[Logo: CITIZENS TRUST LETTERHEAD]
One Harbour Place Telephone: 603.436.5152
Suite 525 Facsimile: 603.433.4209
Portsmouth 1.800.223.7010
New Hampshire 03801 E-mail: [email protected]
VIA EDGARLINK
June 18, 1997
Securities and Exchange Commission
Division of Investment Management
450 5th Street, N.W.
Washington, D.C. 20549-1004
Re: Citizens Investment Trust Mutual Funds
File Nos. 2-80886 and 811-03626
("the Registrant")
Ladies and Gentlemen:
Pursuant to Rule 497(e) under the Securities Act of 1933, as amended, the
Registrant hereby files supplements dated June 18, 1997 to a Prospectus dated
September 27, 1996 as amended March 28, 1997 and further amended May 1, 1997.
If you have questions regarding the enclosed materials, please call me at
603-436-5152.
Very truly yours,
[signature of Joseph F. Keefe]
Joseph F. Keefe
Secretary
<PAGE>
Rule 497(e)
File Nos. 2-80886
811-3626
CITIZENS INCOME PORTFOLIO
CITIZENS INDEX PORTFOLIO
CITIZENS EMERGING GROWTH PORTFOLIO
CITIZENS GLOBAL EQUITY PORTFOLIO
WORKING ASSETS MONEY MARKET PORTFOLIO
THE E-FUND
Supplement dated: June 18, 1997 to Prospectus dated: September 27, 1996 as
amended March 28, 1997 and further amended May 1, 1997.
Under paragraph, "Escrow Policy," on page 2, after the third sentence, please
insert following: "We also reserve the right to close your account for any
lawful reason including, but not limited to, reasonable suspicion of fraud or
other illegal activity in connection with the account."
In the "New Account Application" inserted between pages 10 and 11, under
paragraph 6a. "For E-Fund Accounts Only (Required)," please replace the first
and second sentences to read as follows: "When you open your Access account,
you will receive 20 starter checks at no charge. Additional checks for the
E-Fund are available at a charge of $15.95, in quantities of 200."
Under paragraph, "Write a Check," on page 15, please replace the second sentence
to read as follows: "E-Fund shareholders will receive an order form to purchase
additional checks ($15.95 for 200 checks)."
<PAGE>
Fee Information as amended June 18, 1997
<TABLE>
<CAPTION>
Working
Assets
Money Emerging Global
Market Income Growth Index E[bullet]fund Equity
<S> <C> <C> <C> <C> <C> <C>
Shareholder Transaction Expenses
Maximum Sales Load Imposed on Purchases None None None None None None
(as a % of offering price)
Maximum Sales Load Imposed on Reinvested None None None None None None
Dividends(as a % of offering price)
Deferred Sales Load (as a % of the original None None None None None None
Purchase Price or Redemption Proceeds)
Redemption Fees (as a % of amount redeemed) None None None None None None
Exchange Fee (per exchange) None None None None None None
</TABLE>
Costs For Other Services
Returned checks (All portfolios) $10.00
Returned Electronic Purchase-ACH (All portfolios) $10.00
Returned Electronic Payment-ACH (All portfolios) $10.00
Outgoing wire transfer (All portfolios) $10.00
Incoming wire (All portfolios) Free
2-day electronic payment-ACH
(All portfolios) 2/month free / $0.50 each thereafter
Per check fee None
Stop payments (Working Assets & E[bullet]fund) $10.00
Checkbooks (Working Assets & E[bullet]fund) First 20 are Free
Box of 200 checks (E[bullet]fund only) $15.95
ATM cost (E[bullet]fund only) $0.65 each /Cash advance: $2.50
Annual fee for E[bullet]fund $35.00
Annual Portfolio Operating Expenses
(as a percentage of Average Net Assets)
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Management Fees .35% .65% 1.00% .50% .10% 1.00%
Distribution Expense .25% .25% .25% .25% None .25%
Other Expenses
(**after waiver and
reimbursement) .65%* .53%+ .85%+ 0.84%* .40%** 1.41%+
Total Portfolio
Operating Expenses 1.25%* 1.43% 2.10% 1.59%* .50%** 2.66%
</TABLE>
*Restated to reflect current fees and expenses
**E[bullet]fund expenses prior to reimbursement are projected at 1.46%
+The Adviser waived certain fees and reimbursed certain expenses. The ratio
prior to reimbursement for year ending June 30, 1996 for the Income, Emerging
Growth and Global Equity Portfolios are 1.48%, 2.34%, 2.72%, respectively.
Example: 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 $13 $40 $69 $151
E[bullet]fund 40 121 203 413
Citizens Income Portfolio 15 45 78 171
Citizens Index Portfolio 18 55 95 206
Citizens Emerging Growth Portfolio 21 66 113 243
Citizens Global Equity Portfolio 27 83 141 299
The example should not be considered a representation of past or future expenses
or past or future return. Actual expenses and actual return may be greater or
less than those included in the example above. The example for the
E[bullet]fund includes the $35 annual fee for the Citizens Access Account.
