Citizens 401(k) Savings Plan

                 Financial Statements and Supplemental Schedules

                           December 31, 2001 and 2000

                   (With Independent Auditors' Report Thereon)





<PAGE>

                United States Securities and Exchange Commission

                             Washington, D.C. 20549



                                    Form 11-K



     [X]  Annual Report Pursuant to Section 15(d) of the Securities Exchange Act
          of 1934

                  For the fiscal year ended December 31, 2001

                                       or

     [ ]  Transition Report Pursuant to Section 15(d) of the Securities Exchange
          Act of 1934



                   For the fiscal year ended December 31, 2001

                        Commission file number 001-11 001



                          Citizens 401(k) Savings Plan

                         Citizens Communications Company

                             A Delaware Corporation



                  IRS Employer Identification Number 06-0619596



                                3 High Ridge Park

                                  P.O.Box 3801

                               Stamford, CT 06905

                            Telephone (203) 614-5600





<PAGE>



                          CITIZENS 401(k) SAVINGS PLAN

                                Table of Contents



                                                                        Page

Independent Auditors' Report                                              1

Financial Statements:

    Statements of Net Assets Available for Benefits - December 31,
       2001 and 2000                                                      2

     Statement of Changes in Net Assets Available for Benefits For
        the Year Ended December 31, 2001                                  3

     Notes to Financial Statements                                     4-10

Supplemental Schedules:*

     Schedule H, Line 4(i) - Schedule of Assets (Held at End of
         Year) as of December 31, 2001                                   11

     Schedule G, Part III - Schedule of Nonexempt Transactions for
        the Year Ended December 31, 2001                                 12








* Schedules required by Form 5500 that are not applicable have not been included



<PAGE>


                          Independent Auditors' Report


To Citizens Communications Company,
   Plan Administrator of the Citizens 401(k) Savings Plan:


We have audited the accompanying statements of net assets available for benefits
of the  Citizens  401(k)  Savings  Plan (the "Plan") as of December 31, 2001 and
2000, and the related  statement of changes in net assets available for benefits
for the year  ended  December  31,  2001.  These  financial  statements  are the
responsibility  of the Plan's  management.  Our  responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain  reasonable  assurance  about  whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the net assets available for benefits of the Plan as of
December 31, 2001 and 2000 and the changes in net assets  available for benefits
for the year ended December 31, 2001 in conformity  with  accounting  principles
generally accepted in the United States of America.

Our audits  were  performed  for the  purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
at end of year  and  schedule  of  nonexempt  transactions  for the  year  ended
December 31, 2001 are presented for the purposes of additional  analysis and are
not a required  part of the basic  financial  statements  but are  supplementary
information  required  by the  Department  of Labor  Rules and  Regulations  for
Reporting and Disclosure  under the Employee  Retirement  Income Security Act of
1974.  These  supplemental  schedules  are  the  responsibility  of  the  Plan's
management.  These  supplemental  schedules  have been subjected to the auditing
procedures  applied in the audits of the basic financial  statements and, in our
opinion,  are fairly  stated in all  material  respects in relation to the basic
financial statements taken as a whole.

                                                                     /s/ KPMG



New York, New York
June 26, 2002



<PAGE>
                          CITIZENS 401(k) SAVINGS PLAN
                 Statements of Net Assets Available for Benefits
                           December 31, 2001 and 2000

<TABLE>
<CAPTION>

                                                                       2001              2000
                                                                ----------------   ---------------
Assets:
<S>                                                             <C>                 <C>
     Investments (note 3):
        Citizens Communications Company common stock            $    67,504,651     $  100,520,640
        Global Crossing common stock                                  1,408,877                 --
        Mutual funds                                                 59,234,897         42,300,003
        Collective trusts                                            94,513,180         75,179,396
        Guaranteed investment contracts                               6,759,527         13,167,635
        Participant loans                                             9,830,247          7,941,462
                                                                ---------------     --------------
                 Total investments                                  239,251,379        239,109,136
     Receivables:
        Employer contribution                                           306,038             28,275
        Participant contributions                                       709,457             97,033
                                                                ---------------    ---------------
                 Total receivables                                    1,015,495            125,308

                 Net assets available for benefits              $   240,266,874    $   239,234,444
                                                                ===============    ===============
See accompanying notes to financial statements.


</TABLE>



                                       2
<PAGE>




                          CITIZENS 401(k) SAVINGS PLAN
             Statement of Changes Net Assets Available for Benefits
                          Year ended December 31, 2001


Additions to net assets attributed to:
  Investment income:
     Dividends                                                  $     3,844,539
     Interest                                                           720,506
     Net depreciation in fair value of investments (note 3)         (49,331,730)
                                                                ----------------
                                                                    (44,766,685)
                                                                ----------------
  Contributions:
     Participant                                                     22,440,796
     Employer                                                         7,038,089
     Transfer in to Plan (note 1)                                    55,101,421
     Rollover                                                            14,302
                                                                ----------------
                                                                     84,594,608
                                                                ----------------
          Total additions                                            39,827,923
                                                                ----------------
Deductions to net assets attributed to:
  Benefits paid to participants                                     (38,466,545)
  Rollover                                                             (317,471)
  Miscellaneous expenses                                                (11,477)
                                                                ----------------
          Total deductions                                          (38,795,493)
                                                                ----------------
Net increase in assets available for benefits                         1,032,430

Net assets available for benefits:
  Beginning of year                                                 239,234,444
                                                                ----------------
  End of year                                                   $   240,266,874
                                                                ================
See accompanying notes to financial statements.

                                       3
<PAGE>

                          Citizens 401(k) Savings Plan

                          Notes to Financial Statements

                           December 31, 2001 and 2000




(1)  Description of the Plan

     The following  brief  description of the Citizens  401(k) Savings Plan (the
     "Plan") provides general information. Participants should refer to the Plan
     document for a more comprehensive description of the Plan's provisions.

     (a)  Background

          The  Plan  is a  voluntary  defined  contribution  plan  sponsored  by
          Citizens  Communications  Company (the "Company").  Under the terms of
          the Plan, bargaining or nonbargaining  employees who have attained six
          months  through  June 30, 2001 or three months  subsequent  to July 1,
          2001 of continuous service are eligible to participate in the Plan. At
          December 31, 2001 there were 11,138 employees  eligible to participate
          in the Plan and 8,665 active employees  participating in the Plan. The
          Plan is subject to the  provisions of the Employee  Retirement  Income
          Security Act of 1974 ("ERISA").

          On June 29, 2001, the Company  purchased from Global Crossing  Limited
          ("Global  Crossing")  100% of the  stock  of  Frontier  Corp.'s  local
          exchange  carrier  subsidiaries  under  a  stock  purchase  agreement.
          Certain   nonbargaining   employees   covered  under   Frontier  Group
          Employees'  Retirement  Savings  Plan (the  "Frontier  Savings  Plan")
          became  eligible  to  participate  in the  Plan on July 1,  2001.  The
          Frontier Savings Plan was a defined  contribution  plan established by
          Global Crossing to provide  benefits to all  nonbargaining  employees,
          except for temporary, summer, and leased employees. Effective July 19,
          2001, the Plan accepted a transfer of net assets of the portion of the
          Frontier  Savings Plan in the amount of $55,101,421,  comprised of the
          accounts  of  Business  Employees  (as  defined in the Stock  Purchase
          Agreement)  who formerly  participated  in the Frontier  Savings Plan,
          pursuant to the spin-off of such  portion  from the  Frontier  Savings
          Plan and merger of such portion into the Plan. The Plan  administrator
          believes the above transaction was a tax-exempt  transaction under the
          applicable  provision  of  the  Internal  Revenue  Code  ("IRC")  and,
          therefore, is not subject to Federal income tax. In addition, the Plan
          was amended and restated as adopted  April 1, 2001 to be in compliance
          with certain tax laws.

     (b)  Contributions

          Eligible  employees may  contribute,  in 1%  increments,  up to 16% of
          their  annual  compensation  through  payroll  deductions,  subject to
          certain maximum contribution  restrictions.  Prior to January 1, 1992,
          participants  had an option to elect  life  insurance  coverage  as an
          investment  vehicle.  Beginning  January  1,  1992,  such  option  was
          discontinued,  except that  participants  who elected  life  insurance
          coverage  prior to  January 1, 1992 could  continue  to make  specific
          dollar  allocations to purchase  additional  life insurance  coverage.
          Contributions  may be apportioned in 5% increments to any  combination
          of the seven investment options specified below.

          The Company contribution is determined for each Plan year by the Board
          of  Directors of the Company.  The Company  contribution  for the 2001
          Plan year amounted to 50% of up to the first 6% of each  Participant's
          Annual Base  Compensation  (as defined by the Plan) that a participant
          contributes  to the Plan for  participants  not covered by  collective
          bargaining agreements.  Company contributions for participants covered
          by collective  bargaining  agreements were made in accordance with the
          terms of the respective collective  bargaining agreement.  The Company
          contributions  are invested  entirely in the  Citizens  Communications
          Company  stock fund unless a  participant  is age 55 or older in which
          case  the  participant  can  elect to have  the  Company  contribution
          invested in investments at his/her own discretion. In addition, at age
          55  a   participant   can   request  to  transfer   previous   Company
          contributions  invested  in the  above  common  stock  fund  to  other
          investment options.


                                       4

<PAGE>

          As of May 1, 2002, the Company  contribution for certain  participants
          is no longer exclusively allocated to Citizens  Communications Company
          common stock. The Company  contributions  for these  participants made
          subsequent to May 1, 2002 are allocated to Plan investments  following
          the  same  method  of  allocation  as  that  for  participant-directed
          investments.

    (c)  Participant Accounts

          Each   participant's   account  is  credited  with  the  participant's
          contribution  and an allocation of (a) the Company's  contribution and
          (b)  Plan   earnings  or  losses.   Allocations   are  based  on  each
          participant's  contribution,  as  defined.  The  benefit  to  which  a
          participant  is entitled  is the amount that can be provided  from the
          participant's vested account.

     (d)  Vesting

          Participants are vested  immediately in their  contributions  plus the
          allocated  earnings  thereon.  Participants  become 100% vested in the
          Company   contributions  and  the  related  earnings  on  the  Company
          contributions upon disability,  death, attainment of normal retirement
          age or after  five  years of  service.  For any other  termination  of
          employment, the vesting schedule is as follows:

                                                        Vested percentage of
                                                      company contribution and
                  Years of service                        related earnings
           ------------------------------------     ----------------------------

             Less than 2 years                                    0%
             2 years but less than 3 years                       40%
             3 years but less than 4 years                       60%
             4 years but less than 5 years                       80%
             5 years or more                                    100%


     (e)  Participant Loans

          Participants in the Plan may request to borrow up to the lesser of 50%
          of his/her vested account  balance or $50,000.  The interest rate paid
          by the  participant  is equal to the prime  interest rate in effect at
          the  beginning of the month in which the loan is processed and remains
          fixed at that rate for the term of the loan.  Loan repayments are made
          through  payroll  deductions,  after  tax,  and are  credited  to each
          Participant's  account as the  payments are made.  A  participant  may
          repay a loan in full at any time by remitting his/her payment directly
          to Putnam  Investments  ("Putnam"),  the  trustee of the Plan.  In the
          event of termination of employment, a participant's loan may be repaid
          in full or the  loan  will be  canceled  and the  participant's  final
          distribution  will be reduced by the  amount of the  outstanding  loan
          balance.


                                       5

<PAGE>

    (f)  Payment of Benefits

          Distribution  of benefits  must begin either on or before April 1st of
          the year following the year the participant attains age 70 1/2. If the
          participant  is still  employed by the  Company at age 70 1/2,  he/she
          must take a minimum distribution of his/her balance on or before April
          1st of the calendar year after the participant attains age 70 1/2.

          Upon  termination of employment,  a participant is entitled to receive
          payment in full of the vested portion of his/her account. If the value
          of  the  terminating  participant's  vested  account  balance  exceeds
          $5,000, the participant may elect to defer his/her distribution.

     (g)  Forfeitures

          For the year ended  December 31,  2001,  forfeited  nonvested  Company
          contributions totaled $249,341.  These amounts were used to reduce the
          obligation of the Company to make contributions to the Plan.

     (h)  Administrative Costs

          The majority of Plan administrative costs are paid by the Company.

     (i)  Investments

          The Plan offers the following investment options:


                Citizens Communications Company Common Stock
                PIMCO Total Return Fund
                Putnam Growth and Income Fund
                Putnam OTC and Emerging Growth Fund
                Putnam International Growth Fund
                Putnam Vista Fund
                Putnam Voyager Fund
                Putnam Stable Value Fund
                Putnam S & P 500 Index Fund
                Putnam Asset Allocation Balanced Fund


          The Plan has  investments in Global  Crossing common stock as a result
          of the  transfer of net assets from the  Frontier  Savings Plan to the
          Plan.  The Plan trustee will continue to hold such shares in trust for
          the benefit of the previous Global Crossing  employees until such time
          as any such employee elects to dispose of his or her shares based upon
          the Stock Purchase  Agreement.  However,  the Plan does not permit the
          participants  to otherwise  invest in Global  Crossing  common  stock,
          whether with additional contributions made into the Plan, reallocation
          of other assets of a participant's account, or otherwise.


                                       6

<PAGE>

(2)  Summary of Accounting Policies

     (a)  Basis of Accounting

          The financial  statements  of the Plan are prepared  under the accrual
          method of accounting.

     (b)  Use of Estimates

          The preparation of financial  statements in conformity with accounting
          principles generally accepted in the United States of America requires
          management to make estimates and assumptions  that affect the reported
          amount of assets,  liabilities,  changes  therein,  and disclosures of
          contingent  assets  and  liabilities  at the  date  of  the  financial
          statements. Actual results could differ from these estimates.

     (c)  Investments

          The Plan's investments are stated at fair value, except for guaranteed
          investment  contracts,  which are valued at contract value as they are
          benefit responsive contracts. The investments in guaranteed investment
          contracts are stated at cost, which approximates fair value. Shares of
          registered  investment  companies  (mutual funds) are valued at quoted
          market prices,  which  represent the net asset value of shares held by
          the Plan.  Investments  in collective  trusts are valued at fair value
          based on the  underlying  net assets of the trust as  reported  by the
          sponsor of the collective trust.  Common stock is valued at its quoted
          market  price  as of the  end  of the  Plan  year.  Participant  notes
          receivable are valued at cost, which  approximates fair value. The net
          depreciation/appreciation in the fair value of investments consists of
          the net  realized  gains and  losses on the  disposal  of  investments
          during 2001 and the net  unrealized  appreciation/depreciation  of the
          market value for the investments  remaining in the Plan as of December
          31, 2001.

          Purchases and sales of securities are recorded on a trade-date  basis.
          Interest  income is  recorded  on the  accrual  basis.  Dividends  are
          recorded on the ex-dividend date.

     (d)  Benefits

          Benefits are recorded when paid.

     (e)  Risks and Uncertainties

          The Plan offers a number of investment  options  including the Company
          common stock and a variety of pooled  investment  funds, some of which
          are registered investment companies. The investment funds include U.S.
          equities,   international   equities,  and  fixed  income  securities.
          Investment securities,  in general, are exposed to various risks, such
          as interest rate,  credit,  and overall market volatility risk. Due to
          the level of risk associated with certain investment securities, it is
          reasonable  to  expect  that  changes  in  the  values  of  investment
          securities  will  occur in the near term and that such  changes  could
          materially affect participant account balances.

          The Plan's  exposure to a  concentration  of credit risk is limited by
          the  diversification  of investments  across all  participant-directed
          fund   elections.    Additionally,   the   investments   within   each
          participant-directed fund election are further diversified into varied
          financial instruments, with the exception of the Company common stock,
          which invest in security of a single issuer.



                                       7
<PAGE>
     (f)  Adoption of New Accounting Pronouncement

          The  Plan  has  adopted  the  Financial  Accounting  Standard  Board's
          Statement of Financial  Accounting  Standards No. 133, "Accounting for
          Derivative  Instruments  and Hedging  Activities"  (SFAS No. 133),  as
          amended.  SFAS  No.133,  as  amended,  requires  that  all  derivative
          instruments be recognized in the financial  statements and measured at
          fair value  regardless of the purpose or intent of holding  them.  The
          adoption  of SFAS  No.  133  did not  have  an  impact  on the  Plan's
          financial statements.

                                       8

<PAGE>

(3)  Investments

     The following presents  investments that represent 5% or more of the Plan's
     net assets at the end of year:

<TABLE>
<CAPTION>
                                                                       2001               2000
                                                                  --------------     --------------

Citizens Communications Company common stock:
    Participant Directed, 2,589,353 and 3,213,242 shares,
<S>                                                                <C>                <C>
      respectively                                                 $ 27,602,505       $ 42,173,806
    Non-participant Directed, 3,743,166 and 4,445,473 shares,
      respectively                                                   39,902,146         58,346,834
Putnam International Growth Fund                                     14,324,233         12,413,885
Putnam Stable Value Fund                                             35,375,673         16,137,246
Putnam S&P 500 Index Fund                                            59,137,507         59,042,150
PIMCO Total Return Fund                                              17,530,682         10,745,524

</TABLE>

     During  2001,  the  Plan's  investments  (including  gains  and  losses  on
     investments bought and sold as well as held during the year) depreciated in
     value by $49,331,730 as follows:

         Common stocks                    $   (29,034,922)
         Mutual funds                         (12,684,716)
         Collective trusts                     (7,612,092)
                                          ----------------
                                          $   (49,331,730)
                                          ================


(4)  Nonparticipant-Directed Investments

     Information  about the net assets  available  for benefits and  significant
     components of the changes in net assets available for benefits  relating to
     the nonparticipant-directed investments is as follows:

                                                        2001            2000
                                                  --------------  --------------

Net assets:
  Common Stock of the Company                     $  39,902,146   $  58,346,834
                                                  =============   =============

Changes in net assets:
  Net depreciation in fair value of investments      (9,923,345)     (4,769,391)
  Employer contributions                              6,425,134       6,150,322
  Benefits paid to participants                     (13,908,973)     (3,847,974)
  Other                                              (1,037,504)     (1,436,047)
                                                  --------------  --------------

              Change in net assets                $ (18,444,688)  $  (3,903,090)
                                                  ==============  ==============

     Certain  reclassifications  have been made to the financial  statements for
     prior years to conform to current presentation.


                                       9

<PAGE>

(5)  Investment Contracts with Insurance Company

     The Plan entered into two investment  contracts with Principal  Mutual Life
     Insurance  Company  (Principal  Mutual) and two  investment  contracts with
     Travelers  Life and  Annuity  Company  (Travelers).  Principal  Mutual  and
     Travelers  maintain the contributions in guaranteed  investment  contracts.
     These  contracts are credited with earnings on the  underlying  investments
     and charged for participant withdrawals and administrative  expenses. These
     contracts  are included in the financial  statements  at contract  value as
     reported to the Plan by  Principal  Mutual and  Travelers.  Contract  value
     represents  contributions  made under the  contract,  plus  earnings,  less
     participant  withdrawals  and  administrative  expenses.  Participants  may
     ordinarily  direct the withdrawals or transfer of all or a portion of their
     investments at contract value.

     There  are no  reserves  against  contract  value  for  credit  risk of the
     contract  issuer or otherwise.  The yield and crediting  interest rates for
     Principal Mutual Guaranteed  Investment  Contracts and Travelers Guaranteed
     Investment  Contracts  were  7.16% and 6.81%  for 2001,  respectively.  The
     crediting  interest  rates  are  based on a  formula  agreed  upon with the
     issuers. Such interest rates are fixed based on the contracts.

(6)  Related Party Transactions

     Certain Plan assets are invested in shares of mutual funds that are managed
     by Putnam. Putnam is the trustee as defined by the Plan,  therefore,  these
     transactions  qualify as party-in-interest  transactions.  Fees paid by the
     Company to Putnam amounted to $77,407 for the year ended December 31, 2001.

(7)  Plan Termination

     The Company's  Board of Directors has the right under the terms of the Plan
     to  discontinue  Company  contributions  at any time and may  terminate the
     Plan, subject to the terms of the ERISA.

(8)  Tax Status

     As of January 2, 1998, the assets of the Citizens  Utilities 401(k) Savings
     Plan were  transferred  into the CUC 401(k) Employee Benefit Plan. The name
     of the CUC 401(k) Employee Benefit Plan was then changed to Citizens 401(k)
     Savings Plan. The Citizens Utilities 401(k) Savings Plan and the CUC 401(k)
     Employee  Benefit  Plan  received  determination  letters from the Internal
     Revenue Service dated January 25, 1995 and October 26, 1994,  respectively,
     stating that the plans were qualified  under Section 401(a) of the Internal
     Revenue  Code (the  Code) and the  related  trusts  were tax  exempt  under
     Section   501(a)  of  the  Code.  The  Plan  has  been  amended  since  the
     determination  letters  were  received.  The  Company  applied  for  a  new
     determination  letter for the Citizens  401(k) Savings Plan on February 27,
     2002,  and the  Company  fully  expects the plan to qualify  under  Section
     401(a) of the Code and the related  trusts to be tax exempt  under  Section
     501(a) of the Code.  The Plan  Administrator  and the  Plan's  tax  counsel
     believe  that  the  Plan  is  currently  designed  and  being  operated  in
     compliance with IRC.


                                       10
<PAGE>


(8)  Tax Status (continued)

     During 2001 there were  unintentional  delays by the Company in  submitting
     employee deferrals, loan repayments and matching Company contributions. The
     Company  intends to  reimburse  the Plan for the lost  earnings  as soon as
     administratively  possible.  The earnings  rate is equivalent to the amount
     that would have been earned if invested in the fund that earned the highest
     rate of return in the Plan for the time  periods  during which the employee
     deferrals,  loan repayments and matching Company  contributions should have
     been  invested.  The Company also intends to report and pay the  applicable
     excise tax regarding these  transactions to the Internal Revenue Service as
     soon as administratively possible.

(9)  Subsequent Events

     On  January  15,  2002,  the  Company  completed  the sale of its water and
     wastewater  operations to American Water Works, Inc. ("American Water"). In
     conjunction with the sale, a significant number of the Company's  employees
     became  employees  of  American  Water.  As a result,  the  balance  of the
     participant  accounts of those  employees in the amount of $3,876,484  were
     transferred  to the Savings  Plan for  Employees  of  American  Water Works
     Company, Inc., sponsored by American Water, on May 1, 2002.

     On January 28, 2002, Global Crossing filed for bankruptcy. The value of the
     Plan's   investment   in  Global   Crossing   common   stock  has  declined
     significantly since December 31, 2001.


                                       11
<PAGE>


                          CITIZENS 401(k) SAVINGS PLAN
        Schedule H, line 4(i) - Schedule of Assets (Held at End of Year)
                                December 31, 2001

<TABLE>
<CAPTION>
                                                                                                                         Current
               Identity of Issuer                                  Description of Investment                              value
--  --------------------------------------------  --------------------------------------------------------------    ---------------
<S>                                              <C>                                                                 <C>
*  Citizens Communications Company               Common Stock; 6,332,519 shares; cost at $ 92,855,265                $   67,504,651
*  Global Crossing Limited                       Common Stock; 1,677,235 shares                                           1,408,877
                                                                                                                     --------------
                                                 Total common stocks                                                     68,913,528

*  PIMCO Total Return Fund                       Mutual Funds; 1,675,973 shares                                          17,530,682
*  Putnam Growth & Income Fund;                  Mutual Funds; 136,198 shares                                             2,413,423
*  Putnam OTC and Emerging Growth Fund;          Mutual Fund; 1,323,174 shares                                            9,923,807
*  Putnam International Growth Fund              Mutual Fund; 722,716 shares                                             14,324,233
*  Putnam Vista Fund                             Mutual Fund; 366,778 shares                                              3,168,958
*  Putnam Voyager Fund                           Mutual Funds; 636,204 shares                                            11,006,334
*  Putnam Asset Allocation - Balanced Fund       Mutual Fund; 88,426 shares                                                 867,460
                                                                                                                     --------------
                                                 Total mutual funds                                                      59,234,897

*  Putnam S&P 500 Index Fund - Collective Trust  Collective Trust; 2,123,429 shares                                      59,137,507
*  Putnam Stable Value Fund - Collective Trust   Collective Trust; 35,375,673 shares                                     35,375,673
                                                                                                                     --------------
                                                 Total collective trust                                                  94,513,180

   Principal Mutual Life Insurance Company       Guaranteed investment contracts: maturity date 6/29/02; rate 7.16%         642,694
   Principal Mutual Life Insurance Company       Guaranteed investment contracts: maturity date 6/29/02; rate 7.16%       1,189,644
   Travelers Life and Annuity                    Guaranteed investment contracts: maturity date 3/31/03; rate 6.81%         940,229
   Travelers Life and Annuity                    Guaranteed investment contracts: maturity date 3/31/03; rate 6.81%       3,986,960
                                                                                                                     --------------
                                                  Total guaranteed investment contracts                                   6,759,527

*  Participant loans                             1,525 loans with interest rates range from 5.0% to 9.5%                  9,830,247
                                                                                                                     --------------

          Total investments                                                                                          $  239,251,379
                                                                                                                     ==============

   * Party -in-interest as defined by ERISA

   See accompanying independent auditors' report.

</TABLE>

                                       12
<PAGE>

                          CITIZENS 401(k) SAVINGS PLAN
            Schedule G, Part III - Schedule of Nonexempt Transactions
                          Year ended December 31, 2001


<TABLE>
<CAPTION>

                                                             Description of transaction
                                       Relationship to        including maturity date,
                                      plan, employer or     rate of interest, collateral,     Current value
    Identity of party involved     other party-in-interest    par or maturity value              of asset
--------------------------------   -----------------------  ------------------------------   ------------------
<S>                                      <C>                    <C>                           <C>
Citizens Communications Company          Plan sponsor           Lost earnings associated       $  23,379
                                                                with employee contributions
                                                                not timely remitted to the
                                                                Plan



See accompanying independent auditors' report.

</TABLE>


                                       13
<PAGE>



                          Citizens 401(k) Savings Plan

                                   Signatures
                                   ----------




Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the Plan
Administrators have duly caused this annual report to be signed on its behalf by
the undersigned hereunto duly authorized.



                                 Citizens 401(k) Savings Plan





                                 By  /s/Robert J. Larson
                                   -------------------------------------------
                                   Robert J. Larson
                                   Vice President and Chief Accounting Officer



June 27, 2002