-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T8bkLSpSVj3rF82289p7va+/DozFHp/ddhvQH5xSBJfc/FwOcqwvQTaCwp5DxkGl LDH1syxtzGalm1EimDdxOw== 0000950135-05-006699.txt : 20051129 0000950135-05-006699.hdr.sgml : 20051129 20051129132636 ACCESSION NUMBER: 0000950135-05-006699 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050930 FILED AS OF DATE: 20051129 DATE AS OF CHANGE: 20051129 EFFECTIVENESS DATE: 20051129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITIZENS FUNDS CENTRAL INDEX KEY: 0000711202 IRS NUMBER: 942874420 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03626 FILM NUMBER: 051231101 BUSINESS ADDRESS: STREET 1: ONE HARBOUR PLACE STREET 2: SUITE 400 CITY: PORTSMOUTH STATE: NH ZIP: 03801 BUSINESS PHONE: 6034365152 MAIL ADDRESS: STREET 1: ONE HARBOUR PLACE STREET 2: SUITE 400 CITY: PORTSMOUTH STATE: NH ZIP: 03801 FORMER COMPANY: FORMER CONFORMED NAME: CITIZENS INVESTMENT TRUST DATE OF NAME CHANGE: 19951106 FORMER COMPANY: FORMER CONFORMED NAME: WORKING ASSETS COMMON HOLDINGS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WORKING ASSETS MONEY FUND DATE OF NAME CHANGE: 19920531 N-Q 1 b57931nqnvq.txt CITIZENS FUNDS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-03626 CITIZENS FUNDS (Exact Name of Registrant as Specified in Charter) One Harbour Place, Portsmouth, New Hampshire 03801 (Address of Principal Executive Offices) Registrant's Telephone Number, including Area Code: (603) 436-5152 Sophia Collier Citizens Advisers, Inc. One Harbour Place Portsmouth, NH 03801 (Name and Address of Agent for Service) Date of fiscal year end: June 30 Date of reporting period: September 30, 2005 ITEM 1. SCHEDULE OF INVESTMENTS. CITIZENS 300 FUND PORTFOLIO HOLDINGS SEPTEMBER 30, 2005 ($ X 1,000) (UNAUDITED)
SECURITY SHARES VALUE($) - -------- ------ -------- COMMON STOCKS - 99.7% AIR FREIGHT - 1.4% FedEx Corp. 200 17 United Parcel Service, Class B 665 46 --- 63 AIRLINES - 0.2% jetBlue Airways Corp. (a) 100 2 Southwest Airlines Co. 530 8 --- 10 APPAREL MANUFACTURERS - 0.2% Jones Apparel Group, Inc. 200 6 Liz Claiborne, Inc. 100 4 --- 10 AUTO MANUFACTURING - 0.2% PACCAR, Inc. 100 7 BANKS - 4.3% Bank of America Corp. 2,500 105 Bank of New York Co., Inc. 500 15 BB&T Corp. 300 12 Fifth Third Bancorp 400 15 First Horizon National Corp. 200 7 National City Corp. 400 13 North Fork Bancorporation, Inc. 300 8 Suntrust Banks, Inc. 200 14 --- 189 BIOTECHNOLOGY - 1.3% Allergan, Inc. 100 9 Applera Corp. 200 5 Biogen Idec, Inc. (a) 200 8 Chiron Corp. (a) 100 4 Forest Laboratories, Inc. (a) 200 8 Genzyme Corp. (a) 200 14 MedImmune, Inc. (a) 200 7 --- 55 BROADCASTING - 0.2% Radio One, Inc., Class D (a) 200 3 Univision Communications, Inc. (a) 250 6 --- 9 CHEMICALS - 2.0% Air Products & Chemicals, Inc. 100 6 Amgen, Inc. (a) 800 63 Engelhard Corp. 100 3 International Flavors & Fragrances, Inc. 100 4 Praxair, Inc. 200 9 --- 85
SECURITY SHARES VALUE($) - -------- ------ -------- COMPUTERS - 9.1% Apple Computer, Inc. (a) 540 29 Citrix Systems, Inc. (a) 125 3 Corning, Inc. (a) 880 17 Dell, Inc. (a) 1,500 52 EMC Corp. (a) 1,500 19 Intel Corp. 3,755 94 International Business Machines Corp. 950 77 Intuit, Inc. (a) 100 4 Lexmark International, Inc. (a) 50 3 National Instruments Corp. 100 2 Network Appliance, Inc. (a) 200 5 Novell, Inc. (a) 200 1 Oracle Corp. (a) 3,140 39 Pixar, Inc. (a) 100 4 Symantec Corp. (a) 750 17 Yahoo!, Inc. (a) 900 30 --- 396 CONSTRUCTION - 0.3% D. R. Horton, Inc. 166 6 Lennar Corp. 100 6 --- 12 CONSUMER PRODUCTS - 1.2% Black & Decker Corp. 100 8 Clorox Co. 200 11 Kimberly-Clark Corp. 300 17 Newell Rubbermaid, Inc. 200 5 The Stanley Works 100 5 Whirlpool Corp. 100 8 --- 54 ELECTRICAL EQUIPMENT - 0.7% American Power Conversion Corp. 120 3 Emerson Electric Co. 300 22 Sanmina Corp. (a) 300 1 W.W. Grainger, Inc. 100 6 --- 32 ELECTRONICS - 4.9% Adobe Systems, Inc. 300 9 Applied Materials, Inc. 1,000 17 Broadcom Corp., Class A (a) 200 9 Cisco Systems, Inc. (a) 3,955 70 Electronic Arts, Inc. (a) 200 11 Freescale Semiconductor, Inc., Class B (a) 320 8 JDS Uniphase Corp. (a) 1,600 4 Johnson Controls, Inc. 100 6 Juniper Networks, Inc. (a) 300 7 Linear Technology Corp. 200 8 Maxim Integrated Products, Inc. 250 11 NVIDIA Corp. (a) 100 3 Rockwell Automation, Inc. 120 6 SPX Corp. 100 5 Texas Instruments, Inc. 1,000 34 Xilinx, Inc. 200 6 --- 214
SECURITY SHARES VALUE($) - -------- ------ -------- ENERGY & UTILITIES - 10.4% AES Corp. (a) 400 7 AGL Resources, Inc. 100 4 Anadarko Petroleum Corp. 150 14 Apache Corp. 200 15 Baker Hughes, Inc. 200 12 BJ Services Co. 200 7 BP Amoco plc ADR 2,125 150 Burlington Resources, Inc. 200 16 Calpine Corp. (a) 300 1 ConocoPhillips 900 62 Devon Energy Corp. 300 21 Diamond Offshore Drilling, Inc. 100 6 DPL, Inc. 100 3 EOG Resources, Inc. 200 15 Equitable Resources, Inc. 70 3 Hawaiian Electric Industries, Inc. 100 3 KeySpan Corp. 100 4 Newfield Exploration Co. (a) 100 5 NiSource, Inc. 200 5 Noble Corp. 100 7 Noble Energy, Inc. 200 9 Pepco Holdings, Inc. 100 2 Pioneer Natural Resources Co. 100 5 Pogo Producing Co. 100 6 Puget Energy, Inc. 100 2 Questar Corp. 100 9 Rowan Cos., Inc. 100 4 Smith International, Inc. 200 7 The Williams Cos., Inc. 400 10 UGI Corp. 100 3 Valero Energy Corp. 200 23 Western Gas Resources, Inc. 100 5 XTO Energy, Inc. 200 9 --- 454 ENTERTAINMENT - 2.9% Comcast Corp., Class A (a) 1,400 41 Time Warner, Inc. 2,850 52 Viacom, Inc. 1,000 33 --- 126 FINANCIAL - DIVERSIFIED - 12.2% AMBAC Financial Group, Inc. 100 7 American Express Co. 800 46 Citigroup, Inc. 3,200 145 Fannie Mae 600 27 Freddie Mac 400 23 Legg Mason, Inc. 100 11 Lehman Brothers Holdings, Inc. 200 23 MBNA Corp. 800 20 Mellon Financial Corp. 300 10 Merrill Lynch & Co., Inc. 600 37 MetLife, Inc. 500 25 Moody's Corp. 100 5 Northern Trust Corp. 100 5 SLM Corp. 100 5 State Street Corp. 200 10 Synovus Financial Corp. 190 5 Wachovia Corp. 1,000 48 Washington Mutual, Inc. 500 20 Wells Fargo & Co. 1,060 62 --- 534
SECURITY SHARES VALUE($) - -------- ------ -------- FINANCIAL SERVICES - 0.8% Charles Schwab Corp. 900 13 Golden West Financial Corp. 200 12 Principal Financial Group 200 9 --- 34 FOODS - 4.9% Bunge, Ltd. 100 5 Campbell Soup Co. 300 9 Coca-Cola Co. 1,500 66 General Mills, Inc. 200 10 H.J. Heinz Co. 200 7 Hershey Foods Corp. 150 8 Kellogg Co. 349 16 McCormick & Co., Inc. 100 3 Pepsi Bottling Group, Inc. 200 6 PepsiCo, Inc. 1,050 60 Sara Lee Corp. 550 10 SUPERVALU, Inc. 100 3 Wm.Wrigley Jr. Co. 130 9 --- 212 HEALTHCARE - 11.7% Baxter International, Inc. 400 16 Becton, Dickinson & Co. 200 10 Biomet, Inc. 140 5 Boston Scientific Corp. (a) 500 12 DENTSPLY International, Inc. 100 5 Eli Lilly & Co. 700 37 Express Scripts, Inc. (a) 100 6 Guidant Corp. 200 14 Health Management Associates, Inc., Class A 200 5 Johnson & Johnson, Inc. 1,800 114 Laboratory Corp. of America Holdings (a) 125 6 Medtronic, Inc. 800 43 Mylan Laboratories, Inc. 50 1 Pfizer, Inc. 4,550 114 Quest Diagnostics, Inc. 100 5 St. Jude Medical, Inc. (a) 200 9 Stryker Corp. 320 16 UnitedHealth Group, Inc. 800 45 WellPoint, Inc. (a) 400 30 Zimmer Holdings, Inc. (a) 200 14 --- 507 INSURANCE - 4.3% American International Group, Inc. 1,565 98 Fidelity National Financial Corp. 100 4 Marsh & McLennan Cos., Inc. 300 9 MBIA, Inc. 100 6 Progressive Corp. 100 10 The Allstate Corp. 400 23 The Hartford Financial Services Group, Inc. 185 14 The St. Paul Travelers Cos., Inc. 470 21 --- 185 INVESTMENT BANKING & BROKERAGE - 0.8% The Goldman Sachs Group, Inc. 300 36 LEISURE - 0.2% Harley-Davidson, Inc. 200 10
SECURITY SHARES VALUE($) - -------- ------ -------- MANUFACTURING - 6.2% 3M Co. 500 37 Cintas Corp. 135 6 Cooper Cameron Corp. (a) 100 7 Crane Co. 100 3 Dana Corp. 100 1 Donaldson Co., Inc. 100 3 Dover Corp. 100 4 Eaton Corp. 100 6 Gentex Corp. 110 2 Graco, Inc. 100 3 Illinois Tool Works, Inc. 200 16 Ingersoll-Rand Co. 200 8 Masco Corp. 300 9 Mattel, Inc. 370 6 Nucor Corp. 100 6 Packaging Corp. of America 100 2 Pactiv Corp. (a) 200 4 Parker Hannifin Corp. 100 6 Pentair, Inc. 100 4 Procter & Gamble Co. 1,502 89 Smurfit-Stone Container Corp. (a) 300 3 Sonoco Products Co. 100 3 Temple-Inland, Inc. 100 4 Tyco International, Ltd. 1,210 34 Worthington Industries, Inc. 100 2 --- 268 OFFICE EQUIPMENT & SUPPLIES - 0.2% Avery Dennison Corp. 120 6 Pitney Bowes, Inc. 100 4 --- 10 PERSONAL CARE - 1.6% Alberto-Culver Co. 100 4 Avon Products, Inc. 300 8 Colgate-Palmolive Co. 260 14 Gillette Co. 600 35 The Estee Lauder Cos., Inc., Class A 200 7 --- 68 PHARMACEUTICALS - 0.4% Barr Pharmaceuticals, Inc. (a) 100 5 McKesson Corp. 200 10 Watson Pharmaceuticals, Inc. (a) 100 4 --- 19 PUBLISHING - 0.5% Dow Jones & Co., Inc. 100 4 The McGraw-Hill Cos., Inc. 200 9 Tribune Co. 200 7 --- 20 RAILROADS - 0.4% CSX Corp. 100 5 Norfolk Southern Corp. 300 12 --- 17 REAL ESTATE - 0.2% The St. Joe Co. 120 7 RESTAURANTS - 0.9% Darden Restaurants, Inc. 200 6 McDonald's Corp. 800 27 YUM! Brands, Inc. 150 7 --- 40
SECURITY SHARES VALUE($) - -------- ------ -------- RETAIL - 7.2% AutoZone, Inc. (a) 100 8 Bed Bath & Beyond, Inc. (a) 200 8 Best Buy & Co., Inc. 300 13 Big Lots, Inc. (a) 200 2 Chico's FAS, Inc. (a) 110 4 Coach, Inc. (a) 200 6 Costco Wholesale Corp. 300 13 CVS Corp. 610 18 Dollar General Corp. 200 4 Dollar Tree Stores, Inc. (a) 100 2 eBay, Inc. (a) 800 33 Family Dollar Stores, Inc. 150 3 Hasbro, Inc. 100 2 Home Depot, Inc. 1,365 52 Limited Brands, Inc. 330 7 Lowe's Cos., Inc. 500 32 Michaels Stores, Inc. 200 7 Nordstrom, Inc. 200 7 RadioShack Corp. 135 3 Staples, Inc. 495 11 Target Corp. 500 26 The Gap, Inc. 568 10 The TJX Cos., Inc. 300 6 Tiffany & Co. 200 8 Walgreen Co. 600 26 ----- 311 SERVICES - 2.3% Apollo Group, Inc., Class A (a) 100 7 ARAMARK Corp. 200 5 Career Education Corp. (a) 100 4 Cendant Corp. 600 13 Ecolab, Inc. 200 6 Fair Isaac & Co., Inc. 100 4 First Data Corp. 500 21 Fiserv, Inc. (a) 200 9 Manpower, Inc. 100 4 Monster Worldwide, Inc. (a) 100 3 Omnicom Group, Inc. 100 8 Pall Corp. 100 3 Paychex, Inc. 200 7 Unisys Corp. (a) 500 3 Viad Corp. 31 1 ----- 98 TELECOMMUNICATIONS - 5.5% Lucent Technologies, Inc. (a) 2,300 7 Motorola, Inc. 1,500 33 QUALCOMM, Inc. 1,050 47 SBC Communications, Inc. 2,080 50 Scientific-Atlanta, Inc. 100 4 Sprint Nextel Corp. 1,804 43 Verizon Communications, Inc. 1,750 57 ----- 241 241 TRANSPORTATION - 0.1% Ryder System, Inc. 100 3 TOTAL COMMON STOCKS COST: $3,836 4,336
TOTAL INVESTMENTS - 99.7% COST: $3,836 (B) 4,336
Percentages indicated are based on net assets of $4,349. (a) Non-income producing security. (b) Represents cost for financial reporting purposes and differs for federal income tax purposes by the amount of losses recognized for financial reporting purposes in excess of federal income tax reporting of approximately $34. Cost for federal income tax purposes differs from value by net unrealized appreciation of securities as follows: Unrealized appreciation $ 633 Unrealized depreciation (167) ----- Net unrealized appreciation $ 466
ADR - American Depositary Receipt CITIZENS CORE GROWTH FUND PORTFOLIO HOLDINGS SEPTEMBER 30, 2005 ($ X 1,000) (UNAUDITED)
SECURITY SHARES VALUE($) - -------- ------- -------- COMMON STOCKS - 95.7% BIOTECHNOLOGY - 1.4% Gilead Sciences, Inc. (a) 100,000 4,876 CHEMICALS - 3.3% Amgen, Inc. (a) 75,000 5,976 Praxair, Inc. 110,000 5,272 ------- 11,248 COMPUTERS - 3.9% Autodesk, Inc. 130,000 6,037 Intel Corp. 150,000 3,698 Symantec Corp. (a) 150,000 3,399 ------- 13,134 CONSTRUCTION - 1.4% Pulte Homes, Inc. 110,000 4,721 CONSUMER PRODUCTS - 1.1% Black & Decker Corp. 45,000 3,694 ELECTRONICS - 6.0% Broadcom Corp., Class A (a) 70,000 3,284 Electronic Arts, Inc. (a) 50,000 2,845 NVIDIA Corp. (a) 90,000 3,085 Rockwell Automation, Inc. 90,000 4,761 Texas Instruments, Inc. 190,000 6,440 ------- 20,415 ENERGY & UTILITIES - 15.5% Apache Corp. 100,000 7,522 BJ Services Co. 170,000 6,118 Burlington Resources, Inc. 80,000 6,506 ConocoPhillips 90,000 6,292 Equitable Resources, Inc. 200,000 7,812 Murphy Oil Corp. 120,000 5,984 Questar Corp. 100,000 8,813 Silvan Power Co. (a) (b) 24,000 -- Valero Energy Corp. 35,000 3,957 Vulcan Power Co., Class A (a) (b) 40,000 -- ------- 53,004 FINANCIAL - DIVERSIFIED - 6.3% Legg Mason, Inc. 75,000 8,227 Moody's Corp. 150,000 7,662 SLM Corp. 105,000 5,632 ------- 21,521 FINANCIAL SERVICES - 3.2% Franklin Resources, Inc. 85,000 7,137 Golden West Financial Corp. 60,000 3,563 ------- 10,700
SECURITY SHARES VALUE($) - -------- ------- -------- FOODS - 3.2% Hershey Foods Corp. 55,000 3,097 PepsiCo, Inc. 60,000 3,403 Wm.Wrigley Jr. Co. 60,000 4,312 ------- 10,812 HEALTHCARE - 11.2% Becton, Dickinson & Co. 50,000 2,622 C.R. Bard, Inc. 50,000 3,302 Express Scripts, Inc. (a) 100,000 6,220 Johnson & Johnson, Inc. 75,000 4,746 St. Jude Medical, Inc. (a) 80,000 3,744 UnitedHealth Group, Inc. 150,000 8,429 WellPoint, Inc. (a) 80,000 6,066 Zimmer Holdings, Inc. (a) 40,000 2,756 ------- 37,885 HOTELS & MOTELS - 0.9% Marriott International, Inc., Class A 50,000 3,150 INSURANCE - 5.1% AFLAC, Inc. 130,000 5,889 The Allstate Corp. 90,000 4,976 The Chubb Corp. 70,000 6,269 ------- 17,134 MANUFACTURING - 7.3% American Standard Cos., Inc. 75,000 3,491 HNI Corp. 100,000 6,022 Pentair, Inc. 100,000 3,650 Precision Castparts Corp. 140,000 7,434 Taiwan Semiconductor ADR 487,498 4,007 ------- 24,604 PERSONAL CARE - 1.4% Gillette Co. 80,000 4,656 PHARMACEUTICALS - 1.2% Schering-Plough Corp. 200,000 4,210 PUBLISHING - 1.8% The McGraw-Hill Cos., Inc. 130,000 6,245 REAL ESTATE - 1.9% Simon Property Group, Inc. 85,000 6,300 RETAIL - 9.7% Chico's FAS, Inc. (a) 150,000 5,520 Coach, Inc. (a) 125,000 3,920 CVS Corp. 240,000 6,963 Nordstrom, Inc. 200,000 6,864 Staples, Inc. 300,000 6,396 Whole Foods Market, Inc. 25,000 3,361 ------- 33,024
SECURITY SHARES VALUE($) - -------- ------- -------- SERVICES - 3.8% Fiserv, Inc. (a) 130,000 5,963 Getty Images, Inc. (a) 80,000 6,883 ------- 12,846 TELECOMMUNICATIONS - 6.1% Alltel Corp. 85,000 5,534 Comverse Technology, Inc. (a) 225,000 5,911 Motorola, Inc. 200,000 4,418 Sprint Nextel Corp. 200,000 4,756 ------- 20,619 ------- TOTAL COMMON STOCKS Cost: $260,576 324,798
SECURITY, RATE, MATURITY DATE PRINCIPAL($) VALUE($) - ----------------------------- ------------ -------- REPURCHASE AGREEMENTS - 4.3% Fifth Third Bank, Inc., 3.18%, 10/03/05 (Proceeds at maturity $14,552, collateralized by Federal Home Loan Mortgage Corp. security, 4.00%, 06/12/13) Cost: $14,551 14,551 14,551 ------- TOTAL INVESTMENTS - 100.0% Cost: $275,127 (c) 339,349
Percentages indicated are based on net assets of $339,186. (a) Non-income producing security. (b) On September 30, 2005, the fund owned the following restricted securities constituting 0.00% of net assets which may not be publicly sold without registration under the Securities Act of 1933. These securities are valued at fair value as determined in good faith under consistently applied procedures under the general supervision of the Trust's Board of Trustees. Additional information on the securities is as follows: Vulcan Power Co., Class A Acquisition Date: March 3, 1995 Cost: $300 Value: $0 Silvan Power Co. Acquisition Date: July 27, 2004 Cost: $0 Value: $0 (c) Represents cost for financial reporting purposes and differs from federal income tax purposes by the amount of losses recognized for financial reporting purposes in excess of federal income tax reporting of approximately $6. Cost for federal income tax purposes differs from value by net unrealized appreciation of securities as follows: Unrealized appreciation $66,452 Unrealized depreciation (2,236) ------- Net unrealized appreciation $64,216
ADR - American Depositary Receipt CITIZENS EMERGING GROWTH FUND PORTFOLIO HOLDINGS SEPTEMBER 30, 2005 ($ X 1,000) (UNAUDITED)
SECURITY SHARES VALUE($) - -------- ------- -------- COMMON STOCKS - 98.8% BIOTECHNOLOGY - 5.1% Affymetrix, Inc. (a) 44,000 2,034 Fisher Scientific International, Inc. (a) 26,900 1,669 Gilead Sciences, Inc. (a) 63,200 3,082 Protein Design Labs, Inc. (a) 55,000 1,540 ------- 8,325 CHEMICALS - 1.2% Praxair, Inc. 39,650 1,900 COMPUTERS - 9.8% Apple Computer, Inc. (a) 86,432 4,634 Autodesk, Inc. 62,500 2,903 Corning, Inc. (a) 147,360 2,848 Palm, Inc. (a) 70,000 1,983 Webex Communications, Inc. (a) 75,000 1,838 Websense, Inc. (a) 37,865 1,939 ------- 16,145 CONSTRUCTION - 2.5% Lafarge North America, Inc. 34,000 2,298 Toll Brothers, Inc. (a) 40,200 1,796 ------- 4,094 ELECTRONICS - 7.4% Adobe Systems, Inc. 63,050 1,882 Freescale Semiconductor, Inc., Class B (a) 80,000 1,886 International Rectifier Corp. (a) 38,800 1,749 Lam Research Corp. (a) 59,000 1,798 MEMC Electronic Materials, Inc. (a) 139,500 3,179 QLogic Corp. (a) 50,600 1,731 ------- 12,225 ENERGY & UTILITIES - 11.0% Baker Hughes, Inc. 43,840 2,616 EOG Resources, Inc. 46,400 3,476 Murphy Oil Corp. 38,600 1,925 Newfield Exploration Co. (a) 57,484 2,822 ONEOK, Inc. 54,200 1,844 Patterson-UTI Energy, Inc. 85,200 3,075 Transocean, Inc. (a) 37,700 2,311 ------- 18,069 FINANCIAL - DIVERSIFIED - 3.2% Legg Mason, Inc. 21,000 2,303 Moody's Corp. 56,988 2,911 ------- 5,214
SECURITY SHARES VALUE($) - -------- ------- -------- FINANCIAL SERVICES - 4.5% Chicago Mercantile Exchange Holdings, Inc. 10,856 3,663 Golden West Financial Corp. 27,080 1,608 T. Rowe Price Group, Inc. 33,055 2,158 ------- 7,429 FOODS - 1.5% Bunge, Ltd. 47,850 2,518 HEALTHCARE - 10.0% C.R. Bard, Inc. 34,975 2,309 Cooper Cos., Inc. 23,915 1,832 Coventry Health Care, Inc. (a) 20,000 1,720 Express Scripts, Inc. (a) 30,000 1,866 Intuitive Surgical, Inc. (a) 30,150 2,210 Laboratory Corp. of America Holdings (a) 41,850 2,039 Respironics, Inc. (a) 41,000 1,729 Sierra Health Services, Inc. (a) 40,888 2,816 ------- 16,521 HOTELS & MOTELS - 2.4% Choice Hotels International, Inc. 30,530 1,973 Starwood Hotels & Resorts Worldwide, Inc. 34,300 1,961 ------- 3,934 INSURANCE - 1.5% W. R. Berkley Corp. 61,525 2,429 MANUFACTURING - 4.5% Graco, Inc. 58,000 1,988 Joy Global, Inc. 33,000 1,665 Oshkosh Truck Corp. 58,568 2,528 Pentair, Inc. 34,000 1,241 ------- 7,422 PHARMACEUTICALS - 2.1% McKesson Corp. 37,000 1,756 Pharmaceutical Product Development, Inc. (a) 30,000 1,725 ------- 3,481 PUBLISHING - 1.1% John Wiley & Sons, Inc. 44,400 1,853 REAL ESTATE - 1.2% CB Richard Ellis Group, Inc., Class A (a) 40,000 1,968 RESTAURANTS - 1.3% Sonic Corp. (a) 79,615 2,177
SECURITY SHARES VALUE($) - -------- ------- -------- RETAIL - 11.2% American Eagle Outfitters, Inc. 56,000 1,318 Bed Bath & Beyond, Inc. (a) 45,000 1,808 Claire's Stores, Inc. 101,400 2,447 Coach, Inc. (a) 91,650 2,874 Michaels Stores, Inc. 45,000 1,488 Nordstrom, Inc. 100,712 3,457 Polo Ralph Lauren 30,000 1,509 The Men's Wearhouse, Inc. (a) 44,000 1,175 Whole Foods Market, Inc. 17,950 2,413 ------- 18,489 SERVICES - 11.5% CheckFree Corp. (a) 53,000 2,004 Cognizant Technology Solutions Corp. (a) 68,400 3,187 Corporate Executive Board Co. 46,549 3,630 Dun & Bradstreet Corp. (a) 19,200 1,265 Expeditors International of Washington, Inc. 41,600 2,362 Getty Images, Inc. (a) 36,235 3,118 SCP Pool Corp. 45,000 1,572 WebMD Corp. (a) 150,000 1,662 ------- 18,800 TELECOMMUNICATIONS - 4.0% Comverse Technology, Inc. (a) 85,600 2,249 Macromedia, Inc. (a) 48,000 1,952 Nextel Partners, Inc. (a) 94,500 2,372 ------- 6,573 TRANSPORTATION - 1.8% Landstar System, Inc. 74,480 2,981 ------- TOTAL COMMON STOCKS Cost: $127,903 162,547
SECURITY, RATE, MATURITY DATE PRINCIPAL($) VALUE($) - ----------------------------- ------------ -------- REPURCHASE AGREEMENTS - 1.3% Fifth Third Bank, Inc., 3.18%, 10/03/05 (Proceeds at maturity $2,217, collateralized by Federal Home Loan Mortgage Corp. security, 4.00%, 06/12/13) Cost: $2,216 2,216 2,216 ------- TOTAL INVESTMENTS - 100.1% Cost: $130,119 (b) 164,763
Percentages indicated are based on net assets of $164,564. (a) Non-income producing security. (b) Represents cost for financial reporting purposes and differs from federal income tax purposes by the amount of losses recognized for financial reporting purposes in excess of federal income tax reporting of approximately $15. Cost for federal income tax purposes differs from value by net unrealized appreciation of securities as follows: Unrealized appreciation $37,613 Unrealized depreciation (2,984) ------- Net unrealized appreciation $34,629
CITIZENS SMALL CAP CORE GROWTH FUND PORTFOLIO HOLDINGS SEPTEMBER 30, 2005 ($ X 1,000) (UNAUDITED)
SECURITY SHARES VALUE($) - -------- ------ -------- COMMON STOCKS - 95.9% APPAREL MANUFACTURERS - 1.8% Carter's, Inc. (a) 10,000 568 BANKS - 3.5% PrivateBancorp, Inc. 15,000 514 SVB Financial Group (a) 12,000 584 ------ 1,098 COMPUTERS - 10.5% Ansys, Inc. (a) 12,000 462 Digital River, Inc. (a) 8,000 279 Komag, Inc. (a) 7,500 240 Micros Systems, Inc. (a) 6,500 284 NETGEAR, Inc. (a) 35,300 848 Progress Software Corp. (a) 14,000 445 SRA International, Inc., Class A (a) 12,500 444 Websense, Inc. (a) 5,000 256 ------ 3,258 CONSTRUCTION - 1.6% Beacon Roofing Supply, Inc. (a) 15,000 490 EDUCATIONAL SERVICES - 2.2% Bright Horizons Family Solutions, Inc. (a) 18,000 691 ELECTRICAL EQUIPMENT - 1.9% Genlyte Group (a) 12,004 577 ELECTRONICS - 4.5% Diodes, Inc. (a) 16,000 580 Sirf Technology Holdings, Inc. (a) 14,000 422 Trimble Navigation Ltd. (a) 12,000 404 ------ 1,406 ENERGY & UTILITIES - 13.8% Airgas, Inc. 15,845 469 Cal Dive International, Inc. (a) 9,000 571 Headwaters, Inc. (a) 15,000 561 Holly Corp. 12,000 769 Hydril (a) 9,000 618 Precision Drilling Corp. (a) 12,500 615 RPC, Inc. 27,400 706 ------ 4,309
SECURITY SHARES VALUE($) - -------- ------ -------- HEALTHCARE - 18.0% American Healthways, Inc. (a) 14,000 594 American Medical Systems Holdings, Inc. (a) 26,000 524 AMERIGROUP Corp. (a) 12,000 229 Centene Corp. (a) 14,000 350 LifePoint Hospitals, Inc. (a) 12,500 547 Psychiatric Solutions, Inc. (a) 6,000 325 Quality Systems, Inc. 11,000 761 Respironics, Inc. (a) 16,000 675 Sierra Health Services, Inc. (a) 9,000 620 Sybron Dental Specialties, Inc. (a) 12,000 499 Ventana Medical Systems, Inc. (a) 12,000 457 ------ 5,581 HOTELS & MOTELS - 1.5% Choice Hotels International, Inc. 7,000 452 INSURANCE - 2.8% Philadelphia Consolidated Holding Corp. (a) 5,500 467 RLI Corp. 9,000 416 ------ 883 INVESTMENT BANKING & BROKERAGE - 1.9% Affiliated Managers Group, Inc. (a) 8,000 579 MANUFACTURING - 10.5% Ceradyne, Inc. (a) 14,000 514 Eagle Materials, Inc. 4,000 485 Oshkosh Truck Corp. 11,000 475 Roper Industries, Inc. 13,520 531 Silgan Holdings, Inc. 10,000 333 The Manitowoc Co., Inc. 12,900 647 Toro Co. 7,500 276 ------ 3,261 MULTIMEDIA - 1.1% Witness Systems, Inc. (a) 16,000 334 PERSONAL CARE - 2.7% Chattem, Inc. (a) 14,000 497 Steiner Leisure Ltd. (a) 10,000 340 ------ 837 PHARMACEUTICALS - 0.9% Pharmaceutical Product Development, Inc. (a) 5,000 288 RESTAURANTS - 1.7% P.F. Chang's China Bistro, Inc. (a) 6,000 269 Sonic Corp. (a) 10,000 273 ------ 542
SECURITY SHARES VALUE($) - -------- ------ -------- RETAIL - 6.7% Genesco, Inc. (a) 15,000 559 Guitar Center, Inc. (a) 7,500 414 Marinemax, Inc. (a) 15,000 382 Quiksilver, Inc. (a) 18,000 260 The Men's Wearhouse, Inc. (a) 18,000 481 ------ 2,096 SERVICES - 8.3% Corporate Executive Board Co. 7,500 584 Labor Ready, Inc. (a) 27,000 692 Mine Safety Appliances Co. 6,500 252 Ritchie Bros. Auctioneers, Inc. 8,000 352 SCP Pool Corp. 12,500 437 Waste Connections, Inc. (a) 8,000 281 ------ 2,598 TOTAL COMMON STOCKS Cost: $24,517 29,848
SECURITY, RATE, MATURITY DATE PRINCIPAL($) VALUE($) - ----------------------------- ------------ -------- REPURCHASE AGREEMENTS - 4.2% Fifth Third Bank, Inc., 3.18%, 10/03/05 (Proceeds at maturity $1,323, collateralized by Federal Home Loan Mortgage Corp. security, 4.00%, 06/12/13) Cost: $1,323 1,323 1,323 ------ TOTAL INVESTMENTS - 100.1% Cost: $25,840 (b) 31,171
Percentages indicated are based on net assets of $31,145. (a) Non-income producing security. (b) Represents cost for financial reporting purposes and differs for federal income tax purposes by the amount of losses recognized for financial reporting purposes in excess of federal income tax reporting of approximately $10. Cost for federal income tax purposes differs from value by net unrealized appreciation of securities as follows: Unrealized appreciation $5,995 Unrealized depreciation (674) ------ Net Unrealized appreciation $5,321
CITIZENS VALUE FUND PORTFOLIO HOLDINGS SEPTEMBER 30, 2005 ($ X 1,000) (UNAUDITED)
SECURITY SHARES VALUE($) - -------- ------ -------- COMMON STOCKS - 99.4% AIR FREIGHT - 2.0% FedEx Corp. 7,218 629 APPAREL MANUFACTURERS - 1.6% V.F. Corp. 8,359 485 BANKS - 0.8% Marshall & Ilsley Corp. 6,000 261 CHEMICALS - 2.7% Amgen, Inc. (a) 6,400 510 Praxair, Inc. 6,781 325 ------ 835 COMPUTERS - 9.2% Dell, Inc. (a) 14,584 499 Hewlett-Packard Co. 14,699 429 Intel Corp. 15,819 390 International Business Machines Corp. 5,586 448 Microsoft Corp. 15,696 404 Oracle Corp. (a) 25,166 312 Symantec Corp. (a) 17,380 394 ------ 2,876 CONSTRUCTION - 1.4% Lafarge North America, Inc. 6,670 451 CONSUMER PRODUCTS - 2.4% Black & Decker Corp. 4,366 358 Kimberly-Clark Corp. 6,614 394 ------ 752 ELECTRICAL EQUIPMENT - 1.0% Emerson Electric Co. 4,253 305 ELECTRONICS - 3.1% International Rectifier Corp. (a) 11,792 531 MEMC Electronic Materials, Inc. (a) 19,289 440 ------ 971 ENERGY & UTILITIES - 16.7% AES Corp. (a) 23,955 394 Allegheny Energy, Inc. (a) 10,231 314 Apache Corp. 7,147 538 Baker Hughes, Inc. 12,101 723 ConocoPhillips 15,737 1,101 Devon Energy Corp. 8,310 570 ONEOK, Inc. 17,875 608 Patterson-UTI Energy, Inc. 7,900 285 Precision Drilling Corp. (a) 8,810 433 Valero Energy Corp. 2,454 277 ------ 5,243
SECURITY SHARES VALUE($) - -------- ------- -------- FINANCIAL - DIVERSIFIED - 8.4% Capital One Financial Corp. 7,651 608 Lehman Brothers Holdings, Inc. 5,695 664 Merrill Lynch & Co., Inc. 6,215 381 MetLife, Inc. 10,741 535 Wachovia Corp. 9,396 447 ------ 2,635 FINANCIAL SERVICES - 1.8% Golden West Financial Corp. 9,235 548 FOODS - 1.2% Bunge, Ltd. 7,108 374 HEALTHCARE - 11.5% Baxter International, Inc. 15,490 618 Becton, Dickinson & Co. 8,699 456 CIGNA Corp. 5,002 590 Cooper Cos., Inc. 4,549 348 Pfizer, Inc. 24,760 618 WellPoint, Inc. (a) 12,810 972 ------ 3,602 INSURANCE - 2.9% American International Group, Inc. 8,013 497 The Hartford Financial Services Group, Inc. 5,397 416 ------ 913 LEISURE - 1.3% Harley-Davidson, Inc. 8,163 395 MANUFACTURING - 10.1% 3M Co. 6,495 477 Deere & Co. 6,271 384 Eaton Corp. 6,702 426 Energizer Holdings, Inc. (a) 6,632 376 Ingersoll-Rand Co. 10,040 384 Masco Corp. 12,892 396 National-Oilwell Varco, Inc. (a) 4,696 309 Nucor Corp. 7,140 421 ------ 3,173 PUBLISHING - 1.0% The McGraw-Hill Cos., Inc. 6,607 317 RAILROADS - 1.6% Norfolk Southern Corp. 12,135 492 REAL ESTATE - 2.8% General Growth Properties 9,488 426 Simon Property Group, Inc. 5,898 437 ------ 863 RESTAURANTS - 2.8% McDonald's Corp. 14,842 497 YUM! Brands, Inc. 8,120 393 ------ 890 RETAIL - 7.0% CVS Corp. 25,478 739 Home Depot, Inc. 11,147 425 Nordstrom, Inc. 16,892 580 Target Corp. 8,817 458 ------ 2,202
SECURITY SHARES VALUE($) - -------- ------- -------- TELECOMMUNICATIONS - 6.1% Alltel Corp. 4,580 298 Lucent Technologies, Inc. (a) 140,734 457 Motorola, Inc. 24,812 548 Sprint Nextel Corp. 10,960 261 Verizon Communications, Inc. 10,646 348 ------ 1,912 ------ TOTAL COMMON STOCKS Cost: $26,214 31,124
SECURITY, RATE, MATURITY DATE PRINCIPAL($) VALUE($) - ----------------------------- ------------ -------- REPURCHASE AGREEMENTS - 0.6% Fifth Third Bank, Inc., 3.18%, 10/03/05 (Proceeds at maturity $174, collateralized by Federal Home Loan Mortgage Corp. security, 4.00%, 06/12/13) Cost: $173 173 173 ------ TOTAL INVESTMENTS - 100.0% Cost: $26,387 (b) 31,297
Percentages indicated are based on net assets of $31,291. (a) Represents non-income producing security. (b) Represents cost for financial reporting purposes and differs from federal income tax purposes by the amount of losses recognized for financial reporting purposes in excess of federal income tax reporting of approximately $131. Cost for federal income tax purposes differs from value by net unrealized appreciation of securities as follows: Unrealized appreciation $5,120 Unrealized depreciation (341) ------ Net unrealized appreciation $4,779
CITIZENS GLOBAL EQUITY FUND PORTFOLIO HOLDINGS SEPTEMBER 30, 2005 ($ X 1,000) (UNAUDITED)
SECURITY SHARES VALUE($) - -------- ------- -------- COMMON STOCKS - 98.3% AUTOMOBILE MANUFACTURING - 5.0% Bayerische Motoren Werke AG 34,000 1,593 Toyota Motor Co. 11,000 1,016 Volvo AB 36,000 1,571 ------ 4,180 BANKS - 4.6% Bank of New York Co., Inc. 40,000 1,176 Royal Bank of Scotland Group plc 50,000 1,419 UBS AG ADR 15,000 1,283 ------ 3,878 BIOTECHNOLOGY - 2.1% Roche Holding AG 12,492 1,735 BROADCASTING - 3.4% Clear Channel Communications, Inc. 37,000 1,217 Viacom, Inc., Class B 49,000 1,617 ------ 2,834 COMPUTERS - 11.0% First Data Corp. 41,000 1,640 Intel Corp. 59,000 1,454 International Business Machines Corp. 10,000 802 Intuit, Inc. (a) 17,000 762 Microsoft Corp. 96,000 2,471 SAP AG 7,500 1,298 Yahoo!, Inc. (a) 23,000 778 ------ 9,205 CONSTRUCTION - 1.0% Fluor Corp. 12,500 805 CONSUMER PRODUCTS - 1.0% Kimberly-Clark ADR 45,000 847 ENERGY & UTILITIES - 11.9% Apache Corp. 29,500 2,219 BG Group plc ADR 37,800 1,803 BP Amoco plc 189,000 2,244 Gold Fields Ltd. ADR 60,000 872 Statoil ASA ADR 50,000 1,235 Valero Energy Corp. 14,000 1,583 ------ 9,956 ENTERTAINMENT - 1.8% Comcast Corp., Class A (a) 53,000 1,525
SECURITY SHARES VALUE($) - -------- ------- -------- FINANCIAL - DIVERSIFIED - 13.6% American Express Co. 16,000 919 Bank of America Corp. 19,000 800 Citigroup, Inc. 52,000 2,367 Deutsche Boerse AG 27,000 2,577 Fannie Mae 12,000 538 HBOS plc 50,000 753 HSBC Holdings plc ADR 10,000 812 Mitsubishi UFJ Financial Group, Inc. 62 814 Mitsubishi UFJ Financial Group, Inc. ADR 148,000 1,928 ------ 11,508 FOOD & BEVERAGES - 3.1% Nestle SA 4,678 1,370 PepsiCo, Inc. 22,000 1,248 ------ 2,618 HEALTHCARE - 12.1% Beckman Coulter, Inc. 25,000 1,350 Boston Scientific Corp. (a) 59,000 1,379 Caremark Rx, Inc. (a) 18,000 899 Eli Lilly & Co. 15,000 803 GlaxoSmithKline plc 86,000 2,186 Novartis AG ADR 33,000 1,683 Pfizer, Inc. 76,000 1,898 ------ 10,198 INSURANCE - 2.0% American International Group, Inc. 14,000 867 ING Groep NV 28,000 834 ------ 1,701 MANUFACTURING - 8.9% 3M Co. 22,000 1,614 Komatsu, Ltd. 193,000 2,628 L'Air Liquide ADR 22,500 830 Rexam plc 93,000 844 Tyco International, Ltd. 56,000 1,560 ------ 7,476 OFFICE EQUIPMENT & SUPPLIES - 3.8% Avery Dennison Corp. 29,000 1,519 Canon, Inc. ADR 30,000 1,628 ------ 3,147 PERSONAL CARE - 4.2% Colgate-Palmolive Co. 23,000 1,214 Henkel KGaA ADR 10,000 851 The Estee Lauder Cos., Inc., Class A 41,000 1,429 ------ 3,494 RETAIL - 2.0% Kohl's Corp. (a) 22,000 1,104 Petsmart, Inc. 27,000 588 ------ 1,692 SERVICES - 1.9% WPP Group plc 159,000 1,618
SECURITY SHARES VALUE($) - -------- ------- -------- TELECOMMUNICATIONS - 4.9% France Telecom SA ADR 28,000 805 NTT DoCoMo, Inc. (a) 36,000 876 Verizon Communications, Inc. 23,000 752 Vodafone Group plc 630,000 1,638 ------ 4,071 ------ TOTAL COMMON STOCKS Cost: $72,691 82,488
SECURITY, RATE, MATURITY DATE PRINCIPAL($) VALUE($) - ----------------------------- ------------ -------- REPURCHASE AGREEMENTS - 1.4% Fifth Third Bank, Inc., 3.18%, 10/03/05 (Proceeds at maturity $1,137, collateralized by Federal Home Loan Mortgage Corp. security, 4.00%, 06/12/13) Cost: $1,136 1,136 1,136 ------ TOTAL INVESTMENTS - 99.7% Cost $73,827 (b) 83,624
Percentages indicated are based on net assets of $83,853. (a) Non-income producing security. (b) Represents cost for financial reporting purposes and differs for federal income tax purposes by the amount of losses recognized for financial reporting purposes in excess of federal income tax reporting of approximately $222. Cost for federal income tax purposes differs from value by net unrealized appreciation of securities as follows: Unrealized appreciation $14,049 Unrealized depreciation (4,474) ------- Net unrealized appreciation $ 9,575
ADR - American Depositary Receipt The fund's portfolio holdings as of September 30, 2005, were distributed among the following countries:
PERCENTAGE OF TOTAL INVESTMENTS ------------------------------- SHORT TERM EQUITY & OTHER TOTAL ------ ---------- ----- Bermuda 1.9% 1.9% France 2.0% 2.0% Germany 7.6% 7.6% Israel 1.0% 1.0% Japan 9.6% 9.6% Mexico 1.0% 1.0% Netherlands 1.0% 1.0% Norway 1.5% 1.5% South Africa 1.0% 1.0% Sweden 1.9% 1.9% Switzerland 5.7% 5.7% United Kingdom 15.9% 15.9% United States 48.5% 1.4% 49.9% ---- --- ----- Total 98.6% 1.4% 100.0%
CITIZENS BALANCED FUND PORTFOLIO HOLDINGS SEPTEMBER 30, 2005 ($ X 1,000) (UNAUDITED)
SECURITY SHARES VALUE($) - -------- ------ -------- COMMON STOCKS - 64.2% BANKS - 1.0% Commerce Bancorp, Inc. 2,400 74 BIOTECHNOLOGY - 1.2% Gilead Sciences, Inc. (a) 1,925 94 CHEMICALS - 1.8% Amgen, Inc. (a) 875 70 Praxair, Inc. 1,475 70 --- 140 COMPUTERS - 3.5% Apple Computer, Inc. (a) 1,375 73 Autodesk, Inc. 1,500 70 Corning, Inc. (a) 3,600 70 Intel Corp. 2,400 59 --- 272 CONSTRUCTION - 1.8% Lafarge North America, Inc. 1,100 75 Pulte Homes, Inc. 1,500 64 --- 139 CONSUMER PRODUCTS - 0.8% Black & Decker Corp. 775 64 ELECTRONICS - 2.2% Rockwell Automation, Inc. 1,500 79 Texas Instruments, Inc. 2,675 91 --- 170 ENERGY & UTILITIES - 10.5% Apache Corp. 1,300 98 BJ Services Co. 2,575 93 Burlington Resources, Inc. 1,250 102 ConocoPhillips 1,300 91 Equitable Resources, Inc. 3,250 126 Murphy Oil Corp. 1,500 75 Questar Corp. 1,450 127 Valero Energy Corp. 1,000 113 --- 825 FINANCIAL - DIVERSIFIED - 5.2% American Express Co. 1,100 63 Legg Mason, Inc. 900 98 Merrill Lynch & Co., Inc. 1,375 84 Moody's Corp. 1,600 82 SLM Corp. 1,400 75 --- 402 FINANCIAL SERVICES - 1.7% Franklin Resources, Inc. 1,000 83 Golden West Financial Corp. 800 48 --- 131
SECURITY SHARES VALUE($) - -------- ------ -------- FOODS - 2.4% Hershey Foods Corp. 650 37 PepsiCo, Inc. 1,525 87 Wm.Wrigley Jr. Co. 925 66 --- 190 HEALTHCARE - 7.3% Express Scripts, Inc. (a) 1,200 75 Johnson & Johnson, Inc. 1,500 94 Laboratory Corp. of America Holdings (a) 1,650 80 Pfizer, Inc. 2,750 69 St. Jude Medical, Inc. (a) 1,800 84 UnitedHealth Group, Inc. 1,600 90 WellPoint, Inc. (a) 1,000 76 --- 568 HOTELS & MOTELS - 0.9% Marriott International, Inc., Class A 1,075 68 INSURANCE - 1.8% The Allstate Corp. 900 50 The Chubb Corp. 1,025 92 --- 142 MANUFACTURING - 5.0% HNI Corp. 1,300 78 Ingersoll-Rand Co. 1,700 65 Pentair, Inc. 1,800 66 Precision Castparts Corp. 1,800 95 Procter & Gamble Co. 600 36 Taiwan Semiconductor Manufacturing Co. Ltd. ADR 5,850 48 --- 388 PERSONAL CARE - 0.5% Gillette Co. 600 35 PHARMACEUTICALS - 1.2% Schering-Plough Corp. 4,300 91 PUBLISHING - 0.9% The McGraw-Hill Cos., Inc. 1,500 72 REAL ESTATE - 0.9% Simon Property Group, Inc. 900 67 RETAIL - 4.9% Chico's FAS, Inc. (a) 1,925 71 CVS Corp. 3,000 87 Nordstrom, Inc. 2,000 69 Staples, Inc. 2,700 58 Whole Foods Market, Inc. 725 97 --- 382 SERVICES - 3.6% ARAMARK Corp. 2,000 53 Cognizant Technology Solutions Corp. (a) 1,250 58 Fiserv, Inc. (a) 1,750 80 Getty Images, Inc. (a) 1,000 87 --- 278
SECURITY SHARES VALUE($) - -------- ------ -------- TELECOMMUNICATIONS - 5.1% Alltel Corp. 1,150 75 Comverse Technology, Inc. (a) 3,000 78 j2 Global Communications, Inc. (a) 900 36 Motorola, Inc. 3,250 72 Scientific-Atlanta, Inc. 1,800 68 Sprint Nextel Corp. 2,825 67 ----- 396 ----- TOTAL COMMON STOCKS Cost: $4,320 4,988
SECURITY, RATE, MATURITY DATE PRINCIPAL($) VALUE($) - ----------------------------- ------------ -------- COLLATERALIZED MORTGAGE OBLIGATIONS - 0.5% First Horizon Alternative Mortgage Securities, 4.80%, 06/25/34 (b) 14 14 5.50%, 03/25/35 (b) 20 21 ----- Cost: $35 35 CORPORATE BONDS - 5.8% BANKS - 0.6% Bank of America Corp., 4.38%, 12/01/10 50 49 BROADCASTING - 0.1% Liberty Media Corp., 8.50%, 07/15/29 10 10 COMPUTERS - 0.2% Corning, Inc., 6.20%, 03/15/16 15 15 CONSTRUCTION - 0.3% KB Home, 5.88%, 01/15/15 15 14 Pulte Homes, Inc., 6.00%, 02/15/35 10 9 ----- 23 ENERGY & UTILITIES - 1.0% Atmos Energy, 4.95%, 10/15/14 15 15 Chesapeake Energy Corp., 6.88%, 01/15/16 20 20 Enterprise Products Partners LP, 4.95%, 06/01/10 20 20 XTO Energy, Inc., 5.30%, 06/30/15 20 20 ----- 75 FINANCIAL - DIVERSIFIED - 2.0% Citigroup, Inc., 3.42%, 05/18/10 50 50 Liberty Mutual Group, 5.75%, 03/15/14 (c) 10 10 Merrill Lynch, 4.25%, 09/14/07 50 51 Riddell Bell Holdings, 8.38%, 10/01/12 (c) 15 15 SLM Corp., 3.63%, 03/17/08 35 34 ----- 160 HEALTHCARE - 0.6% Medtronic, Inc., 4.75%, 09/15/15 50 49 INVESTMENT BANKING & BROKERAGE - 0.2% The Goldman Sachs Group, Inc., 5.00%, 10/01/14 15 15 MANUFACTURING - 0.1% American Standard, Inc., 7.38%, 02/01/08 5 5 REAL ESTATE - 0.1% Brandywine Realty Trust, 5.40%, 11/01/14 5 5
SECURITY, RATE, MATURITY DATE PRINCIPAL($) VALUE($) - ----------------------------- ------------ -------- RESTAURANTS - 0.1% Dominos, Inc., 8.25%, 07/01/11 7 7 TELECOMMUNICATIONS - 0.5% Directv Holdings, 6.38%, 06/15/15 (c) 30 29 Nextel Communications, 7.38%, 08/01/15 10 11 ----- 40 ----- TOTAL CORPORATE BONDS Cost: $460 453 FOREIGN GOVERNMENT BONDS- 0.2% United Mexican States, 6.75%, 09/27/34 Cost: $15 15 16 U.S. GOVERNMENT AGENCY OBLIGATIONS - 13.6% FEDERAL HOME LOAN BANK - 3.4% 4.28%, 11/05/07 100 99 4.50%, 02/15/08 100 100 4.10%, 06/13/08 20 20 3.38%, 07/21/08 30 29 5.20%, 05/11/12 15 15 ----- 263 FEDERAL HOME LOAN MORTGAGE CORPORATION - 3.4% 3.25%, 11/02/07 15 15 3.25%, 02/25/08 4 4 4.55%, 01/20/11 5 5 4.50%, 01/15/13 9 9 5.50%, 10/01/18 71 71 5.20%, 03/05/19 40 40 5.50%, 08/20/19 20 20 5.00%, 06/01/35 99 96 ----- 260 FEDERAL NATIONAL MORTGAGE ASSOCIATION - 6.8% 3.25%, 01/15/08 9 9 5.25%, 01/15/09 14 14 6.38%, 06/15/09 3 3 4.13%, 05/15/10 20 20 5.00%, 08/10/10 100 99 6.00%, 05/10/12 25 26 4.38%, 09/15/12 4 4 5.00%, 04/15/15 20 21 5.55%, 08/04/15 100 101 5.00%, 09/01/19 42 42 6.50%, 07/01/32 3 3 6.00%, 11/01/32 2 2 5.50%, 03/01/33 26 26 4.58%, 12/01/34 38 37 4.89%, 01/01/35 25 25 4.82%, 08/01/35 100 99 531 ----- TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS Cost: $1,066 1,054
SECURITY, RATE, MATURITY DATE PRINCIPAL($) VALUE($) - ----------------------------- ------------ -------- U.S. TREASURY NOTES - 6.3% 6.50%, 02/15/10 100 110 4.00%, 03/15/10 100 99 3.88%, 05/15/10 35 34 4.75%, 05/15/14 10 10 4.00%, 02/15/15 100 97 4.13%, 05/15/15 30 29 5.38%, 02/15/31 100 113 ----- Cost: $488 492 REPURCHASE AGREEMENTS - 9.3% Fifth Third Bank, Inc., 3.18%, 10/03/05 (Proceeds at maturity $718, collateralized by Federal Home Loan Mortgage Corp. security, 4.00%, 06/12/13) Cost: $718 718 718 TOTAL INVESTMENTS - 99.9% Cost: $7,102 (d) 7,756
Percentages indicated are based on net assets of $7,760. (a) Non-income producing security. (b) Variable rate security. The rate presented represents the rate in effect on September 30, 2005. (c) Rule 144A security. (d) Represents cost for financial reporting purposes and differs from federal income tax purposes by the amount of losses recognized for financial reporting purposes in excess of federal income tax reporting of approximately $3. Cost for federal income tax purposes differs from value by net unrealized appreciation of securities as follows: Unrealized appreciation $731 Unrealized depreciation (80) ---- Net unrealized appreciation $651
ADR - American Depositary Receipt CITIZENS INCOME FUND PORTFOLIO HOLDINGS SEPTEMBER 30, 2005 ($ X 1,000) (UNAUDITED)
SECURITY, RATE, MATURITY DATE PRINCIPAL($) VALUE($) - ----------------------------- ------------ -------- COLLATERALIZED MORTGAGE OBLIGATIONS - 6.5% Crusade Global Trust, 3.94%, 11/19/37 (a) 509 509 First Horizon Alternative Mortgage Securities, 4.80%, 06/25/34 (a) 1,137 1,131 Granite Mortgages plc, 3.96%, 03/20/25 1,234 1,234 MLCC Mortgage Investors, Inc., 4.06%, 02/25/30 850 851 ------ TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS Cost: $3,746 3,725 CORPORATE BONDS - 25.8% BROADCASTING - 0.8% Liberty Media Corp., 8.50%, 07/15/29 490 474 COMPUTERS - 1.8% Corning, Inc., 6.20%, 03/15/16 985 1,013 CONSTRUCTION - 2.4% KB Home, 5.88%, 01/15/15 985 933 Pulte Homes, Inc., 6.00%, 02/15/35 490 444 ------ 1,377 ELECTRICAL EQUIPMENT - 1.8% Flextronics International, Ltd., 6.50%, 05/15/13 (b) 1,000 1,020 ENERGY & UTILITIES - 6.1% Atmos Energy, 4.95%, 10/15/14 985 961 Chesapeake Energy Corp., 6.88%, 01/15/16 980 1,005 Enterprise Products Partners LP, 4.95%, 06/01/10 480 472 XTO Energy, Inc., 5.30%, 06/30/15 980 980 ------ 3,418 FINANCIAL - DIVERSIFIED - 4.3% Citigroup, Inc., 3.42%, 05/18/10 500 500 Liberty Mutual Group, 5.75%, 03/15/14 (b) 990 967 Riddell Bell Holdings, 8.38%, 10/01/12 (b) 985 971 ------ 2,438 INVESTMENT BANKING & BROKERAGE - 1.7% The Goldman Sachs Group, Inc., 5.00%, 10/01/14 985 974 MANUFACTURING - 1.8% American Standard, Inc., 7.38%, 02/01/08 995 1,046 REAL ESTATE - 0.9% Brandywine Realty Trust, 5.40%, 11/01/14 495 489 RESTAURANTS - 1.3% Dominos, Inc., 8.25%, 07/01/11 722 758 TELECOMMUNICATIONS - 2.9% Directv Holdings, 6.38%, 06/15/15 (b) 620 615 Nextel Communications, 7.38%, 08/01/15 990 1,060 ------ 1,675 ------ TOTAL CORPORATE BONDS Cost: $14,804 14,682
SECURITY, RATE, MATURITY DATE PRINCIPAL($) VALUE($) - ----------------------------- ------------ -------- FOREIGN GOVERNMENT BONDS - 1.8% United Mexican States, 6.75%, 09/27/34 Cost: $970 985 1,049 U.S. GOVERNMENT AGENCY OBLIGATIONS - 27.6% FEDERAL HOME LOAN MORTGAGE CORPORATION - 9.1% 6.25%, 11/14/13 1,000 1,002 5.50%, 10/15/35 4,200 4,200 ------ 5,202 FEDERAL NATIONAL MORTGAGE ASSOCIATION - 18.5% 4.13%, 05/15/10 480 472 5.00%, 04/15/15 980 1,009 4.50%, 10/01/18 2,700 2,643 5.00%, 10/15/20 3,100 3,091 5.00%, 10/15/35 3,400 3,328 ------ 10,543 ------ TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS Cost: $15,881 15,745 U.S. TREASURY NOTES - 30.7% 4.00%, 08/31/07 5,000 4,982 4.13%, 08/15/08 5,700 5,691 4.00%, 04/15/10 2,000 1,982 4.13%, 08/15/10 1,400 1,394 4.13%, 05/15/15 2,970 2,919 5.38%, 02/15/31 500 560 ------ Cost: $17,622 17,528 REPURCHASE AGREEMENTS - 10.4% Fifth Third Bank, Inc., 3.18%, 10/03/05 (Proceeds at maturity $5,899, collateralized by Federal Home Loan Mortgage Corp. security, 4.00%, 06/12/13) Cost: $5,898 5,898 5,898 ------ TOTAL INVESTMENTS - 102.8% Cost: $58,921 (c) 58,627
Percentages indicated are based on net assets of $57,031. (a) Variable rate security. The rate presented represents the rate in effect on September 30, 2005. (b) Rule 144A security. (c) Represents cost for financial reporting purposes and federal income tax purposes and differs from value by net unrealized depreciation of securities as follows: Unrealized appreciation $ 276 Unrealized depreciation (570) ------- Net unrealized depreciation ($294)
CITIZENS MONEY MARKET FUND PORTFOLIO HOLDINGS SEPTEMBER 30, 2005 ($ X 1,000) (UNAUDITED)
SECURITY, RATE, MATURITY DATE PRINCIPAL($) VALUE($) - ----------------------------- ------------ -------- CERTIFICATES OF DEPOSIT - 26.1% City National Bank of New Jersey, 3.75%, 3/14/06 (a) 100 100 HSBC Bank plc, 3.76%, 01/20/06 4,000 4,000 Marshall & Isley, 3.54%, 10/17/05 4,000 4,000 Mercantile Safe Deposit and Trust, 3.76%, 12/12/05 (b) 4,000 4,000 Rabobank, 3.59%, 12/28/05 4,000 3,999 Self Help Credit Union, 3.95%, 3/13/06 (a) 100 100 Toronto-Dominion Bank, 3.52%, 12/29/05 3,000 3,000 Wilmington Trust Corp., 3.58%, 10/18/05 4,000 4,000 ------ TOTAL CERTIFICATES OF DEPOSIT Cost: $23,199 23,199 COMMERCIAL PAPER - 68.1% American General Finance Corp., 3.81%, 10/03/05 1,958 1,958 3.82%, 10/05/05 1,447 1,446 3.91%, 11/28/05 1,500 1491 Atlantis One Funding Corp., 3.77%, 10/20/05 1,297 1,294 3.92%, 12/27/05 2,000 1,981 Becton Dickinson and Co., 3.66%, 10/11/05 202 202 Blue Ridge Asset Funding, 3.78%, 10/05/05 (c) 3,500 3,499 BMW Finance, 3.65%, 11/07/05 4,000 3,985 Charta Corp., 3.60%, 10/06/05 4,000 3,997 Coca Cola Co., 3.75%, 10/13/05 2,061 2,058 Cooperative Association of Tractor Dealers, 3.79%, 10/12/05 2000 1,998 3.49%, 11/22/05 2,000 1,990 Fountain Square, 3.80%, 10/28/05 (c) 600 598 3.71%, 11/15/05 (c) 4,000 3,982 Galleon Capital, 3.69%, 10/14/05 4,000 3,995 J.P. Morgan Chase & Co., 3.73%, 10/17/2005 3,730 3,724 Metlife Funding, Inc., 3.74%, 11/14/05 4,000 3,982 Mid States Federal Credit Union Corp., 3.76%, 10/25/05 2,500 2,494 New York Times Co., 3.63%, 10/28/05 4,000 3,989 Procter & Gamble, 3.70%, 12/01/05 4,000 3,975 UBS Finance Corp., 3.77%, 11/01/05 4,000 3,987 Verizon Network Funding, 3.65%, 10/11/05 4,000 3,996 ------ TOTAL COMMERCIAL PAPER Cost: $60,621 60,621 MUNICIPAL NOTES - 3.9% New York State Housing Finance Agency, 3.84%, 11/15/29 (b) Cost: $3,500 3,500 3,500 TOTAL INVESTMENTS - 98.1% Cost: $87,320 (d) 87,320
Percentages indicated are based on net assets of $89,020. a) Restricted security which may not be publicly sold without registration under the Securities Act of 1933. b) Variable rate security. The rate presented represents the rate in effect on September 30, 2005. c) Rule 144A security. d) Represents cost and value for financial reporting and federal income tax purposes. FINANCIAL NOTES TO PORTFOLIO HOLDINGS UNAUDITED ORGANIZATION Citizens Funds (the "Trust"), a Massachusetts Business Trust, is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust offers the following funds (individually a "fund," collectively the "funds"):
FUND SHORT NAME - ---- ---------- CITIZENS 300 FUND 300 Fund CITIZENS CORE GROWTH FUND Core Growth Fund CITIZENS EMERGING GROWTH FUND Emerging Growth Fund CITIZENS SMALL CAP CORE GROWTH FUND Small Cap Core Growth Fund CITIZENS VALUE FUND Value Fund CITIZENS GLOBAL EQUITY FUND Global Equity Fund CITIZENS BALANCED FUND Balanced Fund CITIZENS INCOME FUND Income Fund CITIZENS MONEY MARKET FUND Money Market Fund
The funds are authorized to issue an unlimited number of shares of beneficial interest with no par value. The Core Growth Fund, Emerging Growth Fund, and Global Equity Fund currently offer three classes of shares: Standard shares, Institutional shares and Administrative shares. The Money Market Fund offers two classes of shares: Standard shares and Institutional shares. The 300 Fund, Small Cap Core Growth Fund, Value Fund, Small Cap Value Fund, Balanced Fund and Income Fund offer one class of shares: Standard shares. Each class of shares in the funds has identical rights and privileges except with respect to fees paid under class-specific agreements, voting rights on matters affecting a single class of shares, and the exchange privilege of each class of shares. SIGNIFICANT ACCOUNTING POLICIES SECURITIES VALUATION The board of trustees has approved procedures to be used to value each fund's securities for the purpose of determining the fund's net asset value (NAV). Equity securities traded on an exchange are valued at the market price determined as the closing sale or official closing price on that exchange. For securities not traded on an exchange, or if an exchange price is not readily available, securities are valued at a market price determined by independent third-party pricing vendors approved by the funds' valuation committee. The market price for debt obligations is determined by an independent third-party pricing service which use a matrix, formula or other objective method that considers the effect of market indices, yield curves and other specific adjustments. Short-term securities maturing within 60 days and all securities in the Money Market Fund are valued at amortized cost, unless it is determined that using this method would not reflect a security's fair value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant basis to the maturity of the security. If a price for a given security is unavailable or deemed unreliable by the adviser, the market price may be determined using quotations received from one or more brokers that make a market in the security. When such prices or quotations are not available, or when the adviser believes they are unreliable, the funds' valuation committee will value securities using fair value procedures approved by the funds' board of trustees. Fair value procedures may also be used if the adviser determines that a significant event has occurred between the time at which a market price is determined and the time at which a fund's net asset value is calculated. The Global Equity Fund uses a fair value model developed by an independent third-party pricing service in its valuation considerations for foreign equity securities on days when there is a specific percentage change in the value of a domestic equity security index. This percentage is determined by the funds' valuation committee. SECURITY TRANSACTIONS Changes in holdings of portfolio securities shall be reflected no later than on the first business day following the trade date. However, for financial reporting purposes, including each quarter end, portfolio security transactions are reported on trade date. REPURCHASE AGREEMENTS The funds may acquire repurchase agreements with an entity that is a member of the Federal Reserve System, collateralized by instruments issued by the U.S. government, its agencies or instrumentalities. The repurchase price generally equals the price paid by a fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying securities. It is the funds' policy to receive collateral securities of which the value, including accrued interest, is at least equal to 102% of the amount to be repaid to the funds under each agreement at its maturity. Collateral subject to repurchase agreements is held by the funds' custodian. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral by the funds may be delayed or limited. RESTRICTED SECURITIES The funds are permitted to invest in privately placed securities. These securities may be resold in transactions exempt from registration, or to the public, if the securities are registered under the Securities Act of 1933. Disposal of these securities may involve time-consuming negotiations and expense, and the prompt sale at an acceptable price may be difficult. FOREIGN CURRENCY TRANSLATION The accounting records of the funds are maintained in U.S. dollars. Investment securities denominated in a foreign currency are translated into U.S. dollars at the current rate of exchange. ITEM 2. CONTROLS AND PROCEDURES. (A) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-Q is (i) accumulated and communicated to the investment company's management, including its certifying officers, to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. (B) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are filed and attached hereto as Exhibit 99.CERT. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. REGISTRANT CITIZENS FUNDS BY /s/ Sophia Collier ---------------------------------- SOPHIA COLLIER, PRESIDENT DATE November 29, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. BY /s/ Sophia Collier ---------------------------------- SOPHIA COLLIER, PRESIDENT DATE November 29, 2005 BY /s/ Sean P. Driscoll ---------------------------------- SEAN P. DRISCOLL, TREASURER DATE November 29, 2005 EX-99.CERT 2 b57931nqexv99wcert.txt CERTIFICATIONS EXHIBIT 99.CERT CERTIFICATION I, Sophia Collier, certify that: 1. I have reviewed this report on Form N-Q of Citizens Funds (the "registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. November 29, 2005 /s/ Sophia Collier DATE ---------------------------------------- SOPHIA COLLIER, PRESIDENT CERTIFICATION I, Sean P. Driscoll, certify that: 1. I have reviewed this report on Form N-Q of Citizens Funds (the "registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. November 29, 2005 /s/ Sean P. Driscoll DATE ---------------------------------------- SEAN P. DRISCOLL, TREASURER -----END PRIVACY-ENHANCED MESSAGE-----