Dimensional ETF Trust

For more than four decades, Dimensional has been innovating on behalf of investors, using financial science to pursue higher expected returns across a range of market conditions.

We start with what clients are seeking and determine how best to deliver strategies to meet those needs through a systematic approach designed to add value over indexing. Every day, we manage our strategies through a flexible process that allows us to consistently focus on reducing costs and controlling risks. We believe in sensible ideas that we can implement well. And we’re committed to continuing to enhance the investment solutions and services we provide to empower financial professionals.

On behalf of everyone at Dimensional, we thank you for entrusting us with your investments.

This report is submitted for the information of each Fund’s shareholders. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

Bond yields generally increased in the U.S. during the 12 months ended October 31, 2022. Longer-term government bonds generally underperformed shorter-term government bonds for the period. Bond yields also increased across global developed markets, resulting in the general underperformance of longer-term government bonds across global developed markets as well.

Long-term bond indices generally underperformed short-term bond indices in global developed fixed income markets for the 12 months ended October 31, 2022. For example, the FTSE World Government Bond Index 1-3 Years (hedged to USD) returned -3.35%, while the FTSE World Government Bond Index 20+ Years (hedged to USD) returned -29.51%. Within the U.S., the Bloomberg U.S. Treasury Bond Index 1-3 Years returned -4.85%, while the Bloomberg U.S. Treasury Bond Index 20+ Years returned -33.73%.

Many of Dimensional’s fixed income strategies use a variable maturity approach that identifies a maturity range with higher expected returns. When the yield curve is flat or inverted, short-term securities are believed to offer higher expected returns. When the yield curve is upwardly sloped, portfolio maturities may be lengthened to seek the higher expected returns associated with longer maturities. These higher returns may be achieved by capital appreciation (from holding bonds through an upwardly sloped term structure) as well as by earning higher current yields.

During the period under review, within the taxable bond market, the ultra-short-term Portfolios employing a variable maturity approach generally focused on the longer end of their eligible maturity range, reflecting a generally upwardly sloped ultra-short-term segment of eligible yield curves. The short-term Portfolios employing a variable maturity approach typically shortened duration by focusing on the one- to three-year maturity range as higher expected returns generally resided within this segment, reflecting the flat to inverted nature of eligible yield curves beyond three-years. The intermediate-term Portfolios employing a variable maturity approach focused on a combination of short- and long-term securities as certain eligible yield curves were generally upwardly sloped in their long-term segments. Realized term premiums were generally negative during the period.

Some of Dimensional’s fixed income strategies use a variable credit approach that varies exposure to lower credit quality securities. When credit spreads are narrow, higher-quality securities are emphasized. When credit spreads are wide, additional credit exposure may be taken in order to position a Portfolio to seek higher expected returns by capturing higher expected credit premiums.

Credit spreads widened over the period, indicating larger expected credit premiums. As a result, the variable credit Portfolios generally increased their allocations to single-A, BBB, and where allowable and appropriate, BB rated bonds during the period. Realized credit premiums were generally negative, as corporate bonds underperformed their government bond counterparts. Corporate bonds also generally underperformed securitized bonds during the period.

For the tax-exempt market, Portfolios employing a variable maturity approach generally focused on the shorter-end of their eligible duration ranges, reflecting the relatively flat slope of eligible municipal curves during the period. Realized term premiums were generally negative for municipal securities during the period.

The Dimensional Core Fixed Income ETF is designed to maximize total returns through exposure to a broad portfolio of investment grade debt securities of U.S. and non-U.S. corporate and government issuers using a variable credit approach. The ETF may also gain exposure to mortgage-backed securities through the “to-be-announced” (TBA) market. The ETF emphasizes investment grade obligations rated in the lower half of the investment grade spectrum, except when Dimensional believes the expected credit premium is relatively low. The ETF primarily invests in securities that mature within 20 years and follows a variable maturity strategy within a range of no more than a quarter of a year greater than, and no less than one year below, the weighted average duration of the ETF’s benchmark. The currency exposure associated with non-U.S. dollar-denominated securities within the ETF is generally hedged back to the U.S. dollar. The weighted average duration of the ETF was 6.63 years as of October 31, 2022.

From its inception on November 15, 2021, through October 31, 2022, total returns were -17.67% for the ETF and -15.31% for the Bloomberg U.S. Aggregate Bond Index, the ETF’s benchmark. During the period, the U.S. yield curve was broadly upwardly sloped, indicating larger expected term premiums. As such, the ETF maintained a duration at the longer end of its eligible maturity range. Realized term premiums were generally negative since the ETF’s inception date. As such, the ETF’s underweight to government securities in the one- to three-year maturity range and overweight to intermediate-term securities detracted from relative performance. Credit spreads widened since the ETF’s inception, indicating larger expected credit premiums. As such, the ETF’s allocation to single-A and BBB rated corporate securities was increased. Realized credit premiums were, however, generally negative since the ETF’s inception date. As a result, the ETF’s overweight to BBB rated corporate securities detracted from relative performance. In addition, the ETF’s fixed income securities underperformed the financing cost of the TBA contracts, also detracting from performance relative to the benchmark.

The Dimensional Short-Duration Fixed Income ETF is designed to maximize total returns by investing in U.S. and foreign corporate debt securities with an investment grade credit rating. The ETF engages in a variable credit approach that generally emphasizes investment grade obligations rated in the lower half of the investment grade spectrum except when Dimensional believes the expected credit premium is relatively low. The ETF primarily invests in securities that mature within five years and follows a variable maturity strategy within a range of no more than one half year greater than, and no less than one year below, the weighted average duration of the ETF’s benchmark. The currency exposure associated with non-U.S. dollar-denominated securities within the ETF is generally hedged back to the U.S. dollar. The weighted average duration of the ETF was 2.53 years as of October 31, 2022.

From its inception on November 15, 2021, through October 31, 2022, total returns were -7.68% for the ETF and -7.10% for the ICE BofA 1-5 Year U.S. Corporate & Government Index, the ETF’s benchmark. During the period, the U.S. Treasury yield curve was generally upwardly sloped along the ETF’s eligible maturity range but became flat to inverted beyond two-years later in the period, indicating smaller expected term premiums. As such, the ETF’s duration was positioned at the longer end of its eligible maturity range at inception and then shortened later in the period. Credit spreads widened since the ETF’s inception, indicating larger expected credit premiums. As such, the ETF’s allocation to single-A and BBB rated corporate securities was increased. Both realized term premiums and realized credit premiums were generally negative since the ETF’s inception date. As a result, the ETF’s underweight to government securities in the zero- to three-year maturity range and overweight to corporate securities in the three- to five-year maturity range detracted from relative performance.

The Dimensional Inflation-Protected Securities ETF is designed to provide inflation protection and current income by investing in inflation-protected securities (TIPS) issued by the U.S. government and its agencies and instrumentalities with maturities of between five and 20 years. The weighted average duration of the ETF was 6.92 years as of October 31, 2022.

From its inception on November 15, 2021, through October 31, 2022, total returns were -13.40% for the ETF and -12.71% for the Bloomberg U.S. TIPS Index, the ETF’s benchmark. Real interest rates increased since the

ETF’s inception date and long-term TIPS underperformed short-term TIPS. As a result, the ETF’s underweight to TIPS in the one- to five-year maturity range and overweight to TIPS in the 15- to 20-year maturity range detracted from relative performance. Conversely, the ETF’s exclusion of TIPS with maturities longer than 20-years contributed positively to relative performance.

The Dimensional National Municipal Bond ETF is designed to provide current income exempt from federal personal income tax by investing in a universe of investment grade municipal securities. The ETF follows a variable maturity strategy within a range of no more than half a year greater than, and no less than one year below, the weighted average duration of the ETF’s benchmark. The weighted average duration of the ETF was 3.53 years as of October 31, 2022.

From its inception on November 15, 2021, through October 31, 2022, total returns were -6.38% for the ETF and -8.72% for the S&P Intermediate Term National AMT-Free Municipal Bond Index, the ETF’s benchmark. During the period, municipal yield curves were relatively flat, indicating smaller expected term premiums. As such, the ETF maintained a shorter duration than its benchmark. Realized term premiums were generally negative since the ETF’s inception date. As a result, the ETF’s overweight to short-term municipal securities, and underweight to municipal securities with maturities longer than seven years, contributed positively to performance relative to the benchmark. The ETF’s overweight to higher-quality municipal securities also contributed positively to relative performance as higher-quality municipal securities generally outperformed lower-quality municipal securities.

The following Expense Tables are shown so that you can understand the impact of fees on your investment. All mutual funds have operating expenses. As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports, among others. Operating expenses and legal and audit services, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs, in dollars, of investing in the fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

This section helps you to estimate the actual expenses after fee waivers that you paid over the period. The “Ending Account Value” shown is derived from the fund’s actual return and “Expenses Paid During Period” reflects the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7.5), then multiply the result by the number given for your fund under the heading “Expenses Paid During Period.”

This section is intended to help you compare your fund’s costs with those of other mutual funds. The hypothetical “Ending Account Value” and “Expenses Paid During Period” are derived from the fund’s actual expense ratio and an assumed 5% annual return before expenses. In this case, because the return used is not the fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the SEC requires all mutual funds to calculate expenses based on a 5% annual return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the tables are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs, such as brokerage commissions, if applicable. The “Annualized Expense Ratio” represents the actual expenses for the six-month period indicated.

The SEC requires that all funds file a complete Schedule of Investments with the SEC for their first and third fiscal quarters as an exhibit to their reports on Form N-PORT. For Dimensional ETF Trust, this would be for the fiscal quarters ending January 31 and July 31. Such Form N-PORT filing must be made within 60 days of the end of the quarter. Dimensional ETF Trust filed its most recent Form N-PORT with the SEC on September 29, 2022. They are available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SEC’s website at http://www.sec.gov.

A fund is required to file a complete Schedule of Investments with the SEC on Form N-CSR within ten days after distributing the annual and semi-annual reports to shareholders. It will be available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SEC’s website at http://www.sec.gov.

The SEC requires that all funds present their categories of portfolio holdings in a table, chart, or graph format in their annual and semi-annual shareholder reports, whether or not a Schedule of Investments is used. The following table, which presents portfolio holdings as a percentage of total investments before short-term investments and collateral for loaned securities, is provided in compliance with this requirement. The categories shown below represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.


Dimensional Core Fixed Income ETF
Basic Materials	0.9	%
Communication Services	1.9	%
Consumer Discretionary	2.6	%
Consumer Staples	2.3	%
Consumer, Cyclical	0.0	%
Energy	4.2	%
Financials	14.6	%
Health Care	3.7	%
Industrials	2.7	%
Information Technology	4.0	%
Real Estate	3.6	%
Sovereign Bond	0.5	%
Technology	0.0	%
U.S. Government	55.9	%
Utilities	3.1	%

	100.0	%


Dimensional Short-Duration Fixed Income ETF
Basic Materials	3.0	%
Communication Services	2.6	%
Communications	0.0	%
Consumer Discretionary	4.8	%
Consumer Staples	3.1	%
Consumer, Cyclical	0.0	%
Consumer, Non-cyclical	0.1	%
Energy	6.1	%
Financials	35.4	%
Foreign Government	0.1	%
Health Care	6.2	%
Industrials	7.0	%
Information Technology	5.3	%
Real Estate	5.3	%
Sovereign Bond	5.3	%
U.S. Government	12.2	%
Utilities	3.5	%

	100	%


		Face Amount		Value†

		(000)^
AGENCY OBLIGATIONS — (23.1%)
Federal Farm Credit Banks Funding Corp.
	3.500%, 12/20/23		250	$	246,871
Federal Home Loan Banks
	0.500%, 11/09/23		550		527,653
	2.500%, 12/08/23		430		419,266
	2.250%, 12/08/23		700		680,921
	3.375%, 12/08/23		2,410		2,373,002
	0.625%, 12/22/23		230		219,456
	2.500%, 02/13/24		55		53,563
	3.250%, 03/08/24		2,110		2,067,997
	2.375%, 03/08/24		1,200		1,162,664
	2.875%, 06/14/24		710		689,365
	0.500%, 04/14/25		1,095		992,610
	3.125%, 09/12/25		195		187,230
	3.000%, 09/11/26		125		118,265
	3.250%, 06/09/28		265		249,088
	5.500%, 07/15/36		100		105,809
Federal Home Loan Mortgage Corp.
	2.750%, 06/19/23		250		247,037
	0.250%, 08/24/23		300		289,313
	0.250%, 11/06/23		1,150		1,099,045
	0.250%, 12/04/23		2,376		2,265,951
	0.375%, 09/23/25		1,230		1,094,268
	–%, 11/15/38		130		56,894
Federal National Mortgage Association
	0.250%, 11/27/23		1,065		1,015,902
	0.625%, 04/22/25		100		90,786
	0.375%, 08/25/25		1,331		1,186,621
	0.500%, 11/07/25		822		730,410
	2.125%, 04/24/26		227		210,170
	1.875%, 09/24/26		142		129,237
	6.250%, 05/15/29		49		54,124
	7.125%, 01/15/30		43		50,122
	5.625%, 07/15/37		60		65,064
	2.500%, 11/25/37, 15YR TBA		68,568		61,771,230
	2.000%, 11/25/37, 15YR TBA		96,958		84,899,862
	3.000%, 11/25/52, 30YR TBA		89,658		76,188,139
	2.500%, 11/25/52, 30YR TBA		59,305		48,528,505
	2.000%, 11/25/52, 30YR TBA		40,997		32,298,170
Government National Mortgage Association
	3.000%, 11/20/52, 30YR TBA		22,080		19,218,169
	2.500%, 11/20/52, 30YR TBA		78,037		66,112,340

TOTAL AGENCY OBLIGATIONS (Cost $413,966,211)					407,695,119


		Face Amount		Value†

		(000)^
BONDS — (43.7%)
AUSTRALIA — (0.5%)
APA Infrastructure, Ltd.
W	4.200%, 03/23/25		78	$	74,376
ASB Bank, Ltd.
W	1.625%, 10/22/26		275		236,426
#W	2.375%, 10/22/31		315		237,579
Bank of New Zealand
W	2.000%, 02/21/25		440		406,568
W	2.870%, 01/27/32		322		257,363
BHP Billiton Finance USA, Ltd.
	4.125%, 02/24/42		85		69,835
Commonwealth Bank of Australia
W	1.125%, 06/15/26		1,116		964,831
W	1.875%, 09/15/31		46		34,761
Macquarie Bank, Ltd.
W	2.300%, 01/22/25		212		198,030
#W	3.900%, 01/15/26		579		551,678
National Australia Bank, Ltd.
W	1.388%, 01/12/25		360		333,039
Rio Tinto Finance USA, Ltd.
	7.125%, 07/15/28		528		567,610
	5.200%, 11/02/40		665		631,768
Telstra Corp., Ltd.
W	3.125%, 04/07/25		175		166,990
Westpac Banking Corp.
#W	3.300%, 02/26/24		683		670,073
	1.019%, 11/18/24		175		161,319
	2.350%, 02/19/25		709		666,708
	2.850%, 05/13/26		1,041		962,981
	1.150%, 06/03/26		282		244,635
	2.700%, 08/19/26		1,041		950,044
	3.350%, 03/08/27		226		209,119
	3.400%, 01/25/28		77		70,548
	2.650%, 01/16/30		194		163,045
#	2.150%, 06/03/31		204		161,567


TOTAL AUSTRALIA					8,990,893


AUSTRIA — (0.1%)
Oesterreichische Kontrollbank AG
	0.500%, 09/16/24		887		821,260
	0.375%, 09/17/25		125		110,871


TOTAL AUSTRIA					932,131


BELGIUM — (0.1%)
Anheuser-Busch InBev Worldwide, Inc.
	4.750%, 01/23/29		97		94,353
#	4.900%, 01/23/31		70		68,438
	4.375%, 04/15/38		263		224,577
	5.450%, 01/23/39		1,078		1,012,745
	4.350%, 06/01/40		179		149,641


		Face Amount		Value†

		(000)^
BELGIUM — (Continued)
	4.950%, 01/15/42		87	$	77,001
	3.750%, 07/15/42		120		90,493


TOTAL BELGIUM					1,717,248


BERMUDA — (0.0%)
Assured Guaranty US Holdings, Inc.
	3.150%, 06/15/31		696		553,222
AXIS Specialty Finance PLC
	4.000%, 12/06/27		75		68,711


TOTAL BERMUDA					621,933


CANADA — (2.0%)
Alimentation Couche-Tard, Inc.
W	3.550%, 07/26/27		684		612,339
W	2.950%, 01/25/30		99		80,823
Bank of Montreal
	0.450%, 12/08/23		182		172,894
#	3.300%, 02/05/24, MTN		1,186		1,156,975
	0.625%, 07/09/24, MTN		2,672		2,469,463
	1.500%, 01/10/25, MTN		909		833,566
	1.850%, 05/01/25, MTN		391		359,240
	1.250%, 09/15/26, MTN		366		310,876
	2.650%, 03/08/27, MTN		287		254,457
Bank of Nova Scotia (The)
	3.400%, 02/11/24		955		934,318
	0.700%, 04/15/24		379		353,745
	0.650%, 07/31/24		215		197,951
	1.450%, 01/10/25		662		605,897
	2.200%, 02/03/25		229		213,062
	1.300%, 06/11/25		808		725,294
	1.050%, 03/02/26		50		43,309
	2.150%, 08/01/31		170		126,006
Barrick North America Finance LLC
	5.700%, 05/30/41		90		84,479
Brookfield Finance, Inc.
	4.850%, 03/29/29		204		188,399
	4.350%, 04/15/30		124		109,337
Canadian Imperial Bank of Commerce
	0.500%, 12/14/23		60		56,990
	3.100%, 04/02/24		881		853,750
	1.000%, 10/18/24		160		146,852
	2.250%, 01/28/25		525		488,996
#	3.300%, 04/07/25		589		559,722
	0.950%, 10/23/25		200		175,327
	1.250%, 06/22/26		1,174		1,003,537
#	3.600%, 04/07/32		672		554,714
Canadian Natural Resources, Ltd.
	3.900%, 02/01/25		364		351,014
	2.050%, 07/15/25		107		97,741
	3.850%, 06/01/27		463		426,237
	2.950%, 07/15/30		350		287,147
	7.200%, 01/15/32		191		200,208
	6.450%, 06/30/33		611		602,877


		Face Amount		Value†

		(000)^
CANADA — (Continued)
	5.850%, 02/01/35		143	$	132,758
	6.250%, 03/15/38		774		744,224
Canadian Pacific Railway Co.
	7.125%, 10/15/31		17		18,342
Cenovus Energy, Inc.
	5.250%, 06/15/37		77		66,880
	6.800%, 09/15/37		25		24,706
	6.750%, 11/15/39		126		123,948
Emera US Finance, LP
	2.639%, 06/15/31		99		75,918
Enbridge Energy Partners LP
	7.500%, 04/15/38		183		192,902
	5.500%, 09/15/40		558		496,778
Enbridge, Inc.
	2.150%, 02/16/24		147		141,343
	3.500%, 06/10/24		118		114,362
	2.500%, 01/15/25		141		132,128
	3.700%, 07/15/27		50		45,856
Fairfax Financial Holdings, Ltd.
	4.850%, 04/17/28		807		742,174
	4.625%, 04/29/30		62		54,509
	3.375%, 03/03/31		530		415,343
ITC Holdings Corp.
W	2.950%, 05/14/30		638		520,117
Kinross Gold Corp.
	4.500%, 07/15/27		161		149,713
Magna International, Inc.
	4.150%, 10/01/25		239		232,262
	2.450%, 06/15/30		300		240,557
Province of Alberta Canada
	1.875%, 11/13/24		650		614,633
Province of British Columbia Canada
	2.250%, 06/02/26		271		249,953
	0.900%, 07/20/26		190		165,692
Province of Manitoba Canada
	2.600%, 04/16/24		125		121,244
	3.050%, 05/14/24		545		531,037
	2.125%, 06/22/26		80		73,090
Province of Ontario Canada
#	3.050%, 01/29/24		595		582,761
	3.200%, 05/16/24		1,552		1,515,962
	0.625%, 01/21/26		1,350		1,183,459
	2.500%, 04/27/26		113		104,710
Province of Quebec Canada
	2.875%, 10/16/24		230		222,196
	0.600%, 07/23/25		154		138,100
Rogers Communications, Inc.
	3.625%, 12/15/25		109		101,850
Royal Bank of Canada
	2.550%, 07/16/24		100		95,381
	3.970%, 07/26/24		500		488,448
	0.650%, 07/29/24		761		702,081
	1.150%, 06/10/25		318		285,594
	0.875%, 01/20/26		206		177,869
	1.200%, 04/27/26		194		167,369


		Face Amount		Value†

		(000)^
CANADA — (Continued)
	2.300%, 11/03/31		185	$	140,781
Spectra Energy Partners, LP
	3.500%, 03/15/25		227		216,490
Suncor Energy, Inc.
	7.150%, 02/01/32		344		358,063
	5.950%, 12/01/34		501		476,562
	6.800%, 05/15/38		362		361,333
	6.500%, 06/15/38		50		49,138
Sysco Corp.
	3.750%, 10/01/25		75		71,680
Thomson Reuters Corp.
	3.850%, 09/29/24		236		227,442
Toronto Dominion Bank
	2.350%, 03/08/24		500		480,669
	2.650%, 06/12/24, MTN		348		333,423
	0.700%, 09/10/24		111		101,836
	3.766%, 06/06/25		110		105,559
Toronto-Dominion Bank (The)
	3.200%, 03/10/32		2,700		2,192,820
TransCanada PipeLines, Ltd.
	4.250%, 05/15/28		128		118,694
	4.100%, 04/15/30		70		62,661
	2.500%, 10/12/31		32		24,587
	4.625%, 03/01/34		873		762,438
	5.600%, 03/31/34		65		60,746
	6.200%, 10/15/37		106		103,067
	7.625%, 01/15/39		1,290		1,409,402
	6.100%, 06/01/40		34		32,448

TOTAL CANADA					35,513,630


DENMARK — (0.0%)
Danske Bank A/S
W	5.375%, 01/12/24		663		653,371

TOTAL DENMARK					653,371


FINLAND — (0.1%)
Nordea Bank Abp
W	0.625%, 05/24/24		245		227,524
W	1.500%, 09/30/26		2,272		1,913,909

TOTAL FINLAND					2,141,433


FRANCE — (0.5%)
Banque Federative du Credit Mutuel SA
W	0.650%, 02/27/24		538		504,491
W	0.998%, 02/04/25		362		325,789
BNP Paribas SA
W	4.400%, 08/14/28		699		618,872
BPCE SA
W	2.375%, 01/14/25		800		733,940
#W	2.700%, 10/01/29		725		587,163
Societe Generale SA
W	3.875%, 03/28/24		1,774		1,707,664
W	2.625%, 01/22/25		600		550,266
W	3.000%, 01/22/30		1,500		1,142,252


		Face Amount		Value†

		(000)^
FRANCE — (Continued)
TotalEnergies Capital International SA
	3.455%, 02/19/29		75	$	68,016
	2.829%, 01/10/30		50		42,915
	2.986%, 06/29/41		179		126,061
TotalEnergies Capital SA
	3.883%, 10/11/28		63		58,749
Vinci SA
#W	3.750%, 04/10/29		625		561,953
WEA Finance LLC
W	2.875%, 01/15/27		361		300,406
W	3.500%, 06/15/29		832		666,326

TOTAL FRANCE					7,994,863


GERMANY — (1.0%)
Bayer US Finance II LLC
W	3.375%, 07/15/24		50		48,301
W	4.250%, 12/15/25		310		296,395
#W	4.625%, 06/25/38		400		327,073
BMW US Capital LLC
W	3.250%, 04/01/25		85		81,215
W	3.900%, 04/09/25		568		548,866
	2.800%, 04/11/26		75		68,720
W	2.800%, 04/11/26		395		361,993
W	3.450%, 04/01/27		50		46,137
W	3.300%, 04/06/27		50		45,666
W	4.150%, 04/09/30		1,500		1,369,953
#W	3.700%, 04/01/32		275		236,036
Deutsche Bank AG
	3.700%, 05/30/24		142		137,156
Deutsche Bank AG New York NY
	5.371%, 09/09/27		450		426,765
E On International Finance BV
W	6.650%, 04/30/38		2,450		2,297,569
EMD Finance LLC
W	3.250%, 03/19/25		269		256,349
FMS Wertmanagement
	2.750%, 01/30/24		295		288,188
Fresenius Medical Care US Finance III, Inc.
W	1.875%, 12/01/26		400		328,294
W	3.750%, 06/15/29		642		521,251
W	2.375%, 02/16/31		980		682,843
W	3.000%, 12/01/31		1,124		799,307
Kreditanstalt fuer Wiederaufbau
	1.625%, 02/15/23		50		49,610
	0.250%, 03/08/24		2,374		2,238,506
	0.625%, 01/22/26		75		66,295
Landwirtschaftliche Rentenbank
	3.125%, 11/14/23		60		59,072
	2.375%, 01/23/24, MTN		100		97,241
	2.000%, 01/13/25		100		94,568
	0.500%, 05/27/25		100		90,156


		Face Amount		Value†

		(000)^
GERMANY — (Continued)
Mercedes-Benz Finance North America LLC
W	3.650%, 02/22/24		221	$	216,969
W	0.750%, 03/01/24		250		235,460
W	2.125%, 03/10/25		1,160		1,072,562
W	3.300%, 05/19/25		590		558,078
W	3.500%, 08/03/25		478		452,193
W	1.450%, 03/02/26		1,937		1,696,830
W	3.750%, 02/22/28		160		146,264
W	2.625%, 03/10/30		320		260,408
	8.500%, 01/18/31		163		190,050
W	2.450%, 03/02/31		590		461,939
Mercedes-Benz Trucks Finance North America LLC
W	3.500%, 04/07/25		183		173,175
W	3.650%, 04/07/27		523		472,636
Siemens Financieringsmaatschappij NV
W	6.125%, 08/17/26		161		164,239
Volkswagen Group of America Finance LLC
W	3.350%, 05/13/25		217		204,302
W	3.950%, 06/06/25		147		140,542

TOTAL GERMANY					18,309,172


HONG KONG — (0.1%)
Prudential PLC
	3.125%, 04/14/30		2,525		2,070,597
	3.625%, 03/24/32		311		255,013

TOTAL HONG KONG					2,325,610


IRELAND — (0.5%)
AerCap Ireland Capital DAC
	1.750%, 01/30/26		610		519,437
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	1.150%, 10/29/23		500		473,634
	6.500%, 07/15/25		1,073		1,056,246
	4.450%, 10/01/25		155		145,755
	4.450%, 04/03/26		416		384,637
	4.625%, 10/15/27		3,647		3,279,141
	3.000%, 10/29/28		400		323,148
	3.300%, 01/30/32		750		562,913
	3.400%, 10/29/33		750		542,163
	3.850%, 10/29/41		175		116,315
Aon Corp.
	4.500%, 12/15/28		630		588,176
	2.800%, 05/15/30		406		332,729
Eaton Corp.
	4.000%, 11/02/32		263		232,820
Experian Finance PLC
W	2.750%, 03/08/30		750		600,733

TOTAL IRELAND					9,157,847


		Face Amount		Value†

		(000)^
ITALY — (0.1%)
CNH Industrial NV
	3.850%, 11/15/27, MTN		272	$	246,241
Enel Finance International NV
W	3.500%, 04/06/28		742		616,951
W	6.800%, 09/15/37		471		432,642
W	6.000%, 10/07/39		540		439,935
Eni SpA
W	4.750%, 09/12/28		225		209,168
Intesa Sanpaolo SpA
W	3.250%, 09/23/24		721		673,026
UniCredit SpA
W	4.625%, 04/12/27		300		271,129

TOTAL ITALY					2,889,092


JAPAN — (2.3%)
7-Eleven, Inc.
W	0.950%, 02/10/26		1,318		1,133,546
	1.300%, 02/10/28		189		153,161
#W	1.300%, 02/10/28		1,012		820,433
W	1.800%, 02/10/31		520		383,766
W	2.500%, 02/10/41		661		401,818
American Honda Finance Corp.
	3.550%, 01/12/24		596		585,108
	2.150%, 09/10/24, MTN		241		228,586
	1.200%, 07/08/25, MTN		175		157,769
	1.000%, 09/10/25, MTN		112		99,828
	3.500%, 02/15/28		270		245,826
Mitsubishi UFJ Financial Group, Inc.
	3.407%, 03/07/24		1,815		1,765,376
	2.801%, 07/18/24		920		876,107
	2.193%, 02/25/25		1,751		1,615,175
	3.777%, 03/02/25		400		384,640
	1.412%, 07/17/25		1,599		1,427,347
	3.850%, 03/01/26		321		302,093
	2.757%, 09/13/26		231		205,946
	3.677%, 02/22/27		132		121,115
#	3.287%, 07/25/27		1,135		1,016,609
	4.050%, 09/11/28		830		751,106
	3.741%, 03/07/29		948		832,996
	3.195%, 07/18/29		435		364,503
	2.048%, 07/17/30		276		205,844
	4.286%, 07/26/38		375		302,395
	3.751%, 07/18/39		950		710,637
Mizuho Financial Group, Inc.
	2.839%, 09/13/26		300		266,716
	3.663%, 02/28/27		400		362,153
	3.170%, 09/11/27		926		808,681
	4.018%, 03/05/28		404		362,910
Nissan Motor Acceptance Co. LLC
W	1.125%, 09/16/24		373		333,038
W	2.000%, 03/09/26		828		674,697
W	2.450%, 09/15/28		848		610,508
Nomura Holdings, Inc.
	1.653%, 07/14/26		904		768,000
	2.172%, 07/14/28		350		276,988
	2.679%, 07/16/30		391		294,210


		Face Amount		Value†

		(000)^
JAPAN — (Continued)
#	2.608%, 07/14/31		941	$	682,620
NTT Finance Corp.
W	0.583%, 03/01/24		1,407		1,323,311
W	1.162%, 04/03/26		527		456,690
ORIX Corp.
#	3.250%, 12/04/24		75		71,689
	5.000%, 09/13/27		149		143,995
	4.000%, 04/13/32		1,904		1,622,818
	5.200%, 09/13/32		2,246		2,085,656
Protective Life Corp.
W	4.300%, 09/30/28		772		707,599
W	3.400%, 01/15/30		1,225		1,043,056
Sumitomo Mitsui Financial Group, Inc.
	3.936%, 10/16/23		60		59,152
	2.448%, 09/27/24		1,102		1,036,740
	1.474%, 07/08/25		623		556,102
	3.784%, 03/09/26		350		329,853
	2.632%, 07/14/26		477		427,317
	1.402%, 09/17/26		907		767,785
	3.010%, 10/19/26		50		45,072
	3.446%, 01/11/27		125		113,966
	2.174%, 01/14/27		257		222,119
	3.364%, 07/12/27		675		606,478
	3.352%, 10/18/27		63		56,055
	3.544%, 01/17/28		345		308,928
#	3.944%, 07/19/28		212		190,852
	1.902%, 09/17/28		960		761,674
	4.306%, 10/16/28		111		101,589
	3.040%, 07/16/29		2,201		1,817,091
	2.750%, 01/15/30		609		486,587
	2.130%, 07/08/30		1,623		1,217,581
#	2.222%, 09/17/31		1,300		951,689
Sumitomo Mitsui Trust Bank, Ltd.
W	0.800%, 09/16/24		850		778,507
W	1.050%, 09/12/25		350		308,280
#W	4.800%, 09/15/25		850		832,166
W	1.350%, 09/16/26		772		660,127
Takeda Pharmaceutical Co., Ltd.
	3.025%, 07/09/40		105		72,707
Toyota Motor Corp.
	1.339%, 03/25/26		376		331,860
Toyota Motor Credit Corp.
#	3.000%, 04/01/25, MTN		221		210,370
	3.200%, 01/11/27, MTN		85		78,606
	2.150%, 02/13/30		50		40,878

TOTAL JAPAN					41,357,196


LUXEMBOURG — (0.0%)
JAB Holdings BV
W	2.200%, 11/23/30		400		293,986

TOTAL LUXEMBOURG					293,986


		Face Amount		Value†

		(000)^
NETHERLANDS — (0.2%)
ArcelorMittal SA
#	4.550%, 03/11/26		1,359	$	1,295,169
#	4.250%, 07/16/29		986		871,152
Cooperatieve Rabobank UA
	1.375%, 01/10/25		550		505,123
	3.375%, 05/21/25, MTN		662		632,640
ING Groep NV
W	4.625%, 01/06/26		250		237,867
	4.550%, 10/02/28		314		282,840
	4.050%, 04/09/29		483		419,966
Koninklijke KPN NV
	8.375%, 10/01/30		320		349,163
LeasePlan Corp. NV
W	2.875%, 10/24/24		605		562,115
Nederlandse Waterschapsbank NV
W	1.750%, 01/15/25		484		455,060

TOTAL NETHERLANDS					5,611,095


NEW ZEALAND — (0.2%)
ANZ New Zealand Int’l, Ltd.
W	1.250%, 06/22/26		710		610,955
W	3.450%, 01/21/28		238		213,492
ASB Bank, Ltd.
#W	3.125%, 05/23/24		748		722,254

TOTAL NEW ZEALAND					1,546,701


NORWAY — (0.5%)
Aker BP ASA
W	3.750%, 01/15/30		782		665,091
Equinor ASA
	2.650%, 01/15/24		600		583,613
	3.700%, 03/01/24		1,251		1,230,739
	3.250%, 11/10/24		368		355,774
	2.875%, 04/06/25		1,879		1,787,721
	1.750%, 01/22/26		971		873,645
	7.250%, 09/23/27		208		223,329
	3.625%, 09/10/28		100		92,683
	2.375%, 05/22/30		271		224,013
	3.625%, 04/06/40		800		622,447
	5.100%, 08/17/40		305		283,653
	4.250%, 11/23/41		396		328,925

TOTAL NORWAY					7,271,633


SINGAPORE — (0.0%)
Temasek Financial I, Ltd.
	2.375%, 08/02/41, MTN		185		125,983

TOTAL SINGAPORE					125,983


SPAIN — (0.6%)
Banco Bilbao Vizcaya Argentaria SA
	1.125%, 09/18/25		1,000		874,219


		Face Amount		Value†

		(000)^
SPAIN — (Continued)
Banco Santander SA
	4.379%, 04/12/28		200	$	174,804
	3.490%, 05/28/30		1,000		789,373
Iberdrola International BV
	6.750%, 07/15/36		50		49,488
Santander Holdings USA, Inc.
	3.500%, 06/07/24		135		129,458
#	3.450%, 06/02/25		1,148		1,071,905
	4.500%, 07/17/25		763		729,358
	3.244%, 10/05/26		2,032		1,799,814
	4.400%, 07/13/27		1,211		1,094,381
Santander UK PLC
	4.000%, 03/13/24		55		53,878
Telefonica Emisiones SA
	7.045%, 06/20/36		2,793		2,711,313
	4.665%, 03/06/38		971		732,219
Telefonica Europe BV
	8.250%, 09/15/30		645		698,549

TOTAL SPAIN					10,908,759


SUPRANATIONAL — (0.4%)
African Development Bank
	0.750%, 04/03/23		40		39,356
	3.000%, 09/20/23		310		305,322
	0.875%, 03/23/26		111		98,096
Asian Development Bank
	2.625%, 01/30/24		1,135		1,106,970
	1.625%, 03/15/24		1,624		1,557,449
	1.500%, 10/18/24		10		9,423
	0.625%, 04/29/25		61		55,385
	0.500%, 02/04/26		54		47,405
Asian Infrastructure Investment Bank (The)
	0.250%, 09/29/23		202		193,889
	2.250%, 05/16/24		914		880,273
	0.500%, 10/30/24		310		285,313
	0.500%, 05/28/25		125		112,251
Council Of Europe Development Bank
	0.375%, 06/10/24		116		108,388
European Bank for Reconstruction & Development
	0.500%, 05/19/25		125		112,835
European Investment Bank
	1.375%, 05/15/23		36		35,402
	3.250%, 01/29/24		300		294,966
#	2.250%, 06/24/24		500		481,655
	0.375%, 07/24/24		143		133,077
	1.875%, 02/10/25		47		44,305
	1.625%, 03/14/25		194		181,419
Inter-American Development Bank
	3.000%, 02/21/24		950		930,334
International Bank for Reconstruction & Development
	0.250%, 11/24/23		76		72,505
	2.500%, 03/19/24		275		267,215


		Face Amount		Value†

		(000)^
SUPRANATIONAL — (Continued)
	2.250%, 03/28/24		404	$	391,090
	2.125%, 03/03/25		111		105,070
International Finance Corp.
	2.875%, 07/31/23		150		147,851

TOTAL SUPRANATIONAL					7,997,244

SWEDEN — (0.1%)
Skandinaviska Enskilda Banken AB
W	0.650%, 09/09/24		400		366,147
Svensk Exportkredit AB
	1.750%, 12/12/23		860		832,549
	0.375%, 07/30/24		600		556,940
Svenska Handelsbanken AB
W	3.650%, 06/10/25		500		476,969

TOTAL SWEDEN					2,232,605

SWITZERLAND — (1.1%)
Credit Suisse AG
	3.700%, 02/21/25		985		900,966
Credit Suisse Group AG
	4.550%, 04/17/26		589		516,662
Glencore Funding LLC
W	4.625%, 04/29/24		691		679,219
W	1.625%, 09/01/25		641		570,301
W	1.625%, 04/27/26		315		270,559
W	4.000%, 03/27/27		352		323,609
	4.875%, 03/12/29		221		202,890
#W	4.875%, 03/12/29		768		706,144
#W	2.500%, 09/01/30		874		672,417
	2.500%, 09/01/30		490		376,966
#W	2.850%, 04/27/31		3,550		2,748,076
W	2.625%, 09/23/31		680		509,849
Nestle Holdings, Inc.
#W	3.625%, 09/24/28		300		278,887
Novartis Capital Corp.
	3.400%, 05/06/24		125		122,578
	1.750%, 02/14/25		125		116,935
	3.000%, 11/20/25		582		552,173
	3.100%, 05/17/27		106		98,674
	2.200%, 08/14/30		57		47,155
Roche Holdings, Inc.
W	7.000%, 03/01/39		900		1,041,672
UBS AG
W	1.250%, 06/01/26		999		849,499
UBS Group AG
W	4.125%, 09/24/25		1,780		1,685,255
W	4.125%, 04/15/26		3,412		3,181,021

TOTAL SWITZERLAND					16,451,507

UNITED KINGDOM — (2.2%)
Amcor Finance USA, Inc.
	3.625%, 04/28/26		112		103,346
Amcor Flexibles North America, Inc.
	4.000%, 05/17/25		50		48,089
	2.630%, 06/19/30		894		699,302


		Face Amount		Value†

		(000)^
UNITED KINGDOM — (Continued)
Aon Corp.
	3.750%, 05/02/29		1,351	$	1,202,955
	6.250%, 09/30/40		510		506,840
Ashtead Capital, Inc.
W	1.500%, 08/12/26		946		784,791
W	2.450%, 08/12/31		580		416,000
AstraZeneca PLC
	0.700%, 04/08/26		102		87,939
	4.000%, 01/17/29		100		94,096
	6.450%, 09/15/37		688		738,599
Barclays PLC
	3.650%, 03/16/25		400		371,582
	4.375%, 01/12/26		1,626		1,509,511
BAT Capital Corp.
	3.222%, 08/15/24		60		57,345
	3.215%, 09/06/26		166		147,527
	4.700%, 04/02/27		756		700,663
	3.557%, 08/15/27		1,284		1,117,855
	2.259%, 03/25/28		2,308		1,828,997
	3.462%, 09/06/29		2,536		2,048,819
	4.906%, 04/02/30		1,119		976,882
	2.726%, 03/25/31		605		443,133
	4.742%, 03/16/32		200		167,699
BAT International Finance PLC
	1.668%, 03/25/26		83		71,285
	4.448%, 03/16/28		5		4,428
BP Capital Markets America, Inc.
	3.119%, 05/04/26		103		96,035
	3.017%, 01/16/27		275		251,358
	3.543%, 04/06/27		61		56,754
	3.937%, 09/21/28		35		32,494
	4.234%, 11/06/28		243		228,790
	3.633%, 04/06/30		743		663,423
	1.749%, 08/10/30		179		138,620
	3.060%, 06/17/41		667		466,678
British Telecommunications PLC
	5.125%, 12/04/28		1,300		1,191,637
W	3.250%, 11/08/29		620		495,736
CNH Industrial Capital LLC
	1.875%, 01/15/26		50		44,020
GlaxoSmithKline Capital, Inc.
	6.375%, 05/15/38		450		482,285
HSBC Holdings PLC
	4.300%, 03/08/26		434		408,408
	6.100%, 01/14/42		400		371,167
HSBC USA, Inc.
	3.500%, 06/23/24		526		506,959
Lloyds Bank PLC
	3.500%, 05/14/25		320		302,813
Lloyds Banking Group PLC
	4.450%, 05/08/25		724		693,919
#	4.375%, 03/22/28		3,000		2,668,645
LSEGA Financing PLC
W	2.500%, 04/06/31		1,018		810,283


		Face Amount		Value†

		(000)^
UNITED KINGDOM — (Continued)
LYB International Finance III LLC
	1.250%, 10/01/25		120	$	105,088
	2.250%, 10/01/30		94		71,749
	3.375%, 10/01/40		354		236,418
Nationwide Building Society
W	0.550%, 01/22/24		744		697,963
W	1.500%, 10/13/26		409		342,847
NatWest Group PLC
	4.800%, 04/05/26		1,000		942,428
Reckitt Benckiser Treasury Services PLC
W	2.750%, 06/26/24		524		502,490
RELX Capital, Inc.
	3.000%, 05/22/30		60		50,027
Reynolds American, Inc.
	4.450%, 06/12/25		1,007		971,899
Shell International Finance BV
	3.250%, 05/11/25		975		936,338
	2.875%, 05/10/26		250		232,712
	3.875%, 11/13/28		247		230,689
	2.750%, 04/06/30		467		399,418
	4.125%, 05/11/35		631		557,100
	5.500%, 03/25/40		300		292,650
	2.875%, 11/26/41		100		68,634
Smith & Nephew PLC
	2.032%, 10/14/30		625		459,147
Unilever Capital Corp.
	5.900%, 11/15/32		316		330,211
Vodafone Group PLC
	7.875%, 02/15/30		993		1,077,873
	6.150%, 02/27/37		488		459,425
	5.000%, 05/30/38		2,798		2,375,834


TOTAL UNITED KINGDOM					35,378,647


UNITED STATES — (31.1%) 3M Co.
	3.625%, 09/14/28, MTN		100		91,680
	3.375%, 03/01/29, MTN		966		866,747
	5.700%, 03/15/37, MTN		2,500		2,424,577
Abbott Laboratories
	2.950%, 03/15/25		295		282,775
	3.875%, 09/15/25		263		256,230
	4.750%, 11/30/36		28		26,803
AbbVie, Inc.
	3.800%, 03/15/25		45		43,408
	3.600%, 05/14/25		139		133,382
	4.250%, 11/14/28		33		31,063
	4.500%, 05/14/35		85		75,349
	4.300%, 05/14/36		75		64,870
	4.050%, 11/21/39		765		616,174
Activision Blizzard, Inc.
	3.400%, 06/15/27		157		145,445
	1.350%, 09/15/30		181		137,286
Acuity Brands Lighting, Inc.
	2.150%, 12/15/30		224		165,113


		Face Amount		Value†

		(000)^
UNITED STATES — (Continued)
Adobe, Inc.
	2.300%, 02/01/30		105	$	87,261
Advance Auto Parts, Inc.
	3.900%, 04/15/30		1,389		1,174,582
	3.500%, 03/15/32		362		285,347
AEP Texas, Inc.
	2.100%, 07/01/30		5		3,851
	4.700%, 05/15/32		85		77,373
AES Corp. (The)
W	3.300%, 07/15/25		1,694		1,560,559
W	3.950%, 07/15/30		406		343,598
	2.450%, 01/15/31		1,788		1,348,320
Aetna, Inc.
	3.500%, 11/15/24		150		144,874
	6.750%, 12/15/37		633		639,033
	4.500%, 05/15/42		45		35,754
Affiliated Managers Group, Inc.
	4.250%, 02/15/24		8		7,901
	3.300%, 06/15/30		330		268,833
AFLAC, Inc.
	1.125%, 03/15/26		85		74,367
	3.600%, 04/01/30		47		41,678
	6.450%, 08/15/40		240		238,766
Air Products and Chemicals, Inc.
	2.700%, 05/15/40		162		112,035
Aircastle, Ltd.
	4.125%, 05/01/24		280		266,842
Alabama Power Co.
	5.200%, 06/01/41		89		78,103
Allegion PLC
	3.500%, 10/01/29		60		50,221
Allstate Corp. (The)
	0.750%, 12/15/25		813		705,384
	1.450%, 12/15/30		845		620,203
Ally Financial, Inc.
	3.875%, 05/21/24		112		108,157
	4.625%, 03/30/25		457		439,670
#	5.800%, 05/01/25		144		144,010
#	4.750%, 06/09/27		900		822,590
	2.200%, 11/02/28		20		15,251
	8.000%, 11/01/31		2,080		2,133,271
Alphabet, Inc.
	1.100%, 08/15/30		149		114,427
	1.900%, 08/15/40		77		48,680
Altria Group, Inc.
	2.350%, 05/06/25		62		57,207
#	4.400%, 02/14/26		293		281,151
	4.800%, 02/14/29		1,747		1,608,249
	3.400%, 05/06/30		1,271		1,029,868
	2.450%, 02/04/32		2,196		1,560,604
	5.800%, 02/14/39		850		726,277
	3.400%, 02/04/41		600		367,090
	4.250%, 08/09/42		400		272,223
Amazon.com, Inc.
	2.100%, 05/12/31		103		82,461
	4.800%, 12/05/34		339		329,783


		Face Amount		Value†

		(000)^
UNITED STATES — (Continued)
	3.875%, 08/22/37		674	$	573,031
Amdocs Ltd
	2.538%, 06/15/30		504		395,114
Ameren Corp.
	1.750%, 03/15/28		75		61,384
	3.500%, 01/15/31		77		65,370
American Electric Power Co., Inc.
	2.300%, 03/01/30		185		145,750
American Express Co.
	0.750%, 11/03/23		928		889,131
	3.375%, 05/03/24		700		678,931
	2.500%, 07/30/24		427		405,894
	3.000%, 10/30/24		449		428,803
	2.250%, 03/04/25		355		329,618
	3.950%, 08/01/25		866		831,866
	2.550%, 03/04/27		449		394,504
W	3.300%, 05/03/27		176		159,427
	4.050%, 05/03/29		202		183,487
American Express Credit Corp.
	3.300%, 05/03/27, MTN		100		91,327
American International Group, Inc.
	3.900%, 04/01/26		34		32,393
	6.250%, 05/01/36		52		52,430
American Tower Corp.
	5.000%, 02/15/24		158		157,062
	3.375%, 05/15/24		98		94,965
	2.950%, 01/15/25		216		203,592
	2.400%, 03/15/25		195		180,330
	4.000%, 06/01/25		60		57,389
	1.600%, 04/15/26		90		77,707
	3.375%, 10/15/26		33		29,862
	3.125%, 01/15/27		229		204,044
	3.550%, 07/15/27		86		76,852
	3.600%, 01/15/28		180		159,509
	3.950%, 03/15/29		961		850,404
	3.800%, 08/15/29		546		476,254
	2.900%, 01/15/30		397		323,650
	2.100%, 06/15/30		303		230,745
	1.875%, 10/15/30		796		586,075
	2.700%, 04/15/31		1,225		955,312
	2.300%, 09/15/31		202		150,381
American Water Capital Corp.
	3.400%, 03/01/25		202		193,978
	2.950%, 09/01/27		208		187,317
#	3.750%, 09/01/28		505		462,963
	3.450%, 06/01/29		2,048		1,810,805
	2.800%, 05/01/30		606		505,689
	4.450%, 06/01/32		2,331		2,148,474
	6.593%, 10/15/37		515		540,432
Ameriprise Financial, Inc.
	4.000%, 10/15/23		28		27,695
	3.700%, 10/15/24		394		382,363
	3.000%, 04/02/25		169		160,396
	4.500%, 05/13/32		3,785		3,504,704
AmerisourceBergen Corp.
	3.400%, 05/15/24		37		35,995


		Face Amount		Value†

		(000)^
UNITED STATES — (Continued)
Amgen, Inc.
	1.900%, 02/21/25		56	$	52,199
#	3.125%, 05/01/25		336		321,169
	2.200%, 02/21/27		123		109,197
	3.200%, 11/02/27		66		60,421
	2.450%, 02/21/30		478		393,953
	2.300%, 02/25/31		225		180,108
	3.350%, 02/22/32		50		42,511
	3.150%, 02/21/40		1,222		870,153
	2.800%, 08/15/41		100		66,916
	4.950%, 10/01/41		100		87,879
	5.150%, 11/15/41		100		89,347
Amphenol Corp.
	2.800%, 02/15/30		159		132,105
Anthem, Inc.
#	3.500%, 08/15/24		410		397,860
	3.350%, 12/01/24		2,220		2,136,584
	2.875%, 09/15/29		1,029		873,898
	2.250%, 05/15/30		1,586		1,273,546
	2.550%, 03/15/31		44		35,569
Aon Global, Ltd.
	3.875%, 12/15/25		479		455,769
Appalachian Power Co.
	2.700%, 04/01/31		101		80,069
	6.375%, 04/01/36		147		143,926
	7.000%, 04/01/38		525		554,240
Apple, Inc.
	2.850%, 05/11/24		29		28,199
	2.500%, 02/09/25		135		128,775
	1.125%, 05/11/25		83		75,896
	3.200%, 05/13/25		282		271,462
	2.900%, 09/12/27		168		154,402
	2.200%, 09/11/29		600		506,729
	1.650%, 02/08/31		136		106,500
Applied Materials, Inc.
	5.100%, 10/01/35		127		123,217
	5.850%, 06/15/41		270		274,266
Archer-Daniels-Midland Co.
	3.250%, 03/27/30		25		22,050
	5.935%, 10/01/32		75		78,241
Ares Capital Corp.
	4.200%, 06/10/24		327		314,584
	3.875%, 01/15/26		834		747,715
Arizona Public Service Co.
	3.350%, 06/15/24		278		268,417
	3.150%, 05/15/25		276		260,599
	2.600%, 08/15/29		2,888		2,356,103
	2.200%, 12/15/31		994		732,948
	4.500%, 04/01/42		340		264,811
Arrow Electronics, Inc.
	3.250%, 09/08/24		547		521,904
	4.000%, 04/01/25		172		164,536
	3.875%, 01/12/28		678		603,143
	2.950%, 02/15/32		86		65,364


		Face Amount		Value†

		(000)^
UNITED STATES — (Continued)
Ashtead Capital, Inc.
W	5.500%, 08/11/32		3,760	$	3,398,703
Assurant, Inc.
	2.650%, 01/15/32		3,726		2,680,967
AT&T, Inc.
	2.550%, 12/01/33		75		55,271
	4.500%, 05/15/35		505		435,247
	4.850%, 03/01/39		957		820,954
	5.350%, 09/01/40		400		354,006
	3.500%, 06/01/41		2,049		1,447,644
Autodesk, Inc.
	3.500%, 06/15/27		658		604,903
	2.850%, 01/15/30		175		146,336
	2.400%, 12/15/31		1,885		1,453,265
Automatic Data Processing, Inc.
	1.250%, 09/01/30		175		133,631
AutoNation, Inc.
	1.950%, 08/01/28		50		38,342
	2.400%, 08/01/31		2,172		1,504,057
	3.850%, 03/01/32		624		485,753
AutoZone, Inc.
	3.750%, 04/18/29		38		33,972
AvalonBay Communities, Inc.
	2.950%, 05/11/26		675		615,748
	3.300%, 06/01/29, MTN		420		367,584
	2.300%, 03/01/30		50		40,435
	2.450%, 01/15/31, MTN		309		247,882
Avnet, Inc.
	4.625%, 04/15/26		50		47,416
	3.000%, 05/15/31		2,473		1,839,338
	5.500%, 06/01/32		1,982		1,770,491
Baker Hughes A GE Co. LLC
	4.486%, 05/01/30		347		318,646
Baker Hughes Holdings LLC
	5.125%, 09/15/40		157		134,664
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.
	1.231%, 12/15/23		85		81,470
	2.061%, 12/15/26		4		3,494
	3.337%, 12/15/27		916		820,783
	3.138%, 11/07/29		1,282		1,085,526
Bank of America Corp.
	4.125%, 01/22/24, MTN		1,275		1,259,884
	4.000%, 04/01/24, MTN		954		940,133
	3.875%, 08/01/25, MTN		421		406,311
	3.500%, 04/19/26		738		689,074
Bank of New York Mellon Corp. (The)
	1.600%, 04/24/25, MTN		170		155,665
	2.800%, 05/04/26, MTN		427		395,238
#	1.800%, 07/28/31, MTN		284		212,859
Becton Dickinson And Co.
	1.957%, 02/11/31		50		38,276
Berkshire Hathaway Energy Co.
	6.125%, 04/01/36		3,313		3,358,333
	5.950%, 05/15/37		17		16,820


		Face Amount		Value†

		(000)^
UNITED STATES — (Continued)
Berkshire Hathaway Finance Corp.
	5.750%, 01/15/40		850	$	858,309
	4.400%, 05/15/42		230		196,620
Berkshire Hathaway, Inc.
	3.125%, 03/15/26		100		94,766
Best Buy Co., Inc.
	4.450%, 10/01/28		232		215,141
	1.950%, 10/01/30		1,730		1,287,596
Biogen, Inc.
	4.050%, 09/15/25		100		96,196
	2.250%, 05/01/30		641		504,098
Black Hills Corp.
	2.500%, 06/15/30		1,386		1,076,366
	4.350%, 05/01/33		123		105,249
BlackRock, Inc.
#	3.500%, 03/18/24		900		882,877
	2.400%, 04/30/30		125		102,387
	1.900%, 01/28/31		196		151,135
Block Financial LLC
	2.500%, 07/15/28		1,196		981,608
Boardwalk Pipelines, LP
	4.950%, 12/15/24		171		169,084
	5.950%, 06/01/26		50		50,077
	4.450%, 07/15/27		168		155,271
	4.800%, 05/03/29		292		265,743
	3.400%, 02/15/31		104		83,863
	3.600%, 09/01/32		1,276		1,011,402
Boeing Co. (The)
	2.500%, 03/01/25		80		74,075
	3.100%, 05/01/26		596		538,168
	2.250%, 06/15/26		380		332,548
	2.700%, 02/01/27		553		479,502
	3.200%, 03/01/29		204		169,963
	2.950%, 02/01/30		654		523,906
	6.125%, 02/15/33		280		267,547
	3.600%, 05/01/34		463		345,419
	3.250%, 02/01/35		1,265		893,933
	3.550%, 03/01/38		89		60,148
	3.500%, 03/01/39		41		26,889
	6.875%, 03/15/39		697		672,418
	5.875%, 02/15/40		600		523,105
Booking Holdings, Inc.
	3.550%, 03/15/28		400		362,727
	4.625%, 04/13/30		1,138		1,070,819
BorgWarner, Inc.
W	5.000%, 10/01/25		408		397,304
Boston Properties, LP
	3.200%, 01/15/25		103		97,680
	2.750%, 10/01/26		100		88,574
	3.400%, 06/21/29		179		147,991
	2.900%, 03/15/30		189		148,776
	3.250%, 01/30/31		1,275		1,015,693
	2.450%, 10/01/33		200		137,894
Boston Scientific Corp.
	4.550%, 03/01/39		103		86,732
	7.375%, 01/15/40		200		219,522


		Face Amount		Value†

		(000)^
UNITED STATES — (Continued)
BPCE SA
	4.000%, 04/15/24		621	$	604,285
Brighthouse Financial, Inc.
	3.700%, 06/22/27		288		259,978
#	5.625%, 05/15/30		2,744		2,552,636
Bristol-Myers Squibb Co.
	3.625%, 05/15/24		100		98,124
	4.125%, 06/15/39		1,002		849,714
Brixmor Operating Partnership, LP
	3.650%, 06/15/24		299		288,504
	3.850%, 02/01/25		194		185,359
	4.125%, 06/15/26		280		257,468
	3.900%, 03/15/27		80		71,857
	2.250%, 04/01/28		425		339,590
	4.125%, 05/15/29		633		542,253
	4.050%, 07/01/30		1,394		1,156,383
	2.500%, 08/16/31		942		674,974
Broadcom, Inc.
W	4.000%, 04/15/29		351		307,836
	5.000%, 04/15/30		1,043		960,086
W	2.450%, 02/15/31		100		75,042
W	4.150%, 04/15/32		1,461		1,222,827
	4.300%, 11/15/32		418		351,500
W	2.600%, 02/15/33		415		294,997
W	3.419%, 04/15/33		2,126		1,615,451
W	3.469%, 04/15/34		1,697		1,270,216
	3.469%, 04/15/34		110		82,244
W	3.187%, 11/15/36		777		529,963
W	3.500%, 02/15/41		1,244		819,860
Broadstone Net Lease LLC
	2.600%, 09/15/31		1,264		911,577
Brown & Brown, Inc.
	2.375%, 03/15/31		746		550,608
Bunge, Ltd. Finance Corp.
	3.750%, 09/25/27		16		14,636
	2.750%, 05/14/31		400		314,106
Burlington Northern Santa Fe LLC
	3.000%, 04/01/25		99		94,718
	5.050%, 03/01/41		100		91,427
	5.400%, 06/01/41		275		261,388
	4.950%, 09/15/41		510		461,042
Burlington Resources LLC
	7.200%, 08/15/31		400		441,791
CA, Inc.
	4.700%, 03/15/27		57		52,943
Camden Property Trust
	4.100%, 10/15/28		1,346		1,239,052
	3.150%, 07/01/29		599		513,370
	2.800%, 05/15/30		778		640,625
Campbell Soup Co.
	3.950%, 03/15/25		77		74,658
	4.150%, 03/15/28		119		111,619
	2.375%, 04/24/30		88		70,392
Capital One Financial Corp.
	3.750%, 04/24/24		71		69,072
	3.300%, 10/30/24		119		113,446


		Face Amount		Value†

		(000)^
UNITED STATES — (Continued)
	3.200%, 02/05/25		377	$	356,411
	4.250%, 04/30/25		179		172,327
	3.750%, 03/09/27		272		247,978
	3.650%, 05/11/27		449		406,105
	3.800%, 01/31/28		21		18,763
Cargill, Inc.
W	0.750%, 02/02/26		100		86,646
W	2.125%, 04/23/30		155		123,945
W	4.000%, 06/22/32		175		156,553
W	5.125%, 10/11/32		171		166,736
Carrier Global Corp.
	2.242%, 02/15/25		6		5,584
	2.722%, 02/15/30		170		139,780
	2.700%, 02/15/31		421		336,517
	3.377%, 04/05/40		828		591,072
Caterpillar, Inc.
	3.803%, 08/15/42		245		197,603
Cboe Global Markets, Inc.
	3.650%, 01/12/27		631		590,675
	1.625%, 12/15/30		605		451,788
	3.000%, 03/16/32		563		455,893
Celanese US Holdings LLC
	1.400%, 08/05/26		1,089		877,978
CenterPoint Energy, Inc.
	2.500%, 09/01/24		35		33,048
	2.950%, 03/01/30		60		49,883
Charles Schwab Corp. (The)
	3.000%, 03/10/25		249		237,297
	3.625%, 04/01/25		76		73,667
	3.850%, 05/21/25		60		58,253
	3.300%, 04/01/27		90		82,662
	2.750%, 10/01/29		100		84,646
	4.625%, 03/22/30		50		47,442
	1.650%, 03/11/31		86		63,743
Chevron Corp.
	1.554%, 05/11/25		1,106		1,020,342
	3.326%, 11/17/25		247		238,091
	2.236%, 05/11/30		270		223,869
	2.978%, 05/11/40		50		35,413
Chevron USA, Inc.
	1.018%, 08/12/27		89		74,791
	3.850%, 01/15/28		876		829,426
Choice Hotels International, Inc.
	3.700%, 12/01/29		275		230,379
Cigna Corp.
	3.500%, 06/15/24		75		73,037
	3.250%, 04/15/25		1,232		1,174,801
	4.125%, 11/15/25		1,445		1,396,861
	4.500%, 02/25/26		937		914,971
	1.250%, 03/15/26		259		226,068
	3.400%, 03/01/27		719		660,720
	4.375%, 10/15/28		1,369		1,288,667
	2.400%, 03/15/30		1,310		1,066,328
	2.375%, 03/15/31		1,209		958,503
	4.800%, 08/15/38		1,728		1,522,686
	3.200%, 03/15/40		679		482,938


		Face Amount		Value†

		(000)^
UNITED STATES — (Continued)
Cincinnati Financial Corp.
	6.125%, 11/01/34		321	$	324,683
Cintas Corp. No. 2
	4.000%, 05/01/32		85		76,933
Cisco Systems, Inc.
	5.900%, 02/15/39		1,403		1,432,194
Citigroup, Inc.
	3.750%, 06/16/24		186		181,912
#	3.300%, 04/27/25		1,479		1,403,388
	3.700%, 01/12/26		1,710		1,607,567
	3.400%, 05/01/26		600		555,795
	3.200%, 10/21/26		181		164,829
	8.125%, 07/15/39		1,149		1,325,262
Citizens Bank NA/Providence RI
	2.250%, 04/28/25		400		368,051
	3.750%, 02/18/26		550		515,064
CME Group, Inc.
#	3.000%, 03/15/25		810		773,859
	3.750%, 06/15/28		522		488,736
CNA Financial Corp.
	3.950%, 05/15/24		31		30,258
	3.900%, 05/01/29		323		284,584
	2.050%, 08/15/30		1,245		943,052
CNO Financial Group, Inc.
	5.250%, 05/30/25		563		552,480
	5.250%, 05/30/29		1,663		1,519,972
Coca-Cola Co. (The)
	1.650%, 06/01/30		122		96,761
Comcast Corp.
	3.950%, 10/15/25		500		483,462
	3.150%, 02/15/28		362		326,151
	2.650%, 02/01/30		316		264,218
	3.400%, 04/01/30		472		416,029
	4.250%, 10/15/30		227		208,347
	4.250%, 01/15/33		582		525,326
	7.050%, 03/15/33		606		658,786
	4.200%, 08/15/34		253		221,022
	4.400%, 08/15/35		328		287,220
	6.500%, 11/15/35		434		456,274
	3.900%, 03/01/38		351		283,984
	6.400%, 05/15/38		279		282,814
	4.600%, 10/15/38		300		260,270
	6.550%, 07/01/39		350		370,936
	3.250%, 11/01/39		1,711		1,238,617
	3.750%, 04/01/40		760		585,312
	4.650%, 07/15/42		75		62,975
Comerica, Inc.
	4.000%, 02/01/29		195		177,867
Conagra Brands, Inc.
	4.300%, 05/01/24		220		216,537
	4.600%, 11/01/25		272		264,177
	7.000%, 10/01/28		296		306,815
	4.850%, 11/01/28		661		625,420
	8.250%, 09/15/30		465		515,454
	5.300%, 11/01/38		187		163,097


Schedules of Investments

Investment Abbreviations

AGC		Assured Guaranty Corporation

COP		Certificate of Participation

ETM		Escrowed to Maturity

GO		General Obligation

MTN		Medium-Term Note

NATL-RE		National Public Finance Guarantee Corporation

PLC		Public Limited Company

PSF-GTD		Public School Fund Guarantee

Q-SBLF		School Bond Qualification and Loan Program

RB		Revenue Bond

RN		Revenue Note

SA		Special Assessment

SCH BD RES FD		School Board Resolution Fund

ST		Special Tax

ST AID WITHHLDG		State Aid Withholding

ST INTERCEPT		State Intercept

TA		Tax Allocation

TBA		To Be Announced purchase or sale commitment. Security is subject to delayed delivery.

Investment Footnotes

^		Denominated in USD, unless otherwise noted.

†		See note B to Financial Statements.

W		Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited.

#		Total or Partial Securities on Loan

@		Security purchased with cash collateral received from Securities on Loan

§		Affiliated Fund

¤		Pre-refunded bonds are collateralized by U.S. Government or other eligible securities that are held in escrow and used to pay principal and interest and retire the bonds at the earliest refunding date (payment date) and/or whose interest rates vary with changes in a designated base rate (such as the prime interest rate).

±		Face Amount of security is not adjusted for inflation.


Financial Highlights

(a)		Computed using average shares outstanding

(b)		Net asset value (“NAV”) 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 distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder’s investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund

(c)		Not annualized for periods less than one year

(d)		Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., NYSE Arca) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund’s closing price on the listing market

(e)		Annualized for periods less than one year

(f)		Excludes impact of in-kind transactions

All Statements, Schedules and Notes to Financial Statements

—		Amounts designated as — are either zero or rounded to zero

SEC		Securities and Exchange Commission


		Past performance is not predictive of future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange. The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on November 16, 2021 Bloomberg data provided by Bloomberg Finance L.P.
Average Annual Total Return	Since Inception
Fund Net Asset Value	-17.67%
Fund Market Price	-17.46%


		Past performance is not predictive of future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange. The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on November 16, 2021 ICE BofA index data copyright 2022 ICE Data Indices, LLC
Average Annual Total Return	Since Inception
Fund Net Asset Value	-7.68%
Fund Market Price	-7.26%


		Past performance is not predictive of future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The price used to calculate market return (“Fund Market Price”) is the market closing price as determined by the fund’s listing exchange. The inception date is the date the fund commenced operations. Shares of the fund began trading in the secondary market on November 16, 2021 Bloomberg data provided by Bloomberg Finance L.P.
Average Annual Total Return	Since Inception
Fund Net Asset Value	-13.40%
Fund Market Price	-13.30%


Letter to Shareholders
Definitions of Abbreviations and Footnotes			2
Performance Charts			4
Management’s Discussion and Analysis			6
Disclosure of Expenses			9
Disclosure of Portfolio Holdings			11
Schedules of Investments			12
Dimensional Core Fixed Income ETF			12
Dimensional Short-Duration ETF			35
Dimensional Inflation-Protected Securities ETF			50
Dimensional National Municipal Bond ETF			51
Statements of Assets and Liabilities			67
Statements of Operations			69
Statements of Changes in Net Assets			71
Financial Highlights			73
Notes to Financial Statements			75
Report of Independent Registered Public Accounting Firm			86
Fund Management			87
Voting Proxies on Fund Portfolio Securities			98


Fixed Income Market Review		12 Months Ended October 31, 2022



	October 31, 2021			October 31, 2022			Change
One-Month Treasury Bill (yield)		0.06	%		3.73	%		3.67	%
Ten-Year U.S. Treasury Notes (yield)		1.55	%		4.10	%		2.55	%


		For the period ended October 31, 2022
EXPENSE TABLES
	Beginning Account Value 5/1/2022		Ending Account Value 10/31/2022		Annualized Expense Ratio			Expenses Paid During Period^(a)
Dimensional Core Fixed Income ETF
Actual Fund Return	$	1,000.00	$	924.20		0.19	%	$	0.92
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.25		0.19	%	$	0.97

Dimensional Short-Duration Fixed Income ETF
Actual Fund Return	$	1,000.00	$	974.60		0.18	%	$	0.90
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.30		0.18	%	$	0.92


Dimensional Inflation-Protected Securities ETF
U.S. Government	100.0	%

	100.0	%


Dimensional National Municipal Bond ETF
Airport	0.5	%
Bond Bank	0.1	%
Development	0.1	%
Education	4.3	%
General Obligation	53.1	%
Higher Education	3.3	%
Medical	3.5	%
Power	2.7	%
School District	18.0	%
Transportation	3.8	%
Utilities	3.7	%
Water	6.9	%

	100.0	%