ISHARES TRUST
                   Prospectus Supplement Dated June 13, 2000

          THE INFORMATION IN THIS SUPPLEMENT UPDATES THE INFORMATION IN, AND
SHOULD BE READ IN CONJUNCTION WITH, THE PROSPECTUS DATED MAY 12, 2000. THE
SUPPLEMENT LIKELY WILL BE RELEVANT ONLY TO INSTITUTIONS AND LARGE INVESTORS WHO
PURCHASE OR REDEEM CREATION UNITS DIRECTLY FROM A FUND.

The Prospectus section for each Fund entitled "Creation Transaction Fees and
Redemption Transaction Fees" is amended to state that (i) the Standard Creation
Transaction Fee for each Fund set forth in the Prospectus is not a per Creation
Unit charge, but rather is a single charge that covers all Creation Units of
that one Fund purchased on the same day; and (ii) the Standard Redemption Fee
for each Fund set forth in the Prospectus is not a per Creation Unit charge, but
rather is a single charge that covers all Creation Units of that one Fund
redeemed on the same day.