EXHIBIT 12(a)(1)

                                                                   NOVEMBER 2003

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

I.    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.

II.   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.

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            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.

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      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.

III.  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.

IV.   REPORTING AND ACCOUNTABILITY

      Each Covered Officer must:

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      -     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.

V.    OTHER POLICIES AND PROCEDURES

            This Code shall be the sole code of ethics adopted by the Funds for
purposes of

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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.

VI.   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.

VII.  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.

VIII. 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

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EXHIBIT A

Persons Covered by this Code of Ethics:

Sophia Collier, President of Citizens Funds

Sean Driscoll, Treasurer of Citizens Funds

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