MACKENZIE SOLUTIONS

                               MACKENZIE SOLUTIONS

                       BUSINESS MANAGEMENT AND INVESTMENT
                          ADVISORY AGREEMENT SUPPLEMENT

                  International Solutions III - Moderate Growth


          AGREEMENT made as of the day of June,  1999, by and between  Mackenzie
Solutions (the "Trust") and Ivy Management, Inc. (the "Manager").

         WHEREAS,  the Trust is an open-end  investment  company  organized as a
Massachusetts   business  trust,  and  consists  of  such  separate   investment
portfolios as have been or may be established  and designated by the Trustees of
the Trust from time to time;

         WHEREAS,  a  separate  class  of  shares  of the  Trust is  offered  to
investors with respect to each investment portfolio;

         WHEREAS,  the  Trust  has  adopted  a Master  Business  and  Investment
Advisory Agreement ("Master Agreement") dated June , 1999, pursuant to which the
Trust  has  appointed  the  Manager  to  provide  the  business  management  and
investment advisory services specified in that Master Agreement; and

         WHEREAS,  International Solutions III - Moderate Growth (the "Fund") is
a separate investment portfolio of the Trust:

         NOW,  THEREFORE,  the Trustees of the Trust  hereby take the  following
actions, subject to the conditions set forth:

         1. As provided for in the Master Agreement, the Trust hereby adopts the
Master  Agreement with respect to the Fund, and the Manager hereby  acknowledges
that the Master Agreement shall pertain to the Fund, the terms and conditions of
such Master Agreement being hereby incorporated herein by reference.

         2. The term "Fund" as used in the Master  Agreement shall, for purposes
of this Supplement, pertain to the Fund.

         3.  As  provided  in  the  Master  Agreement  and  subject  to  further
conditions as set forth therein, the Fund shall pay the Manager a monthly fee at
an annual rate of 0.25% of the Fund's average net assets.





         4. This Supplement and the Master Agreement (together, the "Agreement")
shall become  effective with respect to the Fund as of the date specified  above
and  shall  remain  in  effect  with  respect  to the Fund  for a  period  to be
determined as provided in the Master Agreement.



                              MACKENZIE SOLUTIONS,       on behalf of
                              International Solutions III - Moderate Growth



                              By:
                                       ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, President


                              IVY MANAGEMENT, INC.



                              By:
                                        ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, President