UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
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)
December 22, 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 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
13,477,914
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
13,477,914
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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)
33.47%
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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
---------------------------------------------------------
10 SHARED DISPOSITIVE POWER
8,132,063
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,132,063
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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)
20.2%
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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
7,777,127
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,777,127
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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)
19.3%
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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
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
5,345,851
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,345,851
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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)
13.3%
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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 6
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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
---------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,786,670
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,786,670
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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)
11.9%
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14 TYPE OF REPORTING PERSON*
OO
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This Amendment ("Amendment No. 5") is being jointly
filed by each of the following persons pursuant to Rule 13d-1(k)
of the Securities and Exchange Commission (the "Commission")
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pursuant to Section 13 of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"): (1) Galindo, Arias & Lopez, a
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partnership organized under the laws of the Republic of Panama
("GA&L"), (2) Gala Management Services, Inc., a corporation
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organized under the laws of the Republic of Panama ("Gala Management"),
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(3) GAMASE Insureds Trust, a trust established under the laws of the
Republic of Panama ("GAMASE Insureds Trust"), (4) Regal Trust (BVI)
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Ltd., a corporation organized under the laws of the British Virgin
Islands ("Regal"), and (5) CICA Policyholders Trust, a trust established
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under the laws of the British Virgin Islands ("Regal Policyholders Trust",
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together with GA&L, Gala Management, GAMASE Insureds Trust, and Regal,
collectively, the "Reporting Persons" and each, a "Reporting Person").
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This Amendment No. 5 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"), Amendment No. 3 to the Original Schedule 13D
originally filed by the Reporting Persons with the Commission on
September 1, 2006 ("Amendment No. 3") and Amendment No. 4 to the
Original Schedule 13D originally filed by the Reporting Persons with
the Commission on December 13, 2006 ("Amendment No. 4"). The Original
Schedule 13D, Amendment No. 1, Amendment No. 2, Amendment No. 3 and
Amendment No. 4 are collectively referred to as the "Schedule 13D."
All terms used but not defined in this Amendment No. 5
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
13,477,914 shares of the Common Stock, which constitute
approximately 33.47% 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 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").
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GAMASE Insured Trust holds 7,777,127 shares of the Common
Stock (constituting approximately 19.3% of the outstanding Common
Stock) and may be deemed to beneficially own such shares pursuant
to Rule 13d-3.
Regal Policyholders Trust holds 4,786,670 shares of the
Common Stock (constituting approximately 11.9% 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, a trust established under the laws of
the Republic of Panama ("GAMASE Agents Trust") and holds 354,936
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shares of the Common Stock (constituting approximately 0.88% of
the outstanding Common Stock) and may be deemed to beneficially
own such shares pursuant to Rule 13d-3, and therefore may be
deemed to beneficially own 8,132,063 shares of the Common Stock
(constituting approximately 20.2% of the outstanding Common
Stock) pursuant to Rule 13d-3.
Regal is the sole trustee of Regal Policyholders Trust and)
CICA Associates Trust, a trust established under the laws of the
British Virgin Islands ("Regal Associates Trust") and holds
----------------------
559,181 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, and
therefore may be deemed to beneficially own 5,345,851 shares of
the Common Stock (constituting approximately 13.3% 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 13,477,914
shares (constituting approximately 33.47% 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:
Number
Reporting Person Date of Shares
---------------- ---- ---------
Regal Policyholders Trust February 20, 2007 76,702
GAMASE Insureds Trust February 20, 2007 239,424
Gala Management(1) February 20, 2007 252,888
Regal(2) February 20, 2007 81,099
GA&L(3) February 20, 2007 333,987
Regal Policyholders Trust March 6, 2007 64,432
GAMASE Insureds Trust March 6, 2007 210,491
Gala Management(4) March 6, 2007 210,491
Regal(5) March 6, 2007 64,432
GA&L(6) March 6, 2007 274,923
(1) Includes not-for-value transfers on February 20, 2007
by GAMASE Insureds Trust of 239,424 shares and GAMASE Agents
Trust of 13,464 shares.
(2) Includes not-for-value transfers on February 20, 2007
by Regal Policyholders Trust of 76,702 shares and Regal
Associates Trust of 4,397 shares.
(3) Includes not-for-value transfers on February 20, 2007
by GAMASE Insureds Trust of 239,424 shares, GAMASE Agents Trust
of 13,464 shares, Regal Policyholders Trust of 76,702 shares and
Regal Associates Trust of 4,397 shares.
(4) Includes not-for-value transfers on March 6, 2007 by
GAMASE Insureds Trust of 210,491 shares.
(5) Includes not-for-value transfers on March 6, 2007 by
Regal Policyholders Trust of 64,432 shares.
(6) Includes not-for-value transfers on March 6, 2007 by
GAMASE Insureds Trust of 210,491 shares and Regal Policyholders
Trust of 64,432 shares.
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 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.
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.
March 16, 2007
GALINDO, ARIAS & LOPEZ
By: /s/ Tomas Herrera
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Name: Tomas Herrera
Title: Partner
GALA MANAGEMENT SERVICES, INC.
By: /s/ Tomas Herrera
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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