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in this prospectus are no longer applicable.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 Annual Account Fee.
Page 2: Fee Information:
<TABLE>
<CAPTION>
Money Emerging Global
New text: Market Income Index Growth Equity
-----------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Maintenance Fee (annual): None None None None None
</TABLE>
Page 2: Annual Portfolio Operating Expenses
<TABLE>
<CAPTION>
New text: Money Emerging Global
Market Income Index Growth Equity
----------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Management Fees 0.35% 0.65% 0.50% 1.00% 1.00%
Distribution Expense (12b-1 fee) 0.20% 0.25% 0.25% 0.25% 0.25%
Other Expenses 0.59% 0.45% 0.91% 0.65% 1.15%
----------------------------------------------------------
Total Portfolio Operating Expenses 1.14% 1.35% 1.66% 1.90% 2.40%
</TABLE>
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
------ ------- ------- --------
Working Assets Money Market Portfolio $12 $36 $ 63 $139
Citizens Income Portfolio $14 $43 $ 74 $162
Citizens Index Portfolio $17 $52 $ 90 $197
Citizens Emerging Growth Portfolio $19 $60 $103 $222
Citizens Global Equity Portfolio $24 $75 $128 $274
Page 17
Delete the paragraph Annual Account Maintenance Fee
Additional Changes
Page 16
Please revise the last sentence on the page to read as follows:
In addition, shareholder servicing is paid at the following fixed rates: Income
Portfolio, Emerging Growth Portfolio and Global Equity Portfolio - 10/100 of 1%
and Citizens Index Portfolio - 25/100 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.
