UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
CITIZENS, INC.
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(Name of Issuer)
Class A Common Stock, no par value
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(Title of Class of Securities)
174740 10 0
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(CUSIP Number)
September 11, 2006
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(Date of Event which Requires Filing of this Statement)
GAMASE Policyholders Trust
c/o Gala Management Services, Inc.
Scotia Plaza, 9th Floor
Federico Boyd Avenue 18 and 51 Street
Panama 5
Republic of Panama
Attention: Tomas Herrera
with a copy to:
Roxanne K. Beilly, Esq.
Schneider Weinberger & Beilly LLP
2200 Corporate Boulevard, N.W., Suite 210
Boca Raton, Florida 33431
Telephone: 561-362-9595
Facsimile No: 561-361-9612
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
If the filing person has previously filed a statement on
Schedule 13G to report the acquisition that is the subject of this
Schedule 13D, and is filing this schedule because of Sec. 240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box [ ].
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to the
subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in a
prior cover page.
The information required on this cover page shall not be
deemed to be "filed" for the purposes of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities
of the Act but shall be subject to all other provisions of the Act
(however, see the Notes)
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SCHEDULE 13D
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CUSIP No. 174740 10 0 Page 2
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1 NAME OF REPORTING PERSONS
Galindo, Arias & Lopez
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Panama
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ---------------------------------------------------------
EACH
REPORTING 8 SHARED VOTING POWER
PERSON WITH
0
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
14,584,680
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,584,680
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
36.2%
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14 TYPE OF REPORTING PERSON*
PN
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SCHEDULE 13D
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CUSIP No. 174740 10 0 Page 3
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1 NAME OF REPORTING PERSONS
Gala Management Services, Inc.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Panama
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ---------------------------------------------------------
EACH
REPORTING 8 SHARED VOTING POWER
PERSON WITH
0
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
8,882,629
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,882,629
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22%
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14 TYPE OF REPORTING PERSON*
CO
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SCHEDULE 13D
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CUSIP No. 174740 10 0 Page 4
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1 NAME OF REPORTING PERSONS
GAMASE Insureds Trust
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Panama
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ---------------------------------------------------------
EACH
REPORTING 8 SHARED VOTING POWER
PERSON WITH
0
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
8,432,799
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,432,799
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
20.9%
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14 TYPE OF REPORTING PERSON*
OO
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SCHEDULE 13D
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CUSIP No. 174740 10 0 Page 5
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1 NAME OF REPORTING PERSONS
GAMASE Agents Trust
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Panama
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ---------------------------------------------------------
EACH
REPORTING 8 SHARED VOTING POWER
PERSON WITH
0
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
449,830
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
449,830
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.1%
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14 TYPE OF REPORTING PERSON*
OO
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SCHEDULE 13D
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CUSIP No. 174740 10 0 Page 6
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1 NAME OF REPORTING PERSONS
Regal Trust (BVI) Ltd.
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ---------------------------------------------------------
EACH
REPORTING 8 SHARED VOTING POWER
PERSON WITH
0
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
5,702,051
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,702,051
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.1%
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14 TYPE OF REPORTING PERSON*
CO
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SCHEDULE 13D
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CUSIP No. 174740 10 0 Page 7
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1 NAME OF REPORTING PERSONS
CICA Policyholders Trust
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ---------------------------------------------------------
EACH
REPORTING 8 SHARED VOTING POWER
PERSON WITH
0
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
5,131,689
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,131,689
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.7%
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14 TYPE OF REPORTING PERSON*
OO
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SCHEDULE 13D
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CUSIP No. 174740 10 0 Page 8
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1 NAME OF REPORTING PERSONS
CICA Associates Trust
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY ---------------------------------------------------------
EACH
REPORTING 8 SHARED VOTING POWER
PERSON WITH
0
---------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
---------------------------------------------------------
10 SHARED DISPOSITIVE POWER
570,362
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
570,362
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.4%
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14 TYPE OF REPORTING PERSON*
OO
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SCHEDULE 13D
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CUSIP No. 174740 10 0 Page 9
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This Amendment ("Amendment No. 4") is being jointly filed
by each of the following persons pursuant to Rule 13d-1(k) of the
Securities and Exchange Commission (the "Commission") pursuant to
Section 13 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"): (1) Galindo, Arias & Lopez, a partnership organized
under the laws of the Republic of Panama ("GA&L"), (2) Gala Management
Services, Inc., a corporation organized under the laws of the Republic
of Panama ("Gala Management"), (3) GAMASE Insureds Trust, a trust
established under the laws of the Republic of Panama ("GAMASE Insureds
Trust"), (4) GAMASE Agents Trust, a trust established under the laws
of the Republic of Panama ("GAMASE Agents Trust"), (5) Regal Trust
(BVI) Ltd., a corporation organized under the laws of the British
Virgin Islands ("Regal"), (6) CICA Policyholders Trust, a trust
established under the laws of the British Virgin Islands ("Regal
Policyholders Trust"), and (7) CICA Associates Trust, a trust
established under the laws of the British Virgin Islands ("Regal
Associates Trust", together with GA&L, Gala Management, GAMASE
Insureds Trust, GAMASE Agents Trust, Regal and Regal Policyholders
Trust, collectively, the "Reporting Persons" and each, a "Reporting
Person").
This Amendment No. 4 amends the Schedule 13D originally
filed by the Reporting Persons with the Commission on October 11, 2005
(the "Original Schedule 13D"), Amendment No. 1 to the Original
Schedule 13D originally filed by the Reporting Persons with the
Commission on February 24, 2006 ("Amendment No. 1"), Amendment No. 2
to the Original Schedule 13D originally filed by the Reporting Persons
with the Commission on May 4, 2006 ("Amendment No. 2") and Amendment
No. 3 to the Original Schedule 13D originally filed by the Reporting
Persons with the Commission on September 1, 2006. The Original
Schedule 13D, Amendment No. 1, Amendment No. 2 and Amendment No. 3 are
collectively referred to as the "Schedule 13D."
All terms used but not defined in this Amendment No. 4 are
as defined in the Schedule 13D. The summary descriptions (if any)
contained herein of certain agreements and documents are qualified in
their entirety by reference to the complete text of such agreements
and documents filed as Exhibits hereto or incorporated herein by
reference.
Item 4 of the Schedule 13D is amended and supplemented as follows:
Item 4. Purpose of the Transaction
-----------------------------------
The Trustees are processing the delivery of shares of
Common Stock to certain settlors of the Trusts who had directed that
their participation in the Trusts be liquidated.
Item 5 of the Schedule 13D is amended and supplemented as follows:
Item 5. Interest in Securities of the Issuer
---------------------------------------------
(a) The Reporting Persons may be deemed to be a group as
defined in Rule 13d-5(b) under the Exchange Act and, as such a group,
may be deemed to beneficially own an aggregate of 14,584,680 shares of
the Common Stock, which constitute approximately 36.2% of the
outstanding shares of the Common Stock, based on 40,264,448 shares of
the Common Stock outstanding as of November 1, 2006 according to the
Company's Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 2006, filed with the Commission on November 13, 2006, on
which are based all
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SCHEDULE 13D
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CUSIP No. 174740 10 0 Page 10
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of the percentages of outstanding shares of Common Stock set forth
herein. The foregoing and all other amounts of beneficial ownership
set forth herein are calculated pursuant to Rule 13d-3 under the
Exchange Act ("Rule 13d-3").
GAMASE Insured Trust holds 8,432,799 shares of the Common Stock
(constituting approximately 20.9% of the outstanding Common Stock) and
may be deemed to beneficially own such shares pursuant to Rule 13d-3.
Regal Policyholders Trust holds 5,131,689 shares of the Common
Stock (constituting approximately 12.7% of the outstanding Common
Stock) and may be deemed to beneficially own such shares pursuant to
Rule 13d-3.
GAMASE Agents Trust holds 449,830 shares of the Common Stock
(constituting approximately 1.1% of the outstanding Common Stock) and
may be deemed to beneficially own such shares pursuant to Rule 13d-3.
Regal Associates Trust holds 570,362 shares of the Common Stock
(constituting approximately 1.4% of the outstanding Common Stock) and
may be deemed to beneficially own such shares pursuant to Rule 13d-3.
Gala Management is the sole trustee of GAMASE Insureds Trust and
GAMASE Agents Trust, and therefore may be deemed to beneficially own
8,882,629 shares of the Common Stock (constituting approximately 22%
of the outstanding Common Stock) pursuant to Rule 13d-3.
Regal is the sole trustee of Regal Policyholders Trust and Regal
Associates Trust, and therefore may be deemed to beneficially
own5,702,051 shares of the Common Stock (constituting approximately
14.1% of the outstanding Common Stock) pursuant to Rule 13d-3.
GA&L owns a 100% interest in each of Gala Management and Regal,
and therefore may be deemed to beneficially own 14,584,680shares
(constituting approximately 36.2% of the outstanding Common Stock)
pursuant to Rule 13d-3.
(c) The following not-for-value transfers in Common Stock
were effected by the Reporting Persons over the past 60 days:
Reporting Person Date Number of Shares
---------------- ---- ----------------
GAMASE Agents Trust October 11, 2006 17,847
Regal Associates Trust October 11, 2006 12,031
GAMASE Insureds Trust October 11, 2006 167,220
Regal Policyholders Trust October 11, 2006 140,097
GAMASE Insureds Trust October 24, 2006 113,707
Regal Policyholders Trust October 24, 2006 55,800
GAMASE Insureds Trust November 13, 2006 165,981
Regal Policyholders Trust November 13, 2006 36,964
In the foregoing transfers, which were made upon the request of
settlors, the trustees delivered shares of the Common Stock to such
settlors to the extent of their respective liquidations
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SCHEDULE 13D
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CUSIP No. 174740 10 0 Page 11
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of their participation in the Trusts. As noted, each transfer of
shares was made without consideration.
Item 7 of the Schedule 13D is amended and supplemented as follows:
Item 7. Material to be filed as Exhibits
----------------------------------------
Exhibit 7. Powers of Attorney.
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SIGNATURES
After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this statement
is true, complete and correct.
December 5, 2006 GALINDO, ARIAS & LOPEZ
By: /s/ Tomas Herrera
-----------------------------------
Name: Tomas Herrera
Title: Partner
GALA MANAGEMENT SERVICES, INC.
By: /s/ Tomas Herrera
-----------------------------------
Name: Tomas Herrera
Title: Attorney-in-fact
GAMASE INSUREDS TRUST
By: /s/ Tomas Herrera
-----------------------------------
Name: Tomas Herrera
Title: Attorney-in-fact
REGAL TRUST (BVI) LTD.
By: /s/ Tomas Herrera
-----------------------------------
Name: Tomas Herrera
Title: Attorney-in-fact
CICA POLICYHOLDERS TRUST
By: /s/ Tomas Herrera
-----------------------------------
Name: Tomas Herrera
Title: Attorney-in-fact
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GAMASE AGENTS TRUST
By: /s/ Tomas Herrera
-----------------------------------
Name: Tomas Herrera
Title: Attorney-in-fact
CICA ASSOCIATES TRUST
By: /s/ Tomas Herrera
-----------------------------------
Name: Tomas Herrera
Title: Attorney-in-fact