Citizens Advisers Selected To Manage 'Socially Responsible' Portion of The City of New York Deferred Compensation Plan.

PORTSMOUTH, N.H.--(BUSINESS WIRE)--Sept. 21, 1999--

"May Be Largest Account Ever Awarded To A

Socially Responsible Investment Adviser"

Citizens Advisers Inc., the investment adviser to Citizens Funds, America's largest family of socially and environmentally responsible no-load mutual funds, has been selected to manage the `socially responsible account' within the City of New York Deferred Compensation (457) Plan, containing assets in excess of $250 million.

Beginning in November, Citizens Advisers will manage a separate account that is designed to mirror the performance of Citizens Index(TM), a market weighted index of approximately 300 socially and environmentally responsible companies. The performance of the separate account and each participant's daily value will be available for New York City employees on the Citizens web site, www.citizensfunds.com.

"We are very pleased to have been selected by the City of New York Deferred Compensation Plan," said Citizens Advisers CEO John Shields. "We believe this may be the largest account ever awarded to a socially responsible investment adviser. It represents a major step forward for Citizens. We see a tremendous opportunity for us in the retirement arena. Not only are we seeing strong interest from plan administrators, but employees are increasingly requesting a socially responsible investment option in their plans."

This is the second significant retirement plan announcement for Citizens this quarter. In July, Citizens announced that it had entered into a strategic partnership with Hartford Life, Inc. of Connecticut, the nation's third largest life insurance group. Under terms of the agreement, Hartford Life has begun offering the Citizens Index Fund (Institutional Class shares) as part of its offerings to deferred compensation plans (457) sponsored by government entities.

The Citizens Index(TM) was designed to serve as the benchmark for socially responsible investing in much the way the S&P 500 Index is meant to be a barometer of the large-cap market as a whole. Constructed through a strict process of financial, social and environmental screening, the Citizens Index consists of approximately 200 companies included in the S&P 500 Index and another 100 companies that bring appropriate industry and sector diversification essential to a sound indexing strategy. By eliminating sectors like alcohol, tobacco, oil and defense, the Citizens index is overweighed in what Citizens considers to be the more promising, information-based industries of the emerging global economy, such as telecommunications, technology, financial and business services.

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     Period              Citizens Index(TM)      S&P 500

     1995                40.97%                  37.48%
     1996                26.24%                  23.07%
     1997                37.18%                  33.24%
     1998                45.02%                  28.75%

     1999 YTD
     as of 9/10          12.95%                  10.95%

     Cumulative since
     inception
     (12/31/94)
     through 8/31/99     289.30%                 214.43%

Past performance does not guarantee future results. The value of an investment in Citizens Funds or in separate accounts managed by Citizens Advisers will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

For information about Citizens Funds please call for a prospectus, which contains complete details of fees and expenses and should be read carefully before investing.

Although Citizens Funds are no-load, certain fees and expenses do apply to a continued investment in the fund are described in the prospectus.