SUPPLEMENT DATED February 1, 2002

                                       TO

                                 iSHARES, INC.

                                   PROSPECTUS

                                      AND

                      STATEMENT OF ADDITIONAL INFORMATION

                             DATED JANUARY 1, 2002

     The information in this Supplement updates the information in, and should
be read in conjunction with, the Prospectus and the Statement of Additional
Information of iShares, Inc., each dated January 1, 2002.

     The following information incorporates the final voting results of the
iShares, Inc. proxy with respect to the Special Meeting of Shareholders held on
December 19, 2001 and the several adjournments of the Special Meeting until
January 24, 2002.

Advisory Agreement of iShares MSCI Singapore Index Fund

     The shareholders of iShares MSCI Singapore Index Fund did not approve the
new Advisory Agreement that was approved by the shareholders of, and is
applicable to, each other Index Fund.  Accordingly, the terms of the Advisory
Agreement dated May 8, 2000 continue to apply only to the iShares MSCI Singapore
Index Fund.

Investments in a Single Issuer

     The following fundamental investment limitation applies only to the
specified Index Funds: Each of the iShares MSCI Mexico, Singapore and South
Korea Index Funds may not purchase a security (other than obligations of the
United States Government, its agencies or instrumentalities) if as a result 25%
or more of its total assets would be invested in a single issuer.

Industry Concentration Policies

     Each of the iShares MSCI Mexico, Singapore and South Korea Index Funds has
the following concentration policy: With respect to the two most heavily
weighted industries or groups of industries in its benchmark MSCI Index, the
Index Fund will invest in securities (consistent with its investment objective
and other investment policies) so that the weighting of each such industry or
group of industries in the Index Fund does not diverge by more than 10% from the
respective weighting of such industry or group of industries in its benchmark
MSCI Index.  An exception to this policy is that if investment in the stock of a
single issuer would account for more than 25% of the Index Fund, the Index Fund
will invest less than 25% of its net assets in such stock and will reallocate
the excess to stock(s) in the same industry or group of industries, and/or to
stock(s) in another industry or group of industries, in its benchmark MSCI
Index.  Each Index Fund will evaluate these industry weightings at least weekly,
and at the time of evaluation will adjust its portfolio composition to the
extent necessary to maintain compliance with the above policy.

     Each of the iShares MSCI Austria, Australia, Belgium, Brazil, Canada, EMU,
France, Germany, Hong Kong, Italy, Japan, Malaysia, Netherlands, Pacific
ex-Japan, Spain, Sweden, Switzerland, Taiwan and United Kingdom Index Funds will
not concentrate its investments (i.e., hold 25% or more of its total assets in
the stocks of a particular industry or group of industries), except that, to the
extent practicable, the Index Fund will concentrate to approximately the same
extent that its benchmark MSCI Index concentrates in the stocks of such
particular industry or group of industries, provided that the Index Fund will
comply with the diversification requirements applicable to regulated investment
companies of the Internal Revenue Code, any underlying Treasury regulations or
any successor provision.

Each Index Fund Classified as "Non-Diversified"

     The shareholders of each of the iShares MSCI Japan and United Kingdom Index
Funds have approved the change in classification of these Index Funds from
"diversified" to "non-diversified" for purposes of the Investment Company Act of
1940.  Currently, every Index Fund is classified as a "non-diversified"
investment company under the Investment Company Act of 1940.