# Aberdeen Israel Fund, Inc. (NYSE MKT: ISL)
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Daily Data

At close Jul 30, 2014

Market Price$17.82
Unadjusted NAV**$20.56

The NAV information is provided by the Fund's accounting agent. The price is as reported by the exchange on which the Fund trades. This information is unaudited and neither Aberdeen Asset Management PLC, its wholly owned subsidiaries, the Funds, nor any other person guarantees their accuracy.


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Aberdeen Israel Fund, Inc. (NYSE MKT: ISL)

Investment Objective

The Fund seeks long-term capital appreciation by investing primarily in equity securities of Israeli companies.

For more detailed information on the specific risks associated with this fund, please view the Important Risk Considerations tab.

Investment Policies

It is the policy of the Fund to invest its assets in Israeli equity securities. For these purposes, “Israeli securities” includes common and preferred stock, warrants, options and debt securities organized under the laws of Israel.

The information contained above provides only a brief summary description of the Fund's investment objective and investment policies.

Webcast Update

Aberdeen Israel Fund, Inc. (ISL) Webcast Update

Listen to Aberdeen's Susan McDonald give a Q4 2013 update on the Aberdeen Israel Fund, Inc. and a 2014 outlook for the region.

Watch now


Aberdeen Israel Fund, Inc.

Members of Aberdeen's Global Emerging Markets Equity team speak about Israeli equities and why they believe the country has such good investment prospects. They speak about the specific sectors where they are finding opportunities, the potential economic effects of recent oil and natural gas discoveries in the region and why they believe Aberdeen's investment process is conducive to finding investment opportunities within Israel.

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Fund Managers’ Monthly Report

May 2014

  • Israeli equities posted virtually flat returns in May on the back of mixed domestic economic news. The central bank kept monetary policy unchanged, despite preliminary data showing slower firstquarter gross domestic product (GDP) growth. On an upbeat note, the unemployment rate improved, while consumer confidence ticked higher.
  • The Fund’s holdings produced an equally mixed set of first-quarter results, although year-on-year trends were skewed by the earlier date of the Passover observance. Flavors and fragrances manufacturer Frutarom reported robust earnings that benefited from an improved product mix. Vehicle tracking company Ituran’s results were buoyed by healthy growth in its subscriber base. Supermarket operator Rami Levy’s sales growth remained decent, while margins were resilient despite the softer consumer environment. Israel Chemicals posted decent revenue growth. Lower potash pricing hurt fertilizer profits, but forward rates suggest the sector is stabilizing.
  • For telecom company Bezeq, solid growth in broadband compensated for weakness in its fixedline operations and loss of mobile subscribers. We feel the company remains the best of the local providers of telephony services. Retailer Golf reported a tough quarter as sales and earnings were hampered by stubborn fixed costs amid falling revenues. The company is restructuring, with management confident of achieving a turnaround. We remain comfortable with the holding, supported by its modest valuation and high dividend yield.
  • IT services provider Nice Systems’ results disappointed investors and, coupled with a downgrade of its full-year earnings forecasts, resulted in a sharp fall in its share price. Despite a healthy order book, we think that profitability may be hurt by the shekel’s strength. However, the company’s specialization in the financial industry suggests demand for its software and services should remain attractive, in our view.
  • There were no major changes to the Fund in May.
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Section 16 Filings


Pursuant to valuation policies adopted by the Board of Directors of the Fund, the Fund values foreign equity securities that primarily trade in certain markets that close ahead of the Fund’s daily 4:00 pm Eastern net asset value (“NAV”) calculation time at their fair values using prices provided by third-party independent pricing services. The fair value of each such security generally is calculated by applying a valuation factor provided by the independent pricing service to the last sales price for that security, or, if, the pricing service is unable to provide a fair value for a security, at the price at the close of the exchange on which it is principally traded, subject to adjustment by the Fund’s Pricing Committee. These daily fair valuations seek to reflect information available after the local market close that may affect the value of the foreign equity securities held by the Fund. As a result, this official NAV calculation reflects adjustments that may cause it to vary from a calculation based solely on closing prices. In contrast, the “Unadjusted NAV” of the Fund (shown above) is for informational purposes only and is computed using the closing prices on the relevant exchange. It does not reflect any daily fair valuation adjustments of the Fund’s foreign securities. The Unadjusted NAV does not represent the official NAV of the Fund, nor is the Unadjusted NAV used for Fund accounting or performance purposes. Investors should not rely upon the Unadjusted NAV when making their investment decisions.

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