Press Release Headlines

Citizens Advisers Announces Internalization of Its Mid-Cap Growth Fund

Jeff Schappe and team to manage the Citizens Emerging Growth Fund

PORTSMOUTH, NH — March 27, 2002 — Citizens Advisers, Inc., the investment adviser to Citizens Funds, a leading provider of socially responsible mutual funds, today announced that it will internalize the management of its Emerging Growth fund. The fund, which has been sub-advised by Seneca Capital since its inception in 1994, will be managed by Jeffrey J. Schappe, CFA, Vice President/Portfolio Manager for Citizens Advisers, effective April 15, 2002.

"Our decision to bring the management of our Emerging Growth Fund in-house has everything to do with the considerable expansion of our internal investment management capabilities and supporting infrastructure that we've put in place over the last year," said John L. Shields, President and CEO of Citizens Advisers. "The move further builds on our core strength in managing domestic growth investment products. Jeff Schappe and his team are already doing an excellent job of tracking mid-cap companies as a result of their managing our small and large cap portfolios. This is a natural leveraging of the team's capabilities to cover the entire spectrum of growth stocks."

Schappe, who also manages the Citizens Small Cap Core Growth Fund, had been responsible for the team screening holdings in the Citizens Emerging Growth Fund for social merit since last May. "This makes good sense all the way around. We welcome the opportunity to manage this portfolio and will seek to improve risk-adjusted returns for our investors," Schappe stated.

The investment team will continue to manage the Citizens Emerging Growth Fund according to its objective as outlined in the prospectus. With the goal of aggressive growth, the fund invests mainly in stocks of younger, growing medium-capitalization companies. It is actively managed and takes an earnings momentum approach to investing.

About Citizens Advisers:

Founded in 1982, Citizens has been a thought leader in its approach to investment management, and socially responsible investing in particular. With a core focus on strong, long term performance, the firm's mission is to generate the best possible return for shareholders by investing in companies that are fundamentally strong and socially responsible.

Citizens' unique investment management approach revolves around its proprietary integrated research that takes into account company financials, in combination with all the variables that affect prospects for success and growth over time. Representing one of the largest families of socially responsible investments, the Citizens line-up includes six equity funds, fixed income and money market funds, as well as separate account management.

Investments in the Citizens Emerging Growth Fund and the Citizens Small Cap Core Growth Fund involve unique risks, as small- and medium-sized companies may have inexperienced management, limited product line, a difficult time obtaining financing or market share, and their shares may be more volatile and not traded as frequently or in as large a volume as larger companies. Please visit www.citizensfunds.com or call (800) 223-7010 for a prospectus that contains complete details of fees and expenses and should be read carefully before investing. Distributed by Citizens Securities, Inc., Portsmouth, NH 03801

Source: Citizens Advisers, Inc.

Contact for Citizens Advisers:
Val Dingle
603.766.5604
Email

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