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

db-X Exchange-Traded Funds Inactive N-CSRSCertified 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

Date of reporting period: November 30, 2013

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

SEMI-ANNUAL REPORT

November 30, 2013

Unaudited

db-X Exchange-Traded Funds Inc.

db X-trackers 2010 Target Date Fund (TDD)

db X-trackers 2020 Target Date Fund (TDH)

db X-trackers 2030 Target Date Fund (TDN)

db X-trackers 2040 Target Date Fund (TDV)

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

db-X Exchange-Traded Funds Inc.

TABLE OF CONTENTS


	Page
Shareholder Letter		1
Performance Summary
db X-trackers 2010 Target Date Fund		2
db X-trackers 2020 Target Date Fund		4
db X-trackers 2030 Target Date Fund		6
db X-trackers 2040 Target Date Fund		8
db X-trackers In-Target Date Fund		10
Fees and Expenses		12
Schedules of Investments
db X-trackers 2010 Target Date Fund		13
db X-trackers 2020 Target Date Fund		18
db X-trackers 2030 Target Date Fund		23
db X-trackers 2040 Target Date Fund		29
db X-trackers In-Target Date Fund		35
Statements of Assets and Liabilities		42
Statements of Operations		44
Statements of Changes in Net Assets		46
Financial Highlights		49
Notes to Financial Statements		52
Additional Information		59
Privacy Policy Notice		60

TO OUR SHAREHOLDERS:

Shareholder Letter

Dear Shareholder,

We are pleased to present this semi-annual report for db-X Exchange-Trade Funds Inc, which covers the six-month period ended November 30, 2013.

We believe that these funds provide convenient, efficient and transparent access to a sophisticated target-date investment strategy. A strengthening economy boosted the domestic equity market (as measured by the S&P 500) during the six-month period ended November 30, 2013, contributing to solid NAV returns of 12.03% and 9.05%, respectively, for the db-X 2040 Target Date Fund and the db-X 2030 Target Date Fund, which have the greatest percentage allocations to equities, The db-X 2020 Target Date Fund, which has a more balanced allocation between equity and fixed-income securities, experienced a NAV return of 6.95%. For investors with a shorter investment horizon, the db-X 2010 Target Date Fund and the db-X In-Target Target Date Fund, which allocate a large percentage of assets to fixed-income securities, experienced NAV returns of 2.65% and 4.34%, respectively.

Deutsche Bank, a leading global banking institution, has managed and operated a successful and growing platform of exchange-traded products since 2006. We appreciate your trust and look forward to serving your investment needs with these innovative index-driven strategies.

Sincerely,

LOGO

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.dbxus.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.

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

db X-trackers 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, 2013, the Fund’s net asset value increased 2.65%, compared to an increase of 3.15% for the Zacks 2010 Lifecycle Index and 2.52% for the Dow Jones Target 2010 Index. The fund’s performance benefited from favorable results in several equity sectors, in particular Energy, Information Technology and Industrials, partially offset by the Fund’s heavier weighting to fixed income securities, in particular short-term U.S. Treasuries.

Performance as of 11/30/13


Average Annual Total Returns
	Net Asset Value	Market Price	Zacks 2010 Lifecycle Index	Dow Jones Target 2010 Index
One Year	5.34%	14.54%	6.07%	3.37%
Five Year	4.88%	4.47%	5.30%	8.44%
Since Inception¹	1.65%	1.09%	2.00%	4.29%

Cumulative Total Return
	Net Asset Value	Market Price	Zacks 2010 Lifecycle Index	Dow Jones Target 2010 Index
Six Months	2.65%	3.54%	3.15%	2.52%
One Year	5.34%	14.54%	6.07%	3.37%
Five Year	26.90%	24.43%	29.48%	49.95%
Since Inception¹	10.63%	6.94%	13.02%	29.56%

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

Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.dbxus.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, 2013, as disclosed in the most recent prospectus dated October 1, 2013, was 1.53%. 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 9/30/14.

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.

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

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

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

Asset Class Breakdown* as of 11/30/13

LOGO

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

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

Top Ten Holdings²as of 11/30/13



Top Ten Equity Holdings

Description	Shares		Value		% of Net Assets
Apple, Inc.		104		$57,831		0.6%
Exxon Mobil Corp.		517		48,328		0.5%
Microsoft Corp.		1,120		42,707		0.4%
Google, Inc., Class A		38		40,264		0.4%
General Electric Co.		1,265		33,725		0.3%
Berkshire Hathaway, Inc., Class B		283		32,977		0.3%
Johnson & Johnson		329		31,144		0.3%
Wal-Mart Stores, Inc.		379		30,704		0.3%
Wells Fargo & Co.		626		27,556		0.3%
Chevron Corp.		222		27,182		0.3%


Top Ten Fixed Income Holdings

Description	Principal Amount		Value		% of Net Assets
European Investment Bank, 4.63%, 05/15/14		$521,000		$531,516		5.3%
U.S. Treasury Note/Bond, 1.75%, 03/31/14		500,000		502,695		5.0%
U.S. Treasury Note/Bond, 4.75%, 05/15/14		434,800		443,929		4.4%
U.S. Treasury Note/Bond, 1.00%, 01/15/14		386,000		386,445		3.8%
U.S. Treasury Note/Bond, 1.75%, 01/31/14		382,000		383,067		3.8%
U.S. Treasury Note/Bond, 0.25%, 05/31/14		330,000		330,219		3.3%
Goldman Sachs Group (The), Inc., 5.00%, 10/01/14		315,000		326,345		3.2%
Merrill Lynch & Co., Inc., 5.00%, 01/15/15		280,000		293,098		2.9%
Wells Fargo & Co., 5.00%, 11/15/14		278,000		289,592		2.9%
U.S. Treasury Note/Bond, 0.25%, 03/31/14		252,000		252,103		2.5%

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.dbxus.com.

Sector Breakdown* as of 11/30/13

LOGO

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

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

db X-trackers 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, 2013, the Fund’s net asset value increased 6.95%, compared to an increase of 7.42% for the Zacks 2020 Lifecycle Index and 4.78% for the Dow Jones Target 2020 Index. The fund’s performance benefitted from favorable results in several equity sectors, in particular Energy, Information Technology and Industrials as well as strong performance in intermediate-term U.S. Treasuries.

Performance as of 11/30/13


Average Annual Total Returns
	Net Asset Value	Market Price	Zacks 2020 Lifecycle Index	Dow Jones Target 2020 Index
One Year	15.67%	15.78%	16.27%	9.58%
Five Year	11.26%	9.99%	11.53%	11.42%
Since Inception¹	3.17%	1.90%	3.38%	3.91%

Cumulative Total Returns
	Net Asset Value	Market Price	Zacks 2020 Lifecycle Index	Dow Jones Target 2020 Index
Six Months	6.95%	1.61%	7.42%	4.78%
One Year	15.67%	15.78%	16.27%	9.58%
Five Year	70.50%	60.98%	72.57%	71.69%
Since Inception¹	21.20%	12.34%	22.77%	26.67%

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.dbxus.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, 2013, as disclosed in the most recent prospectus dated October 1, 2013, was 1.15%. 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 9/30/14.

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.

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

Asset Class Breakdown* as of 11/30/13

LOGO

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

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

Top Ten Holdings² as of 11/30/13



Top Ten Equity Holdings

Description	Shares			Value		% of Net Assets
Apple, Inc.		656			$364,781		1.3%
Exxon Mobil Corp.		3,262			304,932		1.1%
Microsoft Corp.		6,977			266,034		1.0%
Google, Inc., Class A		241			255,362		1.0%
Berkshire Hathaway, Inc., Class B		1,781			207,539		0.9%
General Electric Co.		7,735			206,216		0.7%
Wal-Mart Stores, Inc.		2,410			195,235		0.7%
Johnson & Johnson		2,032			192,350		0.7%
Chevron Corp.		1,400			171,416		0.6%
Procter & Gamble (The) Co.		2,000			168,440		0.6%


Top Ten Fixed Income Holdings

Description	Principal Amount			Value		% of Net Assets
U.S. Treasury Note/Bond, 4.25%, 08/15/15		$1,686,700			$1,801,902		6.5%
U.S. Treasury Note/Bond, 1.25%, 09/30/15		1,331,700	��		1,355,889		4.9%
U.S. Treasury Note/Bond, 1.88%, 06/30/15		1,268,000			1,301,087		4.7%
U.S. Treasury Note/Bond, 2.13%, 05/31/15		968,800			996,540		3.6%
U.S. Treasury Note/Bond, 2.50%, 03/31/15		684,800			705,678		2.5%
Federal National Mortgage Association, 5.00%, 04/15/15		622,000			662,676		2.4%
U.S. Treasury Note/Bond, 2.38%, 02/28/15		641,800			659,224		2.4%
U.S. Treasury Note/Bond, 4.00%, 02/15/15		614,500			642,609		2.3%
U.S. Treasury Note/Bond, 2.00%, 01/31/16		611,000			633,268		2.3%
Oracle Corp., 5.25%, 01/15/16		378,000			414,467		1.5%

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.dbxus.com.

Sector Breakdown* as of 11/30/13

LOGO

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

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

db X-trackers 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, 2013, the Fund’s net asset value increased 9.05%, compared to an increase of 9.56% for the Zacks 2030 Lifecycle Index and 7.62% for the Dow Jones Target 2030 Index. The fund’s performance benefitted from its heavy weighting to equities with favorable results in several sectors, in particular Energy, Information Technology and Industrials.

Performance as of 11/30/13


Average Annual Total Returns
	Net Asset Value	Market Price	Zacks 2030 Lifecycle Index	Dow Jones Target 2030 Index
One Year	20.36%	26.79%	21.00%	17.21%
Five Year	14.31%	13.95%	14.96%	14.90%
Since Inception¹	3.00%	2.55%	3.48%	4.00%

Cumulative Total Returns
	Net Asset Value	Market Price	Zacks 2030 Lifecycle Index	Dow Jones Target 2030 Index
Six Months	9.05%	5.74%	9.56%	7.62%
One Year	20.36%	26.79%	21.00%	17.21%
Five Year	95.16%	92.15%	100.79%	100.28%
Since Inception¹	19.98%	16.83%	23.51%	27.33%

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.dbxus.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, 2013, as disclosed in the most recent prospectus dated October 1, 2013, 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 9/30/14.

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.

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

Asset Class Breakdown* as of 11/30/13

LOGO

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

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

Top Ten Holdings² as of 11/30/13



Top Ten Equity Holdings

Description	Shares		Value		% of Net Assets
Apple, Inc.		1,178		$655,051		2.0%
Exxon Mobil Corp.		5,693		532,182		1.6%
Microsoft Corp.		12,395		472,621		1.4%
Google, Inc., Class A		441		467,279		1.4%
Berkshire Hathaway, Inc., Class B		3,133		365,088		1.1%
General Electric Co.		12,930		344,714		1.0%
Wal-Mart Stores, Inc.		4,247		344,049		1.0%
Johnson & Johnson		3,558		336,800		1.0%
Chevron Corp.		2,469		302,304		0.9%
Procter & Gamble (The) Co.		3,504		295,107		0.9%


Top Ten Fixed Income Holdings

Description	Principal Amount		Value		% of Net Assets
Amgen, Inc., 5.65%, 06/15/42		$257,000		$270,164		0.8%
Southern California Edison Co., 6.05%, 03/15/39		217,000		260,523		0.8%
Shell International Finance BV, 6.38%, 12/15/38		180,000		221,737		0.7%
AT&T, Inc., 5.55%, 08/15/41		198,000		197,508		0.6%
U.S. Treasury Bond, 4.63%, 02/15/40		170,400		197,012		0.6%
Travelers Cos., Inc. (The), 5.35%, 11/01/40		162,000		178,584		0.6%
MetLife, Inc., 5.88%, 02/06/41		150,000		170,667		0.5%
Lowe’s Cos., Inc., 5.13%, 11/15/41		162,000		167,816		0.5%
JPMorgan Chase & Co., 5.60%, 07/15/41		151,000		165,510		0.5%
HSBC Holdings PLC, 6.10%, 01/14/42		137,000		164,627		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.dbxus.com.

Sector Breakdown* as of 11/30/13

LOGO

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

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

db X-trackers 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, 2013, the Fund’s net asset value increased 12.03%, compared to an increase of 12.42% for the Zacks 2040 Lifecycle Index and 9.72% for the Dow Jones Target 2040 Index. The fund’s performance benefitted from its heavy weighting to equities with favorable results in several sectors, in particular Energy, Information Technology and Industrials.

Performance as of 11/30/13


Average Annual Total Returns
	Net Asset Value	Market Price	Zacks 2040 Lifecycle Index	Dow Jones Target 2040 Index
One Year	27.16%	25.92%	27.61%	23.06%
Five Year	15.70%	16.03%	15.73%	17.11%
Since Inception¹	3.13%	3.03%	3.16%	4.24%

Cumulative Total Returns
	Net Asset Value	Market Price	Zacks 2040 Lifecycle Index	Dow Jones Target 2040 Index
Six Months	12.03%	15.27%	12.42%	9.72%
One Year	27.16%	25.92%	27.61%	23.06%
Five Year	107.32%	110.28%	107.56%	120.25%
Since Inception¹	20.97%	20.25%	21.16%	29.21%

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

Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.dbxus.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, 2013, as disclosed in the most recent prospectus dated October 1, 2013, was 1.17%. 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 9/30/14.

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.

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

Asset Class Breakdown* as of 11/30/13

LOGO

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

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

Top Ten Holdings² as of 11/30/13



Top Ten Equity Holdings

Description	Shares		Value		% of Net Assets
Apple, Inc.		1,460		$811,862		2.4%
Exxon Mobil Corp.		7,008		655,107		2.0%
Microsoft Corp.		15,060		574,237		1.7%
Google, Inc., Class A		538		570,059		1.7%
Berkshire Hathaway, Inc., Class B		3,825		445,727		1.3%
General Electric Co.		16,609		442,795		1.3%
Wal-Mart Stores, Inc.		5,176		419,308		1.3%
Johnson & Johnson		4,362		412,907		1.2%
Chevron Corp.		3,007		368,177		1.1%
Procter & Gamble (The) Co.		4,295		361,725		1.1%


Top Ten Fixed Income Holdings

Description	Principal Amount		Value		% of Net Assets
U.S. Treasury Bond, 4.38%, 11/15/39		$191,200		$212,815		0.6%
U.S. Treasury Bond, 4.38%, 05/15/41		183,400		203,760		0.6%
U.S. Treasury Bond, 3.13%, 02/15/42		177,100		156,401		0.5%
U.S. Treasury Bond, 4.75%, 02/15/37		107,000		125,867		0.4%
U.S. Treasury Bond, 4.63%, 02/15/40		98,700		114,114		0.3%
U.S. Treasury Bond, 3.88%, 08/15/40		84,800		86,847		0.3%
U.S. Treasury Bond, 4.38%, 05/15/40		75,800		84,322		0.3%
U.S. Treasury Bond, 4.75%, 02/15/41		68,500		80,702		0.2%
U.S. Treasury Bond, 4.50%, 02/15/36		66,200		75,271		0.2%
Tennessee Valley Authority, 4.88%, 01/15/48		54,000		53,037		0.2%

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.dbxus.com.

Sector Breakdown* as of 11/30/13

LOGO

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

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

db X-trackers 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, 2013, the Fund’s net asset value increased 4.34%, compared to an increase of 4.78% for the Zacks In-Target Lifecycle Index and 1.98% for the Dow Jones Target Today Index. The fund’s performance benefited from favorable results in several equity sectors, in particular Energy, Information Technology and Industrials, partially offset by the Fund’s heavier weighting to fixed income securities, in particular short-term U.S. Treasuries.

Performance as of 11/30/13


Average Annual Total Returns
	Net Asset Value	Market Price	Zacks In-Target Lifecycle Index	Dow Jones Target Today Index
One Year	9.31%	12.71%	10.07%	1.62%
Five Year	4.94%	4.34%	5.28%	7.15%
Since Inception¹	3.63%	2.78%	3.91%	4.75%

Cumulative Total Returns
	Net Asset Value	Market Price	Zacks In-Target Lifecycle Index	Dow Jones Target Today Index
Six Months	4.34%	1.96%	4.78%	1.98%
One Year	9.31%	12.71%	10.07%	1.62%
Five Year	27.24%	23.66%	29.36%	41.26%
Since Inception¹	24.63%	18.40%	26.70%	33.12%

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.dbxus.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, 2013, as disclosed in the most recent prospectus dated October 1, 2013, was 1.47%. 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 9/30/14.

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.

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

Asset Class Breakdown* as of 11/30/13

LOGO

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

db-X Exchange-Traded Funds Inc.

PERFORMANCE SUMMARY

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

Top Ten Holdings² as of 11/30/13



Top Ten Equity Holdings

Description	Shares		Value		% of Net Assets
Apple, Inc.		178		$98,980		0.8%
Exxon Mobil Corp.		882		82,450		0.7%
Microsoft Corp.		1,856		70,769		0.6%
Google, Inc., Class A		65		68,874		0.6%
Berkshire Hathaway, Inc., Class B		483		56,283		0.5%
General Electric Co.		2,052		54,707		0.5%
Wal-Mart Stores, Inc.		647		52,414		0.5%
Johnson & Johnson		551		52,158		0.5%
Wells Fargo & Co.		1,069		47,058		0.5%
Chevron Corp.		380		46,528		0.4%


Top Ten Fixed Income Holdings

Description	Principal Amount		Value		% of Net Assets
U.S. Treasury Note/Bond, 0.25%, 03/31/14		$772,000		$772,316		6.6%
U.S. Treasury Note/Bond, 4.75%, 05/15/14		582,900		595,139		5.1%
European Investment Bank, 4.63%, 05/15/14		515,000		525,395		4.5%
U.S. Treasury Note/Bond, 1.00%, 01/15/14		382,000		382,440		3.3%
U.S. Treasury Note/Bond, 1.75%, 01/31/14		378,000		379,056		3.2%
Goldman Sachs Group (The), Inc., 5.00%, 10/01/14		312,000		323,237		2.8%
Merrill Lynch & Co., Inc., 5.00%, 01/15/15		278,000		291,004		2.5%
Wells Fargo & Co., 5.00%, 11/15/14		275,000		286,467		2.4%
U.S. Treasury Note/Bond, 2.13%, 05/31/15		198,000		203,669		1.7%
U.S. Treasury Note/Bond, 2.50%, 03/31/15		197,000		203,006		1.7%

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.dbxus.com.

Sector Breakdown* as of 11/30/13

LOGO

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

db-X Exchange-Traded Funds Inc.

FEES AND EXPENSES (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, 2013.

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 including brokerage commissions on purchases and sales of funds. 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, 2013		Ending Account Value November 30, 2013		Annualized Expense Ratio⁽¹⁾ based on the number of days in the period			Expenses Paid During the Period⁽²⁾ June 1, 2013 to November 30, 2013
db X-trackers 2010 Target Date Fund
Actual	$	1,000.00	$	1,026.50		0.65	%	$	3.30
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
db X-trackers 2020 Target Date Fund
Actual	$	1,000.00	$	1,069.50		0.65	%	$	3.37
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
db X-trackers 2030 Target Date Fund
Actual	$	1,000.00	$	1,090.48		0.65	%	$	3.41
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
db X-trackers 2040 Target Date Fund
Actual	$	1,000.00	$	1,120.26		0.65	%	$	3.45
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
db X-trackers In-Target Date Fund
Actual	$	1,000.00	$	1,043.35		0.65	%	$	3.33
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, 2014. 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, 2013 to November 30, 2013. 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.

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2010 Target Date Fund

November 30, 2013 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 22.8%
Basic Materials — 1.2%
Air Liquide SA (France)		29	$	4,043
Air Products & Chemicals, Inc.		103		11,210
Axiall Corp.		100		4,530
BASF SE (Germany)		91		9,719
BHP Billiton Ltd. (Australia)		308		10,484
BHP Billiton PLC (United Kingdom)		204		6,205
Dow Chemical (The) Co.		136		5,312
E.I. du Pont de Nemours & Co.		106		6,506
Freeport-McMoRan Copper & Gold, Inc.		100		3,469
Glencore Xstrata PLC (Switzerland)*		960		4,867
Horsehead Holding Corp.*		200		2,994
Linde AG (Germany)		23		4,697
Materion Corp.		100		2,876
Monsanto Co.		61		6,913
Newmont Mining Corp.		275		6,828
PolyOne Corp.		100		3,246
Rio Tinto PLC (United Kingdom)		147		7,845
Sherwin-Williams (The) Co.		56		10,250
Syngenta AG (Switzerland)		11		4,320
Wausau Paper Corp.		200		2,428

				118,742

Communications — 2.5%
Amazon.com, Inc.*		51		20,075
Anixter International, Inc.*		30		2,652
ARRIS Group, Inc.*		100		2,052
AT&T, Inc.		637		22,428
Bankrate, Inc.*		100		1,874
BT Group PLC (United Kingdom)		709		4,324
Cisco Systems, Inc.		600		12,750
Comcast Corp., Class A		297		14,811
Deutsche Telekom AG (Germany)		290		4,605
Dice Holdings, Inc.*		200		1,456
DigitalGlobe, Inc.*		100		3,960
Discovery Communications, Inc., Class A*		117		10,211
Entravision Communications Corp., Class A		300		1,983
Facebook, Inc., Class A*		202		9,496
Finisar Corp.*		100		2,069
Google, Inc., Class A*		38		40,264
Harte-Hanks, Inc.		200		1,592
Leap Wireless International, Inc.*		300		4,983
News Corp., Class A*		600		10,776
Nielsen Holdings NV (Netherlands)		193		8,330
SoftBank Corp. (Japan)		100		8,092
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		268		3,338
Telefonica SA (Spain)		387		6,368
Thomson Reuters Corp. (Canada)		96		3,575
Verizon Communications, Inc.		329		16,325
Vodafone Group PLC (United Kingdom)		4,381		16,259
Walt Disney (The) Co.		205		14,461

				249,109

Consumer, Cyclical — 2.0%
Adidas AG (Germany)		19		2,311
Bayerische Motoren Werke AG (Germany)		35		4,022


	Number of Shares		Value

Consumer, Cyclical (Continued)
Bloomin’ Brands, Inc.*		100	$	2,620
Bob Evans Farms, Inc.		100		5,559
Brunswick Corp.		100		4,570
Cabela’s, Inc.*		100		6,125
Cie Financiere Richemont SA (Switzerland)		65		6,605
Compass Group PLC (United Kingdom)		241		3,632
CVS Caremark Corp.		138		9,240
Daimler AG (Germany)		84		6,963
Dana Holding Corp.		200		4,056
Fifth & Pacific Cos., Inc.*		100		3,266
Ford Motor Co.		430		7,344
Fred’s, Inc., Class A		100		1,736
General Motors Co.*		152		5,887
Hennes & Mauritz AB, Class B (Sweden)		82		3,475
Home Depot (The), Inc.		172		13,875
Honda Motor Co. Ltd. (Japan)		131		5,537
Inditex SA (Spain)		26		4,146
Lions Gate Entertainment Corp. (Canada)*		200		6,328
LVMH Moet Hennessy Louis Vuitton SA (France)		25		4,713
M/I Homes, Inc.*		100		2,197
Mitsubishi Corp. (Japan)		100		1,967
NIKE, Inc., Class B		107		8,468
Nissan Motor Co. Ltd. (Japan)		200		1,827
Republic Airways Holdings, Inc.*		200		2,252
Ruby Tuesday, Inc.*		300		2,115
Six Flags Entertainment Corp.		100		3,721
Target Corp.		82		5,242
Toyota Motor Corp. (Japan)		233		14,511
W.W. Grainger, Inc.		35		9,027
Walgreen Co.		103		6,098
Wal-Mart Stores, Inc.		379		30,704

				200,139

Consumer, Non-cyclical — 4.8%
Align Technology, Inc.*		100		5,464
Alkermes PLC (Ireland)*		100		4,038
Amgen, Inc.		86		9,811
AmSurg Corp.*		100		4,832
Anheuser-Busch InBev NV (Belgium)		79		8,067
Array BioPharma, Inc.*		400		2,288
AstraZeneca PLC (United Kingdom)		112		6,439
Avis Budget Group, Inc.*		100		3,686
Bayer AG (Germany)		74		9,874
Becton Dickinson and Co.		110		11,945
Brink’s (The) Co.		100		3,353
British American Tobacco PLC (United Kingdom)		179		9,552
Cardinal Health, Inc.		171		11,048
Coca-Cola (The) Co.		522		20,978
Convergys Corp.		200		4,104
CSL Ltd. (Australia)		61		3,816
Danone (France)		52		3,779
Diageo PLC (United Kingdom)		238		7,579
Gilead Sciences, Inc.*		168		12,568
GlaxoSmithKline PLC (United Kingdom)		453		11,997
Harris Teeter Supermarkets, Inc.		25		1,235


See Notes to Financial Statements.		13

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2010 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
Humana, Inc.		81	$	8,423
Impax Laboratories, Inc.*		100		2,404
Isis Pharmaceuticals, Inc.*		100		3,876
Japan Tobacco, Inc. (Japan)		100		3,377
JM Smucker (The) Co.		55		5,733
Johnson & Johnson		329		31,144
Live Nation Entertainment, Inc.*		183		3,362
L’Oreal SA (France)		22		3,681
Magellan Health Services, Inc.*		7		428
MAKO Surgical Corp.*		200		5,992
MasterCard, Inc., Class A		14		10,651
Merck & Co., Inc.		348		17,341
Molina Healthcare, Inc.*		67		2,251
Mondelez International, Inc., Class A		203		6,807
Monster Worldwide, Inc.*		400		2,252
Nestle SA (Switzerland)		285		20,815
Novartis AG (Switzerland)		203		16,047
Novo Nordisk A/S, Class B (Denmark)		36		6,450
NuVasive, Inc.*		100		3,325
Orexigen Therapeutics, Inc.*		300		2,049
Performant Financial Corp.*		200		2,098
Pfizer, Inc.		828		26,272
Pilgrim’s Pride Corp.*		200		3,276
Procter & Gamble (The) Co.		313		26,360
Raptor Pharmaceutical Corp.*		200		2,778
Reckitt Benckiser Group PLC (United Kingdom)		66		5,302
Roche Holding AG (Switzerland)		63		17,564
SABMiller PLC (United Kingdom)		87		4,489
Sanofi (France)		109		11,529
Seaboard Corp.		1		2,825
Seattle Genetics, Inc.*		167		6,862
Select Medical Holdings Corp.		167		1,446
Snyder’s-Lance, Inc.		100		2,881
Takeda Pharmaceutical Co. Ltd. (Japan)		100		4,856
Tesco PLC (United Kingdom)		972		5,534
Teva Pharmaceutical Industries Ltd. (Israel)		93		3,765
Theravance, Inc.*		100		3,776
Unilever NV (Netherlands)		159		6,265
Unilever PLC (United Kingdom)		125		5,050
UnitedHealth Group, Inc.		130		9,682
Whole Foods Market, Inc.		180		10,188
Wright Medical Group, Inc.*		100		2,981

				478,640

Diversified — 0.0% (a)
Hutchison Whampoa Ltd. (Hong Kong)		198		2,518

Energy — 2.1%
Apache Corp.		48		4,392
BG Group PLC (United Kingdom)		336		6,864
BP PLC (United Kingdom)		1,726		13,613
Cameron International Corp.*		124		6,868
Chevron Corp.		222		27,182
Continental Resources, Inc.*		100		10,751
CVR Energy, Inc.		100		3,948
Dril-Quip, Inc.*		29		3,148
Eni S.p.A. (Italy)		231		5,559


	Number of Shares		Value

Energy (Continued)
Exxon Mobil Corp.		517	$	48,328
Gulfport Energy Corp.*		100		5,843
Helix Energy Solutions Group, Inc.*		100		2,221
Oasis Petroleum, Inc.*		100		4,613
Pioneer Natural Resources Co.		15		2,666
Royal Dutch Shell PLC, Class A (United Kingdom)		328		10,992
Schlumberger Ltd. (Netherland Antilles)		149		13,175
SolarCity Corp.*		100		5,228
Southwestern Energy Co.*		224		8,660
Statoil ASA (Norway)		154		3,479
Total SA (France)		184		11,150
Valero Energy Corp.		288		13,167
Woodside Petroleum Ltd. (Australia)		111		3,779

				215,626

Financial — 4.9%
AIA Group Ltd. (Hong Kong)		1,032		5,232
Allianz SE (Germany)		40		6,949
American Express Co.		128		10,982
American International Group, Inc.		172		8,556
American Tower Corp. REIT		45		3,500
Australia & New Zealand Banking Group Ltd. (Australia)		249		7,230
AXA SA (France)		152		3,983
Banco Bilbao Vizcaya Argentaria SA (Spain)		514		6,142
Banco Santander SA (Spain)		1,346		11,967
Bancorp (The), Inc.*		100		1,830
Bank of America Corp.		1,231		19,474
Barclays PLC (United Kingdom)		1,049		4,664
Berkshire Hathaway, Inc., Class B*		283		32,977
BNP Paribas SA (France)		88		6,607
Boston Properties, Inc. REIT		90		8,954
Charles Schwab (The) Corp.		152		3,721
Citigroup, Inc.		350		18,522
CNO Financial Group, Inc.		200		3,384
Commonwealth Bank of Australia (Australia)		145		10,271
Community Trust Bancorp, Inc.		100		4,573
Credit Suisse Group AG (Switzerland)*		128		3,810
Deutsche Bank AG (Germany) (b)		93		4,485
DFC Global Corp.*		100		1,001
Dime Community Bancshares, Inc.		100		1,682
Dynex Capital, Inc. REIT		200		1,678
Equity One, Inc. REIT		173		3,875
First American Financial Corp.		100		2,646
FirstMerit Corp.		100		2,296
General Growth Properties, Inc. REIT		480		9,959
Geo Group (The), Inc. REIT		177		5,806
Glimcher Realty Trust REIT		100		971
Goldman Sachs Group (The), Inc.		53		8,954
Hancock Holding Co.		100		3,520
Hanmi Financial Corp.		100		2,056
Health Care REIT, Inc.		144		8,063
Healthcare Realty Trust, Inc. REIT		100		2,213
Higher One Holdings, Inc.*		200		1,968
Highwoods Properties, Inc. REIT		154		5,532
HSBC Holdings PLC (United Kingdom)		1,605		17,909


See Notes to Financial Statements.		14

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2010 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Number of Shares		Value

Financial (Continued)
ING Groep NV (Netherlands)*		381	$	4,948
Investors Bancorp, Inc.		100		2,407
JPMorgan Chase & Co.		434		24,834
Kite Realty Group Trust REIT		300		1,965
LaSalle Hotel Properties REIT		50		1,566
Lexington Realty Trust REIT		200		2,054
Lloyds Banking Group PLC (United Kingdom)*		3,935		4,984
MetLife, Inc.		124		6,472
Mitsubishi UFJ Financial Group, Inc. (Japan)		1,200		7,719
Mizuho Financial Group, Inc. (Japan)		1,913		4,015
Muenchener Rueckversicherungs-Gesellschaft AG (Germany)		18		3,938
National Australia Bank Ltd. (Australia)		214		6,736
Nationstar Mortgage Holdings, Inc.*		100		3,963
Ocwen Financial Corp.*		200		11,332
OMEGA Healthcare Investors, Inc. REIT		65		2,125
Piper Jaffray Cos.*		100		3,802
Prospect Capital Corp.		200		2,282
Prudential PLC (United Kingdom)		299		6,395
RLJ Lodging Trust REIT		100		2,414
Roma Financial Corp.*		100		1,985
Ryman Hospitality Properties REIT		13		544
Sandy Spring Bancorp, Inc.		100		2,918
Simon Property Group, Inc. REIT		49		7,343
Standard Chartered PLC (United Kingdom)		210		4,977
Starwood Property Trust, Inc. REIT		100		2,787
Strategic Hotels & Resorts, Inc. REIT*		200		1,786
Sumitomo Mitsui Financial Group, Inc. (Japan)		81		4,009
Susquehanna Bancshares, Inc.		100		1,259
T. Rowe Price Group, Inc.		129		10,379
Travelers (The) Cos., Inc.		44		3,993
Two Harbors Investment Corp. REIT		300		2,775
U.S. Bancorp		216		8,472
UBS AG (Switzerland)*		337		6,425
United Community Banks, Inc.*		100		1,835
Visa, Inc., Class A		99		20,143
Webster Financial Corp.		100		2,948
Wells Fargo & Co.		626		27,556
Westpac Banking Corp. (Australia)		300		8,979
Zurich Insurance Group AG (Switzerland)*		13		3,627

				496,633

Industrial — 2.2%
A.O. Smith Corp.		100		5,415
ABB Ltd. (Switzerland)*		219		5,603
Boeing (The) Co.		87		11,680
Caterpillar, Inc.		75		6,345
Comfort Systems USA, Inc.		100		2,050
CSX Corp.		117		3,191
Darling International, Inc.*		100		2,073
Deutsche Post AG (Germany)		78		2,759
Eaton Corp. PLC (Ireland)		55		3,996
Emerson Electric Co.		105		7,034
European Aeronautic Defence and Space Co. NV (France)		52		3,693
Federal Signal Corp.*		200		3,126
General Dynamics Corp.		40		3,666


	Number of Shares		Value

Industrial (Continued)
General Electric Co.		1,265	$	33,725
Graphic Packaging Holding Co.*		400		3,592
Hexcel Corp.*		200		8,786
Hitachi Ltd. (Japan)		400		2,948
Ingersoll-Rand PLC (Ireland)		148		10,570
Jacobs Engineering Group, Inc.*		66		3,944
Koninklijke Philips NV (Netherlands)		144		5,155
Louisiana-Pacific Corp.*		100		1,640
Newport Corp.*		100		1,715
NL Industries, Inc.		200		2,334
Norfolk Southern Corp.		37		3,245
Old Dominion Freight Line, Inc.*		100		5,153
PHI, Inc.*		100		4,247
Rolls-Royce Holdings PLC (United Kingdom)*		186		3,759
Schneider Electric SA (France)		58		4,911
Siemens AG (Germany)		77		10,170
Stanley Black & Decker, Inc.		81		6,593
Union Pacific Corp.		54		8,749
United Parcel Service, Inc., Class B		107		10,955
United Technologies Corp.		111		12,305
Vinci SA (France)		61		3,923
Waste Management, Inc.		235		10,734
Woodward, Inc.		100		4,290

				224,074

Technology — 2.8%
3D Systems Corp.*		100		7,516
Activision Blizzard, Inc.		546		9,397
Apple, Inc.		104		57,831
ASML Holding NV (Netherlands)		36		3,370
Aspen Technology, Inc.*		100		3,953
Canon, Inc. (Japan)		200		6,657
Cognizant Technology Solutions Corp., Class A*		140		13,145
EMC Corp.		242		5,772
Fidelity National Information Services, Inc.		145		7,349
First Solar, Inc.*		100		5,982
InnerWorkings, Inc.*		200		1,376
Intel Corp.		603		14,375
International Business Machines Corp.		132		23,717
Mentor Graphics Corp.		200		4,505
Micron Technology, Inc.*		611		12,892
Microsemi Corp.*		167		4,080
Microsoft Corp.		1,120		42,707
Oracle Corp.		544		19,198
PDF Solutions, Inc.*		100		2,320
PTC, Inc.*		173		5,629
Qlik Technologies, Inc.*		67		1,680
QUALCOMM, Inc.		207		15,231
SAP AG (Germany)		86		7,122
SciQuest, Inc.*		100		2,796
SS&C Technologies Holdings, Inc.*		100		4,311

				282,911

Utilities — 0.3%
Centrica PLC (United Kingdom)		680		3,764
Dominion Resources, Inc.		67		4,349


See Notes to Financial Statements.		15

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2010 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Number of Shares		Value

Utilities (Continued)
E.ON SE (Germany)		169	$	3,252
GDF Suez (France)		173		4,013
National Grid PLC (United Kingdom)		327		4,147
NextEra Energy, Inc.		50		4,230
Piedmont Natural Gas Co., Inc.		24		796
PPL Corp.		309		9,488

				34,039

TOTAL COMMON STOCKS (Cost $1,875,208)				2,302,431

PREFERRED STOCKS — 0.0% (a)
Consumer, Cyclical — 0.0% (a)
Volkswagen AG (Germany)		15		3,981

Industrial — 0.0% (a)
Rolls-Royce Holdings PLC (United Kingdom)*		22,134		36
Rolls-Royce Holdings PLC, Class C (United Kingdom)*		15,996		26

				62

TOTAL PREFERRED STOCKS (Cost $2,573)				4,043


	Principal Amount		Value

CORPORATE BONDS — 41.8%
Basic Materials — 0.7%
BHP Billiton Finance USA Ltd. (Australia) 1.00%, 2/24/15	$	69,000	$	69,617

Communications — 1.4%
Orange SA (France) 4.375%, 7/08/14		38,000		38,825
Telefonica Emisiones S.A.U. (Spain) 4.949%, 1/15/15		10,000		10,445
Time Warner Cable, Inc. 7.50%, 4/01/14		51,000		52,115
Verizon Communications, Inc. 1.25%, 11/03/14		38,000		38,253

				139,638

Consumer, Cyclical — 0.5%
Toyota Motor Credit Corp., Series G, MTN 1.25%, 11/17/14		54,000		54,524

Consumer, Non-cyclical — 3.0%
Express Scripts Holding Co. 2.75%, 11/21/14		38,000		38,788
Novartis Capital Corp. (Switzerland) 2.90%, 4/24/15		74,000		76,661
PepsiCo, Inc. 0.75%, 3/05/15		80,000		80,356
UnitedHealth Group, Inc. 4.875%, 3/15/15		101,000		106,534

				302,339


	Principal Amount		Value

Energy — 1.8%
Enterprise Products Operating LLC, Series G 5.60%, 10/15/14	$	138,000	$	143,944
Shell International Finance BV (Netherlands) 4.00%, 3/21/14		37,000		37,411

				181,355

Financial — 23.1%
American International Group, Inc. 4.25%, 9/15/14		52,000		53,499
Bank of Montreal, MTN (Canada) 1.75%, 4/29/14		31,000		31,189
Bank of New York Mellon (The) Corp., MTN 4.30%, 5/15/14		107,000		108,913
Bank of Nova Scotia (Canada) 3.40%, 1/22/15		44,000		45,520
Barclays Bank PLC (United Kingdom) 5.20%, 7/10/14		71,000		73,034
Citigroup, Inc. 6.375%, 8/12/14		58,000		60,321
4.75%, 5/19/15		95,000		100,310
General Electric Capital Corp. 5.90%, 5/13/14		72,000		73,787
Genworth Holdings, Inc. 5.75%, 6/15/14		52,000		53,582
Goldman Sachs Group (The), Inc. 5.00%, 10/01/14		315,000		326,345
HSBC USA, Inc. 2.375%, 2/13/15		75,000		76,683
John Deere Capital Corp. 0.875%, 4/17/15		38,000		38,265
JPMorgan Chase & Co., MTN 1.875%, 3/20/15		76,000		77,165
Merrill Lynch & Co., Inc., Series C, MTN 5.00%, 1/15/15		280,000		293,098
MetLife, Inc. 5.00%, 6/15/15		144,000		153,493
Morgan Stanley, Series G, MTN 4.10%, 1/26/15		110,000		114,058
National Rural Utilities Cooperative Finance Corp. 1.00%, 2/02/15		50,000		50,386
Prudential Financial, Inc., Series B, MTN 5.10%, 9/20/14		22,000		22,795
Royal Bank of Canada, Series G, MTN (Canada) 1.45%, 10/30/14		76,000		76,832
US Bank NA 4.95%, 10/30/14		117,000		121,823
Wachovia Corp. 5.25%, 8/01/14		33,000		34,014
Wells Fargo & Co., MTN 1.25%, 2/13/15		54,000		54,485
Wells Fargo & Co. 5.00%, 11/15/14		278,000		289,592

				2,329,189


See Notes to Financial Statements.		16

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2010 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Principal Amount		Value

Government — 7.6%
African Development Bank (Supranational) 3.00%, 5/27/14	$	53,000	$	53,720
Asian Development Bank, Series G, MTN (Supranational) 2.75%, 5/21/14		53,000		53,635
European Investment Bank (Supranational) 4.625%, 5/15/14		521,000		531,516
International Finance Corp. (Supranational) 2.75%, 4/20/15		37,000		38,275
International Finance Corp., Series G, MTN (Supranational) 3.00%, 4/22/14		38,000		38,420
Nordic Investment Bank (Supranational) 2.625%, 10/06/14		52,000		53,065

				768,631

Industrial — 0.9%
Caterpillar Financial Services Corp., MTN 6.125%, 2/17/14		65,000		65,801
United Technologies Corp. 4.875%, 5/01/15		28,000		29,740

				95,541

Technology — 1.6%
Hewlett-Packard Co. 6.125%, 3/01/14		88,000		89,149
International Business Machines Corp. 0.55%, 2/06/15		70,000		70,210

				159,359

Utilities — 1.2%
Constellation Energy Group, Inc. 4.55%, 6/15/15		51,000		53,708
Exelon Generation Co. LLC 5.35%, 1/15/14		68,000		68,368

				122,076

TOTAL CORPORATE BONDS (Cost $4,213,028)				4,222,269

UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 34.0%
Federal Home Loan Mortgage Corporation — 0.8%
0.625%, 12/29/14		81,000		81,398

Federal National Mortgage Association — 1.6%
2.625%, 11/20/14		79,000		80,915
5.00%, 4/15/15		71,000		75,643

				156,558

United States Treasury Bonds/ Notes — 31.6%
1.00%, 1/15/14		386,000		386,445
1.75%, 1/31/14		382,000		383,067
0.25%, 3/31/14		252,000		252,103
1.75%, 3/31/14		500,000		502,695
4.75%, 5/15/14		434,800		443,929


	Principal Amount		Value

United States Treasury Bonds/ Notes (Continued)
0.25%, 5/31/14	$	330,000	$	330,219
2.375%, 9/30/14		150,000		152,757
0.50%, 10/15/14		72,000		72,222
0.25%, 12/15/14		78,000		78,090
4.00%, 2/15/15		143,000		149,541
2.50%, 3/31/15		241,000		248,348
2.125%, 5/31/15		136,000		139,894
0.25%, 5/15/16		53,000		52,824

				3,192,134

TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $3,423,332)				3,430,090

SOVEREIGN BOND — 0.1%
Panama Government International Bond (Panama) 7.25%, 3/15/15		8,000		8,660

(Cost $8,627)

TOTAL INVESTMENTS — 98.7% (Cost $9,522,768)			$	9,967,493
Other assets less liabilities — 1.3%				126,372

NET ASSETS — 100.0%			$	10,093,865

MTN – Medium Term Note.

REIT – Real Estate Investment Trust.

* Non-income producing security.

(a) Less than 0.1%.

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


See Notes to Financial Statements.		17

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2020 Target Date Fund

November 30, 2013 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 52.3%
Basic Materials — 2.5%
Air Liquide SA (France)		175	$	24,397
Air Products & Chemicals, Inc.		657		71,501
Axiall Corp.		400		18,120
BASF SE (Germany)		511		54,576
BHP Billiton Ltd. (Australia)		1,722		58,608
BHP Billiton PLC (United Kingdom)		1,106		33,643
Dow Chemical (The) Co.		849		33,162
E.I. du Pont de Nemours & Co.		639		39,222
Freeport-McMoRan Copper & Gold, Inc.		712		24,699
Glencore Xstrata PLC (Switzerland)*		5,940		30,116
H.B. Fuller Co.		150		7,685
Horsehead Holding Corp.*		1,100		16,467
KapStone Paper and Packaging Corp.		300		15,984
Linde AG (Germany)		106		21,648
Materion Corp.		500		14,380
Monsanto Co.		389		44,085
Newmont Mining Corp.		1,749		43,428
PolyOne Corp.		500		16,230
Rio Tinto PLC (United Kingdom)		685		36,557
Sensient Technologies Corp.		186		9,140
Sherwin-Williams (The) Co.		330		60,400
Syngenta AG (Switzerland)		51		20,031
Wausau Paper Corp.		1,100		13,354

				707,433

Communications — 5.6%
ADTRAN, Inc.		300		7,704
Amazon.com, Inc.*		310		122,022
Anixter International, Inc.*		232		20,509
ARRIS Group, Inc.*		542		11,122
AT&T, Inc.		4,023		141,651
Bankrate, Inc.*		414		7,758
BT Group PLC (United Kingdom)		4,212		25,687
Cisco Systems, Inc.		3,832		81,430
Comcast Corp., Class A		1,904		94,953
Consolidated Communications Holdings, Inc.		114		2,203
Deutsche Telekom AG (Germany)		1,631		25,896
Dice Holdings, Inc.*		1,300		9,464
DigitalGlobe, Inc.*		400		15,840
Discovery Communications, Inc., Class A*		741		64,667
Entravision Communications Corp., Class A		1,900		12,559
Facebook, Inc., Class A*		1,237		58,151
Finisar Corp.*		383		7,924
Google, Inc., Class A*		241		255,362
Harte-Hanks, Inc.		1,300		10,348
Leap Wireless International, Inc.*		628		10,431
News Corp., Class A*		3,600		64,656
Nielsen Holdings NV (Netherlands)		1,271		54,857
SoftBank Corp. (Japan)		537		43,455
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		1,678		20,900
Telefonica SA (Spain)		2,411		39,673
Thomson Reuters Corp. (Canada)		599		22,307
Verizon Communications, Inc.		2,155		106,931
ViaSat, Inc.*		150		9,026


	Number of Shares		Value

Communications (Continued)
Vodafone Group PLC (United Kingdom)		27,457	$	101,897
Walt Disney (The) Co.		1,322		93,254

				1,542,637

Consumer, Cyclical — 4.8%
Adidas AG (Germany)		119		14,475
Alaska Air Group, Inc.		300		23,322
Bayerische Motoren Werke AG (Germany)		183		21,029
Bloomin’ Brands, Inc.*		700		18,340
Bob Evans Farms, Inc.		200		11,118
Brunswick Corp.		500		22,850
Cabela’s, Inc.*		400		24,500
Cie Financiere Richemont SA (Switzerland)		285		28,959
Columbia Sportswear Co.		103		7,147
Compass Group PLC (United Kingdom)		1,041		15,688
Cooper Tire & Rubber Co.		400		9,840
CVS Caremark Corp.		873		58,456
Daimler AG (Germany)		487		40,366
Dana Holding Corp.		596		12,087
Domino’s Pizza, Inc.		300		20,740
Fifth & Pacific Cos., Inc.*		600		19,596
Ford Motor Co.		2,748		46,936
Fred’s, Inc., Class A		800		13,888
General Motors Co.*		957		37,065
Genesco, Inc.*		200		14,982
Group 1 Automotive, Inc.		200		13,690
Hennes & Mauritz AB, Class B (Sweden)		506		21,445
Home Depot (The), Inc.		1,085		87,528
Honda Motor Co. Ltd. (Japan)		796		33,644
HSN, Inc.		300		17,220
Iconix Brand Group, Inc.*		300		11,904
Inditex SA (Spain)		123		19,613
Life Time Fitness, Inc.*		114		5,530
Lions Gate Entertainment Corp. (Canada)*		486		15,377
LVMH Moet Hennessy Louis Vuitton SA (France)		139		26,206
M/I Homes, Inc.*		600		13,182
Marriott Vacations Worldwide Corp.*		200		10,448
Men’s Wearhouse (The), Inc.		161		8,230
Mitsubishi Corp. (Japan)		631		12,411
Mobile Mini, Inc.*		300		12,120
NIKE, Inc., Class B		682		53,974
Nissan Motor Co. Ltd. (Japan)		1,170		10,690
Owens & Minor, Inc.		300		11,451
Republic Airways Holdings, Inc.*		1,100		12,386
Restoration Hardware Holdings, Inc.*		300		22,650
Ruby Tuesday, Inc.*		1,242		8,756
Six Flags Entertainment Corp.		371		13,805
Target Corp.		460		29,408
Toyota Motor Corp. (Japan)		1,425		88,745
UniFirst Corp.		100		10,224
W.W. Grainger, Inc.		222		57,258
Walgreen Co.		642		38,006
Wal-Mart Stores, Inc.		2,410		195,235
Wolverine World Wide, Inc.		600		19,746

				1,342,266


See Notes to Financial Statements.		18

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2020 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Number of Shares		Value

Consumer, Non-cyclical — 11.0%
ABM Industries, Inc.		300	$	8,343
Align Technology, Inc.*		328		17,922
Alkermes PLC (Ireland)*		700		28,266
Amgen, Inc.		539		61,489
AmSurg Corp.*		87		4,204
Anheuser-Busch InBev NV (Belgium)		463		47,279
Array BioPharma, Inc.*		2,300		13,156
AstraZeneca PLC (United Kingdom)		692		39,784
Avis Budget Group, Inc.*		500		18,430
Bayer AG (Germany)		464		61,914
Becton Dickinson and Co.		625		67,868
Boston Beer (The) Co., Inc., Class A*		100		24,480
Brink’s (The) Co.		300		10,059
British American Tobacco PLC (United Kingdom)		1,094		58,376
Cardinal Health, Inc.		1,080		69,769
Centene Corp.*		312		18,636
Coca-Cola Bottling Co. Consolidated		200		13,580
Coca-Cola (The) Co.		3,323		133,551
Convergys Corp.		442		9,070
CoStar Group, Inc.*		42		7,822
CSL Ltd. (Australia)		277		17,330
Cubist Pharmaceuticals, Inc.*		300		20,553
Danone (France)		329		23,908
Diageo PLC (United Kingdom)		1,374		43,752
Euronet Worldwide, Inc.*		300		14,535
FTI Consulting, Inc.*		86		3,862
Gilead Sciences, Inc.*		1,027		76,829
GlaxoSmithKline PLC (United Kingdom)		2,731		72,327
Hain Celestial Group (The), Inc.*		114		9,427
Hanger, Inc.*		86		3,340
Harris Teeter Supermarkets, Inc.		217		10,715
Humana, Inc.		519		53,971
Impax Laboratories, Inc.*		400		9,616
Isis Pharmaceuticals, Inc.*		500		19,380
Japan Tobacco, Inc. (Japan)		600		20,265
Jazz Pharmaceuticals PLC (Ireland)*		300		35,076
JM Smucker (The) Co.		343		35,754
Johnson & Johnson		2,032		192,350
L’Oreal SA (France)		139		23,260
Live Nation Entertainment, Inc.*		836		15,357
Magellan Health Services, Inc.*		92		5,630
MAKO Surgical Corp.*		1,000		29,960
MasterCard, Inc., Class A		89		67,712
Merck & Co., Inc.		2,212		110,224
Molina Healthcare, Inc.*		150		5,040
Mondelez International, Inc., Class A		1,270		42,583
Monster Worldwide, Inc.*		2,300		12,949
Nestle SA (Switzerland)		1,794		131,026
Novartis AG (Switzerland)		1,283		101,420
Novo Nordisk A/S, Class B (Denmark)		227		40,668
NuVasive, Inc.*		200		6,650
Orexigen Therapeutics, Inc.*		2,100		14,343
Performant Financial Corp.*		1,300		13,637
Pfizer, Inc.		5,256		166,773
Pharmacyclics, Inc.*		186		23,161
Pilgrim’s Pride Corp.*		1,184		19,394


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
Procter & Gamble (The) Co.		2,000	$	168,440
Raptor Pharmaceutical Corp.*		1,200		16,668
Reckitt Benckiser Group PLC (United Kingdom)		380		30,524
Roche Holding AG (Switzerland)		403		112,354
SABMiller PLC (United Kingdom)		552		28,479
Sanofi (France)		692		73,192
Seaboard Corp.		7		19,775
Seattle Genetics, Inc.*		387		15,902
Select Medical Holdings Corp.		649		5,620
Snyder’s-Lance, Inc.		400		11,524
Sotheby’s		400		20,504
Spectrum Brands Holdings, Inc.		186		13,128
Takeda Pharmaceutical Co. Ltd. (Japan)		485		23,553
Tesco PLC (United Kingdom)		4,315		24,568
Teva Pharmaceutical Industries Ltd. (Israel)		487		19,718
Theravance, Inc.*		500		18,880
TreeHouse Foods, Inc.*		150		10,523
Unilever NV (Netherlands)		907		35,741
Unilever PLC (United Kingdom)		712		28,765
UnitedHealth Group, Inc.		763		56,828
WellCare Health Plans, Inc.*		200		14,860
WEX, Inc.*		200		19,852
Whole Foods Market, Inc.		1,130		63,958
Wright Medical Group, Inc.*		150		4,472

				3,044,603

Diversified — 0.1%
Hutchison Whampoa Ltd. (Hong Kong)		1,264		16,076

Energy — 4.6%
Apache Corp.		304		27,813
BG Group PLC (United Kingdom)		1,882		38,448
BP PLC (United Kingdom)		10,834		85,448
Cameron International Corp.*		793		43,924
Chevron Corp.		1,400		171,416
Continental Resources, Inc.*		572		61,496
CVR Energy, Inc.		328		12,949
Dril-Quip, Inc.*		114		12,376
Eni S.p.A. (Italy)		1,409		33,907
Exxon Mobil Corp.		3,262		304,932
Gulfport Energy Corp.*		400		23,372
Helix Energy Solutions Group, Inc.*		371		8,240
Oasis Petroleum, Inc.*		428		19,744
Pioneer Natural Resources Co.		98		17,420
Royal Dutch Shell PLC, Class A (United Kingdom)		2,051		68,732
Schlumberger Ltd. (Netherland Antilles)		930		82,231
SolarCity Corp.*		400		20,912
Southwestern Energy Co.*		1,113		43,029
Statoil ASA (Norway)		605		13,666
Targa Resources Corp.		114		9,244
Total SA (France)		1,165		70,594
Valero Energy Corp.		1,795		82,067
Woodside Petroleum Ltd. (Australia)		358		12,188

				1,264,148


See Notes to Financial Statements.		19

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2020 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Number of Shares		Value

Financial — 11.3%
AIA Group Ltd. (Hong Kong)		6,657	$	33,746
Allianz SE (Germany)		251		43,605
American Express Co.		813		69,755
American International Group, Inc.		1,069		53,183
American Tower Corp. REIT		296		23,020
Amtrust Financial Services, Inc.		330		13,797
Australia & New Zealand Banking Group Ltd. (Australia)		1,568		45,530
AXA SA (France)		947		24,816
Banco Bilbao Vizcaya Argentaria SA (Spain)		3,533		42,217
Banco Santander SA (Spain)		6,153		54,704
Bancorp (The), Inc.*		800		14,640
Bank of America Corp.		7,348		116,245
Barclays PLC (United Kingdom)		6,450		28,676
Berkshire Hathaway, Inc., Class B*		1,781		207,539
BNP Paribas SA (France)		556		41,741
Boston Properties, Inc. REIT		488		48,551
Charles Schwab (The) Corp.		982		24,039
Citigroup, Inc.		2,137		113,090
CNO Financial Group, Inc.		1,100		18,612
Commonwealth Bank of Australia (Australia)		911		64,531
Community Trust Bancorp, Inc.		400		18,292
Credit Acceptance Corp.*		25		3,229
Credit Suisse Group AG (Switzerland)*		796		23,694
Deutsche Bank AG (Germany) (a)		580		27,970
DFC Global Corp.*		900		9,009
Dime Community Bancshares, Inc.		800		13,456
Dynex Capital, Inc. REIT		1,300		10,907
EastGroup Properties, Inc. REIT		200		12,118
EPR Properties REIT		300		15,087
Equity One, Inc. REIT		517		11,581
Financial Engines, Inc.		300		20,325
First American Financial Corp.		600		15,876
First Financial Bankshares, Inc.		200		13,276
FirstMerit Corp.		800		18,368
General Growth Properties, Inc. REIT		3,002		62,291
Geo Group (The), Inc. REIT		331		10,857
Glimcher Realty Trust REIT		700		6,797
Goldman Sachs Group (The), Inc.		326		55,074
Hancock Holding Co.		328		11,546
Hanmi Financial Corp.		800		16,448
Health Care REIT, Inc		922		51,622
Healthcare Realty Trust, Inc. REIT		500		11,065
Higher One Holdings, Inc.*		1,200		11,808
Highwoods Properties, Inc. REIT		301		10,812
HSBC Holdings PLC (United Kingdom)		9,976		111,312
ING Groep NV (Netherlands)*		2,133		27,702
Investors Bancorp, Inc.		600		14,442
JPMorgan Chase & Co.		2,741		156,841
Kite Realty Group Trust REIT		2,100		13,755
LaSalle Hotel Properties REIT		400		12,528
Lexington Realty Trust REIT		1,000		10,270
Lloyds Banking Group PLC (United Kingdom)*		23,572		29,854
MarketAxess Holdings, Inc.		200		14,074
MetLife, Inc.		794		41,439
Mitsubishi Estate Co. Ltd. (Japan)		1,000		27,761
Mitsubishi UFJ Financial Group, Inc. (Japan)		6,453		41,510


	Number of Shares		Value

Financial (Continued)
Mizuho Financial Group, Inc. (Japan)		11,650	$	24,450
Muenchener Rueckversicherungs-Gesellschaft AG (Germany)		101		22,096
National Australia Bank Ltd. (Australia)		1,342		42,241
National Health Investors, Inc. REIT		200		11,774
Nationstar Mortgage Holdings, Inc.*		400		15,852
Ocwen Financial Corp.*		514		29,123
OMEGA Healthcare Investors, Inc. REIT		510		16,672
Piper Jaffray Cos.*		400		15,208
Portfolio Recovery Associates, Inc.*		300		17,520
Prospect Capital Corp.		1,200		13,692
Prosperity Bancshares, Inc.		300		19,239
Prudential PLC (United Kingdom)		1,424		30,455
PS Business Parks, Inc. REIT		42		3,289
RLJ Lodging Trust REIT		600		14,484
Roma Financial Corp.*		700		13,895
Ryman Hospitality Properties REIT		182		7,620
Sandy Spring Bancorp, Inc.		600		17,508
Simon Property Group, Inc. REIT		228		34,166
Sovran Self Storage, Inc. REIT		67		4,472
Standard Chartered PLC (United Kingdom)		1,336		31,666
Starwood Property Trust, Inc. REIT		842		23,467
Stifel Financial Corp.*		300		13,431
Strategic Hotels & Resorts, Inc. REIT*		1,100		9,823
Sumitomo Mitsui Financial Group, Inc. (Japan)		605		29,941
Sun Communities, Inc. REIT		200		8,160
Susquehanna Bancshares, Inc.		900		11,331
T. Rowe Price Group, Inc.		805		64,771
Travelers (The) Cos., Inc.		273		24,772
Two Harbors Investment Corp. REIT		1,870		17,298
U.S. Bancorp		1,384		54,280
UBS AG (Switzerland)*		2,002		38,167
United Community Banks, Inc.*		900		16,515
Universal Health Realty Income Trust REIT		300		12,714
Visa, Inc., Class A		579		117,803
Webster Financial Corp.		500		14,740
Wells Fargo & Co.		3,815		167,937
Westpac Banking Corp. (Australia)		1,761		52,705
Zurich Insurance Group AG (Switzerland)*		82		22,879

				3,131,189

Industrial — 5.3%
A.O. Smith Corp.		400		21,660
ABB Ltd. (Switzerland)*		1,209		30,932
Acuity Brands, Inc.		117		11,996
Barnes Group, Inc.		300		10,950
Boeing (The) Co.		563		75,582
Brady Corp., Class A		300		9,399
Bristow Group, Inc.		150		12,030
Caterpillar, Inc.		474		40,100
Chart Industries, Inc.*		114		11,092
Comfort Systems USA, Inc.		800		16,400
CSX Corp.		714		19,471
Darling International, Inc.*		471		9,764
Deutsche Post AG (Germany)		482		17,048
Eagle Materials, Inc.		300		23,400
East Japan Railway Co. (Japan)		114		9,336


See Notes to Financial Statements.		20

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2020 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Number of Shares		Value

Industrial (Continued)
Eaton Corp. PLC (Ireland)		354	$	25,722
EMCOR Group, Inc.		256		10,171
Emerson Electric Co.		519		34,768
EnerSys		205		14,627
European Aeronautic Defence and Space Co. NV (France)		324		23,008
FANUC Corp. (Japan)		54		9,087
Federal Signal Corp.*		1,300		20,319
FEI Co.		87		7,921
General Dynamics Corp.		254		23,282
General Electric Co.		7,735		206,216
Genesee & Wyoming, Inc., Class A*		230		22,126
Graphic Packaging Holding Co.*		1,470		13,201
Hexcel Corp.*		471		20,691
Hitachi Ltd. (Japan)		2,498		18,410
Ingersoll-Rand PLC (Ireland)		937		66,922
Jacobs Engineering Group, Inc.*		414		24,745
Koninklijke Philips NV (Netherlands)		508		18,185
Louisiana-Pacific Corp.*		600		9,840
Middleby (The) Corp.*		72		15,900
Moog, Inc., Class A*		200		13,734
Newport Corp.*		900		15,435
NL Industries, Inc.		1,200		14,004
Norfolk Southern Corp.		228		19,993
Old Dominion Freight Line, Inc.*		500		25,765
PHI, Inc.*		400		16,988
Rolls-Royce Holdings PLC (United Kingdom)*		1,028		20,774
Schneider Electric SA (France)		303		25,654
Siemens AG (Germany)		437		57,717
Stanley Black & Decker, Inc.		514		41,834
Union Pacific Corp.		341		55,256
United Parcel Service, Inc., Class B		714		73,100
United Technologies Corp.		642		71,172
Vinci SA (France)		259		16,655
Waste Management, Inc.		1,492		68,154
Watts Water Technologies, Inc., Class A		200		12,024
Woodward, Inc.		228		9,781

				1,462,341

Technology — 6.3%
3D Systems Corp.*		500		37,580
Activision Blizzard, Inc.		3,468		59,684
Apple, Inc.		656		364,781
ASML Holding NV (Netherlands)		181		16,943
Aspen Technology, Inc.*		400		15,812
athenahealth, Inc.*		114		14,953
CACI International, Inc., Class A*		32		2,297
Canon, Inc. (Japan)		567		18,873
Cognizant Technology Solutions Corp., Class A*		881		82,717
CommVault Systems, Inc.*		186		13,922
Computer Programs & Systems, Inc.		300		18,456
EMC Corp.		1,483		35,370
Fidelity National Information Services, Inc.		930		47,132
First Solar, Inc.*		500		29,910
Guidewire Software, Inc.*		300		14,319
InnerWorkings, Inc.*		1,200		8,256
Intel Corp.		3,784		90,211


	Number of Shares		Value

Technology (Continued)
International Business Machines Corp.		826	$	148,416
International Rectifier Corp.*		300		7,182
Mentor Graphics Corp.		477		10,744
Micron Technology, Inc.*		3,607		76,108
Microsemi Corp.*		400		9,772
Microsoft Corp.		6,977		266,034
MKS Instruments, Inc.		186		5,537
Oracle Corp.		3,418		120,622
PDF Solutions, Inc.*		700		16,240
PTC, Inc.*		512		16,660
Qlik Technologies, Inc.*		351		8,803
QUALCOMM, Inc.		1,279		94,109
SAP AG (Germany)		533		44,143
SciQuest, Inc.*		600		16,776
SS&C Technologies Holdings, Inc.*		400		17,244
SYNNEX Corp.*		114		7,542
Syntel, Inc.		114		10,074
Ultimate Software Group, Inc.*		42		6,581
Veeco Instruments, Inc.*		150		4,833

				1,758,636

Utilities — 0.8%
Centrica PLC (United Kingdom)		2,819		15,605
Cleco Corp.		186		8,502
Dominion Resources, Inc.		420		27,261
E.ON SE (Germany)		1,076		20,703
GDF Suez (France)		742		17,211
National Grid PLC (United Kingdom)		2,070		26,251
NextEra Energy, Inc.		311		26,307
Piedmont Natural Gas Co., Inc.		396		13,127
PPL Corp.		1,917		58,872
South Jersey Industries, Inc.		200		11,340

				225,179

TOTAL COMMON STOCKS (Cost $11,536,231)				14,494,508

PREFERRED STOCKS — 0.1%
Consumer, Cyclical — 0.1%
Volkswagen AG (Germany)		77		20,434

Industrial — 0.0% (b)
Rolls-Royce Holdings PLC (United Kingdom)*		88,408		145
Rolls-Royce Holdings PLC, Class C (United Kingdom)*		175,406		287

				432

TOTAL PREFERRED STOCKS (Cost $16,885)				20,866


	Principal Amount		Value
CORPORATE BONDS — 14.3%
Basic Materials — 0.5%
Eastman Chemical Co. 3.00%, 12/15/15	$	62,000	$	64,507
PPG Industries, Inc. 1.90%, 1/15/16		64,000		65,246

				129,753


See Notes to Financial Statements.		21

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2020 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Principal Amount		Value

Consumer, Non-cyclical — 2.3%
Anheuser-Busch InBev Finance, Inc. (Belgium) 0.80%, 1/15/16	$	65,000	$	65,181
Anheuser-Busch InBev Worldwide, Inc. 4.125%, 1/15/15		14,000		14,572
Coca-Cola (The) Co. 1.50%, 11/15/15		141,000		143,885
Dr Pepper Snapple Group, Inc. 2.90%, 1/15/16		63,000		65,663
St Jude Medical, Inc. 2.50%, 1/15/16		64,000		65,911
WellPoint, Inc. 5.25%, 1/15/16		262,000		285,419

				640,631

Energy — 1.5%
Petrobras International Finance Co. (Brazil) 3.875%, 1/27/16		200,000		207,719
Total Capital International SA (France) 0.75%, 1/25/16		65,000		65,183
TransCanada Pipelines Ltd. (Canada) 0.75%, 1/15/16		144,000		143,948

				416,850

Financial — 7.6%
Bank of America Corp., MTN 1.25%, 1/11/16		79,000		79,398
Bank of Nova Scotia (Canada) 3.40%, 1/22/15		25,000		25,864
BB&T Corp. 5.20%, 12/23/15		119,000		129,070
Canadian Imperial Bank of Commerce (Canada) 2.35%, 12/11/15		202,000		208,575
Charles Schwab (The) Corp. 0.85%, 12/04/15		131,000		131,277
Citigroup, Inc. 4.587%, 12/15/15		268,000		287,031
Fifth Third Bancorp 3.625%, 1/25/16		122,000		128,695
General Electric Capital Corp., MTN 1.00%, 1/08/16		288,000		289,750
Morgan Stanley, Series G., MTN 4.10%, 1/26/15		30,000		31,107
ORIX Corp. (Japan) 5.00%, 1/12/16		61,000		65,385
PACCAR Financial Corp., MTN 0.70%, 11/16/15		78,000		78,343
PNC Funding Corp. 5.25%, 11/15/15		357,000		385,869
Ventas Realty LP / Ventas Capital Corp. 3.125%, 11/30/15		62,000		64,659
Westpac Banking Corp. (Australia) 3.00%, 12/09/15		205,000		214,566

				2,119,589

Government — 0.3%
Corp. Andina de Fomento (Supranational) 3.75%, 1/15/16		69,000		72,315


	Principal Amount		Value

Industrial — 0.1%
United Technologies Corp. 4.875%, 5/01/15	$	39,000	$	41,424

Technology — 1.5%
Oracle Corp. 5.25%, 1/15/16		378,000		414,467

Utilities — 0.5%
LG&E and Ku Energy LLC 2.125%, 11/15/15		140,000		142,938

TOTAL CORPORATE BONDS (Cost $3,965,094)				3,977,967

UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 32.7%
Federal National Mortgage Association — 2.4%
5.00%, 4/15/15		622,000		662,676

United States Treasury Bonds/Notes — 30.3%
4.00%, 2/15/15		614,500		642,609
2.375%, 2/28/15		641,800		659,224
0.375%, 3/15/15		297,800		298,498
2.50%, 3/31/15		684,800		705,678
2.125%, 5/31/15		968,800		996,540
1.875%, 6/30/15		1,268,000		1,301,087
4.25%, 8/15/15		1,686,700		1,801,902
1.25%, 9/30/15		1,331,700		1,355,889
2.00%, 1/31/16		611,000		633,268

				8,394,695

TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $9,038,507)				9,057,371


TOTAL INVESTMENTS — 99.4% (Cost $24,556,717)			$	27,550,712
Other assets less liabilities — 0.6%				174,994

NET ASSETS — 100.0%			$	27,725,706

MTN – Medium Term Note.

REIT – Real Estate Investment Trust.

* Non-income producing security.

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

(b) Less than 0.1%.


See Notes to Financial Statements.		22

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2030 Target Date Fund

November 30, 2013 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 77.0%
Basic Materials — 3.7%
Air Liquide SA (France)		309	$	43,079
Air Products & Chemicals, Inc.		1,156		125,807
Axiall Corp.		514		23,284
BASF SE (Germany)		893		95,374
BHP Billiton Ltd. (Australia)		3,044		103,599
BHP Billiton PLC (United Kingdom)		1,950		59,317
Dow Chemical (The) Co.		1,506		58,824
E.I. du Pont de Nemours & Co.		1,146		70,341
Freeport-McMoRan Copper & Gold, Inc.		1,227		42,565
Glencore Xstrata PLC (Switzerland)		10,462		53,044
H.B. Fuller Co.		339		17,367
Horsehead Holding Corp.*		1,628		24,371
KapStone Paper and Packaging Corp.*		343		18,275
Linde AG (Germany)		182		37,170
Materion Corp.		685		19,701
Monsanto Co.		675		76,498
Newmont Mining Corp.		3,049		75,707
PolyOne Corp.		685		22,235
Rio Tinto PLC (United Kingdom)		1,226		65,430
Sensient Technologies Corp.		339		16,658
Sherwin-Williams (The) Co.		688		125,926
Syngenta AG (Switzerland)		91		35,741
Wausau Paper Corp.		1,628		19,764

				1,230,077

Communications — 8.3%
ADTRAN, Inc.		428		10,991
Amazon.com, Inc.*		559		220,034
Anixter International, Inc.		271		23,956
ARRIS Group, Inc.*		1,108		22,736
AT&T, Inc.		7,145		251,574
Bankrate, Inc.*		763		14,299
BT Group PLC (United Kingdom)		7,414		45,215
Cisco Systems, Inc.		6,821		144,946
Comcast Corp., Class A		3,343		166,715
Consolidated Communications Holdings, Inc.		421		8,136
Deutsche Telekom AG (Germany)		2,809		44,600
Dice Holdings, Inc.*		1,971		14,349
DigitalGlobe, Inc.*		600		23,760
Discovery Communications, Inc., Class A*		1,368		119,385
Entravision Communications Corp., Class A*		2,828		18,693
Facebook, Inc., Class A*		2,283		107,324
Finisar Corp.*		679		14,049
Google, Inc., Class A*		441		467,279
Harte-Hanks, Inc.		1,885		15,005
Leap Wireless International, Inc.*		1,435		23,835
News Corp., Class A*		6,341		113,884
Nielsen Holdings NV (Netherlands)		2,250		97,110
SoftBank Corp. (Japan)		868		70,240
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		2,966		36,943
Telefonica SA (Spain)*		4,229		69,589
Thomson Reuters Corp. (Canada)		1,063		39,587
Verizon Communications, Inc.		3,951		196,049
ViaSat, Inc.*		371		22,323


	Number of Shares		Value

Communications (Continued)
Vodafone Group PLC (United Kingdom)		47,942	$	177,921
Walt Disney (The) Co.		2,303		162,454

				2,742,981

Consumer, Cyclical — 6.9%
Adidas AG (Germany)		176		21,409
Alaska Air Group, Inc.*		514		39,958
Bayerische Motoren Werke AG (Germany)		326		37,462
Bloomin’ Brands, Inc.*		943		24,707
Bob Evans Farms, Inc.		257		14,287
Brunswick Corp.		771		35,235
Cabela’s, Inc.*		600		36,750
Cie Financiere Richemont SA (Switzerland)		502		51,009
Columbia Sportswear Co.		254		17,625
Compass Group PLC (United Kingdom)		1,840		27,730
Cooper Tire & Rubber Co.		514		12,644
CVS Caremark Corp.		1,559		104,391
Daimler AG (Germany)		860		71,283
Dana Holding Corp.		1,199		24,316
Domino’s Pizza, Inc.		428		29,587
Fifth & Pacific Cos., Inc.*		857		27,990
Ford Motor Co.		4,953		84,597
Fred’s, Inc., Class A		1,200		20,832
General Motors Co.*		1,689		65,415
Genesco, Inc.*		171		12,810
Group 1 Automotive, Inc.		171		11,705
Hennes & Mauritz AB, Class B (Sweden)		879		37,254
Home Depot (The), Inc.		1,966		158,596
Honda Motor Co. Ltd. (Japan)		1,562		66,020
HSN, Inc.		428		24,567
Iconix Brand Group, Inc.*		428		16,983
Inditex SA (Spain)		214		34,124
Life Time Fitness, Inc.*		339		16,445
Lions Gate Entertainment Corp. (Canada)*		1,019		32,241
LVMH Moet Hennessy Louis Vuitton SA (France)		245		46,191
M/I Homes, Inc.*		857		18,828
Marriott Vacations Worldwide Corp.*		257		13,426
Men’s Wearhouse (The), Inc.		344		17,585
Mitsubishi Corp. (Japan)		1,252		24,626
Mobile Mini, Inc.*		343		13,857
NIKE, Inc., Class B		1,203		95,204
Nissan Motor Co. Ltd. (Japan)		2,208		20,174
Owens & Minor, Inc.		514		19,619
Republic Airways Holdings, Inc.*		1,542		17,363
Restoration Hardware Holdings, Inc.*		343		25,897
Ruby Tuesday, Inc.*		2,295		16,180
Six Flags Entertainment Corp.*		764		28,427
Target Corp.		813		51,975
Toyota Motor Corp. (Japan)		2,566		159,804
UniFirst Corp.		171		17,483
W.W. Grainger, Inc.		418		107,810
Walgreen Co.		1,128		66,778
Wal-Mart Stores, Inc.		4,247		344,049
Wolverine World Wide, Inc.*		856		28,171

				2,291,419


See Notes to Financial Statements.		23

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2030 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Number of Shares		Value

Consumer, Non-cyclical — 16.2%
ABM Industries, Inc.		428	$	11,903
Align Technology, Inc.*		594		32,456
Alkermes PLC (Ireland)*		943		38,078
Amgen, Inc.		891		101,645
AmSurg Corp.*		254		12,273
Anheuser-Busch InBev NV (Belgium)		799		81,589
Array BioPharma, Inc.*		3,342		19,116
AstraZeneca PLC (United Kingdom)		1,209		69,508
Avis Budget Group, Inc.*		771		28,419
Bayer AG (Germany)		802		107,015
Becton Dickinson and Co.		1,122		121,838
Boston Beer (The) Co., Inc., Class A*		106		25,949
Brink’s (The) Co.		343		11,501
British American Tobacco PLC (United Kingdom)		1,908		101,812
Cardinal Health, Inc.		1,878		121,320
Centene Corp.*		477		28,491
Coca-Cola Bottling Co. Consolidated		343		23,290
Coca-Cola (The) Co.		5,839		234,668
Convergys Corp.		849		17,421
CoStar Group, Inc.*		255		47,491
CSL Ltd. (Australia)		486		30,405
Cubist Pharmaceuticals, Inc.*		514		35,214
Danone (France)		575		41,785
Diageo PLC (United Kingdom)		2,380		75,786
Euronet Worldwide, Inc.*		343		16,618
FTI Consulting, Inc.*		254		11,407
Gilead Sciences, Inc.*		1,794		134,209
GlaxoSmithKline PLC (United Kingdom)		4,806		127,281
Hain Celestial Group (The), Inc.*		340		28,115
Hanger, Inc.*		255		9,904
Harris Teeter Supermarkets, Inc.		392		19,357
Humana, Inc.		945		98,271
Impax Laboratories, Inc.*		514		12,357
Isis Pharmaceuticals, Inc.*		771		29,884
Japan Tobacco, Inc. (Japan)		1,114		37,624
Jazz Pharmaceuticals PLC (Ireland)*		514		60,097
JM Smucker (The) Co.		615		64,108
Johnson & Johnson		3,558		336,799
Live Nation Entertainment, Inc.*		1,505		27,647
L’Oreal SA (France)		228		38,153
Magellan Health Services, Inc.*		192		11,750
MAKO Surgical Corp.*		1,742		52,190
MasterCard, Inc., Class A		156		118,686
Merck & Co., Inc.		3,997		199,170
Molina Healthcare, Inc.*		339		11,390
Mondelez International, Inc., Class A		2,408		80,740
Monster Worldwide, Inc.*		3,513		19,778
Nestle SA (Switzerland)		3,147		229,845
Novartis AG (Switzerland)		2,242		177,228
Novo Nordisk A/S, Class B (Denmark)		396		70,945
NuVasive, Inc.*		343		11,405
Orexigen Therapeutics, Inc.*		3,085		21,071	��
Performant Financial Corp.*		1,799		18,872
Pfizer, Inc.		9,257		293,724
Pharmacyclics, Inc.*		525		65,373
Pilgrim’s Pride Corp.*		2,288		37,477


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
Procter & Gamble (The) Co.		3,504	$	295,106
Raptor Pharmaceutical Corp.*		1,714		23,807
Reckitt Benckiser Group PLC (United Kingdom)		661		53,096
Roche Holding AG (Switzerland)		701		195,435
SABMiller PLC (United Kingdom)		954		49,220
Sanofi (France)		1,234		130,520
Seaboard Corp.*		14		39,550
Seattle Genetics, Inc.*		786		32,297
Select Medical Holdings Corp.*		1,189		10,297
Snyder’s-Lance, Inc.		514		14,808
Sotheby’s		514		26,348
Spectrum Brands Holdings, Inc.*		425		29,997
Takeda Pharmaceutical Co. Ltd. (Japan)		717		34,819
Tesco PLC (United Kingdom)		7,548		42,975
Teva Pharmaceutical Industries Ltd. (Israel)		853		34,537
Theravance, Inc.*		771		29,113
TreeHouse Foods, Inc.*		310		21,747
Unilever NV (Netherlands)		1,587		62,536
Unilever PLC (United Kingdom)		1,251		50,541
UnitedHealth Group, Inc.		1,358		101,144
WellCare Health Plans, Inc.*		343		25,485
WEX, Inc.*		343		34,046
Whole Foods Market, Inc.*		2,029		114,841
Wright Medical Group, Inc.*		339		10,106

				5,352,819

Diversified — 0.1%
Hutchison Whampoa Ltd. (Hong Kong)		2,206		28,057

Energy — 6.8%
Apache Corp.		537		49,130
BG Group PLC (United Kingdom)		3,299		67,397
BP PLC (United Kingdom)		18,715		147,606
Cameron International Corp.*		1,404		77,767
Chevron Corp.		2,469		302,304
Continental Resources, Inc.*		1,010		108,585
CVR Energy, Inc.*		853		33,676
Dril-Quip, Inc.*		318		34,522
Eni S.p.A (Italy)		2,454		59,054
Exxon Mobil Corp.		5,693		532,181
Gulfport Energy Corp.*		600		35,058
Helix Energy Solutions Group, Inc.*		765		16,991
Oasis Petroleum, Inc.*		679		31,322
Pioneer Natural Resources Co.		146		25,952
Royal Dutch Shell PLC, Class A (United Kingdom)		3,576		119,838
Schlumberger Ltd. (Netherland Antilles)		1,561		138,023
SolarCity Corp.*		600		31,368
Southwestern Energy Co.*		1,946		75,232
Statoil ASA (Norway)		1,061		23,967
Targa Resources Corp.		340		27,571
Total SA (France)		2,048		124,101
Valero Energy Corp.		3,287		150,282
Woodside Petroleum Ltd. (Australia)		627		21,345

				2,233,272


See Notes to Financial Statements.		24

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2030 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Number of Shares		Value

Financial — 16.3%
AIA Group Ltd. (Hong Kong)		11,277	$	57,166
Allianz SE (Germany)		435		75,570
American Express Co.		1,439		123,466
American International Group, Inc.		1,942		96,615
American Tower Corp. REIT*		517		40,207
Amtrust Financial Services, Inc.*		566		23,664
Australia & New Zealand Banking Group Ltd. (Australia)		2,705		78,545
AXA SA (France)		1,680		44,024
Banco Bilbao Vizcaya Argentaria SA (Spain)		5,790		69,187
Banco Santander SA (Spain)		11,535		102,554
Bancorp (The), Inc.*		1,200		21,960
Bank of America Corp.		12,519		198,051
Barclays PLC (United Kingdom)		13,689		60,859
Berkshire Hathaway, Inc., Class B*		3,133		365,088
BNP Paribas SA (France)		976		73,272
Boston Properties, Inc. REIT		865		86,059
Charles Schwab (The) Corp.		1,733		42,424
Citigroup, Inc.		3,795		200,831
CNO Financial Group, Inc.		1,542		26,091
Commonwealth Bank of Australia (Australia)		1,565		110,858
Community Trust Bancorp, Inc.		514		23,505
Credit Acceptance Corp.*		182		23,505
Credit Suisse Group AG (Switzerland)		1,358		40,422
Deutsche Bank AG (Germany) (a)		1,024		49,381
DFC Global Corp.*		1,285		12,863
Dime Community Bancshares, Inc.		1,114		18,737
Dynex Capital, Inc. REIT		1,885		15,815
EastGroup Properties, Inc. REIT		257		15,572
EPR Properties REIT		343		17,249
Equity One, Inc. REIT		927		20,765
Financial Engines, Inc.*		343		23,238
First American Financial Corp.		771		20,401
First Financial Bankshares, Inc.		257		17,060
FirstMerit Corp.		1,200		27,552
General Growth Properties, Inc. REIT		5,357		111,157
Geo Group (The), Inc. REIT		601		19,713
Glimcher Realty Trust REIT		1,028		9,982
Goldman Sachs Group (The), Inc.		578		97,647
Hancock Holding Co.		595		20,944
Hanmi Financial Corp.*		1,114		22,904
Health Care REIT, Inc		1,720		96,302
Healthcare Realty Trust, Inc. REIT		685		15,159
Higher One Holdings, Inc.*		1,714		16,866
Highwoods Properties, Inc. REIT		639		22,953
HSBC Holdings PLC (United Kingdom)		17,610		196,493
ING Groep NV (Netherlands)*		3,726		48,391
Investors Bancorp, Inc.		857		20,628
JPMorgan Chase & Co.		4,845		277,231
Kite Realty Group Trust REIT		3,170		20,764
LaSalle Hotel Properties REIT		815		25,526
Lexington Realty Trust REIT		1,457		14,963
Lloyds Banking Group PLC (United Kingdom)*		41,749		52,875
MarketAxess Holdings, Inc.		257		18,085
MetLife, Inc.		1,451		75,728
Mitsubishi Estate Co. Ltd. (Japan)		1,114		30,926
Mitsubishi UFJ Financial Group, Inc. (Japan)		11,459		73,713


	Number of Shares		Value

Financial (Continued)
Mizuho Financial Group, Inc. (Japan)		20,678	$	43,397
Muenchener Rueckversicherungs-Gesellschaft AG (Germany)		176		38,503
National Australia Bank Ltd. (Australia)		2,317		72,931
National Health Investors, Inc. REIT		257		15,130
Nationstar Mortgage Holdings, Inc.*		600		23,778
Ocwen Financial Corp.*		1,020		57,793
OMEGA Healthcare Investors, Inc. REIT		913		29,846
Piper Jaffray Cos.*		600		22,812
Portfolio Recovery Associates, Inc.*		514		30,018
Prospect Capital Corp.		1,799		20,527
Prosperity Bancshares, Inc.		428		27,448
Prudential PLC (United Kingdom)		2,462		52,654
PS Business Parks, Inc. REIT		170		13,314
RLJ Lodging Trust REIT		857		20,688
Roma Financial Corp.		1,028		20,406
Ryman Hospitality Properties REIT*		395		16,539
Sandy Spring Bancorp, Inc.		771		22,498
Simon Property Group, Inc. REIT		395		59,191
Sovran Self Storage, Inc. REIT		255		17,019
Standard Chartered PLC (United Kingdom)		2,336		55,368
Starwood Property Trust, Inc. REIT		1,365		38,043
Stifel Financial Corp.*		514		23,012
Strategic Hotels & Resorts, Inc. REIT*		1,542		13,770
Sumitomo Mitsui Financial Group, Inc. (Japan)		1,224		60,576
Sun Communities, Inc. REIT		257		10,486
Susquehanna Bancshares, Inc.		1,371		17,261
T. Rowe Price Group, Inc.		1,437		115,622
Travelers (The) Cos., Inc.		492		44,644
Two Harbors Investment Corp. REIT		2,985		27,611
U.S. Bancorp		2,420		94,912
UBS AG (Switzerland)		3,576		68,174
United Community Banks, Inc.*		1,371		25,158
Universal Health Realty Income Trust REIT		428		18,139
Visa, Inc., Class A		1,017		206,920
Webster Financial Corp.		685		20,194
Wells Fargo & Co.		6,700		294,933
Westpac Banking Corp. (Australia)		3,022		90,445
Zurich Insurance Group AG (Switzerland)		143		39,899

				5,381,165

Industrial — 7.9%
A.O. Smith Corp.*		657		35,577
ABB Ltd. (Switzerland)		2,110		53,984
Acuity Brands, Inc.		293		30,041
Barnes Group, Inc.		428		15,622
Boeing (The) Co.		981		131,700
Brady Corp., Class A		428		13,409
Bristow Group, Inc.		254		20,371
Caterpillar, Inc.		841		71,149
Chart Industries, Inc.*		255		24,812
Comfort Systems USA, Inc.		1,200		24,600
CSX Corp.		1,331		36,296
Darling International, Inc.*		851		17,641
Deutsche Post AG (Germany)		719		25,431
Eagle Materials, Inc.		428		33,384
East Japan Railway Co. (Japan)		254		20,802


See Notes to Financial Statements.		25

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2030 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Number of Shares		Value

Industrial (Continued)
Eaton Corp. PLC (Ireland)		585	$	42,506
EMCOR Group, Inc.		510		20,262
Emerson Electric Co.		923		61,832
EnerSys*		445		31,751
European Aeronautic Defence And Space Co. NV (France)		568		40,334
FANUC Corp. (Japan)		208		35,003
Federal Signal Corp.*		1,885		29,463
FEI Co.		340		30,957
Generac Holdings, Inc.		600		31,956
General Dynamics Corp.		452		41,430
General Electric Co.		12,930		344,714
Genesee & Wyoming, Inc., Class A*		457		43,963
Graphic Packaging Holding Co.*		2,719		24,417
Hexcel Corp.*		765		33,606
Hitachi Ltd. (Japan)		4,701		34,645
Ingersoll-Rand PLC (Ireland)		1,508		107,700
Jacobs Engineering Group, Inc.*		792		47,338
Koninklijke Philips NV (Netherlands)		893		31,967
Louisiana-Pacific Corp.*		943		15,465
Middleby (The) Corp.*		170		37,543
Moog, Inc., Class A*		343		23,554
Newport Corp.*		1,285		22,038
NL Industries, Inc.		1,799		20,994
Norfolk Southern Corp.		439		38,496
Old Dominion Freight Line, Inc.*		685		35,298
PHI, Inc.*		514		21,830
Rolls-Royce Holdings PLC (United Kingdom)		1,820		36,779
Schneider Electric SA (France)		529		44,789
Siemens AG (Germany)		772		101,963
Stanley Black & Decker, Inc.		925		75,286
Union Pacific Corp.		606		98,197
United Parcel Service, Inc., Class B		1,246		127,565
United Technologies Corp.		1,138		126,159
Vinci SA (France)		443		28,487
Waste Management, Inc.		2,668		121,874
Watts Water Technologies, Inc., Class A		257		15,451
Woodward, Inc.		510		21,879

				2,602,310

Technology — 9.6%
3D Systems Corp.*		857		64,412
Activision Blizzard, Inc.		6,178		106,323
Apple, Inc.		1,178		655,051
ASML Holding NV (Netherlands)		314		29,393
Aspen Technology, Inc.*		679		26,841
athenahealth, Inc.*		254		33,318
CACI International, Inc., Class A*		191		13,708
Canon, Inc. (Japan)		1,050		34,950
Cognizant Technology Solutions Corp., Class A*		1,578		148,158
CommVault Systems, Inc.*		339		25,374
Computer Programs & Systems, Inc.		343		21,101
EMC Corp.*		2,600		62,010
Fidelity National Information Services, Inc.		1,661		84,179
First Solar, Inc.*		785		46,959
Guidewire Software, Inc.*		428		20,428


	Number of Shares		Value

Technology (Continued)
InnerWorkings, Inc.*		1,714	$	11,792
Intel Corp.		7,032		167,643
International Business Machines Corp.		1,475		265,029
International Rectifier Corp.*		428		10,246
Mentor Graphics Corp.*		935		21,061
Micron Technology, Inc.*		6,346		133,901
Microsemi Corp.*		659		16,099
Microsoft Corp.		12,395		472,622
MKS Instruments, Inc.		425		12,652
Oracle Corp.		6,138		216,610
PDF Solutions, Inc.*		943		21,878
PTC, Inc.*		895		29,123
Qlik Technologies, Inc.*		667		16,728
QUALCOMM, Inc.		2,343		172,398
SAP AG (Germany)		925		76,608
SciQuest, Inc.*		771		21,557
SS&C Technologies Holdings, Inc.*		600		25,866
SYNNEX Corp.*		254		16,805
Syntel, Inc.		340		30,046
Ultimate Software Group, Inc.*		255		39,956
Veeco Instruments, Inc.*		254		8,184

				3,159,009

Utilities — 1.2%
Centrica PLC (United Kingdom)		4,965		27,485
Cleco Corp.		425		19,427
Dominion Resources, Inc.		730		47,384
E.ON SE (Germany)		1,804		34,710
GDF Suez (France)		1,300		30,153
National Grid PLC (United Kingdom)		3,616		45,856
NextEra Energy, Inc.		550		46,525
Piedmont Natural Gas Co., Inc.		613		20,321
PPL Corp.		3,379		103,769
South Jersey Industries, Inc.		257		14,572

				390,202

TOTAL COMMON STOCKS (Cost $20,866,386)				25,411,311

PREFERRED STOCKS — 0.1%
Consumer, Cyclical — 0.1%
Volkswagen AG (Germany)		133		35,295

Industrial — 0.0% (b)
Rolls-Royce Holdings PLC (United Kingdom)*		156,520		256
Rolls-Royce Holdings PLC, Class C (United Kingdom)*		239,071		391

				647

TOTAL PREFERRED STOCKS (Cost $29,386)				35,942


	Principal Amount		Value

CORPORATE BONDS — 20.7%
Basic Materials — 0.6%
BHP Billiton Finance USA Ltd. (Australia) 4.125%, 2/24/42	$	83,000	$	74,300


See Notes to Financial Statements.		26

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2030 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Principal Amount		Value

Basic Materials (Continued)
Ecolab, Inc. 5.50%, 12/08/41	$	64,000	$	68,221
International Paper Co. 6.00%, 11/15/41		30,000		32,483
Rio Tinto Finance USA Ltd. (Australia) 5.20%, 11/02/40		30,000		30,229

				205,233

Communications — 2.2%
AT&T, Inc. 5.35%, 9/01/40		155,000		150,335
5.55%, 8/15/41		198,000		197,507
Cisco Systems, Inc. 5.90%, 2/15/39		134,000		150,805
Corning, Inc. 4.75%, 3/15/42		33,000		32,408
Discovery Communications LLC 4.95%, 5/15/42		67,000		62,761
Verizon Communications, Inc. 6.00%, 4/01/41		52,000		55,595
Viacom, Inc. 4.50%, 2/27/42		71,000		61,266
Walt Disney (The) Co., Series E 4.125%, 12/01/41		33,000		30,366

				741,043

Consumer, Cyclical — 1.1%
Home Depot (The), Inc. 5.95%, 4/01/41		85,000		98,539
Lowe’s Cos., Inc. 5.125%, 11/15/41		162,000		167,816
McDonald’s Corp., MTN 3.70%, 2/15/42		104,000		89,188

				355,543

Consumer, Non-cyclical — 3.8%
Amgen, Inc. 5.65%, 6/15/42		257,000		270,163
Archer-Daniels-Midland Co. 5.765%, 3/01/41		99,000		111,680
Cigna Corp. 5.375%, 2/15/42		77,000		81,215
Diageo Investment Corp. 4.25%, 5/11/42		72,000		66,656
Express Scripts Holding Co. 6.125%, 11/15/41		60,000		67,485
General Mills, Inc. 5.40%, 6/15/40		30,000		32,367
Gilead Sciences, Inc. 5.65%, 12/01/41		108,000		120,389
Kimberly-Clark Corp. 5.30%, 3/01/41		62,000		68,624
Kraft Foods Group, Inc. 5.00%, 6/04/42		71,000		69,656
Medtronic, Inc. 4.50%, 3/15/42		103,000		99,522


	Principal Amount		Value

Consumer, Non-cyclical (Continued)
PepsiCo, Inc. 4.00%, 3/05/42	$	67,000	$	58,875
Philip Morris International, Inc. 4.50%, 3/20/42		104,000		98,775
UnitedHealth Group, Inc. 4.625%, 11/15/41		49,000		46,694
WellPoint, Inc. 4.625%, 5/15/42		52,000		47,533

				1,239,634

Energy — 2.2%
Baker Hughes, Inc. 5.125%, 9/15/40		68,000		72,081
Devon Energy Corp. 4.75%, 5/15/42		171,000		158,271
Halliburton Co. 4.50%, 11/15/41		33,000		31,402
Phillips 66 5.875%, 5/01/42		51,000		55,699
Plains All American Pipeline LP / PAA Finance Corp. 5.15%, 6/01/42		25,000		24,937
Shell International Finance BV (Netherlands) 6.375%, 12/15/38		180,000		221,737
Statoil ASA (Norway) 5.10%, 8/17/40		55,000		57,405
TransCanada Pipelines Ltd. (Canada) 6.10%, 6/01/40		102,000		116,132

				737,664

Financial — 3.2%
Bank of America Corp., MTN 5.875%, 2/07/42		55,000		62,526
Berkshire Hathaway Finance Corp. 4.40%, 5/15/42		33,000		30,543
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, MTN (Netherlands)
5.25%, 5/24/41		99,000		104,091
HSBC Holdings PLC (United Kingdom) 6.10%, 1/14/42		137,000		164,627
JPMorgan Chase & Co. 5.60%, 7/15/41		151,000		165,510
MetLife, Inc. 5.875%, 2/06/41		150,000		170,667
Prudential Financial, Inc., MTN 5.80%, 11/16/41		94,000		103,936
Simon Property Group LP 4.75%, 3/15/42		80,000		78,324
Travelers (The) Cos., Inc. 5.35%, 11/01/40		162,000		178,584

				1,058,808

Government — 0.3%
Inter-American Development Bank, Series E, MTN (Supranational)
3.875%, 10/28/41		116,000		106,192


See Notes to Financial Statements.		27

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2030 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Principal Amount		Value

Industrial — 2.3%
Caterpillar, Inc. 5.20%, 5/27/41	$	85,000	$	90,330
Deere & Co. 3.90%, 6/09/42		84,000		74,504
Dover Corp. 5.375%, 3/01/41		30,000		32,909
Illinois Tool Works, Inc. 4.875%, 9/15/41		64,000		64,361
Koninklijke Philips NV (Netherlands) 5.00%, 3/15/42		33,000		32,913
Norfolk Southern Corp. 4.837%, 10/01/41		147,000		142,615
7.90%, 5/15/97		19,000		25,877
Sonoco Products Co. 5.75%, 11/01/40		60,000		63,072
Stanley Black & Decker, Inc. 5.20%, 9/01/40		104,000		106,158
Union Pacific Corp. 4.75%, 9/15/41		30,000		29,601
United Technologies Corp. 4.50%, 6/01/42		82,000		79,979

				742,319

Technology — 1.0%
Applied Materials, Inc. 5.85%, 6/15/41		30,000		31,362
Intel Corp. 4.80%, 10/01/41		68,000		66,093
Microsoft Corp. 4.50%, 10/01/40		70,000		66,877
Oracle Corp. 5.375%, 7/15/40		150,000		161,763

				326,095

Utilities — 4.0%
AGL Capital Corp. 5.875%, 3/15/41		55,000		61,701
Alabama Power Co., Series 11-C 5.20%, 6/01/41		40,000		42,511
Arizona Public Service Co. 5.05%, 9/01/41		52,000		53,678
Atmos Energy Corp. 5.50%, 6/15/41		68,000		74,270
Florida Power & Light Co. 4.125%, 2/01/42		141,000		132,448
Georgia Power Co. 4.30%, 3/15/42		167,000		151,575
Kansas City Power & Light Co. 5.30%, 10/01/41		116,000		118,254
Nevada Power Co. 5.45%, 5/15/41		49,000		53,773
Oklahoma Gas & Electric Co. 5.25%, 5/15/41		62,000		66,062
Puget Sound Energy, Inc. 4.434%, 11/15/41		82,000		78,537
San Diego Gas & Electric Co. 3.95%, 11/15/41		64,000		58,842


	Principal Amount		Value

Utilities (Continued)
Southern California Edison Co. 6.05%, 3/15/39	$	217,000	$	260,522
Southern California Gas Co. 5.125%, 11/15/40		67,000		73,089
Southern Power Co. 5.15%, 9/15/41		90,000		88,853

				1,314,115

TOTAL CORPORATE BONDS (Cost $7,657,835)				6,826,646

UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 1.6%
United States Treasury Bonds/ Notes — 1.6%
4.50%, 2/15/36		101,000		114,840
4.50%, 8/15/39		62,800		71,298
4.375%, 11/15/39		23,700		26,379
4.625%, 2/15/40		170,400		197,012
4.375%, 5/15/41		108,300		120,323

				529,852

TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $562,271)				529,852


TOTAL INVESTMENTS — 99.4% (Cost $29,115,878)			$	32,803,751
Other assets less liabilities — 0.6%				192,783

NET ASSETS — 100.0%			$	32,996,534

MTN – Medium Term Note.

REIT – Real Estate Investment Trust.

* Non-income producing security.

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

(b) Less than 0.1%.


See Notes to Financial Statements.		28

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2040 Target Date Fund

November 30, 2013 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 93.0%
Basic Materials — 4.5%
Air Liquide SA (France)		376	$	52,419
Air Products & Chemicals, Inc.		1,414		153,886
Axiall Corp.		800		36,240
BASF SE (Germany)		1,095		116,948
BHP Billiton Ltd. (Australia)		3,694		125,723
BHP Billiton PLC (United Kingdom)		2,375		72,245
Dow Chemical (The) Co.		1,822		71,167
E.I. du Pont de Nemours & Co.		1,375		84,398
Freeport-McMoRan Copper & Gold, Inc.		1,516		52,590
Glencore Xstrata PLC (Switzerland)*		12,724		64,512
H.B. Fuller Co.		414		21,209
Horsehead Holding Corp.*		2,300		34,431
KapStone Paper and Packaging Corp.		500		26,640
Linde AG (Germany)		227		46,360
Materion Corp.		900		25,884
Monsanto Co.		834		94,517
Newmont Mining Corp.		3,758		93,311
PolyOne Corp.		1,000		32,460
Rio Tinto PLC (United Kingdom)		1,473		78,612
Sensient Technologies Corp.		414		20,344
Sherwin-Williams (The) Co.		759		138,920
Syngenta AG (Switzerland)		111		43,597
Wausau Paper Corp.		2,300		27,922

				1,514,335

Communications — 9.9%
ADTRAN, Inc.		600		15,408
Amazon.com, Inc.*		667		262,545
Anixter International, Inc.*		308		27,227
ARRIS Group, Inc.*		1,314		26,963
AT&T, Inc.		8,731		307,418
Bankrate, Inc.*		900		16,866
BT Group PLC (United Kingdom)		9,079		55,369
Cisco Systems, Inc.		8,225		174,781
Comcast Corp., Class A		4,082		203,570
Consolidated Communications Holdings, Inc.		357		6,899
Deutsche Telekom AG (Germany)		3,506		55,667
Dice Holdings, Inc.*		2,800		20,384
DigitalGlobe, Inc.*		800		31,680
Discovery Communications, Inc., Class A*		1,594		139,108
Entravision Communications Corp., Class A		4,000		26,440
Facebook, Inc., Class A*		2,766		130,030
Finisar Corp.*		814		16,842
Google, Inc., Class A*		538		570,059
Harte-Hanks, Inc.		2,700		21,492
Leap Wireless International, Inc.*		1,470		24,417
News Corp., Class A*		7,800		140,088
Nielsen Holdings NV (Netherlands)		2,736		118,086
SoftBank Corp. (Japan)		1,114		90,147
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		3,576		44,541
Telefonica SA (Spain)		5,168		85,040
Thomson Reuters Corp. (Canada)		1,285		47,854
Verizon Communications, Inc.		4,725		234,454
ViaSat, Inc.*		528		31,770


	Number of Shares		Value

Communications (Continued)
Vodafone Group PLC (United Kingdom)		58,955	$	218,791
Walt Disney (The) Co.		2,835		199,981

				3,343,917

Consumer, Cyclical — 8.5%
Adidas AG (Germany)		253		30,775
Alaska Air Group, Inc.		700		54,418
Bayerische Motoren Werke AG (Germany)		393		45,161
Bloomin’ Brands, Inc.*		1,400		36,680
Bob Evans Farms, Inc.		300		16,677
Brunswick Corp.		900		41,130
Cabela’s, Inc.*		800		49,000
Cie Financiere Richemont SA (Switzerland)		610		61,983
Columbia Sportswear Co.		334		23,176
Compass Group PLC (United Kingdom)		2,256		33,999
Cooper Tire & Rubber Co.		700		17,220
CVS Caremark Corp.		1,874		125,483
Daimler AG (Germany)		1,047		86,783
Dana Holding Corp.		1,399		28,372
Domino’s Pizza, Inc.		600		41,478
Fifth & Pacific Cos., Inc.*		1,200		39,192
Ford Motor Co.		5,907		100,892
Fred’s, Inc., Class A		1,700		29,512
General Motors Co.*		2,056		79,629
Genesco, Inc.*		300		22,473
Group 1 Automotive, Inc.		300		20,535
Hennes & Mauritz AB, Class B (Sweden)		1,092		46,281
Home Depot (The), Inc.		2,327		187,720
Honda Motor Co. Ltd. (Japan)		1,898		80,222
HSN, Inc.		600		34,440
Iconix Brand Group, Inc.*		600		23,808
Inditex SA (Spain)		264		42,096
Life Time Fitness, Inc.*		328		15,911
Lions Gate Entertainment Corp. (Canada)*		1,142		36,133
LVMH Moet Hennessy Louis Vuitton SA (France)		297		55,995
M/I Homes, Inc.*		1,200		26,364
Marriott Vacations Worldwide Corp.*		400		20,896
Men’s Wearhouse (The), Inc.		445		22,748
Mitsubishi Corp. (Japan)		1,493		29,366
Mobile Mini, Inc.*		500		20,200
NIKE, Inc., Class B		1,462		115,702
Nissan Motor Co. Ltd. (Japan)		2,670		24,395
Owens & Minor, Inc.		700		26,719
Republic Airways Holdings, Inc.*		2,200		24,772
Restoration Hardware Holdings, Inc.*		500		37,750
Ruby Tuesday, Inc.*		2,756		19,430
Six Flags Entertainment Corp.		928		34,531
Target Corp.		991		63,355
Toyota Motor Corp. (Japan)		3,130		194,927
UniFirst Corp.		200		20,448
W.W. Grainger, Inc.		477		123,028
Walgreen Co.		1,373		81,282
Wal-Mart Stores, Inc.		5,176		419,308
Wolverine World Wide, Inc.		1,000		32,910

				2,845,305


See Notes to Financial Statements.		29

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2040 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Number of Shares			Value

Consumer, Non-cyclical — 19.5%
ABM Industries, Inc.		600		$	16,686
Align Technology, Inc.*		743			40,598
Alkermes PLC (Ireland)*		1,400			56,532
Amgen, Inc.		1,158			132,105
AmSurg Corp.*		243			11,742
Anheuser-Busch InBev NV (Belgium)		996			101,706
Array BioPharma, Inc.*		4,800			27,456
AstraZeneca PLC (United Kingdom)		1,492			85,778
Avis Budget Group, Inc.*		1,100			40,546
Bayer AG (Germany)		998			133,168
Becton Dickinson and Co.		1,341			145,619
Boston Beer (The) Co., Inc., Class A*		200			48,960
Brink’s (The) Co.		500			16,765
British American Tobacco PLC (United Kingdom)		2,350			125,397
Cardinal Health, Inc.		2,325			150,194
Centene Corp.*		512			30,582
Coca-Cola Bottling Co. Consolidated		500			33,950
Coca-Cola (The) Co.		7,130			286,554
Convergys Corp.		1,000			20,520
CoStar Group, Inc.*		257			47,864
CSL Ltd. (Australia)		598			37,412
Cubist Pharmaceuticals, Inc.*		700			47,957
Danone (France)		702			51,014
Diageo PLC (United Kingdom)		2,956			94,127
Euronet Worldwide, Inc.*		500			24,225
FTI Consulting, Inc.*		314			14,102
Gilead Sciences, Inc.*		2,209			165,255
GlaxoSmithKline PLC (United Kingdom)		5,856			155,089
Hain Celestial Group (The), Inc.*		428			35,391
Hanger, Inc.*		228			8,856
Harris Teeter Supermarkets, Inc.		491			24,246
Humana, Inc.		1,110			115,429
Impax Laboratories, Inc.*		800			19,232
Isis Pharmaceuticals, Inc.*		1,000			38,760
Japan Tobacco, Inc. (Japan)		1,300			43,906
Jazz Pharmaceuticals PLC (Ireland)*		600			70,152
JM Smucker (The) Co.		741			77,242
Johnson & Johnson		4,362			412,907
Live Nation Entertainment, Inc.*		1,865			34,260
L’Oreal SA (France)		297			49,699
Magellan Health Services, Inc.*		239			14,627
MAKO Surgical Corp.*		2,100			62,916
MasterCard, Inc., Class A		192			146,076
Merck & Co., Inc.		4,755			236,942
Molina Healthcare, Inc.*		400			13,440
Mondelez International, Inc., Class A		2,723			91,302
Monster Worldwide, Inc.*		4,900			27,587
Nestle SA (Switzerland)		3,854			281,482
Novartis AG (Switzerland)		2,758	��		218,017
Novo Nordisk A/S, Class B (Denmark)		490			87,785
NuVasive, Inc.*		500			16,625
Orexigen Therapeutics, Inc.*		4,400			30,052
Performant Financial Corp.*		2,600			27,274
Pfizer, Inc.		11,295			358,390
Pharmacyclics, Inc.*		500			62,260
Pilgrim’s Pride Corp.*		2,555			41,851


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
Procter & Gamble (The) Co.		4,295	$	361,725
Raptor Pharmaceutical Corp.*		2,500		34,725
Reckitt Benckiser Group PLC (United Kingdom)		813		65,306
Roche Holding AG (Switzerland)		867		241,715
SABMiller PLC (United Kingdom)		1,182		60,983
Sanofi (France)		1,488		157,385
Seaboard Corp.		11		31,075
Seattle Genetics, Inc.*		1,000		41,090
Select Medical Holdings Corp.		1,399		12,115
Snyder’s-Lance, Inc.		700		20,167
Sotheby’s		700		35,882
Spectrum Brands Holdings, Inc.		514		36,278
Takeda Pharmaceutical Co. Ltd. (Japan)		841		40,841
Tesco PLC (United Kingdom)		9,214		52,460
Teva Pharmaceutical Industries Ltd. (Israel)		1,039		42,067
Theravance, Inc.*		1,100		41,536
TreeHouse Foods, Inc.*		299		20,975
Unilever NV (Netherlands)		1,945		76,643
Unilever PLC (United Kingdom)		1,536		62,055
UnitedHealth Group, Inc.		1,646		122,594
WellCare Health Plans, Inc.*		500		37,150
WEX, Inc.*		400		39,704
Whole Foods Market, Inc.		2,422		137,085
Wright Medical Group, Inc.*		400		11,924

				6,572,089

Diversified — 0.1%
Hutchison Whampoa Ltd. (Hong Kong)		2,706		34,416

Energy — 8.1%
Apache Corp.		648		59,286
BG Group PLC (United Kingdom)		4,050		82,739
BP PLC (United Kingdom)		23,256		183,421
Cameron International Corp.*		1,703		94,329
Chevron Corp.		3,007		368,177
Continental Resources, Inc.*		1,231		132,345
CVR Energy, Inc.		871		34,387
Dril-Quip, Inc.*		335		36,368
Eni S.p.A (Italy)		3,030		72,915
Exxon Mobil Corp.		7,008		655,107
Gulfport Energy Corp.*		800		46,744
Helix Energy Solutions Group, Inc.*		928		20,611
Oasis Petroleum, Inc.*		857		39,533
Pioneer Natural Resources Co.		210		37,328
Royal Dutch Shell PLC, Class A (United Kingdom)		4,404		147,585
Schlumberger Ltd. (Netherland Antilles)		2,001		176,928
SolarCity Corp.*		800		41,824
Southwestern Energy Co.*		2,391		92,436
Statoil ASA (Norway)		1,307		29,524
Targa Resources Corp.		328		26,598
Total SA (France)		2,500		151,490
Valero Energy Corp.		3,854		176,205
Woodside Petroleum Ltd. (Australia)		760		25,873

				2,731,753


See Notes to Financial Statements.		30

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2040 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Number of Shares		Value

Financial — 19.9%
AIA Group Ltd. (Hong Kong)		14,278	$	72,379
Allianz SE (Germany)		540		93,811
American Express Co.		1,745		149,721
American International Group, Inc.		2,294		114,127
American Tower Corp. REIT		639		49,695
Amtrust Financial Services, Inc.		770		32,194
Australia & New Zealand Banking Group Ltd. (Australia)		3,374		97,971
AXA SA (France)		2,044		53,562
Banco Bilbao Vizcaya Argentaria SA (Spain)		6,967		83,251
Banco Santander SA (Spain)		13,228		117,606
Bancorp (The), Inc.*		1,700		31,110
Bank of America Corp.		15,797		249,909
Barclays PLC (United Kingdom)		16,866		74,984
Berkshire Hathaway, Inc., Class B*		3,825		445,727
BNP Paribas SA (France)		1,197		89,864
Boston Properties, Inc. REIT		1,047		104,166
Charles Schwab (The) Corp.		2,108		51,604
Citigroup, Inc.		4,597		243,273
CNO Financial Group, Inc.		2,200		37,224
Commonwealth Bank of Australia (Australia)		1,958		138,696
Community Trust Bancorp, Inc.		700		32,011
Credit Acceptance Corp.*		228		29,446
Credit Suisse Group AG (Switzerland)*		1,713		50,989
Deutsche Bank AG (Germany) (a)		1,240		59,798
DFC Global Corp.*		1,900		19,019
Dime Community Bancshares, Inc.		1,600		26,912
Dynex Capital, Inc. REIT		2,700		22,653
EastGroup Properties, Inc. REIT		300		18,177
EPR Properties REIT		500		25,145
Equity One, Inc. REIT		1,200		26,880
Financial Engines, Inc.		500		33,875
First American Financial Corp.		1,100		29,106
First Financial Bankshares, Inc.		300		19,914
FirstMerit Corp.		1,700		39,032
General Growth Properties, Inc. REIT		6,453		133,901
Geo Group (The), Inc. REIT		689		22,599
Glimcher Realty Trust REIT		1,500		14,565
Goldman Sachs Group (The), Inc.		699		118,089
Hancock Holding Co.		757		26,646
Hanmi Financial Corp.		1,600		32,896
Health Care REIT, Inc.		1,978		110,748
Healthcare Realty Trust, Inc. REIT		1,000		22,130
Higher One Holdings, Inc.*		2,400		23,616
Highwoods Properties, Inc. REIT		799		28,700
HSBC Holdings PLC (United Kingdom)		21,405		238,837
ING Groep NV (Netherlands)*		4,545		59,028
Investors Bancorp, Inc.		1,200		28,884
JPMorgan Chase & Co.		5,883		336,625
Kite Realty Group Trust REIT		4,500		29,475
LaSalle Hotel Properties REIT		1,000		31,320
Lexington Realty Trust REIT		2,100		21,567
Lloyds Banking Group PLC (United Kingdom)*		50,303		63,709
MarketAxess Holdings, Inc.		400		28,148
MetLife, Inc.		1,712		89,349
Mitsubishi Estate Co. Ltd. (Japan)		2,000		55,522
Mitsubishi UFJ Financial Group, Inc. (Japan)		14,063		90,463


	Number of Shares		Value

Financial (Continued)
Mizuho Financial Group, Inc. (Japan)		25,171	$	52,826
Muenchener Rueckversicherungs-Gesellschaft AG (Germany)		218		47,691
National Australia Bank Ltd. (Australia)		2,879		90,621
National Health Investors, Inc. REIT		300		17,661
Nationstar Mortgage Holdings, Inc.*		900		35,667
Ocwen Financial Corp.*		1,285		72,808
OMEGA Healthcare Investors, Inc. REIT		1,091		35,665
Piper Jaffray Cos.*		900		34,218
Portfolio Recovery Associates, Inc.*		600		35,040
Prospect Capital Corp.		2,600		29,666
Prosperity Bancshares, Inc.		600		38,478
Prudential PLC (United Kingdom)		3,051		65,251
PS Business Parks, Inc. REIT		157		12,296
RLJ Lodging Trust REIT		1,300		31,382
Roma Financial Corp.*		1,400		27,790
Ryman Hospitality Properties REIT		481		20,139
Sandy Spring Bancorp, Inc.		1,100		32,098
Simon Property Group, Inc. REIT		491		73,576
Sovran Self Storage, Inc. REIT		257		17,152
Standard Chartered PLC (United Kingdom)		2,863		67,859
Starwood Property Trust, Inc. REIT		1,714		47,769
Stifel Financial Corp.*		700		31,339
Strategic Hotels & Resorts, Inc. REIT*		2,200		19,646
Sumitomo Mitsui Financial Group, Inc. (Japan)		1,501		74,284
Sun Communities, Inc. REIT		400		16,320
Susquehanna Bancshares, Inc.		1,900		23,921
T. Rowe Price Group, Inc.		1,734		139,518
Travelers (The) Cos., Inc.		585		53,083
Two Harbors Investment Corp. REIT		3,956		36,593
U.S. Bancorp		2,967		116,366
UBS AG (Switzerland)*		4,281		81,615
United Community Banks, Inc.*		1,900		34,865
Universal Health Realty Income Trust REIT		600		25,428
Visa, Inc., Class A		1,244		253,104
Webster Financial Corp.		900		26,532
Wells Fargo & Co.		8,190		360,524
Westpac Banking Corp. (Australia)		3,784		113,251
Zurich Insurance Group AG (Switzerland)*		177		49,386

				6,712,076

Industrial — 9.5%
A.O. Smith Corp.		856		46,352
ABB Ltd. (Switzerland)*		2,616		66,930
Acuity Brands, Inc.		366		37,526
Barnes Group, Inc.		600		21,900
Boeing (The) Co.		1,208		162,174
Brady Corp., Class A		500		15,665
Bristow Group, Inc.		343		27,509
Caterpillar, Inc.		1,019		86,207
Chart Industries, Inc.*		243		23,644
Comfort Systems USA, Inc.		1,800		36,900
CSX Corp.		1,538		41,941
Darling International, Inc.*		1,114		23,093
Deutsche Post AG (Germany)		1,036		36,643
Eagle Materials, Inc.		500		39,000
East Japan Railway Co. (Japan)		328		26,862


See Notes to Financial Statements.		31

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2040 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Number of Shares		Value

Industrial (Continued)
Eaton Corp. PLC (Ireland)		756	$	54,931
EMCOR Group, Inc.		585		23,242
Emerson Electric Co.		1,115		74,694
EnerSys		433		30,895
European Aeronautic Defence and Space Co. NV (France)		702		49,850
FANUC Corp. (Japan)		141		23,728
Federal Signal Corp.*		2,700		42,201
FEI Co.		328		29,864
Generac Holdings, Inc.		700		37,282
General Dynamics Corp.		543		49,771
General Electric Co.		16,609		442,795
Genesee & Wyoming, Inc., Class A*		514		49,447
Graphic Packaging Holding Co.*		3,298		29,616
Hexcel Corp.*		1,028		45,160
Hitachi Ltd. (Japan)		4,997		36,827
Ingersoll-Rand PLC (Ireland)		2,012		143,697
Jacobs Engineering Group, Inc.*		890		53,195
Koninklijke Philips NV (Netherlands)		1,088		38,948
Louisiana-Pacific Corp.*		1,300		21,320
Middleby (The) Corp.*		171		37,764
Moog, Inc., Class A*		500		34,335
Newport Corp.*		1,900		32,585
NL Industries, Inc.		2,500		29,175
Norfolk Southern Corp.		489		42,880
Old Dominion Freight Line, Inc.*		900		46,377
PHI, Inc.*		800		33,976
Rolls-Royce Holdings PLC (United Kingdom)*		2,215		44,762
Schneider Electric SA (France)		651		55,118
Siemens AG (Germany)		940		124,151
Stanley Black & Decker, Inc.		1,102		89,692
Union Pacific Corp.		734		118,938
United Parcel Service, Inc., Class B		1,536		157,256
United Technologies Corp.		1,380		152,987
Vinci SA (France)		555		35,690
Waste Management, Inc.		3,208		146,542
Watts Water Technologies, Inc., Class A		400		24,048
Woodward, Inc.		657		28,185

				3,204,270

Technology — 11.5%
3D Systems Corp.*		1,000		75,160
Activision Blizzard, Inc.		7,442		128,077
Apple, Inc.		1,460		811,862
ASML Holding NV (Netherlands)		389		36,414
Aspen Technology, Inc.*		857		33,877
athenahealth, Inc.*		328		43,024
CACI International, Inc., Class A*		222		15,933
Canon, Inc. (Japan)		1,342		44,670
Cognizant Technology Solutions Corp., Class A*		1,891		177,546
CommVault Systems, Inc.*		414		30,988
Computer Programs & Systems, Inc.		500		30,760
EMC Corp.		3,185		75,962
Fidelity National Information Services, Inc.		2,002		101,461
First Solar, Inc.*		1,000		59,820
Guidewire Software, Inc.*		600		28,638


	Number of Shares		Value

Technology (Continued)
InnerWorkings, Inc.*		2,500	$	17,200
Intel Corp.		8,527		203,283
International Business Machines Corp.		1,776		319,112
International Rectifier Corp.*		700		16,758
Mentor Graphics Corp.		1,085		24,440
Micron Technology, Inc.*		7,750		163,525
Microsemi Corp.*		857		20,937
Microsoft Corp.		15,060		574,237
MKS Instruments, Inc.		500		14,885
Oracle Corp.		7,437		262,452
PDF Solutions, Inc.*		1,300		30,160
PTC, Inc.*		1,105		35,957
Qlik Technologies, Inc.*		814		20,415
QUALCOMM, Inc.		2,746		202,051
SAP AG (Germany)		1,145		94,828
SciQuest, Inc.*		1,200		33,552
SS&C Technologies Holdings, Inc.*		800		34,488
SYNNEX Corp.*		343		22,693
Syntel, Inc.		328		28,985
Ultimate Software Group, Inc.*		257		40,269
Veeco Instruments, Inc.*		328		10,568

				3,864,987

Utilities — 1.5%
Centrica PLC (United Kingdom)		6,075		33,629
Cleco Corp.		600		27,426
Dominion Resources, Inc.		898		58,289
E.ON SE (Germany)		2,289		44,042
GDF Suez (France)		1,602		37,158
National Grid PLC (United Kingdom)		4,448		56,407
NextEra Energy, Inc.		667		56,422
Piedmont Natural Gas Co., Inc.		767		25,426
PPL Corp.		4,114		126,341
South Jersey Industries, Inc.		400		22,680

				487,820

TOTAL COMMON STOCKS (Cost $24,984,925)				31,310,968

PREFERRED STOCKS — 0.1%
Consumer, Cyclical — 0.1%
Volkswagen AG (Germany)		165		43,787

Industrial — 0.0% (b)
Rolls-Royce Holdings PLC (United Kingdom)*		190,490		312
Rolls-Royce Holdings PLC, Class C (United Kingdom)*		273,581		447

				759

TOTAL PREFERRED STOCKS (Cost $36,208)				44,546


	Principal Amount		Value

CORPORATE BONDS — 2.9%
Basic Materials — 0.1%
BHP Billiton Finance USA Ltd. (Australia) 4.125%, 2/24/42	$	5,000	$	4,476


See Notes to Financial Statements.		32

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2040 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Principal Amount		Value

Basic Materials (Continued)
Ecolab, Inc. 5.50%, 12/08/41	$	17,000	$	18,121
Rio Tinto Finance USA PLC (United Kingdom) 4.125%, 8/21/42		18,000		15,545

				38,142

Communications — 0.2%
Corning, Inc. 4.75%, 3/15/42		5,000		4,910
Discovery Communications LLC 4.95%, 5/15/42		13,000		12,177
Viacom, Inc. 4.50%, 2/27/42		13,000		11,218
Vodafone Group PLC (United Kingdom) 4.375%, 2/19/43		19,000		16,259
Walt Disney (The) Co., Series E 4.125%, 12/01/41		20,000		18,404

				62,968

Consumer, Cyclical — 0.2%
Home Depot (The), Inc. 4.20%, 4/01/43		23,000		21,052
Lowe’s Cos., Inc. 5.125%, 11/15/41		13,000		13,467
McDonald’s Corp., MTN 3.70%, 2/15/42		17,000		14,579

				49,098

Consumer, Non-cyclical — 0.7%
AbbVie, Inc. 4.40%, 11/06/42		21,000		19,272
Amgen, Inc. 5.15%, 11/15/41		24,000		23,694
Anheuser-Busch InBev Worldwide, Inc. 3.75%, 7/15/42		15,000		12,946
Cigna Corp. 5.375%, 2/15/42		16,000		16,875
Diageo Investment Corp. 4.25%, 5/11/42		18,000		16,664
General Mills, Inc. 5.40%, 6/15/40		5,000		5,395
Gilead Sciences, Inc. 5.65%, 12/01/41		8,000		8,918
Kimberly-Clark Corp. 5.30%, 3/01/41		13,000		14,389
Kraft Foods Group, Inc. 5.00%, 6/04/42		17,000		16,678
Medtronic, Inc. 4.50%, 3/15/42		20,000		19,325
Merck & Co., Inc. 4.15%, 5/18/43		10,000		9,177
PepsiCo, Inc. 4.00%, 3/05/42		5,000		4,394
Pfizer, Inc. 4.30%, 6/15/43		27,000		25,337
Philip Morris International, Inc. 4.50%, 3/20/42		18,000		17,096


	Principal Amount		Value

Consumer, Non-cyclical (Continued)
UnitedHealth Group, Inc. 4.625%, 11/15/41	$	8,000	$	7,624
WellPoint, Inc. 4.625%, 5/15/42		8,000		7,313
Zoetis, Inc. 4.70%, 2/01/43		21,000		19,529

				244,626

Energy — 0.3%
Apache Corp. 4.75%, 4/15/43		20,000		19,727
Baker Hughes, Inc. 5.125%, 9/15/40		20,000		21,200
Devon Energy Corp. 4.75%, 5/15/42		22,000		20,363
Enterprise Products Operating LLC 4.85%, 8/15/42		33,000		30,926
Halliburton Co. 4.50%, 11/15/41		5,000		4,758
Plains All American Pipeline LP /PAA Finance Corp. 5.15%, 6/01/42		5,000		4,987
Statoil ASA (Norway) 5.10%, 8/17/40		10,000		10,437

				112,398

Financial — 0.3%
Berkshire Hathaway Finance Corp. 4.40%, 5/15/42		33,000		30,543
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, MTN (Netherlands) 5.25%, 5/24/41		25,000		26,286
Simon Property Group LP 4.75%, 3/15/42		13,000		12,728
Travelers (The) Cos., Inc. 5.35%, 11/01/40		24,000		26,457

				96,014

Government — 0.1%
Inter-American Development Bank, Series E, MTN (Supranational) 3.875%, 10/28/41		19,000		17,394

Industrial — 0.4%
Caterpillar, Inc. 5.20%, 5/27/41		10,000		10,627
Deere & Co. 3.90%, 6/09/42		20,000		17,739
Dover Corp. 5.375%, 3/01/41		5,000		5,485
Illinois Tool Works, Inc. 4.875%, 9/15/41		5,000		5,028
Koninklijke Philips NV (Netherlands) 5.00%, 3/15/42		5,000		4,987
Lockheed Martin Corp. 4.07%, 12/15/42		30,000		26,177


See Notes to Financial Statements.		33

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers 2040 Target Date Fund (Continued)

November 30, 2013 (Unaudited)


	Principal Amount		Value

Industrial (Continued)
Norfolk Southern Corp. 4.837%, 10/01/41	$	29,000	$	28,134
7.90%, 5/15/97		6,000		8,172
Union Pacific Corp. 4.75%, 9/15/41		26,000		25,655
United Technologies Corp. 4.50%, 6/01/42		18,000		17,556

				149,560

Technology — 0.1%
Apple, Inc. 3.85%, 5/04/43		27,000		22,617
Intel Corp. 4.80%, 10/01/41		5,000		4,860
Microsoft Corp. 4.50%, 10/01/40		11,000		10,509

				37,986

Utilities — 0.5%
Arizona Public Service Co. 5.05%, 9/01/41		13,000		13,419
Atmos Energy Corp. 5.50%, 6/15/41		20,000		21,844
Consolidated Edison Co. of New York, Inc. 3.95%, 3/01/43		24,000		21,658
Florida Power & Light Co. 5.25%, 2/01/41		12,000		13,188
Georgia Power Co. 4.30%, 3/15/42		12,000		10,892
Nevada Power Co. 5.45%, 5/15/41		13,000		14,266
Oklahoma Gas & Electric Co. 5.25%, 5/15/41		10,000		10,655
Public Service Electric & Gas Co. 3.65%, 9/01/42		23,000		19,741
Puget Sound Energy, Inc. 4.434%, 11/15/41		17,000		16,282
San Diego Gas & Electric Co. 3.95%, 11/15/41		12,000		11,033
Southern California Gas Co. 5.125%, 11/15/40		12,000		13,091
Southern Power Co. 5.15%, 9/15/41		13,000		12,834

				178,903

TOTAL CORPORATE BONDS (Cost $1,069,683)				987,089

UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 3.4%
United States Treasury Bonds/ Notes — 3.4%
4.50%, 2/15/36		66,200		75,271
4.75%, 2/15/37		107,000		125,867
4.375%, 11/15/39		191,200		212,815
4.625%, 2/15/40		98,700		114,114
4.375%, 5/15/40		75,800		84,322
3.875%, 8/15/40		84,800		86,847


	Principal Amount		Value

United States Treasury Bonds/ Notes (Continued)
4.75%, 2/15/41	$	68,500	$	80,702
4.375%, 5/15/41		183,400		203,760
3.125%, 2/15/42		177,100		156,401

				1,140,099

TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $1,182,271)				1,140,099

SOVEREIGN BONDS — 0.3%
Tennessee Valley Authority 4.875%, 1/15/48		54,000		53,037
United Mexican States, MTN (Mexico) 4.75%, 3/08/44		37,000		32,671

TOTAL SOVEREIGN BONDS (Cost $91,950)				85,708


TOTAL INVESTMENTS — 99.7% (Cost $27,365,037)			$	33,568,410
Other assets less liabilities — 0.3%				100,353

NET ASSETS — 100.0%			$	33,668,763

MTN – Medium Term Note.

REIT – Real Estate Investment Trust.

* Non-income producing security.

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

(b) Less than 0.1%.


See Notes to Financial Statements.		34

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

db X-trackers In-Target Date Fund

November 30, 2013 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 33.8%
Basic Materials — 1.7%
Air Liquide SA (France)		58	$	8,086
Air Products & Chemicals, Inc.		176		19,153
Axiall Corp.		100		4,530
BASF SE (Germany)		150		16,020
BHP Billiton Ltd. (Australia)		487		16,576
BHP Billiton PLC (United Kingdom)		311		9,460
Dow Chemical (The) Co.		233		9,101
E.I. du Pont de Nemours & Co.		181		11,110
Freeport-McMoRan Copper & Gold, Inc.		234		8,117
Glencore Xstrata PLC (Switzerland)*		1,636		8,295
H.B. Fuller Co.		100		5,123
Horsehead Holding Corp.*		300		4,491
KapStone Paper and Packaging Corp.		100		5,328
Linde AG (Germany)		29		5,923
Materion Corp.		100		2,876
Monsanto Co.		100		11,333
Newmont Mining Corp.		470		11,670
PolyOne Corp.		100		3,246
Rio Tinto PLC (United Kingdom)		191		10,193
Sherwin-Williams (The) Co.		87		15,924
Syngenta AG (Switzerland)		16		6,284
Wausau Paper Corp.		300		3,642

				196,481

Communications — 3.6%
ADTRAN, Inc.		100		2,568
Amazon.com, Inc.*		86		33,851
ARRIS Group, Inc.*		200		4,104
AT&T, Inc.		1,088		38,308
Bankrate, Inc.*		100		1,874
BT Group PLC (United Kingdom)		1,213		7,398
Cisco Systems, Inc.		1,028		21,845
Comcast Corp., Class A		507		25,285
Deutsche Telekom AG (Germany)		518		8,225
Dice Holdings, Inc.*		400		2,912
DigitalGlobe, Inc.*		100		3,960
Discovery Communications, Inc., Class A*		201		17,541
Entravision Communications Corp., Class A		500		3,305
Facebook, Inc., Class A*		346		16,265
Finisar Corp.*		200		4,138
Google, Inc., Class A*		65		68,874
Harte-Hanks, Inc.		300		2,388
Leap Wireless International, Inc.*		500		8,305
News Corp., Class A*		1,000		17,960
Nielsen Holdings NV (Netherlands)		330		14,243
SoftBank Corp. (Japan)		100		8,092
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		456		5,680
Telefonica SA (Spain)		628		10,334
Thomson Reuters Corp. (Canada)		164		6,107
Verizon Communications, Inc.		576		28,581
ViaSat, Inc.*		100		6,017
Vodafone Group PLC (United Kingdom)		7,381		27,392
Walt Disney (The) Co.		350		24,689

				420,241


	Number of Shares		Value

Consumer, Cyclical — 3.1%
Adidas AG (Germany)		32	$	3,892
Alaska Air Group, Inc.		100		7,774
Bayerische Motoren Werke AG (Germany)		65		7,469
Bloomin’ Brands, Inc.*		200		5,240
Brunswick Corp.		100		4,570
Cabela’s, Inc.*		100		6,125
Cie Financiere Richemont SA (Switzerland)		77		7,824
Columbia Sportswear Co.		23		1,596
Compass Group PLC (United Kingdom)		307		4,627
Cooper Tire & Rubber Co.		100		2,460
CVS Caremark Corp.		235		15,736
Daimler AG (Germany)		137		11,356
Dana Holding Corp.		200		4,056
Domino’s Pizza, Inc.		100		6,913
Fifth & Pacific Cos., Inc.*		100		3,266
Ford Motor Co.		734		12,537
Fred’s, Inc., Class A		200		3,472
General Motors Co.*		260		10,070
Hennes & Mauritz AB, Class B (Sweden)		130		5,510
Home Depot (The), Inc.		295		23,798
Honda Motor Co. Ltd. (Japan)		272		11,497
HSN, Inc.		100		5,740
Iconix Brand Group, Inc.*		100		3,968
Inditex SA (Spain)		18		2,870
Life Time Fitness, Inc.*		100		4,851
Lions Gate Entertainment Corp. (Canada)*		200		6,328
LVMH Moet Hennessy Louis Vuitton SA (France)		37		6,976
M/I Homes, Inc.*		100		2,197
Men’s Wearhouse (The), Inc.		75		3,834
Mitsubishi Corp. (Japan)		166		3,265
Mobile Mini, Inc.*		100		4,040
NIKE, Inc., Class B		200		15,828
Nissan Motor Co. Ltd. (Japan)		300		2,741
Owens & Minor, Inc.		100		3,817
Republic Airways Holdings, Inc.*		300		3,378
Restoration Hardware Holdings, Inc.*		100		7,550
Ruby Tuesday, Inc.*		200		1,410
Six Flags Entertainment Corp.		100		3,721
Target Corp.		134		8,567
Toyota Motor Corp. (Japan)		420		26,155
W.W. Grainger, Inc.		59		15,217
Walgreen Co.		176		10,419
Wal-Mart Stores, Inc.		647		52,414
Wolverine World Wide, Inc.		200		6,582

				361,656

Consumer, Non-cyclical — 7.1%
ABM Industries, Inc.		100		2,781
Align Technology, Inc.*		100		5,464
Alkermes PLC (Ireland)*		200		8,076
Amgen, Inc.		147		16,770
Anheuser-Busch InBev NV (Belgium)		122		12,458
Array BioPharma, Inc.*		600		3,432
AstraZeneca PLC (United Kingdom)		204		11,728
Avis Budget Group, Inc.*		100		3,686
Bayer AG (Germany)		132		17,613


See Notes to Financial Statements.		35

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

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

November 30, 2013 (Unaudited)


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
Becton Dickinson and Co.		172	$	18,677
British American Tobacco PLC (United Kingdom)		319		17,022
Cardinal Health, Inc.		292		18,862
Centene Corp.*		100		5,973
Coca-Cola Bottling Co. Consolidated		100		6,790
Coca-Cola (The) Co.		892		35,849
Convergys Corp.		100		2,052
CSL Ltd. (Australia)		77		4,817
Cubist Pharmaceuticals, Inc.*		100		6,851
Danone (France)		87		6,322
Diageo PLC (United Kingdom)		337		10,731
Euronet Worldwide, Inc.*		100		4,845
Gilead Sciences, Inc.*		287		21,471
GlaxoSmithKline PLC (United Kingdom)		729		19,307
Hain Celestial Group (The), Inc.*		100		8,269
Hanger, Inc.*		100		3,884
Harris Teeter Supermarkets, Inc.		86		4,247
Humana, Inc.		138		14,351
Isis Pharmaceuticals, Inc.*		100		3,876
Japan Tobacco, Inc. (Japan)		200		6,755
Jazz Pharmaceuticals PLC (Ireland)*		100		11,692
JM Smucker (The) Co.		94		9,799
Johnson & Johnson		551		52,158
L’Oreal SA (France)		37		6,191
Live Nation Entertainment, Inc.*		300		5,511
Magellan Health Services, Inc.*		69		4,223
MAKO Surgical Corp.*		300		8,988
MasterCard, Inc., Class A		23		17,499
Merck & Co., Inc.		595		29,649
Molina Healthcare, Inc.*		100		3,360
Mondelez International, Inc., Class A		346		11,601
Monster Worldwide, Inc.*		600		3,378
Nestle SA (Switzerland)		487		35,568
Novartis AG (Switzerland)		346		27,351
Novo Nordisk A/S, Class B (Denmark)		70		12,541
Orexigen Therapeutics, Inc.*		500		3,415
Performant Financial Corp.*		300		3,147
Pfizer, Inc.		1,415		44,898
Pharmacyclics, Inc.*		100		12,452
Pilgrim’s Pride Corp.*		300		4,914
Procter & Gamble (The) Co.		535		45,057
Raptor Pharmaceutical Corp.*		300		4,167
Reckitt Benckiser Group PLC (United Kingdom)		88		7,069
Roche Holding AG (Switzerland)		107		29,831
SABMiller PLC (United Kingdom)		151		7,791
Sanofi (France)		186		19,673
Seaboard Corp.		1		2,825
Seattle Genetics, Inc.*		134		5,506
Snyder’s-Lance, Inc.		100		2,881
Sotheby’s		100		5,126
Spectrum Brands Holdings, Inc.		100		7,058
Takeda Pharmaceutical Co. Ltd. (Japan)		107		5,196
Tesco PLC (United Kingdom)		1,329		7,567
Teva Pharmaceutical Industries Ltd. (Israel)		125		5,061
Theravance, Inc.*		100		3,776
TreeHouse Foods, Inc.*		50		3,508
Unilever NV (Netherlands)		244		9,615


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
Unilever PLC (United Kingdom)		175	$	7,070
UnitedHealth Group, Inc.		199		14,822
WellCare Health Plans, Inc.*		100		7,430
Whole Foods Market, Inc.		307		17,376

				829,699

Diversified — 0.0% (a)
Hutchison Whampoa Ltd. (Hong Kong)		338		4,299

Energy — 3.0%
Apache Corp.		82		7,502
BG Group PLC (United Kingdom)		571		11,665
BP PLC (United Kingdom)		3,015		23,779
Cameron International Corp.*		211		11,687
Chevron Corp.		380		46,528
Continental Resources, Inc.*		155		16,664
CVR Energy, Inc.		100		3,948
Dril-Quip, Inc.*		50		5,428
Eni S.p.A. (Italy)		414		9,963
Exxon Mobil Corp.		882		82,450
Gulfport Energy Corp.*		100		5,843
Helix Energy Solutions Group, Inc.*		100		2,221
Oasis Petroleum, Inc.*		100		4,613
Pioneer Natural Resources Co.		26		4,622
Royal Dutch Shell PLC, Class A (United Kingdom)		554		18,565
Schlumberger Ltd. (Netherland Antilles)		255		22,547
SolarCity Corp.*		100		5,228
Southwestern Energy Co.*		290		11,211
Statoil ASA (Norway)		179		4,043
Targa Resources Corp.		100		8,109
Total SA (France)		320		19,391
Valero Energy Corp.		492		22,494
Woodside Petroleum Ltd. (Australia)		139		4,732

				353,233

Financial — 7.2%
AIA Group Ltd. (Hong Kong)		1,760		8,922
Allianz SE (Germany)		63		10,945
American Express Co.		219		18,790
American International Group, Inc.		294		14,627
American Tower Corp. REIT		76		5,911
Amtrust Financial Services, Inc.		110		4,599
Australia & New Zealand Banking Group Ltd. (Australia)		446		12,950
AXA SA (France)		258		6,761
Banco Bilbao Vizcaya Argentaria SA (Spain)		875		10,456
Banco Santander SA (Spain)		1,612		14,332
Bancorp (The), Inc.*		200		3,660
Bank of America Corp.		2,102		33,254
Barclays PLC (United Kingdom)		1,791		7,963
Berkshire Hathaway, Inc., Class B*		483		56,283
BNP Paribas SA (France)		151		11,336
Boston Properties, Inc. REIT		130		12,934
Charles Schwab (The) Corp.		259		6,340
Citigroup, Inc.		597		31,593
CNO Financial Group, Inc.		300		5,076
Commonwealth Bank of Australia (Australia)		247		17,496
Community Trust Bancorp, Inc.		100		4,573


See Notes to Financial Statements.		36

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

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

November 30, 2013 (Unaudited)


	Number of Shares		Value

Financial (Continued)
Credit Acceptance Corp.*		50	$	6,458
Credit Suisse Group AG (Switzerland)*		218		6,489
Deutsche Bank AG (Germany) (b)		151		7,282
DFC Global Corp.*		200		2,002
Dime Community Bancshares, Inc.		200		3,364
Dynex Capital, Inc. REIT		300		2,517
EPR Properties REIT		100		5,029
Equity One, Inc. REIT		154		3,450
Financial Engines, Inc.		100		6,775
First American Financial Corp.		100		2,646
FirstMerit Corp.		200		4,592
General Growth Properties, Inc. REIT		820		17,014
Geo Group (The), Inc. REIT		92		3,018
Glimcher Realty Trust REIT		200		1,942
Goldman Sachs Group (The), Inc.		90		15,205
Hancock Holding Co.		100		3,520
Hanmi Financial Corp.		200		4,112
Health Care REIT, Inc.		246		13,773
Healthcare Realty Trust, Inc. REIT		100		2,213
Higher One Holdings, Inc.*		300		2,952
Highwoods Properties, Inc. REIT		97		3,484
HSBC Holdings PLC (United Kingdom)		2,737		30,539
ING Groep NV (Netherlands)*		568		7,377
Investors Bancorp, Inc.		100		2,407
JPMorgan Chase & Co.		741		42,400
Kite Realty Group Trust REIT		600		3,930
LaSalle Hotel Properties REIT		100		3,132
Lexington Realty Trust REIT		300		3,081
Lloyds Banking Group PLC (United Kingdom)*		6,709		8,497
MetLife, Inc.		211		11,012
Mitsubishi Estate Co. Ltd. (Japan)		100		2,776
Mitsubishi UFJ Financial Group, Inc. (Japan)		1,692		10,884
Mizuho Financial Group, Inc. (Japan)		3,027		6,353
Muenchener Rueckversicherungs-Gesellschaft AG (Germany)		20		4,375
National Australia Bank Ltd. (Australia)		386		12,150
Nationstar Mortgage Holdings, Inc.*		100		3,963
Ocwen Financial Corp.*		200		11,332
OMEGA Healthcare Investors, Inc. REIT		146		4,773
Piper Jaffray Cos.*		100		3,802
Prospect Capital Corp.		300		3,423
Prosperity Bancshares, Inc.		100		6,413
Prudential PLC (United Kingdom)		411		8,790
RLJ Lodging Trust REIT		200		4,828
Roma Financial Corp.*		200		3,970
Ryman Hospitality Properties REIT		113		4,731
Sandy Spring Bancorp, Inc.		100		2,918
Simon Property Group, Inc. REIT		61		9,141
Standard Chartered PLC (United Kingdom)		415		9,836
Starwood Property Trust, Inc. REIT		200		5,574
Stifel Financial Corp.*		100		4,477
Strategic Hotels & Resorts, Inc. REIT*		300		2,679
Sumitomo Mitsui Financial Group, Inc. (Japan)		222		10,987
Susquehanna Bancshares, Inc.		200		2,518
T. Rowe Price Group, Inc.		234		18,827
Travelers (The) Cos., Inc.		75		6,806
Two Harbors Investment Corp. REIT		500		4,625


	Number of Shares		Value

Financial (Continued)
U.S. Bancorp		400	$	15,688
UBS AG (Switzerland)*		553		10,543
United Community Banks, Inc.*		300		5,505
Universal Health Realty Income Trust REIT		100		4,238
Visa, Inc., Class A		156		31,740
Webster Financial Corp.		100		2,948
Wells Fargo & Co.		1,069		47,058
Westpac Banking Corp. (Australia)		516		15,443
Zurich Insurance Group AG (Switzerland)*		20		5,580

				838,707

Industrial — 3.4%
A.O. Smith Corp.		134		7,256
ABB Ltd. (Switzerland)*		315		8,059
Acuity Brands, Inc.		50		5,127
Barnes Group, Inc.		100		3,650
Boeing (The) Co.		149		20,004
Brady Corp., Class A		100		3,133
Caterpillar, Inc.		128		10,829
Comfort Systems USA, Inc.		200		4,100
CSX Corp.		199		5,427
Darling International, Inc.*		100		2,073
Deutsche Post AG (Germany)		132		4,669
Eagle Materials, Inc.		100		7,800
Eaton Corp. PLC (Ireland)		94		6,830
EMCOR Group, Inc.		100		3,973
Emerson Electric Co.		139		9,312
EnerSys		67		4,780
European Aeronautic Defence and Space Co. NV (France)		89		6,320
Federal Signal Corp.*		300		4,689
Generac Holdings, Inc.		100		5,326
General Dynamics Corp.		83		7,608
General Electric Co.		2,052		54,707
Genesee & Wyoming, Inc., Class A*		67		6,445
Graphic Packaging Holding Co.*		600		5,388
Hexcel Corp.*		100		4,393
Hitachi Ltd. (Japan)		1,000		7,370
Ingersoll-Rand PLC (Ireland)		252		17,997
Jacobs Engineering Group, Inc.*		113		6,754
Koninklijke Philips NV (Netherlands)		142		5,083
Louisiana-Pacific Corp.*		200		3,280
Moog, Inc., Class A*		100		6,867
Newport Corp.*		200		3,430
NL Industries, Inc.		300		3,501
Norfolk Southern Corp.		63		5,524
Old Dominion Freight Line, Inc.*		100		5,153
PHI, Inc.*		100		4,247
Rolls-Royce Holdings PLC (United Kingdom)*		314		6,345
Schneider Electric SA (France)		98		8,297
Siemens AG (Germany)		121		15,982
Stanley Black & Decker, Inc.		138		11,232
Union Pacific Corp.		100		16,205
United Parcel Service, Inc., Class B		183		18,735
United Technologies Corp.		176		19,511
Vinci SA (France)		70		4,501


See Notes to Financial Statements.		37

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

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

November 30, 2013 (Unaudited)


	Number of Shares		Value

Industrial (Continued)
Waste Management, Inc.		402	$	18,363
Woodward, Inc.		100		4,290

				394,565

Technology — 4.2%
3D Systems Corp.*		100		7,516
Activision Blizzard, Inc.		933		16,057
Apple, Inc.		178		98,980
ASML Holding NV (Netherlands)		47		4,400
Aspen Technology, Inc.*		100		3,953
Canon, Inc. (Japan)		200		6,657
Cognizant Technology Solutions Corp., Class A*		238		22,346
CommVault Systems, Inc.*		100		7,485
Computer Programs & Systems, Inc.		100		6,152
EMC Corp.		414		9,874
Fidelity National Information Services, Inc.		248		12,569
First Solar, Inc.*		100		5,982
Guidewire Software, Inc.*		100		4,773
InnerWorkings, Inc.*		300		2,064
Intel Corp.		1,029		24,531
International Business Machines Corp.		225		40,427
International Rectifier Corp.*		100		2,394
Mentor Graphics Corp.		200		4,505
Micron Technology, Inc.*		1,044		22,028
Microsemi Corp.*		134		3,274
Microsoft Corp.		1,856		70,769
MKS Instruments, Inc.		100		2,977
Oracle Corp.		930		32,820
PDF Solutions, Inc.*		200		4,640
PTC, Inc.*		130		4,230
Qlik Technologies, Inc.*		134		3,361
QUALCOMM, Inc.		353		25,973
SAP AG (Germany)		157		13,003
SciQuest, Inc.*		100		2,796
SS&C Technologies Holdings, Inc.*		100		4,311
Syntel, Inc.		100		8,837
Ultimate Software Group, Inc.*		29		4,544

				484,228

Utilities — 0.5%
Centrica PLC (United Kingdom)		834		4,617
Cleco Corp.		100		4,571
Dominion Resources, Inc.		100		6,491
E.ON SE (Germany)		320		6,157
GDF Suez (France)		238		5,520
National Grid PLC (United Kingdom)		557		7,064
NextEra Energy, Inc.		85		7,190
Piedmont Natural Gas Co., Inc.		118		3,912
PPL Corp.		528		16,214

				61,736

TOTAL COMMON STOCKS (Cost $3,007,368)				3,944,845

PREFERRED STOCKS — 0.0% (a)
Consumer, Cyclical — 0.0% (a)
Volkswagen AG (Germany)		21		5,573


	Number of Shares		Value

Industrial — 0.0% (a)
Rolls-Royce Holdings PLC (United Kingdom)*		27,004	$	44
Rolls-Royce Holdings PLC, Class C (United Kingdom)*		37,366		61

				105

TOTAL PREFERRED STOCKS (Cost $4,593)				5,678


	Principal Amount		Value

CORPORATE BONDS — 35.8%
Basic Materials — 0.6%
BHP Billiton Finance USA Ltd. (Australia) 1.00%, 2/24/15	$	68,000	$	68,608

Communications — 1.2%
Orange SA (France) 4.375%, 7/08/14		37,000		37,804
Telefonica Emisiones S.A.U. (Spain) 4.949%, 1/15/15		10,000		10,445
Time Warner Cable, Inc. 7.50%, 4/01/14		51,000		52,115
Verizon Communications, Inc. 1.25%, 11/03/14		38,000		38,253

				138,617

Consumer, Cyclical — 0.5%
Toyota Motor Credit Corp., Series G 1.25%, 11/17/14		53,000		53,515

Consumer, Non-cyclical — 2.5%
Express Scripts Holding Co. 2.75%, 11/21/14		37,000		37,767
Novartis Capital Corp. 2.90%, 4/24/15		73,000		75,625
PepsiCo, Inc. 0.75%, 3/05/15		70,000		70,312
UnitedHealth Group, Inc. 4.875%, 3/15/15		100,000		105,479

				289,183

Energy — 1.5%
Enterprise Products Operating LLC, Series G 5.60%, 10/15/14		136,000		141,857
Shell International Finance BV (Netherlands) 4.00%, 3/21/14		37,000		37,411

				179,268

Financial — 19.9%
American International Group, Inc. 4.25%, 9/15/14		51,000		52,470
Bank of Montreal, MTN (Canada) 1.75%, 4/29/14		30,000		30,183
Bank of New York Mellon (The) Corp., MTN 4.30%, 5/15/14		110,000		111,966
Bank of Nova Scotia (Canada) 3.40%, 1/22/15		58,000		60,003
Barclays Bank PLC (United Kingdom) 5.20%, 7/10/14		70,000		72,005


See Notes to Financial Statements.		38

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

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

November 30, 2013 (Unaudited)


	Principal Amount		Value

Financial (Continued)
Citigroup, Inc. 6.375%, 8/12/14	$	61,000	$	63,441
4.75%, 5/19/15		94,000		99,255
General Electric Capital Corp. 5.90%, 5/13/14		71,000		72,763
Genworth Holdings, Inc. 5.75%, 6/15/14		52,000		53,582
Goldman Sachs Group, (The), Inc. 5.00%, 10/01/14		312,000		323,237
HSBC USA, Inc. 2.375%, 2/13/15		74,000		75,661
John Deere Capital Corp. 0.875%, 4/17/15		38,000		38,265
JPMorgan Chase & Co., MTN 1.875%, 3/20/15		75,000		76,149
Merrill Lynch & Co., Inc., MTN 5.00%, 1/15/15		278,000		291,004
MetLife, Inc. 5.00%, 6/15/15		142,000		151,361
Morgan Stanley, Series G, MTN 4.10%, 1/26/15		109,000		113,021
National Rural Utilities Cooperative Finance Corp. 1.00%, 2/02/15		50,000		50,386
Prudential Financial, Inc., Series B, MTN 5.10%, 9/20/14		24,000		24,867
Royal Bank of Canada, MTN (Canada) 1.45%, 10/30/14		76,000		76,832
US Bank NA 4.95%, 10/30/14		115,000		119,740
Wachovia Corp. 5.25%, 8/01/14		29,000		29,891
Wells Fargo & Co., MTN 1.25%, 2/13/15		53,000		53,476
Wells Fargo & Co. 5.00%, 11/15/14		275,000		286,467

				2,326,025

Government — 6.5%
African Development Bank (Supranational) 3.00%, 5/27/14		52,000		52,707
Asian Development Bank, Series G, MTN (Supranational) 2.75%, 5/21/14		52,000		52,623
European Investment Bank (Supranational) 4.625%, 5/15/14		515,000		525,395
International Finance Corp. (Supranational) 2.75%, 4/20/15		37,000		38,275
International Finance Corp., Series G (Supranational), MTN 3.00%, 4/22/14		37,000		37,409
Nordic Investment Bank (Supranational) 2.625%, 10/06/14		52,000		53,065

				759,474


	Principal Amount		Value

Industrial — 0.7%
Caterpillar Financial Services Corp., MTN 6.125%, 2/17/14	$	64,000	$	64,789
United Technologies Corp. 4.875%, 5/01/15		18,000		19,119

				83,908

Technology — 1.4%
Hewlett-Packard Co. 6.125%, 3/01/14		87,000		88,136
International Business Machines Corp. 0.55%, 2/06/15		69,000		69,207

				157,343

Utilities — 1.0%
Constellation Energy Group, Inc. 4.55%, 6/15/15		50,000		52,655
Exelon Generation Co. LLC 5.35%, 1/15/14		65,000		65,352

				118,007

TOTAL CORPORATE BONDS (Cost $4,165,244)				4,173,948

UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS — 29.2%
Federal Home Loan Mortgage Corporation — 0.7%
0.625%, 12/29/14		80,000		80,392

Federal National Mortgage Association — 1.3%
2.625%, 11/20/14		78,000		79,891
5.00%, 4/15/15		70,000		74,578

				154,469

United States Treasury Bonds/ Notes — 27.2%
1.00%, 1/15/14		382,000		382,440
1.75%, 1/31/14		378,000		379,056
0.25%, 3/31/14		772,000		772,316
4.75%, 5/15/14		582,900		595,139
0.25%, 5/31/14		157,000		157,104
4.25%, 8/15/14		69,000		70,991
2.375%, 9/30/14		148,000		150,720
0.50%, 10/15/14		53,000		53,164
0.25%, 12/15/14		74,000		74,085
4.00%, 2/15/15		82,000		85,751
2.50%, 3/31/15		197,000		203,006
2.125%, 5/31/15		198,000		203,669
0.25%, 5/15/16		49,000		48,837

				3,176,278

TOTAL UNITED STATES GOVERNMENT & AGENCIES OBLIGATIONS (Cost $3,407,222)				3,411,139


See Notes to Financial Statements.		39

db-X Exchange-Traded Funds Inc.

SCHEDULE OF INVESTMENTS

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

November 30, 2013 (Unaudited)


	Principal Amount		Value

SOVEREIGN BOND — 0.1%
Panama Government International Bond (Panama) 7.25%, 3/15/15	$	8,000	$	8,660

(Cost $8,627)

TOTAL INVESTMENTS — 98.9% (Cost $10,593,054)			$	11,544,270
Other assets less liabilities — 1.1%				127,119

NET ASSETS — 100.0%			$	11,671,389

MTN – Medium Term Note.

REIT – Real Estate Investment Trust.

* Non-income producing security.

(a) Less than 0.1%.

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


See Notes to Financial Statements.		40

This Page is Intentionally Left Blank

db-X Exchange-Traded Funds Inc.

STATEMENTS OF ASSETS AND LIABILITIES

November 30, 2013 (Unaudited)


	db X-trackers 2010 Target Date Fund			db X-trackers 2020 Target Date Fund			db X-trackers 2030 Target Date Fund
Assets
Investments in non-affiliates at fair value	$	9,963,008		$	27,522,742		$	32,754,370
Investment in Affiliated Securities at fair value (See Note 5)		4,485			27,970			49,381
Cash		138,656			43,524			24,847
Foreign currency at value		6,248			19,424			42,434
Receivables:
Interest and dividends		50,262			138,985			144,195
Foreign tax reclaim		1,197			28,000			36,211
Prepaid expenses		3,384			4,106			4,061

Total Assets	$	10,167,240		$	27,784,751		$	33,055,499


Liabilities
Payables:
Investment securities purchased	$	44,500		$	—		$	—
Investment advisory fees		2,027			11,132			14,894
Accrued expenses and other liabilities		26,848			47,913			44,071

Total Liabilities		73,375			59,045			58,965


Net Assets	$	10,093,865		$	27,725,706		$	32,996,534


Net Assets Consist of
Paid-in capital	$	11,140,420		$	26,994,891		$	31,343,729
Undistributed net investment income		21,263			223,440			562,444
Accumulated net realized gain (loss)		(1,512,742	)		(2,487,710	)		(2,598,159	)
Net unrealized appreciation (depreciation)		444,924			2,995,085			3,688,520


Net Assets	$	10,093,865		$	27,725,706		$	32,996,534


Number of Common Shares outstanding		400,800			1,000,800			1,200,800


Net Assets Value	$	25.18		$	27.70		$	27.48


Investments at cost	$	9,517,893		$	24,507,254		$	29,038,022

Investments in Affiliates at cost	$	4,875		$	49,463		$	77,856

Foreign currency at cost	$	6,135		$	19,378		$	43,026


See Notes to Financial Statements.		42

db-X Exchange-Traded Funds Inc.

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

November 30, 2013 (Unaudited)


	db X-trackers 2040 Target Date Fund			db X-trackers In-Target Date Fund
Assets
Investments in non-affiliates at fair value	$	33,508,612		$	11,536,988
Investment in Affiliated Securities at fair value (See Note 5)		59,798			7,282
Cash		10,015			135,830
Foreign currency at value		17,160			7,499
Receivables:
Interest and dividends		87,256			52,771
Foreign tax reclaim		39,892			2,917
Prepaid expenses		4,024			3,416

Total Assets	$	33,726,757		$	11,746,703


Liabilities
Payables:
Investment securities purchased	$	—		$	44,500
Investment advisory fees		14,724			2,892
Accrued expenses and other liabilities		43,270			27,922

Total Liabilities		57,994			75,314


Net Assets	$	33,668,763		$	11,671,389


Net Assets Consist of
Paid-in capital	$	32,518,756		$	10,623,093
Undistributed net investment income		436,657			43,153
Accumulated net realized gain (loss)		(5,491,235	)		53,739
Net unrealized appreciation (depreciation)		6,204,585			951,404


Net Assets	$	33,668,763		$	11,671,389


Number of Common Shares outstanding		1,200,800			400,800


Net Assets Value	$	28.04		$	29.12


Investments at cost	$	27,275,436		$	10,585,744

Investments in Affiliates at cost	$	89,601		$	7,310

Foreign currency at cost	$	17,191		$	7,421


See Notes to Financial Statements.		43

db-X Exchange-Traded Funds Inc.

STATEMENTS OF OPERATIONS

For the Six Months Ended November 30, 2013 (Unaudited)


	db X-trackers 2010 Target Date Fund			db X-trackers 2020 Target Date Fund			db X-trackers 2030 Target Date Fund
Investment Income
Unaffiliated interest income	$	21,384		$	41,151		$	163,556
Unaffiliated dividend income*		24,387			149,849			265,810

Total Investment Income		45,771			191,000			429,366


Expenses
Advisory fees		32,342			90,291			109,155
Audit and tax fees		12,054			12,054			12,054
Legal fees		3,221			10,320			10,196
Directors		7,417			23,393			23,109
Insurance		8,998			9,005			9,005
Listing fees		9,221			9,221			9,221
Printing		4,197			13,245			13,045
Other		193			193			192

Total Expenses		77,643			167,722			185,977
Less fees waived and expenses reimbursed: (See Note 3)		(45,110	)		(77,240	)		(76,631	)

Net Expenses		32,533			90,482			109,346


Net Investment Income		13,238			100,518			320,020


Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		140,506			1,090,817			1,258,762
In-kind redemptions		—			690,505			872,574
Foreign currency related transactions		(99	)		(320	)		252

Net realized gain (loss)		140,407			1,781,002			2,131,588
Net change in unrealized appreciation (depreciation) on:
Investments		107,882			(66,168	)		322,299
Foreign currency translations		267			1,776			1,470

Net change in unrealized appreciation (depreciation)		108,149			(64,392	)		323,769

Net realized and unrealized gain (loss) on investments and foreign currency transactions		248,556			1,716,610			2,455,357


Net Increase (Decrease) in Net Assets from Operations	$	261,794		$	1,817,128		$	2,775,377

* Foreign taxes withheld	$	412		$	2,070		$	4,294


See Notes to Financial Statements.		44

db-X Exchange-Traded Funds Inc.

STATEMENTS OF OPERATIONS (Continued)

For the Six Months Ended November 30, 2013 (Unaudited)


	db X-trackers 2040 Target Date Fund			db X-trackers In-Target Date Fund
Investment Income
Unaffiliated interest income	$	40,139		$	17,647
Unaffiliated dividend income*		298,664			40,864

Total Investment Income		338,803			58,511


Expenses
Advisory fees		102,231			37,057
Audit and tax fees		12,054			12,054
Legal fees		10,085			3,687
Directors		22,860			8,454
Insurance		9,005			8,998
Listing fees		9,221			9,221
Printing		12,952			4,766
Other		192			193

Total Expenses		178,600			84,430
Less fees waived and expenses reimbursed: (See Note 3)		(76,178	)		(47,182	)

Net Expenses		102,422			37,248


Net Investment Income		236,381			21,263


Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		1,635,931			269,662
In-kind redemptions		—			—
Foreign currency related transactions		800			(135	)

Net realized gain (loss)		1,636,731			269,527
Net change in unrealized appreciation (depreciation) on:
Investments		1,731,618			193,221
Foreign currency translations		2,298			456

Net change in unrealized appreciation (depreciation)		1,733,916			193,677

Net realized and unrealized gain (loss) on investments and foreign currency transactions		3,370,647			463,204


Net Increase (Decrease) in Net Assets from Operations	$	3,607,028		$	484,467

* Foreign taxes withheld	$	4,449		$	810


See Notes to Financial Statements.		45

db-X Exchange-Traded Funds Inc.

STATEMENTS OF CHANGES IN NET ASSETS


	db X-trackers 2010 Target Date Fund					db X-trackers 2020 Target Date Fund
	For the Six Months Ended November 30, 2013 (Unaudited)		Year Ended May 31, 2013			For the Six Months Ended November 30, 2013 (Unaudited)			Year Ended May 31, 2013
Increase (Decrease) in Net Assets from Operations
Net investment income	$	13,238	$	26,010		$	100,518		$	333,644
Net realized gain (loss)		140,407		25,221			1,781,002			345,664
Net change in unrealized appreciation (depreciation)		108,149		365,842			(64,392	)		3,726,866

Net increase (decrease) resulting from operations		261,794		417,073			1,817,128			4,406,174


Distributions to Shareholders from
Net investment income		—		(39,179	)		—			(356,998	)

Total distributions		—		(39,179	)		—			(356,998	)


Fund Shares Transactions:
Proceeds from shares sold		—		—			—			—
Value of shares redeemed		—		—			(5,188,581	)		(4,870,232	)

Net increase (decrease) in net assets resulting from fund share transactions		—		—			(5,188,581	)		(4,870,232	)

Total increase (decrease) in Net Assets		261,794		377,894			(3,371,453	)		(821,056	)

Net Assets
Beginning of period		9,832,071		9,454,177			31,097,159			31,918,215

End of period	$	10,093,865	$	9,832,071		$	27,725,706		$	31,097,159

Undistributed net investment income	$	21,263	$	8,025		$	223,440		$	122,922


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

Shares outstanding, end of period		400,800		400,800			1,000,800			1,200,800


See Notes to Financial Statements.		46

db-X Exchange-Traded Funds Inc.

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	db X-trackers 2030 Target Date Fund						db X-trackers 2040 Target Date Fund
	For the Six Months Ended November 30, 2013 (Unaudited)			Year Ended May 31, 2013			For the Six Months Ended November 30, 2013 (Unaudited)		Year Ended May 31, 2013
Increase (Decrease) in Net Assets from Operations
Net investment income	$	320,020		$	676,005		$	236,381	$	547,457
Net realized gain (loss)		2,131,588			1,965,365			1,636,731		632,926
Net change in unrealized appreciation (depreciation)		323,769			3,396,480			1,733,916		5,562,129

Net increase (decrease) resulting from operations		2,775,377			6,037,850			3,607,028		6,742,512


Distributions to Shareholders from
Net investment income		—			(721,516	)		—		(587,200	)

Total distributions		—			(721,516	)		—		(587,200	)


Fund Shares Transactions:
Proceeds from shares sold		5,203,624			—			—		—
Value of shares redeemed		(5,246,577	)		(4,886,296	)		—		(4,451,251	)

Net increase (decrease) in net assets resulting from fund share transactions		(42,953	)		(4,886,296	)		—		(4,451,251	)

Total increase (decrease) in Net Assets		2,732,424			430,038			3,607,028		1,704,061

Net Assets
Beginning of period		30,264,110			29,834,072			30,061,735		28,357,674

End of period	$	32,996,534		$	30,264,110		$	33,668,763	$	30,061,735

Undistributed net investment income	$	562,444		$	242,424		$	436,657	$	200,276


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

Shares outstanding, end of period		1,200,800			1,200,800			1,200,800		1,200,800


See Notes to Financial Statements.		47

db-X Exchange-Traded Funds Inc.

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	db X-trackers In-Target Date Fund
	For the Six Months Ended November 30, 2013 (Unaudited)		Year Ended May 31, 2013
Increase (Decrease) in Net Assets from Operations
Net investment income	$	21,263	$	54,828
Net realized gain (loss)		269,527		9,022
Net change in unrealized appreciation (depreciation)		193,677		803,651

Net increase (decrease) resulting from operations		484,467		867,501


Distributions to Shareholders from
Net investment income		—		(56,878	)

Total distributions		—		(56,878	)


Fund Shares Transactions:
Proceeds from shares sold		—		—
Value of shares redeemed		—		—

Net increase (decrease) in net assets resulting from fund share transactions		—		—

Total increase (decrease) in Net Assets		484,467		810,623

Net Assets
Beginning of period		11,186,922		10,376,299

End of period	$	11,671,389	$	11,186,922

Undistributed net investment income	$	43,153	$	21,890


Changes in Shares Outstanding
Shares outstanding, beginning of period		400,800		400,800
Shares sold		—		—
Shares redeemed		—		—

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


See Notes to Financial Statements.		48

db-X Exchange-Traded Funds Inc.

FINANCIAL HIGHLIGHTS

For a Share outstanding throughout each period


	For the Six Months Ended November 30, 2013 (Unaudited)
db X-trackers 2010 Target Date Fund				Year Ended May 31,
db X-trackers 2010 Target Date Fund				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	24.53		$	23.59		$	23.98		$	23.24		$	22.09		$	24.93

Income from Investment Operations:
Net investment income*		0.03			0.06			0.16			0.37			0.55			0.69
Net realized and unrealized gain (loss)		0.62			0.98			(0.35	)		0.99			1.11			(2.67	)
Contributions from advisor		—			—			—			0.04			—			—

Net increase (decrease) in net assets value from operations		0.65			1.04			(0.19	)		1.40			1.66			(1.98	)

Distributions paid to shareholders from:
Net investment income		—			(0.10	)		(0.20	)		(0.66	)		(0.51	)		(0.86	)
Net realized capital gains		—			—			—			—			—			—

Total distributions		—			(0.10	)		(0.20	)		(0.66	)		(0.51	)		(0.86	)

Net Asset Value, end of period	$	25.18		$	24.53		$	23.59		$	23.98		$	23.24		$	22.09


Total Return**		2.65	%		4.41	%		(0.79	)%		6.09	%		7.51	%		(7.87	)%

Ratios/Supplemental Data:
Net Assets, end of period (000’s omitted)	$	10,094		$	9,832		$	9,454		$	14,408		$	18,610		$	17,693
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		1.56	%†		1.53	%		1.39	%		1.70	%		2.10	%		1.70	%
Net investment income		0.27	%†		0.27	%		0.67	%		1.56	%		2.32	%		3.09	%
Portfolio turnover rate		53	%††		86	%		65	%		58	%		51	%		54	%

	For the Six Months Ended November 30, 2013 (Unaudited)
db X-trackers 2020 Target Date Fund				Year Ended May 31,
db X-trackers 2020 Target Date Fund				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	25.90		$	22.79		$	24.00		$	20.69		$	18.56		$	24.18

Income from Investment Operations:
Net investment income*		0.10			0.26			0.28			0.44			0.51			0.61
Net realized and unrealized gain (loss)		1.70			3.15			(1.12	)		3.39			2.10			(5.64	)
Contributions from advisor		—			—			—			0.01			—			—

Net increase (decrease) in net assets value from operations		1.80			3.41			(0.84	)		3.84			2.61			(5.03	)

Distributions paid to shareholders from:
Net investment income		—			(0.30	)		(0.37	)		(0.53	)		(0.48	)		(0.59	)
Net realized capital gains		—			—			—			—			—			(0.00	)(a)

Total distributions		—			(0.30	)		(0.37	)		(0.53	)		(0.48	)		(0.59	)

Net Asset Value, end of period	$	27.70		$	25.90		$	22.79		$	24.00		$	20.69		$	18.56


Total Return**		6.95	%		15.04	%		(3.49	)%		18.71	%		13.99	%		(20.73	)%

Ratios/Supplemental Data:
Net Assets, end of period (000’s omitted)	$	27,726		$	31,097		$	31,918		$	38,412		$	41,405		$	37,142
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		1.21	%†		1.15	%		1.16	%		1.42	%		1.90	%		1.60	%
Net investment income		0.72	%†		1.08	%		1.20	%		1.97	%		2.43	%		3.17	%
Portfolio turnover rate		48	%††		52	%		55	%		49	%		37	%		64	%

*	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 (for the year ended May 31, 2009 and 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.		49

db-X Exchange-Traded Funds Inc.

FINANCIAL HIGHLIGHTS (Continued)

For a Share outstanding throughout each period


	For the Six Months Ended November 30, 2013 (Unaudited)
db X-trackers 2030 Target Date Fund				Year Ended May 31,
db X-trackers 2030 Target Date Fund				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	25.20		$	21.30		$	22.06		$	18.18		$	16.07		$	23.57

Income from Investment Operations:
Net investment income*		0.25			0.49			0.46			0.39			0.37			0.44
Net realized and unrealized gain (loss)		2.03			3.93			(0.74	)		3.90			2.07			(7.54	)
Contributions from advisor		—			—			—			0.00	(a)		—			—

Net increase (decrease) in net assets value from operations		2.28			4.42			(0.28	)		4.29			2.44			(7.10	)

Distributions paid to shareholders from:
Net investment income		—			(0.52	)		(0.48	)		(0.41	)		(0.33	)		(0.40	)
Net realized capital gains		—			—			—			—			—			—

Total distributions		—			(0.52	)		(0.48	)		(0.41	)		(0.33	)		(0.40	)

Net Asset Value, end of period	$	27.48		$	25.20		$	21.30		$	22.06		$	18.18		$	16.07


Total Return**		9.05	%		20.94	%		(1.17	)%		23.74	%		15.13	%		(30.08	)%

Ratios/Supplemental Data:
Net Assets, end of period (000’s omitted)	$	32,997		$	30,264		$	29,834		$	35,307		$	32,740		$	28,937
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		1.11	%†		1.16	%		1.18	%		1.43	%		1.95	%		1.62	%
Net investment income		1.91	%†		2.11	%		2.17	%		1.93	%		2.01	%		2.52	%
Portfolio turnover rate		34	%††		46	%		40	%		39	%		42	%		64	%

	For the Six Months Ended November 30, 2013 (Unaudited)
db X-trackers 2040 Target Date Fund				Year Ended May 31,
db X-trackers 2040 Target Date Fund				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	25.03		$	20.24		$	21.69		$	17.48		$	15.35		$	23.49

Income from Investment Operations:
Net investment income*		0.20			0.43			0.37			0.32			0.32			0.37
Net realized and unrealized gain (loss)		2.81			4.85			(1.44	)		4.25			2.08			(8.15	)

Net increase (decrease) in net assets value from operations		3.01			5.28			(1.07	)		4.57			2.40			(7.78	)

Distributions paid to shareholders from:
Net investment income		—			(0.49	)		(0.38	)		(0.36	)		(0.27	)		(0.36	)
Net realized capital gains		—			—			—			—			—			—

Total distributions		—			(0.49	)		(0.38	)		(0.36	)		(0.27	)		(0.36	)

Net Asset Value, end of period	$	28.04		$	25.03		$	20.24		$	21.69		$	17.48		$	15.35


Total Return**		12.03	%		26.35	%		(4.86	)%		26.32	%		15.59	%		(33.03	)%

Ratios/Supplemental Data:
Net Assets, end of period (000’s omitted)	$	33,669		$	30,062		$	28,358		$	34,723		$	31,477		$	27,651
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		1.14	%†		1.17	%		1.20	%		1.43	%		1.97	%		1.65	%
Net investment income		1.50	%†		1.88	%		1.84	%		1.64	%		1.79	%		2.21	%
Portfolio turnover rate		29	%††		34	%		34	%		35	%		38	%		56	%

*	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 (for the year ended May 31, 2009 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.		50

db-X Exchange-Traded Funds Inc.

FINANCIAL HIGHLIGHTS (Continued)

For a Share outstanding throughout each period


	For the Six Months Ended November 30, 2013 (Unaudited)
db X-trackers In-Target Date Fund				Year Ended May 31,
db X-trackers In-Target Date Fund				2013			2012			2011			2010			2009
Net Asset Value, beginning of period	$	27.91		$	25.89		$	26.54		$	25.07		$	24.38		$	25.46

Income from Investment Operations:
Net investment income*		0.05			0.14			0.16			0.25			0.33			0.47
Net realized and unrealized gain (loss)		1.16			2.02			(0.63	)		1.61			0.70			(0.96	)
Contributions from advisor		—			—			—			0.00	(a)		—			—

Net increase (decrease) in net assets value from operations		1.21			2.16			(0.47	)		1.86			1.03			(0.49	)

Distributions paid to shareholders from:
Net investment income		—			(0.14	)		(0.18	)		(0.39	)		(0.34	)		(0.59	)
Net realized capital gains		—			—			—			—			—			(0.00	)(a)

Total distributions		—			(0.14	)		(0.18	)		(0.39	)		(0.34	)		(0.59	)

Net Asset Value, end of period	$	29.12		$	27.91		$	25.89		$	26.54		$	25.07		$	24.38


Total Return**		4.34	%		8.37	%		(1.77	)%		7.44	%		4.23	%		(1.87	)%

Ratios/Supplemental Data:
Net Assets, end of period (000’s omitted)	$	11,671		$	11,187		$	10,376		$	15,948		$	20,074		$	24,400
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		1.48	%†		1.47	%		1.36	%		1.66	%		2.06	%		1.57	%
Net investment income		0.37	%†		0.51	%		0.59	%		0.96	%		1.30	%		1.91	%
Portfolio turnover rate		47	%††		62	%		59	%		60	%		42	%		75	%

*	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 (for the year ended May 31, 2009 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.		51

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization

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

As of November 30, 2013, there were five (5) series of exchange-traded funds (“ETF”) (each, a “Fund,” and collectively, the “Funds”) in operation and trading:


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

DBX Strategic Advisors LLC (“DBX” or the “Advisor”) serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Directors.

Each Fund offers shares, 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-trackers 2010 Fund		Zacks 2010 Lifecycle Index
db X-trackers 2020 Fund		Zacks 2020 Lifecycle Index
db X-trackers 2030 Fund		Zacks 2030 Lifecycle Index
db X-trackers 2040 Fund		Zacks 2040 Lifecycle Index
db X-trackers 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 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

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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.

Cash Cash consists of cash held at banks and are on deposits with major financial institutions.

Security 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.

Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.

Debt securities are valued at prices supplied by independent pricing services approved by the Fund’s Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors used in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

The following table summarizes the valuation of each Fund’s investments by the above fair value hierarchy levels as of November 30, 2013 (see the Schedule of Investments for security categories). For the six months ended November 30, 2013, there were no transfers between investment levels.


	Level 1		Level 2		Level 3		Fair Value at 11/30/2013
db X-trackers 2010 Fund
Investments in Securities
Common Stocks	$	2,302,431	$	—	$	—	$	2,302,431
Preferred Stocks		4,043		—		—		4,043
Corporate Bonds		—		4,222,269		—		4,222,269
United States Government & Agencies Obligations		—		3,430,090		—		3,430,090
Sovereign Bond		—		8,660		—		8,660

Total Investments	$	2,306,474	$	7,661,019	$	—	$	9,967,493

db X-trackers 2020 Fund
Investments in Securities
Common Stocks	$	14,494,508	$	—	$	—	$	14,494,508
Preferred Stocks		20,866		—		—		20,866
Corporate Bonds		—		3,977,967		—		3,977,967
United States Government & Agencies Obligations		—		9,057,371		—		9,057,371

Total Investments	$	14,515,374	$	13,035,338	$	—	$	27,550,712

db X-trackers 2030 Fund
Investments in Securities
Common Stocks	$	25,411,311	$	—	$	—	$	25,411,311
Preferred Stocks		35,942		—		—		35,942
Corporate Bonds		—		6,826,646		—		6,826,646
United States Government & Agencies Obligations		—		529,852		—		529,852

Total Investments	$	25,447,253	$	7,356,498	$	—	$	32,803,751

db X-trackers 2040 Fund
Investments in Securities
Common Stocks	$	31,310,968	$	—	$	—	$	31,310,968
Preferred Stocks		44,546		—		—		44,546
Corporate Bonds		—		987,089		—		987,089
United States Government & Agencies Obligations		—		1,140,099		—		1,140,099
Sovereign Bonds		—		85,708		—		85,708

Total Investments	$	31,355,514	$	2,212,896	$	—	$	33,568,410

db X-trackers In-Target Fund
Investments in Securities
Common Stocks	$	3,944,845	$	—	$	—	$	3,944,845
Preferred Stocks		5,678		—		—		5,678
Corporate Bonds		—		4,173,948		—		4,173,948
United States Government & Agencies Obligations		—		3,411,139		—		3,411,139
Sovereign Bond		—		8,660		—		8,660

Total Investments	$	3,950,523	$	7,593,747	$	—	$	11,544,270

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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

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

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. The Advisor does not believe that the unrecognized tax benefits will change significantly in the next 12 months.

The Funds’ recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the six months ended November 30, 2013, the Funds did not incur any interest or penalties.

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, 2013, 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

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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

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 Funds’ 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.

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, 2014. 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 months ended November 30, 2013.

The amounts subject to potential reimbursement to the Advisor as of November 30, 2013 were as follows:


	Reimbursements available through:
	5/31/2014		5/31/2015		5/31/2016
db X-trackers 2010 Fund	$	187,622	$	84,788	$	45,110
db X-trackers 2020 Fund		333,966		155,260		77,240
db X-trackers 2030 Fund		329,744		161,871		76,631
db X-trackers 2040 Fund		308,119		150,327		76,178
db X-trackers In-Target Fund		194,674		88,106		47,182

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

For the six months ended November 30, 2013, 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-trackers 2010 Fund	$	32,342	$	12,768
db X-trackers 2020 Fund		77,240		—
db X-trackers 2030 Fund		76,631		—
db X-trackers 2040 Fund		76,178		—
db X-trackers In-Target Fund		37,057		10,125

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. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.

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

4. Federal Income Taxes

At May 31, 2013, 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 short-term		Post-effective — no expiration long-term		Total Amount
	2017		2018		2019		Post-effective — no expiration short-term		Post-effective — no expiration long-term		Total Amount
db X-trackers 2010 Fund	$	623,400	$	1,020,627	$	—	$	—	$	—	$	1,644,027
db X-trackers 2020 Fund		418,939		3,713,736		—		47,629		59,593		4,239,897
db X-trackers 2030 Fund		58,423		4,568,179		71,703		—		—		4,698,305
db X-trackers 2040 Fund		1,809,203		4,936,668		352,525		—		15,264		7,113,660
db X-trackers In-Target Fund		—		211,212		—		—		—		211,212

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.

As of November 30, 2013, the cost of investments for Federal income tax purposes and the aggregated gross unrealized appreciation/depreciation on investments were as follows:


	Cost		Net Unrealized Appreciation (Depreciation)		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)
db X-trackers 2010 Fund	$	9,531,890	$	435,603	$	499,004	$	(63,401	)
db X-trackers 2020 Fund		24,585,532		2,965,180		3,465,557		(500,377	)
db X-trackers 2030 Fund		29,147,320		3,656,431		5,306,283		(1,649,852	)
db X-trackers 2040 Fund		27,379,343		6,189,067		7,323,732		(1,134,665	)
db X-trackers In-Target Fund		10,597,630		946,640		1,011,911		(65,271	)

db-X Exchange-Traded Funds Inc.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

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, 2013.


	Fair Value 5/31/2013		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)		Realized Gain (Loss)			Fair Value 11/30/2013		Dividend Income
db X-trackers 2010 Fund
Deutsche Bank AG (Common Stock)	$	2,626	$	1,708	$	—		$	151	$	—		$	4,485	$	—
db X-trackers 2020 Fund
Deutsche Bank AG (Common Stock)		38,355		—		(10,340	)		5,826		(5,871	)		27,970		—
db X-trackers 2030 Fund
Deutsche Bank AG (Common Stock)		53,312		8,475		(14,034	)		6,613		(4,985	)		49,381		—
db X-trackers 2040 Fund
Deutsche Bank AG (Common Stock)		62,080		—		(3,873	)		5,729		(4,138	)		59,798		—
db X-trackers In-Target Fund
Deutsche Bank AG (Common Stock)		9,003		—		(1,891	)		1,949		(1,779	)		7,282		—

6. Investment Portfolio Transactions

For the six-months ended November 30, 2013, 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-trackers 2010 Fund	$	3,839,850	$	225,923	$	1,667,978	$	3,664,998
db X-trackers 2020 Fund		8,305,393		4,974,956		13,101,999		5,181,472
db X-trackers 2030 Fund		15,878,467		1,052,743		15,839,551		821,077
db X-trackers 2040 Fund		8,821,318		553,324		9,016,238		94,125
db X-trackers In-Target Fund		4,015,167		243,745		2,527,867		3,709,186

For the six months ended November 30, 2013 the cost of in-kind purchases and the proceeds from in-kind sales were as follows:


	Purchases		Sales
db X-trackers 2020 Fund	$	—	$	2,999,244
db X-trackers 2030 Fund		4,069,199		5,231,114

7. Fund Share Transactions

As of November 30, 2013, 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.

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, 2013 on Form N-PX) is available without charge, upon request, (i) by calling 877-369-4617; (ii) on the Company’s website at www.dbxus.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.dbxus.com.

db-X Exchange-Traded Funds Inc.

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

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

db-X Exchange-Traded Funds Inc.

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

An Investor should consider the fund’s investment objective, risks, charges and expenses carefully before investing.

For this and more complete information about the fund call 877-369-4617 or visit the website www.dbxus.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.

Zacks and Zacks Lifecycle Index are servicemarks of Zacks Investment Research, Inc. (“Zacks”) and have been licensed for use by Deutsche Bank AG. The Fund is not sponsored, endorsed, issued, sold or promoted by Zacks. Zacks does not make any representations regarding the advisability of investing in the Funds.

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

TDX 857

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. 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 were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a)	The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b)

There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

Item 12. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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.



Date		February 10, 2014



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

By (Signature and Title)*	/s/ Alex Depetris
		Alex Depetris
		President and Chief Executive Officer



Date		February 10, 2014



Date		February 10, 2014

^* Print the name and title of each signing officer under his or her signature.

By (Signature and Title)*

/s/ Alex Depetris

Alex Depetris

President and Chief Executive Officer