Fund Description

The fund is a diversified investment company investing primarily in equity securities of small-, mid- and large-cap U.S. and foreign issuers, including securities traded abroad and U.S.-traded ADRs. Under normal market conditions, it invests at least 80% of net assets (plus borrowings) in companies deriving a significant portion of revenue from vice industries: alcoholic beverages, defense/aerospace, gaming and tobacco. It concentrates at least 25% in these industries, with no more than 80% in any single industry, and invests in at least three countries, with at least 40% of total assets in non-U.S. companies. It may use short selling and options strategies and may hold up to 20% in cash or short-term, high-quality debt for cash management.