Rule 497(e)
File Nos. 2-80886
811-3626
CITIZENS INCOME PORTFOLIO
CITIZENS INDEX PORTFOLIO
CITIZENS EMERGING GROWTH PORTFOLIO
CITIZENS GLOBAL EQUITY PORTFOLIO
MUIR CALIFORNIA TAX-FREE INCOME PORTFOLIO
WORKING ASSETS MONEY MARKET PORTFOLIO
THE E-FUND
Supplement dated: November 21, 1996
to Prospectus dated: September 27, 1996
ALL CITIZENS TRUST PORTFOLIOS ALLOW INVESTING IN REPURCHASE AGREEMENTS
Consistent with our efforts to improve value to our shareholders, we now allow
investing in repurchase agreements.
The addition to the prospectus follows:
REPURCHASE AGREEMENTS
To allow us to earn a return on surplus cash, we usually invest this cash
overnight or for longer periods through an arrangement called a repurchase
agreement, or "repo," with a financially strong company that is either a large
stock broker or a substantial bank that is a member of the Federal Reserve. As
additional security, we always require all vendors of repurchase agreements to
set aside collateral in our name in the form of government securities equal to
102% of the value of any repurchase agreement. However, it is important to note
that while repurchase agreements are a useful tool in managing the Portfolio,
they do have some greater risk than direct investment in securities. If a bank
or a stockbroker becomes bankrupt, or otherwise defaults after selling us a
repurchase agreement, we may suffer some delay and expense in liquidating our
collateral or have a loss of principal or interest. However, in any default,
the resold securities are expected to provide collateral sufficient to cover
the amount of the repurchase agreement, so we do not feel these risks outweigh
the benefits of repurchase agreements.
<PAGE>
Rule 497(e)
File Nos. 2-80886
811-3626
Institutional Shares
WORKING ASSETS MONEY MARKET PORTFOLIO
CITIZENS INDEX PORTFOLIO
Supplement dated: November 21, 1996
to Prospectus dated: October 31, 1996
ALL CITIZENS TRUST PORTFOLIOS ALLOW INVESTING IN REPURCHASE
AGREEMENTS
Consistent with our efforts to improve value to our shareholders, we now allow
investing in repurchase agreements.
The addition to the prospectus follows:
REPURCHASE AGREEMENTS
To allow us to earn a return on surplus cash, we usually invest this cash
overnight or for longer periods through an arrangement called a repurchase
agreement, or "repo," with a financially strong company that is either a large
stock broker or a substantial bank that is a member of the Federal Reserve. As
additional security, we always require all vendors of repurchase agreements to
set aside collateral in our name in the form of government securities equal to
102% of the value of any repurchase agreement. However, it is important to note
that while repurchase agreements are a useful tool in managing the Portfolio,
they do have some greater risk than direct investment in securities. If a bank
or a stockbroker becomes bankrupt, or otherwise defaults after selling us a
repurchase agreement, we may suffer some delay and expense in liquidating our
collateral or have a loss of principal or interest. However, in any default,
the resold securities are expected to provide collateral sufficient to cover
the amount of the repurchase agreement, so we do not feel these risks outweigh
the benefits of repurchase agreements.
<PAGE>
Rule 497(e)
File Nos. 2-80886
811-3626
CITIZENS INCOME PORTFOLIO
CITIZENS EMERGING GROWTH PORTFOLIO
CITIZENS GLOBAL EQUITY PORTFOLIO
CITIZENS INDEX PORTFOLIO
WORKING ASSETS MONEY MARKET PORTFOLIO
Supplement dated: November 21, 1996
to SAI dated: September 27, 1996
MONEY MARKET INSTRUMENTS AND REPURCHASE AGREEMENTS
During periods of unusual market conditions, or for liquidity purposes or
pending the investment of the proceeds of the sale of its shares, we may invest
all or a portion of the assets of the Citizens Income Portfolio, Citizens
Emerging Growth Portfolio, Citizens Global Equity Portfolio, Citizens Index
Portfolio and Working Assets Money Market Portfolio in money market
instruments, including: obligations of agencies and instrumentalities of the
U.S. Government; certificates of deposit of banks; and commercial paper or
other corporate notes of investment grade quality. We may also buy such
securities subject to repurchase agreements with primary dealers or banks which
are members of the Federal Reserve, secured by instruments issued or guaranteed
by the agencies or instrumentalities of the U.S. Government, the values,
including accrued interest, of which are equal to or greater than the
repurchase price agreed to be paid by the seller. The repurchase price may be
higher than the purchase price, the difference being income to the Portfolio,
or the purchase and repurchase prices may be the same, with interest at a
standard rate due to the Portfolio together with the repurchase price on
repurchase. In either case, the income to the Portfolio is unrelated to the
interest rate on the securities collateralizing the repurchase. In the event of
bankruptcy or other default by the vendor of a repurchase agreement, there may
be possible delays and expenses in liquidating the resold securities, decline
in the value of the resold securities and loss of principal or interest.
However, in the opinion of our management these risks are not material; upon
default, the resold securities constitute collateral for the repurchase
obligation.
<PAGE>
Rule 497(e)
File Nos. 2-80886
811-3626
MUIR CALIFORNIA TAX-FREE INCOME PORTFOLIO
Supplement dated: November 21, 1996
to SAI dated: September 27, 1996
MONEY MARKET INSTRUMENTS AND REPURCHASE AGREEMENTS
During periods of unusual market conditions, or for liquidity purposes or
pending the investment of the proceeds of the sale of its shares, we may invest
all or a portion of the assets of the Portfolio in money market instruments,
including: obligations of agencies and instrumentalities of the U.S.
Government; certificates of deposit of banks; and commercial paper or other
corporate notes of investment grade quality. We may also buy such securities
subject to repurchase agreements with primary dealers or banks which are
members of the Federal Reserve, secured by instruments issued or guaranteed by
the agencies or instrumentalities of the U.S. Government, the values, including
accrued interest, of which are equal to or greater than the repurchase price
agreed to be paid by the seller. The repurchase price may be higher than the
purchase price, the difference being income to the Portfolio, or the purchase
and repurchase prices may be the same, with interest at a standard rate due to
the Portfolio together with the repurchase price on repurchase. In either case,
the income to the Portfolio is unrelated to the interest rate on the securities
collateralizing the repurchase. In the event of bankruptcy or other default by
the vendor of a repurchase agreement, there may be possible delays and expenses
in liquidating the resold securities, decline in the value of the resold
securities and loss of principal or interest. However, in the opinion of our
management these risks are not material; upon default, the resold securities
constitute collateral for the repurchase obligation.
<PAGE>
Rule 497(e)
File Nos. 2-80886
811-3626
THE E-FUND
Supplement dated: November 21, 1996
to SAI dated: September 27, 1996
MONEY MARKET INSTRUMENTS AND REPURCHASE AGREEMENTS
During periods of unusual market conditions, or for liquidity purposes or
pending the investment of the proceeds of the sale of its shares, we may invest
all or a portion of the assets of the Portfolio in money market instruments,
including: obligations of agencies and instrumentalities of the U.S.
Government; certificates of deposit of banks; and commercial paper or other
corporate notes of investment grade quality. We may also buy such securities
subject to repurchase agreements with primary dealers or banks which are
members of the Federal Reserve, secured by instruments issued or guaranteed by
the agencies or instrumentalities of the U.S. Government, the values, including
accrued interest, of which are equal to or greater than the repurchase price
agreed to be paid by the seller. The repurchase price may be higher than the
purchase price, the difference being income to the Portfolio, or the purchase
and repurchase prices may be the same, with interest at a standard rate due to
the Portfolio together with the repurchase price on repurchase. In either case,
the income to the Portfolio is unrelated to the interest rate on the securities
collateralizing the repurchase. In the event of bankruptcy or other default by
the vendor of a repurchase agreement, there may be possible delays and expenses
in liquidating the resold securities, decline in the value of the resold
securities and loss of principal or interest. However, in the opinion of our
management these risks are not material; upon default, the resold securities
constitute collateral for the repurchase obligation.
