Citizens Trust's top performing E-fund reaches first year milestone.PORTSMOUTH, N.H.--(BUSINESS WIRE)--Aug. 12, 1996--Citizens Trust announced today the one-year mark since introducing its innovative E-fund, which is the No. 1 performing overall money market fund of 288 money market funds tracked by Lipper Analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. Services, Inc., based on one year total return as of 7/31/96. The E-fund had a one year total return of 6.08%(a) as of 7/31/96 and a 7-day simple yield of 5.24%(a) as of the same date. The E*fund, introduced to the market last July, is a new product that combines the return of a money market fund with the convenience of a combined ATM/MasterCard debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. , checking privileges and electronic payments. "The fund really is a unique financial tool," says Sophia Collier Sophia Collier is the founder and chair of the Board of Directors of Citizens Advisers, Inc. and is the creator of the Citizens IndexSM, an index of socially responsible large-capitalization companies. , president of Citizens Trust. "It's a new way to manage your every day money needs." A distinguishing feature of the fund is the "E-fund Refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies ." When the E-fund debit card is used for a purchase, 1 percent of the purchase -- up to a limit of 9.75 percent of the fund's gross income -- is returned to the fund, generating a source of revenue and higher total returns for shareholders. The E-fund's strong performance is also attributable in part to its investments in government guaranteed Small Business Administration securities, which represent a portion of the fund's investments. These variable rate notes have interest rates that reset on a monthly or quarterly basis, similar to an adjustable rate mortgage This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. . The fund also makes investments that are not government guaranteed. "The E-fund is not a bank account, nor is it FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured, but we call it an everyday account and have designed it to replace the traditional checking account," said Collier. "We've recently removed the direct deposit requirement for the fund, making it even more accessible. Now, people who don't use direct payroll deposit can also participate." In addition to attractive returns, the E-fund provides additional features and services including free checking, no minimum balance requirements, electronic investments and automatic bill paying options such as monthly mortgage and car payments as well as consolidated monthly statements. Since the fund is designed to be an everyday account and not a savings account Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: , balances cannot exceed $15,000. Citizens Trust, based in Portsmouth, NH, is a fast-growing mutual fund company that strives for strong financial performance by investing in companies with corporate responsibility. With more than $350 million in total assets as of 8/7/96, Citizens Trust employs in-depth research and a comprehensive screening process in selecting investments. Shares are offered by Citizens Securities, which is Citizens Trust's distributor. The company includes seven mutual fund portfolios including the Citizens Income Portfolio, Index Portfolio, Emerging Growth Portfolio, Global Equity Portfolio and Muir California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Tax-Free Portfolio. In addition to the E-fund, Citizens Trust has a money market fund called Working Asset Money Market Portfolio. Institutional shares are available for the Citizens Index Portfolio and the Working Asset Money Market Portfolio. -0- (a) Reflects a fee waiver The voluntary surrender of a known right; conduct supporting an inference that a particular right has been relinquished. The term waiver is used in many legal contexts. and expense reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. of .5 percent. Fee waivers may be terminated at any time. Past performance does not guarantee further results. An investment in the E-fund is neither insured nor guaranteed by the US Government. There is no assurance that we will be able to maintain a stable net asset value of $1.00 per share. Please call us for a fund prospectus which contains complete details of fees and expenses and should be read carefully before investing. Distributed by Citizens Securities, Portsmouth, NH 03801. CONTACT: Citizens Trust Jeff Reusse 603-436-5152 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion