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

At close Oct 30, 2014

Market Price$16.90
Unadjusted NAV**$19.36

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

August 2014

  • Israeli equities, as measured by the TA-100 Index, fell in August, despite a late rally following the Egypt-brokered ceasefire in Gaza and the central bank’s second benchmark interest rate cut in two months to a record low. June-quarter gross domestic product (GDP) growth slowed as exports plummeted.
  • Fund-related corporate results were mixed. Flavors and fragrances manufacturer Frutarom delivered record sales, while margins expanded on the back of operating leverage and a better product mix. Tempering enthusiasm, however, was caution over rising raw material costs. Israel Chemicals’ profits were weak as its expanding performance products division failed to compensate for lower potash prices and volumes.
  • Retailers Fox Wizel and Golf & Co. reported solid results as the Passover holiday boosted sales and profitability. However, intense competition from discount stores hurt supermarket chain operator Shufersal, prompting management to cut employee wages.
  • Despite the low-rate environment, banks Mizrahi Tefahot and Hapoalim reported better-thanexpected earnings attributable to robust loan growth and lower loss provisions. Bank Leumi benefited from good household lending. Meanwhile, cost cuts and one-off gains from the sale of its London operations aided First International Bank of Israel.
  • Elsewhere, Bezeq’s earnings beat expectations, bolstered by the sale of an Internet portal and some property divestments. Its shares were further buoyed by management’s decision to pay a higher dividend. Azrieli Group was lifted by good performance in the domestic office segment and its U.S. division, while the fuel marketing unit posted healthy operating margins. Defense systems supplier Elbit Systems’ management reiterated its optimism over growth in emerging markets, despite lackluster results.
  • There were no major changes to the Fund during the month.
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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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