Supplement dated: May 16, 1996
to Prospectus dated: October 31, 1995
All Citizens Trust Portfolios Eliminate $12 Annual Account Fee.
Consistent with our continual efforts to improve service and value to
shareholders, we are no longer imposing a $12 annual account fee on any of the
Fund's portfolios. This means that all references to the $12 annual account fee
in this prospectus are no longer applicable.
The changes are as follows:
Page 2: delete section Fee Information.
Page 2: Expense table:
New text:
Maintenance Fee (annual): None
Annual Portfolio Operating Expenses
Management Fees 0.65%
Distribution Expense (12b-1 Fee) 0.25%
Other Expenses 0.55%*
-----
Total Operating Expenses 1.45%*
* Projected
Page 2: Example:
New text:
You would have paid the following expenses on a $1,000 investment assuming a 5%
annual return and redemption at the end of each period.
1 Year 3 Years 5 Years 10 Years
------ ------- ------- --------
Muir California Tax-Free Income
Portfolio $15 $46 $79 $174
Page 11
Delete the paragraph Annual Account Maintenance Fee
Additional Changes
Page 11
Please add the following text to the first paragraph:
In addition, shareholder servicing is paid at the following fixed rate: 10/100
of 1% of average annual net assets.
Page 19
Please replace the last two lines of the fourth paragraph on page 19 to read as
follows:
We also reserve the right to wait up to seven business days to redeem any
investments that have been made by check or five business days for purchases
made by ACH transfer. Therefore, if you need to redeem shares within seven
business days of your purchase, please invest by wire.
