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S&P Drops Citizens Emerging Growth From Select Lis

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June 24, 2002 — In response to Citizens Funds’ decision to replace Seneca Capital Management as subadvisor on the Citizens Emerging Growth Fund (WAEGX), we have removed the fund from our Select Fund designation.

Citizens announced in April that it had decided to terminate the sub-advisory relationship with Seneca and is bringing management of the fund in house, naming Jeffrey Schappe as director of research, portfolio manager, and growth equity team leader.

Schappe will be supported by a group of six senior and junior analysts, one manager of social research, and two traders. Although Schappe and senior equity analyst Robert Barringer have more than 14 years of experience between them, the entire team has tenure at Citizens of less than two years.

Management’s decision to change the risk profile of the fund also influenced our decision to remove it from our Select List. Although the fund intends to remain an aggressive mid-gap growth fund, the manager intends to limit sector exposure in order to reduce risk.