EXHIBIT 10(a)(1)

                                  NOVEMBER 2003

                          CITIZENS FUNDS CODE OF ETHICS
                                       FOR
                               PRINCIPAL EXECUTIVE
                                       AND
                            SENIOR FINANCIAL OFFICERS

COVERED OFFICERS/PURPOSE OF THE CODE

Citizens Funds' Senior Officer Code of Ethics (this "Code") for the investment
companies within the Citizens Funds complex (collectively, "Funds" and each,
"Fund") applies to the Funds' Principal Executive Officer and Principal
Financial Officer (the "Covered Officers," each of whom are set forth in Exhibit
A) for the purpose of promoting:

      -     honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;

      -     full, fair, accurate, timely and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Securities and Exchange Commission ("SEC") and in other public communications
made by the Funds;

      -     compliance with applicable laws and governmental rules and
regulations;

      -     the prompt internal reporting of violations of the Code to an
appropriate person or persons identified in the Code; and

      -     accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and
should be sensitive to situations that may give rise to actual as well as
apparent conflicts of interest.

COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF
INTEREST

OVERVIEW. A "conflict of interest" occurs when a Covered Officer's private
interest interferes with the interests of, or his/her service to, the Funds. For
example, a conflict of interest would arise if a Covered Officer, or a member of
his/her family, receives improper personal benefits as a result of his/her
position with the Funds.



Certain conflicts of interest arise out of the relationships between Covered
Officers and the Funds and already are subject to conflict of interest
provisions in the Investment Company Act of 1940 ("Investment Company Act") and
the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example,
Covered Officers may not individually engage in certain transactions (such as
the purchase or sale of securities or other property) with the Funds because of
their status as "affiliated persons" of the Funds. The Funds' and the investment
adviser's compliance programs and procedures are designed to prevent, or
identify and correct, violations of these provisions. This Code does not, and is
not intended to, repeat or replace these programs and procedures, and such
conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit,
conflicts arise from, or as a result of, the contractual relationship between
the Funds and the investment adviser of which the Covered Officers are also
officers and/or employees. As a result, this Code recognizes that the Covered
Officers will, in the normal course of their duties (whether formally for the
Funds or for the adviser, or for both), be involved in establishing policies and
implementing decisions that will have different effects on the adviser and the
Funds. The participation of the Covered Officers in such activities is inherent
in the contractual relationship between the Funds and the adviser and is
consistent with the performance by the Covered Officers of their duties as
officers of the Funds. Thus, if performed in conformity with the provisions of
the Investment Company Act and the Investment Advisers Act, such activities will
be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of
interest are not subject to provisions in the Investment Company Act and the
Investment Advisers Act. The following list provides examples of conflicts of
interest under the Code, but Covered Officers should keep in mind that these
examples are not exhaustive. The overarching principle is that the personal
interest of a Covered Officer should not be placed improperly before the
interest of the Funds.

*                  *                 *                *

Each Covered Officer must:

      - not use his/her personal influence or personal relationships improperly
to influence investment decisions or financial reporting by the Funds whereby
the Covered Officer would benefit personally to the detriment of the Funds;

      - not cause the Funds to take action, or fail to take action, for the
individual personal benefit of the Covered Officer rather than the benefit the
Funds;

      - complete the Funds' Trustees and Officers Questionnaire at least
annually which seeks information related to categories of affiliations or other
relationships related to conflicts of interest.



There are some conflict of interest situations that should always be discussed
with the Chief Legal Officer if material. Examples of these include:

      - service as a director on the board of any public or private company;

      - the receipt of any non-nominal gifts in excess of $100 from any person
or company with which the Funds has current or prospective business dealings;

      - the receipt of any entertainment from any company with which the Funds
has current or prospective business dealings unless such entertainment is
business-related, reasonable in cost, appropriate as to time and place, and not
so frequent as to raise any question of impropriety;

      - any ownership interest in, or any consulting or employment relationship
with, any of the Funds' service providers, other than its investment adviser,
principal underwriter, administrator or any affiliated person thereof;

      - a direct or indirect financial interest in commissions, transaction
charges or spreads paid by the Funds for effecting portfolio transactions or for
selling or redeeming shares other than an interest arising from the Covered
Officer's employment, such as compensation or equity ownership.

DISCLOSURE AND COMPLIANCE

Each Covered Officer should familiarize himself/herself with the disclosure
requirements generally applicable to the Funds;

      - each Covered Officer should not knowingly misrepresent, or cause others
to misrepresent, facts about the Funds to others, whether within or outside the
Funds, including to the Funds' trustees and auditors, and to governmental
regulators and self-regulatory organizations;

      - each Covered Officer should, to the extent appropriate within his/her
area of responsibility, consult with other officers and employees of the Funds
and the adviser with the goal of promoting full, fair, accurate, timely and
understandable disclosure in the reports and documents the Funds file with, or
submit to, the SEC and in other public communications made by the Funds; and

      - it is the responsibility of each Covered Officer to promote compliance
with the standards and restrictions imposed by applicable laws, rules and
regulations.



REPORTING AND ACCOUNTABILITY

Each Covered Officer must:

      - upon adoption of the Code (or thereafter as applicable, upon becoming a
Covered Officer), affirm in writing to the Board that he/she has received, read,
and understands the Code;

      - annually thereafter affirm to the Board that he/she has complied with
the requirements of the Code;

      - not retaliate against any other Covered Officer or any employee of the
Funds or their affiliated persons for reports of potential violations that are
made in good faith; and

      - notify the Chief Legal Officer promptly if he/she knows of any violation
of this Code. Failure to do so is itself a violation of this Code.

The Chief Legal Officer is responsible for applying this Code to specific
situations in which questions are presented under it and has the authority to
interpret this Code in any particular situation. However, any approvals or
waivers sought by the Principal Executive Officer will be considered by the
Board.

The Funds will follow these procedures in investigating and enforcing this Code:

      - the Chief Legal Officer will take all appropriate action to investigate
any potential violations reported to him/her;

      - if, after such investigation, the Chief Legal Officer believes that no
violation has occurred, the Chief Legal Officer is not required to take any
further action;

      - any matter that the Chief Legal Officer believes is a violation will be
reported to the Board;

      - if the Board concurs that a violation has occurred, it will consider
appropriate action, which may include review of, and appropriate modifications
to, applicable policies and procedures; notification to appropriate personnel of
the investment adviser or its board; or a recommendation to dismiss the Covered
Officer;

      - the Board will be responsible for granting waivers, as appropriate; and

      - any changes to or waivers of this Code will, to the extent required, be
disclosed as provided by SEC rules.



OTHER POLICIES AND PROCEDURES

This Code shall be the sole code of ethics adopted by the Funds for purposes of
Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to
registered investment companies thereunder. Insofar as other policies or
procedures of the Funds, the Funds' adviser, principal underwriter, or other
service providers govern or purport to govern the behavior or activities of the
Covered Officers who are subject to this Code, they are superseded by this Code
to the extent that they overlap or conflict with the provisions of this Code.
The Funds' and their investment adviser's and principal underwriter's code of
ethics under Rule 17j-1 under the Investment Funds Act and their more detailed
policies and procedures set forth in the Citizens Funds Compliance Manual are
separate requirements applying to the Covered Officers and others, and are not
part of this Code.

AMENDMENTS

Any amendments to this Code, other than amendments to Exhibit A, must be
approved or ratified by a majority vote of the Board, including a majority of
independent trustees.

CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be
considered confidential and shall be maintained and protected accordingly.
Except as otherwise required by law or this Code, such matters shall not be
disclosed to anyone other than the Board and its counsel.

INTERNAL USE

The Code is intended solely for the internal use by the Funds and does not
constitute an admission, by or on behalf of any Fund, as to any fact,
circumstance, or legal conclusion.

DATE: November 17, 2003



EXHIBIT A

Persons Covered by this Code of Ethics:

Sophia Collier, President of Citizens Funds

Sean Driscoll, Treasurer of Citizens Funds