Israel American Diversified Fund, Inc., New York, the only American open-end mutual fund holding a percentage of its portfolio in Israel securities, today announced the absorption of The Israel Fund, Inc., Baltimore, a closed-end investment company with net assets of approximately $350,000, it was announced by Isaac Imber, president of Israel American Diversified Fund.
IADF, which was originally incorporated in 1963, remained inactive until the beginning of this year when a new board was elected and Mr. Imber became president. As a result of the absorption of The Israel Fund, IADF will have outstanding more than 100,000 shares with a net asset value of $800,000.
Mr. Imber also announced that IADF is negotiating to take over the assets of The American Israel Growth Fund, Inc., with the expectation to absorb that open-end fund towards the end of May. Following the consolidation of the three funds, the net asset value of Israel American Diversified Fund is expected to be about $1.2 million.
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