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Vice Fund

“It is our philosophy that although often considered politically incorrect, these and similar industries and products...will continue to experience significant capital appreciation during good and bad markets. We consider these industries to be nearly ‘recession-proof.’”

Top Industry Breakdown as of 9/30/03:
28.70% - Gaming
23.28% - Alcohol
22.95% - Defense
17.15% - Tobacco
7.92% - Other