Citizens Funds Supports New York Attorney General's Efforts to Clean up Fund Industry; Socially Responsible Mutual Fund Company Applauds Eliot Spitzer's Fund Probe.Business Editors PORTSMOUTH, N.H.--(BUSINESS WIRE)--Sept. 4, 2003 Firms that breach their fiduciary duty Noun 1. fiduciary duty - the legal duty of a fiduciary to act in the best interests of the beneficiary legal duty - acts which the law requires be done or forborne should be targeted and fined accordingly, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Citizens Funds, one of the nation's oldest and largest families of socially responsible mutual funds. This breach includes violating late trading Late trading Late trading of mutual fund shares occurs when investors placing trades after 4 PM receive the 4 PM price. These late traders can use the information revealed after 4 PM to guide their trades: buying funds when their current value is greater than their 4 PM value and rules and secret market timing deals. "Shareholders should not have to tolerate activities that place their hard earned investment dollars at risk," said Joanne Dowdell, director of corporate responsibility. "We believe ethics ethics, in philosophy, the study and evaluation of human conduct in the light of moral principles. Moral principles may be viewed either as the standard of conduct that individuals have constructed for themselves or as the body of obligations and duties that a should be at the core of the investment process." "The mutual fund industry has had a great track record in the past in representing shareholders' interests. Fund companies that break this trust should be punished," concluded Dowdell. Citizens also actively supports the SEC's efforts to uncover unethical unethical said of conduct not conforming with professional ethics. accounting and reporting practices by publicly traded companies publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. , as well as the agency's issuance of new rules to protect and strengthen shareholder rights. This position is consistent with Citizens' mandate to hold companies in which they invest to a higher standard. About Citizens Funds Citizens Funds has been a leader in socially responsible investing Socially responsible investing describes an investment strategy which combines the intentions to maximize both financial return and social good. In general, socially responsible investors favor corporate practices which are environmentally responsible, support workplace diversity, since its founding in 1982. With a core focus on strong, long-term performance, Citizens' mission is to generate superior returns 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 equity (domestic and international), fixed income and money market funds. Please 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. |
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