Fund Description: iShares Floating Rate Bond ETF, formerly iShares Floating Rate Note 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 Floating Rate Bond ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays Capital US Floating Rate Note < 5 Years Index. INDEX DESCRIPTION: The Barclays Capital US Floating Rate Note < 5 Years Index measures the performance of U.S. dollar-denominated, investment grade floating rate notes. Securities in the Index have a remaining maturity of greater than or equal to one month and less than five years, and have $300 million or more of outstanding face value. The Index consists of debt instruments that pay a variable coupon rate, a majority of which are based on the 3-month London Interbank Offer Rate (LIBOR), with a fixed spread. The Index is market capitalization weighted and the securities in the Index are updated on the last calendar day of each month. The Index may include U.S. registered, dollar-denominated bonds of non-U.S. corporations, governments and supranational entities. 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. Representative sampling is an indexing strategy that is utilized which 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. Funds that employ a representative sampling strategy may incur tracking error risk to a greater extent than a fund that seeks to replicate an index. The Fund generally invests at least 90% of its assets in the securities of the Index or 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 is believed will help the Fund track the Index. The Fund also may invest its other assets in futures contracts, options on futures contracts, options, and swaps related to the Index, as well as cash and cash equivalents, including shares of money market funds. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as investment advisor to the Fund.