Loses its Chief
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Monday, October 03, 2005 Loses its Chief

Dan Ahrens, president of the Funds, has struck out on his own and will start a new fund group. The Dallas-based fund firm tapped Michael J. Henry to replace Ahrens as president, treasurer and portfolio for the funds. With the appointment Henry, just 25 years old, becomes one of the youngest senior executives in the fund industry.

Neither party revealed details surrounding Ahrens departure from the firm though Ahrens characterized his resignation as "sudden."

"I'm very proud of my personal track record, returns and rankings, but felt compelled to leave when I did," he said. "Although there's a number of contributing factors, I feel that it's not appropriate to comment on the details at this time".

Ahrens was the portfolio manager on the Vice Fund and the Generation Wave Growth Fund. He said that he has formed Ahrens Advisors, L.P., an SEC registered investment advisory firm and that he is considering opening one or more new funds concentrating in the areas of gaming, alcohol, tobacco, or leisure.

To get the funds off the ground Ahrens said that he is considering partnering with other advisors or fund companies.

For, Ahrens departure may raise additional questions about the firm's viability. Its founder, Richard Sapio, is awaiting trial on federal fraud charges along with two other once-senior executives at the firm. Those charges revolve around Sapio helping brokerage clients place market-timing trades and evade funds' timing blocks and do not involve the funds.

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