Fund Description: iShares Core U.S. REIT ETF, formerly iShares Real Estate 50 ETF, formerly iShares FTSE NAREIT Real Estate 50 Index Fund, is a separate investment portfolio of the iShares Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The iShares Core U.S. REIT ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE NAREIT Equity REITS Index, formerly FTSE NAREIT Real Estate 50 Index. INDEX DESCRIPTION: The FTSE NAREIT Equity REITS Index measures the performance of U.S. listed equity real estate investment trusts (REITs), excluding infrastructure REITs, mortgage REITs, and timber REITs. Components of the Index primarily include health care REITs, residential REITs and retail REITs. The components of the Index, and the degree to which these components represent certain industries, may change over time. 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 used which involves investing in a representative sample of securities that collectively has an investment profile similar to that of 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 will invest at least 90% of its assets in the component securities of the Index and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by the Adviser or its affiliates, as well as in securities not included in the Index, but which the Adviser believes will help the Fund track the Index. The Fund may lend sec urities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received). FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.