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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               002-73024

GARTMORE VARIABLE INSURANCE TRUST

(Exact name of registrant as specified in charter)

1200 RIVER ROAD, SUITE 1000, CONSHOHOCKEN, PENNSYLVANIA 19428
(Address of principal executive offices)                    (Zip code)
Eric E. Miller, Esq.
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: 12/31/2004

Date of reporting period: 06/30/2004

     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.

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).

GARTMORE VARIABLE INSURANCE TRUST

Semi-Annual Report

June 30, 2004 (Unaudited)

GARTMORE VARIABLE INSURANCE TRUST

SEMI-ANNUAL REPORT

June 30, 2004 (Unaudited)

TABLE OF CONTENTS

Statements of Investments:
	Gartmore GVIT Nationwide Fund	2
	Gartmore GVIT Growth Fund	5
	Gartmore GVIT Government Bond Fund	7
	GVIT Small Company Fund	10
	Gartmore GVIT Money Market Fund	23
	Gartmore GVIT Money Market Fund II	27
	J.P. Morgan GVIT Balanced Fund	29
	Gartmore GVIT Mid Cap Growth Fund	38
	Comstock GVIT Value Fund	40
	Federated GVIT High Income Bond Fund	42
	GVIT Equity 500 Index Fund	50
	Van Kampen GVIT Multi Sector Bond Fund	56
	GVIT Small Cap Value Fund	67
	GVIT Small Cap Growth Fund	77
	Gartmore GVIT Worldwide Leaders Fund	80
	Dreyfus GVIT Mid Cap Index Fund	82
	Gartmore GVIT Global Technology and Communications Fund	87
	Gartmore GVIT Global Health Sciences Fund	89
	Gartmore GVIT Nationwide Leaders Fund	90
	Gartmore GVIT Emerging Markets Fund	91
	Gartmore GVIT International Growth Fund	95
	Dreyfus GVIT International Value Fund	98
	Gartmore GVIT Investor Destinations Aggressive Fund	103
	Gartmore GVIT Investor Destinations Moderately Aggressive Fund	104
	Gartmore GVIT Investor Destinations Moderate Fund	105
	Gartmore GVIT Investor Destinations Moderately Conservative Fund	106
	Gartmore GVIT Investor Destinations Conservative Fund	107
	Gartmore GVIT U.S. Growth Leaders Fund	108
	Gartmore GVIT Global Utilities Fund	109
	Gartmore GVIT Global Financial Services Fund	111
	Gartmore GVIT Developing Markets Fund	113
Statements of Assets and Liabilities		117
Statements of Operations		125
Statements of Changes in Net Assets		131
Financial Highlights		144
Notes to Financial Statements		175
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICERS
CERTIFICATIONS PURSUANT TO SECTION 906 OF SARBANES-OXLEY ACT

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Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (97.1%)
Aerospace/ Defense (0.4%)
Northrop Grumman Corp.		129,092	$	6,932,240
Airlines (0.5%)
Southwest Airlines Co.		499,690		8,379,801
Appliances (0.5%)
Whirlpool Corp.		122,817		8,425,246
Auto/ Truck Parts & Equipment (0.1%)
Autoliv, Inc.		45,700		1,928,540
Banks (4.7%)
Bank of America Corp.		339,470		28,725,951
U.S. Bancorp		559,535		15,420,785
Wachovia Corp.		333,722		14,850,629
Zions Bancorp		240,000		14,748,000
				73,745,365
Broadcast Media/ Cable Television (0.9%)
Clear Channel Communications, Inc.		58,258		2,152,633
Comcast Corp., Class A (b)		90,380		2,533,351
Viacom, Inc., Class B		278,065		9,932,482
				14,618,466
Business Services (0.5%)
Automatic Data Processing, Inc.		79,343		3,322,884
Medco Health Solutions, Inc. (b)		62,397		2,339,888
R.R. Donnelley & Sons Co.		74,730		2,467,585
				8,130,357
Capital Goods (4.4%)
General Electric Co.		1,873,515		60,701,886
PACCAR, Inc.		148,761		8,626,650
				69,328,536
Chemicals (1.4%)
Dow Chemical Co.		250,505		10,195,554
Lubrizol Corp.		72,440		2,652,753
Praxair, Inc.		240,106		9,582,630
				22,430,937
Computer Equipment (4.1%)
Dell, Inc. (b)		128,721		4,610,786
Hewlett Packard Co.		683,043		14,412,207
International Business Machines Corp.		381,209		33,603,574
Lexmark International Group, Inc. (b)		118,907		11,478,093
				64,104,660
Computer Networks (2.3%)
Cisco Systems, Inc. (b)		1,108,206		26,264,482
Juniper Networks, Inc. (b)		377,168		9,267,018
				35,531,500
Computer Software & Services (7.5%)
Adobe Systems, Inc.		186,609		8,677,319
Computer Sciences Corp. (b)		42,761		1,985,393
Electronic Arts, Inc. (b)		153,636		8,380,844
EMC Corp. (b)		140,813		1,605,268
Microsoft Corp.		2,007,444		57,332,600
NCR Corp. (b)		38,628		1,915,563
Oracle Corp. (b)		2,386,049		28,465,565
SAP AG ADR-DE		252,510		10,557,443
				118,919,995
Conglomerates (1.1%)
Ingersoll Rand Co.		262,712		17,945,857
Construction & Building Materials (0.8%)
Centex Corp.		274,232		12,546,114
Consumer Products (0.8%)
Estee Lauder Cos., Class A		69,710		3,400,454
Gillette Co.		206,957		8,774,977
				12,175,431
Cruise Lines (0.8%)
Royal Caribbean Cruises Ltd.		297,710		12,923,591
Drugs (3.8%)
Amgen, Inc. (b)		45,490		2,482,389
Elan Corp. PLC ADR-IE (b)		784,343		19,404,646
Eli Lilly & Co.		213,775		14,945,010
Hospira, Inc. (b)		55,000		1,518,000
Merck & Company, Inc.		162,010		7,695,475
Teva Pharmaceutical Industries Ltd. ADR-IL		196,048		13,192,070
				59,237,590
E-Commerce (0.1%)
Ebay, Inc. (b)		16,210		1,490,510
Financial Services (10.2%)
American Express Co.		274,465		14,102,012
Capital One Financial Corp.		118,592		8,109,321
CIT Group, Inc.		467,784		17,911,449
Citigroup, Inc.		968,820		45,050,129
Countrywide Credit Industries, Inc.		140,930		9,900,333
Goldman Sachs Group, Inc.		153,490		14,452,618
J.P. Morgan Chase & Co.		137,430		5,328,161
Lehman Brothers Holding, Inc.		211,652		15,926,813
Merrill Lynch & Co., Inc.		248,449		13,411,277
Wells Fargo & Co.		265,201		15,177,453
				159,369,566
Food & Beverage (3.8%)
Anheuser Busch Cos., Inc.		239,809		12,949,686
Archer-Daniels-Midland Co.		168,670		2,830,283
Campbell Soup Co.		110,244		2,963,359
Coca-Cola Co. (The)		189,178		9,549,705
Constellation Brands, Inc. (b)		62,321		2,313,979
Dean Foods Co. (b)		240,255		8,963,914
Kraft Foods, Inc.		254,730		8,069,846
PepsiCo, Inc.		229,515		12,366,268
				60,007,040
Healthcare (4.0%)
Aetna, Inc.		24,346		2,069,410
Guidant Corp.		166,688		9,314,525
Johnson & Johnson, Inc.		460,305		25,638,989
Unitedhealth Group, Inc.		419,900		26,138,775
				63,161,699

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Hotels/ Motels (1.1%)
Starwood Hotels & Resorts Worldwide		369,887	$	16,589,432
Instruments (0.7%)
St. Jude Medical, Inc. (b)		112,849		8,537,027
Thermo Electron Corp. (b)		73,980		2,274,145
				10,811,172
Insurance (4.6%)
American International Group, Inc.		416,766		29,707,081
Chubb Corp.		50,210		3,423,318
Hartford Financial Services Group, Inc.		116,737		8,024,501
Lincoln National Corp.		66,845		3,158,426
MetLife, Inc.		314,983		11,292,141
Principal Financial Group		79,370		2,760,489
Prudential Financial, Inc.		83,573		3,883,637
RenaissanceRe Holdings Ltd.		182,574		9,849,867
				72,099,460
Leisure Products (1.1%)
Brunswick Corp.		427,505		17,442,204
Manufacturing (1.5%)
Illinois Tool Works, Inc.		55,820		5,352,580
Tyco International Ltd.		556,308		18,436,047
				23,788,627
Medical Products (0.6%)
Bausch & Lomb, Inc.		29,840		1,941,689
Boston Scientific Corp. (b)		188,710		8,076,788
				10,018,477
Metals (1.3%)
Alcoa, Inc.		264,862		8,748,392
Phelps Dodge Corp.		142,104		11,014,481
				19,762,873
Multimedia (1.0%)
News Corp. Ltd. (The) ADR-AU		230,759		7,587,356
Time Warner, Inc. (b)		287,865		5,060,667
Walt Disney Co. (The)		121,002		3,084,341
				15,732,364
Oil & Gas (7.1%)
Apache Corp.		335,070		14,592,299
ChevronTexaco Corp.		406,221		38,229,458
Conocophillips		127,810		9,750,625
EOG Resources, Inc.		64,768		3,867,297
Exxon Mobil Corp.		153,918		6,835,498
Nabors Industries Ltd. (b)		221,680		10,024,370
Schlumberger Ltd.		156,820		9,959,638
Sunoco, Inc.		177,824		11,313,163
Williams Cos., Inc. (The)		617,956		7,353,676
				111,926,024
Paper & Forest Products (2.2%)
Boise Cascade Corp.		63,680		2,396,915
International Paper Co.		733,246		32,776,096
				35,173,011
Pharmaceuticals (3.9%)
Amerisourcebergen Corp.		33,717		2,015,602
Genentech, Inc. (b)		126,601		7,114,976
McKesson Corp.		54,054		1,855,674
Pfizer, Inc.		1,459,466		50,030,495
				61,016,747
Real Estate Investment Trusts (0.2%)
Public Storage, Inc.		74,540		3,429,585
Restaurants (0.6%)
McDonald’s Corp.		360,183		9,364,758
Retail (5.6%)
Albertson’s, Inc.		539,677		14,323,028
Amazon.com, Inc. (b)		62,485		3,399,184
Federated Department Stores, Inc.		53,523		2,627,979
Home Depot, Inc.		265,244		9,336,589
Kroger Co. (b)		174,029		3,167,328
SUPERVALU, Inc.		74,279		2,273,680
Target Corp.		355,491		15,097,703
Wal-Mart Stores, Inc.		413,393		21,810,614
Walgreen Co.		240,236		8,698,946
Williams Sonoma, Inc. (b)		254,900		8,401,504
				89,136,555
Semiconductors (4.2%)
Agere Systems, Inc., Class A (b)		1,173,147		2,698,238
Analog Devices, Inc.		151,770		7,145,332
Applied Materials, Inc. (b)		637,230		12,502,453
Fairchild Semiconductor Corp., Class A (b)		161,920		2,650,630
Intel Corp.		1,073,578		29,630,752
Micron Technology, Inc. (b)		99,780		1,527,632
National Semiconductor Corp. (b)		368,994		8,114,178
Texas Instruments, Inc.		93,970		2,272,195
				66,541,410
Telecommunications (3.7%)
Adtran, Inc.		184,756		6,165,308
AT&T Corp.		658,062		9,627,447
AT&T Wireless Services, Inc. (b)		142,812		2,045,068
Motorola, Inc.		79,113		1,443,812
Nextel Communications, Inc., Class A (b)		224,600		5,987,836
Qwest Communications Intl. (b)		751,230		2,696,916
SBC Communications, Inc.		95,176		2,308,018
Sprint Corp.		493,229		8,680,830
Telephone & Data Systems, Inc.		26,945		1,918,484
Verizon Communications		484,531		17,535,177
				58,408,896
Tobacco (1.2%)
Altria Group, Inc.		384,768		19,257,638
Transportation (1.7%)
Burlington Northern Santa Fe Corp.		96,977		3,400,983
J.B. Hunt Transport Services, Inc.		450,914		17,396,263

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Transportation (continued)
Norfolk Southern Corp.		119,690	$	3,174,179
Ryder System, Inc.		58,477		2,343,173
				26,314,598
Utilities (1.3%)
Ameren Corp.		173,625		7,458,930
Constellation Energy Group		62,721		2,377,126
Edison International		77,520		1,982,186
Exelon Corp.		223,250		7,431,993
P G & E Corp. (b)		66,750		1,864,995
				21,115,230
Waste Disposal (0.8%)
Waste Management, Inc.		430,161		13,184,435
Total Common Stocks				1,532,446,537

Security Description	Principal		Value
Short-Term Securities Held as Collateral for Securities Lending (6.9%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)	$	108,610,385		108,610,385
Total Short-Term Securities Held as Collateral for Securities Lending				108,610,385
COMMERCIAL PAPER (1.8%)
Broker/ Dealers (0.7%)
Goldman Sachs Group, Inc., 1.25%, 07/02/04		10,195,000		10,194,646
Electrical Equipment (0.5%)
Johnson Controls, Inc., 1.43%, 07/01/04		8,381,000		8,381,000
Transportation (0.6%)
Nework Rail, 1.54%, 07/01/04		10,000,000		10,000,000
Total Commercial Paper				28,575,646
MUTUAL FUNDS (0.5%)
Biotechnology (0.5%)
IShares Nasdaq Biotech Index		107,251		8,054,550
Total Mutual Funds				8,054,550
Total Investments (Cost $1,555,420,851) (a) — 106.3%				1,677,687,118
Liabilities in excess of other assets — (6.3)%				(98,811,507	)
NET ASSETS — 100.0%			$	1,578,875,611

(a)  Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	145,908,443
Unrealized depreciation		(23,642,176	)
Net unrealized appreciation (depreciation)	$	122,266,267

Aggregate cost for federal income tax purposes is substantially the same.

(b)  Denotes a non-income producing security.

ADR	American Depositary Receipt
AU	Australia
DE	Germany
IE	Ireland
IL	Israel

See notes to financial statements.

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Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.6%)
Aerospace/ Defense (0.6%)
General Dynamics Corp.		16,120	$	1,600,716
Banks (1.6%)
Northern Trust Corp.		65,150		2,754,542
U.S. Bancorp		58,120		1,601,787
				4,356,329
Business Services (0.7%)
DST Systems, Inc. (b)		17,050		819,935
Viad Corp.		40,580		1,096,065
				1,916,000
Chemicals (1.1%)
Praxair, Inc.		75,920		3,029,967
Computer Equipment (3.0%)
Dell, Inc. (b)		93,430		3,346,663
EMC Corp. (b)		164,860		1,879,404
Lexmark International, Inc., Class A (b)		30,540		2,948,026
				8,174,093
Computer Networks (3.4%)
Cisco Systems, Inc. (b)		382,320		9,060,984
Computer Software & Services (10.6%)
Adobe Systems, Inc.		35,780		1,663,770
Check Point Software Technologies Ltd. (b)		79,980		2,158,660
Hyperion Solutions Corp. (b)		86,240		3,770,413
Mercury Interactive Corp. (b)		47,770		2,380,379
Microsoft Corp.		355,920		10,165,076
Oracle Corp. (b)		177,310		2,115,308
Symantec Corp. (b)		33,280		1,456,998
VeriSign, Inc. (b)		62,540		1,244,546
Yahoo!, Inc. (b)		99,820		3,626,461
				28,581,611
Consumer Products (3.4%)
Colgate-Palmolive Co.		27,800		1,624,910
Fortune Brands, Inc.		28,780		2,170,875
Gillette Co. (The)		92,950		3,941,080
Smithfield Foods, Inc. (b)		45,860		1,348,284
Sotheby’s Holdings, Inc. (b)		32		511
				9,085,660
Drugs (11.0%)
Abbott Laboratories		80,360		3,275,474
Biogen Idec, Inc. (b)		32,440		2,051,830
Elan Corp. PLC ADR — IE (b)		79,020		1,954,955
Eli Lilly & Co.		44,460		3,108,199
Merck & Co., Inc.		71,080		3,376,300
Pfizer, Inc.		464,460		15,921,688
				29,688,446
Electronics (7.1%)
3M Co.		55,020		4,952,350
Altera Corp. (b)		77,100		1,713,162
Intel Corp.		328,890		9,077,365
Mettler-Toledo International, Inc. (b)		32,980		1,620,637
Rockwell Collins, Inc.		54,060		1,801,279
				19,164,793
Financial Services (5.8%)
American Express Co.		51,870		2,665,081
Capital One Financial Corp.		38,690		2,645,622
Countrywide Financial Corp.		19,420		1,364,255
Fiserv, Inc. (b)		46,620		1,813,052
Global Payments, Inc.		35,000		1,575,700
Goldman Sachs Group, Inc. (The)		36,150		3,403,883
Legg Mason, Inc.		25,680		2,337,137
				15,804,730
Food & Beverage (3.7%)
Anheuser-Busch Cos., Inc.		50,120		2,706,480
Coca-Cola Co.		80,600		4,068,688
PepsiCo, Inc.		61,090		3,291,529
				10,066,697
Healthcare (11.1%)
Aetna, Inc.		16,900		1,436,500
Amgen, Inc. (b)		74,980		4,091,659
Anthem, Inc. (b)		19,920		1,784,035
Boston Scientific Corp. (b)		106,880		4,574,465
Caremark Rx, Inc. (b)		42,060		1,385,456
Covance, Inc. (b)		48,840		1,884,247
Fisher Scientific International, Inc. (b)		56,880		3,284,820
ImClone Systems, Inc. (b)		16,980		1,456,714
Invitrogen Corp. (b)		18,520		1,333,255
Johnson & Johnson		74,110		4,127,928
Medtronic, Inc.		65,820		3,206,750
Zimmer Holdings, Inc. (b)		19,590		1,727,838
				30,293,667
Hotels & Casinos (3.1%)
Caesars Entertainment, Inc. (b)		133,800		2,007,000
Marriott International, Inc., Class A		94,720		4,724,634
Station Casinos, Inc.		33,380		1,615,592
				8,347,226
Insurance (3.9%)
AFLAC, Inc.		39,980		1,631,584
American International Group, Inc.		83,070		5,921,230
Hartford Financial Services Group, Inc. (The)		42,360		2,911,826
				10,464,640
Manufacturing (5.2%)
American Standard Cos., Inc. (b)		30,620		1,234,292
Caterpillar, Inc.		22,140		1,758,802
Danaher Corp.		69,480		3,602,538
General Electric Co.		125,500		4,066,200
Tyco International Ltd.		106,180		3,518,805
				14,180,637
Medical Products (0.5%)
Millipore Corp. (b)		22,120		1,246,904

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Multimedia (2.5%)
Time Warner, Inc. (b)		154,680	$	2,719,274
Univision Communications, Inc. (b)		43,820		1,399,173
Walt Disney Co. (The)		106,360		2,711,116
				6,829,563
Oil & Gas (1.5%)
EOG Resources, Inc.		44,240		2,641,570
Schlumberger Ltd.		21,160		1,343,872
				3,985,442
Pipelines (0.0%)
Enbridge Energy Management LLC (b)		62		2,642
Kinder Morgan Management LLC		42		1,544
				4,186
Retail (8.6%)
CVS Corp.		65,240		2,741,385
Dollar General Corp.		93,620		1,831,207
eBay, Inc. (b)		20,780		1,910,721
Home Depot, Inc.		75,930		2,672,736
Lowe’s Cos., Inc.		60,180		3,162,459
Staples, Inc.		45,500		1,333,605
Target Corp.		128,100		5,440,407
Wal-Mart Stores, Inc.		76,500		4,036,140
				23,128,660
Semiconductors (4.7%)
Advanced Micro Devices, Inc. (b)		131,250		2,086,875
Analog Devices, Inc.		63,580		2,993,346
Broadcom Corp., Class A (b)		79,280		3,707,926
Maxim Integrated Products, Inc.		32,100		1,682,682
National Semiconductor Corp. (b)		98,180		2,158,978
				12,629,807
Telecommunications (5.0%)
ADTRAN, Inc.		40,780		1,360,829
Juniper Networks, Inc. (b)		174,630		4,290,658
Nextel Communications, Inc. (b)		75,630		2,016,296
QUALCOMM, Inc.		58,460		4,266,411
Sprint Corp.		85,100		1,497,760
				13,431,954
Transportation Services (1.5%)
C.H. Robinson Worldwide, Inc.		23,960		1,098,326
Ryder System, Inc.		27,150		1,087,901
Southwest Airlines Co.		113,020		1,895,345
				4,081,572
Total Common Stocks				269,154,284

Security Description	Principal		Value
Short-Term Securities Held as Collateral for Securities Lending (3.5%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)		$9,540,183		9,540,183
Total Short-Term Securities Held as Collateral for Securities Lending				9,540,183
Total Investments (Cost $263,304,263) (a) — 103.1%				278,694,467
Liabilities in excess of other assets — (3.1)%				(8,359,174	)
NET ASSETS — 100.0%			$	270,335,293

(a)  Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	17,026,807
Unrealized depreciation		(1,636,603	)
Net unrealized appreciation (depreciation)	$	15,390,204

Aggregate cost for federal income tax purposes is substantially the same.

(b)  Denotes a non-income producing security.

ADR	American Depositary Receipt
IE	Ireland

See notes to financial statements.

6

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GOVERNMENT BOND FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Principal		Value
U.S. TREASURY OBLIGATIONS (21.8%)
U.S. Treasury Bonds (19.6%)
12.75%, 11/15/10	$	45,000,000	$	51,210,360
8.88%, 08/15/17		45,000,000		61,662,285
9.00%, 11/15/18		40,000,000		55,831,240
8.75%, 05/15/20		25,000,000		34,573,250
6.25%, 08/15/23		34,000,000		37,649,696
6.25%, 05/15/30		22,000,000		24,632,256
				265,559,087
U.S. Treasury Inflation Protected Bonds (0.3%)
3.88%, 04/15/29		2,830,000		4,126,900
U.S. Treasury STRIPS (1.9%)
3.20%, 05/15/11		10,000,000		9,466,490
4.35%, 11/15/11		17,000,000		15,755,702
				25,222,192
Total U.S. Treasury Obligations				294,908,179
U.S. GOVERNMENT SPONSORED AND AGENCY OBLIGATIONS (54.2%)
Agency For International Development (5.7%)
AID-Israel, 5.50%, 04/26/24		60,000,000		58,831,980
Fond’s D’Equipment Communication, 7.29%, 05/01/23		8,550,000		9,587,115
Government Backed Trust T-1, 3.17%, 05/15/07		10,000,000		9,013,240
				77,432,335
Federal Farm Credit Bank (1.2%)
5.88%, 10/03/16		15,000,000		15,862,305
Federal Home Loan Bank (5.1%)
5.74%, 02/25/05		4,135,000		4,238,073
7.32%, 04/21/05		8,500,000		8,862,432
5.80%, 08/12/05		6,395,000		6,642,915
5.24%, 12/18/08		16,375,000		17,181,026
5.91%, 04/07/09		6,860,000		7,387,850
5.50%, 08/15/16		23,625,000		24,124,243
				68,436,539
Federal Home Loan Mortgage Corporation (19.6%)
6.80%, 08/22/05		5,000,000		5,253,495
6.79%, 08/26/05		5,000,000		5,254,860
2.25%, 12/15/05		16,120,000		15,961,879
2.60%, 05/10/06		32,960,000		32,763,657
6.75%, 05/30/06		4,400,000		4,712,792
2.15%, 06/02/06		20,000,000		19,645,020
5.38%, 08/16/06		10,000,000		10,042,470
6.70%, 01/09/07		5,000,000		5,412,095
2.85%, 02/23/07		20,000,000		19,745,280
5.50%, 04/01/07		1,875,711		1,922,771
4.26%, 07/19/07		20,000,000		20,384,260
3.35%, 04/01/08		20,000,000		19,691,000
4.75%, 08/13/09		33,360,000		33,459,647
5.50%, 08/15/13		7,891,980		8,073,523
6.00%, 03/15/19		10,000,000		10,383,600
6.00%, 02/15/21		8,613,200		8,982,748
6.50%, 09/15/23		18,000,000		18,878,980
4.50%, 12/15/24		18,605,000		16,836,494
6.00%, 01/15/28		3,500,000		3,640,603
6.50%, 03/15/31		4,305,195		4,489,740
				265,534,914
Federal National Mortgage Association (14.1%)
6.63%, 03/21/06		5,000,000		5,317,075
3.50%, 12/22/06		21,455,000		21,525,501
3.55%, 01/12/07		30,970,000		31,138,880
5.15%, 05/03/07		10,000,000		10,253,430
0.00%, 05/15/07		10,651,000		9,634,852
6.50%, 07/25/08		4,551,751		4,705,262
2.75%, 06/17/09		12,955,000		12,966,336
5.00%, 09/01/09		3,743,924		3,800,034
4.50%, 04/01/10		22,188,263		22,144,587
7.41%, 04/01/10		14,487,967		16,405,539
4.00%, 05/01/10		21,518,422		21,068,733
6.25%, 07/19/11		12,000,000		12,028,344
5.38%, 11/15/11		40,000		41,348
6.68%, 05/01/16		4,360,496		4,732,267
9.25%, 10/25/18		152,858		168,899
6.30%, 10/17/38		14,128,283		14,576,845
				190,507,932
Financial Assistance Corporation (1.5%)
8.80%, 06/10/05		18,825,000		19,979,236
Government-Backed Trust (0.2%)
Government Loan Trust, 4.65%, 04/01/15		6,072,000		3,381,454
Guaranteed Export Trust (0.8%)
7.12%, 04/15/06		10,830,643		11,287,805
Housing and Urban Development (2.3%)
7.08%, 08/01/16		9,000,000		9,928,503
6.51%, 08/01/18		10,000,000		10,760,710
6.62%, 08/01/20		10,000,000		10,815,480
				31,504,693
Sovereign Agency (3.7%)
Overseas Private Investment Corp., 4.05%, 11/15/14		24,152,800		23,771,910
Overseas Private Investment Corp., 4.10%, 11/15/14		26,256,000		25,728,517
				49,500,427
Total U.S. Government Sponsored and Agency Obligations				733,427,640
MORTGAGE-BACKED SECURITIES (20.1%)
Federal Home Loan Mortgage Corporation (7.8%)
Gold Pool #C01184, 6.50%, 06/01/31		23,919		24,969
Gold Pool #C60657, 6.50%, 11/01/31		130,045		135,751
Gold Pool #D94600, 7.50%, 03/01/21		213,624		230,280
Pool #170217, 8.00%, 03/01/17		3,069		3,364
Pool #309774, 8.00%, 11/01/08		34,451		36,237
Pool #C01172, 6.50%, 05/01/31		115,061		120,109

7

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GOVERNMENT BOND FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Federal Home Loan Mortgage Corporation (continued)
Series 107-F, 8.65%, 12/15/04	$	22,295	$	22,329
Series 1136-H, 6.00%, 09/15/21		985,748		985,118
Series 13-PL, 7.00%, 08/25/22		2,174,079		2,179,538
Series 1541-H, 7.00%, 10/15/22		317,958		318,151
Series 1711-PD, 6.75%, 06/15/23		1,470,716		1,491,518
Series 2043-VH, 6.50%, 05/15/14		3,271,000		3,362,605
Series 2063-PL, 6.25%, 04/15/12		93,520		93,477
Series 2149-TG, 6.50%, 09/15/27		1,903,331		1,915,527
Series 2348-JE, 6.50%, 11/15/14		3,616,050		3,664,080
Series 2353-PC, 6.50%, 09/15/15		4,616,003		4,694,313
Series 2458-TE, 6.00%, 08/15/31		15,000,000		15,545,498
Series 2485-PQ, 6.00%, 12/15/26		6,374,788		6,448,026
Series 2496-VK, 6.00%, 02/15/19		15,000,000		15,562,805
Series 2498, 5.50%, 01/15/20		8,000,000		8,045,329
Series 2509, 5.50%, 10/15/17		18,750,000		19,084,367
Series 2517, 5.50%, 10/15/17		15,000,000		15,242,489
Series 2580-VA, 5.50%, 09/15/10		6,151,620		6,364,407
				105,570,287
Federal National Mortgage Association (10.2%)
Pool #250559, 7.50%, 03/01/26		88,444		96,110
Pool #251532, 10.50%, 11/01/17		40,385		43,601
Pool #252228, 7.00%, 12/01/28		42,251		44,893
Pool #252396, 7.00%, 09/01/28		210,189		222,898
Pool #252471, 8.50%, 04/01/28		191,744		210,940
Pool #323286, 7.13%, 09/01/07		8,582,850		9,013,857
Pool #375593, 6.68%, 12/01/07		8,546,635		8,708,669
Pool #380276, 6.36%, 04/01/08		4,787,476		5,121,577
Pool #380348, 6.28%, 05/01/08		13,814,188		14,754,651
Pool #380538, 6.24%, 08/01/08		6,232,012		6,656,778
Pool #381089, 5.70%, 01/01/09		4,674,922		4,930,898
Pool #383661, 6.62%, 06/01/16		11,122,914		12,249,896
Pool #4486, 6.00%, 09/01/17		421,186		439,310
Pool #50544, 8.00%, 03/01/22		55,829		61,197
Pool #535159, 7.00%, 02/01/30		120,823		127,908
Pool #535723, 7.00%, 02/01/31		111,018		117,495
Pool #538673, 8.00%, 06/01/23		59,033		64,637
Pool #555456, 5.50%, 04/01/18		171,598		176,006
Pool #591224, 7.00%, 08/01/31		234,044		247,500
Pool #633937, 6.50%, 03/01/32		218,540		227,716
Pool #649431, 6.50%, 07/01/32		230,863		240,557
Pool #650872, 7.00%, 07/01/32		251,413		265,344
Pool #672366, 5.50%, 12/01/17		2,603,317		2,670,187
Pool #688602, 6.50%, 03/01/33		533,102		555,482
Pool #703444, 5.00%, 05/01/18		156,847		157,405
Pool #73442, 7.08%, 05/01/06		7,294,676		7,651,393
Pool #M80696, 6.00%, 08/01/08		1,138,724		1,167,855
Series 1991-73A, 8.00%, 07/25/21		176,036		190,382
Series 1992-192J, 6.50%, 08/25/07		470,894		475,377
Series 1993-149M, 7.00%, 08/25/23		10,000,000		10,416,271
Series 1993-188PH, 6.25%, 03/25/13		1,345,223		1,372,518
Series 1994-33H, 6.00%, 03/25/09		3,020,822		3,139,319
Series 1994-76H, 5.00%, 02/25/24		6,772,839		6,910,315
Series 1997-26B, 7.00%, 05/18/27		5,000,000		5,314,441
Series 1998-M2C, 6.43%, 02/17/30		2,343,217		2,483,404
Series 2001-41QN, 6.50%, 01/25/15		8,905,437		8,982,474
Series 2001-60VD, 6.00%, 04/25/19		15,160,363		15,517,426
Series 2001-T11B, 5.50%, 09/25/11		6,215,000		6,417,625
				137,444,312
Government National Mortgage Association (1.1%)
Pool #348813, 7.50%, 06/15/23		175,381		189,993
Pool #366564, 7.50%, 09/15/23		123,775		134,088
Pool #387078, 7.00%, 04/15/09		93,876		100,142
Pool #536369, 7.50%, 11/15/30		15,908		17,165
Pool #541200, 7.00%, 07/15/31		110,889		117,871
Pool #551733, 7.00%, 03/15/32		165,189		175,535
Pool #552525, 7.00%, 04/15/32		241,184		256,289
Pool #781525, 6.50%, 11/15/32		1,989,672		2,081,853
Pool #781572, 6.00%, 01/15/33		179,344		184,168
Pool #781613, 7.00%, 02/15/33		374,758		398,406
Series 2002-49VB, 6.50%, 08/20/17		10,000,000		10,430,024
Series 96-22VB, 7.00%, 08/16/13		1,180,060		1,185,432
				15,270,966
Veterans Administration (1.0%)
Vendee Mortgage Trust, Series 1996-2, 6.75%, 06/15/26		12,507,910		13,340,472
Total Mortgage-Backed Securities				271,626,037
Repurchase Agreement (3.8%)
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $20,903,129 (Fully collateralized by AA Rated Corporate Bonds)		20,902,270		20,902,270
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $30,971,994 (Fully collateralized by U.S. Agency Securities)		30,970,723		30,970,723
Total Repurchase Agreement				51,872,993

8

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GOVERNMENT BOND FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
Short-Term Securities Held as Collateral for Securities Lending (4.2%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)	$	57,174,750	$	57,174,750
Total Short-Term Securities Held as Collateral for Securities Lending				57,174,750
Total Investments (Cost $1,414,032,260) (a) — 104.1%				1,409,009,599
Other assets in excess of liabilities — (4.1)%				(55,130,521	)
NET ASSETS — 100.0%			$	1,353,879,078

(a)  Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	18,387,605
Unrealized depreciation		(23,410,266	)
Net unrealized appreciation (depreciation)	$	(5,022,661	)

Aggregate cost for federal income tax purposes is substantially the same.

STRIPS Separate Trading of Registered Interest and Principal Securities

See notes to financial statements.

9

GARTMORE VARIABLE INSURANCE TRUST

GVIT SMALL COMPANY FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (97.1%)
Australia (0.8%)
Building & Construction (0.0%)
United Group Ltd.		93,351	$	331,644
Metals (0.1%)
BlueScope Steel Ltd.		205,418		964,455
OneSteel Ltd.		258,967		449,187
				1,413,642
Oil & Gas (0.1%)
Caltex Australia Ltd.		158,503		1,019,114
Pharmaceuticals (0.1%)
CSL Ltd.		60,285		936,478
Publishing (0.1%)
John Fairfax Holdings Ltd.		202,712		526,710
Real Estate Investment Trust (0.1%)
Lend Lease Corp.		98,872		708,027
Retail (0.1%)
Colorado Group Ltd.		172,115		613,864
Television (0.2%)
Ten Network Holdings Ltd.		667,846		1,395,665
				6,945,144
Austria (0.0%)
Airports Development (0.0%)
Flughafen Wien AG		1,850		106,688
Belgium (0.1%)
Electronics (0.0%)
Barco NV		1,515		136,583
Metals (0.0%)
Umicore		3,724		234,469
Transportation (0.1%)
CMB Compagnie Maritime Belge SA		1,971		239,202
				610,254
China (0.2%)
Internet Content (0.2%)
Netease.com, Inc. ADR (b)		37,300		1,541,236
Denmark (0.2%)
Electrical & Electronic (0.0%)
Bang & Olufsen AS		1,944		106,917
Telephone Communications (0.2%)
GN Store Nord AS		143,889		1,271,843
				1,378,760
Finland (0.2%)
Computer Services (0.1%)
TietoEnator Oyj		34,460		1,046,047
Financial Services (0.0%)
OKO Osuuspankkien Oyj		10,184		109,283
Pharmaceuticals (0.1%)
Orion-Yhtymae Oyj		19,482		500,129
Steel (0.0%)
Rautaruukki Oyj		42,129		339,829
Telecommunication Equipment (0.0%)
Elcoteq Network Corp.		6,051		117,865
				2,113,153
France (0.6%)
Building & Construction (0.2%)
Eiffage SA		15,193		1,250,481
Commercial Services (0.0%)
SR Teleperformance		4,391		103,908
Computer Services (0.0%)
GFI Informatique		13,436		93,177
Groupe Steria		2,909		100,975
				194,152
Electrical Equipment (0.0%)
Nexans SA		3,071		113,958
Food (0.0%)
Elior		15,094		142,322
Food — Retail (0.0%)
Guyenne ET Gascogne SA		877		101,152
Metals (0.1%)
CFF Recycling		49,301		794,762
Publishing (0.3%)
Spir Communication		9,778		1,553,671
Retail (0.0%)
Camaieu		1,164		103,877
Rallye SA		2,195		122,471
				226,348
Software (0.0%)
Cie Generale de Geophysique SA (b)		2,061		125,877
Steel (0.0%)
Vallourec SA		1,151		112,939
				4,719,570
Germany (0.7%)
Banking/ Insurance (0.0%)
IKB Deutsche Industriebank		8,321		195,894
Computer Services (0.0%)
SAP Systems Integration AG (b)		6,868		169,208
Diversified (0.4%)
K&S AG		54,064		1,836,494
Tui AG		40,206		767,991
				2,604,485
Electronic Components/ Instruments (0.0%)
Epcos AG (b)		8,474		176,815
Electronics (0.1%)
Techem AG (b)		18,153		466,011
Machinery & Equipment (0.0%)
IWKA AG		4,775		112,821

10

GARTMORE VARIABLE INSURANCE TRUST

GVIT SMALL COMPANY FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Germany (continued)
Metals (0.0%)
Salzgitter AG		8,617	$	103,161
Retail (0.1%)
Phoenix AG (b)		47,529		904,980
Telecommunications (0.1%)
Telegate AG (b)		62,079		854,226
				5,587,601
Greece (0.2%)
Banking (0.1%)
Piraeus Bank SA		42,331		494,419
Entertainment (0.1%)
Intralot SA		54,399		865,694
				1,360,113
Hong Kong (0.6%)
Building & Construction (0.0%)
New World Development Ltd.		460,000		339,111
Electronics (0.1%)
VTech Holdings Ltd.		398,000		760,302
Financial Services (0.3%)
Guoco Group Ltd.		195,000		1,625,041
Metals (0.0%)
Maanshan Iron & Steel Ltd.		1,024,000		331,496
Telephone Communications (0.2%)
SmarTone Telecommunications Holdings Ltd.		1,479,500		1,621,801
				4,677,751
Ireland (0.1%)
Building & Construction (0.1%)
McInerney Holdings PLC		127,802		808,550
Italy (0.4%)
Building & Construction (0.0%)
Buzzi Unicem SPA		9,367		120,232
Food & Beverage (0.1%)
Cremonini SPA		594,708		1,150,447
Insurance (0.0%)
Milano Assicurazioni  (b)(c)		49,085		194,685
Publishing (0.1%)
Compagnie Industriali Riunite SPA		256,591		540,074
Textile Products (0.2%)
Marzotto (Gaetano) & Figli SPA		140,085		1,772,517
				3,777,955
Japan (4.4%)
Audio/ Video Products (0.1%)
Hitachi Maxell Ltd.		49,400		762,856
Auto & Auto Parts (0.2%)
Keihin Corp.		29,600		382,496
Ngk Spark Plug Co. Ltd.		51,000		489,364
Nissan Diesel Motor Co. Ltd. (b)		196,000		607,139
				1,478,999
Banking/ Insurance (0.2%)
Shinki Co. Ltd.		219,600		1,791,174
Business Services (0.1%)
Secom Techno Service Co. Ltd.		16,000		586,537
Chemicals (0.3%)
Mec Co. Ltd.		49,500		1,134,125
Sumitomo Bakelite Co. Ltd.		125,000		875,223
Sumitomo Rubber Industries Ltd.		61,000		547,303
				2,556,651
Computers (0.1%)
Otsuka Shokai Co. Ltd.		15,200		820,492
Electrical & Electronic (0.5%)
Brother Industries Ltd.		103,000		997,764
Casio Computer Co. Ltd.		107,000		1,619,980
Geomatec Co. Ltd		19,600		758,026
KOA Corp.		103,400		931,514
New Japan Radio Co. Ltd.		50,000		614,031
				4,921,315
Entertainment Software (0.1%)
Konami Corp.		18,600		472,181
Financial Services (0.4%)
The Bank of Fukuoka, Ltd.		295,000		1,749,209
The Joyo Bank Ltd.		165,000		733,401
The Tokyo Tomin Bank Ltd.		20,500		510,081
				2,992,691
Food (0.1%)
Yamazaki Baking Co. Ltd.		91,000		894,029
Foreign Banking (0.1%)
Bank of Kyoto Ltd.		81,000		570,114
Leisure/ Entertainment (0.2%)
Namco Ltd.		60,800		1,705,063
Machinery (0.4%)
Fuji Electric Co. Ltd.		633,000		1,711,360
Sumitomo Heavy Industries Ltd. (b)		539,000		1,689,392
				3,400,752
Medical Instruments (0.3%)
Nihon Kohden Corp.		142,000		1,988,508
Sysmex Corp.		12,800		395,326
				2,383,834
Medical-Drugs (0.1%)
Eiken Chemical Co. Ltd.		124,000		1,159,144
Metals (0.2%)
Osaka Steel Co. Ltd.		136,700		1,775,227

11

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Oil & Gas (0.2%)
Showa Shell Sekiyu		155,800	$	1,400,722
Real Estate (0.3%)
Aeon Mall Co. Ltd.		21,700		1,290,684
Creed Corp.		116		574,073
Goldcrest Co. Ltd.		14,170		975,271
				2,840,028
Retail (0.3%)
Belluna Co. Ltd.		11,600		467,763
Okuwa Co. Ltd.		125,000		1,757,321
Sundrug Co. Ltd.		21,200		1,194,887
				3,419,971
Textile Products (0.0%)
Nitto Boseki Co. Ltd.		152,000		330,147
Transportation (0.2%)
Kawasaki Kisen Kaisha Ltd.		373,000		1,883,545
				38,145,472
Netherlands (0.3%)
Building & Construction (0.0%)
AM NV		11,419		106,976
Commercial Services (0.1%)
Randstad Holding NV		27,996		767,402
Diversified (0.0%)
Aalberts Industries NV		3,576		107,029
Ordina Beheer NV		9,799		103,959
				210,988
Medical-Drugs (0.0%)
OPG Groep NV		2,032		108,828
Printing & Publishing (0.2%)
OCE NV		66,445		1,075,175
Semiconductor Equipment (0.0%)
ASM International NV (b)		6,557		135,459
				2,404,828
New Zealand (0.2%)
Oil & Gas (0.2%)
NGC Holdings Ltd.		854,244		1,546,090
Norway (0.1%)
Computers-Integrated Systems (0.0%)
Visma ASA		9,728		95,434
Finance Services (0.1%)
Aktiv Kapital ASA		41,741		535,952
Oil — Field Services (0.0%)
Kvaerner ASA (b)		11,025		172,974
				804,360
Portugal (0.1%)
Industrial Holding Company (0.1%)
Sonae SA		438,315		479,948
Singapore (0.2%)
Transportation (0.2%)
Neptune Orient Lines		1,312,000		1,797,625
Spain (0.3%)
Advertising (0.1%)
Telefonica Publicidad SA		89,819		595,567
Airlines (0.0%)
Iberia Lineas Aereas de Espana SA		79,777		229,063
Computer Services (0.2%)
Indra Sistemas SA		53,259		679,080
Energy Sources (0.0%)
Gamesa Corp.		22,704		334,512
Financial Services (0.0%)
Inmobiliaria Colonial SA		5,413		138,300
Healthcare (0.0%)
Fabrica Espanola de Productos Quimicos y Farmaceuticos SA		6,834		103,350
Industrial Holding Company (0.0%)
Corporacion Financiara Alba SA		5,273		157,498
Paper & Pulp (0.0%)
Grupo Empresarial Ence SA		13,303		365,783
				2,603,153
Sweden (0.5%)
Building & Construction (0.1%)
Sek Skanska AB		57,692		507,384
Diversified Manufacturing (0.1%)
Alfa Laval AB		34,402		545,741
Finance Services (0.1%)
D. Carnegie & Co. AB		67,878		644,273
Home Furnishing (0.1%)
Nobia AB		133,882		1,577,340
Metal Fabricate/ Hardware (0.0%)
SSAB		10,340		174,325
Paper & Related Products (0.0%)
Billerud AB		12,948		211,418
Real Estate (0.1%)
Kungsleden AB		25,140		690,829
Retail (0.0%)
Lindex AB		3,652		94,537
				4,445,847
Switzerland (0.6%)
Appliances (0.2%)
AFG Arbonia-Forster Holding AG		10,770		1,659,701
Building & Construction (0.3%)
Sika Finanz AG (b)		3,352		1,844,082
Food (0.0%)
Barr Callebaut AG		1,124		264,307
Machinery (0.0%)
Saurer AG (b)		2,425		124,019

12

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Switzerland (continued)
Manufacturing — Capital Goods (0.1%)
Georg Fischer AG (b)		3,638	$	840,946
Medical Products (0.0%)
Straumann Holding AG		2,106		422,915
Retail (0.0%)
Charles Voegele Holding AG		1,468		60,952
				5,216,922
United Kingdom (2.0%)
Auto — Retail (0.2%)
Inchcape PLC		63,359		2,014,224
Building & Construction (0.1%)
Kier Group PLC		67,544		780,268
Persimmon PLC		26,774		306,865
				1,087,133
Building Products (0.1%)
SIG PLC		64,932		483,381
Consumer Cyclicals (0.4%)
Berkeley Group PLC		79,136		1,775,975
Mcbride PLC		473,696		1,262,800
				3,038,775
Diversified Operations (0.1%)
Brambles Industries PLC		245,619		948,766
Engineering (0.1%)
Barratt Developments PLC		103,686		1,108,464
Financial Services (0.3%)
Amlin PLC		271,683		773,534
Bradford & Bingley PLC		299,973		1,515,042
Brit Insurance Holdings PLC		393,460		592,238
Close Brothers Group PLC		39,061		550,404
				3,431,218
Food Diversified (0.1%)
Devro PLC		326,317		637,579
Industrial Holding Company (0.1%)
Balfour Beatty PLC		155,106		746,811
Insurance (0.1%)
Hiscox PLC		182,268		541,264
Jewelry (0.1%)
Signet Group PLC		298,375		619,563
Real Estate (0.0%)
NHP PLC		88,518		313,430
Retail (0.1%)
Kesa Electricals PLC		128,735		675,286
Transportation (0.1%)
Ecel PLC		59,717		830,636
Travel Services (0.1%)
First Choice Holidays PLC		343,985		779,771
				17,256,301
United States (84.3%)
Advertising/ Marketing (1.0%)
Arbitron, Inc. (b)		50,200		1,833,304
Getty Images, Inc. (b)		50,400		3,024,000
Harte-Hanks, Inc.		111,700		2,726,597
Modem Media, Inc. (b)		121,700		640,142
Ventiv Health, Inc. (b)		6,347		98,252
				8,322,295
Aerospace/ Defense (1.2%)
Alliant Techsystems, Inc. (b)		15,350		972,269
DRS Technologies, Inc. (b)		65,000		2,073,500
Ducommun, Inc. (b)		3,927		83,959
Esterline Technologies Corp. (b)		4,525		133,623
Moog, Inc., Class A (b)		2,091		77,597
MTC Technologies, Inc. (b)		34,500		890,790
Teledyne Technologies, Inc. (b)		5,000		100,100
United Defense Industries, Inc. (b)		156,213		5,467,456
				9,799,294
Airlines (0.0%)
Mesa Air Group (b)		5,632		45,563
Applications Software (0.2%)
Salesforce.com, Inc. (b)		56,600		909,562
SS&C Technologies, Inc.		36,800		688,160
				1,597,722
Auction House (0.4%)
Ritchie Brothers Auctioneers, Inc.		131,400		3,825,054
Auto & Auto Parts (1.9%)
American Axle & Manufacturing Holdings, Inc.		19,625		713,565
Clarcor, Inc.		58,600		2,683,880
Dana Corp.		49,200		964,320
Gentex Corp.		90,600		3,595,008
LKQ Corp. (b)		66,228		1,227,205
O’Reilly Automotive, Inc. (b)		66,690		3,014,388
Polaris Industries, Inc.		378		18,144
Tenneco Automotive, Inc. (b)		62,956		832,908
Terex Corp. (b)		44,600		1,522,198
United Auto Group, Inc.		39,600		1,213,740
				15,785,356
Banking (2.3%)
Americanwest Bancorporation (b)		6,400		122,560
BankAtlantic Bancorp, Inc., Class A		123,830		2,284,663
Banner Corp.		7,600		220,856
BOK Financial Corp. (b)		462		18,143
Boston Private Financial Holdings, Inc.		60,000		1,389,600
Capital Crossing Bank (b)		8,044		449,097
Cathay Bancorp, Inc.		30,000		2,001,000
City Holding Co.		5,915		186,796
Columbia Banking System, Inc.		4,907		108,935
Corus Bankshares, Inc.		8,591		353,176
Dime Community Bancshares		131,850		2,304,737
First Citizens BancShares, Inc., Class A		1,297		158,234

13

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
United States (continued)
Banking (continued)
First Republic Bancorp, Inc.		1,889	$	81,378
Firstbank Corp.		965		39,324
Flagstar Bancorp, Inc.		55,767		1,108,648
Franklin Bank Corp. (b)		50,600		800,492
Fremont General Corp.		12,892		227,544
Hanmi Financial Corp.		6,417		189,302
Hudson River Bancorp, Inc.		12,400		211,668
Independence Community Bank Corp.		41,549		1,512,384
Irwin Financial Corp.		15,394		406,402
MBT Financial Corp.		9,000		163,980
Mercantile Bank Corp.		5,985		218,153
Nara Bankcorp, Inc.		19,000		325,470
New Century Financial Corp.		26,863		1,257,726
Oriental Financial Group, Inc.		6,391		173,004
Pacific Capital Bancorp		12,171		342,370
Santander Bancorp		1,478		36,536
Sky Financial Group, Inc.		35,000		865,550
Southwest Bancorp, Inc.		19,000		346,750
Sterling Financial Corp. (b)		698		22,245
Texas Capital Bancshares, Inc. (b)		103,500		1,718,100
W Holding Co. Inc.		1,023		17,565
Wilshire State Bank (b)		820		20,106
				19,682,494
Beverages/ Alcoholic (0.2%)
The Robert Mondavi Corp., Class A (b)		48,200		1,784,364
Broadcasting (0.2%)
4Kids Entertainment, Inc. (b)		8,600		205,712
Hearst — Argyle Television, Inc.		659		16,989
Radio One, Inc. (b)		106,500		1,705,065
				1,927,766
Building & Construction (1.4%)
Brookfield Homes Corp.		48,000		1,257,120
Chicago Bridge & Iron Co.		30,400		846,640
Hughes Supply, Inc.		8,180		482,047
KB Home		15,649		1,073,991
Levitt Corp., Class A (b)		21,357		550,156
Louisiana-Pacific Corp.		43,590		1,030,904
NCI Building Systems, Inc. (b)		8,404		273,550
NVR, Inc. (b)		3,691		1,787,182
Simpson Manufacturing Co. Inc.		31,000		1,739,720
Standard-Pacific Corp.		13,100		645,830
USG Corp. (b)		62,955		1,106,749
Washington Group International, Inc. (b)		19,700		707,033
				11,500,922
Business Services (0.4%)
Administaff, Inc. (b)		16,531		274,415
Firstmerit Corp.		30,000		791,100
Manpower, Inc.		11,000		558,470
NCO Group, Inc. (b)		67,200		1,793,567
Resource America, Inc., Class A		743		17,535
US Oncology, Inc. (b)		14,786		217,650
				3,652,737
Chemicals (1.3%)
A. Schulman, Inc.		90,000		1,934,100
FMC Corp. (b)		9,104		392,473
Georgia Gulf Corp.		68,678		2,462,793
IMC Global, Inc.		107,400		1,439,160
Macdermid, Inc.		3,510		118,814
Methanex Corp.		9,873		130,531
Millennium Chemicals, Inc. (b)		47,900		829,628
Minerals Technologies, Inc.		14,000		812,000
Newmarket Corp. (b)		25,134		539,627
Octel Corp. (b)		27,370		720,652
OM Group, Inc. (b)		10,433		344,393
Valspar Corp.		18,100		912,964
				10,637,135
Coal (0.2%)
Alliance Resource Partners		10,595		494,151
Consol Energy, Inc.		25,300		910,800
				1,404,951
Commercial Services (0.2%)
Coinstar, Inc. (b)		11,172		245,449
Plexus Corp. (b)		93,500		1,262,250
				1,507,699
Communications & Media (0.5%)
Emmis Communications Corp., Class A (b)		62,500		1,311,250
R.H. Donnelley Corp. (b)		74,421		3,255,175
				4,566,425
Computer Service (1.6%)
Anteon International Corp. (b)		69,800		2,276,876
Carreker, Inc. (b)		11,856		118,797
Cerner Corp. (b)		73,900		3,294,462
Compuware Corp. (b)		236,000		1,557,600
Digitalnet Holdings, Inc. (b)		6,769		137,614
Earthlink, Inc. (b)		73,897		764,834
Manhattan Associates, Inc. (b)		24,900		768,912
MICROS Systems, Inc. (b)		42,235		2,026,013
MTS Systems		24,107		565,309
RSA Security, Inc. (b)		73,700		1,508,639
SI International, Inc. (b)		10,150		206,959
Tyler Technologies, Inc. (b)		9,227		87,287
				13,313,302
Computer Software (2.1%)
Activision, Inc. (b)		32,300		513,570
Advent Software, Inc. (b)		35,200		636,064
Ansys, Inc. (b)		962		45,214
Aspen Technologies, Inc. (b)		175,000		1,270,500
Autodesk, Inc.		25,270		1,081,809
Avid Technology, Inc. (b)		76,500		4,174,605
Docucorp International, Inc. (b)		5,769		50,536

14

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
United States (continued)
Computer Software (continued)
EPIQ Systems, Inc. (b)		65,820	$	954,390
FileNET Corp. (b)		24,000		757,680
Hyperion Solutions Corp. (b)		17,200		751,984
Inter-Tel, Inc.		5,658		141,280
MicroStrategy, Inc. (b)		32,747		1,398,297
Netiq Corp. (b)		94,000		1,240,800
OPNET Technologies, Inc. (b)		33,900		444,090
Parametric Technology Corp. (b)		144,200		721,000
Pinnacle Systems, Inc. (b)		57,600		411,840
Sybase, Inc. (b)		33,836		609,048
Synaptics, Inc. (b)		60,000		1,149,000
Transaction Systems Architects, Inc. (b)		22,971		494,566
Verint Systems, Inc. (b)		22,500		769,950
				17,616,223
Computer Systems (0.2%)
Agilysys, Inc.		1,629		22,464
Brocade Communications Systems, Inc. (b)		202,300		1,209,754
RadiSys Corp. (b)		11,100		206,127
				1,438,345
Consulting Services (0.8%)
Maximus, Inc. (b)		75,002		2,659,571
MemberWorks, Inc. (b)		70,500		2,088,210
Navigant Consulting, Inc. (b)		33,400		716,096
PDI, Inc. (b)		13,718		416,067
Sourcecorp, Inc. (b)		15,448		425,129
The Advisory Board Co. (b)		19,800		704,880
				7,009,953
Consumer Goods & Services (1.4%)
Aaron Rents, Inc.		2,685		88,981
AptarGroup, Inc.		83,900		3,665,590
Blyth, Inc.		5,881		202,836
Church & Dwight Co. Inc.		75,400		3,451,812
Energizer Holdings, Inc. (b)		20,618		927,810
Kellwood Co.		13,750		598,813
Matthews International Corp., Class A		66,700		2,197,098
Wolverine World Wide, Inc.		21,732		570,465
				11,703,405
Consumer Products (0.2%)
Central Garden & Pet Co. (b)		19,000		679,629
Rayovac Corp. (b)		22,656		636,634
Yankee Candle Co. Inc. (b)		11,203		327,688
				1,643,951
Containers (0.4%)
Anchor Glass Container Corp.		30,200		408,606
Chesapeake Corp.		9,600		256,128
Crown Holdings, Inc. (b)		221,977		2,213,110
Silgan Holdings, Inc.		15,863		639,438
				3,517,282
Cosmetics (0.9%)
Alberto-Culver Co. Class B		95,500		4,788,370
Chattem, Inc. (b)		28,469		821,900
Del Laboratories, Inc. (b)		15,800		490,116
Elizabeth Arden, Inc. (b)		56,600		1,190,864
				7,291,250
Data Processing & Reproduction (0.4%)
Acxiom Corp.		41,849		1,039,110
Fair, Issac and Co. Inc.		45,575		1,521,293
infoUSA, Inc. (b)		10,425		105,710
Komag, Inc. (b)		53,376		745,663
				3,411,776
Defense (0.6%)
Engineered Support Systems, Inc.		52,025		3,043,983
Mantech International Corp., Class A (b)		96,900		1,818,813
				4,862,796
Diagnostic Equipment (0.2%)
Biosite Diagnostics, Inc. (b)		22,349		1,003,917
Diagnostic Products Corp.		13,200		580,008
				1,583,925
Diversified Manufacturing Operations (0.5%)
Carlisle Companies, Inc.		25,500		1,587,375
Jacuzzi Brands, Inc. (b)		114,100		920,787
Pentair, Inc.		27,400		921,736
Teleflex, Inc.		23,400		1,173,510
				4,603,408
Education (0.5%)
ITT Educational Services, Inc. (b)		87,300		3,319,146
Skillsoft PLC (b)		105,000		798,000
				4,117,146
Electric Integrated (0.6%)
Black Hills Corp.		32,550		1,025,325
Centerpoint Energy, Inc.		92,712		1,066,188
Duquesne Light Holdings, Inc.		71,300		1,376,803
El Paso Electric Co. (b)		7,392		114,132
Great Plains Energy, Inc.		14,264		423,641
OGE Energy Corp.		51,500		1,311,705
				5,317,794
Electrical Equipment (0.1%)
Ametek, Inc.		608		18,787
Kulicke & Soffa Industries, Inc. (b)		101,642		1,113,997
				1,132,784
Electronic Components (0.3%)
Amphenol Corp., Class A (b)		21,400		713,048
Arrow Electronics, Inc. (b)		39,073		1,047,938
Richardson Electronics Ltd.		13,600		150,688
Stoneridge, Inc. (b)		21,696		368,832
				2,280,506

15

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
United States (continued)
Electronic Components/ Instruments (0.2%)
Cyberoptics Corp. (b)		1,986	$	51,596
FLIR Systems, Inc. (b)		25,700		1,410,930
Microsemi Corp. (b)		37,400		531,454
				1,993,980
Electronics (1.5%)
Actel Corp. (b)		79,800		1,476,300
Brady Corp., Class A		34,600		1,595,060
Cree Research, Inc. (b)		203,700		4,742,136
Hubbell, Inc.		12,800		597,888
Integrated Silicon Solution, Inc. (b)		95,000		1,159,950
Littlefuse, Inc. (b)		17,627		747,561
Power Integrations, Inc. (b)		28,200		702,180
Varian Semicondutor Equipment Associates, Inc. (b)		42,000		1,619,520
WESCO International, Inc. (b)		16,440		302,496
				12,943,091
Energy Sources (0.1%)
Maverick Tube Corp. (b)		33,741		886,039
Engineering Services (0.1%)
Jacobs Engineering Group, Inc. (b)		22,900		901,802
Entertainment (0.1%)
Ameristar Casinos		519		17,428
Hollywood Entertainment Corp. (b)		14,104		188,429
Multimedia Games, Inc. (b)		25,600		686,592
				892,449
Entertainment Software (0.4%)
Take-Two Interactive Software, Inc. (b)		70,940		2,173,602
THQ, Inc. (b)		55,800		1,277,820
				3,451,422
Environmental Services (0.6%)
Stericycle, Inc. (b)		94,550		4,892,017
Financial (5.4%)
Affiliated Managers Group, Inc. (b)		57,700		2,906,349
Alabama National Bankcorp		14,800		820,956
American Capital Strategies Ltd.		61,100		1,712,022
BankUnited Financial Corp. (b)		44,600		1,150,680
Central Pacific Financial Corp.		88,100		2,422,750
City National Corp.		28,197		1,852,543
Commercial Capital Bancorp, Inc. (b)		73,800		1,281,906
Cullen/ Frost Bankers, Inc.		57,373		2,567,442
Doral Financial Corp.		10,626		366,597
East-West Bancorp, Inc.		127,408		3,911,426
Financial Federal Corp. (b)		92,700		3,268,602
First Midwest Bancorp, Inc.		54,000		1,901,340
First State Bancorp		39,600		1,216,512
Greenhill & Co. Inc. (b)		66,200		1,384,242
Hudson United Bancorp		2,846		106,099
Mid-State Bancshares		31,300		735,863
Prosperity Bancshares, Inc.		40,600		988,610
Provident Financial Holdings, Inc.		14,357		339,543
Provident Financial Services, Inc.		400		7,020
Southwest Bancorp of Texas, Inc.		83,200		3,670,784
Texas Regional Bancshares, Inc., Class A		104,670		4,805,400
The Chicago Mercantile Exchange		26,697		3,854,246
UCBH Holdings, Inc.		31,200		1,233,024
Webster Financial Corp.		27,800		1,307,156
Westamerica Bankcorp.		54,900		2,879,505
				46,690,617
Financial Services (1.4%)
Ace Cash Express, Inc. (b)		29,990		770,443
Bank of Hawaii Corp.		22,575		1,020,842
Corporate Executive Board Co.		70,300		4,062,637
Factset Research Systems, Inc.		61,700		2,916,559
Interactive Data Corp. (b)		39,900		695,058
Jackson Hewitt Tax Service, Inc. (b)		25,100		439,250
R & G Financial Corp., Class B		24,130		797,738
SWS Group, Inc.		2,968		45,410
Triad Guaranty, Inc. (b)		16,401		954,538
WSFS Financial Corp.		3,571		173,801
				11,876,276
Food & Beverage (0.8%)
American Italian Pasta Co.		80,100		2,441,448
Chiquita Brands International, Inc. (b)		27,620		577,810
Corn Products International, Inc.		896		41,709
Dean Foods Co. (b)		32,100		1,197,651
Del Monte Foods Co. (b)		70,000		711,200
Krispy Kreme Doughnuts, Inc. (b)		50,700		967,863
M & F Worldwide Corp. (b)		17,954		245,970
Pilgrim’s Pride Corp.		16,171		467,989
				6,651,640
Food — Retail (0.2%)
Pantry, Inc. (b)		20,488		446,638
Ralcorp Holding, Inc. (b)		35,000		1,232,000
				1,678,638
Food Distributors, Supermarkets & Wholesalers (0.5%)
Nasch-Finch Co.		21,995		550,535
Sanderson Farms, Inc.		11,491		616,147
SUPERVALU, Inc.		28,600		875,446
United Natural Foods, Inc. (b)		65,000		1,879,150
				3,921,278
Gaming/ Hotels (0.7%)
Global Payment, Inc.		32,000		1,440,640
Kerzner International Ltd. (b)		38,500		1,831,060
Penn National Gaming, Inc. (b)		7,155		237,546
Shuffle Master, Inc. (b)		67,900		2,465,449
				5,974,695
Gold Mining (0.1%)
Stillwater Mining Co. (b)		66,800		1,002,668

16

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
United States (continued)
Healthcare (5.6%)
American Healthways, Inc. (b)		163,000	$	4,339,060
Apria Healthcare Group, Inc. (b)		92,000		2,640,400
Beverly Enterprises, Inc. (b)		178,500		1,535,100
Charles River Laboratories International, Inc. (b)		91,942		4,493,206
Coventry Health Care, Inc. (b)		3,494		170,857
Datascope Corp.		12,000		476,280
Eclipsys Corp. (b)		55,100		840,826
Haemonetics Corp. (b)		30,260		897,209
Henry Schein, Inc. (b)		14,200		896,588
IDEXX Laboratories, Inc. (b)		82,739		5,207,593
K-V Pharmaceutical Co. (b)		255,550		5,900,649
LifePoint Hospitals, Inc. (b)		48,000		1,786,560
Mentor Corp.		101,900		3,494,151
Odyssey Healthcare, Inc. (b)		234,650		4,416,113
Patterson Dental Co. (b)		9,700		741,953
Psychiatric Solutions, Inc. (b)		70,000		1,745,100
Renal Care Group, Inc. (b)		24,700		818,311
Respironics, Inc. (b)		43,250		2,540,938
Techne Corp. (b)		27,422		1,191,486
VISX, Inc. (b)		151,300		4,042,736
				48,175,116
Healthcare Services (1.7%)
Amsurg Corp. (b)		200,516		5,038,967
Chemed Corp.		27,800		1,348,300
Dendrite International, Inc. (b)		225,200		4,184,216
Omnicare, Inc.		64,900		2,778,369
PacifiCare Health Systems, Inc. (b)		14,707		568,573
Prime Medical Services, Inc. (b)		6,531		51,856
Res-Care, Inc. (b)		1,356		17,221
Vistacare, Inc., Class A (b)		24,400		452,620
				14,440,122
Home Furnishings (0.5%)
American Woodmark Corp.		4,200		251,370
Culp, Inc. (b)		6,630		51,581
Furniture Brands International, Inc.		704		17,635
Genlyte Group, Inc. (b)		7,508		472,103
SCP Pool Corp.		64,200		2,889,001
Stanley Furniture Co. Inc.		7,412		312,119
Toro Co.		4,260		298,498
				4,292,307
Hospital Management & Services (0.2%)
Sierra Health Services, Inc. (b)		28,687		1,282,309
Hospitals (0.2%)
Triad Hospitals, Inc. (b)		44,700		1,664,181
Hotels & Motels (0.2%)
Choice Hotels International, Inc.		352		17,656
Orient Express Hotels Ltd.		80,000		1,355,200
Prime Hospitality Corp. (b)		19,300		204,966
				1,577,822
Human Resources (0.0%)
Labor Ready, Inc. (b)		2,848		44,144
Industrial/ Miscellaneous (0.8%)
Actuant Corp. (b)		32,800		1,278,872
Agnico-Eagle Mines Ltd.		196,500		2,595,765
CUNO, Inc. (b)		35,900		1,915,265
Gerber Scientific, Inc. (b)		50,443		356,128
Harsco Corp.		9,784		459,848
				6,605,878
Instruments-Controls (0.2%)
PerkinElmer, Inc.		70,500		1,412,820
Instruments-Scientific (0.2%)
Fisher Scientific International, Inc. (b)		23,300		1,345,575
Insurance (2.2%)
American Financial Group, Inc.		677		20,696
Arch Capital Group Ltd. (b)		40,500		1,615,140
Aspen Insurance Holdings Ltd.		103,900		2,413,596
Assurant, Inc.		33,620		886,896
Brown & Brown, Inc.		26,200		1,129,220
Delphi Financial Group, Inc.		7,778		346,121
First American Financial Corp.		20,544		531,884
FPIC Insurance Group, Inc. (b)		1,697		41,899
HCC Insurance Holdings, Inc.		56,300		1,880,982
Hilb, Rogal & Hamilton Co.		40,300		1,437,904
Markel Corp. (b)		3,500		971,250
Max Re Capital Ltd.		50,000		974,000
Montpelier Re Holdings Ltd.		17,900		625,605
Odyssey Re Holdings Corp.		6,051		145,224
Proassurance Corp. (b)		36,000		1,227,960
Reinsurance Group of America, Inc.		18,100		735,765
StanCorp Financial Group, Inc.		2,645		177,215
UICI (b)		42,634		1,015,116
United Fire & Casualty Co.		1,574		90,899
W. R. Berkley Corp.		24,775		1,064,086
Zenith National Insurance Corp.		25,651		1,246,639
				18,578,097
Internet (0.6%)
Checkfree Corp. (b)		124,785		3,743,550
Sohu.com, Inc. (b)		74,300		1,477,084
				5,220,634
Internet Applications Software (0.5%)
Akamai Technologies, Inc. (b)		84,500		1,516,775
Avocent Corp. (b)		20,300		745,822
Kintera, Inc. (b)		17,742		185,049
Packeteer, Inc. (b)		90,000		1,453,500
				3,901,146

17

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
United States (continued)
Internet Content (0.9%)
Ask Jeeves, Inc. (b)		27,500	$	1,073,325
Autobytel, Inc. (b)		74,800		679,184
CNET Networks, Inc. (b)		89,600		991,872
Infospace, Inc. (b)		45,000		1,711,800
SINA Corp. (b)		39,800		1,313,002
Valueclick, Inc. (b)		44,100		528,318
Websense, Inc. (b)		47,000		1,749,810
				8,047,311
Internet Services (0.4%)
Macromedia, Inc. (b)		46,000		1,129,300
Neoforma Inc. (b)		69,800		847,372
Riverstone Networks, Inc. (b)		1		1
United Online, Inc. (b)		81,974		1,443,562
				3,420,235
Leisure (0.4%)
AMC Entertainment, Inc. (b)		20,400		313,548
Brunswick Corp.		25,385		1,035,708
Carmike Cinemas, Inc. (b)		8,443		333,076
K2, Inc. (b)		63,700		1,000,090
Regal Entertainment Group, Class A		23,500		425,350
Steinway Musical Instruments, Inc. (b)		6,844		240,156
				3,347,928
Machinery (1.1%)
AGCO Corp. (b)		55,400		1,128,498
Briggs & Stratton Corp.		12,636		1,116,391
Cascade Corp.		6,800		212,500
Global Power Equipment Group, Inc. (b)		14,700		117,894
JLG Industries, Inc.		130,000		1,805,700
Joy Global, Inc.		70,500		2,110,770
Lufkin Industries, Inc.		4,600		147,108
Middleby Corp.		2,493		136,168
Wabtec Corp.		144,800		2,612,191
				9,387,220
Machinery & Capital Goods (1.2%)
Cognex Corp.		34,400		1,323,712
Cummins Engine, Inc.		16,268		1,016,750
Dionex Corp. (b)		52,800		2,912,976
Gardner Denver, Inc. (b)		888		24,775
Kennametal, Inc.		21,400		980,120
Roper Industries, Inc.		29,100		1,655,790
Zebra Technologies Corp. (b)		29,165		2,537,355
				10,451,478
Manufactured Housing (0.1%)
Fleetwood Enterprises, Inc. (b)		44,590		648,785
Medical — Information Systems (0.3%)
NDC Health Corp.		57,500		1,334,000
Per-Se Technologies, Inc. (b)		93,600		1,360,944
				2,694,944
Medical Equipment & Supplies (1.0%)
Advanced Medical Optics, Inc. (b)		18,600		791,802
Advanced Neuromodulation Systems, Inc. (b)		30,000		984,000
American Medical Systems Holdings, Inc. (b)		46,900		1,580,529
Angelica Corp.		8,300		208,413
Ocular Sciences, Inc. (b)		549		20,862
ResMed, Inc. (b)		30,500		1,554,280
Sola International, Inc. (b)		3,703		63,803
STERIS Corp. (b)		67,700		1,527,312
Sybron Dental Specialties, Inc. (b)		51,509		1,537,544
Unifirst Corp.		2,446		71,154
				8,339,699
Medical Instruments (0.3%)
Apogent Technologies, Inc. (b)		30,337		970,784
Conmed Corp. (b)		22,000		602,800
DJ Orthopedics, Inc. (b)		7,350		169,050
Young Innovations, Inc.		34,200		868,680
				2,611,314
Medical Products (2.3%)
Affymetrix, Inc. (b)		335		10,965
Animas Corp. (b)		34,200		637,830
Bausch & Lomb, Inc.		1,634		106,324
Bio-Rad Laboratories, Inc., Class A (b)		19,000		1,118,340
CNS, Inc.		10,509		105,416
Dade Behring Holdings, Inc. (b)		87,915		4,177,720
Dyax Corp. (b)		47,300		555,775
Epix Medical, Inc. (b)		57,300		1,209,030
Gen-Probe, Inc. (b)		30,900		1,462,188
ICU Medical, Inc. (b)		64,100		2,149,273
Inamed Corp. (b)		42,700		2,683,694
Luminex Corp. (b)		13,500		135,810
Martek Biosciences Corp. (b)		11,000		617,870
Meridian Bioscience, Inc.		4,331		47,983
MGI Pharma, Inc. (b)		13,400		361,934
Millipore Corp. (b)		3,080		173,620
Nabi Biopharmaceuticals (b)		87,500		1,244,250
Owens & Minor, Inc.		23,043		596,814
Telik, Inc. (b)		68,950		1,645,837
The Medicines Co. (b)		16,400		500,364
USANA Health Sciences, Inc. (b)		5,853		181,911
Vital Signs, Inc.		1,819		52,824
				19,775,772
Medical Providers (0.3%)
Humana, Inc. (b)		61,958		1,047,090
Mariner Health Care, Inc. (b)		21,100		567,590
Select Medical Corp.		10,248		137,528
WellChoice, Inc. (b)		24,200		1,001,880
				2,754,088
Metals (0.6%)
Allegheny Technologies, Inc.		116,000		2,093,800
Coeur d’Alene Mines Corp. (b)		273,400		1,115,472

18

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
United States (continued)
Metals (continued)
Glamis Gold Ltd. (b)		57,200	$	1,002,716
RTI International Metals, Inc. (b)		14,100		224,895
Timken Co.		36,600		969,534
				5,406,417
Multi-Media (0.2%)
Cumulus Media, Inc. (b)		64,065		1,076,933
Journal Communications, Inc., Class A		12,700		239,141
				1,316,074
Networking Products (0.1%)
Anixter International, Inc.		9,379		319,167
Belden, Inc.		5,884		126,094
Hypercom Corp. (b)		80,400		679,380
				1,124,641
Office Equipment & Supplies (0.5%)
Global Imaging Systems, Inc. (b)		39,446		1,446,090
IKON Office Solutions, Inc.		1,951		22,378
Imagistics International, Inc. (b)		27,800		984,120
United Stationers, Inc. (b)		40,700		1,616,604
				4,069,192
Oil & Gas (4.5%)
Cabot Oil & Gas Corp., Class A		55,471		2,346,423
Cal Dive International, Inc. (b)		51,405		1,558,600
Cascade Natural Gas Corp.		6,600		145,662
Cimarex Energy Co. (b)		65,848		1,990,585
Encore Acquisition Co. (b)		81,300		2,268,270
Energen Corp.		13,333		639,851
FMC Technologies, Inc. (b)		66,500		1,915,200
Giant Industries, Inc. (b)		7,961		175,142
Key Energy Services, Inc. (b)		101,500		958,160
National-Oilwell, Inc. (b)		65,052		2,048,487
Newfield Exploration Co. (b)		114,800		6,398,952
Oceaneering International, Inc. (b)		54,700		1,873,475
Offshore Logistics, Inc. (b)		49,200		1,383,504
Questar Corp.		37,500		1,449,000
St. Mary Land & Exploration Co.		58,500		2,085,525
Swift Energy Co. (b)		41,200		908,872
UGI Corp.		29,461		945,698
Ultra Petroleum Corp. (b)		109,500		4,087,635
Unit Corp. (b)		54,600		1,717,170
Universal Compression Hldgs, Inc. (b)		71,303		2,187,576
W-H Energy Services, Inc. (b)		103,500		2,028,600
				39,112,387
Oil & Gas Exploration Services (1.8%)
Callon Petroleum Co. (b)		8,116		115,734
Carrizo Oil & Gas, Inc. (b)		188,500		1,924,585
Clayton Williams Energy, Inc. (b)		5,946		142,109
Delta Petroleum Corp. (b)		42,800		575,660
Denbury Resources, Inc. (b)		41,500		869,425
Evergreen Resources, Inc. (b)		65,400		2,642,160
KCS Energy, Inc. (b)		60,500		805,860
Patina Oil & Gas Corp.		24,200		722,854
Pogo Producing Co.		15,239		752,807
Quicksilver Resources, Inc. (b)		32,300		2,166,361
RPC, Inc.		1,263		19,968
Seacor Holdings, Inc. (b)		2,989		131,307
Southwestern Energy Co. (b)		24,700		708,149
Tesoro Petroleum Corp. (b)		31,105		858,498
Veritas DGC, Inc. (b)		59,080		1,367,702
Western Gas Resources, Inc.		50,400		1,636,992
				15,440,171
Paper & Related Products (0.4%)
Glatfelter Co.		142,000		1,999,360
Potlatch Corp.		16,063		668,863
Rayonier, Inc.		6,991		310,750
				2,978,973
Pharmaceuticals (1.7%)
Andrx Group (b)		33,272		929,287
Angiotech Pharmaceuticals, Inc. (b)		47,100		949,065
Atherogenics, Inc. (b)		18,600		353,958
Corixa Corp. (b)		22,100		103,207
Dendreon Corp. (b)		24,900		305,025
Encysive Pharmaceuticals, Inc. (b)		28,000		238,000
Enzon Pharmaceuticals, Inc. (b)		22,600		288,376
Eyetech Pharmaceuticals, Inc. (b)		7,800		334,776
Kos Pharmaceuticals, Inc. (b)		18,457		608,527
Ligand Pharmaceuticals, Inc. (b)		23,900		415,382
Medicis Pharmaceutical Corp., Class A		35,000		1,398,250
Neighborcare, Inc. (b)		61,200		1,917,396
NeoPharm, Inc. (b)		63,124		652,071
Noven Pharmaceuticals, Inc. (b)		48,700		1,072,374
NPS Pharmaceuticals, Inc. (b)		12,900		270,900
Par Pharmaceutical Cos, Inc. (b)		15,500		545,755
Perrigo Co.		25,317		480,263
Sciclone Pharmaceuticals, Inc. (b)		23,200		118,552
SuperGen, Inc. (b)		14,100		90,945
Taro Pharmaceuticals USA, Inc. (b)		73,700		3,205,951
				14,278,060
Printing (0.2%)
Consolidated Graphics, Inc. (b)		16,166		712,112
TransAct Technologies, Inc. (b)		20,200		638,724
				1,350,836
Printing & Publishing (0.1%)
Proquest Co. (b)		32,600		888,350
Thomas Nelson, Inc.		6,592		149,902
				1,038,252
Quarrying (0.2%)
Compass Minerals International, Inc.		85,000		1,647,300

19

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
United States (continued)
Real Estate Investment Trust (1.4%)
American Financial Realty Trust		121,500	$	1,736,235
Ashford Hospitality Trust		166,400		1,389,440
Associated Estates Realty Corp.		58,607		471,786
Capital Lease Funding, Inc. (b)		74,800		777,920
CBL & Associates Properties, Inc.		56,264		3,094,521
Developers Diversified Realty Corp.		36,200		1,280,394
Equity Inns, Inc.		23,500		218,315
Felcor Lodging Trust, Inc. (b)		17,779		215,126
Friedman, Billings, Ramsey Group, Inc., Class A		57,480		1,137,529
InnKeepers USA Trust		31,595		325,744
Liberty Property Trust		17,100		687,591
Mission West Properties, Inc.		4,034		48,852
National Health Investors, Inc.		6,928		188,372
PS Business Parks, Inc.		2,361		95,007
Winston Hotels, Inc.		19,800		204,930
				11,871,762
Recreation (0.4%)
WMS Industries, Inc. (b)		119,700		3,567,060
Recreational Vehicles (0.3%)
Arctic Cat, Inc.		793		21,831
Monaco Coach Corp.		5,105		143,808
Thor Industries, Inc.		39,300		1,314,978
Winnebago Industries, Inc.		21,300		794,064
				2,274,681
Resorts/ Theme Parks (0.4%)
Vail Resorts, Inc. (b)		161,900		3,102,004
Restaurants (1.6%)
CEC Entertainment, Inc. (b)		1,356		40,016
Checkers Drive-In Restaurants, Inc. (b)		2,566		29,637
Chicago Pizza & Brewery, Inc. (b)		47,700		725,517
CKE Restaurants, Inc. (b)		11,269		150,216
Dave & Buster’s, Inc. (b)		15,250		286,548
IHOP Corp.		24,100		861,816
Jack In the Box, Inc. (b)		42,325		1,257,053
Lone Star Steakhouse & Saloon, Inc.		25,734		699,707
P.F. Chang’s China Bistro, Inc. (b)		39,100		1,608,965
Panera Bread Co. (b)		40,700		1,460,316
Papa John’s International, Inc. (b)		25,940		766,268
Ruby Tuesday, Inc.		71,700		1,968,165
Sonic Corp. (b)		93,000		2,115,749
Steak n Shake Co. (b)		104,000		1,894,880
				13,864,853
Retail (4.7%)
7-ELEVEN, Inc. (b)		6,583		117,507
AC Moore Arts & Crafts, Inc. (b)		45,000		1,237,950
American Eagle Outfitters, Inc. (b)		19,887		574,933
Barnes & Noble, Inc. (b)		32,994		1,121,136
Big 5 Sporting Goods Corp. (b)		66,800		1,749,492
Big Lots, Inc. (b)		42,800		618,888
Blockbuster, Inc.		11,282		171,261
Blue Nile, Inc. (b)		28,500		1,071,885
Borders Group, Inc.		1,215		28,480
Brookstone, Inc. (b)		34,500		691,725
Brown Shoe Company, Inc.		23,700		970,041
Cabelas, Inc., Class A (b)		17,400		468,930
Callaway Golf Co.		3,345		37,932
Carter’s Inc. (b)		35,700		1,039,227
Casual Male Retail Group, Inc. (b)		67,400		492,020
CBRL Group, Inc.		33,400		1,030,390
Charming Shoppes, Inc. (b)		3,675		32,818
Claire’s Stores, Inc.		31,366		680,642
CSK Auto Corp. (b)		41,400		709,596
Dick’s Sporting Goods, Inc. (b)		26,500		883,775
Dress Barn, Inc. (b)		1,374		23,523
EZCORP, Inc. (b)		13,947		138,354
Finlay Enterprises, Inc. (b)		1,674		31,505
Fossil, Inc. (b)		167,800		4,572,549
Genesco, Inc. (b)		40,154		948,839
Guitar Center, Inc. (b)		65,100		2,894,996
Hancock Fabrics, Inc.		74,200		946,050
J. Jill Group, Inc. (b)		42,900		1,012,011
Jos. A. Bank Clothiers, Inc. (b)		24,250		761,208
Linen ’n Things, Inc. (b)		24,000		703,440
Marinemax, Inc. (b)		9,281		266,179
Mothers Work, Inc. (b)		4,500		92,565
Movado Group, Inc.		21,948		378,603
Oxford Industries, Inc.		13,200		574,992
Pacific Sunwear of California, Inc. (b)		62,500		1,223,125
Petco Animal Supplies, Inc. (b)		88,050		2,836,091
Regis Corp.		4,644		207,076
Rent-A-Center, Inc. (b)		34,432		1,030,550
School Specialty, Inc. (b)		27,700		1,005,787
ShopKo Stores, Inc. (b)		38,600		545,804
Smart & Final, Inc. (b)		13,509		162,378
Stage Store, Inc. (b)		25,986		978,633
Stein Mart, Inc. (b)		22,182		360,679
Talbots, Inc.		29,900		1,170,585
Tractor Supply Company (b)		36,200		1,513,884
Trans World Entertainment Corp. (b)		33,240		333,065
Tuesday Morning Corp. (b)		48,600		1,409,400
Zale Corp. (b)		39,096		1,065,757
				40,916,256
Schools (0.7%)
Bright Horizons Family Solutions, Inc. (b)		14,000		750,540
Laureate Education, Inc. (b)		18,400		703,616
Strayer Education, Inc.		22,700		2,532,639
Universal Technical Institute, Inc. (b)		36,200		1,447,276
University of Phoenix Online, Inc. (b)		9,004		788,660
				6,222,731

20

GARTMORE VARIABLE INSURANCE TRUST

GVIT SMALL COMPANY FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
United States (continued)
Security Services (0.2%)
Brinks, (The) Co.		1,384	$	47,402
Checkpoint Systems, Inc. (b)		40,877		732,925
Integrated Alarm Services Group (b)		121,500		656,100
				1,436,427
Semiconductor Equipment (0.7%)
Axcelis Technologies, Inc. (b)		126,500		1,573,660
FSI International, Inc. (b)		73,180		571,536
Helix Technology Corp.		27,400		584,442
Photronics, Inc. (b)		3,622		68,601
Sigmatel Inc. (b)		93,899		2,728,704
SIPEX Corp. (b)		27,500		156,750
Standard Microsystems Corp. (b)		11,833		275,946
				5,959,639
Semiconductors (0.3%)
Cymer, Inc. (b)		46,300		1,733,472
Cypress Semiconductor Corp. (b)		7,365		104,509
Integrated Circuit Systems, Inc. (b)		17,200		467,152
Leadis Technology, Inc. (b)		18,800		252,108
ON Semiconductor Corp. (b)		14,975		75,175
				2,632,416
Steel (0.2%)
Carpenter Technology Corp.		11,577		394,197
Olympic Steel, Inc. (b)		21,662		442,338
Steel Technologies, Inc.		21,268		469,597
				1,306,132
Technology (0.8%)
Avnet, Inc. (b)		29,506		669,786
Black Box Corp.		21,400		1,011,364
CACI International, Inc., Class A (b)		23,300		942,252
Electronics For Imaging, Inc. (b)		90,500		2,557,530
Ingram Micro, Inc. (b)		2,582		37,362
Intergraph Corp. (b)		49,400		1,277,484
Progress Software Corp. (b)		22,452		486,535
Tech Data Corp. (b)		3,440		134,607
Tessco Technologies, Inc. (b)		1,169		20,294
				7,137,214
Telecommunication Equipment (0.9%)
Andrew Corp. (b)		51,400		1,028,514
C-Cor.Net Corp. (b)		33,410		343,789
Commscope, Inc. (b)		47,149		1,011,346
Harris Corp.		25,000		1,268,750
NMS Communications Corp. (b)		230,000		1,697,400
Plantronics, Inc. (b)		36,500		1,536,650
Tekelec (b)		34,700		630,499
West Corp. (b)		1,165		30,465
Westell Technologies, Inc. (b)		48,441		247,049
				7,794,462
Telecommunication Services (1.0%)
Arch Wireless, Inc., Class A (b)		16,600		472,934
Aspect Communications Corp. (b)		73,269		1,040,420
Commonwealth Telephone Enterprises, Inc. (b)		6,581		294,631
IDT Corp. (b)		32,100		591,924
Nextel Partners, Inc., Class A (b)		46,000		732,320
NII Holdings, Inc. (b)		20,000		673,800
PanAmSat Corp. (b)		21,895		508,402
SpectraSite, Inc. (b)		80,000		3,457,600
Talk America Holdings, Inc. (b)		68,103		522,350
				8,294,381
Telecommunications (0.2%)
Boston Communications Group, Inc. (b)		3,839		39,350
PTEK Holdings, Inc. (b)		173,987		2,006,070
				2,045,420
Tire & Rubber (0.4%)
Cooper Tire & Rubber Co.		154,000		3,542,000
Tobacco (0.0%)
Standard Commercial Corp.		5,700		102,885
Tools (0.2%)
Snap-On, Inc.		22,300		748,165
The Stanley Works		23,265		1,060,419
				1,808,584
Toys (0.0%)
RC2 Corp. (b)		1,389		49,310
Transportation (2.1%)
Arkansas Best Corp.		5,124		168,682
Atlantic Coast Airlines Holdings, Inc. (b)		8,582		49,261
EGL, Inc. (b)		10,437		277,624
Forward Air Corp. (b)		4,798		179,445
Frontier Airlines, Inc. (b)		8,506		92,545
Heartland Express, Inc.		11,129		304,489
J.B. Hunt Transport Services, Inc.		89,600		3,456,768
Kansas City Southern Industries, Inc. (b)		142,763		2,212,827
Kirby Corp. (b)		40,942		1,592,644
Knight Transportation, Inc. (b)		8,394		241,160
Landstar System, Inc. (b)		28,619		1,513,087
Overnite Corp.		30,600		899,640
Pacer International, Inc. (b)		52,500		971,250
RailAmerica, Inc. (b)		9,200		134,320
SCS Transportation, Inc. (b)		13,300		350,987
SkyWest, Inc.		93,156		1,621,846
Tidewater, Inc.		39,400		1,174,120
USF Corp.		6,303		221,424
UTI Worldwide, Inc.		32,500		1,712,425
Yellow Roadway Corp. (b)		10,370		413,348
				17,587,892
Travel Services (0.2%)
Pegasus Solutions, Inc. (b)		110,700		1,453,491

21

GARTMORE VARIABLE INSURANCE TRUST

GVIT SMALL COMPANY FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
United States (continued)
Utilities (1.2%)
AGL Resources		12,051	$	350,082
American States Water Co.		979		22,752
Arch Coal, Inc.		47,500		1,738,025
Artesyn Technologies, Inc. (b)		53,388		480,492
California Water Service Group		6,400		176,320
Peabody Energy Corp.		25,000		1,399,750
UniSource Energy Corp.		18,114		450,133
Waste Connections, Inc. (b)		50,550		1,499,313
Westar Energy, Inc.		139,700		2,781,426
Wisconsin Energy Corp.		42,500		1,385,925
				10,284,218
Veterinary Diagnostics (0.5%)
VCA Antech, Inc. (b)		88,500		3,966,570
Waste Disposal (0.1%)
Casella Waste Systems, Inc. (b)		19,000		249,850
Metal Management, Inc. (b)		42,724		846,362
				1,096,212
Water Treatments (0.0%)
Duratek, Inc. (b)		4,761		71,939
Ionics, Inc. (b)		7,200		203,400
				275,339
Wholesale Distribution (0.0%)
Brightpoint, Inc. (b)		5,679		78,086
Handleman Co.		7,100		164,436
Watsco, Inc.		3,696		103,747
				346,269
				717,359,671
Total Common Stocks				825,686,992

Security Description	Principal		Value
CORPORATE BONDS (0.0%)
United States (0.0%)
Wholesale Distribution (0.0%)
Timco Aviation Services, Inc., 8.00%, 01/02/07	$	252		0
Total Corporate Bonds				0
Commercial Paper (0.2%)
Financial Services (0.2%)
Network, 1.54%, 07/01/04		1,989,000		1,989,000
Total Commercial Paper				1,989,000
Money Market (0.0%)
Federated Prime Obligation, Institutional Class		173,286		173,286
Total Money Market				173,286
Repurchase Agreement (2.2%)
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $7,412,183 (Fully collateralized by AA Rated Corporate Bonds)		7,411,879		7,411,879
Nomura Securities, 1.48%, Dated 06/30/04, due 07/01/04, repurchase price $10,982,571 (Fully collateralized by U.S. Agency Securities)		10,982,119		10,982,119
Total Repurchase Agreements				18,393,998
Short-Term Securities Held as Collateral for Securities Lending (16.3%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)		138,484,521		138,484,521
Total Short-Term Securities Held as Collateral for Securities Lending				138,484,521
Total Investments (Cost $855,468,883) (a) — 115.8%				984,727,797
Other assets in excess of liabilities — (15.8)%				(134,279,247	)
NET ASSETS — 100.0%			$	850,448,550

(a)  Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	142,281,334
Unrealized depreciation		(13,022,420	)
Net unrealized appreciation (depreciation)	$	129,258,914

Aggregate cost for federal income tax purposes is substantially the same.

(b)  Denotes a non-income producing security.

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

See notes to financial statements.

22

GARTMORE VARIABLE INSURANCE TRUST

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Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Principal		Value
ASSET BACKED COMMERCIAL PAPER (32.1%)
Asset Backed — Equipment Trust (0.7%)
CIT Equipment Collateral (b) (0.3%)
1.12%, 03/20/05	$	6,092,772	$	6,092,772
CNH Equipment Trust (0.4%)
1.23%, 12/13/04		7,072,932		7,072,933
				13,165,705
Asset Backed — Auto Receivables (5.1%)
FCAR Owner Trust I (2.1%)
1.09%, 07/08/04		17,000,000		16,996,397
1.13%, 07/09/04		25,000,000		24,993,856
				41,990,253
New Center Asset Trust (3.0%)
1.10%, 07/07/04		60,000,000		59,989,000
				101,979,253
Asset Backed — Domestic (2.4%)
CC USA, Inc. (b) (0.8%)
1.12%, 07/07/04		4,000,000		3,999,253
1.22%, 07/12/04		12,000,000		11,995,527
				15,994,780
Three Pillars Funding Corp. (b) (1.6%)
1.11%, 07/06/04		32,811,000		32,805,925
				48,800,705
Asset Backed — Mortgages (3.9%)
Georgetown Funding Co. (b) (3.9%)
1.11%, 07/01/04		40,000,000		40,000,000
1.12%, 07/06/04		11,000,000		10,998,294
1.09%, 07/15/04		18,000,000		17,992,370
1.28%, 07/22/04		5,000,000		4,996,267
1.34%, 07/27/04		5,000,000		4,995,161
				78,982,092
Asset Backed — Trade & Term Receivables (12.6%)
Falcon Asset Securitization Corp. (b) (3.8%)
1.11%, 07/06/04		12,068,000		12,066,134
1.25%, 07/19/04		4,730,000		4,727,044
1.25%, 07/20/04		6,115,000		6,110,966
1.25%, 07/21/04		40,000,000		39,972,221
1.26%, 07/26/04		14,418,000		14,405,292
				77,281,657
Golden Funding Corp. (b) (2.6%)
1.20%, 07/12/04		51,761,000		51,742,006
Kitty Hawk Funding Corp. (b) (1.3%)
1.08%, 07/07/04		3,727,000		3,726,329
1.21%, 07/12/04		3,821,000		3,819,587
1.25%, 07/20/04		19,095,000		19,082,403
				26,628,319
Old Line Funding Corp. (b) (3.8%)
1.11%, 07/07/04		4,821,000		4,820,108
1.09%, 07/08/04		52,388,000		52,376,750
1.26%, 07/22/04		10,977,000		10,968,932
1.33%, 08/04/04		7,533,000		7,523,538
				75,689,328
Three Rivers Funding Corp. (b) (0.4%)
1.05%, 07/01/04		8,678,000		8,678,000
Variable Funding Capital Corp. (b) (0.7%)
1.07%, 07/02/04		15,000,000		14,999,554
				255,018,864
Asset Backed — Yankee (7.4%)
Giro Funding Corp. (b) (1.0%)
1.27%, 07/27/04		20,000,000		19,981,656
K2 (USA) LLC (b) (1.4%)
1.10%, 07/09/04		1,100,000		1,099,731
1.06%, 07/28/04		13,000,000		12,989,665
1.50%, 09/10/04		4,150,000		4,137,723
1.15%, 11/15/04		10,000,000		9,956,617
				28,183,736
Premier Asset Collateralized Entity LLC (b) (1.7%)
1.06%, 07/02/04		10,000,000		9,999,706
1.12%, 07/07/04		14,100,000		14,097,368
1.21%, 07/08/04		10,000,000		9,997,647
				34,094,721
Sigma Finance, Inc. (b) (1.7%)
1.20%, 08/10/04		25,000,000		24,999,999
1.24%, 12/03/04		10,000,000		10,000,000
				34,999,999
Stanfield Victoria Funding LLC (b) (1.6%)
1.11%, 07/06/04		957,000		956,852
1.13%, 07/23/04		7,000,000		6,995,239
1.24%, 07/26/04		4,000,000		3,996,556
1.12%, 07/30/04		2,780,000		2,777,492
1.50%, 09/13/04		7,000,000		6,978,417
1.50%, 09/20/04		10,000,000		9,966,250
				31,670,806
				148,930,918
Total Asset Backed Commercial Paper				646,877,537
COMMERCIAL PAPER (39.5%)
Banks — Domestic (9.7%)
Bank Of America Corp. (1.2%)
1.07%, 07/12/04		25,000,000		24,991,826
Citicorp (0.6%)
1.08%, 07/08/04		12,000,000		11,997,480
National City Credit Corp. (3.4%)
1.06%, 07/02/04		65,789,000		65,787,067
PB Finance (Delaware) (3.7%)
1.09%, 07/06/04		1,882,000		1,881,715
1.08%, 07/07/04		8,000,000		7,998,560
1.07%, 07/08/04		10,000,000		9,997,919
1.16%, 07/09/04		1,000,000		999,742
1.26%, 07/22/04		10,000,000		9,992,650
1.28%, 07/26/04		14,000,000		13,987,555
1.27%, 08/02/04		14,000,000		13,984,196
1.25%, 08/06/04		12,000,000		11,985,000
1.30%, 08/11/04		2,361,000		2,357,474
				73,184,811

23

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT MONEY MARKET FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
COMMERCIAL PAPER (continued)
State Street Corp. (0.8%)
1.45%, 07/01/04	$	17,000,000	$	17,000,000
				192,961,184
Banks — Foreign (4.8%)
Barclays US Funding Corp. (1.6%)
1.10%, 07/09/04		33,070,000		33,061,916
HBOS Treasury Services (0.6%)
1.07%, 07/08/04		2,935,000		2,934,391
1.11%, 08/02/04		5,440,000		5,433,989
1.30%, 08/03/04		1,643,000		1,641,035
1.30%, 08/06/04		1,100,000		1,098,570
				11,107,985
National Bank of New Zealand (0.4%)
1.06%, 07/06/04		3,284,000		3,283,517
1.10%, 07/16/04		1,200,000		1,199,450
1.31%, 07/21/04		1,000,000		999,272
1.31%, 07/28/04		2,800,000		2,797,249
				8,279,488
Scotiabank, Inc. (b) (1.7%)
1.55%, 09/30/04		35,000,000		34,862,868
UBS Finance (DE) LLC (0.2%)
1.06%, 07/01/04		1,600,000		1,600,000
1.32%, 07/29/04		1,454,000		1,452,507
				3,052,507
Westpac Capital Corp. (0.3%)
1.08%, 07/07/04		6,000,000		5,998,925
1.07%, 07/09/04		500,000		499,881
				6,498,806
				96,863,570
Banks — Mortgage (3.1%)
Northern Rock PLC (b) (3.1%)
1.07%, 07/26/04		12,600,000		12,590,638
1.10%, 07/28/04		26,000,000		25,978,550
1.52%, 09/27/04		25,000,000		24,907,111
				63,476,299
Broker/ Dealer (2.7%)
Morgan Stanley Dean Witter & Co. (2.7%)
1.07%, 07/06/04		5,000,000		4,999,257
1.30%, 08/02/04		20,000,000		19,976,889
1.30%, 08/05/04		30,000,000		29,962,083
				54,938,229
Building Society (5.1%)
Nationwide Building Society (1.4%)
1.06%, 07/06/04		11,670,000		11,668,282
1.10%, 08/09/04		7,080,000		7,071,563
1.54%, 09/24/04		10,000,000		9,963,639
				28,703,484
Yorkshire Building Society (3.7%)
1.06%, 07/06/04		20,250,000		20,246,994
1.25%, 07/22/04		949,000		948,308
1.08%, 07/23/04		20,000,000		19,986,678
1.25%, 07/26/04		4,028,000		4,024,503
1.50%, 09/17/04		24,000,000		23,922,001
1.21%, 10/12/04		5,000,000		4,982,690
				74,111,174
				102,814,658
Electrical Equipment (0.4%)
Johnson Controls, Inc. (b) (0.4%)
1.44%, 07/01/04		8,161,000		8,161,000
Finance — Automotive (0.1%)
American Honda Finance Corp. (0.1%)
1.20%, 07/07/04		1,475,000		1,474,705
Finance — Consumer Sales (2.1%)
American General Finance Corp. (0.6%)
1.06%, 07/02/04		12,000,000		11,999,647
Household Finance Corp. (1.5%)
1.06%, 07/01/04		12,000,000		12,000,000
1.10%, 07/06/04		4,000,000		3,999,389
1.10%, 07/07/04		15,000,000		14,997,250
				30,996,639
				42,996,286
Finance — Diversified (4.8%)
ABN Amro NA Finance, Inc. (0.5%)
1.09%, 07/06/04		2,000,000		1,999,697
1.08%, 08/12/04		8,000,000		7,989,920
				9,989,617
General Electric Capital Corp. (1.5%)
1.13%, 07/14/04		20,000,000		19,991,839
1.33%, 08/13/04		224,000		223,644
1.11%, 10/05/04		977,000		974,108
1.76%, 11/23/04		10,000,000		9,929,514
				31,119,105
Network Rail PLC (b) (2.8%)
1.52%, 07/01/04		20,000,000		20,000,001
1.10%, 07/06/04		17,402,000		17,399,341
1.25%, 07/22/04		18,000,000		17,986,875
				55,386,217
				96,494,939
Finance — Heavy Equipment (0.1%)
Cargill, Inc. (b) (0.1%)
1.45%, 07/01/04		1,200,000		1,200,000
Insurance (4.7%)
Allianz Finance Corp. (b) (3.6%)
1.09%, 07/06/04		15,000,000		14,997,729
1.11%, 07/07/04		12,000,000		11,997,780
1.14%, 07/09/04		12,000,000		11,996,960
1.18%, 08/05/04		22,000,000		21,974,761
1.23%, 08/06/04		12,000,000		11,985,240
				72,952,470
ING America Insurance Holdings (1.1%)
1.08%, 07/06/04		21,900,000		21,896,715
				94,849,185

24

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
COMMERCIAL PAPER (continued)
Multimedia (1.2%)
Gannett Co. (b) (1.2%)
1.31%, 07/06/04	$	25,000,000	$	24,995,451
Transportation (0.7%)
Netjets, Inc. (b) (0.7%)
1.25%, 08/04/04		15,000,000		14,982,292
Total Commercial Paper				796,207,798
FLOATING RATE NOTES (c) (21.1%)
Asset Backed — CDO (4.7%)
Castle Hill III CLO Ltd. (b) (0.5%)
1.56%, 09/16/04		10,000,000		10,000,000
Commodore CDO I Ltd. (b) (1.3%)
1.64%, 09/12/04		25,000,000		25,000,000
Davis Square Funding Ltd. (b) (0.7%)
1.20%, 08/06/04		15,000,000		15,000,000
Duke Funding VI Managed (b) (0.2%)
1.48%, 04/08/05		5,000,000		5,000,000
Newcastle CDO, Ltd. (b) (0.7%)
1.35%, 09/24/04		15,000,000		15,000,000
NorthLake CDO Class I-MM (b) (1.3%)
1.49%, 09/06/04		25,000,000		25,000,000
				95,000,000
Asset Backed — Yankee (7.8%)
K2 (USA) LLC (b) (2.1%)
1.12%, 02/07/05		30,000,000		29,999,096
1.08%, 06/03/05		10,000,000		9,999,077
				39,998,173
Premier Asset Collateralized Entity LLC (b) (1.7%)
1.25%, 08/20/04		20,000,000		20,000,000
1.21%, 02/18/05		15,000,000		15,000,000
				35,000,000
Sigma Finance, Inc. (b) (2.0%)
1.24%, 08/20/04		15,000,000		14,999,693
1.24%, 05/31/05		25,000,000		24,997,731
				39,997,424
Stanfield Victoria Funding LLC (b) (2.0%)
1.25%, 08/13/04		15,000,000		14,999,910
1.26%, 02/25/05		10,000,000		10,000,000
1.08%, 05/25/05		15,000,000		14,997,244
				39,997,154
				154,992,751
Banks — Domestic (0.8%)
Wells Fargo & Co. (0.8%)
1.13%, 08/02/05		17,000,000		17,000,000
Banks — Foreign (2.6%)
HBOS Treasury Services (1.1%)
1.28%, 06/20/05		22,000,000		22,000,000
Westdeutsche Landesbank Giro (b) (1.5%)
1.13%, 06/10/05		30,000,000		30,000,000
				52,000,000
Banks — Mortgage (0.8%)
Northern Rock PLC (b) (0.8%)
1.40%, 12/09/04		12,500,000		12,500,000
1.11%, 01/13/05		3,000,000		2,999,380
				15,499,380
Broker/ Dealer (1.8%)
Goldman Sachs Group, Inc. (1.8%)
1.12%, 05/20/05		37,000,000		37,000,000
Finance — Automotive (0.5%)
American Honda Finance Corp. (0.5%)
1.13%, 05/06/05		10,000,000		10,000,000
Finance — Diversified (1.4%)
General Electric Capital Corp. (1.4%)
1.36%, 07/15/05		8,000,000		8,000,000
1.25%, 08/09/05		21,000,000		21,000,000
				29,000,000
Insurance (0.7%)
Allstate Life Global Funding (b) (0.7%)
1.15%, 04/08/05		15,000,000		15,000,000
Total Floating Rate Notes				425,492,131
U.S. GOVERNMENT SPONSORED & AGENCY OBLIGATIONS (4.0%)
Federal Home Loan Bank (3.2%)
1.30%, 02/23/05		15,000,000		15,000,000
1.46%, 03/01/05		10,000,000		10,000,000
1.43%, 03/11/05		10,000,000		10,000,000
1.44%, 03/11/05		9,000,000		9,000,000
1.35%, 03/23/05		10,000,000		10,000,000
1.30%, 04/13/05		10,000,000		10,000,000
				64,000,000
Federal Home Loan Mortgage Corporation (0.1%)
1.20%, 12/03/04		2,000,000		1,989,753
Federal National Mortgage Association (0.7%)
1.19%, 02/14/05		5,000,000		5,000,000
1.40%, 05/03/05		10,000,000		10,000,000
				15,000,000
Total U.S. Government Sponsored & Agency Obligations				80,989,753

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
CERTIFICATES OF DEPOSIT (1.7%)
Banks — Domestic (1.7%)
State Street Corp. (1.7%)
1.31%, 04/15/05	$	35,000,000	$	35,000,000
Total Certificates of Deposit				35,000,000
TAXABLE MUNICIPAL BONDS (1.6%)
Government Agency (1.6%)
Sunshine State Governmental Financing Commission (1.6%)
1.13%, 07/01/04		5,000,000		5,000,000
1.07%, 07/02/04		6,600,000		6,599,804
1.09%, 07/06/04		15,777,000		15,774,612
1.13%, 07/06/04		4,935,000		4,934,225
				32,308,641
Total Taxable Municipal Bonds				32,308,641
Total Investments (Cost $2,016,875,860) (a) — 100.0%				2,016,875,860
Liabilities in excess of other assets — 0.0%				(955,593	)
NET ASSETS — 100.0%			$	2,015,920,267

(a)	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Restricted securities issued pursuant to Section 4(2) of the Securities Act of 1933. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.
(c)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2004. The maturity date represents the actual maturity date.

CDO Collateralized Debt Obligation

See notes to financial statements.

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Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Principal		Value
COMMERCIAL PAPERS (81.0%)
Banks — Domestic (5.0%)
PB Finance (DE), 1.31%, 07/08/04	$	2,500,000	$	2,499,363
State Street Corp., 1.45%, 07/01/04		8,500,000		8,500,000
				10,999,363
Banks — Foreign (9.5%)
Abbey National North America LLC, 1.18%, 07/09/04		6,200,000		6,198,374
National Australia Funding (DE), 1.11%, 07/07/04		6,200,000		6,198,853
Societe Generale North America, 1.37%, 07/01/04		8,500,000		8,500,000
				20,897,227
Broker/ Dealers (10.0%)
Bear Stearns Cos., Inc., 1.24%, 07/12/04 (b)		5,000,000		4,998,106
Citigroup Global Markets Holdings, Inc., 1.13%, 07/07/04		6,200,000		6,198,833
Goldman Sachs Group, Inc., 1.25%, 07/12/04		6,000,000		5,997,708
Morgan Stanley Dean Witter & Co., 1.06%, 07/02/04		5,000,000		4,999,853
				22,194,500
Building Society (3.2%)
Yorkshire Building Society, 1.36%, 07/06/04		7,000,000		6,998,678
Cutlery (5.4%)
Bemis Co., Inc., 1.30%, 07/06/04 (b)		3,410,000		3,409,384
Gillete Co., 1.40%, 07/01/04 (b)		8,500,000		8,500,000
				11,909,384
Electrical Equipment (3.9%)
Johnson Controls, Inc., 1.50%, 07/01/04 (b)		8,500,000		8,500,000
Finance — Automotive (2.3%)
Harley-Davidson Funding Corp., 1.23%, 07/13/04 (b)		5,000,000		4,997,950
Finance — Consumer Sales (4.6%)
American Express Credit Corp., 1.15%, 07/08/04		6,000,000		5,998,658
American General Finance Corp., 1.26%, 07/09/04		4,000,000		3,998,880
				9,997,538
Finance — Diversified (10.9%)
AIG Funding, 1.20%, 07/13/04		3,000,000		2,998,800
Caterpillar Financial Service Corp., 1.16%, 07/06/04		1,285,000		1,284,793
Caterpillar Financial Service Corp., 1.30%, 07/07/04		3,507,000		3,506,240
General Electric Capital Corp., 1.21%, 07/07/04 (b)		5,225,000		5,223,946
Network Rail Capital Finance PLC, 1.15%, 07/06/04 (b)		5,000,000		4,999,201
Prudential Funding LLC, 1.15%, 07/09/04		6,200,000		6,198,417
				24,211,397
Heavy Equipment Finance (3.9%)
Cargill, Inc., 1.40%, 07/01/04 (b)		8,500,000		8,500,000
Insurance (8.1%)
Allstate Corp., 1.42%, 07/01/04 (b)		8,500,000		8,499,999
ING America Insurance Holdings, 1.25%, 07/08/04		3,000,000		2,999,271
New York Life Capital Corp., 1.12%, 07/07/04 (b)		6,200,000		6,198,843
				17,698,113
Multi-Media (2.8%)
Gannett Co., 1.10%, 07/08/04 (b)		6,200,000		6,198,674
Pharmaceuticals (1.1%)
Pfizer, Inc., 1.04%, 07/01/04 (b)		2,319,000		2,319,000
Real Estate Investment Trusts — Diversified (3.9%)
Ventures Business Trust, 1.43%, 07/01/04 (b)		8,500,000		8,500,000
Retail (6.4%)
Target Corp., 1.30%, 07/07/04		7,000,000		6,998,483
Wal-Mart Stores, Inc., 1.25%, 07/07/04 (b)		7,000,000		6,998,542
				13,997,025
Total Commercial Papers				177,918,849
ASSET BACKED SECURITIES (12.8%)
Domestic (2.8%)
Three Pillars Funding Corp., 1.26%, 07/02/04 (b)		6,200,000		6,199,783
Yankee (1.5%)
Stanfield Victoria Funding, 1.30%, 07/06/04 (b)		3,200,000		3,199,422
Trade & Term Receivables (8.5%)
Falcon Asset Securitization Corp., 1.35%, 07/09/04 (b)		1,502,000		1,501,549
Kitty Hawk Funding Corp., 1.25%, 07/02/04 (b)		6,000,000		5,999,792
Old Line Funding Corp., 1.18%, 07/08/04 (b)		6,200,000		6,198,577
Variable Funding Capital Corp., 1.17%, 07/06/04 (b)		5,000,000		4,999,188
				18,699,106
Total Asset Backed Securities				28,098,311
U.S. GOVERNMENT AGENCIES (6.3%)
Federal Home Loan Bank System (2.3%)
Federal Home Loan Bank System, 1.12%, 07/07/04		5,000,000		4,999,067
Federal Home Loan Mortgage Corporation (1.3%)
Freddie Mac, 1.27%, 07/15/04		2,900,000		2,898,568

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mortgage Association (2.7%)
Federal National Mortgage Association, 1.24%, 07/12/04	$	6,000,000	$	5,997,726
Total U.S. Government Agencies				13,895,361
Total Investments (Cost $219,912,521) (a) — 100.1%				219,912,521
Liabilities in excess of other assets — (0.1)%				(237,379	)
NET ASSETS — 100.0%			$	219,675,142

(a)	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Restricted Securities issued pursuant to Section 4(2) of the Securities Act of 1933. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

See notes to financial statements.

28

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Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (60.4%)
Aerospace/ Defense (0.9%)
Lockheed Martin Corp.		19,100	$	994,728
Northrop Grumman Corp.		18,600		998,820
Raytheon Co.		100		3,577
				1,997,125
Apparel (0.3%)
Nike, Inc., Class B		10,500		795,375
Auto Parts & Equipment (0.1%)
Lear Corp.		4,500		265,455
Automobiles (0.4%)
Ford Motor Co.		25,900		405,335
General Motors Corp.		11,900		554,421
				959,756
Biotechnology (0.0%)
Human Genome Sciences, Inc. (b)		5,600		65,128
Broadcast Media/ Cable Television (1.6%)
E.W. Scripps Co., Class A		5,100		535,500
Fox Entertainment Group, Inc. (b)		28,600		763,620
Time Warner, Inc. (b)		13,700		240,846
Viacom, Inc., Class B		59,100		2,111,052
				3,651,018
Building — Residential & Commercial (0.1%)
KB HOME		2,900		199,027
Lennar Corp., Class A		2,400		107,328
				306,355
Business & Consumer Services (0.4%)
eBay, Inc. (b)		8,200		753,990
FedEx Corp.		1,200		98,028
				852,018
Chemicals/ Diversified (1.0%)
Air Products & Chemicals, Inc.		4,200		220,290
Dow Chemical Co.		19,400		789,580
Eastman Chemical Co.		1,200		55,476
PPG Industries, Inc.		3,700		231,213
Praxair, Inc.		16,600		662,506
Rohm & Haas Co.		7,800		324,324
				2,283,389
Communication Equipment (0.8%)
Corning, Inc. (b)		33,400		436,204
Motorola, Inc.		26,900		490,925
QUALCOMM, Inc.		10,100		737,098
Tellabs, Inc. (b)		31,500		275,310
				1,939,537
Computer Equipment (2.0%)
Dell, Inc. (b)		44,300		1,586,826
Hewlett-Packard Co.		46,800		987,480
International Business Machines Corp.		15,000		1,322,250
Juniper Networks, Inc. (b)		11,600		285,012
Lexmark International, Inc. (b)		5,500		530,915
				4,712,483
Computer Software & Services (4.9%)
Cisco Systems, Inc. (b)		105,600		2,502,720
Computer Sciences Corp. (b)		11,800		547,874
First Data Corp.		14,400		641,088
Mercury Interactive Corp. (b)		12,500		622,875
Microsoft Corp.		135,500		3,869,880
NCR Corp. (b)		6,100		302,499
Oracle Corp. (b)		144,800		1,727,464
Sungard Data Systems, Inc. (b)		12,400		322,400
Take-Two Interactive Software, Inc. (b)		9,300		284,952
VERITAS Software Corp. (b)		19,600		542,920
				11,364,672
Conglomerates (1.8%)
ITT Industries, Inc.		500		41,500
Johnson Controls, Inc.		10,800		576,504
Tyco International Ltd.		59,700		1,978,458
United Technologies Corp.		17,100		1,564,308
				4,160,770
Construction & Building Materials (0.5%)
Caterpillar, Inc.		2,300		182,712
Centex Corp.		10,600		484,950
Deere & Co.		200		14,028
Masco Corp.		14,600		455,228
				1,136,918
Consumer/ Non-Cyclical (0.8%)
Gillette Co.		42,800		1,814,720
Kimberly-Clark Corp.		400		26,352
				1,841,072
Consumer Products (1.3%)
Procter & Gamble Co.		53,600		2,917,984
Smurfit-Stone Container Corp. (b)		6,900		137,655
				3,055,639
Diversified Manufacturing Operations (0.3%)
Cooper Industries Ltd., Class A		9,200		546,572
SPX Corp.		1,600		74,304
				620,876
Drugs (5.0%)
Amgen, Inc. (b)		27,400		1,495,218
Eli Lilly & Co.		19,700		1,377,227
Forest Laboratories, Inc. (b)		22,200		1,257,186
Johnson & Johnson, Inc.		50,100		2,790,570
Medicis Pharmaceutical Corp., Class A		9,700		387,515
Merck & Co., Inc.		11,600		551,000
Pfizer, Inc.		99,700		3,417,716
Watson Pharmaceutical, Inc. (b)		8,400		225,960
				11,502,392
Electrical Equipment (2.5%)
Eaton Corp.		5,100		330,174
General Electric Co.		171,300		5,550,120
				5,880,294
Electrical Services (1.6%)
Dominion Resources, Inc.		6,500		410,020
Edison International		2,100		53,697
Entergy Corp.		10,100		565,701

29

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Electrical Services (continued)
Florida Power & Light, Inc.		7,300	$	466,835
PG&E Corp. (b)		11,200		312,928
Pinnacle West Capital Corp.		12,100		488,719
PPL Corp.		11,500		527,850
Scana Corp.		2,500		90,925
TXU Corp.		7,300		295,723
Xcel Energy, Inc.		32,900		549,759
				3,762,157
Financial (5.6%)
CIT Group, Inc.		15,100		578,179
Citigroup, Inc.		98,000		4,557,000
Countrywide Credit Industries, Inc.		13,500		948,375
Fannie Mae		12,100		863,456
First Horizon National Corp.		600		27,282
Freddie Mac		19,200		1,215,360
Goldman Sachs Group, Inc.		9,500		894,520
Legg Mason, Inc.		3,200		291,232
MBNA Corp.		12,500		322,375
Morgan Stanley		39,900		2,105,523
Schwab (Charles) Corp.		52,900		508,369
Washington Mutual, Inc.		8,200		316,848
				12,628,519
Financial/ Banks (3.6%)
AmSouth Bancorp		5,300		134,991
Bank of America Corp.		24,300		2,056,266
Bank of New York Co., Inc.		53,900		1,588,972
Doral Financial Corp.		2,500		86,250
GreenPoint Financial Corp.		9,100		361,270
KeyCorp		13,400		400,526
North Fork Bancorp, Inc.		9,100		346,255
SunTrust Banks, Inc.		5,400		350,946
Wachovia Corp.		25,100		1,116,950
Wells Fargo Co.		32,600		1,865,698
				8,308,124
Food & Beverage (1.7%)
Anheuser-Busch Companies, Inc.		16,100		869,400
Coca-Cola Co. (The)		46,800		2,362,464
Kellogg Co.		3,600		150,660
PepsiCo, Inc.		8,000		431,040
SYSCO Corp.		3,300		118,371
				3,931,935
Healthcare (2.6%)
Anthem, Inc. (b)		11,800		1,056,808
Becton, Dickinson & Co.		2,500		129,500
Biogen Idec, Inc. (b)		1,100		69,575
Boston Scientific Corp. (b)		19,500		834,600
Gilead Sciences, Inc. (b)		2,700		180,900
Guidant Corp.		23,700		1,324,356
HCA-The Healthcare Co.		12,800		532,352
MedImmune, Inc. (b)		6,000		140,400
Sepracor, Inc. (b)		8,000		423,200
WellPoint Health Networks, Inc. (b)		3,800		425,638
Wyeth		26,100		943,776
				6,061,105
Hotels/ Motels (0.2%)
Hilton Hotels Corp.		16,000		298,560
Starwood Hotels & Resorts Worldwide, Inc.		4,000		179,400
				477,960
Insurance (3.3%)
Aetna, Inc.		9,500		807,500
Allstate Corp. (The)		33,400		1,554,770
AMBAC Financial Group, Inc.		13,900		1,020,816
American International Group, Inc.		15,100		1,076,328
Assurant, Inc.		2,800		73,864
Genworth Financial, Inc., Class A (b)		16,700		383,265
Hartford Financial Services Group, Inc.		18,200		1,251,068
MBIA, Inc.		7,800		445,536
Protective Life Corp.		900		34,803
St. Paul Cos., Inc.		15,900		644,586
Torchmark Corp.		2,300		123,740
XL Capital Ltd., Class A		2,300		173,558
				7,589,834
Leisure & Amusements (0.4%)
Walt Disney Co. (The)		38,900		991,561
Leisure Products (0.5%)
Carnival Corp.		14,000		658,000
Hasbro, Inc.		30,700		583,300
				1,241,300
Metals & Mining (0.8%)
Alcoa, Inc.		24,300		802,629
United States Steel Corp.		26,800		941,216
				1,743,845
Motorcycle Manufacturers (0.0%)
Harley-Davidson, Inc.		600		37,164
Office Equipment & Services (0.1%)
3M Co.		2,400		216,024
Oil & Gas (4.0%)
Anadarko Petroleum Corp.		6,100		357,460
Baker Hughes, Inc.		15,700		591,105
ChevronTexaco Corp.		9,100		856,401
ConocoPhillips		23,600		1,800,444
Cooper Cameron Corp. (b)		9,400		457,780
Devon Energy Corp.		7,100		468,600
Dynegy, Inc. (b)		12,500		53,250
Exxon Mobil Corp.		72,600		3,224,166
Pride International, Inc. (b)		15,600		266,916
Rowan Companies, Inc. (b)		14,700		357,651
Unocal Corp.		9,500		361,000
Valero Energy Corp.		5,900		435,184
				9,229,957
Paper & Forest Products (0.0%)
Georgia Pacific Corp.		600		22,188
Printing & Publishing (0.4%)
Gannett Co., Inc.		11,700		992,745

30

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Railroads (0.4%)
CSX Corp.		6,000	$	196,620
Norfolk Southern Corp.		24,000		636,480
				833,100
Real Estate (0.3%)
CarrAmerica Realty Corp.		3,800		114,874
Mack-Cali Realty Corp.		400		16,552
ProLogis		9,100		299,572
Rouse Co.		3,200		152,000
				582,998
Restaurants (0.5%)
McDonald’s Corp.		42,500		1,105,000
Wendy’s International, Inc.		1,400		48,776
				1,153,776
Retail (4.2%)
Abercrombie & Fitch Co.		5,400		209,250
Bed, Bath & Beyond, Inc. (b)		5,800		223,010
CVS Corp.		5,900		247,918
Family Dollar Stores, Inc.		2,100		63,882
Federated Department Stores, Inc.		9,400		461,540
Gap, Inc.		21,300		516,525
Home Depot, Inc.		52,300		1,840,960
Jones Apparel Group, Inc.		18,700		738,276
Kohl’s Corp. (b)		15,800		668,024
Lowe’s Companies, Inc.		15,900		835,545
Ross Stores, Inc.		800		21,408
Target Corp.		16,900		717,743
TJX Companies, Inc. (The)		1,000		24,140
Wal-Mart Stores, Inc.		48,700		2,569,412
Yum! Brands, Inc. (b)		13,000		483,860
				9,621,493
Semiconductors (2.2%)
Altera Corp. (b)		35,200		782,144
Analog Devices, Inc.		14,700		692,076
Intel Corp.		68,200		1,882,320
Intersil Holding Corp., Class A		15,700		340,062
Linear Technology Corp.		5,900		232,873
Novellus Systems, Inc. (b)		19,000		597,360
Xilinx, Inc.		14,800		492,988
				5,019,823
Telecommunications (2.2%)
Bellsouth Corp.		3,700		97,014
EchoStar Communications Corp., Class A (b)		6,500		199,875
Nextel Communications, Inc., Class A (b)		23,100		615,846
Qwest Communications International, Inc. (b)		19,100		68,569
SBC Communications, Inc.		48,100		1,166,425
Sprint Corp.		35,650		627,440
Verizon Communications, Inc.		61,300		2,218,447
				4,993,616
Tobacco (0.9%)
Altria Group, Inc.		40,300		2,017,015
Transportation Services (0.2%)
United Parcel Service, Inc., Class B		7,300		548,741
Total Common Stocks				139,395,252
COMMERCIAL PAPERS (10.0%)
Financial Services (10.0%)
ABN Amro NA Finance, Inc., 1.06%, 07/06/04	$	1,550,000		1,549,706
Alpine Securitization Corp., 1.09%, 07/06/04		1,400,000		1,399,720
Amsterdam Funding Corp., 1.14%, 07/19/04		1,700,000		1,698,827
CRC Funding LLC, 1.08%, 07/06/04		1,800,000		1,799,730
Dexia Delaware LLC, 1.14%, 08/02/04		1,750,000		1,747,978
Gemini Securitization Corp., 1.28%, 07/29/04		1,600,000		1,598,320
Giro Balanced, 1.08%, 07/07/04		1,650,000		1,649,703
HSH Nordbank AG NY, 1.05%, 07/06/04		1,800,000		1,799,737
Norddeutsche Landesbank Luxemberg, 1.23%, 07/22/04		1,650,000		1,648,811
Scaldis Capital Ltd., 1.28%, 07/26/04		1,750,000		1,748,444
Sheffield Receivables Corp., 1.20%, 07/16/04		1,350,000		1,349,325
Surrey Funding Corp., 1.21%, 07/15/04		1,600,000		1,599,136
Thames Asset Global Securitization Corp., 1.24%, 07/20/04		1,750,000		1,748,855
UBS Finance (Delware), 1.28%, 08/02/04		1,750,000		1,748,009
Total Commercial Papers				23,086,301
CORPORATE BONDS (12.2%)
Aerospace/ Defense (0.1%)
General Dynamics Corp., 2.13%, 05/15/06		165,000		162,301
Auto Related (0.5%)
Ford Motor Credit Co., 7.38%, 10/28/09		200,000		213,445
Ford Motor Credit Co., 7.88%, 06/15/10		355,000		386,262
Ford Motor Credit Co., 7.00%, 10/01/13		485,000		489,592
				1,089,299
Automotive Parts and Supplies (0.0%)
Breed Technologies, Inc., 0.00%, 04/15/08 (e)(f)(g)		125,000		0
Banks (2.5%)
Abbey National Capital Trust I, 8.96%, 06/30/30 (h)		45,000		56,119
ABN Amro Holding NA, 6.52%, 11/08/12 (d)(h)		160,000		168,683
ANZ Capital Trust I, 5.36%, 12/15/13 (d)(h)		365,000		349,166
Cadets Trust 2003-1, 4.80%, 07/15/13 (d)		110,000		102,963

31

GARTMORE VARIABLE INSURANCE TRUST

J.P. MORGAN GVIT BALANCED FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
CORPORATE BONDS (continued)
Banks (continued)
Danske Bank A/S, 5.91%, 06/16/14 (d)(h)	$	250,000	$	253,391
HBOS Capital Funding LP, 6.07%, 06/30/14 (d)(h)		185,000		185,739
HBOS PLC, 5.38%, 11/01/13 (d)(h)		260,000		250,565
HSBC Capital Funding LP, 9.55%, 06/30/10 (d)(h)		265,000		323,444
HSBC Capital Funding LP, 4.61%, 06/27/13 (d)(h)		220,000		199,439
Independence Comm Bank, 3.75%, 04/01/14		195,000		185,541
Industrial Bank of Korea, 4.00%, 05/19/14 (d)		115,000		107,577
KBC Bank Funding Trust III, 9.86%, 11/02/09 (d)(h)		195,000		238,506
Korea First Bank, 7.27%, 03/03/34 (d)		260,000		249,881
Mizuho Finance (Cayman), 5.79%, 04/15/14 (d)		170,000		167,108
Northern Rock PLC, 5.60%, 04/30/14 (h)		270,000		262,337
Popular N.A., 4.70%, 06/30/09		245,000		245,214
Rabobank Capital Fund II, 5.26%, 12/31/13 (d)(h)		165,000		159,668
RBS Capital Trust I, 4.71%, 07/01/13 (h)		335,000		308,861
RBS Capital Trust II, 6.43%, 01/03/34 (h)		95,000		90,944
Royal Bank of Scotland, 7.65%, 09/30/31 (h)		45,000		50,524
Skandinaviska Enskilda, 4.96%, 03/25/14 (d)(h)		220,000		205,663
Standard Chartered Bank, 8.00%, 05/30/31 (d)		140,000		165,504
Suntrust Bank, 2.50%, 11/01/06		275,000		269,423
Swedbank, 9.00%, 03/17/10 (d)(h)		60,000		71,420
U.S. Bank NA Minnesota, 6.50%, 02/01/08		200,000		217,658
Westpac Capital Trust III, 5.82%, 09/30/13 (d)(h)		260,000		258,307
Westpac Capital Trust IV, 5.26%, 03/31/16 (d)(h)		145,000		133,580
Woori Bank, 5.75%, 03/13/14 (d)		295,000		291,299
				5,568,524
Broadcast Media/ Cable Television (0.3%)
AOL Time Warner, Inc., 7.63%, 04/15/31		160,000		173,143
AOL Time Warner, Inc., 7.70%, 05/01/32		110,000		120,166
Comcast Corp., 6.50%, 01/15/15		225,000		233,202
Echostar DBS Corp., 6.38%, 10/01/11 (d)		35,000		34,475
Liberty Media Corp., 5.70%, 05/15/13		45,000		44,330
Mediacom LLC/ Cap Corp., 9.50%, 01/15/13		35,000		33,775
News America, Inc., 8.88%, 04/26/23		100,000		124,928
				764,019
Building — Residential/ Commercial (0.3%)
Centex Corp., 5.70%, 05/15/14		145,000		141,886
D.R. Horton, Inc., 8.50%, 04/15/12		30,000		33,150
KB Home, 5.75%, 02/01/14 (d)		230,000		211,600
Pulte Homes, Inc., 5.25%, 01/15/14		155,000		146,352
Standard Pacific Corp., 6.88%, 05/15/11		45,000		43,988
Toll Brothers, Inc., 5.95%, 09/15/13		100,000		100,411
				677,387
Chemicals/ Diversified (0.2%)
Dow Chemical Co., 7.38%, 11/01/29		25,000		27,202
Huntsman International LLC, 9.88%, 03/01/09		35,000		37,800
ICI Wilmington, 5.63%, 12/01/13		175,000		171,061
Lyondell Chemical Co., 10.88%, 05/01/09		70,000		73,150
Nova Chemicals Corp., 6.50%, 01/15/12 (d)		180,000		177,300
Polyone Corp., 10.63%, 05/15/10		65,000		68,900
				555,413
Commercial Services (0.1%)
Cendant Corp., 7.13%, 03/15/15		125,000		136,896
Iron Mountain, Inc., 6.63%, 01/01/16		35,000		31,850
				168,746
Computer Software & Services (0.0%)
Electronic Data Systems, 6.00%, 08/01/13		65,000		62,081
Unisys Corp., 6.88%, 03/15/10		40,000		41,200
				103,281
Containers (0.1%)
Crown Euro Holdings SA, 9.50%, 03/01/11		40,000		43,600
Owens-Brockway Glass Container, 8.88%, 02/15/09		75,000		81,000
Owens-Brockway Glass Container, 7.75%, 05/15/11		30,000		31,200
				155,800
Crude Petroleum and Natural Gas (0.0%)
Peabody Energy Corp., 6.88%, 03/15/13		35,000		35,438
Diversified Manufacturing Operations (0.1%)
Bombardier, Inc., 6.30%, 05/01/14 (d)		65,000		55,208
Hutchison Whamp International Ltd., 6.25%, 01/24/14 (d)		130,000		126,031
				181,239
Electrical Services (1.4%)
Alabama Power Co., 2.80%, 12/01/06		130,000		128,272
Arizona Pub Service Co., 4.65%, 05/15/15		80,000		72,556
Calpine Corp., 8.75%, 07/15/13 (d)		45,000		36,900
Consolidated Edison Co. NY, 5.63%, 07/01/12		250,000		258,735
Dominion Resources, Inc., 8.13%, 06/15/10		50,000		57,700

32

GARTMORE VARIABLE INSURANCE TRUST

J.P. MORGAN GVIT BALANCED FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
CORPORATE BONDS (continued)
Electrical Services (continued)
Dominion Resources, Inc., 5.00%, 03/15/13	$	195,000	$	186,283
DTE Energy Co., 6.38%, 04/15/33		140,000		131,106
Duke Capital Corp., 6.25%, 02/15/13		425,000		430,878
FPL Group Capital, Inc., 7.63%, 09/15/06		215,000		234,404
General Electric Co., 5.00%, 02/01/13		5,000		4,921
Nisource Finance Corp., 6.15%, 03/01/13		260,000		269,376
Pacific Gas & Electric, 4.20%, 03/01/11		130,000		123,786
Pacific Gas & Electric, 4.80%, 03/01/14		140,000		132,656
Pacificorp, 4.30%, 09/15/08		125,000		124,998
Pepco Holdings, Inc., 6.45%, 08/15/12		20,000		20,716
Pepco Holdings, Inc., 7.45%, 08/15/32		110,000		116,403
PSEG Power, 5.50%, 12/01/15		220,000		210,174
Reliant Resources, Inc., 9.50%, 07/15/13		65,000		70,038
Southern Cal Edison, 5.00%, 01/15/14		95,000		92,425
Southern Cal Edison, 6.00%, 01/15/34		55,000		52,700
TXU Energy Co., 7.00%, 03/15/13		185,000		201,456
Westar Energy, Inc., 6.00%, 07/01/14		195,000		198,115
				3,154,598
Environmental (0.1%)
Allied Waste North America, Inc., 6.13%, 02/15/14 (d)		165,000		150,975
Allied Waste North America, Inc., 7.38%, 04/15/14 (d)		10,000		9,725
				160,700
Financial Products/ Services (1.4%)
American General Finance Corp., 3.00%, 11/15/06		315,000		311,258
American General Finance Corp., 4.50%, 11/15/07		330,000		335,195
Anadarko Finance Co., 7.50%, 05/01/31		25,000		28,465
Arch Western Finance, 6.75%, 07/01/13 (d)		40,000		40,000
Associates Corporation of North America, 6.95%, 11/01/18		100,000		110,587
Capital One Financial, 8.75%, 02/01/07		375,000		414,978
Fund American Co., Inc., 5.88%, 05/15/13		130,000		129,723
General Electric Capital Corp., 5.88%, 02/15/12		190,000		199,264
General Electric Capital Corp., 5.45%, 01/15/13		65,000		65,904
General Electric Capital Corp., 6.75%, 03/15/32		50,000		53,751
Goldman Sachs Capital I, 6.35%, 02/15/34		210,000		197,205
Goldman Sachs Group, Inc., 6.60%, 01/15/12		155,000		166,794
Goldman Sachs Group, Inc., 4.75%, 07/15/13		105,000		98,637
Istar Financial, Inc., 6.00%, 12/15/10		115,000		114,281
Mizuho JGB Investment, 9.87%, 06/30/08 (d)(h)		190,000		214,927
Mizuho Preferred Capital, 8.79%, 06/30/08 (d)(h)		210,000		229,950
Morgan Stanley, 4.75%, 04/01/14		170,000		156,846
Morgan Stanley Capital I, 6.22%, 06/03/30		228,962		234,303
National Rural Utilities, 3.88%, 02/15/08		110,000		109,689
National Rural Utilities, 7.25%, 03/01/12		50,000		56,781
				3,268,538
Healthcare (0.2%)
HCA, Inc., 5.25%, 11/06/08		230,000		228,577
Hospira, Inc., 4.95%, 06/15/09 (d)		165,000		165,928
Medex, Inc., 8.88%, 05/15/13		15,000		15,825
Tenet Healthcare Corp., 5.00%, 07/01/07		50,000		49,750
				460,080
Insurance (0.7%)
Ace Ina Holdings, Inc., 5.88%, 06/15/14		140,000		141,637
Arch Capital Group Ltd., 7.35%, 05/01/34		105,000		105,695
Assurant, Inc., 5.63%, 02/15/14 (d)		40,000		39,272
Assurant, Inc., 6.75%, 02/15/34 (d)		55,000		54,429
AXA, 8.60%, 12/15/30		140,000		171,446
Genworth Financial, Inc., 5.75%, 06/15/14		140,000		141,380
Genworth Financial, Inc., 6.50%, 06/15/34		55,000		55,360
ING Cap Funding Trust III, 8.44%, 12/31/10 (h)		140,000		162,605
Liberty Mutual Group, 5.75%, 03/15/14 (d)		285,000		275,039
Penn Mutual Life Insurance Co., 6.65%, 06/15/34 (d)		125,000		124,355
Prudential Holdings LLC, 8.70%, 12/18/23 (d)		55,000		66,026
QBE Insurance Group Ltd., 5.65%, 07/01/23 (d)		80,000		76,103
UnitedHealth Group, Inc., 3.30%, 01/30/08		175,000		171,052
				1,584,399
Motor Vehicles (0.3%)
Daimler Chrysler NA Holding Corp., 4.75%, 01/15/08		125,000		126,035
General Motors Corp., 7.20%, 01/15/11		70,000		73,346
General Motors Corp., 8.25%, 07/15/23		90,000		94,253

33

GARTMORE VARIABLE INSURANCE TRUST

J.P. MORGAN GVIT BALANCED FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
CORPORATE BONDS (continued)
Motor Vehicles (continued)
General Motors Corp., 8.38%, 07/15/33	$	430,000	$	455,151
TRW Automotive, Inc., 9.38%, 02/15/13		41,000		46,228
				795,013
Natural Gas Transmission (0.0%)
Transcontinental Gas Pipeline Corp., 8.88%, 07/15/12		17,000		19,210
Williams Cos., Inc., 8.13%, 03/15/12		18,000		19,215
				38,425
Office Equipment & Services (0.1%)
Quebecor World Capital Corp., 6.13%, 11/15/13		175,000		166,704
Von Hoffmann Corp., 10.25%, 03/15/09		80,000		82,300
Xerox Corp., 7.63%, 06/15/13		20,000		20,450
				269,454
Oil & Gas (0.6%)
Amerada Hess Corp., 6.65%, 08/15/11		90,000		95,239
Amerada Hess Corp., 7.30%, 08/15/31		30,000		30,460
BP Capital Markets PLC, 2.75%, 12/29/06		205,000		202,389
Canadian National Resources, 7.20%, 01/15/32		25,000		27,593
Enterprise Products, 6.38%, 02/01/13		85,000		84,195
Haliburton Co., 5.50%, 10/15/10 (d)		165,000		166,929
Husky Energy, Inc., 6.15%, 06/15/19		115,000		115,475
Kerr Mcgee Corp., 6.95%, 07/01/24		125,000		124,597
Kinder Morgan Energy Partners, 7.40%, 03/15/31		135,000		143,851
Kinder Morgan Energy Partners, 7.30%, 08/15/33		35,000		36,926
Pemex Project Funding Master Trust, 8.63%, 02/01/22		79,000		82,160
Plains All America Pipeline Corp., 5.63%, 12/15/13 (d)		185,000		175,613
Transocean, Inc., 6.63%, 04/15/11		40,000		43,647
				1,329,074
Paper & Forest Products (0.1%)
Abitibi Consolidated, Inc., 6.00%, 06/20/13		10,000		8,851
Georgia Pacific Corp., 7.38%, 07/15/08		10,000		10,650
International Paper Co., 5.85%, 10/30/12		65,000		66,019
Medianews Group, Inc., 6.88%, 10/01/13		45,000		42,525
Tembec Industries, Inc., 8.50%, 02/01/11		90,000		90,900
				218,945
Pharmaceuticals (0.0%)
Wyeth, 6.45%, 02/01/24		80,000		76,075
Railroads (0.0%)
Norfolk Southern Corp., 7.80%, 05/15/27		50,000		57,949
Union Pacific Corp., 6.63%, 02/01/29		25,000		25,683
				83,632
Retail (0.1%)
Federated Department Stores, Inc., 6.90%, 04/01/29		20,000		20,749
Ingles Markets, Inc., 8.88%, 12/01/11		50,000		51,375
Safeway, Inc., 4.13%, 11/01/08		240,000		234,922
				307,046
Sovereign (1.2%)
Fannie Mae, 6.41%, 03/08/06		1,000,000		1,059,075
Federal Republic of Brazil, 14.50%, 10/15/09		60,000		69,900
Federal Republic of Brazil, 10.00%, 08/07/11		75,000		72,750
Federal Republic of Brazil, 12.75%, 01/15/20		30,000		31,950
Federal Republic of Brazil, 8.00% 04/15/14		29,319		26,754
Republic Of Colombia, 9.75%, 04/09/11		225,781		249,488
Republic of Peru, 8.38%, 05/03/16		180,000		167,400
Russian Federation, 10.00%, 06/26/07		22,000		24,805
Russian Federation, 5.00%, 03/31/30		185,000		168,905
Russian Federation, 8.75%, 07/24/05		205,000		216,480
Ukraine Government, 6.88%, 03/04/11 (d)		100,000		94,250
United Mexican States, 9.88%, 02/01/10		25,000		30,038
United Mexican States, 8.38%, 01/14/11		35,000		39,550
United Mexican States, 7.50%, 01/14/12		15,000		16,163
United Mexican States, 6.38%, 01/16/13		175,000		174,650
United Mexican States, 5.88%, 01/15/14		105,000		100,905
United Mexican States, 11.50%, 05/15/26		80,000		112,160
United Mexican States, 8.30%, 08/15/31		110,000		115,225
				2,770,448
Special Purpose Entity (0.7%)
Core Invest Grade Trust, 4.73%, 11/30/07		500,000		510,679
Fresenius Medical Capital Trust II, 7.88%, 02/01/08		45,000		47,475
Mantis Reef Ltd., 4.69%, 11/14/08 (d)		35,000		34,569
Pricoa Global Funding I, 3.90%, 12/15/08 (d)		400,000		392,744

34

GARTMORE VARIABLE INSURANCE TRUST

J.P. MORGAN GVIT BALANCED FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
CORPORATE BONDS (continued)
Special Purpose Entity (continued)
TRAINS HY-2004-1, 8.22%, 08/01/15 (d)	$	485,000	$	503,188
UFJ Finance Aruba AEC, 6.75%, 07/15/13		115,000		118,918
				1,607,573
Telecommunications (1.1%)
AT&T Broadband Corp., 8.38%, 03/15/13		220,000		258,268
AT&T Wireless Services, Inc., 7.50%, 05/01/07		150,000		164,467
AT&T Wireless Services, Inc., 8.13%, 05/01/12		15,000		17,342
AT&T Wireless Services, Inc., 8.75%, 03/01/31		155,000		188,971
British Telecom PLC, 8.38%, 12/15/10		135,000		157,655
Deutsche Telekom, 8.50%, 06/15/10		130,000		151,913
Deutsche Telekom, 5.25%, 07/22/13		75,000		73,015
Deutsche Telekom, 8.75%, 06/15/30		45,000		54,771
France Telecom, 9.50%, 03/01/31		115,000		144,327
France Telecom SA, 8.75%, 03/01/11		150,000		173,823
Nextel Communications, 7.38%, 08/01/15		35,000		35,350
Rogers Wireless, Inc., 6.38%, 03/01/14 (d)		230,000		211,600
Sprint Capital Corp., 6.90%, 05/01/19		125,000		125,745
Sprint Capital Corp., 8.75%, 03/15/32		105,000		122,354
Tele-Communications, Inc., 7.88%, 08/01/13		30,000		34,178
Telecom Italia Capital, 4.00%, 11/15/08 (d)		135,000		132,616
Verizon Global Funding Corp., 7.38%, 09/01/12		60,000		67,486
Verizon Global Funding Corp., 7.75%, 12/01/30		200,000		224,636
Verizon New York, Inc., 6.88%, 04/01/12		105,000		112,572
				2,451,089
Transportation Services (0.0%)
Teekay Shipping Corp., 8.88%, 07/15/11		45,000		49,781
Total Corporate Bonds				28,086,317
MORTGAGE-BACKED SECURITIES (25.2%)
Federal Home Loan Mortgage Corporation (4.5%)
1.21%, 07/23/04		4,110,000		4,106,961
4.88%, 11/15/13		1,150,000		1,127,051
6.25%, 07/15/32		175,000		184,335
TBA, 5.50%, 07/01/34		3,000,000		3,062,814
TBA, 6.00%, 07/01/34		2,000,000		1,990,624
				10,471,785
Federal National Mortgage Association (10.3%)
1.43%, 09/22/04		4,110,000		4,097,304
7.25%, 05/15/30		635,000		750,806
6.63%, 11/15/30		30,000		33,017
TBA, 5.00%, 07/01/18		6,500,000		6,506,097
TBA, 6.00%, 08/01/29		4,000,000		4,066,248
TBA, 5.50%, 07/01/33		8,207,000		8,165,965
				23,619,437
Financial Services (7.6%)
American Express Credit Account Master Trust, Series 03-4, Class A, 1.69%, 01/15/09		355,000		345,743
Americredit Automobile Receivables Trust, Series 03-CF, Class A3, 2.75%, 10/09/07		135,000		135,047
Americredit Automobile Receivables Trust, Series 03-CF, Class A4, 3.48%, 05/06/10		210,000		210,017
Americredit Automobile Receivables Trust, Series 04-BM, Class A4, 2.75%, 03/07/11		550,000		532,556
Banc of America Commercial Mortgage, Inc., Series 03-2, Class A4, 5.06%, 03/11/41		530,000		521,482
Bear Stearns Commercial Mortgage Securities Trust, Series 03-T12, Class A4, 4.93%, 08/13/39		670,000		642,775
Capital Auto Receivables Asset Trust, Series 03-2, Class A, 1.96%, 01/15/09		275,000		265,969
Capital One Master Trust, Series 01-BA, Class A, 4.60%, 08/17/09		420,000		431,748
Capital One Multi-Asset Execution Trust, Series 03-A4, Class A4, 3.65%, 07/15/11		520,000		509,068
Countrywide Asset-Backed Certificates, Series 03-5, Class MF1, 5.41%, 01/25/34		180,000		177,160
Countrywide Home Loans, Inc., Series 03-29, Class A1, 5.50%, 08/25/33		788,888		800,642
CS First Boston Mortgage Securities Corp., Series 02-CKN2, Class A3, 6.13%, 04/15/37		480,000		509,995
CS First Boston Mortgage Securities Corp., Series 01-CK1, Class A3, 6.38%, 12/16/35		550,000		593,288
CS First Boston Mortgage Securities Corp., Series 03-29, Class 7A1, 6.50%, 12/25/33		396,913		412,083
CS First Boston Mortgage Securities Corp., Series 03-C4, Class A4, 5.14%, 08/15/36		480,000		475,083
Daimler Chrysler Auto Trust, Series 03-A, Class A4, 2.88%, 10/08/09		100,000		99,309
Gracechurch Card Funding PLC, Series 5, Class A2, 2.70%, 08/15/08		585,000		578,881
Greenwich Capital Commercial Funding Corp., Series 03-C1, Class A4, 4.11%, 07/05/35		560,000		516,454

35

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J.P. MORGAN GVIT BALANCED FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Financial Services (continued)
Greenwich Capital Commercial Funding Corp., Series 04-GG1, Class A3, 4.34%, 06/10/36	$	1,185,000	$	1,178,891
Honda Auto Receivables Owner Trust, Series 04-2, Class A3, 3.30%, 06/16/08		925,000		926,533
Household Automotive Trust, Series 03-2, Class A4, 3.02%, 12/17/10		350,000		342,800
LB-UBS Commercial Mortgage Trust, Series 03-C5, Class A4, 4.69%, 07/20/27		445,000		426,844
LB-UBS Commercial Mortgage Trust, Series 04-C2, Class A2, 3.25%, 03/01/29		410,000		390,709
Long Beach Mortgage Loan Trust, Series 03-4, Class AV3, 1.44%, 08/25/33		493,790		494,612
M&I Auto Loan Trust, Series 03-1, Class A4, 2.97%, 04/20/09		140,000		138,210
MBNA Credit Card Master Note Trust, Series 03-A1, Class A1, 3.30%, 07/15/10		485,000		475,798
Morgan Stanley Auto Loan Trust, Series 03-HB1, Class A2, 2.17%, 04/15/11		210,000		205,316
Morgan Stanley Capital I, Series 98-WF2, Class A1, 6.34%, 07/15/30		184,193		190,052
Morgan Stanley Capital I, Series 04-HQ3, Class A2, 4.05%, 01/13/41		390,000		377,678
Morgan Stanley Capital I, Series 04-T13, Class A4, 4.66%, 09/13/45		515,000		490,394
Morgan Stanley Dean Witter Capital I, Series 03-HQ2, Class A2, 4.92%, 03/12/35		250,000		244,938
Onyx Acceptance Auto Trust, Series 03-C, Class A4, 2.66%, 05/17/10		200,000		196,115
Onyx Acceptance Auto Trust, Series 03-D, Class A4, 3.20%, 03/15/10		140,000		138,267
PSE&G Transition Funding LLC, Series 01-1, Class A6, 6.61%, 06/15/15		240,000		265,146
Residential Asset Securities Corp., Series 02-KS4, Class AIIB, 1.37%, 07/25/32		118,105		118,105
Residential Asset Securities Corp., Series 03-KS5, Class AIIB, 1.39%, 07/25/31		262,072		262,249
Residential Asset Securities Corp., Series 03-KS7, Class AI3, 3.37%, 12/25/28		225,000		223,634
SLM Student Loan Trust, Series 03-11, Class A5, 2.99%, 12/15/22		460,000		455,984
Toyota Auto Receivables Owner Trust, Series 03-B, Class A4, 2.79%, 01/15/10		500,000		494,388
Triad Auto Receivables Owner Trust, Series 03-B, Class A4, 3.20%, 12/13/10		235,000		231,273
Volkswagen Auto Loan Enhanced Trust, Series 03-1, Class A4, 1.93%, 01/20/10		665,000		644,535
Volkswagen Auto Loan Enhanced Trust, Series 03-2, Class A4, 2.94%, 03/22/10		275,000		270,721
Wachovia Asset Securitization, Inc., Series 03-HE2, Class AII1, 1.36%, 07/25/33		283,878		284,200
WFS Financial Owner Trust, Series 03-4, Class A4, 3.15%, 05/20/11		180,000		178,147
				17,402,839
Government National Mortgage Association (2.8%)
TBA, 5.50%, 07/01/34		3,000,000		2,994,375
TBA, 6.00%, 07/01/34		3,500,000		3,571,092
				6,565,467
Total Mortgage-Backed Securities				58,059,528
U.S. GOVERNMENT LONG-TERM OBLIGATIONS (4.3%)
U.S. Treasury Bonds (0.9%)
7.88%, 02/15/21		1,250,000		1,613,573
6.25%, 05/15/30		55,000		61,581
5.38%, 02/15/31		160,000		161,369
8.88%, 02/15/19 (c)		200,000		276,906
				2,113,429
U.S. Treasury Notes (3.4%)
3.13%, 04/15/09		915,000		889,016
3.88%, 05/15/09		1,780,000		1,785,979
4.00%, 06/15/09		2,650,000		2,672,671
4.75%, 05/15/14		2,340,000		2,364,406
				7,712,072
Total U.S. Government Long-Term Obligations				9,825,501
MUNICIPAL BOND — TAXABLE (0.3%)
General Obligation (0.3%)
California St. Department Transportation Revenue Federal Highway Grant, 5.00%, 02/01/14		135,000		145,293
Chicago Illinois Board of Education, 5.00%, 12/01/14		15,000		16,069
Chicago Illinois Board of Education, 5.00%, 12/01/15		25,000		26,500
Chicago Illinois Board of Education, 5.00%, 12/01/16		50,000		52,749
Chicago Illinois Board of Education, 5.00%, 12/01/17		35,000		36,706
Chicago Illinois Board of Education, 5.00%, 12/01/18		35,000		36,969

36

GARTMORE VARIABLE INSURANCE TRUST

J.P. MORGAN GVIT BALANCED FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
MUNICIPAL BOND — TAXABLE (continued)
General Obligation (continued)
Colorado Department Transportation Revenue, 5.00%, 12/15/14	$	15,000	$	16,144
Colorado Department Transportation Revenue, 5.00%, 12/15/15		80,000		85,699
Colorado Department Transportation Revenue, 5.00%, 12/15/16		45,000		47,869
New Jersey St., 5.00%, 04/01/14		30,000		32,288
New Jersey St., 5.00%, 04/01/15		30,000		32,288
New Jersey St., 5.00%, 04/01/16		30,000		32,025
New Jersey St., 5.00%, 04/01/17		30,000		31,800
Ohio St., 5.00%, 06/15/14		10,000		10,763
Ohio St., 5.00%, 06/15/16		10,000		10,563
South Carolina St. Public Service Authority Revenue, 5.00%, 01/01/14		5,000		5,375
South Carolina St. Public Service Authority Revenue, 5.00%, 01/01/15		10,000		10,675
South Carolina St. Public Service Authority Revenue, 5.00%, 01/01/16		15,000		15,881
South Carolina St. Public Service Authority Revenue, 5.00%, 01/01/17		20,000		21,025
South Carolina St. Public Service Authority Revenue, 5.00%, 01/01/18		30,000		31,313
South Carolina St. Public Service Authority Revenue, 5.00%, 01/01/19		20,000		20,725
Total Municipal Bond — Taxable				718,719
Repurchase Agreements (1.9%)
CS First Boston, 1.48% dated 06/30/04, due 07/01/04, repurchase price $1,772,154 (Fully collateralized by AA Corporate Bonds)	$	1,772,081		1,772,081
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $2,625,786 (Fully collateralized by AA Corporate Bonds, Treasury Notes, & U.S. Agency Securities)		2,625,678		2,625,678
Total Repurchase Agreements				4,397,759
Total Investments (Cost $247,634,102) (a) — 114.3%				263,569,377
Liabilities in excess of other assets — (14.3)%				(32,942,021	)
NET ASSETS — 100.0%			$	230,627,356

(a)  Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	19,515,754
Unrealized depreciation		(3,580,479	)
Net unrealized appreciation (depreciation)	$	15,935,275

Aggregate cost for federal income tax purposes is substantially the same.

(b)	Denotes a non-income producing security.
(c)	Pledged as collateral for futures.
(d)	Represents a restricted security acquired and eligible for resale under Rule 144A, which limits the resale to certain qualified buyers.
(e)	Bond in default.

(f)  Fair Valued Security.

(g)	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.
(h)	Securities with perpetual maturity. First call date disclosed.

TBA	To Be Announced
TRAINS	Targeted Return Index Securities Trust

At June 30, 2004 the Fund’s open futures contracts were as follows:

					Market
					Value		Unrealized
Number of					Covered by		Appreciation
Contracts		Contracts	Expiration		Contracts		(Depreciation)
Long Contracts:
	36	U.S. 2 yr Note Future		9/30/04	$	7,579,688	$	8,655
	16	U.S. Long Bond Future		9/30/04		1,702,000		36,444
Total Long Contracts					$	9,281,688	$	45,099
Short Contracts:
	33	U.S. 5 yr Note Future		9/30/04	$	3,586,688	$	(25,506	)
	90	U.S. 10 yr Note Future		9/30/04		9,839,531		(115,002	)
Total Short Contracts					$	13,426,219	$	(140,508	)

See notes to financial statements.

37

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT MID CAP GROWTH FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (96.4%)
Apparel (1.6%)
Coach, Inc. (b)		83,100	$	3,755,289
Chemicals (1.3%)
Sigma-Aldrich Corp.		50,900		3,034,149
Commercial Services (5.2%)
ChoicePoint, Inc. (b)		81,266		3,710,606
Manpower, Inc.		108,300		5,498,391
Stericycle, Inc. (b)		63,200		3,269,968
				12,478,965
Computer Equipment (1.1%)
Network Appliance, Inc. (b)		120,300		2,590,059
Computer Software & Services (8.9%)
Adobe Systems, Inc.		61,400		2,855,100
Alliance Data Systems Corp. (b)		111,700		4,719,325
Fiserv, Inc. (b)		171,900		6,685,190
Research in Motion Ltd. ADR — CA (b)		48,400		3,312,496
Veritas Software Corp. (b)		125,000		3,462,500
				21,034,611
Construction (2.2%)
D. R. Horton, Inc.		104,750		2,974,900
Terex Corp. (b)		68,200		2,327,666
				5,302,566
Consumer Products (1.4%)
Church & Dwight Co., Inc.		74,800		3,424,344
Education (2.1%)
Apollo Group, Inc. (b)		30,500		2,692,845
Education Management Corp. (b)		70,400		2,313,344
				5,006,189
Electronics (6.8%)
Amphenol Corp, Class A (b)		90,000		2,998,800
Jabil Circuit, Inc. (b)		124,900		3,144,982
L-3 Communications Holdings, Inc.		119,500		7,982,600
Tessera Technologies, Inc. (b)		113,501		2,045,288
				16,171,670
Financial Services (6.9%)
City National Corp.		49,100		3,225,870
Investors Financial Services Corp.		166,500		7,256,070
New York Community Bancorp, Inc.		93,744		1,840,195
Zions Bancorp		65,600		4,031,120
				16,353,255
Gaming (3.1%)
International Game Technology		61,300		2,366,180
Penn National Gaming, Inc. (b)		154,400		5,126,080
				7,492,260
Healthcare (6.5%)
Express Scripts, Inc., Class A (b)		36,700		2,907,741
Omnicare, Inc.		106,800		4,572,108
ResMed, Inc. (b)		92,800		4,729,088
Techne Corp. (b)		77,100		3,349,995
				15,558,932
Instruments (1.9%)
Waters Corp. (b)		94,700		4,524,766
Insurance (3.1%)
ACE Ltd.		110,300		4,663,484
Everest Re Group Ltd.		34,500		2,772,420
				7,435,904
Internet Broker (1.3%)
Ameritrade Holdings Corp. (b)		282,600		3,207,510
Machinery (1.2%)
Cognex Corp.		72,600		2,793,648
Management Consulting Services (1.0%)
Corporate Executive Board Co.		42,800		2,473,412
Manufacturing (2.0%)
Ball Corp.		64,700		4,661,635
Medical (4.7%)
Advanced Medical Optics, Inc. (b)		140,400		5,976,828
Invitrogen Corp. (b)		39,400		2,836,406
Kinetic Concepts, Inc. (b)		45,653		2,278,085
				11,091,319
Oil & Gas (8.3%)
BJ Services Co. (b)		52,900		2,424,936
EOG Resources, Inc.		61,600		3,678,136
Kinder Morgan, Inc.		62,800		3,723,412
Patterson-UTI Energy, Inc.		79,300		2,649,413
XTO Energy, Inc.		241,748		7,201,673
				19,677,570
Pharmaceuticals (5.1%)
Axcan Pharma, Inc. (b)		181,600		3,831,760
Impax Laboratories, Inc. (b)		133,100		2,579,478
Ligand Pharmaceuticals, Inc. (b)		118,100		2,052,578
Martek Biosciences Corp. (b)		40,000		2,246,800
Par Pharmaceutical Cos., Inc. (b)		42,700		1,503,467
				12,214,083
Restaurants (1.1%)
Applebee’s International, Inc.		111,600		2,569,032
Retail (7.1%)
Dollar Tree Stores, Inc. (b)		83,400		2,287,662
O’Reilly Automotive, Inc. (b)		60,100		2,716,520
Regis Corp.		78,800		3,513,692
Staples, Inc.		127,700		3,742,887
Williams Sonoma, Inc. (b)		142,800		4,706,688
				16,967,449
Security & Commodity Exchanges (1.3%)
Chicago Mercantile Exchange (The)		21,900		3,161,703
Semiconductors (6.9%)
KLA-Tencor Corp. (b)		40,400		1,994,952
Marvel Technology Group Ltd. (b)		188,600		5,035,620
Pixelworks, Inc. (b)		198,300		3,037,956
Semtech Corp. (b)		94,000		2,212,760
Vitesse Semiconductor Corp. (b)		844,400		4,120,672
				16,401,960

38

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT MID CAP GROWTH FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Telecommunications (4.3%)
ADC Telecommunications, Inc. (b)		848,400	$	2,409,456
Amdocs Ltd. (b)		172,000		4,029,960
Comverse Technology, Inc. (b)		187,300		3,734,762
				10,174,178
Total Common Stocks				229,556,458
REPURCHASE AGREEMENTS (1.6%)
Banks (1.6%)
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $1,566,067 (Fully collateralized by AA Rated Corporate Bonds)	$	1,566,003		1,566,004
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $2,320,429 (Fully collateralized by AA Rated Corporate Bonds & U.S. Agency Mortgages)		2,320,334		2,320,334
Total Repurchase Agreements				3,886,338
Short-Term Securities Held as Collateral for Securities Lending (17.0%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)		40,578,696		40,578,696
Total Short-Term Securities Held as Collateral for Securities Lending				40,578,696
Total Investments (Cost $228,086,854) (a) — 115.0%				274,021,492
Liabilities in excess of other assets — (15.0)%				(35,841,914	)
NET ASSETS — 100.0%			$	238,179,578

(a)  Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	52,321,282
Unrealized depreciation		(6,387,644	)
Net unrealized appreciation (depreciation)	$	45,934,638

Aggregate cost for federal income tax purposes is substantially the same.

(b)  Denotes a non-income producing security.

ADR	American Depositary Receipt
CA	Canada

39

GARTMORE VARIABLE INSURANCE TRUST

COMSTOCK GVIT VALUE FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (94.6%)
Banks (7.5%)
Bank of America Corp.		36,067	$	3,051,990
Citigroup, Inc.		51,700		2,404,050
J.P. Morgan Chase & Co.		22,300		864,571
PNC Bank Corp.		28,600		1,518,088
Suntrust Banks, Inc.		4,300		279,457
Wells Fargo & Co.		42,900		2,455,167
				10,573,323
Broadcast Media/ Cable Television (2.8%)
Clear Channel Communications, Inc.		61,100		2,257,645
Liberty Media Corp., Class A (b)		155,400		1,397,046
Liberty Media International, Inc. (b)		7,805		289,566
				3,944,257
Chemicals (3.8%)
Dow Chemical Co.		71,800		2,922,260
E.I. du Pont de Nemours & Co.		41,900		1,861,198
Eastman Chemical Co.		4,800		221,904
Lyondell Chemical Co.		6,500		113,035
Monsanto Co.		6,100		234,850
				5,353,247
Chemicals/ Diversified (0.5%)
Rohm & Haas Co.		15,800		656,964
Computer Hardware (1.6%)
Hewlett-Packard Co.		37,200		784,920
International Business Machines Corp.		7,200		634,680
Lexmark International Group, Inc., Class A (b)		8,495		820,022
				2,239,622
Computer Software & Services (1.4%)
Affiliated Computer Services, Inc., Class A (b)		11,200		592,928
Check Point Software Technologies Ltd. (b)		7,800		210,522
Cisco Systems, Inc. (b)		4,500		106,650
Microsoft Corp.		26,200		748,272
SunGard Data Systems, Inc. (b)		13,400		348,400
				2,006,772
Consumer Products (2.7%)
Kimberly-Clark Corp.		38,900		2,562,732
Mattel, Inc.		35,900		655,175
Procter & Gamble Co.		11,450		623,338
				3,841,245
Electronics (1.3%)
Cognex Corp.		16,300		627,224
Credence Systems Corp. (b)		32,000		441,600
Flextronics International Ltd. (b)		36,800		586,960
Jabil Circuit, Inc. (b)		8,853		222,919
				1,878,703
Entertainment (1.4%)
The Walt Disney Co.		76,125		1,940,426
Financial Services (5.2%)
AMBAC Financial, Inc.		11,350		833,544
Capital One Financial Corp.		3,100		211,978
Fannie Mae		7,850		560,176
Freddie Mac		74,000		4,684,200
Goldman Sachs Group, Inc.		1,000		94,160
Lehman Brothers Holdings, Inc.		5,700		428,925
Merrill Lynch & Co., Inc.		7,800		421,044
				7,234,027
Food & Related (1.7%)
Kraft Foods, Inc.		39,800		1,260,864
Unilever NV		16,400		1,123,564
				2,384,428
Healthcare (1.3%)
Aetna, Inc.		20,900		1,776,500
Insurance (4.6%)
Assurant, Inc.		17,600		464,288
Genworth Financial, Inc. (b)		19,200		440,640
MetLife, Inc.		21,000		752,850
RenaissanceRe Holdings Ltd.		4,300		231,985
St. Paul Travelers Companies, Inc.		10,862		440,345
The Allstate Corp.		31,700		1,475,635
The Chubb Corp.		24,350		1,660,183
Torchmark Corp.		18,500		995,300
				6,461,226
Metals & Mining (1.6%)
Alcoa, Inc.		66,700		2,203,101
Oil & Gas (14.3%)
BP PLC ADR		19,000		1,017,830
ConocoPhillips		14,137		1,078,512
Global Santa Fe Corp.		77,200		2,045,800
Halliburton Co.		196,876		5,957,467
Petroleo Brasileiro SA ADR		42,600		1,195,782
Royal Dutch Petroleum Co.		13,000		671,710
Schlumberger Ltd.		70,400		4,471,104
Total SA ADR		16,600		1,594,928
Transocean, Inc. (b)		66,500		1,924,510
				19,957,643
Paper & Forest Products (6.4%)
Georgia Pacific Corp.		94,790		3,505,334
International Paper Co.		112,200		5,015,340
MeadWestvaco Corp.		6,898		202,732
Smurfit-Stone Container Corp. (b)		7,000		139,650
Temple-Inland, Inc.		700		48,475
				8,911,531
Pharmaceuticals (10.6%)
AmerisourceBergen Corp.		13,900		830,942
Bristol-Myers Squibb Co.		163,000		3,993,500
GlaxoSmithKline PLC ADR		100,200		4,154,292
Merck & Co., Inc.		10,100		479,750
Pfizer, Inc.		53,947		1,849,303
Roche Holding AG		13,800		1,362,750
Schering-Plough Corp.		63,700		1,177,176
Wyeth		23,200		838,912
				14,686,625

40

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COMSTOCK GVIT VALUE FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Photographic Equipment & Supplies (0.8%)
Eastman Kodak Co.		40,500	$	1,092,690
Restaurants (1.4%)
Darden Restaurants, Inc.		26,500		544,575
McDonald’s Corp.		55,300		1,437,800
				1,982,375
Retail (3.8%)
Boise Cascade Corp.		26,200		986,168
CVS Corp.		19,100		802,582
Federated Department Stores, Inc.		18,200		893,620
Jones Apparel Group, Inc.		30,400		1,200,192
Kroger Co. (b)		64,600		1,175,720
The May Department Stores Co.		11,500		316,135
				5,374,417
Semiconductors (0.1%)
Novellus Systems, Inc. (b)		3,800		119,472
Telecommunications (10.3%)
SBC Communications, Inc.		161,400		3,913,950
Sprint Corp.		357,020		6,283,552
Verizon Communications, Inc.		118,900		4,302,991
				14,500,493
Telecommunications Equipment (0.7%)
Andrew Corp. (b)		4,600		92,046
Comverse Technology, Inc. (b)		3,800		75,772
Ericsson ADR (b)		15,200		454,784
JDS Uniphase Corp. (b)		17,700		67,083
Nokia Corp. ADR		23,100		335,874
				1,025,559
Tobacco (1.3%)
Altria Group, Inc.		37,750		1,889,388
Transportation & Shipping (0.4%)
Burlington Northern Santa Fe Corp.		15,800		554,106
Utilities (7.1%)
Ameren Corp.		3,300		141,768
American Electric Power Co., Inc.		22,040		705,280
Centerpoint Energy, Inc.		34,800		400,200
Consolidated Edison, Inc.		3,700		147,112
Constellation Energy Group, Inc.		16,900		640,510
Dominion Resources, Inc.		17,400		1,097,592
DTE Energy Co.		1,800		72,972
Exelon Corp.		8,200		272,978
FirstEnergy Corp.		28,900		1,081,149
Pinnacle West Capital Corp.		2,200		88,858
PPL Corp.		4,000		183,600
Public Service Enterprise Group, Inc.		21,100		844,633
Scottish Power PLC ADR		15,600		460,356
Sempra Energy		9,300		320,199
TXU Corp.		83,950		3,400,815
Wisconsin Energy Corp.		4,900		159,789
				10,017,811
Total Common Stocks				132,605,951

Security Description	Principal		Value
Repurchase Agreement (6.7%)
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $3,805,347 (Fully collateralized by AA Rated Corporate Bonds)	$	3,805,191	$	3,805,191
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $5,638,352 (Fully collateralized by U.S. Agency Securities)		5,638,120		5,638,120
Total Repurchase Agreement				9,443,311
Short-Term Securities Held as Collateral for Securities Lending (4.9%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)		6,861,750		6,861,750
Total Short-Term Securities Held as Collateral for Securities Lending				6,861,750
Total Investments (Cost $126,115,053) (a) — 106.2%				148,911,012
Liabilities in excess of other assets — (6.2)%				(8,713,193	)
NET ASSETS — 100.0%			$	140,197,819

(a)  Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	23,626,629
Unrealized depreciation		(830,670	)
Net unrealized appreciation (depreciation)	$	22,795,959

Aggregate cost for federal income tax purposes is substantially the same.

(b)  Denotes a non-income producing security.

ADR American Depositary Receipt

See notes to financial statements.

41

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FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (0.1%)
Diversified Manufacturing (0.0%)
Simonds Industries, Inc. (d)		5,214	$	130,819
Media — Cable (0.1%)
NTL, Inc.		2,260		130,221
Packaging (0.0%)
Russell Stanley Holdings, Inc. (c)(d)(f)		4,000		0
Wireline Communications (0.0%)
Viatel Holding (Bermuda) Ltd.		2,210		1,989
Total Common Stocks				263,029

	Principal		Value
Security Description
CORPORATE BONDS (95.9%)
Aerospace & Defense (1.6%)
Alliant Techsystems, Inc., 8.50%, 05/15/11	$	575,000	$	623,875
Argo Tech Corp., 9.25%, 06/01/11 (b)		350,000		362,250
Hexcel Corp., 9.88%, 10/01/08		225,000		248,063
Hexcel Corp., 9.75%, 01/15/09		825,000		870,375
L-3 Communications Corp., 6.13%, 01/15/14 (b)		1,300,000		1,254,500
TransDigm, Inc., 8.38%, 07/15/11		725,000		750,375
				4,109,438
Automotive (2.0%)
Accuride Corp., 9.25%, 02/01/08		175,000		178,938
Advanced Accessory Systems LLC, 10.75%, 06/15/11		675,000		664,875
Dana Corp., 9.00%, 08/15/11		175,000		205,625
General Motors Corp., 7.13%, 07/15/13		500,000		514,905
Stoneridge, Inc., 11.50%, 05/01/12		900,000		1,053,000
Transportation Technology Industries, 12.50%, 03/31/10 (b)		650,000		646,750
TRW Automotive, Inc., 11.00%, 021/5/13		1,059,000		1,260,210
United Components, Inc., 9.38%, 06/15/13		600,000		615,000
				5,139,303
Building Materials (3.1%)
AMH Holdings, Inc., 9.55%, 03/01/14 (b)		950,000		641,250
Associated Materials, Inc., 9.75%, 04/15/12		475,000		529,625
Collins & Aikman Floorcoverings, Inc., 9.75%, 02/15/10		575,000		586,500
ERICO International Corp., 8.88%, 03/01/12 (b)		650,000		666,250
Euramax International PLC, 8.50%, 08/15/11		975,000		1,023,750
Fimep S.A., 10.50%, 02/15/13		350,000		400,750
MAAX Corp., 9.75%, 06/15/12 (b)		175,000		181,834
MMI Products, Inc., 11.25%, 04/15/07		700,000		675,500
Mueller Group, Inc., 10.00%, 05/01/12 (b)		525,000		548,625
Norcraft Cos. LLC, 9.00%, 11/01/11 (b)		700,000		742,000
Nortek Holdings, Inc., 8.01%, 05/15/11 (b)		1,100,000		874,500
PLY Gem Industries, Inc., 9.00%, 02/15/12 (b)		650,000		663,000
US Concrete, Inc., 8.38%, 04/01/14 (b)		275,000		276,375
				7,809,959
Chemicals (5.1%)
BCP Caylux Holding SCA, 9.63%, 06/15/14 (b)		1,000,000		1,044,999
Compass Mineral Group, 10.00%, 08/15/11		600,000		670,500
Compass Mineral Group, 8.60%, 12/15/12		500,000		397,500
Compass Mineral Group, 8.15%, 06/01/13		1,050,000		813,750
Equistar Chemical LP, 10.13%, 09/01/08		875,000		966,875
FMC Corp., 10.25%, 11/01/09		425,000		491,938
General Chemical Industries Products, Inc., 101.93%, 05/01/09 (e)		400,000		41,000
Huntsman Advanced Materials, 11.00%, 07/15/10 (b)		475,000		537,938
Huntsman ICI Chemicals LLC, 10.13%, 07/01/09		1,325,000		1,351,499
Invista, 9.25%, 05/01/12 (b)		650,000		656,500
Koppers, Inc., 9.88%, 10/15/13		500,000		550,000
Lyondell Chemical Co., 9.63%, 05/01/07		475,000		498,750
Lyondell Chemical Co., 9.88%, 05/01/07		600,000		631,500
Lyondell Chemical Co., 9.50%, 12/15/08		575,000		603,750
Lyondell Chemical Co., 10.88%, 05/01/09		800,000		842,000
Nalco Co., 7.75%, 11/15/11 (b)		225,000		236,250
Nalco Co., 8.88%, 11/15/13 (b)		600,000		630,000
Nalco Co., 8.95%, 02/01/14 (b)		725,000		485,750
Rhodia SA, 7.63%, 06/01/10 (b)		150,000		136,500
Rhodia SA, 8.88%, 06/01/11 (b)		325,000		275,438
Union Carbide Corp., 8.75%, 08/01/22		675,000		667,406
Union Carbide Corp., 7.88%, 04/01/23		75,000		72,656
Union Carbide Corp., 7.50%, 06/01/25		350,000		326,813
				12,929,312
Construction Machinery (1.6%)
AGCO Corp., 9.50%, 05/01/08		750,000		817,500
Case New Holland, Inc., 9.25%, 08/01/11 (b)		925,000		980,500
Clark Materials Handling, Inc., 0.00%, 11/15/06 (c)(d)(f)		100,000		0
Columbus McKinnon Corp., 8.50%, 04/01/08		800,000		732,000
Columbus McKinnon Corp., 10.00%, 08/01/10		125,000		132,500

42

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
CORPORATE BONDS (continued)
Construction Machinery (continued)
NationsRent Cos., Inc., 9.50%, 10/15/10 (b)	$	825,000	$	874,500
United Rentals, Inc., 6.50%, 02/15/12 (b)		425,000		399,500
				3,936,500
Consumer Products (4.3%)
Alltrista Corp., 9.75%, 05/01/12		1,000,000		1,095,000
American Achievement Corp., 8.25%, 04/01/12 (b)		250,000		255,000
Ames True Temper, Inc., 10.00%, 07/15/12 (b)		525,000		530,250
Armkel Finance, Inc., 9.50%, 08/15/09		625,000		685,938
Chattem, Inc., 7.00%, 03/01/14		450,000		432,000
Diamond Brands, Inc., 0.00%, 04/15/09 (c)(d)(e)(f)		50,000		0
ICON Health & Fitness, Inc., 11.25%, 04/01/12		475,000		520,125
Jostens Holding Corp., 9.42%, 12/01/13		1,300,000		884,000
Jostens, Inc., 12.75%, 05/01/10		675,000		766,125
K2 Corp, Inc., 7.38%, 07/01/14 (b)		125,000		127,820
Leiner Health Products, 11.00%, 06/01/12 (b)		425,000		439,875
NBC Acqusition Corp., 11.79%, 03/15/13		625,000		396,875
Nebraska Book Co., 8.63%, 03/15/12		475,000		469,063
Playtex Products, Inc., 9.38%, 06/01/11		825,000		818,813
Sealy Mattress Co., 8.25%, 06/15/14 (b)		525,000		530,250
Simmons Co., 7.88%, 01/15/14 (b)		650,000		664,625
Sleepmaster LLC, 50.13%, 05/15/09 (e)		175,000		47,906
Tempur World, 10.25%, 08/15/10 (b)		162,000		183,465
True Temper Sports, Inc., 8.38%, 09/15/11		350,000		351,750
United Industries Corp., 9.88%, 04/01/09		1,075,000		1,127,405
WH Holdings/ WH Capital, 9.50%, 04/01/11 (b)		525,000		547,313
				10,873,598
Diversified (2.3%)
TRAINS HY-2004-1 A, 8.22%, 08/01/15 (b)		5,500,000		5,706,250
Diversified Manufacturing (1.3%)
Amsted Industries, Inc., 10.25%, 10/15/11 (b)		425,000		461,125
Polypore, Inc., 8.75%, 05/15/12 (b)		550,000		583,000
Simonds Industries, Inc., 10.00%, 10/01/08 (d)		750		750
Thermadyne Holdings Corp., 9.25%, 02/01/14 (b)		275,000		273,625
Tyco International Group, 6.38%, 06/15/05		1,250,000		1,294,212
Tyco International Group, 5.80%, 08/01/06		525,000		549,266
				3,161,978
Energy (2.4%)
Chesapeake Energy Corp., 7.50%, 06/15/14 (b)		250,000		258,125
CITGO Petroleum Corp., 11.38%, 02/01/11		700,000		819,000
Compton Petroleum Corp., 9.90%, 05/15/09		750,000		815,625
Continental Resources, Inc., 10.25%, 08/01/08		575,000		596,563
Ferrellgas Escrow LLC, 6.75%, 05/01/14 (b)		450,000		434,250
Lone Star Technologies, Inc., 9.00%, 06/01/11		225,000		235,125
Magnum Hunter Resources, 9.60%, 03/15/12		250,000		276,250
Petroleum Helicoptors, Inc., 9.38%, 05/01/09		475,000		501,125
Range Resources Corp., 7.38%, 07/15/13 (b)		250,000		250,000
Swift Energy Co., 9.38%, 05/01/12		825,000		882,750
Tesoro Petroleum Corp., 8.00%, 04/15/08		275,000		295,625
Tesoro Petroleum Corp., 9.00%, 07/01/08		150,000		155,250
Tesoro Petroleum Corp., 9.63%, 11/01/08		525,000		577,500
				6,097,188
Entertainment (2.6%)
AMC Entertainment, Inc., 9.88%, 02/01/12		1,050,000		1,105,125
Cinemark USA, Inc., 9.00%, 02/01/13		400,000		438,000
Cinemark USA, Inc., 9.34%, 03/15/14 (b)		1,075,000		706,813
Intrawest Corp., 10.50%, 02/01/10		575,000		626,031
Six Flags, Inc., 9.75%, 04/15/13		175,000		177,188
Six Flags, Inc., 9.63%, 06/01/14 (b)		525,000		527,625
Universal City Development, 11.75%, 04/01/10		1,350,000		1,569,374
Vivendi Universal SA, 6.25%, 07/15/08		900,000		959,625
Vivendi Universal SA, 9.25%, 04/15/10		350,000		413,875
				6,523,656
Environmental (1.5%)
Allied Waste North America, Inc., 7.63%, 01/01/06		1,050,000		1,103,812
Allied Waste North America, Inc., 8.88%, 04/01/08		750,000		824,063
Allied Waste North America, Inc., 9.25%, 09/01/12		650,000		729,625

43

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
CORPORATE BONDS (continued)
Environmental (continued)
Clean Harbors, Inc., 11.25%, 07/15/12 (b)	$	625,000	$	634,375
Synagro Technologies, Inc., 9.50%, 04/01/09		550,000		577,500
				3,869,375
Financial Institutions (0.3%)
Dollar Financial Group, Inc., 9.75%, 11/15/11		650,000		682,500
Food & Beverage (6.5%)
Agrilink Foods, Inc., 11.88%, 11/01/08		350,000		373,625
American Seafoods Group LLC, 10.13%, 04/15/10		825,000		989,999
B&G Foods, Inc., 9.63%, 08/01/07		500,000		511,250
Constellation Brands, Inc., 8.00%, 02/15/08		650,000		703,625
Cott Beverages, Inc., 8.00%, 12/15/11		500,000		532,500
Del Monte Corp., 9.25%, 05/15/11		1,200,000		1,301,999
Del Monte Corp., 8.63%, 12/15/12		475,000		510,625
Dole Foods Co., 8.63%, 05/01/09		1,150,000		1,216,124
Dole Foods Co., 7.25%, 06/15/10		500,000		492,500
Eagle Family Foods, Inc., 8.75%, 01/15/08		250,000		186,250
Gold Kist, Inc., 10.25%, 03/15/14 (b)		625,000		678,125
Land O’ Lakes, Inc., 8.75%, 11/15/11		800,000		748,000
Michael Foods, Inc., 8.00%, 11/15/13 (b)		675,000		696,938
National Beef Packaging Co., 10.50%, 08/01/11		325,000		346,125
Pierre Foods, Inc., 9.88%, 07/15/12 (b)		875,000		888,125
Pilgrim’s Pride Corp., 9.63%, 09/15/11		875,000		969,063
Pilgrim’s Pride Corp., 9.25%, 11/15/13		850,000		907,375
Reddy Ice Group, Inc., 8.88%, 08/01/11		650,000		689,000
Smithfield Foods, Inc., 7.63%, 02/15/08		300,000		315,000
Smithfield Foods, Inc., 8.00%, 10/15/09		650,000		700,375
Smithfield Foods, Inc., 7.75%, 05/15/13		675,000		710,438
Swift & Co., 10.13%, 10/01/09		375,000		404,063
Swift & Co., 12.50%, 01/01/10		375,000		402,188
UAP Holding Corp., 8.37%, 07/15/12 (b)		1,000,000		780,000
United Agri Products, 8.25%, 12/15/11 (b)		225,000		249,750
				16,303,062
Gaming (7.2%)
America Casino & Entertainment, 7.85%, 02/01/12 (b)		250,000		255,000
Boyd Gaming Corp., 8.75%, 04/15/12		525,000		560,438
Boyd Gaming Corp., 7.75%, 12/15/12		475,000		480,344
Coast Hotels & Casinos, Inc., 9.50%, 04/01/09		600,000		633,000
Global Cash ACC/ Finance, 8.75%, 03/15/12 (b)		675,000		707,906
Isle of Capri Casinos, Inc., 9.00%, 03/15/12		425,000		462,719
Isle of Capri Casinos, Inc., 7.00%, 03/01/14 (b)		250,000		233,125
Majestic Star Casino LLC, 9.50%, 10/15/10		525,000		531,563
Mandalay Resort Group, 10.25%, 08/01/07		1,150,000		1,293,749
Mandalay Resort Group, 9.50%, 08/01/08		250,000		281,250
Mandalay Resort Group, 9.38%, 02/15/10		700,000		766,500
MGM Grand, Inc., 9.75%, 06/01/07		1,925,000		2,117,499
MGM Grand, Inc., 6.00%, 10/01/09		500,000		492,500
MGM Grand, Inc., 8.50%, 09/15/10		250,000		271,563
MGM Grand, Inc., 8.38%, 02/01/11		700,000		738,500
Mohegan Tribal Gaming Authority, 6.38%, 07/15/09		300,000		302,625
Mohegan Tribal Gaming Authority, 8.38%, 07/01/11		350,000		378,438
Mohegan Tribal Gaming Authority, 8.00%, 04/01/12		500,000		535,625
MTR Gaming Group, Inc., 9.75%, 04/01/10		800,000		864,000
Park Place Entertainment Corp., 9.38%, 02/15/07		375,000		409,688
Park Place Entertainment Corp., 7.88%, 03/15/10		850,000		896,749
Park Place Entertainment Corp., 8.13%, 05/15/11		1,000,000		1,066,249
Penn National Gaming, Inc., 11.13%, 03/01/08		575,000		636,813
Penn National Gaming, Inc., 8.88%, 03/15/10		175,000		190,750
Station Casinos, Inc., 6.50%, 02/01/14		525,000		505,313
Sun International Hotels, 8.88%, 08/15/11		825,000		884,813
Venitian Casino/ LV Sands, 11.00%, 06/15/10		800,000		924,999
Wynn Las Vegas LLC, 12.00%, 11/01/10		452,000		542,400
				17,964,118
Healthcare (4.4%)
Alaris Medical Systems, Inc., 7.25%, 07/01/11		150,000		166,500
AmeriPath, Inc., 10.50%, 04/01/13		1,050,000		1,065,750
Ardent Health Services, 10.00%, 08/15/13		525,000		564,375
Concentra Operating Corp., 9.50%, 08/15/10		450,000		481,500
Concentra Operating Corp., 9.13%, 060/1/12 (b)		175,000		184,188
Fisher Scientific International, 8.00%, 09/01/13		1,150,000		1,233,374
Hanger Orthopedic Group, Inc., 10.38%, 02/15/09		450,000		464,625

44

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FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
CORPORATE BONDS (continued)
Healthcare (continued)
HCA — The Healthcare Corp., 6.91%, 06/15/05	$	950,000	$	980,913
HCA — The Healthcare Corp., 8.75%, 09/01/10		300,000		342,384
HCA — The Healthcare Corp., 7.88%, 02/01/11		575,000		630,114
HCA — The Healthcare Corp., 6.75%, 07/15/13		1,250,000		1,285,649
Hudson Respiratory Care, Inc., 9.13%, 04/15/08		150,000		155,250
Magellan Health Services, 9.38%, 11/15/08		429,874		463,190
Medical Device, Inc., 10.00%, 07/15/12 (b)		275,000		280,500
Sybron Dental Specialties, Inc., 8.13%, 06/15/12		475,000		510,625
Tenet Healthcare Corp., 9.88%, 07/01/14 (b)		475,000		484,500
Universal Hospital Services, Inc., 10.13%, 11/01/11		375,000		384,375
Vanguard Health Systems Co., 9.75%, 08/01/11		1,075,000		1,169,062
VWR International, Inc., 8.00%, 04/15/14 (b)		225,000		230,625
				11,077,499
Industrial — Other (4.1%)
Aearo, Co., 8.25%, 04/15/12 (b)		325,000		333,125
Brand Services, Inc., 12.00%, 10/15/12		725,000		844,625
Eagle-Picher Industries, Inc., 9.75%, 09/01/13		1,125,000		1,215,000
Foamex LP, 9.88%, 06/15/07		450,000		373,500
Foamex LP, 10.75%, 04/01/09		275,000		273,625
Greif Brothers Corp., 8.88%, 08/01/12		525,000		567,000
Hines Nurseries, Inc., 10.25%, 10/01/11		550,000		596,750
Interline Brands, Inc., 11.50%, 05/15/11		750,000		832,500
Milacron Escrow Corp., 11.50%, 05/15/11 (b)		750,000		768,750
Neenah Corp., 11.00%, 09/30/10 (b)		842,000		896,730
Neenah Corp., 13.00%, 09/30/13 (b)		514,185		514,185
Norcross Safety Products, 9.88%, 08/15/11		750,000		806,250
Rexnord Corp., 10.13%, 12/15/12		675,000		745,875
Sensus Metering Systems, 8.63%, 12/15/13 (b)		875,000		844,375
Superior Essex Communications, 9.00%, 04/15/12 (b)		450,000		436,500
Valmont Industries, Inc., 6.88%, 05/01/14 (b)		300,000		295,500
				10,344,290
Lodging (1.8%)
Courtyard By Marriott, 10.75%, 02/01/08		475,000		478,563
Hilton Hotels Corp., 7.63%, 05/15/08		250,000		270,938
Hilton Hotels Corp., 8.25%, 02/15/11		550,000		614,625
Hilton Hotels Corp., 7.63%, 12/01/12		400,000		433,000
HMH Properties, Inc., 7.88%, 08/01/08		481,000		494,228
Royal Caribbean Cruises, 8.00%, 05/15/10		600,000		649,499
Starwood Hotels Resorts, 7.38%, 05/01/07		975,000		1,040,812
Starwood Hotels Resorts, 7.88%, 05/01/12		450,000		482,625
				4,464,290
Media — Cable (2.7%)
Cablevision Systems Corp., 7.88%, 12/15/07		1,200,000		1,254,000
Cablevision Systems Corp., 8.13%, 07/15/09		650,000		679,250
Cablevision Systems Corp., 8.00%, 04/15/12 (b)		775,000		771,125
Charter Communications Holdings Capital Corp., 9.92%, 04/01/11		1,575,000		1,248,188
Charter Communications Holdings Capital Corp., 10.00%, 05/15/11		450,000		357,750
Charter Communications Holdings II, 10.25%, 09/15/10 (b)		1,050,000		1,068,375
Kabel Deutschland Gmbh, 10.63%, 07/01/14 (b)		1,450,000		1,489,875
				6,868,563
Media — Non-Cable (9.1%)
Advanstar Communications, Inc., 10.75%, 08/15/10		200,000		222,000
Advanstar Communications, Inc., 12.00%, 02/15/11		1,075,000		1,150,250
Advanstar, Inc., 15.55%, 10/15/11		425,000		343,188
Affinity Group, Inc., 9.00%, 02/15/12 (b)		425,000		440,406
American Media Operation, Inc., 10.25%, 05/01/09		650,000		672,750
American Media Operation, Inc., 8.88%, 01/15/11		325,000		316,875
Block Communications, Inc., 9.25%, 04/15/09		450,000		473,625
Cadmus Communications Corp., 8.38%, 06/15/14 (b)		300,000		300,750
Dex Media East LLC, 12.13%, 11/15/12		1,500,000		1,758,749
Dex Media West LLC, 9.88%, 08/15/13 (b)		1,600,000		1,759,999
Dex Media, Inc., 9.56%, 11/15/13 (b)		875,000		568,750
DIRECTV Holdings LLC, 8.38%, 03/15/13		1,300,000		1,446,250
Echostar DBS Corp., 10.38%, 10/01/07		800,000		860,000
Echostar DBS Corp., 5.75%, 10/01/08		1,250,000		1,240,625
Houghton Mifflin Co., 13.57%, 10/15/13		500,000		263,750
Inmarsat Finance PLC, 7.63%, 06/30/12 (b)		125,000		122,500
Lamar Media Corp., 7.25%, 01/01/13		700,000		717,500

45

GARTMORE VARIABLE INSURANCE TRUST

FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
CORPORATE BONDS (continued)
Media — Non-Cable (continued)
Liberty Group Ltd., 9.38%, 02/01/08	$	225,000	$	225,000
Lodgenet Entertainment, 9.50%, 06/15/13		550,000		598,125
PanAmSat Corp., 6.38%, 01/15/08		250,000		257,813
PanAmSat Corp., 8.50%, 02/01/12		1,225,000		1,391,906
Quebecor Media, Inc., 6.93%, 07/15/11		425,000		395,250
Quebecor Media, Inc., 11.13%, 07/15/11		500,000		572,500
R.H. Donnelly Finance Corp., 10.88%, 12/15/12 (b)		925,000		1,079,938
Reader’s Digest Association, Inc., 6.50%, 03/01/11		175,000		171,938
Sinclair Broadcast Group, 8.75%, 12/15/11		475,000		509,438
Sinclair Broadcast Group, 8.00%, 03/15/12		350,000		358,750
Sun Media Corp., 7.63%, 02/15/13		425,000		433,500
Vertis, Inc., 9.75%, 04/01/09		250,000		271,250
Vertis, Inc., 10.88%, 06/15/09		1,700,000		1,844,499
XM Satellite Radio, Inc., 8.47%, 12/31/09		570,095		538,740
XM Satellite Radio, Inc., 12.00%, 06/15/10		373,000		428,950
Yell Finance BV, 5.93%, 08/01/11		539,000		509,355
Yell Finance BV, 10.75%, 08/01/11		410,000		480,725
Ziff Davis Media, Inc., 12.00%, 08/12/09		45,947		44,454
				22,770,098
Metals & Mining (1.5%)
California Steel Industries, 6.13%, 03/15/14 (b)		225,000		211,500
Commonwealth Aluminum Co., 10.75%, 10/01/06		225,000		227,250
Imco Recycling, Inc., 10.38%, 10/15/10		850,000		915,874
Ispat Inland ULC, 9.75%, 04/01/14 (b)		475,000		494,000
Republic Technologies International, 0.00%, 07/15/09 (c)(d)(e)(f)		200,000		0
RYERSON TULL, INC., 9.13%, 07/15/06		525,000		551,250
United States Steel Corp., 9.75%, 05/15/10		715,000		791,863
Wise Metals Group LLC, 10.25%, 05/15/12 (b)		475,000		483,313
				3,675,050
Packaging (2.9%)
Berry Plastics Corp., 10.75%, 07/15/12		775,000		864,125
Graham Packaging Co., 4.80%, 01/15/08		500,000		477,500
Graham Packaging Co., 5.02%, 01/15/08		950,000		959,500
Huntsman Packaging Corp., 13.00%, 06/01/10		725,000		656,125
Owens-Brockway Glass Container, 8.88%, 02/15/09		300,000		325,500
Owens-Brockway Glass Container, 7.75%, 05/15/11		475,000		494,000
Owens-Brockway Glass Container, 8.25%, 05/15/13		375,000		388,125
Owens-Illinois, Inc., 8.10%, 05/15/07		825,000		853,875
Owens-Illinois, Inc., 7.35%, 05/15/08		300,000		300,750
Plastipak Holdings, Inc., 10.75%, 09/01/11		400,000		430,000
Pliant Corp., 11.13%, 09/01/09		150,000		162,000
Pliant Corp., 13.00%, 06/01/10		325,000		294,125
Russell Stanley Holdings, Inc., 9.00%, 11/30/08 (b)(c)(d)(f)		33,424		0
Tekni-Plex, Inc., 12.75%, 06/15/10		1,175,000		1,133,875
				7,339,500
Paper (3.6%)
Boise Cascade Co., 6.50%, 11/01/10		100,000		102,250
Boise Cascade Co., 7.00%, 11/01/13		150,000		153,750
Georgia Pacific Corp., 8.13%, 05/15/11		1,025,000		1,132,625
Georgia Pacific Corp., 9.38%, 02/01/13		2,675,000		3,056,187
Graphic Packaging International, 9.50%, 08/15/13		550,000		599,500
Jefferson Smurfit Corp., 8.25%, 10/01/12		450,000		468,000
Jefferson Smurfit Corp., 7.50%, 06/01/13		400,000		397,000
MDP Acquisitions PLC, 9.63%, 10/01/12		400,000		446,000
MDP Acquisitions PLC, 15.50%, 10/01/13		781,333		914,160
Riverside Forest Products, 7.88%, 03/01/14 (b)		475,000		489,250
Stone Container Corp., 9.75%, 02/01/11		600,000		663,000
Tembec Industries, Inc., 8.50%, 02/01/11		575,000		583,625
				9,005,347
Restaurants (0.8%)
Advantica Restaurant Group, Inc., 11.25%, 01/15/08		425,000		408,000
Buffets, Inc., 11.25%, 07/15/10		150,000		159,375
Carrols Corp., 9.50%, 12/01/08		850,000		884,000
Dominos, Inc., 8.25%, 07/01/11		575,000		606,625
				2,058,000
Retailers (3.8%)
Buhrmann US, Inc., 12.25%, 11/01/09		1,050,000		1,160,250
Couche-Tard Financing Co., 7.50%, 12/15/13		700,000		698,250
Finlay Fine Jewerly Corp., 8.38%, 06/01/12 (b)		375,000		391,875
FTD, Inc., 7.75%, 02/15/14		650,000		617,500
General Nutrition Center, 8.50%, 12/01/10 (b)		350,000		364,000

46

GARTMORE VARIABLE INSURANCE TRUST

FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
CORPORATE BONDS (continued)
Retailers (continued)
Lazy Days R.V. Center, Inc., 11.75%, 05/15/12 (b)	$	600,000	$	633,000
Michaels Stores, Inc., 9.25%, 07/01/09		400,000		440,000
PCA International, Inc., 11.88%, 08/01/09		800,000		864,000
Penney (J.C.) Co., Inc., 7.60%, 04/01/07		650,000		705,250
Penney (J.C.) Co., Inc., 9.00%, 08/01/12		929,000		1,100,865
Petro Stopping Centers, 9.00%, 02/15/12 (b)		600,000		597,000
Rite Aid Corp., 8.13%, 05/01/10		875,000		927,500
Rite Aid Corp., 9.50%, 02/15/11		175,000		193,813
Rite Aid Corp., 6.88%, 08/15/13		300,000		279,000
U.S. Office Products Co., 0.00%, 06/15/08 (c)(d)(f)		475,000		0
United Auto Group, Inc., 9.63%, 03/15/12		500,000		550,000
				9,522,303
Services (0.8%)
Brickman Group Ltd. (The), 11.75%, 12/15/09		725,000		837,375
CB Richard Ellis Services, Inc., 9.75%, 05/15/10		275,000		303,875
Language Line, Inc., 11.13%, 06/15/12 (b)		200,000		204,000
Language Line, Inc., 13.54%, 06/15/13 (b)		225,000		118,688
SITEL Corp., 9.25%, 03/15/06		575,000		566,375
				2,030,313
Supermarkets (0.0%)
Jitney-Jungle Stores of America, Inc., 0.00%, 09/15/07 (c)(d)(f)		100,000		0
Technology (3.5%)
Activant Solutions, Inc., 10.50%, 06/15/11		825,000		874,500
AMI Semiconductor, Inc., 10.75%, 02/01/13		548,000		641,845
Da-Lite Screen Co., Inc., 9.50%, 05/15/11 (b)		350,000		364,000
Danka Business Systems, 11.00%, 06/15/10		450,000		468,000
Ingram Micro, Inc., 9.88%, 08/15/08		825,000		909,563
Seagate Technology HDD Holding, 8.00%, 05/15/09		575,000		603,750
Telex Communications, Inc., 11.50%, 10/15/08		450,000		484,875
UGS Corp., 10.00%, 06/01/12 (b)		1,100,000		1,174,250
Unisys Corp., 6.88%, 03/15/10		600,000		621,000
Xerox Corp., 9.75%, 01/15/09		1,500,000		1,717,500
Xerox Corp., 7.63%, 06/15/13		975,000		1,004,250
				8,863,533
Textile (1.2%)
GFSI, Inc., 9.63%, 03/01/07		600,000		579,000
Glenoit Corp., 0.00%, 04/15/07 (c)(d)(f)		125,000		0
Levi Strauss & Co., 11.63%, 01/15/08		100,000		98,500
Levi Strauss & Co., 12.25%, 12/15/12		300,000		295,500
Phillips Van-Heusen Corp., 8.13%, 05/01/13		350,000		368,375
Warnaco Group, Inc., 8.88%, 06/15/13		1,175,000		1,257,250
William Carter Co., 10.88%, 08/15/11		422,000		476,860
				3,075,485
Tobacco (0.6%)
Commonwealth Brands, Inc., 10.63%, 09/01/08 (b)		625,000		670,312
Dimon, Inc., 9.63%, 10/15/11		150,000		152,625
Dimon, Inc., 7.75%, 06/01/13		525,000		489,563
Standard Commercial Corp., 8.00%, 04/15/12 (b)		250,000		245,625
				1,558,125
Transportation (0.8%)
Allied Holdings, Inc., 8.63%, 10/01/07		550,000		492,250
Holt Group, Inc. (The), 0.00%, 01/15/06 (c)(d)(f)		50,000		0
Stena AB, 9.63%, 12/01/12		825,000		917,812
Stena AB, 7.50%, 11/01/13		575,000		570,688
				1,980,750
Utility — Electric (3.2%)
Caithness Coso Funding Corp., 9.05%, 12/15/09		819,060		896,870
Calpine Canada Energy Financing Co., 8.50%, 05/01/08		150,000		102,750
Calpine Corp., 8.50%, 02/15/11		1,175,000		787,250
CMS Energy Corp., 8.90%, 07/15/08		750,000		792,188
CMS Energy Corp., 7.50%, 01/15/09		250,000		250,938
Illinois Power Corp., 11.50%, 12/15/10		1,125,000		1,333,124
Nevada Power Co., 9.00%, 08/15/13		850,000		922,250
Nevada Power Co., 6.50%, 04/15/12 (b)		75,000		71,146
NRG Energy, Inc., 8.00%, 12/15/13 (b)		650,000		661,375
PSEG Energy Holdings, 10.00%, 10/01/09		1,125,000		1,285,313
Reliant Resources, Inc., 9.25%, 07/15/10		375,000		403,125
Reliant Resources, Inc., 9.50%, 07/15/13		525,000		569,625
				8,075,954
Utility — Natural Gas (4.0%)
ANR Pipeline Co., 8.88%, 03/15/10		150,000		164,250
EL Paso Corp., 6.75%, 05/15/09		825,000		748,688
EL Paso Corp., 7.75%, 06/01/13		950,000		881,125
EL Paso Corp., 8.05%, 10/15/30		675,000		553,500
EL Paso Corp., 7.80%, 08/01/31		2,675,000		2,166,749
Pacific Energy Partners, 7.13%, 06/15/14 (b)		500,000		510,000
Semco Energy, Inc., 7.13%, 05/15/08		400,000		412,000

47

GARTMORE VARIABLE INSURANCE TRUST

FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
CORPORATE BONDS (continued)
Utility — Natural Gas (continued)
Tennessee Gas Pipeline, 7.50%, 04/01/17	$	200,000	$	198,000
Tennessee Gas Pipeline, 8.38%, 06/15/32		1,225,000		1,203,563
Transcontinental Gas Pipeline Corp., 7.00%, 08/15/11		150,000		154,688
Transcontinental Gas Pipeline Corp., 8.88%, 07/15/12		350,000		397,250
Williams Cos., Inc. (The), 8.63%, 06/01/10		525,000		578,813
Williams Cos., Inc. (The), 7.63%, 07/15/19		750,000		727,500
Williams Cos., Inc. (The), 7.88%, 09/01/21		1,425,000		1,382,249
				10,078,375
Wireless Communications (1.8%)
American Cellular Corp., 10.00%, 08/01/11		775,000		678,125
NEXTEL Communications, Inc., 9.38%, 11/15/09		1,075,000		1,158,312
NEXTEL Communications, Inc., 7.38%, 08/01/15		1,400,000		1,417,499
Nextel Partners, Inc., 12.50%, 11/15/09		205,000		240,363
Nextel Partners, Inc., 8.13%, 07/01/11		100,000		102,500
Rogers Wireless, Inc., 6.38%, 03/01/14 (b)		625,000		579,688
Triton PCS, Inc., 8.50%, 06/01/13		100,000		95,750
US Unwired, Inc., 10.00%, 06/15/12 (b)		275,000		279,813
				4,552,050
Wireline Communications (3.5%)
Alaska Communications System Holdings, 9.88%, 08/15/11		725,000		757,625
Cincinnati Bell, Inc., 7.25%, 07/15/13		825,000		779,625
Cincinnati Bell, Inc., 8.38%, 01/15/14		625,000		565,625
Eircom Funding, 8.25%, 08/15/13		400,000		420,800
Primus Telecommunication Group, 8.00%, 01/15/14 (b)		275,000		243,375
Qwest Capital Funding, 7.25%, 02/15/11		350,000		302,750
Qwest Corp., 9.13%, 03/15/12 (b)		2,725,000		2,990,688
Qwest Services Corp., 13.50%, 12/15/10 (b)		2,300,000		2,685,250
				8,745,738
Total Corporate Bonds				241,191,500
PREFERRED STOCKS (0.6%)
Healthcare (0.0%)
River Holdings Corp., Series B, PIK, 11.50%, 04/15/03 (c)(d)(f)		975	$	0
Media — Cable (0.0%)
Pegasus Communications, 12.75%		0		9
Media — Non-Cable (0.3%)
Primedia, Inc., Series E, 9.20%, 11/01/09		5,325		473,924
Primedia, Inc., Series H, 8.63%, 04/01/10		3,650		317,550
Ziff Davis Media, Inc., Series E-1, PIK		12		6,000
				797,474
Retailers (0.3%)
General Nutrition Center (b)		725		788,438
Wireline Communications (0.0%)
McLeodUSA, Inc., Series A, 2.50%, 04/18/02		4,671		12,149
Total Preferred Stocks				1,598,070
WARRANTS (0.0%)
Entertainment (0.0%)
AMF Bowling Worldwide, Inc., Class B, expiring 03/09/09		811		284
Industrial — Other (0.0%)
ACP Holding Co., expiring 09/13/13 (b)		96,401		95,436
Media — Non-Cable (0.0%)
Advanstar Holdings Corp., expiring 10/15/11 (c)(d)(f)		150		0
XM Satellite Radio, Inc., expiring 03/15/10 (b)		300		16,500
Ziff Davis Media, Inc., expiring 08/12/12 (c)(d)(f)		2,200		0
				16,500
Metals & Mining (0.0%)
Republic Technologies International, Inc., expiring 07/15/09 (c)(d)(f)		200		0
Packaging (0.0%)
Pliant Corp., expiring 06/01/10 (c)(d)(f)		275		0
Paper (0.0%)
MDP Acquisitions, expiring 10/01/13 (b)		300		1,350
Wireline Communications (0.0%)
McLeodUSA, Inc., expiring 04/16/07		10,348		1,449
Total Warrants				115,019

48

GARTMORE VARIABLE INSURANCE TRUST

FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

	Principal		Value
Security Description
Repurchase Agreements (1.9%)
CS First Boston, 1.48% dated 06/30/04, due 07/01/04, repurchase price $1,957,969 (Fully collateralized by AA Corporate Bonds)	$	1,957,889	$	1,957,889
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $2,901,108 (Fully collateralized by AA Corporate Bonds, Treasury Notes, & U.S. Agency Securities)		2,900,989		2,900,989
Total Repurchase Agreements				4,858,878
Short-Term Securities Held as Collateral for Securities Lending (29.0%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)		72,820,709		72,820,709
Total Short-Term Securities Held as Collateral for Securities Lending				72,820,709
Total Investments (Cost $313,341,516) (a) — 127.5%				320,847,205
Liabilities in excess of other assets — (27.5)%				(69,192,728	)
NET ASSETS — 100.0%			$	251,654,477

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	12,910,572
Unrealized depreciation		(5,404,883	)
Net unrealized appreciation (depreciation)	$	7,505,689

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Represents a restricted security acquired and eligible for resale under Rule 144A, which limits the resale to certain qualified buyers.
(c)	Bond in default.
(d)	Fair Valued Security.
(e)	Security has filed for bankruptcy protection.
(f)	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.

HYTOPS	High Yield Trust Offered Preferred Securities
PIK	Paid-In-Kind

TRAINS Targeted Return Index Securities Trust

See notes to financial statements.

49

GARTMORE VARIABLE INSURANCE TRUST

GVIT EQUITY 500 INDEX FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.3%)
Aerospace & Defense (1.7%)
Boeing Co. (The)		22,062	$	1,127,148
General Dynamics Corp.		5,100		506,430
Goodrich Corp.		3,200		103,456
Lockheed Martin Corp.		11,800		614,544
Northrop Grumman Corp.		9,462		508,109
Raytheon Co.		11,400		407,778
Rockwell Collins, Inc.		4,814		160,402
United Technologies Corp.		13,500		1,234,980
				4,662,847
Agriculture (0.1%)
Monsanto Co.		6,795		261,608
Airlines (0.1%)
Delta Air Lines, Inc. (b)		3,800		27,056
Southwest Airlines Co.		21,150		354,686
				381,742
Apparel (0.3%)
Jones Apparel Group, Inc.		3,200		126,336
Liz Claiborne, Inc.		2,900		104,342
Nike, Inc., Class B		6,900		522,675
Reebok International Ltd.		1,700		61,166
V.F. Corp.		2,800		136,360
				950,879
Auto Parts & Equipment (0.6%)
AutoNation, Inc. (b)		7,300		124,830
AutoZone, Inc. (b)		2,200		176,220
Dana Corp.		4,300		84,280
Delphi Automotive Systems Corp.		14,500		154,860
Genuine Parts Co.		4,500		178,560
Ingersoll Rand Co.		4,500		307,395
Johnson Controls, Inc.		4,900		261,562
Navistar International Corp. (b)		1,700		65,892
PACCAR, Inc.		4,425		256,606
Snap-On, Inc.		1,400		46,970
Visteon Corp.		3,723		43,447
				1,700,622
Automobiles (0.7%)
Ford Motor Co.		48,232		754,830
General Motors Corp.		14,652		682,637
Harley-Davidson, Inc.		7,800		483,132
				1,920,599
Banks (5.5%)
AmSouth Bancorp		9,300		236,871
Bank of America Corp.		53,370		4,516,170
Bank of New York Co., Inc.		20,328		599,269
Bank One Corp.		29,400		1,499,400
BB&T Corp.		14,200		524,974
Bear Stearns Cos., Inc.		2,800		236,068
Charter One Financial, Inc.		5,878		259,749
Fifth Third Bancorp		14,685		789,759
Huntington Bancshares, Inc.		6,010		137,629
KeyCorp.		10,700		319,823
M&T Bank Corp.		3,200		279,360
Mellon Financial Corp.		11,300		331,429
National City Corp.		15,800		553,158
Northern Trust Corp.		5,800		245,224
PNC Bank Corp.		7,100		376,868
Regions Financial Corp.		5,800		211,990
SouthTrust Corp.		8,600		333,766
SunTrust Banks, Inc.		7,500		487,425
Synovus Financial Corp.		8,100		205,092
U.S. Bancorp		49,568		1,366,094
Union Planters Corp.		5,100		152,031
Wachovia Corp.		34,300		1,526,350
Zions Bancorp		2,400		147,480
				15,335,979
Beverages (2.7%)
Adolph Coors Co., Class B		900		65,106
Anheuser-Busch Companies, Inc.		21,043		1,136,322
Brown-Forman Corp., Class B		3,200		154,464
Coca-Cola Co.		63,912		3,226,278
Coca-Cola Enterprises, Inc.		11,900		344,981
Pepsi Bottling Group, Inc. (The)		7,000		213,780
PepsiCo, Inc.		44,730		2,410,052
				7,550,983
Biotechnology (0.2%)
Applera Corp. — Applied Biosystems		5,600		121,800
Group Chiron Corp. (b)		4,900		218,736
Waters Corp. (b)		3,200		152,896
				493,432
Business Services (3.1%)
Apollo Group, Inc. (b)		4,600		406,134
Autodesk, Inc.		2,865		122,651
Automatic Data Processing, Inc.		15,608		653,663
Cintas Corp.		4,500		214,515
Compuware Corp. (b)		10,200		67,320
Convergys Corp. (b)		3,500		53,900
Deluxe Corp.		1,300		56,550
Dow Jones & Company, Inc.		2,100		94,710
eBay, Inc. (b)		16,900		1,553,955
Electronic Data Systems Corp.		12,400		237,460
Equifax, Inc.		3,700		91,575
Exelon Corp.		17,124		570,058
First Data Corp.		22,816		1,015,768
Fiserv, Inc. (b)		5,250		204,173
IMS Health, Inc.		7,253		170,010
Interpublic Group of Cos., Inc. (The) (b)		11,100		152,403
Monster Worldwide, Inc. (b)		2,800		72,016
Moody’s, Corp.		3,954		255,666
Omnicom Group, Inc.		4,900		371,861
Paychex, Inc.		9,850		333,718
Pitney Bowes, Inc.		6,000		265,500
Robert Half International, Inc.		4,300		128,011
Sabre Holdings, Inc.		3,368		93,327
Sungard Data Systems, Inc. (b)		7,700		200,200
Unisys Corp. (b)		8,400		116,592
Yahoo!, Inc. (b)		34,800		1,264,284
				8,766,020

50

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Chemicals & Allied Products (1.4%)
Air Products & Chemicals, Inc.		6,000	$	314,700
Dow Chemical Co.		24,566		999,836
E.I. du Pont de Nemours and Co.		26,200		1,163,804
Eastman Chemical Co.		2,100		97,083
Engelhard Corp.		3,300		106,623
Great Lakes Chemical Corp.		1,500		40,590
Hercules, Inc. (b)		3,200		39,008
Millipore Corp. (b)		1,400		78,918
Occidental Petroleums Corp.		10,100		488,941
Praxair, Inc.		8,400		335,244
Rohm & Haas Co.		6,000		249,480
Sigma Aldrich Corp.		1,800		107,298
				4,021,525
Computers (9.8%)
Adobe Systems, Inc.		6,300		292,950
Affiliated Computer Services, Inc. Class A (b)		3,600		190,584
American Power Conversion Corp.		5,200		102,180
Apple Computer, Inc. (b)		9,800		318,892
Avaya, Inc. (b)		11,366		179,469
BMC Software, Inc. (b)		5,700		105,450
Cisco Systems, Inc. (b)		176,957		4,193,881
Citrix Systems, Inc. (b)		4,600		93,656
Computer Associates International, Inc.		15,200		426,512
Computer Sciences Corp. (b)		5,000		232,150
Dell Computer Corp. (b)		66,000		2,364,120
EMC Corp. (b)		62,900		717,060
Gateway, Inc. (b)		9,900		44,550
Hewlett Packard Co.		80,100		1,690,110
International Business Machines Corp.		44,117		3,888,914
Intuit, Inc. (b)		5,200		200,616
Lexmark International, Inc. (b)		3,400		328,202
Mercury Interactive Corp. (b)		2,500		124,575
Microsoft Corp.		282,540		8,069,342
NCR Corp. (b)		2,400		119,016
Network Appliance, Inc. (b)		9,200		198,076
Novell, Inc. (b)		10,200		85,578
NVIDIA Corp. (b)		4,500		92,250
Oracle Corp. (b)		136,008		1,622,575
Parametric Technology Corp. (b)		7,100		35,500
PeopleSoft, Inc. (b)		9,700		179,450
Siebel Systems, Inc. (b)		13,500		144,180
Sun Microsystems, Inc. (b)		87,356		379,125
Symantec Corp. (b)		8,100		354,618
Symbol Technologies, Inc.		5,600		82,544
VERITAS Software Corp. (b)		11,100		307,470
				27,163,595
Conglomerates (1.0%)
Illinois Tool Works, Inc.		8,100		776,709
ITT Industries, Inc.		2,500		207,500
Tyco International Ltd.		52,356		1,735,078
				2,719,287
Construction & Building Materials (0.8%)
Caterpillar, Inc.		9,000		714,959
Centex Corp.		3,200		146,400
Deere & Co.		6,400		448,896
Fluor Corp.		2,300		109,641
KB Home		1,200		82,356
Masco Corp.		11,481		357,978
Pulte Corp.		3,400		176,902
Sherwin Williams Co.		3,700		153,735
Vulcan Materials Co.		2,792		132,760
				2,323,627
Consumer Products (3.2%)
Alberto Culver Co., Class B		2,250		112,815
Avon Products, Inc.		12,200		562,908
Black & Decker Corp.		2,000		124,260
Clorox Co. (The)		5,599		301,114
Colgate-Palmolive Co.		14,061		821,865
Danaher Corp.		8,200		425,170
Ecolab, Inc.		6,600		209,220
Fortune Brands, Inc.		3,800		286,634
Gillette Co. (The)		26,400		1,119,360
International Flavor and Fragrances, Inc.		2,500		93,500
Kimberly-Clark Corp.		13,100		863,028
Leggett & Platt, Inc.		5,200		138,892
Maytag Corp.		2,100		51,471
Pall Corp.		3,400		89,046
Procter & Gamble Co.		67,242		3,660,655
Whirlpool Corp.		1,800		123,480
				8,983,418
Containers (0.2%)
Ball Corp.		1,500		108,075
Bemis Co., Inc.		2,800		79,100
Newell Rubbermaid, Inc.		6,900		162,150
Sealed Air Corp. (b)		2,200		117,194
				466,519
Drugs (5.6%)
Amerisource Bergen Corp.		2,954		176,590
Biogen, Inc. (b)		8,639		546,417
Eli Lilly & Co.		29,370		2,053,257
Express Scripts, Inc. (b)		2,100		166,383
Forest Laboratories, Inc. (b)		9,600		543,648
Genzyme Corp. (b)		6,000		283,980
Medimmune, Inc. (b)		6,709		156,991
Merck & Co., Inc.		58,164		2,762,790
Mylan Laboratories, Inc.		6,800		137,700
Pfizer, Inc.		199,561		6,840,950
Schering Plough Corp.		38,900		718,872
Wyeth		34,700		1,254,752
				15,642,330
Electrical Equipment (3.6%)
Cooper Industries Ltd., Class A		2,515		149,416
Eaton Corp.		4,000		258,960
Emerson Electric Co.		11,000		699,050
General Electric Co.		276,248		8,950,435
Grainger (W.W.), Inc.		2,300		132,250
				10,190,111

51

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Electronics (2.9%)
Agilent Technologies, Inc. (b)		12,537	$	367,083
Altera Corp. (b)		10,000		222,200
Broadcom Corp., Class A (b)		8,000		374,160
Intel Corp.		169,273		4,671,935
Molex, Inc.		5,125		164,410
RadioShack Corp.		4,500		128,835
Rockwell International Corp.		5,000		187,550
Sanmina Corp. (b)		14,000		127,400
Solectron Corp. (b)		24,000		155,280
Tektronix, Inc.		2,100		71,442
Teradyne, Inc. (b)		4,800		108,960
Texas Instruments, Inc.		45,500		1,100,190
Thomas & Betts Corp.		1,700		46,291
Xilinx, Inc.		9,200		306,452
				8,032,188
Entertainment (0.8%)
Electronic Arts, Inc. (b)		7,700		420,035
International Game Technology		9,200		355,120
Walt Disney Co. (The)		53,500		1,363,715
				2,138,870
Financial Services (9.6%)
AMBAC Financial Group, Inc.		2,850		209,304
American Express Co.		33,400		1,716,092
Capital One Financial Corp.		6,100		417,118
Charles Schwab Corp.		34,950		335,870
Citigroup, Inc.		135,354		6,293,960
Comerica, Inc.		4,600		252,448
Countrywide Credit Industries, Inc.		7,150		502,288
E*TRADE Financial Corp. (b)		9,700		108,155
Fannie Mae		25,386		1,811,545
Federated Investors, Inc.		2,600		78,884
First Horizon National Corp.		3,400		154,598
Franklin Resources, Inc.		6,400		320,512
Freddie Mac		18,000		1,139,400
Golden West Financial Corp.		4,000		425,400
Goldman Sachs Group, Inc.		12,600		1,186,416
H&R Block, Inc.		4,700		224,096
J.P. Morgan Chase & Co.		54,493		2,112,693
Janus Capital Group, Inc.		6,200		102,238
Lehman Brothers Holdings, Inc.		7,267		546,842
Marshall & Ilsley Corp.		6,000		234,540
MBNA Corp.		33,250		857,518
Merrill Lynch & Co.		25,200		1,360,296
Morgan Stanley Dean Witter & Co.		28,700		1,514,499
North Fork Bancorp, Inc.		4,300		163,615
Providian Financial Corp. (b)		7,400		108,558
SLM Corp.		11,700		473,265
State Street Corp.		8,900		436,456
T. Rowe Price Group, Inc.		3,300		166,320
Washington Mutual, Inc.		22,615		873,844
Wells Fargo Co.		44,159		2,527,219
				26,653,989
Food & Related (2.4%)
Altria Group, Inc.		53,600		2,682,680
Archer-Daniels Midland Co.		16,937		284,203
Campbell Soup Co.		10,900		292,992
ConAgra, Inc.		13,800		373,704
General Mills, Inc.		9,900		470,547
H.J. Heinz Co.		9,300		364,560
Hershey Foods Corp.		6,800		314,636
Kellogg Co.		10,900		456,165
McCormick & Co.		3,600		122,400
Sara Lee Corp.		21,029		483,457
SYSCO Corp.		16,700		599,029
Wrigley (WM) Jr. Co.		5,900		371,995
				6,816,368
Healthcare (5.6%)
Abbott Laboratories		40,967		1,669,815
Allergan, Inc.		3,500		313,320
Bausch & Lomb, Inc.		1,300		84,591
Baxter International, Inc.		16,100		555,611
Becton Dickinson & Co.		6,700		347,060
Bristol-Myers Squibb Co.		51,062		1,251,019
Cardinal Health, Inc.		11,353		795,278
Guidant Corp.		8,000		447,040
HCA, Inc.		12,900		536,511
Health Management Associates, Inc., Class A		6,100		136,762
Humana, Inc. (b)		4,100		69,290
Johnson & Johnson Co.		77,811		4,334,072
King Pharmaceuticals, Inc. (b)		6,133		70,223
McKesson HBOC, Inc.		7,700		264,341
Medco Health Solutions, Inc. (b)		6,948		260,550
Medtronic, Inc.		31,900		1,554,168
Quest Diagnostics, Inc.		2,700		229,365
St. Jude Medical, Inc. (b)		4,600		347,990
Stryker Corp.		10,400		572,000
Tenet Healthcare Corp. (b)		11,700		156,897
UnitedHealth Group, Inc.		16,122		1,003,595
Watson Pharmaceutical, Inc. (b)		2,800		75,320
Wellpoint Health Networks, Inc. (b)		4,100		459,241
				15,534,059
Hotels & Motels (0.5%)
Cendant Corp.		26,100		638,928
Harrah’s Entertainment, Inc.		3,000		162,300
Hilton Hotels Corp.		9,600		179,136
Marriott International, Inc., Class A		6,100		304,268
Starwood Hotels & Resorts Worldwide, Inc.		5,300		237,705
				1,522,337
Industrial Diversified (0.1%)
Parker Hannifin Corp.		3,200		190,272
Thermo Electron Corp. (b)		4,500		138,330
				328,602
Insurance (4.9%)
ACE Ltd.		7,412		313,379
Aetna, Inc.		4,000		340,000
AFLAC, Inc.		13,500		550,935
Allstate Corp. (The)		18,300		851,865
American International Group, Inc.		68,368		4,873,272

52

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
AON Corp.		8,300	$	236,301
Chubb Corp. (The)		5,000		340,900
CIGNA Corp.		3,600		247,716
Cincinnati Financial Corp.		4,320		188,006
Hartford Financial Services Group, Inc		7,600		522,424
Jefferson-Pilot Corp.		3,681		186,995
Lincoln National Corp.		4,700		222,075
Loews Corp.		4,767		285,829
Marsh & McLennan Cos., Inc.		13,900		630,782
MBIA, Inc.		3,750		214,200
MetLife, Inc.		19,800		709,830
MGIC Investment Corp.		2,600		197,236
Principal Financial Group, Inc.		8,300		288,674
Progressive Corp. (The)		5,600		477,680
Prudential Financial, Inc.		13,800		641,286
SAFECO Corp.		3,700		162,800
St. Paul Cos., Inc.		17,465		708,031
Torchmark Corp.		2,800		150,640
UnumProvident Corp.		7,400		117,660
XL Capital Ltd., Class A		3,600		271,656
				13,730,172
Leisure Products (0.4%)
Brunswick Corp.		2,300		93,840
Carnival Corp.		16,400		770,800
Hasbro, Inc.		4,400		83,600
Mattel, Inc.		11,200		204,400
				1,152,640
Manufacturing (1.4%)
3M Co.		20,438		1,839,624
American Standard Cos., Inc. (b)		5,700		229,767
Crane Co.		1,400		43,946
Cummins, Inc.		1,100		68,750
Dover Corp.		5,400		227,340
Honeywell International, Inc.		22,300		816,849
Power-One, Inc. (b)		2,300		25,254
PPG Industries, Inc.		4,600		287,454
Stanley Works (The)		2,000		91,160
Textron, Inc.		3,600		213,660
				3,843,804
Medical & Medical Services (1.0%)
Amgen Corp. (b)		33,232		1,813,469
Anthem, Inc. (b)		3,600		322,416
Caremark Rx, Inc. (b)		11,841		390,043
Hospira Inc. (b)		4,136		114,154
Manor Care, Inc.		2,200		71,896
				2,711,978
Medical Equipment & Supplies (0.7%)
Bard (C.R.), Inc.		2,800		158,620
Biomet, Inc.		6,751		300,014
Boston Scientific Corp. (b)		21,600		924,481
PerkinElmer, Inc.		3,500		70,140
Zimmer Holdings, Inc. (b)		6,226		549,133
				2,002,388
Metals & Mining (0.5%)
Alcoa, Inc.		22,640		747,799
Freeport-McMoRan Copper & Gold, Inc.		4,400		145,860
Newmont Mining Corp.		11,458		444,112
Phelps Dodge Corp.		2,400		186,024
				1,523,795
Multimedia (2.1%)
Clear Channel Communications, Inc.		16,300		602,285
Comcast Corp., Class A (b)		58,648		1,643,903
Time Warner, Inc. (b)		118,821		2,088,874
Viacom, Inc., Class B		45,335		1,619,366
				5,954,428
Office Equipment & Supplies (0.2%)
Avery Dennison Corp.		3,000		192,030
Xerox Corp. (b)		21,200		307,400
				499,430
Oil & Gas (5.9%)
Amerada Hess Corp.		2,300		182,137
Anadarko Petroleum Corp.		6,449		377,911
Apache Corp.		8,598		374,443
Ashland, Inc.		1,700		89,777
Baker Hughes, Inc.		8,600		323,790
BJ Services Co. (b)		4,300		197,112
ChevronTexaco Corp.		27,990		2,634,139
ConocoPhillips		17,866		1,362,997
Devon Energy Corp.		6,100		402,600
El Paso Corp.		16,377		129,051
EOG Resources, Inc.		3,100		185,101
Exxon Mobil Corp.		171,154		7,600,949
KeySpan Corp.		4,200		154,140
Kinder Morgan, Inc.		3,300		195,657
Marathon Oil Corp.		8,700		329,208
Nabors Industries Ltd. (b)		3,800		171,836
NICOR, Inc.		1,300		44,161
Noble Corp. (b)		3,600		136,404
People’s Energy Corp.		1,100		46,365
Sempra Energy		5,807		199,935
Sunoco, Inc.		2,100		133,602
Transocean Sedco Forex, Inc. (b)		8,500		245,990
Unocal Corp.		6,600		250,800
Valero Energy Corp.		3,300		243,408
Williams Cos., Inc. (The)		13,600		161,840
				16,173,353
Oil Equipment & Services (0.7%)
Burlington Resources, Inc.		10,200		369,036
Dynegy, Inc., Class A (b)		10,900		46,434
Halliburton Co.		11,300		341,938
Kerr-Mcgee Corp.		3,900		209,703
Rowan Cos., Inc. (b)		2,400		58,392
Schlumberger Ltd.		15,390		977,419
				2,002,922
Paper & Forest Products (0.6%)
Boise Cascade Corp.		2,100		79,044
Georgia-Pacific Corp.		6,790		251,094

53

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Paper & Forest Products (continued)
International Paper Co.		12,421	$	555,219
Louisiana-Pacific Corp.		2,500		59,125
MeadWestvaco Corp.		5,407		158,912
Pactiv Corp. (b)		4,200		104,748
Temple Inland, Inc.		1,500		103,875
Weyerhaeuser Co.		6,000		378,720
				1,690,737
Photography Equipment & Supplies (0.1%)
Eastman Kodak Co.		7,600		205,048
Printing & Publishing (0.7%)
Donnelley (R.R.) & Sons Co.		5,700		188,214
Gannett Co., Inc.		7,000		593,950
Knight-Ridder, Inc.		2,000		144,000
McGraw-Hill Cos., Inc. (The)		5,100		390,507
Meredith Corp.		1,200		65,952
New York Times Co., Class A		3,900		174,369
Tribune Co.		8,664		394,559
				1,951,551
Railroads (0.4%)
Burlington Northern Santa Fe Corp.		9,800		343,686
CSX Corp.		5,700		186,789
Norfolk Southern Corp.		10,500		278,460
Union Pacific Corp.		6,700		398,315
				1,207,250
Real Estate Investment Trusts (0.4%)
Apartment Investment & Management Co.		2,600		80,938
Equity Office Properties Trust		10,300		280,160
Equity Residential Property Trust		7,500		222,975
Plum Creek Timber Co, Inc.		4,824		157,166
ProLogis Trust		4,900		161,308
Simon Property Group, Inc.		5,200		267,384
				1,169,931
Restaurants (0.5%)
Darden Restaurants, Inc.		4,450		91,448
McDonald’s Corp.		33,300		865,800
Wendy’s International, Inc.		3,000		104,520
YUM! Brands, Inc. (b)		7,800		290,316
				1,352,084
Retail (6.5%)
Albertson’s, Inc.		9,559		253,696
Bed Bath & Beyond, Inc. (b)		7,800		299,910
Best Buy Co., Inc.		8,550		433,827
Big Lots, Inc. (b)		3,200		46,272
Circuit City Stores, Inc.		5,600		72,520
Costco Wholesale Corp.		11,900		488,733
CVS Corp.		10,254		430,873
Dillards, Inc., Class A		2,300		51,290
Dollar General Corp.		8,875		173,595
Family Dollar Stores, Inc.		4,500		136,890
Federated Department Stores, Inc.		4,700		230,770
Gap, Inc. (The)		23,200		562,600
Home Depot, Inc.		58,182		2,048,006
Kohl’s Corp. (b)		8,800		372,064
Kroger Co. (b)		19,900		362,180
Limited, Inc. (The)		12,571		235,078
Lowe’s Companies, Inc.		20,686		1,087,049
May Department Stores Co. (The)		7,600		208,924
Nordstrom, Inc.		3,500		149,135
Office Depot, Inc. (b)		8,100		145,071
Penney (J.C.) Co., Inc.		7,000		264,320
Safeway, Inc. (b)		11,800		299,012
Sears, Roebuck & Co.		5,600		211,456
Staples, Inc.		13,100		383,961
Starbucks Corp. (b)		10,400		452,192
Supervalu, Inc.		3,400		104,074
Target Corp.		23,916		1,015,713
Tiffany & Co.		3,900		143,715
TJX Cos., Inc.		12,900		311,406
Toys “R” Us, Inc. (b)		5,700		91,086
Wal-Mart Stores, Inc.		112,288		5,924,315
Walgreen Co.		26,800		970,428
Winn-Dixie Stores, Inc.		3,700		26,640
				17,986,801
Semiconductors (1.2%)
Advanced Micro Devices, Inc. (b)		9,000		143,100
Analog Devices, Inc.		9,800		461,384
Applied Materials, Inc. (b)		44,300		869,166
Applied Micro Circuits Corp. (b)		9,200		48,944
Jabil Circuit, Inc. (b)		5,200		130,936
KLA-Tencor Corp. (b)		5,200		256,776
Linear Technology Corp.		8,300		327,601
LSI Logic Corp. (b)		9,700		73,914
Maxim Integrated Products, Inc.		8,400		440,328
Micron Technology, Inc. (b)		16,100		246,491
National Semiconductor Corp. (b)		9,600		211,104
Novellus Systems, Inc. (b)		4,100		128,904
PMC-Sierra, Inc. (b)		4,600		66,010
QLogic Corp. (b)		2,600		69,134
				3,473,792
Steel (0.1%)
Allegheny Teledyne, Inc.		2,100		37,905
Nucor Corp.		2,000		153,520
United States Steel Corp.		2,900		101,848
Worthington Industries, Inc.		2,300		47,219
				340,492
Telecommunications (5.0%)
ADC Telecommunications, Inc. (b)		21,400		60,776
ALLTEL Corp.		8,100		410,022
Andrew Corp. (b)		3,700		74,037
AT&T Corp.		21,062		308,137
AT&T Wireless Services, Inc. (b)		71,515		1,024,095
BellSouth Corp.		48,000		1,258,560
CenturyTel, Inc.		3,900		117,156
CIENA Corp. (b)		16,939		63,013
Citizens Communications Co. (b)		7,600		91,960
Comverse Technology, Inc. (b)		5,300		105,682
Corning, Inc. (b)		35,200		459,712
JDS Uniphase Corp. (b)		39,300		148,947

54

GARTMORE VARIABLE INSURANCE TRUST

GVIT EQUITY 500 INDEX FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Telecommunications (continued)
Lucent Technologies, Inc. (b)		113,100	$	427,518
Motorola, Inc.		61,200		1,116,900
Nextel Communications, Inc. (b)		28,500		759,810
QUALCOMM, Inc.		21,100		1,539,878
Qwest Communications International, Inc. (b)		47,323		169,890
SBC Communications, Inc.		86,358		2,094,182
Scientific-Atlanta, Inc.		3,900		134,550
Sprint Corp.		37,250		655,600
Tellabs, Inc. (b)		11,000		96,140
Univision Communications, Inc., Class A (b)		8,300		265,019
Verizon Communications, Inc.		72,302		2,616,608
				13,998,192
Tire & Rubber (0.0%)
Cooper Tire & Rubber Co.		1,800		41,400
Goodyear Tire & Rubber Co. (b)		4,800		43,632
				85,032
Tobacco (0.1%)
R.J. Reynolds Tobacco		2,200		148,698
UST, Inc.		4,400		158,400
				307,098
Trucking (1.0%)
FedEx Corp.		7,800		637,182
Ryder System, Inc.		1,500		60,105
United Parcel Service, Inc., Class B		29,500		2,217,515
				2,914,802
Utilities (2.3%)
AES Corp. (The) (b)		17,000		168,810
Allegheny Energy, Inc. (b)		3,800		58,558
Ameren Corp.		4,800		206,208
American Electric Power Co., Inc.		10,560		337,920
Calpine Corp. (b)		10,600		45,792
Centerpoint Energy, Inc.		7,600		87,400
Cinergy Corp.		4,600		174,800
CMS Energy Corp. (b)		4,000		36,520
Consolidated Edison, Inc.		6,100		242,536
Constellation Energy Group, Inc.		4,500		170,550
Dominion Resources, Inc.		8,600		542,488
DTE Energy Co.		4,300		174,322
Duke Energy Corp.		23,800		482,902
Edison International		8,800		225,016
Entergy Corp.		6,100		341,661
FirstEnergy Corp.		8,586		321,202
FPL Group, Inc.		4,900		313,355
NiSource, Inc.		6,664		137,412
PG&E Corp. (b)		11,100		310,134
Pinnacle West Capital Corp.		2,400		96,936
PPL Corp.		4,600		211,140
Progress Energy, Inc.		6,326		278,660
Public Service Enterprise Group, Inc.		6,200		248,186
Southern Co.		19,000		553,850
TECO Energy, Inc.		4,500		53,955
TXU Corp.		8,400		340,284
Xcel Energy, Inc.		10,680		178,463
				6,339,060
Waste Management (0.2%)
Allied Waste Industries, Inc. (b)		8,000		105,440
Waste Management, Inc.		15,100		462,815
				568,255
Total Common Stocks				277,746,571

Security Description	Principal		Value
Repurchase Agreements (0.4%)
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $492,926 (Fully collateralized by AA Rated Corporate Bonds)	$	492,906	$	492,906
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $730,364 (Fully collateralized by AA Rated Corporate Bonds & U.S. Agency Securities)		730,334		730,334
Total Repurchase Agreements				1,223,240
Short-Term Securities Held as Collateral for Securities Lending (1.8%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)		4,897,985		4,897,985
Total Short-Term Securities Held as Collateral for Securities Lending				4,897,985
Total Investments (Cost $319,941,758) (a) — 101.5%				283,867,796
Liabilities in access of other assets — 1.5%				(4,260,056	)
NET ASSETS — 100.0%			$	279,607,740

(a)  Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	41,232,313
Unrealized depreciation		(77,306,275	)
Net unrealized appreciation (depreciation)	$	(36,073,962	)

Aggregate cost for federal income tax purposes is substantially the same.

(b)  Denotes a non-income producing security.

At June 30, 2004, the Fund’s open futures contracts were as follows:

					Market
					Value
Number of					Covered by		Appreciation
Contracts		Contracts*	Expiration		Contracts		(Depreciation)
Long Contracts:
	8	S&P 500 Futures		09/17/04	$	2,280,800	$	11,983

*  Cash pledged as collateral.

See notes to financial statements.

55

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VAN KAMPEN GVIT MULTI-SECTOR BOND FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Principal		Value
CORPORATE BONDS (35.4%)
Advertising (0.5%)
Advanstar Communications, Inc., 8.68%, 08/15/08 (e)	$	297,750	$	311,894
Advanstar Communications, Inc., Series B, 12.00%, 02/15/11		90,000		95,850
Interep National Radio Sales, Inc., 10.00%, 07/01/08		250,000		207,500
WPP Finance (UK) Corp., 5.88%, 06/15/14 (c)		260,000		261,065
WPP Group, PLC, 6.00%, 06/18/08 (EUR)		120,000		156,542
				1,032,851
Aerospace/ Defense (0.3%)
Dunlop Stand Aero Holdings, 11.88%, 05/15/09 (c)		120,000		127,500
Lockheed Martin, 8.50%, 12/01/29		65,000		81,533
Raytheon Co., 8.30%, 03/01/10		120,000		140,760
Raytheon Co., 4.85%, 01/15/11		20,000		19,850
Systems 2001 Asset Trust, 6.66%, 09/15/13 (c)		330,678		356,627
				726,270
Airlines (0.2%)
Continental Airlines, Inc., 6.90%, 01/02/18		308,159		289,601
Continental Airlines, Inc. Series 991A, 6.65%, 03/15/19		76,657		71,547
Continental Airlines, Inc. Series 991A, 6.55%, 02/02/19		97,082		90,843
				451,991
Auto Parts & Equipment (0.2%)
Tenneco Automotive, Inc. Series B, 11.63%, 10/15/09		185,000		198,875
TRW Automotive, Inc., 9.38%, 02/15/13		236,000		266,090
				464,965
Automotive (0.5%)
Autonation, Inc., 9.00%, 08/01/08		250,000		282,500
DaimlerChrysler NA Holdings, 7.30%, 01/15/12		425,000		463,869
General Motors Corp., 8.38%, 07/05/33 (EUR)		180,000		241,313
Sonic Automotive Inc., Series B, 8.63%, 08/15/13		210,000		218,925
				1,206,607
Banking (0.7%)
Bank One Corp., 6.00%, 02/17/09		95,000		100,974
Chase Manhattan Corp., 7.00%, 11/15/09		240,000		266,466
Deutsche Bank AG, 5.13%, 01/31/13 (EUR)		80,000		100,330
JP Morgan Chase & Co., 5.35%, 03/01/07		140,000		146,730
KFW International Finance, 2.05%, 09/21/09 (JPY)		94,000,000		904,455
				1,518,955
Brewery (0.1%)
Miller Brewing Co., 4.25%, 08/15/08 (c)		140,000		139,317
Broadcast Media (0.7%)
Clear Channel Communications, 7.65%, 09/15/10		90,000		101,394
EchoStar DBS Corp., 9.13%, 01/15/09		286,000		313,528
EchoStar DBS Corp., 6.38%, 10/01/11 (c)		200,000		197,000
Granite Broadcasting Corp., 9.75%, 12/01/10 (c)		85,000		79,050
News America, Inc., 7.30%, 04/30/28		105,000		113,861
Pegasus Communications, Corp., 12.38%, 08/01/06		200,000		97,000
Salem Communications Holding Corp., 9.00%, 07/01/11		194,000		210,490
TV Azteca SA, Series B, 10.50%, 02/15/07		380,000		387,599
				1,499,922
Business Services (0.5%)
Adecco Financial Services, 6.00%, 03/15/06 (EUR)		100,000		125,741
Electronic Data Systems, 7.13%, 10/15/09		40,000		41,859
Electronic Data Systems, Series B, 6.00%, 08/01/13		170,000		162,365
Iron Mountain, Inc., 8.63%, 04/01/13		195,000		206,700
Iron Mountain, Inc., 7.75%, 01/15/15		100,000		99,250
Iron Mountain, Inc., 6.63%, 01/01/16		90,000		81,900
Muzak, LLC, 10.00%, 02/15/09		215,000		189,200
Muzak, LLC, 9.88%, 03/15/09		110,000		84,700
Veolia Environnement, 5.88%, 06/27/08 (EUR)		100,000		130,420
				1,122,135
Cable (1.1%)
Avalon Cable, LLC, 6.28%, 12/01/08		85,078		90,183
Cablevision Systems Corp, 5.66%, 04/01/09 (c)(e)		65,000		66,625
Charter Communications, LLC, 9.63%, 11/15/09		365,000		295,650
Charter Communications, LLC, Series B, 10.25%, 01/15/10		140,000		115,500
Comcast Cable Communication, Inc., 6.75%, 01/30/11		300,000		323,725
CSC Holdings, Inc., 8.13%, 07/15/09		325,000		338,000
DIRECTV Holdings, 8.38%, 03/15/13		205,000		226,781
General Cable Corp., 9.50%, 11/15/10		100,000		107,500
Kabel Deutschland GMBH, 10.63%, 07/01/14 (c)		180,000		184,950
Renaissance Media Group, 10.00%, 04/15/08		120,000		123,600

56

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
CORPORATE BONDS (continued)
Cable (continued)
TCI Communications, Inc., 7.88%, 02/15/26	$	155,000	$	174,924
Telenet Group Holdings NV, 10.87%, 06/15/14		640,000		406,400
				2,453,838
Chemicals/ Plastics (1.3%)
Ashland, Inc., 7.83%, 08/15/05		200,000		209,451
Avecia Group, PLC, 11.00%, 07/01/09		125,000		95,000
Equistar Chemical, 10.13%, 09/01/08		330,000		361,350
FMC Corp., 10.25%, 11/01/09		125,000		143,750
Huntsman Corp., 10.13%, 07/01/09		320,000		326,400
ICI Wilmington, 4.38%, 12/01/08		115,000		112,808
ISP, Inc., 10.63%, 12/15/09		350,000		385,001
JohnsonDiversey, Inc., 9.63%, 05/15/12		180,000		196,200
Millennium America, Inc., 9.25%, 06/15/08		260,000		279,500
Nalco Co., 7.75%, 11/15/11 (c)		250,000		261,875
Rhodia SA, 8.88%, 06/01/11 (c)		250,000		211,250
Rockwood Specialities Group, 10.63%, 05/15/11		235,000		250,275
Syngenta Luxembourg Finance, 5.50%, 07/10/06 (EUR)		100,000		127,343
Westlake Chemical Corp., 8.75%, 07/15/11		95,000		103,075
				3,063,278
Construction & Building Materials (0.5%)
Associated Materials, Inc., 9.69%, 03/01/14 (c)		485,000		324,950
D.R. Horton, Inc., 6.88%, 05/01/13		135,000		137,700
Kennametal, Inc., 7.20%, 06/15/12		150,000		158,643
Schuler Homes, 9.38%, 07/15/09		100,000		109,750
Technical Olympic USA, Inc., 9.00%, 07/01/10		200,000		205,000
Technical Olympic USA, Inc., 10.38%, 07/01/12		280,000		291,900
				1,227,943
Consumer Products (0.1%)
Amscan Holdings Inc, 8.75%, 05/01/14 (c)		135,000		132,638
Prestige Brands, Inc., 9.25%, 04/15/12 (c)		190,000		182,400
				315,038
Distribution/ Wholesale (0.3%)
Buhrmann US, Inc., 12.25%, 11/01/09		190,000		208,163
Buhrmann US, Inc., 8.25%, 07/01/14 (c)		250,000		249,375
Nebraska Book Co., 8.63%, 03/15/12		190,000		186,200
				643,738
Diversified (0.0%)
Hutchison Whampoa Ltd., 5.88%, 07/08/13 (EUR)		45,000		55,488
Murrin Murrin Holdings, 9.38%, 08/31/07 (f)(g)(i)		125,000		0
Tyco International Group SA, 6.13%, 04/04/07 (EUR)		40,000		51,781
				107,269
Electronics (0.0%)
Avnet, Inc., 9.75%, 02/15/08		50,000		56,750
Entertainment (0.3%)
Cinemark, Inc., 9.48%, 03/15/14 (c)		295,000		192,488
Horseshoe Gaming Holdings, 8.63%, 05/15/09		550,000		573,375
				765,863
Environmental Controls (0.7%)
Allied Waste North America, Inc., 8.88%, 04/01/08		575,000		629,626
Allied Waste North America, Inc., 6.50%, 11/15/10 (c)		40,000		39,600
Allied Waste North America, Inc., Series B, 8.50%, 12/01/08		100,000		109,375
Republic Services, Inc., 6.75%, 08/15/11		280,000		306,309
Waste Management, Inc., 7.13%, 10/01/07		450,000		493,598
Waste Management, Inc., 6.88%, 05/15/09		60,000		65,878
Waste Management, Inc., 5.00%, 03/15/14		45,000		42,771
				1,687,157
Financial Services (4.8%)
AIG SunAmerica Global Finance, 6.30%, 05/10/11 (c)		355,000		381,312
AXA Financial, Inc., 7.75%, 08/01/10		460,000		527,516
Bombardier Capital, 6.13%, 05/14/07 (EUR)		60,000		70,225
Chase Funding Mortgage Loan, 1.44%, 11/25/18 (e)		636,699		636,631
Chase Manhattan Auto Owner Trust, 1.45%, 10/15/06		800,000		796,577
Cit Group, Inc., 7.38%, 04/02/07		120,000		131,284
Citigroup, Inc., 6.00%, 02/21/12		285,000		302,175
Citigroup, Inc., 5.63%, 08/27/12		50,000		51,396
Citigroup, Inc., 6.63%, 06/15/32		50,000		51,785
Countrywide Home Loans, Inc., 3.25%, 05/21/08		220,000		211,629
Farmers Exchange Capital, 7.05%, 07/15/28 (c)		285,000		273,530
Ford Motor Credit Co., 7.38%, 10/28/09		70,000		74,706
Ford Motor Credit Co., 7.25%, 10/25/11		435,000		454,267
General Electric Capital Corp., 4.25%, 12/01/10		100,000		97,220

57

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
CORPORATE BONDS (continued)
Financial Services (continued)
General Electric Capital Corp., 6.75%, 03/15/32	$	220,000	$	236,503
General Motors Acceptance Corp., 4.50%, 07/15/06		175,000		176,867
General Motors Acceptance Corp., 6.88%, 09/15/11		395,000		404,992
General Motors Acceptance Corp., 8.00%, 11/01/31		310,000		317,622
Global Cash Acc/ Finance, 8.75%, 03/15/12 (c)		200,000		208,000
Goldman Sachs Group, Inc., 6.50%, 10/06/10 (EUR)		150,000		203,425
Goldman Sachs Group, Inc., 6.88%, 01/15/11		75,000		82,333
Goldman Sachs Group, Inc., 6.60%, 01/15/12		145,000		156,033
Goldman Sachs Group, Inc., 5.25%, 10/15/13		170,000		165,067
Household Finance Corp., 6.40%, 06/17/08		150,000		161,359
Household Finance Corp., 6.50%, 05/05/09 (EUR)		140,000		188,774
Household Finance Corp., 8.00%, 07/15/10		250,000		290,099
John Hancock Global Funding, 7.90%, 07/02/10 (c)		155,000		179,564
JSG Funding, PLC, 10.13%, 10/01/12 (EUR)		200,000		262,796
KFW International Finance, 6.25%, 07/15/05 (AUD)		800,000		561,529
Mantis Reef, Ltd., 4.69%, 11/14/08 (c)		425,000		419,761
MBNA Corp., 6.13%, 03/01/13		255,000		263,354
Merrill Lynch & Co., 6.00%, 11/15/04		30,000		30,444
Prudential Holdings, LLC, 7.25%, 12/18/23 (c)		485,000		549,743
Prudential Holdings, LLC, 8.70%, 12/18/23 (c)		210,000		252,101
SL Finance, PLC, 6.38%, 07/12/22 (e) (EUR)		90,000		117,109
TRAC-X EM Ltd. Series TRX1, 6.50%, 12/23/08		160,000		153,920
UCAR Finance, Inc., 10.25%, 02/15/12		200,000		222,500
Washington Mutual, Inc., 8.25%, 04/01/10		340,000		395,896
Wells Fargo Financial Auto Owner Trust Series 2004-A, 1.47%, 03/15/07		600,000		596,406
WII Components, Inc., 10.00%, 02/15/12 (c)		90,000		88,200
				10,744,650
Food Products/ Services (0.9%)
Albertson’s, Inc., 7.50%, 02/15/11		130,000		146,497
Kraft Foods, Inc., 5.63%, 11/01/11		325,000		330,620
Kroger Co., 7.50%, 04/01/31		45,000		49,805
Michael Foods, 8.00%, 11/15/13 (c)		160,000		165,200
Pilgrim’s Pride Corp., 9.63%, 09/15/11		360,000		397,800
Pilgrim’s Pride Corp., 9.25%, 11/15/13		95,000		101,175
Smithfield Foods, Inc., 8.00%, 10/15/09		655,000		705,762
Smithfield Foods, Inc., 7.75%, 05/15/13		170,000		178,500
				2,075,359
Forestry (0.3%)
Tembec Industries, Inc., 8.50%, 02/01/11		350,000		353,501
Weyerhaeuser Co., 6.00%, 08/01/06		55,000		57,866
Weyerhaeuser Co., 6.75%, 03/15/12		325,000		351,959
				763,326
HealthCare/ HealthCare Services (1.2%)
Aetna, Inc., 7.88%, 03/01/11		355,000		409,449
HCA, Inc., 8.75%, 09/01/10		500,000		570,932
HCA, Inc., 6.30%, 10/01/12		400,000		400,205
HCA, Inc., 7.58%, 09/15/25		175,000		171,541
Health Net, Inc., 8.38%, 04/15/11		295,000		344,906
Leiner Health Products, 11.00%, 06/01/12 (c)		60,000		61,950
Medcath Holdings Corp., 9.88%, 07/15/12 (c)		95,000		95,910
National Nephrology Association, 9.00%, 11/01/11 (c)		40,000		45,800
Schering-Plough Corp., 5.30%, 12/01/13		100,000		98,204
Team Health, INC., 9.00%, 04/01/12 (c)		185,000		177,600
Tenet Healthcare Corp., 6.88%, 11/15/31		400,000		314,000
				2,690,497
Hotels/ Casinos (1.7%)
Harrahs Entertainment, 8.00%, 02/01/11		135,000		152,394
Harrahs Operating Co., Inc., 5.50%, 07/01/10 (c)		185,000		185,926
Hilton Hotels Corp., 7.63%, 12/01/12		635,000		682,625
HMH Properties, Inc., Series B, 7.88%, 08/01/08		300,000		307,500
Hyatt Equities, LLC, 6.88%, 06/15/07 (c)		130,000		138,213
MGM Mirage, Inc., 6.00%, 10/01/09		300,000		294,000
MGM Mirage, Inc., 8.50%, 09/15/10		190,000		205,200
Park Place Entertainment, 7.88%, 12/15/05		350,000		367,938
Park Place Entertainment, 7.50%, 09/01/09		700,000		736,749
Starwood Hotels & Resorts, 7.38%, 05/01/07		150,000		157,875
Starwood Hotels & Resorts, 7.88%, 05/01/12		35,000		37,450

58

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
CORPORATE BONDS (continued)
Hotels/ Casinos (continued)
Station Casinos, Inc., 6.00%, 04/01/12	$	150,000	$	145,125
Station Casinos, Inc., 6.50%, 02/01/14		295,000		283,938
Venetian Casino/ LV Sands, 11.00%, 06/15/10		180,000		207,900
				3,902,833
Insurance (0.6%)
Allianz Finance II B.V., 6.13%, 05/31/22 (EUR)		120,000		157,868
Anthem Insurance, 9.13%, 04/01/10 (c)		240,000		294,372
Farmers Insurance Exchange, 8.63%, 05/01/24 (c)		250,000		280,021
Hartford Financial Services Group, 2.38%, 06/01/06		40,000		39,351
Hartford Financial Services Group, 7.90%, 06/15/10		275,000		318,680
Munich Re Finance BV, 6.75%, 06/21/23 (EUR)		130,000		174,709
				1,265,001
Internet (0.0%)
Exodus Communications, Inc., 11.63%, 07/15/10 (f)(g)(h)(i)		127,998		0
Rhythms Netconnections, 14.00%, 02/15/10 (f)(g)(h)(i)		367,351		0
Machinery-Construction & Mining (0.2%)
Flowserve Corp., 12.25%, 08/15/10		129,000		146,093
Manitowoc Co., Inc., 10.50%, 08/01/12		330,000		377,850
				523,943
Manufacturing (1.0%)
Amsted Industries, Inc., 10.25%, 10/15/11 (c)		285,000		309,225
Honeywell International, 6.13%, 11/01/11		150,000		160,936
Hutchison Whamp International., Ltd., 6.50%, 02/13/13 (c)		145,000		145,110
Interface, Inc., 7.30%, 04/01/08		55,000		54,519
Interface, Inc., 10.38%, 02/01/10		60,000		66,900
Interface, Inc., 9.50%, 02/01/14 (c)		225,000		223,875
Koppers, Inc., 9.88%, 10/15/13		70,000		76,650
NMHG Holding Co., 10.00%, 05/15/09		200,000		220,000
TriMas Corp., 9.88%, 06/15/12		200,000		212,000
Tyco International Group SA, 6.75%, 02/15/11		150,000		162,987
Xerox Corp., 7.13%, 06/15/10		540,000		550,801
				2,183,003
Medical Instruments (0.3%)
Fisher Scientific International, 8.13%, 05/01/12		273,000		292,110
Fresenius Medical Cap TR II, 7.88%, 02/01/08		350,000		369,250
				661,360
Medical Products (0.1%)
VWR International, Inc., 6.88%, 04/15/12 (c)		95,000		95,356
VWR International, Inc., 8.00%, 04/15/14 (c)		120,000		123,000
				218,356
Metals (0.1%)
Inco Ltd., 7.75%, 05/15/12		120,000		136,488
Inco Ltd., 7.20%, 09/15/32		165,000		173,853
				310,341
Mortgage Backed Securities (0.4%)
Centex Home Equity Series 2004-A, Class AF1, 2.03%, 06/25/19		481,690		480,394
Centex Home Equity Series 2004-B, Class AF1, 1.83%, 09/25/19		539,056		536,101
				1,016,495
Multimedia (0.4%)
AOL Time Warner, Inc., 6.63%, 05/15/29		330,000		320,236
AOL Time Warner, Inc., 7.63%, 04/15/31		105,000		113,625
News America Holdings, Inc., 8.88%, 04/26/23		240,000		299,828
Vivendi Universal, 9.25%, 04/15/10		85,000		100,466
				834,155
Oil & Gas (4.0%)
Amerada Hess Corp., 7.88%, 10/01/29		315,000		340,295
Chesapeake Energy Corp., 7.50%, 09/15/13		565,000		587,599
CITGO Petroleum Corp., 11.38%, 02/01/11		200,000		232,000
Conoco, Inc., 6.95%, 04/15/29		235,000		258,723
Consolidated Natural Gas Co., Series A, 5.00%, 03/01/14		165,000		158,074
El Paso Production Holdings, 7.75%, 06/01/13		430,000		394,525
Empresa Nacional del Petroleo, 6.75%, 11/15/12		230,000		246,855
Empresa Nacional del Petroleo, 6.75%, 11/15/12 (c)		330,000		352,440
Gaz Capital SA, 8.63%, 04/28/34 (c)		440,000		426,250
Hanover Compressor Co., 8.63%, 12/15/10 (c)		10,000		10,350
Hanover Equipment Trust, Series A, 8.50%, 09/01/08		285,000		301,388
Hilcorp Energy, 10.50%, 09/01/10 (c)		215,000		232,738
Husky Oil Ltd., 8.90%, 08/15/28		525,000		592,361

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
CORPORATE BONDS (continued)
Oil & Gas (continued)
Kerr-McGee Corp., 6.88%, 09/15/11	$	45,000	$	48,409
Kerr-McGee Corp., 7.88%, 09/15/31		225,000		248,170
Magnum Hunter Resources, 9.60%, 03/15/12		45,000		49,500
Marathon Oil Corp., 6.80%, 03/15/32		95,000		98,502
Nexen, Inc., 5.05%, 11/20/13		165,000		158,244
Nortek Holdings, Inc., 7.82%, 05/15/11 (c)		435,000		348,000
Pemex Project Funding Master Trust, 6.63%, 04/04/10 (EUR)		250,000		319,827
Pemex Project Funding Master Trust, 2.82%, 06/15/10 (c)(e)		570,000		572,564
Pemex Project Funding Master Trust, 9.13%, 10/13/10		720,000		824,399
Pemex Project Funding Master Trust, 7.38%, 12/15/14		175,000		178,500
Pemex Project Funding Master Trust, 8.63%, 02/01/22		170,000		176,800
Petro Stopping Centers, 9.00%, 02/15/12 (c)		185,000		183,150
Petro-Canada, 5.35%, 07/15/33		115,000		97,909
Petroleos Mexicanos, 8.63%, 12/01/23		250,000		257,500
Petroleos Mexicanos, 9.50%, 09/15/27		300,000		343,500
Plains Exploration & Production Co., 7.13%, 06/15/14 (c)		75,000		76,313
RAS Laffan Liquid Natural Gas, 8.29%, 03/15/14 (c)		220,000		246,400
Tesoro Petroleum Corp., 9.63%, 04/01/12		310,000		347,975
Vintage Petroleum, Inc., 7.88%, 05/15/11		345,000		353,625
				9,062,885
Packaging/ Containers (0.8%)
Graphic Packaging International, 9.50%, 08/15/13		250,000		271,250
Huntsman Packaging Corp., 13.00%, 06/01/10		270,000		241,650
Norampac Inc., 6.75%, 06/01/13		100,000		98,000
Owens-Illinois, Inc., 7.50%, 05/15/10		500,000		490,001
Owens-Illinois, Inc., 7.75%, 05/15/11		185,000		192,400
Owens-Illinois, Inc., 8.75%, 11/15/12		55,000		59,675
Packaging Co. of America, 5.75%, 08/01/13		100,000		99,160
Sealed Air Corp., 5.63%, 07/15/13 (c)		175,000		172,868
Tekni-Plex, Inc., 8.75%, 11/15/13 (c)		80,000		76,400
Tekni-Plex, Inc., Series B, 12.75%, 06/15/10		200,000		192,000
				1,893,404
Paper & Forest Products (1.0%)
Abitibi-Consolidated, Inc., 8.55%, 08/01/10		455,000		479,766
Abitibi-Consolidated, Inc., 8.85%, 08/01/30		125,000		121,804
Bowater, Inc., 7.95%, 11/15/11		300,000		309,893
Georgia-Pacific Corp., 8.88%, 02/01/10		360,000		407,700
International Paper Co., 4.25%, 01/15/09		110,000		108,133
Pindo Deli Financial Mauritius, 10.75%, 10/01/07 (f)		1,520,000		399,000
Sappi Papier Holding AG, 6.75%, 06/15/12 (c)		95,000		101,377
Tjiwi Kimia Finance Mauritius, 10.00%, 08/01/04 (f)		395,000		147,138
Tjiwi Kimia International BV, 13.25%, 08/01/49 (f)		610,000		227,225
				2,302,036
Pharmacy Services (0.2%)
Amerisourcebergen Corp., 8.13%, 09/01/08		520,000		560,300
Pipelines (0.9%)
Centerpoint Energy, 7.75%, 02/15/11		95,000		105,552
Dynegy Holdings, Inc., 9.88%, 07/15/10 (c)		450,000		483,750
GulfTerra Energy Partners, LP, 6.25%, 06/01/10		520,000		525,200
GulfTerra Energy Partners, LP, 10.63%, 12/01/12		124,000		147,560
Pacific Energy Partners, 7.13%, 06/15/14 (c)		150,000		152,250
Panhandle Eastern Pipeline, 2.75%, 03/15/07 (c)		35,000		33,586
Southern Natural Gas Co., 8.88%, 03/15/10		185,000		202,113
Texas Eastern Transmission, 7.00%, 07/15/32		85,000		88,867
The Williams Cos., Inc., 7.88%, 09/01/21		255,000		245,438
Transcontinental Gas Pipe Line Corp., Series B, 8.88%, 07/15/12		95,000		107,350
				2,091,666
Printing & Publishing (0.4%)
Dex Media East, LLC, 12.13%, 11/15/12		160,000		186,800
Dex Media West, LLC, 9.88%, 08/15/13 (c)		75,000		82,313
Dex Media, Inc., 9.68%, 11/15/13 (c)		305,000		196,725
PEI Holdings, Inc., 11.00%, 03/15/10		125,000		145,000
Primedia, Inc., 8.88%, 05/15/11		255,000		252,450
VNU NV, 6.63%, 05/30/07 (EUR)		100,000		131,372
				994,660
Real Estate (0.9%)
CB Richard Ellis, 11.25%, 06/15/11		300,000		342,000
EOP Operating, LP, 4.75%, 03/15/14		25,000		23,033
EOP Operating, LP, 7.25%, 06/15/28		130,000		134,665
EOP Operating, LP, 7.88%, 07/15/31		50,000		55,801
Istar Financial, Inc., 7.00%, 03/15/08		40,000		42,445
Istar Financial, Inc., 8.75%, 08/15/08		491,000		543,058

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
CORPORATE BONDS (continued)
Real Estate (continued)
LNR Property Corp., 7.63%, 07/15/13	$	200,000	$	199,000
World Financial, 6.91%, 09/01/13 (c)		644,585		700,783
				2,040,785
Real Estate Investment Trust (0.1%)
Reckson Operating Partnership, 5.15%, 01/15/11		110,000		106,553
Rouse Co., 3.63%, 03/15/09		70,000		66,503
Rouse Co., 5.38%, 11/26/13		30,000		28,980
				202,036
Rental Auto/ Equipment (0.3%)
Hertz Corp., 7.63%, 08/15/07		265,000		284,012
United Rentals NA INC., 7.75%, 11/15/13		195,000		184,275
United Rentals NA, Inc., 6.50%, 02/15/12 (c)		185,000		174,825
				643,112
Retail (0.7%)
Delhaize America, Inc., 8.13%, 04/15/11		265,000		289,255
Federated Department Stores, 6.90%, 04/01/29		215,000		223,049
General Nutrition Center, 8.50%, 12/01/10 (c)		135,000		140,063
Penney (JC) Co., Inc., 7.60%, 04/01/07		55,000		59,331
Penney (JC) Co., Inc., 8.00%, 03/01/10		20,000		22,350
Penney (JC) Co., Inc., 9.00%, 08/01/12		120,000		141,600
Rayovac Corp., 8.50%, 10/01/13		150,000		157,499
Rite Aid Corp., 7.13%, 01/15/07		150,000		153,375
Rite Aid Corp., 8.13%, 05/01/10		55,000		57,888
Toys “R” US, Inc., 7.88%, 04/15/13		105,000		105,394
Toys “R” Us, Inc., 7.38%, 10/15/18		150,000		138,563
Yum! Brands, Inc., 8.88%, 04/15/11		130,000		156,875
				1,645,242
Steel Manufacturing/ Products (0.1%)
United States Steel Corp., 9.75%, 05/15/10		147,000		162,803
Telecommunications (2.6%)
American Tower Corp., 9.38%, 02/01/09		225,000		240,188
American Tower Corp., 7.50%, 05/01/12 (c)		135,000		130,613
AT&T Corp., 6.75%, 11/21/06 (EUR)		100,000		128,548
AT&T Corp., 8.75%, 11/15/31		220,000		214,745
AT&T Wireless Services, Inc., 8.75%, 03/01/31		115,000		140,204
Axtel SA, 11.00%, 12/15/13 (c)		285,000		270,038
Centennial Communications Corp, 8.13%, 02/01/14 (c)		280,000		259,700
Corning, Inc., 6.25%, 02/18/10 (EUR)		60,000		73,729
Deutsche Telekom, 8.75%, 06/15/30		170,000		206,913
Deutsche Telekom International Finance, 8.13%, 05/29/12 (EUR)		160,000		236,600
France Telecom, 9.50%, 03/01/31		85,000		106,677
France Telecom SA, 7.00%, 12/23/09 (EUR)		90,000		123,507
France Telecom SA, 8.13%, 01/28/33 (EUR)		90,000		138,132
GTE Corp., 6.94%, 04/15/28		245,000		250,029
Metro PCS, Inc., 10.75%, 10/01/11		225,000		244,125
Nextlink Communications, Inc., 10.38%, 06/01/09 (f)(g)(j)		350,000		0
Nextlink Communications, Inc., 12.25%, 06/01/09 (f)(g)(j)		500,000		0
Nortel Networks Ltd., 6.13%, 02/15/06		215,000		216,075
Olivetti Finance NV, 5.88%, 01/24/08 (EUR)		150,000		194,643
Primus Telecomm Group, 8.00%, 01/15/14 (c)		405,000		356,400
Qwest Communications International, 4.75%, 02/15/09 (c)(e)		210,000		196,350
Qwest Corp., 6.63%, 09/15/05		75,000		76,500
Qwest Corp., 13.00%, 12/15/07 (c)		235,000		267,900
Qwest Corp., 5.63%, 11/15/08		45,000		43,988
Rural Cellular Corp., 6.02%, 03/15/10 (c)(e)		120,000		123,600
Satelites Mexicanos SA de CV, 10.13%, 11/01/04 (f)		617,000		259,140
SBA Communications Corp., 10.25%, 02/01/09		420,000		430,499
Sprint Capital Corp., 8.38%, 03/15/12		150,000		172,399
Sprint Capital Corp., 8.75%, 03/15/32		40,000		46,611
Telecom Italia, 4.00%, 11/15/08 (c)		110,000		108,058
TPSA, 6.63%, 03/01/06 (EUR)		100,000		128,113
Ubiquitel Operating Co., 10.36%, 04/15/10		75,000		74,250
US Unwired, Inc., 10.00%, 06/15/12 (c)		145,000		146,450
Verizon Global Funding Corp., 7.75%, 12/01/30		225,000		252,716
Verizon New England, 6.50%, 09/15/11		10,000		10,655
				5,868,095
Textiles (0.1%)
Mohawk Industries, Inc., Series D, 7.20%, 04/15/12		40,000		44,382
Oxford Industries, Inc., 8.88%, 06/01/11 (c)		100,000		105,500
Tempur-Pedic, Inc., 10.25%, 08/15/10		71,000		80,053
				229,935
Tobacco (0.2%)
Altria Finance Ltd., 5.63%, 06/24/08 (EUR)		90,000		112,126
Altria Group, Inc., 7.00%, 11/04/13		65,000		66,191

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
CORPORATE BONDS (continued)
Tobacco (continued)
Altria Group, Inc., 7.75%, 01/15/27	$	125,000	$	127,808
BAT International. Finance, PLC, 4.88%, 02/25/09 (EUR)		160,000		198,121
				504,246
Transportation Services (0.3%)
CHC Helicopter Corp., 7.38%, 05/01/14 (c)		255,000		250,538
Fedex Corp., 2.65%, 04/01/07 (c)		110,000		106,820
Laidlaw International, Inc., 10.75%, 06/15/11		275,000		300,093
				657,451
Utilities/ Power Producers (2.8%)
AES Corp., 9.38%, 09/15/10		53,000		56,511
AES Corp., 7.75%, 03/01/14		95,000		91,319
AES Corp., 9.00%, 05/15/15 (c)		305,000		326,731
Allegheny Energy, Inc., 7.75%, 08/01/05		200,000		207,000
Appalachian Power, Co., 5.95%, 05/15/33		40,000		36,883
Arizona Public Service Co., 5.80%, 06/30/14		115,000		115,111
BRL Universal Equipment, 8.88%, 02/15/08		325,000		348,156
Calpine Corp., 8.50%, 07/15/10 (c)		320,000		264,800
Cincinnati Gas & Electric Co., 5.70%, 09/15/12		65,000		66,457
Cincinnati Gas & Electric Co., 5.40%, 06/15/33		80,000		69,196
CMS Energy Corp., 7.50%, 01/15/09		150,000		149,250
CMS Energy Corp., 8.50%, 04/15/11		455,000		464,100
Columbus Southern Power Co., Series D, 6.60%, 03/01/33		35,000		35,660
Detroit Edison Co., 6.13%, 10/01/10		85,000		90,586
Entergy Gulf States, 3.60%, 06/01/08		65,000		62,716
Exelon Corp., 6.75%, 05/01/11		210,000		228,380
GIE Suez Alliance, 5.50%, 02/20/09 (EUR)		80,000		103,015
Monongahela Power Co., 5.00%, 10/01/06		170,000		173,573
MSW Energy Holdings, 7.38%, 09/01/10 (c)		185,000		184,075
MSW Energy Holdings, 8.50%, 09/01/10		45,000		47,588
National Grid Transco, PLC, 5.00%, 07/02/18 (EUR)		110,000		127,811
Nevada Power Co., 9.00%, 08/15/13 (c)		415,000		451,313
NiSource Finance Corp., 7.63%, 11/15/05		155,000		164,424
Ohio Edison Co., 5.45%, 05/01/15		275,000		261,656
Ohio Power Co., 6.60%, 02/15/33		150,000		153,224
Pacific Gas & Electric, 6.05%, 03/01/34		215,000		202,220
PSEG Energy Holdings, 7.75%, 04/16/07		495,000		518,512
RWE Finance BV, 5.50%, 10/26/07 (EUR)		90,000		116,398
Southern Cal Edison, 5.00%, 01/15/14		25,000		24,322
Texas-New Mexico Power, 6.25%, 01/15/09		90,000		90,314
TNP Enterprises, Inc., 10.25%, 04/01/10		370,000		382,950
TXU Corp., 4.81%, 11/15/12		300,000		300,129
TXU Corp., Series J, 6.38%, 06/15/06		65,000		68,454
TXU Energy Co., 7.00%, 03/15/13		140,000		152,453
Westar Energy, Inc., 6.00%, 07/01/14		220,000		223,514
Wisconsin Electric Power Co., 5.63%, 05/15/33		60,000		56,040
				6,414,841
Total Corporate Bonds				80,946,703
CASH EQUIVALENTS (20.7%)
Federal Home Loan Bank Discount Notes (10.5%)
1.02%, 08/20/04		6,900,000		6,887,635
1.02%, 08/25/04		7,000,000		6,986,203
1.02%, 09/03/04		10,000,000		9,976,179
				23,850,017
Federal National Mortgage Association Discount Notes (10.0%)
1.02%, 07/12/04		4,300,000		4,298,345
1.02%, 07/14/04		5,000,000		4,997,725
1.02%, 08/18/04		3,500,000		3,493,980
1.02%, 09/08/04		10,000,000		9,974,320
				22,764,370
U.S. Treasury Bills (0.2%)
1.01%, 07/15/04 (h)		400,000		399,854
1.01%, 09/23/04 (h)		100,000		99,699
				499,553
Total Cash Equivalents				47,113,940
SOVEREIGN BONDS (19.8%)
Argentina (0.3%)
Republic of Argentina, 0.00%, 04/10/05 (b)		570,000		190,950
Republic of Argentina, 0.00%, 04/07/09 (b)		845,000		240,825
Republic of Argentina, 0.00%, 03/15/10 (b)		140,000		41,300
Republic of Argentina, 0.00%, 06/15/15 (b)		50,000		14,750
Republic of Argentina, 0.00%, 01/30/17 (b)		95,000		27,550
Republic of Argentina, 0.00%, 02/01/20 (b)		20,000		5,600

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
SOVEREIGN BONDS (continued)
Argentina (continued)
Republic of Argentina, 0.00%, 03/31/23 (b)	$	315,000	$	159,863
Republic of Argentina, 2.06%, 03/31/23		160,000		80,800
				761,638
Brazil (2.0%)
Federal Republic of Brazil, 11.25%, 07/26/07		540,000		581,850
Federal Republic of Brazil, 14.50%, 10/15/09		880,000		1,025,200
Federal Republic of Brazil, 6.00% 04/15/24		200,000		156,500
Federal Republic of Brazil, 8.88%, 04/15/24 (e)		610,000		494,100
Federal Republic of Brazil, 11.00%, 08/17/40		810,000		763,425
Federal Republic of Brazil C-Bond, 8.00%, 04/15/14		1,606,695		1,466,109
				4,487,184
Bulgaria (0.2%)
Republic of Bulgaria, 8.25%, 01/15/15		310,000		361,460
Republic of Bulgaria, 8.25%, 01/15/15		99,000		115,088
				476,548
Canada (0.6%)
Canadian Govt., 3.00%, 06/01/06 (CAD)		1,200,000		890,367
Canadian Govt., 5.25%, 06/01/12 (CAD)		700,000		537,529
				1,427,896
Columbia (0.2%)
Republic of Columbia, 9.75%, 04/09/11		388,185		428,945
France (1.4%)
Government of France, 6.50%, 04/25/11 (EUR)		2,350,000		3,289,855
Germany (3.7%)
Bundes Republic of Deutschland, 5.63%, 01/04/28 (EUR)		3,820,000		5,106,749
Treuhananstalt, 7.50%, 09/09/04 (EUR)		2,650,000		3,254,971
				8,361,720
Italy (0.1%)
Buoni Poliennali Del Tesson, 5.25%, 11/01/29 (EUR)		120,000		149,991
Ivory Coast (0.0%)
Ivory Coast, 2.00%, 03/29/18 (b)		285,000		39,900
Japan (0.2%)
Japanese Government, 0.80%, 03/20/13 (JPY)		50,000,000		427,528
Korea (0.7%)
Republic of Korea, 5.30%, 10/05/05 (c)		710,000		715,006
Republic of Korea, 5.30%, 10/05/05		890,000		900,039
				1,615,045
Malaysia (0.4%)
Malaysia, 8.75%, 06/01/09		810,000		952,074
Mexico (2.0%)
United Mexican States, 10.38%, 02/17/09		190,000		229,520
United Mexican States, 8.38%, 01/14/11		2,130,000		2,406,899
United Mexican States, 11.38%, 09/15/16		360,000		503,100
United Mexican States, 8.13%, 12/30/19		570,000		609,900
United Mexican States, 8.00%, 09/24/22		205,000		212,893
United Mexican States, 11.50%, 05/15/26		390,000		546,780
				4,509,092
Nigeria (0.2%)
Central Bank Of Nigeria, 6.25%, 11/15/20		500,000		421,750
Panama (0.2%)
Republic of Panama, 9.63%, 02/08/11		180,000		197,550
Republic of Panama, 9.38%, 04/01/29		240,000		265,800
				463,350
Peru (0.3%)
Republic of Peru, 9.88%, 02/06/15		515,000		538,175
Republic of Peru, 8.38%, 05/03/16		120,000		111,600
				649,775
Philippines (0.5%)
Republic of Philippines, 8.88%, 03/17/15		880,000		847,000
Republic of Philippines, 9.88%, 01/15/19		330,000		328,350
				1,175,350
Qatar (0.1%)
State of Qatar, 9.75%, 06/15/30		170,000		234,175
Russia (2.6%)
Russian Federation, 8.25%, 03/31/10		490,000		532,238
Russian Federation, 11.00%, 07/24/18		921,000		1,161,381
Russian Federation, 12.75%, 06/24/28		940,000		1,367,700
Russian Federation, 7.85%, 03/31/30		3,171,948		2,895,988
				5,957,307
Spain (1.5%)
Bonos Y Oblig Del Estado, 5.15%, 07/30/09 (EUR)		2,250,000		2,927,084
Bonos Y Oblig Del Estado, 6.15%, 01/31/13 (EUR)		330,000		456,324
				3,383,408

63

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VAN KAMPEN GVIT MULTI-SECTOR BOND FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
SOVEREIGN BONDS (continued)
Sweden (0.3%)
Swedish Government, 5.00%, 01/28/09 (SEK)	$	4,500,000	$	621,629
Tunisia (0.1%)
Banque Cent De Tunisie, 7.38%, 04/25/12		110,000		119,900
Turkey (0.7%)
Republic of Turkey, 11.50%, 01/23/12		400,000		448,000
Republic of Turkey, 11.00%, 01/14/13		1,020,000		1,111,800
				1,559,800
United Kingdom (1.0%)
UK Treasury, 8.50%, 12/07/05 (GBP)		1,250,000		2,382,950
Venezuela (0.5%)
Republic of Venezuela, 10.75%, 09/19/13		810,000		797,850
Republic of Venezuela, 9.25%, 09/15/27		460,000		388,700
				1,186,550
Total Sovereign Bonds				45,083,360
U.S. GOVERNMENT AGENCIES (10.8%)
Federal Home Loan Mortgage Corporation (0.4%)
5.13%, 11/07/13		990,000		969,184
IOETTE, Series 1103, Class N, 1156.50%, 06/15/21		31		61
				969,245
Federal National Mortgage Association (10.4%)
4.50%, 07/01/18 TBA, (d)		2,150,000		2,100,281
5.00%, 07/01/18 TBA, (d)		3,200,000		3,203,002
5.50%, 07/01/33 TBA, (d)		3,175,000		3,159,125
5.50%, 08/01/19 TBA, (d)		2,700,000		2,750,625
5.50%, 08/01/33 TBA, (d)		2,000,000		1,983,124
6.00%, 07/01/32 TBA, (d)		5,350,000		5,438,606
6.00%, 08/01/32 TBA, (d)		1,300,000		1,348,750
6.50%, 07/01/32 TBA, (d)		3,550,000		3,695,330
				23,678,843
Total U.S. Government Agencies				24,648,088
MORTGAGE-BACKED OBLIGATIONS (9.6%)
Federal Home Loan Mortgage Corporation (2.1%)
Gold, Pool #C00712, 6.50%, 02/01/29		70,392		73,563
Gold, Pool #C01104, 8.00%, 12/01/30		109,012		118,376
Gold, Pool #C01132, 8.00%, 01/01/31		134,221		145,750
Gold, Pool #C01150, 8.00%, 02/01/31		76,220		82,767
Gold, Pool #C01385, 6.50%, 08/01/32		7,097		7,402
Gold, Pool #C29808, 8.00%, 08/01/29		61,600		66,942
Gold, Pool #C37329, 8.00%, 03/01/30		3,360		3,649
Gold, Pool #C39060, 8.00%, 06/01/30		8,833		9,592
Gold, Pool #C41333, 7.50%, 08/01/30		56,970		61,380
Gold, Pool #C41531, 8.00%, 08/01/30		33,687		36,581
Gold, Pool #C42327, 8.00%, 09/01/30		5,596		6,077
Gold, Pool #C44964, 7.50%, 11/01/30		158,276		170,529
Gold, Pool #C46101, 6.50%, 08/01/29		492,141		514,311
Gold, Pool #C46763, 8.00%, 01/01/31		7,077		7,690
Gold, Pool #C46946, 8.00%, 01/01/31		23,896		25,949
Gold, Pool #C47256, 8.00%, 02/01/31		3,106		3,372
Gold, Pool #C48997, 8.00%, 03/01/31		174,212		189,177
Gold, Pool #C49587, 8.00%, 03/01/31		167,456		181,784
Gold, Pool #C50477, 8.00%, 04/01/31		63,678		69,127
Gold, Pool #C53381, 8.00%, 06/01/31		17,268		18,751
Gold, Pool #C53597, 8.00%, 06/01/31		157,532		171,010
Gold, Pool #C53657, 8.00%, 06/01/31		68,587		74,455
Gold, Pool #C60019, 7.50%, 11/01/31		21,276		22,915
Gold, Pool #C67851, 7.50%, 06/01/32		385,261		414,440
Gold, Pool #C69951, 6.50%, 08/01/32		238,617		248,883
Gold, Pool #C70690, 6.50%, 09/01/32		561,921		586,097
Gold, Pool #C70834, 6.50%, 09/01/32		320,318		334,100
Gold, Pool #C70981, 6.50%, 09/01/32		474,052		494,448
Gold, Pool #C90381, 7.50%, 11/01/20		3,694		3,983
Pool #170271, 12.00%, 08/01/15		525,572		591,008
				4,734,108
Federal National Mortgage Association (6.4%)
Pool #251752, 6.50%, 06/01/28		295,538		308,540
Pool #252009, 6.50%, 07/01/28		666,700		696,032
Pool #253113, 7.50%, 03/01/30		56,465		60,556
Pool #253673, 7.50%, 03/01/31		81,321		87,178
Pool #253674, 8.00%, 03/01/31		6,994		7,605
Pool #254702, 7.00%, 03/01/33		391,002		412,668
Pool #255116, 6.50%, 01/01/34		670,807		698,968
Pool #323320, 6.50%, 10/01/28		127,602		133,215
Pool #323591, 6.50%, 03/01/29		483,535		504,808
Pool #346286, 6.50%, 05/01/26		161,916		169,441

64

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VAN KAMPEN GVIT MULTI-SECTOR BOND FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
MORTGAGE-BACKED OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
Pool #370191, 6.50%, 01/01/27	$	6,458	$	6,759
Pool #415967, 6.50%, 10/01/28		257,089		268,400
Pool #437281, 6.50%, 09/01/28		76,620		79,991
Pool #456669, 6.50%, 01/01/29		2,903		3,030
Pool #457953, 6.50%, 01/01/29		199,127		207,888
Pool #482616, 6.50%, 02/01/29		455,288		475,091
Pool #50946, 6.50%, 12/01/23		50,763		53,259
Pool #511954, 7.50%, 10/01/29		87,960		94,322
Pool #515828, 8.00%, 10/01/29		42,720		46,501
Pool #517874, 7.50%, 02/01/30		100,264		107,485
Pool #519145, 7.50%, 10/01/29		52,807		56,626
Pool #523284, 7.50%, 11/01/29		27,276		29,249
Pool #527589, 7.50%, 01/01/30		39,841		42,723
Pool #535399, 8.00%, 07/01/30		92,726		100,821
Pool #535533, 8.00%, 10/01/30		358,038		389,296
Pool #540017, 8.00%, 05/01/30		8,013		8,712
Pool #540091, 7.50%, 06/01/30		37,307		39,993
Pool #545239, 8.00%, 09/01/31		135,590		147,427
Pool #545551, 8.00%, 04/01/32		82,869		90,104
Pool #545604, 8.00%, 09/01/31		47,399		51,595
Pool #555254, 6.50%, 01/01/33		2,331,727		2,431,662
Pool #555533, 6.50%, 04/01/33		229,281		239,108
Pool #564222, 7.00%, 12/01/30		8,694		9,201
Pool #564363, 8.00%, 01/01/31		14,076		15,305
Pool #564993, 7.50%, 03/01/31		61,959		66,422
Pool #569762, 7.00%, 02/01/31		25,336		26,814
Pool #576112, 7.00%, 05/01/31		10,266		10,856
Pool #577304, 7.50%, 04/01/31		38,074		40,806
Pool #577407, 7.50%, 07/01/31		68,064		72,948
Pool #580822, 7.00%, 05/01/31		10,439		11,039
Pool #583912, 6.50%, 05/01/31		601,702		627,490
Pool #596466, 6.50%, 08/01/31		25,247		26,329
Pool #606566, 7.50%, 10/01/31		146,549		157,065
Pool #613017, 8.00%, 03/01/31		14,135		15,386
Pool #614544, 8.00%, 07/01/31		126,881		137,821
Pool #630601, 7.00%, 05/01/32		545,892		576,140
Pool #639119, 7.00%, 08/01/32		23,390		24,686
Pool #642656, 7.00%, 07/01/32		238,441		251,653
Pool #651875, 6.50%, 08/01/32		166,168		173,145
Pool #661427, 6.50%, 09/01/32		642,730		669,717
Pool #663285, 6.50%, 09/01/32		7,820		8,149
Pool #666097, 7.00%, 10/01/32		263,352		277,944
Pool #667591, 6.50%, 10/01/32		567,365		591,187
Pool #667599, 6.50%, 10/01/32		84,054		87,583
Pool #684746, 7.00%, 04/01/33		141,236		149,065
Pool #738581, 6.50%, 10/01/32		86,982		90,709
Pool #741875, 6.50%, 09/01/33		70,652		73,618
Pool #751150, 6.50%, 01/01/34		359,416		374,505
Pool #759607, 7.00%, 01/01/34		643,839		679,532
Pool #770753, 7.00%, 04/01/34		719,380		760,741
Pool #776904, 7.00%, 11/01/29		561,856		595,503
				14,650,412
Government National Mortgage Association (1.1%)
Pool #780141, 10.00%, 12/15/20		377,146		421,619
Pool #780349, 10.00%, 09/15/21		450,738		503,653
Pool #780378, 11.00%, 01/15/19		439,363		495,267
Pool #780699, 9.50%, 12/15/17		401,321		452,411
Pool #780709, 11.00%, 01/15/21		466,616		525,607
				2,398,557
Total Mortgage-Backed Obligations				21,783,077
U.S. TREASURY OBLIGATIONS (9.4%)
U.S. Treasury Notes (9.4%)
6.50%, 02/15/10		4,450,000		5,014,247
8.13%, 08/15/19		2,025,000		2,652,118
5.71%, 02/15/25		4,500,000		1,412,060
5.73%, 02/15/25		2,800,000		875,098
7.63%, 02/15/25		500,000		641,621
5.74%, 05/15/25		1,700,000		522,810
6.13%, 08/15/29		9,250,000		10,174,999
Total U.S. Treasury Obligations				21,292,953
INTEREST ONLY BONDS (1.0%)
Federal Home Loan Mortgage Corporation (0.4%)
6.00%, 04/15/32		3,057,302		625,140
7.00%, 07/15/33		1,328,787		319,015
				944,155
Federal National Mortgage Association (0.6%)
5.50%, 05/25/27		3,439,168		286,876
6.00%, 08/25/32		1,050,093		192,525
6.00%, 05/25/33		1,019,373		154,676
6.00%, 06/25/33		973,297		165,989
3.47%, 11/25/33		454,823		456,703
				1,256,769
Total Interest Only Bonds				2,200,924
WARRANTS (0.0%)
Banking (0.0%)
Central Bank of Nigeria, 11/15/20		500	$	0
Foreign Government (0.0%)
Republic of Venezuela, 0.00%, 04/15/20		1,150		0
Total Warrants				0

65

GARTMORE VARIABLE INSURANCE TRUST

VAN KAMPEN GVIT MULTI-SECTOR BOND FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
REPURCHASE AGREEMENTS (2.2%)
Banks (2.2%)
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $2,982,571 (Fully collateralized by AA Corporate Bonds and U.S. Agency Mortgages)	$	2,982,448	$	2,982,448
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $2,012,950 (Fully collateralized by AA Corporate Bonds)		2,012,867		2,012,867
Total Repurchase Agreements				4,995,315
Short-Term Securities Held as Collateral for Securities Lending (12.1%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)		27,492,048		27,492,048
Total Short-Term Securities Held as Collateral for Securities Lending				27,492,048
Total Investments (Cost $269,669,297) (a) — 121.0%				275,556,408
Liabilities in excess of other assets — (21.0)%				(47,828,837	)
NET ASSETS — 100.0%			$	227,727,571

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	8,964,513
Unrealized depreciation		(3,077,402	)
Net unrealized appreciation (depreciation)	$	5,887,111

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Denotes a non-income producing security.
(c)	Represents a restricted security acquired and eligible for resale under Rule 144A, which limits the resale to certain qualified buyers.
(d)	Mortgage Dollar Rolls.
(e)	Variable Rate security. The rate reflected in the Statement of Investments is the rate reflected in effect on June 30, 2004.
(f)	Security in default.
(g)	Fair Valued Security.
(h)	Security has filed for bankruptcy protection.
(i)	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.

C-Bond	Capitalization Bond
AUD	Principal amount denominated in Australian Dollar.
CAD	Principal amount denominated in Canadian Dollar.
EUR	Principal amount denominated in Euro.
GBP	Principal amount denominated in British Pound.
JPY	Principal amount denominated in Japanese Yen.
SEK	Principal amount denominated in Swedish Krone.
TBA	To Be Announced

At June 30, 2004, the Fund’s open forward foreign currency contracts were as follows:

						Unrealized
	Delivery	Contract		Market		Appreciation
Currency	Date	Value		Value		(Depreciation)
Short Contract:
Euro	07/26/04	$	404,073	$	413,420	$	(9,347	)
Euro	09/28/04		252,720		252,714		6
British Pound	08/24/04		369,180		378,939		(9,759	)
Swedish Krone	09/21/04		394,690		397,804		(3,114	)
Swiss Franc	07/22/04		268,199		279,665		(11,466	)
Total Short Contracts		$	1,688,862	$	1,722,542	$	(33,680	)
Long Contracts:
Japanese Yen	08/10/04	$	8,981,498	$	9,024,930	$	43,432
Total Long Contracts		$	8,981,498	$	9,024,930	$	43,432

At June 30, 2004, the Fund’s open forward foreign currency contracts were as follows:

					Market
					Value
Number of					Covered by		Appreciation
Contracts		Contracts*	Expiration		Contracts		(Depreciation)
Long Contracts:
	2	JGB 10 yr Bond Future		09/21/04	$	2,476,286	$	(25,181	)
	19	U.S. Long Bond Futures		09/30/04		2,021,125		39,713
Total Long Contracts					$	4,497,411	$	14,532
Short Contracts:
	12	Euro Bond Future		09/10/04	$	1,651,968	$	11,151
	30	U.S. 2 yr Future		09/30/04		6,316,406		(473	)
	114	U.S. 5 yr Future		09/30/04		12,390,975		(106,840	)
	65	U.S. 10 yr Future		09/30/04		7,106,328		(95,240	)
Total Short Contracts					$	27,465,677	$	(191,402	)

*  Cash pledged as collateral.

See notes to financial statements.

66

GARTMORE VARIABLE INSURANCE TRUST

GVIT SMALL CAP VALUE FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (96.5%)
Advertising Services (0.0%)
R. H. Donnelley Corp. (b)		7,800	$	341,172
Aerospace/ Defense (1.1%)
AAR Corp. (b)		15,300		173,655
Alliant Techsystems, Inc. (b)		25,650		1,624,671
BE Aerospace, Inc. (b)		477,200		3,617,176
Curtiss-Wright Corp.		14,200		797,898
Ducommun, Inc. (b)		5,200		111,176
Esterline Technologies Corp. (b)		17,500		516,775
HEICO Corp.		8,100		147,825
Kaman Corp., Class A		28,600		400,114
Moog, Inc., Class A (b)		28,550		1,059,491
Orbital Sciences Corp. (b)		18,900		261,009
Teledyne Technologies, Inc. (b)		8,800		176,176
Triumph Group, Inc. (b)		8,900		284,177
				9,170,143
Airlines (1.2%)
Alaska Air Group, Inc. (b)		8,600		205,282
Atlantic Coast Airlines Holdings (b)		147,900		848,946
Continental Airlines, Inc., Class B (b)		215,000		2,444,550
ExpressJet Holdings, Inc. (b)		178,800		2,170,632
Northwest Airlines Corp., Class A (b)		39,900		443,688
Pinnacle Airlines Co. (b)		22,600		255,380
SkyWest, Inc.		182,476		3,176,907
				9,545,385
Alternative Power Generation (0.5%)
Calpine Corp. (b)		921,540		3,981,053
Applications Software (0.2%)
Pinnacle Systems, Inc. (b)		102,800		735,020
Progress Software Corp. (b)		14,400		312,048
SS&C Technologies, Inc.		20,650		386,155
				1,433,223
Auto Dealers (0.3%)
Lithia Motors, Inc., Class A		21,700		537,726
United Auto Group, Inc.		74,600		2,286,490
				2,824,216
Auto Parts & Equipment (1.5%)
Aftermarket Technology Corp. (b)		22,700		374,550
American Axle & Manufacturing Holdings, Inc.		8,900		323,604
Asbury Automotive Group, Inc. (b)		41,600		624,000
Collins & Aikman Corp. (b)		498,900		2,788,851
Dana Corp.		112,300		2,201,080
Keystone Automotive Industries, Inc. (b)		7,400		206,386
Navistar International Corp. (b)		79,100		3,065,916
Superior Industries International, Inc.		8,900		297,705
Tenneco Automotive, Inc. (b)		63,900		845,397
Visteon Corp.		102,000		1,190,340
				11,917,829
Banks (5.1%)
ABC Bancorp		7,200		146,448
Amcore Financial, Inc.		11,500		346,840
Americanwest Bancorp (b)		17,300		331,295
BancFirst Corp.		4,600		274,850
Bank of the Ozarks, Inc.		9,100		212,030
Banner Corp.		17,200		499,832
Capital Corp. of the West		2,200		85,448
Capitol Bancorp Ltd.		8,900		231,489
Chemical Financial Corp.		16,700		616,063
City Holding Co.		4,600		145,268
Colonial Bancgroup, Inc.		32,800		595,976
Columbia Banking System, Inc.		9,030		200,466
Community Bank System, Inc.		32,000		729,280
Community Trust Bancorp, Inc.		7,800		237,900
Corus Bankshares, Inc.		36,000		1,479,960
Cullen/ Frost Bankers, Inc.		100,700		4,506,325
East West Bancorp, Inc.		68,712		2,109,458
Financial Institutions, Inc.		2,000		49,400
First Citizens BancShares, Class A		1,100		134,200
First Oak Brook Bank		4,600		139,380
First Republic Bancorp, Inc.		15,300		659,124
First State Bancorp		16,100		494,592
FirstMerit Corp.		57,400		1,513,638
Gold Banc Corp.		79,800		1,236,900
Great Southern Bancorp, Inc.		8,000		234,000
Greater Bay Bancorp		28,600		826,540
Hanmi Financial Corp.		49,000		1,445,500
Iberiabank Corp.		24,900		1,473,582
Independent Bank Corp. (Mass.)		28,100		813,495
Independent Bank Corp. (Mich.)		28,060		712,724
International Bancshares Corp.		946		38,360
Irwin Financial Corp.		32,900		868,560
Lakeland Financial Corp.		1,100		36,850
Mainsource Financial Group, Inc.		3,330		67,599
MB Financial, Inc.		8,850		325,769
MBT Financial Corp.		16,100		293,342
Mercantile Bank Corp.		20,895		761,623
Mid-State Bancshares		18,900		444,339
Nara Bankcorp, Inc.		33,200		568,716
Old Second Bancorp, Inc.		1,800		94,950
Oriental Financial Group		18,300		495,381
Peoples Bancorp, Inc.		5,600		148,904
Provident Bankshares Corp.		18,900		545,076
R & G Finanical Corp., Class B		38,650		1,277,769
Republic Bancorp Inc., Class A		4,900		98,931
Republic Bancorp, Inc.		69,770		969,803
Royal Bancshares of Pennsylvania, Class A		5,250		130,200
SCBT Financial Corp.		4,000		120,600
Second Bancorp, Inc.		11,900		372,351
Silicon Valley Bancshares (b)		8,900		352,885
Simmons First National Corp., Class A		7,800		203,034
Sky Financial Group, Inc.		61,600		1,523,368
Southside Bancshares, Inc.		8,000		168,000
Southwest Bancorp		37,700		688,025
State Financial Services Corp.		11,500		341,090
Sterling Financial Corp.		16,150		420,385
Summit Bancshares, Inc.		8,800		256,080
Sun Bancorp, Inc. (b)		5,420		115,229

67

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Banks (continued)
Taylor Capital Group, Inc.		9,800	$	213,150
Texas Regional Bancshares, Inc.		67,800		3,112,698
Trico Bancshares		7,000		132,300
Umpqua Holdings Corp.		11,900		249,781
United Bankshares, Inc.		23,000		747,500
W Holding Co., Inc.		64,343		1,104,769
West Coast Bancorp		45,100		966,944
Western Sierra Bancorp (b)		3,500		108,395
Wintrust Financial Corp.		2,200		111,122
				40,955,881
Biotechnology Research & Production (0.5%)
Enzon, Inc. (b)		288,800		3,685,088
Pharmaceutical Product Development, Inc. (b)		16,200		514,674
				4,199,762
Broadcast Media/ Television (0.8%)
4Kids Entertainment, Inc. (b)		15,500		370,760
Citadel Broadcasting Corp. (b)		161,500		2,353,055
Cumulus Media, Inc. (b)		168,587		2,833,947
Mediacom Communications, Class A (b)		33,000		258,060
Sinclair Broadcast Group, Inc.		6,000		61,620
World Wrestling Entertainment, Inc.		26,000		331,500
				6,208,942
Building (2.7%)
Apogee Enterprises		141,400		1,470,560
Beazer Homes USA, Inc.		2,900		290,899
Building Materials Holding Corp.		8,100		153,333
Dominion Homes, Inc. (b)		5,600		129,360
Dycom Industries, Inc. (b)		85,600		2,396,800
Eagle Materials, Inc.		5,600		397,712
Fleetwood Enterprises, Inc. (b)		139,710		2,032,781
Genlyte Group, Inc. (b)		18,200		1,144,416
Integrated Electrical Services (b)		21,200		170,660
Lennox International, Inc.		72,500		1,312,250
Levitt Corp., Class A (b)		52,355		1,348,665
LSI Industries, Inc.		20,800		239,200
Meritage Corp. (b)		8,600		591,680
NCI Building Systems (b)		3,900		126,945
Standard Pacific Corp.		21,400		1,055,020
Texas Industries, Inc.		15,800		650,486
Thor Industries, Inc.		68,900		2,305,394
Universal Forest Products, Inc.		32,900		1,061,025
USG Corp. (b)		30,000		527,400
Watsco, Inc.		7,400		207,718
WCI Communities, Inc. (b)		35,900		800,929
York International Corp.		96,810		3,975,986
				22,389,219
Business Services (0.8%)
BISYS Group, Inc. (b)		29,500		414,770
Bowne & Co., Inc.		33,500		530,975
Catalina Marketing Corp. (b)		14,600		267,034
IKON Office Solutions, Inc.		219,600		2,518,812
infoUSA, Inc. (b)		4,900		49,686
Manpower, Inc.		25,300		1,284,481
Sotheby’s Holdings (b)		45,500		726,180
Spherion Corp. (b)		49,800		504,972
US Oncology, Inc. (b)		20,100		295,872
				6,592,782
Casinos & Gambling (0.2%)
Ameristar Casinos, Inc.		7,400		248,492
Aztar Corp. (b)		34,300		960,400
Boyd Gaming Corp.		11,500		305,555
Isle of Capris Casino (b)		8,600		150,070
				1,664,517
Chemicals (2.7%)
Crompton Corp.		88,300		556,290
Cytec Industries, Inc.		20,000		909,000
FMC Corp. (b)		22,800		982,908
Georgia Gulf Corp.		104,800		3,758,128
Great Lakes Chemical Corp.		119,500		3,233,670
H. B. Fuller Co.		27,600		783,840
Hercules, Inc. (b)		234,100		2,853,679
Millennium Chemicals, Inc. (b)		93,900		1,626,348
Minerals Technologies, Inc.		35,800		2,076,400
Newmarket Corp. (b)		20,100		431,547
NL Industries, Inc.		35,900		520,550
Octel Corp.		39,800		1,047,934
OM Group, Inc. (b)		14,000		462,140
PolyOne Corp. (b)		299,900		2,231,256
Valhi, Inc.		15,600		177,372
W.R. Grace & Co. (b)		48,800		302,560
Wellman, Inc.		35,300		286,989
				22,240,611
Coal (1.2%)
Consol Energy, Inc.		45,100		1,623,600
Massey Energy Co.		203,100		5,729,451
Peabody Energy Corp.		44,700		2,502,753
				9,855,804
Commercial Services (1.7%)
Arbitron, Inc. (b)		8,600		314,072
Century Business Services, Inc. (b)		45,800		199,688
Chemed Corp.		48,400		2,347,400
Clark, Inc. (b)		103,300		1,916,215
Coinstar, Inc. (b)		18,700		410,839
Consolidated Graphics, Inc. (b)		15,700		691,585
LodgeNet Entertainment Corp. (b)		38,700		638,550
Maximus, Inc. (b)		3,500		124,110
MemberWorks, Inc. (b)		2,200		65,164
NCO Group, Inc. (b)		129,600		3,459,024
PDI, Inc. (b)		9,600		291,168
Quanta Services, Inc. (b)		352,700		2,193,794
Sourcecorp (b)		13,700		377,024
TeleTech Holdings, Inc. (b)		37,800		331,506
Volt Information Sciences, Inc. (b)		5,600		176,456
				13,536,595
Communications Technology (1.3%)
Artesyn Technologies, Inc. (b)		75,000		675,000
CommScope, Inc. (b)		276,915		5,939,827

68

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Communications Technology (continued)
Harris Corp.		38,800	$	1,969,100
Network Associates, Inc. (b)		108,500		1,967,105
				10,551,032
Computer Software & Services (4.8%)
Agilysys, Inc.		34,300		472,997
Ascential Software Corp. (b)		109,700		1,754,103
Aspen Technologies, Inc. (b)		21,200		153,912
Black Box Corp.		11,500		543,490
Borland Software Corp. (b)		95,600		811,644
Brocade Communications Systems, Inc. (b)		360,500		2,155,790
CACI International, Inc. (b)		6,500		262,860
Ciber, Inc. (b)		30,600		251,532
Compucom Systems, Inc. (b)		79,100		359,114
Compuware Corp. (b)		413,900		2,731,740
Electronics for Imaging, Inc. (b)		26,800		757,368
Gateway, Inc. (b)		334,700		1,506,150
Hutchinson Technology, Inc. (b)		154,100		3,789,319
Hyperion Solutions Corp. (b)		1,100		48,092
Internet Security Systems, Inc. (b)		4,000		61,360
IONA Technologies PLC ADR — IE (b)		171,200		698,496
Komag, Inc. (b)		6,800		94,996
Magma Design Automation, Inc. (b)		4,600		88,458
ManTech International Corp. (b)		68,600		1,287,622
Manugistics Group, Inc. (b)		440,800		1,441,416
Maxtor Corp. (b)		246,600		1,634,958
Mcdata Corp., Class A (b)		348,900		1,877,082
Mcdata Corp., Class B (b)		23,100		118,041
Mentor Graphics Corp. (b)		81,700		1,263,899
MRO Software, Inc. (b)		145,900		1,985,699
MTS Systems Corp.		9,700		227,465
NetIQ Corp. (b)		173,600		2,291,520
Nuance Comunications, Inc. (b)		202,000		921,120
Palmone, Inc. (b)		8,900		309,453
Parametric Technology Corp. (b)		839,100		4,195,500
Perot Systems Corp., Class A (b)		21,100		279,997
Quantum Corp. (b)		55,600		172,360
RadiSys Corp. (b)		26,800		497,676
Silicon Graphics, Inc. (b)		117,100		257,620
Silicon Storage Technology, Inc. (b)		17,000		175,100
Sykes Enterprises, Inc. (b)		18,200		137,592
THQ, Inc. (b)		97,700		2,237,330
Trizetto Group, Inc. (b)		72,100		483,070
TTM Technologies (b)		8,800		104,280
Tyler Technologies, Inc. (b)		20,900		197,714
United Online, Inc. (b)		17,600		309,936
Verity, Inc. (b)		15,000		202,650
				39,150,521
Computer Technology (0.4%)
Advanced Digital Information Corp. (b)		133,900		1,298,830
Intergraph Corp. (b)		86,900		2,247,234
				3,546,064
Construction (0.8%)
MasTec, Inc. (b)		319,000		1,732,170
Terex Corp. (b)		117,500		4,010,275
Washington Group International, Inc. (b)		25,600		918,784
				6,661,229
Consulting Services (0.5%)
Bearingpoint, Inc. (b)		133,300		1,182,371
Charles River Associates, Inc. (b)		4,600		142,370
Gartner Group, Inc., Class A (b)		54,500		720,490
Modem Media Poppe Tyson, Inc. (b)		252,796		1,329,707
Tetra Technology, Inc. (b)		35,731		583,130
				3,958,068
Consumer Products (1.1%)
American Greetings Corp. (b)		9,800		227,164
Applica, Inc. (b)		14,200		126,380
Central Garden & Pet Co. (b)		33,200		1,187,564
CSS Industries, Inc.		4,000		140,160
Elizabeth Arden, Inc. (b)		110,000		2,314,400
Intertape Polymer Group, Inc. (b)		125,570		955,588
Nu Skin Enterprises, Inc.		13,600		344,352
Rayovac Corp. (b)		24,800		696,880
RC2 Corp. (b)		16,000		568,000
Revlon, Inc. (b)		40,000		118,000
Snap-On, Inc.		39,300		1,318,515
Toro Co.		14,700		1,030,029
Tupperware Corp.		6,600		128,238
				9,155,270
Containers & Packaging (0.7%)
Anchor Glass Container Corp.		102,900		1,392,237
Chesapeake Corp.		35,600		949,808
Crown Holdings, Inc. (b)		154,100		1,536,377
Greif, Inc., Class A		18,200		768,950
Silgan Holdings, Inc.		27,400		1,104,494
				5,751,866
Distribution/ Wholesale (0.2%)
Aviall, Inc. (b)		38,200		726,182
Handleman Co.		10,600		245,496
United Stationers, Inc. (b)		18,900		750,708
				1,722,386
Diversified Minerals (0.0%)
AMCOL International Corp.		14,700		278,565
Drugs & Pharmaceuticals (1.6%)
Adolor Corp. (b)		20,300		257,404
Alexion Pharmaceuticals, Inc. (b)		2,200		40,920
Alpharma, Inc., Class A		7,800		159,744
Atherogenics, Inc. (b)		19,404		369,258
Barr Pharmaceuticals, Inc. (b)		52,300		1,762,510
Biovail Corp. ADR — CA (b)		95,400		1,810,693
Cephalon, Inc. (b)		16,300		880,200
Cubist Pharmaceuticals, Inc. (b)		11,800		130,980
Cypress Bioscience, Inc. (b)		72,500		995,425
Inveresk Resh Group, Inc. (b)		19,500		601,380
K-V Pharmaceutical Co. (b)		71,500		1,650,935
Par Pharmaceutical Cos., Inc. (b)		27,200		957,712

69

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Drugs & Pharmaceuticals (continued)
Rigel Pharmaceuticals, Inc. (b)		11,600	$	164,836
Savient Pharmaceuticals, Inc. (b)		622,800		1,544,544
Telik, Inc. (b)		18,558		442,979
Watson Pharmaceutical, Inc. (b)		54,300		1,460,670
				13,230,190
E-Commerce & Services (0.3%)
Ebookers.Com PLC ADR — GB (b)		238,200		2,358,180
Electronics (0.9%)
Bel Fuse, Class B		10,600		442,020
Benchmark Electronics, Inc. (b)		22,150		644,565
CTS Corp.		33,600		405,216
Del Global Technologies Corp. (b)		164		492
EarthLink, Inc. (b)		367,700		3,805,694
Riverstone Networks, Inc. (b)		2		3
Sanmina Corp. (b)		170,200		1,548,820
Stoneridge, Inc. (b)		23,700		402,900
Sypris Solutions, Inc.		12,800		245,632
Trimble Navigation Ltd. (b)		3,850		106,992
WESCO International, Inc. (b)		4,600		84,640
				7,686,974
Engineering (0.3%)
Emcor Group, Inc. (b)		4,600		202,308
Jacobs Engineering Group, Inc. (b)		39,600		1,559,448
McDermott International, Inc. (b)		30,100		305,816
				2,067,572
Environmental Controls (0.1%)
Mine Safety Appliances Co.		21,500		724,550
Fertilizers (0.3%)
IMC Global, Inc.		188,500		2,525,900
Filtration and Separation Products (0.2%)
Clarcor, Inc.		36,500		1,671,700
Finance (1.6%)
Accredited Home Lenders Holding Co. (b)		13,600		382,840
Advanta Corp., Class B		13,768		315,563
CompuCredit Corp. (b)		18,200		314,860
eSPEED, Inc. (b)		2,500		44,125
John H. Harland Co.		20,100		589,935
Knight Trading Group, Inc. (b)		416,700		4,175,334
Metris Companies, Inc. (b)		311,300		2,705,197
New Century Financial Corp.		42,700		1,999,214
Triad Guaranty, Inc. (b)		29,322		1,706,540
World Acceptance Corp. (b)		39,300		720,369
				12,953,977
Foods (1.3%)
Chiquita Brands International, Inc. (b)		70,400		1,472,768
Corn Products International, Inc.		5,200		242,060
Dean Foods Co. (b)		55,500		2,070,705
Del Monte Foods Co. (b)		160,400		1,629,664
Flowers Foods, Inc.		9,800		256,270
J & J Snack Foods Corp. (b)		5,200		212,316
J.M. Smucker Co. (The)		1,025		47,058
Nasch-Finch Co.		6,500		162,695
Performance Food Group Co. (b)		107,700		2,858,358
Ralcorp Holding, Inc. (b)		8,900		313,280
Sensient Technologies Corp.		5,600		120,288
SUPERVALU, Inc.		50,400		1,542,744
				10,928,206
Funeral Services (0.2%)
Alderwoods Group, Inc. (b)		18,100		220,820
Stewart Enterprises, Inc., Class A (b)		166,300		1,353,682
				1,574,502
Healthcare (1.2%)
Apria Healthcare Group, Inc. (b)		52,800		1,515,360
Beverly Enterprises, Inc. (b)		20,900		179,740
Gentiva Health Services (b)		23,800		386,988
Kindred Healthcare, Inc. (b)		39,600		1,043,460
Mariner Health Care, Inc. (b)		102,700		2,762,630
Pediatrix Medical Group, Inc. (b)		14,200		991,870
Province Healthcare Co. (b)		9,600		164,640
Sierra Health Services, Inc. (b)		4,000		178,800
Triad Hospitals, Inc. (b)		78,600		2,926,278
				10,149,766
Hotels & Motels (0.0%)
Prime Hospitality Corp. (b)		29,100		309,042
Household Furnishings (0.1%)
American Woodmark Corp.		6,000		359,100
Furniture Brands International, Inc.		6,500		162,825
Kimball International, Inc., Class B		18,900		278,775
				800,700
Identification Systems (0.2%)
Checkpoint Systems, Inc. (b)		14,700		263,571
Hubbell, Inc.		23,300		1,088,343
Paxar Corp. (b)		3,600		70,272
				1,422,186
Industrial Specialties (0.3%)
Graftech International Ltd. (b)		175,800		1,838,868
Unova, Inc. (b)		31,600		639,900
				2,478,768
Instruments (0.7%)
Analogic Corp.		11,800		500,674
Fisher Scientific International, Inc. (b)		41,200		2,379,300
PerkinElmer, Inc.		123,700		2,478,948
Watts Industries		13,000		350,350
				5,709,272
Insurance: Life (1.5%)
Amerus Group Co.		27,400		1,134,360
Conseco, Inc. (b)		130,100		2,588,990
Delphi Financial Group		35,550		1,581,975
FBL Financial Group, Inc., Class A		5,800		163,908
Phoenix Co., Inc.		88,300		1,081,675
Scottish Annuity & Life Holdings		83,800		1,948,350
UICI (b)		19,400		461,914

70

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Insurance: Life (continued)
Universal American Financial Corp. (b)		16,800	$	184,464
Unum Provident Corp.		196,100		3,117,990
				12,263,626
Insurance: Multi-Line (1.0%)
Allmerica Financial Corp. (b)		38,000		1,284,400
Aspen Insurance Holdings Ltd.		70,600		1,640,038
Assurant, Inc.		60,310		1,590,978
Reinsurance Group of America, Inc.		31,800		1,292,670
United Fire & Casualty Corp.		4,600		265,650
Wellchoice, Inc. (b)		46,200		1,912,680
				7,986,416
Insurance: Property-Casualty (1.5%)
Argonaut Group, Inc. (b)		25,900		477,337
Baldwin & Lyons, Inc., Class B		5,200		139,568
Bristol West Holdings, Inc.		24,800		451,112
Direct General Corp.		11,400		367,764
LandAmerica Financial Group, Inc.		21,200		825,316
Midland Co.		1,100		32,615
Navigators Group, Inc. (The) (b)		2,900		83,781
Nymagic, Inc.		4,900		129,360
PMA Capital Corp., Class A		75,500		679,500
PMI Group, Inc.		91,400		3,977,728
ProAssurance Corp. (b)		63,800		2,176,218
RLI Corp.		8,900		324,850
Safety Insurance Group, Inc.		2,300		49,266
Selective Insurance Group, Inc.		19,300		769,684
State Auto Financial Corp.		7,400		227,328
Stewart Information Services Corp.		32,400		1,094,148
Zenith National Insurance Co.		11,900		578,340
				12,383,915
Internet Software/ Services (0.4%)
Art Technology Group, Inc. (b)		513,500		616,200
Harris Interactive, Inc. (b)		6,000		40,320
Macromedia, Inc. (b)		80,600		1,978,730
Safeguard Scientifics, Inc. (b)		58,900		135,470
Secure Computing Corp. (b)		24,500		285,425
Webmethods, Inc. (b)		54,600		467,922
				3,524,067
Investment Banks/ Brokers (2.0%)
Affiliated Managers Group, Inc. (b)		66,350		3,342,050
American Capital Strategies Ltd.		115,000		3,222,300
Apollo Investment Corp. (b)		124,400		1,712,988
E*TRADE Group, Inc. (b)		374,300		4,173,444
Friedman, Billings, Ramsey Group, Inc.		102,705		2,032,532
Labranche & Co., Inc.		188,300		1,585,486
Technology Investment Capital Corp.		43,910		593,268
				16,662,068
Leisure (1.1%)
Action Performance Companies, Inc.		67,100		1,011,197
AMC Entertainment, Inc. (b)		69,400		1,066,678
Arctic Cat, Inc.		6,500		178,945
Argosy Gaming Co. (b)		9,800		368,480
Bally Total Fitness Holding Corp. (b)		1,100		5,500
Callaway Golf Co.		53,400		605,556
K2, Inc. (b)		120,800		1,896,560
Multimedia Games, Inc. (b)		51,300		1,375,866
Regal Entertainment Group, Class A		40,700		736,670
Six Flags, Inc. (b)		254,000		1,844,040
				9,089,492
Linen Supply & Related Items (0.2%)
Angelica Corp.		50,100		1,258,011
Unifirst Corp.		12,500		363,625
				1,621,636
Machinery (2.6%)
AGCO Corp. (b)		277,200		5,646,564
Albany International Corp., Class A		21,100		708,116
Applied Industrial Technologies, Inc.		59,700		1,798,164
BHA Group Holdings, Inc.		1,900		71,915
Cascade Corp.		36,600		1,143,750
Flowserve Corp. (b)		60,400		1,506,376
Gardner Denver Machinery, Inc. (b)		1,800		50,220
Global Power Equipment Group, Inc. (b)		21,200		170,024
JLG Industries, Inc.		66,700		926,463
Joy Global, Inc.		86,800		2,598,792
Kadant, Inc. (b)		1,800		41,634
Kennametal, Inc.		29,100		1,332,780
Lufkin Industries, Inc.		7,700		246,246
Milacron, Inc. (b)		19,527		78,108
NACCO Industries, Inc., Class A		5,600		532,000
Regal-Beloit Corp.		12,500		278,250
Sauer-Danfoss, Inc.		14,200		242,394
Tecumseh Products Co.		7,800		321,282
Wabtec Corp.		214,500		3,869,580
				21,562,658
Manufacturing (2.0%)
A.O. Smith Corp.		11,900		378,301
Actuant Corp. (b)		11,900		463,981
Acuity Brands, Inc.		19,400		523,800
Ameron International Corp.		7,100		242,323
Barnes Group, Inc.		31,500		912,870
Carlisle Companies, Inc.		44,000		2,739,000
ESCO Technologies, Inc. (b)		8,600		458,896
Gerber Scientific, Inc. (b)		51,700		365,002
Griffon Corp. (b)		18,900		421,092
Harsco Corp.		17,036		800,692
Jacuzzi Brands, Inc. (b)		263,800		2,128,866
Oshkosh Truck Corp.		27,400		1,570,294
Pentair, Inc.		41,800		1,406,152
Quanex Corp.		20,100		978,870
Teleflex, Inc.		40,700		2,041,105
Thomas Industries, Inc.		7,400		245,680
Tower Automotive, Inc. (b)		27,600		100,464
Walter Industries, Inc.		26,900		366,378
				16,143,766

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Marketing Services (0.0%)
aQuantive, Inc. (b)		26,800	$	264,784
E.Piphany, Inc. (b)		11,900		57,477
				322,261
Medical & Dental Instruments & Supplies (0.9%)
CONMED Corp. (b)		23,000		630,200
CTI Molecular Imaging, Inc. (b)		9,800		138,964
Dj Orthopedics, Inc. (b)		11,670		268,410
Invacare Corp.		2,200		98,384
Kyphon, Inc. (b)		16,100		453,698
Luminex Corp. (b)		22,300		224,338
Orthovita, Inc. (b)		70,200		360,828
Palatin Technologies, Inc. (b)		8,600		36,206
PSS World Medical, Inc. (b)		29,200		327,040
Quidel Corp. (b)		230,000		1,354,700
Sola International, Inc. (b)		28,600		492,778
STERIS Corp. (b)		127,500		2,876,400
Surmodics, Inc. (b)		1,100		27,104
				7,289,050
Medical — Biomedical/ Genetic (0.5%)
Bio-Rad Laboratories, Inc., Class A (b)		41,200		2,425,032
Celera Genomics Group (b)		10,600		122,006
Cell Genesys, Inc. (b)		7,100		73,769
Cytogen Corp. (b)		40,400		642,360
Cytokinetics, Inc. (b)		21,900		325,215
Genelabs Technologies (b)		171,800		396,858
Human Genome Sciences, Inc. (b)		27,100		315,173
SuperGen, Inc. (b)		22,700		146,415
				4,446,828
Medical Information Systems (0.4%)
Computer Programs & Systems, Inc.		13,000		264,940
PER-SE Technologies, Inc. (b)		192,500		2,798,950
				3,063,890
Metals (1.1%)
Circor International, Inc.		12,100		246,719
Commercial Metals Co.		15,700		509,465
Maverick Tube Corp. (b)		59,390		1,559,581
Nn, Inc.		25,900		329,189
Penn Energineering & Manufacturing Corp.		1,500		32,160
RTI International Metals, Inc. (b)		20,900		333,355
Ryerson Tull, Inc.		28,800		457,344
Stillwater Mining Co. (b)		115,500		1,733,655
Timken Co.		114,100		3,022,509
Valmont Industries, Inc.		31,500		721,350
				8,945,327
Music (0.1%)
Steinway Musical Instruments, Inc. (b)		13,000		456,170
Networking Products (0.7%)
Anixter International, Inc.		15,300		520,659
Enterasys Networks, Inc. (b)		496,800		1,048,248
Foundry Networks, Inc. (b)		5,700		80,199
Hypercom Corp. (b)		149,800		1,265,810
Safenet, Inc. (b)		97,785		2,706,689
				5,621,605
Office Equipment & Services (0.4%)
Global Imaging Systems, Inc. (b)		63,700		2,335,242
Imagistics International, Inc (b)		17,500		619,500
				2,954,742
Oil & Gas (5.0%)
Cal Dive International, Inc. (b)		4,400		133,408
Cascade Natural Gas Corp.		11,800		260,426
Chesapeake Energy Corp.		200,600		2,952,832
Cimarex Energy Co. (b)		18,900		571,347
Comstock Resources, Inc. (b)		22,800		443,688
Cooper Cameron Corp. (b)		35,600		1,733,720
Denbury Resources, Inc. (b)		52,900		1,108,255
Energen Corp.		22,700		1,089,373
Global Industries Ltd. (b)		360,100		2,059,772
Grant Prideco, Inc. (b)		145,400		2,684,084
Hanover Compressor Co. (b)		12,500		148,750
Houston Exploration Co. (b)		14,700		762,048
KCS Energy, Inc. (b)		106,100		1,413,252
Key Energy Services, Inc. (b)		558,455		5,271,815
Lone Star Technologies, Inc. (b)		78,100		2,152,436
Magnum Hunter Resources, Inc. (b)		68,500		711,030
New Jersey Resources Corp.		38,200		1,588,356
Newfield Exploration Co. (b)		43,600		2,430,264
Northwest Natural Gas Co.		17,800		542,900
Oceaneering International, Inc. (b)		8,900		304,825
Oil States International, Inc. (b)		27,700		423,810
Parker Drilling Co. (b)		584,400		2,232,408
Patterson-UTI Energy, Inc.		92,700		3,097,107
RPC Energy Services, Inc.		21,500		339,915
South Jersey Industries, Inc.		20,200		888,800
Stone Energy Corp. (b)		19,400		886,192
Swift Energy Co. (b)		35,400		780,924
Tesoro Petroleum Corp. (b)		49,900		1,377,240
Universal Compression Holdings (b)		9,800		300,664
Veritas DGC, Inc. (b)		20,100		465,315
Vintage Petroleum, Inc.		41,100		697,467
				39,852,423
Paints & Coatings (0.2%)
Kronos Worldwide, Inc.		432		14,778
Valspar Corp.		31,300		1,578,772
				1,593,550
Paper & Related Products (0.2%)
Rock-Tenn Co.		11,300		191,535
Schweitzer-Mauduit International, Inc.		26,800		820,884
Wausau-Mosinee Paper Corp.		35,500		614,150
				1,626,569
Pharmacy Services (0.4%)
Omnicare, Inc.		69,300		2,966,733

72

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Private Corrections (0.0%)
Cornell Corrections, Inc. (b)		11,500	$	156,400
Geo Group, Inc. (The) (b)		11,500		234,600
				391,000
Publishing (0.4%)
Banta Corp.		4,600		204,286
Donnelley (R.R.) & Sons Co.		32,261		1,065,258
Journal Register Co. (b)		9,800		196,000
Proquest Co. (b)		45,725		1,246,006
Pulitzer, Inc.		6,500		317,850
				3,029,400
Railroads (0.1%)
Genesee & Wyoming, Inc. (b)		31,400		744,180
Real Estate (0.1%)
HomeStore.com, Inc. (b)		73,400		292,866
Jones Lang Lasalle, Inc. (b)		22,800		617,880
				910,746
Real Estate Investment Trusts (5.8%)
Alexandria Real Estate Equities, Inc.		9,500		539,410
American Financial Realty Trust		273,000		3,901,169
American Home Mortgage Investment Corp.		67,489		1,749,990
Anthracite Capital, Inc.		102,600		1,229,148
Ashford Hospitality Trust		306,800		2,561,780
Associated Estates Realty Corp.		31,600		254,380
Bedford Property Investors, Inc.		34,800		1,017,552
Capital Automotive		37,500		1,099,875
Capital Lease Funding, Inc. (b)		141,600		1,472,640
CarrAmerica Realty Corp.		111,500		3,370,645
CBL & Associates Properties, Inc.		66,000		3,630,000
Developers Diversified Realty Corp.		62,100		2,196,477
Equity Inns, Inc.		120,400		1,118,516
Gables Residential Trust		9,800		333,004
Glenborough Realty Trust, Inc.		51,300		941,355
Government Properties Trust		31,900		333,355
Highwood Properties, Inc.		32,300		759,050
Impac Mortgage Holdings		42,700		961,604
IndyMac Bancorp, Inc.		8,100		255,960
InnKeepers USA Trust		56,400		581,484
La Quinta Corp. (b)		13,200		110,880
Lasalle Hotel Properties		19,400		473,360
Lexington Corporate Properties Trust		86,900		1,730,179
Liberty Property Trust		30,200		1,214,342
LTC Properties, Inc.		35,900		595,940
MeriStar Hospitality Corp. (b)		93,800		641,592
MFA Mortgage Investments, Inc.		29,500		262,550
Mid-America Apartment Communities, Inc.		58,000		2,197,620
National Health Investors, Inc.		52,900		1,438,351
Novastar Financial, Inc.		13,000		493,480
Parkway Properties, Inc.		13,000		577,850
Pennsylvania Real Estate Investment Trust		36,300		1,243,275
Rait Investment Trust		40,800		1,005,720
Saul Centers, Inc.		25,500		818,805
Senior Housing Properties Trust		54,500		915,055
Sun Communities, Inc.		22,800		858,420
Tanger Factory Outlet Centers		11,000		430,100
Taubman Centers, Inc.		17,600		402,864
Urstadt Biddle Properties, Class A		5,600		82,936
Ventas, Inc.		95,200		2,222,920
Winston Hotels		55,300		572,355
				46,595,988
Rental Auto/ Equipment (0.4%)
Aaron Rents, Inc.		21,700		719,138
Dollar Thrifty Automotive Group, Inc. (b)		83,300		2,285,752
Rent-Way, Inc. (b)		34,800		313,200
				3,318,090
Research & Development (0.1%)
PAREXEL International Corp. (b)		8,600		170,280
URS Corp. (b)		13,000		356,200
				526,480
Restaurants (1.0%)
Bob Evans Farms		1,800		49,284
CBRL Group, Inc.		57,200		1,764,620
Jack in the Box, Inc. (b)		24,400		724,680
Krispy Kreme Doughnuts, Inc. (b)		108,400		2,069,356
Landry’s Seafood Restaurants, Inc.		41,600		1,243,424
Papa John’s International, Inc. (b)		7,400		218,596
Ruby Tuesday, Inc.		71,500		1,962,675
Ryans Restaurant Group, Inc. (b)		6,500		102,700
				8,135,335
Retail (4.7%)
Abercrombie & Fitch Co.		19,400		751,750
Aeropostale, Inc. (b)		43,200		1,162,512
Big Lots, Inc. (b)		76,500		1,106,190
Bombay Co., Inc. (b)		160,500		983,865
Brown Shoe Company, Inc.		54,800		2,242,964
Casey’s General Stores, Inc.		11,800		215,940
Cash America International, Inc.		54,500		1,253,500
Charlotte Russe Holding, Inc. (b)		4,000		85,520
Charming Shoppes, Inc. (b)		119,800		1,069,814
Children’s Place (b)		5,400		127,008
Circuit City Stores, Inc.		353,800		4,581,710
Cole (Kenneth) Productions, Inc.		11,600		397,532
Cole National Corp., Class A (b)		1,800		42,030
CSK Auto Corp. (b)		100,300		1,719,142
Dillard’s, Inc., Class A		29,200		651,160
Dollar Tree Stores, Inc. (b)		82,600		2,265,718
Dress Barn, Inc.(b)		19,200		328,704
Finlay Enterprises, Inc. (b)		51,500		969,230
Gamestop Corp., Class A (b)		8,300		126,326
Genesco, Inc. (b)		18,500		437,155
Goody’s Family Clothing, Inc.		7,900		81,923
Great Atlantic & Pacific Tea Co., Inc. (The) (b)		14,700		112,602
Guitar Center, Inc. (b)		30,100		1,338,547
Hollywood Entertainment Corp. (b)		32,300		431,528
Insight Enterprises, Inc. (b)		60,600		1,076,256
J. Jill Group, Inc. (b)		10,200		240,618

73

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Retail (continued)
Jo-Ann Stores, Inc. (b)		15,300	$	449,820
Jos A Bank Clothiers, Inc. (b)		43,400		1,362,326
Linen ’n Things, Inc. (b)		119,300		3,496,683
Men’s Wearhouse, Inc. (The) (b)		13,600		358,904
Mothers Work, Inc (b)		8,100		166,617
Movado Group, Inc.		2,200		37,950
Movie Gallery, Inc.		5,600		109,480
Pantry, Inc. (b)		4,700		102,460
Pathmark Stores, Inc. (b)		18,100		137,922
Payless Shoesource, Inc. (b)		31,900		475,629
Pep Boys-Manny, Moe & Jack		26,800		679,380
School Specialty, Inc. (b)		2,200		79,882
ShopKo Stores, Inc. (b)		113,900		1,610,546
Smart & Final, Inc. (b)		14,700		176,694
Sonic Automotive, Inc.		5,600		124,040
Sports Authority, Inc. (The) (b)		4,600		165,140
Stage Stores, Inc. (b)		12,700		478,282
Systemax, Inc. (b)		23,000		154,100
Talbots, Inc.		52,800		2,067,120
Too, Inc. (b)		23,300		389,110
Vans, Inc. (b)		14,400		295,920
Winn-Dixie Stores, Inc.		97,600		702,720
World Fuel Services Corp.		5,200		234,416
Zale Corp. (b)		11,600		316,216
				37,970,601
Rubber/ Tires (0.6%)
Cooper Tire & Rubber Co.		205,000		4,715,000
Savings & Loans (2.7%)
Bankatlantic Bancorp, Inc.		276,020		5,092,569
Bankunited Financial Corp. (b)		79,700		2,056,260
Commercial Capital Bancorp (b)		142,566		2,476,371
Commercial Federal Corp.		11,500		311,650
Dime Community Bancshares		17,850		312,018
First Financial Holdings, Inc.		5,400		155,574
First Niagara Financial Group, Inc.		13,439		161,268
FirstFed Financial Corp. (b)		11,500		478,400
Flagstar Bancorp		21,700		431,396
Franklin Bank Corp. (b)		85,540		1,353,243
Hudson River Bancorp		63,800		1,089,066
Independence Community Bank Corp.		55,000		2,002,000
ITLA Capital Corp. (b)		5,200		210,964
MAF Bancorp, Inc.		19,843		846,899
NetBank, Inc.		36,700		401,131
Ocwen Financial Corp. (b)		22,200		267,288
Sterling Financial Corp. (b)		42,570		1,356,706
Tierone Corp.		16,700		359,217
Webster Financial Corp.		47,800		2,247,556
WSFS Financial Corp.		8,600		418,562
				22,028,138
Security Services (0.1%)
Integrated Alarm Systems Group, Inc. (b)		218,100		1,177,740
Semiconductors (4.1%)
Actel Corp. (b)		7,400		136,900
Atmel Corp. (b)		345,500		2,045,360
Axcelis Technologies, Inc. (b)		603,700		7,510,028
Bookham Technology PLC ADR — GB (b)		1,745,700		1,675,872
Cirrus Logic, Inc. (b)		46,700		280,667
Cohu, Inc.		4,700		89,488
Conexant Systems, Inc. (b)		296,600		1,284,278
Dsp Group, Inc. (b)		12,500		340,500
DuPont Photomasks, Inc. (b)		86,200		1,752,446
Emulex Corp. (b)		87,300		1,249,263
ESS Technology, Inc. (b)		23,000		246,330
Exar Corp. (b)		7,800		114,348
Fairchild Semiconductor Corp. (b)		209,575		3,430,743
Fsi International, Inc. (b)		109,790		857,460
Intergrated Silicon Solution (b)		16,300		199,023
Lattice Semiconductor Corp. (b)		251,900		1,765,819
LTX Corp. (b)		460,100		4,973,681
MKS Instruments, Inc. (b)		6,100		139,202
On Semiconductor Corp. (b)		35,500		178,210
Photronics, Inc. (b)		206,700		3,914,898
Richardson Electronics Ltd.		24,200		268,136
SIPEX Corp. (b)		43,100		245,670
Skyworks Solutions, Inc. (b)		29,500		257,535
Standard Microsystems Corp. (b)		7,400		172,568
Vitesse Semiconductor Corp. (b)		26,600		129,808
				33,258,233
Steel (2.3%)
AK Steel Holding Corp. (b)		57,000		300,390
Allegheny Technologies, Inc.		220,700		3,983,635
Carpenter Technology Corp.		8,600		292,830
Intl Steel Group Co. (b)		139,800		4,159,050
Reliance Steel & Aluminum Co.		31,900		1,286,208
Schnitzer Steel Industries, Inc.		8,500		288,660
Shaw Group, Inc. (b)		311,700		3,157,521
Steel Dynamics (b)		47,500		1,359,925
United States Steel Corp.		115,800		4,066,896
				18,895,115
Telecommunications (2.0%)
Airgate PCS., Inc. (b)		35,700		653,310
Alamosa Holdings, Inc. (b)		234,400		1,722,840
Arris Group, Inc. (b)		437,100		2,596,374
Asiainfo Holdings, Inc. (b)		6,500		34,320
C-COR.net Corp. (b)		6,100		62,769
Corvis Corp. (b)		142,800		201,348
Ditech Communications Corp. (b)		14,200		331,428
Dobson Communications Corp., Class A (b)		1,157,600		3,773,776
General Communication, Inc. (b)		20,100		159,594
MRV Communications, Inc. (b)		63,200		173,168
North Pittsburgh Systems, Inc.		9,800		196,490
Primus Telecommunications Group, Inc. (b)		566,900		2,879,852
Ptek Holdings, Inc. (b)		126,800		1,462,004
Sycamore Networks, Inc. (b)		31,700		134,091
Talk America Holdings, Inc. (b)		18,900		144,963

74

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Telecommunications (continued)
Terayon Communication Systems, Inc. (b)		31,900	$	74,646
UbiquiTel, Inc. (b)		402,200		1,697,284
				16,298,257
Textiles (0.6%)
G & K Services, Inc.		16,100		647,059
Kellwood Co.		75,800		3,301,090
Quiksilver, Inc. (b)		16,000		380,960
Tommy Hilfiger Corp. (b)		49,700		752,458
				5,081,567
Therapeutics (0.5%)
Abgenix, Inc. (b)		13,000		152,360
Avanir Pharmaceuticals, Class A (b)		376,900		633,192
Corixa Corp. (b)		37,000		172,790
Discovery Laboratories, Inc. (b)		22,700		217,693
Dyax Corp. (b)		84,400		991,700
Neopharm, Inc. (b)		111,006		1,146,692
Sciclone Pharmaceuticals (b)		39,600		202,356
United Therapeutics Corp. (b)		6,100		156,465
				3,673,248
Tires & Rubber (0.0%)
Bandag, Inc.		5,400		240,462
Tobacco (0.3%)
Standard Commercial Corp.		27,600		498,180
Universal Corp.		42,000		2,139,480
				2,637,660
Toys (0.0%)
JAKKS Pacific, Inc. (b)		7,700		160,083
Transportation (3.4%)
Central Freight Lines, Inc. (b)		80,800		646,400
Covenant Transport, Inc., Class A (b)		12,500		213,625
Gatx Corp.		29,900		813,280
Greenbrier Cos., Inc. (b)		7,400		140,970
Interpool, Inc.		13,500		223,425
Kirby Corp. (b)		63,410		2,466,649
Offshore Logistics, Inc. (b)		13,600		382,432
Overnite Corp.		92,075		2,707,005
Overseas Shipholding Group, Inc.		17,200		759,036
Pacer International, Inc. (b)		92,400		1,709,400
Quality Distribution, Inc. (b)		178,220		1,965,767
RailAmerica, Inc. (b)		49,800		727,080
Scs Transportation, Inc. (b)		49,500		1,306,305
Swift Transportation Co., Inc. (b)		140,900		2,529,155
Tidewater, Inc.		146,400		4,362,720
U.S. Xpress Enterprises, Inc. (b)		8,800		138,424
USF Corp.		32,700		1,148,751
Werner Enterprises, Inc.		25,700		542,270
Yellow Roadway Corp. (b)		115,000		4,583,900
				27,366,594
Travel Services (0.8%)
Navigant International, Inc. (b)		20,900		371,811
Orbitz, Inc. (b)		158,700		3,431,094
Pegasus Systems, Inc. (b)		198,700		2,608,931
Sabre Holdings, Inc.		11,600		321,436
				6,733,272
Utilities (4.0%)
Allegheny Energy, Inc. (b)		15,300		235,773
American States Water Co.		9,158		212,832
Atmos Energy Corp.		11,900		304,521
Avista Corp.		28,600		526,812
Black Hills Corp.		65,820		2,073,330
California Water Service Group		18,800		517,940
CH Energy Group, Inc.		14,200		659,448
Charter Communications, Inc. (b)		110,500		433,160
Cincinnati Bell, Inc. (b)		135,900		603,396
Cleco Corp.		21,200		381,176
CMS Energy Corp. (b)		130,600		1,192,378
Commonwealth Telephone Enterprises, Inc. (b)		6,500		291,005
CT Communications, Inc.		43,400		653,170
Duquesne Light Holdings		127,700		2,465,887
El Paso Electric Co. (b)		49,800		768,912
Insight Communications Co., Inc. (b)		25,600		237,056
Nextel Partners, Inc. (b)		82,300		1,310,216
NUI Corp.		12,500		182,500
PNM Resource, Inc.		49,350		1,025,000
Questar Corp.		67,200		2,596,608
Sierra Pacific Resources (b)		170,200		1,312,242
SJW Corp.		2,000		68,000
Southern Union Co. (b)		62,200		1,311,176
Southwest Gas Corp.		40,600		979,678
Southwestern Energy Co. (b)		86,900		2,491,423
Time Warner Telecom, Inc. (b)		30,600		128,214
Uil Holdings Corp.		7,800		379,782
UniSource Energy Corp.		59,700		1,483,545
Westar Energy, Inc.		131,100		2,610,201
Western Gas Resources, Inc.		90,000		2,923,199
Wisconsin Energy Corp.		76,200		2,484,882
				32,843,462
Waste Management (0.4%)
Casella Waste Systems, Inc., Class A (b)		34,100		448,415
Ionics, Inc. (b)		13,100		370,075
Waste Connections, Inc. (b)		89,100		2,642,706
				3,461,196
Wire and Cable Products (0.1%)
Encore Wire Corp. (b)		15,300		421,821
Wireless Equipment (0.2%)
REMEC, Inc. (b)		260,900		1,648,888
Total Common Stocks				786,862,968

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
Repurchase Agreements (4.2%)
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $13,716,353 (Fully collateralized by AA Rated Corporate Bonds)	$	13,715,789	$	13,715,789
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $20,323,406 (Fully collateralized by AA Rated Corporate Bonds & U.S. Agency Mortgages)		20,322,571		20,322,571
Total Repurchase Agreements				34,038,360
U.S. Treasury Notes (0.1%)
United States Treasury Note, 2.125%, 10/31/04		960,000		961,837
Total U.S. Treasury Notes				961,837
WARRANT (0.0%)
Electrical Equipment (0.0%)
Del Global Tech Corp.		66		53
Total Warrant				53
Total Investments (Cost $773,831,105) (a) — 100.8%				821,863,218
Liabilities in excess of other assets — (0.8)%				(6,732,326	)
NET ASSETS — 100.0%			$	815,130,892

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	85,495,526
Unrealized depreciation		(37,463,413	)
Net unrealized appreciation (depreciation)	$	48,032,113

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Denotes a non-income producing security.

ADR	American Depositary Receipt
CA	Canada
GB	United Kingdom
IE	Ireland

At June 30, 2004 the Fund’s open futures contracts were as follows:

					Market
					Value		Unrealized
Number of					Covered by		Appreciation
Contracts		Long Contracts	Expiration		Contracts		(Depreciation)
	51	Russell 2000 Future		09/17/04	$	15,104,925	$	436,608

See notes to financial statements.

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Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (94.0%)
Advertising Services (2.0%)
Getty Images, Inc. (b)		33,750	$	2,025,000
Ventiv Health, Inc. (b)		78,800		1,219,824
				3,244,824
Aerospace/ Defense (0.8%)
Innovative Solutions & Support, Inc. (b)		30,500		595,360
MTC Technologies, Inc. (b)		28,500		735,870
				1,331,230
Airlines (0.5%)
Mesa Air Group, Inc. (b)		96,300		779,067
Auto Parts & Equipment (4.2%)
A.S.V., Inc. (b)		30,683		960,685
Gentex Corp.		58,700		2,329,216
LKQ Corp. (b)		43,497		805,999
Noble International, Ltd.		20,000		495,400
O’Reilly Automotive, Inc. (b)		44,700		2,020,440
				6,611,740
Beverages (0.5%)
Hansen Natural Corp. (b)		32,567		824,922
Computer Software & Services (6.9%)
Altiris, Inc. (b)		52,500		1,449,525
Avid Technology, Inc. (b)		34,000		1,855,380
Cerner Corp. (b)		49,650		2,213,396
EPIQ Systems, Inc. (b)		44,910		651,195
Lexar Media, Inc. (b)		64,300		429,524
Magma Design Automation, Inc. (b)		21,900		421,137
MemberWorks, Inc. (b)		37,650		1,115,193
Merge Technologies, Inc. (b)		46,900		686,147
Secure Computing Corp. (b)		35,000		407,750
Synaptics, Inc. (b)		87,600		1,677,540
				10,906,787
Consulting Services (1.1%)
MAXIMUS, Inc. (b)		49,900		1,769,454
Cosmetics & Toiletries (0.9%)
Alberto Culver Co., Class B		28,750		1,441,525
Diagnostic Equipment (0.5%)
Gen-Probe, Inc. (b)		17,600		832,832
Distribution (1.2%)
Central European Distribution Corp. (b)		71,600		1,855,156
E-Marketing & Information (1.9%)
aQuantive, Inc. (b)		174,800		1,727,024
ValueClick, Inc. (b)		105,100		1,259,098
				2,986,122
Education (1.4%)
ITT Educational Services, Inc. (b)		59,700		2,269,794
Electronics (3.1%)
Cree, Inc. (b)		135,550		3,155,604
Intergrated Silicon Solution, Inc. (b)		58,100		709,401
Pixelworks, Inc. (b)		70,000		1,072,400
				4,937,405
Entertainment Software (0.9%)
Take-Two Interactive Software, Inc. (b)		48,260		1,478,686
Environmental (1.0%)
Stericycle, Inc. (b)		30,720		1,589,453
Financial (3.7%)
Chicago Mercantile Exchange		18,109		2,614,396
Euronet Worldwide, Inc. (b)		52,191		1,207,178
Financial Federal Corp. (b)		60,050		2,117,363
				5,938,937
Financial Services (4.5%)
City National Corp.		13,200		867,240
FactSet Research Systems, Inc.		42,450		2,006,612
Portfolio Recovery Associates, Inc. (b)		29,000		799,530
Southwest Bancorp of Texas, Inc.		30,600		1,350,072
The Corporate Executive Board Co.		37,900		2,190,241
				7,213,695
Food & Beverage (2.2%)
American Italian Pasta Co.		51,900		1,581,912
Krispy Kreme Doughnuts, Inc. (b)		33,950		648,106
Robert Mondavi Corp. (The)(b)		33,400		1,236,468
				3,466,486
Healthcare Services (10.2%)
American Healthways, Inc. (b)		112,926		3,006,089
AmSurg Corp. (b)		94,900		2,384,837
Dendrite International, Inc. (b)		147,800		2,746,124
HealthExtras, Inc. (b)		50,240		832,477
Odyssey Healthcare, Inc. (b)		137,200		2,582,104
Omnicare, Inc.		21,000		899,010
ResMed, Inc. (b)		20,800		1,059,968
VISX, Inc. (b)		103,350		2,761,512
				16,272,121
Housewares (0.4%)
Lifetime Hoan Corp.		27,711		631,534
Instruments — Control (0.9%)
BEI Technologies, Inc.		48,200		1,364,542
Internet (5.8%)
Ask Jeeves, Inc. (b)		17,600		686,928
Checkfree Corp. (b)		84,006		2,520,180
Ctrip.com International Ltd. ADR — KY (b)		22,713		768,381
Kintera, Inc. (b)		12,173		126,964
Netease.com, Inc. ADR — KY (b)		38,900		1,607,348
Safenet, Inc. (b)		36,800		1,018,624
SINA Corp. (b)		26,300		867,637
Sohu.com, Inc. (b)		77,950		1,549,646
				9,145,708
Internet Applications Software (2.3%)
At Road, Inc. (b)		85,985		657,785
CyberSource Corp. (b)		36,500		305,140

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Internet Applications Software (continued)
eResearch Technology, Inc. (b)		65,600	$	1,836,800
SupportSoft, Inc. (b)		92,700	804,636 ------------ 3,604,361
Internet Security (0.5%)		23,302		780,384
Blue Coat Systems, Inc. (b)
Machinery, Equipment, & Supplies (0.7%)		16,775		339,694
Gehl Co. (b)		59,500		826,455
JLG Industries, Inc.				1,166,149
Medical (4.5%)		19,200		364,416
Abaxis, Inc. (b)		13,100		429,680
Advanced Neuromodulation Systems, Inc. (b)		37,400		753,610
Angiotech Pharmaceuticals, Inc. (b)		29,166		1,124,349
Centene Corp. (b)		25,000		258,750
Endocardial Solutions, Inc. (b)		39,400		831,340
Epix Medical, Inc. (b)		30,600		862,308
Kyphon, Inc. (b)		58,300		1,698,279
LCA-Vision, Inc. (b)		70,117		791,621
Lifecell Corp. (b)				7,114,353
Medical Products (3.1%)		29,100		846,228
Arthrocare Corp. (b)		17,500		439,425
Closure Medical Corp. (b)		30,200		743,826
Flamel Technologies S.A. — ADR — FR (b)		39,100		1,348,950
Kensey Nash Corp. (b)		19,600		1,100,932
Martek Biosciences Corp. (b)		79,000		448,720
Sonic Innovations, Inc. (b)				4,928,081
Miscellaneous Manufacturing (1.7%)		17,500		507,850
Applied Films Corp. (b)		61,300		2,192,701
Ceradyne, Inc. (b)				2,700,551
Multimedia (0.1%)		8,450		159,114
Journal Communications, Inc., Class A
Oil & Gas (2.4%)		129,700		1,324,237
Carrizo Oil & Gas, Inc. (b)		45,750		2,550,105
Newfield Exploration Co. (b)				3,874,342
Pharmaceuticals (2.2%)		24,700		507,832
Able Laboratories, Inc. (b)		9,300		41,478
Draxis Health, Inc. (b)		18,498		757,123
Eon Labs, Inc. (b)		89,056		344,647
InKine Pharmaceutical Co., Inc. (b)		24,085		794,082
Kos Pharmaceuticals, Inc. (b)		35,100		1,090,908
USANA Health Sciences, Inc. (b)				3,536,070
Radio Broadcasting (0.0%)		59		992
Cumulus Media, Inc., Class A (b)
Research & Development (1.0%)		49,300		1,544,569
SFBC International, Inc. (b)
Resorts & Theme Parks (1.4%)		112,200		2,149,752
Vail Resorts, Inc. (b)
Restaurants (0.6%)		27,700		993,876
Panera Bread Co., Class A (b)
Retail (2.5%)		35,000		1,580,600
Chico’s FAS, Inc. (b)		23,000		693,910
Finish Line, Inc. (The), Class A (b)		65,250		1,778,063
Fossil, Inc. (b)				4,052,573
Semiconductors (5.4%)		43,800		1,130,040
Artisan Components, Inc. (b)		62,132		779,135
August Technology Corp. (b)		70,359		943,514
Leadis Technology, Inc. (b)		85,400		1,362,130
Omnivision Technologies, Inc. (b)		64,121		1,863,357
Sigmatel, Inc. (b)		113,700		1,492,881
Silicon Image, Inc. (b)		57,000		1,027,140
Tessera Technologies, Inc. (b)				8,598,197
Telecommunications (2.5%)		24,000		841,200
Applied Signal Technology, Inc.		58,300		1,360,722
Ditech Communications Corp. (b)		70,100		597,252
Harmonic, Inc. (b)		24,000		436,080
Tekelec (b)		68,006		795,670
Ulticom, Inc. (b)				4,030,924
Textiles (0.6%)		58,672		890,641
DHB Industries, Inc. (b)
Therapeutics (1.3%)		25,910		450,575
Anika Therapeutics, Inc. (b)		35,600		833,752
Bone Care International, Inc. (b)		34,800		702,960
Connetics Corp. (b)				1,987,287
Transportation (2.3%)		60,700		2,341,806
J.B. Hunt Transport Services, Inc.		86,250		1,336,875
Kansas City Southern Industries, Inc. (b)				3,678,681
Veterinary Diagnostics (0.9%)		171,600		1,376,060
PetMed Express, Inc. (b)
Wireless Equipment (3.4%)		52,300		694,544
Alvarion Ltd. (b)		87,593		1,044,109
Carrier Access Corp. (b)		52,800		1,955,184
Sierra Wireless, Inc. (b)		34,900		870,755
ViaSat, Inc. (b)		78,200		768,706
Wireless Facilities, Inc. (b)				5,333,298
			------------ 149,392,275
Total Common Stocks

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
Repurchase Agreements (6.1%)
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $5,782,482 (Fully collaterized by AA Rated Corporate Bonds & U.S. Agency Securities)	$	5,782,244	$	5,782,244
CS First Boston, 1.48%, Dated 06/30/04, due 07/01/04, repurchase price $3,902,621 (Fully collateralized by AA Rated Corporate Bonds)		3,902,461		3,902,461
Total Repurchase Agreements				9,684,705
Short-Term Securities Held as Collateral for Securities Lending (10.4%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)		16,507,425		16,507,425
Total Short-Term Securities Held as Collateral for Securities Lending				16,507,425
Total Investments (Cost $155,149,622) (a) — 110.5%				175,584,405
Liabilities in excess of other assets — (10.5)%				(16,645,166	)
NET ASSETS — 100.0%			$	158,939,239

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	24,738,207
Unrealized depreciation		(4,303,424	)
Net unrealized appreciation (depreciation)	$	20,434,783

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Denotes a non-income producing security.

ADR	American Depositary Receipt
FR	France
KY	Cayman Islands

See notes to financial statements.

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Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.2%)
Australia (2.8%)
Multimedia (2.8%)
News Corp. Ltd. (The) ADR		28,100	$	923,928
China (2.6%)
Telecommunications (2.6%)
China Unicom Ltd.		478,000		376,894
China Unicom Ltd. ADR		58,800		464,520
				841,414
France (4.1%)
Financial Services (4.1%)
Credit Agricole S.A.		55,600		1,352,915
Germany (2.5%)
Manufacturing (2.5%)
Siemens AG		11,600		834,792
Japan (17.1%)
Banking (2.9%)
Sumitomo Mitsui Financial Group, Inc.		139		952,866
Financial Services (5.4%)
Credit Saison Co. Ltd.		22,500		676,351
Mitsubishi Tokyo Financial Group, Inc.		122		1,129,267
				1,805,618
Office Equipment & Services (2.7%)
Seiko Epson Corp.		24,000		873,207
Real Estate (3.5%)
Mitsui Fudosan Co. Ltd.		96,000		1,150,786
Semiconductors (2.6%)
NEC Electronics Corp.		14,000		859,644
				5,642,121
Switzerland (3.7%)
Pharmaceuticals (3.7%)
Roche Holding AG		12,400		1,227,723
United Kingdom (19.1%)
Building & Construction (1.1%)
Westbury PLC		47,698		373,465
Gas — Distribution (3.0%)
Centrica PLC		245,000		997,470
Home Furnishing (2.9%)
MFI Furniture Group PLC		350,770		962,133
Metals (4.2%)
Rio Tinto PLC		55,800		1,341,824
Mining (2.0%)
BHP Billiton PLC		77,000		668,175
Pharmaceuticals (2.8%)
GlaxoSmithKline PLC		45,800		926,930
Retail (3.1%)
Boots Group PLC		82,000		1,023,104
				6,293,101
United States (47.3%)
Auto Parts & Equipment (3.0%)
Advance Auto Parts, Inc. (b)		22,400		989,632
Computer Software (3.3%)
Microsoft Corp.		38,360		1,095,562
Computer Software & Services (2.7%)
Automatic Data Processing, Inc.		20,900		875,292
Cosmetics/ Toiletries (3.0%)
Gillette Co.		23,600		1,000,640
Financial Services (4.1%)
J.P. Morgan Chase & Co.		34,600		1,341,442
Hotels & Motels (4.1%)
Hilton Hotels Corp.		71,800		1,339,788
Insurance (3.3%)
Hartford Financial Services Group, Inc.		15,900		1,092,966
Manufacturing (8.5%)
Caterpillar, Inc.		10,500		834,120
General Electric Co.		59,200		1,918,079
				2,752,199
Medical Products (3.1%)
Johnson & Johnson		18,200		1,013,740
Metals (1.4%)
Freeport-McMoRan Copper & Gold, Inc.		14,080		466,752
Oil & Gas (7.6%)
ConocoPhillips		17,300		1,319,817
Eog Resources, Inc.		20,050		1,197,186
				2,517,003
Transportation (3.2%)
Norfolk Southern Corp.		39,100		1,036,932
				15,521,948
Total Common Stocks				32,637,942

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
Repurchase Agreements (2.6%)
CS First Boston, 1.48% dated 06/30/04, due 07/01/04, repurchase price $348,347 (Fully collateralized by AA Rated Corporate Bonds)	$	348,333	$	348,333
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $516,143 (Fully collateralized by U.S. Agency Securities)		516,121		516,121
Total Repurchase Agreements				864,454
Short-Term Securities Held as Collateral for Securities Lending (6.2%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)		2,028,842		2,028,842
Total Short-Term Securities Held as Collateral for Securities Lending				2,028,842
Total Investments (Cost $34,494,534) (a) — 108.0%				35,531,238
Liabilities in excess of other assets — (8.0%)				(2,623,638	)
NET ASSETS — 100.0%			$	32,907,600

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	1,391,898
Unrealized depreciation		(355,194	)
Net unrealized appreciation (depreciation)	$	1,036,704

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Denotes a non-income producing security.

ADR American Depositary Receipt

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Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (95.8%)
Aerospace/ Defense (0.6%)
Alliant Techsystems, Inc. (b)		17,400	$	1,102,116
Precision Castparts Corp.		30,200		1,651,638
Sequa Corp. (b)		4,800		280,656
				3,034,410
Agricultural Products (0.1%)
Universal Corp.		11,900		606,186
Airlines (0.3%)
Alaska Air Group, Inc. (b)		12,500		298,375
Jetblue Airways Corp. (b)		48,000		1,410,240
				1,708,615
Amusement & Recreation (0.4%)
Callaway Golf Co.		35,200		399,168
International Speedway Corp.		24,900		1,211,136
Six Flags, Inc. (b)		43,500		315,810
				1,926,114
Auto Parts & Equipment (1.5%)
Arvinmeritor, Inc.		32,425		634,557
Bandag, Inc.		9,100		405,223
BorgWarner Automotive, Inc.		26,100		1,142,397
Carmax, Inc. (b)		48,500		1,060,695
Gentex Corp.		36,200		1,436,416
Lear Corp.		32,300		1,905,377
Modine Manufacturing Co.		16,100		512,785
Superior Industries International, Inc.		12,500		418,125
				7,515,575
Automotive (0.2%)
O’Reilly Automotive, Inc. (b)		25,600		1,157,120
Banks (7.5%)
Associated Banc Corp.		51,615		1,529,352
Astoria Financial Corp.		36,600		1,338,828
Banknorth Group, Inc.		80,600		2,617,888
City National Corp.		22,800		1,497,960
Colonial Bancgroup, Inc.		59,500		1,081,115
Compass Bancshares, Inc.		57,300		2,463,900
Cullen/ Frost Bankers, Inc.		24,000		1,074,000
FirstMerit Corp.		39,700		1,046,889
Greater Bay Bancorp		24,000		693,600
GreenPoint Financial Corp.		61,700		2,449,490
Hibernia Corp.		72,600		1,764,180
Independence Community Bank Corp.		38,800		1,412,320
IndyMac Bancorp, Inc.		28,600		903,760
Mercantile Bankshare Corp.		37,000		1,732,340
National Commerce Financial Co.		95,490		3,103,425
New York Community Bancorp, Inc.		123,688		2,427,995
Provident Financial Group		23,200		915,472
Silicon Valley Bancshares (b)		16,500		654,225
Sovereign Bancorp, Inc.		143,400		3,169,140
TCF Financial Corp.		33,000		1,915,650
Washington Federal, Inc.		36,690		880,560
Webster Financial Corp.		24,800		1,166,096
West America Bancorp		14,900		781,505
Wilmington Trust Corp.		31,100		1,157,542
				37,777,232
Biotechnology (2.2%)
Gilead Sciences, Inc. (b)		100,300		6,720,100
Millenium Pharmaceuticals, Inc. (b)		142,587		1,967,701
Protein Design Labs, Inc. (b)		44,100		843,633
Valeant Pharmaceuticals International		39,200		784,000
Vertex Pharmaceuticals, Inc. (b)		36,900		399,996
				10,715,430
Broadcasting (0.5%)
Emmis Communications Corp. (b)		26,200		549,676
Entercom Communications Corp. (b)		24,100		898,930
Westwood One, Inc. (b)		45,700		1,087,660
				2,536,266
Business Services (2.6%)
Acxiom Corp.		40,400		1,003,132
Catalina Marketing Corp. (b)		24,400		446,276
Ceridian Corp. (b)		69,500		1,563,750
CheckFree Corp. (b)		39,600		1,188,000
CSG Systems International, Inc. (b)		24,300		503,010
DST Systems, Inc. (b)		39,500		1,899,555
Fair Issac Corp.		33,000		1,101,540
Gartner Group, Inc. (b)		61,700		815,674
Harte-Hanks, Inc.		40,750		994,708
Kelly Services, Inc.		16,400		488,720
Korn/ Ferry International (b)		17,700		342,849
Manpower, Inc.		42,100		2,137,417
MPS Group, Inc. (b)		49,200		596,304
				13,080,935
Chemicals (2.3%)
Airgas, Inc.		34,700		829,677
Albemarle Corp.		19,400		614,010
Cabot Corp.		29,100		1,184,370
Crompton Corp.		53,600		337,680
Cytec Industries, Inc.		18,200		827,190
Ferro Corp.		19,600		522,928
FMC Corp. (b)		17,000		732,870
IMC Global, Inc.		54,200		726,280
Lubrizol Corp.		24,200		886,204
Lyondell Chemical Co.		83,300		1,448,587
Minerals Technologies, Inc.		9,600		556,800
Olin Corp.		32,500		572,650
RPM, Inc.		54,300		825,360
Valspar Corp.		24,000		1,210,560
				11,275,166
Communication Equipment (3.4%)
Adtran, Inc.		37,200		1,241,364
Advanced Fibre Communications, Inc. (b)		41,200		832,240
Cincinnati Bell, Inc. (b)		114,700		509,268
CommScope, Inc. (b)		28,800		617,760
Harman International Industries, Inc.		30,900		2,811,900
Harris Corp.		31,100		1,578,325
L-3 Communications Holdings, Inc.		49,600		3,313,280
Plantronics, Inc. (b)		22,300		938,830
Polycom, Inc. (b)		46,700		1,046,547
Powerwave Technologies, Inc. (b)		48,900		376,530

82

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Communication Equipment (continued)
Telephone & Data Systems, Inc.		26,800	$	1,908,160
Utstarcom Incorporated (b)		53,300		1,612,325
				16,786,529
Computer Hardware (0.7%)
Keane, Inc. (b)		29,700		406,593
National Instruments Corp.		36,850		1,129,453
Quantum Corp. (b)		84,500		261,950
Storage Technology Corp. (b)		52,600		1,525,400
				3,323,396
Computer Software & Services (4.2%)
3COM Corp. (b)		182,700		1,141,875
Activision, Inc. (b)		64,600		1,027,140
Advent Software, Inc. (b)		15,500		280,085
Ascential Software Corp. (b)		27,725		443,323
Avocent Corp. (b)		23,000		845,020
Cadence Design Systems, Inc. (b)		127,900		1,871,177
CDW Corp.		39,100		2,493,016
Cognizant Technology Solutions Corp. (b)		60,600		1,539,846
Henry (Jack) & Associates, Inc.		42,000		844,200
Macromedia, Inc. (b)		32,300		792,965
Macrovision Corp. (b)		23,100		578,193
McData Corp. (b)		55,000		295,900
Mentor Graphics Corp. (b)		32,800		507,416
Network Associates, Inc. (b)		77,400		1,403,262
Retek, Inc. (b)		26,100		160,254
RSA Security, Inc. (b)		28,900		591,583
SanDisk Corp. (b)		75,600		1,639,764
Sybase, Inc. (b)		45,400		817,200
Synopsys, Inc. (b)		72,600		2,064,018
Titan Corp. (The) (b)		39,300		510,114
Transaction Systems Architects, Inc. (b)		17,400		374,622
Wind River Systems, Inc. (b)		38,300		450,408
				20,671,381
Construction (2.7%)
D.R. Horton, Inc.		109,100		3,098,440
Dycom Industries, Inc. (b)		22,700		635,600
Granite Construction, Inc.		19,450		354,574
Hovnanian Enterprises, Inc. (b)		28,600		992,706
Jacobs Engineering Group, Inc. (b)		26,300		1,035,694
Lennar Corp.		73,080		3,268,137
Martin Marietta Materials, Inc.		22,600		1,001,858
The Ryland Group, Inc.		11,300		883,660
Thor Industries, Inc.		26,700		893,382
Toll Brothers, Inc. (b)		34,800		1,472,736
				13,636,787
Consumer & Commercial Services (2.0%)
Career Education Corp. (b)		47,400		2,159,544
Corinthian Colleges, Inc. (b)		42,200		1,044,028
DeVry, Inc. (b)		32,900		902,118
Dun & Bradstreet Corp. (b)		33,300		1,795,203
Quanta Services, Inc. (b)		54,800		340,856
Rent-A-Center, Inc. (b)		37,600		1,125,368
Rollins, Inc.		21,300		490,113
Sotheby’s Holdings, Inc. (b)		29,400		469,224
United Rentals, Inc. (b)		36,100		645,829
Viad Corp.		41,400		1,118,214
				10,090,497
Consumer Products (2.3%)
Blyth Industries, Inc.		21,400		738,086
Choicepoint, Inc. (b)		41,333		1,887,265
Church & Dwight, Inc.		19,200		878,976
Energizer Holdings, Inc. (b)		38,400		1,728,000
Furniture Brands International, Inc.		26,200		656,310
Lancaster Colony Corp.		16,700		695,388
Mohawk Industries Co. (b)		31,300		2,295,229
The Scotts Co. (b)		15,300		977,364
Timberland Co., Class A (b)		16,300		1,052,817
Tupperware Corp.		27,400		532,382
				11,441,817
Containers/ Packaging (0.5%)
Packaging Corp. of America		49,700		1,187,830
Sonoco Products Co.		45,800		1,167,900
				2,355,730
Electronics (4.7%)
Arrow Electronics, Inc. (b)		53,900		1,445,598
Atmel Corp. (b)		222,400		1,316,608
Avnet, Inc. (b)		56,400		1,280,280
Cabot Microelectronics Corp. (b)		11,582		354,525
Credence Systems Corp. (b)		45,100		622,380
Cree, Inc. (b)		34,700		807,816
Cypress Semiconductor Corp. (b)		57,700		818,763
Hubbell, Inc.		28,300		1,321,893
Integrated Device Technology, Inc. (b)		49,600		686,464
International Rectifier Corp. (b)		30,900		1,279,878
Intersil Corp.		65,600		1,420,896
Kemet Corp. (b)		40,500		494,910
Lam Research Corp. (b)		62,700		1,680,360
Lattice Semiconductor Corp. (b)		52,900		370,829
LTX Corp. (b)		28,500		308,085
Micrel, Inc. (b)		43,200		524,880
Microchip Technology, Inc.		97,400		3,071,996
Newport Corp. (b)		18,400		297,528
Plexus Corp. (b)		20,100		271,350
RF Micro Devices, Inc. (b)		87,300		654,750
Semtech Corp. (b)		35,300		830,962
SPX Corp.		35,500		1,648,620
TriQuint Semiconductor, Inc. (b)		63,691		347,753
Vishay Intertechnology, Inc. (b)		75,150		1,396,287
				23,253,411
Financial Services (3.9%)
Americredit Corp. (b)		73,700		1,439,361
Bank of Hawaii Corp.		24,900		1,125,978
Certegy, Inc.		29,800		1,156,240
Commerce Bancorp, Inc.		36,500		2,007,865
Eaton Vance Corp.		31,700		1,211,257
Edwards (A.G.), Inc.		37,400		1,272,722
Investors Financial Services Corp.		30,900		1,346,622
Jefferies Group, Inc.		26,000		803,920

83

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Financial Services (continued)
Labranche & Co., Inc.		28,000	$	235,760
Legg Mason, Inc.		31,100		2,830,411
PMI Group, Inc.		44,800		1,949,696
Raymond James Financial, Inc.		34,450		911,203
SEI Corp.		48,400		1,405,536
The BISYS Group, Inc. (b)		56,300		791,578
Waddell & Reed Financial, Inc.		38,600		853,446
				19,341,595
Food & Beverage (3.8%)
Constellation Brands, Inc. (b)		50,000		1,856,500
Dean Foods Co.(b)		73,533		2,743,516
Hormel Foods Corp.		64,800		2,015,280
Interstate Bakeries Corp.		21,200		230,020
J.M. Smucker Co.		27,367		1,256,419
Krispy Kreme Doughnuts, Inc. (b)		28,700		547,883
PepsiAmericas, Inc.		64,200		1,363,608
Sensient Technologies Corp.		21,900		470,412
Smithfield Foods, Inc. (b)		51,900		1,525,860
Tootsie Roll Industries, Inc.		24,594		799,305
Tyson Foods, Inc.		164,881		3,454,257
Whole Foods Market, Inc.		28,900		2,758,505
				19,021,565
Gaming (1.3%)
Boyd Gaming Corp.		31,100		826,327
Caesars Entertainment, Inc. (b)		143,900		2,158,500
GTECH Holdings Corp.		27,800		1,287,418
Mandalay Resort Group		31,600		2,169,024
				6,441,269
Healthcare (8.8%)
Apogent Technologies, Inc. (b)		41,900		1,340,800
Apria Healthcare Group, Inc. (b)		23,300		668,710
Barr Laboratories, Inc. (b)		48,875		1,647,088
Beckman Coulter, Inc.		28,800		1,756,800
Cephalon, Inc. (b)		26,300		1,420,200
Charles River Laboratories International, Inc. (b)		21,600		1,055,592
Community Health Systems, Inc. (b)		46,200		1,236,774
Covance, Inc. (b)		29,400		1,134,252
Coventry Health Care, Inc. (b)		41,450		2,026,905
Cytyc Corp. (b)		51,700		1,311,629
Dentsply International, Inc.		37,700		1,964,170
Edwards Lifesciences Corp. (b)		27,800		968,830
First Health Group Corp. (b)		42,900		669,669
Health Net, Inc. (b)		52,800		1,399,200
Henry Schein, Inc. (b)		20,600		1,300,684
IVAX Corp. (b)		92,425		2,217,276
LifePoint Hospitals, Inc. (b)		17,900		666,238
Lincare Holdings, Inc. (b)		46,500		1,527,990
Omnicare, Inc.		48,600		2,080,566
Oxford Health Plans, Inc.		38,200		2,102,528
PacifiCare Health Systems, Inc. (b)		40,300		1,557,998
Par Pharmaceutical Cos, Inc. (b)		16,000		563,360
Patterson Dental Co. (b)		32,000		2,447,679
Perrigo Co.		33,100		627,907
Regis Corp.		20,700		923,013
Renal Care Group, Inc. (b)		31,300		1,036,969
Sepracor, Inc. (b)		40,100		2,121,290
Steris Corp. (b)		32,200		726,432
Triad Hospitals, Inc. (b)		35,608		1,325,686
Universal Health Services, Inc.		27,200		1,248,208
Varian Medical Systems, Inc. (b)		32,000		2,539,199
Visx, Inc. (b)		22,800		609,216
				44,222,858
Insurance (5.1%)
Allmerica Financial Corp. (b)		24,900		841,620
American Financial Group, Inc.		34,300		1,048,551
AmerUs Group Co.		18,400		761,760
Arthur J. Gallagher & Co.		42,500		1,294,125
Brown & Brown, Inc.		32,200		1,387,820
Everest Re Group Ltd.		26,200		2,105,432
Fidelity National Financial, Inc.		80,583		3,008,969
First American Financial Corp.		41,600		1,077,024
HCC Insurance Holdings, Inc.		30,200		1,008,982
Horace Mann Educators Corp.		20,000		349,600
Leucadia National Corp.		33,200		1,650,040
Mony Group, Inc. (b)		23,500		735,550
Ohio Casualty Corp. (b)		28,700		577,731
Old Republic International Corp.		85,150		2,019,758
Protective Life Corp.		32,400		1,252,908
Radian Group, Inc.		44,000		2,107,600
Stancorp Financial Group, Inc.		13,500		904,500
Unitrin, Inc.		32,000		1,363,200
W.R. Berkley Corp.		39,200		1,683,640
				25,178,810
Machinery (0.8%)
AGCO Corp. (b)		42,200		859,614
Graco, Inc.		32,450		1,007,573
Tecumseh Products Co.		8,600		354,234
Zebra Technologies Corp., Class A (b)		22,300		1,940,100
				4,161,521
Manufacturing (3.0%)
Ametek, Inc.		31,500		973,350
Carlisle Cos., Inc.		14,500		902,625
Diebold, Inc.		34,000		1,797,580
Donaldson Co., Inc.		40,400		1,183,720
Federal Signal Corp.		22,500		418,725
Flowserve Corp. (b)		25,400		633,476
Harsco Corp.		19,200		902,400
Hillenbrand Industry, Inc.		29,200		1,765,140
Nordson Corp.		16,700		724,279
Pentair, Inc.		46,900		1,577,716
Teleflex, Inc.		18,800		942,820
The Brink’s Co.		26,600		911,050
Trinity Industries, Inc.		22,000		699,380
Varian, Inc. (b)		16,200		682,830
York International Corp.		19,300		792,651
				14,907,742
Metals (0.2%)
Kennametal, Inc.		17,100		783,180

84

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DREYFUS GVIT MID CAP INDEX FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Mining (0.5%)
Arch Coal, Inc.		25,600	$	936,704
Peabody Energy Corp.		29,900		1,674,101
				2,610,805
Office Equipment & Supplies (0.6%)
Hni Corp.		27,200		1,151,376
Miller (Herman), Inc.		33,700		975,278
Reynolds & Reynolds Co.		30,700		710,091
				2,836,745
Oil & Gas (6.4%)
Cooper Cameron Corp. (b)		25,100		1,222,370
ENSCO International, Inc.		70,700		2,057,370
FMC Technologies, Inc. (b)		31,421		904,925
Forest Oil Corp. (b)		27,300		745,836
Grant Prideco, Inc. (b)		57,200		1,055,912
Hanover Compressor Co. (b)		36,000		428,400
Helmerich & Payne, Inc.		23,600		616,432
Murphy Oil Corp.		43,000		3,169,100
National-Oilwell, Inc. (b)		40,200		1,265,898
Newfield Exploration Co. (b)		26,400		1,471,536
Noble Energy, Inc.		27,200		1,387,200
Patterson-UTI Energy, Inc.		38,900		1,299,649
Pioneer Natural Resources Co.		56,200		1,971,496
Plains Exploration & Production Co. (b)		36,000		660,600
Pogo Producing Co.		29,900		1,477,060
Pride International, Inc. (b)		63,600		1,088,196
Smith International, Inc. (b)		48,900		2,726,664
Tidewater, Inc.		28,300		843,340
Varco International, Inc. (b)		45,408		993,981
Weatherford International Ltd. (b)		62,000		2,788,760
XTO Energy, Inc.		121,123		3,608,254
				31,782,979
Paper & Forest Products (0.7%)
Bowater, Inc.		26,000		1,081,340
Glatfelter		20,500		288,640
Longview Fibre Co. (b)		23,900		352,047
Potlatch Corp.		13,800		574,632
Rayonier, Inc.		23,218		1,032,040
				3,328,699
Photography/ Imaging (0.1%)
Imation Corp.		16,600		707,326
Publishing & Printing (2.1%)
American Greetings Corp., Class A (b)		31,900		739,442
Banta Corp.		11,600		515,156
Belo Corp., Class A		54,300		1,457,955
Lee Enterprises, Inc.		21,100		1,013,011
Media General, Inc.		11,100		712,842
Readers Digest Association		46,300		740,337
Scholastic Corp. (b)		18,500		554,075
Valassis Communications, Inc. (b)		24,400		743,468
Washington Post Co.		4,470		4,157,145
				10,633,431
Real Estate Investment Trusts (1.7%)
AMB Property Corp.		38,700		1,340,181
Highwood Properties, Inc.		25,100		589,850
Hospitality Properties Trust		31,400		1,328,220
Liberty Property Trust		39,600		1,592,316
Mack-Cali Realty Corp.		28,300		1,171,054
New Plan Excel Realty Trust		46,900		1,095,584
United Dominion Realty Trust, Inc.		59,800		1,182,844
				8,300,049
Restaurants (1.4%)
Applebee’s International, Inc.		38,550		887,421
Bob Evans Farms, Inc.		16,500		451,770
Brinker International, Inc. (b)		45,100		1,538,812
CBRL Group, Inc.		22,800		703,380
Cheesecake Factory, Inc. (The) (b)		24,200		962,918
Outback Steakhouse, Inc.		34,800		1,439,328
Ruby Tuesday, Inc.		31,200		856,440
				6,840,069
Retail (6.4%)
99 Cents Only Stores (b)		33,800		515,450
Abercrombie & Fitch Co.		44,400		1,720,500
American Eagle Outfitters Ltd. (b)		33,550		969,931
Anntaylor Stores Corp. (b)		31,900		924,462
Barnes & Noble, Inc. (b)		32,300		1,097,554
BJ’s Wholesale Club, Inc. (b)		32,700		817,500
Borders Group, Inc.		36,300		850,872
Chico’s FAS, Inc. (b)		41,700		1,883,172
Claire’s Stores, Inc.		46,300		1,004,710
Coach, Inc. (b)		88,100		3,981,238
Copart, Inc. (b)		42,100		1,124,070
Dollar Tree Stores, Inc. (b)		53,250		1,460,648
Fastenal Co.		35,500		2,017,465
Michael’s Stores, Inc.		31,900		1,754,500
Nieman Marcus Group, Inc.		23,100		1,285,515
Pacific Sunwear of California, Inc. (b)		35,900		702,563
Payless Shoesource, Inc. (b)		31,800		474,138
PETsMART, Inc.		67,600		2,193,620
Pier 1 Imports, Inc.		41,200		728,828
Ross Stores, Inc.		70,100		1,875,876
Ruddick Corp.		21,800		489,410
Saks, Inc.		66,800		1,002,000
Tech Data Corp. (b)		27,100		1,060,423
Williams Sonoma, Inc. (b)		54,400		1,793,024
				31,727,469
Schools (0.6%)
Education Management Corp. (b)		34,200		1,123,812
ITT Educational Services, Inc. (b)		21,400		813,628
Laureate Education, Inc. (b)		21,100		806,864
				2,744,304
Semiconductors (0.6%)
Fairchild Semiconductor International, Inc. (b)		55,800		913,446
Integrated Circuit Systems, Inc. (b)		34,000		923,440
Silicon Laboratories, Inc. (b)		24,100		1,117,035
				2,953,921

85

GARTMORE VARIABLE INSURANCE TRUST

DREYFUS GVIT MID CAP INDEX FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Shipping/ Transportation (2.1%)
Alexander & Baldwin, Inc.		19,900	$	665,655
CNF Transportation, Inc.		23,600		980,816
Expeditors International of Washington, Inc.		49,300		2,435,913
GATX Corp.		23,100		628,320
Hunt (J.B.) Transport Services, Inc.		37,600		1,450,608
Overseas Shipholding Group, Inc.		18,400		811,992
Robinson (C.H.) Worldwide, Inc.		40,000		1,833,600
Swift Transportation Co., Inc. (b)		37,800		678,510
Werner Enterprises, Inc.		37,150		783,865
				10,269,279
Utilities (6.4%)
AGL Resources, Inc.		30,300		880,215
Allete, Inc.		41,300		1,375,290
Alliant Energy Corp.		52,100		1,358,768
Aqua America, Inc.		43,500		872,175
Aquila, Inc. (b)		91,500		325,740
Black Hills Corp.		15,200		478,800
DPL, Inc.		59,200		1,149,664
Duquesne Light Holdings Inc.		35,700		689,367
Energy East Corp.		68,600		1,663,550
Equitable Resources, Inc.		29,200		1,509,932
Great Plains Energy, Inc.		34,800		1,033,560
Hawaiian Electric Industries, Inc.		37,600		981,360
Idacorp, Inc.		17,900		483,300
MDU Resources Group, Inc.		54,600		1,312,038
National Fuel Gas Co.		38,400		960,000
Northeast Utilities		59,900		1,166,253
NSTAR		24,800		1,187,424
Oklahoma Gas & Electric Co.		41,000		1,044,270
Oneok, Inc.		48,000		1,055,520
Pepco Holdings, Inc.		80,538		1,472,235
PNM, Inc.		28,250		586,753
Puget Energy, Inc.		46,500		1,018,815
Questar Corp.		39,200		1,514,688
Scana Corp.		52,000		1,891,239
Sierra Pacific Resources (b)		54,900		423,279
Vectren Corp.		35,500		890,695
Westar Energy, Inc.		40,000		796,400
Western Gas Resources, Inc.		34,400		1,117,312
WGL Holdings, Inc.		22,800		654,816
Wisconsin Energy Corp.		55,300		1,803,333
WPS Resources Corp.		17,400		806,490
				32,503,281
Waste Disposal (0.6%)
Republic Services, Inc.		72,200		2,089,468
Stericycle, Inc. (b)		20,300		1,050,322
				3,139,790
Total Common Stocks				477,329,284

Security Description	Principal		Value
U.S. Treasury Bill (0.2%)
0.92%, 09/23/04(c)	$	910,000	$	907,259
Total U.S. Treasury Bill				907,259
Repurchase Agreement (3.9%)
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $7,728,492 (Fully collateralized by AA Rated Corporate Bonds)		7,728,175		7,728,175
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $11,451,243 (Fully collateralized by U.S. Agency Securities)		11,450,773		11,450,773
Total Repurchase Agreement				19,178,948
Short-Term Securities Held as Collateral for Securities Lending (18.7%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)		93,027,042		93,027,042
Total Short-Term Securities Held as Collateral for Securities Lending				93,027,042
Total Investments (Cost $525,563,049) (a) — 118.6%				590,442,533
Other assets in excess of liabilities — (18.6)%				(92,718,019	)
NET ASSETS — 100.0%			$	497,724,514

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	96,538,789
Unrealized depreciation		(31,659,305	)
Net unrealized appreciation (depreciation)	$	64,879,484

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Denotes a non-income producing security.
(c)	Pledged as collateral for futures.

At June 30, 2004, the Fund’s open futures contracts were as follows:

				Market
				Value		Unrealized
Number of				Covered by		Appreciation
Contracts		Long Contract	Expiration	Contracts		(Depreciation)
	68	S&P Midcap 400 Future	09/17/2004	$	20,680,500	$	375,100

See notes to financial statements.

86

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GLOBAL TECHNOLOGY AND COMMUNICATIONS FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.0%)
Aerospace/ Defense (2.4%)
GenCorp, Inc.		58,000	$	776,620
General Dynamics Corp.		5,200		516,360
				1,292,980
Applications Software (4.2%)
Microsoft Corp.		79,200		2,261,952
Building Products (0.9%)
Asahi Glass Co. Ltd. ADR-JP		49,000		509,692
Computer Hardware (2.0%)
EMC Corp. (b)		92,300		1,052,220
Computer Services (7.3%)
Insight Enterprises, Inc. (b)		27,400		486,624
Research in Motion Ltd. (b)		12,100		828,124
Yahoo, Inc. (b)		71,600		2,601,228
				3,915,976
Computer Software (0.5%)
S1 Corp. (b)		24,600		244,524
Computers — Memory Devices (2.7%)
Western Digital Corp. (b)		166,700		1,443,622
Consulting Services (4.0%)
BearingPoint, Inc. (b)		172,600		1,530,962
Keynote Systems, Inc. (b)		46,800		643,500
				2,174,462
Data Processing & Reproduction (1.8%)
FileNETCorp. (b)		31,100		981,827
E-Commerce (9.8%)
eBay, Inc. (b)		32,000		2,942,400
Overstock.com, Inc. (b)		29,300		1,145,044
Websense, Inc. (b)		32,500		1,209,975
				5,297,419
Electronic Components (10.5%)
Agilent Technologies, Inc. (b)		20,300		594,384
Altera Corporation (b)		34,400		764,368
Cadence Design Systems, Inc. (b)		80,700		1,180,641
Intel Corp.		47,500		1,311,000
Leadis Technology, Inc. (b)		8,400		112,644
MEMC Electronic Materials, Inc. (b)		50,900		502,892
Micron Technology, Inc. (b)		54,000		826,740
Xilinx, Inc.		10,900		363,079
				5,655,748
Entertainment Software (2.8%)
Activision, Inc. (b)		37,300		593,070
THQ, Inc. (b)		39,500		904,550
				1,497,620
Instruments — Controls (3.2%)
Photon Dynamics, Inc. (b)		48,500		1,700,895
Internet Security (5.1%)
Check Point Software Technologies Ltd. (b)		70,400		1,900,096
WatchGuard Technologies, Inc. (b)		115,700		835,354
				2,735,450
Internet Services/ Software (1.6%)
Akamai Technologies, Inc. (b)		48,600		872,370
Motion Pictures & Services (1.5%)
Macrovision Corp. (b)		32,000		800,960
Networking (8.4%)
Cisco Systems, Inc. (b)		155,600		3,687,720
Juniper Networks, Inc. (b)		33,500		823,095
				4,510,815
Semiconductors (16.0%)
Advanced Micro Devices, Inc. (b)		152,940		2,431,746
Broadcom Corp., Class A (b)		63,200		2,955,864
Integrated Device Technology, Inc. (b)		55,800		772,272
Marvel Technology Group Ltd. (b)		41,600		1,110,720
Powersdsine Ltd. (b)		16,900		204,321
Sigmatel, Inc. (b)		38,500		1,118,810
				8,593,733
Telecommunication Equipment (6.1%)
Comverse Technology, Inc. (b)		29,500		588,230
Corning, Inc. (b)		82,300		1,074,838
Lucent Technologies, Inc. (b)		138,600		523,908
Telefonaktiebolaget LM Ericsson (b)		37,000		1,107,040
				3,294,016
Telephone — Integrated (0.7%)
Nippon Telgraph and Telephone Corp.		14,800		397,232
Travel (1.5%)
Sabre Group Holdings, Inc.		29,700		822,987
Wireless Equipment (6.0%)
Crown Castle International Corp. (b)		33,000		486,750
QUALCOMM, Inc.		37,800		2,758,644
				3,245,394
Total Common Stocks				53,301,894

87

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GARTMORE GVIT GLOBAL TECHNOLOGY AND COMMUNICATIONS FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
Short-Term Securities Held as Collateral for Securities Lending (13.4%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)	$	7,206,496	$	7,206,496
Total Short-Term Securities Held as Collateral for Securities Lending				7,206,496
Total Investments (Cost $57,619,222) (a) — 112.4%				60,508,390
Other assets in excess of liabilities — (12.4)%				(6,667,659	)
NET ASSETS — 100.0%			$	53,840,731

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	3,385,715
Unrealized depreciation		(496,547	)
Net unrealized appreciation (depreciation)	$	2,889,168

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Denotes a non-income producing security.

ADR	American Depositary Receipt
JP	Japan

See notes to financial statements.

88

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GLOBAL HEALTH SCIENCES FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (90.6%)
Dental Supplies & Equipment (1.1%)
DENTSPLY International, Inc.		12,410	$	646,561
Diagnostic Equipment (0.6%)
Cytyc Corp. (b)		13,800		350,106
Drugs (42.2%)
Abbott Laboratories		45,500		1,854,580
Allergan, Inc.		7,540		674,981
Amgen, Inc. (b)		37,860		2,066,020
Andrx Corp. (b)		19,660		549,104
Elan Corp. PLC ADR-IE (b)		54,680		1,352,783
Eli Lilly & Co.		44,540		3,113,791
Forest Laboratories, Inc. (b)		7,540		426,990
Merck & Co., Inc.		93,730		4,452,175
Novartis AG ADR-CH		24,780		1,102,710
Pfizer, Inc.		143,808		4,929,738
Schering-Plough Corp.		80,580		1,489,118
Sepracor, Inc. (b)		13,240		700,396
Valeant Pharmaceuticals International		43,380		867,600
Wyeth		49,230		1,780,157
				25,360,143
Hospitals (0.7%)
Triad Hospitals, Inc. (b)		11,360		422,933
Insurance (6.5%)
Anthem, Inc. (b)		6,400		573,184
Coventry Health Care, Inc. (b)		13,610		665,529
UnitedHealth Group, Inc.		31,690		1,972,703
WellPoint Health Networks, Inc. (b)		6,310		706,783
				3,918,199
Medical Information Systems (1.2%)
Dendrite International, Inc. (b)		39,210		728,522
Medical Instruments (11.9%)
Beckman Coulter, Inc.		13,530		825,330
Boston Scientific Corp. (b)		16,820		719,896
Fisher Scientific International, Inc. (b)		17,720		1,023,330
Gen-Probe, Inc. (b)		16,310		771,789
Medtronic, Inc.		38,560		1,878,643
Thermo Electron Corp. (b)		61,980		1,905,265
				7,124,253
Medical Products (11.7%)
Baxter International, Inc.		38,870		1,341,404
Biomet, Inc.		15,520		689,709
C. R. Bard, Inc.		20,190		1,143,764
Cooper Companies, Inc. (The)		11,280		712,558
Kinetic Concepts, Inc. (b)		8,850		441,615
Stryker Corp.		29,890		1,643,949
Zimmer Holdings, Inc. (b)		12,040		1,061,928
				7,034,927
Medical Services (7.0%)
Cardinal Health, Inc.		17,470		1,223,774
Caremark Rx, Inc. (b)		27,780		915,073
Inveresk Research Group, Inc. (b)		43,150		1,330,746
Medco Health Solutions, Inc. (b)		17,240		646,500
TriPath Imaging, Inc. (b)		10,920		102,757
				4,218,850
Therapeutics (6.4%)
Genentech, Inc. (b)		45,140		2,536,868
Gilead Sciences, Inc. (b)		9,270		621,090
MedImmune, Inc. (b)		16,280		380,952
Nabi Biopharmaceuticals (b)		19,400		275,868
				3,814,778
Veterinary Diagnostics (1.3%)
VCA Antech, Inc. (b)		18,080		810,346
Total Common Stocks				54,429,618

Security Description	Principal		Value
Repurchase Agreements (8.2%)
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $1,980,365 (Fully collateralized by AA Rated Corporate Bonds)	$	1,980,284		1,980,284
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $2,934,292 (Fully collateralized by AA Rated Corporate Bonds & U.S. Agency Securities)		2,934,171		2,934,971
Total Repurchase Agreements				4,914,455
MUTUAL FUND (0.0%)
Exchange Traded Funds (0.0%)
NASDAQ Biotech Index Fund — Institutional Shares (b)		50		3,755
Total Mutual Fund				3,755
Short-Term Securities Held as Collateral for Securities Lending (8.8%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)		5,295,773		5,295,773
Total Short-Term Securities Held as Collateral for Securities Lending				5,295,773
Total Investments (Cost $62,454,278) (a) — 107.6%				64,643,601
Liabilities in excess of other assets — (7.6)%				(4,589,049	)
NET ASSETS — 100.0%			$	60,054,552

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	3,017,932
Unrealized depreciation		(828,609	)
Net unrealized appreciation (depreciation)	$	2,189,323

	Aggregate cost for income tax purposes is substantially the same.
(b)	Denotes a non-income producing security.

ADR	American Depositary Receipt
CH	Switzerland
IE	Ireland

See notes to financial statements.

89

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GARTMORE GVIT NATIONWIDE LEADERS FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (101.9%)
Coal (3.9%)
Peabody Energy Corp.		6,294	$	352,401
Computer Equipment (2.5%)
International Business Machines Corp.		2,600		229,190
Computer Networks (3.2%)
Cisco Systems, Inc. (b)		12,000		284,400
Computer Software & Services (3.3%)
Microsoft Corp.		10,500		299,880
Construction & Building Materials (2.1%)
Lennar Corp.		4,148		185,499
Diversified (3.8%)
Ingersoll-Rand Co., Class A		4,966		339,227
Financial Services (15.8%)
Capital One Financial Corp.		3,500		239,330
CIT Group, Inc.		9,710		371,796
Citigroup, Inc.		8,642		401,853
Goldman Sachs Group, Inc. (The)		4,400		414,303
				1,427,282
Food and Beverages (2.0%)
Kraft Foods, Inc. Class A		5,800		183,744
Hotels/ Motels (3.4%)
Starwood Hotels & Resorts Worldwide, Inc.		6,850		307,223
Manufacturing (6.0%)
General Electric Co.		9,600		311,040
Tyco International Ltd.		7,000		231,980
				543,020
Metals (7.6%)
Alcoa, Inc.		10,913		360,456
Phelps Dodge Corp.		4,200		325,542
				685,998
Oil & Gas (13.4%)
Apache Corp.		7,258		316,086
BJ Services Co. (b)		7,548		346,000
ConocoPhillips		4,732		361,005
GlobalSantaFe Corp.		7,000		185,500
				1,208,591
Pharmaceuticals (14.0%)
Andrx Corp. (b)		10,199		284,858
Elan Corp. PLC (b)		8,700		215,238
Pfizer, Inc.		10,503		360,043
Shire Pharmaceuticals Group PLC ADR — GB (b)		6,928		185,255
Valeant Pharmaceuticals International		11,082		221,640
				1,267,034
Retail (4.9%)
Wal-Mart Stores, Inc.		8,395		442,920
Semiconductors (6.5%)
Applied Materials, Inc. (b)		13,000		255,060
Intel Corp.		12,000		331,200
				586,260
Transportation (4.5%)
J.B. Hunt Transport Services, Inc.		10,426		402,235
Travel (5.0%)
Royal Caribbean Cruises Ltd.		10,434		452,940
Total Common Stocks				9,197,844
Total Investments (Cost $8,503,052) (a) — 101.9%				9,197,844
Liabilities in excess of other assets — (1.9)%				(170,555	)
NET ASSETS — 100.0%			$	9,027,289

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	860,508
Unrealized depreciation		(165,716	)
Net unrealized appreciation (depreciation)	$	694,792

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Denotes a non-income producing security.

ADR	American Depositary Receipt
GB	United Kingdom

See notes to financial statements.

90

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GARTMORE GVIT EMERGING MARKETS FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (96.0%)
Brazil (8.0%)
Banking (1.1%)
Banco Itau Holding Financeira SA ADR		20,300	$	946,792
Beverages (0.6%)
Companhia de Bebidas das Americas ADR		26,800		537,876
Electric Utility (0.9%)
Companhia Energetica de Minas Gerais		51,622,100		770,914
Oil & Gas (2.3%)
Petroleo Brasileiro SA ADR		54,619		1,376,399
Petroleo Brasileiro SA ADR		24,100		676,487
				2,052,886
Paper Products (1.2%)
Klabin SA		764,000		1,004,030
Steel (1.0%)
Gerdau SA ADR		71,920		871,670
Telecommunications (0.9%)
Tele Norte Leste Participacoes SA ADR		60,700		772,711
				6,956,879
Chile (0.9%)
Retail Stores (0.9%)
Cencosud SA ADR (b)		41,100		760,634
China (5.4%)
Coal (1.9%)
China Resources Power Holdings Co. (b)		2,914,000		1,643,837
Coal Mining (1.0%)
Yanzhou Coal Mining Co. Ltd.		786,000		856,560
Oil & Gas (1.1%)
CNOOC Ltd.		1,435,500		607,343
Sinopec Shanghai Petrochemical Co. Ltd.		1,068,000		356,009
				963,352
Telecommunications (1.4%)
China Telecom Corp. Ltd.		3,596,000		1,256,327
				4,720,076
Hong Kong (1.7%)
Agriculture (0.7%)
Global Bio-ChemTechnology Group Co. Ltd.		886,000		641,799
Electronics (0.2%)
Nam Tai Electronic & Electrical Products Ltd. (b)		422,000		160,959
Semiconductor Comp — Integrated Circuits (0.8%)
Solomon Systech International Ltd. (b)		2,716,000		672,053
				1,474,811
Hungary (0.4%)
Banking (0.4%)
OTP Bank		18,600		379,906
India (2.0%)
Chemicals (0.6%)
Indian Petrochemicals Corp. Ltd.		150,200		480,640
Data Processing & Reproduction (0.8%)
Satyam Computer Services Ltd.		122,200		812,630
Financial Services (0.6%)
ICICI Bank Ltd. ADR		39,676		480,080
				1,773,350
Indonesia (2.8%)
Banking (1.0%)
PT Bank Mandiri		7,826,500		978,052
Coal Mining (0.7%)
PT Bumi Resources		9,600,000		587,078
Oil & Gas (0.5%)
PT Perusahaan Gas Negara		2,537,164		391,267
Telecommunications (0.6%)
PT Telekomunikasi Indonesia (b)		616,500		485,201
				2,441,598
Israel (3.3%)
Banking (0.8%)
Bank Hapoalim Ltd.		271,200		721,232
Computer Hardware (0.4%)
M-Systems Flash Disk Pioneer Ltd. (b)		23,211		346,076
Electronic Measuring Instruction (0.8%)
Orbotech Ltd. (b)		37,100		754,984
Software & Computer Services (0.8%)
Retalix Ltd. (b)		32,200		652,050
Telecommunications (0.5%)
Nice Systems Ltd. ADR (b)		17,500		419,108
				2,893,450
Korea (19.6%)
Airlines (0.9%)
Korean Air (b)		60,000		778,884
Automobile (0.8%)
Ssangyong Motor Co. (b)		108,500		732,410
Banking (2.0%)
Hana Bank		33,210		701,276
Kookmin Bank ADR		32,600		1,022,988
				1,724,264
Electronics (9.5%)
KH Vatec Co. Ltd.		25,400		984,786
Kumho Electric Co. Ltd.		10,994		448,133
LG Electronics Inc.		19,700		934,280
Samsung Electro-Mechanics (b)		34,200		969,321

91

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GARTMORE GVIT EMERGING MARKETS FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
Korea (continued)
Electronics (continued)
Samsung Electronics		1,500	$	619,212
Samsung Electronics GDR (e)		32,600		4,238,000
				8,193,732
Financial Services (0.6%)
Daishin Securities Co.		89,000		516,054
Internet (0.7%)
Daum Communication Corp. (b)		13,400		619,264
Retail (1.1%)
Shinsegae Department Store Co.		3,800		914,236
Steel (0.9%)
Dongkuk Steel Mill Co.		102,200		788,059
Telecommunications (2.0%)
SK Telecom Co. Ltd.		12,100		253,979
SK Telecom Co. Ltd.		9,010		1,481,523
				1,735,502
Tobacco (1.1%)
KT&G Corp		40,600		938,139
				16,940,544
Malaysia (6.4%)
Agriculture (0.8%)
IOI Corporation Berhad		320,700		687,817
Banking (2.3%)
CIMB Berhad		711,200		1,048,084
Public Bank Berhad		508,700		883,532
				1,931,616
Electric Utility (0.2%)
Tenega Nasional Berhad		74,000		196,684
Property Management (1.0%)
Magnum Corp Berhad		1,342,400		858,429
Telecommunications (2.1%)
Maxis Communications Berhad		329,000		761,895
Telekom Malaysia Berhad		404,600		1,096,679
				1,858,574
				5,533,120
Mexico (7.9%)
Beverages (1.0%)
Coca-Cola Femsa, SA de CV		40,100		889,819
Diversified (1.0%)
Alfa SA, Class A		254,300		853,326
Financial Services (1.6%)
Grupo Financiero Banorte SA de CV		390,700		1,381,831
Real Estate (1.0%)
Urbi, Desarrolloas Urbanos SA de CV (b)		263,100		846,355
Retail (1.2%)
Organizacion Soriana SA de CV		355,630		1,055,512
Telecommunications (2.1%)
America Movil SA de CV ADR		36,617		1,331,759
Telefonos de Mexico SA de CV ADR		15,800		525,666
				1,857,425
				6,884,268
Poland (1.5%)
Banking (1.2%)
Bank Pekao SA		30,100		1,005,478
Real Estate Development (0.3%)
Globe Trade Centre (b)		9,100		280,598
				1,286,076
Russia (6.2%)
Oil & Gas (4.9%)
Lukoil — Spon ADR		14,500		1,518,875
OAO Gazprom ADR		33,900		970,557
Surgutneftgaz ADR		53,168		1,732,213
				4,221,645
Telecommunications (1.3%)
AO VimpelCom ADR (b)		7,100		684,795
Golden Telecom, Inc.		16,500		464,310
				1,149,105
				5,370,750
Singapore (0.5%)
Oil & Gas (0.5%)
China Aviation Oil Singapore Corp. Ltd.		490,520		444,257
South Africa (10.1%)
Banking (2.3%)
ABSA Group Ltd.		157,573		1,293,609
African Bank Investments Ltd.		376,500		715,152
				2,008,761
Forest Products (0.9%)
Sappi Ltd. (b)		50,400		768,301
Insurance (1.0%)
Sanlam Ltd. (b)		588,200		833,218
Metals & Mining (2.6%)
Anglo American PLC		110,000		2,250,553
Mining (0.9%)
Impala Platinum Holdings Ltd.		9,999		758,104
Oil & Gas (0.8%)
Sasol Ltd.		44,531		688,869
Retail (1.0%)
Massmart Holdings Ltd.		163,100		858,525
Telecommunications (0.6%)
Telkom South Africa Ltd.		44,000		563,435
				8,729,766

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
Taiwan (12.3%)
Banking (2.6%)
Bank of Kaohsiung		865,000	$	611,980
Chinatrust Financial Holding Co. Ltd.		503,000		560,716
Taishin Financial Holdings Co. Ltd.		1,300,000		1,070,453
				2,243,149
Chemicals (0.7%)
Taiyen Biotech Co. Ltd. (b)		517,000		613,207
Electronics (2.3%)
Ichia Technologies, Inc. (b)		452,000		906,956
Yageo Corp. (b)		2,133,000		1,096,935
				2,003,891
Financial Services (1.0%)
Cathay Financial Holding Co. Ltd.		465,000		836,281
Paper Products (0.8%)
Cheng Loong Corp.		2,145,490		733,446
Semiconductors (2.9%)
Taiwan Semiconductor Manufacturing Co Ltd.		1,275,709		1,835,444
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		74,747		621,147
				2,456,591
Software & Computer Services (1.2%)
Accton Technology Corp. (b)		1,853,000		1,035,565
Textiles (0.8%)
Far Eastern Textile Co. Ltd.		1,113,070		658,445
				10,580,575
Thailand (5.1%)
Airlines (1.4%)
Thai Airways International Public Co. Ltd.		856,100		1,183,066
Diversified Minerals (0.6%)
Banpu Public Co. Ltd. (b)		168,800		532,596
Financial Services (2.5%)
Kiatnakin Finance Public Co. Ltd.		321,800		285,319
Kiatnakin Finance Public Co. Ltd.		406,600		360,505
Siam Commercial Bank Public Co. Ltd. (c)		605,000		688,089
Tisco Finance Public Co. Ltd. (b)		1,287,100		857,856
				2,191,769
Telecommunications (0.6%)
Shin Corporation Public Co. Ltd. (b)		573,100		511,634
				4,419,065
Turkey (1.9%)
Automotive (0.7%)
Ford Otomotiv Sanayii AS		86,402,700		628,807
Banking (1.2%)
Türkiye Garanti Bankasi AS (b)		333,954,499		995,787
				1,624,594
Total Common Stocks				83,213,719

Security Description	Principal		Value
PARTICIPATION NOTES (1.9%)
India (1.9%)
Banking (0.2%)
Deutsche Bank Ltd. (d)		35,300	$	187,796
Financial Services (0.6%)
Union Bank of India Ltd. (d)		448,400		564,984
Oil & Gas (1.1%)
Oil and Natural Gas Corp. Ltd. (d)		67,600		926,120
Total Participation Notes				1,678,900
WARRANT (0.3%)
Thailand (0.3%)
Banking (0.3%)
Kiatnakin Finance Ltd.		617,900		270,525
Total Warrant				270,525
Repurchase Agreement (1.2%)
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $427,650 (Fully collateralized by AA Rated Corporate Bonds)		427,633		427,633
Nomura Securities, 1.48% dated 06/30/04, due 07/01/04, repurchase price $633,646 (Fully collateralized by U.S. Agency Securities)		633,620		633,620
Total Repurchase Agreements				1,061,253
Short-Term Securities Held as Collateral for Securities Lending (3.2%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)		2,798,950		2,798,950
Total Short-Term Securities Held as Collateral for Securities Lending				2,798,950
Total Investments (Cost $87,868,922) (a) — 102.6%				89,023,347
Other assets in excess of liabilities — (2.6%)				(2,224,422	)
NET ASSETS — 100.0%			$	86,798,925

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	6,287,408
Unrealized depreciation		(5,132,983	)
Net unrealized appreciation (depreciation)	$	1,154,425

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Denotes a non-income producing security.
(c)	Foreign Shares.
(d)	Fair Valued Security.
(e)	Represents a restricted security acquired and eligible for resale under Rule 144A, which limits the resale to certain qualified buyers.

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

At June 30, 2004, the Fund’s open forward foreign currency contracts were as follows:

						Unrealized
	Delivery	Contract		Market		Appreciation
Currency	Date	Value		Value		(Depreciation)
Short Contract:
Hong Kong Dollar	07/02/04	$	577,807	$	577,778	$	29

See notes to financial statements.

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Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (97.0%)
Australia (2.1%)
Multimedia (2.1%)
News Corp. Ltd. (The) ADR		6,700	$	220,296
China (2.2%)
Telecommunications (2.2%)
China Unicom Ltd.		130,000		102,503
China Unicom Ltd. ADR		15,800		124,820
				227,323
France (8.7%)
Banking (1.8%)
BNP Paribas SA		1,700		104,553
Societe Generale		1,004		85,323
				189,876
Financial Services (2.7%)
Credit Agricole S.A.		11,600		282,262
Food & Beverage (1.6%)
Pernod — Richard SA		1,271		162,523
Oil & Gas (1.5%)
Total Fina Elf SA		800		152,519
Pharmaceuticals (1.1%)
Aventis SA		1,500		113,240
				900,420
Germany (4.9%)
Banking (0.4%)
Deutsche Bank AG		500		39,328
Manufacturing (2.4%)
Siemens AG		3,600		259,074
Telecommunications (1.1%)
Deutsche Telekom AG (b)		6,290		110,582
Utilities (1.0%)
E. ON AG		1,400		100,836
				509,820
Hong Kong (1.9%)
Real Estate (1.9%)
Sun Hung Kai Properties Ltd.		24,000		196,928
Ireland (1.7%)
Building & Construction (1.7%)
CRH PLC		8,261		174,481
Italy (2.1%)
Oil & Gas (2.1%)
ENI SpA		11,000		218,413
Japan (22.3%)
Automotive (1.0%)
Honda Motor Co. Ltd.		2,100		101,233
Banking (2.4%)
Sumitomo Mitsui Financial Group, Inc.		15		102,827
Sumitomo Trust & Banking Co. Ltd. (The)		20,000		142,419
				245,246
Building Products (2.0%)
Asahi Glass Co. Ltd.		20,000		208,037
Chemicals (3.1%)
Asahi Kasei Corp.		27,000		139,807
Shin-Etsu Chemical Co. Ltd.		5,100		182,285
				322,092
Electronics (1.0%)
Canon, Inc.		1,000		52,697
NEC Corp.		7,000		49,269
				101,966
Financial Services (6.0%)
Credit Saison Co. Ltd.		7,000		210,420
Mitsubishi Tokyo Financial Group, Inc.		21		194,382
Promise Co. Ltd.		3,450		230,178
				634,980
Import/ Export (0.5%)
Mitsubishi Corp.		5,000		48,573
Insurance (0.7%)
Millea Holdings, Inc.		5		74,234
Manufacturing (0.8%)
Fuji Electric Holdings Co. Ltd.		31,000		83,811
Pharmaceuticals (1.7%)
Takeda Chemical Industries Ltd.		4,000		175,595
Real Estate (2.1%)
Mitsui Fudosan Co. Ltd.		18,000		215,772
Semiconductors (1.0%)
NEC Electronics Corp.		1,700		104,385
				2,315,924
Korea (2.0%)
Electronics (2.0%)
Samsung Electronics Co. Ltd.		1,011		208,013
Mexico (1.0%)
Retail (1.0%)
Grupo Electra SA de CV		4,400		104,016
Netherlands (6.2%)
Electronics (1.5%)
Koninlijke (Royal) Philips Electronics N.V.		5,800		156,162
Food & Beverage (1.8%)
Koninklijke (Royal) Numico N.V. (b)		5,700		183,151
Oil & Gas (1.3%)
Royal Dutch Petroleum Co.		2,574		132,093

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Netherlands (continued)
Semiconductors (1.6%)
ASML Holding N.V. (b)		10,076	$	170,522
				641,928
Portugal (0.9%)
Telecommunications (0.9%)
Portugal Telecom SA		8,686		93,737
Russia (2.1%)
Oil & Gas Transmission (2.1%)
Gazprom ADR		7,604		217,703
Singapore (0.9%)
Cruise Lines (0.9%)
Star Cruises Ltd. (b)		361,000		90,250
Spain (1.3%)
Real Estate (1.3%)
Fadesa Inmobiliaria SA (b)		8,842		129,092
Television (0.0%)
Antena 3 Television SA (b)		23		1,217
				130,309
Switzerland (8.5%)
Banking (3.0%)
Credit Suisse Group (b)		5,000		177,659
UBS AG		1,883		132,685
				310,344
Engineering (0.5%)
ABB Ltd. (b)		9,300		50,866
Food & Beverage (1.5%)
Nestle SA		600		160,013
Pharmaceuticals (3.5%)
Alcon, Inc.		1,500		117,975
Roche Holding AG		2,500		247,525
				365,500
				886,723
Taiwan (0.9%)
Semiconductors (0.9%)
Taiwan Semiconductor Manufacturing Co. Ltd.		68,452		98,489
United Kingdom (27.3%)
Banking (2.2%)
HSBC Holdings PLC		8,000		118,966
Royal Bank of Scotland Group PLC		3,900		112,314
				231,280
Building & Construction (2.6%)
Westbury PLC		34,895		273,219
Food & Beverage (0.5%)
Diageo PLC		4,200		56,630
Gambling (2.4%)
Hilton Group PLC		50,500		252,766
Gas — Distribution (0.5%)
Centrica PLC		12,800		52,113
Metals (2.2%)
Rio Tinto PLC		9,577		230,298
Mining (2.7%)
Anglo American PLC		8,000		163,650
BHP Billiton PLC		13,435		116,584
				280,234
Oil & Gas (3.7%)
BP PLC		42,008		371,003
Pharmaceuticals (4.8%)
AstraZeneca PLC		3,600		161,518
GlaxoSmithKline PLC		16,357		331,043
				492,561
Retail (2.2%)
GUS PLC		15,000		229,997
Telecommunications (2.4%)
Vodafone Group PLC		113,100		247,666
Television (1.1%)
ITV PLC		54,071		113,257
				2,831,024
Total Common Stocks				10,065,797

Security Description	Principal		Value
Repurchase Agreements (1.3%)
CS First Boston, 1.48% dated 06/30/04, due 07/01/04, repurchase price $56,385 (Fully collateralized by AA Corporate Bonds)	$	56,383	$	56,383
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $83,545 (Fully collateralized by AA Corporate Bonds, Treasury Notes, & U.S. Agency Securities)		83,542		83,542
Total Repurchase Agreements				139,925
Total Investments (Cost $9,986,483) (a) — 98.3%				10,205,722
Other assets in excess of liabilities — 1.7%				178,352
NET ASSETS — 100.0%			$	10,384,074

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	493,405
Unrealized depreciation		(274,166	)
Net unrealized appreciation (depreciation)	$	219,239

(b) Denotes a non-income producing security.

ADR American Depositary Receipt

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

At June 30, 2004, the Fund’s open forward foreign currency contracts were as follows:

						Unrealized
	Delivery	Contract		Market		Appreciation
Currency	Date	Value		Value		(Depreciation)
Short Contract:
Japanese Yen	07/01/04	$	102,056	$	100,732	$	1,324
Long Contract:
Japanese Yen	07/02/04	$	103,204	$	102,575	$	(629	)

See notes to financial statements.

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Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (94.3%)
Australia (1.5%)
Banking (0.7%)
National Australia Bank Ltd.		39,958	$	830,588
Containers (0.3%)
Amcor Ltd.		79,900		387,939
Oil & Gas (0.4%)
Santos Ltd.		90,100		434,952
Publishing (0.1%)
John Fairfax Holdings Ltd.		27,000		70,155
				1,723,634
Belgium (0.6%)
Banking (0.6%)
Dexia		40,260		668,119
Dexia Strips (b)		45,100		549
				668,668
Brazil (1.1%)
Oil & Gas (0.6%)
Petroleo Brasileiro SA ADR (c)		14,150		397,190
Petroleo Brasileiro SA ADR		9,200		231,840
				629,030
Telecommunications (0.5%)
Telecomunicacoes Brasileiras SA ADR		21,211		618,301
				1,247,331
China (0.6%)
Telecommunications (0.6%)
China Mobile (Hong Kong) Ltd.		232,500		703,480
Denmark (0.7%)
Banking (0.7%)
Danske Bank A/ S		33,500		793,735
Finland (2.0%)
Financial Services (0.6%)
Sampo Oyj		74,650		724,767
Paper Products (0.8%)
UPM-Kymmene Oyj		50,300		957,128
Telecommunications (0.6%)
Nokia Oyj		11,800		170,268
Nokia Oyj ADR		32,846		477,581
				647,849
				2,329,744
France (8.0%)
Aerospace & Defense (0.5%)
Societe Nationale d’Etude et de Construction de Moteurs d’Avion (b)		30,600		599,395
Audio/ Video Products (1.3%)
Thomson		74,700		1,473,226
Banking (0.8%)
Banque Nationale de Paris SA		15,630		961,271
Food & Beverages (1.0%)
Carrefour SA		24,700		1,198,444
Insurance (0.1%)
Assurances Generales de France		1,478		89,785
Machinery (0.6%)
Schneider Electric SA		10,660		727,588
Medical (0.7%)
Sanofi-Synthelabo SA		13,600		862,070
Oil & Gas (1.4%)
TotalFinaElf SA		5,800		1,105,764
TotalFinaElf SA ADR		5,541		532,379
				1,638,143
Rubber — Tires (0.2%)
Michelin		4,253		235,177
Steel (0.4%)
Arcelor		25,320		425,117
Telecommunications (1.0%)
France Telecom SA		46,100		1,201,396
				9,411,612
Germany (7.0%)
Airlines (0.7%)
Deutsche Lufthansa AG (b)		58,212		793,933
Automotive (0.9%)
Volkswagen AG		25,820		1,090,063
Banking (1.1%)
Deutsche Bank AG		10,700		841,623
Deutsche Postbank AG (b)		12,700		457,363
				1,298,986
Distribution/ Wholesale (0.4%)
Medion AG		12,300		492,342
Electric & Gas (1.4%)
E.On AG		21,452		1,545,094
Machinery/ Print Trade (0.3%)
Heidelberger Druckmaschinen AG (b)		12,100		400,424
Medical (0.4%)
Schering AG		8,300		489,763
Retail (0.8%)
KarstadtQuelle AG		44,800		972,931
Transportation (1.0%)
Deutsche Post AG		53,160		1,146,079
				8,229,615

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Greece (0.7%)
Telecommunications (0.7%)
Hellenic Telecommunications Organization SA		61,347	$	797,133
Hellenic Telecommunications Organization SA ADR		1		6
				797,139
Hong Kong (1.0%)
Banking (0.3%)
Bank of East Asia Ltd.		86,825		248,237
Dah Sing Banking Group Ltd. (b)		5,760		9,453
Dah Sing Financial Group		14,400		84,925
				342,615
Diversified Operations (0.3%)
Swire Pacific Ltd. Class A		58,700		380,055
Transportation (0.4%)
MTR Corp. Ltd.		273,615		413,940
				1,136,610
Ireland (1.5%)
Banking (1.5%)
Bank of Ireland		133,455		1,779,554
Italy (4.1%)
Aerospace & Defense (0.9%)
Finmeccanica SpA		1,320,240		1,048,894
Apparel (0.4%)
Benetton Group SpA		40,400		462,035
Banking (1.8%)
Banche Popolari Unite Scrl		19,250		319,222
Sanpaolo IMI SpA		26,582		320,176
UniCredito Italiano SpA		304,500		1,504,108
				2,143,506
Oil & Gas (1.0%)
Eni SpA		60,060		1,192,535
				4,846,970
Japan (25.0%)
Advertising (0.3%)
Dentsu, Inc.		160		412,042
Appliances (0.8%)
Rinnai Corp.		29,300		891,500
Automotive (3.3%)
Fuji Heavy Industries Ltd.		115,500		647,812
Honda Motor Co. Ltd.		33,100		1,595,620
Toyota Motor Corp.		18,300		741,291
Yamaha Motor Co. Ltd.		67,000		1,043,239
				4,027,962
Banking (0.7%)
The 77 Bank Ltd.		126,000		859,130
Building & Construction (0.7%)
Sekisui House Ltd.		72,500		804,633
Chemicals (2.3%)
Shin-Etsu Chemical Co. Ltd.		32,500		1,161,618
Sumitomo Bakelite Co. Ltd.		99,000		693,177
Sumitomo Chemical Co. Ltd.		177,600		828,469
				2,683,264
Computers (0.3%)
TDK Corp.		4,600		349,063
Convenience Stores (0.8%)
Lawson, Inc.		23,900		985,657
Cosmetics & Toiletries (1.6%)
Kao Corp.		47,800		1,152,124
Shiseido Co. Ltd.		54,000		680,475
				1,832,599
Drugstores (0.7%)
Matsumotokiyoshi Co. Ltd.		26,100		789,351
Electronic Components (2.1%)
Mabuchi Motor Co. Ltd.		15,000		1,112,129
Minebea Co. Ltd.		170,000		791,459
Murata Manufacturing Co. Ltd.		9,700		552,940
				2,456,528
Electronics (2.1%)
ALPS ELECTRIC CO. Ltd.		53,000		753,847
Funai Electric Co. Ltd.		4,700		708,134
Rohm Co. Ltd.		8,100		969,490
				2,431,471
Financial Services (2.5%)
Aiful Corp.		8,850		923,810
Credit Saison Co.		45,000		1,352,701
Shohkoh Fund & Co. Ltd.		3,850		772,717
				3,049,228
Machinery (0.1%)
Fuji Machine Manufacturing Co. Ltd.		14,700		170,421
Office Automation & Equipment (0.9%)
Canon, Inc.		21,000		1,106,631
Pharmaceuticals (1.8%)
Eisai Co. Ltd.		29,700		854,676
Takeda Chemical Industries Ltd.		29,200		1,281,841
				2,136,517
Photographic Products (1.0%)
Fuji Photo Film Co. Ltd.		37,800		1,184,768
Restaurants (0.8%)
Skylark Co. Ltd.		44,500		893,140
Security Services (0.4%)
Sohgo Security Services Co. Ltd.		33,100		433,183
Telecommunications (0.6%)
Nippon Telegraph & Telephone Corp.		122		651,844

99

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Textile Products (0.1%)
Kuraray Co. Ltd.		14,500	$	118,668
Transportation (1.1%)
Nippon Express Co. Ltd.		225,000		1,319,709
				29,587,309
Korea (1.7%)
Steel (0.5%)
POSCO ADR		17,500		586,425
Telecommunications (0.6%)
KT Corp. SP ADR		38,400		692,736
Utilities (0.6%)
Korea Electric Power Corp. ADR		73,500		673,260
				1,952,421
Mexico (1.0%)
Food & Beverages (0.5%)
Coca-Cola Femsa S.A. de C.V. ADR		27,400		608,006
Telecommunications (0.5%)
Telefonos de Mexico SA de CV ADR		17,216		572,776
				1,180,782
Netherlands (6.0%)
Banking (1.8%)
ABN AMRO Holding NV		26,647		582,913
Fortis NV		72,560		1,601,401
				2,184,314
Chemicals (1.2%)
Akzo Nobel NV		28,190		1,036,810
DSM NV		9,900		485,768
				1,522,578
Electronics (0.8%)
Koninklijke (Royal) Philips Electronics NV		16,600		446,946
Koninklijke (Royal) Philips Electronics NV ADR		17,050		463,760
				910,706
Food & Beverages (0.4%)
Heineken NV		14,141		464,698
Oil & Gas (0.9%)
Royal Dutch Petroleum Co.		19,600		1,005,839
Printing & Publishing (0.9%)
Wolters Kluwer NV		55,369		1,005,081
				7,093,216
New Zealand (0.5%)
Paper & Related Products (0.2%)
Carter Holt Harvey Ltd.		197,600		259,756
Telecommunications (0.3%)
Telecom Corp. of New Zealand Ltd.		100,224		374,246
				634,002
Norway (0.5%)
Oil & Gas (0.5%)
Norsk Hydro ASA		9,350		607,686
Portugal (0.4%)
Utilities (0.4%)
Electricidade de Portugal SA		151,220		423,158
Singapore (1.6%)
Banking (1.1%)
DBS Group Holdings Ltd.		158,500		1,325,089
Engineering (0.3%)
Singapore Technologies Engineering Ltd.		295,500		356,841
Telecommunications (0.2%)
MobileOne Ltd.		260,900		227,205
				1,909,135
South Africa (0.7%)
Banking (0.6%)
Nedcor Ltd.		76,920		763,969
Insurance (0.1%)
Old Mutual PLC		32,200		61,168
				825,137
Spain (2.3%)
Banking (0.3%)
Banco de Sabadell SA		16,500		357,330
Oil & Gas (0.9%)
Repsol YPF SA		5,000		109,499
Repsol YPF SA ADR		42,170		921,836
				1,031,335
Utilities (1.1%)
Endesa SA		70,346		1,355,689
				2,744,354
Sweden (0.9%)
Appliances (0.6%)
Electrolux AB Series B		39,600		759,623
Financial Services (0.3%)
Investor AB Class B		34,580		353,468
				1,113,091

100

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DREYFUS GVIT INTERNATIONAL VALUE FUND

Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Switzerland (6.2%)
Banking (1.0%)
Julius Baer Holding Ltd.		570	$	158,156
United Bank of Switzerland AG		13,890		978,755
				1,136,911
Chemicals (1.5%)
Clariant AG		51,109		746,802
Lonza Group AG		19,100		967,658
				1,714,460
Food & Beverages (1.0%)
Nestle SA		4,240		1,130,757
Insurance (1.2%)
Swiss Re		11,630		755,429
Zurich Financial Services AG		3,950		623,693
				1,379,122
Pharmaceuticals (1.5%)
Novartis AG		42,890		1,892,106
				7,253,356
Taiwan (0.6%)
Semiconductor Components (0.6%)
United Microelectronics Corp. ADR (b)		154,891		667,580
United Kingdom (18.1%)
Aerospace & Defense (0.8%)
British Aerospace PLC		230,866		917,946
Airlines (0.1%)
Easyjet PLC (b)		48,400		139,999
Airport (0.5%)
BAA PLC		64,200		644,422
Auto Parts & Equipment (1.2%)
GKN PLC		302,300		1,373,294
Banking (2.5%)
Barclays PLC		133,722		1,139,166
Lloyds TSB Group PLC		73,700		577,055
Royal Bank of Scotland Group PLC		42,456		1,222,664
				2,938,885
Building Products (0.0%)
RMC Group PLC		3,200		35,225
Chemicals (0.6%)
BOC Group PLC		43,703		731,527
Containers — Metal/ Glass (0.4%)
Rexam PLC		64,826		526,971
Food & Beverages (3.3%)
Allied Domecq PLC		47,100		401,882
Cadbury Schweppes PLC		139,268		1,201,566
Diageo PLC		81,664		1,101,106
Sainsbury (J) PLC		235,938		1,218,370
				3,922,924
Industrial Goods & Services (0.8%)
Bunzl PLC		109,284		911,162
Mining (1.9%)
Anglo American PLC		26,900		550,274
Rio Tinto PLC		69,970		1,682,569
				2,232,843
Oil & Gas (2.4%)
Centrica PLC		209,100		851,310
Shell Transportation & Trading Co. PLC		270,117		1,981,472
				2,832,782
Pharmaceuticals (1.6%)
GlaxoSmithKline PLC		92,620		1,874,504
Retail (0.4%)
Marks & Spencer Group PLC		71,700		471,676
Telecommunications (0.9%)
BT Group PLC		297,800		1,072,020
Utilities (0.7%)
Scottish & Southern Energy PLC		66,410		820,761
				21,446,941
Total Common Stocks				111,106,260

101

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Principal		Value
Repurchase Agreements (3.8%)
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $1,780,611 (Fully collateralized by AA Rated Corporate Bonds)	$	1,780,538	$	1,780,538
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $2,638,317 (Fully collateralized by AA Rated Corporate Bonds & U.S. Agency Securities)		2,638,209		2,638,209
Total Repurchase Agreements				4,418,747
Short-Term Securities Held as Collateral for Securities Lending (11.0%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)		12,966,431		12,966,431
Total Short-Term Securities Held as Collateral for Securities Lending				12,966,431
Total Investments (Cost $113,883,522) (a) — 109.1%				128,491,438
Liabilities in excess of other assets — (9.1)%				(10,744,133	)
NET ASSETS — 100.0%			$	117,747,305

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	15,345,779
Unrealized depreciation		(737,863	)
Net unrealized appreciation (depreciation)	$	14,607,916

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Denotes a non-income producing security.
(c)	Represents preferred stock.

See notes to financial statements.

102

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GARTMORE GVIT INVESTOR DESTINATIONS AGGRESSIVE FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
MUTUAL FUNDS (100.0%)
Equity Funds (95.0%)
Gartmore International Index Fund, Institutional Class*		8,576,257	$	63,721,589
Gartmore Mid Cap Market Index Fund, Institutional Class*		2,465,012		32,217,709
Gartmore S&P 500 Index Fund, Institutional Class*		6,513,060		64,153,637
Gartmore Small Cap Index Fund, Institutional Class*		1,884,753		21,448,485
One Group Equity Index Fund, Institutional Class		817,687		21,308,930
				202,850,350
Fixed Income Funds (5.0%)
Gartmore Bond Index Fund, Institutional Class*		986,919		10,688,329
Total Mutual Funds				213,538,679
Total Investments (Cost $200,146,918) (a) — 100.0%				213,538,679
Other assets in excess of liabilities — 0.0%				3,125
NET ASSETS — 100.0%			$	213,541,804

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	13,548,255
Unrealized depreciation		(156,494	)
Net unrealized appreciation (depreciation)	$	13,391,761

	Aggregate cost for federal income tax purposes is substantially the same.
*	Investment in affiliate.

See notes to financial statements.

103

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GARTMORE GVIT INVESTOR DESTINATIONS MODERATELY AGGRESSIVE FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
MUTUAL FUNDS (97.5%)
Equity Funds (80.0%)
Gartmore International Index Fund, Institutional Class *		16,792,320	$	124,766,937
Gartmore Mid Cap Market Index Fund, Institutional Class *		5,791,796		75,698,767
Gartmore S&P 500 Index Fund, Institutional Class *		12,752,577		125,612,886
Gartmore Small Cap Index Fund, Institutional Class *		2,214,209		25,197,693
One Group Equity Index Fund, Institutional Class		1,921,393		50,071,490
				401,347,773
Fixed Income Funds (17.5%)
Gartmore Bond Index Fund, Institutional Class *		6,956,596		75,339,934
Gartmore Morley Enhanced Income Fund, Institutional Class *		1,365,751		12,523,936
				87,863,870
Total Mutual Funds				489,211,643

Security Description	Principal		Value
FIXED CONTRACT (2.5%)
Fixed Income Funds (2.5%)
Nationwide Fixed Contract, 3.70% *(b)	$	12,511,492		12,511,492
Total Fixed Contract				12,511,492
Total Investments (Cost $463,103,570) (a) — 100.0%				501,723,135
Other assets in excess of liabilities — 0.0%				156,606
NET ASSETS — 100.0%			$	501,879,741

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	40,038,809
Unrealized depreciation		(1,419,244	)
Net unrealized appreciation (depreciation)	$	38,619,565

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	The Nationwide Fixed Contract rate changes quarterly. Security is restricted. The security has been deemed liquid pursuant to procedures approved by the Board of Trustees.
*	Investment in affiliate.

See notes to financial statements.

104

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GARTMORE GVIT INVESTOR DESTINATIONS MODERATE FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
MUTUAL FUNDS (92.5%)
Equity Funds (60.0%)
Gartmore International Index Fund, Institutional Class *		17,150,248	$	127,426,343
Gartmore Mid Cap Market Index Fund, Institutional Class *		6,572,497		85,902,540
Gartmore S&P 500 Index Fund, Institutional Class *		26,048,797		256,580,647
Gartmore Small Cap Index Fund, Institutional Class *		3,769,007		42,891,303
				512,800,833
Fixed Income Funds (32.5%)
Gartmore Bond Index Fund, Institutional Class *		19,735,766		213,738,343
Gartmore Morley Enhanced Income Fund, Institutional Class *		6,974,309		63,954,417
				277,692,760
Total Mutual Funds				790,493,593

Security Description	Principal		Value
FIXED CONTRACT (7.5%)
Fixed Income Funds (7.5%)
Nationwide Fixed Contract, 3.70% *(b)	$	63,890,893		63,890,893
Total Fixed Contract				63,890,893
Total Investments (Cost $788,448,912) (a) — 100.0%				854,384,486
Other assets in excess of liabilities — 0.0%				293,339
NET ASSETS — 100.0%			$	854,677,825

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	70,430,212
Unrealized depreciation		(4,494,638	)
Net unrealized appreciation (depreciation)	$	65,935,574

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	The Nationwide Fixed Contract rate changes quarterly. Security is restricted. The security has been deemed liquid pursuant to procedures approved by the Board of Trustees.
*	Investment in affiliate.

See notes to financial statements.

105

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GARTMORE GVIT INVESTOR DESTINATIONS MODERATELY CONSERVATIVE FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
MUTUAL FUNDS (87.4%)
Equity Funds (40.0%)
Gartmore International Index Fund, Institutional Class *		4,680,767	$	34,778,101
Gartmore Mid Cap Market Index Fund, Institutional Class *		2,690,719		35,167,695
Gartmore S&P 500 Index Fund, Institutional Class *		7,109,422		70,027,810
				139,973,606
Fixed Income Funds (47.4%)
Gartmore Bond Index Fund, Institutional Class *		11,311,493		122,503,467
Gartmore Morley Enhanced Income Fund, Institutional Class *		4,758,695		43,637,232
				166,140,699
Total Mutual Funds				306,114,305

Security Description	Principal		Value
FIXED CONTRACT (12.5%)
Fixed Income Funds (12.5%)
Nationwide Fixed Contract, 3.70% *(b)	$	43,593,909		43,593,909
Total Fixed Contract				43,593,909
Total Investments (Cost $329,832,738) (a) — 99.9%				349,708,214
Other assets in excess of liabilities — 0.1%				247,189
NET ASSETS — 100.0%			$	349,955,403

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	22,650,465
Unrealized depreciation		(2,774,989	)
Net unrealized appreciation (depreciation)	$	19,875,476

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	The Nationwide Fixed Contract rate changes quarterly. Security is restricted. The security has been deemed liquid pursuant to procedures approved by the Board of Trustees.
*	Investment in affiliate.

See notes to financial statements.

106

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GARTMORE GVIT INVESTOR DESTINATIONS CONSERVATIVE FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
MUTUAL FUNDS (80.0%)
Equity Funds (20.0%)
Gartmore International Index Fund, Institutional Class *		1,513,415	$	11,244,672
Gartmore Mid Cap Market Index Fund, Institutional Class *		869,980		11,370,638
Gartmore S&P 500 Index Fund, Institutional Class *		2,298,663		22,641,828
				45,257,138
Fixed Income Funds (55.0%)
Gartmore Bond Index Fund, Institutional Class *		7,314,605		79,217,168
Gartmore Morley Enhanced Income Fund, Institutional Class *		4,923,555		45,148,997
				124,366,165
Money Market Fund (5.0%)
Gartmore Money Market Fund, Institutional Class *		11,274,940		11,274,940
Total Mutual Funds				180,898,243

Security Description	Principal		Value
FIXED CONTRACT (19.9%)
Fixed Income Funds (19.9%)
Nationwide Fixed Contract, 3.70% *(b)	$	45,104,197		45,104,197
Total Fixed Contract				45,104,197
Total Investments (Cost $220,619,980) (a) — 99.9%				226,002,440
Other assets in excess of liabilities — 0.1%				197,653
NET ASSETS — 100.0%			$	226,200,093

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	7,769,010
Unrealized depreciation		(2,386,550	)
Net unrealized appreciation (depreciation)	$	5,382,460

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	The Nationwide Fixed Contract rate changes quarterly. Security is restricted. The security has been deemed liquid pursuant to procedures approved by the Board of Trustees.
*	Investment in affiliate.

See notes to financial statements.

107

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT U.S. GROWTH LEADERS FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (97.8%)
Chemicals (2.5%)
Praxair, Inc.		32,060	$	1,279,515
Computer Equipment (3.4%)
Lexmark International, Inc., Class A (b)		18,130		1,750,089
Computer Software & Services (6.9%)
Check Point Software Technologies Ltd. ADR — IL (b)		49,520		1,336,545
Hyperion Solutions Corp. (b)		50,160		2,192,995
				3,529,540
Consumer Products (3.1%)
Gillette Co. (The)		37,910		1,607,384
Drugs (6.2%)
Biogen Idec, Inc. (b)		19,900		1,258,675
Pfizer, Inc.		56,190		1,926,193
				3,184,868
Electronics (1.5%)
Rockwell Collins, Inc.		23,600		786,352
Financial Services (7.2%)
Capital One Financial Corp.		21,980		1,502,992
Goldman Sachs Group, Inc. (The)		23,190		2,183,571
				3,686,563
Healthcare (10.2%)
Boston Scientific Corp. (b)		46,730		2,000,044
Fisher Scientific International, Inc. (b)		36,660		2,117,115
ImClone Systems, Inc. (b)		13,300		1,141,007
				5,258,166
Hotels & Casinos (5.6%)
Caesars Entertainment, Inc. (b)		50,600		759,000
Marriott International, Inc., Class A		42,840		2,136,859
				2,895,859
Insurance (6.5%)
American International Group, Inc.		30,810		2,196,137
Hartford Financial Services Group, Inc. (The)		16,720		1,149,333
				3,345,470
Internet Services/ Software (4.1%)
Macromedia, Inc. (b)		31,100		763,505
Yahoo!, Inc. (b)		37,500		1,362,375
				2,125,880
Manufacturing (9.1%)
Danaher Corp.		45,800		2,374,730
Tyco International Ltd.		69,540		2,304,556
				4,679,286
Oil & Gas (2.9%)
EOG Resources, Inc.		25,060		1,496,333
Retail (6.1%)
Staples, Inc.		42,750		1,253,003
Target Corp.		44,270		1,880,146
				3,133,149
Semiconductors (11.1%)
Advanced Micro Devices, Inc. (b)		99,260		1,578,234
Analog Devices, Inc.		39,260		1,848,361
Broadcom Corp., Class A (b)		47,900		2,240,282
				5,666,877
Telecommunications (8.7%)
Juniper Networks, Inc. (b)		107,640		2,644,715
QUALCOMM, Inc.		25,210		1,839,826
				4,484,541
Transportation Services (2.7%)
Southwest Airlines Co.		82,560		1,384,531
Total Common Stocks				50,294,403

Security Description	Principal		Value
REPURCHASE AGREEMENTS (2.4%)
Banks (2.4%)
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $487,698 (Fully collateralized by AA Rated Corporate Bonds)	$	487,678		487,678
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $722,619 (Fully collateralized by AA Rated Corporate Bonds & U.S. Agency Securities)		722,589		722,589
Total Repurchase Agreements				1,210,267
Short-Term Securities Held as Collateral for Securities Lending (7.4%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)		3,818,085		3,818,085
Total Short-Term Securities Held as Collateral for Securities Lending				3,818,085
Total Investments (Cost $53,066,149) (a) — 107.6%				55,322,755
Liabilities in excess of other assets — (7.6)%				(3,915,225	)
NET ASSETS — 100.0%			$	51,407,530

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	2,656,816
Unrealized depreciation		(400,210	)
Net unrealized appreciation (depreciation)	$	2,256,606

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Denotes a non-income producing security.

ADR	American Depositary Receipt
IL	Israel

See notes to financial statements.

108

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GARTMORE GVIT GLOBAL UTILITIES FUND

Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (98.6%)
Austria (1.6%)
Telecommunications (1.6%)
Telekom Austria AG		11,512	$	175,776
Finland (3.3%)
Oil & Gas Utility (3.3%)
Fortum Oyj		28,161		359,752
France (1.8%)
Water Utility (1.8%)
Veolia Environment		6,998		197,442
Germany (7.1%)
Gas & Electric Utility (7.1%)
E. ON AG		9,153		659,251
RWE AG		2,609		122,843
				782,094
Hong Kong (0.4%)
Electric Utility (0.4%)
CLP Holdings Ltd.		8,500		46,533
Italy (2.6%)
Electric Utility (1.3%)
Enel SpA		17,235		138,185
Telecommunications (1.3%)
Telecom Italia SpA		34,384		106,884
Telecom Italia SpA RNC		21,303		47,042
				153,926
				292,111
Japan (9.4%)
Electric Utility (6.2%)
Chubu Electric Power Co., Inc.		9,500		200,683
Kansai Electric Power Co., Inc.		4,300		78,382
Kyushu Electric Power Co., Inc.		6,700		124,955
Tohoku Electric Power Co., Inc.		3,800		64,010
Tokyo Electric Power Co., Inc.		9,200		208,679
				676,709
Gas Utility (1.0%)
OSAKA GAS CO. Ltd.		23,000		63,869
TOKYO GAS CO. Ltd.		13,000		46,107
				109,976
Telecommunications (2.2%)
Nippon Telegraph & Telephone Corp.		46		245,777
				1,032,462
Portugal (4.4%)
Electric Utility (0.3%)
Electricidade de Portugal SA		12,733		35,631
Telecommunications (4.1%)
Portugal Telecom SA		41,557		448,470
				484,101
Singapore (0.6%)
Telecommunications (0.6%)
Singapore Telecommunications Ltd.		48,000		62,701
Spain (6.7%)
Electric Utility (1.0%)
Iberdrola SA		5,220		110,188
Gas Utility (0.4%)
Gas Natural SDG SA		1,831		43,863
Oil & Gas Utility (0.5%)
Repsol YPF SA		2,454		53,742
Telecommunications (4.8%)
Telefonica SA		35,322		522,141
Television (0.0%)
Antena 3 Television SA (b)		87		4,604
				734,538
United Kingdom (16.0%)
Electric Utility (3.5%)
Scottish & Southern Energy PLC		6,129		75,748
Scottish Power PLC		42,543		307,643
				383,391
Gas Utility (2.6%)
Centrica PLC		71,672		291,799
Telecommunications (7.0%)
Vodafone Group PLC		355,569		778,625
Water Utility (2.9%)
AWG PLC (b)		4,735		50,319
AWG PLC Redeemable Shares (b)		1,644,064		2,982
Northumbrian Water Group PLC		85,973		212,040
Severn Trent PLC		3,648		52,661
				318,002
				1,771,817
United States (44.7%)
Electric Utility (9.3%)
American Electric Power Co., Inc.		2,773		88,736
Dominion Resources, Inc.		5,376		339,117
Edison International		12,805		327,424
PPL Corp.		2,403		110,298
Southern Co. (The)		5,632		164,173
				1,029,748
Gas & Electric Utility (9.4%)
Exelon Corp.		6,545		217,883
Questar Corp.		4,351		168,123
Sempra Energy		8,024		276,266
TXU Corp.		9,626		389,949
				1,052,221

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
United States (continued)
Gas Utility (5.3%)
Energen Corp.		3,496	$	167,773
Equitable Resources, Inc.		3,509		181,450
FirstEnergy Corp.		883		33,033
Western Gas Resources, Inc.		6,082		197,544
				579,800
Oil & Gas Utility (11.6%)
BJ Services Co. (b)		4,077		186,890
ConocoPhillips		3,825		291,809
EOG Resources Inc		3,120		186,295
Sunoco, Inc.		4,695		298,696
Valero Energy Corp.		4,384		323,365
				1,287,055
Telecommunications (6.0%)
BellSouth Corp.		1,673		43,866
Nextel Communications, Inc., Class A (b)		7,665		204,349
SBC Communications, Inc.		4,461		108,179
Verizon Communications, Inc.		8,478		306,819
				663,213
Transportation (3.1%)
Norfolk Southern Corp.		6,762		179,328
Teekay Shipping Corp.		4,233		158,230
				337,558
				4,949,595
Total Common Stocks				10,888,922
Total Investments (Cost $10,516,330) (a) — 98.6%				10,888,922
Other assets in excess of liabilities — 1.4%				149,462
NET ASSETS — 100.0%			$	11,038,384

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	534,195
Unrealized depreciation		(161,603	)
Net unrealized appreciation (depreciation)	$	372,592

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Denotes a non-income producing security.

ADR    American Depositary Receipt

At June 30, 2004, the Fund’s open forward currency contracts were as follows:

						Unrealized
	Delivery	Contract		Market		Appreciation
Currency	Date	Value		Value		(Depreciation)
Long Contracts:
British Pound	7/01/04	$	258,410	$	256,150	$	(2,260	)
Euro	7/01/04		88,034		87,850		(184	)
Total Long Contracts		$	346,444	$	344,000	$	(2,444	)

See notes to financial statements.

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Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (99.2%)
Australia (1.0%)
Banking (1.0%)
Australia & New Zealand Banking Group Ltd.		18,620	$	237,104
Belgium (1.6%)
Financial Services (1.6%)
Fortis NV		18,010		397,481
France (2.5%)
Banking (2.5%)
BNP Paribas SA		10,070		619,322
Germany (3.5%)
Financial Services (3.5%)
Hypo Real Estate Holding AG (b)		28,960		847,382
Hong Kong (2.4%)
Financial Services (2.4%)
Hang Lung Group Ltd.		432,760		582,576
Ireland (2.4%)
Banking (2.4%)
Bank of Ireland		44,590		594,585
Italy (1.3%)
Banking (1.3%)
UniCredito Italiano SPA		62,770		310,059
Japan (7.2%)
Banking (0.3%)
Suruga Bank Ltd. (The)		11,000		84,278
Financial Services (6.1%)
Daito Trust Construction Co. Ltd.		4,500		173,212
Mitsubishi Tokyo Financial Group, Inc.		32		296,202
Mizuho Financial Group, Inc.		63		285,799
Nomura Holdings, Inc.		16,000		236,814
Orix Corp.		2,200		252,028
Sumitomo Mitsui Financial Group, Inc.		35		239,930
				1,483,985
Insurance (0.8%)
Millea Holdings, Inc.		13		193,007
				1,761,270
Spain (2.1%)
Banking (2.1%)
Banco Popular Espanol SA		3,800		214,612
Banco Santander Central Hispano SA		27,920		289,755
				504,367
Sweden (1.0%)
Banking (1.0%)
Skandinaviska Enskilda Banken, Series A		16,330		236,291
Switzerland (3.9%)
Financial Services (2.8%)
UBS AG		9,830		692,668
Insurance (1.1%)
Zurich Financial Services AG		1,730		273,162
				965,830
United Kingdom (14.6%)
Banking (13.5%)
Barclays PLC		55,960		476,718
HBOS PLC		64,561		799,080
HSBC Holdings PLC		36,176		537,962
Lloyds TSB Group PLC		61,900		484,664
Royal Bank of Scotland Group PLC		35,182		1,013,185
				3,311,609
Insurance (1.1%)
Royal & Sun Alliance Insurance Group PLC		172,698		258,380
				3,569,989
United States (55.7%)
Banking (16.0%)
Bank Of America Corp.		13,060		1,105,136
New York Community Bancorp, Inc.		4,800		94,224
Northern Trust Corp.		1,750		73,990
Silicon Valley Bancshares (b)		3,250		128,863
South Financial Group, Inc. (The)		7,540		213,684
TCF Financial Corp.		1,120		65,016
U.S. Bancorp		20,920		576,555
Wachovia Corp.		14,930		664,385
Wells Fargo & Co.		9,950		569,439
Zions Bancorp		7,140		438,753
				3,930,045

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
United States (continued)
Financial Services (27.7%)
Ambac Financial Group, Inc.		1,720	$	126,317
American Capital Strategies Ltd.		10,830		303,457
American Express Co.		6,690		343,732
Ameritrade Holding Corp. (b)		6,484		73,593
Capital One Financial Corp.		3,850		263,263
CapitalSource, Inc. (b)		7,060		172,617
CIT Group, Inc.		14,090		539,506
Citigroup, Inc.		20,600		957,900
Countrywide Financial Corp.		6,810		478,403
Fannie Mae		7,090		505,942
Freddie Mac		4,470		282,951
Goldman Sachs Group, Inc.		5,142		484,171
Investors Financial Services Corp.		4,340		189,137
J.P. Morgan Chase & Co.		14,990		581,162
Legg Mason, Inc.		4,090		372,231
Lehman Brothers Holding, Inc.		4,102		308,676
MBNA Corp.		7,040		181,562
Merrill Lynch & Co., Inc.		4,740		255,865
Protective Life Corp.		3,300		127,611
SLM Corp.		3,110		125,800
Washington Mutual, Inc.		3,200		123,648
				6,797,544
Insurance (12.0%)
AFLAC, Inc.		5,080		207,315
Allstate Corp.		9,200		428,260
American International Group, Inc.		16,008		1,141,049
Hartford Financial Services Group		5,950		409,003
Metlife, Inc.		7,710		276,404
RenaissanceRE Holdings Ltd.		5,080		274,066
Torchmark Corp.		3,580		192,604
				2,928,701
				13,656,290
Total Common Stocks				24,282,546
Total Investments (Cost $23,832,019) (a) — 99.2%				24,282,546
Other assets in excess of liabilities — 0.8%				198,140
NET ASSETS — 100.0%			$	24,480,686

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	923,565
Unrealized depreciation		(473,038	)
Net unrealized appreciation (depreciation)	$	450,527

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Denotes a non-income producing security.

See notes to financial statements.

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Statement of Investments — June 30, 2004 (Unaudited)

Security Description	Shares		Value
COMMON STOCKS (95.3%)
Brazil (8.0%)
Banking (1.1%)
Banco Itau Holding Financeira SA ADR		30,400	$	1,417,856
Beverages (0.5%)
Companhia de Bebidas das Americas ADR		32,900		660,303
Electric Utility (1.0%)
Companhia Energetica de Minas Gerais		82,000,000		1,224,572
Oil & Gas (2.3%)
Petroleo Brasileiro SA		90,000		2,505,296
Petroleo Brasileiro SA ADR		10,400		291,928
				2,797,224
Paper Products (1.2%)
Klabin SA		1,183,000		1,554,669
Steel (1.0%)
Gerdau SA ADR		108,700		1,317,444
Telecommunications (0.9%)
Tele Norte Leste Participacoes SA ADR		90,000		1,145,700
				10,117,768
Chile (1.0%)
Food (1.0%)
Cencosud SA (b)		65,500		1,212,202
China (4.0%)
Electric Utility (1.9%)
China Resources Power Holdings Co. Ltd. (b)		4,116,000		2,321,906
Mining (1.0%)
Yanzhou Coal Mining Co. Ltd.		1,186,000		1,292,469
Oil & Gas (1.1%)
CNOOC Ltd.		2,147,000		908,369
Sinopec Shanghai Petrochemical Co. Ltd.		1,596,000		532,014
				1,440,383
				5,054,758
Hong Kong (3.2%)
Agriculture (0.7%)
Global Bio-chem Technology Group Co. Ltd.		1,159,000		839,554
Electronics (0.2%)
Nam Tai Electronic & Electrical Products Ltd. (b)		714,000		272,334
Semiconductors (1.0%)
Solomon Systech International Ltd. (b)		5,158,000		1,276,307
Telecommunications (1.3%)
China Telecom Corp. Ltd.		4,762,000		1,663,690
				4,051,885
Hungary (0.6%)
Banking (0.6%)
OTP Bank		39,800		812,918
India (0.6%)
Financial Services (0.6%)
ICICI Bank Ltd. ADR		66,447		804,009
Indonesia (2.8%)
Banking (1.2%)
PT Bank Mandiri		11,749,000		1,468,234
Mining (0.6%)
PT Bumi Resources		13,496,500		825,364
Oil & Gas (0.4%)
Perusahaan Gas Negara		3,195,271		492,757
Telecommunications (0.6%)
PT Telekomunikasi Indonesia (b)		968,000		761,840
				3,548,195
Israel (3.5%)
Banking (0.9%)
Bank Hapoalim Ltd.		425,000		1,130,249
Computer Hardware (0.2%)
M-Systems Flash Disk Pioneer Ltd. (b)		17,500		260,925
Computer Software (0.8%)
Retalix Ltd. ADR (b)		51,000		1,032,750
Electronics (1.6%)
NICE Systems Ltd. ADR (b)		29,700		711,285
Orbotech Ltd. (b)		62,000		1,261,700
				1,972,985
				4,396,909
Korea (19.8%)
Automobile (0.8%)
Ssangyong Motor Co. (b)		148,000		999,048
Banking (2.1%)
Hana Bank		47,800		1,009,364
Kookmin Bank ADR		55,300		1,735,314
				2,744,678
Electronics (9.4%)
KH Vatec Co. Ltd.		36,000		1,395,759
LG Electronics, Inc.		20,070		951,827
LG Electronics, Inc. GDR (b)(c)(d)		25,900		358,715
Samsung Electro Mechanics Co. Ltd. (b)		58,200		1,649,546
Samsung Electronics Co. Ltd.		17,376		7,172,956
Samsung Electronics GDR (d)		3,900		507,000
				12,035,803
Financial Services (0.6%)
Daishin Securities Co. Ltd.		130,700		757,845
Internet (0.7%)
Daum Communications Corp. (b)		19,300		891,926

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Korea (continued)
Retail (1.1%)
Shinsegae Co. Ltd.		5,700	$	1,371,354
Steel (0.9%)
Dongkuk Steel Mill Co. Ltd.		144,000		1,110,376
Telecommunications (2.0%)
SK Telecom Co. Ltd.		15,710		2,583,211
Tobacco (1.4%)
KT&G Corp.		78,000		1,802,337
Transportation (0.8%)
Korean Air Lines Co. Ltd. (b)		74,100		961,921
				25,258,499
Malaysia (6.5%)
Agricultural Operations (0.8%)
IOI Corp. Berhad		484,100		1,038,267
Banking (2.3%)
CIMB Berhad		1,066,400		1,571,537
Public Bank Berhad		733,300		1,273,626
				2,845,163
Electronics (0.2%)
Mal Tenega Nasional		106,800		283,863
Gambling (1.0%)
Magnum Corp. Berhad		2,012,800		1,287,133
Telecommunications (2.2%)
Maxis Communications Berhad		459,000		1,062,947
Telekom Malaysia Berhad		635,500		1,722,540
				2,785,487
				8,239,913
Mexico (8.1%)
Beverages (1.1%)
Coca — Cola Femsa SA de CV (Femsa) ADR		63,000		1,397,970
Construction (1.0%)
Urbi, Desarrolloas Urbanos, SA de CV (b)		407,700		1,311,512
Diversified (1.1%)
Alfa SA, Class A		423,000		1,419,414
Financial Services (1.4%)
Grupo Financiero Banorte SA de CV		514,400		1,819,334
Retail (1.4%)
Organizacion Soriana SA de CV		591,000		1,754,091
Telecommunications (2.1%)
America Movil SA de CV ADR		50,000		1,818,500
Telefonos de Mexico ADR		23,800		791,826
				2,610,326
				10,312,647
Poland (1.7%)
Banking (1.3%)
Bank Pekao SA		51,000		1,703,632
Construction (0.4%)
Globe Trade Centre SA (b)		15,600		481,026
				2,184,658
Russia (6.4%)
Oil & Gas (4.9%)
LUKOIL ADR		20,200		2,115,950
OAO Gazprom ADR		56,200		1,609,006
Surgutneftegaz ADR		76,173		2,481,716
				6,206,672
Telecommunications (1.5%)
AO VimpelCom ADR (b)		12,200		1,176,690
Golden Telecom, Inc.		26,000		731,640
				1,908,330
				8,115,002
Singapore (0.5%)
Oil & Gas (0.5%)
China Aviation Oil Singapore Corp. Ltd.		738,000		668,397
South Africa (10.0%)
Banking (1.2%)
ABSA Group Ltd.		188,000		1,543,402
Financial Services (1.9%)
African Bank Investments Ltd.		600,000		1,139,684
Sanlam Ltd.		937,200		1,327,595
				2,467,279
Mining (3.3%)
Anglo American PLC		158,500		3,242,842
Impala Platinum Holdings Ltd.		13,820		1,047,804
				4,290,646
Oil & Gas (0.9%)
Sasol Ltd.		77,000		1,191,147
Paper Products (0.9%)
Sappi Ltd.		72,600		1,106,720
Retail (1.1%)
Massmart Holdings Ltd.		271,400		1,428,594
Telecommunications (0.7%)
Telkom SA Ltd.		66,000		845,153
				12,872,941
Taiwan (11.9%)
Banking (2.4%)
Bank of Kaohsiung		1,274,000		901,344
Chinatrust Financial Holding Co. Ltd.		640,000		713,436
Taishin Financial Holdings Co. Ltd.		1,911,000		1,573,564
				3,188,344

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

Security Description	Shares		Value
COMMON STOCKS (continued)
Taiwan (continued)
Chemicals (0.8%)
Taiyen Biotech Co. Ltd. (b)		855,000	$	1,014,105
Electronics (2.2%)
Ichia Technologies, Inc. (b)		664,500		1,333,346
Yageo Corp. (b)		2,755,000		1,416,810
				2,750,156
Insurance (1.0%)
Cathay Financial Holding Co. Ltd.		699,000		1,257,120
Networking Products (1.2%)
Accton Technology Corp. (b)		2,679,000		1,497,182
Paper Products (0.8%)
Cheng Loong Corp.		3,017,900		1,031,684
Semiconductors (2.6%)
Taiwan Semiconductor Manufacturing Co. Ltd.		1,612,092		2,319,418
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		136,156		1,131,458
				3,450,876
Textiles (0.9%)
Far Eastern Textile Ltd.		1,846,000		1,092,015
				15,281,482
Thailand (4.9%)
Financial Services (2.4%)
Kiatnakin Finance Public Co. Ltd.		148,400		131,576
Kiatnakin Finance Public Co. Ltd.		523,900		464,507
Siam Commercial Bank Public Co. Ltd.		850,000		966,736
TISCO Finance Public Co. Ltd. (b)		2,139,000		1,425,652
				2,988,471
Mining (0.6%)
Banpu Public Co. Ltd. (b)		254,900		804,258
Telecommunications (0.6%)
Shin Corp. Pub		862,900		770,352
Transportation (1.3%)
Thai Airways International Public Co. Ltd. (c)		1,185,000		1,637,581
				6,200,662
Turkey (1.8%)
Automotive (0.7%)
Ford Otomotiv Sanayi AS		125,493,000		913,291
Banking (1.1%)
Türkiye Garanti Bankasi AS (b)		440,873,000		1,314,598
				2,227,889
Total Common Stocks				121,360,734
FOREIGN BOND (0.0%)
Brazil (0.0%)
Oil & Gas (0.0%)
Comp Vale Do Rio Doce (c)	$	20,000	$	0
Total Foreign Bond				0
PARTICIPATION NOTES (3.3%)
India (3.3%)
Banking (0.9%)
Union Bank of India Ltd., 09/25/06 (c)		940,200		1,184,652
Chemicals (0.5%)
Indian Petrochemicals Corp. Ltd., 05/20/05 (c)		210,000		672,000
Oil & Gas (0.9%)
Oil and Natural Gas Corp. Ltd., 10/31/05 (c)		80,900		1,108,330
Software & Computer Services (1.0%)
Satyam Computer Services Ltd., 03/07/23 (c)		186,700		1,241,555
Total Participation Notes				4,206,537
PREFERRED STOCK (0.4%)
Korea (0.4%)
Electronics (0.4%)
LG Electronics, Inc.		18,300		506,794
Total Preferred Stock				506,794
WARRANTS (0.7%)
India (0.2%)
Banking (0.2%)
Deutsche Bank Ltd., 03/30/07		43,100		229,292
Thailand (0.5%)
Financial Services (0.5%)
Kiatnakin Finance Public Co. Ltd., 01/18/11		1,412,300		618,324
Total Warrants				847,616
Short-Term Securities Held as Collateral for Securities Lending (3.9%)
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)		4,929,035		4,929,035
Total Short-Term Securities Held as Collateral for Securities Lending				4,929,035
Total Investments (Cost $129,800,074) (a) — 103.6%				131,850,716
Other assets in excess of liabilities — (3.6)%				(4,616,292	)
NET ASSETS — 100.0%			$	127,234,424

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Statement of Investments — June 30, 2004 (Unaudited) (continued)

(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows:

Unrealized appreciation	$	9,043,027
Unrealized depreciation		(6,992,385	)
Net unrealized appreciation (depreciation)	$	2,050,642

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Denotes a non-income producing security.
(c)	Fair valued securities.
(d)	Represents a restricted security acquired and eligible for resale under Rule 144A, which limits the resale to certain qualified buyers.

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

See notes to financial statements.

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Statements of Assets and Liabilities

June 30, 2004 (Unaudited)

			Gartmore GVIT			Gartmore			Gartmore
			Nationwide			GVIT Growth			GVIT Government
			Fund			Fund			Bond Fund
Assets:
Investments, at value (cost $1,555,420,851; $263,304,263; $1,362,159,267; $837,074,885; $2,016,875,860 and $219,912,521; respectively)			$	1,677,687,118		$	278,694,467		$	1,357,136,606
Repurchase agreements, at cost and value				—			—			51,872,993
		Total Investments		1,677,687,118			278,694,467			1,409,009,599
Cash				916			—			1,038
Foreign currencies, at value (cost $0; $0; $0; $159,075; $0 and $0; respectively)				—			—			—
Interest and dividends receivable				1,447,795			174,893			12,140,773
Receivable for investments sold				19,942,621			32,368,157			21,826,077
Receivable from adviser				—			—			—
Reclaims receivable				—			—			—
Prepaid expenses and other assets				26,109			4,353			21,208
		Total Assets		1,699,104,559			311,241,870			1,442,998,695
Liabilities:
Payable to custodian				—			720,046			—
Distributions payable				—			—			—
Payable for investments purchased				10,390,482			30,431,204			30,970,000
Payable for return of collateral received for securities on loan				108,610,385			9,540,183			57,174,750
Accrued expenses and other payables:
	Investment advisory fees			760,272			131,835			547,501
	Fund administration fees			69,023			11,839			63,440
	Distribution fees			1,703			—			3,756
	Administrative servicing fees			194,257			32,421			167,293
	Other			202,826			39,049			192,877
		Total Liabilities		120,228,948			40,906,577			89,119,617
Net Assets			$	1,578,875,611		$	270,335,293		$	1,353,879,078
Represented by:
Capital			$	1,785,139,642		$	590,652,325		$	1,353,931,697
Accumulated net investment income (loss)				343,601			(74,098	)		(1,123,318	)
Accumulated net realized gains (losses) from investment and foreign currency transactions				(328,873,899	)		(335,633,138	)		6,093,360
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies				122,266,267			15,390,204			(5,022,661	)
Net Assets			$	1,578,875,611		$	270,335,293		$	1,353,879,078

[Additional columns below]

[Continued from above table, first column(s) repeated]

			GVIT			Gartmore			Gartmore
			Small			GVIT Money			GVIT Money
			Company Fund			Market Fund			Market Fund II
Assets:
Investments, at value (cost $1,555,420,851; $263,304,263; $1,362,159,267; $837,074,885; $2,016,875,860 and $219,912,521; respectively)			$	966,333,799		$	2,016,875,860		$	219,912,521
Repurchase agreements, at cost and value				18,393,998			—			—
		Total Investments		984,727,797			2,016,875,860			219,912,521
Cash				3,485,566			—			331
Foreign currencies, at value (cost $0; $0; $0; $159,075; $0 and $0; respectively)				150,705			—			—
Interest and dividends receivable				536,336			1,184,040			—
Receivable for investments sold				9,075,408			—			—
Receivable from adviser				—			10,393			10,342
Reclaims receivable				136,356			—			—
Prepaid expenses and other assets				11,309			28,667			—
		Total Assets		998,123,477			2,018,098,960			219,923,194
Liabilities:
Payable to custodian				—			1,141			—
Distributions payable				—			921,034			23,476
Payable for investments purchased				8,360,828			—			—
Payable for return of collateral received for securities on loan				138,484,521			—			—
Accrued expenses and other payables:
	Investment advisory fees			627,963			657,482			107,490
	Fund administration fees			37,469			99,486			11,735
	Distribution fees			6,882			—			53,745
	Administrative servicing fees			102,405			232,396			32,449
	Other			54,859			267,154			19,157
		Total Liabilities		147,674,927			2,178,693			248,052
Net Assets			$	850,448,550		$	2,015,920,267		$	219,675,142
Represented by:
Capital			$	647,746,082		$	2,015,954,467		$	219,675,178
Accumulated net investment income (loss)				(463,654	)		—			—
Accumulated net realized gains (losses) from investment and foreign currency transactions				73,910,525			(34,200	)		(36	)
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies				129,255,597			—			—
Net Assets			$	850,448,550		$	2,015,920,267		$	219,675,142

(continued)

117

GARTMORE VARIABLE INSURANCE TRUST

Statements of Assets and Liabilities

June 30, 2004 (Unaudited) (continued)

		Gartmore GVIT		Gartmore		Gartmore
		Nationwide		GVIT Growth		GVIT Government
		Fund		Fund		Bond Fund
Net Assets:
Class I Shares**		$	1,404,697,208	$	232,601,691	$	1,288,339,918
Class II Shares			8,462,767		—		18,074,579
Class III Shares			740,405		—		5,343,816
Class IV Shares			164,975,231		37,733,602		42,120,765
Class V Shares			—		—		—
	Total	$	1,578,875,611	$	270,335,293	$	1,353,879,078
Shares outstanding (unlimited number of shares authorized):
Class I Shares**			134,552,243		22,703,965		112,310,708
Class II Shares			811,785		—		1,579,564
Class III Shares			70,823		—		465,572
Class IV Shares			15,804,503		3,683,719		3,672,315
Class V Shares			—		—		—
	Total		151,239,354		26,387,684		118,028,159
Net asset value and offering price per share:*
Class I Shares**		$	10.44	$	10.24	$	11.47
Class II Shares		$	10.42	$	—	$	11.44
Class III Shares		$	10.45	$	—	$	11.48
Class IV Shares		$	10.44	$	10.24	$	11.47
Class V Shares		$	—	$	—	$	—

[Additional columns below]

[Continued from above table, first column(s) repeated]

		GVIT		Gartmore		Gartmore
		Small		GVIT Money		GVIT Money
		Company Fund		Market Fund		Market Fund II
Net Assets:
Class I Shares**		$	768,928,923	$	1,551,493,562	$	219,675,142
Class II Shares			36,703,184		—		—
Class III Shares			1,706,209		—		—
Class IV Shares			43,110,234		94,193,492		—
Class V Shares			—		370,233,213		—
	Total	$	850,448,550	$	2,015,920,267	$	219,675,142
Shares outstanding (unlimited number of shares authorized):
Class I Shares**			33,123,072		1,551,518,914		219,675,177
Class II Shares			1,589,275		—		—
Class III Shares			73,451		—		—
Class IV Shares			1,857,078		94,195,540		—
Class V Shares			—		370,243,661		—
	Total		36,642,876		2,015,958,115		219,675,177
Net asset value and offering price per share:*
Class I Shares**		$	23.21	$	1.00	$	1.00
Class II Shares		$	23.09	$	—	$	—
Class III Shares		$	23.23	$	—	$	—
Class IV Shares		$	23.21	$	1.00	$	—
Class V Shares		$	—	$	1.00	$	—

*   Not subject to a front-end sales charge.

**  Gartmore GVIT Money Market Fund II shares have no class designation.

See notes to financial statements.

118

GARTMORE VARIABLE INSURANCE TRUST

Statements of Assets and Liabilities

June 30, 2004 (Unaudited)

			J.P. Morgan			Gartmore GVIT
			GVIT Balanced			Mid Cap
			Fund			Growth Fund
Assets:
Investments, at value (cost $243,236,343; $224,200,516; $116,671,742; $308,482,638 and $318,718,518; respectively)			$	259,171,618		$	270,135,154
Repurchase agreements, at cost				4,397,759			3,886,338
		Total Investments		263,569,377			274,021,492
Cash				124,876			—
Interest and dividends receivable				1,148,789			47,845
Receivable for investments sold				13,110,047			5,173,107
Receivable from adviser				2,809			3,444
Receivable for variation margin on futures contracts				33,000			—
Prepaid expenses and other assets				3,711			3,550
		Total Assets		277,992,609			279,249,438
Liabilities:
Payable to custodian				—			288,781
Payable for investments purchased				47,085,902			—
Payable for return of collateral received for securities on loan				—			40,578,696
Payable for variation margin on futures contracts				81,188			—
Accrued expenses and other payables:
	Investment advisory fees			135,719			140,591
	Fund administration and transfer agent fees			11,786			10,684
	Distribution fees			—			1,620
	Administrative servicing fees			27,982			27,517
	Other			22,676			21,971
		Total Liabilities		47,365,253			41,069,860
Net Assets			$	230,627,356		$	238,179,578
Represented by:
Capital			$	240,540,973		$	355,132,160
Accumulated net investment income (loss)				23,859			(544,845	)
Accumulated net realized gains (losses) from investment, futures and foreign currency transactions				(25,777,342	)		(162,342,375	)
Net unrealized appreciation (depreciation) on investments and futures				15,839,866			45,934,638
Net Assets			$	230,627,356		$	238,179,578
Net Assets:
Class I Shares			$	180,285,325		$	135,414,935
Class II Shares				—			8,782,328
Class III Shares				—			959,057
Class IV Shares				50,342,031			93,023,258
		Total	$	230,627,356		$	238,179,578
Shares outstanding (unlimited number of shares authorized):
Class I Shares				19,068,323			5,929,568
Class II Shares				—			385,171
Class III Shares				—			41,947
Class IV Shares				5,323,696			4,071,921
		Total		24,392,019			10,428,607
Net asset value and offering price per share:*
Class I Shares			$	9.45		$	22.84
Class II Shares			$	—		$	22.80
Class III Shares			$	—		$	22.86
Class IV Shares			$	9.46		$	22.85

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Comstock			Federated GVIT			GVIT
			GVIT Value			High Income			Equity 500
			Fund			Bond Fund			Index Fund
Assets:
Investments, at value (cost $243,236,343; $224,200,516; $116,671,742; $308,482,638 and $318,718,518; respectively)			$	139,467,701		$	315,988,327		$	282,644,556
Repurchase agreements, at cost				9,443,311			4,858,878			1,223,240
		Total Investments		148,911,012			320,847,205			283,867,756
Cash				—			98,722			137,764
Interest and dividends receivable				250,166			5,120,305			315,733
Receivable for investments sold				167,714			517,338			340,396
Receivable from adviser				1,035			—			33,764
Receivable for variation margin on futures contracts				—			—			9,200
Prepaid expenses and other assets				2,085			3,898			4,784
		Total Assets		149,332,012			326,587,468			284,709,437
Liabilities:
Payable to custodian				—			—			—
Payable for investments purchased				2,154,400			1,903,483			64,626
Payable for return of collateral received for securities on loan				6,861,750			72,820,709			4,897,985
Payable for variation margin on futures contracts				—			—			—
Accrued expenses and other payables:
	Investment advisory fees			79,510			139,339			54,682
	Fund administration and transfer agent fees			6,059			12,610			13,530
	Distribution fees			2,925			—			—
	Administrative servicing fees			16,639			31,016			22,820
	Other			12,910			25,834			48,054
		Total Liabilities		9,134,193			74,932,991			5,101,697
Net Assets			$	140,197,819		$	251,654,477		$	279,607,740
Represented by:
Capital			$	142,305,617		$	263,211,673		$	367,353,719
Accumulated net investment income (loss)				81,788			159,547			72,398
Accumulated net realized gains (losses) from investment, futures and foreign currency transactions				(24,985,545	)		(19,222,432	)		(51,756,398	)
Net unrealized appreciation (depreciation) on investments and futures				22,795,959			7,505,689			(36,061,979	)
Net Assets			$	140,197,819		$	251,654,477		$	279,607,740
Net Assets:
Class I Shares			$	73,991,029		$	251,654,477		$	—
Class II Shares				15,201,521			—			—
Class III Shares				—			—			—
Class IV Shares				51,005,269			—			279,607,740
		Total	$	140,197,819		$	251,654,477		$	279,607,740
Shares outstanding (unlimited number of shares authorized):
Class I Shares				7,142,343			31,998,139			—
Class II Shares				1,470,050			—			—
Class III Shares				—			—			—
Class IV Shares				4,923,645			—			35,046,670
		Total		13,536,038			31,998,139			35,046,670
Net asset value and offering price per share:*
Class I Shares			$	10.36		$	7.86		$	—
Class II Shares			$	10.34		$	—		$	—
Class III Shares			$	—		$	—		$	—
Class IV Shares			$	10.36		$	—		$	7.98

*  Not subject to a front-end sales charge.

See notes to financial statements.

119

GARTMORE VARIABLE INSURANCE TRUST

Statements of Assets and Liabilities

June 30, 2004 (Unaudited)

				Van Kampen
				GVIT			GVIT
				Multi Sector			Small Cap
				Bond Fund			Value Fund
Assets:
Investments, at value (cost $264,673,982; $739,792,745; $145,464,917; $33,630,080 and $506,384,101; respectively)				$	270,561,093		$	787,824,858
Repurchase agreements, at cost and value					4,995,315			34,038,360
			Total Investments		275,556,408			821,863,218
Cash					330,713			60,948
Foreign currencies, at value (cost $0; $0; $0; $27,779; $0 and $0; respectively)					—			—
Interest and dividends receivable					3,277,711			773,180
Receivable for investments sold					6,516,313			6,923,877
Unrealized appreciation on forward foreign currency contracts					43,438			—
Receivable for variation margin on futures contracts					27,894			98,175
Reclaims receivable					5,680			—
Prepaid expenses and other assets					3,414			13,344
			Total Assets		285,761,571			829,732,742
Liabilities:
Payable to custodian					—			—
Payable for investments purchased					30,183,499			13,856,698
Payable for return of collateral received for securities on loan					27,492,048			—
Unrealized depreciation on forward foreign currency contracts					33,685			—
Payable for variation margin on futures contracts					124,705			—
Accrued expenses and other payables:
	Investment advisory fees				138,149			559,904
	Fund administration and transfer agent fees				9,787			31,709
	Distribution fees				—			6,291
	Administrative servicing fees				27,288			96,064
	Other				24,839			51,184
		Total Liabilities			58,034,000			14,601,850
Net Assets				$	227,727,571		$	815,130,892
Represented by:
Capital				$	224,536,079		$	731,042,979
Accumulated net investment income (loss)					(11,478	)		(588,806	)
Accumulated net realized gains (losses) from investment, futures and foreign currency transactions					(2,497,359	)		36,207,998
Net unrealized appreciation (depreciation) on investments, futures and translation of assets and liabilities denominated in foreign currencies					5,700,329			48,468,721
Net Assets				$	227,727,571		$	815,130,892
Net Assets:
Class I Shares				$	227,727,571		$	724,741,120
Class II Shares					—			32,411,156
Class III Shares					—			2,498,744
Class IV Shares					—			55,479,872
			Total	$	227,727,571		$	815,130,892
Shares outstanding (unlimited number of shares authorized):
Class I Shares					23,715,050			59,472,597
Class II Shares					—			2,670,662
Class III Shares					—			204,793
Class IV Shares					—			4,552,383
			Total		23,715,050			66,900,435
Net asset value and offering price per share:*
Class I Shares				$	9.60		$	12.19
Class II Shares				$	—		$	12.14
Class III Shares				$	—		$	12.20
Class IV Shares				$	—		$	12.19

[Additional columns below]

[Continued from above table, first column(s) repeated]

							Gartmore			Dreyfus
				GVIT			GVIT			GVIT
				Small Cap			Worldwide			Mid Cap
				Growth Fund			Leaders Fund			Index Fund
Assets:
Investments, at value (cost $264,673,982; $739,792,745; $145,464,917; $33,630,080 and $506,384,101; respectively)				$	165,899,700		$	34,666,784		$	571,263,585
Repurchase agreements, at cost and value					9,684,705			864,454			19,178,948
			Total Investments		175,584,405			35,531,238			590,442,533
Cash					—			—			73,625
Foreign currencies, at value (cost $0; $0; $0; $27,779; $0 and $0; respectively)					—			27,497			—
Interest and dividends receivable					30,884			83,650			321,074
Receivable for investments sold					626,897			1,162,273			—
Unrealized appreciation on forward foreign currency contracts					—			—			—
Receivable for variation margin on futures contracts					—			—			185,750
Reclaims receivable					—			24,427			—
Prepaid expenses and other assets					2,596			543			7,146
			Total Assets		176,244,782			36,829,628			591,030,128
Liabilities:
Payable to custodian					—			495,912			—
Payable for investments purchased					638,541			1,339,995			—
Payable for return of collateral received for securities on loan					16,507,425			2,028,842			93,027,042
Unrealized depreciation on forward foreign currency contracts					—			—			—
Payable for variation margin on futures contracts					—			—			—
Accrued expenses and other payables:
	Investment advisory fees				120,190			26,552			155,217
	Fund administration and transfer agent fees				6,773			1,207			21,420
	Distribution fees				2,328			—			2,333
	Administrative servicing fees				19,152			3,925			58,477
	Other				11,134			25,595			41,125
		Total Liabilities			17,305,543			3,922,028			93,305,614
Net Assets				$	158,939,239		$	32,907,600		$	497,724,514
Represented by:
Capital				$	189,839,937		$	52,680,121		$	441,067,159
Accumulated net investment income (loss)					(665,731	)		213,363			95,730
Accumulated net realized gains (losses) from investment, futures and foreign currency transactions					(50,669,750	)		(21,021,904	)		(8,692,959	)
Net unrealized appreciation (depreciation) on investments, futures and translation of assets and liabilities denominated in foreign currencies					20,434,783			1,036,020			65,254,584
Net Assets				$	158,939,239		$	32,907,600		$	497,724,514
Net Assets:
Class I Shares				$	145,788,840		$	25,255,399		$	485,792,785
Class II Shares					12,169,474			—			11,931,729
Class III Shares					980,925			7,652,201			—
Class IV Shares					—			—			—
			Total	$	158,939,239		$	32,907,600		$	497,724,514
Shares outstanding (unlimited number of shares authorized):
Class I Shares					10,866,671			2,739,905			31,180,922
Class II Shares					912,409			—			768,034
Class III Shares					73,534			830,340			—
Class IV Shares					—			—			—
			Total		11,852,614			3,570,245			31,948,956
Net asset value and offering price per share:*
Class I Shares				$	13.42		$	9.22		$	15.58
Class II Shares				$	13.34		$	—		$	15.54
Class III Shares				$	13.34		$	9.22		$	—
Class IV Shares				$	—		$	—		$	—

*  Not subject to a front-end sales charge.

See notes to financial statements.

120

GARTMORE VARIABLE INSURANCE TRUST

Statements of Assets and Liabilities

June 30, 2004 (Unaudited)

			Gartmore
			GVIT Global			Gartmore			Gartmore
			Technology and			GVIT			GVIT
			Communications			Global Health			Nationwide
			Fund			Sciences Fund			Leaders Fund
Assets:
Investments, at value (cost $57,619,222; $57,539,823; $8,503,052; $86,807,669; $9,846,558 and $109,464,775; respectively)			$	60,508,390		$	59,729,146		$	9,197,844
Repurchase agreements, at cost				—			4,914,455			—
		Total Investments		60,508,390			64,643,601			9,197,844
Cash				—			6,435			—
Foreign currencies, at value (cost $895,549; $0; $0; $286,962; $25,185 and $1,477,338; respectively)				888,292			—			—
Interest and dividends receivable				14,042			32,633			3,405
Receivable for investments sold				3,668,034			1,336,084			—
Unrealized appreciation on forward foreign currency contracts				—			—			—
Reclaims receivable				—			—			—
Prepaid expenses and other assets				9,013			615			146
		Total Assets		65,087,771			66,019,368			9,201,395
Liabilities:
Payable to custodian				1,185,106			—			164,958
Payable for investments purchased				2,798,592			602,756			—
Payable for return of collateral received for securities on loan				7,206,496			5,295,773			—
Unrealized depreciation on forward foreign currency contracts				—			—			—
Accrued expenses and other payables:
	Investment advisory fees			41,722			48,379			6,679
	Fund administration and transfer agency fees			2,181			2,614			241
	Distribution fees			846			1,244			—
	Administrative servicing fees			6,167			7,183			959
	Other			5,930			6,867			1,269
		Total Liabilities		11,247,040			5,964,816			174,106
Net Assets			$	53,840,731		$	60,054,552		$	9,027,289
Represented by:
Capital			$	62,761,828		$	56,247,145		$	8,360,349
Accumulated net investment income (loss)				(270,172	)		(85,932	)		(66	)
Accumulated net realized gains (losses) from investment, futures and foreign currency transactions				(11,532,804	)		1,704,016			(27,786	)
Net unrealized appreciation (depreciation) on investments, futures and translation of assets and liabilities denominated in foreign currencies				2,881,879			2,189,323			694,792
Net Assets			$	53,840,731		$	60,054,552		$	9,027,289

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Gartmore		Gartmore			Dreyfus
			GVIT		GVIT			GVIT
			Emerging		International			International
			Markets Fund		Growth Fund			Value Fund
Assets:
Investments, at value (cost $57,619,222; $57,539,823; $8,503,052; $86,807,669; $9,846,558 and $109,464,775; respectively)			$	87,962,094	$	10,065,797		$	124,072,691
Repurchase agreements, at cost				1,061,253		139,925			4,418,747
		Total Investments		89,023,347		10,205,722			128,491,438
Cash				—		133,861			31,981
Foreign currencies, at value (cost $895,549; $0; $0; $286,962; $25,185 and $1,477,338; respectively)				297,333		24,947			1,475,702
Interest and dividends receivable				285,578		17,499			268,821
Receivable for investments sold				2,143,434		173,427			492,494
Unrealized appreciation on forward foreign currency contracts				30		1,323			—
Reclaims receivable				360		13,229			183,881
Prepaid expenses and other assets				1,487		1,930			11,104
		Total Assets		91,751,569		10,571,938			130,955,421
Liabilities:
Payable to custodian				519,311		—			—
Payable for investments purchased				1,535,018		175,270			150,814
Payable for return of collateral received for securities on loan				2,798,950		—			12,966,431
Unrealized depreciation on forward foreign currency contracts				—		629			—
Accrued expenses and other payables:
	Investment advisory fees			80,662		8,588			70,120
	Fund administration and transfer agency fees			4,148		1,493			4,964
	Distribution fees			2,171		—			1,175
	Administrative servicing fees			10,364		1,171			9,643
	Other			2,020		713			4,969
		Total Liabilities		4,952,644		187,864			13,208,116
Net Assets			$	86,798,925	$	10,384,074		$	117,747,305
Represented by:
Capital			$	78,480,815	$	12,516,932		$	105,494,623
Accumulated net investment income (loss)				515,618		93,574			28,989
Accumulated net realized gains (losses) from investment, futures and foreign currency transactions				6,638,978		(2,447,180	)		(2,406,764	)
Net unrealized appreciation (depreciation) on investments, futures and translation of assets and liabilities denominated in foreign currencies				1,163,514		220,748			14,630,457
Net Assets			$	86,798,925	$	10,384,074		$	117,747,305

(continued)

121

GARTMORE VARIABLE INSURANCE TRUST

Statements of Assets and Liabilities

June 30, 2004 (Unaudited) (continued)

		Gartmore
		GVIT Global		Gartmore		Gartmore
		Technology and		GVIT		GVIT
		Communications		Global Health		Nationwide
		Fund		Sciences Fund		Leaders Fund
Net Assets:
Class I Shares		$	16,341,204	$	8,179,511	$	756,614
Class II Shares			3,380,957		3,900,988		—
Class III Shares			33,112,767		45,316,606		8,270,675
Class IV Shares			—		—		—
Class VI Shares			1,005,803		2,657,447		—
	Total	$	53,840,731	$	60,054,552	$	9,027,289
Shares Outstanding (unlimited number of shares authorized):
Class I Shares			4,366,005		777,520		61,390
Class II Shares			902,940		371,770		—
Class III Shares			8,775,026		4,300,734		670,254
Class IV Shares			—		—		—
Class VI Shares			268,856		252,161		—
	Total		14,312,827		5,702,185		731,644
Net asset value and offering price per share:*
Class I Shares		$	3.74	$	10.52	$	12.32
Class II Shares		$	3.74	$	10.49	$	—
Class III Shares		$	3.77	$	10.54	$	12.34
Class IV Shares		$	—	$	—	$	—
Class VI Shares		$	3.74	$	10.54	$	—

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Gartmore		Gartmore		Dreyfus
		GVIT		GVIT		GVIT
		Emerging		International		International
		Markets Fund		Growth Fund		Value Fund
Net Assets:
Class I Shares		$	17,203,209	$	3,056,366	$	2,133,029
Class II Shares			8,607,391		—		3,478,934
Class III Shares			58,417,469		7,327,708		31,430,385
Class IV Shares			—		—		77,820,388
Class VI Shares			2,570,856		—		2,884,569
	Total	$	86,798,925	$	10,384,074	$	117,747,305
Shares Outstanding (unlimited number of shares authorized):
Class I Shares			1,782,556		487,676		152,442
Class II Shares			894,644		—		249,334
Class III Shares			6,056,105		1,168,009		2,251,499
Class IV Shares			—		—		5,562,479
Class VI Shares			266,343		—		206,367
	Total		8,999,648		1,655,685		8,422,121
Net asset value and offering price per share:*
Class I Shares		$	9.65	$	6.27	$	13.99
Class II Shares		$	9.62	$	—	$	13.95
Class III Shares		$	9.65	$	6.27	$	13.96
Class IV Shares		$	—	$	—	$	13.99
Class VI Shares		$	9.65	$	—	$	13.98

*  Not subject to a front-end sales charge.

See notes to financial statements.

122

GARTMORE VARIABLE INSURANCE TRUST

Statements of Assets and Liabilities

June 30, 2004 (Unaudited)

			Gartmore		Gartmore GVIT
			GVIT Investor		Investor
			Destinations		Destinations
			Aggressive		Moderately
			Fund		Aggressive Fund
Assets:
Investments in affiliated securities, at value (cost $180,164,662; $417,405,795; $788,448,912; $329,832,738 and $220,619,980; respectively)			$	192,229,749	$	451,651,645
Investments, at value (cost $19,982,256; $45,697,775; $0; $0 and $0; respectively)				21,308,930		50,071,490
		Total Investments		213,538,679		501,723,135
Interest and dividends receivable				96,175		383,089
Prepaid expenses and other assets				2,065		5,557
		Total Assets		213,636,919		502,111,781
Liabilities:
Payable to custodian				20		52
Accrued expenses and other payables:
	Investment advisory fees			21,146		50,700
	Distribution fees			40,666		97,501
	Administrative servicing fees			24,621		58,874
	Other			8,662		24,914
		Total Liabilities		95,115		232,040
Net Assets			$	213,541,804	$	501,879,741
Represented by:
Capital			$	198,178,691	$	459,368,767
Accumulated net investment income (loss)				61,453		164,270
Accumulated net realized gains (losses) from investment transactions				1,909,899		3,727,139
Net unrealized appreciation (depreciation) on investments				13,391,761		38,619,565
Net Assets			$	213,541,804	$	501,879,741
Net Assets:
Class II Shares			$	213,423,744	$	501,527,995
Class VI Shares				118,060		351,746
		Total	$	213,541,804	$	501,879,741
Shares outstanding (unlimited number of shares authorized):
Class II Shares				19,840,342		46,355,975
Class VI Shares				10,976		32,536
				19,851,318		46,388,511
Net asset value and offering price per share:*
Class II Shares			$	10.76	$	10.82
Class VI Shares			$	10.76	$	10.81

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Gartmore			Gartmore GVIT			Gartmore
			GVIT Investor			Investor			GVIT Investor
			Destinations			Destinations			Destinations
			Moderate			Moderately			Conservative
			Fund			Conservative Fund			Fund
Assets:
Investments in affiliated securities, at value (cost $180,164,662; $417,405,795; $788,448,912; $329,832,738 and $220,619,980; respectively)			$	854,384,486		$	349,708,214		$	226,002,440
Investments, at value (cost $19,982,256; $45,697,775; $0; $0 and $0; respectively)				—			—			—
		Total Investments		854,384,486			349,708,214			226,002,440
Interest and dividends receivable				695,118			413,211			312,041
Prepaid expenses and other assets				10,396			4,445			3,040
		Total Assets		855,090,000			350,125,870			226,317,521
Liabilities:
Payable to custodian				93			39			27
Accrued expenses and other payables:
	Investment advisory fees			88,074			36,284			24,443
	Distribution fees			169,374			69,778			47,006
	Administrative servicing fees			102,269			40,746			27,718
	Other			52,365			23,620			18,234
		Total Liabilities		412,175			170,467			117,428
Net Assets			$	854,677,825		$	349,955,403		$	226,200,093
Represented by:
Capital			$	790,024,018		$	330,512,085		$	220,094,553
Accumulated net investment income (loss)				50,927			38,823			32,684
Accumulated net realized gains (losses) from investment transactions				(1,332,694	)		(470,981	)		690,396
Net unrealized appreciation (depreciation) on investments				65,935,574			19,875,476			5,382,460
Net Assets			$	854,677,825		$	349,955,403		$	226,200,093
Net Assets:
Class II Shares			$	853,540,805		$	349,704,793		$	225,858,233
Class VI Shares				1,137,020			250,610			341,860
		Total	$	854,677,825		$	349,955,403		$	226,200,093
Shares outstanding (unlimited number of shares authorized):
Class II Shares				79,939,738			33,293,417			22,001,973
Class VI Shares				106,619			23,870			33,317
				80,046,357			33,317,287			22,035,290
Net asset value and offering price per share:*
Class II Shares			$	10.68		$	10.50		$	10.27
Class VI Shares			$	10.66		$	10.50		$	10.26

*  Not subject to a front-end sales charge.

See notes to financial statements.

123

GARTMORE VARIABLE INSURANCE TRUST

Statements of Assets and Liabilities

June 30, 2004 (Unaudited)

			Gartmore GVIT			Gartmore
			U.S. Growth			GVIT Global
			Leaders Fund			Utilities Fund
Assets:
Investments, at value (cost $51,855,882; $10,516,330; $23,832,019 and $129,800,074; respectively)			$	54,112,488		$	10,888,922
Repurchase agreements, at cost and value				1,210,267			—
		Total Investments		55,322,755			10,888,922
Cash				4,293			—
Foreign currency, at value (cost $0; $5,466; $3,712; and $124,124; respectively)				—			5,465
Interest and dividends receivable				10,180			24,419
Receivable for investments sold				2,348,508			1,233,828
Reclaims receivable				—			3,521
Prepaid expenses and other assets				1,097			476
		Total Assets		57,686,833			12,156,631
Liabilities:
Payable to custodian				—			49,765
Payable for investments purchased				2,400,578			1,056,607
Payable for return of collateral received for securities on loan				3,818,085			—
Unrealized depreciation on forward foreign currency contracts				—			2,444
Accrued expenses and other payables:
	Investment advisory fees			44,039			7,392
	Fund administration fees			2,036			315
	Distribution fees			1,469			225
	Administrative servicing fees			6,204			1,044
	Other			6,892			455
		Total Liabilities		6,279,303			1,118,247
Net Assets			$	51,407,530		$	11,038,384
Represented by:
Capital			$	46,570,262		$	10,045,290
Accumulated net investment income (loss)				(223,718	)		50,174
Accumulated net realized gains (losses) from investment and foreign currency transactions				2,804,380			570,600
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies				2,256,606			372,320
Net Assets			$	51,407,530		$	11,038,384
Net Assets:
Class I Shares			$	5,791,514		$	1,212,104
Class II Shares				7,581,541			1,105,825
Class III Shares				38,034,475			8,720,455
		Total	$	51,407,530		$	11,038,384
Shares outstanding (unlimited number of shares authorized):
Class I Shares				548,299			126,270
Class II Shares				717,448			114,969
Class III Shares				3,583,894			906,730
		Total		4,849,641			1,147,969
Net asset value and offering price per share:*
Class I Shares			$	10.56		$	9.60
Class II Shares			$	10.57		$	9.62
Class III Shares			$	10.61		$	9.62

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Gartmore		Gartmore
			GVIT Global		GVIT
			Financial		Developing
			Services Fund		Markets Fund
Assets:
Investments, at value (cost $51,855,882; $10,516,330; $23,832,019 and $129,800,074; respectively)			$	24,282,546	$	131,850,716
Repurchase agreements, at cost and value				—		—
		Total Investments		24,282,546		131,850,716
Cash				—		—
Foreign currency, at value (cost $0; $5,466; $3,712; and $124,124; respectively)				3,712		124,149
Interest and dividends receivable				42,846		435,141
Receivable for investments sold				204,944		5,221,064
Reclaims receivable				8,183		3,988
Prepaid expenses and other assets				366		2,993
		Total Assets		24,542,597		137,638,051
Liabilities:
Payable to custodian				35,760		2,343,685
Payable for investments purchased				—		2,845,091
Payable for return of collateral received for securities on loan				—		4,929,035
Unrealized depreciation on forward foreign currency contracts				—		—
Accrued expenses and other payables:
	Investment advisory fees			20,227		119,243
	Fund administration fees			568		5,804
	Distribution fees			431		25,922
	Administrative servicing fees			2,949		92,683
	Other			1,976		42,164
		Total Liabilities		61,911		10,403,627
Net Assets			$	24,480,686	$	127,234,424
Represented by:
Capital			$	22,853,051	$	140,734,958
Accumulated net investment income (loss)				47,703		372,852
Accumulated net realized gains (losses) from investment and foreign currency transactions				1,128,903		(15,920,838	)
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies				451,029		2,047,452
Net Assets			$	24,480,686	$	127,234,424
Net Assets:
Class I Shares			$	3,800,130	$	—
Class II Shares				2,092,212		127,234,424
Class III Shares				18,588,344		—
		Total	$	24,480,686	$	127,234,424
Shares outstanding (unlimited number of shares authorized):
Class I Shares				323,099		—
Class II Shares				178,241		12,507,377
Class III Shares				1,580,170		—
		Total		2,081,510		12,507,377
Net asset value and offering price per share:*
Class I Shares			$	11.76	$	—
Class II Shares			$	11.74	$	10.17
Class III Shares			$	11.76	$	—

*  Not subject to a front-end sales charge.

See notes to financial statements.

124

GARTMORE VARIABLE INSURANCE TRUST

Statements of Operations

For the Six Months Ended June 30, 2004 (Unaudited)

		Gartmore GVIT			Gartmore GVIT			Gartmore GVIT
		Nationwide			Growth			Government
		Fund			Fund			Bond Fund
Investment Income:
Interest income		$	38,408		$	6,963		$	33,064,109
Dividend income (net of foreign withholding tax of $0; $0; $0; $184,172; $0 and $0; respectively)			11,159,852			1,085,866			—
Income from securities lending			114,466			6,740			117,252
	Total Income		11,312,726			1,099,569			33,181,361
Expenses:
Investment advisory fees			4,756,700			825,691			3,540,429
Fund administration and transfer agent fees			491,392			84,990			445,269
Distribution fees			—			—			—
Distribution fees Class II Shares			8,886			—			24,395
Administrative servicing fees Class I Shares*			1,076,424			178,649			1,028,374
Administrative servicing fees Class II Shares			5,378			—			14,637
Administrative servicing fees Class III Shares			633			—			4,268
Administrative servicing fees Class IV Shares			126,077			27,776			31,545
Administrative servicing fees Class V Shares			—			—			—
Other			272,131			56,580			194,309
	Total expenses before waived or reimbursed expenses		6,737,621			1,173,686			5,283,226
Expenses waived or reimbursed			—			—			—
	Total Expenses		6,737,621			1,173,686			5,283,226
Net Investment Income (Loss)			4,575,105			(74,117	)		27,898,135
REALIZED / UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions			91,546,141			21,036,303			6,101,398
Net realized gains (losses) on foreign currency transactions			—			—			—
Net realized gains (losses) on investment and foreign currency transactions			91,546,141			21,036,303			6,101,398
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(61,070,773	)		(13,611,973	)		(33,753,999	)
Net realized/unrealized gains (losses) on investments and foreign currencies			30,475,368			7,424,330			(27,652,601	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	35,050,473		$	7,350,213		$	245,534

[Additional columns below]

[Continued from above table, first column(s) repeated]

		GVIT Small			Gartmore GVIT			Gartmore GVIT
		Company			Money Market			Money Market
		Fund			Fund			Fund II
Investment Income:
Interest income		$	169,525		$	11,230,063		$	1,117,560
Dividend income (net of foreign withholding tax of $0; $0; $0; $184,172; $0 and $0; respectively)			3,825,447			109			21,676
Income from securities lending			462,075			—			—
	Total Income		4,457,047			11,230,172			1,139,236
Expenses:
Investment advisory fees			3,865,092			3,898,451			555,548
Fund administration and transfer agent fees			265,254			619,109			67,469
Distribution fees			—			—			277,774
Distribution fees Class II Shares			32,742			—			—
Administrative servicing fees Class I Shares*			578,807			1,151,184			166,387
Administrative servicing fees Class II Shares			19,865			—			—
Administrative servicing fees Class III Shares			1,113			—			—
Administrative servicing fees Class IV Shares			33,222			72,189			—
Administrative servicing fees Class V Shares			—			129,428			—
Other			97,184			255,796			25,350
	Total expenses before waived or reimbursed expenses		4,893,279			6,126,157			1,092,528
Expenses waived or reimbursed			—			(60,437	)		(66,379	)
	Total Expenses		4,893,279			6,065,720			1,026,149
Net Investment Income (Loss)			(436,232	)		5,164,452			113,087
REALIZED / UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions			111,991,508			225			3
Net realized gains (losses) on foreign currency transactions			143,952			—			—
Net realized gains (losses) on investment and foreign currency transactions			112,135,460			225			3
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(57,250,938	)		—			—
Net realized/unrealized gains (losses) on investments and foreign currencies			54,884,522			225			3
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	54,448,290		$	5,164,677		$	113,090

*  Gartmore GVIT Money Market Fund II shares have no class designation.

See notes to financial statements.

125

GARTMORE VARIABLE INSURANCE TRUST

Statements of Operations

For the Six Months Ended June 30, 2004 (Unaudited)

		J.P. Morgan			Gartmore GVIT
		GVIT Balanced			Mid Cap
		Fund			Growth Fund
Investment Income:
Interest income		$	2,035,420		$	27,013
Dividend income			1,095,657			464,598
Income from securities lending			—			93,186
	Total Income		3,131,077			584,797
Expenses:
Investment advisory fees			835,431			863,425
Fund administration and transfer agent fees			89,358			71,781
Distribution fees Class II Shares			—			8,208
Administrative servicing fees Class I Shares			135,734			101,020
Administrative servicing fees Class II Shares			—			—
Administrative servicing fees Class III Shares			—			615
Administrative servicing fees Class IV Shares			37,961			69,181
Other			28,236			28,701
	Total expenses before waived or reimbursed expenses		1,126,720			1,142,931
Expenses waived or reimbursed			(15,947	)		(13,289	)
	Total Expenses		1,110,773			1,129,642
Net Investment Income (Loss)			2,020,304			(544,845	)
REALIZED/ UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions			7,077,209			14,459,541
Net realized gains (losses) on futures transactions			200,620			—
Net realized gains (losses) on foreign currency transactions			(3,663	)		—
Net realized gains (losses) on investment, futures and foreign currency transactions			7,274,166			14,459,541
Net change in unrealized appreciation/depreciation on investments and futures			(5,507,181	)		170,933
Net realized/unrealized gains (losses) on investments, futures, and foreign currencies			1,766,985			14,630,474
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	3,787,289		$	14,085,629

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Comstock			Federated GVIT			GVIT
		GVIT Value			High Income			Equity 500
		Fund			Bond Fund			Index Fund
Investment Income:
Interest income		$	48,185		$	10,703,038		$	2,595
Dividend income			1,437,982			43,914			2,283,273
Income from securities lending			11,414			73,704			5,984
	Total Income		1,497,581			10,820,656			2,291,852
Expenses:
Investment advisory fees			461,392			864,148			334,691
Fund administration and transfer agent fees			41,062			101,651			89,253
Distribution fees Class II Shares			12,683			—			—
Administrative servicing fees Class I Shares			52,533			193,285			—
Administrative servicing fees Class II Shares			12,683			—			—
Administrative servicing fees Class III Shares			—			—			—
Administrative servicing fees Class IV Shares			31,417			—			137,170
Other			14,466			29,510			41,862
	Total expenses before waived or reimbursed expenses		626,236			1,188,594			602,976
Expenses waived or reimbursed			(4,488	)		—			(207,286	)
	Total Expenses		621,748			1,188,594			395,690
Net Investment Income (Loss)			875,833			9,632,062			1,896,162
REALIZED/ UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions			1,545,346			2,202,223			(1,836,134	)
Net realized gains (losses) on futures transactions			—			—			99,751
Net realized gains (losses) on foreign currency transactions			—			—			—
Net realized gains (losses) on investment, futures and foreign currency transactions			1,545,346			2,202,223			(1,736,383	)
Net change in unrealized appreciation/depreciation on investments and futures			3,490,934			(7,125,312	)		8,956,180
Net realized/unrealized gains (losses) on investments, futures, and foreign currencies			5,036,280			(4,923,089	)		7,219,797
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	5,912,113		$	4,708,973		$	9,115,959

See notes to financial statements.

126

GARTMORE VARIABLE INSURANCE TRUST

Statements of Operations

For the Six Months Ended June 30, 2004 (Unaudited)

		Van Kampen
		GVIT			GVIT
		Multi Sector			Small Cap
		Bond Fund			Value Fund
Investment Income:
Interest income (net of foreign withholding tax of $7,504; $0; $0; $0 and $0; respectively)		$	6,059,365		$	136,096
Dividend income (net of foreign withholding tax of $0; $0; $175; $29,063 and $0; respectively)			—			3,777,252
Income from securities lending			36,561			—
	Total Income		6,095,926			3,913,348
Expenses:
Investment advisory fees			851,149			3,516,363
Fund administration and transfer agent fees			97,553			251,743
Distribution fees Class II Shares			—			32,397
Administrative servicing fees Class I Shares			171,735			548,325
Administrative servicing fees Class II Shares			—			19,634
Administrative servicing fees Class III Shares			—			2,168
Administrative servicing fees Class IV			—			41,773
Other			28,248			89,751
	Total Expenses		1,148,685			4,502,154
Net Investment Income (Loss)			4,947,241			(588,806	)
REALIZED/ UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions			1,407,655			101,720,396
Net realized gains (losses) on futures			(260,405	)		(284,216	)
Net realized gains (losses) on foreign currency transactions			(38,625	)		—
Net realized gains (losses) on investment, futures and foreign currency transactions			1,108,625			101,436,180
Net change in unrealized appreciation/depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies			(7,425,856	)		(60,169,322	)
Net realized/unrealized gains (losses) on investments, futures and foreign currencies			(6,317,231	)		41,266,858
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	(1,369,990	)	$	40,678,052

[Additional columns below]

[Continued from above table, first column(s) repeated]

		GVIT			Gartmore GVIT			Dreyfus GVIT
		Small Cap			Worldwide			Mid Cap
		Growth Fund			Leaders Fund			Index Fund
Investment Income:
Interest income (net of foreign withholding tax of $7,504; $0; $0; $0 and $0; respectively)		$	63,038		$	2,389		$	57,021
Dividend income (net of foreign withholding tax of $0; $0; $175; $29,063 and $0; respectively)			181,389			433,886			2,715,225
Income from securities lending			42,064			2,223			102,731
	Total Income		286,491			438,498			2,874,977
Expenses:
Investment advisory fees			752,454			165,018			1,079,699
Fund administration and transfer agent fees			50,011			11,654			146,519
Distribution fees Class II Shares			12,705			—			13,681
Administrative servicing fees Class I Shares			110,458			19,883			343,842
Administrative servicing fees Class II Shares			7,705			—			4,751
Administrative servicing fees Class III Shares			729			4,906			—
Administrative servicing fees Class IV			—			—			—
Other			18,160			19,068			52,666
	Total Expenses		952,222			220,529			1,641,158
Net Investment Income (Loss)			(665,731	)		217,969			1,233,819
REALIZED/ UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions			15,229,277			1,685,894			6,922,112
Net realized gains (losses) on futures			—			—			276,707
Net realized gains (losses) on foreign currency transactions			—			(25,897	)		—
Net realized gains (losses) on investment, futures and foreign currency transactions			15,229,277			1,659,997			7,198,819
Net change in unrealized appreciation/depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies			(9,043,374	)		(2,234,980	)		17,240,311
Net realized/unrealized gains (losses) on investments, futures and foreign currencies			6,185,903			(574,983	)		24,439,130
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	5,520,172		$	(357,014	)	$	25,672,949

See notes to financial statements.

127

GARTMORE VARIABLE INSURANCE TRUST

Statements of Operations

For the Six Months Ended June 30, 2004 (Unaudited)

		Gartmore GVIT
		Global Technology			Gartmore
		and			GVIT			Gartmore GVIT
		Communications			Global Health			Nationwide
		Fund			Sciences Fund			Leaders Fund
Investment Income:
Interest income		$	3,940		$	12,985		$	1,019
Dividend income (net of foreign withholding tax of $191; $0; $0; $121,534; $18,829 and $216,036 respectively)			58,605			171,086			53,707
Income from securities lending			21,495			11,357			—
	Total Income		84,040			195,428			54,726
Expenses:
Investment advisory fees			278,287			222,007			42,821
Fund administration and transfer agency fees			17,230			13,488			2,893
Distribution fees Class II Shares			5,365			4,492			—
Distribution fees Class VI Shares			206			583			—
Administrative servicing fees Class I Shares			12,849			4,739			516
Administrative servicing fees Class II Shares			3,242			2,725			—
Administrative servicing fees Class III Shares			26,688			26,221			5,761
Administrative servicing fees Class IV Shares			—			—			—
Other			10,345			7,105			2,801
	Total Expenses		354,212			281,360			54,792
Net Investment Income (Loss)			(270,172	)		(85,932	)		(66	)
REALIZED/ UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions			(1,651,845	)		2,204,273			528,579
Net realized gains (losses) on foreign currency transactions			8,072			—			—
Net realized gains (losses) on futures transactions			—			—			—
Net realized gains (losses) on investment, futures and foreign currency transactions			(1,643,773	)		2,204,273			528,579
Net change in unrealized appreciation/depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies			1,523,911			(135,174	)		(190,625	)
Net realized/unrealized gains (losses) on investments, futures and foreign currencies			(119,862	)		2,069,099			337,954
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	(390,034	)	$	1,983,167		$	337,888

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Gartmore GVIT			Gartmore GVIT			Dreyfus GVIT
		Emerging			International			International
		Markets Fund			Growth Fund			Value Fund
Investment Income:
Interest income		$	9,203		$	1,567		$	17,800
Dividend income (net of foreign withholding tax of $191; $0; $0; $121,534; $18,829 and $216,036 respectively)			1,190,369			164,793			1,740,467
Income from securities lending			6,154			—			55,314
	Total Income		1,205,726			166,360			1,813,581
Expenses:
Investment advisory fees			528,778			55,168			385,122
Fund administration and transfer agency fees			27,899			3,347			31,178
Distribution fees Class II Shares			11,549			—			3,861
Distribution fees Class VI Shares			520			—			589
Administrative servicing fees Class I Shares			15,317			2,048			—
Administrative servicing fees Class II Shares			6,982			—			—
Administrative servicing fees Class III Shares			46,821			5,831			—
Administrative servicing fees Class IV Shares			—			—			57,775
Other			20,208			6,392			16,827
	Total Expenses		658,074			72,786			495,352
Net Investment Income (Loss)			547,652			93,574			1,318,229
REALIZED/ UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions			7,005,956			771,279			5,565,241
Net realized gains (losses) on foreign currency transactions			(115,672	)		3,348			6,073
Net realized gains (losses) on futures transactions			—			(33,805	)		—
Net realized gains (losses) on investment, futures and foreign currency transactions			6,890,284			740,822			5,571,314
Net change in unrealized appreciation/depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies			(11,938,199	)		(971,835	)		457,672
Net realized/unrealized gains (losses) on investments, futures and foreign currencies			(5,047,915	)		(231,013	)		6,028,986
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	(4,500,263	)	$	(137,439	)	$	7,347,215

See notes to financial statements.

128

GARTMORE VARIABLE INSURANCE TRUST

Statements of Operations

For the Six Months Ended June 30, 2004 (Unaudited)

				Gartmore
		Gartmore		GVIT Investor
		GVIT Investor		Destinations
		Destinations		Moderately
		Aggressive		Aggressive
		Fund		Fund
Investment Income:
Interest income from affiliates		$	—	$	170,432
Dividend income from affiliates			97,874		3,137,203
Dividend income			1,087,190		251,648
	Total Income		1,185,064		3,559,283
Expenses:
Investment advisory fees			96,227		252,077
Distribution Fees Class II			185,045		484,699
Distribution Fees Class VI			9		66
Administrative servicing Class II			112,154		293,212
Other			12,023		34,433
	Total Expenses		405,458		1,064,487
Net Investment Income (Loss)			779,606		2,494,796
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains (losses) on investment transactions with affiliates			2,055,509		5,163,208
Net change in unrealized appreciation/depreciation on investments			2,700,943		3,867,373
Net realized/unrealized gains (losses) on investments			4,756,452		9,030,581
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	5,536,058	$	11,525,377

[Additional columns below]

[Continued from above table, first column(s) repeated]

				Gartmore
		Gartmore		GVIT Investor		Gartmore
		GVIT Investor		Destinations		GVIT Investor
		Destinations		Moderately		Destinations
		Moderate		Conservative		Conservative
		Fund		Fund		Fund
Investment Income:
Interest income from affiliates		$	937,899	$	666,225	$	746,168
Dividend income from affiliates			6,672,981		3,138,757		2,102,198
Dividend income			—		—		—
	Total Income		7,610,880		3,804,982		2,848,366
Expenses:
Investment advisory fees			461,964		196,757		137,680
Distribution Fees Class II			888,185		378,356		264,732
Distribution Fees Class VI			209		25		37
Administrative servicing Class II			537,629		227,016		158,841
Other			66,179		29,860		22,002
	Total Expenses		1,954,166		832,014		583,292
Net Investment Income (Loss)			5,656,714		2,972,968		2,265,074
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains (losses) on investment transactions with affiliates			1,574,759		756,905		1,210,469
Net change in unrealized appreciation/depreciation on investments			8,507,108		785,176		(1,718,789	)
Net realized/unrealized gains (losses) on investments			10,081,867		1,542,081		(508,320	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	15,738,581	$	4,515,049	$	1,756,754

See notes to financial statements.

129

GARTMORE VARIABLE INSURANCE TRUST

Statements of Operations

For the Six Months Ended June 30, 2004 (Unaudited)

		Gartmore GVIT			Gartmore			Gartmore GVIT			Gartmore GVIT
		U.S. Growth			GVIT Global			Global Financial			Developing
		Leaders Fund			Utilities Fund			Services Fund			Markets Fund
Investment Income:
Interest income		$	6,921		$	1,258		$	7,097		$	73,687
Dividend income (net of foreign withholding tax of $0; $18,040; $27,066 and $236,425; respectively)			155,484			170,329			360,023			2,039,674
Income from securities lending			3,217			—			—			41,768
	Total Income		165,622			171,587			367,120			2,155,129
Expenses:
Investment advisory fees			309,958			43,182			122,623			960,301
Fund administration fees			18,599			5,259			8,818			54,721
Distribution fees Class II Shares			8,256			1,405			2,353			208,761
Administrative servicing fees Class I Shares			4,529			1,118			2,894			—
Administrative servicing fees Class II Shares			4,998			850			1,412			201,264
Administrative servicing fees Class III Shares			34,664			4,009			11,527			—
Other			8,336			1,625			3,174			20,127
	Total Expenses		389,340			57,448			152,801			1,445,174
Net Investment Income (Loss)			(223,718	)		114,139			214,319			709,955
REALIZED/ UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions			2,991,239			1,388,167			1,192,998			25,220,201
Net realized gains (losses) on foreign currency transactions			—			(7,376	)		(2,463	)		(344,083	)
Net realized gains (losses) on investment and foreign currency transactions			2,991,239			1,380,791			1,190,535			24,876,118
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(1,877,761	)		(965,894	)		(1,035,552	)		(32,536,689	)
Net realized/unrealized gains (losses) on investments and foreign currencies			1,113,478			414,897			154,983			(7,660,571	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	889,760		$	529,036		$	369,302		$	(6,950,616	)

See notes to financial statements.

130

GARTMORE VARIABLE INSURANCE TRUST

Statements of Changes in Net Assets

		Gartmore						Gartmore
		GVIT Nationwide Fund						GVIT Growth Fund
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$	4,575,105		$	12,009,634		$	(74,117	)	$	214,500
Net realized gains (losses) on investment transactions			91,546,141			27,972,725			21,036,303			28,747,913
Net change in unrealized appreciation/depreciation on investments			(61,070,773	)		322,235,736			(13,611,973	)		41,383,359
	Change in net assets resulting from operations		35,050,473			362,218,095			7,350,213			70,345,772
Distributions to Class I shareholders from:
Net investment income			(7,296,841	)		(7,472,339	)		(135,826	)		(45,300	)
Distributions to Class II shareholders from:
Net investment income			(29,849	)		(9,472	)		—			—
Distributions to Class III shareholders from:
Net investment income			(4,084	)		(5,026	)		—			—
Distributions to Class IV shareholders from:
Net investment income			(857,467	)		(567,652	)(a)		(22,180	)		(11,175	)(a)
	Change in net assets from shareholder distributions		(8,188,241	)		(8,054,489	)		(158,006	)		(56,475	)
	Change in net assets from capital transactions		(84,034,341	)		28,034,459			(15,617,997	)		6,782,866
Change in net assets			(57,172,109	)		382,198,065			(8,425,790	)		77,072,163
Net Assets:
	Beginning of period		1,636,047,720			1,253,849,655			278,761,083			201,688,920
	End of period	$	1,578,875,611		$	1,636,047,720		$	270,335,293		$	278,761,083

(a) For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

See notes to financial statements.

131

GARTMORE VARIABLE INSURANCE TRUST

Statements of Changes in Net Assets

		Gartmore						Gartmore GVIT
		GVIT Government Bond Fund						Small Company Fund
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$	27,898,135		$	78,458,650		$	(436,232	)	$	(2,494,797	)
Net realized gains (losses) on investment and foreign currency transactions			6,101,398			30,902,140			112,135,460			56,778,229
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(33,753,999	)		(72,461,290	)		(57,250,938	)		184,949,212
	Change in net assets resulting from operations		245,534			36,899,500			54,448,290			239,232,644
Distributions to Class I shareholders from:
Net investment income			(47,557,898	)		(58,024,221	)		—			—
Net realized gains on investments			(26,959,476	)		(2,616,610	)		—			—
Distributions to Class II shareholders from:
Net investment income			(653,662	)		(618,833	)		—			—
Net realized gains on investments			(385,901	)		(26,042	)		—			—
Distributions to Class III shareholders from:
Net investment income			(213,471	)		(281,346	)		—			—
Net realized gains on investments			(125,495	)		(16,120	)		—			—
Distributions to Class IV shareholders from:
Net investment income			(1,484,652	)		(1,253,511	)(a)		—			—
Net realized gains on investments			(825,774	)		—			—			—
	Change in net assets from shareholder distributions		(78,206,329	)		(62,836,683	)		—			—
	Change in net assets from capital transactions		(124,859,696	)		(417,774,498	)		(31,873,456	)		24,428,840
Change in net assets			(202,820,491	)		(443,711,681	)		22,574,834			263,661,484
Net Assets:
	Beginning of period		1,556,699,569			2,000,411,250			827,873,716			564,212,232
	End of period	$	1,353,879,078		$	1,556,699,569		$	850,448,550		$	827,873,716

(a) For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

See notes to financial statements.

132

GARTMORE VARIABLE INSURANCE TRUST

Statements of Changes in Net Assets

		Gartmore						Gartmore
		GVIT Money Market Fund						GVIT Money Market Fund II
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income		$	5,164,452		$	16,366,260		$	113,087		$	242,791
Net realized gains (losses) on investment transactions			225			(28,808	)		3			—
	Change in net assets resulting from operations		5,164,677			16,337,452			113,090			242,791
Distributions to Class I shareholders from*:
Net investment income			(3,801,058	)		(13,144,861	)		(113,087	)		(242,791	)
Distributions to Class IV shareholders from:
Net investment income			(300,261	)		(553,741	)(a)		—			—
Distributions to Class V shareholders from:
Net investment income			(1,063,133	)		(2,703,484	)		—			—
	Change in net assets from shareholder distributions		(5,164,452	)		(16,402,086	)		(113,087	)		(242,791	)
	Change in net assets from capital transactions		(26,789,183	)		(718,958,580	)		71,939,366			37,694,575
Change in net assets			(26,788,958	)		(719,023,214	)		71,939,369			37,694,575
Net Assets:
	Beginning of period		2,042,709,225			2,761,732,439			147,735,773			110,041,198
	End of period	$	2,015,920,267		$	2,042,709,225		$	219,675,142		$	147,735,773

*	Gartmore GVIT Money Market Fund II shares have no class designation.
(a)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

See notes to financial statements.

133

GARTMORE VARIABLE INSURANCE TRUST

Statements of Changes in Net Assets

		J.P. Morgan						Gartmore GVIT
		GVIT Balanced Fund						Mid Cap Growth Fund
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003 (a)
		(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$	2,020,304		$	3,529,610		$	(544,845	)	$	(844,531	)
Net realized gains (losses) on investment, futures and foreign currency transactions			7,274,166			631,270			14,459,541			24,325,653
Net change in unrealized appreciation/depreciation on investments and futures			(5,507,181	)		31,190,383			170,933			34,237,539
	Change in net assets resulting from operations		3,787,289			35,351,263			14,085,629			57,718,661
Distributions to Class I shareholders from:
Net investment income			(1,552,799	)		(2,843,946	)		—			—
Distributions to Class IV shareholders from:
Net investment income			(444,162	)		(697,321	)(b)		—			—
	Change in net assets from shareholder distributions		(1,996,961	)		(3,541,267	)		—			—
	Change in net assets from capital transactions		(4,029,498	)		53,767,545			(6,173,165	)		101,879,679
Change in net assets			(2,239,170	)		85,577,541			7,912,464			159,598,340
Net Assets:
	Beginning of period		232,866,526			147,288,985			230,267,114			70,668,774
	End of period	$	230,627,356		$	232,866,526		$	238,179,578		$	230,267,114

(a)	Effective April 28, 2003, upon reorganization of Market Street Mid Cap Growth Fund, the existing shares of the Fund were designated Class IV shares of the Gartmore Mid Cap Growth Fund.
(b)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

See notes to financial statements.

134

GARTMORE VARIABLE INSURANCE TRUST

Statements of Changes in Net Assets

		Comstock						Federated GVIT
		GVIT Value Fund						High Income Bond Fund
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$	875,833		$	1,111,288		$	9,632,062		$	16,620,670
Net realized gains (losses) on investment and futures transactions			1,545,346			2,953,736			2,202,223			(1,498,935	)
Net change in unrealized appreciation/ depreciation on investments and futures			3,490,934			20,890,829			(7,125,312	)		26,996,345
	Change in net assets resulting from operations		5,912,113			24,955,853			4,708,973			42,118,080
Distributions to Class I shareholders from:
Net investment income			(427,097	)		(647,772	)		(9,498,128	)		(16,621,669	)
Distributions to Class II shareholders from:
Net investment income			(64,209	)		(23,508	)(b)		—			—
Distributions to Class IV shareholders from:
Net investment income			(302,739	)		(446,549	)(c)		—			—
	Change in net assets from shareholder distributions		(794,045	)		(1,117,829	)		(9,498,128	)		(16,621,669	)
	Change in net assets from capital transactions		18,400,377			53,417,701			(11,892,339	)		80,106,315
Change in net assets			23,518,445			77,255,725			(16,681,494	)		105,602,726
Net Assets:
	Beginning of period		116,679,374			39,423,649			268,335,971			162,733,245
	End of period	$	140,197,819		$	116,679,374		$	251,654,477		$	268,335,971

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Gartmore GVIT
		Equity 500 Index Fund
		Six Months			Year Ended
		Ended June 30,			December 31,
		2004			2003 (a)
		(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$	1,896,162		$	3,762,301
Net realized gains (losses) on investment and futures transactions			(1,736,383	)		(8,976,714	)
Net change in unrealized appreciation/ depreciation on investments and futures			8,956,180			68,267,204
	Change in net assets resulting from operations		9,115,959			63,052,791
Distributions to Class I shareholders from:
Net investment income			—			—
Distributions to Class II shareholders from:
Net investment income			—			—
Distributions to Class IV shareholders from:
Net investment income			(4,554,241	)		(4,701,755	)
	Change in net assets from shareholder distributions		(4,554,241	)		(4,701,755	)
	Change in net assets from capital transactions		(6,068,955	)		(13,197,464	)
Change in net assets			(1,507,237	)		45,153,572
Net Assets:
	Beginning of period		281,114,977			235,961,405
	End of period	$	279,607,740		$	281,114,977

(a)	Effective April 28, 2003, upon reorganization of Market Street Equity 500 Index Fund, the existing shares of the Fund were designated Class IV shares of the GVIT Equity 500 Index Fund.
(b)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.
(c)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

See notes to financial statements.

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Statements of Changes in Net Assets

		Van Kampen GVIT						Gartmore GVIT
		Multi Sector Bond Fund						Small Cap Value Fund
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$	4,947,241		$	8,422,623		$	(588,806	)	$	(1,065,938	)
Net realized gains (losses) on investment, futures and foreign currency transactions			1,108,625			6,515,691			101,436,180			47,107,633
Net change in unrealized appreciation/depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies			(7,425,856	)		10,720,209			(60,169,322	)		225,645,478
	Change in net assets resulting from operations		(1,369,990	)		25,658,523			40,678,052			271,687,173
Distributions to Class I shareholders from:
Net investment income			(4,974,556	)		(12,019,597	)		—			(2,654	)
Distributions to Class III shareholders from:
Net investment income			—			—			—			(4	)
	Change in net assets from shareholder distributions		(4,974,556	)		(12,019,597	)		—			(2,658	)
	Change in net assets from capital transactions		7,547,368			3,606,169			(15,485,937	)		49,554,529
Change in net assets			1,202,822			17,245,095			25,192,115			321,239,044
Net Assets:
	Beginning of period		226,524,749			209,279,654			789,938,777			468,699,733
	End of period	$	227,727,571		$	226,524,749		$	815,130,892		$	789,938,777

See notes to financial statements.

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Statements of Changes in Net Assets

		Gartmore GVIT						Gartmore GVIT
		Small Cap Growth Fund						Worldwide Leaders Fund
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$	(665,731	)	$	(1,361,319	)	$	217,969		$	72,263
Net realized gains (losses) on investment and foreign currency transactions			15,229,277			(1,791,667	)		1,659,997			5,739,157
Net change in unrealized appreciation/ depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(9,043,374	)		40,618,636			(2,234,980	)		3,363,244
	Change in net assets resulting from operations		5,520,172			37,465,650			(357,014	)		9,174,664
Distributions to Class I shareholders from:
Net investment income			—			—			—			—
Net realized gains on investments			—			—			—			—
Distributions to Class II shareholders from:
Net investment income			—			—			—			—
Net realized gains on investments			—			—			—			—
	Change in net assets from shareholder distributions		—			—			—			—
	Change in net assets from capital transactions		(13,378,429	)		27,354,548			(211,957	)		(2,164,627	)
Change in net assets			(7,858,257	)		64,820,198			(568,971	)		7,010,037
Net Assets:
	Beginning of period		166,797,496			101,977,298			33,476,571			26,466,534
	End of period	$	158,939,239		$	166,797,496		$	32,907,600		$	33,476,571

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Dreyfus GVIT
		Mid Cap Index Fund
		Six Months			Year Ended
		Ended June 30,			December 31,
		2004			2003
		(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$	1,233,819		$	1,609,365
Net realized gains (losses) on investment and foreign currency transactions			7,198,819			(3,322,921	)
Net change in unrealized appreciation/ depreciation on investments and translation of assets and liabilities denominated in foreign currencies			17,240,311			102,630,342
	Change in net assets resulting from operations		25,672,949			100,916,786
Distributions to Class I shareholders from:
Net investment income			(1,121,935	)		(1,599,696	)
Net realized gains on investments			—			(2,404	)
Distributions to Class II shareholders from:
Net investment income			(16,684	)		(12,525	)
Net realized gains on investments			—			(29	)
	Change in net assets from shareholder distributions		(1,138,619	)		(1,614,654	)
	Change in net assets from capital transactions		32,551,762			54,134,435
Change in net assets			57,086,092			153,436,567
Net Assets:
	Beginning of period		440,638,422			287,201,855
	End of period	$	497,724,514		$	440,638,422

See notes to financial statements.

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Statements of Changes in Net Assets

		Gartmore GVIT
		Global Technology						Gartmore GVIT
		and Communications Fund						Global Health Sciences Fund
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$	(270,172	)	$	(296,533	)	$	(85,932	)	$	(98,350	)
Net realized gains (losses) on investment and foreign currency transactions			(1,643,773	)		8,952,781			2,204,273			4,412,019
Net change in unrealized appreciation/ depreciation on investments and translation of assets and liabilities denominated in foreign currencies			1,523,911			1,985,726			(135,174	)		2,497,579
	Change in net assets resulting from operations		(390,034	)		10,641,974			1,983,167			6,811,248
Distributions to Class I shareholders from:
Net investment income			—			—			—			—
Net realized gains on investments			—			—			(28,764	)		(485,439	)
Distributions to Class II shareholders from:
Net realized gains on investments			—			—			(18,194	)		(230,524	)
Distributions to Class III shareholders from:
Net investment income			—			—			—			—
Net realized gains on investments			—			—			(148,723	)		(2,950,167	)
	Change in net assets from shareholder distributions		—			—			(195,681	)		(3,666,130	)
	Change in net assets from capital transactions		2,745,300			27,230,928			24,574,630			18,525,153
Change in net assets			2,355,266			37,872,902			26,362,116			21,670,271
Net Assets:
	Beginning of period		51,485,465			13,612,563			33,692,436			12,022,165
	End of period	$	53,840,731		$	51,485,465		$	60,054,552		$	33,692,436

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Gartmore GVIT
		Nationwide Leaders Fund
		Six Months			Year Ended
		Ended June 30,			December 31,
		2004			2003
		(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$	(66	)	$	13,358
Net realized gains (losses) on investment and foreign currency transactions			528,579			353,623
Net change in unrealized appreciation/ depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(190,625	)		1,472,002
	Change in net assets resulting from operations		337,888			1,838,983
Distributions to Class I shareholders from:
Net investment income			—			(667	)
Net realized gains on investments			—			—
Distributions to Class II shareholders from:
Net realized gains on investments			—			—
Distributions to Class III shareholders from:
Net investment income			—			(17,036	)
Net realized gains on investments			—			—
	Change in net assets from shareholder distributions		—			(17,703	)
	Change in net assets from capital transactions		(641,751	)		(1,200,130	)
Change in net assets			(303,863	)		621,150
Net Assets:
	Beginning of period		9,331,152			8,710,002
	End of period	$	9,027,289		$	9,331,152

See notes to financial statements.

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Statements of Changes in Net Assets

			Gartmore GVIT						Gartmore GVIT
			Emerging Markets Fund						International Growth Fund
			Six Months			Year Ended			Six Months			Year Ended
			Ended June 30,			December 31,			Ended June 30,			December 31,
			2004			2003			2004			2003
			(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)			$	547,652		$	349,596		$	93,574		$	63,655
Net realized gains (losses) on investment, futures, and foreign currency transactions				6,890,284			4,841,973			740,822			2,117,041
Net change in unrealized appreciation/ depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies				(11,938,199	)		15,474,903			(971,835	)		1,296,552
		Change in net assets resulting from operations		(4,500,263	)		20,666,472			(137,439	)		3,477,248
Distributions to Class I shareholders from:
Net investment income				(11,721	)		(78,053	)		—			—
Net realized gains on investments				(132,832	)		—			—			—
Distributions to Class II shareholders from:
Net investment income				(344	)		(6,845	)		—			—
Net realized gains on investments				(60,634	)		—			—			—
Distributions to Class III shareholders from:
Net investment income				(38,095	)		(131,739	)		—			—
Net realized gains on investments				(420,429	)		—			—			—
Distributions to Class IV shareholders from:
Net investment income				—			—			—			—
Distributions to Class VI shareholders from:
	From net investment income			—			—			—			—
		Change in net assets from shareholder distributions		(664,055	)		(216,637	)		—			—
		Change in net assets from capital transactions		21,758,606			27,861,065			(67,846	)		(1,979,607	)
Change in net assets				16,594,288			48,310,900			(205,285	)		1,497,641
Net Assets:
		Beginning of period		70,204,637			21,893,737			10,589,359			9,091,718
		End of period	$	86,798,925		$	70,204,637		$	10,384,074		$	10,589,359

[Additional columns below]

[Continued from above table, first column(s) repeated]

			Dreyfus GVIT
			International Value Fund
			Six Months			Year Ended
			Ended June 30,			December 31,
			2004			2003
			(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)			$	1,318,229		$	1,055,940
Net realized gains (losses) on investment, futures, and foreign currency transactions				5,571,314			(4,411,581	)
Net change in unrealized appreciation/ depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies				457,672			26,455,210
		Change in net assets resulting from operations		7,347,215			23,099,569
Distributions to Class I shareholders from:
Net investment income				(31,535	)		—
Net realized gains on investments				—			—
Distributions to Class II shareholders from:
Net investment income				(66,119	)		—
Net realized gains on investments				—			—
Distributions to Class III shareholders from:
Net investment income				(499,123	)		—
Net realized gains on investments				—			—
Distributions to Class IV shareholders from:
Net investment income				(1,448,531	)		(1,575,263	)(a)
Distributions to Class VI shareholders from:
	From net investment income			(24,161	)		—
		Change in net assets from shareholder distributions		(2,069,469	)		(1,575,263	)
		Change in net assets from capital transactions		23,437,618			8,172,268
Change in net assets				28,715,364			29,696,574
Net Assets:
		Beginning of period		89,031,941			59,335,367
		End of period	$	117,747,305		$	89,031,941

(a) Effective April 28, 2003, upon reorganization of Market Street International Fund, the existing shares of the Fund were designated Class IV shares of the Dreyfus International Value Fund.

See notes to financial statements.

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Statements of Changes in Net Assets

		Gartmore						Gartmore
		GVIT Investor Destinations						GVIT Investor Destinations
		Aggressive Fund						Moderately Aggressive Fund
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$	779,606		$	713,597		$	2,494,796		$	2,628,984
Net realized gains (losses) on investment transactions			2,055,509			3,182,319			5,163,208			2,347,258
Net change in unrealized appreciation/ depreciation on investments			2,700,943			11,084,658			3,867,373			37,245,950
	Change in net assets resulting from operations		5,536,058			14,980,574			11,525,377			42,222,192
Distributions to Class II Shareholders from:
Net investment income			(717,821	)(a)		(718,839	)		(2,495,266	)(a)		(2,479,355	)
Net realized gains on investments			(1,342,976	)(a)		(1,040,495	)		(2,062,927	)(a)		—
Distributions to Class VI Shareholders from:
Net investment income			(332	)(b)		—			(1,161	)(b)		—
	Change in net assets from shareholder distributions		(2,061,129	)		(1,759,334	)		(4,559,354	)		(2,479,355	)
	Change in net assets from capital transactions		115,566,938			61,785,665			204,247,389			178,961,322
Change in net assets			119,041,867			75,006,905			211,213,412			218,704,159
Net Assets:
	Beginning of period		94,499,937			19,493,032			290,666,329			71,962,170
	End of period	$	213,541,804		$	94,499,937		$	501,879,741		$	290,666,329

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Gartmore
		GVIT Investor Destinations
		Moderate Fund
		Six Months			Year Ended
		Ended June 30,			December 31,
		2004			2003
		(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$	5,656,714		$	6,625,088
Net realized gains (losses) on investment transactions			1,574,759			1,679,663
Net change in unrealized appreciation/ depreciation on investments			8,507,108			60,756,254
	Change in net assets resulting from operations		15,738,581			69,061,005
Distributions to Class II Shareholders from:
Net investment income			(5,602,455	)(a)		(6,625,092	)
Net realized gains on investments			(2,799,098	)(a)		(213,823	)
Distributions to Class VI Shareholders from:
Net investment income			(4,687	)(b)		—
	Change in net assets from shareholder distributions		(8,406,240	)		(6,838,915	)
	Change in net assets from capital transactions		280,429,599			339,138,327
Change in net assets			287,761,940			401,360,417
Net Assets:
	Beginning of period		566,915,885			165,555,468
	End of period	$	854,677,825		$	566,915,885

(a)	On April 30, 2004, the existing share Class of the Funds’ was renamed Class II Shares.
(b)	For the period from April 30, 2004 (commencement of operations) through June 30, 2004.

See notes to financial statements.

140

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Statements of Changes in Net Assets

		Gartmore						Gartmore
		GVIT Investor Destinations						GVIT Investor Destinations
		Moderately Conservative Fund						Conservative Fund
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$	2,972,968		$	4,065,626		$	2,265,074		$	3,736,737
Net realized gains (losses) on investment transactions			756,905			1,780,599			1,210,469			1,769,518
Net change in unrealized appreciation/depreciation on investments			785,176			19,318,812			(1,718,789	)		6,488,593
	Change in net assets resulting from operations		4,515,049			25,165,037			1,756,754			11,994,848
Distributions to Class II Shareholders from
Net investment income			(2,933,863	)(a)		(4,066,217	)		(2,231,287	)(a)		(3,738,171	)
Net realized gains on investments			(1,406,338	)(a)		(411,637	)		(923,521	)(a)		(713,029	)
Distributions to Class VI Shareholders from:
Net investment income			(921	)(b)		—			(1,455	)(b)		—
	Change in net assets from shareholder distributions		(4,341,122	)		(4,477,854	)		(3,156,263	)		(4,451,200	)
	Change in net assets from capital transactions		91,252,872			142,172,419			36,976,099			92,721,801
Change in net assets			91,426,799			162,859,602			35,576,590			100,265,449
Net Assets:
	Beginning of period		258,528,604			95,669,002			190,623,503			90,358,054
	End of period	$	349,955,403		$	258,528,604		$	226,200,093		$	190,623,503

(a)	On April 30, 2004, the existing share Class of the Funds’ was renamed Class II Shares.
(b)	For the period from April 30, 2004 (commencement of operations) through June 30, 2004.

See notes to financial statements.

141

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Statements of Changes in Net Assets

		Gartmore GVIT						Gartmore GVIT
		U.S. Growth Leaders Fund						Global Utilities Fund
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$	(223,718	)	$	(167,477	)	$	114,139		$	78,111
Net realized gains (losses) on investment and foreign currency transactions			2,991,239			8,136,339			1,380,791			10,415
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(1,877,761	)		4,162,076			(965,894	)		1,314,079
	Change in net assets resulting from operations		889,760			12,130,938			529,036			1,402,605
Distributions to Class I shareholders from:
Net investment income			—			—			(7,620	)		(3,939	)
Net realized gains on investments			(239,931	)		(416,890	)		—			—
Distributions to Class II shareholders from:
Net investment income			—			—			(5,098	)		(2,379	)
Net realized gains on investments			(276,023	)		(262,488	)		—			—
Distributions to Class III shareholders from:
Net investment income			—			—			(52,110	)		(31,006	)
Net realized gains on investments			(1,806,676	)		(3,599,512	)		—			—
	Change in net assets from shareholder distributions		(2,322,630	)		(4,278,890	)		(64,828	)		(37,324	)
	Change in net assets from capital transactions		(12,418,942	)		50,429,903			1,325,168			4,144,182
Change in net assets			(13,851,812	)		58,281,951			1,789,376			5,509,463
Net Assets:
	Beginning of period		65,259,342			6,977,391			9,249,008			3,739,545
	End of period	$	51,407,530		$	65,259,342		$	11,038,384		$	9,249,008

See notes to financial statements.

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Statements of Changes in Net Assets

		Gartmore GVIT						Gartmore GVIT
		Global Financial Services Fund						Developing Markets Fund
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003 (a)
		(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$	214,319		$	145,281		$	709,955		$	766,187
Net realized gains (losses) on investment and foreign currency transactions			1,190,535			1,912,292			24,876,118			13,886,911
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(1,035,552	)		1,343,429			(32,536,689	)		36,982,971
	Change in net assets resulting from operations		369,302			3,401,002			(6,950,616	)		51,636,069
Distributions to Class I shareholders from:
Net investment income			(23,353	)		(12,436	)		—			—
Net realized gains on investments			(33,528	)		(293,901	)		—			—
Distributions to Class II shareholders from:
Net investment income			(11,658	)		(2,984	)		(571,824	)		(77,018	)
Net realized gains on investments			(20,300	)		(79,225	)		—			—
Distributions to Class III shareholders from:
Net investment income			(128,235	)		(46,221	)		—			—
Net realized gains on investments			(186,450	)		(1,105,844	)		—			—
	Change in net assets from shareholder distributions		(403,524	)		(1,540,611	)		(571,824	)		(77,018	)
	Change in net assets from capital transactions		8,846,495			7,581,144			(30,843,720	)		38,720,555
Change in net assets			8,812,273			9,441,535			(38,366,160	)		90,279,606
Net Assets:
	Beginning of period		15,668,413			6,226,878			165,600,584			75,320,978
	End of period	$	24,480,686		$	15,668,413		$	127,234,424		$	165,600,584

(a) Upon reorganization on June 23, 2003, the existing shares of the Fund were designated Class II shares.

See notes to financial statements.

143

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Nationwide Fund

			Investment Activities								Distributions
					Net
					Realized
					and
					Unrealized															Net
	Net Asset		Net		Gains			Total												Asset
	Value,		Investment		(Losses)			from			Net			Net						Value,
	Beginning		Income		on			Investment			Investment			Realized			Total			End of
	of Period		(Loss)		Investments			Activities			Income			Gains			Distributions			Period
Class I Shares
Year Ended December 31, 1999	$	18.40		0.12		1.13			1.25			(0.12	)		(0.72	)		(0.84	)	$	18.81
Year Ended December 31, 2000	$	18.81		0.12		(0.47	)		(0.35	)		(0.12	)		(6.70	)		(6.82	)	$	11.64
Year Ended December 31, 2001 (c)	$	11.64		0.08		(1.46	)		(1.38	)		(0.08	)		(0.29	)		(0.37	)	$	9.89
Year Ended December 31, 2002	$	9.89		0.08		(1.79	)		(1.71	)		(0.08	)		—			(0.08	)	$	8.10
Year Ended December 31, 2003	$	8.10		0.08		2.14			2.22			(0.05	)		—			(0.05	)	$	10.27
Six Months Ended June 30, 2004 (Unaudited)	$	10.27		0.03		0.19			0.22			(0.05	)		—			(0.05	)	$	10.44
Class II Shares
Period Ended December 31, 2002 (d)	$	8.68		0.04		(0.57	)		(0.53	)		(0.05	)		—			(0.05	)	$	8.10
Year Ended December 31, 2003	$	8.10		0.05		2.15			2.20			(0.04	)		—			(0.04	)	$	10.26
Six Months Ended June 30, 2004 (Unaudited)	$	10.26		0.01		0.19			0.20			(0.04	)		—			(0.04	)	$	10.42
Class III Shares
Period Ended December 31, 2002 (e)	$	9.78		0.05		(1.65	)		(1.60	)		(0.07	)		—			(0.07	)	$	8.11
Year Ended December 31, 2003	$	8.11		0.09		2.13			2.22			(0.05	)		—			(0.05	)	$	10.28
Six Months Ended June 30, 2004 (Unaudited)	$	10.28		0.03		0.19			0.22			(0.05	)		—			(0.05	)	$	10.45
Class IV Shares
Period Ended December 31, 2003 (f)	$	8.30		0.05		1.95			2.00			(0.03	)		—			(0.03	)	$	10.27
Six Months Ended June 30, 2004 (Unaudited)	$	10.27		0.03		0.19			0.22			(0.05	)		—			(0.05	)	$	10.44

[Additional columns below]

[Continued from above table, first column(s) repeated]

				Ratios/Supplemental Data
															Ratio of
															Net
															Investment
									Ratio of			Ratio of			Income
									Net			Expenses			(Loss)
						Ratio of			Investment			(Prior to			(Prior to
				Net		Expenses			Income			Reimburse-			Reimburse-
				Assets at		to			(Loss) to			ments) to			ments) to
				End of		Average			Average			Average			Average			Portfolio
	Total			Period		Net			Net			Net			Net			Turnover
	Return			(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class I Shares
Year Ended December 31, 1999		6.94	%	$	2,419,737		0.72	%		0.64	%			(i)			(i)		29.95	%
Year Ended December 31, 2000		(2.12	%)	$	2,014,759		0.78	%		0.63	%		0.81	%		0.60	%		148.28	%
Year Ended December 31, 2001 (c)		(11.82	%)	$	1,677,316		0.78	%		0.77	%		0.82	%		0.73	%		58.36	%
Year Ended December 31, 2002		(17.35	%)	$	1,252,686		0.83	%		0.84	%		0.84	%		0.83	%		33.25	%
Year Ended December 31, 2003		27.51	%	$	1,459,917		0.83	%		0.83	%			(i)			(i)		129.01	%
Six Months Ended June 30, 2004 (Unaudited)		2.18	%(g)	$	1,404,697		0.84	%(h)		0.58	%(h)			(i)			(i)		57.96	%
Class II Shares
Period Ended December 31, 2002 (d)		(6.14	%)(g)	$	765		1.07	%(h)		1.03	%(h)			(i)			(i)		33.25	%
Year Ended December 31, 2003		27.23	%	$	5,570		1.08	%		0.60	%			(i)			(i)		129.01	%
Six Months Ended June 30, 2004 (Unaudited)		1.97	%(g)	$	8,463		1.09	%(h)		0.34	%(h)			(i)			(i)		57.96	%
Class III Shares
Period Ended December 31, 2002 (e)		(16.38	%)(g)	$	399		0.72	%(h)		1.07	%(h)			(i)			(i)		33.25	%
Year Ended December 31, 2003		27.48	%	$	870		0.83	%		0.83	%			(i)			(i)		129.01	%
Six Months Ended June 30, 2004 (Unaudited)		2.17	%(g)	$	740		0.84	%(h)		0.54	%(h)			(i)			(i)		57.96	%
Class IV Shares
Period Ended December 31, 2003 (f)		24.17	%(g)	$	169,690		0.83	%(h)		0.85	%(h)			(i)			(i)		129.01	%
Six Months Ended June 30, 2004 (Unaudited)		2.18	%(g)	$	164,975		0.84	%(h)		0.57	%(h)			(i)			(i)		57.96	%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	The existing shares of the Fund were designated Class I shares as of May 1, 2001.
(d)	For the period from July 11, 2002 (commencement of operations) through December 31, 2002.
(e)	For the period from May 6, 2002 (commencement of operations) through December 31, 2002.
(f)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(g)	Not annualized.
(h)	Annualized.
(i)	There were no fee reductions during the period.

See notes to financial statements.

144

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Growth Fund

			Investment Activities									Distributions
						Net
						Realized
						and
						Unrealized
	Net Asset		Net			Gains			Total
	Value,		Investment			(Losses)			from			Net			Net			Tax
	Beginning		Income			on			Investment			Investment			Realized			Return of			Total
	of Period		(Loss)			Investments			Activities			Income			Gains			Capital			Distributions
Class I Shares
Year Ended December 31, 1999	$	26.59		0.17			0.92			1.09			(0.17	)		(1.60	)		(0.20	)		(1.97	)
Year Ended December 31, 2000	$	25.71		(0.01	)		(6.76	)		(6.77	)		(0.04	)		(4.22	)		—			(4.26	)
Year Ended December 31, 2001 (c)	$	14.68		(0.01	)		(4.12	)		(4.13	)		—			—			—			—
Year Ended December 31, 2002	$	10.55		—			(3.03	)		(3.03	)		—			—			—			—
Year Ended December 31, 2003	$	7.52		0.01			2.45			2.46			(e	)		—			—			—
Six Months Ended June 30, 2004 (Unaudited)	$	9.98		—			0.27			0.27			(0.01	)		—			—			(0.01	)
Class IV Shares
Period Ended December 31, 2003 (d)	$	7.90		—			2.08			2.08			(e	)		—			—			—
Six Months Ended June 30, 2004 (Unaudited)	$	9.98		—			0.27			0.27			(0.01	)		—			—			(0.01	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

						Ratios/Supplemental Data
																	Ratio of
																	Net
																	Investment
											Ratio of			Ratio of			Income
											Net			Expenses			(Loss)
								Ratio of			Investment			(Prior to			(Prior to
	Net					Net		Expenses			Income			Reimburse-			Reimburse-
	Asset					Assets at		to			(Loss) to			ments) to			ments) to
	Value,					End of		Average			Average			Average			Average			Portfolio
	End of		Total			Period		Net			Net			Net			Net			Turnover
	Period		Return			(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class I Shares
Year Ended December 31, 1999	$	25.71		4.28	%	$	1,067,839		0.74	%		0.62	%			(h)			(h)		24.70	%
Year Ended December 31, 2000	$	14.68		(26.53	%)	$	606,599		0.80	%		(0.07	%)		0.83	%		(0.10	%)		205.34	%
Year Ended December 31, 2001 (c)	$	10.55		(28.13	%)	$	352,147		0.80	%		(0.10	%)		0.85	%		(0.15	%)		227.28	%
Year Ended December 31, 2002	$	7.52		(28.72	%)	$	201,689		0.85	%		(0.03	%)		0.85	%		(0.03	%)		231.69	%
Year Ended December 31, 2003	$	9.98		32.74	%	$	244,671		0.84	%		0.09	%			(h)			(h)		293.58	%
Six Months Ended June 30, 2004 (Unaudited)	$	10.24		2.66	%(f)	$	232,602		0.85	%(g)		(0.05	%)(g)			(h)			(h)		151.96	%
Class IV Shares
Period Ended December 31, 2003 (d)	$	9.98		26.37	%(f)	$	34,090		0.84	%(g)		0.10	%(g)			(h)			(h)		293.58	%
Six Months Ended June 30, 2004 (Unaudited)	$	10.24		2.67	%(f)	$	37,734		0.85	%(g)		(0.05	%)(g)			(h)			(h)		151.96	%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	The existing shares of the Fund were designated Class I shares as of May 1, 2001.
(d)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(e)	The amount is less than $0.005 per share.
(f)	Not annualized.
(g)	Annualized.
(h)	There were no fee reductions during the period.

See notes to financial statements.

145

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Government Bond Fund

			Investment Activities								Distributions
					Net
					Realized
					and
					Unrealized															Net
	Net Asset		Net		Gains			Total												Asset
	Value,		Investment		(Losses)			from			Net			Net						Value,
	Beginning		Income		on			Investment			Investment			Realized			Total			End of
	of Period		(Loss)		Investments			Activities			Income			Gains			Distributions			Period
Class I Shares
Year Ended December 31, 1999	$	11.69		0.61		(0.88	)		(0.27	)		(0.61	)		(0.02	)		(0.63	)	$	10.79
Year Ended December 31, 2000	$	10.79		0.66		0.65			1.31			(0.66	)		—			(0.66	)	$	11.44
Year Ended December 31, 2001 (c)	$	11.44		0.58		0.24			0.82			(0.58	)		(0.02	)		(0.60	)	$	11.66
Year Ended December 31, 2002	$	11.66		0.53		0.72			1.25			(0.53	)		(0.10	)		(0.63	)	$	12.28
Year Ended December 31, 2003 (d)	$	12.28		0.50		(0.25	)		0.25			(0.38	)		(0.02	)		(0.40	)	$	12.13
Six Months Ended June 30, 2004 (Unaudited)	$	12.13		0.25		(0.25	)		—			(0.42	)		(0.24	)		(0.66	)	$	11.47
Class II Shares
Period Ended December 31, 2002 (e)	$	11.88		0.18		0.55			0.73			(0.26	)		(0.09	)		(0.35	)	$	12.26
Year Ended December 31, 2003 (d)	$	12.26		0.47		(0.25	)		0.22			(0.36	)		(0.02	)		(0.38	)	$	12.10
Six Months Ended June 30, 2004 (Unaudited)	$	12.10		0.24		(0.25	)		(0.01	)		(0.41	)		(0.24	)		(0.65	)	$	11.44
Class III Shares
Period Ended December 31, 2002 (f)	$	11.75		0.36		0.67			1.03			(0.41	)		(0.10	)		(0.51	)	$	12.27
Year Ended December 31, 2003 (d)	$	12.27		0.50		(0.24	)		0.26			(0.37	)		(0.02	)		(0.39	)	$	12.14
Six Months Ended June 30, 2004 (Unaudited) (d)	$	12.14		0.23		(0.23	)		—			(0.42	)		(0.24	)		(0.66	)	$	11.48
Class IV Shares
Period Ended December 31, 2003 (g)	$	12.29		0.34		(0.24	)		0.10			(0.26	)		—			(0.26	)	$	12.13
Six Months Ended June 30, 2004 (Unaudited)	$	12.13		0.24		(0.24	)		—			(0.42	)		(0.24	)		(0.66	)	$	11.47

[Additional columns below]

[Continued from above table, first column(s) repeated]

				Ratios/ Supplemental Data
															Ratio of
															Net
															Investment
									Ratio of			Ratio of			Income
									Net			Expenses			(Loss)
						Ratio of			Investment			(Prior to			(Prior to
				Net		Expenses			Income			Reimburse-			Reimburse-
				Assets at		to			(Loss) to			ments) to			ments) to
				End of		Average			Average			Average			Average			Portfolio
	Total			Period		Net			Net			Net			Net			Turnover
	Return			(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class I Shares
Year Ended December 31, 1999		(2.35%	)	$	769,957		0.65%			5.41%			(j	)		(j	)		51.61%
Year Ended December 31, 2000		12.54%		$	867,139		0.66%			6.00%			0.73%			5.93%			75.91%
Year Ended December 31, 2001 (c)		7.25%		$	1,301,828		0.66%			5.21%			0.73%			5.14%			55.80%
Year Ended December 31, 2002		10.98%		$	1,982,676		0.73%			4.53%			0.73%			4.53%			49.00%
Year Ended December 31, 2003 (d)		2.00%		$	1,488,089		0.73%			4.12%			(j	)		(j	)		40.46%
Six Months Ended June 30, 2004 (Unaudited)		(0.08%	)(h)	$	1,288,340		0.73%	(i)		3.88%	(i)		(j	)		(j	)		28.32%
Class II Shares
Period Ended December 31, 2002 (e)		6.16%	(h)	$	10,111		0.97%	(i)		3.93%	(i)		(j	)		(j	)		49.00%
Year Ended December 31, 2003 (d)		1.77%		$	20,998		0.98%			3.85%			(j	)		(j	)		40.46%
Six Months Ended June 30, 2004 (Unaudited)		(0.21%	)(h)	$	18,075		0.98%	(i)		3.63%	(i)		(j	)		(j	)		28.32%
Class III Shares
Period Ended December 31, 2002 (f)		8.84%	(h)	$	7,625		0.73%	(i)		4.12%	(i)		(j	)		(j	)		49.00%
Year Ended December 31, 2003 (d)		2.11%		$	4,369		0.73%			4.10%			(j	)		(j	)		40.46%
Six Months Ended June 30, 2004 (Unaudited) (d)		(0.08%	)(h)	$	5,344		0.73%	(i)		3.87%	(i)		(j	)		(j	)		28.32%
Class IV Shares
Period Ended December 31, 2003 (g)		0.84%	(h)	$	43,244		0.70%	(i)		4.07%	(i)		(j	)		(j	)		40.46%
Six Months Ended June 30, 2004 (Unaudited)		(0.08%	)(h)	$	42,121		0.73%	(i)		3.88%	(i)		(j	)		(j	)		28.32%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	The existing shares of the Fund were designated Class I shares as of May 1, 2001.
(d)	Net investment income (loss) is calculated based average shares outstanding during the period.
(e)	For the period from July 8, 2002 (commencement of operations) through December 31, 2002.
(f)	For the period from May 20, 2002 (commencement of operations) through December 31, 2002.
(g)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(h)	Not annualized.
(i)	Annualized.
(j)	There were no fee reductions during the period.

See notes to financial statements.

146

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

GVIT Small Company Fund

			Investment Activities									Distributions
						Net
						Realized
						and
						Unrealized															Net
	Net Asset		Net			Gains			Total												Asset
	Value,		Investment			(Losses)			from			Net			Net						Value,
	Beginning		Income			on			Investment			Investment			Realized			Total			End of
	of Period		(Loss)			Investments			Activities			Income			Gains			Distributions			Period
Class I Shares
Year Ended December 31, 1999	$	16.01		(0.03	)		7.03			7.00			—			(0.89	)		(0.89	)	$	22.12
Year Ended December 31, 2000	$	22.12		0.02			1.91			1.93			(0.01	)		(4.04	)		(4.05	)	$	20.00
Year Ended December 31, 2001 (b)	$	20.00		—			(1.34	)		(1.34	)		(0.02	)		—			(0.02	)	$	18.64
Year Ended December 31, 2002	$	18.64		(0.07	)		(3.16	)		(3.23	)		—			—			—		$	15.41
Year Ended December 31, 2003	$	15.41		(0.07	)		6.39			6.32			—			—			—		$	21.73
Six Months Ended June 30, 2004 (Unaudited)	$	21.73		(0.01	)		1.49			1.48			—			—			—		$	23.21
Class II Shares
Period Ended December 31, 2002 (c)	$	18.70		(0.03	)		(3.28	)		(3.31	)		—			—			—		$	15.39
Year Ended December 31, 2003	$	15.39		(0.12	)		6.37			6.25			—			—			—		$	21.64
Six Months Ended June 30, 2004 (Unaudited)	$	21.64		(0.02	)		1.47			1.45			—			—			—		$	23.09
Class III Shares
Period Ended December 31, 2002 (d)	$	17.48		(0.01	)		(2.05	)		(2.06	)		—			—			—		$	15.42
Year Ended December 31, 2003	$	15.42		(0.08	)		6.40			6.32			—			—			—		$	21.74
Six Months Ended June 30, 2004 (Unaudited)	$	21.74		(0.01	)		1.50			1.49			—			—			—		$	23.23
Class IV Shares
Period Ended December 31, 2003 (e)	$	15.61		(0.05	)		6.17			6.12			—			—			—		$	21.73
Six Months Ended June 30, 2004 (Unaudited)	$	21.73		(0.01	)		1.49			1.48			—			—			—		$	23.21

[Additional columns below]

[Continued from above table, first column(s) repeated]

				Ratios/Supplemental Data
									Ratio of
									Net
						Ratio of			Investment
				Net		Expenses			Income
				Assets at		to			(Loss) to
				End of		Average			Average			Portfolio
	Total			Period		Net			Net			Turnover
	Return			(000s)		Assets			Assets			(a)
Class I Shares
Year Ended December 31, 1999		44.02%		$	542,537		1.15%			(0.16%	)		134.74%
Year Ended December 31, 2000		8.90%		$	790,607		1.21%			0.06%			163.66%
Year Ended December 31, 2001 (b)		(6.70%	)	$	743,468		1.20%			0.02%			135.90%
Year Ended December 31, 2002		(17.33%	)	$	561,836		1.18%			(0.33%	)		92.59%
Year Ended December 31, 2003		41.01%		$	760,078		1.17%			(0.37%	)		93.72%
Six Months Ended June 30, 2004 (Unaudited)		6.81%	(f)	$	768,929		1.17%	(g)		(0.11%	)(g)		86.61%
Class II Shares
Period Ended December 31, 2002 (c)		(17.70%	)(f)	$	2,325		1.44%	(g)		(0.54%	)(g)		92.59%
Year Ended December 31, 2003		40.61%		$	18,345		1.42%			(0.63%	)		93.72%
Six Months Ended June 30, 2004 (Unaudited)		6.70%	(f)	$	36,703		1.42%	(g)		(0.30%	)(g)		86.61%
Class III Shares
Period Ended December 31, 2002 (d)		(11.78%	)(f)	$	51		1.15%	(g)		(0.25%	)(g)		92.59%
Year Ended December 31, 2003		40.99%		$	1,199		1.17%			(0.39%	)		93.72%
Six Months Ended June 30, 2004 (Unaudited)		6.85%	(f)	$	1,706		1.17%	(g)		(0.07%	)(g)		86.61%
Class IV Shares
Period Ended December 31, 2003 (e)		39.21%	(f)	$	48,252		1.16%	(g)		(0.36%	)(g)		93.72%
Six Months Ended June 30, 2004 (Unaudited)		6.81%	(f)	$	43,110		1.17%	(g)		(0.12%	)(g)		86.61%

(a)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(b)	The existing shares of the Fund were designated Class I shares as of May 1, 2001.
(c)	For the period from March 5, 2002 (commencement of operations) through December 31, 2002.
(d)	For the period from July 1, 2002 (commencement of operations) through December 31, 2002.
(e)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(f)	Not annualized.
(g)	Annualized.

See notes to financial statements.

147

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Money Market Fund

			Investment Activities						Distributions
															Net
	Net Asset		Net			Total									Asset
	Value,		Investment			from			Net						Value,
	Beginning		Income			Investment			Investment			Total			End of		Total
	of Period		(Loss)			Activities			Income			Distributions			Period		Return
Class I Shares
Year Ended December 31, 1999	$	1.00		0.05			0.05			(0.05	)		(0.05	)	$	1.00		4.81%
Year Ended December 31, 2000	$	1.00		0.06			0.06			(0.06	)		(0.06	)	$	1.00		6.03%
Year Ended December 31, 2001 (b)	$	1.00		0.04			0.04			(0.04	)		(0.04	)	$	1.00		3.60%
Year Ended December 31, 2002	$	1.00		0.01			0.01			(0.01	)		(0.01	)	$	1.00		1.21%
Year Ended December 31, 2003	$	1.00		0.01			0.01			(0.01	)		(0.01	)	$	1.00		0.63%
Six Months Ended June 30, 2004 (Unaudited)	$	1.00		—			—			(e	)		(e	)	$	1.00		0.25%	(f)
Class IV Shares
Period Ended December 31, 2003 (c)	$	1.00		(e	)		(e	)		(e	)		(e	)	$	1.00		0.46%	(f)
Six Months Ended June 30, 2004 (Unaudited)	$	1.00		—			—			(e	)		(e	)	$	1.00		0.31%	(f)
Class V Shares
Period Ended December 31, 2002 (d)	$	1.00		(e	)		(e	)		(e	)		(e	)	$	1.00		0.22%	(f)
Year Ended December 31, 2003	$	1.00		0.01			0.01			(0.01	)		(0.01	)	$	1.00		0.71%
Six Months Ended June 30, 2004 (Unaudited)	$	1.00		—			—			(e	)		(e	)	$	1.00		0.29%	(f)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
												Ratio of
												Net
												Investment
						Ratio of			Ratio of			Income
						Net			Expenses			(Loss)
			Ratio of			Investment			(Prior to			(Prior to
	Net		Expenses			Income			Reimburse-			Reimburse-
	Assets at		to			(Loss) to			ments) to			ments) to
	End of		Average			Average			Average			Average
	Period		Net			Net			Net			Net
	(000s)		Assets			Assets			Assets (a)			Assets (a)
Class I Shares
Year Ended December 31, 1999	$	2,127,500		0.54%			4.77%			(h	)		(h	)
Year Ended December 31, 2000	$	1,982,922		0.55%			5.87%			0.61%			5.81%
Year Ended December 31, 2001 (b)	$	2,869,354		0.55%			3.41%			0.61%			3.35%
Year Ended December 31, 2002	$	2,436,783		0.62%			1.21%			0.62%			1.21%
Year Ended December 31, 2003	$	1,573,895		0.63%			0.63%			(h	)		(h	)
Six Months Ended June 30, 2004 (Unaudited)	$	1,551,494		0.63%	(g)		0.50%	(g)		(h	)		(h	)
Class IV Shares
Period Ended December 31, 2003 (c)	$	103,515		0.50%	(g)		0.67%	(g)		0.63%	(g)		0.55%	(g)
Six Months Ended June 30, 2004 (Unaudited)	$	94,193		0.50%	(g)		0.62%	(g)		0.63%	(g)		0.50%	(g)
Class V Shares
Period Ended December 31, 2002 (d)	$	324,950		0.56%	(g)		1.11%	(g)		(h	)		(h	)
Year Ended December 31, 2003	$	365,299		0.55%			0.70%			(h	)		(h	)
Six Months Ended June 30, 2004 (Unaudited)	$	370,233		0.55%	(g)		0.57%	(g)		(h	)		(h	)

(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)	The existing shares of the Fund were designated Class I shares as of May 1, 2001.
(c)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(d)	For the period from October 31, 2002 (commencement of operations) through December 31, 2002.
(e)	The amount is less than $0.005.
(f)	Not annualized.
(g)	Annualized.
(h)	There were no fee reductions during the period.

See notes to financial statements.

148

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

GVIT Money Market Fund II

			Investment Activities						Distributions
															Net
	Net Asset		Net			Total									Asset
	Value,		Investment			from			Net						Value,
	Beginning		Income			Investment			Investment			Total			End of		Total
	of Period		(Loss)			Activities			Income			Distributions			Period		Return
Period Ended December 31, 2001 (b)	$	1.00		(c	)		(c	)		(c	)		(c	)	$	1.00		0.24%	(d)
Year Ended December 31, 2002	$	1.00		0.01			0.01			(0.01	)		(0.01	)	$	1.00		0.70%
Year Ended December 31, 2003	$	1.00		(c	)		(c	)		(c	)		(c	)	$	1.00		0.18%
Six Months Ended June 30, 2004 (Unaudited)	$	1.00		—			—			(c	)		(c	)	$	1.00		0.05%	(d)

[Additional columns below]

[Continued from above table, first column(s) repeated]

Ratios/Supplemental Data

Ratio of

Net

Investment

Ratio of

Ratio of

Income

Net

Expenses

(Loss)

Ratio of

Investment

(Prior to

(Prior to

Net

Expenses

Income

Reimburse-

Reimburse-

Assets at

to

(Loss) to

ments) to

ments) to

End of

Average

Average

Average

Average

Period

Net

Net

Net

Net

(000s)

Assets

Assets

Assets (a)

Assets (a)

Period Ended December 31, 2001 (b)

$

37,411

1.30%

(e)

0.93%

(e)

1.45%

(e)

0.78%

(e)

Year Ended December 31, 2002

$

110,041

0.99%

0.66%

0.99%

0.66%

Year Ended December 31, 2003

$

147,736

0.95%

0.17%

0.99%

0.13%

Six Months Ended June 30, 2004 (Unaudited)

$

219,675

0.92%

(e)

0.10%

(e)

0.98%

(e)

0.04%

(e)

________________________________________________________________________________

(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 October 2, 2001 (commencement of operations) through December 31, 2001.
(c)	The amount is less than $0.005.
(d)	Not annualized.
(e)	Annualized.

See notes to financial statements.

149

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

JP Morgan GVIT Balanced Fund

			Investment Activities								Distributions
					Net
					Realized
					and
					Unrealized												Net
	Net Asset		Net		Gains			Total									Asset
	Value,		Investment		(Losses)			from			Net						Value,
	Beginning		Income		on			Investment			Investment			Total			End of		Total
	of Period		(Loss)		Investments			Activities			Income			Distributions			Period		Return
Class I Shares
Year Ended December 31, 1999	$	10.58		0.37		(0.28	)		0.09			(0.36	)		(0.36	)	$	10.31		0.87%
Year Ended December 31, 2000	$	10.31		0.28		(0.30	)		(0.02	)		(0.29	)		(0.29	)	$	10.00		(0.35%	)
Year Ended December 31, 2001 (c)	$	10.00		0.22		(0.60	)		(0.38	)		(0.22	)		(0.22	)	$	9.40		(3.77%	)
Year Ended December 31, 2002	$	9.40		0.19		(1.34	)		(1.15	)		(0.19	)		(0.19	)	$	8.06		(12.31%	)
Year Ended December 31, 2003	$	8.06		0.15		1.32			1.47			(0.15	)		(0.15	)	$	9.38		18.41%
Six Months Ended June 30, 2004 (Unaudited)	$	9.38		0.08		0.07			0.15			(0.08	)		(0.08	)	$	9.45		1.62%	(e)
Class IV Shares
Period Ended December 31, 2003 (d)	$	8.23		0.11		1.16			1.27			(0.12	)		(0.12	)	$	9.38		15.47%	(e)
Six Months Ended June 30, 2004 (Unaudited)	$	9.38		0.08		0.08			0.16			(0.08	)		(0.08	)	$	9.46		1.74%	(e)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
												Ratio of
												Net
												Investment
						Ratio of			Ratio of			Income
						Net			Expenses			(Loss)
			Ratio of			Investment			(Prior to			(Prior to
	Net		Expenses			Income			Reimburse-			Reimburse-
	Assets at		to			(Loss) to			ments) to			ments) to
	End of		Average			Average			Average			Average			Portfolio
	Period		Net			Net			Net			Net			Turnover
	(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class I Shares
Year Ended December 31, 1999	$	78,157		0.90%			3.68%			1.00%			3.58%			103.69%
Year Ended December 31, 2000	$	112,577		0.90%			2.86%			1.07%			2.69%			252.43%
Year Ended December 31, 2001 (c)	$	149,875		0.90%			2.34%			1.03%			2.21%			181.89%
Year Ended December 31, 2002	$	147,289		0.99%			2.22%			1.00%			2.21%			297.08%
Year Ended December 31, 2003	$	182,056		0.98%			1.80%			(g	)		(g	)		310.16%
Six Months Ended June 30, 2004 (Unaudited)	$	180,285		0.97%	(f)		1.73%	(f)		(g	)		(g	)		143.75%
Class IV Shares
Period Ended December 31, 2003 (d)	$	50,811		0.91%	(f)		1.79%	(f)		0.96%	(f)		1.74%	(f)		310.16%
Six Months Ended June 30, 2004 (Unaudited)	$	50,342		0.91%	(f)		1.79%	(f)		0.97%	(f)		1.73%	(f)		143.75%

________________________________________________________________________________

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	The existing shares of the Fund were designated Class I shares as of May 1, 2001.
(d)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(e)	Not annualized.
(f)	Annualized.
(g)	There were no fee reductions during the period.

See notes to financial statements.

150

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Mid Cap Growth Fund

			Investment Activities									Distributions
						Net
						Realized
						and
						Unrealized															Net
	Net Asset		Net			Gains			Total												Asset
	Value,		Investment			(Losses)			from			Net			Net						Value,
	Beginning		Income			on			Investment			Investment			Realized			Total			End of
	of Period		(Loss)			Investments			Activities			Income			Gains			Distributions			Period
Class I Shares
Period Ended December 31, 2003 (c)	$	16.53		(0.07	)		4.99			4.92			—			—			—		$	21.45
Six Months Ended June 30, 2004 (Unaudited)	$	21.45		(0.05	)		1.44			1.39			—			—			—		$	22.84
Class II Shares
Period Ended December 31, 2003 (c)	$	16.77		(0.03	)		4.69			4.66			—			—			—		$	21.43
Six Months Ended June 30, 2004 (Unaudited)	$	21.43		(0.05	)		1.42			1.37			—			—			—		$	22.80
Class III Shares
Period Ended December 31, 2003 (c)	$	16.53		(0.03	)		4.98			4.95			—			—			—		$	21.48
Six Months Ended June 30, 2004 (Unaudited)	$	21.48		(0.05	)		1.43			1.38			—			—			—		$	22.86
Class IV Shares (d)
Year Ended December 31, 1999	$	21.91		0.11			2.89			3.00			(0.11	)		(2.83	)		(2.94	)	$	21.97
Year Ended December 31, 2000	$	21.97		0.18			7.48			7.66			(0.11	)		(1.81	)		(1.92	)	$	27.71
Year Ended December 31, 2001	$	27.71		(0.07	)		(1.00	)		(1.07	)		(0.18	)		(6.45	)		(6.63	)	$	20.01
Year Ended December 31, 2002	$	20.01		(0.11	)		(4.35	)		(4.46	)		—			(0.09	)		(0.09	)	$	15.46
Year Ended December 31, 2003	$	15.46		(0.10	)		6.10			6.00			—			—			—		$	21.46
Six Months Ended June 30, 2004 (Unaudited)	$	21.46		(0.05	)		1.44			1.39			—			—			—		$	22.85

[Additional columns below]

[Continued from above table, first column(s) repeated]

				Ratios/Supplemental Data
															Ratio of
															Net
															Investment
									Ratio of			Ratio of			Income
									Net			Expenses			(Loss)
						Ratio of			Investment			(Prior to			(Prior to
				Net		Expenses			Income			Reimburse-			Reimburse-
				Assets at		to			(Loss) to			ments) to			ments) to
				End of		Average			Average			Average			Average			Portfolio
	Total			Period		Net			Net			Net			Net			Turnover
	Return			(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class I Shares
Period Ended December 31, 2003 (c)		29.76%	(e)	$	137,837		0.98%	(f)		(0.49%	)(f)		(g	)		(g	)		109.73%
Six Months Ended June 30, 2004 (Unaudited)		6.48%	(e)	$	135,415		0.98%	(f)		(0.48%	)(f)		(g	)		(g	)		38.31%
Class II Shares
Period Ended December 31, 2003 (c)		27.79%	(e)	$	2,388		1.17%	(f)		(0.64%	)(f)		(g	)		(g	)		109.73%
Six Months Ended June 30, 2004 (Unaudited)		6.39%	(e)	$	8,782		1.08%	(f)		(0.58%	)(f)		(g	)		(g	)		38.31%
Class III Shares
Period Ended December 31, 2003 (c)		29.95%	(e)	$	628		0.98%	(f)		(0.48%	)(f)		(g	)		(g	)		109.73%
Six Months Ended June 30, 2004 (Unaudited)		6.42%	(e)	$	959		0.98%	(f)		(0.47%	)(f)		(g	)		(g	)		38.31%
Class IV Shares (d)
Year Ended December 31, 1999		15.96%		$	62,513		0.57%			0.59%			0.57%			0.59%			46.00%
Year Ended December 31, 2000		38.24%		$	98,969		0.53%			0.81%			0.53%			0.81%			68.00%
Year Ended December 31, 2001		(3.36%	)	$	98,214		0.92%			(0.37%	)		1.01%			(0.46%	)		135.00%
Year Ended December 31, 2002		(22.38%	)	$	70,669		0.95%			(0.61%	)		1.00%			(0.66%	)		64.00%
Year Ended December 31, 2003		38.81%		$	89,413		0.95%			(0.51%	)		1.02%			(0.58%	)		109.73%
Six Months Ended June 30, 2004 (Unaudited)		6.48%	(e)	$	93,023		0.95%	(f)		(0.45%	)(f)		0.98%	(f)		(0.48%	)(f)		38.31%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(d)	The Gartmore Mid Cap Growth Fund retained the financial history of the Market Street Mid Cap Growth Fund and the existing shares of the Fund were designated Class IV shares.
(e)	Not annualized.
(f)	Annualized.
(g)	There were no fee reductions during the period.

See notes to financial statements.

151

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Comstock GVIT Value Fund

			Investment Activities								Distributions
					Net
					Realized
					and
					Unrealized															Net
	Net Asset		Net		Gains			Total												Asset
	Value,		Investment		(Losses)			from			Net			Net						Value,
	Beginning		Income		on			Investment			Investment			Realized			Total			End of
	of Period		(Loss)		Investments			Activities			Income			Gains			Distributions			Period
Class I Shares
Year Ended December 31, 1999	$	11.47		0.05		2.06			2.11			(0.04	)		(0.01	)		(0.05	)	$	13.53
Year Ended December 31, 2000	$	13.53		0.12		(1.54	)		(1.42	)		(0.12	)		—			(0.12	)	$	11.99
Year Ended December 31, 2001 (c)	$	11.99		0.15		(1.61	)		(1.46	)		(0.15	)		—			(0.15	)	$	10.38
Year Ended December 31, 2002	$	10.38		0.12		(2.72	)		(2.60	)		(0.12	)		—			(0.12	)	$	7.66
Year Ended December 31, 2003	$	7.66		0.11		2.28			2.39			(0.11	)		—			(0.11	)	$	9.94
Six Months Ended June 30, 2004 (Unaudited)	$	9.94		0.07		0.41			0.48			(0.06	)		—			(0.06	)	$	10.36
Class II Shares
Period Ended December 31, 2003 (d)	$	7.47		0.08		2.47			2.55			(0.09	)		—			(0.09	)	$	9.93
Six Months Ended June 30, 2004 (Unaudited)	$	9.93		0.05		0.41			0.46			(0.05	)		—			(0.05	)	$	10.34
Class IV Shares
Period Ended December 31, 2003 (e)	$	7.76		0.09		2.18			2.27			(0.09	)		—			(0.09	)	$	9.94
Six Months Ended June 30, 2004 (Unaudited)	$	9.94		0.07		0.41			0.48			(0.06	)		—			(0.06	)	$	10.36

[Additional columns below]

[Continued from above table, first column(s) repeated]

				Ratios/Supplemental Data
															Ratio of
															Net
															Investment
									Ratio of			Ratio of			Income
									Net			Expenses			(Loss)
						Ratio of			Investment			(Prior to			(Prior to
				Net		Expenses			Income			Reimburse-			Reimburse-
				Assets at		to			(Loss) to			ments) to			ments) to
				End of		Average			Average			Average			Average			Portfolio
	Total			Period		Net			Net			Net Assets			Net			Turnover
	Return			(000s)		Assets			Assets			(a)			Assets (a)			(b)
Class I Shares
Year Ended December 31, 1999		18.49%		$	29,189		0.95%			0.43%			1.09%			0.29%			45.16%
Year Ended December 31, 2000		(10.62%	)	$	55,951		0.95%			0.96%			1.11%			0.80%			72.32%
Year Ended December 31, 2001 (c)		(12.15%	)	$	52,848		0.95%			1.41%			1.09%			1.27%			127.03%
Year Ended December 31, 2002		(25.14%	)	$	39,424		1.11%			1.30%			1.11%			1.30%			245.24%
Year Ended December 31, 2003		31.43%		$	62,517		0.99%			1.37%			(h	)		(h	)		71.31%
Six Months Ended June 30, 2004 (Unaudited)		4.84%	(f)	$	73,991		0.94%	(g)		1.35%	(g)		(h	)		(h	)		10.60%
Class II Shares
Period Ended December 31, 2003 (d)		34.20%	(f)	$	6,092		1.20%	(g)		1.27%	(g)		1.31%	(g)		1.16%	(g)		71.31%
Six Months Ended June 30, 2004 (Unaudited)		4.65%	(f)	$	15,202		1.20%	(g)		1.16%	(g)		1.29%	(g)		1.07%	(g)		10.60%
Class IV Shares
Period Ended December 31, 2003 (e)		29.38%	(f)	$	48,070		0.94%	(g)		1.50%	(g)		(h	)		(h	)		71.31%
Six Months Ended June 30, 2004 (Unaudited)		4.85%	(f)	$	51,005		0.92%	(g)		1.36%	(g)		(h	)		(h	)		10.60%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	The existing shares of the Fund were designated Class I shares as of May 1, 2001.
(d)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.
(e)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(f)	Not annualized.
(g)	Annualized.
(h)	There were no fee reductions during the period.

See notes to financial statements.

152

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Federated GVIT High Income Bond Fund

			Investment Activities								Distributions
					Net
					Realized
					and
					Unrealized															Net
	Net Asset		Net		Gains			Total												Asset
	Value,		Investment		(Losses)			from			Net			Return						Value,
	Beginning		Income		on			Investment			Investment			of			Total			End of
	of Period		(Loss)		Investments			Activities			Income			Capital			Distributions			Period
Class I Shares
Year Ended December 31, 1999	$	10.04		0.83		(0.52	)		0.31			(0.83	)		—			(0.83	)	$	9.52
Year Ended December 31, 2000	$	9.52		0.89		(1.62	)		(0.73	)		(0.89	)		(0.01	)		(0.90	)	$	7.89
Year Ended December 31, 2001 (c)	$	7.89		0.76		(0.45	)		0.31			(0.76	)		—			(0.76	)	$	7.44
Year Ended December 31, 2002	$	7.44		0.61		(0.38	)		0.23			(0.61	)		—			(0.61	)	$	7.06
Year Ended December 31, 2003	$	7.06		0.57		0.96			1.53			(0.57	)		—			(0.57	)	$	8.02
Six Months Ended June 30, 2004 (Unaudited)	$	8.02		0.30		(0.16	)		0.14			(0.30	)		—			(0.30	)	$	7.86

[Additional columns below]

[Continued from above table, first column(s) repeated]

				Ratios/Supplemental Data
															Ratio of
															Net
															Investment
									Ratio of			Ratio of			Income
									Net			Expenses			(Loss)
						Ratio of			Investment			(Prior to			(Prior to
				Net		Expenses			Income			Reimburse-			Reimburse-
				Assets at		to			(Loss) to			ments) to			ments) to
				End of		Average			Average			Average			Average			Portfolio
	Total			Period		Net			Net			Net Assets			Net			Turnover
	Return			(000s)		Assets			Assets			(a)			Assets (a)			(b)
Class I Shares
Year Ended December 31, 1999		3.19%		$	64,754		0.95%			8.81%			1.15%			8.61%			22.04%
Year Ended December 31, 2000		(8.28%	)	$	78,631		0.95%			10.44%			1.12%			10.27%			18.12%
Year Ended December 31, 2001 (c)		4.22%		$	114,022		0.95%			9.96%			1.03%			9.88%			31.64%
Year Ended December 31, 2002		3.23%		$	162,733		0.97%			8.82%			0.97%			8.82%			30.59%
Year Ended December 31, 2003		22.27%		$	268,336		0.95%			7.74%			(d	)		(d	)		41.30%
Six Months Ended June 30, 2004 (Unaudited)		1.76%	(e)	$	251,654		0.93%	(f)		7.55%	(f)		(d	)		(d	)		32.00%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	The existing shares of the Fund were designated Class I shares as of May 1, 2001.
(d)	There were no fee reductions during the period.
(e)	Not Annualized.
(f)	Annualized.

See notes to financial statements.

153

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

GVIT Equity 500 Index Fund

			Investment Activities								Distributions
					Net
					Realized
					and
					Unrealized															Net
	Net Asset		Net		Gains			Total												Asset
	Value,		Investment		(Losses)			from			Net			Net						Value,
	Beginning		Income		on			Investment			Investment			Realized			Total			End of
	of Period		(Loss)		Investments			Activities			Income			Gains			Distributions			Period
Class IV Shares
Period Ended December 31, 2000 (c)	$	10.00		0.09		(0.73	)		(0.64	)		—			—			—		$	9.36
Year Ended December 31, 2001	$	9.36		0.09		(1.22	)		(1.13	)		(0.09	)		(0.02	)		(0.11	)	$	8.12
Year Ended December 31, 2002	$	8.12		0.10		(1.89	)		(1.79	)		(0.09	)		—			(0.09	)	$	6.24
Year Ended December 31, 2003 (d)	$	6.24		0.11		1.63			1.74			(0.13	)		—			(0.13	)	$	7.85
Six Months Ended June 30, 2004 (Unaudited)	$	7.85		0.05		0.21			0.26			(0.13	)		—			(0.13	)	$	7.98

[Additional columns below]

[Continued from above table, first column(s) repeated]

				Ratios/Supplemental Data
															Ratio of
															Net
															Investment
									Ratio of			Ratio of			Income
									Net			Expenses			(Loss)
						Ratio of			Investment			(Prior to			(Prior to
				Net		Expenses			Income			Reimburse-			Reimburse-
				Assets at		to			(Loss) to			ments) to			ments) to
				End of		Average			Average			Average			Average			Portfolio
	Total			Period		Net			Net			Net			Net			Turnover
	Return			(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class IV Shares
Period Ended December 31, 2000 (c)		(6.40%	)(e)	$	366,338		0.28%	(f)		0.99%	(f)		0.40%	(f)		0.87%	(f)		5.00%
Year Ended December 31, 2001		(12.24%	)	$	324,915		0.28%			1.06%			0.53%			0.81%			6.00%
Year Ended December 31, 2002		(22.31%	)	$	235,961		0.28%			1.32%			0.50%			1.10%			19.00%
Year Ended December 31, 2003 (d)		28.33%		$	281,115		0.28%			1.51%			0.47%			1.32%			2.41%
Six Months Ended June 30, 2004 (Unaudited)		3.34%	(e)	$	279,608		0.28%	(f)		1.36%	(f)		0.43%	(f)		1.21%	(f)		1.33%

________________________________________________________________________________

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	For the period from February 7, 2000 (commencement of operations) through December 31, 2000.
(d)	The GVIT Equity 500 Index Fund retained the history of Market Street Equity 500 Index Fund and the existing shares of the fund were designated Class IV Shares.
(e)	Not annualized.
(f)	Annualized.

See notes to financial statements.

154

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Van Kampen GVIT Multi Sector Bond Fund

			Investment Activities								Distributions
					Net
					Realized
					and
					Unrealized												Net
	Net Asset				Gains			Total									Asset
	Value,		Net		(Losses)			from			Net						Value,
	Beginning		Investment		on			Investment			Investment			Total			End of		Total
	of Period		Income		Investments			Activities			Income			Distributions			Period		Return
Class I Shares
Year Ended December 31, 1999	$	9.82		0.61		(0.47	)		0.14			(0.59	)		(0.59	)	$	9.37		1.56%
Year Ended December 31, 2000	$	9.37		0.61		(0.10	)		0.51			(0.60	)		(0.60	)	$	9.28		5.65%
Year Ended December 31, 2001 (b)	$	9.28		0.54		(0.16	)		0.38			(0.52	)		(0.52	)	$	9.14		4.19%
Year Ended December 31, 2002	$	9.14		0.42		0.22			0.64			(0.50	)		(0.50	)	$	9.28		7.21%
Year Ended December 31, 2003	$	9.28		0.36		0.74			1.10			(0.52	)		(0.52	)	$	9.86		12.12%
Six Months Ended June 30, 2004 (Unaudited)	$	9.86		0.21		(0.26	)		(0.05	)		(0.21	)		(0.21	)	$	9.60		(0.52%	)(d)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
												Ratio of
												Net
									Ratio of			Investment
						Ratio of			Expenses			Income
			Ratio of			Net			(Prior to			(Prior to
	Net		Expenses			Investment			Reimburse-			Reimburse-
	Assets at		to			Income to			ments) to			ments) to
	End of		Average			Average			Average			Average
	Period		Net			Net			Net			Net			Portfolio
	(000s)		Assets			Assets			Assets (a)			Assets (a)			Turnover
Class I Shares
Year Ended December 31, 1999	$	72,862		0.90%			7.03%			1.02%			6.91%			242.89%
Year Ended December 31, 2000	$	132,227		0.90%			7.07%			1.09%			6.88%			399.03%
Year Ended December 31, 2001 (b)	$	177,324		0.90%			5.99%			1.04%			5.85%			340.77%
Year Ended December 31, 2002	$	209,280		1.01%			4.61%			1.02%			4.60%			385.94%
Year Ended December 31, 2003	$	226,525		1.01%			3.75%			(c	)		(c	)		296.62%
Six Months Ended June 30, 2004 (Unaudited)	$	227,728		1.00%	(e)		4.32%	(e)		(c	)		(c	)		111.89%

(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)	The existing shares of the Fund were designated Class I shares as of May 1, 2001.
(c)	There were no fee reductions during the period.
(d)	Not annualized.
(e)	Annualized.

See notes to financial statements.

155

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

GVIT Small Cap Value Fund

			Investment Activities									Distributions
						Net
						Realized
						and
						Unrealized												Net
	Net Asset		Net			Gains			Total			Net						Asset
	Value,		Investment			(Losses)			from			Realized						Value,
	Beginning		Income			on			Investment			Gains			Total			End of		Total
	of Period		(Loss)			Investments			Activities			(Losses)			Distributions			Period		Return
Class I Shares
Year Ended December 31, 1999	$	9.49		(0.02	)		2.38			2.36			(2.13	)		(2.13	)	$	9.72		27.84%
Year Ended December 31, 2000	$	9.72		(0.02	)		1.06			1.04			(2.06	)		(2.06	)	$	8.70		11.20%
Year Ended December 31, 2001 (c)	$	8.70		—			2.44			2.44			(0.78	)		(0.78	)	$	10.36		28.28%
Year Ended December 31, 2002	$	10.36		—			(2.78	)		(2.78	)		(0.21	)		(0.21	)	$	7.37		(27.16%	)
Year Ended December 31, 2003	$	7.37		(0.02	)		4.21			4.19			—			—		$	11.56		56.85%
Six Months Ended June 30, 2004 (Unaudited)	$	11.56		(0.01	)		0.64			0.63			—			—		$	12.19		5.45%	(i)
Class II Shares
Period Ended December 31, 2002 (d)	$	10.26		—			(2.68	)		(2.68	)		(0.21	)		(0.21	)	$	7.37		(26.46%	)(h)
Year Ended December 31, 2003 (e)	$	7.37		(0.04	)		4.20			4.16			—			—		$	11.53		56.45%
Six Months Ended June 30, 2004 (Unaudited)	$	11.53		(0.02	)		0.63			0.61			—			—		$	12.14		5.29%	(i)
Class III Shares
Period Ended December 31, 2002 (f)	$	10.48		—			(2.89	)		(2.89	)		(0.21	)		(0.21	)	$	7.38		(27.88%	)(h)
Year Ended December 31, 2003 (e)	$	7.38		(0.01	)		4.20			4.19			—			—		$	11.57		56.78%
Six Months Ended June 30, 2004 (Unaudited)	$	11.57		(0.01	)		0.64			0.63			—			—		$	12.20		5.45%	(i)
Class IV Shares
Period Ended December 31, 2003 (g)	$	7.49		(0.01	)		4.08			4.07			—			—		$	11.56		54.34%	(h)
Six Months Ended June 30, 2004 (Unaudited)	$	11.56		(0.01	)		0.64			0.63			—			—		$	12.19		5.45%	(i)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
												Ratio of
												Net
												Investment
						Ratio of			Ratio of			Income
						Net			Expenses			(Loss)
			Ratio of			Investment			(Prior to			(Prior to
	Net		Expenses			Income			Reimburse-			Reimburse-
	Assets at		to			(Loss) to			ments) to			ments) to
	End of		Average			Average			Average			Average			Portfolio
	Period		Net			Net			Net			Net			Turnover
	(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class I Shares
Year Ended December 31, 1999	$	131,929		1.05%			(0.28%	)		1.27%			(0.50%	)		270.26%
Year Ended December 31, 2000	$	280,110		1.05%			(0.31%	)		1.20%			(0.46%	)		181.85%
Year Ended December 31, 2001 (c)	$	697,860		1.05%			0.04%			1.15%			(0.06%	)		164.87%
Year Ended December 31, 2002	$	467,165		1.11%			0.01%			1.11%			0.01%			127.77%
Year Ended December 31, 2003	$	715,099		1.11%			(0.18%	)		(j	)		(j	)		126.29%
Six Months Ended June 30, 2004 (Unaudited)	$	724,741		1.10%	(h)		(0.14%	)(h)		(j	)		(j	)		78.73%
Class II Shares
Period Ended December 31, 2002 (d)	$	1,472		1.32%	(i)		0.13%	(i)		(j	)		(j	)		127.77%
Year Ended December 31, 2003 (e)	$	18,446		1.36%			(0.41%	)		(j	)		(j	)		126.29%
Six Months Ended June 30, 2004 (Unaudited)	$	32,411		1.35%	(h)		(0.34%	)(h)		(j	)		(j	)		78.73%
Class III Shares
Period Ended December 31, 2002 (f)	$	63		1.07%	(i)		0.60%	(i)		(j	)		(j	)		127.77%
Year Ended December 31, 2003 (e)	$	2,568		1.11%			(0.13%	)		(j	)		(j	)		126.29%
Six Months Ended June 30, 2004 (Unaudited)	$	2,499		1.10%	(h)		(0.12%	)(h)		(j	)		(j	)		78.73%
Class IV Shares
Period Ended December 31, 2003 (g)	$	53,826		1.10%	(i)		(0.18%	)(i)		(j	)		(j	)		126.29%
Six Months Ended June 30, 2004 (Unaudited)	$	55,480		1.10%	(h)		(0.13%	)(h)		(j	)		(j	)		78.73%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	The existing shares of the Fund were designated Class I shares as of May 1, 2001.
(d)	For the period from May 6, 2002 (commencement of operations) through December 31, 2002.
(e)	Net investment income (loss) is based on average shares outstanding during the period.
(f)	For the period from May 3, 2002 (commencement of operations) through December 31, 2002.
(g)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(h)	Annualized.
(i)	Not annualized.
(j)	There were no fee reductions during the period.

See notes to financial statements.

156

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

GVIT Small Cap Growth Fund

			Investment Activities									Distributions
						Net
						Realized
						and
						Unrealized												Net
	Net Asset		Net			Gains			Total			Net						Asset
	Value,		Investment			(Losses)			from			Realized						Value,
	Beginning		Income			on			Investment			Gains			Total			End of		Total
	of Period		(Loss)			Investments			Activities			(Losses)			Distributions			Period		Return
Class I Shares
Period Ended December 31, 1999 (c)	$	10.00		(0.01	)		10.48			10.47			(0.78	)		(0.78	)	$	19.69		105.01%	(g)
Year Ended December 31, 2000	$	19.69		(0.02	)		(3.10	)		(3.12	)		(0.33	)		(0.33	)	$	16.24		(16.17%	)
Year Ended December 31, 2001 (d)	$	16.24		(0.07	)		(1.69	)		(1.76	)		—			—		$	14.48		(10.84%	)
Year Ended December 31, 2002	$	14.48		(0.11	)		(4.71	)		(4.82	)		—			—		$	9.66		(33.29%	)
Year Ended December 31, 2003	$	9.66		(0.11	)		3.42			3.31			—			—		$	12.97		34.27%
Six Months Ended June 30, 2004 (Unaudited)	$	12.97		(0.06	)		0.51			0.45			—			—		$	13.42		3.47%	(g)
Class II Shares
Period Ended December 31, 2002 (e)	$	13.59		(0.04	)		(3.92	)		(3.96	)		—			—		$	9.63		(29.14%	)(g)
Year Ended December 31, 2003	$	9.63		(0.09	)		3.37			3.28			—			—		$	12.91		34.06%
Six Months Ended June 30, 2004 (Unaudited)	$	12.91		(0.06	)		0.49			0.43			—			—		$	13.34		3.33%	(g)
Class III Shares
Period Ended December 31, 2002 (f)	$	10.95		(0.04	)		(1.29	)		(1.33	)		—			—		$	9.62		(12.15%	)(g)
Year Ended December 31, 2003	$	9.62		(0.05	)		3.33			3.28			—			—		$	12.90		34.10%
Six Months Ended June 30, 2004 (Unaudited)	$	12.90		(0.05	)		0.49			0.44			—			—		$	13.34		3.41%	(g)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
												Ratio of
												Net
												Investment
						Ratio of			Ratio of			Income
						Net			Expenses			(Loss)
			Ratio of			Investment			(Prior to			(Prior to
	Net		Expenses			Income			Reimburse-			Reimburse-
	Assets at		to			(Loss) to			ments) to			ments) to
	End of		Average			Average			Average			Average			Portfolio
	Period		Net			Net			Net			Net			Turnover
	(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class I Shares
Period Ended December 31, 1999 (c)	$	19,541		1.30%	(h)		(0.24%	)(h)		3.40%	(h)		(2.34%	)(h)		130.98%
Year Ended December 31, 2000	$	93,891		1.30%			(0.22%	)		1.60%			(0.52%	)		182.48%
Year Ended December 31, 2001 (d)	$	143,982		1.30%			(0.65%	)		1.43%			(0.78%	)		124.61%
Year Ended December 31, 2002	$	100,308		1.35%			(1.03%	)		1.35%			(1.03%	)		165.97%
Year Ended December 31, 2003	$	156,978		1.34%			(1.03%	)		(i	)		(i	)		121.69%
Six Months Ended June 30, 2004 (Unaudited)	$	145,789		1.19%	(h)		(0.82%	)(h)		(i	)		(i	)		77.31%
Class II Shares
Period Ended December 31, 2002 (e)	$	1,652		1.63%	(h)		(1.33%	)(h)		(i	)		(i	)		165.97%
Year Ended December 31, 2003	$	8,842		1.59%			(1.29%	)		(i	)		(i	)		121.69%
Six Months Ended June 30, 2004 (Unaudited)	$	12,169		1.44%	(h)		(1.08%	)(h)		(i	)		(i	)		77.31%
Class III Shares
Period Ended December 31, 2002 (f)	$	17		1.27%	(h)		(0.94%	)(h)		(i	)		(i	)		165.97%
Year Ended December 31, 2003	$	978		1.34%			(1.04%	)		(i	)		(i	)		121.69%
Six Months Ended June 30, 2004 (Unaudited)	$	981		1.19%	(h)		(0.82%	)(h)		(i	)		(i	)		77.31%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	For the period from May 1, 1999 (commencement of operations) through December 31, 1999.
(d)	The existing shares of the Fund were designated Class I shares as of May 1, 2001.
(e)	For the period from March 7, 2002 (commencement of operations) through December 31, 2002.
(f)	For the period from July 5, 2002 (commencement of operations) through December 31, 2002.
(g)	Not annualized.
(h)	Annualized.
(i)	There were no fee reductions during the period.

See notes to financial statements.

157

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Worldwide Leaders Fund

			Investment Activities									Distributions
						Net
						Realized
						and
						Unrealized
	Net Asset		Net			Gains			Total						Net
	Value,		Investment			(Losses)			from			Net			Realized			Tax
	Beginning		Income			on			Investment			Investment			Gains			Return of			Total
	of Period		(Loss)			Investments			Activities			Income			(Losses)			Capital			Distributions
Class I Shares
Year Ended December 31, 1999	$	11.75		0.07			2.60			2.67			(0.05	)		(0.48	)		—			(0.53	)
Year Ended December 31, 2000	$	13.89		0.13			(1.81	)		(1.68	)		(0.11	)		(0.44	)		(0.01	)		(0.56	)
Year Ended December 31, 2001 (c)	$	11.65		0.07			(2.26	)		(2.19	)		(0.18	)		—			—			(0.18	)
Year Ended December 31, 2002	$	9.28		(0.04	)		(2.29	)		(2.33	)		(0.08	)		—			(0.02	)		(0.10	)
Year Ended December 31, 2003	$	6.85		0.01			2.46			2.47			—			—			—			—
Six Months Ended June 30, 2004 (Unaudited)	$	9.32		0.06			(0.16	)		(0.10	)		—			—			—			—
Class III Shares
Period Ended December 31, 2003 (d)	$	6.89		(0.01	)		2.44			2.43			—			—			—			—
Six Months Ended June 30, 2004 (Unaudited)	$	9.32		0.05			(0.15	)		(0.10	)		—			—			—			—

[Additional columns below]

[Continued from above table, first column(s) repeated]

						Ratios/Supplemental Data
																	Ratio of
																	Net
																	Investment
											Ratio of			Ratio of			Income
											Net			Expenses			(Loss)
								Ratio of			Investment			(Prior to			(Prior to
	Net					Net		Expenses			Income			Reimburse-			Reimburse-
	Asset					Assets at		to			(Loss) to			ments) to			ments) to
	Value,					End of		Average			Average			Average			Average			Portfolio
	End of		Total			Period		Net			Net			Net			Net			Turnover
	Period		Return			(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class I Shares
Year Ended December 31, 1999	$	13.89		22.92%		$	60,840		1.20%			0.31%			1.54%			(0.03%	)		79.22%
Year Ended December 31, 2000	$	11.65		(12.32%	)	$	81,359		1.20%			1.01%			1.42%			0.79%			184.98%
Year Ended December 31, 2001 (c)	$	9.28		(18.81%	)	$	70,469		1.20%			0.66%			1.30%			0.56%			128.06%
Year Ended December 31, 2002	$	6.85		(25.39%	)	$	26,467		1.32%			0.29%			1.32%			0.29%			529.97%
Year Ended December 31, 2003	$	9.32		36.06%		$	27,624		1.32%			0.30%			(g	)		(g	)		603.34%
Six Months Ended June 30, 2004 (Unaudited)	$	9.22		(1.07%	)(e)	$	25,255		1.34%	(f)		1.32%	(f)		(g	)		(g	)		255.82%
Class III Shares
Period Ended December 31, 2003 (d)	$	9.32		35.27%	(e)	$	5,853		1.35%	(f)		(0.31%	)(f)		(g	)		(g	)		603.34%
Six Months Ended June 30, 2004 (Unaudited)	$	9.22		(1.07%	)(e)	$	7,652		1.34%	(f)		1.34%	(f)		(g	)		(g	)		255.82%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	The existing shares of the Fund were designated Class I shares as of May 1, 2001.
(d)	For the period May 2, 2003 (commencement of operations) through December 31, 2003.
(e)	Not annualized.
(f)	Annualized.
(g)	There were no fee reductions during the period.

See notes to financial statements.

158

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Dreyfus GVIT Mid Cap Index Fund

			Investment Activities								Distributions
					Net
					Realized
					and
					Unrealized															Net
	Net Asset		Net		Gains			Total						Net						Asset
	Value,		Investment		(Losses)			from			Net			Realized						Value,
	Beginning		Income		on			Investment			Investment			Gains			Total			End of
	of Period		(Loss)		Investments			Activities			Income			(Losses)			Distributions			Period
Class I Shares
Year Ended December 31, 1999	$	10.92		0.05		2.21			2.26			(0.03	)		(0.83	)		(0.86	)	$	12.32
Year Ended December 31, 2000	$	12.32		0.07		1.79			1.86			(0.09	)		(0.54	)		(0.63	)	$	13.55
Year Ended December 31, 2001 (c)	$	13.55		0.07		(0.25	)		(0.18	)		(0.07	)		(0.13	)		(0.20	)	$	13.17
Year Ended December 31, 2002	$	13.17		0.04		(2.05	)		(2.01	)		(0.04	)		(0.10	)		(0.14	)	$	11.02
Year Ended December 31, 2003	$	11.02		0.06		3.75			3.81			(0.06	)		(e	)		(0.06	)	$	14.77
Six Months Ended June 30, 2004 (Unaudited)	$	14.77		0.04		0.81			0.85			(0.04	)		—			(0.04	)	$	15.58
Class II Shares
Period Ended December 31, 2002 (d)	$	13.64		0.02		(2.53	)		(2.51	)		(0.03	)		(0.10	)		(0.13	)	$	11.00
Year Ended December 31, 2003	$	11.00		0.03		3.74			3.77			(0.04	)		(e	)		(0.04	)	$	14.73
Six Months Ended June 30, 2004 (Unaudited)	$	14.73		0.02		0.81			0.83			(0.02	)		—			(0.02	)	$	15.54

[Additional columns below]

[Continued from above table, first column(s) repeated]

				Ratios/Supplemental Data
															Ratio of
															Net
															Investment
									Ratio of			Ratio of			Income
									Net			Expenses			(Loss)
						Ratio of			Investment			(Prior to			(Prior to
				Net		Expenses			Income			Reimburse-			Reimburse-
				Assets at		to			(Loss) to			ments) to			ments) to
				End of		Average			Average			Average			Average			Portfolio
	Total			Period		Net			Net			Net			Net			Turnover
	Return			(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class I Shares
Year Ended December 31, 1999		20.92%		$	20,259		1.03%			0.56%			1.74%			(0.15%	)		275.04%
Year Ended December 31, 2000		15.21%		$	145,350		0.65%			0.68%			0.90%			0.43%			83.45%
Year Ended December 31, 2001 (c)		(1.30%	)	$	257,623		0.65%			0.53%			0.78%			0.40%			28.43%
Year Ended December 31, 2002		(15.30%	)	$	285,970		0.74%			0.37%			0.75%			0.36%			27.32%
Year Ended December 31, 2003		34.65%		$	432,589		0.74%			0.49%			(h	)		(h	)		11.58%
Six Months Ended June 30, 2004 (Unaudited)		5.74%	(f)	$	485,793		0.69%	(g)		0.53%	(g)		(h	)		(h	)		6.66%
Class II Shares
Period Ended December 31, 2002 (d)		(18.44%	)(f)	$	1,232		0.96%	(f)		0.25%			(h	)		(h	)		27.32%
Year Ended December 31, 2003		34.30%		$	8,049		0.98%			0.27%			(h	)		(h	)		11.58%
Six Months Ended June 30, 2004 (Unaudited)		5.65%	(f)	$	11,932		0.88%	(g)		0.35%	(g)		(h	)		(h	)		6.66%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	The existing shares of the Fund were designated Class I shares as of May 1, 2001.
(d)	For the period from May 6, 2002 (commencement of operations) through December 31, 2002.
(e)	The amount is less than $0.005.
(f)	Not annualized.
(g)	Annualized.
(h)	There were no fee reductions during the period.

See notes to financial statements.

159

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Global Technology and Communications Fund

			Investment Activities									Distributions
						Net
						Realized
						and
						Unrealized															Net
	Net Asset		Net			Gains			Total												Asset
	Value,		Investment			(Losses)			from			Net									Value,
	Beginning		Income			on			Investment			Realized			Return of			Total			End of		Total
	of Period		(Loss)			Investments			Activities			Gains			Capital			Distributions			Period		Return
Class I Shares
Period Ended December 31, 2000 (c)	$	10.00		(0.01	)		(2.48	)		(2.49	)		(0.16	)		—			(0.16	)	$	7.35		(24.96%	)(g)
Year Ended December 31, 2001 (d)	$	7.35		(0.03	)		(3.11	)		(3.14	)		—			—			—		$	4.21		(42.72%	)
Year Ended December 31, 2002	$	4.21		(0.03	)		(1.77	)		(1.80	)		—			(0.02	)		(0.02	)	$	2.39		(42.78%	)
Year Ended December 31, 2003	$	2.39		(0.03	)		1.35			1.32			—			—			—		$	3.71		55.23%
Six Months Ended June 30, 2004 (Unaudited)	$	3.71		(0.02	)		0.05			0.03			—			—			—		$	3.74		0.81%	(g)
Class II Shares
Period Ended December 31, 2003 (e)	$	2.45		(0.01	)		1.28			1.27			—			—			—		$	3.72		51.84%	(g)
Six Months Ended June 30, 2004 (Unaudited)	$	3.72		(0.03	)		0.05			0.02			—			—			—		$	3.74		0.54%	(g)
Class III Shares
Period Ended December 31, 2002 (f)	$	3.29		(0.01	)		(0.85	)		(0.86	)		—			(0.02	)		(0.02	)	$	2.41		(26.14%	)(g)
Year Ended December 31, 2003	$	2.41		(0.02	)		1.35			1.33			—			—			—		$	3.74		55.19%
Six Months Ended June 30, 2004 (Unaudited)	$	3.74		(0.02	)		0.05			0.03			—			—			—		$	3.77		0.80%	(g)
Class VI Shares
Period Ended June 30, 2004 (Unaudited) (j)	$	3.59		—			0.15			0.15			—			—			—		$	3.74		4.18%	(g)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
												Ratio of
												Net
												Investment
						Ratio of			Radio of			Income
						Net			Expenses			(Loss)
			Ratio of			Investment			(Prior to			(Prior to
	Net		Expenses			Income			Reimburse-			Reimburse-
	Assets at		to			(Loss) to			ments) to			ments) to
	End of		Average			Average			Average			Average			Portfolio
	Period		Net			Net			Net			Net			Turnover
	(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class I Shares
Period Ended December 31, 2000 (c)	$	12,127		1.35%	(h)		(0.44%	)(h)		2.57%	(h)		(1.66%	)(h)		305.36%
Year Ended December 31, 2001 (d)	$	15,585		1.35%			(0.88%	)		2.02%			(1.55%	)		894.05%
Year Ended December 31, 2002	$	7,791		1.34%			(0.65%	)		1.39%			(0.70%	)		879.28%
Year Ended December 31, 2003	$	15,960		1.24%			(0.94%	)		(i	)		(i	)		1,045.37%
Six Months Ended June 30, 2004 (Unaudited)	$	16,341		1.23%	(h)		(0.93%	)(h)		(i	)		(i	)		336.58%
Class II Shares
Period Ended December 31, 2003 (e)	$	2,128		1.49%	(h)		(1.27%	)(h)		(i	)		(i	)		1,045.37%
Six Months Ended June 30, 2004 (Unaudited)	$	3,381		1.48%	(h)		(1.16%	)(h)		(i	)		(i	)		336.58%
Class III Shares
Period Ended December 31, 2002 (f)	$	5,822		1.37%	(h)		(3.49%	)(h)		1.79%			(3.91%	)		879.28%
Year Ended December 31, 2003	$	33,398		1.25%			(1.00%	)		(i	)		(i	)		1,045.37%
Six Months Ended June 30, 2004 (Unaudited)	$	33,113		1.23%	(h)		(0.93%	)(h)		(i	)		(i	)		336.58%
Class VI Shares
Period Ended June 30, 2004 (Unaudited) (j)	$	1,006		1.33%	(h)		(0.97%	)(h)		(i	)		(i	)		336.58%

(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)	Portfolio turnover is calculated on the basis of the Fund as whole without distinguishing among the classes of shares.
(c)	For the period from June 30, 2000 (commencement of operations) through December 31, 2000.
(d)	The existing shares of the Fund were designated Class I shares as of May 1, 2001.
(e)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.
(f)	For the period from May 2, 2002 (commencement of operations) through December 31, 2002.
(g)	Not annualized.
(h)	Annualized.
(i)	There were no fee reductions during the period.
(j)	For the period from April 28, 2004 (commencement of operations) through June 30, 2004.

See notes to financial statements.

160

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Global Health Sciences Fund

			Investment Activities											Distributions
								Net
								Realized
								and
								Unrealized
	Net Asset		Net					Gains			Total
	Value,		Investment					(Losses)			from			Net			Net
	Beginning		Income			Redemption		on			Investment			Investment			Realized			Total
	of Period		(Loss)			Fees		Investments			Activities			Income			Gains			Distributions
Class I Shares
Period Ended December 31, 2000 (c)	$	10.00		—			—		(0.17	)		(0.17	)		—			—			—
Period Ended December 27, 2001 (d)(e)	$	9.38		(0.03	)		—		0.39			0.36			(0.02	)		—			(0.02	)
Period Ended December 31, 2002 (f)	$	9.51		(0.02	)		0.01		(1.31	)		(1.32	)		—			—			—
Year Ended December 31, 2003	$	8.19		(0.02	)		0.01		3.01			3.00			—			(1.23	)		(1.23	)
Six Months Ended June 30, 2004 (Unaudited)	$	9.96		(0.01	)		—		0.62			0.61			—			(0.05	)		(0.05	)
Class II Shares
Period Ended December 31, 2003 (g)	$	8.72		(0.01	)		0.01		2.46			2.46			—			(1.23	)		(1.23	)
Six Months Ended June 30, 2004 (Unaudited)	$	9.95		(0.03	)		—		0.62			0.59			—			(0.05	)		(0.05	)
Class III Shares
Period Ended December 31, 2001 (e)	$	10.17		—			—		(0.03	)		(0.03	)		—			—			—
Year Ended December 31, 2002	$	10.14		(0.03	)		0.01		(1.92	)		(1.94	)		—			—			—
Year Ended December 31, 2003	$	8.20		(0.03	)		0.01		3.03			3.01			—			(1.23	)		(1.23	)
Six Months Ended June 30, 2004 (Unaudited)	$	9.98		(0.01	)		—		0.62			0.61			—			(0.05	)		(0.05	)
Class VI Shares
Period Ended June 30, 2004 (Unaudited) (k)	$	10.70		(0.01	)		—		(0.15	)		(0.16	)		—			—			—

[Additional columns below]

[Continued from above table, first column(s) repeated]

						Ratios/Supplemental Data
																	Ratio of
																	Net
																	Investment
											Ratio of			Ratio of			Income
											Net			Expenses			(Loss)
								Ratio of			Investment			(Prior to			(Prior to
	Net					Net		Expenses			Income			Reimburse-			Reimburse-
	Asset					Assets at		to			(Loss) to			ments) to			ments) to
	Value,					End of		Average			Average			Average			Average			Portfolio
	End of		Total			Period		Net			Net			Net			Net			Turnover
	Period		Return			(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class I Shares
Period Ended December 31, 2000 (c)	$	9.83		(1.70%	)(h)	$	2,458		1.00%	(i)		(1.00%	)(i)		28.69%	(i)		(28.69%	)(i)		0.00%
Period Ended December 27, 2001 (d)(e)	$	10.17		3.67%	(h)	$	2,549		1.24%	(i)		(0.32%	)(i)		5.51%	(i)		(4.59%	)(i)		892.96%
Period Ended December 31, 2002 (f)	$	8.19		(13.88%	)(h)	$	370		1.22%	(i)		(0.25%	)(i)		(j	)		(j	)		764.93%
Year Ended December 31, 2003	$	9.96		36.69%		$	4,434		1.24%			(0.36%	)		(j	)		(j	)		542.89%
Six Months Ended June 30, 2004 (Unaudited)	$	10.52		6.14%		$	8,180		1.24%	(i)		(0.37%	)(i)		(j	)		(j	)		170.11%
Class II Shares
Period Ended December 31, 2003 (g)	$	9.95		28.27%	(h)	$	2,232		1.49%	(i)		(0.59%	)(i)		(j	)		(j	)		542.89%
Six Months Ended June 30, 2004 (Unaudited)	$	10.49		5.95%	(h)	$	3,901		1.49%	(i)		(0.62%	)(i)		(j	)		(j	)		170.11%
Class III Shares
Period Ended December 31, 2001 (e)	$	10.14		(0.30%	)(h)	$	2,540		1.35%	(i)		(1.13%	)(i)		1.35%	(i)		(1.13%	)(i)		892.96%
Year Ended December 31, 2002	$	8.20		19.13%		$	11,652		1.23%			(0.37%	)		1.24%			(0.38%	)		764.93%
Year Ended December 31, 2003	$	9.98		36.77%		$	27,026		1.22%			(0.39%	)		(j	)		(j	)		542.89%
Six Months Ended June 30, 2004 (Unaudited)	$	10.54		6.13%	(h)	$	45,317		1.25%	(i)		(0.36%	)(i)		(j	)		(j	)		170.11%
Class VI Shares
Period Ended June 30, 2004 (Unaudited) (k)	$	10.54		(1.50%	)(h)	$	2,657		1.34%	(i)		(0.62%	)(i)		(j	)		(j	)		170.11%

(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)	Portfolio turnover is calculated on the basis of the Fund as whole without distinguishing among the classes of shares.
(c)	For the period from December 29, 2000 (commencement of operations) through December 31, 2000.
(d)	The existing shares of the Fund were designated Class I shares as of May 1, 2001.
(e)	Class I shares were exchanged into Class III shares effective December 28, 2001.
(f)	For the period from May 6, 2002 (recommencement of sales to the public) through December 31, 2002.
(g)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.
(h)	Not annualized.
(i)	Annualized.
(j)	There were no fee reductions during the period.
(k)	For the period from April 28, 2004 (commencement of operations) through June 30, 2004.

See notes to financial statements.

161

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Nationwide Leaders Fund

			Investment Activities										Distributions
							Net
							Realized
							and
							Unrealized												Net
	Net Asset		Net				Gains			Total									Asset
	Value,		Investment				(Losses)			from			Net						Value,
	Beginning		Income		Redemption		on			Investment			Investment			Total			End of
	of Period		(Loss)		Fees		Investments			Activities			Income			Distributions			Period
Class I Shares
Period Ended December 31, 2002 (c)	$	11.20		0.03		0.02		(1.75	)		(1.70	)		(0.06	)		(0.06	)	$	9.44
Year Ended December 31, 2003	$	9.44		0.01		0.01		2.37			2.39			(0.02	)		(0.02	)	$	11.81
Six Months Ended June 30, 2004 (Unaudited)	$	11.81		—		0.03		0.48			0.51			—			—		$	12.32
Class III Shares
Period Ended December 31, 2001 (d)	$	10.00		—		—		0.08			0.08			—			—		$	10.08
Year Ended December 31, 2002	$	10.08		0.04		0.02		(0.64	)		(0.58	)		(0.06	)		(0.06	)	$	9.44
Year Ended December 31, 2003	$	9.44		0.01		0.01		2.39			2.41			(0.02	)		(0.02	)	$	11.83
Six Months Ended June 30, 2004 (Unaudited)	$	11.83		—		0.03		0.48			0.51			—			—		$	12.34

[Additional columns below]

[Continued from above table, first column(s) repeated]

				Ratios/Supplemental Data
															Ratio of
															Net
															Investment
									Ratio of			Ratio of			Income
									Net			Expenses			(Loss)
						Ratio of			Investment			(Prior to			(Prior to
				Net		Expenses			Income			Reimburse-			Reimburse-
				Assets at		to			(Loss) to			ments) to			ments) to
				End of		Average			Average			Average			Average			Portfolio
	Total			Period		Net			Net			Net			Net			Turnover
	Return			(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class I Shares
Period Ended December 31, 2002 (c)		(15.17%	)(e)	$	247		1.12%	(f)		1.03%	(f)		(g	)		(g	)		105.28%
Year Ended December 31, 2003		25.38%		$	530		1.14%			0.05%			(g	)		(g	)		244.94%
Six Months Ended June 30, 2004 (Unaudited)		4.32%	(e)	$	757		1.17%	(f)		(0.02%	)(f)		(g	)		(g	)		70.79%
Class III Shares
Period Ended December 31, 2001 (d)		0.80%	(e)	$	1,008		1.25%	(f)		(0.16%	)(f)		20.55%	(f)		(19.46%	)(f)		0.00%
Year Ended December 31, 2002		(5.78%	)	$	8,463		1.15%			0.80%			1.16%			0.79%			105.28%
Year Ended December 31, 2003		25.59%		$	8,801		1.13%			0.16%			(g	)		(g	)		244.94%
Six Months Ended June 30, 2004 (Unaudited)		4.31%	(e)	$	8,271		1.15%	(f)		0.00%	(f)		(g	)		(g	)		70.79%

(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)	Portfolio turnover is calculated on the basis of the Fund as whole without distinguishing among the classes of shares.
(c)	For the period from May 9, 2002 (recommencement of operations) through December 31, 2002.
(d)	For the period from December 18, 2001 (commencement of operations) through December 31, 2001. Registration of shares effective with the Securities and Exchange Commission on December 31, 2001. On the effective date, the net asset value was $10.08 per
(e)	Not annualized.
(f)	Annualized.
(g)	There were no fee reductions during the period.

See notes to financial statements.

162

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Emerging Markets Fund

			Investment Activities										Distributions
							Net
							Realized
							and
							Unrealized												Net
	Net Asset		Net				Gains			Total									Asset
	Value,		Investment				(Losses)			from			Net						Value,
	Beginning		Income		Redemption		on			Investment			Investment			Total			End of
	of Period		(Loss)		Fees		Investments			Activities			Income			Distributions			Period
Class I Shares
Period Ended December 31, 2000 (c)	$	10.00		—		—		(2.48	)		(2.48	)		(0.01	)		(0.01	)	$	7.51
Year Ended December 31, 2001 (d)	$	7.51		0.06		—		(0.45	)		(0.39	)		(0.04	)		(0.04	)	$	7.08
Year Ended December 31, 2002	$	7.08		0.05		0.01		(1.14	)		(1.08	)		(0.01	)		(0.01	)	$	5.99
Year Ended December 31, 2003	$	5.99		0.09		0.01		3.80			3.90			(0.05	)		(0.05	)	$	9.84
Six Months Ended June 30, 2004 (Unaudited)	$	9.84		0.07		—		(0.18	)		(0.11	)		(0.01	)		(0.08	)	$	9.65
Class II Shares
Period Ended December 31, 2002 (e)	$	7.71		0.01		0.01		(1.73	)		(1.71	)		(0.01	)		(0.01	)	$	5.99
Year Ended December 31, 2003	$	5.99		0.04		0.01		3.81			3.86			(0.03	)		(0.03	)	$	9.82
Six Months Ended June 30, 2004 (Unaudited)	$	9.82		0.05		—		(0.18	)		(0.13	)		—			(0.07	)	$	9.62
Class III Shares
Period Ended December 31, 2002 (f)	$	7.90		0.01		0.01		(1.91	)		(1.89	)		(0.02	)		(0.02	)	$	5.99
Year Ended December 31, 2003	$	5.99		0.06		0.01		3.82			3.89			(0.04	)		(0.04	)	$	9.84
Six Months Ended June 30, 2004 (Unaudited)	$	9.84		0.07		—		(0.18	)		(0.11	)		(0.01	)		(0.08	)	$	9.65
Class VI Shares
Period Ended June 30, 2004 (Unaudited) (j)	$	10.11		0.02		—		(0.48	)		(0.46	)		—			—		$	9.65

[Additional columns below]

[Continued from above table, first column(s) repeated]

				Ratios/Supplemental Data
															Ratio of
															Net
															Investment
									Ratio of			Ratio of			Income
									Net			Expenses			(Loss)
						Ratio of			Investment			(Prior to			(Prior to
				Net		Expenses			Income			Reimburse-			Reimburse-
				Assets at		to			(Loss) to			ments) to			ments) to
				End of		Average			Average			Average			Average			Portfolio
	Total			Period		Net			Net			Net			Net			Turnover
	Return			(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class I Shares
Period Ended December 31, 2000 (c)		(24.83	%)(g)	$	3,991		1.75	%(h)		(0.21	%)(h)		4.09	%(h)		(2.55	%)(h)		43.33	%
Year Ended December 31, 2001 (d)		(5.18	%)	$	15,974		1.70	%		0.57	%		2.39	%		(0.12	%)		140.18	%
Year Ended December 31, 2002		(15.23	%)	$	10,005		1.43	%		0.63	%			(i)			(i)		219.84	%
Year Ended December 31, 2003		65.26	%	$	16,993		1.39	%		1.17	%			(i)			(i)		133.49	%
Six Months Ended June 30, 2004 (Unaudited)		(1.25	%)(g)	$	17,203		1.40	%(h)		1.18	%(h)			(i)			(i)		74.16	%
Class II Shares
Period Ended December 31, 2002 (e)		(22.23	%)(g)	$	454		1.71	%(h)		0.44	%(h)			(i)			(i)		219.84	%
Year Ended December 31, 2003		64.66	%	$	6,360		1.66	%		0.35	%			(i)			(i)		133.49	%
Six Months Ended June 30, 2004 (Unaudited)		(1.41	%)(g)	$	8,607		1.66	%(h)		0.99	%(h)			(i)			(i)		74.16	%
Class III Shares
Period Ended December 31, 2002 (f)		(23.99	%)(g)	$	11,435		1.39	%(h)		0.61	%(h)			(i)			(i)		219.84	%
Year Ended December 31, 2003		65.22	%	$	46,902		1.42	%		0.89	%			(i)			(i)		133.49	%
Six Months Ended June 30, 2004 (Unaudited)		(1.25	%)(g)	$	58,417		1.41	%(h)		1.22	%(h)			(i)			(i)		74.16	%
Class VI Shares
Period Ended June 30, 2004 (Unaudited) (j)		(4.55	%)(g)	$	2,571		1.52	%(h)		2.15	%(h)			(i)			(i)		74.16	%

(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)	Portfolio turnover is calculated on the basis of the Fund as whole without distinguishing among the classes of shares.
(c)	For the period from August 30, 2000 (commencement of operations) through December 31, 2000.
(d)	The existing shares of the Fund were designated Class I shares as of May 1, 2001.
(e)	For the period from March 4, 2002 (commencement of operations) through December 31, 2002.
(f)	For the period from May 2, 2002 (commencement of operations) through December 31, 2002.
(g)	Not annualized.
(h)	Annualized.
(i)	There were no fee reductions during the period.
(j)	For the period from April 28, 2004 (commencement of operations) June 30, 2004.

See notes to financial statements.

163

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT International Growth Fund

			Investment Activities											Distributions
								Net
								Realized
								and
								Unrealized												Net
	Net Asset		Net					Gains			Total									Asset
	Value,		Investment					(Losses)			from			Net						Value,
	Beginning		Income			Redemption		on			Investment			Investment			Total			End of
	of Period		(Loss)			Fees		Investments			Activities			Income			Distributions			Period
Class I Shares
Period Ended December 31, 2000 (c)	$	10.00		(0.01	)		—		(1.37	)		(1.38	)		—			—		$	8.62
Year Ended December 31, 2001 (d)	$	8.62		0.01			—		(2.47	)		(2.46	)		(0.02	)		(0.02	)	$	6.14
Year Ended December 31, 2002	$	6.14		0.01			0.01		(1.50	)		(1.48	)		—			—		$	4.66
Year Ended December 31, 2003	$	4.66		0.07			—		1.59			1.66			—			—		$	6.32
Six Months Ended June 30, 2004 (Unaudited)	$	6.32		0.05			0.01		(0.11	)		(0.05	)		—			—		$	6.27
Class III Shares
Period Ended December 31, 2002 (e)	$	5.95		(0.01	)		0.01		(1.28	)		(1.28	)		—			—		$	4.67
Year Ended December 31, 2003	$	4.67		0.02			—		1.63			1.65			—			—		$	6.32
Six Months Ended June 30, 2004 (Unaudited)	$	6.32		0.06			0.01		(0.12	)		(0.05	)		—			—		$	6.27

[Additional columns below]

[Continued from above table, first column(s) repeated]

				Ratios/Supplemental Data
															Ratio of
															Net
															Investment
									Ratio of			Ratio of			Income
									Net			Expenses			(Loss)
						Ratio of			Investment			(Prior to			(Prior to
				Net		Expenses			Income			Reimburse-			Reimburse-
				Assets at		to			(Loss) to			ments) to			ments) to
				End of		Average			Average			Average			Average			Portfolio
	Total			Period		Net			Net			Net			Net			Turnover
	Return			(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class I Shares
Period Ended December 31, 2000 (c)		(13.70	%)(f)	$	9,239		1.60	%(g)		(0.17	%)(g)		2.88	%(g)		(1.45	%)(g)		93.02	%
Year Ended December 31, 2001 (d)		(28.65	%)	$	9,448		1.58	%		0.05	%		2.69	%		(1.06	%)		245.96	%
Year Ended December 31, 2002		(24.10	%)	$	6,859		1.29	%		0.53	%		1.33	%		0.49	%		257.38	%
Year Ended December 31, 2003		35.62	%	$	3,678		1.25	%		0.83	%			(h)			(h)		331.02	%
Six Months Ended June 30, 2004 (Unaudited)		(0.79	%)(f)	$	3,056		1.30	%(g)		1.59	%(g)			(h)			(h)		142.43	%
Class III Shares
Period Ended December 31, 2002 (e)		(21.51	%)(f)	$	2,232		1.32	%(g)		0.08	%(g)			(h)			(h)		257.38	%
Year Ended December 31, 2003		35.33	%	$	6,912		1.33	%		0.24	%			(h)			(h)		331.02	%
Six Months Ended June 30, 2004 (Unaudited)		(0.79	%)(f)	$	7,328		1.33	%(g)		1.74	%(g)			(h)			(h)		142.43	%

(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)	Portfolio turnover is calculated on the basis of the Fund as whole without distinguishing among the classes of shares.
(c)	For the period from August 30, 2000 (commencement of operations) through December 31, 2000.
(d)	The existing shares of the Fund were designated Class I shares as of May 1, 2001.
(e)	For the period from May 2, 2002 (commencement of operations) through December 31, 2002.
(f)	Not annualized.
(g)	Annualized.
(h)	There were no fee reductions during the period.

See notes to financial statements.

164

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Dreyfus GVIT International Value Fund

			Investment Activities										Distributions
							Net
							Realized
							and
							Unrealized
	Net Asset		Net				Gains			Total
	Value,		Investment				(Losses)			from			Net			Net
	Beginning		Income		Redemption		on			Investment			Investment			Realized			Total
	of Period		(Loss)		Fees		Investments			Activities			Income			Gains			Distributions
Class I Shares
Period Ended December 31, 2003 (b)	$	9.25		0.02		0.09		3.90			4.01			—			—			—
Six Months Ended June 30, 2004 (Unaudited)	$	13.26		0.11		0.01		0.88			1.00			(0.27	)		—			(0.27	)
Class II Shares
Period Ended December 31, 2003 (b)	$	9.25		0.01		0.09		3.87			3.98			—			—			—
Six Months Ended June 30, 2004 (Unaudited)	$	13.22		0.10		0.01		0.87			0.98			(0.25	)		—			(0.25	)
Class III Shares
Period Ended December 31, 2003 (b)	$	9.25		0.05		0.09		3.84			3.98			—			—			—
Six Months Ended June 30, 2004 (Unaudited)	$	13.96		0.11		0.01		0.15			0.27			(0.27	)		—			(0.27	)
Class IV Shares (c)
Year Ended December 31, 1999	$	13.85		0.19		—		3.61			3.80			(0.16	)		(0.81	)		(0.97	)
Year Ended December 31, 2000	$	16.68		0.17		—		(0.61	)		(0.44	)		(0.19	)		(1.91	)		(2.10	)
Year Ended December 31, 2001	$	14.14		0.12		—		(1.67	)		(1.55	)		(0.17	)		(1.22	)		(1.39	)
Year Ended December 31, 2002	$	11.20		0.18		—		(1.41	)		(1.23	)		(0.12	)		—			(0.12	)
Year Ended December 31, 2003	$	9.85		0.18		0.09		3.41			3.68			(0.27	)		—			(0.27	)
Six Months Ended June 30, 2004 (Unaudited)	$	13.26		0.17		0.01		0.81			0.99			(0.26	)		—			(0.26	)
Class VI Shares
Period Ended June 30, 2004 (Unaudited) (f)	$	13.63		0.04		0.01		0.42			0.47			(0.12	)		—			(0.12	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

						Ratios/Supplemental Data
											Ratio of
											Net
								Ratio of			Investment
	Net					Net		Expenses			Income
	Asset					Assets at		to			(Loss) to
	Value,					End of		Average			Average
	End of		Total			Period		Net			Net			Portfolio
	Period		Return			(000s)		Assets			Assets			Turnover (a)
Class I Shares
Period Ended December 31, 2003 (b)	$	13.26		45.08%	(d)	$	542		1.20%	(e)		0.56%	(e)		91.20%
Six Months Ended June 30, 2004 (Unaudited)	$	13.99		7.57%	(d)	$	2,133		0.84%	(e)		3.12%	(e)		21.36%
Class II Shares
Period Ended December 31, 2003 (b)	$	13.22		44.64%	(d)	$	1,523		1.45%	(e)		0.20%	(e)		91.20%
Six Months Ended June 30, 2004 (Unaudited)	$	13.95		7.48%	(d)	$	3,479		1.09%	(e)		2.92%	(e)		21.36%
Class III Shares
Period Ended December 31, 2003 (b)	$	13.23		44.75%	(d)	$	9,620		1.13%	(e)		1.30%	(e)		91.20%
Six Months Ended June 30, 2004 (Unaudited)	$	13.96		7.59%	(d)	$	31,430		0.84%	(e)		3.01%	(e)		21.36%
Class IV Shares (c)
Year Ended December 31, 1999	$	16.68		29.33%		$	88,796		0.98%			1.32%			41.00%
Year Ended December 31, 2000	$	14.14		(2.75%	)	$	78,501		0.95%			1.33%			37.00%
Year Ended December 31, 2001	$	11.20		(12.20%	)	$	68,746		1.08%			1.04%			36.00%
Year Ended December 31, 2002	$	9.85		(11.10%	)	$	59,335		1.00%			1.63%			35.00%
Year Ended December 31, 2003	$	13.26		38.52%		$	77,347		1.12%			1.62%			91.20%
Six Months Ended June 30, 2004 (Unaudited)	$	13.99		7.49%	(d)	$	77,820		0.99%	(e)		2.42%	(e)		21.36%
Class VI Shares
Period Ended June 30, 2004 (Unaudited) (f)	$	13.98		3.46%	(d)	$	2,885		1.10%	(e)		3.40%	(e)		21.36%

(a)	Portfolio turnover is calculated on the basis of the Fund as whole without distinguishing among the classes of shares.
(b)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(c)	The Dreyfus GVIT International Value Fund retained the history of the Market Street International Fund and the existing shares of the Fund were designated Class IV shares.
(d)	Not annualized.
(e)	Annualized.
(f)	For the period from April 28, 2004 (commencement of operations) through June 30, 2004.

See notes to financial statements.

165

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Investor Destinations Aggressive Fund

			Investment Activities								Distributions
					Net
					Realized
					and
					Unrealized															Net
	Net Asset				Gains			Total												Asset
	Value,		Net		(Losses)			from			Net			Net						Value,
	Beginning		Investment		on			Investment			Investment			Realized			Total			End of
	of Period		Income		Investments			Activities			Income			Gains			Distributions			Period
Class II Shares
Period Ended December 31, 2001 (c)	$	10.00		0.02		0.11			0.13			(0.02	)		—			(0.02	)	$	10.11
Year Ended December 31, 2002	$	10.11		0.09		(1.96	)		(1.87	)		(0.09	)		—			(0.09	)	$	8.15
Year Ended December 31, 2003	$	8.15		0.12		2.46			2.58			(0.12	)		(0.12	)		(0.24	)	$	10.49
Six Months Ended June 30, 2004 (d) (Unaudited)	$	10.49		0.04		0.37			0.41			(0.04	)		(0.10	)		(0.14	)	$	10.76
Class VI Shares
Period Ended June 30, 2004 (h) (Unaudited)	$	10.52		0.03		0.24			0.27			(0.03	)		—			(0.03	)	$	10.76

[Additional columns below]

[Continued from above table, first column(s) repeated]

Ratios/Supplemental Data

Ratio of

Net

Investment

Ratio of

Ratio of

Income

Net

Expenses

(Loss)

Ratio of

Investment

(Prior to

(Prior to

Net

Expenses

Income

Reimburse-

Reimburse-

Assets at

to

(Loss) to

ments) to

ments) to

End of

Average

Average

Average

Average

Total

Period

Net

Net

Net

Net

Portfolio

Return

(000s)

Assets

Assets

Assets (a)

Assets (a)

Turnover (b)

Class II Shares

Period Ended December 31, 2001 (c)

1.31%

(e)

$

506

0.61%

(f)

4.36%

(f)

24.83%

(f)

(19.86%

)(f)

10.90%

Year Ended December 31, 2002

(18.50%

)

$

19,493

0.56%

1.41%

(g

)

(g

)

111.74%

Year Ended December 31, 2003

31.87%

$

94,500

0.55%

1.60%

(g

)

(g

)

49.13%

Six Months Ended June 30, 2004 (d) (Unaudited)

3.97%

(e)

$

213,424

0.55%

(f)

1.05%

(f)

(g

)

(g

)

9.17%

Class VI Shares

Period Ended June 30, 2004 (h) (Unaudited)

2.57%

(e)

$

118

0.40%

(f)

9.94%

(f)

(g

)

(g

)

9.17%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	For the period from December 12, 2001 (commencement of operations) through December 31, 2001.
(d)	On April 30, 2004, the existing share Class of the Fund was renamed Class II Shares.
(e)	Not annualized.
(f)	Annualized.
(g)	There were no fee reductions during the period.
(h)	For the period from April 30, 2004 (commencement of operations) through June 30, 2004.

See notes to financial statements.

166

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Investor Destinations Moderately Aggressive Fund

			Investment Activities								Distributions
					Net
					Realized
					and
					Unrealized															Net
	Net Asset				Gains			Total												Asset
	Value,		Net		(Losses)			from			Net			Net						Value,
	Beginning		Investment		on			Investment			Investment			Realized			Total			End of
	of Period		Income		Investments			Activities			Income			Gains			Distributions			Period
Class II Shares
Period Ended December 31, 2001 (c)	$	10.00		0.02		0.09			0.11			(0.02	)		—			(0.02	)	$	10.09
Year Ended December 31, 2002	$	10.09		0.12		(1.59	)		(1.47	)		(0.12	)		(0.01	)		(0.13	)	$	8.49
Year Ended December 31, 2003	$	8.49		0.14		2.10			2.24			(0.13	)		—			(0.13	)	$	10.60
Six Months Ended June 30, 2004 (d) (Unaudited)	$	10.60		0.06		0.28			0.34			(0.06	)		(0.06	)		(0.12	)	$	10.82
Class VI Shares
Period Ended June 30, 2004 (h) (Unaudited)	$	10.63		0.04		0.18			0.22			(0.04	)		—			(0.04	)	$	10.81

[Additional columns below]

[Continued from above table, first column(s) repeated]

Ratios/Supplemental Data

Ratio of

Net

Investment

Ratio of

Ratio of

Income

Net

Expenses

(Loss)

Net

Ratio of

Investment

(Prior to

(Prior to

Assets

Expenses

Income

Reimburse-

Reimburse-

at End

to

(Loss) to

ments) to

ments) to

of

Average

Average

Average

Average

Portfolio

Total

Period

Net

Net

Net

Net

Turnover

Return

(000s)

Assets

Assets

Assets (a)

Assets (a)

(b)

Class II Shares

Period Ended December 31, 2001 (c)

1.12%

(e)

$

505

0.61%

(f)

4.56%

(f)

24.85%

(f)

(19.68%

)(f)

11.10%

Year Ended December 31, 2002

(14.59%

)

$

71,962

0.56%

1.89%

(g

)

(g

)

43.38%

Year Ended December 31, 2003

26.64%

$

290,666

0.56%

1.73%

(g

)

(g

)

22.22%

Six Months Ended June 30, 2004 (d) (Unaudited)

3.21%

(e)

$

501,528

0.55%

(f)

1.29%

(f)

(g

)

(g

)

6.24%

Class VI Shares

Period Ended June 30, 2004 (h) (Unaudited)

2.03%

(e)

$

352

0.40%

(f)

3.59%

(f)

(g

)

(g

)

6.24%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	For the period from December 12, 2001 (commencement of operations) through December 31, 2001.
(d)	On April 30, 2004, the existing share Class of the Fund was renamed Class II Shares.
(e)	Not annualized.
(f)	Annualized.
(g)	There were no fee reductions during the period.
(h)	For the period from April 30, 2004 (commencement of operations) through June 30, 2004.

See notes to financial statements.

167

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Investor Destinations Moderate Fund

			Investment Activities								Distributions
					Net
					Realized
					and
					Unrealized															Net
	Net Asset				Gains			Total												Asset
	Value,		Net		(Losses)			from			Net			Net						Value,
	Beginning		Investment		on			Investment			Investment			Realized			Total			End of
	of Period		Income		Investments			Activities			Income			Gains			Distributions			Period
Class II Shares
Period Ended December 31, 2001 (c)	$	10.00		0.02		0.06			0.08			(0.02	)		—			(0.02	)	$	10.06
Year Ended December 31, 2002	$	10.06		0.15		(1.11	)		(0.96	)		(0.15	)		(0.01	)		(0.16	)	$	8.94
Year Ended December 31, 2003	$	8.94		0.17		1.60			1.77			(0.17	)		—			(0.17	)	$	10.54
Six Months Ended June 30, 2004 (d) (Unaudited)	$	10.54		0.08		0.18			0.26			(0.08	)		(0.04	)		(0.12	)	$	10.68
Class VI Shares
Period Ended June 30, 2004 (h) (Unaudited)	$	10.54		0.05		0.12			0.17			(0.05	)		—			(0.05	)	$	10.66

[Additional columns below]

[Continued from above table, first column(s) repeated]

Ratios/Supplemental Data

Ratio of

Net

Investment

Ratio of

Ratio of

Income

Ratio

Net

Expenses

(Loss)

Net

of

Investment

(Prior to

(Prior to

Assets

Expenses

Income

Reimburse-

Reimburse-

at End

to

(Loss) to

ments) to

ments) to

of

Average

Average

Average

Average

Total

Period

Net

Net

Net

Net

Portfolio

Return

(000s)

Assets

Assets

Assets (a)

Assets (a)

Turnover (b)

Class II Shares

Period Ended December 31, 2001 (c)

0.84%

(e)

$

504

0.61%

(f)

4.42%

(f)

24.86%

(f)

(19.83

%)(f)

0.74%

Year Ended December 31, 2002

(9.60%

)

$

165,555

0.56%

2.41%

(g

)

(g

)

21.58%

Year Ended December 31, 2003

20.05%

$

566,916

0.56%

2.01%

(g

)

(g

)

9.90%

Six Months Ended June 30, 2004 (d) (Unaudited)

2.46%

(e)

$

853,541

0.55%

(f)

1.59%

(f)

(g

)

(g

)

1.28%

Class VI Shares

Period Ended June 30, 2004 (h) (Unaudited)

1.57%

(e)

$

1,137

0.40%

(f)

3.29%

(f)

(g

)

(g

)

1.28%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	For the period from December 12, 2001 (commencement of operations) through December 31, 2001.
(d)	On April 30, 2004, the existing share Class of the Fund was renamed Class II Shares.
(e)	Not annualized.
(f)	Annualized.
(g)	There were no fee reductions during the period.
(h)	For the period from April 30, 2004 (commencement of operations) through June 30, 2004.

See notes to financial statements.

168

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Investor Destinations Moderately Conservative Fund

			Investment Activities								Distributions
					Net
					Realized
					and
	Net Asset				Unrealized															Net
	Value,				Gains			Total												Asset
	Beginning		Net		(Losses)			from			Net			Net						Value,
	of Period		Investment		on			Investment			Investment			Realized			Total			End of		Total
	Average		Income		Investments			Activities			Income			Gains			Distributions			Period		Return
Class II Shares
Period Ended December 31, 2001 (c)	$	10.00		0.03		0.04			0.07			(0.03	)		—			(0.03	)	$	10.04		0.65%	(e)
Year Ended December 31, 2002	$	10.04		0.18		(0.60	)		(0.42	)		(0.18	)		(0.01	)		(0.19	)	$	9.43		(4.15%	)
Year Ended December 31, 2003	$	9.43		0.21		1.07			1.28			(0.21	)		(0.02	)		(0.23	)	$	10.48		13.70%
Six Months Ended June 30, 2004 (d) (Unaudited)	$	10.48		0.10		0.07			0.17			(0.10	)		(0.05	)		(0.15	)	$	10.50		1.57%	(e)
Class VI Shares
Period Ended June 30, 2004 (h) (Unaudited)	$	10.44		0.05		0.06			0.11			(0.05	)		—			(0.05	)	$	10.50		1.10%	(e)

[Additional columns below]

[Continued from above table, first column(s) repeated]

Ratios/Supplemental Data

Ratio of

Net

Investment

Ratio of

Ratio of

Income

Net

Expenses

(Loss)

Ratio of

Investment

(Prior to

(Prior to

Net

Expenses

Income

Reimburse-

Reimburse-

Assets at

to

(Loss) to

ments) to

ments) to

End of

Average

Average

Average

Average

Portfolio

Period

Net

Net

Net

Net

Turnover

(000s)

Assets

Assets

Assets (a)

Assets (a)

(b)

Class II Shares

Period Ended December 31, 2001 (c)

$

503

0.61%

(f)

4.56%

(f)

24.88%

(f)

(19.71%

)(f)

0.60%

Year Ended December 31, 2002

$

95,669

0.56%

2.96%

(g

)

(g

)

35.19%

Year Ended December 31, 2003

$

258,529

0.56%

2.32%

(g

)

(g

)

12.61%

Six Months Ended June 30, 2004 (d) (Unaudited)

$

349,705

0.55%

(f)

1.96%

(f)

(g

)

(g

)

1.44%

Class VI Shares

Period Ended June 30, 2004 (h) (Unaudited)

$

251

0.40%

(f)

3.68%

(f)

(g

)

(g

)

1.44%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	For the period from December 12, 2001 (commencement of operations) through December 31, 2001.
(d)	On April 30, 2004, the existing share Class of the Fund was renamed Class II Shares.
(e)	Not annualized.
(f)	Annualized.
(g)	There were no fee reductions during the period.
(h)	For the period from April 30, 2004 (commencement of operations) through June 30, 2004.

See notes to financial statements.

169

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Investor Destinations Conservative Fund

			Investment Activities							Distributions
					Net
					Realized
					and
					Unrealized														Net
	Net Asset				Gains			Total											Asset
	Value,		Net		(Losses)			from		Net			Net						Value,
	Beginning		Investment		on			Investment		Investment			Realized			Total			End of		Total
	of Period		Income		Investments			Activities		Income			Gains			Distributions			Period		Return
Class II Shares
Period Ended December 31, 2001 (c)	$	10.00		0.02		0.01			0.03		(0.02	)		—			(0.02	)	$	10.01		0.34%	(e)
Year Ended December 31, 2002	$	10.01		0.21		(0.18	)		0.03		(0.21	)		—			(0.21	)	$	9.83		0.40%
Year Ended December 31, 2003	$	9.83		0.24		0.53			0.77		(0.24	)		(0.04	)		(0.28	)	$	10.32		7.91%
Six Months Ended June 30, 2004 (d) (Unaudited)	$	10.32		0.10		(0.01	)		0.09		(0.10	)		(0.04	)		(0.14	)	$	10.27		0.96%	(e)
Class VI Shares
Period Ended June 30, 2004 (h) (Unaudited)	$	10.26		0.06		—			0.06		(0.06	)		—			(0.06	)	$	10.26		0.60%	(e)

[Additional columns below]

[Continued from above table, first column(s) repeated]

Ratios/Supplemental Data

Ratio of

Net

Investment

Ratio of

Ratio of

Income

Net

Expenses

(Loss)

Net

Ratio of

Investment

(Prior to

(Prior to

Assets

Expenses

Income

Reimburse-

Reimburse-

at End

to

(Loss) to

ments) to

ments) to

of

Average

Average

Average

Average

Portfolio

Period

Net

Net

Net

Net

Turnover

(000s)

Assets

Assets

Assets (a)

Assets (a)

(b)

Class II Shares

Period Ended December 31, 2001 (c)

$

502

0.61%

(f)

4.39%

(f)

24.89%

(f)

(19.89%

)(f)

0.40%

Year Ended December 31, 2002

$

90,358

0.56%

3.30%

(g

)

(g

)

28.70%

Year Ended December 31, 2003

$

190,624

0.56%

2.55%

(g

)

(g

)

24.84%

Six Months Ended June 30, 2004 (d) (Unaudited)

$

225,858

0.55%

(f)

2.14%

(f)

(g

)

(g

)

7.90%

Class VI Shares

Period Ended June 30, 2004 (h) (Unaudited)

$

342

0.40%

(f)

2.93%

(f)

(g

)

(g

)

7.90%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	For the period from December 12, 2001 (commencement of operations) through December 31, 2001.
(d)	On April 30, 2004, the existing share Class of the Fund was renamed Class II Shares.
(e)	Not annualized.
(f)	Annualized.
(g)	There were no fee reductions during the period.
(h)	For the period from April 30, 2004 (commencement of operations) through June 30, 2004.

See notes to financial statements.

170

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT U.S. Growth Leaders Fund

			Investment Activities											Distributions
								Net
								Realized
								and
								Unrealized												Net
	Net Asset		Net					Gains			Total									Asset
	Value,		Investment					(Losses)			from			Net						Value,
	Beginning		Income			Redemption		on			Investment			Realized			Total			End of
	of Period		(Loss)			Fees		Investments			Activities			Gains			Distributions			Period
Class I Shares
Period Ended December 31, 2002 (c)	$	8.64		(0.02	)		0.01		(1.07	)		(1.08	)		—			—		$	7.56
Year Ended December 31, 2003	$	7.56		(0.02	)		0.01		3.95			3.94			(0.76	)		(0.76	)	$	10.74
Six Months Ended June 30, 2004 (Unaudited)	$	10.74		(0.04	)		—		0.30			0.26			(0.44	)		(0.44	)	$	10.56
Class II Shares
Period Ended December 31, 2003 (d)	$	8.17		(0.02	)		0.01		3.36			3.35			(0.76	)		(0.76	)	$	10.76
Six Months Ended June 30, 2004 (Unaudited)	$	10.76		(0.05	)		—		0.30			0.25			(0.44	)		(0.44	)	$	10.57
Class III Shares
Period Ended December 31, 2001 (e)	$	10.00		—			—		(0.08	)		(0.08	)		—			—		$	9.92
Year Ended December 31, 2002	$	9.92		(0.05	)		0.01		(2.30	)		(2.34	)		—			—		$	7.58
Year Ended December 31, 2003	$	7.58		(0.03	)		0.01		3.99			3.97			(0.76	)		(0.76	)	$	10.79
Six Months Ended June 30, 2004 (Unaudited)	$	10.79		(0.05	)		—		0.31			0.26			(0.44	)		(0.44	)	$	10.61

[Additional columns below]

[Continued from above table, first column(s) repeated]

				Ratios/Supplemental Data
															Ratio of
															Net
															Investment
									Ratio of			Ratio of			Income
									Net			Expenses			(Loss)
						Ratio of			Investment			(Prior to			(Prior to
				Net		Expenses			Income			Reimburse-			Reimburse-
				Assets at		to			(Loss) to			ments) to			ments) to
				End of		Average			Average			Average			Average			Portfolio
	Total			Period		Net			Net			Net			Net			Turnover
	Return			(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class I Shares
Period Ended December 31, 2002 (c)		(12.50%	)(f)	$	476		1.16%	(g)		(0.56%	)(g)		(h	)		(h	)		754.41%
Year Ended December 31, 2003		52.14%		$	6,199		1.19%			(0.50%	)		(h	)		(h	)		580.71%
Six Months Ended June 30, 2004 (Unaudited)		2.45%	(f)	$	5,792		1.30%	(g)		(0.74%	)(g)		(h	)		(h	)		268.72%
Class II Shares
Period Ended December 31, 2003 (d)		41.02%	(f)	$	4,101		1.43%	(g)		(0.66%	)(g)		(h	)		(h	)		580.71%
Six Months Ended June 30, 2004 (Unaudited)		2.35%	(f)	$	7,582		1.55%	(g)		(1.00%	)(g)		(h	)		(h	)		268.72%
Class III Shares
Period Ended December 31, 2001 (e)		(0.80%	)(f)	$	2,976		1.25%	(g)		(0.40%	)(g)		7.56%	(g)		(6.71%	)(g)		9.71%
Year Ended December 31, 2002		(23.59%	)	$	6,501		1.10%			(0.64%	)		(h	)		(h	)		754.41%
Year Ended December 31, 2003		52.39%		$	54,959		1.19%			(0.50%	)		(h	)		(h	)		580.71%
Six Months Ended June 30, 2004 (Unaudited)		2.44%	(f)	$	38,034		1.30%	(g)		(0.73%	)(g)		(h	)		(h	)		268.72%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	For the period from June 3, 2002 (commencement of operations) through December 31, 2002.
(d)	For the period from March 21, 2003 (commencement of operations) through December 31, 2003.
(e)	For the period from December 18, 2001 (commencement of operations) through December 31, 2001. Registration of shares effective with the Securities and Exchange Commission on December 28, 2001. On the effective date, the net asset value was $9.92 per share.
(f)	Not annualized.
(g)	Annualized.
(h)	There were no fee reductions during the period.

See notes to financial statements.

171

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Global Utilities Fund

			Investment Activities										Distributions
							Net
							Realized
							and
							Unrealized												Net
	Net Asset		Net				Gains			Total									Asset
	Value,		Investment				(Losses)			from			Net						Value,
	Beginning		Income		Redemption		on			Investment			Investment			Total			End of
	of Period		(Loss)		Fees		Investments			Activities			Income			Distributions			Period
Class I Shares
Period Ended December 31, 2002 (c)	$	8.38		0.08		0.01		(0.96	)		(0.87	)		(0.09	)		(0.09	)	$	7.42
Year Ended December 31, 2003	$	7.42		0.06		0.01		1.71			1.78			(0.04	)		(0.04	)	$	9.16
Six Months Ended June 30, 2004 (Unaudited)	$	9.16		0.11		0.01		0.37			0.49			(0.05	)		(0.05	)	$	9.60
Class II Shares
Period Ended December 31, 2003 (d)	$	7.08		0.03		0.01		2.09			2.13			(0.03	)		(0.03	)	$	9.18
Six Months Ended June 30, 2004 (Unaudited)	$	9.18		0.09		0.01		0.38			0.48			(0.04	)		(0.04	)	$	9.62
Class III Shares
Period Ended December 31, 2001 (e)	$	10.00		—		—		0.01			0.01			—			—		$	10.01
Year Ended December 31, 2002	$	10.01		0.12		0.01		(2.62	)		(2.49	)		(0.09	)		(0.09	)	$	7.43
Year Ended December 31, 2003	$	7.43		0.10		0.01		1.68			1.79			(0.04	)		(0.04	)	$	9.18
Six Months Ended June 30, 2004 (Unaudited)	$	9.18		0.10		0.01		0.39			0.50			(0.06	)		(0.06	)	$	9.62

[Additional columns below]

[Continued from above table, first column(s) repeated]

				Ratios/Supplemental Data
															Ratio of
															Net
															Investment
									Ratio of			Ratio of			Income
									Net			Expenses			(Loss)
				Net		Ratio of			Investment			(Prior to			(Prior to
				Assets		Expenses			Income			Reimburse-			Reimburse-
				at End		to			(Loss) to			ments) to			ments) to
				of		Average			Average			Average			Average			Portfolio
	Total			Period		Net			Net			Net			Net			Turnover
	Return			(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class I Shares
Period Ended December 31, 2002 (c)		(10.36%	)(f)	$	169		1.20%	(g)		1.83%	(g)		(h	)		(h	)		153.83%
Year Ended December 31, 2003		24.05%		$	1,104		1.11%			1.28%			(h	)		(h	)		116.62%
Six Months Ended June 30, 2004 (Unaudited)		5.41%	(f)	$	1,212		1.08%	(g)		2.09%	(g)		(h	)		(h	)		240.15%
Class II Shares
Period Ended December 31, 2003 (d)		30.16%	(f)	$	1,092		1.36%	(g)		0.76%	(g)		(h	)		(h	)		116.62%
Six Months Ended June 30, 2004 (Unaudited)		5.27%	(f)	$	1,106		1.33%	(g)		1.90%	(g)		(h	)		(h	)		240.15%
Class III Shares
Period Ended December 31, 2001 (e)		0.10%	(f)	$	3,002		1.15%	(g)		(0.12%	)(g)		8.45%	(g)		(7.42%	)(g)		0.00%
Year Ended December 31, 2002		(24.85%	)	$	3,571		1.10%			1.79%			1.11%			1.78%			153.83%
Year Ended December 31, 2003		24.17%		$	7,054		1.04%			1.39%			(h	)		(h	)		116.62%
Six Months Ended June 30, 2004 (Unaudited)		5.44%	(f)	$	8,720		1.03%	(g)		2.15%	(g)		(h	)		(h	)		240.15%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	For the period from May 10, 2002 (commencement of operations) through December 31, 2002.
(d)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.
(e)	For the period from December 18, 2001 (commencement of operations) through December 31, 2001. Registration of shares effective with the Securities and Exchange Commission on December 28, 2001. On the effective date, the net asset value was $10.01 per share.
(f)	Not annualized.
(g)	Annualized.
(h)	There were no fee reductions during the period.

See notes to financial statements.

172

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Global Financial Services Fund

			Investment Activities										Distributions
							Net
							Realized
							and
							Unrealized
	Net Asset		Net				Gains			Total
	Value,		Investment				(Losses)			from			Net			Net
	Beginning		Income		Redemption		on			Investment			Investment			Realized			Total
	of Period		(Loss)		Fees		Investments			Activities			Income			Gains			Distributions
Class I Shares
Period Ended December 31, 2002 (c)	$	10.23		—		0.01		(1.27	)		(1.26	)		(0.01	)		—			(0.01	)
Year Ended December 31, 2003	$	8.96		0.10		0.01		3.58			3.69			(0.05	)		(1.21	)		(1.26	)
Six Months Ended June 30, 2004 (Unaudited)	$	11.39		0.12		0.01		0.41			0.54			(0.07	)		(0.10	)		(0.17	)
Class II Shares
Period Ended December 31, 2003 (d)	$	8.46		0.04		0.01		4.11			4.16			(0.04	)		(1.21	)		(1.25	)
Six Months Ended June 30, 2004 (Unaudited)	$	11.37		0.07		0.01		0.45			0.53			(0.06	)		(0.10	)		(0.16	)
Class III Shares
Period Ended December 31, 2001 (e)	$	10.00		—		—		0.13			0.13			—			—			—
Year Ended December 31, 2002	$	10.13		0.04		0.01		(1.21	)		(1.16	)		(0.01	)		—			(0.01	)
Year Ended December 31, 2003	$	8.96		0.13		0.01		3.55			3.69			(0.05	)		(1.21	)		(1.26	)
Six Months Ended June 30, 2004 (Unaudited)	$	11.39		0.09		0.01		0.44			0.54			(0.07	)		(0.10	)		(0.17	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

						Ratios/Supplemental Data
																	Ratio of
																	Net
																	Investment
											Ratio of			Ratio of			Income
											Net			Expenses			(Loss)
								Ratio of			Investment			(Prior to			(Prior to
	Net					Net		Expenses			Income			Reimburse-			Reimburse-
	Asset					Assets at		to			(Loss) to			ments) to			ments) to
	Value,					End of		Average			Average			Average			Average			Portfolio
	End of		Total			Period		Net			Net			Net			Net			Turnover
	Period		Return			(000s)		Assets			Assets			Assets (a)			Assets (a)			(b)
Class I Shares
Period Ended December 31, 2002 (c)	$	8.96		(12.26%	)(f)	$	218		1.37%	(g)		0.30%	(g)		(h	)		(h	)		211.21%
Year Ended December 31, 2003	$	11.39		41.45%		$	3,121		1.27%			1.47%			(h	)		(h	)		261.68%
Six Months Ended June 30, 2004 (Unaudited)	$	11.76		4.69%	(f)	$	3,800		1.25%	(g)		1.64%	(g)		(h	)		(h	)		62.47%
Class II Shares
Period Ended December 31, 2003 (d)	$	11.37		49.51%	(f)	$	913		1.51%	(g)		1.20%	(g)		(h	)		(h	)		261.68%
Six Months Ended June 30, 2004 (Unaudited)	$	11.74		4.60%	(f)	$	2,092		1.50%	(g)		1.53%	(g)		(h	)		(h	)		62.47%
Class III Shares
Period Ended December 31, 2001 (e)	$	10.13		1.32%	(f)	$	3,041		1.35%	(g)		0.33%	(g)		8.56%	(g)		(6.88%	)(g)		0.00%
Year Ended December 31, 2002	$	8.96		(11.41%	)	$	6,009		1.31%			0.66%			(h	)		(h	)		211.21%
Year Ended December 31, 2003	$	11.39		41.46%		$	11,634		1.22%			1.57%			(h	)		(h	)		261.68%
Six Months Ended June 30, 2004 (Unaudited)	$	11.76		4.71%	(f)	$	18,588		1.22%	(g)		1.79%	(g)		(h	)		(h	)		62.47%

(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)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(c)	For the period from May 10, 2002 (commencement of operations) through December 31, 2002.
(d)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.
(e)	For the period from December 18, 2001 (commencement of operations) through December 31, 2001. Registration of shares effective with the Securities and Exchange Commission on December 28, 2001. On the effective date, the net asset value was $10.13 per share.
(f)	Not annualized.
(g)	Annualized.
(h)	There were no fee reductions during the period.

See notes to financial statements.

173

GARTMORE VARIABLE INSURANCE TRUST

Financial Highlights

Selected data for each share of capital outstanding

Gartmore GVIT Developing Markets Fund

			Investment Activities									Distributions
						Net
						Realized
						and
						Unrealized												Net
	Net Asset		Net			Gains			Total									Asset
	Value,		Investment			(Losses)			from			Net						Value,
	Beginning		Income			on			Investment			Investment			Total			End of		Total
	of Period		(Loss)			Investments			Activities			Income			Distributions			Period		Return
Class II Shares
Year Ended December 31, 1999	$	6.59		0.02			4.25			4.27			—			—		$	10.86		64.81%
Year Ended December 31, 2000	$	10.86		(0.03	)		(3.07	)		(3.10	)		—			—		$	7.76		(28.55%	)
Year Ended December 31, 2001	$	7.76		0.08			(0.62	)		(0.54	)		—			—		$	7.22		(6.96%	)
Year Ended December 31, 2002	$	7.22		0.03			(0.73	)		(0.70	)		(0.01	)		(0.01	)	$	6.51		(9.68%	)
Year Ended December 31, 2003 (b)	$	6.51		0.06			3.83			3.89			(0.01	)		(0.01	)	$	10.39		59.70%
Six Months Ended June 30, 2004 (Unaudited)	$	10.39		0.05			(0.23	)		(0.18	)		(0.04	)		(0.04	)	$	10.17		(1.73%	)(c)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
												Ratio of
												Net
												Investment
						Ratio of			Ratio of			Income
						Net			Expenses			(Loss)
			Ratio of			Investment			(Prior to			(Prior to
	Net		Expenses			Income			Reimburse-			Reimburse-
	Assets at		to			(Loss) to			ments) to			ments) to
	End of		Average			Average			Average			Average
	Period		Net			Net			Net			Net			Portfolio
	(000s)		Assets			Assets			Assets (a)			Assets (a)			Turnover
Class II Shares
Year Ended December 31, 1999	$	131,197		1.62%			0.20%			1.65%			0.17%			124.00%
Year Ended December 31, 2000	$	100,730		1.56%			(0.34%	)		1.81%			(0.59%	)		103.00%
Year Ended December 31, 2001	$	100,899		1.59%			1.19%			1.67%			1.11%			118.00%
Year Ended December 31, 2002	$	75,321		1.60%			0.44%			1.68%			0.36%			97.00%
Year Ended December 31, 2003 (b)	$	165,601		1.64%			0.75%			1.80%			0.60%			167.45%
Six Months Ended June 30, 2004 (Unaudited)	$	127,234		1.73%	(d)		0.85%	(d)		(e	)		(e	)		83.00%

(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)	Upon reorganization on June 23, 2003, the existing shares of the Fund were designated Class II shares.
(c)	Not Annualized.
(d)	Annualized.
(e)	There were no fee reductions during the period.

See notes to financial statements.

174

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2004 (Unaudited)

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company. GVIT was organized as a Massachusetts business trust as of June 30, 1981, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). On June 30, 2004, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”) without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Trust’s series. Also to date, the separate accounts of American Skandia Life Insurance Corporation and Peoples Benefit Life Insurance Company, a subsidiary of Aegon, have purchased shares of the GVIT Developing Markets Fund and the separate accounts of Great-West Life & Annuity Insurance Company have purchased shares of the GVIT Developing Markets Fund and Dreyfus GVIT MidCap Index Fund. The Trust operates thirty-one (31) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Funds listed below (individually a “Fund”, collectively the “Funds”):

Gartmore GVIT Nationwide Fund (“Nationwide”)

Gartmore GVIT Growth Fund (“Growth”)

Gartmore GVIT Government Bond Fund (“Government Bond”)

GVIT Small Company Fund (“Small Company”)

Gartmore GVIT Money Market Fund (“Money Market”)

Gartmore GVIT Money Market Fund II (“Money Market II”)

J.P. Morgan GVIT Balanced Fund (“Balanced”)

Gartmore GVIT Mid Cap Growth Fund (“Mid Cap Growth”)

Comstock GVIT Value Fund (“Value”)

Federated GVIT High Income Bond Fund (“High Income Bond”)

GVIT Equity 500 Index Fund (“Equity 500 Index”)

Van Kampen GVIT Multi Sector Bond Fund (“Multi Sector Bond”)

GVIT Small Cap Value Fund (“Small Cap Value”)

GVIT Small Cap Growth Fund (“Small Cap Growth”)

Gartmore GVIT Worldwide Leaders Fund (“Worldwide Leaders”)

Dreyfus GVIT Mid Cap Index Fund (“Mid Cap Index”)

Gartmore GVIT Global Technology and Communications Fund (“Global Technology and Communications”)

Gartmore GVIT Global Health Sciences Fund (“Global Health Sciences”)

Gartmore GVIT Nationwide Leaders Fund (“Nationwide Leaders”)

Gartmore GVIT Emerging Markets Fund (“Emerging Markets”)

Gartmore GVIT International Growth Fund (“International Growth”)

Dreyfus GVIT International Value Fund (“International Value”)

Gartmore GVIT Investor Destinations Aggressive Fund (“Aggressive”)

Gartmore GVIT Investor Destinations Moderately Aggressive Fund (“Moderately Aggressive”)

Gartmore GVIT Investor Destinations Moderate Fund (“Moderate”)

Gartmore GVIT Investor Destinations Moderately Conservative Fund (“Moderately Conservative”)

Gartmore GVIT Investor Destinations Conservative Fund (“Conservative”)

Gartmore GVIT U.S. Growth Leaders Fund (“US Growth Leaders”)

Gartmore GVIT Global Utilities Fund (“Global Utilities”)

Gartmore GVIT Global Financial Services Fund (“Global Financial Services”)

Gartmore GVIT Developing Markets Fund (“Developing Markets”)

The Aggressive, Moderately Aggressive, Moderate, Moderately Conservative, and Conservative Funds (collectively the “Investor Destinations Funds”) are constructed as “fund of funds” which means that these GVIT Funds pursue their investment objectives primarily by allocating their investments among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. The Investor Destinations Funds, except for the Aggressive Fund, may also invest in a non-registered fixed interest contract issued by Nationwide Life Insurance Company up to each Fund’s designated limit.

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. However, based on experience, the Trust expects that risk of loss to be remote.

175

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

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, the 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 Board of Trustees. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued 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 provided by the Board of Trustees.

Except for the High Income Bond Fund, debt (including defaulted issues) 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. The securities held by the High Income Bond Fund are valued at the mean between the last quoted bid and asked price as provided by an independent pricing servicing approved by the Board of Trustees. Short-term debt securities, such as commercial 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.

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 upon 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.

Beginning July 1, 2004, the Funds holding foreign equity securities (the “Foreign Equity Funds”) will begin to 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.

Investments of the Money Market and Money Market II Funds (together, the “Money Market Funds”) are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant (straight-line) basis to the maturity of the security.

176

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

Shares of the Underlying Funds in which the Investor Destinations Funds invest are valued at their respective net asset values as reported by the Underlying Funds. The securities in the Underlying Funds are generally valued as of the close of business of the regular session of trading on the New York Stock Exchange. Underlying Funds generally value securities and assets at value. Under most circumstances, the fixed interest contract is valued at par value each day, which is deemed to be fair value. The par value is calculated each day by the summation of the following factors: prior day’s par value; prior day’s interest accrued (par multiplied by guaranteed fixed rate); and current day net purchase or redemption.

(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.

(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 expense, 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 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 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 counter parties 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. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. 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 of the underlying security. 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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

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)  Written Options Contracts

Certain Funds may write options contracts. A written option obligates the Funds to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. The value of the option contract is recorded as a liability and unrealized gain or loss is measured by the difference between the current value and the premium received. Options traded on a an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes.

(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 Board of Trustees.

(i)  Short Sales

The Funds are authorized to engage in short-selling of portfolio securities which obligates a Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date. The collateral for securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date. The collateral for securities sold short includes the deposits with brokers and securities held long as shown in the Statement of Investments for each Fund.

(j)  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.

(k)  Securities Lending

To generate additional income, each of the Funds, with the exception of the Investor Destinations Funds and the Money Market Funds, may lend up to 33 1/3% of the Fund’s total assets pursuant to agreements, requiring that the Fund receives cash or securities as collateral with respect to each loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and at all times thereafter shall require the borrower to mark to market the collateral on a daily basis so that the market value of the collateral does not fall below 100% of the market value of the portfolio securities loaned. The cash collateral received by the Funds at June 30, 2004, was invested in a Bank Note (with a interest rate of 1.56% and maturity date of September 9, 2004), Funding Agreements (with interest rates ranging from 1.29% to 1.59% and maturity dates ranging from July 2004 to September 2004), Master Notes (with interest rates ranging from 1.60% to 1.68% and maturity dates of July 1, 2004), Medium Term Notes (with interest rates ranging from 1.17% to 1.60% and maturity dates ranging from July 2004 to September 2004), Repurchase Agreements (with interest rates ranging from 1.50% to 1.52% and maturity dates of July 1, 2004), and Yankee Certificate of Deposits (with interest rates ranging from 1.13% to 1.69% and maturity dates ranging from July 2004 to September 2004).

178

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

Information on the investment of cash collateral is shown in the Statement of Investments. The Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to 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 lent. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the 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 such 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. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers. As of June 30, 2004, the following Funds had securities with the following market values on loan:

	Market Value of		Market Value
Fund	Loaned Securities		of Collateral*
Nationwide	$	107,120,555	$	108,610,385
Growth		9,448,315		9,540,183
Government Bond		263,674,836		268,152,685
Small Company		138,344,345		140,379,399
Mid Cap Growth		40,257,172		40,578,696
Value		6,720,770		6,861,750
High Income Bond		71,783,323		72,820,709
Equity 500 Index		4,804,140		4,897,985
Multi Sector Bond		35,436,326		36,155,361
Small Cap Growth		16,312,866		16,507,425
Worldwide Leaders		1,925,385		2,028,842
Mid Cap Index		91,607,040		93,027,042
Global Technology and Communications		7,162,240		7,206,496
Global Health Sciences		5,263,683		5,295,773
Emerging Markets		2,613,882		2,798,950
International Value		12,283,138		12,966,431
US Growth Leaders		3,779,642		3,818,085
Developing Markets		4,668,334		4,929,035

*  Includes securities and cash collateral

(l)  Distributions to Shareholders

For all Funds excluding the Money Market Funds, dividends from net investment income, if any, are declared and paid quarterly. For the Money Market Funds, dividends from net investment income are declared daily and paid monthly. 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. Dividends and distributions that exceed net investment income and net realized gains for financial reporting purposes, but not for tax purposes; are reported as distributions in excess of net investment income or net realized gains. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

179

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

(m)  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.

(n)  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.

180

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

(o)  Capital Share Transactions

Transactions in capital shares of the Funds were as follows:

		Nationwide						Growth
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	4,843,066		$	70,306,071		$	6,147,528		$	49,717,843
	Dividends reinvested		7,296,841			7,472,339			135,826			45,300
	Cost of shares redeemed		(91,336,019	)		(189,984,512	)		(24,636,240	)		(69,692,819	)
			(79,196,112	)		(112,206,102	)		(18,352,886	)		(19,929,676	)
Class II Shares
	Proceeds from shares issued		3,551,524			4,406,476			—			—
	Dividends reinvested		29,849			9,472			—			—
	Cost of shares redeemed		(782,343	)		(307,817	)		—			—
			2,799,030			4,108,131			—			—
Class III Shares
	Proceeds from shares issued		372,291			2,152,735			—			—
	Dividends reinvested		4,084			5,026			—			—
	Cost of shares redeemed		(520,197	)		(1,919,412	)		—			—
			(143,822	)		238,349			—			—
Class IV Shares
	Proceeds from shares issued		2,961,515			4,176,713	(a)		5,654,080			15,253,753	(a)
	Proceeds from shares issued in connection with merger		—			146,829,542			—			30,711,320
	Dividends reinvested		857,467			567,652	(a)		22,180			11,175	(a)
	Cost of shares redeemed		(11,312,419	)		(15,679,826	)(a)		(2,941,371	)		(19,263,706	)(a)
			(7,493,437	)		135,894,081			2,734,889			26,712,542
Change in net assets from capital transactions		$	(84,034,341	)	$	28,034,459		$	(15,617,997	)	$	6,782,866
SHARE TRANSACTIONS:
Class I Shares
	Issued		464,855			8,697,821			604,013			6,172,533
	Reinvested		700,817			852,320			13,448			4,926
	Redeemed		(8,771,888	)		(22,047,218	)		(2,437,350	)		(8,476,829	)
			(7,606,216	)		(12,497,077	)		(1,819,889	)		(2,299,370	)
Class II Shares
	Issued		340,906			480,594			—			—
	Reinvested		2,871			1,053			—			—
	Redeemed		(75,047	)		(33,051	)		—			—
			268,730			448,596			—			—
Class III Shares
	Issued		35,422			241,235			—			—
	Reinvested		393			550			—			—
	Redeemed		(49,627	)		(206,303	)		—			—
			(13,812	)		35,482			—			—
Class IV Shares
	Issued		284,337			444,468	(a)		554,910			1,699,528	(a)
	Issued in connection with merger		—			17,696,964			—			3,889,915
	Reinvested		82,354			61,005	(a)		2,196			1,244	(a)
	Redeemed		(1,087,711	)		(1,676,914	)(a)		(290,730	)		(2,173,344	)(a)
			(721,020	)		16,525,523			266,376			3,417,343

(a) For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

181

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

		Government Bond						Small Company
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	55,278,720		$	290,118,172		$	39,533,269		$	263,956,779
	Dividends reinvested		74,517,222			60,640,831			—			—
	Cost of shares redeemed		(255,362,474	)		(821,583,078	)		(80,486,283	)		(288,371,125	)
			(125,566,532	)		(470,824,075	)		(40,953,014	)		(24,414,346	)
Class II Shares
	Proceeds from shares issued		2,421,725			15,775,027			20,463,645			21,674,070
	Dividends reinvested		1,039,561			644,875			—			—
	Cost of shares redeemed		(5,302,331	)		(5,150,524	)		(3,702,802	)		(8,639,677	)
			(1,841,045	)		11,269,378			16,760,843			13,034,393
Class III Shares
	Proceeds from shares issued		4,450,115			11,840,779			738,524			1,179,942
	Dividends reinvested		338,966			297,466			—			—
	Cost of shares redeemed		(3,419,039	)		(14,991,773	)		(324,921	)		(182,695	)
			1,370,042			(2,853,528	)		413,603			997,247
Class IV Shares
	Proceeds from shares issued		5,565,447			5,187,279	(a)		2,079,471			6,458,014	(a)
	Proceeds from shares issued in connection with merger		—			71,183,753			—			35,126,129
	Dividends reinvested		2,310,422			1,253,511	(a)		—			—
	Cost of shares redeemed		(6,698,030	)		(32,990,816	)(a)		(10,174,359	)		(6,772,597	)(a)
			1,177,839			44,633,727			(8,094,888	)		34,811,546
Change in net assets from capital transactions		$	(124,859,696	)	$	(417,774,498	)	$	(31,873,456	)	$	24,428,840
SHARE TRANSACTIONS:
Class I Shares
	Issued		4,625,365			23,627,729			1,751,548			15,169,153
	Reinvested		6,328,704			4,956,555			—			—
	Redeemed		(21,323,542	)		(67,405,215	)		(3,609,944	)		(16,642,303	)
			(10,369,473	)		(38,820,931	)		(1,858,396	)		(1,473,150	)
Class II Shares
	Issued		205,307			1,283,905			911,078			1,205,253
	Reinvested		88,467			52,807			—			—
	Redeemed		(449,496	)		(426,107	)		(169,442	)		(508,695	)
			(155,722	)		910,605			741,636			696,558
Class III Shares
	Issued		367,818			964,676			32,737			60,856
	Reinvested		28,740			24,176			—			—
	Redeemed		(290,995	)		(1,250,045	)		(14,428	)		(9,042	)
			105,563			(261,193	)		18,309			51,814
Class IV Shares
	Issued		475,703			420,977	(a)		92,951			323,032	(a)
	Issued in connection with merger		—			5,789,853			—			2,250,088
	Reinvested		196,300			101,932	(a)		—			—
	Redeemed		(564,994	)		(2,747,456	)(a)		(456,563	)		(352,430	)(a)
			107,009			3,565,306			(363,612	)		2,220,690

(a) For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

182

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

		Money Market						Money Market II
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class I Shares*
	Proceeds from shares issued	$	716,641,717		$	4,568,404,119		$	978,412,217		$	656,324,317
	Dividends reinvested		3,854,067			14,431,650			105,253			251,131
	Cost of shares redeemed		(742,897,717	)		(5,445,670,886	)		(906,578,104	)		(618,880,873	)
			(22,401,933	)		(862,835,117	)		71,939,366			37,694,575
Class IV Shares
	Proceeds from shares issued		24,181,959			33,828,214	(a)		—			—
	Proceeds from shares issued in connection with merger		—			131,179,154			—			—
	Dividends reinvested		308,503			574,852	(a)		—			—
	Cost of shares redeemed		(33,812,159	)		(62,065,333	)(a)		—			—
			(9,321,697	)		103,516,887			—			—
Class V Shares
	Proceeds from shares issued		144,614,114			367,084,493			—			—
	Dividends reinvested		1,087,157			2,742,364			—			—
	Cost of shares redeemed		(140,766,824	)		(329,467,207	)		—			—
			4,934,447			40,359,650			—			—
Change in net assets from capital transactions		$	(26,789,183	)	$	(718,958,580	)	$	71,939,366		$	37,694,575
SHARE TRANSACTIONS:
Class I Shares*
	Issued		716,641,717			4,568,404,119			978,412,217			656,324,316
	Reinvested		3,854,067			14,431,650			105,253			251,131
	Redeemed		(742,897,717	)		(5,445,670,886	)		(906,578,104	)		(618,880,873	)
			(22,401,933	)		(862,835,117	)		71,939,366			37,694,574
Class IV Shares
	Issued		24,181,959			33,828,214	(a)		—			—
	Issued in connection with merger		—			131,179,504			—			—
	Reinvested		308,503			574,852	(a)		—			—
	Redeemed		(33,812,159	)		(62,065,333	)(a)		—			—
			(9,321,697	)		103,517,237			—			—
Class V Shares
	Issued		144,614,114			367,084,493			—			—
	Reinvested		1,087,157			2,742,364			—			—
	Redeemed		(140,766,824	)		(329,467,207	)		—			—
			4,934,447			40,359,650			—			—

*	Gartmore GVIT Money Market Fund II shares have no class designation.
(a)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

183

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

		Balanced						Mid Cap Growth
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003 (a)
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	7,503,895		$	26,745,158		$	22,849,542		$	99,294,680	(b)
	Dividends reinvested		1,552,799			2,843,946			—			105,382,691	(b)
	Cost of shares redeemed		(12,202,924	)		(19,693,879	)		(33,240,229	)		(98,190,143	)(b)
			(3,146,230	)		9,895,225			(10,390,687	)		106,487,228
Class II Shares
	Proceeds from shares issued		—			—			8,620,615			2,363,960	(b)
	Cost of shares redeemed		—			—			(2,664,173	)		(96,876	)(b)
			—			—			5,956,442			2,267,084
Class III Shares
	Proceeds from shares issued		—			—			1,134,260			1,080,621	(b)
	Proceeds from shares issued in connection with merger		—			—			—			145,511
	Cost of shares redeemed		—			—			(853,114	)		(669,620	)(b)
			—			—			281,146			556,512
Class IV Shares
	Proceeds from shares issued		2,019,855			3,361,331	(b)		4,737,415			7,036,200
	Proceeds from shares issued in connection with merger		—			59,267,431			—			—
	Dividends reinvested		444,162			697,321	(b)		—			—
	Cost of shares redeemed		(3,347,285	)		(19,453,763	)(b)		(6,757,481	)		(14,467,345	)
			(883,268	)		43,872,320			(2,020,066	)		(7,431,145	)
Change in net assets from capital transactions		$	(4,029,498	)	$	53,767,545		$	(6,173,165	)	$	101,879,679
SHARE TRANSACTIONS:
Class I Shares
	Issued		791,295			3,126,362			1,034,536			5,133,149	(b)
	Issued in connection with merger		—			—			—			6,376,823
	Reinvested		164,150			325,643			—			—
	Redeemed		(1,286,099	)		(2,319,045	)		(1,529,608	)		(5,085,332	)(b)
			(330,654	)		1,132,960			(495,072	)		6,424,640
Class II Shares
	Issued		—			—			393,672			116,297	(b)
	Redeemed		—			—			(119,951	)		(4,847	)(b)
			—			—			273,721			111,450
Class III Shares
	Issued		—			—			51,838			54,657	(b)
	Reinvested		—			—			—			8,805
	Redeemed		—			—			(39,139	)		(34,214	)(b)
			—			—			12,699			29,248
Class IV Shares
	Issued		214,907			385,394	(b)		215,759			388,891
	Issued in connection with merger		—			7,199,989			—			—
	Reinvested		46,948			77,627	(b)		—			—
	Redeemed		(352,334	)		(2,248,835	)(b)		(310,565	)		(792,162	)
			(90,479	)		5,414,175			(94,806	)		(403,271	)

(a)	Effective April 28, 2003, upon reorganization of Market Street Mid Cap Growth Fund, the existing shares of the Fund were designated Class IV Shares of the Gartmore Mid Cap Growth Fund.
(b)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.

184

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

		Value						High Income
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	13,768,492		$	21,468,200		$	75,951,835		$	223,527,805
	Dividends reinvested		427,097			647,770			9,498,144			16,621,668
	Cost of shares redeemed		(5,386,700	)		(11,770,058	)		(97,342,318	)		(160,043,158	)
			8,808,889			10,345,912			(11,892,339	)		80,106,315
Class II Shares
	Proceeds from shares issued		9,368,689			5,625,486	(b)		—			—
	Dividends reinvested		64,209			23,508	(b)		—			—
	Cost of shares redeemed		(720,430	)		(54,177	)(b)		—			—
			8,712,468			5,594,817			—			—
Class IV Shares
	Proceeds from shares issued		3,883,210			5,287,230	(c)		—			—
	Proceeds from shares issued in connection with merger		—			38,687,395			—			—
	Dividends reinvested		302,739			446,549	(c)		—			—
	Cost of shares redeemed		(3,306,929	)		(6,944,202	)(c)		—			—
			879,020			37,476,972			—			—
Change in net assets from capital transactions		$	18,400,377		$	53,417,701		$	(11,892,339	)	$	80,106,315
SHARE TRANSACTIONS:
Class I Shares
	Issued		1,336,605			2,567,130			9,455,625			29,353,063
	Reinvested		41,786			73,588			1,198,469			2,156,292
	Redeemed		(525,702	)		(1,497,167	)		(12,133,078	)		(21,076,437	)
			852,689			1,143,551			(1,478,984	)		10,432,918
Class II Shares
	Issued		919,249			616,930	(b)		—			—
	Reinvested		6,282			2,428	(b)		—			—
	Redeemed		(69,251	)		(5,588	)(b)		—			—
			856,280			613,770			—			—
Class IV Shares
	Issued		380,596			573,503	(c)		—			—
	Issued in connection with merger		—			4,988,136			—			—
	Reinvested		29,621			48,629	(c)		—			—
	Redeemed		(323,028	)		(773,812	)(c)		—			—
			87,189			4,836,456			—			—

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Equity 500 Index
		Six Months			Year Ended
		Ended June 30,			December 31,
		2004			2003 (a)
		(Unaudited)
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	—		$	—
	Dividends reinvested		—			—
	Cost of shares redeemed		—			—
			—			—
Class II Shares
	Proceeds from shares issued		—			—
	Dividends reinvested		—			—
	Cost of shares redeemed		—			—
			—			—
Class IV Shares
	Proceeds from shares issued		6,297,017			15,144,191
	Proceeds from shares issued in connection with merger		—			—
	Dividends reinvested		4,554,261			4,701,733
	Cost of shares redeemed		(16,920,233	)		(33,043,388	)
			(6,068,955	)		(13,197,464	)
Change in net assets from capital transactions		$	(6,068,955	)	$	(13,197,464	)
SHARE TRANSACTIONS:
Class I Shares
	Issued		—			—
	Reinvested		—			—
	Redeemed		—			—
			—			—
Class II Shares
	Issued		—			—
	Reinvested		—			—
	Redeemed		—			—
			—			—
Class IV Shares
	Issued		798,712			2,292,786
	Issued in connection with merger		—			—
	Reinvested		578,938			738,105
	Redeemed		(2,134,872	)		(5,044,493	)
			(757,222	)		(2,013,602	)

(a)	Effective April 28, 2003, upon reorganization of Market Street Equity 500 Index Fund, the existing shares of the Fund were designated Class IV shares of the GVIT Equity 500 Index Fund.
(b)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.
(c)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

185

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

		Multi Sector Bond						Small Cap Value
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class I Capital Transactions:
	Proceeds from shares issued	$	23,459,425		$	86,794,686		$	55,515,045		$	283,367,039
	Dividends reinvested		4,974,561			12,019,620			—			2,618
	Cost of shares redeemed		(20,886,618	)		(95,208,137	)		(82,664,977	)		(282,856,984	)
			7,547,368			3,606,169			(27,149,932	)		512,673
Class II Capital Transactions:
	Proceeds from shares issued		—			—			15,287,641			14,921,396
	Cost of shares redeemed		—			—			(2,330,510	)		(1,133,929	)
			—			—			12,957,131			13,787,467
Class III Capital Transactions:
	Proceeds from shares issued		—			—			1,698,821			2,433,404
	Dividends reinvested		—			—			—			4
	Cost of shares redeemed		—			—			(1,862,162	)		(204,402	)
			—			—			(163,341	)		2,229,006
Class IV Capital Transactions:
	Proceeds from shares issued		—			—			5,143,365			6,552,015	(a)
	Proceeds from shares issued in connection with merger		—			—			—			38,499,981
	Cost of shares redeemed		—			—			(6,273,160	)		(12,026,613	)(a)
			—			—			(1,129,795	)		33,025,383
Change in net assets from capital transactions		$	7,547,368		$	3,606,169		$	(15,485,937	)	$	49,554,529
SHARE TRANSACTIONS:
Class I Share Transactions:
	Issued		2,374,705			9,091,339			4,574,334			31,436,669
	Reinvested		510,704			1,246,618			—			374
	Redeemed		(2,146,632	)		(9,922,086	)		(6,965,211	)		(32,925,200	)
			738,777			415,871			(2,390,877	)		(1,488,157	)
Class II Share Transactions:
	Issued		—			—			1,268,771			1,522,549
	Redeemed		—			—			(198,510	)		(121,848	)
			—			—			1,070,261			1,400,701
Class III Share Transactions:
	Issued		—			—			139,197			233,946
	Reinvested		—			—			—			1
	Redeemed		—			—			(156,329	)		(20,533	)
			—			—			(17,132	)		213,414
Class IV Share Transactions:
	Issued		—			—			427,594			696,382	(a)
	Issued in connection with merger		—			—			—			5,139,972
	Redeemed		—			—			(531,322	)		(1,180,243	)(a)
			—			—			(103,728	)		4,656,111

(a) For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

186

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

		Small Cap Growth						Worldwide Leaders
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class I Capital Transactions:
	Proceeds from shares issued	$	46,330,052		$	202,240,744		$	687,232		$	66,131,740
	Dividends reinvested		—			—			—			—
	Cost of shares redeemed		(62,650,720	)		(181,618,660	)		(2,786,477	)		(73,217,523	)
			(16,320,668	)		20,622,084			(2,099,245	)		(7,085,783	)
Class II Capital Transactions:
	Proceeds from shares issued		5,161,228			17,070,698			—			—
	Dividends reinvested		—			—			—			—
	Cost of shares redeemed		(2,189,115	)		(11,206,152	)		—			—
			2,972,113			5,864,546			—			—
Class III Capital Transactions:
	Proceeds from shares issued		309,240			1,542,102			2,368,576			5,618,261	(a)
	Cost of shares redeemed		(339,114	)		(674,184	)		(481,288	)		(697,105	)(a)
			(29,874	)		867,918			1,887,288			4,921,156
Change in net assets from capital transactions		$	(13,378,429	)	$	27,354,548		$	(211,957	)	$	(2,164,627	)
Class I Share Transactions:
	Issued		3,478,817			17,817,897			72,815			9,934,250
	Reinvested		—			—			—			—
	Redeemed		(4,713,929	)		(16,100,872	)		(296,120	)		(10,835,058	)
			(1,235,112	)		1,717,025			(223,305	)		(900,808	)
Class II Share Transactions:
	Issued		394,697			1,541,549			—			—
	Reinvested		—			—			—			—
	Redeemed		(167,109	)		(1,028,164	)		—			—
			227,588			513,385			—			—
Class III Share Transactions:
	Issued		23,557			136,858			253,698			707,953	(a)
	Redeemed		(25,820	)		(62,879	)		(51,246	)		(80,065	)(a)
			(2,263	)		73,979			202,452			627,888

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Mid Cap Index
		Six Months			Year Ended
		Ended June 30,			December 31,
		2004			2003
		(Unaudited)
CAPITAL TRANSACTIONS:
Class I Capital Transactions:
	Proceeds from shares issued	$	59,251,070		$	181,859,457
	Dividends reinvested		1,121,935			1,602,091
	Cost of shares redeemed		(31,146,477	)		(134,974,983	)
			29,226,528			48,486,565
Class II Capital Transactions:
	Proceeds from shares issued		6,380,203			6,570,982
	Dividends reinvested		16,684			12,554
	Cost of shares redeemed		(3,071,653	)		(935,666	)
			3,325,234			5,647,870
Class III Capital Transactions:
	Proceeds from shares issued		—			—
	Cost of shares redeemed		—			—
			—			—
Change in net assets from capital transactions		$	32,551,762		$	54,134,435
Class I Share Transactions:
	Issued		3,878,500			14,477,774
	Reinvested		73,012			124,389
	Redeemed		(2,058,960	)		(11,269,236	)
			1,892,552			3,332,927
Class II Share Transactions:
	Issued		423,449			510,468
	Reinvested		1,088			928
	Redeemed		(203,059	)		(76,759	)
			221,478			434,637
Class III Share Transactions:
	Issued		—			—
	Redeemed		—			—
			—			—

(a) For the period from May 2, 2003 (commencement of operations) through December 31, 2003.

187

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

		Global Technology and
		Communications						Global Health Sciences
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	6,166,388		$	12,803,928		$	5,006,029		$	6,829,948
	Dividends reinvested		—			—			28,764			485,439
	Cost of shares redeemed		(5,881,968	)		(9,808,131	)		(1,582,029	)		(3,351,412	)
			284,420			2,995,797			3,452,764			3,963,975
Class II Shares
	Proceeds from shares issued		4,248,267			2,684,836	(a)		2,406,807			2,230,568	(b)
	Dividends reinvested		—			—			18,194			230,524	(b)
	Cost of shares redeemed		(2,858,370	)		(624,612	)(a)		(894,758	)		(124,602	)(b)
			1,389,897			2,060,224			1,530,243			2,336,490
Class III Shares
	Proceeds from shares issued		9,348,998			31,233,358			21,230,768			26,421,259
	Dividends reinvested		—			—			148,722			2,950,166
	Cost of shares redeemed		(9,239,053	)		(9,058,451	)		(4,442,221	)		(17,146,737	)
			109,945			22,174,907			16,937,269			12,224,688
Class VI Shares
	Proceeds from shares issued		962,556			—			2,658,038			—
	Cost of shares redeemed		(1,518	)		—			(3,684	)		—
			961,038			—			2,654,354			—
Change net assets from capital transactions		$	2,745,300		$	27,230,928		$	24,574,630		$	18,525,153
SHARE TRANSACTIONS:
Class I Shares
	Issued		1,579,969			4,120,360			480,018			683,944
	Reinvested		—			—			2,817			49,034
	Redeemed		(1,515,178	)		(3,074,060	)		(150,317	)		(333,091	)
			64,791			1,046,300			332,518			399,887
Class II Shares
	Issued		1,084,304			746,394	(a)		231,005			213,068	(b)
	Reinvested		—			—			1,786			23,309	(b)
	Redeemed		(754,090	)		(173,668	)(a)		(85,341	)		(12,057	)(b)
			330,214			572,726			147,450			224,320
Class III Shares
	Issued		2,318,059			9,471,667			2,005,278			2,699,488
	Reinvested		—			—			14,538			297,396
	Redeemed		(2,470,300	)		(2,955,644	)		(426,989	)		(1,709,366	)
			(152,241	)		6,516,023			1,592,827			1,287,518
Class VI Shares
	Issued		269,298			—			252,517			—
	Redeemed		(442	)		—			(356	)		—
			268,856			—			252,161			—

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Nationwide Leaders
		Six Months			Year Ended
		Ended June 30,			December 31,
		2004			2003
		(Unaudited)
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	490,505		$	1,412,216
	Dividends reinvested		—			667
	Cost of shares redeemed		(285,439	)		(1,240,038	)
			205,066			172,845
Class II Shares
	Proceeds from shares issued		—			—
	Dividends reinvested		—			—
	Cost of shares redeemed		—			—
			—			—
Class III Shares
	Proceeds from shares issued		1,879,820			3,147,132
	Dividends reinvested		—			17,036
	Cost of shares redeemed		(2,726,637	)		(4,537,143	)
			(846,817	)		(1,372,975	)
Class VI Shares
	Proceeds from shares issued		—			—
	Cost of shares redeemed		—			—
			—			—
Change net assets from capital transactions		$	(641,751	)	$	(1,200,130	)
SHARE TRANSACTIONS:
Class I Shares
	Issued		40,185			132,333
	Reinvested		—			70
	Redeemed		(23,677	)		(113,647	)
			16,508			18,756
Class II Shares
	Issued		—			—
	Reinvested		—			—
	Redeemed		—			—
			—			—
Class III Shares
	Issued		151,534			315,807
	Reinvested		—			1,814
	Redeemed		(225,497	)		(469,788	)
			(73,963	)		(152,167	)
Class VI Shares
	Issued		—			—
	Redeemed		—			—
			—			—

(a)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.
(b)	For the period from May 9, 2003 (commencement of operations) through December 31, 2003.

188

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

		Emerging Markets						International Growth
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	12,076,818		$	14,169,070		$	1,453,175		$	32,428,946
	Dividends reinvested		156,668			78,053			—			—
	Cost of shares redeemed		(10,862,401	)		(13,552,644	)		(2,068,888	)		(37,571,919	)
			1,371,085			694,479			(615,713	)		(5,142,973	)
Class II Shares
	Proceeds from shares issued		11,139,765			88,992,985			—			—
	Dividends reinvested		65,513			6,845			—			—
	Cost of shares redeemed		(8,348,806	)		(85,005,385	)		—			—
			2,856,472			3,994,445			—			—
Class III Shares
	Proceeds from shares issued		29,781,650			33,299,281			2,438,893			4,524,858
	Dividends reinvested		491,965			131,737			—			—
	Cost of shares redeemed		(15,277,835	)		(10,258,877	)		(1,891,026	)		(1,361,492	)
			14,995,780			23,172,141			547,867			3,163,366
Class IV Shares
	Proceeds from shares issued		—			—			—			—
	Dividends reinvested		—			—			—			—
	Cost of shares redeemed		—			—			—			—
			—			—			—			—
Class VI Shares
	Proceeds from shares issued		3,652,519			—			—			—
	Dividends reinvested		—			—			—			—
	Cost of shares redeemed		(1,117,250	)		—			—			—
			2,535,269			—			—			—
Change net assets from capital transactions		$	21,758,606		$	27,861,065		$	(67,846	)	$	(1,979,607	)
SHARE TRANSACTIONS:
Class I Shares
	Issued		1,135,277			1,866,041			222,256			7,019,913
	Reinvested		13,548			10,132			—			—
	Redeemed		(1,092,779	)		(1,820,661	)		(316,699	)		(7,909,063	)
			56,046			55,512			(94,443	)		(889,150	)
Class II Shares
	Issued		1,053,959			12,010,767			—			—
	Reinvested		5,731			916			—			—
	Redeemed		(812,753	)		(11,439,853	)		—			—
			246,937			571,830			—			—
Class III Shares
	Issued		2,823,946			4,119,991			374,140			868,245
	Reinvested		43,013			16,797			—			—
	Redeemed		(1,578,664	)		(1,279,424	)		(298,933	)		(253,412	)
			1,288,295			2,857,364			75,207			614,833
Class IV Shares
	Issued		—			—			—			—
	Reinvested		—			—			—			—
	Redeemed		—			—			—			—
			—			—			—			—
Class VI Shares
	Issued		386,005			—			—			—
	Reinvested		—			—			—			—
	Redeemed		(119,662	)		—			—			—
			266,343			—			—			—

[Additional columns below]

[Continued from above table, first column(s) repeated]

		International Value
		Six Months			Year Ended
		Ended June 30,			December 31,
		2004			2003
		(Unaudited)
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	1,925,783		$	3,257,092	(a)
	Dividends reinvested		31,535			—
	Cost of shares redeemed		(438,708	)		(2,793,681	)(a)
			1,518,610			463,411
Class II Shares
	Proceeds from shares issued		7,825,552			11,109,788	(a)
	Dividends reinvested		66,118			—
	Cost of shares redeemed		(6,036,472	)		(9,822,204	)(a)
			1,855,198			1,287,584
Class III Shares
	Proceeds from shares issued		24,163,836			72,969,275	(a)
	Dividends reinvested		499,123			—
	Cost of shares redeemed		(3,763,056	)		(65,134,971	)(a)
			20,899,903			7,834,304
Class IV Shares
	Proceeds from shares issued		3,512,437			7,143,440	(b)
	Dividends reinvested		1,448,540			1,575,261	(b)
	Cost of shares redeemed		(8,589,747	)		(10,131,732	)(b)
			(3,628,770	)		(1,413,031	)
Class VI Shares
	Proceeds from shares issued		2,768,644			—
	Dividends reinvested		24,161			—
	Cost of shares redeemed		(128	)		—
			2,792,677			—
Change net assets from capital transactions		$	23,437,618		$	7,545,772
SHARE TRANSACTIONS:
Class I Shares
	Issued		140,844			292,441	(a)
	Reinvested		2,593			—
	Redeemed		(31,899	)		(251,537	)(a)
			111,538			40,904
Class II Shares
	Issued		573,778			960,051	(a)
	Reinvested		4,795			—
	Redeemed		(443,598	)		(845,692	)(a)
			134,975			114,359
Class III Shares
	Issued		1,766,326			6,872,822	(a)
	Reinvested		36,039			—
	Redeemed		(279,014	)		(6,144,674	)(a)
			1,523,351			728,148
Class IV Shares
	Issued		216,714			646,609	(b)
	Reinvested		104,695			170,115	(b)
	Redeemed		(594,163	)		(1,006,465	)(b)
			(272,754	)		(189,741	)
Class VI Shares
	Issued		204,660			—
	Reinvested		1,716			—
	Redeemed		(9	)		—
			206,367			—

(a)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(b)	Effective April 28, 2003, upon reorganization of Market Street International Fund, the existing shares of the Fund were designated Class IV shares of the Dreyfus International Value Fund.

189

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

		Aggressive						Moderately Aggressive						Moderate
		Six Months			Year Ended			Six Months			Year Ended			Six Months
		Ended June 30,			December 31,			Ended June 30,			December 31,			Ended June 30,
		2004			2003			2004			2003			2004
		(Unaudited)						(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class II Shares
	Proceeds from shares issued	$	124,340,692	(a)	$	83,857,615		$	212,592,369	(a)	$	190,374,741		$	284,690,469	(a)
	Dividends reinvested		2,060,791	(a)		1,759,329			4,558,155	(a)		2,479,364			8,401,470	(a)
	Cost of shares redeemed		(10,951,821	)(a)		(23,831,279	)		(13,249,231	)(a)		(13,892,783	)		(13,789,190	)(a)
			115,449,662			61,785,665			203,901,293			178,961,322			279,302,749
Class VI Shares
	Proceeds from shares issued		116,986	(b)		—			378,860	(b)		—			1,122,712	(b)
	Dividends reinvested		332	(b)		—			1,161	(b)		—			4,687	(b)
	Cost of shares redeemed		(42	)(b)		—			(33,925	)(b)		—			(549	)(b)
			117,276			—			346,096			—			1,126,850
Change in net assets from capital transactions		$	115,566,938		$	61,785,665		$	204,247,389		$	178,961,322		$	280,429,599
SHARE TRANSACTIONS:
Class II Shares (a)
	Issued		11,674,772	(a)		8,947,150			19,755,046	(a)		20,195,284			26,685,045	(a)
	Reinvested		193,487	(a)		173,839			423,562	(a)		255,487			788,178	(a)
	Redeemed		(1,032,204	)(a)		(2,508,884	)		(1,245,590	)(a)		(1,505,077	)		(1,307,066	)(a)
			10,836,055			6,612,105			18,933,018			18,945,694			26,166,157
Class VI Shares
	Issued		10,949	(b)		—			35,585	(b)		—			106,230	(b)
	Reinvested		31	(b)		—			108	(b)		—			441	(b)
	Redeemed		(4	)(b)		—			(3,157	)(b)		—			(52	)(b)
			10,976			—			32,536			—			106,619

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Moderate
		Year Ended
		December 31,
		2003
CAPITAL TRANSACTIONS:
Class II Shares
	Proceeds from shares issued	$	347,615,889
	Dividends reinvested		6,838,850
	Cost of shares redeemed		(15,316,412	)
			339,138,327
Class VI Shares
	Proceeds from shares issued		—
	Dividends reinvested		—
	Cost of shares redeemed		—
			—
Change in net assets from capital transactions		$	339,138,327
SHARE TRANSACTIONS:
Class II Shares (a)
	Issued		36,222,806
	Reinvested		690,206
	Redeemed		(1,655,473	)
			35,257,539
Class VI Shares
	Issued		—
	Reinvested		—
	Redeemed		—
			—

(a)	On April 30, 2004, the existing share Class of the Funds’ was renamed Class II Shares.
(b)	For the period from April 30, 2004 (commencement of operations) through June 30, 2004.

190

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

		Moderately Conservative						Conservative
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class II Shares
	Proceeds from shares issued	$	97,593,024	(a)	$	156,313,584		$	59,601,538	(a)	$	131,243,376
	Dividends reinvested		4,340,174	(a)		4,477,817			3,154,804	(a)		4,451,138
	Cost of shares redeemed		(10,930,678	)(a)		(18,618,982	)		(26,121,830	)(a)		(42,972,713	)
			91,002,520			142,172,419			36,634,512			92,721,801
Class VI Shares
	Proceeds from shares issued		249,530	(b)		—			340,303	(b)
	Dividends reinvested		921	(b)		—			1,455	(b)
	Cost of shares redeemed		(99	)(b)		—			(171	)(b)
			250,352			—			341,587			—
Change in net assets from capital transactions		$	91,252,872		$	142,172,419		$	36,976,099		$	92,721,801
SHARE TRANSACTIONS:
Class II Shares (a)
	Issued		9,251,028	(a)		15,964,121			5,747,679	(a)		13,121,722
	Reinvested		411,993	(a)		445,022			305,625	(a)		438,700
	Redeemed		(1,038,342	)(a)		(1,889,016	)		(2,524,429	)(a)		(4,276,783	)
			8,624,679			14,520,127			3,528,875			9,283,639
Class VI Shares
	Issued		23,791	(b)		—			33,192	(b)		—
	Reinvested		88	(b)		—			142	(b)		—
	Redeemed		(9	)(b)		—			(17	)(b)		—
			23,870			—			33,317			—

(a)	On April 30, 2004, the existing share Class of the Funds’ was renamed Class II Shares.
(b)	For the period from April 30, 2004 (commencement of operations) through June 30, 2004.

191

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

		U.S. Growth Leaders						Global Utilities
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	4,827,746		$	15,331,231		$	810,780		$	2,012,238
	Dividends reinvested		239,930			416,890			7,620			3,939
	Cost of shares redeemed		(5,305,000	)		(10,654,656	)		(774,953	)		(1,202,747	)
			(237,324	)		5,093,465			43,447			813,430
Class II Shares
	Proceeds from shares issued		5,283,537			3,997,699	(a)		387,199			1,226,778	(b)
	Dividends reinvested		276,022			262,487	(a)		5,096			2,379	(b)
	Cost of shares redeemed		(1,852,926	)		(216,508	)(a)		(424,090	)		(262,724	)(b)
			3,706,633			4,043,678			(31,795	)		966,433
Class III Shares
	Proceeds from shares issued		7,509,552			53,474,003			2,620,140			4,368,443
	Dividends reinvested		1,806,673			3,599,508			52,110			31,006
	Cost of shares redeemed		(25,204,476	)		(15,780,751	)		(1,358,734	)		(2,035,130	)
			(15,888,251	)		41,292,760			1,313,516			2,364,319
Change in net assets from capital transactions		$	(12,418,942	)	$	50,429,903		$	1,325,168		$	4,144,182
SHARE TRANSACTIONS:
Class I Shares
	Issued		452,817			1,532,591			86,329			247,853
	Reinvested		23,004			38,744			805			451
	Redeemed		(504,503	)		(1,057,289	)		(81,313	)		(150,583	)
			(28,682	)		514,046			5,821			97,721
Class II Shares
	Issued		491,430			377,442	(a)		41,123			150,495	(b)
	Reinvested		26,439			24,349	(a)		535			272	(b)
	Redeemed		(181,504	)		(20,708	)(a)		(45,580	)		(31,876	)(b)
			336,365			381,083			(3,922	)		118,891
Class III Shares
	Issued		687,739			5,664,204			277,868			543,283
	Reinvested		172,392			332,980			5,482			3,591
	Redeemed		(2,367,938	)		(1,762,695	)		(145,033	)		(259,063	)
			(1,507,807	)		4,234,489			138,317			287,811

(a)	For the period from March 21, 2003 (commencement of operations) through December 31, 2003.
(d)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.

192

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

		Global Financial Services						Developing Markets
		Six Months			Year Ended			Six Months			Year Ended
		Ended June 30,			December 31,			Ended June 30,			December 31,
		2004			2003			2004			2003 (a)
		(Unaudited)						(Unaudited)
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	2,035,111		$	4,138,661		$	—		$	—
	Dividends reinvested		56,881			306,338			—			—
	Cost of shares redeemed		(1,491,835	)		(1,734,955	)		—			—
			600,157			2,710,044			—			—
Class II Shares
	Proceeds from shares issued		2,035,327			1,246,725	(b)		65,567,165			293,180,381
	Dividends reinvested		31,958			82,209	(b)		571,815			77,022
	Cost of shares redeemed		(866,373	)		(434,549	)(b)		(96,982,700	)		(254,536,848	)
			1,200,912			894,385			(30,843,720	)		38,720,555
Class III Shares
	Proceeds from shares issued		13,408,425			6,754,567			—			—
	Dividends reinvested		314,684			1,152,063			—			—
	Cost of shares redeemed		(6,677,683	)		(3,929,915	)		—			—
			7,045,426			3,976,715			—			—
Change in net assets from capital transactions		$	8,846,495		$	7,581,144		$	(30,843,720	)	$	38,720,555
SHARE TRANSACTIONS:
Class I Shares
	Issued		168,773			401,664			—			—
	Reinvested		4,746			27,131			—			—
	Redeemed		(124,443	)		(179,129	)		—			—
			49,076			249,666			—			—
Class II Shares
	Issued		169,047			115,619	(b)		5,855,965			38,494,905
	Reinvested		2,669			7,293	(b)		54,311			8,823
	Redeemed		(73,797	)		(42,590	)(b)		(9,339,995	)		(34,139,262	)
			97,919			80,322			(3,429,719	)		4,364,466
Class III Shares
	Issued		1,104,352			660,966			—			—
	Reinvested		26,232			102,138			—			—
	Redeemed		(571,761	)		(412,275	)		—			—
			558,823			350,829			—			—

(a)	Upon reorganization on June 23, 2003, the existing shares of the Fund were designated Class II shares.
(b)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.

193

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

3.  Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreements, Gartmore Global Asset Management Trust (“GGAMT”) manages the investment of the assets and supervises the daily business affairs of the Emerging Markets, International Growth, Global Utilities, Global Financial Services, and Developing Markets Funds. Pursuant to a similar Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) provides these services to the remaining Funds of the Trust. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of 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 and GGAMT also provide investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadvisers, if any, for the Funds that GMF or GGAMT, as appropriate, advises. The subadvisers listed below manage all or a portion of their respective Fund’s investments and have the responsibility for making all investment decisions for that portion of the applicable Fund unless otherwise indicated. Additional information regarding the subadvised Funds is as follows:

Fund	Subadviser(s)
Small Company *	— The Dreyfus Corporation
	— Neuberger Berman, LLC
	— Gartmore Global Partners **
	— Strong Capital Management, Inc. prior to June 14, 2004.
	— American Century Investment Management Company after June 14, 2004.
	— Morgan Stanley Investments Management, Inc. after June 14, 2004.
	— Waddell & Reed Investment Management Company
Balanced	— JPMorgan Investment Management, Inc.
Value	— Van Kampen Asset Management, Inc.
High Income Bond	— Federated Investment Counseling
Equity 500 Index	— SSgA Funds Management, Inc.
Multi Sector Bond	— Morgan Stanley Investments Management, Inc.
Small Cap Value *	— The Dreyfus Corporation
	— JPMorgan Investment Management, Inc.
Small Cap Growth	— Waddell & Reed Investment Management Company
	— Neuberger Berman, LLC prior to June 14, 2004.
	— Oberweis Asset Management, Inc. after June 14, 2004.
Worldwide Leaders	— Gartmore Global Partners **
Mid Cap Index	— The Dreyfus Corporation
Emerging Markets	— Gartmore Global Partners **
International Growth	— Gartmore Global Partners **
International Value	— The Dreyfus Corporation
Global Utilities	— Gartmore Global Partners **
Global Financial Services	— Gartmore Global Partners **
Developing Markets	— Gartmore Global Partners **

*	GMF, as investment adviser, directly manages a portion of these Funds.
**	Affiliate of GMF and GGAMT.

194

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

Under the terms of the Investment Advisory Agreements, each Fund pays its respective adviser an investment advisory fee based on that Fund’s average daily net assets. From such fees, pursuant to the sub-advisory agreements, GMF or GGAMT, as appropriate, pays fees to each applicable subadviser. Additional information regarding investment advisory fees for GMF and GGAMT and the subadvisory fees is as follows for the six months ended June 30, 2004:

	Fee	Total			Fees			Paid to
Fund	Schedule	Fees			Retained			Sub-advisor
Nationwide and Growth	Up to $1 billion		0.60	%		0.60	%		N/A
	Next $1 billion		0.58	%		0.58	%		N/A
	Next $3 billion		0.55	%		0.55	%		N/A
	$5 billion or more		0.50	%		0.50	%		N/A
Government Bond	Up to $1 billion		0.50	%		0.50	%		N/A
	Next $1 billion		0.48	%		0.48	%		N/A
	Next $3 billion		0.45	%		0.45	%		N/A
	$5 billion or more		0.40	%		0.40	%		N/A
Small Company	All assets		0.93	%		0.33	%		0.60	%
Money Market	Up to $1 billion		0.40	%		0.40	%		N/A
	Next $1 billion		0.38	%		0.38	%		N/A
	Next $3 billion		0.36	%		0.36	%		N/A
	$5 billion or more		0.34	%		0.34	%		N/A
Money Market II	Up to $1 billion		0.50	%		0.50	%		N/A
	Next $1 billion		0.48	%		0.48	%		N/A
	Next $3 billion		0.46	%		0.46	%		N/A
	$5 billion or more		0.44	%		0.44	%		N/A
Balanced	Up to $100 million		0.75	%		0.40	%		0.35	%
	$100 million or more		0.70	%		0.40	%		0.30	%
Mid Cap Growth	Up to $200 million		0.75	%		0.75	%		N/A
	$200 million or more		0.70	%		0.70	%		N/A
Value	Up to $50 million		0.80	%		0.45	%		0.35	%
	Next $200 million		0.65	%		0.35	%		0.30	%
	Next $250 million		0.60	%		0.35	%		0.25	%
	$500 million or more		0.55	%		0.35	%		0.20	%
High Income Bond	Up to $50 million		0.80	%		0.40	%		0.40	%
	Next $200 million		0.65	%		0.40	%		0.25	%
	Next $250 million		0.60	%		0.40	%		0.20	%
	$500 million or more		0.55	%		0.40	%		0.15	%
Equity 500 Index	Up to $1.5 billion		0.24	%		0.21	%		0.03	%
	Next $1.5 billion		0.23	%		0.21	%		0.02	%
	$3 billion or more		0.22	%		0.20	%		0.02	%
Multi Sector Bond	Up to $200 million		0.75	%		0.45	%		0.30	%
	$200 million or more		0.70	%		0.45	%		0.25	%
Small Cap Value	Up to $200 million		0.90	%		0.40	%		0.50	%
	$200 million or more		0.85	%		0.40	%		0.45	%
Small Cap Growth	All assets		1.10	%		0.50	%		0.60	%
Worldwide Leaders	Up to $50 million		1.00	%		0.40	%		0.60	%
	$50 million or more		0.95	%		0.40	%		0.55	%

195

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

	Fee	Total			Fees			Paid to
Fund	Schedule	Fees			Retained			Sub-advisor
Mid Cap Index	Up to $250 million		0.30	%		0.20	%		0.10	%
	Next $250 million		0.29	%		0.20	%		0.09	%
	Next $250 million		0.28	%		0.20	%		0.08	%
	Next $250 million		0.27	%		0.20	%		0.07	%
	$1 billion or more		0.25	%		0.20	%		0.05	%
Global Technology and Communications	Up to $500 million		0.98	%		0.98	%		N/A
	Next $1.5 billion		0.93	%		0.93	%		N/A
	Over $2 billion		0.88	%		0.88	%		N/A
Global Health Sciences	Up to $500 million		1.00	%		1.00	%		N/A
	Next $1.5 billion		0.95	%		0.95	%		N/A
	Over $2 billion		0.90	%		0.90	%		N/A
Nationwide Leaders and US Growth Leaders *	Up to $500 million		0.90	%		0.90	%		N/A
	Next $1.5 billion		0.80	%		0.80	%		N/A
	$2 billion or more		0.75	%		0.75	%		N/A
Emerging Markets and Developing Markets	Up to $500 million		1.15	%		0.575	%		0.575	%
	Next $1.5 billion		1.10	%		0.525	%		0.575	%
	Over $2 billion		1.05	%		0.475	%		0.575	%
International Growth	Up to $500 million		1.00	%		0.50	%		0.50	%
	Next $1.5 billion		0.95	%		0.45	%		0.50	%
	Over $2 billion		0.90	%		0.40	%		0.50	%
Global Financial Services	Up to $500 million		1.00	%		1.00	%		N/A
	Next $1.5 billion		0.95	%		0.95	%		N/A
	Over $2 billion		0.90	%		0.90	%		N/A
International Value	Up to $500 million		0.75	%		0.375	%		0.375	%
	$500 million or more		0.70	%		0.40	%		0.30	%
Aggressive, Moderately Aggressive, Moderate, Moderately Conservative and Conservative	All assets		0.13	%		0.13	%		N/A
Global Utilities	Up to $500 million		0.80	%		0.80	%		N/A
	Next $1.5 billion		0.75	%		0.75	%		N/A
	Over $2 billion		0.70	%		0.70	%		N/A

* The US Growth Leaders Fund pays GMF a base management fee (as shown above) which may be adjusted upward or downward depending on the Fund’s performance relative to its benchmark, the S&P 500 Index for the US Growth Leaders Fund. Thus, if the Fund outperforms its benchmark by 12% or more over a 36 month period, that Fund will pay higher management fees. Conversely, if the Fund underperforms its benchmark by 12% or more over a 36 month period, that Fund will pay lower management fees. No adjustment will take place if the under or overperformance is less than 12% and GMF will receive the applicable base fee. The fee adjustment described above will be phased in over a 24 month period beginning after the first year of operations of the Fund. The base fee is either increased or decreased by the following amounts at each breakpoint:

Fee Schedule	Fee Adjustment
Up to $500 million		+/– 0.22	%
Next $1.5 million		+/– 0.18	%
$2 billion or more		+/– 0.16	%

196

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

GMF or GGAMT, where applicable, 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 at least April 30, 2005:

Fund		Expense Caps
Global Technology and Communications	All Classes		1.25	%
Emerging Markets	All Classes		1.40	%
International Growth	All Classes		1.25	%
Global Health Sciences	All Classes		1.25	%
Nationwide Leaders	All Classes		1.10	%
US Growth Leaders	All Classes		1.15	%
Global Utilities	All Classes		1.05	%
Global Financial Services	All Classes		1.25	%
Aggressive			0.61	%1
Moderately Aggressive			0.61	%1
Moderate			0.61	%1
Moderately Conservative			0.61	%1
Conservative			0.61	%1

¹ The expense caps described above do not exclude Rule 12b-1 and administrative service fees.

Effective April 28, 2003, GMF or GGAMT, where applicable, and the Funds have entered into written contracts (“Expense Limitation Agreements”) limiting operating expenses from exceeding the amounts listed in the table below until at least October 1, 2004 for Class IV shares and April 30, 2005 for the remaining classes/ Funds:

Fund		Expense Caps
Value	Class II Shares		1.20	%
Value	Class IV Shares		0.95	%
Mid Cap Growth	Class IV Shares		0.95	%
Money Market	Class IV Shares		0.50	%
Money Market	Class V Shares		0.55	%
Equity 500 Index	Class IV Shares		0.28	%
Balanced	Class IV Shares		0.91	%
Developing Markets	Class II Shares		1.35	%1

¹ The expense caps described above exclude taxes, interest, brokerage fees, extraordinary expenses, Rule 12b-1 fees, short sale dividend expenses, and administrative service fees.

Pursuant to the Expense Limitation Agreements applicable for certain Funds described above, GMF or GGAMT may request and receive reimbursement of the advisory fees waived or limited and other expenses reimbursed by GMF or GGAMT, as appropriate, at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made, depending on the Fund (as described below), if a 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 of previous waivers and reimbursements will be made to GMF or GGAMT unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class of Fund 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 or GGAMT is not permitted.

197

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

As of the six months ended June 30, 2004, the cumulative potential reimbursements for all classes of the following Funds (unless otherwise indicated) based on reimbursements within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by GMF or GGAMT would be:

	Amount		Amount		Amount		Six Months
	Fiscal Year		Fiscal Year		Fiscal Year		Ended June 30,
Fund	2001		2002		2003		2004
Money Market IV	$	—	$	—	$	103,443	$	60,437
Balanced Class IV		—		—		20,093		15,947
Mid Cap Growth Class IV		—		—		56,667		13,289
Value Class II		—		—		1,369		4,488
Equity 500 Index Class IV		—		—		486,617		207,286
Global Health Sciences		95,729		283		—		—
Nationwide Leaders		7,433		155		—		—
Aggressive		6,646		—		—		—
Moderately Aggressive		6,646		—		—		—
Moderate		6,646		—		—		—
Moderately Conservative		6,646		—		—		—
Conservative		6,646		—		—		—
US Growth Leaders		7,223		—		—		—
Global Utilities		8,323		220		—		—
Global Financial Services		8,320		—		—		—
Developing Markets		—		—		5,714		—

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

Combined Fee Schedule*
Up to $1 billion	0.13%
$1 billion and more up to $3 billion	0.08%
$3 billion and more up to $8 billion	0.05%
$8 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 Investor Destinations Funds are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations 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 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 Class II shares of the Funds. These fees are based on average daily net assets of Class II shares of the Funds at an annual rate not to exceed 0.25% for Class II shares.

Under the terms of an Administrative Services Plan, the Funds pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services. 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 inquires 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 each class of shares of each of the applicable Funds, Money Market II, and the Investor Destinations Funds.

198

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

The Funds reserve the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less. The short-term trading fee is paid directly to the applicable Fund and is designed to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2004, the following Funds had contributions to capital due to collection of short-term trading fee:

Fund	Amount
Nationwide	$	2,939
Government Bond		14,705
Small Company		123
Mid Cap Growth		4,853
Small Cap Value		2,157
Small Cap Growth		917
Worldwide Leaders		1,120
Global Technology and Communications		22,688
Global Health Sciences		23,939
Nationwide Leaders		4,683
Emerging Markets		11,220
International Growth		3,461
International Value		53,515
US Growth Leaders		7,872
Global Utilities		2,925
Global Financial Services		15,783
Aggressive		650

As of June 30, 2004, the advisers or affiliates of the advisers directly held the percentage indicated of the shares outstanding of the applicable Fund:

	% of Shares
Fund	Outstanding Owned
Value		17	%
Nationwide Leaders		15	%
Global Utilities		34	%
Global Financial Services		21	%

199

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2004 (Unaudited)

7.  Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the six months ended June 30, 2004 are summarized as follows:

Fund	Purchases		Sales
Nationwide	$	932,682,252	$	1,053,042,471
Growth		418,001,850		432,949,978
Government Bond		396,862,657		570,503,446
Small Company		695,918,930		715,990,921
Balanced		324,978,672		330,770,017
Mid Cap Growth		87,548,816		99,881,040
Value		32,367,535		12,833,451
High Income Bond		78,944,826		86,321,885
Equity 500 Index		3,696,841		12,807,089
Multi Sector Bond		234,346,526		218,901,283
Small Cap Value		624,018,163		643,469,044
Small Cap Growth		115,668,728		122,821,497
Worldwide Leaders		83,171,346		84,807,501
Mid Cap Index		53,872,630		30,582,528
Global Technology and Communications		190,455,554		187,470,573
Global Health Sciences		92,782,309		71,453,173
Nationwide Leaders		6,563,680		6,793,477
Emerging Markets		85,997,471		65,384,163
International Growth		14,826,127		14,770,416
International Value		42,482,500		20,870,795
Aggressive		127,402,311		13,735,900
Moderately Aggressive		219,017,387		23,817,443
Moderate		263,161,134		8,454,726
Moderately Conservative		81,593,981		3,820,270
Conservative		42,371,809		13,385,921
US Growth Leaders		153,554,476		167,371,286
Global Utilities		26,695,869		25,138,313
Global Financial Services		23,716,484		14,171,962
Developing Markets		135,560,891		160,376,832

8.  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 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.

200

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

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

June 30, 2004

			Term of
			Office
			with
			Trust—
	Position(s)		Length of
Name, Address,	Held with		Time		Principal Occupation(s) During Past
and Date of Birth	Fund		Served1		5 Years
Charles E. Allen 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1948		Trustee		Since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).
Michael J. Baresich 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1954		Trustee	Since March 2004		Mr. Baresich is Chief Executive Officer and Director of Cokinetic Systems Corp. (software company). From 1999 to 2001, Mr. Baresich was a Managing Director of Deutsche Bank and from 1985 to 1999 he was a Managing Director of Bankers Trust.
Paula H.J. Cholmondeley 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1947		Trustee		Since July 2000	Ms. Cholmondeley is an independent strategy consultant and Chairman of Sorrel Group (2004-present). Prior to this, Ms. Cholmondeley was Vice President and General Manager of Specialty Products at Sappi Fine Paper North America (2000-2004). Ms. Cholmondeley was an independent strategy consultant (1998-2000), and held various positions with Owens Corning, including Vice President and General Manager of the Residential Insulation Division (1997-1998).
C. Brent DeVore 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1940		Trustee		Since May 1998	Dr. DeVore is President of Otterbein College.
Robert M. Duncan 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1927		Trustee	Since April 1997		Since 1999, Mr. Duncan has worked as an arbitration and mediation consultant. From 1996 to 1999, Mr. Duncan was Commissioner of the Ohio Elections Commission.
Barbara L. Hennigar 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1935		Trustee		Since July 2000	Retired; Ms. Hennigar was formally the Chairman of OppenheimerFunds Services and Shareholder Services Inc. Ms. Hennigar held this position from October 1999 to June, 2000. Prior to that, Ms. Hennigar served as President and Chief Executive Officer of OppenheimerFunds Services.
Thomas J. Kerr, IV 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1933		Trustee		Since June 1981	Dr. Kerr is President Emeritus of Kendall College.
Douglas F. Kridler 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1955		Trustee	Since September 1997		Mr. Kridler is the President and Chief Executive Officer of the Columbus Foundation, Columbus, OH based (a foundation which manages over 1,000 individual endowment funds). Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.
David C. Wetmore 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1948		Trustee		Since May 1995	Retired; Mr. Wetmore was formally the Managing Director of Updata Capital, Inc., a venture capital firm.

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Number of
	Portfolios in
	Fund
	Complex
Name, Address,	Overseen by		Other Directorships
and Date of Birth	Trustee		Held by Trustee2
Charles E. Allen 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1948		78	None
Michael J. Baresich 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1954		78	None
Paula H.J. Cholmondeley 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1947		78	Director of Dentsply International, Inc. Director of Ultra Life Batteries, Inc. Director of Terex Corporation
C. Brent DeVore 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1940		78	None
Robert M. Duncan 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1927		78	None
Barbara L. Hennigar 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1935		78	None
Thomas J. Kerr, IV 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1933		78	None
Douglas F. Kridler 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1955		78	None
David C. Wetmore 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1948		783	None

201

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Continued) (Unaudited)

Trustees and Officers who are Interested Persons (as defined in the 1940 Act) and

Officers of the Funds

June 30, 2004

			Term of
			Office—
	Position(s)		Length of
Name, Address,	Held with		Time		Principal Occupation(s) During Past
and Date of Birth	Fund		Served1		5 Years
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Conshohocken, PA 19428 1948	Trustee and Chairman			Since July 2000	Mr. Hondros is President and Chief Executive Officer of Gartmore Distribution Services, Inc.*, Gartmore Investor Services, Inc.*, Gartmore Morley Capital Management, Inc.*, Gartmore Morley Financial Services, Inc.,* NorthPointe Capital, LLC*, GGAMT*, GGI*, GMF*, and GSA* and a Director of Nationwide Securities, Inc.* as well as several entities within Nationwide Financial Services, Inc.
Arden L. Shisler Gartmore Global Investments, Inc. 1200 River Road, Conshohocken, PA 19428 1941		Trustee	Since February 2000		Mr. Shisler is President and Chief Executive Officer of K&B Transport, Inc., a trucking firm, Chairman of the Board for Nationwide Mutual Insurance Company* and a Director of Nationwide Financial Services, Inc.*
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Conshohocken, PA 19428 1951		Treasurer	Since March 2001		Mr. Holland is Senior Vice President — Operations for GGI*, GMF* and GSA.* Mr. Holland was Assistant Treasurer to the Funds. Prior to July 2000, Mr. Holland was Vice President for First Data Investor Services, an investment company service provider.
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Conshohocken, PA 19428 1953		Secretary	Since December 2002		Mr. Miller is Senior Vice President, Chief Counsel for GGI*, GMF* and GSA*. Prior to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Number of
	Portfolios in
	Fund
	Complex
Name, Address,	Overseen by		Other Directorships
and Date of Birth	Trustee		Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Conshohocken, PA 19428 1948		783	None
Arden L. Shisler Gartmore Global Investments, Inc. 1200 River Road, Conshohocken, PA 19428 1941		78	None
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Conshohocken, PA 19428 1951		78	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Conshohocken, PA 19428 1953		78	None

1	The term of office length is until a director resigns or reaches a mandatory retirement age of 70. The Trust 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	Mr. Wetmore served as an independent director, and Mr. Hondros serves as a director of the Board of Directors for each of the various offshore hedge funds managed by Gartmore SA Capital Trust (“GSA”). (Mr. Wetmore resigned as an independent director of these Boards effective as of December 3, 2003.)
*	This position is held with an affiliated person or principal underwriter of the Funds.
	Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $202,833 from the Trust for the six months ended June 30, 2004. 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.
	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.

202

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 this 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.

Not applicable – The information required by this item is required only in an annual report on this 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 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 this 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. The registrant is not a listed issuer as defined in Rule 10A-3 under the Exchange Act.

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 registrant’s report to shareholders, as 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. The registrant is an open-end management investment company, not a closed-end management investment company.

Item 8.    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. The registrant is an open-end management investment company, not a closed-end management investment company.

Item 9.    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.

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 10.    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 registrant’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 applicable 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 registrant’s last fiscal half-year (the registrant’s second fiscal half-year in the case of an annual 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 registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely materially to affect, the registrant’s internal control over financial reporting.

Item 11.    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 this 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. Rule 23c-1 under the Act applies to closed-end management investment companies, not to open-end management investment companies.

          (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 furnished herewith.

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 VARIABLE INSURANCE TRUST
By (Signature and Title)*	/s/	GERALD J. HOLLAND
	Name:	Gerald J. Holland
	Title:	Treasurer
	Date:	September 8, 2004

          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:	September 8, 2004
By (Signature and Title)*	/s/	GERALD J. HOLLAND
	Name:	Gerald J. Holland
	Title:	Treasurer
	Date:	September 8, 2004

* Print the name and title of each signing officer under his or her signature.