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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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070 B020400 N
<PAGE> PAGE 21
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 Y
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 70940
071 B000400 63282
071 C000400 54750
071 D000400 115
072 A000400 12
072 B000400 111
072 C000400 224
072 D000400 0
072 E000400 0
072 F000400 503
072 G000400 75
072 H000400 0
072 I000400 190
072 J000400 10
072 K000400 22
072 L000400 22
072 M000400 9
072 N000400 16
072 O000400 0
<PAGE> PAGE 22
072 P000400 0
072 Q000400 0
072 R000400 8
072 S000400 7
072 T000400 126
072 U000400 0
072 V000400 0
072 W000400 23
072 X000400 1011
072 Y000400 10
072 Z000400 -666
072AA000400 5895
072BB000400 1434
072CC010400 4711
072CC020400 0
072DD010400 0
072DD020400 0
072EE000400 4391
073 A010400 0.0000
073 A020400 0.0000
073 B000400 1.2499
073 C000400 0.0000
074 A000400 0
074 B000400 12000
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 57039
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 1549
074 K000400 0
074 L000400 875
074 M000400 10
074 N000400 71473
074 O000400 9703
074 P000400 7
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 1412
074 R040400 10
074 S000400 0
074 T000400 60341
074 U010400 4269
074 U020400 0
074 V010400 14.14
074 V020400 0.00
074 W000400 0.0000
074 X000400 7410
<PAGE> PAGE 23
074 Y000400 0
075 A000400 0
075 B000400 50319
076 000400 0.00
024 000500 Y
025 A000501 STATE STREET BANK
025 C000501 D
025 D000501 3940
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 786
028 A020500 0
028 A030500 0
028 A040500 662
028 B010500 905
028 B020500 0
028 B030500 0
028 B040500 369
028 C010500 976
028 C020500 0
028 C030500 0
028 C040500 384
028 D010500 980
028 D020500 0
028 D030500 0
028 D040500 232
028 E010500 1820
028 E020500 0
028 E030500 0
028 E040500 262
028 F010500 2118
028 F020500 0
028 F030500 0
028 F040500 249
028 G010500 7585
028 G020500 0
028 G030500 0
028 G040500 2158
028 H000500 0
034 000500 N
035 000500 0
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 Y
<PAGE> PAGE 24
041 000500 Y
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 100
043 000500 52
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 1.000
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
<PAGE> PAGE 25
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 Y
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 N
070 N020500 N
<PAGE> PAGE 26
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 4049
071 B000500 2885
071 C000500 23183
071 D000500 12
072 A000500 12
072 B000500 80
072 C000500 210
072 D000500 0
072 E000500 0
072 F000500 207
072 G000500 33
072 H000500 0
072 I000500 75
072 J000500 47
072 K000500 9
072 L000500 9
072 M000500 9
072 N000500 13
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 5
072 S000500 4
072 T000500 52
072 U000500 0
072 V000500 0
072 W000500 18
072 X000500 481
072 Y000500 47
072 Z000500 -143
072AA000500 0
072BB000500 394
072CC010500 4332
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 31
074 B000500 3940
<PAGE> PAGE 27
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 25374
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 249
074 M000500 10
074 N000500 29604
074 O000500 0
074 P000500 3
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 28
074 S000500 0
074 T000500 29573
074 U010500 2044
074 U020500 0
074 V010500 14.47
074 V020500 0.00
074 W000500 0.0000
074 X000500 2812
074 Y000500 0
024 000600 N
028 A010600 89
028 A020600 38
028 A030600 0
028 A040600 230
028 B010600 40
028 B020600 41
028 B030600 0
028 B040600 217
028 C010600 89
028 C020600 34
028 C030600 0
028 C040600 205
028 D010600 12
028 D020600 38
028 D030600 0
028 D040600 240
028 E010600 37
028 E020600 37
028 E030600 0
028 E040600 177
028 F010600 506
028 F020600 38
<PAGE> PAGE 28
028 F030600 0
028 F040600 135
028 G010600 773
028 G020600 226
028 G030600 0
028 G040600 1204
028 H000600 0
034 000600 N
035 000600 0
036 B000600 0
037 000600 N
038 000600 0
039 000600 N
040 000600 Y
041 000600 Y
042 A000600 0
042 B000600 0
042 C000600 0
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 100
043 000600 30
044 000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.650
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
<PAGE> PAGE 29
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 Y
062 A000600 Y
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 4.2
062 M000600 0.0
062 N000600 0.0
062 O000600 95.8
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 13.1
064 A000600 N
064 B000600 N
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
<PAGE> PAGE 30
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 3600
071 B000600 4127
071 C000600 11620
071 D000600 30
072 A000600 12
072 B000600 652
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 78
072 G000600 25
072 H000600 0
072 I000600 65
072 J000600 21
072 K000600 10
072 L000600 9
072 M000600 9
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 5
072 S000600 4
072 T000600 30
072 U000600 0
072 V000600 0
072 W000600 5
072 X000600 261
072 Y000600 84
072 Z000600 475
072AA000600 123
072BB000600 0
072CC010600 162
<PAGE> PAGE 31
072CC020600 0
072DD010600 466
072DD020600 0
072EE000600 0
073 A010600 0.6200
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 0
074 C000600 4
074 D000600 11580
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 194
074 M000600 117
074 N000600 11895
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 17
074 S000600 0
074 T000600 11878
074 U010600 761
074 U020600 0
074 V010600 16.03
074 V020600 0.00
074 W000600 0.0000
074 X000600 803
074 Y000600 0
075 A000600 0
075 B000600 12048
076 000600 0.00
024 000700 N
028 A010700 6087
028 A020700 92
028 A030700 0
028 A040700 5454
028 B010700 5361
028 B020700 83
028 B030700 0
028 B040700 4497
028 C010700 5292
<PAGE> PAGE 32
028 C020700 92
028 C030700 0
028 C040700 5454
028 D010700 6300
028 D020700 95
028 D030700 0
028 D040700 6925
028 E010700 5154
028 E020700 97
028 E030700 0
028 E040700 5252
028 F010700 5780
028 F020700 97
028 F030700 0
028 F040700 5173
028 G010700 33974
028 G020700 556
028 G030700 0
028 G040700 32755
028 H000700 0
034 000700 N
035 000700 0
036 B000700 0
037 000700 N
038 000700 0
039 000700 Y
040 000700 Y
041 000700 N
042 A000700 0
042 B000700 0
042 C000700 0
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 0
044 000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.100
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
<PAGE> PAGE 33
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 Y
053 B000700 Y
062 A000700 Y
062 B000700 0.0
062 C000700 6.3
062 D000700 0.0
062 E000700 0.0
062 F000700 0.5
062 G000700 0.0
062 H000700 0.0
062 I000700 93.2
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 23
063 B000700 0.0
064 A000700 N
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 N
070 B020700 N
070 C010700 N
<PAGE> PAGE 34
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 N
070 K020700 N
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 N
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 0
071 B000700 0
071 C000700 0
071 D000700 0
072 A000700 12
072 B000700 922
072 C000700 0
072 D000700 0
072 E000700 74
072 F000700 17
072 G000700 12
072 H000700 0
072 I000700 59
072 J000700 17
072 K000700 14
072 L000700 13
072 M000700 9
072 N000700 26
072 O000700 0
072 P000700 0
<PAGE> PAGE 35
072 Q000700 0
072 R000700 14
072 S000700 13
072 T000700 0
072 U000700 38
072 V000700 0
072 W000700 23
072 X000700 255
072 Y000700 255
072 Z000700 996
072AA000700 0
072BB000700 0
072CC010700 0
072CC020700 0
072DD010700 996
072DD020700 0
072EE000700 0
073 A010700 0.0570
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 645
074 B000700 0
074 C000700 19712
074 D000700 0
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
074 K000700 0
074 L000700 609
074 M000700 158
074 N000700 21124
074 O000700 0
074 P000700 22
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 400
074 S000700 0
074 T000700 20702
074 U010700 20702
074 U020700 0
074 V010700 1.00
074 V020700 0.00
074 W000700 1.0000
074 X000700 2905
074 Y000700 0
<PAGE> PAGE 36
075 A000700 23
075 B000700 0
076 000700 0.00
SIGNATURE SOPHIA COLLIER
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This FDS is to show the breakout of
retail shares for the Portfolio.
</LEGEND>
<CIK> 0000711202
<NAME> Citizens Investment Trust
<SERIES>
<NUMBER> 001
<NAME> Working Assets Money Market Portfolio
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 99,960,197
<INVESTMENTS-AT-VALUE> 99,960,197
<RECEIVABLES> 2,348,517
<ASSETS-OTHER> 62,525
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 103,511,889
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 828,592
<TOTAL-LIABILITIES> 828,592
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 102,683,297
<SHARES-COMMON-STOCK> 102,683,297
<SHARES-COMMON-PRIOR> 92,865,013
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 102,683,297
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,339,283
<OTHER-INCOME> 0
<EXPENSES-NET> 1,111,879
<NET-INVESTMENT-INCOME> 4,227,404
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,047,404
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 126,505,122
<NUMBER-OF-SHARES-REDEEMED> 120,845,951
<SHARES-REINVESTED> 4,159,113
<NET-CHANGE-IN-ASSETS> 9,818,284
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 341,144
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,223,645
<AVERAGE-NET-ASSETS> 97,470,708
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.042
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.042
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000711202
<NAME> Citizens Investment Trust
<SERIES>
<NUMBER> 002
<NAME> Citizens Income Portfolio
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 32,313,938
<INVESTMENTS-AT-VALUE> 32,679,403
<RECEIVABLES> 676,582
<ASSETS-OTHER> 13,252
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,369,303
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 139,133
<TOTAL-LIABILITIES> 139,133
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,965,473
<SHARES-COMMON-STOCK> 3,148,474
<SHARES-COMMON-PRIOR> 3,140,161
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (100,768)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 365,465
<NET-ASSETS> 33,230,170
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,652,968
<OTHER-INCOME> 0
<EXPENSES-NET> 492,639
<NET-INVESTMENT-INCOME> 2,160,329
<REALIZED-GAINS-CURRENT> 330,690
<APPREC-INCREASE-CURRENT> 530,520
<NET-CHANGE-FROM-OPS> 2,994,539
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,160,329
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 838,253
<NUMBER-OF-SHARES-REDEEMED> 1,003,548
<SHARES-REINVESTED> 173,608
<NET-CHANGE-IN-ASSETS> 954,318
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (431,458)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 218,016
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 511,350
<AVERAGE-NET-ASSETS> 33,540,995
<PER-SHARE-NAV-BEGIN> 10.28
<PER-SHARE-NII> 0.67
<PER-SHARE-GAIN-APPREC> 0.28
<PER-SHARE-DIVIDEND> 0.67
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.56
<EXPENSE-RATIO> 1.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This FDS is to show the breakout of
retail shares for the Portfolio.
</LEGEND>
<CIK> 0000711202
<NAME> Citizens Investment Trust
<SERIES>
<NUMBER> 003
<NAME> CITIZENS INDEX PORTFOLIO
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1.000
<INVESTMENTS-AT-COST> 148,772,660
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TAIT, WELLER & BAKER
Certified Public Accountants
July 30, 1997
The Audit Committee
Citizens Trust
One Harbour Place
Portsmouth, New Hampshire 03801
Professional standards require that we advise you of the following matters
relating to our recently concluded audits of Working Assets Money Market
Portfolio, Citizens Income Portfolio, Citizens Index Portfolio, Citizens
Emerging Growth Portfolio, Citizens Global Equity Portfolio, E-Fund Portfolio
and Muir California Tax-Free Income Portfolio, each a series of shares of
beneficial interest of Citizens Trust, on which we reported under date of July
25, 1997.
Our Responsibility Under Generally Accepted Auditing Standards
As stated in our engagement letter dated June 4, 1997, our responsibility as
prescribed by professional standards, is to plan and perform our audits to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit in
accordance with generally accepted auditing standards does not provide
absolute assurance or guarantee the accuracy of the financial statements and
financial highlights, and is subject to the inherent risk that errors or
irregularities (or illegal acts), if they exist, have not been detected. Such
standards also require that we obtain a sufficient understanding of the
Funds' internal control structure to plan the audit. However, such
understanding is required for the purpose of determining our audit procedures
and not to provide any assurance concerning such internal control structure.
Our Responsibility for Other Information in Documents Containing Audited
Financial Statements
Pursuant to professional standards, our responsibility for other information
in documents containing the Funds' audited financial statements and financial
highlights does not extend beyond the financial information identified in our
report, and we are not required to perform procedures to corroborate such
other information. However, in accordance with such standards, we have read
the information in the Funds' currently effective Form N-1A and the Funds'
Annual Report to Shareholders, and considered whether such information, or
the manner of its presentation, was materially inconsistent with its
presentation in the financial statements. Our responsibility also includes
calling to management's attention any information which we believe is a
material misstatement of fact. No such inconsistencies or misstatements came
to our attention.
Significant Accounting Policies and Audit Adjustments
During the period there were no substantive changes in the accounting
policies followed by the Funds in the preparation of their financial
statements; nor did we ascertain any significant unusual transactions
involving controversial or emerging issues which lack authoritative
accounting guidance or consensus.
<PAGE>
The Audit Committee
Citizens Trust
July 30, 1997
Page Two
Management Judgments and Accounting Estimates
Accounting estimates, based upon management's judgments, are an integral part
of an entity's financial statements. Those judgments are normally based on
knowledge and experience about past and current events and assumptions about
future events. Certain accounting estimates are particularly sensitive
because of their significance to the financial statements and because of the
possibility that future events affecting them may differ markedly from
management's current judgments. All accounting estimates based on
management's judgments, including the valuation of restricted securities
owned by Citizen Index Portfolio which represented .11% of the Portfolio's
net assets, were considered reasonable in relation to their significance to
the financial statements and financial highlights.
Significant Audit Adjustments
For purposes of this letter, professional standards define a significant
audit adjustment as a proposed correction of the financial statements that,
in our judgment, may not have been detected except through our auditing
procedures. The definition includes adjustments that were not recorded by the
Funds because they are not material to the current financial statements but
might be potentially material to future financial statements. No significant
adjustments arose during our audit engagement.
Disagreements with Management
For purposes of this letter, professional standards define a disagreement
with management as a matter, whether or not resolved to our satisfaction,
concerning a financial accounting, reporting, or auditing matter which could
be significant to the Funds' financial statements or the auditor's report. We
are pleased to report that no such disagreements arose during the course of
our audits.
Consultation with Other Accountants
Management has informed us that they have not consulted with other
accountants during the year about auditing and accounting matters.
Major Issues Discussed with Management Prior to Our Retention
We had no discussions with management concerning the application of
accounting principles or auditing standards prior to being retained as
auditors for the current period.
Difficulties Encountered in Performing the Audits
We are pleased to report that we received excellent assistance and
cooperation from management and their personnel, and encountered no
difficulties in completing our audit engagements.
Management Consulting Fees
We did not render any management advisory services to the Funds or the Trust
during the period ended June 30, 1997.
<PAGE>
The Audit Committee
Citizens Trust
July 30, 1997
Page Three
This letter is solely for the internal use of the Audit Committee, the
Board of Trustees, and management of Citizens Trust, and should not be
distributed to any other persons or used for any other purpose.
Very truly yours,
TAIT, WELLER & BAKER
