Sentinel Investments and Citizens Advisers Reach Acquisition Agreement

Business Wire, Nov 13, 2007

Vermont firm adds Socially Responsible mutual funds to product line

MONTPELIER, Vt. & PORTSMOUTH, N.H. -- Sentinel Investments, the investment management arm of Vermont-based National Life Group, and Citizens Advisers, Inc., ("Citizens") the investment advisor to Citizens Funds, today announced that they have reached an agreement for Sentinel to acquire substantially all of Citizens' socially responsible mutual fund advisory business, subject to the approval of Citizens Funds' shareholders.

The transaction proposes each of Citzens' eight funds--with more than $800 million in assets under management--be reorganized into new or existing Sentinel funds. In connection with the proposed reorganizations, Sentinel Investments will launch two new SRI funds--Sentinel Responsible Investing (SRI) Core Opportunities Fund, a large-cap offering, and Sentinel Responsible Investing (SRI) Emerging Companies Fund, which will focus on mid-cap growth stocks. The new funds will adopt Citizens' social screening process and proxy voting guidelines.

"We are very pleased that Citizens selected Sentinel Investments," said Christian Thwaites, President and Chief Executive Officer of Sentinel Asset Management, Inc. "Citizens is known for its leadership in and commitment to socially responsible investing and we see this acquisition as a good fit and a natural extension of our corporate growth strategy." Thwaites added, "We look forward to the opportunity to provide Citizens Funds shareholders with Sentinel's investment management expertise and to offering Sentinel shareholders access to new fund offerings focused on sustainable investing."

"My partners and I chose Sentinel because we believe it is a highly ethical firm with a disciplined investment process, a strong management team and a keen interest in serving the investment needs of socially responsible investors," said Sophia Collier, President and CEO of Citizens Advisers, Inc. and portfolio manager. "We are confident Sentinel Investments is the right organization to carry on our work in socially responsible investing," added Collier.

The transaction between Sentinel and Citizens seeks to provide investors with improved economies of scale and enhanced service capabilities. It is scheduled to occur in the first quarter of 2008, pending Citizens Funds shareholder approval.

About Sentinel Investments

Sentinel Investments is a member of National Life Group and manages approximately $18 billion in mutual funds and institutional accounts. Sentinel Funds has a history that dates back nearly 75 years when its flagship fund--Sentinel Common Stock Fund--was launched. Sentinel Investments offers the Sentinel family of mutual funds, as well as retirement plan solutions and institutional investment management. The company is headquartered in Montpelier, VT, with offices in New York, Philadelphia and San Francisco. Sentinel Investments is the unifying brand name for Sentinel Asset Management, Inc., Sentinel Financial Services Company and Sentinel Administrative Services, Inc.

About Citizens Advisers, Inc.

Citizens Advisers, Inc., located in Portsmouth, New Hampshire, is the investment adviser to Citizens Funds and owner of mutual fund distribution company Citizens Securities, Inc. Citizens Funds has been a leader in serving the socially responsible needs of retail investors and institutional clients since 1982. For more than two decades, Citizens has focused on investing in companies that are fundamentally strong and socially responsible to meet the financial goals of our shareholders.

For more complete information about Citizens Funds, please call 1.800.223.7010. For more complete information about Sentinel Funds, please call 1.800.232.FUND or visit us online at www.sentinelinvestments.com.

Consider a fund's investment objectives, risks, charges and expenses carefully before you invest. Information about these and other important subjects is in the funds' prospectuses, which you should read carefully before investing.

Past performance is no guarantee of future results. Mutual funds are subject to risks and fluctuate in value. Citizens Securities, Inc. is the distributor of Citizens Funds. Sentinel Financial Services Company is the distributor of Sentinel Funds.

This press release contains statements that constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements regarding Sentinel's expectation that the transaction will take place in the first quarter of 2008. Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those contemplated by such forward-looking statements. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise.