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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
The First Israel Fund, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
32063L100
(CUSIP Number)
Check the following box if a fee is being paid with this statement / /. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SEC 1745 (10-88)
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SCHEDULE 13G
CUSIP NO. 32063L100
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CITY OF LONDON INVESTMENT GROUP PLC, a company incorporated under the
laws of England & Wales
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /.
(b) / /.
3. SEC USE ONLY
4. CITIZENSHIP OR PLACE OF ORGANIZATION
GREAT BRITAIN
5. SOLE VOTING POWER
534,360
NUMBER OF
SHARES 6. SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 534,360
PERSON
WITH 8. SHARED DISPOSITIVE POWER
0
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
534,360
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
/ /.
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
10.66%
12. TYPE OF REPORTING PERSON*
HC
*SEE INSTRUCTION BEFORE FILLING OUT!
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STATEMENT ON SCHEDULE 13G
Item 1(a). Name of Issuer:
The First Israel Fund, Inc.
Item 1(b). Address of Issuer's Principal Executive Offices:
One Citicrop Center,57th Floor,
153 East 53rd Street,
New York,
New York, 10022
Item 2(a). Names of Person Filing:
City of London Investment Group PLC
Item 2(b). Address of Principal Business Office or, if none,
Residence:
10 Eastcheap
London EC3M ILX
England
Item 2(c). Citizenship:
Great Britain
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number:
32063L100
Item 3. If this statement is filed pursuant to Rules
13d-1(b), or 13d-2(b), check whether the person
filing is a:
(a) / / Broker or Dealer registered under
Section 15 of the Act
(b) / / Bank as defined in section 3(a)(6) of
the Act
(c) / / Insurance Company as defined in section
3(a)(19) of the Act
(d) / / Investment Company registered under
section 8 of the Investment Company Act
(e) / / Investment Advisor registered under
section 203 of the Investment Advisers Act
(f) / / Employee Benefit Plan, Pension Fund
which is subject to the provisions of the
Employee Retirement Income Security Act of
1974 or Endowment Fund; see Section
240.13d-1(b)(ii)(F) (Note: See Item 7)
(g) / X / Parent Holding Company, in accordance
with Section 240.13d-1(b)(ii)(G). (Note: See
Item 7)
(h) / / Group, in accordance with Sec.
240.13d-1(b)(ii)(H).
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Item 4. Ownership:
(a) Amount Beneficially Owned: 534,360 as of 30th November, 1998
(b) Percent of Class: 10.66%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 534,360
(ii) shared power to vote or to direct the vote: 0
(iii) sole power to dispose or to direct the disposition
of: 534,360
(iv) shared power to dispose or to direct the disposition of:
0
Item 5. Ownership of Five Percent or Less of a Class:
Not Applicable
Item 6. Ownership of More than Five Percent on Behalf of Another
Person:
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company:
City of London Investment Management Company Limited (IA)
City of London Unit Trust Managers Limited (IA)
Item 8. Identification and Classification of Members of the Group:
Not Applicable
Item 9. Notice of Dissolution of Group:
Not Applicable
Item 10. Certification:
By signing below, I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in
the ordinary course of business and were not acquired for the
purpose of and do not have the effect of changing or
influencing the control of the issuer of such securities and
were not acquired in connection with or as a participant in
any transaction having such purposes or effect.
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Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: 10th December, 1998
/ s / D.F. Allison
Name: D. F. Allison
Title: Company Secretary
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