabrinet (Cayman Islands)*		1,285		15,960
Fanuc Corp. (Japan)		185		31,181
FedEx Corp.		360		32,231
FEI Co.		224		12,327
General Dynamics Corp.		450		29,925
General Electric Co.		10,791		228,013
Genesee & Wyoming, Inc., Class A*		396		28,888
Golar LNG Ltd. (Bermuda)*		375		14,655
Graphic Packaging Holding Co.*		2,485		16,128
Hexcel Corp.*		685		17,707
Hitachi Ltd. (Japan)		2,999		17,310
Ingersoll-Rand PLC (Ireland)		1,439		70,194
Komatsu Ltd. (Japan)		645		14,445
Koninklijke Philips Electronics NV (Netherlands)		781		20,173
Middleby Corp.*		86		10,956
Mitsubishi Electric Corp. (Japan)		1,906		14,838
Mueller Industries, Inc.		257		12,274
Powell Industries, Inc.*		343		13,734
Robbins & Myers, Inc.		224		13,306
Rolls-Royce Holdings PLC (United Kingdom)		1,474		21,036
Sauer-Danfoss, Inc.		300		15,759
Schneider Electric S.A. (France)		346		24,318
Siemens AG (Germany)		637		65,699
Smith & Wesson Holding Corp.*		1,457		15,444
Stanley Black & Decker, Inc.		900		64,719
Tetra Tech, Inc.*		428		11,025
Tredegar Corp.		943		17,776
Triumph Group, Inc.		300		19,683
Union Pacific Corp.		514		63,109
United Parcel Service, Inc., Class B		1,048		76,619
United Technologies Corp.		943		75,544
Vinci S.A. (France)		340		15,002
Woodward, Inc.		514		18,797
				1,649,960
Technology — 6.2%
Accelrys, Inc.*		1,714		15,100
Activision Blizzard, Inc.		5,549		63,481
Apple, Inc.		919		537,873
Applied Materials, Inc.		6,770		72,642
ASML Holding NV (Netherlands)		255		15,933
Aspen Technology, Inc.*		600		15,594
Athenahealth, Inc.*		257		16,368
CACI International, Inc., Class A*		158		8,082
Canon, Inc. (Japan)		921		32,196
Cirrus Logic, Inc.*		514		16,098
Citrix Systems, Inc.*		943		57,674
Commvault Systems, Inc.*		343		22,761
Concur Technologies, Inc.*		439		28,847
Cray, Inc.*		1,114		15,841
Dell, Inc.		1,885		18,171
EMC Corp.*		2,314		57,433
EPIQ Systems, Inc.		1,821		21,834
Fidelity National Information Services, Inc.		1,371		49,493

		Number of Shares		Value
Technology (Continued)
Hewlett-Packard Co.			2,399	$	31,163
International Business Machines Corp.	��		1,212		230,364
Jack Henry & Associates, Inc.			573		22,273
JDA Software Group, Inc.*			343		15,318
Mentor Graphics Corp.*			933		13,930
Microsemi Corp.*			600		11,484
Microsoft Corp.			8,581		228,427
MKS Instruments, Inc.			343		8,318
Netsuite, Inc.*			428		25,517
Parametric Technology Corp.*			855		17,305
Progress Software Corp.*			428		8,607
QLIK Technologies, Inc.*			782		15,155
SAP AG (Germany)			654		51,070
Solarwinds, Inc.*			514		28,799
SYNNEX Corp.*			257		8,486
Syntel, Inc.			257		15,461
Ultimate Software Group, Inc.*			171		16,161
					1,813,259
Utilities — 1.0%
Centrica PLC (United Kingdom)			3,914		20,443
Cleco Corp.			343		13,819
Dominion Resources, Inc.			600		30,666
E.ON SE (Germany)			1,270		22,877
Edison International			1,628		74,042
GDF Suez (France)			956		21,504
National Grid PLC (United Kingdom)			2,516		28,427
New Jersey Resources Corp.			257		10,429
Piedmont Natural Gas Co., Inc.			356		10,986
SJW Corp.			600		14,676
WGL Holdings, Inc.			343		13,398
Wisconsin Energy Corp.			1,114		41,809
					303,076
TOTAL COMMON STOCKS (Cost $14,855,929)					15,761,158
PREFERRED STOCKS — 0.1%
Consumer, Cyclical — 0.1%
Volkswagen AG (Germany)			98		21,215
Industrial — 0.0% (b)
Rolls-Royce Holdings PLC, Class C (United Kingdom)			112,024		180
TOTAL PREFERRED STOCKS (Cost $21,134)					21,395
		Principal Amount		Value
CORPORATE BONDS — 11.9%
Basic Materials — 0.7%
BHP Billiton Finance USA Ltd. (Australia) 1.00%, 2/24/15		$	197,000		198,530
Communications — 1.5%
Cellco Partnership/Verizon Wireless Capital LLC 5.55%, 2/01/14			70,000		73,720
Google, Inc. 1.25%, 5/19/14			14,000		14,178

See Notes to Financial Statements. 20

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2020 Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Principal Amount		Value
Communications (Continued)
Telefonica Emisiones S.A.U. (Spain) 4.949%, 1/15/15	$	301,000	$	312,348
Viacom, Inc. 1.25%, 2/27/15		25,000		25,267
				425,513
Consumer, Non-cyclical — 0.3%
Anheuser-Busch InBev Worldwide, Inc. 4.125%, 1/15/15		14,000		15,013
Clorox (The) Co. 5.00%, 1/15/15		59,000		63,831
Wyeth 5.50%, 2/01/14		14,000		14,828
				93,672
Energy — 1.0%
BP Capital Markets PLC (United Kingdom) 3.625%, 5/08/14		77,000		80,328
Chevron Corp. 3.95%, 3/03/14		65,000		67,757
Spectra Energy Capital LLC 6.25%, 2/15/13		127,000		128,347
				276,432
Financial — 7.7%
Bank of New York Mellon (The) Corp. 4.30%, 5/15/14		82,000		86,424
Bank of Nova Scotia (Canada) 3.40%, 1/22/15		25,000		26,455
Barclays PLC (United Kingdom) 5.20%, 7/10/14		55,000		58,610
Caterpillar Financial Services Corp., MTN 6.125%, 2/17/14		62,000		66,163
Citigroup, Inc. 6.375%, 8/12/14		372,000		403,213
Morgan Stanley, Series G, MTN 4.10%, 1/26/15		30,000		31,200
National Rural Utilities Cooperative Finance Corp. 1.00%, 2/02/15		784,000		791,608
Prudential Financial, Inc., Series B, MTN 5.10%, 9/20/14		63,000		67,569
Royal Bank of Canada, MTN (Canada) 1.15%, 3/13/15		85,000		86,140
Simon Property Group LP 5.10%, 6/15/15		98,000		108,402
Toyota Motor Credit Corp., MTN 1.25%, 11/17/14		445,000		451,249
Wachovia Corp. 5.25%, 8/01/14		76,000		81,452
				2,258,485
Technology — 0.5%
Hewlett-Packard Co. 6.125%, 3/01/14		106,000		110,953
Microsoft Corp. 0.875%, 9/27/13		34,000		34,171
				145,124

	Principal Amount		Value
Utilities – 0.2%
Exelon Generation Co. LLC 5.35%, 1/15/14	$	63,000	$	66,031
TOTAL CORPORATE BONDS (Cost$3,421,291)				3,463,787
UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 33.5%
United States Treasury Bonds/Notes — 33.5%
0.75%, 9/15/13		1,111,900		1,116,981
4.75%, 5/15/14		602,400		641,792
4.25%, 8/15/14		599,800		640,568
2.375%, 9/30/14		652,400		677,706
0.50%, 10/15/14		655,500		658,522
0.25%, 12/15/14		659,800		659,697
2.625%, 12/31/14		652,400		684,460
4.00%, 2/15/15		595,500		644,117
2.375%, 2/28/15		641,800		671,834
0.375%, 3/15/15		659,800		661,347
2.50%, 3/31/15		684,800		720,164
2.125%, 5/31/15		641,800		670,982
4.25%, 8/15/15		582,700		644,248
1.25%, 9/30/15		642,700		659,621
				9,752,039
TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $9,712,063)				9,752,039
TOTAL INVESTMENTS — 99.6% (Cost $28,010,417)			$	28,998,379
Other assets less liabilities — 0.4%				113,204
NET ASSETS — 100.0%			$	29,111,583

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. 21

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund

November 30, 2012 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 78.0%
Basic Materials — 3.9%
Air Liquide S.A. (France)		402	$	49,100
Anglo American PLC (United Kingdom)		1,933		53,671
BASF SE (Germany)		1,120		100,365
BHP Billiton Ltd. (Australia)		4,045		145,125
BHP Billiton PLC (United Kingdom)		2,580		81,125
Coeur d’Alene Mines Corp.*		1,220		28,377
Dow Chemical (The) Co.		2,031		61,316
E.I. du Pont de Nemours & Co.		1,602		69,110
Freeport-McMoRan Copper & Gold, Inc.		1,419		55,355
Gold Resource Corp.		600		9,516
HB Fuller Co.		500		16,425
International Paper Co.		3,100		115,134
Linde AG (Germany)		269		46,514
Monsanto Co.		800		73,272
NewMarket Corp.		100		26,535
Rio Tinto Ltd. (Australia)		492		30,155
Rio Tinto PLC (United Kingdom)		1,714		84,977
Sensient Technologies Corp.		500		18,100
Sherwin-Williams (The) Co.		800		122,016
Syngenta AG (Switzerland)		114		45,716
Xstrata PLC (United Kingdom)		2,218		36,755
				1,268,659
Communications — 7.3%
Amazon.com, Inc.*		700		176,435
Anixter International, Inc.		419		25,593
Arris Group, Inc.*		1,100		15,367
AT&T, Inc.		9,696		330,924
Bankrate, Inc.*		1,300		15,639
Brightcove, Inc.*		1,500		14,580
BT Group PLC, Class A (United Kingdom)		9,057		33,893
Centurylink, Inc.		1,000		38,840
Cisco Systems, Inc.		9,355		176,902
Comcast Corp., Class A		4,645		172,702
Consolidated Communications Holdings, Inc.		1,400		21,056
Corning, Inc.		2,487		30,416
Deutsche Telekom AG (Germany)		3,050		33,599
Finisar Corp.*		1,200		16,284
France Telecom S.A. (France)		2,153		22,791
Google, Inc., Class A*		521		363,851
Leap Wireless International, Inc.*		3,600		23,400
Meredith Corp.		500		15,590
News Corp., Class A		2,405		59,259
Softbank Corp. (Japan)		787		29,487
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		4,075		37,943
Telefonica S.A. (Spain)		5,449		71,508
Thomson Reuters Corp. (Canada)		1,400		38,556
Time Warner, Inc.		1,554		73,504
Verizon Communications, Inc.		4,808		212,129
Viasat, Inc.*		437		16,707
Vodafone Group PLC (United Kingdom)		58,702		151,608
Vonage Holdings Corp.*		12,000		29,160
Walt Disney (The) Co.		2,805		139,297
				2,387,020

	Number of Shares		Value
Consumer, Cyclical — 8.0%
Arctic Cat, Inc.*		600	$	22,578
Ascena Retail Group, Inc.*		1,540		30,954
Bayerische Motoren Werke AG (Germany)		442		39,200
Carter’s, Inc.*		600		31,824
Cash America International, Inc.		189		7,038
Cie Financiere Richemont S.A. (Switzerland)		664		51,212
Cinemark Holdings, Inc.		1,343		36,530
Coinstar, Inc.*		300		14,112
Columbia Sportswear Co.		399		23,102
Compass Group PLC (United Kingdom)		2,448		28,287
CVS Caremark Corp.		2,188		101,764
Daimler AG (Germany)		1,115		55,077
Dana Holding Corp.		1,711		24,262
Dr Horton, Inc.		2,200		42,812
DTS, Inc.*		1,200		18,336
Ford Motor Co.		6,531		74,780
GNC Holdings, Inc., Class A		1,000		35,130
Hennes & Mauritz AB, Class B (Sweden)		1,047		33,948
Honda Motor Co. Ltd. (Japan)		2,138		70,826
Inditex S.A. (Spain)		252		34,545
JetBlue Airways Corp.*		2,700		13,878
Kohl’s Corp.		1,700		75,904
Krispy Kreme Doughnuts, Inc.*		3,200		29,120
Las Vegas Sands Corp.		1,550		72,307
Lennar Corp., Class A		1,300		49,452
Life Time Fitness, Inc.*		500		23,530
Lions Gate Entertainment Corp. (Canada)*		1,500		24,570
Lowe’s Cos., Inc.		2,200		79,398
LVMH Moet Hennessy Louis Vuitton S.A. (France)		324		56,846
Maidenform Brands, Inc.*		1,000		18,370
MDC Holdings, Inc.		500		17,620
Men’s Wearhouse (The), Inc.		404		13,106
Mitsubishi Corp. (Japan)		1,572		29,756
Mitsui & Co. Ltd. (Japan)		2,042		28,202
Nike, Inc., Class B		778		75,839
Nissan Motor Co. Ltd. (Japan)		3,200		31,003
Nu Skin Enterprises, Inc., Class A		500		22,700
Penske Automotive Group, Inc.		1,089		31,723
Red Robin Gourmet Burgers, Inc.*		612		20,043
Ross Stores, Inc.		1,800		102,455
Ruby Tuesday, Inc.*		3,100		24,211
Ryman Hospitality Properties REIT		500		16,610
Saks, Inc.*		2,101		22,061
SIX Flags Entertainment Corp.		500		30,740
Southwest Airlines Co.		6,000		57,180
Systemax, Inc.*		1,700		17,510
Target Corp.		1,050		66,287
Tenneco, Inc.*		600		19,242
Toyota Motor Corp. (Japan)		3,419		146,552
VF Corp.		800		128,408
Wabash National Corp.*		3,500		28,315
Wal-Mart Stores, Inc.		5,396		388,620
Warnaco Group (The), Inc.*		475		34,148
Watsco, Inc.		315		22,582
World Fuel Services Corp.		591		23,019
				2,617,624

See Notes to Financial Statements. 22

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Number of Shares		Value
Consumer, Non-cyclical — 16.1%
Abbott Laboratories		2,651	$	172,315
Acacia Research — Acacia Technologies*		400		8,892
Accuray, Inc.*		3,400		21,352
Aetna, Inc.		2,900		125,250
Align Technology, Inc.*		900		24,651
Amsurg Corp.*		400		11,208
Anheuser-Busch InBev NV (Belgium)		891		78,094
Ariad Pharmaceuticals, Inc.*		1,700		38,012
AstraZeneca PLC (United Kingdom)		1,473		70,030
Avanir Pharmaceuticals, Inc., Class A*		6,700		17,688
Bayer AG (Germany)		919		83,130
Becton Dickinson and Co.		1,600		122,672
BioScrip, Inc.*		3,000		30,900
Bristol-Myers Squibb Co.		2,800		91,364
British American Tobacco PLC (United Kingdom)		2,326		122,047
Capella Education Co.*		800		22,136
Centene Corp.*		460		20,199
Cepheid, Inc.*		700		22,694
Chemocentryx, Inc.*		1,700		20,145
Coca-Cola (The) Co.		7,200		273,024
CONMED Corp.		300		8,289
Convergys Corp.		1,300		20,293
Costar Group, Inc.*		300		26,058
CSL Ltd. (Australia)		613		33,063
DANONE S.A. (France)		711		45,104
Diageo PLC (United Kingdom)		2,773		82,528
Fresh Del Monte Produce, Inc.		600		15,570
Fresh Market (The), Inc.*		500		25,915
FTI Consulting, Inc.*		500		15,455
Geo Group (The), Inc.		700		19,740
GlaxoSmithKline PLC (United Kingdom)		6,491		138,825
Hain Celestial Group (The), Inc.*		400		24,108
Hanger, Inc.*		600		15,666
Harris Teeter Supermarkets, Inc.		561		21,312
Imperial Tobacco Group PLC (United Kingdom)		1,083		43,340
Incyte Corp. Ltd.*		1,137		20,011
JM Smucker (The) Co.		962		85,099
Johnson & Johnson		4,422		308,347
Live Nation Entertainment, Inc.*		1,667		14,636
Magellan Health Services, Inc.*		225		11,673
MasterCard, Inc., Class A		201		98,225
Medivation, Inc.*		800		41,720
Medtronic, Inc.		1,700		71,587
Merck & Co., Inc.		4,430		196,249
Mondelez International, Inc., Class A		4,387		113,579
Nestle S.A. (Switzerland)		3,954		258,862
Novartis AG (Switzerland)		2,852		176,557
Novo Nordisk A/S, Class B (Denmark)		478		75,919
Onyx Pharmaceuticals, Inc.*		612		46,187
Pfizer, Inc.		11,861		296,763
Pharmacyclics, Inc.*		600		31,830
Pilgrim’s Pride Corp.*		4,300		30,702
Procter & Gamble (The) Co.		4,373		305,367
Quad/Graphics, Inc.		1,300		21,060
Questcor Pharmaceuticals, Inc.		700		18,165

	Number of Shares		Value
Consumer, Non-cyclical (Continued)
Reckitt Benckiser Group PLC (United Kingdom)		797	$	50,134
Rent-A-Center, Inc.		700		24,332
Roche Holding AG (Switzerland)		869		171,098
Rollins, Inc.		1,454		33,108
Sabmiller PLC (United Kingdom)		1,127		51,070
Salix Pharmaceuticals Ltd.*		600		25,710
Sanofi (France)		1,081		96,532
Santarus, Inc.*		3,000		29,910
Seaboard Corp.*		16		37,766
Seattle Genetics, Inc.*		1,225		31,005
Select Medical Holdings Corp.*		1,700		18,768
Sequenom, Inc.*		5,700		27,759
Spectrum Brands Holdings, Inc.		500		23,915
Takeda Pharmaceutical Co. Ltd. (Japan)		842		38,491
Tesco PLC (United Kingdom)		9,514		49,570
Teva Pharmaceutical Industries Ltd. (Israel)		1,067		43,396
TNS, Inc.*		1,200		17,520
TreeHouse Foods, Inc.*		466		24,437
Unilever NV (Netherlands)		1,998		75,814
Unilever PLC (United Kingdom)		1,580		60,848
United Natural Foods, Inc.*		500		25,885
UnitedHealth Group, Inc.		1,835		99,806
Viropharma, Inc.*		800		19,832
Woolworths Ltd. (Australia)		1,457		44,506
				5,254,819
Diversified — 0.1%
Hutchison Whampoa Ltd. (Hong Kong)		2,625		26,995
Energy — 8.2%
BG Group PLC (United Kingdom)		4,030		69,108
BP PLC (United Kingdom)		21,619		149,539
Cameron International Corp.*		1,837		99,106
Cheniere Energy, Inc.*		2,000		33,600
Chevron Corp.		3,083		325,842
ConocoPhillips		2,033		115,759
Continental Resources, Inc.*		1,300		89,310
CVR Energy, Inc.*		800		36,592
Dril-Quip, Inc.*		473		33,285
Energy XXI Bermuda Ltd. (Bermuda)		800		25,344
ENI S.p.A (Italy)		2,926		69,185
Exxon Mobil Corp.		7,528		663,518
Helix Energy Solutions Group, Inc.*		900		15,759
Hess Corp.		2,700		133,947
Kodiak Oil & Gas Corp.*		2,400		20,592
McMoRan Exploration Co.*		1,312		11,191
Oasis Petroleum, Inc.*		900		27,198
Royal Dutch Shell PLC, Class A (United Kingdom)		4,356		145,871
Royal Dutch Shell PLC, Class B (United Kingdom)		3,143		108,525
Schlumberger Ltd. (Netherland Antilles)		2,164		154,986
Southwestern Energy Co.*		2,399		83,269
Statoil ASA (Norway)		1,252		30,618
Targa Resources Corp.		400		20,036
Tesco Corp.*		1,900		20,520
Total S.A. (France)		2,630		131,607

See Notes to Financial Statements. 23

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Number of Shares		Value
Energy (Continued)
Vantage Drilling Co.*		13,036	$	23,465
Williams (The) Cos., Inc.		1,000		32,840
Woodside Petroleum Ltd. (Australia)		783		27,610
				2,698,222
Financial — 16.0%
AIA Group Ltd. (Hong Kong)		11,400		44,349
Alexander’s, Inc. REIT		100		44,300
Allianz SE (Germany)		516		67,077
Alterra Capital Holdings Ltd. (Bermuda)		1,050		24,570
American Campus Communities, Inc. REIT		719		31,492
American Express Co.		2,023		113,086
American International Group, Inc.*		3,325		110,157
American Tower Corp., Class A REIT		600		44,958
AON PLC (United Kingdom)		2,500		142,001
Australia & New Zealand Banking Group Ltd. (Australia)		3,055		77,638
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		6,804		57,733
Banco Santander S.A. (Spain)		19,763		152,012
Bank of America Corp.		18,911		186,462
Barclays PLC (United Kingdom)		16,066		63,340
Berkshire Hathaway, Inc., Class B*		4,014		353,554
BioMed Realty Trust, Inc. REIT		1,400		26,978
BNP Paribas (France)		1,234		68,924
Boston Properties, Inc. REIT		1,170		120,077
CBL & Associates Properties, Inc. REIT		1,711		38,515
Citigroup, Inc.		5,086		175,823
Citizens, Inc.*		2,100		21,126
Commonwealth Bank of Australia (Australia)		1,711		106,547
Credit Acceptance Corp.*		214		19,744
Deutsche Bank AG (Germany) (a)		1,327		58,577
Equity Lifestyle Properties, Inc. REIT		558		36,627
Equity One, Inc. REIT		1,190		24,597
Equity Residential REIT		466		25,868
Extra Space Storage, Inc. REIT		1,000		35,150
Franklin Resources, Inc.		392		51,752
Goldman Sachs Group (The), Inc.		886		104,362
Hancock Holding Co.		800		25,136
Hatteras Financial Corp. REIT		1,100		29,326
Highwoods Properties, Inc. REIT		751		24,212
Home Properties, Inc. REIT		404		23,792
HSBC Holdings PLC (United Kingdom)		23,015		235,215
ING Groep NV (Netherlands)*		4,810		43,228
Invesco Mortgage Capital, Inc. REIT		800		16,936
JPMorgan Chase & Co.		6,393		262,625
Kilroy Realty Corp. REIT		700		31,570
LaSalle Hotel Properties REIT		856		20,638
Marsh & McLennan Cos., Inc.		900		31,698
Meadowbrook Insurance Group, Inc.		2,362		13,133
MFA Financial, Inc. REIT		3,247		27,307
Mid-America Apartment Communities, Inc. REIT		406		25,302
Mitsubishi UFJ Financial Group, Inc. (Japan)		14,373		65,704
Mizuho Financial Group, Inc. (Japan)		26,921		43,089
Monmouth Real Estate Investment Corp., Class A REIT		1,900		19,950
Muenchener Rueckversicherungs-Gesellschaft AG (Germany)		203		34,653

	Number of Shares		Value
Financial (Continued)
National Australia Bank Ltd. (Australia)		2,692	$	68,245
National Retail Properties, Inc. REIT		1,344		41,288
Ocwen Financial Corp.*		1,300		46,618
OMEGA Healthcare Investors, Inc. REIT		1,173		26,885
Post Properties, Inc. REIT		437		21,470
Primerica, Inc.		900		25,767
ProAssurance Corp.		305		27,657
ProLogis, Inc. REIT		3,500		118,790
Prudential PLC (United Kingdom)		2,949		42,772
PS Business Parks, Inc. REIT		300		19,347
Public Storage REIT		251		35,301
Republic Bancorp, Inc., Class A		1,000		20,470
Shopping Centres Australasia Property Group REIT (Australia)*		291		440
Signature Bank*		344		24,135
Simon Property Group, Inc. REIT		455		69,219
Sovran Self Storage, Inc. REIT		300		18,537
Standard Chartered PLC (United Kingdom)		2,895		67,507
Starwood Property Trust, Inc. REIT		1,100		25,146
Sumitomo Mitsui Financial Group, Inc. (Japan)		1,539		49,527
SVB Financial Group*		444		24,518
T. Rowe Price Group, Inc.		1,984		128,305
Tanger Factory Outlet Centers, Inc. REIT		915		30,085
Taylor Capital Group, Inc.*		1,300		22,880
Texas Capital Bancshares, Inc.*		400		18,016
Tompkins Financial Corp.		600		23,394
Two Harbors Investment Corp. REIT		2,300		26,036
U.S. Bancorp		3,000		96,780
UBS AG (Switzerland)		4,608		72,124
Visa, Inc., Class A		1,287		192,677
Washington Real Estate Investment Trust REIT		809		20,969
Wells Fargo & Co.		8,597		283,788
Westpac Banking Corp. (Australia)		3,348		89,066
Zurich Financial Services AG (Switzerland)		171		43,654
				5,222,323
Industrial — 8.0%
ABB Ltd. (Switzerland)		2,497		48,679
Actuant Corp., Class A		612		17,607
Acuity Brands, Inc.		544		35,986
Altra Holdings, Inc.		1,400		26,334
AO Smith Corp.		437		27,509
Apogee Enterprises, Inc.		1,300		29,796
Boeing (The) Co.		1,200		89,136
Bristow Group, Inc.		400		20,840
Builders FirstSource, Inc.*		4,500		23,400
Caterpillar, Inc.		1,133		96,577
Chart Industries, Inc.*		300		18,144
Clean Harbors, Inc.*		429		24,573
Colfax Corp.*		1,000		38,990
Cummins, Inc.		400		39,264
Darling International, Inc.*		1,100		18,557
East Japan Railway Co. (Japan)		400		26,240
Eaton Corp.*		2,776		144,795
EMCOR Group, Inc.		700		22,995
Emerson Electric Co.		1,242		62,386
EnerSys*		622		21,670

See Notes to Financial Statements. 24

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Number of Shares		Value
Industrial (Continued)
Fabrinet (Cayman Islands)*		2,000	$	24,840
Fanuc Corp. (Japan)		245		41,294
FedEx Corp.		466		41,721
FEI Co.		400		22,012
General Dynamics Corp.		635		42,228
General Electric Co.		18,117		382,811
Genesee & Wyoming, Inc., Class A*		437		31,879
Golar LNG Ltd. (Bermuda)		612		23,917
Graphic Packaging Holding Co.*		3,900		25,311
Hexcel Corp.*		1,000		25,850
Hitachi Ltd. (Japan)		7,374		42,561
Ingersoll-Rand PLC (Ireland)		2,384		116,292
Komatsu Ltd. (Japan)		1,011		22,642
Koninklijke Philips Electronics NV (Netherlands)		1,147		29,627
Middleby Corp.*		200		25,478
Mitsubishi Electric Corp. (Japan)		2,334		18,169
Mueller Industries, Inc.		400		19,104
Powell Industries, Inc.*		600		24,024
Robbins & Myers, Inc.		650		38,610
Rolls-Royce Holdings PLC (United Kingdom)		2,344		33,453
Sauer-Danfoss, Inc.		437		22,956
Schneider Electric S.A. (France)		647		45,474
Siemens AG (Germany)		1,008		103,963
Smith & Wesson Holding Corp.*		2,300		24,380
Stanley Black & Decker, Inc.		1,412		101,537
Tetra Tech, Inc.*		700		18,032
Tredegar Corp.		1,500		28,275
Triumph Group, Inc.		437		28,672
Union Pacific Corp.		800		98,224
United Parcel Service, Inc., Class B		1,617		118,219
United Technologies Corp.		1,500		120,164
Vinci S.A. (France)		472		20,826
Woodward, Inc.		800		29,256
				2,625,279
Technology — 8.9%
Accelrys, Inc.*		2,600		22,906
Activision Blizzard, Inc.		8,486		97,080
Apple, Inc.		1,486		869,726
Applied Materials, Inc.		10,800		115,883
ASML Holding NV (Netherlands)		378		23,618
Aspen Technology, Inc.*		1,000		25,990
Athenahealth, Inc.*		400		25,476
CACI International, Inc., Class A*		224		11,458
Canon, Inc. (Japan)		1,537		53,731
Cirrus Logic, Inc.*		800		25,056
Citrix Systems, Inc.*		1,500		91,740
Commvault Systems, Inc.*		500		33,180
Concur Technologies, Inc.*		596		39,163
Cray, Inc.*		1,800		25,596
Dell, Inc.		3,100		29,884
EMC Corp.*		3,800		94,316
EPIQ Systems, Inc.		1,575		18,884
Fidelity National Information Services, Inc.		2,300		83,030
Hewlett-Packard Co.		3,675		47,738
International Business Machines Corp.		1,940		368,735
Jack Henry & Associates, Inc.		806		31,329
JDA Software Group, Inc.*		500		22,330
Mentor Graphics Corp.*		1,300		19,409

	Number of Shares		Value
Technology (Continued)
Microsemi Corp.*		875	$	16,748
Microsoft Corp.		13,964		371,723
MKS Instruments, Inc.		600		14,550
Netsuite, Inc.*		800		47,696
Parametric Technology Corp.*		1,152		23,316
Progress Software Corp.*		700		14,077
QLIK Technologies, Inc.*		1,187		23,004
SAP AG (Germany)		1,092		85,272
Solarwinds, Inc.*		900		50,427
SYNNEX Corp.*		400		13,208
Syntel, Inc.		400		24,064
Ultimate Software Group, Inc.*		300		28,353
Veeco Instruments, Inc.*		400		11,384
				2,900,080
Utilities — 1.5%
Centrica PLC (United Kingdom)		6,226		32,519
Cleco Corp.		600		24,174
Dominion Resources, Inc.		900		45,999
E.ON SE (Germany)		1,813		32,658
Edison International		2,600		118,248
GDF Suez (France)		1,982		44,583
National Grid PLC (United Kingdom)		5,232		59,115
New Jersey Resources Corp.		400		16,232
Piedmont Natural Gas Co., Inc.		621		19,164
SJW Corp.		900		22,014
WGL Holdings, Inc.		500		19,530
Wisconsin Energy Corp.		1,800		67,553
				501,789
TOTAL COMMON STOCKS (Cost $23,896,867)				25,502,810
PREFERRED STOCKS — 0.1%
Consumer, Cyclical — 0.1%
Volkswagen AG (Germany)		151		32,689
Industrial — 0.0% (b)
Rolls-Royce Holdings PLC, Class C (United Kingdom)		178,144		286
TOTAL PREFERRED STOCKS (Cost $32,572)				32,975
	Principal Amount		Value
CORPORATE BONDS — 19.7%
Basic Materials — 0.8%
Barrick North America Finance LLC 5.70%, 5/30/41	$	75,000		87,560
BHP Billiton Finance USA Ltd. (Australia) 4.125%, 2/24/42		40,000		43,056
Ecolab, Inc. 5.50%, 12/08/41		35,000		42,155
International Paper Co. 6.00%, 11/15/41		35,000		42,761
Rio Tinto Finance USA Ltd. (Australia) 5.20%, 11/02/40		35,000		41,724
				257,256

See Notes to Financial Statements. 25

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Principal Amount		Value
Communications — 2.7%
America Movil S.A.B de CV (Mexico) 6.125%, 3/30/40	$	75,000	$	99,224
AT&T, Inc. 5.55%, 8/15/41		235,000		282,926
Cisco Systems, Inc. 5.90%, 2/15/39		160,000		211,731
Corning, Inc. 4.75%, 3/15/42		40,000		41,984
Discovery Communications LLC 4.95%, 5/15/42		80,000		87,291
Verizon Communications, Inc. 6.00%, 4/01/41		30,000		39,895
Viacom, Inc. 4.50%, 2/27/42		85,000		85,339
Walt Disney (The) Co., Series E 4.125%, 12/01/41		40,000		43,119
				891,509
Consumer, Cyclical — 0.9%
Home Depot, Inc. 5.95%, 4/01/41		30,000		41,095
Lowe’s Cos., Inc. 5.125%, 11/15/41		110,000		130,061
McDonald’s Corp., MTN 3.70%, 2/15/42		125,000		126,902
				298,058
Consumer, Non-cyclical — 4.1%
Amgen, Inc. 5.65%, 6/15/42		185,000		225,299
Archer-Daniels-Midland Co. 5.765%, 3/01/41		65,000		83,454
Diageo Investment Corp. 4.25%, 5/11/42		40,000		43,583
Express Scripts Holding Co. 144A 6.125%, 11/15/41		35,000		45,067
General Mills, Inc. 5.40%, 6/15/40		35,000		44,054
Gilead Sciences, Inc. 5.65%, 12/01/41		70,000		88,899
Johnson & Johnson 5.95%, 8/15/37		118,000		166,388
Kimberly-Clark Corp. 5.30%, 3/01/41		35,000		46,128
Medtronic, Inc. 4.50%, 3/15/42		35,000		40,857
PepsiCo, Inc. 4.00%, 3/05/42		40,000		42,021
Philip Morris International, Inc. 4.50%, 3/20/42		80,000		88,110
Procter & Gamble (The) Co. 5.55%, 3/05/37		217,000		296,930
UnitedHealth Group, Inc. 4.625%, 11/15/41		55,000		60,262
WellPoint, Inc. 4.625%, 5/15/42		60,000		62,877
				1,333,929

	Principal Amount		Value
Energy — 2.2%
Apache Corp. 4.75%, 4/15/43	$	35,000	$	38,479
Baker Hughes, Inc. 5.125%, 9/15/40		35,000		43,016
Devon Energy Corp. 4.75%, 5/15/42		80,000		86,414
Enterprise Products Operating LLC 4.85%, 8/15/42		120,000		125,523
Halliburton Co. 4.50%, 11/15/41		40,000		45,105
Plains All American Pipeline LP / PAA Finance Corp. 5.15%, 6/01/42		35,000		40,062
Shell International Finance BV (Netherlands) 6.375%, 12/15/38		176,000		253,670
Transcanada Pipelines Ltd. (Canada) 6.10%, 6/01/40		65,000		87,304
				719,573
Financial — 2.1%
Berkshire Hathaway Finance Corp. 4.40%, 5/15/42		40,000		42,005
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands) 5.25%, 5/24/41		35,000		41,626
General Electric Capital Corp. 2.10%, 1/07/14		260,000		264,497
HSBC Holdings PLC (United Kingdom) 6.10%, 1/14/42		35,000		46,942
JPMorgan Chase & Co. 5.60%, 7/15/41		115,000		143,555
MetLife, Inc. 5.875%, 2/06/41		35,000		44,593
Simon Property Group LP 4.75%, 3/15/42		40,000		43,266
Travelers (The) Cos., Inc. 5.35%, 11/01/40		35,000		44,246
				670,730
Industrial — 2.0%
Caterpillar, Inc. 5.20%, 5/27/41		100,000		123,923
Deere & Co. 3.90%, 6/09/42		40,000		41,525
Dover Corp. 5.375%, 3/01/41		35,000		45,472
Illinois Tool Works, Inc. 4.875%, 9/15/41		35,000		41,998
Koninklijke Philips Electronics NV (Netherlands) 5.00%, 3/15/42		40,000		46,366
Norfolk Southern Corp. 4.837%, 10/01/41		115,000		131,696
7.90%, 5/15/97		27,000		43,725
Sonoco Products Co. 5.75%, 11/01/40		35,000		40,289
Stanley Black & Decker, Inc. 5.20%, 9/01/40		75,000		89,359
Union Pacific Corp. 4.75%, 9/15/41		35,000		40,298
				644,651

See Notes to Financial Statements. 26

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2030 Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Principal Amount		Value
Technology — 0.7%
Applied Materials, Inc. 5.85%, 6/15/41	$	35,000	$	43,767
Intel Corp. 4.80%, 10/01/41		35,000		39,023
Microsoft Corp. 4.50%, 10/01/40		35,000		39,936
Oracle Corp. 5.375%, 7/15/40		98,000		124,347
				247,073
Utilities — 4.2%
AGL Capital Corp. 5.875%, 3/15/41		30,000		39,999
Alabama Power Co., Series 11-C 5.20%, 6/01/41		55,000		68,719
Arizona Public Service Co. 5.05%, 9/01/41		60,000		69,961
Duke Energy Indiana, Inc. 6.45%, 4/01/39		90,000		125,406
Florida Power & Light Co. 5.95%, 2/01/38		121,000		163,980
4.125%, 2/01/42		110,000		119,013
Georgia Power Co. 4.30%, 3/15/42		110,000		116,344
Nevada Power Co. 5.45%, 5/15/41		55,000		69,962
Puget Sound Energy, Inc. 4.434%, 11/15/41		95,000		107,964
Southern California Edison Co. 6.05%, 3/15/39		193,000		268,183
Southern California Gas Co. 5.125%, 11/15/40		91,000		115,606
Southern Power Co. 5.15%, 9/15/41		105,000		121,272
				1,386,409
TOTAL CORPORATE BONDS (Cost $6,567,939)				6,449,188
UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 1.7%
United States Treasury Bonds/Notes — 1.7%
4.50%, 2/15/36		110,000		147,864
4.50%, 8/15/39		62,400		84,620
4.375%, 11/15/39		32,400		43,143
4.625%, 2/15/40		83,900		116,018
4.375%, 5/15/41		130,000		173,448
				565,093
TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $524,980)				565,093
TOTAL INVESTMENTS — 99.5% (Cost $31,022,358)			$	32,550,066
Other assets less liabilities — 0.5%				150,806
NET ASSETS — 100.0%			$	32,700,872

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, 2012 the aggregate market value of this security amounted to $45,067 or 0.1% 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. 27

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund

November 30, 2012 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 93.3%
Basic Materials — 4.6%
Air Liquide S.A. (France)		398	$	48,611
Anglo American PLC (United Kingdom)		1,716		47,646
BASF SE (Germany)		1,098		98,393
BHP Billiton Ltd. (Australia)		3,951		141,751
BHP Billiton PLC (United Kingdom)		2,462		77,415
Coeur d’Alene Mines Corp.*		1,271		29,563
Dow Chemical (The) Co.		2,102		63,459
E.I. du Pont de Nemours & Co.		1,716		74,028
Freeport-McMoRan Copper & Gold, Inc.		1,590		62,026
Gold Resource Corp.		600		9,516
HB Fuller Co.		514		16,885
International Paper Co.		3,084		114,540
Linde AG (Germany)		211		36,485
Monsanto Co.		771		70,616
NewMarket Corp.		86		22,820
Rio Tinto Ltd. (Australia)		468		28,684
Rio Tinto PLC (United Kingdom)		1,681		83,341
Sensient Technologies Corp.		514		18,607
Sherwin-Williams (The) Co.		857		130,710
Syngenta AG (Switzerland)		105		42,107
Xstrata PLC (United Kingdom)		2,110		34,966
				1,252,169
Communications — 8.8%
Amazon.com, Inc.*		711		179,208
Anixter International, Inc.		308		18,813
Arris Group, Inc.*		1,114		15,563
AT&T, Inc.		9,806		334,679
Bankrate, Inc.*		1,200		14,436
Brightcove, Inc.*		1,542		14,988
BT Group PLC, Class A (United Kingdom)		8,880		33,231
Centurylink, Inc.		943		36,626
Cisco Systems, Inc.		9,232		174,577
Comcast Corp., Class A		4,222		156,973
Consolidated Communications Holdings, Inc.		1,457		21,913
Corning, Inc.		2,786		34,073
Deutsche Telekom AG (Germany)		2,855		31,451
Finisar Corp.*		1,114		15,117
France Telecom S.A. (France)		2,004		21,214
Google, Inc., Class A*		549		383,405
Leap Wireless International, Inc.*		3,770		24,505
Meredith Corp.		428		13,345
Netgear, Inc.*		428		14,920
News Corp., Class A		2,424		59,727
Softbank Corp. (Japan)		1,114		41,740
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		4,953		46,118
Telefonica S.A. (Spain)		5,301		69,565
Thomson Reuters Corp. (Canada)		1,333		36,711
Time Warner, Inc.		1,429		67,592
Verizon Communications, Inc.		4,470		197,216
Viasat, Inc.*		428		16,362
Vodafone Group PLC (United Kingdom)		58,384		150,786
Vonage Holdings Corp.*		12,594		30,603
Walt Disney (The) Co.		2,747		136,416
				2,391,873

	Number of Shares		Value
Consumer, Cyclical — 9.8%
Arctic Cat, Inc.*		600	$	22,578
Ascena Retail Group, Inc.*		1,585		31,859
Bayerische Motoren Werke AG (Germany)		434		38,491
Carter’s, Inc.*		600		31,824
Cash America International, Inc.		333		12,401
Cie Financiere Richemont S.A. (Switzerland)		691		53,294
Cinemark Holdings, Inc.		1,312		35,686
Coinstar, Inc.*		343		16,135
Columbia Sportswear Co.		434		25,129
Compass Group PLC (United Kingdom)		2,250		25,999
CVS Caremark Corp.		2,167		100,787
Daimler AG (Germany)		1,082		53,447
Dana Holding Corp.		1,599		22,674
Dr Horton, Inc.		2,142		41,683
DTS, Inc.*		1,285		19,635
Ford Motor Co.		6,569		75,215
GNC Holdings, Inc., Class A		943		33,128
Hennes & Mauritz AB, Class B (Sweden)		1,251		40,562
Honda Motor Co. Ltd. (Japan)		2,098		69,501
Inditex S.A. (Spain)		258		35,367
JetBlue Airways Corp.*		2,656		13,652
Kohl’s Corp.		1,628		72,690
Krispy Kreme Doughnuts, Inc.*		3,427		31,186
Las Vegas Sands Corp.		1,542		71,934
Lennar Corp., Class A		1,285		48,882
Life Time Fitness, Inc.*		428		20,142
Lions Gate Entertainment Corp. (Canada)*		1,542		25,258
Lowe’s Cos., Inc.		2,228		80,408
LVMH Moet Hennessy Louis Vuitton S.A. (France)		317		55,618
Maidenform Brands, Inc.*		1,114		20,464
MDC Holdings, Inc.		514		18,113
Men’s Wearhouse (The), Inc.		445		14,436
Mitsubishi Corp. (Japan)		1,493		28,259
Mitsui & Co. Ltd. (Japan)		2,014		27,816
Nike, Inc., Class B		800		77,984
Nissan Motor Co. Ltd. (Japan)		3,170		30,712
Nu Skin Enterprises, Inc., Class A		667		30,282
Penske Automotive Group, Inc.		1,066		31,053
Red Robin Gourmet Burgers, Inc.*		600		19,650
Ross Stores, Inc.		1,714		97,560
Ruby Tuesday, Inc.*		3,256		25,429
Ryman Hospitality Properties REIT		514		17,075
Saks, Inc.*		1,999		20,990
SIX Flags Entertainment Corp.		514		31,601
Southwest Airlines Co.		5,655		53,892
Systemax, Inc.*		1,799		18,530
Target Corp.		1,114		70,327
Tenneco, Inc.*		685		21,968
Toyota Motor Corp. (Japan)		3,330		142,737
VF Corp.		857		137,557
Wabash National Corp.*		3,684		29,804
Wal-Mart Stores, Inc.		5,478		394,525
Warnaco Group (The), Inc.*		430		30,913
Watsco, Inc.		342		24,518
World Fuel Services Corp.		578		22,513
				2,643,873

See Notes to Financial Statements. 28

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Number of Shares		Value
Consumer, Non-cyclical —19.1%
Abbott Laboratories		2,410	$	156,650
Acacia Research — Acacia Technologies*		343		7,625
Accuray, Inc.*		3,598		22,595
Aetna, Inc.		2,913		125,812
Align Technology, Inc.*		943		25,829
Amsurg Corp.*		343		9,611
Anheuser-Busch InBev NV (Belgium)		894		78,357
Ariad Pharmaceuticals, Inc.*		1,714		38,325
AstraZeneca PLC (United Kingdom)		1,554		73,881
Avanir Pharmaceuticals, Inc., Class A*		7,026		18,549
Bayer AG (Germany)		1,020		92,266
Becton Dickinson and Co.		1,542		118,226
BioScrip, Inc.*		3,170		32,651
Bristol-Myers Squibb Co.		2,742		89,471
British American Tobacco PLC (United Kingdom)		2,291		120,210
Capella Education Co.*		771		21,333
Centene Corp.*		612		26,873
Cepheid, Inc.*		685		22,208
Chemocentryx, Inc.*		1,542		18,273
Coca-Cola (The) Co.		7,202		273,099
CONMED Corp.		343		9,477
Convergys Corp.		1,200		18,732
Costar Group, Inc.*		257		22,323
CSL Ltd. (Australia)		625		33,710
DANONE S.A. (France)		706		44,786
Diageo PLC (United Kingdom)		2,807		83,540
Fresh Del Monte Produce, Inc.		514		13,338
Fresh Market (The), Inc.*		514		26,641
FTI Consulting, Inc.*		514		15,888
Geo Group (The), Inc.		685		19,317
GlaxoSmithKline PLC (United Kingdom)		6,319		135,147
Hain Celestial Group (The), Inc.*		428		25,796
Hanger, Inc.*		428		11,175
Harris Teeter Supermarkets, Inc.		491		18,653
Imperial Tobacco Group PLC (United Kingdom)		1,077		43,100
Incyte Corp. Ltd.*		1,114		19,606
JM Smucker (The) Co.		943		83,418
Johnson & Johnson		4,250		296,352
Live Nation Entertainment, Inc.*		2,465		21,643
Magellan Health Services, Inc.*		229		11,881
MasterCard, Inc., Class A		196		95,781
Medivation, Inc.*		685		35,723
Medtronic, Inc.		1,628		68,555
Merck & Co., Inc.		4,338		192,173
Mondelez International, Inc., Class A		4,314		111,689
Nestle S.A. (Switzerland)		3,820		250,090
Novartis AG (Switzerland)		2,787		172,533
Novo Nordisk A/S, Class B (Denmark)		445		70,678
Onyx Pharmaceuticals, Inc.*		428		32,301
Pfizer, Inc.		11,630		290,983
Pharmacyclics, Inc.*		600		31,830
Pilgrim’s Pride Corp.*		4,455		31,809
Procter & Gamble (The) Co.		4,319		301,595
Quad/Graphics, Inc.		1,371		22,210
Questcor Pharmaceuticals, Inc.		685		17,776

	Number of Shares		Value
Consumer, Non-cyclical (Continued)
Reckitt Benckiser Group PLC (United Kingdom)		791	$	49,757
Rent-A-Center, Inc.		685		23,811
Roche Holding AG (Switzerland)		843		165,979
Rollins, Inc.		1,458		33,199
Sabmiller PLC (United Kingdom)		1,105		50,073
Salix Pharmaceuticals Ltd.*		667		28,581
Sanofi (France)		957		85,459
Santarus, Inc.*		3,170		31,605
Seaboard Corp.*		11		25,964
Seattle Genetics, Inc.*		1,200		30,372
Select Medical Holdings Corp.*		2,199		24,277
Sequenom, Inc.*		5,997		29,205
Spectrum Brands Holdings, Inc.		514		24,585
Takeda Pharmaceutical Co. Ltd. (Japan)		841		38,445
Tesco PLC (United Kingdom)		11,188		58,292
Teva Pharmaceutical Industries Ltd. (Israel)		1,015		41,281
TNS, Inc.*		1,200		17,520
TreeHouse Foods, Inc.*		399		20,924
Unilever NV (Netherlands)		1,943		73,727
Unilever PLC (United Kingdom)		1,518		58,461
United Natural Foods, Inc.*		514		26,610
UnitedHealth Group, Inc.		1,906		103,667
Viropharma, Inc.*		857		21,245
Woolworths Ltd. (Australia)		1,465		44,750
				5,159,882
Diversified — 0.1%
Hutchison Whampoa Ltd. (Hong Kong)		2,570		26,429
Energy — 9.9%
BG Group PLC (United Kingdom)		3,927		67,342
BP PLC (United Kingdom)		21,344		147,636
Cameron International Corp.*		1,799		97,056
Cheniere Energy, Inc.*		2,056		34,541
Chevron Corp.		3,114		329,118
ConocoPhillips		2,012		114,563
Continental Resources, Inc.*		1,371		94,188
CVR Energy, Inc.*		771		35,266
Dril-Quip, Inc.*		435		30,611
Energy XXI Bermuda Ltd. (Bermuda)		771		24,425
ENI S.p.A (Italy)		2,974		70,320
Exxon Mobil Corp.		7,397		651,971
Helix Energy Solutions Group, Inc.*		1,028		18,000
Hess Corp.		2,656		131,764
Kodiak Oil & Gas Corp.*		2,228		19,116
McMoRan Exploration Co.*		1,285		10,961
Oasis Petroleum, Inc.*		857		25,899
Royal Dutch Shell PLC, Class A (United Kingdom)		4,301		144,029
Royal Dutch Shell PLC, Class B (United Kingdom)		3,067		105,901
Schlumberger Ltd. (Netherland Antilles)		2,203		157,779
Southwestern Energy Co.*		2,402		83,373
Statoil ASA (Norway)		1,208		29,542
Targa Resources Corp.		428		21,439
Tesco Corp.*		1,971		21,287
Total S.A. (France)		2,556		127,904
Vantage Drilling Co.*		13,022		23,440

See Notes to Financial Statements. 29

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Number of Shares		Value
Energy (Continued)
Williams (The) Cos., Inc.		1,028	$	33,760
Woodside Petroleum Ltd. (Australia)		774		27,293
				2,678,524
Financial — 19.0%
AIA Group Ltd. (Hong Kong)		11,481		44,665
Alexander’s, Inc. REIT		43		19,049
Allianz SE (Germany)		513		66,687
Alterra Capital Holdings Ltd. (Bermuda)		1,028		24,055
American Campus Communities, Inc. REIT		665		29,127
American Express Co.		1,932		107,999
American International Group, Inc.*		2,827		93,659
American Tower Corp., Class A REIT		600		44,958
AON PLC (United Kingdom)		2,485		141,147
Australia & New Zealand Banking Group Ltd. (Australia)		3,039		77,232
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		6,431		54,568
Banco Santander S.A. (Spain)		19,378		149,051
Bank of America Corp.		18,601		183,406
Barclays PLC (United Kingdom)		18,497		72,925
Berkshire Hathaway, Inc., Class B*		4,042		356,018
BioMed Realty Trust, Inc. REIT		1,933		37,249
BNP Paribas (France)		1,228		68,589
Boston Properties, Inc. REIT		1,114		114,330
CBL & Associates Properties, Inc. REIT		1,666		37,502
Citigroup, Inc.		5,018		173,472
Citizens, Inc.*		2,228		22,414
Commonwealth Bank of Australia (Australia)		1,809		112,649
Credit Acceptance Corp.*		228		21,035
Deutsche Bank AG (Germany) (a)		1,324		58,444
Equity Lifestyle Properties, Inc. REIT		420		27,569
Equity One, Inc. REIT		1,100		22,737
Equity Residential REIT		466		25,868
Extra Space Storage, Inc. REIT		943		33,146
Franklin Resources, Inc.		384		50,696
Goldman Sachs Group (The), Inc.		782		92,112
Hancock Holding Co.		857		26,927
Hatteras Financial Corp. REIT		1,028		27,406
Highwoods Properties, Inc. REIT		699		22,536
Home Properties, Inc. REIT		399		23,497
HSBC Holdings PLC (United Kingdom)		22,685		231,843
ING Groep NV (Netherlands)*		4,718		42,401
Invesco Mortgage Capital, Inc. REIT		1,200		25,404
JPMorgan Chase & Co.		6,289		258,353
Kilroy Realty Corp. REIT		700		31,570
LaSalle Hotel Properties REIT		800		19,288
Marsh & McLennan Cos., Inc.		857		30,184
Meadowbrook Insurance Group, Inc.		2,313		12,860
MFA Financial, Inc. REIT		3,532		29,704
Mid-America Apartment Communities, Inc. REIT		377		23,495
Mitsubishi UFJ Financial Group, Inc. (Japan)		14,363		65,658
Mizuho Financial Group, Inc. (Japan)		26,671		42,689
Monmouth Real Estate Investment Corp., Class A REIT		1,971		20,696
Muenchener Rueckversicherungs-Gesellschaft AG (Germany)		202		34,482

	Number of Shares		Value
Financial (Continued)
National Australia Bank Ltd. (Australia)		2,457	$	62,287
National Retail Properties, Inc. REIT		985		30,259
Ocwen Financial Corp.*		1,285		46,080
OMEGA Healthcare Investors, Inc. REIT		1,091		25,006
Post Properties, Inc. REIT		685		33,654
Primerica, Inc.		685		19,612
ProAssurance Corp.		264		23,940
ProLogis, Inc. REIT		3,427		116,311
Prudential PLC (United Kingdom)		2,934		42,555
PS Business Parks, Inc. REIT		257		16,574
Public Storage REIT		267		37,551
Republic Bancorp, Inc., Class A		1,028		21,043
Shopping Centres Australasia Property Group REIT (Australia)*		293		443
Signature Bank*		533		37,395
Simon Property Group, Inc. REIT		457		69,523
Sovran Self Storage, Inc. REIT		257		15,880
Standard Chartered PLC (United Kingdom)		2,816		65,665
Starwood Property Trust, Inc. REIT		1,114		25,466
Sumitomo Mitsui Financial Group, Inc. (Japan)		1,501		48,304
SVB Financial Group*		362		19,990
T. Rowe Price Group, Inc.		1,923		124,361
Tanger Factory Outlet Centers, Inc. REIT		853		28,047
Taylor Capital Group, Inc.*		1,371		24,130
Texas Capital Bancshares, Inc.*		343		15,449
Tompkins Financial Corp.		600		23,394
Two Harbors Investment Corp. REIT		2,056		23,274
U.S. Bancorp		2,913		93,973
UBS AG (Switzerland)		5,076		79,449
Visa, Inc., Class A		1,314		196,719
Washington Real Estate Investment Trust REIT		750		19,440
Wells Fargo & Co.		8,200		270,683
Westpac Banking Corp. (Australia)		3,420		90,982
Zurich Financial Services AG (Switzerland)		207		52,845
				5,131,635
Industrial — 9.6%
ABB Ltd. (Switzerland)		2,510		48,932
Actuant Corp., Class A		685		19,707
Acuity Brands, Inc.		466		30,826
Altra Holdings, Inc.		1,542		29,005
AO Smith Corp.		428		26,943
Apogee Enterprises, Inc.		1,371		31,423
Boeing (The) Co.		1,200		89,136
Bristow Group, Inc.		343		17,870
Builders FirstSource, Inc.*		4,712		24,502
Caterpillar, Inc.		1,099		93,679
Chart Industries, Inc.*		343		20,745
Clean Harbors, Inc.*		579		33,165
Colfax Corp.*		1,028		40,082
Cummins, Inc.		343		33,669
Darling International, Inc.*		1,114		18,793
East Japan Railway Co. (Japan)		428		28,077
Eaton Corp.*		2,740		142,917
EMCOR Group, Inc.		685		22,502
Emerson Electric Co.		1,280		64,294
EnerSys*		533		18,570

See Notes to Financial Statements. 30

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Number of Shares		Value
Industrial (Continued)
Fabrinet (Cayman Islands)*		2,056	$	25,536
Fanuc Corp. (Japan)		201		33,878
FedEx Corp.		552		49,421
FEI Co.		428		23,553
General Dynamics Corp.		661		43,957
General Electric Co.		17,320		365,972
Genesee & Wyoming, Inc., Class A*		514		37,496
Golar LNG Ltd. (Bermuda)		600		23,448
Graphic Packaging Holding Co.*		3,598		23,351
Hexcel Corp.*		1,028		26,574
Hitachi Ltd. (Japan)		5,997		34,612
Ingersoll-Rand PLC (Ireland)		2,342		114,243
Komatsu Ltd. (Japan)		932		20,873
Koninklijke Philips Electronics NV (Netherlands)		1,058		27,328
Middleby Corp.*		171		21,784
Mitsubishi Electric Corp. (Japan)		1,999		15,562
Mueller Industries, Inc.		343		16,382
Powell Industries, Inc.*		600		24,024
Robbins & Myers, Inc.		600		35,640
Rolls-Royce Holdings PLC (United Kingdom)		2,299		32,810
Sauer-Danfoss, Inc.		428		22,483
Schneider Electric S.A. (France)		536		37,672
Siemens AG (Germany)		1,007		103,860
Smith & Wesson Holding Corp.*		2,399		25,429
Stanley Black & Decker, Inc.		1,457		104,773
Tetra Tech, Inc.*		685		17,646
Tredegar Corp.		1,542		29,067
Triumph Group, Inc.		428		28,081
Union Pacific Corp.		771		94,663
United Parcel Service, Inc., Class B		1,506		110,103
United Technologies Corp.		1,542		123,529
Vinci S.A. (France)		596		26,297
Woodward, Inc.		857		31,340
				2,586,224
Technology — 10.6%
Accelrys, Inc.*		2,742		24,157
Activision Blizzard, Inc.		8,482		97,035
Apple, Inc.		1,466		858,021
Applied Materials, Inc.		10,538		113,072
ASML Holding NV (Netherlands)		387		24,180
Aspen Technology, Inc.*		857		22,273
Athenahealth, Inc.*		428		27,259
CACI International, Inc., Class A*		222		11,355
Canon, Inc. (Japan)		1,542		53,905
Cirrus Logic, Inc.*		771		24,148
Citrix Systems, Inc.*		1,542		94,310
Commvault Systems, Inc.*		514		34,109
Concur Technologies, Inc.*		572		37,586
Cray, Inc.*		1,885		26,805
Dell, Inc.		2,913		28,081
EMC Corp.*		3,684		91,437
EPIQ Systems, Inc.		1,542		18,489
Fidelity National Information Services, Inc.		2,228		80,431
Hewlett-Packard Co.		3,598		46,738
International Business Machines Corp.		1,982		376,720
Jack Henry & Associates, Inc.		781		30,357

	Number of Shares		Value
Technology (Continued)
JDA Software Group, Inc.*		428	$	19,114
Mentor Graphics Corp.*		1,285		19,185
Microsemi Corp.*		857		16,403
Microsoft Corp.		13,749		365,999
MKS Instruments, Inc.		600		14,550
Netsuite, Inc.*		685		40,840
Parametric Technology Corp.*		1,305		26,413
Progress Software Corp.*		685		13,775
QLIK Technologies, Inc.*		1,114		21,589
SAP AG (Germany)		1,062		82,929
Solarwinds, Inc.*		857		48,018
SYNNEX Corp.*		343		11,326
Syntel, Inc.		428		25,748
Ultimate Software Group, Inc.*		257		24,289
Veeco Instruments, Inc.*		428		12,181
				2,862,827
Utilities — 1.8%
Centrica PLC (United Kingdom)		6,105		31,887
Cleco Corp.		600		24,174
Dominion Resources, Inc.		943		48,197
E.ON SE (Germany)		1,848		33,289
Edison International		2,570		116,883
GDF Suez (France)		1,510		33,966
National Grid PLC (United Kingdom)		4,442		50,189
New Jersey Resources Corp.		428		17,368
Piedmont Natural Gas Co., Inc.		867		26,756
SJW Corp.		943		23,066
WGL Holdings, Inc.		600		23,436
Wisconsin Energy Corp.		1,714		64,325
				493,536
TOTAL COMMON STOCKS (Cost $24,107,665)				25,226,972
PREFERRED STOCKS — 0.1%
Consumer, Cyclical — 0.1%
Volkswagen AG (Germany)		150		32,473
Industrial — 0.0% (b)
Rolls-Royce Holdings PLC, Class C (United Kingdom)		203,908		327
TOTAL PREFERRED STOCKS (Cost $32,399)				32,800
	Principal Amount		Value
CORPORATE BONDS — 3.1%
Basic Materials — 0.1%
Barrick North America Finance LLC 5.70%, 5/30/41	$	13,000		15,177
BHP Billiton Finance USA Ltd. (Australia) 4.125%, 2/24/42		5,000		5,382
International Paper Co. 6.00%, 11/15/41		5,000		6,109
Rio Tinto Finance USA Ltd. (Australia) 5.20%, 11/02/40		3,000		3,576
				30,244

See Notes to Financial Statements. 31

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Principal Amount		Value
Communications — 0.5%
America Movil S.A.B de CV (Mexico) 6.125%, 3/30/40	$	13,000	$	17,199
AT&T, Inc. 5.55%, 8/15/41		30,000		36,118
Cisco Systems, Inc. 5.90%, 2/15/39		17,000		22,496
Corning, Inc. 4.75%, 3/15/42		5,000		5,248
Discovery Communications LLC 4.95%, 5/15/42		13,000		14,185
Verizon Communications, Inc. 6.00%, 4/01/41		6,000		7,979
Viacom, Inc. 4.50%, 2/27/42		13,000		13,052
Walt Disney (The) Co., Series E 4.125%, 12/01/41		5,000		5,390
				121,667
Consumer, Cyclical — 0.2%
Home Depot, Inc. 5.95%, 4/01/41		8,000		10,959
Lowe’s Cos., Inc. 5.125%, 11/15/41		13,000		15,371
McDonald’s Corp., MTN 3.70%, 2/15/42		17,000		17,259
				43,589
Consumer, Non-cyclical — 0.6%
Amgen, Inc. 5.65%, 6/15/42		25,000		30,445
Archer-Daniels-Midland Co. 5.765%, 3/01/41		8,000		10,271
Diageo Investment Corp. 4.25%, 5/11/42		4,000		4,358
General Mills, Inc. 5.40%, 6/15/40		5,000		6,293
Gilead Sciences, Inc. 5.65%, 12/01/41		8,000		10,160
Johnson & Johnson 5.95%, 8/15/37		13,000		18,331
Kimberly-Clark Corp. 5.30%, 3/01/41		5,000		6,590
Medtronic, Inc. 4.50%, 3/15/42		5,000		5,837
PepsiCo, Inc. 4.00%, 3/05/42		5,000		5,253
Philip Morris International, Inc. 4.50%, 3/20/42		13,000		14,318
Procter & Gamble (The) Co. 5.55%, 3/05/37		26,000		35,577
UnitedHealth Group, Inc. 4.625%, 11/15/41		8,000		8,765
WellPoint, Inc. 4.625%, 5/15/42		8,000		8,384
				164,582

	Principal Amount		Value
Energy — 0.4%
Apache Corp. 4.75%, 4/15/43	$	5,000	$	5,497
Baker Hughes, Inc. 5.125%, 9/15/40		5,000		6,145
Devon Energy Corp. 4.75%, 5/15/42		13,000		14,042
Enterprise Products Operating LLC 4.85%, 8/15/42		17,000		17,782
Halliburton Co. 4.50%, 11/15/41		5,000		5,638
Plains All American Pipeline LP / PAA Finance Corp. 5.15%, 6/01/42		5,000		5,723
Shell International Finance BV (Netherlands) 6.375%, 12/15/38		21,000		30,268
Transcanada Pipelines Ltd. (Canada) 6.10%, 6/01/40		8,000		10,745
				95,840
Financial — 0.3%
General Electric Capital Corp. 2.10%, 1/07/14		34,000		34,588
JPMorgan Chase & Co. 5.50%, 10/15/40		24,000		29,388
MetLife, Inc. 5.875%, 2/06/41		5,000		6,370
Simon Property Group LP 4.75%, 3/15/42		8,000		8,653
Travelers (The) Cos., Inc. 5.35%, 11/01/40		8,000		10,114
				89,113
Industrial — 0.3%
Caterpillar, Inc. 5.20%, 5/27/41		10,000		12,392
Deere & Co. 3.90%, 6/09/42		8,000		8,305
Dover Corp. 5.375%, 3/01/41		5,000		6,496
Illinois Tool Works, Inc. 4.875%, 9/15/41		5,000		6,000
Koninklijke Philips Electronics NV (Netherlands) 5.00%, 3/15/42		5,000		5,796
Norfolk Southern Corp. 4.837%, 10/01/41		13,000		14,887
7.90%, 5/15/97		6,000		9,717
Sonoco Products Co. 5.75%, 11/01/40		5,000		5,756
Stanley Black & Decker, Inc. 5.20%, 9/01/40		8,000		9,532
Union Pacific Corp. 4.75%, 9/15/41		6,000		6,908
				85,789

See Notes to Financial Statements. 32

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X 2040 Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Principal Amount		Value
Technology — 0.1%
Applied Materials, Inc. 5.85%, 6/15/41	$	5,000	$	6,252
Intel Corp. 4.80%, 10/01/41		5,000		5,575
Oracle Corp. 5.375%, 7/15/40		19,000		24,108
				35,935
Utilities — 0.6%
Arizona Public Service Co. 5.05%, 9/01/41		13,000		15,158
Duke Energy Indiana, Inc. 6.45%, 4/01/39		17,000		23,688
Florida Power & Light Co. 5.95%, 2/01/38		22,000		29,814
5.25%, 2/01/41		12,000		15,076
Georgia Power Co. 5.40%, 6/01/40		13,000		16,106
Nevada Power Co. 5.45%, 5/15/41		13,000		16,536
Puget Sound Energy, Inc. 4.434%, 11/15/41		17,000		19,320
Southern California Edison Co. 6.05%, 3/15/39		3,000		4,169
Southern California Gas Co. 5.125%, 11/15/40		12,000		15,245
Southern Power Co. 5.15%, 9/15/41		13,000		15,015
				170,127
TOTAL CORPORATE BONDS (Cost $806,006)				836,886
UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 3.2%
United States Treasury Bonds/ Notes — 3.2%
4.50%, 2/15/36		40,200		54,038
4.375%, 11/15/39		112,200		149,402
4.625%, 2/15/40		85,700		118,507
4.375%, 5/15/40		75,800		101,027
3.875%, 8/15/40		84,800		104,410
4.75%, 2/15/41		68,500		96,660
4.375%, 5/15/41		81,400		108,605
3.125%, 2/15/42		119,100		127,827
				860,476
TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $752,927)				860,476
TOTAL INVESTMENTS — 99.7% (Cost $25,698,997)			$	26,957,134
Other assets less liabilities — 0.3%				92,475
NET ASSETS — 100.0%			$	27,049,609

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. 33

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X In-Target Date Fund

November 30, 2012 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 32.9%
Basic Materials — 1.7%
Air Liquide S.A. (France)		58	$	7,084
Anglo American PLC (United Kingdom)		205		5,692
BASF SE (Germany)		150		13,442
BHP Billiton Ltd. (Australia)		561		20,128
BHP Billiton PLC (United Kingdom)		390		12,263
Coeur d’Alene Mines Corp.*		184		4,280
Dow Chemical (The) Co.		334		10,083
E.I. du Pont de Nemours & Co.		260		11,216
Freeport-McMoRan Copper & Gold, Inc.		234		9,128
Gold Resource Corp.		100		1,586
HB Fuller Co.		100		3,285
International Paper Co.		400		14,856
Linde AG (Germany)		39		6,744
Monsanto Co.		100		9,159
Rio Tinto Ltd. (Australia)		86		5,271
Rio Tinto PLC (United Kingdom)		234		11,601
Sensient Technologies Corp.		100		3,620
Sherwin-Williams (The) Co.		100		15,252
Syngenta AG (Switzerland)		16		6,416
Xstrata PLC (United Kingdom)		345		5,717
				176,823
Communications — 3.0%
Amazon.com, Inc.*		74		18,652
Anixter International, Inc.		100		6,108
Arris Group, Inc.*		200		2,794
AT&T, Inc.		1,365		46,588
Bankrate, Inc.*		200		2,406
Brightcove, Inc.*		200		1,944
BT Group PLC, Class A (United Kingdom)		1,213		4,539
Centurylink, Inc.		100		3,884
Cisco Systems, Inc.		1,239		23,430
Comcast Corp., Class A		581		21,601
Consolidated Communications Holdings, Inc.		200		3,008
Corning, Inc.		391		4,782
Deutsche Telekom AG (Germany)		518		5,706
Finisar Corp.*		200		2,714
France Telecom S.A. (France)		384		4,065
Google, Inc., Class A*		59		41,204
Leap Wireless International, Inc.*		500		3,250
Meredith Corp.		100		3,118
Netgear, Inc.*		100		3,486
News Corp., Class A		292		7,195
Softbank Corp. (Japan)		100		3,747
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		904		8,417
Telefonica S.A. (Spain)		782		10,262
Thomson Reuters Corp. (Canada)		150		4,131
Time Warner, Inc.		234		11,068
Verizon Communications, Inc.		641		28,281
Vodafone Group PLC (United Kingdom)		8,001		20,664
Vonage Holdings Corp.*		1,700		4,131
Walt Disney (The) Co.		397		19,715
				320,890

	Number of Shares		Value
Consumer, Cyclical — 3.6%
Arctic Cat, Inc.*		100	$	3,763
Ascena Retail Group, Inc.*		340		6,834
Bayerische Motoren Werke AG (Germany)		65		5,765
Carter’s, Inc.*		100		5,304
Cash America International, Inc.		67		2,495
Cie Financiere Richemont S.A. (Switzerland)		114		8,792
Cinemark Holdings, Inc.		188		5,114
Columbia Sportswear Co.		23		1,332
Compass Group PLC (United Kingdom)		307		3,547
CVS Caremark Corp.		288		13,395
Daimler AG (Germany)		163		8,052
Dana Holding Corp.		300		4,254
Dr Horton, Inc.		300		5,838
DTS, Inc.*		200		3,056
Ford Motor Co.		1,032		11,816
GNC Holdings, Inc., Class A		100		3,513
Hennes & Mauritz AB, Class B (Sweden)		180		5,836
Honda Motor Co. Ltd. (Japan)		272		9,011
Inditex S.A. (Spain)		32		4,387
JetBlue Airways Corp.*		400		2,056
Kohl’s Corp.		267		11,922
Krispy Kreme Doughnuts, Inc.*		500		4,550
Las Vegas Sands Corp.		234		10,917
Lennar Corp., Class A		200		7,608
Life Time Fitness, Inc.*		100		4,706
Lions Gate Entertainment Corp. (Canada)*		200		3,276
Lowe’s Cos., Inc.		300		10,827
LVMH Moet Hennessy Louis Vuitton S.A. (France)		48		8,422
Maidenform Brands, Inc.*		100		1,837
MDC Holdings, Inc.		100		3,524
Men’s Wearhouse (The), Inc.		175		5,677
Mitsubishi Corp. (Japan)		366		6,927
Mitsui & Co. Ltd. (Japan)		440		6,077
Nike, Inc., Class B		100		9,748
Nissan Motor Co. Ltd. (Japan)		500		4,844
Nu Skin Enterprises, Inc., Class A		200		9,080
Penske Automotive Group, Inc.		234		6,816
Red Robin Gourmet Burgers, Inc.*		67		2,194
Ross Stores, Inc.		200		11,384
Ruby Tuesday, Inc.*		400		3,124
Ryman Hospitality Properties REIT		100		3,322
Saks, Inc.*		250		2,625
SIX Flags Entertainment Corp.		100		6,148
Southwest Airlines Co.		800		7,624
Systemax, Inc.*		300		3,090
Target Corp.		134		8,459
Tenneco, Inc.*		100		3,207
Toyota Motor Corp. (Japan)		420		18,002
VF Corp.		100		16,051
Wabash National Corp.*		500		4,045
Wal-Mart Stores, Inc.		684		49,262
Warnaco Group (The), Inc.*		155		11,143
Watsco, Inc.		50		3,585
World Fuel Services Corp.		106		4,129
				388,312

See Notes to Financial Statements. 34

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X In-Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Number of Shares		Value
Consumer, Non-cyclical — 6.7%
Abbott Laboratories		314	$	20,410
Acacia Research — Acacia Technologies*		67		1,489
Accuray, Inc.*		500		3,140
Aetna, Inc.		400		17,276
Align Technology, Inc.*		100		2,739
Anheuser-Busch InBev NV (Belgium)		122		10,693
Ariad Pharmaceuticals, Inc.*		200		4,472
AstraZeneca PLC (United Kingdom)		204		9,699
Avanir Pharmaceuticals, Inc., Class A*		1,000		2,640
Bayer AG (Germany)		132		11,940
Becton Dickinson and Co.		200		15,334
BioScrip, Inc.*		400		4,120
Bristol-Myers Squibb Co.		334		10,898
British American Tobacco PLC (United Kingdom)		319		16,738
Capella Education Co.*		100		2,767
Centene Corp.*		100		4,391
Cepheid, Inc.*		100		3,242
Chemocentryx, Inc.*		200		2,370
Coca-Cola (The) Co.		862		32,687
Convergys Corp.		100		1,561
CSL Ltd. (Australia)		77		4,153
DANONE S.A. (France)		87		5,519
Diageo PLC (United Kingdom)		397		11,815
Fresh Del Monte Produce, Inc.		100		2,595
Fresh Market (The), Inc.*		100		5,183
FTI Consulting, Inc.*		100		3,091
Geo Group (The), Inc.		167		4,709
GlaxoSmithKline PLC (United Kingdom)		884		18,906
Hain Celestial Group (The), Inc.*		100		6,027
Hanger, Inc.*		100		2,611
Harris Teeter Supermarkets, Inc.		86		3,267
Imperial Tobacco Group PLC (United Kingdom)		194		7,764
Incyte Corp. Ltd.*		134		2,358
Integra Lifesciences Holdings Corp.*		100		3,876
JM Smucker (The) Co.*		134		11,854
Johnson & Johnson		625		43,582
Live Nation Entertainment, Inc.*		300		2,634
Magellan Health Services, Inc.*		69		3,580
MasterCard, Inc., Class A		23		11,240
Medtronic, Inc.		200		8,422
Merck & Co., Inc.		650		28,795
Molina Healthcare, Inc.*		100		2,784
Mondelez International, Inc., Class A		538		13,928
Nestle S.A. (Switzerland)		557		36,465
Novartis AG (Switzerland)		393		24,329
Novo Nordisk A/S, Class B (Denmark)		70		11,118
Onyx Pharmaceuticals, Inc.*		67		5,056
Pfizer, Inc.		1,642		41,083
Pharmacyclics, Inc.*		100		5,306
Pilgrim’s Pride Corp.*		600		4,284
Procter & Gamble (The) Co.		564		39,384
Quad/Graphics, Inc.		200		3,240
Questcor Pharmaceuticals, Inc.		100		2,595
Reckitt Benckiser Group PLC (United Kingdom)		114		7,171

	Number of Shares		Value
Consumer, Non-cyclical (Continued)
Rent-A-Center, Inc.		100	$	3,476
Roche Holding AG (Switzerland)		125		24,611
Rollins, Inc.		320		7,287
Sabmiller PLC (United Kingdom)		151		6,843
Salix Pharmaceuticals Ltd.*		100		4,285
Sanofi (France)		145		12,948
Santarus, Inc.*		400		3,988
Seaboard Corp.*		1		2,360
Seattle Genetics, Inc.*		134		3,392
Select Medical Holdings Corp.*		200		2,208
Sequenom, Inc.*		800		3,896
Spectrum Brands Holdings, Inc.		100		4,783
Takeda Pharmaceutical Co. Ltd. (Japan)		107		4,891
Tesco PLC (United Kingdom)		1,329		6,924
Teva Pharmaceutical Industries Ltd. (Israel)		125		5,084
TNS, Inc.*		200		2,920
TreeHouse Foods, Inc.*		50		2,622
Unilever NV (Netherlands)		307		11,649
Unilever PLC (United Kingdom)		218		8,396
United Natural Foods, Inc.*		100		5,177
UnitedHealth Group, Inc.		226		12,292
Viropharma, Inc.*		67		1,661
Woolworths Ltd. (Australia)		188		5,743
				714,766
Energy — 3.5%
BG Group PLC (United Kingdom)		571		9,792
BP PLC (United Kingdom)		3,015		20,855
Cameron International Corp.*		300		16,185
Cheniere Energy, Inc.*		300		5,040
Chevron Corp.		431		45,552
ConocoPhillips		284		16,171
Continental Resources, Inc.*		200		13,740
CVR Energy, Inc.*		100		4,574
Dril-Quip, Inc.*		50		3,519
Energy XXI Bermuda Ltd. (Bermuda)		100		3,168
ENI S.p.A (Italy)		414		9,789
Exxon Mobil Corp.		1,055		92,989
Helix Energy Solutions Group, Inc.*		100		1,751
Hess Corp.		400		19,844
Kodiak Oil & Gas Corp.*		300		2,574
McMoRan Exploration Co.*		134		1,143
Oasis Petroleum, Inc.*		100		3,022
Royal Dutch Shell PLC, Class A (United Kingdom)		608		20,360
Royal Dutch Shell PLC, Class B (United Kingdom)		438		15,124
Schlumberger Ltd. (Netherland Antilles)		289		20,697
Southwestern Energy Co.*		290		10,066
Statoil ASA (Norway)		179		4,377
Targa Resources Corp.		100		5,009
Tesco Corp.*		300		3,240
Total S.A. (France)		357		17,864
Vantage Drilling Co.*		2,702		4,864
Williams (The) Cos., Inc.		100		3,284
Woodside Petroleum Ltd. (Australia)		139		4,901
				379,494

See Notes to Financial Statements. 35

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X In-Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Number of Shares		Value
Financial — 6.7%
AIA Group Ltd. (Hong Kong)		1,400	$	5,446
Alexander’s, Inc. REIT		9		3,987
Allianz SE (Germany)		75		9,750
Alterra Capital Holdings Ltd. (Bermuda)		134		3,136
American Campus Communities, Inc. REIT		210		9,198
American Express Co.		250		13,975
American International Group, Inc.*		401		13,285
American Tower Corp., Class A REIT		100		7,493
AON PLC (United Kingdom)		300		17,040
Australia & New Zealand Banking Group Ltd. (Australia)		446		11,334
Banco Bilbao Vizcaya Argentaria S.A. (Spain)		875		7,424
Banco Santander S.A. (Spain)		2,835		21,807
Bank of America Corp.		2,595		25,587
Barclays PLC (United Kingdom)		2,969		11,705
Berkshire Hathaway, Inc., Class B*		539		47,474
BioMed Realty Trust, Inc. REIT		250		4,818
BNP Paribas (France)		190		10,612
Boston Properties, Inc. REIT		150		15,395
CBL & Associates Properties, Inc. REIT		200		4,502
Citigroup, Inc.		727		25,132
Citizens, Inc.*		300		3,018
Commonwealth Bank of Australia (Australia)		290		18,060
Credit Acceptance Corp.*		50		4,613
Deutsche Bank AG (Germany) (a)		192		8,475
Equity Lifestyle Properties, Inc. REIT		50		3,282
Equity One, Inc. REIT		154		3,183
Equity Residential REIT		50		2,776
Extra Space Storage, Inc. REIT		100		3,515
Franklin Resources, Inc.		51		6,733
Goldman Sachs Group (The), Inc.		110		12,957
Hancock Holding Co.		100		3,142
Hatteras Financial Corp. REIT		167		4,452
Highwoods Properties, Inc. REIT		97		3,127
Home Properties, Inc. REIT		50		2,945
HSBC Holdings PLC (United Kingdom)		3,179		32,491
ING Groep NV (Netherlands)*		982		8,825
Invesco Mortgage Capital, Inc. REIT		167		3,535
JPMorgan Chase & Co.		822		33,768
Kilroy Realty Corp. REIT		133		5,998
LaSalle Hotel Properties REIT		100		2,411
Marsh & McLennan Cos., Inc.		100		3,522
Meadowbrook Insurance Group, Inc.		467		2,597
MFA Financial, Inc. REIT		488		4,104
Mid-America Apartment Communities, Inc. REIT		40		2,493
Mitsubishi UFJ Financial Group, Inc. (Japan)		1,992		9,106
Mizuho Financial Group, Inc. (Japan)		3,827		6,125
Monmouth Real Estate Investment Corp., Class A REIT		300		3,150
Muenchener Rueckversicherungs-Gesellschaft AG (Germany)		30		5,121
National Australia Bank Ltd. (Australia)		386		9,785
National Retail Properties, Inc. REIT		140		4,301
Ocwen Financial Corp.*		200		7,172
OMEGA Healthcare Investors, Inc. REIT		146		3,346
Post Properties, Inc. REIT		167		8,205

	Number of Shares		Value
Financial (Continued)
Primerica, Inc.		167	$	4,781
ProAssurance Corp.		51		4,625
ProLogis, Inc. REIT		500		16,970
Prudential PLC (United Kingdom)		411		5,961
Public Storage REIT		50		7,032
Republic Bancorp, Inc., Class A		100		2,047
Shopping Centres Australasia Property Group REIT (Australia)*		37		56
Signature Bank*		50		3,508
Simon Property Group, Inc. REIT		55		8,367
Standard Chartered PLC (United Kingdom)		415		9,677
Starwood Property Trust, Inc. REIT		100		2,286
Sumitomo Mitsui Financial Group, Inc. (Japan)		322		10,362
SVB Financial Group*		50		2,761
T. Rowe Price Group, Inc.		234		15,133
Tanger Factory Outlet Centers, Inc. REIT		174		5,721
Taylor Capital Group, Inc.*		200		3,520
Tompkins Financial Corp.		100		3,899
Two Harbors Investment Corp. REIT		300		3,396
U.S. Bancorp		400		12,904
UBS AG (Switzerland)		693		10,847
Visa, Inc., Class A		148		22,157
Washington Real Estate Investment Trust REIT		103		2,670
Wells Fargo & Co.		1,134		37,434
Westpac Banking Corp. (Australia)		516		13,727
Zurich Financial Services AG (Switzerland)		27		6,893
				722,167
Industrial — 3.3%
ABB Ltd. (Switzerland)		395		7,700
Actuant Corp., Class A		167		4,805
Acuity Brands, Inc.		50		3,308
Altra Holdings, Inc.		200		3,762
AO Smith Corp.		67		4,218
Apogee Enterprises, Inc.		200		4,584
Boeing (The) Co.		200		14,856
Builders FirstSource, Inc.*		600		3,120
Caterpillar, Inc.		109		9,291
Clean Harbors, Inc.*		100		5,728
Colfax Corp.*		200		7,798
Darling International, Inc.*		100		1,687
East Japan Railway Co. (Japan)		100		6,560
Eaton Corp.*		347		18,099
EMCOR Group, Inc.		100		3,285
Emerson Electric Co.		252		12,658
EnerSys*		67		2,334
Fabrinet (Cayman Islands)*		300		3,726
Fanuc Corp. (Japan)		40		6,742
FedEx Corp.		50		4,477
General Dynamics Corp.		83		5,520
General Electric Co.		2,465		52,086
Genesee & Wyoming, Inc., Class A*		167		12,183
Golar LNG Ltd. (Bermuda)		67		2,618
Graphic Packaging Holding Co.*		600		3,894
Hexcel Corp.*		100		2,585
Hitachi Ltd. (Japan)		1,000		5,772
Ingersoll-Rand PLC (Ireland)		350		17,072

See Notes to Financial Statements. 36

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X In-Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Number of Shares		Value
Industrial (Continued)
Komatsu Ltd. (Japan)		134	$	3,001
Koninklijke Philips Electronics NV (Netherlands)		251		6,483
Powell Industries, Inc.*		100		4,004
Robbins & Myers, Inc.		67		3,980
Rolls-Royce Holdings PLC (United Kingdom)		314		4,481
Sauer-Danfoss, Inc.		67		3,520
Schneider Electric S.A. (France)		98		6,888
Siemens AG (Germany)		138		14,233
Smith & Wesson Holding Corp.*		300		3,180
Stanley Black & Decker, Inc.		234		16,827
Tetra Tech, Inc.*		100		2,576
Tredegar Corp.		200		3,770
Triumph Group, Inc.		67		4,396
Union Pacific Corp.		100		12,278
United Parcel Service, Inc., Class B		206		15,060
United Technologies Corp.		200		16,022
Vinci S.A. (France)		47		2,074
Woodward, Inc.		100		3,657
				356,898
Technology — 3.8%
Accelrys, Inc.*		400		3,524
Activision Blizzard, Inc.		1,168		13,362
Apple, Inc.		193		112,959
Applied Materials, Inc.		1,500		16,094
ASML Holding NV (Netherlands)		47		2,937
Aspen Technology, Inc.*		100		2,599
Athenahealth, Inc.*		100		6,369
Canon, Inc. (Japan)		200		6,992
Cirrus Logic, Inc.*		100		3,132
Citrix Systems, Inc.*		200		12,232
Commvault Systems, Inc.*		100		6,636
Concur Technologies, Inc.*		180		11,828
Cray, Inc.*		300		4,266
Dell, Inc.		400		3,856
EMC Corp.*		500		12,410
EPIQ Systems, Inc.		300		3,597
Fidelity National Information Services, Inc.		300		10,830
Hewlett-Packard Co.		567		7,365
International Business Machines Corp.		250		47,517
Jack Henry & Associates, Inc.		168		6,530
JDA Software Group, Inc.*		100		4,466
Mentor Graphics Corp.*		200		2,986
Microsemi Corp.*		34		651
Microsoft Corp.		1,970		52,441
MKS Instruments, Inc.		100		2,425
Netsuite, Inc.*		100		5,962
Parametric Technology Corp.*		230		4,655
Progress Software Corp.*		100		2,011
QLIK Technologies, Inc.*		234		4,535
SAP AG (Germany)		157		12,260
Solarwinds, Inc.*		100		5,603
SYNNEX Corp.*		100		3,302
Syntel, Inc.		100		6,016
Veeco Instruments, Inc.*		100		2,846
				405,194

	Number of Shares		Value
Utilities — 0.6%
Centrica PLC (United Kingdom)		834	$	4,356
Cleco Corp.		100		4,029
Dominion Resources, Inc.		100		5,111
E.ON SE (Germany)		320		5,764
Edison International		400		18,193
GDF Suez (France)		238		5,354
National Grid PLC (United Kingdom)		456		5,152
New Jersey Resources Corp.		100		4,058
Piedmont Natural Gas Co., Inc.		118		3,641
SJW Corp.		100		2,446
WGL Holdings, Inc.		100		3,906
Wisconsin Energy Corp.		200		7,506
				69,516
TOTAL COMMON STOCKS (Cost $3,250,113)				3,534,060
PREFERRED STOCKS — 0.1%
Consumer, Cyclical — 0.1%
Volkswagen AG (Germany)		31		6,711
Industrial — 0.0% (b)
Rolls-Royce Holdings PLC, Class C (United Kingdom)		23,864		38
TOTAL PREFERRED STOCKS (Cost $6,667)				6,749
	Principal Amount		Value
CORPORATE BONDS — 10.2%
Communications — 1.8%
Cellco Partnership/Verizon Wireless Capital LLC 5.55%, 2/01/14	$	153,000		161,131
Google, Inc. 1.25%, 5/19/14		7,000		7,089
Telefonica Emisiones S.A.U. (Spain) 4.949%, 1/15/15		10,000		10,377
Time Warner Cable, Inc. 7.50%, 4/01/14		15,000		16,320
				194,917
Consumer, Non-cyclical — 2.4%
Clorox (The) Co. 5.00%, 1/15/15		50,000		54,094
PepsiCo, Inc. 0.75%, 3/05/15		70,000		70,383
Wyeth 5.50%, 2/01/14		37,000		39,189
Yale University, MTN 2.90%, 10/15/14		95,000		99,335
				263,001
Energy — 1.4%
BP Capital Markets PLC (United Kingdom) 3.625%, 5/08/14		145,000		151,267

See Notes to Financial Statements. 37

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db-X In-Target Date Fund (Continued)

November 30, 2012 (Unaudited)

	Principal Amount		Value
Financial — 4.0%
American Tower Corp. 4.625%, 4/01/15	$	45,000	$	48,232
Bank of New York Mellon (The) Corp. 4.30%, 5/15/14		35,000		36,888
Caterpillar Financial Services Corp., MTN 6.125%, 2/17/14		13,000		13,873
Citigroup, Inc. 6.375%, 8/12/14		17,000		18,426
National Rural Utilities Cooperative Finance Corp. 1.00%, 2/02/15		255,000		257,475
Prudential Financial, Inc., Series B, MTN 5.10%, 9/20/14		24,000		25,740
Wachovia Corp. 5.25%, 8/01/14		29,000		31,081
				431,715
Technology — 0.3%
Microsoft Corp. 0.875%, 9/27/13		30,000		30,151
Utilities — 0.3%
Exelon Generation Co. LLC 5.35%, 1/15/14		27,000		28,299
TOTAL CORPORATE BONDS (Cost $1,093,990)				1,099,350
UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 56.5%
United States Treasury Bonds/Notes — 56.5%
1.375%, 2/15/13		355,000		355,957
2.50%, 3/31/13		713,700		719,304
1.75%, 4/15/13		355,000		357,163
3.50%, 5/31/13		345,000		350,714
1.00%, 7/15/13		79,400		79,822
1.25%, 2/15/14		363,700		368,204
0.25%, 3/31/14		164,000		164,071
4.75%, 5/15/14		602,900		642,323
0.75%, 6/15/14		352,000		354,791
2.625%, 7/31/14		372,000		386,706
4.25%, 8/15/14		65,000		69,418
2.375%, 8/31/14		102,000		105,773
2.375%, 9/30/14		340,000		353,188
0.50%, 10/15/14		355,000		356,637
0.375%, 11/15/14		136,000		136,324
4.25%, 11/15/14		147,000		158,410
2.125%, 11/30/14		345,000		357,776
0.25%, 12/15/14		360,000		359,944
4.00%, 2/15/15		325,000		351,533
2.50%, 3/31/15		29,000		30,498
				6,058,556
TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $6,047,118)				6,058,556
TOTAL INVESTMENTS — 99.7%
(Cost $10,397,888)			$	10,698,715
Other assets less liabilities — 0.3%				34,929
NET ASSETS — 100.0%			$	10,733,644

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. 38

This Page is Intentionally Left Blank

39

db-X Exchange-Traded Funds Inc.

STATEMENTS OF ASSETS AND LIABILITIES

November 30, 2012 (Unaudited)

	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
Assets
Investments at fair value	$	9,585,589		$	28,962,271		$	32,491,489		$	26,898,690		$	10,690,240
Investments in Affiliates at fair value (See Note 5)		2,472			36,108			58,577			58,444			8,475
Cash		21,798			20,577			26,586			20,208			11,229
Foreign currency at value		4,503			12,654			14,169			11,060			15,258
Receivables:
Investment securities sold		561			3,964			5,874			6,006			740
Interest and dividends		33,718			122,253			143,371			86,445			39,583
From investment advisor		6,828			11,709			11,246			10,980			7,062
Foreign tax reclaim		929			20,898			25,516			28,052			2,087
Prepaid expenses		2,929			3,659			3,614			3,576			2,962
Total Assets	$	9,659,327		$	29,194,093		$	32,780,442		$	27,123,461		$	10,777,636
Liabilities
Payables:
Investment advisory fees	$	5,119		$	15,368		$	17,201		$	14,159		$	5,694
Accrued expenses and other liabilities		36,838			67,142			62,369			59,693			38,298
Total Liabilities		41,957			82,510			79,570			73,852			43,992
Net Assets	$	9,617,370		$	29,111,583		$	32,700,872		$	27,049,609		$	10,733,644
Net Assets Consist of
Paid-in capital	$	11,140,420		$	31,749,451		$	35,435,722		$	31,892,928		$	10,623,093
Undistributed net investment income		33,875			301,610			603,951			491,557			46,860
Accumulated net realized gain (loss)		(1,665,311	)		(3,927,740	)		(4,866,866	)		(6,592,824	)		(237,307	)
Net unrealized appreciation (depreciation)		108,386			988,262			1,528,065			1,257,948			300,998
Net Assets	$	9,617,370		$	29,111,583		$	32,700,872		$	27,049,609		$	10,733,644
Number of Common Shares outstanding		400,800			1,200,800			1,400,800			1,200,800			400,800
Net Assets Value	$	24.00		$	24.24		$	23.34		$	22.53		$	26.78
Investments at cost	$	9,476,685		$	27,944,743		$	30,925,762		$	25,601,385		$	10,386,909
Investments in Affiliates at cost	$	3,167		$	65,674		$	96,596		$	97,612		$	10,979
Foreign currency at cost	$	4,401		$	12,498		$	13,949		$	11,235		$	15,137

See Notes to Financial Statements. 40

db-X Exchange-Traded Funds Inc.

STATEMENTS OF OPERATIONS

For the Six Months Ended November 30, 2012 (Unaudited)

	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
Investment Income
Unaffiliated interest income	$	25,872		$	61,627		$	136,267		$	35,460		$	19,224
Affiliated dividend income		42			589			936			1,087			84
Unaffiliated dividend income*		17,910			195,790			282,008			312,411			37,821
Total investment income		43,824			258,006			419,211			348,958			57,129
Expenses
Advisory fees		31,162			103,513			103,673			97,123			34,601
Professional fees		15,607			23,902			23,115			22,611			15,951
Directors		8,167			27,668			25,818			24,634			8,974
Insurance		8,023			8,023			8,023			8,023			8,023
Listing fees		9,025			9,025			9,025			9,025			9,025
Printing		4,299			14,563			13,588			12,966			4,724
Other		196			207			205			204			198
Total Expenses		76,479			186,901			183,447			174,586			81,496
Less fees waived and expenses reimbursed: (See Note 3)		(45,125	)		(83,196	)		(79,581	)		(77,301	)		(46,894	)
Net Expenses		31,354			103,705			103,866			97,285			34,602
Net Investment Income		12,470			154,301			315,345			251,673			22,527
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		13,473			(180,261	)		991,546			(108,781	)		(11,759	)
In-kind redemptions		—			434,484			—			649,462			—
Foreign currency related transactions		(203	)		(575	)		115			1,424			(345	)
Net realized gain (loss)		13,270			253,648			991,661			542,105			(12,104	)
Net change in unrealized appreciation (depreciation) on:
Investments		136,937			1,652,988			1,557,293			2,347,627			346,125
Foreign currency translations		516			2,663			2,501			1,781			797
Net change in unrealized appreciation (depreciation)		137,453			1,655,651			1,559,794			2,349,408			346,922
Net Gain (loss) on investment and foreign currency transactions		150,723			1,909,299			2,551,455			2,891,513			334,818
Net Increase (Decrease) in Net Assets from Operations	$	163,193		$	2,063,600		$	2,866,800		$	3,143,186		$	357,345
*       Foreign taxes withheld	$	288		$	3,419		$	4,389		$	4,930		$	840

See Notes to Financial Statements. 41

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, 2012 (Unaudited)		Year Ended May 31, 2012			For the Six Months Ended November 30, 2012 (Unaudited)			Year Ended May 31, 2012
Increase (Decrease) in Net Assets from Operations
Net investment income	$	12,470	$	92,947		$	154,301		$	424,297
Net realized gain (loss)		13,270		399,249			253,648			2,435,613
Net change in unrealized appreciation (depreciation)		137,453		(567,383	)		1,655,651			(4,161,490	)
Net increase (decrease) resulting from operations		163,193		(75,187	)		2,063,600			(1,301,580	)
Distributions to Shareholders from
Net investment income		—		(120,259	)		—			(585,276	)
Total distributions		—		(120,259	)		—			(585,276	)
Fund Shares Transactions
Value of shares redeemed		—		(4,758,317	)		(4,870,232	)		(4,607,004	)
Net increase (decrease) in net assets resulting from fund share transactions		—		(4,758,317	)		(4,870,232	)		(4,607,004	)
Total increase (decrease) in Net Assets		163,193		(4,953,763	)		(2,806,632	)		(6,493,860	)
Net Assets
Beginning of period		9,454,177		14,407,940			31,918,215			38,412,075
End of period	$	9,617,370	$	9,454,177		$	29,111,583		$	31,918,215
Undistributed net investment income	$	33,875	$	21,405		$	301,610		$	147,309
Changes in Shares Outstanding
Shares outstanding, beginning of period		400,800		600,800			1,400,800			1,600,800
Shares redeemed		—		(200,000	)		(200,000	)		(200,000	)
Shares outstanding, end of period		400,800		400,800			1,200,800			1,400,800

See Notes to Financial Statements. 42

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, 2012 (Unaudited)		Year Ended May 31, 2012			For the Six Months Ended November 30, 2012 (Unaudited)			Year Ended May 31, 2012
Increase (Decrease) in Net Assets from Operations
Net investment income	$	315,345	$	684,410		$	251,673		$	530,421
Net realized gain (loss)		991,661		2,499,650			542,105			2,407,190
Net change in unrealized appreciation (depreciation)		1,559,794		(3,713,126	)		2,349,408			(4,641,115	)
Net increase (decrease) resulting from operations		2,866,800		(529,066	)		3,143,186			(1,703,504	)
Distributions to Shareholders from
Net investment income		—		(672,939	)		—			(533,276	)
Total distributions		—		(672,939	)		—			(533,276	)
Fund Shares Transactions
Value of shares redeemed		—		(4,271,271	)		(4,451,251	)		(4,128,167	)
Net increase (decrease) in net assets resulting from fund share transactions		—		(4,271,271	)		(4,451,251	)		(4,128,167	)
Total increase (decrease) in Net Assets		2,866,800		(5,473,276	)		(1,308,065	)		(6,364,947	)
Net Assets
Beginning of period		29,834,072		35,307,348			28,357,674			34,722,621
End of period	$	32,700,872	$	29,834,072		$	27,049,609		$	28,357,674
Undistributed net investment income	$	603,951	$	288,606		$	491,557		$	239,884
Changes in Shares Outstanding
Shares outstanding, beginning of period		1,400,800		1,600,800			1,400,800			1,600,800
Shares redeemed		—		(200,000	)		(200,000	)		(200,000	)
Shares outstanding, end of period		1,400,800		1,400,800			1,200,800			1,400,800

See Notes to Financial Statements. 43

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, 2012 (Unaudited)			Year Ended May 31, 2012
Increase (Decrease) in Net Assets from Operations
Net investment income	$	22,527		$	88,664
Net realized gain (loss)		(12,104	)		595,460
Net change in unrealized appreciation (depreciation)		346,922			(894,564	)
Net increase (decrease) resulting from operations		357,345			(210,440	)
Distributions to Shareholders from
Net investment income		—			(107,883	)
Total distributions		—			(107,883	)
Fund Shares Transactions
Value of shares redeemed		—			(5,253,424	)
Net increase (decrease) in net assets resulting from fund share transactions		—			(5,253,424	)
Total increase (decrease) in Net Assets		357,345			(5,571,747	)
Net Assets
Beginning of period		10,376,299			15,948,046
End of period	$	10,733,644		$	10,376,299
Undistributed net investment income	$	46,860		$	24,333
Changes in Shares Outstanding
Shares outstanding, beginning of period		400,800			600,800
Shares redeemed		—			(200,000	)
Shares outstanding, end of period		400,800			400,800

See Notes to Financial Statements. 44

db-X Exchange-Traded Funds Inc.

FINANCIAL HIGHLIGHTS

For a Share outstanding throughout each period

	For the Six Months  Ended November 30, 2012 (Unaudited)			Year Ended May 31,												For the Period October 1, 2007* through May 31, 2008
db-X 2010 Target Date Fund				2012			2011			2010			2009
Net Asset Value, beginning of period	$	23.59		$	23.98		$	23.24		$	22.09		$	24.93		$	25.39
Income from Investment Operations:
Net investment income**		0.03			0.16			0.37			0.55			0.69			0.55
Net realized and unrealized gain (loss)**		0.38			(0.35	)		0.99			1.11			(2.67	)		(0.80	)
Contributions from advisor		—			—			0.04			—			—			—
Net increase (decrease) in net asset value from operations		0.41			(0.19	)		1.40			1.66			(1.98	)		(0.25	)
Distributions paid to shareholders from:
Net investment income		—			(0.20	)		(0.66	)		(0.51	)		(0.86	)		(0.18	)
Net realized capital gains		—			—			—			—			—			(0.03	)
Total distributions		—			(0.20	)		(0.66	)		(0.51	)		(0.86	)		(0.21	)
Net Asset Value, end of period	$	24.00		$	23.59		$	23.98		$	23.24		$	22.09		$	24.93
Total Return***		1.74	%		(0.79	)%		6.09	%		7.51	%		(7.87	)%		(0.99	)%
Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	9,617		$	9,454		$	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	%		0.65	%†
Expenses, prior to fee waiver and expense reimbursements		1.60	%†		1.39	%		1.70	%		2.10	%		1.70	%		1.55	%†
Net investment income		0.26	%†		0.67	%		1.56	%		2.32	%		3.09	%		3.33	%†
Portfolio turnover rate††		73	%		65	%		58	%		51	%		54	%		22	%
	For the Six Months  Ended November 30, 2012 (Unaudited)			Year Ended May 31,												For the Period October 1, 2007* through May 31, 2008
db-X 2020 Target Date Fund				2012			2011			2010			2009
Net Asset Value, beginning of period	$	22.79		$	24.00		$	20.69		$	18.56		$	24.18		$	25.52
Income from Investment Operations:
Net investment income**		0.12			0.28			0.44			0.51			0.61			0.44
Net realized and unrealized gain (loss)**		1.33			(1.12	)		3.39			2.10			(5.64	)		(1.67	)
Contributions from advisor		—			—			0.01			—			—			—
Net increase (decrease) in net asset value from operations		1.45			(0.84	)		3.84			2.61			(5.03	)		(1.23	)
Distributions paid to shareholders from:
Net investment income		—			(0.37	)		(0.53	)		(0.48	)		(0.59	)		(0.10	)
Net realized capital gains		—			—			—			—			(0.00	)(a)		(0.01	)
Total distributions		—			(0.37	)		(0.53	)		(0.48	)		(0.59	)		(0.11	)
Net Asset Value, end of period	$	24.24		$	22.79		$	24.00		$	20.69		$	18.56		$	24.18
Total Return***		6.36	%		(3.49	)%		18.71	%		13.99	%		(20.73	)%		(4.82	)%
Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	29,112		$	31,918		$	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	%		0.65	%†
Expenses, prior to fee waiver and expense reimbursements		1.17	%†		1.16	%		1.42	%		1.90	%		1.60	%		1.32	%†
Net investment income		0.24	%†		1.20	%		1.97	%		2.43	%		3.17	%		2.69	%†
Portfolio turnover rate††		49	%		55	%		49	%		37	%		64	%		20	%

* Commencement of 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 or greater than $(0.01).

See Notes to Financial Statements. 45

db-X Exchange-Traded Funds Inc.

FINANCIAL HIGHLIGHTS (Continued)

For a Share outstanding throughout each period

	For the Six Months  Ended November 30, 2012 (Unaudited)			Year Ended May 31,												For the Period October 1, 2007* through May 31, 2008
db-X 2030 Target Date Fund				2012			2011			2010			2009
Net Asset Value, beginning of period	$	21.30		$	22.06		$	18.18		$	16.07		$	23.57		$	25.60
Income from Investment Operations:
Net investment income**		0.23			0.46			0.39			0.37			0.44			0.35
Net realized and unrealized gain (loss) **		1.81			(0.74	)		3.90			2.07			(7.54	)		(2.29	)
Contributions from advisor		—			—			0.00	(a)		—			—			—
Net increase (decrease) in net asset value from operations		2.04			(0.28	)		4.29			2.44			(7.10	)		(1.94	)
Distributions paid to shareholders from:
Net investment income		—			(0.48	)		(0.41	)		(0.33	)		(0.40	)		(0.08	)
Net realized capital gains		—			—			—			—			—			(0.01	)
Total distributions		—			(0.48	)		(0.41	)		(0.33	)		(0.40	)		(0.09	)
Net Asset Value, end of period	$	23.34		$	21.30		$	22.06		$	18.18		$	16.07		$	23.57
Total Return***		9.58	%		(1.17	)%		23.74	%		15.13	%		(30.08	)%		(7.59	)%
Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	32,701		$	29,834		$	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	%		0.65	%†
Expenses, prior to fee waiver and expense reimbursements		1.15	%†		1.18	%		1.43	%		1.95	%		1.62	%		1.38	%†
Net investment income		0.50	%†		2.17	%		1.93	%		2.01	%		2.52	%		2.13	%†
Portfolio turnover rate††		43	%		40	%		39	%		42	%		64	%		13	%
	For the Six Months  Ended November 30, 2012 (Unaudited)			Year Ended May 31,												For the Period October 1, 2007* through May 31, 2008
db-X 2040 Target Date Fund				2012			2011			2010			2009
Net Asset Value, beginning of period	$	20.24		$	21.69		$	17.48		$	15.35		$	23.49		$	25.64
Income from Investment Operations:
Net investment income**		0.18			0.37			0.32			0.32			0.37			0.29
Net realized and unrealized gain (loss)**		2.11			(1.44	)		4.25			2.08			(8.15	)		(2.38	)
Net increase (decrease) in net asset value from operations		2.29			(1.07	)		4.57			2.40			(7.78	)		(2.09	)
Distributions paid to shareholders from:
Net investment income		—			(0.38	)		(0.36	)		(0.27	)		(0.36	)		(0.06	)
Net realized capital gains		—			—			—			—			—			(0.00	)(a)
Total distributions		—			(0.38	)		(0.36	)		(0.27	)		(0.36	)		(0.06	)
Net Asset Value, end of period	$	22.53		$	20.24		$	21.69		$	17.48		$	15.35		$	23.49
Total Return***		11.31	%		(4.86	)%		26.32	%		15.59	%		(33.03	)%		(8.14	)%
Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	27,050		$	28,358		$	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	%		0.65	%†
Expenses, prior to fee waiver and expense reimbursements		1.17	%†		1.20	%		1.43	%		1.97	%		1.65	%		1.36	%†
Net investment income		0.42	%†		1.84	%		1.64	%		1.79	%		2.21	%		1.89	%†
Portfolio turnover rate††		31	%		34	%		35	%		38	%		56	%		10	%

* Commencement of 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 or greater than $(0.01).

See Notes to Financial Statements. 46

db-X Exchange-Traded Funds Inc.

FINANCIAL HIGHLIGHTS (Continued)

For a Share outstanding throughout each period

	For the Six Months  Ended November 30, 2012 (Unaudited)			Year Ended May 31,												For the Period October 1, 2007* through May 31,  2008
db-X In-Target Date Fund				2012			2011			2010			2009
Net Asset Value, beginning of period	$	25.89		$	26.54		$	25.07		$	24.38		$	25.46		$	25.08
Income from Investment Operations:
Net investment income**		0.06			0.16			0.25			0.33			0.47			0.43
Net realized and unrealized gain (loss)**		0.83			(0.63	)		1.61			0.70			(0.96	)		0.10
Contributions from advisor		—			—			0.00	(a)		—			—			—
Net increase (decrease) in net asset value from operations		0.89			(0.47	)		1.86			1.03			(0.49	)		0.53
Distributions paid to shareholders from:
Net investment income		—			(0.18	)		(0.39	)		(0.34	)		(0.59	)		(0.15	)
Net realized capital gains		—			—			—			—			(0.00	)(a)		(0.00	)(a)
Total distributions		—			(0.18	)		(0.39	)		(0.34	)		(0.59	)		(0.15	)
Net Asset Value, end of period	$	26.78		$	25.89		$	26.54		$	25.07		$	24.38		$	25.46
Total Return***		3.44	%		(1.77	)%		7.44	%		4.23	%		(1.87	)%		2.12	%
Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	10,734		$	10,376		$	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	%		0.65	%†
Expenses, prior to fee waiver and expense reimbursements		1.53	%†		1.36	%		1.66	%		2.06	%		1.57	%		1.61	%†
Net investment income		0.11	%†		0.59	%		0.96	%		1.30	%		1.91	%		2.62	%†
Portfolio turnover rate††		53	%		59	%		60	%		42	%		75	%		21	%

* Commencement of 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 or greater than $(0.01).

See Notes to Financial Statements. 47

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, 2012, there were five (5) series of exchange-traded funds (“ETF”) (each, a “Fund,” and collectively, the “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”

On January 16, 2013, the Board of Trustees approved a change in the Funds’ names. Effective January 31, 2013, each of these Funds’ names will be changed as follows:

Current Fund Name	New Fund Name
db-X 2010 Target Date Fund	db X-trackers 2010 Target Date Fund
db-X 2020 Target Date Fund	db X-trackers 2020 Target Date Fund
db-X 2030 Target Date Fund	db X-trackers 2030 Target Date Fund
db-X 2040 Target Date Fund	db X-trackers 2040 Target Date Fund
db-X In-Target Date Fund	db X-trackers In-Target Date 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, 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 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.

Each Fund may invest in securities of non-U.S. issuers that may trade in non-U.S. Markets. This may involve certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of

48

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets and the risk of war.

Pursuant to the Company’s organizational documents, the Company’s officers and directors are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Company enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The director’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.

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. 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.

Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Funds may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

In general, the market value of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price.

U.S. government securities and other debt instruments having 60 days or less remaining until maturity are valued at amortized cost if their original maturity was 60 days or less; or by amortizing their fair value as of the 61st day prior to maturity if their original term to maturity exceeded 60 days; fixed-income securities may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker/dealers. In cases where broker/dealer quotes are obtained, the Advisor may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security.

Cash    Cash consists of cash held at banks.

Fair Value Measurement    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

49

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(“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, investment-grade corporate bonds and rights.

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, 2012.

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

The following table summarizes the valuation of each Fund’s investments by the above fair value hierarchy levels as of November 30, 2012 (see the Schedule of Investments for security categories). For the six-month period ended November 30, 2012, there were no transfers between investment levels.

	Investments in Securities
	Level 1		Level 2		Level 3		Fair Value at 11/30/2012
db-X 2010 Fund
Investments in Securities
Common Stocks	$	1,703,214	$	—	$	—	$	1,703,214
Preferred Stocks		3,270		—		—		3,270
Corporate Bonds		—		1,213,174		—		1,213,174
United States Government & Agencies Obligations		—		6,668,403		—		6,668,403
Total Investments	$	1,706,484	$	7,881,577	$	—	$	9,588,061

50

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

	Investments in Securities
	Level 1		Level 2		Level 3		Fair Value at 11/30/2012
db-X 2020 Fund
Investments in Securities
Common Stocks	$	15,761,158	$	—	$	—	$	15,761,158
Preferred Stocks		21,395		—		—		21,395
Corporate Bonds		—		3,463,787		—		3,463,787
United States Government & Agencies Obligations		—		9,752,039		—		9,752,039
Total Investments	$	15,782,553	$	13,215,826	$	—	$	28,998,379
db-X 2030 Fund
Investments in Securities
Common Stocks	$	25,502,810	$	—	$	—	$	25,502,810
Preferred Stocks		32,975		—		—		32,975
Corporate Bonds		—		6,449,188		—		6,449,188
United States Government & Agencies Obligations		—		565,093		—		565,093
Total Investments	$	25,535,785	$	7,014,281	$	—	$	32,550,066
db-X 2040 Fund
Investments in Securities
Common Stocks	$	25,226,972	$	—	$	—	$	25,226,972
Preferred Stocks		32,800		—		—		32,800
Corporate Bonds		—		836,886		—		836,886
United States Government & Agencies Obligations		—		860,476		—		860,476
Total Investments	$	25,259,772	$	1,697,362	$	—	$	26,957,134
db-X In-Target Fund
Investments in Securities
Common Stocks	$	3,534,060	$	—	$	—	$	3,534,060
Preferred Stocks		6,749		—		—		6,749
Corporate Bonds		—		1,099,350		—		1,099,350
United States Government & Agencies Obligations		—		6,058,556		—		6,058,556
Total Investments	$	3,540,809	$	7,157,906	$	—	$	10,698,715

In December 2011, FASB issued ASU No. 2011-11 related to Disclosures about Offsetting Assets and Liabilities. The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented. The Advisor is currently evaluating the impact ASU 2011-11 will have on the financial statement disclosures.

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

51

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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.

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 Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.

Foreign Taxes    The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and foreign taxes on other corporate events are reflected in “Other foreign taxes.” Foreign taxes payable as of November 30, 2012, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

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

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

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.

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.

52

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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.

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

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

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

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

The Advisor has contractually agreed to reduce its fees and/or pay Fund operating expenses (excluding, among other things, acquired fund fees and expenses, interest, taxes and extraordinary expenses) in order to limit each Fund’s net annual operating expenses to 0.65% of the Fund’s average daily net assets (the “Expense Cap”). The Expense Cap will remain in effect until September 30, 2013. 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, 2012.

The amounts subject to potential reimbursement to the Advisor as of November 30, 2012 were as follows:

	Reimbursements available through:
	5/31/2013		5/31/2014		5/31/2015
db-X 2010 Fund	$	322,172	$	147,959	$	45,125
db-X 2020 Fund		574,480		261,902		83,196
db-X 2030 Fund		515,809		247,454		79,581
db-X 2040 Fund		489,569		235,093		77,301
db-X In-Target Fund		335,077		153,462		46,894

For the six-month period ended November 30, 2012, 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	$	31,162	$	13,963
db-X 2020 Fund		83,196		—
db-X 2030 Fund		79,581		—
db-X 2040 Fund		77,301		—
db-X In-Target Fund		34,601		12,293

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

53

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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

As of May 31, 2012, the components of accumulated earnings (losses) were as follows:

	Accumulated Earnings		Net Accumulated Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
db-X 2010 Fund	$	21,405	$	(1,669,212	)	$	(38,436	)	$	(1,686,243	)
db-X 2020 Fund		147,309		(4,152,770	)		(696,007	)		(4,701,468	)
db-X 2030 Fund		288,606		(5,825,356	)		(64,900	)		(5,601,650	)
db-X 2040 Fund		239,884		(7,098,396	)		(1,127,993	)		(7,986,505	)
db-X In-Target Fund		24,333		(220,545	)		(50,582	)		(246,794	)

For the years ended May 31, 2012 and May 31, 2011, the tax characterization of distributions paid for each Fund was equal to the book characterization of distributions paid. The total distributions and distributions per share are disclosed in the accompanying Statement of Changes in Net Assets and the Financial Highlights for all Funds.

At May 31, 2012, 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.

	Year of Expiration						Post-effective — no expiration ST		Post-effective — no expiration LT		Total Amount
	2017		2018		2019
db-X 2010 Fund	$	648,585	$	1,020,627	$	—	$	—	$	—	$	1,669,212
db-X 2020 Fund		418,939		3,713,736		—		—		—		4,132,675
db-X 2030 Fund		1,185,474		4,568,179		71,703		—		—		5,825,356
db-X 2040 Fund		1,809,203		4,936,668		352,525		—		—		7,098,396
db-X In-Target Fund		—		220,545		—		—		—		220,545

db-X 2010 Fund, db-X 2020 Fund, db-X 2030 Fund, db-X 2040 Fund and db-X In-Target Fund utilized $323,969, $2,223,566, $2,064,299, $1,729,486 and $362,754 respectively, of capital loss carryforwards during the fiscal year ended May 31, 2012.

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.

During the fiscal year ended May 31, 2012, the Funds incurred and elected to defer net capital losses as follows:

	Post-October Losses on Capital
db-X 2010 Fund	$	—
db-X 2020 Fund		20,095
db-X 2030 Fund		—
db-X 2040 Fund		—
db-X In-Target Fund		—

54

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

In order to present paid-in capital and accumulated net realized gains or losses on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to additional paid-in capital, undistributed net investment income or loss and accumulated net realized gains or losses on investments. These differences are primarily due to currency gain/(loss) and redemptions-in-kind. For the fiscal year ended May 31, 2012, the adjustments were as follows:

	Undistributed Net Investment Income (Loss)			Undistributed Capital Gains (Accumulated Losses)			Paid-in Capital
db-X 2010 Fund	$	(405	)	$	(73,559	)	$	73,964
db-X 2020 Fund		(1,479	)		(224,068	)		225,547
db-X 2030 Fund		(3,075	)		(427,639	)		430,714
db-X 2040 Fund		(2,662	)		(674,780	)		677,442
db-X In-Target Fund		(1,044	)		(231,719	)		232,763

As of November 30, 2012, 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
db-X 2010 Fund	$	9,489,221	$	242,436	$	(143,596	)	$	98,840
db-X 2020 Fund		28,039,035		2,379,461		(1,420,117	)		959,344
db-X 2030 Fund		31,055,529		3,821,789		(2,327,252	)		1,494,537
db-X 2040 Fund		25,735,530		3,655,194		(2,433,590	)		1,221,604
db-X In-Target Fund		10,402,546		518,831		(222,662	)		296,169

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 Funds. The table below shows the transactions in and earnings from investments in Deutsche Bank AG Securities for the six-month ended November 30, 2012.

	Fair Value 5/31/2012		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)		Realized Gain		Fair Value 11/30/2012		Dividend Income
db-X 2010 Fund
Deutsche Bank AG (Common Stock)	$	2,014	$	—	$	—		$	458	$	—	$	2,472	$	42
db-X 2020 Fund
Deutsche Bank AG (Common Stock)		28,230		5,103		(5,583	)		6,888		1,470		36,108		589
db-X 2030 Fund
Deutsche Bank AG (Common Stock)		40,314		8,887		—			9,376		—		58,577		936
db-X 2040 Fund
Deutsche Bank AG (Common Stock)		46,787		7,324		(9,565	)		10,967		2,931		58,444		1,087
db-X In-Target Fund
Deutsche Bank AG (Common Stock)		4,028		2,401		—			2,046		—		8,475		84

6. Investment Portfolio Transactions

For the six-month ended November 30, 2012, 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	$	4,551,197	$	876,923	$	1,460,562	$	5,133,279
db-X 2020 Fund		7,736,955		8,177,428		7,280,612		8,194,598
db-X 2030 Fund		13,323,232		524,846		10,694,092		2,809,047
db-X 2040 Fund		8,816,269		406,219		8,927,190		13,661
db-X In-Target Fund		1,706,714		3,025,165		1,910,526		3,425,250

55

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

For the six-month ended November 30, 2012 the cost of in-kind purchases and the proceeds from in-kind sales were as follows:

	Purchases		Sales
db-X 2020 Fund	$	—	$	4,858,033
db-X 2040 Fund		—		4,448,289

7. Fund Share Transactions

As of November 30, 2012, 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 respective 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. 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.

56

db-X Exchange-Traded Funds Inc.

ADDITIONAL INFORMATION

Proxy Voting Policies and Procedures

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

Quarterly Portfolio Disclosure

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

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

57

db-X Exchange-Traded Funds Inc.

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

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

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

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

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

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

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

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

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

“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.

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.

a) 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.

b) 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, 2013

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, 2013

By:	/s/ Michael Gilligan
Name:	Michael Gilligan
Title:	Treasurer, Chief Financial Officer and Controller
Date:	January 30, 2013