Ion Israel Fund   Ion Israel Fund's (IIF) investment philosophy is to offer investors exposure to a portfolio of companies based in or closely tied to Israel, by deploying a long-term, fundamental research driven investment process.  At least 80% of investments will be in the securities of Israeli and Israel-related companies, which includes not only companies located in Israel, but also companies which have a significant presence in Israel, or have operations that have a major impact on the Israeli economy.   IIF's investment style is fundamental, bottom-up stock selection, with a value bias.  IIF's managers will identify and invest in a range of companies with solid long term revenue and earnings growth prospects, on reasonable valuations. Emphasis is placed on managing a balanced, relatively concentrated investment portfolio with broad sector and industry diversification, with a strong focus on identifying high quality management teams. IIF also engages in short-selling and employs various other hedging strategies.