13F-HR 1 b69530a1e13fvhr.txt CITIZENS ADVISERS INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 03/31/2008 -------- Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Citizens Advisers Inc. Address: One Harbour Place Suite 400 Portsmouth, NH 03801 Form 13F File Number: 28-04929 -------- The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Marcia Kovalik Title: General Counsel Phone: 603-436-1513 x3610 Signature, Place, and Date of Signing: /s/ Marcia Kovalik Portsmouth, NH 4/10/2008 ------------------- ------------------- --------------- [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: None ------------ Form 13F Information Table Entry Total: 206 ----------- Form 13F Information Table Value Total: $535,784 -------------- (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] No. Form 13F File Number Name None FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- Allianz Se ADR 018805101 2693 137000 SH SOLE 137000 America Movil S.A.B. de C.V. ADR 02364w105 2548 40000 SH SOLE 40000 Banco Santander SA ADR 05964h105 8295 416000 SH SOLE 416000 Bank of Nova Scotia ADR 064149107 2622 58000 SH SOLE 58000 Desarrolladora Homex S.A. ADR 25030w100 2177 37500 SH SOLE 37500 Encana Corp ADR 292505104 2992 39500 SH SOLE 39500 Fresenius Medical Care AG & Co ADR 358029106 2617 52000 SH SOLE 52000 Icici Bank Ltd - Spon ADR 45104g104 4969 130100 SH SOLE 130100 Luxottica S.p.A. ADR 55068r202 755 30000 SH SOLE 30000 NICE Systems Ltd. ADR 653656108 705 25000 SH SOLE 25000 Nokia Corporation ADR 654902204 2260 71000 SH SOLE 71000 Novo Nordisk A/S ADR 670100205 3462 50000 SH SOLE 50000 POSCO ADR 693483109 1666 14000 SH SOLE 14000 Sadia S.A. ADR 786326108 2580 145000 SH SOLE 145000 Shire Pharma ADR 82481R106 1884 32500 SH SOLE 32500 Statoilhydro ASA ADR 85771p102 2569 86000 SH SOLE 86000 Telekomunik Indonesia-SP ADR ADR 715684106 2013 48000 SH SOLE 48000 Teva Pharmaceutical Indus Ltd ADR 881624209 370 8000 SH SOLE 8000 Veolia Environnement ADR 92334N103 1399 20000 SH SOLE 20000 3M Company COM 88579Y101 848 10714 SH SOLE 10714 AES Corporation COM 00130H105 5228 313600 SH SOLE 313600 AT&T, Inc. COM 00206R102 7877 205656 SH SOLE 205656 Accenture Ltd - Cl A COM g1150g111 4048 115100 SH SOLE 115100 Advanta Corp. COM 007942204 204 29000 SH SOLE 29000 Aeropostale, Inc. COM 007865108 2250 83000 SH SOLE 83000 Affiliated Managers Group COM 008252108 2087 23000 SH SOLE 23000 Aflac Inc. COM 001055102 5183 79800 SH SOLE 79800 Airgas Inc COM 009363102 2342 51500 SH SOLE 51500 Akamai Technologies Inc. COM 00971T101 6599 234350 SH SOLE 234350 Alexion Pharmaceuticals COM 015351109 1957 33000 SH SOLE 33000 Allegheny Energy Inc. COM 017361106 9689 191870 SH SOLE 191870 Allscripts Healthcare Solution COM 01988p108 196 19000 SH SOLE 19000 Amedisys, Inc. COM 023436108 295 7500 SH SOLE 7500 American International Group COM 026874107 3659 84592 SH SOLE 84592 American Oriental Bioengineeri COM 028731107 364 45000 SH SOLE 45000 Amgen Inc. COM 031162100 683 16350 SH SOLE 16350 Ansys Inc. COM 03662Q105 690 20000 SH SOLE 20000 Apache Corporation COM 037411105 2586 21400 SH SOLE 21400 Apogee Enterprises, Inc. COM 037598109 308 20000 SH SOLE 20000 Apple Computer Inc. COM 037833100 4520 31500 SH SOLE 31500 Archer-Daniels-Midland Company COM 039483102 1029 25000 SH SOLE 25000 Atheros Communications COM 04743p108 427 20500 SH SOLE 20500 Atwood Oceanics COM 050095108 825 9000 SH SOLE 9000 BE Aerospace, Inc. COM 073302101 2481 71000 SH SOLE 71000 Baker Hughes Incorporated COM 057224107 873 12751 SH SOLE 12751 Bank of America Corporation COM 060505104 947 24991 SH SOLE 24991 Bare Escentuals Inc COM 067511105 1874 80000 SH SOLE 80000 Barnes Group, Inc. COM 067806109 402 17500 SH SOLE 17500 Baxter International Inc. COM 071813109 1030 17820 SH SOLE 17820 Becton, Dickinson & Company COM 075887109 6064 70636 SH SOLE 70636 Best Buy & Company Inc. COM 086516101 2770 66800 SH SOLE 66800 Bio-Reference Laboratories, In COM 09057g602 264 10000 SH SOLE 10000 Bucyrus International, Inc. COM 118759109 3761 37000 SH SOLE 37000 Bunge Limited COM G16962105 669 7700 SH SOLE 7700 Burger King Holdings, Inc. COM 121208201 2628 95000 SH SOLE 95000 C. R. Bard COM 067383109 5274 54712 SH SOLE 54712 CME Group, Inc. COM 12572q105 2536 5406 SH SOLE 5406 CVS/Caremark Corporation COM 126650100 7396 182575 SH SOLE 182575 Canadian Pacific Railway Limit COM 13645t100 4050 63000 SH SOLE 63000 Celgene Corporation COM 151020104 513 8367 SH SOLE 8367 Century Aluminum Company COM 156431108 397 6000 SH SOLE 6000 Chattem Inc. COM 162456107 464 7000 SH SOLE 7000 Chubb Corporation COM 171232101 1099 22212 SH SOLE 22212 Ciena Corporation COM 171779309 1541 50000 SH SOLE 50000 Cisco Systems Inc. COM 17275R102 4950 205487 SH SOLE 205487 Citigroup Inc. COM 172967101 4033 188300 SH SOLE 188300 Coach, Inc. COM 189754104 3374 111900 SH SOLE 111900 Cognizant Technology Solutions COM 192446102 1730 60000 SH SOLE 60000 Commercial Metals Corporation COM 201723103 1948 65000 SH SOLE 65000 Concur Technologies, Inc. COM 206708109 590 19000 SH SOLE 19000 Conoco Phillips COM 20825C104 7731 101441 SH SOLE 101441 Core Laboratories N.V. COM n22717107 4295 36000 SH SOLE 36000 Corning Inc. COM 219350105 7820 325286 SH SOLE 325286 Coventry Health Care, Inc. COM 222862104 612 15161 SH SOLE 15161 Crocs, Inc. COM 227046109 1502 86000 SH SOLE 86000 Crown Holdings, Inc. COM 228368106 3860 153435 SH SOLE 153435 Cummins Inc. COM 231021106 2341 50000 SH SOLE 50000 Cypress Semiconductor Corporat COM 232806109 1653 70000 SH SOLE 70000 Danaher Corporation COM 235851102 6387 84000 SH SOLE 84000 Darling International Inc. COM 237266101 518 40000 SH SOLE 40000 Deckers Outdoor Corp. COM 243537107 1078 10000 SH SOLE 10000 Devon Energy Corporation COM 25179M103 7407 71000 SH SOLE 71000 Diodes Inc. COM 254543101 417 19000 SH SOLE 19000 Dish Network Corporation Class COM 25470M109 1293 45000 SH SOLE 45000 Dresser-Rand Group, Inc. COM 261608103 1660 54000 SH SOLE 54000 EOG Resources, Inc. COM 26875P101 4440 37000 SH SOLE 37000 Echostar Corporation COM 278768106 266 9000 SH SOLE 9000 Emerson Electric Co. COM 291011104 7724 150106 SH SOLE 150106 Energizer Holdings, Inc. COM 29266R108 2262 25000 SH SOLE 25000 Express Scripts Inc-Cl A COM 302182100 1930 30000 SH SOLE 30000 F5 Networks Inc. COM 315616102 1454 80000 SH SOLE 80000 FMC Technologies Inc. COM 30249U101 2560 45000 SH SOLE 45000 Fedex Corporation COM 31428X106 5548 59865 SH SOLE 59865 First Cash Financial Services, COM 31942d107 207 20000 SH SOLE 20000 Flowserve Corp. COM 34354P105 2609 25000 SH SOLE 25000 Fluor Corporation COM 343412102 2400 17000 SH SOLE 17000 Franklin Resources, Inc. COM 354613101 3851 39700 SH SOLE 39700 GameStop Corp. COM 36467w109 4447 86000 SH SOLE 86000 General Cable Corp. COM 369300108 4513 76400 SH SOLE 76400 General Mills Inc. COM 370334104 1331 22225 SH SOLE 22225 Gildan Activewear, Inc. COM 375916103 3362 90000 SH SOLE 90000 Gilead Sciences Inc. COM 375558103 4143 80400 SH SOLE 80400 Goldman Sachs Group Inc. COM 38141G104 4158 25143 SH SOLE 25143 Google Inc - Cl A COM 38259p508 3436 7800 SH SOLE 7800 Guess?, Inc. COM 401617105 2631 65000 SH SOLE 65000 Hansen Natural Corp. COM 411310105 1730 49000 SH SOLE 49000 Hartford Financial Services COM 416515104 823 10856 SH SOLE 10856 Hewlett-Packard Company COM 428236103 6401 140187 SH SOLE 140187 Holly Corp COM 435758305 304 7000 SH SOLE 7000 Hologic Inc. COM 436440101 4293 77218 SH SOLE 77218 Immucor, Inc. COM 452526106 363 17000 SH SOLE 17000 Integra Lifesciences COM 457985208 413 9500 SH SOLE 9500 Intel Corporation COM 458140100 976 46073 SH SOLE 46073 IntercontinentalExchange, Inc. COM 45865v100 1566 12000 SH SOLE 12000 International Business Machine COM 459200101 1358 11793 SH SOLE 11793 Intuitive Surgical Inc. COM 46120e602 8082 24919 SH SOLE 24919 Investment Technology Group COM 46145F105 600 13000 SH SOLE 13000 Invitrogen Corporation COM 46185R100 1966 23000 SH SOLE 23000 Itron, Inc. COM 465741106 406 4500 SH SOLE 4500 JPMorgan Chase & Co. COM 46625H100 5781 134596 SH SOLE 134596 Jack Henry & Assoc. COM 426281101 1826 74000 SH SOLE 74000 Johnson & Johnson COM 478160104 1278 19702 SH SOLE 19702 Kellogg Company COM 487836108 1345 25594 SH SOLE 25594 Kendle International Inc. COM 48880L107 606 13500 SH SOLE 13500 Kimberly-Clark COM 494368103 982 15213 SH SOLE 15213 LIFE TIME FITNESS, Inc. COM 53217r207 281 9000 SH SOLE 9000 LKQ Corporation COM 501889208 562 25000 SH SOLE 25000 Laboratory Corp of America COM 50540R409 2947 40000 SH SOLE 40000 Lehman Brothers Holdings Inc. COM 524908100 2462 65420 SH SOLE 65420 MEMC Electronic Materials, Inc COM 552715104 9932 140087 SH SOLE 140087 McDonalds Corporation COM 580135101 4491 80523 SH SOLE 80523 Merrill Lynch & Co., Inc. COM 590188108 868 21318 SH SOLE 21318 Metlife Inc. COM 59156R108 734 12181 SH SOLE 12181 Michael Baker Corporation COM 057149106 270 12000 SH SOLE 12000 Microsoft Corporation COM 594918104 869 30634 SH SOLE 30634 Myriad Genetics, Inc. COM 62855j104 403 10000 SH SOLE 10000 NIC, Inc. COM 62914b100 498 70000 SH SOLE 70000 NII Holdings COM 62913f201 1754 55200 SH SOLE 55200 Nalco Holding Co COM 62985q101 3701 174970 SH SOLE 174970 Natus Medical, Inc. COM 639050103 454 25000 SH SOLE 25000 Netapp, Inc. COM 64110D104 1103 55000 SH SOLE 55000 News Corporation - Class A COM 65248e104 1532 81700 SH SOLE 81700 News Corporation - Class B COM 65248e203 3161 166000 SH SOLE 166000 Nike Inc. COM 654106103 5218 76728 SH SOLE 76728 Noble Energy Inc. COM 655044105 1820 25000 SH SOLE 25000 Nordstrom Inc. COM 655664100 1565 48012 SH SOLE 48012 Nuance Communications, Inc. COM 67020y100 609 35000 SH SOLE 35000 Nvidia Corporation COM 67066G104 3829 193500 SH SOLE 193500 Omnicell, Inc. COM 68213n109 442 22000 SH SOLE 22000 Omniture, Inc. COM 68212s109 418 18000 SH SOLE 18000 Oracle Corporation COM 68389X105 6784 346828 SH SOLE 346828 Oshkosh Corporation COM 688239201 1379 38000 SH SOLE 38000 Pepsico Inc. COM 713448108 8509 117847 SH SOLE 117847 PerkinElmer Inc. COM 714046109 1819 75000 SH SOLE 75000 Pinnacle Financial Partners, i COM 72346q104 320 12500 SH SOLE 12500 Praxair Inc. COM 74005P104 6185 73427 SH SOLE 73427 Precision Castparts Corp. COM 740189105 8425 82535 SH SOLE 82535 Priceline.com COM 741503403 5257 43500 SH SOLE 43500 Proctor & Gamble Company COM 742718109 8605 122800 SH SOLE 122800 Prudential Financial Inc. COM 744320102 4319 55200 SH SOLE 55200 RTI International Metals, Inc. COM 74973w107 1628 36000 SH SOLE 36000 Rockwell Automation COM 773903109 916 15951 SH SOLE 15951 Russell 2000 Value IShares COM 464287630 1724 26295 SH SOLE 26295 Seagate Technology COM G7945J104 1466 70000 SH SOLE 70000 Shutterfly, Inc. COM 82568p304 297 20000 SH SOLE 20000 Silgan Holdings Inc. COM 827048109 372 7500 SH SOLE 7500 Smith International Inc. COM 832110100 1927 30000 SH SOLE 30000 Sotheby's COM 835898107 1879 65000 SH SOLE 65000 Spartan Stores, Inc. COM 846822104 490 23500 SH SOLE 23500 St Jude Medical Inc. COM 790849103 2375 55000 SH SOLE 55000 St Mary Land & Exploration Co COM 792228108 385 10000 SH SOLE 10000 Stanley, Inc. COM 854532108 412 14000 SH SOLE 14000 Starwood Hotels & Resorts Wrld COM 85590A401 1708 33000 SH SOLE 33000 Sterling Bancorp COM 859158107 233 15000 SH SOLE 15000 T-3 Energy Services, Inc. COM 87306e107 362 8500 SH SOLE 8500 T. Rowe Price Group Inc. COM 74144T108 3305 66110 SH SOLE 66110 Target Corporation COM 87612E106 3443 67938 SH SOLE 67938 Techne Corp. COM 878377100 2560 38000 SH SOLE 38000 Terex Corporation COM 880779103 1875 30000 SH SOLE 30000 Terra Industries, Inc. COM 880915103 1563 44000 SH SOLE 44000 Texas Instruments COM 882508104 3474 122873 SH SOLE 122873 Texas Roadhouse, Inc. COM 882681109 441 45000 SH SOLE 45000 The Allstate Corporation COM 020002101 950 19766 SH SOLE 19766 The Middleby Corp. COM 596278101 343 5500 SH SOLE 5500 The Walt Disney Company COM 254687106 5353 170600 SH SOLE 170600 TheStreet.com, Inc. COM 88368q103 388 48000 SH SOLE 48000 Thermo Fisher Scientific, Inc. COM 883556102 6787 119400 SH SOLE 119400 Time Warner Telecom - Class A COM 887319101 1472 95000 SH SOLE 95000 Tower Group, Inc. COM 891777104 415 16500 SH SOLE 16500 TransDigm Group, Inc. COM 893641100 519 14000 SH SOLE 14000 Transocean Inc. COM G90073100 15406 113948 SH SOLE 113948 Tween Brands, Inc. COM 901166108 272 11000 SH SOLE 11000 United Therapeutics Corporatio COM 91307c102 347 4000 SH SOLE 4000 Urban Outfitters Inc. COM 917047102 3135 100000 SH SOLE 100000 Urs Corp. COM 903236107 723 22121 SH SOLE 22121 VF Corporation COM 918204108 849 10951 SH SOLE 10951 VeriFone Holdings, Inc. COM 92342y109 1190 75000 SH SOLE 75000 VeriSign, Inc. COM 92343E102 1662 50000 SH SOLE 50000 VistaPrint Limited COM g93762204 2062 59000 SH SOLE 59000 WESCO International, Inc. COM 95082p105 1460 40000 SH SOLE 40000 Wachovia Corporation COM 929903102 429 15900 SH SOLE 15900 Weatherford International Ltd. COM G95089101 4783 66000 SH SOLE 66000 Wellpoint, Inc. COM 94973v107 3351 75934 SH SOLE 75934 Wells Fargo and Company COM 949746101 4772 164000 SH SOLE 164000 Williams Companies Inc. COM 969457100 10850 329000 SH SOLE 329000 XTO Energy Inc. COM 98385X106 4833 78125 SH SOLE 78125