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We've lowered net expenses
on three of our funds.*
[CITIZENS
FUNDS[RegTM] LOGO]
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Net expenses for the Citizens Index Fund, Standard Class Shares and the
Citizens Small Cap Index Fund, Standard Class Shares have been contractually
lowered from 1.49% by 0.10% and are now capped at 1.39%. Expenses will remain at
this level until June 30, 2001 at which time Citizens Advisers, Inc., the Funds'
investment adviser, will consider whether to extend the cap beyond that date.
The distribution agreement between Citizens Advisers, Inc. and Citizens Funds
has been amended to eliminate distribution fees on the Working Assets Money
Market Fund, Standard Class shares, although the distribution plan continues to
permit fees if authorized by the Board. The Adviser and the Board believe that
these changes should make the Funds more competitive and attractive to both
existing and prospective shareholders.
*Effective July 1, 2000.
