N-CSRS 1 w09026nvcsrs.htm FORM N-CSRS GARTMORE MUTUAL FUNDS nvcsrs
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number                      811-08495

GARTMORE MUTUAL FUNDS

(Exact name of registrant as specified in charter)
1200 RIVER ROAD, SUITE 1000, CONSHOHOCKEN, PENNSYLVANIA 19428
(Address of principal executive offices) (Zip code)
Eric Miller
1200 River Road
Suite 1000
Conshohocken, PA 19428
(Name and address of agent for service)

Registrant’s telephone number, including area code: (484) 530-1300

Date of fiscal year end: 10/31/2005

Date of reporting period: 04/30/2005

     Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

     A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

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     Item 1. Reports to Stockholders.

          Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

COVER

 

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Solutions.

(GARTMORE LOGO)

UNITED STATES | UNITED KINGDOM | JAPAN

Based in greater metropolitan Philadelphia, Gartmore is the global asset management arm of Nationwide®. Gartmore’s affiliated advisers* collectively manage more than $77 billion1 in assets through its global investment platform encompassing more than 185 investment management professionals supported by an 800-person staff.

We provide core and specialty equity, fixed-income and alternative investment solutions through mutual funds, separate accounts, commingled portfolios and wrap accounts to individual and institutional clients around the world.

This wide range of investment opportunities is built on sound investment management processes designed to increase the probability of delivering enhanced risk-adjusted returns over the long term.

Our investment management teams incorporate fundamental stock selection with the application of technology to help control risk and add to returns. Insightful stock selection is a function of the efforts of talented alpha-driven managers and analysts, working in an entrepreneurial environment, who are specialists in their respective investment disciplines.

www.gartmore.com

      

*Gartmore’s Affiliated Advisers

The following 11 asset management affiliates of Nationwide do business under the trade name “Gartmore Group”: Gartmore Capital Management Ltd2, Gartmore Fund Managers Ltd2, Gartmore Global Partners2, 3, Gartmore Investment Ltd2, Gartmore Japan Ltd2, Gartmore Morley Capital Management, Inc.3, Gartmore Mutual Fund Capital Trust3, 4, Gartmore Riverview, LLC3, Gartmore SA Capital Trust3, 4, Gartmore Separate Accounts LLC3, and NorthPointe Capital® LLC3

1. As of April 30, 2005.

2. These advisers are subsidiaries of Gartmore Investment Management plc, which ultimately reports to Nationwide®.

3. These are SEC-registered investment advisers based in the United States. Collectively, these advisers manage $40.6 billion as of April 30, 2005.

4. Together, these advisers do business as Gartmore Global Investments, Inc. Gartmore Global Investments is the investment adviser to Gartmore Funds. NorthPointe Capital is a federally registered service mark of Gartmore Global Investments, Inc. Nationwide is a federally registered service mark of Nationwide Mutual Insurance Company.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428. © 2005 Gartmore Global Investments, Inc. All rights reserved.

 

Semiannual Report

           
          Contents
         
 
  2      
  14      
  24      
  51      
  78      
  112      
  118      
         
 
  130      

International investing involves additional risks, including currency fluctuations, differences in accounting standards, political instability and foreign regulations, all of which are magnified in emerging markets.

Small-company stocks have higher risks than the stocks of larger, more established companies and have significant short-term price volatility.

Investing in mutual funds involves risk, including possible loss of principal.

There is no assurance that the investment objective of any fund will be achieved.

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Funds. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 800-848-0920 or visit www.gartmorefunds.com. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore’s funds, please call 800-848-0920 to request a prospectus, or download a prospectus at www.gartmorefunds.com. Please read it carefully before investing any money.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov.

The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on www.gartmorefunds.com or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2004 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

 

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LOGO
Index Series

  Gartmore S&P 500 Index Fund

For the semiannual period ended April 30, 2005, the Gartmore S&P 500 Index Fund returned 2.99% (Class A at NAV) versus 3.28% for its benchmark, the Standard & Poor’s 500® (S&P 500) Index. For broader comparison, the average return for the Fund’s Lipper peer category of S&P 500 Index Objective Funds was 3.01%.

The reporting period was a positive one for the U.S. large-cap equity market. Negative economic news in October 2004 turned to positive economic news in November and December. The market experienced gains those latter months, as a result of lower oil prices, the resolving of the U.S. presidential election uncertainty, reasonably good economic and earnings news, reactions to the $32 billion Microsoft Corp. dividend and the beginning of the seasonally strong year-end period.

Much of the post-election market bounce has been attributed to the predominance of the most pro-business, pro-market legislative agenda since the Reagan era, as well as an approximately 23% decrease in the price of oil from its October high of $55.67 per barrel. As expected, the Federal Reserve continued to raise the federal funds rate. During 2004, the Fed more than doubled the rate from 1.00% to 2.25%. Overall, favorable liquidity conditions, stimulative fiscal policy and rising earnings expectations have been responsible for the equity bull market that began in October 2002.

The first quarter of 2005 began with a slide after the strong fourth quarter of 2004, with cyclical and small-capitalization stocks performing the worst. January was characterized by mixed economic data, increasing interest rates, disappointing earnings reports and climbing oil prices. A market rally during the last week of the month, propped by the completion of elections in Iraq and the announcement of several larger mergers such as Procter & Gamble Co.’s proposed acquisition of The Gillette Co., was not enough to bring performance into positive territory. In addition, the gross domestic product growth rate for the fourth quarter of 2004 was released during January, and it came in weaker than expected at 3.10%, primarily as a result of the foreign trade deficit.

The markets were able to reverse course in February, even as the productivity report showed a continued slowdown in growth, and oil prices continued to climb. Good signs for the markets came in the form of accelerated corporate hiring plans, reasonably robust capital spending and strong merger-and-acquisition activity. In March and April, the markets resumed the downward slide experienced in January due to a combination of the trade deficit, mixed economic news, high oil prices and rising interest rates. Oil prices, reaching as high as $56 a barrel, continued to trade at prices above $50. Year-to-date earnings revisions have been negative, and the percentage of industries with rising earnings has continued to deteriorate. As expected, the Fed continued to increase the federal funds rate, and it now stands at 3.00%.

Portfolio Manager: Fund Asset Management, L.P.-Subadviser

Class A: GRMAX

Class B: GRMBX
Class C: GRMCX
Institutional Class: GRMIX
Service Class: GRMSX
Institutional Service Class: GRISX
Local Fund: GRMLX
 
2 Semiannual Report 2005

Table of Contents

Gartmore S&P 500 Index Fund
Fund Performance

Average Annual Total Return

(For periods ended April 30, 2005)
                                     
Six One Five
month* year years Inception1
Class A2
  without sales charge3     2.99%       5.84%       -3.45%       1.24%  
    with sales charge4     -2.89%       -0.23%       -4.58%       0.36%  
Class B2
  without sales charge3     2.64%       5.10%       -4.12%       0.71%  
    with sales charge5     -2.36%       0.10%       -4.49%       0.71%  
Class C6
  without sales charge3     2.73%       5.16%       -4.11%       0.71%  
    with sales charge7     1.73%       4.16%       -4.11%       0.71%  
Institutional Class8,9     3.21%       6.20%       -3.12%       1.51%  
Service Class2,9     3.03%       5.81%       -3.52%       1.06%  
Institutional Service Class2,9     3.09%       5.83%       -3.37%       1.23%  
Local Fund Shares9     3.17%       6.11%       -3.22%       1.37%  

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not Annualized.

1 Fund commenced operations on July 24, 1998.
 
2 These returns for the period prior to the creation of a particular class include the performance of the Fund’s Local Fund Shares. These returns were achieved prior to the creation of Class A and Class B shares (12/29/99) and Service Class and Institutional Service Class shares (11/2/98). Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A, Class B, Service Class and Institutional Service Class shares would have produced because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class A, Class B, Service Class and Institutional Service Class would have been lower.
 
3 These returns do not reflect the effects of sales charges (SC).
 
4 A 5.75% front-end sales charge was deducted.
 
5 A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
 
6 These returns until the creation of Class C shares (10/22/03) include the performance of the Fund’s Local Fund Shares for the period through December 28, 1999 and the Fund’s Class B shares for the period from December 29, 1999 to October 21, 2003. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as the Fund’s other classes. The performance for the Class C shares has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class C shares would have been lower.
 
7 A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
 
8 These returns until the creation of the Institutional Class shares (12/29/99) include the performance of the Fund’s Local Fund shares. The returns have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because Institutional Class shares invest in the same portfolio of securities as Local Fund Shares.
 
9 Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

LOGO

Comparative performance of $10,000 invested in Local Fund Shares of the Gartmore S&P 500 Index Fund, the S&P 500 Index(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 
(a) The S&P 500 is an unmanaged index of 500 widely held stocks of large U.S. companies that gives a broad look at how the stock prices of large U.S. companies have performed.
 
 
(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.
 
2005 Semiannual Report 3

Table of Contents

Gartmore S&P 500 Index Fund

LOGO
Index Series

  Shareholder
  Expense Example

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2004, and continued to hold your shares at the end of the reporting period, April 30, 2005.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment
(April 30, 2005)
                                             
Beginning Ending
Account Value, Account Value, Expenses Paid Annualized
S&P 500 Index Fund 11/1/04 4/30/05 During Period* Expense Ratio*
Class A
    Actual     $ 1,000     $ 1,029.90     $ 2.57       0.51%      
      Hypothetical 1   $ 1,000     $ 1,022.47     $ 2.56       0.51%      
Class B
    Actual     $ 1,000     $ 1,026.40     $ 6.18       1.23%      
      Hypothetical 1   $ 1,000     $ 1,018.90     $ 6.18       1.23%      
Class C
    Actual     $ 1,000     $ 1,027.30     $ 6.18       1.23%      
      Hypothetical 1   $ 1,000     $ 1,018.90     $ 6.18       1.23%      
Institutional Service Class
    Actual     $ 1,000     $ 1,030.90     $ 2.42       0.48%      
      Hypothetical 1   $ 1,000     $ 1,022.62     $ 2.41       0.48%      
Institutional Class
    Actual     $ 1,000     $ 1,032.10     $ 1.16       0.23%      
      Hypothetical 1   $ 1,000     $ 1,023.86     $ 1.15       0.23%      
Local Shares
    Actual     $ 1,000     $ 1,031.70     $ 1.51       0.30%      
      Hypothetical 1   $ 1,000     $ 1,023.51     $ 1.51       0.30%      
Service Class
    Actual     $ 1,000     $ 1,030.30     $ 3.17       0.63%      
      Hypothetical 1   $ 1,000     $ 1,021.88     $ 3.16       0.63%      
 
* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.
 
1 Represents the hypothetical 5% return before expenses.
 
4 Semiannual Report 2005

Table of Contents

Gartmore S&P 500 Index Fund
Portfolio Summary
(April 30, 2005)

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

             
Asset Allocation
Common Stock
    94.2%      
Cash Equivalents
    5.3%      
Other Investments*
    5.9%      
Liabilities in excess of other assets**
    -5.4%      
   
     
      100.0%      

 *  Includes value of collateral received from securities lending.
 
 **  Includes value of collateral owed from securities lending.

             
Top Industries
Healthcare
    6.5%      
Oil & Gas
    6.5%      
Banks
    6.3%      
Computer Software & Services
    5.8%      
Drugs
    5.3%      
Retail
    5.1%      
Electrical Equipment
    4.0%      
Insurance
    3.9%      
Financial
    3.0%      
Telecommunications
    2.9%      
Other Industries
    50.7%      
   
     
      100.0%      
             
Top Holdings***
General Electric Co.
    3.4%      
Exxon Mobil Corp.
    3.2%      
Microsoft Corp.
    2.3%      
Citigroup, Inc.
    2.2%      
Johnson & Johnson Co.
    1.8%      
Pfizer, Inc.
    1.8%      
Bank of America Corp.
    1.6%      
Wal-Mart Stores, Inc.
    1.4%      
Intel Corp.
    1.3%      
Procter & Gamble Co.
    1.2%      
Other Holdings
    79.8%      
   
     
      100.0%      

***  For purpose of listing top holdings, repurchase agreements are considered cash equivalents and are included as part of Other Holdings.

 
2005 Semiannual Report 5

Table of Contents

LOGO
Index Series

  Statement of Investments
  April 30, 2005 (Unaudited)

Gartmore S&P 500 Index Fund

                     
Common Stocks (94.2%)
Shares or
Principal Amount Value
Advertising Services (0.0%)
Interpublic Group of Cos., Inc. (The) (b)
    83,978     $ 1,079,957      
         
     
 
Aerospace & Defense (1.8%)
Boeing Co. (The)
    165,371       9,842,882      
General Dynamics Corp.
    39,831       4,184,247      
Goodrich Corp.
    23,351       941,045      
Lockheed Martin Corp.
    82,522       5,029,716      
Northrop Grumman Corp.
    71,576       3,925,228      
Raytheon Co.
    89,987       3,384,411      
Rockwell Collins, Inc.
    35,341       1,621,445      
United Technologies Corp.
    101,828       10,357,944      
         
     
 
              39,286,918      
         
     
 
Agriculture (0.1%)
Monsanto Co.
    52,990       3,106,274      
         
     
 
Airlines (0.3%)
Delta Air Lines, Inc. (b)
    34,481       113,442      
FedEx Corp.
    59,902       5,088,675      
Southwest Airlines Co.
    150,776       2,243,547      
         
     
 
              7,445,664      
         
     
 
Analytical Instruments (0.1%)
Applera Corp.-Applied Biosystems Group
    39,071       828,305      
Waters Corp. (b)
    23,971       949,971      
         
     
 
              1,778,276      
         
     
 
Apparel (0.2%)
Nike, Inc., Class B
    47,636       3,658,921      
Reebok International Ltd.
    11,075       449,756      
         
     
 
              4,108,677      
         
     
 
Apparel & Accessories (0.2%)
Coach, Inc. (b)
    75,900       2,034,119      
Liz Claiborne, Inc.
    21,611       765,678      
V.F. Corp.
    21,506       1,217,025      
         
     
 
              4,016,822      
         
     
 
Appliances & Household Durables (0.1%)
Maytag Corp.
    15,865       153,732      
Newell Rubbermaid, Inc.
    50,042       1,087,413      
         
     
 
              1,241,145      
         
     
 
Auto Parts & Equipment (0.3%)
AutoNation, Inc. (b)
    51,291       937,087      
Dana Corp.
    29,801       340,327      
Delphi Automotive Systems Corp.
    111,533       368,059      
Genuine Parts Co.
    34,616       1,485,026      
Ingersoll Rand Co.
    29,626       2,277,351      
Snap-On, Inc.
    11,570       383,777      
         
     
 
              5,791,627      
         
     
 
Automobiles (0.4%)
Ford Motor Co.
    363,996       3,316,004      
General Motors Corp.
    118,856       3,171,078      
PACCAR, Inc.
    34,496       2,342,278      
Visteon Corp.
    24,387       85,355      
         
     
 
              8,914,715      
         
     
 
Banks (6.3%)
AmSouth Bancorp
    70,552       1,856,929      
Bank of America Corp.
    805,606       36,284,494      
Bank of New York Co., Inc.
    154,644       4,320,753      
BB&T Corp.
    108,973       4,272,831      
Bear Stearns Cos., Inc.
    19,767       1,871,144      
Compass Bancshares, Inc.
    24,633       1,059,712      
Fifth Third Bancorp
    104,904       4,563,324      
Huntington Bancshares, Inc.
    46,020       1,081,930      
J.P. Morgan Chase & Co.
    706,301       25,066,622      
KeyCorp
    80,772       2,678,400      
M&T Bank Corp.
    22,261       2,302,900      
Mellon Financial Corp.
    84,222       2,332,107      
National City Corp.
    123,153       4,182,276      
North Fork Bancorp, Inc.
    93,466       2,631,068      
Northern Trust Corp.
    41,836       1,883,875      
PNC Bank Corp.
    56,201       2,991,579      
Regions Financial Corp.
    92,307       3,091,361      
State Street Corp.
    66,277       3,063,986      
SunTrust Banks, Inc.
    71,626       5,216,522      
Synovus Financial Corp.
    61,817       1,732,731      
U.S. Bancorp
    368,303       10,275,654      
Wachovia Corp.
    315,155       16,129,633      
Zions Bancorp
    17,920       1,254,938      
         
     
 
              140,144,769      
         
     
 
Beverages/Alcoholic (0.4%)
Anheuser-Busch Cos., Inc.
    154,434       7,238,321      
Brown-Forman Corp., Class B
    23,571       1,308,191      
Molson Coors Brewing Co.
    18,570       1,146,698      
         
     
 
              9,693,210      
         
     
 
Beverages/Soft Drink (1.8%)
Coca-Cola Co.
    450,317       19,561,771      
Coca-Cola Enterprises, Inc.
    77,357       1,570,347      
Pepsi Bottling Group, Inc. (The)
    48,421       1,388,230      
PepsiCo, Inc.
    333,474       18,554,493      
         
     
 
              41,074,841      
         
     
 
Biotechnology (0.1%)
Chiron Corp. (b)
    35,281       1,204,846      
         
     
 
6 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Broadcast Media/Cable Television (0.8%)
Clear Channel Communications, Inc.
    111,200     $ 3,551,728      
Comcast Corp. Special, Class A (b)
    43,800       1,389,774      
Comcast Corp., Class A (b)
    395,775       12,708,335      
         
     
 
              17,649,837      
         
     
 
Business Services (0.3%)
Cintas Corp
    29,801       1,150,021      
Compuware Corp. (b)
    76,907       457,597      
Convergys Corp. (b)
    28,182       365,239      
Monster Worldwide, Inc. (b)
    20,631       474,719      
NCR Corp. (b)
    36,990       1,220,670      
Pitney Bowes, Inc.
    45,896       2,052,468      
         
     
 
              5,720,714      
         
     
 
Chemicals (0.2%)
Great Lakes Chemical Corp.
    15,835       491,518      
Millipore Corp. (b)
    8,825       425,542      
Praxair, Inc.
    64,132       3,003,301      
Sigma Aldrich Corp.
    13,725       801,952      
         
     
 
              4,722,313      
         
     
 
Chemicals/ Diversified (1.3%)
Air Products & Chemicals, Inc.
    45,266       2,658,472      
Dow Chemical Co.
    189,590       8,707,869      
E.I. du Pont de Nemours and Co.
    198,150       9,334,846      
Eastman Chemical Co.
    13,160       710,640      
Engelhard Corp.
    24,291       744,033      
Hercules, Inc. (b)
    17,421       230,480      
Occidental Petroleums Corp.
    78,927       5,445,963      
Rohm & Haas Co.
    40,877       1,784,690      
         
     
 
              29,616,993      
         
     
 
Communications Equipment (1.5%)
CIENA Corp. (b)
    98,608       226,798      
Citizens Communications Co.
    50,436       643,059      
Corning, Inc. (b)
    280,222       3,853,053      
JDS Uniphase Corp. (b)
    287,054       424,840      
Motorola, Inc.
    487,228       7,474,078      
Tellabs, Inc. (b)
    81,452       632,068      
Verizon Communications, Inc.
    550,480       19,707,183      
         
     
 
              32,961,079      
         
     
 
Computer Equipment (1.7%)
American Power Conversion Corp.
    37,231       903,224      
Dell Computer Corp. (b)
    488,758       17,023,442      
EMC Corp. (b)
    478,087       6,272,501      
Gateway, Inc. (b)
    55,362       188,784      
Hewlett Packard Co.
    584,190       11,958,369      
Network Appliance, Inc. (b)
    66,784       1,778,458      
         
     
 
              38,124,778      
         
     
 
Computer Integrated Systems Design (0.0%)
Avaya, Inc. (b)
    84,619       734,493      
         
     
 
Computer Software & Services (5.8%)
Adobe Systems, Inc.
    48,321       2,873,650      
Affiliated Computer Services, Inc., Class A (b)
    23,441       1,117,432      
Automatic Data Processing, Inc.
    115,878       5,033,740      
BMC Software, Inc. (b)
    44,056       713,707      
Cisco Systems, Inc. (b)
    1,284,609       22,198,044      
Citrix Systems, Inc. (b)
    33,671       757,598      
Computer Associates International, Inc.
    113,238       3,046,102      
Electronic Data Systems Corp.
    102,862       1,990,380      
First Data Corp.
    160,452       6,101,990      
Fiserv, Inc. (b)
    33,566       1,419,842      
Intuit, Inc. (b)
    35,731       1,439,959      
Mercury Interactive Corp. (b)
    17,420       719,969      
Microsoft Corp.
    2,011,089       50,880,552      
Novell, Inc. (b)
    75,272       444,858      
NVIDIA Corp. (b)
    37,461       821,894      
Oracle Corp. (b)
    893,138       10,324,675      
Parametric Technology Corp. (b)
    49,651       264,143      
Siebel Systems, Inc. (b)
    102,303       920,727      
Sun Microsystems, Inc. (b)
    671,082       2,436,028      
Sungard Data Systems, Inc. (b)
    57,451       1,918,863      
Symantec Corp. (b)
    135,824       2,550,775      
Symbol Technologies, Inc.
    48,236       644,915      
Unisys Corp. (b)
    67,062       435,232      
VERITAS Software Corp. (b)
    83,951       1,728,551      
Yahoo!, Inc. (b)
    259,648       8,960,452      
         
     
 
              129,744,078      
         
     
 
Computers/Hardware (1.4%)
Apple Computer, Inc. (b)
    162,374       5,855,206      
International Business Machines Corp.
    324,510       24,786,075      
Lexmark International, Inc. (b)
    25,101       1,743,264      
         
     
 
              32,384,545      
         
     
 
Conglomerates (0.9%)
Illinois Tool Works, Inc.
    57,247       4,798,444      
ITT Industries, Inc.
    18,330       1,658,132      
Johnson Controls, Inc.
    37,986       2,084,292      
Tyco International Ltd.
    397,100       12,433,200      
         
     
 
              20,974,068      
         
     
 
Construction & Building Materials (0.3%)
Centex Corp.
    25,181       1,453,447      
Fluor Corp.
    16,985       875,747      
KB Home
    19,030       1,084,710      
Pulte Corp.
    23,391       1,671,287      
Sherwin Williams Co.
    27,386       1,220,594      
Vulcan Materials Co.
    20,476       1,086,047      
         
     
 
              7,391,832      
         
     
 
2005 Semiannual Report 7

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore S&P 500 Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
Construction & Housing (0.1%)
Masco Corp.
    89,027     $ 2,803,460      
         
     
 
Construction Machinery (0.3%)
Caterpillar, Inc.
    68,132       5,999,023      
         
     
 
Consumer Durable (0.3%)
Black & Decker Corp.
    15,365       1,284,975      
Danaher Corp.
    59,647       3,019,927      
Fortune Brands, Inc.
    28,786       2,434,720      
Whirlpool Corp.
    16,325       1,013,130      
         
     
 
              7,752,752      
         
     
 
Consumer Finance (2.2%)
Citigroup, Inc
    1,038,488       48,767,396      
         
     
 
Consumer Non-Cyclical (2.6%)
Alberto Culver Co., Class B
    14,420       641,690      
Avon Products, Inc.
    93,717       3,756,177      
Clorox Co. (The)
    30,486       1,929,764      
Colgate-Palmolive Co.
    104,508       5,203,453      
Ecolab, Inc.
    49,811       1,629,318      
Gillette Co. (The)
    197,040       10,175,146      
International Flavor and Fragrances, Inc.
    16,940       642,026      
Kimberly-Clark Corp.
    95,687       5,975,653      
Pall Corp.
    24,591       659,777      
Procter & Gamble Co.
    501,374       27,149,402      
         
     
 
              57,762,406      
         
     
 
Containers (0.1%)
Ball Corp.
    21,830       862,284      
Bemis Co., Inc.
    21,296       586,918      
Sealed Air Corp. (b)
    16,597       803,959      
         
     
 
              2,253,161      
         
     
 
Credit Reporting Services (0.1%)
Moody’s Corp.
    28,601       2,349,286      
         
     
 
Data Processing & Reproduction (0.1%)
Computer Sciences Corp. (b)
    37,881       1,647,066      
         
     
 
Distribution (0.2%)
SYSCO Corp.
    126,633       4,381,502      
         
     
 
Drugs (5.3%)
Amerisource Bergen Corp.
    21,226       1,300,729      
Amgen Corp. (b)
    248,948       14,491,263      
Biogen, Inc. (b)
    66,272       2,401,697      
Eli Lilly & Co.
    225,191       13,166,918      
Express Scripts, Inc. (b)
    14,960       1,341,014      
Forest Laboratories, Inc. (b)
    71,132       2,537,990      
Genzyme Corp. (b)
    49,251       2,886,601      
Gilead Sciences, Inc. (b)
    86,000       3,190,600      
Laboratory Corp. of America Holdings (b)
    26,300       1,301,850      
Medimmune, Inc. (b)
    49,061       1,244,678      
Merck & Co., Inc.
    438,876       14,877,896      
Mylan Laboratories, Inc.
    48,151       794,492      
Pfizer, Inc.
    1,482,834       40,288,600      
Schering Plough Corp.
    293,127       6,117,560      
Wyeth
    265,472       11,930,312      
         
     
 
              117,872,200      
         
     
 
Educational Services (0.1%)
Apollo Group, Inc. (b)
    35,926       2,590,983      
         
     
 
Electrical Equipment (4.0%)
Agilent Technologies, Inc. (b)
    93,863       1,947,657      
Cooper Industries Ltd., Class A
    17,830       1,135,058      
Eaton Corp.
    30,316       1,779,549      
Emerson Electric Co.
    83,382       5,225,550      
Fisher Scientific International, Inc. (b)
    21,400       1,270,732      
General Electric Co.
    2,106,532       76,256,459      
Rockwell International Corp.
    34,676       1,603,071      
W.W. Grainger, Inc.
    17,125       946,841      
         
     
 
              90,164,917      
         
     
 
Electronics (2.6%)
Altera Corp. (b)
    70,482       1,461,092      
Applied Micro Circuits Corp. (b)
    61,362       163,837      
Broadcom Corp., Class A (b)
    59,431       1,777,581      
Intel Corp.
    1,237,538       29,106,893      
Jabil Circuit, Inc. (b)
    31,641       873,292      
KLA-Tencor Corp.
    37,121       1,448,461      
L-3 Communications Holdings, Inc.
    21,538       1,528,552      
Linear Technology Corp.
    61,067       2,182,534      
LSI Logic Corp. (b)
    76,482       409,944      
Maxim Integrated Products, Inc.
    64,914       2,427,783      
Molex, Inc.
    36,421       925,458      
National Semiconductor Corp.
    70,577       1,346,609      
PMC-Sierra, Inc. (b)
    35,811       288,637      
QLogic Corp. (b)
    18,245       606,464      
RadioShack Corp.
    31,371       783,334      
Sanmina Corp. (b)
    104,039       417,196      
Solectron Corp. (b)
    150,676       497,231      
Tektronix, Inc.
    17,795       385,440      
Teradyne, Inc. (b)
    38,601       425,383      
Texas Instruments, Inc.
    342,059       8,537,792      
Xilinx, Inc.
    69,222       1,864,841      
         
     
 
              57,458,354      
         
     
 
8 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Entertainment (0.7%)
Electronic Arts, Inc. (b)
    61,207     $ 3,267,842      
International Game Technology
    68,532       1,842,825      
Walt Disney Co. (The)
    406,940       10,743,216      
         
     
 
              15,853,883      
         
     
 
Farm Machinery (0.1%)
Deere & Co
    49,046       3,067,337      
         
     
 
Financial (3.0%)
American Express Co.
    234,257       12,345,345      
Capital One Financial Corp.
    49,086       3,479,707      
Charles Schwab Corp.
    239,087       2,474,550      
CIT Group, Inc.
    40,200       1,619,256      
Comerica, Inc.
    33,726       1,931,151      
Countrywide Credit Industries, Inc.
    115,292       4,172,417      
Fannie Mae
    192,375       10,378,631      
Federated Investors, Inc.
    17,211       489,653      
Golden West Financial Corp.
    59,222       3,691,307      
Goldman Sachs Group, Inc.
    89,872       9,597,431      
Lehman Brothers Holdings, Inc.
    54,901       5,035,520      
MBNA Corp.
    253,847       5,013,478      
Providian Financial Corp. (b)
    58,266       971,294      
Washington Mutual, Inc.
    173,532       7,170,342      
         
     
 
              68,370,082      
         
     
 
Financial Services (1.5%)
AMBAC Financial Group, Inc.
    18,601       1,243,477      
E*TRADE Financial Corp. (b)
    65,722       730,171      
First Horizon National Corp.
    24,491       1,017,111      
H&R Block, Inc.
    32,936       1,640,542      
Janus Capital Group, Inc.
    46,931       609,634      
Marshall & Ilsley Corp.
    42,866       1,827,806      
SLM Corp.
    85,422       4,069,504      
Sovereign Bancorp, Inc.
    69,800       1,435,786      
Wells Fargo Co.
    336,964       20,197,623      
         
     
 
              32,771,654      
         
     
 
Food & Related (2.4%)
Altria Group, Inc.
    411,143       26,720,183      
Archer-Daniels Midland Co.
    123,843       2,227,936      
Campbell Soup Co.
    71,932       2,139,258      
ConAgra, Inc.
    102,528       2,742,624      
General Mills, Inc.
    72,562       3,584,563      
H.J. Heinz Co.
    69,557       2,563,175      
Hershey Foods Corp.
    47,022       3,004,706      
Kellogg Co.
    74,142       3,332,683      
McCormick & Co.
    26,946       932,062      
Sara Lee Corp.
    156,899       3,356,070      
W.M. Wrigley Jr. Co.
    43,556       3,011,026      
         
     
 
              53,614,286      
         
     
 
Furniture & Home Furnishings (0.0%)
Leggett & Platt, Inc.
    38,001       1,024,507      
         
     
 
Healthcare (6.5%)
Abbott Laboratories
    309,863       15,232,865      
Allergan, Inc.
    26,116       1,838,305      
Bard (C.R.), Inc.
    20,786       1,479,340      
Bausch & Lomb, Inc.
    10,745       805,875      
Baxter International, Inc.
    123,073       4,566,008      
Becton Dickinson & Co.
    50,186       2,936,885      
Biomet, Inc.
    50,151       1,940,342      
Boston Scientific Corp. (b)
    153,754       4,548,043      
Bristol-Myers Squibb Co.
    388,340       10,096,840      
Cardinal Health, Inc.
    86,197       4,789,967      
Guidant Corp.
    64,167       4,753,491      
HCA, Inc.
    81,813       4,568,438      
Health Management Associates, Inc., Class A
    48,441       1,197,946      
Humana, Inc. (b)
    31,961       1,107,449      
Johnson & Johnson Co.
    590,925       40,555,183      
King Pharmaceuticals, Inc. (b)
    48,023       384,184      
Manor Care, Inc.
    17,120       570,952      
McKesson HBOC, Inc.
    58,747       2,173,639      
Medco Health Solutions, Inc. (b)
    54,726       2,789,384      
Medtronic, Inc.
    240,406       12,669,396      
Quest Diagnostics, Inc.
    18,986       2,008,719      
St. Jude Medical, Inc. (b)
    71,722       2,799,310      
Stryker Corp.
    77,477       3,761,508      
Tenet Healthcare Corp. (b)
    93,087       1,114,251      
UnitedHealth Group, Inc.
    127,509       12,050,876      
Watson Pharmaceutical, Inc. (b)
    19,806       594,180      
Wellpoint, Inc. (b)
    60,601       7,741,778      
         
     
 
              149,075,154      
         
     
 
Hotels & Casinos (0.1%)
Harrah’s Entertainment, Inc.
    26,121       1,714,060      
         
     
 
Hotels/Motels (0.5%)
Cendant Corp.
    209,645       4,174,032      
Hilton Hotels Corp.
    76,387       1,667,528      
Marriott International, Inc., Class A
    43,381       2,722,158      
Starwood Hotels & Resorts Worldwide, Inc.
    42,224       2,294,452      
         
     
 
              10,858,170      
         
     
 
Industrial Diversified (0.1%)
Parker Hannifin Corp.
    20,056       1,202,157      
Thermo Electron Corp. (b)
    31,776       793,764      
         
     
 
              1,995,921      
         
     
 
Insurance (3.9%)
ACE Ltd.
    48,111       2,066,849      
Aetna, Inc.
    58,642       4,302,564      
Allstate Corp. (The)
    135,114       7,588,002      
 
2005 Semiannual Report 9

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore S&P 500 Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
Insurance (continued)
American International Group, Inc.
    517,666     $ 26,323,317      
AON Corp.
    54,727       1,141,058      
Chubb Corp. (The)
    38,081       3,114,264      
CIGNA Corp.
    26,161       2,406,289      
Cincinnati Financial Corp.
    34,089       1,371,741      
Hartford Financial Services Group, Inc.
    58,771       4,253,257      
Lincoln National Corp.
    33,936       1,526,102      
Loews Corp.
    35,771       2,535,448      
MBIA, Inc.
    31,976       1,674,903      
MetLife, Inc.
    145,679       5,666,913      
MGIC Investment Corp.
    16,860       994,740      
Principal Financial Group, Inc.
    59,507       2,325,534      
Progressive Corp. (The)
    39,800       3,632,546      
Prudential Financial, Inc.
    104,143       5,951,772      
SAFECO Corp.
    25,251       1,329,970      
St. Paul Cos., Inc.
    133,015       4,761,937      
Torchmark Corp.
    21,531       1,150,401      
UnumProvident Corp.
    46,549       778,299      
XL Capital Ltd., Class A
    29,946       2,105,204      
         
     
 
              87,001,110      
         
     
 
Insurance/Life (0.2%)
AFLAC, Inc.
    99,813       4,057,398      
Jefferson-Pilot Corp.
    27,061       1,358,733      
         
     
 
              5,416,131      
         
     
 
Insurance Brokers (0.1%)
Marsh & McLennan Cos., Inc.
    105,093       2,945,757      
         
     
 
Investment Management (1.2%)
Franklin Resources, Inc.
    41,971       2,882,568      
Merrill Lynch & Co.
    184,995       9,976,780      
Morgan Stanley Dean Witter & Co.
    221,142       11,636,493      
T. Rowe Price Group, Inc.
    24,791       1,367,719      
         
     
 
              25,863,560      
         
     
 
Leisure Products (0.4%)
Brunswick Corp.
    19,240       808,080      
Carnival Corp.
    107,463       5,252,792      
Hasbro, Inc.
    34,121       645,569      
Mattel, Inc.
    82,823       1,494,955      
         
     
 
              8,201,396      
         
     
 
Manufacturing (1.2%)
3M Co.
    153,489       11,737,305      
American Standard Cos., Inc.
    41,516       1,856,180      
Cummins, Inc.
    10,900       741,200      
Dover Corp.
    40,456       1,470,980      
Honeywell International, Inc.
    169,069       6,045,908      
PPG Industries, Inc.
    34,406       2,324,125      
Stanley Works (The)
    15,380       661,801      
Textron, Inc.
    26,346       1,985,171      
         
     
 
              26,822,670      
         
     
 
Medical Equipment & Supplies (0.0%)
PerkinElmer, Inc.
    19,096       353,276      
         
     
 
Medical Products (0.2%)
Zimmer Holdings, Inc. (b)
    49,046       3,993,325      
         
     
 
Metals & Mining (0.5%)
Alcoa, Inc.
    173,226       5,027,018      
Freeport-McMoRan Copper & Gold, Inc.
    40,406       1,400,472      
Newmont Mining Corp.
    88,232       3,350,169      
Phelps Dodge Corp.
    20,743       1,780,787      
         
     
 
              11,558,446      
         
     
 
Mortgage/Asset Backed Obligations (0.4%)
Freddie Mac
    136,738       8,412,122      
         
     
 
Motor Vehicles (0.1%)
Harley-Davidson, Inc.
    58,027       2,728,429      
Navistar International Corp. (b)
    13,820       408,105      
         
     
 
              3,136,534      
         
     
 
Multimedia (1.6%)
News Corp., Class A
    562,900       8,601,112      
Time Warner, Inc. (b)
    913,493       15,355,817      
Viacom, Inc., Class A
    100       3,478      
Viacom, Inc., Class B
    338,774       11,728,356      
         
     
 
              35,688,763      
         
     
 
Natural Gas (0.1%)
NICOR, Inc.
    8,205       303,339      
People’s Energy Corp.
    6,875       272,250      
Sempra Energy
    41,881       1,691,155      
         
     
 
              2,266,744      
         
     
 
Office Equipment & Supplies (0.2%)
Avery Dennison Corp.
    20,516       1,074,013      
Xerox Corp. (b)
    180,154       2,387,040      
         
     
 
              3,461,053      
         
     
 
Oil & Gas (6.5%)
Amerada Hess Corp.
    19,220       1,799,953      
Apache Corp.
    64,924       3,654,572      
Ashland, Inc.
    13,825       929,593      
BJ Services Co.
    36,646       1,786,493      
ChevronTexaco Corp.
    418,256       21,749,311      
ConocoPhillips
    138,391       14,510,296      
Devon Energy Corp.
    95,308       4,305,062      
El Paso Corp.
    112,413       1,123,006      
 
10 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Oil & Gas (continued)
EOG Resources, Inc.
    44,082     $ 2,096,099      
Exxon Mobil Corp.
    1,269,061       72,374,548      
KeySpan Corp.
    31,891       1,209,626      
Kinder Morgan, Inc.
    23,376       1,787,329      
Marathon Oil Corp.
    68,902       3,208,766      
Nabors Industries Ltd. (b)
    27,977       1,507,121      
Noble Corp.
    25,331       1,289,348      
Rowan Cos., Inc.
    17,686       469,210      
Sunoco, Inc.
    14,360       1,425,374      
Transocean Sedco Forex, Inc. (b)
    60,307       2,796,436      
Unocal Corp.
    57,516       3,137,498      
Valero Energy Corp.
    51,092       3,501,335      
Williams Cos., Inc. (The)
    103,138       1,755,409      
XTO Energy, Inc.
    73,599       2,220,482      
         
     
 
              148,636,867      
         
     
 
Oil Equipment & Services (1.2%)
Anadarko Petroleum Corp.
    47,838       3,494,088      
Baker Hughes, Inc.
    67,247       2,966,938      
Burlington Resources, Inc.
    76,862       3,736,262      
Dynegy, Inc., Class A (b)
    73,872       247,471      
Halliburton Co.
    100,262       4,169,896      
Kerr-Mcgee Corp.
    35,255       2,735,788      
National-Oilwell Varco, Inc. (b)
    37,194       1,478,090      
Schlumberger Ltd.
    110,768       7,577,638      
         
     
 
              26,406,171      
         
     
 
Paper & Forest Products (0.5%)
Georgia-Pacific Corp.
    51,554       1,766,756      
International Paper Co.
    97,458       3,341,834      
Louisiana-Pacific Corp.
    21,996       541,102      
MeadWestvaco Corp.
    40,247       1,185,274      
Pactiv Corp. (b)
    29,436       631,108      
Temple Inland, Inc.
    26,810       904,838      
Weyerhaeuser Co.
    48,201       3,307,070      
         
     
 
              11,677,982      
         
     
 
Pharmacy Services (0.2%)
Caremark Rx, Inc. (b)
    90,820       3,637,341      
Hospira, Inc. (b)
    30,946       1,038,238      
         
     
 
              4,675,579      
         
     
 
Photographic (0.1%)
Eastman Kodak Co.
    55,346       1,383,650      
         
     
 
Pollution Control (0.2%)
Allied Waste Industries, Inc. (b)
    43,807       350,018      
Waste Management, Inc.
    112,913       3,216,891      
         
     
 
              3,566,909      
         
     
 
Printing & Publishing (0.6%)
Dow Jones & Company, Inc.
    14,380       480,867      
Gannett Co., Inc.
    49,976       3,848,153      
Knight-Ridder, Inc.
    15,075       975,353      
McGraw-Hill Cos., Inc. (The)
    37,901       3,300,419      
Meredith Corp.
    9,435       443,445      
New York Times Co., Class A
    28,906       964,304      
R.R. Donnelley & Sons Co.
    36,006       1,184,957      
Tribune Co.
    60,709       2,343,367      
         
     
 
              13,540,865      
         
     
 
Railroads (0.5%)
Burlington Northern Santa Fe Corp.
    75,152       3,626,083      
CSX Corp.
    42,806       1,717,805      
Norfolk Southern Corp.
    79,437       2,494,322      
Union Pacific Corp.
    51,916       3,318,990      
         
     
 
              11,157,200      
         
     
 
Real Estate Investment Trusts (0.6%)
Apartment Investment & Management Co.
    24,740       943,089      
Archstone-Smith Trust
    36,400       1,309,308      
Equity Office Properties Trust
    87,782       2,762,500      
Equity Residential Property Trust
    56,211       1,930,848      
Plum Creek Timber Co., Inc.
    36,461       1,259,363      
ProLogis Trust
    31,851       1,260,981      
Simon Property Group, Inc.
    44,001       2,907,145      
         
     
 
              12,373,234      
         
     
 
Restaurants (0.5%)
Darden Restaurants, Inc.
    30,476       914,280      
McDonald’s Corp.
    252,741       7,407,839      
Wendy’s International, Inc.
    20,936       898,782      
YUM! Brands, Inc.
    57,981       2,722,788      
         
     
 
              11,943,689      
         
     
 
Retail (5.1%)
AutoZone, Inc. (b)
    15,810       1,312,230      
Bed Bath & Beyond, Inc. (b)
    60,202       2,240,116      
Best Buy Co., Inc.
    62,677       3,155,160      
Big Lots, Inc. (b)
    22,451       228,551      
Circuit City Stores, Inc.
    33,336       526,709      
Costco Wholesale Corp.
    93,857       3,808,717      
CVS Corp.
    79,467       4,098,908      
Dillards, Inc., Class A
    16,090       374,414      
Dollar General Corp.
    61,297       1,247,394      
Family Dollar Stores, Inc.
    33,306       898,596      
Federated Department Stores, Inc.
    33,751       1,940,683      
Gap, Inc. (The)
    159,240       3,399,774      
Home Depot, Inc.
    436,467       15,437,839      
J.C. Penney Co., Inc.
    56,781       2,691,987      
Jones Apparel Group, Inc.
    24,291       739,661      
Kohl’s Corp. (b)
    66,097       3,146,217      
 
2005 Semiannual Report 11

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore S&P 500 Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
Retail (continued)
Limited, Inc. (The)
    78,528     $ 1,703,272      
Lowe’s Cos., Inc.
    153,599       8,004,044      
May Department Stores Co. (The)
    62,056       2,176,924      
Nordstrom, Inc.
    25,946       1,318,835      
Office Depot, Inc. (b)
    62,162       1,217,132      
OfficeMax, Inc.
    23,810       773,349      
Sears Holding Corp. (b)
    21,061       2,848,290      
Staples, Inc.
    147,672       2,816,105      
Starbucks Corp. (b)
    79,462       3,934,958      
Target Corp.
    177,890       8,254,096      
Tiffany & Co.
    24,886       750,313      
TJX Cos., Inc.
    95,868       2,171,410      
Toys “R” Us, Inc. (b)
    49,201       1,247,245      
Wal-Mart Stores, Inc.
    673,282       31,738,514      
         
     
 
              114,201,443      
         
     
 
Retail/Food & Drug (0.7%)
Albertson’s, Inc.
    69,761       1,380,570      
Kroger Co. (b)
    145,509       2,294,677      
Safeway, Inc. (b)
    88,882       1,892,298      
Supervalu, Inc.
    26,831       846,786      
Walgreen Co.
    202,925       8,737,951      
         
     
 
              15,152,282      
         
     
 
Semiconductors (0.5%)
Advanced Micro Devices, Inc. (b)
    78,242       1,113,384      
Analog Devices, Inc.
    73,957       2,522,673      
Applied Materials, Inc. (b)
    331,419       4,928,201      
Freescale Semiconductor, Inc., Class B (b)
    72,509       1,367,520      
Micron Technology, Inc. (b)
    121,968       1,184,309      
Novellus Systems, Inc. (b)
    27,921       654,189      
         
     
 
              11,770,276      
         
     
 
Services (1.1%)
Autodesk, Inc.
    41,862       1,332,467      
eBay, Inc. (b)
    240,576       7,633,476      
Equifax, Inc.
    26,851       903,536      
Exelon Corp.
    132,098       6,538,851      
IMS Health, Inc.
    46,074       1,104,855      
Omnicom Group, Inc.
    37,091       3,074,844      
Paychex, Inc.
    72,952       2,232,331      
Robert Half International, Inc.
    33,506       831,619      
Ryder System, Inc.
    12,605       465,503      
Sabre Holdings, Inc.
    26,173       511,944      
         
     
 
              24,629,426      
         
     
 
Steel (0.1%)
Allegheny Teledyne, Inc.
    18,375       411,600      
Nucor Corp.
    34,030       1,738,933      
United States Steel Corp.
    23,531       1,006,186      
         
     
 
              3,156,719      
         
     
 
Telecommunications (2.9%)
ADC Telecommunications, Inc. (b)
    135,992       308,702      
ALLTEL Corp.
    60,167       3,427,112      
Andrew Corp. (b)
    32,046       393,204      
AT&T Corp.
    166,900       3,192,797      
BellSouth Corp.
    364,024       9,642,996      
CenturyTel, Inc.
    26,676       818,686      
Comverse Technology, Inc. (b)
    39,306       895,784      
Lucent Technologies, Inc. (b)
    880,432       2,139,450      
Nextel Communications, Inc. (b)
    223,976       6,269,088      
QUALCOMM, Inc.
    327,078       11,411,751      
Qwest Communications International, Inc. (b)
    351,030       1,200,523      
SBC Communications, Inc.
    656,618       15,627,509      
Scientific-Atlanta, Inc.
    29,216       893,425      
Sprint Corp.
    293,642       6,536,471      
Univision Communications, Inc., Class A (b)
    54,617       1,435,881      
         
     
 
              64,193,379      
         
     
 
Tire & Rubber (0.0%)
Cooper Tire & Rubber Co.
    14,945       260,790      
Goodyear Tire & Rubber Co. (b)
    32,921       390,773      
         
     
 
              651,563      
         
     
 
Tobacco (0.2%)
Reynolds American, Inc.
    25,295       1,972,251      
UST, Inc.
    32,181       1,473,890      
         
     
 
              3,446,141      
         
     
 
Trucking (0.7%)
United Parcel Service, Inc., Class B
    222,416       15,860,485      
         
     
 
Utilities (2.7%)
AES Corp. (The) (b)
    121,093       1,947,175      
Allegheny Energy, Inc. (b)
    27,296       667,114      
Ameren Corp.
    31,756       1,641,785      
American Electric Power Co., Inc.
    76,497       2,694,224      
Calpine Corp. (b)
    100,042       179,075      
Centerpoint Energy, Inc.
    59,542       704,977      
Cinergy Corp.
    33,536       1,328,026      
CMS Energy Corp. (b)
    51,356       663,520      
Consolidated Edison, Inc.
    48,226       2,087,221      
Constellation Energy Group, Inc.
    35,086       1,844,120      
Dominion Resources, Inc.
    67,694       5,104,128      
DTE Energy Co.
    29,691       1,364,301      
Duke Energy Corp.
    186,417       5,441,513      
Edison International
    64,732       2,349,772      
Entergy Corp.
    43,376       3,179,461      
FirstEnergy Corp.
    65,600       2,854,912      
FPL Group, Inc.
    77,932       3,181,184      
NiSource, Inc.
    53,858       1,251,660      
PG&E Corp.
    78,072       2,710,660      
Pinnacle West Capital Corp.
    18,225       763,628      
 
12 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Utilities (continued)
PPL Corp.
    35,031     $ 1,900,782      
Progress Energy, Inc.
    54,551       2,290,596      
Public Service Enterprise Group, Inc.
    47,311       2,748,769      
Southern Co.
    147,649       4,865,035      
TECO Energy, Inc.
    39,481       655,779      
TXU Corp.
    49,522       4,248,492      
Xcel Energy, Inc.
    79,587       1,367,305      
         
     
 
              60,035,214      
         
     
 
Total Common Stocks     2,112,639,992      
         
     
 

Cash Equivalents (5.3%)
Investments in repurchase agreements
(Collateralized by AA Corporate Bonds, in a joint trading account at 2.90%, dated 04/29/05, due 05/02/05, repurchase price $118,096,626)
  $ 118,068,093       118,068,093      
         
     
 
Total Cash Equivalents     118,068,093      
         
     
 

Short-Term Securities Held as Collateral for Securities Lending (5.9%)
Pool of various securities for Gartmore Mutual Funds - note 2 (Securities Lending)
    131,805,609       131,805,609      
         
     
 
Total Short-Term Securities Held as Collateral for Securities Lending     131,805,609      
         
     
 
Total Investments (Cost $2,258,819,415) (a) — 105.4%     2,362,513,694      
Liabilities in excess of other assets — (5.4)%     (120,630,047)      
         
     
 
NET ASSETS — 100.0%   $ 2,241,883,647      
         
     
 
(a) See notes to financial statements for unrealized appreciation (depreciation) of securities.
 
(b) Denotes a non-income producing security.

At April 30, 2005 the Fund’s open long future contracts were as follows:

                                     
Market Value Unrealized
Number of Long Covered by Appreciation
Contracts Contracts Expiration Securities (Depreciation)
  446       SPM5       06/17/2005     $ 129,172,750     $ (2,895,746 )

See notes to financial statements.

 
2005 Semiannual Report 13

Table of Contents

LOGO
Index Series

  Gartmore Mid Cap Market Index Fund

For the semiannual period ended April 30, 2005, the Gartmore Mid Cap Market Index Fund returned 5.28% (Class A at NAV) versus 5.68% for its benchmark, the S&P MidCap 400 Index. For broader comparison, the average return for the Fund’s Lipper peer category of Mid-Cap Core Funds was 4.05%.

The reporting period was a relatively strong one for the U.S. mid-cap equity market. Negative economic news in October 2004 turned to positive economic news in November and December, as a result of lower oil prices, the unwinding of the U.S. presidential election uncertainty, reasonably good economic and earnings news, and the beginning of the seasonally strong year-end period. Much of the post-election market bounce has been attributed to the predominance of the most pro-business, pro-market legislative agenda since the Reagan era, as well as an approximately 23% decrease in the price of oil from its October high of $55.67 per barrel. As expected, the Federal Reserve continued to raise the federal funds rate. During 2004, the Fed more than doubled the rate from 1.00% to 2.25%. Overall, favorable liquidity conditions, stimulative fiscal policy and rising earnings expectations have been responsible for the equity bull market that began in October 2002.

The first quarter of 2005 began with a slide after the strong fourth quarter of 2004, with cyclical and small-capitalization stocks performing the worst, while mid-capitalization stocks also posted a negative return. January was characterized by mixed economic data, increasing interest rates, disappointing earnings reports and climbing oil prices. A market rally during the last week of the month, propped by the completion of elections in Iraq, was not enough to bring performance into positive territory. In addition, the gross domestic product growth rate for the fourth quarter of 2004 was released during January, and it came in weaker than expected at 3.10%, primarily as a result of the foreign trade deficit.

The markets were able to reverse course in February, even as the productivity report showed a continued slowdown in growth, and oil prices continued to climb. Good signs for the markets came in the form of accelerated corporate hiring plans, reasonably robust capital spending and strong merger-and-acquisition activity. In March and April, the markets resumed the downward slide experienced in January due to a combination of the trade deficit, mixed economic news, high oil prices and rising interest rates. Oil prices, reaching as high as $56 per barrel, continued to trade at prices above $50. Year-to-date earnings revisions have been negative, and the percentage of industries with rising earnings has continued to deteriorate. As expected, the Fed continued to increase the federal funds rate, and it now stands at 3.00%.

Portfolio Manager: Fund Asset Management, L.P.-Subadviser

Class A: GMXAX

Class B: GMCBX
Class C: GMCCX
Institutional Class: GMXIX
 
14 Semiannual Report 2005

Table of Contents

Gartmore Mid Cap Market Index Fund
Fund Performance

Average Annual Total Return

(For periods ended April 30, 2005)
                                         
Six One Five
month* year years Inception1
Class A
    without sales charge 2       5.28%       8.87%       6.00%       7.48%  
      with sales charge3       -0.80%       2.62%       4.75%       6.29%  
Class B4
    without sales charge 2       4.96%       8.27%       5.44%       6.95%  
      with sales charge5       -0.04%       3.27%       5.11%       6.81%  
Class C6
    without sales charge 2       4.94%       8.26%       5.43%       6.93%  
      with sales charge7       3.94%       7.26%       5.43%       6.93%  
Institutional Class8     5.49%       9.32%       6.46%       7.95%  

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not Annualized.

1 Fund commenced operations on December 29, 1999.
 
2 These returns do not reflect the effects of sales charges (SC).
 
3 A 5.75% front-end sales charge was deducted.
 
4 These returns until the creation of Class B shares (5/25/01) include performance based on the Fund’s Class A shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class B shares would have produced because Class B shares invest in the same portfolio of securities as Class A shares. The performance for this class has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class B shares would have been lower.
 
5 A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
 
6 These returns until the creation of Class C shares (10/22/03) include the performance of the Fund’s Class A for the period through May 24, 2001 and the Fund’s Class B shares for the period from May 25, 2001 to October 21, 2003. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as the Fund’s other classes. The performance for the Class C shares has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class C shares would have been lower.
 
7 A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
 
8 Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

LOGO

Comparative performance of $10,000 invested in Class A shares of the Gartmore Mid Cap Market Index Fund, the S&P MidCap 400 Index(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 
(a) The S&P MidCap 400 Index is an unmanaged index that measures the performance of mid-sized U.S. companies.
 
(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.
 
2005 Semiannual Report 15

Table of Contents

Gartmore Mid Cap Market Index Fund

LOGO
Index Series

  Shareholder
  Expense Example

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2004, and continued to hold your shares at the end of the reporting period, April 30, 2005.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment
(April 30, 2005)
                                             
Beginning Ending
Mid Cap Market Account Value Account Value Expenses Paid Annualized
Index Fund 11/1/04 4/30/05 During Period* Expense Ratio*
Class A
    Actual     $ 1,000     $ 1,052.80     $ 3.56       0.70%      
      Hypothetical 1   $ 1,000     $ 1,021.53     $ 3.51       0.70%      
Class B
    Actual     $ 1,000     $ 1,049.60     $ 6.66       1.31%      
      Hypothetical 1   $ 1,000     $ 1,018.50     $ 6.58       1.31%      
Class C
    Actual     $ 1,000     $ 1,049.40     $ 6.71       1.32%      
      Hypothetical 1   $ 1,000     $ 1,018.45     $ 6.63       1.32%      
Institutional Class
    Actual     $ 1,000     $ 1,054.90     $ 1.58       0.31%      
      Hypothetical 1   $ 1,000     $ 1,023.46     $ 1.56       0.31%      
 
* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.
 
1 Represents the hypothetical 5% return before expenses.
 
16 Semiannual Report 2005

Table of Contents

Gartmore Mid Cap Market Index Fund
Portfolio Summary
(April 30, 2005)

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

             
Asset Allocation
Common Stock
    91.9%      
Cash Equivalents
    7.6%      
Other Investments*
    15.7%      
Liabilities in excess of other assets**
    -15.2%      
   
     
      100.0%      

 *  Includes value of collateral received from securities lending.
 
 **  Includes value of collateral owed from securities lending.

             
Top Industries
Healthcare
    8.4%      
Retail
    7.6%      
Utilities
    7.0%      
Oil & Gas
    6.3%      
Insurance
    4.7%      
Banks
    4.7%      
Computer Software & Services
    4.4%      
Electronics
    4.0%      
Financial Services
    4.0%      
Food & Beverage
    3.4%      
Other Industries
    45.5%      
   
     
      100.0%      
             
Top Holdings***
D.R. Horton, Inc.
    0.8%      
Murphy Oil Corp.
    0.7%      
Legg Mason, Inc.
    0.7%      
Lennar Corp.
    0.7%      
Weatherford International Ltd.
    0.7%      
Coventry Health Care, Inc.
    0.7%      
Patterson Cos., Inc.
    0.7%      
Whole Foods Market, Inc.
    0.6%      
Sepracor, Inc.
    0.6%      
Smith International, Inc.
    0.6%      
Other Holdings
    93.2%      
   
     
      100.0%      

***  For purpose of listing top holdings, repurchase agreements are considered cash equivalents and are included as part of Other Holdings.

 
2005 Semiannual Report 17

Table of Contents

LOGO
Index Series

  Statement of Investments
  April 30, 2005 (Unaudited)

Gartmore Mid Cap Market Index Fund

                     
Common Stocks (91.9%)
Shares or
Principal Amount Value
Aerospace/ Defense (0.8%)
Alliant Techsystems, Inc. (b)
    29,100     $ 2,013,138      
Precision Castparts Corp.
    50,100       3,690,366      
Sequa Corp. (b)
    5,960       308,430      
         
     
 
              6,011,934      
         
     
 
Agricultural Products (0.1%)
Universal Corp.
    19,240       878,306      
         
     
 
Airlines (0.3%)
AirTran Holdings, Inc. (b)
    59,500       493,850      
Alaska Air Group, Inc. (b)
    19,000       506,730      
Jetblue Airways Corp. (b)
    75,550       1,514,778      
         
     
 
              2,515,358      
         
     
 
Amusement & Recreation (0.3%)
Callaway Golf Co.
    56,000       603,680      
International Speedway Corp.
    32,800       1,744,960      
         
     
 
              2,348,640      
         
     
 
Auction House/ Art Dealer (0.2%)
Adesa, Inc.
    66,200       1,601,378      
         
     
 
Auto Parts & Equipment (0.9%)
Arvinmeritor, Inc.
    48,660       578,081      
Bandag, Inc.
    11,900       516,936      
BorgWarner Automotive, Inc.
    43,220       1,976,018      
Gentex Corp.
    59,740       1,939,160      
Lear Corp.
    51,320       1,739,235      
Modine Manufacturing Co.
    22,300       603,884      
         
     
 
              7,353,314      
         
     
 
Banks (4.7%)
Associated Banc-Corp.
    95,121       2,941,141      
Astoria Financial Corp.
    73,420       1,946,364      
City National Corp.
    32,600       2,298,300      
Colonial Bancgroup, Inc.
    104,640       2,308,358      
Cullen/ Frost Bankers, Inc.
    34,680       1,502,338      
FirstMerit Corp.
    59,780       1,466,403      
Greater Bay Bancorp
    40,680       1,023,509      
Hibernia Corp.
    115,400       3,603,943      
Independence Community Bank Corp.
    57,936       2,067,156      
IndyMac Bancorp, Inc.
    48,000       1,847,040      
Mercantile Bankshare Corp.
    57,450       2,919,035      
New York Community Bancorp, Inc.
    177,414       3,140,228      
Silicon Valley Bancshares (b)
    28,320       1,342,368      
Suntrust Banks, Inc.
    505       36,779      
TCF Financial Corp.
    93,200       2,357,028      
TD Banknorth, Inc. (b)
    833       25,656      
Texas Regional Bancshares, Inc.
    33,100       922,497      
Washington Federal, Inc.
    61,212       1,364,415      
Webster Financial Corp.
    41,600       1,890,720      
West America Bancorp
    23,420       1,169,595      
Wilmington Trust Corp.
    48,000       1,696,800      
         
     
 
              37,869,673      
         
     
 
Biotechnology (0.8%)
Martek Biosciences Corp. (b)
    23,700       906,999      
Millenium Pharmaceuticals, Inc. (b)
    232,563       2,037,252      
Protein Design Labs, Inc. (b)
    80,620       1,441,486      
Valeant Pharmaceuticals International
    70,100       1,454,575      
Vertex Pharmaceuticals, Inc. (b)
    55,780       532,141      
         
     
 
              6,372,453      
         
     
 
Broadcasting (0.4%)
Emmis Communications Corp. (b)
    41,400       638,802      
Entercom Communications Corp. (b)
    33,080       1,066,168      
Westwood One, Inc. (b)
    64,580       1,181,814      
         
     
 
              2,886,784      
         
     
 
Business Services (2.2%)
Acxiom Corp.
    66,440       1,262,360      
Catalina Marketing Corp.
    37,800       878,850      
Ceridian Corp. (b)
    113,940       1,922,168      
CheckFree Corp. (b)
    61,100       2,241,148      
ChoicePoint, Inc. (b)
    67,520       2,665,014      
CSG Systems International, Inc. (b)
    38,080       654,595      
Fair Issac Corp.
    48,350       1,589,748      
Gartner Group, Inc. (b)
    27,080       228,555      
Gartner Group, Inc., Class B (b)
    38,200       320,880      
Harte-Hanks, Inc.
    54,040       1,540,140      
Kelly Services, Inc.
    21,575       566,560      
Korn/ Ferry International (b)
    27,100       390,240      
Manpower, Inc.
    68,460       2,639,133      
MPS Group, Inc. (b)
    72,140       576,399      
         
     
 
              17,475,790      
         
     
 
Chemicals (2.4%)
Airgas, Inc.
    49,400       1,082,848      
Albemarle Corp.
    33,400       1,222,774      
Cabot Corp.
    44,700       1,365,585      
Crompton Corp.
    83,900       1,178,795      
Cytec Industries, Inc.
    30,600       1,411,272      
Ferro Corp.
    34,300       621,516      
FMC Corp. (b)
    26,360       1,291,640      
Lubrizol Corp.
    48,280       1,871,816      
Lyondell Chemical Co.
    163,381       4,099,229      
Minerals Technologies, Inc.
    16,340       1,067,329      
Olin Corp.
    50,860       902,256      
RPM, Inc.
    82,900       1,430,025      
Valspar Corp.
    39,900       1,649,067      
         
     
 
              19,194,152      
         
     
 
18 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Communication Equipment (1.9%)
Adtran, Inc.
    53,900     $ 1,117,347      
Cincinnati Bell, Inc. (b)
    173,200       692,800      
CommScope, Inc. (b)
    25,020       353,282      
Harman International Industries, Inc.
    48,300       3,795,415      
Harris Corp.
    99,380       2,802,516      
Plantronics, Inc.
    35,700       1,124,193      
Polycom, Inc. (b)
    76,400       1,165,864      
Powerwave Technologies, Inc. (b)
    82,420       595,072      
Telephone & Data Systems, Inc.
    39,800       3,072,162      
Utstarcom, Inc. (b)
    75,300       716,103      
         
     
 
              15,434,754      
         
     
 
Computer Hardware (0.5%)
Keane, Inc. (b)
    43,600       518,840      
National Instruments Corp.
    49,330       1,062,568      
Storage Technology Corp. (b)
    77,400       2,151,720      
         
     
 
              3,733,128      
         
     
 
Computer Software & Services (4.4%)
3COM Corp. (b)
    273,220       860,643      
Activision, Inc. (b)
    141,966       2,052,828      
Advent Software, Inc. (b)
    20,769       370,519      
Ascential Software Corp. (b)
    43,638       805,994      
Avocent Corp. (b)
    38,700       972,918      
Cadence Design Systems, Inc. (b)
    197,480       2,764,720      
CDW Corp.
    56,040       3,064,828      
Cognizant Technology Solutions Corp. (b)
    97,940       4,114,458      
DST Systems, Inc. (b)
    57,640       2,616,856      
F5 Networks, Inc. (a) (b)
    27,100       1,160,151      
Henry (Jack) & Associates, Inc.
    61,500       1,057,185      
Macromedia, Inc. (b)
    54,700       2,166,667      
Macrovision Corp. (b)
    35,120       718,204      
McAfee, Inc. (b)
    117,300       2,452,743      
McData Corp. (b)
    91,800       282,744      
Mentor Graphics Corp. (b)
    52,600       470,244      
RSA Security, Inc. (b)
    55,400       594,996      
SanDisk Corp. (b)
    135,900       3,220,830      
Sybase, Inc. (b)
    63,800       1,207,734      
Synopsys, Inc. (b)
    105,120       1,728,173      
Titan Corp. (The) (b)
    65,270       1,171,597      
Transaction Systems Architects, Inc. (b)
    27,400       568,002      
Wind River Systems, Inc. (b)
    55,100       715,198      
         
     
 
              35,138,232      
         
     
 
Construction (3.2%)
D.R. Horton, Inc.
    216,313       6,597,547      
Dycom Industries, Inc. (b)
    34,400       800,144      
Granite Construction, Inc.
    26,460       597,467      
Hovnanian Enterprises, Inc. (b)
    36,820       1,869,351      
Jacobs Engineering Group, Inc. (b)
    41,080       2,001,007      
Lennar Corp.
    106,360       5,474,349      
Martin Marietta Materials, Inc.
    34,700       1,908,153      
Ryland Group, Inc. (The)
    36,200       2,222,680      
Thor Industries, Inc.
    34,800       937,860      
Toll Brothers, Inc. (b)
    46,500       3,524,700      
         
     
 
              25,933,258      
         
     
 
Consumer & Commercial Services (2.1%)
Alliance Data Systems Corp. (b)
    49,600       2,003,840      
Career Education Corp. (b)
    77,360       2,432,198      
Corinthian Colleges, Inc. (b)
    69,680       990,153      
Deluxe Corp.
    39,173       1,564,178      
DeVry, Inc. (b)
    48,000       1,094,400      
Dun & Bradstreet Corp. (b)
    51,460       3,213,163      
MoneyGram International, Inc.
    61,300       1,189,220      
Quanta Services, Inc. (b)
    75,000       598,500      
Rent-A-Center, Inc. (b)
    52,000       1,250,080      
Rollins, Inc.
    38,665       763,247      
Sotheby’s Holdings, Inc. (b)
    36,400       596,232      
United Rentals, Inc. (b)
    51,600       948,924      
         
     
 
              16,644,135      
         
     
 
Consumer Products (1.8%)
Blyth Industries, Inc.
    27,440       752,130      
Church & Dwight, Inc.
    45,100       1,624,502      
Energizer Holdings, Inc. (b)
    51,500       2,933,956      
Furniture Brands International, Inc.
    42,100       815,898      
Lancaster Colony Corp.
    22,140       920,138      
Mohawk Industries Co. (b)
    43,340       3,372,286      
Scotts Co. (The) (b)
    21,560       1,560,944      
Timberland Co., Class A (b)
    23,000       1,588,150      
Tupperware Corp.
    43,933       926,986      
         
     
 
              14,494,990      
         
     
 
Containers/ Packaging (0.4%)
Packaging Corp. of America
    63,620       1,424,452      
Sonoco Products Co.
    70,900       1,920,681      
         
     
 
              3,345,133      
         
     
 
Electronics (4.0%)
Amphenol Corp., Class A
    64,400       2,539,936      
Arrow Electronics, Inc. (b)
    83,500       2,032,390      
Atmel Corp. (b)
    316,700       731,577      
Avnet, Inc. (b)
    86,778       1,639,236      
Cabot Microelectronics Corp. (b)
    19,928       573,727      
Credence Systems Corp. (b)
    62,360       392,244      
Cree, Inc. (b)
    58,388       1,412,406      
Cypress Semiconductor Corp. (b)
    93,800       1,124,662      
Hubbell, Inc.
    44,100       1,916,145      
Integrated Device Technology, Inc. (b)
    81,900       876,330      
International Rectifier Corp. (b)
    51,500       2,190,810      
Intersil Corp.
    108,700       1,897,902      
 
2005 Semiannual Report 19

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Mid Cap Market Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
Electronics (continued)
Kemet Corp. (b)
    59,860     $ 374,125      
Lam Research Corp. (b)
    105,460       2,705,049      
Lattice Semiconductor Corp. (b)
    75,760       345,466      
LTX Corp. (b)
    57,700       221,568      
Micrel, Inc. (b)
    59,700       561,180      
Microchip Technology, Inc.
    155,972       4,442,082      
Newport Corp. (b)
    29,300       402,875      
Plexus Corp. (b)
    31,000       375,410      
RF Micro Devices, Inc. (b)
    136,800       536,256      
SPX Corp.
    57,620       2,229,318      
Thomas & Betts Corp. (b)
    42,348       1,317,870      
TriQuint Semiconductor, Inc. (b)
    89,505       264,935      
Vishay Intertechnology, Inc. (b)
    119,530       1,277,776      
         
     
 
              32,381,275      
         
     
 
Financial Services (4.0%)
Americredit Corp. (b)
    111,300       2,604,420      
Bank of Hawaii Corp.
    40,900       1,936,615      
BISYS Group, Inc. (The) (b)
    86,100       1,215,732      
Certegy, Inc.
    44,500       1,621,135      
Commerce Bancorp, Inc.
    120,340       3,368,317      
Eaton Vance Corp.
    96,400       2,258,652      
Edwards (A.G.), Inc.
    58,300       2,315,093      
Investors Financial Services Corp.
    50,684       2,126,194      
Jefferies Group, Inc.
    37,300       1,350,260      
Labranche & Co., Inc. (b)
    47,500       315,875      
Legg Mason, Inc.
    80,870       5,730,448      
PMI Group, Inc.
    71,900       2,528,004      
Raymond James Financial, Inc.
    47,920       1,292,402      
SEI Investments Co.
    61,840       2,028,970      
Waddell & Reed Financial, Inc.
    57,700       1,004,557      
         
     
 
              31,696,674      
         
     
 
Food & Beverage (3.4%)
Constellation Brands, Inc. (b)
    77,720       4,096,621      
Dean Foods Co. (b)
    109,298       3,755,479      
Hormel Foods Corp.
    77,320       2,407,745      
J.M. Smucker Co.
    44,771       2,221,537      
Krispy Kreme Doughnuts, Inc. (b)
    51,400       304,288      
PepsiAmericas, Inc.
    79,000       1,950,510      
Sensient Technologies Corp.
    31,580       631,916      
Smithfield Foods, Inc. (b)
    72,700       2,199,902      
Tootsie Roll Industries, Inc.
    32,638       1,007,861      
Tyson Foods, Inc.
    222,130       3,751,776      
Whole Foods Market, Inc.
    48,480       4,834,426      
         
     
 
              27,162,061      
         
     
 
Gaming (1.2%)
Boyd Gaming Corp.
    50,100       2,644,278      
Caesars Entertainment, Inc. (b)
    233,380       4,655,931      
GTECH Holdings Corp.
    88,500       2,165,595      
         
     
 
              9,465,804      
         
     
 
Healthcare (8.4%)
Apria Healthcare Group, Inc. (b)
    37,800       1,137,780      
Barr Laboratories, Inc. (b)
    69,545       3,606,604      
Beckman Coulter, Inc.
    47,040       3,138,038      
Cephalon, Inc. (b)
    44,300       1,944,770      
Community Health Systems, Inc. (b)
    51,300       1,869,885      
Covance, Inc. (b)
    45,480       2,075,707      
Coventry Health Care, Inc. (b)
    78,153       5,348,010      
Cytyc Corp. (b)
    82,340       1,754,665      
Dentsply International, Inc.
    57,680       3,152,789      
Edwards Lifesciences Corp. (b)
    43,300       1,906,932      
Health Net, Inc. (b)
    84,640       2,880,299      
Henry Schein, Inc. (b)
    66,080       2,478,661      
LifePoint Hospitals, Inc. (b)
    37,660       1,673,987      
Lincare Holdings, Inc. (b)
    75,880       3,238,558      
Omnicare, Inc.
    76,000       2,634,920      
PacifiCare Health Systems, Inc. (b)
    64,900       3,878,424      
Par Pharmaceutical Cos., Inc. (b)
    26,300       789,789      
Patterson Cos., Inc. (b)
    103,520       5,232,936      
Perrigo Co.
    63,600       1,165,152      
Renal Care Group, Inc. (b)
    48,850       1,863,628      
Sepracor, Inc. (b)
    78,800       4,721,696      
Steris Corp. (b)
    48,880       1,157,478      
Triad Hospitals, Inc. (b)
    59,513       3,050,041      
Universal Health Services, Inc.
    44,600       2,530,604      
Varian Medical Systems, Inc. (b)
    97,800       3,299,772      
Visx, Inc. (b)
    37,200       886,848      
         
     
 
              67,417,973      
         
     
 
Insurance (4.7%)
Allmerica Financial Corp. (b)
    38,300       1,285,731      
American Financial Group, Inc.
    44,200       1,374,178      
AmerUs Group Co.
    30,900       1,452,609      
Arthur J. Gallagher & Co.
    67,700       1,884,768      
Brown & Brown, Inc.
    45,660       1,997,625      
Everest Re Group Ltd.
    42,580       3,500,076      
Fidelity National Financial, Inc.
    131,475       4,221,663      
First American Financial Corp.
    62,520       2,238,216      
HCC Insurance Holdings, Inc.
    48,860       1,737,950      
Horace Mann Educators Corp.
    28,600       468,468      
Leucadia National Corp.
    69,130       2,404,341      
Ohio Casualty Corp. (b)
    49,200       1,153,740      
Old Republic International Corp.
    132,430       3,125,348      
Protective Life Corp.
    49,700       1,900,528      
Radian Group, Inc.
    65,100       2,892,393      
Stancorp Financial Group, Inc.
    20,300       1,553,356      
 
20 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Insurance (continued)
Unitrin, Inc.
    42,900     $ 1,951,950      
W.R. Berkley Corp.
    86,150       2,799,875      
         
     
 
              37,942,815      
         
     
 
Machinery (0.7%)
AGCO Corp. (b)
    69,900       1,202,280      
Graco, Inc.
    52,570       1,775,289      
Tecumseh Products Co.
    12,200       423,828      
Zebra Technologies Corp., Class A (b)
    52,340       2,499,758      
         
     
 
              5,901,155      
         
     
 
Manufacturing (3.0%)
Ametek, Inc.
    49,700       1,882,139      
Brink’s Co. (The)
    40,380       1,302,659      
Carlisle Cos., Inc.
    22,540       1,618,823      
Crane Co.
    40,166       1,028,250      
Diebold, Inc.
    52,000       2,515,240      
Donaldson Co., Inc.
    54,680       1,626,730      
Federal Signal Corp.
    39,800       558,394      
Flowserve Corp. (b)
    39,120       1,085,971      
Harsco Corp.
    29,600       1,588,040      
Hillenbrand Industry, Inc.
    42,400       2,341,328      
Nordson Corp.
    23,000       741,060      
Pentair, Inc.
    73,660       2,930,195      
Teleflex, Inc.
    27,220       1,455,453      
Trinity Industries, Inc.
    33,700       786,895      
Varian, Inc. (b)
    27,760       920,799      
York International Corp.
    32,500       1,271,725      
         
     
 
              23,653,701      
         
     
 
Medical Products (1.2%)
Charles River Laboratories International, Inc. (b)
    50,374       2,386,216      
Gen-Probe, Inc. (b)
    37,800       1,897,182      
INAMED Corp. (b)
    26,600       1,618,344      
Invitrogen Corp. (b)
    39,100       2,864,857      
Techne Corp. (b)
    27,200       1,136,416      
         
     
 
              9,903,015      
         
     
 
Metals (0.2%)
Kennametal, Inc.
    29,500       1,336,350      
         
     
 
Mining (0.7%)
Arch Coal, Inc.
    47,740       2,116,792      
Peabody Energy Corp.
    88,540       3,875,395      
         
     
 
              5,992,187      
         
     
 
Office Equipment & Supplies (0.6%)
Hni Corp.
    36,970       1,872,900      
Miller (Herman), Inc.
    54,000       1,544,400      
Reynolds & Reynolds Co.
    43,900       1,157,643      
         
     
 
              4,574,943      
         
     
 
Oil & Gas (6.3%)
Cooper Cameron Corp. (b)
    41,540       2,282,208      
ENSCO International, Inc.
    114,560       3,734,656      
FMC Technologies, Inc. (b)
    48,462       1,469,852      
Forest Oil Corp. (b)
    42,800       1,649,084      
Grant Prideco, Inc. (b)
    89,420       1,983,336      
Hanover Compressor Co. (b)
    57,900       600,423      
Helmerich & Payne, Inc.
    39,600       1,522,224      
Murphy Oil Corp.
    65,740       5,856,776      
Newfield Exploration Co. (b)
    47,900       3,402,337      
Noble Energy, Inc.
    43,300       2,776,396      
Patterson-UTI Energy, Inc.
    122,940       2,946,872      
Pioneer Natural Resources Co.
    109,360       4,446,578      
Plains Exploration & Production Co. (b)
    55,501       1,786,022      
Pogo Producing Co.
    48,900       2,200,989      
Pride International, Inc. (b)
    91,600       2,042,680      
Smith International, Inc.
    80,120       4,661,382      
Tidewater, Inc.
    47,120       1,624,226      
Weatherford International Ltd. (b)
    103,480       5,396,482      
         
     
 
              50,382,523      
         
     
 
Paper & Forest Products (0.7%)
Bowater, Inc.
    43,400       1,410,066      
Glatfelter
    28,300       337,619      
Longview Fibre Co.
    35,040       647,539      
Potlatch Corp.
    23,000       1,086,290      
Rayonier, Inc.
    38,787       1,949,435      
         
     
 
              5,430,949      
         
     
 
Pharmaceuticals (0.4%)
IVAX Corp. (b)
    166,118       3,139,630      
         
     
 
Photography/ Imaging (0.1%)
Imation Corp.
    23,680       825,722      
         
     
 
Publishing & Printing (1.7%)
American Greetings Corp., Class A
    52,700       1,193,655      
Banta Corp.
    19,000       791,160      
Belo Corp., Class A
    76,720       1,797,550      
Lee Enterprises, Inc.
    32,080       1,331,641      
Media General, Inc.
    16,700       1,023,376      
Readers Digest Association
    70,800       1,203,600      
Scholastic Corp. (b)
    26,300       916,555      
Valassis Communications, Inc. (b)
    36,700       1,293,675      
Washington Post Co.
    5,053       4,367,055      
         
     
 
              13,918,267      
         
     
 
Real Estate Investment Trusts (2.8%)
AMB Property Corp.
    60,520       2,359,675      
Developers Diversified Realty Corp.
    78,400       3,327,295      
Highwood Properties, Inc.
    42,560       1,197,213      
Hospitality Properties Trust
    48,760       2,037,193      
 
2005 Semiannual Report 21

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Mid Cap Market Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
Real Estate Investment Trusts (continued)
Liberty Property Trust
    65,900     $ 2,624,797      
Mack-Cali Realty Corp.
    43,700       1,922,363      
New Plan Excel Realty Trust
    79,460       2,050,863      
Regency Centers CORP
    49,300       2,595,645      
United Dominion Realty Trust, Inc.
    99,100       2,195,065      
Weingarten Realty Investors
    60,700       2,185,807      
         
     
 
              22,495,916      
         
     
 
Restaurants (1.3%)
Applebee’s International, Inc.
    58,600       1,452,108      
Bob Evans Farms, Inc.
    25,700       524,280      
Brinker International, Inc. (b)
    67,550       2,283,190      
CBRL Group, Inc.
    37,100       1,429,463      
Cheesecake Factory, Inc. (The) (b)
    59,950       1,839,866      
Outback Steakhouse, Inc.
    49,100       1,983,640      
Ruby Tuesday, Inc.
    50,200       1,129,500      
         
     
 
              10,642,047      
         
     
 
Retail (7.6%)
99 Cents Only Stores (b)
    44,933       497,858      
Abercrombie & Fitch Co.
    65,033       3,508,530      
Advance Auto Parts, Inc. (b)
    53,600       2,859,560      
Aeropostale, Inc. (b)
    42,700       1,192,611      
American Eagle Outfitters Ltd.
    96,974       2,542,658      
Anntaylor Stores Corp. (b)
    54,290       1,329,562      
Barnes & Noble, Inc. (b)
    48,540       1,728,024      
BJ’s Wholesale Club, Inc. (b)
    53,500       1,425,775      
Borders Group, Inc.
    53,595       1,296,463      
Carmax, Inc. (b)
    76,200       2,078,736      
Chico’s FAS, Inc. (b)
    131,280       3,364,706      
Claire’s Stores, Inc.
    71,060       1,550,529      
Copart, Inc. (b)
    59,800       1,296,464      
Dollar Tree Stores, Inc. (b)
    86,350       2,114,712      
Fastenal Co.
    51,920       2,780,835      
Foot Locker, Inc.
    113,500       3,025,910      
Michael’s Stores, Inc.
    98,740       3,278,168      
Nieman Marcus Group, Inc.
    36,400       3,578,847      
O’Reilly Automotive, Inc. (b)
    38,073       1,953,906      
Pacific Sunwear of California, Inc. (b)
    57,100       1,291,031      
Payless Shoesource, Inc. (b)
    47,895       654,246      
PETsMART, Inc.
    110,260       2,938,429      
Pier 1 Imports, Inc.
    67,640       982,133      
Regis Corp.
    34,920       1,247,692      
Ross Stores, Inc.
    107,140       2,862,781      
Ruddick Corp.
    30,300       680,538      
Saks, Inc. (b)
    106,500       1,814,760      
Tech Data Corp. (b)
    44,860       1,638,736      
Urban Outfitters, Inc. (b)
    49,400       2,188,420      
Williams Sonoma, Inc. (b)
    86,440       2,894,876      
         
     
 
              60,597,496      
         
     
 
Schools (0.6%)
Education Management Corp. (b)
    48,800       1,366,400      
ITT Educational Services, Inc. (b)
    33,140       1,523,777      
Laureate Education, Inc. (b)
    35,480       1,576,022      
         
     
 
              4,466,199      
         
     
 
Semiconductors (0.5%)
Fairchild Semiconductor International, Inc. (b)
    85,820       1,154,279      
Integrated Circuit Systems, Inc. (b)
    50,800       928,116      
Semtech Corp. (b)
    52,330       883,854      
Silicon Laboratories, Inc. (b)
    35,040       890,016      
         
     
 
              3,856,265      
         
     
 
Shipping/ Transportation (2.3%)
Alexander & Baldwin, Inc.
    32,300       1,315,579      
CNF Transportation, Inc.
    39,940       1,707,435      
Expeditors International of Washington, Inc.
    80,620       3,959,248      
GATX Corp.
    38,900       1,272,808      
Hunt (J.B.) Transport Services, Inc.
    52,600       2,056,134      
Overseas Shipholding Group, Inc.
    25,600       1,444,608      
Robinson (C.H.) Worldwide, Inc.
    61,980       3,198,168      
Swift Transportation Co., Inc. (b)
    48,410       1,032,585      
Werner Enterprises, Inc.
    50,405       936,525      
Yellow Roadway Corp. (b)
    35,562       1,742,538      
         
     
 
              18,665,628      
         
     
 
Steel (0.2%)
Steel Dynamics, Inc.
    34,500       937,710      
Worthington Industries, Inc.
    56,187       913,601      
         
     
 
              1,851,311      
         
     
 
Utilities (7.0%)
AGL Resources, Inc.
    55,140       1,907,844      
Alliant Energy Corp.
    83,700       2,204,658      
Aqua America, Inc.
    66,545       1,774,090      
Aquila, Inc. (b)
    168,537       579,767      
Black Hills Corp.
    26,300       901,564      
DPL, Inc.
    96,970       2,466,917      
Duquesne Light Holdings, Inc.
    61,200       1,076,508      
Energy East Corp.
    106,420       2,769,048      
Equitable Resources, Inc.
    45,500       2,622,620      
Great Plains Energy, Inc.
    57,800       1,767,524      
Hawaiian Electric Industries, Inc.
    57,200       1,447,160      
Idacorp, Inc.
    34,000       917,320      
MDU Resources Group, Inc.
    85,250       2,304,308      
National Fuel Gas Co.
    55,900       1,522,157      
Northeast Utilities
    91,600       1,677,196      
NSTAR
    40,960       2,217,574      
Oklahoma Gas & Electric Co.
    65,800       1,816,080      
Oneok, Inc.
    79,980       2,308,223      
Pepco Holdings, Inc.
    136,294       2,953,491      
PNM, Inc.
    50,150       1,386,648      
 
22 Semiannual Report 2005

Table of Contents

 
                       
Common Stocks (continued)
Shares or
Principal Amount Value
Utilities (continued)
Puget Energy, Inc.
    77,700     $ 1,665,888      
Questar Corp.
    64,300       3,755,119      
Scana Corp.
    82,079       3,187,948      
Sierra Pacific Resources (b)
    85,980       930,304      
Vectren Corp.
    53,860       1,454,759      
Westar Energy, Inc.
    67,150       1,537,735      
Western Gas Resources, Inc.
    47,700       1,593,657      
WGL Holdings, Inc.
    38,600       1,169,966      
Wisconsin Energy Corp.
    84,900       2,993,574      
WPS Resources Corp.
    29,400       1,550,262      
         
     
 
              56,459,909      
         
     
 
Veterinary Diagnostics (0.2%)
VCA Antech, Inc. (b)
    54,500       1,268,760      
         
     
 
Waste Disposal (0.7%)
Republic Services, Inc.
    102,660       3,552,036      
Stericycle, Inc. (b)
    34,660       1,686,902      
         
     
 
              5,238,938      
         
     
 
Total Common Stocks     735,898,925      
         
     
 

Cash Equivalents (7.6%)
Investments in repurchase agreements
                   
(Collateralized by AA Corporate Bonds, in a joint trading account at 2.90%, dated 04/29/05, due 05/02/05, repurchase price $61,181,002)
    $61,166,220       61,166,220      
         
     
 
Total Cash Equivalents     61,166,220      
         
     
 

Short-Term Securities Held as Collateral for Securities Lending (15.7%)
 
Pool of short-term securities for Gartmore
                   
  Mutual Funds - note 2 (Securities Lending)     $125,650,571       125,650,571      
         
     
 
Total Short-Term Securities Held as Collateral for Securities Lending     125,650,571      
         
     
 
Total Investments (Cost $858,784,118) (a) — 115.2%     922,715,716      
Liabilities in excess of other assets — (15.2)%     (121,789,196)      
         
     
 
NET ASSETS — 100.0%   $ 800,926,520      
         
     
 
(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
 
(b) Denotes a non-income producing security.

At April 30, 2005 the Fund’s open long futures were as follows:

                                     
Market Value Unrealized
Number of Long Covered By Appreciation/
Contracts Contracts* Expiration Contracts (Depreciation)
  203       S&P Mid Cap 400       06/17/05     $ 64,376,375     $ (3,013,938)  

*  Cash pledged as collateral

See notes to financial statements.

 
2005 Semiannual Report 23

Table of Contents

LOGO
Index Series

  Gartmore Small Cap Index Fund

For the semiannual period ended April 30, 2005, the Gartmore Small Cap Index Fund returned -0.35% (Class A at NAV) versus -0.15% for its benchmark, the Russell 2000® Index. For broader comparison, the average return for the Fund’s Lipper peer category of Small-Cap Core Funds was 1.87%.

The reporting period resulted in slightly negative performance for the U.S. small-cap equity market. Less than bullish economic news in October 2004 turned to positive economic news in November and December, as a result of lower oil prices, the unwinding of the U.S. presidential election uncertainty, reasonably good economic and earnings news, and the beginning of the seasonally strong year-end period. Much of the post-election market bounce has been attributed to the predominance of the most pro-business, pro-market legislative agenda since the Reagan era, as well as an approximately 23% decrease in the price of oil from its October high of $55.67 per barrel. As expected, the Federal Reserve continued to raise the federal funds rate. During 2004, the Fed more than doubled the rate from 1.00% to 2.25%. Overall, favorable liquidity conditions, stimulative fiscal policy and rising earnings expectations have been responsible for the equity bull market that began in October 2002.

The first quarter of 2005 began with a slide after the strong fourth quarter of 2004, with cyclical and small-capitalization stocks performing the worst. January was characterized by mixed economic data, increasing interest rates, disappointing earnings reports and climbing oil prices. A market rally during the last week of the month, propped by the completion of elections in Iraq, was not enough to bring performance into positive territory. In addition, the gross domestic product growth rate for the fourth quarter of 2004 was released in January, and it came in weaker than expected at 3.10%, primarily as a result of the foreign trade deficit.

The markets were able to reverse course in February, even as the productivity report showed a continued slowdown in growth and oil prices continued to climb. Good signs for the markets came in the form of accelerated corporate hiring plans, reasonably robust capital spending and strong merger-and-acquisition activity. In March and April, the markets resumed the downward slide experienced in January due to a combination of the trade deficit, mixed economic news, high oil prices and rising interest rates. Oil prices, reaching as high as $56 per barrel, continued to trade at prices above $50. Year-to-date earnings revisions have been negative, and the percentage of industries with rising earnings has continued to deteriorate. As expected, the Fed continued to increase the federal funds rate, and it now stands at 3.00%.

Portfolio Manager: Fund Asset Management, L.P.-Subadviser

Class A: GMRAX

Class B: GMRBX
Class C: GMRCX
Institutional Class: GMRIX
 
24 Semiannual Report 2005

Table of Contents

Gartmore Small Cap Index Fund
Fund Performance

Average Annual Total Return

(For periods ended April 30, 2005)
                                     
Six One Five
month* year years Inception1
Class A
  without sales charge2     -0.35%       4.17%       2.17%       7.38%  
    with sales charge3     -6.08%       -1.80%       0.96%       6.59%  
Class B4
  without sales charge2     -0.67%       3.64%       1.72%       7.08%  
    with sales charge5     -5.45%       -1.35%       1.34%       7.08%  
Class C6
  without sales charge2     -0.66%       3.64%       1.74%       7.09%  
    with sales charge7     -1.62%       2.64%       1.74%       7.09%  
Institutional Class8     -0.16%       4.62%       2.63%       7.70%  

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not Annualized.

1 These returns until the creation of Class A and Institutional shares (12/29/99) include the performance of the Master Small Cap Series (the “Series”), which began operations on April 9, 1997. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A and Institutional Class shares would have produced because these classes of the Fund’s shares invested in the same portfolio of securities as the Series. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees applicable to such classes; if these fees were reflected, the performance for Class A and Institutional Class shares would have been lower.
 
2 These returns do not reflect the effects of sales charges (SC).
 
3 A 5.75% front-end sales charge was deducted.
 
4 These returns until the creation of Class B shares (11/29/01) include performance based on the Series for the period through December 28, 1999 and the Fund’s Class A shares for the period from December 29, 1999 to November 28, 2001. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class B shares would have produced because Class B shares invest in the same portfolio of securities as Class A shares. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class B shares would have been lower.
 
5 A 5.00% maximum contingent deferred sales charge (CDSC) would be deducted. The CDSC declines to 0% after 6 years.
 
6 These returns until the creation of Class C shares (10/22/03) include the performance of the Series for the period through December 28, 1999 and the Fund’s Class A shares for the period from December 29, 1999 to November 28, 2001 and the Fund’s Class B shares for the period from November 29, 2001 to October 21, 2003. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as the Fund’s other classes. The performance for the Class C shares has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class C shares would have been lower.
 
7 A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
 
8 Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

LOGO

Comparative performance of $10,000 invested in Class A shares of the Gartmore Small Cap Index Fund, the Russell 2000 Index (Russell 2000)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 
(a) The Russell 2000 is an unmanaged index of approximately 2000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.
 
(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.
 
2005 Semiannual Report 25

Table of Contents

Gartmore Small Cap Index Fund

LOGO
Index Series

  Shareholder
  Expense Example

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2004, and continued to hold your shares at the end of the reporting period, April 30, 2005.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment
(April 30, 2005)
                                             
Beginning Ending
Small Cap Account Value Account Value Expenses Paid Annualized
Index Fund 11/1/04 4/30/05 During Period* Expense Ratio*
Class A
    Actual     $ 1,000     $ 996.50     $ 3.42       0.69%      
      Hypothetical 1     $ 1,000     $ 1,021.58     $ 3.46       0.69%      
Class B
    Actual     $ 1,000     $ 993.30     $ 6.38       1.29%      
      Hypothetical 1     $ 1,000     $ 1,018.60     $ 6.48       1.29%      
Class C
    Actual     $ 1,000     $ 993.40     $ 6.43       1.30%      
      Hypothetical 1     $ 1,000     $ 1,018.55     $ 6.53       1.30%      
Institutional Class
    Actual     $ 1,000     $ 998.40     $ 1.44       0.29%      
      Hypothetical 1     $ 1,000     $ 1,023.56     $ 1.46       0.29%      
 
* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.
 
1 Represents the hypothetical 5% return before expenses.
 
26 Semiannual Report 2005

Table of Contents

Gartmore Small Cap Index Fund
Portfolio Summary
(April 30, 2005)

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

             
Asset Allocation
Common Stocks
    82.5%      
Cash Equivalents
    16.4%      
Other Investments*
    22.7%      
Liabilities in excess of other assets**
    -21.6%      
   
     
      100.0%      

 *  Includes value of collateral received from securities lending.
 
 **  Includes value of collateral owed from securities lending.

             
Top Industries
Bank Holdings Companies
    7.5%      
Real Estate Investment Trusts
    6.1%      
Oil & Gas
    3.7%      
Computer Software & Services
    3.2%      
Retail
    3.0%      
Healthcare
    2.5%      
Financial
    2.3%      
Medical Equipment & Supplies
    2.3%      
Business Services
    2.1%      
Chemicals
    2.0%      
Other Industries
    65.3%      
   
     
      100.0%      
             
Top Holdings***
Joy Global
    0.2%      
CMS Energy Corp.
    0.2%      
Crown Holdings, Inc.
    0.2%      
Boyd Gaming Corp.
    0.2%      
Plains Exploration & Production Co.
    0.2%      
Tesoro Petroleum Corp.
    0.2%      
Energen Co.
    0.2%      
Laidlaw International, Inc.
    0.2%      
LifePoint Hospitals, Inc.
    0.2%      
New Century Financial Corp.
    0.2%      
Other Holdings
    98.0%      
   
     
      100.0%      

***  For purpose of listing top holdings, repurchase agreements are considered cash equivalents and are included as part of Other Holdings.

 
2005 Semiannual Report 27

Table of Contents

LOGO
Index Series

  Statement of Investments
  April 30, 2005 (Unaudited)

Gartmore Small Cap Index Fund

                     
Common Stocks (82.5%)
Shares or
Principal Amount Value
Advertising Services (0.2%)
24/7 Real Media, Inc. (b)
    2,800     $ 8,036      
Cross Media Marketing Corp. (b)
    100       0      
Greenfield Online, Inc. (b)
    3,200       57,664      
R.H. Donnelley Corp. (b)
    5,918       337,030      
SITEL Corp. (b)
    11,300       19,662      
Ventiv Health, Inc. (b)
    6,400       133,440      
         
     
 
              555,832      
         
     
 
Aerospace/ Defense (0.9%)
AAR Corp. (b)
    9,368       137,991      
BE Aerospace, Inc. (b)
    14,247       172,959      
Curtiss-Wright Corp.
    5,529       299,672      
DRS Technologies, Inc. (b)
    6,022       266,474      
Ducommun, Inc. (b)
    1,700       30,345      
Esterline Technologies Corp. (b)
    6,001       193,952      
Gencorp, Inc.
    14,174       269,448      
HEICO Corp.
    5,883       111,659      
Herley Industries, Inc. (b)
    4,860       88,112      
Hexcel Corp. (b)
    6,000       98,400      
Innovative Solutions and Support, Inc. (b)
    2,535       80,005      
Kaman Corp., Class A
    6,608       85,111      
Moog, Inc., Class A (b)
    10,233       305,046      
Sequa Corp., Class A (b)
    1,041       53,872      
Taser International, Inc. (b)
    15,316       132,330      
Teledyne Technologies, Inc. (b)
    8,463       257,444      
Titan Corp. (The) (b)
    21,860       392,386      
United Industrial Corp.
    3,200       89,952      
         
     
 
              3,065,158      
         
     
 
Agricultural Products (0.1%)
Alico, Inc. (b)
    1,300       65,780      
Delta and Pine Land Co.
    9,628       242,626      
Maui Land & Pineapple Co., Inc. (b)
    637       24,792      
UAP Holding Corp. (b)
    5,200       74,828      
         
     
 
              408,026      
         
     
 
Airlines (0.4%)
AirTran Holdings, Inc. (b)
    21,394       177,570      
Alaska Air Group, Inc. (b)
    6,878       183,436      
America West Holdings Corp., Class B (b)
    9,210       38,682      
Continental Airlines, Inc., Class B (b)
    16,939       200,559      
Delta Air Lines, Inc. (b)
    30,249       99,519      
ExpressJet Holdings, Inc. (b)
    6,746       59,904      
FLYi, Inc. (b)
    10,663       7,784      
Frontier Airlines, Inc. (b)
    9,357       90,856      
Mesa Air Group, Inc. (b)
    9,919       52,868      
Northwest Airlines Corp., Class A (b)
    20,558       106,490      
Pinnacle Airlines Corp. (b)
    7,945       82,151      
SkyWest, Inc.
    15,963       288,612      
         
     
 
              1,388,431      
         
     
 
Analytical Instruments (0.5%)
ArthroCare Corp. (b)
    6,627       194,701      
Datascope Corp.
    3,093       88,831      
Diagnostic Products Corp.
    5,614       272,278      
Haemonetics Corp. (b)
    5,115       218,769      
Illumina, Inc. (b)
    9,400       92,308      
Inverness Medical Innovations, Inc. (b)
    2,616       61,633      
Molecular Devices Corp. (b)
    4,241       80,155      
Thoratec Corp. (b)
    12,567       162,743      
Urologix, Inc. (b)
    3,900       15,015      
Ventana Medical Systems, Inc. (b)
    8,236       327,957      
West Pharmaceutical Services, Inc.
    7,202       189,701      
         
     
 
              1,704,091      
         
     
 
Apparel/ Accessories (1.4%)
Aeropostale, Inc. (b)
    14,386       401,801      
Angelica Corp.
    3,472       93,675      
Bebe Stores, Inc.
    3,300       106,656      
Brown Shoe Co., Inc.
    4,802       148,382      
Buckle, Inc. (The)
    944       32,474      
Burlington Coat Factory Warehouse Corp.
    4,525       124,664      
Charming Shoppes, Inc. (b)
    30,110       224,018      
Cherokee, Inc.
    2,800       91,168      
Deb Shops, Inc.
    100       2,397      
Deckers Outdoor Corp. (b)
    3,148       66,328      
DHB Industries, Inc. (b)
    5,790       38,446      
Finish Line, Inc., Class A
    10,474       188,741      
G & K Services, Inc., Class A
    4,522       173,554      
Goody’s Family Clothing, Inc.
    5,100       42,075      
Guess?, Inc. (b)
    2,100       27,342      
Hartmarx Corp. (b)
    3,805       32,837      
HOT Topic, Inc. (b)
    12,538       250,635      
Jos. A. Bank Clothiers, Inc. (b)
    3,440       112,832      
K-Swiss, Inc., Class A
    7,281       218,430      
Kellwood Co.
    7,407       189,175      
Kenneth Cole Productions, Inc., Class A
    2,970       89,041      
Oxford Industries, Inc.
    3,528       129,195      
Payless ShoeSource, Inc. (b)
    16,464       224,898      
Perry Ellis International, Inc. (b)
    2,868       57,389      
Phillips-Van Heusen Corp.
    6,390       165,373      
Russell Corp.
    7,486       131,080      
Shoe Carnival, Inc. (b)
    1,700       32,419      
Skechers U.S.A., Inc. (b)
    5,285       64,688      
Stage Stores, Inc. (b)
    5,974       225,937      
Steven Madden Ltd. (b)
    3,792       60,217      
Stride Rite Corp. (The)
    10,112       123,366      
UniFirst Corp.
    2,098       78,549      
Warnaco Group, Inc. (The) (b)
    13,783       309,566      
Wolverine World Wide, Inc.
    16,346       331,660      
         
     
 
              4,589,008      
         
     
 
28 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Appliances & Household Durables (0.0%)
Applica, Inc. (b)
    6,626     $ 15,439      
Middleby Corp.
    1,635       72,005      
National Presto Industries, Inc.
    1,181       46,059      
         
     
 
              133,503      
         
     
 
Auto Parts & Equipment (0.7%)
A.S.V., Inc. (b)
    2,371       84,740      
Aftermarket Technology Corp. (b)
    4,836       74,765      
ArvinMeritor, Inc.
    19,004       225,767      
Collins & Aikman Corp. (b)
    10,040       8,233      
Commercial Vehicle Group, Inc. (b)
    1,300       25,064      
Dollar Thrifty Automotive Group, Inc. (b)
    6,700       226,794      
Electro Rent Corp. (b)
    2,500       30,100      
Exide Technologies (b)
    7,200       74,880      
Hayes Lemmerz International, Inc. (b)
    10,800       57,996      
Hayes Lemmerz International, Inc. (c) (d) (b)
    110       0      
Lithia Motors, Inc., Class A
    4,273       105,372      
LKQ Corp. (b)
    2,300       46,322      
McGrath Rentcorp
    5,886       130,669      
Midas, Inc. (b)
    4,900       105,938      
Modine Manufacturing Co.
    6,300       170,604      
Monro Muffler, Inc. (b)
    2,150       55,040      
Noble International Ltd.
    2,370       48,064      
Pep Boys - Manny, Moe & Jack (The)
    15,043       213,310      
Sports Resorts International, Inc. (b)
    1,300       3,016      
Standard Motor Products, Inc.
    1,500       13,620      
Strattec Security Corp. (b)
    400       20,396      
Superior Industries International, Inc.
    6,785       137,939      
Tenneco Automotive, Inc. (b)
    11,410       146,390      
United Auto Group, Inc.
    3,757       106,473      
Visteon Corp.
    31,365       109,778      
Wabash National Corp.
    7,740       197,370      
         
     
 
              2,418,640      
         
     
 
Bank Holdings Companies (7.5%)
1st Source Corp.
    2,400       53,040      
ABC Bancorp
    3,228       56,167      
Alabama National Bancorp
    3,511       200,759      
AMCORE Financial, Inc.
    7,095       182,767      
AmericanWest Bancorp (b)
    4,580       85,325      
Arrow Financial Corp.
    1,992       49,013      
Associated Banc-Corp
    100       3,092      
BancFirst Corp.
    600       42,294      
Bancorp, Inc. (The) (b)
    2,645       40,945      
BancorpSouth, Inc.
    19,284       408,242      
BancTrust Financial Group, Inc.
    1,400       26,446      
Bank Mutual Corp.
    21,660       228,080      
Bank of Granite Corp.
    2,087       36,460      
Bank of the Ozarks, Inc.
    3,416       105,794      
BankAtlantic Bancorp, Inc., Class A
    11,012       187,865      
BankUnited Financial Corp.
    8,399       200,568      
Banner Corp.
    2,287       57,061      
Berkshire Hills Bancorp, Inc.
    1,400       43,960      
BFC Financial Corp. (b)
    375       3,236      
Boston Private Financial Holdings, Inc.
    8,855       197,821      
Brookline Bancorp, Inc.
    18,305       274,575      
Bryn Mawr Bank Corp.
    1,600       30,512      
Calamos Asset Management, Inc., Class A
    5,400       125,766      
Camden National Corp.
    1,100       35,761      
Capital City Bank Group, Inc.
    1,494       56,279      
Capital Corp of the West (b)
    2,260       54,805      
Capital Crossing Bank (b)
    1,800       58,212      
Capitol Bancorp Ltd.
    2,240       68,611      
Cascade Bancorp
    4,575       88,664      
Cathay Bancorp, Inc.
    12,893       423,793      
Center Financial Corp.
    4,080       81,355      
Central Coast Bancorp (b)
    1,452       23,885      
Century Bancorp, Inc.
    1,392       37,765      
Charter Financial, Inc.
    200       6,304      
Chemical Financial Corp.
    6,341       189,976      
Chittenden Corp.
    12,591       316,160      
Citizens Banking Corp.
    12,475       334,455      
Citizens First Bancorp, Inc.
    1,200       24,540      
City Bank
    1,207       35,775      
City Holding Co.
    4,862       156,362      
Clifton Savings Bancorp, Inc.
    1,000       10,220      
Coastal Financial Corp.
    3,316       48,445      
CoBiz, Inc.
    2,774       46,603      
Columbia Bancorp
    1,500       47,850      
Columbia Banking System, Inc.
    5,409       126,949      
Commercial Federal Corp.
    11,224       293,059      
Community Bank System, Inc.
    7,064       156,326      
Community Banks, Inc.
    2,103       50,998      
Community Trust Bancorp, Inc.
    2,866       86,123      
Corus Bankshares, Inc.
    3,700       180,671      
CVB Financial Corp.
    11,250       193,500      
Dime Community Bancshares
    10,184       151,131      
East West Bancorp, Inc.
    14,454       464,262      
Eurobancshares, Inc. (b)
    3,314       46,595      
F.N.B. Corp.
    13,199       250,121      
Farmers Capital Bank Corp.
    620       20,305      
Fidelity Bankshares, Inc.
    5,771       133,079      
Financial Institutions, Inc.
    900       16,542      
First Bancorp
    1,564       31,687      
First Bancorp
    10,165       368,583      
First Busey Corp.
    1,950       37,050      
First Charter Corp.
    8,468       183,248      
First Citizens BancShares, Inc., Class A
    1,634       210,002      
First Commonwealth Financial Corp.
    16,466       216,693      
First Community Bancorp
    4,282       177,061      
First Community Bankshares, Inc.
    1,720       47,601      
First Financial Bancorp
    9,566       165,396      
First Financial Bankshares, Inc.
    2,972       121,555      
 
2005 Semiannual Report 29

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Small Cap Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
Bank Holdings Companies (continued)
First Financial Corp.
    3,694     $ 98,334      
First Indiana Corp.
    4,376       108,525      
First Merchants Corp.
    3,425       87,064      
First Midwest Bancorp, Inc.
    13,727       448,324      
First Niagara Financial Group, Inc.
    32,460       407,048      
First Oak Brook Bank
    700       19,943      
First of Long Island Corp. (The)
    400       15,296      
First Place Financial Corp.
    1,935       33,921      
First Republic Bancorp, Inc.
    5,593       175,005      
First State Bancorp
    5,246       91,805      
FirstFed Financial Corp. (b)
    5,371       271,934      
Flagstar Bancorp, Inc.
    9,235       175,834      
Flushing Financial Corp.
    3,550       58,078      
FNB Corp.
    800       20,136      
Franklin Bank Corp. (b)
    3,300       55,473      
Frontier Financial Corp.
    3,414       123,143      
GB&T Bancshares, Inc.
    3,325       67,182      
German American Bancorp
    929       12,430      
Glacier Bancorp, Inc.
    6,762       181,019      
Great Southern Bancorp, Inc.
    1,776       51,397      
Greater Bay Bancorp
    15,297       384,873      
Hancock Holding Co.
    6,682       199,257      
Hanmi Financial Corp.
    8,928       130,795      
Harbor Florida Bancshares, Inc.
    5,419       187,497      
Harleysville National Corp.
    6,861       136,808      
Heartland Financial USA, Inc.
    1,450       29,000      
HomeBanc Corp.
    10,747       93,929      
Horizon Financial Corp.
    2,100       37,548      
Iberiabank Corp.
    1,900       108,281      
Independent Bank Corp.
    4,410       121,010      
Independent Bank Corp.
    5,149       140,671      
Integra Bank Corp.
    4,198       85,639      
Interchange Financial Services Corp.
    2,500       43,950      
ITLA Capital Corp. (b)
    1,835       84,227      
Kearny Financial Corp. (b)
    8,500       88,315      
KNBT Bancorp, Inc.
    5,600       76,888      
Lakeland Bancorp, Inc.
    2,532       37,499      
Lakeland Financial Corp.
    600       21,180      
Macatawa Bank Corp.
    1,307       48,372      
MAF Bancorp, Inc.
    7,665       309,513      
Main Street Banks, Inc.
    5,490       130,058      
MB Financial, Inc.
    6,152       223,748      
MBT Financial Corp.
    2,038       37,805      
Mercantile Bank Corp.
    2,831       112,108      
Mid-State Bancshares, Inc.
    6,200       151,156      
Midwest Banc Holding, Inc.
    3,920       70,952      
Nara Bancorp, Inc.
    6,374       85,667      
NASB Financial, Inc.
    400       15,644      
National Penn Bancshares, Inc.
    7,700       172,634      
NBC Capital Corp.
    704       16,333      
NBT Bancorp, Inc.
    8,054       167,362      
Northwest Bancorp, Inc.
    3,700       76,109      
Oak Hill Financial, Inc.
    800       24,160      
OceanFirst Financial Corp.
    1,234       26,346      
Ocwen Financial Corp. (b)
    9,660       70,325      
Old National Bancorp
    18,295       349,252      
Old Second Bancorp, Inc.
    3,624       107,307      
Omega Financial Corp.
    2,533       71,659      
Oriental Financial Group, Inc.
    6,604       92,126      
Pacific Capital Bancorp
    13,481       388,657      
Park National Corp.
    3,711       372,956      
Partners Trust Financial Group, Inc.
    9,752       99,082      
Peapack-Gladstone Financial Corp.
    1,037       29,036      
PennFed Financial Services, Inc.
    2,240       30,038      
PennRock Financial Services Corp.
    2,104       69,853      
Peoples Bancorp, Inc.
    3,235       83,948      
PFF Bancorp, Inc.
    5,106       142,546      
Placer Sierra Bancshares
    3,000       69,660      
PrivateBancorp, Inc.
    5,402       168,813      
Prosperity Bancshares, Inc.
    6,840       174,762      
Provident Bancorp, Inc.
    9,275       98,222      
Provident Bankshares Corp.
    9,823       287,617      
Provident Financial Holdings, Inc.
    1,390       37,502      
Provident Financial Services, Inc.
    17,926       304,563      
R&G Financial Corp., Class B
    8,898       126,441      
Renasant Corp.
    1,617       47,297      
Republic Bancorp, Inc.
    20,385       258,482      
Republic Bancorp, Inc., Class A
    2,027       42,815      
Riggs National Corp.
    5,259       102,708      
Royal Bancshares of Pennsylvania, Inc., Class A
    812       18,359      
S&T Bancorp, Inc.
    6,501       219,734      
S.Y. Bancorp, Inc.
    1,500       32,400      
Sandy Spring Bancorp, Inc.
    4,056       125,979      
Santander BanCorp
    342       7,579      
Seacoast Banking Corporation of Florida
    2,825       52,150      
Security Bank Corp.
    1,800       69,858      
Signature Bank (b)
    2,868       70,639      
Silicon Valley Bancshares (b)
    10,290       487,745      
Simmons First National Corp., Class A
    2,513       59,608      
Smithtown Bancorp, Inc.
    1,500       36,540      
Southern Community Financial Corp.
    1,200       10,056      
Southside Bancshares, Inc.
    2,269       44,563      
Southwest Bancorp, Inc.
    3,700       69,782      
Southwest of Texas Bancorp, Inc.
    20,492       340,167      
State Bancorp, Inc.
    772       16,366      
State Financial Services Corp.
    1,400       51,156      
Sterling Bancorp
    3,230       74,322      
Sterling Bancshares, Inc.
    14,595       196,011      
Sterling Financial Corp.
    5,612       141,759      
Sterling Financial Corp. (b)
    6,347       207,483      
Suffolk Bancorp
    2,883       75,189      
Sun Bancorp, Inc. (b)
    2,826       56,549      
Susquehanna Bancshares, Inc.
    13,421       282,244      
Taylor Capital Group, Inc.
    1,800       56,160      
 
30 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Bank Holdings Companies (continued)
Texas Capital Bancshares, Inc. (b)
    7,120     $ 127,234      
Texas Regional Bancshares, Inc.
    12,191       339,763      
Tierone Corp.
    5,061       117,820      
Tompkins Trustco, Inc.
    2,148       83,256      
TriCo Bancshares
    2,724       51,947      
TrustCo Bank Corp. NY
    23,148       254,859      
Trustmark Corp.
    12,100       332,992      
U.S.B Holding Co., Inc.
    2,422       48,924      
UMB Financial Corp.
    4,565       247,103      
Umpqua Holdings Corp.
    12,028       267,262      
Union Bankshares Corp.
    2,530       87,918      
United Bankshares, Inc.
    11,200       342,944      
United Community Banks, Inc.
    6,286       142,629      
United Community Financial Corp.
    5,811       59,970      
Univest Corporation of Pennsylvania
    1,100       38,522      
Unizan Financial Corp.
    5,615       142,733      
Virginia Commerce Bancorp, Inc. (b)
    2,125       56,971      
Virginia Financial Group, Inc.
    1,100       35,750      
Washington Trust Bancorp
    3,440       83,626      
WesBanco, Inc.
    6,400       171,968      
West America Bancorp, Inc.
    9,197       459,298      
West Bancorp, Inc.
    5,250       87,938      
West Coast Bancorp
    4,800       98,160      
Western Sierra Bancorp (b)
    1,645       52,048      
Westfield Financial, Inc.
    100       2,390      
Wilshire Bancorp, Inc.
    5,996       82,025      
Wintrust Financial Corp.
    6,592       302,639      
Yardville National Bancorp
    2,868       92,751      
         
     
 
              25,330,875      
         
     
 
Beverages/Alcoholic (0.0%)
Boston Beer Co., Inc., Class A (b)
    2,480       49,600      
         
     
 
Biotechnology (0.8%)
Abgenix, Inc. (b)
    22,343       155,731      
Accelrys, Inc. (b)
    9,806       50,697      
Advancis Pharmaceutical Corp. (b)
    400       1,724      
Aksys Ltd. (b)
    3,500       8,995      
Axonyx, Inc. (b)
    14,500       16,675      
Cambrex Corp.
    7,324       139,156      
CancerVax Corp. (b)
    2,000       5,480      
Ciphergen Biosystems, Inc. (b)
    5,300       7,950      
CuraGen Corp. (b)
    9,900       30,690      
Curis, Inc. (b)
    7,000       23,590      
Cypress Bioscience, Inc. (b)
    7,500       77,250      
Digene Corp. (b)
    3,601       68,599      
Diversa Corp. (b)
    5,433       28,523      
Dyax Corp. (b)
    7,200       28,656      
Enzo Biochem, Inc. (b)
    5,629       76,667      
Exelixis, Inc. (b)
    15,700       107,545      
Genelabs Technologies, Inc. (b)
    47,300       19,866      
Genta, Inc. (b)
    19,610       20,198      
GTx, Inc. (b)
    200       1,790      
Human Genome Sciences, Inc. (b)
    37,040       382,994      
Idenix Pharmaceuticals, Inc. (b)
    335       6,335      
Integra LifeSciences Holdings (b)
    6,480       229,586      
Kosan Biosciences, Inc. (b)
    7,460       40,060      
Lexicon Genetics, Inc. (b)
    13,206       57,842      
Luminex Corp. (b)
    4,300       33,970      
Maxygen, Inc. (b)
    4,609       34,614      
Medarex, Inc. (b)
    28,547       202,113      
Myogen, Inc. (b)
    4,281       27,827      
Myriad Genetics, Inc. (b)
    7,969       128,779      
Nabi Biopharmaceuticals (b)
    17,951       195,666      
Neose Technologies, Inc. (b)
    1,820       4,768      
Nuvasive, Inc. (b)
    2,500       36,550      
Palomar Medical Technologies, Inc. (b)
    3,560       79,744      
SciClone Pharmaceuticals, Inc. (b)
    12,100       26,983      
SonoSite, Inc. (b)
    4,000       116,420      
Third Wave Technologies (b)
    8,457       36,111      
Zymogenetics, Inc. (b)
    3,554       54,945      
         
     
 
              2,565,089      
         
     
 
Broadcast Media/Cable Television (0.7%)
4Kids Entertainment, Inc. (b)
    2,701       54,452      
Charter Communications, Inc., Class A (b)
    86,780       100,665      
Crown Media Holdings, Inc. (b)
    3,958       34,633      
Cumulus Media, Inc. (b)
    13,534       175,671      
Emmis Communications Corp. (b)
    15,047       232,175      
Entravision Communications Corp. (b)
    8,873       69,831      
Fisher Companies, Inc. (b)
    1,100       52,844      
Insight Communications Co., Inc. (b)
    13,709       153,678      
Journal Communications, Inc.
    5,100       78,540      
Liberty Corp.
    4,125       149,573      
Lin TV Corp., Class A (b)
    6,900       107,571      
Macrovision Corp. (b)
    12,852       262,823      
Martha Stewart Living Omnimedia, Inc. (b)
    3,888       78,654      
Mediacom Communications Corp. (b)
    14,441       79,859      
Nexstar Broadcasting Group, Inc., Class A (b)
    3,300       19,239      
Paxson Communications Corp. (b)
    29,300       22,561      
Readers Digest Association, Inc. (The)
    28,805       489,684      
Salem Communications Corp., Class A (b)
    2,300       44,206      
Sinclair Broadcast Group, Inc., Class A
    13,435       102,912      
TiVo, Inc. (b)
    14,839       83,544      
ValueVision International, Inc., Class A (b)
    5,558       55,024      
Young Broadcasting, Inc., Class A (b)
    5,487       41,262      
         
     
 
              2,489,401      
         
     
 
2005 Semiannual Report 31

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Small Cap Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
Business Services (2.1%)
Aaron Rents, Inc.
    8,446     $ 185,474      
ABM Industries, Inc.
    9,878       179,483      
Administaff, Inc.
    5,674       77,564      
Advisory Board Co. (The) (b)
    5,500       223,850      
ADVO, Inc.
    8,292       238,893      
AMN Healthcare Services, Inc. (b)
    3,166       46,762      
CACI International, Inc., Class A (b)
    7,953       494,040      
Catalina Marketing Corp.
    12,883       299,530      
CDI Corp.
    4,321       95,537      
Century Business Services, Inc. (b)
    15,243       54,265      
Charles River Associates, Inc. (b)
    3,331       174,544      
Chemed Corp.
    3,350       237,314      
Ciber, Inc. (b)
    13,354       103,894      
Circle Group Holdings, Inc. (b)
    1,900       1,102      
Circor International, Inc.
    2,585       61,549      
Consolidated Graphics, Inc. (b)
    2,434       111,721      
CoStar Group, Inc. (b)
    5,100       201,705      
DiamondCluster International, Inc. (b)
    4,600       57,270      
FTD Group, Inc. (b)
    4,000       42,800      
Gartner Group, Inc. (b)
    16,026       135,259      
Gartner Group, Inc., Class B (b)
    1,200       10,080      
Gevity HR, Inc.
    7,553       121,226      
GSI Commerce, Inc. (b)
    3,303       47,894      
Heidrick & Struggles International, Inc. (b)
    5,355       138,480      
Hudson Highland Group, Inc. (b)
    5,950       82,051      
Huron Consulting Group, Inc. (b)
    200       4,208      
Hypercom Corp. (b)
    13,030       64,629      
Infocrossing, Inc. (b)
    5,600       92,120      
Insurance Auto Auctions, Inc. (b)
    3,202       90,296      
Interchange Corp. (b)
    3,600       20,448      
iPayment Holdings, Inc. (b)
    2,900       105,531      
Kelly Services, Inc., Class A
    4,540       119,220      
Korn/ Ferry International (b)
    8,434       121,450      
LECG Corp. (b)
    3,600       74,628      
Marchex, Inc., Class B (b)
    600       10,128      
Marlin Business Services, Inc. (b)
    1,500       29,535      
MAXIMUS, Inc.
    4,002       122,861      
Medical Staffing Network Holdings, Inc. (b)
    2,900       16,182      
Metris Companies, Inc. (b)
    8,000       96,960      
MicroStrategy, Inc. (b)
    3,641       158,493      
Modis Professional Services, Inc. (b)
    26,601       212,542      
Navigant Consulting Co. (b)
    12,109       284,198      
NCO Group, Inc. (b)
    6,538       121,803      
NetRatings, Inc. (b)
    2,546       36,993      
Paxar Corp. (b)
    9,116       163,359      
PDI, Inc. (b)
    2,300       42,297      
Portfolio Recovery Associates, Inc. (b)
    3,932       141,355      
Prepaid Depot, Inc.
    2,750       98,203      
Resources Connection, Inc. (b)
    13,680       261,425      
RSA Security, Inc. (b)
    21,438       230,244      
Source Interlink Cos., Inc. (b)
    7,184       75,216      
SOURCECORP, Inc. (b)
    5,724       102,173      
Spherion Corp. (b)
    17,167       96,307      
SRA International, Inc., Class A (b)
    2,900       189,515      
StarTek, Inc.
    4,062       59,102      
TeleTech Holdings, Inc. (b)
    9,811       103,016      
Watson Wyatt & Co. Holdings
    8,105       213,972      
         
     
 
              6,980,696      
         
     
 
Capital Goods (1.1%)
American Greetings Corp., Class A
    17,130       387,995      
C&D Technologies, Inc.
    6,511       45,772      
Kennametal, Inc.
    10,665       483,126      
Lawson Products, Inc.
    1,300       50,089      
Libbey, Inc.
    4,404       77,202      
Lindsay Manufacturing Co.
    4,168       77,775      
Manitowoc Co., Inc.
    7,574       302,960      
Nu Skin Enterprises, Inc.
    15,698       345,356      
Regal-Beloit Corp.
    7,136       188,747      
Robbins & Myers, Inc.
    2,523       55,001      
Technitrol, Inc.
    9,726       126,243      
Tecumseh Products Co.
    4,601       159,839      
Texas Industries, Inc.
    5,823       268,906      
Trinity Industries, Inc.
    11,140       260,119      
Vicor Corp.
    3,988       47,058      
Yankee Candle Co., Inc. (b)
    11,778       327,311      
York International Corp.
    11,242       439,899      
         
     
 
              3,643,398      
         
     
 
Chemicals (2.0%)
A. Schulman, Inc.
    9,848       164,462      
Aceto Corp.
    7,977       53,845      
Albemarle Corp.
    8,722       319,312      
American Vanguard Corp.
    2,700       47,655      
Arch Chemicals, Inc.
    5,030       129,673      
Cabot Microelectronics Corp. (b)
    6,172       177,692      
Crompton Corp.
    30,517       428,764      
Cytec Industries, Inc.
    10,978       506,304      
Ferro Corp.
    13,242       239,945      
FMC Corp. (b)
    9,914       485,786      
Georgia Gulf Corp.
    7,781       287,197      
Great Lakes Chemical Corp.
    13,663       424,100      
H.B. Fuller Co.
    9,065       274,851      
Hercules, Inc. (b)
    32,198       425,980      
MacDermid, Inc.
    6,555       198,944      
Minerals Technologies, Inc.
    6,035       394,206      
Mosaic Co. (The) (b)
    31,630       406,446      
NewMarket Corp. (b)
    2,500       37,125      
NL Industries, Inc. (b)
    2,128       34,218      
Octel Corp.
    4,672       80,358      
Olin Corp.
    18,763       332,856      
OM Group, Inc. (b)
    7,500       164,550      
PolyOne Corp. (b)
    24,088       185,959      
 
32 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Chemicals (continued)
Schawk, Inc., Class A
    1,100     $ 23,155      
Spartech Corp.
    7,928       154,358      
Symyx Technologies, Inc. (b)
    7,559       184,213      
Terra Industries, Inc. (b)
    11,500       79,350      
Valhi, Inc.
    3,842       69,194      
W.R. Grace & Co. (b)
    18,000       168,840      
Wellman, Inc.
    10,458       112,528      
Westlake Chemical Corp.
    1,850       48,563      
         
     
 
              6,640,429      
         
     
 
Circuit Boards (0.2%)
DDi Corp. (b)
    9,400       25,850      
Merix Corp. (b)
    6,900       54,234      
Micrel, Inc. (b)
    18,258       171,625      
Park Electrochemical Corp.
    5,063       112,145      
RF Micro Devices, Inc. (b)
    49,996       195,985      
         
     
 
              559,839      
         
     
 
Coal (0.2%)
Alpha Natural Resources, Inc. (b)
    9,100       210,665      
Foundation Coal Holdings, Inc.
    7,300       170,455      
KFX, Inc. (b)
    11,770       128,293      
         
     
 
              509,413      
         
     
 
Communications Equipment (0.3%)
Anixter International, Inc. (b)
    8,105       299,237      
Audiovox Corp. (b)
    4,688       64,038      
Enterasys Networks, Inc. (b)
    55,177       39,727      
Gray Television, Inc.
    9,433       124,044      
Harmonic, Inc. (b)
    18,884       104,051      
Inter-Tel, Inc.
    6,751       128,539      
LodgeNet Entertainment Corp. (b)
    4,989       81,221      
Standard Microsystems Corp. (b)
    6,361       90,008      
Stratex Networks, Inc. (b)
    24,760       32,188      
Terayon Communications Systems, Inc. (b)
    17,624       51,286      
         
     
 
              1,014,339      
         
     
 
Computer Equipment (0.3%)
Analogic Corp.
    3,949       164,713      
Gateway, Inc. (b)
    57,761       196,965      
Hutchinson Technology, Inc. (b)
    7,091       262,650      
InFocus Corp. (b)
    11,402       41,047      
Iomega Corp. (b)
    13,505       39,435      
Komag, Inc. (b)
    7,011       164,899      
McData Corp. (b)
    30,580       94,186      
Network Equipment Technologies, Inc. (b)
    8,071       41,566      
Overland Storage, Inc. (b)
    4,184       44,350      
Paradyne Network, Inc. (b)
    5,600       10,080      
         
     
 
              1,059,891      
         
     
 
Computer Integrated Systems Design (0.7%)
Adaptec, Inc. (b)
    29,930       109,544      
Brady Corp., Class A
    8,844       262,225      
Digital River, Inc. (b)
    8,498       226,047      
Eclipsys Corp. (b)
    9,537       128,845      
eSPEED, Inc., Class A (b)
    8,711       75,263      
F5 Networks, Inc. (b)
    9,541       408,449      
FileNET Corp. (b)
    10,617       281,350      
Keynote Systems, Inc. (b)
    2,583       28,284      
MTS Systems Corp.
    5,456       158,006      
Netscout Systems, Inc. (b)
    3,300       12,161      
RadiSys Corp. (b)
    5,720       80,080      
SafeNet, Inc. (b)
    6,150       171,893      
Sapient Corp. (b)
    20,662       147,733      
Tekelec (b)
    14,935       203,265      
WebEx Communications, Inc. (b)
    7,929       173,011      
         
     
 
              2,466,156      
         
     
 
Computer Software & Services (3.2%)
ActivCard Corp. (b)
    12,168       63,639      
Actuate Corp. (b)
    7,100       13,490      
Advanced Digital Information Corp. (b)
    17,340       119,819      
Advent Software, Inc. (b)
    6,493       115,835      
Agile Software Corp. (b)
    16,396       107,722      
Agilysys, Inc.
    8,385       110,850      
Altiris, Inc. (b)
    6,599       107,498      
Answerthink, Inc. (b)
    12,929       43,571      
Ansys, Inc. (b)
    8,436       256,792      
Anteon International Corp. (b)
    6,478       270,780      
Ascential Software Corp. (b)
    15,880       293,304      
Aspen Technologies, Inc. (b)
    11,839       53,276      
Authentidate Holding Corp. (b)
    4,700       19,082      
Blabkbaud, Inc.
    469       6,120      
Borland Software Corp. (b)
    21,146       122,858      
Captaris, Inc. (b)
    11,600       42,456      
Catapult Communications Corp. (b)
    2,228       32,930      
CCC Information Services Group, Inc. (b)
    2,090       48,760      
Chordiant Software, Inc. (b)
    18,600       32,736      
Computer Programs & Systems, Inc.
    2,400       75,816      
Concord Communications, Inc. (b)
    5,002       82,283      
Corillian Corp. (b)
    15,300       46,971      
Covansys Corp. (b)
    4,202       42,398      
Cray, Inc. (b)
    22,451       48,045      
Cybersource Corp. (b)
    7,500       45,675      
Dendrite International, Inc. (b)
    9,905       152,735      
Digital Insight Corp. (b)
    11,031       221,392      
Digitas, Inc. (b)
    18,436       183,807      
E.piphany, Inc. (b)
    19,954       61,259      
Echelon Corp. (b)
    7,387       46,464      
Electronics For Imaging, Inc. (b)
    14,023       230,258      
Epicor Software Corp. (b)
    11,389       125,393      
EPIQ Systems, Inc. (b)
    5,417       82,176      
Eresearch Technology, Inc. (b)
    12,189       138,467      
 
2005 Semiannual Report 33

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Small Cap Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
Computer Software & Services (continued)
Extreme Networks, Inc. (b)
    28,362     $ 126,211      
FactSet Research Systems, Inc.
    7,850       217,916      
FalconStor Software, Inc. (b)
    8,199       46,488      
Hyperion Solutions Corp. (b)
    11,018       448,101      
iGATE Corp. (b)
    2,300       8,855      
Informatica Corp. (b)
    22,553       174,335      
Intervideo, Inc. (b)
    2,300       22,287      
JDA Software Group, Inc. (b)
    8,429       86,313      
Keane, Inc. (b)
    13,232       157,461      
Kintera, Inc. (b)
    2,100       9,387      
LaserCard Corp. (b)
    3,327       17,733      
Lawson Software, Inc. (b)
    16,240       85,747      
Lexar Media, Inc. (b)
    21,916       99,279      
Magma Design Automation, Inc. (b)
    7,398       45,424      
ManTech International Corp., Class A (b)
    4,896       117,749      
Manugistics Group, Inc. (b)
    15,100       24,764      
MapInfo Corp. (b)
    5,100       57,783      
Maxwell Technologies, Inc. (b)
    1,400       10,822      
Mentor Graphics Corp. (b)
    17,400       155,556      
Mercury Computer Systems, Inc. (b)
    5,953       156,742      
Micromuse, Inc. (b)
    20,500       105,985      
MRO Software, Inc. (b)
    4,000       51,160      
NETGEAR, Inc. (b)
    6,980       112,587      
NetiQ Corp. (b)
    14,957       160,339      
Open Solutions, Inc. (b)
    4,500       84,150      
Opnet Technologies, Inc. (b)
    2,800       21,812      
Packeteer, Inc. (b)
    8,629       100,787      
PalmOne, Inc. (b)
    12,665       271,411      
PalmSource, Inc. (b)
    5,561       49,437      
Parametric Technology Corp. (b)
    72,028       383,189      
PDF Solutions, Inc. (b)
    2,600       34,398      
PEC Solutions, Inc. (b)
    4,322       66,256      
Pinnacle Systems, Inc. (b)
    17,795       88,619      
PlxTech, Inc. (b)
    5,500       49,445      
Portal Software, Inc. (b)
    11,260       26,461      
QAD, Inc.
    2,300       18,837      
Quantum Corp. (b)
    40,202       96,485      
Quest Software, Inc. (b)
    13,047       154,737      
RealNetworks, Inc. (b)
    25,638       157,930      
Renaissance Learning, Inc.
    1,065       17,754      
Safeguard Scientifics, Inc. (b)
    31,423       40,850      
SBS Technologies, Inc. (b)
    4,456       41,931      
Scansoft, Inc. (b)
    21,142       84,991      
SeaChange International, Inc. (b)
    8,475       87,335      
SeeBeyond Technology Corp. (b)
    11,300       30,284      
Serena Software, Inc. (b)
    8,163       155,342      
SI International, Inc. (b)
    1,828       41,203      
Silicon Graphics, Inc. (b)
    68,567       53,482      
SimpleTech, Inc. (b)
    7,000       26,110      
SonicWall, Inc. (b)
    15,026       77,234      
SPSS, Inc. (b)
    2,173       34,964      
SS&C Technologies, Inc.
    4,010       101,894      
Stratasys, Inc. (b)
    2,500       67,625      
Sykes Enterprises, Inc. (b)
    6,507       45,549      
Synaptics, Inc. (b)
    7,057       127,943      
SYNNEX Corp. (b)
    500       7,545      
Syntel, Inc.
    540       8,662      
Sypris Solutions, Inc.
    1,300       13,611      
Take-Two Interactive Software, Inc. (b)
    18,826       442,976      
TALX Corp.
    5,450       134,724      
THQ, Inc. (b)
    10,261       258,782      
Tier Technologies, Inc., Class B (b)
    7,362       54,332      
Tradestation Group, Inc. (b)
    4,200       27,090      
TransAct Technologies, Inc. (b)
    2,635       22,951      
Transaction Systems Architects, Inc. (b)
    10,506       217,789      
Trident Microsystems, Inc. (b)
    5,609       95,521      
Tumbleweed Communications Corp. (b)
    16,100       34,454      
Tyler Technologies, Inc. (b)
    8,600       49,708      
Ulticom, Inc. (b)
    3,440       30,719      
Ultimate Software Group, Inc. (The) (b)
    4,500       69,750      
Verint Systems, Inc. (b)
    2,200       70,004      
Verity, Inc. (b)
    10,898       89,364      
Verso Technologies, Inc. (b)
    49,677       12,419      
Viisage Technology, Inc. (b)
    7,400       22,274      
webMethods, Inc. (b)
    12,680       59,216      
Wind River Systems, Inc. (b)
    18,611       241,571      
Witness Systems, Inc. (b)
    6,000       105,660      
Xybernaut Corp. (b)
    27,500       4,675      
Zoran Corp. (b)
    11,749       124,304      
         
     
 
              10,780,227      
         
     
 
Construction & Building Materials (1.2%)
AMCOL International Corp.
    4,850       92,684      
Brookfield Homes Corp.
    3,800       163,134      
Ceradyne, Inc. (b)
    7,380       146,567      
Comfort Systems USA, Inc. (b)
    6,500       46,410      
Comstock Homebuilding Cos., Inc., Class A (b)
    2,100       49,749      
Dot Hill Systems Corp. (b)
    11,800       55,696      
Drew Industries, Inc. (b)
    2,369       89,738      
ElkCorp
    5,844       160,710      
Genlyte Group, Inc. (The) (b)
    3,334       264,520      
Granite Construction, Inc.
    8,105       183,011      
Infrasource Services, Inc. (b)
    400       4,020      
Integrated Electrical Services, Inc. (b)
    5,739       8,609      
JLG Industries, Inc.
    13,595       277,066      
Kronos Worldwide, Inc.
    1,152       38,995      
Layne Christensen Co. (b)
    3,320       51,460      
LSI Industries, Inc.
    4,175       50,392      
Meritage Corp. (b)
    5,468       346,069      
NCI Building Systems, Inc. (b)
    6,624       214,750      
Omnova Solutions, Inc. (b)
    6,400       25,920      
Orleans Homebuilders, Inc.
    600       10,404      
Shaw Group Inc. (The) (b)
    16,071       290,403      
Simpson Manufacturing Co., Inc.
    8,868       239,436      
 
34 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Construction & Building Materials (continued)
Technical Olympic USA, Inc.
    2,125     $ 44,731      
Trex Co., Inc. (b)
    2,800       112,504      
U.S. Concrete, Inc. (b)
    6,103       36,740      
Universal Display Corp. (b)
    4,100       33,948      
USF Corp.
    7,443       317,295      
Walter Industries, Inc.
    7,217       247,543      
Washington Group International, Inc. (b)
    7,540       312,382      
         
     
 
              3,914,886      
         
     
 
Consumer Durables (1.1%)
1-800 CONTACTS, Inc. (b)
    600       11,250      
Blyth, Inc.
    7,600       208,316      
Central Garden & Pet Co. (b)
    5,300       220,427      
Chattem, Inc. (b)
    5,086       209,238      
Coca-Cola Bottling Co.
    800       38,176      
Crown Holdings, Inc. (b)
    44,098       663,675      
Elizabeth Arden, Inc. (b)
    6,107       133,743      
Greif Bros Corp., Class A
    4,000       277,480      
Lifetime Hoan Corp.
    3,038       51,221      
Nature’s Sunshine Products, Inc.
    3,930       58,911      
Playtex Products, Inc. (b)
    12,700       128,905      
Prestige Brands Holdings, Inc. (b)
    8,600       154,800      
Rayovac Corp. (b)
    12,697       462,679      
Revlon Co., Inc. (b)
    31,104       91,446      
Russ Berrie & Co., Inc.
    4,257       55,043      
Silgan Holdings, Inc.
    2,868       175,464      
Toro Co.
    11,814       488,154      
Tupperware Corp.
    13,353       281,748      
Ultralife Batteries, Inc. (b)
    4,696       73,680      
Water Pik Technologies, Inc. (b)
    900       16,938      
         
     
 
              3,801,294      
         
     
 
Data Processing & Reproduction (0.2%)
Carreker-Antinori, Inc. (b)
    2,900       13,108      
CSG Systems International, Inc. (b)
    13,987       240,437      
eFunds Corp. (b)
    12,593       275,283      
Embarcadero Technologies, Inc. (b)
    5,260       25,511      
HomeStore, Inc. (b)
    28,939       56,720      
infoUSA, Inc.
    6,000       65,880      
Intrado, Inc. (b)
    5,358       67,564      
Pegasystems, Inc. (b)
    800       4,184      
         
     
 
              748,687      
         
     
 
Distribution (0.8%)
Actuant Corp. (b)
    6,900       293,871      
Aviall, Inc. (b)
    5,654       165,380      
Brightpoint, Inc. (b)
    4,900       103,488      
Central European Distribution Corp. (b)
    3,830       142,170      
Handleman Co.
    6,032       104,655      
Interline Brands, Inc. (b)
    3,900       64,740      
Keystone Automotive Industries, Inc. (b)
    4,855       97,246      
Navarre Corp. (b)
    8,200       65,600      
Owens & Minor, Inc.
    10,292       298,571      
Provide Commerce (b)
    500       8,825      
ScanSource, Inc. (b)
    3,460       160,025      
SCP Pool Corp.
    14,655       477,459      
United Stationers, Inc. (b)
    9,171       386,833      
Watsco, Inc.
    5,173       224,456      
         
     
 
              2,593,319      
         
     
 
Drugs (0.9%)
ABIOMED, Inc. (b)
    4,311       43,757      
Adolor Corp. (b)
    11,962       106,342      
Alkermes, Inc. (b)
    26,417       297,191      
Alpharma, Inc.
    9,848       92,965      
ARIAD, Inc. (b)
    13,714       84,204      
AVANT Immunotherapeutics, Inc. (b)
    17,300       21,106      
Bentley Pharmaceuticals, Inc. (b)
    2,149       14,613      
Bio-Rad Laboratories, Inc., Class A (b)
    4,200       203,028      
BioCryst Pharmaceuticals, Inc. (b)
    5,200       20,748      
Caraco Pharmaceutical Laboratories Ltd. (b)
    700       5,817      
Cell Therapeutics, Inc. (b)
    20,942       80,627      
Connetics Corp. (b)
    8,334       181,098      
Corgentech, Inc. (b)
    400       880      
CV Therapeutics, Inc. (b)
    9,714       192,531      
Decode Genetics, Inc. (b)
    13,674       73,840      
DUSA Pharmaceuticals, Inc. (b)
    2,400       25,068      
Guilford Pharmaceuticals, Inc. (b)
    20,409       47,349      
Immunomedics, Inc. (b)
    11,910       25,726      
Incyte Genomics, Inc. (b)
    21,529       140,800      
InterMune, Inc. (b)
    9,183       99,176      
K-V Pharmaceutical Co., Class A (b)
    8,923       208,798      
Ligand Pharmaceuticals, Inc. (b)
    23,555       124,370      
Marshall Edwards, Inc. (b)
    200       1,466      
Nanogen, Inc. (b)
    8,900       23,674      
NPS Pharmaceuticals, Inc. (b)
    9,987       121,342      
Par Pharmaceutical Cos, Inc. (b)
    9,395       282,132      
Priority Healthcare Corp., Class B (b)
    8,953       203,949      
Quidel Corp. (b)
    10,302       44,505      
Rigel Pharmaceuticals, Inc. (b)
    3,994       68,497      
Seattle Genetics, Inc. (b)
    7,608       30,432      
SFBC International, Inc. (b)
    3,400       106,080      
Tanox, Inc. (b)
    6,955       66,907      
Zila, Inc. (b)
    11,600       35,844      
         
     
 
              3,074,862      
         
     
 
Educational Services (0.4%)
Ambassadors Groups, Inc.
    3,400       113,662      
Blackboard, Inc. (b)
    1,100       19,954      
Bright Horizons Family Solutions, Inc. (b)
    7,256       245,906      
Educate, Inc. (b)
    2,500       30,000      
Leapfrog Enterprises, Inc. (b)
    8,200       82,082      
 
2005 Semiannual Report 35

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Small Cap Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
Educational Services (continued)
Learning Tree International, Inc. (b)
    3,941     $ 50,287      
PLATO Learning, Inc. (b)
    8,800       64,504      
Princeton Review, Inc. (b)
    7,849       43,483      
Strayer Education, Inc.
    4,274       458,515      
Universal Technical Institute, Inc. (b)
    3,168       110,595      
         
     
 
              1,218,988      
         
     
 
Electrical Equipment (0.7%)
ADE Corp. (b)
    3,500       74,830      
Artesyn Technologies, Inc. (b)
    9,919       69,929      
Avista Corp.
    12,916       216,860      
Bel Fuse, Inc., Class B
    2,335       62,695      
California Micro Devices Corp. (b)
    6,100       25,681      
Capstone Turbine Corp. (b)
    11,600       13,108      
Cherokee International Corp. (b)
    2,300       13,340      
Cleco Corp.
    12,432       253,861      
DSP Group, Inc. (b)
    9,068       218,539      
El Paso Electric Co. (b)
    13,431       262,038      
EMCOR Group, Inc. (b)
    4,000       178,720      
Encore Wire Corp. (b)
    4,931       44,872      
Energy Conversion Devices, Inc. (b)
    6,380       143,805      
II-VI Corp. (b)
    6,484       92,138      
Intergrated Silicon Solution, Inc. (b)
    12,447       80,408      
Measurement Specialties, Inc. (b)
    1,701       37,728      
Plug Power, Inc. (b)
    14,289       79,304      
Power-One, Inc. (b)
    21,800       91,124      
RAE Systems, Inc. (b)
    6,039       16,909      
SpatiaLight, Inc. (b)
    8,000       36,160      
Stoneridge, Inc. (b)
    2,019       20,150      
Tripath Imaging, Inc. (b)
    7,957       51,084      
Triumph Group, Inc. (b)
    4,690       146,000      
         
     
 
              2,229,283      
         
     
 
Electronics (1.1%)
Aeroflex, Inc. (b)
    17,414       138,093      
Ansoft Corp. (b)
    2,500       58,000      
BEI Technologies, Inc.
    3,068       70,564      
Belden CDT, Inc.
    12,552       230,204      
Coherent, Inc. (b)
    7,914       253,881      
Cyberoptics Corp. (b)
    2,000       24,780      
Daktronics, Inc. (b)
    3,601       73,316      
EDO Corp.
    4,079       121,677      
Electro Scientific Industries, Inc. (b)
    7,954       131,480      
Engineered Support Systems, Inc.
    9,997       353,094      
FARO Technologies, Inc. (b)
    3,800       102,030      
Graftech International Ltd. (b)
    25,916       98,740      
Itron, Inc. (b)
    6,244       225,221      
Keithley Instruments, Inc.
    2,779       38,600      
LeCroy Corp. (b)
    3,175       41,783      
MagneTek, Inc. (b)
    6,500       23,530      
Methode Electronics, Inc.
    9,300       104,811      
Mobility Electronics, Inc. (b)
    9,100       70,616      
Multi-Fineline Electronix, Inc. (b)
    2,400       46,800      
Planar Systems, Inc. (b)
    5,171       39,868      
Rogers Corp. (b)
    4,223       145,862      
Thomas & Betts Corp. (b)
    15,251       474,611      
Trimble Navigation Ltd. (b)
    14,625       503,392      
Tripath Technology, Inc. (b)
    4,000       3,160      
TTM Technologies, Inc. (b)
    9,571       86,235      
Watts Industries, Inc., Class A
    6,330       197,813      
Woodhead Industries, Inc.
    2,700       31,347      
Zygo Corp. (b)
    3,700       34,706      
         
     
 
              3,724,214      
         
     
 
Entertainment (0.6%)
Carmike Cinemas, Inc.
    2,435       85,225      
Dover Downs Entertainment, Inc.
    2,406       28,944      
Dover Motorsports, Inc.
    3,712       16,964      
Gaylord Entertainment Co. (b)
    7,476       299,040      
Magna Entertainment Corp., Class A (b)
    13,561       71,060      
Midway Games, Inc. (b)
    12,137       111,539      
Multimedia Games, Inc. (b)
    8,278       65,479      
Penn National Gaming, Inc. (b)
    18,224       574,056      
Pinnacle Entertainment, Inc. (b)
    10,466       158,665      
Reading International, Inc. (b)
    900       5,580      
Shuffle Master, Inc. (b)
    10,260       258,449      
Six Flags, Inc. (b)
    19,600       76,440      
Steinway Musical Instruments, Inc. (b)
    1,900       57,399      
World Wrestling Federation Entertainment, Inc.
    3,099       33,128      
         
     
 
              1,841,968      
         
     
 
Fiber Optics (0.1%)
Avanex Corp. (b)
    18,222       19,680      
C-Cor.net Corp. (b)
    12,200       80,642      
MRV Communications, Inc. (b)
    29,395       56,144      
Newport Corp. (b)
    10,145       139,494      
Sycamore Networks, Inc. (b)
    42,318       142,188      
         
     
 
              438,148      
         
     
 
Financial (2.3%)
Accredited Home Lenders Holding Co. (b)
    4,702       186,810      
ACE Cash Express, Inc. (b)
    3,500       77,000      
Advanta Corp., Class B
    5,660       138,953      
Affiliated Managers Group, Inc. (b)
    6,723       420,389      
Anchor BanCorp Wisconsin, Inc.
    6,717       177,463      
Anworth Mtg Asset Corp.
    11,500       107,295      
Apollo Investment Corp.
    16,801       266,464      
Archipelago Holdings, Inc. (b)
    1,700       55,165      
Ares Capital Corp.
    4,900       81,242      
Asset Acceptance Capital Corp. (b)
    500       10,225      
ASTA Funding, Inc.
    1,300       27,170      
Beverly Hills Bancorp, Inc.
    1,100       11,484      
 
36 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Financial (continued)
BISYS Group, Inc. (The) (b)
    30,979     $ 437,423      
BKF Capital Group
    800       26,768      
Capital Southwest Corp.
    300       22,679      
Central Pacific Financial Corp.
    8,975       292,585      
Charter Municipal Mortgage Acceptance Co.
    13,321       278,409      
Cohen & Steers Inc.
    1,050       17,798      
Collegiate Funding Services (b)
    1,300       20,137      
Commercial Capital Bancorp, Inc.
    10,144       160,174      
CompuCredit Corp. (b)
    4,731       125,324      
Credit Acceptance Corp. (b)
    1,600       30,000      
Downey Financial Corp.
    4,681       303,001      
Encore Capital Group, Inc. (b)
    2,002       31,331      
Euronet Worldwide, Inc. (b)
    7,738       228,735      
Federal Agricultural Mortgage Corp.
    1,100       19,096      
Financial Federal Corp.
    4,702       165,981      
First Cash Financial Services, Inc. (b)
    4,100       80,114      
First Financial Holdings, Inc.
    3,300       87,846      
Gabelli Asset Management, Inc.
    1,568       62,595      
GATX Corp.
    13,478       441,000      
GFI Group, Inc. (b)
    1,800       42,030      
Gladstone Capital Corp.
    3,928       86,416      
Gold Banc Corp., Inc.
    13,346       184,575      
Greenhill & Co., Inc.
    1,900       59,850      
Harris & Harris Group, Inc. (b)
    4,100       42,968      
Interactive Data Corp. (b)
    8,135       163,107      
Intersections, Inc. (b)
    2,900       25,027      
Investment Technology Group, Inc. (b)
    11,597       220,459      
Irwin Financial Corp.
    5,585       112,091      
Jackson Hewitt Tax Service, Inc.
    10,370       191,015      
Knight Trading Group, Inc. (b)
    30,720       258,970      
Labranche & Co., Inc. (b)
    11,406       75,850      
Ladenburg Thalmann Financial (b)
    1,613       919      
MainSource Financial Group, Inc.
    1,280       24,986      
MCG Capital Corp.
    11,188       172,631      
National Financial Partners Corp.
    9,201       351,846      
Nelnet, Inc., Class A (b)
    1,300       41,405      
NGP Capital Resources Co.
    5,100       76,398      
Novastar Financial, Inc.
    6,887       245,866      
optionsXpress Holdings, Inc. (b)
    6,300       82,152      
Piper Jaffray Companies, Inc. (b)
    5,134       141,955      
PRG-Schultz International, Inc. (b)
    16,225       77,393      
Resource America, Inc., Class A
    3,405       111,854      
Rewards Network, Inc. (b)
    4,110       20,345      
Royal Gold, Inc.
    5,900       111,156      
Sanders Morris Harris Group Inc.
    3,353       62,031      
SCBT Financial Corp.
    1,097       31,736      
Stifel Financial Corp. (b)
    533       10,815      
SWS Group, Inc.
    4,050       59,130      
TNS, Inc. (b)
    2,200       40,832      
United Panam Financial Corp. (b)
    1,100       24,332      
Value Line, Inc.
    100       3,940      
World Acceptance Corp. (b)
    4,934       125,570      
WSFS Financial Corp.
    2,209       112,946      
         
     
 
              7,783,252      
         
     
 
Food & Related (1.2%)
American Italian Pasta Co.
    3,860       91,328      
Anchor Glass Container Corp.
    4,300       7,998      
Aurora Foods, Inc. (c) (d) (b)
    100       0      
Cal-Maine Foods, Inc.
    5,007       34,398      
Chiquita Brands International, Inc.
    11,155       279,433      
Corn Products International, Inc.
    20,566       452,863      
Darling International, Inc. (b)
    12,700       49,276      
Farmer Brothers Co.
    1,100       24,090      
Flowers Foods, Inc.
    9,379       270,490      
Gold Kist, Inc. (b)
    1,700       27,081      
Great Atlantic & Pacific Tea Co., Inc. (b)
    6,752       105,871      
Hain Celestial Group, Inc. (b)
    7,593       134,776      
Hansen Natural Corp. (b)
    1,980       112,226      
J & J Snack Foods Corp.
    1,692       82,823      
Jarden Corp. (b)
    7,577       338,465      
John B. Sanfilippo & Son, Inc. (b)
    2,104       47,256      
Krispy Kreme Doughnuts, Inc. (b)
    16,563       98,053      
Lance, Inc.
    7,816       128,808      
MGP Ingredients, Inc.
    3,640       31,959      
National Beverage Corp. (b)
    1,910       13,561      
NuCo2, Inc. (b)
    3,200       78,560      
Nutraceutical International Corp. (b)
    2,539       31,738      
Peet’s Coffee & Tea, Inc. (b)
    2,682       67,855      
Performance Food Group Co. (b)
    13,296       357,529      
Ralcorp Holding, Inc.
    8,023       317,871      
Red Robin Gourmet Burgers (b)
    3,324       161,081      
Ryan’s Restaurant Group, Inc. (b)
    11,029       139,848      
Sanderson Farms, Inc.
    3,059       110,858      
Seaboard Corp.
    100       85,500      
Sensient Technologies Corp.
    12,254       245,203      
Tejon Ranch Co. (b)
    1,383       61,336      
         
     
 
              3,988,134      
         
     
 
Furniture (0.4%)
American Woodmark Corp.
    2,400       76,416      
Bassett Furniture Industries, Inc.
    2,747       53,951      
Bombay Co., Inc. (b)
    9,300       36,735      
Ethan Allen Interiors, Inc.
    9,000       271,170      
Furniture Brands International, Inc.
    13,200       255,816      
Hooker Furniture Corp.
    2,075       34,653      
Kimball International, Inc., Class B
    5,648       64,331      
La-Z-Boy, Inc.
    14,400       170,496      
Select Comfort Corp. (b)
    9,286       205,406      
Stanley Furniture Co., Inc.
    1,892       79,180      
Tempur-Pedic International, Inc. (b)
    3,269       62,405      
         
     
 
              1,310,559      
         
     
 
2005 Semiannual Report 37

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Small Cap Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
Gambling - Non-Hotel Casinos (0.3%)
Argosy Gaming Co. (b)
    7,047     $ 323,739      
Churchill Downs, Inc.
    1,200       45,480      
Empire Resorts, Inc. (b)
    2,500       9,750      
Isle of Capris Casinos, Inc. (b)
    4,651       112,368      
Scientific Games Corp. (b)
    21,685       465,577      
         
     
 
              956,914      
         
     
 
Gas - Distribution (1.4%)
Atmos Energy Corp.
    21,272       559,454      
Cascade Natural Gas Corp.
    3,239       60,666      
Energen Co.
    10,371       642,483      
New Jersey Resources Corp.
    8,243       357,416      
Nicor, Inc.
    12,762       471,811      
Northwest Natural Gas Co.
    7,276       258,298      
Peoples Energy Corp.
    10,975       434,610      
Piedmont Natural Gas Co., Inc.
    20,445       469,213      
South Jersey Industries, Inc.
    3,702       201,204      
Southwest Gas Corp.
    8,606       210,589      
Southwestern Energy Co. (b)
    9,884       580,685      
WGL Holdings, Inc.
    14,215       430,857      
         
     
 
              4,677,286      
         
     
 
Healthcare (2.5%)
Amedisys, Inc. (b)
    4,281       128,473      
America Service Group, Inc. (b)
    3,774       85,745      
American Healthways, Inc. (b)
    8,536       318,820      
American Medical Systems Holdings, Inc. (b)
    14,936       260,783      
AMERIGROUP Corp. (b)
    12,714       446,516      
AmSurg Corp. (b)
    8,593       222,473      
Apria Healthcare Group, Inc. (b)
    13,200       397,320      
Beverly Enterprises, Inc. (b)
    29,484       345,552      
Centene Corp. (b)
    11,134       310,082      
CorVel Corp. (b)
    3,100       63,674      
Cross Country Healthcare, Inc. (b)
    6,300       101,493      
DJ Orthopedics, Inc. (b)
    3,602       90,590      
Dynacq Healthcare, Inc. (b)
    2       10      
Genesis HealthCare Corp. (b)
    6,289       250,931      
Gentiva Health Services, Inc. (b)
    8,809       172,480      
HealthExtras, Inc. (b)
    5,093       84,289      
Hooper Holmes, Inc.
    10,249       37,511      
Immucor, Inc. (b)
    12,294       366,853      
Invacare Corp.
    7,149       292,823      
Kindred Healthcare, Inc. (b)
    7,611       250,402      
LCA-Vision, Inc.
    4,270       167,341      
LifePoint Hospitals, Inc. (b)
    13,587       603,942      
Magellan Health Services, Inc. (b)
    8,315       283,209      
Matria Healthcare, Inc. (b)
    4,651       128,507      
Medcath Corp. (b)
    1,800       49,770      
Molina Healthcare, Inc. (b)
    1,934       84,613      
OCA, Inc. (b)
    11,600       47,096      
Odyssey Healthcare, Inc. (b)
    10,723       122,564      
Option Care, Inc.
    7,414       105,501      
Pediatrix Medical Group, Inc. (b)
    6,000       408,540      
Per-Se Technologies, Inc. (b)
    6,613       102,898      
PolyMedica Corp.
    7,419       229,915      
Proxymed, Inc. (b)
    400       2,784      
Psychiatric Solutions, Inc. (b)
    3,682       158,400      
Quality Systems, Inc.
    2,512       119,521      
RehabCare Group, Inc. (b)
    4,400       132,088      
Res-Care, Inc. (b)
    3,600       51,444      
Sierra Health Services, Inc. (b)
    5,962       385,682      
Sunrise Assisted Living, Inc. (b)
    4,149       212,595      
Symbion, Inc. (b)
    800       17,024      
United Surgical Partners International, Inc. (b)
    8,352       369,576      
USNA Health Sciences, Inc. (b)
    3,280       135,562      
Vistacare, Inc. (b)
    3,393       60,735      
         
     
 
              8,206,127      
         
     
 
Hotels & Casinos (0.4%)
Ameristar Casinos, Inc.
    3,246       160,028      
Aztar Corp. (b)
    9,647       263,460      
Boyd Gaming Corp.
    12,386       653,732      
Lakes Entertainment, Inc. (b)
    4,600       67,758      
MTR Gaming Group, Inc. (b)
    6,400       70,464      
Nevada Gold & Casinos, Inc. (b)
    300       3,747      
         
     
 
              1,219,189      
         
     
 
Hotels & Motels (0.1%)
Marcus Corp.
    4,834       92,571      
Sunterra Corp. (b)
    6,750       104,963      
         
     
 
              197,534      
         
     
 
Human Resources (0.0%)
Kforce, Inc. (b)
    7,880       62,882      
         
     
 
Insurance (1.5%)
21st Century Insurance Group
    5,800       76,444      
Affirmative Insurance Holdings, Inc.
    3,800       57,494      
Alfa Corp.
    7,024       96,791      
American Equity Investment Life Holding Co.
    8,500       101,490      
American Physicians Capital, Inc. (b)
    3,150       97,745      
Argonaut Group, Inc. (b)
    6,400       125,888      
Baldwin & Lyons, Inc., Class B
    1,681       41,941      
Bristol West Holdings, Inc.
    1,900       28,652      
Ceres Group, Inc. (b)
    8,400       45,696      
Citizens, Inc. (b)
    4,308       22,402      
CNA Surety Corp. (b)
    1,600       21,024      
Commerce Group, Inc. (The)
    6,374       376,576      
Direct General Corp.
    5,341       94,856      
Donegal Group, Inc., Class A
    1,866       34,782      
EMC Insurance Group, Inc.
    2,470       42,608      
Enstar Group, Inc. (The) (b)
    200       12,064      
 
38 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Insurance (continued)
FBL Financial Group, Inc., Class A
    1,902     $ 49,832      
First Acceptance Corp. (b)
    2,700       27,000      
FPIC Insurance Group, Inc. (b)
    2,060       56,980      
Harleysville Group, Inc.
    3,658       76,050      
Horace Mann Educators Corp.
    11,859       194,250      
Independence Holding Co.
    920       16,670      
Infinity Property & Casualty Corp.
    6,765       219,524      
Kansas City Life Insurance Co.
    300       13,707      
LandAmerica Financial Group, Inc.
    4,923       244,181      
Midland Co. (The)
    1,201       37,711      
Navigators Group, Inc. (b)
    1,992       63,744      
Nymagic, Inc.
    800       18,200      
Ohio Casualty Corp. (b)
    17,981       421,653      
Philadelphia Consolidated Holding Corp. (b)
    5,254       394,050      
PICO Holdings, Inc. (b)
    1,400       33,726      
PMA Capital Corp., Class A (b)
    10,723       76,026      
ProAssurance Corp. (b)
    6,957       260,957      
RLI Corp.
    5,014       215,101      
Safety Insurance Group, Inc.
    2,800       79,576      
Selective Insurance Group, Inc.
    8,234       363,531      
State Auto Financial Corp.
    3,200       87,168      
Stewart Information Services Corp.
    4,362       157,119      
Tower Group, Inc.
    1,400       16,786      
Triad Guaranty, Inc. (b)
    1,834       92,269      
U.S.I. Holdings Corp. (b)
    10,740       121,792      
United Fire & Casualty Co.
    4,302       145,752      
Vesta Insurance Group, Inc.
    5,300       12,985      
Zenith National Insurance Co.
    3,035       174,543      
         
     
 
              4,947,336      
         
     
 
Insurance/Life (0.5%)
AmerUs Group Co.
    11,314       531,871      
Delphi Financial Group, Inc.
    6,826       283,416      
Great American Financial Resources, Inc.
    2,020       32,098      
National Western Life Insurance Co., Class A (b)
    354       58,523      
Phoenix Co., Inc. (The)
    24,636       279,126      
Presidential Life Corp.
    4,981       72,274      
UICI
    10,365       240,675      
Universal American Financial Corp. (b)
    8,800       147,400      
         
     
 
              1,645,383      
         
     
 
Insurance Brokers (0.1%)
Crawford & Co., Class B
    3,520       26,083      
Hilb, Rogal & Hamilton Co.
    8,489       297,200      
         
     
 
              323,283      
         
     
 
Internet (1.5%)
@Road, Inc. (b)
    7,600       25,764      
Alloy, Inc. (b)
    9,033       41,823      
Arbinet Holdings, Inc. (b)
    2,000       38,620      
Ariba, Inc. (b)
    17,110       103,344      
AsiaInfo Holdings, Inc. (b)
    9,703       47,157      
Autobytel, Inc. (b)
    11,707       55,842      
Blue Coat Systems, Inc. (b)
    3,795       54,648      
Blue Nile, Inc. (b)
    1,468       36,950      
Brocade Communications Systems, Inc. (b)
    66,987       292,063      
CMGI, Inc. (b)
    110,207       193,964      
CNET Networks, Inc. (b)
    33,491       332,063      
DoubleClick, Inc. (b)
    30,021       241,369      
Drugstore.com, Inc. (b)
    5,730       13,695      
EarthLink, Inc. (b)
    36,325       333,464      
eCollege.com (b)
    5,465       60,880      
Entrust, Inc. (b)
    20,162       76,212      
Equinix, Inc. (b)
    3,200       111,936      
FindWhat.com (b)
    6,507       54,789      
Harris Interactive, Inc. (b)
    11,900       49,504      
INTAC International, Inc. (b)
    700       8,631      
Internap Network Services Corp. (b)
    37,300       15,666      
Internet Capital Group, Inc. (b)
    10,400       57,304      
Internet Security, Inc. (b)
    10,207       198,526      
Interwoven, Inc. (b)
    11,161       86,163      
iPass, Inc. (b)
    13,371       70,331      
iVillage, Inc. (b)
    4,200       27,510      
j2 Global Communications, Inc. (b)
    5,765       205,926      
Jupitermedia Corp. (b)
    4,800       61,008      
LookSmart Ltd. (b)
    28,970       19,120      
MatrixOne, Inc. (b)
    13,109       55,975      
Neoforma, Inc. (b)
    3,777       21,907      
Net.B@nk, Inc.
    16,707       137,164      
Net2Phone, Inc. (b)
    12,704       22,105      
NIC, Inc. (b)
    7,000       29,470      
Omicell, Inc. (b)
    8,153       50,141      
Openwave Systems, Inc. (b)
    16,379       219,315      
Overstock.com, Inc. (b)
    3,700       130,536      
PC-Tel, Inc. (b)
    7,399       53,569      
Priceline.com, Inc. (b)
    6,199       157,207      
Redback Networks, Inc. (b)
    7,456       39,964      
RightNow Technologies, Inc. (b)
    600       5,352      
S1 Corp. (b)
    18,578       98,092      
Sohu.com Inc. (b)
    6,046       103,689      
Stamps.com, Inc. (b)
    5,196       100,439      
Stellent, Inc. (b)
    5,600       39,480      
SupportSoft, Inc. (b)
    11,800       56,050      
Travelzoo, Inc. (b)
    560       15,512      
TriZetto Group, Inc. (The) (b)
    5,598       58,275      
United Online, Inc. (b)
    13,770       121,038      
ValueClick, Inc. (b)
    20,769       215,167      
Vignette Corp. (b)
    75,809       88,697      
WatchGuard Technologies, Inc. (b)
    11,064       35,847      
Websense, Inc. (b)
    6,255       331,828      
Zixit Corp. (b)
    5,700       15,675      
         
     
 
              5,116,766      
         
     
 
2005 Semiannual Report 39

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Small Cap Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
Lasers (0.1%)
IntraLase Corp. (b)
    500     $ 8,360      
Metrologic Instruments, Inc. (b)
    2,800       37,576      
Rofin-Sinar Technologies, Inc. (b)
    4,742       139,984      
         
     
 
              185,920      
         
     
 
Leisure Products (0.6%)
Action Performance Co., Inc.
    4,524       47,909      
Alliance Gaming Corp. (b)
    14,122       160,991      
Atari, Inc. (b)
    2,540       6,756      
Callaway Golf Co.
    17,289       186,375      
Coachmen Industries, Inc.
    3,000       34,470      
Department 56, Inc. (b)
    2,700       35,208      
Escalade, Inc.
    800       11,368      
Great Wolf Resorts, Inc. (b)
    6,400       135,840      
Greg Manning Auctions, Inc. (b)
    2,538       24,441      
JAKKS Pacific, Inc. (b)
    7,387       138,802      
K2, Inc. (b)
    9,230       117,406      
LIFE TIME FITNESS, Inc. (b)
    1,700       46,019      
Marine Products Corp.
    1,726       22,611      
MarineMax, Inc. (b)
    3,200       86,560      
Nautilus Group, Inc. (The)
    7,530       187,195      
Party City Corp. (b)
    4,954       71,684      
RC2 Corp. (b)
    4,665       161,689      
Speedway Motorsports, Inc.
    3,000       102,900      
Topps Co., Inc.
    9,327       80,399      
Vail Resorts, Inc. (b)
    4,608       119,209      
WMS Industries, Inc. (b)
    5,485       139,319      
         
     
 
              1,917,151      
         
     
 
Machinery (1.6%)
Advanced Energy Industries, Inc. (b)
    7,305       77,287      
Albany International Corp., Class A
    6,627       207,823      
Applied Industrial Technologies, Inc.
    7,475       208,553      
Astec Industries, Inc. (b)
    4,779       111,351      
Baldor Electric Co.
    8,489       211,376      
Blount International, Inc. (b)
    2,900       42,949      
Bucyrus International, Inc., Class A
    3,501       136,329      
Cascade Corp.
    2,846       89,649      
Cubic Corp.
    3,946       69,410      
Flowserve Corp. (b)
    13,295       369,069      
Franklin Electric Co., Inc.
    3,346       118,984      
Gardner Denver, Inc. (b)
    5,503       201,080      
Gorman-Rupp
    1,075       21,500      
IDEX Corp.
    13,484       502,278      
Intermagnetics General Corp. (b)
    7,635       187,516      
Intevac, Inc. (b)
    1,900       16,264      
Joy Global, Inc.
    21,194       717,840      
Kadant, Inc. (b)
    2,903       49,932      
Lennox International, Inc.
    12,842       251,061      
Milacron, Inc. (b)
    11,812       24,805      
NACCO Industries, Inc.
    1,122       116,856      
Nordson Corp.
    7,332       236,237      
Photon Dynamics, Inc. (b)
    4,442       85,953      
Sauer-Danfoss, Inc.
    1,093       21,609      
Stewart & Stevenson Services, Inc.
    7,914       189,936      
Tennant Co.
    2,062       73,283      
Terex Corp. (b)
    12,729       475,810      
Thomas Industries, Inc.
    3,900       153,933      
UNOVA, Inc. (b)
    12,601       223,794      
Wabtec Corp.
    10,913       218,260      
         
     
 
              5,410,727      
         
     
 
Manufactured Housing (0.7%)
Aaon, Inc. (b)
    1,100       20,097      
Apogee Enterprises, Inc.
    8,430       108,578      
Beazer Homes USA, Inc.
    11,612       529,506      
Eagle Materials, Inc.
    5,470       411,618      
Fleetwood Enterprises, Inc. (b)
    14,061       107,426      
Highwood Properties, Inc.
    15,684       441,191      
Levitt Corp., Class A
    3,982       99,869      
Monaco Coach Corp.
    6,839       96,977      
Palm Harbor Homes, Inc. (b)
    3,541       60,339      
Skyline Corp.
    1,018       36,750      
WCI Communities, Inc. (b)
    8,328       233,434      
Winnebago Industries, Inc.
    7,398       215,578      
         
     
 
              2,361,363      
         
     
 
Manufacturing (1.0%)
American Superconductor Corp. (b)
    9,736       85,190      
Applied Films Corp. (b)
    4,247       101,546      
AptarGroup, Inc.
    9,420       454,328      
Armor Holdings, Inc. (b)
    8,446       295,694      
Champion Enterprises, Inc. (b)
    18,484       174,489      
Checkpoint Systems, Inc. (b)
    9,708       153,678      
Cognex Corp.
    10,979       239,781      
CSS Industries, Inc.
    1,505       48,867      
CUNO, Inc. (b)
    5,232       265,367      
EnerSys (b)
    2,050       19,332      
EnPro Industries, Inc. (b)
    5,300       133,295      
Identix, Inc. (b)
    27,625       146,136      
Jacuzzi Brands, Inc. (b)
    19,886       179,968      
Lincoln Electric Holdings, Inc.
    9,746       297,741      
Mine Safety Appliances Co.
    4,972       177,500      
Myers Industries, Inc.
    6,300       60,543      
OshKosh B’Gosh, Inc., Class A
    2,027       53,411      
Powell Industries, Inc. (b)
    1,569       28,383      
Quixote Corp.
    2,770       55,760      
Raven Industries, Inc.
    4,820       91,845      
Sturm, Ruger & Co., Inc.
    5,537       36,544      
Valence Technology, Inc. (b)
    8,530       17,060      
 
40 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Manufacturing (continued)
Woodward Governor Co.
    2,240     $ 158,054      
Young Innovations Inc.
    500       18,195      
         
     
 
              3,292,707      
         
     
 
Manufacturing/Diversified (0.9%)
A.O. Smith Corp.
    5,309       151,307      
Acuity Brands, Inc.
    12,851       307,267      
Barnes Group, Inc.
    4,407       126,701      
CLARCOR, Inc.
    7,237       366,266      
ESCO Technologies, Inc. (b)
    3,594       263,512      
Federal Signal Corp.
    12,643       177,381      
Global Power Equipment Group, Inc. (b)
    5,200       47,112      
Griffon Corp. (b)
    6,660       127,805      
Imation Corp.
    8,700       303,369      
Lancaster Colony Corp.
    7,422       308,458      
Matthews International Corp., Class A
    7,717       274,802      
Penn Energineering & Manufacturing Corp.
    2,700       48,897      
Standex International Corp.
    3,354       87,875      
Tredegar Industries, Inc.
    6,706       109,040      
USG Corp. (b)
    8,565       359,644      
         
     
 
              3,059,436      
         
     
 
Medical Equipment & Supplies (2.3%)
Abaxis, Inc. (b)
    5,600       53,200      
Advanced Medical Optics, Inc. (b)
    9,085       335,963      
Advanced Neuromodulation Systems, Inc. (b)
    5,811       174,969      
Allscripts Healthcare Solution, Inc. (b)
    8,494       111,186      
Animas Corp. (b)
    1,600       29,992      
Arrow International, Inc.
    4,844       160,530      
Aspect Medical Systems, Inc. (b)
    3,880       97,116      
BioLase Technology, Inc.
    6,001       39,487      
Bioveris Corp. (b)
    5,601       26,773      
Bruker BioSciences Corp. (b)
    3,313       10,800      
Candela Corp. (b)
    5,302       48,036      
Cardiac Science, Inc. (b)
    20,220       18,198      
CardioDyamics International Corp. (b)
    11,356       24,075      
Cepheid, Inc. (b)
    11,000       98,560      
Closure Medical Corp. (b)
    2,400       64,536      
Conceptus, Inc. (b)
    5,300       32,383      
CONMED Corp. (b)
    9,189       273,097      
CTI Molecular Imaging, Inc. (b)
    9,244       189,779      
Cyberonics, Inc. (b)
    4,939       186,151      
Durect Corp. (b)
    13,600       37,536      
E-Z-EM, Inc.
    600       7,740      
Encore Medical Corp. (b)
    10,074       42,009      
EPIX Medical, Inc. (b)
    8,330       56,394      
Exactech, Inc. (b)
    1,200       16,428      
Foxhollow Technologies, Inc. (b)
    300       9,297      
Hanger Orthopedic Group, Inc. (b)
    7,100       41,464      
Hologic, Inc. (b)
    5,300       188,574      
I-Flow Corp. (b)
    6,369       90,567      
ICU Medical, Inc. (b)
    3,650       129,320      
IDX Systems Corp. (b)
    4,432       137,259      
Intuitive Surgical, Inc. (b)
    8,977       385,472      
Kensey Nash Corp. (b)
    3,282       90,189      
Kyphon, Inc. (b)
    6,502       170,027      
Landauer, Inc.
    1,822       82,628      
Laserscope (b)
    4,700       148,896      
Lifeline Systems, Inc. (b)
    3,701       126,204      
Mannkind Corp. (b)
    2,900       40,165      
Medical Action Industries, Inc. (b)
    2,266       40,403      
Mentor Corp.
    11,159       409,535      
Merit Medical Systems, Inc. (b)
    7,732       97,810      
Microtek Medical Holdings, Inc. (b)
    14,800       55,500      
Oakley, Inc.
    5,423       72,397      
OraSure Technologies, Inc. (b)
    11,373       90,529      
Orthologic Corp. (b)
    11,027       47,526      
Orthovita, Inc. (b)
    12,800       42,112      
Possis Medical, Inc. (b)
    6,203       54,959      
PSS World Medical, Inc. (b)
    18,516       206,639      
Radiation Therapy Services, Inc. (b)
    2,600       60,346      
Serologicals Corp. (b)
    10,269       221,092      
Sonic Innovations, Inc. (b)
    5,400       23,598      
STERIS Corp. (b)
    17,700       419,136      
Surmodics, Inc. (b)
    3,623       130,682      
Sybron Dental Specialties, Inc. (b)
    10,152       378,162      
Symmetry Medical, Inc. (b)
    2,500       43,000      
Techne Corp. (b)
    11,941       498,896      
ThermoGenesis Corp. (b)
    7,405       25,399      
Viasys Healthcare, Inc. (b)
    7,925       168,327      
VISX, Inc. (b)
    13,087       311,994      
Vital Signs, Inc.
    1,230       50,184      
WellCare Health Plans, Inc. (b)
    1,650       48,675      
Wright Medical Group, Inc. (b)
    8,352       207,380      
Zoll Medical Corp. (b)
    3,346       76,088      
         
     
 
              7,555,369      
         
     
 
Medical Laboratories (0.3%)
Able Laboratories, Inc. (b)
    5,485       130,762      
Alliance Imaging, Inc. (b)
    1,500       15,660      
Applera Corp. - Celera Genomics Group (b)
    18,873       173,632      
Bio-Reference Laboratories, Inc. (b)
    2,300       31,970      
Cerner Corp. (b)
    8,219       477,195      
Discovery Laboratories, Inc. (b)
    12,000       68,160      
LabOne, Inc. (b)
    5,239       183,784      
Specialty Laboratories, Inc. (b)
    276       2,258      
         
     
 
              1,083,421      
         
     
 
Metal Processors (0.5%)
Commercial Metals Co.
    15,152       386,527      
Kaydon Corp.
    8,748       240,045      
Metal Management, Inc.
    5,700       114,969      
 
2005 Semiannual Report 41

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Small Cap Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
Metal Processors (continued)
Metals USA, Inc. (b)
    6,600     $ 96,624      
Mueller Industries, Inc.
    9,625       249,288      
NN, Inc.
    7,385       92,682      
Quanex Corp.
    6,800       343,128      
Steel Technologies, Inc.
    3,660       70,235      
Valmont Industries, Inc.
    2,800       65,128      
         
     
 
              1,658,626      
         
     
 
Metals (0.5%)
Brush Engineered Materials, Inc. (b)
    4,936       70,634      
Century Aluminum Co. (b)
    5,827       135,769      
Cleveland-Cliffs, Inc.
    6,094       353,513      
Coeur d’Alene Mines Corp. (b)
    67,435       208,374      
Compass Minerals International, Inc.
    2,700       65,205      
Gibraltar Industries, Inc.
    6,878       144,507      
Hecla Mining Co. (b)
    36,818       171,572      
RTI International Metals, Inc. (b)
    5,435       122,233      
Stepan Co.
    700       15,092      
Stillwater Mining Co. (b)
    9,335       68,146      
Titanium Metals Corp. (b)
    1,068       35,906      
USEC, Inc.
    23,078       303,476      
         
     
 
              1,694,427      
         
     
 
Natural Gas (0.5%)
Airgas, Inc.
    15,209       333,381      
EnergySouth, Inc.
    2,100       56,259      
Laclede Group, Inc. (The)
    5,700       156,009      
Southern Union Co. (b)
    24,517       586,937      
St. Mary Land & Exploration Co.
    15,666       339,952      
Syntroleum Corp. (b)
    8,908       78,925      
         
     
 
              1,551,463      
         
     
 
Office Equipment & Supplies (0.4%)
Ennis Business Forms, Inc.
    4,300       66,650      
General Binding Corp. (b)
    600       12,768      
Global Imaging Systems, Inc. (b)
    6,084       211,054      
Imagistics International, Inc. (b)
    5,800       155,730      
Interface, Inc. (b)
    11,655       69,930      
John H. Harland Co.
    7,374       265,464      
Knoll, Inc.
    3,900       63,375      
School Specialty, Inc. (b)
    6,988       259,325      
Standard Register Co.
    5,351       66,727      
         
     
 
              1,171,023      
         
     
 
Oil & Gas (3.7%)
Atlas America, Inc. (b)
    1,300       42,978      
Atwood Oceanics, Inc. (b)
    3,383       193,068      
Berry Petroleum Co.
    5,180       242,010      
Bill Barrett Corp. (b)
    4,000       106,560      
Brigham Exploration Co. (b)
    9,742       81,346      
Cabot Oil & Gas Corp.
    14,369       423,023      
Cal Dive International, Inc. (b)
    11,025       490,392      
Callon Petroleum Co. (b)
    3,400       46,206      
Cheniere Energy, Inc. (b)
    14,600       404,420      
Cimarex Energy Co. (b)
    10,502       372,821      
Clayton Williams Energy, Inc. (b)
    2,300       54,027      
Comstock Resources, Inc. (b)
    8,236       208,371      
Crosstex Energy, Inc.
    700       31,227      
Delta Petroleum Corp. (b)
    6,000       67,080      
Denbury Resources, Inc. (b)
    14,000       444,360      
Edge Petroleum Corp. (b)
    6,646       93,144      
Encore Acquisition Co. (b)
    5,520       202,694      
Energy Partners Ltd. (b)
    7,320       167,335      
Forest Oil Corp. (b)
    14,395       554,639      
FX Energy, Inc. (b)
    6,537       69,423      
Giant Industries, Inc. (b)
    4,000       104,440      
Grey Wolf, Inc. (b)
    50,917       305,502      
Hanover Compressor Co. (b)
    18,270       189,460      
Harvest Natural Resources, Inc. (b)
    9,465       102,127      
Helmerich & Payne, Inc.
    12,900       495,876      
Houston Exploration Co. (The) (b)
    3,523       179,462      
KCS Energy, Inc. (b)
    12,731       178,743      
Lufkin Industries, Inc.
    5,104       150,160      
Magnum Hunter Resources, Inc. (b)
    26,040       375,757      
Matrix Service Co. (b)
    6,100       23,729      
McMoRan Exploration Co. (b)
    5,507       99,236      
Meridian Resource Corp. (The) (b)
    15,600       63,024      
Mission Resources Corp. (b)
    14,200       97,412      
Newpark Resources, Inc. (b)
    22,084       132,725      
Oceaneering International, Inc. (b)
    6,802       223,174      
Parker Drilling Co. (b)
    25,377       135,513      
Penn Virginia Corp.
    4,200       172,494      
Petroleum Development Corp. (b)
    4,456       114,074      
Plains Exploration & Production Co. (b)
    20,302       653,317      
Quaker Chemical Corp.
    2,873       55,995      
Quicksilver Resources, Inc. (b)
    7,640       392,161      
Quiksilver Resources, Inc. (b)
    15,037       414,269      
Range Resources Corp.
    22,063       499,727      
Remington Oil & Gas Corp. (b)
    5,880       171,520      
RPC, Inc.
    3,901       56,721      
Spinnaker Exploration Co. (b)
    7,910       253,199      
Stone Energy Corp. (b)
    6,244       280,605      
Swift Energy Co. (b)
    7,620       200,635      
Tel Offshore Trust
    378       2,775      
Tesoro Petroleum Corp. (b)
    17,151       650,709      
Todco, Class A (b)
    4,460       99,235      
Unit Corp. (b)
    10,869       416,935      
Vintage Petroleum, Inc.
    13,916       402,033      
W&T Offshore, Inc.
    3,900       78,195      
Warren Resources, Inc. (b)
    5,200       44,512      
 
42 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Oil & Gas (continued)
Whiting Petroleum Corp. (b)
    6,080     $ 184,042      
World Fuel Services Corp.
    6,420       160,500      
         
     
 
              12,455,117      
         
     
 
Oil Equipment & Services (0.9%)
CARBO Ceramics, Inc.
    3,383       224,564      
Dril-Quip, Inc. (b)
    1,113       32,444      
Frontier Oil Corp.
    7,911       332,895      
Global Industries Ltd. (b)
    24,848       239,535      
Holly Corp.
    6,206       212,680      
Hydril Co. (b)
    4,790       251,954      
Key Energy Services, Inc. (b)
    17,969       202,151      
Lone Star Technologies, Inc. (b)
    7,534       293,374      
SEACOR SMIT, Inc. (b)
    5,318       303,179      
SJW Corp.
    700       26,775      
Superior Energy Services, Inc. (b)
    15,173       225,774      
TETRA Technologies, Inc. (b)
    6,108       165,099      
TRC Cos., Inc. (b)
    1,900       26,258      
Veritas DGC, Inc. (b)
    8,660       221,696      
W-H Energy Services, Inc. (b)
    6,700       147,534      
WD-40 Co.
    4,727       132,545      
         
     
 
              3,038,457      
         
     
 
Oil Field Machinery & Equipment (0.1%)
Gulf Island Fabrication, Inc.
    3,247       68,317      
Oil States International, Inc. (b)
    6,070       123,282      
Universal Compression Holdings, Inc. (b)
    3,668       128,746      
         
     
 
              320,345      
         
     
 
Paper & Forest Products (0.5%)
Buckeye Technologies, Inc. (b)
    5,290       41,791      
Caraustar Industries, Inc. (b)
    7,824       69,947      
Chesapeake Corp.
    3,870       75,155      
Deltic Timber Corp.
    2,756       97,700      
Glatfelter & Co.
    9,265       110,531      
Graphic Packaging Corp. (b)
    13,100       42,444      
Longview Fibre Co.
    13,400       247,632      
Pope & Talbot, Inc.
    3,992       52,096      
Potlatch Corp.
    8,157       385,256      
Rock-Tenn Co.
    5,303       53,825      
Schweitzer-Mauduit International, Inc.
    4,342       126,873      
Universal Forest Products, Inc.
    4,266       162,364      
Wausau-Mosinee Paper Corp.
    12,047       159,864      
         
     
 
              1,625,478      
         
     
 
Pharmaceuticals (2.0%)
Alexion Pharmaceuticals, Inc. (b)
    6,929       143,707      
American Pharmaceutical Partners, Inc. (b)
    1       52      
Array BioPharma, Inc. (b)
    4,700       29,234      
AtheroGenics, Inc. (b)
    10,134       108,839      
Barrier Therapeutics, Inc. (b)
    500       8,595      
Bioenvision, Inc. (b)
    3,900       24,960      
BioMarin Pharmaceutical, Inc. (b)
    18,768       111,294      
Bone Care International, Inc. (b)
    5,234       135,090      
Bradley Pharmaceuticals, Inc. (b)
    4,177       37,342      
Cell Genesys, Inc. (b)
    15,292       71,261      
Conor Medsystems, Inc. (b)
    2,400       32,376      
Corixa Corp. (b)
    15,829       48,912      
Cubist Pharmaceuticals, Inc. (b)
    13,150       119,008      
CYTOGEN Corp. (b)
    4,300       16,082      
Cytokinetics, Inc. (b)
    700       3,437      
Dendreon Corp. (b)
    15,478       71,508      
Depomed, Inc. (b)
    3,300       12,804      
DOV Pharmaceutical, Inc. (b)
    5,120       79,770      
Encysive Pharmaceuticals, Inc. (b)
    14,697       143,443      
Enzon, Inc. (b)
    12,000       93,000      
First Horizon Pharmaceutical Corp. (b)
    6,900       124,959      
Genaera Corp. (b)
    8,606       16,437      
Geron Corp. (b)
    12,637       77,970      
Hollis-Eden Pharmaceuticals, Inc. (b)
    3,891       27,159      
ImmunoGen, Inc. (b)
    10,038       50,692      
Impax Laboratories, Inc. (b)
    14,184       230,774      
Indevus Pharmaceuticals, Inc. (b)
    11,330       27,702      
Inkine Pharmaceutical Co., Inc. (b)
    8,600       20,296      
Inspire Pharmaceuticals, Inc. (b)
    10,569       74,617      
Inter Parfums, Inc.
    1,800       26,010      
Isis Pharmaceuticals, Inc. (b)
    15,380       44,602      
Isolagen, Inc. (b)
    5,600       27,160      
Ista Pharmaceuticals, Inc. (b)
    1,773       13,493      
Keryx Biopharmaceuticals, Inc. (b)
    3,936       57,033      
Kos Pharmaceuticals, Inc. (b)
    3,768       181,505      
Lannett Co., Inc. (b)
    600       3,630      
LifeCell Corp. (b)
    8,500       102,000      
Mannatech, Inc.
    4,400       87,252      
Maxim Pharmaceuticals, Inc. (b)
    10,940       15,863      
Medical Co. (b)
    13,879       296,317      
NeighborCare, Inc. (b)
    11,255       323,244      
NeoPharm, Inc. (b)
    6,355       53,064      
NitroMed, Inc. (b)
    2,980       44,551      
Northfield Laboratories, Inc. (b)
    7,300       105,047      
Noven Pharmaceuticals, Inc. (b)
    6,400       106,432      
Nuvelo, Inc. (b)
    11,723       68,345      
Onyx Pharmaceuticals, Inc. (b)
    9,975       308,128      
Oscient Pharmaceuticals Corp. (b)
    9,800       19,600      
Pain Therapeutics, Inc. (b)
    9,410       49,026      
Parexel International Corp. (b)
    7,871       143,488      
Penwest Pharmaceuticals Co. (b)
    5,390       68,992      
Peregrine Pharmaceuticals, Inc. (b)
    28,273       34,210      
Perrigo Co.
    16,651       305,046      
Pharmacyclics, Inc. (b)
    4,900       35,182      
Pharmion Corp. (b)
    4,100       94,710      
Pharmos Corp. (b)
    14,500       8,700      
POZEN, Inc. (b)
    6,550       45,916      
 
2005 Semiannual Report 43

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Small Cap Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
Pharmaceuticals (continued)
PRA International (b)
    1,200     $ 30,708      
PRAECIS Pharmaceuticals, Inc. (b)
    20,160       19,152      
Progenics Pharmaceuticals, Inc. (b)
    4,000       71,240      
Regeneron Pharmaceuticals, Inc. (b)
    7,617       42,351      
Renovis, Inc. (b)
    200       1,430      
Salix Pharmaceuticals, Inc. (b)
    9,900       141,570      
Santarus, Inc. (b)
    600       2,568      
SuperGen, Inc. (b)
    12,034       50,663      
Telik, Inc. (b)
    14,906       241,477      
Transkaryotic Therapies, Inc. (b)
    8,832       299,228      
United Therapeutics Corp. (b)
    5,947       285,397      
Valeant Pharmaceuticals International
    23,968       497,335      
Vertex Pharmaceuticals, Inc. (b)
    21,604       206,102      
Vicuron Pharmaceuticals, Inc. (b)
    13,264       216,866      
Vion Pharmaceuticals, Inc. (b)
    14,000       37,660      
         
     
 
              6,753,613      
         
     
 
Pipelines (0.1%)
Aquila, Inc. (b)
    60,720       208,877      
TransMontaigne, Inc. (b)
    1,954       13,815      
         
     
 
              222,692      
         
     
 
Pollution Control (0.3%)
Aleris International, Inc. (b)
    7,200       154,512      
Calgon Carbon Corp.
    10,848       93,618      
Casella Waste Systems, Inc., Class A (b)
    6,647       78,368      
Duratek, Inc. (b)
    3,723       86,262      
Flanders Corp. (b)
    4,200       41,706      
Waste Connections, Inc. (b)
    13,136       462,650      
         
     
 
              917,116      
         
     
 
Printing & Publishing (0.7%)
Banta Corp.
    6,807       283,443      
Bowne & Co., Inc.
    11,188       145,668      
Courier Corp.
    1,100       53,658      
Hollinger International, Inc.
    15,754       148,403      
Journal Register Co. (b)
    8,961       141,763      
Playboy Enterprises, Inc. (b)
    7,434       89,803      
Presstek, Inc. (b)
    7,985       59,488      
PRIMEDIA, Inc. (b)
    34,600       152,932      
ProQuest Co. (b)
    6,179       200,447      
Pulitzer, Inc.
    2,272       144,613      
Scholastic Corp. (b)
    9,022       314,417      
Thomas Nelson, Inc.
    2,700       64,746      
Valassis Communications, Inc. (b)
    14,300       504,074      
         
     
 
              2,303,455      
         
     
 
Radio (0.0%)
Beasley Broadcast Group, Inc. (b)
    1,330       20,961      
Saga Communications, Inc. (b)
    3,625       53,324      
Spanish Broadcasting System, Inc. (b)
    10,779       90,004      
         
     
 
              164,289      
         
     
 
Railroads (0.1%)
Florida East Coast Industries, Inc.
    4,920       209,592      
         
     
 
Real Estate (0.3%)
Avatar Holdings, Inc. (b)
    1,692       82,147      
CB Richard Ellis Group, Inc., Class A (b)
    5,735       199,291      
Consolidated-Tomoka Land Co.
    1,000       61,050      
Getty Realty Corp.
    3,635       91,711      
Jones Lang LaSalle, Inc. (b)
    8,362       313,575      
Tarragon Realty Investors, Inc. (b)
    1,687       33,386      
Trammell Crow Co. (b)
    7,574       161,326      
         
     
 
              942,486      
         
     
 
Real Estate Investment Trusts (6.1%)
Aames Investment Corp.
    11,200       94,640      
Acadia Realty Trust
    7,199       115,544      
Affordable Residential Communities
    9,100       116,298      
Alexandria Real Estate Equities, Inc.
    5,811       399,913      
American Campus Communities, Inc.
    4,350       91,263      
American Financial Realty Trust
    31,805       487,571      
American Home Mortgage Investment Corp.
    8,215       268,631      
Amli Residential Properties Trust
    6,401       178,716      
Anthracite Capital, Inc.
    13,771       152,996      
Arbor Realty Trust, Inc.
    1,900       46,550      
Ashford Hospitality Trust
    3,100       31,744      
Bedford Property Investors, Inc.
    5,550       118,160      
Bimini Mortgage Management, Inc., Class A
    7,100       94,430      
BioMed Realty Trust, Inc.
    8,938       180,548      
Bluegreen Corp. (b)
    3,200       44,384      
Brandywine Realty Trust
    14,226       402,596      
Capital Automotive REIT
    11,066       376,023      
Capital Lease Funding, Inc.
    6,400       71,552      
Capital Trust, Inc., Class A
    1,908       64,261      
Capstead Mortgage Corp.
    5,460       42,206      
CarrAmerica Realty Corp.
    15,716       519,256      
Cedar Shopping Centers, Inc.
    4,900       67,620      
Colonial Properties Trust
    9,392       363,001      
Commercial Net Lease Realty
    13,005       246,835      
Corporate Office Properties Trust
    9,590       252,217      
Correctional Properties Trust
    2,400       61,584      
Corrections Corporation of America (b)
    10,625       402,156      
Cousins Properties, Inc.
    10,702       288,954      
CRT Properties, Inc.
    8,531       196,981      
Digital Reality Trust, Inc.
    2,800       39,956      
EastGroup Properties, Inc.
    6,210       232,875      
ECC Capital Corp.
    17,700       92,040      
 
44 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Real Estate Investment Trusts (continued)
Education Realty Trust, Inc.
    7,300     $ 116,800      
Entertainment Properties Trust
    6,814       294,365      
Equity Inns, Inc.
    14,836       167,053      
Equity Lifestyle Properties, Inc.
    5,336       195,298      
Equity One, Inc.
    7,035       147,313      
Essex Property Trust, Inc.
    6,659       505,751      
Extra Space Storage, Inc.
    6,750       87,750      
FelCor Lodging Trust, Inc. (b)
    12,900       157,896      
Fieldstone Investment Co.
    15,100       192,827      
First Industrial Realty Trust, Inc.
    12,122       463,060      
Gables Residential Trust
    7,860       288,069      
Glenborough Realty Trust, Inc.
    10,594       217,601      
Glimcher Realty Trust
    9,438       237,554      
Global Signal, Inc.
    1,250       37,300      
GMH Communities Trust
    10,500       123,375      
Government Properties Trust, Inc.
    8,280       81,641      
Gramercy Capital Corp.
    4,000       79,520      
Healthcare Realty Trust, Inc.
    11,789       455,173      
Heritage Property Investment
    6,053       186,432      
Highland Hospitality Corp.
    5,800       60,842      
Home Properties of New York, Inc.
    9,025       377,696      
Impac Mortgage Holdings, Inc.
    19,028       348,593      
Innkeepers USA Trust
    10,061       133,509      
Investors Real Estate Trust
    11,297       102,238      
Kilroy Realty Corp.
    7,761       338,612      
Kite Realty Group Trust
    6,769       94,766      
La Quinta Corp. (b)
    48,707       423,751      
LaSalle Hotel Properties
    7,096       215,576      
Lexington Corporate Properties Trust
    11,685       268,521      
LTC Properties, Inc.
    3,000       55,080      
Luminent Mortgage Capital, Inc.
    13,537       134,693      
Maguire Properties, Inc.
    10,355       264,053      
MeriStar Hospitality Corp. (b)
    19,609       134,322      
MFA Mortgage Investments, Inc.
    20,774       149,157      
Mid-America Apartment Communities, Inc.
    4,612       176,317      
Mission West Properties, Inc.
    4,260       43,239      
MortgageIT Holdings, Inc.
    5,385       91,545      
National Health Investors, Inc.
    5,337       139,829      
Nationwide Health Properties, Inc.
    19,489       417,649      
New Century Financial Corp.
    13,159       598,076      
Newcastle Investment Corp.
    9,177       270,630      
Omega Healthcare Investors, Inc.
    12,900       144,738      
Origen Financial, Inc.
    6,000       43,740      
Parkway Properties, Inc.
    3,302       150,571      
Pennsylvania Real Estate Investment Trust
    8,427       355,198      
Post Properties, Inc.
    10,876       354,340      
Prentiss Properties Trust
    13,011       432,225      
PS Business Parks, Inc.
    3,345       135,004      
Rait Investment Trust
    6,768       183,616      
Ramco-Gershenson Properties Trust
    4,139       114,609      
Realty Income Corp.
    21,284       513,157      
Redwood Trust, Inc.
    4,520       226,542      
Saul Centers, Inc.
    3,045       102,008      
Saxon Capital, Inc.
    13,300       228,361      
Senior Housing Properties Trust
    13,162       227,703      
Sovran Self Storage, Inc.
    3,301       141,118      
Spirit Finance Corp.
    19,900       205,965      
Strategic Hotel Capital, Inc.
    6,852       96,682      
Sun Communities, Inc.
    4,410       153,689      
Sunstone Hotel Investors, Inc.
    6,500       142,740      
Tanger Factory Outlet Centers, Inc.
    7,422       171,894      
Taubman Centers, Inc.
    13,577       401,879      
Town & Country Trust
    5,213       139,969      
Trustreet Properties, Inc.
    19,827       310,094      
U-Store-It Trust
    7,700       134,596      
Universal Health Realty Income Trust
    2,473       80,991      
Urstadt Biddle Properties, Inc., Class A
    5,680       84,518      
Washington Real Estate Investment Trust
    10,729       319,831      
Winston Hotels, Inc.
    5,045       58,018      
         
     
 
              20,668,769      
         
     
 
Recreational Vehicles & Boats (0.1%)
Arctic Cat, Inc.
    4,458       105,565      
Thor Industries, Inc.
    9,328       251,390      
         
     
 
              356,955      
         
     
 
Research & Development (0.2%)
Albany Molecular Research, Inc. (b)
    8,285       78,169      
Antigenics, Inc. (b)
    8,650       62,107      
Biosite, Inc. (b)
    4,231       241,167      
Exponet, Inc. (b)
    1,800       42,894      
Forrester Research, Inc. (b)
    4,781       71,428      
Neurogen Corp. (b)
    3,400       20,842      
Regeneration Technologies, Inc. (b)
    7,600       69,844      
Trimeris, Inc. (b)
    5,688       56,596      
         
     
 
              643,047      
         
     
 
Residential Building Construction (0.3%)
Ameron International Corp.
    1,800       59,418      
Beacon Roofing Supply, Inc. (b)
    2,300       51,060      
BlueLinx Holdings, Inc.
    2,900       34,800      
Design Within Reach, Inc. (b)
    2,743       41,913      
Dominion Homes, Inc. (b)
    2,139       29,818      
Dycom Industries, Inc. (b)
    14,196       330,199      
Insituform Technologies, Inc. (b)
    8,422       125,572      
M/ I Schottenstein Homes, Inc.
    3,192       145,874      
William Lyon Homes (b)
    1,135       100,334      
         
     
 
              918,988      
         
     
 
Restaurants (1.0%)
BJ’s Restaurants, Inc. (b)
    2,600       45,890      
Bob Evans Farms, Inc.
    10,804       220,402      
Buffalo Wild Wings, Inc. (b)
    2,400       73,008      
 
2005 Semiannual Report 45

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Small Cap Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
Restaurants (continued)
California Pizza Kitchen, Inc. (b)
    6,680     $ 152,304      
CKE Restaurants, Inc. (b)
    13,302       197,402      
Cosi, Inc. (b)
    2,400       10,608      
Dave & Buster’s, Inc. (b)
    3,000       50,550      
Domino’s Pizza, Inc.
    4,300       78,088      
IHOP Corp.
    5,200       212,680      
Jack in the Box, Inc. (b)
    9,605       351,159      
Landry’s Restaurants, Inc.
    5,814       151,164      
Lone Star Steakhouse & Saloon, Inc.
    4,961       140,644      
O’Charley’s, Inc. (b)
    6,500       129,610      
P.F. Chang’s China Bistro, Inc. (b)
    7,495       416,122      
Panera Bread Co. (b)
    6,997       349,990      
Papa John’s International, Inc. (b)
    3,462       118,677      
Sonic Corp. (b)
    17,034       545,769      
Steak n Shake Co. (The) (b)
    4,712       85,193      
Texas Roadhouse, Inc., Class A (b)
    1,600       41,632      
Triarc Companies, Inc.
    9,290       119,284      
         
     
 
              3,490,176      
         
     
 
Retail (3.0%)
1-800-FLOWERS.COM (b)
    8,966       60,072      
99 CENTS Only Stores (b)
    12,616       139,785      
A.C. Moore Arts & Crafts, Inc. (b)
    4,840       125,888      
Alexander’s, Inc. (b)
    500       114,735      
America’s Car-Mart, Inc. (b)
    3,887       82,161      
Asbury Automotive Group, Inc. (b)
    1,200       16,488      
Big 5 Sporting Goods Corp.
    4,300       102,727      
Blair Corp.
    2,100       69,006      
Bon-Ton Stores, Inc. (The)
    3,200       57,216      
Brookstone, Inc. (b)
    5,987       118,363      
Build-A-Bear-Workshop, Inc. (b)
    1,600       42,896      
Building Materials Holding Corp.
    4,168       228,990      
Cache, Inc. (b)
    4,000       44,840      
Carter’s, Inc. (b)
    2,204       83,135      
Casey’s General Stores, Inc.
    13,735       231,847      
Cash America International, Inc.
    7,954       118,117      
Casual Male Retail Group, Inc. (b)
    9,606       63,496      
Cato Corp.
    5,094       130,916      
CBRL Group, Inc.
    14,163       545,699      
CEC Entertainment, Inc. (b)
    9,808       355,050      
Charlotte Russe Holding, Inc. (b)
    3,836       41,007      
Children’s Place Retail Store, Inc. (The) (b)
    4,331       161,157      
Christopher & Banks Corp.
    9,919       154,935      
Coldwater Creek, Inc. (b)
    9,072       151,684      
Conn’s, Inc. (b)
    400       6,812      
Cost Plus, Inc. (b)
    6,885       159,663      
CSK Auto Corp. (b)
    10,700       165,957      
Dick’s Sporting Goods, Inc. (b)
    7,918       243,558      
Dress Barn, Inc. (b)
    5,662       97,386      
eCOST.com, Inc. (b)
    1       4      
Electronics Boutique Holdings Corp. (b)
    3,767       209,935      
Fred’s, Inc.
    10,760       155,374      
GameStop Corp., Class B (b)
    9,900       231,066      
Gander Mountain Co. (b)
    2,600       27,040      
Genesco, Inc. (b)
    5,720       147,176      
Group 1 Automotive, Inc. (b)
    3,903       98,160      
Guitar Center, Inc. (b)
    7,455       367,904      
Gymboree Corp. (b)
    8,942       102,207      
Hancock Fabrics, Inc.
    6,371       37,716      
Haverty Furniture Co., Inc.
    3,000       43,050      
Hibbet Sporting Goods, Inc. (b)
    6,583       177,544      
Insight Enterprises, Inc. (b)
    13,262       240,042      
J. Jill Group, Inc. (b)
    5,903       74,024      
Jo-Ann Stores, Inc. (b)
    4,883       123,540      
Kirkland’s, Inc. (b)
    3,860       35,435      
Linens ’n Things, Inc. (b)
    11,190       261,063      
M&F Worldwide Corp. (b)
    2,400       30,600      
Men’s Wearhouse, Inc. (b)
    8,319       343,325      
Movado Group, Inc.
    3,362       54,027      
Movie Gallery, Inc.
    7,907       213,726      
New York & Co., Inc. (b)
    1,200       23,016      
Pantry, Inc. (The) (b)
    3,800       121,676      
PC Connection, Inc. (b)
    1,500       8,640      
PC Mall, Inc. (b)
    2,800       14,924      
RARE Hospitality International, Inc. (b)
    9,481       263,761      
Rent-Way, Inc. (b)
    6,963       54,311      
Restoration Hardware, Inc. (b)
    7,200       44,712      
Retail Ventures, Inc. (b)
    1,400       14,112      
Sharper Image Corp. (b)
    4,465       59,786      
ShopKo Stores, Inc. (b)
    7,900       189,284      
Smart & Final, Inc. (b)
    3,704       36,670      
Sonic Automotive, Inc.
    7,252       142,647      
Sports Authority, Inc. (The) (b)
    6,080       161,728      
Stein Mart, Inc. (b)
    5,933       120,203      
TBC Corp. (b)
    5,766       150,839      
Too, Inc. (b)
    8,932       205,525      
Tractor Supply Co. (b)
    8,503       341,991      
Trans World Entertainment Corp. (b)
    5,905       78,418      
Tuesday Morning Corp. (b)
    7,202       189,125      
United Rentals, Inc. (b)
    11,225       206,428      
Weis Markets, Inc.
    3,083       116,846      
WESCO International, Inc. (b)
    5,300       128,154      
West Marine, Inc. (b)
    3,962       64,779      
Zale Corp. (b)
    14,002       378,473      
         
     
 
              10,002,592      
         
     
 
Retail/Food & Drug (0.4%)
Arden Group, Inc., Class A
    168       11,676      
Ingles Markets, Inc., Class A
    4,752       61,443      
Longs Drug Stores Corp.
    7,708       280,186      
Nash-Finch Co.
    4,060       143,602      
Pathmark Stores, Inc. (b)
    10,918       84,287      
Ruddick Corp.
    8,589       192,909      
 
46 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Retail/Food & Drug (continued)
United Natural Foods, Inc. (b)
    11,852     $ 317,634      
Wild Oats Markets, Inc. (b)
    9,590       96,859      
         
     
 
              1,188,596      
         
     
 
Semiconductors (1.9%)
Actel Corp. (b)
    7,354       103,177      
Alliance Semiconductor Corp. (b)
    5,631       8,897      
AMIS Holdings, Inc. (b)
    7,900       88,954      
Asyst Technologies, Inc. (b)
    12,309       40,374      
ATMI, Inc. (b)
    8,657       198,375      
August Technology Corp. (b)
    6,200       73,160      
Axcelis Technologies, Inc. (b)
    26,163       162,472      
Brooks Automation, Inc. (b)
    11,787       151,581      
Cirrus Logic, Inc. (b)
    18,947       79,956      
COHU, Inc.
    6,545       116,828      
Credence Systems Corp. (b)
    22,737       143,016      
Cymer, Inc. (b)
    8,913       220,953      
Diodes, Inc. (b)
    2,170       63,559      
Emulex Corp. (b)
    21,460       333,275      
Entegris, Inc. (b)
    10,339       89,019      
ESS Technology, Inc. (b)
    9,200       35,328      
Exar Corp. (b)
    11,244       142,686      
FEI Co. (b)
    5,923       106,792      
FormFactor, Inc. (b)
    7,637       174,429      
FSI International, Inc. (b)
    7,600       25,080      
Genesis Microchip, Inc. (b)
    8,744       125,127      
Helix Technology Corp.
    8,241       99,263      
Integrated Device Technology, Inc. (b)
    28,900       309,230      
Ixia (b)
    6,336       101,439      
IXYS Corp. (b)
    4,402       44,724      
Kopin Corp. (b)
    18,407       56,509      
LTX Corp. (b)
    19,653       75,468      
Mattson Technology, Inc. (b)
    8,424       53,492      
Microsemi Corp. (b)
    15,658       264,933      
Microtune, Inc. (b)
    11,400       39,216      
Microvision, Inc. (b)
    5,820       26,772      
Mindspeed Technologies, Inc. (b)
    32,246       43,855      
MIPS Technologies, Inc. (b)
    8,674       60,718      
MKS Instruments, Inc. (b)
    8,523       126,140      
Mykrolis Corp (b)
    11,368       144,942      
OmniVision Technologies, Inc. (b)
    16,408       229,712      
ON Semiconductor Corp. (b)
    32,408       111,484      
Oplink Communications, Inc. (b)
    25,581       38,627      
Optical Communication Products, Inc. (b)
    1,617       2,620      
OSI Systems, Inc. (b)
    4,396       62,423      
Pericom Semiconductor Corp. (b)
    5,800       48,604      
Photronics Corp. (b)
    10,572       168,095      
Pixelworks, Inc. (b)
    10,530       81,081      
PortalPlayer, Inc. (b)
    2,600       44,434      
Power Integrations, Inc. (b)
    7,531       163,799      
Rudolph Technologies, Inc. (b)
    3,400       43,860      
Semitool, Inc. (b)
    3,918       35,380      
Sigmatel, Inc. (b)
    6,600       172,854      
Silicon Image, Inc. (b)
    19,106       192,397      
Silicon Storage Technology, Inc. (b)
    21,284       55,764      
Siliconix, Inc. (b)
    1,500       49,455      
SIPEX Corp. (b)
    5,700       9,234      
SiRF Technology Holdings, Inc. (b)
    1,400       15,974      
Skyworks Solutions Co. (b)
    39,437       206,650      
Staktek Holdings, Inc. (b)
    500       1,805      
Supertex, Inc. (b)
    1,220       17,397      
Tessera Technologies, Inc. (b)
    7,568       201,006      
Transmeta Corp. (b)
    51,600       35,604      
TriQuint Semiconductor, Inc. (b)
    33,639       99,571      
Ultratech Stepper, Inc. (b)
    7,250       115,420      
Veeco Instruments, Inc. (b)
    8,542       113,694      
Vitesse Semiconductor Corp. (b)
    58,188       121,031      
X-Rite, Inc.
    6,741       69,904      
         
     
 
              6,437,618      
         
     
 
Services (1.2%)
Advance America Cash Advance Centers, Inc.
    20,500       285,565      
Alderwoods Group, Inc. (b)
    11,441       149,305      
aQuantive, Inc. (b)
    14,959       166,045      
Arbitron, Inc.
    7,943       336,147      
Central Parking Corp.
    4,179       68,327      
Clark, Inc.
    3,800       52,630      
Coinstar, Inc. (b)
    6,738       115,489      
Cornell Cos., Inc. (b)
    5,700       67,260      
CyberGuard Corp. (b)
    2,583       12,579      
First Advantage Corp., Class A (b)
    1,736       36,456      
FTI Consulting, Inc. (b)
    10,575       233,496      
Geo Group, Inc. (The) (b)
    2,300       60,398      
Healthcare Services Group, Inc.
    5,700       143,925      
Labor Ready, Inc. (b)
    11,294       188,497      
Manhattan Associates, Inc. (b)
    8,400       158,592      
MasTec, Inc. (b)
    4,171       28,154      
National Healthcare Corp.
    1,100       33,715      
NDCHealth Corp.
    9,823       149,997      
Perini Corp. (b)
    2,283       31,642      
Perot Systems Corp., Class A (b)
    19,983       252,385      
PetMed Express, Inc. (b)
    3,200       21,216      
Quanta Services, Inc. (b)
    19,768       157,749      
Rollins, Inc.
    7,561       149,254      
Secure Computing Corp. (b)
    9,750       86,288      
Sotheby’s Holdings, Inc. (b)
    11,778       192,924      
Stewart Enterprises, Inc., Class A
    27,372       147,809      
Tetra Tech, Inc. (b)
    17,067       180,740      
URS Corp. (b)
    8,624       265,188      
Vertrue, Inc. (b)
    1,900       57,779      
Volt Information Sciences, Inc. (b)
    1,505       29,769      
         
     
 
              3,859,320      
         
     
 
2005 Semiannual Report 47

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Small Cap Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
Steel (0.8%)
AK Steel Holding Corp. (b)
    28,600     $ 207,350      
Allegheny Technologies, Inc.
    24,775       554,960      
Carpenter Technology Corp.
    5,951       329,090      
Maverick Tube Corp. (b)
    11,187       325,430      
NS Group, Inc. (b)
    4,586       131,893      
Oregon Steel Mills, Inc. (b)
    8,271       137,547      
Reliance Steel & Aluminum Co.
    7,368       277,995      
Ryerson Tull, Inc.
    8,474       88,553      
Schnitzer Steel Industries, Inc.
    6,079       149,726      
Steel Dynamics, Inc.
    10,895       296,126      
Wheeling-Pittsburgh Corp. (b)
    2,040       48,940      
         
     
 
              2,547,610      
         
     
 
Technology (1.4%)
American Reprographics Co. (b)
    4,100       57,605      
Benchmark Electronics, Inc. (b)
    10,763       291,032      
Black Box Corp.
    4,482       145,755      
CommScope, Inc. (b)
    10,817       152,736      
Concur Technologies, Inc. (b)
    5,800       48,314      
CTS Corp.
    9,437       99,560      
Digi International, Inc. (b)
    6,800       72,420      
Digimarc Corp. (b)
    4,197       21,279      
Digital Theater Systems, Inc. (b)
    4,112       69,493      
Dionex Corp. (b)
    5,125       220,119      
EMS Technologies, Inc. (b)
    2,600       29,354      
Excel Technology, Inc. (b)
    1,819       38,181      
Input/ Output, Inc. (b)
    16,281       98,337      
Intergraph Corp. (b)
    9,818       290,318      
Kanbay International, Inc. (b)
    1,000       17,980      
KEMET Corp. (b)
    21,506       134,413      
Kronos, Inc. (b)
    8,477       331,027      
Kulicke & Soffa Industries, Inc. (b)
    13,268       67,799      
Lattice Semiconductor Corp. (b)
    29,345       133,813      
Lionbridge Technologies, Inc. (b)
    14,600       62,050      
Medis Technologies, Inc. (b)
    2,077       27,707      
Merge Technologies, Inc. (b)
    2,800       45,444      
Micros Systems, Inc. (b)
    9,424       373,662      
Monolithic System Technology, Inc. (b)
    4,800       28,368      
MTC Technologies, Inc. (b)
    1,362       41,296      
Ness Technologies, Inc. (b)
    1,000       10,700      
Opsware, Inc. (b)
    12,408       59,310      
Orbital Sciences Corp. (b)
    13,222       123,229      
Palatin Technologies, Inc. (b)
    12,600       21,420      
Plexus Corp. (b)
    10,494       127,082      
Progress Software Corp. (b)
    9,885       263,732      
Salesforce.com, Inc. (b)
    1,850       26,788      
Sonic Solutions (b)
    4,900       71,981      
Symmetricom, Inc. (b)
    10,100       104,030      
Varian Semiconductor Equipment Associates, Inc. (b)
    10,476       390,649      
Varian, Inc. (b)
    10,269       340,623      
Wilson Greatbatch Technologies, Inc. (b)
    5,430       104,147      
         
     
 
              4,541,753      
         
     
 
Telecommunications (1.3%)
Airspan Networks, Inc. (b)
    12,500       57,250      
Alamosa Holdings, Inc. (b)
    26,696       346,781      
Alaska Communications Systems Holdings, Inc.
    6,300       59,252      
Align Technology, Inc. (b)
    13,592       114,445      
Anaren Microwave, Inc. (b)
    5,433       52,863      
Applied Signal Technology, Inc.
    3,498       68,246      
Arris Group, Inc. (b)
    20,033       152,050      
Aspect Communications Corp. (b)
    11,187       95,201      
Boston Communications Group, Inc. (b)
    8,451       46,988      
Broadwing Corp. (b)
    18,251       67,164      
Carrier Access Corp. (b)
    6,352       33,475      
Centennial Communications Corp. (b)
    1,100       12,650      
Cincinnati Bell, Inc. (b)
    61,279       245,116      
Commonwealth Telephone Enterprises, Inc. (b)
    6,588       306,078      
Comtech Telecommunications Corp. (b)
    6,170       216,629      
CT Communications, Inc.
    3,700       42,476      
D&E Communications, Inc.
    3,200       26,624      
Ditech Communications Corp. (b)
    7,700       87,087      
Dobson Communications Corp. (b)
    30,840       61,680      
Eagle Broadband, Inc. (b)
    26,400       6,336      
FairPoint Communications, Inc.
    8,200       120,376      
Finisar Corp. (b)
    29,900       37,674      
General Cable Corp. (b)
    10,400       126,360      
General Communication, Inc. (b)
    12,948       109,281      
Golden Telecom, Inc.
    3,275       87,737      
InfoSpace, Inc. (b)
    8,534       264,469      
InterVoice-Brite, Inc. (b)
    9,856       105,706      
Iowa Telecommunications Services, Inc.
    6,100       116,510      
ITC^DeltaCom, Inc. (b)
    500       290      
JAMDAT Mobile, Inc. (b)
    2,900       49,474      
KVH Industries, Inc. (b)
    4,931       49,310      
Neon Communications, Inc. (c) (d) (b)
    125       0      
NMS Communications Corp. (b)
    7,400       23,532      
North Pittsburgh Systems, Inc.
    2,463       44,531      
Premiere Global Services, Inc. (b)
    16,715       180,522      
Price Communications Corp. (b)
    11,037       187,408      
Primus Telecommunications Group, Inc. (b)
    31,932       48,217      
Regent Communications, Inc. (b)
    6,031       32,085      
SBA Communications Corp. (b)
    14,200       120,416      
Shenandoah Telecommunications Co.
    746       21,903      
SureWest Communications
    3,700       75,517      
Talk America Holdings, Inc. (b)
    9,820       84,550      
Terremark Worldwide, Inc. (b)
    55,600       33,360      
Triton PCS Holdings, Inc. (b)
    4,900       8,085      
UbiquiTel, Inc. (b)
    19,300       139,539      
Valor Communications Group, Inc.
    9,100       122,850      
Westell Technologies, Inc., Class A (b)
    13,529       70,080      
 
48 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Telecommunications (continued)
WJ Communications, Inc. (b)
    9,600     $ 19,104      
XO Communications, Inc. (c) (d) (b)
    5,400       0      
Zhone Technologies, Inc. (b)
    7,100       14,910      
         
     
 
              4,392,187      
         
     
 
Tire & Rubber (0.3%)
Bandag, Inc.
    3,087       134,099      
Cooper Tire & Rubber Co.
    18,073       315,374      
Goodyear Tire & Rubber Co. (The) (b)
    40,487       480,581      
         
     
 
              930,054      
         
     
 
Tobacco (0.2%)
DIMON, Inc.
    15,061       89,613      
Standard Commercial Corp.
    2,820       49,209      
Star Scientific, Inc. (b)
    9,257       47,211      
Universal Corp.
    7,547       344,520      
Vector Group Ltd.
    7,420       116,717      
         
     
 
              647,270      
         
     
 
Transportation Services (1.8%)
Alexander & Baldwin, Inc.
    11,708       476,868      
AMERCO, Inc.
    2,504       115,034      
Arkansas Best Corp.
    6,980       220,079      
Central Freight Lines, Inc. (b)
    3,800       10,792      
Covenant Transport, Inc., Class A (b)
    3,203       42,984      
EGL, Inc. (b)
    9,833       191,842      
Forward Air Corp.
    7,451       179,271      
Genesee & Wyoming, Inc., Class A (b)
    4,550       109,109      
Greenbrier Companies, Inc.
    600       17,520      
Gulfmark Offshore, Inc. (b)
    4,900       109,662      
Heartland Express, Inc.
    12,145       225,168      
Hornbeck Offshore Services, Inc. (b)
    1,100       25,300      
HUB Group, Inc., Class A (b)
    2,235       122,925      
Kansas City Southern Industries, Inc. (b)
    16,879       319,351      
Kirby Corp. (b)
    5,657       230,466      
Knight Transportation, Inc.
    8,897       187,994      
Laidlaw International, Inc. (b)
    27,118       607,173      
Landstar System, Inc. (b)
    16,334       500,638      
Marten Transport Ltd. (b)
    800       15,200      
Navigant International, Inc. (b)
    5,289       65,636      
Offshore Logistics, Inc. (b)
    5,300       153,541      
Old Dominion Freight Line, Inc. (b)
    3,953       111,079      
Overnite Corp.
    8,806       264,004      
Overseas Shipholding Group, Inc.
    6,987       394,276      
P.A.M. Transportation Services, Inc. (b)
    1,200       20,208      
Pacer International, Inc. (b)
    8,354       173,178      
Pegasus Solutions, Inc. (b)
    5,935       63,445      
Quality Distribution, Inc. (b)
    2,548       24,868      
RailAmerica, Inc. (b)
    8,719       89,980      
Rush Enterprises, Inc., Class B (b)
    600       8,898      
SCS Transportation, Inc. (b)
    4,225       64,600      
Seabulk International, Inc. (b)
    1,600       31,344      
Swift Transportation Co., Inc. (b)
    13,570       289,448      
U.S. Xpress Enterprises, Inc. (b)
    3,000       33,480      
Universal Truckload Services, Inc. (b)
    1,600       25,504      
Werner Enterprises, Inc.
    14,802       275,021      
Wright Express Corp. (b)
    12,900       215,430      
         
     
 
              6,011,316      
         
     
 
Utilities (1.4%)
Black Hills Corp.
    8,710       298,579      
Calpine Corp. (b)
    115,560       206,852      
Central Vermont Public Service Corp.
    4,194       88,535      
CH Energy Group, Inc.
    4,163       177,552      
CMS Energy Corp. (b)
    54,941       709,838      
Danielson Holding Corp. (b)
    11,100       159,396      
Duquesne Light Holdings, Inc.
    20,884       367,350      
Empire District Electric Co.
    7,581       167,388      
FuelCell Energy, Inc. (b)
    11,603       92,824      
Headwaters, Inc. (b)
    11,544       369,062      
IDACORP, Inc.
    12,674       341,945      
Littlelfuse, Inc. (b)
    6,131       165,169      
MGE Energy, Inc.
    4,163       138,711      
Otter Tail Co.
    6,310       154,847      
PNM Resources, Inc.
    17,391       480,861      
Sierra Pacific Resources (b)
    30,224       327,024      
Time Warner Telecom, Inc. (b)
    14,374       58,502      
UIL Holdings Corp.
    4,028       206,798      
UniSource Energy Corp.
    10,089       315,281      
         
     
 
              4,826,514      
         
     
 
Warehousing (0.0%)
Mobile Mini, Inc. (b)
    4,572       160,294      
         
     
 
Water (0.1%)
American States Water Co.
    5,201       132,105      
California Water Service Group
    3,652       121,283      
Connecticut Water Service, Inc.
    1,111       26,408      
Middlesex Water Co.
    3,116       54,063      
Southwest Water Co.
    8,800       97,724      
         
     
 
              431,583      
         
     
 
Wireless Equipment (0.3%)
Atheros Communications (b)
    800       5,824      
InPhonic, Inc. (b)
    700       10,794      
InterDigital Communications Corp. (b)
    14,400       235,584      
Novatel Wireless, Inc. (b)
    6,404       57,380      
Powerwave Technologies, Inc. (b)
    25,005       180,536      
Remec, Inc. (b)
    20,337       100,668      
SpectraLink Corp.
    6,930       76,992      
Syniverse Holdings, Inc. (b)
    5,400       65,340      
Universal Electronics, Inc. (b)
    4,356       71,395      
 
2005 Semiannual Report 49

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Small Cap Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
Wireless Equipment (continued)
USA Mobility, Inc. (b)
    6,189     $ 185,299      
ViaSat, Inc. (b)
    6,923       123,299      
Wireless Facilities, Inc. (b)
    9,360       49,515      
             
1,162,626		      
         
     
              275,483,877      
Total Common Stocks            
         
     
 

Cash Equivalents (16.4%)
Investments in repurchase agreements
(Collateralized by AA Corporate Bonds, in a joint trading account at 2.90%, dated 04/29/05, due 05/02/05, repurchase price $54,580,024)
  $ 54,566,837       54,566,837      
         
     
              54,566,837      
Total Cash Equivalents            
         
     
 

Corporate Bonds (0.0%)
Construction & Building Materials (0.0%)
Brookfield Homes, 12.00%,
6/30/20
    450       450      
         
     
              450      
Total Corporate Bonds            
         
     
 
Pool of short-term securities for Gartmore Mutual Funds - note 2 (Securities Lending)
  $ 75,717,049       75,717,049      
         
     
 
Total Short-Term Securities Held as Collateral for Securities Lending     75,717,049      
         
     
              405,768,213      
Total Investments (Cost $388,425,898) (a) — 121.6%            
              (72,143,265)      
Liabilities in excess of other assets — (21.6)%            
         
     
            $ 333,624,948      
NET ASSETS — 100.0%            
         
     
 
(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
 
(b) Denotes a non-income producing security.
 
(c) Fair Valued Security.
 
(d) Security has been deemed illiquid. The pricing committee has deemed the security to have zero value based upon procedures adopted by the Board of Trustees.

At April 30, 2005, the Fund’s open long futures contracts were as follows:

                                     
Market Value Unrealized
Number of Long Covered By Appreciation
Contracts Contracts* Expiration Contracts (Depreciation)
  201       Russell 2000       06/17/05     $ 58,380,450     $ (4,328,684)  

*  Cash pledged as collateral.

See notes to financial statements.

 
50 Semiannual Report 2005

Table of Contents

LOGO
Index Series

  Gartmore International Index Fund

For the semiannual period ended April 30, 2005, the Gartmore International Index Fund returned 8.66% (Class A at NAV) versus 8.95% for its benchmark, the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE®) Index. For broader comparison, the average return for the Fund’s Lipper peer category of International Multi-Cap Core Funds was 7.95%.

The reporting period was a positive one for the international equity markets, as all of the major markets posted gains. November and December of 2004 were especially positive months as international market indexes experienced strong global economic growth and earnings momentum after the summer lull. November saw the largest gains as oil prices began to recede from their October highs, business confidence strengthened, corporate profits came in generally better than expected, and economically sensitive commodity prices rose. Eurozone stock markets generally strengthened, particularly in Germany, Italy and France. In the United Kingdom, the market benefited from its sizable exposure to energy and metals. In the Asia Pacific region, Japan’s market increased on falling crude oil prices and Hong Kong’s market rose on speculation of devaluation in its currency that would lead to increased trade with China. Australia advanced on gains in financial and industrial sectors.

The new year began with a slide after the strong fourth quarter of 2004; January, March and April were negative months as economic growth began to slow. Concerns over energy prices, inflation and currency volatility led to a decline in the global equity markets. In Germany, Europe’s largest economy, industrial production fell more than it had in two years, and investor confidence dropped—partly due to high oil costs and partly due to unemployment, which remained at a post-World War II high of 12%. In the United Kingdom, manufacturing activity also decreased, and growth in retail sales, a key indicator of consumer spending, weakened modestly. The European economy appears to have entered a soft patch with markets duly following.

In the Asia Pacific region, Japanese business confidence fell to the lowest point in a year, and producer prices rose for the thirteenth consecutive month.* Japan has officially entered a recession due to declining industrial exports and chronically weak domestic consumption. China has become responsible for nearly 35% of Japan’s most recent economic expansion, and efforts by Chinese officials to curb industrial growth have eroded Japan’s export strengths. In addition, rising tension between the countries regarding alleged Japanese war crimes threatens a key trading relationship.

Portfolio Manager: Fund Asset Management, L.P.-Subadviser

*  Source: Lehman Brothers Global Index Performance Monthly Review, May 3, 2005.

Class A: GIIAX

Class B: GIIBX
Class C: GIICX
Institutional Class: GIXIX
 
2005 Semiannual Report 51

Table of Contents

LOGO
Index Series

Gartmore International Index Fund
  Fund Performance

Average Annual Total Return

(For periods ended April 30, 2005)
                                     
Six One Five
month* year years Inception1
Class A
  without sales charge2     8.66%       14.81%       -1.62%       -2.36%  
    with sales charge3     2.35%       8.25%       -2.77%       -3.44%  
Class B
  without sales charge2     8.21%       13.91%       -2.32%       -3.06%  
    with sales charge4     3.21%       8.91%       -2.70%       -3.23%  
Class C5
  without sales charge2     6.78%       12.41%       -2.58%       -3.30%  
    with sales charge7     5.78%       11.41%       -2.58%       -3.30%  
Institutional Class6     8.85%       15.21%       -1.24%       -1.99%  

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not Annualized.

1 Fund commenced operations on December 29, 1999.
 
2 These returns do not reflect the effects of sales charges (SC).
 
3 A 5.75% front-end sales charge was deducted.
 
4 A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
 
5 These returns until the creation of Class C shares (02/14/05) include the performance of the Fund’s Class B shares, which began operations on December 29, 1999 prior to the creation of the Class C . Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C would have produced because Class C and invest in the same portfolio of securities as Class B shares. The performance for Class C has been restated for sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes.
 
6 Not subject to any sales charges.
 
7 A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

LOGO

Comparative performance of $10,000 invested in Class A shares of the Gartmore International Index Fund, the Morgan Stanley Capital International—Europe, Australasia, and Far East Index (MSCI EAFE)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 
(a) The MSCI EAFE is an unmanaged index that measures the performance of equity securities of global companies from various industrial sectors whose primary trading markets are located outside the United States.
 
(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.
 
52 Semiannual Report 2005

Table of Contents

Gartmore International Index Fund
Shareholder
Expense Example

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2004, and continued to hold your shares at the end of the reporting period, April 30, 2005.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment
(April 30, 2005)
                                             
Beginning Ending
International Index Account Value Account Value Expenses Paid Annualized
Fund 11/1/04 4/30/05 During Period* Expense Ratio*
Class A
    Actual     $ 1,000     $ 1,086.60     $ 3.93       0.76%      
      Hypothetical 1   $ 1,000     $ 1,021.23     $ 3.82       0.76%      
Class B
    Actual     $ 1,000     $ 1,082.10     $ 7.02       1.36%      
      Hypothetical 1   $ 1,000     $ 1,018.26     $ 6.83       1.36%      
Class C (a)
    Actual     $ 1,000     $ 957.30     $ 2.73  (b)     1.36%      
      Hypothetical 1     $ 1,000     $ 1,022.21     $ 2.83  (b)     1.36%      
Institutional Class
    Actual     $ 1,000     $ 1,088.50     $ 1.86       0.36%      
      Hypothetical 1     $ 1,000     $ 1,023.21     $ 1.81       0.36%      
 
* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.
 
1 Represents the hypothetical 5% return before expenses.
 
(a) For the period from February 14, 2005 (commencement of operations) to April 30, 2005.
 
(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 75/365 (to reflect the period).
 
2005 Semiannual Report 53

Table of Contents

Gartmore International Index Fund

LOGO
Index Series

  Portfolio Summary
  (April 30, 2005)

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

             
Asset Allocation
Common Stocks
    97.6%      
Cash Equivalents
    2.5%      
Other Investments*
    21.1%      
Liabilities in excess of other assets**
    -21.2%      
   
     
      100.0%      

 *  Includes value of collateral received from securities lending.
 
 **  Includes value of collateral owed from securities lending.

             
Top Industries
Banks
    18.3%      
Telecommunications
    9.4%      
Energy
    8.1%      
Pharmaceuticals
    6.0%      
Utilities
    5.0%      
Food Products
    4.7%      
Electronic & Electrical Equipment
    4.3%      
Insurance
    4.0%      
Automotive
    3.6%      
Financial Services
    2.9%      
Other Industries
    33.7%      
   
     
      100.0%      
             
Top Holdings***
BP Amoco PLC
    2.4%      
HSBC Holdings PLC
    1.9%      
Vodafone Group PLC
    1.9%      
Glaxosmithkline PLC
    1.6%      
TotalFinaElf SA
    1.4%      
Royal Dutch Petroleum Co.
    1.3%      
Novartis AG
    1.3%      
Nestle SA
    1.2%      
Toyota Motor Co. Ltd.
    1.1%      
E.On AG
    1.1%      
Other Holdings
    84.8%      
   
     
      100.0%      

***  For purpose of listing top holdings, repurchase agreements are considered cash equivalents and are included as part of Other Holdings.

 
54 Semiannual Report 2005

Table of Contents

Statement of Investments
April 30, 2005 (Unaudited)

Gartmore International Index Fund

                     
Common Stocks (97.6%)
Shares or
Principal Amount Value
AUSTRALIA (5.0%)
Airlines (0.0%)
Qantas Airways Ltd. (d)
    104,816     $ 264,418      
         
     
 
Banks (1.7%)
Australia & New Zealand Banking Group Ltd. (d)
    204,932       3,459,485      
Commonwealth Bank of Australia (d)
    144,395       4,106,730      
Macquarie Bank Ltd. (d)
    33,303       1,193,455      
National Australia Bank Ltd. (d)
    189,710       4,336,653      
Suncorp-Metway Ltd. (d)
    50,980       786,917      
Westpac Banking Corp. Ltd. (d)
    208,442       3,184,992      
         
     
 
              17,068,232      
         
     
 
Beverages (0.0%)
Southcorp Ltd. (d)
    89,177       295,717      
         
     
 
Brewery (0.1%)
Foster’s Group Ltd. (d)
    234,098       940,141      
Lion Nathan Ltd. (d)
    1,340       7,668      
         
     
 
              947,809      
         
     
 
Building & Construction (0.2%)
Boral Ltd. (d)
    78,950       357,838      
CSR Ltd. (d)
    106,687       199,453      
James Hardie Industries NV (d)
    58,218       255,256      
Leighton Holdings Ltd. (d)
    37,177       287,700      
Rinker Group Ltd. (d)
    91,932       821,969      
         
     
 
              1,922,216      
         
     
 
Casino & Gambling (0.0%)
Aristocrat Leisure Ltd. (d)
    57,873       440,926      
         
     
 
Commercial Services (0.1%)
Brambles Industries Ltd. (d)
    148,947       914,985      
Mayne Nickless Ltd. (d)
    100,202       273,555      
         
     
 
              1,188,540      
         
     
 
Computer Software/ Services (0.0%)
Computershare Ltd. (d)
    2,232       8,848      
         
     
 
Consumer Products (0.0%)
Pacific Brands Ltd. (d)
    2,238       3,848      
         
     
 
Diversified (0.2%)
Futuris Corp. Ltd. (d)
    66,271       98,058      
Orica Ltd. (d)
    14,935       184,076      
Patrick Corp. Ltd. (d)
    57,408       245,200      
Wesfarmers Ltd. (d)
    41,714       1,174,628      
         
     
 
              1,701,962      
         
     
 
Energy (0.2%)
Australian Gas and Light Co. Ltd. (d)
    37,596       421,518      
Origin Energy Ltd. (d)
    39,187       215,162      
Santos Ltd. (d)
    74,098       538,332      
Woodside Petroleum Ltd. (d)
    67,177       1,240,246      
         
     
 
              2,415,258      
         
     
 
Entertainment (0.1%)
TABCORP Holdings Ltd. (d)
    58,982       716,687      
         
     
 
Financial Services (0.0%)
Australian Stock Exchange Ltd. (d)
    463       7,225      
Perpetual Trustees Australia Ltd. (d)
    160       6,464      
         
     
 
              13,689      
         
     
 
Food Products (0.2%)
Coles Myer Ltd. (d)
    147,984       993,390      
Woolworths Ltd. (d)
    125,411       1,503,321      
         
     
 
              2,496,711      
         
     
 
Food/ Beverage (0.0%)
Coca-Cola Amatil Ltd. (d)
    53,443       346,282      
         
     
 
Healthcare (0.0%)
Cochlear Ltd. (d)
    14,207       341,839      
         
     
 
Industrial (0.1%)
BHP Steel Ltd. (d)
    84,051       505,407      
OneSteel Ltd. (d)
    121,136       207,355      
         
     
 
              712,762      
         
     
 
Insurance (0.3%)
AMP Ltd. (d)
    212,823       1,122,339      
AXA Asia Pacific Holdings Ltd. (d)
    163,563       546,829      
Insurance Australia Group Ltd. (d)
    192,551       916,336      
QBE Insurance Group Ltd. (d)
    88,201       1,031,476      
         
     
 
              3,616,980      
         
     
 
Investment Company (0.1%)
Macquarie Infrastructure Group (d)
    266,247       758,400      
         
     
 
Manufacturing (0.0%)
Ansell Ltd. (d)
    21,093       154,326      
         
     
 
Medical & Medical Services (0.0%)
Sonic Healthcare Ltd. (d)
    1,126       10,428      
         
     
 
Metals & Mining (0.3%)
Newcrest Mining Ltd. (d)
    37,713       439,547      
Rio Tinto Ltd. (d)
    44,099       1,434,416      
 
2005 Semiannual Report 55

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore International Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
AUSTRALIA (continued)
Metals & Mining (continued)
WMC Ltd. (d)
    139,860     $ 632,194      
WMC Resources Ltd. (d)
    184,609       1,149,060      
         
     
 
              3,655,217      
         
     
 
Minerals (0.5%)
BHP Billiton Ltd. (d)
    456,446       5,774,075      
Iluka Resources Ltd. (d)
    25,953       118,819      
         
     
 
              5,892,894      
         
     
 
Multimedia (0.0%)
Publishing & Broadcasting Ltd. (d)
    26,129       292,312      
         
     
 
Paper Products (0.1%)
Amcor Ltd. (d)
    135,692       688,317      
Paperlinx Ltd. (d)
    37,495       83,228      
         
     
 
              771,545      
         
     
 
Pharmaceuticals (0.1%)
CSL Ltd. (d)
    22,877       566,513      
         
     
 
Printing & Publishing (0.0%)
John Fairfax Holdings Ltd. (d)
    177,108       526,467      
         
     
 
Property Trust (0.5%)
Centro Properties Group (d)
    64,033       257,487      
Commonwealth Property Office Fund (d)
    150,868       149,299      
DB RREEF Trust (d)
    122,775       125,924      
Gandel Retail Trust (d)
    181,583       225,232      
Gandel Retail Trust (New) (b) (d)
    186       227      
General Property Trust (d)
    312,427       900,260      
ING Industrial Fund (d)
    2,152       3,464      
Investa Property Group (d)
    203,122       327,566      
Macquarie Goodman Group (d)
    27,708       85,458      
Mirvac Group (d)
    119,864       393,597      
Stockland (New) (b) (d)
    3,763       16,954      
Stockland Trust Group (d)
    119,005       543,840      
Westfield Group (d)
    162,977       2,070,785      
         
     
 
              5,100,093      
         
     
 
Public Thoroughfares (0.0%)
Transurban Group (d)
    66,751       388,296      
         
     
 
Real Estate (0.1%)
Lend Lease Corp. Ltd. (d)
    64,187       599,819      
         
     
 
Retail (0.0%)
Harvey Norman Holdings Ltd. (d)
    33,787       65,310      
         
     
 
Telecommunications (0.1%)
Telstra Corp. Ltd. (d)
    285,476       1,080,518      
         
     
 
Transportation (0.0%)
Toll Holdings Ltd. (d)
    40,739       404,873      
         
     
 
              54,769,735      
         
     
 
AUSTRIA (0.3%)
Airports (0.0%)
Flughafen Wien AG (d)
    25       1,621      
         
     
 
Banks (0.1%)
Bank Austria Creditanstalt (d)
    4,234       391,001      
Ersete Bank Der Oesterreichischen Sparkassen AG (d)
    15,355       745,063      
         
     
 
              1,136,064      
         
     
 
Building & Construction (0.0%)
Wienerberger AG (d)
    8,964       379,715      
         
     
 
Energy (0.1%)
OMV AG (d)
    2,030       625,296      
         
     
 
Industrial (0.0%)
VA Technologie AG (b) (d)
    3,852       307,805      
         
     
 
Manufacturing (0.0%)
RHI AG (b) (d)
    5,844       166,717      
         
     
 
Paper Products (0.0%)
Mayr-Melnhof Karton AG (d)
    15       2,236      
         
     
 
Real Estate (0.0%)
Immofinanz Immobilien Anlagen AG (b) (d)
    7,790       70,833      
         
     
 
Steel (0.0%)
Boehler-Uddeholm AG (d)
    1,533       197,897      
Voest-Alpine AG (d)
    1,961       132,659      
         
     
 
              330,556      
         
     
 
Telecommunications (0.1%)
Telekom Austria AG (d)
    40,771       782,756      
         
     
 
Utilities (0.0%)
Oesterrichische Elektrizktaetswirtschafts AG (d)
    33       8,244      
         
     
 
              3,811,843      
         
     
 
56 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
BELGIUM (1.4%)
Banks (0.7%)
Dexia (d)
    69,690     $ 1,603,351      
Fortis (d)
    142,573       3,969,120      
KBC Bankverzekeringsholding (d)
    24,063       1,904,101      
         
     
 
              7,476,572      
         
     
 
Brewery (0.1%)
Interbrew (d)
    19,181       612,264      
         
     
 
Chemicals (0.1%)
Solvay SA (d)
    5,603       637,165      
         
     
 
Consumer Cyclicals (0.0%)
D’ Ieteren NV (d)
    323       71,289      
         
     
 
Diversified (0.1%)
Groupe Bruxelles Lambert SA (d)
    7,933       714,467      
         
     
 
Electronics (0.0%)
Barco NV (d)
    2,459       188,551      
         
     
 
Food Products (0.0%)
Colruyt NV (d)
    1,132       170,970      
         
     
 
Manufacturing (0.0%)
Bekaert SA (d)
    48       3,700      
         
     
 
Metals (0.0%)
Umicore (d)
    5,519       477,035      
         
     
 
Pharmaceuticals (0.1%)
Omega Pharma SA (d)
    2,857       154,432      
UCB SA (d)
    12,529       609,020      
         
     
 
              763,452      
         
     
 
Photographic Products (0.0%)
AGFA Gevaert NV (d)
    13,558       442,697      
         
     
 
Real Estate (0.0%)
Cofinimmo (d)
    660       111,449      
         
     
 
Retail (0.1%)
Delhaize Le Lion SA (d)
    10,715       707,702      
         
     
 
Telecommunications (0.1%)
Belgacom SA (d)
    22,135       847,773      
Mobistar SA (b) (d)
    1,419       120,922      
         
     
 
              968,695      
         
     
 
Transportation (0.0%)
Compagnie Maritime Belge SA (d)
    5,335       200,561      
Euronav SA (d)
    5,335       180,448      
         
     
 
              381,009      
         
     
 
Utilities (0.1%)
Electrabel SA (d)
    3,168       1,473,194      
         
     
 
              15,200,211      
         
     
 
DENMARK (0.8%)
Airports (0.0%)
Kobenhavns Lufthavne A/ S (d)
    23       5,140      
         
     
 
Banks (0.3%)
Danske Bank AS (d)
    57,484       1,684,011      
         
     
 
Brewery (0.0%)
Carlsberg AG (d)
    5,617       275,887      
         
     
 
Commercial Services (0.1%)
ISS International Service System AS (d)
    9,706       775,910      
         
     
 
Electronics (0.0%)
Bang & Olufsen AS (d)
    2,558       161,836      
Vestas Wind Systems AS (b) (d)
    24,989       316,008      
         
     
 
              477,844      
         
     
 
Food Products (0.0%)
Danisco AS (d)
    7,855       522,584      
East Asiatic Co. Ltd. (d)
    70       4,154      
         
     
 
              526,738      
         
     
 
Healthcare (0.0%)
Coloplast AS (d)
    3,108       178,986      
         
     
 
Insurance (0.0%)
Topdanmark AS (b) (d)
    2,650       188,232      
         
     
 
Medical Products (0.0%)
William Demant Holding AS (b) (d)
    123       5,855      
         
     
 
Pharmaceuticals (0.1%)
H. Lunbeck AS (d)
    2,165       50,950      
Novo Nordisk AS, Class B (d)
    27,866       1,408,980      
Novozymes AS, Class B (d)
    2,868       139,626      
         
     
 
              1,599,556      
         
     
 
Security Services (0.0%)
Group 4 Securicor PLC (b) (d)
    85,993       213,276      
         
     
 
2005 Semiannual Report 57

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore International Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
DENMARK (continued)
Telecommunications (0.2%)
GN Store Nord AS (GN Great Nordic) (d)
    39,917     $ 418,238      
TDC AS (d)
    29,560       1,262,496      
         
     
 
              1,680,734      
         
     
 
Transportation (0.1%)
Dampskibsselskabet Svendborg AS (d)
    108       954,122      
DSV, De Sammensluttede Vognmaend (b) (d)
    2,592       197,723      
         
     
 
              1,151,845      
         
     
 
              8,764,014      
         
     
 
FINLAND (1.4%)
Computer Software & Services (0.0%)
TietoEnator Oyj (d)
    9,569       289,476      
         
     
 
Energy (0.0%)
Neste Oil Oyj (b) (d)
    11,283       252,083      
         
     
 
Financial Services (0.1%)
Sampo Insurance Co. Oyj (d)
    52,276       729,389      
         
     
 
Food Products (0.0%)
Kesko Oyj (d)
    6,931       166,569      
         
     
 
Industrial (0.0%)
Metso Oyj (d)
    11,767       212,756      
         
     
 
Insurance (0.0%)
Pohjola Group PLC, Class D (d)
    3,726       47,872      
         
     
 
Machinery & Equipment (0.1%)
KCI Konecranes Oyj (d)
    3,952       155,310      
Kone Corporation, Class B (b) (d)
    5,592       425,033      
         
     
 
              580,343      
         
     
 
Manufacturing (0.0%)
Amer Group Ltd. (d)
    6,545       108,239      
Uponor Oyj (d)
    6,861       136,191      
Wartsila Corp. (d)
    234       6,175      
         
     
 
              250,605      
         
     
 
Metal Fabricate - Hardware (0.0%)
Rautaruukki Oyj (d)
    19,196       245,319      
         
     
 
Metals (0.0%)
Outokumpu Oyj (d)
    3,277       46,060      
         
     
 
Oil & Gas (0.1%)
Fortum Oyj (d)
    45,130       683,629      
         
     
 
Paper Products (0.2%)
Stora Enso Oyj (d)
    71,732       950,923      
UPM-Kymmene Oyj (d)
    72,180       1,437,305      
         
     
 
              2,388,228      
         
     
 
Pharmaceuticals (0.0%)
Orion Oyj (d)
    8,093       137,116      
         
     
 
Telecommunications (0.9%)
Elisa Oyj (d)
    5,885       84,110      
Nokia Oyj (d)
    554,328       8,839,340      
         
     
 
              8,923,450      
         
     
 
Tire & Rubber (0.0%)
Nokian Renkaat Oyj (d)
    20,780       347,636      
         
     
 
              15,300,531      
         
     
 
FRANCE (8.8%)
Advertising (0.0%)
Publicis Groupe SA (d)
    11,862       339,495      
         
     
 
Aerospace & Defense (0.1%)
European Aeronautic Defence and Space Co. (d)
    28,024       798,520      
Societe Nationale d’Etude et de Construction de Moteurs d’Avion (b) (d)
    1,800       42,563      
Thales SA (d)
    14,237       577,974      
Zodiac SA (d)
    4,295       208,982      
         
     
 
              1,628,039      
         
     
 
Airlines (0.0%)
Air France (d)
    9,879       155,747      
         
     
 
Apparel (0.0%)
Hermes International (d)
    238       45,389      
         
     
 
Automotive (0.3%)
PSA Peugeot Citroen (d)
    23,035       1,365,532      
Renault SA (d)
    21,698       1,818,902      
Valeo SA (d)
    10,044       439,458      
         
     
 
              3,623,892      
         
     
 
Banks (1.2%)
Banque Nationale de Paris (d)
    93,671       6,182,256      
Credit Agricole SA (d)
    73,071       1,894,666      
Societe BIC SA (d)
    257       13,902      
Societe Generale (d)
    41,794       4,167,145      
         
     
 
              12,257,969      
         
     
 
58 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
FRANCE (continued)
Building & Construction (0.4%)
Compagnie Francaise d’Etudes et de Construction Technip SA (d)
    3,479     $ 590,959      
Imerys SA (b) (d)
    850       60,734      
Lafarge SA (d)
    22,660       2,062,365      
Vinci SA (d)
    10,878       1,635,112      
         
     
 
              4,349,170      
         
     
 
Chemicals (0.2%)
L’Air Liquide SA (d)
    13,067       2,337,814      
         
     
 
Computer Software & Services (0.1%)
Atos Origin SA (b) (d)
    4,906       296,604      
Business Objects SA (b) (d)
    13,434       349,066      
Cap Gemini SA (b) (d)
    19,977       625,320      
Dassault Systems SA (d)
    4,166       195,134      
         
     
 
              1,466,124      
         
     
 
Cosmetics/ Personal Care (0.2%)
L’Oreal SA (d)
    34,290       2,464,082      
         
     
 
Electronics & Electrical Equipment (0.3%)
Alstom (b) (d)
    481,058       373,345      
Sagem SA (d)
    10,947       224,995      
Schneider Electric SA (d)
    28,240       2,035,722      
Thomson Multimedia (d)
    33,848       835,747      
         
     
 
              3,469,809      
         
     
 
Energy (1.5%)
TotalFinaElf SA (d)
    66,947       14,889,310      
         
     
 
Entertainment (0.3%)
Vivendi Universal SA (b) (d)
    113,601       3,399,365      
         
     
 
Financial Services (0.1%)
Pernod Ricard SA (d)
    7,623       1,155,519      
         
     
 
Food Products (0.5%)
Carrefour SA (d)
    63,341       3,076,766      
Casino Guichard Perrachon SA (d)
    3,184       235,956      
Groupe Danone (b) (d)
    29,152       2,730,191      
         
     
 
              6,042,913      
         
     
 
Healthcare (1.1%)
Essilor International SA (d)
    14,880       1,062,475      
Sanofi-Synthelabo SA (d)
    113,183       10,024,241      
         
     
 
              11,086,716      
         
     
 
Hotels & Lodging (0.1%)
Accor SA (d)
    28,855       1,320,670      
         
     
 
Insurance (0.4%)
Axa (d)
    176,394       4,406,377      
CNP Assurances (d)
    1,329       90,196      
         
     
 
              4,496,573      
         
     
 
Manufacturing (0.3%)
Compagnie de Saint-Gobain (d)
    36,438       2,059,489      
Compagnie Generale des Etablissements Michelin (d)
    20,405       1,237,802      
         
     
 
              3,297,291      
         
     
 
Printing & Publishing (0.1%)
Lagardere S.C.A. (d)
    18,818       1,361,083      
         
     
 
Public Thoroughfares (0.0%)
Autoroutes du Sud de la France (d)
    3,788       195,533      
         
     
 
Real Estate (0.1%)
Gecina SA (d)
    3,928       446,246      
Klepierre (d)
    2,106       202,369      
Unibail SA (d)
    6,204       764,117      
         
     
 
              1,412,732      
         
     
 
Restaurants (0.0%)
Sodexho Alliance SA (d)
    14,707       491,765      
         
     
 
Retail (0.1%)
Pinault-Printemps-Redoute SA (d)
    10,234       1,007,899      
         
     
 
Telecommunications (1.0%)
Alcatel SA (b) (d)
    133,630       1,438,553      
Bouygues SA (d)
    25,190       1,003,963      
France Telecom SA (d)
    171,249       5,035,282      
LVMH Moet Louis Vuitton Hennessy SA (d)
    27,510       1,944,762      
         
     
 
              9,422,560      
         
     
 
Television (0.0%)
Societe Television Francaise 1 (d)
    14,839       420,957      
         
     
 
Utilities (0.4%)
Suez SA (d)
    101,455       2,776,118      
Veolia Environnement (d)
    42,929       1,621,920      
         
     
 
              4,398,038      
         
     
 
              96,536,454      
         
     
 
GERMANY (7.8%)
Airlines (0.1%)
Lufthansa AG (b) (d)
    42,709       553,146      
         
     
 
2005 Semiannual Report 59

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore International Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
GERMANY (continued)
Apparel (0.2%)
Adidas AG (d)
    7,172     $ 1,117,715      
Puma AG (d)
    2,916       673,465      
         
     
 
              1,791,180      
         
     
 
Automotive (0.7%)
DaimlerChrysler AG (d)
    99,906       3,960,042      
Deutsche Post AG (d)
    62,600       1,468,834      
Porsche AG (d)
    1,341       869,008      
Volkswagen AG (d)
    29,453       1,227,304      
         
     
 
              7,525,188      
         
     
 
Banks (0.8%)
Bayerische Vereins AG (b) (d)
    83,284       1,983,936      
Commerzbank AG (b) (d)
    61,811       1,353,317      
Deutsche Bank AG (d)
    58,219       4,746,165      
Hypo Real Estate Holding AG (b) (d)
    14,991       621,326      
         
     
 
              8,704,744      
         
     
 
Building & Construction (0.0%)
HeidelbergCement AG (b) (d)
    284       15,940      
         
     
 
Chemicals (0.9%)
BASF AG (d)
    124,695       8,161,516      
Bayer AG (d)
    79,975       2,646,303      
Henkel KGaA (d)
    6,702       577,131      
         
     
 
              11,384,950      
         
     
 
Computer Software & Services (0.3%)
Sap AG (d)
    23,218       3,663,887      
         
     
 
Construction Materials & Supplies (0.0%)
HeidelbergCement AG (d)
    4,973       288,874      
         
     
 
Electronics & Electrical Equipment (0.0%)
Epcos AG (b) (d)
    5,705       65,078      
         
     
 
Financial Services (0.1%)
Deutsche Boerse AG (d)
    16,646       1,253,197      
MLP AG (d)
    2,953       47,327      
         
     
 
              1,300,524      
         
     
 
Food Products (0.0%)
Suedzucker AG (d)
    205       3,772      
         
     
 
Healthcare (0.0%)
Fresenius Medical Care AG (d)
    2,224       177,316      
         
     
 
Hotels & Lodging (0.1%)
Preussag AG (d)
    22,863       550,911      
         
     
 
Industrial (0.8%)
Linde AG (d)
    9,581       634,516      
MAN AG (d)
    23,284       981,370      
Siemens AG (d)
    94,462       6,962,060      
         
     
 
              8,577,946      
         
     
 
Insurance (0.8%)
Allianz AG (d)
    35,816       4,318,793      
Muenchener
    37,869       4,173,053      
Rueckversicherungs-Gesellschaft AG (d)
                   
         
     
 
              8,491,846      
         
     
 
Manufacturing (0.1%)
Continental AG (d)
    19,846       1,465,701      
         
     
 
Metals & Mining (0.1%)
Thyssen Krupp AG (d)
    38,526       712,367      
         
     
 
Personal Care (0.0%)
Beiersdorf AG (d)
    645       69,850      
         
     
 
Pharmaceuticals (0.3%)
Altana AG (d)
    9,112       570,981      
Gehe AG (b) (d)
    1,371       109,136      
Merck KGaA (d)
    7,384       562,366      
Schering AG (d)
    24,592       1,619,286      
         
     
 
              2,861,769      
         
     
 
Retail (0.1%)
Douglas Holding AG (d)
    2,372       79,993      
Karstadt AG (d)
    25,598       247,179      
Metro AG (d)
    15,382       818,248      
         
     
 
              1,145,420      
         
     
 
Semiconductors (0.1%)
Infineon Technologies AG (b) (d)
    74,993       626,369      
         
     
 
Telecommunications (1.0%)
Deutsche Telecom AG (d)
    596,974       11,298,297      
         
     
 
Utilities (1.3%)
E.On AG (d)
    139,062       11,797,030      
RWE AG (d)
    52,837       3,155,353      
         
     
 
              14,952,383      
         
     
 
              86,227,458      
         
     
 
GREECE (0.6%)
Banks (0.4%)
Alpha Bank A.E. (d)
    36,378       1,172,981      
Commercial Bank of Greece SA (d)
    3,042       93,449      
 
60 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
GREECE (continued)
Banks (continued)
Eurobank (d)
    17,891     $ 541,585      
National Bank of Greece SA (d)
    40,326       1,355,722      
Piraeus Bank SA (d)
    17,078       289,649      
         
     
 
              3,453,386      
         
     
 
Beverages (0.0%)
Hellenic Bottling Co. SA (d)
    5,706       154,257      
         
     
 
Building & Construction (0.0%)
Hellenic Technodomiki Tev SA (d)
    13,131       63,944      
Technical Olympic SA (d)
    12,569       73,449      
Titan Cement Co. SA (b) (d)
    253       8,033      
         
     
 
              145,426      
         
     
 
Casino & Gambling (0.1%)
Greek Organization of Football Prognostics (d)
    21,109       553,385      
         
     
 
Electric Utility (0.0%)
Public Power Corp. (b) (d)
    12,074       322,794      
         
     
 
Energy (0.0%)
Hellenic Petroleum SA (b) (d)
    487       5,127      
         
     
 
Hotels & Motels (0.0%)
Hyatt Regency Hotels and Tourism SA (d)
    131       1,586      
         
     
 
Metals & Mining (0.0%)
Viohalco, Hellenic Copper and Aluminum Industry SA (d)
    376       2,820      
         
     
 
Retail (0.0%)
Folli-Follie SA (d)
    1,393       39,216      
Germanos SA (d)
    7,991       251,738      
Hellenic Duty Free Shops SA (d)
    5,509       94,561      
         
     
 
              385,515      
         
     
 
Telecommunications (0.1%)
Cosmote Mobile Telecommunications SA (d)
    16,827       318,652      
Hellenic Telecommunication Organization SA (d)
    30,240       565,105      
Intracom SA (d)
    10,021       50,621      
         
     
 
              934,378      
         
     
 
Tobacco (0.0%)
Papastratos Cigarette Co. (b) (d)
    5,006       116,613      
         
     
 
              6,075,287      
         
     
 
HONG KONG (1.6%)
Airlines (0.0%)
Cathay Pacific Airways Ltd. (d)
    95,000       180,828      
         
     
 
Banks (0.3%)
Bank of East Asia Ltd. (d)
    185,400       543,883      
BOC Hong Kong Holdings Ltd. (d)
    457,600       867,893      
Hang Seng Bank Ltd. (d)
    89,900       1,231,357      
         
     
 
              2,643,133      
         
     
 
Broadcasting & Television (0.0%)
Television Broadcasts Ltd. (d)
    16,000       80,529      
         
     
 
Building & Construction (0.0%)
Cheung Kong Infrastructure Holdings Ltd. (d)
    2,000       6,319      
         
     
 
Chemicals (0.0%)
Kingboard Chemical Holdings Ltd. (d)
    67,548       201,377      
         
     
 
Distribution (0.1%)
Esprit Asia Holdings Ltd. (d)
    101,000       752,465      
Li & Fung Ltd. (d)
    216,000       414,339      
         
     
 
              1,166,804      
         
     
 
Diversified Operations (0.1%)
Swire Pacific Ltd. (d)
    115,000       958,576      
Wharf (Holdings) Ltd. (The) (d)
    80,000       267,197      
         
     
 
              1,225,773      
         
     
 
Electronics & Electrical Equipment (0.1%)
Hongkong Electric Holdings Ltd. (d)
    163,000       744,987      
Johnson Electric Holdings Ltd. (d)
    172,600       154,064      
         
     
 
              899,051      
         
     
 
Financial Services (0.0%)
Hong Kong Exchanges & Clearing Ltd. (d)
    170,000       414,484      
         
     
 
Hotels & Motels (0.0%)
Shangri-La Asia Ltd. (d)
    4,000       6,092      
         
     
 
Industrial (0.2%)
Hutchison Whampoa Ltd. (d)
    255,000       2,277,400      
         
     
 
Manufacturing (0.0%)
Techtronic Industries Co. Ltd. (d)
    41,370       92,011      
Yue Yuen Industrial Holdings Ltd. (d)
    35,000       99,161      
         
     
 
              191,172      
         
     
 
Printing & Publishing (0.0%)
South China Morning Post Ltd. (d)
    4,000       1,885      
         
     
 
Real Estate (0.6%)
Cheung Kong Holdings Ltd. (d)
    203,000       1,919,067      
Hang Lung Properties Ltd. (d)
    381,000       585,806      
 
2005 Semiannual Report 61

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore International Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
HONG KONG (continued)
Real Estate (continued)
Henderson Land Development Co. Ltd. (d)
    82,300     $ 383,225      
Hopewell Holdings Ltd. (d)
    74,569       181,587      
Hysan Development Co. Ltd. (d)
    2,673       5,530      
Kerry Properties Ltd. (d)
    2,000       4,377      
New World Developments Co. (d)
    422,531       454,539      
Sino Land Co. Ltd. (d)
    304,000       285,861      
Sun Hung Kai Properties Ltd. (d)
    169,000       1,618,546      
         
     
 
              5,438,538      
         
     
 
Retail (0.0%)
Giordano International Ltd. (d)
    169,200       117,580      
         
     
 
Semiconductors (0.0%)
ASM Pacific Technology Ltd. (d)
    18,800       76,543      
         
     
 
Telecommunications (0.0%)
Hutchison Telecommunications International Ltd. (b) (d)
    147,642       140,779      
PCCW Ltd. (d)
    400,700       236,468      
         
     
 
              377,247      
         
     
 
Transportation (0.0%)
MTR Corp. Ltd. (d)
    22,214       35,379      
Orient Overseas International (d)
    25,747       124,551      
         
     
 
              159,930      
         
     
 
Utilities (0.2%)
CLP Holdings Ltd. (d)
    207,100       1,174,201      
Hong Kong & China Gas Co. Ltd. (d)
    426,100       870,073      
         
     
 
              2,044,274      
         
     
 
              17,508,959      
         
     
 
IRELAND (0.8%)
Airlines (0.0%)
Ryanair Holdings PLC (b) (d)
    3,804       27,574      
         
     
 
Banks (0.5%)
Allied Irish Banks PLC (d)
    110,888       2,257,145      
Bank of Ireland (d)
    129,613       1,965,448      
Depfa Bank PLC (b) (d)
    31,954       491,953      
         
     
 
              4,714,546      
         
     
 
Building & Construction (0.3%)
CRH PLC (d)
    70,074       1,746,050      
Kingspan Group PLC (d)
    23,725       265,036      
         
     
 
              2,011,086      
         
     
 
Consumer Products (0.0%)
Waterford Wedgewood PLC (b) (d)
    496       23      
         
     
 
Diversified (0.0%)
DCC PLC (d)
    2,840       63,233      
         
     
 
Financial Services (0.0%)
Irish Life & Permanent PLC (d)
    30,942       518,283      
         
     
 
Food Products (0.0%)
Fyffes PLC (d)
    1,184       3,307      
Greencore Group PLC (d)
    42,284       173,944      
Kerry Group PLC (d)
    14,187       344,096      
         
     
 
              521,347      
         
     
 
Multimedia (0.0%)
Independent News & Media PLC (d)
    2,840       8,995      
         
     
 
Pharmaceuticals (0.0%)
Elan Corp. PLC (b) (d)
    44,359       239,778      
         
     
 
Retail (0.0%)
Grafton Group PLC (d)
    39,058       445,829      
         
     
 
Telecommunications (0.0%)
Eircom Group PLC (b) (d)
    2,151       5,197      
         
     
 
              8,555,891      
         
     
 
ITALY (3.9%)
Aerospace & Defense (0.1%)
Finmeccanica SpA (d)
    683,007       633,855      
         
     
 
Apparel (0.0%)
Benetton Group SpA (d)
    1,026       9,400      
         
     
 
Automotive (0.1%)
Fiat SpA (b) (d)
    98,825       655,060      
         
     
 
Banks (1.2%)
Banc Monte Dei Paschi Di Seina SpA (d)
    64,545       226,407      
Banca Antonveneta SpA (b) (d)
    36,519       1,221,439      
Banca di Roma SpA (d)
    210,954       1,129,754      
Banca Intesa SpA (d)
    52,176       225,671      
Banca Nazionale del Lavoro (BNC) (b) (d)
    270,190       851,194      
Banche Popolari Unite Scrl (d)
    35,064       741,997      
Banco Popolare di Verona e Novara Scrl (d)
    30,816       567,546      
FinecoGroup SpA (d)
    2,455       20,239      
IntesaBci SpA (d)
    361,398       1,725,972      
Mediobanca SpA (d)
    51,664       849,514      
San Paolo IMI SpA (d)
    147,524       2,184,784      
UniCredito Italiano SpA (d)
    560,804       3,140,074      
         
     
 
              12,884,591      
         
     
 
62 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
ITALY (continued)
Broadcasting & Television (0.1%)
Mediaset SpA (d)
    91,166     $ 1,184,063      
         
     
 
Building & Construction (0.0%)
Italcementi SpA (d)
    310       5,035      
         
     
 
Energy (0.7%)
Eni SpA (d)
    309,112       7,773,979      
         
     
 
Financial Services (0.1%)
Banca Fideuram SpA (d)
    70,803       368,643      
Mediolanum SpA (d)
    40,463       262,482      
         
     
 
              631,125      
         
     
 
Gas - Transportation (0.1%)
Snam Rete Gas SpA (d)
    150,117       843,198      
         
     
 
Insurance (0.4%)
Alleanza Assicurazioni SpA (d)
    53,527       636,068      
Assicurazioni Generali SpA (d)
    114,204       3,511,227      
Riunione Adriatica di Sicurta SpA (d)
    35,664       776,363      
         
     
 
              4,923,658      
         
     
 
Medical Products (0.0%)
Luxottica Group SA (d)
    6,419       128,167      
         
     
 
Multimedia (0.0%)
Seat Pagine Gialle SpA (b) (d)
    185,042       71,517      
Telecom Italia Media SpA (b) (d)
    312,380       151,891      
         
     
 
              223,408      
         
     
 
Pharmaceuticals (0.0%)
Banca Popolare de Milano (d)
    47,106       446,949      
         
     
 
Printing & Publishing (0.0%)
Gruppo Editorale L’Espresso SA (d)
    6,274       36,199      
         
     
 
Public Thoroughfares (0.1%)
Autostrade SpA (d)
    45,729       1,203,998      
         
     
 
Publishing (0.0%)
Mondadori (Arnoldo) Editore SpA (d)
    639       6,633      
         
     
 
Restaurants (0.0%)
Autogrill SpA (b) (d)
    13,233       186,204      
         
     
 
Retail (0.0%)
Bulgari SpA (d)
    15,477       168,001      
         
     
 
Telecommunications (0.6%)
Telecom Italia Mobile SpA (d)
    151,151       881,448      
Telecom Italia SpA (d)
    1,039,116       3,523,547      
Telecom Italia SpA (d)
    627,411       1,769,944      
Tiscali SpA (b) (d)
    69,571       205,673      
         
     
 
              6,380,612      
         
     
 
Tire & Rubber (0.0%)
Pirelli & C. SpA (d)
    215,146       245,482      
         
     
 
Utilities (0.4%)
Edison SpA (b) (d)
    33,326       69,606      
Enel SpA (d)
    420,993       3,994,116      
Terna SpA (d)
    195,496       534,762      
         
     
 
              4,598,484      
         
     
 
              43,168,101      
         
     
 
JAPAN (20.5%)
Advertising (0.1%)
Asatsu-DK, Inc. (d)
    200       6,227      
Dentsu, Inc. (d)
    241       615,437      
         
     
 
              621,664      
         
     
 
Agriculture (0.1%)
Ajinomoto Co., Inc. (d)
    85,000       1,020,452      
         
     
 
Airline Services (0.1%)
All Nippon Airways Co. Ltd. (d)
    58,000       187,779      
Japan Airlines System Corp. (d)
    78,000       221,592      
Yamato Transport Co. Ltd. (d)
    63,000       830,824      
         
     
 
              1,240,195      
         
     
 
Apparel (0.0%)
Fast Retailing Co. Ltd. (d)
    4,300       254,088      
Gunze Ltd. (d)
    27,000       121,048      
World Co. Ltd. (d)
    300       9,945      
         
     
 
              385,081      
         
     
 
Audio/ Video Products (0.0%)
Yamaha Corp. (d)
    19,000       280,070      
         
     
 
Automotive (2.2%)
Aisin Seiki Co. Ltd. (d)
    18,300       396,135      
Denso Corp. (d)
    54,400       1,287,685      
Hino Motors Ltd. (d)
    10,000       60,027      
Honda Motor Co. Ltd. (d)
    86,600       4,168,485      
NGK Spark Plug Co. (d)
    19,000       198,752      
Nissan Motor Co. (d)
    277,500       2,731,344      
Nok Corp. (d)
    7,000       182,608      
Sanden Corp. (d)
    36,000       170,182      
Toyoda Gosei Co. Ltd. (d)
    2,000       36,462      
 
2005 Semiannual Report 63

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore International Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
JAPAN (continued)
Automotive (continued)
Toyota Industries Corp. (d)
    14,000     $ 388,569      
Toyota Motor Co. Ltd. (d)
    344,900       12,517,255      
USS Co. Ltd. (d)
    1,000       79,414      
Yamaha Motor Co. Ltd. (d)
    24,000       419,246      
         
     
 
              22,636,164      
         
     
 
Banks (1.9%)
77th Bank Ltd. (The) (d)
    14,000       94,825      
Bank of Fukuoka Ltd. (The) (d)
    78,000       472,853      
Bank of Yokohama Ltd. (The) (d)
    191,000       1,092,409      
Chiba Bank (d)
    102,000       627,482      
Daiwa Bank Holdings, Inc. (b) (d)
    517,800       977,236      
Gunma Bank Ltd. (d)
    10,000       56,735      
Hokugin Financial Group, Inc. (d)
    125,000       355,440      
Joyo Bank (d)
    38,000       190,597      
Mitsubishi Tokyo Financial Group, Inc. (d)
    585       5,057,214      
Mitsui Trust Holdings, Inc. (d)
    70,000       694,484      
Mizuho Financial Group, Inc. (d)
    906       4,254,265      
Shinsei Bank Ltd. (d)
    209,000       1,133,309      
Shizuoka Bank Ltd. (The) (d)
    45,000       417,749      
Sumitomo Mitsui Financial Group, Inc. (d)
    501       3,234,353      
Suruga Bank Ltd. (The) (d)
    7,000       61,032      
UFJ Holdings, Inc. (d)
    470       2,470,679      
         
     
 
              21,190,662      
         
     
 
Beverages (0.0%)
Ito En Ltd. (d)
    1,300       63,734      
Takara Shuzo Co. Ltd. (d)
    3,000       19,183      
Yakult Honsha Co. Ltd. (d)
    14,000       277,347      
         
     
 
              360,264      
         
     
 
Brewery (0.2%)
Asahi Breweries Ltd. (d)
    64,000       811,822      
Kirin Brewery Co. Ltd. (d)
    57,000       552,293      
Sapporo Holdings Ltd. (d)
    66,000       308,332      
         
     
 
              1,672,447      
         
     
 
Broadcasting & Television (0.0%)
Fuji Television Network, Inc. (d)
    149       314,352      
         
     
 
Building & Construction (0.8%)
Asahi Glass Co. Ltd. (d)
    87,700       971,756      
Central Glass Co. Ltd. (d)
    5,000       34,372      
Daikin Industries Ltd. (d)
    33,000       824,156      
Daiwa House Industry Co. Ltd. (d)
    67,000       751,486      
Hitachi Construction Machinery Co. Ltd. (d)
    23,000       295,728      
Kajima Corp. (d)
    116,000       440,508      
Keio Teito Electric Railway Co. Ltd. (d)
    63,200       356,437      
Komatsu Ltd. (d)
    133,000       936,660      
Matsushita Electric Works Ltd. (d)
    38,284       321,924      
Nippon Sheet Glass Co. Ltd. (d)
    44,000       179,962      
Nippon Yusen Kabushiki Kaisha (d)
    105,900       628,628      
Nishimatsu Construction Co. Ltd. (d)
    27,600       103,241      
Obayashi Corp. (d)
    66,500       388,203      
Sanwa Shutter Corp. (d)
    38,000       205,584      
Sekisui House Ltd. (d)
    69,000       728,593      
Shimizu Corp. (d)
    56,000       265,933      
Sumitomo Osaka Cement Co. Ltd. (d)
    41,400       104,648      
Taiheiyo Cement Corp. (d)
    115,000       321,369      
Taisei Construction Corp. (d)
    161,000       563,148      
Toda Corp. (d)
    44,000       216,460      
Tostem Inax Holding Corp. (d)
    19,000       342,362      
         
     
 
              8,981,158      
         
     
 
Chemicals (0.8%)
Asahi Kasei Corp. (d)
    97,000       466,988      
Daicel Chemical Industries Ltd. (d)
    2,000       10,741      
Dainippon Ink & Chemicals, Inc. (d)
    4,000       10,865      
Denki Kagaku Kogyo Kabushiki Kaisha (d)
    2,000       6,882      
Hitachi Chemical Co. Ltd. (d)
    3,000       51,162      
Ishihara Sangyo Kaisha Ltd. (d)
    74,000       165,672      
Kaneka Corp. (d)
    42,000       457,489      
Kansai Paint Co. Ltd. (d)
    30,000       179,789      
Kuraray Co. (d)
    41,400       382,387      
Mitsubishi Chemical Corp. (d)
    251,000       796,328      
Mitsubishi Gas Chemical Co. Ltd. (d)
    7,000       34,173      
Mitsui Chemicals, Inc. (d)
    68,100       385,673      
Nippon Kayaku Co. Ltd. (d)
    20,000       112,563      
Nippon Shokubai Co. Ltd. (d)
    16,000       143,669      
Nissan Chemical Industries Ltd. (d)
    28,000       242,456      
Nitto Denko Corp. (d)
    19,610       1,069,607      
Sekisui Chemical Co. Ltd. (d)
    45,800       331,008      
Shin-Etsu Chemical Co. Ltd. (d)
    45,800       1,688,849      
Showa Denko K.K. (d)
    136,000       344,443      
Sumitomo Bakelite Co. Ltd. (d)
    24,000       149,449      
Sumitomo Chemical Co. Ltd. (d)
    160,200       817,263      
Toray Industries, Inc. (d)
    141,000       628,575      
Tosoh Corp. (d)
    92,000       432,083      
Ube Industries Ltd. (d)
    195,000       390,641      
         
     
 
              9,298,755      
         
     
 
Commercial Services (0.2%)
Goodwill Group, Inc. (d)
    88       175,454      
Nichii Gakkan Co. (d)
    8,100       231,901      
NTT Data Corp. (d)
    90       276,199      
Secom Co. (d)
    29,000       1,155,875      
TIS, Inc. (d)
    4,900       177,364      
         
     
 
              2,016,793      
         
     
 
64 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
JAPAN (continued)
Computer Hardware (0.4%)
Fujitsu Ltd. (d)
    177,000     $ 971,934      
NEC Corp. (d)
    237,000       1,303,077      
NEC Electronics Corp. (d)
    5,200       234,812      
Toshiba Corp. (d)
    378,000       1,546,410      
         
     
 
              4,056,233      
         
     
 
Computer Software & Services (0.4%)
Capcom Co. Ltd. (d)
    12,800       133,867      
CSK Corp. (d)
    8,400       319,936      
Fuji Soft ABC, Inc. (d)
    5,400       158,698      
Hitachi Software Engineering Co. Ltd. (d)
    3,300       58,355      
Konami Co. Ltd. (d)
    9,700       207,439      
Meitec Corp. (d)
    4,000       132,397      
Net One Systems Co. Ltd. (d)
    72       182,301      
Nomura Research Institute Ltd. (d)
    2,500       238,077      
OBIC Co. Ltd. (d)
    100       18,233      
Oracle Corp. (d)
    1,100       47,964      
Rakuten, Inc. (d)
    693       581,590      
Softbank Corp. (d)
    28,600       1,148,639      
Trend Micro, Inc. (d)
    13,500       487,920      
Yahoo! Japan Corp. (d)
    198       443,695      
Yahoo! Japan Corp. (W/ I) (b) (d)
    165       369,885      
         
     
 
              4,528,996      
         
     
 
Consumer Products (0.0%)
Bandai Co. Ltd. (d)
    2,700       61,577      
Onward Kashiyama Co. Ltd. (d)
    10,000       128,436      
         
     
 
              190,013      
         
     
 
Containers (0.0%)
Toyo Seikan Kaisha Ltd. (d)
    15,200       278,315      
         
     
 
Cosmetics & Toiletries (0.0%)
Kanebo Ltd. (b) (d)
    16,000       108,908      
Uni-Charm Corp. (d)
    6,400       286,098      
         
     
 
              395,006      
         
     
 
Electric Utilities (0.0%)
Alps Electric Co. Ltd. (d)
    24,000       375,110      
         
     
 
Electronics & Electrical Equipment (3.0%)
Anritsu Corp. (d)
    21,000       125,642      
Canon, Inc. (d)
    98,100       5,103,491      
Casio Computer Co. Ltd. (d)
    36,000       491,441      
Dainippon Screen Manufacturing Co. Ltd. (d)
    44,000       297,396      
Fuji Electric Holdings Co. Ltd. (d)
    2,000       5,984      
Fujikura Ltd. (d)
    47,000       203,326      
Furukawa Electric Co. Ltd. (b) (d)
    81,300       358,709      
Hirose Electric Co. Ltd. (d)
    3,400       347,666      
Hitachi Ltd. (d)
    351,000       2,060,101      
Hoya Corp. (d)
    12,700       1,326,231      
Keyence Corp. (d)
    3,180       701,717      
Kyocera Corp. (d)
    19,700       1,436,495      
Mabuchi Motor Co. Ltd. (d)
    3,100       186,047      
Matsushita Electric Industrial Co. Ltd. (d)
    253,902       3,714,652      
Mitsumi Electric Co. Ltd. (d)
    17,000       186,053      
Murata Manufacturing Co. (d)
    27,100       1,343,562      
NGK Insulators Ltd. (d)
    22,000       225,698      
Nidec Corp. (d)
    5,400       634,072      
Nintendo Co. (d)
    12,700       1,441,062      
Omron Corp. (d)
    17,000       371,527      
Pioneer Electronic Corp. (d)
    29,200       497,101      
Ricoh Co. Ltd. (d)
    66,900       1,064,698      
Sanyo Electric Co. (d)
    172,200       499,036      
Sharp Corp. (d)
    119,000       1,853,766      
Sony Corp. (d)
    119,700       4,420,090      
Stanley Electric Co. Ltd. (d)
    23,000       373,284      
Sumitomo Electric Industries Ltd. (d)
    59,000       613,816      
Taiyo Yuden Co. Ltd. (d)
    28,000       289,100      
TDK Corp. (d)
    15,800       1,100,780      
Uniden Corp. (d)
    11,000       220,738      
Ushio, Inc. (d)
    3,000       57,898      
Yokogawa Electric Co. Ltd. (d)
    44,000       572,161      
         
     
 
              32,123,340      
         
     
 
Energy (0.1%)
Inpex Corp. (d)
    2       11,013      
Nippon Oil Co. Ltd. (d)
    148,000       1,044,565      
Teikoko Oil Co. Ltd. (d)
    59,000       424,637      
TonenGeneral Sekiyu K.K. (d)
    11,000       117,580      
         
     
 
              1,597,795      
         
     
 
Engineering (0.1%)
COMSYS Holdings Corp. (d)
    23,227       199,344      
Mitsui Engineering & Shipbuilding Co. Ltd. (d)
    161,000       347,956      
Takuma Co. Ltd. (d)
    7,100       57,509      
         
     
 
              604,809      
         
     
 
Entertainment (0.0%)
Namco Ltd. (d)
    600       8,043      
Sankyo Co. Ltd. (d)
    2,200       108,520      
Toho Co. Ltd. (d)
    3,100       49,027      
         
     
 
              165,590      
         
     
 
Financial Services (1.0%)
Acom Co. Ltd. (d)
    8,200       527,199      
Aeon Credit Service Co. Ltd. (d)
    2,700       178,394      
Aiful Corp. (d)
    3,950       293,952      
Aiful Corp. (b) (d)
    1,967       143,542      
Credit Saison Co. (d)
    24,200       825,034      
 
2005 Semiannual Report 65

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore International Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
JAPAN (continued)
Financial Services (continued)
Daiwa Securities Ltd. (d)
    169,000     $ 1,070,053      
Hitachi Capital Corp. (d)
    200       3,791      
Itochu Techno-Science Corp. (d)
    600       19,204      
JAFCO Co. Ltd. (d)
    1,200       68,912      
Nikko Securities Co. Ltd. (d)
    219,000       1,021,726      
Nomura Securities Co. (d)
    235,000       2,990,265      
Orix Corp. (d)
    9,900       1,344,228      
Promise Co. Ltd. (d)
    7,550       487,361      
Sumitomo Trust & Banking Co. Ltd. (d)
    130,000       810,930      
Takefuji Corp. (d)
    15,180       961,759      
         
     
 
              10,746,350      
         
     
 
Food Products (0.3%)
Ariake Japan Co. Ltd. (d)
    6,700       166,348      
Japan Tobacco, Inc. (d)
    132       1,700,266      
Katokichi Co. Ltd. (d)
    400       2,992      
Katokichi Co. Ltd. (b) (d)
    153       1,153      
Kikkoman Corp. (d)
    23,000       221,230      
Kita Kyushu Coca-Cola (d)
    200       4,597      
Meiji Seika Kaisha Ltd. (d)
    8,000       38,380      
Nichirei Corp. (d)
    2,000       7,384      
Nippon Meat Packers, Inc. (d)
    30,000       377,615      
Nisshin Seifun Group, Inc. (d)
    19,700       204,874      
Nissin Food Products Co. Ltd. (d)
    11,000       291,863      
Q.P. Corp. (d)
    11,800       106,218      
Snow Brand Milk Products Co. Ltd. (b) (d)
    42,000       131,151      
         
     
 
              3,254,071      
         
     
 
Furniture & Furnishings (0.0%)
Kokuyo Co. Ltd. (d)
    200       2,582      
         
     
 
Healthcare (0.1%)
Terumo Corp. (d)
    23,100       685,193      
         
     
 
Holding Companies - Diversified (0.2%)
JFE Holdings, Inc. (d)
    64,500       1,790,041      
         
     
 
Household Products (0.2%)
Kao Corp. (d)
    75,000       1,735,449      
Shiseido Co. Ltd. (d)
    43,000       547,610      
Toto Ltd. (d)
    38,000       323,838      
         
     
 
              2,606,897      
         
     
 
Import/ Export (0.5%)
Itochu Corp. (d)
    118,000       581,503      
Marubenii Corp. (d)
    201,000       655,276      
Mitsubishi Corp. (d)
    117,000       1,603,486      
Mitsui & Co. Ltd. (d)
    168,000       1,594,708      
Sojitz Holdings Corp. (b) (d)
    61,567       298,588      
Sumitomo Corp. (d)
    121,000       1,025,545      
         
     
 
              5,759,106      
         
     
 
Industrial (0.6%)
Ebara Corp. (d)
    29,500       118,444      
Fanuc Co. Ltd. (d)
    17,000       1,000,657      
JGC Corp. (d)
    31,000       316,645      
Kawasaki Heavy Industries Ltd. (d)
    165,000       318,758      
Kubota Corp. (d)
    76,000       391,960      
Minebea Co. Ltd. (d)
    54,000       214,434      
Mitsubishi Heavy Industries Ltd. (d)
    348,700       926,380      
Nippon Steel Corp. (d)
    853,000       2,161,530      
SMC Corp. (d)
    6,600       693,435      
THK Co. Ltd. (d)
    13,300       249,121      
         
     
 
              6,391,364      
         
     
 
Insurance (0.5%)
Millea Holdings, Inc. (d)
    181       2,467,276      
Mitsui Sumito Insurance Co. (d)
    170,300       1,547,001      
T&D Holdings, Inc (d)
    21,850       1,078,682      
Yasuda Fire & Marine Insurance Co. Ltd. (d)
    89,900       871,654      
         
     
 
              5,964,613      
         
     
 
Manufacturing (0.3%)
Amada Co. Ltd. (d)
    36,000       222,511      
Amano Corp. (d)
    13,000       142,555      
Ishikawajima-Harima Heavy Industries Co. Ltd. (b) (d)
    226,000       369,686      
JSR Corp. (d)
    31,000       626,470      
Kobe Steel Ltd. (d)
    164,000       296,949      
Komori Corp. (d)
    10,000       153,991      
Koyo Seiko Co. Ltd. (d)
    13,000       176,162      
Makita Corp. (d)
    2,000       37,784      
Nisshin Steel Co. Ltd. (d)
    115,000       295,800      
NTN Corp. (d)
    47,200       250,119      
Rinnai Corp. (d)
    200       5,129      
Shimano, Inc. (d)
    2,400       79,753      
Sumitomo Heavy Industries Ltd. (d)
    72,000       291,010      
         
     
 
              2,947,919      
         
     
 
Metals & Mining (0.3%)
Dowa Mining Co. Ltd. (d)
    31,600       206,772      
Mitsubishi Material Corp. (d)
    188,000       435,294      
Mitsui Mining & Smelting Co. Ltd. (d)
    84,000       360,708      
Nippon Light Metal Co. Ltd. (d)
    2,000       5,099      
Nippon Minings Holdings, Inc. (d)
    104,000       629,347      
NSK Ltd. (d)
    49,800       246,069      
 
66 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
JAPAN (continued)
Metals & Mining (continued)
Sumitomo Metal & Mining Corp. (d)
    78,000     $ 549,281      
Sumitomo Metal Industries Ltd. (d)
    543,000       962,222      
         
     
 
              3,394,792      
         
     
 
Multimedia (0.0%)
Tokyo Broadcasting System, Inc. (d)
    3,900       74,141      
         
     
 
Office Equipment & Supplies (0.0%)
Seiko Epson Corp. (d)
    12,400       429,528      
         
     
 
Paper Products (0.1%)
Nippon Unipac Holding (d)
    65       279,257      
Oji Paper Ltd. (d)
    115,000       613,827      
         
     
 
              893,084      
         
     
 
Personal Care (0.0%)
Aderans Co. Ltd. (d)
    3,800       91,110      
         
     
 
Pharmaceuticals (1.2%)
Alfresa Holdings Corp. (d)
    3,900       176,387      
Chugai Pharmaceutical Ltd. (d)
    52,400       818,449      
Daiichi Pharmaceuticals Co. (d)
    30,000       694,380      
Eisai Co. (d)
    30,000       999,756      
Kaken Pharmaceutical Co. Ltd. (d)
    29,000       208,217      
Kyowa Hakko Kogyo Co. Ltd. (d)
    20,000       148,023      
MEDICEO Holdings Co. Ltd. (d)
    400       5,020      
Sankyo Co. (d)
    45,500       948,232      
Shionogi & Co. (d)
    49,400       686,660      
Suzuken Co. Ltd. (d)
    1,300       35,341      
Taisho Pharmaceutical Co. Ltd. (d)
    9,000       192,685      
Takeda Chemical Industries Ltd. (d)
    114,300       5,563,466      
Yamanouchi Pharmaceutical Co. Ltd. (d)
    76,114       2,756,559      
         
     
 
              13,233,175      
         
     
 
Photographic Products (0.4%)
Fuji Photo Film Ltd. (d)
    65,000       2,144,616      
Konica Corp. (d)
    69,900       671,445      
Nikon Corp. (d)
    33,800       354,253      
Olympus Optical Co. Ltd. (d)
    36,000       727,576      
         
     
 
              3,897,890      
         
     
 
Printing & Publishing (0.2%)
Dai Nippon Printing Co. Ltd. (d)
    80,000       1,282,504      
Toppan Printing Co. Ltd. (d)
    85,000       926,793      
         
     
 
              2,209,297      
         
     
 
Railroads (0.5%)
Central Japan Railway Co. (d)
    86       707,205      
East Japan Railway Co. (d)
    444       2,310,780      
Keihin Electric Express Railway Co. Ltd. (d)
    12,000       72,985      
Kinki Nippon Railway Co. Ltd. (d)
    113,000       350,829      
Odakyu Electric Railway Co. Ltd. (d)
    90,000       519,241      
Tobu Railway Co. Ltd. (d)
    45,000       168,605      
West Japan Railway Co. (d)
    238       885,068      
         
     
 
              5,014,713      
         
     
 
Real Estate (0.4%)
Daito Trust Construction Co. Ltd. (d)
    7,700       307,564      
Japan Real Estate Investment Corp. (d)
    21       173,261      
Japan Retail Fund Investment Corp. (d)
    39       316,958      
MDI Corp. (d)
    21,375       326,389      
Mitsubishi Estate Co. (d)
    117,600       1,265,026      
Mitsui Fudosan Co. Ltd. (d)
    84,700       945,418      
Nippon Building Fund, Inc. (d)
    53       475,206      
Sumitomo Realty & Development Co. Ltd. (d)
    61,000       694,188      
Tokyu Land Corp. (d)
    81,000       334,565      
         
     
 
              4,838,575      
         
     
 
Resorts & Theme Parks (0.0%)
Oriental Land Co. Ltd. (d)
    3,000       188,480      
         
     
 
Restaurants (0.0%)
Saizeriya Co. Ltd. (d)
    6,600       88,585      
Skylark Co. Ltd. (d)
    1,500       24,906      
         
     
 
              113,491      
         
     
 
Retail (0.7%)
Aeon Co. Ltd. (d)
    74,000       1,147,003      
Aoyama Trading Co., Inc. (d)
    1,600       41,878      
Autobacs Seven Co. Ltd. (d)
    200       6,505      
Circle K Sunkus Co. Ltd. (d)
    195       4,690      
Citizen Watch Co. Ltd. (d)
    51,000       464,530      
Daimaru, Inc. (The) (d)
    8,000       70,338      
FamilyMart Co. Ltd. (d)
    7,300       226,426      
Isetan Co. Ltd. (d)
    36,000       428,992      
Ito Yokado Co. (d)
    47,000       1,619,201      
Lawson, Inc. (d)
    4,100       159,014      
Marui Co. (d)
    54,000       690,814      
Matsumotokiyoshi Co. Ltd. (d)
    6,100       172,443      
Mitsukoshi Ltd. (d)
    31,300       147,225      
Ryohin Keikaku Co. Ltd. (d)
    4,500       226,656      
Seven-Eleven Japan Co. Ltd. (d)
    39,700       1,118,862      
Shimachu Co. Ltd. (d)
    4,200       107,499      
Shimamura Co. Ltd. (d)
    2,200       181,730      
Takashimaya Co. (d)
    49,000       435,029      
Tokyo Style Co. (d)
    5,000       54,917      
Uny Co. Ltd. (d)
    13,600       157,473      
Yamada Denki Co. Ltd. (d)
    14,300       683,511      
         
     
 
              8,144,736      
         
     
 
2005 Semiannual Report 67

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore International Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
JAPAN (continued)
Schools (0.0%)
Benesse Corp. (d)
    2,700     $ 87,529      
         
     
 
Semiconductors (0.3%)
Advantest Corp. (d)
    10,300       722,429      
Rohm Co. (d)
    13,000       1,222,784      
Tokyo Electron Ltd. (d)
    22,000       1,130,433      
         
     
 
              3,075,646      
         
     
 
Telecommunications (0.6%)
Nippon Telegraph & Telephone Corp. (d)
    626       2,622,973      
NTT Docomo, Inc. (d)
    2,274       3,521,851      
Oki Electric Industry Co. Ltd. (d)
    74,000       275,865      
         
     
 
              6,420,689      
         
     
 
Textile Products (0.1%)
Mitsubishi Rayon Co. Ltd. (d)
    57,000       214,838      
Nisshinbo Industries, Inc. (d)
    19,600       152,691      
Teijin Ltd. (d)
    116,000       524,510      
Toyobo Co. Ltd. (d)
    116,000       272,747      
         
     
 
              1,164,786      
         
     
 
Tire & Rubber (0.1%)
Bridgestone Corp. (d)
    74,100       1,421,363      
         
     
 
Toys (0.1%)
Sega Sammy Holdings, Inc. (d)
    10,900       638,795      
         
     
 
Transportation (0.3%)
Kamigumi Co. Ltd. (d)
    14,000       109,435      
Kawasaki Kisen Kaisha Ltd. (d)
    88,000       573,198      
Mitsubishi Logistics Corp. (d)
    8,400       86,891      
Mitsui O.S.K. Lines Ltd. (d)
    145,000       913,467      
Nippon Express Co. Ltd. (d)
    142,500       690,330      
Seino Transportation Co. Ltd. (d)
    37,000       350,576      
Tokyo Corp. (d)
    111,400       539,260      
         
     
 
              3,263,157      
         
     
 
Utilities (1.1%)
Chubu Electric Power Co., Inc. (d)
    69,400       1,663,370      
Electric Power Development Co. Ltd. (d)
    21,900       663,332      
Hokkaido Electric Power Co., Inc. (d)
    19,200       385,336      
Kansai Electric Power, Inc. (d)
    87,200       1,753,670      
Kyushu Electric Power Co., Inc. (d)
    37,200       797,840      
Mitsubishi Electric Co. (d)
    150,600       796,675      
Osaka Gas Co. Ltd. (d)
    187,000       588,467      
Tohoku Electric Power Co. Ltd. (d)
    36,300       700,632      
Tokyo Electric Power Co. Ltd. (d)
    152,100       3,651,563      
Tokyo Gas Ltd. (d)
    308,400       1,238,454      
         
     
 
              12,239,339      
         
     
 
              225,315,716      
         
     
 
LUXEMBOURG (0.1%)
Steel (0.1%)
Arcelor (d)
    71,089       1,441,485      
         
     
 
NETHERLANDS (4.8%)
Banks (0.4%)
ABN Amro Holding NV (d)
    201,945       4,897,434      
         
     
 
Biotechnology (0.0%)
Qiagen NV (b) (d)
    5,529       72,059      
         
     
 
Business Services (0.0%)
Vedior NV (d)
    9,495       146,065      
         
     
 
Chemicals (0.2%)
Akzo Nobel NV (d)
    28,065       1,150,915      
DSM NV (d)
    12,652       847,609      
         
     
 
              1,998,524      
         
     
 
Commercial Services (0.0%)
Randstad Holding NV (d)
    1,427       57,960      
         
     
 
Computer Service (0.0%)
Getronics NV (d)
    221,680       354,971      
         
     
 
Diversified (0.0%)
Hagemeyer NV (b) (d)
    87,376       197,409      
IHC Caland NV (d)
    3,923       255,827      
         
     
 
              453,236      
         
     
 
Electronics & Electrical Equipment (0.5%)
Koninklijke Ahold NV (b) (d)
    190,793       1,443,973      
Philips Electronics NV (d)
    157,804       3,915,102      
         
     
 
              5,359,075      
         
     
 
Energy (1.4%)
Royal Dutch Petroleum Co. (d)
    249,007       14,533,538      
         
     
 
Financial Services (0.7%)
Euronext NV (d)
    17,308       570,365      
ING Groep NV (d)
    223,180       6,150,416      
         
     
 
              6,720,781      
         
     
 
Food Products (0.6%)
Heineken NV (d)
    31,142       989,134      
Koninklijke Numico NV (b) (d)
    19,032       787,511      
Unilever NV CVA (d)
    72,201       4,647,448      
         
     
 
              6,424,093      
         
     
 
Insurance (0.2%)
Aegon NV (d)
    167,302       2,097,721      
         
     
 
68 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
NETHERLANDS (continued)
Printing & Publishing (0.2%)
Elsevier NV (d)
    89,228     $ 1,284,683      
Oce NV (d)
    412       6,132      
VNU NV (d)
    30,558       861,431      
Wolters Kluwer CVA (d)
    31,939       568,337      
         
     
 
              2,720,583      
         
     
 
Real Estate (0.1%)
Corio NV (d)
    4,824       258,270      
Rodamco Europe NV (d)
    2,573       194,116      
Wereldhave NV (d)
    1,758       173,607      
         
     
 
              625,993      
         
     
 
Semiconductors (0.2%)
ASML Holding NV (b) (d)
    70,725       1,023,062      
STMicroelectronics NV (d)
    73,295       1,041,388      
         
     
 
              2,064,450      
         
     
 
Telecommunications (0.2%)
KPN NV (d)
    274,498       2,290,264      
         
     
 
Transportation (0.1%)
TPG NV (d)
    53,518       1,453,142      
         
     
 
              52,269,889      
         
     
 
NEW ZEALAND (0.2%)
Airports (0.0%)
Auckland International Airport Ltd. (d)
    37,929       55,199      
         
     
 
Building & Construction (0.0%)
Fletcher Building Ltd. (d)
    37,470       170,456      
         
     
 
Entertainment (0.0%)
Sky City Entertainment Group Ltd. (d)
    52,949       171,108      
         
     
 
Financial Services (0.0%)
Tower Ltd. (b) (d)
    39,998       52,456      
         
     
 
Healthcare (0.0%)
Fisher & Paykel Industries Ltd. (d)
    121,168       268,083      
         
     
 
Household Products (0.0%)
Fisher & Paykel Appliances Holdings Ltd. (d)
    37,864       77,140      
         
     
 
Paper Products (0.0%)
Carter Holt Harvey Ltd. (d)
    3,220       4,396      
         
     
 
Retail (0.0%)
Warehouse Group Ltd. (The) (d)
    16,386       44,887      
         
     
 
Telecommunications (0.2%)
Telecom Corp. of New Zealand Ltd. (d)
    238,970       1,062,669      
         
     
 
Utilities (0.0%)
Contact Energy Ltd. (d)
    1,137       5,931      
         
     
 
Waste Disposal (0.0%)
Waste Management NZ Ltd. (d)
    61,653       266,589      
         
     
 
              2,178,914      
         
     
 
NORWAY (0.7%)
Banks (0.1%)
DnB Holding ASA (d)
    84,261       803,192      
         
     
 
Chemicals (0.0%)
Yara International ASA (b) (d)
    34,414       459,269      
         
     
 
Energy (0.0%)
Petroleum Geo-Services ASA (b) (d)
    70       4,232      
         
     
 
Food Products (0.1%)
Orkla ASA (d)
    22,178       742,757      
         
     
 
Industrial (0.2%)
Norsk Hydro ASA (d)
    19,691       1,567,841      
Tomra Systems ASA (d)
    51,388       188,535      
         
     
 
              1,756,376      
         
     
 
Insurance (0.0%)
Storebrand ASA (d)
    27,177       203,395      
         
     
 
Oil & Gas (0.2%)
Statoil ASA (d)
    86,071       1,510,636      
Stolt Offshore SA (b) (d)
    22,993       169,439      
         
     
 
              1,680,075      
         
     
 
Paper Products (0.0%)
Norske Skogsindustrier ASA (d)
    13,686       239,298      
         
     
 
Printing & Publishing (0.0%)
Schibsted ASA (d)
    212       5,049      
         
     
 
Shipping (0.0%)
Frontline Ltd. (d)
    8,368       367,282      
Ship Finance International Ltd. (b) (d)
    1,713       32,019      
         
     
 
              399,301      
         
     
 
2005 Semiannual Report 69

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore International Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
NORWAY (continued)
Telecommunications (0.1%)
Tandberg ASA (d)
    20,287     $ 207,659      
Telenor ASA (d)
    98,913       825,529      
         
     
 
              1,033,188      
         
     
 
              7,326,132      
         
     
 
PORTUGAL (0.3%)
Automotive (0.0%)
Brisa-Auto Estradas SA (d)
    22,024       175,721      
         
     
 
Banks (0.1%)
Banco Commercial Portuguese SA (d)
    241,177       648,961      
Banco Espirito Santo SA (d)
    2,616       44,203      
         
     
 
              693,164      
         
     
 
Building Products (0.0%)
CIMPOR-Cimentos de Portugal SGPS SA (d)
    27,513       152,260      
         
     
 
Financial Services (0.0%)
BPI-SGPS SA (d)
    37,103       149,350      
         
     
 
Food Products (0.0%)
Jeronimo Martins SGPS SA (d)
    22       337      
         
     
 
Industrial (0.0%)
Sonae SGPS SA (b) (d)
    187,675       299,062      
         
     
 
Telecommunications (0.1%)
Portugal Telecom SA (b) (d)
    112,002       1,233,296      
PT Multimedia-Servicos de Telecomunicacoes e Multimedia (b) (d)
    2,929       69,571      
         
     
 
              1,302,867      
         
     
 
Utilities (0.1%)
Electricidade de Portugal SA (d)
    291,994       790,739      
         
     
 
              3,563,500      
         
     
 
SINGAPORE (0.8%)
Aerospace & Defense (0.0%)
Singapore Tech Engineering Ltd. (d)
    45,000       68,139      
         
     
 
Airlines (0.0%)
Singapore Airlines Ltd. (d)
    35,000       239,794      
         
     
 
Banks (0.4%)
Development Bank of Singapore Ltd. (d)
    128,500       1,122,902      
Oversea-Chinese Banking Corp. Ltd. (d)
    134,000       1,098,648      
United Overseas Bank Ltd. (d)
    141,200       1,233,513      
         
     
 
              3,455,063      
         
     
 
Beverages (0.0%)
Fraser & Neave Ltd. (d)
    7,721       73,261      
         
     
 
Distribution - Wholesale (0.0%)
Jardine Cycle & Carriage Ltd. (d)
    9,141       68,276      
         
     
 
Diversified (0.1%)
Haw Par Corporation Ltd. (d)
    36,226       114,962      
Keppel Corp. (d)
    102,000       668,658      
         
     
 
              783,620      
         
     
 
Engineering (0.0%)
SembCorp Industries Ltd. (d)
    107,100       128,935      
         
     
 
Finance (0.0%)
Singapore Exchange Ltd. (d)
    84,300       95,705      
         
     
 
Financial Services (0.0%)
Creative Technology Ltd. (d)
    4,700       40,223      
         
     
 
Healthcare (0.0%)
Parkway Holdings Ltd. (d)
    239,000       242,651      
         
     
 
Manufacturing (0.0%)
Venture Manufacturing Ltd. (d)
    32,000       272,243      
         
     
 
Printing & Publishing (0.1%)
Singapore Press Holdings Ltd. (d)
    260,500       694,921      
         
     
 
Property Trust (0.0%)
CapitaMall Trust (d)
    2,000       2,665      
         
     
 
Real Estate (0.1%)
Capitaland Ltd. (b) (d)
    117,500       183,144      
City Developments Ltd. (d)
    109,000       459,868      
United Overseas Land Ltd. (d)
    152,000       206,333      
         
     
 
              849,345      
         
     
 
Semiconductors (0.0%)
Chartered Semiconductor Manufacturing Ltd. (b) (d)
    266,000       155,374      
ST Assembly Test Services Ltd. (b) (d)
    123,000       75,407      
         
     
 
              230,781      
         
     
 
Shipping (0.0%)
Singapore Post Ltd. (d)
    327,221       172,273      
         
     
 
70 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
SINGAPORE (continued)
Telecommunications (0.1%)
Datacraft Asia Ltd. (b) (d)
    109,000     $ 102,571      
Singapore Telecommunications Ltd. (d)
    839,109       1,311,388      
         
     
 
              1,413,959      
         
     
 
Transportation (0.0%)
ComfortDelgro Corp. Ltd. (d)
    202,220       214,786      
         
     
 
              9,046,640      
         
     
 
SPAIN (3.8%)
Advertising (0.0%)
Telefonica Publicidad e Informacion SA (d)
    30,267       277,573      
         
     
 
Airline Services (0.0%)
Iberia Lineas Aereas de Espana SA (d)
    54,019       167,219      
         
     
 
Banks (1.5%)
Banco Bilbao Vizcaya Argentaria SA (d)
    396,171       6,136,676      
Banco Popular Espanol SA (d)
    25,210       1,572,514      
Banco Santander Central Hispanoamericano SA (d)
    680,449       7,926,740      
         
     
 
              15,635,930      
         
     
 
Broadcasting & Television (0.0%)
Antena 3 de Television SA (d)
    10,996       215,569      
Sogecable SA (b) (d)
    6,417       239,805      
         
     
 
              455,374      
         
     
 
Building & Construction (0.1%)
Acciona SA (d)
    2,926       252,104      
ACS, Actividades de Construccion y Servicios SA (d)
    34,050       830,381      
Fomento De Construcciones Y Contrates SA (d)
    3,651       197,174      
Grupo Ferrovial SA (d)
    4,050       230,650      
         
     
 
              1,510,309      
         
     
 
Computer Software & Services (0.0%)
Indra Sistemas SA (d)
    23,297       403,250      
         
     
 
Energy (0.3%)
Gamesa Corporacion Tecnologica SA (d)
    16,006       207,057      
Repsol SA (d)
    118,741       3,011,625      
         
     
 
              3,218,682      
         
     
 
Food Products (0.2%)
Altadis SA (d)
    40,066       1,697,956      
         
     
 
Hotels & Lodging (0.0%)
NH Hoteles SA (d)
    6,079       73,646      
         
     
 
Insurance (0.0%)
Corporacion Mapfre SA (d)
    15,188       225,890      
         
     
 
Metals & Mining (0.0%)
Acerinox SA (d)
    28,375       422,825      
         
     
 
Multimedia (0.0%)
Promotora de Informaciones SA (Prisa) (d)
    450       8,584      
         
     
 
Pharmaceuticals (0.0%)
Zeltia SA (d)
    2,938       24,398      
         
     
 
Public Thoroughfares (0.0%)
Cintra Concesiones Infraestructuras de Transporte SA (d)
    28,566       306,842      
         
     
 
Railroads (0.1%)
Autopistas, Concesionaria Espanola SA (d)
    29,607       650,622      
         
     
 
Real Estate (0.0%)
Metrovacesa SA (d)
    1,093       59,117      
Vallehermoso SA (d)
    8,302       139,625      
         
     
 
              198,742      
         
     
 
Retail (0.1%)
Industria de Diseno Textil SA (d)
    25,170       747,023      
         
     
 
Telecommunications (0.9%)
Telefonica SA (d)
    518,486       8,814,820      
         
     
 
Travel (0.0%)
Amadeus Global Travel Distribution SA (d)
    39,695       371,683      
         
     
 
Utilities (0.6%)
Endesa SA (d)
    123,077       2,689,683      
Gas Natural SA (d)
    18,053       514,325      
Iberdrola SA (d)
    99,847       2,601,644      
Union Electrica Fenosa SA (d)
    24,514       735,145      
         
     
 
              6,540,797      
         
     
 
Water Utility (0.0%)
Aquas De Barcelona (d)
    214       4,375      
         
     
 
              41,756,540      
         
     
 
2005 Semiannual Report 71

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore International Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
SWEDEN (2.3%)
Airlines (0.0%)
SAS AB (b) (d)
    16,950     $ 150,624      
         
     
 
Automotive (0.2%)
Scania AB, Class B (d)
    11,984       464,969      
Volvo AB, Class A (d)
    5,568       217,324      
Volvo AB, Class B (d)
    26,841       1,087,115      
         
     
 
              1,769,408      
         
     
 
Banks (0.5%)
Nordea AB (d)
    265,349       2,523,607      
Skandiaviska Enskilda Banken AB (d)
    68,925       1,217,989      
Svenska Handelsbanken AB (d)
    71,745       1,616,553      
         
     
 
              5,358,149      
         
     
 
Building & Construction (0.1%)
Assa Abloy AB (d)
    42,048       544,420      
Skanska AB (d)
    42,438       510,523      
         
     
 
              1,054,943      
         
     
 
Commercial Services (0.1%)
Securitas AB (d)
    41,146       661,163      
         
     
 
Computer Software & Services (0.0%)
WM-data AB, Class B (d)
    30,482       77,333      
         
     
 
Engineering (0.0%)
Alfa Laval AB (d)
    360       5,036      
         
     
 
Finance (0.0%)
Om Gruppen AB (b) (d)
    343       3,993      
         
     
 
Financial Services (0.0%)
D. Carnegie & Co. AB (d)
    6,653       68,884      
         
     
 
Healthcare (0.0%)
Capio AB (b) (d)
    249       3,854      
         
     
 
Household Products (0.1%)
Electrolux AB, Class B (d)
    43,620       883,839      
         
     
 
Industrial (0.2%)
Atlas Copco AB, Class A (d)
    17,258       784,860      
Atlas Copco AB, Class B (d)
    3,274       136,010      
Sandvik AB (d)
    32,202       1,260,552      
Trelleborg AB, Class B (d)
    5,493       81,017      
         
     
 
              2,262,439      
         
     
 
Insurance (0.1%)
Skandia Forsakrings AB (d)
    143,434       679,611      
         
     
 
Medical Instruments (0.0%)
Getinge AB, Class B (d)
    27,252       391,501      
         
     
 
Medical Products (0.0%)
Elekta AB, Class B (b) (d)
    96       3,367      
Gambro AB (d)
    7,239       97,844      
Gambro AB, Class B (d)
    364       4,930      
         
     
 
              106,141      
         
     
 
Metal Fabricate - Hardware (0.0%)
SSAB Svenskt Stal AB (d)
    251       5,791      
         
     
 
Metals (0.1%)
Hoganas AB (d)
    68       1,797      
S.K.F. AB (d)
    16,832       709,745      
         
     
 
              711,542      
         
     
 
Oil & Gas (0.0%)
Lundin Petroleum AB (b) (d)
    18,906       141,755      
         
     
 
Paper Products (0.1%)
Billerud (d)
    13,113       177,703      
Holmen AB (d)
    246       6,569      
Svenska Cellusoa (d)
    23,382       815,590      
         
     
 
              999,862      
         
     
 
Personal Care (0.0%)
Oriflame Cosmetics SA SDR (b) (d)
    12,368       264,779      
         
     
 
Printing & Publishing (0.0%)
Eniro AB (d)
    9,891       112,454      
         
     
 
Real Estate (0.0%)
Castellum AB (d)
    4,060       150,125      
Wihlborgs Fastigheter AB (b) (d)
    10,145       247,960      
         
     
 
              398,085      
         
     
 
Retail (0.2%)
Axfood AB (d)
    66       1,705      
Hennes & Mauritz AB (d)
    59,112       2,043,648      
         
     
 
              2,045,353      
         
     
 
Telecommunications (0.6%)
Ericsson SA (d)
    1,729,528       5,120,206      
Tele2 AB (d)
    13,358       423,790      
Telia AB (d)
    262,484       1,383,240      
         
     
 
              6,927,236      
         
     
 
Television (0.0%)
Modern Times Group AB, Class B (b) (d)
    5,864       181,278      
         
     
 
72 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
SWEDEN (continued)
Tobacco (0.0%)
Swedish Match AB (d)
    45,328     $ 534,629      
         
     
 
              25,799,682      
         
     
 
SWITZERLAND (5.9%)
Aerospace & Defense (0.0%)
Unaxis Holdings AG (d)
    2,640       378,502      
         
     
 
Banks (0.6%)
Credit Suisse Group (d)
    147,346       6,200,776      
         
     
 
Building & Construction (0.1%)
Geberit AG (d)
    243       162,618      
Holcim Ltd. (d)
    20,551       1,248,173      
         
     
 
              1,410,791      
         
     
 
Chemicals (0.3%)
Ciba Specialty Chemicals AG (d)
    8,073       505,888      
Clariant AG (b) (d)
    27,907       438,087      
Lonza Group AG (d)
    5,543       333,568      
Syngenta AG (d)
    15,028       1,556,974      
         
     
 
              2,834,517      
         
     
 
Commercial Services (0.1%)
Adecco SA (d)
    18,193       879,979      
SGS Societe Generale de Surveillance Holdings SA (d)
    236       159,789      
         
     
 
              1,039,768      
         
     
 
Computers (0.0%)
Logitech International SA (b) (d)
    4,124       236,454      
         
     
 
Electronics & Electrical Equipment (0.1%)
ABB Ltd. (b) (d)
    201,178       1,258,174      
         
     
 
Food Products (1.2%)
Nestle SA (d)
    50,623       13,322,373      
         
     
 
Industrial (0.0%)
Rieter Holding AG (d)
    531       149,052      
         
     
 
Insurance (0.5%)
Swiss Re (d)
    40,954       2,719,652      
Zurich Financial Services AG (d)
    17,849       3,019,108      
         
     
 
              5,738,760      
         
     
 
Manufacturing (0.0%)
Schindler Holding AG (d)
    27       9,879      
Sulzer AG (d)
    103       41,831      
         
     
 
              51,710      
         
     
 
Medical Products (0.2%)
Nobel Biocare Holding AG (d)
    3,687       789,457      
Phonak Holding AG (d)
    7,231       252,212      
Straumann Holding AG (d)
    247       53,300      
Synthes, Inc. (d)
    5,814       658,714      
         
     
 
              1,753,683      
         
     
 
Pharmaceuticals (2.5%)
Givaudan (d)
    794       500,175      
Novartis AG (d)
    287,919       14,014,445      
Roche Holding AG-Genusscheine (d)
    89,664       10,848,600      
Serono SA (d)
    1,105       704,746      
         
     
 
              26,067,966      
         
     
 
Retail (0.2%)
Compagnie Finance Richemont AG (d)
    66,402       1,983,451      
Swatch Group AG (d)
    670       17,588      
Swatch Group AG, Class B (d)
    3,933       505,377      
Valora Holding AG (b) (d)
    16       3,490      
         
     
 
              2,509,906      
         
     
 
Semiconductors (0.0%)
Micronas Semiconductor Holding AG (b) (d)
    5,093       185,158      
         
     
 
Telecommunications (0.1%)
Kudelski SA (b) (d)
    6,106       201,411      
Swisscom AG (d)
    3,384       1,168,395      
         
     
 
              1,369,806      
         
     
 
Travel Services (0.0%)
Kuoni Reisen Holding AG (d)
    14       5,488      
         
     
 
              64,512,884      
         
     
 
UNITED KINGDOM (25.8%)
Advertising (0.2%)
Aegis Group PLC (d)
    88,316       163,117      
WPP Group PLC (d)
    162,536       1,767,664      
         
     
 
              1,930,781      
         
     
 
Aerospace & Defense (0.3%)
British Aerospace PLC (d)
    433,577       2,124,808      
Cobham PLC (d)
    5,932       147,024      
Meggitt PLC (d)
    10,610       52,315      
Rolls Royce Group PLC, Class B (d)
    249,704       488      
Rolls-Royce Group PLC (b) (d)
    224,498       1,020,897      
         
     
 
              3,345,532      
         
     
 
Airlines (0.2%)
BAA PLC (d)
    153,991       1,708,990      
British Airways PLC (b) (d)
    73,350       335,578      
         
     
 
              2,044,568      
         
     
 
2005 Semiannual Report 73

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore International Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
UNITED KINGDOM (continued)
Automotive (0.1%)
GKN PLC (d)
    136,323     $ 602,632      
         
     
 
Banks (5.6%)
Barclays PLC (d)
    808,154       8,339,586      
HBOS PLC (d)
    471,705       6,997,633      
HSBC Holdings PLC (d)
    1,329,444       21,267,043      
HSBC Holdings PLC ADR
    2,986       239,029      
MAN Group PLC (d)
    40,836       951,168      
Royal Bank of Scotland Group PLC (d)
    377,781       11,411,231      
UBS AG (d)
    135,900       10,867,396      
         
     
 
              60,073,086      
         
     
 
Brewery (0.2%)
SABMiller PLC (d)
    88,873       1,318,391      
Scottish & Newcastle PLC (d)
    119,492       1,038,837      
         
     
 
              2,357,228      
         
     
 
Building & Construction (0.3%)
Berkeley Group Holdings PLC (b) (d)
    5,255       77,220      
BICC Group PLC (d)
    13,400       78,260      
BPB PLC (d)
    85,513       744,492      
George Wimpey PLC (d)
    44,882       335,492      
Hanson PLC (d)
    117,138       1,082,509      
Persimmon PLC (d)
    49,827       645,370      
Pilkington PLC (d)
    22,657       46,937      
Taylor Woodrow PLC (d)
    118,671       651,480      
         
     
 
              3,661,760      
         
     
 
Building - Heavy Construction (0.0%)
Bellway (d)
    518       7,563      
         
     
 
Chemicals (0.2%)
BOC Group PLC (d)
    71,478       1,330,174      
Imperial Chemical Industries PLC (d)
    109,652       531,458      
         
     
 
              1,861,632      
         
     
 
Commercial Services (0.2%)
Aggreko PLC (d)
    1,063       3,726      
Brambles Industries PLC (d)
    127,543       711,623      
Capita Group PLC (d)
    77,740       561,056      
Davis Service Group PLC (d)
    933       7,658      
Intertek Group PLC (d)
    716       10,401      
Rentokil Initial PLC (d)
    233,688       700,508      
         
     
 
              1,994,972      
         
     
 
Computer Software & Services (0.1%)
Hays PLC (d)
    210,098       525,296      
Logica PLC (d)
    86,645       272,863      
Mysis PLC (d)
    61,780       240,251      
Sage Group PLC (The) (d)
    139,899       525,216      
         
     
 
              1,563,626      
         
     
 
Consumer Products (0.2%)
Reckitt Benckiser PLC (d)
    66,428       2,158,649      
         
     
 
Consumer Staples (0.0%)
De La Rue PLC (d)
    747       5,278      
         
     
 
Diversified (0.0%)
Serco Group PLC (d)
    8,159       37,262      
Tompkins PLC (d)
    88,800       417,341      
         
     
 
              454,603      
         
     
 
Electronics & Electrical Equipment (0.3%)
Electrocomponents PLC (d)
    21,600       95,159      
National Grid Group PLC (d)
    370,098       3,640,952      
Premier Farnell PLC (d)
    1,751       4,954      
         
     
 
              3,741,065      
         
     
 
Energy (3.8%)
BG PLC (d)
    463,727       3,598,388      
BP Amoco PLC (d)
    2,595,968       26,471,196      
BP PLC ADR
    100       6,090      
Shell Transportation & Trading Co. PLC (d)
    1,142,782       10,270,245      
         
     
 
              40,345,919      
         
     
 
Engineering (0.0%)
AMEC PLC (d)
    12,280       75,978      
Barratt Developments PLC (d)
    32,700       373,368      
         
     
 
              449,346      
         
     
 
Entertainment (0.5%)
British Sky Broadcasting Group PLC (d)
    135,959       1,411,469      
Carnival PLC (d)
    16,049       826,515      
EMI Group PLC (d)
    125,468       572,781      
Enterprise Inns PLC (d)
    56,399       786,947      
Hilton Group PLC (d)
    239,527       1,255,526      
Rank Group PLC (d)
    83,940       417,755      
William Hill PLC (d)
    69,778       721,528      
         
     
 
              5,992,521      
         
     
 
Financial Services (0.8%)
3I Group PLC (d)
    75,610       925,699      
Amvescap PLC (d)
    111,302       648,244      
Cattles PLC (d)
    5,991       34,784      
Close Brothers Group PLC (d)
    3,889       52,667      
ICAP PLC (d)
    13,720       69,044      
Lloyds TSB Group PLC (d)
    710,552       6,106,926      
 
74 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
UNITED KINGDOM (continued)
Financial Services (continued)
London Stock Exchange PLC (d)
    60,073     $ 529,567      
Provident Financial PLC (d)
    16,900       215,779      
         
     
 
              8,582,710      
         
     
 
Food Products (1.6%)
Cadbury Schweppes PLC (d)
    278,554       2,802,557      
Diageo PLC (d)
    385,705       5,718,702      
Tate & Lyle PLC (d)
    67,947       605,254      
Tesco PLC (d)
    899,519       5,313,951      
Unilever PLC (d)
    326,111       3,103,582      
         
     
 
              17,544,046      
         
     
 
Healthcare (0.9%)
AstraZeneca Group PLC (d)
    197,802       8,657,458      
Kidde PLC (d)
    164,797       518,992      
Smith & Nephew PLC (d)
    121,668       1,254,551      
         
     
 
              10,431,001      
         
     
 
Hotels & Motels (0.1%)
InterContinental Hotels Group PLC (d)
    72,526       865,338      
         
     
 
Import/ Export (0.2%)
Wolseley PLC (d)
    82,058       1,650,154      
         
     
 
Industrial (0.2%)
BBA Group PLC (d)
    19,247       102,313      
FKI PLC (d)
    67,221       120,267      
IMI PLC (d)
    25,262       192,424      
Invensys PLC (b) (d)
    781,990       191,791      
Smiths Industries PLC (d)
    81,706       1,342,335      
         
     
 
              1,949,130      
         
     
 
Insurance (0.8%)
Aviva PLC (d)
    262,472       2,966,902      
Friends Provident PLC (d)
    314,927       969,264      
Legal & General Group PLC (d)
    661,637       1,323,837      
Prudential PLC (d)
    314,625       2,837,156      
Royal & Sun Alliance Insurance Group PLC (d)
    330,918       481,494      
         
     
 
              8,578,653      
         
     
 
Investment Company (0.0%)
Schroders PLC (d)
    715       9,260      
         
     
 
Manufacturing (0.0%)
Cookson Group PLC (b) (d)
    8,687       5,925      
         
     
 
Medical Products (0.0%)
Alliance Unichem PLC (d)
    33,695       514,744      
SSL International PLC (d)
    6,270       32,946      
         
     
 
              547,690      
         
     
 
Metals & Mining (1.1%)
Anglo American PLC (d)
    166,811       3,712,707      
BHP Billiton PLC (d)
    288,873       3,538,343      
Corus Group PLC (b) (d)
    458,227       380,915      
Johnson Matthey PLC (d)
    29,205       512,163      
Rio Tinto PLC (d)
    125,888       3,803,924      
         
     
 
              11,948,052      
         
     
 
Paper Products (0.1%)
Bunzl PLC (d)
    80,331       782,399      
Rexam PLC (d)
    88,049       777,322      
         
     
 
              1,559,721      
         
     
 
Pharmaceuticals (1.7%)
Glaxosmithkline PLC (d)
    703,826       17,786,504      
         
     
 
Printing & Publishing (0.6%)
Daily Mail & General Trust (d)
    18,716       239,045      
EMAP PLC (d)
    33,209       506,063      
Pearson PLC (d)
    119,176       1,450,497      
Reed International PLC (d)
    180,226       1,767,095      
Reuters Group PLC (d)
    169,052       1,247,203      
Trinity Mirror PLC (d)
    17,945       218,829      
United Business Media PLC (d)
    57,765       545,681      
Yell Group PLC (d)
    105,835       813,733      
         
     
 
              6,788,146      
         
     
 
Railroads (0.0%)
FirstGroup PLC (d)
    60,756       370,047      
         
     
 
Real Estate (0.4%)
British Land Co. PLC (d)
    80,337       1,258,093      
Great Portland Estates PLC (d)
    9,539       60,074      
Hammerson PLC (d)
    16,964       276,141      
Land Securities Group PLC (d)
    67,485       1,718,509      
Liberty International PLC (d)
    27,611       498,414      
Slough Estates PLC (d)
    29,358       269,514      
         
     
 
              4,080,745      
         
     
 
Restaurants (0.2%)
Compass Group PLC (d)
    275,971       1,236,647      
Mitchells & Butlers PLC (d)
    69,529       398,787      
Whitbread PLC (d)
    35,563       578,892      
         
     
 
              2,214,326      
         
     
 
2005 Semiannual Report 75

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore International Index Fund (Continued)
 

LOGO
Index Series

                     
Common Stocks (continued)
Shares or
Principal Amount Value
UNITED KINGDOM (continued)
Retail (1.0%)
Boots Group PLC (d)
    102,849     $ 1,182,532      
Dixons Group PLC (d)
    228,790       623,501      
Great Universal Stores PLC (d)
    139,199       2,228,147      
HMV Group PLC (d)
    1,813       7,868      
Inchcape PLC (d)
    3,136       106,387      
J. Sainsbury PLC (d)
    212,700       1,149,763      
Kesa Electricals PLC (d)
    58,819       298,419      
Kingfisher PLC (d)
    307,352       1,451,169      
Marks & Spencer PLC (d)
    201,726       1,301,195      
MFI Furniture Group PLC (d)
    150,310       292,567      
Next PLC (d)
    40,554       1,148,991      
Punch Taverns PLC (d)
    27,062       328,702      
Signet Group PLC (d)
    199,264       385,820      
             
10,505,061		      
         
     
 
Security Services (0.0%)
Group 4 Securicor PLC (b) (d)
     114,996       289,652      
         
     
 
Semiconductors (0.0%)
Arm Holdings PLC (d)
     215,874       394,007      
         
     
 
Telecommunications (2.4%)
BT Group PLC (d)
     1,103,680       4,222,728      
Cable & Wireless PLC (d)
    273,586       629,377      
Marconi Corp. PLC (b) (d)
    8,908       44,455      
Vodafone Group PLC (d)
    7,918,933       20,709,974      
             
25,606,534		      
         
     
 
Television (0.1%)
ITV PLC (d)
     444,271       1,032,175      
         
     
 
Tobacco (0.5%)
British American Tobacco PLC (d)
    198,407       3,721,286      
Imperial Tobacco Group PLC (d)
     78,924       2,262,509      
             
5,983,795		      
         
     
 
Transportation (0.1%)
Arriva PLC (d)
    881       8,513      
Associated British Ports Holdings PLC (d)
    12,970       114,366      
Exel PLC (d)
    51,513       812,510      
National Express Group PLC (d)
    3,527       56,678      
Peninsular & Oriental Steam Navigation Co. (d)
    43,897       225,654      
Stagecoach Group PLC (d)
    71,971       141,568      
             
1,359,289		      
         
     
 
Utilities (0.8%)
Centrica PLC (d)
    526,404       2,240,356      
International Power PLC (b) (d)
    239,102       834,245      
Scottish & Southern Energy PLC (d)
    119,917       2,155,584      
Scottish Power PLC (d)
    233,028       1,886,588      
Severn Trent PLC (d)
    44,381       824,523      
United Utilities PLC (d)
    89,906       1,092,842      
United Utilities PLC, Class A (d)
     20,339       176,266      
             
9,210,404		      
         
     
Water & Sewer (0.0%)
Kelda Group PLC (d)
     43,375       523,993      
             
282,407,119		      
Total Common Stocks            
1,071,536,985		      
         
     
 

Cash Equivalents (2.5%)
Investments in repurchase agreements (Collateralized by AA Corporate Bonds, in a joint trading account at 2.90%, dated 04/29/05, due 05/02/05, repurchase price $28,001,542)
    $27,994,777       27,994,777      
Total Cash Equivalents            
27,994,777		      
         
     
 

Preferred Stocks (0.0%)
GERMANY (0.0%)
Automotive (0.0%)
Volkswagen AG, 4.41% (d)
     6,723       211,437      
         
     
 
Healthcare (0.0%)
Fresenius Medical Care AG, 2.31%
    506       28,948      
         
     
 
Television (0.0%)
ProSiebenSat.1 Media AG, 2.22%
    13,440       229,723      
         
     
 
Utilities (0.0%)
RWE AG, 3.73% (d)
     891       46,452      
Total Preferred Stocks            
516,560		      
         
     
 
Pool of short-term securities for Gartmore Mutual Funds - note 2 (Securities Lending)
  $ 232,104,722       232,104,722      
         
     
Total Short-Term Securities Held as Collateral for Securities Lending     232,104,722      
         
     
 

Warrants (0.0%)
HONG KONG (0.0%)
Chemicals (0.0%)
Kingboard Chemical Holding Ltd., Expires 12/31/06
    80       66      
         
     
 
76 Semiannual Report 2005

Table of Contents

 
                     
Short-Term Securities Held as Collateral for Securities Lending (21.1%)
Shares or
Principal Amount Value
Real Estate (0.0%)
Hopewell Holdings Ltd., Expires 08/05/06
    7,158     $ 1,222      
             
 		      
Total Warrants     1,288      
         
     
 

Rights (0.0%)
AUSTRIA (0.0%)
Real Estate (0.0%)
Immofinanz Immobilien Anlagen AG, Expires 05/23/05
    7,193       494      
         
     
 
UNITED KINGDOM (0.0%)
Utilities (0.0%)
United Utilities PLC, Expires 06/30/05 (c)
    33,588       0      
             
 		      
Total Rights     494      
             
1,332,154,826		      
Total Investments (Cost $1,164,683,689) (a) — 121.2%            
                     
Liabilities in excess of other assets — (21.2)%     (232,732,201)      
             
 		      
NET ASSETS — 100.0%     $1,099,422,625      
         
     
 
(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
 
(b) Denotes a non-income producing security.
 
(c) Security has been deemed illiquid. The pricing committee has deemed the security to have zero value based upon the procedures adopted by the Board of Trustees.
 
(d) Fair Valued Security

ADR      American Depositary Receipt

SDR      Special Drawing Rights

At April 30, 2005, the Fund’s open forward foreign currency contracts were as follows:

                                     
Unrealized
Delivery Contract Market Appreciation/
Currency Date Value Value (Depreciation)
Short Contracts:
  Australian Dollar       05/09/05     $ 1,036,488     $ 1,037,839     $ (1,351)  
  British Pound       05/09/05       6,684,850       6,676,335       8,515  
  Danish Kroner       05/09/05       20,921       20,748       173  
  Euro       05/09/05       7,577,564       7,511,393       66,171  
  Japanese Yen       05/09/05       5,343,490       5,384,462       (40,972)  
  Swedish Krone       05/09/05       705,611       696,318       9,293  
  Swiss Franc       05/09/05       1,764,858       1,753,947       10,911  
                         
     
 
           
             
Total Short Contracts   $ 23,133,782     $ 23,081,042     $ 52,740  
               
     
     
 
Long Contracts:
  Australian Dollar       05/09/05     $ 2,659,587     $ 2,696,041     $ 36,454  
  British Pound       05/09/05       14,255,510       14,382,732       127,222  
  Danish Kroner       05/03/05       17,330       17,286       (44)  
  Danish Kroner       05/09/05       21,034       20,748       (286)  
  Euro       05/09/05       19,263,302       19,193,638       (69,664)  
  Hong Kong Dollar       05/03/05       42,314       42,340       26  
  Hong Kong Dollar       05/04/05       38,488       38,492       4  
  Japanese Yen       05/09/05       12,816,868       13,165,200       348,332  
  Norwegian Krone       05/03/05       26,959       26,932       (27)  
  Singapore Dollar       05/03/05       18,244       18,325       81  
  Swedish Krone       05/09/05       1,170,609       1,161,463       (9,146)  
  Swiss Franc       05/09/05       4,224,299       4,236,263       11,964  
                         
     
 
           
             
Total Long Contracts   $ 54,554,544     $ 54,999,460     $ 444,916  
               
     
     
 

At April 30, 2005, the Fund’s open long futures contracts were as follows:

                                         
Number Market Value Unrealized
of Long Covered By Appreciation
Contracts Contracts * Expiration Contract (Depreciation)
Australia
    49       S&P ASX 200 Index       06/17/05     $ 3,813,479     $ (92,814 )
Europe
    1       IBEX 35 Index       05/20/05       115,482       (4,460 )
Europe
    4       DAX Index       06/17/05       543,234       (2,067 )
Europe
    373       DJ Euro Stoxx 50       06/17/05       14,002,788       (314,533 )
Europe
    1       S&P MIB 30 Index       06/17/05       197,155       (10,149 )
Hong Kong
    21       Hang Seng Index       05/31/05       1,849,265       13,172  
Japan
    89       Topix Index       06/10/05       9,526,474       (319,068 )
Sweden
    143       OMX Index       05/27/05       1,500,789       (38,165 )
United Kingdom
    96       FTSE 100 Index       06/17/05       8,793,445       (184,211 )
                                     
 
                     
       
                            $ 40,342,111     $ (952,295 )
                           
     
 

*  Cash pledged as collateral

See notes to financial statements.

 
2005 Semiannual Report 77

Table of Contents

LOGO
Index Series

  Gartmore Bond Index Fund

For the semiannual reporting period ended April 30, 2005, the Gartmore Bond Index Fund returned 0.70% (Class A at NAV) versus 0.98% for its benchmark, the Lehman Brothers Aggregate Bond Index. For broader comparison, the average return for the Fund’s Lipper peer category of Intermediate Investment Grade Debt Funds was 0.75%.

The fixed-income markets, represented by the Index, experienced a generally volatile environment during the period. Interest rates moved considerably during the period as the yield curve (which illustrates the relationship between yields and maturity dates for a set of similar bonds) flattened dramatically. The Federal Reserve through the Federal Open Market Committee continued its “measured pace” of monetary tightening by raising the federal funds rate 25 basis points four times during the reporting period, bringing the rate to 3.00% from 1.75%. Other short-term rates moved in sync with the Fed Funds rate. For example, the yield on the 3-month Treasury bill increased from 1.92% to 2.88%, and the yield on the two-year Treasury note increased from 2.58% to 3.63%.

Yields on longer-term Treasury securities, however didn’t rise as much as short rates. The yield on the 10-year Treasury note increased only about 12 basis points, from 4.07% to 4.19%. The yield on the indicative 30-year Treasury bond actually fell 33 basis points to finish at 4.51%. Prices for longer-dated securities more or less held their ground due to demand from foreign central banks, increased demand for long-maturity securities from U.S. pension reform and the notion that inflation is not an imminent threat to the economy.

We evaluate the three major components of the Index when analyzing its total returns. During the reporting period, the government bond sector posted a total return of 0.87%. This was very similar to the return of the overall Index. Treasury prices were relatively volatile during the period due to the flattening of the yield curve precipitated by the rising federal funds rate. While the total return on U.S. Treasury securities was virtually flat to the overall Index, U.S. government agency debt fared slightly worse. Spreads on agency debt increased relative to comparably maturing Treasury securities.

The Credit sector posted a 0.57% total return during the reporting period. Credit spreads began the period by continuing its previous pace of tightening relative to comparably maturing U.S. Treasury securities. By the first week of March 2005, spreads hit their low for the period at about 0.83% after starting the period at about 1.03%. By the end of the semi-annual period, however, spreads increased to about 1.08%. The bull market in credit finally came to an end as the combination of dramatically declining credit quality in autos and dramatically higher “LBO” risk proved too much for corporate securities to overcome. Adding to market worries were higher energy prices and a volatile stock market.

The securitized sector, dominated by mortgage-backed securities (MBS) fared the best with a total return of 1.33%. The MBS market affected changing interest rates and how they translate into lending and refinancing activity. Since long-term interest rates were fairly stable during the year, refinancing activity was fairly muted and relatively predictable. In addition, rising short-term rates made hybrid and floating rate structures less attractive to homeowners, who were more likely to lock in longer-term rates that continue to be attractive.

Portfolio Manager: Fund Asset Management, L.P.-Subadviser

Class A: GBIAX

Class B: GBIBX
Institutional Class: GBXIX
 
78 Semiannual Report 2005

Table of Contents

Gartmore Bond Index Fund
Fund Performance

Average Annual Total Return

(For periods ended April 30, 2005)
                                     
Six One Five
month* year years Inception1
Class A
  without sales charge2     0.70%       4.68%       6.77%       6.55%  
    with sales charge3     -5.10%       -1.30%       5.50%       5.78%  
Class B4
  without sales charge2     0.40%       4.06%       6.31%       6.27%  
    with sales charge5     -4.54%       -0.94%       6.00%       6.27%  
Institutional Class6     0.90%       5.19%       7.24%       6.87%  

All figures showing the effect of a sales charge reflect the maximum charge possible, because it has the most dramatic effect on performance data.

* Not Annualized.

1 These returns until the creation of Class A and Institutional shares (12/29/99) include the performance of the Master Aggregate Bond Index Series (the “Series”), which began operations on April 3, 1997. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A and Institutional Class shares would have produced because these classes of the Fund’s shares invested in the same portfolio of securities as the Series. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees applicable to such classes; if these fees were reflected, the performance for Class A and Institutional Class shares would have been lower.
 
2 These returns do not reflect the effects of sales charges (SC).
 
3 A 5.75% front-end sales charge was deducted.
 
4 These returns until the creation of Class B shares (10/12/01) include performance based on the Series for the period through December 28, 1999 and the Fund’s Class A shares for the period from December 29, 1999 to October 11, 2001. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class B shares would have produced because Class B shares invest in the same portfolio of securities as Class A shares. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class B shares would have been lower.
 
5 A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
 
6 Not subject to any sales charges.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

LOGO

Comparative performance of $10,000 invested in Class A shares of the Gartmore Bond Index Fund, the Lehman Brothers Aggregate Bond Index (LB Aggregate Bond)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 
(a) The LB Aggregate Bond is an unmanaged index comprised of U.S. government securities and corporate debt securities and is generally representative of the bond market as a whole.
 
(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.
 
2005 Semiannual Report 79

Table of Contents

Gartmore Bond Index Fund

LOGO
Index Series

  Shareholder
  Expense Example

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2004, and continued to hold your shares at the end of the reporting period, April 30, 2005.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment
(April 30, 2005)
                                             
Beginning Ending
Account Value Account Value Expenses Paid Annualized
Bond Index Fund 11/1/04 4/30/05 During Period* Expense Ratio*
Class A
    Actual     $ 1,000     $ 1,007.00     $ 3.53       0.71%      
      Hypothetical 1   $ 1,000     $ 1,021.48     $ 3.56       0.71%      
Class B
    Actual     $ 1,000     $ 1,004.00     $ 6.56       1.32%      
      Hypothetical 1   $ 1,000     $ 1,018.45     $ 6.63       1.32%      
Institutional Class
    Actual     $ 1,000     $ 1,009.00     $ 1.59       0.32%      
      Hypothetical 1   $ 1,000     $ 1,023.41     $ 1.61       0.32%      
 
* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.
 
1 Represents the hypothetical 5% return before expenses.
 
80 Semiannual Report 2005

Table of Contents

Gartmore Bond Index Fund
Portfolio Summary
(April 30, 2005)

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

             
Asset Allocation
U.S. Government and Agency Long-Term Obligations
    71.8%      
Corporate Bonds
    35.3%      
Cash Equivalents
    6.3%      
Sovereign Bonds
    2.1%      
Municipal Bonds
    0.1%      
Other Investments*
    18.0%      
Liabilities in excess of other assets**
    -33.6%      
   
     
      100.0%      

 *  Includes value of collateral received from securities lending.
 
 **  Includes value of collateral owed from securities lending.

             
Top Industries
Federal Home Loan Mortgage Corporation
    42.1%      
Financial Services
    16.4%      
Federal National Mortgage Association
    13.7%      
U.S. Treasury Notes
    6.4%      
U.S. Treasury Bonds
    5.8%      
Banking
    4.2%      
Government National Mortgage Association
    3.8%      
Special Purpose Entity
    2.1%      
Telecommunications
    1.8%      
Oil & Gas
    1.8%      
Other
    1.9%      
   
     
      100.0%      
             
Top Holdings***
Federal Home Loan Mortgage Corporation, TBA, 5.50%, 06/01/35
    8.6%      
Federal National Mortgage Association, 5.75%, 02/15/08
    5.6%      
U.S. Treasury Notes, 5.75%, 11/15/05
    3.6%      
Federal Home Loan Mortgage Corporation, 4.88%, 03/15/07
    3.3%      
Federal National Mortgage Association, 6.00%, 05/15/11
    2.6%      
Wachovia Bank Commercial Mortgage, 3.12%, 10/15/15
    2.4%      
U.S. Treasury Bonds, 6.25%, 08/15/23
    2.2%      
Federal Home Loan Mortgage Corporation, 5.50%, 07/15/07
    2.1%      
Federal Home Loan Mortgage Corporation, 6.63%, 09/15/09
    1.7%      
JP Morgan Chase & Co., 3.15%, 04/16/19
    1.6%      
Other Holdings
    66.3%      
   
     
      100.0%      

***  For purpose of listing top holdings, repurchase agreements are considered cash equivalents and are included as part of Other Holdings.

 
2005 Semiannual Report 81

Table of Contents

LOGO
Index Series

  Statement of Investments
  April 30, 2005 (Unaudited)

Gartmore Bond Index Fund

                     
U.S. Government and Agency Long-Term Obligations (71.8%)
Principal
Amount Value
Federal Home Loan Mortgage Corporation (42.1%)
5.25%, 06/15/06
  $ 365,000     $ 371,159      
7.18%, 06/27/06
    55,000       57,178      
5.50%, 07/15/06
    25,420,000       25,946,244      
4.88%, 03/15/07
    41,305,000       42,054,106      
6.63%, 09/15/09
    19,605,000       21,487,177      
6.63%, 09/15/09
    1,075,000       1,179,041      
5.13%, 07/15/12
    10,035,000       10,459,089      
4.88%, 11/15/13
    17,050,000       17,457,683      
5.00%, 07/15/14
    5,655,000       5,844,007      
5.50%, 12/01/19
    400,000       409,897      
4.00%, 04/01/20
    8,031,866       7,796,709      
4.00%, 04/01/20
    3,610,134       3,504,436      
5.00%, 04/01/20
    500,000       504,197      
5.00%, 04/01/20
    800,000       806,716      
6.75%, 09/15/29
    945,000       1,182,624      
6.50%, 05/15/31
    9,033       9,463      
6.50%, 01/15/32
    7,920       8,297      
6.50%, 05/15/32
    981,946       1,028,618      
7.00%, 05/15/32
    400,000       423,940      
6.25%, 07/15/32
    2,110,000       2,513,843      
6.50%, 02/01/33
    920,320       958,003      
6.50%, 08/15/34
    800,000       837,861      
6.50%, 12/01/34
    244,062       253,712      
6.00%, 02/01/35
    499,950       513,489      
6.00%, 02/01/35
    1,900,000       1,951,452      
4.50%, 04/01/35
    1,400,000       1,351,558      
5.00%, 04/01/35
    700,000       693,581      
Gold, Pool #E00282, 6.50%, 03/01/09
    276,976       288,472      
Gold, Pool #G10399, 6.50%, 07/01/09
    131,747       136,537      
Gold, Pool #E00394, 7.50%, 09/01/10
    170,924       180,070      
Gold, Pool #M80898, 4.50%, 02/01/11
    1,308,029       1,312,453      
Gold, Pool #M80904, 4.50%, 03/01/11
    819,899       822,661      
Gold, Pool #M80917, 4.50%, 05/01/11
    183,319       183,939      
Gold, Pool #M80926, 4.50%, 07/01/11
    744,094       746,610      
Gold, Pool #M80934, 4.50%, 08/01/11
    922,873       925,981      
Gold, Pool #G10940, 6.50%, 11/01/11
    66,610       69,401      
Gold, Pool #E00507, 7.50%, 09/01/12
    12,250       12,905      
Gold, Pool #G10749, 6.00%, 10/01/12
    299,449       310,811      
Gold, Pool #E69050, 6.00%, 02/01/13
    180,349       187,192      
Gold, Pool #E72896, 7.00%, 10/01/13
    46,451       48,862      
Gold, Pool #E00802, 7.50%, 02/01/15
    202,238       213,057      
Gold, Pool #G11001, 6.50%, 03/01/15
    143,534       149,585      
Gold, Pool #G11003, 7.50%, 04/01/15
    10,743       11,317      
Gold, Pool #G11164, 7.00%, 05/01/15
    36,588       38,490      
Gold, Pool #E81396, 7.00%, 10/01/15
    6,640       6,985      
Gold, Pool #E81394, 7.50%, 10/01/15
    49,080       51,704      
Gold, Pool #E84097, 6.50%, 12/01/15
    19,610       20,424      
Gold, Pool #E82132, 7.00%, 01/01/16
    17,606       18,522      
Gold, Pool #E00938, 7.00%, 01/01/16
    91,215       95,959      
Gold, Pool #E82815, 6.00%, 03/01/16
    69,425       71,999      
Gold, Pool #E83231, 6.00%, 04/01/16
    21,287       22,078      
Gold, Pool #E83233, 6.00%, 04/01/16
    53,067       55,040      
Gold, Pool #E83046, 7.00%, 04/01/16
    10,250       10,784      
Gold, Pool #E00975, 6.00%, 05/01/16
    254,415       263,872      
Gold, Pool #E83355, 6.00%, 05/01/16
    70,407       73,024      
Gold, Pool #E83636, 6.00%, 05/01/16
    130,820       135,682      
Gold, Pool #E83933, 6.50%, 05/01/16
    3,226       3,360      
Gold, Pool #E00985, 6.00%, 06/01/16
    134,859       139,872      
Gold, Pool #E84236, 6.50%, 06/01/16
    29,491       30,715      
Gold, Pool #E00987, 6.50%, 06/01/16
    117,514       122,392      
Gold, Pool #E00996, 6.50%, 07/01/16
    14,717       15,327      
Gold, Pool #E84912, 6.50%, 08/01/16
    53,168       55,375      
Gold, Pool #E85137, 6.50%, 08/01/16
    54,805       57,080      
Gold, Pool #E85387, 6.00%, 09/01/16
    169,963       176,280      
Gold, Pool #E85800, 6.50%, 10/01/16
    38,948       40,565      
Gold, Pool #E86183, 6.00%, 11/01/16
    18,793       19,492      
Gold, Pool #E01083, 7.00%, 11/01/16
    28,465       29,945      
Gold, Pool #G11207, 7.00%, 11/01/16
    78,834       82,934      
Gold, Pool #E86746, 5.50%, 12/01/16
    290,601       297,803      
Gold, Pool #E86533, 6.00%, 12/01/16
    47,482       49,247      
Gold, Pool #E87584, 6.00%, 01/01/17
    46,342       48,064      
Gold, Pool #E01095, 6.00%, 01/01/17
    53,845       55,847      
Gold, Pool #E87446, 6.50%, 01/01/17
    31,267       32,565      
Gold, Pool #E86995, 6.50%, 01/01/17
    85,748       89,308      
Gold, Pool #E87291, 6.50%, 01/01/17
    126,174       131,411      
Gold, Pool #E88076, 6.00%, 02/01/17
    38,630       40,065      
Gold, Pool #E88055, 6.50%, 02/01/17
    233,433       243,127      
Gold, Pool #E01127, 6.50%, 02/01/17
    86,974       90,584      
Gold, Pool #E88106, 6.50%, 02/01/17
    200,201       208,516      
Gold, Pool #E88768, 6.00%, 03/01/17
    165,131       171,268      
Gold, Pool #E88134, 6.00%, 03/01/17
    13,575       14,080      
Gold, Pool #E01137, 6.00%, 03/01/17
    77,716       80,604      
Gold, Pool #E88474, 6.00%, 03/01/17
    81,964       85,009      
Gold, Pool #E01138, 6.50%, 03/01/17
    44,112       45,944      
Gold, Pool #E89151, 6.00%, 04/01/17
    90,429       93,788      
Gold, Pool #E89222, 6.00%, 04/01/17
    271,189       281,265      
Gold, Pool #E89217, 6.00%, 04/01/17
    42,806       44,397      
Gold, Pool #E01139, 6.00%, 04/01/17
    346,295       359,162      
Gold, Pool #E89347, 6.00%, 04/01/17
    18,416       19,100      
Gold, Pool #E89149, 6.00%, 04/01/17
    101,435       105,204      
Gold, Pool #E88729, 6.00%, 04/01/17
    61,325       63,604      
Gold, Pool #E89496, 6.00%, 04/01/17
    80,563       83,557      
Gold, Pool #E89203, 6.50%, 04/01/17
    40,882       42,580      
Gold, Pool #E89788, 6.00%, 05/01/17
    46,829       48,569      
Gold, Pool #E01140, 6.00%, 05/01/17
    301,192       312,382      
Gold, Pool #E89909, 6.00%, 05/01/17
    75,455       78,259      
Gold, Pool #E89530, 6.00%, 05/01/17
    196,817       204,130      
Gold, Pool #E89746, 6.00%, 05/01/17
    621,366       644,453      
Gold, Pool #E01156, 6.50%, 05/01/17
    125,492       130,704      
Gold, Pool #E89924, 6.50%, 05/01/17
    200,264       208,582      
Gold, Pool #E90313, 6.00%, 06/01/17
    29,631       30,732      
Gold, Pool #E90227, 6.00%, 06/01/17
    47,981       49,764      
Gold, Pool #B15071, 6.00%, 06/01/17
    866,314       898,513      
Gold, Pool #E90194, 6.00%, 06/01/17
    68,322       70,861      
 
82 Semiannual Report 2005

Table of Contents

 
                     
U.S. Government and Agency Long-Term Obligations (continued)
Principal
Amount Value
Federal Home Loan Mortgage Corporation (continued)
Gold, Pool #E01157, 6.00%, 06/01/17
  $ 211,117     $ 218,961      
Gold, Pool #E90591, 5.50%, 07/01/17
    295,453       302,858      
Gold, Pool #E90667, 6.00%, 07/01/17
    49,794       51,644      
Gold, Pool #E90594, 6.00%, 07/01/17
    182,595       189,379      
Gold, Pool #E90645, 6.00%, 07/01/17
    394,172       408,817      
Gold, Pool #E01186, 5.50%, 08/01/17
    661,507       678,089      
Gold, Pool #E01205, 6.50%, 08/01/17
    87,191       90,812      
Gold, Pool #G11458, 6.00%, 09/01/17
    185,936       192,958      
Gold, Pool #E93476, 5.00%, 01/01/18
    524,852       529,812      
Gold, Pool #G11434, 6.50%, 01/01/18
    146,610       152,695      
Gold, Pool #E01311, 5.50%, 02/01/18
    6,370,930       6,530,625      
Gold, Pool #E01344, 4.50%, 04/01/18
    348,054       345,291      
Gold, Pool #E98207, 5.00%, 04/01/18
    155,320       156,713      
Gold, Pool #G11399, 5.50%, 04/01/18
    653,035       669,651      
Gold, Pool #E96459, 5.00%, 05/01/18
    214,769       216,695      
Gold, Pool #E99869, 5.00%, 06/01/18
    267,883       270,415      
Gold, Pool #E98258, 5.00%, 07/01/18
    709,285       715,647      
Gold, Pool #E97335, 5.00%, 07/01/18
    4,543,202       4,583,951      
Gold, Pool #E97702, 5.00%, 07/01/18
    1,722,456       1,737,905      
Gold, Pool #E97366, 5.00%, 07/01/18
    1,148,220       1,158,518      
Gold, Pool #E99579, 5.00%, 09/01/18
    357,774       360,983      
Gold, Pool #E99498, 5.00%, 09/01/18
    379,161       382,562      
Gold, Pool #E99675, 5.00%, 10/01/18
    2,099,965       2,118,800      
Gold, Pool #E99673, 5.00%, 10/01/18
    213,417       215,331      
Gold, Pool #E01488, 5.00%, 10/01/18
    388,638       392,124      
Gold, Pool #G11480, 5.00%, 11/01/18
    2,055,836       2,074,275      
Gold, Pool #B10650, 5.00%, 11/01/18
    639,345       645,079      
Gold, Pool #B10653, 5.50%, 11/01/18
    822,832       843,464      
Gold, Pool #B11186, 4.50%, 12/01/18
    14,196,985       14,084,265      
Gold, Pool #E01538, 5.00%, 12/01/18
    2,598,825       2,622,134      
Gold, Pool #B11548, 5.50%, 12/01/18
    592,524       607,209      
Gold, Pool #B13147, 5.00%, 01/01/19
    1,575,519       1,589,650      
Gold, Pool #B12214, 5.00%, 02/01/19
    980,261       988,428      
Gold, Pool #G11531, 5.50%, 02/01/19
    294,499       301,884      
Gold, Pool #B12737, 4.50%, 03/01/19
    1,196,393       1,185,503      
Gold, Pool #B12908, 5.50%, 03/01/19
    488,842       500,937      
Gold, Pool #E01604, 5.50%, 03/01/19
    471,476       483,161      
Gold, Pool #B13671, 5.00%, 04/01/19
    352,107       355,041      
Gold, Pool #B13600, 5.50%, 04/01/19
    355,237       364,026      
Gold, Pool #B14236, 5.00%, 05/01/19
    1,095,322       1,104,447      
Gold, Pool #B15172, 4.50%, 06/01/19
    825,093       817,583      
Gold, Pool #B15394, 4.50%, 06/01/19
    2,791,985       2,766,570      
Gold, Pool #B15013, 5.00%, 06/01/19
    771,435       777,862      
Gold, Pool #B15396, 5.50%, 06/01/19
    588,730       603,296      
Gold, Pool #B15661, 4.50%, 07/01/19
    4,971,475       4,926,219      
Gold, Pool #B15759, 4.50%, 07/01/19
    1,223,996       1,212,854      
Gold, Pool #B15872, 5.00%, 07/01/19
    465,641       469,521      
Gold, Pool #B15503, 5.00%, 07/01/19
    555,295       559,921      
Gold, Pool #B15717, 5.00%, 07/01/19
    894,496       901,949      
Gold, Pool #G18002, 5.00%, 07/01/19
    443,676       447,372      
Gold, Pool #G18007, 6.00%, 07/01/19
    261,718       271,437      
Gold, Pool #G18005, 5.00%, 08/01/19
    1,182,947       1,192,803      
Gold, Pool #G18006, 5.50%, 08/01/19
    436,031       446,819      
Gold, Pool #B16087, 6.00%, 08/01/19
    887,397       920,350      
Gold, Pool #B16648, 5.00%, 09/01/19
    434,727       438,349      
Gold, Pool #G18009, 5.00%, 09/01/19
    1,397,531       1,409,174      
Gold, Pool #B16626, 5.00%, 09/01/19
    2,441,541       2,461,883      
Gold, Pool #B16657, 5.00%, 09/01/19
    587,177       592,069      
Gold, Pool #B16985, 5.00%, 10/01/19
    371,731       374,828      
Gold, Pool #B16826, 5.00%, 10/01/19
    704,355       710,223      
Gold, Pool #B17526, 5.00%, 12/01/19
    893,092       900,533      
Gold, Pool #B14668, 5.00%, 01/01/20
    1,645,889       1,659,705      
Gold, Pool #B18042, 4.00%, 03/01/20
    497,969       483,408      
Gold, Pool #C00351, 8.00%, 07/01/24
    8,566       9,339      
Gold, Pool #D60780, 8.00%, 06/01/25
    12,130       13,237      
Gold, Pool #D64617, 8.00%, 10/01/25
    123,404       134,536      
Gold, Pool #D82854, 7.00%, 10/01/27
    30,009       31,761      
Gold, Pool #C00566, 7.50%, 12/01/27
    40,628       43,737      
Gold, Pool #C16221, 7.00%, 10/01/28
    1,365       1,443      
Gold, Pool #C00676, 6.50%, 11/01/28
    194,078       202,312      
Gold, Pool #C18271, 7.00%, 11/01/28
    39,591       41,874      
Gold, Pool #C00678, 7.00%, 11/01/28
    51,130       54,079      
Gold, Pool #C24416, 8.50%, 02/01/29
    5,000       5,458      
Gold, Pool #C00836, 7.00%, 07/01/29
    21,967       23,222      
Gold, Pool #C30265, 6.50%, 08/01/29
    51,138       53,308      
Gold, Pool #A16201, 7.00%, 08/01/29
    763,231       806,823      
Gold, Pool #C31282, 7.00%, 09/01/29
    7,287       7,703      
Gold, Pool #C31285, 7.00%, 09/01/29
    54,017       57,102      
Gold, Pool #A18212, 7.00%, 11/01/29
    919,277       971,780      
Gold, Pool #C32914, 8.00%, 11/01/29
    28,591       31,268      
Gold, Pool #C37436, 8.00%, 01/01/30
    30,213       33,042      
Gold, Pool #C36429, 7.00%, 02/01/30
    30,266       31,977      
Gold, Pool #C36306, 7.00%, 02/01/30
    25,992       27,462      
Gold, Pool #C00921, 7.50%, 02/01/30
    28,842       30,960      
Gold, Pool #G01108, 7.00%, 04/01/30
    19,372       20,478      
Gold, Pool #C37703, 7.50%, 04/01/30
    23,975       25,736      
Gold, Pool #G01133, 6.50%, 07/01/30
    142,406       148,449      
Gold, Pool #C41561, 8.00%, 08/01/30
    12,800       14,005      
Gold, Pool #C01051, 8.00%, 09/01/30
    65,398       71,552      
Gold, Pool #C43550, 7.00%, 10/01/30
    52,931       55,924      
Gold, Pool #C44017, 7.50%, 10/01/30
    9,570       10,273      
Gold, Pool #C43967, 8.00%, 10/01/30
    117,321       128,361      
Gold, Pool #C44978, 7.00%, 11/01/30
    11,220       11,854      
Gold, Pool #C44535, 7.50%, 11/01/30
    23,660       25,397      
Gold, Pool #C44957, 8.00%, 11/01/30
    36,926       40,401      
Gold, Pool #C01106, 7.00%, 12/01/30
    329,075       347,681      
Gold, Pool #C55715, 7.00%, 12/01/30
    2,128       2,248      
Gold, Pool #C01103, 7.50%, 12/01/30
    26,876       28,849      
Gold, Pool #C01116, 7.50%, 01/01/31
    25,581       27,459      
Gold, Pool #C46932, 7.50%, 01/01/31
    53,042       56,936      
Gold, Pool #C47143, 8.00%, 01/01/31
    88,826       97,185      
Gold, Pool #C47287, 7.50%, 02/01/31
    29,154       31,295      
Gold, Pool #G01217, 7.00%, 03/01/31
    262,177       277,000      
Gold, Pool #C48851, 7.00%, 03/01/31
    61,993       65,477      
 
2005 Semiannual Report 83

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Bond Index Fund (Continued)
 

LOGO
Index Series

                     
U.S. Government and Agency Long-Term Obligations (continued)
Principal
Amount Value
Federal Home Loan Mortgage Corporation (continued)
Gold, Pool #C48206, 7.50%, 03/01/31
  $ 33,628     $ 36,097      
Gold, Pool #C48938, 7.50%, 03/01/31
    85,401       91,672      
Gold, Pool #C01172, 6.50%, 05/01/31
    141,538       147,357      
Gold, Pool #C52685, 6.50%, 05/01/31
    68,278       71,085      
Gold, Pool #C52136, 7.00%, 05/01/31
    80,305       84,817      
Gold, Pool #C53589, 6.50%, 06/01/31
    269,494       280,574      
Gold, Pool #C53324, 7.00%, 06/01/31
    57,811       61,059      
Gold, Pool #C01209, 8.00%, 06/01/31
    16,009       17,516      
Gold, Pool #C54897, 6.50%, 07/01/31
    226,268       235,570      
Gold, Pool #C54792, 7.00%, 07/01/31
    281,613       297,436      
Gold, Pool #C55071, 7.50%, 07/01/31
    21,192       22,742      
Gold, Pool #G01309, 7.00%, 08/01/31
    71,481       75,497      
Gold, Pool #C56769, 8.00%, 08/01/31
    19,616       21,392      
Gold, Pool #C58215, 6.50%, 09/01/31
    9,734       10,134      
Gold, Pool #C01220, 6.50%, 09/01/31
    34,352       35,764      
Gold, Pool #C58362, 6.50%, 09/01/31
    72,211       75,180      
Gold, Pool #G01315, 7.00%, 09/01/31
    16,146       17,058      
Gold, Pool #C01222, 7.00%, 09/01/31
    50,289       53,114      
Gold, Pool #G01311, 7.00%, 09/01/31
    425,525       449,583      
Gold, Pool #C58961, 6.50%, 10/01/31
    1,568,448       1,632,931      
Gold, Pool #C01244, 6.50%, 10/01/31
    195,572       203,613      
Gold, Pool #C58647, 7.00%, 10/01/31
    7,588       8,014      
Gold, Pool #C58694, 7.00%, 10/01/31
    144,279       152,385      
Gold, Pool #C60991, 6.50%, 11/01/31
    22,236       23,150      
Gold, Pool #C60012, 7.00%, 11/01/31
    45,330       47,877      
Gold, Pool #C61298, 8.00%, 11/01/31
    48,435       52,822      
Gold, Pool #C01271, 6.50%, 12/01/31
    57,989       60,373      
Gold, Pool #C61105, 7.00%, 12/01/31
    20,003       21,127      
Gold, Pool #C01305, 7.50%, 12/01/31
    27,354       29,355      
Gold, Pool #C63171, 7.00%, 01/01/32
    108,302       114,387      
Gold, Pool #C62218, 7.00%, 01/01/32
    67,326       71,109      
Gold, Pool #C01355, 6.50%, 02/01/32
    1,879,716       1,956,996      
Gold, Pool #C64121, 7.50%, 02/01/32
    92,330       99,087      
Gold, Pool #C01310, 6.50%, 03/01/32
    314,964       327,635      
Gold, Pool #C65466, 6.50%, 03/01/32
    702,253       730,506      
Gold, Pool #C64668, 6.50%, 03/01/32
    66,565       69,243      
Gold, Pool #C66088, 6.50%, 04/01/32
    44,009       45,780      
Gold, Pool #C66191, 6.50%, 04/01/32
    96,646       100,534      
Gold, Pool #C66192, 6.50%, 04/01/32
    58,504       60,858      
Gold, Pool #C01343, 6.50%, 04/01/32
    278,471       289,674      
Gold, Pool #G01391, 7.00%, 04/01/32
    710,562       750,736      
Gold, Pool #C66744, 7.00%, 04/01/32
    20,783       21,946      
Gold, Pool #C01345, 7.00%, 04/01/32
    191,812       202,542      
Gold, Pool #C65717, 7.50%, 04/01/32
    36,633       39,282      
Gold, Pool #C01370, 8.00%, 04/01/32
    65,355       71,242      
Gold, Pool #C66919, 6.50%, 05/01/32
    30,002       31,209      
Gold, Pool #C66758, 6.50%, 05/01/32
    1,301,928       1,354,306      
Gold, Pool #C67313, 6.50%, 05/01/32
    23,446       24,390      
Gold, Pool #C01351, 6.50%, 05/01/32
    181,698       189,008      
Gold, Pool #C67097, 6.50%, 05/01/32
    39,095       40,668      
Gold, Pool #C67259, 7.00%, 05/01/32
    18,557       19,595      
Gold, Pool #C67235, 7.00%, 05/01/32
    348,145       367,620      
Gold, Pool #C66916, 7.00%, 05/01/32
    143,253       151,266      
Gold, Pool #C01381, 8.00%, 05/01/32
    278,743       303,990      
Gold, Pool #C67996, 6.50%, 06/01/32
    44,869       46,674      
Gold, Pool #C01364, 6.50%, 06/01/32
    184,393       191,812      
Gold, Pool #C72497, 6.50%, 06/01/32
    71,818       74,770      
Gold, Pool #C72361, 6.50%, 06/01/32
    101,015       105,168      
Gold, Pool #C68300, 7.00%, 06/01/32
    287,583       303,670      
Gold, Pool #C68290, 7.00%, 06/01/32
    51,840       54,740      
Gold, Pool #C68307, 8.00%, 06/01/32
    21,923       23,898      
Gold, Pool #C71403, 6.50%, 07/01/32
    208,994       217,586      
Gold, Pool #G01433, 6.50%, 07/01/32
    102,647       106,777      
Gold, Pool #G01449, 7.00%, 07/01/32
    489,825       517,519      
Gold, Pool #C68988, 7.50%, 07/01/32
    61,429       65,871      
Gold, Pool #C69951, 6.50%, 08/01/32
    231,963       241,295      
Gold, Pool #C01385, 6.50%, 08/01/32
    260,168       270,635      
Gold, Pool #G01444, 6.50%, 08/01/32
    692,406       720,873      
Gold, Pool #C74006, 6.50%, 08/01/32
    74,687       77,691      
Gold, Pool #G01443, 6.50%, 08/01/32
    692,135       719,981      
Gold, Pool #C69908, 7.00%, 08/01/32
    295,550       312,083      
Gold, Pool #C70211, 7.00%, 08/01/32
    246,000       259,761      
Gold, Pool #C01396, 6.50%, 09/01/32
    420,302       437,211      
Gold, Pool #C71089, 7.50%, 09/01/32
    84,160       90,246      
Gold, Pool #C01404, 6.50%, 10/01/32
    1,070,922       1,114,007      
Gold, Pool #C72160, 7.50%, 10/01/32
    108,094       115,910      
Gold, Pool #A14012, 6.50%, 11/01/32
    282,071       293,419      
Gold, Pool #C73984, 6.50%, 12/01/32
    150,453       156,506      
Gold, Pool #C77238, 6.00%, 02/01/33
    948,694       974,578      
Gold, Pool #C77531, 6.50%, 02/01/33
    267,942       278,722      
Gold, Pool #G01536, 7.00%, 03/01/33
    340,014       358,835      
Gold, Pool #G01580, 6.00%, 06/01/33
    8,033,956       8,253,153      
Gold, Pool #A10212, 6.50%, 06/01/33
    149,502       155,414      
Gold, Pool #A11792, 6.00%, 08/01/33
    478,584       491,642      
Gold, Pool #A15675, 6.00%, 11/01/33
    7,265,148       7,463,369      
Gold, Pool #A15173, 6.00%, 11/01/33
    2,466,460       2,533,754      
Gold, Pool #A16419, 6.50%, 11/01/33
    253,710       263,743      
Gold, Pool #A16590, 6.00%, 12/01/33
    846,935       869,870      
Gold, Pool #A17177, 6.50%, 12/01/33
    335,689       348,963      
Gold, Pool #A17262, 6.50%, 12/01/33
    670,708       697,229      
Gold, Pool #A17499, 6.00%, 01/01/34
    2,313,477       2,376,056      
Gold, Pool #C01806, 7.00%, 01/01/34
    370,388       390,891      
Gold, Pool #A18186, 6.00%, 02/01/34
    2,545,571       2,614,429      
Gold, Pool #564799, 6.00%, 03/15/34
    2,713,321       2,800,757      
Gold, Pool #A20802, 5.00%, 04/01/34
    4,668,416       4,625,417      
Gold, Pool #A20105, 5.00%, 04/01/34
    3,239,813       3,209,972      
Gold, Pool #C01811, 5.00%, 04/01/34
    19,020,281       18,845,090      
Gold, Pool #A20962, 5.00%, 04/01/34
    908,301       899,935      
Gold, Pool #C01851, 6.50%, 04/01/34
    926,995       965,014      
Gold, Pool #A21356, 6.50%, 04/01/34
    1,077,772       1,121,975      
Gold, Pool #A23096, 5.00%, 05/01/34
    3,124,267       3,095,490      
Gold, Pool #A24297, 6.00%, 05/01/34
    1,115,359       1,145,563      
Gold, Pool #A23542, 4.50%, 06/01/34
    2,795,929       2,698,988      
Gold, Pool #A23562, 5.00%, 06/01/34
    1,294,298       1,282,376      
 
84 Semiannual Report 2005

Table of Contents

 
                     
U.S. Government and Agency Long-Term Obligations (continued)
Principal
Amount Value
Federal Home Loan Mortgage Corporation (continued)
Gold, Pool #C01846, 5.00%, 06/01/34
  $ 468,670     $ 464,354      
Gold, Pool #A23131, 5.00%, 06/01/34
    7,630,712       7,560,427      
Gold, Pool #A24123, 6.00%, 06/01/34
    390,988       401,576      
Gold, Pool #A24746, 6.00%, 07/01/34
    1,154,333       1,185,593      
Gold, Pool#A25219, 6.00%, 07/01/34
    930,405       955,572      
Gold, Pool #A25000, 6.00%, 07/01/34
    2,575,002       2,644,656      
Gold, Pool #A24927, 6.00%, 07/01/34
    5,695,217       5,849,272      
Gold, Pool #A26003, 6.50%, 08/01/34
    29,528       30,739      
Gold, Pool #A26688, 6.00%, 09/01/34
    652,022       669,660      
Gold, Pool #A26088, 6.00%, 09/01/34
    4,660,927       4,787,006      
Gold, Pool #788027, 6.50%, 09/01/34
    840,653       875,765      
Gold, Pool #G01741, 6.50%, 10/01/34
    667,321       693,705      
Gold, Pool #G08023, 6.50%, 11/01/34
    868,330       903,942      
Gold, Pool #804847, 4.50%, 01/01/35
    722,488       698,034      
TBA, 5.45%, 05/01/18 (c)
    3,200,000       3,223,002      
TBA, 5.95%, 06/01/18 (c)
    400,000       409,954      
TBA, 5.50%, 07/01/18 (c)
    400,000       407,875      
TBA, 4.59%, 05/01/19 (c)
    13,310,000       13,168,581      
TBA, 4.97%, 05/01/19 (c)
    1,100,000       1,066,657      
TBA, 4.97%, 06/01/19 (c)
    1,400,000       1,382,500      
TBA, 5.00%, 06/01/20 (c)
    500,000       502,656      
TBA, 6.50%, 06/15/31 (c)
    500,000       518,906      
TBA, 5.07%, 05/01/34 (c)
    18,400,000       18,216,000      
TBA, 5.51%, 05/01/34 (c)
    2,000,000       2,021,876      
TBA, 5.94%, 05/01/34 (c)
    3,500,000       3,376,408      
TBA, 6.00%, 05/01/35 (c)
    1,900,000       1,949,875      
TBA, 5.00%, 06/01/35 (c)
    18,100,000       17,885,063      
TBA, 5.50%, 06/01/35 (c)
    107,557,000       108,464,565      
         
     
 
              529,501,781      
         
     
 
Federal National Mortgage Association (13.7%)
2.63%, 11/15/06
    17,695,000       17,387,355      
5.75%, 02/15/08
    66,900,000       69,968,033      
5.50%, 03/15/11
    7,955,000       8,417,082      
6.00%, 05/15/11
    30,460,000       33,046,937      
5.38%, 11/15/11
    4,715,000       4,971,331      
4.38%, 03/15/13
    17,225,000       17,140,615      
4.63%, 10/15/14
    18,375,000       18,448,188      
Pool #709921, 5.00%, 06/01/18
    229,345       231,291      
Pool #255315, 4.00%, 07/01/19
    572,555       555,479      
Pool #560868, 7.50%, 02/01/31
    16,947       18,158      
Pool #607212, 7.50%, 10/01/31
    288,009       308,576      
Pool #607559, 6.50%, 11/01/31
    10,670       11,117      
Pool #607632, 6.50%, 11/01/31
    6,135       6,392      
Pool #661664, 7.50%, 09/01/32
    386,457       413,713      
Pool #694846, 6.50%, 04/01/33
    180,123       187,378      
Pool #750229, 6.50%, 10/01/33
    731,492       760,957      
TBA, 4.50%, 06/19/18 (c)
    300,000       296,156      
         
     
 
              172,168,758      
         
     
 
Government National Mortgage Association (3.8%)
Pool #279461, 9.00%, 11/15/19
    12,935       14,188      
Pool #376510, 7.00%, 05/15/24
    31,651       33,686      
Pool #457801, 7.00%, 08/15/28
    37,368       39,661      
Pool #486936, 6.50%, 02/15/29
    37,051       38,839      
Pool #490258, 6.50%, 02/15/29
    9,933       10,413      
Pool #502969, 6.00%, 03/15/29
    103,032       106,523      
Pool #487053, 7.00%, 03/15/29
    35,030       37,169      
Pool #781014, 6.00%, 04/15/29
    95,920       99,202      
Pool #509099, 7.00%, 06/15/29
    44,772       47,506      
Pool #470643, 7.00%, 07/15/29
    131,449       139,474      
Pool #434505, 7.50%, 08/15/29
    7,379       7,928      
Pool #416538, 7.00%, 10/15/29
    18,996       20,156      
Pool #524269, 8.00%, 11/15/29
    19,268       20,893      
Pool #781124, 7.00%, 12/15/29
    199,321       211,520      
Pool #525561, 8.00%, 01/15/30
    15,225       16,504      
Pool #531352, 7.50%, 09/15/30
    32,500       34,912      
Pool #507396, 7.50%, 09/15/30
    387,468       416,221      
Pool #536334, 7.50%, 10/15/30
    6,049       6,498      
Pool #519020, 7.50%, 11/15/30
    6,929       7,443      
Pool #545233, 7.50%, 12/15/30
    2,848       3,059      
Pool #540659, 7.00%, 01/15/31
    5,829       6,178      
Pool #486019, 7.50%, 01/15/31
    24,222       26,014      
Pool #535388, 7.50%, 01/15/31
    18,803       20,195      
Pool #537406, 7.50%, 02/15/31
    10,966       11,778      
Pool #528589, 6.50%, 03/15/31
    165,572       173,452      
Pool #508473, 7.50%, 04/15/31
    71,850       77,167      
Pool #533723, 7.50%, 04/15/31
    18,162       19,506      
Pool #544470, 8.00%, 04/15/31
    33,945       36,778      
Pool #781287, 7.00%, 05/15/31
    124,408       131,928      
Pool #541499, 6.50%, 07/15/31
    11,519       12,067      
Pool #549742, 7.00%, 07/15/31
    82,863       87,828      
Pool #781319, 7.00%, 07/15/31
    41,983       44,506      
Pool #485879, 7.00%, 08/15/31
    131,285       139,150      
Pool #555125, 7.00%, 09/15/31
    25,143       26,649      
Pool #781328, 7.00%, 09/15/31
    114,295       121,210      
Pool #550991, 6.50%, 10/15/31
    47,910       50,190      
Pool #571267, 7.00%, 10/15/31
    17,201       18,232      
Pool #547948, 6.50%, 11/15/31
    32,234       33,768      
Pool #574837, 7.50%, 11/15/31
    24,588       26,408      
Pool #555171, 6.50%, 12/15/31
    17,009       17,819      
Pool #427546, 6.50%, 12/15/31
    9,676       10,137      
Pool #781380, 7.50%, 12/15/31
    38,026       40,846      
Pool #781481, 7.50%, 01/15/32
    208,567       224,052      
Pool #580972, 6.50%, 02/15/32
    42,476       44,495      
Pool #781401, 7.50%, 02/15/32
    116,580       125,221      
Pool #552474, 7.00%, 03/15/32
    71,365       75,636      
Pool #781478, 7.50%, 03/15/32
    66,037       70,939      
Pool #781429, 8.00%, 03/15/32
    94,854       102,705      
Pool #583942, 6.50%, 06/15/32
    196,975       206,337      
Pool #583645, 8.00%, 07/15/32
    56,038       60,709      
Pool #590424, 6.50%, 09/15/32
    48,111       50,398      
Pool #552822, 5.50%, 10/15/32
    920,317       937,593      
 
2005 Semiannual Report 85

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Bond Index Fund (Continued)
 

LOGO
Index Series

                     
U.S. Government and Agency Long-Term Obligations (continued)
Principal
Amount Value
Government National Mortgage Association (continued)
Pool #595077, 6.00%, 10/15/32
  $ 328,743     $ 339,447      
Pool #596657, 7.00%, 10/15/32
    45,427       48,146      
Pool #552952, 6.00%, 12/15/32
    331,558       342,354      
Pool #612953, 7.00%, 12/15/32
    109,878       116,454      
Pool #602102, 6.00%, 02/15/33
    398,961       411,882      
Pool #588192, 6.00%, 02/15/33
    164,187       169,504      
Pool #608138, 5.50%, 03/15/33
    532,649       542,516      
Pool #603520, 6.00%, 03/15/33
    357,981       369,575      
Pool #604243, 6.00%, 04/15/33
    673,710       695,529      
Pool #611526, 6.00%, 05/15/33
    215,255       222,226      
Pool #781627, 5.50%, 06/15/33
    1,367,753       1,393,418      
Pool #553320, 6.00%, 06/15/33
    986,564       1,018,515      
Pool #572733, 6.00%, 07/15/33
    181,577       187,457      
Pool #620452, 5.50%, 08/15/33
    779,457       793,896      
Pool #616009, 4.50%, 10/15/33
    2,035,096       1,985,717      
Pool #608319, 5.50%, 10/15/33
    2,632,505       2,681,272      
Pool #622637, 5.50%, 11/15/33
    1,205,136       1,227,461      
Pool #573916, 6.00%, 11/15/33
    546,368       564,063      
Pool #604875, 6.00%, 12/15/33
    1,566,616       1,617,354      
Pool #781690, 6.00%, 12/15/33
    533,348       550,725      
Pool #781699, 7.00%, 12/15/33
    261,694       277,389      
Pool #621856, 6.00%, 01/15/34
    747,948       772,051      
Pool #629973, 6.00%, 06/15/34
    1,373,347       1,417,603      
Pool #632831, 5.50%, 07/15/34
    2,049,152       2,086,677      
Pool #562376, 5.50%, 08/15/34
    807,570       822,359      
Pool #633794, 5.50%, 10/15/34
    499,477       508,584      
Pool #591083, 4.50%, 03/15/35
    699,150       681,964      
Pool #583085, 5.00%, 03/15/35
    599,311       598,930      
Pool #631182, 5.50%, 03/15/35
    8,192,135       8,341,502      
Pool #544115, 5.00%, 04/15/35
    6,922,000       6,917,598      
TBA, 5.00%, 05/01/35 (c)
    1,700,000       1,696,280      
TBA, 6.50%, 05/01/35 (c)
    3,881,000       4,061,706      
         
     
 
              47,801,840      
         
     
 
Tennessee Valley Authority (0.0%)
6.25%, 12/15/17
    85,000       97,399      
         
     
 
U.S. Treasury Bonds (5.8%)
8.75%, 05/15/17
    7,335,000       10,323,440      
8.50%, 02/15/20
    5,795,000       8,278,476      
8.75%, 08/15/20
    300,000       439,406      
6.25%, 08/15/23
    22,620,000       27,184,649      
6.38%, 08/15/27
    14,770,000       18,359,804      
5.38%, 02/15/31
    7,395,000       8,352,305      
         
     
 
              72,938,080      
         
     
 
U.S. Treasury Notes (6.4%)
5.75%, 11/15/05
    44,455,000       45,050,609      
4.38%, 05/15/07
    4,305,000       4,365,709      
2.75%, 08/15/07
    3,000,000       2,939,766      
3.25%, 08/15/07
    2,260,000       2,239,608      
3.00%, 11/15/07
    1,965,000       1,932,300      
2.63%, 05/15/08
    3,150,000       3,049,348      
3.13%, 09/15/08
    1,820,000       1,782,321      
3.13%, 10/15/08
    1,325,000       1,296,895      
3.38%, 11/15/08
    8,640,000       8,521,200      
4.88%, 02/15/12
    1,000,000       1,050,586      
4.00%, 11/15/12
    5,180,000       5,175,550      
4.00%, 02/15/15
    2,805,000       2,759,528      
         
     
 
              80,163,420      
         
     
 
Total U.S. Government and Agency Long-Term Obligations     902,671,278      
         
     
 

Corporate Bonds (35.3%)
Aerospace (0.3%)
Boeing Co.,
6.13%, 02/15/33
    500,000       554,120      
General Dynamics Corp.,
3.00%, 05/18/08
    425,000       410,489      
Lockheed Martin Corp.,
8.50%, 12/01/29
    600,000       832,740      
Northrop Grumman Corp.,
7.13%, 02/15/11
    535,000       601,738      
Raytheon Co.,
6.50%, 07/15/05
    36,000       36,207      
Raytheon Co.,
8.30%, 03/01/10
    250,000       288,734      
Raytheon Co.,
5.50%, 11/15/12
    150,000       157,238      
Raytheon Co.,
7.00%, 11/01/28
    225,000       265,138      
Rockwell Collins Corp.,
4.75%, 12/01/13
    500,000       502,783      
United Technologies Corp.,
6.35%, 03/01/11
    675,000       737,588      
         
     
 
              4,386,775      
         
     
 
Agricultural Products (0.0%)
Potash Corp. of Saskatchewan, Inc.,
7.75%, 05/31/11
    70,000       80,750      
Potash Corp. of Saskatchewan, Inc.,
4.88%, 03/01/13
    280,000       277,327      
         
     
 
              358,077      
         
     
 
Airlines (0.1%)
Continental Airlines, Inc.,
6.56%, 02/15/12
    395,000       417,563      
Continental Airlines, Inc.,
7.88%, 07/02/18
    232,079       215,232      
Southwest Airlines Corp.,
7.88%, 09/01/07
    24,000       25,809      
 
86 Semiannual Report 2005

Table of Contents

 
                     
Corporate Bonds (continued)
Principal
Amount Value
Airlines (continued)
Southwest Airlines Corp.,
5.13%, 03/01/17
  $ 250,000     $ 239,901      
         
     
 
              898,505      
         
     
 
Apparel Manufacturers (0.0%)
Jones Apparel Group,
6.13%, 11/15/34
    160,000       151,162      
         
     
 
Automobiles (0.5%)
DaimlerChrysler AG,
6.40%, 05/15/06
    350,000       355,821      
DaimlerChrysler AG,
4.05%, 06/04/08
    700,000       674,309      
DaimlerChrysler AG,
7.30%, 01/15/12
    660,000       706,938      
DaimlerChrysler AG,
6.50%, 11/15/13
    200,000       204,189      
DaimlerChrysler AG,
8.50%, 01/18/31
    325,000       371,156      
DaimlerChrysler NA Holdings,
4.75%, 01/15/08
    1,000,000       986,479      
Ford Motor Co., 7.45%,
07/16/31
    1,150,000       945,003      
General Motors,
8.38%, 07/15/33
    400,000       304,472      
Lear Corp.,
5.75%, 08/01/14
    125,000       108,477      
Nissan Motor Acceptance,
4.63%, 03/08/10
    520,000       514,972      
Toyota Motor Credit Corp.,
4.25%, 03/15/10
    570,000       567,548      
         
     
 
              5,739,364      
         
     
 
Banking (4.2%)
American Express Centurion Bank,
4.38%, 07/30/09
    400,000       400,277      
Anadarko Finance Co.,
6.75%, 05/01/11
    200,000       222,403      
Andina de Fomento Corp.,
6.88%, 03/15/12
    400,000       444,244      
Banco Nacional de Comercio Exterior,
3.88%, 01/21/09
    100,000       95,125      
Bank of America Corp.,
4.75%, 10/15/06
    1,000,000       1,011,978      
Bank of America Corp.,
5.88%, 02/15/09
    500,000       526,886      
Bank of America Corp.,
4.88%, 09/15/12
    490,000       497,130      
Bank of America Corp.,
4.88%, 01/15/13
    850,000       857,897      
Bank of America Corp.,
5.25%, 12/01/15
    1,250,000       1,286,305      
Bank of New York Corp.,
5.20%, 07/01/07
    565,000       576,340      
Bank One Corp.,
4.13%, 09/01/07
    1,615,000       1,621,955      
Bank One Corp.,
7.88%, 08/01/10
    100,000       115,021      
Bank One Corp.,
5.25%, 01/30/13
    800,000       818,387      
Bank One Corp.,
8.00%, 04/29/27
    492,000       638,751      
Bank One NA,
3.70%, 01/15/08
    500,000       494,069      
BB&T Corp.,
6.50%, 08/01/11
    300,000       329,745      
BB&T Corp.,
4.75%, 10/01/12
    400,000       398,669      
BHP Finance Corp.,
6.42%, 03/01/26
    135,000       155,994      
BSCH Issuances Ltd.,
7.63%, 11/03/09
    600,000       675,913      
BSCH Issuances Ltd.,
7.63%, 09/14/10
    100,000       114,458      
Citicorp, Inc.,
6.38%, 11/15/08
    275,000       292,848      
Citigroup, Inc.,
5.50%, 08/09/06
    1,000,000       1,019,038      
Citigroup, Inc.,
3.63%, 02/09/09
    1,100,000       1,073,600      
Citigroup, Inc.,
6.50%, 01/18/11
    225,000       246,680      
Citigroup, Inc.,
5.63%, 08/27/12
    500,000       526,848      
Citigroup, Inc.,
5.00%, 09/15/14
    733,000       737,839      
Citigroup, Inc.,
6.63%, 06/15/32
    565,000       649,587      
Citigroup, Inc.,
5.88%, 02/22/33
    200,000       209,720      
Citigroup, Inc.,
5.85%, 12/11/34
    550,000       580,439      
Comerica, Inc.,
4.80%, 05/01/15
    300,000       292,326      
Deutsche Bank AG,
7.50%, 04/25/09
    100,000       110,974      
Deutsche Bank Financial LLC.,
5.38%, 03/02/15
    300,000       311,180      
European Investment Bank,
3.38%, 03/16/09
    1,600,000       1,567,874      
 
2005 Semiannual Report 87

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Bond Index Fund (Continued)
 

LOGO
Index Series

                     
Corporate Bonds (continued)
Principal
Amount Value
Banking (continued)
European Investment Bank,
4.63%, 05/15/14
  $ 525,000     $ 538,323      
Fifth Third Bank,
3.38%, 08/15/08
    280,000       272,565      
Fifth Third Bank,
4.20%, 02/23/10
    200,000       197,812      
First Union Corp.,
7.00%, 03/15/06
    500,000       512,964      
Firstbank Puerto Rico Corp.,
7.63%, 12/20/05
    100,000       101,170      
FleetBoston Financial Corp.,
7.25%, 09/15/05
    640,000       648,956      
FleetBoston Financial Corp.,
4.20%, 11/30/07
    300,000       300,200      
FleetBoston Financial Corp.,
3.85%, 02/15/08
    750,000       742,556      
HBOS PLC,
5.38%, 11/29/49
    600,000       608,230      
HSBC Bank USA,
3.88%, 09/15/09
    600,000       585,621      
HSBC Bank USA,
4.63%, 04/01/14
    400,000       391,556      
HSBC Bank USA,
5.88%, 11/01/34
    450,000       470,751      
HSBC Holdings PLC,
7.50%, 07/15/09
    955,000       1,065,470      
Inter-American Development Bank,
5.75%, 02/26/08
    250,000       261,646      
Inter-American Development Bank,
6.80%, 10/15/25
    700,000       853,592      
International Bank for Reconstruction & Development,
7.63%, 01/19/23
    750,000       1,006,343      
International Lease Finance Corp,
3.50%, 04/01/09
    500,000       478,776      
International Lease Finance Corp.,
5.75%, 02/15/07
    415,000       425,695      
JP Morgan Chase & Co.,
5.63%, 08/15/06
    450,000       459,068      
JP Morgan Chase & Co.,
6.25%, 01/15/09
    100,000       106,041      
JP Morgan Chase & Co.,
3.50%, 03/15/09
    1,450,000       1,403,890      
JP Morgan Chase & Co.,
4.50%, 11/15/10
    500,000       499,089      
JP Morgan Chase & Co.,
6.63%, 03/15/12
    940,000       1,037,934      
Key Bank NA,
5.70%, 08/15/12
    450,000       478,865      
Key Bank NA,
5.80%, 07/01/14
    250,000       265,466      
KFW International Finance, Inc.,
4.75%, 01/24/07
    2,005,000       2,040,151      
M & T Bank Corp.,
3.85%, 04/01/13
    300,000       294,842      
Marshall & Ilsley Bank,
4.13%, 09/04/07
    125,000       125,346      
Marshall & Ilsley Bank,
3.80%, 02/08/08
    600,000       593,836      
Marshall & Ilsley Bank,
5.25%, 09/04/12
    275,000       283,686      
MBNA America Bank Corp.,
6.25%, 01/17/07
    495,000       510,507      
MBNA America Bank Corp.,
7.13%, 11/15/12
    315,000       352,501      
National City Bank of Indiana,
4.00%, 09/28/07
    300,000       299,499      
National City Corp.,
3.20%, 04/01/08
    400,000       388,069      
National City Corp.,
6.20%, 12/15/11
    300,000       325,372      
Nationsbank Corp.,
6.60%, 05/15/10
    200,000       217,885      
PNC Funding Corp.,
5.25%, 11/15/15
    600,000       612,154      
Popular North America, Inc.,
4.70%, 06/30/09
    550,000       554,609      
Regions Financial Corp.,
6.38%, 05/15/12
    150,000       163,904      
Sanwa Bank Ltd.,
7.40%, 06/15/11
    600,000       676,433      
Sovereign Bancorp., Inc.,
5.13%, 03/15/13
    200,000       200,912      
St. George Bank Ltd. (b),
5.30%, 10/15/15
    400,000       409,838      
SunTrust Banks, Inc.,
5.20%, 01/17/17
    300,000       303,962      
SunTrust Banks, Inc.,
5.45%, 12/01/17
    310,000       319,874      
U.S. Bancorp,
5.10%, 07/15/07
    500,000       510,245      
Union Planters Corp.,
4.38%, 12/01/10
    150,000       147,603      
Unionbancal Corp.,
5.25%, 12/16/13
    350,000       355,555      
US Bank NA,
2.85%, 11/15/06
    1,500,000       1,476,299      
US Bank NA Minnesota,
6.38%, 08/01/11
    250,000       274,263      
US Bank NA,
4.80%, 04/15/15
    225,000       223,623      
Wachovia Bank NA,
4.85%, 07/30/07,
    800,000       816,527      
Wachovia Corp.,
3.63%, 02/17/09
    2,175,000       2,125,337      
 
88 Semiannual Report 2005

Table of Contents

 
                     
Corporate Bonds (continued)
Principal
Amount Value
Banking (continued)
Wachovia Corp.,
4.88%, 02/15/14
  $ 310,000     $ 309,649      
Wells Fargo & Co.,
3.50%, 04/04/08
    625,000       613,410      
Wells Fargo & Co.,
3.13%, 04/01/09
    1,400,000       1,345,071      
Wells Fargo & Co.,
6.45%, 02/01/11
    1,440,000       1,574,953      
Wells Fargo & Co.,
5.13%, 09/15/16
    350,000       355,514      
Westpac Banking Corp.,
4.63%, 06/01/18
    250,000       235,795      
         
     
 
              51,650,303      
         
     
 
Building & Construction (0.3%)
Catepillar, Inc.,
7.30%, 05/01/31
    170,000       216,536      
Centex Corp.,
7.88%, 02/01/11
    250,000       284,419      
Centex Corp.,
7.50%, 01/15/12
    100,000       112,960      
Hanson Australia Funding,
5.25%, 03/15/13
    450,000       451,320      
Korea Development Bank Corp.,
4.25%, 11/13/07
    250,000       249,536      
Lennar Corp.,
5.95%, 03/01/13
    90,000       94,269      
Masco Corp.,
5.88%, 07/15/12
    360,000       382,125      
MDC Holdings, Inc.,
5.50%, 05/15/13
    250,000       252,742      
Pulte Homes Inc.,
4.88%, 07/15/09
    575,000       572,210      
Pulte Homes, Inc.,
7.88%, 08/01/11
    40,000       45,384      
Pulte Homes, Inc.,
6.25%, 02/15/13
    105,000       110,530      
Pulte Homes, Inc.,
6.00%, 02/15/35
    250,000       232,979      
Ryland Group,
5.38%, 01/15/15
    400,000       397,640      
Toll Brothers, Inc.,
6.88%, 11/15/12
    150,000       165,644      
         
     
 
              3,568,294      
         
     
 
Business Services (0.1%)
First Data Corp.,
3.38%, 08/01/08
    400,000       389,026      
Pitney Bowes, Inc.,
4.75%, 05/15/18
    150,000       147,142      
         
     
 
              536,168      
         
     
 
Cable (0.4%)
British Sky Broadcasting Group PLC,
8.20%, 07/15/09
    375,000       424,490      
Comcast Corp.,
6.20%, 11/15/08
    475,000       501,461      
Comcast Corp.,
5.85%, 01/15/10
    465,000       488,747      
Comcast Corp.,
5.50%, 03/15/11
    500,000       517,854      
Comcast Corp.,
8.38%, 03/15/13
    400,000       485,605      
Comcast Corp.,
9.46%, 11/15/22
    200,000       279,796      
Comcast Corp.,
7.05%, 03/15/33
    500,000       584,331      
Cox Communications, Inc.,
7.13%, 10/01/12
    500,000       555,577      
Harris Corp.,
6.35%, 02/01/28
    250,000       266,573      
USA Interactive,
7.00%, 01/15/13
    300,000       318,509      
         
     
 
              4,422,943      
         
     
 
Chemicals (0.2%)
Albemarle Corp.,
5.10%, 02/01/15
    200,000       197,116      
Chevron Phillips Chemical,
5.38%, 06/15/07
    100,000       102,115      
Dow Chemical Co.,
5.75%, 11/15/09
    570,000       606,193      
ICI North America,
8.88%, 11/15/06
    300,000       319,594      
Lubrizol Corp.,
6.50%, 10/01/34
    250,000       270,071      
Praxair, Inc.,
6.85%, 06/15/05
    70,000       70,257      
Praxair, Inc.,
3.95%, 06/01/13
    300,000       285,352      
Rohm & Haas Co.,
7.40%, 07/15/09
    156,000       174,377      
Rohm & Haas Co.,
7.85%, 7/15/29
    200,000       268,390      
Yara International Asa,
5.25%, 12/15/14
    250,000       249,369      
         
     
 
              2,542,834      
         
     
 
2005 Semiannual Report 89

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Bond Index Fund (Continued)
 

LOGO
Index Series

                     
Corporate Bonds (continued)
Principal
Amount Value
Commercial Services (0.1%)
Aramark Services, Inc.,
6.38%, 02/15/08
  $ 140,000     $ 147,083      
Cendant Corp.,
6.88%, 08/15/06
    580,000       599,687      
Cendant Corp.,
7.38%, 01/15/13
    390,000       440,408      
         
     
 
              1,187,178      
         
     
 
Computers (0.2%)
Dell Computer Corp.,
7.10%, 04/15/28
    250,000       307,417      
First Data Corp.,
6.38%, 12/15/07
    350,000       369,393      
Hewlett Packard Co.,
3.63%, 03/15/08
    250,000       246,714      
Hewlett Packard Co.,
6.50%, 07/01/12
    250,000       276,380      
IBM Corp.,
6.45%, 08/01/07
    115,000       120,421      
IBM Corp.,
3.80%, 02/01/08
    415,000       411,354      
IBM Corp.,
5.50%, 01/15/09
    200,000       208,356      
IBM Corp.,
4.75%, 11/29/12
    475,000       478,243      
IBM Corp.,
5.88%, 11/29/32
    415,000       443,705      
Kern River Funding Corp.,
4.89%, 04/30/18
    91,700       92,469      
         
     
 
              2,954,452      
         
     
 
Conglomerates (0.1%)
Fortune Brands, Inc.,
2.88%, 12/01/06
    500,000       491,148      
Procter & Gamble Co.,
6.88%, 09/15/09
    320,000       353,864      
Procter & Gamble Co.,
4.95%, 08/15/14
    500,000       509,922      
Procter & Gamble Co.,
5.80%, 08/15/34
    200,000       214,770      
         
     
 
              1,569,704      
         
     
 
Containers (0.0%)
Newell Rubbermaid, Inc.,
4.00%, 05/01/10
    150,000       145,959      
Sealed Air Corp.,
5.38%, 04/15/08
    200,000       203,827      
Sealed Air Corp.,
6.95%, 05/15/09
    55,000       58,870      
         
     
 
              408,656      
         
     
 
Cruise Lines (0.0%)
Carnival Corp.,
3.75%, 11/15/07
    500,000       493,960      
         
     
 
Department Stores (0.1%)
Federated Department Stores,
6.63%, 04/01/11
    370,000       403,050      
Federated Department Stores,
6.90%, 04/01/29
    250,000       279,728      
Kimberly-Clark Corp.,
7.10%, 08/01/07
    106,000       113,157      
Kimberly-Clark Corp.,
5.63%, 02/15/12
    500,000       535,599      
Kohl’s Corp.,
6.30%, 03/01/11
    50,000       53,789      
         
     
 
              1,385,323      
         
     
 
Electric - Distribution (0.2%)
Cincinnati Gas and Electric Co.,
5.40%, 06/15/33
    125,000       122,356      
Hydro Quebec Corp.,
8.88%, 03/01/26
    265,000       391,543      
Ohio Power Co.,
6.60%, 02/15/33
    200,000       228,954      
PPL Electric Utility,
5.88%, 08/15/07
    1,000,000       1,032,736      
PSEG Power,
5.50%, 12/01/15
    200,000       204,776      
TXU Energy Co.,
6.13%, 03/15/08
    300,000       311,636      
TXU Energy Co.,
6.15%, 11/15/13
    320,000       346,845      
Wisconsin Energy Corp.,
5.50%, 12/01/08
    300,000       310,896      
         
     
 
              2,949,742      
         
     
 
Electric - Integrated (1.5%)
Alabama Power Co.,
5.70%, 02/15/33
    200,000       209,482      
Amerenenergy Generating Co.,
7.95%, 06/01/32
    105,000       135,828      
American Electric Power Co.,
6.13%, 05/15/06
    249,000       254,468      
Carolina Power & Light,
5.70%, 04/01/35
    300,000       307,445      
Cincinnati Gas & Electric Corp.,
5.70%, 09/15/12
    70,000       73,630      
Commonwealth Edison Corp.,
6.15%, 03/15/12
    200,000       218,634      
Conectiv, Inc.,
5.30%, 06/01/05
    45,000       45,054      
 
90 Semiannual Report 2005

Table of Contents

 
                     
Corporate Bonds (continued)
Principal
Amount Value
Electric - Integrated (continued)
Consolidated Edison, Inc.,
7.15%, 12/01/09
  $ 60,000     $ 66,673      
Consolidated Edison, Inc.,
4.88%, 02/01/13
    560,000       564,342      
Consolidated Edison, Inc.,
5.88%, 04/01/33
    200,000       216,678      
Constellation Energy Group, Inc.,
6.13%, 09/01/09
    530,000       562,057      
Consumers Energy - ITC,
4.25%, 04/15/08
    205,000       203,819      
Consumers Energy - ITC,
4.00%, 05/15/10
    200,000       193,390      
Dominion Resource, Inc.,
6.30%, 03/15/33
    500,000       529,347      
Duke Energy Corp.,
3.75%, 03/05/08
    1,200,000       1,183,759      
Duke Energy Corp.,
6.25%, 01/15/12
    770,000       831,270      
Emerson Electric Co.,
7.88%, 06/01/05
    115,000       115,394      
Emerson Electric Co.,
6.00%, 08/15/32
    140,000       154,471      
Entergy Gulf States, Inc.,
5.25%, 08/01/15
    300,000       297,203      
Entergy Mississippi, Inc.,
5.15%, 02/01/13
    490,000       490,182      
Exelon Corp.,
6.75%, 05/01/11
    425,000       466,483      
Exelon Generation Co.,
5.35%, 01/15/14
    575,000       588,887      
Florida Power & Light Co.,
6.88%, 12/01/05
    225,000       229,227      
Florida Power & Light Co.,
5.85%, 02/01/33
    170,000       185,616      
Florida Power & Light Co.,
5.95%, 10/01/33
    130,000       143,988      
Florida Power Corp.,
5.90%, 03/01/33
    115,000       119,676      
FPL Group Capital, Inc.,
7.63%, 09/15/06
    85,000       89,081      
General Electric Capital Corp.,
4.63%, 09/15/09
    1,075,000       1,085,573      
General Electric Capital Corp.,
5.375%, 03/15/07
    400,000       409,365      
General Electric Capital Corp.,
3.75%, 12/15/09
    900,000       875,812      
General Electric Capital Corp.,
5.00%, 02/01/13
    1,575,000       1,602,914      
Georgia Power Corp.,
5.13%, 11/15/12
    180,000       183,851      
Midamerican Energy Holdings Co.,
5.88%, 10/01/12
    675,000       711,029      
New York State Electric & Gas Corp.,
5.75%, 05/01/23
    100,000       105,189      
Ohio Power Co.,
6.60%, 02/15/33
    200,000       228,954      
Oncor, Inc.,
6.38%, 05/01/12
    165,000       179,433      
Pacific Gas & Electric Co.,
4.20%, 03/01/11
    1,200,000       1,172,774      
Pepco Holdings, Inc.,
4.00%, 05/15/10
    200,000       193,390      
Pepco Holdings, Inc.,
6.45%, 08/15/12
    180,000       194,573      
Progress Energy, Inc.,
5.85%, 10/30/08
    105,000       108,878      
Progress Energy, Inc.,
7.10%, 03/01/11
    440,000       481,900      
PSEG Power Corp.,
6.95%, 06/01/12
    125,000       139,345      
Public Service Electric & Gas,
5.13%, 09/01/12
    330,000       338,523      
Public Service New Mexico Corp.,
4.40%, 09/15/08
    175,000       174,780      
Scana Corp.,
6.88%, 05/15/11
    50,000       55,783      
Scana Corp.,
6.25%, 02/01/12
    250,000       272,102      
Scottish Power,
5.81%, 03/15/25
    200,000       203,559      
Southern California Edison Co.,
8.00%, 02/15/07
    277,000       294,963      
Southern California Edison Co.,
6.00%, 01/15/34
    300,000       323,822      
Southern California Edison Co.,
5.55%, 01/15/36
    400,000       404,758      
Southern Power Co.,
6.25%, 07/15/12
    225,000       242,750      
Wisconsin Electric Power,
5.63%, 05/15/33
    100,000       104,580      
         
     
 
              18,564,684      
         
     
 
Farm Machinery & Equipment (0.0%)
Deere & Co.,
7.85%, 05/15/10
    220,000       253,142      
         
     
 
Financial Services (16.4%)
Ace Ina Holdings,
8.30%, 08/15/06
    250,000       262,171      
Ace Ina Holdings,
5.88%, 06/15/14
    350,000       361,591      
American Express Co.,
6.88%, 11/01/05
    100,000       101,603      
 
2005 Semiannual Report 91

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Bond Index Fund (Continued)
 

LOGO
Index Series

                     
Corporate Bonds (continued)
Principal
Amount Value
Financial Services (continued)
American Express Co.,
4.88%, 07/15/13
  $ 285,000     $ 288,138      
American General Finance,
5.38%, 10/01/12
    575,000       588,391      
American Honda Financial,
3.39%, 10/03/05 (d)
    245,000       245,319      
Associates Corp. of North America,
6.95%, 11/01/18
    575,000       673,836      
Axa Financial, Inc.,
7.75%, 08/01/10
    450,000       516,594      
Axa Financial, Inc.,
7.00%, 04/01/28
    225,000       266,038      
Bear Stearns Co., Inc.,
5.70%, 01/15/07
    1,000,000       1,026,217      
Bear Stearns Co., Inc.,
5.70%, 11/15/14
    425,000       445,118      
Bear Stearns Co., Inc.,
4.65%, 07/02/18
    600,000       567,809      
Boeing Capital Corp.,
5.75%, 02/15/07
    1,200,000       1,232,742      
Boeing Capital Corp.,
6.10%, 03/01/11
    85,000       91,232      
Boeing Capital Corp.,
5.80%, 01/15/13
    225,000       239,382      
Capital One Bank,
6.88%, 02/01/06
    120,000       122,676      
Capital One Bank,
4.88%, 05/15/08
    700,000       705,823      
Capital One Financial,
5.25%, 02/21/17
    275,000       268,270      
Caterpillar Financial Services Corp.,
4.88%, 06/15/07
    90,000       91,231      
Caterpillar Financial Services Corp.,
2.70%, 07/15/08
    700,000       666,479      
Caterpillar Financial Services Corp.,
4.50%, 06/15/09
    350,000       351,420      
CIT Group, Inc.,
3.88%, 11/03/08
    500,000       490,571      
CIT Group, Inc.,
4.75%, 12/15/10
    340,000       340,248      
CIT Group, Inc.,
5.13%, 09/30/14
    425,000       425,633      
CitiFinancial Credit Co.,
10.00%, 05/15/09
    100,000       120,389      
Countrywide Financial Corp.,
5.63%, 07/15/09
    950,000       982,586      
Credit Suisse First Boston USA, Inc.,
5.88%, 08/01/06
    1,525,000       1,561,141      
Credit Suisse First Boston USA, Inc.,
6.13%, 11/15/11
    450,000       486,338      
Credit Suisse First Boston USA, Inc.,
6.50%, 01/15/12
    600,000       661,490      
Credit Suisse First Boston USA, Inc.,
5.13%, 01/15/14
    290,000       294,965      
Credit Suisse First Boston USA, Inc.,
3.17%, 05/15/14 (d)
    13,223,730       13,230,217      
Credit Suisse First Boston USA, Inc.,
3.15%, 04/15/18 (d)
    20,000,000       19,999,999      
CreditSuisse First Boston USA, Inc.,
2.95%, 02/15/20 (d)
    20,000,000       19,999,999      
Credit Suisse First Boston USA, Inc.,
7.13%, 07/15/32
    400,000       490,461      
Erp Operating LP,
5.25%, 09/15/14
    300,000       300,980      
Financing Corp.,
9.80%, 11/30/17
    30,000       44,150      
Ford Motor Credit Co.,
6.88%, 02/01/06
    1,194,000       1,207,750      
Ford Motor Credit Co.,
6.50%, 01/25/07
    950,000       949,905      
Ford Motor Credit Co.,
4.95%, 01/15/08
    375,000       352,877      
Ford Motor Credit Co.,
5.70%, 01/15/10
    500,000       451,904      
Ford Motor Credit Co.,
7.25%, 10/25/11
    1,140,000       1,053,700      
Ford Motor Credit Co.,
7.00%, 10/01/13
    1,735,000       1,561,457      
General Electric Capital Corp.,
4.25%, 01/15/08
    480,000       480,740      
General Electric Capital Corp.,
5.88%, 02/15/12
    100,000       106,712      
General Electric Capital Corp.,
6.00%, 06/15/12
    445,000       478,391      
General Electric Capital Corp.,
5.45%, 01/15/13
    200,000       209,166      
General Electric Capital Corp.,
6.75%, 03/15/32
    1,695,000       2,022,789      
General Motors Acceptance Corp.,
6.13%, 09/15/06
    500,000       497,019      
General Motors Acceptance Corp.,
6.13%, 08/28/07
    1,850,000       1,802,627      
General Motors Acceptance Corp.,
7.75%, 01/19/10
    300,000       282,764      
General Motors Acceptance Corp.,
7.25%, 03/02/11
    915,000       820,677      
General Motors Acceptance Corp.,
6.88%, 09/15/11
    750,000       657,089      
General Motors Acceptance Corp.,
7.00%, 02/01/12
    140,000       121,817      
General Motors Acceptance Corp.,
6.88%, 08/28/12
    750,000       646,090      
General Motors Acceptance Corp.,
8.00%, 11/01/31
    800,000       673,150      
 
92 Semiannual Report 2005

Table of Contents

 
                     
Corporate Bonds (continued)
Principal
Amount Value
Financial Services (continued)
Golden West Financial Corp.,
4.75%, 10/01/12
  $ 265,000     $ 267,283      
Goldman Sachs Group, Inc.,
4.13%, 01/15/08
    1,060,000       1,057,561      
Goldman Sachs Group, Inc.,
3.88%, 01/15/09
    500,000       490,725      
Goldman Sachs Group, Inc.,
6.65%, 05/15/09
    700,000       755,318      
Goldman Sachs Group, Inc.,
6.60%, 01/15/12
    175,000       192,379      
Goldman Sachs Group, Inc.,
5.25%, 04/01/13
    1,125,000       1,144,431      
Goldman Sachs Group, Inc.,
5.25%, 10/15/13
    1,475,000       1,495,733      
Goldman Sachs Group, Inc.,
6.13%, 02/15/33
    800,000       845,890      
Greenwich Capital Commercial Funding Corp.
3.05%, 11/05/19 (d)
    20,000,000       19,997,255      
Harley Davidson Funding,
3.63%, 12/15/08
    600,000       591,118      
Household Finance Corp.,
5.88%, 02/01/09
    1,620,000       1,697,199      
Household Finance Corp.,
7.00%, 05/15/12
    1,375,000       1,551,116      
International Lease Finance Corp.,
4.38%, 12/15/05
    450,000       451,560      
International Lease Finance Corp.,
4.00%, 01/17/06
    250,000       250,278      
J Paul Getty Trust Corp.,
5.88%, 10/01/33
    2,500,000       2,700,340      
John Deere Capital Corp.,
3.90%, 01/15/08
    1,000,000       989,619      
John Hancock Financial Services, Inc.,
5.63%, 12/01/08
    100,000       104,347      
JP Morgan Chase & Co.,
3.15%, 04/16/19
    20,000,000       20,022,621      
KFW International Finance,
5.13%, 05/13/09
    1,500,000       1,561,961      
Korea Development Bank,
4.75%, 07/20/09
    1,500,000       1,508,084      
Lehman Brothers Holding, Inc.,
4.80%, 03/13/14
    600,000       593,438      
Lehman Brothers Holdings, Inc.,
3.50%, 08/07/08
    1,000,000       980,323      
Lehman Brothers Holdings, Inc.,
7.88%, 08/15/10
    97,000       111,867      
Lehman Brothers Holdings, Inc.,
6.63%, 01/18/12
    890,000       983,276      
Lehman Brothers Holdings, Inc.,
3.12%, 10/15/17 (d)
    20,000,000       20,014,569      
Mellon Financial Corp.,
7.00%, 03/15/06
    200,000       205,073      
Mellon Financial Corp.,
6.40%, 05/14/11
    450,000       493,891      
Mellon Financial Corp.,
5.00%, 12/01/14
    200,000       202,519      
Morgan Stanley,
7.75%, 06/15/05
    200,000       200,993      
Morgan Stanley,
6.10%, 04/15/06
    300,000       306,083      
Morgan Stanley,
5.80%, 04/01/07
    850,000       874,030      
Morgan Stanley,
3.63%, 04/01/08
    750,000       734,860      
Morgan Stanley,
6.60%, 04/01/12
    450,000       492,795      
Morgan Stanley,
5.30%, 03/01/13
    625,000       638,688      
Morgan Stanley,
4.75%, 04/01/14
    1,000,000       966,546      
Morgan Stanley,
7.25%, 04/01/32
    250,000       310,232      
National Rural Utilities,
4.75%, 03/14/14
    550,000       549,847      
Nisource Finance Corp.,
7.63%, 11/15/05
    170,000       173,472      
Prudential Financial, Inc.,
3.75%, 05/01/08
    655,000       645,311      
Prudential Financial, Inc.,
5.10%, 09/20/14
    300,000       303,334      
Royal Bank of Scotland Group,
5.00%, 11/12/13
    400,000       407,022      
Royal Bank of Scotland Group,
5.05%, 01/08/15
    535,000       542,110      
Royal Bank of Scotland Group,
4.70%, 07/03/18
    800,000       772,947      
SLM Corp.,
5.38%, 05/15/14
    1,050,000       1,084,179      
Synovus Financial Corp.,
4.88%, 02/15/13
    150,000       150,345      
Textron Financial Corp.,
2.75%, 06/01/06
    435,000       426,682      
Wachovia Bank Commercial Mortgage,
3.12%, 10/15/15 (d)
    30,000,000       30,027,320      
Washington Mutual, Inc.,
5.63%, 01/15/07
    400,000       409,216      
Washington Mutual, Inc.,
4.38%, 01/15/08
    750,000       750,191      
Washington Mutual, Inc.,
5.50%, 01/15/13
    445,000       460,303      
         
     
 
              205,404,151      
         
     
 
2005 Semiannual Report 93

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Bond Index Fund (Continued)
 

LOGO
Index Series

                     
Corporate Bonds (continued)
Principal
Amount Value
Food & Related (1.0%)
Albertson’s, Inc.,
7.50%, 02/15/11
  $ 800,000     $ 884,466      
Anheuser-Busch Co., Inc.,
4.38%, 01/15/13
    50,000       49,352      
Anheuser-Busch Co., Inc.,
6.00%, 11/01/41
    250,000       273,376      
Archer Daniels Midland Co.,
5.94%, 10/01/32
    485,000       524,059      
Cadbury Schweppes PLC,
5.13%, 10/01/13
    300,000       302,125      
Campbell Soup Co.,
4.88%, 10/01/13
    400,000       404,799      
Coca-Cola Bottling Co.,
5.00%, 11/15/12
    150,000       151,741      
Coca-Cola Enterprises, Inc.,
6.13%, 08/15/11
    535,000       583,049      
Coca-Cola Enterprises, Inc.,
6.75%, 09/15/28
    395,000       465,278      
Conagra Foods, Inc.,
6.75%, 09/15/11
    150,000       166,971      
Conagra Foods, Inc.,
7.00%, 10/01/28
    375,000       449,086      
Diageo Capital PLC,
3.50%, 11/19/07
    860,000       846,043      
General Mills, Inc.,
5.13%, 02/15/07
    350,000       356,417      
General Mills, Inc.,
6.00%, 02/15/12
    102,000       109,750      
HJ Heinz Finance,
6.75%, 03/15/32
    150,000       178,766      
Kellogg Co.,
6.00%, 04/01/06
    163,000       166,263      
Kellogg Co.,
2.88%, 06/01/08
    1,025,000       983,793      
Kraft Foods, Inc.,
4.63%, 11/01/06
    60,000       60,432      
Kraft Foods, Inc.,
5.63%, 11/01/11
    794,000       832,848      
Kraft Foods, Inc.,
6.50%, 11/01/31
    320,000       362,412      
Kroger Co.,
6.80%, 04/01/11
    340,000       372,662      
Kroger Co.,
6.20%, 06/15/12
    400,000       427,559      
Kroger Co.,
7.50%, 04/01/31
    135,000       157,281      
Miller Brewing Co.,
5.50%, 08/15/13
    250,000       257,175      
Pepsi Bottling Group, Inc.,
7.00%, 03/01/29
    350,000       428,853      
Pepsiamericas, Inc.,
4.88%, 01/15/15
    750,000       748,592      
Safeway, Inc.,
6.15%, 03/01/06
    150,000       152,186      
Safeway, Inc.,
6.50%, 03/01/11
    400,000       425,050      
Sara Lee Corp.,
6.25%, 09/15/11
    425,000       462,775      
Supervalu, Inc.,
7.50%, 05/15/12
    125,000       140,571      
Tricon Global Restaurant,
8.88%, 04/15/11
    200,000       241,517      
Unilever Capital Corp.,
7.13%, 11/01/10
    550,000       621,297      
         
     
 
              12,586,544      
         
     
 
Healthcare Services (0.1%)
Eli Lilly & Co.,
6.00%, 03/15/12
    300,000       328,172      
Eli Lilly & Co.,
7.13%, 06/01/25
    200,000       248,525      
Health Care Property Investors, Inc.,
6.45%, 06/25/12
    95,000       102,262      
         
     
 
              678,959      
         
     
 
Hotels (0.0%)
Harrahs Operating Co., Inc.,
5.50%, 07/01/10
    380,000       388,542      
         
     
 
Household Products (0.0%)
Clorox Co.,
4.20%, 01/15/10
    530,000       526,160      
         
     
 
Insurance (0.8%)
Allstate Corp.,
5.38%, 12/01/06
    675,000       687,271      
Allstate Corp.,
6.13%, 02/15/12
    430,000       467,904      
Allstate Corp.,
6.13%, 12/15/32
    200,000       219,178      
American General Corp.,
7.50%, 07/15/25
    250,000       310,065      
Berkley Corp.,
5.13%, 09/30/10
    175,000       175,541      
Berkshire Hathaway, Inc.,
4.13%, 01/15/10
    750,000       739,190      
Farmers Insurance Exchange,
8.625%, 05/01/24
    400,000       493,520      
General Motors Acceptance Corp.,
5.63%, 05/15/09
    250,000       226,299      
Hartford Financial Services Group,
4.75%, 03/01/14
    200,000       196,636      
 
94 Semiannual Report 2005

Table of Contents

 
                     
Corporate Bonds (continued)
Principal
Amount Value
Insurance (continued)
Hartford Life, Inc.,
7.38%, 03/01/31
  $ 100,000     $ 124,392      
Infinity Property & Casualty,
5.50%, 02/18/14
    200,000       197,925      
ING Sec Life Institutional Fund,
4.25%, 01/15/10
    2,000,000       1,987,155      
Marsh & Mclennan Cos., Inc.,
6.25%, 03/15/12
    175,000       182,959      
Metlife, Inc.,
6.13%, 12/01/11
    835,000       904,044      
Monumental Global Funding II,
4.38%, 07/30/09
    500,000       496,960      
New York Life Insurance,
5.88%, 05/15/33
    200,000       214,479      
NLV Financial Corp.,
7.50%, 08/15/33
    125,000       145,116      
North Front Pass,
5.81%, 12/15/24
    500,000       512,188      
Principal Life Global Funding,
6.25%, 02/15/12
    150,000       163,919      
Progressive Corp.,
6.25%, 12/01/32
    150,000       166,875      
RLI Corp.,
5.95%, 01/15/14
    200,000       201,405      
Travelers Property Casualty Corp.,
6.38%, 03/15/33
    200,000       214,145      
Western & Southern Finance,
5.75%, 07/15/33
    250,000       255,979      
XL Capital Ltd.,
5.25%, 09/15/14
    1,020,000       1,014,718      
         
     
 
              10,297,863      
         
     
 
Manufacturing (0.1%)
Cooper Industries, Inc.,
5.50%, 11/01/09
    175,000       182,406      
Honeywell International, Inc.,
6.13%, 11/01/11
    250,000       271,180      
Norsk Hydro AS,
6.36%, 01/15/09
    460,000       491,292      
Tyco International Group SA,
6.13%, 01/15/09
    165,000       174,329      
Tyco International Group SA,
6.00%, 11/15/13
    500,000       534,010      
Tyco International Group SA,
6.88%, 01/15/29
    125,000       145,394      
         
     
 
              1,798,611      
         
     
 
Medical Products (0.2%)
Baxter International, Inc.,
4.63%, 03/15/15
    130,000       126,233      
Boston Scientific,
5.45%, 06/15/14
    600,000       622,204      
Johnson & Johnson,
4.95%, 05/15/33
    200,000       196,426      
Wyeth,
5.50%, 02/01/14
    900,000       934,706      
Wyeth,
6.50%, 02/01/34
    350,000       395,256      
         
     
 
              2,274,825      
         
     
 
Metals & Minerals (0.2%)
Alcan, Inc.,
6.45%, 03/15/11
    75,000       82,606      
Alcan, Inc.,
4.50%, 05/15/13
    230,000       224,694      
Alcoa, Inc.,
6.00%, 01/15/12
    310,000       333,771      
Barrick Gold Finance, Inc.,
4.88%, 11/15/14
    390,000       383,772      
BHP Billiton Ltd.,
4.80%, 04/15/13
    400,000       402,445      
Codelco, Inc.,
6.38%, 11/30/12
    120,000       130,660      
Inco Ltd.,
7.75%, 05/15/12
    300,000       348,037      
Newmont Mining Corp.,
5.88%, 04/01/35
    300,000       301,156      
Noranda, Inc.,
7.00%, 07/15/05
    510,000       513,606      
Placer Dome, Inc.,
6.38%, 03/01/33
    235,000       254,934      
         
     
 
              2,975,681      
         
     
 
Multimedia (0.7%)
AOL Time Warner, Inc.,
6.13%, 04/15/06
    475,000       484,687      
AOL Time Warner, Inc.,
6.88%, 05/01/12
    820,000       913,203      
AOL Time Warner, Inc.,
6.88%, 06/15/18
    298,000       337,009      
AOL Time Warner, Inc.,
7.63%, 04/15/31
    300,000       365,579      
AOL Time Warner, Inc.,
7.70%, 05/01/32
    1,130,000       1,392,468      
Belo Corp.,
8.00%, 11/01/08
    145,000       158,671      
Clear Channel Communications, Inc.,
4.40%, 05/15/11
    200,000       185,408      
Gannet Co., Inc.,
5.50%, 04/01/07
    185,000       189,741      
 
2005 Semiannual Report 95

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Bond Index Fund (Continued)
 

LOGO
Index Series

                     
Corporate Bonds (continued)
Principal
Amount Value
Multimedia (continued)
Johnson Controls, Inc.,
4.88%, 09/15/13
  $ 300,000     $ 299,473      
News America Holdings, Inc.,
9.25%, 02/01/13
    200,000       252,466      
News America Holdings, Inc.,
8.00%, 10/17/16
    200,000       241,933      
News America Holdings, Inc.,
7.28%, 06/30/28
    130,000       148,907      
News America Holdings, Inc.,
6.20%, 12/15/34
    500,000       504,453      
Reed Elsevier Capital,
6.13%, 08/01/06
    900,000       918,673      
Viacom, Inc.,
5.63%, 05/01/07
    1,000,000       1,021,160      
Viacom, Inc.,
5.63%, 08/15/12
    250,000       251,737      
Viacom, Inc.,
7.88%, 07/30/30
    135,000       160,322      
Walt Disney Co.,
5.38%, 06/01/07
    1,000,000       1,021,942      
Walt Disney Co.,
6.38%, 03/01/12
    236,000       257,390      
         
     
 
              9,105,222      
         
     
 
Natural Gas Transmission (0.1%)
Keyspan Corp.,
5.80%, 04/01/35
    400,000       420,758      
Kinder Morgan Energy Partners LP,
5.80%, 03/15/35
    350,000       341,724      
Plains All American Pipeline,
5.63%, 12/15/13
    560,000       578,677      
         
     
 
              1,341,159      
         
     
 
Non-Hazardous Waste Disposal (0.1%)
Waste Management, Inc.,
7.38%, 08/01/10
    250,000       279,829      
Waste Management, Inc.,
6.38%, 11/15/12
    350,000       385,784      
Waste Management, Inc.,
7.00%, 07/15/28
    275,000       313,311      
         
     
 
              978,924      
         
     
 
Oil & Gas (1.5%)
AGL Capital Corp.,
4.45%, 04/15/13
    300,000       291,882      
Amerada Hess Corp.,
7.30%, 08/15/31
    200,000       228,611      
Anadarko Petroleum Corp.,
7.50%, 05/01/31
    205,000       257,337      
Apache Corp.,
6.25%, 04/15/12
    390,000       431,356      
Apache Corp.,
7.63%, 07/01/19
    100,000       124,654      
Apache Finance Canada,
4.38%, 05/15/15
    400,000       389,380      
Atmos Energy Corp.,
5.13%, 01/15/13
    225,000       227,435      
Australian Gas Light Co.,
5.30%, 09/25/15
    150,000       153,568      
BP Amoco PLC,
5.90%, 04/15/09
    200,000       212,456      
BP Capital Markets America,
4.20%, 06/15/18
    250,000       232,710      
Brascan Corp.,
5.75%, 03/01/10
    305,000       316,713      
Burlington Resources Finance Co.,
6.40%, 08/15/11
    210,000       227,097      
Burlington Resources, Inc.,
6.50%, 12/01/11
    350,000       386,609      
ChevronTexaco Capital Corp.,
3.50%, 09/17/07
    90,000       88,997      
ChevronTexaco Capital Corp.,
3.38%, 02/15/08
    500,000       490,084      
ChevronTexaco Capital Corp.,
8.63%, 06/30/10
    120,000       143,593      
Colonial Pipeline,
7.63%, 04/15/32
    365,000       486,319      
Conoco Funding Co.,
6.35%, 10/15/11
    600,000       663,351      
Conoco Funding Co.,
4.75%, 10/15/12
    1,300,000       1,309,858      
Conoco, Inc.,
6.35%, 04/15/09
    250,000       268,496      
Conoco, Inc.,
6.95%, 04/15/29
    170,000       207,265      
Consolidated Natural Gas, Inc.,
5.38%, 11/01/06
    60,000       61,098      
Consolidated Natural Gas, Inc.,
6.25%, 11/01/11
    264,000       285,853      
EnCana Corp.,
4.75%, 10/15/13
    575,000       567,006      
Encana Holdings Finance Corp.,
5.80%, 05/01/14
    425,000       449,286      
Halliburton Co.,
5.50%, 10/15/10
    400,000       416,319      
Keyspan Corp.,
7.63%, 11/15/10
    210,000       241,302      
Kinder Morgan Energy Partners LP,
7.50%, 11/01/10
    351,000       396,357      
Kinder Morgan Energy Partners LP,
6.75%, 03/15/11
    155,000       170,661      
Kinder Morgan Energy Partners LP,
6.50%, 09/01/12
    300,000       327,769      
 
96 Semiannual Report 2005

Table of Contents

 
                     
Corporate Bonds (continued)
Principal
Amount Value
Oil & Gas (continued)
Kinder Morgan Energy Partners LP,
5.15%, 03/01/15
  $ 165,000     $ 163,989      
Marathon Oil Corp,
6.80%, 03/15/32
    200,000       226,446      
Marathon Oil Corp.,
5.38%, 06/01/07
    810,000       827,826      
Motiva Enterprises Corp.,
5.20%, 09/15/12
    125,000       129,129      
Murphy Oil Corp.,
6.38%, 05/01/12
    100,000       110,628      
Nabors, Inc.,
5.38%, 08/15/12
    70,000       72,764      
Nexen, Inc.,
5.05%, 11/20/13
    500,000       498,068      
Occidental Petroleum,
6.75%, 01/15/12
    450,000       504,793      
Ocean Energy, Inc.,
7.25%, 10/01/11
    980,000       1,096,554      
Pemex Project Funding Master,
9.13%, 10/13/10
    885,000       1,026,599      
Pemex Project Funding Master,
7.38%, 12/15/14
    625,000       679,063      
Petroleos Mexicanos,
8.85%, 09/15/07
    475,000       516,325      
Praxair, Inc.,
6.50%, 03/01/08
    390,000       411,435      
South Carolina Electric & Gas Co.,
4.80%, 10/01/12
    650,000       653,879      
Transocean Sedco Forex, Inc.,
6.63%, 04/15/11
    163,000       178,618      
Transocean Sedco Forex, Inc.,
7.50%, 04/15/31
    300,000       375,074      
Valero Energy Corp.,
6.88%, 04/15/12
    500,000       549,687      
Valero Energy Corp.,
7.50%, 04/15/32
    300,000       354,303      
XTO Energy, Inc.,
4.90%, 02/01/14
    250,000       247,357      
         
     
 
              18,675,959      
         
     
 
Paper & Forest Products (0.3%)
Celulosa Arauco Constitucion SA,
5.13%, 07/09/13
    300,000       294,520      
International Paper Co.,
4.00%, 04/01/10
    850,000       819,106      
International Paper Co.,
5.85%, 10/30/12
    300,000       310,541      
Inversiones CMPC SA,
4.88%, 06/18/13
    300,000       294,895      
Meadwestvaco Corp.,
6.80%, 11/15/32
    120,000       126,655      
Norske Skogindustrier,
6.13%, 10/15/15
    150,000       154,925      
Sappi Papier Holding AG,
6.75%, 06/15/12
    80,000       86,928      
Weyerhaeuser Co.,
5.95%, 11/01/08
    309,000       324,808      
Weyerhaeuser Co.,
6.75%, 03/15/12
    725,000       773,966      
Weyerhaeuser Co.,
7.38%, 03/15/32
    150,000       163,140      
         
     
 
              3,349,484      
         
     
 
Pharmaceuticals (0.2%)
Abbott Laboratories,
5.63%, 07/01/06
    104,000       105,934      
Abbott Laboratories,
6.40%, 12/01/06
    550,000       570,569      
Abbott Laboratories,
5.40%, 09/15/08
    250,000       260,429      
Abbott Laboratories,
3.50%, 02/17/09
    200,000       195,088      
Amgen, Inc.,
4.00%, 11/18/09
    325,000       319,699      
Astrazeneca PLC,
5.40%, 06/01/14
    500,000       525,483      
Glaxosmithkline PLC,
5.38%, 04/15/34
    40,000       346,789      
Pfizer, Inc.,
5.63%, 02/01/06
    400,000       405,742      
Pharmacia Corp.,
6.60%, 12/01/28
    300,000       351,230      
         
     
 
              3,080,963      
         
     
 
Pipelines (0.1%)
Panhandle Eastern Pipeline,
2.75%, 03/15/07
    400,000       388,661      
Texas Gas Transmission,
4.60%, 06/01/15
    300,000       291,970      
TGT Pipelines,
5.20%, 06/01/18
    150,000       147,344      
         
     
 
              827,975      
         
     
 
Printing (0.0%)
Donnelley (R.R) & Sons Co.,
4.95%, 04/01/14
    200,000       196,881      
         
     
 
2005 Semiannual Report 97

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Bond Index Fund (Continued)
 

LOGO
Index Series

                     
Corporate Bonds (continued)
Principal
Amount Value
Publishing - Newspapers (0.1%)
Gannett Co.,
6.38%, 04/01/12
  $ 400,000     $ 440,216      
Thomson Corp.,
4.25%, 08/15/09
    425,000       420,131      
         
     
 
              860,347      
         
     
 
Real Estate Investment Trusts (0.4%)
Avalonbay Communities, Inc.,
6.63%, 09/15/11
    150,000       163,815      
BRE Properties, Inc.,
5.95%, 03/15/07
    140,000       144,143      
Camden Property Trust Corp.,
7.00%, 11/15/06
    600,000       622,793      
Centerpoint Properties Corp.,
4.75%, 08/01/10
    350,000       349,674      
Developers Diversified Realty Corp.,
6.63%, 01/15/08
    250,000       261,888      
Duke Realty Corp.,
5.25%, 01/15/10
    300,000       306,371      
EOP Operating LP,
6.75%, 02/15/12
    200,000       218,345      
Health Care REIT, Inc.,
6.00%, 11/15/13
    300,000       305,360      
HRPT Properties Trust Corp.,
5.75%, 02/15/14
    300,000       307,871      
JDN Realty Corp.,
6.95%, 08/01/07
    20,000       20,991      
Liberty Property LP,
7.25%, 03/15/11
    65,000       72,383      
New Plan Excel Realty Trust,
5.88%, 06/15/07
    90,000       92,939      
Spieker Properties LP,
7.65%, 12/15/10
    1,000,000       1,147,360      
Washington REIT,
5.25%, 01/15/14
    200,000       202,370      
Westfield Capital Corp.,
5.13%, 11/15/14
    260,000       260,228      
         
     
 
              4,476,531      
         
     
 
Research & Development (0.0%)
Science Applications International Co.,
5.50%, 07/01/33
    300,000       294,356      
         
     
 
Retail (0.3%)
CVS Corp.,
4.00%, 09/15/09
    200,000       196,846      
Limited Brands, Inc.,
6.13%, 12/01/12
    250,000       259,052      
Lowe’s Cos., Inc.,
6.50%, 03/15/29
    400,000       460,590      
Staples, Inc.,
7.13%, 08/15/07
    500,000       532,211      
Target Corp.,
10.00%, 01/01/11
    112,000       139,808      
Target Corp.,
6.35%, 01/15/11
    210,000       229,537      
Target Corp.,
7.00%, 07/15/31
    295,000       367,408      
Wal-Mart Stores, Inc.,
6.88%, 08/10/09
    990,000       1,086,446      
Wal-Mart Stores, Inc.,
4.13%, 02/15/11
    650,000       638,146      
Wal-Mart Stores, Inc.,
7.55%, 02/15/30
    200,000       262,731      
         
     
 
              4,172,775      
         
     
 
Special Purpose Entity (2.1%)
Commercial Mortgage Pass Through,
2.95%, 04/15/17 (d)
    20,000,000       19,999,999      
Morgan Stanley TRACERS,
5.88%, 03/01/07 (d)
    4,592,000       4,673,462      
Morgan Stanley TRACERS,
6.80%, 06/15/12 (d)
    1,890,000       2,055,753      
         
     
 
              26,729,214      
         
     
 
Telecommunications (1.8%)
Alltel Corp.,
7.00%, 07/01/12
    640,000       727,174      
America Movil SA de CV,
6.38%, 03/01/35
    630,000       585,337      
Ameritech Capital Funding,
6.45%, 01/15/18
    150,000       164,717      
AT&T Wireless Services, Inc.,
8.13%, 05/01/12
    75,000       88,671      
AT&T Wireless Services, Inc.,
8.75%, 03/01/31
    545,000       743,246      
BellSouth Corp.,
6.00%, 10/15/11
    1,421,000       1,522,436      
Bellsouth Corp.,
5.20%, 09/15/14
    500,000       506,515      
Bellsouth Corp.,
6.55%, 06/15/34
    300,000       331,925      
Bellsouth Corp.,
6.00%, 11/15/34
    200,000       206,221      
British Telecom PLC,
8.38%, 12/15/10
    1,270,000       1,489,926      
Centurytel, Inc.,
7.88%, 08/15/12
    130,000       147,693      
Cingular Wireless LLC,
7.13%, 12/15/31
    700,000       813,303      
 
98 Semiannual Report 2005

Table of Contents

 
                     
Corporate Bonds (continued)
Principal
Amount Value
Telecommunications (continued)
Clear Channel Communications, Inc.,
4.25%, 05/15/09
  $ 600,000     $ 575,376      
Clear Channel Communications, Inc.,
7.65%, 09/15/10
    200,000       215,910      
Clear Channel Communications, Inc.,
5.50%, 09/15/14
    300,000       284,145      
Cox Communications, Inc.,
5.50%, 10/01/15
    300,000       298,809      
Deutsche Telecom International Finance,
3.88%, 07/22/08
    700,000       689,340      
Deutsche Telekom International Finance,
5.25%, 07/22/13
    550,000       561,619      
Deutsche Telekom International Finance,
8.75%, 06/15/30
    625,000       837,506      
France Telecom,
8.50%, 03/01/11
    100,000       115,244      
France Telecom,
8.75%, 03/01/11
    550,000       633,844      
France Telecom,
8.75%, 03/01/31
    265,000       358,766      
GTE Corp.,
6.84%, 04/15/18
    350,000       393,260      
GTE Corp.,
6.94%, 04/15/28
    250,000       278,432      
Koninklijke KPN NV,
8.00%, 10/01/10
    525,000       604,805      
Motorola, Inc.,
7.50%, 05/15/25
    350,000       408,948      
SBC Communications, Inc.,
4.13%, 09/15/09
    500,000       491,730      
SBC Communications, Inc.,
6.25%, 03/15/11
    205,000       220,498      
SBC Communications, Inc.,
5.88%, 08/15/12
    720,000       764,619      
SBC Communications, Inc.,
5.10%, 09/15/14
    200,000       200,091      
SBC Communications, Inc.,
6.15%, 09/15/34
    400,000       415,040      
Sprint Capital Corp.,
6.13%, 11/15/08
    150,000       157,643      
Sprint Capital Corp.,
8.38%, 03/15/12
    400,000       473,679      
Sprint Capital Corp.,
8.38%, 03/15/12
    150,000       177,630      
Sprint Capital Corp.,
8.75%, 03/15/32
    1,150,000       1,546,380      
Tele-Communications, Inc.,
9.80%, 02/01/12
    520,000       662,535      
Univison Communication, Inc.,
7.85%, 07/15/11
    250,000       288,944      
Verizon Global Funding Corp.,
6.75%, 12/01/05
    270,000       274,804      
Verizon Global Funding Corp.,
6.88%, 06/15/12
    80,000       89,628      
Verizon Global Funding Corp.,
7.38%, 09/01/12
    350,000       403,604      
Verizon Global Funding Corp.,
4.38%, 06/01/13
    625,000       607,656      
Verizon Global Funding Corp.,
7.75%, 12/01/30
    1,000,000       1,244,318      
Verizon New York, Inc.,
6.88%, 04/01/12
    535,000       585,997      
         
     
 
              22,187,964      
         
     
 
Tobacco (0.0%)
Altria Group, Inc.,
7.00%, 11/04/13
    400,000       441,724      
         
     
 
Tools & Accessories (0.0%)
Black & Decker Corp.,
4.75%, 11/01/14
    390,000       381,261      
Stanley Works,
4.90%, 11/01/12
    225,000       230,570      
         
     
 
              611,831      
         
     
 
Transportation & Shipping (0.5%)
Burlington Northern Santa Fe Corp.,
6.75%, 07/15/11
    365,000       405,775      
Burlington Northern Santa Fe Corp.,
7.95%, 08/15/30
    350,000       462,213      
Canadian National Railway Co.,
6.90%, 07/15/28
    210,000       249,829      
CSX Corp.,
7.45%, 05/01/07
    180,000       191,206      
CSX Corp.,
6.25%, 10/15/08
    650,000       687,832      
CSX Corp.,
6.75%, 03/15/11
    225,000       248,460      
CSX Corp.,
5.50%, 08/01/13
    240,000       248,825      
FedEx Corp.,
2.65%, 04/01/07
    700,000       680,309      
Norfolk Southern Corp.,
6.75%, 02/15/11
    835,000       927,917      
Norfolk Southern Corp.,
7.25%, 02/15/31
    300,000       367,168      
TTX Co.,
4.90%, 03/01/15
    375,000       374,952      
Union Pacific Corp.,
6.50%, 05/15/05
    250,000       250,208      
Union Pacific Corp.,
5.75%, 10/15/07
    545,000       563,048      
 
2005 Semiannual Report 99

Table of Contents

  Statement of Investments (Continued)
  April 30, 2005 (Unaudited)

 
Gartmore Bond Index Fund (Continued)
 

LOGO
Index Series

                     
Corporate Bonds (continued)
Principal
Amount Value
Transportation & Shipping (continued)
Union Pacific Corp.,
3.63%, 06/01/10
  $ 410,000     $ 390,521      
Union Pacific Corp.,
5.38%, 06/01/33
    105,000       101,671      
United Parcel Service, Inc.,
8.38%, 04/01/20
    200,000       269,568      
             
6,419,502		      
             
 		      
Total Corporate Bonds     444,703,413      
         
     
 

Sovereign Bonds (2.1%)
Canada (0.5%)
Canadian Natural Resources,
4.90%, 12/01/14
    475,000       465,988      
Government of Canada,
5.25%, 11/05/08
    630,000       657,050      
Ontario Province,
5.50%, 10/01/08
    350,000       366,037      
Ontario Province,
4.38%, 02/15/13
    725,000       726,001      
Providence of Manitoba,
7.50%, 02/22/10
    500,000       564,153      
Province of British Columbia,
4.63%, 10/03/06
    100,000       101,347      
Province of British Columbia,
4.30%, 05/30/13
    270,000       269,938      
Province of Ontario,
3.38%, 01/15/08
    1,000,000       984,630      
Province of Quebec,
5.00%, 07/17/09
    1,400,000       1,438,526      
Quebec Province,
7.50%, 09/15/29
    630,000       833,170      
             
6,406,840		      
         
     
 
Chile (0.1%)
Republic of Chile, 5.63%, 07/23/07
    900,000       924,300      
         
     
 
China (0.0%)
People’s Republic of China,
4.75%, 10/29/13
    500,000       499,893      
         
     
 
 
 
 
Denmark (0.0%)
KfW International Finance,
4.13%, 10/15/14
    400,000       391,563      
         
     
 
Finland (0.1%)
Republic of Finland,
5.88%, 02/27/06
    300,000       305,789      
Republic of Finland,
4.75%, 03/06/07
    700,000       710,712      
             
1,016,501		      
         
     
 
Italy (0.5%)
Republic of Italy,
5.25%, 04/05/06
    300,000       304,714      
Republic of Italy,
4.38%, 10/25/06
    3,500,000       3,531,073      
Republic of Italy,
4.38%, 06/15/13
    950,000       948,162      
Republic of Italy,
4.50%, 01/21/15
    430,000       428,534      
Republic of Italy,
6.88%, 09/27/23
    425,000       518,996      
Republic of Italy,
5.38%, 06/15/33
    450,000       468,417      
             
6,199,896		      
         
     
 
Korea (0.1%)
Bank Of Korea Corp.,
4.63%, 03/16/10
    700,000       696,921      
Korea Developmental Bank,
5.75%, 09/10/13
    200,000       209,386      
             
906,307		      
         
     
 
Luxembourg (0.1%)
Telecom Italia Capital,
5.25%, 11/15/13
    1,000,000       1,001,820      
Telecom Italia Capital,
6.00%, 09/30/34
    390,000       386,304      
             
1,388,124		      
         
     
 
Mexico (0.6%)
United Mexican States,
9.88%, 02/01/10
    2,750,000       3,280,749      
United Mexican States,
6.38%, 01/16/13
    2,775,000       2,894,325      
United Mexican States,
7.50%, 04/08/33
    525,000       568,313      
United Mexican States,
6.75%, 09/27/34
    200,000       199,200      
             
6,942,587		      
         
     
 
South Africa (0.0%)
Republic of South Africa,
6.50%, 06/02/14
    350,000       378,000      
         
     
 
100 Semiannual Report 2005

Table of Contents

 
                     
Sovereign Bonds (continued)
Principal
Amount Value
United Kingdom (0.1%)
British Telecom PLC,
8.625%, 12/15/30
  $ 100,000     $ 136,554      
Vodafone Group PLC,
7.75%, 02/15/10
    150,000       170,772      
Vodafone Group PLC,
5.00%, 12/16/13
    300,000       303,481      
Vodafone Group PLC,
7.88%, 02/15/30
    350,000       460,021      
              1,070,828      
             
 		      
Total Sovereign Bonds     26,124,839      
         
     
 

Municipal Bonds (0.1%)
Illinois (0.1%)
State Taxable Pension GO,
5.10%, 06/01/33
    700,000       689,395      
         
     
 
Texas (0.0%)
City of Dallas,
5.25%, 02/15/24
    1,200,000       1,182,060      
             
 		      
Total Municipal Bonds     1,871,455      
         
     
 

Cash Equivalents (6.3%)
Investments in repurchase agreements (collateralized by AA Corporate Bonds in a joint trading account at 2.90%, dated 04/29/05, due 05/02/05, repurchase price $79,836,783)
    79,817,494       79,817,494      
             
 		      
Total Cash Equivalents     79,817,494      
         
     
 

Short-Term Securities Held as Collateral for Securities Lending (18.0%)
Pool of short-term securities for Gartmore Mutual Funds - note 2 (Securities Lending)
    226,831,410       226,831,410      
         
     
 
Total Short-Term Securities Held as Collateral for Securities Lending     226,831,410      
             
 		      
Total Investments (Cost $1,677,944,081) (a) — 133.6%     1,682,019,889      
                     
Liabilities in excess of other assets — (33.6)%     (423,079,084)      
             
$1,258,940,805		      
NET ASSETS — 100.0%            
         
     
 
(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
 
(b) Rule 144A, Section 4(2) or other security, which is restricted as to resale to institutional investors. The security has been deemed liquid pursuant to procedures approved by the Board of Trustees.
 
(c) Mortgage Dollar Rolls
 
(d) Variable rate security. The rate reflected in the Statement of Investments is the rate reflected in effect on April 30, 2005.

TBA      To Be Announced

TRACERS   Tradable Custodial Receipts

See notes to financial statements.

 
2005 Semiannual Report 101

Table of Contents

LOGO
Index Series

  Statements of Assets and Liabilities
  April 30, 2005 (Unaudited)
                                     
Gartmore Gartmore Gartmore Gartmore
S&P 500 Mid Cap Market Small Cap International
Index Fund Index Fund Index Fund Index Fund
Assets:
                                
Investments, at value (cost $2,140,751,322; $797,617,898; $333,859,061; $1,136,688,912 and $1,598,126,587; respectively)
  $ 2,244,445,601     $ 861,549,496     $ 351,201,376     $ 1,304,160,049  
Repurchase agreements, at cost and value
    118,068,093       61,166,220       54,566,837       27,994,777  
   
   
Total Investments
    2,362,513,694       922,715,716       405,768,213       1,332,154,826  
   
Cash
    7,137,878       2,700,709       2,686,500       3,021,044  
Foreign currency, at value (cost $0; $0; $0; $25,461,164 and $0; respectively)
    —       —       —       25,252,946  
Interest and dividends receivable
    2,645,262       610,661       321,425       4,401,898  
Receivable for capital shares issued
    9,995       —       —       —  
Receivable for investments sold
    —       —       125,448       167,266  
Unrealized appreciation on forward foreign currency contracts
    —       —       —       638,441  
Unrealized appreciation on open swap contracts
    —       —       —       —  
Receivable from adviser
    80,028       34,981       20,743       47,543  
Receivable for variation margin on futures contracts
    1,716,159       687,362       671,816       51,409  
Reclaims receivable
    —       —       —       369,104  
Prepaid expenses and other assets
    150,759       61,866       25,977       104,824  
   
   
Total Assets
    2,374,253,775       926,811,295       409,620,122       1,366,209,301  
   
Liabilities:
                                
Payable to custodian
    —       —       —       —  
Distributions payable
    —       —       —       —  
Payable for investments purchased
    —       —       177,514       34,152,259  
Unrealized depreciation on forward foreign currency contracts
    —       —       —       140,786  
Payable for variation margin on futures contracts
    —       —               50,141  
Payable for return of collateral received for securities on loan
    131,805,609       125,650,571       75,717,049       232,104,722  
Accrued expenses and other payables
                               
 
Investment advisory fees
    232,207       145,457       56,101       243,121  
 
Fund administration and transfer agent fees
    127,715       38,691       19,652       79,720  
 
Distribution fees
    76,076       27,545       14,837       7,987  
 
Administrative servicing fees
    110,013       13,513       8,171       4,869  
 
Other
    18,508       8,998       1,850       3,071  
   
   
Total Liabilities
    132,370,128       125,884,775       75,995,174       266,786,676  
   
Net Assets
   $ 2,241,883,647     $ 800,926,520     $ 333,624,948     $ 1,099,422,625  
   
Represented by:
                                
Capital
  $ 2,151,640,842     $ 720,309,495     $ 317,037,331     $ 919,132,736  
Accumulated net investment income (loss)
    2,852,990       1,910,248       497,277       3,236,921  
 
 
 
Accumulated net realized gains (losses) from investment, futures, swaps and foreign currency
transactions
    (13,408,718 )     17,789,117       3,076,709       9,773,756  
Net unrealized appreciation (depreciation) on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies
    100,798,533       60,917,660       13,013,631       167,279,212  
   
Net Assets
   $ 2,241,883,647     $ 800,926,520     $ 333,624,948     $ 1,099,422,625  
   
Net Assets:
                                
Class A Shares
  $ 9,762,275     $ 128,659,717     $ 66,979,577     $ 37,240,408  
Class B Shares
    5,397,987       711,892       357,109       250,215  
Class C Shares
    715,763       70,088       86,126       130,565  
Institutional Class Shares
    1,601,888,092       671,484,823       266,202,136       1,061,801,437  
Service Class Shares
    556,530,537       —       —       —  
Institutional Service Class Shares
    67,479,313       —       —       —  
Local Fund Shares
    109,680       —       —       —  
   
Total
  $ 2,241,883,647     $ 800,926,520     $ 333,624,948     $ 1,099,422,625  
   

[Additional columns below]

[Continued from above table, first column(s) repeated]
             
Gartmore
Bond
Index Fund
Assets:
        
Investments, at value (cost $2,140,751,322; $797,617,898; $333,859,061; $1,136,688,912 and $1,598,126,587; respectively)
  $ 1,602,202,395  
Repurchase agreements, at cost and value
    79,817,494  
   
 
   
Total Investments
    1,682,019,889  
   
 
Cash
    —  
Foreign currency, at value (cost $0; $0; $0; $25,461,164 and $0; respectively)
    —  
Interest and dividends receivable
    13,824,291  
Receivable for capital shares issued
    —  
Receivable for investments sold
    108,110,903  
Unrealized appreciation on forward foreign currency contracts
    —  
Unrealized appreciation on open swap contracts
    486,886  
Receivable from adviser
    52,653  
Receivable for variation margin on futures contracts
    —  
Reclaims receivable
    —  
Prepaid expenses and other assets
    99,020  
   
 
   
Total Assets
    1,804,593,642  
   
 
Liabilities:
        
Payable to custodian
    61,567  
Distributions payable
    4,268,080  
Payable for investments purchased
    314,189,345  
Unrealized depreciation on forward foreign currency contracts
    —  
Payable for variation margin on futures contracts
    —  
Payable for return of collateral received for securities on loan
    226,831,410  
Accrued expenses and other payables
       
 
Investment advisory fees
    223,809  
 
Fund administration and transfer agent fees
    60,280  
 
Distribution fees
    8,778  
 
Administrative servicing fees
    5,670  
 
Other
    3,898  
   
 
   
Total Liabilities
    545,652,837  
   
 
Net Assets
   $ 1,258,940,805  
   
 
Represented by:
        
Capital
  $ 1,255,956,128  
Accumulated net investment income (loss)
    (27,377 )
Accumulated net realized gains (losses) from investment, futures, swaps and foreign currency transactions
    (1,063,754 )
 
 
 
Net unrealized appreciation (depreciation) on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies
    4,075,808  
   
 
Net Assets
   $ 1,258,940,805  
   
 
Net Assets:
        
Class A Shares
  $ 41,917,250  
Class B Shares
    271,534  
Class C Shares
    —  
Institutional Class Shares
    1,216,752,021  
Service Class Shares
    —  
Institutional Service Class Shares
    —  
Local Fund Shares
    —  
   
 
Total
  $ 1,258,940,805  
   
 

 
102 Semiannual Report 2005

Table of Contents

 
                                 
Gartmore Gartmore Gartmore Gartmore
S&P 500 Mid Cap Market Small Cap International
Index Fund Index Fund Index Fund Index Fund
Shares outstanding (unlimited number of shares authorized):
                               
Class A Shares
    982,025       9,686,532       6,275,611       4,598,522  
Class B Shares
    545,094       54,210       33,692       31,298  
Class C Shares
    72,619       5,347       8,130       16,583  
Institutional Class Shares
    160,479,835       50,245,685       24,741,147       130,974,103  
Service Class Shares
    56,010,577       —       —       —  
Institutional Service Class Shares
    6,766,624       —       —       —  
Local Fund Shares
    10,967       —       —       —  
   
Total
    224,867,741       59,991,774       31,058,580       135,620,506  
   
Net asset value:
                                
Class A Shares
  $ 9.94     $ 13.28     $ 10.67     $ 8.10  
Class B Shares (a)
  $ 9.90     $ 13.13     $ 10.60     $ 7.99  
Class C Shares (b)
  $ 9.86     $ 13.11     $ 10.59     $ 7.87  
Institutional Class Shares
  $ 9.98     $ 13.36     $ 10.76     $ 8.11  
Service Class Shares
  $ 9.94     $ —     $ —     $ —  
Institutional Service Class Shares
  $ 9.97     $ —     $ —     $ —  
Local Fund Shares
  $ 10.00     $ —     $ —     $ —  
Maximum offering price per share (100%/100%-maximum sales charge) of net asset value adjusted to the nearest cent):
                               
Class A Shares
  $ 10.55     $ 14.09     $ 11.32     $ 8.59  
   
Maximum Sales Charge — Class A Shares
    5.75 %     5.75 %     5.75 %     5.75 %
   

[Additional columns below]

[Continued from above table, first column(s) repeated]
         
Gartmore
Bond
Index Fund
Shares outstanding (unlimited number of shares authorized):
       
Class A Shares
    3,809,946  
Class B Shares
    24,680  
Class C Shares
    —  
Institutional Class Shares
    110,663,149  
Service Class Shares
    —  
Institutional Service Class Shares
    —  
Local Fund Shares
    —  
   
 
Total
    114,497,775  
   
 
Net asset value:
        
Class A Shares
  $ 11.00  
Class B Shares (a)
  $ 11.00  
Class C Shares (b)
  $ —  
Institutional Class Shares
  $ 11.00  
Service Class Shares
  $ —  
Institutional Service Class Shares
  $ —  
Local Fund Shares
  $ —  
Maximum offering price per share (100%/100%-maximum sales charge) of net asset value adjusted to the nearest cent):
       
Class A Shares
  $ 11.67  
   
 
Maximum Sales Charge — Class A Shares
    5.75 %
   
 
     
(a) For Class B shares, the redemption price per share varies by length of time shares are held.
(b) For Class C shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

See notes to financial statements.

 
2005 Semiannual Report 103

Table of Contents

LOGO
Index Series

  Statements of Operations
  For the Six Months Ended April 30, 2005 (Unaudited)

                                           
Gartmore Gartmore Gartmore Gartmore
S&P 500 Mid Cap Market Small Cap International Gartmore
Index Fund Index Fund Index Fund Index Fund Bond Index Fund
INVESTMENT INCOME:
                                        
Interest income
  $ 1,276,849     $ 776,321     $ 608,365     $ 439,788     $ 24,532,884  
Dividend income (net of foreign withholding tax of $0; $0; $0; $1,548,506 and $0; respectively)
    23,684,419       5,008,460       1,787,934       14,242,976       —  
Income from securities lending
    105,586       128,164       195,792       378,665       169,981  
   
 
 
 
 
Total Income
    25,066,854       5,912,945       2,592,091       15,061,429       24,702,865  
   
 
 
Expenses:
                                        
Investment advisory fees
    1,334,723       791,414       320,041       1,386,857       1,237,574  
Fund administration and transfer agent fees
    1,116,010       385,265       185,068       595,836       646,823  
Distribution fees Class A
    12,178       121,207       90,533       44,135       50,764  
Distribution fees Class B
    25,727       3,554       1,870       1,215       1,348  
Distribution fees Class C
    2,433       198       194       204       —  
Distribution fees Service Class
    415,994       —       —       —       —  
Distribution fees Local Class
    39       —       —       —       —  
Administrative servicing fees Class A
    1,591       65,673       52,557       25,534       29,866  
Administrative servicing fees Service Class
    680,788       —       —       —       —  
Administrative servicing fees Institutional Service Class
    88,779       —       —       —       —  
Registration and filing fees
    48,440       45,276       40,746       46,287       49,048  
Other
    281,454       90,969       39,020       114,324       122,016  
   
 
 
 
 
Total expenses before reimbursed expenses
    4,008,156       1,503,556       730,029       2,214,392       2,137,439  
Expenses reimbursed
    (364,990 )     (184,289 )     (115,153 )     (275,871 )     (290,516 )
   
 
 
 
 
Total Expenses
    3,643,166       1,319,267       614,876       1,938,521       1,846,923  
   
 
 
Net Investment Income (Loss)
     21,423,688       4,593,678       1,977,215       13,122,908       22,855,942  
   
 
 
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
                                        
Net realized gains (losses) on investment transactions
    (5,456,518 )     12,008,532       1,652,005       11,184,219       (804,619 )
Net realized gains (losses) on future transactions
    9,035,010       7,163,931       2,932,017       2,543,353       —  
Net realized gains (losses) on foreign currency transactions
    —       —       —       1,448,779       —  
Net realized gains (losses) on swap transactions
    —       —       —       —       (136,972 )
   
 
 
 
Net realized gains (losses) on investment, futures, swaps and foreign currency transactions
    3,578,492       19,172,463       4,584,022       15,176,351       (941,591 )
Net change in unrealized appreciation/depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies
    27,055,471       4,705,913       (10,663,406 )     51,905,680       (10,831,816 )
   
 
 
 
Net realized/unrealized gains (losses) on investments, futures, swaps and foreign currencies
    30,633,963       23,878,376       (6,079,384 )     67,082,031       (11,773,407 )
   
 
 
 
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
   $ 52,057,651     $ 28,472,054     $ (4,102,169 )   $ 80,204,939     $ 11,082,535  
   
 
 

See notes to financial statements.

 
104 Semiannual Report 2005

Table of Contents

Statements of Changes in Net Assets
                                 
Gartmore S&P 500 Gartmore Mid Cap Market
Index Fund Index Fund
Six Months Ended Year Ended Six Months Ended Year Ended
April 30, 2005 October 31, 2004 April 30, 2005 October 31, 2004
(Unaudited) (Unaudited)
FROM INVESTMENT ACTIVITIES:
                                
Operations:
                                
Net investment income (loss)
  $ 21,423,688     $ 19,675,698     $ 4,593,678     $ 3,699,561  
Net realized gains (losses) on investment and futures transactions
    3,578,492       (2,348,411 )     19,172,463       17,269,819  
Net change in unrealized appreciation/depreciation on investments and futures
    27,055,471       98,975,299       4,705,913       17,534,939  
   
 
Change in net assets resulting from operations
    52,057,651       116,302,586       28,472,054       38,504,319  
   
Distributions to Class A Shareholders from:
                                
Net investment income
    (92,456 )     (79,387 )     (296,320 )     (183,148 )
Net realized gains on investments
    —       —       (1,521,298 )     (455,159 )
Distributions to Class B Shareholders from:
                                
Net investment income
    (29,514 )     (19,380 )     (29 )     —  
Net realized gains on investments
    —       —       (13,730 )     (3,534 )
Distributions to Class C Shareholders from:
                                
Net investment income
    (4,215 )     (607 )     (33 )     (7 )
Net realized gains on investments
    —       —       (530 )     (229 )
Distributions to Institutional Class Shareholders from:
                                
Net investment income
    (15,384,934 )     (13,237,951 )     (2,824,615 )     (3,295,582 )
Net realized gains on investments
    —       —       (11,631,945 )     (2,971,536 )
Distributions to Service Class Shareholders from:
                                
Net investment income
    (4,792,301 )     (4,915,272 )     —       —  
Distributions to Institutional Service Class Shareholders from:
                                
Net investment income
    (678,182 )     (759,266 )     —       —  
Distributions to Local Fund Shareholders from:
                                
Net investment income
    (1,131 )     (1,378 )     —       —  
   
 
Change in net assets from shareholder distributions
    (20,982,733 )     (19,013,241 )     (16,288,500 )     (6,909,195 )
   
 
Change in net assets from capital transactions
    358,052,954       656,502,224       192,810,359       277,368,892  
   
 
Change in net assets
    389,127,872       753,791,569       204,993,913       308,964,016  
Net Assets:
                                
Beginning of period
    1,852,755,775       1,098,964,206       595,932,607       286,968,591  
   
 
End of period
  $ 2,241,883,647     $ 1,852,755,775     $ 800,926,520     $ 595,932,607  
   

[Additional columns below]

[Continued from above table, first column(s) repeated]
                 
Gartmore Small Cap
Index Fund
Six Months Ended Year Ended
April 30, 2005 October 31, 2004
(Unaudited)
FROM INVESTMENT ACTIVITIES:
                
Operations:
                
Net investment income (loss)
  $ 1,977,215     $ 1,793,646  
Net realized gains (losses) on investment and futures transactions
    4,584,022       14,224,436  
Net change in unrealized appreciation/depreciation on investments and futures
    (10,663,406 )     4,487,848  
     
     
 
         
 
Change in net assets resulting from operations
    (4,102,169 )     20,505,930  
     
     
 
         
 
Distributions to Class A Shareholders from:
                
Net investment income
    (304,682 )     (287,052 )
Net realized gains on investments
    (2,760,397 )     (802,932 )
Distributions to Class B Shareholders from:
                
Net investment income
    (351 )     (6 )
Net realized gains on investments
    (14,014 )     (4,908 )
Distributions to Class C Shareholders from:
                
Net investment income
    (79 )     (18 )
Net realized gains on investments
    (1,578 )     (343 )
Distributions to Institutional Class Shareholders from:
                
Net investment income
    (1,501,319 )     (1,326,145 )
Net realized gains on investments
    (9,044,421 )     (1,892,332 )
Distributions to Service Class Shareholders from:
                
Net investment income
    —       —  
Distributions to Institutional Service Class Shareholders from:
                
Net investment income
    —       —  
Distributions to Local Fund Shareholders from:
                
Net investment income
    —       —  
     
     
 
         
 
Change in net assets from shareholder distributions
    (13,626,841 )     (4,313,736 )
     
     
 
         
 
Change in net assets from capital transactions
    77,880,216       114,765,029  
     
     
 
         
 
Change in net assets
    60,151,206       130,957,223  
Net Assets:
                
Beginning of period
    273,473,742       142,516,519  
     
     
 
         
 
End of period
  $ 333,624,948     $ 273,473,742  
     
     
 
         
 
   

See notes to financial statements.

 
2005 Semiannual Report 105

Table of Contents

LOGO
Index Series

  Statements of Changes in Net Assets

                                 
Gartmore International Gartmore Bond
Index Fund Index Fund
Six Months Ended Year Ended Six Months Ended Year Ended
April 30, 2005 October 31, 2004 April 30, 2005 October 31, 2004
(Unaudited) (Unaudited)
FROM INVESTMENT ACTIVITIES:
                                
Operations:
                                
Net investment income (loss)
  $ 13,122,908     $ 12,496,942     $ 22,855,942     $ 28,396,698  
Net realized gains (losses) on investment, futures, swaps and foreign currency transactions
    15,176,351       12,656,265       (941,591 )     2,967,606  
Net change in unrealized appreciation/depreciation on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies
    51,905,680       68,963,585       (10,831,816 )     11,512,393  
   
 
 
 
Change in net assets resulting from operations
    80,204,939       94,116,792       11,082,535       42,876,697  
   
 
 
 
Distributions to Class A Shareholders from:
                                
Net investment income
    (480,480 )     (311,725 )     (745,465 )     (1,379,130 )
Net realized gains on investments
    (372,809 )     (3,274 )     (21,640 )     —  
Distributions to Class B Shareholders from:
                                
Net investment income
    (2,667 )     (1,045 )     (4,120 )     (9,948 )
Net realized gains on investments
    (2,547 )     (24 )     (138 )     —  
Distributions to Class C Shareholders from:
                                
Net investment income
    (757 ) (a)     —       —       —  
Distributions to Institutional Class Shareholders from:
                                
Net investment income
    (15,374,780 )     (10,010,686 )     (22,118,650 )     (28,789,702 )
Net realized gains on investments
    (10,207,889 )     (77,718 )     (539,426 )     —  
   
 
 
 
Change in net assets from shareholder distributions
    (26,441,929 )     (10,404,472 )     (23,429,439 )     (30,178,780 )
   
 
 
 
Change in net assets from capital transactions
    156,267,714       429,465,827       278,032,618       456,683,198  
   
 
 
 
Change in net assets
    210,030,724       513,178,147       265,685,714       469,381,115  
Net Assets:
                                
Beginning of period
    889,391,901       376,213,754       993,255,091       523,873,976  
   
 
 
 
End of period
  $ 1,099,422,625     $ 889,391,901     $ 1,258,940,805     $ 993,255,091  
   
 
 
 
(a) For the period from February 14, 2005 (commencement of operations) through April 30, 2005.

See notes to financial statements.

 
106 Semiannual Report 2005

Table of Contents

Financial Highlights
Selected Data for Each Share of Capital Outstanding
 
Gartmore S&P 500 Index Fund
                                 
Investment Activities
Net Realized
and
Net Asset Net Unrealized Total
Value, Investment Gains from
Beginning Income (Losses) on Investment
of Period (Loss) Investments Activities
Class A Shares
                                
Period Ended October 31, 2000 (d)
  $ 12.73       0.05       (0.24 )     (0.19 )
Year Ended October 31, 2001
  $ 12.46       0.06       (3.17 )     (3.11 )
Year Ended October 31, 2002
  $ 9.12       0.09       (1.50 )     (1.41 )
Year Ended October 31, 2003
  $ 7.62       0.10       1.41       1.51  
Year Ended October 31, 2004
  $ 9.04       0.11       0.70       0.81  
Six Months Ended April 30, 2005 (Unaudited)
  $ 9.74       0.09       0.20       0.29  
Class B Shares
                                
Period Ended October 31, 2000 (d)
  $ 12.73       (0.01 )     (0.25 )     (0.26 )
Year Ended October 31, 2001
  $ 12.42       0.01       (3.16 )     (3.15 )
Year Ended October 31, 2002
  $ 9.09       0.03       (1.50 )     (1.47 )
Year Ended October 31, 2003
  $ 7.59       0.04       1.41       1.45  
Year Ended October 31, 2004
  $ 9.00       0.05       0.69       0.74  
Six Months Ended April 30, 2005 (Unaudited)
  $ 9.70       0.06       0.20       0.26  
Class C Shares
                                
Period Ended October 31, 2003 (e)
  $ 8.83       —       0.18       0.18  
Year Ended October 31, 2004
  $ 9.01       0.05       0.67       0.72  
Six Months Ended April 30, 2005 (Unaudited)
  $ 9.67       0.04       0.23       0.27  
Institutional Class Shares
                                
Period Ended October 31, 2000 (d)
  $ 12.73       0.09       (0.25 )     (0.16 )
Year Ended October 31, 2001
  $ 12.49       0.11       (3.17 )     (3.06 )
Year Ended October 31, 2002
  $ 9.15       0.11       (1.51 )     (1.40 )
Year Ended October 31, 2003
  $ 7.64       0.11       1.43       1.54  
Year Ended October 31, 2004
  $ 9.07       0.13       0.70       0.83  
Six Months Ended April 30, 2005 (Unaudited)
  $ 9.77       0.11       0.21       0.32  
Service Class Shares
                                
Year Ended October 31, 2000
  $ 11.91       0.07       0.56       0.63  
Year Ended October 31, 2001
  $ 12.45       0.07       (3.17 )     (3.10 )
Year Ended October 31, 2002
  $ 9.11       0.08       (1.50 )     (1.42 )
Year Ended October 31, 2003
  $ 7.61       0.09       1.41       1.50  
Year Ended October 31, 2004
  $ 9.03       0.11       0.69       0.80  
Six Months Ended April 30, 2005 (Unaudited)
  $ 9.73       0.10       0.20       0.30  
Institutional Service Class Shares
                                
Year Ended October 31, 2000
  $ 11.94       0.08       0.56       0.64  
Year Ended October 31, 2001
  $ 12.48       0.08       (3.17 )     (3.09 )
Year Ended October 31, 2002
  $ 9.14       0.09       (1.50 )     (1.41 )
Year Ended October 31, 2003
  $ 7.64       0.10       1.42       1.52  
Year Ended October 31, 2004
  $ 9.07       0.12       0.69       0.81  
Six Months Ended April 30, 2005 (Unaudited)
  $ 9.77       0.10       0.19       0.29  
Local Fund Shares
                                
Year Ended October 31, 2000
  $ 11.95       0.11       0.54       0.65  
Year Ended October 31, 2001
  $ 12.48       0.07       (3.14 )     (3.07 )
Year Ended October 31, 2002
  $ 9.17       0.11       (1.52 )     (1.41 )
Year Ended October 31, 2003
  $ 7.66       0.12       1.42       1.54  
Year Ended October 31, 2004
  $ 9.09       0.14       0.69       0.83  
Six Months Ended April 30, 2005 (Unaudited)
  $ 9.79       0.11       0.20       0.31  

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                         
Distributions
Net Net Net Asset
Investment Realized Total Value, End Total
Income Gains Distributions of Period Return (a)
Class A Shares
                                        
Period Ended October 31, 2000 (d)
    (0.08 )     —       (0.08 )   $ 12.46       5.71%  (f)
Year Ended October 31, 2001
    (0.06 )     (0.17 )     (0.23 )   $ 9.12       (25.24% )
Year Ended October 31, 2002
    (0.09 )     —       (0.09 )   $ 7.62       (15.62% )
Year Ended October 31, 2003
    (0.09 )     —       (0.09 )   $ 9.04       20.03%  
Year Ended October 31, 2004
    (0.11 )     —       (0.11 )   $ 9.74       8.99%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.09 )     —       (0.09 )   $ 9.94       2.99%  (f)
Class B Shares
                                        
Period Ended October 31, 2000 (d)
    (0.05 )     —       (0.05 )   $ 12.42       5.17%  (f)
Year Ended October 31, 2001
    (0.01 )     (0.17 )     (0.18 )   $ 9.09       (25.65% )
Year Ended October 31, 2002
    (0.03 )     —       (0.03 )   $ 7.59       (16.24% )
Year Ended October 31, 2003
    (0.04 )     —       (0.04 )   $ 9.00       19.14%  
Year Ended October 31, 2004
    (0.04 )     —       (0.04 )   $ 9.70       8.23%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.06 )     —       (0.06 )   $ 9.90       2.64%  (f)
Class C Shares
                                        
Period Ended October 31, 2003 (e)
    —       —       —     $ 9.01       2.04%  (f)
Year Ended October 31, 2004
    (0.06 )     —       (0.06 )   $ 9.67       8.06%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.08 )     —       (0.08 )   $ 9.86       2.73%  (f)
Institutional Class Shares
                                        
Period Ended October 31, 2000 (d)
    (0.08 )     —       (0.08 )   $ 12.49       6.01%  (f)
Year Ended October 31, 2001
    (0.11 )     (0.17 )     (0.28 )   $ 9.15       (24.84% )
Year Ended October 31, 2002
    (0.11 )     —       (0.11 )   $ 7.64       (15.44% )
Year Ended October 31, 2003
    (0.11 )     —       (0.11 )   $ 9.07       20.39%  
Year Ended October 31, 2004
    (0.13 )     —       (0.13 )   $ 9.77       8.86%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.11 )     —       (0.11 )   $ 9.98       3.21%  (f)
Service Class Shares
                                        
Year Ended October 31, 2000
    (0.07 )     (0.02 )     (0.09 )   $ 12.45       5.25%  
Year Ended October 31, 2001
    (0.07 )     (0.17 )     (0.24 )   $ 9.11       (25.22% )
Year Ended October 31, 2002
    (0.08 )     —       (0.08 )   $ 7.61       (15.73% )
Year Ended October 31, 2003
    (0.08 )     —       (0.08 )   $ 9.03       19.89%  
Year Ended October 31, 2004
    (0.10 )     —       (0.10 )   $ 9.73       9.24%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.09 )     —       (0.09 )   $ 9.94       3.03%  (f)
Institutional Service Class Shares
                                        
Year Ended October 31, 2000
    (0.08 )     (0.02 )     (0.10 )   $ 12.48       5.37%  
Year Ended October 31, 2001
    (0.08 )     (0.17 )     (0.25 )   $ 9.14       (25.04% )
Year Ended October 31, 2002
    (0.09 )     —       (0.09 )   $ 7.64       (15.56% )
Year Ended October 31, 2003
    (0.09 )     —       (0.09 )   $ 9.07       20.11%  
Year Ended October 31, 2004
    (0.11 )     —       (0.11 )   $ 9.77       9.14%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.09 )     —       (0.09 )   $ 9.97       3.09%  (f)
Local Fund Shares
                                        
Year Ended October 31, 2000
    (0.10 )     (0.02 )     (0.12 )   $ 12.48       5.43%  
Year Ended October 31, 2001
    (0.07 )     (0.17 )     (0.24 )   $ 9.17       (24.91% )
Year Ended October 31, 2002
    (0.10 )     —       (0.10 )   $ 7.66       (15.47% )
Year Ended October 31, 2003
    (0.11 )     —       (0.11 )   $ 9.09       20.26%  
Year Ended October 31, 2004
    (0.13 )     —       (0.13 )   $ 9.79       8.85%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.10 )     —       (0.10 )   $ 10.00       3.17%  (f)
   

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                                     
Ratios / Supplemental Data
Ratio of Net
Ratio of Net Ratio of Investment
Investment Expenses Income (Loss)
Net Assets Ratio of Income (Prior to (Prior to
at End of Expenses (Loss) Reimbursements) Reimbursements)
Period to Average to Average to Average to Average Portfolio
(000s) Net Assets Net Assets Net Assets (b) Net Assets (b) Turnover (c)
Class A Shares
                                                    
Period Ended October 31, 2000 (d)
  $ 2,214       0.63%  (g)     0.47%   (g)     0.88%  (g)     0.22%  (g)     9.72%      
Year Ended October 31, 2001
  $ 3,237       0.63%       0.70%       1.03%       0.30%       1.85%      
Year Ended October 31, 2002
  $ 3,942       0.52%       1.06%       0.61%       0.97%       3.06%      
Year Ended October 31, 2003
  $ 5,795       0.48%       1.28%       0.56%       1.21%       1.30%      
Year Ended October 31, 2004
  $ 7,822       0.50%       1.18%       0.54%       1.13%       1.71%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 9,762       0.51%  (g)     1.82%   (g)     0.55%  (g)     1.78%  (g)     1.44%      
Class B Shares
                                                    
Period Ended October 31, 2000 (d)
  $ 987       1.23%  (g)     (0.12% ) (g)     2.05%  (g)     (0.94% ) (g)     9.72%      
Year Ended October 31, 2001
  $ 1,879       1.23%       0.11%       2.21%       (0.87% )     1.85%      
Year Ended October 31, 2002
  $ 2,423       1.23%       0.35%       1.39%       0.19%       3.06%      
Year Ended October 31, 2003
  $ 3,713       1.23%       0.54%       1.30%       0.47%       1.30%      
Year Ended October 31, 2004
  $ 4,820       1.23%       0.45%       1.27%       0.41%       1.71%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 5,398       1.23%  (g)     1.19%   (g)     1.26%  (g)     1.16%  (g)     1.44%      
Class C Shares
                                                    
Period Ended October 31, 2003 (e)
  $ 10       1.23%  (g)     0.48%   (g)     1.23%  (g)     0.48%  (g)     1.30%      
Year Ended October 31, 2004
  $ 250       1.23%       0.46%       1.27%       0.42%       1.71%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 716       1.23%  (g)     0.83%   (g)     1.27%  (g)     0.79%  (g)     1.44%      
Institutional Class Shares
                                                    
Period Ended October 31, 2000 (d)
  $ 92,190       0.23%  (g)     0.83%   (g)     0.30%  (g)     0.76%  (g)     9.72%      
Year Ended October 31, 2001
  $ 107,955       0.23%       1.10%       0.29%       1.04%       1.85%      
Year Ended October 31, 2002
  $ 235,333       0.23%       1.37%       0.33%       1.27%       3.06%      
Year Ended October 31, 2003
  $ 620,598       0.23%       1.52%       0.30%       1.45%       1.30%      
Year Ended October 31, 2004
  $ 1,247,061       0.23%       1.45%       0.27%       1.41%       1.71%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 1,601,888       0.23%  (g)     2.14%   (g)     0.26%  (g)     2.11%  (g)     1.44%      
Service Class Shares
                                                    
Year Ended October 31, 2000
  $ 189,443       0.63%       0.54%       0.70%       0.47%       9.72%      
Year Ended October 31, 2001
  $ 233,943       0.63%       0.70%       0.69%       0.64%       1.85%      
Year Ended October 31, 2002
  $ 266,515       0.63%       0.94%       0.72%       0.85%       3.06%      
Year Ended October 31, 2003
  $ 413,554       0.63%       1.14%       0.70%       1.06%       1.30%      
Year Ended October 31, 2004
  $ 523,127       0.63%       1.05%       0.67%       1.01%       1.71%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 556,531       0.63%  (g)     1.79%   (g)     0.66%  (g)     1.76%  (g)     1.44%      
Institutional Service Class Shares
                                                    
Year Ended October 31, 2000
  $ 31,917       0.48%       0.69%       0.55%       0.62%       9.72%      
Year Ended October 31, 2001
  $ 35,097       0.48%       0.84%       0.54%       0.78%       1.85%      
Year Ended October 31, 2002
  $ 41,498       0.48%       1.09%       0.57%       1.00%       3.06%      
Year Ended October 31, 2003
  $ 55,197       0.48%       1.29%       0.55%       1.21%       1.30%      
Year Ended October 31, 2004
  $ 69,569       0.48%       1.21%       0.52%       1.16%       1.71%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 67,479       0.48%  (g)     1.96%   (g)     0.51%  (g)     1.92%  (g)     1.44%      
Local Fund Shares
                                                    
Year Ended October 31, 2000
  $ 10,555       0.35%       0.84%       0.38%       0.81%       9.72%      
Year Ended October 31, 2001
  $ 96       0.35%       0.94%       0.37%       0.92%       1.85%      
Year Ended October 31, 2002
  $ 81       0.31%       1.25%       0.39%       1.17%       3.06%      
Year Ended October 31, 2003
  $ 97       0.30%       1.47%       0.37%       1.40%       1.30%      
Year Ended October 31, 2004
  $ 106       0.30%       1.38%       0.34%       1.34%       1.71%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 110       0.30%  (g)     2.13%   (g)     0.34%  (g)     2.09%  (g)     1.44%      
       
(a) Excludes sales charge.
(b) During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d) For period from December 29, 1999 (commencement of operations) through October 31, 2000.
(e) For the period from October 22, 2003 (commencement of operations) through October 31, 2003.
(f) Not annualized.
(g) Annualized.

See notes to financial statements.

 
2005 Semiannual Report 107

Table of Contents

  Financial Highlights
  Selected Data for Each Share of Capital Outstanding

 

LOGO
Index Series

Gartmore Mid Cap Market Index Fund
                                 
Investment Activities
Net Realized
and
Unrealized
Net Asset Net Gains Total
Value, Investment (Losses) from
Beginning Income on Investment
of Period (Loss) Investments Activities
Class A Shares
                                
Period Ended October 31, 2000 (d)
  $ 10.00       0.09       1.76       1.85  
Year Ended October 31, 2001
  $ 11.77       0.07       (1.50 )     (1.43 )
Year Ended October 31, 2002
  $ 9.79       0.04       (0.59 )     (0.55 )
Year Ended October 31, 2003
  $ 9.19       0.04       2.68       2.72  
Year Ended October 31, 2004
  $ 11.87       0.05       1.13       1.18  
Six Months Ended April 30, 2005 (Unaudited)
  $ 12.89       0.05       0.64       0.69  
Class B Shares
                                
Period Ended October 31, 2001 (e)
  $ 11.62       —       (1.83 )     (1.83 )
Year Ended October 31, 2002
  $ 9.74       (0.01 )     (0.58 )     (0.59 )
Year Ended October 31, 2003
  $ 9.13       (0.02 )     2.66       2.64  
Year Ended October 31, 2004
  $ 11.77       (0.02 )     1.12       1.10  
Six Months Ended April 30, 2005 (Unaudited)
  $ 12.75       0.02       0.62       0.64  
Class C Shares
                                
Period Ended October 31, 2003 (f)
  $ 11.43       —       0.33       0.33  
Year Ended October 31, 2004
  $ 11.76       (0.02 )     1.12       1.10  
Six Months Ended April 30, 2005 (Unaudited)
  $ 12.74       0.01       0.63       0.64  
Institutional Class Shares
                                
Period Ended October 31, 2000 (d)
  $ 10.00       0.14       1.76       1.90  
Year Ended October 31, 2001
  $ 11.80       0.10       (1.49 )     (1.39 )
Year Ended October 31, 2002
  $ 9.84       0.08       (0.58 )     (0.50 )
Year Ended October 31, 2003
  $ 9.25       0.08       2.70       2.78  
Year Ended October 31, 2004
  $ 11.95       0.11       1.13       1.24  
Six Months Ended April 30, 2005 (Unaudited)
  $ 12.96       0.08       0.64       0.72  

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                         
Distributions
Net Net Net Asset
Investment Realized Total Value, End Total
Income Gains Distributions of Period Return (a)
Class A Shares
                                        
Period Ended October 31, 2000 (d)
    (0.08 )     —       (0.08 )   $ 11.77       18.51% (g)
Year Ended October 31, 2001
    (0.08 )     (0.47 )     (0.55 )   $ 9.79       (12.57% )
Year Ended October 31, 2002
    (0.05 )     —       (0.05 )   $ 9.19       (5.67% )
Year Ended October 31, 2003
    (0.04 )     —       (0.04 )   $ 11.87       29.72%  
Year Ended October 31, 2004
    (0.04 )     (0.12 )     (0.16 )   $ 12.89       10.07%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.04 )     (0.26 )     (0.30 )   $ 13.28       5.28%  (g)
Class B Shares
                                        
Period Ended October 31, 2001 (e)
    —       (0.05 )     (0.05 )   $ 9.74       (16.05% ) (g)
Year Ended October 31, 2002
    (0.02 )     —       (0.02 )   $ 9.13       (6.13% )
Year Ended October 31, 2003
    —       —       —     $ 11.77       28.96%  
Year Ended October 31, 2004
    —       (0.12 )     (0.12 )   $ 12.75       9.44%  
Six Months Ended April 30, 2005 (Unaudited)
    —   (i)     (0.26 )     (0.26 )   $ 13.13       4.96%  (g)
Class C Shares
                                        
Period Ended October 31, 2003 (f)
    —       —       —     $ 11.76       2.89%  (g)
Year Ended October 31, 2004
    —       (0.12 )     (0.12 )   $ 12.74       9.48%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.01 )     (0.26 )     (0.27 )   $ 13.11       4.94%  (g)
Institutional Class Shares
                                        
Period Ended October 31, 2000 (d)
    (0.10 )     —       (0.10 )   $ 11.80       19.03%  (g)
Year Ended October 31, 2001
    (0.10 )     (0.47 )     (0.57 )   $ 9.84       (12.17% )
Year Ended October 31, 2002
    (0.09 )     —       (0.09 )   $ 9.25       (5.19% )
Year Ended October 31, 2003
    (0.08 )     —       (0.08 )   $ 11.95       30.21%  
Year Ended October 31, 2004
    (0.11 )     (0.12 )     (0.23 )   $ 12.96       10.47%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.06 )     (0.26 )     (0.32 )   $ 13.36       5.49%  (g)
   

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                                     
Ratios / Supplemental Data
Ratio of Net
Ratio of Net Ratio of Investment
Investment Expenses Income (Loss)
Net Assets Ratio of Income (Prior to (Prior to
at End of Expenses (Loss) Reimbursements) Reimbursements)
Period to Average to Average to Average to Average Portfolio
(000s) Net Assets Net Assets Net Assets (b) Net Assets (b) Turnover (c)
Class A Shares
                                                    
Period Ended October 31, 2000 (d)
  $ 3,049       0.81%  (h)     0.95% (h)     3.12%  (h)     (1.36% ) (h)     35.19%      
Year Ended October 31, 2001
  $ 9,028       0.81%       0.56%       1.27%       0.10%       119.76%      
Year Ended October 31, 2002
  $ 19,002       0.73%       0.42%       0.83%       0.32%       15.82%      
Year Ended October 31, 2003
  $ 38,693       0.71%       0.48%       0.82%       0.37%       8.26%      
Year Ended October 31, 2004
  $ 65,059       0.70%       0.50%       0.77%       0.44%       15.75%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 128,660       0.70%  (h)     1.00%  (h)     0.75%  (h)     0.95%  (h)     6.44%      
Class B Shares
                                                    
Period Ended October 31, 2001 (e)
  $ 6       1.41%  (h)     (0.38% ) (h)     3.66%  (h)     (2.63% ) (h)     119.76%      
Year Ended October 31, 2002
  $ 86       1.32%       (0.16% )     1.44%       (0.28% )     15.82%      
Year Ended October 31, 2003
  $ 295       1.31%       (0.13% )     1.42%       (0.25% )     8.26%      
Year Ended October 31, 2004
  $ 657       1.31%       (0.10% )     1.37%       (0.17% )     15.75%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 712       1.31%  (h)     0.31%  (h)     1.36%  (h)     0.26%  (h)     6.44%      
Class C Shares
                                                    
Period Ended October 31, 2003 (f)
  $ 21       1.31%  (h)     0.16%  (h)     1.71%  (h)     (0.24% ) (h)     8.26%      
Year Ended October 31, 2004
  $ 26       1.31%       (0.10% )     1.38%       (0.17% )     15.75%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 70       1.32%  (h)     0.41%  (h)     1.37%  (h)     0.36% (h)     6.44%      
Institutional Class Shares
                                                    
Period Ended October 31, 2000 (d)
  $ 7,957       0.31%  (h)     1.49%  (h)     2.76%  (h)     (0.96% ) (h)     35.19%      
Year Ended October 31, 2001
  $ 26,719       0.31%       1.08%       1.00%       0.39%       119.76%      
Year Ended October 31, 2002
  $ 84,128       0.31%       0.84%       0.44%       0.71%       15.82%      
Year Ended October 31, 2003
  $ 247,960       0.31%       0.87%       0.42%       0.76%       8.26%      
Year Ended October 31, 2004
  $ 530,191       0.31%       0.89%       0.37%       0.83%       15.75%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 671,485       0.31%  (h)     1.32%  (h)     0.36%  (h)     1.27% (h)     6.44%      
       
(a) Excludes sales charge.
(b) During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d) For period from December 29, 1999 (commencement of operations) through October 31, 2000.
(e) For the period from May 25, 2001 (commencement of operations) through October 31, 2001.
(f) For the period from October 22, 2003 (commencement of operations) through October 31, 2003.
(g) Not annualized.
(h) Annualized.
(i) The amount is less than $0.005

See notes to financial statements.

 
108 Semiannual Report 2005

Table of Contents

Financial Highlights
Selected Data for Each Share of Capital Outstanding
 
Gartmore Small Cap Index Fund
                                 
Investment Activities
Net Realized
and
Unrealized
Net Asset Net Gains Total
Value, Investment (Losses) from
Beginning Income on Investment
of Period (Loss) Investments Activities
Class A Shares
                                
Period Ended October 31, 2000 (d)
  $ 10.00       0.07       (0.34 )     (0.27 )
Year Ended October 31, 2001
  $ 9.67       0.07       (1.32 )     (1.25 )
Year Ended October 31, 2002
  $ 8.34       0.05       (1.07 )     (1.02 )
Year Ended October 31, 2003
  $ 7.27       0.05       2.98       3.03  
Year Ended October 31, 2004
  $ 10.25       0.06       1.06       1.12  
Six Months Ended April 30, 2005 (Unaudited)
  $ 11.15       0.06       (0.04 )     0.02  
Class B Shares
                                
Period Ended October 31, 2002 (e)
  $ 8.84       0.03       (1.59 )     (1.56 )
Year Ended October 31, 2003
  $ 7.25       —       2.97       2.97  
Year Ended October 31, 2004
  $ 10.21       (0.01 )     1.05       1.04  
Six Months Ended April 30, 2005 (Unaudited)
  $ 11.08       0.02       (0.04 )     (0.02 )
Class C Shares
                                
Period Ended October 31, 2003 (f)
  $ 9.91       —       0.29       0.29  
Year Ended October 31, 2004
  $ 10.20       —       1.06       1.06  
Six Months Ended April 30, 2005 (Unaudited)
  $ 11.08       0.02       (0.04 )     (0.02 )
Institutional Class Shares
                                
Period Ended October 31, 2000 (d)
  $ 10.00       0.09       (0.32 )     (0.23 )
Year Ended October 31, 2001
  $ 9.70       0.11       (1.32 )     (1.21 )
Year Ended October 31, 2002
  $ 8.38       0.08       (1.06 )     (0.98 )
Year Ended October 31, 2003
  $ 7.32       0.08       3.00       3.08  
Year Ended October 31, 2004
  $ 10.32       0.10       1.09       1.19  
Six Months Ended April 30, 2005 (Unaudited)
  $ 11.24       0.08       (0.04 )     0.04  

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                         
Distributions
Net Net Net Asset
Investment Realized Total Value, End Total
Income Gains Distributions of Period Return (a)
Class A Shares
                                        
Period Ended October 31, 2000 (d)
    (0.06 )     —       (0.06 )   $ 9.67       (2.71% ) (g)
Year Ended October 31, 2001
    (0.08 )     —       (0.08 )   $ 8.34       (12.95% )
Year Ended October 31, 2002
    (0.05 )     —       (0.05 )   $ 7.27       (12.29% )
Year Ended October 31, 2003
    (0.05 )     —       (0.05 )   $ 10.25       41.89%  
Year Ended October 31, 2004
    (0.05 )     (0.17 )     (0.22 )   $ 11.15       11.08%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.05 )     (0.45 )     (0.50 )   $ 10.67       (0.35% ) (g)
Class B Shares
                                        
Period Ended October 31, 2002 (e)
    (0.03 )     —       (0.03 )   $ 7.25       (17.68% ) (g)
Year Ended October 31, 2003
    (0.01 )     —       (0.01 )   $ 10.21       40.98%  
Year Ended October 31, 2004
    —       (0.17 )     (0.17 )   $ 11.08       10.28%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.01 )     (0.45 )     (0.46 )   $ 10.60       (0.67% ) (g)
Class C Shares
                                        
Period Ended October 31, 2003 (f)
    —       —       —     $ 10.20       2.93%   (g)
Year Ended October 31, 2004
    (0.01 )     (0.17 )     (0.18 )   $ 11.08       10.48%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.02 )     (0.45 )     (0.47 )   $ 10.59       (0.66% ) (g)
Institutional Class Shares
                                        
Period Ended October 31, 2000 (d)
    (0.07 )     —       (0.07 )   $ 9.70       (2.30% ) (g)
Year Ended October 31, 2001
    (0.11 )     —       (0.11 )   $ 8.38       (12.54% )
Year Ended October 31, 2002
    (0.08 )     —       (0.08 )   $ 7.32       (11.80% )
Year Ended October 31, 2003
    (0.08 )     —       (0.08 )   $ 10.32       42.49%  
Year Ended October 31, 2004
    (0.10 )     (0.17 )     (0.27 )   $ 11.24       11.51%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.07 )     (0.45 )     (0.52 )   $ 10.76       (0.16% ) (g)
   

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                                     
Ratios / Supplemental Data
Ratio of Net
Ratio of Net Ratio of Investment
Investment Expenses Income (Loss)
Net Assets Ratio of Income (Prior to (Prior to
at End of Expenses (Loss) Reimbursements) Reimbursements)
Period to Average to Average to Average to Average Portfolio
(000s) Net Assets Net Assets Net Assets (b) Net Assets (b) Turnover (c)
Class A Shares
                                                    
Period Ended October 31, 2000 (d)
  $ 32       0.79%  (h)     1.00%   (h)     329.04%  (h)     (327.25% ) (h)     48.27%      
Year Ended October 31, 2001
  $ 4,098       0.79%       0.75%       1.64%       (0.10% )     50.19%      
Year Ended October 31, 2002
  $ 11,079       0.71%       0.71%       0.97%       0.45%       34.77%      
Year Ended October 31, 2003
  $ 42,343       0.69%       0.61%       0.83%       0.47%       25.63%      
Year Ended October 31, 2004
  $ 62,688       0.69%       0.56%       0.77%       0.48%       24.10%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 66,980       0.69%  (h)     0.93%   (h)     0.76%  (h)     0.86%   (h)     2.99%      
Class B Shares
                                                    
Period Ended October 31, 2002 (e)
  $ 89       1.29%  (h)     0.15%   (h)     1.55%   (h)     (0.11% ) (h)     34.77%      
Year Ended October 31, 2003
  $ 249       1.29%       0.04%       1.44%       (0.11% )     25.63%      
Year Ended October 31, 2004
  $ 424       1.29%       (0.04% )     1.37%       (0.12% )     24.10%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 357       1.29%  (h)     0.33%   (h)     1.37%  (h)     0.26%   (h)     2.99%      
Class C Shares
                                                    
Period Ended October 31, 2003 (f)
  $ 21       1.29%  (h)     0.07%   (h)     1.38%  (h)     (0.02% ) (h)     25.63%      
Year Ended October 31, 2004
  $ 39       1.29%       (0.04% )     1.37%       (0.12% )     24.10%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 86       1.30%  (h)     0.38%   (h)     1.37%  (h)     0.31%   (h)     2.99%      
Institutional Class Shares
                                                    
Period Ended October 31, 2000 (d)
  $ 2,301       0.29%  (h)     1.69%   (h)     19.76%  (h)     (17.78% ) (h)     48.27%      
Year Ended October 31, 2001
  $ 11,366       0.29%       1.30%       1.94%       (0.35% )     50.19%      
Year Ended October 31, 2002
  $ 33,247       0.29%       1.14%       0.58%       0.85%       34.77%      
Year Ended October 31, 2003
  $ 99,904       0.29%       1.04%       0.44%       0.89%       25.63%      
Year Ended October 31, 2004
  $ 210,322       0.29%       0.97%       0.37%       0.88%       24.10%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 266,202       0.29%  (h)     1.33%   (h)     0.37%  (h)     1.26%   (h)     2.99%      
       
(a) Excludes sales charge.
(b) During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d) For period from December 29, 1999 (commencement of operations) through October 31, 2000.
(e) For the period from November 29, 2001 (commencement of operations) through October 31, 2002.
(f) For the period from October 22, 2003 (commencement of operations) through October 31, 2003.
(g) Not annualized.
(h) Annualized.

See notes to financial statements.

 
2005 Semiannual Report 109

Table of Contents

  Financial Highlights
  Selected Data for Each Share of Capital Outstanding

 

LOGO
Index Series

Gartmore International Index Fund
                                 
Investment Activities
Net Realized
and
Unrealized
Net Asset Net Gains Total
Value, Investment (Losses) from
Beginning Income on Investment
of Period (Loss) Investments Activities
Class A Shares
                                
Period Ended October 31, 2000 (d)
  $ 10.00       0.06       (1.36 )     (1.30 )
Year Ended October 31, 2001
  $ 8.65       0.08       (2.28 )     (2.20 )
Year Ended October 31, 2002
  $ 6.37       0.08       (1.06 )     (0.98 )
Year Ended October 31, 2003
  $ 5.31       0.09       1.25       1.34  
Year Ended October 31, 2004
  $ 6.55       0.10       1.07       1.17  
Six Months Ended April 30, 2005 (Unaudited)
  $ 7.63       0.09       0.57       0.66  
Class B Shares
                                
Period Ended October 31, 2000 (d)
  $ 10.00       0.02       (1.38 )     (1.36 )
Year Ended October 31, 2001
  $ 8.62       0.04       (2.30 )     (2.26 )
Year Ended October 31, 2002
  $ 6.32       0.03       (1.04 )     (1.01 )
Year Ended October 31, 2003
  $ 5.26       0.06       1.24       1.30  
Year Ended October 31, 2004
  $ 6.48       0.06       1.05       1.11  
Six Months Ended April 30, 2005 (Unaudited)
  $ 7.54       0.05       0.57       0.62  
Class C Shares
                                
Period Ended April 30, 2005 (Unaudited) (e)
  $ 8.27       0.05       (0.40 )     (0.35 )
Institutional Class Shares
                                
Period Ended October 31, 2000 (d)
  $ 10.00       0.09       (1.35 )     (1.26 )
Year Ended October 31, 2001
  $ 8.66       0.10       (2.29 )     (2.19 )
Year Ended October 31, 2002
  $ 6.37       0.09       (1.04 )     (0.95 )
Year Ended October 31, 2003
  $ 5.32       0.11       1.25       1.36  
Year Ended October 31, 2004
  $ 6.56       0.12       1.08       1.20  
Six Months Ended April 30, 2005 (Unaudited)
  $ 7.64       0.10       0.58       0.68  

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                         
Distributions
Net Net Net Asset
Investment Realized Total Value, End Total
Income Gains Distributions of Period Return (a)
Class A Shares
                                        
Period Ended October 31, 2000 (d)
    (0.05 )     —       (0.05 )   $ 8.65       (13.03% ) (f)
Year Ended October 31, 2001
    (0.08 )     —       (0.08 )   $ 6.37       (25.44% )
Year Ended October 31, 2002
    (0.08 )     —       (0.08 )   $ 5.31       (15.65% )
Year Ended October 31, 2003
    (0.10 )     —       (0.10 )   $ 6.55       25.51%  
Year Ended October 31, 2004
    (0.09 )     —   (h)     (0.09 )   $ 7.63       18.01%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.11 )     (0.08 )     (0.19 )   $ 8.10       8.66%   (f)
Class B Shares
                                        
Period Ended October 31, 2000 (d)
    (0.02 )     —       (0.02 )   $ 8.62       (13.62% ) (f)
Year Ended October 31, 2001
    (0.04 )     —       (0.04 )   $ 6.32       (26.17% )
Year Ended October 31, 2002
    (0.05 )     —       (0.05 )   $ 5.26       (16.12% )
Year Ended October 31, 2003
    (0.08 )     —       (0.08 )   $ 6.48       24.88%  
Year Ended October 31, 2004
    (0.05 )     —   (h)     (0.05 )   $ 7.54       17.21%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.09 )     (0.08 )     (0.17 )   $ 7.99       8.21%   (f)
Class C Shares
                                        
Period Ended April 30, 2005 (Unaudited) (e)
    (0.05 )     —       (0.05 )   $ 7.87       (4.27% ) (f)
Institutional Class Shares
                                        
Period Ended October 31, 2000 (d)
    (0.08 )     —       (0.08 )   $ 8.66       (12.65% ) (f)
Year Ended October 31, 2001
    (0.10 )     —       (0.10 )   $ 6.37       (25.28% )
Year Ended October 31, 2002
    (0.10 )     —       (0.10 )   $ 5.32       (15.20% )
Year Ended October 31, 2003
    (0.12 )     —       (0.12 )   $ 6.56       25.90%  
Year Ended October 31, 2004
    (0.12 )     —   (h)     (0.12 )   $ 7.64       18.43%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.13 )     (0.08 )     (0.21 )   $ 8.11       8.85%  (f)
   

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                                     
Ratios / Supplemental Data
Ratio of Net
Ratio of Net Ratio of Investment
Investment Expenses Income (Loss)
Net Assets Ratio of Income (Prior to (Prior to
at End of Expenses (Loss) Reimbursements) Reimbursements)
Period to Average to Average to Average to Average Portfolio
(000s) Net Assets Net Assets Net Assets (b) Net Assets (b) Turnover (c)
Class A Shares
                                                    
Period Ended October 31, 2000 (d)
  $ 230       0.86%  (g)     1.01%  (g)     49.77%  (g)     (47.90% ) (g)     5.66%      
Year Ended October 31, 2001
  $ 10,877       0.86%       1.17%       3.97%       (1.94% )     30.18%      
Year Ended October 31, 2002
  $ 12,549       0.79%       1.15%       0.96%       0.98%       32.45%      
Year Ended October 31, 2003
  $ 16,404       0.75%       1.71%       0.88%       1.58%       7.71%      
Year Ended October 31, 2004
  $ 34,183       0.76%       1.57%       0.82%       1.51%       7.62%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 37,240       0.76%  (g)     2.16%  (g)     0.81%  (g)     2.10%   (g)     7.35%      
Class B Shares
                                                    
Period Ended October 31, 2000 (d)
  $ 53       1.46%  (g)     0.39%  (g)     63.29%  (g)     (61.44% ) (g)     5.66%      
Year Ended October 31, 2001
  $ 59       1.46%       0.42%       7.41%       (5.53% )     30.18%      
Year Ended October 31, 2002
  $ 80       1.39%       0.64%       1.72%       0.31%       32.45%      
Year Ended October 31, 2003
  $ 105       1.36%       1.03%       1.48%       0.90%       7.71%      
Year Ended October 31, 2004
  $ 159       1.36%       0.98%       1.42%       0.92%       7.62%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 250       1.36%  (g)     1.52%  (g)     1.42%  (g)     1.47%   (g)     7.35%      
Class C Shares
                                                    
Period Ended April 30, 2005 (Unaudited) (e)
  $ 131       1.36%  (g)     3.96%  (g)     1.41%  (g)     3.91%   (g)     7.35%      
Institutional Class Shares
                                                    
Period Ended October 31, 2000 (d)
  $ 2,858       0.36%  (g)     1.16%  (g)     8.18%  (g)     (6.66% ) (g)     5.66%      
Year Ended October 31, 2001
  $ 32,422       0.36%       1.42%       2.60%       (0.82% )     30.18%      
Year Ended October 31, 2002
  $ 119,502       0.36%       1.66%       0.56%       1.46%       32.45%      
Year Ended October 31, 2003
  $ 359,705       0.36%       1.99%       0.48%       1.87%       7.71%      
Year Ended October 31, 2004
  $ 855,050       0.36%       1.99%       0.42%       1.93%       7.62%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 1,061,801       0.36%  (g)     2.57%  (g)     0.42%  (g)     2.51%   (g)     7.35%      
       
(a) Excludes sales charge.
(b) During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d) For period from December 29, 1999 (commencement of operations) through October 31, 2000.
(e) For period from February 14, 2005 (commencement of operations) through April 30, 2005.
(f) Not annualized.
(g) Annualized.
(h) The amount is less than $0.005.

See notes to financial statements.

 
110 Semiannual Report 2005

Table of Contents

Financial Highlights
Selected Data for Each Share of Capital Outstanding
 
Gartmore Bond Index Fund
                                 
Investment Activities
Net Realized
and
Unrealized
Net Asset Net Gains Total
Value, Investment (Losses) from
Beginning Income on Investment
of Period (Loss) Investments Activities
Class A Shares
                                
Period Ended October 31, 2000 (d)
  $ 10.00       0.50       0.08       0.58  
Year Ended October 31, 2001
  $ 10.08       0.57       0.93       1.50  
Year Ended October 31, 2002
  $ 10.93       0.47       0.05       0.52  
Year Ended October 31, 2003
  $ 10.96       0.34       0.09       0.43  
Year Ended October 31, 2004
  $ 10.98       0.36       0.17       0.53  
Six Months Ended April 30, 2005 (Unaudited)
  $ 11.13       0.20       (0.12 )     0.08  
Class B Shares
                                
Period Ended October 31, 2001 (e)
  $ 10.75       0.02       0.18       0.20  
Year Ended October 31, 2002
  $ 10.93       0.41       0.05       0.46  
Year Ended October 31, 2003
  $ 10.96       0.29       0.07       0.36  
Year Ended October 31, 2004
  $ 10.98       0.30       0.17       0.47  
Six Months Ended April 30, 2005 (Unaudited)
  $ 11.13       0.17       (0.12 )     0.05  
Institutional Class Shares
                                
Period Ended October 31, 2000 (d)
  $ 10.00       0.54       0.09       0.63  
Year Ended October 31, 2001
  $ 10.09       0.63       0.91       1.54  
Year Ended October 31, 2002
  $ 10.92       0.52       0.05       0.57  
Year Ended October 31, 2003
  $ 10.95       0.39       0.09       0.48  
Year Ended October 31, 2004
  $ 10.98       0.41       0.17       0.58  
Six Months Ended April 30, 2005 (Unaudited)
  $ 11.13       0.22       (0.12 )     0.10  

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                         
Distributions
Net Net Net Asset
Investment Realized Total Value, End Total
Income Gains Distributions of Period Return (a)
Class A Shares
                                        
Period Ended October 31, 2000 (d)
    (0.50 )     —       (0.50 )   $ 10.08       5.92%  (f)
Year Ended October 31, 2001
    (0.57 )     (0.08 )     (0.65 )   $ 10.93       15.28%  
Year Ended October 31, 2002
    (0.48 )     (0.01 )     (0.49 )   $ 10.96       5.01%  
Year Ended October 31, 2003
    (0.40 )     (0.01 )     (0.41 )   $ 10.98       3.96%  
Year Ended October 31, 2004
    (0.38 )     —       (0.38 )   $ 11.13       4.94%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.20 )     (0.01 )     (0.21 )   $ 11.00       0.70%  (f)
Class B Shares
                                        
Period Ended October 31, 2001 (e)
    (0.02 )     —       (0.02 )   $ 10.93       1.85%  (f)
Year Ended October 31, 2002
    (0.42 )     (0.01 )     (0.43 )   $ 10.96       4.38%  
Year Ended October 31, 2003
    (0.33 )     (0.01 )     (0.34 )   $ 10.98       3.34%  
Year Ended October 31, 2004
    (0.32 )     —       (0.32 )   $ 11.13       4.32%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.17 )     (0.01 )     (0.18 )   $ 11.00       0.40%  (f)
Institutional Class Shares
                                        
Period Ended October 31, 2000 (d)
    (0.54 )     —       (0.54 )   $ 10.09       6.47%  (f)
Year Ended October 31, 2001
    (0.63 )     (0.08 )     (0.71 )   $ 10.92       15.71%  
Year Ended October 31, 2002
    (0.53 )     (0.01 )     (0.54 )   $ 10.95       5.46%  
Year Ended October 31, 2003
    (0.44 )     (0.01 )     (0.45 )   $ 10.98       4.47%  
Year Ended October 31, 2004
    (0.43 )     —       (0.43 )   $ 11.13       5.36%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.22 )     (0.01 )     (0.23 )   $ 11.00       0.90%  (f)
   

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                                     
Ratios / Supplemental Data
Ratio of Net
Ratio of Net Ratio of Investment
Investment Expenses Income (Loss)
Net Assets Ratio of Income (Prior to (Prior to
at End of Expenses (Loss) Reimbursements) Reimbursements)
Period to Average to Average to Average to Average Portfolio
(000s) Net Assets Net Assets Net Assets (b) Net Assets (b) Turnover (c)
Class A Shares
                                                    
Period Ended October 31, 2000 (d)
  $ 8,352       0.81%  (g)     6.06%  (g)     3.48%  (g)     3.39%   (g)     35.74%      
Year Ended October 31, 2001
  $ 9,693       0.81%       5.04%       1.12%       4.73%       150.27%      
Year Ended October 31, 2002
  $ 38,447       0.72%       4.29%       0.84%       4.17%       124.75%      
Year Ended October 31, 2003
  $ 42,292       0.71%       3.07%       0.82%       2.96%       139.66%      
Year Ended October 31, 2004
  $ 40,757       0.71%       3.25%       0.77%       3.19%       151.56%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 41,917       0.71%  (g)     3.67%  (g)     0.76%  (g)     3.62%   (g)     78.07%      
Class B Shares
                                                    
Period Ended October 31, 2001 (e)
  $ 10       1.41%  (g)     3.05%  (g)     1.63%  (g)     2.83%   (g)     150.27%      
Year Ended October 31, 2002
  $ 28       1.33%       3.69%       1.44%       3.58%       124.75%      
Year Ended October 31, 2003
  $ 256       1.31%       2.10%       1.41%       2.00%       139.66%      
Year Ended October 31, 2004
  $ 457       1.31%       2.70%       1.37%       2.65%       151.56%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 272       1.32%  (g)     3.05%  (g)     1.37%  (g)     3.00%   (g)     78.07%      
Institutional Class Shares
                                                    
Period Ended October 31, 2000 (d)
  $ 3,763       0.31%  (g)     6.49%  (g)     10.87%  (g)     (4.07% ) (g)     35.74%      
Year Ended October 31, 2001
  $ 45,750       0.31%       5.51%       1.10%       4.72%       150.27%      
Year Ended October 31, 2002
  $ 185,141       0.31%       4.67%       0.45%       4.53%       124.75%      
Year Ended October 31, 2003
  $ 481,326       0.31%       3.34%       0.42%       3.23%       139.66%      
Year Ended October 31, 2004
  $ 952,042       0.31%       3.69%       0.37%       3.63%       151.56%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 1,216,752       0.32%  (g)     4.08%  (g)     0.37%  (g)     4.03%   (g)     78.07%      
       
(a) Excludes sales charge.
(b) During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d) For period from December 29, 1999 (commencement of operations) through October 31, 2000.
(e) For the period from October 12, 2001 (commencement of operations) through October 31, 2001.
(f) Not annualized.
(g) Annualized.

See notes to financial statements.

 
2005 Semiannual Report 111

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NorthPointe Small Cap Growth Fund

For the semiannual period ended April 30, 2005, the NorthPointe Small Cap Growth Fund returned 0.29% (Class A at NAV) versus -1.98% for its benchmark, the Russell 2000® Growth Index. For broader comparison, the average return for the Fund’s Lipper peer category of Small-Cap Growth Funds was -0.79%.

After a strong rally in the fourth quarter of 2004, the first three weeks of 2005 witnessed the Russell 2000 Growth Index fall more than 6.5%, erasing over half of the previous quarter’s gains. A brief mid-first-quarter 2005 rally ensued, but this rally fizzled after the market took a beating from high oil prices and rising interest rates. The market continued to deteriorate into the end of April.

The Fund managed to navigate these treacherous headwinds during the reporting period, maintaining both relative and absolute outperformance. Our concentration of high-quality stocks helped the Fund during this challenging time. From a sector standpoint, energy was the big winner for the first quarter of 2005, as well as the trailing one- and three-year periods. The technology sector remains a small-cap loser in all periods (not counting its fourth-quarter 2004 outperformance). From a small-cap perspective, three of 10 sectors rose nominally in the Russell 2000 Growth Index during the first quarter of 2005 and, as a result, it was extremely difficult to post positive nominal returns when the average stock lost 6.83% during that period. Overall, small caps have lagged in three of the prior four quarters. The Russell 2000® Index, however, has underperformed the S&P 500 Index in an “up market” only once since 1999 (in the fourth quarter of 2002), suggesting that the small-cap cycle remains intact.

The Fund’s investment objective continues to be to seek price appreciation and consistent investment returns by selecting high-quality, industry-leading companies that display strong growth potential at a reasonable valuation. We define high-quality stocks as those with market-leading operating margins, low debt-to-equity ratios and better-than-15% return on equity. In our experience, companies that exhibit sustainable competitive advantages and consistent earnings streams have historically performed well throughout a complete market cycle.

We maintain a discipline of finding high-quality growth stocks, regardless of the prevailing market conditions. As we expected during the past year, as investors’ confidence in the earnings recovery strengthened, cyclical and lower-quality companies’ stock performed very well, a typical occurrence in the first stage of an economic recovery. As we look forward, we feel that we are entering the second phase of an earnings recovery during which higher-quality companies with sustainable earnings growth tend to outperform. We continue to believe that we are guarded on the downside by our careful attention to stock selection. Our core philosophy has not changed; therefore, the Fund remains relatively sector-neutral to the benchmark, since we prefer to let stock selection drive performance. We remain focused on high-quality companies with sustainable competitive advantages, strong balance sheets and industry-leading returns trading at a reasonable valuation. We feel confident that our strategy should be rewarded throughout a complete market cycle.

Portfolio Managers: Carl P. Wilk and Karl Knas

Class A: GNSAX

Class B: GNSBX
Class C: GNSCX
Class R: GNPRX
Institutional Service Class: GNSSX
Institutional Class: GNSIX
 
112 Semiannual Report 2005

Table of Contents

NorthPointe Small Cap Growth Fund
Fund Performance

Average Annual Total Return

(For periods ended April 30, 2005)
                     
Six
month* Inception1
Class A
  without sales charge6     0.29%       5.00%  
    with sales charge3     -5.49%       -1.04%  
Class B
  without sales charge6     0.10%       4.70%  
    with sales charge4     -4.90%       -0.30%  
Class C
  without sales charge6     0.10%       4.70%  
    with sales charge5     -0.90%       3.70%  
Class R2
        0.29%       4.90%  
Institutional Class2     0.57%       5.30%  
Institutional Service Class2     0.57%       5.30%  

* Not Annualized.

1 Fund commenced operations on September 29, 2004.
 
2 Not subject to any sales charges.
 
3 A 5.75% front-end sales charge was deducted.
 
4 A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.
 
5 A CDSC of 1.00% was deducted because it is charged when you sell Class C shares within the first year after purchase.
 
6 These returns do not reflect the effects of sales charges (SC).

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

LOGO

Comparative performance of $10,000 invested in the Class A of the NorthPointe Small Cap Growth Fund, Russell 2000 Growth Index (Russell 2000)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 
(a) The Russell 2000 is an unmanaged index of approximately 2,000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.
 
(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.
 
2005 Semiannual Report 113

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NorthPointe Small Cap Growth Fund

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2004, and continued to hold your shares at the end of the reporting period, April 30, 2005.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment
(April 30, 2005)
                                             
Small Cap Growth Fund
Beginning Ending Expenses  Annualized
Account  Account  Paid Expense 
Value Value During  Ratio*
11/1/04 4/30/05 Period*
Class A
    Actual     $ 1,000     $ 1,003     $ 8.99       1.81%      
      Hypothetical1     $ 1,000     $ 1,016     $ 9.09       1.81%      
Class B
    Actual     $ 1,000     $ 1,001     $ 9.82       1.98%      
      Hypothetical1     $ 1,000     $ 1,015     $ 9.94       1.98%      
Class C
    Actual     $ 1,000     $ 1,001     $ 9.82       1.98%      
      Hypothetical1     $ 1,000     $ 1,015     $ 9.94       1.98%      
Class R
    Actual     $ 1,000     $ 1,003     $ 8.34       1.68%      
      Hypothetical1     $ 1,000     $ 1,017     $ 8.44       1.68%      
Institutional Service Class
    Actual     $ 1,000     $ 1,006     $ 5.17       1.04%      
      Hypothetical1     $ 1,000     $ 1,020     $ 5.22       1.04%      
Institutional Class
    Actual     $ 1,000     $ 1,006     $ 5.47       1.10%      
      Hypothetical1     $ 1,000     $ 1,020     $ 5.52       1.10%      
 
* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.
 
1 Represents the hypothetical 5% return before expenses.
 
114 Semiannual Report 2005

Table of Contents

NorthPointe Small Cap Growth Fund
Portfolio Summary
(April 30, 2005)

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

             
Asset Allocation
Common Stocks
    96.4%      
Cash Equivalents
    5.3%      
Other Investments*
    0.1%      
Liabilities in excess of other assets**
    -1.8%      
   
     
      100.0%      

 *  Includes value of collateral received from securities lending.
 
**  Includes value of collateral owed from securities lending.

             
Top Industries
Retail
    8.5%      
Telecommunications
    8.5%      
Healthcare
    8.5%      
Electronics
    6.0%      
Medical Products
    5.2%      
Business Services
    5.0%      
Transportation
    4.6%      
Pharmaceuticals
    4.5%      
Computer Software & Services
    4.1%      
Machinery & Equipment
    3.8%      
Other Industries
    41.3%      
   
     
      100.0%      
             
Top Holdings***
West Pharmaceutical Services, Inc.
    1.9%      
VCA Antech, Inc.
    1.9%      
Multi-Fineline Electronix, Inc.
    1.9%      
Option Care, Inc.
    1.9%      
Mikohn Gaming Corp.
    1.9%      
Armor Holdings, Inc.
    1.8%      
JAMDAT Mobile, Inc.
    1.8%      
Swift Transportation Co., Inc.
    1.7%      
Jos. A. Bank Clothiers, Inc.
    1.7%      
Charles River Associates, Inc.
    1.7%      
Other Holdings
    81.8%      
   
     
      100.0%      

***  For purpose of listing top holdings, repurchase agreements are considered cash equivalents and are included as part of Other Holdings.

 
2005 Semiannual Report 115

Table of Contents

LOGO
Index Series

Statement of Investments
April 30, 2005 (Unaudited)

NorthPointe Small Cap Growth Fund

                     
Common Stocks (96.4%)
Shares or
Principal Amount Value
Advertising (1.1%)
Ventiv Health, Inc. (b)
    24,000     $ 500,400      
         
     
 
Aerospace/ Defense (1.8%)
Armor Holdings, Inc. (b)
    23,000       805,230      
         
     
 
Banks (3.3%)
East West Bancorp, Inc.
    13,000       417,560      
Royal Bancshares of Pennsylvania, Inc., Class A
    23,500       531,335      
Wintrust Financial Corp.
    12,000       550,920      
         
     
 
              1,499,815      
         
     
 
Business Services (5.0%)
Charles River Associates, Inc. (b)
    15,000       786,000      
Kforce, Inc. (b)
    73,000       582,540      
Labor Ready, Inc. (b)
    30,000       500,700      
Source Interlink Cos., Inc. (b)
    38,000       397,860      
         
     
 
              2,267,100      
         
     
 
Casino Services (3.0%)
Mikohn Gaming Corp. (b)
    60,000       847,200      
Shuffle Master, Inc. (b)
    20,000       503,800      
         
     
 
              1,351,000      
         
     
 
Chemicals (1.5%)
Cabot Microelectronics Corp. (b)
    23,000       662,170      
         
     
 
Computer Software (2.1%)
QAD, Inc.
    25,279       207,035      
SS&C Technologies, Inc.
    30,000       762,300      
         
     
 
              969,335      
         
     
 
Computer Software & Services (4.1%)
Intergraph Corp. (b)
    20,000       591,400      
Intervoice, Inc. (b)
    60,000       643,500      
Jupitermedia Corp. (b)
    49,500       629,145      
         
     
 
              1,864,045      
         
     
 
Consumer Products (3.3%)
Central Garden & Pet Co. (b)
    17,600       731,984      
Jarden Corp. (b)
    17,000       759,390      
         
     
 
              1,491,374      
         
     
 
Diversified Manufacturing (0.8%)
Actuant Corp. (b)
    9,000       383,310      
         
     
 
Electronics (6.0%)
Cyberoptics Corp. (b)
    39,762       492,651      
Engineered Support Systems, Inc.
    19,500       688,740      
Multi-Fineline Electronix, Inc. (b)
    45,000       877,500      
TTM Technologies, Inc. (b)
    73,000       657,730      
         
     
 
              2,716,621      
         
     
 
Financial Services (3.2%)
Euronet Worldwide, Inc. (b)
    23,000       679,880      
World Acceptance Corp. (b)
    30,000       763,500      
         
     
 
              1,443,380      
         
     
 
Food (1.0%)
SunOpta, Inc. (b)
    100,000       461,000      
         
     
 
Healthcare (8.5%)
Allied Healthcare International, Inc. (b)
    73,600       430,560      
America Service Group, Inc. (b)
    30,000       681,600      
HealthExtras, Inc. (b)
    29,000       479,950      
Matria Healthcare, Inc. (b)
    10,000       276,300      
Molina Healthcare, Inc. (b)
    16,000       700,000      
Option Care, Inc.
    60,000       853,800      
RehabCare Group, Inc. (b)
    15,000       450,300      
         
     
 
              3,872,510      
         
     
 
Industrial Products & Equipment (1.3%)
Brady Corp., Class A
    20,000       593,000      
         
     
 
Insurance (1.3%)
Navigators Group, Inc. (The) (b)
    18,000       576,000      
         
     
 
Internet Security (0.9%)
Aladdin Knowledge Systems, Inc. (b)
    20,000       409,800      
         
     
 
Lasers (2.0%)
Metrologic Instruments, Inc. (b)
    40,000       536,800      
Rofin-Sinar Technologies, Inc. (b)
    12,000       354,240      
         
     
 
              891,040      
         
     
 
Lottery Services (1.7%)
Scientific Games Corp. (b)
    35,000       751,450      
         
     
 
Machinery & Equipment (3.8%)
Lufkin Industries, Inc.
    24,000       706,080      
Middleby Corp. (The)
    10,000       440,400      
Newport Corp. (b)
    44,000       605,000      
         
     
 
              1,751,480      
         
     
 
116 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
Medical Products (5.2%)
LifeCell Corp. (b)
    60,000     $ 720,000      
Thoratec Corp. (b)
    59,000       764,050      
West Pharmaceutical Services, Inc.
    33,600       885,024      
         
     
 
              2,369,074      
         
     
 
Oil & Gas (1.0%)
Core Laboratories N.V. (b)
    20,000       472,000      
         
     
 
Pharmaceuticals (4.5%)
Axcan Pharma, Inc. (b)
    23,000       331,890      
Bone Care International, Inc. (b)
    15,000       387,150      
First Horizon Pharmaceutical Corp. (b)
    40,000       724,400      
Impax Laboratories, Inc. (b)
    38,000       618,260      
         
     
 
              2,061,700      
         
     
 
Real Estate Services (1.6%)
HouseValues, Inc. (b)
    55,000       715,550      
         
     
 
Retail (8.5%)
Aaron Rents, Inc.
    25,000       549,000      
Fossil, Inc. (b)
    15,000       348,900      
Guess?, Inc. (b)
    50,000       651,000      
Guitar Center, Inc. (b)
    10,000       493,500      
Jos. A. Bank Clothiers, Inc. (b)
    24,000       787,201      
K2, Inc. (b)
    40,000       508,800      
Rush Enterprises, Inc. (b)
    40,000       585,200      
         
     
 
              3,923,601      
         
     
 
Semiconductors (3.8%)
02Micro International Ltd. (b)
    55,000       567,050      
Diodes, Inc. (b)
    5,400       158,166      
Supertex, Inc. (b)
    15,000       213,900      
Varian Semiconductor Equipment Associates, Inc. (b)
    21,000       783,090      
         
     
 
              1,722,206      
         
     
 
Telecommunications (8.5%)
ADC Telecommunications, Inc. (b)
    250,000       567,500      
Alvarion Ltd. (b)
    70,000       611,100      
Arris Group, Inc. (b)
    100,000       759,000      
Digi International, Inc. (b)
    46,900       499,485      
JAMDAT Mobile, Inc. (b)
    47,000       801,820      
Westell Technologies, Inc. (b)
    125,000       647,500      
         
     
 
              3,886,405      
         
     
 
Textile - Apparel (1.1%)
DHB Industries, Inc. (b)
    75,000       498,000      
         
     
 
Transportation (4.6%)
Celadon Group, Inc. (b)
    45,000       728,550      
Pacer International, Inc. (b)
    28,000       580,440      
Swift Transportation Co., Inc. (b)
    37,000       789,210      
         
     
 
              2,098,200      
         
     
 
Veterinary Diagnostics (1.9%)
VCA Antech, Inc. (b)
    38,000       884,639      
         
     
 
Total Common Stocks     43,891,435      
         
     
 

Cash Equivalents (5.3%)
Investments in repurchase agreements (Collateralized by AAA Corporate Bonds, In a joint trading account at 2.90%, dated 4/29/05, due 5/2/05, repurchase price $2,391,188)
  $ 2,390,610       2,390,610      
         
     
 
Total Cash Equivalents     2,390,610      
         
     
 

Short-Term Securities Held as Collateral for Securities Lending (0.1%)
Pool of various securities for Gartmore Mutual Funds - note 2 (Securities Lending)
    375,144       375,144      
         
     
 
Total Short-Term Securities Held as Collateral for Securities Lending     375,144      
         
     
 
Total Investments (Cost $47,533,229) (a) — 101.8%     46,657,189      
Liabilities in excess of other assets — (1.8)%     (1,132,025)      
         
     
 
NET ASSETS — 100.0%   $ 45,525,164      
         
     
 
(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
 
(b) Represents non-income producing securities.

See notes to financial statements.

 
2005 Semiannual Report 117

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NorthPointe Small Cap Value Fund

For the semiannual period ended April 30, 2005, the NorthPointe Small Cap Value Fund (Institutional Class at NAV) returned 3.07% versus -0.15% for its benchmark, the Russell 2000® Index. For broader comparison, the average return for the Fund’s Lipper peer category of Small-Cap Core Funds was 1.87%.

Stock selection was positive in nearly all sectors during the past six months. Where the Fund underperformed, it was by only a small degree. Furthermore, sector selection continues to play a lesser role in the success of the Fund as we continue to focus on good stock selection or stock-specific risk. Consistently, we are finding good ideas across all economic sectors in the market, focusing on stocks with strong cash flow that have largely been ignored during the past several years. While others in our value space may be finding that some stocks are peaking out and rolling over, we are finding many ideas whose fundamental story is just now unfolding, and new upward trends are being established.

We believe those high-quality and high-potential-profitability stocks selling at a discount should outperform the deeply cyclical and high-beta stocks in the small-cap value universe. This was particularly evident in the technology area, which was the worst-performing sector of the market as measured by the Russell 2000 Index. The Fund’s holdings in the tech area actually earned positive returns, representative of the higher-quality, more-conservative names that we typically hold in the Fund’s portfolio.

The deep value market we have witnessed during the past two to three years does not appear to be sustainable, and, in many ways, this market has been more of an anomaly than the growth bubble in the late 1990s. Since the middle of 2004, we have observed a shift away from cyclical and “momentum” investing toward more fundamentally-based investing. The first-quarter 2005 action in the market suggests that this trend will continue, and we anticipate that our research into how a company’s business fosters strong financial results will be rewarded in the next phase of the market.

The Fund’s ongoing investment objective is to create a portfolio of companies that display the basic characteristics of fundamental progress along with attractive valuations. By combining fundamental research with risk awareness, we seek to generate consistent and predictable investment returns.

From an aggregate standpoint, the Fund’s portfolio’s characteristics continue to be very strong. Historically, the Fund’s portfolio, generally characterized by high quality, above average profitability and enhanced cash flow, has not been shown to trade at a discount to the market. It is currently trading at a discount to the market and that has been the case for at least the past three quarters. History has shown that the Fund has outperformed the market during quarters when investors have favored stocks with high quality and strong profitability. In the near term, we anticipate the Fund’s portfolio to continue to exhibit the same characteristics.

Portfolio Managers: Jeffrey Petherick, CFA and Mary Champagne, CFA

Institutional Class: NNSVX

 
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NorthPointe Small Cap Value Fund
Fund Performance

Average Annual Total Return

(For periods ended April 30, 2005)
                         
Six month* One year Inception1
Institutional Class
    3.07%       7.65%       11.50%  

There are no sales charges on the shares of the NorthPointe Small Cap Value Fund.

* Not Annualized.

1 Fund commenced operations on June 29, 2000.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

LOGO

Comparative performance of $10,000 invested in the Institutional Class of the NorthPointe Small Cap Value Fund, Russell 2000 Index (Russell 2000)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

 
(a) The Russell 2000 is an unmanaged index of approximately 2,000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.
 
(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.
 
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NorthPointe Small Cap Value Fund
Shareholder
Expense Example

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, November 1, 2004, and continued to hold your shares at the end of the reporting period, April 30, 2005.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment
(April 30, 2005)
                                                 
Beginning Ending
Account Value Account Value Expenses Paid Annualized
Small Cap Value Fund 11/1/04 4/30/05 During Period* Expense Ratio*
  Institutional Class       Actual     $ 1,000     $ 1,030.70     $ 5.04       1.00%      
          Hypothetical1     $ 1,000     $ 1,020.04     $ 5.02       1.00%      
 
* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.
 
1 Represents the hypothetical 5% return before expenses.
 
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NorthPointe Small Cap Value Fund
Portfolio Summary
(April 30, 2005)

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

             
Asset Allocation
Common Stocks
    96.5%      
Cash Equivalents
    3.1%      
Other Investments*
    27.5%      
Liabilities in excess of other assets**
    -27.1%      
   
     
      100.0%      

 *  Includes value of collateral received from securities lending.
 
**  Includes value of collateral owed from securities lending.

             
Top Industries
Real Estate
    7.9%      
Commercial Banks
    6.9%      
Insurance
    5.5%      
Machinery
    4.5%      
Energy Equipment & Services
    4.0%      
Capital Markets
    3.9%      
Electric Utilities
    3.6%      
Health Care Providers & Services
    3.5%      
Computers & Peripherals
    3.1%      
Oil Gas & Consumable Fuels
    3.1%      
Other Industries
    54.0%      
   
     
      100.0%      
             
Top Holdings***
Colonial Bancgroup, Inc.
    1.6%      
Ashford Hospitality Trust
    1.5%      
BioMed Realty Trust, Inc.
    1.5%      
Affiliated Managers Group, Inc.
    1.4%      
LifePoint Hospitals, Inc.
    1.4%      
American Capital Strategies Ltd.
    1.3%      
Nationwide Health Properties, Inc.
    1.3%      
Westar Energy, Inc.
    1.3%      
Komag, Inc.
    1.3%      
Dade Behring Holdings, Inc.
    1.2%      
Other Holdings
    86.2%      
   
     
      100.0%      

***  For purpose of listing top holdings, repurchase agreements are considered cash equivalents and are included as part of Other Holdings.

 
2005 Semiannual Report 121

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Statement of Investments
April 30, 2005 (Unaudited)

NorthPointe Small Cap Value Fund

                     
Common Stocks (96.5%)
Shares or
Principal Amount Value
Aerospace & Defense (1.4%)
Alliant Techsystems, Inc. (b)
    2,200     $ 152,196      
United Industrial Corp.
    6,900       193,959      
         
     
 
              346,155      
         
     
 
Air Freight & Logistics (0.7%)
EGL, Inc. (b)
    8,700       169,737      
         
     
 
Airlines (1.1%)
Alaska Air Group, Inc. (b)
    10,500       280,035      
         
     
 
Building Products (0.8%)
NCI Building Systems, Inc. (b)
    6,000       194,520      
         
     
 
Capital Markets (3.9%)
Affiliated Managers Group, Inc. (b)
    5,850       365,801      
American Capital Strategies Ltd.
    10,500       335,790      
National Financial Partners Corp.
    7,700       294,448      
         
     
 
              996,039      
         
     
 
Chemicals (3.1%)
Airgas, Inc.
    8,700       190,704      
Albemarle Corp.
    6,900       252,609      
H.B Fuller Co.
    4,200       127,344      
Omnova Solutions, Inc. (b)
    26,691       108,099      
Wellman, Inc.
    9,600       103,296      
         
     
 
              782,052      
         
     
 
Commercial Banks (6.9%)
Capital Corp. of the West (b)
    6,005       145,621      
Colonial Bancgroup, Inc.
    18,900       416,933      
Columbia Banking System, Inc.
    9,250       217,098      
First Financial Bancorp (Ohio)
    11,700       202,293      
Oriental Financial Group, Inc.
    7,950       110,903      
Placer Sierra Bancshares
    13,096       304,089      
Security Bank Corp.
    5,140       199,483      
Westcorp, Inc.
    3,500       156,590      
         
     
 
              1,753,010      
         
     
 
Commercial Services & Supplies (2.6%)
G&K Services, Inc.
    7,100       272,498      
PeopleSupport, Inc. (b)
    23,100       215,061      
Steelcase, Inc., Class A
    14,100       185,274      
         
     
 
              672,833      
         
     
 
Communications Equipment (1.1%)
Harris Corp.
    10,200       287,640      
         
     
 
Computers & Peripherals (3.1%)
Intergraph Corp. (b)
    8,700       257,259      
Komag, Inc. (b)
    13,600       319,872      
Western Digital Corp. (b)
    17,600       223,344      
         
     
 
              800,475      
         
     
 
Construction & Engineering (1.0%)
Washington Group International, Inc. (b)
    6,300       261,009      
         
     
 
Consumer Finance (0.6%)
Advanta Corp., Class B
    2,000       49,100      
WFS Financial, Inc. (b)
    2,500       112,375      
         
     
 
              161,475      
         
     
 
Electric Utilities (3.6%)
IDACORP, Inc.
    10,700       288,686      
PNM Resources, Inc.
    10,700       295,855      
Westar Energy, Inc.
    14,500       332,050      
         
     
 
              916,591      
         
     
 
Electrical Equipment (2.5%)
Genlyte Group, Inc. (b)
    2,900       230,086      
Hubbell, Inc., Class B
    3,300       143,385      
Thomas & Betts Corp. (b)
    8,500       264,520      
         
     
 
              637,991      
         
     
 
Electronic Equipment & Instruments (1.6%)
Coherent, Inc. (b)
    6,000       192,480      
Newport Corp. (b)
    14,900       204,875      
         
     
 
              397,355      
         
     
 
Energy Equipment & Services (4.0%)
Hornbeck Offshore Services, Inc. (b)
    7,800       179,400      
Maverick Tube Corp. (b)
    7,800       226,902      
Offshore Logistics, Inc. (b)
    7,800       225,966      
Oil States International, Inc. (b)
    9,300       188,883      
Pioneer Drilling Co. (b)
    14,210       187,430      
         
     
 
              1,008,581      
         
     
 
Food & Staples Retailing (1.4%)
Longs Drug Stores Corp.
    5,100       185,385      
Wild Oats Markets, Inc. (b)
    17,100       172,710      
         
     
 
              358,095      
         
     
 
Food Products (1.4%)
Flowers Foods, Inc.
    7,900       227,836      
Ralcorp Holdings, Inc.
    3,200       126,784      
         
     
 
              354,620      
         
     
 
Gas Utilities (1.1%)
Energen Corp.
    4,700       291,165      
         
     
 
122 Semiannual Report 2005

Table of Contents

 
                     
Common Stocks (continued)
Shares or
Principal Amount Value
HealthCare Providers & Services (3.5%)
Amedisys, Inc. (b)
    9,100     $ 273,091      
HealthTronics, Inc. (b)
    21,400       265,360      
LifePoint Hospitals, Inc. (b)
    8,200       364,490      
         
     
 
              902,941      
         
     
 
Healthcare Equipment & Supplies (2.6%)
Adeza Biomedical Corp. (b)
    9,920       126,480      
Dade Behring Holdings, Inc. (b)
    5,100       314,517      
IntraLase Corp. (b)
    6,800       113,696      
ThermoGenesis Corp. (b)
    31,800       109,074      
         
     
 
              663,767      
         
     
 
Hotels, Restaurants & Leisure (1.6%)
AFC Enterprises, Inc. (b)
    7,300       197,100      
Jack in the Box, Inc. (b)
    4,900       179,144      
Sunterra Corp. (b)
    2,700       41,985      
         
     
 
              418,229      
         
     
 
Household Durables (2.1%)
Jarden Corp. (b)
    6,900       308,223      
Snap-On, Inc.
    6,800       225,556      
         
     
 
              533,779      
         
     
 
Industrial Conglomerates (0.9%)
Carlisle Cos., Inc.
    3,100       222,642      
         
     
 
Insurance (5.5%)
Allmerica Financial Corp. (b)
    9,100       305,486      
Aspen Insurance Holdings Ltd.
    6,888       188,042      
ProAssurance Corp. (b)
    6,300       236,313      
Scottish Re Group Ltd.
    6,900       162,012      
Tower Group, Inc.
    22,280       267,137      
Triad Guaranty, Inc. (b)
    4,750       238,973      
         
     
 
              1,397,963      
         
     
 
Internet Software & Services (0.8%)
Jupitermedia Corp. (b)
    15,300       194,463      
         
     
 
IT Services (0.4%)
Covansys Corp. (b)
    10,500       105,945      
         
     
 
Leisure Equipment & Products (1.8%)
K2, Inc. (b)
    13,700       174,264      
Marvel Enterprises, Inc. (b)
    15,100       295,960      
         
     
 
              470,224      
         
     
 
Machinery (4.5%)
Greenbrier Cos., Inc. (The)
    4,700       137,240      
Harsco Corp.
    4,400       236,060      
Kaydon Corp.
    5,000       137,200      
Oshkosh Truck Corp.
    2,430       182,615      
Stewart & Stevenson Services, Inc.
    7,843       188,232      
Wabtec Corp.
    12,700       254,000      
         
     
 
              1,135,347      
         
     
 
Media (0.8%)
Scholastic Corp. (b)
    6,200       216,070      
         
     
 
Metals & Mining (2.1%)
Allegheny Technologies, Inc
    9,300       208,320      
Commercial Metals Co.
    700       17,857      
Royal Gold, Inc.
    8,200       154,488      
RTI International Metals, Inc. (b)
    6,700       150,683      
         
     
 
              531,348      
         
     
 
Multi-Utilities (2.3%)
CMS Energy Corp. (b)
    23,600       304,912      
WPS Resources Corp.
    5,100       268,923      
         
     
 
              573,835      
         
     
 
Oil Gas & Consumable Fuels (3.1%)
Alpha Natural Resources, Inc. (b)
    7,210       166,912      
Energy Partners Ltd. (b)
    8,040       183,794      
KCS Energy, Inc. (b)
    16,420       230,537      
Southwestern Energy Co. (b)
    3,600       211,500      
         
     
 
              792,743      
         
     
 
Paper & Forest Products (0.8%)
Glatfelter Co.
    18,000       214,740      
         
     
 
Personal Products (0.8%)
Elizabeth Arden, Inc. (b)
    9,300       203,670      
         
     
 
Pharmaceuticals (1.0%)
Impax Laboratories, Inc. (b)
    15,100       245,677      
         
     
 
Real Estate (7.9%)
American Financial Realty Trust
    17,300       265,209      
Ashford Hospitality Trust
    36,134       370,012      
BioMed Realty Trust, Inc.
    18,300       369,660      
Eagle Hospitality Properties Trust I
    23,440       216,351      
Equity One, Inc.
    13,262       277,706      
Nationwide Health Properties, Inc.
    15,600       334,308      
New Century Financial Corp.
    4,700       213,615      
         
     
 
              2,046,861      
         
     
 
2005 Semiannual Report 123

Table of Contents

Statement of Investments (Continued)
April 30, 2005 (Unaudited)

NorthPointe Small Cap Value Fund (Continued)

                       
Common Stocks (continued)
Shares or
Principal Amount Value
Road & Rail (2.0%)
Laidlaw International, Inc. (b)
    11,600     $ 259,724      
RailAmerica, Inc. (b)
    23,800       245,616      
         
     
 
              505,340      
         
     
 
Semiconductors & Semiconductor Equipment (0.6%)
ON Semiconductor Corp. (b)
    46,700       160,648      
         
     
 
Software (2.0%)
CCC Information Services Group, Inc. (b)
    8,390       195,739      
InterVoice, Inc. (b)
    16,062       172,265      
Phoenix Technology Ltd. (b)
    18,400       148,856      
         
     
 
              516,860      
         
     
 
Specialty Retail (1.9%)
Charming Shoppes, Inc. (b)
    23,600       175,584      
Genesco, Inc. (b)
    5,600       144,088      
Jos. A. Bank Clothiers, Inc. (b)
    4,700       154,160      
         
     
 
              473,832      
         
     
 
Thrifts & Mortgage Finance (3.0%)
BankAtlantic Bancorp, Inc.
    17,152       292,614      
ECC Capital Corp.
    36,700       190,840      
Franklin Bank Corp. (b)
    16,040       269,632      
         
     
 
              753,086      
         
     
 
Trading Companies & Distributors (0.8%)
Beacon Roofing Supply, Inc. (b)
    8,700       193,140      
         
     
 
Wireless Telecommunication Services (1.8%)
Centennial Communications Corp. (b)
    17,100       196,650      
NII Holdings, Inc. (b)
    5,000       250,350      
         
     
 
              447,000      
         
     
 
Total Common Stocks     24,589,528      
         
     
 
Cash Equivalents (3.1%)
Investments in repurchase agreements
                   
  (Collateralized by AA Corporate Bonds, in a joint trading account at 2.90%, dated 04/29/05, due 05/02/05, repurchase price $799,863)   $ 799,670       799,670      
         
     
 
Total Cash Equivalents     799,670      
         
     
 

Short-Term Securities Held as Collateral for Securities Lending (27.5%)
Pool of short-term securities for Gartmore Mutual Funds - note 2 (Securities Lending)
    7,006,307       7,006,307      
         
     
 
Total Investments (Cost $31,635,145) (a) - 127.1%     32,395,505      
Liabilities in excess of other assets - (27.1)%     (6,908,224)      
         
     
 
NET ASSETS — 100.0%   $ 25,487,281      
         
     
 
(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
 
(b) Denotes a non-income producing security.

See notes to financial statements.

 
124 Semiannual Report 2005

Table of Contents

Statements of Assets and Liabilities
April 30, 2005 (Unaudited)
                     
NorthPointe Small NorthPointe Small
Cap Growth Fund Cap Value Fund
Assets:
                
Investments, at value (cost $45,142,619 and $30,835,475; respectively)
  $ 44,266,579     $ 31,595,835  
Repurchase agreements, at cost and value
    2,390,610       799,670  
   
   
 
 
    Total Investments     46,657,189       32,395,505  
   
   
 
Cash
    73       17,146  
Interest and dividends receivable
    10,234       17,789  
Receivable for investments sold
    858,862       668,512  
Receivable from adviser
    4,758       420  
Prepaid expenses and other assets
    9,025       3,113  
   
   
 
 
   
Total Assets
    47,540,141       33,102,485  
   
   
 
 
Liabilities:
                
Payable for investments purchased
    1,594,648       583,104  
Payable for return of collateral received for securities on loan
    375,144       7,006,307  
Accrued expenses and other payables
               
 
Investment advisory fees
    36,430       20,081  
 
Fund administration and transfer agent fees
    1,420       3,002  
 
Distribution fees
    2       —  
 
Administrative servicing fees
    2       —  
 
Other
    7,331       2,710  
   
   
 
 
   
Total Liabilities
    2,014,977       7,615,204  
   
   
 
 
Net Assets
   $ 45,525,164     $ 25,487,281  
   
   
 
Represented by:
                
Capital
  $ 45,052,308     $ 21,170,988  
Accumulated net investment income (loss)
    (204,604 )     25,162  
Accumulated net realized gains (losses) from investment transactions
    1,553,499       3,530,771  
Net unrealized appreciation (depreciation) on investments
    (876,039 )     760,360  
   
   
 
 
Net Assets
   $ 45,525,164     $ 25,487,281  
   
   
 
Net Assets:
                
Class A Shares
  $ 1,050     $ —  
Class B Shares
  $ 1,047     $ —  
Class C Shares
  $ 1,047     $ —  
Class R Shares
  $ 1,049     $ —  
Institutional Service Class Shares
  $ 1,053     $ —  
Institutional Class Shares
  $ 45,519,918     $ 25,487,281  
   
   
 
 
Total
  $ 45,525,164     $ 25,487,281  
   
   
 
Shares outstanding (unlimited number of shares authorized):
               
Class A Shares
    100       —  
Class B Shares
    100       —  
Class C Shares
    100       —  
Class R Shares
    100       —  
Institutional Service Class Shares
    100       —  
Institutional Class Shares
    4,323,815       2,272,430  
   
   
 
 
Total
    4,324,315       2,272,430  
   
   
 
Net asset value:
                
Class A Shares
  $ 10.50     $ —  
Class B Shares (a)
  $ 10.47     $ —  
Class C Shares (b)
  $ 10.47     $ —  
Class R Shares
  $ 10.49     $ —  
Institutional Service Class Shares
  $ 10.53     $ —  
Institutional Class Shares
  $ 10.53     $ 11.22  
Maximum offering price per share [100%/(100%-maximum sales charge)] of net asset value adjusted to the nearest cent:
               
Class A Shares
  $ 11.14     $ —  
   
   
 
 
Maximum Sales Charge — Class A Shares
    5.75 %        
   
   
 
(a) For Class B shares, the redemption price per share varies by the length of time shares are held
(b) For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year

See notes to financial statements.

 
2005 Semiannual Report 125

Table of Contents

Statements of Operations
For the Six Months Ended April 30, 2005 (Unaudited)
                   
NorthPointe Small NorthPointe Small
Cap Growth Fund Cap Value Fund
INVESTMENT INCOME:
                
Interest income
  $ 25,938     $ 12,239  
Dividend income
    52,234       225,830  
Income from securities lending
    24,101       7,343  
   
   
 
 
Total Income
    102,273       245,412  
   
   
 
Expenses:
                
Investment advisory fees
    264,990       130,296  
Fund administration and transfer agent fees
    32,069       17,881  
Distribution fees Class A
    2       —  
Distribution fees Class B
    5       —  
Distribution fees Class C
    5       —  
Distribution fees Class R
    2       —  
Administrative servicing fees Class R
    2       —  
Registration and filing fees
    21,284       —  
Other
    7,568       5,590  
   
   
 
 
 
Total expenses before waived or reimbursed expenses
    325,927       153,767  
   
   
 
Expenses reimbursed
    (19,080 )     (1,176 )
   
   
 
 
 
Total Expenses
    306,847       152,591  
   
   
 
 
Net Investment Income (Loss)
     (204,574 )     92,821  
   
   
 
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
                
Realized gains (losses) on investments transactions
    1,556,027       3,670,176  
Net change in unrealized appreciation/depreciation on investments
    (683,221 )     (2,525,711 )
   
   
 
 
Net realized/unrealized gains (losses) on investments
    872,806       1,144,465  
   
   
 
 
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
   $ 668,232     $ 1,237,286  
   
   
 

See notes to financial statements.

 
126 Semiannual Report 2005

Table of Contents

Statements of Changes in Net Assets
                                 
NorthPointe Small NorthPointe Small
Cap Growth Fund Cap Value Fund
Six Months Ended Period Ended Six Months Ended Year Ended
April 30, 2005 October 31, 2004 (a) April 30, 2005 October 31, 2004
(Unaudited) (Unaudited)
FROM INVESTMENT ACTIVITIES:
                                
Operations:
                                
Net investment income (loss)
  $ (204,574 )   $ (6,591 )   $ 92,821     $ 67,196  
Net realized gains (losses) on investment transactions
    1,556,027       (2,528 )     3,670,176       7,609,857  
Net change in unrealized appreciation/depreciation on investments
    (683,221 )     (192,818 )     (2,525,711 )     (3,245,906 )
   
 
 
 
Change in net assets resulting from operations
    668,232       (201,937 )     1,237,286       4,431,147  
   
 
 
 
Distributions to Institutional Class Shareholders from:
                                
Net investment income
    —       —       (69,481 )     (65,374 )
Net realized gains on investments
    —       —       (7,680,667 )     (2,004,933 )
   
 
 
 
Change in net assets from shareholder distributions
     —       —       (7,750,148 )     (2,070,307 )
   
 
 
 
Change in net assets from capital transactions
     (4,941,131 )     50,000,000       (156,210 )     (9,532,527 )
   
 
 
 
Change in net assets
     (4,272,899 )     49,798,063       (6,669,072 )     (7,171,687 )
Net Assets:
                                
Beginning of period
    49,798,063       —       32,156,353       39,328,040  
   
 
 
 
End of period
  $ 45,525,164     $ 49,798,063     $ 25,487,281     $ 32,156,353  
   
 
 
 
(a) For the period from September 29, 2004 (commencement of operations) through October 31, 2004.

See notes to financial statements.

 
2005 Semiannual Report 127

Table of Contents

Financial Highlights
Selected data for each share of capital outstanding
 
NorthPointe Small Cap Growth Fund
                                 
Investment Activities
Net Realized
and
Net Asset Net Unrealized Total
Value, Investment Gains from
Beginning Income (Losses) on Investment
of Period (Loss) Investments Activities
Class A Shares
                                
Period Ended October 31, 2004 (d)
  $ 10.00       (0.01 )     0.48       0.47  
Six Months Ended April 30, 2005 (Unaudited)
  $ 10.47       (0.07 )     0.10       0.03  
Class B Shares
                                
Period Ended October 31, 2004 (d)
  $ 10.00       (0.01 )     0.47       0.46  
Six Months Ended April 30, 2005 (Unaudited)
  $ 10.46       (0.09 )     0.10       0.01  
Class C Shares
                                
Period Ended October 31, 2004 (d)
  $ 10.00       (0.01 )     0.47       0.46  
Six Months Ended April 30, 2005 (Unaudited)
  $ 10.46       (0.09 )     0.10       0.01  
Class R Shares
                                
Period Ended October 31, 2004 (d)
  $ 10.00       (0.01 )     0.47       0.46  
Six Months Ended April 30, 2005 (Unaudited)
  $ 10.46       (0.08 )     0.11       0.03  
Institutional Service Class Shares
                                
Period Ended October 31, 2004 (d)
  $ 10.00       (0.01 )     0.48       0.47  
Six Months Ended April 30, 2005 (Unaudited)
  $ 10.47       (0.04 )     0.10       0.06  
Institutional Class Shares
                                
Period Ended October 31, 2004 (d) (g)
  $ 10.00       (0.01 )     0.48       0.47  
Six Months Ended April 30, 2005 (Unaudited)
  $ 10.47       (0.05 )     0.11       0.06  

[Additional columns below]

[Continued from above table, first column(s) repeated]
                 
Net Asset
Value, End Total
of Period Return (a)
Class A Shares
                
Period Ended October 31, 2004 (d)
  $ 10.47       4.70%   (e)
Six Months Ended April 30, 2005 (Unaudited)
  $ 10.50       0.29%   (e)
Class B Shares
                
Period Ended October 31, 2004 (d)
  $ 10.46       4.60%   (e)
Six Months Ended April 30, 2005 (Unaudited)
  $ 10.47       0.10%   (e)
Class C Shares
                
Period Ended October 31, 2004 (d)
  $ 10.46       4.60%   (e)
Six Months Ended April 30, 2005 (Unaudited)
  $ 10.47       0.10%   (e)
Class R Shares
                
Period Ended October 31, 2004 (d)
  $ 10.46       4.60%   (e)
Six Months Ended April 30, 2005 (Unaudited)
  $ 10.49       0.29%   (e)
Institutional Service Class Shares
                
Period Ended October 31, 2004 (d)
  $ 10.47       4.70%   (e)
Six Months Ended April 30, 2005 (Unaudited)
  $ 10.53       0.57%   (e)
Institutional Class Shares
                
Period Ended October 31, 2004 (d) (g)
  $ 10.47       4.70%   (e)
Six Months Ended April 30, 2005 (Unaudited)
  $ 10.53       0.57%   (e)
   

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                                     
Ratios / Supplemental Data
Ratio of Net
Ratio of Net Ratio of Investment
Investment Expenses Income (Loss)
Net Assets Ratio of Income (Prior to (Prior to
at End of Expenses (Loss) Reimbursements) Reimbursements)
Period to Average to Average to Average to Average Portfolio
(000s) Net Assets Net Assets Net Assets (b) Net Assets (b) Turnover (c)
Class A Shares
                                                    
Period Ended October 31, 2004 (d)
  $ 1       1.50%   (f)     (1.17% ) (f)     9.82%   (f)     (9.48% ) (f)     0.48%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 1       1.81%   (f)     (1.27% ) (f)     1.91%   (f)     (1.37% ) (f)     81.21%      
Class B Shares
                                                    
Period Ended October 31, 2004 (d)
  $ 1       2.07%   (f)     (1.78% ) (f)     9.13%   (f)     (8.84% ) (f)     0.48%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 1       1.98%   (f)     (1.67% ) (f)     1.98%   (f)     (1.67% ) (f)     81.21%      
Class C Shares
                                                    
Period Ended October 31, 2004 (d)
  $ 1       2.07%   (f)     (1.78% ) (f)     9.13%   (f)     (8.84% ) (f)     0.48%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 1       1.98%   (f)     (1.67% ) (f)     1.98%   (f)     (1.67% ) (f)     81.21%      
Class R Shares
                                                    
Period Ended October 31, 2004 (d)
  $ 1       1.73%   (f)     (1.17% ) (f)     8.65%   (f)     (6.92% ) (f)     0.48%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 1       1.68%   (f)     (1.40% ) (f)     1.68%   (f)     (1.40% ) (f)     81.21%      
Institutional Service Class Shares
                                                    
Period Ended October 31, 2004 (d)
  $ 1       1.04%   (f)     (0.74% ) (f)     8.22%   (f)     (7.92% ) (f)     0.48%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 1       1.04%   (f)     (0.70% ) (f)     1.33%   (f)     (1.00% ) (f)     81.21%      
Institutional Class Shares
                                                    
Period Ended October 31, 2004 (d) (g)
  $ 49,793       1.07%   (f)     (1.02% ) (f)     2.18%   (f)     (2.14% ) (f)     0.48%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 45,520       1.10%   (f)     (0.73% ) (f)     1.17%   (f)     (0.80% ) (f)     81.21%      
       
(a) Excludes sales charges
(b) During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d) For the period from September 29, 2004 (commencement of operations) through October 31, 2004.
(e) Not annualized.
(f) Annualized.
(g) Net investment income (loss) is based on average shares outstanding during the period.

See notes to financial statements.

 
128 Semiannual Report 2005

Table of Contents

Financial Highlights
Selected data for each share of capital outstanding
 
NorthPointe Small Cap Value Fund
                                 
Investment Activities
Net Asset Net Net Realized
Value, Investment and Unrealized Total from
Beginning Income Gains (Losses) Investment
of Period (Loss) on Investments Activities
Institutional Class Shares
                                
Period Ended October 31, 2000 (b)
  $ 10.00       0.02       0.49       0.51  
Year Ended October 31, 2001
  $ 10.50       0.13       0.62       0.75  
Year Ended October 31, 2002
  $ 11.14       0.06       (0.69 )     (0.63 )
Year Ended October 31, 2003
  $ 9.82       0.03       3.72       3.75  
Year Ended October 31, 2004
  $ 13.53       0.03       1.64       1.67  
Six Months Ended April 30, 2005 (Unaudited)
  $ 14.43       0.03       0.70       0.73  

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                         
Distributions
Net Net Net Asset
Investment Realized Total Value, End Total
Income Gains Distributions of Period Return
Institutional Class Shares
                                        
Period Ended October 31, 2000 (b)
    (0.01 )     —       (0.01 )   $ 10.50       5.14%   (c)
Year Ended October 31, 2001
    (0.11 )     —       (0.11 )   $ 11.14       7.13%  
Year Ended October 31, 2002
    (0.06 )     (0.63 )     (0.69 )   $ 9.82       (6.43% )
Year Ended October 31, 2003
    (0.04 )     —       (0.04 )   $ 13.53       38.25%  
Year Ended October 31, 2004
    (0.03 )     (0.74 )     (0.77 )   $ 14.43       12.65%  
Six Months Ended April 30, 2005 (Unaudited)
    (0.03 )     (3.91 )     (3.94 )   $ 11.22       3.07%   (c)
   

[Additional columns below]

[Continued from above table, first column(s) repeated]
                                                     
Ratios/Supplemental Data
Ratio of
Ratio of Net Investment
Ratio of Net Expenses Income (Loss)
Net Assets Ratio of Investment (Prior to (Prior to
at End of Expenses Income (Loss) Reimbursements) Reimbursements)
Period to Average to Average to Average Net to Average Portfolio
(000s) Net Assets Net Assets Assets (a) Net Assets (a) Turnover
Institutional Class Shares
                                                    
Period Ended October 31, 2000 (b)
  $ 23,359       1.00%  (d)     0.82%  (d)     1.79%  (d)     0.03%  (d)     49.93%      
Year Ended October 31, 2001
  $ 30,470       1.00%       1.00%       1.38%       0.62%       150.45%      
Year Ended October 31, 2002
  $ 29,961       1.00%       0.52%       1.06%       0.46%       105.59%      
Year Ended October 31, 2003
  $ 39,328       1.00%       0.25%       1.01%       0.23%       102.63%      
Year Ended October 31, 2004
  $ 32,156       0.99%       0.19%       1.00%       0.18%       135.45%      
Six Months Ended April 30, 2005 (Unaudited)
  $ 25,487       1.00%  (d)     0.61%  (d)     1.01%  (d)     0.60%  (d)     90.78%      
       
(a) During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(b) For the period from June 29, 2000 (commencement of operations) through October 31, 2000.
(c) Not annualized.
(d) Annualized.

See notes to financial statements.

 
2005 Semiannual Report 129

Table of Contents

LOGO

  Notes to Financial Statements
  April 30, 2005 (Unaudited)

1. Organization

Gartmore Mutual Funds (the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to January 25, 2002, the Trust was named “Nationwide Mutual Funds”. The Trust was originally created under the laws of Ohio as an Ohio business trust pursuant to a Declaration of Trust dated, as of October 30, 1997, as subsequently amended, and redomesticated as a Delaware Statutory Trust on February 28, 2005, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and will not affect the operations of the Trust. As of April 30, 2005, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”) without par value. The Trust operates forty-six (46) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the seven (7) funds listed below (individually a “Fund”, collectively the “Funds”):

  -  Gartmore S&P 500 Index Fund (“S&P 500 Index”)
  -  Gartmore Mid Cap Market Index Fund (“Mid Cap Market Index”)
  -  Gartmore Small Cap Index Fund (“Small Cap Index”)
  -  Gartmore International Index Fund (“International Index”)
  -  Gartmore Bond Index Fund (“Bond Index”)
  -  NorthPointe Small Cap Growth Fund (“Small Cap Growth”)
  -  NorthPointe Small Cap Value Fund (“Small Cap Value”)

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

 
(a) Security Valuation

  Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.
 
  Debt and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Funds’ Board of Trustees. Short-term debt securities such as commercial

 
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  paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase are considered to be “short-term” and are valued at amortized cost which approximates market value. The pricing service activities and results are reviewed by an officer of the Trust.
 
  Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Funds’ investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of such securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of SEC acceptable methods: (i) a multiple of earnings, (ii) the discount from market value of a similar, freely traded security, (iii) the yield-to-maturity for debt issues, or (iv) a consolidation of the methods. The Gartmore Fair Value Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.
 
  The Funds holding foreign equity securities (the “Foreign Equity Funds”) value foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Foreign Equity Funds, the Foreign Equity Funds will fair value their foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Foreign Equity Funds’ foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees of the Trust has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. In determining fair value prices, the Trust utilizes data furnished by an independent pricing service (and that data draws upon, among other information, the market values of foreign investments). The fair value prices of portfolio securities generally will be used when it is determined that the use of such prices will have a material impact on the net asset value of a Foreign Equity Fund. When a Foreign Equity Fund uses fair value pricing, the values assigned to the Foreign Equity Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.
 
(b) Repurchase Agreements

  The Funds may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by a Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Funds’ custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. The Funds may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

 
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Notes to Financial Statements (Continued)
April 30, 2005 (Unaudited)
 

LOGO

 
(c) Foreign Currency Transactions

  The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

 
(d) Risks Associated with Foreign Securities and Currencies

  Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could adversely affect investments in those countries. Certain countries may also impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and a high price volatility with respect to securities of issuers from developing countries.

 
(e) Forward Foreign Currency Contracts

  Certain Funds may enter into forward foreign currency exchange contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

 
(f) Futures Contracts

  Certain Funds may invest in financial futures contracts (“futures contracts”) for the purpose of hedging their existing portfolio securities or securities they intend to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes. Upon entering into a futures contract, these Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin”, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Future contracts are valued daily at their last quoted sale price.
 
  A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.
 
  Should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

 
(g) Swap Contracts

  The Funds may engage in swap contracts in order to obtain a desired return at a lower cost than if the Funds had invested directly in the asset that yielded the desired return. Unrealized gains are reported as an asset and unrealized

 
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  losses are reported as a liability on the Statement of Assets and Liabilities. The change in unrealized gains or losses on swap contracts is reported as unrealized gains or losses in the Statement of Operations. A realized gain or loss is recorded upon termination of swap contracts. Swap contracts are stated at fair value. Notional principal amounts are used to express the extent of involvement in these contracts, but the amounts potentially subject to credit risk are much smaller.
 
  At April 30, 2005, Bond Index’s open swap contracts were as follows:
                         
Underlying Unrealized
Expiration Notional Appreciation
Description Date Value (Depreciation)
Index Swap with Morgan Stanley Capital Services Inc., Pays net of the total return of the Lehman Brothers CMBS Investment Grade plus 100 bps minus Libor minus 40 bps. Gartmore Bond Index Fund receives positive pays negative
    10/01/05     $ 38,000,000     $ 486,886  
 
(h) Mortgage Dollar Rolls

  Certain Funds may enter into mortgage “dollar rolls” in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities on a specified future date. Mortgage dollar rolls are referred to as TBA’s on the Statement of Investments of the applicable Funds. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. The Fund is compensated by fee income or the difference between the current sales price and the lower forward price for the future purchase. Mortgage dollar rolls are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Fund’s Board of Trustees.

 
(i) Security Transactions and Investment Income

  Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

 
(j) Securities Lending

  To generate additional income, each of the Funds, with the exception of the Money Market Fund, may lend up to 33 1/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Funds receive payments from borrowers of the dividends and interest that the Funds are entitled to for the positions on loan. These loan positions simultaneously earn income on the investment of cash collateral. Collateral is marked to market daily to provide a level of collateral at least equal to the market value of securities loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Funds’ investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Funds or the borrower at any time, and therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Funds. JP Morgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

 
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Notes to Financial Statements (Continued)
April 30, 2005 (Unaudited)
 

LOGO

  The cash collateral received by the Funds at April 30, 2005, was pooled and invested in the following:
             
Security Type Security Name Market Value
Bank Note - Floating
  U.S. Bank N.A.   $ 34,969,666  
Commercial Paper
  Five Finance Inc.     4,963,726  
Commercial Paper
  Lexington Parker Capital     27,250,672  
Eurodollar Certificates of Deposit - Fixed
  HBOS Treasury Services PLC     6,500,564  
Funding Agreement/ GIC
  GE Life and Annuity     29,300,000  
Funding Agreement/ GIC
  Protective Life Insurance Company     21,000,000  
Master Note - Floating
  Bank of America Corp.     15,000,000  
Master Note - Floating
  CDC Financial Product Inc.     36,500,000  
Master Note - Floating
  Citigroup Global Markets Inc.     42,000,000  
Master Note - Floating
  Goldman Sachs Group LP     50,000,000  
Master Note - Floating
  Merrill Lynch Mortgage Capital     70,000,000  
Medium Term Note - Floating
  Deutsche Bank Financial     15,000,000  
Medium Term Note - Floating
  General Electric Capital Corp.     19,573,354  
Medium Term Note - Floating
  Pacific Life Global Funding     24,993,414  
Money Market Fund
  JPM S/L Collateral Investment     7,700,000  
Repurchase Agreement
  Nomura Securities     287,845,691  
Time Deposit
  Skandanaviska Enskilda Banken     4,000,000  
Yankee Certificates of Deposit - Floating
  Canadian Imperial Bank N.Y.     25,991,431  
Yankee Certificates of Deposit - Floating
  Credit Suisse First Boston, N.Y.     25,000,000  
Yankee Certificates of Deposit - Floating
  Natexis Banques Populaires N.Y.     18,993,899  
Yankee Certificates of Deposit - Floating
  Nordea Bank New York     5,498,680  
Yankee Certificates of Deposit - Floating
  Rabobank, New York     4,998,989  
Yankee Certificates of Deposit - Floating
  Westdeutsche Landesbank N.Y.     19,993,663  

[Additional columns below]

[Continued from above table, first column(s) repeated]
                     
Security Type Maturity Rate Maturity Date
Bank Note - Floating
    2.84%       05/02/05      
   
Commercial Paper
    2.89%       06/02/05      
   
Commercial Paper
    3.05%       07/08/05      
   
Eurodollar Certificates of Deposit - Fixed
    2.70%       05/03/05      
   
Funding Agreement/ GIC
    3.08%       06/15/05      
   
Funding Agreement/ GIC
    3.31%       07/29/05      
   
Master Note - Floating
    3.08%       05/02/05      
   
Master Note - Floating
    3.10%       05/02/05      
   
Master Note - Floating
    3.07%       05/02/05      
   
Master Note - Floating
    2.93%       05/02/05      
   
Master Note - Floating
    3.10%       05/02/05      
   
Medium Term Note - Floating
    3.13%       05/02/05      
   
Medium Term Note - Floating
    2.96%       06/08/05      
   
Medium Term Note - Floating
    3.24%       07/26/05      
   
Money Market Fund
    2.85%       05/02/05      
   
Repurchase Agreement
    2.98%       05/02/05      
   
Time Deposit
    2.81%       05/03/05      
   
Yankee Certificates of Deposit - Floating
    3.09%       05/02/05      
   
Yankee Certificates of Deposit - Floating
    2.79%       05/10/05      
   
Yankee Certificates of Deposit - Floating
    3.12%       05/02/05      
   
Yankee Certificates of Deposit - Floating
    2.85%       05/02/05      
   
Yankee Certificates of Deposit - Floating
    2.88%       05/02/05      
   
Yankee Certificates of Deposit - Floating
    3.10%       05/02/05      
   
  Information on the investment of cash collateral is shown in the Statement of Investments.
 
  As of April 30, 2005, the following Funds had securities with the following market values on loan:

                     
Market Value of Market Value of
Fund Loaned Securities Collateral*
S&P 500 Index
  $ 129,057,205     $ 131,805,609      
Mid Cap Market Index
    123,428,913       125,650,571      
Small Cap Index
    73,820,348       75,717,049      
International Index
    218,946,351       232,104,722      
Bond Index
    358,067,836       364,246,671      
Small Cap Growth
    385,728       375,144      
Small Cap Value
    6,827,573       7,006,307      
  *  Includes securities and cash collateral
 
(k) Distributions to Shareholders

  Net investment income, if any, is declared daily and paid monthly for the Bond Index Fund and is declared and paid quarterly for all other Funds. For all Funds, distributable net realized capital gains, if any, are declared and distributed at least annually.
 
  Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with AICPA (American Institute of Certified Public Accountants) Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, gain/loss, paydowns and distributions) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the respective Funds. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.

 
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(l) Federal Income Taxes

  It is the policy of each Fund to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.
 
  As of April 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund was as follows:

                                     
Net Unrealized
Tax Cost of Unrealized Unrealized Appreciation
Fund Securities Appreciation Depreciation (Depreciation)
S&P 500 Index
  $ 2,362,513,694     $ 225,287,780     $ (136,080,855 )   $ 89,206,924      
Mid Cap Market Index
    922,715,716     $ 94,031,245     $ (30,666,675 )     63,364,570      
Small Cap Index
    405,768,213     $ 41,026,832     $ (23,684,518 )     17,342,315      
International Index
    1,332,154,826     $ 176,601,211     $ (10,448,549 )     166,152,662      
Bond Index
    1,682,019,889     $ 12,792,525     $ (8,883,689 )     3,908,836      
Small Cap Growth
    46,657,189     $ 2,402,758     $ (3,781,647 )     (1,378,889 )    
Small Cap Value
    32,395,505     $ 1,783,560     $ (1,147,230 )     636,330      
 
(m) Allocation of Expenses, Income, and Gains and Losses

  Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among various or all Funds within the Trust. For the Equity Funds, the method for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. For the Bond Funds, the allocation method used is based on the fair value of settled shares outstanding. Under this method, earnings are allocated based on the fair value of settled shares. Expenses specific to a class (such are 12b-1 and administrative services fees) are charged to that class.

 
2005 Semiannual Report 135

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Notes to Financial Statements (Continued)
April 30, 2005 (Unaudited)
 

LOGO

 
(n) Capital Share Transactions

  Transactions in capital shares of the Funds were as follows:
                                   
S&P 500 Index Mid Cap Market Index
Six Months Ended Year Ended Six Months Ended Year Ended
April 30, 2005 October 31, 2004 April 30, 2005 October 31, 2004
(Unaudited) (Unaudited)
CAPITAL TRANSACTIONS:
                                
Class A Shares
                                
 
Proceeds from shares issued
  $ 3,818,947     $ 3,841,704     $ 71,853,845     $ 43,015,880  
 
Dividends reinvested
    88,935       76,060       1,663,104       629,448  
 
Cost of shares redeemed
    (2,052,280 )     (2,337,539 )     (8,998,278 )     (21,026,712 )
   
 
      1,855,602       1,580,225       64,518,671       22,618,616  
   
 
Class B Shares
                                
 
Proceeds from shares issued
    848,677       1,646,256       62,844       404,383  
 
Dividends reinvested
    22,767       15,986       12,835       3,504  
 
Cost of shares redeemed
    (383,237 )     (837,720 )     (39,094 )     (74,493 )
   
 
      488,207       824,522       36,585       333,394  
   
 
Class C Shares
                                
 
Proceeds from shares issued
    950,045       237,978       105,631       2,986  
 
Dividends reinvested
    1,896       573       546       229  
 
Cost of shares redeemed
    (468,214 )     (1,200 )     (61,073 )     —  
   
 
      483,727       237,351       45,104       3,215  
   
 
Institutional Class Shares
                                
 
Proceeds from shares issued
    373,219,287       736,845,278       142,295,603       293,159,004  
 
Dividends reinvested
    15,357,483       13,212,499       14,456,523       6,267,087  
 
Cost of shares redeemed
    (52,548,064 )     (182,979,506 )     (28,542,127 )     (45,012,424 )
   
 
      336,028,706       567,078,271       128,209,999       254,413,667  
   
 
Service Class Shares
                                
 
Proceeds from shares issued
    45,921,418       124,577,939       —       —  
 
Dividends reinvested
    4,792,301       4,915,270       —       —  
 
Cost of shares redeemed
    (27,864,540 )     (52,626,707 )     —       —  
   
 
      22,849,179       76,866,502       —       —  
   
 
Institutional Service Class Shares
                                
 
Proceeds from shares issued
    7,247,340       22,349,604       —       —  
 
Dividends reinvested
    678,182       759,266       —       —  
 
Cost of shares redeemed
    (11,579,120 )     (13,194,895 )     —       —  
   
 
      (3,653,598 )     9,913,975       —       —  
   
 
Local Fund Shares
                                
 
Dividends reinvested
    1,131       1,378       —       —  
   
 
      1,131       1,378       —       —  
   
 
Change in net assets from capital transactions
  $ 358,052,954     $ 656,502,224     $ 192,810,359     $ 277,368,892  
   
 

[Additional columns below]

[Continued from above table, first column(s) repeated]
                   
Small Cap Index
Six Months Ended Year Ended
April 30, 2005 October 31, 2004
(Unaudited)
CAPITAL TRANSACTIONS:
                
Class A Shares
                
 
Proceeds from shares issued
  $ 17,455,704     $ 55,133,106  
 
Dividends reinvested
    3,048,929       1,085,234  
 
Cost of shares redeemed
    (12,625,417 )     (40,084,424 )
     
     
 
         
 
      7,879,216       16,133,916  
     
     
 
         
 
Class B Shares
                
 
Proceeds from shares issued
    20,048       177,466  
 
Dividends reinvested
    13,528       4,574  
 
Cost of shares redeemed
    (87,407 )     (27,774 )
     
     
 
         
 
      (53,831 )     154,266  
     
     
 
         
 
Class C Shares
                
 
Proceeds from shares issued
    67,095       17,987  
 
Dividends reinvested
    1,006       361  
 
Cost of shares redeemed
    (18,188 )     (2,025 )
     
     
 
         
 
      49,913       16,323  
     
     
 
         
 
Institutional Class Shares
                
 
Proceeds from shares issued
    70,995,468       125,348,059  
 
Dividends reinvested
    10,545,706       3,218,879  
 
Cost of shares redeemed
    (11,536,256 )     (30,106,414 )
     
     
 
         
 
      70,004,918       98,460,524  
     
     
 
         
 
Service Class Shares
                
 
Proceeds from shares issued
    —       —  
 
Dividends reinvested
    —       —  
 
Cost of shares redeemed
    —       —  
     
     
 
         
 
      —       —  
     
     
 
         
 
Institutional Service Class Shares
                
 
Proceeds from shares issued
    —       —  
 
Dividends reinvested
    —       —  
 
Cost of shares redeemed
    —       —  
     
     
 
         
 
      —       —  
     
     
 
         
 
Local Fund Shares
                
 
Dividends reinvested
    —       —  
     
     
 
         
 
      —       —  
     
     
 
         
 
Change in net assets from capital transactions
  $ 77,880,216     $ 114,765,029  
     
     
 
         
 
   

 
136 Semiannual Report 2005

Table of Contents

 
                                   
S&P 500 Index Mid Cap Market Index
Six Months Ended Year Ended Six Months Ended Year Ended
April 30, 2005 October 31, 2004 April 30, 2005 October 31, 2004
(Unaudited) (Unaudited)
SHARE TRANSACTIONS:
                                
Class A Shares
                                
 
Issued
  $ 373,338     $ 399,081     $ 5,177,352     $ 3,397,710  
 
Reinvested
    8,658       7,956       119,770       51,098  
 
Redeemed
    (203,194 )     (244,706 )     (657,748 )     (1,662,023 )
   
 
      178,802       162,331       4,639,374       1,786,785  
   
 
Class B Shares
                                
 
Issued
    83,729       171,050       4,709       32,301  
 
Reinvested
    2,213       1,682       933       289  
 
Redeemed
    (38,038 )     (87,911 )     (2,944 )     (6,184 )
   
 
      47,904       84,821       2,698       26,406  
   
 
Class C Shares
                                
 
Issued
    94,314       24,813       7,691       241  
 
Reinvested
    185       60       40       19  
 
Redeemed
    (47,759 )     (127 )     (4,394 )     —  
   
 
      46,740       24,746       3,337       260  
   
 
Institutional Class Shares
                                
 
Issued
    36,485,111       76,540,250       10,351,375       23,165,268  
 
Reinvested
    1,488,829       1,376,142       1,035,058       500,868  
 
Redeemed
    (5,086,090 )     (18,716,166 )     (2,045,102 )     (3,519,484 )
   
 
      32,887,850       59,200,226       9,341,331       20,146,652  
   
 
Service Class Shares
                                
 
Issued
    4,516,429       12,975,238       —       —  
 
Reinvested
    465,651       514,689       —       —  
 
Redeemed
    (2,736,200 )     (5,500,195 )     —       —  
   
 
      2,245,880       7,989,732       —       —  
   
 
Institutional Service Class Shares
                                
 
Issued
    707,804       2,323,717       —       —  
 
Reinvested
    65,653       79,256       —       —  
 
Redeemed
    (1,131,348 )     (1,366,721 )     —       —  
   
 
      (357,891 )     1,036,252       —       —  
   
 
Local Fund Shares
                                
 
Reinvested
    109       144       —       —  
   
 
      109       144       —       —  
   
 
Total change in shares
  $ 35,049,394     $ 68,498,252     $ 13,986,740     $ 21,960,103  
   
 

[Additional columns below]

[Continued from above table, first column(s) repeated]
                   
Small Cap Index
Six Months Ended Year Ended
April 30, 2005 October 31, 2004
(Unaudited)
SHARE TRANSACTIONS:
                
Class A Shares
                
 
Issued
  $ 1,499,825     $ 5,049,499  
 
Reinvested
    254,055       101,916  
 
Redeemed
    (1,098,583 )     (3,661,727 )
     
     
 
         
 
      655,297       1,489,688  
     
     
 
         
 
Class B Shares
                
 
Issued
    1,790       16,234  
 
Reinvested
    1,132       434  
 
Redeemed
    (7,516 )     (2,745 )
     
     
 
         
 
      (4,594 )     13,923  
     
     
 
         
 
Class C Shares
                
 
Issued
    6,124       1,657  
 
Reinvested
    84       34  
 
Redeemed
    (1,607 )     (180 )
     
     
 
         
 
      4,601       1,511  
     
     
 
         
 
Institutional Class Shares
                
 
Issued
    6,113,772       11,448,553  
 
Reinvested
    872,755       298,715  
 
Redeemed
    (958,507 )     (2,710,102 )
     
     
 
         
 
      6,028,020       9,037,166  
     
     
 
         
 
Service Class Shares
                
 
Issued
    —       —  
 
Reinvested
    —       —  
 
Redeemed
    —       —  
     
     
 
         
 
      —       —  
     
     
 
         
 
Institutional Service Class Shares
                
 
Issued
    —       —  
 
Reinvested
    —       —  
 
Redeemed
    —       —  
     
     
 
         
 
      —       —  
     
     
 
         
 
Local Fund Shares
                
 
Reinvested
    —       —  
     
     
 
         
 
      —       —  
     
     
 
         
 
Total change in shares
  $ 6,683,324     $ 10,542,288  
     
     
 
         
 
   

 
2005 Semiannual Report 137

Table of Contents

Notes to Financial Statements (Continued)
April 30, 2005 (Unaudited)
 

LOGO

                                   
International Index Bond Index
Six Months Ended Year Ended Six Months Ended Year Ended
April 30, 2005 October 31, 2004 April 30, 2005 October 31, 2004
(Unaudited) (Unaudited)
CAPITAL TRANSACTIONS:
                                
Class A Shares
                                
 
Proceeds from shares issued
  $ 17,522,844     $ 42,445,138     $ 5,770,963     $ 13,347,490  
 
Dividends reinvested
    846,456       310,013       793,869       1,350,691  
 
Cost of shares redeemed
    (17,495,998 )     (28,400,557 )     (4,926,149 )     (16,812,393 )
   
 
 
 
      873,302       14,354,594       1,638,683       (2,114,212 )
   
 
 
 
Class B Shares
                                
 
Proceeds from shares issued
    79,065       75,346       46,402       222,398  
 
Dividends reinvested
    4,670       1,045       5,096       7,736  
 
Cost of shares redeemed
    (3,989 )     (42,325 )     (232,944 )     (35,062 )
   
 
 
 
      79,746       34,066       (181,446 )     195,072  
   
 
 
 
Class C Shares
                                
 
Proceeds from shares issued
    137,366  (a)     —       —       —  
 
Dividends reinvested
    382  (a)     —       —       —  
 
Cost of shares redeemed
    (345 ) (a)     —       —       —  
   
 
 
 
      137,403       —       —       —  
   
 
 
 
Institutional Class Shares
                                
 
Proceeds from shares issued
    226,274,975       461,901,238       274,077,527       509,207,305  
 
Dividends reinvested
    25,582,504       10,088,380       22,490,904       26,390,060  
 
Cost of shares redeemed
    (96,680,216 )     (56,912,451 )     (19,993,050 )     (76,995,027 )
   
 
 
 
      155,177,263       415,077,167       276,575,381       458,602,338  
   
 
 
 
Change in net assets from capital transactions
  $ 156,267,714     $ 429,465,827     $ 278,032,618     $ 456,683,198  
   
 
 
 
SHARE TRANSACTIONS:
                                
Class A Shares
                                
 
Issued
    2,138,151       5,890,638       524,132       1,210,795  
 
Reinvested
    101,936       42,652       71,973       122,641  
 
Redeemed
    (2,122,099 )     (3,956,219 )     (446,966 )     (1,523,237 )
   
 
 
 
      117,988       1,977,071       149,139       (189,801 )
   
 
 
 
Class B Shares
                                
 
Issued
    10,091       10,681       4,188       20,196  
 
Reinvested
    569       146       461       702  
 
Redeemed
    (470 )     (5,909 )     (20,984 )     (3,184 )
   
 
 
 
      10,190       4,918       (16,335 )     17,714  
   
 
 
 
Class C Shares
                                
 
Issued
    16,578  (a)     —       —       —  
 
Reinvested
    48  (a)     —       —       —  
 
Redeemed
    (43 ) (a)     —       —       —  
   
 
 
 
      16,583       —       —       —  
   
 
 
 
Institutional Class Shares
                                
 
Issued
    27,522,114       63,612,835       24,877,528       46,269,303  
 
Reinvested
    3,080,537       1,388,539       2,040,590       2,398,550  
 
Redeemed
    (11,589,010 )     (7,893,235 )     (1,820,738 )     (6,954,345 )
   
 
 
 
      19,013,641       57,108,139       25,097,380       41,713,508  
   
 
 
 
Total change in shares
    19,158,402       59,090,128       25,230,184       41,541,421  
   
 
 
 
(a) For the period from February 14, 2005 (commencement of operations) through April 30, 2005.
 
138 Semiannual Report 2005

Table of Contents

 
                                   
NorthPointe Small Cap Growth NorthPointe Small Cap Value
Six Months Ended Period Ended Six Months Ended Year Ended
April 30, 2005 October 31, 2004 (a) April 30, 2005 October 31, 2004
(Unaudited) (Unaudited)
CAPITAL TRANSACTIONS:
                                
Class A Shares
                                
 
Proceeds from shares issued
  $ —     $ 1,000     $ —     $ —  
   
 
 
 
      —       1,000       —       —  
   
 
 
 
Class B Shares
                                
 
Proceeds from shares issued
    —       1,000       —       —  
   
 
 
 
      —       1,000       —       —  
   
 
 
 
Class C Shares
                                
 
Proceeds from shares issued
    —       1,000       —       —  
   
 
 
 
      —       1,000       —       —  
   
 
 
 
Class R Shares
                                
 
Proceeds from shares issued
    —       1,000       —       —  
   
 
 
 
      —       1,000       —       —  
   
 
 
 
Institutional Service Class
                                
 
Proceeds from shares issued
    —       1,000       —       —  
   
 
 
 
      —       1,000       —       —  
   
 
 
 
Institutional Class Shares
                                
 
Proceeds from shares issued
    14,000,072       49,995,000       175,000       3,946,839  
 
Dividends reinvested
    —       —       7,568,921       2,016,737  
 
Cost of shares redeemed
    (18,941,203 )     —       (7,900,131 )     (15,496,103 )
   
 
 
 
      (4,941,131 )     49,995,000       (156,210 )     (9,532,527 )
   
 
 
 
Change in net assets from capital transactions
  $ (4,941,131 )   $ 50,000,000     $ (156,210 )   $ (9,532,527 )
   
 
 
 
SHARE TRANSACTIONS:
                                
Class A Shares
                                
 
Issued
    —       100       —       —  
   
 
 
 
      —       100       —       —  
   
 
 
 
Class B Shares
                                
 
Issued
    —       100       —       —  
   
 
 
 
      —       100       —       —  
   
 
 
 
Class C Shares
                                
 
Issued
    —       100       —       —  
   
 
 
 
      —       100       —       —  
   
 
 
 
Class R Shares
                                
 
Issued
    —       100       —       —  
   
 
 
 
      —       100       —       —  
   
 
 
 
Institutional Service Class Shares
                                
 
Issued
    —       100       —       —  
   
 
 
 
      —       100       —       —  
   
 
 
 
Institutional Class Shares
                                
 
Issued
    1,211,225       4,755,967       15,138       269,490  
 
Reinvested
    —       —       624,521       147,071  
 
Redeemed
    (1,643,377 )     —       (596,320 )     (1,093,972 )
   
 
 
 
      (432,152 )     4,755,967       43,339       (677,411 )
   
 
 
 
Total change in shares
    (432,152 )     4,756,467       43,339       (677,411 )
   
 
 
 
(a) For the period from September 29, 2004 (commencement of operations) through October 31, 2004.
 
2005 Semiannual Report 139

Table of Contents

Notes to Financial Statements (Continued)
April 30, 2005 (Unaudited)
 

LOGO

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreements, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of their respective Funds (as shown in the table below). GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders. GMF also provides investment management evaluation services in initially selecting and monitoring on an ongoing basis the performance of the subadviser, if applicable, for the Funds that GMF advises. The subadvisers manage each of their respective Fund’s investments and have the responsibility for making all investment decisions for the applicable Funds. The adviser and subadviser, if applicable, for each Fund is as follows:

             
Fund Adviser Subadviser
S&P 500 Index
    GMF     Fund Asset Management, L.P.
Mid Cap Market Index
    GMF     Fund Asset Management, L.P.
Small Cap Index
    GMF     Fund Asset Management, L.P.
International Index
    GMF     Fund Asset Management, L.P.
Bond Index
    GMF     Fund Asset Management, L.P.
Small Cap Growth
    GMF     NorthPointe Capital, LLC (a)
Small Cap Value
    GMF     NorthPointe Capital, LLC (a)
(a) Affiliate of GMF.

Under the terms of the Investment Advisory Agreements, each Fund pays GMF an investment advisory fee based on that Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreements, GMF pays fees to the subadviser. Additional information regarding the investment advisory fees and subadvisory fees for GMF and the subadvisers, where applicable, is as follows for the six months ended April 30, 2005:

                                 
Total Fees Paid to
Fund Fee Schedule Fees Retained Subadviser
S&P 500 Index
  Up to $1.5 billion     0.13%       0.11%       0.02%      
    On the next $1.5 billion     0.12%       0.10%       0.02%      
    On $3 billion and more     0.11%       0.09%       0.02%      
Mid Cap Market Index
  Up to $1.5 billion     0.22%       0.13%       0.09%      
    On the next $1.5 billion     0.21%       0.12%       0.09%      
    On $3 billion and more     0.20%       0.11%       0.09%      
Small Cap Index
  Up to $1.5 billion     0.20%       0.13%       0.07%      
    On the next $1.5 billion     0.19%       0.12%       0.07%      
    On $3 billion and more     0.18%       0.11%       0.07%      
International Index
  Up to $1.5 billion     0.27%       0.15%       0.12%      
    On the next $1.5 billion     0.26%       0.14%       0.12%      
    On $3 billion and more     0.25%       0.13%       0.12%      
Bond Index
  Up to $1.5 billion     0.22%       0.13%       0.09%      
    On the next $1.5 billion     0.21%       0.12%       0.09%      
    On $3 billion and more     0.20%       0.11%       0.09%      
Small Cap Growth
  All Assets     0.95%       —       0.95%      
Small Cap Value
  All Assets     0.85%       —       0.85%      
 
140 Semiannual Report 2005

Table of Contents

 

GMF and the Funds have entered into written contracts (“Expense Limitation Agreements”) limiting operating expenses (excluding any taxes, interest, brokerage fees, extraordinary expenses, short sale dividend expenses, Rule 12b-1 fees, and administrative services fees) from exceeding the amounts listed in the table below until February 28, 2006:
                                         
Expense Caps
Institutional
Class A Class B Class C Class R Class
Fund Shares Shares Shares Shares Shares
S&P 500 Index
    0.23%       0.23%       0.23%       0.23%       0.23%  
Mid Cap Market Index
    0.32%       0.32%       0.32%       0.32%       0.32%  
Small Cap Index(a)
    0.30%       0.30%       0.30%       0.30%       0.30%  
International Index(a)
    0.37%       0.37%       0.37%       0.37%       0.37%  
Bond Index(a)
    0.32%       0.32%       0.32%       0.32%       0.32%  
Small Cap Growth
    1.10%       1.10%       1.10%       1.10%       1.10%  
Small Cap Value
    n/a       n/a       n/a       n/a       1.00%  

[Additional columns below]

[Continued from above table, first column(s) repeated]
                         
Expense Caps
Institutional Service Local
Service Class Fund
Fund Class Shares Shares Shares
S&P 500 Index
    0.23%       0.23%       0.23%  
   
Mid Cap Market Index
    n/a       n/a       n/a  
   
Small Cap Index(a)
    n/a       n/a       n/a  
   
International Index(a)
    n/a       n/a       n/a  
   
Bond Index(a)
    n/a       n/a       n/a  
   
Small Cap Growth
    1.10%       n/a       n/a  
   
Small Cap Value
    n/a       n/a       n/a  
   
(a) The Expense Limitation Agreement for these Funds also states that the expense ratio for each class will not exceed 4.00% through March 1, 2011.

GMF may request and receive reimbursement from certain Funds of the advisory fees waived and other expenses reimbursed by GMF pursuant to the Expense Limitation Agreements at a later date not to exceed five years from commencement of operations (with respect to the Small Cap Growth Fund, three years from the fiscal year in which the fees were waived or expenses reimbursed) if the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by GMF is not permitted. As of the six months ended April 30, 2005, the cumulative potential reimbursements were as follows:

         
Fund Amount Expires
Small Cap Value
  178,810   June 29, 2005

As of the six months ended April 30, 2005, the cumulative potential reimbursements of the following Funds (unless otherwise indicated), based on reimbursements which expire within three years from the fiscal year in which the corresponding reimbursements to the Fund was made for expenses reimbursed by GMF or GMCM, would be:

         
Amount Six Months
Fiscal Year Ended April 30,
Fund 2004 2005
Small Cap Growth
  $7,391   $19,080

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Funds’ distributor, is compensated by the Funds for expenses associated with the distribution of certain classes of shares of the Funds. These fees are based on average daily net assets of the respective class of the Funds at an annual rate not to exceed the following:

                                                 
Class A Class B Class C Class R Service Local Fund
Fund Shares Shares Shares Shares Class Shares Shares
S&P 500 Index
    0.25%       1.00%       1.00%       0.50%       0.15%       0.07%  
Mid Cap Market Index
    0.25%       1.00%       1.00%       0.50%       n/a       n/a  
Small Cap Index
    0.25%       1.00%       1.00%       0.50%       n/a       n/a  
International Index
    0.25%       1.00%       n/a       0.50%       n/a       n/a  
Bond Index
    0.25%       1.00%       n/a       0.50%       n/a       n/a  
Small Cap Growth
    0.25%       1.00%       1.00%       0.50%       n/a       n/a  
Small Cap Value
    n/a       n/a       n/a       n/a       n/a       n/a  
 
2005 Semiannual Report 141

Table of Contents

Notes to Financial Statements (Continued)
April 30, 2005 (Unaudited)
 

LOGO

Pursuant to an Underwriting Agreement, GDSI serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on the Class A shares. These fees are deducted from and are not included in proceeds from sales of Class A shares. From these fees, GDSI pays sales commissions, salaries, and other expenses in connection with generating new sales of Class A shares of the Funds. GDSI also receives fees for services as principal underwriter for Class B shares of the Funds. These fees are contingent deferred sales charges (“CDSCs”) ranging from 1% to 5% imposed on redemptions of Class B shares which may cause the current value of a shareholder’s account to fall below the total purchase payments. The CDSC, if applicable, will be imposed on redemptions made within six years of the purchase. Class C shares have a CDSC fee of 1% imposed on redemptions of Class C shares made within one year of purchase. For the six months ended April 30, 2005, GDSI received commissions of $63,833 from front-end sales charges of Class A shares and from CDSC fees from Class B and Class C shares of the Funds, of which $7,206 was reallowed to affiliated broker-dealers of the Funds.

The Funds (except the Small Cap Value Fund) assess a 2.00% redemption fee on all classes of shares that are purchased and are sold or exchanged within 5 days of purchase (within 90 days for the Small Cap Growth Fund). The redemption fee, if any, is paid directly to the applicable Fund and is designed to offset brokerage commissions, market impact and other costs associated with short-term trading of Fund shares. For purposes of determining whether the redemption fee applies, the shares that were held the longest will be redeemed first. This redemption fee is in addition to any CDSCs that may be applicable at the time of sale. The redemption fee may not apply in certain circumstances, such as redemptions or exchanges of shares held in certain omnibus accounts or retirement plans that cannot implement the redemption fee. The fee does not apply to shares purchased through reinvested dividends or capital gains. For the six months ended April 30, 2005, the Funds had no contributions to capital due to collection of redemption fees.

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides various administrative and accounting services for the Funds, and Gartmore Investors Services, Inc. (“GISI”), an indirect subsidiary of GSA, serves as Transfer Agent and Dividend Disbursing Agent for each of the Funds. For the period November 1, 2004 through December 31, 2004, the fees for the services provided under such agreement were calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees then are allocated proportionately among all Funds within the Trust in relation to the average daily net assets of each Fund and are paid to GSA. GSA pays GISI from these fees for GISI’s services.

         
Combined Fee Schedule*
Up to $1 billion
  0.25%    
$1 billion and more up to $3 billion
  0.18%    
$3 billion and more up to $4 billion
  0.14%    
$4 billion and more up to $5 billion
  0.07%    
$5 billion and more up to $10 billion
  0.04%    
$10 billion and more up to $12 billion
  0.02%    
$12 billion or more
  0.01%    
*  The assets of the Gartmore Investor Destinations Aggressive, Gartmore Investor Destinations Moderately Aggressive, Gartmore Investor Destinations Moderate, Gartmore Investor Destinations Moderately Conservative and Gartmore Investor Destinations Conservative Funds (collectively, the “Investor Destinations Funds”) and the Gartmore Optimal Allocations Fund: Aggressive, Gartmore Optimal Allocations Fund: Moderate, Gartmore Optimal Allocations Fund: Moderately Aggressive, and Gartmore Optimal Allocations Fund: Specialty (collectively, the “Optimal Funds”) are excluded from the Trust asset level amount in order to calculate this asset based fee. The Investor Destinations Funds and the Optimal Funds do not pay any part of this fee.
 
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Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. Each Fund pays GSA a combined annual fee based on the Trust’s average daily net assets according to the following schedule:

         
Combined Fee Schedule*
Up to $1 billion
  0.26%    
$1 billion and more up to $3 billion
  0.19%    
$3 billion and more up to $4 billion
  0.15%    
$4 billion and more up to $5 billion
  0.08%    
$5 billion and more up to $10 billion
  0.05%    
$10 billion and more up to $12 billion
  0.03%    
$12 billion or more
  0.02%    
*  The assets of the Gartmore Investor Destinations Aggressive, Gartmore Investor Destinations Moderately Aggressive, Gartmore Investor Destinations Moderate, Gartmore Investor Destinations Moderately Conservative and Gartmore Investor Destinations Conservative Funds (collectively, the “Investor Destinations Funds”) and the Gartmore Optimal Allocations Fund: Aggressive, Gartmore Optimal Allocations Fund: Moderate, Gartmore Optimal Allocations Fund: Moderately Aggressive, and Gartmore Optimal Allocations Fund: Specialty (collectively, the “Optimal Funds”) are excluded from the Trust asset level amount in order to calculate this asset based fee. The Investor Destinations Funds and the Optimal Funds do not pay any part of this fee.

GSA and GISI have entered into agreements with BISYS Fund Services Ohio, Inc. to provide sub-administration and sub-transfer agency services, respectively, to the Funds.

Under the terms of an Administrative Services Plan, the Funds may pay fees to servicing organizations, such as brokerdealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Funds; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of the Class A, Class R, Service Class, and Institutional Service Class shares of each of the Funds.

As of April 30, 2005, the advisers or affiliates of the advisers directly held 100% of the shares outstanding of the Small Cap Growth Fund.

4. Bank Loans

The Trust has a credit agreement of $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs are included in custodian fees in the Statement of Operations. No compensation balances were required under the terms of the line of credit. There were no borrowings outstanding as of April 30, 2005.

5. Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the six months ended April 30, 2005, are summarized as follows:

                     
Fund Purchases Sales
S&P 500 Index
  $ 376,710,221     $ 28,659,728      
Mid Cap Market Index
    222,025,905       42,494,761      
Small Cap Index
    50,077,762       8,008,110      
International Index
    209,735,330       72,802,884      
Bond Index
    1,267,644,810       937,017,953      
Small Cap Growth
    43,421,105       46,864,630      
Small Cap Value
    26,701,093       34,330,355      

6. Portfolio Investment Risks

Credit and Market Risk. Funds that invest in high yield and emerging market instruments are subject to certain additional credit and market risks. The yields of high yield and emerging market debt obligations reflect, among other

 
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April 30, 2005 (Unaudited)
 

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things, perceived credit risk. The Funds’ investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Funds.

7. Approval of Investment Adviser Contract

 
A) Index Series Funds:

In considering whether to approve the investment advisory agreements (including sub-advisory agreements) for each of the Index Series Funds (each of which Funds is sub-advised by Fund Asset Management, L.P.) and the two NorthPointe sub-advised Funds, the Board of Trustees, including a majority of the Independent Trustees, considered a number of factors, as discussed in detail below.

The Trustees considered the nature, extent, and quality of the services being provided by the Adviser (and the sub-advisers) to each Fund in light of the fees that the Adviser and each sub-adviser receives for their respective services.

With respect to the Index Series Funds, the Trustees concluded that the advisory and sub-advisory fees were low with respect to the International Index Fund, Small Cap Index Fund, S&P 500 Index Fund and MidCap Index Fund when compared to the advisory fees for each Fund’s respective peer group. The Trustees also concluded that the advisory fees of the Bond Index Fund was within the range of the advisory fees of its respective peers. The Trustees also noted that each Index Series Fund had advisory fee breakpoints in place which are intended to ensure that shareholders of each Fund share in any economies of scale that the Adviser (and sub-adviser) may realize as the Fund’s assets grow. The Trustees further noted that the Adviser is voluntarily waiving fees and reimbursing expenses for each of the Index Series Funds. Finally, the Trustees concluded that the profitability of the adviser and sub-adviser was reasonable with respect to each Index Series Fund.

Next, the Trustees considered the performance of each Index Series Fund and concluded that the performance of the S&P 500 Index Fund and the Small Cap Index Fund was good and that the other Index Series Funds had performed adequately with respect to each of Fund’s peer group.

 
B) NorthPointe sub-advised Funds:

The Trustees then considered whether to approve the Small Cap Growth Fund and Small Cap Value Fund investment advisory and sub-advisory agreements.

In particular, the Trustees considered the costs of the advisory and sub-advisory fees in light of the nature, extent, and quality of the services provided by the Funds’ Adviser and sub-adviser. With respect to the Small Cap Growth Fund, the Trustees concluded that the Fund’s contractual advisory fees were in the mid range in relation to the advisory fees for the Fund’s peers and noted that the Fund’s sub-adviser was voluntarily waiving fees and reimbursing expenses for the Fund. The Trustees also noted that the Fund’s advisory fee with these waivers and reimbursements in place is among the lowest of the Fund’s peers. The Trustees also compared the management fee paid by other, institutional clients of NorthPointe that are managed similarly to the Fund, and noted that these institutional accounts are less costly for NorthPointe to manage as these institutional accounts are subject to less stringent regulatory requirements and, generally, require less active management. The Trustees also noted that the Adviser’s and sub-adviser’s profitability with respect to the Small Cap Growth Fund, as a new Fund, cannot yet be measured.

The Trustees then considered that the performance of NorthPointe Small Cap Growth Fund, as a new Fund, also cannot yet be measured, but noted that the prior performance of the Fund’s portfolio manager with respect to similarly-managed accounts, has been good.

Next, the Trustees considered the advisory and sub-advisory fees of the Small Cap Value Fund, and concluded that the contractual advisory fee of the Fund was relatively high compared to the advisory fees for the Fund’s peers. The Trustees took note, however, that the Fund’s advisory fee still was within the range of the advisory fees for the Fund’s peers. The

 
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Trustees also compared the advisory fees paid by other, institutional clients to NorthPointe, for similarly-managed accounts. Specifically, the Trustees noted that, the institutional accounts are less costly for NorthPointe to manage as these institutional accounts are subject to less stringent regulatory requirements and, generally, require less active management. Furthermore, the Trustees noted that the Adviser is voluntarily waiving fees and reimbursing expenses on the Funds’ institutional class of shares, which is the share class most similar to the institutional investors in the other accounts managed by NorthPointe. Finally, the Trustees concluded that the Adviser’s profitability is modest and noted that the sub-adviser is not realizing any profitability on this Fund.

Next, the Trustees considered the Small Cap Value Fund’s performance and concluded that this Fund’s performance was low compared to the performance of the Fund’s peers over a one-year period, but that the Fund’s performance over the long term has been adequate. The Trustees also considered that the Adviser has taken steps to remediate the short-term underperformance.

 
C) Summary of Index Series Funds and NorthPointe sub-advised Funds:

The Trustees then reviewed and considered potential ancillary benefits that the Adviser and/or the Adviser’s affiliates may derive from the Index Series Funds and the NorthPointe sub-advised Funds, including: (i) fee income for performing other services; (ii) soft dollars; and (iii) affiliated brokerage commissions that the Advisers and/or their affiliates may realize as a result of the Advisers’ and/or their affiliates’ respective relationship with each of the Funds.

Having considered this information as this information pertains to each respective Fund individually, the Trustees determined to continue each Fund’s advisory and sub-advisory agreements for another annual period commencing on February 28, 2005.

 
8.  Shareholder Meeting

A separate shareholders meeting was held on Tuesday, December 23, 2004, for the shareholders of the Trust pursuant to a Proxy Statement On Schedule 14A, dated October 29, 2004, and mailed to the shareholders of the GMF on or around November 5, 2004.

Two Proposals: The purpose of these December 23, 2004 meetings was to allow the shareholders of the Trust to vote on:

  i.  Proposal One: The election of the Trust’s Board of Trustees; and

  ii.  Proposal Two: The approval of an “Agreement and Plan of Reorganization” that provides for the reorganization of the Trust from an Ohio business trust into a Delaware statutory trust.

Proposal One: As set forth in the October 29, 2004 Proxy Statement, the nominees for election as Trustees of the Trust were: Charles E. Allen, Michael J. Baresich, Paula H.J. Cholmondeley, C. Brent DeVore, Phyllis Kay Dryden, Robert M. Duncan, Barbara L. Hennigar, Paul J. Hondros, Barbara I Jacobs, Thomas J. Kerr IV, Douglas F. Kridler, Michael D. McCarthy, Arden L. Shisler, and David C. Wetmore.

Proposal Two: As specifically set forth in the October 29, 2004 Proxy Statement, the Reorganization proposal requested the shareholders of the Trust to approve the proposed “Agreement and Plan of Reorganization” of the existing Trust (on behalf of each of the Trust’s Funds) into a new Delaware-domiciled Trust, whereby the Funds of the new Delaware Trust would acquire all of the assets of the corresponding Funds of the existing Trust subject to the liabilities, expenses, costs, charges, and reserves of the corresponding Funds of the existing Trust (contingent or otherwise), in exchange for shares of the acquiring Funds to be distributed pro rata by the existing Trust to the holders of the shares of the Funds of the existing Trust, in a complete liquidation of the existing Trust.

 
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Notes to Financial Statements (Continued)
April 30, 2005 (Unaudited)
 

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GMF Voting Results:

The shareholders of GMF voted to approve both Proposal One and Proposal Two, as follows:

                   
Proposal One: Election of a Board of Trustees of Gartmore Mutual Funds
 
Charles E. Allen:
               
FOR
    1,484,045,010.745  shares     (96.963%)    
WITHHOLD
    46,475,965.981 shares     (3.037%)    
TOTAL
    1,530,520,976.726  shares     (100.000%)    
 
Michael J. Baresich:
               
FOR
    1,479,546,876.136  shares     (96.669%)    
WITHHOLD
    50,974,100.590 shares     (3.331%)    
TOTAL
    1,530,520,976.726  shares     (100.000%)    
 
Paula H.J. Cholmondeley:
               
FOR
    1,483,986,754.474  shares     (96.960%)    
WITHHOLD
    46,534,222.252 shares     (3.040%)    
TOTAL
    1,530,520,976.726  shares     (100.000%)    
 
C. Brent DeVore:
               
FOR
    1,483,232,555.715  shares     (96.910%)    
WITHHOLD
    47,288,421.011 shares     (3.090%)    
TOTAL
    1,530,520,976.726  shares     (100.000%)    
 
Phyllis Kay Dryden:
               
FOR
    1,483,461,670.269  shares     (96.925%)    
WITHHOLD
    47,059,306.457 shares     (3.075%)    
TOTAL
    1,530,520,976.726  shares     (100.000%)    
 
Robert M. Duncan:
               
FOR
    1,478,518,553.740  shares     (96.602%)    
WITHHOLD
    52,002,422.986 shares     (3.398%)    
TOTAL
    1,530,520,976.726  shares     (100.000%)    
 
Barbara L. Hennigar:
               
FOR
    1,483,932,926.673  shares     (96.956%)    
WITHHOLD
    46,588,050.053 shares     (3.044%)    
TOTAL
    1,530,520,976.726  shares     (100.000%)    
 
Paul J. Hondros:
               
FOR
    1,483,799,576.741  shares     (96.947%)    
WITHHOLD
    46,721,399.985 shares     (3.053%)    
TOTAL
    1,530,520,976.726  shares     (100.000%)    
 
Barbara I. Jacobs:
               
FOR
    1,482,757,593.191  shares     (96.879%)    
WITHHOLD
    47,763,383.535 shares     (3.121%)    
TOTAL
    1,530,520,976.726  shares     (100.000%)    
 
Thomas J. Kerr IV:
               
FOR
    1,477,143,243.388  shares     (96.512%)    
WITHHOLD
    53,377,733.338 shares     (3.488%)    
TOTAL
    1,530,520,976.726  shares     (100.000%)    
 
Douglas F. Kridler:
               
FOR
    1,484,100,191.103  shares     (96.967%)    
WITHHOLD
    46,420,785.623 shares     (3.033%)    
TOTAL
    1,530,520,976.726  shares     (100.000%)    
 
Michael D. McCarthy:
               
FOR
    1,483,352,898.255  shares     (96.918%)    
WITHHOLD
    47,168,078.471 shares     (3.082%)    
TOTAL
    1,530,520,976.726  shares     (100.000%)    
 
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Proposal One: Election of a Board of Trustees of Gartmore Mutual Funds
 
Arden L. Shisler:
               
FOR
    1,483,661,174.441  shares     (96.938%)    
WITHHOLD
    46,859,802.285 shares     (3.062%)    
TOTAL
    1,530,520,976.726  shares     (100.000%)    
 
David C. Wetmore:
               
FOR
    1,484,021,388.615  shares     (96.962%)    
WITHHOLD
    46,499,588.111 shares     (3.038%)    
TOTAL
    1,530,520,976.726  shares     (100.000%)    
                 
Proposal Two: Approval of the Agreement and Plan of Reorganization of Gartmore Mutual Funds:
FOR
    1,338,850,729.743  shares     (87.477%)    
AGAINST
    48,927,279.322 shares     (3.197%)    
ABSTAIN
    86,596,336.653 shares     (5.658%)    
BROKER NON-VOTES
    56,146,631.008 shares     (3.668%)    
TOTAL
    1,530,520,976.726  shares     (100.000%)    
 
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LOGO

  Management Information (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds

April 30, 2005
                 
Position(s) Number of
Held with Portfolios in Other
the Trust the Gartmore Directorships
Name, and Length Fund Complex Held by
Address and of Time Principal Occupation(s) During Overseen by Trustee or
Year of Birth Served1 Past Five Years Trustee Nominee2
Charles E. Allen

c/o Gartmore Global
Investments, Inc.
1200 River Road,
Suite 1000
Conshohocken, PA 19428

1948 		  Trustee since
July 2000 		  Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).   84   None
Paula H.J. Cholmondeley

c/o Gartmore Global
Investments, Inc.
1200 River Road,
Suite 1000
Conshohocken, PA 19428

1947 		  Trustee since
July 2000 		  Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.   84   Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore

c/o Gartmore Global
Investments, Inc.
1200 River Road,
Suite 1000
Conshohocken, PA 19428

1940 		  Trustee since
1990 		  Dr. DeVore is President of Otterbein College.   84   None
Phyllis K. Dryden

c/o Gartmore Global
Investments, Inc.
1200 River Road,
Suite 1000
Conshohocken, PA 19428

1947 		  Trustee since
December 2004 		  Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior, to 2002.   84   None
Barbara L. Hennigar*

c/o Gartmore Global
Investments, Inc.
1200 River Road,
Suite 1000
Conshohocken, PA 19428

1935 		  Trustee since
July 2000 		  Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.   84   None
 
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Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds
April 30, 2005 (Continued)
                 
Position(s) Number of
Held with Portfolios in Other
the Trust the Gartmore Directorships
Name, and Length Fund Complex Held by
Address and of Time Principal Occupation(s) During Overseen by Trustee or
Year of Birth Served1 Past Five Years Trustee Nominee2
Barbara I. Jacobs

c/o Gartmore Global
Investments, Inc.
1200 River Road,
Suite 1000
Conshohocken, PA 19428

1950 		  Trustee since
December 2004 		  Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association–College Retirement Equity Funds).   84   None
Douglas F. Kridler

c/o Gartmore Global
Investments, Inc.
1200 River Road,
Suite 1000
Conshohocken, PA 19428

1955 		  Trustee since
September 1997 		  Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.   84   None
Michael D. McCarthy

c/o Gartmore Global
Investments, Inc.
1200 River Road,
Suite 1000
Conshohocken, PA 19428

1947 		  Trustee since
December 2004 		  Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).   843   None
David C. Wetmore

c/o Gartmore Global
Investments, Inc.
1200 River Road,
Suite 1000
Conshohocken, PA 19428

1948 		  Trustee since
1995
and Chairman since February 2005 		  Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.   84   MKT 10, Inc.
* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.
1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy.
2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
 
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Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds
April 30, 2005 (Continued)
 
3 Messrs. McCarthy and Hondros are also Administrative Committee Members for the Alphagen Arneb Fund, LLC , The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mssrs. McCarthy and Hondros are expected to resign as Administrative Committee Members on or before June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $277,610 from the Trust for the Six Months Ended April 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

 
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Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds

April 30, 2005
                 
Number of
Position(s) Portfolios in
Held with the Gartmore
the Trust Fund Other
Name, and Length Complex Directorships
Address of Time Principal Occupation(s) During Past Overseen by Held by
Year of Birth Served1 Five Years Trustee Trustee2
Paul J. Hondros

Gartmore Global
Investments, Inc.
1200 River Road,
Suite 1000
Conshohocken, PA 19428

1948 		  Trustee since
July 2000 		  Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3 , Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.   844   None
Arden L. Shisler

c/o Gartmore Global
Investments, Inc.
1200 River Road,
Suite 1000
Conshohocken, PA 19428

1941 		  Trustee since February 2000   Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.   84   Director of Nationwide Financial Services, Inc.
Gerald J. Holland

Gartmore Global
Investments, Inc.
1200 River Road,
Suite 1000
Conshohocken, PA 19428

1951 		  Treasurer since
March 2001 		  Mr. Holland is Senior Vice President — Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr. Holland was Vice President for First Data Investor Services, an investment company service provider.   84   None
Michael A. Krulikowski

Gartmore Global
Investments, Inc.
1200 River Road,
Suite 1000
Conshohocken, PA 19428

1959 		  Chief Compliance Officer since June 2004   Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.   84   None
 
2005 Semiannual Report 151

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  Management Information (Unaudited)

 

LOGO

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds
April 30, 2005 (Continued)
                 
Number of
Position(s) Portfolios in
Held with the Gartmore
the Trust Fund Other
Name, and Length Complex Directorships
Address of Time Principal Occupation(s) During Past Overseen by Held by
Year of Birth Served1 Five Years Trustee Trustee2
Eric E. Miller

Gartmore Global
Investments, Inc.
1200 River Road,
Suite 1000
Conshohocken, PA 19428

1953 		  Secretary since
December 2002 		  Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT 3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.   84   None
1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy.
2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3 This position is held with an affiliated person or principal underwriter of the Trust.
4 Messrs. McCarthy and Hondros are also Administrative Committee Members for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Messrs. McCarthy and Hondros are expected to resign as Administrative Committee Members on or before June 30, 2005.

Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 1-800-848-0920, (ii) on the Fund’s website at www.gartmorefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 
152 Semiannual Report 2005

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Index Definitions

Lehman Brothers U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Russell 2000® Index: An unmanaged index that measures the performance of the stocks of small-capitalization U.S. companies; includes the smallest 2,000 U.S. companies in the Russell 3000® Index, which measures the performance of the largest 3,000 U.S. companies, based on market capitalization.

Russell 2000® Growth Index: An unmanaged index that measures the performance of the stocks of U.S. companies in the Russell 2000® Index (the smallest 2,000 U.S. companies, based on market capitalization) with higher price-to-book ratios and higher forecasted growth values.

Standard & Poor’s (S&P) MidCap 400 Index: An unmanaged index that measures the performance of 400 stocks of medium-sized U.S. companies.

Standard & Poor’s 500 (S&P 500) Index: An unmanaged, capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

 

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(GARTMORE LOGO)

Gartmore Funds
1200 River Road, Suite 1000
Conshohocken, PA 19428
www.gartmorefunds.com

Federal law requires the Trust, and each of its investment advisers and subadvisers, to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ Web site at www.gartmorefunds.com, or (iii) on the U.S. Securities and Exchange Commission’s Web site at www.sec.gov.

© 2005 Gartmore Global Investments, Inc.
All rights reserved.

AR-SUB 6/05

 

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Item 2. Code of Ethics.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

Not applicable – The information required by this item is required only in an annual report on the Form N-CSR.

Item 3. Audit Committee Financial Expert.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-
2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not
have an audit committee financial expert.

3(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial expert of the registrant’s board of trustees is Paula Cholmondeley, who, for purposes of this Item 3 of Form N-CSR, is an “independent” trustee of the registrant.

Not applicable – The information required by this item is required only in an annual report on the Form N-CSR.

Item 4. Principal Accountant Fees and Services.

     (a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

     (b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

     (c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

     (d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

     (e)  (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

            (2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

     (f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

     (g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is

 

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subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

     (h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of nonaudit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable – The information required by this item is required only in an annual report on the Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

  (a)   If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
 
  (b)   If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

     Not applicable.

Item 6. Schedule of Investments.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in § 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

     This schedule is included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

     A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

     Not applicable

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the information specified in paragraphs (a) and (b) of this Item with respect to portfolio managers.

     Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

     Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

 

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The Independent Trustees and the Board of Trustees of the registrant adopted a formal, written “Policy Regarding Shareholder Submission of Trustee Candidates,” as well as a formal, written “Statement of Policy On Criteria For Selecting Trustees,” on June 9, 2004, and June 10, 2004, respectively. Neither this policy nor this statement of policy has been materially changed since the Board of Trustees adoption of the policy and the statement of policy, respectively.

Item 11. Controls and Procedures.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is: (i) accumulated and communicated to the investment company’s management, including the investment company’s certifying officers, to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable – The information required by this item is required only in an annual report on the Form N-CSR.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

     Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

     Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by rule 30a-2(b) under the Act as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant incorporates it by reference.

     Certifications pursuant to Rule 30a-2(b) are attached hereto.

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

       
(Registrant)
  GARTMORE MUTUAL FUNDS
 
    
By (Signature and Title)
  /s/ GERALD J. HOLLAND
 
  Name: Gerald J. Holland
 
  Title: Treasurer
 
  Date: July 8, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

       
By (Signature and Title)
  /s/ PAUL J. HONDROS
 
  Name: Paul J. Hondros
 
  Title: President & Chairman of the Board
 
  Date: July 8, 2005
 
    
By (Signature and Title)
  /s/ GERALD J. HOLLAND
 
  Name: Gerald J. Holland
 
  Title: Treasurer
 
  Date: July 8, 2005