Supplement dated September 9, 1997 to Prospectus dated September 27, 1996, as
amended March 28, 1997, and further amended May 1, 1997 and June 18, 1997.
(bullet) On page 3, under "Fee Information" table, within section entitled
"Annual Portfolio Operating Expenses," in footnote denoted with double
asterix (**), please add a second sentence to read as follows:
All waivers and reimbursements to the E(bullet)fund will end as of September 30,
1997.
(bullet) On page 9, in the margin, the section entitled, "Manager," should be
deleted in its entirety.
(bullet) On page 9, the paragraph entitled, "The E(bullet)fund Refund," should
be deleted in its entirety.
(bullet) On page 12, under paragraph entitled, "GMG/Seneca Capital Management,
L.P.," please replace the first sentence with the following:
Our sub-adviser for the Citizens Income and Emerging Growth Portfolios,
GMG/Seneca Capital Management, L.P. is a registered investment adviser
established in 1990.
(bullet) On page 12, under paragraph entitled, "Citizens Trust's Management
Agreement," in the table, under the column heading, "Adviser Pays
Sub-Adviser," please replace the entries of .08% for the Working Assets
Money Market Portfolio and the E(bullet)fund Money Market Portfolio, to
read as follows:
Trust Pays Adviser Pays
Portfolio Adviser Sub-Adviser
Working Assets Money
Market Portfolio .35% N/A
E(bullet)fund Money
Market Portfolio .10% N/A
(bullet) On page 17, the paragraph entitled, "The E(bullet)fund Total Return,"
should be deleted in its entirety.
(bullet) On page 17, under the paragraph entitled, "Valuation of Shares," under
the first paragraph, please delete the fourth sentence.
