Fund Description: iShares MSCI KLD 400 Social ETF, formerly iShares MSCI KLD 400 Social Index Fund, formerly iShares KLD 400 Social Index Fund, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the iShares Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The iShares MSCI KLD 400 Social ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI KLD 400 Social Index. INDEX DESCRIPTION: The MSCI KLD 400 Social Index is a free float-adjusted market capitalization index designed to measure the equity performance of U.S. companies that have positive environmental, social and governance (ESG) characteristics. The Index consists of 400 companies identified by MSCI Inc.,the Index Provider, from the universe of companies included in the MSCI USA IMI Index, which consists of the largest New York Stock Exchange and NASDAQ Stock Market LLC listed U.S. equities ranked by investable market capitalization (after the application of any investability weightings). MSCI analyzes each eligible company's ESG performance using proprietary ratings covering environmental, social (community and society, customers, employees and supply chain) and governance & ethics criteria. MSCI seeks to include in the Index companies with positive ESG performance relative to their industry peers and in relation to the broader market. Companies that MSCI determines have significant involvement in the following businesses are not eligible for the Index: alcohol, tobacco, firearms, nuclear power, military weapons and gambling. MSCI seeks to maintain the large capitalization character of the Index while including mid-cap and small-cap companies. FUND STRATEGY: A passive or indexing approach is used to try to achieve the Fund's investment objective. Unlike many investment companies, the Fund does not try to beat the Index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the Fund will substantially outperform the Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. A representative sampling indexing strategy to manage the Fund is utilized. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Index. The Fund may or may not hold all of the securities in the Index. The Fund generally invests at least 90% of its assets in securities of the Index and in depositary receipts representing securities of the Index. The Fund may invest the remainder of its assets in securities not included in the Index but which will help the Fund track the Index, and in futures contracts, options on futures contracts, options and swaps as well as cash and cash equivalents, including shares of money market funds. FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.