MACKENZIE SERIES TRUST
MACKENZIE LIMITED TERM MUNICIPAL FUND
MACKENZIE NATIONAL MUNICIPAL FUND
MACKENZIE CALIFORNIA MUNICIPAL FUND
MACKENZIE NEW YORK MUNICIPAL FUND
Supplement Dated May 22, 1996
to Prospectus Dated October 27, 1995
Effective April 30, 1996, Mackenzie Ivy Investor Services Corp.
("MIISC") changed its name to Ivy Mackenzie Services Corp.
("IMSC"), and Mackenzie Ivy Funds Distribution, Inc. ("MIFDI")
changed its name to Ivy Mackenzie Distributors, Inc. ("IMDI").
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The second sentence of the paragraph under "Transfer Agent" on
page 12 is replaced in its entirety as follows:
Certain Broker-Dealers that maintain shareholder accounts with a
Fund through an omnibus account provide transfer agent and other
shareholder-related services that would otherwise be provided by
IMSC if the individual accounts that comprise the omnibus account
were opened by their beneficial owners directly (see "Investment
Advisory and Other Services" in the SAI).
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The second paragraph under "Dividends and Taxes" on page 12 is
deleted in its entirety.
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The first sentence of the third paragraph under "Dividends and
Taxes" on page 12 is modified as follows:
Each Fund intends to declare and pay monthly any dividends from
net investment income (to the extent not previously distributed)
on both classes of Fund shares, based on their relative net asset
values.
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The second and third paragraphs under "Purchases of Class A
Shares at Net Asset Value" on page 17 are replaced in their
entirety with:
Class A shares of a Fund may be purchased without an initial
sales charge or CDSC by (i) officers and Trustees of the Trust
(and their relatives), (ii) officers, directors, employees,
retired employees, legal counsel and independent accountants of
IMI, MIMI, and MFC (and their relatives), and (iii) directors,
officers, partners, registered representatives, employees and
retired employees (and their relatives) of dealers having a sales
agreement with IMDI. In addition, certain investment advisors
and financial planners who charge a management, consulting or
other fee for their services and who place trades for their own
accounts or the accounts of their clients may purchase Class A
shares of a Fund without an initial sales charge or a CDSC,
provided such purchases are placed through a broker or agent who
maintains an omnibus account with that Fund. Also, clients of
these advisors and planners may make purchases under the same
conditions if the purchases are through the master account of
such advisor or planner on the books of such broker or agent.
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The following is inserted after the fifth paragraph under
"Purchases of Class A Shares at Net Asset Value" on page 17:
Class A shares of Mackenzie National Municipal Fund, Mackenzie
California Municipal Fund and Mackenzie New York Municipal Fund
can be purchased without an initial sales charge, but subject to
a contingent deferred sales charge of 1.00% during the first 24
months, by trust companies, bank trust departments, credit
unions, savings and loans, and other similar organizations in
their fiduciary capacity or for their own accounts, subject to
any minimum requirements set by IMDI.
Currently, these criteria require that the amount invested or to
be invested during the subsequent 13-month period totals at least
$250,000. IMDI may, at the time of any such purchase, pay out of
IMDI's own resources commissions to dealers which provided
distribution assistance in connection with the purchase.
Commissions would be computed at 1.00% of the first $3,000,000
invested; 0.50% of the next $2,000,000 invested; and 0.25% of the
amount invested in excess of $5,000,000.
Class A shares of Mackenzie National Municipal Fund, Mackenzie
California Municipal Fund and Mackenzie New York Municipal Fund
can also be purchased without an initial sales charge, but
subject to a contingent deferred sales charge of 1.00% during the
first 24 months, by any state, county, or city, or any
instrumentality, department, authority or agency of these
entities, which is prohibited by applicable investment laws from
paying a sales charge or commission when purchasing shares of any
registered management investment company (an "eligible government
authority"). IMDI may, at the time of any such purchase, pay out
of IMDI's own resources commissions to dealers which provided
distribution assistance in connection with the purchase.
Commissions would be computed at 1.00% of the first $3,000,000
invested; 0.50% of the next $2,000,000 invested; and 0.25% of the
amount invested in excess of $5,000,000.
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The "By Wire" section of "Opening an Account" under "How to Buy
Shares" on page 15 is modified as follows:
2. Instruct your bank to wire funds to:
First Union National Bank of Florida
Jacksonville, FL
ABA #063000021
Account #2090002063833
For further credit to:
Your Mackenzie Account Registration
Your Fund Number and Account Number
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The "By Wire" section of "Buying Additional Class A and Class B
Shares" under "How to Buy Shares" on page 15 is modified as
follows:
Instruct your bank to wire funds to:
First Union National Bank of Florida
Jacksonville, FL
ABA #063000021
Account #2090002063833
For further credit to:
Your Mackenzie Account Registration
Your Fund Number and Account Number
Mackenzie
Via Mizner Financial Plaza
700 S. Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
MUNI-16-596
