Mackenzie Series Trust
Mackenzie Limited Term Municipal Fund
Mackenzie National Municipal Fund
Mackenzie California Municipal Fund
Mackenzie New York Municipal Fund
Supplement Dated June 20, 1997
to Prospectus Dated October 25, 1996
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Mackenzie Series Trust Officers:
Michael G. Landry, Chairman
Keith J. Carlson, President
C. William Ferris, Secretary/Treasurer
PROPOSED REORGANIZATION TRANSACTIONS
Mackenzie Investment Management Inc. ("MIMI"), investment
adviser to each of Mackenzie Limited Term Municipal Fund,
Mackenzie National Municipal Fund, Mackenzie California Municipal
Fund and Mackenzie New York Municipal Fund (the "Mackenzie
Municipal Funds"), has entered into a definitive asset purchase
agreement (the "Agreement") with Thornburg Management Company,
Inc. ("TMC"), investment adviser to the series of Thornburg
Investment Trust and Thornburg Limited Term Municipal Fund, Inc.
(the "Thornburg Municipal Funds"), pursuant to which, among other
things, TMC has agreed to purchase from MIMI certain assets
relating to the Mackenzie Municipal Funds.
The Agreement also contemplates the proposed combination of
certain of the Mackenzie Municipal Funds into certain series of
the Thornburg Municipal Funds. In this connection, the Trustees
of Mackenzie Series Trust (the "Trust") have determined that the
following reorganization transactions, each of which is expected
to be a tax-free reorganization, would be in the best interests
of the respective Mackenzie Municipal Fund's shareholders and
have approved by unanimous written consent an Agreement and Plan
of Reorganization relating to each reorganization transaction.
MACKENZIE MUNICIPAL FUND reorganized THORNBURG MUNICIPAL FUND
into
Mackenzie Limited Term Thornburg Limited Term
Municipal Fund Municipal Fund - National
Portfolio
Mackenzie National Thornburg Intermediate
Municipal Fund Municipal Fund
Mackenzie California Thornburg Limited Term
Municipal Fund Municipal Fund -
California Portfolio
Mackenzie New York Thornburg New York
Municipal Fund Intermediate Municipal
Fund
As a result of such transactions, the Mackenzie Municipal Fund
shareholders will become Thornburg Municipal Fund shareholders.
These transactions are subject to shareholder and regulatory
approval, and are expected to close in early September.
Effective June 20, 1997, the Class B shares of each
Mackenzie Municipal Fund will no longer be offered to the public.
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Via Mizner Financial Plaza
700 South Federal Highway
Boca Raton, Florida 33432
1-800-456-5111
16MUNIX0697
