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

At close Mar 02, 2015

Market Price$16.77
Unadjusted NAV**$19.92

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.


Fund Managers’ Monthly Report

December 2014

  • Israeli equities, as represented by the TA-100 Index, fell in December as investor sentiment was hurt by political uncertainty. Prime Minister Benjamin Netanyahu triggered an early March election after sacking his finance and justice ministers, which precipitated the dissolution of the coalition government. This could delay reforms and hamper economic recovery.
  • At month-end, upbeat economic data provided the market with some respite. Consumer spending accelerated in 2014, helping the economy to grow by a better-than-expected 2.6% for the year, still lower than the previous year’s rate of 3.2%, reflecting the effects of conflict with Palestine.
  • In Fund-related news, flavors and fragrances manufacturer Frutarom’s share price rose to a record high following the company’s inclusion in the TA-25 Index.* Israel Chemicals plans to invest up to US$500 million in a joint venture to mine phosphate in China. The company concurrently is selling its Germany-based Rhenoflex footwear operations to focus on its core business.
  • During the month, we exited the position in retailer Shufersal as the company is facing increasing regulatory headwinds amid a difficult operating environment. Discount supermarkets have put pressure on profitability in recent years. We also sold Hadera Paper on concerns over the company’s long-term prospects as a high fixed-cost business operating in a difficult sector.
  • With the proceeds, we added to discount supermarket operator Rami Levy as we believe that it has an attractive valuation as the stock price declined on worries over sluggish retail spending. We feel it is best placed to weather the tough environment and help consolidate the sector. We also added to the holding in pharmaceutical firm Perrigo. Following its acquisition of Belgian health products provider Omega Pharma, the company is set to become one of the world’s largest providers of over-the-counter health care remedies, in our view.

* The TA-25 Index is a capitalization-weighted index of 25 stocks traded on the Tel Aviv Stock Exchange.

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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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