SUPPLEMENT DATED JUNE 19, 2003

                               TO iSHARES, INC.

                        iSHARES MSCI SERIES PROSPECTUS

               DATED JANUARY 1, 2002 (AS REVISED MARCH 25, 2003)

   The information in this Supplement replaces and updates the information in,
and should be read in conjunction with, the iShares, Inc. Prospectus dated
December 1, 2002 (as revised March 25, 2003) relating to the iShares MSCI
Series (the "Funds").

The following paragraph replaces the paragraph titled "Possible Claim" on page
82 of the Prospectus.

   iShares, Inc. (the "Company") has reached a settlement in an action in the
   U.S. District Court for the Northern District of Illinois. In the action, a
   company named Mopex, Inc. and a company named Realtimemutualfunds.com
   alleged that the actions of the Company and others infringed a patent held
   by Mopex, and that the parties engaged in a "conspiracy" amongst themselves
   to infringe the patent. The patent itself was found to be invalid in a
   related action to which the Company was not a party. In the settlement, the
   plaintiffs' claims and allegations are dismissed with prejudice, and neither
   the Company nor any other defendant will pay any compensation to the
   plaintiffs.

              PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

                                                                BGI-A-002-04003