3 April 2009 Company Announcements Office ASX Listed CERTIFIED SHAREHOLDER REPORTS In accordance with certain United States securities laws, iShares Trust. (the “Company”) has lodged with the US regulator the attached document in connection to its respective iShares funds (including those cross-listed on ASX as listed in the table below on issue for period ending 31 January 2009. The document contains a copy of the Semi-Annual Report to Shareholders published. Fund ASX Code iShares FTSE / Xinhua China 25 IZZ Unless otherwise stated, financial information in the attached document is in US dollars. This announcement is provided to ASX in accordance with the requirements of ASX Listing Rule 1.15.2. Before investing in an iShares fund, you should carefully consider the appropriateness of such products to your circumstances, read the applicable Australian prospectus and consult an investment adviser. For more information about iShares funds (including Australian prospectuses) go to iShares.com.au or call 1300-iShares (1300 474 2737). 9 SEMI- S FTSE/XINHUA CHINA 25 INDEX FUND S FTSE SERIES S MSCI SERIES JANUARY 31, 9 ½Would you prefer to receive materials like this electronically? See inside cover for details. 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 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 iShares MSCI EAFE Small Cap Index Fund iShares MSCI Kokusai Index Fund 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 . 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 THIS PAGE INTENTIONALLY LEFT BLANK. 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 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. 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. PORTFOLIO ALLOCATION TEN LARGEST FUND HOLDINGS As of 1/31/09 As of 1/31/09 Percentage of Percentage of Sector Net Assets Security Net Assets Industrial 21.49% Toho Bank Ltd. (The) (Japan) 0.82% Financial 21.47 Kureha Corp. (Japan) 0.80 Consumer Non-Cyclical 17.46 Kisoji Co. Ltd. (Japan) 0.70 Consumer Cyclical 14.37 Ryosan Co. Ltd. (Japan) 0.68 Basic Materials 6.15 PSP Swiss Property AG Communications 5.50 Registered (Switzerland) 0.64 Technology 5.48 Kagome Co. Ltd. (Japan) 0.62 Energy 5.05 Mikuni Coca-Cola Bottling Co. Ltd. (Japan) 0.62 Diversified 1.75 Basler Kantonalbank Participation Utilities 0.90 Certificates (Switzerland) 0.60 Short-Term and Other Net Assets 0.38 Oita Bank Ltd. (The) (Japan) 0.59 Doutor Nichires Holdings Co. Ltd. (Japan) 0.55 TOTAL 100.00% 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 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.