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

At close Dec 19, 2014

Market Price$17.14
Unadjusted NAV**$19.54

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

October 2014

  • Israeli equities, as measured by the TA-100 Index,* rose in local-currency terms in September. However, the index was largely flat in U.S.-dollar terms as the hard currency strengthened on the back of upbeat economic growth in the U.S., which brought expectations of an earlier-thanexpected rate hike by the Federal Reserve back to the fore.
  • The Israeli government proposed increasing spending in the 2015 budget to boost economic growth, although the plan to lift the deficit ceiling to 3.4% from the previously targeted 2.5% was criticized by numerous economists and former Israeli Treasury officials.
  • In Fund-related earnings news, robust overseas results at food manufacturer Osem Investments were negated by muted domestic performance. Overall, sales declined, but margins climbed, reflecting ongoing overseas restructuring and lower expenses at its bakery and snacks division.
  • Shufersal announced plans to close four supermarket branches and sell these outlets to other chain operators. The company also intends to reduce its commercial space in a sign that the restructuring of its business is underway.
  • Israel Chemicals launched an initial public offering in New York. The move opens the way for a new set of investors in the company at a time when it is facing challenges in its home market, in the form of the government’s proposal to impose higher taxes on earnings from natural resources. Separately, the company benefited from a rise in potash prices in the second quarter, which prompted suggestions that the market had bottomed.
  • During the month, we exited the position in industrial conglomerate Israel Corp. given our low conviction in the quality of its underlying businesses and a strong share-price run in anticipation of its long-awaited corporate restructuring and an unconfirmed special dividend.
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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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