American Mutual Fund for Investments in Israel Offers Shares to Public

Shares in the Israel American Diversified Fund, Inc., a newly formed, open-end diversified investment company, are now being offered to the public following registration with the Securities Exchange Commission, it was announced today by Lawrence G. Laskey, president of the Fund.

Mr. Laskey indicated that this fund is unique in that it represents the only American mutual fund for investment in Israel. He said that the primary objective of this mutual-fund will be to offer growth possibilities through investment in a varied group of Israeli, Israeli-oriented, and American companies.

A noteworthy consideration, pinpointed by Mr. Laskey, is that Israelis will, for the first time, be able to invest in a United States mutual fund. An initial total of 17,500 shares has been allocated by the Israel Government for sale in Israel through three prominent Israeli banks, Ellern’s Bank, Ltd., Jacob Japhet & Co., Ltd. and Palestine-British Bank, Ltd, who have underwritten this portion of the Fund’s shares.

At the same time, American investors will be able to participate in any economic development and growth of Israel through the Fund’s portfolio of Israeli securities. “It is our hope,” said Mr. Laskey, “that, as Israel’s economy moves forward, the Israel American Diversified Fund, Inc, will be a contributor in financing the country’s economic progress.”

Israel American Diversified Fund shares initially are being offered to the public at a maximum figure of $10 per share, representing a net asset value of $9,15, plus a sales charge ranging from eight and one-half per cent downward, according to the size of the investment. The minimum initial purchase of shares is fixed at $250. Payments for shares may be made in U.S. dollars or certain State of Israel Bonds.