DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT
5/31/07
1. NAME OF REPORTING PERSON
Phillip Goldstein
2. CHECK THE BOX IF MEMBER OF A GROUP a[ ]
b[ ]
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e) []
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
________________________________________________________________
7. SOLE VOTING POWER
637,786
8. SHARED VOTING POWER
0
9. SOLE DISPOSITIVE POWER
637,786
_________________________________________________________
10. SHARED DISPOSITIVE POWER
0
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
637,786
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES []
13. PERCENT OF CLASS REPRESENTED BY ROW 11
7.41%
14. TYPE OF REPORTING PERSON
IA
___________________________________________________________
The following constitutes Amendment # 1 to the 13d filed
on 12/18/2003 by the reporting person. This amendment # 1
amends the schedule 13d
as specifically set forth.
Item 4 is amended as follows:
ITEM 4. PURPOSE OF TRANSACTION
On May 29, 2007 Mr. Goldstein sent the attached letter
(see Exhibit 1) to the Board of
Directors tendering his resignation.
Item 5 is amended as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
As per the NCSR dated October 31, 2006 there were 8,606,361 shares of
ETF outstanding. The percentage set forth in item 5a-b was derived
using such number.
a)-b) Mr. Goldstein is deemed to be the beneficial owner of
637,786 shares of ETF or 7.4% of the outstanding shares. Shares are
held jointly by Mr. Goldstein and his wife or in client accounts
managed by Mr. Goldstein. Power to dispose and vote shares lies with
Mr. Goldstein.
c) During the past 60 days the following shares of ETF were
traded (unless previously reported on Form 4):
6/14/2007 SOLD 8200 $ 21.63
6/14/2007 SOLD 3800 $ 21.63
6/14/2007 SOLD 2700 $ 21.63
6/14/2007 SOLD 3500 $ 21.63
6/12/2007 SOLD 4400 $ 21.58
6/12/2007 SOLD 2100 $ 21.58
6/12/2007 SOLD 1500 $ 21.58
6/12/2007 SOLD 2000 $ 21.58
6/11/2007 SOLD 1800 $ 21.50
6/11/2007 SOLD 900 $ 21.50
6/11/2007 SOLD 700 $ 21.50
6/11/2007 SOLD 800 $ 21.50
6/4/2007 SOLD 300 $ 22.05
d) Beneficiaries of accounts managed by Mr. Goldstein are
entitled to receive any dividends or sales proceeds.
e) NA
Item 7 is amended as follows:
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Resignation letter to the Board of Directors
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: 6/15/07
By: /s/ Phillip Goldstein
Name: Phillip Goldstein
Exhibit 1.
To: Members of The Board of Directors of Emerging Markets
Telecommunications Fund, Inc. ("ETF") and The First Israel Fund,
Inc. ("ISL")
cc: J. Kevin Gao, Esq.
Michael A. Pignataro
Marco E. Adelfio, Esq.
Rose F. DiMartino, Esq.
From: Phillip Goldstein
Date: May 29, 2007
Re: Resignation
As we discussed at the board meetings on May 16-17, I will be
resigning from the board of directors of ETF and ISL effective
May 31, 2007. There are two primary reasons for my decision.
First, the policy of the Credit Suisse closed-end funds is to
have a pre-meeting dinner at which the portfolio manager for each
CS fund discusses its investment performance and prospects followed
by an early morning formal board meeting the next day. To attend
all the meetings, I have to travel on each of two successive days
from Pleasantville to Manhattan and back four times a year.
This is burdensome for me. I appreciate the offer to pay for a hotel
room in Manhattan so I can sleep a little later on the morning of the
formal board meeting but I don't want to spend four nights each year
away from my beautiful and loving wife. (Even if she stayed with me
at the hotel she would have to eat dinner and breakfast alone
- hardly a romantic getaway. Also, we have a dog at home that
needs to be walked and fed.)
Secondly, the legal and policy constraints on trading by directors
have caused problems for me. As an investment advisor, I might face
a conflict of interest if I believe it is in a client's best interest
to buy or sell stock in a CS fund even when the trade is not based on
any inside information but am not free to do so because of a law like
Section 16 of the 1934 Act or a regulation or a fund policy or just the
desire to avoid the appearance of impropriety. I question whether
shareholders of closed-end funds are well served by such laws and policies
since they deter large shareholders with investment advisory clients
from serving on the board. That is unfortunate because such a
shareholder would seem to have a strong economic incentive to be
a vigilant director. In any case, it has become too
difficult to justify my not selling ETF or ISL stock for clients
if I think it is overvalued or buying it if I think it is undervalued.
After considering my options, I have decided to resign effective
May 31, 2007.