Investment advisor Mutuals.com has launched a new no-load product, the Vice Fund, that invests only in alcohol, gambling, tobacco and defense stocks. No other funds employ such a strategy, the company said.

Mutuals.com refers to the product as a "socially irresponsible" fund – a tongue-in-cheek reference to the so-called socially responsible funds offered by the likes of Domini Social Investments and Citizens Funds. Those companies are known to eschew tobacco, alcohol and other stocks that some investors deem socially harmful.

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