MACKENZIE SERIES TRUST
Mackenzie Limited Term Municipal Fund
Mackenzie National Municipal Fund
Mackenzie California Municipal Fund
Mackenzie New York Municipal Fund
Supplement Dated April 11, 1997
To Prospectus Dated October 25, 1996
#
Mackenzie Series Trust Officers:
Michael G. Landry, Chairman
Keith J. Carlson, President
C. William Ferris, Secretary/Treasurer
#
The third and fourth sentence of the second paragraph
under "Investment Manager" on page 12 are replaced
with:
Gregory V. Taylor presently serves in an advisory
capacity to the Funds and as a consultant to MIMI. Mr.
Taylor has five years of professional investment
experience.
#
The following sentences are substituted for the first
sentence under "Exchange Privilege" on page 21:
Shareholders of a Fund have an exchange privilege
with other Ivy and Mackenzie funds (except Ivy
International Fund unless they have an existing Ivy
International Fund account). The Funds reserve the
right to reject, for any reason, any exchange order.
[logo] Ivy Mackenzie
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
16MUNIX0497
MACKENZIE SERIES TRUST
Mackenzie Limited Term Municipal Fund
Mackenzie National Municipal Fund
Mackenzie California Municipal Fund
Mackenzie New York Municipal Fund
Supplement Dated April 11, 1997
To Statement of Additional Information Dated October
25, 1996
#
The following sentence is substituted for the first
sentence under "Exchange of Shares" on page 29:
As described in the Prospectus, shareholders of a
Fund have an exchange privilege with certain other Ivy
and Mackenzie Funds (except Ivy International Fund
unless they have an existing Ivy International Fund
account).
[logo] Ivy Mackenzie
Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
