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EXHIBIT (d)(1)(b)
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AMENDED EXHIBIT A
NATIONWIDE SEPARATE ACCOUNT TRUST
Investment Advisory Agreement
(Effective May 1, 2001)
Funds of the Trust Advisory Fees
Total Return Fund . . . . . . . . . . 0.60% on assets up to $1 billion
0.575% on assets of $1 billion and more but less than
$ 2 billion
0.55% on assets of $2 billion and more but less than
$ 5 billion
0.50% for assets of $5 billion and more
Capital Appreciation Fund . . . . . . 0.60% on assets up to $1 billion
0.575% on assets of $1 billion and more but less than
$ 2 billion
0.55% on assets of $2 billion and more but less than $5 billion
0.50% for assets of $5 billion and more
Government Bond Fund. . . . . . . . . 0.50% on assets up to $1 billion
0.475% on assets of $1 billion and more but less than
$ 2 billion.
0.45% on assets of $2 billion and more but less than $5 billion
0.40% for assets of $5 billion and more
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
X.X. Xxxxxx NSAT Balanced Fund. . . . 0.75% on assets up to $100 million
(formerly the . . . . . . . . . . . .0.70% for assets of $100 million and more
"Nationwide Balanced Fund")
Federated NSAT Equity Income Fund . . 0.80% on assets up to $50 million
(formerly the . . . . . . . . . . . 0.65% for assets of $50 million and more but less
"Nationwide Equity Income Fund") . 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
Nationwide Global 50 Fund . . . . . . 1.00% on assets up to $50 million
(formerly the . . . . . . . . . . . 0.95% for assets of $50 million and more
"Nationwide Global Equity Fund") . 0.80% on assets up to $50 million
Federated NSAT High Income Bond Fund. 0.65% for assets of $50 million and more but less
(formerly the . . . . . . . . . . . than $250 million
"Nationwide High Income Bond Fund") 0.60% on assets of $250 million and more but less
than $500 million
0.55% for assets of $500 million and more
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AMENDED EXHIBIT A
NATIONWIDE SEPARATE ACCOUNT TRUST
Investment Advisory Agreement
Page Two
(Effective May 1, 2001)
Funds of the Trust Advisory Fees
MAS NSAT Multi Sector Bond Fund. . . . . . 0.75% on assets up to $200 million
(formerly the. . . . . . . . . . . . . . . 0.70% for assets of $200 million and more
"Nationwide Multi Sector Bond Fund")
Dreyfus NSAT Mid Cap Index Fund. . . . . . 0.50% on assets up to $250 million
(formerly the. . . . . . . . . . . . . . 0.49% for assets of $250 million and more but less
"Nationwide Mid Cap Index Fund". . . . . than $500 million
and the "Nationwide Select Advisers. . . 0.48% on assets of $500 million and more but less
Mid Cap Fund). . . . . . . . . . . . . . than $750 million
0.47% on assets of $750 million and more but less
than $1 billion
0.45% for assets of $1 billion and more
Nationwide Small Cap Growth Fund . . . . . 1.10% of the Fund's average daily net assets
(formerly the "Nationwide
Select Advisers
Small Cap Growth Fund")
Nationwide Small Cap Value Fund. . . . . . 0.90% on assets up to $200 million
0.85% for assets of $200 million and more
Strong NSAT Mid Cap Growth Fund. . . . . . 0.90% on assets up to $500 million
(formerly the "Nationwide. . . . . . . . 0.85% for assets of $500 million and more
Strategic Growth Fund")
Nationwide Strategic Value Fund. . . . . . 0.90% of the Fund's average daily net assets
Nationwide Income Fund . . . . . . . . . . 0.45% of the Fund's average daily net assets
Nationwide Small Company Fund. . . . . . . 0.93% of the Fund's average daily net assets
Gartmore NSAT Millennium . . . . . . . . . 1.03% on assets up to $250 million
Growth Fund. . . . . . . . . . . . . . . 1.00% on assets of $250 million and more bu
less than $1 billion
0.97% on assets of $1 billion and more but less
than $2 billion
0.94% on assets of $2 billion and more but less
than $5 billion
0.91% for assets of $5 billion and more
Gartmore NSAT Global Technology and. . . . 0.98% of the Fund's average daily net assets
Communications Fund
Gartmore NSAT Global Health Sciences Fund. 1.00% of the Fund's average daily net assets
(formerly "Nationwide Global
Life Sciences Fund II")
Xxxxxx NSAT Growth Focus Fund1 . . . . . . 0.90% on assets up to $500 million
(formerly the "Nationwide Growth . . . . 0.80% on the next $1.5 billion in assets
Focus Fund II"). . . . . . . . . . . . . 0.75% on assets of $2 billion and more
1 PERFORMANCE FEE FOR THE XXXXXX NSAT GROWTH FOCUS 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 Xxxxxxx 1000 Growth 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 Xxxxxxx
1000 Growth Index by more or less than 1200 basis points over the preceding
rolling 36 month period:
For assets up to $500 million +/- 22 basis points
Next $1.5 billion in assets +/- 18 basis points
Assets of $2 billion and more +/- 16 basis points
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The investment performance of the Xxxxxx NSAT Growth Focus 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 a
record 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.
Xxxxxxx 1000 Growth Index Performance:
The performance of the Xxxxxxx 1000 Growth Index for a calculation period,
expressed as a percentage of the Xxxxxxx 1000 Growth Index, at the beginning of
such period will be the sum of: (1) the change in the level of the Xxxxxxx 1000
Growth Index during such period; and (2) the value, as calculated consistent
with the Xxxxxxx 1000 Growth Index, of cash distributions having an ex-dividend
date during such period made by those companies whose securities comprise the
Xxxxxxx 1000 Growth Index. For this purpose, cash distributions on the
securities that comprise the Xxxxxxx 1000 Growth Index will be treated as if
they were reinvested in the Xxxxxxx 1000 Growth Index at least as frequently as
the end of each calendar quarter following payment of the dividend.
* After the first twelve months of operations of the Fund, the performance fee
will be phased in on a progressive basis over the next 24 months. The
performance fee will be calculated on a progressive basis by multiplying the
applicable fee by a fraction, the numerator of which is the number of months
since commencement of operations and the denominator of which is 36 (the total
phase in period). Beginning thirty six months after commencement of operations,
the performance fee will be applied completely.
ADVISER
VILLANOVA MUTUAL FUND CAPITAL TRUST
By: /s/ Xxxxx X. Xxxxxxxx
Name: Xxxxx X. Xxxxxxxx
Title: VP - Assistant General Counsel
TRUST
NATIONWIDE SEPARATE ACCOUNT TRUST
By: /s/ Xxxxxx X. Xxxxxxx
Name: Xxxxxx X. Xxxxxxx
Title: Treasurer
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