EXHIBIT (d)(3)
MACKENZIE SOLUTIONS
BUSINESS MANAGEMENT AND INVESTMENT
ADVISORY AGREEMENT SUPPLEMENT
International Solutions II - Balanced Growth
AGREEMENT made as of the 28th 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 Management and
Investment Advisory Agreement ("Master Agreement") dated as of June 28th, 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 II - Balanced 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 II - Balanced Growth
By: /s/ XXXXX X. XXXXXXX
Xxxxx X. Xxxxxxx, President
IVY MANAGEMENT, INC.
By: /s/ XXXXXXX X. XXXXXX
Xxxxxxx X. Xxxxxx, President
