Form N-CSRS for iShares Trust

N-CSRS 1 dncsrs.htm FORM N-CSRS FOR ISHARES TRUST Form N-CSRS for iShares Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of Registrant as specified in charter)

c/o: State Street Bank and Trust Company

200 Clarendon Street, Boston, MA 02116

(Address of principal executive offices) (Zip code)

CT Corporation System

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-474-2737

Date of fiscal year end: July 31, 2009

Date of reporting period: January 31, 2009

Item 1.

Reports to Stockholders.

LOGO

iShares®

Dear iShares Shareholder:

Electronic delivery is the easiest, most convenient way to receive reporting on your iShares holdings. In addition, it’s a way we can all for our environment. To that end, we are pleased to offer shareholder reports and prospectuses online.

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Your information and email address will be kept confidential and only used to deliver documents to you. If at any time you are not satisfied, you can cancel electronic delivery at www.icsdelivery.com and once again receive physical delivery of your materials. If you have any questions, please contact your brokerage firm or financial adviser.

Once you have enrolled, you will no longer receive prospectuses and shareholder reports in mail. Instead, you receive e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com.

Table of Contents


Fund Performance Overviews		1
Shareholder Expenses		13
Schedules of Investments		15
iShares S&P North American Technology Sector Index Fund		15
iShares S&P North American Technology-Multimedia Networking Index Fund		19
iShares S&P North American Technology-Semiconductors Index Fund		20
iShares S&P North American Technology-Software Index Fund		22
iShares S&P North American Natural Resources Sector Index Fund		24
iShares NYSE Composite Index Fund		27
iShares NYSE 100 Index Fund		46
Financial Statements		49
Financial Highlights		57
Notes to Financial Statements		64
iShares Family of Funds		73

Fund Performance Overview

iSHARES^® S&P NORTH AMERICAN TECHNOLOGY SECTOR INDEX FUND

Performance as of January 31, 2009

The iShares S&P North American Technology Sector Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P North American Technology Sector Index^TM (the “Index”). The Index measures the performance of U.S.-traded stocks of technology-related companies in the U.S. and Canada. The Index includes companies in the following categories: producers of sophisticated computer-related devices; communications equipment and internet services; producers of computer and internet software; consultants for information technology; providers of computer services; and semiconductor equipment manufacturers. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended January 31, 2009, the total return for the Fund was (36.55)%, while the total return for the Index was (36.47)%.


Average Annual Total Returns

Year Ended 1/31/09			Five Years Ended 1/31/09			Inception to 1/31/09

NAV	MARKET	INDEX	NAV	MARKET	INDEX	NAV	MARKET	INDEX
(36.76)%	(36.52)%	(36.53)%	(7.08)%	(7.10)%	(6.66)%	(6.51)%	(6.50)%	(6.08)%

Cumulative Total Returns

Year Ended 1/31/09			Five Years Ended 1/31/09			Inception to 1/31/09

NAV	MARKET	INDEX	NAV	MARKET	INDEX	NAV	MARKET	INDEX
(36.76)%	(36.52)%	(36.53)%	(30.72)%	(30.79)%	(29.15)%	(41.21)%	(41.18)%	(39.03)%

Total returns for the period since inception are calculated from the inception date of the Fund (3/13/01). “Average Annual Total Returns” represent the average annual change in value of an investment over the period(s) indicated. “Cumulative Total Returns” represent the total change in value of an investment over the period(s) indicated.

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/19/01), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The returns shown in the table(s) above do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.


FUND PERFORMANCE OVERVIEWS		1

Fund Performance Overview (Continued)

iSHARES^® S&P NORTH AMERICAN TECHNOLOGY SECTOR INDEX FUND


PORTFOLIO ALLOCATION As of 1/31/09
Industry	Percentage of Net Assets
Computers	30.03	%

Software	21.25

Telecommunications	15.32

Semiconductors	13.33

Internet	12.70

Commercial Services	3.17

Electronics	3.15

Office & Business Equipment	0.44

Distribution & Wholesale	0.22

Electrical Components & Equipment	0.14

Machinery	0.13

Entertainment	0.08

Short-Term and Other Net Assets	0.04


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets
International Business Machines Corp.	8.45	%

Microsoft Corp.	6.67

Hewlett-Packard Co.	6.48

Cisco Systems Inc.	6.35

Apple Inc.	5.92

Google Inc. Class A	5.85

Intel Corp.	5.14

Oracle Corp.	4.76

QUALCOMM Inc.	4.73

Research in Motion Ltd.	2.08


TOTAL	56.43	%


2		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® S&P NORTH AMERICAN TECHNOLOGY-MULTIMEDIA NETWORKING INDEX FUND

Performance as of January 31, 2009

The iShares S&P North American Technology-Multimedia Networking Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P North American Technology-Multimedia Networking Index^TM (the “Index”). The Index measures the performance of U.S.-traded stocks of communication equipment companies in the U.S. and Canada. The Index includes companies that are producers of telecom, data networking and wireless equipment. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended January 31, 2009, the total return for the Fund was (41.00)%, while the total return for the Index was (41.05)%.


Average Annual Total Returns

Year Ended 1/31/09			Five Years Ended 1/31/09			Inception to 1/31/09

NAV	MARKET	INDEX	NAV	MARKET	INDEX	NAV	MARKET	INDEX
(42.94)%	(42.79)%	(43.03)%	(13.22)%	(13.25)%	(12.86)%	(9.53)%	(9.53)%	(9.06)%

Cumulative Total Returns

Year Ended 1/31/09			Five Years Ended 1/31/09			Inception to 1/31/09

NAV	MARKET	INDEX	NAV	MARKET	INDEX	NAV	MARKET	INDEX
(42.94)%	(42.79)%	(43.03)%	(50.79)%	(50.86)%	(49.75)%	(53.12)%	(53.12)%	(51.24)%

Total returns for the period since inception are calculated from the inception date of the Fund (7/10/01). “Average Annual Total Returns” represent the average annual change in value of an investment over the period(s) indicated. “Cumulative Total Returns” represent the total change in value of an investment over the period(s) indicated.

For purposes of calculating the total return of the Index, dividends and distributions made by companies included in the Index generally are assumed to be reinvested in the securities issued by those companies. However, prior to December 31, 2002, the total returns of the Index did not reflect reinvestment of dividends and distributions. The performance of the Index would have been higher for periods prior to that date had dividends and distributions been assumed to be reinvested.

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/13/01), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


FUND PERFORMANCE OVERVIEWS		3

Fund Performance Overview (Continued)

iSHARES^® S&P NORTH AMERICAN TECHNOLOGY-MULTIMEDIA NETWORKING INDEX FUND


PORTFOLIO ALLOCATION As of 1/31/09
Industry	Percentage of Net Assets
Telecommunication Equipment	26.42	%

Networking Products	19.39

Wireless Equipment	18.51

Telecommunication Equipment Fiber Optics	12.62

Computers	9.64

Computer – Integrated Systems	5.59

Internet Infrastructure Software	4.21

Internet Infrastructure Equipment	1.80

Satellite Telecommunications	1.78

Short-Term and Other Net Assets	0.04


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets
Research in Motion Ltd.	9.64	%

QUALCOMM Inc.	8.15

Corning Inc.	7.52

Cisco Systems Inc.	7.51

Harris Corp.	6.62

Motorola Inc.	6.45

Tellabs Inc.	4.67

F5 Networks Inc.	4.21

Juniper Networks Inc.	4.10

Brocade Communications Systems Inc.	3.99


TOTAL	62.86	%


4		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® S&P NORTH AMERICAN TECHNOLOGY-SEMICONDUCTORS INDEX FUND

Performance as of January 31, 2009

The iShares S&P North American Technology-Semiconductors Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P North American Technology-Semiconductors Index^TM (the “Index”). The Index measures the performance of U.S-traded stocks of semiconductor companies in the U.S. and Canada. The Index includes companies that are producers of semiconductors and semiconductor equipment. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended January 31, 2009, the total return for the Fund was (40.78)%, while the total return for the Index was (40.97)%.


Average Annual Total Returns

Year Ended 1/31/09			Five Years Ended 1/31/09			Inception to 1/31/09

NAV	MARKET	INDEX	NAV	MARKET	INDEX	NAV	MARKET	INDEX
(45.66)%	(45.53)%	(45.73)%	(15.43)%	(15.40)%	(15.11)%	(10.61)%	(10.60)%	(10.28)%

Cumulative Total Returns

Year Ended 1/31/09			Five Years Ended 1/31/09			Inception to 1/31/09

NAV	MARKET	INDEX	NAV	MARKET	INDEX	NAV	MARKET	INDEX
(45.66)%	(45.53)%	(45.73)%	(56.74)%	(56.66)%	(55.91)%	(57.20)%	(57.16)%	(55.97)%

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/13/01), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


FUND PERFORMANCE OVERVIEWS		5

Fund Performance Overview (Continued)

iSHARES^® S&P NORTH AMERICAN TECHNOLOGY-SEMICONDUCTORS INDEX FUND


PORTFOLIO ALLOCATION As of 1/31/09
Industry	Percentage of Net Assets
Electronic Components – Semiconductors	63.46	%

Semiconductor Equipment	19.79

Semiconductor Components/ Integrated Circuits	15.23
Semiconductor Components/ Integrated Circuits	15.23

Networking Products	0.74

Lasers – Systems/Components	0.61

Short-Term and Other Net Assets	0.17


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets
Applied Materials Inc.	8.13	%

Texas Instruments Inc.	7.89

Intel Corp.	7.68

Broadcom Corp. Class A	7.15

Analog Devices Inc.	5.91

Linear Technology Corp.	5.28

Xilinx Inc.	4.69

Altera Corp.	4.65

NVIDIA Corp.	4.34

Microchip Technology Inc.	3.51


TOTAL	59.23	%


6		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® S&P NORTH AMERICAN TECHNOLOGY-SOFTWARE INDEX FUND

Performance as of January 31, 2009

The iShares S&P North American Technology-Software Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P North American Technology-Software Index^TM (the “Index”). The Index measures the performance of U.S.-traded stocks of software-related companies in the U.S. and Canada. The Index includes companies that are producers of client/server applications, enterprise software, application software, PC and home entertainment software. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities included in the Index. For the six-month period ended January 31, 2009, the total return for the Fund was (36.70)%, while the total return for the Index was (36.77)%.


Average Annual Total Returns

Year Ended 1/31/09			Five Years Ended 1/31/09			Inception to 1/31/09

NAV	MARKET	INDEX	NAV	MARKET	INDEX	NAV	MARKET	INDEX
(35.49)%	(35.35)%	(35.41)%	(4.80)%	(4.82)%	(4.38)%	(6.22)%	(6.21)%	(5.78)%

Cumulative Total Returns

Year Ended 1/31/09			Five Years Ended 1/31/09			Inception to 1/31/09

NAV	MARKET	INDEX	NAV	MARKET	INDEX	NAV	MARKET	INDEX
(35.49)%	(35.35)%	(35.41)%	(21.80)%	(21.91)%	(20.08)%	(38.47)%	(38.43)%	(36.26)%

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/13/01), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


FUND PERFORMANCE OVERVIEWS		7

Fund Performance Overview (Continued)

iSHARES^® S&P NORTH AMERICAN TECHNOLOGY-SOFTWARE INDEX FUND


PORTFOLIO ALLOCATION As of 1/31/09
Industry	Percentage of Net Assets
Applications Software	27.13	%

Enterprise Software/Services	24.98

Internet Security	13.06

Entertainment Software	8.64

Computer-Aided Design	6.83

Electronic Forms	6.04

Electronic Design Automation	3.97

Computer – Integrated Systems	2.59

Computer Services	1.63

Transactional Software	1.30

Motion Pictures & Services	1.06

Internet Infrastructure Software	0.93

Medical Information Systems	0.66

Data Processing/Management	0.60

Decision Support Software	0.53

Short-Term and Other Net Assets	0.05


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets
Symantec Corp.	8.53	%

Oracle Corp.	8.11

Microsoft Corp.	6.81

Intuit Inc.	6.32

Adobe Systems Inc.	6.04

CA Inc.	5.52

BMC Software Inc.	4.66

McAfee Inc.	4.53

Activision Blizzard Inc.	4.32

Electronic Arts Inc.	3.79


TOTAL	58.63	%


8		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® S&P NORTH AMERICAN NATURAL RESOURCES SECTOR INDEX FUND

Performance as of January 31, 2009

The iShares S&P North American Natural Resources Sector Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P North American Natural Resources Sector Index^TM (the “Index”). The Index measures the performance of U.S.-traded stocks of natural resource-related companies in the U.S. and Canada. The Index includes companies in the following categories: producers of oil, gas and consumable fuels, energy equipment and services, metals and mining, manufacturers of paper and forest products, and producers of construction materials, containers and packaging. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities included in the Index. For the six-month period ended January 31, 2009, the total return for the Fund was (43.04)%, while the total return for the Index was (43.06)%.


Average Annual Total Returns

Year Ended 1/31/09			Five Years Ended 1/31/09			Inception to 1/31/09

NAV	MARKET	INDEX	NAV	MARKET	INDEX	NAV	MARKET	INDEX
(38.94)%	(38.68)%	(38.72)%	8.22%	8.23%	8.69%	7.56%	7.57%	8.03%

Cumulative Total Returns

Year Ended 1/31/09			Five Years Ended 1/31/09			Inception to 1/31/09

NAV	MARKET	INDEX	NAV	MARKET	INDEX	NAV	MARKET	INDEX
(38.94)%	(38.68)%	(38.72)%	48.45%	48.48%	51.71%	69.93%	70.07%	75.42%

Total returns for the period since inception are calculated from the inception date of the Fund (10/22/01). “Average Annual Total Returns” represent the average annual change in value of an investment over the period(s) indicated. “Cumulative Total Returns” represent the total change in value of an investment over the period(s) indicated.

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/26/01), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


FUND PERFORMANCE OVERVIEWS		9

Fund Performance Overview (Continued)

iSHARES^® S&P NORTH AMERICAN NATURAL RESOURCES SECTOR INDEX FUND


PORTFOLIO ALLOCATION As of 1/31/09
Industry	Percentage of Net Assets
Oil & Gas	64.05	%

Mining	14.53

Oil & Gas Services	12.59

Packaging & Containers	2.35

Pipelines	2.33

Coal	1.77

Forest Products & Paper	1.39

Building Materials	0.49

Manufacturing	0.21

Gas	0.16

Transportation	0.09

Short-Term and Other Net Assets	0.04


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets
Exxon Mobil Corp.	7.39	%

ConocoPhillips	7.02

Chevron Corp.	6.98

Schlumberger Ltd.	4.99

Occidental Petroleum Corp.	4.52

EnCana Corp.	3.40

Barrick Gold Corp.	3.34

Devon Energy Corp.	2.78

Apache Corp.	2.57

Goldcorp Inc.	2.20


TOTAL	45.19	%


10		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® NYSE COMPOSITE INDEX FUND

Performance as of January 31, 2009

The iShares NYSE Composite Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the NYSE Composite Index^® (the “Index”). The Index measures the performance of all common stocks, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and tracking stocks listed on the New York Stock Exchange (NYSE). The securities in the Index represent a broad spectrum of large-, mid- and small-capitalization companies. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities included in the Index. For the six-month period ended January 31, 2009, the total return for the Fund was (37.50)%, while the total return for the Index was (37.56)%.

Average Annual Total Returns

Cumulative Total Returns

Year Ended 1/31/09

Inception to 1/31/09

NAV

MARKET

INDEX

NAV

MARKET

INDEX

NAV

MARKET

INDEX

(41.34)%

(41.18)%

(41.47)%

(2.69)%

(2.70)%

(2.58)%

(12.39)%

(12.43)%

(11.90)%

Total returns for the period since inception are calculated from the inception date of the Fund (3/30/04). “Average Annual Total Returns” represent the average annual change in value of an investment over the period(s) indicated. “Cumulative Total Returns” represent the total change in value of an investment over the period(s) indicated.

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/2/04), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


PORTFOLIO ALLOCATION As of 1/31/09
Sector	Percentage of Net Assets
Consumer Non-Cyclical	23.39	%

Energy	17.27

Financial	15.67

Industrial	10.16

Communications	9.90

Consumer Cyclical	7.90

Basic Materials	5.47

Technology	4.60

Utilities	4.38

Diversified	1.08

Short-Term and Other Net Assets	0.18


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets
Exxon Mobil Corp.	3.71	%

Johnson & Johnson	1.54

Procter & Gamble Co. (The)	1.54

AT&T Inc.	1.39

Chevron Corp.	1.36

BP PLC SP ADR	1.27

International Business Machines Corp.	1.18

General Electric Co.	1.15

Wal-Mart Stores Inc.	1.09

Total SA SP ADR	1.00


TOTAL	15.23	%


FUND PERFORMANCE OVERVIEWS		11

Fund Performance Overview

iSHARES^® NYSE 100 INDEX FUND

Performance as of January 31, 2009

The iShares NYSE 100 Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the NYSE U.S. 100 Index^® (the “Index”). The Index measures the performance of the largest 100 U.S. companies, based on market capitalization, listed on the New York Stock Exchange (NYSE). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities included in the Index. For the six-month period ended January 31, 2009, the total return for the Fund and the Index was (30.96)%.

Average Annual Total Returns

Cumulative Total Returns

Year Ended 1/31/09

Inception to 1/31/09

NAV

MARKET

INDEX

NAV

MARKET

INDEX

NAV

MARKET

INDEX

(37.06)%

(36.88)%

(37.00)%

(4.42)%

(4.45)%

(4.28)%

(19.69)%

(19.78)%

(19.08)%

Total returns for the period since inception are calculated from the inception date of the Fund (3/29/04). “Average Annual Total Returns” represent the average annual change in value of an investment over the period(s) indicated. “Cumulative Total Returns” represent the total change in value of an investment over the period(s) indicated.

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/2/04), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


PORTFOLIO ALLOCATION As of 1/31/09
Sector	Percentage of Net Assets
Consumer Non-Cyclical	33.08	%

Energy	20.01

Industrial	11.53

Financial	8.82

Consumer Cyclical	7.91

Communications	7.32

Technology	5.82

Utilities	3.47

Basic Materials	1.17

Diversified	0.74

Short-Term and Other Net Assets	0.13


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets

Exxon Mobil Corp.	8.99	%

Johnson & Johnson	3.73

Procter & Gamble Co. (The)	3.73

AT&T Inc.	3.38

Chevron Corp.	3.31

International Business Machines Corp.	2.87

General Electric Co.	2.80

Wal-Mart Stores Inc.	2.66

Pfizer Inc.	2.27

JPMorgan Chase & Co.	2.20


TOTAL	35.94	%


12		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Shareholder Expenses (Unaudited)

iSHARES^® TRUST

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares and (2) ongoing costs, including management fees and other Fund expenses. The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other Funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2008 to January 31, 2009.

ACTUAL EXPENSES

The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line under each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other Funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different Funds. In addition, if these transactional costs were included, your costs would have been higher.


iShares Index Fund	Beginning Account Value (8/1/08)	Ending Account Value (1/31/09)	Annualized Expense Ratio		Expenses Paid During Period^a (8/1/08 to 1/31/09)
S&P North American Technology Sector
Actual	$1,000.00	$ 634.50	0.48	%	$1.98
Hypothetical (5% return before expenses)	1,000.00	1,022.80	0.48		2.45
S&P North American Technology-Multimedia Networking
Actual	1,000.00	590.00	0.48		1.92
Hypothetical (5% return before expenses)	1,000.00	1,022.80	0.48		2.45
S&P North American Technology-Semiconductors
Actual	1,000.00	592.20	0.48		1.93
Hypothetical (5% return before expenses)	1,000.00	1,022.80	0.48		2.45
S&P North American Technology-Software
Actual	1,000.00	633.00	0.48		1.98
Hypothetical (5% return before expenses)	1,000.00	1,022.80	0.48		2.45


SHAREHOLDER EXPENSES		13

Shareholder Expenses (Unaudited) (Continued)

iSHARES^® TRUST


iShares Index Fund	Beginning Account Value (8/1/08)	Ending Account Value (1/31/09)	Annualized Expense Ratio		Expenses Paid During Period^a (8/1/08 to 1/31/09)
S&P North American Natural Resources Sector
Actual	$1,000.00	$ 569.60	0.48	%	$1.90
Hypothetical (5% return before expenses)	1,000.00	1,022.80	0.48		2.45
NYSE Composite
Actual	1,000.00	625.00	0.25		1.02
Hypothetical (5% return before expenses)	1,000.00	1,023.90	0.25		1.28
NYSE 100
Actual	1,000.00	690.40	0.20		0.85
Hypothetical (5% return before expenses)	1,000.00	1,024.20	0.20		1.02

^a	Expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days).


14		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® S&P NORTH AMERICAN TECHNOLOGY SECTOR INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 99.96%

COMMERCIAL SERVICES – 3.17%
Alliance Data Systems Corp.^a,b	8,302	$	345,280
Convergys Corp.^a	15,705		118,259
Euronet Worldwide Inc.^a	6,470		65,023
Gartner Inc.^a	7,624		107,956
Hewitt Associates Inc. Class A^a	12,123		344,051
Lender Processing Services Inc.	10,785		279,547
SAIC Inc.^a	26,082		514,859
Visa Inc. Class A	45,719		2,256,233
Western Union Co.	92,059		1,257,526
Wright Express Corp.^a	4,987		58,148

			5,346,882

COMPUTERS – 30.03%
Affiliated Computer Services Inc.
Class A^a	12,550		575,543
Apple Inc.^a	110,956		10,000,464
Brocade Communications
Systems Inc.^a	47,842		182,278
CACI International Inc. Class A^a	3,847		173,692
Cadence Design Systems Inc.^a	33,483		126,566
Cognizant Technology
Solutions Corp.^a	37,461		701,645
Computer Sciences Corp.^a	19,489		717,975
Data Domain Inc.^a,b	4,388		57,132
Dell Inc.^a	222,637		2,115,051
Diebold Inc.	8,503		210,704
DST Systems Inc.^a	5,234		166,284
Electronics For Imaging Inc.^a	5,970		53,073
EMC Corp.^a	262,547		2,898,519
FactSet Research Systems Inc.^b	5,423		215,835
Hewlett-Packard Co.	314,647		10,933,983
Imation Corp.	3,878		37,772
International Business
Machines Corp.	155,649		14,265,231
Jack Henry & Associates Inc.	10,872		193,522
Lexmark International Inc. Class A^a	10,086		238,836
Mentor Graphics Corp.^a	11,883		55,375
MICROS Systems Inc.^a	10,342		148,925
NCR Corp.^a	20,301		254,778
NetApp Inc.^a	42,477		629,934
Perot Systems Corp. Class A^a	11,350		147,436


Security	Shares	Value
Research in Motion Ltd.^a	63,529	$	3,519,507
Riverbed Technology Inc.^a	7,250		73,588
SanDisk Corp.^a	29,081		332,396
SRA International Inc. Class A^a	5,415		88,427
Sun Microsystems Inc.^a	95,019		395,279
Synaptics Inc.^a	4,346		102,435
Synopsys Inc.^a	18,538		342,953
Syntel Inc.	1,655		35,665
Teradata Corp.^a	22,642		297,289
Western Digital Corp.^a	28,504		418,439

			50,706,531

DISTRIBUTION & WHOLESALE – 0.22%
Ingram Micro Inc. Class A^a	21,208		260,222
Tech Data Corp.^a	6,436		116,556

			376,778

ELECTRICAL COMPONENTS & EQUIPMENT – 0.14%
Molex Inc.	18,121		242,278

			242,278

ELECTRONICS – 3.15%
Agilent Technologies Inc.^a	45,028		814,106
Amphenol Corp. Class A	22,614		591,356
Arrow Electronics Inc.^a	15,348		292,686
Avnet Inc.^a	19,382		384,151
AVX Corp.	6,362		58,021
Benchmark Electronics Inc.^a	8,378		98,358
Celestica Inc.^a	25,677		110,411
Cogent Inc.^a	4,963		57,769
Cymer Inc.^a,b	3,809		77,704
Dolby Laboratories Inc. Class A^a	6,540		167,162
FLIR Systems Inc.^a,b	17,871		446,239
Itron Inc.^a	4,435		289,606
Jabil Circuit Inc.	27,101		157,728
L-1 Identity Solutions Inc.^a	8,401		60,907
Mettler-Toledo International Inc.^a	4,312		287,093
National Instruments Corp.	7,336		157,504
Plexus Corp.^a	5,060		73,168
Rofin-Sinar Technologies Inc.^a	3,718		62,797
Trimble Navigation Ltd.^a	15,381		227,946
Tyco Electronics Ltd.	58,874		833,656
Vishay Intertechnology Inc.^a	24,000		71,040

			5,319,408


SCHEDULES OF INVESTMENTS		15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® S&P NORTH AMERICAN TECHNOLOGY SECTOR INDEX FUND

January 31, 2009


Security	Shares	Value
ENTERTAINMENT – 0.08%
Macrovision Solutions Corp.^a	10,734	$	140,723

			140,723

INTERNET – 12.70%
Akamai Technologies Inc.^a	21,759		293,311
Amazon.com Inc.^a	41,377		2,433,795
Avocent Corp.^a	5,763		82,699
CyberSource Corp.^a	8,945		106,714
DealerTrack Holdings Inc.^a	5,124		58,362
Digital River Inc.^a	4,772		118,202
EarthLink Inc.^a,b	13,942		104,983
eBay Inc.^a	137,996		1,658,712
Equinix Inc.^a,b	4,804		256,293
Expedia Inc.^a	26,948		240,646
F5 Networks Inc.^a	10,248		227,198
Google Inc. Class A^a	29,177		9,877,290
IAC/InterActiveCorp.^a	11,741		172,593
j2 Global Communications Inc.^a	5,646		110,549
McAfee Inc.^a,b	19,637		598,732
NetFlix Inc.^a,b	5,359		193,674
NutriSystem Inc.	3,807		49,072
Priceline.com Inc.^a	5,221		350,277
RealNetworks Inc.^a	10,947		30,871
Symantec Corp.^a	107,555		1,648,818
TIBCO Software Inc.^a	23,110		123,639
ValueClick Inc.^a	11,161		69,756
VeriSign Inc.^a	24,964		482,055
Websense Inc.^a	5,790		64,848
Yahoo! Inc.^a	178,533		2,094,192

			21,447,281

MACHINERY – 0.13%
Intermec Inc.^a	6,277		77,960
Zebra Technologies Corp. Class A^a	8,156		137,265

			215,225

OFFICE & BUSINESS EQUIPMENT – 0.44%
Xerox Corp.	111,361		739,437

			739,437

SEMICONDUCTORS – 13.33%
Advanced Micro Devices Inc.^a	78,283		171,440
Altera Corp.	38,258		588,408
Amkor Technology Inc.^a	14,129		32,779
Analog Devices Inc.	37,462		748,491


Security	Shares	Value
Applied Materials Inc.	172,607	$	1,617,328
Atmel Corp.^a	57,631		192,488
Broadcom Corp. Class A^a	57,138		905,637
Cree Inc.^a	11,364		226,485
Cypress Semiconductor Corp.^a	18,631		84,026
Emulex Corp.^a	10,568		60,343
Fairchild Semiconductor
International Inc. Class A^a	15,970		72,664
FormFactor Inc.^a	6,312		98,215
Hittite Microwave Corp.^a	2,468		63,230
Integrated Device Technology Inc.^a	21,747		124,828
Intel Corp.	673,383		8,686,641
International Rectifier Corp.^a	9,376		127,701
Intersil Corp. Class A	15,803		147,126
KLA-Tencor Corp.	21,724		435,349
Lam Research Corp.^a	16,075		324,876
Linear Technology Corp.	28,526		668,079
LSI Corp.^a	82,991		263,911
MEMC Electronic Materials Inc.^a	28,877		392,727
Micrel Inc.	6,187		47,021
Microchip Technology Inc.	23,401		443,917
Micron Technology Inc.^a	98,259		365,523
Microsemi Corp.^a	10,430		87,612
MKS Instruments Inc.^a	6,323		88,838
National Semiconductor Corp.	25,096		254,473
Novellus Systems Inc.^a	12,565		173,271
NVIDIA Corp.^a	69,094		549,297
ON Semiconductor Corp.^a	52,853		220,397
PMC-Sierra Inc.^a	28,479		138,693
QLogic Corp.^a	16,458		186,305
Rambus Inc.^a	13,483		122,156
Semtech Corp.^a	7,773		91,333
Silicon Laboratories Inc.^a	5,951		137,052
Skyworks Solutions Inc.^a	21,326		92,128
Teradyne Inc.^a	21,780		104,762
Tessera Technologies Inc.^a	6,235		73,324
Texas Instruments Inc.	166,788		2,493,481
Varian Semiconductor Equipment Associates Inc.^a	9,341		177,853
Xilinx Inc.	35,238		593,760
Zoran Corp.^a	6,583		39,103

			22,513,071


16		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® S&P NORTH AMERICAN TECHNOLOGY SECTOR INDEX FUND

January 31, 2009


Security	Shares	Value
SOFTWARE – 21.25%
Activision Blizzard Inc.^a	78,377	$	686,583
Acxiom Corp.	8,738		83,098
Adobe Systems Inc.^a	68,309		1,319,047
Advent Software Inc.^a,b	2,148		46,891
ANSYS Inc.^a	11,540		286,884
Autodesk Inc.^a	29,112		482,095
Automatic Data Processing Inc.	65,340		2,373,802
Avid Technology Inc.^a	3,914		39,179
BMC Software Inc.^a	24,123		611,036
Broadridge Financial Solutions Inc.	18,190		245,383
CA Inc.	50,676		911,661
Citrix Systems Inc.^a	23,370		491,705
Compuware Corp.^a	31,712		206,128
Concur Technologies Inc.^a	5,465		134,931
Electronic Arts Inc.^a	41,282		637,394
Fair Isaac Corp.	6,236		79,197
Fidelity National Information Services Inc.	24,444		388,904
Fiserv Inc.^a	20,604		654,177
Global Payments Inc.	10,318		358,138
Informatica Corp.^a	11,279		143,920
Intuit Inc.^a	41,176		932,636
Lawson Software Inc.^a	15,502		65,418
ManTech International Corp. Class A^a	2,688		144,157
MasterCard Inc. Class A	9,312		1,264,383
Metavante Technologies Inc.^a	11,548		167,561
Microsoft Corp.	658,320		11,257,272
MicroStrategy Inc. Class A^a	1,179		45,627
Novell Inc.^a	44,418		164,347
Nuance Communications Inc.^a	25,374		250,188
Omniture Inc.^a,b	8,163		74,202
Open Text Corp.^a	6,672		233,720
Oracle Corp.^a	477,506		8,036,426
Parametric Technology Corp.^a	14,949		134,541
Paychex Inc.	41,311		1,003,444
Progress Software Corp.^a	5,123		87,398
Quality Systems Inc.^b	2,330		86,862
Quest Software Inc.^a	8,798		109,711
Red Hat Inc.^a	24,458		358,310
Salesforce.com Inc.^a	13,498		359,182


Security	Shares	Value
Solera Holdings Inc.^a	7,149	$	172,219
Sybase Inc.^a	10,428		284,789
Take-Two Interactive Software Inc.	9,984		70,088
Total System Services Inc.	25,322		320,577
Wind River Systems Inc.^a	8,730		69,578

			35,872,789
TELECOMMUNICATIONS – 15.32%
ADC Telecommunications Inc.^a,b	15,148		76,800
ADTRAN Inc.	7,049		106,792
Anixter International Inc.^a	3,861		104,170
ARRIS Group Inc.^a	15,805		112,532
Atheros Communications Inc.^a	7,764		93,246
Ciena Corp.^a	11,619		72,503
Cisco Systems Inc.^a	716,404		10,724,568
CommScope Inc.^a	9,053		130,544
Comtech Telecommunications Corp.^a	3,183		123,500
Corning Inc.	199,968		2,021,676
EchoStar Corp.^a	5,415		81,550
Harris Corp.	17,316		749,610
Infinera Corp.^a	12,070		82,800
InterDigital Inc.^a	5,560		179,755
JDS Uniphase Corp.^a	28,283		102,667
Juniper Networks Inc.^a	67,923		961,790
Motorola Inc.	291,569		1,291,651
NeuStar Inc. Class A^a	10,145		138,175
Polycom Inc.^a	10,707		150,433
QUALCOMM Inc.	230,953		7,979,426
SAVVIS Inc.^a,b	4,884		31,160
Sonus Networks Inc.^a	35,041		46,254
Sycamore Networks Inc.^a	24,468		57,500
Tekelec^a	8,503		105,607
Tellabs Inc.^a	51,207		211,485
3Com Corp.^a	52,266		121,780

			25,857,974


TOTAL COMMON STOCKS (Cost: $317,048,857)			168,778,377


SCHEDULES OF INVESTMENTS		17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® S&P NORTH AMERICAN TECHNOLOGY SECTOR INDEX FUND

January 31, 2009


Security	Shares	Value
SHORT-TERM INVESTMENTS – 1.02%

MONEY MARKET FUNDS – 1.02%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^c,d,e	1,400,381	$ 1,400,381
Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56%^c,d,e	226,380	226,380
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^c,d	93,764	93,764

		1,720,525


TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,720,525)		1,720,525


TOTAL INVESTMENTS IN SECURITIES – 100.98%
(Cost: $318,769,382)		170,498,902

Other Assets, Less Liabilities – (0.98)%		(1,646,870	)


NET ASSETS – 100.00%		$168,852,032

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 5.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


18		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® S&P NORTH AMERICAN TECHNOLOGY-MULTIMEDIA NETWORKING INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 99.96%

COMPUTER - INTEGRATED SYSTEMS – 5.59%
Brocade Communications Systems Inc.^a	409,117	$	1,558,736
Riverbed Technology Inc.^a	61,566		624,895

			2,183,631

COMPUTERS – 9.64%
Research in Motion Ltd.^a	67,932		3,763,433

			3,763,433

INTERNET INFRASTRUCTURE EQUIPMENT – 1.80%
Avocent Corp.^a	48,954		702,490

			702,490

INTERNET INFRASTRUCTURE SOFTWARE – 4.21%
F5 Networks Inc.^a,b	74,200		1,645,014

			1,645,014

NETWORKING PRODUCTS – 19.39%
Cisco Systems Inc.^a	195,793		2,931,021
Infinera Corp.^a	102,518		703,274
Juniper Networks Inc.^a	113,136		1,602,006
Polycom Inc.^a	92,125		1,294,356
3Com Corp.^a	446,676		1,040,755

			7,571,412

SATELLITE TELECOMMUNICATIONS – 1.78%
EchoStar Corp.^a	46,001		692,775

			692,775

TELECOMMUNICATION EQUIPMENT – 26.42%
ADC Telecommunications Inc.^a,b	105,394		534,348
ADTRAN Inc.	61,324		929,059
ARRIS Group Inc.^a	135,665		965,935
CommScope Inc.^a	76,894		1,108,811
Comtech Telecommunications Corp.^a	27,561		1,069,367
Harris Corp.	59,694		2,584,153
Sonus Networks Inc.^a	297,642		392,887
Tekelec^a	72,958		906,138
Tellabs Inc.^a	441,210		1,822,197

			10,312,895

TELECOMMUNICATION EQUIPMENT FIBER OPTICS – 12.62%
Ciena Corp.^a	100,066		624,412
Corning Inc.	290,219		2,934,114


Security	Shares	Value
JDS Uniphase Corp.^a	242,079	$	878,747
Sycamore Networks Inc.^a	207,847		488,440

			4,925,713

WIRELESS EQUIPMENT – 18.51%
InterDigital Inc.^a	47,220		1,526,623
Motorola Inc.	568,765		2,519,629
QUALCOMM Inc.	92,048		3,180,258

			7,226,510


TOTAL COMMON STOCKS (Cost: $88,237,224)			39,023,873

SHORT-TERM INVESTMENTS – 6.08%

MONEY MARKET FUNDS – 6.08%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^c,d,e	1,985,234		1,985,234
Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56%^c,d,e	320,925		320,925
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^c,d	67,735		67,735

			2,373,894


TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,373,894)			2,373,894


TOTAL INVESTMENTS IN SECURITIES – 106.04% (Cost: $90,611,118)			41,397,767

Other Assets, Less Liabilities – (6.04)%			(2,357,820	)


NET ASSETS – 100.00%		$	39,039,947

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 5.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


SCHEDULES OF INVESTMENTS		19

Schedule of Investments (Unaudited)

iSHARES^® S&P NORTH AMERICAN TECHNOLOGY-SEMICONDUCTORS INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 99.83%

ELECTRONIC COMPONENTS - SEMICONDUCTORS – 63.46%
Advanced Micro Devices Inc.^a,b	502,944	$	1,101,447
Altera Corp.	245,789		3,780,235
Amkor Technology Inc.^a	90,658		210,327
Broadcom Corp. Class A^a	367,112		5,818,725
Cree Inc.^a,b	73,011		1,455,109
Fairchild Semiconductor International Inc. Class A^a	102,602		466,839
Intel Corp.	484,643		6,251,895
International Rectifier Corp.^a	60,240		820,469
Intersil Corp. Class A	101,525		945,198
LSI Corp.^a	533,202		1,695,582
MEMC Electronic Materials Inc.^a	185,527		2,523,167
Microchip Technology Inc.	150,345		2,852,045
Micron Technology Inc.^a,b	631,289		2,348,395
Microsemi Corp.^a	67,002		562,817
National Semiconductor Corp.	161,238		1,634,953
NVIDIA Corp.^a	443,913		3,529,108
ON Semiconductor Corp.^a,b	339,570		1,416,007
PMC-Sierra Inc.^a	182,964		891,035
Rambus Inc.^a	86,625		784,822
Semtech Corp.^a	49,937		586,760
Silicon Laboratories Inc.^a	38,236		880,575
Skyworks Solutions Inc.^a	137,015		591,905
Texas Instruments Inc.	429,312		6,418,214
Xilinx Inc.	226,398		3,814,806
Zoran Corp.^a	42,291		251,209

			51,631,644

LASERS - SYSTEMS/COMPONENTS – 0.61%
Cymer Inc.^a,b	24,470		499,188

			499,188

NETWORKING PRODUCTS – 0.74%
Atheros Communications Inc.^a	49,882		599,083

			599,083

SEMICONDUCTOR COMPONENTS/INTEGRATED CIRCUITS – 15.23%
Analog Devices Inc.	240,693		4,809,046
Atmel Corp.^a	370,267		1,236,692
Cypress Semiconductor Corp.^a	119,733		539,996
Hittite Microwave Corp.^a	15,854		406,179
Integrated Device Technology Inc.^a	139,716		801,970


Security	Shares	Value
Linear Technology Corp.	183,274	$	4,292,277
Micrel Inc.	39,743		302,047

			12,388,207

SEMICONDUCTOR EQUIPMENT – 19.79%
Applied Materials Inc.	705,520		6,610,722
FormFactor Inc.^a	40,555		631,036
KLA-Tencor Corp.	139,569		2,796,963
Lam Research Corp.^a	103,283		2,087,349
MKS Instruments Inc.^a	40,620		570,711
Novellus Systems Inc.^a	80,726		1,113,212
Teradyne Inc.^a	139,924		673,034
Tessera Technologies Inc.^a	40,063		471,141
Varian Semiconductor Equipment Associates Inc.^a	60,020		1,142,781

			16,096,949


TOTAL COMMON STOCKS (Cost: $206,196,919)			81,215,071

SHORT-TERM INVESTMENTS – 6.18%

MONEY MARKET FUNDS – 6.18%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^c,d,e	4,242,294		4,242,294
Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56%^c,d,e	685,793		685,793
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^c,d	101,992		101,992

			5,030,079


TOTAL SHORT-TERM INVESTMENTS
(Cost: $5,030,079)			5,030,079


TOTAL INVESTMENTS IN SECURITIES – 106.01%
(Cost: $211,226,998)			86,245,150

Other Assets, Less Liabilities – (6.01)%			(4,892,047	)


NET ASSETS – 100.00%		$	81,353,103


20		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® S&P NORTH AMERICAN TECHNOLOGY-SEMICONDUCTORS INDEX FUND

January 31, 2009

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 5.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


SCHEDULES OF INVESTMENTS		21

Schedule of Investments (Unaudited)

iSHARES^® S&P NORTH AMERICAN TECHNOLOGY-SOFTWARE INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 99.95%

APPLICATIONS SOFTWARE – 27.13%
Citrix Systems Inc.^a	365,601	$	7,692,245
Compuware Corp.^a	504,071		3,276,462
Intuit Inc.^a	586,948		13,294,372
Microsoft Corp.	838,103		14,331,561
Nuance Communications Inc.^a,b	403,282		3,976,361
Progress Software Corp.^a	81,547		1,391,192
Quest Software Inc.^a	135,370		1,688,064
Red Hat Inc.^a,b	388,715		5,694,675
Salesforce.com Inc.^a,b	214,704		5,713,274

			57,058,206

COMPUTER - INTEGRATED SYSTEMS – 2.59%
Jack Henry & Associates Inc.	172,833		3,076,427
MICROS Systems Inc.^a	164,428		2,367,763

			5,444,190

COMPUTER-AIDED DESIGN – 6.83%
ANSYS Inc.^a	183,433		4,560,144
Autodesk Inc.^a	463,016		7,667,545
Parametric Technology Corp.^a	237,642		2,138,778

			14,366,467

COMPUTER SERVICES – 1.63%
FactSet Research Systems Inc.^b	86,197		3,430,641

			3,430,641

DATA PROCESSING/MANAGEMENT – 0.60%
Fair Isaac Corp.	99,302		1,261,135

			1,261,135

DECISION SUPPORT SOFTWARE – 0.53%
Wind River Systems Inc.^a	139,089		1,108,539

			1,108,539

ELECTRONIC DESIGN AUTOMATION – 3.97%
Cadence Design Systems Inc.^a	532,814		2,014,037
Mentor Graphics Corp.^a	188,507		878,443
Synopsys Inc.^a	294,633		5,450,711

			8,343,191

ELECTRONIC FORMS – 6.04%
Adobe Systems Inc.^a	657,760		12,701,346

			12,701,346


Security	Shares	Value
ENTERPRISE SOFTWARE/SERVICES – 24.98%
Advent Software Inc.^a,b	34,088	$	744,141
BMC Software Inc.^a	386,795		9,797,517
CA Inc.	645,603		11,614,398
Concur Technologies Inc.^a	86,867		2,144,746
Informatica Corp.^a	179,368		2,288,736
Lawson Software Inc.^a	245,964		1,037,968
MicroStrategy Inc. Class A^a	18,687		723,187
Novell Inc.^a	706,230		2,613,051
Oracle Corp.^a	1,013,160		17,051,483
Sybase Inc.^a	165,742		4,526,414

			52,541,641

ENTERTAINMENT SOFTWARE – 8.64%
Activision Blizzard Inc.^a	1,038,169		9,094,360
Electronic Arts Inc.^a	516,755		7,978,697
Take-Two Interactive Software Inc.	158,411		1,112,045

			18,185,102

INTERNET INFRASTRUCTURE SOFTWARE – 0.93%
TIBCO Software Inc.^a	367,721		1,967,307

			1,967,307

INTERNET SECURITY – 13.06%
McAfee Inc.^a	312,271		9,521,143
Symantec Corp.^a	1,170,413		17,942,431

			27,463,574

MEDICAL INFORMATION SYSTEMS – 0.66%
Quality Systems Inc.^b	37,094		1,382,864

			1,382,864

MOTION PICTURES & SERVICES – 1.06%
Macrovision Solutions Corp.^a,b	170,728		2,238,244

			2,238,244

TRANSACTIONAL SOFTWARE – 1.30%
Solera Holdings Inc.^a	113,625		2,737,226

			2,737,226


TOTAL COMMON STOCKS
(Cost: $368,692,932)			210,229,673


22		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® S&P NORTH AMERICAN TECHNOLOGY-SOFTWARE INDEX FUND

January 31, 2009


Security	Shares	Value
SHORT-TERM INVESTMENTS – 8.53%

MONEY MARKET FUNDS – 8.53%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^c,d,e	15,286,379	$	15,286,379
Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56% ^c,d,e	2,471,136		2,471,136
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^c,d	175,937		175,937

			17,933,452


TOTAL SHORT-TERM INVESTMENTS
(Cost: $17,933,452)			17,933,452


TOTAL INVESTMENTS IN SECURITIES – 108.48% (Cost: $386,626,384)			228,163,125

Other Assets, Less Liabilities – (8.48)%			(17,840,947	)


NET ASSETS – 100.00%		$	210,322,178

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 5.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


SCHEDULES OF INVESTMENTS		23

Schedule of Investments (Unaudited)

iSHARES^® S&P NORTH AMERICAN NATURAL RESOURCES SECTOR INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 99.96%

BUILDING MATERIALS – 0.49%
Eagle Materials Inc.	50,562	$	914,161
Martin Marietta Materials Inc.^a	47,844		3,852,399
Texas Industries Inc.^a	31,972		726,084

			5,492,644

COAL – 1.77%
Alpha Natural Resources Inc.^b	81,859		1,335,939
Arch Coal Inc.	165,899		2,520,006
CONSOL Energy Inc.	209,517		5,711,433
Foundation Coal Holdings Inc.	51,743		839,271
Massey Energy Co.	98,868		1,500,816
Patriot Coal Corp.^b	73,685		378,004
Peabody Energy Corp.	308,303		7,707,575

			19,993,044

FOREST PRODUCTS & PAPER – 1.39%
Domtar Corp.^b	599,250		892,883
International Paper Co.	494,354		4,508,509
MeadWestvaco Corp.	198,359		2,308,899
Rock-Tenn Co. Class A	44,406		1,384,135
Weyerhaeuser Co.	244,327		6,679,900

			15,774,326

GAS – 0.16%
Southern Union Co.	143,979		1,855,889

			1,855,889

MANUFACTURING – 0.21%
AptarGroup Inc.	77,675		2,393,944

			2,393,944

MINING – 14.53%
Agnico-Eagle Mines Ltd.	177,917		9,436,718
Alcoa Inc.	925,451		7,209,263
Barrick Gold Corp.	1,009,211		37,835,320
Cameco Corp.	422,842		6,985,350
Compass Minerals International Inc.	37,650		2,265,401
Eldorado Gold Corp.^b	421,802		3,268,966
Freeport-McMoRan Copper & Gold Inc.	436,846		10,982,308
Goldcorp Inc.	843,226		24,934,193
IAMGOLD Corp.	343,305		2,348,206


Security	Shares	Value
Ivanhoe Mines Ltd.^a,b	320,022	$	864,059
Kinross Gold Corp.	762,161		13,475,007
Newmont Mining Corp.	560,481		22,295,934
Pan American Silver Corp.^b	93,808		1,706,368
Royal Gold Inc.	34,661		1,666,501
Silver Standard Resources Inc.^a,b	72,817		1,451,243
Silver Wheaton Corp.^b	292,034		1,906,982
Teck Cominco Ltd. Class B	558,165		2,132,190
Titanium Metals Corp.^a	98,823		696,702
Vulcan Materials Co.^a	127,374		6,299,918
Yamana Gold Inc.	808,885		6,519,613

			164,280,242

OIL & GAS – 64.05%
Anadarko Petroleum Corp.	530,959		19,507,434
Apache Corp.	387,199		29,039,925
Atwood Oceanics Inc.^b	64,693		1,077,138
Bill Barrett Corp.^b	42,969		950,045
Cabot Oil & Gas Corp.	119,202		3,276,863
Canadian Natural Resources Ltd.	625,730		22,244,702
Chesapeake Energy Corp.	625,525		9,889,550
Chevron Corp.	1,118,972		78,909,905
Cimarex Energy Co.	96,697		2,401,954
Comstock Resources Inc.^b	53,435		2,037,477
Concho Resources Inc.^b	58,240		1,468,813
ConocoPhillips	1,669,681		79,359,938
Denbury Resources Inc.^b	284,758		3,485,438
Devon Energy Corp.	511,142		31,486,347
Diamond Offshore Drilling Inc.^a	80,292		5,039,126
EnCana Corp.	867,216		38,452,357
Encore Acquisition Co.^b	61,261		1,665,074
ENSCO International Inc.	163,798		4,481,513
EOG Resources Inc.	288,668		19,563,030
EXCO Resources Inc.^b	94,392		957,135
Exxon Mobil Corp.	1,092,315		83,540,251
Forest Oil Corp.^b	112,789		1,691,835
Frontier Oil Corp.	120,655		1,722,953
Goodrich Petroleum Corp.^b	26,155		755,880
Helmerich & Payne Inc.	122,183		2,744,230
Hess Corp.	328,097		18,245,474
Holly Corp.	47,320		1,105,868
Marathon Oil Corp.	816,270		22,227,032


24		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® S&P NORTH AMERICAN NATURAL RESOURCES SECTOR INDEX FUND

January 31, 2009


Security	Shares	Value
Mariner Energy Inc.^b	103,181	$	1,021,492
Murphy Oil Corp.	220,267		9,731,396
Nabors Industries Ltd.^b	328,286		3,594,732
Newfield Exploration Co.^b	152,269		2,922,042
Nexen Inc.	601,110		8,716,095
Noble Corp.	305,193		8,285,990
Noble Energy Inc.	199,808		9,776,605
Occidental Petroleum Corp.	936,981		51,112,314
Patterson-UTI Energy Inc.	179,545		1,716,450
Penn Virginia Corp.	48,582		1,000,789
Petro-Canada	560,231		12,095,387
Petrohawk Energy Corp.^b	289,954		5,714,993
Pioneer Natural Resources Co.	136,673		2,000,893
Plains Exploration & Production Co.^b	124,956		2,639,071
Pride International Inc.^b	199,511		3,216,117
Quicksilver Resources Inc.^a,b	129,828		899,708
Range Resources Corp.	179,609		6,437,187
Rowan Companies Inc.	131,233		1,661,410
SandRidge Energy Inc.^b	144,626		963,209
Southwestern Energy Co.^b	397,127		12,569,070
St. Mary Land & Exploration Co.	72,228		1,397,612
Suncor Energy Inc.	1,081,662		20,821,994
Sunoco Inc.^a	135,113		6,258,434
Talisman Energy Inc.	1,173,405		11,076,943
Tesoro Corp.	160,771		2,770,084
Ultra Petroleum Corp.^b	174,015		6,234,957
Unit Corp.^b	54,870		1,368,458
Valero Energy Corp.	596,834		14,395,636
W&T Offshore Inc.	34,569		434,532
Whiting Petroleum Corp.^a,b	49,154		1,425,466
XTO Energy Inc.	667,361		24,752,420

			724,338,773

OIL & GAS SERVICES – 12.59%
Baker Hughes Inc.	355,674		11,851,058
BJ Services Co.	336,820		3,705,020
Cameron International Corp.^b	253,689		5,875,437
Dresser-Rand Group Inc.^b	95,169		1,853,892
Dril-Quip Inc.^b	34,889		854,781
Exterran Holdings Inc.^b	75,132		1,664,925
FMC Technologies Inc.^b	144,309		4,270,103


Security	Shares	Value
Halliburton Co.	1,033,645	$	17,830,376
IHS Inc. Class A^b	48,231		2,112,518
National Oilwell Varco Inc.^b	482,702		12,762,641
Oceaneering International Inc.^b	63,251		2,179,629
Oil States International Inc.^b	57,814		1,058,574
Schlumberger Ltd.	1,383,900		56,476,959
SEACOR Holdings Inc.^b	23,199		1,508,863
Smith International Inc.	253,046		5,744,144
Superior Energy Services Inc.^b	90,022		1,402,543
Tidewater Inc.	59,848		2,490,275
Weatherford International Ltd.^b	787,590		8,687,118

			142,328,856

PACKAGING & CONTAINERS – 2.35%
Ball Corp.	109,240		4,188,262
Bemis Co. Inc.	114,766		2,590,269
Crown Holdings Inc.^b	185,875		3,485,156
Greif Inc. Class A	39,587		1,197,903
Owens-Illinois Inc.^b	192,902		3,665,138
Packaging Corp. of America	118,909		1,688,508
Pactiv Corp.^b	151,552		3,276,554
Sealed Air Corp.	183,423		2,485,382
Silgan Holdings Inc.	29,537		1,353,976
Sonoco Products Co.	114,823		2,632,891

			26,564,039

PIPELINES – 2.33%
El Paso Corp.	810,767		6,632,074
Spectra Energy Corp.	706,582		10,252,505
Williams Companies Inc. (The)	669,115		9,467,977

			26,352,556

TRANSPORTATION – 0.09%
Overseas Shipholding Group Inc.	29,282		1,045,367

			1,045,367


TOTAL COMMON STOCKS (Cost: $1,669,092,382)			1,130,419,680
TOTAL COMMON STOCKS (Cost: $1,669,092,382)			1,130,419,680


SCHEDULES OF INVESTMENTS		25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® S&P NORTH AMERICAN NATURAL RESOURCES SECTOR INDEX FUND

January 31, 2009


Security	Shares	Value
SHORT-TERM INVESTMENTS – 2.00%

MONEY MARKET FUNDS – 2.00%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^c,d,e	18,887,880	$	18,887,880
Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56%^c,d,e	3,053,341		3,053,341
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^c,d	684,450		684,450

			22,625,671


TOTAL SHORT-TERM INVESTMENTS
(Cost: $22,625,671)			22,625,671


TOTAL INVESTMENTS IN
SECURITIES – 101.96%
(Cost: $1,691,718,053)			1,153,045,351

Other Assets, Less Liabilities – (1.96)%			(22,217,896	)


NET ASSETS – 100.00%		$	1,130,827,455

^a	All or a portion of this security represents a security on loan. See Note 5.

^b	Non-income earning security.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


26		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 99.79%

ADVERTISING – 0.10%
Interpublic Group of Companies Inc. (The)^a	4,852	$	16,157
Omnicom Group Inc.	2,726		70,576

			86,733

AEROSPACE & DEFENSE – 1.75%
AAR Corp.^a,b	366		6,639
Alliant Techsystems Inc.^a	247		19,960
Boeing Co. (The)	5,424		229,489
CAE Inc.	2,516		14,668
Curtiss-Wright Corp.	485		15,665
Esterline Technologies Corp.^a	336		12,126
GenCorp Inc.^a	1,114		3,231
General Dynamics Corp.	2,701		153,228
Goodrich Corp.	987		38,157
L-3 Communications Holdings Inc.	986		77,914
Lockheed Martin Corp.	2,679		219,785
Moog Inc. Class A^a	400		11,984
Northrop Grumman Corp.	2,478		119,241
Orbital Sciences Corp.^a	583		9,777
Raytheon Co.	3,441		174,183
Rockwell Collins Inc.	1,395		52,564
Spirit AeroSystems Holdings Inc. Class A^a	853		11,601
Teledyne Technologies Inc.^a	301		8,389
Triumph Group Inc.	248		11,229
United Technologies Corp.	7,287		349,703

			1,539,533

AGRICULTURE – 1.81%
Altria Group Inc.	17,353		287,019
Archer-Daniels-Midland Co.	4,871		133,368
Bunge Ltd.	1,026		44,056
Lorillard Inc.	1,444		85,860
Monsanto Co.	4,539		345,236
Philip Morris International Inc.	17,151		637,160
Reynolds American Inc.	1,490		56,888
Tejon Ranch Co.^a	232		5,069

			1,594,656


Security	Shares	Value
AIRLINES – 0.17%
AirTran Holdings Inc.^a	1,485	$	6,088
Alaska Air Group Inc.^a	270		7,117
AMR Corp.^a	2,438		14,482
China Eastern Airlines Corp. Ltd. ADR^a	189		2,610
China Southern Airlines Co. Ltd. SP ADR^a	708		5,600
Continental Airlines Inc. Class B^a	1,085		14,615
Delta Air Lines Inc.^a	5,142		35,480
LAN Airlines SA SP ADR	1,636		13,595
Southwest Airlines Co.	5,820		40,915
TAM SA ADR	855		6,259
US Airways Group Inc.^a	874		4,956

			151,717

APPAREL – 0.30%
Carter’s Inc.^a	533		9,056
Coach Inc.^a	2,893		42,238
Gildan Activewear Inc.^a,b	986		10,511
Guess? Inc.	516		8,302
Hanesbrands Inc.^a	838		7,534
Liz Claiborne Inc.	1,115		2,453
Nike Inc. Class B	2,339		105,840
Phillips-Van Heusen Corp.	507		9,643
Polo Ralph Lauren Corp.	449		18,422
Quiksilver Inc.^a	1,396		2,932
VF Corp.	738		41,343
Wolverine World Wide Inc.	562		10,195

			268,469

AUTO MANUFACTURERS – 1.61%
Daimler AG	7,536		210,933
Ford Motor Co.^a,b	20,096		37,580
General Motors Corp.^b	4,776		14,376
Honda Motor Co. Ltd. SP ADR	15,319		347,129
Oshkosh Corp.	700		5,054
Tata Motors Ltd. SP ADR^b	2,151		8,690
Toyota Motor Corp. SP ADR	12,488		793,113

			1,416,875

AUTO PARTS & EQUIPMENT – 0.17%
American Axle & Manufacturing Holdings Inc.	604		658
ArvinMeritor Inc.	987		1,727


SCHEDULES OF INVESTMENTS		27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
Autoliv Inc.	701	$	12,891
BorgWarner Inc.	987		16,661
Goodyear Tire & Rubber Co. (The)^a	2,073		12,790
Johnson Controls Inc.	5,027		62,888
Magna International Inc. Class A	822		22,876
Modine Manufacturing Co.	400		1,096
Superior Industries International Inc.	688		7,066
Tenneco Inc.^a	491		903
TRW Automotive Holdings Corp.^a	415		1,282
Visteon Corp.^a	3,364		471
WABCO Holdings Inc.	764		11,422

			152,731

BANKS – 7.35%
Allied Irish Banks PLC SP ADR	3,837		10,513
Banco Bilbao Vizcaya Argentaria SA SP ADR	30,035		279,025
Banco de Chile ADR	233		8,001
Banco Latinoamericano de Exportaciones SA Class E	521		5,465
Banco Santander Chile SA ADR	291		10,296
Banco Santander SA SP ADR^b	67,196		526,817
BancorpSouth Inc.	993		18,768
Bank of America Corp.	52,082		342,700
Bank of Hawaii Corp.	449		16,106
Bank of Ireland SP ADR	2,156		6,468
Bank of Montreal	4,151		110,832
Bank of New York Mellon Corp. (The)	9,639		248,108
Bank of Nova Scotia	8,280		198,720
Barclays PLC SP ADR^c	17,397		99,337
BB&T Corp.	4,674		92,498
Canadian Imperial Bank of Commerce	3,130		117,187
City National Corp.	369		12,771
Colonial BancGroup Inc. (The)	1,689		1,334
Comerica Inc.	1,344		22,391
Community Bank System Inc.	658		11,811
Credicorp Ltd.	505		20,856
Credit Suisse Group PLC SP ADR	9,008		229,614
Cullen/Frost Bankers Inc.	655		28,669
Deutsche Bank AG^b	4,645		119,144
Discover Financial Services LLC	4,057		29,008
F.N.B. Corp. (Pennsylvania)	1,120		8,859


Security	Shares	Value
First BanCorp (Puerto Rico)	732	$	5,205
First Horizon National Corp.	1,780		16,946
HDFC Bank Ltd. ADR^b	870		50,164
HSBC Holdings PLC SP ADR^b	20,194		784,335
ICICI Bank Ltd. SP ADR	3,502		57,713
KB Financial Group Inc. SP ADR^a	2,950		76,287
KeyCorp	4,325		31,486
Lloyds TSB Group PLC SP ADR	19,907		103,715
M&T Bank Corp.^b	653		25,408
Marshall & Ilsley Corp.	2,195		12,533
Mitsubishi UFJ Financial Group Inc. ADR	96,911		533,010
Mizuho Financial Group Inc. ADR	48,737		240,761
National Bank of Greece SA ADR	21,221		68,756
PNC Financial Services Group Inc. (The)	3,100		100,812
Regions Financial Corp.	6,070		21,002
Royal Bank of Canada	11,249		276,500
Royal Bank of Scotland Group PLC SP ADR	7,033		42,198
Santander BanCorp	597		4,967
State Street Corp.	3,639		84,680
SunTrust Banks Inc.	2,968		36,388
Synovus Financial Corp.	2,660		10,534
TCF Financial Corp.	1,481		18,350
Toronto-Dominion Bank (The)	6,739		217,468
U.S. Bancorp	14,561		216,085
Valley National Bancorp	1,212		15,780
Webster Financial Corp.	641		2,679
Wells Fargo & Co.	32,895		621,715
Westpac Banking Corp. SP ADR	4,671		226,497
Wilmington Trust Corp.^b	653		8,940

			6,486,212

BEVERAGES – 2.26%
Brown-Forman Corp. Class B	708		32,150
Coca-Cola Co. (The)	17,823		761,399
Coca-Cola Enterprises Inc.	2,643		29,681
Coca-Cola FEMSA SAB de CV SP ADR	292		11,032
Coca-Cola Hellenic Bottling Co. SA ADR	1,480		20,335


28		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
Compania Cervecerias Unidas SA ADR	401	$	11,549
Constellation Brands Inc. Class A^a	1,764		25,613
Cott Corp.^a	1,303		964
Diageo PLC SP ADR	5,279		286,861
Dr. Pepper Snapple Group Inc.^a	2,144		35,269
Embotelladora Andina SA Class A ADR	489		5,844
Embotelladora Andina SA Class B ADR	508		7,264
Molson Coors Brewing Co. Class B	1,329		53,519
Pepsi Bottling Group Inc.	1,230		23,727
PepsiAmericas Inc.	698		11,259
PepsiCo Inc.	13,166		661,328
Vina Concha y Toro SA SP ADR	333		11,139

			1,988,933

BIOTECHNOLOGY – 0.43%
American Oriental Bioengineering Inc.^a	843		4,215
Charles River Laboratories International Inc.^a	698		17,038
Enzo Biochem Inc.^a	896		4,381
Genentech Inc.^a	3,955		321,304
Millipore Corp.^a	533		29,400

			376,338

BUILDING MATERIALS – 0.32%
Cemex SAB de CV SP ADR^a	6,967		54,273
Comfort Systems USA Inc.	781		7,990
CRH PLC SP ADR	4,709		111,839
Eagle Materials Inc.	530		9,582
Lennox International Inc.	491		13,802
Martin Marietta Materials Inc.^b	358		28,826
Masco Corp.	3,094		24,195
NCI Building Systems Inc.^a	382		4,427
Owens Corning^a	765		10,205
Quanex Building Products Corp.	885		7,514
Simpson Manufacturing Co. Inc.^b	329		6,603
Texas Industries Inc.	292		6,631

			285,887

CHEMICALS – 1.67%
Agrium Inc.	1,327		44,415
Air Products and Chemicals Inc.	1,620		81,486


Security	Shares	Value
Airgas Inc.	651	$	22,987
Albemarle Corp.	821		18,267
Arch Chemicals Inc.	197		4,415
Ashland Inc.	646		5,181
Cabot Corp.	529		7,067
Celanese Corp. Class A	1,227		13,068
CF Industries Holdings Inc.	494		23,218
Chemtura Corp.	2,658		1,993
Cytec Industries Inc.	288		5,887
Dow Chemical Co. (The)	7,671		88,907
E.I. du Pont de Nemours and Co.	7,441		170,845
Eastman Chemical Co.	658		17,075
Ecolab Inc.	1,429		48,529
Ferro Corp.	329		1,303
FMC Corp.	674		30,074
Georgia Gulf Corp.	1,594		1,498
H.B. Fuller Co.	489		6,831
Huntsman Corp.	937		2,492
International Flavors & Fragrances Inc.	664		19,004
Lubrizol Corp.	589		20,097
Minerals Technologies Inc.	221		8,356
Mosaic Co. (The)	1,266		45,158
Nova Chemicals Corp.	738		1,321
Olin Corp.	567		7,966
OM Group Inc.^a	305		5,911
PolyOne Corp.^a	1,629		3,339
Potash Corp. of Saskatchewan	2,586		193,588
PPG Industries Inc.	1,328		49,906
Praxair Inc.	2,587		161,067
Rohm and Haas Co.	1,058		58,391
RPM International Inc.	987		12,150
Sensient Technologies Corp.	752		16,168
Sherwin-Williams Co. (The)	813		38,821
Sinopec Shanghai Petrochemical Co. Ltd. SP ADR	197		4,509
Sociedad Quimica y Minera de Chile SA Series B SP ADR	896		24,282
Spartech Corp.	1,039		3,294
Syngenta AG ADR	4,073		157,299
Terra Industries Inc.	862		17,654
Valspar Corp. (The)	917		15,910


SCHEDULES OF INVESTMENTS		29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
W.R. Grace & Co.^a	775	$	4,472
Westlake Chemical Corp.	254		3,472
Zep Inc.	478		5,253

			1,472,926

COAL – 0.19%
Alpha Natural Resources Inc.^a	637		10,396
Arch Coal Inc.	1,282		19,474
CONSOL Energy Inc.	1,556		42,417
Foundation Coal Holdings Inc.	526		8,532
Massey Energy Co.	740		11,233
Peabody Energy Corp.	2,360		59,000
Yanzhou Coal Mining Co. Ltd. SP ADR	1,812		11,778

			162,830

COMMERCIAL SERVICES – 1.42%
Aaron Rents Inc.	504		11,017
ABM Industries Inc.	329		4,886
Accenture Ltd.	4,840		152,750
Advance America Cash Advance Centers Inc.	1,044		1,472
Alliance Data Systems Corp.^a,b	544		22,625
AMN Healthcare Services Inc.^a	358		2,434
Arbitron Inc.	416		6,248
Avis Budget Group Inc.^a	1,258		868
Bowne & Co. Inc.	532		1,490
Brinks Home Security Holdings Inc.^a	329		7,524
Chemed Corp.	216		8,668
Consolidated Graphics Inc.^a	172		2,771
Convergys Corp.^a	1,550		11,671
Corrections Corp. of America^a	1,229		16,936
DeVry Inc.	518		27,754
Dollar Thrifty Automotive Group Inc.^a	2,023		2,347
Equifax Inc.	1,187		29,343
FTI Consulting Inc.^a	448		18,372
Gartner Inc.^a	698		9,884
GEO Group Inc. (The)^a	450		6,660
H&R Block Inc.	3,026		62,729
HealthSpring Inc.^a	572		9,964
Hertz Global Holdings Inc.^a	1,229		6,219
Hewitt Associates Inc. Class A^a	788		22,363
Hillenbrand Inc.	522		9,652
Interactive Data Corp.	288		6,569


Security	Shares	Value
Iron Mountain Inc.^a	1,476	$	30,199
ITT Educational Services Inc.^a	369		45,206
Jackson Hewitt Tax Service Inc.	255		3,376
Korn/Ferry International^a	629		5,913
Landauer Inc.	162		11,110
Lender Processing Services Inc.	839		21,747
Live Nation Inc.^a	1,137		5,947
Manpower Inc.	738		21,003
MAXIMUS Inc.	292		10,851
McKesson Corp.	2,266		100,157
Midas Inc.^a	887		7,761
Monster Worldwide Inc.^a	1,205		11,098
Moody’s Corp.	1,751		37,506
New Oriental Education & Technology Group Inc. ADR^a	247		11,816
PHH Corp.^a	810		8,950
Pre-Paid Legal Services Inc.^a	121		4,068
Quanta Services Inc.^a	1,733		37,052
R.R. Donnelley & Sons Co.	1,805		17,617
Robert Half International Inc.	1,481		25,103
Rollins Inc.	487		7,597
SAIC Inc.^a	1,586		31,308
Service Corp. International	2,542		11,566
Sotheby’s Holdings Inc. Class A^b	626		5,440
Spherion Corp.^a	1,356		1,939
TrueBlue Inc.^a	620		5,270
United Rentals Inc.^a	853		4,760
Viad Corp.	197		4,379
Visa Inc. Class A	3,734		184,273
Watson Wyatt Worldwide Inc.	456		21,204
Weight Watchers International Inc.	369		8,417
Western Union Co.	6,152		84,036

			1,249,885

COMPUTERS – 2.57%
Affiliated Computer Services Inc. Class A^a	773		35,450
CGI Group Inc.^a	2,861		23,060
CIBER Inc.^a	892		3,889
Computer Sciences Corp.^a	1,248		45,976
Diebold Inc.	738		18,288
DST Systems Inc.^a	379		12,041
EMC Corp.^a	17,152		189,358


30		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
FactSet Research Systems Inc.^b	328	$	13,054
Hewlett-Packard Co.	20,757		721,306
IHS Inc. Class A^a	463		20,279
International Business Machines Corp.	11,387		1,043,619
NCR Corp.^a	1,636		20,532
Perot Systems Corp. Class A^a	1,155		15,003
Quantum Corp.^a	4,703		2,399
TDK Corp. SP ADR	1,107		41,369
Teradata Corp.^a	1,636		21,481
Tyler Technologies Inc.^a	661		8,322
Unisys Corp.^a	4,563		3,422
Western Digital Corp.^a	1,860		27,305

			2,266,153

COSMETICS & PERSONAL CARE – 1.96%
Avon Products Inc.	3,650		74,642
Colgate-Palmolive Co.	4,251		276,485
Estee Lauder Companies Inc. (The) Class A	1,006		26,407
Procter & Gamble Co. (The)	24,862		1,354,979

			1,732,513

DISTRIBUTION & WHOLESALE – 0.17%
Corporate Express NV SP ADR^d	1,296		15,363
Genuine Parts Co.	1,343		43,003
Ingram Micro Inc. Class A^a	1,343		16,479
Owens & Minor Inc.	458		18,215
W.W. Grainger Inc.	527		38,445
Watsco Inc.	308		10,179
WESCO International Inc.^a	487		8,971

			150,655

DIVERSIFIED FINANCIAL SERVICES – 2.99%
Affiliated Managers Group Inc.^a	349		14,026
American Express Co.	8,581		143,560
AmeriCredit Corp.^a,b	949		4,470
Ameriprise Financial Inc.	1,847		37,217
BlackRock Inc.	203		22,086
Capital One Financial Corp.	3,306		52,367
CIT Group Inc.	3,242		9,045
Citigroup Inc.	45,597		161,869
Doral Financial Corp.^a,b	449		2,294
Eaton Vance Corp.	1,073		20,537
Federal Home Loan Mortgage Corp.^b	8,923		5,265


Security	Shares	Value
Federal National Mortgage Association	10,952	$	6,571
Federated Investors Inc. Class B	818		15,967
Financial Federal Corp.	446		9,687
First Marblehead Corp. (The)^a,b	678		780
Franklin Resources Inc.	1,339		64,834
Friedman, Billings, Ramsey Group Inc. Class A^a	4,390		790
GAMCO Investors Inc. Class A	173		5,405
Goldman Sachs Group Inc. (The)	3,376		272,544
IntercontinentalExchange Inc.^a	646		36,777
Invesco Ltd.	3,475		40,970
Investment Technology Group Inc.^a	401		8,694
Janus Capital Group Inc.	1,444		7,581
Jefferies Group Inc.	1,248		14,402
JPMorgan Chase & Co.	31,346		799,636
Lazard Ltd. Class A	576		15,264
Legg Mason Inc.	1,138		18,276
Morgan Stanley	8,159		165,057
National Financial Partners Corp.	1,332		3,423
Nomura Holdings Inc. ADR	15,976		102,726
NYSE Euronext Inc.	1,879		41,338
ORIX Corp. SP ADR	1,517		33,101
Petrobras Energia Participaciones SA SP ADR	1,563		10,628
Raymond James Financial Inc.	892		16,511
Ritchie Bros. Auctioneers Inc.	963		17,681
Shinhan Financial Group Co. Ltd. ADR^a	1,517		60,483
SLM Corp.^a	4,100		46,945
Stifel Financial Corp.^a	222		7,779
Student Loan Corp. (The)	40		1,878
SWS Group Inc.	415		6,080
UBS AG^a	24,734		307,938
Waddell & Reed Financial Inc. Class A	991		13,993
Woori Finance Holdings Co. Ltd. ADR^a	625		10,412

			2,636,887

ELECTRIC – 3.85%
AES Corp. (The)^a	5,963		47,167
Allegheny Energy Inc.	1,489		49,494


SCHEDULES OF INVESTMENTS		31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
ALLETE Inc.	340	$	10,574
Alliant Energy Corp.	888		25,601
Ameren Corp.	1,752		58,254
American Electric Power Co. Inc.	3,214		100,759
Avista Corp.	655		12,471
Black Hills Corp.	328		8,692
Calpine Corp.^a,b	3,140		23,267
CenterPoint Energy Inc.	2,294		30,694
Central Vermont Public Service Corp.	300		6,780
CH Energy Group Inc.	408		20,637
Cleco Corp.	657		15,012
CMS Energy Corp.	1,965		23,089
Consolidated Edison Inc.	2,140		87,205
Constellation Energy Group Inc.	1,516		39,871
Dominion Resources Inc.	4,760		167,457
DPL Inc.^b	895		19,287
DTE Energy Co.	1,297		44,746
Duke Energy Corp.	10,540		159,681
Dynegy Inc. Class A^a	4,339		9,155
Edison International	2,299		74,878
El Paso Electric Co.^a	779		12,885
Empire District Electric Co. (The)	853		15,149
Empresa Nacional de Electricidad SA SP ADR	974		36,408
Enersis SA SP ADR	2,174		31,197
Entergy Corp.	1,565		119,503
Exelon Corp.	5,507		298,590
FirstEnergy Corp.	2,489		124,425
FPL Group Inc.	3,140		161,867
Great Plains Energy Inc.	1,269		24,200
Hawaiian Electric Industries Inc.	861		18,666
Huaneng Power International Inc. SP ADR	852		24,299
IDACORP Inc.	491		14,293
Integrys Energy Group Inc.	658		27,471
Korea Electric Power Corp. SP ADR^a	4,072		40,476
MDU Resources Group Inc.	1,476		29,358
Mirant Corp.^a	1,322		22,699
National Grid PLC SP ADR	4,549		212,256
Northeast Utilities	1,391		33,106
NRG Energy Inc.^a	2,111		49,313


Security	Shares	Value
NSTAR	866	$	29,288
NV Energy Inc.	2,507		26,900
OGE Energy Corp.	912		22,508
Pepco Holdings Inc.	1,766		31,452
PG&E Corp.	2,895		111,950
Pinnacle West Capital Corp.	998		33,403
PNM Resources Inc.	815		8,183
PPL Corp.	3,113		95,445
Progress Energy Inc.	2,187		84,681
Public Service Enterprise Group Inc.	4,252		134,236
Puget Energy Inc.	992		29,165
Reliant Energy Inc.^a	3,243		16,507
SCANA Corp.	730		25,032
Southern Co. (The)	6,311		211,103
TECO Energy Inc.	1,596		19,168
TransAlta Corp.	1,890		34,455
UIL Holdings Corp.	565		14,933
UniSource Energy Corp.	506		14,289
Westar Energy Inc.	822		16,506
Wisconsin Energy Corp.	883		39,364
Xcel Energy Inc.	3,602		66,493

			3,395,993

ELECTRICAL COMPONENTS & EQUIPMENT – 0.45%
AMETEK Inc.	858		27,422
Belden Inc.	409		5,342
C&D Technologies Inc.^a,b	1,525		4,544
Emerson Electric Co.	6,613		216,245
Energizer Holdings Inc.^a	483		23,005
General Cable Corp.^a,b	552		9,086
GrafTech International Ltd.^a	1,477		11,831
Hitachi Ltd. SP ADR	2,787		84,056
Hubbell Inc. Class B	409		12,679

			394,210

ELECTRONICS – 0.94%
Advantest Corp. ADR	1,490		20,085
Agilent Technologies Inc.^a	3,112		56,265
Amphenol Corp. Class A	1,480		38,702
Arrow Electronics Inc.^a	937		17,869
AU Optronics Corp. SP ADR	6,411		45,390
Avnet Inc.^a	1,233		24,438
AVX Corp.^b	1,171		10,680
Brady Corp. Class A	616		12,887


32		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
Celestica Inc.^a	2,600	$	11,180
Checkpoint Systems Inc.^a	768		6,874
CTS Corp.	1,208		6,209
Jabil Circuit Inc.	1,530		8,905
Koninklijke Philips Electronics NV NYS	8,379		152,414
Kyocera Corp. SP ADR	1,515		96,369
LG Display Co. Ltd. ADR^a	2,927		27,865
Mettler-Toledo International Inc.^a	369		24,568
Park Electrochemical Corp.	286		5,019
PerkinElmer Inc.	987		12,456
Technitrol Inc.	468		1,030
Thermo Fisher Scientific Inc.^a	3,539		127,156
Thomas & Betts Corp.^a	489		10,460
Tyco Electronics Ltd.	4,252		60,208
Vishay Intertechnology Inc.^a	2,107		6,237
Waters Corp.^a	924		33,421
Watts Water Technologies Inc. Class A	456		10,160

			826,847

ENERGY - ALTERNATE SOURCES – 0.04%
Aventine Renewable Energy Holdings Inc.^a	1,145		527
Covanta Holding Corp.^a	1,167		20,177
Headwaters Inc.^a	997		4,516
LDK Solar Co. Ltd. ADR^a,b	300		3,630
Suntech Power Holdings Co. Ltd. ADR^a,b	863		8,121

			36,971

ENGINEERING & CONSTRUCTION – 0.59%
ABB Ltd. SP ADR	19,544		255,049
AECOM Technology Corp.^a	716		18,122
Chicago Bridge & Iron Co. NV NYS	1,159		13,050
Dycom Industries Inc.^a	604		4,113
EMCOR Group Inc.^a	655		13,486
Empresas ICA Sociedad Controladora SA de CV SP ADR^a	1,210		8,083
Fluor Corp.	1,570		61,073
Granite Construction Inc.	314		11,059
Grupo Aeroportuario del Sureste SA de CV Series B ADR	256		7,508
Jacobs Engineering Group Inc.^a	1,063		41,106


Security	Shares	Value
KBR Inc.	1,356	$	19,201
McDermott International Inc.^a	1,985		20,584
Shaw Group Inc. (The)^a	655		18,209
URS Corp.^a	807		27,478

			518,121
ENTERTAINMENT – 0.09%
Bally Technologies Inc.^a	455		9,186
DreamWorks Animation SKG Inc. Class A^a	625		13,719
International Game Technology Inc.	2,805		29,733
Pinnacle Entertainment Inc.^a	951		6,448
Regal Entertainment Group Class A	715		7,179
Speedway Motorsports Inc.	250		3,610
Vail Resorts Inc.^a,b	328		7,649
Warner Music Group Corp.	1,180		2,419

			79,943

ENVIRONMENTAL CONTROL – 0.29%
Calgon Carbon Corp.^a	500		6,285
Mine Safety Appliances Co.	287		5,631
Nalco Holding Co.	1,399		13,724
Republic Services Inc.	2,831		73,210
Waste Connections Inc.^a	772		22,403
Waste Management Inc.	4,164		129,875

			251,128

FOOD – 2.41%
Cadbury PLC SP ADR	2,856		92,249
Campbell Soup Co.	1,988		60,376
ConAgra Foods Inc.	3,859		65,989
Corn Products International Inc.	567		13,126
Dean Foods Co.^a	1,264		24,446
Del Monte Foods Co.	1,676		11,162
Flowers Foods Inc.	855		18,374
General Mills Inc.	2,640		156,156
Gruma SAB de CV SP ADR^a	288		495
H.J. Heinz Co.	2,657		96,980
Hershey Co. (The)	1,469		54,764
Hormel Foods Corp.	618		18,435
J.M. Smucker Co. (The)	968		43,705
Kellogg Co.	2,009		87,773
Kraft Foods Inc. Class A	11,306		317,133
Kroger Co. (The)	5,032		113,220
McCormick & Co. Inc. NVS	1,027		32,905


SCHEDULES OF INVESTMENTS		33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
Ralcorp Holdings Inc.^a	446	$	26,412
Ruddick Corp.	329		7,912
Safeway Inc.	3,453		73,998
Sara Lee Corp.	5,966		59,839
Smithfield Foods Inc.^a	1,225		14,541
SUPERVALU Inc.	1,881		32,993
Sysco Corp.	5,216		116,265
Tootsie Roll Industries Inc.^b	519		12,389
TreeHouse Foods Inc.^a	377		9,949
Tyson Foods Inc. Class A	2,616		23,152
Unilever NV NYS	13,116		288,159
Unilever PLC SP ADR	11,088		243,049
Weis Markets Inc.	193		6,004
Wimm-Bill-Dann Foods OJSC ADR^a	227		5,505

			2,127,455

FOREST PRODUCTS & PAPER – 0.26%
AbitibiBowater Inc.^a,b	897		682
Buckeye Technologies Inc.^a	288		841
Clearwater Paper Corp.^a	161		1,821
Domtar Corp.^a	3,592		5,352
International Paper Co.	3,379		30,816
MeadWestvaco Corp.	1,620		18,857
Neenah Paper Inc.	628		4,226
P.H. Glatfelter Co.	787		6,855
Plum Creek Timber Co. Inc.	1,372		42,216
Potlatch Corp.	564		14,207
Rayonier Inc.	618		18,194
Rock-Tenn Co. Class A	348		10,847
Sappi Ltd. SP ADR	3,452		10,943
Schweitzer-Mauduit International Inc.	473		10,122
Temple-Inland Inc.	899		5,097
Weyerhaeuser Co.	1,851		50,606

			231,682

GAS – 0.36%
AGL Resources Inc.	489		15,076
Atmos Energy Corp.	620		15,221
Energen Corp.	567		16,562
Laclede Group Inc. (The)	285		12,936
New Jersey Resources Corp.	471		18,882
Nicor Inc.	513		17,550
NiSource Inc.	2,214		21,432


Security	Shares	Value
Northwest Natural Gas Co.	345	$	14,814
Piedmont Natural Gas Co.^b	567		14,691
Sempra Energy	1,806		79,175
South Jersey Industries Inc.	525		19,582
Southern Union Co.	912		11,756
Southwest Gas Corp.	489		12,597
UGI Corp.	818		20,753
Vectren Corp.	658		16,970
WGL Holdings Inc.	409		13,129

			321,126

HAND & MACHINE TOOLS – 0.14%
Baldor Electric Co.	400		5,604
Black & Decker Corp. (The)	582		16,826
Kennametal Inc.	567		9,095
Nidec Corp. ADR	3,951		47,610
Regal Beloit Corp.	283		9,611
Snap-On Inc.	449		13,551
Stanley Works (The)	698		21,819

			124,116

HEALTH CARE - PRODUCTS – 3.62%
Alcon Inc.	637		54,553
Baxter International Inc.	5,210		305,566
Beckman Coulter Inc.	529		26,302
Becton, Dickinson and Co.	1,956		142,143
Boston Scientific Corp.^a	12,849		113,971
C.R. Bard Inc.	826		70,681
Cantel Medical Corp.^a	508		7,615
Cooper Companies Inc. (The)	445		8,442
Covidien Ltd.	4,252		163,022
Edwards Lifesciences Corp.^a	489		28,113
Fresenius Medical Care AG & Co. KGaA	1,623		72,645
Haemonetics Corp.^a	287		16,976
Hill-Rom Holdings Inc.	687		9,673
Invacare Corp.	456		8,691
Johnson & Johnson	23,472		1,354,100
Kinetic Concepts Inc.^a	544		13,110
Luxottica Group SpA SP ADR	1,294		18,401
Medtronic Inc.	9,405		314,973
Mindray Medical International Ltd. ADR	632		13,057
ResMed Inc.^a	764		30,484


34		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
Smith & Nephew PLC SP ADR	1,618	$	58,830
St. Jude Medical Inc.^a	2,890		105,109
Steris Corp.	567		15,082
Stryker Corp.	2,636		111,345
Symmetry Medical Inc.^a	477		3,267
Varian Medical Systems Inc.^a	1,090		40,472
West Pharmaceutical Services Inc.	444		14,750
Zimmer Holdings Inc.^a	1,866		67,922

			3,189,295

HEALTH CARE - SERVICES – 1.08%
Aetna Inc.	3,928		121,768
Assisted Living Concepts Inc.^a	1,248		4,955
Centene Corp.^a	483		8,564
Community Health Systems Inc.^a	1,044		19,460
Covance Inc.^a	550		21,230
Coventry Health Care Inc.^a	1,372		20,758
DaVita Inc.^a	863		40,561
Health Management Associates Inc. Class A^a	2,452		3,899
Health Net Inc.^a	937		13,708
HealthSouth Corp.^a	810		8,051
Humana Inc.^a	1,455		55,188
Laboratory Corp. of America Holdings^a	915		54,168
MDS Inc.^a	1,344		10,443
Mednax Inc.^a	471		15,811
Molina Healthcare Inc.^a	120		2,105
Quest Diagnostics Inc.	1,272		62,773
Sunrise Senior Living Inc.^a	2,559		3,071
UnitedHealth Group Inc.	10,295		291,657
Universal Health Services Inc. Class B	435		16,465
WellPoint Inc.^a	4,292		177,903

			952,538

HOLDING COMPANIES - DIVERSIFIED – 1.00%
Berkshire Hathaway Inc. Class B^a	278		830,942
Leucadia National Corp.^a	1,501		23,896
Tomkins PLC SP ADR	2,037		13,729
Walter Industries Inc.	528		9,736

			878,303


Security	Shares	Value
HOME BUILDERS – 0.11%
Centex Corp.	941	$	8,008
Champion Enterprises Inc.^a	1,767		813
D.R. Horton Inc.	2,864		17,069
KB Home	599		6,391
Lennar Corp. Class A	931		7,159
Monaco Coach Corp.	4,469		2,592
NVR Inc.^a	34		14,487
Pulte Homes Inc.	1,797		18,240
Thor Industries Inc.^b	493		5,216
Toll Brothers Inc.^a	1,057		17,990
Winnebago Industries Inc.	486		2,688

			100,653

HOME FURNISHINGS – 0.47%
Furniture Brands International Inc.	729		1,494
Harman International Industries Inc.	567		9,123
Panasonic Corp. SP ADR	18,014		215,808
Sony Corp. SP ADR	8,468		162,755
Thomson SA SP ADR^a	2,801		3,949
Whirlpool Corp.	630		21,061

			414,190

HOUSEHOLD PRODUCTS & WARES – 0.43%
ACCO Brands Corp.^a	1,503		2,886
American Greetings Corp. Class A	529		2,296
Avery Dennison Corp.	704		17,058
Blyth Inc.	672		2,292
Church & Dwight Co. Inc.	588		31,299
Clorox Co. (The)	1,229		61,634
Ennis Inc.	409		4,577
Fortune Brands Inc.	1,257		40,224
Jarden Corp.^a	746		7,781
Kimberly-Clark Corp.	3,469		178,549
Scotts Miracle-Gro Co. (The) Class A	412		13,275
Tupperware Brands Corp.	660		13,570

			375,441

HOUSEWARES – 0.04%
Newell Rubbermaid Inc.	2,334		18,859
Toro Co. (The)	409		12,110

			30,969


SCHEDULES OF INVESTMENTS		35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
INSURANCE – 3.82%
ACE Ltd.	2,787	$	121,680
Aegon NV ADR	12,011		62,217
Aflac Inc.	3,936		91,355
Alleghany Corp.^a	71		19,343
Allianz SE ADR	38,202		318,223
Allstate Corp. (The)	4,488		97,255
Ambac Financial Group Inc.	2,703		3,081
American Financial Group Inc.	736		12,497
Aon Corp.	2,082		77,138
Arthur J. Gallagher & Co.	778		18,337
Aspen Insurance Holdings Ltd.	826		18,255
Assurant Inc.	863		22,783
Assured Guaranty Ltd.	618		4,715
AXA SP ADR	14,140		227,654
Axis Capital Holdings Ltd.	1,215		29,476
China Life Insurance Co. Ltd. ADR^b	4,020		159,112
Chubb Corp.	2,936		125,015
CIGNA Corp.	2,252		39,095
CNA Financial Corp.	443		5,152
Conseco Inc.^a	1,954		4,553
Delphi Financial Group Inc. Class A	409		6,205
Endurance Specialty Holdings Ltd.	490		13,357
Everest Re Group Ltd.	449		28,287
Fairfax Financial Holdings Ltd.	160		52,109
FBL Financial Group Inc. Class A	291		3,000
Fidelity National Financial Inc.	2,132		31,170
First American Corp.	743		16,227
Genworth Financial Inc. Class A	3,556		8,250
Hanover Insurance Group Inc. (The)	545		22,029
Hartford Financial Services Group Inc. (The)	2,586		34,032
HCC Insurance Holdings Inc.	1,033		24,183
Horace Mann Educators Corp.	634		5,928
ING Groep NV SP ADR	17,673		147,216
Kingsway Financial Services Inc.	956		4,684
Lincoln National Corp.	2,341		35,419
Loews Corp.	3,071		74,932
Manulife Financial Corp.	13,779		228,042
Markel Corp.^a	81		21,872
Marsh & McLennan Companies Inc.	4,274		82,616
MBIA Inc.^a,b	2,590		9,997
Mercury General Corp.	247		9,569


Security	Shares	Value
MetLife Inc.	4,274	$	122,792
Montpelier Re Holdings Ltd.	981		13,871
Old Republic International Corp.	2,140		22,085
PartnerRe Ltd.	449		29,423
Phoenix Companies Inc. (The)	1,880		3,290
Platinum Underwriters Holdings Ltd.	559		15,546
Primus Guaranty Ltd.^a,b	875		1,330
Principal Financial Group Inc.	2,012		33,379
ProAssurance Corp.^a	326		15,407
Progressive Corp. (The)^a	5,192		63,083
Protective Life Corp.	529		4,380
Prudential Financial Inc.	3,669		94,477
Prudential PLC ADR	10,731		103,876
Reinsurance Group of America Inc.	234		8,337
RenaissanceRe Holdings Ltd.	528		23,596
RLI Corp.	235		13,275
StanCorp Financial Group Inc.	489		12,626
Stewart Information Services Corp.	338		5,016
Sun Life Financial Services of Canada Inc.	4,690		94,410
Torchmark Corp.	757		22,710
Transatlantic Holdings Inc.	233		7,491
Travelers Companies Inc. (The)	4,936		190,727
Unitrin Inc.	369		4,708
Unum Group	2,901		41,078
W.R. Berkley Corp.	1,099		29,102
White Mountains Insurance Group Ltd.	79		19,078
Willis Group Holdings Ltd.	1,514		37,487
XL Capital Ltd. Class A	2,670		7,743
Zenith National Insurance Corp.	418		11,721

			3,368,104

INTERNET – 0.05%
Giant Interactive Group Inc. ADR^a	1,110		6,660
McAfee Inc.^a	1,344		40,979

			47,639

IRON & STEEL – 0.63%
AK Steel Holding Corp.	1,084		8,748
Allegheny Technologies Inc.	801		17,694
ArcelorMittal NYS^b	6,354		143,410
Carpenter Technology Corp.	487		8,035
Cliffs Natural Resources Inc.	1,063		24,630


36		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
Companhia Siderurgica Nacional SP ADR	3,489	$	52,684
Mechel OAO ADR	1,817		6,178
Nucor Corp.	2,456		100,180
POSCO ADR	2,416		153,464
Reliance Steel & Aluminum Co.	641		14,185
United States Steel Corp.	993		29,820

			559,028

LEISURE TIME – 0.13%
Carnival Corp.	3,518		63,992
Harley-Davidson Inc.	2,195		26,735
Polaris Industries Inc.	369		7,849
Royal Caribbean Cruises Ltd.	1,294		8,398
WMS Industries Inc.^a	467		10,377

			117,351

LODGING – 0.15%
Boyd Gaming Corp.	447		2,150
Choice Hotels International Inc.^b	329		8,659
Gaylord Entertainment Co.^a,b	449		4,759
InterContinental Hotels Group PLC SP ADR	2,692		20,082
Las Vegas Sands Corp.^a	2,672		13,761
Marcus Corp.	160		1,653
Marriott International Inc. Class A	2,524		41,166
MGM MIRAGE^a,b	912		7,296
Orient-Express Hotels Ltd. Class A	408		2,579
Starwood Hotels & Resorts Worldwide Inc.	1,511		22,846
Wyndham Worldwide Corp.	1,553		9,520

			134,471

MACHINERY – 0.56%
AGCO Corp.^a	766		16,300
Albany International Corp. Class A	345		3,453
Applied Industrial Technologies Inc.	369		5,827
Briggs & Stratton Corp.	549		8,120
Cascade Corp.	160		3,662
Caterpillar Inc.	5,017		154,774
CNH Global NV	160		1,282
Cummins Inc.	1,564		37,505
Deere & Co.	3,628		126,037
Flowserve Corp.	528		28,148
Gardner Denver Inc.^a	491		10,689


Security	Shares	Value
Graco Inc.	618	$	13,145
IDEX Corp.	549		12,413
Kadant Inc.^a	489		4,910
Manitowoc Co. Inc. (The)	1,141		6,275
NACCO Industries Inc.	109		3,487
Rockwell Automation Inc.	1,140		29,686
Terex Corp.^a	818		9,685
Wabtec Corp.	464		13,888

			489,286

MACHINERY - DIVERSIFIED – 0.06%
Kubota Corp. SP ADR	2,084		56,435

			56,435

MANUFACTURING – 3.21%
A.O. Smith Corp.	160		4,397
Acuity Brands Inc.	425		11,420
Ameron International Corp.	140		6,979
AptarGroup Inc.	567		17,475
Barnes Group Inc.	329		3,718
Blount International Inc.^a	826		6,922
Brink’s Co. (The)	329		8,695
Carlisle Companies Inc.	489		9,130
CLARCOR Inc.	409		12,409
Cooper Industries Ltd.	1,554		41,818
Crane Co.	489		8,518
Danaher Corp.	2,046		114,433
Donaldson Co. Inc.	658		20,477
Dover Corp.	1,674		47,341
Eastman Kodak Co.	2,698		12,222
Eaton Corp.	1,378		60,660
EnPro Industries Inc.^a	357		6,533
General Electric Co.	83,647		1,014,638
Harsco Corp.	658		15,608
Hexcel Corp.^a	974		8,074
Honeywell International Inc.	5,513		180,882
Illinois Tool Works Inc.	3,552		116,008
Ingersoll-Rand Co. Ltd. Class A	2,714		43,994
ITT Industries Inc.	1,556		70,456
John Bean Technologies Corp.	249		2,415
Leggett & Platt Inc.	1,555		19,422
Myers Industries Inc.	248		1,555
Pall Corp.	1,067		27,817
Parker Hannifin Corp.	1,409		53,838


SCHEDULES OF INVESTMENTS		37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
Pentair Inc.	818	$	18,708
Roper Industries Inc.	899		36,985
Siemens AG SP ADR	6,834		383,114
SPX Corp.	507		21,350
Teleflex Inc.	288		15,316
Textron Inc.	2,100		18,963
3M Co.	5,291		284,603
Tredegar Corp.	428		7,062
Trinity Industries Inc.	826		9,507
Tyco International Ltd.	4,064		85,425

			2,828,887

MEDIA – 1.61%
A.H. Belo Corp. Class A	1,033		2,066
Belo Corp. Class A	1,260		1,802
British Sky Broadcasting Group PLC SP ADR	2,253		64,368
Cablevision Systems Corp.	1,959		31,403
CBS Corp. Class B	5,113		29,246
Citadel Broadcasting Corp.^a	5,622		1,012
Corus Entertainment Inc. Class B	658		6,995
E.W. Scripps Co. (The) Class A	1,693		2,726
Entravision Communications Corp.^a	2,979		2,502
Gannett Co. Inc.	1,880		10,848
Grupo Televisa SA SP ADR	4,057		56,757
Hearst-Argyle Television Inc.	590		2,325
John Wiley & Sons Inc. Class A	493		17,467
McGraw-Hill Companies Inc. (The)	2,807		61,726
Media General Inc. Class A^b	774		1,509
Meredith Corp.^b	329		5,254
Pearson PLC SP ADR	6,762		64,307
Reed Elsevier NV SP ADR	2,561		56,931
Reed Elsevier PLC SP ADR	2,543		76,621
Rogers Communications Inc. Class B	4,096		115,343
Scripps Networks Interactive Inc. Class A	658		14,127
Shaw Communications Inc. Class B	3,361		54,280
Thomson Reuters Corp.	1,616		39,414
Time Warner Cable Inc. Class A^a	1,363		25,393
Time Warner Inc.	30,181		281,589
Viacom Inc. Class B^a	4,559		67,245
Walt Disney Co. (The)	14,442		298,661
Washington Post Co. (The) Class B	61		23,824

			1,415,741


Security	Shares	Value
METAL FABRICATE & HARDWARE – 0.21%
CIRCOR International Inc.	120	$	2,670
Commercial Metals Co.	1,068		12,282
Kaydon Corp.	337		9,166
Mueller Water Products Inc. Class A	1,080		7,312
Precision Castparts Corp.	1,158		75,212
Sterlite Industries (India) Ltd. ADR	2,899		15,510
Tenaris SA ADR	2,035		40,273
Timken Co. (The)	814		12,120
Valmont Industries Inc.	160		6,493
Worthington Industries Inc.	567		5,704

			186,742

MINING – 2.90%
Agnico-Eagle Mines Ltd.	1,286		68,209
Alcoa Inc.	6,947		54,117
Alumina Ltd. SP ADR	3,971		11,436
Aluminum Corp. of China Ltd. ADR	1,416		15,859
AMCOL International Corp.	339		4,912
AngloGold Ashanti Ltd. SP ADR	2,374		68,110
Barrick Gold Corp.	7,257		272,065
BHP Billiton Ltd. SP ADR	14,184		532,467
BHP Billiton PLC ADR	9,447		319,592
Cameco Corp.	2,951		48,751
Coeur d’Alene Mines Corp.^a	6,683		4,745
Companhia Vale do Rio Doce ADR	11,318		159,697
Compania de Minas Buenaventura SA ADR	1,583		29,824
Compass Minerals International Inc.	279		16,787
Freeport-McMoRan Copper & Gold Inc.	3,221		80,976
Gold Fields Ltd. SP ADR	5,645		59,329
Goldcorp Inc.	6,001		177,450
Harmony Gold Mining Co. Ltd. SP ADR^a	2,362		27,872
Hecla Mining Co.^a	1,715		4,545
IAMGOLD Corp.	3,065		20,965
Kinross Gold Corp.	5,485		96,975
Newmont Mining Corp.	3,671		146,032
Rio Tinto PLC SP ADR	2,110		183,042
RTI International Metals Inc.^a	252		3,354
Silver Wheaton Corp.^a	2,156		14,079
Southern Copper Corp.	1,956		27,267


38		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
Stillwater Mining Co.^a	696	$	2,888
Teck Cominco Ltd. Class B	4,177		15,956
Titanium Metals Corp.	894		6,303
Vulcan Materials Co.^b	803		39,716
Yamana Gold Inc.	5,706		45,990

			2,559,310

OFFICE & BUSINESS EQUIPMENT – 0.41%
Canon Inc. SP ADR^b	9,920		267,443
Pitney Bowes Inc.	1,695		37,731
Xerox Corp.	8,072		53,598

			358,772

OFFICE FURNISHINGS – 0.00%
Steelcase Inc. Class A	816		3,525

			3,525

OIL & GAS – 15.19%
Anadarko Petroleum Corp.	3,872		142,257
Apache Corp.	2,836		212,700
Atwood Oceanics Inc.^a	631		10,506
Berry Petroleum Co. Class A	545		4,011
BP PLC SP ADR	26,341		1,118,702
Cabot Oil & Gas Corp.	896		24,631
Canadian Natural Resources Ltd.	4,547		161,646
Chesapeake Energy Corp.	5,031		79,540
Chevron Corp.	17,051		1,202,437
China Petroleum & Chemical Corp. ADR	1,403		75,846
Cimarex Energy Co.	861		21,387
CNOOC Ltd. ADR	1,254		107,894
Comstock Resources Inc.^a	398		15,176
ConocoPhillips	11,599		551,300
Denbury Resources Inc.^a	2,147		26,279
Devon Energy Corp.	3,551		218,742
Diamond Offshore Drilling Inc.	592		37,154
EnCana Corp.	6,360		282,002
Encore Acquisition Co.^a	539		14,650
Eni SpA SP ADR^b	10,198		432,293
ENSCO International Inc.	1,267		34,665
EOG Resources Inc.	2,102		142,453
EXCO Resources Inc.^a	1,955		19,824
Exxon Mobil Corp.	42,771		3,271,125
Forest Oil Corp.^a	699		10,485
Frontier Oil Corp.	989		14,123


Security	Shares	Value
Goodrich Petroleum Corp.^a	228	$	6,589
Helmerich & Payne Inc.	888		19,944
Hess Corp.	2,438		135,577
Marathon Oil Corp.	6,018		163,870
Mariner Energy Inc.^a	1,134		11,227
Murphy Oil Corp.	1,581		69,849
Nabors Industries Ltd.^a	2,250		24,637
Newfield Exploration Co.^a	1,156		22,184
Nexen Inc.	4,400		63,800
Noble Corp.	2,292		62,228
Noble Energy Inc.	1,478		72,319
Occidental Petroleum Corp.	6,941		378,632
Parker Drilling Co.^a	2,041		4,327
Penn Virginia Corp.	433		8,920
Penn West Energy Trust	1,660		18,758
Petro-Canada	4,024		86,878
PetroChina Co. Ltd. ADR	1,779		131,237
Petrohawk Energy Corp.^a	2,268		44,702
Petroleo Brasileiro SA ADR	9,445		247,459
Pioneer Natural Resources Co.	1,071		15,679
Plains Exploration & Production Co.^a	1,065		22,493
Pride International Inc.^a	1,577		25,421
Quicksilver Resources Inc.^a	1,155		8,004
Range Resources Corp.	1,377		49,352
Repsol YPF SA SP ADR	6,657		118,295
Rowan Companies Inc.	1,097		13,888
Royal Dutch Shell PLC Class A ADR^b	14,908		733,921
Royal Dutch Shell PLC Class B ADR	11,417		546,075
Sasol Ltd. SP ADR	3,705		98,368
Southwestern Energy Co.^a	2,930		92,734
St. Mary Land & Exploration Co.	748		14,474
StatoilHydro ASA SP ADR	7,805		134,480
Stone Energy Corp.^a	408		3,501
Suncor Energy Inc.	7,803		150,208
Sunoco Inc.	1,046		48,451
Swift Energy Co.^a,b	414		6,342
Talisman Energy Inc.	8,684		81,977
Tesoro Corp.	1,223		21,072
Total SA SP ADR	17,681		880,160
Transocean Ltd.^a	2,706		147,802


SCHEDULES OF INVESTMENTS		39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
Ultra Petroleum Corp.^a	1,381	$	49,481
Unit Corp.^a	488		12,171
VAALCO Energy Inc.^a	1,403		10,537
Valero Energy Corp.	4,452		107,382
W&T Offshore Inc.	600		7,542
Whiting Petroleum Corp.^a	377		10,933
XTO Energy Inc.	4,819		178,737
YPF SA SP ADR	105		4,573

			13,399,018

OIL & GAS SERVICES – 1.22%
Baker Hughes Inc.	2,630		87,632
BJ Services Co.	2,360		25,960
Cameron International Corp.^a	1,805		41,804
Compagnie Generale de Geophysique-Veritas SP ADR^a	1,179		14,219
Complete Production Services Inc.^a	780		5,000
Core Laboratories NV	186		12,497
Dril-Quip Inc.^a	358		8,771
Exterran Holdings Inc.^a	619		13,717
FMC Technologies Inc.^a	1,147		33,940
Halliburton Co.	7,550		130,237
Helix Energy Solutions Group Inc.^a	786		4,048
ION Geophysical Corp.^a	1,305		1,957
National Oilwell Varco Inc.^a	3,465		91,615
Newpark Resources Inc.^a	1,208		5,086
Oceaneering International Inc.^a	540		18,608
Oil States International Inc.^a	599		10,968
Schlumberger Ltd.	10,097		412,059
SEACOR Holdings Inc.^a	160		10,406
Smith International Inc.	2,005		45,513
Superior Energy Services Inc.^a	696		10,844
Tetra Technologies Inc.^a	641		3,327
Tidewater Inc.	449		18,683
Weatherford International Ltd.^a	5,875		64,801
Willbros Group Inc.^a	544		5,299

			1,076,991

PACKAGING & CONTAINERS – 0.22%
Ball Corp.	814		31,209
Bemis Co. Inc.	997		22,502
Crown Holdings Inc.^a	1,461		27,394
Greif Inc. Class A	160		4,842
Intertape Polymer Group Inc.^a	1,880		1,297


Security	Shares	Value
Owens-Illinois Inc.^a	1,503	$	28,557
Packaging Corp. of America	853		12,113
Pactiv Corp.^a	1,101		23,804
Sealed Air Corp.	1,476		20,000
Sonoco Products Co.	1,063		24,375

			196,093

PHARMACEUTICALS – 7.97%
Abbott Laboratories	12,936		717,172
Allergan Inc.	2,669		101,742
AmerisourceBergen Corp.	1,342		48,741
AstraZeneca PLC SP ADR	12,287		473,418
Bristol-Myers Squibb Co.	16,642		356,305
Cardinal Health Inc.	3,065		115,397
Dr. Reddy’s Laboratories Ltd. ADR	1,547		14,000
Elan Corp. PLC SP ADR^a	3,992		28,862
Eli Lilly and Co.	8,180		301,188
Forest Laboratories Inc.^a	2,627		65,780
GlaxoSmithKline PLC SP ADR	24,126		850,683
Herbalife Ltd.	565		11,588
Hospira Inc.^a	1,342		33,416
King Pharmaceuticals Inc.^a	2,302		20,119
K-V Pharmaceutical Co. Class A^a	616		400
Medco Health Solutions Inc.^a	4,258		191,312
Medicis Pharmaceutical Corp. Class A	563		7,843
Merck & Co. Inc.	17,808		508,418
NBTY Inc.^a	478		9,020
Novartis AG ADR	20,644		851,771
Novo-Nordisk A/S SP ADR	4,001		212,573
Omnicare Inc.	861		24,074
Pfizer Inc.	56,725		827,050
PharMerica Corp.^a	385		6,329
Sanofi-Aventis ADR	17,592		495,567
Schering-Plough Corp.	13,594		238,711
Valeant Pharmaceuticals International^a,b	685		14,864
Watson Pharmaceuticals Inc.^a	943		25,725
Wyeth	11,218		482,037

			7,034,105

PIPELINES – 0.63%
El Paso Corp.	5,932		48,524
Enbridge Inc.	2,742		89,938


40		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
Equitable Resources Inc.	1,067	$	36,523
National Fuel Gas Co.	511		15,310
ONEOK Inc.	818		23,902
Questar Corp.	1,552		52,737
Spectra Energy Corp.	5,373		77,962
TransCanada Corp.	4,812		129,202
Transportadora de Gas del Sur SA SP ADR	1,914		4,804
Williams Companies Inc. (The)	5,110		72,306

			551,208

REAL ESTATE – 0.15%
Brookfield Asset Management Inc. Class A	4,377		69,069
Brookfield Properties Corp.	2,146		11,567
Forest City Enterprises Inc. Class A	854		5,773
Forestar Group Inc.^a	622		6,935
Hilltop Holdings Inc.^a	1,141		11,410
Jones Lang LaSalle Inc.	294		6,941
MI Developments Inc. Class A	732		4,363
St. Joe Co. (The)^a,b	801		19,264

			135,322

REAL ESTATE INVESTMENT TRUSTS – 1.37%
Alesco Financial Inc.^b	3,896		2,221
Alexandria Real Estate Equities Inc.	329		19,523
AMB Property Corp.	863		13,912
American Campus Communities Inc.	357		7,629
Annaly Capital Management Inc.	4,647		70,356
Anworth Mortgage Asset Corp.	1,492		9,250
Apartment Investment and Management Co. Class A	1,351		12,010
Ashford Hospitality Trust Inc.	1,446		2,053
AvalonBay Communities Inc.	637		33,003
BioMed Realty Trust Inc.	1,107		12,221
Boston Properties Inc.	899		38,927
BRE Properties Inc. Class A	409		10,385
Camden Property Trust	564		14,867
CapitalSource Inc.	1,714		6,239
CapLease Inc.	1,785		2,856
Chimera Investment Corp.	2,509		8,280
DCT Industrial Trust Inc.	2,268		8,278
Developers Diversified Realty Corp.	955		4,584
Douglas Emmett Inc.	1,022		9,505


Security	Shares	Value
Duke Realty Corp.	1,418	$	13,060
EastGroup Properties Inc.	409		12,425
Entertainment Properties Trust	419		9,490
Equity Lifestyle Properties Inc.	260		9,810
Equity One Inc.^b	667		9,505
Equity Residential	2,474		59,203
Essex Property Trust Inc.	160		10,568
Extra Space Storage Inc.	1,095		8,880
Federal Realty Investment Trust	409		20,708
FelCor Lodging Trust Inc.	784		1,137
First Industrial Realty Trust Inc.	530		2,883
General Growth Properties Inc.^b	1,963		1,276
Getty Realty Corp.	406		8,420
Glimcher Realty Trust	698		1,291
HCP Inc.	2,034		47,474
Health Care REIT Inc.	825		31,193
Highwoods Properties Inc.	449		10,129
Home Properties Inc.	489		17,550
Hospitality Properties Trust	710		9,528
Host Hotels & Resorts Inc.	4,299		23,129
HRPT Properties Trust	2,249		7,152
Inland Real Estate Corp.	698		6,889
iStar Financial Inc.^b	1,220		1,281
JER Investors Trust Inc.^b	5,937		5,165
Kilroy Realty Corp.	248		5,669
Kimco Realty Corp.	1,897		27,279
LaSalle Hotel Properties	655		5,456
Lexington Realty Trust	974		4,315
Liberty Property Trust	658		13,160
Macerich Co. (The)	600		8,844
Maguire Properties Inc.^a,b	738		1,535
MFA Mortgage Investments Inc.	1,590		9,111
National Health Investors Inc.	329		8,570
National Retail Properties Inc.	768		11,082
Nationwide Health Properties Inc.	811		20,705
NorthStar Realty Finance Corp.	1,303		5,056
Omega Healthcare Investors Inc.	1,109		16,225
Parkway Properties Inc.	528		7,878
Pennsylvania Real Estate Investment Trust	616		2,729
Post Properties Inc.	521		6,820
ProLogis	2,179		21,812


SCHEDULES OF INVESTMENTS		41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
Public Storage	1,027	$	63,540
Ramco-Gershenson Properties Trust	819		4,029
Realty Income Corp.^b	974		18,769
Regency Centers Corp.	449		15,850
Saul Centers Inc.	247		8,077
Senior Housing Properties Trust	788		12,750
Simon Property Group Inc.	1,849		79,470
SL Green Realty Corp.	493		7,745
Sovran Self Storage Inc.	329		8,554
Strategic Hotels & Resorts Inc.	1,097		1,503
Sun Communities Inc.	581		6,972
Sunstone Hotel Investors Inc.	387		1,668
Tanger Factory Outlet Centers Inc.	492		14,908
Taubman Centers Inc.	409		8,119
UDR Inc.	1,559		18,287
Universal Health Realty Income Trust	488		14,933
U-Store-It Trust	1,485		5,569
Ventas Inc.	1,269		35,367
Vornado Realty Trust	1,159		58,889
Washington Real Estate Investment Trust	771		18,358
Weingarten Realty Investors	969		15,688

			1,209,536

RETAIL – 4.37%
Abercrombie & Fitch Co. Class A	737		13,155
Advance Auto Parts Inc.	862		28,213
Aeropostale Inc.^a	564		11,906
American Eagle Outfitters Inc.	1,525		13,740
AnnTaylor Stores Corp.^a	823		4,049
AutoNation Inc.^a	1,252		11,619
AutoZone Inc.^a	323		42,923
Barnes & Noble Inc.^b	622		10,213
Best Buy Co. Inc.	2,783		77,980
Big Lots Inc.^a,b	708		9,523
BJ’s Wholesale Club Inc.^a	567		16,262
Blockbuster Inc. Class A^a,b	2,429		3,109
Brinker International Inc.	1,227		13,460
Brown Shoe Co. Inc.	659		3,091
Buckle Inc. (The)	180		3,807
Cabela’s Inc. Class A^a,b	520		2,917
CarMax Inc.^a	1,632		13,497
Cash America International Inc.	331		6,051


Security	Shares	Value
Cato Corp. Class A	248	$	3,281
Chipotle Mexican Grill Inc. Class B^a	205		9,332
CKE Restaurants Inc.	727		6,034
Collective Brands Inc.^a	882		9,411
CVS Caremark Corp.	11,988		322,237
Darden Restaurants Inc.	1,267		33,221
Delhaize Group SP ADR	846		54,271
Dick’s Sporting Goods Inc.^a	804		8,852
Dillard’s Inc. Class A	818		3,558
DineEquity Inc.^b	160		1,414
Family Dollar Stores Inc.	1,234		34,268
GameStop Corp. Class A^a	1,312		32,511
Gap Inc. (The)	4,525		51,042
Genesco Inc.^a	160		2,464
Home Depot Inc.	14,310		308,094
J.C. Penney Co. Inc.	1,624		27,202
Kohl’s Corp.^a	2,451		89,976
Landry’s Restaurants Inc.^b	197		1,273
Limited Brands Inc.	2,817		22,311
Lowe’s Companies Inc.	12,315		224,995
Macy’s Inc.	3,660		32,757
McDonald’s Corp.	9,388		544,692
Men’s Wearhouse Inc. (The)	447		5,208
Movado Group Inc.	760		5,837
MSC Industrial Direct Co. Inc. Class A	525		17,987
New York & Co. Inc.^a	658		1,303
99 Cents Only Stores^a	731		6,126
Nordstrom Inc.	1,601		20,317
Nu Skin Enterprises Inc. Class A	966		9,167
OfficeMax Inc.	934		5,146
Penske Automotive Group Inc.	728		5,402
Regis Corp.	369		4,151
Rite Aid Corp.^a	6,986		1,956
Saks Inc.^a,b	1,027		2,588
Sonic Automotive Inc.	510		1,035
Stage Stores Inc.	663		4,740
Talbots Inc. (The)^b	736		1,494
Target Corp.	5,794		180,773
Tiffany & Co.	1,034		21,456
Tim Hortons Inc.	1,530		37,592
TJX Companies Inc. (The)	3,599		69,893


42		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
Tween Brands Inc.^a	341	$	917
Under Armour Inc. Class A^a,b	376		6,956
Walgreen Co.	8,256		226,297
Wal-Mart Stores Inc.	20,443		963,274
Wendy’s/Arby’s Group Inc. Class A	3,884		19,575
World Fuel Services Corp.	326		11,009
Yum! Brands Inc.	4,155		118,916

			3,857,826

SAVINGS & LOANS – 0.06%
FirstFed Financial Corp.^a,b	1,779		1,512
Guaranty Financial Group Inc.^a,b	2,101		3,278
New York Community Bancorp Inc.	2,841		37,643
NewAlliance Bancshares Inc.	1,296		14,243

			56,676

SEMICONDUCTORS – 0.82%
Advanced Micro Devices Inc.^a	5,477		11,995
Advanced Semiconductor Engineering Inc. ADR	9,871		15,794
Analog Devices Inc.	2,243		44,815
Emulex Corp.^a	1,191		6,801
Fairchild Semiconductor International Inc. Class A^a	1,430		6,507
Infineon Technologies AG ADR^a	6,810		5,857
International Rectifier Corp.^a	693		9,439
LSI Corp.^a	6,284		19,983
MEMC Electronic Materials Inc.^a	2,037		27,703
Micron Technology Inc.^a	7,180		26,710
National Semiconductor Corp.	1,996		20,239
Semiconductor Manufacturing International Corp. ADR^a	4,799		8,254
STMicroelectronics NV NYS	5,434		28,094
Taiwan Semiconductor Manufacturing Co. Ltd. SP ADR	37,327		281,446
Teradyne Inc.^a	1,688		8,119
Texas Instruments Inc.	10,860		162,357
United Microelectronics Corp. SP ADR^b	23,127		41,860

			725,973

SOFTWARE – 0.80%
American Reprographics Co.^a	444		2,700
BMC Software Inc.^a	1,695		42,934
Broadridge Financial Solutions Inc.	1,593		21,490


Security	Shares	Value
Dun & Bradstreet Corp. (The)	471	$	35,796
Fair Isaac Corp.	522		6,629
Fidelity National Information Services Inc.	1,669		26,554
Global Payments Inc.	658		22,839
IMS Health Inc.	1,533		22,259
Konami Corp. ADR	895		18,249
MasterCard Inc. Class A	680		92,330
Metavante Technologies Inc.^a	1,043		15,134
Red Hat Inc.^a	1,631		23,894
Salesforce.com Inc.^a	954		25,386
SAP AG SP ADR^b	7,513		265,810
Sybase Inc.^a	818		22,340
SYNNEX Corp.^a	337		5,173
Total System Services Inc.	1,617		20,471
VeriFone Holdings Inc.^a	888		4,111
VMware Inc. Class A^a	397		8,218
Wipro Ltd. ADR	3,046		21,139

			703,456

TELECOMMUNICATIONS – 8.14%
Alcatel-Lucent SP ADR^a	20,952		41,275
Amdocs Ltd.^a	1,595		26,987
America Movil SAB de CV Series L ADR	6,773		193,098
American Tower Corp. Class A^a	3,426		103,945
Anixter International Inc.^a,b	288		7,770
AT&T Inc.	49,928		1,229,227
BCE Inc.	6,801		139,148
British Telecom PLC SP ADR	6,543		99,715
CenturyTel Inc.	1,002		27,194
China Mobile Hong Kong Ltd. SP ADR	7,044		316,769
China Telecom Corp. Ltd. ADR	1,204		43,501
China Unicom (Hong Kong) Ltd. ADR	10,859		99,794
Cincinnati Bell Inc.^a	3,728		5,182
CommScope Inc.^a	641		9,243
Corning Inc.	13,168		133,128
Crown Castle International Corp.^a	2,231		43,549
Deutsche Telekom AG SP ADR	25,036		301,433
Embarq Corp.	1,208		43,150
FairPoint Communications Inc.	985		2,689


SCHEDULES OF INVESTMENTS		43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
France Telecom SA SP ADR	15,997	$	359,453
Frontier Communications Corp.	2,898		23,503
Harris Corp.	1,147		49,654
Hellenic Telecommunications Organization SA SP ADR	4,199		31,828
KT Corp. SP ADR^a	1,739		24,572
Magyar Telekom PLC SP ADR	912		11,172
MasTec Inc.^a	423		4,496
MetroPCS Communications Inc.^a	2,127		28,906
Mobile TeleSystems SP ADR	1,628		34,676
Motorola Inc.	18,030		79,873
NeuStar Inc. Class A^a	863		11,754
Nippon Telegraph and Telephone Corp. ADR	7,436		178,985
Nokia OYJ SP ADR	31,993		392,554
NTT DoCoMo Inc. SP ADR	13,921		239,720
Philippine Long Distance Telephone Co. SP ADR	620		27,435
Plantronics Inc.	737		7,481
Portugal Telecom SGPS SP ADR	6,347		51,093
PT Indosat Tbk ADR	491		11,720
PT Telekomunikasi Indonesia SP ADR	2,254		49,385
Qwest Communications International Inc.	12,386		39,883
Rostelecom SP ADR^b	508		25,405
SK Telecom Co. Ltd. ADR	2,577		42,134
Sprint Nextel Corp.^a	24,496		59,525
Syniverse Holdings Inc.^a	637		8,638
Tata Communications Ltd. ADR	283		5,091
Telecom Argentina SA SP ADR^a	949		7,877
Telecom Corp. of New Zealand Ltd. SP ADR	3,400		22,882
Telecom Italia SpA SP ADR	9,466		116,905
Telefonica SA SP ADR	11,470		614,907
Telefonos de Mexico SAB de CV Series L SP ADR^b	2,405		42,593
Telkom South Africa Ltd. SP ADR	455		20,307
Telmex Internacional SAB de CV ADR	2,935		27,912
TELUS Corp.	1,381		36,956
Turkcell Iletisim Hizmetleri AS ADR	2,169		28,566
Verizon Communications Inc.	23,939		715,058


Security	Shares	Value
Vimpel-Communications SP ADR	2,519	$	15,341
Vodafone Group PLC SP ADR	44,467		826,642
Windstream Corp.	4,072		35,345

			7,177,024

TEXTILES – 0.02%
Mohawk Industries Inc.^a	449		14,417
UniFirst Corp.	234		6,140

			20,557

TOYS, GAMES & HOBBIES – 0.10%
Hasbro Inc.	1,141		27,532
Marvel Entertainment Inc.^a	542		14,910
Mattel Inc.	3,226		45,777

			88,219

TRANSPORTATION – 1.41%
Bristow Group Inc.^a	359		8,684
Burlington Northern Santa Fe Corp.	2,340		155,025
Canadian National Railway Co.	3,940		137,900
Canadian Pacific Railway Ltd.	1,212		36,675
Con-way Inc.	565		12,447
CSX Corp.	3,332		96,495
FedEx Corp.	2,477		126,178
Frontline Ltd.^b	634		18,075
Genesee & Wyoming Inc. Class A^a	363		9,863
Guangshen Railway Co. Ltd. SP ADR	445		7,080
Kansas City Southern Industries Inc.^a	731		13,275
Kirby Corp.^a	561		13,453
Knight Transportation Inc.	931		12,420
Norfolk Southern Corp.	3,094		118,686
Overseas Shipholding Group Inc.	223		7,961
Ryder System Inc.	529		17,870
Ship Finance International Ltd.^b	700		7,952
Teekay Corp.	567		9,934
Tsakos Energy Navigation Ltd.	329		6,337
Union Pacific Corp.	4,214		184,531
United Parcel Service Inc. Class B	5,762		244,827

			1,245,668

TRUCKING & LEASING – 0.01%
GATX Corp.	407		9,809

			9,809


44		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE COMPOSITE INDEX FUND

January 31, 2009


Security	Shares	Value
WATER – 0.16%
American States Water Co.	411	$	14,208
Aqua America Inc.	1,029		21,341
California Water Service Group	364		15,834
Companhia de Saneamento Basico do Estado de Sao Paulo ADR	487		10,558
Veolia Environnement ADR	3,338		75,138

			137,079


TOTAL COMMON STOCKS (Cost: $148,512,340)			88,018,765

PREFERRED STOCKS – 0.03%

ELECTRIC – 0.01%
Companhia Paranaense de Energia SP ADR	1,262		11,661

			11,661

FOREST PRODUCTS & PAPER – 0.01%
Aracruz Celulose SA SP ADR	524		4,396
Votorantim Celulose e Papel SA SP ADR	555		3,219

			7,615

REAL ESTATE INVESTMENT TRUSTS – 0.01%
Public Storage Class A, 6.13%	508		11,908

			11,908


TOTAL PREFERRED STOCKS (Cost: $76,460)			31,184

SHORT-TERM INVESTMENTS – 3.14%

MONEY MARKET FUNDS – 3.14%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^c,e,f	2,298,916		2,298,916
Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56%^c,e,f	371,634		371,634


Security	Shares	Value
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^c,e	102,352	$	102,352

			2,772,902


TOTAL SHORT-TERM INVESTMENTS (Cost: $2,772,902)			2,772,902


TOTAL INVESTMENTS IN SECURITIES – 102.96% (Cost: $151,361,702)			90,822,851

Other Assets, Less Liabilities – (2.96)%			(2,615,034	)


NET ASSETS – 100.00%		$	88,207,817

ADR – American Depositary Receipts

NVS – Non-Voting Shares

NYS – New York Registered Shares

SP ADR – Sponsored American Depositary Receipts

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 5.

^c	Affiliated issuer. See Note 2.

^d	Security valued using Level 3 inputs. See Note 1.

^e	The rate quoted is the annualized seven-day yield of the fund at period end.

^f	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


SCHEDULES OF INVESTMENTS		45

Schedule of Investments (Unaudited)

iSHARES^® NYSE 100 INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 99.87%

AEROSPACE & DEFENSE – 3.13%
Boeing Co. (The)	9,326	$	394,583
General Dynamics Corp.	4,650		263,794
Lockheed Martin Corp.	4,546		372,954
Raytheon Co.	5,919		299,620
United Technologies Corp.	12,478		598,819

			1,929,770

AGRICULTURE – 3.48%
Altria Group Inc.	29,328		485,085
Monsanto Co.	7,702		585,814
Philip Morris International Inc.	28,811		1,070,329

			2,141,228

APPAREL – 0.28%
Nike Inc. Class B	3,856		174,484

			174,484

BANKS – 4.17%
Bank of America Corp.	88,710		583,712
Bank of New York Mellon Corp. (The)	16,226		417,657
State Street Corp.	6,121		142,436
U.S. Bancorp	24,605		365,138
Wells Fargo & Co.	55,997		1,058,343

			2,567,286

BEVERAGES – 3.92%
Coca-Cola Co. (The)	30,314		1,295,014
PepsiCo Inc.	22,296		1,119,928

			2,414,942

BIOTECHNOLOGY – 0.87%
Genentech Inc.^a	6,601		536,265

			536,265

CHEMICALS – 1.17%
Dow Chemical Co. (The)	13,292		154,054
E.I. du Pont de Nemours and Co.	12,764		293,061
Praxair Inc.	4,376		272,450

			719,565

COMMERCIAL SERVICES – 0.93%
Accenture Ltd.	8,171		257,877
Visa Inc. Class A	6,341		312,928

			570,805


Security	Shares	Value
COMPUTERS – 5.37%
EMC Corp.^a	29,115	$	321,430
Hewlett-Packard Co.	35,105		1,219,899
International Business Machines Corp.	19,292		1,768,112

			3,309,441

COSMETICS & PERSONAL CARE – 4.50%
Colgate-Palmolive Co.	7,242		471,020
Procter & Gamble Co. (The)	42,167		2,298,101

			2,769,121

DIVERSIFIED FINANCIAL SERVICES – 3.79%
American Express Co.	14,538		243,221
Citigroup Inc.	77,281		274,347
Goldman Sachs Group Inc. (The)	5,708		460,807
JPMorgan Chase & Co.	53,144		1,355,703

			2,334,078

ELECTRIC – 3.47%
Dominion Resources Inc.	8,253		290,340
Duke Energy Corp.	17,895		271,109
Entergy Corp.	2,703		206,401
Exelon Corp.	9,398		509,560
FirstEnergy Corp.	4,350		217,456
FPL Group Inc.	5,360		276,308
Southern Co. (The)	10,941		365,976

			2,137,150

ELECTRICAL COMPONENTS & EQUIPMENT – 0.59%
Emerson Electric Co.	11,129		363,918

			363,918

FOOD – 1.62%
General Mills Inc.	4,529		267,890
Kraft Foods Inc. Class A	19,134		536,709
Kroger Co. (The)	8,702		195,795

			1,000,394

HEALTH CARE - PRODUCTS – 6.03%
Alcon Inc.	1,079		92,406
Baxter International Inc.	8,832		517,997
Covidien Ltd.	7,052		270,374
Johnson & Johnson	39,793		2,295,658
Medtronic Inc.	15,990		535,505

			3,711,940


46		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE 100 INDEX FUND

January 31, 2009


Security	Shares	Value
HEALTH CARE - SERVICES – 1.29%
UnitedHealth Group Inc.	17,506	$	495,945
WellPoint Inc.^a	7,260		300,927

			796,872

HOLDING COMPANIES - DIVERSIFIED – 0.74%
Berkshire Hathaway Inc. Class B^a	153		457,317

			457,317

HOUSEHOLD PRODUCTS & WARES – 0.50%
Kimberly-Clark Corp.	5,924		304,908

			304,908

INSURANCE – 0.86%
MetLife Inc.	7,171		206,023
Travelers Companies Inc. (The)	8,337		322,142

			528,165

MACHINERY – 0.78%
Caterpillar Inc.	8,642		266,606
Deere & Co.	6,151		213,686

			480,292

MANUFACTURING – 4.75%
Danaher Corp.	3,520		196,874
General Electric Co.	142,187		1,724,728
Honeywell International Inc.	9,476		310,908
Illinois Tool Works Inc.	6,268		204,713
3M Co.	9,127		490,941

			2,928,164

MEDIA – 1.60%
Time Warner Inc.	50,964		475,494
Walt Disney Co. (The)	24,701		510,817

			986,311

OIL & GAS – 18.53%
Anadarko Petroleum Corp.	6,551		240,684
Apache Corp.	4,750		356,250
Chevron Corp.	28,932		2,040,285
ConocoPhillips	19,657		934,297
Devon Energy Corp.	5,976		368,122
EOG Resources Inc.	3,526		238,957
Exxon Mobil Corp.	72,437		5,539,982
Hess Corp.	4,142		230,337
Marathon Oil Corp.	10,132		275,894


Security	Shares	Value
Occidental Petroleum Corp.	11,706	$	638,562
Transocean Ltd.^a	4,556		248,849
XTO Energy Inc.	8,230		305,251

			11,417,470

OIL & GAS SERVICES – 1.48%
Halliburton Co.	12,760		220,110
Schlumberger Ltd.	16,962		692,219

			912,329

PHARMACEUTICALS – 9.94%
Abbott Laboratories	21,912		1,214,801
Bristol-Myers Squibb Co.	28,003		599,544
Eli Lilly and Co.	13,768		506,938
Medco Health Solutions Inc.^a	7,105		319,228
Merck & Co. Inc.	30,123		860,012
Pfizer Inc.	95,982		1,399,418
Schering-Plough Corp.	23,078		405,250
Wyeth	19,013		816,989

			6,122,180

RETAIL – 7.63%
CVS Caremark Corp.	20,384		547,922
Home Depot Inc.	24,179		520,574
Lowe’s Companies Inc.	20,839		380,728
McDonald’s Corp.	15,878		921,242
Target Corp.	9,752		304,262
Walgreen Co.	14,130		387,303
Wal-Mart Stores Inc.	34,737		1,636,807

			4,698,838

SEMICONDUCTORS – 0.45%
Texas Instruments Inc.	18,402		275,110

			275,110

TELECOMMUNICATIONS – 5.72%
AT&T Inc.	84,597		2,082,778
Corning Inc.	22,314		225,594
Verizon Communications Inc.	40,728		1,216,545

			3,524,917

TRANSPORTATION – 2.28%
Burlington Northern Santa Fe Corp.	3,992		264,470
FedEx Corp.	4,126		210,178
Norfolk Southern Corp.	5,252		201,467


SCHEDULES OF INVESTMENTS		47

Schedule of Investments (Unaudited) (Continued)

iSHARES^® NYSE 100 INDEX FUND

January 31, 2009


Security	Shares	Value
Union Pacific Corp.	7,263	$	318,047
United Parcel Service Inc. Class B	9,714		412,748

			1,406,910


TOTAL COMMON STOCKS
(Cost: $95,589,152)			61,520,170

SHORT-TERM INVESTMENTS – 0.07%

MONEY MARKET FUNDS – 0.07%
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^b,c	41,981		41,981

			41,981


TOTAL SHORT-TERM INVESTMENTS
(Cost: $41,981)			41,981


TOTAL INVESTMENTS IN SECURITIES – 99.94% (Cost: $95,631,133)			61,562,151

Other Assets, Less Liabilities – 0.06%			39,236


NET ASSETS – 100.00%		$	61,601,387

^a	Non-income earning security.

^b	Affiliated issuer. See Note 2.

^c	The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.


48		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^® TRUST

January 31, 2009


	iShares S&P North American
	Technology Sector Index Fund			Technology- Multimedia Networking Index Fund			Technology- Semiconductors Index Fund			Technology- Software Index Fund

ASSETS
Investments, at cost:
Unaffiliated issuers	$	317,048,857		$	88,237,224		$	206,196,919		$	368,692,932
Affiliated issuers (Note 2)		1,720,525			2,373,894			5,030,079			17,933,452

Total cost of investments	$	318,769,382		$	90,611,118		$	211,226,998		$	386,626,384

Investments in securities, at fair value (including securities on loan^a) (Note 1):
Unaffiliated issuers	$	168,778,377		$	39,023,873		$	81,215,071		$	210,229,673
Affiliated issuers (Note 2)		1,720,525			2,373,894			5,030,079			17,933,452

Total fair value of investments		170,498,902			41,397,767			86,245,150			228,163,125
Receivables:
Investment securities sold		–			175,366			–			21,862
Dividends and interest		52,162			1,561			71,473			30,895

Total Assets		170,551,064			41,574,694			86,316,623			228,215,882


LIABILITIES
Payables:
Investment securities purchased		–			208,488			–			–
Collateral for securities on loan (Note 5)		1,626,761			2,306,159			4,928,087			17,757,515
Capital shares redeemed		–			–			–			26,729
Investment advisory fees (Note 2)		72,271			20,100			35,433			109,460

Total Liabilities		1,699,032			2,534,747			4,963,520			17,893,704


NET ASSETS	$	168,852,032		$	39,039,947		$	81,353,103		$	210,322,178


Net assets consist of:
Paid-in capital	$	361,250,250		$	168,335,804		$	269,526,789		$	440,235,267
Undistributed (distributions in excess of) net investment income (accumulated net investment loss)		(29,012	)		(20,820	)		12,195			(209,583	)
Accumulated net realized loss		(44,098,726	)		(80,061,686	)		(63,204,033	)		(71,240,247	)
Net unrealized depreciation		(148,270,480	)		(49,213,351	)		(124,981,848	)		(158,463,259	)

NET ASSETS	$	168,852,032		$	39,039,947		$	81,353,103		$	210,322,178


Shares outstanding^b		5,150,000			2,300,000			2,950,000			7,000,000


Net asset value per share	$	32.79		$	16.97		$	27.58		$	30.05

^a	Securities on loan with market values of $1,580,394, $2,213,496, $4,722,335 and $17,159,620, respectively. See Note 5.

^b	No par value, unlimited number of shares authorized.

See notes to financial statements.


FINANCIAL STATEMENTS		49

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^® TRUST

January 31, 2009


	iShares S&P North American			iShares NYSE
	Natural Resources Sector Index Fund			Composite Index Fund			100 Index Fund

ASSETS
Investments, at cost:
Unaffiliated issuers	$	1,669,092,382		$	147,895,397		$	95,589,152
Affiliated issuers (Note 2)		22,625,671			3,466,305			41,981

Total cost of investments	$	1,691,718,053		$	151,361,702		$	95,631,133

Investments in securities, at fair value (including securities on loan^a) (Note 1):
Unaffiliated issuers	$	1,130,419,680		$	87,950,612		$	61,520,170
Affiliated issuers (Note 2)		22,625,671			2,872,239			41,981

Total fair value of investments		1,153,045,351			90,822,851			61,562,151
Receivables:
Investment securities sold		1,354,805			13,547			–
Dividends and interest		210,614			193,013			135,333
Capital shares sold		1,053			–			–

Total Assets		1,154,611,823			91,029,411			61,697,484


LIABILITIES
Payables:
Investment securities purchased		1,355,957			130,557			85,103
Collateral for securities on loan (Note 5)		21,941,221			2,670,550			–
Capital shares redeemed		2,554			–			–
Investment advisory fees (Note 2)		484,636			20,487			10,994

Total Liabilities		23,784,368			2,821,594			96,097


NET ASSETS	$	1,130,827,455		$	88,207,817		$	61,601,387


Net assets consist of:
Paid-in capital	$	1,684,001,936		$	154,047,986		$	111,823,756
Undistributed (distributions in excess of) net investment income		(117,528	)		142,624			126,042
Accumulated net realized loss		(14,384,251	)		(5,443,942	)		(16,279,429	)
Net unrealized depreciation		(538,672,702	)		(60,538,851	)		(34,068,982	)

NET ASSETS	$	1,130,827,455		$	88,207,817		$	61,601,387


Shares outstanding^b		46,050,000			1,850,000			1,400,000


Net asset value per share	$	24.56		$	47.68		$	44.00

^a	Securities on loan with market values of $21,395,976, $2,569,097 and $–, respectively. See Note 5.

^b	No par value, unlimited number of shares authorized.

See notes to financial statements.


50		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^® TRUST

Six months ended January 31, 2009


	iShares S&P North American
	Technology Sector Index Fund			Technology- Multimedia Networking Index Fund			Technology- Semiconductors Index Fund			Technology- Software Index Fund


NET INVESTMENT INCOME
Dividends from unaffiliated issuers	$	1,196,589		$	211,171		$	940,012		$	527,524
Interest from affiliated issuers (Note 2)		1,311			238			680			1,221
Securities lending income from affiliated issuers (Note 2)		21,941			13,341			49,128			102,152

Total investment income		1,219,841			224,750			989,820			630,897


EXPENSES
Investment advisory fees (Note 2)		589,568			148,051			297,080			887,214

Total expenses		589,568			148,051			297,080			887,214

Net investment income (loss)		630,273			76,699			692,740			(256,317	)


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments in unaffiliated issuers		(11,431,401	)		(20,366,446	)		(8,376,725	)		(26,341,426	)
In-kind redemptions		(19,238,503	)		(11,266,463	)		(21,779,710	)		(33,878,572	)

Net realized loss		(30,669,904	)		(31,632,909	)		(30,156,435	)		(60,219,998	)

Net change in unrealized appreciation (depreciation)		(88,143,238	)		(3,413,081	)		(40,495,921	)		(117,245,699	)

Net realized and unrealized loss		(118,813,142	)		(35,045,990	)		(70,652,356	)		(177,465,697	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(118,182,869	)	$	(34,969,291	)	$	(69,959,616	)	$	(177,722,014	)

See notes to financial statements.


FINANCIAL STATEMENTS		51

Statements of Operations (Unaudited) (Continued)

iSHARES^® TRUST

Six months ended January 31, 2009


	iShares S&P North American			iShares NYSE
	Natural Resources Sector Index Fund			Composite Index Fund			100 Index Fund


NET INVESTMENT INCOME
Dividends from unaffiliated issuers^a	$	11,122,692		$	1,510,286		$	1,181,395
Dividends from affiliated issuers (Note 2)		–			12,261			–
Interest from affiliated issuers (Note 2)		4,948			739			383
Securities lending income from affiliated issuers (Note 2)		200,816			12,623			47

Total investment income		11,328,456			1,535,909			1,181,825


EXPENSES
Investment advisory fees (Note 2)		3,395,877			130,831			75,468

Total expenses		3,395,877			130,831			75,468

Net investment income		7,932,579			1,405,078			1,106,357


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments in unaffiliated issuers		(74,592,717	)		(4,948,804	)		(11,076,862	)
Investments in affiliated issuers (Note 2)		–			(2,208	)		–
In-kind redemptions		96,306,056			350,992			(501,125	)
Short positions (Note 1)		(83	)		–			–

Net realized gain (loss)		21,713,256			(4,600,020	)		(11,577,987	)

Net change in unrealized appreciation (depreciation) on:
Investments		(870,349,217	)		(44,861,356	)		(17,355,413	)
Short positions (Note 1)		83			–			–

Net change in unrealized appreciation (depreciation)		(870,349,134	)		(44,861,356	)		(17,355,413	)

Net realized and unrealized loss		(848,635,878	)		(49,461,376	)		(28,933,400	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(840,703,299	)	$	(48,056,298	)	$	(27,827,043	)

^a	Net of foreign withholding tax of $220,815, $48,145 and $–, respectively.

See notes to financial statements.


52		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® TRUST


	iShares S&P North American Technology Sector Index Fund						iShares S&P North American Technology-Multimedia Networking Index Fund
	Six months ended January 31, 2009 (Unaudited)			Year ended July 31, 2008			Six months ended January 31, 2009 (Unaudited)			Year ended July 31, 2008

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income (loss)	$	630,273		$	795,179		$	76,699		$	(158,304	)
Net realized gain (loss)		(30,669,904	)		11,589,309			(31,632,909	)		(6,662,867	)
Net change in unrealized appreciation (depreciation)		(88,143,238	)		(49,812,724	)		(3,413,081	)		(29,896,783	)

Net decrease in net assets resulting from operations		(118,182,869	)		(37,428,236	)		(34,969,291	)		(36,717,954	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(705,940	)		(748,524	)		(128,494	)		–
Return of capital		–			(120,844	)		–			(4,787	)

Total distributions to shareholders		(705,940	)		(869,368	)		(128,494	)		(4,787	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		57,917,658			231,701,500			17,921,626			182,597,210
Cost of shares redeemed		(107,490,693	)		(223,588,207	)		(37,594,954	)		(278,194,964	)

Net increase (decrease) in net assets from capital share transactions		(49,573,035	)		8,113,293			(19,673,328	)		(95,597,754	)

DECREASE IN NET ASSETS		(168,461,844	)		(30,184,311	)		(54,771,113	)		(132,320,495	)

NET ASSETS
Beginning of period		337,313,876			367,498,187			93,811,060			226,131,555

End of period	$	168,852,032		$	337,313,876		$	39,039,947		$	93,811,060

Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(29,012	)	$	46,655		$	(20,820	)	$	30,975


SHARES ISSUED AND REDEEMED
Shares sold		1,350,000			4,000,000			850,000			5,350,000
Shares redeemed		(2,700,000	)		(4,050,000	)		(1,800,000	)		(8,500,000	)

Net decrease in shares outstanding		(1,350,000	)		(50,000	)		(950,000	)		(3,150,000	)

See notes to financial statements.


FINANCIAL STATEMENTS		53

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST


	iShares S&P North American Technology-Semiconductors Index Fund						iShares S&P North American Technology-Software Index Fund
	Six months ended January 31, 2009 (Unaudited)			Year ended July 31, 2008			Six months ended January 31, 2009 (Unaudited)			Year ended July 31, 2008

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income (loss)	$	692,740		$	1,411,039		$	(256,317	)	$	(989,192	)
Net realized gain (loss)		(30,156,435	)		(11,211,205	)		(60,219,998	)		10,025,278
Net change in unrealized appreciation (depreciation)		(40,495,921	)		(59,177,636	)		(117,245,699	)		(26,309,981	)

Net decrease in net assets resulting from operations		(69,959,616	)		(68,977,802	)		(177,722,014	)		(17,273,895	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(820,006	)		(1,271,578	)		–			–
Return of capital		–			(34,773	)		–			–

Total distributions to shareholders		(820,006	)		(1,306,351	)		–			–


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		78,406,074			895,831,652			168,413,158			748,408,396
Cost of shares redeemed		(107,191,893	)		(947,839,343	)		(221,846,297	)		(479,859,240	)

Net increase (decrease) in net assets from capital share transactions		(28,785,819	)		(52,007,691	)		(53,433,139	)		268,549,156

INCREASE (DECREASE) IN NET ASSETS		(99,565,441	)		(122,291,844	)		(231,155,153	)		251,275,261

NET ASSETS
Beginning of period		180,918,544			303,210,388			441,477,331			190,202,070

End of period	$	81,353,103		$	180,918,544		$	210,322,178		$	441,477,331

Undistributed net investment income (accumulated net investment loss) included in net assets at end of period	$	12,195		$	139,461		$	(209,583	)	$	46,734


SHARES ISSUED AND REDEEMED
Shares sold		2,100,000			16,350,000			3,750,000			15,350,000
Shares redeemed		(3,000,000	)		(17,100,000	)		(6,050,000	)		(10,200,000	)

Net increase (decrease) in shares outstanding		(900,000	)		(750,000	)		(2,300,000	)		5,150,000

See notes to financial statements.


54		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST


	iShares S&P North American Natural Resources Sector Index Fund						iShares NYSE Composite Index Fund
	Six months ended January 31, 2009 (Unaudited)			Year ended July 31, 2008			Six months ended January 31, 2009 (Unaudited)			Year ended July 31, 2008

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	7,932,579		$	16,586,215		$	1,405,078		$	2,977,527
Net realized gain (loss)		21,713,256			192,052,608			(4,600,020	)		9,519,704
Net change in unrealized appreciation (depreciation)		(870,349,134	)		(29,309,980	)		(44,861,356	)		(24,108,800	)

Net increase (decrease) in net assets resulting from operations		(840,703,299	)		179,328,843			(48,056,298	)		(11,611,569	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(8,517,533	)		(16,118,789	)		(1,474,869	)		(2,858,901	)

Total distributions to shareholders		(8,517,533	)		(16,118,789	)		(1,474,869	)		(2,858,901	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		379,206,164			653,158,392			29,151,428			80,498,141
Cost of shares redeemed		(556,249,031	)		(526,956,338	)		(7,480,301	)		(67,957,425	)

Net increase (decrease) in net assets from capital share transactions		(177,042,867	)		126,202,054			21,671,127			12,540,716

INCREASE (DECREASE) IN NET ASSETS		(1,026,263,699	)		289,412,108			(27,860,040	)		(1,929,754	)

NET ASSETS
Beginning of period		2,157,091,154			1,867,679,046			116,067,857			117,997,611

End of period	$	1,130,827,455		$	2,157,091,154		$	88,207,817		$	116,067,857

Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(117,528	)	$	467,426		$	142,624		$	212,415


SHARES ISSUED AND REDEEMED
Shares sold		13,300,000			15,050,000			500,000			950,000
Shares redeemed		(16,900,000	)		(12,050,000	)		(150,000	)		(800,000	)

Net increase (decrease) in shares outstanding		(3,600,000	)		3,000,000			350,000			150,000

See notes to financial statements.


FINANCIAL STATEMENTS		55

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST


	iShares NYSE 100 Index Fund
	Six months ended January 31, 2009 (Unaudited)			Year ended July 31, 2008

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	1,106,357		$	2,888,869
Net realized gain (loss)		(11,577,987	)		7,264,748
Net change in unrealized appreciation (depreciation)		(17,355,413	)		(24,497,882	)

Net decrease in net assets resulting from operations		(27,827,043	)		(14,344,265	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,182,637	)		(3,064,941	)

Total distributions to shareholders		(1,182,637	)		(3,064,941	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,500,364			3,435,271
Cost of shares redeemed		(2,529,127	)		(150,790,741	)

Net decrease in net assets from capital share transactions		(28,763	)		(147,355,470	)

DECREASE IN NET ASSETS		(29,038,443	)		(164,764,676	)

NET ASSETS
Beginning of period		90,639,830			255,404,506

End of period	$	61,601,387		$	90,639,830

Undistributed net investment income included in net assets at end of period	$	126,042		$	202,322


SHARES ISSUED AND REDEEMED
Shares sold		50,000			50,000
Shares redeemed		(50,000	)		(2,000,000	)

Net decrease in shares outstanding		–			(1,950,000	)

See notes to financial statements.


56		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares S&P North American Technology Sector Index Fund
	Six months ended Jan. 31, 2009 (Unaudited)			Year ended Jul. 31, 2008			Year ended Jul. 31, 2007			Year ended Jul. 31, 2006			Year ended Jul. 31, 2005			Year ended Jul. 31, 2004

Net asset value, beginning of period	$	51.89		$	56.11		$	42.86		$	46.05		$	41.79		$	38.51


Income from investment operations:
Net investment income (loss)		0.11	^a		0.11	^a		0.05	^a		0.02	^a		0.35			(0.06	)
Net realized and unrealized gain (loss)^b		(19.08	)		(4.21	)		13.27			(3.17	)		4.28			3.34

Total from investment operations		(18.97	)		(4.10	)		13.32			(3.15	)		4.63			3.28


Less distributions from:
Net investment income		(0.13	)		(0.10	)		(0.05	)		(0.04	)		(0.34	)		–
Return of capital		–			(0.02	)		(0.02	)		–			(0.03	)		–

Total distributions		(0.13	)		(0.12	)		(0.07	)		(0.04	)		(0.37	)		–

Net asset value, end of period	$	32.79		$	51.89		$	56.11		$	42.86		$	46.05		$	41.79


Total return		(36.55	)%^c		(7.32	)%		31.09	%		(6.85	)%		11.10	%		8.52	%


Ratios/Supplemental data:
Net assets, end of period (000s)	$	168,852		$	337,314		$	367,498		$	201,458		$	294,705		$	185,966
Ratio of expenses to average net assets^d		0.48	%		0.48	%		0.48	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income (loss) to average net assets^d		0.51	%		0.20	%		0.09	%		0.04	%		0.81	%		(0.20	)%
Portfolio turnover rate^e		4	%		6	%		20	%		5	%		7	%		5	%

^a	Based on average shares outstanding throughout the period.

^b	The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^c	Not annualized.

^d	Annualized for periods of less than one year.

^e	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		57

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares S&P North American Technology-Multimedia Networking Index Fund
	Six months ended Jan. 31, 2009 (Unaudited)			Year ended Jul. 31, 2008			Year ended Jul. 31, 2007			Year ended Jul. 31, 2006			Year ended Jul. 31, 2005			Year ended Jul. 31, 2004

Net asset value, beginning of period	$	28.86		$	35.33		$	26.25		$	29.90		$	26.97		$	20.75


Income from investment operations:
Net investment income (loss)		0.03	^a		(0.03	)^a		(0.08	)^a		(0.10	)^a		(0.08	)		(0.07	)
Net realized and unrealized gain (loss)^b		(11.88	)		(6.44	)		9.16			(3.55	)		3.01			6.29

Total from investment operations		(11.85	)		(6.47	)		9.08			(3.65	)		2.93			6.22


Less distributions from:
Net investment income		(0.04	)		–			–			–			–			–
Return of capital		–			(0.00	)^c		–			–			–			–

Total distributions		(0.04	)		(0.00	)^c		–			–			–			–

Net asset value, end of period	$	16.97		$	28.86		$	35.33		$	26.25		$	29.90		$	26.97


Total return		(41.00	)%^d		(18.31	)%		34.59	%		(12.21	)%		10.86	%		29.98	%


Ratios/Supplemental data:
Net assets, end of period (000s)	$	39,040		$	93,811		$	226,132		$	157,518		$	147,986		$	146,986
Ratio of expenses to average net assets^e		0.48	%		0.48	%		0.48	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income (loss) to average net assets^e		0.25	%		(0.10	)%		(0.25	)%		(0.31	)%		(0.26	)%		(0.31	)%
Portfolio turnover rate^f		11	%		23	%		53	%		32	%		16	%		12	%

^a	Based on average shares outstanding throughout the period.

^b	The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^c	Rounds to less than $0.01.

^d	Not annualized.

^e	Annualized for periods of less than one year.

^f	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


58		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares S&P North American Technology-Semiconductors Index Fund
	Six months ended Jan. 31, 2009 (Unaudited)			Year ended Jul. 31, 2008			Year ended Jul. 31, 2007			Year ended Jul. 31, 2006			Year ended Jul. 31, 2005			Year ended Jul. 31, 2004

Net asset value, beginning of period	$	46.99		$	65.92		$	55.51		$	58.84		$	50.64		$	48.34


Income from investment operations:
Net investment income (loss)		0.20	^a		0.31	^a		0.20	^a		0.04	^a		(0.03	)		(0.16	)
Net realized and unrealized gain (loss)^b		(19.36	)		(18.94	)		10.43			(3.30	)		8.23			2.46

Total from investment operations		(19.16	)		(18.63	)		10.63			(3.26	)		8.20			2.30


Less distributions from:
Net investment income		(0.25	)		(0.29	)		(0.21	)		(0.05	)		–			–
Return of capital		–			(0.01	)		(0.01	)		(0.02	)		–			(0.00	)^c

Total distributions		(0.25	)		(0.30	)		(0.22	)		(0.07	)		–			(0.00	)^c

Net asset value, end of period	$	27.58		$	46.99		$	65.92		$	55.51		$	58.84		$	50.64


Total return		(40.78	)%^d		(28.35	)%		19.16	%		(5.56	)%		16.19	%		4.76	%


Ratios/Supplemental data:
Net assets, end of period (000s)	$	81,353		$	180,919		$	303,210		$	263,678		$	544,316		$	124,066
Ratio of expenses to average net assets^e		0.48	%		0.48	%		0.48	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income (loss) to average net assets^e		1.12	%		0.55	%		0.32	%		0.07	%		(0.09	)%		(0.20	)%
Portfolio turnover rate^f		5	%		14	%		25	%		6	%		10	%		6	%

^a	Based on average shares outstanding throughout the period.

^b	The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^c	Rounds to less than $0.01.

^d	Not annualized.

^e	Annualized for periods of less than one year.

^f	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		59

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares S&P North American Technology-Software Index Fund
	Six months ended Jan. 31, 2009 (Unaudited)			Year ended Jul. 31, 2008			Year ended Jul. 31, 2007			Year ended Jul. 31, 2006			Year ended Jul. 31, 2005			Year ended Jul. 31, 2004

Net asset value, beginning of period	$	47.47		$	45.83		$	37.63		$	40.29		$	33.85		$	31.56


Income from investment operations:
Net investment income (loss)		(0.03	)^a		(0.14	)^a		(0.12	)^a		(0.13	)^a		0.20			(0.15	)
Net realized and unrealized gain (loss)^b		(17.39	)		1.78			8.32			(2.53	)		6.48			2.44

Total from investment operations		(17.42	)		1.64			8.20			(2.66	)		6.68			2.29


Less distributions from:
Net investment income		–			–			–			–			(0.24	)		–

Total distributions		–			–			–			–			(0.24	)		–

Net asset value, end of period	$	30.05		$	47.47		$	45.83		$	37.63		$	40.29		$	33.85


Total return		(36.70	)%^c		3.58	%		21.79	%		(6.60	)%		19.72	%		7.26	%


Ratios/Supplemental data:
Net assets, end of period (000s)	$	210,322		$	441,477		$	190,202		$	80,900		$	229,641		$	115,077
Ratio of expenses to average net assets^d		0.48	%		0.48	%		0.48	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income (loss) to average net assets^d		(0.14	)%		(0.30	)%		(0.26	)%		(0.31	)%		0.59	%		(0.40	)%
Portfolio turnover rate^e		12	%		18	%		25	%		16	%		13	%		11	%

^a	Based on average shares outstanding throughout the period.

^b	The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^c	Not annualized.

^d	Annualized for periods of less than one year.

^e	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


60		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares S&P North American Natural Resources Sector Index Fund
	Six months ended Jan. 31, 2009 (Unaudited)			Year ended Jul. 31, 2008^a			Year ended Jul. 31, 2007^a			Year ended Jul. 31, 2006^a			Year ended Jul. 31, 2005^a			Year ended Jul. 31, 2004^a

Net asset value, beginning of period	$	43.45		$	40.04		$	33.87		$	26.97		$	19.50		$	14.51


Income from investment operations:
Net investment income		0.17	^b		0.32	^b		0.40	^b		0.35	^b		0.27			0.22
Net realized and unrealized gain (loss)^c		(18.88	)		3.41			6.17			6.88			7.47			5.01

Total from investment operations		(18.71	)		3.73			6.57			7.23			7.74			5.23


Less distributions from:
Net investment income		(0.18	)		(0.32	)		(0.40	)		(0.33	)		(0.27	)		(0.24	)
Return of capital		–			–			(0.00	)^d		–			–			–

Total distributions		(0.18	)		(0.32	)		(0.40	)		(0.33	)		(0.27	)		(0.24	)

Net asset value, end of period	$	24.56		$	43.45		$	40.04		$	33.87		$	26.97		$	19.50


Total return		(43.04	)%^e		9.25	%		19.56	%		26.96	%		39.92	%		36.34	%


Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,130,827		$	2,157,091		$	1,867,679		$	1,453,116		$	800,886		$	263,270
Ratio of expenses to average net assets^f		0.48	%		0.48	%		0.48	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets^f		1.12	%		0.73	%		1.14	%		1.12	%		1.20	%		1.33	%
Portfolio turnover rate^g		10	%		8	%		18	%		7	%		8	%		7	%

^a	Per share amounts were adjusted to reflect a three-for-one stock split effective July 24, 2008.

^b	Based on average shares outstanding throughout the period.

^c	The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Rounds to less than $0.01.

^e	Not annualized.

^f	Annualized for periods of less than one year.

^g	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		61

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares NYSE Composite Index Fund
	Six months ended Jan. 31, 2009 (Unaudited)			Year ended Jul. 31, 2008			Year ended Jul. 31, 2007			Year ended Jul. 31, 2006			Year ended Jul. 31, 2005			Period from Mar. 30, 2004^a to Jul. 31, 2004

Net asset value, beginning of period	$	77.38		$	87.41		$	75.53		$	68.30		$	58.82		$	60.34


Income from investment operations:
Net investment income		0.80	^b		2.10	^b		1.70	^b		1.66	^b		1.63			0.34
Net realized and unrealized gain (loss)^c		(29.64	)		(10.14	)		11.90			6.74			9.46			(1.60	)

Total from investment operations		(28.84	)		(8.04	)		13.60			8.40			11.09			(1.26	)


Less distributions from:
Net investment income		(0.86	)		(1.99	)		(1.72	)		(1.17	)		(1.61	)		(0.26	)

Total distributions		(0.86	)		(1.99	)		(1.72	)		(1.17	)		(1.61	)		(0.26	)

Net asset value, end of period	$	47.68		$	77.38		$	87.41		$	75.53		$	68.30		$	58.82


Total return		(37.50	)%^d		(9.38	)%		18.10	%		12.40	%		19.03	%		(2.10	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	88,208		$	116,068		$	117,998		$	56,648		$	13,661		$	14,705
Ratio of expenses to average net assets^e		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assets^e		2.68	%		2.45	%		2.02	%		2.26	%		2.01	%		1.98	%
Portfolio turnover rate^f		3	%		5	%		7	%		4	%		5	%		1	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout the period.

^c	The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	Annualized for periods of less than one year.

^f	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


62		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares NYSE 100 Index Fund
	Six months ended Jan. 31, 2009 (Unaudited)			Year ended Jul. 31, 2008			Year ended Jul. 31, 2007			Year ended Jul. 31, 2006			Year ended Jul. 31, 2005			Period from Mar. 29, 2004^a to Jul. 31, 2004

Net asset value, beginning of period	$	64.74		$	76.24		$	68.41		$	64.54		$	59.80		$	60.80


Income from investment operations:
Net investment income		0.79	^b		1.82	^b		1.56	^b		1.21	^b		1.25			0.33
Net realized and unrealized gain (loss)^c		(20.69	)		(11.32	)		7.79			3.85			4.73			(1.13	)

Total from investment operations		(19.90	)		(9.50	)		9.35			5.06			5.98			(0.80	)


Less distributions from:
Net investment income		(0.84	)		(2.00	)		(1.52	)		(1.19	)		(1.24	)		(0.20	)

Total distributions		(0.84	)		(2.00	)		(1.52	)		(1.19	)		(1.24	)		(0.20	)

Net asset value, end of period	$	44.00		$	64.74		$	76.24		$	68.41		$	64.54		$	59.80


Total return		(30.96	)%^d		(12.76	)%		13.73	%		7.93	%		10.06	%		(1.32	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	61,601		$	90,640		$	255,405		$	318,115		$	32,271		$	32,888
Ratio of expenses to average net assets^e		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Ratio of net investment income to average net assets^e		2.93	%		2.47	%		2.09	%		1.83	%		2.03	%		1.89	%
Portfolio turnover rate^f		8	%		15	%		10	%		6	%		7	%		3	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout the period.

^c	The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	Annualized for periods of less than one year.

^f	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		63

Notes to Financial Statements (Unaudited)

iSHARES^® TRUST

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated December 16, 1999.

These financial statements relate only to the iShares S&P North American Technology Sector, iShares S&P North American Technology-Multimedia Networking, iShares S&P North American Technology-Semiconductors, iShares S&P North American Technology-Software, iShares S&P North American Natural Resources Sector, iShares NYSE Composite and iShares NYSE 100 Index Funds (each, a “Fund,” collectively, the “Funds”).

The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a “passive” or index approach to achieve each Fund’s investment objective. Each of the Funds is classified as a non-diversified fund under the 1940 Act, except for the iShares NYSE Composite and iShares NYSE 100 Index Funds, which are classified as diversified funds. Non-diversified funds generally hold securities of fewer companies than diversified funds and may be more susceptible to the risks associated with these particular companies, or to a single economic, political or regulatory occurrence affecting these companies.

Pursuant to the Trust’s organizational documents, the Funds’ officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

SECURITY VALUATION

The securities and other assets of each Fund are valued pursuant to the pricing policy and procedures approved by the Board of Trustees of the Trust (the “Board”). Effective August 1, 2008, the Funds adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” This standard establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FAS 157 are as follows:

•

Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date (a “Level 1 Price”);

•

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (a “Level 2 Price”);

•

Level 3 – Inputs that are unobservable for the asset or liability (a “Level 3 Price”).


64		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. However, the determination of what constitutes an “observable” input may require significant judgment by the Funds. The Funds consider observable inputs to be market data that is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Funds’ perceived risk of that instrument.

Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 Prices, include active listed equities and certain U.S. government securities. The Funds do not adjust the quoted price for such instruments, even in situations where the Funds hold a large position and a sale could reasonably impact the quoted price.

Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 Prices. These generally include certain U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. As investments whose values are classified as Level 2 Prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Investments whose values are classified as Level 3 Prices have significant unobservable inputs, as they may trade infrequently or not at all. Investments whose values are classified as Level 3 Prices may include unlisted securities related to corporate actions, securities whose trading have been suspended or which have been de-listed from their primary trading exchange, less liquid corporate debt securities (including distressed debt instruments), collateralized debt obligations, and less liquid mortgage securities (backed by either commercial or residential real estate). When observable prices are not available for these securities, the Funds use one or more valuation techniques (e.g., the market approach or the income approach) for which sufficient and reliable data is available. Within Level 3 of the fair value hierarchy, the use of the market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

The inputs used by the Funds in estimating the value of Level 3 Prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 Prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Funds in the absence of market information. The fair value measurement of Level 3 Prices does not include transaction costs that may have been capitalized as part of the security’s cost basis. Assumptions used by the Funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Funds’ results of operations.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.


NOTES TO FINANCIAL STATEMENTS		65

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

The following table summarizes the inputs used in valuing the Funds’ investments as of January 31, 2009:


	Investments in Securities
iShares Index Fund	Level 1		Level 2		Level 3		Total
S&P North American Technology Sector	$	170,498,902	$	–	$	–	$	170,498,902
S&P North American Technology-Multimedia Networking		41,397,767		–		–		41,397,767
S&P North American Technology-Semiconductors		86,245,150		–		–		86,245,150
S&P North American Technology-Software		228,163,125		–		–		228,163,125
S&P North American Natural Resources Sector		1,153,045,351		–		–		1,153,045,351
NYSE Composite		90,807,488		–		15,363		90,822,851
NYSE 100		61,562,151		–		–		61,562,151

The following table provides the reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the six months ended January 31, 2009:

iShares Index Fund

Balance at
Beginning of

Period

(Amortized
Premiums)
Accreted
Discounts

Realized

Gain (Loss) and
Change in
Unrealized
Appreciation
(Depreciation)

Net
Purchases
(Sales)

Net
Transfers
in or out

Balance at
End of
Period

Net Change in
Unrealized
Appreciation
(Depreciation)
from Investments
Still Held at

End of Period

NYSE Composite

–

(3,273

)

–

18,636

15,363

3,273

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld at source, and interest income is accrued daily. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Realized gains and losses on investment transactions are determined using the specific identification method.

DISTRIBUTIONS TO SHAREHOLDERS

Distributions to shareholders from net investment income, if any, are declared and distributed at least annually by each Fund. Distributions of net realized capital gains, if any, generally are declared and distributed once a year. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions cannot be automatically reinvested in additional shares of the Funds.

The tax character of current year distributions will be determined at the end of the current fiscal year.

FEDERAL INCOME TAXES


66		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes was required for the six months ended January 31, 2009.

The Funds had tax basis net capital loss carryforwards as of July 31, 2008, the tax year-end of the Funds, as follows:


iShares Index Fund	Expiring 2010		Expiring 2011		Expiring 2012		Expiring 2013		Expiring 2014		Expiring 2015		Expiring 2016		Total
S&P North American Technology Sector	$	638,692	$	1,579,887	$	2,523,700	$	143,622	$	184,019	$	1,580,603	$	850,629	$	7,501,152
S&P North American Technology-Multimedia Networking		130,370		5,798,354		3,242,309		981,871		4,629,661		8,142,402		20,065,788		42,990,755
S&P North American Technology- Semiconductors		175,882		472,453		510,075		2,373		1,635,360		5,309,649		17,237,123		25,342,915
S&P North American Technology-Software		–		797,714		761,567		–		38,268		2,827,824		289,827		4,715,200
S&P North American Natural Resources Sector		–		256,427		187,450		–		1,870,831		785,924		2,497,939		5,598,571
NYSE Composite		–		–		–		–		–		8,687		506,184		514,871
NYSE 100		–		–		25,021		–		208,513		123,690		775,077		1,132,301

Net capital loss carryforwards may be applied against any net realized taxable gains in each succeeding year or until their respective expiration dates, whichever occurs first.

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

For the six months ended January 31, 2009, the Funds realized net capital gains or losses resulting from in-kind redemptions of large blocks of shares or multiples thereof (“Creation Units”). Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to paid-in-capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized in-kind gains or losses for the six months ended January 31, 2009 are disclosed in the Funds’ Statements of Operations.


NOTES TO FINANCIAL STATEMENTS		67

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

As of January 31, 2009, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


iShares Index Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Depreciation
S&P North American Technology Sector	$	320,024,344	$	–	$	(149,525,442	)	$	(149,525,442	)
S&P North American Technology-Multimedia Networking		92,834,286		–		(51,436,519	)		(51,436,519	)
S&P North American Technology-Semiconductors		213,601,571		–		(127,356,421	)		(127,356,421	)
S&P North American Technology-Software		389,350,918		–		(161,187,793	)		(161,187,793	)
S&P North American Natural Resources Sector		1,714,773,172		–		(561,727,821	)		(561,727,821	)
NYSE Composite		152,263,996		–		(61,441,145	)		(61,441,145	)
NYSE 100		96,358,285		–		(34,796,134	)		(34,796,134	)

Management has reviewed the tax positions as of January 31, 2009, inclusive of the prior three open tax return years, and has determined that no provision for income tax is required in the Funds’ financial statements.

SHORT POSITIONS

From time to time, in order to track the performance of their respective benchmark index, the Funds may sell non-index securities that they will receive through corporate actions occurring on the opening of market trading on the following business day. Such short positions are valued consistent with how securities are valued as described under “Security Valuation.” The obligation to deliver the securities is recorded as a liability on the Funds’ Statements of Assets and Liabilities and is equal to the current market value of the securities to be delivered. Any market fluctuation between the value of the obligation to sell these securities and the current market value are reflected as unrealized appreciation (depreciation) in the Funds’ Statements of Operations. Upon receipt of the securities related to corporate actions, the Funds record a realized gain (loss). Details of the short positions resulting from the non-index securities sold by the Funds, if any, are included in their respective Schedules of Investments.

2. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, Barclays Global Fund Advisors (“BGFA”) manages the investment of each Fund’s assets. BGFA is a California corporation indirectly owned by Barclays Bank PLC. Under the Investment Advisory Agreement, BGFA is responsible for all expenses (“Covered Expenses”) of the Trust, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees and extraordinary expenses.

For its investment advisory services to each of the iShares S&P North American Technology Sector, iShares S&P North American Technology-Multimedia Networking, iShares S&P North American Technology-Semiconductors, iShares S&P North American Technology-Software and iShares S&P North American Natural Resources Sector Index Funds, BGFA is entitled to an annual investment


68		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of these Funds and certain other iShares Funds, as follows:



Investment Advisory Fee				Aggregate Average Daily Net Assets

0.48%				First $10 billion
0.43				Over $10 billion

For its investment advisory services to the iShares NYSE Composite and iShares NYSE 100 Index Funds, BGFA is entitled to an annual investment advisory fee based on the average daily net assets of each Fund as follows:


iShares Index Fund	Investment Advisory Fee
NYSE Composite	0.25	%
NYSE 100	0.20

State Street Bank and Trust Company (“State Street”) serves as administrator, custodian and transfer agent for the Trust. As compensation for its services, State Street receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly. These fees and expenses are Covered Expenses as defined above.

SEI Investments Distribution Co. (“SEI”) serves as each Fund’s underwriter and distributor of the shares of each Fund, pursuant to a Distribution Agreement with the Trust. SEI does not receive a fee from the Funds for its distribution services.

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC”), the Funds are permitted to lend portfolio securities to Barclays Capital Inc. (“BarCap”). Pursuant to the same exemptive order, Barclays Global Investors, N.A. (“BGI”) serves as securities lending agent for the Funds. BarCap and BGI are affiliates of BGFA, the Funds’ investment adviser. As securities lending agent, BGI receives, as fees, a share of the income earned on investment of the cash collateral received for the loan of securities. For the six months ended January 31, 2009, BGI earned securities lending agent fees as follows:


iShares Index Fund	Securities Lending Agent Fees
S&P North American Technology Sector	$	21,941
S&P North American Technology-Multimedia Networking		13,341
S&P North American Technology-Semiconductors		49,128
S&P North American Technology-Software		102,152
S&P North American Natural Resources Sector		200,816
NYSE Composite		12,623
NYSE 100		47

Cross trades for the six months ended January 31, 2009, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BGFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.


NOTES TO FINANCIAL STATEMENTS		69

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

Each Fund may invest in the Institutional Shares of certain money market funds managed by BGFA, the Funds’ investment adviser, including the Government Money Market Fund (“GMMF”), Institutional Money Market Fund (“IMMF”), Prime Money Market Fund (“PMMF”) and Treasury Money Market Fund (“TMMF”) of Barclays Global Investors Funds. These money market funds seek to achieve their investment objectives by investing in high-quality, short-term money market instruments that, at the time of investment, have remaining maturities of 397 calendar days or less from the date of acquisition. The GMMF, IMMF, PMMF and TMMF are feeder funds in a master/feeder fund structure that invest substantially all of their assets in the Government Money Market Master Portfolio, Money Market Master Portfolio, Prime Money Market Master Portfolio and Treasury Money Market Master Portfolio (collectively, the “Money Market Master Portfolios”), respectively, which are also managed by BGFA. While the GMMF, IMMF, PMMF and TMMF do not directly charge an investment advisory fee, the Money Market Master Portfolios in which they invest do charge an investment advisory fee. Income distributions from the GMMF, IMMF, PMMF and TMMF are declared daily and paid monthly from net investment income. Income distributions earned by the Funds from temporary cash investments are recorded as interest from affiliated issuers in the accompanying Statements of Operations. Income distributions earned by the Funds from the investment of securities lending collateral, if any, are included in securities lending income in the accompanying Statements of Operations.

For the six months ended January 31, 2009, the iShares NYSE Composite Index Fund had direct investments (exclusive of short-term investments) in issuers of which BGFA is an affiliate or issuers of which the Fund owns 5% or more of the outstanding voting securities as follows:

Name of Affiliated Issuer

Number of
Shares Held
Beginning
of Period
(in 000s)

Gross
Additions
(in 000s)

Gross
Reductions
(in 000s)

Number of
Shares Held
End of
Period

(in 000s)

Value at
End of
Period

Dividend
Income

Net
Realized
Loss

Barclays PLC SP ADR

99,337

12,261

(2,208

)

Certain trustees and officers of the Trust are also officers of BGI and/or BGFA.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended January 31, 2009 were as follows:


iShares Index Fund	Purchases		Sales
S&P North American Technology Sector	$	12,967,869	$	10,702,179
S&P North American Technology-Multimedia Networking		10,491,453		6,999,402
S&P North American Technology-Semiconductors		6,872,654		6,803,548
S&P North American Technology-Software		42,393,328		42,450,358
S&P North American Natural Resources Sector		155,755,108		160,752,670
NYSE Composite		4,222,281		3,011,343
NYSE 100		6,800,135		6,111,926


70		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

In-kind transactions (see Note 4) for the six months ended January 31, 2009 were as follows:


iShares Index Fund	In-kind Purchases		In-kind Sales
S&P North American Technology Sector	$	57,850,386	$	107,309,752
S&P North American Technology-Multimedia Networking		17,900,326		37,556,600
S&P North American Technology-Semiconductors		77,940,343		106,992,188
S&P North American Technology-Software		168,322,825		221,732,087
S&P North American Natural Resources Sector		378,502,791		548,939,410
NYSE Composite		29,024,312		7,445,104
NYSE 100		2,493,143		2,523,092

4. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes a substantial replication, or a portfolio sampling representation, of the securities involved in the relevant Fund’s underlying index and an amount of cash. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee directly to State Street, the administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

5. LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current market value of the securities on loan. The risks to the Funds of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. Any securities lending cash collateral may be reinvested in certain short-term instruments either directly on behalf of a Fund or through one or more joint accounts or money market funds, including those managed by BGFA; such reinvestments are subject to investment risk.

As of January 31, 2009, certain Funds had loaned securities which were collateralized by cash. The cash collateral received was invested in money market funds managed by BGFA. The market value of the securities on loan as of January 31, 2009 and the value of the related collateral are disclosed in the Statements of Assets and Liabilities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to BGI as securities lending agent.


NOTES TO FINANCIAL STATEMENTS		71

Notes:


72		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

The iShares^® Family of Funds

The following is a list of iShares Funds being offered, along with their respective exchange trading symbols. Please call 1-800-iShares (1-800-474-2737) to obtain a prospectus for any iShares Fund. The prospectus contains more complete information, including charges, expenses, investment objectives and risk factors that should be carefully considered to determine if the Fund(s) are an appropriate investment for you. Read the prospectus(es) carefully before investing. Investing involves risk, including possible loss of principal.

iShares S&P Domestic Index Funds

iShares S&P 1500 (ISI)

iShares S&P 100 (OEF)

iShares S&P 500 (IVV)

iShares S&P 500 Growth (IVW)

iShares S&P 500 Value (IVE)

iShares S&P MidCap 400 (IJH)

iShares S&P MidCap 400 Growth (IJK)

iShares S&P MidCap 400 Value (IJJ)

iShares S&P SmallCap 600 (IJR)

iShares S&P SmallCap 600 Growth (IJT)

iShares S&P SmallCap 600 Value (IJS)

iShares S&P North American Natural Resources

Sector (IGE)

iShares S&P North American Technology-Multimedia Networking (IGN)

iShares S&P North American Technology-Semiconductors (IGW)

iShares S&P North American Technology-Software (IGV)

iShares S&P North American Technology

Sector (IGM)

iShares Domestic Sector Index Funds

iShares Cohen & Steers Realty Majors (ICF)

iShares Dow Jones U.S. Basic Materials

Sector (IYM)

iShares Dow Jones U.S. Consumer Services

Sector (IYC)

iShares Dow Jones U.S. Consumer Goods

Sector (IYK)

iShares Dow Jones U.S. Energy Sector (IYE)

iShares Dow Jones U.S. Financial Sector (IYF)

iShares Dow Jones U.S. Financial Services (IYG)

iShares Dow Jones U.S. Healthcare Sector (IYH)

iShares Dow Jones U.S. Industrial Sector (IYJ)

iShares Dow Jones U.S. Real Estate (IYR)

iShares Dow Jones U.S. Technology Sector (IYW)

iShares Dow Jones U.S. Telecommunications

Sector (IYZ)

iShares Dow Jones Transportation Average (IYT)

iShares Dow Jones U.S. Utilities Sector (IDU)

iShares Dow Jones U.S. (IYY)

iShares Nasdaq Biotechnology (IBB)

iShares Domestic Subsector Index Funds

iShares Dow Jones U.S. Aerospace &

Defense (ITA)

iShares Dow Jones U.S. Broker-Dealers (IAI)

iShares Dow Jones U.S. Healthcare

Providers (IHF)

iShares Dow Jones U.S. Home Construction (ITB)

iShares Dow Jones U.S. Insurance (IAK)

iShares Dow Jones U.S. Medical Devices (IHI)

iShares Dow Jones U.S. Oil & Gas Exploration & Production (IEO)

iShares Dow Jones U.S. Oil Equipment &

Services (IEZ)

iShares Dow Jones U.S. Pharmaceuticals (IHE)

iShares Dow Jones U.S. Regional Banks (IAT)

iShares FTSE NAREIT Industrial/Office

Capped (FIO)

iShares FTSE NAREIT Mortgage Plus

Capped (REM)

iShares FTSE NAREIT Real Estate 50 (FTY)

iShares FTSE NAREIT Residential Plus

Capped (REZ)

iShares FTSE NAREIT Retail Capped (RTL)

iShares Global Index Funds

iShares S&P Global 100 (IOO)

iShares S&P Global Clean Energy (ICLN)

iShares S&P Global Consumer Discretionary Sector (RXI)

iShares S&P Global Consumer Staples

Sector (KXI)

iShares S&P Global Energy Sector (IXC)

iShares S&P Global Financials Sector (IXG)

iShares S&P Global Healthcare Sector (IXJ)

iShares S&P Global Industrials Sector (EXI)

iShares S&P Global Infrastructure (IGF)

iShares S&P Global Materials Sector (MXI)

iShares S&P Global Nuclear Energy (NUCL)

iShares S&P Global Technology Sector (IXN)

iShares S&P Global Telecommunications

Sector (IXP)

iShares S&P Global Timber& Forestry (WOOD)

iShares S&P Global Utilities Sector (JXI)

iShares Russell Index Funds

iShares Russell 3000 (IWV)

iShares Russell 3000 Growth (IWZ)

iShares Russell 3000 Value (IWW)

iShares Russell 1000 (IWB)

iShares Russell 1000 Growth (IWF)

iShares Russell 1000 Value (IWD)

iShares Russell Midcap (IWR)

iShares Russell Midcap Growth (IWP)

iShares Russell Midcap Value (IWS)

iShares Russell 2000 (IWM)

iShares Russell 2000 Growth (IWO)

iShares Russell 2000 Value (IWN)

iShares Russell Microcap (IWC)

iShares International Country Index Funds

iShares FTSE China (HK Listed) (FCHI)

iShares FTSE/Xinhua China 25 (FXI)

iShares MSCI Australia (EWA)

iShares MSCI Austria Investable Market (EWO)

iShares MSCI Belgium Investable Market (EWK)

iShares MSCI Brazil (EWZ)

iShares MSCI Canada (EWC)

iShares MSCI Chile Investable Market (ECH)

iShares MSCI France (EWQ)

iShares MSCI Germany (EWG)

iShares MSCI Hong Kong (EWH)

iShares MSCI Israel Capped Investable

Market (EIS)

iShares MSCI Italy (EWI)

iShares MSCI Japan (EWJ)

iShares MSCI Japan Small Cap (SCJ)

iShares MSCI Malaysia (EWM)

iShares MSCI Mexico Investable Market (EWW)

iShares MSCI Netherlands Investable

Market (EWN)

iShares MSCI Singapore (EWS)

iShares MSCI South Africa (EZA)

iShares MSCI South Korea (EWY)

iShares MSCI Spain (EWP)

iShares MSCI Sweden (EWD)

iShares MSCI Switzerland (EWL)

iShares MSCI Taiwan (EWT)

iShares MSCI Thailand Investable Market (THD)

iShares MSCI Turkey Investable Market (TUR)

iShares MSCI United Kingdom (EWU)

iShares S&P/TOPIX 150 (ITF)

iShares Bond Funds

iShares Barclays Aggregate (AGG)

iShares Barclays MBS (MBB)

iShares Barclays Short Treasury (SHV)

iShares Barclays 1-3 Year Treasury (SHY)

iShares Barclays 3-7 Year Treasury (IEI)

iShares Barclays 7-10 Year Treasury (IEF)

iShares Barclays 10-20 Year Treasury (TLH)

iShares Barclays 20+ Year Treasury (TLT)

iShares Barclays TIPS (TIP)

iShares Barclays Agency (AGZ)

iShares Barclays Credit (CFT)

iShares Barclays 1-3 Year Credit (CSJ)

iShares Barclays Intermediate Credit (CIU)

iShares iBoxx $ Investment Grade

Corporate (LQD)

iShares iBoxx $ High Yield Corporate (HYG)

iShares Barclays Government/Credit (GBF)

iShares Barclays Intermediate

Government/Credit (GVI)

iShares S&P National Municipal (MUB)

iShares S&P Short Term National

Municipal (SUB)

iShares S&P California Municipal (CMF)

iShares S&P New York Municipal (NYF)

iShares JPMorgan USD Emerging Markets (EMB)

iShares S&P/Citigroup International

Treasury (IGOV)

iShares S&P/Citigroup 1-3 Year

International Treasury (ISHG)

iShares Specialty Index Funds

iShares KLD 400 Social (DSI)

iShares KLD Select Social^SM (KLD)

iShares Dow Jones Select Dividend (DVY)

iShares Dow Jones EPAC Select Dividend (IDV)

iShares S&P U.S. Preferred Stock (PFF)

iShares International Index Funds

iShares FTSE Developed Small Cap ex-North America (IFSM)

iShares FTSE EPRA/NAREIT Global Real Estate ex-U.S. (IFGL)

iShares FTSE EPRA/NAREIT North

America (IFNA)

iShares FTSE EPRA/NAREIT Europe (IFEU)

iShares FTSE EPRA/NAREIT Asia (IFAS)

iShares MSCI ACWI (ACWI)

iShares MSCI ACWI ex US (ACWX)

iShares MSCI All Country Asia ex Japan (AAXJ)

iShares MSCI BRIC (BKF)

iShares MSCI EAFE (EFA)

iShares MSCI EAFE Growth (EFG)

iShares MSCI EAFE Value (EFV)

iShares MSCI EAFE Small Cap (SCZ)

iShares MSCI Emerging Markets (EEM)

iShares MSCI EMU (EZU)

iShares MSCI Kokusai (TOK)

iShares MSCI Pacific ex-Japan (EPP)

iShares S&P Asia 50 (AIA)

iShares S&P Developed ex-U.S. Property (WPS)

iShares S&P Europe 350 (IEV)

iShares S&P Latin America 40 (ILF)


iSHARES FAMILY OF FUNDS		73

The iShares^® Family of Funds (Continued)

iShares Morningstar Index Funds

iShares Morningstar Large Core (JKD)

iShares Morningstar Large Growth (JKE)

iShares Morningstar Large Value (JKF)

iShares Morningstar Mid Core (JKG)

iShares Morningstar Mid Growth (JKH)

iShares Morningstar Mid Value (JKI)

iShares Morningstar Small Core (JKJ)

iShares Morningstar Small Growth (JKK)

iShares Morningstar Small Value (JKL)

iShares NYSE Index Funds

iShares NYSE Composite (NYC)

iShares NYSE 100 (NY)

iShares S&P Allocation Funds

iShares S&P Conservative (AOK)

iShares S&P Moderate (AOM)

iShares S&P Growth (AOR)

iShares S&P Aggressive (AOA)

iShares S&P Target Date Index Funds

iShares S&P Target Date Retirement

Income (TGR)

iShares S&P Target Date 2010 (TZD)

iShares S&P Target Date 2015 (TZE)

iShares S&P Target Date 2020 (TZG)

iShares S&P Target Date 2025 (TZI)

iShares S&P Target Date 2030 (TZL)

iShares S&P Target Date 2035 (TZO)

iShares S&P Target Date 2040 (TZV)

iShares^® is a registered trademark of Barclays Global Investors, N.A. (“BGI”) The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc., Dow Jones & Company, Inc., European Public Real Estate Association (“EPRA^®”), FTSE International Limited (“FTSE”), FTSE/Xinhua Index Limited (“FXI”), iBoxx^®, J.P. Morgan Securities Inc., KLD Research & Analytics, Inc., MSCI Inc., Morningstar Inc., The NASDAQ Stock Market, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), New York Stock Exchange, Inc., Frank Russell Company, or Standard & Poor’s, nor are they sponsored or endorsed by Barclays Capital. None of these companies make any representation regarding the advisability of investing in the iShares Funds. Neither SEI nor BGI, nor any of their affiliates, are affiliated with the companies listed above except Barclays Capital, which is an affiliate of BGI. FXI does not make any warranty regarding the FTSE/Xinhua Index. All rights in the FTSE/Xinhua Index vest in FXI. Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50/Residential/Retail/Mortgage REITs or Industrial/Office Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Global Real Estate ex-US/North America/Europe/Asia Index; all rights vest in FTSE, NAREIT, and EPRA. All rights in the FTSE Developed Small Cap ex-North America Index vest in FTSE. “FTSE” is a trade- and service mark of London Stock Exchange and The Financial Times Limited; “Xinhua” is a trade- and service mark of Xinhua Financial Network Limited. “NAREIT^®” is a trademark of NAREIT; “EPRA^®” is a trademark of EPRA.

An investment in the Fund(s) is not a deposit of a bank and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

This advertising section does not constitute part of the 2009 Semi-Annual Report.

iS-0454 0309


74		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

LOGO

For more information:

WWW.iSHARES.COM

1-800-iShares (1-800-474-2737)

The iShares Funds are distributed by SEI Investments Distributions Co. (SEI) Barclays Global Fund Advisors (BGFA) serves as an advisor to the “Shares Funds BGFA is a subsidiary of Barclays Global Investors. N.A. (BGI), neither of which is affiliated with SEI.

The iShares Funds are not sponsored endorsed, issued, sold or promoted by Standard & Poor’s or New York Stock Exchange, Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. Neither SEI nor BGI nor any of their affiliates, are affiliated with the companies listed above.

©2009 Barclays Global Investors. All rights reserved. iShares is a registered trademark of Barclays Global Investors, N.A. All other trademarks Servicemarks or registered trademarks are the property of their respective owners.

Investing involves risk. including possible loss of principal.

A description of the policies that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge, upon request, by calling toll-free 1-800-474-2737: on the Funds website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s Website or may be reviewed and copied at the SEC’s Public Reference Room in Washington. D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Funds also disclose their complete schedules of portfolio holdings on a daily and monthly basis on the Funds’ website.

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

iShares® LET’S BUILD A BETTER INVESTMENT WORLD.® BARCLAYS GLOBAL INVESTORS

LOGO

Table of Contents


Fund Performance Overviews		1
Shareholder Expenses		11
Schedules of Investments		13
iShares FTSE Developed Small Cap ex-North America Index Fund		13
iShares FTSE/Xinhua China 25 Index Fund		22
iShares FTSE China (HK Listed) Index Fund		24
iShares MSCI ACWI Index Fund		27
iShares MSCI ACWI ex US Index Fund		38
iShares MSCI All Country Asia ex Japan Index Fund		48
iShares MSCI EAFE Growth Index Fund		52
iShares MSCI EAFE Value Index Fund		60
iShares MSCI EAFE Small Cap Index Fund		69
iShares MSCI Kokusai Index Fund		79
Financial Statements		95
Financial Highlights		106
Notes to Financial Statements		116
iShares Family of Funds		129

Fund Performance Overview

iSHARES^® FTSE DEVELOPED SMALL CAP EX-NORTH AMERICA INDEX FUND

Performance as of January 31, 2009

The iShares FTSE Developed Small Cap ex-North America Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE Developed Small Cap ex-North America Index (the “Index”). The Index measures the stock performance of small-capitalization companies in developed countries outside of North America, as defined by FTSE International Limited. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended January 31, 2009, the total return for the Fund was (44.33)%, while the total return for the Index was (43.88)%.

Average Annual Total Returns

Cumulative Total Returns

Year Ended 1/31/09

Inception to 1/31/09

NAV

MARKET

INDEX

NAV

MARKET

INDEX

NAV

MARKET

INDEX

(47.21)%

(48.20)%

(46.41)%

(47.77)%

(48.22)%

(47.16)%

(54.78)%

(55.26)%

(54.14)%

Total returns for the period since inception are calculated from the inception date of the Fund (11/12/07). “Average Annual Total Returns” represent the average annual change in value of an investment over the period(s) indicated. “Cumulative Total Returns” represent the total change in value of an investment over the period(s) indicated.

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/16/07), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


PORTFOLIO ALLOCATION As of 1/31/09
Sector	Percentage of Net Assets
Industrial	21.49	%

Financial	21.47

Consumer Non-Cyclical	17.46

Consumer Cyclical	14.37

Basic Materials	6.15

Communications	5.50

Technology	5.48

Energy	5.05

Diversified	1.75

Utilities	0.90

Short-Term and Other Net Assets	0.38


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets
Toho Bank Ltd. (The) (Japan)	0.82	%

Kureha Corp. (Japan)	0.80

Kisoji Co. Ltd. (Japan)	0.70

Ryosan Co. Ltd. (Japan)	0.68

PSP Swiss Property AG Registered (Switzerland)	0.64

Kagome Co. Ltd. (Japan)	0.62

Mikuni Coca-Cola Bottling Co. Ltd. (Japan)	0.62

Basler Kantonalbank Participation Certificates (Switzerland)	0.60

Oita Bank Ltd. (The) (Japan)	0.59

Doutor Nichires Holdings Co. Ltd. (Japan)	0.55


TOTAL	6.62	%


FUND PERFORMANCE OVERVIEWS		1

Fund Performance Overview

iSHARES^® FTSE/XINHUA CHINA 25 INDEX FUND

Performance as of January 31, 2009

The iShares FTSE/Xinhua China 25 Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE/Xinhua China 25 Index (the “Index”). The Index is designed to represent the performance of the largest companies in the Chinese equity market that are available to international investors. The Index consists of 25 of the largest and most liquid Chinese companies. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended January 31, 2009, the total return for the Fund and the Index was (42.98)%.

Average Annual Total Returns

Cumulative Total Returns

Year Ended 1/31/09

Inception to 1/31/09

NAV

MARKET

INDEX

NAV

MARKET

INDEX

NAV

MARKET

INDEX

(43.26)%

(46.47)%

(42.86)%

10.43%

9.84%

10.68%

53.60%

50.07%

55.11%

Total returns for the period since inception are calculated from the inception date of the Fund (10/5/04). “Average Annual Total Returns” represent the average annual change in value of an investment over the period(s) indicated. “Cumulative Total Returns” represent the total change in value of an investment over the period(s) indicated.

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/8/04), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


PORTFOLIO ALLOCATION As of 1/31/09
Sector	Percentage of Net Assets
Financial	46.56	%

Energy	20.35

Communications	17.48

Industrial	7.20

Utilities	4.09

Diversified	2.15

Basic Materials	1.32

Consumer Cyclical	0.84

Short-Term and Other Net Assets	0.01


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets
China Mobile Ltd.	9.06	%

China Life Insurance Co. Ltd. Class H	7.85

Industrial and Commercial Bank of China Ltd. Class H	7.55

Bank of China Ltd. Class H	7.39

PetroChina Co. Ltd. Class H	5.95

China Telecom Corp. Ltd. Class H	4.71

China Construction Bank Class H	4.61

China Shenhua Energy Co. Ltd. Class H	4.54

China Merchants Bank Co. Ltd. Class H	4.30

Bank of Communications Co. Ltd. Class H	4.22


TOTAL	60.18	%


2		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® FTSE CHINA (HK LISTED) INDEX FUND

Performance as of January 31, 2009

The iShares FTSE China (HK Listed) Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE China (HK Listed) Index (the “Index”). The Index is designed to track the performance of the large - and mid-capitalization companies in the Chinese equity market that are available to international investors. The Index consists of many of the largest and most liquid Chinese companies. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended January 31, 2009, the total return for the Fund was (40.85)%, while the total return for the Index was (40.25)%.


Cumulative Total Returns

Inception to 1/31/09

NAV	MARKET	INDEX
(40.09)%	(41.05)%	(39.46)%

“Cumulative Total Returns” represent the total change in value of an investment over the period(s) indicated and are calculated from an inception date of 6/24/08.

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/25/08), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


PORTFOLIO ALLOCATION As of 1/31/09
Sector	Percentage of Net Assets
Financial	35.75	%

Communications	25.23

Energy	16.58

Industrial	8.04

Diversified	3.50

Basic Materials	2.98

Utilities	2.73

Consumer Non-Cyclical	2.56

Consumer Cyclical	1.91

Technology	0.63

Short-Term and Other Net Assets	0.09


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets
China Mobile Ltd.	19.54	%

China Life Insurance Co. Ltd. Class H	6.77

Industrial and Commercial Bank of China Ltd. Class H	5.90

Bank of China Ltd. Class H	5.04

PetroChina Co. Ltd. Class H	4.82

China Construction Bank Class H	4.67

CNOOC Ltd.	3.77

Ping An Insurance (Group) Co. of China Ltd. Class H	3.32

China Petroleum & Chemical Corp. Class H	2.99

China Shenhua Energy Co. Ltd. Class H	2.81


TOTAL	59.63	%


FUND PERFORMANCE OVERVIEWS		3

Fund Performance Overview

iSHARES^® MSCI ACWI INDEX FUND

Performance as of January 31, 2009

The iShares MSCI ACWI Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World Index (the “Index”). The Index is a free float-adjusted market capitalization index designed to measure the combined equity market performance of developed and emerging markets countries. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended January 31, 2009, the total return for the Fund was (38.95)%, while the total return for the Index was (39.21)%.


Cumulative Total Returns

Inception to 1/31/09

NAV	MARKET	INDEX
(41.44)%	(41.97)%	(42.00)%

“Cumulative Total Returns” represent the total change in value of an investment over the period(s) indicated and are calculated from an inception date of 3/26/08.

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/28/08), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


PORTFOLIO ALLOCATION As of 1/31/09
Sector	Percentage of Net Assets
Consumer Non-Cyclical	22.28	%

Financial	16.56

Energy	12.67

Communications	10.72

Industrial	10.42

Consumer Cyclical	8.34

Technology	7.21

Basic Materials	5.80

Utilities	5.05

Diversified	0.70

Short-Term and Other Net Assets	0.25


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets
Exxon Mobil Corp.	2.44	%

Nestle SA Registered (Switzerland)	0.96

Procter & Gamble Co. (The)	0.89

Johnson & Johnson	0.83

AT&T Inc.	0.82

Microsoft Corp.	0.82

Chevron Corp.	0.81

BP PLC (United Kingdom)	0.75

General Electric Co.	0.67

International Business Machines Corp.	0.64


TOTAL	9.63	%


4		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI ACWI EX US INDEX FUND

Performance as of January 31, 2009

The iShares MSCI ACWI ex US Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World Index ex USA (the “Index”). The Index is a free float-adjusted market capitalization index designed to measure the combined equity market performance of developed and emerging markets countries, excluding the United States. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended January 31, 2009, the total return for the Fund was (43.91)%, while the total return for the Index was (42.66)%.


Cumulative Total Returns

Inception to 1/31/09

NAV	MARKET	INDEX
(45.92)%	(46.66)%	(45.29)%

“Cumulative Total Returns” represent the total change in value of an investment over the period(s) indicated and are calculated from an inception date of 3/26/08.

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/28/08), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


PORTFOLIO ALLOCATION As of 1/31/09
Sector	Percentage of Net Assets
Financial	22.58	%

Consumer Non-Cyclical	16.98

Energy	12.04

Industrial	10.97

Basic Materials	9.61

Communications	8.96

Consumer Cyclical	7.88

Technology	5.03

Utilities	4.75

Diversified	0.91

Short-Term and Other Net Assets	0.29


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets
BP PLC (United Kingdom)	1.91	%

Nestle SA Registered (Switzerland)	1.47

GlaxoSmithKline PLC (United Kingdom)	1.40

Vodafone Group PLC (United Kingdom)	1.19

HSBC Holdings PLC (United Kingdom)	1.17

Roche Holding AG Genusschein (Switzerland)	1.14

Novartis AG Registered (Switzerland)	1.13

Eni SpA (Italy)	1.04

Samsung Electronics Co. Ltd. GDR Reg S (South Korea)	0.98

Toyota Motor Corp. (Japan)	0.97


TOTAL	12.40	%


FUND PERFORMANCE OVERVIEWS		5

Fund Performance Overview

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN INDEX FUND

Performance as of January 31, 2009

The iShares MSCI All Country Asia ex Japan Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country Asia ex Japan Index^SM (the “Index”). The Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of Asia, excluding Japan. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the period from August 13, 2008 (the inception date of the Fund) through January 31, 2009, the total return for the Fund was (37.49)%, while the total return for the Index was (40.20)%.


Cumulative Total Returns

Inception to 1/31/09

NAV	MARKET	INDEX
(37.49)%	(38.14)%	(40.20)%

“Cumulative Total Returns” represent the total change in value of an investment over the period(s) indicated and are calculated from an inception date of 8/13/08.

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (8/15/08), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


PORTFOLIO ALLOCATION As of 1/31/09
Sector/Investment Type	Percentage of Net Assets
Financial	28.74	%

Technology	16.96

Communications	15.68

Energy	8.80

Industrial	8.24

Consumer Cyclical	5.13

Basic Materials	4.56

Utilities	4.49

Consumer Non-Cyclical	3.17

Diversified	2.50

Exchange-Traded Funds	1.59

Short-Term and Other Net Assets	0.14


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd. SP ADR (Taiwan)	6.15	%

Chunghwa Telecom Co. Ltd. ADR (Taiwan)	5.16

Samsung Electronics Co. Ltd. GDR Reg S (South Korea)	4.31

China Mobile Ltd. (China)	3.95

POSCO ADR (South Korea)	2.64

KB Financial Group Inc. SP ADR (South Korea)	2.64

Reliance Industries Ltd. GDR (India)	2.57

United Microelectronics Corp. SP ADR (Taiwan)	2.30

KT Corp. SP ADR (South Korea)	2.25

HDFC Bank Ltd. ADR (India)	2.18


TOTAL	34.15	%


6		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI EAFE GROWTH INDEX FUND

Performance as of January 31, 2009

The iShares MSCI EAFE Growth Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EAFE^® Growth Index (the “Index”). The Index is a subset of the MSCI EAFE^® Index and constituents of the Index include securities from Europe, Australasia and the Far East. The Index generally represents approximately 50% of the free float-adjusted market capitalization of the MSCI EAFE Index and consists of those securities classified by MSCI Inc. as most representing the growth style. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended January 31, 2009, the total return for the Fund was (40.66)%, while the total return for the Index was (40.90)%.

Average Annual Total Returns

Cumulative Total Returns

Year Ended 1/31/09

Inception to 1/31/09

NAV

MARKET

INDEX

NAV

MARKET

INDEX

NAV

MARKET

INDEX

(42.10)%

(43.45)%

(42.29)%

(5.26)%

(5.57)%

(5.17)%

(17.24)%

(18.19)%

(16.95)%

Total returns for the period since inception are calculated from the inception date of the Fund (8/1/05). “Average Annual Total Returns” represent the average annual change in value of an investment over the period(s) indicated. “Cumulative Total Returns” represent the total change in value of an investment over the period(s) indicated.

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (8/5/05), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


PORTFOLIO ALLOCATION As of 1/31/09
Sector	Percentage of Net Assets
Consumer Non-Cyclical	30.50	%

Industrial	12.18

Financial	11.16

Basic Materials	9.23

Energy	9.05

Utilities	8.36

Communications	7.72

Consumer Cyclical	7.68

Technology	3.05

Diversified	0.81

Short-Term and Other Net Assets	0.26


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets

Nestle SA Registered (Switzerland)	3.68	%

Roche Holding AG Genusschein (Switzerland)	2.71

Novartis AG Registered (Switzerland)	2.71

GlaxoSmithKline PLC (United Kingdom)	2.53

Telefonica SA (Spain)	2.09

Total SA (France)	1.87

BHP Billiton Ltd. (Australia)	1.82

BP PLC (United Kingdom)	1.80

British American Tobacco PLC (United Kingdom)	1.39

Siemens AG Registered (Germany)	1.35


TOTAL	21.95	%


FUND PERFORMANCE OVERVIEWS		7

Fund Performance Overview

iSHARES^® MSCI EAFE VALUE INDEX FUND

Performance as of January 31, 2009

The iShares MSCI EAFE Value Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EAFE^® Value Index (the “Index”). The Index is a subset of the MSCI EAFE^® Index and constituents of the Index include securities from Europe, Australasia and the Far East. The Index generally represents approximately 50% of the free float-adjusted market capitalization of the MSCI EAFE Index and consists of those securities classified by MSCI Inc. as most representing the value style. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended January 31, 2009, the total return for the Fund was (40.56)%, while the total return for the Index was (40.64)%.

Average Annual Total Returns

Cumulative Total Returns

Year Ended 1/31/09

Inception to 1/31/09

NAV

MARKET

INDEX

NAV

MARKET

INDEX

NAV

MARKET

INDEX

(45.12)%

(46.24)%

(45.23)%

(7.67)%

(8.04)%

(7.60)%

(24.40)%

(25.46)%

(24.18)%

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (8/5/05), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


PORTFOLIO ALLOCATION As of 1/31/09
Sector	Percentage of Net Assets
Financial	31.65	%

Consumer Cyclical	12.52

Communications	12.12

Industrial	10.72

Consumer Non-Cyclical	10.02

Energy	8.88

Utilities	6.62

Basic Materials	5.53

Technology	1.03

Diversified	0.72

Short-Term and Other Net Assets	0.19


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets
Vodafone Group PLC (United Kingdom)	2.92	%

HSBC Holdings PLC (United Kingdom)	2.80

Toyota Motor Corp. (Japan)	2.64

BP PLC (United Kingdom)	2.02

Banco Santander SA (Spain)	1.91

Mitsubishi UFJ Financial Group Inc. (Japan)	1.84

E.ON AG (Germany)	1.76

Sanofi-Aventis (France)	1.76

AstraZeneca PLC (United Kingdom)	1.65

Eni SpA (Italy)	1.63


TOTAL	20.93	%


8		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI EAFE SMALL CAP INDEX FUND

Performance as of January 31, 2009

The iShares MSCI EAFE Small Cap Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EAFE Small Cap Index (the “Index”). The Index targets 40% of the eligible small-capitalization universe in each industry group of each country represented by the MSCI EAFE^® Index. MSCI Inc. defines the small-capitalization universe as all listed securities that have a market capitalization in the range of $200—$1,500 million. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended January 31, 2009, the total return for the Fund was (43.07)%, while the total return for the Index was (41.95)%.

Average Annual Total Returns

Cumulative Total Returns

Year Ended 1/31/09

Inception to 1/31/09

NAV

MARKET

INDEX

NAV

MARKET

INDEX

NAV

MARKET

INDEX

(46.47)%

(49.27)%

(45.17)%

(48.60)%

(49.32)%

(47.55)%

(53.33)%

(54.08)%

(52.24)%

Total returns for the period since inception are calculated from the inception date of the Fund (12/10/07). “Average Annual Total Returns” represent the average annual change in value of an investment over the period(s) indicated. “Cumulative Total Returns” represent the total change in value of an investment over the period(s) indicated.

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/12/07), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


PORTFOLIO ALLOCATION As of 1/31/09
Sector	Percentage of Net Assets
Industrial	24.22	%

Financial	20.15

Consumer Non-Cyclical	15.89

Consumer Cyclical	15.74

Basic Materials	7.02

Communications	5.09

Energy	4.51

Technology	4.41

Utilities	1.45

Diversified	1.16

Short-Term and Other Net Assets	0.36


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets
Sagami Railway Co. Ltd. (Japan)	0.85	%

Cafe de Coral Holdings Ltd. (Hong Kong)	0.58

Cofinimmo SA (Belgium)	0.54

Meiji Seika Kaisha Ltd. (Japan)	0.54

Viscofan SA (Spain)	0.52

Daishi Bank Ltd. (The) (Japan)	0.46

Hyakujushi Bank Ltd. (The) (Japan)	0.46

Nippon Konpo Unyu Soko Co. Ltd. (Japan)	0.45

Nishi-Nippon Railroad Co. Ltd. (Japan)	0.44

QIAGEN NV (Germany)	0.44


TOTAL	5.28	%


FUND PERFORMANCE OVERVIEWS		9

Fund Performance Overview

iSHARES^® MSCI KOKUSAI INDEX FUND

Performance as of January 31, 2009

The iShares MSCI Kokusai Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Kokusai Index (the “Index”). The Index is designed to measure equity market performance in those countries that MSCI Inc. has classified as having developed economies, excluding Japan. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended January 31, 2009, the total return for the Fund was (38.72)%, while the total return for the Index was (39.17)%.

Average Annual Total Returns

Cumulative Total Returns

Year Ended 1/31/09

Inception to 1/31/09

NAV

MARKET

INDEX

NAV

MARKET

INDEX

NAV

MARKET

INDEX

(42.01)%

(42.30)%

(42.62)%

(43.66)%

(44.21)%

(48.16)%

(48.75)%

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/12/07), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


PORTFOLIO ALLOCATION As of 1/31/09
Sector	Percentage of Net Assets
Consumer Non-Cyclical	24.57	%

Financial	15.84

Energy	13.83

Communications	10.82

Industrial	9.28

Technology	7.34

Consumer Cyclical	6.72

Basic Materials	5.30

Utilities	5.22

Diversified	0.82

Short-Term and Other Net Assets	0.26


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets
Exxon Mobil Corp.	2.98	%

Johnson & Johnson	1.22

Procter & Gamble Co. (The)	1.21

Chevron Corp.	1.10

AT&T Inc.	1.07

Microsoft Corp.	1.06

BP PLC (United Kingdom)	0.99

Nestle SA Registered (Switzerland)	0.99

General Electric Co.	0.95

International Business Machines Corp.	0.94


TOTAL	12.51	%


10		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Shareholder Expenses (Unaudited)

iSHARES^® TRUST

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2008 to January 31, 2009.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


iShares Index Fund	Beginning Account Value^a (8/1/08)	Ending Account Value^a (1/31/09)	Annualized Expense Ratio		Expenses Paid During Period^b (8/1/08 to 1/31/09)
FTSE Developed Small Cap ex-North America
Actual	$1,000.00	$ 556.70	0.50	%	$1.96
Hypothetical (5% return before expenses)	1,000.00	1,022.70	0.50		2.55
FTSE/Xinhua China 25
Actual	1,000.00	570.20	0.74		2.93
Hypothetical (5% return before expenses)	1,000.00	1,021.50	0.74		3.77
FTSE China (HK Listed)
Actual	1,000.00	591.50	0.74		2.97
Hypothetical (5% return before expenses)	1,000.00	1,021.50	0.74		3.77
MSCI ACWI
Actual	1,000.00	610.50	0.35		1.42
Hypothetical (5% return before expenses)	1,000.00	1,023.40	0.35		1.79


SHAREHOLDER EXPENSES		11

Shareholder Expenses (Unaudited) (Continued)

iSHARES^® TRUST


iShares Index Fund	Beginning Account Value^a (8/1/08)	Ending Account Value^a (1/31/09)	Annualized Expense Ratio		Expenses Paid During Period^b (8/1/08 to 1/31/09)
MSCI ACWI ex US
Actual	$1,000.00	$ 560.90	0.35	%	$1.38
Hypothetical (5% return before expenses)	1,000.00	1,023.40	0.35		1.79
MSCI All Country Asia ex Japan
Actual	1,000.00	625.10	0.73		2.78
Hypothetical (5% return before expenses)	1,000.00	1,021.50	0.73		3.72
MSCI EAFE Growth
Actual	1,000.00	593.40	0.40		1.61
Hypothetical (5% return before expenses)	1,000.00	1,023.20	0.40		2.04
MSCI EAFE Value
Actual	1,000.00	594.40	0.40		161
Hypothetical (5% return before expenses)	1,000.00	1,023.20	0.40		2.04
MSCI EAFE Small Cap
Actual	1,000.00	569.30	0.40		1.58
Hypothetical (5% return before expenses)	1,000.00	1,023.20	0.40		2.04
MSCI Kokusai
Actual	1,000.00	612.80	0.25		1.02
Hypothetical (5% return before expenses)	1,000.00	1,023.90	0.25		1.28

^a	Account values are based on a start date of August 13, 2008 (commencement of operations) for the iShares MSCI All Country Asia ex Japan Index Fund.

Except for the actual expenses for the iShares MSCI All Country Asia ex Japan Index Fund, actual and hypothetical expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Actual expenses for the iShares MSCI All Country Asia ex Japan Index Fund, which commenced operations on August, 13 2008, are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (171 days) and divided by the number of days in the year (365 days).


12		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® FTSE DEVELOPED SMALL CAP EX-NORTH AMERICA INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 97.74%

AUSTRALIA – 3.78%
ABB Grain Ltd.	9,748	$	41,222
Arrow Energy Ltd.^a	18,436		24,971
Australian Worldwide Exploration Ltd.^a	19,808		33,379
Babcock & Brown Japan Property Trust	68,832		16,195
Babcock & Brown Wind Partners Ltd.	35,628		19,484
Beach Petroleum Ltd.	39,612		19,522
Bradken Ltd.	4,780		7,447
Centennial Coal Co. Ltd.	13,504		24,302
ConnectEast Group	60,740		17,767
Cromwell Group	28,248		8,622
David Jones Ltd.	16,288		24,029
Energy World Corp. Ltd.^a	12,520		1,751
Felix Resources Ltd.	1,800		7,898
FKP Property Group	14,484		4,145
Gindalbie Metals Ltd.^a	13,708		4,969
Healthscope Ltd.	10,892		29,921
IBA Health Group Ltd.^a	20,108		9,526
Independence Group NL	5,396		8,544
ING Industrial Fund	39,580		3,775
IOOF Holdings Ltd.	7,384		16,575
JB Hi-Fi Ltd.	6,424		38,195
Kagara Ltd.^a	12,428		3,319
Lynas Corp. Ltd.^a,b	20,104		3,388
Macarthur Coal Ltd.	4,624		8,821
Macquarie Leisure Trust Group	29,944		20,850
Monadelphous Group Ltd.	3,468		14,026
Mount Gibson Iron Ltd.^a	17,340		4,466
Murchison Metals Ltd.^a	15,052		4,977
Nexus Energy Ltd.^a	15,848		5,039
Octaviar Ltd.^c	8,924		5,618
Pacific Brands Ltd.	21,252		5,743
PanAust Ltd.^a	46,584		3,999
Platinum Asset Management Ltd.	3,712		7,412
Platinum Australia Ltd.^a	7,116		2,670
Primary Health Care Ltd.	12,992		39,656
Riversdale Mining Ltd.^a	5,260		7,325
Roc Oil Co. Ltd.^a	20,740		6,660
Seek Ltd.	7,540		14,384
Silex Systems Ltd.^a	5,912		13,496
Sino Gold Mining Ltd.^a,b	11,437		36,073


Security	Shares	Value
St. Barbara Ltd.^a	55,064	$	10,855
Straits Resources Ltd.	9,336		6,293
Sundance Resources Ltd.^a	53,236		3,284
Sunland Group Ltd.	12,540		4,067
Transfield Services Ltd.	5,660		7,018
Transpacific Industries Group Ltd.	5,748		9,869
United Group Ltd.	4,624		23,582
Western Areas NL^a	4,864		11,630

			646,759

AUSTRIA – 1.68%
Andritz AG	1,600		47,774
bwin Interactive Entertainment AG^a	888		22,532
BWT AG	1,068		15,534
Intercell AG^a	1,520		50,022
Oesterreichische Post AG	1,392		43,597
Palfinger AG^b	1,460		16,745
RHI AG^a	2,216		35,498
Schoeller-Bleckmann Oilfield Equipment AG	428		11,661
UNIQA Versicherungen AG	1,956		43,615

			286,978

BELGIUM – 1.98%
Ackermans & van Haaren NV	1,228		53,899
AGFA-Gevaert NV^a	10,608		37,384
Befimmo SCA	656		63,041
Compagnie Maritime Belge SA	612		12,470
EVS Broadcast Equipment SA	416		12,821
NV Bekaert SA	776		45,267
Omega Pharma SA	956		29,832
Option NV^a,b	4,960		11,441
RHJ International SA^a	6,536		30,991
Telenet Group Holding NV^a	2,632		41,757

			338,903

DENMARK – 1.65%
ALK-Abello A/S	320		28,330
Bang & Olufsen A/S Class B	928		12,762
Dampskibsselskabet TORM A/S	1,516		16,418
DSV A/S	5,280		52,418
Genmab A/S^a	884		37,080
GN Store Nord A/S^a	7,804		16,769
Simcorp A/S	200		20,113


SCHEDULES OF INVESTMENTS		13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® FTSE DEVELOPED SMALL CAP EX-NORTH AMERICA INDEX FUND

January 31, 2009


Security	Shares	Value
Sydbank A/S	2,224	$	29,821
Topdanmark A/S^a	568		67,862

			281,573

FINLAND – 2.32%
Amer Sports OYJ Class A	3,920		28,232
Cargotec Corp. Class B	1,028		9,999
Citycon OYJ	9,988		19,967
Elisa OYJ Class A	3,676		58,367
Huhtamaki OYJ	5,892		43,567
Konecranes OYJ	1,488		22,940
M-real OYJ Class B	9,052		6,496
Orion OYJ Class B	2,688		46,434
Outotec OYJ	1,036		14,737
Pohjola Bank PLC Class A	3,512		41,226
Ruukki Group OYJ	5,516		8,200
TietoEnator OYJ	2,100		23,870
Uponor OYJ	2,688		27,557
Vacon OYJ	1,164		24,389
YIT OYJ	3,316		20,780

			396,761

FRANCE – 6.51%
Altran Technologies SA^a	3,620		11,783
BioMerieux SA	688		53,747
Bollore SA	328		32,366
BOURBON SA^b	1,372		35,604
Compagnie Plastic Omnium SA	960		8,169
Derichebourg	4,428		9,811
Etablissements Maurel et Prom	3,128		29,543
Fimalac SA	664		24,677
Fonciere des Regions^b	624		38,256
Groupe Eurotunnel SA^a	4,516		23,323
Guyenne et Gascogne SA	636		52,977
Havas SA	14,728		29,821
IMS International Metal Service	1,120		16,778
Ipsos SA	2,080		44,394
M6-Metropole Television	3,420		55,639
Neopost SA	944		76,292
Nexans SA	660		38,116
Nexity	912		14,317
NicOx SA^a,b	1,524		16,796
Rhodia SA	2,560		11,485
Rubis SA	1,084		60,761


Security	Shares	Value
Saft Groupe SA	1,020	$	25,071
SCOR SE	4,288		87,427
Sechilienne-Sidec	1,172		43,721
Societe de la Tour Eiffel	360		11,317
Societe Immobiliere de Location pour l’Industrie et le Commerce	680		59,605
Soitec SA^a	3,528		11,809
SR Teleperformance SA	2,212		60,860
Theolia SA^a	912		3,050
Thomson^a	29,996		43,091
Ubisoft Entertainment SA^a	2,184		30,983
Zodiac SA	1,480		53,750

			1,115,339

GERMANY – 5.52%
Aareal Bank AG	1,288		6,487
AIXTRON AG	4,124		21,351
Bauer AG	568		16,443
Bilfinger Berger AG	856		36,463
Conergy AG^a	6,012		6,086
Demag Cranes AG	1,008		22,929
DEUTZ AG	4,724		10,231
DIC Asset AG	1,424		8,102
Douglas Holding AG	1,688		64,852
ElringKlinger AG	1,884		16,804
Freenet AG^a	2,320		10,822
FUCHS PETROLUB AG	752		30,144
Gildemeister AG	1,716		12,952
Heidelberger Druckmaschinen AG	2,640		10,319
IVG Immobilien AG	2,388		14,505
Kontron AG	3,164		26,761
LEONI AG	1,272		15,192
MLP AG	2,512		27,395
MTU Aero Engines Holding AG	1,320		37,046
Norddeutsche Affinerie AG	1,684		50,887
Nordex AG^a	844		9,723
Praktiker Bau- und Heimwerkermaerkte Holding AG	2,136		16,013
Premiere AG^a	3,144		11,845
QIAGEN NV^a	4,712		81,036
Rheinmetall AG	1,076		34,307
RHON KLINIKUM AG	1,764		36,169
SGL Carbon AG^a	1,600		34,652


14		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® FTSE DEVELOPED SMALL CAP EX-NORTH AMERICA INDEX FUND

January 31, 2009


Security	Shares	Value
Software AG	700	$	42,825
Solon SE^a^,b	284		3,483
Stada Arzneimittel AG	1,516		37,184
Symrise AG	3,044		28,476
Tognum AG	2,732		30,389
United Internet AG Registered	3,580		26,104
Vossloh AG	376		37,984
Wincor Nixdorf AG	1,100		52,481
Wirecard AG^a	2,916		16,629

			945,071

HONG KONG – 2.84%
APAC Resources Ltd.^a	160,000		6,396
China Everbright International Ltd.^b	140,000		27,442
China Gas Holdings Ltd.^b	80,000		11,451
China Grand Forestry Green Resources Group Ltd.^a,b	168,000		6,174
China Green Holdings Ltd.	48,000		31,382
China Huiyuan Juice Group Ltd.	56,000		73,370
China Mining Resources Group Ltd.^a	240,000		6,283
China Power New Energy Development Co. Ltd.^a,b	160,000		4,580
China State Construction International Holdings Ltd.	64,000		10,069
China Yurun Food Group Ltd.	36,000		42,710
Chow Sang Sang Holdings International Ltd.	32,000		16,919
Daphne International Holdings Ltd.	24,000		3,621
eSun Holdings Ltd.^a,b	40,000		6,448
FU JI Food and Catering Services Holdings Ltd.	16,000		7,387
Fushan International Energy Group Ltd.^a	64,000		14,691
Goldin Properties Holdings Ltd.^a	32,000		17,332
Hi Sun Technology (China) Ltd.^a	48,000		4,395
HKR International Ltd.	67,200		14,905
Midland Holdings Ltd.	32,000		9,615
Minth Group Ltd.	48,000		19,560
Pacific Basin Shipping Ltd.	44,000		23,150
Peace Mark Holdings Ltd.^a	30,000		5,803
Polytec Asset Holdings Ltd.	160,000		10,316
Ports Design Ltd.^b	18,000		18,384


Security	Shares	Value
Regal Hotels International Holdings Ltd.	36,000	$	8,542
Rexcapital Financial Holdings Ltd.^a	200,000		6,835
Samling Global Ltd.	184,000		9,254
Shougang Concord International Enterprises Co. Ltd.	88,000		9,192
Sinolink Worldwide Holdings Ltd.	144,000		9,656
SRE Group Ltd.^b	120,000		8,356
Tian An China Investments Co. Ltd.	44,400		10,993
VTech Holdings Ltd.^b	8,000		30,794

			486,005

IRELAND – 0.79%
C&C Group PLC	9,608		9,628
DCC PLC	3,292		48,937
Grafton Group PLC^a	9,148		18,523
Greencore Group PLC	10,488		11,142
Independent News & Media PLC	21,048		7,283
Irish Continental Group PLC^a	428		8,776
Kingspan Group PLC	6,288		21,628
Smurfit Kappa Group PLC	4,336		9,891

			135,808

ISRAEL – 0.52%
Delek Drilling LP	35,336		26,220
Hadera Paper Ltd.^a	1,084		35,447
Retalix Ltd.^a	4,712		27,364

			89,031

ITALY – 2.94%
Azimut Holding SpA	6,204		31,444
Banca Piccolo Credito Valtellinese Scrl	8,456		78,022
Banca Popolare dell’Etruria e del Lazio Scrl	5,136		26,426
COFIDE SpA	41,796		20,996
Danieli SpA RNC	2,020		12,684
Gruppo Coin SpA^a	5,856		13,996
Gruppo Editoriale L’Espresso SpA^b	20,524		25,236
Hera SpA	28,300		51,680
Impregilo SpA^a,b	10,308		26,340
Indesit Co. SpA	3,284		12,489
Interpump Group SpA	7,556		30,986
Pirelli & C. Real Estate SpA	1,712		9,165
Prysmian SpA	3,416		43,338
Seat Pagine Gialle SpA^a	284,852		18,361


SCHEDULES OF INVESTMENTS		15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® FTSE DEVELOPED SMALL CAP EX-NORTH AMERICA INDEX FUND

January 31, 2009


Security	Shares	Value
Societa Cattolica di Assicurazioni Scrl	1,696	$	52,162
Societa Iniziative Autostradali e Servizi SpA	4,536		25,286
Sorin SpA^a	24,644		14,891
Tiscali SpA^a	18,984		9,451

			502,953

JAPAN – 26.05%
Adeka Corp.	10,000		67,142
Aeon Delight Co. Ltd.	400		8,752
Akebono Brake Industry Co. Ltd.^b	6,800		27,939
Amano Corp.	5,600		41,902
Atrium Co. Ltd.	2,000		4,253
Bank of Okinawa Ltd. (The)	2,000		73,711
COMSYS Holdings Corp.	8,000		68,678
Culture Convenience Club Co. Ltd.^b	2,000		18,884
Daibiru Corp.	3,600		32,308
Daiei Inc. (The)^a	2,000		9,130
Daifuku Co. Ltd.	4,000		20,577
Daihen Corp.	8,000		31,711
Daio Paper Corp.	4,000		41,955
Daiseki Co. Ltd.	1,200		18,599
Daiwabo Co. Ltd.	4,000		13,673
Doutor Nichires Holdings Co. Ltd.	5,600		94,591
Duskin Co. Ltd.	2,800		46,984
eAccess Ltd.	76		52,212
Eighteenth Bank Ltd. (The)	24,000		84,445
FP Corp.	800		38,125
Fuji Soft Inc.	2,000		36,232
Furukawa Co. Ltd.	20,000		18,038
Futaba Industrial Co. Ltd.	4,000		10,422
Fuyo General Lease Co. Ltd.	1,600		25,512
GEO Corp.	36		25,213
Glory Ltd.	2,400		41,501
Goldcrest Co. Ltd.	1,160		28,157
Gourmet Kineya Co. Ltd.	4,000		28,950
GS Yuasa Corp.^b	12,000		65,605
Hanwa Co. Ltd.	12,000		36,076
Heiwa Real Estate Co. Ltd.	14,000		32,580
Hitachi Kokusai Electric Inc.^b	4,000		23,338
Hitachi Zosen Corp.^a	26,000		24,897
Hogy Medical Co. Ltd.	800		48,102
Honeys Co. Ltd.	1,920		11,459


Security	Shares	Value
HORIBA Ltd.	1,600	$	25,618
Hosiden Corp.	3,600		42,610
Inaba Denki Sangyo Co. Ltd.	3,600		86,583
Japan Airport Terminal Co. Ltd.	3,200		36,415
Japan Securities Finance Co. Ltd.	6,400		28,932
Japan Transcity Corp.	12,000		38,882
Joint Corp.	4,400		6,075
Joshin Denki Co. Ltd.	4,000		31,979
Juki Corp.	8,000		7,571
JVC KENWOOD Holdings Inc.^a	24,000		9,620
Kadokawa Group Holdings Inc.^b	2,400		43,184
Kagome Co. Ltd.	6,800		106,532
Kakaku.com Inc.	4		15,678
Kanematsu Corp.^a	28,000		28,371
Kayaba Industry Co. Ltd.	8,000		11,936
Kenedix Inc.^a,b	24		3,567
Kisoji Co. Ltd.	6,000		119,452
Kiyo Holdings Inc.	48,000		65,739
Komori Corp.	2,800		26,656
K’s Holdings Corp.	2,000		31,155
Kureha Corp.	28,000		136,555
Kyowa Exeo Corp.	4,000		38,704
Makino Milling Machine Co. Ltd.	4,000		9,264
Mars Engineering Corp.	800		25,610
Marusan Securities Co. Ltd.	6,000		31,867
Meitec Corp.	3,200		50,489
Mikuni Coca-Cola Bottling Co. Ltd.	12,000		106,091
Miraca Holdings Inc.	2,800		60,358
Mitsubishi Paper Mills Ltd.	32,000		54,871
Mitsubishi Steel Manufacturing Co. Ltd.	8,000		18,617
Nachi-Fujikoshi Corp.	12,000		20,176
Net One Systems Co. Ltd.	12		21,231
Nichi-Iko Pharmaceutical Co. Ltd.	1,200		40,218
Nifco Inc.	4,000		36,165
Nihon Dempa Kogyo Co. Ltd.	1,200		15,513
Nihon Kohden Corp.	2,400		45,376
Nihon Unisys Ltd.	3,600		29,422
Nippon Carbon Co. Ltd.	8,000		18,795
Nippon Denko Co. Ltd.	4,000		18,884
Nippon Yakin Kogyo Co. Ltd.	4,000		10,422
Nissin Kogyo Co. Ltd.	2,400		19,535


16		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® FTSE DEVELOPED SMALL CAP EX-NORTH AMERICA INDEX FUND

January 31, 2009


Security	Shares	Value
NOF Corp.	16,000	$	71,796
Noritz Corp.	4,400		61,681
Oita Bank Ltd. (The)	16,000		101,548
Okumura Corp.	16,000		69,302
Orient Corp.^a	10,000		10,244
OSG Corp.	4,000		24,674
Pacific Holdings Co.^a	60		2,345
Parco Co. Ltd.	4,000		36,789
Park 24 Co. Ltd.	3,200		21,485
Right On Co. Ltd.	1,600		19,330
Ringer Hut Co. Ltd.	3,200		40,227
Risa Partners Inc.	12		4,556
Rohto Pharmaceutical Co. Ltd.	4,000		49,705
Ryosan Co. Ltd.	5,200		116,090
Sagami Chain Co. Ltd.	4,000		39,194
Saizeriya Co. Ltd.	3,600		46,618
Sanken Electric Co. Ltd.	8,000		29,841
Sankyu Inc.	12,000		38,214
Sanyo Special Steel Co. Ltd.	8,000		21,468
Sawai Pharmaceutical Co. Ltd.	400		21,022
Showa Corp.	6,400		25,583
Star Micronics Co. Ltd.	2,000		18,840
Sumitomo Warehouse Co. Ltd. (The)	12,000		53,446
Tadano Ltd.	8,000		33,671
Telepark Corp.	24		28,514
Toagosei Co. Ltd.	20,000		52,555
TOC Co. Ltd.	8,000		35,809
Toho Bank Ltd. (The)	32,000		141,098
Toho Pharmaceutical Co. Ltd.	2,400		27,258
Tokai Tokyo Securities Co. Ltd.	12,000		29,663
Tokyo Dome Corp.	8,000		24,229
Tokyo Ohka Kogyo Co. Ltd.	4,800		77,443
Tokyo Tomin Bank Ltd. (The)	1,600		26,955
Toyo Tanso Co. Ltd.^b	800		30,197
Trans Cosmos Inc.^b	2,800		16,243
Wacom Co. Ltd.	20		16,056
Yamanashi Chuo Bank Ltd. (The)	16,000		94,422
Yodogawa Steel Works Ltd.	16,000		76,072

			4,460,554

NETHERLANDS – 3.47%
Aalberts Industries NV	3,088		17,649
ASM International NV^a	2,296		16,771


Security	Shares	Value
BinckBank NV	2,380	$	19,520
Crucell NV^a	2,272		40,354
CSM NV	2,664		34,071
Draka Holding NV	1,116		8,896
Eurocastle Investment Ltd.	5,196		2,530
Gemalto NV^a	2,288		56,325
Hunter Douglas NV	1,496		43,806
Imtech NV	2,524		39,170
KAS Bank NV	3,292		39,023
Koninklijke BAM Groep NV	2,508		21,505
Koninklijke Boskalis Westminster NV	1,564		31,758
Koninklijke Wessanen NV	5,312		31,048
Nutreco Holding NV	956		31,743
Oce NV	3,256		8,429
OPG Groep NV	2,912		33,586
Smit Internationale NV	480		22,421
TomTom NV^a	1,076		5,749
USG People NV	1,504		16,722
Wavin NV	4,160		13,328
Wereldhave NV	836		60,182

			594,586

NEW ZEALAND – 0.21%
Freightways Ltd.	23,972		35,854

			35,854

NORWAY – 2.27%
Acergy SA	3,372		18,686
Aker ASA Class A	800		15,511
BW Offshore Ltd.^a	16,000		11,112
DNO International ASA^a	27,424		17,459
Ekornes ASA	4,529		41,775
Eltek ASA^a	8,000		1,574
Ementor ASA^a	3,436		8,104
Fred Olsen Energy ASA	848		22,024
Frontline Ltd.^b	1,480		42,828
Marine Harvest ASA^a,b	65,164		14,143
Norske Skogindustrier ASA^a	9,220		18,143
Petroleum Geo-Services ASA^a	4,220		13,891
Prosafe Production Public Ltd.^a	8,160		12,928
Prosafe SE^a	8,604		32,990
Schibsted ASA	1,776		16,960
Sevan Marine ASA^a	5,600		4,821
Subsea 7 Inc.^a	2,800		14,686


SCHEDULES OF INVESTMENTS		17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® FTSE DEVELOPED SMALL CAP EX-NORTH AMERICA INDEX FUND

January 31, 2009


Security	Shares	Value
Tandberg ASA	2,780	$	34,552
TGS-NOPEC Geophysical Co. ASA^a	4,124		23,719
Tomra Systems ASA	6,816		22,979

			388,885

PORTUGAL – 0.76%
Banif SGPS SA Registered	8,388		11,932
Impresa SGPS SA^a	20,764		20,489
Jeronimo Martins SGPS SA	6,088		31,090
Mota-Engil SGPS SA	10,420		32,568
Sonae Industria SGPS SA	7,796		16,165
Sonae SGPS SA	29,544		18,287

			130,531

SINGAPORE – 1.32%
Ascendas Real Estate Investment Trust	52,000		50,251
CapitaRetail China Trust	36,000		17,276
CDL Hospitality Trusts	32,000		13,768
CH Offshore Ltd.	72,000		11,914
China Fishery Group Ltd.	32,000		11,967
China Hongxing Sports Ltd.^b	132,000		16,600
Indofood Agri Resources Ltd.^a	12,000		4,805
Jurong Technologies Industrial Corp. Ltd.	60,000		993
Kim Eng Holdings Ltd.	19,737		13,064
Raffles Education Corp. Ltd.	56,000		19,460
Singapore Petroleum Co. Ltd.	12,000		19,460
Straits Asia Resources Ltd.^b	20,000		12,444
UOB-Kay Hian Holdings Ltd.	56,000		34,472

			226,474

SPAIN – 4.27%
Abengoa SA	1,496		23,466
Banco Pastor SA^b	6,488		38,662
Baron de Ley SA^a	1,472		58,251
Bolsas y Mercados Espanoles^b	2,016		43,945
Construcciones y Auxiliar de Ferrocarriles SA	120		32,909
Ebro Puleva SA	4,824		59,718
FAES FARMA SA	5,598		24,319
Grupo Catalana Occidente SA	1,940		29,709
Grupo Empresarial ENCE SA	6,872		20,167
Iberia Lineas Aereas de Espana SA	16,904		39,209
Indra Sistemas SA^b	4,180		84,368
La Seda de Barcelona SA Class B^a,b	25,600		11,482


Security	Shares	Value
NH Hoteles SA^b	6,084	$	25,261
Obrascon Huarte Lain SA	1,892		22,137
Prosegur Compania de Seguridad SA	1,700		52,307
Tecnicas Reunidas SA	600		15,647
Tubacex SA	7,008		18,231
Tubos Reunidos SA	7,872		19,772
Viscofan SA	3,588		67,591
Vocento SA	2,608		11,631
Zeltia SA^b	6,896		32,698

			731,480

SWEDEN – 3.13%
Avanza Bank Holding AB	2,644		25,499
Axis Communications AB	1,600		9,692
Castellum AB	6,180		39,858
D. Carnegie & Co. AB^c	3,396		–
Elekta AB Class B	912		10,472
Eniro AB^b	9,044		11,775
Getinge AB Class B	5,520		74,364
Hakon Invest AB	2,490		25,965
Hexagon AB Class B^b	4,800		16,260
Hexpol AB^a	1,240		2,377
Hoganas AB Class B	888		7,734
JM AB	2,400		12,412
Kinnevik Investment AB	5,708		41,459
Kungsleden AB	5,208		26,997
Lindab International AB	2,800		15,932
Lundin Petroleum AB^a	6,232		31,103
Meda AB Class A	5,200		34,948
Modern Times Group MTG AB Class B	1,440		24,824
Nibe Industrier AB Class B	1,568		9,499
Niscayah Group AB	12,544		9,376
Peab AB	4,384		13,847
Q-Med AB	3,356		12,542
Ratos AB Class B	3,768		49,172
SAS AB^a	1,820		9,720
TradeDoubler AB	800		2,845
Trelleborg AB Class B^b	3,336		17,735

			536,407

SWITZERLAND – 5.07%
Aryzta AG^a	2,896		72,356
Bank Sarasin & Compagnie AG Class B Registered	1,600		38,528


18		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® FTSE DEVELOPED SMALL CAP EX-NORTH AMERICA INDEX FUND

January 31, 2009


Security	Shares	Value
Banque Cantonale Vaudoise Registered	112	$	31,433
Basler Kantonalbank Participation Certificates	1,040		102,952
Bucher Industries AG Registered	360		35,668
Forbo Holding AG Registered^a	120		19,437
Galenica AG Registered	140		43,874
Georg Fischer AG Registered^a	120		19,819
Helvetia Holding AG	204		43,148
Kaba Holding AG Class B Registered	200		41,354
Kudelski SA Bearer	1,884		17,579
Kuoni Reisen Holding AG Class B Registered	128		36,502
Logitech International SA Registered^a	4,496		43,655
Mobimo Holding AG Registered^a	372		43,171
Panalpina Welttransport Holding AG Registered	568		28,163
PSP Swiss Property AG Registered^a	2,608		110,436
Rieter Holding AG Registered	184		20,751
Schmolz + Bickenbach AG Registered	704		11,706
Sulzer AG Registered	840		41,975
Valora Holding AG Registered	284		41,057
Vontobel Holding AG Registered	1,464		24,911

			868,475

UNITED KINGDOM – 20.66%
Aberdeen Asset Management PLC	18,076		33,552
Admiral Group PLC	4,720		61,175
Aggreko PLC	7,136		40,226
Amlin PLC	11,948		66,146
Aquarius Platinum Ltd.	6,744		15,338
Aricom PLC^a	29,316		8,453
ARM Holdings PLC	32,512		43,006
Arriva PLC	6,220		41,071
Ashtead Group PLC	23,180		13,367
Assura Group Ltd.	22,184		12,713
Autonomy Corp. PLC^a	4,960		78,230
AVEVA Group PLC	2,608		22,578
Babcock International Group PLC	6,680		48,731
Balfour Beatty PLC	10,960		58,701
Barratt Developments PLC	10,216		10,236
Bellway PLC	4,028		33,449
Berkeley Group Holdings PLC (The) Units^a	3,060		34,918


Security	Shares	Value
Bodycote PLC	5,805	$	10,210
Bovis Homes Group PLC	5,472		30,451
Britvic PLC	7,584		25,148
Brixton PLC	12,264		15,206
BSS Group PLC (The)	7,312		27,751
BTG PLC^a	7,388		15,844
Carillion PLC	16,156		54,445
Carpetright PLC	2,796		15,701
Catlin Group Ltd.	6,156		30,797
Cattles PLC	22,848		3,706
Charter International PLC	3,768		20,874
Chemring Group PLC	1,436		47,616
Chloride Group PLC	12,384		24,148
Close Brothers Group PLC	5,444		38,949
COLT Telecom Group SA^a	5,976		6,785
Cookson Group PLC	5,160		6,974
Croda International PLC	4,276		30,885
CSR PLC^a	3,752		9,899
Dairy Crest Group PLC	4,884		14,082
Dana Petroleum PLC^a	2,672		34,805
De La Rue PLC	3,010		40,661
Debenhams PLC	31,932		14,501
Derwent London PLC	3,148		27,140
Dimension Data Holdings PLC	42,816		22,222
DS Smith PLC	14,104		16,470
DSG International PLC	51,740		16,411
easyJet PLC^a	7,340		31,640
FirstGroup PLC	11,500		45,221
Galiform PLC	22,968		4,222
Galliford Try PLC	43,108		21,752
GAME Group PLC (The)	13,132		27,168
Go-Ahead Group PLC (The)	1,636		23,197
Greene King PLC	6,636		40,541
Halfords Group PLC	11,244		40,526
Helphire Group PLC	7,592		4,433
Henderson Group PLC	21,884		23,663
Heritage Oil Ltd.^a	10,928		32,455
Hikma Pharmaceuticals PLC	4,536		23,395
Hiscox Ltd.	12,648		57,439
HMV Group PLC	22,980		45,720
Homeserve PLC	2,184		30,825
Hunting PLC	4,676		26,494


SCHEDULES OF INVESTMENTS		19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® FTSE DEVELOPED SMALL CAP EX-NORTH AMERICA INDEX FUND

January 31, 2009


Security	Shares	Value
IG Group Holdings PLC	9,488	$	39,737
IMI PLC	7,016		27,184
Inchcape PLC	11,976		6,475
Informa PLC	10,936		37,800
Inmarsat PLC	10,832		64,145
Intermediate Capital Group PLC^b	2,808		15,556
Interserve PLC	5,056		14,524
Intertek Group PLC	4,636		57,046
Investec PLC	12,184		43,826
JD Wetherspoon PLC	7,620		37,571
JKX Oil & Gas PLC	4,692		13,664
John Wood Group PLC	8,708		24,387
Keller Group PLC	2,636		23,391
Kier Group PLC	1,588		22,848
Laird PLC	5,920		7,511
London Stock Exchange Group PLC	4,924		34,164
Marston’s PLC	11,616		17,458
Meggitt PLC	17,204		34,290
Melrose PLC	11,902		11,368
Michael Page International PLC	9,288		29,258
Micro Focus International PLC	3,924		17,141
Misys PLC	15,408		25,879
Mitchells & Butlers PLC	10,032		26,793
Morgan Crucible Co. PLC (The)	8,416		11,648
N Brown Group PLC	8,228		23,102
National Express Group PLC	4,056		19,078
Northern Foods PLC	22,556		17,398
Northgate PLC	4,188		4,725
Northumbrian Water Group PLC	12,064		40,873
Pendragon PLC	56,952		1,946
Pennon Group PLC	9,532		61,978
Persimmon PLC	7,536		31,372
Petrofac Ltd.	5,376		32,204
Premier Farnell PLC	14,800		28,912
Premier Foods PLC	22,372		10,160
Premier Oil PLC^a	3,120		31,802
Punch Taverns PLC	4,132		2,621
QinetiQ Group PLC	14,284		30,941
Randgold Resources Ltd.	1,980		88,977
Rathbone Brothers PLC	3,168		33,341
Redrow PLC	12,224		27,492
Regus PLC	18,608		12,743


Security	Shares	Value
RPS Group PLC	8,360	$	16,392
Savills PLC	7,276		25,595
Serco Group PLC	12,268		77,689
Shaftesbury PLC	6,220		24,257
Shanks Group PLC	10,592		14,927
SIG PLC	4,052		6,995
SOCO International PLC^a	1,868		26,796
Spectris PLC	4,068		28,254
Spirent Communications PLC	29,784		16,424
SSL International PLC	7,092		51,532
Stagecoach Group PLC	18,016		31,623
Taylor Wimpey PLC	28,932		6,569
Travis Perkins PLC	3,944		18,195
Trinity Mirror PLC	25,680		17,586
TUI Travel PLC	16,352		52,807
Tullett Prebon PLC	7,600		16,791
UK Coal PLC^a	5,332		9,667
UNITE Group PLC	7,440		6,865
Venture Production PLC	4,500		37,985
Victrex PLC	4,492		27,847
VT Group PLC	6,944		59,566
W.H. Smith PLC	6,749		32,815
W.S. Atkins PLC	3,012		24,252
Weir Group PLC (The)	5,556		26,754
Wellstream Holdings PLC	2,328		16,009
Woolworths Group PLC^c	149,928		22
Workspace Group PLC	12,196		3,736
Yell Group PLC	20,648		13,172

			3,536,713


TOTAL COMMON STOCKS (Cost: $31,726,687)			16,735,140

INVESTMENT COMPANIES – 1.73%

SINGAPORE – 0.26%
Macquarie International Infrastructure Fund Ltd.	248,000		44,321

			44,321

SWITZERLAND – 0.60%
Absolute Private Equity AG Bearer^a	6,560		34,046
BB BIOTECH AG Registered	1,160		68,459

			102,505


20		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® FTSE DEVELOPED SMALL CAP EX-NORTH AMERICA INDEX FUND

January 31, 2009


Security	Shares	Value
UNITED KINGDOM – 0.87%
BlackRock World Mining Trust PLC	5,880	$	22,253
Lowland Investment Co. PLC	3,248		19,152
RIT Capital Partners PLC	3,556		45,704
SVG Capital PLC	6,696		9,461
Templeton Emerging Markets Investment Trust PLC	13,692		52,458

			149,028


TOTAL INVESTMENT COMPANIES
(Cost: $777,500)			295,854

PREFERRED STOCKS – 0.15%

GERMANY – 0.08%
ProSiebenSat.1 Media AG	6,432		14,095

			14,095

ITALY – 0.07%
Istituto Finanziario Industriale SpA^a	2,032		11,731

			11,731


TOTAL PREFERRED STOCKS
(Cost: $93,560)			25,826

RIGHTS – 0.00%

SINGAPORE – 0.00%
Ascendas Real Estate Investment Trust^a,c	3,467		688

			688


TOTAL RIGHTS
(Cost: $0)			688

SHORT-TERM INVESTMENTS – 4.46%

MONEY MARKET FUNDS – 4.46%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^d,e,f	656,565		656,565


Security	Shares	Value
Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56%^d,e,f	106,138	$	106,138
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^d,e	1,243		1,243

			763,946


TOTAL SHORT-TERM INVESTMENTS
(Cost: $763,946)			763,946


TOTAL INVESTMENTS IN SECURITIES – 104.08% (Cost: $33,361,693)			17,821,454

Other Assets, Less Liabilities – (4.08)%			(698,692	)


NET ASSETS – 100.00%		$	17,122,762

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 5.

^c	Security valued using Level 3 inputs. See Note 1.

^d	Affiliated issuer. See Note 2.

^e	The rate quoted is the annualized seven-day yield of the fund at period end.

^f	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


SCHEDULES OF INVESTMENTS		21

Schedule of Investments (Unaudited)

iSHARES^® FTSE/XINHUA CHINA 25 INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 99.99%

AIRLINES – 0.84%
Air China Ltd. Class H^a	172,320,000	$	46,665,162

			46,665,162

BANKS – 34.76%
Bank of China Ltd. Class H^a	1,535,084,000		409,770,119
Bank of Communications Co. Ltd. Class H^a	350,384,000		234,051,712
BOC Hong Kong (Holdings) Ltd.	178,064,000		184,386,648
China CITIC Bank Class H^a	493,984,000		187,282,850
China Construction Bank Class H^a	515,524,000		255,945,453
China Merchants Bank Co. Ltd. Class H^a	143,600,000		238,510,829
Industrial and Commercial Bank of China Ltd. Class H^a	969,300,000		418,736,505

			1,928,684,116

COAL – 7.32%
China Coal Energy Co. Class H^a	208,220,000		154,393,171
China Shenhua Energy Co. Ltd. Class H	114,880,000		251,843,733

			406,236,904

ELECTRIC – 4.09%
Datang International Power Generation Co. Ltd. Class H^a	186,680,000		95,089,528
Huaneng Power International Inc. Class H^a	176,048,000		131,673,047

			226,762,575

ENGINEERING & CONSTRUCTION – 6.10%
China Communications Construction Co. Ltd. Class H^a	213,964,000		213,007,947
China Railway Group Ltd. Class H^a,b	218,272,000		125,536,694

			338,544,641


Security	Shares	Value
HOLDING COMPANIES - DIVERSIFIED – 2.15%
China Merchants Holdings (International) Co. Ltd.^a	66,056,000	$	119,255,414

			119,255,414

INSURANCE – 11.80%
China Life Insurance Co. Ltd. Class H^a	162,268,000		435,245,227
Ping An Insurance (Group) Co. of China Ltd. Class H^a	49,542,000		219,131,824

			654,377,051

MINING – 1.32%
Aluminum Corp. of China Ltd. Class H^a	157,960,000		73,330,970

			73,330,970

OIL & GAS – 13.03%
China Petroleum & Chemical Corp. Class H	356,128,000		195,178,892
CNOOC Ltd.^a	225,452,000		197,697,330
PetroChina Co. Ltd. Class H^a	439,416,000		329,789,367

			722,665,589

TELECOMMUNICATIONS – 17.48%
China Mobile Ltd.^a	55,286,000		502,622,683
China Telecom Corp. Ltd. Class H^a	703,640,000		261,324,909
China Unicom (Hong Kong) Ltd.^a	218,272,610		206,038,378

			969,985,970

TRANSPORTATION – 1.10%
China COSCO Holdings Co. Ltd. Class H^a	99,084,000		60,948,035

			60,948,035


TOTAL COMMON STOCKS (Cost: $7,825,385,029)			5,547,456,427


22		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® FTSE/XINHUA CHINA 25 INDEX FUND

January 31, 2009


Security	Shares	Value
SHORT-TERM INVESTMENTS – 14.98%

MONEY MARKET FUNDS – 14.98%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^c,d,e	713,055,253	$	713,055,253
Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56%^c,d,e	115,269,721		115,269,721
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^c,d	2,844,809		2,844,809

			831,169,783


TOTAL SHORT-TERM INVESTMENTS
(Cost: $831,169,783)			831,169,783


TOTAL INVESTMENTS IN SECURITIES – 114.97%
(Cost: $8,656,554,812)			6,378,626,210

Other Assets, Less Liabilities –(14.97)%			(830,668,047	)


NET ASSETS – 100.00%		$	5,547,958,163

^a	All or a portion of this security represents a security on loan. See Note 5.

^b	Non-income earning security.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


SCHEDULES OF INVESTMENTS		23

Schedule of Investments (Unaudited)

iSHARES^® FTSE CHINA (HK LISTED) INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 99.91%

AIRLINES – 0.54%
Air China Ltd. Class H	108,000	$	29,247
China Eastern Airlines Corp. Ltd. Class H^a	60,000		8,511
China Southern Airlines Co. Ltd. Class H^a	61,000		9,990

			47,748

AUTO MANUFACTURERS – 1.15%
Brilliance China Automotive Holdings Ltd.^a	72,000		4,317
Denway Motors Ltd.	198,000		60,003
Dongfeng Motor Group Co. Ltd. Class H^b	90,000		32,032
Great Wall Motor Co. Ltd. Class H	13,500		4,735

			101,087

AUTO PARTS & EQUIPMENT – 0.16%
Weichai Power Co. Ltd. Class H	7,200		14,057

			14,057

BANKS – 21.89%
Bank of China Ltd. Class H	1,659,000		442,848
Bank of Communications Co. Ltd. Class H^b	231,000		154,305
BOC Hong Kong (Holdings) Ltd.^b	105,000		108,728
China CITIC Bank Class H	315,000		119,425
China Construction Bank Class H	828,000		411,082
China Merchants Bank Co. Ltd. Class H	88,500		146,993
Industrial and Commercial Bank of China (Asia) Ltd.	24,000		22,624
Industrial and Commercial Bank of China Ltd. Class H	1,200,000		518,399

			1,924,404

BEVERAGES – 0.39%
Tsingtao Brewery Co. Ltd. Class H	18,000		34,539

			34,539

BUILDING MATERIALS – 1.35%
Anhui Conch Cement Co. Ltd. Class H^a	12,000		58,726
China National Building Material Co. Ltd. Class H	54,000		60,235

			118,961


Security	Shares	Value
CHEMICALS – 0.72%
China BlueChemical Ltd. Class H	66,000	$	35,321
Sinopec Shanghai Petrochemical Co. Ltd. Class H	84,000		19,823
Sinopec Yizheng Chemical Fibre Co. Ltd. Class H^a	78,000		8,147

			63,291

COAL – 4.61%
China Coal Energy Co. Class H	144,000		106,775
China Shenhua Energy Co. Ltd. Class H	112,500		246,626
Yanzhou Coal Mining Co. Ltd. Class H	78,000		52,204

			405,605

COMMERCIAL SERVICES – 1.72%
Anhui Expressway Co. Class H	24,000		8,573
COSCO Pacific Ltd.^b	42,000		38,346
Jiangsu Expressway Co. Ltd. Class H	48,000		34,601
Shenzhen Expressway Co. Ltd. Class H	42,000		15,815
Shenzhen International Holdings Ltd.	367,500		15,639
Zhejiang Expressway Co. Ltd. Class H	66,000		38,215

			151,189

COMPUTERS – 0.51%
Lenovo Group Ltd.	234,000		44,358

			44,358

DIVERSIFIED FINANCIAL SERVICES – 0.54%
China Everbright Ltd.	42,000		46,958

			46,958

ELECTRIC – 2.73%
China Resources Power Holdings Co. Ltd.	24,000		44,876
Datang International Power Generation Co. Ltd. Class H	144,000		73,350
Huadian Power International Corp. Ltd. Class H	66,000		14,299
Huaneng Power International Inc. Class H	144,000		107,703

			240,228


24		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® FTSE CHINA (HK LISTED) INDEX FUND

January 31, 2009


Security	Shares	Value
ELECTRICAL COMPONENTS & EQUIPMENT – 0.79%
BYD Co. Ltd. Class H	22,500	$	42,594
Dongfang Electric Corp. Ltd. Class H	6,000		13,494
Harbin Power Equipment Co. Ltd. Class H	18,000		12,883

			68,971

ENGINEERING & CONSTRUCTION – 3.69%
Beijing Capital International Airport Co. Ltd. Class H	66,000		29,618
China Communications Construction Co. Ltd. Class H	144,000		143,357
China Railway Construction Corp. Class H^a	49,500		68,939
China Railway Group Ltd. Class H^a	144,000		82,820

			324,734

ENVIRONMENTAL CONTROL – 0.03%
Tianjin Capital Environmental Protection Group Co. Ltd. Class H	18,000		2,971

			2,971

FOOD – 0.43%
China Foods Ltd.	66,000		22,384
Lianhua Supermarket Holdings Co. Ltd. Class H	15,000		15,591

			37,975

HOLDING COMPANIES - DIVERSIFIED – 3.50%
Beijing Enterprises Holdings Ltd.^b	12,000		47,662
China Merchants Holdings (International) Co. Ltd.^b	42,000		75,825
China Resources Enterprise Ltd.	42,000		61,635
CITIC Pacific Ltd.	33,000		39,278
Guangdong Investment Ltd.	96,000		37,015
Shanghai Industrial Holdings Ltd.^b	18,000		46,424

			307,839

INSURANCE – 11.29%
China Insurance International Holdings Co. Ltd.	30,000		38,686
China Life Insurance Co. Ltd. Class H	222,000		595,462
PICC Property & Casualty Co. Ltd. Class H^a	144,000		66,293
Ping An Insurance (Group) Co. of China Ltd. Class H	66,000		291,928

			992,369


Security	Shares	Value
IRON & STEEL – 0.64%
Angang New Steel Co. Ltd. Class H	36,000	$	35,839
Maanshan Iron & Steel Co. Ltd. Class H	60,000		20,040

			55,879

METAL FABRICATE & HARDWARE – 0.38%
Jiangxi Copper Co. Ltd. Class H	48,000		33,674

			33,674

MINING – 1.62%
Aluminum Corp. of China Ltd. Class H	102,000		47,352
China Molybdenum Co. Ltd. Class H	30,000		12,418
Zhaojin Mining Industry Co. Ltd. Class H	15,000		11,915
Zijin Mining Group Co. Ltd. Class H	132,000		70,982

			142,667

OIL & GAS – 11.58%
China Petroleum & Chemical Corp. Class H	480,000		263,068
CNOOC Ltd.	378,000		331,466
PetroChina Co. Ltd. Class H	564,000		423,292

			1,017,826

OIL & GAS SERVICES – 0.39%
China Oilfield Services Ltd. Class H	42,000		33,742

			33,742

PHARMACEUTICALS – 0.02%
Guangzhou Pharmaceutical Co. Ltd. Class H	6,000		1,842

			1,842

REAL ESTATE – 2.03%
Beijing North Star Co. Class H^b	24,000		3,714
China Overseas Land & Investment Ltd.	91,040		121,862
Guangzhou R&F Properties Co. Ltd. Class H^b	40,800		34,199
Shenzhen Investment Ltd.	108,000		18,802

			178,577

SHIPBUILDING – 0.15%
Guangzhou Shipyard International Co. Ltd. Class H	12,000		13,401

			13,401


SCHEDULES OF INVESTMENTS		25

Schedule of Investments (Unaudited) (Continued)

iSHARES ^® FTSE CHINA (HK LISTED) INDEX FUND

January 31, 2009


Security	Shares	Value
SOFTWARE – 0.12%
Travelsky Technology Ltd. Class H	27,000	$	10,654

			10,654

TELECOMMUNICATIONS – 25.23%
China Communications Services Corp. Ltd. Class H	66,000		40,257
China Mobile Ltd.	189,000		1,718,259
China Telecom Corp. Ltd. Class H	552,000		205,007
China Unicom (Hong Kong) Ltd.	240,128		226,669
ZTE Corp. Class H	9,600		27,792

			2,217,984

TEXTILES – 0.06%
Weiqiao Textile Co. Ltd.	16,500		4,958

			4,958

TRANSPORTATION – 1.65%
China COSCO Holdings Co. Ltd. Class H	64,500		39,675
China Shipping Container Lines Co. Ltd. Class H	123,000		19,985
China Shipping Development Co. Ltd. Class H	42,000		41,921
Guangshen Railway Co. Ltd. Class H	102,000		32,883
Sinotrans Ltd. Class H	63,000		10,236

			144,700


TOTAL COMMON STOCKS (Cost: $10,031,904)			8,783,188

SHORT-TERM INVESTMENTS – 3.20%

MONEY MARKET FUNDS – 3.20%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^c,d,e	241,380		241,380
Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56%^c,d,e	39,020		39,020


Security	Shares	Value
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^c,d	1,327	$	1,327

			281,727


TOTAL SHORT-TERM INVESTMENTS
(Cost: $281,727)			281,727


TOTAL INVESTMENTS IN SECURITIES – 103.11%
(Cost: $10,313,631)			9,064,915

Other Assets, Less Liabilities – (3.11)%			(273,396	)


NET ASSETS – 100.00%		$	8,791,519

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 5.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


26		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI ACWI INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 98.49%

ARGENTINA – 0.09%
Petrobras Energia Participaciones SA SP ADR	28,909	$	196,581

			196,581

AUSTRALIA – 2.35%
AMP Ltd.	54,969		184,212
ASX Ltd.	9,782		168,883
Australia and New Zealand Banking Group Ltd.	18,396		155,233
BHP Billiton Ltd.	35,782		693,990
BlueScope Steel Ltd.	36,865		82,752
Brambles Ltd.	42,267		182,768
Commonwealth Bank of Australia	12,775		218,525
CSL Ltd.	12,994		309,858
Foster’s Group Ltd.	83,439		290,232
Macquarie Group Ltd.^a	7,227		119,441
National Australia Bank Ltd.	18,907		227,595
Newcrest Mining Ltd.	11,972		236,003
Orica Ltd.	15,419		132,759
QBE Insurance Group Ltd.	15,257		232,846
Rio Tinto Ltd.	3,302		88,504
Santos Ltd.	29,346		268,160
Suncorp-Metway Ltd.	27,302		130,210
Telstra Corp. Ltd.	89,206		214,992
Wesfarmers Ltd.	12,415		122,763
Wesfarmers Ltd. Entitlement^b	6,045		57,852
Westfield Group	23,652		181,085
Westpac Banking Corp.	18,907		188,039
Woodside Petroleum Ltd.	8,833		198,726
Woolworths Ltd.	16,425		289,317

			4,974,745

AUSTRIA – 0.17%
Erste Group Bank AG	6,304		95,650
OMV AG	2,484		71,273
Telekom Austria AG	4,676		65,915
voestalpine AG	6,132		119,601

			352,439


Security	Shares	Value
BELGIUM – 0.29%
Anheuser-Busch InBev NV	12,957	$	330,594
Groupe Bruxelles Lambert SA	3,066		226,276
KBC Group NV	2,920		53,604

			610,474

BRAZIL – 0.39%
Companhia Siderurgica Nacional SP ADR	6,984		105,458
Companhia Vale do Rio Doce ADR	12,852		181,342
Petroleo Brasileiro SA ADR	14,600		382,520
Unibanco - Uniao de Bancos Brasileiros SA ADR	2,847		160,229

			829,549

CANADA – 3.58%
Bank of Montreal	8,030		215,347
Bank of Nova Scotia	10,950		262,037
Barrick Gold Corp.	10,950		407,495
Brookfield Asset Management Inc. Class A	11,899		184,745
Cameco Corp.	10,366		170,056
Canadian Imperial Bank of Commerce	5,986		225,130
Canadian National Railway Co.	8,687		301,069
Canadian Natural Resources Ltd.	7,446		263,584
Canadian Pacific Railway Ltd.	5,256		157,784
Enbridge Inc.	9,271		300,895
EnCana Corp.	6,178		271,915
Goldcorp Inc.	10,147		297,245
Husky Energy Inc.	9,271		227,616
Imperial Oil Ltd.	6,789		213,277
Kinross Gold Corp.	16,936		296,826
Manulife Financial Corp.	10,950		179,814
Nexen Inc.	13,067		188,230
Penn West Energy Trust	13,286		149,378
Petro-Canada	8,249		176,909
Potash Corp. of Saskatchewan Inc.	3,650		271,575
Power Corp. of Canada	11,023		188,036
Research In Motion Ltd.^c	6,351		347,196
Rogers Communications Inc. Class B	8,784		244,990
Royal Bank of Canada	13,213		324,077
Shaw Communications Inc. Class B	17,958		288,087
SNC-Lavalin Group Inc.	8,468		236,313
Sun Life Financial Inc.	7,811		157,247


SCHEDULES OF INVESTMENTS		27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI INDEX FUND

January 31, 2009


Security	Shares	Value
Suncor Energy Inc.	11,972	$	227,013
Talisman Energy Inc.	25,477		238,568
Teck Cominco Ltd. Class B	11,315		43,258
Toronto-Dominion Bank (The)	8,760		281,202
TransCanada Corp.	9,417		250,492

			7,587,406

CHILE – 0.11%
LAN Airlines SA SP ADR	27,083		225,060

			225,060

CHINA – 1.55%
Bank of China Ltd. Class H	730,000		194,864
China Communications Construction Co. Ltd. Class H	146,000		145,348
China Construction Bank Class H	511,000		253,699
China Life Insurance Co. Ltd. Class H	146,000		391,610
China Mobile Ltd.	73,000		663,666
China Petroleum & Chemical Corp. Class H	438,000		240,050
China Shenhua Energy Co. Ltd. Class H	73,000		160,033
CNOOC Ltd.	292,000		256,053
Industrial and Commercial Bank of China Ltd. Class H	1,042,000		450,143
PetroChina Co. Ltd. Class H	292,000		219,151
Ping An Insurance (Group) Co. of China Ltd. Class H	73,000		322,890

			3,297,507

CZECH REPUBLIC – 0.25%
CEZ AS	3,287		113,289
Komercni Banka AS	1,995		221,288
Zentiva NV	3,985		203,604

			538,181

DENMARK – 0.32%
Danske Bank A/S	10,658		108,099
FLS Industries A/S Class B	3,723		102,882
Novo Nordisk A/S Class B	5,621		301,965
Vestas Wind Systems A/S^c	3,358		164,232

			677,178


Security	Shares	Value
EGYPT – 0.12%
Orascom Construction Industries Co. GDR	3,180	$	129,903
Orascom Telecom Holding SAE GDR^d	6,327		128,691

			258,594

FINLAND – 0.52%
Fortum OYJ	8,833		172,962
Metso OYJ	7,227		70,572
Nokia OYJ	32,047		393,844
Sampo OYJ Class A	14,089		226,952
UPM-Kymmene OYJ	24,747		234,678

			1,099,008

FRANCE – 4.07%
Accor SA	4,964		197,171
Alcatel-Lucent^c	63,875		127,204
ALSTOM	3,212		156,106
ArcelorMittal	9,928		225,256
AXA	11,753		183,976
BNP Paribas	8,833		339,698
Bouygues SA	5,110		175,237
Cap Gemini SA	6,643		230,277
Carrefour SA	6,424		220,545
Compagnie de Saint-Gobain	4,745		161,595
Compagnie Generale de Geophysique-Veritas^c	7,300		89,143
Compagnie Generale des Etablissements Michelin Class B	3,942		155,187
Credit Agricole SA	18,620		227,639
Essilor International SA	6,424		245,983
France Telecom SA	19,856		446,822
GDF Suez	10,449		402,649
Groupe Danone	5,840		301,229
Lafarge SA	2,190		101,553
L’Air Liquide SA	2,855		208,673
L’Oreal SA	2,920		194,957
LVMH Moet Hennessy Louis Vuitton SA	3,431		188,206
Pernod Ricard SA	3,431		216,500
PPR SA	2,628		133,465
PSA Peugeot Citroen SA	4,891		83,393
Renault SA	3,796		73,747


28		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI INDEX FUND

January 31, 2009


Security	Shares	Value
Sanofi-Aventis	10,877	$	614,495
Schneider Electric SA	3,212		204,821
SES SA	15,549		286,337
Societe Generale	3,504		147,958
Suez Environnement SA^c	2,718		43,574
Technip SA	4,964		154,772
Total SA	21,827		1,095,776
Unibail-Rodamco	1,460		196,837
Vallourec SA	1,679		165,429
Veolia Environnement	4,599		104,052
Vinci SA	5,402		185,804
Vivendi	13,067		338,424

			8,624,490

GERMANY – 3.27%
Adidas AG	5,621		195,426
Allianz SE Registered	5,183		439,037
BASF SE	8,030		233,799
Bayer AG	8,541		455,434
Bayerische Motoren Werke AG	6,935		165,391
Commerzbank AG	12,702		57,867
Daimler AG Registered	11,680		329,294
Deutsche Bank AG Registered	6,132		162,664
Deutsche Boerse AG	2,482		125,637
Deutsche Post AG Registered	11,388		142,727
Deutsche Telekom AG Registered	28,032		340,191
E.ON AG	18,177		587,936
Fresenius Medical Care AG & Co. KGaA	7,154		320,966
K+S AG	4,672		222,423
Linde AG	2,920		195,519
MAN AG	2,774		121,293
Merck KGaA	2,920		247,981
METRO AG	4,307		156,752
Muenchener Rueckversicherungs- Gesellschaft AG Registered	2,482		329,837
RWE AG	4,964		387,216
SAP AG	11,096		396,014
Siemens AG Registered^a	10,147		571,889
ThyssenKrupp AG^a	7,227		147,627
Volkswagen AG	1,898		606,734

			6,939,654


Security	Shares	Value
GREECE – 0.13%
National Bank of Greece SA ADR	82,880	$	268,531

			268,531

HONG KONG – 1.12%
Esprit Holdings Ltd.	29,200		157,397
Hang Lung Properties Ltd.^a	146,000		335,128
Hang Seng Bank Ltd.	21,900		267,726
Henderson Land Development Co. Ltd.	73,000		283,823
Hong Kong and China Gas Co. Ltd. (The)^a	146,400		240,518
Li & Fung Ltd.^a	146,000		295,967
New World Development Co. Ltd.	146,000		140,829
Swire Pacific Ltd. Class A	73,000		480,099
Wharf Holdings Ltd. (The)	73,000		183,567

			2,385,054

HUNGARY – 0.13%
OTP Bank Rt^a,c	8,833		88,351
Richter Gedeon Rt	1,606		183,124

			271,475

INDIA – 0.61%
HDFC Bank Ltd. ADR^a	5,863		338,061
ICICI Bank Ltd. SP ADR	8,979		147,974
Infosys Technologies Ltd. SP ADR	10,220		271,443
Reliance Industries Ltd. GDR^e	4,891		261,669
Satyam Computer Services Ltd. ADR	19,060		36,214
Wipro Ltd. ADR	33,580		233,045

			1,288,406

INDONESIA – 0.24%
PT Astra International Tbk	146,000		166,784
PT Bank Central Asia Tbk	1,460,000		352,812

			519,596

IRELAND – 0.02%
Elan Corp. PLC^c	7,008		50,292

			50,292

ISRAEL – 0.42%
Israel Chemicals Ltd.	28,324		200,979
Teva Pharmaceutical Industries Ltd.	17,009		699,221

			900,200


SCHEDULES OF INVESTMENTS		29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI INDEX FUND

January 31, 2009


Security	Shares	Value
ITALY – 1.50%
Assicurazioni Generali SpA	8,979	$	187,557
Atlantia SpA	11,996		176,019
Banco Popolare SpA	22,338		128,030
Enel SpA	46,209		260,258
Eni SpA	22,200		473,396
Finmeccanica SpA	21,644		340,330
Intesa Sanpaolo SpA	90,301		286,120
Mediobanca SpA	31,098		282,950
Saipem SpA	9,636		147,935
Snam Rete Gas SpA	46,793		244,508
Telecom Italia SpA	147,022		181,532
UniCredito SpA	101,206		179,239
Unione di Banche Italiane ScpA	23,141		289,138

			3,177,012

JAPAN – 10.70%
AEON Co. Ltd.	29,200		237,020
AEON Credit Service Co. Ltd.	7,300		66,733
Aisin Seiki Co. Ltd.	14,600		201,256
Asahi Breweries Ltd.	14,600		228,567
Astellas Pharma Inc.	14,600		559,225
Bank of Yokohama Ltd. (The)	73,000		379,590
Bridgestone Corp.	29,200		377,152
Canon Inc.	14,600		402,349
Chubu Electric Power Co. Inc.	14,600		417,793
Daiichi Sankyo Co. Ltd.	14,600		331,633
Daikin Industries Ltd.	14,600		343,826
Denso Corp.	14,600		270,834
Eisai Co. Ltd.	14,600		541,343
FUJIFILM Holdings Corp.	14,600		325,944
Fujitsu Ltd.	73,000		334,885
Haseko Corp.	182,500		172,726
Hitachi Ltd.	73,000		238,971
Honda Motor Co. Ltd.	14,600		336,510
Hoya Pentax HD Corp.	14,600		264,982
Japan Prime Realty Investment Corp.	73		191,340
JFE Holdings Inc.	14,600		371,462
Kansai Electric Power Co. Inc. (The)	21,900		605,963
Kobe Steel Ltd.	146,000		222,715
Komatsu Ltd.	21,900		230,924
Kubota Corp.	73,000		404,788
Kyocera Corp.	7,300		477,942


Security	Shares	Value
Leopalace21 Corp.	29,200	$	250,676
Marubeni Corp.	73,000		265,794
Mitsubishi Chemical Holdings Corp.	73,000		303,184
Mitsubishi Corp.	14,600		198,492
Mitsubishi Heavy Industries Ltd.	146,000		560,851
Mitsubishi Motors Corp.^a,c	146,000		196,704
Mitsubishi UFJ Financial Group Inc.	138,700		787,629
Mizuho Financial Group Inc.	138,900		351,078
Murata Manufacturing Co. Ltd.	7,300		278,800
NEC Corp.	146,000		398,285
Nintendo Co. Ltd.	200		63,022
Nippon Oil Corp.	73,000		323,505
Nippon Steel Corp.	73,000		218,650
Nippon Telegraph and Telephone Corp.	8,400		411,535
Nissan Motor Co. Ltd.	43,800		134,116
Nitto Denko Corp.	14,600		274,573
Nomura Holdings Inc.	43,800		289,204
NTT DoCoMo Inc.	292		515,007
ORIX Corp.	2,920		131,028
SBI Holdings Inc.	751		92,652
Secom Co. Ltd.	7,300		310,500
Seven & I Holdings Co. Ltd.	14,600		395,847
Shin-Etsu Chemical Co. Ltd.	7,300		346,264
SoftBank Corp.	21,900		344,801
Sony Corp.	14,600		289,366
Sumitomo Chemical Co. Ltd.	73,000		234,907
Sumitomo Corp.	29,200		270,184
Sumitomo Electric Industries Ltd.	29,200		224,665
Sumitomo Metal Industries Ltd.	146,000		299,120
Sumitomo Mitsui Financial Group Inc.	8,000		325,131
Sumitomo Trust and Banking Co. Ltd. (The)	73,000		366,585
Suzuki Motor Corp.	14,600		200,443
T&D Holdings Inc.	10,950		360,895
Takeda Pharmaceutical Co. Ltd.	7,300		345,451
Takefuji Corp.	13,870		99,921
TDK Corp.	7,300		278,800
Terumo Corp.	7,300		251,164
Tokio Marine Holdings Inc.	14,600		395,847
Tokyo Electric Power Co. Inc. (The)	14,600		460,060


30		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI INDEX FUND

January 31, 2009


Security	Shares	Value
Tokyo Electron Ltd.	7,300	$	273,923
Toray Industries Inc.	73,000		321,067
Toshiba Corp.	73,000		258,479
Toyota Motor Corp.	36,500		1,188,760
Yamada Denki Co. Ltd.	4,380		262,868

			22,686,306

MEXICO – 0.64%
America Movil SAB de CV Series L	131,400		187,166
Cemex SAB de CV Series CPO^c	146,145		114,915
Fomento Economico Mexicano SAB de CV BD Units	102,200		285,671
Grupo Televisa SA Series CPO	80,300		224,120
Telefonos de Mexico SAB de CV Series L	226,300		200,144
Telmex Internacional SAB de CV Class L	226,300		106,922
Wal-Mart de Mexico SAB de CV Series V	109,500		228,357

			1,347,295

NETHERLANDS – 1.35%
Aegon NV	27,156		144,074
Akzo Nobel NV	4,964		178,373
Heineken NV	6,424		189,756
ING Groep NV CVA	22,557		184,483
Koninklijke Ahold NV	29,784		359,201
Koninklijke DSM NV	8,979		216,324
Koninklijke KPN NV	21,389		286,434
Koninklijke Philips Electronics NV	15,476		281,621
Reed Elsevier NV	22,119		246,039
TNT NV	10,293		180,116
Unilever NV	16,352		361,894
Wolters Kluwer NV	13,432		242,705

			2,871,020

NORWAY – 0.27%
DnB NOR ASA	26,134		89,239
Orkla ASA	31,098		208,104
StatoilHydro ASA	8,543		147,959
Telenor ASA	19,418		127,414

			572,716


Security	Shares	Value
PERU – 0.09%
Compania de Minas Buenaventura SA ADR	10,658	$	200,797

			200,797

PORTUGAL – 0.16%
BRISA-Auto-estradas de Portugal SA	14,162		93,828
Energias de Portugal SA	66,065		235,192

			329,020

RUSSIA – 0.35%
Comstar United Telesystems GDR	31,463		75,511
Mobile TeleSystems SP ADR	4,599		97,959
OAO Gazprom SP ADR	22,903		297,052
OAO NOVATEK SP GDR^d	3,942		86,724
Surgutneftegaz SP ADR	12,274		52,533
Uralkali SP GDR^d	2,336		14,670
Vimpel-Communications SP ADR	10,001		60,906
Wimm-Bill-Dann Foods OJSC ADR^c	2,409		58,418

			743,773

SINGAPORE – 0.47%
CapitaLand Ltd.^a	146,000		231,930
Keppel Corp. Ltd.	73,000		195,691
Oversea-Chinese Banking Corp.	19,000		64,767
Singapore Exchange Ltd.	73,000		250,291
Singapore Telecommunications Ltd.	146,000		257,056

			999,735

SOUTH AFRICA – 0.87%
FirstRand Ltd.	172,718		252,242
Gold Fields Ltd.	25,554		271,482
Impala Platinum Holdings Ltd.	9,125		106,361
MTN Group Ltd.	24,601		236,305
Naspers Ltd.	19,418		298,907
Sanlam Ltd.	157,315		249,792
Sasol Ltd.	7,373		199,456
Standard Bank Group Ltd.	31,682		220,167

			1,834,712

SOUTH KOREA – 1.31%
KB Financial Group Inc. SP ADR^c	14,235		368,117
Korea Electric Power Corp. SP ADR^c	29,054		288,797
KT Corp. SP ADR^c	24,966		352,770
LG Display Co. Ltd. ADR^c	16,863		160,536
POSCO ADR	5,913		375,594


SCHEDULES OF INVESTMENTS		31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI INDEX FUND

January 31, 2009


Security	Shares	Value
Samsung Electronics Co. Ltd. GDR^d	3,650	$	640,575
Shinhan Financial Group Co. Ltd. ADR^c	6,497		259,035
SK Telecom Co. Ltd. ADR	20,440		334,194

			2,779,618

SPAIN – 1.79%
Acciona SA	1,314		149,024
Actividades de Construcciones y Servicios SA	8,249		332,989
Banco Bilbao Vizcaya Argentaria SA	45,990		432,002
Banco de Sabadell SA	43,362		217,828
Banco Popular Espanol SA^a	38,179		263,224
Banco Santander SA	78,533		636,045
Gamesa Corporacion Tecnologica SA	9,344		157,822
Iberdrola SA	46,647		363,451
Industria de Diseno Textil SA^a	7,373		282,321
Repsol YPF SA	15,987		287,642
Telefonica SA	37,303		665,907

			3,788,255

SWEDEN – 0.78%
Atlas Copco AB Class A	23,798		162,093
Hennes & Mauritz AB Class B	6,789		265,171
Nordea Bank AB	26,353		141,055
Sandvik AB	23,360		121,092
Scania AB Class B	16,936		137,813
Svenska Handelsbanken AB Class A	12,994		143,331
Telefonaktiebolaget LM Ericsson AB Class B	42,783		344,527
TeliaSonera AB	49,932		221,515
Volvo AB Class B	27,010		109,406

			1,646,003

SWITZERLAND – 3.54%
ABB Ltd. Registered^c	27,594		359,932
Adecco SA Registered	7,154		240,747
Compagnie Financiere Richemont SA Class A Bearer Units	7,245		106,113
Credit Suisse Group AG Registered	13,797		354,702
Holcim Ltd. Registered	5,110		206,654
Julius Baer Holding AG Registered	4,964		147,889
Lindt & Spruengli AG Participation Certificates	146		238,365


Security	Shares	Value
Nestle SA Registered	58,984	$	2,041,852
Novartis AG Registered	29,784		1,233,751
Roche Holding AG Genusschein	8,176		1,150,994
Swiss Reinsurance Co. Registered	5,110		136,214
Syngenta AG Registered	1,314		255,283
Transocean Ltd.^c	3,431		187,401
UBS AG Registered^c	39,088		493,020
Zurich Financial Services AG Registered	1,971		356,604

			7,509,521

TAIWAN – 1.16%
AU Optronics Corp. SP ADR^a	23,666		167,555
Chunghwa Telecom Co. Ltd. ADR	65,498		985,090
Siliconware Precision Industries Co. SP ADR	48,161		198,905
Taiwan Semiconductor Manufacturing Co. Ltd. SP ADR	108,336		816,853
United Microelectronics Corp. SP ADR^a	164,394		297,553

			2,465,956

THAILAND – 0.21%
Bangkok Bank PCL NVDR	124,830		258,761
Kasikornbank PCL NVDR	146,876		188,976

			447,737

UNITED KINGDOM – 8.51%
Anglo American PLC	15,841		289,129
AstraZeneca PLC	17,885		688,712
Aviva PLC	34,091		153,345
BAE Systems PLC	49,056		284,487
Barclays PLC^f	98,192		150,199
BG Group PLC	37,522		514,177
BHP Billiton PLC	25,125		427,790
BP PLC	222,796		1,588,359
British American Tobacco PLC	18,257		500,101
British Land Co. PLC	20,294		132,392
British Sky Broadcasting Group PLC	33,653		241,132
BT Group PLC	93,440		141,313
Cadbury PLC	21,389		172,222
Carnival PLC	8,833		161,601
Centrica PLC	74,178		275,912
Compass Group PLC	60,590		299,838
Diageo PLC	24,966		339,779


32		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI INDEX FUND

January 31, 2009


Security	Shares	Value
Experian PLC	43,362	$	270,221
GlaxoSmithKline PLC	62,342		1,096,068
HSBC Holdings PLC	128,772		1,008,547
Imperial Tobacco Group PLC	11,096		302,825
International Power PLC	47,012		184,185
J Sainsbury PLC	51,684		248,128
Johnson Matthey PLC	9,344		131,210
Land Securities Group PLC	12,556		124,813
Legal & General Group PLC	155,855		138,413
Lloyds TSB Group PLC	115,595		151,155
Lonmin PLC	5,475		68,395
Man Group PLC	34,237		101,804
Marks & Spencer Group PLC	48,837		162,643
National Grid PLC	24,674		230,510
Old Mutual PLC	158,045		119,395
Pearson PLC	29,273		280,860
Prudential PLC	31,755		152,680
Reckitt Benckiser PLC	6,716		259,006
Reed Elsevier PLC	33,361		249,621
Rio Tinto PLC	10,587		229,865
Rolls-Royce Group PLC^c	43,435		207,899
Royal Dutch Shell PLC Class A	40,077		999,577
Royal Dutch Shell PLC Class B	28,835		689,254
SABMiller PLC	16,936		276,396
Scottish & Southern Energy PLC	12,264		211,288
Shire PLC	20,878		304,309
Smith & Nephew PLC	28,178		202,512
Standard Chartered PLC	17,039		215,191
Standard Life PLC	94,170		298,343
Tesco PLC	89,133		460,298
Thomson Reuters PLC	5,184		104,409
3i Group PLC	20,586		67,223
Unilever PLC	16,352		360,693
Vodafone Group PLC	641,086		1,198,757
Wm Morrison Supermarkets PLC	65,189		254,459
Wolseley PLC	29,054		72,339
WPP PLC	32,412		182,474
Xstrata PLC	7,665		62,933

			18,039,186

UNITED STATES – 45.04%
Abbott Laboratories	16,863		934,885
Accenture Ltd.	10,804		340,974


Security	Shares	Value
ACE Ltd.	6,351	$	277,285
Adobe Systems Inc.^c	10,804		208,625
AES Corp. (The)^c	19,564		154,751
Aetna Inc.	7,227		224,037
Aflac Inc.	5,913		137,240
Air Products and Chemicals Inc.	3,942		198,283
Alcoa Inc.	12,118		94,399
Allergan Inc.	5,694		217,055
Allstate Corp. (The)	8,030		174,010
Altria Group Inc.	26,134		432,256
Amazon.com Inc.^c	4,964		291,982
American Capital Ltd.^a	10,877		31,108
American Electric Power Co. Inc.	8,687		272,337
American Express Co.	8,176		136,784
American Tower Corp. Class A^c	9,490		287,927
Ameriprise Financial Inc.	6,935		139,740
Amgen Inc.^c	13,651		748,757
Anadarko Petroleum Corp.	6,351		233,336
Apache Corp.	4,307		323,025
Apollo Group Inc. Class A^c	4,982		405,834
Apple Inc.^c	10,950		986,923
Applied Materials Inc.	20,732		194,259
Archer-Daniels-Midland Co.	8,395		229,855
AT&T Inc.	70,810		1,743,342
Automatic Data Processing Inc.	9,271		336,815
Avon Products Inc.	9,417		192,578
Baker Hughes Inc.	5,402		179,995
Bank of America Corp.	60,665		399,176
Bank of New York Mellon Corp. (The)	12,702		326,949
Baxter International Inc.	8,176		479,522
BB&T Corp.	11,242		222,479
Becton, Dickinson and Co.	4,015		291,770
Bed Bath & Beyond Inc.^c	12,775		296,763
Best Buy Co. Inc.	7,164		200,735
Biogen Idec Inc.^c	5,913		287,667
Boeing Co. (The)	8,833		373,724
Boston Properties Inc.	4,161		180,171
Boston Scientific Corp.^c	29,857		264,832
Bristol-Myers Squibb Co.	24,382		522,019
Burlington Northern Santa Fe Corp.	4,818		319,192
C.H. Robinson Worldwide Inc.	6,716		308,802
C.R. Bard Inc.	3,650		312,330


SCHEDULES OF INVESTMENTS		33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI INDEX FUND

January 31, 2009


Security	Shares	Value
CA Inc.	15,841	$	284,980
Capital One Financial Corp.	7,665		121,414
Cardinal Health Inc.	6,059		228,121
Carnival Corp.	8,979		163,328
Caterpillar Inc.	6,497		200,432
CBS Corp. Class B	14,892		85,182
Celgene Corp.^c	6,570		347,881
Charles Schwab Corp. (The)	18,469		250,994
Chesapeake Energy Corp.	8,687		137,341
Chevron Corp.	24,382		1,719,419
Chubb Corp.	7,008		298,401
CIGNA Corp.	7,592		131,797
Cisco Systems Inc.^c	73,730		1,103,738
Citigroup Inc.	61,685		218,982
CME Group Inc.	584		101,563
Coach Inc.^c	11,972		174,791
Coca-Cola Co. (The)	22,557		963,635
Cognizant Technology Solutions Corp.^c	11,461		214,665
Colgate-Palmolive Co.	5,767		375,086
Comcast Corp. Class A	3,358		49,195
ConAgra Foods Inc.	17,301		295,847
ConocoPhillips	18,469		877,832
CONSOL Energy Inc.	4,818		131,339
Constellation Energy Group Inc.	3,650		95,995
Cooper Industries Ltd.	8,468		227,874
Corning Inc.	20,951		211,815
Costco Wholesale Corp.	5,694		256,401
Coventry Health Care Inc.^c	6,716		101,613
Covidien Ltd.	8,541		327,462
CSX Corp.	7,519		217,750
CVS Caremark Corp.	16,790		451,315
Danaher Corp.	4,818		269,471
Deere & Co.	4,526		157,233
Dell Inc.^c	31,098		295,431
Devon Energy Corp.	5,329		328,266
DIRECTV Group Inc. (The)^a,c	14,819		324,536
Dominion Resources Inc.	8,760		308,177
Dover Corp.	8,833		249,797
Dow Chemical Co. (The)	11,753		136,217
Dr. Pepper Snapple Group Inc.^c	4,017		66,080
Duke Energy Corp.	20,951		317,408


Security	Shares	Value
E.I. du Pont de Nemours and Co.	10,147	$	232,975
Eaton Corp.	4,599		202,448
eBay Inc.^c	13,011		156,392
Edison International	7,008		228,251
El Paso Corp.	22,995		188,099
Electronic Arts Inc.^c	7,519		116,093
Eli Lilly and Co.	11,753		432,745
EMC Corp.^c	29,054		320,756
Emerson Electric Co.	6,935		226,774
Entergy Corp.	3,358		256,417
EOG Resources Inc.	3,723		252,308
Equity Residential	9,563		228,843
Exelon Corp.	6,351		344,351
Expeditors International Washington Inc.	8,979		249,706
Express Scripts Inc.^c	5,694		306,109
Exxon Mobil Corp.	67,525		5,164,312
FedEx Corp.	4,161		211,961
Fifth Third Bancorp	20,440		48,852
FirstEnergy Corp.	5,110		255,449
Fluor Corp.	5,986		232,855
Forest Laboratories Inc.^c	9,125		228,490
FPL Group Inc.	5,621		289,763
Franklin Resources Inc.	3,650		176,733
Freeport-McMoRan Copper & Gold Inc.	4,818		121,125
Gap Inc. (The)	19,126		215,741
Genentech Inc.^c	5,767		468,511
General Dynamics Corp.	4,307		244,336
General Electric Co.	117,457		1,424,753
General Mills Inc.	6,716		397,251
Genzyme Corp.^c	4,964		342,119
Gilead Sciences Inc.^c	11,242		570,756
Goldman Sachs Group Inc. (The)	4,905		395,981
Google Inc. Class A^c	2,774		939,082
H.J. Heinz Co.	9,052		330,398
Halliburton Co.	10,950		188,888
Hartford Financial Services Group Inc. (The)	4,964		65,326
Hess Corp.	4,015		223,274
Hewlett-Packard Co.	32,704		1,136,464
Home Depot Inc.	21,024		452,647


34		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI INDEX FUND

January 31, 2009


Security	Shares	Value
Honeywell International Inc.	7,665	$	251,489
Humana Inc.^c	5,256		199,360
Illinois Tool Works Inc.	7,519		245,571
Ingersoll-Rand Co. Ltd. Class A	11,254		182,427
Intel Corp.	73,876		953,000
International Business Machines Corp.	14,819		1,358,161
International Game Technology Inc.	8,030		85,118
International Paper Co.	11,461		104,524
Intuit Inc.^c	12,337		279,433
ITT Industries Inc.	6,351		287,573
J.C. Penney Co. Inc.	7,957		133,280
Jacobs Engineering Group Inc.^c	4,745		183,489
Johnson & Johnson	30,587		1,764,564
Johnson Controls Inc.	10,877		136,071
JPMorgan Chase & Co.	40,734		1,039,124
Juniper Networks Inc.^c	14,381		203,635
Kellogg Co.	7,008		306,180
Kimberly-Clark Corp.	5,913		304,342
Kohl’s Corp.^c	8,249		302,821
Kraft Foods Inc. Class A	17,382		487,565
Kroger Co. (The)	13,870		312,075
L-3 Communications Holdings Inc.	3,358		265,349
Laboratory Corp. of America Holdings^c	4,526		267,939
Legg Mason Inc.	5,256		84,411
Lincoln National Corp.	6,789		102,718
Lockheed Martin Corp.	4,015		329,391
Lowe’s Companies Inc.	19,345		353,433
Macy’s Inc.^a	14,892		133,283
Marathon Oil Corp.	9,709		264,376
Marriott International Inc. Class A	10,512		171,451
Marsh & McLennan Companies Inc.	14,600		282,218
MasterCard Inc. Class A	1,679		227,975
McDonald’s Corp.	12,337		715,793
McGraw-Hill Companies Inc. (The)	9,125		200,659
McKesson Corp.	6,278		277,488
Medco Health Solutions Inc.^c	7,519		337,829
Medtronic Inc.	12,994		435,169
MEMC Electronic Materials Inc.^c	4,745		64,532
Merck & Co. Inc.	27,083		773,220
MetLife Inc.	5,408		155,372


Security	Shares	Value
Microsoft Corp.	101,470	$	1,735,137
Mirant Corp.^c	10,293		176,731
Monsanto Co.	5,986		455,295
Moody’s Corp.	9,490		203,276
Morgan Stanley	13,140		265,822
Motorola Inc.	34,091		151,023
Murphy Oil Corp.	4,745		209,634
National Oilwell Varco Inc.^c	5,913		156,340
Newmont Mining Corp.	7,665		304,914
News Corp. Class A	19,418		124,081
Nike Inc. Class B	5,913		267,563
Noble Corp.	7,665		208,105
Noble Energy Inc.	4,818		235,745
Norfolk Southern Corp.	6,716		257,626
Northern Trust Corp.	4,964		285,529
Northrop Grumman Corp.	4,526		217,791
NRG Energy Inc.^a,c	14,600		341,056
Nucor Corp.	5,913		241,191
NVIDIA Corp.^c	14,409		114,552
Occidental Petroleum Corp.	9,782		533,608
Omnicom Group Inc.	7,957		206,007
Oracle Corp.^c	47,377		797,355
Owens-Illinois Inc.^c	6,716		127,604
PACCAR Inc.	8,760		231,176
Parker Hannifin Corp.	5,475		209,200
Paychex Inc.	11,096		269,522
Peabody Energy Corp.	6,570		164,250
PepsiCo Inc.	17,374		872,696
Pfizer Inc.	82,636		1,204,833
PG&E Corp.	9,271		358,510
Philip Morris International Inc.	26,134		970,878
PNC Financial Services Group Inc. (The)	7,252		235,835
PPL Corp.	7,592		232,771
Praxair Inc.	4,453		277,244
Precision Castparts Corp.	3,066		199,137
Principal Financial Group Inc.	6,497		107,785
Procter & Gamble Co. (The)	34,748		1,893,766
Progressive Corp. (The)^c	20,294		246,572
Prudential Financial Inc.	5,037		129,703
Public Service Enterprise Group Inc.	7,811		246,593
Public Storage	4,891		302,606


SCHEDULES OF INVESTMENTS		35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI INDEX FUND

January 31, 2009


Security	Shares	Value
QUALCOMM Inc.	20,513	$	708,724
Quest Diagnostics Inc.	7,154		353,050
Questar Corp.	6,716		228,210
Raytheon Co.	5,694		288,230
Reynolds American Inc.	5,621		214,610
Safeway Inc.	11,680		250,302
Schering-Plough Corp.	20,586		361,490
Schlumberger Ltd.	14,016		571,993
Seagate Technology	16,644		63,081
Sempra Energy	6,643		291,229
Simon Property Group Inc.	4,307		185,115
SLM Corp.^c	17,082		195,589
Smith International Inc.	6,059		137,539
Southern Co. (The)	10,439		349,185
Southwestern Energy Co.^c	9,490		300,359
Spectra Energy Corp.	16,352		237,268
Sprint Nextel Corp.^c	40,223		97,742
St. Jude Medical Inc.^c	8,541		310,636
Staples Inc.	14,678		233,967
Starbucks Corp.^c	20,732		195,710
Starwood Hotels & Resorts Worldwide Inc.	7,665		115,895
State Street Corp.	4,818		112,115
Stryker Corp.	5,329		225,097
Sun Microsystems Inc.^c	22,265		92,622
SunTrust Banks Inc.	5,767		70,703
Symantec Corp.^c	21,608		331,251
T. Rowe Price Group Inc.	7,446		205,361
Target Corp.	9,563		298,366
Texas Instruments Inc.	18,980		283,751
Textron Inc.	6,424		58,009
Thermo Fisher Scientific Inc.^c	6,424		230,814
3M Co.	8,249		443,714
Time Warner Inc.	42,194		393,670
TJX Companies Inc. (The)	12,483		242,420
Travelers Companies Inc. (The)	7,665		296,176
Tyco Electronics Ltd.	10,658		150,917
Tyco International Ltd.	9,198		193,342
U.S. Bancorp	17,739		263,247
Ultra Petroleum Corp.^c	7,300		261,559
Union Pacific Corp.	6,570		287,700
United Parcel Service Inc. Class B	6,570		279,159


Security	Shares	Value
United States Steel Corp.	3,431	$	103,033
United Technologies Corp.	7,957		381,856
UnitedHealth Group Inc.	15,987		452,912
Valero Energy Corp.	7,446		179,598
Varian Medical Systems Inc.^c	6,935		257,497
VeriSign Inc.^c	10,366		200,167
Verizon Communications Inc.	31,828		950,702
Viacom Inc. Class B^c	9,125		134,594
Visa Inc. Class A	2,386		117,749
Vornado Realty Trust	4,161		211,420
Walgreen Co.	12,629		346,161
Wal-Mart Stores Inc.	25,331		1,193,597
Walt Disney Co. (The)	20,075		415,151
Waste Management Inc.	11,169		348,361
Weatherford International Ltd.^c	11,096		122,389
WellPoint Inc.^c	7,373		305,611
Wells Fargo & Co.	47,452		896,843
Western Union Co.	17,593		240,320
Weyerhaeuser Co.	5,694		155,674
Whirlpool Corp.^a	4,088		136,662
Williams Companies Inc. (The)	10,950		154,943
Wyeth	16,352		702,645
Xerox Corp.	25,477		169,167
XTO Energy Inc.	6,716		249,096
Yahoo! Inc.^c	17,009		199,516
Yum! Brands Inc.	10,585		302,943
Zimmer Holdings Inc.^c	4,745		172,718
Zions Bancorporation	4,380		65,350

			95,508,728


TOTAL COMMON STOCKS (Cost: $288,507,476)			208,841,810

PREFERRED STOCKS – 1.26%

BRAZIL – 1.11%
Banco Bradesco SA SP ADR	22,776		203,845
Banco Itau Holding Financiera SA ADR	29,064		291,802
Companhia Brasileira de Distribuicao Grupo Pao de Acucar SP ADR	7,978		204,636
Companhia de Bebidas das Americas ADR	7,373		300,745


36		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI INDEX FUND

January 31, 2009


Security	Shares	Value
Companhia Energetica de Minas Gerais SP ADR	24,018	$	326,405
Companhia Vale do Rio Doce SP ADR	18,654		226,459
Gerdau SA SP ADR	22,557		143,914
Petroleo Brasileiro SA SP ADR	30,610		663,013

			2,360,819

GERMANY – 0.06%
Volkswagen AG	2,628		130,501

			130,501

ITALY – 0.09%
Telecom Italia SpA RNC	191,771		186,282

			186,282


TOTAL PREFERRED STOCKS (Cost: $3,719,870)			2,677,602

RIGHTS – 0.00%

BELGIUM – 0.00%
Fortis^b,c	7,392		1

			1


TOTAL RIGHTS (Cost: $0)			1

SHORT-TERM INVESTMENTS – 1.47%

MONEY MARKET FUNDS – 1.47%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^f,g,h	2,585,807		2,585,807
Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56%^f,g,h	418,011		418,011


Security	Shares	Value
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^f,g	103,481	$	103,481

			3,107,299


TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,107,299)			3,107,299


TOTAL INVESTMENTS IN SECURITIES – 101.22%
(Cost: $295,334,645)			214,626,712

Other Assets, Less Liabilities – (1.22)%			(2,589,283	)


NET ASSETS – 100.00%		$	212,037,429

ADR – American Depositary Receipts

GDR – Global Depositary Receipts

NVDR – Non-Voting Depositary Receipts

SP ADR – Sponsored American Depositary Receipts

SP GDR – Sponsored Global Depositary Receipts

^a	All or a portion of this security represents a security on loan. See Note 5.

^b	Security valued using Level 3 inputs. See Note 1.

^c	Non-income earning security.

^d	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^e	This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

f	Affiliated issuer. See Note 2.

^g	The rate quoted is the annualized seven-day yield of the fund at period end.

^h	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


SCHEDULES OF INVESTMENTS		37

Schedule of Investments (Unaudited)

iSHARES^® MSCI ACWI EX US INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 97.73%

AUSTRALIA – 5.09%
AMP Ltd.	66,646	$	223,344
ASX Ltd.	8,742		150,928
Australia and New Zealand Banking Group Ltd.	63,450		535,416
AXA Asia Pacific Holdings Ltd.	47,329		142,356
BHP Billiton Ltd.	118,017		2,288,934
BlueScope Steel Ltd.	41,830		93,897
Boral Ltd.	45,120		94,970
Brambles Ltd.	52,969		229,044
Commonwealth Bank of Australia	43,945		751,710
Computershare Ltd.	34,028		156,878
Crown Ltd.	22,983		80,966
CSL Ltd.	21,667		516,677
Fortescue Metals Group Ltd.^a	40,843		45,971
Foster’s Group Ltd.	48,081		167,244
Insurance Australia Group Ltd.	100,815		250,663
Macquarie Group Ltd.^b	12,173		201,184
National Australia Bank Ltd.	53,063		638,751
Newcrest Mining Ltd.	14,335		282,584
OneSteel Ltd.	59,925		92,598
Orica Ltd.	19,884		171,203
Origin Energy Ltd.	84,788		754,834
Qantas Airways Ltd.	96,914		150,988
QBE Insurance Group Ltd.	43,099		657,760
Rio Tinto Ltd.	7,849		210,378
Santos Ltd.	52,969		484,024
Sonic Healthcare Ltd.	19,462		172,025
Suncorp-Metway Ltd.	53,345		254,416
Tabcorp Holdings Ltd.	19,270		80,753
Telstra Corp. Ltd.	83,002		200,040
Wesfarmers Ltd.	21,291		210,531
Wesfarmers Ltd. Entitlement^c	9,124		87,319
Wesfarmers Ltd. Partially Protected	7,332		72,174
Wesfarmers Ltd. Partially Protected Entitlement^c	3,142		29,930
Westfield Group	42,582		326,018
Westpac Banking Corp.	61,711		613,745
Woodside Petroleum Ltd.	30,691		690,490
Woolworths Ltd.	45,449		800,558

			12,911,301


Security	Shares	Value
AUSTRIA – 0.19%
OMV AG	6,017	$	172,645
Raiffeisen International Bank Holding AG^b	1,692		34,693
Vienna Insurance Group	2,961		93,345
voestalpine AG	9,447		184,258

			484,941

BELGIUM – 0.50%
Anheuser-Busch InBev NV	8,058		205,597
Delhaize Group	2,961		191,244
Groupe Bruxelles Lambert SA	5,969		440,522
KBC Ancora SCA	2,350		19,183
KBC Group NV	4,136		75,927
Solvay SA	2,304		163,573
UCB SA	5,123		160,025

			1,256,071

BRAZIL – 0.27%
Companhia Vale do Rio Doce ADR	48,692		687,044

			687,044

CANADA – 6.25%
Addax Petroleum Corp.	5,781		91,388
Agnico-Eagle Mines Ltd.	3,254		171,905
Agrium Inc.	4,418		146,382
ARC Energy Trust	17,766		236,288
Bank of Montreal	12,784		342,838
Bank of Nova Scotia	29,610		708,577
Barrick Gold Corp.	24,722		920,009
BCE Inc.	900		18,227
Cameco Corp.	11,374		186,593
Canadian Imperial Bank of Commerce	9,400		353,528
Canadian National Railway Co.	10,951		379,533
Canadian Natural Resources Ltd.	16,873		597,295
Canadian Oil Sands Trust	12,126		182,890
Canadian Pacific Railway Ltd.	3,760		112,874
Enbridge Inc.	12,032		390,505
EnCana Corp.	5,364		236,088
Enerplus Resources Fund	10,622		217,949
Fairfax Financial Holdings Ltd.	330		106,172
Finning International Inc.	9,024		91,634
First Quantum Minerals Ltd.	3,008		52,913
Goldcorp Inc.	18,941		554,855
Great-West Lifeco Inc.	13,334		198,959


38		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI EX US INDEX FUND

January 31, 2009


Security	Shares	Value
Harvest Energy Trust	10,528	$	90,518
Husky Energy Inc.	12,220		300,018
Imperial Oil Ltd.	12,032		377,986
Kinross Gold Corp.	15,745		275,952
Magna International Inc. Class A	3,243		89,795
Manulife Financial Corp.	60,959		1,001,029
Nexen Inc.	16,403		236,285
Niko Resources Ltd.	2,632		107,076
Penn West Energy Trust	20,022		225,113
Petro-Canada	18,424		395,124
Potash Corp. of Saskatchewan Inc.	10,011		744,860
Power Corp. of Canada	12,784		218,076
Power Financial Corp.	10,434		190,444
Provident Energy Trust	43,052		193,757
Research In Motion Ltd.^a	13,912		760,540
Ritchie Bros. Auctioneers Inc.	8,178		150,388
Rogers Communications Inc. Class B	11,750		327,713
Royal Bank of Canada	37,036		908,388
Shoppers Drug Mart Corp.	4,747		173,708
SNC-Lavalin Group Inc.	5,405		150,835
Sun Life Financial Inc.	23,970		482,551
Suncor Energy Inc.	30,644		581,071
Talisman Energy Inc.	42,488		397,859
TELUS Corp. NVS	5,499		145,209
Toronto-Dominion Bank (The)	10,998		353,043
TransCanada Corp.	20,680		550,088
Yamana Gold Inc.	16,388		131,384

			15,856,212

CHILE – 0.04%
Enersis SA SP ADR	7,050		101,168

			101,168

CHINA – 2.91%
Air China Ltd. Class H	282,000		76,367
Angang New Steel Co. Ltd. Class H	94,000		93,580
Bank of China Ltd. Class H	940,000		250,920
Bank of Communications Co. Ltd. Class H^b	235,000		156,977
China Construction Bank Class H	987,000		490,022
China High Speed Transmission Equipment Group Co. Ltd.	141,000		168,189
China Life Insurance Co. Ltd. Class H	282,000		756,398


Security	Shares	Value
China Merchants Holdings (International) Co. Ltd.^b	94,000	$	169,705
China Mobile Ltd.	188,000		1,709,168
China Resources Enterprise Ltd.^b	188,000		275,891
China Shenhua Energy Co. Ltd. Class H	188,000		412,140
China Shipping Development
Co. Ltd. Class H	188,000		187,645
CNOOC Ltd.	799,000		700,638
Fosun International Ltd.	305,500		101,641
GOME Electrical Appliances Holdings Ltd.	224,000		32,352
Industrial and Commercial
Bank of China Ltd. Class H	1,504,000		649,726
Jiangxi Copper Co. Ltd. Class H	141,000		98,914
Lenovo Group Ltd.	470,000		89,095
Maanshan Iron & Steel Co. Ltd. Class H	376,000		125,581
Ping An Insurance (Group) Co. of China Ltd. Class H	70,500		311,832
Sinofert Holdings Ltd.	282,000		162,189
Sinopec Shanghai Petrochemical Co. Ltd. Class H^b	564,000		133,097
Yanzhou Coal Mining Co. Ltd. Class H	188,000		125,824
Zijin Mining Group Co. Ltd. Class H	188,000		101,095

			7,378,986

COLOMBIA – 0.03%
Bancolombia SA SP ADR	3,120		65,302

			65,302

CZECH REPUBLIC – 0.61%
Central European Media Enterprises Ltd. Class A^a	2,444		26,327
CEZ AS	26,931		928,196
Komercni Banka AS	3,149		349,292
Zentiva NV	4,968		253,828

			1,557,643

DENMARK – 1.13%
Coloplast A/S Class B	2,820		173,550
Danske Bank A/S	17,014		172,565
FLS Industries A/S Class B	2,538		70,135


SCHEDULES OF INVESTMENTS		39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI EX US INDEX FUND

January 31, 2009


Security	Shares	Value
Novo Nordisk A/S Class B	22,090	$	1,186,695
Novozymes A/S Class B	3,713		297,763
Topdanmark A/S^a	1,410		168,460
Trygvesta A/S	4,465		266,345
Vestas Wind Systems A/S^a	8,366		409,160
William Demant Holding A/S^a	3,478		115,692

			2,860,365

EGYPT – 0.24%
Orascom Construction Industries Co. GDR	8,742		357,111
Orascom Telecom Holding SAE GDR^d	11,750		238,995

			596,106

FINLAND – 1.00%
Fortum OYJ	8,977		175,781
Kone OYJ Class B	5,922		124,688
Neste Oil OYJ	11,750		170,753
Nokia OYJ	130,096		1,598,826
Nokian Renkaat OYJ	7,003		68,743
Rautaruukki OYJ	7,050		112,480
Sampo OYJ Class A	18,189		292,997

			2,544,268

FRANCE – 7.46%
Aeroports de Paris	1,927		103,877
ALSTOM	1,974		95,938
ArcelorMittal	30,785		698,480
AXA	65,142		1,019,702
BNP Paribas	24,910		957,984
Bouygues SA	5,969		204,695
Cap Gemini SA	4,371		151,519
Carrefour SA	19,129		656,725
Casino Guichard-Perrachon SA	2,021		133,264
CNP Assurances SA	2,350		157,006
Compagnie de Saint-Gobain	12,126		412,961
Compagnie Generale de Geophysique-Veritas^a	4,465		54,524
Compagnie Generale des Etablissements Michelin Class B	6,580		259,039
Credit Agricole SA	27,871		340,737
Electricite de France	3,384		165,896
Essilor International SA	7,426		284,351
France Telecom SA	56,212		1,264,947


Security	Shares	Value
GDF Suez	36,284	$	1,398,193
Groupe Danone	9,964		513,947
L’Air Liquide SA	11,327		827,894
Legrand SA	12,126		205,043
L’Oreal SA	8,695		580,532
LVMH Moet Hennessy Louis Vuitton SA	3,666		201,097
Neopost SA	2,256		182,325
Pernod Ricard SA	2,350		148,287
PPR SA	2,914		147,990
Publicis Groupe SA	6,486		152,771
Renault SA	2,021		39,263
Sanofi-Aventis	35,344		1,996,757
SCOR SE	11,609		236,692
Societe Generale	14,335		605,301
Sodexo	4,277		217,677
STMicroelectronics NV	43,663		227,286
Suez Environnement SA^a	5,029		80,623
Technip SA	3,525		109,906
Total SA	43,381		2,177,846
Unibail-Rodamco	846		114,058
Valeo SA	6,345		71,066
Vallourec SA	2,350		231,541
Veolia Environnement	11,468		259,462
Vinci SA	13,724		472,043
Vivendi	29,751		770,525

			18,929,770

GERMANY – 6.44%
Allianz SE Registered	15,933		1,349,639
BASF SE	48,692		1,417,701
Celesio AG	5,969		128,125
Commerzbank AG	27,918		127,187
Daimler AG Registered	24,675		695,662
Deutsche Bank AG Registered	21,244		563,541
Deutsche Boerse AG	7,003		354,487
Deutsche Postbank AG	2,726		32,908
Deutsche Telekom AG Registered	100,674		1,221,760
E.ON AG	56,682		1,833,383
Fresenius Medical Care AG & Co. KGaA	8,225		369,017
GEA Group AG	16,262		188,183
HeidelbergCement AG^b	1,410		54,840


40		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI EX US INDEX FUND

January 31, 2009


Security	Shares	Value
Hochtief AG	3,948	$	136,097
Infineon Technologies AG^a	43,710		39,210
K+S AG	6,392		304,309
Linde AG	7,238		484,645
Merck KGaA	2,773		235,497
METRO AG	7,755		282,240
Muenchener Rueckversicherungs- Gesellschaft AG Registered	7,755		1,030,574
Q-Cells SE^a	4,418		108,704
RWE AG	12,314		960,552
Salzgitter AG	2,491		182,212
SAP AG	33,229		1,185,936
Siemens AG Registered^b	27,025		1,523,139
ThyssenKrupp AG^b	24,534		501,159
TUI AG	12,972		109,466
Volkswagen AG	2,585		826,347
Wacker Chemie AG	1,269		91,215

			16,337,735

HONG KONG – 2.21%
Bank of East Asia Ltd.	56,400		114,042
Belle International Holdings Ltd.	188,000		76,367
BOC Hong Kong (Holdings) Ltd.^b	188,000		194,675
Cathay Pacific Airways Ltd.^b	141,000		166,189
Cheung Kong (Holdings) Ltd.	47,000		441,838
Cheung Kong Infrastructure Holdings Ltd.	47,000		176,978
CLP Holdings Ltd.	47,000		319,711
Esprit Holdings Ltd.	47,000		253,345
Hang Seng Bank Ltd.	28,200		344,743
Henderson Land Development Co. Ltd.	47,000		182,736
Hong Kong Aircraft Engineering Co. Ltd.	18,800		166,432
Hong Kong and China Gas Co. Ltd. (The)	141,300		232,140
Hong Kong Exchanges and Clearing Ltd.	23,500		206,070
Hongkong Electric Holdings Ltd.	70,500		415,473
Hutchison Whampoa Ltd.	47,000		242,435
Kingboard Chemical Holdings Co. Ltd.	47,000		77,094


Security	Shares	Value
Li & Fung Ltd.	94,000	$	190,554
MTR Corp. Ltd.	70,500		170,917
New World Development Co. Ltd.	94,000		90,671
Noble Group Ltd.	189,600		131,771
Orient Overseas International Ltd.	47,000		112,732
Pacific Basin Shipping Ltd.	188,000		98,914
PCCW Ltd.	208,000		108,095
Shangri-La Asia Ltd.^b	94,000		110,914
Sun Hung Kai Properties Ltd.	47,000		424,262
Swire Pacific Ltd. Class A	23,500		154,552
Tencent Holdings Ltd.	47,000		293,347
Wharf Holdings Ltd. (The)	47,000		118,187

			5,615,184

HUNGARY – 0.17%
MOL Magyar Olaj-es Gazipari Rt	6,768		273,226
OTP Bank Rt^a,b	5,499		55,003
Richter Gedeon Rt	940		107,183

			435,412

INDIA – 1.58%
HDFC Bank Ltd. ADR^b	17,672		1,018,968
ICICI Bank Ltd. SP ADR	42,018		692,457
Infosys Technologies Ltd. SP ADR	39,480		1,048,589
Satyam Computer Services Ltd. ADR^b	65,800		125,020
Tata Communications Ltd. ADR	20,257		364,423
Wipro Ltd. ADR	107,818		748,257

			3,997,714

INDONESIA – 0.47%
PT Bank Central Asia Tbk	705,000		170,365
PT Bank Mandiri Tbk	681,500		108,992
PT Bank Rakyat Indonesia Tbk	305,500		122,146
PT Bumi Resources Tbk	337,000		15,103
PT Indosat Tbk	305,500		151,676
PT Perusahaan Gas Negara Tbk	822,500		159,007
PT Semen Gresik (Persero) Tbk	376,000		114,815
PT Telekomunikasi Indonesia Tbk	493,500		273,203
PT United Tractors Tbk	188,500		83,649

			1,198,956

IRELAND – 0.35%
Allied Irish Banks PLC	37,318		58,344
Anglo Irish Bank Corp. Ltd.^c	64,486		–
Bank of Ireland	60,726		50,583


SCHEDULES OF INVESTMENTS		41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI EX US INDEX FUND

January 31, 2009


Security	Shares	Value
CRH PLC	28,482	$	664,294
Elan Corp. PLC^a	14,711		105,572

			878,793

ITALY – 2.54%
Alleanza Assicurazioni SpA	22,466		153,020
Assicurazioni Generali SpA	43,099		900,271
Banco Popolare SpA	11,891		68,153
Enel SpA	71,111		400,511
Eni SpA	124,174		2,647,906
Fondiaria-Sai SpA	5,687		89,204
IFIL Investments SpA	40,240		99,990
Intesa Sanpaolo SpA	229,031		725,687
Luxottica Group SpA	5,594		79,214
Mediobanca SpA	30,268		275,398
Mediolanum SpA	36,942		143,444
Saipem SpA	6,815		104,626
Telecom Italia SpA	302,962		374,075
UniCredito SpA	155,161		274,795
Unione di Banche Italiane ScpA	9,541		119,211

			6,455,505

JAPAN – 20.56%
Advantest Corp.	9,400		129,262
AEON Co. Ltd.	18,800		152,602
AEON Credit Service Co. Ltd.	4,700		42,965
Aisin Seiki Co. Ltd.	9,400		129,576
All Nippon Airways Co. Ltd.	47,000		177,931
Alps Electric Co. Ltd.	18,800		80,802
Amada Co. Ltd.	47,000		227,647
Asahi Breweries Ltd.	18,800		294,319
Asahi Glass Co. Ltd.	47,000		250,674
Asahi Kasei Corp.	47,000		196,248
Astellas Pharma Inc.	18,800		720,098
Bridgestone Corp.	23,500		303,530
Canon Inc.	37,600		1,036,188
Canon Marketing Japan Inc.	14,100		210,534
Casio Computer Co. Ltd.	28,200		225,135
Chubu Electric Power Co. Inc.	9,400		268,990
Chugai Pharmaceutical Co. Ltd.	18,800		365,492
Citizen Watch Co. Ltd.	23,500		96,815
Coca-Cola West Japan Co. Ltd.	14,100		291,860
Cosmo Oil Co. Ltd.	94,000		255,384
Credit Saison Co. Ltd.	9,400		94,199


Security	Shares	Value
Daido Steel Co. Ltd.	47,000	$	131,878
Daiichi Sankyo Co. Ltd.	23,500		533,794
Daikin Industries Ltd.	9,400		221,367
Dainippon Pharmaceutical Co. Ltd.	47,000		423,895
Daiwa Securities Group Inc.	47,000		263,757
Denso Corp.	23,500		435,931
Eisai Co. Ltd.	9,400		348,536
Fanuc Ltd.	9,400		571,473
FUJIFILM Holdings Corp.	23,500		524,635
Fujitsu Ltd.	141,000		646,832
Gunma Bank Ltd.	94,000		553,680
Hachijuni Bank Ltd. (The)	94,000		534,840
Hino Motors Ltd.	47,000		84,256
Hitachi Construction Machinery Co. Ltd.	9,400		94,722
Hitachi High-Technologies Corp.	14,100		214,145
Hitachi Ltd.	141,000		461,574
Honda Motor Co. Ltd.	37,600		866,630
Hoya Pentax HD Corp.	18,800		341,209
IBIDEN Co. Ltd.	4,700		97,444
Idemitsu Kosan Co. Ltd.	4,700		310,856
IHI Corp.	141,000		166,418
ITO EN Ltd.^b	18,800		262,919
ITOCHU Corp.	94,000		467,854
Japan Airlines Corp.^a	94,000		204,098
Japan Petroleum Exploration Co. Ltd.	4,700		220,844
Japan Prime Realty Investment Corp.	235		615,956
Japan Retail Fund Investment Corp.	47		210,377
Japan Tobacco Inc.	47		136,588
JFE Holdings Inc.	23,500		597,901
JSR Corp.	9,400		116,597
JTEKT Corp.	18,800		118,272
Kansai Electric Power Co. Inc. (The)	14,100		390,140
Kawasaki Heavy Industries Ltd.	94,000		173,745
Kawasaki Kisen Kaisha Ltd.	47,000		174,791
Keio Corp.	94,000		505,534
Kobe Steel Ltd.	141,000		215,087
Komatsu Ltd.	9,600		101,227
Konica Minolta Holdings Inc.	23,500		186,304
Kubota Corp.	47,000		260,617
Kuraray Co. Ltd.	23,500		188,136
Kurita Water Industries Ltd.	9,400		216,134


42		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI EX US INDEX FUND

January 31, 2009


Security	Shares	Value
Kyocera Corp.	9,400	$	615,433
Leopalace21 Corp.	51,700		443,834
Mabuchi Motor Co. Ltd.	4,700		179,501
Marubeni Corp.	94,000		342,256
Meiji Dairies Corp.	47,000		223,984
Minebea Co. Ltd.	47,000		146,008
Mitsubishi Chemical Holdings Corp.	47,000		195,201
Mitsubishi Corp.	51,700		702,880
Mitsubishi Electric Corp.	188,000		879,189
Mitsubishi Estate Co. Ltd.	47,000		633,749
Mitsubishi Gas Chemical Co. Inc.	47,000		189,968
Mitsubishi Heavy Industries Ltd.	141,000		541,644
Mitsubishi UFJ Financial Group Inc.	272,600		1,548,001
Mitsui Chemicals Inc.	47,000		137,635
Mitsui O.S.K. Lines Ltd.	47,000		275,793
Mitsumi Electric Co. Ltd.	9,400		125,284
Mizuho Financial Group Inc.	263,600		666,264
Murata Manufacturing Co. Ltd.	9,400		359,002
NEC Corp.	235,000		641,076
Nidec Corp.	4,700		227,647
Nintendo Co. Ltd.	4,700		1,481,016
Nippon Mining Holdings Inc.	47,000		175,838
Nippon Steel Corp.	235,000		703,875
Nippon Telegraph and Telephone Corp.	13,100		641,799
Nishi-Nippon City Bank Ltd. (The)	94,000		234,451
Nisshin Seifun Group Inc.	47,000		518,617
Nisshin Steel Co. Ltd.	94,000		160,138
Nitto Denko Corp.	4,700		88,390
Nomura Holdings Inc.	61,100		403,433
NSK Ltd.	47,000		154,381
NTN Corp.	47,000		127,692
NTT DoCoMo Inc.	329		580,265
Omron Corp.	14,100		169,087
Ono Pharmaceutical Co. Ltd.	4,700		248,580
ORIX Corp.	3,760		168,721
Panasonic Corp.	47,000		575,136
Panasonic Electric Works Co. Ltd.	47,000		376,795
Ricoh Co. Ltd.	47,000		585,603
Rohm Co. Ltd.	4,700		236,021
Santen Pharmaceutical Co. Ltd.	14,100		454,510
SANYO Electric Co. Ltd.^a	188,000		293,063


Security	Shares	Value
Secom Co. Ltd.	4,700	$	199,911
Seiko Epson Corp.	9,400		120,993
Seven & I Holdings Co. Ltd.	23,500		637,151
77 Bank Ltd. (The)	94,000		478,321
Sharp Corp.	47,000		354,292
Shin-Etsu Chemical Co. Ltd.	14,100		668,812
Showa Shell Sekiyu K.K.	37,600		357,537
SMC Corp.	4,700		427,035
SoftBank Corp.	23,500		369,992
Sompo Japan Insurance Inc.	47,000		300,390
Sony Corp.	28,200		558,913
Stanley Electric Co. Ltd.	9,400		92,315
Sumitomo Chemical Co. Ltd.	47,000		151,241
Sumitomo Corp.	51,700		478,373
Sumitomo Heavy Industries Ltd.	47,000		152,812
Sumitomo Metal Industries Ltd.	141,000		288,877
Sumitomo Mitsui Financial Group Inc.	13,100		532,402
T&D Holdings Inc.	7,050		232,357
Taiyo Nippon Sanso Corp.	47,000		308,240
Takeda Pharmaceutical Co. Ltd.	28,200		1,334,484
Takefuji Corp.	30,560		220,157
TDK Corp.	4,700		179,501
Terumo Corp.	4,700		161,708
THK Co. Ltd.	14,100		181,961
Tokio Marine Holdings Inc.	23,500		637,151
Tokyo Electric Power Co. Inc. (The)	23,500		740,508
Tokyo Electron Ltd.	9,400		352,722
Tokyo Tatemono Co. Ltd.	94,000		322,369
TonenGeneral Sekiyu K.K.	47,000		457,911
Toray Industries Inc.	47,000		206,714
Toshiba Corp.	141,000		499,254
Toyo Seikan Kaisha Ltd.	37,600		566,449
Toyota Industries Corp.	9,400		190,596
Toyota Motor Corp.	75,200		2,449,170
Toyota Tsusho Corp.	9,400		86,035
Ube Industries Ltd.	94,000		207,238
Ushio Inc.	9,400		120,575
USS Co. Ltd.	2,350		101,525
Yahoo! Japan Corp.	470		151,713
Yokogawa Electric Corp.	23,500		108,590

			52,179,299


SCHEDULES OF INVESTMENTS		43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI EX US INDEX FUND

January 31, 2009


Security	Shares	Value
MEXICO – 1.43%
America Movil SAB de CV Series L	686,200	$	977,421
Cemex SAB de CV Series CPO^a	427,826		336,402
Empresas ICA SAB de CV^a	37,600		62,113
Fomento Economico Mexicano SAB de CV BD Units	122,200		341,575
Grupo Carso SA de CV Series A1	61,100		136,902
Grupo Financiero Banorte SAB de CV Series O	65,800		86,674
Grupo Mexico SA de CV Series B	141,015		77,322
Grupo Modelo SAB de CV Series C	65,800		173,440
Kimberly-Clark de Mexico SAB de CV Series A	61,100		197,275
Telefonos de Mexico SAB de CV Series L	470,000		415,677
Telmex Internacional SAB de CV Class L	470,000		222,065
Wal-Mart de Mexico SAB de CV Series V	286,700		597,898

			3,624,764

NETHERLANDS – 1.54%
Aegon NV	58,985		312,940
Akzo Nobel NV	14,100		506,659
ASML Holding NV	19,270		321,276
Heineken NV	5,640		166,598
ING Groep NV CVA	71,346		583,506
Koninklijke Ahold NV	39,950		481,805
Koninklijke DSM NV	9,400		226,467
Koninklijke KPN NV	49,773		666,544
Koninklijke Philips Electronics NV	28,905		525,993
TNT NV	6,298		110,208

			3,901,996

NORWAY – 0.30%
Renewable Energy Corp. ASA^a	5,170		52,288
StatoilHydro ASA	29,563		512,012
Telenor ASA	11,797		77,408
Yara International ASA	4,935		111,926

			753,634


Security	Shares	Value
PHILIPPINE ISLANDS – 0.25%
Bank of the Philippine Islands	451,200	$	328,613
Metropolitan Bank & Trust Co.	343,100		166,589
Philippine Long Distance Telephone Co.	3,290		144,463

			639,665

PORTUGAL – 0.27%
Banco Comercial Portugues SA Registered^a	563,389		577,586
CIMPOR – Cimentos de Portugal SGPS SA^b	24,863		115,978

			693,564

RUSSIA – 0.92%
JSC MMC Norilsk Nickel ADR	1,976		8,181
LUKOIL SP ADR	24,581		805,519
OAO Gazprom SP ADR	65,333		847,369
OAO NOVATEK SP GDR^d	8,695		191,290
Polyus Gold SP ADR	9,306		134,937
Surgutneftegaz SP ADR	82,720		354,042

			2,341,338

SINGAPORE – 1.38%
CapitaLand Ltd.	47,000		74,662
COSCO Corp. (Singapore) Ltd.	94,000		49,153
DBS Group Holdings Ltd.	69,500		405,739
Keppel Corp. Ltd.	47,000		125,993
Neptune Orient Lines Ltd.^b	141,000		105,461
Oversea-Chinese Banking Corp.	141,000		480,639
SembCorp Marine Ltd.	188,000		197,855
Singapore Airlines Ltd.	94,000		693,116
Singapore Exchange Ltd.	47,000		161,146
Singapore Telecommunications Ltd.	470,000		827,509
United Overseas Bank Ltd.	47,000		369,579

			3,490,852

SOUTH AFRICA – 1.15%
African Bank Investments Ltd.	102,554		264,364
Anglo Platinum Ltd.	3,102		129,218
AngloGold Ashanti Ltd.^b	11,186		313,844
ArcelorMittal South Africa Ltd.	30,503		242,021
FirstRand Ltd.	153,408		224,041
Gold Fields Ltd.	29,234		310,578


44		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI EX US INDEX FUND

January 31, 2009


Security	Shares	Value
Harmony Gold Mining Co. Ltd.^a	24,017	$	283,543
Impala Platinum Holdings Ltd.	17,390		202,697
Kumba Iron Ore Ltd.	11,139		162,677
Sasol Ltd.	28,717		776,858

			2,909,841

SOUTH KOREA – 1.91%
KB Financial Group Inc. SP ADR^a	21,065		544,741
Korea Electric Power Corp. SP ADR^a	23,970		238,262
KT Corp. SP ADR^a	13,678		193,270
LG Display Co. Ltd. ADR^a	12,079		114,992
POSCO ADR	10,528		668,739
Samsung Electronics Co. Ltd. GDR^d	14,100		2,474,550
Shinhan Financial Group Co. Ltd. ADR^a	10,717		427,287
SK Telecom Co. Ltd. ADR	11,938		195,186

			4,857,027

SPAIN – 3.86%
Abertis Infraestructuras SA	8,178		133,097
Acciona SA	2,068		234,538
Acerinox SA	21,009		275,692
Actividades de Construcciones y Servicios SA^b	8,463		341,628
Banco Bilbao Vizcaya Argentaria SA	107,818		1,012,777
Banco Popular Espanol SA^b	37,553		258,908
Banco Santander SA	214,718		1,739,018
Fomento de Construcciones y Contratas SA	4,465		117,013
Gamesa Corporacion Tecnologica SA	29,986		506,469
Gas Natural SDG SA	2,538		61,309
Grupo Ferrovial SA	4,606		122,892
Iberdrola SA	102,413		797,953
Indra Sistemas SA^b	9,306		187,829
Industria de Diseno Textil SA	10,387		397,731
Repsol YPF SA	59,596		1,072,267
Telefonica SA	123,422		2,203,243
Zardoya Otis SA	18,330		328,624

			9,790,988

SWEDEN – 1.59%
Alfa Laval AB	26,320		186,410
Assa Abloy AB Class B	14,570		147,981
Electrolux AB Class B	15,369		112,093


Security	Shares	Value
Getinge AB Class B	12,800	$	172,438
Hennes & Mauritz AB Class B	17,155		670,057
Husqvarna AB Class B	23,782		100,344
Investor AB Class B	45,825		537,239
Millicom International Cellular SA SDR	2,162		84,054
Nordea Bank AB	67,351		360,498
Sandvik AB	68,761		356,440
Scania AB Class B	39,997		325,467
Securitas AB Class B	19,130		155,666
Skandinaviska Enskilda Banken AB Class A	12,690		54,767
Skanska AB Class B	21,009		181,720
SSAB Svenskt Stal AB Class A	7,379		52,484
SSAB Svenskt Stal AB Class B	4,183		27,861
Svenska Handelsbanken AB Class A	8,789		96,947
Tele2 AB Class B	11,797		96,351
TeliaSonera AB	71,440		316,931

			4,035,748

SWITZERLAND – 5.79%
ABB Ltd. Registered^a	82,156		1,071,631
Compagnie Financiere Richemont SA Class A Bearer Units	8,561		125,387
Credit Suisse Group AG Registered	27,448		705,650
Kuehne & Nagel International AG Registered	3,995		220,281
Logitech International SA Registered^a	7,802		75,755
Nestle SA Registered	108,100		3,742,102
Nobel Biocare Holding AG Registered	5,640		87,027
Novartis AG Registered	69,419		2,875,563
Roche Holding AG Genusschein	20,492		2,884,805
Swiss Life Holding AG Registered^a	846		46,065
Swiss Reinsurance Co. Registered	8,789		234,282
Syngenta AG Registered	2,773		538,737
Synthes Inc.	1,457		176,115
UBS AG Registered^a	102,319		1,290,558
Zurich Financial Services AG Registered	3,478		629,258

			14,703,216

TAIWAN – 1.29%
AU Optronics Corp. SP ADR^b	50,620		358,390
Chunghwa Telecom Co. Ltd. ADR	84,271		1,267,436


SCHEDULES OF INVESTMENTS		45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI EX US INDEX FUND

January 31, 2009


Security	Shares	Value
Siliconware Precision Industries Co. SP ADR	15,040	$	62,115
Taiwan Semiconductor Manufacturing Co. Ltd. SP ADR	195,052		1,470,692
United Microelectronics Corp. SP ADR^b	67,496		122,168

			3,280,801

THAILAND – 0.10%
Bangkok Bank PCL NVDR	65,142		135,033
Kasikornbank PCL NVDR	90,522		116,469

			251,502

TURKEY – 0.20%
Tupras-Turkiye Petrol Rafinerileri AS	18,565		177,234
Turk Sise ve Cam Fabrikalari AS^a,b	546,375		322,267

			499,501

UNITED KINGDOM – 15.71%
AMEC PLC	17,531		142,927
Anglo American PLC	40,796		744,605
AstraZeneca PLC	55,319		2,130,213
Aviva PLC	98,465		442,906
Banco Santander SA	5,000		39,827
Barclays PLC^e	235,989		360,979
BG Group PLC	143,679		1,968,885
BHP Billiton PLC	63,732		1,085,131
BP PLC	680,748		4,853,193
British American Tobacco PLC	50,478		1,382,709
British Land Co. PLC	11,844		77,267
BT Group PLC	266,490		403,024
Bunzl PLC	43,193		353,079
Cadbury PLC	36,425		293,290
Capita Group PLC	33,699		339,115
Carnival PLC	5,640		103,185
Carphone Warehouse Group PLC (The)	36,848		53,921
Centrica PLC	130,452		485,227
Compass Group PLC	68,902		340,971
Diageo PLC	89,629		1,219,819
Experian PLC	41,172		256,573
Friends Provident PLC	87,702		104,313
G4S PLC	55,507		153,487
GKN PLC	46,201		56,117


Security	Shares	Value
GlaxoSmithKline PLC	201,677	$	3,545,790
Hays PLC	118,957		129,054
Home Retail Group PLC	42,911		127,287
HSBC Holdings PLC	377,551		2,956,993
ICAP PLC	22,325		75,959
IMI PLC	57,434		222,532
Imperial Tobacco Group PLC	35,298		963,331
InterContinental Hotels Group PLC	15,463		117,038
International Power PLC	42,300		165,724
Invensys PLC^a	54,003		120,677
J Sainsbury PLC	55,789		267,835
Johnson Matthey PLC	15,228		213,834
Kingfisher PLC	90,804		182,099
Land Securities Group PLC	11,891		118,203
Legal & General Group PLC	290,695		258,163
Lloyds TSB Group PLC	272,312		356,081
Man Group PLC	62,839		186,852
Marks & Spencer Group PLC	60,395		201,135
National Grid PLC	84,036		785,082
Next PLC	8,460		143,556
Old Mutual PLC	171,926		129,882
Prudential PLC	83,284		400,435
Reckitt Benckiser PLC	21,526		830,160
Rexam PLC	175,968		791,522
Rio Tinto PLC	28,623		621,463
Royal Bank of Scotland Group PLC	519,306		164,710
SABMiller PLC	22,748		371,248
Sage Group PLC	55,131		143,943
Scottish & Southern Energy PLC	26,602		458,308
Serco Group PLC	28,999		183,641
Shire PLC	15,181		221,272
Smith & Nephew PLC	43,710		314,138
Standard Chartered PLC	48,154		608,151
Standard Life PLC	67,868		215,015
Tate & Lyle PLC	24,628		118,058
Tesco PLC	269,874		1,393,675
Thomson Reuters PLC	4,982		100,340
3i Group PLC	20,915		68,296
Tullow Oil PLC	39,574		394,813
United Utilities Group PLC	12,972		101,176
Vodafone Group PLC	1,617,928		3,025,339
Wm Morrison Supermarkets PLC	59,925		233,911


46		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ACWI EX US INDEX FUND

January 31, 2009


Security	Shares	Value
Wolseley PLC	38,446	$	95,723
WPP PLC	37,224		209,565
Xstrata PLC	17,860		146,639

			39,869,411


TOTAL COMMON STOCKS (Cost: $299,623,668)			247,971,623

PREFERRED STOCKS – 1.98%

BRAZIL – 1.68%
Banco Bradesco SA SP ADR	66,035		591,013
Banco Itau Holding Financiera SA ADR	104,012		1,044,281
Companhia Energetica de Minas Gerais SP ADR	4,465		60,679
Companhia Vale do Rio Doce SP ADR	63,638		772,565
Petroleo Brasileiro SA SP ADR	82,532		1,787,643

			4,256,181

GERMANY – 0.14%
Henkel AG & Co. KGaA	7,990		206,729
RWE AG	2,115		139,937

			346,666

ITALY – 0.16%
Intesa Sanpaolo SpA RNC	38,373		86,548
Telecom Italia SpA RNC	243,131		236,172
Unipol Gruppo Finanziario SpA	92,919		97,642

			420,362


TOTAL PREFERRED STOCKS
(Cost: $6,002,338)			5,023,209

RIGHTS – 0.00%

BELGIUM – 0.00%
Fortis^a,c	25,932		3

			3


TOTAL RIGHTS
(Cost: $0)			3


Security	Shares	Value
SHORT-TERM INVESTMENTS – 1.92%

MONEY MARKET FUNDS – 1.92%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^e,f,g	4,171,471	$	4,171,471
Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56%^e,f,g	674,344		674,344
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^e,f	14,053		14,053

			4,859,868


TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,859,868)			4,859,868


TOTAL INVESTMENTS IN SECURITIES – 101.63%
(Cost: $310,485,874)			257,854,703

Other Assets, Less Liabilities – (1.63)%			(4,123,569	)


NET ASSETS – 100.00%		$	253,731,134

ADR – American Depositary Receipts

GDR – Global Depositary Receipts

NVDR – Non-Voting Depositary Receipts

NVS – Non-Voting Shares

SDR – Swedish Depositary Receipts

SP ADR – Sponsored American Depositary Receipts

SP GDR – Sponsored Global Depositary Receipts

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 5.

^c	Security valued using Level 3 inputs. See Note 1.

^d	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^e	Affiliated issuer. See Note 2.

^f	The rate quoted is the annualized seven-day yield of the fund at period end.

^g	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


SCHEDULES OF INVESTMENTS		47

Schedule of Investments (Unaudited)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 98.27%

CHINA – 25.93%
Agile Property Holdings Ltd.	1,490,000	$	586,035
Air China Ltd. Class H	1,490,000		403,500
Alibaba.com Ltd.^a	298,000		230,187
Aluminum Corp. of China Ltd. Class H	1,788,000		830,057
Angang New Steel Co. Ltd. Class H	894,000		890,005
Anhui Conch Cement Co. Ltd. Class H^a	298,000		1,458,364
Bank of China Ltd. Class H	9,089,000		2,426,187
Bank of Communications Co. Ltd. Class H	2,235,000		1,492,949
Beijing Capital International Airport Co. Ltd. Class H	596,000		267,463
Beijing Enterprises Holdings Ltd.	298,000		1,183,599
BYD Co. Ltd. Class H	298,000		564,131
Chaoda Modern Agriculture (Holdings) Ltd.	1,525,600		975,799
China Agri-Industries Holdings Ltd.^a	1,788,000		807,000
China BlueChemical Ltd. Class H	1,823,500		975,869
China CITIC Bank Class H	2,833,000		1,074,068
China Coal Energy Co. Class H	1,788,000		1,325,785
China Communications Construction Co. Ltd. Class H	2,086,000		2,076,679
China Construction Bank Class H	12,665,000		6,287,872
China COSCO Holdings Co. Ltd. Class H	1,341,000		824,869
China Dongxiang Group Co.	1,043,000		305,315
China Everbright Ltd.	1,192,000		1,332,702
China High Speed Transmission Equipment Group Co. Ltd.	309,000		368,585
China Huiyuan Juice Group Ltd.	521,500		683,260
China Life Insurance Co. Ltd. Class H	2,533,000		6,794,169
China Mengniu Dairy Co. Ltd.	596,000		799,314
China Merchants Bank Co. Ltd. Class H	1,043,000		1,732,359
China Mobile Ltd.	2,011,500		18,287,189
China Oilfield Services Ltd. Class H	1,490,000		1,197,050
China Overseas Land & Investment Ltd.	1,853,760		2,481,354


Security	Shares	Value
China Petroleum & Chemical Corp. Class H	7,748,000	$	4,246,355
China Railway Construction Corp. Class H^a	1,266,500		1,763,871
China Railway Group Ltd. Class H^a	1,788,000		1,028,348
China Resources Enterprise Ltd.	596,000		874,634
China Resources Land Ltd.	894,000		1,054,864
China Resources Power Holdings Co. Ltd.	596,000		1,114,428
China Shenhua Energy Co. Ltd. Class H	1,266,500		2,776,463
China Shipping Container Lines Co. Ltd. Class H	5,066,000		823,140
China Shipping Development Co. Ltd. Class H	894,000		892,311
China Travel International Investment Hong Kong Ltd.	4,172,000		645,600
China Unicom (Hong Kong) Ltd.	596,000		562,594
China Yurun Food Group Ltd.	447,000		530,314
CNOOC Ltd.	6,407,000		5,618,255
Country Garden Holdings Co.	1,490,000		313,193
Datang International Power Generation Co. Ltd. Class H	1,788,000		910,757
Denway Motors Ltd.	5,364,000		1,625,528
Dongfang Electric Corp. Ltd. Class H	298,000		670,194
Dongfeng Motor Group Co. Ltd. Class H	3,576,000		1,272,754
Fosun International Ltd.	2,160,500		718,806
GOME Electrical Appliances Holdings Ltd.	2,130,000		307,635
Guangdong Investment Ltd.	1,490,000		574,507
Guangshen Railway Co. Ltd. Class H	298,000		96,071
Guangzhou R&F Properties Co. Ltd. Class H	655,600		549,528
Harbin Power Equipment Co. Ltd. Class H	894,000		639,836
Hengan International Group Co. Ltd. Class H	298,000		999,142
Huaneng Power International Inc. Class H	438,000		327,597
Industrial and Commercial Bank of China Ltd. Class H	16,092,000		6,951,726


48		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN INDEX FUND

January 31, 2009


Security	Shares	Value
Jiangsu Expressway Co. Ltd. Class H	298,000	$	214,816
Jiangxi Copper Co. Ltd. Class H	1,192,000		836,205
Lenovo Group Ltd.	3,874,000		734,370
Li Ning Co. Ltd.	596,000		842,354
Maanshan Iron & Steel Co. Ltd. Class H	1,788,000		597,180
Parkson Retail Group Ltd.	670,500		605,250
PetroChina Co. Ltd. Class H	8,046,000		6,038,663
PICC Property & Casualty Co. Ltd. Class H^a	1,192,000		548,760
Ping An Insurance (Group) Co. of China Ltd. Class H	447,000		1,977,149
Shanghai Electric Group Corp. Class H^a	2,980,000		960,714
Shanghai Industrial Holdings Ltd.	149,000		384,286
Shimao Property Holdings Ltd.	521,500		342,975
Sinofert Holdings Ltd.	2,086,000		1,199,739
Sino-Ocean Land Holdings Ltd.	2,384,000		1,214,342
Sinopec Shanghai Petrochemical Co. Ltd. Class H	1,788,000		421,946
Soho China Ltd.	2,905,500		1,056,593
Tingyi (Cayman Islands) Holding Corp.	1,192,000		1,384,965
Tsingtao Brewery Co. Ltd. Class H	298,000		571,817
Want Want China Holdings Ltd.	894,000		357,386
Yanzhou Coal Mining Co. Ltd. Class H	1,490,000		997,221
Zhejiang Expressway Co. Ltd. Class H	596,000		345,088
Zijin Mining Group Co. Ltd. Class H	3,278,000		1,762,718

			119,944,703

HONG KONG – 14.80%
ASM Pacific Technology Ltd.	74,500		230,571
Bank of East Asia Ltd.	894,000		1,807,679
Belle International Holdings Ltd.	1,341,000		544,725
BOC Hong Kong (Holdings) Ltd.	1,490,000		1,542,907
Cathay Pacific Airways Ltd.	447,000		526,855
Cheung Kong (Holdings) Ltd.	298,000		2,801,442
China Insurance International Holdings Co. Ltd.	596,000		768,571
Chinese Estates Holdings Ltd.	894,000		1,111,354
CLP Holdings Ltd.	596,000		4,054,213


Security	Shares	Value
CNPC Hong Kong Ltd.	2,980,000	$	853,114
Esprit Holdings Ltd.	372,500		2,007,892
Foxconn International Holdings Ltd.^a	447,000		167,164
Genting International PLC^a	3,427,000		986,726
Hang Lung Development Co. Ltd.	596,000		1,959,856
Hang Lung Properties Ltd.	745,000		1,710,071
Hang Seng Bank Ltd.	238,400		2,914,422
Henderson Land Development Co. Ltd.	298,000		1,158,621
Hong Kong Aircraft Engineering Co. Ltd.	119,200		1,055,248
Hong Kong and China Gas Co. Ltd. (The)	1,341,000		2,203,109
Hong Kong Exchanges and Clearing Ltd.	521,500		4,572,998
Hongkong Electric Holdings Ltd.	223,500		1,317,139
Hopewell Holdings Ltd.	596,000		1,979,071
Huabao International Holdings Ltd.	745,000		480,357
Hutchison Whampoa Ltd.	447,000		2,305,713
Hysan Development Co. Ltd.	745,000		1,220,107
Kerry Properties Ltd.	372,500		891,543
Kingboard Chemical Holdings Co. Ltd.	223,500		366,609
Li & Fung Ltd.	1,192,000		2,416,388
Lifestyle International Holdings Ltd.	894,000		733,217
Link REIT (The)	1,341,000		2,542,049
Mongolia Energy Corp. Ltd.^a	745,000		210,396
MTR Corp. Ltd.	298,000		722,457
New World Development Co. Ltd.	1,341,000		1,293,505
Noble Group Ltd.	1,192,000		828,435
NWS Holdings Ltd.	745,000		920,364
Orient Overseas International Ltd.	298,000		714,771
Pacific Basin Shipping Ltd.	1,490,000		783,943
Shangri-La Asia Ltd.	1,490,000		1,758,106
Shui On Land Ltd.	1,639,000		424,828
Sino Land Co. Ltd.	894,000		876,171
Sun Hung Kai Properties Ltd.	298,000		2,689,999
Swire Pacific Ltd. Class A	149,000		979,928
Television Broadcasts Ltd.	298,000		1,068,314
Tencent Holdings Ltd.	447,000		2,789,913
Wharf Holdings Ltd. (The)	447,000		1,124,035
Wheelock and Co. Ltd.	596,000		1,059,091


SCHEDULES OF INVESTMENTS		49

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN INDEX FUND

January 31, 2009


Security	Shares	Value
Wing Hang Bank Ltd.	223,500	$	1,092,332
Yue Yuen Industrial Holdings Ltd.	1,043,000		1,912,589

			68,478,908

INDIA – 9.32%
HDFC Bank Ltd. ADR	174,926		10,086,233
ICICI Bank Ltd. SP ADR	331,376		5,461,076
Infosys Technologies Ltd. SP ADR	323,032		8,579,730
Mahanagar Telephone Nigam Ltd. ADR	393,211		1,144,244
Reliance Industries Ltd. GDR^b	222,041		11,879,193
Satyam Computer Services Ltd. ADR	337,783		641,788
Tata Communications Ltd. ADR	84,781		1,525,210
Wipro Ltd. ADR	545,787		3,787,762

			43,105,236

INDONESIA – 2.61%
PT Aneka Tambang Tbk	4,395,500		428,735
PT Astra Agro Lestari Tbk	521,500		499,503
PT Astra International Tbk	1,192,000		1,361,687
PT Bank Central Asia Tbk	4,470,000		1,080,184
PT Bank Danamon Indonesia Tbk	2,533,000		506,377
PT Bank Mandiri Tbk	3,427,000		548,079
PT Bank Rakyat Indonesia Tbk	2,309,500		923,394
PT Bumi Resources Tbk	8,567,500		383,957
PT Indocement Tunggal Prakarsa Tbk	1,713,500		677,570
PT Indofood Sukses Makmur Tbk	5,811,000		500,420
PT International Nickel Indonesia Tbk	1,713,500		372,664
PT Lippo Karawaci Tbk^a	7,301,000		532,498
PT Perusahaan Gas Negara Tbk	5,215,000		1,008,172
PT Semen Gresik (Persero) Tbk	2,086,000		636,981
PT Tambang Batubara Bukit Asam Tbk	1,639,000		1,065,782
PT Unilever Indonesia Tbk	670,500		465,461
PT United Tractors Tbk	2,384,333		1,058,074

			12,049,538

PHILIPPINE ISLANDS – 1.27%
Ayala Corp.	110,260		453,888
Ayala Land Inc.	745,000		99,082
Banco de Oro Unibank Inc.	670,500		322,016


Security	Shares	Value
Bank of the Philippine Islands	879,100	$	640,256
Energy Development Corp.	6,109,000		281,140
International Container Terminal Services Inc.	1,326,100		300,941
Jollibee Foods Corp.	3,590,900		2,994,312
Manila Electric Co.	206,000		258,750
Metropolitan Bank & Trust Co.	1,057,900		513,652

			5,864,037

SINGAPORE – 7.30%
Ascendas Real Estate Investment Trust	1,043,000		1,007,930
CapitaLand Ltd.	745,000		1,183,479
CapitaMall Trust Management Ltd.	1,043,000		1,104,580
City Developments Ltd.	298,000		1,118,388
ComfortDelGro Corp. Ltd.	1,490,000		1,439,899
COSCO Corp. (Singapore) Ltd.	1,341,000		701,211
DBS Group Holdings Ltd.	219,500		1,281,434
Fraser and Neave Ltd.	1,043,000		1,988,245
Golden Agri-Resources Ltd.	3,874,000		794,903
Jardine Cycle & Carriage Ltd.	149,000		1,065,131
Keppel Corp. Ltd.	596,000		1,597,697
Neptune Orient Lines Ltd.	596,000		445,777
Olam International Ltd.	1,043,000		856,050
Oversea-Chinese Banking Corp.	745,000		2,539,549
Parkway Holdings Ltd.	1,043,000		800,821
SembCorp Industries Ltd.	745,000		1,129,236
SembCorp Marine Ltd.	1,341,000		1,411,299
Singapore Exchange Ltd.	745,000		2,554,342
Singapore Press Holdings Ltd.	149,000		277,131
Singapore Technologies Engineering Ltd.	2,086,000		3,148,054
Singapore Telecommunications Ltd.	1,341,000		2,361,041
United Overseas Bank Ltd.	447,000		3,514,933
UOL Group Ltd.	447,000		579,905
Wilmar International Ltd.	447,000		858,022

			33,759,057

SOUTH KOREA – 18.79%
KB Financial Group Inc. SP ADR^a	471,606		12,195,731
Korea Electric PowerCorp. SP ADR^a	926,645		9,210,851
KT Corp. SP ADR^a	738,146		10,430,003
LG Display Co. Ltd. ADR^a	456,605		4,346,880


50		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY ASIA EX JAPAN INDEX FUND

January 31, 2009


Security	Shares	Value
POSCO ADR	192,359	$	12,218,644
Samsung Electronics Co. Ltd. GDR^c	113,723		19,958,386
Shinhan Financial Group Co. Ltd. ADR^a	244,467		9,746,899
SK Telecom Co. Ltd. ADR	539,082		8,813,991

			86,921,385

TAIWAN – 15.77%
AU Optronics Corp. SP ADR	642,786		4,550,925
Chunghwa Telecom Co. Ltd. ADR	1,587,837		23,881,068
Siliconware Precision Industries Co. SP ADR	1,321,481		5,457,717
Taiwan Semiconductor Manufacturing Co. Ltd. SP ADR	3,771,637		28,438,143
United Microelectronics Corp. SP ADR	5,878,123		10,639,403

			72,967,256

THAILAND – 2.48%
Bangkok Bank PCL NVDR	193,700		401,522
Bank of Ayudhya PCL NVDR	2,235,000		565,540
Banpu PCL NVDR	223,500		1,431,422
BEC World PCL NVDR	1,922,100		1,038,676
CP All PCL NVDR	3,576,000		1,145,138
Glow Energy PCL NVDR	238,400		156,775
IRPC PCL NVDR	5,662,000		312,442
Kasikornbank PCL NVDR	715,200		920,200
Krung Thai Bank PCL NVDR	2,935,300		334,024
Land and Houses PCL NVDR	13,797,400		1,270,268
PT TAromatics & Refining PCLNVDR	1,192,000		333,998
PTT Chemical PCL NVDR	44,700		39,939
PTT Exploration & Production PCL NVDR	670,500		1,897,913
Ratchaburi Electricity Generating Holding PCL NVDR	134,100		152,408
Thai Oil PCL NVDR	1,013,200		709,747
TMB Bank PCL NVDR^a	47,724,700		764,141

			11,474,153


TOTAL COMMON STOCKS (Cost: $459,776,434)			454,564,273


Security	Shares	Value
RIGHTS – 0.00%

SINGAPORE – 0.00%
Ascendas Real Estate Investment Trust^a,d	69,533	$	13,808

			13,808


TOTAL RIGHTS (Cost: $0)			13,808

EXCHANGE-TRADED FUNDS – 1.59%
iShares MSCI Malaysia Index Fund^e	1,048,648		7,351,022


TOTAL EXCHANGE-TRADED FUNDS (Cost: $7,508,041)			7,351,022

SHORT-TERM INVESTMENTS – 0.11%

MONEY MARKET FUNDS – 0.11%
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^e,f	500,745		500,745

			500,745


TOTAL SHORT-TERM INVESTMENTS
(Cost: $500,745)			500,745


TOTAL INVESTMENTS IN SECURITIES – 99.97%
(Cost: $467,785,220)			462,429,848

Other Assets, Less Liabilities – 0.03%			148,445


NET ASSETS – 100.00%		$	462,578,293

ADR – American Depositary Receipts

GDR – Global Depositary Receipts

NVDR – Non-Voting Depositary Receipts

SP ADR – Sponsored American Depositary Receipts

^a	Non-income earning security.

^b	This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

^c	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^d	Security valued using Level 3 inputs. See Note 1.

^e	Affiliated issuer. See Note 2.

^f	The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.


SCHEDULES OF INVESTMENTS		51

Schedule of Investments (Unaudited)

iSHARES^® MSCI EAFE GROWTH INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 99.47%

AUSTRALIA – 5.93%
AMP Ltd.	184,882	$	619,575
Aristocrat Leisure Ltd.	88,986		212,198
Asciano Group	162,904		115,504
AXA Asia Pacific Holdings Ltd.	192,309		578,428
BHP Billiton Ltd.	905,880		17,569,497
Billabong International Ltd.	59,121		278,203
Brambles Ltd.	383,280		1,657,349
Coca-Cola Amatil Ltd.	50,580		294,299
Cochlear Ltd.	16,983		636,954
Computershare Ltd.	125,105		576,768
CSL Ltd.	159,900		3,813,015
Fortescue Metals Group Ltd.^a	342,815		385,853
Harvey Norman Holdings Ltd.	157,696		213,594
Incitec Pivot Ltd.	454,571		771,795
Leighton Holdings Ltd.	38,166		406,761
Lion Nathan Ltd.	27,240		142,040
Metcash Ltd.	159,360		426,629
Newcrest Mining Ltd.	126,600		2,495,653
OneSteel Ltd.	173,880		268,686
Orica Ltd.	95,559		822,771
Origin Energy Ltd.	244,501		2,176,695
OZ Minerals Ltd.	796,586		278,602
QBE Insurance Group Ltd.	116,280		1,774,619
Rio Tinto Ltd.	76,930		2,061,969
Santos Ltd.	104,820		957,833
Sonic Healthcare Ltd.	87,290		771,557
Telstra Corp. Ltd.	273,060		658,091
Toll Holdings Ltd.	72,900		253,573
Westpac Banking Corp.	705,660		7,018,125
Woodside Petroleum Ltd.	130,817		2,943,139
Woolworths Ltd.	321,864		5,669,451
WorleyParsons Ltd.	40,939		392,840

			57,242,066

AUSTRIA – 0.17%
Oesterreichische Elektrizitaetswirtschafts AG Class A	25,020		960,932
Raiffeisen International Bank Holding AG^b	17,580		360,460
Strabag SE	14,700		273,152

			1,594,544


Security	Shares	Value
BELGIUM – 0.59%
Anheuser-Busch InBev NV	139,461	$	3,558,301
Colruyt SA	5,340		1,185,586
Groupe Bruxelles Lambert SA	12,540		925,472

			5,669,359

DENMARK – 1.50%
A.P. Moller – Maersk A/S Class A	120		587,922
A.P. Moller – Maersk A/S Class B	300		1,449,176
Coloplast A/S Class B	3,360		206,783
DSV A/S	54,736		543,399
FLS Industries A/S Class B	13,513		373,419
Jyske Bank A/S Registered^a	15,900		363,532
Novo Nordisk A/S Class B	121,460		6,524,944
Novozymes A/S Class B	13,689		1,097,784
Topdanmark A/S^a	5,110		610,519
Vestas Wind Systems A/S^a	49,440		2,417,988
William Demant Holding A/S^a,b	8,712		289,796

			14,465,262

FINLAND – 1.64%
Fortum OYJ	109,140		2,137,105
Kone OYJ Class B	44,100		928,528
Nokia OYJ	1,014,375		12,466,248
Nokian Renkaat OYJ	29,045		285,114

			15,816,995

FRANCE – 7.29%
Accor SA	26,780		1,063,704
Aeroports de Paris	8,782		473,405
ALSTOM	58,706		2,853,164
Bureau Veritas SA	9,900		374,262
Cap Gemini SA	22,345		774,580
Carrefour SA	61,680		2,117,560
Christian Dior SA	12,000		600,665
Compagnie Generale de Geophysique-Veritas^a	34,200		417,630
Dassault Systemes SA	17,107		649,129
EDP Renovaveis SA^a	36,960		275,660
Electricite de France	54,101		2,652,236
Essilor International SA	53,760		2,058,536
Eurazeo	6,780		230,421
Eutelsat Communications	8,880		190,326
GDF Suez	148,505		5,722,596


52		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE GROWTH INDEX FUND

January 31, 2009


Security	Shares	Value
Groupe Danone	118,980	$	6,137,033
Hermes International^b	18,907		1,911,693
Iliad SA	3,240		270,299
L’Air Liquide SA	69,068		5,048,204
L’Oreal SA	65,820		4,394,548
LVMH Moet Hennessy Louis Vuitton SA	64,343		3,529,510
Neopost SA	4,800		387,925
Pernod Ricard SA	46,268		2,919,560
Publicis Groupe SA	20,905		492,396
SES SA	80,280		1,478,369
Sodexo	29,048		1,478,391
STMicroelectronics NV	117,561		611,958
Suez Environnement SA^a	56,700		908,990
Total SA	358,980		18,021,788
Veolia Environnement	101,168		2,288,914

			70,333,452

GERMANY – 6.64%
Adidas AG	56,599		1,967,783
Bayer AG	205,800		10,973,918
Beiersdorf AG	25,260		1,243,034
Celesio AG	18,184		390,322
Deutsche Boerse AG	54,200		2,743,563
Fresenius Medical Care AG & Co. KGaA	52,812		2,369,427
Fresenius SE	6,360		313,788
GEA Group AG	46,380		536,707
Hamburger Hafen und Logistik AG	5,520		141,478
HeidelbergCement AG^b	6,360		247,363
Henkel AG & Co. KGaA	39,120		913,911
Hochtief AG	10,391		358,202
Infineon Technologies AG^a	169,866		152,378
K+S AG	41,460		1,973,816
Linde AG	28,464		1,905,903
Merck KGaA	12,678		1,076,679
METRO AG	19,280		701,688
Puma AG	1,624		294,067
Q-Cells SE^a^,b	17,220		423,695
RWE AG	36,660		2,859,660
SAP AG^b	235,806		8,415,863
Siemens AG Registered^b	231,600		13,053,062


Security	Shares	Value
SolarWorld AG	23,280	$	494,935
United Internet AG Registered	27,300		199,064
Volkswagen AG	31,380		10,031,250
Wacker Chemie AG	4,020		288,955

			64,070,511

GREECE – 0.42%
Coca-Cola Hellenic Bottling Co. SA ADR	63,809		876,736
Hellenic Telecommunications Organization SA SP ADR	170,778		1,294,497
National Bank of Greece SA ADR	588,255		1,905,946

			4,077,179

HONG KONG – 2.06%
ASM Pacific Technology Ltd.	60,000		185,695
Cheung Kong (Holdings) Ltd.	240,000		2,256,195
CLP Holdings Ltd.	180,000		1,224,427
Esprit Holdings Ltd.^b	276,500		1,490,422
Foxconn International Holdings Ltd.^a	600,000		224,381
Genting International PLC^a,b	480,000		138,205
Hang Lung Properties Ltd.	600,000		1,377,238
Hong Kong Aircraft Engineering Co. Ltd.	24,000		212,466
Hong Kong and China Gas Co. Ltd. (The)	1,080,930		1,775,844
Hong Kong Exchanges and Clearing Ltd.	270,000		2,367,612
Hutchison Telecommunications International Ltd.	300,000		75,825
Hutchison Whampoa Ltd.	300,000		1,547,459
Kerry Properties Ltd.	181,500		434,403
Li & Fung Ltd.	611,200		1,239,007
Lifestyle International Holdings Ltd.	120,000		98,418
Mongolia Energy Corp. Ltd.^a	300,000		84,723
MTR Corp. Ltd.	300,000		727,306
Noble Group Ltd.	240,000		166,799
PCCW Ltd.	563,000		292,584
Shangri-La Asia Ltd.^b	368,000		434,217
Sun Hung Kai Properties Ltd.	366,000		3,303,824
Wheelock and Co. Ltd.	120,000		213,240

			19,870,290


SCHEDULES OF INVESTMENTS		53

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE GROWTH INDEX FUND

January 31, 2009


Security	Shares	Value
IRELAND – 0.18%
Elan Corp. PLC^a	127,089	$	912,042
Kerry Group PLC Class A	43,275		812,444

			1,724,486

ITALY – 1.27%
A2A SpA	292,920		510,511
Assicurazioni Generali SpA	281,127		5,872,307
Atlantia SpA	52,261		766,835
Autogrill SpA	42,908		252,801
Banca Carige SpA	31,980		74,178
Banca Monte dei Paschi di Siena SpA	210,900		303,782
Lottomatica SpA	20,108		372,096
Luxottica Group SpA	40,226		569,623
Prysmian SpA	28,402		360,332
Saipem SpA	71,940		1,104,449
Snam Rete Gas SpA	118,836		620,956
Tenaris SA	120,540		1,195,613
Terna SpA	91,440		278,596

			12,282,079

JAPAN – 24.80%
ABC-Mart Inc.	6,000		198,419
AEON Mall Co. Ltd.	19,600		273,889
Ajinomoto Co. Inc.	60,000		523,772
Alfresa Holdings Corp.	6,000		255,874
Asahi Breweries Ltd.	96,000		1,502,906
Asahi Kasei Corp.	300,000		1,252,644
ASICS Corp.	26,000		195,413
Bank of Kyoto Ltd. (The)	60,000		638,014
Benesse Corp.	18,000		771,629
Bridgestone Corp.	60,000		774,969
Canon Inc.	288,000		7,936,755
Casio Computer Co. Ltd.	18,000		143,703
Central Japan Railway Co.	427		3,061,886
Chubu Electric Power Co. Inc.	60,000		1,716,958
Chugai Pharmaceutical Co. Ltd.	54,000		1,049,816
Chugoku Bank Ltd. (The)	60,000		851,130
Chugoku Electric Power Co. Inc. (The)	54,000		1,412,983
Citizen Watch Co. Ltd.	36,000		148,313
Daiichi Sankyo Co. Ltd.	132,000		2,998,330
Daikin Industries Ltd.	73,100		1,721,484


Security	Shares	Value
Daiwa Securities Group Inc.	360,000	$	2,020,265
Dena Co. Ltd.	60		181,316
East Japan Railway Co.	86,500		5,923,338
Elpida Memory Inc.^a	30,500		220,404
FamilyMart Co. Ltd.	12,000		440,931
Fanuc Ltd.	49,500		3,009,353
Fast Retailing Co. Ltd.	12,300		1,580,470
Fujitsu Ltd.	488,000		2,238,682
Furukawa Electric Co. Ltd. (The)	120,000		424,897
Hankyu Hanshin Holdings Inc.	363,000		2,004,766
Hikari Tsushin Inc.	6,000		107,828
Hirose Electric Co. Ltd.	6,600		629,796
Hiroshima Bank Ltd. (The)	180,000		777,642
Hisamitsu Pharmaceutical Co. Inc.	18,000		669,413
Hitachi Construction Machinery Co. Ltd.	30,500		307,343
Hitachi Ltd.	900,000		2,946,220
Hokuhoku Financial Group Inc.	420,000		846,454
Hokuriku Electric Power Co.	54,000		1,548,269
Hoya Pentax HD Corp.	114,000		2,069,035
IBIDEN Co. Ltd.	36,000		746,376
INPEX Corp.	185		1,365,716
Isetan Mitsukoshi Holdings Ltd.^a,b	85,880		626,338
Iyo Bank Ltd. (The)	60,000		716,179
J. Front Retailing Co. Ltd.	131,600		482,089
JAFCO Co. Ltd.	12,200		244,788
Japan Airlines Corp.^a	60,000		130,275
Japan Steel Works Ltd. (The)	127,000		1,401,370
Japan Tobacco Inc.	1,200		3,487,362
JGC Corp.	61,000		886,371
Joyo Bank Ltd. (The)	180,000		990,090
JSR Corp.	48,800		605,313
Jupiter Telecommunications Co. Ltd.	360		343,525
Kajima Corp.	180,000		485,024
Kamigumi Co. Ltd.	60,000		480,347
Kansai Electric Power Co. Inc. (The)	132,000		3,652,377
Kao Corp.	120,000		2,952,900
KDDI Corp.	732		4,645,808
Keihin Electric Express Railway Co. Ltd.^b	136,000		1,047,901
Keio Corp.	60,000		322,681
Keyence Corp.	8,050		1,488,815
Kintetsu Corp.	496,000		2,253,290


54		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE GROWTH INDEX FUND

January 31, 2009


Security	Shares	Value
Kobe Steel Ltd.	488,000	$	744,416
Komatsu Ltd.	168,300		1,774,636
Konami Corp.	25,600		521,920
Konica Minolta Holdings Inc.	64,500		511,346
Kuraray Co. Ltd.	91,000		728,527
Kurita Water Industries Ltd.	38,300		880,631
Kyowa Hakko Kirin Co. Ltd.	60,000		547,155
Lawson Inc.	18,000		893,887
Marubeni Corp.	180,000		655,384
Maruichi Steel Tube Ltd.	6,000		143,637
Matsui Securities Co. Ltd.	36,000		274,580
Mediceo Paltac Holdings Co. Ltd.	18,000		203,630
Mitsubishi Chemical Holdings Corp.	90,000		373,789
Mitsubishi Corp.	138,000		1,876,161
Mitsubishi Electric Corp.	540,000		2,525,331
Mitsubishi Estate Co. Ltd.	305,000		4,112,627
Mitsubishi Heavy Industries Ltd.	780,000		2,996,326
Mitsubishi Motors Corp.^a,b	960,000		1,293,397
Mitsui Engineering & Shipbuilding Co. Ltd.	189,000		294,622
Mitsui Fudosan Co. Ltd.	204,500		2,709,665
Mitsui Sumitomo Insurance Group Holdings Inc.	96,000		2,549,382
Mitsumi Electric Co. Ltd.	18,000		239,906
Mizuho Financial Group Inc.	2,538,000		6,414,943
Mizuho Trust & Banking Co. Ltd.	480,000		507,739
NEC Electronics Corp.^a	6,000		42,089
NGK Insulators Ltd.	60,000		786,327
Nidec Corp.	30,900		1,496,659
Nikon Corp.	73,000		775,437
Nintendo Co. Ltd.	24,900		7,846,231
Nippon Electric Glass Co. Ltd.	68,500		459,921
Nippon Meat Packers Inc.	60,000		769,625
Nippon Sheet Glass Co. Ltd.	120,000		299,298
Nippon Steel Corp.	480,000		1,437,702
Nipponkoa Insurance Co. Ltd.	120,000		1,002,116
Nishi-Nippon City Bank Ltd. (The)	120,000		299,299
Nissan Chemical Industries Ltd.	61,000		468,656
Nisshin Seifun Group Inc.	30,000		331,032
Nissin Foods Holdings Co. Ltd.	18,000		621,312
Nitori Co. Ltd.	12,200		863,957
Nomura Holdings Inc.	294,000		1,941,231


Security	Shares	Value
Nomura Real Estate Holdings Inc.	12,000	$	218,595
Nomura Research Institute Ltd.	30,500		556,614
NTT Data Corp.	366		1,188,756
NTT Urban Development Corp.	360		317,871
Odakyu Electric Railway Co. Ltd.	186,000		1,501,503
Oji Paper Co. Ltd.	240,000		1,151,765
Olympus Corp.	61,000		1,006,592
Oriental Land Co. Ltd.	12,900		985,347
ORIX Corp.	11,540		517,829
Osaka Gas Co. Ltd.	360,000		1,547,266
OSAKA Titanium technologies Co. Ltd.^b	6,000		132,747
Otsuka Corp.	1,600		71,796
Panasonic Corp.	360,000		4,405,300
Rakuten Inc.	1,885		1,118,701
Resona Holdings Inc.^b	138,000		2,175,793
SANYO Electric Co. Ltd.^a	360,000		561,185
Sapporo Holdings Ltd.	60,000		282,597
Secom Co. Ltd.	48,000		2,041,644
Seven & I Holdings Co. Ltd.	228,900		6,206,119
Seven Bank Ltd.	120		364,904
Shikoku Electric Power Co. Inc.	36,000		1,198,530
Shimadzu Corp.	60,000		369,447
Shimamura Co. Ltd.	6,100		431,299
Shimano Inc.	24,400		842,223
Shimizu Corp.	60,000		275,248
Shin-Etsu Chemical Co. Ltd.	109,500		5,193,965
Shionogi & Co. Ltd.	77,000		1,663,289
Shiseido Co. Ltd.	68,000		1,155,417
Shizuoka Bank Ltd. (The)	180,000		1,910,032
SMC Corp.	12,700		1,153,903
SoftBank Corp.	204,000		3,211,847
Sony Financial Holdings Inc.	244		820,488
Square Enix Holdings Co. Ltd.	12,000		326,690
Sumitomo Electric Industries Ltd.	108,300		833,262
Sumitomo Metal Industries Ltd.	560,000		1,147,311
Sumitomo Metal Mining Co. Ltd.	60,500		576,640
Sumitomo Mitsui Financial Group Inc.	180,000		7,315,444
Sumitomo Realty & Development Co. Ltd.	104,000		1,224,006
Suruga Bank Ltd.	86,000		766,062


SCHEDULES OF INVESTMENTS		55

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE GROWTH INDEX FUND

January 31, 2009


Security	Shares	Value
Suzuken Co. Ltd.	6,000	$	155,996
Suzuki Motor Corp.	96,000		1,317,982
T&D Holdings Inc.	33,000		1,087,629
Takashimaya Co. Ltd.	76,000		519,586
Teijin Ltd.	60,000		146,977
Terumo Corp.	48,800		1,679,011
Tobu Railway Co. Ltd.	256,000		1,413,829
Toho Co. Ltd.	24,000		427,302
Toho Gas Co. Ltd.	180,000		1,106,336
Tohoku Electric Power Co. Inc.	114,000		2,951,230
Tokio Marine Holdings Inc.	180,000		4,880,303
Tokuyama Corp.	60,000		364,102
Tokyo Electric Power Co. Inc. (The)	324,000		10,209,553
Tokyo Electron Ltd.	48,500		1,819,898
Tokyo Gas Co. Ltd.	420,000		1,996,882
Tokyu Corp.	182,000		798,441
Toray Industries Inc.	376,000		1,653,713
Toshiba Corp.	853,000		3,020,310
Toyoda Gosei Co. Ltd.	18,300		209,469
Toyota Boshoku Corp.	18,000		146,509
Trend Micro Inc.	30,500		850,713
Tsumura & Co.	12,000		398,174
Ube Industries Ltd.	250,000		551,164
Uni-Charm Corp.	12,000		832,424
Ushio Inc.	36,600		469,471
West Japan Railway Co.	180		737,557
Yahoo! Japan Corp.	4,270		1,378,324
Yakult Honsha Co. Ltd.	42,300		870,397
Yamada Denki Co. Ltd.	25,350		1,521,395
Yamato Holdings Co. Ltd.	60,000		619,307
Yamato Kogyo Co. Ltd.	12,000		297,294
Yaskawa Electric Corp.	61,000		226,178

			239,370,256

NETHERLANDS – 2.58%
ASML Holding NV	112,200		1,870,634
Fugro NV CVA	14,760		401,564
Heineken Holding NV	20,040		537,766
Heineken NV	64,200		1,896,377
Koninklijke Ahold NV	325,260		3,922,699
Koninklijke Boskalis Westminster NV	15,087		306,347
Koninklijke KPN NV	480,060		6,428,807


Security	Shares	Value
Reed Elsevier NV	128,580	$	1,430,249
TNT NV	107,306		1,877,735
Unilever NV	233,880		5,176,116
Wolters Kluwer NV	58,080		1,049,456

			24,897,750

NEW ZEALAND – 0.14%
Auckland International Airport Ltd.	65,520		60,458
Contact Energy Ltd.	126,480		440,541
Fletcher Building Ltd.	122,942		352,174
Sky City Entertainment Group Ltd.	295,140		463,872

			1,317,045

NORWAY – 0.37%
Aker Solutions ASA	44,172		208,993
Renewable Energy Corp. ASA^a	42,660		431,455
Seadrill Ltd.	68,160		570,026
Telenor ASA	223,879		1,469,020
Yara International ASA	41,400		938,955

			3,618,449

PORTUGAL – 0.37%
BRISA – Auto-estradas de Portugal SA	71,952		476,708
Energias de Portugal SA	607,200		2,161,636
Galp Energia SGPS SA Class B	45,720		488,642
Jeronimo Martins SGPS SA	27,720		141,560
Zon Multimedia – Servicos de Telecomunicacoes e Multimedia SGPS SA	59,024		319,198

			3,587,744

SINGAPORE – 1.04%
City Developments Ltd.	189,000		709,313
COSCO Corp. (Singapore) Ltd.	120,000		62,748
Keppel Corp. Ltd.	366,000		981,136
Olam International Ltd.	300,000		246,227
Oversea-Chinese Banking Corp.	600,000		2,045,274
SembCorp Industries Ltd.	144,000		218,268
SembCorp Marine Ltd.	180,000		189,436
Singapore Exchange Ltd.	255,000		874,305
Singapore Press Holdings Ltd.^b	240,000		446,386
Singapore Technologies Engineering Ltd.	540,000		814,933


56		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE GROWTH INDEX FUND

January 31, 2009


Security	Shares	Value
Singapore Telecommunications Ltd.	1,680,000	$	2,957,903
Wilmar International Ltd.	240,000		460,683

			10,006,612

SPAIN – 4.58%
Abertis Infraestructuras SA	74,386		1,210,636
Acciona SA	7,980		905,034
Actividades de Construcciones y Servicios SA	44,119		1,780,963
Banco de Valencia SA	42,540		425,217
Bankinter SA^b	81,840		711,073
Cintra Concesiones de Infraestructuras de Transporte SA^b	64,486		321,465
Enagas SA	46,860		816,695
Gamesa Corporacion Tecnologica SA	51,360		867,479
Grifols SA	34,080		601,821
Iberdrola Renovables SA^a	256,323		1,044,560
Iberdrola SA	951,900		7,416,748
Indra Sistemas SA^b	43,216		872,256
Industria de Diseno Textil SA^b	58,330		2,233,527
Mapfre SA^b	189,204		535,847
Red Electrica Corporacion SA	33,000		1,361,722
Telefonica SA	1,131,792		20,203,953
Union Fenosa SA	99,825		2,254,051
Zardoya Otis SA^b	38,201		684,875

			44,247,922

SWEDEN – 1.18%
Alfa Laval AB	91,446		647,662
Assa Abloy AB Class B	42,368		430,312
Atlas Copco AB Class A	162,075		1,103,927
Getinge AB Class B	58,824		792,461
Hennes & Mauritz AB Class B	132,060		5,158,127
Lundin Petroleum AB^a	65,351		326,158
Millicom International Cellular SA SDR	17,640		685,810
Modern Times Group MTG AB Class B	13,520		233,071
Securitas AB Class B	56,594		460,521


Security	Shares	Value
Swedish Match AB	69,008	$	942,136
Tele2 AB Class B	80,102		654,227

			11,434,412

SWITZERLAND – 13.47%
ABB Ltd. Registered^a	580,581		7,573,013
Actelion Ltd. Registered^a	26,940		1,466,880
Adecco SA Registered	32,840		1,105,135
Aryzta AG^a	17,261		431,265
Compagnie Financiere Richemont SA Class A Bearer Units	132,600		1,942,104
EFG International AG	11,640		141,401
Geberit AG Registered	11,886		1,153,066
Givaudan SA Registered	2,280		1,546,911
Julius Baer Holding AG Registered	57,240		1,705,315
Kuehne & Nagel International AG Registered	16,083		886,803
Lindt & Spruengli AG Participation Certificates	240		391,832
Logitech International SA Registered^a	39,600		384,502
Lonza Group AG Registered	14,580		1,332,763
Nestle SA Registered	1,024,860		35,477,621
Nobel Biocare Holding AG Registered	32,069		494,836
Novartis AG Registered	630,685		26,125,041
OC Oerlikon Corp. AG Registered^a,b	1,450		49,845
Roche Holding AG Genusschein	185,891		26,169,199
Schindler Holding AG Participation Certificates	16,463		742,516
SGS SA Registered	1,330		1,409,408
Sonova Holding AG Registered	13,154		634,638
Straumann Holding AG Registered^b	2,541		389,896
Sulzer AG Registered	7,980		398,759
Swatch Group AG (The) Bearer	8,201		917,817
Swatch Group AG (The) Registered	9,780		218,232
Swisscom AG Registered	600		189,067
Syngenta AG Registered	26,884		5,223,005
Synthes Inc.	16,819		2,033,002
UBS AG Registered^a	750,660		9,468,133

			130,002,005


SCHEDULES OF INVESTMENTS		57

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE GROWTH INDEX FUND

January 31, 2009


Security	Shares	Value
UNITED KINGDOM – 23.25%
Admiral Group PLC	41,160	$	533,470
AMEC PLC	80,520		656,465
Anglo American PLC	233,889		4,268,924
Antofagasta PLC	59,760		361,855
Associated British Foods PLC	44,220		422,676
BAE Systems PLC	962,700		5,582,927
BG Group PLC	917,224		12,569,049
BHP Billiton PLC	582,480		9,917,582
BP PLC	2,442,720		17,414,655
British American Tobacco PLC	491,160		13,454,002
British Sky Broadcasting Group PLC	320,603		2,297,200
Bunzl PLC	85,565		699,446
Burberry Group PLC	134,888		492,004
Cable & Wireless PLC	635,100		1,436,614
Cadbury PLC	235,920		1,899,603
Cairn Energy PLC^a	35,160		922,561
Capita Group PLC	177,000		1,781,163
Carphone Warehouse Group PLC (The)	117,663		172,179
Centrica PLC	1,306,825		4,860,848
Cobham PLC	359,243		1,108,350
Compass Group PLC	210,300		1,040,698
Diageo PLC	694,800		9,455,983
Drax Group PLC	91,841		736,846
Eurasian Natural Resources Corp.	81,938		375,063
Experian PLC	262,920		1,638,451
FirstGroup PLC	118,500		465,970
G4S PLC	326,408		902,577
GlaxoSmithKline PLC	1,391,280		24,460,833
Hammerson PLC^b	77,890		455,633
ICAP PLC	142,928		486,300
Imperial Tobacco Group PLC	275,497		7,518,694
InterContinental Hotels Group PLC	88,501		669,857
International Power PLC	401,703		1,573,800
Invensys PLC^a	221,063		493,995
J Sainsbury PLC	292,334		1,403,455
Johnson Matthey PLC	51,681		725,713
Liberty International PLC^b	64,333		345,721
Lonmin PLC	32,940		411,497
National Grid PLC	601,920		5,623,267


Security	Shares	Value
Reckitt Benckiser PLC	165,677	$	6,389,412
Reed Elsevier PLC	296,416		2,217,910
Rio Tinto PLC	263,460		5,720,244
Royal Dutch Shell PLC Class A	456,840		11,394,234
Royal Dutch Shell PLC Class B	458,520		10,960,181
SABMiller PLC	242,823		3,962,882
Sage Group PLC	349,387		912,221
Scottish & Southern Energy PLC	222,431		3,832,111
Serco Group PLC	132,906		841,650
Severn Trent PLC	23,700		372,776
Shire PLC	150,840		2,198,582
Smith & Nephew PLC	247,220		1,776,739
Smiths Group PLC	69,262		855,258
Stagecoach Group PLC	112,449		197,378
Standard Chartered PLC	527,190		6,658,036
Standard Life PLC	508,380		1,610,617
Tesco PLC	2,099,400		10,841,657
Thomas Cook Group PLC	116,520		320,519
Thomson Reuters PLC	52,502		1,057,419
TUI Travel PLC	152,760		493,324
Tullow Oil PLC	193,920		1,934,655
Unilever PLC	234,900		5,181,427
United Business Media Ltd.	65,000		453,325
Vedanta Resources PLC	36,720		292,754
Whitbread PLC	43,105		509,896
Wm Morrison Supermarkets PLC	623,820		2,435,021
Xstrata PLC	167,400		1,374,435

			224,430,589


TOTAL COMMON STOCKS
(Cost: $1,404,522,426)			960,059,007

PREFERRED STOCKS – 0.27%

GERMANY – 0.27%
Fresenius SE	21,120		1,174,363
Henkel AG & Co. KGaA	53,184		1,376,055

			2,550,418


TOTAL PREFERRED STOCKS
(Cost: $4,027,692)			2,550,418


58		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE GROWTH INDEX FUND

January 31, 2009


Security	Shares	Value
SHORT-TERM INVESTMENTS – 2.71%

MONEY MARKET FUNDS – 2.71%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^c,d,e	22,338,678	$	22,338,678
Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56%^c,d,e	3,611,183		3,611,183
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^c,d	206,606		206,606

			26,156,467


TOTAL SHORT-TERM INVESTMENTS
(Cost: $26,156,467)			26,156,467


TOTAL INVESTMENTS IN SECURITIES – 102.45%
(Cost: $1,434,706,585)			988,765,892

Other Assets, Less Liabilities – (2.45)%			(23,626,275	)


NET ASSETS – 100.00%		$	965,139,617

ADR – American Depositary Receipts

SDR – Swedish Depositary Receipts

SP ADR – Sponsored American Depositary Receipts

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 5.

^c	Affiliated issuer. See Note 2.

^d	The rate quoted is the annualized seven-day yield of the fund at period end.

^e	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


SCHEDULES OF INVESTMENTS		59

Schedule of Investments (Unaudited)

iSHARES^® MSCI EAFE VALUE INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 99.11%

AUSTRALIA – 5.45%
AGL Energy Ltd.	123,515	$	1,150,658
Alumina Ltd.	406,560		294,726
Amcor Ltd.	260,516		892,919
AMP Ltd.	322,146		1,079,573
ASX Ltd.	41,382		714,447
Australia and New Zealand Banking Group Ltd.	546,810		4,614,198
Bendigo and Adelaide Bank Ltd.	69,564		442,357
BlueScope Steel Ltd.	198,904		446,485
Boral Ltd.^a	199,914		420,785
Caltex Australia Ltd.	44,220		246,608
CFS Retail Property Trust	394,247		451,263
Coca-Cola Amatil Ltd.	93,000		541,119
Commonwealth Bank of Australia	372,372		6,369,688
Crown Ltd.	137,884		485,750
CSR Ltd.	289,146		262,012
Dexus Property Group	752,954		363,891
Fairfax Media Ltd.	275,777		246,390
Foster’s Group Ltd.	487,278		1,694,935
Goodman Fielder Ltd.	296,076		289,002
Goodman Group	699,336		317,966
GPT Group (The)	1,211,320		585,412
Insurance Australia Group Ltd.	484,308		1,204,168
James Hardie Industries NV	145,468		362,612
Lend Lease Corp. Ltd.	84,810		366,189
Macquarie Airports	193,182		281,314
Macquarie Group Ltd.^a	74,052		1,223,860
Macquarie Infrastructure Group	678,480		690,313
Mirvac Group	406,692		296,115
National Australia Bank Ltd.	504,306		6,070,627
OneSteel Ltd.	106,194		164,095
Qantas Airways Ltd.	232,129		361,647
QBE Insurance Group Ltd.	159,456		2,433,554
Santos Ltd.	80,916		739,401
Sims Metal Management Ltd.	38,544		416,672
Stockland Corp. Ltd.	416,856		964,887
Suncorp-Metway Ltd.	250,470		1,194,554
Tabcorp Holdings Ltd.	171,762		719,782
Tatts Group Ltd.	341,748		625,875


Security	Shares	Value
Telstra Corp. Ltd.	939,378	$	2,263,958
Toll Holdings Ltd.	117,546		408,869
Transurban Group	288,156		940,013
Wesfarmers Ltd.	172,609		1,706,800
Wesfarmers Ltd. Entitlement^b	76,216		729,410
Wesfarmers Ltd. Partially Protected	37,620		370,321
Wesfarmers Ltd. Partially Protected Entitlement^b	16,611		158,233
Westfield Group	469,392		3,593,776

			50,197,229

AUSTRIA – 0.54%
Erste Group Bank AG	51,178		776,522
OMV AG	45,768		1,313,211
Raiffeisen International Bank Holding AG	12,012		246,294
Telekom Austria AG	86,328		1,216,923
Vienna Insurance Group	9,042		285,048
voestalpine AG	36,036		702,862
Wienerberger AG	29,964		386,293

			4,927,153

BELGIUM – 1.18%
Belgacom SA	46,728		1,637,771
Compagnie Nationale a Portefeuille SA	10,230		485,061
Delhaize Group	28,396		1,834,029
Dexia SA^a	164,208		516,612
Fortis	701,286		1,392,982
Groupe Bruxelles Lambert SA	13,992		1,032,632
KBC Group NV	41,718		765,838
Mobistar SA	6,830		502,927
Solvay SA	16,256		1,154,096
UCB SA	28,777		898,895
Umicore	34,980		654,921

			10,875,764

DENMARK – 0.28%
Carlsberg A/S Class B	14,058		468,834
Danisco A/S	14,936		552,035
Danske Bank A/S	118,480		1,201,685
Trygvesta A/S	6,565		391,613

			2,614,167


60		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE VALUE INDEX FUND

January 31, 2009


Security	Shares	Value
FINLAND – 0.94%
Elisa OYJ Class A	30,756	$	488,337
Kesko OYJ Class B	20,262		499,841
Metso OYJ	41,250		402,808
Neste Oil OYJ	37,520		545,249
Orion OYJ Class B	25,410		438,948
Outokumpu OYJ	36,498		417,676
Pohjola Bank PLC Class A	24,822		291,374
Rautaruukki OYJ	26,928		429,628
Sampo OYJ Class A	112,596		1,813,748
Sanoma OYJ	19,734		231,901
Stora Enso OYJ Class R	164,142		1,005,463
UPM-Kymmene OYJ	152,460		1,445,793
Wartsila OYJ Class B	24,354		655,403

			8,666,169

FRANCE – 13.82%
Accor SA	38,280		1,520,485
Air France-KLM	38,976		375,108
Alcatel-Lucent^c	643,962		1,282,419
ArcelorMittal	240,966		5,467,267
Atos Origin SA	18,744		446,900
AXA	418,506		6,551,093
BNP Paribas	223,410		8,591,860
Bouygues SA	62,172		2,132,061
Cap Gemini SA	18,480		640,601
Carrefour SA	113,788		3,906,500
Casino Guichard-Perrachon SA	12,831		846,071
CNP Assurances SA	12,232		817,232
Compagnie de Saint-Gobain	78,755		2,682,069
Compagnie Generale des Etablissements Michelin Class B	41,910		1,649,900
Credit Agricole SA	244,292		2,986,594
Eiffage SA	10,296		509,829
Eramet	1,452		231,894
European Aeronautic Defence and Space Co.^a	91,381		1,604,921
Eutelsat Communications	10,626		227,748
France Telecom SA	496,518		11,173,214
GDF Suez	147,840		5,696,971
Gecina SA	4,193		291,557
Icade	5,610		452,921
Imerys SA	8,514		340,850


Security	Shares	Value
Klepierre	22,374	$	535,885
Lafarge SA	34,122		1,582,274
Lagardere SCA	33,168		1,269,193
Legrand SA	27,918		472,076
M6-Metropole Television	20,340		330,904
Natixis	295,907		464,526
Neopost SA	5,346		432,052
PagesJaunes SA	35,739		316,108
PPR SA	22,110		1,122,875
PSA Peugeot Citroen SA	45,540		776,473
Publicis Groupe SA	18,348		432,168
Renault SA	51,612		1,002,694
Safran SA	52,074		653,314
Sanofi-Aventis	286,308		16,174,950
Schneider Electric SA	61,380		3,914,045
SCOR SE	51,024		1,040,311
Societe BIC	6,170		332,088
Societe Generale	129,841		5,482,591
Societe Television Francaise 1^a	28,516		308,425
STMicroelectronics NV	78,408		408,149
Technip SA	23,958		746,984
Thales SA	22,384		996,950
Total SA	209,352		10,510,049
Unibail-Rodamco	22,126		2,983,032
Valeo SA	27,324		306,037
Vallourec SA	14,916		1,469,646
Vinci SA	109,305		3,759,596
Vivendi	318,318		8,244,154
Wendel	8,514		332,776
Zodiac SA	10,626		385,912

			127,212,302

GERMANY – 8.93%
Allianz SE Registered	124,344		10,532,826
BASF SE	261,426		7,611,596
Bayerische Motoren Werke AG	96,030		2,290,192
Commerzbank AG^a	192,522		877,079
Daimler AG Registered	240,372		6,776,808
Deutsche Bank AG Registered	148,500		3,939,267
Deutsche Lufthansa AG Registered	66,536		810,026
Deutsche Post AG Registered	233,310		2,924,091
Deutsche Postbank AG	26,598		321,084
Deutsche Telekom AG Registered	770,814		9,354,448


SCHEDULES OF INVESTMENTS		61

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE VALUE INDEX FUND

January 31, 2009


Security	Shares	Value
E.ON AG	501,534	$	16,222,147
Hannover Rueckversicherung AG	14,190		436,791
Hypo Real Estate Holding AG^a	63,119		103,535
MAN AG	31,680		1,385,201
Merck KGaA	5,676		482,034
METRO AG	19,206		698,995
Muenchener Rueckversicherungs- Gesellschaft AG Registered	56,496		7,507,841
RWE AG	80,388		6,270,658
Salzgitter AG	11,748		859,343
ThyssenKrupp AG^a	102,762		2,099,131
TUI AG	77,550		654,420

			82,157,513

HONG KONG – 2.50%
Bank of East Asia Ltd.	350,800		709,322
BOC Hong Kong (Holdings) Ltd.	1,023,000		1,059,324
Cathay Pacific Airways Ltd.^a	330,000		388,954
Cheung Kong (Holdings) Ltd.	198,000		1,861,361
Cheung Kong Infrastructure Holdings Ltd.	132,000		497,044
Chinese Estates Holdings Ltd.^a	264,000		328,185
CLP Holdings Ltd.	396,000		2,693,739
Genting International PLC^c	528,000		152,025
Hang Lung Development Co. Ltd.	198,000		651,093
Hang Seng Bank Ltd.	217,800		2,662,588
Henderson Land Development Co. Ltd.^a	264,000		1,026,429
Hongkong Electric Holdings Ltd.^a	396,000		2,333,722
Hopewell Holdings Ltd.	198,000		657,476
Hutchison Whampoa Ltd.	198,000		1,021,323
Hysan Development Co. Ltd.	264,000		432,360
Kingboard Chemical Holdings Co. Ltd.^a	165,000		270,651
Link REIT (The)	594,000		1,126,008
MTR Corp. Ltd.^a	231,000		560,025
New World Development Co. Ltd.	594,000		572,962
Noble Group Ltd.	330,000		229,349
NWS Holdings Ltd.	198,000		244,607
Orient Overseas International Ltd.	66,000		158,305
Pacific Basin Shipping Ltd.	396,000		208,350
Sino Land Co. Ltd.	132,000		129,368
Swire Pacific Ltd. Class A	231,000		1,519,218


Security	Shares	Value
Television Broadcasts Ltd.	66,000	$	236,606
Wharf Holdings Ltd. (The)^a	399,750		1,005,219
Yue Yuen Industrial Holdings Ltd.	132,000		242,054

			22,977,667

IRELAND – 0.43%
Allied Irish Banks PLC	261,030		408,102
Anglo Irish Bank Corp. Ltd.^b	246,432		–
Bank of Ireland	286,572		238,707
CRH PLC	141,240		3,294,183

			3,940,992

ITALY – 5.68%
Alleanza Assicurazioni SpA	93,280		635,346
Atlantia SpA	27,720		406,740
Banca Carige SpA	169,158		392,365
Banca Monte dei Paschi di Siena SpA	438,444		631,537
Banca Popolare di Milano Scrl	122,166		626,614
Banco Popolare SpA	184,536		1,057,670
Bulgari SpA	56,166		233,744
Enel SpA	1,187,406		6,687,699
Eni SpA	702,834		14,987,345
Fiat SpA	211,794		1,040,873
Finmeccanica SpA	110,946		1,744,515
Fondiaria-Sai SpA	18,678		292,975
IFIL Investments SpA	119,005		295,707
Intesa Sanpaolo SpA	2,095,659		6,640,114
Italcementi SpA^a	29,106		273,964
Mediaset SpA	210,906		1,031,103
Mediobanca SpA	126,324		1,149,378
Parmalat SpA	464,574		752,524
Pirelli & C. SpA	944,872		271,837
Snam Rete Gas SpA	194,975		1,018,806
Telecom Italia SpA	2,769,328		3,419,359
Terna SpA	312,378		951,743
UniCredito SpA	3,143,052		5,566,449
Unione di Banche Italiane ScpA	158,862		1,984,921
Unipol Gruppo Finanziario SpA	116,754		175,056

			52,268,384

JAPAN – 27.40%
Acom Co. Ltd.	10,036		355,356
Advantest Corp.	39,600		544,550


62		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE VALUE INDEX FUND

January 31, 2009


Security	Shares	Value
AEON Co. Ltd.	162,200	$	1,316,600
AEON Credit Service Co. Ltd.	39,600		362,004
Aioi Insurance Co. Ltd.	66,000		329,228
Aisin Seiki Co. Ltd.	46,200		636,851
Ajinomoto Co. Inc.	132,000		1,152,299
All Nippon Airways Co. Ltd.^a	66,000		249,861
Alps Electric Co. Ltd.	59,400		255,299
Amada Co. Ltd.	132,000		639,350
Asahi Glass Co. Ltd.	264,000		1,408,039
Asahi Kasei Corp.	132,000		551,164
Astellas Pharma Inc.	138,600		5,308,807
Bank of Kyoto Ltd. (The)	95,000		1,010,188
Bank of Yokohama Ltd. (The)	330,000		1,715,956
Bridgestone Corp.	99,000		1,278,699
Brother Industries Ltd.	59,400		392,208
Canon Marketing Japan Inc.	26,400		394,192
Casio Computer Co. Ltd.	52,800		421,530
Chiba Bank Ltd. (The)	198,000		1,130,988
Chubu Electric Power Co. Inc.	132,000		3,777,308
Chugoku Bank Ltd. (The)	66,000		936,243
Chugoku Electric Power Co. Inc. (The)	39,600		1,036,187
Chuo Mitsui Trust Holdings Inc.	264,000		1,061,174
Citizen Watch Co. Ltd.	92,400		380,670
Coca-Cola West Japan Co. Ltd.	13,200		273,230
Cosmo Oil Co. Ltd.	66,000		179,312
Credit Saison Co. Ltd.	33,000		330,698
Dai Nippon Printing Co. Ltd.	198,000		1,968,756
Daicel Chemical Industries Ltd.	66,000		293,954
Daido Steel Co. Ltd.	66,000		185,191
Daihatsu Motor Co. Ltd.	66,000		564,392
Daiichi Sankyo Co. Ltd.	59,400		1,349,248
Daito Trust Construction Co. Ltd.	26,400		1,149,360
Daiwa House Industry Co. Ltd.	132,000		1,203,741
Denki Kagaku Kogyo Kabushiki Kaisha	66,000		140,363
Denso Corp.	125,400		2,326,204
Dentsu Inc.	46,200		807,124
DIC Corp.	132,000		216,056
Eisai Co. Ltd.	72,600		2,691,883
Electric Power Development Co. Ltd.	39,620		1,544,037


Security	Shares	Value
Fuji Electric Holdings Co. Ltd.	132,000	$	160,205
Fuji Heavy Industries Ltd.	132,000		389,489
Fuji Media Holdings Inc.	198		254,858
FUJIFILM Holdings Corp.	125,400		2,799,543
Fukuoka Financial Group Inc.	264,000		905,378
Gunma Bank Ltd.	132,000		777,508
Hachijuni Bank Ltd. (The)	132,000		751,052
Hakuhodo DY Holdings Inc.	3,300		148,814
Haseko Corp.	330,000		312,326
Hino Motors Ltd.	66,000		118,316
Hitachi Chemical Co. Ltd.	26,400		289,839
Hokkaido Electric Power Co. Inc.	52,800		1,284,579
Honda Motor Co. Ltd.	442,200		10,192,117
Idemitsu Kosan Co. Ltd.	6,600		436,522
IHI Corp.	396,000		467,387
Isuzu Motors Ltd.	330,000		393,163
ITOCHU Corp.	396,000		1,970,961
Itochu Techno-Solutions Corp.	13,200		297,628
Japan Prime Realty Investment Corp.	132		345,984
Japan Real Estate Investment Corp.	132		1,211,090
Japan Retail Fund Investment Corp.	66		295,424
JFE Holdings Inc.	138,600		3,526,344
JS Group Corp.	59,400		800,290
JTEKT Corp.	33,000		207,605
Kaneka Corp.	132,000		714,308
Kansai Electric Power Co. Inc. (The)	85,800		2,374,045
Kansai Paint Co. Ltd.	66,000		338,047
Kawasaki Heavy Industries Ltd.	396,000		731,945
Kawasaki Kisen Kaisha Ltd.	165,000		613,629
Keio Corp.	198,000		1,064,848
Keisei Electric Railway Co. Ltd.	66,000		360,828
Kinden Corp.	22,000		195,479
Kirin Holdings Co. Ltd.	198,000		2,524,329
Kobe Steel Ltd.	264,000		402,717
Komatsu Ltd.	79,200		835,123
Konica Minolta Holdings Inc.	66,000		523,238
Kubota Corp.	330,000		1,829,863
Kyocera Corp.	46,200		3,024,786
Kyushu Electric Power Co. Inc.	99,000		2,601,492
Leopalace21 Corp.	33,000		283,298
Mabuchi Motor Co. Ltd.	6,600		252,065


SCHEDULES OF INVESTMENTS		63

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE VALUE INDEX FUND

January 31, 2009


Security	Shares	Value
Makita Corp.	33,000	$	611,057
Marubeni Corp.	264,000		961,229
Marui Group Co. Ltd.	92,400		488,698
Mazda Motor Corp.	198,000		313,061
Mediceo Paltac Holdings Co. Ltd.	26,400		298,657
Minebea Co. Ltd.	66,000		205,033
Mitsubishi Chemical Holdings Corp.	231,000		959,392
Mitsubishi Corp.	237,600		3,230,259
Mitsubishi Gas Chemical Co. Inc.	66,000		266,763
Mitsubishi Materials Corp.	330,000		841,443
Mitsubishi Rayon Co. Ltd.	198,000		485,024
Mitsubishi Tanabe Pharma Corp.	66,000		980,336
Mitsubishi UFJ Financial Group Inc.	2,983,200		16,940,563
Mitsubishi UFJ Lease & Finance Co. Ltd.	13,200		317,470
Mitsui & Co. Ltd.	462,000		4,938,426
Mitsui Chemicals Inc.	132,000		386,549
Mitsui Mining & Smelting Co. Ltd.	132,000		242,512
Mitsui O.S.K. Lines Ltd.	330,000		1,936,421
Murata Manufacturing Co. Ltd.	59,400		2,268,589
Namco Bandai Holdings Inc.	66,000		669,480
NEC Corp.	528,000		1,440,374
NEC Electronics Corp.^c	6,600		46,298
NGK Spark Plug Co. Ltd.	66,000		512,950
Nippon Building Fund Inc.	132		1,437,435
Nippon Electric Glass Co. Ltd.	66,000		443,135
Nippon Express Co. Ltd.	264,000		961,229
Nippon Mining Holdings Inc.	231,000		864,224
Nippon Oil Corp.	396,000		1,754,905
Nippon Paper Group Inc.	19,800		593,052
Nippon Steel Corp.	858,000		2,569,892
Nippon Telegraph and Telephone Corp.	138,600		6,790,335
Nippon Yusen Kabushiki Kaisha	264,000		1,264,002
Nishi-Nippon City Bank Ltd. (The)	132,000		329,228
Nissan Motor Co. Ltd.	620,400		1,899,677
Nisshin Seifun Group Inc.	33,200		366,342
Nisshin Steel Co. Ltd.	198,000		337,312
Nitto Denko Corp.	39,600		744,732
NOK Corp.	26,400		188,425
Nomura Holdings Inc.	217,800		1,438,096
Nomura Real Estate Office Fund Inc.	66		422,559


Security	Shares	Value
NSK Ltd.	132,000	$	433,582
NTN Corp.	66,000		179,312
NTT DoCoMo Inc.	4,356		7,682,779
Obayashi Corp.	132,000		632,001
Omron Corp.	46,200		554,030
Ono Pharmaceutical Co. Ltd.	19,800		1,047,211
Oracle Corp. Japan	6,600		265,293
ORIX Corp.	15,180		681,165
Osaka Gas Co. Ltd.	264,000		1,134,662
Panasonic Corp.	198,000		2,422,915
Panasonic Electric Works Co. Ltd.	66,000		529,117
Promise Co. Ltd.^a	23,100		429,797
Ricoh Co. Ltd.	198,000		2,467,008
Rohm Co. Ltd.	33,000		1,657,165
Sankyo Co. Ltd.	13,200		640,820
Santen Pharmaceutical Co. Ltd.	19,800		638,248
Sapporo Hokuyo Holdings Inc.	132,000		477,675
SBI Holdings Inc.	4,422		545,549
Sega Sammy Holdings Inc.	46,200		589,010
Seiko Epson Corp.	33,000		424,763
Sekisui Chemical Co. Ltd.	132,000		745,173
Sekisui House Ltd.	198,000		1,695,379
77 Bank Ltd. (The)	132,000		671,685
Sharp Corp.	264,000		1,990,068
Shimizu Corp.	132,000		605,545
Shinko Electric Industries Co. Ltd.	26,400		227,520
Shinko Securities Co. Ltd.	86,000		176,194
Shinsei Bank Ltd.	396,000		520,298
Showa Denko K.K.	198,000		268,968
Showa Shell Sekiyu K.K.	54,400		517,288
Sojitz Corp.	336,600		528,456
Sompo Japan Insurance Inc.	264,000		1,687,295
Sony Corp.	270,600		5,363,189
Stanley Electric Co. Ltd.	39,600		388,901
Sumco Corp.	39,600		525,590
Sumitomo Chemical Co. Ltd.	396,000		1,274,290
Sumitomo Corp.	297,000		2,748,102
Sumitomo Electric Industries Ltd.	99,000		761,708
Sumitomo Heavy Industries Ltd.	132,000		429,173
Sumitomo Metal Industries Ltd.	528,000		1,081,750
Sumitomo Metal Mining Co. Ltd.	132,000		1,258,123
Sumitomo Rubber Industries Inc.	59,400		376,335


64		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE VALUE INDEX FUND

January 31, 2009


Security	Shares	Value
Sumitomo Trust and Banking Co. Ltd. (The)	396,000	$	1,988,598
Suzuken Co. Ltd.	13,200		343,191
T&D Holdings Inc.	26,400		870,103
Taiheiyo Cement Corp.	330,000		462,977
Taisei Corp.	330,000		742,234
Taisho Pharmaceutical Co. Ltd.	66,000		1,353,658
Takeda Pharmaceutical Co. Ltd.	224,400		10,619,085
Takefuji Corp.	37,300		268,713
TDK Corp.	33,000		1,260,327
Teijin Ltd.	198,000		485,024
THK Co. Ltd.	26,400		340,693
Tokyo Broadcasting System Inc.	6,600		90,317
Tokyo Gas Co. Ltd.	264,000		1,255,183
Tokyo Steel Manufacturing Co. Ltd.	33,000		327,391
Tokyo Tatemono Co. Ltd.	66,000		226,344
Tokyu Corp.	132,000		579,089
Tokyu Land Corp.	132,000		424,763
TonenGeneral Sekiyu K.K.	66,000		643,024
Toppan Printing Co. Ltd.	132,000		903,908
Tosoh Corp.	132,000		282,196
TOTO Ltd.^a	66,000		356,419
Toyo Seikan Kaisha Ltd.	39,600		596,579
Toyota Industries Corp.	59,400		1,204,403
Toyota Motor Corp.	745,800		24,289,778
Toyota Tsusho Corp.	52,800		483,260
USS Co. Ltd.	3,960		171,081
West Japan Railway Co.	287		1,175,994
Yamaguchi Financial Group Inc.	66,000		742,234
Yamaha Corp.	46,200		412,050
Yamaha Motor Co. Ltd.	46,200		440,343
Yamato Holdings Co. Ltd.	66,000		681,238
Yokogawa Electric Corp.	52,800		243,982

			252,157,237

NETHERLANDS – 2.35%
Aegon NV	388,608		2,061,725
Akzo Nobel NV	65,604		2,357,366
Corio NV	11,752		504,818
ING Groep NV CVA	535,128		4,376,562
Koninklijke DSM NV	31,973		770,300
Koninklijke Philips Electronics NV	270,211		4,917,111
Randstad Holding NV	29,964		597,294


Security	Shares	Value
SBM Offshore NV	36,894	$	447,975
SNS REAAL NV	39,336		173,306
Unilever NV	217,470		4,812,938
Wolters Kluwer NV	34,320		620,133

			21,639,528

NEW ZEALAND – 0.11%
Fletcher Building Ltd.	139,194		398,728
Telecom Corp. of New Zealand Ltd.	446,886		602,679

			1,001,407

NORWAY – 1.08%
DnB NOR ASA	239,448		817,637
Frontline Ltd.^a	15,515		448,972
Norsk Hydro ASA	248,358		891,183
Orkla ASA	240,504		1,609,427
StatoilHydro ASA	331,254		5,737,100
Yara International ASA	19,668		446,072

			9,950,391

PORTUGAL – 0.38%
Banco Comercial Portugues SA Registered^c	771,672		791,118
Banco Espirito Santo SA Registered	77,748		518,097
BRISA - Auto-estradas de Portugal SA	40,546		268,632
CIMPOR - Cimentos de Portugal SGPS SA^a	92,466		431,322
Portugal Telecom SGPS SA Registered^a	179,058		1,445,616

			3,454,785

SINGAPORE – 1.18%
Ascendas Real Estate Investment Trust^a	396,000		382,685
CapitaLand Ltd.	528,000		838,761
CapitaMall Trust Management Ltd.	221,000		234,048
ComfortDelGro Corp. Ltd.	330,000		318,904
DBS Group Holdings Ltd.	496,000		2,895,631
Fraser and Neave Ltd.	198,000		377,442
Golden Agri-Resources Ltd.	1,518,000		311,477
Jardine Cycle & Carriage Ltd.	66,000		471,803
Neptune Orient Lines Ltd.	198,000		148,094
SembCorp Industries Ltd.	198,000		300,119
Singapore Airlines Ltd.^a	132,800		979,211


SCHEDULES OF INVESTMENTS		65

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE VALUE INDEX FUND

January 31, 2009


Security	Shares	Value
Singapore Telecommunications Ltd.	594,000	$	1,045,830
United Overseas Bank Ltd.	330,000		2,594,917

			10,898,922

SPAIN – 4.06%
Acerinox SA	50,952		668,621
Banco Bilbao Vizcaya Argentaria SA	994,820		9,344,737
Banco de Sabadell SA^a	269,214		1,352,391
Banco Popular Espanol SA^a	239,583		1,651,798
Banco Santander SA	2,173,004		17,599,333
Criteria CaixaCorp SA	232,848		814,618
Fomento de Construcciones y Contratas SA	12,078		316,524
Gas Natural SDG SA	19,470		470,323
Gestevision Telecinco SA	48,840		421,846
Grupo Ferrovial SA	18,612		496,584
Iberia Lineas Aereas de Espana SA	163,680		379,658
Repsol YPF SA	200,310		3,604,030
Sacyr Vallehermoso SA^a	25,938		222,705

			37,343,168

SWEDEN – 2.82%
Assa Abloy AB Class B	56,100		569,782
Atlas Copco AB Class B	110,022		663,171
Electrolux AB Class B^a	74,250		541,536
Holmen AB Class B	23,298		481,680
Husqvarna AB Class B	80,916		341,412
Investor AB Class B	82,038		961,790
Nordea Bank AB	560,010		2,997,468
Sandvik AB	286,704		1,486,202
Scania AB Class B	105,600		859,297
Skandinaviska Enskilda Banken AB Class A	126,852		547,465
Skanska AB Class B	121,176		1,048,128
SKF AB Class B	108,240		916,663
SSAB Svenskt Stal AB Class A	57,090		406,058
SSAB Svenskt Stal AB Class B	31,812		211,884
Svenska Cellulosa AB Class B	160,778		1,269,532
Svenska Handelsbanken AB Class A	127,776		1,409,439
Swedbank AB Class A^a	94,380		335,643
Telefonaktiebolaget LM Ericsson AB Class B	806,982		6,498,544
TeliaSonera AB	582,054		2,582,182


Security	Shares	Value
Volvo AB Class A	130,020	$	537,626
Volvo AB Class B	309,870		1,255,147

			25,920,649

SWITZERLAND – 2.44%
Baloise Holding Registered	12,738		792,901
Credit Suisse Group AG Registered	290,334		7,464,088
Holcim Ltd. Registered	54,846		2,218,033
Pargesa Holding SA Bearer	6,006		386,791
Swiss Life Holding AG Registered^c	9,702		528,273
Swiss Reinsurance Co. Registered	93,588		2,494,712
Swisscom AG Registered	4,652		1,465,899
Zurich Financial Services AG Registered	39,468		7,140,760

			22,491,457

UNITED KINGDOM – 17.54%
Anglo American PLC	125,928		2,298,428
Antofagasta PLC	50,490		305,724
AstraZeneca PLC	395,340		15,223,676
Aviva PLC	712,008		3,202,686
Balfour Beatty PLC	71,742		384,244
Banco Santander SA	36,062		287,248
Barclays PLC^d	2,214,963		3,388,104
Berkeley Group Holdings PLC (The) Units^c	19,614		223,816
BP PLC	2,612,412		18,624,425
British Airways PLC	170,610		295,408
British Land Co. PLC	146,147		953,418
BT Group PLC	2,075,921		3,139,505
Cadbury PLC	139,691		1,124,777
Carnival PLC	47,058		860,934
Compass Group PLC	344,793		1,706,255
Daily Mail & General Trust PLC Class A NVS	69,102		262,510
Friends Provident PLC	622,644		740,574
GKN PLC	221,364		268,876
Hays PLC	399,564		433,479
Home Retail Group PLC	244,530		725,349
HSBC Holdings PLC	3,291,618		25,780,068
IMI PLC	106,865		414,056
Investec PLC	127,346		458,069
ITV PLC	878,064		348,124
Kazakhmys PLC	64,416		207,793


66		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE VALUE INDEX FUND

January 31, 2009


Security	Shares	Value
Kingfisher PLC	671,185	$	1,345,998
Ladbrokes PLC	193,974		505,472
Land Securities Group PLC	131,231		1,304,505
Legal & General Group PLC	1,692,383		1,502,984
Liberty International PLC^a	28,380		152,512
Lloyds TSB Group PLC	2,503,129		3,273,146
Logica PLC	430,344		407,931
London Stock Exchange Group PLC	39,468		273,836
Man Group PLC	456,258		1,356,686
Marks & Spencer Group PLC	444,246		1,479,484
Meggitt PLC	140,976		280,986
National Express Group PLC	21,941		103,201
Next PLC	57,948		983,308
Old Mutual PLC	1,382,106		1,044,113
Pearson PLC	236,544		2,269,525
Prudential PLC	652,212		3,135,881
Rexam PLC	163,482		735,359
Rolls-Royce Group PLC^c	487,740		2,334,540
Royal Bank of Scotland Group PLC	4,656,366		1,476,878
Royal Dutch Shell PLC Class A	496,848		12,392,090
Royal Dutch Shell PLC Class B	271,590		6,491,921
RSA Insurance Group PLC	833,448		1,582,483
Schroders PLC	43,428		476,463
SEGRO PLC	139,937		322,291
Severn Trent PLC	33,693		529,955
Tate & Lyle PLC	132,462		634,977
3i Group PLC	76,032		248,277
Tomkins PLC	256,014		434,610
Unilever PLC	111,870		2,467,630
United Utilities Group PLC	179,261		1,398,164
Vodafone Group PLC	14,378,628		26,886,379
Wolseley PLC	187,044		465,705
WPP PLC	267,102		1,503,741

			161,458,577


TOTAL COMMON STOCKS
(Cost: $1,422,034,146)			912,153,461


Security	Shares	Value

PREFERRED STOCKS – 0.70%

GERMANY – 0.43%
Bayerische Motoren Werke AG	20,592	$	341,733
Porsche Automobil Holding SE^a	25,674		1,513,457
RWE AG	9,636		637,555
Volkswagen AG	29,832		1,481,401

			3,974,146

ITALY – 0.27%
Intesa Sanpaolo SpA RNC	221,583		499,767
Telecom Italia SpA RNC	1,698,312		1,649,701
Unipol Gruppo Finanziario SpA	285,927		300,461

			2,449,929


TOTAL PREFERRED STOCKS
(Cost: $9,798,654)			6,424,075

RIGHTS – 0.00%

BELGIUM – 0.00%
Fortis^a,b,c	355,470		45

			45

SINGAPORE – 0.00%
Ascendas Real Estate Investment Trust^b,c	27,199		5,401

			5,401


TOTAL RIGHTS (Cost: $0)			5,446

SHORT-TERM INVESTMENTS – 1.92%

MONEY MARKET FUNDS – 1.92%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^d,e,f	15,115,034		15,115,034
Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56%^d,e,f	2,443,437		2,443,437


SCHEDULES OF INVESTMENTS		67

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE VALUE INDEX FUND

January 31, 2009


Security	Shares	Value
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^d,e	130,384	$	130,384

			17,688,855


TOTAL SHORT-TERM INVESTMENTS
(Cost: $17,688,855)			17,688,855


TOTAL INVESTMENTS IN SECURITIES – 101.73%
(Cost: $1,449,521,655)			936,271,837

Other Assets, Less Liabilities – (1.73)%			(15,918,141	)


NET ASSETS – 100.00%		$	920,353,696

NVS – Non-Voting Shares

^a	All or a portion of this security represents a security on loan. See Note 5.

^b	Security valued using Level 3 inputs. See Note 1.

^c	Non-income earning security.

^d	Affiliated issuer. See Note 2.

^e	The rate quoted is the annualized seven-day yield of the fund at period end.

^f	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


68		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI EAFE SMALL CAP INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 99.64%

AUSTRALIA – 5.25%
ABB Grain Ltd.	109,008	$	460,966
Adelaide Brighton Ltd.	226,896		245,281
Ansell Ltd.	83,904		544,750
APN News & Media Ltd.	264,432		337,986
Aquarius Platinum Ltd.	30,864		77,328
Arrow Energy Ltd.^a	205,104		277,807
Atlas Iron Ltd.^a	65,626		49,661
Austar United Communications Ltd.^a	358,128		168,523
Australian Pipeline Trust	293,664		563,958
Australian Wealth Management Ltd.	289,392		167,462
Australian Worldwide Exploration Ltd.^a	238,512		401,925
AWB Ltd.	210,220		296,767
Babcock & Brown Wind Partners Ltd.	491,472		268,773
Beach Petroleum Ltd.	522,240		257,372
Bradken Ltd.	34,800		54,217
Centennial Coal Co. Ltd.	160,848		289,462
Challenger Financial Services Group Ltd.	145,344		111,833
Crane Group Ltd.	52,752		272,385
David Jones Ltd.	187,152		276,103
Diversified Utility & Energy Trusts Group	363,744		490,366
Downer EDI Ltd.	168,048		380,428
Emeco Holdings Ltd.	615,648		66,553
Energy World Corp. Ltd.^a	208,128		29,117
Felix Resources Ltd.	29,760		130,578
Flight Centre Ltd.	26,976		108,242
Gindalbie Metals Ltd.^a	181,344		65,730
Gunns Ltd.	299,957		180,252
Healthscope Ltd.	130,992		359,846
Iluka Resources Ltd.^a	65,520		177,073
Independence Group NL	69,312		109,748
JB Hi-Fi Ltd.^b	52,416		311,648
Kagara Ltd.^a	112,464		30,037
Kingsgate Consolidated Ltd.^a	143,424		342,924
Linc Energy Ltd.^a	59,634		48,350


Security	Shares	Value
Lynas Corp. Ltd.^a,b	288,432	$	48,605
Macarthur Coal Ltd.	62,592		119,407
Macmahon Holdings Ltd.	321,168		66,375
Macquarie Communications Infrastructure Group	191,520		114,480
Minara Resources Ltd.	88,752		20,882
Mincor Resources NL	124,995		50,473
Mount Gibson Iron Ltd.^a	177,456		45,702
Murchison Metals Ltd.^a	110,976		36,696
Nexus Energy Ltd.^a	320,064		101,764
Octaviar Ltd.^c	7,952		5,006
Pacific Brands Ltd.	300,144		81,116
Paladin Energy Ltd.^a,b	194,304		383,029
PanAust Ltd.^a	523,344		44,927
Panoramic Resources Ltd.	91,824		49,048
PaperlinX Ltd.	191,959		53,709
Publishing and Broadcasting Ltd.	223,008		273,695
Riversdale Mining Ltd.^a	63,168		87,969
Roc Oil Co. Ltd.^a	374,496		120,262
Seven Network Ltd.	59,712		227,446
Sigma Pharmaceuticals Ltd.	501,456		382,651
Silex Systems Ltd.^a	50,592		115,495
Sino Gold Mining Ltd.^a,b	101,763		320,967
Straits Resources Ltd.	93,168		62,800
Sundance Resources Ltd.^a	813,120		50,155
Timbercorp Ltd.	666,144		55,068
Transfield Services Ltd.	88,320		109,517
Transpacific Industries Group Ltd.	69,696		119,663
United Group Ltd.	50,928		259,729
West Australian Newspapers Holdings Ltd.^b	77,376		201,734
Western Areas NL^a	43,872		104,897

			11,666,718

AUSTRIA – 1.47%
bwin Interactive Entertainment AG^a	9,744		247,241
conwert Immobilien Invest SE^a	122,784		739,534
Intercell AG^a	16,704		549,711
Oesterreichische Post AG	17,136		536,697
RHI AG^a	27,456		439,811
Schoeller-Bleckmann Oilfield Equipment AG	4,512		122,928


SCHEDULES OF INVESTMENTS		69

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL CAP INDEX FUND

January 31, 2009


Security	Shares	Value
Sparkassen Immobilien AG^a,b	168,000	$	441,349
Zumtobel AG	23,376		195,914

			3,273,185

BELGIUM – 1.60%
Ackermans & van Haaren NV	11,376		499,308
AGFA-Gevaert NV^a	66,240		233,438
Barco NV	13,598		264,350
Cofinimmo SA	9,894		1,202,111
Compagnie Maritime Belge SA	5,328		108,563
Nyrstar NV	24,768		75,859
Omega Pharma SA	9,696		302,559
Option NV^a,b	32,319		74,550
RHJ International SA^a	62,270		295,256
Tessenderlo Chemie NV	16,752		508,784

			3,564,778

DENMARK – 1.15%
ALK-Abello A/S	4,320		382,459
Bang & Olufsen A/S Class B^b	10,416		143,246
D/S Norden A/S	7,680		244,906
East Asiatic Co. Ltd. A/S	10,848		357,118
Formuepleje Epikur A/S^a	4,320		136,274
Genmab A/S^a	10,612		445,123
GN Store Nord A/S^a,b	97,296		209,073
Neurosearch A/S^a	6,960		209,383
NKT Holding A/S	9,168		192,277
Simcorp A/S	2,400		241,357

			2,561,216

FINLAND – 1.58%
Alma Media Corp.	62,496		424,470
Amer Sports OYJ Class A	47,760		343,969
Citycon OYJ	119,088		238,074
Huhtamaki OYJ	63,744		471,339
Konecranes OYJ	22,320		344,095
Outotec OYJ	19,152		272,431
Sponda OYJ^b	73,152		309,356
TietoEnator OYJ	32,064		364,468
Uponor OYJ	34,704		355,785
YIT OYJ	63,168		395,844

			3,519,831


Security	Shares	Value
FRANCE – 4.15%
Altran Technologies SA^a	53,952	$	175,614
Arkema	18,288		259,437
Beneteau SA^b	26,352		190,463
BOURBON SA^b	16,848		437,212
Carbone Lorraine SA	11,184		280,196
Club Mediterranee SA^a	13,632		194,784
Derichebourg	55,008		121,882
Etablissements Maurel et Prom	35,952		339,554
Eurofins Scientific SA	4,800		218,337
Groupe Eurotunnel SA^a	58,752		303,421
Groupe Steria SCA	22,992		242,167
Haulotte Group	19,872		101,355
Havas SA	154,704		313,240
IMS International Metal Service	16,368		245,205
Ingenico SA	21,072		350,914
Nexans SA	8,832		510,055
Nexity	17,616		276,543
NicOx SA^a,b	21,900		241,358
Orpea SA^a	13,008		455,584
Remy Cointreau Group	15,792		421,850
Rhodia SA	37,344		167,545
Saft Groupe SA	14,784		363,378
SEB SA	15,120		358,945
Sechilienne-Sidec	11,232		419,004
Societe de la Tour Eiffel	4,992		156,924
Societe Immobiliere de Location pour l’Industrie et le Commerce	6,960		610,076
Soitec SA^a	49,632		166,132
SR Teleperformance SA	28,128		773,908
Theolia SA^a,b	9,408		31,467
Thomson^a	150,384		216,036
Ubisoft Entertainment SA^a	19,872		281,908

			9,224,494

GERMANY – 5.87%
Aareal Bank AG	16,752		84,368
AIXTRON AG	36,048		186,630
Arcandor AG^a	31,920		81,811
Bilfinger Berger AG	18,336		781,060
Conergy AG^a	132,240		133,878
Demag Cranes AG	13,344		303,531


70		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL CAP INDEX FUND

January 31, 2009


Security	Shares	Value
Deutsche Wohnen AG Bearer^a	18,720	$	273,722
DEUTZ AG	53,088		114,974
Douglas Holding AG^b	22,992		883,338
ElringKlinger AG	17,568		156,693
Freenet AG^a	34,080		158,972
Gerresheimer AG	11,472		235,222
Gildemeister AG	24,624		185,863
Heidelberger Druckmaschinen AG	36,576		142,960
IVG Immobilien AG^b	19,152		116,335
Kloeckner & Co. SE	21,456		310,703
Kontron AG	34,224		289,463
KUKA AG	17,568		219,506
LANXESS AG	29,424		432,120
LEONI AG	19,872		237,343
MLP AG^b	28,400		309,718
MorphoSys AG^a	16,802		353,121
MPC Muenchmeyer Petersen Capital AG	6,432		51,104
MTU Aero Engines Holding AG	21,888		614,283
Norddeutsche Affinerie AG	17,532		529,778
Nordex AG^a	10,546		121,497
Pfleiderer AG Registered	24,624		152,729
Praktiker Bau- und Heimwerkermaerkte Holding AG	25,680		192,517
Premiere AG^a	34,272		129,123
QIAGEN NV^a	56,976		979,858
RHON KLINIKUM AG	31,008		635,788
SGL Carbon AG^a	21,264		460,522
Software AG	8,304		508,029
Solon SE^a^,b	3,264		40,030
Stada Arzneimittel AG	19,248		472,113
Symrise AG	37,728		352,944
Tognum AG	25,248		280,844
Vossloh AG	6,672		674,010
Wincor Nixdorf AG	14,208		677,867
Wirecard AG^a	32,319		184,305

			13,048,672

HONG KONG – 1.89%
Big Media Group Ltd.^a	4,800,000		82,944
C C Land Holdings Ltd.	288,000		72,050
Cafe de Coral Holdings Ltd.	672,000		1,299,865
Daphne International Holdings Ltd.	480,000		72,421


Security	Shares	Value
First Pacific Co. Ltd.	1,344,000	$	487,016
Galaxy Entertainment Group Ltd.^a	288,000		47,538
Giordano International Ltd.^b	3,168,000		759,864
Melco International Development Ltd.^b	432,000		125,901
Midland Holdings Ltd.	192,000		57,689
Polytec Asset Holdings Ltd.	1,200,000		77,373
Ports Design Ltd.^b	264,000		269,629
Rexcapital Financial Holdings Ltd.^a	2,400,000		82,015
Shun Tak Holdings Ltd.	288,000		106,218
Techtronic Industries Co. Ltd.	816,000		271,486
VTech Holdings Ltd.^b	96,000		369,533
Wonson International Holdings Ltd.^a	7,680,000		18,817

			4,200,359

IRELAND – 1.12%
C&C Group PLC	124,800		125,066
DCC PLC	42,960		638,618
FBD Holdings PLC	21,456		219,967
Grafton Group PLC^a	75,264		152,392
Greencore Group PLC	153,264		162,822
Independent News & Media PLC	244,800		84,702
Paddy Power PLC	24,912		347,979
Smurfit Kappa Group PLC	34,464		78,615
United Drug PLC	230,592		685,569

			2,495,730

ITALY – 4.02%
ACEA SpA	47,184		568,383
Alitalia SpA^a,c	44,030		6
Arnoldo Mondadori Editore SpA	175,536		763,141
Autostrada Torino-Milano SpA	43,152		282,026
Azimut Holding SpA	77,904		394,843
Banca Italease SpA^a	27,552		67,685
Banca Piccolo Credito Valtellinese Scrl	102,768		948,220
Banca Popolare dell’Etruria e del Lazio Scrl^b	80,304		413,182
Benetton Group SpA	37,632		275,367
Beni Stabili SpA	529,680		419,828
Buzzi Unicem SpA	34,560		433,807
CIR SpA - Compagnie Industriali Riunite	281,778		283,101


SCHEDULES OF INVESTMENTS		71

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL CAP INDEX FUND

January 31, 2009


Security	Shares	Value
Danieli SpA RNC	25,632	$	160,952
Davide Campari-Milano SpA^b	119,808		681,691
ERG SpA	31,536		377,663
Gemina SpA^a	298,244		146,574
Gruppo Editoriale L’Espresso SpA^b	232,752		286,192
Hera SpA	252,720		461,501
Impregilo SpA^a,b	102,101		260,900
Pirelli & C. Real Estate SpA^b	25,536		136,706
Recordati SpA	96,384		487,889
Safilo Group SpA	303,744		273,447
Societa Cattolica di Assicurazioni Scrl	23,472		721,905
Tiscali SpA^a	172,464		85,863

			8,930,872

JAPAN – 37.18%
Access Co. Ltd.^a,b	96		322,815
AnGes MG Inc.^a	144		236,499
Awa Bank Ltd. (The)	144,000		945,997
Bank of Iwate Ltd. (The)	14,400		913,929
Bank of Nagoya Ltd. (The)	96,000		574,012
Calsonic Kansei Corp.	192,000		205,233
Capcom Co. Ltd.	19,200		349,538
Chiyoda Corp.	96,000		488,498
COMSYS Holdings Corp.	96,000		824,140
Culture Convenience Club Co. Ltd.^b	38,400		362,579
CyberAgent Inc.	192		110,740
DA Office Investment Corp.	96		166,752
Daifuku Co. Ltd.	48,000		246,921
Daiichi Chuo Kisen Kaisha^b	96,000		233,025
Daikyo Inc.	192,000		126,133
Dainippon Screen Manufacturing Co. Ltd.	144,000		258,145
Daio Paper Corp.	48,000		503,463
Daishi Bank Ltd. (The)	240,000		1,034,183
DISCO Corp.^b	14,400		356,753
Don Quijote Co. Ltd.	24,000		383,744
Duskin Co. Ltd.	24,000		402,717
eAccess Ltd.	768		527,621
Ebara Corp.	144,000		267,765
EDION Corp.	52,800		249,273
Exedy Corp.	28,800		333,504
Foster Electric Co. Ltd.	19,200		125,064


Security	Shares	Value
Fuji Machine Manufacturing Co. Ltd.	33,600	$	276,851
Fuji Soft Inc.	19,200		347,828
Fujikura Ltd.	192,000		536,600
Funai Electric Co. Ltd.	14,400		347,935
Futaba Industrial Co. Ltd.	67,200		175,090
Global One Real Estate Investment Corp.	96		774,969
Glory Ltd.	28,800		498,011
GS Yuasa Corp.^b	144,000		787,262
H2O Retailing Corp.	96,000		701,214
Hamamatsu Photonics K.K.	38,400		655,036
Hanwa Co. Ltd.	144,000		432,914
Heiwa Real Estate Co. Ltd.	144,000		335,108
Higo Bank Ltd. (The)	144,000		854,604
HIS Co. Ltd.^b	24,000		468,723
Hitachi Zosen Corp.^a,b	360,000		344,728
Hogy Medical Co. Ltd.	4,800		288,609
Hokkoku Bank Ltd. (The)	192,000		696,938
Hosiden Corp.	38,400		454,506
Hyakugo Bank Ltd. (The)	144,000		784,055
Hyakujushi Bank Ltd. (The)	192,000		1,013,339
Iino Kaiun Kaisha Ltd.	62,400		397,426
Inui Steamship Co. Ltd.	19,200		126,347
Ishihara Sangyo Kaisha Ltd.^a	288,000		230,887
IT Holdings Corp.^a	33,600		509,182
Izumi Co. Ltd.	43,200		633,497
Japan Airport Terminal Co. Ltd.	33,600		382,354
Japan Asia Investment Co. Ltd.	144,000		92,996
Japan Digital Laboratory Co. Ltd.	52,800		558,512
Japan Excellent Inc.	96		416,880
Japan Logistics Fund Inc.	96		534,462
Japan Securities Finance Co. Ltd.	110,400		499,080
Juki Corp.	144,000		136,288
Juroku Bank Ltd. (The)	144,000		667,008
JVC KENWOOD Holdings Inc.^a	441,600		177,014
K.K. DaVinci Advisors^a,b	912		33,714
kabu.com Securities Co. Ltd.^b	240		271,239
Kagoshima Bank Ltd. (The)	96,000		745,040
Kakaku.com Inc.	96		376,261
Kanematsu Corp.^a	384,000		389,088
Kayaba Industry Co. Ltd.	96,000		143,236


72		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL CAP INDEX FUND

January 31, 2009


Security	Shares	Value
Keihin Corp.	38,400	$	327,091
Keiyo Bank Ltd. (The)	144,000		718,317
Kenedix Inc.^a,b	432		64,215
Kenedix Realty Investment Corp.	144		381,606
Kitz Corp.	96,000		299,299
Kiyo Holdings Inc.	432,000		591,649
Kobayashi Pharmaceutical Co. Ltd.	14,400		546,754
Koito Manufacturing Co. Ltd.	48,000		251,197
Komeri Co. Ltd.	24,000		444,672
K’s Holdings Corp.	24,000		373,856
Maruha Nichiro Holdings Inc.	240,000		387,485
Marusan Securities Co. Ltd.^b	76,800		407,901
Matsuya Co. Ltd.^b	14,400		226,077
Meiji Seika Kaisha Ltd.	288,000		1,192,918
Meitec Corp.	43,200		681,599
MID REIT Inc.	144		232,331
Miraca Holdings Inc.	28,800		620,831
Misumi Group Inc.	57,600		662,519
Mitsubishi Steel Manufacturing Co. Ltd.	144,000		335,108
Mitsui Mining Co. Ltd.	48,000		61,463
Mizuno Corp.	144,000		679,835
Monex Group Inc.	480		149,542
Mori Seiki Co. Ltd.	38,400		306,995
MORI TRUST Sogo REIT Inc.	96		741,833
Musashino Bank Ltd. (The)	19,200		669,146
Nabtesco Corp.	48,000		297,161
Nagase & Co. Ltd.	96,000		859,414
Nanto Bank Ltd. (The)	96,000		523,772
Net One Systems Co. Ltd.	288		509,556
Nifco Inc.	48,000		433,983
Nihon Dempa Kogyo Co. Ltd.	19,200		248,204
Nihon Kohden Corp.	24,000		453,758
Nihon Parkerizing Co. Ltd.	48,000		410,467
Nihon Unisys Ltd.	48,000		392,295
Nippon Commercial Investment Corp.	192		127,843
Nippon Denko Co. Ltd.	48,000		226,612
Nippon Kayaku Co. Ltd.	192,000		882,931
Nippon Konpo Unyu Soko Co. Ltd.	96,000		995,168
Nippon Light Metal Co. Ltd.	384,000		316,401
Nippon Paint Co. Ltd.	192,000		803,830


Security	Shares	Value
Nippon Residential Investment Corp.	480	$	261,886
Nippon Seiki Co. Ltd.	48,000		302,505
Nippon Shinyaku Co. Ltd.	48,000		555,306
Nippon Suisan Kaisha Ltd.	177,600		446,917
Nippon Yakin Kogyo Co. Ltd.	48,000		125,064
Nishimatsuya Chain Co. Ltd.	38,400		380,537
Nishi-Nippon Railroad Co. Ltd.	240,000		983,409
Nissha Printing Co. Ltd.	9,600		246,921
Nitto Boseki Co. Ltd.	192,000		327,091
NSD Co. Ltd.	38,400		301,009
Ogaki Kyoritsu Bank Ltd. (The)	144,000		710,300
Okasan Securities Group Inc.	144,000		590,046
Oki Electric Industry Co. Ltd.^a	432,000		264,559
Okinawa Electric Power Co. Inc. (The)	9,600		670,215
Okuma Corp.	96,000		318,539
ORIX JREIT Inc.	144		692,662
Osaka Securities Exchange Co. Ltd.	96		443,603
OSG Corp.^b	52,800		325,701
Pacific Metals Co. Ltd.	48,000		225,543
Park 24 Co. Ltd.	72,000		483,420
Point Inc.	7,200		325,487
Press Kogyo Co. Ltd.	96,000		126,133
Rengo Co. Ltd.	96,000		658,457
Resorttrust Inc.	67,200		692,876
Rinnai Corp.	19,200		758,936
Roland Corp.	33,600		366,267
Round One Corp.	28,800		254,938
Ryohin Keikaku Co. Ltd.	14,400		601,269
Sagami Railway Co. Ltd.	432,000		1,900,009
Saizeriya Co. Ltd.	19,200		248,632
San-in Godo Bank Ltd. (The)	96,000		745,040
Sanken Electric Co. Ltd.	96,000		358,089
Sankyu Inc.	144,000		458,568
Sanwa Holdings Corp.	240,000		831,088
Sanyo Shokai Ltd.^b	48,000		187,062
Sanyo Special Steel Co. Ltd.	96,000		257,611
Sawai Pharmaceutical Co. Ltd.^b	9,600		504,532
Seino Holdings Co. Ltd.	144,000		711,903
Shiga Bank Ltd.	144,000		867,431
Shima Seiki Manufacturing Ltd.	14,400		292,938


SCHEDULES OF INVESTMENTS		73

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL CAP INDEX FUND

January 31, 2009


Security	Shares	Value
Shimachu Co. Ltd.	33,600	$	725,051
Shinko Plantech Co. Ltd.	33,600		262,634
So-Net Entertainment Corp.	48		103,098
So-Net M3 Inc.	48		177,441
Star Micronics Co. Ltd.	28,800		271,293
Sumitomo Bakelite Co. Ltd.	192,000		769,625
Sumitomo Forestry Co. Ltd.	105,600		765,456
Sumitomo Osaka Cement Co. Ltd.	288,000		586,839
Sumitomo Warehouse Co. Ltd. (The)	144,000		641,354
Sysmex Corp.	14,400		441,733
Tadano Ltd.	96,000		404,053
Taiyo Yuden Co. Ltd.	96,000		550,496
Takara Holdings Inc.	96,000		466,051
Tamron Co. Ltd.	24,000		205,768
Toagosei Co. Ltd.	192,000		504,532
TOC Co. Ltd.	72,000		322,280
Toda Corp.	144,000		498,653
Toho Pharmaceutical Co. Ltd.	24,000		272,575
Toho Zinc Co. Ltd.	96,000		225,543
Tokai Carbon Co. Ltd.	96,000		353,814
Tokai Tokyo Securities Co. Ltd.	144,000		355,952
Tokyo Dome Corp.	144,000		436,121
Tokyo Seimitsu Co. Ltd.^b	33,600		276,851
Tokyo Tomin Bank Ltd. (The)	19,200		323,456
TOKYU REIT Inc.	96		627,458
Tomy Co. Ltd.	81,600		438,846
Topcon Corp.^b	52,800		220,465
Toshiba Machine Co. Ltd.	144,000		404,053
TS Tech Co. Ltd.	62,400		320,303
ULVAC Inc.^b	14,400		242,592
Wacom Co. Ltd.^b	192		154,139
Works Applications Co. Ltd.	240		171,028
Xebio Co. Ltd.	19,200		353,814
Yamatake Corp.	28,800		531,683
Yodogawa Steel Works Ltd.	144,000		684,645
Yoshinoya Holdings Co. Ltd.^b	576		718,317
Zensho Co. Ltd.^b	52,800		311,591
Zeon Corp.	96,000		312,126

			82,713,736

NETHERLANDS – 2.85%
Aalberts Industries NV	40,272		230,174
Advanced Metallurgical Group NV^a,b	6,144		51,887


Security	Shares	Value
Arcadis NV	30,336	$	332,775
BinckBank NV	28,706		235,435
Crucell NV^a	30,720		545,636
CSM NV	28,944		370,176
Gemalto NV^a	24,960		614,456
Imtech NV	25,248		391,823
Koninklijke BAM Groep NV	34,176		293,043
Koninklijke Wessanen NV	62,400		364,723
Nutreco Holding NV	11,136		369,756
Oce NV	48,144		124,627
OPG Groep NV	32,112		370,364
Telegraaf Media Groep NV	23,617		425,226
USG People NV	25,680		285,518
VastNed Retail NV	10,803		462,530
Wavin NV	53,808		172,387
Wereldhave NV	9,792		704,909

			6,345,445

NEW ZEALAND – 0.40%
Fisher & Paykel Appliances
Holdings Ltd.	343,440		217,655
Freightways Ltd.	310,272		464,058
Mainfreight Ltd.	94,608		200,499

			882,212

NORWAY – 2.18%
ABG Sundal Collier Holding ASA	384,000		261,136
Acergy SA	89,664		496,883
Cermaq ASA	38,400		146,680
DNO International ASA^a	324,192		206,392
Ekornes ASA	71,472		659,255
Fred Olsen Energy ASA	12,576		326,621
Golar LNG Ltd.	28,800		176,683
Marine Harvest ASA^a	776,832		168,599
Norwegian Property ASA	67,813		52,003
ODIM ASA^a	14,400		47,921
Schibsted ASA	18,530		176,952
Songa Offshore ASA^a	28,800		50,838
SpareBank 1 SMN	67,200		267,386
Stolt-Nielsen SA	21,264		224,597
Subsea 7 Inc.^a	38,400		201,408
Tandberg ASA	42,912		533,346
TGS-NOPEC Geophysical Co. ASA^a	48,768		280,485


74		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL CAP INDEX FUND

January 31, 2009


Security	Shares	Value
Tomra Systems ASA	78,048	$	263,121
Veidekke ASA	74,500		299,666

			4,839,972

PORTUGAL – 0.91%
Mota-Engil SGPS SA^b	151,104		472,287
Portucel Empresa Produtore de Pasta e Papel SA	295,920		560,110
Redes Energeticas Nacionais SA	105,181		404,368
Semapa - Sociedade de Investimento e Gestao SGPS SA	71,904		586,042

			2,022,807

SINGAPORE – 1.65%
Banyan Tree Holdings Ltd.^b	432,000		132,963
Biosensors International Group Ltd.^a	432,000		104,369
CDL Hospitality Trusts^b	384,000		165,211
Chartered Semiconductor Manufacturing Ltd.^a	624,000		97,061
Ezra Holdings Ltd.	240,000		104,051
Indofood Agri Resources Ltd.^a	144,000		57,665
Metro Holdings Ltd.	1,776,000		364,416
Raffles Education Corp. Ltd.	576,000		200,159
Singapore Petroleum Co. Ltd.	144,000		233,519
Singapore Post Ltd.	1,680,000		856,235
SMRT Corp. Ltd.	672,000		707,228
Suntec REIT	1,152,000		503,256
Wing Tai Holdings Ltd.	336,000		154,567

			3,680,700

SPAIN – 3.00%
Abengoa SA^b	20,352		319,233
Banco Pastor SA^b	67,584		402,731
Bolsas y Mercados Espanoles^b	26,441		576,369
Construcciones y Auxiliar de Ferrocarriles SA	1,632		447,561
Ebro Puleva SA	56,736		702,351
FAES FARMA SA	70,945		308,205
La Seda de Barcelona SA Class B^a,b	355,536		159,467
NH Hoteles SA^b	52,416		217,634
Obrascon Huarte Lain SA	20,496		239,805
Papeles y Cartones de Europa SA	84,288		373,732
Realia Business SA^b	106,176		227,228
Tecnicas Reunidas SA	11,472		299,173


Security	Shares	Value
Tubacex SA	94,416	$	245,618
Tubos Reunidos SA	92,832		233,170
Vidrala SA	18,336		363,743
Viscofan SA	61,488		1,158,314
Zeltia SA^b	82,944		393,283

			6,667,617

SWEDEN – 2.69%
Castellum AB	70,656		455,700
D. Carnegie & Co. AB^b,c	25,632		–
Elekta AB Class B^b	45,024		516,993
Eniro AB^b	209,232		272,413
Fabege AB	69,168		234,308
Hakon Invest AB	28,800		300,320
Hexagon AB Class B^b	52,800		178,861
Hexpol AB^a	19,200		36,802
Intrum Justitia AB	38,400		317,101
JM AB	48,000		248,241
Kinnevik Investment AB	66,720		484,606
Kungsleden AB	60,192		312,020
Lindab International AB	28,800		163,874
Meda AB Class A^b	62,400		419,378
NCC AB Class B	38,400		236,090
Nibe Industrier AB Class B	52,080		315,488
Nobia AB	93,072		194,107
Oriflame Cosmetics SA SDR	14,160		338,844
PA Resources AB^a	48,000		89,112
Ratos AB Class B	33,456		436,594
RNB RETAIL AND BRANDS AB^a^,b	164,600		79,372
Trelleborg AB Class B^b	40,896		217,418
West Siberian Resources Ltd. GDR^a	480,000		146,399

			5,994,041

SWITZERLAND – 4.32%
Bank Sarasin & Compagnie AG Class B Registered	19,200		462,342
Barry Callebaut AG Registered^a	912		408,581
Basilea Pharmaceutica AG Registered^a	3,216		400,372
Bucher Industries AG Registered	2,832		280,589
Burckhardt Compression Holding AG	1,920		207,599
Charles Voegele Holding AG Bearer^a	5,280		143,293


SCHEDULES OF INVESTMENTS		75

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL CAP INDEX FUND

January 31, 2009


Security	Shares	Value
Clariant AG Registered^a	90,288	$	449,612
Flughafen Zurich AG Registered	1,632		365,221
Forbo Holding AG Registered^a	1,104		178,816
Galenica AG Registered	2,016		631,791
Georg Fischer AG Registered^a	1,536		253,684
Jelmoli Holding AG Bearer	222		432,256
Kaba Holding AG Class B Registered	2,304		476,402
Kuoni Reisen Holding AG Class B Registered	1,680		479,090
Panalpina Welttransport Holding AG Registered	5,664		280,833
Partners Group Holding AG	7,008		466,717
Petroplus Holdings AG^a	19,584		386,382
PSP Swiss Property AG Registered^a	20,496		867,906
Rieter Holding AG Registered	2,448		276,078
Schulthess Group AG Registered	6,788		221,062
Sika AG Bearer	676		532,903
Tecan AG Registered	8,928		294,600
Temenos Group AG Registered^a	21,504		188,973
Valora Holding AG Registered	2,544		367,781
Verwaltungs-und Privat-Bank AG Bearer	3,890		391,446
Von Roll Holding AG Bearer	30,768		163,025

			9,607,354

UNITED KINGDOM – 16.36%
Aberdeen Asset Management PLC	214,224		397,640
Aegis Group PLC	332,016		366,181
Afren PLC^a	164,448		51,566
Aggreko PLC	84,000		473,512
Amlin PLC	140,304		776,741
ARM Holdings PLC	390,768		516,892
Arriva PLC	66,816		441,185
Ashtead Group PLC	248,352		143,220
Autonomy Corp. PLC^a	58,128		916,806
AVEVA Group PLC	33,408		289,227
Babcock International Group PLC	78,912		575,663
Barratt Developments PLC	108,768		108,984
BBA Aviation PLC	207,360		221,224
Bellway PLC	54,336		451,217
Bodycote PLC	83,393		146,678
Bovis Homes Group PLC	66,336		369,157


Security	Shares	Value
Brit Insurance Holdings PLC	62,304	$	182,117
Britvic PLC	117,408		389,314
BSS Group PLC (The)	82,080		311,516
BTG PLC^a	79,584		170,670
Carillion PLC	206,977		697,507
Charter International PLC	50,736		281,064
Chemring Group PLC	17,904		593,680
Chloride Group PLC	168,240		328,051
Climate Exchange PLC^a,b	13,728		176,146
Close Brothers Group PLC	60,384		432,013
COLT Telecom Group SA^a	118,704		134,769
Cookson Group PLC	72,672		98,223
CSR PLC^a	48,768		128,665
Dairy Crest Group PLC	66,816		192,657
Dana Petroleum PLC^a	33,120		431,413
Davis Service Group PLC (The)	82,896		296,089
De La Rue PLC	34,052		459,999
Debenhams PLC	513,696		233,288
Dimension Data Holdings PLC	573,936		297,880
DS Smith PLC	166,848		194,841
DSG International PLC	939,360		297,941
easyJet PLC^a	60,576		261,124
Electrocomponents PLC	183,264		348,099
Filtrona PLC	206,544		375,196
Forth Ports PLC	26,784		283,816
Galiform PLC	414,144		76,127
GAME Group PLC (The)	160,656		332,372
Go-Ahead Group PLC (The)	17,808		252,502
Greene King PLC	67,200		410,539
Halfords Group PLC	171,648		618,662
Halma PLC	231,936		611,919
Henderson Group PLC	277,584		300,145
Hiscox Ltd.	154,848		703,220
HMV Group PLC	304,080		604,981
Homeserve PLC	22,080		311,642
Hunting PLC	49,536		280,665
IG Group Holdings PLC	102,144		427,793
Informa PLC	136,656		472,348
Inmarsat PLC	138,048		817,490
Intermediate Capital Group PLC^b	29,904		165,660
Interserve PLC	71,328		204,896
Intertek Group PLC	52,080		640,840


76		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL CAP INDEX FUND

January 31, 2009


Security	Shares	Value
Jardine Lloyd Thompson Group PLC	30,624	$	199,340
JD Wetherspoon PLC	102,960		507,656
JKX Oil & Gas PLC	36,816		107,217
John Wood Group PLC	106,272		297,615
Kesa Electricals PLC	260,592		379,452
Laird PLC	69,120		87,692
Luminar Group Holdings PLC	93,888		140,773
Marston’s PLC	154,512		232,227
Melrose PLC	111,072		106,088
Michael Page International PLC	119,424		376,199
Micro Focus International PLC	38,784		169,422
Misys PLC	187,296		314,579
Morgan Crucible Co. PLC (The)	130,752		180,965
Northgate PLC	53,808		60,702
Northumbrian Water Group PLC	166,224		563,166
Paragon Group of Companies PLC	257,760		172,800
PartyGaming PLC^a,b	73,200		176,503
PayPoint PLC	20,256		130,757
Pennon Group PLC	98,064		637,619
Persimmon PLC	120,528		501,747
Peter Hambro Mining PLC	20,880		168,575
Petrofac Ltd.	72,480		434,174
Premier Farnell PLC	205,248		400,953
Premier Foods PLC	304,128		138,115
Premier Oil PLC^a	35,232		359,113
Provident Financial PLC	55,584		622,653
Punch Taverns PLC	172,871		109,660
QinetiQ Group PLC	190,128		411,847
Rank Group PLC^a	391,488		334,412
Redrow PLC	68,592		154,267
Regal Petroleum PLC^a	77,184		42,285
Regus PLC	240,288		164,551
Rentokil Initial PLC	285,648		175,023
Restaurant Group PLC (The)	181,296		283,591
Shaftesbury PLC	71,184		277,603
Sibir Energy PLC^a	57,120		154,818
SIG PLC	52,560		90,742
Signet Jewelers Ltd.	42,397		298,131
SOCO International PLC^a	15,504		222,404
Spectris PLC	52,464		364,383
Spirent Communications PLC	145,590		80,286
SSL International PLC	73,152		531,535
Taylor Wimpey PLC	303,552		68,927


Security	Shares	Value
Travis Perkins PLC	30,000	$	138,403
Trinity Mirror PLC	99,408		68,075
Tullett Prebon PLC	83,952		185,484
UK Coal PLC^a	64,944		117,739
Ultra Electronics Holdings PLC	43,920		735,772
Venture Production PLC	52,896		446,503
VT Group PLC	81,600		699,974
W.H. Smith PLC	92,835		451,376
W.S. Atkins PLC	36,864		296,825
Weir Group PLC (The)	60,480		291,228
Wellstream Holdings PLC	33,408		229,744
Wincanton PLC	84,240		186,728
Yell Group PLC	379,920		242,371

			36,394,561


TOTAL COMMON STOCKS
(Cost: $319,910,058)			221,634,300

RIGHTS – 0.00%

GERMANY – 0.00%
MPC Muenchmeyer Petersen Capital AG^a,c	6,432		1

			1

SWITZERLAND – 0.00%
Von Roll Holding AG^a,c	30,768		3

			3


TOTAL RIGHTS (Cost: $0)			4

SHORT-TERM INVESTMENTS – 5.44%

MONEY MARKET FUNDS – 5.44%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^d,e,f	10,280,028		10,280,028
Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56%^d,e,f	1,661,829		1,661,829


SCHEDULES OF INVESTMENTS		77

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE SMALL CAP INDEX FUND

January 31, 2009


Security	Shares	Value
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^d,e	163,334	$	163,334

			12,105,191


TOTAL SHORT-TERM INVESTMENTS
(Cost: $12,105,191)			12,105,191


TOTAL INVESTMENTS IN
SECURITIES – 105.08%
(Cost: $332,015,249)			233,739,495

Other Assets, Less Liabilities – (5.08)%			(11,297,600	)


NET ASSETS – 100.00%		$	222,441,895

GDR – Global Depositary Receipts

SDR – Swedish Depositary Receipts

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 5.

^c	Security valued using Level 3 inputs. See Note 1.

^d	Affiliated issuer. See Note 2.

^e	The rate quoted is the annualized seven-day yield of the fund at period end.

^f	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


78		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI KOKUSAI INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 99.51%

AUSTRALIA – 3.00%
AGL Energy Ltd.	5,824	$	54,256
Alumina Ltd.	11,340		8,221
Amcor Ltd.	9,296		31,862
AMP Ltd.	20,188		67,654
Aristocrat Leisure Ltd.	5,404		12,887
Asciano Group	8,540		6,055
ASX Ltd.	1,904		32,872
Australia and New Zealand Banking Group Ltd.	20,272		171,063
AXA Asia Pacific Holdings Ltd.	8,456		25,434
Bendigo and Adelaide Bank Ltd.	4,060		25,818
BHP Billiton Ltd.	36,260		703,261
BlueScope Steel Ltd.	8,680		19,484
Boral Ltd.	9,968		20,981
Brambles Ltd.	15,120		65,381
Caltex Australia Ltd.	2,912		16,240
CFS Retail Property Trust	26,124		29,902
Coca-Cola Amatil Ltd.	7,168		41,707
Cochlear Ltd.	840		31,505
Commonwealth Bank of Australia	14,616		250,017
Computershare Ltd.	6,272		28,916
CSL Ltd.	5,936		141,551
CSR Ltd.	9,380		8,500
Dexus Property Group	31,612		15,278
Fairfax Media Ltd.	13,888		12,408
Fortescue Metals Group Ltd.^a	13,440		15,127
Foster’s Group Ltd.	25,592		89,019
Goodman Fielder Ltd.	7,980		7,789
Goodman Group	16,296		7,409
GPT Group (The)	38,250		18,486
Harvey Norman Holdings Ltd.	8,988		12,174
Incitec Pivot Ltd.	14,314		24,303
Insurance Australia Group Ltd.	18,368		45,670
James Hardie Industries NV	9,856		24,568
Leighton Holdings Ltd.	1,512		16,114
Lend Lease Corp. Ltd.	4,144		17,893
Lion Nathan Ltd.	6,356		33,143
Macquarie Group Ltd.^b	3,024		49,978
Macquarie Infrastructure Group	29,316		29,827


Security	Shares	Value
Mirvac Group	11,900	$	8,664
National Australia Bank Ltd.	18,508		222,792
Newcrest Mining Ltd.	4,984		98,249
OneSteel Ltd.	9,800		15,143
Orica Ltd.	4,063		34,983
Origin Energy Ltd.	16,744		149,065
OZ Minerals Ltd.	33,824		11,830
Perpetual Ltd.	1,120		21,879
Qantas Airways Ltd.	11,032		17,187
QBE Insurance Group Ltd.	10,052		153,410
Rio Tinto Ltd.	3,024		81,053
Santos Ltd.	7,896		72,153
Sims Metal Management Ltd.	868		9,383
Sonic Healthcare Ltd.	4,231		37,398
Stockland Corp. Ltd.	16,436		38,044
Suncorp-Metway Ltd.	9,464		45,136
Tabcorp Holdings Ltd.	8,624		36,140
Tatts Group Ltd.	15,736		28,819
Telstra Corp. Ltd.	42,730		102,982
Toll Holdings Ltd.	6,020		20,940
Transurban Group	11,592		37,815
Wesfarmers Ltd.	6,300		62,296
Wesfarmers Ltd. Entitlement^c	2,700		25,840
Westfield Group	19,292		147,704
Westpac Banking Corp.	27,944		277,916
Woodside Petroleum Ltd.	5,460		122,840
Woolworths Ltd.	12,936		227,860
WorleyParsons Ltd.	2,016		19,345

			4,339,619

AUSTRIA – 0.17%
Erste Group Bank AG	1,344		20,392
Oesterreichische Elektrizitaetswirtschafts AG Class A	1,064		40,865
OMV AG	1,960		56,238
Raiffeisen International Bank Holding AG^b	476		9,760
Telekom Austria AG	4,088		57,627
Vienna Insurance Group	365		11,507
voestalpine AG	1,568		30,583
Wienerberger AG^b	1,176		15,161

			242,133


SCHEDULES OF INVESTMENTS		79

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI INDEX FUND

January 31, 2009


Security	Shares	Value
BELGIUM – 0.49%
Anheuser-Busch InBev NV	5,507	$	140,509
Belgacom SA	2,324		81,454
Colruyt SA	280		62,166
Compagnie Nationale a Portefeuille SA	448		21,242
Delhaize Group	925		59,744
Dexia SA	7,280		22,903
Fortis	2,093		4,157
Groupe Bruxelles Lambert SA	1,344		99,189
KBC Ancora SCA	616		5,029
KBC Group NV	1,512		27,757
Mobistar SA	644		47,421
Solvay SA	1,064		75,539
UCB SA	757		23,646
Umicore	1,820		34,075

			704,831

CANADA – 4.59%
Addax Petroleum Corp.	868		13,722
Agnico-Eagle Mines Ltd.	1,876		99,107
Agrium Inc.	1,456		48,242
Alimentation Couche-Tard Inc. Class B	3,108		35,596
Bank of Montreal	5,572		149,429
Bank of Nova Scotia	10,528		251,938
Barrick Gold Corp.	9,380		349,069
BCE Inc.	868		17,579
Biovail Corp.	1,736		18,804
Bombardier Inc. Class B	15,624		47,886
Brookfield Asset Management Inc. Class A	5,488		85,207
Brookfield Properties Corp.	2,660		13,988
CAE Inc.	4,592		26,592
Cameco Corp.	3,724		61,093
Canadian Imperial Bank of Commerce	4,032		151,641
Canadian National Railway Co.	5,432		188,259
Canadian Natural Resources Ltd.	5,712		202,202
Canadian Oil Sands Trust	2,436		36,741
Canadian Pacific Railway Ltd.	1,652		49,593
Canadian Tire Corp. Ltd. Class A	812		26,786
Canadian Utilities Ltd. Class A	868		27,835
CGI Group Inc.^a	4,872		39,020
Crescent Point Energy Trust	1,008		19,658
Eldorado Gold Corp.^a	3,808		29,485


Security	Shares	Value
Enbridge Inc.	4,144	$	134,496
EnCana Corp.	7,980		351,227
Enerplus Resources Fund	1,428		29,301
Ensign Resource Service Group	1,596		13,362
Fairfax Financial Holdings Ltd.	196		63,060
Finning International Inc.	2,296		23,315
First Quantum Minerals Ltd.	756		13,299
Fortis Inc.	2,072		40,710
Gildan Activewear Inc.^a	1,428		15,134
Goldcorp Inc.	8,288		242,788
Great-West Lifeco Inc.	2,436		36,348
Harvest Energy Trust	2,604		22,389
Husky Energy Inc.	2,632		64,619
IGM Financial Inc.	1,400		36,698
Imperial Oil Ltd.	3,360		105,555
Inmet Mining Corp.	644		10,783
Ivanhoe Mines Ltd.^a	5,068		13,816
Kinross Gold Corp.	7,728		135,443
Loblaw Companies Ltd.	1,792		50,182
Magna International Inc. Class A	1,064		29,461
Manulife Financial Corp.	16,324		268,062
MDS Inc.^a	1,512		11,707
Methanex Corp.	1,904		14,558
National Bank of Canada	1,876		51,778
Nexen Inc.	4,928		70,988
Niko Resources Ltd.	644		26,199
NOVA Chemicals Corp.	1,652		3,025
Onex Corp.	1,624		22,254
Penn West Energy Trust	4,480		50,370
Petro-Canada	5,124		109,890
Potash Corp. of Saskatchewan Inc.	3,388		252,081
Power Corp. of Canada	3,388		57,794
Power Financial Corp.	2,268		41,396
Precision Drilling Trust	1,540		7,738
Research In Motion Ltd.^a	5,320		290,833
Rogers Communications Inc. Class B	5,236		146,035
Royal Bank of Canada	13,692		335,826
Saputo Inc.	1,876		29,989
Shaw Communications Inc. Class B	3,864		61,987
Sherritt International Corp.	10,110		21,772
Shoppers Drug Mart Corp.	1,988		72,747
Silver Wheaton Corp.^a	2,128		13,765


80		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI INDEX FUND

January 31, 2009


Security	Shares	Value
Sino-Forest Corp.^a	2,744	$	20,361
SNC-Lavalin Group Inc.	1,484		41,413
Sun Life Financial Inc.	5,852		117,809
Suncor Energy Inc.	9,688		183,704
Talisman Energy Inc.	10,948		102,517
Teck Cominco Ltd. Class B	4,592		17,555
TELUS Corp.	86		2,411
TELUS Corp. NVS	1,652		43,623
Thomson Reuters Corp.	2,604		63,008
Tim Hortons Inc.	2,828		69,484
TMX Group Inc.	1,036		26,797
Toronto-Dominion Bank (The)	8,456		271,443
TransAlta Corp.	2,044		36,862
TransCanada Corp.	6,384		169,814
Trican Well Service Ltd.	1,512		8,280
Yamana Gold Inc.	6,888		55,222
Yellow Pages Income Fund	4,256		21,969

			6,634,524

DENMARK – 0.47%
Carlsberg A/S Class B	896		29,882
Coloplast A/S Class B	588		36,187
Danisco A/S	756		27,942
Danske Bank A/S	5,040		51,118
DSV A/S	2,380		23,628
FLS Industries A/S Class B	588		16,249
Jyske Bank A/S Registered^a	700		16,005
Novo Nordisk A/S Class B	5,208		279,779
Novozymes A/S Class B	532		42,664
Topdanmark A/S^a	392		46,834
Vestas Wind Systems A/S^a	2,016		98,598
William Demant Holding A/S^a	283		9,414

			678,300

FINLAND – 0.70%
Elisa OYJ Class A	1,904		30,231
Fortum OYJ	5,012		98,142
Kesko OYJ Class B	952		23,485
Kone OYJ Class B	1,736		36,552
Metso OYJ	1,484		14,491
Neste Oil OYJ	1,652		24,007
Nokia OYJ	42,168		518,227
Nokian Renkaat OYJ	1,400		13,743
Outokumpu OYJ	1,708		19,546


Security	Shares	Value
Rautaruukki OYJ	1,204	$	19,209
Sampo OYJ Class A	4,900		78,931
Stora Enso OYJ Class R	6,860		42,021
UPM-Kymmene OYJ	6,132		58,150
Wartsila OYJ Class B	1,204		32,401

			1,009,136

FRANCE – 5.42%
Accor SA	2,296		91,197
Aeroports de Paris	532		28,678
Air France-KLM	1,568		15,091
Alcatel-Lucent^a	24,864		49,515
ALSTOM	1,792		87,093
ArcelorMittal	10,080		228,705
Atos Origin SA	1,008		24,033
AXA	16,856		263,856
BNP Paribas	9,100		349,966
Bouygues SA	2,324		79,697
Cap Gemini SA	1,512		52,413
Carrefour SA	7,924		272,042
Casino Guichard-Perrachon SA	532		35,080
Christian Dior SA	448		22,425
CNP Assurances SA	476		31,802
Compagnie de Saint-Gobain	3,052		103,939
Compagnie Generale de Geophysique-Veritas^a	1,400		17,096
Compagnie Generale des Etablissements Michelin Class B	1,596		62,831
Credit Agricole SA	14,953		182,808
Dassault Systemes SA	952		36,124
Eiffage SA	140		6,932
Electricite de France	1,792		87,851
Essilor International SA	2,044		78,267
European Aeronautic Defence and Space Co.	2,437		42,801
France Telecom SA	19,432		437,281
GDF Suez	12,797		493,129
Gecina SA	168		11,682
Groupe Danone	4,620		238,301
Hermes International^b	756		76,439
Icade	364		29,387
Klepierre	1,233		29,532
Lafarge SA	1,624		75,307


SCHEDULES OF INVESTMENTS		81

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI INDEX FUND

January 31, 2009


Security	Shares	Value
Lagardere SCA	1,456	$	55,715
L’Air Liquide SA	2,914		212,985
L’Oreal SA	2,688		179,467
LVMH Moet Hennessy Louis Vuitton SA	2,632		144,377
Natixis	5,911		9,279
Neopost SA	532		42,995
Pernod Ricard SA	1,848		116,611
PPR SA	868		44,082
PSA Peugeot Citroen SA	1,680		28,645
Publicis Groupe SA	4,788		112,776
Renault SA	2,016		39,166
Safran SA	2,912		36,534
Sanofi-Aventis	10,948		618,506
Schneider Electric SA	2,492		158,908
SCOR SE	2,100		42,816
SES SA	1,568		28,875
Societe Generale	4,396		185,623
Societe Television Francaise 1	2,016		21,805
Sodexo	1,148		58,427
STMicroelectronics NV	7,448		38,770
Suez Environnement SA^a	3,865		61,962
Technip SA	1,036		32,301
Thales SA	1,036		46,142
Total SA	22,848		1,147,033
Unibail-Rodamco	756		101,924
Valeo SA	1,176		13,172
Vallourec SA	532		52,417
Veolia Environnement	3,724		84,255
Vinci SA	4,312		148,313
Vivendi	12,656		327,779

			7,832,960

GERMANY – 4.04%
Adidas AG	1,988		69,117
Allianz SE Registered	4,900		415,065
BASF SE	10,416		303,269
Bayer AG	7,756		413,575
Bayerische Motoren Werke AG	2,240		53,421
Beiersdorf AG	868		42,714
Celesio AG	952		20,435
Commerzbank AG	7,532		34,314
Daimler AG Registered	10,080		284,185


Security	Shares	Value
Deutsche Bank AG Registered	5,460	$	144,838
Deutsche Boerse AG	2,128		107,718
Deutsche Lufthansa AG Registered	2,100		25,566
Deutsche Post AG Registered	8,148		102,119
Deutsche Postbank AG	1,148		13,858
Deutsche Telekom AG Registered	31,164		378,200
E.ON AG	20,244		654,793
Fresenius Medical Care AG & Co. KGaA	2,016		90,448
GEA Group AG	2,408		27,865
Hamburger Hafen und Logistik AG	224		5,741
Hannover Rueckversicherung AG	560		17,238
Henkel AG & Co. KGaA	1,092		25,511
Hochtief AG	420		14,478
Hypo Real Estate Holding AG	1,988		3,261
Infineon Technologies AG^a	7,952		7,133
K+S AG	1,568		74,649
Linde AG	1,288		86,242
MAN AG	1,204		52,645
Merck KGaA	700		59,448
METRO AG	2,800		101,905
Muenchener Rueckversicherungs- Gesellschaft AG Registered	2,212		293,956
Q-Cells SE^a	532		13,090
RWE AG	4,732		369,119
Salzgitter AG	476		34,818
SAP AG	11,844		422,710
Siemens AG Registered^b	9,212		519,192
SolarWorld AG	924		19,644
ThyssenKrupp AG^b	3,948		80,646
TUI AG	3,388		28,590
Volkswagen AG	1,344		429,637

			5,841,153

GREECE – 0.08%
Hellenic Telecommunications Organization SA SP ADR	5,852		44,358
National Bank of Greece SA ADR	22,457		72,761

			117,119

HONG KONG – 1.22%
Bank of East Asia Ltd.	16,800		33,970
BOC Hong Kong (Holdings) Ltd.	42,000		43,491
Cheung Kong (Holdings) Ltd.^b	28,000		263,223


82		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI INDEX FUND

January 31, 2009


Security	Shares	Value
CLP Holdings Ltd.	14,000	$	95,233
Esprit Holdings Ltd.	14,000		75,464
Foxconn International Holdings Ltd.^a	28,000		10,471
Genting International PLC^a	28,000		8,062
Hang Lung Properties Ltd.^b	28,000		64,271
Hang Seng Bank Ltd.	8,400		102,689
Hong Kong and China Gas Co. Ltd. (The)	28,200		46,329
Hong Kong Exchanges and Clearing Ltd.	14,000		122,765
Hongkong Electric Holdings Ltd.	14,000		82,505
Hutchison Whampoa Ltd.	28,000		144,430
Kerry Properties Ltd.	14,000		33,508
Kingboard Chemical Holdings Co. Ltd.	14,000		22,964
Link REIT (The)	28,000		53,078
MTR Corp. Ltd.	28,000		67,882
New World Development Co. Ltd.	28,000		27,008
Noble Group Ltd.	28,400		19,738
Pacific Basin Shipping Ltd.	56,000		29,464
Sun Hung Kai Properties Ltd.	28,000		252,752
Swire Pacific Ltd. Class A	14,000		92,074
Wharf Holdings Ltd. (The)	28,000		70,409

			1,761,780

IRELAND – 0.17%
Allied Irish Banks PLC	11,396		17,817
Anglo Irish Bank Corp. Ltd.^c	6,552		–
Bank of Ireland	12,796		10,659
CRH PLC	6,524		152,161
Elan Corp. PLC^a	5,012		35,968
Kerry Group PLC Class A	1,876		35,220

			251,825

ITALY – 1.80%
A2A SpA	2,380		4,148
Alleanza Assicurazioni SpA	4,200		28,607
Assicurazioni Generali SpA	15,764		329,286
Atlantia SpA	2,361		34,643
Autogrill SpA	3,164		18,641
Banca Carige SpA	13,188		30,590
Banca Monte dei Paschi di Siena SpA	26,936		38,799
Banca Popolare di Milano Scrl	8,512		43,660
Banco Popolare SpA	7,112		40,762
Enel SpA	46,172		260,050


Security	Shares	Value
Eni SpA	27,720	$	591,106
Fiat SpA	7,952		39,081
Finmeccanica SpA	4,844		76,167
Fondiaria-Sai SpA	1,288		20,203
IFIL Investments SpA	5,628		13,985
Intesa Sanpaolo SpA	83,384		264,203
Lottomatica SpA	813		15,044
Luxottica Group SpA	1,736		24,583
Mediaset SpA	7,756		37,918
Mediobanca SpA	6,020		54,774
Parmalat SpA	18,368		29,753
Pirelli & C. SpA	46,732		13,445
Prysmian SpA	2,193		27,822
Saipem SpA	2,017		30,966
Snam Rete Gas SpA	8,568		44,771
Telecom Italia SpA	113,540		140,191
Tenaris SA	4,452		44,159
Terna SpA	20,384		62,105
UniCredito SpA	92,708		164,189
Unione di Banche Italiane ScpA	6,636		82,914

			2,606,565

NETHERLANDS – 1.33%
Aegon NV	15,792		83,783
Akzo Nobel NV	3,024		108,662
ASML Holding NV	4,424		73,758
Corio NV	644		27,664
Fugro NV CVA	728		19,806
Heineken NV	2,604		76,918
ING Groep NV CVA	23,072		188,695
Koninklijke Ahold NV	13,720		165,466
Koninklijke DSM NV	1,764		42,499
Koninklijke KPN NV	20,188		270,351
Koninklijke Philips Electronics NV	12,236		222,662
Reed Elsevier NV	7,196		80,044
SBM Offshore NV	1,624		19,719
TNT NV	4,424		77,415
Unilever NV	18,452		408,371
Wolters Kluwer NV	3,388		61,218

			1,927,031

NORWAY – 0.39%
Aker Solutions ASA	2,044		9,671
DnB NOR ASA	8,568		29,257


SCHEDULES OF INVESTMENTS		83

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI INDEX FUND

January 31, 2009


Security	Shares	Value
Frontline Ltd.^b	672	$	19,446
Norsk Hydro ASA	8,204		29,438
Orkla ASA	9,100		60,896
Renewable Energy Corp. ASA^a	1,988		20,106
Seadrill Ltd.	2,660		22,246
StatoilHydro ASA	14,728		255,079
Telenor ASA	10,500		68,898
Yara International ASA	2,072		46,993

			562,030

PORTUGAL – 0.21%
Banco Comercial Portugues SA Registered^a	25,313		25,951
Banco Espirito Santo SA Registered	5,740		38,250
BRISA - Auto-estradas de Portugal SA	4,929		32,656
CIMPOR - Cimentos de Portugal SGPS SA	1,907		8,896
Energias de Portugal SA	25,760		91,706
Portugal Telecom SGPS SA Registered	12,152		98,109
Zon Multimedia - Servicos de Telecomunicacoes e Multimedia SGPS SA	2,719		14,704

			310,272

SINGAPORE – 0.52%
CapitaLand Ltd.	28,000		44,480
CapitaMall Trust Management Ltd.	28,000		29,653
ComfortDelGro Corp. Ltd.^b	56,000		54,117
Neptune Orient Lines Ltd.	56,000		41,885
Oversea-Chinese Banking Corp.	28,000		95,446
SembCorp Marine Ltd.	28,000		29,468
Singapore Press Holdings Ltd.	28,000		52,078
Singapore Technologies Engineering Ltd.^b	28,000		42,256
Singapore Telecommunications Ltd.	84,000		147,895
United Overseas Bank Ltd.	28,000		220,175

			757,453

SPAIN – 2.29%
Abertis Infraestructuras SA	3,109		50,599
Acciona SA	308		34,931
Acerinox SA	2,212		29,027
Actividades de Construcciones y Servicios SA	2,772		111,898
Banco Bilbao Vizcaya Argentaria SA	42,140		395,838


Security	Shares	Value
Banco de Sabadell SA	10,444	$	52,465
Banco de Valencia SA	2,716		27,148
Banco Popular Espanol SA	9,604		66,214
Banco Santander SA	74,439		602,887
Banco Santander SA SP ADR	3,105		24,343
Bankinter SA	2,772		24,085
Cintra Concesiones de Infraestructuras de Transporte SA	3,497		17,433
Criteria CaixaCorp SA	5,096		17,828
Enagas SA	1,988		34,648
Gamesa Corporacion Tecnologica SA	2,156		36,415
Gas Natural SDG SA	1,344		32,466
Gestevision Telecinco SA	1,008		8,706
Grifols SA	1,204		21,262
Grupo Ferrovial SA	728		19,424
Iberdrola Renovables SA^a	5,376		21,908
Iberdrola SA	40,488		315,463
Indra Sistemas SA	2,072		41,821
Industria de Diseno Textil SA	2,464		94,350
Mapfre SA	12,798		36,245
Red Electrica Corporacion SA	1,232		50,838
Repsol YPF SA	9,352		168,264
Sacyr Vallehermoso SA	1,318		11,316
Telefonica SA	46,788		835,226
Union Fenosa SA	3,976		89,778
Zardoya Otis SA	1,823		32,683

			3,305,509

SWEDEN – 0.99%
Alfa Laval AB	4,144		29,350
Assa Abloy AB Class B	3,220		32,704
Atlas Copco AB Class A	6,748		45,962
Atlas Copco AB Class B	3,892		23,460
Electrolux AB Class B	3,136		22,872
Getinge AB Class B	2,325		31,322
Hennes & Mauritz AB Class B	5,012		195,764
Husqvarna AB Class B	2,408		10,160
Investor AB Class B	2,716		31,842
Lundin Petroleum AB^a	5,180		25,853
Millicom International Cellular SA SDR	616		23,949
Modern Times Group MTG AB Class B	840		14,481
Nordea Bank AB	21,812		116,749
Sandvik AB	9,940		51,527


84		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI INDEX FUND

January 31, 2009


Security	Shares	Value
Scania AB Class B	3,808	$	30,987
Securitas AB Class B	3,948		32,126
Skandinaviska Enskilda Banken AB Class A	4,816		20,785
Skanska AB Class B	4,900		42,383
SKF AB Class B	3,640		30,826
SSAB Svenskt Stal AB Class A	2,128		15,136
Svenska Cellulosa AB Class B	5,572		43,998
Svenska Handelsbanken AB Class A	5,040		55,594
Swedbank AB Class A	1,820		6,472
Swedish Match AB	2,436		33,258
Tele2 AB Class B	2,968		24,241
Telefonaktiebolaget LM Ericsson AB Class B	35,113		282,761
TeliaSonera AB	23,548		104,467
Volvo AB Class B	11,676		47,294

			1,426,323

SWITZERLAND – 4.40%
ABB Ltd. Registered^a	23,184		302,409
Actelion Ltd. Registered^a	1,204		65,558
Adecco SA Registered	1,428		48,055
Aryzta AG^a	448		11,193
Baloise Holding Registered	504		31,372
Compagnie Financiere Richemont SA Class A Bearer Units	5,320		77,918
Credit Suisse Group AG Registered	11,368		292,256
Geberit AG Registered	448		43,461
Givaudan SA Registered	84		56,991
Holcim Ltd. Registered	2,296		92,853
Julius Baer Holding AG Registered	1,904		56,725
Kuehne & Nagel International AG Registered	756		41,685
Lindt & Spruengli AG Participation Certificates	28		45,714
Logitech International SA Registered^a	1,876		18,215
Lonza Group AG Registered	532		48,630
Nestle SA Registered	41,440		1,434,530
Nobel Biocare Holding AG Registered	1,260		19,442
Novartis AG Registered	24,808		1,027,629
OC Oerlikon Corp. AG Registered^a,b	140		4,813
Pargesa Holding SA Bearer	504		32,458
Roche Holding AG Genusschein	7,504		1,056,392


Security	Shares	Value
Schindler Holding AG Participation Certificates	868	$	39,149
SGS SA Registered	56		59,344
Sonova Holding AG Registered	504		24,316
Sulzer AG Registered	560		27,983
Swatch Group AG (The) Bearer	336		37,604
Swatch Group AG (The) Registered	980		21,868
Swiss Life Holding AG Registered^a	364		19,820
Swiss Reinsurance Co. Registered	3,500		93,297
Swisscom AG Registered	168		52,939
Syngenta AG Registered	1,120		217,593
Synthes Inc.	644		77,844
Transocean Ltd.^a	3,276		178,935
UBS AG Registered^a	33,098		417,468
Zurich Financial Services AG Registered	1,540		278,625

			6,355,084

UNITED KINGDOM – 10.68%
Admiral Group PLC	952		12,339
AMEC PLC	3,668		29,905
Anglo American PLC	13,944		254,505
Antofagasta PLC	3,500		21,193
Associated British Foods PLC	3,220		30,778
AstraZeneca PLC	15,792		608,115
Aviva PLC	27,468		123,554
BAE Systems PLC	37,632		218,237
Balfour Beatty PLC	5,572		29,843
Banco Santander SA	237		1,888
Barclays PLC^d	88,397		135,216
Berkeley Group Holdings PLC (The) Units^a	196		2,237
BG Group PLC	35,196		482,303
BHP Billiton PLC	24,444		416,195
BP PLC	201,376		1,435,651
British Airways PLC	8,260		14,302
British American Tobacco PLC	21,384		585,757
British Land Co. PLC	5,852		38,177
British Sky Broadcasting Group PLC	12,516		89,680
BT Group PLC	84,308		127,503
Bunzl PLC	4,088		33,417
Burberry Group PLC	4,732		17,260
Cable & Wireless PLC	16,436		37,179


SCHEDULES OF INVESTMENTS		85

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI INDEX FUND

January 31, 2009


Security	Shares	Value
Cadbury PLC	14,001	$	112,735
Cairn Energy PLC^a	1,344		35,265
Capita Group PLC	5,824		58,607
Carnival PLC	1,960		35,859
Carphone Warehouse Group PLC (The)	7,756		11,350
Centrica PLC	52,810		196,431
Cobham PLC	13,748		42,416
Compass Group PLC	21,504		106,415
Daily Mail & General Trust PLC Class A NVS	5,208		19,785
Diageo PLC	26,880		365,827
Drax Group PLC	3,892		31,226
Eurasian Natural Resources Corp.	3,445		15,769
Experian PLC	10,360		64,561
FirstGroup PLC	4,396		17,286
Friends Provident PLC	18,872		22,446
G4S PLC	12,572		34,764
GKN PLC	8,736		10,611
GlaxoSmithKline PLC	57,232		1,006,226
Hammerson PLC	3,360		19,655
Hays PLC	24,108		26,154
Home Retail Group PLC	9,352		27,741
HSBC Holdings PLC	126,476		990,564
ICAP PLC	5,796		19,720
Imperial Tobacco Group PLC	9,325		254,492
InterContinental Hotels Group PLC	3,416		25,855
International Power PLC	15,904		62,309
Invensys PLC^a	11,284		25,216
Investec PLC	5,320		19,136
ITV PLC	43,932		17,418
J Sainsbury PLC	14,308		68,691
Johnson Matthey PLC	2,156		30,275
Kazakhmys PLC	2,044		6,594
Kingfisher PLC	25,788		51,715
Ladbrokes PLC	8,680		22,619
Land Securities Group PLC	5,236		52,049
Legal & General Group PLC	65,968		58,585
Liberty International PLC	2,940		15,799
Lloyds TSB Group PLC	104,608		136,788
Logica PLC	22,344		21,180
London Stock Exchange Group PLC	1,764		12,239
Lonmin PLC	1,736		21,687


Security	Shares	Value
Man Group PLC	17,780	$	52,869
Marks & Spencer Group PLC	18,312		60,985
Meggitt PLC	8,876		17,691
National Express Group PLC	2,492		11,721
National Grid PLC	27,468		256,612
Next PLC	2,240		38,010
Old Mutual PLC	55,300		41,776
Pearson PLC	8,876		85,161
Prudential PLC	25,956		124,798
Reckitt Benckiser PLC	6,328		244,042
Reed Elsevier PLC	11,732		87,784
Rexam PLC	9,688		43,578
Rio Tinto PLC	10,556		229,192
Rolls-Royce Group PLC^a	19,628		93,948
Royal Bank of Scotland Group PLC	176,458		55,968
Royal Dutch Shell PLC Class A	38,416		958,149
Royal Dutch Shell PLC Class B	29,204		698,074
RSA Insurance Group PLC	16,772		31,845
SABMiller PLC	9,464		154,453
Sage Group PLC	12,768		33,336
Schroders PLC	1,988		21,811
Scottish & Southern Energy PLC	9,016		155,331
SEGRO PLC	5,936		13,671
Serco Group PLC	5,880		37,236
Severn Trent PLC	2,296		36,114
Shire PLC	4,424		64,482
Smith & Nephew PLC	9,688		69,626
Smiths Group PLC	3,276		40,453
Stagecoach Group PLC	10,976		19,266
Standard Chartered PLC	24,099		304,353
Standard Life PLC	21,308		67,507
Tate & Lyle PLC	6,160		29,529
Tesco PLC	83,692		432,200
Thomas Cook Group PLC	11,116		30,577
Thomson Reuters PLC	2,185		44,007
3i Group PLC	4,536		14,812
Tomkins PLC	13,664		23,196
TUI Travel PLC	10,444		33,728
Tullow Oil PLC	7,588		75,702
Unilever PLC	13,860		305,724
United Business Media Ltd.	4,452		31,049
United Utilities Group PLC	6,611		51,563


86		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI INDEX FUND

January 31, 2009


Security	Shares	Value
Vedanta Resources PLC	1,204	$	9,599
Vodafone Group PLC	566,300		1,058,916
Whitbread PLC	2,072		24,510
Wm Morrison Supermarkets PLC	15,344		59,894
Wolseley PLC	7,812		19,450
WPP PLC	11,928		67,153
Xstrata PLC	6,720		55,174

			15,435,919

UNITED STATES – 56.55%
Abbott Laboratories	16,408		909,660
Abercrombie & Fitch Co. Class A	952		16,993
Accenture Ltd.	6,076		191,759
ACE Ltd.	3,388		147,920
Activision Blizzard Inc.^a	5,992		52,490
Adobe Systems Inc.^a	6,244		120,572
Advance Auto Parts Inc.	2,240		73,315
Advanced Micro Devices Inc.^a,b	6,188		13,552
AES Corp. (The)^a	7,168		56,699
Aetna Inc.	5,432		168,392
Affiliated Computer Services Inc. Class A^a	1,260		57,784
Aflac Inc.	5,012		116,328
Agilent Technologies Inc.^a	4,228		76,442
Air Products and Chemicals Inc.	2,324		116,897
Akamai Technologies Inc.^a	1,680		22,646
Alcoa Inc.	9,324		72,634
Allegheny Energy Inc.	1,316		43,744
Allegheny Technologies Inc.	1,008		22,267
Allergan Inc.	2,884		109,938
Alliance Data Systems Corp.^a,b	784		32,607
Alliant Energy Corp.	1,316		37,940
Allstate Corp. (The)	5,880		127,420
Altera Corp.	3,668		56,414
Altria Group Inc.	22,316		369,107
Amazon.com Inc.^a	3,304		194,341
AMB Property Corp.	1,064		17,152
Ameren Corp.	2,464		81,928
American Capital Ltd.^b	2,156		6,166
American Eagle Outfitters Inc.	2,520		22,705
American Electric Power Co. Inc.	4,200		131,670
American Express Co.	11,536		192,997
American Tower Corp. Class A^a	4,312		130,826


Security	Shares	Value
Ameriprise Financial Inc.	2,576	$	51,906
AmerisourceBergen Corp.	1,904		69,153
Amgen Inc.^a	11,564		634,285
Amphenol Corp. Class A	1,680		43,932
Amylin Pharmaceuticals Inc.^a,b	1,456		16,831
Anadarko Petroleum Corp.	4,872		178,997
Analog Devices Inc.	3,276		65,455
Annaly Capital Management Inc.	5,656		85,632
Aon Corp.	2,800		103,740
Apache Corp.	3,500		262,500
Apollo Group Inc. Class A^a	1,568		127,729
Apple Inc.^a	9,408		847,943
Applied Materials Inc.	14,616		136,952
Arch Coal Inc.	1,512		22,967
Archer-Daniels-Midland Co.	6,188		169,427
Arrow Electronics Inc.^a	1,456		27,766
Associated Banc-Corp.	2,436		38,123
AT&T Inc.	62,860		1,547,613
Autodesk Inc.^a	2,436		40,340
Automatic Data Processing Inc.	5,404		196,327
AutoZone Inc.^a	476		63,256
AvalonBay Communities Inc.	895		46,370
Avery Dennison Corp.	1,064		25,781
Avnet Inc.^a	1,596		31,633
Avon Products Inc.	4,592		93,906
Baker Hughes Inc.	3,360		111,955
Bank of America Corp.	66,754		439,241
Bank of New York Mellon Corp. (The)	12,236		314,955
Baxter International Inc.	6,888		403,981
BB&T Corp.	5,908		116,919
Beckman Coulter Inc.	812		40,373
Becton, Dickinson and Co.	2,520		183,128
Bed Bath & Beyond Inc.^a	2,744		63,743
Berkshire Hathaway Inc. Class B^a	115		343,735
Best Buy Co. Inc.	4,144		116,115
Biogen Idec Inc.^a	3,080		149,842
BJ Services Co.	2,940		32,340
Black & Decker Corp. (The)	700		20,237
BMC Software Inc.^a	2,072		52,484
Boeing Co. (The)	7,952		336,449
Boston Properties Inc.	1,316		56,983
Boston Scientific Corp.^a	14,336		127,160


SCHEDULES OF INVESTMENTS		87

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI INDEX FUND

January 31, 2009


Security	Shares	Value
Bristol-Myers Squibb Co.	21,056	$	450,809
Broadcom Corp. Class A^a	5,012		79,440
Brown-Forman Corp. Class B	1,148		52,131
Bunge Ltd.	1,400		60,116
Burlington Northern Santa Fe Corp.	3,780		250,425
C.H. Robinson Worldwide Inc.	1,372		63,085
C.R. Bard Inc.	1,120		95,838
CA Inc.	4,200		75,558
Cablevision Systems Corp.	2,548		40,844
Cabot Oil & Gas Corp.	868		23,861
Camden Property Trust	1,092		28,785
Cameron International Corp.^a	2,184		50,581
Campbell Soup Co.	2,268		68,879
Capital One Financial Corp.	4,592		72,737
Cardinal Health Inc.	3,892		146,534
CarMax Inc.^a,b	2,548		21,072
Carnival Corp.	4,844		88,112
Caterpillar Inc.	6,804		209,903
CBS Corp. Class B	7,140		40,841
Celanese Corp. Class A	1,484		15,805
Celgene Corp.^a	4,676		247,594
CenterPoint Energy Inc.	3,332		44,582
Cephalon Inc.^a,b	728		56,187
CF Industries Holdings Inc.	420		19,740
Charles River Laboratories International Inc.^a	896		21,871
Charles Schwab Corp. (The)	10,612		144,217
Chesapeake Energy Corp.	5,516		87,208
Chevron Corp.	22,568		1,591,495
Chubb Corp.	4,032		171,683
CIGNA Corp.	2,968		51,524
Cimarex Energy Co.	1,400		34,776
Cincinnati Financial Corp.	1,400		30,702
Cintas Corp.	1,680		38,220
Cisco Systems Inc.^a	63,952		957,361
Citigroup Inc.	55,888		198,402
Citrix Systems Inc.^a	1,932		40,649
Cliffs Natural Resources Inc.	952		22,058
Clorox Co. (The)	1,568		78,635
CME Group Inc.	701		121,911
Coach Inc.^a	4,004		58,458
Coca-Cola Co. (The)	21,952		937,789


Security	Shares	Value
Coca-Cola Enterprises Inc.	2,968	$	33,331
Cognizant Technology Solutions Corp.^a	3,080		57,688
Colgate-Palmolive Co.	5,012		325,980
Comcast Corp. Class A	21,336		312,572
Comcast Corp. Class A Special	10,584		146,906
Comerica Inc.	2,380		39,651
Computer Sciences Corp.^a	1,736		63,954
ConAgra Foods Inc.	5,096		87,142
ConocoPhillips	15,092		717,323
CONSOL Energy Inc.	1,932		52,666
Consolidated Edison Inc.	2,744		111,818
Constellation Brands Inc. Class A^a	3,248		47,161
Constellation Energy Group Inc.	1,876		49,339
Cooper Industries Ltd.	2,156		58,018
Corning Inc.	16,772		169,565
Costco Wholesale Corp.	4,676		210,560
Covance Inc.^a	896		34,586
Coventry Health Care Inc.^a	1,624		24,571
Covidien Ltd.	5,264		201,822
Crown Castle International Corp.^a	2,828		55,203
CSX Corp.	4,704		136,228
Cummins Inc.	2,128		51,029
CVS Caremark Corp.	15,764		423,736
D.R. Horton Inc.	3,976		23,697
Danaher Corp.	2,464		137,812
Darden Restaurants Inc.	1,512		39,645
DaVita Inc.^a	1,092		51,324
Dean Foods Co.^a	2,156		41,697
Deere & Co.	4,760		165,362
Dell Inc.^a	21,896		208,012
Denbury Resources Inc.^a	2,800		34,272
DENTSPLY International Inc.	2,128		57,264
Developers Diversified Realty Corp.	1,400		6,720
Devon Energy Corp.	4,480		275,968
Diamond Offshore Drilling Inc.	700		43,932
DIRECTV Group Inc. (The)^a	7,868		172,309
Discover Financial Services LLC	4,732		33,834
Discovery Communications Inc. Class A^a	1,738		25,201
Discovery Communications Inc. Class C^a	1,738		24,992
Dish Network Corp. Class A^a	147		1,887


88		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI INDEX FUND

January 31, 2009


Security	Shares	Value
Dollar Tree Inc.^a	504	$	21,526
Dominion Resources Inc.	6,132		215,724
Dover Corp.	2,072		58,596
Dow Chemical Co. (The)	10,276		119,099
Dr. Pepper Snapple Group Inc.^a	2,997		49,301
DST Systems Inc.^a	644		20,460
DTE Energy Co.	2,352		81,144
Duke Energy Corp.	13,524		204,889
Duke Realty Corp.	2,044		18,825
Dun & Bradstreet Corp. (The)	616		46,816
Dynegy Inc. Class A^a	6,832		14,416
E.I. du Pont de Nemours and Co.	9,940		228,222
Eastman Chemical Co.	924		23,978
Eastman Kodak Co.	2,996		13,572
Eaton Corp.	1,512		66,558
eBay Inc.^a	11,536		138,663
Ecolab Inc.	1,848		62,758
Edison International	3,248		105,787
El Paso Corp.	7,476		61,154
Electronic Arts Inc.^a	3,304		51,014
Eli Lilly and Co.	10,892		401,043
Embarq Corp.	1,540		55,009
EMC Corp.^a	22,288		246,060
Emerson Electric Co.	8,932		292,076
Energizer Holdings Inc.^a	560		26,673
ENSCO International Inc.	1,484		40,602
Entergy Corp.	2,044		156,080
EOG Resources Inc.	2,576		174,576
Equifax Inc.	1,484		36,684
Equitable Resources Inc.	1,512		51,756
Equity Residential	3,024		72,364
Estee Lauder Companies Inc. (The) Class A	1,316		34,545
Everest Re Group Ltd.	868		54,684
Exelon Corp.	7,140		387,131
Expedia Inc.^a	2,800		25,004
Expeditors International Washington Inc.	2,632		73,196
Express Scripts Inc.^a	2,352		126,444
Exxon Mobil Corp.	56,308		4,306,436
Family Dollar Stores Inc.	2,156		59,872
Fastenal Co.^b	1,484		50,723


Security	Shares	Value
Federal Realty Investment Trust	644	$	32,606
FedEx Corp.	3,080		156,895
Fidelity National Financial Inc.	2,968		43,392
Fidelity National Information Services Inc.	1,848		29,402
Fifth Third Bancorp	6,356		15,191
First American Corp.	1,568		34,245
First Solar Inc.^a	420		59,976
FirstEnergy Corp.	3,220		160,968
Fiserv Inc.^a	1,456		46,228
Flextronics International Ltd.^a	8,876		23,166
FLIR Systems Inc.^a	980		24,471
Flowserve Corp.	280		14,927
Fluor Corp.	1,792		69,709
FMC Technologies Inc.^a	1,288		38,112
Ford Motor Co.^a,b	18,368		34,348
Forest City Enterprises Inc. Class A	1,148		7,760
Forest Laboratories Inc.^a	2,716		68,009
Fortune Brands Inc.	1,512		48,384
Foster Wheeler Ltd.^a	1,484		29,635
FPL Group Inc.	4,032		207,850
Franklin Resources Inc.	1,876		90,836
Freeport-McMoRan Copper & Gold Inc.	4,088		102,772
FTI Consulting Inc.^a	280		11,483
GameStop Corp. Class A^a	2,268		56,201
Gannett Co. Inc.	2,660		15,348
Gap Inc. (The)	6,132		69,169
Garmin Ltd.^b	1,288		22,579
Genentech Inc.^a	5,068		411,724
General Dynamics Corp.	3,668		208,086
General Electric Co.	112,669		1,366,675
General Mills Inc.	3,360		198,744
General Motors Corp.^b	4,928		14,833
Genuine Parts Co.	2,044		65,449
Genworth Financial Inc. Class A	4,508		10,459
Genzyme Corp.^a	2,800		192,976
Gilead Sciences Inc.^a	9,856		500,389
Goldman Sachs Group Inc. (The)	4,320		348,754
Goodrich Corp.	756		29,227
Goodyear Tire & Rubber Co. (The)^a	2,100		12,957
Google Inc. Class A^a	2,548		862,574
H&R Block Inc.	3,248		67,331


SCHEDULES OF INVESTMENTS		89

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI INDEX FUND

January 31, 2009


Security	Shares	Value
H.J. Heinz Co.	3,192	$	116,508
Halliburton Co.	9,380		161,805
Hansen Natural Corp.^a,b	840		28,140
Harley-Davidson Inc.	2,660		32,399
Harris Corp.	1,232		53,333
Harsco Corp.	896		21,253
Hartford Financial Services Group Inc. (The)	3,332		43,849
Hasbro Inc.	2,100		50,673
HCP Inc.	2,296		53,589
Health Net Inc.^a	1,148		16,795
Helmerich & Payne Inc.	1,176		26,413
Hershey Co. (The)	1,484		55,324
Hess Corp.	3,024		168,165
Hewlett-Packard Co.	27,468		954,513
Hologic Inc.^a	2,548		30,041
Home Depot Inc.	18,032		388,229
Honeywell International Inc.	7,588		248,962
Hospira Inc.^a	1,652		41,135
Hudson City Bancorp Inc.	7,112		82,499
Humana Inc.^a	1,456		55,226
Huntington Bancshares Inc.	6,300		18,144
Huntsman Corp.	2,296		6,107
Illinois Tool Works Inc.	4,928		160,949
Illumina Inc.^a	1,204		32,941
IMS Health Inc.	2,464		35,777
Ingersoll-Rand Co. Ltd. Class A	3,445		55,843
Intel Corp.	61,908		798,613
IntercontinentalExchange Inc.^a	616		35,069
International Business Machines Corp.	14,756		1,352,387
International Flavors & Fragrances Inc.	1,148		32,856
International Game Technology Inc.	3,556		37,694
International Paper Co.	4,284		39,070
Interpublic Group of Companies Inc. (The)^a	6,244		20,793
Intuit Inc.^a	3,304		74,836
Intuitive Surgical Inc.^a	392		40,466
Invesco Ltd.	4,650		54,824
Iron Mountain Inc.^a	1,764		36,091
ITT Industries Inc.	1,680		76,070
J.C. Penney Co. Inc.	2,296		38,458
J.M. Smucker Co. (The)	896		40,454


Security	Shares	Value
Jacobs Engineering Group Inc.^a	1,232	$	47,641
Janus Capital Group Inc.	1,960		10,290
Johnson & Johnson	30,464		1,757,468
Johnson Controls Inc.	6,412		80,214
Joy Global Inc.	2,044		42,577
JPMorgan Chase & Co.	38,724		987,849
Juniper Networks Inc.^a	5,208		73,745
KBR Inc.	1,456		20,617
Kellogg Co.	2,660		116,215
KeyCorp	5,796		42,195
Kimberly-Clark Corp.	4,340		223,380
Kimco Realty Corp.	2,520		36,238
KLA-Tencor Corp.	2,016		40,401
Kohl’s Corp.^a	3,304		121,290
Kraft Foods Inc. Class A	16,772		470,455
Kroger Co. (The)	7,196		161,910
L-3 Communications Holdings Inc.	1,344		106,203
Laboratory Corp. of America Holdings^a	1,204		71,277
Lam Research Corp.^a	1,344		27,162
Lamar Advertising Co. Class A^a,b	1,092		9,839
Las Vegas Sands Corp.^a	3,164		16,295
Legg Mason Inc.	1,484		23,833
Leggett & Platt Inc.	2,772		34,622
Leucadia National Corp.^a	1,792		28,529
Level 3 Communications Inc.^a,b	16,352		16,352
Lexmark International Inc. Class A^a	1,596		37,793
Liberty Global Inc. Series A^a	1,988		28,965
Liberty Global Inc. Series C^a	2,800		40,096
Liberty Media Corp. – Liberty Entertainment Group Series A^a	4,396		80,667
Liberty Media Corp. – Liberty Interactive Group Series A^a	6,608		20,749
Life Technologies Corp.^a	1,746		44,453
Limited Brands Inc.	3,864		30,603
Lincoln National Corp.	2,716		41,093
Linear Technology Corp.	2,268		53,117
Lockheed Martin Corp.	3,752		307,814
Loews Corp.	2,240		54,656
Lorillard Inc.	1,708		101,558
Lowe’s Companies Inc.	15,904		290,566
LSI Corp.^a	9,912		31,520
M&T Bank Corp.^b	1,036		40,311


90		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI INDEX FUND

January 31, 2009


Security	Shares	Value
Macerich Co. (The)^b	784	$	11,556
Macy’s Inc.	4,704		42,101
Manpower Inc.	896		25,500
Marathon Oil Corp.	7,588		206,621
Marriott International Inc. Class A	3,668		59,825
Marsh & McLennan Companies Inc.	5,740		110,954
Marshall & Ilsley Corp.	3,500		19,985
Martin Marietta Materials Inc.^b	420		33,818
Marvell Technology Group Ltd.^a	5,348		38,987
Masco Corp.	4,200		32,844
MasterCard Inc. Class A	868		117,857
Mattel Inc.	4,172		59,201
McAfee Inc.^a	1,680		51,223
McCormick & Co. Inc. NVS	1,540		49,342
McDermott International Inc.^a	2,408		24,971
McDonald’s Corp.	12,796		742,424
McGraw-Hill Companies Inc. (The)	3,696		81,275
McKesson Corp.	3,164		139,849
MeadWestvaco Corp.	1,848		21,511
Medco Health Solutions Inc.^a	5,768		259,156
Medtronic Inc.	12,096		405,095
MEMC Electronic Materials Inc.^a	2,800		38,080
Merck & Co. Inc.	23,044		657,906
MetLife Inc.	7,672		220,417
MetroPCS Communications Inc.^a	1,204		16,362
MGM MIRAGE^a,b	1,484		11,872
Microchip Technology Inc.	2,324		44,086
Micron Technology Inc.^a	8,092		30,102
Microsoft Corp.	89,320		1,527,372
Millipore Corp.^a	728		40,156
Mirant Corp.^a	2,884		49,518
Mohawk Industries Inc.^a	728		23,376
Molson Coors Brewing Co. Class B	1,316		52,995
Monsanto Co.	5,824		442,973
Moody’s Corp.	2,520		53,978
Morgan Stanley	10,950		221,519
Mosaic Co. (The)	1,988		70,912
Motorola Inc.	24,248		107,419
Murphy Oil Corp.	1,708		75,459
Nabors Industries Ltd.^a	2,828		30,967
NASDAQ OMX Group Inc. (The)^a	1,456		31,770
National Oilwell Varco Inc.^a	4,341		114,776


Security	Shares	Value
National Semiconductor Corp.	2,912	$	29,528
NetApp Inc.^a	3,892		57,718
New York Community Bancorp Inc.	4,396		58,247
Newell Rubbermaid Inc.	2,716		21,945
Newfield Exploration Co.^a	1,344		25,791
Newmont Mining Corp.	4,872		193,808
News Corp. Class A	19,796		126,496
News Corp. Class B	5,208		37,706
NII Holdings Inc. Class B^a	1,848		35,851
Nike Inc. Class B	3,920		177,380
NiSource Inc.	4,844		46,890
Noble Corp.	2,744		74,500
Noble Energy Inc.	1,764		86,313
Nordstrom Inc.	1,484		18,832
Norfolk Southern Corp.	4,228		162,186
Northern Trust Corp.	2,156		124,013
Northrop Grumman Corp.	3,500		168,420
NRG Energy Inc.^a	1,960		45,786
Nucor Corp.	3,276		133,628
NVIDIA Corp.^a	5,572		44,297
NYSE Euronext Inc.	1,568		34,496
Occidental Petroleum Corp.	8,764		478,076
Old Republic International Corp.	3,500		36,120
Omnicom Group Inc.	3,248		84,091
Oracle Corp.^a	43,288		728,537
Owens-Illinois Inc.^a	1,680		31,920
PACCAR Inc.	3,724		98,276
Pall Corp.	1,428		37,228
Parker Hannifin Corp.	1,820		69,542
PartnerRe Ltd.	672		44,036
Patterson Companies Inc.^a	1,708		31,410
Patterson-UTI Energy Inc.	2,828		27,036
Paychex Inc.	3,584		87,055
Peabody Energy Corp.	2,800		70,000
Pentair Inc.	1,624		37,141
People’s United Financial Inc.	5,432		88,868
Pepco Holdings Inc.	3,108		55,353
Pepsi Bottling Group Inc.	2,912		56,172
PepsiCo Inc.	16,968		852,303
Perrigo Co.	672		19,723
Petrohawk Energy Corp.^a	2,632		51,877
PetSmart Inc.	1,960		36,789


SCHEDULES OF INVESTMENTS		91

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI INDEX FUND

January 31, 2009


Security	Shares	Value
Pfizer Inc.	72,716	$	1,060,199
PG&E Corp.	3,780		146,173
Pharmaceutical Product Development Inc.	1,064		25,419
Philip Morris International Inc.	22,316		829,039
Pinnacle West Capital Corp.	1,288		43,109
Pioneer Natural Resources Co.	1,232		18,036
Pitney Bowes Inc.	1,456		32,411
Plains Exploration & Production Co.^a	896		18,924
Plum Creek Timber Co. Inc.	2,100		64,617
PNC Financial Services Group Inc. (The)	4,032		131,121
Polo Ralph Lauren Corp.^b	840		34,465
PPG Industries Inc.	1,764		66,291
PPL Corp.	3,976		121,904
Praxair Inc.	3,416		212,680
Precision Castparts Corp.	980		63,651
Priceline.com Inc.^a	280		18,785
Pride International Inc.^a	1,736		27,984
Principal Financial Group Inc.	2,548		42,271
Procter & Gamble Co. (The)	32,116		1,750,322
Progress Energy Inc.	3,248		125,763
Progressive Corp. (The)^a	7,056		85,730
Prudential Financial Inc.	4,816		124,012
Public Service Enterprise Group Inc.	5,376		169,720
Public Storage	1,400		86,618
Pulte Homes Inc.	3,948		40,072
QUALCOMM Inc.	17,724		612,364
Quanta Services Inc.^a	1,288		27,537
Quest Diagnostics Inc.	1,736		85,672
Questar Corp.	1,792		60,892
Qwest Communications International Inc.	16,520		53,194
R.R. Donnelley & Sons Co.	2,100		20,496
Ralcorp Holdings Inc.^a	420		24,872
Range Resources Corp.	2,464		88,310
Raytheon Co.	4,676		236,699
Regency Centers Corp.	812		28,664
Regions Financial Corp.	8,764		30,323
Reliant Energy Inc.^a	3,696		18,813
RenaissanceRe Holdings Ltd.	952		42,545
Republic Services Inc.	1,708		44,169


Security	Shares	Value
Reynolds American Inc.	1,680	$	64,142
Robert Half International Inc.	2,128		36,070
Rockwell Automation Inc.	1,652		43,018
Rockwell Collins Inc.	1,736		65,412
Rohm and Haas Co.	1,540		84,993
Ross Stores Inc.	2,044		60,134
Rowan Companies Inc.	1,512		19,142
Royal Caribbean Cruises Ltd.	1,568		10,176
Safeway Inc.	4,732		101,407
SAIC Inc.^a	1,288		25,425
Salesforce.com Inc.^a	1,008		26,823
SanDisk Corp.^a	2,436		27,843
Sara Lee Corp.	7,168		71,895
Schering-Plough Corp.	16,744		294,025
Schlumberger Ltd.	12,880		525,633
Seagate Technology	5,740		21,755
Sealed Air Corp.	2,380		32,249
Sears Holdings Corp.^a,b	868		35,519
SEI Investments Co.	1,764		22,350
Sempra Energy	2,548		111,704
Sherwin-Williams Co. (The)	1,148		54,817
Sigma-Aldrich Corp.	1,260		45,461
Simon Property Group Inc.	2,408		103,496
SL Green Realty Corp.	644		10,117
SLM Corp.^a	5,964		68,288
Smith International Inc.	2,044		46,399
Southern Co. (The)	7,896		264,121
Southwestern Energy Co.^a	4,452		140,906
Spectra Energy Corp.	6,608		95,882
Sprint Nextel Corp.^a	32,116		78,042
SPX Corp.	560		23,582
St. Jude Medical Inc.^a	3,612		131,368
Stanley Works (The)	1,120		35,011
Staples Inc.	7,616		121,399
Starbucks Corp.^a	8,092		76,388
Starwood Hotels & Resorts Worldwide Inc.	2,296		34,716
State Street Corp.	4,200		97,734
Stryker Corp.	3,052		128,916
Sun Microsystems Inc.^a	9,828		40,884
Sunoco Inc.	1,260		58,363
SunPower Corp. Class A^a	448		15,035


92		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI INDEX FUND

January 31, 2009


Security	Shares	Value
SunTrust Banks Inc.	3,612	$	44,283
SUPERVALU Inc.	2,240		39,290
Symantec Corp.^a	7,784		119,329
Synopsys Inc.^a	2,800		51,800
Synovus Financial Corp.	1,316		5,211
Sysco Corp.	6,468		144,172
T. Rowe Price Group Inc.	2,716		74,907
Target Corp.	8,204		255,965
TD Ameritrade Holding Corp.^a	2,856		32,101
Telephone and Data Systems Inc.	868		26,483
Teradata Corp.^a	2,100		27,573
Terex Corp.^a	1,120		13,261
Texas Instruments Inc.	15,176		226,881
Textron Inc.	2,604		23,514
Thermo Fisher Scientific Inc.^a	4,480		160,966
3M Co.	7,140		384,061
Tiffany & Co.	1,456		30,212
Time Warner Cable Inc. Class A^a	2,156		40,166
Time Warner Inc.	40,236		375,402
TJX Companies Inc. (The)	4,704		91,352
Toll Brothers Inc.^a	2,548		43,367
Torchmark Corp.	1,988		59,640
Total System Services Inc.	2,436		30,840
Travelers Companies Inc. (The)	6,720		259,661
Tyco Electronics Ltd.	5,236		74,142
Tyco International Ltd.	6,832		143,609
Tyson Foods Inc. Class A	3,668		32,462
U.S. Bancorp	19,068		282,969
UDR Inc.	2,686		31,507
Ultra Petroleum Corp.^a	2,268		81,262
Union Pacific Corp.	5,376		235,415
United Parcel Service Inc. Class B	7,140		303,379
United States Steel Corp.	1,288		38,679
United Technologies Corp.	10,052		482,395
UnitedHealth Group Inc.	13,776		390,274
Unum Group	3,836		54,318
Valero Energy Corp.	5,880		141,826
Varian Medical Systems Inc.^a	1,344		49,903
Ventas Inc.	1,456		40,579
VeriSign Inc.^a	2,632		50,824
Verizon Communications Inc.	30,632		914,978
Vertex Pharmaceuticals Inc.^a	1,988		65,703


Security	Shares	Value
VF Corp.	1,176	$	65,880
Viacom Inc. Class B^a	6,356		93,751
Virgin Media Inc.	3,192		14,492
Visa Inc. Class A	4,284		211,415
Vornado Realty Trust	1,512		76,825
Vulcan Materials Co.^b	1,148		56,780
W.R. Berkley Corp.	1,820		48,194
W.W. Grainger Inc.	840		61,278
Walgreen Co.	10,612		290,875
Wal-Mart Stores Inc.	25,396		1,196,660
Walt Disney Co. (The)	19,824		409,960
Washington Post Co. (The) Class B	84		32,807
Waste Management Inc.	5,264		164,184
Waters Corp.^a	1,064		38,485
Weatherford International Ltd.^a	7,056		77,828
WellPoint Inc.^a	5,880		243,726
Wells Fargo & Co.	41,692		787,979
Western Digital Corp.^a	2,380		34,938
Western Union Co.	8,064		110,154
Weyerhaeuser Co.	2,296		62,773
Whirlpool Corp.	784		26,209
Whole Foods Market Inc.^b	1,512		15,498
Williams Companies Inc. (The)	6,384		90,334
Willis Group Holdings Ltd.	2,044		50,609
Windstream Corp.	4,900		42,532
Wisconsin Energy Corp.	1,148		51,178
Wyeth	14,308		614,815
Wynn Resorts Ltd.^a,b	672		20,214
Xcel Energy Inc.	6,300		116,298
Xerox Corp.	9,660		64,142
Xilinx Inc.	3,136		52,842
XL Capital Ltd. Class A	2,548		7,389
XTO Energy Inc.	5,600		207,704
Yahoo! Inc.^a	12,796		150,097
Yum! Brands Inc.	5,628		161,073
Zimmer Holdings Inc.^a	2,520		91,728
Zions Bancorporation	1,260		18,799

			81,759,961


TOTAL COMMON STOCKS (Cost: $158,825,036)			143,859,527


SCHEDULES OF INVESTMENTS		93

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI KOKUSAI INDEX FUND

January 31, 2009


Security	Shares	Value
PREFERRED STOCKS – 0.23%

GERMANY – 0.16%
Fresenius SE	672	$	37,366
Henkel AG & Co. KGaA	1,792		46,365
Porsche Automobil Holding SE	1,008		59,421
RWE AG	476		31,494
Volkswagen AG	1,148		57,008

			231,654

ITALY – 0.07%
Intesa Sanpaolo SpA RNC	12,012		27,092
Telecom Italia SpA RNC	65,464		63,590
Unipol Gruppo Finanziario SpA	16,044		16,860

			107,542


TOTAL PREFERRED STOCKS (Cost: $391,784)			339,196

RIGHTS – 0.00%

BELGIUM – 0.00%
Fortis^a,c	2,148		–

			–


TOTAL RIGHTS (Cost: $0)			–

SHORT-TERM INVESTMENTS – 0.74%

MONEY MARKET FUNDS – 0.74%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^d,e,f	832,162		832,162
Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56%^d,e,f	134,524		134,524


Security	Shares	Value
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^d,e	95,782	$	95,782

			1,062,468


TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,062,468)			1,062,468


TOTAL INVESTMENTS IN SECURITIES – 100.48% (Cost: $160,279,288)			145,261,191

Other Assets, Less Liabilities – (0.48)%			(691,064	)


NET ASSETS – 100.00%		$	144,570,127

ADR – American Depositary Receipts

NVS – Non-Voting Shares

SDR – Swedish Depositary Receipts

SP ADR – Sponsored American Depositary Receipts

^a	Non-income earning security.

^b	All or a portion of this security represents a security on loan. See Note 5.

^c	Security valued using Level 3 inputs. See Note 1.

^d	Affiliated issuer. See Note 2.

^e	The rate quoted is the annualized seven-day yield of the fund at period end.

^f	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


94		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^® TRUST

January 31, 2009


	iShares FTSE Developed Small Cap ex-North America Index Fund			iShares FTSE/Xinhua China 25 Index Fund			iShares FTSE China (HK Listed) Index Fund			iShares MSCI ACWI Index Fund
ASSETS
Investments, at cost:
Unaffiliated issuers	$	32,597,747		$	7,825,385,029		$	10,031,904		$	291,783,547
Affiliated issuers (Note 2)		763,946			831,169,783			281,727			3,551,098

Total cost of investments	$	33,361,693		$	8,656,554,812		$	10,313,631		$	295,334,645

Investments in securities, at fair value (including securities on loan^a) (Note 1):
Unaffiliated issuers	$	17,057,508		$	5,547,456,427		$	8,783,188		$	211,369,214
Affiliated issuers (Note 2)		763,946			831,169,783			281,727			3,257,498

Total fair value of investments		17,821,454			6,378,626,210			9,064,915			214,626,712
Foreign currencies, at value^b		40,060			3,254,597			10,078			239,032
Receivables:
Investment securities sold		–			285,185,170			514,446			168,751
Dividends and interest		31,546			1,241,882			438			350,386
Capital shares sold		–			44,114			–			–
Capital shares redeemed		–			2,287			–			–

Total Assets		17,893,060			6,668,354,260			9,589,877			215,384,881


LIABILITIES
Payables:
Investment securities purchased		–			288,526,087			512,237			51,894
Collateral for securities on loan (Note 5)		762,703			828,324,974			280,400			3,003,818
Capital shares redeemed		–			–			–			208,174
Investment advisory fees (Note 2)		7,595			3,545,036			5,721			83,566

Total Liabilities		770,298			1,120,396,097			798,358			3,347,452


NET ASSETS	$	17,122,762		$	5,547,958,163		$	8,791,519		$	212,037,429


Net assets consist of:
Paid-in capital	$	33,391,176		$	9,529,572,983		$	10,515,187		$	287,280,344
Undistributed (distributions in excess of) net investment income		26,992			(3,550,582	)		(6,551	)		309,569
Undistributed net realized gain (accumulated net realized loss)		(753,220	)		(1,700,137,600	)		(468,397	)		5,163,897
Net unrealized depreciation on investments and translation of assets and liabilities in foreign currencies		(15,542,186	)		(2,277,926,638	)		(1,248,720	)		(80,716,381	)

NET ASSETS	$	17,122,762		$	5,547,958,163		$	8,791,519		$	212,037,429


Shares outstanding^c		800,000			215,400,000			300,000			7,300,000


Net asset value per share	$	21.40		$	25.76		$	29.31		$	29.05

^a	Securities on loan with market values of $690,424, $780,042,272, $265,392 and $2,846,341, respectively. See Note 5.

^b	Cost of foreign currencies: $41,081, $3,252,898, $10,082 and $248,672, respectively.

^c	No par value, unlimited number of shares authorized.

See notes to financial statements.


FINANCIAL STATEMENTS		95

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^® TRUST

January 31, 2009


	iShares MSCI ACWI ex US Index Fund			iShares MSCI All Country Asia ex Japan Index Fund			iShares MSCI EAFE Growth Index Fund			iShares MSCI EAFE Value Index Fund
ASSETS
Investments, at cost:
Unaffiliated issuers	$	304,787,140		$	459,776,434		$	1,408,550,118		$	1,414,585,652
Affiliated issuers (Note 2)		5,698,734			8,008,786			26,156,467			34,936,003

Total cost of investments	$	310,485,874		$	467,785,220		$	1,434,706,585		$	1,449,521,655

Investments in securities, at fair value (including securities on loan^a) (Note 1):
Unaffiliated issuers	$	252,633,856		$	454,578,081		$	962,609,425		$	915,194,878
Affiliated issuers (Note 2)		5,220,847			7,851,767			26,156,467			21,076,959

Total fair value of investments		257,854,703			462,429,848			988,765,892			936,271,837
Foreign currencies, at value^b		604,441			319,227			1,485,847			1,449,492
Receivables:
Due from custodian (Note 4)		–			1,900,152			977,994			–
Dividends and interest		302,184			124,260			1,182,424			1,507,391

Total Assets		258,761,328			464,773,487			992,412,157			939,228,720


LIABILITIES
Payables:
Investment securities purchased		105,299			1,900,152			977,994			796,887
Collateral for securities on loan (Note 5)		4,845,815			–			25,949,861			17,558,471
Capital shares redeemed		–			–			–			175,709
Investment advisory fees (Note 2)		79,080			295,042			344,685			343,957

Total Liabilities		5,030,194			2,195,194			27,272,540			18,875,024


NET ASSETS	$	253,731,134		$	462,578,293		$	965,139,617		$	920,353,696


Net assets consist of:
Paid-in capital	$	309,216,239		$	470,631,913		$	1,621,337,578		$	1,541,053,360
Undistributed (distributions in excess of) net investment income		185,063			(651,196	)		1,247,448			1,225,922
Accumulated net realized loss		(3,019,364	)		(2,043,377	)		(211,406,352	)		(108,588,070	)
Net unrealized depreciation on investments and translation of assets and liabilities in foreign currencies		(52,650,804	)		(5,359,047	)		(446,039,057	)		(513,337,516	)

NET ASSETS	$	253,731,134		$	462,578,293		$	965,139,617		$	920,353,696


Shares outstanding^c		9,400,000			14,900,000			24,000,000			26,400,000


Net asset value per share	$	26.99		$	31.05		$	40.21		$	34.86

^a	Securities on loan with market values of $4,626,847, $–, $24,568,670 and $16,641,944, respectively. See Note 5.

^b	Cost of foreign currencies: $626,656, $322,579, $1,505,376 and $1,493,236, respectively.

^c	No par value, unlimited number of shares authorized.

See notes to financial statements.


96		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^® TRUST

January 31, 2009


	iShares MSCI EAFE Small Cap Index Fund			iShares MSCI Kokusai Index Fund
ASSETS
Investments, at cost:
Unaffiliated issuers	$	319,910,058		$	158,951,726
Affiliated issuers (Note 2)		12,105,191			1,327,562

Total cost of investments	$	332,015,249		$	160,279,288

Investments in securities, at fair value (including securities on loan^a) (Note 1):
Unaffiliated issuers	$	221,634,304		$	144,063,507
Affiliated issuers (Note 2)		12,105,191			1,197,684

Total fair value of investments		233,739,495			145,261,191
Foreign currencies, at value^b		324,173			149,798
Receivables:
Dividends and interest		398,916			183,734

Total Assets		234,462,584			145,594,723


LIABILITIES
Payables:
Investment securities purchased		–			23,179
Collateral for securities on loan (Note 5)		11,941,857			966,686
Due to custodian		–			2,265
Investment advisory fees (Note 2)		78,832			32,466

Total Liabilities		12,020,689			1,024,596


NET ASSETS	$	222,441,895		$	144,570,127


Net assets consist of:
Paid-in capital	$	319,639,693		$	154,941,009
Undistributed net investment income		174,428			198,987
Undistributed net realized gain		907,455			4,450,361
Net unrealized depreciation on investments and translation of assets and liabilities in foreign currencies		(98,279,681	)		(15,020,230	)

NET ASSETS	$	222,441,895		$	144,570,127


Shares outstanding^c		9,600,000			5,600,000


Net asset value per share	$	23.17		$	25.82

^a	Securities on loan with market values of $11,052,316 and $925,838, respectively. See Note 5.

^b	Cost of foreign currencies: $326,525 and $151,532, respectively.

^c	No par value, unlimited number of shares authorized.

See notes to financial statements.


FINANCIAL STATEMENTS		97

Statements of Operations (Unaudited)

iSHARES^® TRUST

Six months ended January 31, 2009


	iShares FTSE Developed Small Cap ex-North America Index Fund			iShares FTSE/Xinhua China 25 Index Fund			iShares FTSE China (HK Listed) Index Fund			iShares MSCI ACWI Index Fund
NET INVESTMENT INCOME
Dividends from unaffiliated issuers^a	$	226,949		$	40,057,193		$	31,311		$	2,140,115
Dividends from affiliated issuers (Note 2)		–			–			–			9,201
Interest from affiliated issuers (Note 2)		24			18,823			7			609
Securities lending income from affiliated issuers (Note 2)		7,535			7,048,280			1,529			12,187

Total investment income		234,508			47,124,296			32,847			2,162,112


EXPENSES
Investment advisory fees (Note 2)		49,484			20,340,367			21,899			328,928

Total expenses		49,484			20,340,367			21,899			328,928

Net investment income		185,024			26,783,929			10,948			1,833,184


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments in unaffiliated issuers		(491,371	)		(1,378,348,452	)		(465,390	)		(4,031,553	)
Investments in affiliated issuers (Note 2)		–			–			–			6,245
In-kind redemptions		–			(115,749,194	)		–			9,467,120
Foreign currency transactions		(25,009	)		149,246			115			(58,996	)

Net realized gain (loss)		(516,380	)		(1,493,948,400	)		(465,275	)		5,382,816

Net change in unrealized appreciation (depreciation) on:
Investments		(12,451,363	)		(1,836,450,647	)		(1,317,050	)		(73,444,719	)
Translation of assets and liabilities in foreign currencies		(1,513	)		(106	)		(4	)		(8,960	)

Net change in unrealized appreciation (depreciation)		(12,452,876	)		(1,836,450,753	)		(1,317,054	)		(73,453,679	)

Net realized and unrealized loss		(12,969,256	)		(3,330,399,153	)		(1,782,329	)		(68,070,863	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,784,232	)	$	(3,303,615,224	)	$	(1,771,381	)	$	(66,237,679	)

^a	Net of foreign withholding tax of $8,496, $862,338, $630 and $101,400, respectively.

See notes to financial statements.


98		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^® TRUST

Six months ended January 31, 2009


	iShares MSCI ACWI ex US Index Fund			iShares MSCI All Country Asia ex Japan Index Fund^a			iShares MSCI EAFE Growth Index Fund			iShares MSCI EAFE Value Index Fund
NET INVESTMENT INCOME
Dividends from unaffiliated issuers^b	$	1,336,152		$	625,259		$	9,059,383		$	12,351,025
Dividends from affiliated issuers (Note 2)		6,440			186,176			–			272,557
Interest from affiliated issuers (Note 2)		126			101			1,255			875
Securities lending income from affiliated issuers (Note 2)		8,972			–			157,224			115,450

Total investment income		1,351,690			811,536			9,217,862			12,739,907


EXPENSES
Investment advisory fees (Note 2)		232,624			613,374			2,104,438			1,706,332

Total expenses		232,624			613,374			2,104,438			1,706,332
Less investment advisory fees waived (Note 2)		–			(6,393	)		–			–

Net expenses		232,624			606,981			2,104,438			1,706,332

Net investment income		1,119,066			204,555			7,113,424			11,033,575


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments in unaffiliated issuers		(2,936,031	)		(1,791,868	)		(188,416,404	)		(74,875,624	)
Investments in affiliated issuers (Note 2)		–			(269,492	)		–			(29,247	)
In-kind redemptions		–			–			–			2,061,682
Foreign currency transactions		(29,148	)		17,983			(745,944	)		(673,755	)

Net realized loss		(2,965,179	)		(2,043,377	)		(189,162,348	)		(73,516,944	)

Net change in unrealized appreciation (depreciation) on:
Investments		(50,765,520	)		(5,355,372	)		(387,447,373	)		(358,136,017	)
Translation of assets and liabilities in foreign currencies		(19,893	)		(3,675	)		(88,824	)		(104,351	)

Net change in unrealized appreciation (depreciation)		(50,785,413	)		(5,359,047	)		(387,536,197	)		(358,240,368	)

Net realized and unrealized loss		(53,750,592	)		(7,402,424	)		(576,698,545	)		(431,757,312	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(52,631,526	)	$	(7,197,869	)	$	(569,585,121	)	$	(420,723,737	)

^a	For the period from August 13, 2008 (commencement of operations) to January 31, 2009.

^b	Net of foreign withholding tax of $124,607, $19,696, $511,610 and $735,817, respectively.

See notes to financial statements.


FINANCIAL STATEMENTS		99

Statements of Operations (Unaudited) (Continued)

iSHARES^® TRUST

Six months ended January 31, 2009


	iShares MSCI EAFE Small Cap Index Fund			iShares MSCI Kokusai Index Fund
NET INVESTMENT INCOME
Dividends from unaffiliated issuers^a	$	1,994,933		$	930,064
Dividends from affiliated issuers (Note 2)		–			3,374
Interest from affiliated issuers (Note 2)		306			155
Securities lending income from affiliated issuers (Note 2)		70,240			5,212

Total investment income		2,065,479			938,805


EXPENSES
Investment advisory fees (Note 2)		351,025			101,795

Total expenses		351,025			101,795

Net investment income		1,714,454			837,010


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments in unaffiliated issuers		(5,036,809	)		(1,344,362	)
Investments in affiliated issuers (Note 2)		–			5,863
In-kind redemptions		6,646,836			5,877,719
Foreign currency transactions		(69,451	)		(20,553	)

Net realized gain		1,540,576			4,518,667

Net change in unrealized appreciation (depreciation) on:
Investments		(87,555,159	)		(9,940,555	)
Translation of assets and liabilities in foreign currencies		(971	)		(2,063	)

Net change in unrealized appreciation (depreciation)		(87,556,130	)		(9,942,618	)

Net realized and unrealized loss		(86,015,554	)		(5,423,951	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(84,301,100	)	$	(4,586,941	)

^a	Net of foreign withholding tax of $82,338 and $34,267, respectively.

See notes to financial statements.


100		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® TRUST


	iShares FTSE Developed Small Cap ex-North America Index Fund						iShares FTSE/Xinhua China 25 Index Fund
	Six months ended January 31, 2009 (Unaudited)			Period from November 12, 2007^a to July 31, 2008			Six months ended January 31, 2009 (Unaudited)			Year ended July 31, 2008
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	185,024		$	364,986		$	26,783,929		$	115,428,549
Net realized gain (loss)		(516,380	)		(232,835	)		(1,493,948,400	)		2,260,227,726
Net change in unrealized appreciation (depreciation)		(12,452,876	)		(3,089,310	)		(1,836,450,753	)		(2,324,448,542	)

Net increase (decrease) in net assets resulting from operations		(12,784,232	)		(2,957,159	)		(3,303,615,224	)		51,207,733


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(228,736	)		(298,287	)		(43,310,805	)		(154,639,327	)

Total distributions to shareholders		(228,736	)		(298,287	)		(43,310,805	)		(154,639,327	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		6,778,825			26,612,351			4,917,412,135			7,277,657,443
Cost of shares redeemed		–			–			(2,700,890,157	)		(6,346,722,216	)

Net increase in net assets from capital share transactions		6,778,825			26,612,351			2,216,521,978			930,935,227

INCREASE (DECREASE) IN NET ASSETS		(6,234,143	)		23,356,905			(1,130,404,051	)		827,503,633

NET ASSETS
Beginning of period		23,356,905			–			6,678,362,214			5,850,858,581

End of period	$	17,122,762		$	23,356,905		$	5,547,958,163		$	6,678,362,214

Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	26,992		$	70,704		$	(3,550,582	)	$	12,976,294


SHARES ISSUED AND REDEEMED
Shares sold		200,000			600,000			167,700,000			144,000,000
Shares redeemed		–			–			(99,150,000	)		(121,650,000	)

Net increase in shares outstanding		200,000			600,000			68,550,000			22,350,000

^a	Commencement of operations.

See notes to financial statements.


FINANCIAL STATEMENTS		101

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST


	iShares FTSE China (HK Listed) Index Fund						iShares MSCI ACWI Index Fund
	Six months ended January 31, 2009 (Unaudited)			Period from June 24, 2008^a to July 31, 2008			Six months ended January 31, 2009 (Unaudited)			Period from March 26, 2008^a to July 31, 2008
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income (loss)	$	10,948		$	(1,719	)	$	1,833,184		$	391,819
Net realized gain (loss)		(465,275	)		(3,122	)		5,382,816			288,994
Net change in unrealized appreciation (depreciation)		(1,317,054	)		68,334			(73,453,679	)		(7,262,702	)

Net increase (decrease) in net assets resulting from operations		(1,771,381	)		63,493			(66,237,679	)		(6,581,889	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(17,584	)		–			(1,915,922	)		–

Total distributions to shareholders		(17,584	)		–			(1,915,922	)		–


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		5,616,105			4,900,886			262,060,388			165,198,479
Cost of shares redeemed		–			–			(135,133,278	)		(5,352,670	)

Net increase in net assets from capital share transactions		5,616,105			4,900,886			126,927,110			159,845,809

INCREASE IN NET ASSETS		3,827,140			4,964,379			58,773,509			153,263,920

NET ASSETS
Beginning of period		4,964,379			–			153,263,920			–

End of period	$	8,791,519		$	4,964,379		$	212,037,429		$	153,263,920

Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(6,551	)	$	85		$	309,569		$	392,307


SHARES ISSUED AND REDEEMED
Shares sold		200,000			100,000			8,200,000			3,300,000
Shares redeemed		–			–			(4,100,000	)		(100,000	)

Net increase in shares outstanding		200,000			100,000			4,100,000			3,200,000

^a	Commencement of operations.

See notes to financial statements.


102		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST


	iShares MSCI ACWI ex US Index Fund						iShares MSCI All Country Asia ex Japan Index Fund
	Six months ended January 31, 2009 (Unaudited)			Period from March 26, 2008^a to July 31, 2008			Period from August 13, 2008^a to January 31, 2009 (Unaudited)
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	1,119,066		$	249,381		$	204,555
Net realized loss		(2,965,179	)		(54,449	)		(2,043,377	)
Net change in unrealized appreciation (depreciation)		(50,785,413	)		(1,865,391	)		(5,359,047	)

Net decrease in net assets resulting from operations		(52,631,526	)		(1,670,459	)		(7,197,869	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,183,120	)		–			(855,751	)

Total distributions to shareholders		(1,183,120	)		–			(855,751	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		259,195,358			50,020,881			470,631,913

Net increase in net assets from capital share transactions		259,195,358			50,020,881			470,631,913

INCREASE IN NET ASSETS		205,380,712			48,350,422			462,578,293

NET ASSETS
Beginning of period		48,350,422			–			–

End of period	$	253,731,134		$	48,350,422		$	462,578,293

Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	185,063		$	249,117		$	(651,196	)


SHARES ISSUED AND REDEEMED
Shares sold		8,400,000			1,000,000			14,900,000

Net increase in shares outstanding		8,400,000			1,000,000			14,900,000

^a	Commencement of operations.

See notes to financial statements.


FINANCIAL STATEMENTS		103

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST


	iShares MSCI EAFE Growth Index Fund						iShares MSCI EAFE Value Index Fund
	Six months ended January 31, 2009 (Unaudited)			Year ended July 31, 2008			Six months ended January 31, 2009 (Unaudited)			Year ended July 31, 2008
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	7,113,424		$	24,794,767		$	11,033,575		$	42,888,553
Net realized gain (loss)		(189,162,348	)		(9,057,776	)		(73,516,944	)		7,303,253
Net change in unrealized appreciation (depreciation)		(387,536,197	)		(141,921,894	)		(358,240,368	)		(255,977,545	)

Net decrease in net assets resulting from operations		(569,585,121	)		(126,184,903	)		(420,723,737	)		(205,785,739	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(9,507,368	)		(27,818,266	)		(10,935,639	)		(61,663,569	)
From net realized gain		–			(332,580	)		–			(15,065,069	)

Total distributions to shareholders		(9,507,368	)		(28,150,846	)		(10,935,639	)		(76,728,638	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		203,236,670			1,016,117,996			455,455,482			187,032,387
Cost of shares redeemed		–			(32,941,055	)		(27,889,274	)		(176,728,883	)

Net increase in net assets from capital share transactions		203,236,670			983,176,941			427,566,208			10,303,504

INCREASE (DECREASE) IN NET ASSETS		(375,855,819	)		828,841,192			(4,093,168	)		(272,210,873	)

NET ASSETS
Beginning of period		1,340,995,436			512,154,244			924,446,864			1,196,657,737

End of period	$	965,139,617		$	1,340,995,436		$	920,353,696		$	924,446,864

Undistributed net investment income included in net assets at end of period	$	1,247,448		$	3,641,392		$	1,225,922		$	1,127,986


SHARES ISSUED AND REDEEMED
Shares sold		4,400,000			13,200,000			11,600,000			2,400,000
Shares redeemed		–			(400,000	)		(800,000	)		(2,400,000	)

Net increase in shares outstanding		4,400,000			12,800,000			10,800,000			–

See notes to financial statements.


104		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST


	iShares MSCI EAFE Small Cap Index Fund						iShares MSCI Kokusai Index Fund
	Six months ended January 31, 2009 (Unaudited)			Period from December 10, 2007^a to July 31, 2008			Six months ended January 31, 2009 (Unaudited)			Period from December 10, 2007^a to July 31, 2008
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	1,714,454		$	1,002,500		$	837,010		$	352,390
Net realized gain (loss)		1,540,576			(611,658	)		4,518,667			152,789
Net change in unrealized appreciation (depreciation)		(87,556,130	)		(10,723,551	)		(9,942,618	)		(5,077,612	)

Net decrease in net assets resulting from operations		(84,301,100	)		(10,332,709	)		(4,586,941	)		(4,572,433	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,835,900	)		(728,089	)		(775,748	)		(214,409	)

Total distributions to shareholders		(1,835,900	)		(728,089	)		(775,748	)		(214,409	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		203,251,982			166,993,798			160,159,836			64,075,315
Cost of shares redeemed		(50,606,087	)		–			(52,575,927	)		(16,939,566	)

Net increase in net assets from capital share transactions		152,645,895			166,993,798			107,583,909			47,135,749

INCREASE IN NET ASSETS		66,508,895			155,933,000			102,221,220			42,348,907

NET ASSETS
Beginning of period		155,933,000			–			42,348,907			–

End of period	$	222,441,895		$	155,933,000		$	144,570,127		$	42,348,907

Undistributed net investment income included in net assets at end of period	$	174,428		$	295,874		$	198,987		$	137,725


SHARES ISSUED AND REDEEMED
Shares sold		7,800,000			3,800,000			6,400,000			1,400,000
Shares redeemed		(2,000,000	)		–			(1,800,000	)		(400,000	)

Net increase in shares outstanding		5,800,000			3,800,000			4,600,000			1,000,000

^a	Commencement of operations.

See notes to financial statements.


FINANCIAL STATEMENTS		105

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares FTSE Developed Small Cap ex-North America Index Fund
	Six months ended Jan. 31, 2009 (Unaudited)			Period from Nov. 12, 2007^a to Jul. 31, 2008
Net asset value, beginning of period	$	38.93		$	48.85


Income from investment operations:
Net investment income^b		0.25			0.96
Net realized and unrealized loss^c		(17.49	)		(10.09	)

Total from investment operations		(17.24	)		(9.13	)


Less distributions from:
Net investment income		(0.29	)		(0.79	)

Total distributions		(0.29	)		(0.79	)

Net asset value, end of period	$	21.40		$	38.93


Total return		(44.33	)%^d		(18.78	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	17,123		$	23,357
Ratio of expenses to average net assets^e		0.50	%		0.50	%
Ratio of net investment income to average net assets^e		1.87	%		3.13	%
Portfolio turnover rate^f		13	%		10	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout each period.

^c	The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	Annualized for periods of less than one year.

^f	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


106		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares FTSE/Xinhua China 25 Index Fund
	Six months ended Jan. 31, 2009 (Unaudited)			Year ended Jul. 31, 2008^b			Year ended Jul. 31, 2007^b			Year ended Jul. 31, 2006^b			Period from Oct. 5, 2004^a to Jul. 31, 2005^b
Net asset value, beginning of period	$	45.48		$	46.99		$	26.05		$	20.47		$	17.87


Income from investment operations:
Net investment income		0.15	^c		0.92	^c		0.59	^c		0.61	^c		0.33
Net realized and unrealized gain (loss)^d		(19.66	)		(1.17	)		20.79			5.39			2.27

Total from investment operations		(19.51	)		(0.25	)		21.38			6.00			2.60


Less distributions from:
Net investment income		(0.21	)		(1.26	)		(0.44	)		(0.42	)		–

Total distributions		(0.21	)		(1.26	)		(0.44	)		(0.42	)		–

Net asset value, end of period	$	25.76		$	45.48		$	46.99		$	26.05		$	20.47


Total return		(42.98	)%^e		(0.85	)%		82.72	%		29.81	%		14.57	%^e


Ratios/Supplemental data:
Net assets, end of period (000s)	$	5,547,958		$	6,678,362		$	5,850,859		$	2,973,412		$	1,000,952
Ratio of expenses to average net assets^f		0.74	%		0.74	%		0.74	%		0.74	%		0.78	%
Ratio of net investment income to average net assets^f		0.97	%		1.76	%		1.74	%		2.62	%		2.97	%
Portfolio turnover rate^g		26	%		24	%		36	%		45	%		13	%

^a	Commencement of operations.

^b	Per share amounts were adjusted to reflect a three-for-one stock split effective July 24, 2008.

^c	Based on average shares outstanding throughout the period.

^d	The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^e	Not annualized.

^f	Annualized for periods of less than one year.

^g	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		107

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares FTSE China (HK Listed) Index Fund
	Six months ended Jan. 31, 2009 (Unaudited)			Period from Jun. 24, 2008^a to Jul. 31, 2008
Net asset value, beginning of period	$	49.64		$	49.01


Income from investment operations:
Net investment income (loss)^b		0.06			(0.02	)
Net realized and unrealized gain (loss)^c		(20.33	)		0.65

Total from investment operations		(20.27	)		0.63


Less distributions from:
Net investment income		(0.06	)		–

Total distributions		(0.06	)		–

Net asset value, end of period	$	29.31		$	49.64


Total return		(40.85	)%^d		1.29	%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	8,792		$	4,964
Ratio of expenses to average net assets^e		0.74	%		0.74	%
Ratio of net investment income (loss) to average net assets^e		0.37	%		(0.35	)%
Portfolio turnover rate^f		12	%		1	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout each period.

^c	The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	Annualized for periods of less than one year.

^f	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


108		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares MSCI ACWI Index Fund
	Six months ended Jan. 31, 2009 (Unaudited)			Period from Mar. 26, 2008^a to Jul. 31, 2008
Net asset value, beginning of period	$	47.89		$	49.93


Income from investment operations:
Net investment income^b		0.33			0.39
Net realized and unrealized loss^c		(18.97	)		(2.43	)

Total from investment operations		(18.64	)		(2.04	)


Less distributions from:
Net investment income		(0.20	)		–

Total distributions		(0.20	)		–

Net asset value, end of period	$	29.05		$	47.89


Total return		(38.95	)%^d		(4.09	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	212,037		$	153,264
Ratio of expenses to average net assets^e		0.35	%		0.35	%
Ratio of net investment income to average net assets^e		1.94	%		2.25	%
Portfolio turnover rate^f		2	%		2	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout each period.

^c	The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	Annualized for periods of less than one year.

^f	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		109

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares MSCI ACWI ex US Index Fund
	Six months ended Jan. 31, 2009 (Unaudited)			Period from Mar. 26, 2008^a to Jul. 31, 2008
Net asset value, beginning of period	$	48.35		$	50.15


Income from investment operations:
Net investment income^b		0.26			0.68
Net realized and unrealized loss^c		(21.48	)		(2.48	)

Total from investment operations		(21.22	)		(1.80	)


Less distributions from:
Net investment income		(0.14	)		–

Total distributions		(0.14	)		–

Net asset value, end of period	$	26.99		$	48.35


Total return		(43.91	)%^d		(3.59	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	253,731		$	48,350
Ratio of expenses to average net assets^e		0.35	%		0.35	%
Ratio of net investment income to average net assets^e		1.68	%		3.79	%
Portfolio turnover rate^f		2	%		2	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout each period.

^c	The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	Annualized for periods of less than one year.

^f	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


110		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout the period)


	iShares MSCI All Country Asia ex Japan Index Fund
	Period from Aug. 13, 2008^a to Jan. 31, 2009 (Unaudited)
Net asset value, beginning of period	$	49.77


Income from investment operations:
Net investment income^b		0.04
Net realized and unrealized loss^c		(18.70	)

Total from investment operations		(18.66	)


Less distributions from:
Net investment income		(0.06	)

Total distributions		(0.06	)

Net asset value, end of period	$	31.05


Total return		(37.49	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	462,578
Ratio of expenses to average net assets prior to waived fees^e		0.74	%
Ratio of expenses to average net assets after waived fees^e		0.73	%
Ratio of net investment income to average net assets^e		0.25	%
Portfolio turnover rate^f		4	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout the period.

^c	The amount reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	Annualized for periods of less than one year.

^f	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		111

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares MSCI EAFE Growth Index Fund
	Six months ended Jan. 31, 2009 (Unaudited)			Year ended Jul. 31, 2008			Year ended Jul. 31, 2007			Period from Aug. 1, 2005^a to Jul. 31, 2006
Net asset value, beginning of period	$	68.42		$	75.32		$	61.72		$	50.88


Income from investment operations:
Net investment income^b		0.34			1.70			1.35			1.34
Net realized and unrealized gain (loss)^c		(28.13	)		(6.97	)		12.94			9.73

Total from investment operations		(27.79	)		(5.27	)		14.29			11.07


Less distributions from:
Net investment income		(0.42	)		(1.61	)		(0.69	)		(0.23	)
Net realized gain		–			(0.02	)		–			–

Total distributions		(0.42	)		(1.63	)		(0.69	)		(0.23	)

Net asset value, end of period	$	40.21		$	68.42		$	75.32		$	61.72


Total return		(40.66	)%^d		(7.11	)%		23.28	%		21.80	%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	965,140		$	1,340,995		$	512,154		$	246,864
Ratio of expenses to average net assets^e		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets^e		1.35	%		2.30	%		1.93	%		2.25	%
Portfolio turnover rate^f		15	%		37	%		28	%		35	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout each period.

^c	The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	Annualized for periods of less than one year.

^f	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


112		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares MSCI EAFE Value Index Fund
	Six months ended Jan. 31, 2009 (Unaudited)			Year ended Jul. 31, 2008			Year ended Jul. 31, 2007			Period from Aug. 1, 2005^a to Jul. 31, 2006
Net asset value, beginning of period	$	59.26		$	76.71		$	63.05		$	51.00


Income from investment operations:
Net investment income^b		0.56			2.72			2.16			2.61
Net realized and unrealized gain (loss)^c		(24.56	)		(15.42	)		12.69			9.69

Total from investment operations		(24.00	)		(12.70	)		14.85			12.30


Less distributions from:
Net investment income		(0.40	)		(3.83	)		(1.19	)		(0.25	)
Net realized gain		–			(0.92	)		–			–

Total distributions		(0.40	)		(4.75	)		(1.19	)		(0.25	)

Net asset value, end of period	$	34.86		$	59.26		$	76.71		$	63.05


Total return		(40.56	)%^d		(17.21	)%		23.70	%		24.18	%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	920,354		$	924,447		$	1,196,658		$	353,106
Ratio of expenses to average net assets^e		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets^e		2.59	%		3.88	%		2.95	%		4.34	%
Portfolio turnover rate^f		16	%		28	%		21	%		31	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout each period.

^c	The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	Annualized for periods of less than one year.

^f	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		113

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares MSCI EAFE Small Cap Index Fund
	Six months ended Jan. 31, 2009 (Unaudited)			Period from Dec. 10, 2007^a to Jul. 31, 2008
Net asset value, beginning of period	$	41.04		$	50.70


Income from investment operations:
Net investment income^b		0.27			0.87
Net realized and unrealized loss^c		(17.94	)		(9.98	)

Total from investment operations		(17.67	)		(9.11	)


Less distributions from:
Net investment income		(0.20	)		(0.55	)

Total distributions		(0.20	)		(0.55	)

Net asset value, end of period	$	23.17		$	41.04


Total return		(43.07	)%^d		(18.03	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	222,442		$	155,933
Ratio of expenses to average net assets^e		0.40	%		0.40	%
Ratio of net investment income to average net assets^e		1.95	%		3.10	%
Portfolio turnover rate^f		9	%		15	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout each period.

^c	The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	Annualized for periods of less than one year.

^f	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


114		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares MSCI Kokusai Index Fund
	Six months ended Jan. 31, 2009 (Unaudited)			Period from Dec. 10, 2007^a to Jul. 31, 2008
Net asset value, beginning of period	$	42.35		$	50.29


Income from investment operations:
Net investment income^b		0.30			0.76
Net realized and unrealized loss^c		(16.69	)		(8.49	)

Total from investment operations		(16.39	)		(7.73	)


Less distributions from:
Net investment income		(0.14	)		(0.21	)

Total distributions		(0.14	)		(0.21	)

Net asset value, end of period	$	25.82		$	42.35


Total return		(38.72	)%^d		(15.40	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	144,570		$	42,349
Ratio of expenses to average net assets^e		0.25	%		0.25	%
Ratio of net investment income to average net assets^e		2.06	%		2.67	%
Portfolio turnover rate^f		3	%		2	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout each period.

^c	The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	Annualized for periods of less than one year.

^f	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		115

Notes to Financial Statements (Unaudited)

iSHARES^® TRUST

These financial statements relate only to the iShares FTSE Developed Small Cap ex-North America, iShares FTSE/Xinhua China 25, iShares FTSE China (HK Listed), iShares MSCI ACWI, iShares MSCI ACWI ex US, iShares MSCI All Country Asia ex Japan, iShares MSCI EAFE Growth, iShares MSCI EAFE Value, iShares MSCI EAFE Small Cap and iShares MSCI Kokusai Index Funds (each, a “Fund,” collectively, the “Funds”). The iShares MSCI All Country Asia ex Japan Index Fund commenced operations on August 13, 2008.

The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a “passive” or index approach to achieve each Fund’s investment objective. Each of the Funds is classified as a non-diversified fund under the 1940 Act. Non-diversified funds generally hold securities of fewer companies than diversified funds and may be more susceptible to the risks associated with these particular companies, or to a single economic, political or regulatory occurrence affecting these companies.

Each Fund invests in the securities of non-U.S. issuers that may trade in non-U.S. markets. This may involve certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets and the risk of war.

1. SIGNIFICANT ACCOUNTING POLICIES

SECURITY VALUATION


116		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FAS 157 are as follows:

•

Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date (a “Level 1 Price”);

•

Level 3 – Inputs that are unobservable for the asset or liability (a “Level 3 Price”).


NOTES TO FINANCIAL STATEMENTS		117

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

not include transaction costs that may have been capitalized as part of the security’s cost basis. Assumptions used by the Funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Funds’ results of operations.

The following table summarizes the inputs used in valuing the Funds’ investments as of January 31, 2009:


	Investments in Securities
iShares Index Fund	Level 1	Level 2	Level 3	Total
FTSE Developed Small Cap ex-North America	$ 17,815,126	$ –	$ 6,328	$ 17,821,454
FTSE/Xinhua China 25	6,378,626,210	–	–	6,378,626,210
FTSE China (HK Listed)	9,064,915	–	–	9,064,915
MSCI ACWI	214,568,859	–	57,853	214,626,712
MSCI ACWI ex US	257,737,451	–	117,252	257,854,703
MSCI All Country Asia ex Japan	462,416,040	–	13,808	462,429,848
MSCI EAFE Growth	988,765,892	–	–	988,765,892
MSCI EAFE Value	935,378,748	–	893,089	936,271,837
MSCI EAFE Small Cap	233,734,479	–	5,016	233,739,495
MSCI Kokusai	145,235,351	–	25,840	145,261,191

The following table provides the reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the six months ended January 31, 2009:


iShares Index Fund	Balance at Beginning of Period	(Amortized Premiums) Accreted Discounts	Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)		Net Purchases (Sales)	Net Transfers in or out		Balance at End of Period	Net Change in Unrealized Appreciation (Depreciation) from Investments Still Held at End of Period
FTSE Developed Small Cap ex-North America	$ 8,310	$ –	$(18,816	)	$ 3,406	$ 13,428		$ 6,328	$(18,128	)
MSCI ACWI	98,397	–	3,914		53,938	(98,396	)	57,853	3,915
MSCI ACWI ex US	8,456	–	7,754		105,888	(4,846	)	117,252	7,805
MSCI All Country Asia ex Japan	–	–	–		–	13,808		13,808	13,808
MSCI EAFE Growth	262,306	–	–		–	(262,306	)	–	–
MSCI EAFE Value	461,638	–	53,316		372,688	5,447		893,089	64,811
MSCI EAFE Small Cap	160,987	–	(32,963	)	–	(123,008	)	5,016	(32,959	)
MSCI Kokusai	10,021	–	1,654		16,973	(2,808	)	25,840	1,748


118		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

SECURITY TRANSACTIONS AND INCOME RECOGNITION

FOREIGN CURRENCY TRANSLATION

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, capital gains on investments or currency repatriation. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign markets in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are disclosed in their Statements of Operations. Foreign taxes payable as of January 31, 2009, if any, are reflected in the Funds’ Statements of Assets and Liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

Distributions to shareholders from net investment income, if any, are declared and distributed at least annually by each Fund. Distributions of net realized capital gains, if any, generally are declared and distributed once a year. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

The tax character of current year distributions will be determined at the end of the current fiscal year.

FEDERAL INCOME TAXES

Each Fund is treated as a separate entity for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes was required for the six months ended January 31, 2009.

Certain Funds had tax basis net capital loss carryforwards as of July 31, 2008, the tax year-end of the Funds, as follows:


iShares Index Fund	Expiring 2014	Expiring 2016	Total
FTSE/Xinhua China 25	$3,332,711	$ 451,243	$3,783,954
MSCI EAFE Growth	–	2,756,980	2,756,980
MSCI EAFE Value	–	3,201,806	3,201,806


NOTES TO FINANCIAL STATEMENTS		119

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

Net capital loss carryforwards may be applied against any net realized taxable gains in each succeeding year or until their respective expiration dates, whichever occurs first.

For the six months ended January 31, 2009, certain Funds realized net capital gains or losses resulting from in-kind redemptions of large blocks of shares or multiples thereof (“Creation Units”). Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to paid-in-capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized in-kind gains or losses for the six months ended January 31, 2009 are disclosed in the Funds’ Statements of Operations.

As of January 31, 2009, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


iShares Index Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Depreciation
FTSE Developed Small Cap ex-North America	$	33,397,252	$	186,523	$	(15,762,321	)	$	(15,575,798	)
FTSE/Xinhua China 25		9,594,278,699		–		(3,215,652,489	)		(3,215,652,489	)
FTSE China (HK Listed)		10,441,184		731		(1,377,000	)		(1,376,269	)
MSCI ACWI		296,899,193		–		(82,272,481	)		(82,272,481	)
MSCI ACWI ex US		312,012,487		96,510		(54,254,294	)		(54,157,784	)
MSCI All Country Asia ex Japan		468,849,319		13,924,909		(20,344,380	)		(6,419,471	)
MSCI EAFE Growth		1,456,282,321		–		(467,516,429	)		(467,516,429	)
MSCI EAFE Value		1,480,006,042		–		(543,734,205	)		(543,734,205	)
MSCI EAFE Small Cap		333,543,747		401,448		(100,205,700	)		(99,804,252	)
MSCI Kokusai		160,949,651		2,288,353		(17,976,813	)		(15,688,460	)

Management has reviewed the tax positions as of January 31, 2009, inclusive of the prior three open tax return years, as applicable, and has determined that no provision for income tax is required in the Funds’ financial statements.

2. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES


120		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

For its investment advisory services to the following Funds, BGFA is entitled to an annual investment advisory fee based on the average daily net assets of each Fund as follows:


iShares Index Fund	Investment Advisory Fee
FTSE Developed Small Cap ex-North America	0.50	%
MSCI EAFE Growth	0.40
MSCI EAFE Value	0.40
MSCI EAFE Small Cap	0.40
MSCI Kokusai	0.25

For its investment advisory services to the iShares FTSE/Xinhua China 25 and iShares FTSE China (HK Listed) Index Funds, BGFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of these two Funds as follows:


Investment Advisory Fee		Aggregate Average Daily Net Assets
0.74%		First $6 billion
0.67		Over $6 billion, up to and including $12 billion
0.60		Over $12 billion

For its investment advisory services to the iShares MSCI ACWI and iShares MSCI ACWI ex US Index Funds, BGFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of these two Funds and the iShares MSCI EAFE Index Fund as follows:


Investment Advisory Fee		Aggregate Average Daily Net Assets
0.35%		First $30 billion
0.32		Over $30 billion, up to and including $60 billion
0.28		Over $60 billion

For its investment advisory services to the iShares MSCI All Country Asia ex Japan Index Fund, BGFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund, the iShares MSCI BRIC and iShares MSCI Emerging Markets Index Funds as follows:


Investment Advisory Fee		Aggregate Average Daily Net Assets
0.75%		First $14 billion
0.68		Over $14 billion, up to and including $28 billion
0.61		Over $28 billion

Effective August 13, 2008, BGFA has contractually agreed to waive a portion of its advisory fees for the iShares MSCI All Country Asia ex Japan Index Fund through November 30, 2009 in an amount equal to the investment advisory fees payable on the amount of the Fund’s investment in other iShares Funds.


NOTES TO FINANCIAL STATEMENTS		121

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST


iShares Index Fund	Securities Lending Agent Fees
FTSE Developed Small Cap ex-North America	$	7,535
FTSE/Xinhua China 25		7,048,280
FTSE China (HK Listed)		1,529
MSCI ACWI		12,187


iShares Index Fund	Securities Lending Agent Fees
MSCI ACWI ex US	$	8,972
MSCI EAFE Growth		157,224
MSCI EAFE Value		115,450
MSCI EAFE Small Cap		70,240
MSCI Kokusai		5,212


122		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

For the six months ended January 31, 2009, certain Funds had direct investments (exclusive of short-term investments) in issuers of which BGFA is an affiliate or issuers of which a Fund owns 5% or more of the outstanding voting securities as follows:


iShares Index Fund and Name of Affiliated Issuer	Number of Shares Held Beginning of Period (in 000s)	Gross Additions (in 000s)	Gross Reductions (in 000s)	Number of Shares Held End of Period (in 000s)	Value at End of Period		Dividend Income		Net Realized Gain (Loss)

MSCI ACWI
Barclays PLC	43	110	55	98	$	150,199	$	9,201	$	6,245

MSCI ACWI ex US
Barclays PLC	25	211	–	236		360,979		6,440		–

MSCI All Country Asia ex Japan
iShares MSCI
Malaysia Index Fund	–	1,270	221	1,049		7,351,022		186,176		(269,492	)

MSCI EAFE Value
Barclays PLC	1,275	1,007	67	2,215		3,388,104		272,557		(29,247	)

MSCI Kokusai
Barclays PLC	16	101	29	88		135,216		3,374		5,863

Certain trustees and officers of the Trust are also officers of BGI and/or BGFA.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended January 31, 2009 were as follows:


iShares Index Fund	Purchases		Sales
FTSE Developed Small Cap ex-North America	$	2,828,903	$	2,537,822
FTSE/Xinhua China 25		1,465,607,511		1,455,360,119
FTSE China (HK Listed)		785,382		757,786
MSCI ACWI		5,956,831		3,950,013
MSCI ACWI ex US		4,830,617		3,183,369
MSCI All Country Asia ex Japan		13,760,446		7,090,133
MSCI EAFE Growth		166,449,942		164,149,415
MSCI EAFE Value		142,113,471		134,280,643
MSCI EAFE Small Cap		18,075,048		16,662,667
MSCI Kokusai		3,820,067		2,448,672


NOTES TO FINANCIAL STATEMENTS		123

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

In-kind transactions (see Note 4) for the six months ended January 31, 2009 were as follows:


iShares Index Fund	In-kind Purchases		In-kind Sales
FTSE Developed Small Cap ex-North America	$	6,642,626	$	–
FTSE/Xinhua China 25		4,895,841,769		2,694,862,824
FTSE China (HK Listed)		5,585,712		–
MSCI ACWI		259,570,978		133,878,912
MSCI ACWI ex US		257,019,637		–
MSCI All Country Asia ex Japan		462,701,399		–
MSCI EAFE Growth		199,305,504		–
MSCI EAFE Value		450,538,204		27,713,565
MSCI EAFE Small Cap		201,453,875		50,065,930
MSCI Kokusai		158,189,783		52,031,464

4. CAPITAL SHARE TRANSACTIONS

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities related to in-kind transactions” in the Statements of Assets and Liabilities.

5. LOANS OF PORTFOLIO SECURITIES


124		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST


NOTES TO FINANCIAL STATEMENTS		125

Notes:


126		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:


NOTES		127

Notes:


128		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

The iShares^® Family of Funds

iShares S&P Domestic Index Funds

iShares S&P 1500 (ISI)

iShares S&P 100 (OEF)

iShares S&P 500 (IVV)

iShares S&P 500 Growth (IVW)

iShares S&P 500 Value (IVE)

iShares S&P MidCap 400 (IJH)

iShares S&P MidCap 400 Growth (IJK)

iShares S&P MidCap 400 Value (IJJ)

iShares S&P SmallCap 600 (IJR)

iShares S&P SmallCap 600 Growth (IJT)

iShares S&P SmallCap 600 Value (IJS)

iShares S&P North American Natural Resources Sector (IGE)

iShares S&P North American Technology- Multimedia Networking (IGN)

iShares S&P North American Technology- Semiconductors (IGW)

iShares S&P North American Technology- Software (IGV)

iShares S&P North American Technology Sector (IGM)

iShares Domestic Sector Index Funds

iShares Cohen & Steers Realty Majors (ICF)

iShares Dow Jones U.S. Basic Materials Sector (IYM)

iShares Dow Jones U.S. Consumer Services Sector (IYC)

iShares Dow Jones U.S. Consumer Goods Sector (IYK)

iShares Dow Jones U.S. Energy Sector (IYE)

iShares Dow Jones U.S. Financial Sector (IYF)

iShares Dow Jones U.S. Financial Services (IYG)

iShares Dow Jones U.S. Healthcare Sector (IYH)

iShares Dow Jones U.S. Industrial Sector (IYJ)

iShares Dow Jones U.S. Real Estate (IYR)

iShares Dow Jones U.S. Technology Sector (IYW)

iShares Dow Jones U.S. Telecommunications Sector (IYZ)

iShares Dow Jones Transportation Average (IYT)

iShares Dow Jones U.S. Utilities Sector (IDU)

iShares Dow Jones U.S. (IYY)

iShares Nasdaq Biotechnology (IBB)

iShares Domestic Subsector Index Funds

iShares Dow Jones U.S. Aerospace & Defense (ITA)

iShares Dow Jones U.S. Broker-Dealers (IAI)

iShares Dow Jones U.S. Healthcare Providers (IHF)

iShares Dow Jones U.S. Home Construction (ITB)

iShares Dow Jones U.S. Insurance (IAK)

iShares Dow Jones U.S. Medical Devices (IHI)

iShares Dow Jones U.S. Oil & Gas Exploration & Production (IEO)

iShares Dow Jones U.S. Oil Equipment & Services (IEZ)

iShares Dow Jones U.S. Pharmaceuticals (IHE)

iShares Dow Jones U.S. Regional Banks (IAT)

iShares FTSE NAREIT Industrial/Office Capped (FIO)

iShares FTSE NAREIT Mortgage Plus Capped (REM)

iShares FTSE NAREIT Real Estate 50 (FTY)

iShares FTSE NAREIT Residential Plus Capped (REZ)

iShares FTSE NAREIT Retail Capped (RTL)

iShares Global Index Funds

iShares S&P Global 100 (IOO)

iShares S&P Global Clean Energy (ICLN)

iShares S&P Global Consumer Discretionary Sector (RXI)

iShares S&P Global Consumer Staples Sector (KXI)

iShares S&P Global Energy Sector (IXC)

iShares S&P Global Financials Sector (IXG)

iShares S&P Global Healthcare Sector (IXJ)

iShares S&P Global Industrials Sector (EXI)

iShares S&P Global Infrastructure (IGF)

iShares S&P Global Materials Sector (MXI)

iShares S&P Global Nuclear Energy (NUCL)

iShares S&P Global Technology Sector (IXN)

iShares S&P Global Telecommunications Sector (IXP)

iShares S&P Global Timber & Forestry (WOOD)

iShares S&P Global Utilities Sector (JXI)

iShares Russell Index Funds

iShares Russell 3000 (IWV)

iShares Russell 3000 Growth (IWZ)

iShares Russell 3000 Value (IWW)

iShares Russell 1000 (IWB)

iShares Russell 1000 Growth (IWF)

iShares Russell 1000 Value (IWD)

iShares Russell Midcap (IWR)

iShares Russell Midcap Growth (IWP)

iShares Russell Midcap Value (IWS)

iShares Russell 2000 (IWM)

iShares Russell 2000 Growth (IWO)

iShares Russell 2000 Value (IWN)

iShares Russell Microcap (IWC)

iShares International Country Index Funds

iShares FTSE China (HK Listed) (FCHI)

iShares FTSE/Xinhua China 25 (FXI)

iShares MSCI Australia (EWA)

iShares MSCI Austria Investable Market (EWO)

iShares MSCI Belgium Investable Market (EWK)

iShares MSCI Brazil (EWZ)

iShares MSCI Canada (EWC)

iShares MSCI Chile Investable Market (ECH)

iShares MSCI France (EWQ)

iShares MSCI Germany (EWG)

iShares MSCI Hong Kong (EWH)

iShares MSCI Israel Capped Investable Market (EIS)

iShares MSCI Italy (EWI)

iShares MSCI Japan (EWJ)

iShares MSCI Japan Small Cap (SCJ)

iShares MSCI Malaysia (EWM)

iShares MSCI Mexico Investable Market (EWW)

iShares MSCI Netherlands Investable Market (EWN)

iShares MSCI Singapore (EWS)

iShares MSCI South Africa (EZA)

iShares MSCI South Korea (EWY)

iShares MSCI Spain (EWP)

iShares MSCI Sweden (EWD)

iShares MSCI Switzerland (EWL)

iShares MSCI Taiwan (EWT)

iShares MSCI Thailand Investable Market (THD)

iShares MSCI Turkey Investable Market (TUR)

iShares MSCI United Kingdom (EWU)

iShares S&P/TOPIX 150 (ITF)

iShares Bond Funds

iShares Barclays Aggregate (AGG)

iShares Barclays MBS (MBB)

iShares Barclays Short Treasury (SHV)

iShares Barclays 1-3 Year Treasury (SHY)

iShares Barclays 3-7 Year Treasury (IEI)

iShares Barclays 7-10 Year Treasury (IEF)

iShares Barclays 10-20 Year Treasury (TLH)

iShares Barclays 20+ Year Treasury (TLT)

iShares Barclays TIPS (TIP)

iShares Barclays Agency (AGZ)

iShares Barclays Credit (CFT)

iShares Barclays 1-3 Year Credit (CSJ)

iShares Barclays Intermediate Credit (CIU)

iShares iBoxx $ Investment Grade Corporate (LQD)

iShares iBoxx $ High Yield Corporate (HYG)

iShares Barclays Government/Credit (GBF)

iShares Barclays Intermediate Government/Credit (GVI)

iShares S&P National Municipal (MUB)

iShares S&P Short Term National Municipal (SUB)

iShares S&P California Municipal (CMF)

iShares S&P New York Municipal (NYF)

iShares JPMorgan USD Emerging Markets (EMB)

iShares S&P/Citigroup International Treasury (IGOV)

iShares S&P/Citigroup 1-3 Year International Treasury (ISHG)

iShares Specialty Index Funds

iShares KLD 400 Social (DSI)

iShares KLD Select Social^SM (KLD)

iShares Dow Jones Select Dividend (DVY)

iShares Dow Jones EPAC Select Dividend (IDV)

iShares S&P U.S. Preferred Stock (PFF)

iShares International Index Funds

iShares FTSE Developed Small Cap ex-North America (IFSM)

iShares FTSE EPRA/NAREIT Global Real Estate ex-U.S. (IFGL)

iShares FTSE EPRA/NAREIT North America (IFNA)

iShares FTSE EPRA/NAREIT Europe (IFEU)

iShares FTSE EPRA/NAREIT Asia (IFAS)

iShares MSCI ACWI (ACWI)

iShares MSCI ACWI ex US (ACWX)

iShares MSCI All Country Asia ex Japan (AAXJ)

iShares MSCI BRIC (BKF)

iShares MSCI EAFE (EFA)

iShares MSCI EAFE Growth (EFG)

iShares MSCI EAFE Value (EFV)

iShares MSCI EAFE Small Cap (SCZ)

iShares MSCI Emerging Markets (EEM)

iShares MSCI EMU (EZU)

iShares MSCI Kokusai (TOK)

iShares MSCI Pacific ex-Japan (EPP)

iShares S&P Asia 50 (AIA)

iShares S&P Developed ex-U.S. Property (WPS)

iShares S&P Europe 350 (IEV)

iShares S&P Latin America 40 (ILF)


iSHARES FAMILY OF FUNDS		129

The iShares^® Family of Funds (Continued)

iShares Morningstar Index Funds

iShares Morningstar Large Core (JKD)

iShares Morningstar Large Growth (JKE)

iShares Morningstar Large Value (JKF)

iShares Morningstar Mid Core (JKG)

iShares Morningstar Mid Growth (JKH)

iShares Morningstar Mid Value (JKI)

iShares Morningstar Small Core (JKJ)

iShares Morningstar Small Growth (JKK)

iShares Morningstar Small Value (JKL)

iShares NYSE Index Funds

iShares NYSE Composite (NYC)

iShares NYSE 100 (NY)

iShares S&P Allocation Funds

iShares S&P Conservative (AOK)

iShares S&P Moderate (AOM)

iShares S&P Growth (AOR)

iShares S&P Aggressive (AOA)

iShares S&P Target Date Index Funds

iShares S&P Target Date Retirement Income (TGR)

iShares S&P Target Date 2010 (TZD)

iShares S&P Target Date 2015 (TZE)

iShares S&P Target Date 2020 (TZG)

iShares S&P Target Date 2025 (TZI)

iShares S&P Target Date 2030 (TZL)

iShares S&P Target Date 2035 (TZO)

iShares S&P Target Date 2040 (TZV)

iShares^® is a registered trademark of Barclays Global Investors, N.A. (“BGI”) The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc., Dow Jones & Company, Inc., European Public Real Estate Association (“EPRA^®”), FTSE International Limited (“FTSE”), FTSE/Xinhua Index Limited (“FXI”), iBoxx^®, J.P. Morgan Securities Inc., KLD Research & Analytics, Inc., MSCI Inc., Morningstar Inc., The NASDAQ Stock Market, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), New York Stock Exchange, Inc., Frank Russell Company, or Standard & Poor’s, nor are they sponsored or endorsed by Barclays Capital. None of these companies make any representation regarding the advisability of investing in the iShares Funds. Neither SEI nor BGI, nor any of their affiliates, are affiliated with the companies listed above except Barclays Capital, which is an affiliate of BGI. FXI does not make any warranty regarding the FTSE/Xinhua Index. All rights in the FTSE/Xinhua Index vest in FXI. Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50/Residential/Retail/Mortgage REITs or Industrial/Office Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Global Real Estate ex-US/North America/Europe/Asia Index; all rights vest in FTSE, NAREIT, and EPRA. All rights in the FTSE Developed Small Cap ex-North America Index vest in FTSE. “FTSE” is a trade- and servicemark of London Stock Exchange and The Financial Times Limited; “Xinhua” is a trade- and servicemark of Xinhua Financial Network Limited. “NAREIT^®” is a trademark of NAREIT; “EPRA^®” is a trademark of EPRA.

An investment in the Fund(s) is not a deposit of a bank and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

This advertising section does not constitute part of the 2009 Semi-Annual Report.

iS-0454 0309


130		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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2009 SEMI-ANNUAL REPORT TO SHAREHOLDERS iSHARES® S&P ALLOCATION SERIES iSHARES® S&P TARGET DATE SERIES

JANUARY 31, 2009

Would you prefer to receive materials like this electronically? See inside cover for details.

iShares S&P Conservative Allocation Fund iShares S&P Moderate Allocation Fund iShares S&P Growth Allocation Fund iShares S&P Aggressive Allocation Fund iShares S&P Target Date Retirement Income Index Fund iShares S&P Target Date 2010 Index Fund iShares S&P Target Date 2015 Index Fund iShares S&P Target Date 2020 Index Fund iShares S&P Target Date 2025 Index Fund iShares S&P Target Date 2030 Index Fund iShares S&P Target Date 2035 Index Fund iShares S&P Target Date 2040 Index Fund

iSHARES®

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iShares®

Dear iShares Shareholder: Electronic delivery is the easiest, most convenient way to receive reporting on your iShares holdings. In addition, it’s a way we can all care for our environment. To that end, we are pleased to offer shareholder reports and prospectuses online. To sign up for electronic delivery, please follow these simple steps: 1. Go to www.icsdelivery.com. 2. From the main page, select the first letter of your brokerage firm’s name. 3. Select your brokerage institution from the list that follows. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm or financial adviser. 4. Fill out the appropriate information and provide the e-mail address where you would like your information sent. Your information and email address will be kept confidential and only used to deliver documents to you. If at any time you are not satisfied, you can cancel electronic delivery at www.icsdelivery.com and once again receive physical delivery of your materials. If you have any questions, please contact your brokerage firm or financial adviser. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail. Instead, you will receive e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com.

Table of Contents


Fund Performance Overviews		1
Shareholder Expenses		6
Schedules of Investments		8
iShares S&P Conservative Allocation Fund		8
iShares S&P Moderate Allocation Fund		9
iShares S&P Growth Allocation Fund		10
iShares S&P Aggressive Allocation Fund		11
iShares S&P Target Date Retirement Income Index Fund		12
iShares S&P Target Date 2010 Index Fund		13
iShares S&P Target Date 2015 Index Fund		14
iShares S&P Target Date 2020 Index Fund		15
iShares S&P Target Date 2025 Index Fund		16
iShares S&P Target Date 2030 Index Fund		17
iShares S&P Target Date 2035 Index Fund		18
iShares S&P Target Date 2040 Index Fund		19
Financial Statements		20
Financial Highlights		32
Notes to Financial Statements		44
iShares Family of Funds		53

Fund Performance Overview

iSHARES^® S&P ALLOCATION SERIES

Performance as of January 31, 2009


	Cumulative Total Returns
	Inception to 1/31/09

iSHARES ALLOCATION FUND	NAV	MARKET	INDEX
S&P Conservative	(1.53)%	0.21%	(1.50)%
S&P Moderate	(4.95)%	(4.51)%	(4.93)%
S&P Growth	(9.18)%	(9.10)%	(9.16)%
S&P Aggressive	(14.01)%	(13.98)%	(14.01)%

“Cumulative Total Returns” represent the total change in value of an investment over the period(s) indicated and are calculated from an inception date of 11/4/08 for each of the Funds.

Each Fund’s per share net asset value or “NAV” is the value of one share of such Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of each Fund, and the market return is based on the market price per share of each Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of each Fund are listed for trading, as of the time that each Fund’s NAV is calculated. Since shares of each Fund did not trade in the secondary market until after each Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Funds (11/7/08), the NAV of each Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike each Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by each Fund. These expenses negatively impact the performance of each Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The returns shown in the table(s) above do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of each Fund will vary with changes in market conditions. Shares of each Fund may be worth more or less than their original cost when they are redeemed or sold in the market. Each Fund’s past performance is no guarantee of future results.

The iShares S&P Conservative Allocation Fund (the “Conservative Allocation Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Target Risk Conservative Index (the “Conservative Allocation Index”). The Conservative Allocation Index seeks to measure the performance of an asset allocation strategy targeted to a conservative risk profile. The Conservative Allocation Fund is designed for investors seeking current income, capital preservation and avoidance of excessive volatility of returns. The Conservative Allocation Fund invests in a representative sample of securities included in the Conservative Allocation Index that collectively has an investment profile similar to the Conservative Allocation Index. Due to the use of representative sampling, the Conservative Allocation Fund may or may not hold all of the securities that are included in the Conservative Allocation Index. For the period from November 4, 2008 (inception date of the Conservative Allocation Fund) through January 31, 2009, the total return for the Conservative Allocation Fund was (1.53)%, while the total return for the Conservative Allocation Index was (1.50)%.

The iShares S&P Moderate Allocation Fund (the “Moderate Allocation Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Target Risk Moderate Index (the “Moderate Allocation Index”). The Moderate Allocation Index seeks to measure the performance of an asset allocation strategy targeted to a moderate risk profile. The Moderate Allocation Fund is designed for investors seeking current income, some capital preservation and an opportunity for moderate to low capital appreciation. The Moderate Allocation Fund invests in a representative sample of securities included in the Moderate Allocation Index that collectively has an investment profile similar to the Moderate Allocation Index. Due to the use of representative sampling, the Moderate Allocation Fund may or may not hold all of the securities that are included in the Moderate Allocation Index. For the period from November 4, 2008 (inception date of the Moderate Allocation Fund) through January 31, 2009, the total return for the Moderate Allocation Fund was (4.95)%, while the total return for the Moderate Allocation Index was (4.93)%.

The iShares S&P Growth Allocation Fund (the “Growth Allocation Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Target Risk Growth Index (the “Growth Allocation Index”). The Growth Allocation Index seeks to measure the performance of an asset allocation strategy targeted to a growth focused risk profile. The Growth Allocation Fund is designed for investors seeking moderate capital appreciation and some opportunity for current income and capital


FUND PERFORMANCE OVERVIEWS		1

Fund Performance Overview (Continued)

iSHARES^® S&P ALLOCATION SERIES

preservation. The Growth Allocation Fund invests in a representative sample of securities included in the Growth Allocation Index that collectively has an investment profile similar to the Growth Allocation Index. Due to the use of representative sampling, the Growth Allocation Fund may or may not hold all of the securities that are included in the Growth Allocation Index. For the period from November 4, 2008 (inception date of the Growth Allocation Fund) through January 31, 2009, the total return for the Growth Allocation Fund was (9.18)%, while the total return for the Growth Allocation Index was (9.16)%.

The iShares S&P Aggressive Allocation Fund (the “Aggressive Allocation Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Target Risk Aggressive Index (the “Aggressive Allocation Index”). The Aggressive Allocation Index seeks to measure the performance of an asset allocation strategy targeted to an aggressive risk profile. The Aggressive Allocation Fund is designed for investors seeking long-term capital appreciation. The Aggressive Allocation Fund invests in a representative sample of securities included in the Aggressive Allocation Index that collectively has an investment profile similar to the Aggressive Allocation Index. Due to the use of representative sampling, the Aggressive Allocation Fund may or may not hold all of the securities that are included in the Aggressive Allocation Index. For the period from November 4, 2008 (inception date of the Aggressive Allocation Fund) through January 31, 2009, the total return for both the Aggressive Allocation Fund and Aggressive Allocation Index was (14.01)%.

UNDERLYING FUND ALLOCATION WEIGHTS*

(as of January 31, 2009)


Underlying Funds	Conservative Allocation Fund		Moderate Allocation Fund		Growth Allocation Fund		Aggressive Allocation Fund
Domestic Equity
iShares S&P 500 Index Fund	8.86	%	17.79	%	20.95	%	26.87	%
iShares S&P MidCap 400 Index Fund	2.96	%	2.97	%	8.93	%	21.90	%
iShares S&P SmallCap 600 Index Fund	0.99	%	1.98	%	4.95	%	7.95	%
Total Domestic Equity	12.81	%	22.74	%	34.83	%	56.72	%

International Equity
iShares MSCI EAFE Index Fund	4.69	%	10.90	%	17.77	%	19.98	%
iShares MSCI Emerging Markets Index Fund	–		1.01	%	2.02	%	4.05	%
Total International Equity	4.69	%	11.91	%	19.79	%	24.03	%

Domestic Fixed Income
iShares Barclays Aggregate Bond Fund	27.45	%	26.26	%	23.26	%	14.18	%
iShares Barclays Short Treasury Bond Fund	29.96	%	24.03	%	11.03	%	–
iShares Barclays TIPS Bond Fund	22.15	%	12.11	%	10.11	%	5.07	%
Total Domestic Fixed Income	79.56	%	62.40	%	44.40	%	19.25	%

Domestic Real Estate
iShares Cohen & Steers Realty Majors Index Fund	2.94	%	2.95	%	0.98	%	–
Total Domestic Real Estate	2.94	%	2.95	%	0.98	%	–


Fund Total	100.00	%	100.00	%	100.00	%	100.00	%

*	Calculated as a percentage of total long-term investments. The asset allocation presented for each Fund is as of January 31, 2009, and will vary over time. Holdings are subject to change.


2		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® S&P TARGET DATE SERIES

Performance as of January 31, 2009


	Cumulative Total Returns
	Inception to 1/31/09

iSHARES INDEX FUND	NAV	MARKET	INDEX
S&P Target Date Retirement Income	(2.40)%	2.13%	(2.38)%
S&P Target Date 2010	(4.46)%	(1.80)%	(4.43)%
S&P Target Date 2015	(6.45)%	(6.53)%	(6.43)%
S&P Target Date 2020	(8.35)%	(8.31)%	(8.33)%
S&P Target Date 2025	(10.09)%	(10.05)%	(10.07)%
S&P Target Date 2030	(11.83)%	(11.79)%	(11.79)%
S&P Target Date 2035	(13.19)%	(10.39)%	(13.17)%
S&P Target Date 2040	(14.09)%	(10.45)%	(14.09)%

“Cumulative Total Returns” represent the total change in value of an investment over the period(s) indicated and are calculated from an inception date of 11/4/08 for each of the Funds.

The iShares S&P Target Date Retirement Income Index Fund (the “Retirement Income Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Target Date Retirement Income Index (the “Retirement Income Index”). The Retirement Income Index seeks to represent asset allocations which target an immediate retirement horizon. The Retirement Income Fund invests in a representative sample of securities included in the Retirement Income Index that collectively has an investment profile similar to the Retirement Income Index. Due to the use of representative sampling, the Retirement Income Fund may or may not hold all of the securities that are included in the Retirement Income Index. For the period from November 4, 2008 (inception date of the Retirement Income Fund) through January 31, 2009, the total return for the Retirement Income Fund was (2.40)%, while the total return for the Retirement Income Index was (2.38)%.

The iShares S&P Target Date 2010 Index Fund (the “2010 Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Target Date 2010 Index (the “2010 Index”). The 2010 Index seeks to represent asset allocations which target an approximate 2010 retirement horizon. The 2010 Fund invests in a representative sample of securities included in the 2010 Index that collectively has an investment profile similar to the 2010 Index. Due to the use of representative sampling, the 2010 Fund may or may not hold all of the securities that are included in the 2010 Index. For the period from November 4, 2008 (inception date of the 2010 Fund) through January 31, 2009, the total return for the 2010 Fund was (4.46)%, while the total return for the 2010 Index was (4.43)%.

The iShares S&P Target Date 2015 Index Fund (the “2015 Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Target Date 2015 Index (the “2015 Index”). The 2015 Index seeks to represent the market consensus for asset allocations which target an approximate 2015 retirement horizon. The 2015 Fund invests in a representative sample of securities included in the 2015 Index that collectively has an investment profile similar to the 2015 Index. Due


FUND PERFORMANCE OVERVIEWS		3

Fund Performance Overview (Continued)

iSHARES^® S&P TARGET DATE SERIES

to the use of representative sampling, the 2015 Fund may or may not hold all of the securities that are included in the 2015 Index. For the period from November 4, 2008 (inception date of the 2015 Fund) through January 31, 2009, the total return for the 2015 Fund was (6.45)%, while the total return for the 2015 Index was (6.43)%.

The iShares S&P Target Date 2020 Index Fund (the “2020 Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Target Date 2020 Index (the “2020 Index”). The 2020 Index seeks to represent the market consensus for asset allocations which target an approximate 2020 retirement horizon. The 2020 Fund invests in a representative sample of securities included in the 2020 Index that collectively has an investment profile similar to the 2020 Index. Due to the use of representative sampling, the 2020 Fund may or may not hold all of the securities that are included in the 2020 Index. For the period from November 4, 2008 (inception date of the 2020 Fund) through January 31, 2009, the total return for the 2020 Fund was (8.35)%, while the total return for the 2020 Index was (8.33)%.

The iShares S&P Target Date 2025 Index Fund (the “2025 Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Target Date 2025 Index (the “2025 Index”). The 2025 Index seeks to represent the market consensus for asset allocations which target an approximate 2025 retirement horizon. The 2025 Fund invests in a representative sample of securities included in the 2025 Index that collectively has an investment profile similar to the 2025 Index. Due to the use of representative sampling, the 2025 Fund may or may not hold all of the securities that are included in the 2025 Index. For the period from November 4, 2008 (inception date of the 2025 Fund) through January 31, 2009, the total return for the 2025 Fund was (10.09)%, while the total return for the 2025 Index was (10.07)%.

The iShares S&P Target Date 2030 Index Fund (the “2030 Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Target Date 2030 Index (the “2030 Index”). The 2030 Index seeks to represent the market consensus for asset allocations which target an approximate 2030 retirement horizon. The 2030 Fund invests in a representative sample of securities included in the 2030 Index that collectively has an investment profile similar to the 2030 Index. Due to the use of representative sampling, the 2030 Fund may or may not hold all of the securities that are included in the 2030 Index. For the period from November 4, 2008 (inception date of the 2030 Fund) through January 31, 2009, the total return for the 2030 Fund was (11.83)%, while the total return for the 2030 Index was (11.79)%.

The iShares S&P Target Date 2035 Index Fund (the “2035 Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Target Date 2035 Index (the “2035 Index”). The 2035 Index seeks to represent the market consensus for asset allocations which target an approximate 2035 retirement horizon. The 2035 Fund invests in a representative sample of securities included in the 2035 Index that collectively has an investment profile similar to the 2035 Index. Due to the use of representative sampling, the 2035 Fund may or may not hold all of the securities that are included in the 2035 Index. For the period from November 4, 2008 (inception date of the 2035 Fund) through January 31, 2009, the total return for the 2035 Fund was (13.19)%, while the total return for the 2035 Index was (13.17)%.

The iShares S&P Target Date 2040 Index Fund (the “2040 Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P Target Date 2040 Index (the “2040 Index”). The 2040 Index seeks to represent the market consensus for asset allocations which target an approximate 2040 retirement horizon. The 2040 Fund invests in a representative sample of securities included in the 2040 Index that collectively has an investment profile similar to the 2040 Index. Due to the use of representative sampling, the 2040 Fund may or may not hold all of the securities that are included in the 2040 Index. For the period from November 4, 2008 (inception date of the 2040 Fund) through January 31, 2009, the total return for both the 2040 Fund and 2040 Index was (14.09)%.


4		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview (Continued)

iSHARES^® S&P TARGET DATE SERIES

UNDERLYING FUND ALLOCATION WEIGHTS*

(as of January 31, 2009)


Underlying Funds	Retirement Income Fund		2010 Fund		2015 Fund		2020 Fund		2025 Fund		2030 Fund		2035 Fund		2040 Fund
Domestic Equity
iShares S&P 500 Index Fund	20.40	%	25.45	%	30.78	%	36.14	%	41.33	%	47.07	%	51.88	%	56.10	%
iShares S&P MidCap 400 Index Fund	1.93	%	2.56	%	3.16	%	3.81	%	4.40	%	4.94	%	5.39	%	5.79	%
iShares S&P SmallCap 600 Index Fund	1.16	%	1.62	%	2.03	%	2.39	%	2.76	%	3.16	%	3.46	%	3.63	%
Total Domestic Equity	23.49	%	29.63	%	35.97	%	42.34	%	48.49	%	55.17	%	60.73	%	65.52	%

International Equity
iShares MSCI EAFE Index Fund	4.26	%	6.39	%	8.46	%	10.41	%	12.23	%	13.87	%	15.16	%	16.07	%
iShares MSCI Emerging Markets Index Fund	0.66	%	1.10	%	1.59	%	1.99	%	2.36	%	2.67	%	2.91	%	3.04	%
Total International Equity	4.92	%	7.49	%	10.05	%	12.40	%	14.59	%	16.54	%	18.07	%	19.11	%

Domestic Fixed Income
iShares Barclays Aggregate Bond Fund	49.31	%	44.90	%	40.29	%	35.37	%	30.46	%	25.45	%	20.45	%	15.37	%
iShares Barclays Short Treasury Bond Fund	14.97	%	11.93	%	9.02	%	6.32	%	3.90	%	2.04	%	–		–
iShares Barclays TIPS Bond Fund	6.48	%	5.17	%	3.80	%	2.66	%	1.67	%	–		–		–
Total Domestic Fixed Income	70.76	%	62.00	%	53.11	%	44.35	%	36.03	%	27.49	%	20.45	%	15.37	%

Domestic Real Estate
iShares Cohen & Steers Realty Majors Index Fund	0.83	%	0.88	%	0.87	%	0.91	%	0.89	%	0.80	%	0.75	%	–
Total Domestic Real Estate	0.83	%	0.88	%	0.87	%	0.91	%	0.89	%	0.80	%	0.75	%	–


Fund Total	100.00	%	100.00	%	100.00	%	100.00	%	100.00	%	100.00	%	100.00	%	100.00	%

*	Calculated as a percentage of total long-term investments. The asset allocation presented for each Fund is as of January 31, 2009, and will vary over time. Holdings are subject to change.


FUND PERFORMANCE OVERVIEWS		5

Shareholder Expenses (Unaudited)

iSHARES^® TRUST

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 4, 2008 (commencement of operations) to January 31, 2009.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


iShares Allocation/Index Fund	Beginning Account Value (11/4/08)	Ending Account Value (1/31/09)	Annualized Expense Ratio^a		Expenses Paid During Period^a,b(11/4/08 to 1/31/09)
S&P Conservative
Actual	$1,000.00	$ 984.70	0.11	%	$0.26
Hypothetical (5% return before expenses)	1,000.00	1,024.70	0.11		0.56
S&P Moderate
Actual	1,000.00	950.50	0.11		0.26
Hypothetical (5% return before expenses)	1,000.00	1,024.70	0.11		0.56
S&P Growth
Actual	1,000.00	908.20	0.11		0.25
Hypothetical (5% return before expenses)	1,000.00	1,024.70	0.11		0.56
S&P Aggressive
Actual	1,000.00	859.90	0.11		0.25
Hypothetical (5% return before expenses)	1,000.00	1,024.70	0.11		0.56


6		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Shareholder Expenses (Unaudited) (Continued)

iSHARES^® TRUST


iShares Allocation/Index Fund	Beginning Account Value (11/4/08)	Ending Account Value (1/31/09)	Annualized Expense Ratio^a		Expenses Paid During Period^a,b (11/4/08 to 1/31/09)
S&P Target Date Retirement Income
Actual	$1,000.00	$ 976.00	0.11	%	$0.26
Hypothetical (5% return before expenses)	1,000.00	1,024.70	0.11		0.56
S&P Target Date 2010
Actual	1,000.00	955.40	0.11		0.26
Hypothetical (5% return before expenses)	1,000.00	1,024.70	0.11		0.56
S&P Target Date 2015
Actual	1,000.00	935.50	0.11		0.26
Hypothetical (5% return before expenses)	1,000.00	1,024.70	0.11		0.56
S&P Target Date 2020
Actual	1,000.00	916.50	0.11		0.25
Hypothetical (5% return before expenses)	1,000.00	1,024.70	0.11		0.56
S&P Target Date 2025
Actual	1,000.00	899.10	0.11		0.25
Hypothetical (5% return before expenses)	1,000.00	1,024.70	0.11		0.56
S&P Target Date 2030
Actual	1,000.00	881.70	0.11		0.25
Hypothetical (5% return before expenses)	1,000.00	1,024.70	0.11		0.56
S&P Target Date 2035
Actual	1,000.00	868.10	0.11		0.25
Hypothetical (5% return before expenses)	1,000.00	1,024.70	0.11		0.56
S&P Target Date 2040
Actual	1,000.00	859.10	0.11		0.25
Hypothetical (5% return before expenses)	1,000.00	1,024.70	0.11		0.56

^a	Annualized expense ratios and expenses paid during the period do not include fees and expenses of the underlying funds in which each Fund invests.

Actual expenses for the Funds, which commenced operations on November 4, 2008, are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (88 days) and divided by the number of days in the year (365 days). Hypothetical expenses, which are based on a hypothetical half-year, are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days).


SHAREHOLDER EXPENSES		7

Schedule of Investments (Unaudited)

iSHARES^® S&P CONSERVATIVE ALLOCATION FUND

January 31, 2009


Security	Shares	Value
EXCHANGE-TRADED FUNDS – 99.78%

DOMESTIC FIXED INCOME – 79.39%
iShares Barclays Aggregate Bond Fund	6,698	$	683,866
iShares Barclays Short Treasury Bond Fund	6,764		746,272
iShares Barclays TIPS Bond Fund	5,567		551,690

			1,981,828

DOMESTIC EQUITY – 15.71%
iShares Cohen & Steers Realty Majors Index Fund	2,024		73,188
iShares S&P 500 Index Fund	2,664		220,659
iShares S&P MidCap 400 Index Fund	1,484		73,799
iShares S&P SmallCap 600 Index Fund	634		24,586

			392,232

INTERNATIONAL EQUITY – 4.68%
iShares MSCI EAFE Index Fund	3,020		116,874

			116,874


TOTAL EXCHANGE-TRADED FUNDS
(Cost: $2,554,206)			2,490,934


Security	Shares	Value
SHORT-TERM INVESTMENTS – 0.10%

MONEY MARKET FUNDS – 0.10%
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares
0.09%^a	2,433	$	2,433

			2,433


TOTAL SHORT-TERM INVESTMENTS (Cost: $2,433)			2,433


TOTAL INVESTMENTS IN SECURITIES – 99.88% (Cost: $2,556,639)			2,493,367

Other Assets, Less Liabilities – 0.12%			2,963


NET ASSETS – 100.00%		$	2,496,330

^a	The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.


8		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® S&P MODERATE ALLOCATION FUND

January 31, 2009


Security	Shares	Value
EXCHANGE-TRADED FUNDS – 99.82%

DOMESTIC FIXED INCOME – 62.29%
iShares Barclays Aggregate
Bond Fund	15,536	$	1,586,226
iShares Barclays Short Treasury
Bond Fund	13,153		1,451,171
iShares Barclays TIPS Bond Fund	7,381		731,457

			3,768,854

DOMESTIC EQUITY – 25.64%
iShares Cohen & Steers Realty
Majors Index Fund	4,919		177,871
iShares S&P 500 Index Fund	12,974		1,074,636
iShares S&P MidCap 400 Index Fund	3,608		179,426
iShares S&P SmallCap 600
Index Fund	3,081		119,481

			1,551,414

INTERNATIONAL EQUITY – 11.89%
iShares MSCI EAFE Index Fund	17,006		658,132
iShares MSCI Emerging Markets
Index Fund	2,690		60,875

			719,007


TOTAL EXCHANGE-TRADED FUNDS (Cost: $6,291,098)			6,039,275


Security	Shares	Value
SHORT-TERM INVESTMENTS – 0.09%

MONEY MARKET FUNDS – 0.09%
Barclays Global Investors Funds
Treasury Money Market
Fund, Institutional Shares
0.09%^a	5,376	$	5,376

			5,376



TOTAL SHORT-TERM INVESTMENTS (Cost: $5,376)			5,376


TOTAL INVESTMENTS IN SECURITIES – 99.91% (Cost: $6,296,474)			6,044,651

Other Assets, Less Liabilities – 0.09%			5,601


NET ASSETS – 100.00%		$	6,050,252

^a	The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.


SCHEDULES OF INVESTMENTS		9

Schedule of Investments (Unaudited)

iSHARES^® S&P GROWTH ALLOCATION FUND

January 31, 2009


Security	Shares	Value
EXCHANGE-TRADED FUNDS – 99.90%

DOMESTIC FIXED INCOME – 44.36%
iShares Barclays Aggregate
Bond Fund	21,186	$	2,163,091
iShares Barclays Short Treasury
Bond Fund	9,305		1,026,621
iShares Barclays TIPS Bond Fund	9,494		940,855

			4,130,567

DOMESTIC EQUITY – 35.78%
iShares Cohen & Steers Realty
Majors Index Fund	2,531		91,521
iShares S&P 500 Index Fund^a	23,529		1,948,907
iShares S&P MidCap 400 Index Fund	16,708		830,889
iShares S&P SmallCap 600
Index Fund	11,887		460,978

			3,332,295

INTERNATIONAL EQUITY – 19.76%
iShares MSCI EAFE Index Fund	42,723		1,653,380
iShares MSCI Emerging Markets
Index Fund	8,304		187,919

			1,841,299


TOTAL EXCHANGE-TRADED FUNDS (Cost: $9,764,221)			9,304,161


Security	Shares	Value
SHORT-TERM INVESTMENTS – 14.97%

MONEY MARKET FUNDS – 14.97%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^b,c	1,191,403	$	1,191,403
Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56%^b,c	192,597		192,597
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^b	9,875		9,875

			1,393,875


TOTAL SHORT-TERM INVESTMENTS (Cost: $1,393,875)			1,393,875


TOTAL INVESTMENTS IN SECURITIES – 114.87% (Cost: $11,158,096)			10,698,036

Other Assets, Less Liabilities – (14.87)%			(1,385,187	)


NET ASSETS – 100.00%		$	9,312,849

^a	All or a portion of this security represents a security on loan. See Note 5.

^b	The rate quoted is the annualized seven-day yield of the fund at period end.

^c	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


10		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® S&P AGGRESSIVE ALLOCATION FUND

January 31, 2009


Security	Shares	Value
EXCHANGE-TRADED FUNDS – 99.99%

DOMESTIC EQUITY – 56.71%
iShares S&P 500 Index Fund	50,328	$	4,168,668
iShares S&P MidCap 400 Index Fund	68,364		3,399,742
iShares S&P SmallCap 600
Index Fund	31,837		1,234,639

			8,803,049

INTERNATIONAL EQUITY – 24.03%
iShares MSCI EAFE Index Fund	80,124		3,100,799
iShares MSCI Emerging Markets
Index Fund	27,801		629,137

			3,729,936

DOMESTIC FIXED INCOME – 19.25%
iShares Barclays Aggregate
Bond Fund	21,548		2,200,051
iShares Barclays TIPS Bond Fund	7,946		787,448

			2,987,499


TOTAL EXCHANGE-TRADED FUNDS (Cost: $16,433,276)			15,520,484


Security	Shares	Value
SHORT-TERM INVESTMENTS – 0.16%

MONEY MARKET FUNDS – 0.16%
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^a	24,740	$	24,740

			24,740


TOTAL SHORT-TERM INVESTMENTS (Cost: $24,740)			24,740


TOTAL INVESTMENTS IN SECURITIES – 100.15% (Cost: $16,458,016)			15,545,224

Other Assets, Less Liabilities – (0.15)%			(23,591	)


NET ASSETS – 100.00%		$	15,521,633

^a	The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.


SCHEDULES OF INVESTMENTS		11

Schedule of Investments (Unaudited)

iSHARES^® S&P TARGET DATE RETIREMENT INCOME INDEX FUND

January 31, 2009


Security	Shares	Value
EXCHANGE-TRADED FUNDS – 99.92%

DOMESTIC FIXED INCOME – 70.70%
iShares Barclays Aggregate
Bond Fund^a	11,964	$	1,221,524
iShares Barclays Short Treasury
Bond Fund	3,363		371,040
iShares Barclays TIPS Bond Fund	1,621		160,641

			1,753,205

DOMESTIC EQUITY – 24.31%
iShares Cohen & Steers Realty
Majors Index Fund	571		20,647
iShares S&P 500 Index Fund	6,102		505,429
iShares S&P MidCap 400 Index Fund	964		47,940
iShares S&P SmallCap 600
Index Fund	743		28,813

			602,829

INTERNATIONAL EQUITY – 4.91%
iShares MSCI EAFE Index Fund	2,727		105,535
iShares MSCI Emerging Markets
Index Fund	722		16,339

			121,874


TOTAL EXCHANGE-TRADED FUNDS (Cost: $2,555,492)			2,477,908


Security	Shares	Value
SHORT-TERM INVESTMENTS – 8.46%

MONEY MARKET FUNDS – 8.46%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^b,c	178,624	$	178,624
Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56%^b,c	28,876		28,876
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^b	2,355		2,355

			209,855


TOTAL SHORT-TERM INVESTMENTS
(Cost: $209,855)			209,855


TOTAL INVESTMENTS IN SECURITIES – 108.38% (Cost: $2,765,347)			2,687,763

Other Assets, Less Liabilities – (8.38)%			(207,722	)


NET ASSETS – 100.00%		$	2,480,041

^a	All or a portion of this security represents a security on loan. See Note 5.

^b	The rate quoted is the annualized seven-day yield of the fund at period end.

^c	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


12		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® S&P TARGET DATE 2010 INDEX FUND

January 31, 2009


Security	Shares	Value
EXCHANGE-TRADED FUNDS – 99.92%

DOMESTIC FIXED INCOME – 61.94%
iShares Barclays Aggregate Bond Fund	10,695	$	1,091,959
iShares Barclays Short Treasury Bond Fund	2,630		290,168
iShares Barclays TIPS Bond Fund	1,268		125,659

			1,507,786

DOMESTIC EQUITY – 30.49%
iShares Cohen & Steers Realty Majors Index Fund	591		21,371
iShares S&P 500 Index Fund	7,474		619,071
iShares S&P MidCap 400 Index Fund	1,252		62,262
iShares S&P SmallCap 600 Index Fund	1,015		39,362

			742,066

INTERNATIONAL EQUITY – 7.49%
iShares MSCI EAFE Index Fund	4,018		155,497
iShares MSCI Emerging Markets Index Fund	1,186		26,839

			182,336


TOTAL EXCHANGE-TRADED FUNDS (Cost: $2,562,989)			2,432,188


Security	Shares	Value
SHORT-TERM INVESTMENTS – 0.09%

MONEY MARKET FUNDS – 0.09%
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^a	2,303	$	2,303

			2,303


TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,303)			2,303


TOTAL INVESTMENTS IN SECURITIES – 100.01% (Cost: $2,565,292)			2,434,491

Other Assets, Less Liabilities – (0.01)%			(234	)


NET ASSETS – 100.00%		$	2,434,257

^a	The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.


SCHEDULES OF INVESTMENTS		13

Schedule of Investments (Unaudited)

iSHARES^® S&P TARGET DATE 2015 INDEX FUND

January 31, 2009


Security	Shares	Value
EXCHANGE-TRADED FUNDS – 99.92%

DOMESTIC FIXED INCOME – 53.07%
iShares Barclays Aggregate Bond Fund	9,423	$	962,088
iShares Barclays Short Treasury Bond Fund	1,953		215,475
iShares Barclays TIPS Bond Fund	916		90,776

			1,268,339

DOMESTIC EQUITY – 36.81%
iShares Cohen & Steers Realty Majors Index Fund	574		20,756
iShares S&P 500 Index Fund	8,873		734,951
iShares S&P MidCap 400 Index Fund	1,517		75,440
iShares S&P SmallCap 600 Index Fund	1,250		48,475

			879,622

INTERNATIONAL EQUITY – 10.04%
iShares MSCI EAFE Index Fund	5,219		201,975
iShares MSCI Emerging Markets Index Fund	1,683		38,086

			240,061


TOTAL EXCHANGE-TRADED FUNDS (Cost: $2,570,655)			2,388,022


Security	Shares	Value
SHORT-TERM INVESTMENTS – 0.09%

MONEY MARKET FUNDS – 0.09%
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^a	2,259	$	2,259

			2,259


TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,259)			2,259


TOTAL INVESTMENTS IN SECURITIES – 100.01% (Cost: $2,572,914)			2,390,281

Other Assets, Less Liabilities – (0.01)%			(230	)


NET ASSETS – 100.00%		$	2,390,051

^a	The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.


14		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® S&P TARGET DATE 2020 INDEX FUND

January 31, 2009


Security	Shares	Value
EXCHANGE-TRADED FUNDS – 99.91%

DOMESTIC FIXED INCOME – 44.31%
iShares Barclays Aggregate Bond Fund	8,124	$	829,461
iShares Barclays Short Treasury Bond Fund	1,343		148,173
iShares Barclays TIPS Bond Fund	630		62,433

			1,040,067

DOMESTIC EQUITY – 43.21%
iShares Cohen & Steers Realty Majors Index Fund	591		21,371
iShares S&P 500 Index Fund	10,233		847,599
iShares S&P MidCap 400 Index Fund	1,795		89,265
iShares S&P SmallCap 600 Index Fund	1,444		55,998

			1,014,233

INTERNATIONAL EQUITY – 12.39%
iShares MSCI EAFE Index Fund	6,304		243,965
iShares MSCI Emerging Markets Index Fund	2,066		46,754

			290,719


TOTAL EXCHANGE-TRADED FUNDS (Cost: $2,577,354)			2,345,019


Security	Shares	Value
SHORT-TERM INVESTMENTS – 0.10%

MONEY MARKET FUNDS – 0.10%
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^a	2,229	$	2,229

			2,229


TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,229)			2,229


TOTAL INVESTMENTS IN SECURITIES – 100.01% (Cost: $2,579,583)			2,347,248

Other Assets, Less Liabilities – (0.01)%			(227	)


NET ASSETS – 100.00%		$	2,347,021

^a	The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.


SCHEDULES OF INVESTMENTS		15

Schedule of Investments (Unaudited)

iSHARES^® S&P TARGET DATE 2025 INDEX FUND

January 31, 2009


Security	Shares	Value
EXCHANGE-TRADED FUNDS – 99.91%

DOMESTIC EQUITY – 49.33%
iShares Cohen & Steers Realty Majors Index Fund	1,986	$	71,814
iShares S&P 500 Index Fund	40,262		3,334,901
iShares S&P MidCap 400 Index Fund	7,142		355,172
iShares S&P SmallCap 600 Index Fund	5,749		222,946

			3,984,833

DOMESTIC FIXED INCOME – 36.00%
iShares Barclays Aggregate Bond Fund	24,074		2,457,955
iShares Barclays Short Treasury Bond Fund	2,856		315,103
iShares Barclays TIPS Bond Fund	1,358		134,578

			2,907,636

INTERNATIONAL EQUITY – 14.58%
iShares MSCI EAFE Index Fund	25,512		987,314
iShares MSCI Emerging Markets Index Fund	8,406		190,228

			1,177,542


TOTAL EXCHANGE-TRADED FUNDS
(Cost: $8,634,124)			8,070,011


Security	Shares	Value
SHORT-TERM INVESTMENTS – 0.10%

MONEY MARKET FUNDS – 0.10%
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^a	8,288	$	8,288

			8,288


TOTAL SHORT-TERM INVESTMENTS
(Cost: $8,288)			8,288


TOTAL INVESTMENTS IN SECURITIES – 100.01% (Cost: $8,642,412)			8,078,299

Other Assets, Less Liabilities – (0.01)%			(576	)


NET ASSETS – 100.00%		$	8,077,723

^a	The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.


16		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® S&P TARGET DATE 2030 INDEX FUND

January 31, 2009


Security	Shares	Value
EXCHANGE-TRADED FUNDS – 99.91%

DOMESTIC EQUITY – 55.93%
iShares Cohen & Steers Realty Majors Index Fund	498	$	18,008
iShares S&P 500 Index Fund	12,873		1,066,270
iShares S&P MidCap 400 Index Fund	2,252		111,992
iShares S&P SmallCap 600 Index Fund	1,846		71,588

			1,267,858

DOMESTIC FIXED INCOME – 27.46%
iShares Barclays Aggregate Bond Fund	5,646		576,457
iShares Barclays Short Treasury Bond Fund	418		46,118

			622,575

INTERNATIONAL EQUITY – 16.52%
iShares MSCI EAFE Index Fund	8,115		314,050
iShares MSCI Emerging Markets Index Fund	2,673		60,490

			374,540


TOTAL EXCHANGE-TRADED FUNDS
(Cost: $2,587,841)			2,264,973


Security	Shares	Value
SHORT-TERM INVESTMENTS – 0.10%

MONEY MARKET FUNDS – 0.10%
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^a	2,173	$	2,173

			2,173


TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,173)			2,173


TOTAL INVESTMENTS IN SECURITIES – 100.01% (Cost: $2,590,014)			2,267,146

Other Assets, Less Liabilities – (0.01)%			(221	)


NET ASSETS – 100.00%		$	2,266,925

^a	The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.


SCHEDULES OF INVESTMENTS		17

Schedule of Investments (Unaudited)

iSHARES^® S&P TARGET DATE 2035 INDEX FUND

January 31, 2009


Security	Shares	Value
EXCHANGE-TRADED FUNDS – 99.83%

DOMESTIC EQUITY – 61.38%
iShares Cohen & Steers Realty Majors Index Fund	466	$	16,851
iShares S&P 500 Index Fund	13,981		1,158,046
iShares S&P MidCap 400 Index Fund	2,421		120,396
iShares S&P SmallCap 600 Index Fund	1,993		77,289

			1,372,582

DOMESTIC FIXED INCOME – 20.41%
iShares Barclays Aggregate Bond Fund	4,471		456,489

			456,489

INTERNATIONAL EQUITY – 18.04%
iShares MSCI EAFE Index Fund	8,748		338,548
iShares MSCI Emerging Markets Index Fund	2,867		64,880

			403,428


TOTAL EXCHANGE-TRADED FUNDS
(Cost: $2,591,406)			2,232,499


Security	Shares	Value
SHORT-TERM INVESTMENTS – 0.18%

MONEY MARKET FUNDS – 0.18%
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^a	3,996	$	3,996

			3,996


TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,996)			3,996


TOTAL INVESTMENTS IN SECURITIES – 100.01% (Cost: $2,595,402)			2,236,495

Other Assets, Less Liabilities – (0.01)%			(212	)


NET ASSETS – 100.00%		$	2,236,283

^a	The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.


18		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® S&P TARGET DATE 2040 INDEX FUND

January 31, 2009


Security	Shares	Value
EXCHANGE-TRADED FUNDS – 99.85%

DOMESTIC EQUITY – 65.42%
iShares S&P 500 Index Fund	14,970	$	1,239,965
iShares S&P MidCap 400 Index Fund	2,572		127,906
iShares S&P SmallCap 600 Index Fund	2,071		80,314

			1,448,185

INTERNATIONAL EQUITY – 19.08%
iShares MSCI EAFE Index Fund	9,179		355,227
iShares MSCI Emerging Markets Index Fund	2,972		67,256

			422,483

DOMESTIC FIXED INCOME – 15.35%
iShares Barclays Aggregate Bond Fund	3,328		339,789

			339,789


TOTAL EXCHANGE-TRADED FUNDS (Cost: $2,592,861)			2,210,457


Security	Shares	Value
SHORT-TERM INVESTMENTS – 0.16%

MONEY MARKET FUNDS – 0.16%
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^a	3,502	$	3,502

			3,502


TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,502)			3,502


TOTAL INVESTMENTS IN SECURITIES – 100.01% (Cost: $2,596,363)			2,213,959

Other Assets, Less Liabilities – (0.01)%			(210	)


NET ASSETS – 100.00%		$	2,213,749

^a	The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.


SCHEDULES OF INVESTMENTS		19

Statements of Assets and Liabilities (Unaudited)

iSHARES^® TRUST

January 31, 2009


	iShares S&P Allocation Fund

	Conservative			Moderate			Growth			Aggressive


ASSETS
Investments, at cost	$	2,556,639		$	6,296,474		$	11,158,096		$	16,458,016

Investments in securities, at fair value (including securities on loan^a) (Note 1)	$	2,493,367		$	6,044,651		$	10,698,036		$	15,545,224
Receivables:
Investment securities sold		270,087			559,080			1,082,173			1,350,308
Securities lending income		2			11			315			730

Total Assets		2,763,456			6,603,742			11,780,524			16,896,262


LIABILITIES
Payables:
Investment securities purchased		266,821			552,953			1,082,703			1,369,899
Collateral for securities on loan (Note 5)		–			–			1,384,000			–
Capital shares redeemed		–			–			–			2,910
Investment advisory fees (Note 2)		305			537			972			1,820

Total Liabilities		267,126			553,490			2,467,675			1,374,629


NET ASSETS	$	2,496,330		$	6,050,252		$	9,312,849		$	15,521,633


Net assets consist of:
Paid-in capital	$	2,409,071		$	6,206,775		$	9,278,262		$	16,499,771
Undistributed (distributions in excess of) net investment income		(894	)		118			(2,252	)		10,846
Undistributed net realized gain (accumulated net realized loss)		151,425			95,182			496,899			(76,192	)
Net unrealized depreciation		(63,272	)		(251,823	)		(460,060	)		(912,792	)

NET ASSETS	$	2,496,330		$	6,050,252		$	9,312,849		$	15,521,633


Shares outstanding^b		100,000			250,000			400,000			700,000


Net asset value per share	$	24.96		$	24.20		$	23.28		$	22.17

^a	Securities on loan with market values of $–, $–, $1,355,680 and $–, respectively. See Note 5.

^b	No par value, unlimited number of shares authorized.

See notes to financial statements.


20		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^® TRUST

January 31, 2009


	iShares S&P Target Date Index Fund

	Retirement Income			2010			2015			2020


ASSETS
Investments, at cost	$	2,765,347		$	2,565,292		$	2,572,914		$	2,579,583

Investments in securities, at fair value (including securities on loan^a) (Note 1)	$	2,687,763		$	2,434,491		$	2,390,281		$	2,347,248
Receivables:
Securities lending income		15			–			–			–

Total Assets		2,687,778			2,434,491			2,390,281			2,347,248


LIABILITIES
Payables:
Collateral for securities on loan (Note 5)		207,500			–			–			–
Investment advisory fees (Note 2)		237			234			230			227

Total Liabilities		207,737			234			230			227


NET ASSETS	$	2,480,041		$	2,434,257		$	2,390,051		$	2,347,021


Net assets consist of:
Paid-in capital	$	2,558,432		$	2,566,411		$	2,574,354		$	2,581,346
Distributions in excess of net investment income		(683	)		(733	)		(732	)		(728	)
Accumulated net realized loss		(124	)		(620	)		(938	)		(1,262	)
Net unrealized depreciation		(77,584	)		(130,801	)		(182,633	)		(232,335	)

NET ASSETS	$	2,480,041		$	2,434,257		$	2,390,051		$	2,347,021


Shares outstanding^b		100,000			100,000			100,000			100,000


Net asset value per share	$	24.80		$	24.34		$	23.90		$	23.47

^a	Securities on loan with market values of $202,980, $–, $– and $–, respectively. See Note 5.

^b	No par value, unlimited number of shares authorized.

See notes to financial statements.


FINANCIAL STATEMENTS		21

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^® TRUST

January 31, 2009


	iShares S&P Target Date Index Fund

	2025			2030			2035			2040


ASSETS
Investments, at cost	$	8,642,412		$	2,590,014		$	2,595,402		$	2,596,363


Investments in securities, at fair value (Note 1)	$	8,078,299		$	2,267,146		$	2,236,495		$	2,213,959
Receivables:
Securities lending income		189			–			7			8

Total Assets		8,078,488			2,267,146			2,236,502			2,213,967


LIABILITIES
Payables:
Investment advisory fees (Note 2)		765			221			219			218

Total Liabilities		765			221			219			218


NET ASSETS	$	8,077,723		$	2,266,925		$	2,236,283		$	2,213,749


Net assets consist of:
Paid-in capital	$	8,648,515		$	2,593,580		$	2,598,154		$	2,599,981
Distributions in excess of net investment income		(1,656	)		(1,712	)		(707	)		(1,309	)
Accumulated net realized loss		(5,023	)		(2,075	)		(2,257	)		(2,519	)
Net unrealized depreciation		(564,113	)		(322,868	)		(358,907	)		(382,404	)

NET ASSETS	$	8,077,723		$	2,266,925		$	2,236,283		$	2,213,749


Shares outstanding^a		350,000			100,000			100,000			100,000


Net asset value per share	$	23.08		$	22.67		$	22.36		$	22.14

^a	No par value, unlimited number of shares authorized.

See notes to financial statements.


22		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^® TRUST

Period ended January 31, 2009


	iShares S&P Allocation Fund

	Conservative^a			Moderate^a			Growth^a			Aggressive^a


NET INVESTMENT INCOME
Dividends	$	28,577		$	31,004		$	100,665		$	141,791
Securities lending income		8			19			1,094			1,373

Total investment income		28,585			31,023			101,759			143,164


EXPENSES
Investment advisory fees (Note 2)		2,525			2,753			5,746			6,880

Total expenses		2,525			2,753			5,746			6,880
Less investment advisory fees waived (Note 2)		(1,414	)		(1,542	)		(3,218	)		(3,853	)

Net expenses		1,111			1,211			2,528			3,027

Net investment income		27,474			29,812			99,231			140,137


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		(84	)		(31,510	)		(118,822	)		(248,499	)
In-kind redemptions		151,509			126,692			615,721			172,307

Net realized gain (loss)		151,425			95,182			496,899			(76,192	)

Net change in unrealized appreciation (depreciation)		(63,272	)		(251,823	)		(460,060	)		(912,792	)

Net realized and unrealized gain (loss)		88,153			(156,641	)		36,839			(988,984	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	115,627		$	(126,829	)	$	136,070		$	(848,847	)

^a	For the period from November 4, 2008 (commencement of operations) to January 31, 2009.

See notes to financial statements.


FINANCIAL STATEMENTS		23

Statements of Operations (Unaudited) (Continued)

iSHARES^® TRUST

Period ended January 31, 2009


	iShares S&P Target Date Index Fund

	Retirement Income^a			2010^a			2015^a			2020^a


NET INVESTMENT INCOME
Dividends	$	17,174		$	17,932		$	18,639		$	19,246
Securities lending income		17			–			–			–

Total investment income		17,191			17,932			18,639			19,246


EXPENSES
Investment advisory fees (Note 2)		1,512			1,493			1,475			1,457

Total expenses		1,512			1,493			1,475			1,457
Less investment advisory fees waived (Note 2)		(847	)		(836	)		(826	)		(816	)

Net expenses		665			657			649			641

Net investment income		16,526			17,275			17,990			18,605


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized loss from investments		(124	)		(620	)		(938	)		(1,262	)

Net change in unrealized appreciation (depreciation)		(77,584	)		(130,801	)		(182,633	)		(232,335	)

Net realized and unrealized loss		(77,708	)		(131,421	)		(183,571	)		(233,597	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(61,182	)	$	(114,146	)	$	(165,581	)	$	(214,992	)

^a	For the period from November 4, 2008 (commencement of operations) to January 31, 2009.

See notes to financial statements.


24		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^® TRUST

Period ended January 31, 2009


	iShares S&P Target Date Index Fund

	2025^a			2030^a			2035^a			2040^a


NET INVESTMENT INCOME
Dividends	$	59,207		$	20,178		$	20,366		$	20,002
Securities lending income		645			–			12			13

Total investment income		59,852			20,178			20,378			20,015


EXPENSES
Investment advisory fees (Note 2)		4,265			1,425			1,411			1,402

Total expenses		4,265			1,425			1,411			1,402
Less investment advisory fees waived (Note 2)		(2,389	)		(798	)		(790	)		(785	)

Net expenses		1,876			627			621			617

Net investment income		57,976			19,551			19,757			19,398


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized loss from investments		(5,023	)		(2,075	)		(2,257	)		(2,519	)

Net change in unrealized appreciation (depreciation)		(564,113	)		(322,868	)		(358,907	)		(382,404	)

Net realized and unrealized loss		(569,136	)		(324,943	)		(361,164	)		(384,923	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(511,160	)	$	(305,392	)	$	(341,407	)	$	(365,525	)

^a	For the period from November 4, 2008 (commencement of operations) to January 31, 2009.

See notes to financial statements.


FINANCIAL STATEMENTS		25

Statements of Changes in Net Assets

iSHARES^® TRUST


	iShares S&P Conservative Allocation Fund			iShares S&P Moderate Allocation Fund
	Period from November 4, 2008^a to January 31, 2009 (Unaudited)			Period from November 4, 2008^a to January 31, 2009 (Unaudited)

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	27,474		$	29,812
Net realized gain		151,425			95,182
Net change in unrealized appreciation (depreciation)		(63,272	)		(251,823	)

Net increase (decrease) in net assets resulting from operations		115,627			(126,829	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(28,368	)		(29,694	)

Total distributions to shareholders		(28,368	)		(29,694	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		6,244,902			8,746,800
Cost of shares redeemed		(3,835,831	)		(2,540,025	)

Net increase in net assets from capital share transactions		2,409,071			6,206,775

INCREASE IN NET ASSETS		2,496,330			6,050,252

NET ASSETS
Beginning of period		–			–

End of period	$	2,496,330		$	6,050,252

Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(894	)	$	118


SHARES ISSUED AND REDEEMED
Shares sold		250,000			350,000
Shares redeemed		(150,000	)		(100,000	)

Net increase in shares outstanding		100,000			250,000

^a	Commencement of operations.

See notes to financial statements.


26		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST


	iShares S&P Growth Allocation Fund			iShares S&P Aggressive Allocation Fund
	Period from November 4, 2008^a to January 31, 2009 (Unaudited)			Period from November 4, 2008^a to January 31, 2009 (Unaudited)

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	99,231		$	140,137
Net realized gain (loss)		496,899			(76,192	)
Net change in unrealized appreciation (depreciation)		(460,060	)		(912,792	)

Net increase (decrease) in net assets resulting from operations		136,070			(848,847	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(101,483	)		(129,291	)

Total distributions to shareholders		(101,483	)		(129,291	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		22,905,461			21,080,144
Cost of shares redeemed		(13,627,199	)		(4,580,373	)

Net increase in net assets from capital share transactions		9,278,262			16,499,771

INCREASE IN NET ASSETS		9,312,849			15,521,633

NET ASSETS
Beginning of period		–			–

End of period	$	9,312,849		$	15,521,633

Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(2,252	)	$	10,846


SHARES ISSUED AND REDEEMED
Shares sold		950,000			900,000
Shares redeemed		(550,000	)		(200,000	)

Net increase in shares outstanding		400,000			700,000

^a	Commencement of operations.

See notes to financial statements.


FINANCIAL STATEMENTS		27

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST


	iShares S&P Target Date Retirement Income Index Fund			iShares S&P Target Date 2010 Index Fund
	Period from November 4, 2008^a to January 31, 2009 (Unaudited)			Period from November 4, 2008^a to January 31, 2009 (Unaudited)

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	16,526		$	17,275
Net realized loss		(124	)		(620	)
Net change in unrealized appreciation (depreciation)		(77,584	)		(130,801	)

Net decrease in net assets resulting from operations		(61,182	)		(114,146	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(17,209	)		(18,008	)

Total distributions to shareholders		(17,209	)		(18,008	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,558,432			2,566,411

Net increase in net assets from capital share transactions		2,558,432			2,566,411

INCREASE IN NET ASSETS		2,480,041			2,434,257

NET ASSETS
Beginning of period		–			–

End of period	$	2,480,041		$	2,434,257

Distributions in excess of net investment income included in net assets at end of period	$	(683	)	$	(733	)


SHARES ISSUED
Shares sold		100,000			100,000

Net increase in shares outstanding		100,000			100,000

^a	Commencement of operations.

See notes to financial statements.


28		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST


	iShares S&P Target Date 2015 Index Fund			iShares S&P Target Date 2020 Index Fund
	Period from November 4, 2008^a to January 31, 2009 (Unaudited)			Period from November 4, 2008^a to January 31, 2009 (Unaudited)

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	17,990		$	18,605
Net realized loss		(938	)		(1,262	)
Net change in unrealized appreciation (depreciation)		(182,633	)		(232,335	)

Net decrease in net assets resulting from operations		(165,581	)		(214,992	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(18,722	)		(19,333	)

Total distributions to shareholders		(18,722	)		(19,333	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,574,354			2,581,346

Net increase in net assets from capital share transactions		2,574,354			2,581,346

INCREASE IN NET ASSETS		2,390,051			2,347,021

NET ASSETS
Beginning of period		–			–

End of period	$	2,390,051		$	2,347,021

Distributions in excess of net investment income included in net assets at end of period	$	(732	)	$	(728	)


SHARES ISSUED
Shares sold		100,000			100,000

Net increase in shares outstanding		100,000			100,000

^a	Commencement of operations.

See notes to financial statements.


FINANCIAL STATEMENTS		29

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST


	iShares S&P Target Date 2025 Index Fund			iShares S&P Target Date 2030 Index Fund
	Period from November 4, 2008^a to January 31, 2009 (Unaudited)			Period from November 4, 2008^a to January 31, 2009 (Unaudited)

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	57,976		$	19,551
Net realized loss		(5,023	)		(2,075	)
Net change in unrealized appreciation (depreciation)		(564,113	)		(322,868	)

Net decrease in net assets resulting from operations		(511,160	)		(305,392	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(59,632	)		(21,263	)

Total distributions to shareholders		(59,632	)		(21,263	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		8,648,515			2,593,580

Net increase in net assets from capital share transactions		8,648,515			2,593,580

INCREASE IN NET ASSETS		8,077,723			2,266,925

NET ASSETS
Beginning of period		–			–

End of period	$	8,077,723		$	2,266,925

Distributions in excess of net investment income included in net assets at end of period	$	(1,656	)	$	(1,712	)


SHARES ISSUED
Shares sold		350,000			100,000

Net increase in shares outstanding		350,000			100,000

^a	Commencement of operations.

See notes to financial statements.


30		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST


	iShares S&P Target Date 2035 Index Fund			iShares S&P Target Date 2040 Index Fund
	Period from November 4, 2008^a to January 31, 2009 (Unaudited)			Period from November 4, 2008^a to January 31, 2009 (Unaudited)

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	19,757		$	19,398
Net realized loss		(2,257	)		(2,519	)
Net change in unrealized appreciation (depreciation)		(358,907	)		(382,404	)

Net decrease in net assets resulting from operations		(341,407	)		(365,525	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(20,464	)		(20,707	)

Total distributions to shareholders		(20,464	)		(20,707	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,598,154			2,599,981

Net increase in net assets from capital share transactions		2,598,154			2,599,981

INCREASE IN NET ASSETS		2,236,283			2,213,749

NET ASSETS
Beginning of period		–			–

End of period	$	2,236,283		$	2,213,749

Distributions in excess of net investment income included in net assets at end of period	$	(707	)	$	(1,309	)


SHARES ISSUED
Shares sold		100,000			100,000

Net increase in shares outstanding		100,000			100,000

^a	Commencement of operations.

See notes to financial statements.


FINANCIAL STATEMENTS		31

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout the period)


	iShares S&P Conservative Allocation Fund

	Period from Nov. 4, 2008^a to Jan. 31, 2009 (Unaudited)

Net asset value, beginning of period	$	25.44


Income from investment operations:
Net investment income^b		0.17
Net realized and unrealized loss^c		(0.54	)

Total from investment operations		(0.37	)


Less distributions from:
Net investment income		(0.11	)

Total distributions		(0.11	)

Net asset value, end of period	$	24.96


Total return		(1.53	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,496
Ratio of expenses to average net assets^e,f		0.11	%
Ratio of expenses to average net assets prior to waived fees^e,f		0.25	%
Ratio of net investment income to average net assets^e,f		2.72	%
Portfolio turnover rate^g		6	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout the period.

^c	The amount reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^f	Annualized for periods of less than one year.

^g	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


32		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout the period)


	iShares S&P Moderate Allocation Fund

	Period from Nov. 4, 2008^a to Jan. 31, 2009 (Unaudited)

Net asset value, beginning of period	$	25.60


Income from investment operations:
Net investment income^b		0.16
Net realized and unrealized loss^c		(1.41	)

Total from investment operations		(1.25	)


Less distributions from:
Net investment income		(0.15	)

Total distributions		(0.15	)

Net asset value, end of period	$	24.20


Total return		(4.95	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	6,050
Ratio of expenses to average net assets^e,f		0.11	%
Ratio of expenses to average net assets prior to waived fees^e,f		0.25	%
Ratio of net investment income to average net assets^e,f		2.71	%
Portfolio turnover rate^g		12	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout the period.

^c	The amount reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^f	Annualized for periods of less than one year.

^g	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		33

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout the period)


	iShares S&P Growth Allocation Fund

	Period from Nov. 4, 2008^a to Jan. 31, 2009 (Unaudited)

Net asset value, beginning of period	$	25.79


Income from investment operations:
Net investment income^b		0.25
Net realized and unrealized loss^c		(2.59	)

Total from investment operations		(2.34	)


Less distributions from:
Net investment income		(0.17	)

Total distributions		(0.17	)

Net asset value, end of period	$	23.28


Total return		(9.18	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	9,313
Ratio of expenses to average net assets^e,f		0.11	%
Ratio of expenses to average net assets prior to waived fees^e,f		0.25	%
Ratio of net investment income to average net assets^e,f		4.32	%
Portfolio turnover rate^g		12	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout the period.

^c	The amount reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^f	Annualized for periods of less than one year.

^g	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


34		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout the period)


	iShares S&P Aggressive Allocation Fund

	Period from Nov. 4, 2008^a to Jan. 31, 2009 (Unaudited)

Net asset value, beginning of period	$	25.96


Income from investment operations:
Net investment income^b		0.29
Net realized and unrealized loss^c		(3.91	)

Total from investment operations		(3.62	)


Less distributions from:
Net investment income		(0.17	)

Total distributions		(0.17	)

Net asset value, end of period	$	22.17


Total return		(14.01	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	15,522
Ratio of expenses to average net assets^e,f		0.11	%
Ratio of expenses to average net assets prior to waived fees^e,f		0.25	%
Ratio of net investment income to average net assets^e,f		5.09	%
Portfolio turnover rate^g		14	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout the period.

^c	The amount reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^f	Annualized for periods of less than one year.

^g	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		35

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout the period)


	iShares S&P Target Date Retirement Income Index Fund

	Period from Nov. 4, 2008^a to Jan. 31, 2009 (Unaudited)

Net asset value, beginning of period	$	25.58


Income from investment operations:
Net investment income^b		0.17
Net realized and unrealized loss^c		(0.78	)

Total from investment operations		(0.61	)


Less distributions from:
Net investment income		(0.17	)

Total distributions		(0.17	)

Net asset value, end of period	$	24.80


Total return		(2.40	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,480
Ratio of expenses to average net assets^e,f		0.11	%
Ratio of expenses to average net assets prior to waived fees^e,f		0.25	%
Ratio of net investment income to average net assets^e,f		2.73	%
Portfolio turnover rate^g		0	%^h

^a	Commencement of operations.

^b	Based on average shares outstanding throughout the period.

^c	The amount reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^f	Annualized for periods of less than one year.

^g	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

^h	Rounds to less than 1%.

See notes to financial statements.


36		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout the period)


	iShares S&P Target Date 2010 Index Fund

	Period from Nov. 4, 2008^a to Jan. 31, 2009 (Unaudited)

Net asset value, beginning of period	$	25.66


Income from investment operations:
Net investment income^b		0.17
Net realized and unrealized loss^c		(1.31	)

Total from investment operations		(1.14	)


Less distributions from:
Net investment income		(0.18	)

Total distributions		(0.18	)

Net asset value, end of period	$	24.34


Total return		(4.46	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,434
Ratio of expenses to average net assets^e,f		0.11	%
Ratio of expenses to average net assets prior to waived fees^e,f		0.25	%
Ratio of net investment income to average net assets^e,f		2.89	%
Portfolio turnover rate^g		1	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout the period.

^c	The amount reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^f	Annualized for periods of less than one year.

^g	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		37

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout the period)


	iShares S&P Target Date 2015 Index Fund

	Period from Nov. 4, 2008^a to Jan. 31, 2009 (Unaudited)

Net asset value, beginning of period	$	25.74


Income from investment operations:
Net investment income^b		0.18
Net realized and unrealized loss^c		(1.83	)

Total from investment operations		(1.65	)


Less distributions from:
Net investment income		(0.19	)

Total distributions		(0.19	)

Net asset value, end of period	$	23.90


Total return		(6.45	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,390
Ratio of expenses to average net assets^e,f		0.11	%
Ratio of expenses to average net assets prior to waived fees^e,f		0.25	%
Ratio of net investment income to average net assets^e,f		3.05	%
Portfolio turnover rate^g		1	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout the period.

^c	The amount reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^f	Annualized for periods of less than one year.

^g	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


38		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout the period)


	iShares S&P Target Date 2020 Index Fund

	Period from Nov. 4, 2008^a to Jan. 31, 2009 (Unaudited)

Net asset value, beginning of period	$	25.81


Income from investment operations:
Net investment income^b		0.19
Net realized and unrealized loss^c		(2.34	)

Total from investment operations		(2.15	)


Less distributions from:
Net investment income		(0.19	)

Total distributions		(0.19	)

Net asset value, end of period	$	23.47


Total return		(8.35	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,347
Ratio of expenses to average net assets^e,f		0.11	%
Ratio of expenses to average net assets prior to waived fees^e,f		0.25	%
Ratio of net investment income to average net assets^e,f		3.19	%
Portfolio turnover rate^g		1	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout the period.

^c	The amount reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^f	Annualized for periods of less than one year.

^g	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		39

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout the period)


	iShares S&P Target Date 2025 Index Fund

	Period from Nov. 4, 2008^a to Jan. 31, 2009 (Unaudited)

Net asset value, beginning of period	$	25.88


Income from investment operations:
Net investment income^b		0.20
Net realized and unrealized loss^c		(2.80	)

Total from investment operations		(2.60	)


Less distributions from:
Net investment income		(0.20	)

Total distributions		(0.20	)

Net asset value, end of period	$	23.08


Total return		(10.09	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	8,078
Ratio of expenses to average net assets^e,f		0.11	%
Ratio of expenses to average net assets prior to waived fees^e,f		0.25	%
Ratio of net investment income to average net assets^e,f		3.40	%
Portfolio turnover rate^g		1	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout the period.

^c	The amount reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^f	Annualized for periods of less than one year.

^g	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


40		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout the period)


	iShares S&P Target Date 2030 Index Fund

	Period from Nov. 4, 2008^a to Jan. 31, 2009 (Unaudited)

Net asset value, beginning of period	$	25.94


Income from investment operations:
Net investment income^b		0.20
Net realized and unrealized loss^c		(3.26	)

Total from investment operations		(3.06	)


Less distributions from:
Net investment income		(0.21	)

Total distributions		(0.21	)

Net asset value, end of period	$	22.67


Total return		(11.83	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,267
Ratio of expenses to average net assets^e,f		0.11	%
Ratio of expenses to average net assets prior to waived fees^e,f		0.25	%
Ratio of net investment income to average net assets^e,f		3.43	%
Portfolio turnover rate^g		1	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout the period.

^c	The amount reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^f	Annualized for periods of less than one year.

^g	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		41

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout the period)


	iShares S&P Target Date 2035 Index Fund

	Period from Nov. 4, 2008^a to Jan. 31, 2009 (Unaudited)

Net asset value, beginning of period	$	25.98


Income from investment operations:
Net investment income^b		0.20
Net realized and unrealized loss^c		(3.62	)

Total from investment operations		(3.42	)


Less distributions from:
Net investment income		(0.20	)

Total distributions		(0.20	)

Net asset value, end of period	$	22.36


Total return		(13.19	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,236
Ratio of expenses to average net assets^e,f		0.11	%
Ratio of expenses to average net assets prior to waived fees^e,f		0.25	%
Ratio of net investment income to average net assets^e,f		3.50	%
Portfolio turnover rate^g		1	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout the period.

^c	The amount reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^f	Annualized for periods of less than one year.

^g	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


42		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout the period)


	iShares S&P Target Date 2040 Index Fund

	Period from Nov. 4, 2008^a to Jan. 31, 2009 (Unaudited)

Net asset value, beginning of period	$	26.00


Income from investment operations:
Net investment income^b		0.19
Net realized and unrealized loss^c		(3.84	)

Total from investment operations		(3.65	)


Less distributions from:
Net investment income		(0.21	)

Total distributions		(0.21	)

Net asset value, end of period	$	22.14


Total return		(14.09	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,214
Ratio of expenses to average net assets^e,f		0.11	%
Ratio of expenses to average net assets prior to waived fees^e,f		0.25	%
Ratio of net investment income to average net assets^e,f		3.46	%
Portfolio turnover rate^g		1	%

^a	Commencement of operations.

^b	Based on average shares outstanding throughout the period.

^c	The amount reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^d	Not annualized.

^e	The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^f	Annualized for periods of less than one year.

^g	Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		43

Notes to Financial Statements (Unaudited)

iSHARES^® TRUST

These financial statements relate only to the iShares S&P Conservative Allocation, iShares S&P Moderate Allocation, iShares S&P Growth Allocation and iShares S&P Aggressive Allocation Funds (each, a “Fund,” collectively, the “iShares S&P Allocation Funds”), and the iShares S&P Target Date Retirement Income, iShares S&P Target Date 2010, iShares S&P Target Date 2015, iShares S&P Target Date 2020, iShares S&P Target Date 2025, iShares S&P Target Date 2030, iShares S&P Target Date 2035 and iShares S&P Target Date 2040 Index Funds (each, a “Fund,” collectively, the “iShares S&P Target Date Funds”). The iShares S&P Allocation Funds and iShares S&P Target Date Funds (collectively, the “Funds”) commenced operations on November 4, 2008.

The investment objective of each of the iShares S&P Allocation Funds and iShares S&P Target Date Funds is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of an S&P Target Risk Index or S&P Target Date Index, respectively (each, an “Underlying Index”). Each Underlying Index is comprised entirely of securities of iShares funds (each, an “Underlying Fund”, collectively, the “Underlying Funds”) that themselves seek investment results that correspond generally to the price and yield performance, before fees and expenses, of their own respective underlying indexes. The investment adviser uses a “passive” or indexing approach to try to achieve each Fund’s investment objective. Each Fund is an exchange-traded fund (“ETF”) fund of funds and seeks its investment objective by investing primarily in the affiliated Underlying Funds.

1. SIGNIFICANT ACCOUNTING POLICIES

SECURITY VALUATION

The securities and other assets of each Fund are valued pursuant to the pricing policy and procedures approved by the Board of Trustees of the Trust (the “Board”). The Funds are subject to the provisions of Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” This standard establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FAS 157 are as follows:

•

Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date;


44		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

•

Level 3 – Inputs that are unobservable for the asset or liability.

The determination of what constitutes an “observable” input may require significant judgment by the Funds. As of January 31, 2009, the value of each Fund’s investment in each of its Underlying Funds was classified as a Level 1 price. The level of a value determined for an investment within the fair value hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the Funds’ perceived risk of an investment in the Underlying Fund, nor the levels of the investments held within each Underlying Fund. The Funds believe more relevant disclosure regarding fair value measurements relate to the investment portfolios of the Underlying Funds.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s net assets and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions from the Underlying Funds, if any, are recognized on the ex-dividend date. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

DISTRIBUTIONS TO SHAREHOLDERS

The tax character of current year distributions will be determined at the end of the current fiscal year.

FEDERAL INCOME TAXES

For the period ended January 31, 2009, certain Funds realized net capital gains or losses resulting from in-kind redemptions of large blocks of shares or multiples thereof (“Creation Units”). Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to paid-in-capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized in-kind gains or losses for the period ended January 31, 2009 are disclosed in the Funds’ Statements of Operations.


NOTES TO FINANCIAL STATEMENTS		45

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

As of January 31, 2009, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


iShares Allocation/Index Fund	Tax Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation		Net Unrealized Depreciation
S&P Conservative	$ 2,556,903	$ 43,604	$ (107,140	)	$ (63,536	)
S&P Moderate	6,326,813	–	(282,162	)	(282,162	)
S&P Growth	11,253,136	–	(555,100	)	(555,100	)
S&P Aggressive	16,649,793	–	(1,104,569	)	(1,104,569	)
S&P Target Date Retirement Income	2,765,795	82,868	(160,900	)	(78,032	)
S&P Target Date 2010	2,566,301	72,328	(204,138	)	(131,810	)
S&P Target Date 2015	2,574,233	62,305	(246,257	)	(183,952	)
S&P Target Date 2020	2,581,179	52,458	(286,389	)	(233,931	)
S&P Target Date 2025	8,648,222	104,501	(674,424	)	(569,923	)
S&P Target Date 2030	2,592,217	33,296	(358,367	)	(325,071	)
S&P Target Date 2035	2,597,665	25,833	(387,003	)	(361,170	)
S&P Target Date 2040	2,598,700	18,562	(403,303	)	(384,741	)

Management has reviewed the tax positions as of January 31, 2009 and has determined that no provision for income tax is required in the Funds’ financial statements.

2. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to each Fund, BGFA is entitled to receive an annual investment advisory fee of 0.25% of the average daily net assets of each Fund. BGFA has contractually agreed to waive a portion of the advisory fees it is entitled to receive from each Fund, in an amount equal to 0.14%, through October 31, 2009. After giving effect to the fee waiver, BGFA will receive an annual advisory fee of 0.11% of the average daily net assets of each Fund. BGFA also receives investment advisory fees from the Underlying Funds as a result of the Funds’ investments in the Underlying Funds.


46		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

securities lending agent for the Funds. BarCap and BGI are affiliates of BGFA, the Funds’ investment adviser. As securities lending agent, BGI receives, as fees, a share of the income earned on investment of the cash collateral received for the loan of securities.

For the period ended January 31, 2009, BGI earned securities lending agent fees as follows:



iShares Allocation/Index Fund	Securities Lending Agent Fees		iShares Allocation/Index Fund	Securities Lending Agent Fees

S&P Conservative	$	8	S&P Target Date Retirement Income	$	17
S&P Moderate		19	S&P Target Date 2025		645
S&P Growth		1,094	S&P Target Date 2035		12
S&P Aggressive		1,373	S&P Target Date 2040		13

Each Fund may invest in the Institutional Shares of certain money market funds managed by BGFA, the Funds’ investment adviser, including the Government Money Market Fund (“GMMF”), Institutional Money Market Fund (“IMMF”), Prime Money Market Fund (“PMMF”) and Treasury Money Market Fund (“TMMF”) of Barclays Global Investors Funds. These money market funds seek to achieve their investment objectives by investing in high-quality, short-term money market instruments that, at the time of investment, have remaining maturities of 397 calendar days or less from the date of acquisition. The GMMF, IMMF, PMMF and TMMF are feeder funds in a master/feeder fund structure that invest substantially all of their assets in the Government Money Market Master Portfolio, Money Market Master Portfolio, Prime Money Market Master Portfolio and Treasury Money Market Master Portfolio (collectively, the “Money Market Master Portfolios”), respectively, which are also managed by BGFA. While the GMMF, IMMF, PMMF and TMMF do not directly charge an investment advisory fee, the Money Market Master Portfolios in which they invest do charge an investment advisory fee. Income distributions from the GMMF, IMMF, PMMF and TMMF are declared daily and paid monthly from net investment income. Income distributions earned by the Funds from temporary cash investments are recorded as interest in the accompanying Statements of Operations. Income distributions earned by the Funds from the investment of securities lending collateral, if any, are included in securities lending income in the accompanying Statements of Operations.

Certain trustees and officers of the Trust are also officers of BGI and/or BGFA.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the period ended January 31, 2009 were as follows:


iShares Allocation/Index Fund	Purchases		Sales
S&P Conservative	$	281,187	$	284,909
S&P Moderate		586,465		587,558
S&P Growth		1,187,254		1,181,545
S&P Aggressive		1,452,159		1,417,363
S&P Target Date Retirement Income		10,229		10,545
S&P Target Date 2010		17,112		17,414
S&P Target Date 2015		17,948		18,209
S&P Target Date 2020		18,490		18,720


NOTES TO FINANCIAL STATEMENTS		47

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST


iShares Allocation/Index Fund	Purchases		Sales
S&P Target Date 2025	$	57,251	$	58,064
S&P Target Date 2030		19,711		20,875
S&P Target Date 2035		18,175		20,166
S&P Target Date 2040		18,566		20,667

In-kind transactions (see Note 4) for the period ended January 31, 2009 were as follows:


iShares Allocation/Index Fund	In-kind Purchases		In-kind Sales
S&P Conservative	$	6,238,896	$	3,832,393
S&P Moderate		8,734,566		2,537,557
S&P Growth		22,876,549		13,614,936
S&P Aggressive		21,049,191		4,574,519
S&P Target Date Retirement Income		2,555,932		–
S&P Target Date 2010		2,563,911		–
S&P Target Date 2015		2,571,854		–
S&P Target Date 2020		2,578,846		–
S&P Target Date 2025		8,639,960		–
S&P Target Date 2030		2,591,080		–
S&P Target Date 2035		2,595,654		–
S&P Target Date 2040		2,597,481		–

4. CAPITAL SHARE TRANSACTIONS

The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind deposit of a designated portfolio of securities, which constitutes a substantial replication, or a portfolio sampling representation, of the securities involved in the relevant Fund’s Underlying Index and an amount of cash. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee directly to State Street, the administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

5. LOANS OF PORTFOLIO SECURITIES


48		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

securities when due. Any securities lending cash collateral may be reinvested in certain short-term instruments either directly on behalf of a Fund or through one or more joint accounts or money market funds, including those managed by BGFA; such reinvestments are subject to investment risk.


NOTES TO FINANCIAL STATEMENTS		49

Notes:


50		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:


NOTES		51

Notes:


52		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

The iShares^® Family of Funds

iShares S&P Domestic Index Funds

iShares S&P 1500 (ISI)

iShares S&P 100 (OEF)

iShares S&P 500 (IVV)

iShares S&P 500 Growth (IVW)

iShares S&P 500 Value (IVE)

iShares S&P MidCap 400 (IJH)

iShares S&P MidCap 400 Growth (IJK)

iShares S&P MidCap 400 Value (IJJ)

iShares S&P SmallCap 600 (IJR)

iShares S&P SmallCap 600 Growth (IJT)

iShares S&P SmallCap 600 Value (IJS)

iShares S&P North American Natural Resources Sector (IGE)

iShares S&P North American Technology-Multimedia Networking (IGN)

iShares S&P North American Technology-Semiconductors (IGW)

iShares S&P North American Technology-Software (IGV)

iShares S&P North American Technology

Sector (IGM)

iShares Domestic Sector Index Funds

iShares Cohen & Steers Realty Majors (ICF)

iShares Dow Jones U.S. Basic Materials

Sector (IYM)

iShares Dow Jones U.S. Consumer Services

Sector (IYC)

iShares Dow Jones U.S. Consumer Goods

Sector (IYK)

iShares Dow Jones U.S. Energy Sector (IYE)

iShares Dow Jones U.S. Financial Sector (IYF)

iShares Dow Jones U.S. Financial Services (IYG)

iShares Dow Jones U.S. Healthcare Sector (IYH)

iShares Dow Jones U.S. Industrial Sector (IYJ)

iShares Dow Jones U.S. Real Estate (IYR)

iShares Dow Jones U.S. Technology Sector (IYW)

iShares Dow Jones U.S. Telecommunications Sector (IYZ)

iShares Dow Jones Transportation Average (IYT)

iShares Dow Jones U.S. Utilities Sector (IDU)

iShares Dow Jones U.S. (IYY)

iShares Nasdaq Biotechnology (IBB)

iShares Domestic Subsector Index Funds

iShares Dow Jones U.S. Aerospace &

Defense (ITA)

iShares Dow Jones U.S. Broker-Dealers (IAI)

iShares Dow Jones U.S. Healthcare

Providers (IHF)

iShares Dow Jones U.S. Home Construction (ITB)

iShares Dow Jones U.S. Insurance (IAK)

iShares Dow Jones U.S. Medical Devices (IHI)

iShares Dow Jones U.S. Oil & Gas Exploration & Production (IEO)

iShares Dow Jones U.S. Oil Equipment &

Services (IEZ)

iShares Dow Jones U.S. Pharmaceuticals (IHE)

iShares Dow Jones U.S. Regional Banks (IAT)

iShares FTSE NAREIT Industrial/Office

Capped (FIO)

iShares FTSE NAREIT Mortgage Plus

Capped (REM)

iShares FTSE NAREIT Real Estate 50 (FTY)

iShares FTSE NAREIT Residential Plus

Capped (REZ)

iShares FTSE NAREIT Retail Capped (RTL)

iShares Global Index Funds

iShares S&P Global 100 (IOO)

iShares S&P Global Clean Energy (ICLN)

iShares S&P Global Consumer Discretionary Sector (RXI)

iShares S&P Global Consumer Staples

Sector (KXI)

iShares S&P Global Energy Sector (IXC)

iShares S&P Global Financials Sector (IXG)

iShares S&P Global Healthcare Sector (IXJ)

iShares S&P Global Industrials Sector (EXI)

iShares S&P Global Infrastructure (IGF)

iShares S&P Global Materials Sector (MXI)

iShares S&P Global Nuclear Energy (NUCL)

iShares S&P Global Technology Sector (IXN)

iShares S&P Global Telecommunications

Sector (IXP)

iShares S&P Global Timber& Forestry (WOOD)

iShares S&P Global Utilities Sector (JXI)

iShares Russell Index Funds

iShares Russell 3000 (IWV)

iShares Russell 3000 Growth (IWZ)

iShares Russell 3000 Value (IWW)

iShares Russell 1000 (IWB)

iShares Russell 1000 Growth (IWF)

iShares Russell 1000 Value (IWD)

iShares Russell Midcap (IWR)

iShares Russell Midcap Growth (IWP)

iShares Russell Midcap Value (IWS)

iShares Russell 2000 (IWM)

iShares Russell 2000 Growth (IWO)

iShares Russell 2000 Value (IWN)

iShares Russell Microcap (IWC)

iShares International Country Index Funds

iShares FTSE China (HK Listed) (FCHI)

iShares FTSE/Xinhua China 25 (FXI)

iShares MSCI Australia (EWA)

iShares MSCI Austria Investable Market (EWO)

iShares MSCI Belgium Investable

Market (EWK)

iShares MSCI Brazil (EWZ)

iShares MSCI Canada (EWC)

iShares MSCI Chile Investable Market (ECH)

iShares MSCI France (EWQ)

iShares MSCI Germany (EWG)

iShares MSCI Hong Kong (EWH)

iShares MSCI Israel Capped Investable

Market (EIS)

iShares MSCI Italy (EWI)

iShares MSCI Japan (EWJ)

iShares MSCI Japan Small Cap (SCJ)

iShares MSCI Malaysia (EWM)

iShares MSCI Mexico Investable

Market (EWW)

iShares MSCI Netherlands Investable

Market (EWN)

iShares MSCI Singapore (EWS)

iShares MSCI South Africa (EZA)

iShares MSCI South Korea (EWY)

iShares MSCI Spain (EWP)

iShares MSCI Sweden (EWD)

iShares MSCI Switzerland (EWL)

iShares MSCI Taiwan (EWT)

iShares MSCI Thailand Investable Market (THD)

iShares MSCI Turkey Investable Market (TUR)

iShares MSCI United Kingdom (EWU)

iShares S&P/TOPIX 150 (ITF)

iShares Bond Funds

iShares Barclays Aggregate (AGG)

iShares Barclays MBS (MBB)

iShares Barclays Short Treasury (SHV)

iShares Barclays 1-3 Year Treasury (SHY)

iShares Barclays 3-7 Year Treasury (IEI)

iShares Barclays 7-10 Year Treasury (IEF)

iShares Barclays 10-20 Year Treasury (TLH)

iShares Barclays 20+ Year Treasury (TLT)

iShares Barclays TIPS (TIP)

iShares Barclays Agency (AGZ)

iShares Barclays Credit (CFT)

iShares Barclays 1-3 Year Credit (CSJ)

iShares Barclays Intermediate Credit (CIU)

iShares iBoxx $ Investment Grade

Corporate (LQD)

iShares iBoxx $ High Yield Corporate (HYG)

iShares Barclays Government/Credit (GBF)

iShares Barclays Intermediate Government/Credit (GVI)

iShares S&P National Municipal (MUB)

iShares S&P Short Term National

Municipal (SUB)

iShares S&P California Municipal (CMF)

iShares S&P New York Municipal (NYF)

iShares JPMorgan USD Emerging

Markets (EMB)

iShares S&P/Citigroup International

Treasury (IGOV)

iShares S&P/Citigroup 1-3 Year International Treasury (ISHG)

iShares Specialty Index Funds

iShares KLD 400 Social (DSI)

iShares KLD Select Social^SM (KLD)

iShares Dow Jones Select Dividend (DVY)

iShares Dow Jones EPAC Select

Dividend (IDV)

iShares S&P U.S. Preferred Stock (PFF)

iShares International Index Funds

iShares FTSE Developed Small Cap ex-North America (IFSM)

iShares FTSE EPRA/NAREIT Global Real Estate ex-U.S. (IFGL)

iShares FTSE EPRA/NAREIT North America (IFNA)

iShares FTSE EPRA/NAREIT Europe (IFEU)

iShares FTSE EPRA/NAREIT Asia (IFAS)

iShares MSCI ACWI (ACWI)

iShares MSCI ACWI ex US (ACWX)

iShares MSCI All Country Asia ex Japan (AAXJ)

iShares MSCI BRIC (BKF)

iShares MSCI EAFE (EFA)

iShares MSCI EAFE Growth (EFG)

iShares MSCI EAFE Value (EFV)

iShares MSCI EAFE Small Cap (SCZ)

iShares MSCI Emerging Markets (EEM)

iShares MSCI EMU (EZU)

iShares MSCI Kokusai (TOK)

iShares MSCI Pacific ex-Japan (EPP)

iShares S&P Asia 50 (AIA)

iShares S&P Developed ex-U.S. Property (WPS)

iShares S&P Europe 350 (IEV)

iShares S&P Latin America 40 (ILF)


iSHARES FAMILY OF FUNDS		53

The iShares^® Family of Funds (Continued)

iShares Morningstar Index Funds

iShares Morningstar Large Core (JKD)

iShares Morningstar Large Growth (JKE)

iShares Morningstar Large Value (JKF)

iShares Morningstar Mid Core (JKG)

iShares Morningstar Mid Growth (JKH)

iShares Morningstar Mid Value (JKI)

iShares Morningstar Small Core (JKJ)

iShares Morningstar Small Growth (JKK)

iShares Morningstar Small Value (JKL)

iShares NYSE Index Funds

iShares NYSE Composite (NYC)

iShares NYSE 100 (NY)

iShares S&P Allocation Funds

iShares S&P Conservative (AOK)

iShares S&P Moderate (AOM)

iShares S&P Growth (AOR)

iShares S&P Aggressive (AOA)

iShares S&P Target Date Index Funds

iShares S&P Target Date Retirement Income (TGR)

iShares S&P Target Date 2010 (TZD)

iShares S&P Target Date 2015 (TZE)

iShares S&P Target Date 2020 (TZG)

iShares S&P Target Date 2025 (TZI)

iShares S&P Target Date 2030 (TZL)

iShares S&P Target Date 2035 (TZO)

iShares S&P Target Date 2040 (TZV)

iShares^® is a registered trademark of Barclays Global Investors, N.A. (“BGI”) The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc., Dow Jones & Company, Inc., European Public Real Estate Association (“EPRA^®”), FTSE International Limited (“FTSE”), FTSE/Xinhua Index Limited (“FXI”), iBoxx^®, J.P. Morgan Securities Inc., KLD Research & Analytics, Inc., MSCI Inc., Morningstar Inc., The NASDAQ StockMarket, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), New York Stock Exchange, Inc., Frank Russell Company, or Standard & Poor’s, nor are they sponsored or endorsed by Barclays Capital. None of these companies make any representation regarding the advisability of investing in the iShares Funds. Neither SEI nor BGI, nor any of their affiliates, are affiliated with the companies listed above except Barclays Capital, which is an affiliate of BGI. FXI does not make any warranty regarding the FTSE/Xinhua Index. All rights in the FTSE/Xinhua Index vest in FXI. Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50/Residential/Retail/Mortgage REITs or Industrial/Office Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Global Real Estate ex-US/North America/Europe/Asia Index; all rights vest in FTSE, NAREIT, and EPRA. All rights in the FTSE Developed Small Cap ex-North America Index vest in FTSE. “FTSE” is a trade- and servicemark of London Stock Exchange and The Financial Times Limited; “Xinhua” is a trade- and servicemark of Xinhua Financial Network Limited. “NAREIT^®” is a trademark of NAREIT; “EPRA^®” is a trademark of EPRA.

An investment in the Fund(s) is not a deposit of a bank and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

This advertising section does not constitute part of the 2009 Semi-Annual Report.

iS-0454 0309


54		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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For more information: WWW.iSHARES.COM 1-800-iShares (1-800-474-2737) The iShares Funds are distributed by SEI Investments Distribution Co. (SEI). Barclays Global Fund Advisors (BGFA) serves as an adviser to the iShares Funds. BGFA is a subsidiary of Barclays Global Investors, N.A. (BGI), neither of which is affiliated with SEI.

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Standard & Poor’s, nor does this company make any representation regarding the advisability of investing in the iShares Funds. Neither SEI nor BGI, nor any of their affiliates, are affiliated with the company listed above. ©2009 Barclays Global Investors. All rights reserved. iShares® is a registered trademark of Barclays Global Investors, N.A. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Investing involves risk, including possible loss of principal. A description of the policies that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge. upon request, by calling toll-free 1-800-474-2737: on the Funds’ website at www.iShares.com: and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov. The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarter of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington. D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Funds also disclose their complete schedules of portfolio holdings on a daily and monthly basis on the Funds’ website. This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus. iSHARES® LET’S BUILD A BETTER INVESTMENT WORLD®. BARCLAYS GLOBAL INVESTORS BGI-SAR-74-0109

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2009 SEMI-ANNUAL REPORT TO SHAREHOLDERS iSHARES® MSCI SERIES JANUARY 31, 2009 » Would you prefer to receive materials like this electronically? See inside cover for details. iShares MSCI EAFE Index Fund iShares®

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iShares® Dear iShares Shareholder: Electronic delivery is the easiest, most convenient way to receive reporting on your iShares holdings. In addition, it’s a way we can all care for our environment. To that end, we are pleased to offer shareholder reports and prospectuses online. To sign up for electronic delivery, please follow these simple steps: 1. Go to www.icsdelivery.com. 2. From the main page, select the first letter of your brokerage firm’s name. 3. Select your brokerage institution from the list that follows. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm or financial adviser. 4. Fill out the appropriate information and provide the e-mail address where you would like your information sent. Your information and email address will be kept confidential and only used to deliver documents to you. If at any time you are not satisfied, you can cancel electronic delivery at www.icsdelivery.com and once again receive physical delivery of your materials. If you have any questions, please contact your brokerage firm or financial adviser. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail. Instead, you will receive e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com.

Table of Contents


Fund Performance Overview		1
Shareholder Expenses		2
Schedule of Investments		3
Financial Statements		16
Financial Highlights		19
Notes to Financial Statements		20
iShares Family of Funds		29

Fund Performance Overview

iSHARES^® MSCI EAFE INDEX FUND

Performance as of January 31, 2009

The iShares MSCI EAFE Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EAFE^® Index (the “Index”). The Index has been developed by MSCI Inc. as an equity benchmark for its international stock performance. The Index includes stocks from Europe, Australasia and the Far East. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended January 31, 2009, the total return for the Fund was (40.55)%, while the total return for the Index was (40.75)%.


Average Annual Total Returns

Year Ended 1/31/09			Five Years Ended 1/31/09			Inception to 1/31/09

NAV	MARKET	INDEX	NAV	MARKET	INDEX	NAV	MARKET	INDEX
(43.63)%	(44.75)%	(43.74)%	(0.83)%	(1.27)%	(0.70)%	0.84%	0.67%	0.93%

Cumulative Total Returns

Year Ended 1/31/09			Five Years Ended 1/31/09			Inception to 1/31/09

NAV	MARKET	INDEX	NAV	MARKET	INDEX	NAV	MARKET	INDEX
(43.63)%	(44.75)%	(43.74)%	(4.06)%	(6.19)%	(3.45)%	6.45%	5.13%	7.16%

Total returns for the period since inception are calculated from the inception date of the Fund (8/14/01). “Average Annual Total Returns” represent the average annual change in value of an investment over the period(s) indicated. “Cumulative Total Returns” represent the total change in value of an investment over the period(s) indicated.

The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (8/17/01), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.


PORTFOLIO ALLOCATION As of 1/31/09
Sector	Percentage of Net Assets
Financial	20.97	%

Consumer Non-Cyclical	20.51

Industrial	11.44

Consumer Cyclical	10.30

Communications	9.92

Energy	9.03

Basic Materials	7.42

Utilities	7.40

Technology	2.04

Diversified	0.74

Short-Term and Other Net Assets	0.23


TOTAL	100.00	%


TEN LARGEST FUND HOLDINGS As of 1/31/09
Security	Percentage of Net Assets
Nestle SA Registered (Switzerland)	1.91	%

BP PLC (United Kingdom)	1.90

Total SA (France)	1.53

Novartis AG Registered (Switzerland)	1.41

Roche Holding AG Genusschein (Switzerland)	1.41

Vodafone Group PLC (United Kingdom)	1.40

HSBC Holdings PLC (United Kingdom)	1.33

GlaxoSmithKline PLC (United Kingdom)	1.31

Toyota Motor Corp. (Japan)	1.27

Royal Dutch Shell PLC Class A (United Kingdom)	1.26


TOTAL	14.73	%


FUND PERFORMANCE OVERVIEW		1

Shareholder Expenses (Unaudited)

iSHARES^® MSCI EAFE INDEX FUND

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares and (2) ongoing costs, including management fees and other Fund expenses. The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other Funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2008 to January 31, 2009.

ACTUAL EXPENSES

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other Funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different Funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning Account Value (8/1/08)	Ending Account Value (1/31/09)	Annualized Expense Ratio		Expenses Paid During Period^a (8/1/08 to 1/31/09)
Actual	$1,000.00	$ 594.50	0.35	%	$1.41
Hypothetical (5% return before expenses)	1,000.00	1,023.40	0.35		1.79

^a	Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days).


2		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI EAFE INDEX FUND

January 31, 2009


Security	Shares	Value
COMMON STOCKS – 99.36%

AUSTRALIA – 5.82%
AGL Energy Ltd.	2,068,605	$	19,270,990
Alumina Ltd.	4,974,078		3,605,838
Amcor Ltd.	3,855,390		13,214,353
AMP Ltd.	7,610,690		25,504,891
Aristocrat Leisure Ltd.	1,604,295		3,825,642
Asciano Group	2,787,416		1,976,357
ASX Ltd.	820,050		14,157,905
Australia and New Zealand Banking Group Ltd.	7,497,105		63,263,518
AXA Asia Pacific Holdings Ltd.	2,849,385		8,570,400
Bendigo and Adelaide Bank Ltd.	1,112,851		7,076,620
BHP Billiton Ltd.	12,999,525		252,125,137
BlueScope Steel Ltd.	3,376,698		7,579,765
Boral Ltd.	3,115,035		6,556,616
Brambles Ltd.	5,519,284		23,866,046
Caltex Australia Ltd.	808,500		4,508,878
Coca-Cola Amatil Ltd.	2,927,925		17,036,088
Cochlear Ltd.	242,554		9,097,080
Commonwealth Bank of Australia	5,399,625		92,364,419
Computershare Ltd.	2,188,725		10,090,624
Crown Ltd.^a	2,231,666		7,861,905
CSL Ltd.	2,447,445		58,362,386
CSR Ltd.	7,290,360		6,606,214
Dexus Property Group	19,957,245		9,645,017
Fairfax Media Ltd.^a	5,860,803		5,236,273
Fortescue Metals Group Ltd.^a,b	4,955,499		5,577,627
Foster’s Group Ltd.	8,464,995		29,444,410
Goodman Fielder Ltd.	4,295,445		4,192,812
GPT Group (The)	15,959,452		7,712,948
Harvey Norman Holdings Ltd.^a	3,726,030		5,046,785
Incitec Pivot Ltd.	6,336,330		10,758,157
Insurance Australia Group Ltd.	8,327,550		20,705,362
James Hardie Industries NV	2,450,910		6,109,452
Leighton Holdings Ltd.^a	539,532		5,750,162
Lend Lease Corp. Ltd.	2,073,225		8,951,690
Lion Nathan Ltd.	967,890		5,046,946
Macquarie Airports	3,497,863		5,093,627
Macquarie Group Ltd.^a	1,148,078		18,974,332


Security	Shares	Value
Macquarie
Infrastructure Group^a	10,392,236	$	10,573,477
Mirvac Group	7,186,435		5,232,483
National Australia Bank Ltd.	7,212,975		86,826,814
Newcrest Mining Ltd.	1,807,575		35,632,545
OneSteel Ltd.	3,085,005		4,767,064
Orica Ltd.	1,459,614		12,567,402
Origin Energy Ltd.	3,603,600		32,081,409
OZ Minerals Ltd.	12,316,429		4,307,609
Qantas Airways Ltd.^a	3,803,852		5,926,230
QBE Insurance Group Ltd.	3,750,285		57,235,350
Rio Tinto Ltd.^a	1,106,214		29,650,058
Santos Ltd.	2,454,375		22,427,792
Sims Metal Management Ltd.	614,460		6,642,497
Sonic Healthcare Ltd.	1,338,645		11,832,297
Stockland Corp. Ltd.	7,495,950		17,350,696
Suncorp-Metway Ltd.	3,931,620		18,750,879
Tabcorp Holdings Ltd.	2,847,944		11,934,540
Tatts Group Ltd.	5,634,090		10,318,227
Telstra Corp. Ltd.	16,829,505		40,560,134
Toll Holdings Ltd.	2,762,486		9,608,957
Transurban Group	4,564,012		14,888,569
Wesfarmers Ltd.	2,396,580		23,697,970
Wesfarmers Ltd. Entitlement^c	1,030,587		9,863,022
Wesfarmers Ltd. Partially Protected	418,844		4,122,988
Wesfarmers Ltd. Partially Protected Entitlement^c	180,137		1,715,946
Westfield Group	6,933,513		53,084,611
Westpac Banking Corp.^a	10,415,790		103,589,989
Woodside Petroleum Ltd.	1,934,625		43,525,468
Woolworths Ltd.	4,656,298		82,018,035
WorleyParsons Ltd.	545,463		5,234,116

			1,580,734,446

AUSTRIA – 0.34%
Erste Group Bank AG^a	809,655		12,284,863
Oesterreichische Elektrizitaetswirtschafts AG Class A	444,675		17,078,435
OMV AG	601,755		17,266,027
Raiffeisen International Bank Holding AG^a	204,435		4,191,735


SCHEDULE OF INVESTMENTS		3

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE INDEX FUND

January 31, 2009


Security	Shares	Value
Telekom Austria AG	1,474,935	$	20,791,421
Vienna Insurance Group	266,805		8,411,001
voestalpine AG	398,795		7,778,269
Wienerberger AG^a	313,005		4,035,226

			91,836,977

BELGIUM – 0.81%
Anheuser-Busch InBev NV^a	1,695,269		43,254,221
Belgacom SA	555,555		19,471,661
Colruyt SA	82,005		18,206,740
Delhaize Group	352,275		22,752,597
Dexia SA^a	1,873,410		5,893,903
Fortis	7,478,625		14,854,980
Groupe Bruxelles Lambert SA	396,165		29,237,605
KBC Group NV	616,770		11,322,348
Mobistar SA	162,611		11,973,859
Solvay SA	257,923		18,311,269
UCB SA	428,505		13,385,023
Umicore	593,674		11,115,189

			219,779,395

DENMARK – 0.93%
A.P. Moller-Maersk A/S Class A	1,161		5,688,144
A.P. Moller-Maersk A/S Class B	4,636		22,394,595
Carlsberg A/S Class B	315,315		10,515,740
Coloplast A/S Class B	211,365		13,007,971
Danisco A/S	295,680		10,928,332
Danske Bank A/S	1,599,675		16,224,721
DSV A/S^a	781,449		7,757,934
FLS Industries A/S Class B^a	206,745		5,713,200
Novo Nordisk A/S Class B	1,761,375		94,622,697
Novozymes A/S Class B	203,280		16,301,958
Topdanmark A/S^b	114,345		13,661,408
Vestas Wind Systems A/S^b	727,650		35,587,565

			252,404,265

FINLAND – 1.32%
Elisa OYJ Class A	696,465		11,058,321
Fortum OYJ	1,837,980		35,990,074
Kesko OYJ Class B	191,730		4,729,763
Kone OYJ Class B	689,884		14,525,539
Metso OYJ	511,732		4,997,078
Neste Oil OYJ^a	568,455		8,260,907


Security	Shares	Value
Nokia OYJ	14,589,960	$	179,304,553
Nokian Renkaat OYJ^a	488,795		4,798,153
Orion OYJ Class B	236,775		4,090,198
Outokumpu OYJ	503,182		5,758,312
Pohjola Bank PLC Class A	274,890		3,226,807
Rautaruukki OYJ	352,910		5,630,564
Sampo OYJ Class A	1,865,325		30,047,504
Stora Enso OYJ Class R	2,470,545		15,133,496
UPM-Kymmene OYJ	2,241,855		21,259,735
Wartsila OYJ Class B	324,555		8,734,262

			357,545,266

FRANCE – 10.38%
Accor SA^a	854,700		33,948,763
Aeroports de Paris	103,954		5,603,775
Air France-KLM^a	594,416		5,720,698
Alcatel-Lucent^a,b	9,022,860		17,968,584
ALSTOM	828,218		40,252,130
ArcelorMittal	3,386,460		76,835,247
Atos Origin SA	302,747		7,218,187
AXA	5,972,505		93,490,742
BNP Paribas	3,120,810		120,019,534
Bouygues SA	888,203		30,459,092
Bureau Veritas SA	98,175		3,711,432
Cap Gemini SA	579,821		20,099,248
Carrefour SA	2,409,686		82,727,858
Casino Guichard-Perrachon SA	160,545		10,586,270
CNP Assurances SA	130,515		8,719,838
Compagnie de Saint-Gobain	1,151,535		39,216,518
Compagnie Generale de Geophysique-Veritas^b	464,330		5,670,126
Compagnie Generale des Etablissements Michelin Class B^a	593,670		23,371,410
Credit Agricole SA	3,446,520		42,135,465
Dassault Systemes SA^a	334,950		12,709,750
Eiffage SA	150,150		7,435,002
Electricite de France	765,765		37,540,697
Eramet^a	18,480		2,951,384
Essilor International SA^a	857,132		32,820,630
Eurazeo	130,515		4,435,602
European Aeronautic Defence and Space Co.^a	1,288,980		22,638,301


4		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE INDEX FUND

January 31, 2009


Security	Shares	Value
France Telecom SA	7,088,235	$	159,507,545
GDF Suez	4,343,955		167,393,025
Groupe Danone^a	1,767,150		91,150,260
Hermes International^a	277,203		28,028,092
Icade	76,626		6,186,362
Iliad SA	57,750		4,817,831
Klepierre	285,800		6,845,263
Lafarge SA	523,215		24,262,043
Lagardere SCA	560,327		21,441,243
L’Air Liquide SA	969,045		70,827,841
L’Oreal SA^a	947,631		63,269,674
LVMH Moet Hennessy Louis Vuitton SA^a	934,824		51,279,404
Natixis	3,530,501		5,542,313
Neopost SA^a	192,885		15,588,541
PagesJaunes SA	566,876		5,013,969
Pernod Ricard SA^a	694,155		43,801,916
PPR SA	311,931		15,841,680
PSA Peugeot Citroen SA	676,198		11,529,418
Publicis Groupe SA^a	657,474		15,486,123
Renault SA	742,731		14,429,436
Safran SA	776,407		9,740,713
Sanofi-Aventis	4,084,557		230,756,751
Schneider Electric SA	918,649		58,579,895
SCOR SE	749,595		15,283,241
SES SA	1,220,835		22,481,866
Societe BIC	225,225		12,122,285
Societe Generale	1,823,745		77,008,408
Sodexo	452,760		23,043,117
STMicroelectronics NV	3,013,395		15,686,086
Suez Environnement SA^b	1,092,630		17,516,569
Technip SA	387,358		12,077,394
Thales SA	415,811		18,519,612
Total SA	8,282,505		415,804,631
Unibail-Rodamco	311,850		42,043,682
Valeo SA^a	406,969		4,558,179
Vallourec SA^a	203,956		20,095,403
Veolia Environnement	1,421,805		32,168,171
Vinci SA	1,607,176		55,279,558
Vivendi	4,624,937		119,781,775
Zodiac SA	184,958		6,717,251

			2,819,792,849


Security	Shares	Value
GERMANY – 7.75%
Adidas AG	912,450	$	31,723,236
Allianz SE Registered	1,773,703		150,245,326
BASF SE	3,655,823		106,441,772
Bayer AG	3,007,620		160,375,968
Bayerische Motoren Werke AG	1,312,080		31,291,422
Beiersdorf AG	357,132		17,574,323
Celesio AG	414,645		8,900,407
Commerzbank AG^a	2,625,315		11,960,233
Daimler AG Registered	3,417,645		96,353,665
Deutsche Bank AG Registered^a	2,091,705		55,486,763
Deutsche Boerse AG	780,780		39,522,498
Deutsche Lufthansa AG Registered	1,069,190		13,016,586
Deutsche Post AG Registered	3,229,380		40,474,046
Deutsche Postbank AG^a	327,247		3,950,437
Deutsche Telekom AG Registered	11,007,150		133,580,626
E.ON AG	7,448,595		240,925,252
Fresenius Medical Care AG & Co. KGaA	853,603		38,297,167
GEA Group AG	532,459		6,161,586
HeidelbergCement AG^a	84,753		3,296,343
Hochtief AG	177,870		6,131,597
Hypo Real Estate Holding AG^a	502,030		823,490
Infineon Technologies AG^a,b	2,988,095		2,680,471
K+S AG	591,360		28,153,304
Linde AG	524,370		35,110,963
MAN AG	442,365		19,342,312
Merck KGaA	285,285		24,227,830
METRO AG^a	509,355		18,537,772
Muenchener Rueckversicherungs- Gesellschaft AG Registered	821,205		109,131,205
Puma AG	41,045		7,432,262
Q-Cells SE^a^,b	236,775		5,825,802
RWE AG	1,777,545		138,657,229
Salzgitter AG	168,630		12,334,951
SAP AG^a	3,391,080		121,026,882
Siemens AG Registered^a	3,372,600		190,080,984
SolarWorld AG^a	315,861		6,715,232
ThyssenKrupp AG^a	1,448,370		29,586,013


SCHEDULE OF INVESTMENTS		5

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE INDEX FUND

January 31, 2009


Security	Shares	Value
TUI AG	1,154,442	$	9,741,964
Volkswagen AG^a	453,915		145,103,087
Wacker Chemie AG	53,406		3,838,788

			2,104,059,794

GREECE – 0.36%
Hellenic Telecommunications Organization SA SP ADR	6,116,984		46,366,739
National Bank of Greece SA ADR	16,228,276		52,579,614

			98,946,353

HONG KONG – 2.24%
Bank of East Asia Ltd.	6,468,000		13,078,377
BOC Hong Kong (Holdings) Ltd.^a	13,860,000		14,352,137
Cheung Kong (Holdings) Ltd.	6,954,000		65,373,240
CLP Holdings Ltd.	6,374,500		43,361,709
Esprit Holdings Ltd.	3,942,400		21,250,775
Foxconn International Holdings Ltd.^a,b	6,934,000		2,593,102
Genting International PLC^a,b	10,399,000		2,994,152
Hang Lung Properties Ltd.^a	11,590,000		26,603,651
Hang Seng Bank Ltd.	2,887,500		35,299,465
Henderson Land Development Co. Ltd.	5,795,000		22,530,901
Hong Kong and China Gas Co. Ltd. (The)	18,114,432		29,759,933
Hong Kong Exchanges and Clearing Ltd.^a	4,042,500		35,448,408
Hong kong Electric Holdings Ltd.	5,795,000		34,151,315
Hutchison Telecommunications International Ltd.	5,775,000		1,459,640
Hutchison Whampoa Ltd.	8,113,000		41,848,439
Kerry Properties Ltd.	2,312,000		5,533,547
Kingboard Chemical Holdings Co. Ltd.	2,312,000		3,792,388
Li & Fung Ltd.^a	9,474,200		19,205,821
Link REIT (The)	9,817,500		18,610,414
MTR Corp. Ltd.	7,529,500		18,254,157
New World Development Co. Ltd.	10,395,599		10,027,413


Security	Shares	Value
Noble Group Ltd.	5,805,000	$	4,034,452
NWS Holdings Ltd.^a	3,483,000		4,302,856
Orient Overseas International Ltd.	1,159,000		2,779,932
Pacific Basin Shipping Ltd.	8,089,000		4,255,914
PCCW Ltd.	23,100,000		12,004,797
Shangri-La Asia Ltd.	4,644,000		5,479,628
Sun Hung Kai Properties Ltd.	6,954,000		62,772,659
Swire Pacific Ltd. Class A	4,636,000		30,489,577
Wharf Holdings Ltd. (The)	6,930,375		17,427,261

			609,076,060

IRELAND – 0.32%
Allied Irish Banks PLC	3,522,750		5,507,573
Anglo Irish Bank Corp. Ltd.^c	3,570,811		–
Bank of Ireland	4,459,123		3,714,338
CRH PLC	2,056,153		47,956,274
Elan Corp. PLC^b	1,866,480		13,394,607
Kerry Group PLC Class A	770,385		14,463,189
Ryanair Holdings PLC^b	177,504		652,843

			85,688,824

ITALY – 3.43%
A2A SpA	5,138,595		8,955,749
Alleanza Assicurazioni SpA^a	2,308,520		15,723,728
Assicurazioni Generali SpA^a	4,155,916		86,810,644
Atlantia SpA	1,098,603		16,119,994
Autogrill SpA^a	1,150,683		6,779,475
Banca Monte dei Paschi di Siena SpA	10,242,540		14,753,416
Banca Popolare di Milano Scrl	2,140,215		10,977,599
Banco Popolare SpA	2,706,165		15,510,409
Bulgari SpA	882,124		3,671,110
Enel SpA^a	17,328,555		97,597,757
Eni SpA	10,183,635		217,157,462
Fiat SpA^a	2,917,544		14,338,423
Finmeccanica SpA	1,718,640		27,023,904
Intesa Sanpaolo SpA^a	30,018,450		95,113,722
Italcementi SpA^a	512,820		4,826,978
Luxottica Group SpA	632,159		8,951,735
Mediaset SpA^a	3,808,035		18,617,188
Mediobanca SpA^a	2,105,201		19,154,487
Mediolanum SpA^a	1,637,790		6,359,449
Parmalat SpA	6,986,599		11,317,005


6		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE INDEX FUND

January 31, 2009


Security	Shares	Value
Pirelli & C. SpA	13,933,569	$	4,008,643
Prysmian SpA	163,881		2,079,134
Saipem SpA	918,357		14,098,956
Snam Rete Gas SpA	4,976,895		26,005,850
Telecom Italia SpA^a	36,186,717		44,680,653
Tenaris SA	1,785,630		17,711,325
Terna SpA	4,692,765		14,297,758
UniCredito SpA	42,434,700		75,153,254
Unione di Banche Italiane ScpA^a	2,629,935		32,860,052

			930,655,859

JAPAN – 26.07%
Acom Co. Ltd.	179,200		6,345,129
Advantest Corp.	578,700		7,957,850
AEON Co. Ltd.	2,541,000		20,625,643
AEON Credit Service Co. Ltd.	693,090		6,335,897
Aioi Insurance Co. Ltd.	1,155,000		5,761,497
Aisin Seiki Co. Ltd.	808,500		11,144,895
Ajinomoto Co. Inc.	2,318,000		20,235,074
All Nippon Airways Co. Ltd.^a	2,314,000		8,760,272
Alps Electric Co. Ltd.	1,155,000		4,964,147
Amada Co. Ltd.	2,318,000		11,227,369
Asahi Breweries Ltd.	1,732,500		27,122,759
Asahi Glass Co. Ltd.	3,880,000		20,693,910
Asahi Kasei Corp.	4,636,000		19,357,533
Astellas Pharma Inc.	1,848,090		70,787,547
Bank of Kyoto Ltd. (The)	2,318,000		24,648,592
Bank of Yokohama Ltd. (The)	5,812,000		30,221,623
Benesse Corp.	347,700		14,905,300
Bridgestone Corp.	2,425,900		31,333,304
Brother Industries Ltd.	346,500		2,287,880
Canon Inc.	4,042,500		111,403,936
Casio Computer Co. Ltd.	808,900		6,457,870
Central Japan Railway Co.	5,795		41,554,170
Chiba Bank Ltd. (The)	4,631,000		26,452,544
Chubu Electric Power Co. Inc.	2,656,900		76,029,763
Chugai Pharmaceutical Co. Ltd.	1,039,500		20,208,963
Chugoku Electric Power Co. Inc. (The)	231,000		6,044,427
Chuo Mitsui Trust Holdings Inc.	3,485,000		14,008,295
Citizen Watch Co. Ltd.	1,854,400		7,639,773
Coca-Cola West Japan Co. Ltd.	405,300		8,389,407


Security	Shares	Value
Credit Saison Co. Ltd.^a	808,500	$	8,102,104
Dai Nippon Printing Co. Ltd.	2,318,000		23,048,368
Daicel Chemical Industries Ltd.	1,159,000		5,162,009
Daido Steel Co. Ltd.	1,522,000		4,270,616
Daiichi Sankyo Co. Ltd.	2,781,695		63,185,144
Daikin Industries Ltd.	1,039,500		24,479,930
Daito Trust Construction Co. Ltd.	463,600		20,183,454
Daiwa House Industry Co. Ltd.	3,067,000		27,968,745
Daiwa Securities Group Inc.	5,795,000		32,520,655
Dena Co. Ltd.^a	1,165		3,520,555
Denso Corp.	1,848,000		34,280,904
Dentsu Inc.^a	813,000		14,203,285
DIC Corp.	3,477,000		5,691,115
Dowa Holdings Co. Ltd.	1,159,000		3,768,266
East Japan Railway Co.	1,273,800		87,227,146
Eisai Co. Ltd.	1,043,100		38,676,350
Electric Power Development Co. Ltd.	579,500		22,583,788
Elpida Memory Inc.^a,b	463,000		3,345,808
FamilyMart Co. Ltd.	347,700		12,775,971
Fanuc Ltd.	719,800		43,760,249
Fast Retailing Co. Ltd.	248,700		31,956,330
Fuji Electric Holdings Co. Ltd.	1,159,000		1,406,647
Fuji Heavy Industries Ltd.	1,155,000		3,408,028
Fuji Media Holdings Inc.	1,922		2,473,925
FUJIFILM Holdings Corp.	1,963,500		43,834,957
Fujitsu Ltd.	8,113,000		37,218,082
Fukuoka Financial Group Inc.	4,625,000		15,861,263
Furukawa Electric Co. Ltd. (The)	2,318,000		8,207,594
Gunma Bank Ltd.	2,318,000		13,653,513
Hankyu Hanshin Holdings Inc.	4,632,000		25,581,472
Haseko Corp.	5,197,500		4,919,135
Hikari Tsushin Inc.	116,400		2,091,856
Hino Motors Ltd.	1,159,000		2,077,708
Hirose Electric Co. Ltd.^a	116,400		11,107,315
Hiroshima Bank Ltd. (The)	4,636,000		20,028,594
Hitachi Construction Machinery Co. Ltd.^a	346,900		3,495,652
Hitachi Ltd.	12,705,000		41,590,803


SCHEDULE OF INVESTMENTS		7

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE INDEX FUND

January 31, 2009


Security	Shares	Value
Hokkaido Electric Power Co. Inc.	115,500	$	2,810,016
Hokuhoku Financial Group Inc.	8,089,000		16,302,294
Hokuriku Electric Power Co.	115,500		3,311,574
Honda Motor Co. Ltd.	6,352,500		146,416,602
Hoya Pentax HD Corp.	1,680,000		30,491,036
IBIDEN Co. Ltd.	579,500		12,014,575
Idemitsu Kosan Co. Ltd.	116,100		7,678,811
IHI Corp.	3,114,000		3,675,359
INPEX Corp.	3,737		27,587,473
Isetan Mitsukoshi Holdings Ltd.^a,b	1,386,000		10,108,340
Isuzu Motors Ltd.	4,630,000		5,516,201
ITO EN Ltd.^a	231,800		3,241,742
ITOCHU Corp.	5,795,000		28,842,723
Itochu Techno-Solutions Corp.	231,800		5,226,534
J. Front Retailing Co. Ltd.	1,693,600		6,204,146
Japan Airlines Corp.^a,b	2,318,000		5,032,958
Japan Real Estate Investment Corp.	1,161		10,652,088
Japan Steel Works Ltd. (The)	1,157,000		12,766,808
Japan Tobacco Inc.	17,329		50,360,417
JFE Holdings Inc.	2,079,075		52,897,076
JGC Corp.	1,159,000		16,841,053
Joyo Bank Ltd. (The)	3,477,000		19,125,242
JS Group Corp.	1,159,480		15,621,543
JSR Corp.	724,300		8,984,192
Kajima Corp.	4,638,000		12,497,450
Kamigumi Co. Ltd.	1,159,000		9,278,711
Kansai Electric Power Co. Inc. (The)	3,128,900		86,575,175
Kao Corp.	1,157,000		28,470,883
Kawasaki Heavy Industries Ltd.^a	5,795,000		10,711,169
Kawasaki Kisen Kaisha Ltd.	3,477,000		12,930,832
KDDI Corp.	11,586		73,533,237
Keihin Electric Express Railway Co. Ltd.^a	2,318,000		17,860,550
Keio Corp.	2,318,000		12,466,251
Keyence Corp.	115,781		21,413,233
Kikkoman Corp.	1,159,000		11,304,798
Kinden Corp.	1,159,000		10,298,207


Security	Shares	Value
Kintetsu Corp.	6,954,000	$	31,591,493
Kirin Holdings Co. Ltd.	3,477,000		44,328,749
Kobe Steel Ltd.	11,590,000		17,679,880
Komatsu Ltd.	3,477,000		36,663,167
Konami Corp.	463,600		9,451,638
Konica Minolta Holdings Inc.	2,318,000		18,376,751
Kubota Corp.	4,636,000		25,706,803
Kuraray Co. Ltd.	1,738,500		13,918,066
Kurita Water Industries Ltd.^a	463,800		10,664,147
Kyocera Corp.	695,400		45,528,916
Kyowa Hakko Kirin Co. Ltd.	1,381,000		12,593,687
Kyushu Electric Power Co. Inc.	1,738,100		45,673,266
Lawson Inc.	347,700		17,266,919
Makita Corp.	464,400		8,599,234
Marubeni Corp.	6,954,000		25,319,653
Marui Group Co. Ltd.	1,501,500		7,941,348
Matsui Securities Co. Ltd.	462,000		3,523,772
Mazda Motor Corp.	3,483,000		5,507,026
Meiji Dairies Corp.	2,318,000		11,046,699
Minebea Co. Ltd.	2,318,000		7,201,002
Mitsubishi Chemical Holdings Corp.	4,620,000		19,187,841
Mitsubishi Corp.	5,247,200		71,337,615
Mitsubishi Electric Corp.	7,339,000		34,321,122
Mitsubishi Estate Co. Ltd.	4,625,000		62,363,601
Mitsubishi Gas Chemical Co. Inc.	2,310,000		9,336,711
Mitsubishi Heavy Industries Ltd.	12,709,000		48,820,900
Mitsubishi Materials Corp.	4,620,000		11,780,203
Mitsubishi Motors Corp.^a,b	13,896,000		18,721,924
Mitsubishi UFJ Financial Group Inc.	42,388,580		240,710,119
Mitsubishi UFJ Lease & Finance Co. Ltd.	255,420		6,143,049
Mitsui & Co. Ltd.	6,930,000		74,076,383
Mitsui Chemicals Inc.	2,318,000		6,788,042
Mitsui Engineering & Shipbuilding Co. Ltd.	3,477,000		5,420,110
Mitsui Fudosan Co. Ltd.	3,465,000		45,911,925
Mitsui Mining & Smelting Co. Ltd.^a	3,477,000		6,387,986


8		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE INDEX FUND

January 31, 2009


Security	Shares	Value
Mitsui O.S.K. Lines Ltd.	4,653,000	$	27,303,541
Mitsui Sumitomo Insurance Group Holdings Inc.	1,501,548		39,875,203
Mitsumi Electric Co. Ltd.	346,500		4,618,200
Mizuho Financial Group Inc.	37,182,200		93,980,174
Mizuho Trust & Banking Co. Ltd.	5,805,000		6,140,463
Murata Manufacturing Co. Ltd.	927,200		35,411,379
Namco Bandai Holdings Inc.	924,000		9,372,720
NEC Corp.	6,971,000		19,016,758
NGK Insulators Ltd.	1,159,000		15,189,210
NGK Spark Plug Co. Ltd.	1,159,000		9,007,706
Nidec Corp.	463,600		22,454,738
Nikon Corp.	1,159,000		12,311,391
Nintendo Co. Ltd.	385,800		121,569,313
Nippon Building Fund Inc.	2,322		25,285,781
Nippon Electric Glass Co. Ltd.	1,290,500		8,664,642
Nippon Express Co. Ltd.	3,477,000		12,659,827
Nippon Meat Packers Inc.^a	1,159,000		14,866,585
Nippon Mining Holdings Inc.	3,680,000		13,767,732
Nippon Oil Corp.	5,795,000		25,680,993
Nippon Paper Group Inc.	347,400		10,405,367
Nippon Sheet Glass Co. Ltd.	3,477,000		8,672,175
Nippon Steel Corp.	19,724,000		59,077,564
Nippon Telegraph and Telephone Corp.	1,968,600		96,446,276
Nippon Yusen Kabushiki Kaisha	4,620,000		22,120,031
Nipponkoa Insurance Co. Ltd.	2,322,000		19,390,936
Nishi-Nippon City Bank Ltd. (The)	4,621,000		11,525,487
Nissan Motor Co. Ltd.	8,893,500		27,232,073
Nisshin Seifun Group Inc.	1,216,200		13,420,045
Nisshin Steel Co. Ltd.	4,636,000		7,897,873
Nissin Foods Holdings Co. Ltd.	347,700		12,001,670
Nitori Co. Ltd.	115,500		8,179,267
Nitto Denko Corp.	695,400		13,077,949
NOK Corp.	579,500		4,136,059
Nomura Holdings Inc.	7,161,400		47,285,494
NSK Ltd.	2,318,000		7,613,963
NTN Corp.	2,318,000		6,297,651
NTT Data Corp.	4,636		15,057,580
NTT DoCoMo Inc.	60,064		105,936,283


Security	Shares	Value
Obayashi Corp.	1,159,000	$	5,549,159
Oji Paper Co. Ltd.	3,477,000		16,686,193
Olympus Corp.	1,159,000		19,125,242
Omron Corp.	956,100		11,465,535
Oracle Corp. Japan^a	115,900		4,658,713
Oriental Land Co. Ltd.^a	231,800		17,705,690
ORIX Corp.	369,600		16,584,879
Osaka Gas Co. Ltd.	8,113,000		34,869,369
Panasonic Corp.	6,958,868		85,155,283
Promise Co. Ltd.^a	346,500		6,446,960
Rakuten Inc.^a	25,410		15,080,203
Resona Holdings Inc.^a	1,969,000		31,044,472
Ricoh Co. Ltd.	2,318,000		28,881,438
Rohm Co. Ltd.	463,600		23,280,659
Sankyo Co. Ltd.	347,700		16,879,769
SANYO Electric Co. Ltd.^b	6,941,000		10,819,953
Sapporo Hokuyo Holdings Inc.	2,324,000		8,409,977
Sapporo Holdings Ltd.	2,318,000		10,917,648
SBI Holdings Inc.^a	68,145		8,407,155
Secom Co. Ltd.	808,500		34,388,932
Sega Sammy Holdings Inc.	808,538		10,308,162
Seiko Epson Corp.	577,500		7,433,359
Sekisui Chemical Co. Ltd.	2,318,000		13,085,692
Sekisui House Ltd.	2,318,000		19,847,924
Seven & I Holdings Co. Ltd.	3,234,080		87,684,944
77 Bank Ltd. (The)	2,318,000		11,795,190
Sharp Corp.	4,636,000		34,946,799
Shikoku Electric Power Co. Inc.	115,500		3,845,285
Shimamura Co. Ltd.	231,000		16,332,814
Shimano Inc.	347,700		12,001,670
Shimizu Corp.	2,310,000		10,597,038
Shin-Etsu Chemical Co. Ltd.	1,622,600		76,965,549
Shinsei Bank Ltd.	5,775,000		7,587,685
Shionogi & Co. Ltd.	1,159,000		25,035,742
Shiseido Co. Ltd.	1,159,000		19,693,063
Shizuoka Bank Ltd. (The)	3,475,000		36,874,234
Showa Denko K.K.	4,636,000		6,297,651
Showa Shell Sekiyu K.K.	1,155,000		10,982,853
SMC Corp.	231,800		21,060,995
SoftBank Corp.	2,897,900		45,625,550
Sojitz Corp.	5,197,500		8,159,977
Sompo Japan Insurance Inc.	3,477,000		22,222,447


SCHEDULE OF INVESTMENTS		9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE INDEX FUND

January 31, 2009


Security	Shares	Value
Sony Corp.	3,941,000	$	78,109,119
Sony Financial Holdings Inc.	3,468		11,661,686
Stanley Electric Co. Ltd.	724,300		7,113,157
Sumco Corp.^a	579,900		7,696,702
Sumitomo Chemical Co. Ltd.	6,954,000		22,377,307
Sumitomo Corp.	4,389,000		40,610,834
Sumitomo Electric Industries Ltd.	2,887,500		22,216,485
Sumitomo Heavy Industries Ltd.	2,318,000		7,536,533
Sumitomo Metal Industries Ltd.	15,069,000		30,872,909
Sumitomo Metal Mining Co. Ltd.	2,318,000		22,093,398
Sumitomo Mitsui Financial Group Inc.	2,545,400		103,448,502
Sumitomo Realty & Development Co. Ltd.	1,552,000		18,265,939
Sumitomo Rubber Industries Inc.	577,500		3,658,807
Sumitomo Trust and Banking Co. Ltd. (The)	5,785,000		29,050,607
Suruga Bank Ltd.	1,159,000		10,324,017
Suzuken Co. Ltd.	347,740		9,041,008
Suzuki Motor Corp.	1,386,000		19,028,371
T&D Holdings Inc.	754,600		24,870,460
Taiheiyo Cement Corp.	2,310,000		3,240,842
Taisei Corp.	2,310,000		5,195,635
Taisho Pharmaceutical Co. Ltd.	1,159,000		23,771,050
Taiyo Nippon Sanso Corp.	1,159,000		7,601,058
Takashimaya Co. Ltd.	2,410,000		16,476,339
Takeda Pharmaceutical Co. Ltd.	3,118,500		147,574,045
Takefuji Corp.	531,300		3,827,537
TDK Corp.	479,600		18,316,758
Teijin Ltd.	3,477,000		8,517,315
Terumo Corp.	695,400		23,925,910
THK Co. Ltd.	231,000		2,981,060
Tobu Railway Co. Ltd.	3,477,000		19,202,672
Toho Co. Ltd.	927,200		16,508,104
Tohoku Electric Power Co. Inc.	1,969,900		50,996,743
Tokio Marine Holdings Inc.	2,656,500		72,025,136
Tokuyama Corp.	1,159,000		7,033,237


Security	Shares	Value
Tokyo Broadcasting System Inc.^a	188,000	$	2,572,676
Tokyo Electric Power Co. Inc. (The)	4,735,900		149,232,791
Tokyo Electron Ltd.	694,800		26,071,440
Tokyo Gas Co. Ltd.	9,240,000		43,931,411
Tokyo Steel Manufacturing Co. Ltd.	579,500		5,749,187
Tokyo Tatemono Co. Ltd.	2,318,000		7,949,493
Tokyu Corp.	4,636,000		20,338,314
Tokyu Land Corp.	2,318,000		7,459,103
TonenGeneral Sekiyu K.K.	2,318,000		22,583,787
Toppan Printing Co. Ltd.	2,318,000		15,873,177
Toray Industries Inc.	5,795,000		25,487,418
Toshiba Corp.	11,826,000		41,873,600
Tosoh Corp.	2,318,000		4,955,529
TOTO Ltd.^a	2,318,000		12,517,872
Toyo Seikan Kaisha Ltd.	811,300		12,222,346
Toyoda Gosei Co. Ltd.	347,700		3,979,909
Toyota Industries Corp.	1,043,600		21,160,178
Toyota Motor Corp.	10,626,000		346,075,604
Toyota Tsusho Corp.	811,300		7,425,550
Trend Micro Inc.^a	579,500		16,163,540
Tsumura & Co.	231,000		7,664,848
Ube Industries Ltd.	4,636,000		10,220,777
Uni-Charm Corp.	231,800		16,079,657
USS Co. Ltd.	162,260		7,010,008
West Japan Railway Co.	8,113		33,243,336
Yahoo! Japan Corp.^a	58,905		19,014,096
Yakult Honsha Co. Ltd.^a	346,500		7,129,852
Yamada Denki Co. Ltd.	347,700		20,867,420
Yamaguchi Financial Group Inc.	1,165,000		13,101,548
Yamaha Corp.	724,100		6,458,124
Yamaha Motor Co. Ltd.	928,900		8,853,562
Yamato Holdings Co. Ltd.	2,318,000		23,925,910
Yaskawa Electric Corp.	1,159,000		4,297,372
Yokogawa Electric Corp.	1,044,800		4,827,881

			7,078,690,300

NETHERLANDS – 2.48%
Aegon NV	5,371,945		28,500,371
Akzo Nobel NV	992,145		35,651,004
ASML Holding NV	1,724,505		28,751,491


10		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE INDEX FUND

January 31, 2009


Security	Shares	Value
Corio NV	77,385	$	3,324,141
Fugro NV CVA	185,962		5,059,328
Heineken NV	921,331		27,214,805
ING Groep NV CVA	7,474,922		61,133,896
Koninklijke Ahold NV	4,747,050		57,250,356
Koninklijke Boskalis Westminster NV	216,123		4,388,457
Koninklijke DSM NV	646,800		15,582,835
Koninklijke KPN NV	6,952,597		93,106,919
Koninklijke Philips Electronics NV	4,116,420		74,907,730
Randstad Holding NV	343,777		6,852,759
Reed Elsevier NV	2,646,105		29,433,737
SBM Offshore NV	591,362		7,180,443
SNS REAAL NV	584,165		2,573,712
TNT NV	1,611,225		28,194,637
Unilever NV	6,476,085		143,325,507
Wolters Kluwer NV	1,236,136		22,335,927

			674,768,055

NORWAY – 0.70%
Aker Solutions ASA	440,265		2,083,047
DnB NOR ASA	3,183,180		10,869,519
Frontline Ltd.^a	244,582		7,077,691
Norsk Hydro ASA	2,060,235		7,392,742
Orkla ASA	3,485,502		23,324,599
Renewable Energy Corp. ASA^a,b	539,385		5,455,231
Seadrill Ltd.	1,183,875		9,900,812
StatoilHydro ASA	4,897,416		84,819,998
Telenor ASA	3,276,735		21,500,855
Yara International ASA	785,400		17,812,938

			190,237,432

PORTUGAL – 0.37%
Banco Comercial Portugues SA Registered^a,b	9,674,280		9,918,072
Banco Espirito Santo SA Registered	1,787,940		11,914,475
BRISA - Auto-estradas de Portugal SA	2,027,025		13,429,760
Energias de Portugal SA	8,641,714		30,764,562
Galp Energia SGPS SA Class B	705,705		7,542,370
Portugal Telecom SGPS SA Registered^a	2,658,810		21,465,769


Security	Shares	Value
Zon Multimedia - Servicos de Telecomunicacoes e Multimedia SGPS SA	1,115,992	$	6,035,207

			101,070,215

SINGAPORE – 1.14%
CapitaLand Ltd.	5,775,000		9,173,948
City Developments Ltd.	2,310,000		8,669,381
ComfortDelGro Corp. Ltd.	12,749,000		12,320,321
COSCO Corp. (Singapore) Ltd.^a	2,310,000		1,207,903
DBS Group Holdings Ltd.	6,980,000		40,749,007
Fraser and Neave Ltd.	8,107,150		15,454,456
Golden Agri-Resources Ltd.	18,576,000		3,811,596
Keppel Corp. Ltd.	4,636,000		12,427,721
Olam International Ltd.	4,644,000		3,811,596
Oversea-Chinese Banking Corp.	11,591,200		39,511,967
Singapore Airlines Ltd.	1,946,200		14,350,455
Singapore Exchange Ltd.	3,471,000		11,900,834
Singapore Press Holdings Ltd.	11,550,750		21,483,722
Singapore Technologies Engineering Ltd.	8,085,000		12,201,350
Singapore Telecommunications Ltd.	25,410,285		44,738,786
United Overseas Bank Ltd.	5,795,000		45,568,308
UOL Group Ltd.	4,881,000		6,332,248
Wilmar International Ltd.	3,483,000		6,685,663

			310,399,262

SPAIN – 4.26%
Abertis Infraestructuras SA	1,249,710		20,339,093
Acciona SA	133,417		15,131,189
Acerinox SA^a	772,695		10,139,736
Actividades de Construcciones y Servicios SA^a	820,050		33,103,163
Banco Bilbao Vizcaya Argentaria SA^a	13,407,300		125,940,065
Banco de Sabadell SA^a	3,444,210		17,301,920
Banco de Valencia SA	624,855		6,245,863
Banco Popular Espanol SA^a	3,393,390		23,395,626
Banco Santander SA	30,634,778		248,113,518
Bankinter SA^a	979,800		8,513,061


SCHEDULE OF INVESTMENTS		11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE INDEX FUND

January 31, 2009


Security	Shares	Value
Cintra Concesiones de Infraestructuras de Transporte SA^a	1,170,015	$	5,832,566
Criteria CaixaCorp SA	3,419,955		11,964,695
Enagas SA	758,835		13,225,280
Gamesa Corporacion Tecnologica SA	680,295		11,490,298
Gas Natural SDG SA	659,505		15,931,184
Grifols SA	518,595		9,157,905
Grupo Ferrovial SA^a	297,990		7,950,620
Iberdrola Renovables SA^b	3,506,580		14,289,910
Iberdrola SA	14,216,895		110,771,222
Iberia Lineas Aereas de Espana SA	1,958,880		4,543,651
Industria de Diseno Textil SA^a	891,660		34,142,749
Red Electrica Corporacion SA	458,535		18,921,126
Repsol YPF SA	3,023,793		54,404,870
Sacyr Vallehermoso SA^a	375,993		3,228,295
Telefonica SA	16,478,385		294,160,512
Union Fenosa SA	1,601,985		36,172,869
Zardoya Otis SA	198,660		3,561,613

			1,157,972,599

SWEDEN – 1.98%
Alfa Laval AB	1,491,215		10,561,458
Assa Abloy AB Class B	1,395,241		14,170,817
Atlas Copco AB Class A	2,797,424		19,053,839
Atlas Copco AB Class B	1,745,970		10,524,041
Electrolux AB Class B^a	1,227,777		8,954,691
Hennes & Mauritz AB Class B^a	1,861,860		72,722,330
Holmen AB Class B	342,065		7,072,102
Husqvarna AB Class B^a	1,320,227		5,570,477
Investor AB Class B	1,546,545		18,131,258
Lundin Petroleum AB^b	1,034,499		5,163,048
Millicom International Cellular SA SDR	259,875		10,103,456
Modern Times Group MTG AB Class B	231,800		3,995,998
Nordea Bank AB	7,824,878		41,882,857
Sandvik AB^a	3,855,543		19,986,178
Scania AB Class B	1,562,917		12,717,901
Securitas AB Class B	1,478,494		12,030,927


Security	Shares	Value
Skandinaviska Enskilda Banken AB Class A^a	1,913,851	$	8,259,750
Skanska AB Class B^a	1,607,160		13,901,344
SKF AB Class B	1,594,250		13,501,391
SSAB Svenskt Stal AB Class A	842,845		5,994,811
Svenska Cellulosa AB Class B	2,257,692		17,827,143
Svenska Handelsbanken AB Class A	1,971,585		21,747,651
Swedbank AB Class A^a	1,036,635		3,686,580
Swedish Match AB	1,529,220		20,877,762
Tele2 AB Class B	1,265,880		10,338,977
Telefonaktiebolaget LM Ericsson AB Class B	11,426,415		92,015,759
TeliaSonera AB	8,703,710		38,612,506
Volvo AB Class B	4,225,342		17,115,000

			536,520,052

SWITZERLAND – 8.18%
ABB Ltd. Registered^b	8,500,014		110,872,932
Actelion Ltd. Registered^b	406,564		22,137,370
Adecco SA Registered	468,169		15,754,873
Aryzta AG^b	309,540		7,733,833
Baloise Holding Registered	212,520		13,228,715
Compagnie Financiere Richemont SA Class A Bearer Units	2,047,184		29,983,741
Credit Suisse Group AG Registered	4,211,130		108,262,358
Geberit AG Registered	167,475		16,246,821
Givaudan SA Registered	34,650		23,508,982
Holcim Ltd. Registered	781,935		31,622,322
Julius Baer Holding AG Registered	815,430		24,293,590
Kuehne & Nagel International AG Registered	165,165		9,107,056
Logitech International SA Registered^a,b	785,040		7,622,470
Lonza Group AG Registered^a	241,395		22,066,003
Nestle SA Registered	14,950,320		517,535,847
Nobel Biocare Holding AG Registered^a	560,175		8,643,693
Novartis AG Registered	9,266,565		383,851,508


12		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE INDEX FUND

January 31, 2009


Security	Shares	Value
OC Oerlikon Corp. AG Registered^a,b	29,052	$	998,686
Roche Holding AG Genusschein	2,723,490		383,405,071
SGS SA Registered	20,488		21,711,243
Sonova Holding AG Registered	209,779		10,121,154
Sulzer AG Registered	133,980		6,694,960
Swatch Group AG (The) Bearer	128,205		14,348,091
Swatch Group AG (The) Registered	302,610		6,752,476
Swiss Life Holding AG Registered^b	147,193		8,014,644
Swiss Reinsurance Co. Registered^a	1,328,250		35,406,268
Swisscom AG Registered	95,865		30,208,171
Syngenta AG Registered	384,615		74,722,739
Synthes Inc.	271,425		32,808,587
UBS AG Registered^b	11,358,270		143,262,749
Zurich Financial Services AG Registered	559,020		101,140,863

			2,222,067,816

UNITED KINGDOM – 20.48%
Admiral Group PLC	694,155		8,996,862
AMEC PLC	1,358,280		11,073,803
Anglo American PLC	5,127,045		93,578,425
Antofagasta PLC	1,349,816		8,173,325
Associated British Foods PLC	747,285		7,142,902
AstraZeneca PLC	5,636,400		217,045,403
Aviva PLC	10,162,483		45,711,906
BAE Systems PLC	13,049,190		75,675,362
Balfour Beatty PLC	1,972,740		10,565,829
Banco Santander SA	652,855		5,200,246
Barclays PLC^d	30,885,855		47,244,354
Berkeley Group Holdings PLC (The) Units^b	382,305		4,362,504
BG Group PLC	13,008,765		178,263,770
BHP Billiton PLC	8,486,940		144,502,689
BP PLC	72,420,810		516,302,909
British Airways PLC	2,134,460		3,695,778
British American Tobacco PLC	7,267,260		199,066,966
British Land Co. PLC	2,070,915		13,510,013


Security	Shares	Value
British Sky Broadcasting Group PLC	4,449,207	$	31,879,676
BT Group PLC	28,663,129		43,348,491
Bunzl PLC	1,819,434		14,872,852
Burberry Group PLC	2,075,733		7,571,238
Cable & Wireless PLC	9,820,965		22,215,291
Cadbury PLC	5,252,940		42,296,119
Cairn Energy PLC^b	507,603		13,318,965
Capita Group PLC	2,427,219		24,425,265
Carnival PLC	725,340		13,270,221
Centrica PLC	19,621,315		72,983,169
Cobham PLC	5,410,020		16,691,199
Compass Group PLC	7,521,360		37,220,467
Diageo PLC	9,913,365		134,917,408
Drax Group PLC	1,327,095		10,647,363
Eurasian Natural Resources Corp.	1,235,850		5,656,977
Experian PLC	3,869,250		24,112,192
FirstGroup PLC	1,534,670		6,034,686
Friends Provident PLC	8,642,865		10,279,845
G4S PLC	4,732,447		13,086,071
GKN PLC	2,995,087		3,637,929
GlaxoSmithKline PLC	20,288,730		356,706,946
Hammerson PLC^a	1,257,795		7,357,720
Hays PLC	6,032,681		6,544,730
Home Retail Group PLC	3,567,795		10,583,142
HSBC Holdings PLC	46,262,370		362,328,513
ICAP PLC	2,394,315		8,146,446
IMI PLC	1,725,888		6,687,071
Imperial Tobacco Group PLC	3,970,036		108,347,765
InterContinental Hotels Group PLC	1,311,460		9,926,342
International Power PLC	6,267,761		24,555,958
Invensys PLC^b	3,130,955		6,996,542
Investec PLC	2,014,320		7,245,593
J Sainsbury PLC	4,117,575		19,767,905
Johnson Matthey PLC	985,631		13,840,386
Kazakhmys PLC	660,976		2,132,179
Kingfisher PLC	9,497,565		19,046,461
Ladbrokes PLC	2,230,467		5,812,313
Land Securities Group PLC	1,863,015		18,519,341
Legal & General Group PLC	24,346,984		21,622,245


SCHEDULE OF INVESTMENTS		13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE INDEX FUND

January 31, 2009


Security	Shares	Value
Liberty International PLC^a	721,875	$	3,879,311
Lloyds TSB Group PLC	35,115,465		45,917,751
Logica PLC	6,018,495		5,705,038
London Stock Exchange Group PLC	658,350		4,567,752
Lonmin PLC	451,605		5,641,599
Man Group PLC	6,458,804		19,205,294
Marks & Spencer Group PLC	6,069,525		20,213,503
Meggitt PLC	3,030,720		6,040,680
National Express Group PLC	695,310		3,270,423
National Grid PLC	9,905,280		92,537,265
Next PLC	805,035		13,660,485
Old Mutual PLC	20,089,614		15,176,715
Pearson PLC	3,219,205		30,886,706
Prudential PLC	9,569,360		46,010,148
Reckitt Benckiser PLC	2,341,185		90,288,912
Reed Elsevier PLC	4,367,712		32,681,069
Rexam PLC	2,204,382		9,915,540
Rio Tinto PLC	3,827,670		83,106,379
Rolls-Royce Group PLC^b	6,947,666		33,254,614
Royal Bank of Scotland Group PLC	64,129,065		20,340,072
Royal Dutch Shell PLC Class A	13,674,045		341,049,963
Royal Dutch Shell PLC Class B	10,455,060		249,911,335
RSA Insurance Group PLC	12,877,753		24,451,233
SABMiller PLC	3,455,841		56,399,477
Sage Group PLC	5,544,228		14,475,528
Scottish & Southern Energy PLC	3,395,700		58,502,189
SEGRO PLC	1,906,917		4,391,851
Serco Group PLC	2,260,010		14,311,892
Severn Trent PLC	956,340		15,042,221
Shire PLC	2,107,080		30,711,928
Smith & Nephew PLC	3,637,095		26,139,345
Smiths Group PLC	1,379,070		17,028,978
Stagecoach Group PLC	2,498,929		4,386,295
Standard Chartered PLC	7,001,477		88,423,697
Standard Life PLC	8,252,475		26,144,961
Tate & Lyle PLC	1,999,305		9,583,973
Tesco PLC	29,968,133		154,760,516
Thomas Cook Group PLC	1,658,592		4,562,395
Thomson Reuters PLC	768,075		15,469,452


Security	Shares	Value
3i Group PLC	1,679,059	$	5,482,880
Tomkins PLC	3,145,195		5,339,289
TUI Travel PLC	2,756,985		8,903,430
Tullow Oil PLC	2,793,945		27,873,971
Unilever PLC	5,023,516		110,808,766
United Business Media Ltd.	1,195,831		8,339,993
United Utilities Group PLC	2,857,470		22,287,114
Vedanta Resources PLC	513,987		4,097,813
Vodafone Group PLC	202,968,150		379,527,079
Whitbread PLC	935,550		11,066,760
Wm Morrison Supermarkets PLC	8,907,360		34,769,014
Wolseley PLC	2,321,550		5,780,232
WPP PLC	4,528,927		25,497,127
Xstrata PLC	2,398,935		19,696,411

			5,562,262,432


TOTAL COMMON STOCKS (Cost: $40,326,333,375)			26,984,508,251

PREFERRED STOCKS – 0.41%

GERMANY – 0.30%
Fresenius SE	359,205		19,973,337
Henkel AG & Co. KGaA	783,361		20,268,279
Porsche Automobil Holding SE^a	348,125		20,521,621
Volkswagen AG	421,575		20,934,624

			81,697,861

ITALY – 0.11%
Intesa Sanpaolo SpA RNC	3,622,080		8,169,384
Telecom Italia SpA RNC	23,236,290		22,571,198

			30,740,582


TOTAL PREFERRED STOCKS (Cost: $184,748,986)			112,438,443

RIGHTS – 0.00%

BELGIUM – 0.00%
Fortis^a,b,c	6,897,693		884

			884

TOTAL RIGHTS
(Cost: $0)			884


14		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EAFE INDEX FUND

January 31, 2009


Security	Shares	Value
SHORT-TERM INVESTMENTS – 6.53%

MONEY MARKET FUNDS – 6.53%
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 0.93%^d,e,f	1,524,138,372	$	1,524,138,372

Barclays Global Investors Funds Prime Money Market Fund, Institutional Shares 0.56%^d,e,f	246,386,243		246,386,243
Barclays Global Investors Funds Treasury Money Market Fund, Institutional Shares 0.09%^d,e	1,362,781		1,362,781

			1,771,887,396


TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,771,887,396)			1,771,887,396


TOTAL INVESTMENTS IN SECURITIES – 106.30% (Cost: $42,282,969,757)			28,868,834,974

Other Assets, Less Liabilities – (6.30)%			(1,711,681,231	)


NET ASSETS – 100.00%		$	27,157,153,743

ADR – American Depositary Receipts

SDR – Swedish Depositary Receipts

SP ADR – Sponsored American Depositary Receipts

^a	All or a portion of this security represents a security on loan. See Note 5.

^b	Non-income earning security.

^c	Security valued using Level 3 inputs. See Note 1.

^d	Affiliated issuer. See Note 2.

^e	The rate quoted is the annualized seven-day yield of the fund at period end.

^f	All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.


SCHEDULE OF INVESTMENTS		15

Statement of Assets and Liabilities (Unaudited)

iSHARES^® TRUST

January 31, 2009


	iShares MSCI EAFE Index Fund

ASSETS
Investments, at cost:
Unaffiliated issuers	$	40,238,401,208
Affiliated issuers (Note 2)		2,044,568,549

Total cost of investments	$	42,282,969,757

Investments in securities, at fair value (including securities on loan^a) (Note 1):
Unaffiliated issuers	$	27,049,703,224
Affiliated issuers (Note 2)		1,819,131,750

Total fair value of investments		28,868,834,974
Foreign currencies, at value^b		32,325,987
Receivables:
Investment securities sold		11,980,619
Dividends and interest		45,813,114

Total Assets		28,958,954,694


LIABILITIES
Payables:
Investment securities purchased		10,393,642
Securities related to in-kind transactions (Note 4)		11,980,619
Collateral for securities on loan (Note 5)		1,770,524,615
Investment advisory fees (Note 2)		8,902,075

Total Liabilities		1,801,800,951


NET ASSETS	$	27,157,153,743


Net assets consist of:
Paid-in capital	$	41,716,908,032
Undistributed net investment income		11,817,055
Accumulated net realized loss		(1,154,432,344	)
Net unrealized depreciation on investments and translation of assets and liabilities in foreign currencies		(13,417,139,000	)

NET ASSETS	$	27,157,153,743


Shares outstanding^c		693,000,000


Net asset value per share	$	39.19

^a	Securities on loan with market value of $1,670,298,845. See Note 5.

^b	Cost of foreign currencies: $33,016,779.

^c	No par value, unlimited number of shares authorized.

See notes to financial statements.


16		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement of Operations (Unaudited)

iSHARES^® TRUST

Six months ended January 31, 2009


	iShares MSCI EAFE Index Fund


NET INVESTMENT INCOME
Dividends from unaffiliated issuers^a	$	374,582,677
Dividends from affiliated issuers (Note 2)		6,000,905
Interest from affiliated issuers (Note 2)		28,250
Securities lending income from affiliated issuers (Note 2)		8,732,062

Total investment income		389,343,894


EXPENSES
Investment advisory fees (Note 2)		54,870,856

Total expenses		54,870,856

Net investment income		334,473,038


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments in unaffiliated issuers		(700,951,275	)
Investments in affiliated issuers (Note 2)		(13,276,932	)
In-kind redemptions		468,996,661
Foreign currency transactions		(19,730,367	)

Net realized loss		(264,961,913	)

Net change in unrealized appreciation (depreciation) on:
Investments		(16,572,470,450	)
Translation of assets and liabilities in foreign currencies		(2,926,495	)

Net change in unrealized appreciation (depreciation)		(16,575,396,945	)

Net realized and unrealized loss		(16,840,358,858	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(16,505,885,820	)

^a	Net of foreign withholding tax of $20,508,330.

See notes to financial statements.


FINANCIAL STATEMENTS		17

Statements of Changes in Net Assets

iSHARES^® TRUST


	iShares MSCI EAFE Index Fund
	Six months ended January 31, 2009 (Unaudited)			Year ended July 31, 2008

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	334,473,038		$	1,441,822,772
Net realized gain (loss)		(264,961,913	)		1,582,626,610
Net change in unrealized appreciation (depreciation)		(16,575,396,945	)		(9,268,956,761	)

Net decrease in net assets resulting from operations		(16,505,885,820	)		(6,244,507,379	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(398,044,194	)		(2,120,955,623	)

Total distributions to shareholders		(398,044,194	)		(2,120,955,623	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		7,126,574,843			8,674,382,311
Cost of shares redeemed		(3,762,867,194	)		(5,938,096,401	)

Net increase in net assets from capital share transactions		3,363,707,649			2,736,285,910

DECREASE IN NET ASSETS		(13,540,222,365	)		(5,629,177,092	)

NET ASSETS
Beginning of period		40,697,376,108			46,326,553,200

End of period	$	27,157,153,743		$	40,697,376,108

Undistributed net investment income included in net assets at end of period	$	11,817,055		$	75,388,211


SHARES ISSUED AND REDEEMED
Shares sold		166,800,000			111,000,000
Shares redeemed		(83,400,000	)		(83,400,000	)

Net increase in shares outstanding		83,400,000			27,600,000

See notes to financial statements.


18		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares MSCI EAFE Index Fund
	Six months ended Jan. 31, 2009 (Unaudited)			Year ended Jul. 31, 2008			Year ended Jul. 31, 2007			Year ended Jul. 31, 2006			Year ended Jul. 31, 2005			Year ended Jul. 31, 2004

Net asset value, beginning of period	$	66.76		$	79.60		$	65.68		$	54.00		$	45.49		$	36.88


Income from investment operations:
Net investment income		0.52	^a		2.32	^a		1.85	^a		1.70	^a		0.97			0.65
Net realized and unrealized gain (loss)^b		(27.55	)		(11.85	)		13.60			11.09			8.34			8.48

Total from investment operations		(27.03	)		(9.53	)		15.45			12.79			9.31			9.13


Less distributions from:
Net investment income		(0.54	)		(3.31	)		(1.53	)		(1.11	)		(0.80	)		(0.52	)

Total distributions		(0.54	)		(3.31	)		(1.53	)		(1.11	)		(0.80	)		(0.52	)

Net asset value, end of period	$	39.19		$	66.76		$	79.60		$	65.68		$	54.00		$	45.49


Total return		(40.55	)%^c		(12.35	)%		23.75	%		23.91	%		20.53	%		24.81	%


Ratios/Supplemental data:
Net assets, end of period (000s)	$	27,157,154		$	40,697,376		$	46,326,553		$	29,320,817		$	17,721,489		$	8,733,741
Ratio of expenses to average net assets^d		0.35	%		0.34	%		0.34	%		0.35	%		0.36	%		0.35	%
Ratio of net investment income to average net assets^d		2.12	%		3.07	%		2.48	%		2.77	%		2.57	%		2.34	%
Portfolio turnover rate^e		3	%		12	%		5	%		7	%		8	%		7	%

^a	Based on average shares outstanding throughout the period.

^b	The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of capital share transactions.

^c	Not annualized.

^d	Annualized for periods of less than one year.

^e	Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		19

Notes to Financial Statements (Unaudited)

iSHARES^® TRUST

These financial statements relate only to the iShares MSCI EAFE Index Fund (the “Fund”).

The Fund’s investment objective is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a “passive” or index approach to achieve the Fund’s investment objective. The Fund is classified as a non-diversified fund under the 1940 Act. Non-diversified funds generally hold securities of fewer companies than diversified funds and may be more susceptible to the risks associated with these particular companies, or to a single economic, political or regulatory occurrence affecting these companies.

The Fund invests in the securities of non-U.S. issuers that may trade in non-U.S. markets. This may involve certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets and the risk of war.

Pursuant to the Trust’s organizational documents, the Fund’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

1. SIGNIFICANT ACCOUNTING POLICIES

SECURITY VALUATION

The securities and other assets of the Fund are valued pursuant to the pricing policy and procedures approved by the Board of Trustees of the Trust (the “Board”). Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” This standard establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FAS 157 are as follows:

•

Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date (a “Level 1 Price”);


20		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

•

Level 3 – Inputs that are unobservable for the asset or liability (a “Level 3 Price”).

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. However, the determination of what constitutes an “observable” input may require significant judgment by the Fund. The Fund considers observable inputs to be market data that is readily available, regularly distributed or updated, reliable and verifiable, and provided by independent sources that are actively involved in the relevant market. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Fund’s perceived risk of that instrument.

Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 Prices, include active listed equities and certain U.S. government securities. The Fund does not adjust the quoted price for such instruments, even in situations where the Fund holds a large position and a sale could reasonably impact the quoted price.

Investments whose values are classified as Level 3 Prices have significant unobservable inputs, as they may trade infrequently or not at all. Investments whose values are classified as Level 3 Prices may include unlisted securities related to corporate actions, securities whose trading have been suspended or which have been de-listed from their primary trading exchange, less liquid corporate debt securities (including distressed debt instruments), collateralized debt obligations, and less liquid mortgage securities (backed by either commercial or residential real estate). When observable prices are not available for these securities, the Fund uses one or more valuation techniques (e.g., the market approach or the income approach) for which sufficient and reliable data is available. Within Level 3 of the fair value hierarchy, the use of the market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

The inputs used by the Fund in estimating the value of Level 3 Prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 Prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Fund in the absence of market information. The fair value measurement of Level 3 Prices does not include transaction costs that may have been capitalized as part of the security’s cost basis. Assumptions used by the Fund due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations.


NOTES TO FINANCIAL STATEMENTS		21

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

Fair value pricing could result in a difference between the prices used to calculate the Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.

The following table summarizes the inputs used in valuing the Fund’s investments as of January 31, 2009:


Investments in Securities
Level 1	Level 2		Level 3		Total
$28,857,255,122	$	–	$	11,579,852	$	28,868,834,974

The following table provides the reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the six months ended January 31, 2009:

Balance at

Beginning of

Period

(Amortized
Premiums)

Accreted

Discounts

Realized

Gain (Loss)

and Change in
Unrealized
Appreciation
(Depreciation)

Net

Purchases

(Sales)

Net

Transfers

in or out

Balance at

End of

Period

Net Change in
Unrealized
Appreciation
(Depreciation)

from

Investments

Still Held at

End of Period

$19,719,390

–

616,419

502,469

(9,258,426

)

11,579,852

776,773

SECURITY TRANSACTIONS AND INCOME RECOGNITION

FOREIGN CURRENCY TRANSLATION

The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Fund as a component of realized and unrealized gains and losses from investments for financial reporting purposes.


22		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

FOREIGN TAXES

The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, capital gains on investments or currency repatriation. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign markets in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are disclosed in its Statement of Operations. Foreign taxes payable as of January 31, 2009, if any, are reflected in the Fund’s Statement of Assets and Liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

Distributions to shareholders from net investment income, if any, are declared and distributed at least annually by the Fund. Distributions of net realized capital gains, if any, generally are declared and distributed once a year. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

FEDERAL INCOME TAXES

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of the Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carry forwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes was required for the six months ended January 31, 2009.

As of July 31, 2008, the tax year-end of the Fund, the Fund had tax basis net capital loss carry forwards of $17,452,072 and $150,352 expiring in 2012 and 2013, respectively. Such losses may be applied against any net realized taxable gains in each succeeding year or until their respective expiration dates, whichever occurs first.

The Fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

For the six months ended January 31, 2009, the Fund realized net capital gains or losses resulting from in-kind redemptions of large blocks of shares or multiples thereof (“Creation Units”). Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to paid-in-capital at the end of the Fund’s tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized in-kind gains or losses for the six months ended January 31, 2009 are disclosed in the Fund’s Statement of Operations.

As of January 31, 2009, the cost of investments for federal income tax purposes was $42,955,673,425. Net unrealized depreciation was $14,086,838,451, of which $14,086,838,451 represented gross unrealized depreciation on securities and $– represented gross unrealized appreciation on securities.


NOTES TO FINANCIAL STATEMENTS		23

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

2. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, Barclays Global Fund Advisors (“BGFA”) manages the investment of the Fund’s assets. BGFA is a California corporation indirectly owned by Barclays Bank PLC. Under the Investment Advisory Agreement, BGFA is responsible for all expenses (“Covered Expenses”) of the Trust, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees and extraordinary expenses.

For its investment advisory services to the Fund, BGFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and the iShares MSCI ACWI and iShares MSCI ACWI ex US Index Funds as follows:


Investment Advisory Fee		Aggregate Average Daily Net Assets
0.35%		First $30 billion
0.32		Over $30 billion, up to and including $60 billion
0.28		Over $60 billion

SEI Investments Distribution Co. (“SEI”) serves as the Fund’s underwriter and distributor of the shares of the Fund, pursuant to a Distribution Agreement with the Trust. SEI does not receive a fee from the Fund for its distribution services.

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC”), the Fund is permitted to lend portfolio securities to Barclays Capital Inc. (“BarCap”). Pursuant to the same exemptive order, Barclays Global Investors, N.A. (“BGI”) serves as securities lending agent for the Fund. BarCap and BGI are affiliates of BGFA, the Fund’s investment adviser. As securities lending agent, BGI receives, as fees, a share of the income earned on investment of the cash collateral received for the loan of securities. For the six months ended January 31, 2009, BGI earned securities lending agent fees of $8,732,062.

The Fund may invest in the Institutional Shares of certain money market funds managed by BGFA, the Fund’s investment adviser, including the Government Money Market Fund (“GMMF”), Institutional Money Market Fund (“IMMF”), Prime Money Market Fund (“PMMF”) and Treasury Money Market Fund (“TMMF”) of Barclays Global Investors Funds. These money market funds seek to achieve their investment objectives by investing in high-quality, short-term money market instruments that, at the time of investment, have remaining maturities of 397 calendar days or less from the date of acquisition. The GMMF, IMMF, PMMF and TMMF are feeder funds in a master/feeder fund structure that invest substantially all of their assets in the Government Money Market Master Portfolio, Money Market Master Portfolio, Prime Money Market Master Portfolio and Treasury Money Market Master Portfolio (collectively, the “Money Market Master Portfolios”), respectively, which are also managed by BGFA. While the GMMF, IMMF, PMMF and TMMF do not directly charge an investment advisory fee, the Money Market Master Portfolios in which they invest do charge an investment advisory fee. Income distributions from the GMMF, IMMF, PMMF and TMMF are declared daily and paid monthly from net investment income. Income distributions earned by the Fund from temporary cash investments are recorded as interest from affiliated issuers in the accompanying Statement of Operations. Income distributions earned by the Fund from the investment of securities lending collateral, if any, are included in securities lending income in the accompanying Statement of Operations.


24		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

For the six months ended January 31, 2009, the Fund had direct investments (exclusive of short-term investments) in issuers of which BGFA is an affiliate or issuers of which the Fund owns 5% or more of the outstanding voting securities as follows:

Name of Affiliated Issuer

Number of
Shares Held
Beginning
of Period
(in 000s)

Gross
Additions
(in 000s)

Gross
Reductions
(in 000s)

Number of
Shares Held
End of Period
(in 000s)

Value at

End of Period

Dividend
Income

Net

Realized

Loss

Barclays PLC

28,159

7,516

4,789

30,886

47,244,354

6,000,905

(13,276,932)

Certain trustees and officers of the Trust are also officers of BGI and/or BGFA.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended January 31, 2009, aggregated $882,325,447 and $845,891,261, respectively.

In-kind purchases and sales (see Note 4) for the six months ended January 31, 2009, aggregated $7,029,418,684 and $3,718,735,358, respectively.

4. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of the Fund generally consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes a substantial replication, or a portfolio sampling representation of the securities involved in the Fund’s underlying index and an amount of cash. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee directly to State Street, the administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

5. LOANS OF PORTFOLIO SECURITIES

The Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current market value of the securities on loan. The risks to the Fund of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities


NOTES TO FINANCIAL STATEMENTS		25

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® TRUST

when due. Any securities lending cash collateral may be reinvested in certain short-term instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds, including those managed by BGFA; such reinvestments are subject to investment risk.

As of January 31, 2009, the Fund had loaned securities which were collateralized by cash. The cash collateral received was invested in money market funds managed by BGFA. The market value of the securities on loan as of January 31, 2009 and the value of the related collateral are disclosed in the Statement of Assets and Liabilities. Securities lending income, as disclosed in the Fund’s Statement of Operations, represents the income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to BGI as securities lending agent.


26		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:


NOTES		27

Notes:


28		NOTES

The iShares^® Family of Funds

iShares S&P Domestic Index Funds

iShares S&P 1500 (ISI)

iShares S&P 100 (OEF)

iShares S&P 500 (IVV)

iShares S&P 500 Growth (IVW)

iShares S&P 500 Value (IVE)

iShares S&P MidCap 400 (IJH)

iShares S&P MidCap 400 Growth (IJK)

iShares S&P MidCap 400 Value (IJJ)

iShares S&P SmallCap 600 (IJR)

iShares S&P SmallCap 600 Growth (IJT)

iShares S&P SmallCap 600 Value (IJS)

iShares S&P North American Natural Resources Sector (IGE)

iShares S&P North American Technology-Multimedia Networking (IGN)

iShares S&P North American Technology-Semiconductors (IGW)

iShares S&P North American Technology-Software (IGV)

iShares S&P North American Technology Sector (IGM)

iShares Domestic Sector Index Funds

iShares Cohen & Steers Realty Majors (ICF)

iShares Dow Jones U.S. Basic Materials Sector (IYM)

iShares Dow Jones U.S. Consumer Services Sector (IYC)

iShares Dow Jones U.S. Consumer Goods Sector (IYK)

iShares Dow Jones U.S. Energy Sector (IYE)

iShares Dow Jones U.S. Financial Sector (IYF)

iShares Dow Jones U.S. Financial Services (IYG)

iShares Dow Jones U.S. Healthcare Sector (IYH)

iShares Dow Jones U.S. Industrial Sector (IYJ)

iShares Dow Jones U.S. Real Estate (IYR)

iShares Dow Jones U.S. Technology Sector (IYW)

iShares Dow Jones U.S. Telecommunications Sector (IYZ)

iShares Dow Jones Transportation Average (IYT)

iShares Dow Jones U.S. Utilities Sector (IDU)

iShares Dow Jones U.S. (IYY)

iShares Nasdaq Biotechnology (IBB)

iShares Domestic Subsector Index Funds

iShares Dow Jones U.S. Aerospace & Defense (ITA)

iShares Dow Jones U.S. Broker-Dealers (IAI)

iShares Dow Jones U.S. Healthcare Providers (IHF)

iShares Dow Jones U.S. Home Construction (ITB)

iShares Dow Jones U.S. Insurance (IAK)

iShares Dow Jones U.S. Medical Devices (IHI)

iShares Dow Jones U.S. Oil & Gas Exploration & Production (IEO)

iShares Dow Jones U.S. Oil Equipment & Services (IEZ)

iShares Dow Jones U.S. Pharmaceuticals (IHE)

iShares Dow Jones U.S. Regional Banks (IAT)

iShares FTSE NAREIT Industrial/Office Capped (FIO)

iShares FTSE NAREIT Mortgage Plus Capped (REM)

iShares FTSE NAREIT Real Estate 50 (FTY)

iShares FTSE NAREIT Residential Plus Capped (REZ)

iShares FTSE NAREIT Retail Capped (RTL)

iShares Global Index Funds

iShares S&P Global 100 (IOO)

iShares S&P Global Clean Energy (ICLN)

iShares S&P Global Consumer Discretionary Sector (RXI)

iShares S&P Global Consumer Staples Sector (KXI)

iShares S&P Global Energy Sector (IXC)

iShares S&P Global Financials Sector (IXG)

iShares S&P Global Healthcare Sector (IXJ)

iShares S&P Global Industrials Sector (EXI)

iShares S&P Global Infrastructure (IGF)

iShares S&P Global Materials Sector (MXI)

iShares S&P Global Nuclear Energy (NUCL)

iShares S&P Global Technology Sector (IXN)

iShares S&P Global Telecommunications Sector (IXP)

iShares S&P Global Timber & Forestry (WOOD)

iShares S&P Global Utilities Sector (JXI)

iShares Russell Index Funds

iShares Russell 3000 (IWV)

iShares Russell 3000 Growth (IWZ)

iShares Russell 3000 Value (IWW)

iShares Russell 1000 (IWB)

iShares Russell 1000 Growth (IWF)

iShares Russell 1000 Value (IWD)

iShares Russell Midcap (IWR)

iShares Russell Midcap Growth (IWP)

iShares Russell Midcap Value (IWS)

iShares Russell 2000 (IWM)

iShares Russell 2000 Growth (IWO)

iShares Russell 2000 Value (IWN)

iShares Russell Microcap (IWC)

iShares International Country Index Funds

iShares FTSE China (HK Listed) (FCHI)

iShares FTSE/Xinhua China 25 (FXI)

iShares MSCI Australia (EWA)

iShares MSCI Austria Investable Market (EWO)

iShares MSCI Belgium Investable Market (EWK)

iShares MSCI Brazil (EWZ)

iShares MSCI Canada (EWC)

iShares MSCI Chile Investable Market (ECH)

iShares MSCI France (EWQ)

iShares MSCI Germany (EWG)

iShares MSCI Hong Kong (EWH)

iShares MSCI Israel Capped Investable Market (EIS)

iShares MSCI Italy (EWI)

iShares MSCI Japan (EWJ)

iShares MSCI Japan Small Cap (SCJ)

iShares MSCI Malaysia (EWM)

iShares MSCI Mexico Investable Market (EWW)

iShares MSCI Netherlands Investable Market (EWN)

iShares MSCI Singapore (EWS)

iShares MSCI South Africa (EZA)

iShares MSCI South Korea (EWY)

iShares MSCI Spain (EWP)

iShares MSCI Sweden (EWD)

iShares MSCI Switzerland (EWL)

iShares MSCI Taiwan (EWT)

iShares MSCI Thailand Investable Market (THD)

iShares MSCI Turkey Investable Market (TUR)

iShares MSCI United Kingdom (EWU)

iShares S&P/TOPIX 150 (ITF)

iShares Bond Funds

iShares Barclays Aggregate (AGG)

iShares Barclays MBS (MBB)

iShares Barclays Short Treasury (SHV)

iShares Barclays 1-3 Year Treasury (SHY)

iShares Barclays 3-7 Year Treasury (IEI)

iShares Barclays 7-10 Year Treasury (IEF)

iShares Barclays 10-20 Year Treasury (TLH)

iShares Barclays 20+ Year Treasury (TLT)

iShares Barclays TIPS (TIP)

iShares Barclays Agency (AGZ)

iShares Barclays Credit (CFT)

iShares Barclays 1-3 Year Credit (CSJ)

iShares Barclays Intermediate Credit (CIU)

iShares iBoxx $ Investment Grade Corporate (LQD)

iShares iBoxx $ High Yield Corporate (HYG)

iShares Barclays Government/Credit (GBF)

iShares Barclays Intermediate Government/Credit (GVI)

iShares S&P National Municipal (MUB)

iShares S&P Short Term National Municipal (SUB)

iShares S&P California Municipal (CMF)

iShares S&P New York Municipal (NYF)

iShares JPMorgan USD Emerging Markets (EMB)

iShares S&P/Citigroup International Treasury (IGOV)

iShares S&P/Citigroup 1-3 Year International Treasury (ISHG)

iShares Specialty Index Funds

iShares KLD 400 Social (DSI)

iShares KLD Select Social^SM (KLD)

iShares Dow Jones Select Dividend (DVY)

iShares Dow Jones EPAC Select Dividend (IDV)

iShares S&P U.S. Preferred Stock (PFF)

iShares International Index Funds

iShares FTSE Developed Small Cap ex-North America (IFSM)

iShares FTSE EPRA/NAREIT Global Real Estate ex-U.S. (IFGL)

iShares FTSE EPRA/NAREIT North America (IFNA)

iShares FTSE EPRA/NAREIT Europe (IFEU)

iShares FTSE EPRA/NAREIT Asia (IFAS)

iShares MSCI ACWI (ACWI)

iShares MSCI ACWI ex US (ACWX)

iShares MSCI All Country Asia ex Japan (AAXJ)

iShares MSCI BRIC (BKF)

iShares MSCI EAFE (EFA)

iShares MSCI EAFE Growth (EFG)

iShares MSCI EAFE Value (EFV)

iShares MSCI EAFE Small Cap (SCZ)

iShares MSCI Emerging Markets (EEM)

iShares MSCI EMU (EZU)

iShares MSCI Kokusai (TOK)

iShares MSCI Pacific ex-Japan (EPP)

iShares S&P Asia 50 (AIA)

iShares S&P Developed ex-U.S. Property (WPS)

iShares S&P Europe 350 (IEV)

iShares S&P Latin America 40 (ILF)


iSHARES FAMILY OF FUNDS		29

The iShares^® Family of Funds (Continued)

iShares Morningstar Index Funds

iShares Morningstar Large Core (JKD)

iShares Morningstar Large Growth (JKE)

iShares Morningstar Large Value (JKF)

iShares Morningstar Mid Core (JKG)

iShares Morningstar Mid Growth (JKH)

iShares Morningstar Mid Value (JKI)

iShares Morningstar Small Core (JKJ)

iShares Morningstar Small Growth (JKK)

iShares Morningstar Small Value (JKL)

iShares NYSE Index Funds

iShares NYSE Composite (NYC)

iShares NYSE 100 (NY)

iShares S&P Allocation Funds

iShares S&P Conservative (AOK)

iShares S&P Moderate (AOM)

iShares S&P Growth (AOR)

iShares S&P Aggressive (AOA)

iShares S&P Target Date Index Funds

iShares S&P Target Date Retirement Income (TGR)

iShares S&P Target Date 2010 (TZD)

iShares S&P Target Date 2015 (TZE)

iShares S&P Target Date 2020 (TZG)

iShares S&P Target Date 2025 (TZI)

iShares S&P Target Date 2030 (TZL)

iShares S&P Target Date 2035 (TZO)

iShares S&P Target Date 2040 (TZV)

iShares^® is a registered trademark of Barclays Global Investors, N.A. (“BGI”) The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc., Dow Jones & Company, Inc., European Public Real Estate Association (“EPRA^®”), FTSE International Limited (“FTSE”), FTSE/Xinhua Index Limited (“FXI”), iBoxx^®, J.P. Morgan Securities Inc., KLD Research & Analytics, Inc., MSCI Inc., Morningstar Inc., The NASDAQ Stock Market, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), New York Stock Exchange, Inc., Frank Russell Company, or Standard & Poor’s, nor are they sponsored or endorsed by Barclays Capital. None of these companies make any representation regarding the advisability of investing in the iShares Funds. Neither SEI nor BGI, nor any of their affiliates, are affiliated with the companies listed above except Barclays Capital, which is an affiliate of BGI. FXI does not make any warranty regarding the FTSE/Xinhua Index. All rights in the FTSE/Xinhua Index vest in FXI. Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50/Residential/Retail/Mortgage REITs or Industrial/Office Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Global Real Estate ex-US/North America/Europe/Asia Index; all rights vest in FTSE, NAREIT, and EPRA. All rights in the FTSE Developed Small Cap ex-North America Index vest in FTSE. “FTSE” is a trade- and servicemark of London Stock Exchange and The Financial Times Limited; “Xinhua” is a trade- and servicemark of Xinhua Financial Network Limited. “NAREIT^®” is a trademark of NAREIT; “EPRA^®” is a trademark of EPRA.

An investment in the Fund(s) is not a deposit of a bank and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

This advertising section does not constitute part of the 2009 Semi-Annual Report.

iS-0454 0309


30		2009 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

LOGO

For more information: WWW.iSHARES.COM 1-800-iShares (1-800- 474-2737) The iShares Funds are distributed by SEI investments Distribution Co. (SEI). Barclays Global Fund Advisors (BGFA) serves as an advisor to the iShares Funds. BGFA is a subsidiary of Barclays Global investors, N.A. (BGI), neither of which is affiliated with SEI. The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. Neither SEI nor BGI, nor any of their affiliates, are affiliated with the company listed above ©2009 Barclays Global Investors. All rights reserved. iShares® is a registered trademark of Barclays Global investors, N.A. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Investing involves risk, including possible loss of principal, A description of the policies that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge, upon request, by calling toll-free 1-800-474-2737; on the Fund’s website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund also discloses its complete schedule of portfolio holdings on a monthly basis on the Fund’s website. This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus. iShares® LET’S BUILD A BETTER INVESTMENT WORLD.® BARCLAYS GLOBAL INVESTORS BG-SAR-73-0109

Item 2.

Code of Ethics.

Not applicable to this semi-annual filing.

Item 3.

Audit Committee Financial Expert.

Not applicable to this semi-annual filing.

Item 4.

Principal Accountant Fees and Services.

Not applicable to this semi-annual filing.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to this semi-annual filing.

Item 6.

Schedule of Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8:

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10.

Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11.

Controls and Procedures.

(a) The President (the Registrant’s Principal Executive Officer) and Chief Financial Officer (the Registrant’s Principal Financial Officer) have concluded that, based on their evaluation as of a date within 90 days of the filing date of this report, the disclosure controls and procedures of the Registrant (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are reasonably designed to achieve the purposes described in Section 4(a) of the attached certification.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Exhibits.

(a) (1) Not applicable to this semi-annual filing.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable to the Registrant.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


iShares Trust

By:		/s/ Michael A. Latham
		Michael A. Latham, President (Principal Executive Officer)
		Date: March 20, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.



By:		/s/ Michael A. Latham
		Michael A. Latham, President (Principal Executive Officer)
		Date: March 20, 2009



By:		/s/ Jack Gee
		Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)
		Date: March 20, 2009