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I fish the klamath and usually use a regular vest, although I do have a waist pack. The regular vest allows me better carrying capacity as I am usually using a switch rod and fish either by nymphing or swinging big flies. The little waist pack that I have doesn't quite cut it for larger fly boxes that I carry. I haven't quite been able to go to the light side and not take so much stuff.
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My favorite for years was an old military map, messenger or paratrooper bag. (depends on size you want) Cheap (under $20),does the job well and it will last for years. That works well in rivers as long as you don't run into water above your hips...and the reason I finely caved in and got my Filson Strap Vest. They have a waist pouch too...but for the money I'd rather go with army surplus. You can find the messenger bags at army surplus houses or online.
Examples: http://www.vtarmynavy.com/canvas-map...ulder-bags.htm