Exhibit No. EX-99.23(d)(4)(a)(i)
EXHIBIT A
SUBADVISORY AGREEMENT
BETWEEN
GARTMORE GLOBAL ASSET MANAGEMENT TRUST
GARTMORE VARIABLE INSURANCE TRUST
AND GARTMORE GLOBAL PARTNERS
AMENDED, Effective May 1, 2006
FUNDS OF THE TRUST ADVISORY FEES EFFECTIVE DATE
------------------ ------------- --------------
Gartmore GVIT Emerging Markets Fund(1) .525% on assets up to $500 million May 1, 2006
.500% on assets of $500 million
and more, but less than $2 billion
.475% on assets of $2 billion and
more
Gartmore GVIT International Growth Fund(1) .450% on assets up to $500 million May 1, 2006
.425% on assets of $500 million
and more, but less than $2 billion
.400% on assets of $2 billion and
more
Gartmore GVIT Global Utilities Fund(1) .350% on assets up to $500 million May 1, 2006
.325% on assets of $500 million
and more, but less than $2 billion
.300% on assets of $2 billion and
more
Gartmore GVIT Global Financial Services(1) Fund .450% on assets up to $500 May 1, 2006
million
.425% on assets of $500 million
and more, but less than $2 billion
.400% on assets of $2 billion and
more
FUNDS OF THE TRUST ADVISORY FEES EFFECTIVE DATE
------------------ ------------- --------------
Gartmore GVIT Developing Markets Fund(1) .525% on assets up to $500 million May 1, 2006
.500% on assets of $500 million
and more, but less than $2 billion
.475% on assets of $2 billion and
more
--------------------
(1) Performance fees for the Gartmore GVIT Emerging Markets, Gartmore GVIT
Developing Markets, Gartmore GVIT International Growth, Gartmore GVIT Global
Financial Services and Gartmore GVIT Global Utilities Funds.
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:
------------------
1. Gartmore GVIT Emerging Markets Fund MSCI Emerging Markets Index
2. Gartmore GVIT International Growth Fund MSCI All Country World Free ex U.S. Index
3. Gartmore GVIT Global Financial Services Fund MSCI World Financial Index
4. Gartmore GVIT Global Utilities Fund 60% MSCI World Telecom Services Index/40%
MSCI World Utilities Service Index
5. Gartmore GVIT Developing Markets Fund MSCI Emerging Markets Index
