UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

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iShares Trust

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IMPORTANT NOTICE TO SHAREHOLDERS IN THE

iSHARES S&P GLOBAL CONSUMER DISCRETIONARY SECTOR INDEX FUND

Act Today to Avoid the Potential Closure and Liquidation of Your

iShares S&P Global Consumer Discretionary Sector Index Fund

Dear iShares S&P Global Consumer Discretionary Sector Index Fund Shareholder,

The iShares Funds recently contacted you regarding a Special Meeting of Shareholders (the “Meeting”) to approve a new investment advisory agreement for the iShares S&P Global Consumer Discretionary Sector Index Fund. Due to a lack of sufficient shareholder votes, the Meeting has been adjourned for a fifth time to January 28, 2010 at 5:00 PM (PST). We have not received your vote and there are less than two weeks remaining to the Meeting. Your participation is now critical to ensure that your iShares S&P Global Consumer Discretionary Sector Index Fund is not closed and liquidated.

The existing investment advisory agreement for your iShares S&P Global Consumer Discretionary Sector Index Fund terminated on December 1, 2009 and your iShares Fund is now being managed pursuant to an interim advisory agreement. Shareholder action is now required to approve a new investment advisory agreement for your iShares Fund. Please act now to ensure that your iShares S&P Global Consumer Discretionary Sector Index Fund continues to operate without interruption.

The Board of Trustees of the iShares Funds has unanimously recommended that shareholders vote in favor of the new investment advisory agreement proposal. If we do not have a sufficient number of votes to hold the Meeting, the Board of Trustees of the iShares Funds will take such action it deems necessary and in the best interests of those iShares Funds and their shareholders, including closing and liquidating your iShares S&P Global Consumer Discretionary Sector Index Fund. We urge you to vote today without further delay.

To vote your shares, please call 1-866-450-8471. Representatives are available Monday through Friday 9:30 AM to 12:00 Midnight (EST) and Saturday from 10:00 AM to 9:00 PM (EST). If you are an institutional shareholder or a shareholder located outside the U.S. and need assistance in voting your shares, please call +1 646-378-4860 (international collect calls are accepted). You may also vote by internet or mail, as further detailed on the enclosed proxy card.

On behalf of the Board of Directors/Trustees of the iShares Funds, please accept my thanks for your participation in this important matter.

Sincerely,

Lee T. Kranefuss

Chairman of the Boards of Directors/Trustees iShares, Inc. and iShares Trust

ISHA-ADJ-024