Exhibit No. EX-99.23(d)(1)(a)
EXHIBIT A
INVESTMENT ADVISORY AGREEMENT
BETWEEN GARTMORE VARIABLE INSURANCE TRUST AND
GARTMORE MUTUAL FUND CAPITAL TRUST
Dated May 2, 2005
AMENDED effective as of May 1, 2006
FUNDS OF THE TRUST ADVISORY FEES
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Gartmore GVIT Nationwide Fund 0.60% on assets up to $250 million
0.575% on assets of $250 million or more but less than
$1 billion
0.55% on assets of $1 billion or more but less than $2
billion
0.525% on assets of $2 billion or more but less than $5
billion
0.50% for assets of $5 billion or more
Gartmore GVIT Growth Fund 0.60% on assets up to $250 million
0.575% on assets of $250 million and more but less
than $1 billion
0.55% on assets of $1 billion and more but less
than $2 billion
0.525% on assets of $2 billion and more but less
than $5 billion 0.50% for assets of $5 billion and
more
Gartmore GVIT Government Bond Fund 0.50% on assets up to $250 million
0.475% on assets of $250 million and more but less
than $1 billion
0.45% on assets of $1 billion and more but less
than $2 billion
0.425% on assets of $2 billion and more but less
than $5 billion 0.40% for assets of $5 billion and
more
Gartmore GVIT Money Market Fund 0.40% on assets up to $1 billion
0.38% on assets of $1 billion and more but less
than $2 billion
0.36% on assets of $2 billion and more but less
than $5 billion
0.34% for assets of $5 billion and more
Gartmore GVIT Money Market Fund II 0.50% on assets up to $1 billion
0.48% on assets of $1 billion and more but less
than $2 billion
0.46% on assets of $2 billion and more but less
than $5 billion
0.44% for assets of $5 billion and more
X.X. Xxxxxx GVIT Balanced Fund 0.75% on assets up to $100 million
0.70% for assets of $100 million and more
GVIT S&P 500 Index Fund 0.13% on assets up to $1.5 billion
0.12% on assets of $1.5 billion and more but less
than $3 billion
0.11% on assets of $3 billion and more
EXHIBIT A
INVESTMENT ADVISORY AGREEMENT
BETWEEN GARTMORE VARIABLE INSURANCE TRUST AND
GARTMORE MUTUAL FUND CAPITAL TRUST
DATED MAY 2, 2005
AMENDED effective as of May 1, 2006
FUNDS OF THE TRUST ADVISORY FEES
------------------ -------------
Xxx Xxxxxx GVIT Xxxxxxxx GVIT Value Fund 0.80% on assets up to $50 million
(formerly Xxxxxxxx GVIT Value Fund) 0.65% for assets of $50 million and more
but less than $250 million
0.60% on assets of $250 million and more
but less than $500 million
0.55% for assets of $500 million and more
Gartmore GVIT Worldwide Leaders Fund(1) 0.90% on assets up to $50 million
0.85% for assets of $50 million and more
Federated GVIT High Income Bond Fund 0.80% on assets up to $50 million
0.65% for assets of $50 million and more but less
than $250 million
0.60% on assets of $250 million and more but less than
$500 million
0.55% for assets of $500 million and more
Xxx Xxxxxx GVIT Multi Sector Bond Fund 0.75% on assets up to $200 million
0.70% for assets of $200 million and more
GVIT Mid Cap Index Fund 0.22% on assets up to $1.5 billion
0.21 % on assets of $1.5 billion and more but
less than $3 billion
0.20% on assets of $3 billion and more
GVIT Small Cap Growth Fund 0.95% of the Fund's average daily net assets
GVIT Small Cap Value Fund 0.90% on assets up to $200 million
0.85% for assets of $200 million and more
Gartmore GVIT Mid Cap Growth Fund 0.75% on assets up to $200 million
0.70% for assets of $200 million and more
GVIT Small Company Fund 0.93% of the Fund's average daily net assets
Gartmore GVIT Global Technology and 0.88% on assets up to $500 million
Communications Fund(1) 0.83% on assets of $500 million or more but less than
$2 billion
0.78% for assets of $2 billion and more
EXHIBIT A
INVESTMENT ADVISORY AGREEMENT
BETWEEN GARTMORE VARIABLE INSURANCE TRUST AND
GARTMORE MUTUAL FUND CAPITAL TRUST
DATED MAY 2, 2005
AMENDED effective as of May 1, 2006
FUNDS OF THE TRUST ADVISORY FEES
------------------ -------------
Gartmore GVIT Global Health Sciences Fund(1) 0.90% on assets up to $500 million
0.85% on assets of $500 or more but less than $2 billion
0.80% for assets of $2 billion and more
Gartmore GVIT U.S. Growth Leaders Fund(2) 0.90% on assets up to $500 million
0.80% on assets of $500 million or more but less than
$2 billion
0.75% on assets of $2 billion and more
Gartmore GVIT Investor Destinations Aggressive Fund 0.13% of the Fund's average daily net assets
Gartmore GVIT Investor Destinations Moderately
Aggressive Fund
Gartmore GVIT Investor Destinations Moderate Fund
Gartmore GVIT Investor Destinations Moderately
Conservative Fund
Gartmore GVIT Investor Destinations Conservative Fund
Gartmore GVIT Nationwide Leaders Fund(1) 0.80% on assets up to $500 million
0.70% on the $500 million or more but less than
$2 billion
0.65% on assets of $2 billion and more
Dreyfus GVIT International Value Fund 0.75% on assets up to $500 million
0.70% on assets of $500 million or more but less than
$2 billion
0.65% on assets of $2 billion and more
GVIT Small Cap Index Fund 0.20% on assets a to $1.5 billion
0.19% on assets of $1.5 billion and more but less than
$3 billion
0.18% on assets of $3 billion and more
GVIT International Index Fund 0.27% on assets up to $1.5 billion
0.26% on assets of $1.5 billion and more but less than
$3 billion
0.25%o on assets of $3 billion and more
GVIT Bond Index Fund 0.22% on assets up to $1.5 billion
0.21% on assets of $1.5 billion and more but less than
$3 billion
0.20% on assets of $3 billion and more
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(1) Performance fees for the Gartmore GVIT Global Technology and Communications
Fund; Gartmore GVIT Global Health Sciences Fund: Gartmore GVIT Nationwide
Leaders Fund; Gartmore GVIT Worldwide Leaders Fund.
The base advisory fee for these Funds as set forth above is adjusted each
quarter beginning one year after implementation of the Performance Fee,
depending upon a Fund's investment performance for the 12 months preceding the
end of that month relative to the investment performance of each respective
Fund's benchmark as listed below. The base fee is either increased or decreased
proportionately by the following amounts at each breakpoint, based upon whether
a Fund has out-performed or under-performed its respective benchmark (using the
performance of each such Fund's Class III Shares to measure), by more or less
than a maximum of 500 basis points over the preceding rolling 12 month period as
follows:
+/- 100 bps under/outperformance +/- 2bps
+/- 200 bps under/outperformance +/- 4bps
+/- 300 bps under/outperformance +/- 6bps
+/- 400 bps under/outperformance +/- 8bps
+/- 500 bps or more under/outperformance +/- 10bps
The investment performance of each Fund will be the sum of: (1) the change in
each Fund's value during such period; (2) the value of the Fund's cash
distributions (from net income and realized net gains) having an ex-dividend
date during such calculation period; and (3) the value of any capital gains
taxes paid or accrued during such calculation period for undistributed realized
long-term capital gains from the Fund. For this purpose, the value of
distributions per share of realized capital gains, of dividends per share paid
from investment income and of capital gains taxes per share reinvested in the
Fund will be the Fund's value in effect at the close of business on the record
date for the payment of such distributions and the date on which provision is
made for such taxes, after giving effect to such distribution, dividends and
taxes.
A description of the specific methodology for calculating, accruing and paying
the performance fees for the above-referenced Funds is set forth in Exhibit B to
this Agreement.
BENCHMARK INDEX PERFORMANCE:
----------------------------
The performance of each respective benchmark Index for a calculation
period, expressed as a percentage of each Index, at the beginning of such period
will be the sum of: (1) the change in the level of the Index during such period;
and (2) the value, as calculated consistent with the Index, of cash
distributions having an ex-dividend date during such period made by those
companies whose securities comprise the Index. For this purpose, cash
distributions on the securities that comprise the Index will be treated as if
they were reinvested in the Index at least as frequently as the end of each
calendar quarter following payment of the dividend.
BENCHMARK INDICES:
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1. Gartmore GVIT Global Technology and Communications Fund Xxxxxxx Xxxxx Technology Composite Index
2. Gartmore GVIT Global Health Sciences Fund Xxxxxxx Xxxxx Healthcare Index
3. Gartmore GVIT Nationwide Leaders Fund S&P 500 Index
4. Gartmore GVIT Worldwide Leaders Fund MSCI World Index
--------------------
(2) Performance fee for the Gartmore GVIT U.S. Growth Leaders Fund.
This base advisory fee listed above is adjusted each quarter, beginning
one year after commencement of operations, depending on the Fund's investment
performance for the 36 months preceding the end of that month, relative to the
investment performance of the Fund's benchmark, the S&P 500 Index. The base fee
is either increased or decreased by the following amounts at each breakpoint,
based on whether the Fund has out- or under-performed the S&P 500 Index by more
or less than 1200 basis points over the preceding rolling 36 month period:
For assets up to $500 million +1- 22 basis points
Next $1.5 billion in assets +1- 18 basis points
Assets of $2 billion and more +1- 16 basis points
The investment performance of the Gartmore GVIT U.S. Growth Leaders Fund will be
the sum of: (1) the change in the Fund's value during such period; (2) the value
of the Fund's cash distributions (from net income and realized net gains) having
an ex-dividend date during such calculation period; and (3) the value of any
capital gains taxes paid or accrued during such calculation period for
undistributed realized long-term capital gains from the Fund. For this purpose,
the value of distributions per share of realized capital gains, of dividends per
share paid from investment income and of capital gains taxes per share
reinvested in the Fund at the Fund's value in effect at the close of business on
the record date for the payment of such distributions and dividends and the date
on which provision is made for such taxes, after giving effect to such
distribution, dividends and taxes.
S&P 500 Index Performance:
The performance of the S&P 500 Index for a calculation period, expressed as a
percentage of S&P 500 Index, at the beginning of such period will be the sum of:
(1) the change in the level of the S&P 500 Index during such period; and (2) the
value, as calculated consistent with the S&P 500 Index, of cash distributions
having an ex-dividend date during such period made by those companies whose
securities comprise the S&P 500 Index. For this purpose, cash distributions on
the securities that comprise the S&P 500 Index will be treated as if they were
reinvested in the S&P 500 Index at least as frequently as the end of each
calendar quarter following payment of the dividend.
