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

At close Jan 29, 2015

Market Price$16.35
Unadjusted NAV**$19.09

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.


Fund Managers’ Monthly Report

November 2014

  • Israeli equities, as represented by the TA-100 Index, fell in U.S. dollar terms in November. The economy contracted for the first time in over five years in the third quarter amid rising conflict with Palestine, while tensions in the coalition government escalated over controversial draft legislation to recognize Israel as a Jewish state. Falling commodity prices, led by oil, sparked equity market retreats across the world. In Israel, the decline was exacerbated by the U.S. dollar strengthening rapidly over the shekel.
  • In our view, third-quarter results for Fund holdings were encouraging. Data and surveillance specialist Nice Systems reported robust earnings on tight cost controls and better execution. Israel Chemicals’ results also exceeded forecasts, with improvements in both its fertilizer and bromine divisions. Flavors and fragrances manufacturer Frutarom’s margins expanded as greater scale drove operating leverage still further. Vehicle tracking technology company Ituran posted good subscriber growth, record margins and strong cash generation.
  • Food manufacturer Osem and property company Azrieli reported positive results, despite the more challenging domestic environment. Telco Bezeq’s results were mixed as tariffs in the mobile business continued to fall amid intense competition. This was mitigated by good gains in broadband subscription and decent cost control. First International Bank of Israel was buttressed by strong trading income, although core banking income was unremarkable, in our opinion.
  • Conversely, Bank Leumi’s profitability was negatively impacted by additional provisions for fines in the U.S. Supermarket operator Rami Levi’s earnings were weak as sales were substantially hurt by subdued retail activity during the conflict with Palestine, while price competition continued to erode competitor Shufersal’s margins.
  • There were no major changes to the Fund in November.
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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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