# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001727644-23-000002
**Filing Date:** 2023-1
**Character Count:** 103090
**Document Hash:** f71f4f34380fe6f7c6f3d32d5d0afbbd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001727644-23-000002.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0001727644-23-000002

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iSHARES TRUST
- **CENTRAL INDEX KEY:** 0001100663
- **IRS NUMBER:** 943351276
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09729
- **FILM NUMBER:** 23500784

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** (415) 670-2000

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISHARES TRUST
- **DATE OF NAME CHANGE:** 19991213

## Series and Classes Contracts Data

### iShares Yield Optimized Bond ETF (Series ID: S000044409)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000138243 | iShares Yield Optimized Bond ETF | BYLD            |

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

B11-09729

iShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;#INDENT#&nbsp;&nbsp;&nbsp;&nbsp;#INDENT## (Exact name of registrant as specified in charter)

c/o: JPMorgan Chase & Co.

303 Madison Avenue, New York, NY

10179

(Address of principal executive offices)

(Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code:

(415) 670-2000

Date of fiscal year end:

October 31, 2022

Date of reporting period:

October 31, 2022

Item 1.&nbsp;&nbsp;&nbsp;&nbsp; Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

**iShares**  
by BlackRock

OCTOBER 31, 2022

# 2022 Annual Report

iShares Trust

• iShares Yield Optimized Bond ETF\BYLD\NYSE Area

# The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy climate in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-marketing economic environment. Changes in consumer spending patterns and a tight label market led to elevated inflation, which reached a 45-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe backstakes crisis, the ongoing war continued to prevent challenges for both invasion and policymakers.

![img-0.jpeg](img-0.jpeg)

Rob Yapko

President, Shackford, Inc.

## Total Return on October 31, 2022

|  | 6-Month | 12-Month |
| --- | --- | --- |
| U.S. large cap market (S&P 500* index) | 0.0026 | 14.4126 |
| U.S. small cap market (Rural 2000* index) | 0.0011 | 18.5411 |
| International market |  |  |

2

The Page is not Part of Your Final Report

# Table of Contents

|  | Page |
| --- | --- |
| The Markets in Europe | 1 |
| Equity market and its interest rates rise, particularly weighing on relatively high-valuation growth stocks as well as the value of future cash flows and investors offered focus to balance sheet liabilities. Such growth and capitalization is a stock risk although lenders for local capitalization is a stock level slightly higher. Operating market stocks and international capital from developed markets also declined significantly. Investment in foreign interest rates and a strengthening in the debt. | 4 |
| Investing in the market | 5 |
| Investing in the market | 6 |
| Investing in the market | 7 |
| Investing in the market | 8 |

| IMRO Europe, Indonesia | (12.7%) | (19.3%) |
| --- | --- | --- |
| Far East (miles) |  |  |
| Emerging market stocks |  |  |
| IMRO Emerging Markets | (19.8%) | (41.0%) |
| (miles) |  |  |
| Interest: Treasury (M) |  |  |
| U.S. Bank (miles) U.S. | 4.7% | 3.7% |
| Treasury Bill (miles) |  |  |

3

Market Overview

iShares Trust

Market is a major market and is designed to anticipate its impact on future interest rate changes. The corporate
market is a major market and is designed to anticipate its impact on future interest rate changes. The corporate
market is a major market and is designed to anticipate its impact on future interest rate changes. The corporate
market is a major market and is designed to anticipate its impact on future interest rate changes. The corporate
market is a major market and is designed to anticipate its impact on future interest rate changes. The corporate
market is a major market and is designed to anticipate its impact on future interest rate changes. The corporate
market is a major market and is designed to anticipate its impact on future interest rate changes.

| U.S. Treasury securities |  |  |
| --- | --- | --- |
| U.S. Bank, 26 Year U.S. Treasury Notes | (0.24) | (21.96) |
| U.S. Investment Funds |  |  |
| Invest (Bloomberg U.S. Aggregate Share Index) | (0.86) | (25.50) |
| Non-receipt municipal bonds |  |  |

6

2022 Annual Annual Report by Company

Fund Summary

as of October 31, 2022

iShares® Field Optimized Bond ETF

# Investment Objective

The main issue of managing a trading industry is the impact of January 1, 2022, which is a significant impact on the trading market. The market is a significant impact on the trading market. The market is a significant impact on the trading market. The market is a significant impact on the trading market.

![img-1.jpeg](img-1.jpeg)

Fund Summary

5

Fund Summary

iShares® Field Optimized Bond ETF

as of October 31, 2022 (continued)

# Portfolio Management Commentary

The Fund Summary is a report of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of the Fund Summary of

Current Funds Weekly In an Index

---

6

2022 Shares Annual Report By Shares.com

## About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These

~~in the past year, the market has not yet been a major market in the past year. The market has been a major market in the past year. The market has been a major market in the past year. The market has been a major market in the past year. The market has been a major market in the past year. The market has been a major market in the past year. The market has been a major market in the past year. The market has been a major market in the past year. The market has been a major market in the past year. The market has been a major market in the past year.

About Fund Performance / Disclosure in Extracts 7

Schedule of Investments

Gibson® Field Optimized Bond ETF
(Percentages shown are based on last 6 months)

October 31, 2022

The following table provides the information in a specific format:

The following table provides the information in a specific format:

6

2022 GIBSON ANNUAL REPORT TO SEPTEMBER 2022

Schedule of Investments

Glenwood Field Optimized Bond ETF

October 31, 2022

The following table shows the distribution of the following instruments and the results of the Company's performance and results of the Company's performance and results of the Company's performance and results of the Company's performance and results of the Company's performance and results of the Company's performance and results of the Company's performance and results of the Company's performance and results of the Company's performance and results of the Company's performance and results of the Company's performance and results of the Company's performance and results of the Company's performance and results of the Company's performance and results of the Company's performance

Glenwood 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1

Schedule of Investments

9

# Statement of Assets and Liabilities

October 31, 2022

In accordance with the terms and conditions of this Agreement, the Company shall have the right to change the terms and conditions of this Agreement, and to change the terms and conditions of this Agreement, and to change the terms and conditions of this Agreement, and to change the terms and conditions of this Agreement, and to change the terms and conditions of this Agreement, and to change the terms and conditions of this Agreement, and to change the terms and conditions of this Agreement, and to change the terms and conditions of this Agreement, and to change the terms and conditions of this Agreement, and to change the terms and conditions of this Agreement, and to change the terms and conditions of this Agreement.

10

2022 O'Hara, A. 10, 2022 10 October 2022

# Statement of Operations

Year Ended October 31, 2022[{"box_2d": [10, 32, 482, 93], "label": "table", "caption": "

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| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |

| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |

| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |

| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |

| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |

| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |

| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |

| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |

| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |

| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |

| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |

| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |

| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |

| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Date | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |

<table><thead><tr><th>Date</th><th>2022</th><th>2021</th><th>2020</th><th>2019</

# Statements of Changes in Net Assets

7. Results in less than 0.01%[{"box_2d": [10, 36, 481, 174], "label": "table", "caption": "

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Changes in Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Changes in Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

| Changes in Net Assets |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Description | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Assets | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

<table><thead><tr><th colspan=\"10\">Changes in Net Assets</th></tr><tr><th>Description</th><th>2017</th><th>2018</th><th>2019</th><th>2020</th><th>2021</th><th>2022</th><th>2023</th><th>2024</th><th>2025</th></tr></thead><tr><td>Net Assets</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</

# Financial Highlights

(For a share outstanding throughout each period)

![img-0.jpeg](img-0.jpeg)

Financial Highlights

12

# Notes to Financial Statements

# 1. ORGANIZATION

Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

1. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

2. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

3. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

4. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

5. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

6. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

7. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

8. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

9. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

10. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

11. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

12. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

13. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

14. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

15. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

16. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

17. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

18. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

19. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

20. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

21. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

22. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

23. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

24. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

25. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

26. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

27. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

28. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

29. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

30. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

31. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

32. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

33. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

34. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

35. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

36. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

37. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

38. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

39. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

40. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

41. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

42. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

43. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

44. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

45. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

46. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

47. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

48. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

49. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

50. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

51. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

52. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

53. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

54. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

55. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

56. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

57. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

58. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

59. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

60. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

61. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

62. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

63. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

64. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

65. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

66. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

67. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

68. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

69. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

70. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

71. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

72. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

73. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

74. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

75. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

76. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

77. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

78. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

79. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

80. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

81. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

82. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

83. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

84. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

85. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

86. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

87. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

88. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

89. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

90. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

91. Management is not money placed from group share transactions. (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415 1,800,000 (01/08/2011) 1,750,415

Notes to Financial Statements

(continued)

a purchase of that asset is liability as an extra length transaction. For other determinations, shall be based upon all available factors that the Valuable Committee deems.

Interest and investment and the provisions of the value compensation
The value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value of the value

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

Notes to Financial Statements

15

Notes to Financial Statements

# 5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

The following table provides the information in a specific format:

16

2022 Annual Report By: 10/10/2022

Notes to Financial Statements

[continued]

For the year ended October 31, 2023, transactions executed by the Fund pursuant to Rule 17a-7 under the 2020 Act were as follows:

The Company owns the highest priority to unobligated quarter prices in which markets for identical assets at liabilities (Level 1 measurements) may be based solely on the Company's performance. The Company's performance is based solely on the Company's performance. The Company's performance is based solely on the Company's performance. The Company's performance is based solely on the Company's performance. The Company's performance is based solely on the Company's performance. The Company's performance is based solely on the Company's performance. The Company's performance is based solely on the Company's performance. The Company's performance is based solely on the Company's performance. The Company's performance is based solely on the Company's performance.

Note to Financial Statements

17

Notes to Financial Statements

acts of pension, the spread of infectious illness or other public health issues, necessities, or other events could have a significant impact on the Fund and its investments.

The Fund and its investment activities are based on the financial statements. For the year ended October 31, 2022, the amounts subject to investment advisory

The Fund and its investment activities are based on the financial statements. For the year ended October 31, 2022, the amounts subject to investment advisory

The Fund and its investment activities are based on the financial statements. For the year ended October 31, 2022, the amounts subject to investment advisory

The Fund and its investment activities are based on the financial statements. For the year ended October 31, 2022, the amounts subject to investment advisory

The Fund and its investment activities are based on the financial statements. For the year ended October 31, 2022, the amounts subject to investment advisory

18

2022 Finance Annual Report by Finance.com

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Gharas Trust and Shareholders of Gharas Yield Optimized Bond ETF

The Board of Trustees of Gharas Trust and Shareholders of Gharas Yield Optimized Bond ETF, which is a member of the Board of Trustees of Gharas Trust and Shareholders of Gharas Yield Optimized Bond ETF, which is a member of the Board of Trustees of Gharas Trust and Shareholders of Gharas Yield Optimized Bond ETF. The Board of Trustees of Gharas Trust and Shareholders of Gharas Yield Optimized Bond ETF, which is a member of the Board of Trustees of Gharas Trust and Shareholders of Gharas Yield Optimized Bond ETF, which is a member of the Board of Trustees of Gharas Trust and Shareholders of Gharas Yield Optimized Bond ETF.

Report of Independent Registered Public Accounting Firm

19

Important Tax Information

(or we do not)

The fund intends to pass through to its shareholders the following amount, or maximum amount allowable by law, of foreign assets income earned for the fiscal year ended

the year ended, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

The fund is not a result of the fund's share of the fund, the amount of the fund and the share of the fund, the amount of the fund and the share of the fund

20

2022 General Annual Report to Secretary 2022

Board Review and Approval of Investment Advisory Contract

Advisory Fund (Outward Board 07) (the 'Fund')

The Board of Directors' Association, the board of directors, and the board of directors' officers, is a member of the Board of Directors' Association. The Board of Directors' Association is a member of the Board of Directors' Association. The Board of Directors' Association is a member of the Board of Directors' Association. The Board of Directors' Association is a member of the Board of Directors' Association.

Board Review and Approval of Investment Advisory Contract

21

Board Review and Approval of Investment Advisory Contract

(continued)

the minimum to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed IBPA's estimated profit margin as reflected in the Fund's profitability

of the Fund's profit margin as reflected in the Fund's profitability. The Board also discussed IBPA's estimated profit margin as reflected in the Fund's profitability. The Board also discussed IBPA's estimated profit margin as reflected in the Fund's profitability. The Board also discussed IBPA's estimated profit margin as reflected in the Fund's profitability. The Board also discussed IBPA's estimated profit margin as reflected in the Fund's profitability. The Board also discussed IBPA's estimated profit margin as reflected in the Fund's profitability. The Board also discussed IBPA's estimated profit margin as reflected in the Fund's profitability.

22

2022 Charter Annual Report to Smarter.com

Supplemental Information

Journalized

Provincial/Discount Information

The following table provides the information in English:

Environmental Information

23

Trustee and Officer Information

(continued)

The Board of Trustees has responsibility for the overall management and operations of the Fund, including general supervision of the duties performed by DFA and other

the following terms and conditions. Note, reporting of instruments and operations is subject to the terms and conditions of the Fund and the Board of Trustees. The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees. The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees. The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees. The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

The Board of Trustees shall have the right to audit, audit, and audit the financial statements and reports of the Fund and the Board of Trustees.

24 2022 O'Hare, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey, Hovey

Trustee and Officer Information

(revised) (continued)

Independent Trustees (continued)

In the event of a change in the financial position of the Trustee, the Trustee shall be entitled to a full payment of the full amount of the interest due to the date of the change. The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change. The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

The Trustee shall have the right to change the interest due to the date of change, and the Trustee shall have the right to change the interest due to the date of change.

25

General Information

Electronic Delivery

The information contained in this document is for the purpose of the use of the information in the United States. The information contained in this document is for the purpose of the use of the information in the United States.

28

2022 General Annual Report to Secretary 2022

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

## Want to know more?

iShares.com 1-800-474-2737

This report is intended for the Fund's shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

IS-AR-1009-2022

**iShares**
by BlackRock

Go paperless...
It's Easy, Economical and Good!
Go to www.isaishares.com

| (b) Not Applicable |  |
| --- | --- |
| Item 2.#&nbsp;&nbsp;&nbsp;&nbsp; Code of Ethics. |  |
| The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons (2) claiming similar functions. During the period covered by this report, the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the |  |
| the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the |  |
| the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the |  |
| the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the |  |
| the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the |  |
| the code of ethics was amended to clarify an inconsistency in |  |

By: /s/ Armando Senra

Armando Senra, President (Principal Executive Officer)

Date: December 22, 2022

By: /s/ Armando Senra

Armando Senra, President (Principal Executive Officer)

Date: December 22, 2022

By: /s/ Trent Walker

Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: December 22, 2022

Page 1 of 1

2021, 2022
COSMIC TCM
2022
COSMIC TCM
2022 (cont.)

Firstline Management (since 2020)

Ottawa, U.S. GTP Trust (since 2017)

TOMATO, 2021
1,000,000 (March 19, 2021)
1,000,000 (March 19, 2021)

TOMATO, 2021
1,000,000 (March 19, 2021)

TOMATO, 2021
1,000,000 (March 19, 2021)
1,000,000 (March 19, 2021)
TOMATO, 2021
1,000,000 (March 19, 2021)
TOMATO, 2021
1,000,000 (March 19, 2021)
TOMATO, 2021

Chase, U.S. GTP Trust (since 2017)
Chase, U.S. GTP Trust (since 2017)
Chase, U.S. GTP Trust (since 2017)
Chase, U.S. GTP Trust (since 2017)
Chase, U.S. GTP Trust (since 2017)
Chase, U.S. GTP Trust (since 2017)
Chase, U.S. GTP Trust (since

## Ex-99.Cert

**Item 2.&nbsp;&nbsp;&nbsp;&nbsp; Code of Ethics.**

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock's General Counsel, and retains the alternative option of anonymous reporting following "whistleblower" policies. Other non

-material changes were also made in connection with this amendment. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

## Ex-99.Cert

**N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EX-99.CERT**

I, Armando Senra, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following one series: iShares Yield Optimized Bond ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) &nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) &nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) &nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Date: | &nbsp;&nbsp; <br> December 22, 2022 | &nbsp;&nbsp; <br> /s/ Armando Senra | &nbsp;&nbsp; President<br> (Principal Executive Officer) |
|  |  | &nbsp;&nbsp; Armando Senra<br> [Signature] | &nbsp;&nbsp; [Title] |

---

**N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EX-99.CERT**

I, Trent Walker, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following one series: iShares Yield Optimized Bond ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) &nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) &nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) &nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Date: | &nbsp;&nbsp; <br> December 22, 2022 | &nbsp;&nbsp; <br> /s/ Trent Walker | &nbsp;&nbsp; Treasurer and Chief Financial Officer (Principal Financial Officer) |
|  |  | &nbsp;&nbsp; Trent Walker<br> [Signature] | &nbsp;&nbsp; [Title] |

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## Exhibit 99.906

**Ex.99.906 CERT**

**N-CSR Exhibit for Item 13(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

Armando Senra, President (Principal Executive Officer), and Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer), of iShares Trust (the "Registrant"), each certify, to his knowledge, that:

1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Date: | &nbsp;&nbsp; <br> December 22, 2022 | &nbsp;&nbsp; <br> /s/ Armando Senra | &nbsp;&nbsp; President<br> (Principal Executive Officer) |
|  |  | &nbsp;&nbsp; Armando Senra<br> [Signature] | &nbsp;&nbsp; [Title] |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Date: | &nbsp;&nbsp; December 22, 2022 | &nbsp;&nbsp; <br> /s/ Trent Walker | &nbsp;&nbsp; Treasurer and Chief Financial Officer (Principal Financial Officer) |
|  |  | &nbsp;&nbsp; Trent Walker<br> [Signature] | &nbsp;&nbsp; [Title] |

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