N-CSRS

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 Miller

1200 River Road

Suite 1000

Conshohocken, PA 19428

(Name and address of agent for service)

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

Date of fiscal year end: 12/31/2005

Date of reporting period: 06/30/2005

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

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

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 GVIT Nationwide Fund

Semiannual Report

|  June 30, 2005

	Contents
5	Statement of Investments
10	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Nationwide Fund

For the semiannual period ended June 30, 2005, the Gartmore GVIT Nationwide Fund returned 0.49% (Class I at NAV) versus -0.81% for its benchmark, the S&P 500^® Index. For broader comparison, the average return for the Fund’s Lipper peer category of Large-Cap Core Funds was -0.76%.

One of our goals in managing this Fund is to stay relatively close to the benchmark’s sector weightings and to add value primarily through stock selection. In that respect, the Fund was successful during the reporting period, as stock picking made significant contributions to the Fund’s performance in the financials, information technology, consumer discretionary and health care sectors.

In financials, the Fund benefited from its investments in The Allstate Corp., MetLife Inc. and Prudential Financial Inc., three insurers with relatively modest valuations, solid fundamentals and well-known brands. Global financial services provider Lehman Brothers Holdings Inc. also did well, paced by growing geographic diversification and strength in its asset management business that enabled the firm to exceed expectations for its fiscal second quarter, ended May 31, 2005.

In information technology, the Fund was helped by microprocessor maker Intel Corp., which reported better-than-expected sales and earnings for the first quarter of 2005. We liked Intel’s strong product line and its tight control of inventories, both of which we thought boded well for the firm’s near-term financial results. Although technology giants, International Business Machines Corp. (IBM) and Microsoft Corp. both performed poorly and detracted from the Fund’s absolute performance, they helped versus the benchmark because we significantly underweighted them. Particularly in IBM’s case, we thought the stock was expensive and growth prospects were unexciting.

On the negative side, the Fund was hurt by unfavorable stock selection in industrials and materials, along with an overweighting in materials. In industrials, we experienced poor performance from railroads Norfolk Southern Corp. and Burlington Northern Santa Fe Corp., as well as trucking company J.B. Hunt Transport Services, Inc. Concerns about increasing freight capacity in the truck and rail markets at a time when demand could falter caused the stocks to retreat. In the materials sector, the Fund was hurt by International Paper Co., which warned near the end of June that second-quarter earnings would fall short of the company’s previous estimates due to tepid paper and industrial packaging sales.

Our outlook is fairly positive for the remainder of 2005, as we believe that stock valuations are generally reasonable and global economic growth, while not spectacular, should allow for pockets of strong earnings gains. At a price of $60 per barrel, crude oil represents a significant challenge for consumers and many businesses. However, we think that high oil prices should not prevent the U.S. economy from continuing to grow at a moderate pace, if perhaps somewhat slower than it did in the first half of the year. Rising short-term interest rates also could inhibit growth, but it’s important to remember that, from a historical standpoint, rates remain low. At the company level, we’re still finding opportunities with strong earnings prospects, along with good dividend yields.

PORTFOLIO MANAGERS: Gary Haubold, CFA and William H. Miller

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

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

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

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

1

Fund Performance Gartmore GVIT Nationwide Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Five years	Ten years
Class I2	0.49%	7.94%	-0.60%	8.31%
Class II3	0.29%	7.73%	-0.81%	8.05%
Class III3	0.41%	7.95%	-0.56%	8.33%
Class IV3	0.40%	7.85%	-0.61%	8.31%

* Not Annualized.

1 Not subject to any sales charges.

2 The existing shares of the Fund were designated Class I shares as of May 1, 2001.

3 These returns until the creation of Class II shares (July 11, 2002) Class III shares (May 6, 2002) and Class IV shares (April 28, 2003) are based on the performance of the Class I shares of the Fund. Excluding the effect of fee waivers or reimbursements, such prior performance is similar to what Class II, Class III and Class IV shares would have produced because all classes of shares invest in the same portfolio of securities. Class II shares’ annual returns have been restated to reflect the additional fees applicable to Class II shares and therefore are lower than those of Class I. For Class III shares, these returns do not reflect the short-term trading fees applicable to such shares; if these fees were reflected, the annual returns for Class III shares would have been lower.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class I shares of the Gartmore GVIT Nationwide Fund, Standard & Poor’s 500 Index (S&P 500)(a), and Consumer Price Index (CPI)(b) over as 10-year period ended 06/30/05. Unlike, the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) S&P 500 is an unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2

Shareholder

Expense Example Gartmore GVIT Nationwide Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Nationwide Fund
Class I	Actual	$	1,000	$	1,005	$	4.08	0.82%
	Hypothetical1	$	1,000	$	1,021	$	4.12	0.82%
Class II	Actual	$	1,000	$	1,003	$	5.36	1.08%
	Hypothetical1	$	1,000	$	1,020	$	5.42	1.08%
Class III	Actual	$	1,000	$	1,004	$	3.98	0.80%
	Hypothetical1	$	1,000	$	1,021	$	4.02	0.80%
Class IV	Actual	$	1,000	$	1,004	$	4.07	0.82%
	Hypothetical1	$	1,000	$	1,021	$	4.12	0.82%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

3

Portfolio Summary

(June 30, 2005) Gartmore GVIT Nationwide Fund

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

Asset Allocation
Common Stocks	96.5%
Commercial Paper	4.6%
Other Investments*	5.6%
Liabilities in excess of other assets**	-6.7%
	100.0%

Top Holdings
Johnson & Johnson, Inc.	3.1%
ChevronTexaco Corp.	3.0%
Countrywide Home Loans, 3.45%, 07/01/05	2.7%
Exxon Mobil Corp.	2.6%
Microsoft Corp.	2.5%
General Electric Co.	2.4%
UBS Delaware, 3.26%, 07/05/05	1.9%
Bank of America Corp.	1.9%
Unitedhealth Group, Inc.	1.9%
Altria Group, Inc.	1.7%
Other Holdings	76.3%
	100.0%

Top Industries
Oil & Gas	11.7%
Financial Services	8.3%
Healthcare	8.2%
Banks	7.9%
Computer Software & Services	6.8%
Retail	6.2%
Insurance	4.9%
Transportation	4.3%
Capital Goods	3.5%
Semiconductors	3.4%
Other Industries	34.8%
	100.0%

* Includes value of collateral received from securities lending.

** Includes value of collateral owed from securities lending.

4

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT NATIONWIDE FUND

Statement of Investments — June 30, 2005 (Unaudited)

Shares or Principal Amount		Value
COMMON STOCKS (96.5%)
Advertising Agencies (0.2%)
Monster Worldwide, Inc. (b)	99,765	$	2,861,260
Aerospace & Defense (1.4%)
Northrop Grumman Corp.	232,612		12,851,813
Raytheon Co.	216,820		8,481,998
			21,333,811
Airlines (0.2%)
Southwest Airlines Co.	257,390		3,585,443
Auto/Truck Parts & Equipment (0.4%)
Autoliv, Inc.	115,850		5,074,230
Oshkosh Truck Corp.	16,600		1,299,448
			6,373,678
Banks (5.2%)
AmSouth Bancorp	36,000		936,000
Bank of America Corp.	592,782		27,036,787
Bank of New York Co., Inc.	101,600		2,924,048
Centerstate Bank of Florida	11,840		386,339
Comerica, Inc.	48,000		2,774,400
Compass Bancshares, Inc.	10,000		450,000
KeyCorp	7,300		241,995
National City Corp.	49,000		1,671,880
Northern Trust Corp.	13,560		618,200
PNC Bank Corp.	28,000		1,524,880
State Street Corp.	36,100		1,741,825
SunTrust Banks, Inc.	42,000		3,034,080
Wachovia Corp.	483,448		23,979,021
Zions Bancorp	140,168		10,306,553
			77,626,008
Broadcast Media & Cable Television (0.9%)
Comcast Corp., Class A (b)	203,594		6,250,336
Viacom, Inc., Class B	215,479		6,899,637
			13,149,973
Building & Construction (1.3%)
Builders Firstsource, Inc. (b)	87,200		1,412,640
Centex Corp.	1,330		93,991
Comstock Homebuilding Co., Class A (b)	2,360		57,159
D. R. Horton, Inc.	15,880		597,247
Lennar Corp.	56,900		3,610,305
Masco Corp.	65,400		2,077,104
Pulte Corp.	45,919		3,868,676
Weyerhaeuser Co.	121,450		7,730,292
			19,447,414

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Business Services (0.2%)
Pitney Bowes, Inc.	74,000	$	3,222,700
Capital Goods (3.5%)
Black & Decker Corp.	51,900		4,663,215
General Electric Co.	1,024,275		35,491,129
PACCAR, Inc.	63,495		4,317,660
Sherwin-Williams Co.	23,000		1,083,070
Timken Co.	265,920		6,142,752
			51,697,826
Chemicals (1.6%)
Air Products & Chemicals, Inc.	23,000		1,386,900
Albemarle Corp.	54,640		1,992,721
Ashland, Inc.	80,661		5,797,106
Dow Chemical Co.	99,800		4,444,094
Lubrizol Corp.	134,117		5,634,255
Olin Corp.	69,900		1,274,976
PPG Industries, Inc.	23,400		1,468,584
Sigma-Aldrich Corp.	23,000		1,288,920
			23,287,556
Coal (0.4%)
Massey Energy Co.	65,700		2,478,204
Peabody Energy Corp.	78,400		4,079,936
			6,558,140
Computer Equipment (2.7%)
ATI Technologies, Inc. (b)	80,500		953,925
Dell, Inc. (b)	452,692		17,885,861
Hewlett Packard Co.	381,200		8,962,012
International Business Machines Corp.	90,494		6,714,655
Seagate Technology Co.	301,500		5,291,325
Western Digital Corp. (b)	39,800		534,116
			40,341,894
Computer Networks (0.4%)
Cisco Systems, Inc. (b)	310,643		5,936,388
Computer Software & Services (6.8%)
Adobe Systems, Inc.	59,100		1,691,442
Advanced Micro Devices, Inc. (b)	204,400		3,544,296
Affiliated Computer Services, Class A (b)	111,003		5,672,253
Avid Technology (b)	14,000		745,920

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GARTMORE GVIT NATIONWIDE FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Computer Software & Services (continued)
Check Point Software Technologies Ltd. ADR — IL (b)	34,000	$	673,200
Checkfree Corp. (b)	29,000		987,740
Cognizant Technology Solutions Corp. (b)	102,800		4,844,964
Computer Sciences Corp. (b)	109,935		4,804,160
eBay, Inc. (b)	69,100		2,280,991
Electronic Data Systems Corp.	294,350		5,666,238
EMC Corp. (b)	254,901		3,494,693
Intuit, Inc. (b)	20,000		902,200
Microsoft Corp.	1,504,356		37,368,202
Oracle Corp. (b)	720,400		9,509,280
Quest Software, Inc. (b)	13,000		177,190
Verisign, Inc. (b)	388,888		11,184,419
Yahoo!, Inc. (b)	193,072		6,689,945
			100,237,133
Conglomerates (0.4%)
Ingersoll Rand Co.	79,924		5,702,577
Consumer Products (0.8%)
Colgate-Palmolive Co.	72,237		3,605,349
ConAgra, Inc.	35,480		821,717
Estee Lauder Cos., Class A	175,876		6,882,027
Mattel, Inc.	23,000		420,900
VF Corp.	13,600		778,192
			12,508,185
Containers—Metal & Glass (0.3%)
Ball Corp.	76,100		2,736,556
Owens-Illinois, Inc. (b)	65,560		1,642,278
			4,378,834
Cruise Lines (0.7%)
Royal Caribbean Cruises Ltd.	212,211		10,262,524
Drugs (0.6%)
Amgen, Inc. (b)	149,165		9,018,516
Electronics (0.7%)
Arrow Electronics, Inc. (b)	213,500		5,798,660
KLA-Tencor Corp.	88,000		3,845,600
			9,644,260
Energy (0.1%)
Progress Energy, Inc.	33,000		1,492,920
Financial Services (8.3%)
American Express Co.	78,400		4,173,232
Bear Stearns Cos., Inc.	92,128		9,575,784

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Financial Services (continued)
Capital One Financial Corp.	164,515	$	13,162,845
Citigroup, Inc.	140,663		6,502,850
Countrywide Credit Industries, Inc.	265,951		10,268,368
E*Trade Group, Inc. (b)	30,000		419,700
Edwards (A.G.), Inc.	14,300		645,645
First American Financial Corp.	128,350		5,151,969
Freddie Mac	9,137		596,007
Goldman Sachs Group, Inc.	77,428		7,899,205
Greenhill & Co., Inc.	24,100		976,291
Hudson City Bancorp, Inc.	556,000		6,343,960
Interactive Data Corp.	15,000		311,700
J.P. Morgan Chase & Co.	196,943		6,956,027
Kkr Financial Corp. (b)	236,100		5,902,500
Lehman Brothers Holding, Inc.	215,851		21,429,686
Merrill Lynch & Co., Inc.	195,734		10,767,327
Morgan Stanley	140,965		7,396,434
New York Community Bancorp	13,000		235,560
Robert Half International, Inc.	18,200		454,454
T Rowe Price Group, Inc.	8,000		500,800
United Dominion Realty Trust, Inc.	6,600		158,730
Wells Fargo & Co.	19,500		1,200,810
			121,029,884
Food & Beverage (2.2%)
Archer-Daniels-Midland Co.	317,472		6,787,552
Brown-Forman Corp.	23,000		1,390,580
Campbell Soup Co.	157,200		4,837,044
Constellation Brands, Inc. (b)	174,950		5,161,025
Hershey Foods Corp.	20,000		1,242,000
Hormel Foods Corp.	166,500		4,883,445
PepsiCo, Inc.	62,357		3,362,913
Safeway, Inc.	161,946		3,658,360
Smithfield Foods, Inc. (b)	61,168		1,668,051
			32,990,970
Gaming & Leisure (0.1%)
Boyd Gaming Corp.	25,190		1,287,965
Healthcare (8.2%)
Aetna, Inc.	105,600		8,745,792
Bristol-Myers Squibb Co.	175,704		4,389,086
Genzyme Corp. (b)	123,569		7,425,261
HCA, Inc.	15,600		884,052
Johnson & Johnson, Inc.	689,812		44,837,779
Manor Care, Inc.	20,000		794,600

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Healthcare (continued)
Medco Health Solutions, Inc. (b)	93,050	$	4,965,148
Triad Hospitals, Inc. (b)	143,300		7,829,912
Unitedhealth Group, Inc.	510,726		26,629,254
Varian Medical Systems, Inc. (b)	52,000		1,941,160
Wellpoint, Inc. (b)	156,200		10,877,768
			119,319,812
Hotels & Motels (0.5%)
Starwood Hotels & Resorts Worldwide	133,165		7,799,474
Instruments—Scientific (0.3%)
Thermo Electron Corp. (b)	187,233		5,030,951
Insurance (4.9%)
ACE Ltd.	15,000		672,750
Allstate Corp.	277,118		16,557,800
American International Group, Inc.	161,011		9,354,739
Aon Corp.	14,000		350,560
Assurant, Inc.	168,817		6,094,294
Chubb Corp.	87,950		7,529,400
Hartford Financial Services Group, Inc.	101,750		7,608,865
MetLife, Inc.	166,194		7,468,758
Principal Financial Group	90,310		3,783,989
Prudential Financial, Inc.	160,865		10,562,396
Wellchoice, Inc. (b)	15,600		1,083,732
XL Capital Ltd.	20,000		1,488,400
			72,555,683
Machinery & Equipment (0.1%)
Deere & Co.	21,000		1,375,290
Toro Co.	14,400		555,984
			1,931,274
Manufacturing (1.1%)
American Standard Cos., Inc.	82,003		3,437,566
Danaher Corp.	69,138		3,618,683
Eaton Corp.	4,100		245,590
Illinois Tool Works, Inc.	21,700		1,729,056
Textron, Inc.	10,600		804,010
Tyco International Ltd.	204,185		5,962,202
			15,797,107
Medical Products (1.1%)
Bausch & Lomb, Inc.	69,771		5,790,993
Becton, Dickinson & Co.	71,800		3,767,346

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Medical Products (continued)
Fisher Scientific International, Inc. (b)	105,250	$	6,830,725
			16,389,064
Metals (1.3%)
Phelps Dodge Corp.	167,400		15,484,500
Southern Peru Copper Corp.	92,980		3,983,263
			19,467,763
Multi-Industry (0.3%)
Lowes Corp.	62,550		4,847,625
Multimedia (2.1%)
Carmike Cinemas, Inc.	1,700		52,156
Dreamworks Animation, Inc. (b)	12,370		324,094
EchoStar Communications Corp., Class A	135,257		4,077,999
Liberty Media Corp. (b)	486,100		4,953,359
News Corp.	101,757		1,646,428
Time Warner, Inc. (b)	678,166		11,332,154
Walt Disney Co. (The)	318,016		8,007,643
Westwood One, Inc.	20,000		408,600
			30,802,433
Office Automation & Equipment (0.3%)
Xerox Corp. (b)	322,764		4,450,916
Oil & Gas (11.7%)
Amerada Hess Corp.	1,400		149,114
Anadarko Petroleum Corp.	49,500		4,066,425
Apache Corp.	120,580		7,789,468
Baker Hughes, Inc.	43,200		2,210,112
BJ Services Co.	60,200		3,159,296
Bois D’ARC Energy, Inc. (b)	128,090		1,889,328
ChevronTexaco Corp.	764,738		42,764,148
Conocophillips	300,164		17,256,428
ENSCO International, Inc.	20,700		740,025
Exxon Mobil Corp.	679,768		39,066,266
Kerr-Mcgee Corp.	37,000		2,823,470
Nabors Industries Ltd. (b)	177,190		10,741,258
National-OilWell, Inc. (b)	115,400		5,486,116
Newfield Exploration Co. (b)	12,000		478,680
Occidental Petroleum Corp.	24,000		1,846,320
Oneok, Inc.	33,835		1,104,713
Praxair, Inc.	86,800		4,044,880
Precision Drilling Corp. ADR — CA (b)	24,000		947,520

7

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GARTMORE GVIT NATIONWIDE FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Oil & Gas (continued)
Rowan Cos., Inc.	34,200	$	1,016,082
Sempra Energy	379,970		15,696,561
Shell Transport & Trading Co. ADR — GB	13,400		778,004
Smith International, Inc.	20,300		1,293,110
Transocean, Inc. (b)	22,000		1,187,340
Unit Corp. (b)	13,000		572,130
Weatherford International, Inc. (b)	81,700		4,736,966
			171,843,760
Paper & Forest Products (1.1%)
International Paper Co.	332,090		10,032,439
Meadwestvaco Corp.	209,757		5,881,586
			15,914,025
Pharmaceuticals (1.3%)
Pfizer, Inc.	706,555		19,486,787
Restaurants (1.2%)
Darden Restaurants, Inc.	261,823		8,634,923
McDonald’s Corp.	332,600		9,229,650
			17,864,573
Retail (6.2%)
Albertson’s, Inc.	791,366		16,365,449
Costco Wholesale Corp.	160,206		7,180,433
CVS Corp.	337,900		9,822,753
Dollar General	162,833		3,315,280
Federated Department Stores, Inc.	63,850		4,678,928
Foot Locker, Inc.	16,000		435,520
Home Depot, Inc.	131,226		5,104,691
Hughes Supply, Inc.	22,500		632,250
Kohl’s Corp. (b)	130,995		7,323,930
Kroger Co. (b)	117,462		2,235,302
Office Depot, Inc. (b)	196,620		4,490,801
Petsmart, Inc.	196,383		5,960,224
Radioshack Corp.	218,806		5,069,735
Staples, Inc.	319,400		6,809,608
Target Corp.	67,065		3,649,007
Wal-Mart Stores, Inc.	195,153		9,406,375
			92,480,286
Semiconductors (3.4%)
Altera Corp. (b)	30,000		594,600
Applied Materials, Inc.	79,400		1,284,692

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Semiconductors (continued)
Intel Corp.	876,836	$	22,850,346
Maxim Integrated Products, Inc.	172,893		6,606,242
Microchip Technology, Inc.	236,116		6,993,756
Micron Technology, Inc. (b)	448,009		4,574,172
Novellus Systems (b)	31,025		766,628
Texas Instruments, Inc.	259,677		7,289,133
			50,959,569
Steel (0.4%)
Carpenter Technology Corp.	18,000		932,400
Nucor Corp.	42,700		1,947,974
United States Steel Corp.	69,600		2,392,152
			5,272,526
Technology (0.7%)
Ingram Micro, Inc. (b)	299,600		4,691,736
Linear Technology Corp.	75,000		2,751,750
Rockwell International Corp.	16,000		779,360
Xilinx, Inc.	109,181		2,784,116
			11,006,962
Telecommunications (2.9%)
Alltel Corp.	89,800		5,592,744
Corning, Inc. (b)	126,610		2,104,258
Harris Corp.	179,950		5,616,240
Motorola, Inc.	543,972		9,932,929
SBC Communications, Inc.	477,139		11,332,050
Sprint Corp.	247,150		6,200,994
Verizon Communications	51,587		1,782,331
			42,561,546
Tire & Rubber (0.0%)
Bandag, Inc.	290		13,355
Tobacco (2.2%)
Altria Group, Inc.	390,451		25,246,561
Reynolds American, Inc.	80,512		6,344,346
U.S.T., Inc.	25,000		1,141,500
			32,732,407
Transportation (4.3%)
Burlington Northern Santa Fe Corp.	482,750		22,727,871
CSX Corp.	157,050		6,699,753
Fedex Corp.	66,800		5,411,468
J.B. Hunt Transport Services, Inc.	544,778		10,514,215

8

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GARTMORE GVIT NATIONWIDE FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
COMMON STOCKS (continued)
Transportation (continued)
Norfolk Southern Corp.		571,042	$	17,679,460
Union Pacific Corp.		8,300		537,840
				63,570,607
Utilities (1.6%)
AES Corp. (b)		185,219		3,033,887
Constellation Energy Group		123,369		7,117,158
Dominion Resources, Inc.		25,700		1,886,123
Duke Energy Corp.		325,000		9,662,250
Nisource, Inc.		5,000		123,650
Southern Co.		43,500		1,508,145
				23,331,213
Total Common Stocks				1,429,405,577
COMMERCIAL PAPER (4.6%)
Banks—Domestic (2.7%)
Countrywide Home Loans, 3.45%, 07/01/05	$	41,144,000		41,144,000
Banks—Foreign (1.9%)
UBS Delaware, 3.26%, 07/05/05		27,411,000		27,398,589
Total Commercial Paper				68,542,589

Shares or Principal Amount			Value
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (5.6%)
Pool of short-term securities for Gartmore Variable Insurance Trust Funds — note 2 (Securities Lending)	$	82,516,865	$	82,516,865
Total Short-Term Securities Held as Collateral for Securities Lending				82,516,865
Total Investments (Cost $1,488,429,456) (a) — 106.7%				1,580,465,031
Liabilities in excess of other assets — (6.7%)				(99,670,410	)
NET ASSETS — 100.0%			$	1,480,794,621

(a) See notes to financial statement for tax unrealized appreciation (depreciation) of securities.

(b) Denotes a non-income producing security.

ADR American Depositary Receipt

CA Canada

GB United Kingdom

IL Israel

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

Number of Contracts	Long Contracts*	Expiration	Market Value Covered by Contracts		Unrealized Appreciation/ (Depreciation)
15	S&P 500 Futures	09/15/05	$	4,483,125	$	(39,750	)

* Cash pledged as collateral.

See notes to financial statements.

9

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT NATIONWIDE FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $1,488,429,456)	$	1,580,465,031
Cash		236,654
Interest and dividends receivable		1,332,183
Receivable for investments sold		15,437,574
Prepaid expenses and other assets		49,503
Total Assets		1,597,520,945
Liabilities:
Payable for investments purchased		33,236,462
Payable for variation margin on futures contracts		27,750
Payable for return of collateral received for securities on loan		82,516,865
Accrued expenses and other payables:
Investment advisory fees		702,948
Fund administration and transfer agent fees		43,852
Distribution fees		2,684
Administrative servicing fees		170,147
Other		25,616
Total Liabilities		116,726,324
Net Assets	$	1,480,794,621
Represented by:
Capital	$	1,590,478,695
Accumulated net investment income (loss)		22,435
Accumulated net realized gain (losses) from investment and futures transactions		(201,702,334	)
Net unrealized appreciation (depreciation) on investments and futures		91,995,825
Net Assets	$	1,480,794,621
Net Assets:
Class I Shares	$	1,307,443,811
Class II Shares		13,001,133
Class III Shares		722,789
Class IV Shares		159,626,888
Total	$	1,480,794,621
Shares outstanding (unlimited number of shares authorized):
Class I Shares		117,411,939
Class II Shares		1,169,577
Class III Shares		64,814
Class IV Shares		14,336,827
Total		132,983,157
Net asset value and offering price per share:*
Class I Shares	$	11.14
Class II Shares	$	11.12
Class III Shares	$	11.15
Class IV Shares	$	11.13

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	624,785
Dividend income		10,916,215
Income from securities lending		81,866
Total Income		11,622,866
Expenses:
Investment advisory fees		4,287,378
Fund administration and transfer agent fees		485,577
Distribution fees Class II Shares		15,297
Administrative servicing fees Class I Shares		982,055
Administrative servicing fees Class II Shares		9,375
Administrative servicing fees Class III Shares		501
Administrative servicing fees Class IV Shares		118,914
Other**		301,934
Total Expenses		6,201,031
Net Investment Income (Loss)		5,421,835
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		86,542,880
Net change in unrealized appreciation/depreciation on investments and futures		(86,538,596	)
Net realized/unrealized gains (losses) on investments and futures		4,284
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,426,119

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

10

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT NATIONWIDE FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	5,421,835		$	16,557,620
Net realized gains (losses) on investment transactions		86,542,880			132,174,826
Net change in unrealized appreciation/depreciation on investments		(86,538,596	)		(4,802,619	)
Change in net assets resulting from operations		5,426,119			143,929,827
Distributions to Class I shareholders from:
Net investment income		(5,343,355	)		(17,672,987	)
Distributions to Class II shareholders from:
Net investment income		(36,484	)		(104,002	)
Distributions to Class III shareholders from:
Net investment income		(3,224	)		(10,479	)
Distributions to Class IV shareholders from:
Net investment income		(650,698	)		(2,092,528	)
Change in net assets from shareholder distributions		(6,033,761	)		(19,879,996	)
Change in net assets from capital transactions		(100,459,513	)		(178,235,775	)
Change in net assets		(101,067,155	)		(54,185,944	)
Net Assets:
Beginning of period		1,581,861,776			1,636,047,720
End of period	$	1,480,794,621		$	1,581,861,776
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	2,811,098		$	9,230,749
Dividends reinvested		5,343,354			17,672,987
Cost of shares redeemed		(102,877,245	)		(194,143,788	)
		(94,722,793	)		(167,240,052	)
Class II Shares
Proceeds from shares issued		2,646,228			8,221,409
Dividends reinvested		36,484			104,002
Cost of shares redeemed		(914,778	)		(3,504,688	)
		1,767,934			4,820,723
Class III Shares
Proceeds from shares issued		130,297			629,071
Dividends reinvested		3,224			10,479
Cost of shares redeemed		(255,717	)		(741,353	)
		(122,196	)		(101,803	)
Class IV Shares
Proceeds from shares issued		2,392,014			5,160,379
Dividends reinvested		650,698			2,092,528
Cost of shares redeemed		(10,425,170	)		(22,967,550	)
		(7,382,458	)		(15,714,643	)
Change in net assets from capital transactions	$	(100,459,513	)	$	(178,235,775	)

11

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT NATIONWIDE FUND

Statement of Changes in Net Assets (continued)

	Six Months Ended June 30, 2005		Year Ended December 31, 2004
	(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
Issued	254,777		881,678
Reinvested	483,184		1,653,559
Redeemed	(9,322,087	)	(18,697,631	)
	(8,584,126	)	(16,162,394	)
Class II Shares
Issued	240,457		780,353
Reinvested	3,306		9,641
Redeemed	(82,740	)	(324,495	)
	161,023		465,499
Class III Shares
Issued	11,748		61,597
Reinvested	291		980
Redeemed	(23,199	)	(71,238	)
	(11,160	)	(8,661	)
Class IV Shares
Issued	216,920		497,565
Reinvested	58,839		195,738
Redeemed	(945,412	)	(2,212,346	)
	(669,653	)	(1,519,043	)

See notes to financial statements.

12

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Nationwide Fund

			Investment Activities					Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class I Shares
Year Ended December 31, 2000	$	18.81	0.12	(0.47	)	(0.35	)	(0.12	)	(6.70	)	(6.82	)	$	11.64	(2.12%	)	$	2,014,759	0.78%		0.63%		0.81%		0.60%		148.28%
Year Ended December 31, 2001(c)	$	11.64	0.08	(1.46	)	(1.38	)	(0.08	)	(0.29	)	(0.37	)	$	9.89	(11.82%	)	$	1,677,316	0.78%		0.77%		0.82%		0.73%		58.36%
Year Ended December 31, 2002	$	9.89	0.08	(1.79	)	(1.71	)	(0.08	)	—		(0.08	)	$	8.10	(17.35%	)	$	1,252,686	0.83%		0.84%		0.84%		0.83%		33.25%
Year Ended December 31, 2003	$	8.10	0.08	2.14		2.22		(0.05	)	—		(0.05	)	$	10.27	27.51%		$	1,459,917	0.83%		0.83%		(i	)	(i	)	129.01%
Year Ended December 31, 2004	$	10.27	0.12	0.88		1.00		(0.14	)	—		(0.14	)	$	11.13	9.75%		$	1,402,753	0.83%		1.07%		(i	)	(i	)	131.43%
Six Months Ended June 30, 2005 (Unaudited)	$	11.13	0.04	0.01		0.05		(0.04	)	—		(0.04	)	$	11.14	0.49%	(g)	$	1,307,444	0.82%	(h)	0.73%	(h)	(i	)	(i	)	76.68%
Class II Shares
Period Ended December 31, 2002(d)	$	8.68	0.04	(0.57	)	(0.53	)	(0.05	)	—		(0.05	)	$	8.10	(6.14%	)(g)	$	765	1.07%	(h)	1.03%	(h)	(i	)	(i	)	33.25%
Year Ended December 31, 2003	$	8.10	0.05	2.15		2.20		(0.04	)	—		(0.04	)	$	10.26	27.23%		$	5,570	1.08%		0.60%		(i	)	(i	)	129.01%
Year Ended December 31, 2004	$	10.26	0.08	0.89		0.97		(0.11	)	—		(0.11	)	$	11.12	9.53%		$	11,210	1.08%		0.95%		(i	)	(i	)	131.43%
Six Months Ended June 30, 2005 (Unaudited)	$	11.12	0.03	—		0.03		(0.03	)	—		(0.03	)	$	11.12	0.29%	(g)	$	13,001	1.08%	(h)	0.47%	(h)	(i	)	(i	)	76.68%
Class III Shares
Period Ended December 31, 2002(e)	$	9.78	0.05	(1.65	)	(1.60	)	(0.07	)	—		(0.07	)	$	8.11	(16.38%	)(g)	$	399	0.72%	(h)	1.07%	(h)	(i	)	(i	)	33.25%
Year Ended December 31, 2003	$	8.11	0.09	2.13		2.22		(0.05	)	—		(0.05	)	$	10.28	27.48%		$	870	0.83%		0.83%		(i	)	(i	)	129.01%
Year Ended December 31, 2004	$	10.28	0.11	0.89		1.00		(0.13	)	—		(0.13	)	$	11.15	9.84%		$	847	0.83%		1.05%		(i	)	(i	)	131.43%
Six Months Ended June 30, 2005 (Unaudited)	$	11.15	0.05	—		0.05		(0.05	)	—		(0.05	)	$	11.15	0.41%	(g)	$	723	0.80%	(h)	0.74%	(h)	(i	)	(i	)	76.68%
Class IV Shares
Period Ended December 31, 2003(f)	$	8.30	0.05	1.95		2.00		(0.03	)	—		(0.03	)	$	10.27	24.17%	(g)	$	169,690	0.83%	(h)	0.85%	(h)	(i	)	(i	)	129.01%
Year Ended December 31, 2004	$	10.27	0.12	0.88		1.00		(0.14	)	—		(0.14	)	$	11.13	9.75%		$	167,051	0.83%		1.06%		(i	)	(i	)	131.43%
Six Months Ended June 30, 2005 (Unaudited)	$	11.13	0.04	—		0.04		(0.04	)	—		(0.04	)	$	11.13	0.40%	(g)	$	159,627	0.82%	(h)	0.72%	(h)	(i	)	(i	)	76.68%

(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.

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, was subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT Nationwide Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Trust’s 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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

“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.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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.

(d) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund 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 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.

15

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(e) 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.

(f) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

The cash collateral received by the Fund was pooled and, at June 30, 2005, was invested in the following:

Security Type	Security Name	Market Value		Maturity Rate		Maturity Date
Commercial Paper	HSBC Finance Corp.	$	18,000,000	3.14	%	07/05/05
Commercial Paper	Lexington Parker Capital		4,465,534	3.05	%	07/08/05
Commercial Paper	Master Fund LLC Series B		4,983,761	3.17	%	07/14/05
Domestic Certificates of Deposit — Fixed	Washington Mutual Bank FA		8,501,954	3.15	%	08/01/05
Funding Agreement	GE Life and Annutiy		2,000,000	3.32	%	07/14/05
Master Note — Floating	CDC Financial Product Inc.		3,500,000	3.54	%	07/01/05
Master Note — Floating	CITIGroup Global Markets Inc.		12,000,000	3.51	%	07/01/05
Medium Term Note — Floating	General Electric Capital Corp.		1,000,171	3.37	%	09/08/05
Medium Term Note — Floating	Pacific Life Global Funding		9,997,365	3.24	%	07/26/05
Money Market Fund	JPM S/L Collateral Investment		4,000,000	3.26	%	07/01/05
Repurchase Agreements	Nomura Securities		9,068,080	3.48	%	07/01/05
Yankee Certificates of Deposit — Floating	Credit Suisse First Boston, NY		5,000,000	3.25	%	08/10/05

As of June 30, 2005, the Fund had securities with the following market values on loan:

Market Value of Loaned Securities	Market Value of Collateral
$81,005,573	$	82,516,865

(g) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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

16

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(h) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$5,117,697	$	126,537,338	$	(39,619,460	)	$	86,917,878

(i) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Under the terms of the Investment Advisory Agreement, the Fund pays GMF an investment advisory fee based on the Fund’s average daily net assets and the following schedule:

Fee Schedule	Fees
Up to $1 billion	0.60%
Next $1 billion	0.58%
Next $3 billion	0.55%
$5 billion or more	0.50%

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are

17

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to GSA. GSA pays GISI from these fees for 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II, and Class III shares of the Fund and 0.20% on Class IV shares of the Fund.

4. Short-Term Trading Fees

The Fund reserves 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

18

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

the Class III shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $1,126,420,173 and sales of $1,238,445,250.

6. Bank Loans

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

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

19

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1: Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)

20

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2: Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

21

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

22

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

23

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

24

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President — Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr. Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

25

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

26

Gartmore GVIT Growth Fund

Semiannual Report

|  June 30, 2005

	Contents
6	Statement of Investments
8	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Growth Fund

For the semiannual period ended June 30, 2005, the Gartmore GVIT Growth Fund returned 0.45% (Class I at NAV) versus -1.72% for its benchmark, the Russell 1000^® Growth Index. For broader comparison, the average return for the Fund’s Lipper peer category of Large-Cap Growth Funds was -1.42%.

The Fund is managed with a low tracking error to the benchmark and places emphasis on stock selection to add value. For this semi-annual reporting period the Fund outperformed the benchmark by more than two percentage points during the reporting period. The outperformance was driven by strong stock selection, particularly in the information technology, consumer discretionary and consumer staples sectors. In technology, the Fund benefited from its holdings in Internet search engine Google Inc., which rewarded investors with upwardly revised earnings, increasing market share and robust paid-search revenues. Another technology holding boosting the Fund’s results was microprocessor maker Intel Corp. A strong product lineup and improved demand for desktop computers led to expanding profit margins for Intel.

In the consumer discretionary sector, Nordstrom, Inc. was a key contributor. The department store chain’s share price benefited from solid increases in same-store sales, due to the company’s reputation for excellent service, quality merchandise and reasonable prices. In consumer staples, personal products maker The Gillette Co. performed well, as the company received a buyout offer from Procter & Gamble Co. at a premium to the price at which Gillette’s stock was trading at the time.

Holding back the Fund’s performance was biotechnology stock Biogen Idec Inc., which was hampered by the news that the company had voluntarily withdrawn from the market its multiple sclerosis medication, Tysabri, because of its apparent link to several deaths from a rare central nervous system disease. In the financials sector, consumer lender The First Marblehead Corp. and Investors Financial Services Corp., a provider of back-office services to asset management companies, struggled in part because of a flattening yield curve, a condition in which the difference between long-term and short-term interest rates narrows.

Important changes during the reporting period included a reduction in the Fund’s industrials weighting, which went from an overweighting to an underweighting versus the benchmark. In our opinion, sentiment regarding this sector had been overly optimistic, and we did not believe that such optimism was justified in relation to the capital spending we observed for industrial products. Conversely, we increased the Fund’s weighting in consumer discretionary stocks, especially in the retail area and the hotels, restaurants and leisure segment.

While the U.S. economy could slow from its recent pace, we should keep in mind that for the past two quarters, economists have had to revise gross domestic product growth upward from initial estimates. Similarly, personal disposable income continues to be surprisingly strong, buoyed in part by a robust housing market. At present, therefore, we are comfortable with the Fund’s modest overweightings in the technology and consumer discretionary sectors, and we anticipate a reasonably favorable near-term environment for applying our disciplined brand of bottom-up stock picking—a strategy that involves considering companies simply on their own merit, without regard to their given industries/sectors or the current economic conditions.

PORTFOLIO MANAGERS: Christopher Baggini, CFA and Douglas Burtnick, CFA

Russell 1000^® Growth Index: An unmanaged index that measures the performance of the stocks of U.S. companies in the Russell 1000^® Index (the largest 1,000 U.S. companies, based on market capitalization) with higher price-to-book ratios and higher forecasted growth values.

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

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

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

1

Gartmore GVIT Growth Fund (continued)

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance Gartmore GVIT Growth Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Five years	Ten years
Class I2	0.45%	5.83%	-11.64%	3.90%
Class IV3	0.46%	5.83%	-11.63%	3.91%

* Not Annualized.

1 Not subject to any sales charges.

2 The existing shares of the Fund were designated Class I shares as of May 1, 2001.

3 These returns until the creation of Class IV shares (April 28, 2003) are based on the performance of the Class I shares of the Fund. Excluding the effect of fee waivers or reimbursements, such prior performance is similar to what Class IV shares would have produced because Class IV shares invest in the same portfolio of securities.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class I shares of the Gartmore GVIT Growth Fund, the Russell 1000 Growth Index (Russell 1000 Growth)(a), and the Consumer Price Index (CPI)(b) over a 10-year period ended 06/30/05. Unlike, the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) The Russell 1000 Growth measures the performance of those companies in the Russell 1000 Index (the largest 1000 U.S. companies, based on market capitalization) with higher price-to-book ratios and higher forecasted growth values.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Gartmore GVIT Growth Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Growth Fund
Class I	Actual	$	1,000	$	1,005	$	4.27	0.86	%
	Hypothetical1	$	1,000	$	1,021	$	4.32	0.86	%
Class IV	Actual	$	1,000	$	1,005	$	4.27	0.86	%
	Hypothetical1	$	1,000	$	1,021	$	4.32	0.86	%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

(June 30, 2005) Gartmore GVIT Growth Fund

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

Asset Allocation
Common Stocks	99.9%
Commercial Paper	0.3%
Other Investments*	7.7%
Liabilities in excess of other assets**	-7.9%
	100.0%

Top Holdings
Johnson & Johnson	3.7%
Intel Corp.	3.4%
Microsoft Corp.	3.3%
Cisco Systems, Inc.	3.2%
General Electric Co.	2.6%
PepsiCo, Inc.	2.5%
Dell, Inc.	2.2%
Capital One Financial Corp.	2.0%
VeriSign, Inc.	1.8%
Franklin Resources, Inc.	1.7%
Other Holdings	73.6%
	100.0%

Top Industries
Retail	11.5%
Healthcare	10.4%
Telecommunications	9.1%
Financial Services	8.5%
Manufacturing	6.8%
Computer Software & Services	6.5%
Drugs	5.3%
Semiconductors	4.6%
Computer Equipment	4.3%
Medical Products	4.2%
Other Industries	28.8%
	100.0%

* Includes value of collateral received from securities lending.

** Includes value of collateral owed from securities lending.

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GROWTH FUND

Statement of Investments — June 30, 2005 (Unaudited)

Shares or Principal Amount		Value
COMMON STOCKS (99.9%)
Aerospace & Defense (2.3%)
Boeing Co.	29,650	$	1,956,900
United Technologies Corp.	70,200		3,604,770
			5,561,670
Agriculture (0.7%)
Monsanto Co.	27,100		1,703,777
Building—Residential & Commercial (0.5%)
Toll Brothers, Inc. (b)	12,900		1,309,995
Business Services (1.2%)
CRA International, Inc. (b)	28,350		1,526,648
Monster Worldwide, Inc. (b)	51,280		1,470,710
			2,997,358
Chemicals (1.5%)
Albemarle Corp.	31,700		1,156,099
Praxair, Inc.	51,930		2,419,938
			3,576,037
Coal (0.9%)
Peabody Energy Corp.	40,850		2,125,834
Computer Equipment (4.3%)
AutoDesk, Inc.	72,440		2,489,763
Dell, Inc. (b)	134,600		5,318,045
EMC Corp. (b)	191,250		2,622,038
			10,429,846
Computer Networks (3.2%)
Cisco Systems, Inc. (b)	409,350		7,822,679
Computer Software & Services (6.5%)
Cognizant Technology Solutions Corp. (b)	39,670		1,869,647
Google, Inc. (b)	8,420		2,476,743
Microsoft Corp.	322,370		8,007,671
THQ, Inc. (b)	36,600		1,071,282
Yahoo! Inc. (b)	68,580		2,376,297
			15,801,640
Consumer Products (1.4%)
Colgate-Palmolive Co.	29,050		1,449,886
Estee Lauder Cos., Inc., Class A	52,720		2,062,933
			3,512,819
Drugs (5.3%)
Abbott Laboratories	74,370		3,644,873
Eli Lilly & Co.	60,670		3,379,926
Schering-Plough Corp.	120,450		2,295,777

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Drugs (continued)
Sepracor, Inc. (b)	20,150	$	1,209,202
Wyeth	53,620		2,386,090
			12,915,868
Electronics (3.4%)
Intel Corp.	316,000		8,234,960
Financial Services (8.2%)
American Express Corp.	66,420		3,535,537
Bank of America Corp.	33,800		1,541,618
Capital One Financial Corp.	57,790		4,623,777
Chicago Mercantile Exchange	6,080		1,796,640
Countrywide Financial Corp.	44,450		1,716,215
Franklin Resources, Inc.	54,730		4,213,115
Goldman Sachs Group, Inc.	23,730		2,420,935
			19,847,837
Food & Beverage (4.1%)
Coca-Cola Co. (The)	34,150		1,425,763
Constellation Brands Inc (b)	40,700		1,200,650
Darden Restaurants, Inc.	38,850		1,281,273
PepsiCo, Inc.	110,960		5,984,072
			9,891,758
Healthcare (10.4%)
Amgen, Inc. (b)	52,190		3,155,407
Fisher Scientific International, Inc. (b)	23,880		1,549,812
Ivax Corp. (b)	75,480		1,622,820
Johnson & Johnson	134,030		8,711,951
Medcohealth Solutions, Inc. (b)	45,600		2,433,216
UnitedHealth Group, Inc.	76,560		3,991,838
Wellpoint, Inc. (b)	49,900		3,475,036
			24,940,080
Hotels & Casinos (3.7%)
Harrah’s Entertainment, Inc.	16,700		1,203,569
Marriott International, Inc.	48,190		3,287,522
Starwood Hotels & Resorts	36,890		2,160,647
Station Casinos, Inc.	35,520		2,358,528
			9,010,266
Manufacturing (6.8%)
American Standard Cos., Inc.	43,020		1,803,398
D. R. Horton, Inc.	33,800		1,271,218
Danaher Corp.	34,850		1,824,049
Deere & Co.	22,050		1,444,055
General Electric Co.	180,700		6,261,254

6

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GROWTH FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Manufacturing (continued)
Honeywell International, Inc.	39,100	$	1,432,233
Textron, Inc.	32,450		2,461,333
			16,497,540
Medical Products (4.2%)
Genentech, Inc. (b)	19,260		1,546,193
Invitrogen Corp. (b)	38,050		3,169,185
St. Jude Medical, Inc. (b)	72,000		3,139,920
Stryker Corp.	51,020		2,426,511
			10,281,809
Multimedia (2.5%)
Activision, Inc. (b)	111,480		1,841,650
News Corp., Class A	114,590		1,854,066
Walt Disney Co. (The)	95,330		2,400,409
			6,096,125
Oil & Gas (2.3%)
Baker Hughes, Inc.	19,350		989,946
National-OilWell, Inc. (b)	20,750		986,455
Transocean, Inc. (b)	49,170		2,653,705
Weatherford International Ltd. (b)	16,550		959,569
			5,589,675
Retail (11.5%)
American Eagle Outfitters	59,500		1,823,675
Brinker International, Inc. (b)	50,850		2,036,543
Coach, Inc. (b)	37,900		1,272,303
CVS Corp.	105,800		3,075,606
eBay, Inc. (b)	70,750		2,335,458
Home Depot, Inc. (The)	60,980		2,372,122
Kohl’s Corp. (b)	59,170		3,308,195
Lowe’s Cos., Inc.	63,450		3,694,058
Nordstrom, Inc.	25,360		1,723,719
Target Corp.	55,700		3,030,637
Wal-Mart Stores, Inc.	63,730		3,071,786
			27,744,102
Semiconductors (4.6%)
Analog Devices, Inc.	65,250		2,434,478
Broadcom Corp. (b)	81,010		2,876,664
Maxim Integrated Products, Inc.	62,760		2,398,060
Texas Instruments, Inc.	81,000		2,273,670
Xilinx, Inc.	46,650		1,189,575
			11,172,447

Shares or Principal Amount			Value
COMMON STOCKS (continued)
Telecommunications (9.1%)
Alamosa Holdings, Inc. (b)		142,610	$	1,982,279
Comverse Technology, Inc. (b)		152,870		3,615,375
Corning, Inc. (b)		123,400		2,050,908
Juniper Networks, Inc. (b)		133,600		3,364,048
Motorola, Inc.		113,000		2,063,380
Nokia Corp. ADR — FI		145,640		2,423,450
Sprint Corp.		84,550		2,121,360
VeriSign, Inc. (b)		146,860		4,223,693
				21,844,493
Transportation Services (1.3%)
C.H. Robinson Worldwide, Inc.		20,770		1,208,814
Carnival Corp.		35,930		1,959,982
				3,168,796
Total Common Stocks				242,077,411
COMMERCIAL PAPER (0.3%)
Financial Services (0.3%)
Countrywide Home Loans, 3.45%, 7/1/05	$	819,000		819,000
Total Commercial Papers				819,000
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (7.7%)
Pool of short-term securities for Gartmore Variable Insurance Trust Funds — note 2 (Securities Lending)		18,648,777		18,648,777
Total Investments (Cost $247,829,327) (a) — 107.9%				261,545,188
Liabilities in excess of other assets — (7.9%)				(19,115,739	)
NET ASSETS — 100.0%			$	242,429,449

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(b) Denotes a non-income producing security.

ADR American Depositary Receipt

FI Finland

See notes to financial statements.

7

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GROWTH FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $247,829,327)	$	261,545,188
Cash		919
Interest and dividends receivable		99,145
Receivable for investments sold		6,960,575
Prepaid expenses and other assets		3,282
Total Assets		268,609,109
Liabilities:
Payable for investments purchased		7,370,611
Payable for return of collateral received for securities on loan		18,648,777
Accrued expenses and other payables:
Investment advisory fees		121,490
Fund administration and transfer agent fees		7,068
Administrative servicing fees		28,237
Other		3,477
Total Liabilities		26,179,660
Net Assets	$	242,429,449
Represented by:
Capital	$	550,417,995
Accumulated net investment income (loss)		(20,777	)
Accumulated net realized gains (losses) from investment transactions		(321,683,630	)
Net unrealized appreciation (depreciation) on investments		13,715,861
Net Assets	$	242,429,449
Net Assets:
Class I Shares	$	206,154,300
Class IV Shares		36,275,149
Total	$	242,429,449
Shares outstanding (unlimited number of shares authorized):
Class I Shares		19,088,939
Class IV Shares		3,359,500
Total		22,448,439
Net asset value and offering price per share:*
Class I Shares	$	10.80
Class IV Shares	$	10.80

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	15,135
Dividend income		1,190,024
Income from securities lending		17,627
Total Income		1,222,786
Expenses:
Investment advisory fees		735,364
Fund administration and transfer agent fees		80,490
Administrative servicing fees Class I Shares		155,311
Administrative servicing fees Class IV Shares		26,858
Other**		51,423
Total Expenses		1,049,446
Net Investment Income (Loss)		173,340
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		7,779,986
Net change in unrealized appreciation/depreciation on investments		(7,238,743	)
Net realized/unrealized gains (losses) on investments		541,243
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	714,583

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

8

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GROWTH FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	173,340		$	685,987
Net realized gains (losses) on investment transactions		7,779,986			27,205,825
Net change in unrealized appreciation/depreciation on investments		(7,238,743	)		(8,047,573	)
Change in net assets resulting from operations		714,583			19,844,239
Distributions to Class I shareholders from:
Net investment income		(169,795	)		(717,073	)
Distributions to Class IV shareholders from:
Net investment income		(30,322	)		(120,939	)
Change in net assets from shareholder distributions		(200,117	)		(838,012	)
Change in net assets from capital transactions		(20,452,753	)		(35,399,574	)
Change in net assets		(19,938,287	)		(16,393,347	)
Net Assets:
Beginning of period		262,367,736			278,761,083
End of period	$	242,429,449		$	262,367,736
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	3,594,283		$	8,544,891
Dividends reinvested		169,795			717,073
Cost of shares redeemed		(22,322,404	)		(45,957,810	)
		(18,558,326	)		(36,695,846	)
Class IV Shares
Proceeds from shares issued		1,512,635			7,007,935
Dividends reinvested		30,322			120,939
Cost of shares redeemed		(3,437,384	)		(5,832,602	)
		(1,894,427	)		1,296,272
Change in net assets from capital transactions	$	(20,452,753	)	$	(35,399,574	)
SHARE TRANSACTIONS:
Class I Shares
Issued		343,726			844,873
Reinvested		15,946			67,417
Redeemed		(2,111,344	)		(4,595,533	)
		(1,751,672	)		(3,683,243	)
Class IV Shares
Issued		142,973			691,327
Reinvested		2,847			11,366
Redeemed		(323,839	)		(582,517	)
		(178,019	)		120,176

See notes to financial statements.

9

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Growth Fund

			Investment Activities						Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class I Shares
Year Ended December 31, 2000	$	25.71	(0.01	)	(6.76	)	(6.77	)	(0.04	)	(4.22	)	(4.26	)	$	14.68	(26.53%	)	$	606,599	0.80%		(0.07%	)	0.83%		(0.10%	)	205.34%
Year Ended December 31, 2001(c)	$	14.68	(0.01	)	(4.12	)	(4.13	)	—		—		—		$	10.55	(28.13%	)	$	352,147	0.80%		(0.10%	)	0.85%		(0.15%	)	227.28%
Year Ended December 31, 2002	$	10.55	—		(3.03	)	(3.03	)	—		—		—		$	7.52	(28.72%	)	$	201,689	0.85%		(0.03%	)	0.85%		(0.03%	)	231.69%
Year Ended December 31, 2003	$	7.52	0.01		2.45		2.46			(e)	—		—		$	9.98	32.74%		$	244,671	0.84%		0.09%		(h	)	(h	)	293.58%
Year Ended December 31, 2004	$	9.98	0.02		0.79		0.81		(0.03	)	—		(0.03	)	$	10.76	8.16%		$	224,301	0.85%		0.26%		(h	)	(h	)	282.41%
Six Months Ended June 30, 2005 (Unaudited)	$	10.76	0.01		0.04		0.05		(0.01	)	—		(0.01	)	$	10.80	0.45%	(f)	$	206,154	0.86%	(g)	0.14%	(g)	(h	)	(h	)	129.75%
Class IV Shares
Period Ended December 31, 2003(d)	$	7.90	—		2.08		2.08		(e	)	—		—		$	9.98	26.37%	(f)	$	34,090	0.84%	(g)	0.10%	(g)	(h	)	(h	)	293.58%
Year Ended December 31, 2004	$	9.98	0.02		0.79		0.81		(0.03	)	—		(0.03	)	$	10.76	8.16%		$	38,067	0.85%		0.27%		(h	)	(h	)	282.41%
Six Months Ended June 30, 2005 (Unaudited)	$	10.76	0.01		0.04		0.05		(0.01	)	—		(0.01	)	$	10.80	0.46%	(f)	$	36,275	0.86%	(g)	0.14%	(g)	(h	)	(h	)	129.75%

(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) 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.

10

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT Growth Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these 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

11

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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 also may 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) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Should market conditions change unexpectedly, the 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.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund 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 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.

(g) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the 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 the Fund.

(h) 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.

(i) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

The cash collateral received by the Fund was pooled and, at June 30, 2005, was invested in the following:

Security Type	Security Name	Market Value		Maturity Rate	Maturity Date
Commercial Paper	MacQuarie Bankk Ltd.	$	2,496,840	3.25%	07/01/05
Master Note — Floating	CDC Financial Product Inc.		8,000,000	3.54%	07/01/05
Medium Term Note — Floating	General Electric Capital Corp.		1,000,171	3.37%	09/08/05
Repurchase Agreements	Nomura Securities		7,151,766	3.48%	07/01/05

As of June 30, 2005, the Fund had securities with the following market values on loan:

Market Value of Loaned Securities	Market Value of Collateral
$18,191,056	$	18,648,777

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(k) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$3,258,450	$	12,984,462	$	(2,527,051	)	$	10,457,411

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Under the terms of the Investment Advisory Agreement, the Fund pays GMF an investment advisory fee based on the Fund’s average daily net assets and the following schedule:

Fee Schedule	Fees
Up to $250 million	0.60%
Next $750 million	0.575%
Next $1 billion	0.55%
Next $3 billion	0.525%
$5 billion or more	0.50%

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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.

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

GSA and GISI have entered into agreements with BISYS Fund Services Ohio, Inc. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I shares of the Fund and 0.20% on Class IV shares of the Fund.

4. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $319,391,498 and sales of $336,981,977.

5. Bank Loans

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

6. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

16

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1: Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)

17

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2: Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

18

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

19

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

20

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

21

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President — Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr. Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

22

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

23

Gartmore GVIT Government Bond Fund

Semiannual Report

|  June 30, 2005

	Contents
5	Statement of Investments
8	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Government Bond Fund

For the semiannual period ended June 30, 2005, the Gartmore GVIT Government Bond Fund returned 3.39% (Class I at NAV) versus 2.99% for its benchmark, the Merrill Lynch Government Master Index. For broader comparison, the average return for the Fund’s Lipper peer category of General U.S. Government Funds was 2.95%.

Given the fact that the Federal Reserve was increasing the Federal Funds Rate during the period, the Fund performed well during the period, emphasizing spread product- any security with additional yield over treasuries. Mortgage backed securities (MBS) performed the best, followed by Agency notes and Treasuries.

The main component of Fund returns versus the benchmark was the positioning of the Fund in cash and bonds with a duration of 10 years and longer versus the more laddered composition of the benchmark index. During the reporting period two-year treasury notes’ yields increased 0.56% while 30-year Treasury yields fell 0.63%.

The main detractor from better performance was the Fund’s short duration versus that of the Index but this decision was based on wanting to keep some positions in the intermediate part of the yield curve as a safeguard in the event that our view on interest rates proved incorrect.

The Fund strategy remains the same and the next planned major positioning theme is to move into a more laddered position. We have exited some positions in MBS in anticipation of increasing prepayments, and we have increased the weighting in government-guaranteed products such as HUD and AID bonds. Our expectation for interest rates remains a range bound to lower long rates while two-year and shorter notes continue to underperform as the Fed continues to increase short-term interest rates.

PORTFOLIO MANAGER: Gary Hunt, CFA

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

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

Merrill Lynch Government Master Index: An unmanaged index that gives a broad look at how U.S. government bonds have performed.

While the Fund invests primarily in securities of the U.S. government and its agencies, the Fund’s value is not guaranteed by these entities.

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

1

Fund Performance Gartmore GVIT Government Bond Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Five years	Ten years
Class I2	3.39%	6.85%	7.00%	6.45%
Class II3	3.27%	6.61%	6.73%	6.18%
Class III3	3.31%	6.77%	7.00%	6.46%
Class IV3	3.39%	6.85%	7.00%	6.46%

* Not Annualized.

1 Not subject to any sales charges.

2 The existing shares of the Fund were designated Class I shares as of May 1, 2001.

3 These returns until the creation of Class II shares, (July 8, 2002), Class III shares (May 20, 2002) and Class IV shares (April 28, 2003) are based on the performance of the Class I shares of the Fund. Excluding the effect of fee waivers or reimbursements, such prior performance is similar to what Class II, Class III and Class IV shares would have produced because all classes of shares invest in the same portfolio of securities. Class II shares’ annual returns have been restated to reflect the additional fees applicable to Class II shares and therefore are lower than those of Class I. For Class III shares, these returns do not reflect the short-term trading fees applicable to such shares; if these fees were reflected, the annual returns for Class III shares would have been lower.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class I shares of the Gartmore GVIT Government Bond Fund, Merrill Lynch US Government Master Index (ML US Govt)(a), and Consumer Price Index (CPI)(b) over as 10-year period ended 06/30/05. Unlike, the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) ML US Govt is an unmanaged index that gives a broad look at how U.S. government bonds have performed.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2

Shareholder

Expense Example Gartmore GVIT Government Bond Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Government Bond Fund
Class I	Actual	$	1,000	$	1,034	$	3.63	0.72%
	Hypothetical1	$	1,000	$	1,021	$	3.62	0.72%
Class II	Actual	$	1,000	$	1,033	$	4.94	0.98%
	Hypothetical1	$	1,000	$	1,020	$	4.92	0.98%
Class III	Actual	$	1,000	$	1,033	$	3.68	0.73%
	Hypothetical1	$	1,000	$	1,021	$	3.67	0.73%
Class IV	Actual	$	1,000	$	1,034	$	3.63	0.72%
	Hypothetical1	$	1,000	$	1,021	$	3.62	0.72%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

3

Portfolio Summary

(June 30, 2005) Gartmore GVIT Government Bond Fund

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

Asset Allocation
U.S. Government Sponsored and Agency Obligations	57.4%
U.S. Treasury Obligations	20.5%
Mortgage-Backed Securities	15.6%
Cash Equivalents	5.5%
Other Investments*	2.5%
Liabilities in excess of other assets**	-1.5%
	100.0%

Top Holdings***
U.S. Treasury Bonds, 6.25%, 08/15/23	7.3%
Federal National Mortgage Association, 5.50%, 07/18/12	5.5%
U.S. Treasury Bonds, 8.13%, 08/15/21	4.5%
U.S. Treasury Bonds, 8.75%, 08/15/20	4.0%
AID — Israel, 5.50%, 12/04/23	3.6%
Federal Home Loan Mortgage Corporation, 4.65%, 10/10/13	2.8%
Federal Home Loan Mortgage Corporation, 2.60%, 05/10/06	2.6%
Federal National Mortgage Association, 3.55%, 01/12/07	2.5%
Federal National Mortgage Association, 2.75%, 08/17/07	2.4%
Federal National Mortgage Association, 6.00%, 12/25/33	2.3%
Other Holdings	62.5%
	100.0%

Top Industries
Federal National Mortgage Association	32.3%
Federal Home Loan Mortgage Corporation	24.6%
U.S. Treasury Bonds	18.8%
Agency For International Development	8.8%
Federal Home Loan Bank	3.2%
Tennessee Valley Authority	1.7%
U.S. Treasury Inflation Protected Bonds	1.7%
Veterans Administration	1.1%
Housing and Urban Development	0.8%
Government-Backed Trust	0.3%
Other Industries	6.7%
	100.0%

* Includes value of collateral received from securities lending.

** Includes value of collateral owed from securities lending.

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

4

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GOVERNMENT BOND FUND

Statement of Investments — June 30, 2005 (Unaudited)

Shares or Principal Amount			Value
U.S. GOVERNMENT SPONSORED & AGENCY OBLIGATIONS (57.4%)
Agency For International Development (8.8%)
AID — Israel, 5.50%, 12/04/23	$	40,000,000	$	44,814,080
AID — Israel, 5.50%, 04/26/24		20,000,000		22,412,280
AID — Israel, 5.50%, 09/18/33		20,000,000		22,933,860
Fond’s D’Equipment Communication, 7.29%, 05/01/23		8,100,000		9,352,746
Government Backed Trust T-1, 0.00%, 05/15/07		10,000,000		9,314,580
				108,827,546
Federal Home Loan Bank (3.2%)
5.80%, 08/12/05		6,395,000		6,412,011
4.57%, 10/17/08		25,000,000		25,073,824
5.91%, 04/07/09		6,860,000		7,337,772
				38,823,607
Federal Home Loan Mortgage Corporation (17.7%)
6.80%, 08/22/05		5,000,000		5,023,530
6.79%, 08/26/05		5,000,000		5,025,310
2.25%, 12/15/05		16,120,000		15,998,987
2.60%, 05/10/06		32,960,000		32,635,641
2.76%, 05/19/06		28,140,000		27,893,212
6.75%, 05/30/06		4,400,000		4,516,926
2.15%, 06/02/06		20,000,000		19,711,120
6.70%, 01/09/07		5,000,000		5,212,730
5.50%, 04/01/07		1,115,497		1,132,499
4.26%, 07/19/07		20,000,000		20,136,200
4.65%, 10/10/13		35,000,000		34,854,364
4.80%, 12/18/13		8,350,000		8,421,150
5.20%, 03/05/19		15,000,000		15,228,780
5.50%, 08/20/19		20,000,000		20,307,560
6.50%, 03/15/31		2,314,650		2,377,510
				218,475,519
Federal National Mortgage Association (24.9%)
6.63%, 03/21/06		5,000,000		5,101,705
3.15%, 06/30/06		21,028,000		20,869,133
3.25%, 12/01/06		18,465,000		18,274,367
3.55%, 01/12/07		30,970,000		30,851,045
3.25%, 03/29/07		17,975,000		17,803,896
0.00%, 05/15/07		10,651,000		9,907,390
2.75%, 08/17/07		30,000,000		29,975,670

Shares or Principal Amount			Value
U.S. GOVERNMENT SPONSORED & AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
4.50%, 04/01/10	$	16,942,383	$	16,973,030
5.38%, 11/15/11		40,000		42,867
5.50%, 07/18/12		67,736,000		67,802,789
6.68%, 05/01/16		4,125,005		4,484,632
5.26%, 12/29/17		15,000,000		15,379,890
9.25%, 10/25/18		111,382		121,484
3.50%, 11/25/32		4,628,060		4,499,950
6.00%, 12/25/33		27,484,965		28,499,132
4.75%, 04/01/35		19,936,441		20,070,078
6.30%, 10/17/38		15,044,521		16,148,037
				306,805,095
Government-Backed Trust (0.3%)
Government Loan Trust, 0.00%, 04/01/15		6,072,000		3,976,067
Housing & Urban Development (0.8%)
7.08%, 08/01/16		9,000,000		9,648,333
Tennessee Valley Authority (1.7%)
7.13%, 05/01/30		15,000,000		20,572,020
Total U.S. Government Sponsored & Agency Obligations				707,128,187
U.S. TREASURY OBLIGATIONS (20.5%)
U.S. Treasury Bonds (18.8%)
8.75%, 05/15/20		17,000,000		25,493,353
8.75%, 08/15/20		33,000,000		49,654,704
8.13%, 08/15/21		38,000,000		55,165,322
6.25%, 08/15/23		72,000,000		89,727,192
6.00%, 02/15/26		10,000,000		12,321,090
				232,361,661
U.S. Treasury Inflation Protected Bonds (1.7%)
2.38%, 01/15/25		14,000,000		15,821,298
3.88%, 04/15/29		2,830,000		4,708,339
				20,529,637
Total U.S. Treasury Obligations				252,891,298
MORTGAGE-BACKED SECURITIES (15.6%)
Federal Home Loan Mortgage Corporation (6.9%)
Gold Pool #C01184, 6.50%, 06/01/31		14,797		15,350
Gold Pool #C60657, 6.50%, 11/01/31		71,840		74,526

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GOVERNMENT BOND FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
MORTGAGE-BACKED SECURITIES (continued)
Federal Home Loan Mortgage Corporation (continued)
Gold Pool #D94600, 7.50%, 03/01/21	$	133,133	$	142,628
Pool #170217, 8.00%, 03/01/17		2,363		2,538
Pool #309774, 8.00%, 11/01/08		17,605		18,149
Pool #C01172, 6.50%, 05/01/31		67,140		69,650
Series 1136-H, 6.00%, 09/15/21		700,537		699,622
Series 1711-PD, 6.75%, 06/15/23		269,530		269,660
Series 2353-PC, 6.50%, 09/15/15		1,586,624		1,592,341
Series 2498, 5.50%, 08/15/13		7,209,381		7,353,328
Series 2498, 5.50%, 01/15/20		8,000,000		8,212,959
Series 2509, 5.50%, 10/15/17		18,750,000		19,486,677
Series 2517, 5.50%, 10/15/17		15,000,000		15,586,221
Series 2580-VA, 5.50%, 09/15/10		5,300,413		5,427,285
Series 2781, 4.50%, 12/15/24		18,605,000		18,001,093
Series 2827-AU, 5.00%, 07/15/24		7,500,000		7,594,202
				84,546,229
Federal National Mortgage Association (7.4%)
Pool #250559, 7.50%, 03/01/26		37,680		40,638
Pool #251532, 10.50%, 11/01/17		38,592		40,817
Pool #252228, 7.00%, 12/01/28		23,871		25,259
Pool #252396, 7.00%, 09/01/28		157,429		166,575
Pool #252471, 8.50%, 04/01/28		153,075		167,028
Pool #254468, 5.00%, 09/01/09		2,345,545		2,370,101
Pool #323286, 7.13%, 09/01/07		5,195,656		5,339,272

Shares or Principal Amount			Value
MORTGAGE-BACKED SECURITIES (continued)
Federal National Mortgage Association (continued)
Pool #380276, 6.36%, 04/01/08	$	4,703,052	$	4,903,190
Pool #380348, 6.28%, 05/01/08		13,569,476		14,142,733
Pool #381089, 5.70%, 01/01/09		4,601,208		4,769,722
Pool #382344, 7.41%, 04/01/10		14,336,442		15,934,776
Pool #383661, 6.62%, 06/01/16		10,978,651		12,701,539
Pool #4486, 6.00%, 09/01/17		303,792		314,211
Pool #50544, 8.00%, 03/01/22		39,266		42,371
Pool #535159, 7.00%, 02/01/30		73,046		77,093
Pool #535723, 7.00%, 02/01/31		71,343		75,256
Pool #538673, 8.00%, 06/01/23		57,785		62,323
Pool #555456, 5.50%, 04/01/18		132,952		136,573
Pool #591224, 7.00%, 08/01/31		156,149		164,705
Pool #633937, 6.50%, 03/01/32		123,551		128,079
Pool #649431, 6.50%, 07/01/32		116,868		121,150
Pool #650872, 7.00%, 07/01/32		149,437		157,633
Pool #672366, 5.50%, 12/01/17		2,174,579		2,233,808
Pool #688602, 6.50%, 03/01/33		165,899		171,797
Pool #703444, 5.00%, 05/01/18		129,610		131,164
Pool #M80696, 6.00%, 08/01/08		582,980		592,186
Series 1991-73A, 8.00%, 07/25/21		111,220		119,531
Series 1993-114, 6.50%, 07/25/08		2,684,003		2,749,835
Series 1993-149M, 7.00%, 08/25/23		7,596,144		8,034,575
Series 1993-188PH, 6.25%, 03/25/13		266,395		266,669

6

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GOVERNMENT BOND FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
MORTGAGE-BACKED SECURITIES (continued)
Federal National Mortgage Association (continued)
Series 1994-33H, 6.00%, 03/25/09	$	1,792,189	$	1,834,769
Series 1994-76H, 5.00%, 02/25/24		3,835,036		3,855,355
Series 1998-M2C, 6.43%, 02/17/30		2,124,942		2,204,520
Series 2001-T11B, 5.50%, 09/25/11		6,215,000		6,637,844
				90,713,097
Government National Mortgage Association (0.2%)
Pool #348813, 7.50%, 06/15/23		124,217		133,956
Pool #366564, 7.50%, 09/15/23		106,119		114,439
Pool #387078, 7.00%, 04/15/09		57,738		59,882
Pool #536369, 7.50%, 11/15/30		10,843		11,623
Pool #541200, 7.00%, 07/15/31		72,278		76,558
Pool #551733, 7.00%, 03/15/32		99,260		105,133
Pool #552525, 7.00%, 04/15/32		177,430		187,928
Pool #781525, 6.50%, 11/15/32		1,185,191		1,239,314
Pool #781572, 6.00%, 01/15/33		112,848		116,530
Pool #781613, 7.00%, 02/15/33		200,658		212,543
				2,257,906
Veterans Administration (1.1%)
Vendee Mortgage Trust, Series 1996-2, 6.75%, 06/15/26		13,378,810		14,132,056
Total Mortgage-Backed Securities				191,649,288

Shares or Principal Amount			Value
CASH EQUIVALENTS (5.5%)
Investments in repurchase agreements (collateralized by AA Corporate Bonds in a joint trading account at 3.49%, dated 06/30/05, due 07/01/05, repurchase price $67,914,415)	$	67,907,824	$	67,907,824
Total Cash Equivalents				67,907,824
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (2.5%)
Pool of short-term securities for Gartmore Variable Trust Funds — note 2 (Securities Lending)		31,223,354		31,223,354
Total Short-Term Securities Held as Collateral for Securities Lending				31,223,354
Total Investments (Cost $1,224,401,122) (a) — 101.5%				1,250,799,951
Liabilities in excess of other assets — (1.5%)				(19,244,566	)
NET ASSETS — 100.0%			$	1,231,555,385

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See notes to financial statements.

7

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GOVERNMENT BOND FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $1,156,493,298)	$	1,182,892,127
Repurchase agreements, at cost and value		67,907,824
Total Investments		1,250,799,951
Interest and dividends receivable		12,977,244
Receivable for capital shares issued		362
Prepaid expenses and other assets		16,629
Total Assets		1,263,794,186
Liabilities:
Payable to custodian		331,191
Payable for return of collateral received for securities on loan		31,223,354
Accrued expenses and other payables:
Investment advisory fees		481,207
Fund administration and transfer agent fees		40,189
Distribution fees		3,474
Administrative servicing fees		137,869
Other		21,517
Total Liabilities		32,238,801
Net Assets	$	1,231,555,385
Represented by:
Capital	$	1,196,636,361
Accumulated net investment income (loss)		895,099
Accumulated net realized gains (losses) from investment transactions		7,625,096
Net unrealized appreciation (depreciation) on investments		26,398,829
Net Assets	$	1,231,555,385
Net Assets:
Class I Shares	$	1,163,915,458
Class II Shares		16,914,171
Class III Shares		9,721,342
Class IV Shares		41,004,414
Total	$	1,231,555,385
Shares outstanding (unlimited number of shares authorized):
Class I Shares		98,819,134
Class II Shares		1,439,890
Class III Shares		825,109
Class IV Shares		3,481,928
Total		104,566,061
Net asset value and offering price per share:*
Class I Shares	$	11.78
Class II Shares	$	11.75
Class III Shares	$	11.78
Class IV Shares	$	11.78

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	27,020,270
Income from securities lending		64,406
Total Income		27,084,676
Expenses:
Investment advisory fees		2,946,436
Fund administration and transfer agent fees		405,375
Distribution fees Class II Shares		21,120
Administrative servicing fees Class I Shares		866,054
Administrative servicing fees Class II Shares		12,598
Administrative servicing fees Class III Shares		5,958
Administrative servicing fees Class IV Shares		29,931
Other**		226,466
Total Expenses		4,513,938
Net Investment Income (Loss)		22,570,738
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		7,929,073
Net change in unrealized appreciation/depreciation on investments		10,278,782
Net realized/unrealized gains (losses) on investments		18,207,855
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	40,778,593

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

8

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GOVERNMENT BOND FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	22,570,738		$	52,034,269
Net realized gains (losses) on investment transactions		7,929,073			5,238,587
Net change in unrealized appreciation/depreciation on investments		10,278,782			(12,611,291	)
Change in net assets resulting from operations		40,778,593			44,661,565
Distributions to Class I shareholders from:
Net investment income		(20,796,976	)		(72,322,043	)
Net realized gains on investments		(2,077,780	)		(26,959,477	)
Distributions to Class II shareholders from:
Net investment income		(280,001	)		(987,487	)
Net realized gains on investments		(30,292	)		(385,901	)
Distributions to Class III shareholders from:
Net investment income		(157,001	)		(351,474	)
Net realized gains on investments		(17,636	)		(125,495	)
Distributions to Class IV shareholders from:
Net investment income		(722,735	)		(2,316,087	)
Net realized gains on investments		(73,151	)		(825,774	)
Change in net assets from shareholder distributions		(24,155,572	)		(104,273,738	)
Change in net assets from capital transactions		(73,198,745	)		(208,956,287	)
Change in net assets		(56,575,724	)		(268,568,460	)
Net Assets:
Beginning of period		1,288,131,109			1,556,699,569
End of period	$	1,231,555,385		$	1,288,131,109
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	43,910,130		$	83,491,394
Dividends reinvested		22,874,756			99,281,367
Cost of shares redeemed		(141,218,309	)		(391,541,178	)
		(74,433,423	)		(208,768,417	)
Class II Shares
Proceeds from shares issued		233,726			2,575,035
Dividends reinvested		310,293			1,373,386
Cost of shares redeemed		(1,499,707	)		(6,462,421	)
		(955,688	)		(2,514,000	)
Class III Shares
Proceeds from shares issued		5,302,195			8,174,076
Dividends reinvested		174,637			476,969
Cost of shares redeemed		(2,721,501	)		(5,841,542	)
		2,755,331			2,809,503
Class IV Shares
Proceeds from shares issued		2,194,928			7,193,650
Dividends reinvested		795,885			3,141,857
Cost of shares redeemed		(3,555,778	)		(10,818,880	)
		(564,965	)		(483,373	)
Change in net assets from capital transactions	$	(73,198,745	)	$	(208,956,287	)

9

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GOVERNMENT BOND FUND

Statement of Changes in Net Assets (continued)

	Six Months Ended June 30, 2005		Year Ended December 31, 2004
	(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
Issued	3,759,673		7,049,585
Reinvested	1,963,028		8,453,976
Redeemed	(12,096,544	)	(32,990,765	)
	(6,373,843	)	(17,487,204	)
Class II Shares
Issued	20,218		218,486
Reinvested	26,703		117,191
Redeemed	(128,894	)	(549,100	)
	(81,973	)	(213,423	)
Class III Shares
Issued	452,475		686,759
Reinvested	14,958		40,583
Redeemed	(231,757	)	(497,918	)
	235,676		229,424
Class IV Shares
Issued	187,862		614,731
Reinvested	68,319		267,653
Redeemed	(304,012	)	(917,931	)
	(47,831	)	(35,547	)

See notes to financial statements.

10

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Government Bond Fund

			Investment Activities				Distributions:										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities	Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class I Shares
Year Ended December 31, 2000	$	10.79	0.66	0.65		1.31	(0.66	)	—		(0.66	)	$	11.44	12.54%		$	867,139	0.66%		6.00%		0.73%		5.93%		75.91%
Year Ended December 31, 2001(c)	$	11.44	0.58	0.24		0.82	(0.58	)	(0.02	)	(0.60	)	$	11.66	7.25%		$	1,301,828	0.66%		5.21%		0.73%		5.14%		55.80%
Year Ended December 31, 2002	$	11.66	0.53	0.72		1.25	(0.53	)	(0.10	)	(0.63	)	$	12.28	10.98%		$	1,982,676	0.73%		4.53%		0.73%		4.53%		49.00%
Year Ended December 31, 2003(d)	$	12.28	0.50	(0.25	)	0.25	(0.38	)	(0.02	)	(0.40	)	$	12.13	2.00%		$	1,488,089	0.73%		4.12%		(j	)	(j	)	40.46%
Year Ended December 31, 2004	$	12.13	0.47	(0.08	)	0.39	(0.66	)	(0.24	)	(0.90	)	$	11.62	3.26%		$	1,222,615	0.73%		3.75%		(j	)	(j	)	69.37%
Six Months Ended June 30, 2005 (Unaudited)	$	11.62	0.22	0.17		0.39	(0.21	)	(0.02	)	(0.23	)	$	11.78	3.39%	(h)	$	1,163,915	0.72%	(i)	3.64%	(i)	(j	)	(j	)	41.32%
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	6.16%	(h)	$	10,111	0.97%	(i)	3.93%	(i)	(j	)	(j	)	49.00%
Year Ended December 31, 2003(d)	$	12.26	0.47	(0.25	)	0.22	(0.36	)	(0.02	)	(0.38	)	$	12.10	1.77%		$	20,998	0.98%		3.85%		(j	)	(j	)	40.46%
Year Ended December 31, 2004	$	12.10	0.44	(0.08	)	0.36	(0.63	)	(0.24	)	(0.87	)	$	11.59	3.01%		$	17,643	0.98%		3.50%		(j	)	(j	)	69.37%
Six Months Ended June 30, 2005 (Unaudited)	$	11.59	0.20	0.17		0.37	(0.19	)	(0.02	)	(0.21	)	$	11.75	3.27%	(h)	$	16,914	0.98%	(i)	3.39%	(i)	(j	)	(j	)	41.32%
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	8.84%	(h)	$	7,625	0.73%	(i)	4.12%	(i)	(j	)	(j	)	49.00%
Year Ended December 31, 2003(d)	$	12.27	0.50	(0.24	)	0.26	(0.37	)	(0.02	)	(0.39	)	$	12.14	2.11%		$	4,369	0.73%		4.10%		(j	)	(j	)	40.46%
Year Ended December 31, 2004(d)	$	12.14	0.46	(0.07	)	0.39	(0.66	)	(0.24	)	(0.90	)	$	11.63	3.27%		$	6,854	0.73%		3.72%		(j	)	(j	)	69.37%
Six Months Ended June 30, 2005 (Unaudited)	$	11.63	0.27	0.11		0.38	(0.21	)	(0.02	)	(0.23	)	$	11.78	3.31%	(h)	$	9,721	0.73%	(i)	3.66%	(i)	(j	)	(j	)	41.32%
Class IV Shares
Period Ended December 31, 2003(g)	$	12.29	0.34	(0.24	)	0.10	(0.26	)	—		(0.26	)	$	12.13	0.84%	(h)	$	43,244	0.70%	(i)	4.07%	(i)	(j	)	(j	)	40.46%
Year Ended December 31, 2004	$	12.13	0.46	(0.07	)	0.39	(0.66	)	(0.24	)	(0.90	)	$	11.62	3.27%		$	41,019	0.73%		3.74%		(j	)	(j	)	69.37%
Six Months Ended June 30, 2005 (Unaudited)	$	11.62	0.22	0.17		0.39	(0.21	)	(0.02	)	(0.23	)	$	11.78	3.39%	(h)	$	41,004	0.72%	(i)	3.64%	(i)	(j	)	(j	)	41.32%

(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.

11

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and will not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT Government Bond Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Trust’s 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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

“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.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Mortgage Dollar Rolls

The Fund may enter into mortgage “dollar rolls” in which the 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 Fund. 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.

(d) 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.

(e) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when,

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

The cash collateral received by the Fund was pooled and, at June 30, 2005, was invested in the following:

Security Type	Security Name	Market Value		Maturity Rate		Maturity Date
Commercial Paper	Lexington Parker Capital	$	2,232,767	3.05	%	07/08/05
Commercial Paper	MacQuarie Bank Ltd.		2,496,840	3.25	%	07/01/05
Domestic Certificates of Deposit — Fixed	Washington Mutual Bank FA		700,182	3.15	%	08/01/05
Repurchase Agreements	Nomura Securities		25,793,564	3.48	%	07/01/05

As of June 30, 2005, the Fund had securities with the following market values on loan:

Market Value of Loaned Securities	Market Value of Collateral*
$271,838,225	$	277,079,674

* Includes securities and cash collateral.

(f) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(g) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$303,975	$	29,444,871	$	(3,350,017	)	$	26,094,854

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(h) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Under the terms of the Investment Advisory Agreement, the Fund pays GMF an investment advisory fee based on the Fund’s average daily net assets and the following fee schedule:

Fee Schedule	Fees
Up to $250 million	0.50%
Next $750 million	0.475%
Next $1 billion	0.45%
Next $3 billion	0.425%
$5 billion or more	0.40%

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II, and Class III shares of the Fund and 0.20% of Class IV shares of the Fund.

4. Short-Term Trading Fees

The Fund reserves 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, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $478,016,983 and sales of $524,873,200.

6. Bank Loans

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

16

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1: Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)

17

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)

18

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2: Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

19

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

20

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

21

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

22

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President — Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr. Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

23

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

24

GVIT Small Company Fund

Semiannual Report

|  June 30, 2005

	Contents
11	Statement of Investments
25	Statement of Assets and Liabilities
25	Statement of Operations
26	Statements of Changes in Net Assets
28	Financial Highlights
29	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

GVIT Small Company Fund

For the semiannual period ended June 30, 2005, the GVIT Small Company Fund returned 3.07% (Class I at NAV) versus -1.25% for its benchmark, the Russell 2000^® Index. For broader comparison, the average return for the Fund’s Lipper peer category of Small-Cap Growth Funds was -0.22%.

A portion of the Fund’s portfolio, with the investment syle noted in parenthesis followed by each sleeve’s appropriate return for the semiannual period ended June 30, 2005, is managed on a day-to-day basis by each of the following asset management companies: American Century Investment Management, Inc. (core: 2.43%); Morgan Stanley Investment Management, Inc. (small-cap growth: 5.65%); The Dreyfus Corp. (core: 0.71%); Neuberger Berman, LLC (small-cap value: 15.84%); Waddell & Reed Investment Management Co. (small-cap growth: 2.57%); and Gartmore Global Partners (international small cap: 8.13%). Gartmore Mutual Fund Capital Trust (“GMF”) is the Fund’s investment adviser and has selected the above companies as subadvisers for the Fund and manages a sleeve (small-cap value; 0.00%) through their dual employees at NorthPointe Capital^®, LLC. Below are the individual reports on how each sleeve performed.

American Century Investment Management, Inc. – Core

The core sleeve’s best-performing sectors on an absolute basis were economic stalwarts, including health care, energy and utilities. Kos Pharmaceuticals, Inc.; United Defense Industries, Inc.; and utilities firm UGI Corp. were the top three contributors to absolute performance, reflecting a disparate range across the economy. The consumer staples sector performed strongly as well, adding positive performance results to the sleeve.

Our stock selection process, which evaluates securities based on a balanced set of growth and value criteria, has led to significant positions in firms such as health-care equipment producer Haemonetics Corp., industrial products distributor Applied Industrial Technologies, Inc. and medical test equipment maker Dade Behring Holdings Inc. Each posted strong gains during the reporting period. Our analysis also enabled us to sidestep a number of benchmark stocks that posted negative returns, such as high-tech ceramics producer Ceradyne, Inc. and defense products producer Cubic Corp. Both stocks lie in the industrial sector, which, overall, produced a positive return for the sleeve.

Among detractors to the sleeve’s performance, the materials and consumer discretionary sectors posted losses on an absolute basis, as did the information technology and financials sectors. AK Steel Holding Corp. had the largest negative impact for the sleeve in the materials sector as the company confronted problems with operating cash flow, profit margins and labor issues. Other negative impacts on

absolute return were posted by R&G Financial Corp. and by metals recycler Metal Management, Inc.

As always, we remain true to our disciplined investment approach—building a portfolio of smaller companies that we believe provides an optimal balance between risk and expected return.

Morgan Stanley Investment Management, Inc. — Small-Cap Growth

The small-cap growth sleeve outperformed its benchmark index, primarily driven by strong stock selection and, to a lesser extent, sector allocations. The top contributing sectors were technology, health care and utilities. With an emphasis on secular growth, we focus on stock selection rather than on short-term market events.

Within technology, communications technology, and computer services software and systems, the semiconductors/components companies were particularly beneficial to relative return. In addition, an overall underweighting in technology helped, since the sector struggled as a whole. Within health care, relative returns were bolstered by stocks in several industries, including pharmaceutical companies, biotechnology research and production companies, and medical instruments and services firms. Among the sleeve’s utilities holdings, gas distributors further enhanced relative performance. Additional portfolio contribution came from consumer discretionary stocks.

Not all stocks proved advantageous throughout the period, however. Trucking stocks hindered performance, as did exposure to the integrated oil industry. While health care enhanced relative returns for the sleeve, not all areas performed with equal strength. Health-care facilities and health-care management services slowed the sleeve’s pace versus that of the benchmark index. Also detracting from performance were education services companies as well as casino and gambling companies.

We continue to favor companies that have some uniqueness or dynamic competitive advantage in their business model, with a high-quality stream of cash flow and earnings growth, and the ability to redeploy capital at a high rate of return.

The Dreyfus Corp. — Core

During the reporting period, the core sleeve’s performance benefited from its exposure to the health care, producer durables, utilities and energy sectors. Conversely, the sleeve was hurt by its overall exposure to materials and processing as well as consumer staples.

Within health care, service providers drove performance, led by nursing home operator Beverly Enterprises, Inc. and rural hospital operator LifePoint Hospitals, Inc. Construction machinery manufacturer JLG Industries, Inc. and commercial auctioneer Ritchie Bros. Auctioneers Inc. provided strong upside performance within the producer durables sector. Finally, natural gas distributors

1

GVIT Small Company Fund (continued)

Southwestern Energy Co. and NorthWestern Corp. led our utilities exposure to outperform.

On the negative side, chemical providers A. Schulman, Inc. and OM Group, Inc. declined during the period as slowing growth and high valuations began to affect companies in the materials and processing sector. Also detracting from performance were paper producer P.H. Glatfelter Co. and aluminum producer Century Aluminum Co. The sleeve’s investment in Chiquita Brands International, Inc. toward the end of the reporting period resulted in a decline, despite the fact that the stock has been up strongly so far this year.

We handled the positioning for the core sleeve in the more active areas of the market with cautious expectations. We remained underweight relative to the benchmark in the financial services sector, reflecting our concern that the rising-interest-rate environment will affect the sector’s strongest sources of growth during the past several years: mortgages and refinancings. We maintained our underweight position in consumer discretionary, because we believe that consumer spending, which was largely fueled by the meteoric rise in property values and historically low interest rates, has passed and that consumers will rein in spending due to the mixed labor environment.

Our exposure in the technology sector was emphasized due to attractive valuations and improving fundamentals in areas such as device components, semiconductors, the Internet, and software and services. Oil prices continued to rise and defy expectations, increasing fears of profit erosion and inflation. Accordingly, we remain overweight within energy, especially with the high demand of the summer months upon us. We believe that, given the current high commodity prices, companies within the energy sector should continue to show strong earnings and cash flows through 2005.

Neuberger Berman, LLC — Small-Cap Value

Positive stock selection—particularly within industrials and health care—helped contribute to the small-cap value sleeve’s overall performance for the reporting period. Stock selection also played a positive role in overall performance, with particular emphasis on our overweight position in the energy sector. Primary detractors included the financials and information technology sectors.

We are maintaining our overweight position in energy, which we believe is justified due to supply/demand characteristics that should drive pricing power and robust profit growth. The remainder of the sleeve’s exposure, however, is to companies that we believe have demonstrated resiliency in the face of economic woes, and those that we think can steadily generate cash flows that could enhance shareholder returns, whether through dividends, share buybacks or additive value.

For much of the year’s first half, investors demonstrated risk aversion and a preference for higher-quality, lower-beta stocks. We think that investors should soon be willing to assume more risk, based on our belief that the Federal Reserve’s interest-rate increases are coming to an end. Still, investors’ unwillingness to take on additional market and asset risk has led us to remain relatively defensive in terms of portfolio allocation and company selection.

Waddell & Reed Investment Management Co. — Small-Cap Growth

Overall, the financial markets were restrained throughout the period, primarily due to rising short-term interest rates and increasing oil prices. Unfortunately, we do not anticipate those circumstances changing for the better in the near term. Investors’ hope for signs of a more tepid economy, which would allow the Federal Reserve to terminate its interest-rate-increasing campaign, have not materialized, although oil prices soared to historical highs.

The second quarter of 2005 can best be characterized by a rebound of some of the biggest losers from the previous quarter. Health care jumped 8.4% toward the end of the second quarter after a decline of 10.1% from January to June. Telecommunications and utilities also produced more than 10% returns after posting negative results in the first quarter. Energy was the exception, with strong positive returns throughout the six-month period. By contrast, technology remained sluggish during the same period and remains the worst sector from the 2002–2003 market trough.

The consumer discretionary sector contributed positively to the small-cap growth sleeve’s performance, while the consumer staples sector was the largest detractor. Given the volatility and cyclical nature of energy and technology, we have decided to remain underweight in the sectors. We believe the opportunistic nature of these groups is not in line with our larger emphasis on high, stable profitability. As we look ahead, our greater concentration remains in the health-care and consumer discretionary sectors.

Biggest contributors to the Fund’s performance during the reporting period came from the consumer discretionary and health care sectors. We saw strong returns from O’Reilly Automotive, Vail Resorts and Panera Bread Co., as well as from Cerner Corporation and American Healthways. One other notably strong performer came from the technology sector, where Blackboard Inc. brought strong returns. Primary laggards in the portfolio came from the consumer staples sector, where we feel our stock selection hurt performance. We also feel that performance was held back somewhat by our underweight positions in energy and autos and transportation.

Overall, our higher-quality, mainstream holdings continued to edge out lower-quality companies, defined by their negative earnings and

2

GVIT Small Company Fund (continued)

smaller market-cap size. This is a significant point, given that in the recent past, some performance boosts resulted from a spurt of more speculative strategies rather than from higher-quality holdings that may be part of a longer-term strategy.

GMF — Small-Cap Value

During the reporting period, stock selection was positive in nearly all sectors, though the small-cap value sleeve underperformed the benchmark by a slight margin. Sector selection continues to play a lesser role in the success of the sleeve as we continue to focus on stock selection or stock-specific risk. Performance was particularly strong in the consumer staples, health-care, information technology and utilities sectors. Technology alone added more than 200 basis points to performance during the reporting period, despite the fact that the area generally has been a poor performer this year. Our focus on quality and fundamental improvement—an overall theme found in the sleeve—has been beneficial, particularly in this sector.

We benefited by staying away from the steep decline in the deep cyclical area, again preferring to focus on companies that have attractive long-term business plans versus companies that are simply short-term beneficiaries of rising commodity prices and economic activity. Stock selection was weaker in the consumer discretionary and industrials sector. Despite positive company-specific trends, consumer discretionary name Radio One, Inc. suffered due to the soft topline growth in the radio industry. Furthermore, industrial name American Woodmark Corp.’s stock suffered when the company missed earnings expectations. The company has since made up some of the ground it lost.

At this time last year, our style faced a challenging environment. However, beyond the challenges lay promise in factors that we believe could lead to better performance. While value has remained the “preferred” style, it is no longer the market of extremes it once was. At the height of value’s run, performance was driven primarily by deep-value or high-beta (risky) stocks. We believe that this past year marked the beginning of a multi-year cycle that may provide the potential for strong returns for both value and growth stocks, with less disparity between the styles. In the past, this so-called “core” market environment has been more conducive to strong stock selection for us.

Gartmore Global Partners — International Small Cap

May 31, 2005, marked the first-year anniversary of the international small cap sleeve’s transition to our Quantitative Strategies platform. Effective May 31, 2004, we changed the sleeve’s portfolio manager and investment strategy in order to achieve disciplined security selection through the use of our proprietary quantitative models, which rank the relative attractiveness of equities using qualitative measures of estimate revision, earnings quality, momentum and valuation. Our optimized portfolio construction process attempts to minimize forecasted risks with the aim of producing portfolios with superior risk and return characteristics. Prior to these changes, we employed an investment approach that emphasized the use of our proprietary fundamental—rather than quantitative—research, which was focused on identifying the potential for unexpected earnings growth through the analysis of individual company franchises within the context of industry and market dynamics.

At the country level, the strongest stock selection for the sleeve during the reporting period was realized within Japan, Switzerland and the United Kingdom. At the sector level, the sleeve enjoyed positive stock selection within industrials, financials and consumer discretionary. At the stock level, an out-of-benchmark position in AFG Arbonia-Forster-Holding AG, a Swiss manufacturer of kitchen appliances, contributed the most to the sleeve’s relative outperformance. This was followed closely by overweight positions in Sumitomo Heavy Industries, Ltd., a manufacturer of heavy electric machinery, and Koninklijke BAM Groep nv, a firm that offers residential and nonresidential construction services.

The sleeve’s strong relative performance was partially offset by weak stock selection within Belgium and Australia. The only weakness at the sector level was within telecommunications services. On a stock-specific basis, Japanese vehicle manufacturer Nissan Diesel Motor Co., Ltd. was the most pronounced underperformer, followed by French recycler CFF RECYCLING and Australian television network Ten Network Holdings Ltd.

We are extremely pleased with the sleeve’s performance during the first half of 2005. All investment guidelines are closely monitored on a daily basis, the sleeve has remained fully invested at all times, turnover has been kept to an absolute minimum, and we continue to pay meticulous attention to risk control. We believe that the outperformance realized during the first half could potentially continue through the end of 2005.

Portfolio Managers:

American Century Investment Management, Inc.: John Schniedwind, William Martin and Wilhelmine von Turk

Morgan Stanley Investment Management, Inc.: Dennis Lynch, David Cohen

The Dreyfus Corp.: Paul Kandel, Hillary Woods

Neuberger Berman LLC: Judith M. Vale, Rober D’Alelio

Waddell & Reed Investment Management Co.: Mark G. Seferovich, Kenneth McQuade

3

GVIT Small Company Fund (continued)

GMF: Jeffery C. Petherick, Mary C. Champagne

Gartmore Global Partners: Michael J. Gleason, Luke A. Smith

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

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

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

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

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

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trusts, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

4

Fund Performance GVIT Small Company Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Five years	Inception2
Class I3	3.07%	14.85%	6.19%	13.75%
Class II4	2.92%	14.57%	5.93%	13.47%
Class III4	3.07%	14.84%	6.20%	13.76%
Class IV4	3.07%	14.85%	6.19%	13.75%

* Not Annualized.

1 Not subject to any sales charges.

2 Fund commenced operations on October 23, 1995.

3 The existing shares of the Fund were designated Class I shares as of May 1, 2001.

4 These returns until the creation of the Class II shares (March 5, 2002), Class III shares (July 1, 2002) and Class IV shares (April 28, 2003) are based on the performance of the Class I shares of the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class II, Class III and Class IV shares would have produced because all classes of shares invest in the same portfolio of securities. Class II shares’ annual returns have been restated to reflect the additional fees applicable to Class II shares and therefore are lower than those of Class I shares. For Class III shares, these returns do not reflect the short-term trading fees applicable to such shares; if these fees were reflected, the annual returns for Class III shares would have been lower.

Performance of a $10,000 Investment

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

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

(a) The Russell 2000 is an unmanaged index that measures the performance of the stocks of small-capitalization U.S. companies; includes the smallest 2,000 U.S. companies in the Russell 3000^® Index, which measures the performance of the largest 3,000 U.S. companies, based on market capitalization.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

5

Shareholder

Expense Example GVIT Small Company Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Small Company Fund
Class I	Actual	$	1,000	$	1,031	$	5.99	1.19%
	Hypothetical1	$	1,000	$	1,019	$	5.97	1.19%
Class II	Actual	$	1,000	$	1,029	$	7.25	1.44%
	Hypothetical1	$	1,000	$	1,018	$	7.23	1.44%
Class III	Actual	$	1,000	$	1,031	$	6.04	1.20%
	Hypothetical1	$	1,000	$	1,019	$	6.03	1.20%
Class IV	Actual	$	1,000	$	1,031	$	5.99	1.19%
	Hypothetical1	$	1,000	$	1,019	$	5.97	1.19%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

6

Portfolio Summary

(June 30, 2005) GVIT Small Company Fund

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

Asset Allocation
Common Stocks	97.0%
Commercial Paper	0.3%
Mutual Fund	0.1%
Other assets in excess of liabilities	2.6%
	100.0%

Top Holdings
Corporate Executive Board Co.	0.8%
Cal Dive International, Inc.	0.7%
Southwestern Energy Co.	0.7%
Dade Behring Holdings, Inc.	0.6%
Factset Research Systems, Inc.	0.6%
IDEXX Laboratories, Inc.	0.6%
Amsurg Corp.	0.6%
R.H. Donnelley Corp.	0.5%
VCA Antech, Inc.	0.5%
Cerner Corp.	0.5%
Other Holdings	93.9%
	100.0%

Top Industries
Oil & Gas	5.9%
Retail	5.5%
Financial Services	4.3%
Healthcare	3.5%
Financial	3.5%
Building & Construction	3.3%
Machinery	3.2%
Medical Products	2.9%
Insurance	2.7%
Transportation	2.4%
Other Industries	62.8%
	100.0%

7

GARTMORE VARIABLE INSURANCE TRUST

GVIT SMALL COMPANY FUND

Statement of Investments — June 30, 2005 (Unaudited)

Shares or Principal Amount		Value
COMMON STOCKS (97.0%)
AUSTRALIA (1.2%)
Banks (0.0%)
Adelaide Bank Ltd. (c)	22,353	$	194,602
Building & Construction (0.0%)
United Group Ltd. (c)	56,829		415,650
Clothing (0.1%)
Ansell Ltd. (c)	92,687		705,776
Coal (0.0%)
Excel Coal Ltd. (c)	72,901		413,508
Conglomerates (0.1%)
CSR Ltd. (c)	458,621		932,005
Engineering (0.1%)
Downer Edi Ltd. (c)	219,275		885,290
Equipment Leasing (0.0%)
Coates Hire Ltd. (c)	102,417		370,666
Finance (0.3%)
Australian Stock Exchange Ltd. (c)	90,718		1,592,779
Perpetual Trustees Australia Ltd. (c)	11,130		484,906
Sfe Corp. Ltd. (c)	16,251		131,316
			2,209,001
Food (0.0%)
Macquarie Countrywide Trust (c)	129,576		188,636
Metals & Mining (0.0%)
Iluka Resources Ltd. (c)	72,295		412,639
Multimedia (0.1%)
News & Media Ltd. (c)	135,984		530,481
Oil & Gas (0.1%)
Australian Pipeline Trust (c)	53,385		152,386
Oil Search Ltd. (b) (c)	369,503		859,997
			1,012,383
Publishing (0.1%)
John Fairfax Holdings Ltd. (c)	143,645		468,966
Recycling (0.0%)
Sims Group Ltd. (c)	20,347		228,764
Retail (0.1%)
Colorado Group Ltd. (c)	172,115		595,869
David Jones Ltd. (c)	290,036		414,015
			1,009,884

Shares or Principal Amount		Value
COMMON STOCKS (continued)
AUSTRALIA (continued)
Television (0.2%)
Ten Network Holdings Ltd. (c)	415,857	$	1,120,110
			11,098,361
AUSTRIA (0.1%)
Steel Manufacturing & Products (0.1%)
Boehler-Uddeholm (c)	4,653		614,822
BELGIUM (0.1%)
Chemicals (0.0%)
Tessenderlo Chemie NV (c)	6,558		213,315
Metals (0.0%)
Umicore (c)	3,724		298,121
Ventures Business Trust (0.1%)
GINV NV (c)	9,630		441,685
			953,121
BERMUDA (0.3%)
Insurance (0.2%)
Scottish Annuity & Life Holdings Ltd. (c)	60,400		1,464,096
Transportation (0.1%)
Jinhui Shipping and Transportation Ltd. (b) (c)	320,073		1,234,617
			2,698,713
CHINA (0.5%)
Audio & Video Products (0.0%)
TCL Multimedia Technology Holdings Ltd. (c)	706,000		130,973
Electronics (0.1%)
VTech Holdings Ltd. (c)	214,000		499,871
Financial Services (0.1%)
Guoco Group Ltd. (c)	56,000		575,727
Internet Content (0.0%)
Netease.com, Inc. ADR (b) (c)	18,800		1,073,669
Real Estate (0.1%)
China Overseas Land & Investment Ltd. (c)	1,166,000		214,933
China State Construction International Holdings Ltd. (b) (c)	64,777		15,907
Midland Realty Holdings Ltd. (c)	506,000		281,390
			512,230

8

GARTMORE VARIABLE INSURANCE TRUST

GVIT SMALL COMPANY FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
CHINA (continued)
Semiconductors (0.0%)
ASM Pacific Technology Ltd. (c)	175,000	$	814,945
Telephone Communications (0.1%)
SmarTone Telecommunications Holdings Ltd. (c)	528,000		580,989
Transportation (0.1%)
Orient Overseas International (c)	108,900		474,633
			4,663,037
DENMARK (0.2%)
Brewery (0.0%)
Royal Unibrew AS (c)	1,965		159,115
Building & Construction (0.1%)
Sjaelso Gruppen AS (c)	2,752		538,014
Financial Services (0.1%)
Simcorp AS (c)	7,118		641,773
Telephone Communications (0.0%)
GN Store Nord AS (c)	26,206		295,889
Transportation & Services (0.0%)
Dampskibsselskabet Torm AS (c)	8,294		446,562
			2,081,353
FINLAND (0.4%)
Electronics (0.0%)
Perlos Oyj (c)	18,915		152,245
Financial Services (0.2%)
OKO Osuuspankkien Oyj (c)	85,922		1,400,697
Steel (0.1%)
Rautaruukki Oyj (c)	60,789		907,188
Telecommunication Equipment (0.1%)
Elcoteq Network Corp. (c)	39,548		775,813
			3,235,943
FRANCE (0.8%)
Building & Construction (0.0%)
Kaufman & Broad SA (c)	4,394		265,808
Computer Services (0.1%)
Alten (b) (c)	25,739		651,530
Groupe Steria SCA (c)	8,237		321,468
Iliad SA (c)	3,729		139,362
			1,112,360

Shares or Principal Amount		Value
COMMON STOCKS (continued)
FRANCE (continued)
Electrical Equipment (0.0%)
Nexans SA (c)	3,205	$	129,742
Entertainment Software (0.0%)
Ubi Soft Entertainment SA (b) (c)	3,170		158,097
Food (0.2%)
Elior (c)	93,745		1,118,791
Leisure & Entertainment (0.0%)
Trigano SA (c)	2,934		255,128
Medical Providers (0.1%)
Generale de Sante (c)	27,873		680,974
Metals (0.1%)
CFF Recycling (c)	28,998		609,897
Publishing (0.1%)
Spir Communication (c)	3,418		731,315
Real Estate (0.0%)
Pierre & Vacances (c)	1,875		138,006
Software (0.1%)
Cie Generale de Geophysique SA (b) (c)	9,726		823,127
Steel (0.1%)
Vallourec SA (c)	2,925		841,378
			6,864,623
GERMANY (0.6%)
Computer Services (0.0%)
SAP Systems Integration AG (c)	5,225		172,504
Diversified (0.1%)
K&S AG (c)	16,311		900,206
Electronics (0.0%)
Techem AG (b) (c)	10,106		427,682
Financial Services (0.0%)
MPC Muenchmeyer Petersen Capital AG (c)	4,884		307,045
Medical-Drugs (0.1%)
Stada Arzneimittel AG (c)	18,169		662,990
Metal Processors & Fabrication (0.2%)
Norddeutsche Affinerie AG (c)	54,593		1,151,343
Retail (0.0%)
Douglas Holdings (c)	5,742		208,200

9

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
GERMANY (continued)
Telecommunications (0.2%)
Mobilcom AG (c)	37,096	$	796,041
Telegate AG (b) (c)	16,691		315,634
			1,111,675
			4,941,645
GREECE (0.1%)
Entertainment (0.1%)
Intralot SA (c)	77,850		1,191,249
IRELAND (0.2%)
Building & Construction (0.1%)
McInerney Holdings PLC (b) (c)	71,132		742,213
Food Products (0.0%)
Fyffes PLC (c)	130,979		391,668
Gambling (0.1%)
Paddy Power PLC (c)	57,595		983,591
			2,117,472
ITALY (0.4%)
Building Materials (0.0%)
Cementir (c)	35,349		169,562
Computers (0.0%)
Datamat Spa (c)	15,749		182,277
Food & Beverage (0.1%)
Cremonini SPA (c)	248,509		702,534
Real Estate (0.1%)
Pirelli & C. Real Estate SPA (c)	11,050		661,966
Textile Products (0.2%)
Marzotto (Gaetano) & Figli SPA (c)	57,261		1,488,615
			3,204,954
JAPAN (4.3%)
Aluminum (0.0%)
SANKYO-TATEYAMA HO NPV (c)	67,000		165,819
Auto & Auto Parts (0.4%)
Isuzu Motors Ltd. (c)	96,000		255,684
Keihin Corp., (c)	75,700		1,236,426
Nissan Diesel Motor Co., Ltd. (c)	331,000		1,295,517
Nissan Shatai Co., Ltd. (c)	59,000		403,498
Nissin Kogyo Co., Ltd. (c)	7,600		280,796

Shares or Principal Amount		Value
COMMON STOCKS (continued)
JAPAN (continued)
Auto & Auto Parts (continued)
Press Kogyo Co., Ltd. (c)	142,000	$	458,158
			3,930,079
Banks (0.2%)
Keiyo Bank Ltd. (c)	101,000		514,348
Sanyo Electric Credit Co., Ltd. (c)	6,100		122,547
Shinki Co., Ltd. (c)	86,000		836,788
			1,473,683
Building & Construction (0.1%)
Bunka Shutter Co., Ltd. (c)	42,000		226,362
Sumitomo Osaka Cement Co., Ltd. (c)	98,000		259,366
Toda Corp. (c)	29,000		123,494
			609,222
Business Services (0.0%)
Secom Techno Service Co., Ltd. (c)	10,500		339,457
Chemicals (0.1%)
Mec Co., Ltd. (c)	23,000		320,658
Tohcello Co., Ltd. (c)	38,000		239,520
Tokuyama Corp., (c)	32,000		226,811
Toyo Tire & Rubber Co., Ltd. (c)	119,000		462,354
			1,249,343
Computer Software & Services (0.2%)
Cac Corp. (c)	13,900		153,371
Daiwabo Information System Co., Ltd. (c)	10,500		167,306
Otsuka Shokai Co., Ltd. (c)	8,400		709,659
Trans Cosmos, Inc. (c)	8,900		350,768
			1,381,104
Consulting Services (0.1%)
K.K. DaVinci Advisors (b) (c)	207		588,988
Pacific Management Corp. (b) (c)	76		306,769
			895,757
Distribution (0.1%)
Telewave, Inc. (b) (c)	158		778,819
Drugs (0.1%)
Santen Pharmaceutical Co., Ltd. (c)	55,200		1,253,379

10

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
JAPAN (continued)
Electrical & Electronic (0.7%)
Dainippon Screen Manufacturing Co. (c)	81,000	$	542,363
Eizo Nanao Corp. (c)	20,300		612,502
Hosiden Corp. (c)	13,300		134,154
Kenwood Corp. (c)	111,000		189,997
KOA Corp. (c)	77,100		611,940
Shibaura Mechatronics Corp. (c)	44,000		396,671
Shinko Electric Industries Co., Ltd. (c)	10,700		416,930
Star Micronics (c)	90,000		971,994
Toshiba TEC (c)	139,000		614,084
Yamatake Corp. (c)	31,200		514,910
			5,005,545
Food (0.2%)
Kirin Beverage Corp. (c)	13,400		302,446
Plenus Co., Ltd. (c)	10,100		356,066
Toyo Suisan Kaisha Ltd. (c)	45,000		702,616
Warabeya Nichiyo Co., Ltd. (b) (c)	30,800		552,277
			1,913,405
Gambling (0.0%)
Mars Engineering Corp. (c)	5,400		137,190
Industrial Gases (0.0%)
Air Water, Inc. (c)	17,000		125,017
Investment Companies (0.1%)
Kenedix, Inc. (b) (c)	358		1,003,774
Leasing (0.1%)
Sumisho Lease Co., Ltd. (c)	15,600		542,449
Machinery (0.5%)
Daifuku Co., Ltd. (c)	45,000		424,463
Fuji Electric Co., Ltd. (c)	91,000		275,699
Nabtesco Corp. (c)	177,000		1,193,715
Sumitomo Heavy Industries Ltd. (c)	244,000		1,167,886
Toshiba Machine Co., Ltd. (c)	77,000		433,325
Tsugami Corp. (c)	119,000		572,221
			4,067,309
Manufacturing (0.2%)
Amano Corp. (c)	80,000		950,740
Glory Ltd. (c)	70,900		1,133,643
			2,084,383

Shares or Principal Amount		Value
COMMON STOCKS (continued)
JAPAN (continued)
Medical Instruments (0.2%)
Nihon Kohden Corp. (c)	90,000	$	1,364,827
Topcon Corp. (c)	27,000		466,110
			1,830,937
Medical—Drugs (0.2%)
Eiken Chemical Co., Ltd. (c)	92,000		1,028,560
Rohto Pharmaceutical Co., Ltd. (c)	33,000		428,209
Tsuruha Co., Ltd. (c)	21,100		670,985
			2,127,754
Metals (0.2%)
Chuo Denki Kogyo Co., Ltd. (c)	29,000		165,949
Osaka Steel Co., Ltd. (c)	80,300		987,401
Pacific Metals Co., Ltd. (c)	56,000		240,539
Ryobi Ltd. (c)	143,000		590,329
			1,984,218
Networking Products (0.0%)
NextCom K.K. (c)	88		407,131
Real Estate (0.1%)
Aeon Mall Co., Ltd. (c)	14,600		512,025
Hoosiers Corp. (b) (c)	59		237,227
Tokyu Livable, Inc. (c)	13,900		565,873
			1,315,125
Retail (0.3%)
Aoki International Co., Ltd. (c)	24,000		296,754
Hankyu Department Stores, Inc. (c)	33,000		208,376
Okuwa Co., Ltd. (c)	49,000		596,837
Ryohin Keikaku Co., Ltd. (c)	9,500		467,967
Sundrug Co., Ltd. (c)	23,500		923,997
			2,493,931
Telecommunications (0.1%)
New Japan Radio Co., Ltd. (c)	73,000		635,488
Textile Products (0.0%)
Nitto Boseki Co., Ltd. (c)	152,000		315,095
Transportation (0.1%)
Nippon Konpo Unyu Soko Co., Ltd. (c)	47,000		505,210
Sankyu, Inc. (c)	43,000		127,630
			632,840
			38,698,253

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
LUXEMBURG (0.0%)
Oil & Gas (0.0%)
Stolt Offshore SA (b) (c)	37,952	$	344,242
NETHERLANDS (0.6%)
Building & Construction (0.2%)
Heijmans NV CVA (c)	26,515		1,243,232
Business Services (0.1%)
United Services Group NV (c)	26,906		712,625
Computer Software (0.0%)
Unit 4 Agresso NV (b) (c)	25,042		382,504
Packaging (0.0%)
Buhrmann NV (c)	22,576		222,323
Real Estate Development (0.1%)
Koninklijke Bam Groep NV (c)	18,348		1,214,505
Storage & Warehousing (0.1%)
Koninklijke Vopak NV (c)	29,876		753,705
Tools (0.1%)
Stork NV (c)	22,202		919,205
			5,448,099
NEW ZEALAND (0.1%)
Building Materials (0.1%)
Fletcher Building Ltd. (c)	134,034		641,868
NORWAY (0.3%)
Banking & Finance (0.2%)
Aktiv Kapital ASA (c)	26,951		411,610
Sparebanken Nord-Norge (c)	17,640		331,691
Sparebanken Rogaland (c)	15,343		436,705
			1,180,006
Computers Integrated Systems (0.0%)
Visma ASA (c)	10,525		127,291
Construction (0.1%)
Aker Yards AS (c)	5,800		221,814
Veidekke ASA (c)	12,800		292,560
			514,374
Oil & Gas (0.0%)
Prosafe ASA (c)	14,727		440,904
Printing & Publishing (0.0%)
Schibsted ASA (c)	7,729		212,445

Shares or Principal Amount		Value
COMMON STOCKS (continued)
NORWAY (continued)
Retail (0.0%)
Expert ASA (c)	19,200	$	207,793
			2,682,813
PORTUGAL (0.0%)
Food Distributors, Supermarkets & Wholesalers (0.0%)
Jeronimo Martins, SA (c)	13,400		192,363
SINGAPORE (0.4%)
Computer Hardware Manufacturing (0.0%)
MFS Technology Ltd. (c)	322,000		117,876
Diversified Products (0.0%)
First Engineering Ltd. (c)	214,000		155,650
Oil & Gas (0.1%)
Singapore Petroleum Co., Ltd. (c)	195,000		573,301
Real Estate (0.1%)
CapitaMall Trust (c)	172,000		242,684
Keppel Land Ltd. (c)	393,000		581,977
			824,661
Research & Development (0.0%)
Sembcorp Industries Ltd. (c)	257,340		406,619
Services (0.0%)
Singapore Airport Terminal Services Ltd. (c)	172,000		231,909
Transportation (0.2%)
Neptune Orient Lines (c)	412,000		922,443
			3,232,459
SPAIN (0.1%)
Airlines (0.0%)
Iberia Lineas Aereas de Espana SA (c)	79,777		228,028
Financial Services (0.1%)
Inmobiliaria Colonial SA (c)	5,413		288,344
			516,372
SWEDEN (0.6%)
Auto—Retail (0.0%)
Bilia AB (c)	13,240		221,755
Building & Construction (0.1%)
JM AB (c)	21,129		682,952
Computer Services (0.0%)
HiQ International AB (c)	37,472		176,772

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
SWEDEN (continued)
Electronic Equipment (0.0%)
Gunnebo AB (c)	31,600	$	291,711
Finance Services (0.1%)
D. Carnegie & Co. AB (c)	74,530		880,799
Home Furnishing (0.1%)
Nobia AB (c)	66,011		958,421
Medical Providers (0.1%)
Capio AB (b) (c)	40,002		588,464
Metal Fabricate & Hardware (0.0%)
SSAB — Series A (c)	10,340		237,696
Real Estate (0.2%)
Kungsleden AB (c)	54,132		1,424,818
			5,463,388
SWITZERLAND (0.5%)
Appliances (0.1%)
AFG Arbonia-Forster Holding AG (c)	3,856		1,073,126
Building & Construction (0.3%)
Sika Finanz AG (c)	2,273		1,416,562
Manufacturing (0.0%)
Georg Fischer AG (b) (c)	1,186		362,140
Retail (0.1%)
Charles Voegele Holding AG (c)	15,739		1,001,817
Telecommunications (0.0%)
Ascom Holding AG (c)	14,069		184,234
			4,037,879
UNITED KINGDOM (2.4%)
Auto (0.1%)
European Motor Holdings PLC (c)	62,316		300,196
Inchcape PLC (c)	27,743		1,020,250
			1,320,446
Automotive Rental (0.1%)
Arriva PLC (c)	113,635		1,107,610
Banking & Insurance (0.1%)
Paragon Group (c)	81,891		620,987
Brewery (0.1%)
Wolverhampton & Dudley Breweries PLC (c)	44,415		916,826

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED KINGDOM (continued)
Building & Construction (0.3%)
Carillion PLC (c)	72,204	$	364,423
Kier Group PLC (c)	58,154		954,095
SIG PLC (c)	76,396		864,236
			2,182,754
Construction (0.1%)
Bovis Homes Group PLC (c)	66,295		842,573
Morgan Sindall PLC (c)	16,190		221,258
			1,063,831
Consulting Services (0.1%)
Atkins (WS) PLC (c)	59,555		724,401
Savills PLC (c)	24,933		299,015
			1,023,416
Consumer Products (0.2%)
Body Shop International PLC (c)	73,930		302,922
Cookson Group PLC (b) (c)	43,961		239,658
De La Rue PLC (c)	42,583		309,229
Mcbride PLC (c)	233,482		627,122
			1,478,931
Electrical & Electronic (0.0%)
TT Electronics PLC (c)	62,771		204,167
Electronic Components (0.0%)
Renishaw PLC (c)	19,948		262,393
Engineering (0.1%)
Barratt Developments PLC (c)	58,315		747,909
Financial Services (0.2%)
Amlin PLC (c)	375,122		1,212,920
Brit Insurance Holdings PLC (c)	526,146		832,010
			2,044,930
Food (0.0%)
Greggs PLC (c)	4,954		407,894
Food Diversified (0.2%)
Dairy Crest Group PLC (b) (c)	125,411		1,117,848
Devro PLC (c)	173,394		400,929
Northern Foods PLC (c)	43,074		121,844
			1,640,621
Insurance (0.1%)
Hiscox PLC (c)	160,085		470,650
Medical Supplies (0.0%)
Cambridge Antibody Technology Group PLC (b) (c)	14,501		166,792

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED KINGDOM (continued)
Restaurants (0.0%)
Restaurant Group PLC (c)	63,743	$	155,545
Retail (0.4%)
Children’s Place Retail Stores, Inc. (b) (c)	36,174		1,688,242
House of Fraser PLC (c)	144,301		280,248
Kesa Electricals PLC (c)	88,200		440,476
Woolworths Group PLC (c)	359,745		238,583
			2,647,549
Storage/Warehousing (0.0%)
Wincanton PLC (c)	51,755		230,608
Transportation (0.1%)
Go-Ahead Group PLC (c)	29,278		709,176
Travel Services (0.1%)
First Choice Holidays PLC (c)	284,337		972,191
Utilities (0.1%)
Northumbrian Water Group PLC (c)	297,619		1,195,828
			21,571,054
UNITED STATES (82.8%)
Advertising & Marketing (0.9%)
Arbitron, Inc.	39,420		1,691,118
Catalina Marketing Corp.	9,800		249,018
Getty Images, Inc. (b)	50,400		3,742,704
Harte-Hanks, Inc.	67,300		2,000,829
Ventiv Health, Inc. (b)	5,454		105,153
			7,788,822
Aerospace & Defense (1.0%)
AAR Corp. (b)	62,000		974,020
Armor Holdings, Inc. (b)	19,000		752,590
Curtiss-Wright Corp.	12,700		685,165
DRS Technologies, Inc.	13,100		671,768
Esterline Technologies Corp. (b)	30,563		1,224,965
FLIR Systems, Inc. (b)	51,900		1,548,696
Innovative Solutions & Support, Inc. (b)	8,424		282,794
MTC Technologies, Inc. (b)	34,100		1,255,903
Teledyne Technologies, Inc. (b)	22,709		739,859
Triumph Group, Inc. (b)	22,500		782,100
			8,917,860

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Airlines (0.3%)
Alaska Air Group, Inc. (b)	41,300	$	1,228,675
Expressjet Holdings, Inc.	56,600		481,666
Mesa Air Group (b)	10,828		72,656
Pinnacle Airlines Corp. (b)	43,800		376,242
Republic Airways Holdings, Inc. (b)	65,000		939,250
			3,098,489
Aluminum (0.1%)
Century Aluminum Co. (b)	22,100		450,840
Apparel (0.1%)
Guess, Inc. (b)	10,926		181,153
Hartmarx Corp. (b)	22,852		230,120
K-Swiss, Inc.	19,949		645,150
			1,056,423
Applications Software (0.3%)
Salesforce.com, Inc. (b)	122,400		2,506,752
Auction House (0.6%)
Ritchie Brothers Auctioneers, Inc.	106,900		4,120,995
Sotheby’s Holdings, Inc. (b)	60,905		834,399
			4,955,394
Auto & Auto Parts (1.9%)
Aftermarket Technology Corp. (b)	7,994		139,335
American Axle & Manufacturing Holdings, Inc.	44,300		1,119,461
Clarcor, Inc.	82,200		2,404,350
Commercial Vehicle Group, Inc. (b)	9,650		171,288
Gentex Corp.	181,200		3,297,840
LKQ Corp. (b)	77,528		2,104,885
Noble International Ltd.	1,237		29,131
O’Reilly Automotive, Inc. (b)	133,380		3,976,058
Oshkosh Truck Corp.	12,870		1,007,464
Tenneco Automotive, Inc. (b)	36,337		604,648
Terex Corp. (b)	19,700		776,180
TRW Automotive Holdings Corp. (b)	46,965		1,151,112
			16,781,752
Banking (1.8%)
Accredited Home Lenders (b)	18,000		792,000
Amcore Financial, Inc.	21,711		648,725

14

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Banking (continued)
Amgey Bancorp, Inc.	37,500	$	839,250
Anchor Bancorp Wisconsin, Inc.	1,981		59,945
BancFirst Corp.	2,699		234,786
Beverly Hills Bancorp, Inc.	2,200		24,090
BOK Financial Corp.	21,792		1,005,047
Boston Private Financial Holdings, Inc.	31,400		791,280
Center Financial Corp.	6,772		168,149
City Holding Co.	6,100		222,772
Columbia Banking System, Inc.	43		1,059
Community Trust Bancorp, Inc.	715		23,395
Corus Bankshares, Inc.	12,427		689,574
Criimi Mac, Inc. (b)	1,300		28,405
Dime Community Bancshares	82,250		1,250,200
First Citizens BancShares, Inc.	1,550		224,053
First Community Bancorp	506		24,035
First Financial Holdings, Inc.	800		23,928
First Republic Bancorp, Inc.	2,164		76,454
Firstbank Corp.	61,522		2,470,107
FirstFed Financial Corp. (b)	24,543		1,463,008
Franklin Bank Corp. (b)	66,500		1,247,540
International Bancshares Corp.	6,647		188,044
MAF Bancorp, Inc.	16,000		682,080
Old Second Bancorp, Inc.	3,863		112,375
Oriental Financial Group, Inc.	50,830		775,666
Pacific Capital Bancorp	16,775		622,017
Southwest Bancorp, Inc.	1,911		39,137
SVB Financial Group (b)	1,581		75,730
Texas Capital Bancshares, Inc. (b)	38,000		750,120
West Coast Bancorp Oregon	896		21,871
WFS Financial, Inc. (b)	3,574		181,238
Wilmington Trust Corp.	3,638		131,004
Wilshire Bancorp, Inc.	5,660		81,108
			15,968,192
Broadcasting (0.3%)
CKX, Inc. (b)	111,300		1,431,875
Radio One, Inc. (b)	104,600		1,335,742
			2,767,617
Brokerage Services (0.2%)
Neenah Paper, Inc.	48,500		1,502,045
Building & Construction (2.1%)
Chicago Bridge & Iron Co.	106,200		2,427,732
Eagle Materials, Inc.	12,400		1,122,076

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Building & Construction (continued)
Florida Rock Industries, Inc.	21,800	$	1,599,030
Louisiana-Pacific Corp.	61,790		1,518,798
LSI Industries, Inc.	4,800		66,912
Meritage Homes Corp. (b)	14,700		1,168,650
NVR, Inc. (b)	4,274		3,461,940
Perini Corp. (b)	25,152		412,996
Simpson Manufacturing Co., Inc.	61,200		1,869,660
Standard-Pacific Corp.	2,000		175,900
USG Corp. (b)	65,463		2,782,178
Washington Group International, Inc. (b)	47,000		2,402,640
			19,008,512
Chemicals (0.6%)
A. Schulman, Inc.	41,500		742,435
Albemarle Corp.	23,200		846,104
FMC Corp. (b)	21,426		1,202,856
Octel Corp. (b)	27,300		491,400
Pioneer Companies, Inc. (b)	4,200		92,358
Terra Industries, Inc. (b)	275,958		1,879,274
W.R. Grace & Co. (b)	17,319		134,915
			5,389,342
Coal (0.1%)
Foundation Coal Holdings, Inc.	35,500		920,870
Commercial Services (0.9%)
Administaff, Inc.	2,886		68,571
Alliance Data Systems Corp. (b)	17,477		708,867
Coinstar, Inc. (b)	54,500		1,236,605
Collectors Universe, Inc. (b)	1,211		21,217
Costar Group, Inc. (b)	48,400		2,110,240
Deluxe Corp.	12,833		521,020
Macquarie Infrastructure Co. Trust	75,600		2,145,528
Peoplesupport, Inc. (b)	89,154		813,084
Prepaid Legal Services, Inc.	2,112		94,301
Priceline.com, Inc. (b)	33,300		776,889
			8,496,322
Communications (0.6%)
Emmis Communications Corp., Class A (b)	6,880		121,570
R.H. Donnelley Corp. (b)	77,690		4,815,226
Ubiquitel, Inc. (b)	106,240		866,918
			5,803,714

15

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Computer Service (2.3%)
Acxiom Corp.	41,381	$	864,035
Adeza Biomedical Corp. (b)	45,800		777,684
Agilysys, Inc.	93,315		1,465,046
Anteon International Corp. (b)	77,200		3,521,864
Cerner Corp. (b)	63,806		4,336,894
Earthlink, Inc. (b)	193,515		1,675,840
Maxtor Corp. (b)	338,900		1,762,280
Micros Systems, Inc. (b)	80,160		3,587,160
MTS Systems	39,397		1,322,951
Phoenix Technology Ltd. (b)	15,408		119,874
Sykes Enterprises, Inc. (b)	110,800		1,050,384
			20,484,012
Computer Software (2.2%)
Autodesk, Inc.	10,704		367,896
Avid Technology, Inc. (b)	75,800		4,038,625
Docucorp International, Inc. (b)	5,652		41,542
EPIQ Systems, Inc. (b)	65,820		1,076,815
Gamestop Corp. (b)	9,227		275,887
Hutchinson Technology, Inc. (b)	25,362		976,691
MicroStrategy, Inc. (b)	35,000		1,856,400
NETGEAR, Inc. (b)	68,155		1,267,683
Parametric Technology Corp. (b)	309,984		1,977,698
Scientific Games Corp. (b)	102,400		2,757,632
Shanda Interactive Entertainment Ltd. (b)	44,200		1,626,118
Sybase, Inc. (b)	13,832		253,817
Western Digital Corp. (b)	180,636		2,424,135
Wind River Systems, Inc. (b)	61,500		964,320
			19,905,259
Consulting Services (0.4%)
Geo Group, Inc. (b)	9,405		235,595
The Advisory Board Co. (b)	76,700		3,738,358
			3,973,953
Consumer Goods & Services (1.7%)
AptarGroup, Inc.	72,000		3,657,600
Church & Dwight Co., Inc.	111,700		4,043,540
Matthews International Corp., Class A	65,900		2,567,464
Scotts Company (The), Class A (b)	32,600		2,321,446
Wolverine World Wide, Inc.	7,063		169,583
Yankee Candle Co., Inc.	68,100		2,186,010
			14,945,643

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Containers (0.2%)
Crown Holdings, Inc. (b)	55,000	$	782,650
Silgan Holdings, Inc.	15,595		877,063
			1,659,713
Cosmetics (0.5%)
Alberto-Culver Co., Class B	50,400		2,183,832
Chattem, Inc. (b)	36,956		1,529,978
Elizabeth Arden, Inc. (b)	41,300		966,007
			4,679,817
Data Processing & Reproduction (0.3%)
CCC Information Services Group, Inc. (b)	26,645		638,148
Fair, Issac and Co., Inc.	44,975		1,641,587
infoUSA, Inc.	2,978		34,843
			2,314,578
Defense (0.4%)
Engineered Support Systems, Inc.	78,037		2,796,066
Mantech International Corp., Class A (b)	38,000		1,179,520
			3,975,586
Diagnostic Equipment (0.3%)
Biosite Diagnostics, Inc. (b)	22,149		1,217,974
Diagnostic Products Corp.	29,000		1,372,570
			2,590,544
Distribution (0.3%)
Building Materials Holding Corp.	9,895		685,625
Northwest Natural Gas Co.	24,900		952,176
NuCo2, Inc. (b)	39,600		1,016,532
Transmontaigne, Inc. (b)	36,784		386,232
			3,040,565
Diversified Manufacturing Operations (0.1%)
Esco Technologies, Inc. (b)	684		68,947
Teleflex, Inc.	8,543		507,198
			576,145
Education (0.9%)
Blackboard, Inc. (b)	131,900		3,155,048
ITT Educational Services, Inc. (b)	78,000		4,166,760
Skillsoft PLC (b)	158,200		545,790
			7,867,598

16

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Electric Integrated (0.1%)
Duquesne Light Holdings, Inc.	29,700	$	554,796
Electronic Components (0.5%)
Amphenol Corp., Class A	8,158		327,707
Ansoft Corp. (b)	29,192		705,279
Arrow Electronics, Inc. (b)	63,844		1,734,002
Avnet, Inc. (b)	19,289		434,581
Badger Meter	852		35,188
Itron, Inc. (b)	23,688		1,058,380
Stoneridge, Inc. (b)	21,783		143,768
			4,438,905
Electronics (1.1%)
American Science & Engineering, Inc. (b)	11,639		516,306
Ametek, Inc.	2,841		118,896
Brady Corp., Class A	68,400		2,120,400
Cree Research, Inc. (b)	121,600		3,097,151
El Paso Electric Co. (b)	8,986		183,764
Lecroy Corp. (b)	27,802		382,278
LoJack Corp. (b)	2,607		45,779
Mettler Toledo International, Inc. (b)	17,374		809,281
Varian Semiconductor Equipment Associates, Inc. (b)	25,000		925,000
WESCO International, Inc. (b)	40,805		1,280,461
			9,479,316
Energy (0.3%)
CMS Energy Corp. (b)	95,020		1,431,001
Exide Technologies	41,500		201,275
Sierra Pacific Resources	98,000		1,220,100
			2,852,376
Engineering Services (0.2%)
McDermott International, Inc. (b)	30,605		642,705
Michael Baker Corp. (b)	40,459		722,598
			1,365,303
Entertainment (1.0%)
Image Entertainment, Inc. (b)	5,503		15,463
Lions Gate Entertainment Corp. (b)	176,100		1,806,786
LodgeNet Entertainment Corp. (b)	50,494		837,695
Netflix, Inc. (b)	68,100		1,117,521

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Entertainment (continued)
Speedway Motorsports, Inc. (b)	14,900	$	544,744
Take-Two Interactive Software, Inc. (b)	106,410		2,708,135
THQ, Inc. (b)	52,400		1,533,748
			8,564,092
Environmental Services (0.3%)
Clean Harbors, Inc. (b)	22,534		488,537
Stericycle, Inc. (b)	51,200		2,576,384
			3,064,921
Financial (3.5%)
Affiliated Managers Group, Inc. (b)	35,600		2,432,548
Alabama National Bankcorp	10,400		679,848
American Capital Strategies Ltd.	26,700		964,137
Central Pacific Financial Corp.	120,600		4,293,360
Colonial Bancgroup, Inc.	47,200		1,041,232
East-West Bancorp, Inc.	87,500		2,939,125
Financial Federal Corp.	92,700		3,581,928
First Midwest Bancorp, Inc.	23,900		840,563
Greenhill & Co., Inc.	83,074		3,365,328
IndyMac Bancorp, Inc.	48,500		1,975,405
Investment Technology Group, Inc. (b)	54,567		1,146,998
Mid-State Bancshares	30,900		858,093
Morningstar, Inc. (b)	46,500		1,308,975
Nasdaq Stock Market, Inc. (b)	13,447		253,610
OceanFirst Financial Corp.	1,100		24,761
Prosperity Bancshares, Inc.	40,000		1,144,400
Texas Regional Bancshares, Inc., Class A	82,055		2,501,036
Westamerica Bankcorp.	37,700		1,990,937
			31,342,284
Financial Services (3.6%)
Ace Cash Express, Inc. (b)	7,602		194,307
Advanta Corp., Class B	59,269		1,669,015
Bank of Hawaii Corp.	35,823		1,818,017
Bankrate, Inc. (b)	18,820		379,035
City National Corp.	41,372		2,966,786
CompuCredit Corp. (b)	14,144		484,856
Corporate Executive Board Co.	89,200		6,987,035
Cullen/Frost Bankers, Inc.	4,802		228,815
Downey Financial Corp.	42,558		3,115,246
Factset Research Systems, Inc.	146,500		5,250,560

17

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Financial Services (continued)
Interactive Data Corp.	49,200	$	1,022,376
Nelnet, Inc. (b)	19,131		636,488
Protective Life Corp.	43,335		1,829,604
R & G Finanical Corp., Class B	43,700		773,053
SWS Group, Inc.	2,000		34,360
Triad Guaranty, Inc. (b)	8,530		429,827
Westcorp, Inc.	75,061		3,934,698
World Acceptance (b)	1,337		40,177
			31,794,255
Food & Beverage (1.3%)
AFC Enterprises, Inc.	111,250		1,466,275
Chiquita Brands International, Inc.	69,987		1,921,843
M & F Worldwide Corp. (b)	17,991		240,360
Peet’s Coffee & Tea, Inc. (b)	45,100		1,490,104
Pepsiamericas, Inc.	1,407		36,104
Pilgrim’s Pride Corp.	78,097		2,665,450
The J.M. Smucker Co.	53,600		2,515,984
Treehouse Foods, Inc. (b)	55,500		1,582,305
			11,918,425
Food Distributors, Supermarkets & Wholesalers (0.7%)
Gold Kist, Inc. (b)	28,208		608,729
Nasch-Finch Co.	41,771		1,534,667
Sanderson Farms, Inc.	20,100		913,344
Seaboard Corp.	1,291		2,148,223
United Natural Foods, Inc. (b)	28,000		850,360
			6,055,323
Gaming & Hotels (1.2%)
Alliance Gaming Corp. (b)	45,700		640,714
Global Payment, Inc.	13,500		915,300
Kerzner International Ltd. (b)	49,100		2,796,245
Lakes Entertainment, Inc. (b)	55,600		856,240
Penn National Gaming, Inc. (b)	87,100		3,179,150
Shuffle Master, Inc. (b)	71,050		1,991,532
			10,379,181
General Obligation (0.2%)
Provide Commerce (b)	66,500		1,435,735
Healthcare (3.5%)
American Healthways, Inc. (b)	89,300		3,774,711
Apria Healthcare Group, Inc. (b)	30,000		1,039,200
Beverly Enterprises, Inc. (b)	78,500		1,000,090
Charles River Laboratories International, Inc. (b)	35,582		1,716,832

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Healthcare (continued)
Datascope Corp.	8,800	$	293,480
Eclipsys Corp. (b)	15,400		216,678
Haemonetics Corp. (b)	36,147		1,469,014
Henry Schein, Inc. (b)	28,000		1,162,560
IDEXX Laboratories, Inc. (b)	81,552		5,083,135
K-V Pharmaceutical Co. (b)	158,050		2,647,338
LifePoint Hospitals, Inc. (b)	20,500		1,035,660
Magellan Health Services, Inc. (b)	41,958		1,481,537
Mentor Corp.	100,600		4,172,887
Respironics, Inc. (b)	86,445		3,121,529
Serologicals Corp. (b)	29,500		626,875
Techne Corp. (b)	39,772		1,825,933
Vertrue, Inc. (b)	43,917		1,711,006
			32,378,465
Healthcare Services (1.1%)
American Retirement Corp. (b)	7,910		115,644
Amsurg Corp. (b)	180,216		4,990,181
Dendrite International, Inc. (b)	196,100		2,706,180
Genesis Healthcare Corp. (b)	39,811		1,842,453
Sierra Health Services, Inc. (b)	3,425		244,751
			9,899,209
Home Furnishings (0.9%)
American Woodmark Corp.	32,800		984,328
Bassett Furniture Industries, Inc.	52,000		980,720
Genlyte Group, Inc. (b)	18,800		916,312
Hooker Furniture Corp.	28,900		504,883
SCP Pool Corp.	84,000		2,947,561
Stanley Furniture Co., Inc.	199		4,887
Toro Co.	48,525		1,873,550
			8,212,241
Hotels, Restaurants & Leisure (0.6%)
Boykin Lodging Co. (b)	1,200		16,080
Great Wolf Resorts, Inc. (b)	96,786		1,978,306
LA Quinta Corp. (b)	36,800		343,344
Lasalle Hotel Properties	40,300		1,322,243
Orient Express Hotels Ltd.	40,000		1,266,800
			4,926,773
Human Resources (0.1%)
Labor Ready, Inc. (b)	48,081		1,120,768
Industrial (0.5%)
Actuant Corp. (b)	41,300		1,979,921
Agnico-Eagle Mines Ltd.	60,500		762,300

18

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Industrial (continued)
Airgas, Inc.	37,900	$	934,993
Blount International, Inc. (b)	25,514		425,829
Gerber Scientific, Inc. (b)	24,708		171,968
Titan International, Inc.	6,000		83,880
			4,358,891
Insurance (2.4%)
American Financial Group, Inc.	30,057		1,007,511
AmerUs Group Co.	6,993		336,014
Arch Capital Group Ltd. (b)	24,817		1,118,006
Argonaut Group, Inc. (b)	3,600		83,124
Aspen Insurance Holdings Ltd.	86,488		2,383,608
Brown & Brown, Inc.	25,800		1,159,452
Endurance Specialty Holdings Ltd.	49,119		1,857,681
First American Corp.	74,619		2,995,206
HCC Insurance Holdings, Inc.	20,100		761,187
Hilb, Rogal & Hamilton Co.	26,300		904,720
LandAmerica Financial Group, Inc.	2,003		118,918
Markel Corp. (b)	3,075		1,042,425
Max Re Capital Ltd.	36,583		837,751
Montpelier Re Holdings Ltd.	17,700		612,066
Safety Insurance Group, Inc.	39,376		1,329,334
Selective Insurance Group, Inc.	5,824		288,579
Tower Group, Inc.	88,500		1,383,255
United Fire & Casualty Co.	24,978		1,109,523
Zenith National Insurance Corp.	33,684		2,285,796
			21,614,156
Internet Content (1.0%)
Checkfree Corp. (b)	98,185		3,344,181
CNET Networks, Inc. (b)	108,000		1,267,920
Intermix Media, Inc. (b)	93,400		781,758
Overstock.com, Inc. (b)	37,900		1,349,240
SINA Corp. (b)	37,400		1,043,460
Valueclick, Inc. (b)	81,100		999,963
			8,786,522
Internet Services (0.2%)
Akamai Technologies, Inc. (b)	123,300		1,618,929
Riverstone Networks, Inc. (b)	1		1
Trizetto Group, Inc. (b)	9,245		129,522
			1,748,452
Investment Companies (0.2%)
Calamos Asset Management, Inc.	66,782		1,819,142

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Leisure (1.3%)
4Kids Entertainment, Inc. (b)	10,738	$	213,471
Gaylord Entertainment (b)	70,400		3,272,896
Planetout, Inc. (b)	44,200		385,424
Steinway Musical Instruments, Inc. (b)	10,232		300,412
Sunterra Corp. (b)	10,800		175,068
Vail Resorts, Inc. (b)	130,712		3,673,007
WMS Industries, Inc. (b)	103,200		3,483,000
			11,503,278
Machinery (2.7%)
AGCO Corp. (b)	46,000		879,520
Applied Industrial Technology, Inc.	57,424		1,854,221
Bucyrus International Inc., Class A	30,600		1,162,188
Circor International, Inc.	1,464		36,117
Cognex Corp.	39,900		1,044,981
Commercial Metals Co.	27,800		662,196
Cummins Engine, Inc.	24,713		1,843,837
Dionex Corp. (b)	71,000		3,096,309
Flow International Corp. (b)	10,034		64,117
Gardner Denver, Inc. (b)	17,685		620,390
JLG Industries, Inc.	44,400		1,220,112
Joy Global, Inc.	82,500		2,771,175
Kennametal, Inc.	34,795		1,595,351
Lufkin Industries, Inc.	1,342		48,285
Middleby Corp. (b)	16,200		856,332
Roper Industries, Inc.	21,400		1,527,318
Tecumseh Products Co., Class A	34,400		943,936
Thomas Industries, Inc.	23,200		927,072
Wabtec Corp.	45,000		966,600
Zebra Technologies Corp. (b)	38,247		1,674,836
			23,794,893
Manufacturing (0.1%)
Lone Star Technologies, Inc. (b)	21,352		971,516
Materials (0.0%)
Sun Hydraulics Corp.	3,315		120,633
Wolverine Tube, Inc. (b)	38,700		227,169
			347,802
Medical Equipment & Supplies (2.0%)
Advanced Medical Optics, Inc. (b)	59,947		2,382,893
Alliance Imaging, Inc. (b)	36,478		381,560

19

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Medical Equipment & Supplies (continued)
Allscripts Healthcare Solutions, Inc. (b)	158,600	$	2,634,347
Amedisys, Inc. (b)	15,500		570,090
American Medical Systems Holdings, Inc. (b)	71,700		1,480,605
Cephalon, Inc. (b)	31,877		1,269,023
Conmed Corp. (b)	27,412		843,467
Kyphon Inc. (b)	36,400		1,266,356
Per-Se Technologies, Inc. (b)	35,158		739,021
Sybron Dental Specialties, Inc. (b)	67,700		2,546,874
Unifirst Corp.	45,134		1,829,732
Young Innovations, Inc.	44,300		1,653,719
			17,597,687
Medical Products (2.9%)
Anika Therapeutics, Inc. (b)	13,542		155,598
Animas Corp. (b)	59,400		1,196,910
Arrow International, Inc.	20,000		638,000
Bausch & Lomb, Inc.	7,273		603,659
Bio-Rad Laboratories, Inc., Class A (b)	14,800		876,308
CNS, Inc.	13,086		299,015
Dade Behring Holdings, Inc.	81,823		5,319,312
Edwards Lifesciences Corp. (b)	14,086		605,980
Gen-Probe, Inc. (b)	30,500		1,105,015
Healthtronics, Inc. (b)	210,070		2,728,808
Hologic, Inc. (b)	2,558		101,681
ICU Medical, Inc. (b)	65,100		2,094,267
Impax Laboratories, Inc. (b)	101,500		1,593,550
Invitrogen Corp. (b)	945		78,709
Martek Biosciences Corp. (b)	64,600		2,451,570
MGI Pharma, Inc. (b)	27,800		604,928
Millipore Corp. (b)	10,033		569,172
Nutraceutical International Corp. (b)	19,840		264,864
Owens & Minor, Inc.	29,739		962,057
PSS World Medical, Inc. (b)	68,000		846,600
Surmodics, Inc. (b)	9,796		424,853
Telik, Inc. (b)	51,500		837,390
USANA Health Sciences, Inc. (b)	5,094		215,476
Viasys Healthcare, Inc.	35,100		792,909
Vital Signs, Inc.	3,452		149,541
			25,516,172

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Medical Providers (0.2%)
Humana, Inc. (b)	167	$	6,637
Kindred Healthcare, Inc. (b)	52,878		2,094,497
			2,101,134
Metals (0.4%)
Allegheny Technologies, Inc.	38,600		851,516
Cleveland Cliffs, Inc. (b)	9,600		554,496
Quanex Corp.	43,493		2,305,564
			3,711,576
Multi-Media (0.1%)
Cumulus Media, Inc. (b)	42,600		501,828
Sinclair Broadcast Group, Inc., Class A	23,994		217,866
			719,694
Office Equipment & Supplies (0.5%)
CompX International, Inc. (b)	2,866		48,006
Ennis Business Forms, Inc.	44,700		809,964
Global Imaging Systems, Inc. (b) (b)	3,060		97,492
John H. Harland, Co.	38,801		1,474,438
United Stationers, Inc. (b)	40,100		1,968,909
			4,398,809
Oil & Gas (5.7%)
Atwood Oceanics, Inc. (b)	14,000		861,840
Cabot Oil & Gas Corp., Class A	25,250		876,175
Cal Dive International, Inc. (b)	125,133		6,553,216
Carbo Ceramics, Inc.	15,300		1,208,088
Cimarex Energy Co. (b)	77,838		3,028,677
Encore Acquisition Co. (b)	80,300		3,292,300
Energen Corp.	73,598		2,579,610
Frontier Oil Corp.	41,615		1,221,400
Grey Wolf, Inc. (b)	134,000		992,940
Hydril Co. (b)	14,700		798,945
Meridian Resource Corp. (b)	164,700		787,266
National-Oilwell, Inc. (b)	46,452		2,208,328
Newfield Exploration Co. (b)	91,400		3,645,946
Nicor, Inc.	4,738		195,063
Oceaneering International, Inc. (b)	54,100		2,090,965
Offshore Logistics, Inc. (b)	74,698		2,453,082
Range Resources Corp.	88,700		2,386,030
Remington Oil & Gas Corp. (b)	20,786		742,060
Seacor Holdings, Inc. (b)	18,014		1,158,300

20

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GVIT SMALL COMPANY FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Oil & Gas (continued)
St. Mary Land & Exploration Co.	131,400	$	3,807,972
Swift Energy Co. (b)	71,000		2,543,220
Tesoro Petroleum Corp.	42,070		1,957,096
UGI Corp.	104,387		2,912,397
Unit Corp. (b)	54,000		2,376,540
Universal Compression Holdings, Inc. (b)	17,500		634,200
W-H Energy Services, Inc. (b)	38,500		959,805
			52,271,461
Oil & Gas Exploration Services (2.2%)
Carrizo Oil & Gas, Inc. (b)	53,000		904,180
Comstock Resources, Inc. (b)	28,600		723,294
Core Laboratories NV (b)	9,464		253,824
Forest Oil Corp. (b)	45,364		1,905,288
Harvest Natural Resources, Inc. (b)	57,340		626,726
Hornbeck Offshore Services, Inc. (b)	16,400		444,276
KCS Energy, Inc. (b)	66,100		1,148,157
Petrohawk Energy Corp. (b)	70,900		765,720
Quicksilver Resources, Inc. (b)	66,800		4,270,524
Southwestern Energy Co. (b)	123,300		5,792,635
Stone Energy Corp. (b)	40,900		2,000,010
Veritas DGC, Inc. (b)	20,058		556,409
			19,391,043
Packaging (0.1%)
STAMPS.COM, Inc. (b)	41,200		772,500
Paper & Related Products (0.2%)
Glatfelter Co.	109,609		1,359,152
Pharmaceuticals (0.7%)
Alpharma, Inc., Class A	21,329		308,631
Angiotech Pharmaceuticals, Inc. (b)	8,600		119,196
Bone Care International, Inc. (b)	26,000		857,220
King Pharmaceuticals, Inc. (b)	25,970		270,607
Kos Pharmaceuticals, Inc. (b)	30,808		2,017,924
Medicis Pharmaceutical Corp., Class A	21,000		666,330
Noven Pharmaceuticals, Inc. (b)	44,800		783,104
Taro Pharmaceuticals USA, Inc. (b)	55,500		1,613,385
			6,636,397

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Printing (0.3%)
Consolidated Graphics, Inc. (b)	7,763	$	316,498
Potlatch Corp.	9,303		486,826
Proquest Co. (b)	27,700		908,283
Scholastic Corp. (b)	25,300		975,315
TransAct Technologies, Inc. (b)	35,400		299,838
			2,986,760
Quarrying (0.2%)
Compass Minerals International, Inc.	84,000		1,965,600
Real Estate Investment Trust (2.2%)
Alexander’s, Inc. (b)	7,500		1,865,624
American Home Mortgage Investment Corp.	26,000		908,960
Amli Residential Properties Trust	17,300		540,798
Ashford Hospitality Trust, Inc.	125,700		1,357,560
Biomed Realty Trust, Inc.	34,250		816,863
CBL & Associates Properties, Inc.	41,473		1,786,242
Eagle Hospitality Poperties Trust, Inc.	76,500		696,915
ECC Capital Corp.	140,500		935,730
Equity Inns, Inc.	68,900		916,370
Equity Lifestyle Properties, Inc.	605		24,055
Essex Property Trust, Inc.	7,100		589,726
Glimcher Realty Trust	60,900		1,689,975
Housevalues, Inc. (b)	49,100		887,728
InnKeepers USA Trust	58,205		869,583
Jones Lang LaSalle, Inc. (b)	26,000		1,149,980
Mission West Properties, Inc.	10,060		103,316
Nationwide Health Properties, Inc.	61,300		1,447,293
SL Green Realty Corp.	8,724		562,698
Taubman Centers, Inc.	24,300		828,387
Trizec Properties, Inc.	87,889		1,807,877
Winston Hotels, Inc.	1,600		18,016
			19,803,696
Recreational Vehicles (0.0%)
Arctic Cat, Inc.	4,467		91,708
Research & Development (0.0%)
Life Sciences Research, Inc. (b)	9,448		112,998
PRA International (b)	7,543		202,002
			315,000

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Residential (0.2%)
Desarrolladora Homex (b)	55,300	$	1,516,326
Restaurants (1.1%)
CKE Restaurants, Inc.	115,531		1,608,192
Dave & Buster’s, Inc. (b)	14,245		262,678
Famous Dave’s of America, Inc. (b)	3,956		39,046
IHOP Corp.	48,700		2,113,093
Jack In the Box, Inc. (b)	37,056		1,405,164
PF Chang’s China Bistro, Inc. (b)	38,700		2,282,525
Ruby Tuesday, Inc.	30,000		777,000
Ryan’s Restaurant Group, Inc.	62,500		875,625
Steak n Shake Co. (b)	2,250		41,895
			9,405,218
Retail (4.6%)
7-ELEVEN, Inc. (b)	19,545		591,041
AC Moore Arts & Crafts, Inc. (b)	30,500		964,105
American Eagle Outfitters, Inc. (b)	21,200		649,780
Barnes & Noble, Inc. (b)	35,444		1,375,227
Big 5 Sporting Goods Corp.	66,000		1,873,080
BJ’s Restaurants, Inc. (b)	74,935		1,524,178
BJ’s Wholesale Club, Inc. (b)	7,179		233,246
Blue Nile, Inc. (b)	82,100		2,683,849
Build-A-Bear Workshop, Inc. (b)	49,778		1,167,294
Cabelas, Inc., Class A (b)	58,000		1,238,880
Carter’s, Inc. (b)	46,000		2,685,480
Charming Shoppes, Inc. (b)	8,973		83,718
Citi Trends, Inc. (b)	2,349		42,470
Department 56, Inc. (b)	4,845		49,661
Dick’s Sporting Goods, Inc. (b)	23,500		906,865
Eddie Bauer Holdings, Inc. (b)	16,100		446,775
EZCorp, Inc. (b)	12,025		128,908
Fossil, Inc. (b)	130,300		2,957,809
Genesco, Inc. (b)	17,644		654,416
Guitar Center, Inc. (b)	24,300		1,418,391
Handleman Co.	16,969		280,158
Joseph A. Bank Clothiers, Inc. (b)	1		43
Longs Drug Stores Corp.	15,610		672,011
Movie Gallery, Inc.	105,806		2,796,453
Pacific Sunwear of California, Inc. (b)	37,000		850,630
Pantry, Inc. (b)	38,559		1,493,390
Payless ShoeSource, Inc. (b)	35,101		673,939
Petco Animal Supplies, Inc. (b)	20,000		586,400

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Retail (continued)
Ralcorp Holding, Inc.	20,500	$	843,575
Rent-A-Center, Inc. (b)	65,615		1,528,173
Rex Stores Corp. (b)	44,200		638,690
Rocky Mountain Chocolate Factory, Inc.	8,600		189,200
Rocky Shoes & Boots, Inc. (b)	693		21,656
School Specialty, Inc. (b)	22,800		1,060,200
ShopKo Stores, Inc. (b)	24,818		603,326
Spartan Stores, Inc. (b)	8,899		130,548
Spectrum Brands, Inc. (b)	37,124		1,225,092
Tanger Factory Outlet Centers, Inc.	913		24,587
Timberland Co., Class A (b)	1,530		59,242
Tractor Supply Co. (b)	60,400		2,965,639
Trans World Entertainment Corp. (b)	96,347		1,139,785
Tuesday Morning Corp.	69,300		2,184,336
Zumiez, Inc. (b)	6,200		180,730
			41,822,976
Schools (0.5%)
Bright Horizons Family Solutions, Inc. (b)	33,300		1,355,976
Strayer Education, Inc.	33,300		2,872,458
			4,228,434
Semiconductor Equipment (0.9%)
ADE Corp. (b)	16,679		467,846
Axcelis Technologies, Inc. (b)	110,600		758,716
Cypress Semiconductor Corp. (b)	31,300		394,067
Omnivision Technologies, Inc. (b)	43,113		585,906
ON Semiconductor Corp. (b)	204,400		940,240
Photronics, Inc. (b)	47,287		1,103,679
Power Integrations, Inc. (b)	32,500		701,025
Sigmatel, Inc. (b)	15,221		261,192
Tessera Technologies, Inc. (b)	93,500		3,123,835
			8,336,506
Steel (0.5%)
AK Steel Holding Corp. (b)	138,933		890,561
Ryerson Tull, Inc.	52,400		747,748
Shiloh Industries, Inc. (b)	9,385		114,966
Steel Dynamics, Inc.	25,050		657,563
Texas Industries, Inc.	42,383		2,383,195
			4,794,033

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GVIT SMALL COMPANY FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Technology (1.1%)
Atheros Communications (b)	88,500	$	713,310
Black Box Corp.	18,500		654,900
CACI International, Inc., Class A (b)	23,100		1,458,996
Cogent, Inc. (b)	44,900		1,281,895
Coherent, Inc. (b)	31,093		1,119,659
Electronics For Imaging, Inc. (b)	66,400		1,397,056
Flamel Technologies (b)	38,080		689,438
Ingram Micro, Inc. (b)	31,515		493,525
Intergraph Corp. (b)	54,956		1,893,784
Progress Software Corp. (b)	13,787		415,678
Tessco Technologies, Inc. (b)	12,317		164,186
			10,282,427
Telecommunication Equipment (0.2%)
Harris Corp.	26,600		830,186
Plantronics, Inc.	19,240		699,566
SpectraLink Corp.	9,000		94,680
West Corp. (b)	352		13,517
			1,637,949
Telecommunication Services (1.5%)
Commonwealth Telephone Enterprises, Inc.	36,215		1,517,771
Commscope, Inc. (b)	5,280		91,925
Comtech Telecommunications Corp. (b)	81,350		2,654,450
Digi International, Inc. (b)	35,200		417,472
Intrado, Inc. (b)	954		14,272
Jamdat Mobile, Inc. (b)	42,800		1,184,704
NII Holdings, Inc. (b)	22,100		1,413,074
Premiere Global Services, Inc. (b)	109,861		1,240,331
SBA Communications Corp. (b)	111,612		1,506,762
SpectraSite, Inc. (b)	32,800		2,441,304
Talk America Holdings, Inc. (b)	60,218		602,782
			13,084,847
Textiles (0.4%)
Greif, Inc.	27,280		1,666,808
Myers Industries, Inc.	61,400		767,500
Valhi	48,894		855,645
			3,289,953
Tire & Rubber (0.3%)
Cooper Tire & Rubber Co.	38,500		714,945
Goodyear Tire & Rubber Co. (b)	120,797		1,799,875
			2,514,820

Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Tools (0.2%)
Snap-On, Inc.	26,900	$	922,670
The Stanley Works	20,129		916,675
			1,839,345
Toys (0.2%)
Jakks Pacific, Inc. (b)	93,704		1,800,054
Transportation (1.9%)
Arkansas Best Corp.	7,549		240,134
EGL, Inc. (b)	15,545		315,874
Forward Air Corp.	9,728		275,011
Frontier Airlines, Inc. (b)	10,624		109,746
Heartland Express, Inc.	34,501		670,354
HUB Group, Inc., Class A	23,000		576,150
J.B. Hunt Transport Services, Inc.	159,400		3,076,420
Kansas City Southern Industries, Inc. (b)	161,160		3,252,210
Kirby Corp. (b)	7,523		339,287
Knight Transportation, Inc.	17,006		413,756
Laidlaw International, Inc. (b)	43,800		1,055,580
Landstar System, Inc. (b)	93,704		2,822,364
Overseas Shipholding Group, Inc. (b)	16,000		954,400
RailAmerica, Inc. (b)	111,962		1,332,348
SCS Transportation, Inc. (b)	35,900		639,020
SkyWest, Inc.	69,129		1,256,765
			17,329,419
Travel Services (0.0%)
Ambassadors Group, Inc.	210		7,810
Utilities (0.8%)
Allegheny Energy, Inc. (b)	74,876		1,888,373
American States Water Co.	31,900		936,903
Gasco Energy Inc. (b)	187,200		692,640
Northwestern Corp.	28,500		898,320
UniSource Energy Corp.	1,803		55,442
Westar Energy, Inc.	93,600		2,249,208
			6,720,886
Veterinary Diagnostics (0.5%)
VCA Antech, Inc. (b)	186,500		4,522,625
Waste Disposal (0.1%)
Metal Management, Inc.	67,034		1,297,108
Wholesale Distribution (0.1%)
Beacon Roofing Supply, Inc. (b)	44,000		1,157,200
			741,379,704
Total Common Stocks			867,873,787

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GVIT SMALL COMPANY FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
MUTUAL FUND (0.1%)
Federated Prime Obligation, Institutional Class		34,959	$	34,959
Nasdaq Biotech Index		11,000		746,900
Total Mutual Fund				781,859
COMMERCIAL PAPER (0.3%)
Banks (0.2%)
Countrywide Home Loans 07/01/05	$	1,407,000		1,407,000
Real Estate Investment Trust (0.1%)
Ventures Business Trust PP, 07/01/05		1,500,000		1,500,000
Total Commercial Paper				2,907,000

	Value
Total Investments (Cost $719,756,670) (a) — 97.4%	$	871,562,646
Other assets in excess of liabilities — 2.6%		23,163,508
NET ASSETS — 100.0%	$	894,726,154

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(b) Denotes a non-income producing security

(c) Fair valued security.

ADR American Depositary Receipt

GDR Global Depositary Receipt

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

Currency	Delivery Date	Contract Value			Market Value			Unrealized Appreciation (Depreciation)
Short Contracts:
Australian Dollar	07/05/05	$	(436,165	)	$	(435,297	)	$	868
Hong Kong Dollar	07/05/05		(58,682	)		(58,708	)		(26	)
Japanese Yen	07/01/05		(129,293	)		(128,056	)		1,237
Japanese Yen	07/05/05		(1,623,247	)		(1,615,361	)		7,886
Japanese Yen	07/05/05		(9,895	)		(9,878	)		17
Singapore Dollar	07/05/05		(27,961	)		(27,960	)		1
Total Short Contracts:		$	(2,285,243	)	$	(2,275,260	)	$	9,983

See notes to financial statements.

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Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $719,756,670)	$	871,562,646
Cash		19,739,500
Foreign currencies, at value (cost $154,314)		155,073
Interest and dividends receivable		627,716
Receivable for investments sold		10,119,031
Unrealized appreciation of forward foreign currency contracts		9,983
Reclaims receivable		95,471
Prepaid expenses and other assets		23,663
Total Assets		902,333,083
Liabilities:
Payable for investments purchased		6,786,815
Accrued expenses and other payables:
Investment advisory fees		679,607
Fund administration and transfer agent fees		21,573
Distribution fees		11,254
Administrative servicing fees		96,095
Other		11,585
Total Liabilities		7,606,929
Net Assets	$	894,726,154
Represented by:
Capital	$	688,711,434
Accumulated net investment income (loss)		269,600
Accumulated net realized gains (losses) from investment and foreign currency transactions		53,942,809
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		151,802,311
Net Assets	$	894,726,154
Net Assets:
Class I Shares	$	794,705,809
Class II Shares		55,678,854
Class III Shares		1,377,098
Class IV Shares		42,964,393
Total	$	894,726,154
Shares outstanding (unlimited number of shares authorized):
Class I Shares		34,095,869
Class II Shares		2,409,487
Class III Shares		59,035
Class IV Shares		1,843,348
Total		38,407,739
Net asset value and offering price per share:*
Class I Shares	$	23.31
Class II Shares	$	23.11
Class III Shares	$	23.33
Class IV Shares	$	23.31

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	100,928
Dividend income (net of foreign withholding tax of $267,011)		5,587,205
Income from securities lending		1,256
Total Income		5,689,389
Expenses:
Investment advisory fees		4,064,624
Fund administration and transfer agent fees		305,060
Distribution fees Class II Shares		61,076
Administrative servicing fees Class I Shares		570,719
Administrative servicing fees Class II Shares		35,797
Administrative servicing fees Class III Shares		1,036
Administrative servicing fees Class IV Shares		30,963
Other**		178,782
Total Expenses		5,248,057
Net Investment Income (Loss)		441,332
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		67,762,737
Net realized gains (losses) on foreign currency transactions		421,570
Net realized gains (losses) on investment and foreign currency transactions		68,184,307
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(42,591,970	)
Net realized/unrealized gains (losses) on investments and foreign currencies		25,592,337
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	26,033,669

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

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GVIT SMALL COMPANY FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	441,332		$	(1,456,197	)
Net realized gains (losses) on investment and foreign currency transactions		68,184,307			141,840,497
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(42,591,970	)		7,887,746
Change in net assets resulting from operations		26,033,669			148,272,046
Distributions to Class I shareholders from:
Net realized gains on investments		(11,761,626	)		(91,891,042	)
Distributions to Class II shareholders from:
Net realized gains on investments		(826,473	)		(6,183,979	)
Distributions to Class III shareholders from:
Net realized gains on investments		(20,332	)		(188,614	)
Distributions to Class IV shareholders from:
Net realized gains on investments		(637,919	)		(5,035,188	)
Change in net assets from shareholder distributions		(13,246,350	)		(103,298,823	)
Change in net assets from capital transactions		(27,051,761	)		36,143,657
Change in net assets		(14,264,442	)		81,116,880
Net Assets:
Beginning of period		908,990,596			827,873,716
End of period	$	894,726,154		$	908,990,596
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	34,798,445		$	64,894,504
Dividends reinvested		11,761,581			91,891,014
Cost of shares redeemed		(78,816,627	)		(142,732,941	)
		(32,256,601	)		14,052,577
Class II Shares
Proceeds from shares issued		11,532,499			38,188,478
Dividends reinvested		826,470			6,183,977
Cost of shares redeemed		(4,378,533	)		(16,783,644	)
		7,980,436			27,588,811
Class III Shares
Proceeds from shares issued		184,500			1,472,863
Dividends reinvested		20,332			188,614
Cost of shares redeemed		(519,137	)		(1,258,071	)
		(314,305	)		403,406
Class IV Shares
Proceeds from shares issued		1,105,667			3,384,134
Dividends reinvested		637,916			5,035,186
Cost of shares redeemed		(4,204,874	)		(14,320,457	)
		(2,461,291	)		(5,901,137	)
Change in net assets from capital transactions	$	(27,051,761	)	$	36,143,657

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Statement of Changes in Net Assets (continued)

	Six Months Ended June 30, 2005		Year Ended December 31, 2004
	(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
Issued	1,535,796		2,841,189
Reinvested	512,487		4,000,480
Redeemed	(3,467,905	)	(6,307,646	)
	(1,419,622	)	534,023
Class II Shares
Issued	510,858		1,687,196
Reinvested	36,328		271,227
Redeemed	(195,116	)	(748,645	)
	352,070		1,209,778
Class III Shares
Issued	8,001		63,858
Reinvested	885		8,204
Redeemed	(22,982	)	(54,073	)
	(14,096	)	17,989
Class IV Shares
Issued	48,537		149,917
Reinvested	27,796		219,207
Redeemed	(184,689	)	(638,110	)
	(108,356	)	(268,986	)

See notes to financial statements.

27

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

GVIT Small Company Fund

			Investment Activities						Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover(a)
Class I Shares
Year Ended December 31, 2000	$	22.12	0.02		1.91		1.93		(0.01	)	(4.04	)	(4.05	)	$	20.00	8.90%		$	790,607	1.21%		0.06%		163.66%
Year Ended December 31, 2001(b)	$	20.00	—		(1.34	)	(1.34	)	(0.02	)	—		(0.02	)	$	18.64	(6.70%	)	$	743,468	1.20%		0.02%		135.90%
Year Ended December 31, 2002	$	18.64	(0.07	)	(3.16	)	(3.23	)	—		—		—		$	15.41	(17.33%	)	$	561,836	1.18%		(0.33%	)	92.59%
Year Ended December 31, 2003	$	15.41	(0.07	)	6.39		6.32		—		—		—		$	21.73	41.01%		$	760,078	1.17%		(0.37%	)	93.72%
Year Ended December 31, 2004	$	21.73	(0.04	)	4.17		4.13		—		(2.90	)	(2.90	)	$	22.96	19.02%		$	815,585	1.19%		(0.17%	)	131.75%
Six Months Ended June 30, 2005 (Unaudited)	$	22.96	0.01		0.69		0.70		—		(0.35	)	(0.35	)	$	23.31	3.07%	(f)	$	794,706	1.19%	(g)	0.10%	(g)	71.67%
Class II Shares
Period Ended December 31, 2002(c)	$	18.70	(0.03	)	(3.28	)	(3.31	)	—		—		—		$	15.39	(17.70%	)(f)	$	2,325	1.44%	(g)	(0.54%	)(g)	92.59%
Year Ended December 31, 2003	$	15.39	(0.12	)	6.37		6.25		—		—		—		$	21.64	40.61%		$	18,345	1.42%		(0.63%	)	93.72%
Year Ended December 31, 2004	$	21.64	(0.07	)	4.13		4.06		—		(2.90	)	(2.90	)	$	22.80	18.78%		$	46,906	1.44%		(0.42%	)	131.75%
Six Months Ended June 30, 2005 (Unaudited)	$	22.80	(0.01	)	0.67		0.66		—		(0.35	)	(0.35	)	$	23.11	2.92%	(f)	$	55,679	1.44%	(g)	(0.12%	)(g)	71.67%
Class III Shares
Period Ended December 31, 2002(d)	$	17.48	(0.01	)	(2.05	)	(2.06	)	—		—		—		$	15.42	(11.78%	)(f)	$	51	1.15%	(g)	(0.25%	)(g)	92.59%
Year Ended December 31, 2003	$	15.42	(0.08	)	6.40		6.32		—		—		—		$	21.74	40.99%		$	1,199	1.17%		(0.39%	)	93.72%
Year Ended December 31, 2004	$	21.74	(0.03	)	4.17		4.14		—		(2.90	)	(2.90	)	$	22.98	19.06%		$	1,681	1.19%		(0.15%	)	131.75%
Six Months Ended June 30, 2005 (Unaudited)	$	22.98	—		0.70		0.70		—		(0.35	)	(0.35	)	$	23.33	3.07%	(f)	$	1,377	1.20%	(g)	0.07%	(g)	71.67%
Class IV Shares
Period Ended December 31, 2003(e)	$	15.61	(0.05	)	6.17		6.12		—		—		—		$	21.73	39.21%	(f)	$	48,252	1.16%	(g)	(0.36%	)(g)	93.72%
Year Ended December 31, 2004	$	21.73	(0.04	)	4.17		4.13		—		(2.90	)	(2.90	)	$	22.96	19.02%		$	44,819	1.19%		(0.18%	)	131.75%
Six Months Ended June 30, 2005 (Unaudited)	$	22.96	0.01		0.69		0.70		—		(0.35	)	(0.35	)	$	23.31	3.07%	(f)	$	42,964	1.19%	(g)	0.10%	(g)	71.67%

(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.

28

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June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 GVIT Small Company Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Trust’s 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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a

29

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

“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.

The Fund values 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 Fund, the Fund will fair value its 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 Fund’s 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 these prices will have a material impact on the net asset value of the Fund. When the Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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

30

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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 also may 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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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

The Fund may enter into mortgage “dollar rolls” in which the 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 Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. The Fund is

31

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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 Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace and 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 the 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, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

(l) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

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GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(m) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$6,345,033	$	167,578,685	$	(22,117,742	)	$	145,460,943

(n) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders. In addition, GMF provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadvisers, for the Fund. The subadvisers listed below manage all or a portion of the Fund’s investments and have the responsibility for making all investment decisions for that portion of the Fund unless otherwise indicated. Below is a list of the subadvisers to the Fund:

Subadvisers*

- The Dreyfus Corporation

- Neuberger Berman, LLC

- Gartmore Global Partners**

- American Century Investment Management Company

- Morgan Stanley Investments Management, Inc.

- Waddell & Reed Investment Management Company

* GMF, as investment adviser, directly manages a portion of the Fund.

** Affliate of GMF and GGAMT.

Under the terms of the Investment Advisory Agreement, the Fund pays GMF an investment advisory fee of 0.93% based on that Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreements, GMF pays fees of 0.60% to the subadvisers.

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund with various administrative and accounting services, and Gartmore Investors Services, Inc. (“GISI”), an indirect

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GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

subsidiary of GSA, serves as Transfer and Dividend Disbursing Agent for the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. These fees are based on average daily net assets of Class II and shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II, and Class III shares of the Fund and 0.20% of Class IV shares on the Fund.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III and Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that

34

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

redeems Class III or Class VI 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 or Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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 or Class VI 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $612,329,257 and sales of $661,022,004.

6. Bank Loans

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

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1: Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)

36

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2: Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

37

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

38

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

39

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

40

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President — Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr. Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

41

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

42

Gartmore GVIT Money Market Fund

Semiannual Report

|  June 30, 2005

	Contents
6	Statement of Investments
10	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Money Market Fund

For the semiannual period ended June 30, 2005, the Gartmore GVIT Money Market Fund returned 1.06% (Class I at NAV) versus 1.38% for its benchmark, the iMoneyNet First Tier Retail Index. For broader comparison, the average return for the Fund’s Lipper peer category of Money Market Funds was 1.07%.

During the reporting period, the investment strategy remained relatively consistent due to the rising-interest-rate environment and the likelihood that short-term rates would continue to rise. As a result, the weighted average maturity throughout the quarter remained in a range of between 35 and 45 days.

The Federal Reserve Board raised short-term rates by a total of 1.00% in four consecutive moves over the reporting period. The most recent increase on June 30, 2005, represented the ninth straight 25-basis-point hike in the federal funds rate, which has risen from 1.00% in June 2004 to the current level of 3.25%. During the period, financial markets dealt with record high oil prices, rising deficits, lower long-term interest rates and fears of an overheating housing market. In their June 30, 2005, statement, the Fed mentioned that: 1) inflation remained at an “elevated” level; 2) the expansion remained “firm”; and 3) rates would likely rise at a measured pace. Given the Fed’s determination to fight inflation, and in line with its belief that the economy is on a firm footing, short-term interest rates may continue to rise to a “neutral” level—the point at which interest rates keep inflation at an acceptable level while maintaining a suitable rate of growth. Financial markets and analysts differ greatly as to what this actual rate is, but it is generally believed to be somewhere between 3.25% and 4.25%.

During the reporting period, Fund assets were somewhat more volatile due to investors moving from fixed income into the equity markets. The asset-backed commercial paper market continues to have many benefits over traditional corporate paper. Asset-backed securities (ABS) are those backed by pools that can comprise assets such as trade receivables, mortgages and credit cards. In addition to offering greater diversification, ABS also is bankruptcy remote and historically have returned higher yields over traditional corporate paper. The ABS market currently comprises roughly 60% of the short-term market.

In addition to the ABS market, floating-rate instruments tied to the one-month LIBOR (London Interbank Offered Rate) also were attractive. LIBOR is the index traditionally used for floating- rate instruments. The one-month LIBOR index was the most attractive due to the rising-interest- rate environment. For quarter-end, ABS and floating-rate notes made up 50% and 25% of the portfolio, respectively. The Fund continues to hold only Tier One securities (two top-tier ratings), and no ratings downgrades occurred during the period.

The Fund is well positioned for a continued rising-interest-rate environment due to its lower weighted average maturity and its diversified portfolio.

PORTFOLIO MANAGER: Karen Mader

An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the money market.

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

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

There is no assurance that a diversified portfolio will produce better results than a nondiversified one.

iMoneyNet First Tier Retail Index: An unmanaged index that is an average of non-government retail money market mutual funds that do not invest in any second-tier securities. Portfolio holdings of first-tier money market mutual funds include U.S. Treasury, U.S. other, repurchase agreements, time deposits, domestic and foreign bank obligations, first-tier commercial paper, floating-rate notes and asset-backed commercial paper.

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

1

Gartmore GVIT Money Market Fund (continued)

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance Gartmore GVIT Money Market Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Five years	Ten years
Class I2	1.06%	1.63%	2.08%	3.64%
Class IV3	1.13%	1.76%	2.14%	3.67%
Class V3	1.10%	1.71%	2.13%	3.66%

* Not Annualized.

1 Not subject to any sales charges.

2 The existing shares of the Fund were designated Class I shares as of May 1, 2001.

3 These returns until the creation of Class IV shares (April 28, 2003) and Class V shares (October 31, 2002) are based on the performance of the Class I shares of the Fund. Excluding the effect of fee waivers or reimbursements, such prior performance is similar to what Class IV or Class V shares would have produced because all classes of shares invest in the same portfolio of securities. The performance for Class V shares has not been adjusted to reflect its lower expenses.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class I shares of the Gartmore GVIT Money Market Fund, the iMoneyNet First Tier Retail Index (iMoneyNet First Tier Retail)(a), and the Consumer Price Index (CPI)(b) over as 10-year period ended 06/30/05. Unlike, the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) The iMoneyNet First Tier Retail Index is unmanaged index that is an average of non-government retail money market mutual funds that do not invest in any second-tier securities. Portfolio holdings of first-tier money market mutual funds include U.S. Treasury, U.S. other, repurchase agreements, time deposits, domestic and foreign bank obligations, first-tier commercial paper, floating-rate notes and asset-backed commercial paper.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Gartmore GVIT Money Market Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Money Market Fund
Class I	Actual	$	1,000	$	1,011	$	3.19	0.64%
	Hypothetical1	$	1,000	$	1,022	$	3.21	0.64%
Class IV	Actual	$	1,000	$	1,011	$	2.49	0.50%
	Hypothetical1	$	1,000	$	1,023	$	2.51	0.50%
Class V	Actual	$	1,000	$	1,011	$	2.79	0.56%
	Hypothetical1	$	1,000	$	1,022	$	2.81	0.56%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

(June 30, 2005) Gartmore GVIT Money Market Fund

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

Asset Allocation
Commercial Paper	35.6%
Asset Backed Commercial Paper	35.0%
Floating Rate Notes	24.6%
Municipal Bond	3.3%
U.S. Government Agencies	1.7%
Liabilities in excess of other assets	-0.2%
	100.0%

Top Holdings
Northern Rock PLC, 3.09%, 07/05/05	3.0%
Thornburg Mortgage Capital, 3.22%, 07/15/05	2.4%
Georgetown Funding Co., 3.15%, 07/19/05	2.2%
Lockhart Funding LLC, 3.41%, 07/01/05	2.1%
Goldman Sachs Group, Inc., 3.41%, 05/19/06	2.1%
Kitty Hawk Funding Corp., 3.29%, 07/25/05	2.0%
ING U.S. Funding, 3.34%, 08/22/05	1.9%
Morgan Stanley Dean Witter & Co., 3.13%, 02/03/06	1.7%
Stanfield Victoria Funding LLC, 3.26%, 05/24/06	1.6%
South Carolina Public Service Authority, 3.31%, 07/28/05	1.6%
Other Holdings	79.4%
	100.0%

Top Industries
Asset Backed Securities — Yankee	15.8%
Banks — Foreign	12.7%
Asset Backed — Trade & Term Receivables	9.1%
Asset Backed — Mortgages	7.6%
Asset Backed Securities — Domestic	7.2%
Broker/Dealer	5.4%
Asset Backed CDO	5.3%
Banks — Mortgage	4.6%
Financial Services	4.5%
Finance Lessors	3.6%
Other Industries	24.2%
	100.0%

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT MONEY MARKET FUND

Statement of Investments — June 30, 2005 (Unaudited)

	Principal Amount		Value
ASSET BACKED COMMERCIAL PAPER (35.0%)
Asset Backed CDO—Trust Preferred (2.1%)
Lockhart Funding LLC (b) (2.1%)
3.41%, 07/01/05	$	38,000,000	$	38,000,000
Asset Backed—Domestic (5.8%)
CC USA, Inc. (b) (3.7%)
3.28%, 08/01/05		15,000,000		14,957,763
3.26%, 08/05/05		23,200,000		23,127,084
3.22%, 08/10/05		10,000,000		9,964,333
3.31%, 08/22/05		10,000,000		9,952,333
3.27%, 08/26/05		7,500,000		7,462,083
				65,463,596
Harrier Financial Funding US LLC (b) (2.2%)
3.09%, 07/05/05		8,000,000		7,997,253
3.31%, 07/27/05		12,000,000		11,971,313
3.14%, 08/25/05		15,675,000		15,601,985
3.37%, 09/06/05		3,232,000		3,211,849
				38,782,400
				104,245,996
Asset Backed—Mortgages (7.6%)
Georgetown Funding Co. (b) (3.8%)
3.15%, 07/19/05		40,000,000		39,937,200
3.17%, 07/20/05		20,000,000		19,966,644
3.33%, 08/17/05		7,500,000		7,467,492
				67,371,336
Thornburg Mortgage Capital (b) (3.8%)
3.22%, 07/15/05		42,000,000		41,947,406
3.23%, 08/05/05		26,000,000		25,918,606
				67,866,012
				135,237,348
Asset Backed—Repurchase Agreement (2.8%)
Liquid Funding (b) (2.8%)
3.34%, 08/26/05		15,000,000		14,922,300
3.59%, 12/06/05		10,000,000		9,844,633
3.60%, 12/06/05		26,038,000		25,632,314
				50,399,247
Asset Backed—Trade & Term Receivables (9.1%)
Falcon Asset Securitization Corp. (b) (2.3%)
3.07%, 07/06/05		9,149,000		9,145,099
3.06%, 07/07/05		633,000		632,677
3.11%, 07/12/05		20,000,000		19,981,055

	Principal Amount		Value
ASSET BACKED COMMERCIAL PAPER (continued)
Asset Backed—Trade & Term Receivables (continued)
3.26%, 07/26/05	$	12,000,000	$	11,972,917
				41,731,748
Golden Funding Corp. (b) (2.6%)
3.09%, 07/05/05		18,942,000		18,935,539
3.15%, 08/02/05		9,018,000		8,992,910
3.27%, 08/10/05		18,841,000		18,772,754
				46,701,203
Kitty Hawk Funding Corp. (b) (2.0%)
3.29%, 07/25/05		35,000,000		34,923,233
Old Line Funding Corp. (b) (1.0%)
3.31%, 07/05/05		1,192,000		1,191,562
3.26%, 08/15/05		15,175,000		15,113,352
3.23%, 08/22/05		1,658,000		1,650,312
				17,955,226
Preferred Receivables Funding (b) (1.2%)
3.09%, 07/08/05		10,273,000		10,266,828
3.10%, 07/12/05		11,206,000		11,195,419
				21,462,247
				162,773,657
Asset Backed—Yankee (7.6%)
Check Point Charlie, Inc. (b) (2.1%)
3.10%, 07/11/05		22,600,000		22,580,665
3.22%, 08/08/05		5,230,000		5,212,389
2.96%, 08/15/05		10,000,000		9,963,500
				37,756,554
K2 (USA) LLC (b) (0.8%)
3.29%, 08/22/05		10,500,000		10,450,405
3.27%, 08/26/05		4,600,000		4,576,744
				15,027,149
Premier Asset Collateralized Entity LLC (b) (1.0%)
3.06%, 07/07/05		10,000,000		9,994,933
3.27%, 07/25/05		3,366,000		3,358,662
3.32%, 08/22/05		4,500,000		4,478,550
				17,832,145
Sigma Finance, Inc. (b) (2.4%)
3.13%, 07/13/05		2,900,000		2,896,984
3.24%, 08/22/05		5,594,000		5,567,404
3.27%, 08/24/05		17,000,000		16,917,125
3.31%, 08/30/05		17,200,000		17,105,688
				42,487,201

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GARTMORE GVIT MONEY MARKET FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Principal Amount		Value
ASSET BACKED COMMERCIAL PAPER (continued)
Stanfield Victoria Funding LLC (b) (1.3%)
3.12%, 07/12/05	$	6,500,000	$	6,493,834
3.37%, 08/26/05		6,277,000		6,244,192
3.43%, 09/01/05		3,200,000		3,181,207
3.62%, 12/16/05		7,000,000		6,883,940
				22,803,173
				135,906,222
Total Asset Backed Commercial Paper				626,562,470
COMMERCIAL PAPER (35.6%)
Banks—Domestic (0.6%)
Bank Of America Corp. (0.1%)
3.08%, 07/06/05		2,870,000		2,868,776
3.09%, 07/07/05		1,585,000		1,584,186
				4,452,962
HSBC Americas, Inc. (0.5%)
3.07%, 07/05/05		10,000,000		9,996,611
				14,449,573
Banks—Foreign (11.5%)
ABN Amro NA Finance, Inc. (1.5%)
3.10%, 07/08/05		15,000,000		14,990,973
3.33%, 08/23/05		12,173,000		12,113,501
				27,104,474
ANZ National (Int’l) Ltd. (b) (3.5%)
3.08%, 07/08/05		3,800,000		3,797,723
3.11%, 07/12/05		4,950,000		4,945,311
3.32%, 08/10/05		6,242,000		6,219,043
3.28%, 08/18/05		12,400,000		12,346,136
3.37%, 08/24/05		20,000,000		19,899,200
3.35%, 09/06/05		15,000,000		14,907,038
				62,114,451
Barclays US Funding Corp. (1.2%)
3.28%, 08/18/05		1,400,000		1,393,896
3.31%, 08/23/05		20,000,000		19,902,833
				21,296,729
HBOS Treasury Services PLC (0.3%)
3.09%, 07/08/05		5,930,000		5,926,460
Societe Generale North American (0.2%)
3.19%, 08/05/05		3,547,000		3,536,068

	Principal Amount		Value
COMMERCIAL PAPER (continued)
UBS Finance (DE) LLC (3.5%)
3.10%, 07/08/05	$	2,075,000	$	2,073,753
3.11%, 07/12/05		3,000,000		2,997,168
3.31%, 08/08/05		10,800,000		10,762,379
3.28%, 08/30/05		27,583,000		27,432,715
3.37%, 09/19/05		13,100,000		13,002,568
3.42%, 09/26/05		7,400,000		7,339,303
3.42%, 09/27/05		1,125,000		1,115,650
				64,723,536
Westpac Capital Corp. (1.3%)
3.09%, 07/08/05		2,700,000		2,698,376
3.42%, 09/23/05		20,000,000		19,841,333
				22,539,709
				207,241,427
Banks—Mortgage (3.9%)
Nationwide Building Society (b) (0.9%)
3.37%, 09/09/05		16,675,000		16,567,017
Northern Rock PLC (b) (3.0%)
3.09%, 07/05/05		53,000,000		52,981,921
				69,548,938
Broker & Dealer (1.7%)
Citicorp Global Markets Holding, Inc. (0.9%)
3.07%, 07/07/05		15,000,000		14,992,375
Goldman Sachs Group, Inc. (0.8%)
3.10%, 07/08/05		15,000,000		14,990,958
				29,983,333
Finance Lessors (3.6%)
PB Finance (Delaware) (3.6%)
3.13%, 07/11/05		20,000,000		19,982,723
3.13%, 07/12/05		10,000,000		9,990,497
3.14%, 07/14/05		13,000,000		12,985,353
3.13%, 07/15/05		20,000,000		19,975,811
3.15%, 07/25/05		1,891,000		1,887,054
				64,821,438
Financial Services (4.5%)
ING US Funding (3.8%)
3.09%, 07/08/05		15,000,000		14,991,046
3.28%, 08/03/05		3,100,000		3,090,708
3.32%, 08/05/05		1,600,000		1,594,851
3.32%, 08/18/05		7,572,000		7,538,606

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Principal Amount		Value
COMMERCIAL PAPER (continued)
Financial Services (continued)
3.34%, 08/22/05	$	35,000,000	$	34,831,649
3.35%, 08/29/05		5,000,000		4,972,631
3.39%, 09/02/05		800,000		795,282
				67,814,773
Rabobank USA Finance Corp. (0.7%)
3.35%, 07/01/05		12,936,000		12,936,000
				80,750,773
Insurance Carriers (1.5%)
Allianz Finance Corp. (b) (1.5%)
3.13%, 07/12/05		25,000,000		24,976,243
3.25%, 08/09/05		1,000,000		996,490
				25,972,733
Personal Credit Institutions (1.9%)
General Electric Capital Corp. (1.9%)
3.09%, 07/07/05		6,000,000		5,996,950
3.07%, 07/08/05		1,954,000		1,952,841
3.09%, 07/11/05		20,000,000		19,982,945
3.14%, 08/03/05		6,000,000		5,982,840
				33,915,576
Subdividers & Developers (2.5%)
Yorkshire Building Society (2.5%)
3.05%, 07/05/05		19,500,000		19,493,168
3.10%, 07/11/05		20,000,000		19,982,889
3.23%, 08/09/05		25,500,000		25,411,324
				64,887,381
Transportation Services (2.5%)
Netjets, Inc. (b) (2.5%)
3.09%, 07/07/05		10,955,000		10,949,395
3.10%, 07/12/05		7,500,000		7,492,942
3.34%, 08/30/05		26,185,000		26,040,109
				44,482,446
Total Commercial Paper				636,053,618
FLOATING RATE NOTES (c) (24.6%)
Asset Backed CDO (5.3%)
Castle Hill III Ltd. (b) (0.6%)
3.44%, 09/16/05		10,000,000		10,000,000
Commodore CDO II Ltd. (b) (1.4%)
3.47%, 09/12/05		25,000,000		25,000,000

	Principal Amount		Value
FLOATING RATE NOTES (c) (continued)
Newcastle CDO Ltd. (b) (1.9%)
3.30%, 10/24/05	$	20,000,000	$	20,000,000
3.33%, 08/24/05		15,000,000		15,000,000
				35,000,000
NorthLake CDO Ltd. (b) (1.4%)
3.44%, 09/06/05		25,000,000		25,000,000
				95,000,000
Asset Backed—Domestic (1.4%)
Harrier Financial Funding US LLC (b) (1.4%)
3.19%, 02/15/06		25,000,000		24,998,432
Asset Backed—Yankee (8.2%)
K2 (USA) LLC (b) (1.4%)
3.26%, 03/22/06		25,000,000		24,997,419
Premier Asset Collateralized Entity LLC (b) (2.9%)
3.18%, 09/15/05		25,000,000		24,998,959
3.18%, 02/15/06		25,000,000		25,000,000
				49,998,959
Sigma Finance, Inc. (b) (1.4%)
3.21%, 09/15/05		10,000,000		10,000,188
3.26%, 01/20/06		15,000,000		14,998,327
				24,998,515
Stanfield Victoria Funding LLC (b) (2.5%)
3.20%, 08/12/05		15,000,000		14,999,654
3.26%, 05/24/06		30,000,000		29,995,946
				44,995,600
				144,990,493
Banks—Domestic (1.0%)
Wells Fargo & Co. (b) (1.0%)
3.18%, 09/01/06		17,000,000		17,000,000
Banks—Foreign (1.2%)
HBOS Treasury Services PLC (1.2%)
3.33%, 09/22/06		22,000,000		22,000,000
Banks—Mortgage (0.7%)
Northern Rock PLC (b) (0.7%)
3.41%, 07/07/06		12,500,000		12,500,000
Broker / Dealer (3.7%)
Goldman Sachs Group, Inc. (2.0%)
3.41%, 05/19/06		37,000,000		37,000,000

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Principal Amount		Value
FLOATING RATE NOTES (c) (continued)
Morgan Stanley Dean Witter & Co. (1.7%)
3.13%, 02/03/06	$	30,000,000	$	30,000,000
				67,000,000
Insurance (1.5%)
Allstate Life Global Funding (b) (1.5%)
3.30%, 06/27/06		12,500,000		12,500,000
3.19%, 08/08/06		15,000,000		15,000,000
				27,500,000
Personal Credit Institutions (1.6%)
General Electric Capital Corp. (b) (1.6%)
3.28%, 09/08/06		21,000,000		21,000,000
3.34%, 09/15/06		8,000,000		8,000,000
				29,000,000
Total Floating Rate Notes (c)				439,988,925
MUNICIPAL BONDS (3.3%)
Finance, Taxation, & Monetary Policy (3.3%)
South Carolina Public Service Authority (1.6%)
3.31%, 07/28/05		27,964,000		27,894,579
Sunshine State Governmental Financing Commission (1.7%)
3.13%, 07/13/05		9,761,000		9,750,816
3.33%, 08/04/05		21,630,000		21,562,178
				31,312,994
Total Municipal Bonds				59,207,573

	Principal Amount		Value
U.S. GOVERNMENT AGENCIES (1.7%)
Federal Home Loan Bank (1.7%)
3.00%, 02/06/06	$	5,000,000	$	5,000,000

3.25%, 04/25/06	25,000,000		25,000,000
Total U.S. Government Agencies			30,000,000
Total Investments (Cost $1,791,812,585) (a) — 100.2%			1,791,812,585
Liabilities in excess of other assets — (0.2%)			(3,686,593	)
NET ASSETS — 100.0%		$	1,788,125,992

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(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 March 31, 2005. The maturity date represents the actual maturity date.

CDO Collateralized Debt Obligation

See notes to financial statements.

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GARTMORE GVIT MONEY MARKET FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $1,791,812,585)	$	1,791,812,585
Cash		140
Interest and dividends receivable		871,234
Receivable from adviser		11,611
Prepaid expenses and other assets		44,036
Total Assets		1,792,739,606
Liabilities:
Distributions payable		3,773,043
Accrued expenses and other payables:
Investment advisory fees		581,290
Fund administration and transfer agent fees		59,868
Administrative servicing fees		181,690
Other		17,723
Total Liabilities		4,613,614
Net Assets	$	1,788,125,992
Represented by:
Capital	$	1,788,159,141
Accumulated net investment income (loss)		(1	)
Accumulated net realized gains (losses) from investment transactions		(33,148	)
Net Assets	$	1,788,125,992
Net Assets:
Class I Shares	$	1,232,203,747
Class IV Shares		79,850,820
Class V Shares		476,071,425
Total	$	1,788,125,992
Shares outstanding (unlimited number of shares authorized):
Class I Shares		1,232,228,364
Class IV Shares		79,852,815
Class V Shares		476,081,609
Total		1,788,162,788
Net asset value and offering price per share:*
Class I Shares	$	1.00
Class IV Shares	$	1.00
Class V Shares	$	1.00

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	25,371,221
Dividend income		1,691
Total Income		25,372,912
Expenses:
Investment advisory fees		3,569,751
Fund administration and transfer agent fees		588,530
Administrative servicing fees Class I Shares		965,862
Administrative servicing fees Class IV Shares		61,877
Administrative servicing fees Class V Shares		159,020
Other**		301,552
Total expenses before waived or reimbursed expenses		5,646,592
Expenses waived or reimbursed		(56,995	)
Total Expenses		5,589,597
Net Investment Income (Loss)		19,783,315
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		1,170
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	19,784,485

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

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GARTMORE GVIT MONEY MARKET FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income	$	19,783,315		$	16,484,796
Net realized gains (losses) on investment transactions		1,170			107
Change in net assets resulting from operations		19,784,485			16,484,903
Distributions to Class I shareholders from:
Net investment income		(13,740,132	)		(11,878,997	)
Distributions to Class IV shareholders from:
Net investment income		(940,694	)		(859,899	)
Distributions to Class V shareholders from:
Net investment income		(5,102,490	)		(3,745,900	)
Change in net assets from shareholder distributions		(19,783,316	)		(16,484,796	)
Change in net assets from capital transactions		473,278			(255,057,787	)
Change in net assets		474,447			(255,057,680	)
Net Assets:
Beginning of period		1,787,651,545			2,042,709,225
End of period	$	1,788,125,992		$	1,787,651,545
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	501,948,025		$	989,329,590
Dividends reinvested		12,851,189			10,923,966
Cost of shares redeemed		(506,126,621	)		(1,350,618,631	)
		8,672,593			(350,365,075	)
Class IV Shares
Proceeds from shares issued		22,882,876			39,499,580
Dividends reinvested		883,441			798,082
Cost of shares redeemed		(28,330,783	)		(59,397,618	)
		(4,564,466	)		(19,099,956	)
Class V Shares
Proceeds from shares issued		213,682,167			341,959,000
Dividends reinvested		4,703,099			3,341,605
Cost of shares redeemed		(222,020,115	)		(230,893,361	)
		(3,634,849	)		114,407,244
Change in net assets from capital transactions	$	473,278		$	(255,057,787	)

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GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT MONEY MARKET FUND

Statement of Changes in Net Assets (continued)

	Six Months Ended June 30, 2005		Year Ended December 31, 2004
	(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
Issued	501,948,024		989,329,590
Reinvested	12,851,189		10,923,966
Redeemed	(506,126,621	)	(1,350,618,631	)
	8,672,592		(350,365,075	)
Class IV Shares
Issued	22,882,876		39,499,580
Reinvested	883,441		798,082
Redeemed	(28,330,783	)	(59,397,618	)
	(4,564,466	)	(19,099,956	)
Class V Shares
Issued	213,682,167		341,959,000
Reinvested	4,703,100		3,341,605
Redeemed	(222,020,116	)	(230,893,361	)
	(3,634,849	)	114,407,244

See notes to financial statements.

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GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Money Market Fund

			Investment Activities				Distributions								Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Total from Investment Activities		Net Investment Income		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)
Class I Shares
Year Ended December 31, 2000	$	1.00	0.06		0.06		(0.06	)	(0.06	)	$	1.00	6.03%		$	1,982,922	0.55%		5.87%		0.61%		5.81%
Year Ended December 31, 2001(b)	$	1.00	0.04		0.04		(0.04	)	(0.04	)	$	1.00	3.60%		$	2,869,354	0.55%		3.41%		0.61%		3.35%
Year Ended December 31, 2002	$	1.00	0.01		0.01		(0.01	)	(0.01	)	$	1.00	1.21%		$	2,436,783	0.62%		1.21%		0.62%		1.21%
Year Ended December 31, 2003	$	1.00	0.01		0.01		(0.01	)	(0.01	)	$	1.00	0.63%		$	1,573,895	0.63%		0.63%		(h	)	(h	)
Year Ended December 31, 2004	$	1.00	0.01		0.01		(0.01	)	(0.01	)	$	1.00	0.81%		$	1,223,530	0.62%		0.79%		(h	)	(h	)
Six Months Ended June 30, 2005 (Unaudited)	$	1.00	0.01		0.01		(0.01	)	(0.01	)	$	1.00	1.06%	(f)	$	1,232,204	0.64%	(g)	2.14%	(g)	(h	)	(h	)
Class IV Shares
Period Ended December 31, 2003(c)	$	1.00	(e	)	(e	)	(e	)	(e	)	$	1.00	0.46%	(f)	$	103,515	0.50%	(g)	0.67%	(g)	0.63%	(g)	0.55%	(g)
Year Ended December 31, 2004	$	1.00	0.01		0.01		(0.01	)	(0.01	)	$	1.00	0.94%		$	84,415	0.50%		0.91%		0.62%		0.79%
Six Months Ended June 30, 2005 (Unaudited)	$	1.00	0.01		0.01		(0.01	)	(0.01	)	$	1.00	1.13%	(f)	$	79,851	0.50%	(g)	2.27%	(g)	0.64%	(g)	2.13%	(g)
Class V Shares
Period Ended December 31, 2002(d)	$	1.00	(e	)	(e	)	(e	)	(e	)	$	1.00	0.22%	(f)	$	324,950	0.56%	(g)	1.11%	(g)	(h	)	(h	)
Year Ended December 31, 2003	$	1.00	0.01		0.01		(0.01	)	(0.01	)	$	1.00	0.71%		$	365,299	0.55%		0.70%		(h	)	(h	)
Year Ended December 31, 2004	$	1.00	0.01		0.01		(0.01	)	(0.01	)	$	1.00	0.89%		$	479,706	0.55%		0.92%		(h	)	(h	)
Six Months Ended June 30, 2005 (Unaudited)	$	1.00	0.01		0.01		(0.01	)	(0.01	)	$	1.00	1.10%	(f)	$	476,071	0.56%	(g)	2.22%	(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 21, 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.

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GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT Money Market Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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

Investments of the Fund 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.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

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GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(c) 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.

(d) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared daily and paid monthly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(e) Federal Income Taxes

It is the policy of the 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 U.S. 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.

(f) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the 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 as administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Under the terms of the Investment Advisory Agreement, the Fund pays GMF an investment advisory fee based on the Fund’s average daily net assets and the following schedule:

Schedule	Fees
Up to $1 billion	0.40%
Next $1 billion	0.38%
Next $3 billion	0.36%
$5 billion or more	0.34%

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GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Effective May 1, 2005, GMF and the Fund have entered into a written contract (“Expense Limitation Agreement”) limiting operating expenses from exceeding 050% for Class IV shares until at least May 1, 2006.

GMF may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by GMF, respectively, pursuant to the Expense Limitation Agreement 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 the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by GMF is not permitted.

As of the six months ended June 30, 2005, the cumulative potential reimbursements for the Class IV shares of the Fund, based on reimbursements which expires within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by GMF would be:

Amount Fiscal Year 2003	Amount Fiscal Year 2004		Amount Six Months Ended June 30, 2005
$103,443	$	116,217	$	56,995

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

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GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; 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 the Fund.

4. Bank Loans

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

5. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

Proposal Two: As specifically set forth in the October 29, 2004 Proxy Statement, the Reorganization proposal requested the shareholders of the Trust’s predecessor to approve the proposed “Agreement and Plan of Reorganization” of the Trust’s predecessor (on behalf of each of the its funds) into a new Delaware-domiciled Trust, whereby the Funds of the new Delaware Trust would acquire all of the assets of the corresponding funds of the Trust’s predecessor subject to the liabilities,

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GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

expenses, costs, charges, and reserves of the corresponding funds of the Trust’s predecessor (contingent or otherwise), in exchange for shares of the acquiring Funds to be distributed pro rata by the Trust to the holders of the shares of the funds of the Trust’s predecessor, in a complete liquidation of the Trust’s predecessor.

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1: Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)

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GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2: Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

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GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

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GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

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GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

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GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President — Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr. Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

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GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

24

Gartmore GVIT Money Market Fund II

Semiannual Report

|  June 30, 2005

	Contents
5	Statement of Investments
7	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
9	Financial Highlights
10	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Money Market Fund II

For the semiannual period ended June 30, 2005, the Gartmore GVIT Money Market Fund II returned 0.86% versus 1.38% for its benchmark, the iMoneyNet First Tier Retail Index. For broader comparison, the average return for the Fund’s Lipper peer category of Money Market Funds was 1.07%.

The Fund is designed for those investors wanting the flexibility to move between the fixed-income and equity markets. As a result, the Fund’s weighted average maturity (WAM) will be considerably shorter than that of the peer group. The Fund is limited to a WAM of 15 days. Since the Fund’s WAM is so short, returns are most affected by the daily change in the federal funds rate, which is set by the Federal Reserve Board and is considered the most accurate predictor of interest rates. However, while the rate is set to a certain percent, it fluctuates somewhat on a daily basis. As the Federal Reserve raises rates, the Fund’s yield is immediately affected due to the fact that the portfolio turns over so quickly.

During the reporting period, the Fed increased short-term interest rates (federal funds rate) on four consecutive occasions by 25 basis points each. On June 30, 2005, the rate was 3.25% (compared to 2.25% on Dec. 31, 2004) and represented nine consecutive rate increases from 1.00% in June 2004. In its statement on June 30, 2005, the Fed mentioned its continued concern with inflation and the likelihood that short-term rates would continue to rise at a measured pace. Observers expect short-term rates to rise to a “neutral rate—which allows for an acceptable rate of inflation and sustains economic growth. This rate believed to be somewhere between 3.25% and 4.25%, but, the Federal Open Market Committee will determine the exact rate.

At the end of the reporting period, the weighted average maturity (WAM) was six days. During the reporting period, Fund asset volatility was higher compared to previous months during the year, as investors moved from fixed income to equity markets. The Fund continued to be well diversified during the period. On June 30, 2005, the largest industry concentrations were as follows: finance services, foreign banks and personal credit institutions. All securities held by the Fund were Tier One (two top-tier ratings), and no ratings downgrades occurred.

PORTFOLIO MANAGER: Karen Mader

An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the money market.

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

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

There is no assurance that a diversified portfolio will produce better results than a nondiversified one.

iMoneyNet First Tier Retail Index: An unmanaged index that is an average of non-government retail money market mutual funds that do not invest in any second-tier securities. Portfolio holdings of first-tier money market mutual funds include U.S. Treasury, U.S. other, repurchase agreements, time deposits, domestic and foreign bank obligations, first-tier commercial paper, floating-rate notes and asset-backed commercial paper.

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

1

Fund Performance Gartmore GVIT Money Market Fund II

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Inception2
Class I	0.86%	1.22%	0.64%

* Not Annualized.

1 Not subject to any sales charges.

2 Fund commenced operations on October 1, 2001.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class I shares of the Gartmore GVIT Money II Market Fund, the iMoneyNet First Tier Retail Index (iMoneyNet First Tier Retail)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike, the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) The iMoneyNet First Tier Retail Index is unmanaged index that is an average of non-government retail money market mutual funds that do not invest in any second-tier securities. Portfolio holdings of first-tier money market mutual funds include U.S. Treasury, U.S. other, repurchase agreements, time deposits, domestic and foreign bank obligations, first-tier commercial paper, floating-rate notes and asset-backed commercial paper.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2

Shareholder

Expense Example Gartmore GVIT Money Market Fund II

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Money Market Fund II
Class I(a)	Actual	$	1,000	$	1,009	$	4.98	1.00%
	Hypothetical1	$	1,000	$	1,020	$	5.02	1.00%

(a) The Money Market Fund II shares have no class designation.

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

3

Portfolio Summary

(June 30, 2005) Gartmore GVIT Money Market Fund II

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

Asset Allocation
Commercial Paper	79.8%
Asset Backed Securities	20.5%
Liabilities in excess of other assets	-0.3%
	100.0%

Top Holdings
Cargill, Inc., 3.35%, 07/01/05	3.8%
Citigroup Global, 3.35%, 07/01/05	3.8%
Gillete Co., 3.34%, 07/01/05	3.8%
Lockhart Funding LLC, 3.41%, 07/01/05	3.8%
Stanfield Victoria Funding LLC, 3.10%, 07/01/05	3.8%
Wal-Mart Stores, Inc., 3.20%, 07/05/05	3.4%
Yorkshire Building Society, 3.35%, 07/05/05	3.4%
HBOS Treasury Services PLC, 3.09%, 07/08/05	3.4%
Colgate-Palmolive Co., 3.23%, 07/15/05	3.4%
American Express Credit Corp., 3.20%, 07/11/05	3.3%
Other Holdings	64.1%
	100.0%

Top Industries
Financial Services	14.4%
Banks — Foreign	12.4%
Short Term Business Credit	9.6%
Yankee	7.0%
Personal Credit Institutions	6.7%
Trade & Term Receivables	5.9%
Agricultural Services	3.8%
CDO Trust Preferred	3.8%
Cutlery	3.8%
Variety Stores	3.4%
Other Industries	29.2%
	100.0%

4

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT MONEY MARKET FUND II

Statement of Investments — June 30, 2005 (Unaudited)

	Principal Amount		Value
COMMERCIAL PAPER (79.8%)
Agricultural Services (3.8%)
Cargill, Inc., 3.35%, 07/01/05 (b)	$	9,700,000	$	9,700,000
Auto Parts (3.2%)
Honeywell International, 3.25%, 07/05/05 (b)		4,000,000		3,998,556
Honeywell International, 3.25%, 07/06/05 (b)		4,000,000		3,998,194
				7,996,750
Bank Holdings Companies (0.7%)
Bank Of America Corp., 3.16%, 07/06/05		1,800,000		1,799,210
Banks—Foreign (12.4%)
HBOS Treasury Services PLC, 3.09%, 07/08/05		8,500,000		8,494,602
National Australia Funding (DE), 3.25%, 07/11/05		8,000,000		7,992,778
Societe Generale, 3.27%, 07/06/05		7,500,000		7,496,594
UBS Finance, 3.30%, 07/06/05		7,367,000		7,363,657
				31,347,631
Cosmetics & Toiletries (3.4%)
Colgate-Palmolive Co., 3.23%, 07/15/05 (b)		8,500,000		8,489,323
Cutlery (3.8%)
Gillete Co., 3.34%, 07/01/05 (b)		9,700,000		9,700,000
Electric Services (1.8%)
FPL Group Capital, Inc., 3.26%, 07/05/05 (b)		4,500,000		4,498,370
Finance Lessors (0.8%)
PB Finance (Delaware), 3.25%, 07/07/05		2,000,000		1,998,917
Financial Services (14.4%)
Citigroup Global, 3.35%, 07/01/05		9,700,000		9,700,000
First Data Corp., 3.35%, 07/01/05		8,000,000		8,000,000
First Data Corp., 3.19%, 07/05/05		1,090,000		1,089,614

	Principal Amount		Value
COMMERCIAL PAPER (continued)
Financial Services (continued)
ING (US) Funding LLC, 3.24%, 07/14/05	$	8,000,000	$	7,990,640
Rabobank USA Finance Corp., 3.34%, 07/01/05		7,390,000		7,390,000
Rabobank USA Finance Corp., 3.20%, 07/07/05		2,308,000		2,306,742
				36,476,996
General Industrial Machinery (2.8%)
Illinois Tool Works, Inc., 3.25%, 07/06/05		7,000,000		6,996,840
Office Machines (2.6%)
Pitney Bowes, Inc., 3.28%, 07/05/05 (b)		6,600,000		6,597,595
Personal Credit Institutions (6.7%)
American General Finance Corp., 3.26%, 07/08/05		8,000,000		7,994,929
Toyota Motor Credit Corp., 3.25%, 07/07/05		3,000,000		2,998,375
Toyota Motor Credit Corp., 3.20%, 07/08/05		5,000,000		4,996,889
Toyota Motor Credit Corp., 3.28%, 07/15/05		898,000		896,865
				16,887,058
Pharmaceuticals (2.4%)
Pfizer, Inc., 3.18%, 07/05/05 (b)		6,000,000		5,997,880
Publishing—Newspapers (2.7%)
Gannett Co., 3.25%, 07/12/05 (b)		3,900,000		3,896,127
Scripps, E.W. Co., 3.37%, 07/01/05 (b)		3,000,000		3,000,000
				6,896,127
Short Term Business Credit (9.6%)
American Express Credit Corp., 3.20%, 07/11/05		8,343,000		8,335,584
GE Capital Corp., 3.25%, 07/05/05		8,000,000		7,997,111
Prudential Funding LLC, 3.24%, 07/13/05		8,000,000		7,991,360
				24,324,055

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT MONEY MARKET FUND II

Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Principal Amount		Value
COMMERCIAL PAPER (continued)
Subdividers & Developers (3.4%)
Yorkshire Building Society, 3.35%, 07/05/05	$	8,500,000	$	8,496,836
Surgical and Medical Instruments (1.9%)
Becton Dickinson, 3.35%, 07/01/05		4,800,000		4,800,000
Variety Stores (3.4%)
Wal-Mart Stores, Inc., 3.20%, 07/05/05		8,500,000		8,496,978
Total Commercial Paper				201,500,566
ASSET BACKED SECURITIES (20.5%)
CDO Trust Preferred (3.8%)
Lockhart Funding LLC, 3.41%, 07/01/05 (b)		9,700,000		9,700,000
ABS—Securities Domestic (2.0%)
Harrier Finance Funding LLC, 3.31%, 07/05/05 (b)		5,000,000		4,998,161
ABS—Repurchase Agreements (1.8%)
Liquid Funding Ltd., 3.25%, 07/07/05		4,605,000		4,602,506
ABS—Trade & Term Receivables (5.9%)
Kitty Hawk Funding Corp., 3.27%, 07/11/05 (b)		1,450,000		1,448,683
Old Line Funding Corp., 3.28%, 07/08/05 (b)		7,500,000		7,495,217
Old Line Funding Corp., 3.27%, 07/14/05 (b)		1,000,000		998,819
Variable Funding Capital Corp., 3.25%, 07/01/05		3,000,000		3,000,000
Variable Funding Capital Corp., 3.30%, 07/06/05		1,000,000		999,542
Variable Funding Capital Corp., 3.27%, 07/08/05		1,000,000		999,364
				14,941,625

	Principal Amount		Value
ASSET BACKED SECURITIES (continued)
ABS—Securities Yankee (7.0%)
K2 (USA) LLC, 3.39%, 07/01/05 (b)	$	8,000,000	$	8,000,000
Stanfield Victoria Funding LLC, 3.10%, 07/01/05 (b)		9,700,000		9,699,999
				17,699,999
Total Asset Backed Securities				51,942,291
Total Investments (Cost $253,442,857) (a) — 100.3%				253,442,857
Liabilities in excess of other assets — (0.3%)				(676,760	)
NET ASSETS — 100.0%			$	252,766,097

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(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.

CDO Collateralized Debt Obligation

See notes to financial statements.

6

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT MONEY MARKET FUND II

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $253,442,857)	$	253,442,857
Interest and dividends receivable		12,163
Prepaid expenses and other assets		10,998
Total Assets		253,466,018
Liabilities:
Payable to custodian		10,157
Distributions payable		468,222
Accrued expenses and other payables:
Investment advisory fees		114,449
Fund administration and transfer agent fees		7,538
Distribution fees		57,225
Administrative servicing fees		33,381
Other		8,949
Total Liabilities		699,921
Net Assets	$	252,766,097
Represented by:
Capital	$	252,766,133
Accumulated net realized gains (losses) from investment transactions		(36	)
Net Assets	$	252,766,097
Net Assets:
Class I Shares*	$	252,766,097
Shares outstanding (unlimited number of shares authorized):
Class I Shares*		252,766,132
Net asset value and offering price per share:**
Class I Shares*	$	1.00

* Shares have no class designation.

** Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	3,954,189
Dividend income		50,610
Total Income		4,004,799
Expenses:
Investment advisory fees		733,879
Fund administration and transfer agent fees		94,022
Distribution fees		366,940
Administrative servicing fees Class I Shares*		220,598
Other***		56,333
Total Expenses		1,471,772
Net Investment Income (Loss)		2,533,027
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,533,027

*** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

7

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT MONEY MARKET II FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income	$	2,533,027		$	1,084,811
Net realized gains (losses) on investment transactions		—			3
Change in net assets resulting from operations		2,533,027			1,084,814
Distributions to Class I shareholders from:
Net investment income		(2,533,027	)		(1,084,811	)
Change in net assets from capital transactions		59,946,006			45,084,315
Change in net assets		59,946,006			45,084,318
Net Assets:
Beginning of period		192,820,091			147,735,773
End of period	$	252,766,097		$	192,820,091
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	776,414,368		$	1,774,013,866
Dividends reinvested		2,288,675			876,584
Cost of shares redeemed		(718,757,037	)		(1,729,806,135	)
		59,946,006			45,084,315
SHARE TRANSACTIONS:
Issued		776,414,368			1,774,013,866
Reinvested		2,288,675			876,584
Redeemed		(718,757,037	)		(1,729,806,135	)
		59,946,006			45,084,315

See notes to financial statements.

8

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

GVIT Money Market Fund II

			Investment Activities				Distributions								Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Total from Investment Activities		Net Investment Income		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)
Period Ended December 31, 2001(b)	$	1.00	(c	)	(c	)	(c	)	(c	)	$	1.00	0.24%	(d)	$	37,411	1.30%	(e)	0.93%	(e)	1.45%	(e)	0.78%	(e)
Year Ended December 31, 2002	$	1.00	0.01		0.01		(0.01	)	(0.01	)	$	1.00	0.70%		$	110,041	0.99%		0.66%		0.99%		0.66%
Year Ended December 31, 2003	$	1.00	(c	)	(c	)	(c	)	(c	)	$	1.00	0.18%		$	147,736	0.95%		0.17%		0.99%		0.13%
Year Ended December 31, 2004	$	1.00	(c	)	(c	)	(c	)	(c	)	$	1.00	0.41%		$	192,820	0.96%		0.43%		0.99%		0.40%
Six Months Ended June 30, 2005 (Unaudited)	$	1.00	0.01		0.01		(0.01	)	(0.01	)	$	1.00	0.86%	(d)	$	252,766	1.00%	(e)	1.73%	(e)	(f	)	(f	)

(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.

(f) There were no fee reductions during the period.

See notes to financial statements.

9

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 nancial highlights of the Gartmore GVIT Money Market II Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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

Investments of the 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.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

10

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(c) 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.

(d) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared daily and paid monthly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(e) Federal Income Taxes

It is the policy of the 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 U.S. 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.

(f) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocation is based on the fair value of settled shares outstanding. Under this method, earnings are allocated based on the fair value of settled shares.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Under the terms of the Investment Advisory Agreement, the Fund pays GMF an investment advisory fee based on the Fund’s average daily net assets and the following schedule:

Fee Schedule	Fees
Up to $1 billion	0.50%
Next $1 billion	0.48%
Next $3 billion	0.46%
$5 billion or more	0.44%

11

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Fund. These fees are based on average daily net assets of the Fund at an annual rate not to exceed 0.25%.

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

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

4. Bank Loans

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

5. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1: Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2: Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

15

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

16

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

17

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

18

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President — Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr. Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

19

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

20

J.P. Morgan GVIT Balanced Fund

Semiannual Report

|  June 30, 2005

	Contents
6	Statement of Investments
18	Statement of Assets and Liabilities
18	Statement of Operations
19	Statements of Changes in New Assets
20	Financial Highlights
21	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

J.P. Morgan GVIT Balanced Fund

For the semiannual period ended June 30, 2005, the J.P. Morgan GVIT Balanced Fund returned 0.00% (Class I at NAV) versus 0.55% for its blended benchmark, which consists of 60% S&P 500^® Index and 40% Lehman Brothers U.S. Aggregate Index. For broader comparison, the average return for the Fund’s Lipper peer category of Balanced Funds was 0.51%.

In the U.S. large-cap portion of the Fund, the pharmaceutical/medical technology, industrial cyclical and semiconductor sectors detracted from performance, while stock selection in the network technology, energy, and health services and systems sectors benefited performance. On a stock-specific level, overweight positions in Corning Inc., Kohl’s Corp. and CSX Corp. aided performance. Overweight positions in Ambac Financial Group, Inc., Tyco International Ltd. and Boston Scientific Corp. were the primary performance detractors.

In the fixed-income portion of the Fund, we tactically traded duration, with a modest bias toward being short. Our high-yield position aided performance because we increased our allocation while maintaining a high-quality bias in the portfolio, focusing on security selection. Investors’ risk appetite for emerging markets debt increased, as low inflation in the United States, steady global growth indicators and a resumption of commodity price increases produced a favorable backdrop for emerging markets countries. The investment-grade corporate sector was a positive contributor, as corporate profit growth was healthy and technicals remained supportive. However, prepayment mortgage spreads experienced a high degree of volatility, moving in conjunction with rates, thus detracting from performance.

We select equities from a sector-neutral group of stocks that we believe are undervalued relative to their long-term potential. In the fixed-income portion of the Fund, we seek to assemble a high-quality, diversified portfolio that adds value through investments in the traditional and extended markets. Preliminary indicators point to real gross domestic product (GDP) growth of about 3.50%. We expect that the Federal Reserve (the Fed) will tighten policy by 25 basis points to 3.50% at its August meeting and again in September to a 3.75% target. With the economy on “firm footing” and spare capacity gradually absorbed, the Fed is unlikely to pause in its current tightening process until the federal funds rate reaches at least 3.75%.

Within the U.S. large-cap portion of the Fund, we expect the equity markets to trade range-bound until the Fed has completed its tightening cycle. Despite strong valuations favoring equities over fixed income, we remain cautiously optimistic as rising unit labor costs, a strengthening U.S. dollar and high energy costs are expected to put downward pressures on corporate earnings. Within the fixed-income portion of the Fund, our positioning continues to be characterized by the belief that fundamentals across sectors are strong, but value is scarce. Overall, we are neutral on corporate bonds and constructive on high-yield and emerging market bonds, given the persistence of strong fundamentals in these sectors.

PORTFOLIO MANAGERS: Patrick Jakobson, Anne Lester

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

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

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

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

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

There is no assurance that a diversified portfolio will produce better results than a nondiversified one.

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

1

J.P. Morgan GVIT Balanced Fund (continued)

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance J.P. Morgan GVIT Balanced Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Five years	Inception2
Class I3	0.00%	6.76%	1.04%	2.36%
Class IV4	0.03%	6.72%	1.07%	2.38%

* Not Annualized.

1 Not subject to any sales charges.

2 Fund commenced operations on October 31, 1997. This performance includes performance for a period (prior to May 1, 2000) when the Fund’s previous subadviser managed the Fund.

3 The existing shares of the Fund were designated Class I shares as of May 1, 2001.

4 These returns until the creation of the Class IV shares (April 28, 2003) are based on the performance of the Class I shares of the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class IV shares would have produced, because all classes of shares invest in the same portfolio of securities.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class I shares of the J.P. Morgan GVIT Balanced Fund, the J.P. Morgan GVIT Balanced Composite Index (Composite)(a), the Standard & Poor’s 500 Index (S&P 500)(b), Lehman Brothers U.S. Aggregate Bond Index (LB Aggregate Bond)(c) and the Consumer Price Index (CPI)(d) since inception. Unlike, the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) Composite is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The composite is a combination of the S&P 500 (60%) and the LB Aggregate Bond (40%).

(b) S&P 500 is an unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

(c) LB Aggregate Bond is an unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

(d) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example J.P. Morgan GVIT Balanced Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Balanced Fund
Class I	Actual	$	1,000	$	1,000	$	4.86	0.98%
	Hypothetical1	$	1,000	$	1,020	$	4.92	0.98%
Class IV	Actual	$	1,000	$	1,000	$	4.51	0.91%
	Hypothetical1	$	1,000	$	1,020	$	4.57	0.91%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

(June 30, 2005) J.P. Morgan GVIT Balanced Fund

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

Asset Allocation
Common Stocks	62.5%
Mortgage-Backed Securities	25.1%
Commercial Papers	13.1%
Corporate Bonds	9.9%
Cash Equivalents	3.2%
U.S. Government Long-Term Obligations	1.0%
Liabilities in excess of other assets	-14.8%
	100.0%

Top Holdings*
Federal National Mortgage Association, TBA, 5.50% 07/01/33	8.5%
Federal Home Loan Mortgage Corp., TBA, 5.50%, 07/01/34	2.4%
General Electric Co.	2.3%
Citigroup, Inc.	2.0%
Exxon Mobil Corp.	2.0%
Federal National Mortgage Association, 3.01% 12/19/05	2.0%
Microsoft Corp.	1.7%
Federal National Mortgage Association, TBA, 5.00% 07/01/18	1.7%
Johnson & Johnson, Inc.	1.3%
Practor & Gamble Co.	1.1%
Other Holdings	75.0%
	100.0%

Top Industries
Financial Services	21.5%
Federal National Mortgage Association	11.0%
Oil & Gas	5.9%
Financial	5.8%
Federal Home Loan Mortgage Corporation	4.9%
Retail	4.1%
Financial/Banks	4.1%
Drugs	4.0%
Healthcare	3.9%
Computer Software & Services	3.8%
Other Industries	31.0%
	100.0%

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

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J.P. MORGAN GVIT BALANCED FUND

Statement of Investments — June 30, 2005 (Unaudited)

Shares or Principal Amount		Value
COMMON STOCKS (62.5%)
Aerospace & Defense (0.6%)
Lockheed Martin Corp.	800	$	51,896
Northrop Grumman Corp.	19,800		1,093,950
Raytheon Co.	8,300		324,696
			1,470,542
Apparel (0.5%)
Coach, Inc. (b)	6,900		231,633
Nike, Inc., Class B	10,800		935,280
			1,166,913
Auto Parts & Equipment (0.1%)
Lear Corp.	8,000		291,040
Broadcast Media & Cable Television (1.4%)
E.W. Scripps Co., Class A	14,800		722,240
Time Warner, Inc. (b)	30,700		512,997
Viacom, Inc., Class B	63,200		2,023,664
			3,258,901
Building—Residential & Commercial (0.1%)
Lennar Corp., Class A	4,200		266,490
Business & Consumer Services (0.6%)
eBay, Inc. (b)	26,200		864,862
FedEx Corp.	5,500		445,555
			1,310,417
Casino Hotels (0.1%)
Station Casinos, Inc.	3,400		225,760
Chemicals & Diversified (1.3%)
Air Products & Chemicals, Inc.	12,200		735,660
Nalco Holding Co. (b)	30,300		594,789
Praxair, Inc.	16,100		750,260
Rohm & Haas Co.	22,400		1,038,016
			3,118,725
Communication Equipment (1.4%)
Corning, Inc. (b)	87,000		1,445,940
Motorola, Inc.	33,200		606,232
QUALCOMM, Inc.	38,700		1,277,487
			3,329,659
Computer Equipment (1.8%)
Dell, Inc. (b)	28,400		1,122,084
EMC Corp. (b)	24,000		329,040
Hewlett-Packard Co.	9,500		223,345
International Business Machines Corp.	23,900		1,773,380

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Computer Equipment (continued)
Juniper Networks, Inc. (b)	15,300	$	385,254
Lexmark International, Inc. (b)	7,000		453,810
			4,286,913
Computer Software & Services (3.8%)
Affiliated Computer Services, Inc., Class A (b)	11,900		608,090
Cisco Systems, Inc. (b)	128,600		2,457,546
First Data Corp.	500		20,070
Microsoft Corp.	166,300		4,130,892
NCR Corp. (b)	7,700		270,424
Oracle Corp. (b)	100,400		1,325,280
VERITAS Software Corp. (b)	7,800		190,320
			9,002,622
Conglomerates (1.2%)
ITT Industries, Inc.	500		48,815
Johnson Controls, Inc.	12,300		692,859
Tyco International Ltd.	61,500		1,795,800
United Technologies Corp.	6,200		318,370
			2,855,844
Construction & Building Materials (0.7%)
Caterpillar, Inc.	2,100		200,151
Centex Corp.	4,300		303,881
Deere & Co.	16,200		1,060,938
			1,564,970
Consumer & Non-Cyclical (0.5%)
Gillette Co.	24,300		1,230,309
Consumer Products (1.4%)
Fortune Brands, Inc.	4,800		426,240
Procter & Gamble Co.	50,700		2,674,425
Smurfit-Stone Container Corp. (b)	18,400		187,128
			3,287,793
Diversified Manufacturing Operations (0.3%)
Danaher Corp.	8,500		444,890
SPX Corp.	3,900		179,322
			624,212
Drugs (4.0%)
Amgen, Inc. (b)	24,800		1,499,408
Bristol-Myers Squibb Co.	8,800		219,824
Eli Lilly & Co.	20,900		1,164,339
Forest Laboratories, Inc. (b)	20,900		811,965

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J.P. MORGAN GVIT BALANCED FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Drugs (continued)
Johnson & Johnson, Inc.	46,500	$	3,022,500
Medicis Pharmaceutical Corp., Class A	5,500		174,515
OSI Pharmaceuticals, Inc. (b)	14,100		576,267
Pfizer, Inc.	61,200		1,687,896
Schering-Plough Corp.	1,800		34,308
Watson Pharmaceutical, Inc. (b)	4,400		130,064
			9,321,086
Electrical Equipment (2.5%)
Eaton Corp.	6,800		407,320
General Electric Co.	157,900		5,471,235
			5,878,555
Electrical Services (2.2%)
CMS Energy Corp. (b)	19,200		289,152
Consolidated Edison, Inc.	3,500		163,940
Constellation Energy Group, Inc.	9,400		542,286
Dominion Resources, Inc.	15,900		1,166,901
Edison International	10,300		417,665
Entergy Corp.	2,000		151,100
Florida Power & Light, Inc.	4,600		193,476
Northeast Utilities	4,000		83,440
PG&E Corp.	11,400		427,956
Pinnacle West Capital Corp.	7,900		351,155
PPL Corp.	11,700		694,746
Scana Corp.	2,500		106,775
Xcel Energy, Inc.	33,700		657,824
			5,246,416
Financial (5.8%)
American Express Co.	4,400		234,212
CIT Group, Inc.	15,300		657,441
Citigroup, Inc.	101,200		4,678,476
Countrywide Credit Industries, Inc.	26,400		1,019,304
E*TRADE Financial Corp. (b)	2,300		32,177
Fannie Mae	3,500		204,400
Freddie Mac	5,000		326,150
Goldman Sachs Group, Inc.	13,400		1,367,068
MBNA Corp.	76,100		1,990,776
Mellon Financial Corp.	5,300		152,057
Merrill Lynch & Co., Inc.	1,100		60,511
Morgan Stanley	31,900		1,673,793
Schwab (Charles) Corp.	36,700		413,976
Washington Mutual, Inc.	14,800		602,212
			13,412,553

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Financial & Banks (4.1%)
Bank of America Corp.	51,900	$	2,367,159
Bank of New York Co., Inc.	2,800		80,584
BB&T Corp.	3,000		119,910
Capital One Financial Corp.	2,200		176,022
Comerica, Inc.	1,300		75,140
Hudson City Bancorp, Inc.	21,200		241,892
KeyCorp	100		3,315
Marshall & Ilsley Corp.	4,000		177,800
North Fork Bancorp, Inc.	22,800		640,452
PNC Financial Services Group	1,200		65,352
State Street Corp.	33,300		1,606,725
TCF Financial Corp.	200		5,176
U.S. Bancorp	66,700		1,947,640
Wells Fargo Co.	28,800		1,773,504
Zions Bancorp	2,700		198,531
			9,479,202
Food & Beverage (2.0%)
Anheuser-Busch Cos., Inc.	6,000		274,500
Coca-Cola Co. (The)	56,600		2,363,050
Coca-Cola Enterprises, Inc.	9,200		202,492
PepsiCo, Inc.	19,500		1,051,635
SYSCO Corp.	21,900		792,561
			4,684,238
Healthcare (3.9%)
Bausch & Lomb, Inc.	7,700		639,100
Biomet, Inc.	8,600		297,904
Boston Scientific Corp. (b)	45,700		1,233,900
Gilead Sciences, Inc. (b)	10,700		470,693
Guidant Corp.	10,700		720,110
HCA-The Healthcare Co.	10,100		572,367
McKesson Corp.	7,300		326,967
Medco Health Solutions, Inc. (b)	4,800		256,128
Sepracor, Inc. (b)	16,200		972,162
WellPoint, Inc. (b)	25,800		1,796,712
Wyeth	23,400		1,041,300
Zimmer Holdings, Inc. (b)	10,400		792,168
			9,119,511
Hotels & Motels (0.4%)
Hilton Hotels Corp.	900		21,465
Host Marriott Corp.	10,300		180,250
International Game Technology	10,200		287,130
Marriott International, Inc., Class A	6,100		416,142

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J.P. MORGAN GVIT BALANCED FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Hotels & Motels (continued)
Starwood Hotels & Resorts Worldwide, Inc.	200	$	11,714
			916,701
Insurance (3.2%)
Aetna, Inc.	13,700		1,134,634
AFLAC, Inc.	18,700		809,336
AMBAC Financial Group, Inc.	15,800		1,102,208
American International Group, Inc.	7,500		435,750
Assurant, Inc.	8,900		321,290
CIGNA Corp.	600		64,218
Genworth Financial, Inc., Class A	16,900		510,887
Hartford Financial Services Group, Inc.	18,500		1,383,430
MBIA, Inc.	8,600		510,066
MetLife, Inc.	17,300		777,462
Protective Life Corp.	900		37,998
St. Paul Travelers Cos., Inc.	200		7,906
W.R. Berkley Corp.	13,100		467,408
			7,562,593
Leisure & Amusements (0.0%)
MGM MIRAGE (b)	400		15,832
Walt Disney Co. (The)	2,500		62,950
			78,782
Leisure Products (0.4%)
Carnival Corp.	17,100		932,805
Hasbro, Inc.	100		2,079
Mattel, Inc.	2,500		45,750
			980,634
Media (0.5%)
News Corp.	79,200		1,281,456
Metals & Mining (0.4%)
Alcoa, Inc.	27,400		715,962
United States Steel Corp.	4,700		161,539
			877,501
Motorcycle Manufacturers (0.0%)
Harley-Davidson, Inc.	1,500		74,400
Office Equipment & Services (0.8%)
3M Co.	25,600		1,850,880

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Oil & Gas (5.5%)
Anadarko Petroleum Corp.	3,400	$	279,310
Apache Corp.	10,100		652,460
Baker Hughes, Inc.	13,200		675,312
ChevronTexaco Corp.	20,500		1,146,360
ConocoPhillips	36,500		2,098,385
Devon Energy Corp.	6,900		349,692
Dynegy, Inc. (b)	13,000		63,180
EOG Resources, Inc.	7,200		408,960
Exxon Mobil Corp.	80,400		4,620,588
Kerr-Mcgee Corp.	300		22,893
Occidental Petroleums Corp.	12,000		923,160
Pride International, Inc. (b)	7,800		200,460
Rowan Cos., Inc.	8,700		258,477
Unocal Corp.	7,700		500,885
Valero Energy Corp.	4,400		348,084
			12,548,206
Paper & Forest Products (0.0%)
International Paper Co.	3,100		93,651
Printing & Publishing (0.6%)
Gannett Co., Inc.	19,700		1,401,261
Railroads (0.4%)
CSX Corp.	16,300		695,358
Norfolk Southern Corp.	8,800		272,448
			967,806
Real Estate (0.3%)
DUKE Realty Corp.	2,000		63,320
Kimco Realty Corp.	1,600		94,256
Mack-Cali Realty Corp.	3,400		154,020
ProLogis	7,600		305,824
			617,420
Restaurants (0.2%)
McDonald’s Corp.	20,400		566,100
Retail (3.9%)
Bed, Bath & Beyond, Inc. (b)	3,200		133,696
CVS Corp.	12,000		348,840
Dollar General Corp.	5,000		101,800
Family Dollar Stores, Inc.	2,100		54,810
Federated Department Stores, Inc.	5,800		425,024
Foot Locker, Inc.	3,000		81,660
Home Depot, Inc.	47,600		1,851,640
Jones Apparel Group, Inc.	8,600		266,944
Kohl’s Corp. (b)	21,100		1,179,701

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GARTMORE VARIABLE INSURANCE TRUST

J.P. MORGAN GVIT BALANCED FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Retail (continued)
Lowe’s Cos., Inc.	19,400	$	1,129,468
Nordstrom, Inc.	1,600		108,752
Ross Stores, Inc.	800		23,128
Staples, Inc.	27,600		588,432
Target Corp.	17,700		963,057
Wal-Mart Stores, Inc.	36,000		1,735,200
Yum! Brands, Inc.	2,200		114,576
			9,106,728
Semiconductors (1.8%)
Altera Corp. (b)	20,500		406,310
Analog Devices, Inc.	29,700		1,108,107
Broadcom Corp., Class A (b)	8,000		284,080
Intel Corp.	43,600		1,136,216
Intersil Holding Corp., Class A	5,200		97,604
Linear Technology Corp.	7,900		289,851
Maxim Integrated Products, Inc.	4,700		179,587
Microchip Technology, Inc.	7,300		216,226
Xilinx, Inc.	19,100		487,050
			4,205,031
Steel (0.0%)
Nucor Corp.	1,400		63,868
Telecommunications (2.1%)
American Tower Corp. (b)	3,300		69,366
AT&T Corp.	5,700		108,528
EchoStar Communications Corp., Class A	10,500		316,575
MCI, Inc.	12,900		331,659
Nextel Communications, Inc., Class A (b)	15,300		494,343
SBC Communications, Inc.	44,100		1,047,375
Sprint Corp.	29,800		747,682
Verizon Communications, Inc.	55,200		1,907,160
			5,022,688
Textiles (0.2%)
Mohawk Industries, Inc. (b)	5,000		412,500
Tobacco (1.1%)
Altria Group, Inc.	39,300		2,541,138
Transportation Services (0.4%)
United Parcel Service, Inc., Class B	12,000		829,920
Total Common Stocks			146,431,935

Shares or Principal Amount			Value
COMMERCIAL PAPER (13.1%)
Financial Services (13.1%)
Blue Ridge Asset Funding Corp., 3.20%, 07/19/05	$	1,250,000	$	1,247,900
BMW US Capital Corp., 3.21%, 07/18/05		1,000,000		998,484
Clipper Receivables Corp., 3.19%, 07/18/05		1,250,000		1,248,025
Danske Corp., 3.27%, 08/01/05		1,500,000		1,496,321
DNB Nor Bank ASA, 3.16%, 07/18/05		1,750,000		1,747,389
Edison Asset Securitization LLC, 3.20%, 08/12/05		1,750,000		1,743,193
Eureka Securitization, Inc. (d), 3.09%, 07/14/05		1,500,000		1,498,200
Federal National Mortgage Association, 2.97%, 11/04/05		1,825,000		1,803,155
Federal National Mortgage Association, 2.95%, 12/09/05		1,520,000		1,496,276
Federal National Mortgage Association, 3.00%, 12/12/05		1,265,000		1,244,444
Federal National Mortgage Association, 3.01%, 12/19/05		4,695,000		4,618,705
Fortis Funding LLC, 3.22%, 07/22/05		1,000,000		998,090
ING US Funding LLC, 3.16%, 07/15/05		1,500,000		1,498,095
International Lease Finance Corp., 3.11%, 07/18/05		1,500,000		1,497,797
Ixis Corp., 3.19%, 07/22/05		1,000,000		998,090
Kitty Hawk Funding Corp., 3.28%, 07/25/05		1,250,000		1,247,039
National Australia Funding (DE), Inc., 5.49%, 07/28/05		1,500,000		1,496,325
Rabobank USA Financial Corp., 3.20%, 07/25/05		1,000,000		997,060

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GARTMORE VARIABLE INSURANCE TRUST

J.P. MORGAN GVIT BALANCED FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
COMMERCIAL PAPER (continued)
Financial Services (continued)
UBS Finance (DE) LLC, 3.16%, 07/18/05	$	1,250,000	$	1,248,075
Windmill Funding Corp., 5.75%, 07/21/05		1,500,000		1,497,358
Total Commercial Papers				30,620,021
CASH EQUIVALENTS (3.2%)
Investments in repurchase agreements (Collateralized by AA Corporate Bonds, in a joint trading account at 3.34%, dated 06/30/05, due 07/01/05, repurchase price $7,505,002)		7,504,306		7,504,306
Total Cash Equivalents				7,504,306
CORPORATE BONDS (9.9%)
Aerospace & Defense (0.1%)
General Dynamics Corp., 2.13%, 05/15/06		165,000		162,542
Auto Related (0.6%)
Carmax Auto Owner Trust, 4.13%, 05/15/09		885,000		886,891
Ford Motor Credit Co., 7.38%, 10/28/09		200,000		195,437
Ford Motor Credit Co., 7.88%, 06/15/10		355,000		350,812
Ford Motor Credit Co., 7.00%, 10/01/13		50,000		47,974
				1,481,114
Automotive Parts and Supplies (0.0%)
Breed Technologies, Inc. (e) (f) (g), 0.00%, 04/15/08		125,000		0
Banks (1.4%)
BNP Paribas (d) (h), 5.19%, 06/29/15		240,000		242,644
Chuo Mitsui Trust & Banking (d), 5.51%, 04/15/15		195,000		191,573
HBOS Treasury Services PLC (d), 3.60%, 08/15/07		225,000		222,926

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Banks (continued)
HSBC Capital Funding LP, 4.61%, 06/27/13 (d) (h)	$	420,000	$	409,868
Industrial Bank of Korea (d), 4.00%, 05/19/14		180,000		174,949
Korea First Bank, 7.27%, 03/03/34		165,000		185,410
National Capital Trust II (d) (h), 5.49%, 03/23/15		335,000		344,960
RBS Capital Trust III (h), 5.51%, 09/30/14		350,000		363,514
Shinhan Bank, 5.66%, 03/02/35		180,000		180,889
Suntrust Bank, 2.50%, 11/01/06		275,000		268,688
U.S. Bank NA Minnesota, 6.50%, 02/01/08		200,000		210,977
United Overseas Bank Ltd. (d), 5.38%, 09/03/19		275,000		283,218
Woori Bank (d), 5.75%, 03/13/14		160,000		164,133
				3,243,749
Broadcast Media & Cable Television (0.7%)
AOL Time Warner, Inc., 7.63%, 04/15/31		115,000		143,622
Cablevision System Corp. (d), 8.00%, 04/15/12		25,000		24,500
Charter Communications LLC (d), 8.00%, 04/30/12		25,000		24,875
Clear Channel Communication, 5.50%, 09/15/14		245,000		232,372
Comcast Corp., 6.50%, 01/15/15		225,000		250,793
Comcast Corp., 4.95%, 06/16/16		240,000		238,911
Echostar DBS Corp., 6.38%, 10/01/11		35,000		34,694
News America, Inc., 8.88%, 04/26/23		100,000		130,666
News America, Inc., 6.20%, 12/15/34		145,000		152,176
Time Warner Cos., Inc., 9.15%, 02/01/23		75,000		102,972
Time Warner Entertainment, 8.38%, 03/15/23		185,000		236,539
				1,572,120

10

GARTMORE VARIABLE INSURANCE TRUST

J.P. MORGAN GVIT BALANCED FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Building—Residential & Commercial (0.2%)
D.R. Horton, Inc., 8.50%, 04/15/12	$	30,000	$	32,701
KB Home, 5.75%, 02/01/14		45,000		44,599
Masco Corp., 4.80%, 06/15/15		265,000		263,334
Standard Pacific Corp., 6.88%, 05/15/11		45,000		45,563
				386,197
Casino Hotels (0.0%)
MGM Mirage, Inc., 5.88%, 02/27/14		35,000		33,994
Chemicals & Diversified (0.1%)
Huntsman International LLC, 9.88%, 03/01/09		35,000		37,450
ICI Wilmington, 5.63%, 12/01/13		175,000		181,569
Polyone Corp., 10.63%, 05/15/10		65,000		68,738
Service Corp International, 7.70%, 04/15/09		25,000		26,750
				314,507
Commercial Services (0.0%)
Iron Mountain, Inc., 6.63%, 01/01/16		35,000		32,375
Consumer Products—Miscellaneous (0.0%)
Rayovac Corp. (d), 7.38%, 02/01/15		10,000		9,675
Containers (0.0%)
Crown Euro Holdings SA, 9.50%, 03/01/11		40,000		44,200
Owens-Brockway Glass Container, 7.75%, 05/15/11		30,000		31,875
Owens-Brockway Glass Container, 8.25%, 05/15/13		30,000		32,588
				108,663
Diversified Manufacturing Operations (0.1%)
Hutchinson Whamp International Ltd. (d), 6.25%, 01/24/14		130,000		139,748

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Diversified Manufacturing Operations (continued)
Hutchinson Whamp International Ltd. (d), 7.45%, 11/24/33	$	145,000	$	170,605
				310,353
Electrical Services (0.8%)
Alabama Power Co., 2.80%, 12/01/06		130,000		127,829
Dominion Resources, Inc., 8.13%, 06/15/10		50,000		57,610
Dominion Resources, Inc., 5.00%, 03/15/13		195,000		196,422
Dominion Resources, Inc., 7.20%, 09/15/14		95,000		110,329
Exelon Corp., 4.90%, 06/15/15		260,000		260,926
FPL Group Capital, Inc., 7.63%, 09/15/06		215,000		223,797
Pacificorp, 4.30%, 09/15/08		125,000		125,482
Progress Energy, Inc., 6.85%, 04/15/12		315,000		349,942
Progress Energy, Inc., 7.00%, 10/30/31		100,000		115,500
Scottish Power PLC, 5.38%, 03/15/15		290,000		297,264
				1,865,101
Enterprise Software & Services (0.2%)
Computer Associates, Inc. (d), 5.63%, 12/01/14		385,000		390,449
Environmental (0.0%)
Allied Waste North America, Inc., 6.13%, 02/15/14		60,000		55,725
Financial Products & Services (1.0%)
American General Finance Corp., 3.00%, 11/15/06		315,000		310,025
American General Finance Corp., 4.50%, 11/15/07		330,000		330,697
Arch Western Finance, 6.75%, 07/01/13		55,000		56,788
Associates Corporation of North America, 6.95%, 11/01/18		100,000		120,492

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Financial Products & Services (continued)
Capital One Financial, 8.75%, 02/01/07	$	375,000	$	400,393
Capital One Financial, 5.25%, 02/21/17		40,000		39,649
Goldman Sachs Capital I, 6.35%, 02/15/34		295,000		319,635
HSBC Finance Corp., 5.00%, 06/30/15		120,000		120,937
Istar Financial, Inc., 6.00%, 12/15/10		115,000		119,617
Mizuho JGB Investment (d) (h), 9.87%, 06/30/08		190,000		215,247
Mizuho Preferred Capital (d) (h), 8.79%, 06/30/08		310,000		342,022
UGS Corp. (d), 10.00%, 06/01/12		15,000		16,650
				2,392,152
Funeral Services & Related Items (0.0%)
Service Corp. International, 6.75%, 04/01/16		25,000		25,563
Healthcare (0.0%)
HCA, Inc., 6.38%, 01/15/15		75,000		77,821
Home Furnishings (0.0%)
Sealy Mattress Co., 8.25%, 06/15/14		25,000		25,250
Hotels & Motels (0.0%)
Starwood Hotels & Resorts, 7.38%, 11/15/15		35,000		38,938
Vail Resorts, Inc., 6.75%, 02/15/14		45,000		45,675
				84,613
Insurance (0.5%)
Arch Capital Group Ltd., 7.35%, 05/01/34		105,000		118,504
Aspen Insurance Holdings Ltd. (d), 6.00%, 08/15/14		230,000		238,074
Liberty Mutual Group (d), 7.00%, 03/15/34		110,000		115,764
Liberty Mutual Group (d), 6.50%, 03/15/35		95,000		94,126

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Insurance (continued)
North Front Pass-Through Trust, 5.81%, 12/15/24	$	250,000	$	257,607
Odyssey Re Holdings, 7.65%, 11/01/13		85,000		91,760
Odyssey Re Holdings, 6.88%, 06/01/15		50,000		51,311
UnitedHealth Group, Inc., 3.30%, 01/30/08		175,000		170,946
				1,138,092
Metals (0.1%)
Noranda, Inc., 6.00%, 10/15/15		160,000		167,943
Noranda, Inc., 6.20%, 06/15/35		45,000		44,641
				212,584
Mining (0.1%)
Newmont Mining Corp., 5.88%, 04/01/35		120,000		122,281
Motor Vehicles (0.1%)
Daimler Chrysler NA Holding Corp., 4.75%, 01/15/08		125,000		125,483
TRW Automotive, Inc., 9.38%, 02/15/13		41,000		45,408
				170,891
Office Equipment & Services (0.0%)
Xerox Corp., 7.63%, 06/15/13		20,000		21,525
Oil & Gas (0.4%)
BP Capital Markets PLC, 2.75%, 12/29/06		205,000		201,722
Enterprise Production Operations (d), 6.65%, 10/15/34		125,000		137,234
Kinder Morgan Energy Partners, 7.40%, 03/15/31		135,000		164,485
Kinder Morgan Energy Partners, 7.75%, 03/15/32		65,000		82,516
Kinder Morgan Energy Partners, 7.30%, 08/15/33		35,000		42,458
Nexen, Inc., 5.88%, 03/10/35		230,000		233,751

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Oil & Gas (continued)
Transocean, Inc., 6.63%, 04/15/11	$	40,000	$	44,927
Valero Energy Corp., 7.50%, 04/15/32		50,000		61,716
				968,809
Paper & Forest Products (0.0%)
Georgia-Pacific Corp., 7.70%, 06/15/15		75,000		85,500
Real Estate (0.2%)
Istar Financial, Inc., 5.15%, 03/01/12		285,000		281,677
Societe Generale Estate LLC (d) (h), 7.64%, 09/30/07		90,000		96,308
				377,985
Real Estate Investment Trusts (0.2%)
Developers Divers Realty, 5.50%, 05/01/15		275,000		280,795
Simon Property Group LP (d), 5.10%, 06/15/15		270,000		269,856
				550,651
Retail (0.2%)
Delhaize America, Inc., 9.00%, 04/15/31		220,000		274,666
Safeway, Inc., 4.13%, 11/01/08		240,000		236,545
				511,211
Semiconductors (0.0%)
Celestica, Inc., 7.88%, 07/01/11		25,000		25,625
Freescale Semiconductor, 7.13%, 07/15/14		15,000		16,125
				41,750
Sovereign (1.7%)
Fannie Mae, 6.41%, 03/08/06		1,000,000		1,017,954
Federal Republic of Brazil, 10.50%, 07/14/14		70,000		82,775
Federal Republic of Brazil, 12.25%, 03/06/30		46,000		61,640

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Sovereign (continued)
Federal Republic of Brazil, 11.00%, 08/17/40	$	115,000	$	138,345
Republic of Argentina, 8.28%, 12/31/33		234,092		215,364
Republic of Colombia, 9.75%, 04/09/11		230,321		263,026
Republic of Peru, 8.75%, 11/21/33		160,000		180,400
Republic of Venezuela, 10.75%, 09/19/13		75,000		87,788
Republic of Venezuela, 9.25%, 09/15/27		360,000		377,459
Russian Federation, 12.75%, 06/24/28		190,000		343,634
Russian Federation, 8.75%, 07/24/05		205,000		205,451
Ukraine Government (d), 6.88%, 03/04/11		267,000		281,018
Ukraine Government, 7.65%, 06/11/13		65,000		71,663
United Mexican States, 11.50%, 05/15/26		135,000		216,675
United Mexican States, 8.30%, 08/15/31		110,000		136,950
				3,680,142
Special Purpose Entity (0.5%)
Aries Vermogensverwaltng (d), 9.60%, 10/25/14		250,000		324,063
Fresenius Medical Capital Trust II, 7.88%, 02/01/08		45,000		47,025
Mantis Reef Ltd. II, 4.80%, 11/03/09		200,000		200,351
Pricoa Global Funding I (d), 3.90%, 12/15/08		400,000		395,582
UFJ Finance Aruba AEC, 6.75%, 07/15/13		115,000		128,248
				1,095,269
Telecommunications (0.7%)
America Movil SA de CV, 6.38%, 03/01/35		145,000		141,498
AT&T Wireless Services, Inc., 7.50%, 05/01/07		150,000		158,882

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Telecommunications (continued)
AT&T Wireless Services, Inc., 8.13%, 05/01/12	$	15,000	$	17,972
Bellsouth Corp., 6.00%, 11/15/34		90,000		95,705
Deutsche Telekom, 5.25%, 07/22/13		175,000		181,690
Deutsche Telekom, 8.75%, 06/15/30		45,000		60,929
France Telecom, 8.75%, 03/01/31		115,000		160,334
Motorola, Inc., 7.50%, 05/15/25		165,000		201,839
Nextel Communications, 7.38%, 08/01/15		35,000		37,800
Qwest Corp. (d), 9.13%, 03/15/12		35,000		38,063
Rogers Wireless, Inc., 6.38%, 03/01/14		130,000		132,275
Sprint Capital Corp., 6.90%, 05/01/19		205,000		234,783
Sprint Capital Corp., 8.75%, 03/15/32		105,000		146,067
Tele-Communications, Inc., 7.88%, 08/01/13		30,000		35,708
				1,643,545
Total Corporate Bonds				23,192,198
MORTGAGE-BACKED SECURITIES (25.1%)
Federal Home Loan Mortgage Corporation (4.9%)
5.50%, 01/15/23		494,190		502,809
5.50%, 12/25/24		343,200		349,282
5.00%, 11/15/28		700,000		713,165
6.75%, 03/15/31		870,000		1,151,824
6.25%, 07/15/32		175,000		219,732
6.00%, 02/01/35		523,127		536,738
TBA, 5.50%, 07/01/34		5,600,000		5,676,999
TBA, 6.00%, 08/15/35		2,346,000		2,403,184
				11,553,733
Federal National Mortgage Association (11.0%)
7.25%, 05/15/30		635,000		881,547
6.63%, 11/15/30		30,000		38,931
6.50%, 02/01/35		659,995		683,261

Shares or Principal Amount			Value
MORTGAGE-BACKED SECURITIES (continued)
Federal National Mortgage Association (continued)
7.00%, 02/01/35	$	205,154	$	216,361
TBA, 5.00%, 07/01/18		4,000,000		4,043,752
TBA, 5.50%, 07/01/33		19,650,000		19,914,057
				25,777,909
Financial Services (8.4%)
Americredit Automobile Receivables Trust, Series 03-CF, Class A3, 2.75%, 10/09/07		108,126		107,813
Americredit Automobile Receivables Trust, Series 03-CF, Class A4, 3.48%, 05/06/10		210,000		208,733
Americredit Automobile Receivables Trust, Series 04-BM, Class A4, 2.75%, 03/07/11		550,000		534,893
Americredit Automobile Receivables Trust, Series 04-DF, Class A3, 2.98%, 07/06/09		105,000		103,291
Bear Stearns Commercial Mortgage Securities, Series 04-PWR6, Class A4, 4.52%, 11/11/41		260,000		261,041
Bear Stearns Commercial Mortgage Securities, Series 05-PWR7, Class A3, 5.12%, 02/11/41		380,000		396,036
Bear Stearns Commercial Mortgage Securities, Series 05-T18, Class A4, 4.93%, 02/13/42		470,000		483,154
Capital Auto Receivables Asset Trust, Series 03-2, Class A, 1.96%, 01/15/09		275,000		267,731
Capital One Master Trust, Series 01-BA, Class A, 4.60%, 08/17/09		420,000		423,150

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
MORTGAGE-BACKED SECURITIES (continued)
Financial Services (continued)
Capital One Multi-Asset Execution Trust, Series 03-A4, Class A4, 3.65%, 07/15/11	520,000	$	513,999
Countrywide Alternative Loan Trust, Series 04-28CB, Class 3A1, 6.00%, 01/25/35	1,081,945		1,101,893
Countrywide Asset-Backed Certificates, Series 03-5, Class MF1, 5.41%, 01/25/34	180,000		181,817
Countrywide Home Loans, Series 04-28R, Class A1, 5.50%, 08/25/33	1,350,727		1,369,307
CS First Boston Mortgage Securities Corp., Series 01-CK1, Class A3, 6.38%, 12/16/35	270,000		294,381
CS First Boston Mortgage Securities Corp., Series 03-29, Class 7A1, 6.50%, 12/25/33	210,877		213,576
CS First Boston Mortgage Securities Corp., Series 03-C4, Class A4, 5.14%, 08/15/36	480,000		499,378
Daimler Chrysler Auto Trust, Series 03-A, Class A4, 2.88%, 10/08/09	100,000		98,869
Greenwich Capital Commercial Funding Corp., Series 04-GG1, Class A3, 4.34%, 06/10/36	1,185,000		1,188,842
Greenwich Capital Commercial Funding Corp., Series 05-GG3, Class A4, 4.80%, 08/10/42	535,000		544,444
Greenwich Capital Commercial Funding Corp., Series 05-GG3, Class AJ, 4.86%, 08/10/42	535,000		543,138
Honda Auto Receivables Owner Trust, Series 04-2, Class A3, 3.30%, 06/16/08	925,000		918,279

Shares or Principal Amount		Value
MORTGAGE-BACKED SECURITIES (continued)
Financial Services (continued)
Household Automotive Trust, Series 03-2, Class A4, 3.02%, 12/17/10	350,000	$	344,167
Household Automotive Trust, Series 04-1, Class A3, 3.30%, 05/18/09	670,000		664,412
Indymac Index Mortgage Loan Trust, Series 04-AR7, Class A1, 2.08%, 09/25/34	406,236		408,099
LB-UBS Commercial Mortgage Trust, Series 04-C2, Class A2, 3.25%, 03/01/29	410,000		396,683
LB-UBS Commercial Mortgage Trust, Series 05-C1, 4.74%, 02/06/30	485,000		491,085
Long Beach Mortgage Loan Trust, Series 03-4, Class AV3, 3.43%, 08/25/33	149,878		150,054
M&I Auto Loan Trust, Series 03-1, Class A4, 2.97%, 04/20/09	140,000		137,647
MBNA Credit Card Master Note Trust, Series 03-A1, Class A1, 3.30%, 07/15/10	485,000		476,721
Morgan Stanley Capital I, Series 04-HQ3, Class A2, 4.05%, 01/13/41	390,000		386,154
Morgan Stanley Capital I, Series 05, Class IQ9, 4.70%, 07/15/56	265,000		267,939
Morgan Stanley Dean Witter Capital I, Series 03-HQ2, Class A2, 4.92%, 03/12/35	250,000		256,603
Nissan Auto Receivables Owner Trust, Series 05-A, Class A4, 3.82%, 07/15/10	625,000		621,408
Onyx Acceptance Auto Trust, Series 03-C, Class A4, 2.66%, 05/17/10	200,000		196,275
Onyx Acceptance Auto Trust, Series 03-D, Class A4, 3.20%, 03/15/10	140,000		138,559

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
MORTGAGE-BACKED SECURITIES (continued)
Financial Services (continued)
Onyx Acceptance Auto Trust, Series 04-C, Class A4, 3.50%, 12/15/11	370,000	$	365,730
PSE&G Transition Funding LLC, Series 01-1, Class A6, 6.61%, 06/15/15	240,000		273,657
Residential Asset Securities Corp., Series 02-KS4, Class AIIB, 3.34%, 07/25/32	56,840		56,953
Residential Asset Securities Corp., Series 03-KS5, Class AIIB, 3.38%, 07/25/31	131,334		131,571
Residential Asset Securities Corp., Series 03-KS7, Class AI3, 3.37%, 11/25/28	225,000		223,787
SLM Student Loan Trust, Series 03-11, Class A5, 2.99%, 12/15/22	460,000		451,780
Toyota Auto Receivables Owner Trust, Series 03-B, Class A4, 2.79%, 01/15/10	500,000		492,362
Triad Auto Receivables Owner Trust, Series 03-B, Class A4, 3.20%, 12/13/10	235,000		231,713
Volkswagen Auto Lease Trust, Series 04-A, Class A3, 2.84%, 07/20/07	450,000		445,504
Volkswagen Auto Loan Enhanced Trust, Series 03-1, Class A4, 1.93%, 01/20/10	665,000		647,696
Volkswagen Auto Loan Enhanced Trust, Series 03-2, Class A4, 2.94%, 03/22/10	275,000		270,152
Wachovia Asset Securitization, Inc., Series 03-HE2, Class AII1, 3.35%, 07/25/33	205,360		205,892
Wachovia Bank Commercial Mortgage Trust, Series 05, Class C17, 5.08%, 03/15/42	550,000		571,373
WFS Financial Owner Trust, Series 03-4, Class A4, 3.15%, 05/20/11	180,000		178,097
			19,735,838

Shares or Principal Amount		Value
MORTGAGE-BACKED SECURITIES (continued)
Government National Mortgage Association (0.8%)
TBA, 5.50%, 07/01/34	1,800,000	$	1,837,688
Total Mortgage-Backed Securities			58,905,168
U.S. GOVERNMENT LONG-TERM OBLIGATIONS (1.0%)
U.S. Treasury Bonds (0.5%)
5.38%, 02/15/31	675,000		796,500
8.88%, 02/15/19 (c)	200,000		297,320
			1,093,820
U.S. Treasury Notes (0.5%)
3.75%, 05/15/08	420,000		420,919
3.63%, 06/15/10	320,000		318,600
4.25%, 08/15/14	95,000		97,271
4.13%, 05/15/15	465,000		471,794
			1,308,584
Total U.S. Government Long-Term Obligations			2,402,404
Total Investments (Cost $252,006,778) (a) — 114.8%			269,056,032
Liabilities in excess of other assets — (14.8%)			(34,784,221	)
NET ASSETS — 100.0%		$	234,271,811

(a) See notes to financial statements for unrealized appreciation (depreciation) of securities.

(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

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

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

Number of Contracts	Contracts	Expiration	Market Value Covered by Contracts		Unrealized Appreciation (Depreciation)
Long Contracts:
25	Euro Shatz Future	08/24/05	$	3,236,683	$	4,597
6	Euro Bond Future	08/24/05		897,094		1,502
4	U.S. 2 yr Note Future	08/26/05		830,750		(564	)
17	U.S. Treasury Lond Bond	08/26/05		2,018,750		19,940
12	U.S. Call Treasury Bond	08/26/05		16,313		7,693
53	90 Day Euro Dollar Future	03/13/06		12,721,325		838
Total Long Contracts			$	19,720,915	$	34,006
Short Contracts:
85	U.S. Treasury 5 yr Note Future	08/26/05	$	9,255,703	$	(26,188	)
3	U.S. Treasury 10 yr Note Future	08/26/05		340,406		527
22	Euro Bobl Future	09/12/05		3,080,000		(10,736	)
Total Short Contracts			$	12,676,109	$	(36,397	)

The following is a summary of option activity for the period ended June 30, 2005, by the Funds (amounts in thousands):

Covered Call Options	Shares Subject to Contract		Premiums
Balance at beginning of period	59		$	5,838
Options written	(114	)		(17,265	)
Options closed	292			24,694
Options expired	(352	)		(125	)
Options exercised	0			0
Options outstanding at end of period	(115	)	$	13,142

See notes to financial statements.

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Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $244,502,472)	$	261,551,726
Repurchase agreements, at cost and value		7,504,306
Total Investments		269,056,032
Interest and dividends receivable		552,292
Receivable for investments sold		26,135,659
Receivable from adviser		4,404
Receivable for variation margin on futures and options contracts		16,787
Prepaid expenses and other assets		5,794
Total Assets		295,770,968
Liabilities:
Securities sold short, at value (proceeds $88,629)		88,627
Payable to custodian		1,652,694
Payable for investments purchased		59,557,349
Payable for variation margin on futures and options contracts		20,999
Accrued expenses and other payables:
Investment advisory fees		139,775
Fund administration and transfer agent fees		11,089
Administrative servicing fees		26,143
Other		2,481
Total Liabilities		61,499,157
Net Assets	$	234,271,811
Represented by:
Capital	$	233,591,147
Accumulated net investment income (loss)		130,698
Accumulated net realized gain (losses) from investment, futures and foreign currency transactions		(16,496,746	)
Net unrealized appreciation (depreciation) on investments, futures and translation of assets and liabilities denominated in foreign currencies		17,046,712
Net Assets	$	234,271,811
Net Assets:
Class I Shares	$	184,873,212
Class IV Shares		49,398,599
Total	$	234,271,811
Shares outstanding (unlimited number of shares authorized):
Class I Shares		18,699,294
Class IV Shares		4,995,514
Total		23,694,808
Net asset value and offering price per share:*
Class I Shares	$	9.89
Class IV Shares	$	9.89

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	2,120,346
Dividend income (net of foreign withholding tax of $43)		1,249,146
Total Income		3,369,492
Expenses:
Investment advisory fees		841,218
Fund administration and transfer agent fees		92,942
Administrative servicing fees Class I Shares		133,335
Administrative servicing fees Class IV Shares		36,473
Other**		40,893
Total expenses before waived or reimbursed expenses		1,144,861
Expenses waived or reimbursed		(18,240	)
Total Expenses		1,126,621
Net Investment Income (Loss)		2,242,871
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		4,665,465
Net realized gains (losses) on futures		(100,754	)
Net realized gains (losses) on foreign currency transactions		1,008
Net realized gains (losses) on investment, futures, and foreign currency transactions		4,565,719
Net change in unrealized appreciation/depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies		(6,786,689	)
Net realized/unrealized gains (losses) on investments, futures, and foreign currencies		(2,220,970	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,901

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

18

GARTMORE VARIABLE INSURANCE TRUST

J.P. MORGAN GVIT BALANCED FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	2,242,871		$	4,591,873
Net realized gains (losses) on investment, futures and foreign currency transactions		4,565,719			11,990,499
Net change in unrealized appreciation/depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies		(6,786,689	)		2,486,354
Change in net assets resulting from operations		21,901			19,068,726
Distributions to Class I shareholders from:
Net investment income		(1,657,820	)		(3,580,406	)
Distributions to Class IV shareholders from:
Net investment income		(460,242	)		(1,007,550	)
Change in net assets from shareholder distributions		(2,118,062	)		(4,587,956	)
Change in net assets from capital transactions		(3,924,915	)		(7,054,409	)
Change in net assets		(6,021,076	)		7,426,361
Net Assets:
Beginning of period		240,292,887			232,866,526
End of period	$	234,271,811		$	240,292,887
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	9,350,895		$	19,002,819
Dividends reinvested		1,657,820			3,580,406
Cost of shares redeemed		(13,726,902	)		(26,796,507	)
		(2,718,187	)		(4,213,282	)
Class IV Shares
Proceeds from shares issued		1,145,589			3,240,774
Dividends reinvested		460,242			1,007,550
Cost of shares redeemed		(2,812,559	)		(7,089,451	)
		(1,206,728	)		(2,841,127	)
Change in net assets from capital transactions	$	(3,924,915	)	$	(7,054,409	)
SHARE TRANSACTIONS:
Class I Shares
Issued		951,340			2,015,476
Reinvested		169,321			372,177
Redeemed		(1,391,598	)		(2,816,399	)
		(270,937	)		(428,746	)
Class IV Shares
Issued		116,148			341,879
Reinvested		47,005			104,755
Redeemed		(285,610	)		(742,838	)
		(122,457	)		(296,204	)

See notes to financial statements.

19

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

J.P. Morgan GVIT Balanced Fund

			Investment Activities					Distributions								Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class I Shares
Year Ended December 31, 2000	$	10.31	0.28	(0.30	)	(0.02	)	(0.29	)	(0.29	)	$	10.00	(0.35%	)	$	112,577	0.90%		2.86%		1.07%		2.69%		252.43%
Year Ended December 31, 2001(c)	$	10.00	0.22	(0.60	)	(0.38	)	(0.22	)	(0.22	)	$	9.40	(3.77%	)	$	149,875	0.90%		2.34%		1.03%		2.21%		181.89%
Year Ended December 31, 2002	$	9.40	0.19	(1.34	)	(1.15	)	(0.19	)	(0.19	)	$	8.06	(12.31%	)	$	147,289	0.99%		2.22%		1.00%		2.21%		297.08%
Year Ended December 31, 2003	$	8.06	0.15	1.32		1.47		(0.15	)	(0.15	)	$	9.38	18.41%		$	182,056	0.98%		1.80%		(g	)	(g	)	310.16%
Year Ended December 31, 2004	$	9.38	0.19	0.60		0.79		(0.19	)	(0.19	)	$	9.98	8.49%		$	189,232	0.98%		1.96%		(g	)	(g	)	293.17%
Six Months Ended June 30, 2005 (Unaudited)	$	9.98	0.10	(0.10	)	0.00		(0.09	)	(0.09	)	$	9.89	0.00%	(e)	$	184,873	0.98%	(f)	1.91%	(f)	(g	)	(g	)	162.51%
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)	$	50,811	0.91%	(f)	1.79%	(f)	0.96%	(f)	1.74%	(f)	310.16%
Year Ended December 31, 2004	$	9.38	0.19	0.60		0.79		(0.19	)	(0.19	)	$	9.98	8.54%		$	51,061	0.91%		2.02%		0.98%		1.95%		293.17%
Six Months Ended June 30, 2005 (Unaudited)	$	9.98	0.10	(0.10	)	0.00		(0.09	)	(0.09	)	$	9.89	0.03%	(e)	$	49,399	0.91%	(f)	1.98%	(f)	0.98%	(f)	1.90%	(f)	162.51%

(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.

20

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, was subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 J.P.Morgan GVIT Balanced Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or 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 said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Trust’s 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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these securities is

21

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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.

(d) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund 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 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.

22

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(e) Mortgage Dollar Rolls

The Fund may enter into mortgage “dollar rolls” in which the 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 Fund. 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.

(f) 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.

(g) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(h) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$2,663,453	$	19,210,136	$	(4,824,335	)	$	14,385,801

(i) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

23

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders. In addition, GMF provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser, for the Fund. JPMorgan Investment Management, Inc. (the “subadviser”) manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

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

Fee Schedule	Total Fees	Fees Retained	Paid to Sub-adviser
Up to $100 million	0.75%	0.40%	0.35%
$100 million or more	0.70%	0.40%	0.30%

Effective May 1, 2005, GMF and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses from exceeding 0.91% for Class IV Shares until at least May 1, 2006.

GMF may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by GMF, respectively, pursuant to the Expense Limitation Agreement 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 the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by GMF is not permitted.

As of the six months ended June 30, 2005, the cumulative potential reimbursements for the Class IV shares of the Fund, based on reimbursements which expires within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by GMF would be:

Amount Fiscal Year 2003	Amount Fiscal Year 2004		Amount Six Months Ended April 30, 2005
$20,093	$	32,438	$	18,240

24

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I shares of the Fund and 0.20% of Class IV shares of the Fund.

4. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $379,164,736 and sales of $387,313,364.

25

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

5. Bank Loans

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

6. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)

26

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)

27

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

28

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

29

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association–College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

30

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

31

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President - Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

32

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

33

Gartmore GVIT Mid Cap Growth Fund

Semiannual Report

|  June 30, 2005

	Contents
5	Statement of Investments
7	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in New Assets
9	Financial Highlights
10	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Mid Cap Growth Fund

For the semiannual period ended June 30, 2005, the Gartmore GVIT Mid Cap Growth Fund returned 1.70% (Class I at NAV) versus 1.70% for its benchmark, the Russell Midcap^® Growth Index. For broader comparison, the average return for the Fund’s Lipper peer category of Mid-Cap Growth Funds was 0.32%.

Since 2005 began, significant contributors to the Fund’s performance have included exposure to the energy, consumer discretionary and health-care sectors. While the Fund’s energy segment has benefited from both strong stock selection and sector outperformance, we are particularly pleased with the stock selection in health care, an area of focus in the latter half of 2004. Stock selection was generally good across sectors with the exception of information technology, which was the most significant detractor from performance. Our overweight position in the underperforming technology sector was aggravated by poor stock selection. We should note, however, that negative stock selection has largely been concentrated to a few names within technology. We believe that our philosophy and strategy continue to work and that the Fund is well positioned for the second half of 2005.

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

PORTFOLIO MANAGER: Robert D. Glise

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

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

Russell Midcap^® Growth Index: An unmanaged index of mid-capitalization growth stocks of U.S. companies; measures the performance of the stocks of those Russell Midcap^® Index companies with higher price-to-book ratios and higher forecasted growth values, and gives a broad look at how the stock prices of medium-sized U.S. companies have performed.

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

1

Fund Performance Gartmore GVIT Mid Cap Growth Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Five years	Ten years
Class I2	1.70%	10.16%	6.92%	12.68%
Class II2	1.62%	10.04%	6.71%	12.42%
Class III2	1.70%	10.19%	6.94%	12.69%
Class IV3	1.70%	10.15%	6.93%	12.68%

* Not Annualized.

1 Not subject to any sales charges.

2 These returns until April 28, 2003 are based on the performance of the Portfolio which is the same as performance for the Class IV shares and which was achieved prior to the acquisition of the Portfolio’s assets by the Fund and restatement of the performance of Class I, Class II, Class III shares. Excluding the effect of fee waivers or reimbursements, such prior performance is similar to what Class I, Class II, and Class III shares would have produced because all classes of shares invest in the same portfolio of securities. Class II shares’ annual returns have been restated to reflect the additional fees applicable to Class II shares and therefore are lower than those of Class IV. For Class III shares, these returns do not reflect the short-term trading fees applicable to such shares; if these fees were reflected, the annual returns for Class III shares would have been lower.

3 The Fund’s predecessor, Market Street Mid Cap Growth Portfolio (the “Portfolio”), commenced operations on May 1, 1989. As of April 28, 2003, the Strong GVIT Mid Cap Growth Fund (renamed Gartmore GVIT Mid Cap Growth Fund) acquired all the assets, subject to stated liabilities, of the Portfolio. As a result, the performance of the Gartmore GVIT Mid Cap Growth Fund was restated to reflect the performance of the Portfolio because the Portfolio was the survivor for performance purposes. The performance of the Strong GVIT Mid Cap Growth Fund prior to April 28, 2003 is no longer reflected when performance is presented for the Fund.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class IV shares of the Gartmore GVIT Mid Cap Growth Fund, Russell Midcap Growth Index (Russell Midcap Growth)(a), and the Consumer Price Index (CPI)(b) over as 10-year period ended 06/30/05. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) The Russell Midcap Growth is an unmanaged index of mid-capitalization growth stocks of U.S. companies; measures the performance of the stocks of those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values, and gives a broad look at how the stock prices of medium-sized U.S. companies have performed.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2

Shareholder

Expense Example Gartmore GVIT Mid Cap Growth Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Mid Cap Growth Fund
Class I	Actual	$	1,000	$	1,017	$	4.95	0.99%
	Hypothetical1	$	1,000	$	1,020	$	4.97	0.99%
Class II	Actual	$	1,000	$	1,016	$	5.50	1.10%
	Hypothetical1	$	1,000	$	1,020	$	5.52	1.10%
Class III	Actual	$	1,000	$	1,017	$	4.95	0.99%
	Hypothetical1	$	1,000	$	1,020	$	4.97	0.99%
Class IV	Actual	$	1,000	$	1,017	$	4.75	0.95%
	Hypothetical1	$	1,000	$	1,020	$	4.77	0.95%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

3

Portfolio Summary

Gartmore GVIT Mid Cap Growth Fund (June 30, 2005)

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

Asset Allocation
Common Stocks	99.6%
Cash Equivalents	1.2%
Other Investments*	19.9%
Liabilities in excess of other assets**	-20.7%
	100.0%

Top Holdings***
L-3 Communications Holdings, Inc.	3.8%
Investors Financial Services Corp.	2.9%
Corporate Executive Board Co.	2.9%
Amphenol Corp., Class A	2.4%
EOG Resources, Inc.	2.3%
Invitrogen Corp.	2.1%
Alliance Data Systems Corp.	2.0%
Marvel Technology Group Ltd.	2.0%
XTO Energy, Inc.	2.0%
Kos Pharmaceuticals, Inc.	1.9%
Other Holdings	75.7%
	100.0%

Top Industries
Computer Software & Services	11.9%
Medical Products & Services	8.8%
Retail	8.5%
Oil & Gas	7.7%
Electronics	6.4%
Telecommunications	6.2%
Semiconductors	5.8%
Consumer Products	5.5%
Consumer & Commercial Services	4.7%
Financial Services	4.4%
Other Industries	30.1%
	100.0%

* Includes value of collateral received from securities lending.

** Includes value of collateral owed from securities lending.

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

4

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT MID CAP GROWTH FUND

Statement of Investments — June 30, 2005 (Unaudited)

Shares or Principal Amount		Value
COMMON STOCKS (99.6%)
Aerospace & Defense (3.8%)
L-3 Communications Holdings, Inc.	116,000	$	8,883,280
Banks (4.0%)
City National Corp.	46,700		3,348,857
North Fork Bancorp, Inc.	101,800		2,859,562
Zions Bancorp	45,000		3,308,850
			9,517,269
Business Services (4.2%)
ChoicePoint, Inc. (b)	78,566		3,146,568
Corporate Executive Board Co.	85,800		6,720,714
			9,867,282
Computer Software & Services (11.9%)
Business Objectives S.A. ADR-FR (b)	127,800		3,361,140
CACI International, Inc., Class A (b)	34,774		2,196,326
eResearch Technology, Inc. (b)	154,500		2,068,755
Factset Research Systems, Inc.	92,450		3,313,408
Fiserv, Inc. (b)	79,500		3,414,525
Henry ( Jack) & Associates, Inc.	123,400		2,259,454
InfoSpace, Inc. (b)	50,700		1,669,551
Intuit, Inc. (b)	69,600		3,139,656
Mercury Interactive Corp. (b)	111,700		4,284,812
Navteq Corp. (b)	63,100		2,346,058
			28,053,685
Construction (1.4%)
D.R. Horton, Inc.	89,533		3,367,336
Consumer & Commercial Services (4.7%)
Alliance Data Systems Corp. (b)	120,300		4,879,368
Rollins, Inc.	164,550		3,297,582
Total System Services, Inc.	121,600		2,930,560
			11,107,510
Consumer Products (5.5%)
Ball Corp.	52,800		1,898,688
Church & Dwight, Inc.	60,900		2,204,580
Fortune Brands, Inc.	40,300		3,578,640
Gildan Activewear, Inc., Class A (b)	108,000		2,845,800
Jarden Corp. (b)	44,900		2,421,008
			12,948,716

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Electronics (6.4%)
Amphenol Corp., Class A	138,700	$	5,571,579
Cabot Microelectronics Corp. (b)	76,900		2,229,331
Jabil Circuit, Inc. (b)	127,900		3,930,367
Microchip Technology, Inc.	110,700		3,278,934
			15,010,211
Financial Services (4.4%)
Ameritrade Holdings Corp. (b)	188,000		3,494,920
Investors Financial Services Corp.	182,900		6,917,278
			10,412,198
Gaming & Leisure (2.5%)
Penn National Gaming, Inc. (b)	103,100		3,763,150
Scientific Games Corp. (b)	76,700		2,065,531
			5,828,681
Healthcare (3.2%)
Express Scripts, Inc. (b)	76,000		3,798,480
St. Jude Medical, Inc. (b)	86,400		3,767,904
			7,566,384
Instruments—Scientific (0.8%)
Waters Corp. (b)	50,400		1,873,368
Medical Products & Services (8.8%)
Biomet, Inc.	58,990		2,043,414
Charles River Laboratories International, Inc. (b)	81,400		3,927,550
Fisher Scientific International, Inc. (b)	64,300		4,173,070
Invitrogen Corp. (b)	60,600		5,047,374
Kinetic Concept, Inc. (b)	30,453		1,827,180
ResMed, Inc. (b)	58,100		3,834,019
			20,852,607
Oil & Gas (7.7%)
EOG Resources, Inc.	93,500		5,310,800
Kinder Morgan, Inc.	45,400		3,777,280
Patterson-UTI Energy, Inc.	151,300		4,210,679
XTO Energy, Inc.	141,030		4,793,610
			18,092,369
Pharmaceuticals (3.4%)
IVAX Corp. (b)	158,050		3,398,075
Kos Pharmaceuticals, Inc. (b)	69,000		4,519,500
			7,917,575

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT MID CAP GROWTH FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Retail (8.5%)
Bed, Bath & Beyond, Inc. (b)	73,200	$	3,058,296
Cabelas, Inc. (b)	101,000		2,157,360
Coach, Inc. (b)	118,800		3,988,116
Office Depot, Inc. (b)	129,500		2,957,780
Staples, Inc.	189,150		4,032,678
Williams Sonoma, Inc. (b)	98,400		3,893,688
			20,087,918
Schools (1.4%)
Education Management Corp. (b)	97,100		3,275,183
Security & Commodity Exchanges (1.2%)
Chicago Mercantile Exchange	9,300		2,748,150
Semiconductors (5.8%)
KLA-Tencor Corp.	76,900		3,360,530
Marvel Technology Group Ltd. (b)	126,100		4,796,844
QLogic Corp. (b)	69,400		2,142,378
Sigmatel, Inc. (b)	63,900		1,096,524
Tessera Technologies, Inc. (b)	68,501		2,288,618
			13,684,894
Telecommunications (6.2%)
Amdocs Ltd. (b)	96,400		2,547,852
Avid Technology, Inc. (b)	48,700		2,594,736
Comverse Technology, Inc. (b)	123,300		2,916,045
Flir Systems, Inc. (b)	76,100		2,270,824
Neustar, Inc. (b)	74,900		1,917,440
NII Holdings, Inc. (b)	38,300		2,448,902
			14,695,799
Transportation (2.5%)
Knight Transportation, Inc.	136,800		3,328,344
Oshkosh Truck Corp.	31,500		2,465,820
			5,794,164
Waste Disposal (1.3%)
Stericycle, Inc. (b)	63,100		3,175,192
Total Common Stocks			234,759,771

Shares or Principal Amount			Value
CASH EQUIVALENTS (1.2%)
Investments in repurchase agreements (Collateralized by AA Corporate Bonds, in a joint trading account at 3.34%, dated 06/30/05, due 07/01/05, repurchase price $2,770,346)	$	2,770,089	$	2,770,089
Total Cash Equivalents				2,770,089
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (19.9%)
Pool of short-term securities for Gartmore Variable Insurance Trust Funds — note 2 (Securities Lending)		47,023,286		47,023,286
Total Short-term Securities Held as Collateral for Securities Lending				47,023,286
Total Investments (Cost $238,855,508) (a) — 120.7%				284,553,146
Liabilities in excess of other assets — (20.7%)				(48,791,818	)
NET ASSETS — 100.0%			$	235,761,328

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(b) Denotes a non-income producing security.

ADR American Depositary Receipt

FR France

See notes to financial statements.

6

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT MID CAP GROWTH FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $236,085,419)	$	281,783,057
Repurchase agreements, at cost and value		2,770,089
Total Investments		284,553,146
Interest and dividends receivable		36,273
Receivable from adviser		7,574
Prepaid expenses and other assets		17,985
Total Assets		284,614,978
Liabilities:
Payable for investments purchased		1,647,800
Payable for return of collateral received for securities on loan		47,023,286
Accrued expenses and other payables:
Investment advisory fees		142,109
Fund administration and transfer agent fees		7,075
Distribution fees		3,234
Administrative servicing fees		23,528
Other		6,618
Total Liabilities		48,853,650
Net Assets	$	235,761,328
Represented by:
Capital	$	329,391,085
Accumulated net investment income (loss)		(504,866	)
Accumulated net realized gain (losses) from investments		(138,822,529	)
Net unrealized appreciation (depreciation) on investments		45,697,638
Net Assets	$	235,761,328
Net Assets:
Class I Shares	$	125,283,699
Class II Shares		16,296,326
Class III Shares		1,147,298
Class IV Shares		93,034,005
Total	$	235,761,328
Shares outstanding (unlimited number of shares authorized):
Class I Shares		4,980,462
Class II Shares		649,502
Class III Shares		45,555
Class IV Shares		3,695,845
Total		9,371,364
Net asset value and offering price per share:*
Class I Shares	$	25.16
Class II Shares	$	25.09
Class III Shares	$	25.19
Class IV Shares	$	25.17

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	33,748
Dividend income		537,396
Income from securities lending		61,146
Total Income		632,290
Expenses:
Investment advisory fees		861,230
Fund administration and transfer agent fees		75,919
Distribution fees Class II Shares		18,308
Administrative servicing fees Class I Shares		90,993
Administrative servicing fees Class III Shares		821
Administrative servicing fees Class IV Shares		65,068
Other**		42,591
Total expenses before waived or reimbursed expenses		1,154,930
Expenses waived or reimbursed		(17,774	)
Total Expenses		1,137,156
Net Investment Income (Loss)		(504,866	)
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		12,440,484
Net change in unrealized appreciation/depreciation on investments		(9,032,284	)
Net realized/unrealized gains (losses) on investments		3,408,200
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,903,334

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

7

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT MID CAP GROWTH FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	(504,866	)	$	(1,153,768	)
Net realized gains (losses) on investment transactions		12,440,484			25,538,903
Net change in unrealized appreciation/depreciation on investments		(9,032,284	)		8,966,217
Change in net assets resulting from operations		2,903,334			33,351,352
Change in net assets from capital transactions		(27,765,374	)		(2,995,098	)
Change in net assets		(24,862,040	)		30,356,254
Net Assets:
Beginning of period		260,623,368			230,267,114
End of period	$	235,761,328		$	260,623,368
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	12,853,657		$	38,341,745
Cost of shares redeemed		(38,018,062	)		(45,510,061	)
		(25,164,405	)		(7,168,316	)
Class II Shares
Proceeds from shares issued		4,882,247			13,422,296
Cost of shares redeemed		(3,173,453	)		(3,215,596	)
		1,708,794			10,206,700
Class III Shares
Proceeds from shares issued		413,594			1,498,724
Cost of shares redeemed		(468,480	)		(1,085,441	)
		(54,886	)		413,283
Class IV Shares
Proceeds from shares issued		2,305,809			7,463,201
Cost of shares redeemed		(6,560,686	)		(13,909,966	)
		(4,254,877	)		(6,446,765	)
Change in net assets from capital transactions	$	(27,765,374	)	$	(2,995,098	)
SHARE TRANSACTIONS:
Class I Shares
Issued		532,033			1,698,608
Redeemed		(1,587,286	)		(2,087,533	)
		(1,055,253	)		(388,925	)
Class II Shares
Issued		204,053			610,830
Redeemed		(131,968	)		(144,863	)
		72,085			465,967
Class III Shares
Issued		17,060			68,618
Redeemed		(19,533	)		(49,838	)
		(2,473	)		18,780
Class IV Shares
Issued		95,536			340,335
Redeemed		(272,246	)		(634,507	)
		(176,710	)		(294,172	)

See notes to financial statements.

8

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Mid Cap Growth Fund

			Investment Activities						Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class I Shares
Period Ended December 31, 2003(c)	$	16.53	(0.07	)	4.99		4.92		—		—		—		$	21.45	29.76%	(e)	$	137,837	0.98%	(f)	(0.49%	)(f)	(g	)	(g	)	109.73%
Year Ended December 31, 2004	$	21.45	(0.11	)	3.40		3.29		—		—		—		$	24.74	15.34%		$	149,324	0.98%		(0.51%	)	(g	)	(g	)	90.14%
Six Months Ended June 30, 2005 (Unaudited)	$	24.74	(0.06	)	0.48		0.42		—		—		—		$	25.16	1.70%	(e)	$	125,284	0.99%	(f)	(0.44%	)(f)	(g	)	(g	)	27.36%
Class II Shares
Period Ended December 31, 2003(c)	$	16.77	(0.03	)	4.69		4.66		—		—		—		$	21.43	27.79%	(e)	$	2,388	1.17%	(f)	(0.64%	)(f)	(g	)	(g	)	109.73%
Year Ended December 31, 2004	$	21.43	(0.09	)	3.35		3.26		—		—		—		$	24.69	15.21%		$	14,256	1.08%		(0.61%	)	(g	)	(g	)	90.14%
Six Months Ended June 30, 2005 (Unaudited)	$	24.69	(0.06	)	0.46		0.40		—		—		—		$	25.09	1.62%	(e)	$	16,296	1.10%	(f)	(0.55%	)(f)	(g	)	(g	)	27.36%
Class III Shares
Period Ended December 31, 2003(c)	$	16.53	(0.03	)	4.98		4.95		—		—		—		$	21.48	29.95%	(e)	$	628	0.98%	(f)	(0.48%	)(f)	(g	)	(g	)	109.73%
Year Ended December 31, 2004	$	21.48	(0.10	)	3.39		3.29		—		—		—		$	24.77	15.32%		$	1,190	0.98%		(0.50%	)	(g	)	(g	)	90.14%
Six Months Ended June 30, 2005 (Unaudited)	$	24.77	(0.05	)	0.47		0.42		—		—		—		$	25.19	1.70%	(e)	$	1,147	0.99%	(f)	(0.45%	)(f)	(g	)	(g	)	27.36%
Class IV Shares(d)
Year Ended December 31, 2000	$	21.97	0.18		7.48		7.66		(0.11	)	(1.81	)	(1.92	)	$	27.71	38.24%		$	98,969	0.53%		0.81%		0.53%		0.81%		68.00%
Year Ended December 31, 2001	$	27.71	(0.07	)	(1.00	)	(1.07	)	(0.18	)	(6.45	)	(6.63	)	$	20.01	(3.36%	)	$	98,214	0.92%		(0.37%	)	1.01%		(0.46%	)	135.00%
Year Ended December 31, 2002	$	20.01	(0.11	)	(4.35	)	(4.46	)	—		(0.09	)	(0.09	)	$	15.46	(22.38%	)	$	70,669	0.95%		(0.61%	)	1.00%		(0.66%	)	64.00%
Year Ended December 31, 2003	$	15.46	(0.10	)	6.10		6.00		—		—		—		$	21.46	38.81%		$	89,413	0.95%		(0.51%	)	1.02%		(0.58%	)	109.73%
Year Ended December 31, 2004	$	21.46	(0.11	)	3.40		3.29		—		—		—		$	24.75	15.33%		$	95,854	0.95%		(0.48%	)	0.98%		(0.51%	)	90.14%
Six Months Ended June 30, 2005 (Unaudited)	$	24.75	(0.05	)	0.47		0.42		—		—		—		$	25.17	1.70%	(e)	$	93,034	0.95%	(f)	(0.41%	)(f)	0.99%	(f)	(0.45%	)(f)	27.36%

(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.

9

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, was subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT Mid Cap Growth Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these 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

10

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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 also may 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 counties.

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

11

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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, the 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.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund 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 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.

(g) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the 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 the Fund.

(h) 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.

(i) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

The cash collateral received by the Fund was pooled and, at June 30, 2005, was invested in the following:

Security Type	Security Name	Market Value		Maturity Rate	Maturity Date
Commercial Paper	MacQuarie Bank Ltd.	$	2,996,208	3.25%	07/01/05
Funding Agreement	Protective Life Insurance Company		10,000,000	3.31%	07/29/05
Medium Term Note — Floating	Deutsche Bank Financial		3,000,000	3.57%	07/01/05
Medium Term Note — Floating	General Electric Capital Corp.		2,000,342	3.37%	09/08/05
Medium Term Note — Floating	Northern Rock PLC		14,000,000	3.41%	09/09/05
Repurchase Agreements	Nomura Securities		15,070,477	3.48%	07/01/05

As of June 30, 2005, the Fund had securities with the following market values on loan:

Market Value of Loaned Securities		Market Value of Collateral
$	45,875,262	$	47,023,286

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(k) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$362,393	$	49,872,450	$	(4,537,205	)	$	45,335,245

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GMF”). GMF 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.

Under the terms of the Investment Advisory Agreement, the Fund pays GMF an investment advisory fee based on the Fund’s average daily net assets and the following schedule:

Fee Schedule	Fees
Up to $200 million	0.75%
$200 million or more	0.70%

Effective May 1, 2005, GMF and the Fund have entered into a written contract (“Expense Limitation Agreement”) limiting operating expenses from exceeding 0.95% for Class IV Shares until at least May 1, 2006.

GMF may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by GMF, respectively, pursuant to the Expense Limitation Agreement 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 the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by GMF is not permitted.

As of the six months ended June 30, 2005, the cumulative potential reimbursements for the Class IV shares of the Fund, based on reimbursements which expires within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by GMF would be:

Amount Fiscal Year 2003	Amount Fiscal Year 2004		Amount Six Months Ended April 30, 2005
$56,667	$	26,956	$	17,774

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

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

4. Short-Term Trading Fees

The Fund reserves 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, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $64,308,463 and sales of $91,472,852.

6. Bank Loans

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

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)

16

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)

17

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

18

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

19

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

20

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

21

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President - Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

22

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

23

Van Kampen GVIT Comstock Value Fund

Semiannual Report

|  June 30, 2005

	Contents
5	Statement of Investments
8	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in New Assets
11	Financial Highlights
12	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Van Kampen GVIT Comstock Value Fund

For the semiannual period ended June 30, 2005, the Van Kampen GVIT Comstock Value Fund returned -1.04% (Class I at NAV) versus -0.81% for its benchmark, the S&P 500^® Index. For broader comparison, the average return for the Fund’s Lipper peer category of Equity Income Funds was 0.72%.

Caution was the prevailing sentiment driving the stock market during the reporting period. Among investors’ chief concerns were high oil prices and rising interest rates, and the extent to which these pressures would affect future economic growth. Nevertheless, the economy continued to show signs of moderate growth, corporate earnings were generally good, and consumer confidence improved. Overall investor sentiment became more optimistic with the belief that the Federal Reserve Board was nearly finished raising the federal funds target rate. Against this backdrop, value stocks outperformed growth stocks during the reporting period, though neither style’s absolute returns, nor the market’s average returns, were particularly compelling.

Given our strict “bottom-up” approach to investing—a strategy that involves considering companies simply on their own merit, without regard to their given industries/sectors or the current economic conditions—all sector decisions are a result of our individual stock selections rather than a macroeconomic or broad sector call. The Fund lagged the Index primarily in the Fund’s considerable materials sector overweight relative to the Index. Materials stocks also represented the Fund’s largest detractor on an absolute basis. Paper stocks fell short in the wake of a challenging environment during the past 12 months. Specifically, soaring energy and commodity costs required to produce paper have cut into these companies’ profit margins. In addition, due to overcapacity in the industry, pricing power has been relatively sluggish. We are patient, however, and continue to monitor the situation carefully.

Relative to the benchmark, the largest contributors to the Fund’s performance were its underweights in technology and industrials, both weak-performing groups in the market. These sectors represented a very small portion of the Fund, and therefore the Fund’s exposure to downside performance in them was minimal. In our view, neither sector had produced any compelling investment opportunities in the recent past. In terms of absolute performance, the Fund’s energy stocks boosted overall returns. High oil prices continued to support a very favorable environment for many crude oil-related companies. Health care and utility holdings rounded out the Fund’s strong performers.

The most notable portfolio activity during the reporting period was our aggressive reduction of energy positions; many of these companies have approached or reached what we consider their fair valuations. We continued to maintain the Fund’s pharmaceuticals holdings, because our long-term view has not been altered by the negative sentiment that plagues that segment of the market. We selectively added to media companies that were attractively valued by our measures. As the market has recovered during the past few years, more stocks have become fully valued, leaving fewer that meet the Fund’s investment criteria.

We remain committed to the Fund’s discipline of seeking well-established, attractively valued companies. Within the portfolio, we continue to incorporate stocks with reasonable valuations relative to our assessment of their fair value. If valuations revert to the mean and prices approach fair value, we are likely to reduce some positions in favor of more attractive names.

PORTFOLIO MANAGERS: B. Robert Baker Jr., Jason S. Leder, Kevin C. Holt

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

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

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

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

1

Fund Performance Van Kampen GVIT Comstock Value Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Five years	Inception2
Class I3	-1.04%	10.91%	-2.46%	2.93%
Class II4	-1.17%	10.58%	-2.58%	2.76%
Class IV4	-0.94%	10.93%	-2.45%	2.93%

* Not Annualized.

1 Not subject to any sales charges.

2 The Fund commenced operations on October 31, 1997. This performance includes performance for a period (prior to May 1, 2002) when the Fund’s previous subadviser managed the Fund.

3 The existing shares of the Fund were designated Class I shares as of May 1, 2001.

4 These returns until the creation of the Class II shares (March 28, 2003) and Class IV shares (April 28, 2003) are based on the performance of the Class I shares of the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class II and Class IV shares would have produced because all classes of shares invest in the same portfolio of securities. Class II shares’ annual returns have been restated to reflect the additional fees applicable to Class II and therefore are lower than the annual returns of Class I.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class I shares of the Van Kampen GVIT Comstock Value Fund, the Standard & Poor’s 500 Index (S&P 500)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike, the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) S&P 500 is an unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2

Shareholder

Expense Example Van Kampen GVIT Comstock Value Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Value Fund
Class I	Actual	$	1,000	$	990	$	4.59	0.93%
	Hypothetical1	$	1,000	$	1,020	$	4.67	0.93%
Class II	Actual	$	1,000	$	988	$	6.06	1.23%
	Hypothetical1	$	1,000	$	1,019	$	6.18	1.23%
Class IV	Actual	$	1,000	$	991	$	4.49	0.91%
	Hypothetical1	$	1,000	$	1,020	$	4.57	0.91%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

3

Portfolio Summary

(June 30, 2005) Van Kampen GVIT Comstock Value Fund

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

Asset Allocation
Common Stocks	91.1%
Cash Equivalents	8.8%
Other Investments*	7.5%
Liabilities in excess of other assets**	-7.4%
	100.0%

Top Holdings***
GlaxoSmithKline PLC ADR-GB	4.7%
Freddie Mac	3.9%
Bristol-Myers Squibb Co.	3.3%
International Paper Co.	3.1%
Bank of America Corp.	3.1%
Verizon Communications, Inc.	3.0%
SBC Communications, Inc.	2.8%
Citigroup, Inc.	2.5%
Georgia Pacific Corp.	2.3%
Halliburton Co.	2.2%
Other Holdings	69.1%
	100.0%

Top Industries
Pharmaceuticals	14.4%
Banks	11.3%
Telecommunications	7.9%
Financial Services	6.0%
Broadcast Media / Cable Television	5.8%
Paper & Forest Products	5.4%
Insurance	5.3%
Oil & Gas	5.1%
Food & Related	4.5%
Utilities	4.1%
Other Industries	30.2%
	100.0%

* Includes value of collateral received from securities lending.

** Includes value of collateral owed from securities lending.

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

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GARTMORE VARIABLE INSURANCE TRUST

VAN KAMPEN GVIT COMSTOCK VALUE FUND

Statement of Investments — June 30, 2005 (Unaudited)

Shares or Principal Amount		Value
COMMON STOCKS (91.1%)
Airlines (0.3%)
Southwest Airlines	43,100	$	600,383
Banks (11.3%)
Bank of America Corp.	137,434		6,268,364
Bank of New York Co., Inc.	59,900		1,723,922
Citigroup, Inc.	109,900		5,080,677
J.P. Morgan Chase & Co.	45,100		1,592,932
PNC Bank Corp.	47,700		2,597,742
Suntrust Banks, Inc.	4,400		317,856
Wachovia Corp.	28,505		1,413,848
Wells Fargo & Co.	67,700		4,168,966
			23,164,307
Broadcast Media & Cable Television (5.8%)
Clear Channel Communications, Inc.	139,900		4,327,107
Liberty Media Corp., Class A (b)	286,600		2,920,454
Time Warner, Inc. (b)	147,600		2,466,396
Viacom, Inc., Class B	66,100		2,116,522
			11,830,479
Chemicals (2.7%)
Dow Chemical Co.	40,700		1,812,371
E.I. du Pont de Nemours & Co.	87,900		3,780,579
			5,592,950
Chemicals & Diversified (0.7%)
Rohm & Haas Co.	29,300		1,357,762
Computer Hardware (1.3%)
Hewlett-Packard Co.	58,900		1,384,739
International Business Machines Corp.	7,700		571,340
Lexmark International Group, Inc., Class A (b)	9,195		596,112
			2,552,191
Computer Software & Services (2.4%)
Affiliated Computer Services, Inc., Class A (b)	31,300		1,599,430
Check Point Software Technologies Ltd. ADR-IL (b)	7,800		154,440
Cisco Systems, Inc. (b)	34,600		661,206
First Data Corp.	22,400		899,136
Microsoft Corp.	26,200		650,808
SunGard Data Systems, Inc. (b)	28,300		995,311
			4,960,331

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Consumer Products (2.4%)
Kimberly-Clark Corp.	60,200	$	3,767,918
Mattel, Inc.	57,000		1,043,100
			4,811,018
Electronics (0.6%)
Cognex Corp.	15,300		400,707
Credence Systems Corp. (b)	32,000		289,600
Flextronics International Ltd. ADR-SG (b)	36,800		486,128
Jabil Circuit, Inc. (b)	1,953		60,016
			1,236,451
Entertainment (1.5%)
Walt Disney Co. (The)	120,525		3,034,820
Financial Services (6.0%)
AMBAC Financial, Inc.	14,150		987,104
Capital One Financial Corp.	3,100		248,031
Fannie Mae	12,050		703,720
Freddie Mac	121,300		7,912,399
Lehman Brothers Holdings, Inc.	9,500		943,160
Merrill Lynch & Co., Inc.	24,700		1,358,747
			12,153,161
Food & Related (4.5%)
Coca-Cola Co.	60,700		2,534,225
Kraft Foods, Inc.	81,000		2,576,610
Unilever NV ADR-NL	63,200		4,097,256
			9,208,091
Insurance (5.3%)
American International Group, Inc.	23,300		1,353,730
Assurant, Inc.	12,300		444,030
Berkshire Hathaway, Inc., Class B (b)	110		306,185
Chubb Corp. (The)	40,850		3,497,168
Genworth Financial, Inc.	30,400		918,992
Hartford Financial Services Group, Inc. (The)	7,400		553,372
MetLife, Inc.	21,200		952,728
RenaissanceRe Holdings Ltd.	4,300		211,732
St. Paul Travelers Cos., Inc.	22,262		880,017
Torchmark Corp.	32,900		1,717,380
			10,835,334
Insurance & Life (0.3%)
AFLAC, Inc.	12,200		528,016

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GARTMORE VARIABLE INSURANCE TRUST

VAN KAMPEN GVIT COMSTOCK VALUE FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Metals & Mining (1.8%)
Alcoa, Inc.	140,500	$	3,671,265
Oil & Gas (5.1%)
ConocoPhillips	19,074		1,096,564
Global Santa Fe Corp.	24,900		1,015,920
Halliburton Co.	94,576		4,522,625
Petroleo Brasileiro SA ADR-BR	2,254		117,501
Petroleo Brasileiro SA ADR-BR	15,000		690,600
Schlumberger Ltd.	6,800		516,392
Total SA ADR-FR	20,100		2,348,685
			10,308,287
Paper & Forest Products (5.4%)
Georgia Pacific Corp.	148,300		4,715,940
International Paper Co.	209,236		6,321,020
			11,036,960
Pharmaceuticals (14.4%)
AmerisourceBergen Corp.	27,500		1,901,625
Bristol-Myers Squibb Co.	266,900		6,667,162
GlaxoSmithKline PLC ADR-GB	197,800		9,595,277
Pfizer, Inc.	101,647		2,803,424
Roche Holding AG ADR-CH	43,300		2,741,107
Sanofi-Aventis ADR-FR	33,400		1,369,066
Schering-Plough Corp.	108,500		2,068,010
Wyeth	55,300		2,460,850
			29,606,521
Photographic Equipment Supplies (0.5%)
Eastman Kodak Co.	39,400		1,057,890
Restaurants (0.4%)
McDonald’s Corp.	27,400		760,350
Retail (3.8%)
Best Buy Co., Inc.	12,000		822,600
Federated Department Stores, Inc.	15,000		1,099,200
Jones Apparel Group, Inc.	47,400		1,471,296
May Department Stores Co. (The)	25,700		1,032,112
Wal-Mart Stores, Inc.	71,000		3,422,200
			7,847,408

Shares or Principal Amount			Value
COMMON STOCKS (continued)
Semiconductors (0.1%)
Intel Corp.		3,500	$	91,210
Novellus Systems, Inc. (b)		3,800		93,898
				185,108
Telecommunications (7.9%)
SBC Communications, Inc.		246,000		5,842,500
Sprint Corp.		167,020		4,190,532
Verizon Communications, Inc.		178,800		6,177,540
				16,210,572
Telecommunications Equipment (0.4%)
Andrew Corp. (b)		4,600		58,696
Ericsson ADR-SE		11,000		351,450
Nokia Corp. ADR-FI		23,100		384,384
				794,530
Tobacco (2.1%)
Altria Group, Inc.		66,250		4,283,725
Utilities (4.1%)
American Electric Power Co., Inc.		44,740		1,649,564
Constellation Energy Group, Inc.		26,800		1,546,092
Dominion Resources, Inc.		22,700		1,665,953
FirstEnergy Corp.		49,200		2,367,012
Public Service Enterprise Group, Inc.		20,000		1,216,400
				8,445,021
Total Common Stocks				186,072,931
CASH EQUIVALENTS (8.8%)
Investments in repurchase agreements (Collateralized by AA Corporate Bonds, in a joint trading account at 3.34%, dated 06/30/05, due 07/01/05, repurchase price $17,904,560)	$	17,902,899		17,902,899
Total Cash Equivalents				17,902,899

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GARTMORE VARIABLE INSURANCE TRUST

VAN KAMPEN GVIT COMSTOCK VALUE FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (7.5%)
Pool of short-term securities for Gartmore Variable Insurance Trust Funds — note 2 (Securities Lending)	$	15,316,894	$	15,316,894
Total Short-Term Securities Held as Collateral for Securities Lending				15,316,894
Total Investments (Cost $202,448,938) (a) — 107.4%				219,292,724
Liabilities in excess of other assets — (7.4)%				(15,174,207	)
NET ASSETS — 100.0%			$	204,118,517

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(b) Denotes a non-income producing security.

ADR American Depositary Receipt

BR Brazil

CH Switzerland

FI Finland

FR France

GB United Kingdom

IL Israel

NL Netherlands

SE Sweden

SG Singapore

See notes to financial statements.

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GARTMORE VARIABLE INSURANCE TRUST

VAN KAMPEN GVIT COMSTOCK VALUE FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $184,546,039)	$	201,389,825
Repurchase agreements, at cost and value		17,902,899
Total Investments		219,292,724
Interest and dividends receivable		416,903
Receivable for investments sold		86,548
Prepaid expenses and other assets		13,417
Total Assets		219,809,592
Liabilities:
Payable to custodian		8,858
Payable for investments purchased		205,702
Payable for return of collateral received for securities on loan		15,316,894
Accrued expenses and other payables:
Investment advisory fees		116,064
Fund administration and transfer agent fees		6,223
Distribution fees		8,702
Administrative servicing fees		25,527
Other		3,105
Total Liabilities		15,691,075
Net Assets	$	204,118,517
Represented by:
Capital	$	190,514,892
Accumulated net investment income (loss)		107,154
Accumulated net realized gain (losses) from investments		(3,347,315	)
Net unrealized appreciation (depreciation) on investments		16,843,786
Net Assets	$	204,118,517
Net Assets:
Class I Shares	$	107,201,343
Class II Shares		42,729,224
Class IV Shares		54,187,950
Total	$	204,118,517
Shares outstanding (unlimited number of shares authorized):
Class I Shares		9,473,249
Class II Shares		3,784,567
Class IV Shares		4,788,565
Total		18,046,381
Net asset value and offering price per share:*
Class I Shares	$	11.32
Class II Shares	$	11.29
Class IV Shares	$	11.32

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	210,626
Dividend income		2,406,924
Income from securities lending		17,400
Total Income		2,634,950
Expenses:
Investment advisory fees		685,038
Fund administration and transfer agent fees		65,593
Distribution fees Class II Shares		47,613
Administrative servicing fees Class I Shares		77,751
Administrative servicing fees Class II Shares		47,613
Administrative servicing fees Class IV Shares		33,481
Other**		34,617
Total expenses before waived or reimbursed expenses		991,706
Expenses waived or reimbursed		(10,247	)
Total Expenses		981,459
Net Investment Income (Loss)		1,653,491
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		9,243,652
Net change in unrealized appreciation/depreciation on investments		(13,032,071	)
Net realized/unrealized gains (losses) on investments		(3,788,419	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,134,928	)

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

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GARTMORE VARIABLE INSURANCE TRUST

VAN KAMPEN GVIT COMSTOCK VALUE FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	1,653,491		$	2,070,287
Net realized gains (losses) on investment transactions		9,243,652			13,939,924
Net change in unrealized appreciation/depreciation on investments		(13,032,071	)		10,570,832
Change in net assets resulting from operations		(2,134,928	)		26,581,043
Distributions to Class I shareholders from:
Net investment income		(853,509	)		(1,139,895	)
Distributions to Class II shareholders from:
Net investment income		(266,690	)		(238,831	)
Distributions to Class IV shareholders from:
Net investment income		(436,195	)		(681,504	)
Change in net assets from shareholder distributions		(1,556,394	)		(2,060,230	)
Change in net assets from capital transactions		5,612,480			60,997,172
Change in net assets		1,921,158			85,517,985
Net Assets:
Beginning of period		202,197,359			116,679,374
End of period	$	204,118,517		$	202,197,359
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	11,918,720		$	42,512,463
Dividends reinvested		853,509			1,139,895
Cost of shares redeemed		(15,732,495	)		(7,409,130	)
		(2,960,266	)		36,243,228
Class II Shares
Proceeds from shares issued		11,304,977			26,006,982
Dividends reinvested		266,690			238,831
Cost of shares redeemed		(2,508,520	)		(1,431,736	)
		9,063,147			24,814,077
Class IV Shares
Proceeds from shares issued		2,377,340			6,318,800
Dividends reinvested		436,195			681,504
Cost of shares redeemed		(3,303,936	)		(7,060,437	)
		(490,401	)		(60,133	)
Change in net assets from capital transactions	$	5,612,480		$	60,997,172

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GARTMORE VARIABLE INSURANCE TRUST

VAN KAMPEN GVIT COMSTOCK VALUE FUND

Statement of Changes in Net Assets (continued)

	Six Months Ended June 30, 2005		Year Ended December 31, 2004
	(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
Issued	1,054,302		4,054,355
Reinvested	75,647		105,861
Redeemed	(1,392,062	)	(714,509	)
	(262,113	)	3,445,707
Class II Shares
Issued	999,736		2,482,756
Reinvested	23,695		21,942
Redeemed	(222,342	)	(134,989	)
	801,089		2,369,709
Class IV Shares
Issued	209,564		610,531
Reinvested	38,660		63,774
Redeemed	(291,186	)	(679,233	)
	(42,962	)	(4,928	)

See notes to financial statements.

10

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

VAN KAMPEN GVIT COMSTOCK VALUE FUND

			Investment Activities					Distributions								Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class I Shares
Year Ended December 31, 2000	$	13.53	0.12	(1.54	)	(1.42	)	(0.12	)	(0.12	)	$	11.99	(10.62%	)	$	55,951	0.95%		0.96%		1.11%		0.80%		72.32%
Year Ended December 31, 2001(c)	$	11.99	0.15	(1.61	)	(1.46	)	(0.15	)	(0.15	)	$	10.38	(12.15%	)	$	52,848	0.95%		1.41%		1.09%		1.27%		127.03%
Year Ended December 31, 2002	$	10.38	0.12	(2.72	)	(2.60	)	(0.12	)	(0.12	)	$	7.66	(25.14%	)	$	39,424	1.11%		1.30%		1.11%		1.30%		245.24%
Year Ended December 31, 2003	$	7.66	0.11	2.28		2.39		(0.11	)	(0.11	)	$	9.94	31.43%		$	62,517	0.99%		1.37%		(h	)	(h	)	71.31%
Year Ended December 31, 2004	$	9.94	0.14	1.59		1.73		(0.14	)	(0.14	)	$	11.53	17.50%		$	112,202	0.94%		1.41%		(h	)	(h	)	31.95%
Six Months Ended June 30, 2005 (Unaudited)	$	11.53	0.10	(0.22	)	(0.12	)	(0.09	)	(0.09	)	$	11.32	(1.04%	)(f)	$	107,201	0.93%	(g)	1.71%	(g)	(h	)	(h	)	15.41%
Class II Shares
Period Ended December 31, 2003(d)	$	7.47	0.08	2.47		2.55		(0.09	)	(0.09	)	$	9.93	34.20%	(f)	$	6,092	1.20%	(g)	1.27%	(g)	1.31%	(g)	1.16%	(g)	71.31%
Year Ended December 31, 2004	$	9.93	0.11	1.58		1.69		(0.12	)	(0.12	)	$	11.50	17.08%		$	34,312	1.20%		1.20%		1.28%		1.11%		31.95%
Six Months Ended June 30, 2005 (Unaudited)	$	11.50	0.08	(0.21	)	(0.13	)	(0.08	)	(0.08	)	$	11.29	(1.17%	)(f)	$	42,729	1.23%	(g)	1.42%	(g)	1.29%	(g)	1.37%	(g)	15.41%
Class IV Shares
Period Ended December 31, 2003(e)	$	7.76	0.09	2.18		2.27		(0.09	)	(0.09	)	$	9.94	29.38%	(f)	$	48,070	0.94%	(g)	1.50%	(g)	(h	)	(h	)	71.31%
Year Ended December 31, 2004	$	9.94	0.15	1.57		1.72		(0.14	)	(0.14	)	$	11.52	17.42%		$	55,683	0.91%		1.42%		(h	)	(h	)	31.95%
Six Months Ended June 30, 2005 (Unaudited)	$	11.52	0.10	(0.21	)	(0.11	)	(0.09	)	(0.09	)	$	11.32	(0.94%	)(f)	$	54,188	0.91%	(g)	1.73%	(g)	(h	)	(h	)	15.41%

(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.

11

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, was subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. On June 30, 2005, 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. 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 Van Kampen GVIT Comstock Value Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s 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 either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Trust’s 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 “shortterm” 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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these 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

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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.

The Fund values 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 Fund, the Fund will fair value its 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 Fund’s 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 these prices will have a material impact on the net asset value of the Fund. When the Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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.

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GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(d) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund 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 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.

(e) 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.

(f) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

The cash collateral received by the Fund was pooled and, at June 30, 2005, was invested in the following:

Security Type	Security Name	Market Value		Maturity Rate	Maturity Date
Domestic Certificates of Deposit — Fixed	Washington Mutual Bank FA	$	700,182	3.15%	08/01/05
Funding Agreement	GE Life and Annutiy		500,000	3.32%	07/14/05
Medium Term Note — Floating	General Electric Capital Corp.		1,000,171	3.37%	09/08/05
Repurchase Agreements	Nomura Securities		13,116,541	3.48%	07/01/05

As of June 30, 2005, the Fund had securities with the following market values on loan:

Market Value of Loaned Securities		Market Value of Collateral
$	15,045,859	$	15,316,894

(g) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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 Fund. 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.

(h) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$ 1,647,659	$	20,271,723	$	(5,075,596	)	$	15,196,127

(i) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such a rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders. In addition, GMF provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser, for the Fund that GMF advises. Van Kampen Asset Management, Inc. (the “subadviser”), manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

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

Fee Schedule	Total Fees	Fees Retained	Paid to Sub-adviser
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%

Effective May 1, 2005, GMF and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses from exceeding 0.95% for Class IV shares until at least May 1, 2006.

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

GMF may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by GMF, respectively, pursuant to the Expense Limitation Agreement 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 the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by GMF is not permitted.

As of the six months ended June 30, 2005, the cumulative potential reimbursements for the Class IV shares of the Fund, based on reimbursements which expires within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by GMF would be:

Amount Fiscal Year 2003	Amount Fiscal Year 2004		Amount Six Months Ended April 30, 2005
$1,369	$	14,072	$	10,247

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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.

16

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

GSA and GISI have entered into agreements with BISYS Fund Services Ohio, Inc. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; 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 the Fund.

As of June 30, 2005, the advisers or affiliates of the advisers directly held 10% of the shares outstanding of the Fund.

4. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $33,382,822 and sales of $28,444,841.

5. Bank Loans

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

6. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

17

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)

18

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

19

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

20

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

21

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

22

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President - Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

23

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

24

Federated GVIT High Income Bond Fund

Semiannual Report

|  June 30, 2005

	Contents
5	Statement of Investments
16	Statement of Assets and Liabilities
16	Statement of Operations
17	Statements of Changes in New Assets
18	Financial Highlights
19	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Federated GVIT High Income Bond Fund

For the semiannual period ended June 30, 2005, the Federated GVIT High Income Bond Fund returned -0.15% (Class I at NAV) versus 1.11% for its benchmark, the Lehman Brothers U.S. Corporate High Yield Bond Index. For broader comparison, the average return for the Fund’s Lipper peer category of High Current Yield Funds was 0.45%.

During the reporting period, the high-yield bond market underperformed the high-quality bond market, evidenced by the fact that the Fund’s benchmark index returned 1.11% versus a 2.51% return for the Lehman Brothers U.S. Aggregate Index, a measure of high-quality bond performance. The general interest-rate environment was mixed. For example, the interest rate on shorter-maturity Treasury securities rose in response to the Federal Reserve’s “measured” rise in the federal funds rate, while interest rates for longer-maturity Treasury securities fell. This drop was a response to strong demand for those securities, modest inflation expectations, and concerns about the sustainability of the U.S. economic expansion in light of the Fed’s interest-rate policy and historically high oil prices.

Economic concerns coupled with ratings downgrades and earnings weakness at General Motors Corp. and Ford Motor Co. hurt the high-yield market in comparison to the higher- quality bond markets. For example, the risk premium or spread between the Credit Suisse First Boston High Yield Bond Index and U.S. Treasury securities increased from 3.46% on Dec. 31, 2004, to 4.06% on June 30, 2005. These credit concerns also were evident in the performance of the various credit tiers in the high-yield market. The higher-quality Ba-rated sector, which returned 2.27%, outperformed the lower-quality B-rated and Caa-rated sectors, which returned 1.06% and -1.19%, respectively. Among larger industry sectors within the high-yield market, the telecommunications–wireless, financials, textiles and energy sectors turned in very strong performance while the automotive, building material, consumer product, media-cable, transportation (heavily influenced by the airline sub sector) and paper sectors underperformed the overall market.

The Fund’s underperformance versus its benchmark was partly due to its overweight in the weaker-performing B-rated and Caa-rated quality sectors as well as the Fund’s underweight in the Ba-rated sector. The Fund’s overweight in the building material and consumer product sectors hurt performance, as did the Fund’s underweight in the energy, financials and telecommunications–wireless sectors. Poor security selection in the consumer products, entertainment, retail and utility–electric sectors also hurt Fund performance. Specific detractors included Allied Holdings, Inc; GNC Corp.; Simmons Bedding Co.; CDRV Investors, Inc.; and General Motors Corp.

The Fund was helped by its underweight in the media–cable and transportation (mainly the airline sub-sector) sectors and good security selection in the chemicals, food and beverages, and media–non-cable sectors. The fund also was helped by specific holdings in Advanstar Communications Inc., Ardent Health Services LLC, AT&T Corp., ASG Consolidated LLC and HCA Inc.

PORTFOLIO MANAGERS: Mark E. Durbiano and Nathan H. Kehm

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

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

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

Lehman Brothers U.S. Corporate High Yield Index: An unmanaged index that reflects the performance of fixed-rate, non-investment-grade debt securities with at least $150 million par value outstanding, a maximum credit rating of Ba1 (including defaulted issues) and a maturity of one year or more; gives a broad look at how high-yield (“junk”) bonds have performed.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

1

Fund Performance Federated GVIT High Income Bond Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Five years	Inception2
Class I3	-0.15%	8.03%	6.13%	5.26%
Class III4	-0.11%	8.07%	6.14%	5.27%

* Not Annualized.

1 Not subject to any sales charges.

2 The Fund commenced operation on October 31, 1997.

3 The existing shares of the Fund were designated Class I shares as of May 1, 2001.

4 These returns until the creation of the Class III shares (April 28, 2005) are based on the performance of the Class I shares of the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class III shares would have produced, because all classes of shares invest in the same portfolio of securities.

Performance of a $10,000 Investment

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

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

(a) Lehman High Yield is an unmanaged index of bonds that are rated below investment grade that gives a broad look at the performance of these securities.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2

Shareholder

Expense Example Federated GVIT High Income Bond Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*			Annualized Expense Ratio*
High Income Bond Fund
Class I	Actual	$	1,000	$	999	$	4.61		0.93%
	Hypothetical1	$	1,000	$	1,020	$	4.67		0.93%
Class III(a)	Actual	$	1,000	$	973	$	1.58	(b)	0.93%
	Hypothetical1	$	1,000	$	1,007	$	1.61	(b)	0.93%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

(a) For the period from April 28, 2005 (commencement of operations) through June 30, 2005.

(b) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 64/365 (to reflect the period).

3

Portfolio Summary

(June 30, 2005) Federated GVIT High Income Bond Fund

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

Asset Allocation
Corporate Bonds	96.6%
Cash Equivalents	1.2%
Preferred Stocks	0.2%
Common Stocks	0.2%
Warrants	0.1%
Other Investments*	0.2%
Other assets in excess of liabilities**	1.5%
	100.0%

Top Holdings***
AT&T Corp., 9.75%, 11/15/31	1.3%
Qwest Services Corp., 13.50%, 12/15/10	1.0%
Qwest Corp., 9.13%, 03/15/12	1.0%
Georgia Pacific Corp., 9.38%, 02/01/13	0.9%
Kabel Deutschland GMBH, 10.63%, 07/01/14	0.8%
Dex Media West LLC, 9.88%, 08/15/13	0.7%
Charter Communications Holdings Capital Corp., 10.25%, 09/15/10	0.7%
NEXTEL Communications, Inc., 7.38%, 08/01/15	0.7%
Genaral Motors Acceptance Corp., 6.88%, 09/15/11	0.6%
Vertis, Inc., 10.88%, 06/15/09	0.6%
Other Holdings	91.7%
	100.0%

Top Industries
Media — Non-Cable	10.7%
Healthcare	6.4%
Food & Beverage	6.4%
Chemicals	5.6%
Wireline Communications	5.5%
Industrial — Other	5.4%
Gaming	4.6%
Utility — Natural Gas	4.6%
Consumer Products	4.5%
Automotive	4.3%
Other Industries	42.0%
	100.0%

* Includes value of collateral received from securities lending.

** Includes value of collateral owed from securities lending.

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

4

GARTMORE VARIABLE INSURANCE TRUST

FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Investments — June 30, 2005 (Unaudited)

Shares or Principal Amount			Value
COMMON STOCKS (0.2%)
Food & Beverage (0.1%)
B&G Foods, Inc.		19,220	$	281,381
Media—Cable (0.1%)
NTL, Inc.		2,260		154,629
Packaging (0.0%)
Russell Stanley Holdings, Inc. (d)		4,000		10,240
Wireline Communications (0.0%)
Viatel Holding (Bermuda) Ltd.		2,209		155
Total Common Stocks				446,405
CORPORATE BONDS (96.6%)
Aerospace & Defense (1.9%)
Alliant Techsystems, Inc., 8.50%, 05/15/11	$	575,000		616,688
Argo Tech Corp., 9.25%, 06/01/11		525,000		572,250
K&F Acquisition, Inc., 7.75%, 11/15/14		250,000		256,875
K&F Industries, Inc. (b), 11.50%, 02/01/15		400,000		425,000
L-3 Communications Corp., 5.88%, 01/15/15		225,000		219,375
L-3 Communications Corp., 6.13%, 01/15/14		1,300,000		1,306,500
Standard Aero Holdings, Inc. (b), 8.25%, 09/01/14		550,000		583,000
TransDigm, Inc., 8.38%, 07/15/11		725,000		772,125
				4,751,813
Automotive (4.3%)
Advanced Accessory Systems LLC, 10.75%, 06/15/11		675,000		546,750
Cooper-Standard Automotive, Inc., 8.38%, 12/15/14		925,000		735,375
General Motors Acceptance Corp., 6.88%, 09/15/11		1,775,000		1,640,485

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Automotive (continued)
General Motors Acceptance Corp., 8.00%, 11/01/31	$	1,650,000	$	1,476,110
General Motors Corp., 7.13%, 07/15/13		500,000		450,000
General Motors Corp., 8.38%, 07/15/33		1,525,000		1,281,000
Stanadyne Corp., 10.00%, 08/15/14		800,000		760,000
Stanadyne Holdings, Inc., 0.00%/13.66%, 02/15/15		450,000		245,250
Stoneridge, Inc., 11.50%, 05/01/12		825,000		845,625
Tenneco Automotive, Inc., 8.63%, 11/15/14		850,000		858,500
TRW Automotive, Inc., 9.38%, 02/15/13		400,000		445,000
TRW Automotive, Inc., 11.00%, 02/15/13		834,000		963,270
United Components, Inc., 9.38%, 06/15/13		750,000		759,375
				11,006,740
Building Materials (3.3%)
AMH Holdings, Inc., 0.00%/11.91%, 03/01/14		950,000		608,000
Associated Materials, Inc., 9.75%, 04/15/12		475,000		494,000
Builders Firstsource, Inc. (b) (e), 7.52%, 02/15/12		850,000		850,000
Collins & Aikman Floorcoverings, Inc., 9.75%, 02/15/10		775,000		806,000
ERICO International Corp., 8.88%, 03/01/12		800,000		816,000
Fimep S.A., 10.50%, 02/15/13		350,000		400,750
Goodman Global Holdings (b), 7.88%, 12/15/12		800,000		744,000
Goodman Global Holdings (b) (e), 6.62%, 06/15/12		350,000		346,500
Norcraft Cos. LLC, 9.00%, 11/01/11		500,000		517,500
Norcraft Holdings Capital, 0.00%/10.78%, 09/01/12		1,475,000		1,025,125

5

GARTMORE VARIABLE INSURANCE TRUST

FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Building Materials (continued)
Nortek Holdings, Inc., 8.50%, 09/01/14	$	350,000	$	327,250
Nortek Holdings, Inc. (b), 14.99%, 03/01/14		925,000		439,375
Ply Gem Industries, Inc., 9.00%, 02/15/12		450,000		382,500
Texas Industries, Inc. (b), 7.25%, 07/15/13		150,000		154,500
U.S. Concrete, Inc., 8.38%, 04/01/14		625,000		590,625
				8,502,125
Chemicals (5.6%)
Aventine Renewable Energy Holdings, Inc. (b) (e), 9.41%, 12/15/11		600,000		579,000
Borden U.S. Finance Corp. (b), 9.00%, 07/15/14		1,050,000		1,073,624
Compass Mineral Group, 0.00%/10.00%, 08/15/11		600,000		657,000
Compass Mineral International, 0.00%/7.94%, 12/15/12		500,000		440,000
Compass Mineral International, 0.00%/8.19%, 06/01/13		1,050,000		882,000
Crystal US Holdings, 9.63%, 06/15/14		650,000		731,250
Crystal US Holdings, 9.34%, 10/01/14		1,364,000		954,799
Equistar Chemical LP, 10.13%, 09/01/08		875,000		951,562
General Chemical Industries Products, Inc. (c) (f), 10.63%, 05/01/09		400,000		40,000
Huntsman Advanced Materials, Inc., 11.00%, 07/15/10		475,000		539,125
Huntsman ICI Chemicals LLC, 10.13%, 07/01/09		869,000		898,329
Invista (b), 9.25%, 05/01/12		750,000		823,125
Koppers, Inc., 9.88%, 10/15/13		500,000		542,500
Lyondell Chemical Co., 9.63%, 05/01/07		475,000		509,438
Lyondell Chemical Co., 9.50%, 12/15/08		325,000		347,344

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Chemicals (continued)
Lyondell Chemical Co., 10.88%, 05/01/09	$	800,000	$	834,000
Lyondell Chemical Co., 10.50%, 06/01/13		150,000		172,313
Nalco Co., 7.75%, 11/15/11		225,000		240,750
Nalco Co., 0.00%/8.88%, 11/15/13		875,000		942,812
Nalco Co., 0.00%/8.70%, 02/01/14		481,000		357,744
Polypore, Inc., 8.75%, 05/15/12		850,000		799,000
PQ Corp. (b), 7.50%, 02/15/13		425,000		419,688
Union Carbide Corp., 7.88%, 04/01/23		75,000		85,111
Union Carbide Corp., 7.50%, 06/01/25		350,000		387,617
				14,208,131
Construction Machinery (1.1%)
Case New Holland, Inc. (b), 9.25%, 08/01/11		1,175,000		1,239,625
Clark Materials Handling, Inc. (c) (d) (g), 0.00%, 11/15/06		100,000		0
Columbus McKinnon Corp., 10.00%, 08/01/10		125,000		136,250
NationsRent Cos., Inc., 9.50%, 10/15/10		500,000		547,500
NationsRent, Inc. (b), 9.50%, 05/01/15		525,000		522,375
United Rentals, Inc., 6.50%, 02/15/12		425,000		420,219
				2,865,969
Consumer Products (4.5%)
AAC Group Holding Corp. (b), 11.25%, 10/01/12		900,000		612,000
Alltrista Corp., 9.75%, 05/01/12		725,000		767,594
American Achievement Corp., 8.25%, 04/01/12		250,000		252,500
Ames True Temper, Inc., 10.00%, 07/15/12		975,000		789,750

6

GARTMORE VARIABLE INSURANCE TRUST

FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Consumer Products (continued)
Church & Dwight Co., 6.00%, 12/15/12	$	400,000	$	406,000
Diamond Brands, Inc. (c) (d) (f) (g), 0.00%, 04/15/09		50,000		265
Jostens Holding Corp., 10.29%, 12/01/13		1,425,000		1,011,750
Jostens IH Corp., 7.63%, 10/01/12		1,050,000		1,042,124
K2, Inc., 7.38%, 07/01/14		125,000		132,188
Leiner Health Products, 11.00%, 06/01/12		600,000		591,000
Playtex Products, Inc., 9.38%, 06/01/11		725,000		766,688
Rayovac Corp. (b), 7.38%, 02/01/15		1,375,000		1,337,187
Sealy Mattress Co., 8.25%, 06/15/14		525,000		532,875
Simmons Co., 7.88%, 01/15/14		650,000		562,250
Simmons Co. (b), 0.00%/15.51%, 12/15/14		925,000		420,875
Sleepmaster LLC (c) (d) (f) (g), 0.00%, 05/15/09		175,000		63,473
Tempur-Pedic/Tempur Products, 10.25%, 08/15/10		654,000		722,670
True Temper Sports, Inc., 8.38%, 09/15/11		800,000		746,000
WH Holdings Ltd., 9.50%, 04/01/11		615,000		661,125
				11,418,314
Energy (1.1%)
Compton Petroleum Corp., 9.90%, 05/15/09		750,000		806,250
Petroleum Helicoptors, Inc., 9.38%, 05/01/09		475,000		502,313
Range Resources Corp., 7.38%, 07/15/13		250,000		267,500
Range Resources Corp., 6.38%, 03/15/15		400,000		400,000
Swift Energy Co., 9.38%, 05/01/12		825,000		893,062
				2,869,125

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Entertainment (2.7%)
AMC Entertainment, Inc., 9.88%, 02/01/12	$	1,050,000	$	1,047,375
Cinemark USA, Inc., 10.42%, 03/15/14		1,850,000		1,239,500
Cinemark, Inc., 9.00%, 02/01/13		400,000		413,000
Intrawest Corp., 7.50%, 10/15/13		900,000		928,125
Loews Cineplex (b), 9.00%, 08/01/14		1,150,000		1,118,375
Universal City Development, 11.75%, 04/01/10		1,350,000		1,555,875
Universal City Florida Holding Co. (e), 7.96%, 05/01/10		250,000		260,625
Universal City Florida Holding Co., 8.38%, 05/01/10		200,000		209,500
				6,772,375
Environmental (1.1%)
Allied Waste North America, Inc., 8.88%, 04/01/08		800,000		844,000
Allied Waste North America, Inc., 9.25%, 09/01/12		633,000		686,805
Allied Waste North America, Inc., 6.13%, 02/15/14		550,000		513,563
Clean Harbors, Inc. (b), 11.25%, 07/15/12		625,000		696,875
				2,741,243
Financial Institutions (0.3%)
American Real Estate Partners LP Finance (b), 7.13%, 02/15/13		775,000		763,375
Food & Beverage (6.3%)
Agrilink Foods, Inc., 11.88%, 11/01/08		350,000		363,563
American Seafoods Group, 10.13%, 04/15/10		800,000		857,999
ASG Consolidated LLC, 0.00%/10.57%, 11/01/11		1,675,000		1,210,187

7

GARTMORE VARIABLE INSURANCE TRUST

FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Food & Beverage (continued)
B&G Foods Holding Corp., 8.00%, 10/01/11	$	725,000	$	753,094
Constellation Brands, Inc., 8.00%, 02/15/08		650,000		695,500
Cott Beverages, Inc., 8.00%, 12/15/11		500,000		538,750
Del Monte Corp., 8.63%, 12/15/12		475,000		524,875
Del Monte Corp. (b), 6.75%, 02/15/15		1,275,000		1,306,874
Dole Foods Co., 8.63%, 05/01/09		750,000		802,500
Dole Foods Co., 7.25%, 06/15/10		450,000		459,000
Eagle Family Foods, Inc., 8.75%, 01/15/08		250,000		201,250
Michael Foods, Inc., 8.00%, 11/15/13		925,000		945,812
National Beef Packaging Co., 10.50%, 08/01/11		600,000		574,500
Pierre Foods, Inc., 9.88%, 07/15/12		825,000		855,938
Pilgrim’s Pride Corp., 9.63%, 09/15/11		375,000		411,563
Pilgrim’s Pride Corp., 9.25%, 11/15/13		625,000		696,875
Reddy Ice Group, Inc., 0.00%/8.88%, 08/01/11		650,000		724,750
Reddy Ice Group, Inc. (b), 0.00%/10.14%, 11/01/12		1,025,000		743,125
Smithfield Foods, Inc., 7.63%, 02/15/08		300,000		313,500
Smithfield Foods, Inc., 8.00%, 10/15/09		650,000		705,250
Smithfield Foods, Inc., 7.75%, 05/15/13		675,000		739,125
Swift & Co., 10.13%, 10/01/09		375,000		410,625
Swift & Co., 12.50%, 01/01/10		375,000		420,469
UAP Holding Corp., 0.00%/9.04%, 07/15/12		1,000,000		825,000
				16,080,124

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Gaming (4.6%)
155 E. Tropicana LLC (b), 8.75%, 04/01/12	$	575,000	$	562,063
Boyd Gaming Corp., 8.75%, 04/15/12		525,000		572,906
Boyd Gaming Corp., 7.75%, 12/15/12		475,000		510,031
Herbst Gaming, Inc., 7.00%, 11/15/14		275,000		278,438
Isle of Capri Casinos, Inc., 9.00%, 03/15/12		425,000		464,313
Magna Entertainment Corp., 7.25%, 12/15/09		425,000		407,469
Mandalay Resort Group, 10.25%, 08/01/07		1,150,000		1,270,749
Mandalay Resort Group, 9.50%, 08/01/08		250,000		279,688
Mandalay Resort Group, 9.38%, 02/15/10		700,000		785,750
MGM Grand, Inc., 9.75%, 06/01/07		925,000		1,007,093
MGM Grand, Inc., 6.00%, 10/01/09		500,000		505,000
MGM Grand, Inc., 8.38%, 02/01/11		700,000		766,500
MTR Gaming Group, Inc., 9.75%, 04/01/10		800,000		872,000
Park Place Entertainment Corp., 9.38%, 02/15/07		375,000		404,063
Park Place Entertainment Corp., 8.13%, 05/15/11		1,000,000		1,154,999
Penn National Gaming, Inc., 8.88%, 03/15/10		175,000		188,125
Penn National Gaming, Inc. (b), 6.75%, 03/01/15		925,000		922,688
Station Casinos, Inc., 6.00%, 04/01/12		200,000		204,000
Station Casinos, Inc., 6.50%, 02/01/14		525,000		538,125
				11,694,000
Healthcare (6.4%)
AmeriPath, Inc., 10.50%, 04/01/13		1,150,000		1,170,125
AMR Holding Co./Emcare Holding Co. (b), 10.00%, 02/15/15		350,000		374,500

8

GARTMORE VARIABLE INSURANCE TRUST

FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Healthcare (continued)
Ardent Health Services, 10.00%, 08/15/13	$	775,000	$	940,656
BIO-RAD Laboratories, Inc., 6.13%, 12/15/14		375,000		380,625
CDRV Investors, Inc. (b), 0.00%/13.12%, 01/01/15		2,250,000		1,113,750
Concentra Operating Corp., 9.50%, 08/15/10		450,000		481,500
Concentra Operating Corp., 9.13%, 06/01/12		175,000		186,375
DaVita, Inc. (b), 7.25%, 03/15/15		625,000		645,313
Fisher Scientific International, Inc., 6.75%, 08/15/14		175,000		183,750
Fisher Scientific International, Inc. (b), 6.13%, 07/01/15		725,000		729,531
Hanger Orthopedic Group, Inc., 10.38%, 02/15/09		450,000		417,375
HCA — The Healthcare Corp., 8.75%, 09/01/10		300,000		342,453
HCA — The Healthcare Corp., 7.88%, 02/01/11		575,000		634,104
HCA — The Healthcare Corp., 6.75%, 07/15/13		1,250,000		1,321,552
HCA — The Healthcare Corp., 6.38%, 01/15/15		1,300,000		1,352,139
HCA — The Healthcare Corp., 7.50%, 11/06/33		900,000		972,482
Medical Device Manufacturing, Inc., 10.00%, 07/15/12		925,000		999,000
National Mentor, Inc. (b), 9.63%, 12/01/12		850,000		898,875
Psychiatric Solutions (b), 7.75%, 07/15/15		325,000		325,000
Sybron Dental Specialties, Inc., 8.13%, 06/15/12		525,000		564,375
Tenet Healthcare Corp., 9.88%, 07/01/14		475,000		511,813
Tenet Healthcare Corp. (b), 9.25%, 02/01/15		600,000		625,500
Vanguard Health Holdings, 9.00%, 10/01/14		425,000		461,125

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Healthcare (continued)
Ventas Realty LP, 6.63%, 10/15/14	$	875,000	$	883,750
VWR International, Inc., 8.00%, 04/15/14		225,000		215,438
				16,731,106
Industrial—Other (5.3%)
Aearo Co., 8.25%, 04/15/12		875,000		879,375
ALH Finance LLC/ALH Finance Corp., 8.50%, 01/15/13		1,050,000		967,313
American Tire Distributors, Inc. (b), 10.75%, 04/01/13		425,000		408,000
Amsted Industries, Inc. (b), 10.25%, 10/15/11		425,000		461,125
Brand Services, Inc., 12.00%, 10/15/12		1,050,000		1,128,750
Coleman Cable, Inc. (b), 9.88%, 10/01/12		625,000		559,375
Da-Lite Screen Co., Inc., 9.50%, 05/15/11		525,000		561,750
Hawk Corp., 8.75%, 11/01/14		675,000		688,500
Interline Brands, Inc., 11.50%, 05/15/11		487,000		538,135
Knowledge Learning Corp. (b), 7.75%, 02/01/15		1,050,000		1,008,000
Mueller Group, Inc., 10.00%, 05/01/12		525,000		553,875
Neenah Corp. (b), 11.00%, 09/30/10		842,000		917,780
Neenah Corp. (b), 13.00%, 09/30/13		514,185		511,614
Norcross Safety Products, 9.88%, 08/15/11		750,000		787,500
NSP Holdings LLC, 11.75%, 01/01/12		625,000		684,375
Rexnord Corp., 10.13%, 12/15/12		675,000		742,500
Safety Products Holdings, 11.75%, 01/01/12		150,000		141,882
Sensus Metering Systems, 8.63%, 12/15/13		875,000		818,125

9

GARTMORE VARIABLE INSURANCE TRUST

FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Industrial—Other (continued)
Superior Essex Communications, 9.00%, 04/15/12	$	925,000	$	920,375
Valmont Industries, Inc., 6.88%, 05/01/14		300,000		301,500
				13,579,849
Lodging (1.9%)
Gaylord Entertainment Co., 6.75%, 11/15/14		825,000		810,563
Host Marriott LP, 7.13%, 11/01/13		875,000		916,563
Host Marriott LP (b), 6.38%, 03/15/15		450,000		447,750
Lodgenet Entertainment, 9.50%, 06/15/13		450,000		492,750
Royal Caribbean Cruises, 8.00%, 05/15/10		600,000		667,500
Starwood Hotels Resorts, 7.38%, 05/01/07		975,000		1,023,749
Starwood Hotels Resorts, 7.88%, 05/01/12		450,000		509,625
				4,868,500
Media—Cable (2.8%)
Cablevision Systems Corp., 7.88%, 12/15/07		700,000		726,250
Cablevision Systems Corp., 8.13%, 07/15/09		875,000		890,313
Cablevision Systems Corp., 8.00%, 04/15/12		775,000		763,375
Charter Communications Holdings Capital Corp., 10.25%, 09/15/10		1,725,000		1,753,031
Charter Communications Holdings Capital Corp., 9.92%, 04/01/11		1,450,000		1,065,750
Kabel Deutschland GMBH (b), 10.63%, 07/01/14		1,750,000		1,907,500
				7,106,219
Media—Non-Cable (10.7%)
Advanstar Communications, Inc., 10.75%, 08/15/10		200,000		219,500
Advanstar Communications, Inc., 12.00%, 02/15/11		1,075,000		1,152,938

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Media—Non-Cable (continued)
Advanstar, Inc., 0.00%/0.05%, 10/15/11	$	600,000	$	597,750
Affinity Group, Inc., 9.00%, 02/15/12		425,000		432,438
Affinity Group, Inc., 10.88%, 02/15/12		525,000		510,563
American Media Operation, Inc., 10.25%, 05/01/09		650,000		653,250
American Media Operation, Inc., 8.88%, 01/15/11		525,000		500,063
CBD Media Holdings, 9.25%, 07/15/12		1,175,000		1,195,562
Dex Media East LLC, 12.13%, 11/15/12		989,000		1,189,273
Dex Media West LLC, 9.88%, 08/15/13		1,591,000		1,821,694
Dex Media, Inc., 0.00%/7.55%, 11/15/13		875,000		708,750
DIRECTV Holdings LLC, 8.38%, 03/15/13		844,000		938,950
DIRECTV Holdings LLC (b), 6.38%, 06/15/15		400,000		400,000
Echostar DBS Corp., 5.75%, 10/01/08		1,250,000		1,248,437
Echostar DBS Corp., 6.63%, 10/01/14		800,000		794,000
Emmis Communications (b) (e), 9.31%, 06/15/12		400,000		409,000
Houghton Mifflin Co., 0.00%/10.47%, 10/15/13		1,250,000		918,750
Intelsat Bermuda Ltd. (b) (e), 7.81%, 01/15/12		725,000		741,313
Intelsat Bermuda Ltd. (b), 8.63%, 01/15/15		575,000		609,500
Lamar Media Corp., 7.25%, 01/01/13		550,000		583,000
NBC Acqusition Corp., 0.00%/11.65%, 03/15/13		625,000		450,000
Nebraska Book Co., 8.63%, 03/15/12		350,000		328,125
PanAmSat Corp., 9.00%, 08/15/14		453,000		496,601
PanAmSat Holding Corp., 0.00%/9.34%, 11/01/14		2,200,000		1,523,499

10

GARTMORE VARIABLE INSURANCE TRUST

FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Media—Non-Cable (continued)
Primedia, Inc., 8.88%, 05/15/11	$	900,000	$	947,250
Quebecor Media, Inc., 0.00%/5.49%, 07/15/11		425,000		429,781
Quebecor Media, Inc., 0.00%/11.13%, 07/15/11		500,000		558,125
R.H. Donnelly Finance Corp. (b), 10.88%, 12/15/12		575,000		671,313
Rainbow National Services LLC (b), 10.38%, 09/01/14		725,000		837,375
Readers Digest Association, Inc., 6.50%, 03/01/11		575,000		586,500
Sinclair Broadcast Group, 8.75%, 12/15/11		475,000		501,125
Vertis, Inc., 9.75%, 04/01/09		250,000		261,250
Vertis, Inc., 10.88%, 06/15/09		1,700,000		1,631,999
WDAC Subsidiary Corp. (b), 8.38%, 12/01/14		1,175,000		1,128,000
XM Satellite Radio, Inc., 12.00%, 06/15/10		373,000		421,490
Yell Finance BV, 0.00%/5.51%, 08/01/11		539,000		543,043
Yell Finance BV, 0.00%/10.75%, 08/01/11		410,000		454,075
Ziff Davis Media, Inc., 13.00%, 08/12/09		45,947		49,393
				27,443,675
Metals & Mining (1.2%)
Aleris International, Inc., 9.00%, 11/15/14		300,000		312,000
Imco Recycling, Inc., 10.38%, 10/15/10		850,000		937,125
Novelis, Inc. (b), 7.25%, 02/15/15		700,000		706,125
Republic Technologies International (c) (d) (f) (g), 0.00%, 07/15/09		200,000		0
RYERSON TULL, INC., 9.13%, 07/15/06		525,000		538,125

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Metals & Mining (continued)
United States Steel Corp., 9.75%, 05/15/10	$	490,000	$	531,650
				3,025,025
Packaging (1.9%)
Berry Plastics Corp., 10.75%, 07/15/12		950,000		1,041,437
Graham Packaging Co. (b), 8.50%, 10/15/12		400,000		406,000
Greif Brothers Corp., 8.88%, 08/01/12		825,000		891,000
Huntsman Packaging Corp., 13.00%, 06/01/10		450,000		366,750
Owens-Brockway Glass Container, 7.75%, 05/15/11		175,000		186,813
Owens-Brockway Glass Container, 8.25%, 05/15/13		375,000		409,219
Owens-Brockway Glass Container, 6.75%, 12/01/14		800,000		813,000
Owens-Illinois, Inc., 7.35%, 05/15/08		300,000		312,750
Pliant Corp., 13.00%, 06/01/10		325,000		264,875
Russell Stanley Holdings, Inc. (b) (d), 9.00%, 11/30/08		36,537		19,448
				4,711,292
Paper (3.6%)
Abitibi-Consolidated, 8.38%, 04/01/15		575,000		589,375
Boise Cascade Co. (b), 0.00%/7.13%, 10/15/14		350,000		345,625
Boise Cascade Co. (b) (e), 0.00%/6.02%, 10/15/12		250,000		253,750
Georgia Pacific Corp., 8.13%, 05/15/11		600,000		679,500
Georgia Pacific Corp., 9.38%, 02/01/13		2,000,000		2,272,500
Graphic Packaging International, 9.50%, 08/15/13		850,000		860,625

11

GARTMORE VARIABLE INSURANCE TRUST

FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Paper (continued)
Jefferson Smurfit Corp., 8.25%, 10/01/12	$	450,000	$	454,500
Jefferson Smurfit Corp., 7.50%, 06/01/13		400,000		384,000
MDP Acquisitions PLC, 9.63%, 10/01/12		400,000		402,000
Mercer International, Inc., 9.25%, 02/15/13		1,050,000		845,250
NewPage Corp. (b), 12.00%, 05/01/13		850,000		845,750
Stone Container Corp., 9.75%, 02/01/11		600,000		637,500
Tembec Industries, Inc., 8.50%, 02/01/11		725,000		563,688
				9,134,063
Restaurants (0.8%)
Buffets, Inc., 11.25%, 07/15/10		150,000		151,875
Carrols Corp. (b), 9.00%, 01/15/13		450,000		457,875
Dominos, Inc., 8.25%, 07/01/11		575,000		615,250
Landry’s Seafood Restaurants, Inc., 7.50%, 12/15/14		925,000		899,563
				2,124,563
Retailers (2.3%)
Couche-Tard Financing Co., 7.50%, 12/15/13		800,000		844,000
FTD, Inc., 7.75%, 02/15/14		632,000		622,520
General Nuitrition Center, 8.50%, 12/01/10		350,000		281,750
Hines Nurseries, Inc., 10.25%, 10/01/11		550,000		569,250
Jean Coutu Group (PLC), Inc., 8.50%, 08/01/14		725,000		719,563
Penney (J.C.) Co., Inc., 9.00%, 08/01/12		929,000		1,103,187
Rite Aid Corp., 8.13%, 05/01/10		875,000		905,625
Rite Aid Corp., 9.50%, 02/15/11		175,000		187,250

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Retailers (continued)
U.S. Office Products Co. (c) (d) (g), 0.00%, 06/15/08	$	475,000	$	0
United Auto Group, Inc., 9.63%, 03/15/12		500,000		536,250
				5,769,395
Services (1.5%)
Brickman Group Ltd. (The), 11.75%, 12/15/09		725,000		824,688
CB Richard Ellis Services, Inc., 9.75%, 05/15/10		214,000		238,610
Global Cash Access LLC, 8.75%, 03/15/12		775,000		846,687
HydroChem Industrial Services (b), 9.25%, 02/15/13		775,000		720,750
Insurance Automotive (b), 11.00%, 04/01/13		525,000		543,179
SITEL Corp., 9.25%, 03/15/06		518,000		515,410
				3,689,324
Supermarkets (0.0%)
Jitney-Jungle Stores of America, Inc. (c) (d) (g), 0.00%, 09/15/07		100,000		0
Technology (3.1%)
Activant Solutions, Inc., 10.50%, 06/15/11		875,000		953,750
Activant Solutions, Inc. (b) (e), 9.09%, 04/01/10		200,000		208,000
Danka Business Systems, 11.00%, 06/15/10		450,000		362,250
Freescale Semiconductor, Inc., 7.13%, 07/15/14		575,000		621,000
MagnaChip Semiconductor (b), 8.00%, 12/15/14		350,000		337,750
Seagate Technology HDD Holding, 8.00%, 05/15/09		350,000		374,063
Smart Modular Technologies (b) (e), 8.35%, 04/01/12		600,000		594,000

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FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Technology (continued)
Telex Communications, Inc., 11.50%, 10/15/08	$	450,000	$	483,750
UGS Corp., 10.00%, 06/01/12		1,150,000		1,282,250
Unisys Corp., 6.88%, 03/15/10		650,000		641,875
Xerox Corp., 9.75%, 01/15/09		1,350,000		1,540,687
Xerox Corp., 7.63%, 06/15/13		475,000		513,594
				7,912,969
Textile (0.7%)
GFSI, Inc., 9.63%, 03/01/07		200,000		182,000
Glenoit Corp. (c) (d) (g), 0.00%, 04/15/07		125,000		0
Phillips Van-Heusen Corp., 8.13%, 05/01/13		350,000		380,625
Warnaco Group, Inc., 8.88%, 06/15/13		750,000		832,500
William Carter Co., 10.88%, 08/15/11		422,000		474,818
				1,869,943
Tobacco (0.4%)
Commonwealth Brands, Inc. (b), 10.63%, 09/01/08		1,000,000		1,057,500
Transportation (0.7%)
Allied Holdings, Inc., 8.63%, 10/01/07		550,000		264,000
Holt Group, Inc. (The) (c) (d) (g), 9.75%, 01/15/06		50,000		0
Stena AB, 9.63%, 12/01/12		825,000		903,375
Stena AB, 7.50%, 11/01/13		575,000		569,250
				1,736,625
Utility—Electric (4.0%)
Caithness Coso Funding Corp., 9.05%, 12/15/09		792,824		854,268
Edison Mission Holding Co., 9.88%, 04/15/11		1,350,000		1,587,937
FPL Energy National Wind (b), 6.13%, 03/25/19		350,000		340,457

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Utility—Electric (continued)
Nevada Power Co., 6.50%, 04/15/12	$	75,000	$	78,750
Nevada Power Co., 9.00%, 08/15/13		1,400,000		1,581,999
Nevada Power Co. (b), 5.88%, 01/15/15		350,000		353,500
Northwestern Corp. (b), 5.88%, 11/01/14		200,000		206,000
NRG Energy, Inc. (b), 8.00%, 12/15/13		509,000		539,540
PSEG Energy Holdings, 10.00%, 10/01/09		1,125,000		1,268,438
Reliant Energy, Inc., 6.75%, 12/15/14		325,000		319,313
Reliant Resources, Inc., 9.25%, 07/15/10		375,000		410,625
Reliant Resources, Inc., 9.50%, 07/15/13		925,000		1,031,375
TECO Energy, Inc. (b), 6.75%, 05/01/15		225,000		239,625
Texas Genco LLC (b), 6.88%, 12/15/14		1,325,000		1,401,187
				10,213,014
Utility—Natural Gas (4.6%)
ANR Pipeline Co., 8.88%, 03/15/10		150,000		165,289
EL Paso Corp., 6.75%, 05/15/09		775,000		778,875
EL Paso Corp., 7.75%, 06/01/13		950,000		1,018,875
EL Paso Corp., 8.05%, 10/15/30		675,000		671,625
EL Paso Corp., 7.80%, 08/01/31		1,450,000		1,417,375
Holly Energy Partners LP (b), 6.25%, 03/01/15		1,375,000		1,347,500
Inergy LP (b), 6.88%, 12/15/14		400,000		391,000
MarkWest Energy Partners (b), 6.88%, 11/01/14		175,000		175,000
Pacific Energy Partners, 7.13%, 06/15/14		700,000		732,375
Semco Energy, Inc., 7.13%, 05/15/08		400,000		409,234

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FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Utility—Natural Gas (continued)
Tennessee Gas Pipeline, 7.50%, 04/01/17	$	200,000	$	222,531
Tennessee Gas Pipeline, 8.38%, 06/15/32		1,225,000		1,447,573
Transcontinental Gas Pipeline Corp., 8.88%, 07/15/12		350,000		418,250
Williams Cos., Inc. (The), 7.63%, 07/15/19		750,000		847,500
Williams Cos., Inc. (The), 7.88%, 09/01/21		1,425,000		1,628,062
				11,671,064
Wireless Communications (2.2%)
Inmarsat Finance PLC, 0.00%/7.63%, 06/30/12		125,000		132,500
Inmarsat Finance PLC, 0.00%/8.57%, 11/15/12		400,000		316,000
New Skies Satellites NV (b), 9.13%, 11/01/12		325,000		324,188
NEXTEL Communications, Inc., 7.38%, 08/01/15		1,575,000		1,708,874
Rogers Wireless, Inc., (e) 6.54%, 12/15/10		425,000		445,188
Rogers Wireless, Inc., (e) 7.25%, 12/15/12		200,000		217,000
Rogers Wireless, Inc., (e) 8.00%, 12/15/12		800,000		866,000
Rogers Wireless, Inc., (e) 6.38%, 03/01/14		625,000		639,063
Rogers Wireless, Inc., (e) 7.50%, 03/15/15		200,000		218,500
U.S. Unwired, Inc., 10.00%, 06/15/12		650,000		726,375
				5,593,688
Wireline Communications (5.5%)
Alaska Communications System Holdings, 9.88%, 08/15/11		669,000		712,485
AT&T Corp., 9.75%, 11/15/31		2,475,000		3,232,968
Cincinnati Bell, Inc., 7.25%, 07/15/13		825,000		870,375

Shares or Principal Amount			Value
CORPORATE BONDS (continued)
Wireline Communications (continued)
Cincinnati Bell, Inc., 8.38%, 01/15/14	$	500,000	$	515,000
Citizens Communications, 9.25%, 05/15/11		250,000		280,313
Citizens Communications, 6.25%, 01/15/13		525,000		510,563
Citizens Communications, 9.00%, 08/15/31		550,000		566,500
MCI, Inc., 8.74%, 05/01/14		1,075,000		1,208,031
Qwest Capital Funding, 7.25%, 02/15/11		350,000		336,875
Qwest Corp. (b), 9.13%, 03/15/12		2,225,000		2,430,813
Qwest Services Corp., 13.50%, 12/15/10		2,300,000		2,667,999
Valor Telecommunications Enterprises (b), 7.75%, 02/15/15		700,000		691,250
				14,023,172
Total Corporate Bonds				245,934,320
PREFERRED STOCKS (0.2%)
Media—Cable (0.0%)
Pegasus Communications		0		7
Media—Non-Cable (0.0%)
Ziff Davis Media, Inc., Series E-1, PIK		12		8,280
Retailers (0.2%)
General Nutrition Center, Series A		725		487,563
Total Preferred Stocks				495,850
WARRANTS (0.1%)
Entertainment (0.0%)
AMF Bowling Worldwide, Inc., Class B, expiring 03/09/09 (d) (g)		811		0
Industrial—Other (0.1%)
ACP Holding Co., expiring 09/13/13 (b)		96,400		183,160

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FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
WARRANTS (continued)
Media—Non-Cable (0.0%)
Advanstar Holdings Corp., expiring 10/15/11 (b) (d) (g)	$	150	$	0
XM Satellite Radio, Inc., expiring 03/15/10 (b)		300		18,900
Ziff Davis Media, Inc., expiring 08/12/12 (d) (g)		2,200		0
				18,900
Packaging (0.0%)
Pliant Corp., expiring 06/01/10 (b) (d) (g)		275		0
Paper (0.0%)
MDP Acquisitions, expiring 10/01/13 (b)		300		6,000
Total Warrants				208,060
CASH EQUIVALENTS (1.2%)
Investments in repurchase agreements (Collateralized by AA Corporate Bonds, in a joint trading account at 3.34%, dated 06/30/05, due 07/01/05, repurchase price $2,970,735)		2,970,459		2,970,459
Total Cash Equivalents				2,970,459
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (0.2%)
Pool of short-term securities for Gartmore Variable Insurance Trust Funds — note 2 (Securities Lending)		390,808		390,808
Total Investments (Cost $246,331,311) (a) — 98.5%				250,445,902
Other assets in excess of liabilities — 1.5%				3,957,520
NET ASSETS — 100.0%			$	254,403,422

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(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) Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2005.

(f) Security has filed for bankruptcy protection.

(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.

PIK Paid-In-Kind

See notes to financial statements.

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FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $243,360,852)	$	247,475,443
Repurchase agreements, at cost and value		2,970,459
Total Investments		250,445,902
Cash		67,235
Interest and dividends receivable		5,216,541
Receivable for investments sold		715,625
Prepaid expenses and other assets		19,819
Total Assets		256,465,122
Liabilities:
Payable for investments purchased		1,476,169
Payable for return of collateral received for securities on loan		390,808
Accrued expenses and other payables:
Investment advisory fees		145,035
Fund administration and transfer agent fees		13,705
Administrative servicing fees		25,817
Other		10,166
Total Liabilities		2,061,700
Net Assets	$	254,403,422
Represented by:
Capital	$	265,584,389
Accumulated net investment income (loss)		395,162
Accumulated net realized gain (losses) from investments		(15,690,720	)
Net unrealized appreciation (depreciation) on investments		4,114,591
Net Assets	$	254,403,422
Net Assets:
Class I Shares	$	219,994,128
Class III Shares		34,409,294
Total	$	254,403,422
Shares outstanding (unlimited number of shares authorized):
Class I Shares		27,911,773
Class III Shares		4,369,030
Total		32,280,803
Net asset value and offering price per share:*
Class I Shares	$	7.88
Class III Shares	$	7.88

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	11,425,504
Dividend income		48,760
Income from securities lending		126,707
Total Income		11,600,971
Expenses:
Investment advisory fees		928,008
Fund administration and transfer agent fees		112,861
Administrative servicing fees Class I Shares		188,774
Administrative servicing fees Class III Shares		4,071
Other**		55,048
Total Expenses		1,288,762
Net Investment Income (Loss)		10,312,209
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		762,009
Net change in unrealized appreciation/depreciation on investments		(11,824,057	)
Net realized/unrealized gains (losses) on investments		(11,062,048	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(749,839	)

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

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FEDERATED GVIT HIGH INCOME BOND FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	10,312,209		$	19,889,108
Net realized gains (losses) on investment transactions		762,009			4,971,926
Net change in unrealized appreciation/depreciation on investments		(11,824,057	)		1,307,647
Change in net assets resulting from operations		(749,839	)		26,168,681
Distributions to Class I shareholders from:
Net investment income		(9,262,503	)		(19,966,223	)
Distributions to Class III shareholders from:
Net investment income		(654,544	)		—
Change in net assets from shareholder distributions		(9,917,047	)		(19,966,223	)
Change in net assets from capital transactions		(37,214,268	)		27,746,147
Change in net assets		(47,881,154	)		33,948,605
Net Assets:
Beginning of period		302,284,576			268,335,971
End of period	$	254,403,422		$	302,284,576
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	35,287,107		$	146,627,742
Dividends reinvested		9,262,508			19,966,229
Cost of shares redeemed		(116,170,456	)		(138,847,824	)
		(71,620,841	)		27,746,147
Class III Capital Transactions:
Proceeds from shares issued		35,816,291			—
Dividends reinvested		654,544			—
Cost of shares redeemed		(2,064,262	)		—
		34,406,573			—
Change in net assets from capital transactions	$	(37,214,268	)	$	27,746,147
SHARE TRANSACTIONS:
Class I Shares
Issued		4,339,061			18,163,294
Reinvested		1,169,649			2,485,756
Redeemed		(14,457,171	)		(17,265,939	)
		(8,948,461	)		3,383,111
Class III Share Transactions:
Issued		4,545,116			—
Reinvested		83,488			—
Redeemed		(259,574	)		—
		4,369,030			—

See notes to financial statements.

17

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Federated GVIT High Income Bond Fund

			Investment Activities:					Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Return of Capital		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class I Shares
Year Ended December 31, 2000	$	9.52	0.89	(1.62	)	(0.73	)	(0.89	)	(0.01	)	(0.90	)	$	7.89	(8.28%	)	$	78,631	0.95%		10.44%		1.12%		10.27%		18.12%
Year Ended December 31, 2001(c)	$	7.89	0.76	(0.45	)	0.31		(0.76	)	—		(0.76	)	$	7.44	4.22%		$	114,022	0.95%		9.96%		1.03%		9.88%		31.64%
Year Ended December 31, 2002	$	7.44	0.61	(0.38	)	0.23		(0.61	)	—		(0.61	)	$	7.06	3.23%		$	162,733	0.97%		8.82%		0.97%		8.82%		30.59%
Year Ended December 31, 2003	$	7.06	0.57	0.96		1.53		(0.57	)	—		(0.57	)	$	8.02	22.27%		$	268,336	0.95%		7.74%		(d	)	(d	)	41.30%
Year Ended December 31, 2004	$	8.02	0.60	0.18		0.78		(0.60	)	—		(0.60	)	$	8.20	10.10%		$	302,285	0.94%		7.46%		(d	)	(d	)	61.24%
Six Months Ended June 30, 2005 (Unaudited)	$	8.20	0.34	(0.35	)	(0.01	)	(0.31	)	—		(0.31	)	$	7.88	(0.15%	)(e)	$	219,994	0.93%	(f)	7.46%	(f)	(d	)	(d	)	19.27%
Class III Shares
Period Ended June 30, 2005 (Unaudited) (g)(h)	$	7.83	0.26	(0.05	)	0.21		(0.16	)	—		(0.16	)	$	7.88	(2.68%	)(e)	$	34,409	0.93%	(f)	7.54%	(f)	(d	)	(d	)	19.27%

(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.

(g) For the period from April 28, 2005 (commencement of operations) through June 30, 2005.

(h) Net investment income (loss) is based on average shares outstanding during the period.

See notes to financial statements.

18

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, was subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Federated GVIT High Income Bond Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Trust’s 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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a

19

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

“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.

The Fund values 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 Fund, the Fund will fair value its 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 Fund’s 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 these prices will have a material impact on the net asset value of the Fund. When the Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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

20

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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 also may 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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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) 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.

21

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(i) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

The cash collateral received by the Fund was pooled and, at June 30, 2005, was invested in the following:

Security Type	Security Name	Market Value		Maturity Rate	Maturity Date
Repurchase Agreement	Nomura Securities	$	390,808	3.48%	07/01/05

As of June 30, 2005, the Fund had securities with the following market values on loan:

Market Value of Loaned Securities		Market Value of Collateral
$	385,733	$	390,808

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(k) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$750	$	11,425,801	$	(7,311,960	)	$	4,113,841

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GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such a rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders. In addition, GMF provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser, for the Fund that GMF advises. Federated Investment Management Company (the “subadviser”), manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

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

Fee Schedule	Total Fees	Fees Retained	Paid to Sub-adviser
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%

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

23

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; 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 the Fund.

4. Short-Term Trading Fees

The Fund reserves 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 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $51,407,774 and sales of $85,487,406.

6. Portfolio Investment Risks

Credit and Market Risk. The Fund invests in high yield instruments and are subject to certain additional credit and market risks. The yields of high yield debt obligations reflect, among other things, perceived credit risk. The Fund’s 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.

24

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

7. Bank Loans

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

8. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)

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GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)

26

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

27

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

28

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

29

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

30

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President - Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

31

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

32

GVIT Equity 500 Index Fund

Semiannual Report

|  June 30, 2005

	Contents
5	Statement of Investments
13	Statement of Assets and Liabilities
13	Statement of Operations
14	Statements of Changes in New Assets
15	Financial Highlights
16	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

GVIT Equity 500 Index Fund

For the semiannual period ended June 30, 2005, the GVIT Equity 500 Index Fund (Class IV at NAV) returned -0.89% versus -0.81% for its benchmark, the S&P 500^® Index. For broader comparison, the average return for the Fund’s Lipper peer category of S&P 500 Index Objective Funds was -0.96%.

The first half of 2005 proved to be volatile, with the Fund’s benchmark, the S&P 500 Index starting the year in negative territory, down 2.4% in January, ultimately resulting in a disappointing first quarter. The Index was down 2.2% through March. May has been the best-performing month of the year so far, returning 3.2% and making back some of the first quarter’s losses. The Index returned 1.4% in the second quarter, bringing the year-to-date return up to the loss stated above through June 30.

Equity markets stumbled during the first quarter, driven by record highs in crude oil prices, a sharply reduced profit outlook in the marketplace and a fresh sense of inflation concern from the U.S. Federal Open Market Committee. Each factor took its toll on investors’ appetite for risk.

The second quarter saw a continued tightening by the Federal Reserve Board as it continued to adjust rates upward, lifting the target federal funds rate to 3.25% by the end of June. Bonds remained resilient, keeping equities attractive on a relative basis. Crude oil also continued to rise, topping $60 per barrel.

During the first six months of the year, six S&P 500 Index sector’s performance declined; only four sectors returned gains within the Index. Of the six lagging sectors, the returns of the information technology, consumer discretionary and industrials sectors were the biggest detractors from Fund performance.

Within information technology, International Business Machines Corp. (IBM) declined steeply, adding to the sectors fall, which persisted through June. The firm suffered because it fell short of sales targets due to the weakening of the software market and the slowdown of demand in Europe. The consumer discretionary sector has retreated so far this year, largely due to eBay Inc.’s drop. The online auctioneer faces increased competition from rivals Google Inc. and Yahoo! Inc.’s. Industrials declined because United Parcel Service of America Inc. (UPS) pulled down the sector. Concerns about free trade and increased costs from high oil and gas prices have kept earnings growth flat for UPS. The materials sector was the worst performer during the reporting period, declining with International Paper Co. as the primary detractor.

The best-performing sector for the Fund was energy. ExxonMobil Corp.’s strong return pushed the sector’s performance due to the ongoing strength of both crude oil and natural gas prices. The next-best sector was utilities, led by eXelon Corp. and Duke Energy Corp. Health care also was up, led by UnitedHealth Group Inc. The health-care provider benefited from increased revenues and a continuing strategy of acquisitions.

The Fund is a replicating portfolio and continues to strive to match the performance of the S&P 500 Index. Three Index composition changes occurred during the period, resulting in 1.2% turnover. In September 2005, the S&P 500 Index will complete the free-float adjustments announced last year.

PORTFOLIO MANAGER: Deane Gyllenhaal

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

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

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

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

1

Fund Performance GVIT Equity 500 Index Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Five years	Inception2
Class IV	-0.89%	6.06%	-2.60%	-1.98%

* Not Annualized.

1 Not subject to any sales charges.

2 The Fund’s predecessor, the Market Street Equity 500 Index Portfolio, commenced operations on February 7, 2000. As of April 28, 2003, the GVIT Equity Index 500 Fund (which previously had not commenced operations) acquired all the assets, subject to stated liabilities, of the Market Street Equity Index 500 Portfolio. At that time the GVIT Equity Index 500 Fund took on the performance of the Market Street Equity Index 500 Portfolio

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class IV shares of the GVIT Equity 500 Index Fund, Standard & Poor’s 500 Index (S&P 500)(a), and Consumer Price Index (CPI)(b) since inception. Unlike, the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) S&P 500 is an unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2

Shareholder

Expense Example GVIT Equity 500 Index Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Equity 500 Index
Class IV	Actual	$	1,000	$	991	$	1.38	0.28%
	Hypothetical1	$	1,000	$	1,024	$	1.41	0.28%

 * Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

3

Portfolio Summary

(June 30, 2005) GVIT Equity 500 Index Fund

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

Asset Allocation
Common Stocks	98.7%
Other Investments*	5.0%
Liabilities in excess of other assets**	-3.7%
	100.0%

Top Holdings
General Electric Co.	3.3%
Exxon Mobil Corp.	3.3%
Microsoft Corp.	2.3%
Citigroup, Inc.	2.2%
Pfizer, Inc.	1.8%
Johnson & Johnson, Inc.	1.7%
Bank of America Corp.	1.7%
Wal-Mart Stores, Inc.	1.5%
Intel Corp.	1.4%
American International Group, Inc.	1.4%
Other Holdings	79.4%
	100.0%

Top Industries
Financial Services	9.8%
Computers	9.8%
Oil & Gas	7.6%
Healthcare	6.4%
Retail	6.3%
Banks	5.1%
Insurance	4.8%
Telecommunications	4.6%
Drugs	4.4%
Electrical Equipment	3.7%
Other Industries	37.5%
	100.0%

* Includes value of collateral received from securities lending.

** Includes value of collateral owed from securities lending.

4

GARTMORE VARIABLE INSURANCE TRUST

GVIT EQUITY 500 INDEX FUND

Statement of Investments — June 30, 2005 (Unaudited)

Shares or Principal Amount		Value
COMMON STOCKS (98.7%)
Aerospace & Defense (1.9%)
Boeing Co. (The)	19,962	$	1,317,491
General Dynamics Corp.	4,900		536,746
Lockheed Martin Corp.	9,800		635,726
Northrop Grumman Corp.	8,762		484,101
Raytheon Co.	10,900		426,408
Rockwell Collins, Inc.	4,414		210,460
United Technologies Corp.	24,700		1,268,345
Xilinx, Inc.	8,700		221,850
			5,101,127
Agriculture (0.2%)
Monsanto Co.	6,495		408,341
Airlines (0.1%)
Delta Air Lines, Inc. (b)	3,800		14,288
Southwest Airlines Co.	17,750		247,258
			261,546
Apparel (0.3%)
Jones Apparel Group, Inc.	2,900		90,016
Liz Claiborne, Inc.	2,500		99,400
Nike, Inc., Class B	5,600		484,960
Reebok International Ltd.	1,300		54,379
V.F. Corp.	2,400		137,328
			866,083
Auto Parts & Equipment (0.6%)
AutoNation, Inc. (b)	5,300		108,756
AutoZone, Inc. (b)	1,600		147,936
Dana Corp.	4,300		64,543
Delphi Automotive Systems Corp.	14,500		67,425
Genuine Parts Co.	4,400		180,796
Ingersoll Rand Co.	4,100		292,535
Johnson Controls, Inc.	4,600		259,118
Navistar International Corp. (b)	1,700		54,400
PACCAR, Inc.	4,225		287,300
Snap-On, Inc.	1,400		48,020
Visteon Corp.	3,723		22,450
			1,533,279
Automobiles (0.5%)
Ford Motor Co.	44,132		451,912
General Motors Corp.	13,852		470,968
Harley-Davidson, Inc.	7,000		347,200
			1,270,080

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Banks (5.1%)
AmSouth Bancorp	8,600	$	223,600
Bank of America Corp.	97,040		4,425,994
Bank of New York Co., Inc.	18,928		544,748
BB&T Corp.	13,300		531,601
Bear Stearns Cos., Inc.	2,800		291,032
Compass Bancshares, Inc.	3,100		139,500
Fifth Third Bancorp	12,585		518,628
Huntington Bancshares, Inc.	5,410		130,597
KeyCorp.	9,700		321,555
M & T Bank Corp.	2,400		252,384
Mellon Financial Corp.	10,200		292,638
National City Corp.	14,400		491,328
Northern Trust Corp.	4,900		223,391
PNC Bank Corp.	6,800		370,328
Regions Financial Corp.	11,160		378,101
Sovereign Bancorp	8,800		196,592
SunTrust Banks, Inc.	8,300		599,592
Synovus Financial Corp.	7,500		215,025
U.S. Bancorp	44,168		1,289,706
Wachovia Corp.	38,054		1,887,478
Zions Bancorp	2,100		154,413
			13,478,231
Beverages (2.2%)
Anheuser-Busch Cos., Inc.	18,743		857,492
Brown-Forman Corp., Class B	2,200		133,012
Coca-Cola Co.	54,612		2,280,051
Coca-Cola Enterprises, Inc.	8,800		193,688
Constellation Brands, Inc. (b)	400		11,800
Molson Coors Brewing Co.	1,900		117,800
Pepsi Bottling Group, Inc. (The)	4,900		140,189
PepsiCo, Inc.	40,430		2,180,390
			5,914,422
Biotechnology (0.3%)
Applera Corp.	4,900		96,383
Gilead Sciences, Inc. (b)	10,500		461,895
Group Chiron Corp. (b)	3,500		122,115
Waters Corp. (b)	2,900		107,793
			788,186
Business Services (2.8%)
Apollo Group, Inc. (b)	3,900		305,058
AutoDesk, Inc.	5,730		196,940
Automatic Data Processing, Inc.	14,108		592,113

5

GARTMORE VARIABLE INSURANCE TRUST

GVIT EQUITY 500 INDEX FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Business Services (continued)
Cintas Corp.	3,600	$	138,960
Compuware Corp. (b)	10,200		73,338
Convergys Corp. (b)	3,500		49,770
Dow Jones & Co., Inc.	1,600		56,720
eBay, Inc. (b)	29,300		967,193
Electronic Data Systems Corp.	12,700		244,475
Equifax, Inc.	3,100		110,701
Exelon Corp.	16,224		832,778
First Data Corp.	18,816		755,274
Fiserv, Inc. (b)	4,650		199,718
IMS Health, Inc.	6,053		149,933
Interpublic Group Cos., Inc. (The) (b)	9,800		119,364
Monster Worldwide, Inc. (b)	2,800		80,304
Moody’s Corp.	6,708		301,592
Omnicom Group, Inc.	4,400		351,384
Paychex, Inc.	8,650		281,471
Pitney Bowes, Inc.	5,600		243,880
Robert Half International, Inc.	3,700		92,389
Sabre Holdings, Inc.	3,368		67,192
Sungard Data Systems (b)	7,100		249,707
Yahoo!, Inc. (b)	31,700		1,098,404
			7,558,658
Chemicals & Allied Products (1.6%)
Air Products & Chemicals, Inc.	5,500		331,650
Dow Chemical Co.	23,366		1,040,488
E.I. du Pont de Nemours & Co.	24,000		1,032,240
Eastman Chemical Co.	1,800		99,270
Engelhard Corp.	2,800		79,940
Great Lakes Chemical Corp.	1,100		34,617
Hercules, Inc. (b)	3,200		45,280
Millipore Corp. (b)	1,100		62,403
Occidental Petroleum Corp.	9,700		746,221
Praxair, Inc.	7,800		363,480
Rohm & Haas Co.	4,800		222,432
Sigma-Aldrich Corp.	1,800		100,872
			4,158,893
Computers (9.8%)
Adobe Systems, Inc.	11,600		331,992
Affiliated Computer Services, Class A (b)	3,200		163,520
American Power Conversion Corp.	4,500		106,155
Apple Computer, Inc. (b)	19,900		732,519
Avaya, Inc. (b)	11,366		94,565

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Computers (continued)
BMC Software, Inc. (b)	5,700	$	102,315
Cisco Systems, Inc. (b)	154,157		2,945,940
Citrix Systems, Inc. (b)	3,900		84,474
Computer Associates International, Inc.	13,000		357,240
Computer Sciences Corp. (b)	4,400		192,280
Dell, Inc. (b)	58,400		2,307,384
EMC Corp. (b)	58,000		795,180
Gateway, Inc. (b)	5,700		18,810
Hewlett Packard Co.	69,600		1,636,296
Intel Corp.	148,873		3,879,630
International Business Machines Corp.	38,917		2,887,641
Intuit, Inc. (b)	4,400		198,484
Lexmark International Group, Inc. (b)	3,100		200,973
Mercury Interactive Corp. (b)	2,000		76,720
Microsoft Corp.	242,340		6,019,726
NCR Corp. (b)	4,400		154,528
Network Appliance, Inc. (b)	9,100		257,257
Novell, Inc. (b)	10,200		63,240
NVIDIA Corp. (b)	3,900		104,208
Oracle Corp. (b)	106,708		1,408,546
Parametric Technology Corp. (b)	7,100		45,298
Siebel Systems, Inc.	11,700		104,130
Sun Microsystems, Inc. (b)	83,256		310,545
Symantec Corp. (b)	17,300		376,102
Symbol Technologies, Inc.	5,600		55,272
Unisys Corp. (b)	8,400		53,172
VERITAS Software Corp. (b)	10,400		253,760
			26,317,902
Conglomerates (0.8%)
Illinois Tool Works, Inc.	6,600		525,888
ITT Industries, Inc.	2,300		224,549
Tyco International Ltd.	48,756		1,423,675
			2,174,112
Construction & Building Materials (1.0%)
Caterpillar, Inc.	8,300		791,073
Centex Corp.	3,200		226,144
D. R. Horton, Inc.	400		15,044
Deere & Co.	6,000		392,940
Fluor Corp.	2,000		115,180
KB Home	2,000		152,460
Masco Corp.	10,581		336,053

6

GARTMORE VARIABLE INSURANCE TRUST

GVIT EQUITY 500 INDEX FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Construction & Building Materials (continued)
Pulte Corp.	2,800	$	235,900
Sherwin Williams Co.	3,000		141,270
Vulcan Materials Co.	2,492		161,955
			2,568,019
Consumer Products (3.0%)
Alberto Culver Co., Class B	1,950		84,494
Avery-Dennison Corp.	2,400		127,104
Avon Products, Inc.	11,400		431,490
Black & Decker Corp.	2,000		179,700
Clorox Co. (The)	3,799		211,680
Colgate-Palmolive Co.	12,761		636,902
Danaher Corp.	6,600		345,444
Ecolab, Inc.	5,300		171,508
Fortune Brands, Inc.	3,600		319,680
Gillette Co. (The)	24,100		1,220,183
International Flavors & Fragrances, Inc.	2,000		72,440
Kimberly-Clark Corp.	11,500		719,785
Leggett & Platt, Inc.	4,700		124,926
Maytag Corp.	2,100		32,886
Pall Corp.	2,800		85,008
Procter & Gamble Co.	59,742		3,151,390
Whirlpool Corp.	1,600		112,176
			8,026,796
Containers (0.2%)
Ball Corp.	2,600		93,496
Bemis Co.	2,800		74,312
Newell Rubbermaid, Inc.	6,900		164,496
Sealed Air Corp. (b)	1,900		94,601
			426,905
Drugs (4.4%)
Amerisource Bergen Corp.	2,454		169,694
Biogen, Inc. (b)	8,339		287,279
Eli Lilly & Co.	27,370		1,524,783
Express Scripts, Inc., Class A (b)	3,600		179,928
Forest Laboratories, Inc., Class A (b)	8,300		322,455
Genzyme Corp. (b)	6,000		360,540
Medimmune, Inc. (b)	6,109		163,232
Merck & Co., Inc.	53,164		1,637,451
Mylan Laboratories, Inc.	6,800		130,832
Pfizer, Inc.	179,361		4,946,776
Schering Plough Corp.	35,600		678,536
Wyeth	32,300		1,437,350
			11,838,856

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Electrical Equipment (3.7%)
Cooper Industries Ltd., Class A	2,215	$	141,539
Eaton Corp.	3,600		215,640
Emerson Electric Co.	10,100		632,563
General Electric Co.	255,848		8,865,133
Grainger (W.W.), Inc.	2,000		109,580
			9,964,455
Electronics (0.9%)
Agilent Technologies, Inc. (b)	10,437		240,260
Altera Corp. (b)	9,200		182,344
Broadcom Corp., Class A (b)	7,000		248,570
Molex, Inc.	3,925		102,207
Radioshack Corp.	3,900		90,363
Rockwell International Corp.	4,200		204,582
Sanmina Corp. (b)	14,000		76,580
Solectron Corp. (b)	24,000		90,960
Tektronix, Inc.	2,100		48,867
Teradyne, Inc. (b)	4,800		57,456
Texas Instruments, Inc.	40,100		1,125,607
			2,467,796
Entertainment (0.7%)
Electronic Arts, Inc. (b)	7,400		418,914
International Game Technology	8,300		233,645
Walt Disney Co. (The)	49,200		1,238,856
			1,891,415
Financial Services (9.8%)
AMBAC Financial Group, Inc.	2,650		184,864
American Express Co.	28,300		1,506,409
Capital One Financial Corp.	6,000		480,060
Charles Schwab Corp.	27,450		309,636
Cit Group, Inc.	5,100		219,147
Citigroup, Inc.	125,454		5,799,739
Comerica, Inc.	4,000		231,200
Countrywide Credit Industries, Inc.	14,300		552,123
E*TRADE Financial Corp. (b)	8,900		124,511
Federal Home Loan Mortgage Corp.	16,700		1,089,341
Federal National Mortgage Association	23,386		1,365,742
Federated Investors, Inc.	2,100		63,021
First Horizon National Corp.	3,000		126,600
Franklin Resources, Inc.	4,800		369,504
Golden West Financial Corp.	6,800		437,784

7

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Financial Services (continued)
Goldman Sachs Group, Inc.	10,700	$	1,091,614
H & R Block, Inc.	4,100		239,235
J.P. Morgan Chase & Co.	84,901		2,998,703
Janus Capital Group, Inc.	5,500		82,720
Lehman Brothers Holdings, Inc.	6,667		661,900
Marshall & Ilsley Corp.	5,000		222,250
MBNA Corp.	30,550		799,188
Merrill Lynch & Co.	22,800		1,254,228
Morgan Stanley Dean Witter & Co.	26,400		1,385,208
North Fork Bancorp, Inc.	11,400		320,226
Providian Financial Corp. (b)	7,400		130,462
SLM Corp.	10,100		513,080
State Street Corp.	8,100		390,825
T. Rowe Price Group, Inc.	3,000		187,800
Washington Mutual, Inc.	21,315		867,307
Wells Fargo Co.	40,659		2,503,781
			26,508,208
Food & Related (2.6%)
Altria Group, Inc.	50,000		3,233,001
Archer-Daniels Midland Co.	15,237		325,767
Campbell Soup Co.	7,800		240,006
ConAgra, Inc.	12,600		291,816
General Mills, Inc.	8,800		411,752
H.J. Heinz Co.	8,500		301,070
Hershey Foods Corp.	5,300		329,130
Kellogg Co.	8,400		373,296
McCormick & Co.	3,200		104,576
Sara Lee Corp.	19,029		376,964
SYSCO Corp.	15,300		553,707
Wrigley (Wm.) Jr. Co.	4,700		323,548
			6,864,633
Healthcare (6.4%)
Abbott Laboratories	37,367		1,831,357
Allergan, Inc.	3,100		264,244
Bausch & Lomb, Inc.	1,300		107,900
Baxter International, Inc.	15,000		556,500
Becton Dickinson & Co.	6,100		320,067
Bristol-Myers Squibb Co.	47,162		1,178,107
Cardinal Health, Inc.	10,353		596,126
Guidant Corp.	7,800		524,940
HCA, Inc.	10,000		566,700
Health Management Associates, Inc., Class A	6,100		159,698
Humana, Inc. (b)	4,100		162,934

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Healthcare (continued)
Johnson & Johnson, Inc.	71,711	$	4,661,214
King Pharmaceuticals, Inc. (b)	6,133		63,906
McKesson HBOC, Inc.	7,200		322,488
Medco Health Solutions, Inc. (b)	6,648		354,737
Medtronic, Inc.	29,200		1,512,268
Quest Diagnostics, Inc.	4,400		234,388
St. Jude Medical, Inc. (b)	8,800		383,768
Stryker Corp.	9,000		428,040
Tenet Healthcare Corp. (b)	11,700		143,208
Unitedhealth Group, Inc.	30,544		1,592,564
Watson Pharmaceutical, Inc. (b)	2,800		82,768
Wellpoint Health Networks, Inc. (b)	14,800		1,030,672
			17,078,594
Hotels & Motels (0.7%)
Cendant Corp.	25,400		568,198
Harrah’s Entertainment, Inc.	4,300		309,901
Hilton Hotels Corp.	9,200		219,420
Marriott International, Inc., Class A	4,800		327,456
Starwood Hotels & Resorts Worldwide, Inc.	5,300		310,421
			1,735,396
Industrial (0.1%)
Parker Hannifin Corp.	3,000		186,030
Thermo Electron Corp. (b)	3,900		104,793
			290,823
Insurance (4.8%)
ACE Ltd.	7,012		314,488
Aetna, Inc.	7,100		588,022
AFLAC, Inc.	12,100		523,688
Allstate Corp. (The)	16,100		961,975
American International Group, Inc.	62,568		3,635,200
AON Corp.	7,600		190,304
Chubb Corp. (The)	4,600		393,806
CIGNA Corp.	3,200		342,496
Cincinnati Financial Corp.	4,221		166,983
Hartford Financial Services Group, Inc.	7,200		538,416
Jefferson-Pilot Corp.	3,381		170,470
Lincoln National Corp.	4,300		201,756
Loews Corp.	3,867		299,693
Marsh & McLennan Cos., Inc.	13,000		360,100
MBIA, Inc.	3,250		192,758

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Insurance (continued)
MetLife, Inc.	17,700	$	795,438
MGIC Investment Corp.	2,400		156,528
Principal Financial Group, Inc.	7,100		297,490
Progressive Corp. (The)	4,800		474,288
Prudential Financial, Inc.	12,600		827,316
SAFECO Corp.	3,100		168,454
St. Paul Travelers Cos., Inc. (The)	16,265		642,955
Torchmark Corp.	2,500		130,500
UnumProvident Corp.	7,400		135,568
XL Capital Ltd., Class A	3,400		253,028
			12,761,720
Leisure Products (0.4%)
Brunswick Corp.	2,300		99,636
Carnival Corp.	12,800		698,240
Hasbro, Inc.	4,400		91,476
Mattel, Inc.	10,200		186,660
			1,076,012
Manufacturing (1.2%)
3M Co.	18,538		1,340,297
American Standard Cos., Inc.	4,500		188,640
Cummins Engine, Inc.	1,100		82,071
Dover Corp.	5,000		181,900
Honeywell International, Inc.	20,800		761,904
PPG Industries, Inc.	4,100		257,316
Stanley Works (The)	1,800		81,972
Textron, Inc.	3,300		250,305
			3,144,405
Medical Equipment & Supplies (0.7%)
Bard (C.R.), Inc.	2,500		166,275
Biomet, Inc.	6,051		209,607
Boston Scientific Corp. (b)	18,100		488,700
Fisher Scientific International, Inc. (b)	2,900		188,210
Laboratory Corp. of America Holdings (b)	3,200		159,680
PerkinElmer, Inc.	3,500		66,150
Zimmer Holdings, Inc. (b)	6,026		459,000
			1,737,622
Medical Services (0.9%)
Amgen, Inc. (b)	29,832		1,803,643
Caremark Rx, Inc. (b)	11,041		491,545
Hospira, Inc. (b)	3,636		141,804
Manor Care, Inc.	2,200		87,406
			2,524,398

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Metals & Mining (0.5%)
Alcoa, Inc.	21,040	$	549,775
Freeport-McMoran Copper & Gold, Inc., Class B	4,400		164,736
Newmont Mining Corp.	10,758		419,885
Phelps Dodge Corp.	2,400		222,000
			1,356,396
Multimedia (2.5%)
Clear Channel Communications, Inc.	12,500		386,625
Comcast Corp., Class A (b)	53,248		1,634,714
L-3 Communications Holdings, Inc.	2,900		222,082
News Corp.	69,600		1,126,128
Time Warner, Inc. (b)	113,021		1,888,580
Viacom, Inc., Class B	40,728		1,304,111
			6,562,240
Office Equipment & Supplies (0.1%)
Xerox Corp. (b)	23,100		318,549
Oil & Gas (7.6%)
Amerada Hess Corp.	2,100		223,671
Anadarko Petroleum Corp.	5,649		464,065
Apache Corp.	7,998		516,671
Ashland, Inc.	1,700		122,179
Baker Hughes, Inc.	8,200		419,512
BJ Services Co.	4,000		209,920
ChevronTexaco Corp.	50,580		2,828,434
ConocoPhillips	33,632		1,933,504
Devon Energy Corp.	11,400		577,752
El Paso Corp.	15,577		179,447
EOG Resources, Inc.	5,800		329,440
Exxon Mobil Corp.	153,554		8,824,748
KeySpan Corp.	3,800		154,660
Kinder Morgan, Inc.	2,700		224,640
Marathon Oil Corp.	8,400		448,308
Nabors Industries Ltd. (b)	3,400		206,108
NICOR, Inc.	900		37,053
Noble Corp.	3,300		202,983
People’s Energy Corp.	1,100		47,806
Sempra Energy	5,807		239,887
Sunoco, Inc.	1,700		193,256
Transocean Sedco Forex, Inc. (b)	8,000		431,760
Unocal Corp.	6,600		429,330
Valero Energy Corp.	6,200		490,482

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Oil & Gas (continued)
Williams Cos., Inc. (The)	14,200	$	269,800
XTO Energy, Inc.	8,666		294,557
			20,299,973
Oil Equipment & Services (1.0%)
Burlington Resources, Inc.	9,400		519,256
Dynergy, Inc., Class A (b)	6,300		30,618
Halliburton Co.	12,200		583,404
Kerr-Mcgee Corp.	2,866		218,704
National-OilWell, Inc. (b)	4,100		194,914
Rowan Cos., Inc.	2,400		71,304
Schlumberger Ltd.	14,190		1,077,589
			2,695,789
Paper & Forest Products (0.5%)
Georgia Pacific Corp.	6,390		203,202
International Paper Co.	12,021		363,154
Louisiana-Pacific Corp.	2,500		61,450
MeadWestvaco Corp.	3,907		109,552
Pactiv Corp. (b)	3,500		75,530
Temple-Inland, Inc.	2,800		104,020
Weyerhaeuser Co.	6,000		381,901
			1,298,809
Photographic Equipment (0.1%)
Eastman Kodak Co.	7,100		190,635
Printing & Publishing (0.6%)
Donnelley (R.R.) & Sons Co.	5,200		179,452
Gannett Co., Inc.	6,000		426,780
Knight-Ridder, Inc.	1,800		110,412
McGraw-Hill Cos., Inc. (The)	9,200		407,100
Meredith Corp.	1,200		58,872
New York Times Co., Class A	3,500		109,025
Tribune Co.	7,264		255,548
			1,547,189
Railroads (0.5%)
Burlington Northern Santa Fe Corp.	9,100		428,428
CSX Corp.	5,300		226,098
Norfolk Southern Corp.	9,900		306,504
Union Pacific Corp.	6,400		414,720
			1,375,750
Real Estate Investment Trusts (0.6%)
Apartment Investment & Management Co.	2,200		90,024
Archstone-Smith Trust	4,900		189,238

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Equity Office Properties Trust	9,800	$	324,380
Equity Residential Property Trust	7,000		257,740
Plum Creek Timber Co., Inc.	4,424		160,591
ProLogis Trust	4,500		181,080
Simon Property Group, Inc.	5,300		384,197
			1,587,250
Restaurants (0.6%)
Darden Restaurants, Inc.	3,750		123,675
McDonald’s Corp.	30,600		849,150
Wendy’s International, Inc.	2,700		128,655
YUM! Brands, Inc.	7,100		369,768
			1,471,248
Retail (6.3%)
Albertson’s, Inc.	8,859		183,204
Bed Bath & Beyond, Inc. (b)	7,100		296,638
Best Buy Co., Inc.	7,250		496,988
Big Lots, Inc. (b)	3,200		42,368
Circuit City Stores, Inc.	4,700		81,263
Coach, Inc. (b)	9,200		308,844
Costco Wholesale Corp.	11,400		510,948
CVS Corp.	19,708		572,912
Dillards, Inc.	1,500		35,130
Dollar General Corp.	7,175		146,083
Family Dollar Stores, Inc.	4,000		104,400
Federated Department Stores, Inc.	4,100		300,448
Gap, Inc. (The)	18,400		363,400
Home Depot, Inc.	51,782		2,014,319
J.C. Penney Co., Inc.	6,500		341,770
Kmart Holding Corp. (b)	2,373		355,642
Kohl’s Corp. (b)	8,000		447,280
Kroger Co. (b)	17,600		334,928
Limited, Inc. (The)	9,166		196,336
Lowe’s Cos., Inc.	18,586		1,082,077
May Department Stores Co. (The)	7,100		285,136
Nordstrom, Inc.	3,000		203,910
Office Depot, Inc. (b)	7,800		178,152
Officemax, Inc.	2,100		62,517
Safeway, Inc.	11,000		248,490
Staples, Inc.	18,150		386,958
Starbucks Corp. (b)	9,500		490,770
Supervalu, Inc.	3,400		110,874
Target Corp.	21,316		1,159,803
Tiffany & Co.	3,400		111,384
TJX Cos., Inc.	11,600		282,460

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Retail (continued)
Toys “R” Us, Inc. (b)	5,000	$	132,400
Wal-Mart Stores, Inc.	80,688		3,889,161
Walgreen Co.	24,700		1,135,953
			16,892,946
Semiconductors (1.1%)
Advanced Micro Devices, Inc. (b)	9,800		169,932
Analog Devices, Inc.	9,000		335,790
Applied Materials, Inc.	39,700		642,346
Applied Micro Circuits Corp. (b)	9,200		23,552
Freescale Semiconductor, Inc. (b)	10,046		212,774
Jabil Circuit, Inc. (b)	4,300		132,139
KLA-Tencor Corp.	4,800		209,760
Linear Technology Corp.	7,500		275,175
LSI Logic Corp. (b)	9,700		82,353
Maxim Integrated Products, Inc.	8,000		305,680
Micron Technology, Inc. (b)	14,600		149,066
National Semiconductor Corp.	8,700		191,661
Novellus Systems (b)	3,400		84,014
PMC-Sierra, Inc. (b)	4,600		42,918
QLogic Corp. (b)	2,100		64,827
			2,921,987
Steel (0.1%)
Allegheny Technologies, Inc.	2,100		46,326
Nucor Corp.	4,000		182,480
United States Steel Corp.	2,900		99,673
			328,479
Telecommunications (4.6%)
ADC Telecomm, Inc. (b)	3,057		66,551
ALLTEL Corp.	8,000		498,240
Andrew Corp. (b)	3,700		47,212
AT&T Corp.	19,362		368,652
BellSouth Corp.	44,200		1,174,394
CenturyTel, Inc.	3,400		117,742
CIENA Corp. (b)	16,939		35,403
Citizens Communications Co.	7,800		104,832
Comverse Technology, Inc. (b)	4,600		108,790
Corning, Inc. (b)	34,100		566,742
JDS Uniphase Corp. (b)	35,000		53,200
Lucent Technologies, Inc. (b)	108,300		315,153
Motorola, Inc.	59,200		1,080,992
Nextel Communications, Inc., Class A (b)	27,100		875,601
QUALCOMM, Inc.	39,400		1,300,594

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Telecommunications (continued)
Qwest Communications International, Inc. (b)	39,123	$	145,146
SBC Communications, Inc.	79,658		1,891,878
Scientific-Atlanta, Inc.	3,900		129,753
Sprint Corp.	35,650		894,459
Tellabs, Inc. (b)	11,000		95,700
Univision Communications, Inc. (b)	7,000		192,850
Verizon Communications, Inc.	66,702		2,304,553
			12,368,437
Tire & Rubber (0.1%)
B.F. Goodrich Co. (The)	2,800		114,688
Cooper Tire & Rubber Co.	1,800		33,426
Goodyear Tire & Rubber Co. (b)	4,200		62,580
			210,694
Tobacco (0.2%)
R.J. Reynolds Tobacco, Inc.	2,900		228,520
UST, Inc.	4,000		182,640
			411,160
Trucking (0.9%)
FedEx Corp.	7,300		591,373
Ryder System, Inc.	1,500		54,900
United Parcel Service, Inc., Class B	26,900		1,860,404
			2,506,677
Utilities (2.9%)
AES Corp. (b)	15,800		258,804
Allegheny Energy, Inc. (b)	3,100		78,182
Ameren Corp.	4,800		265,440
American Electric Power Co., Inc.	9,260		341,416
Calpine Corp. (b)	10,600		36,040
Centerpoint Energy, Inc.	7,600		100,396
Cinergy Corp.	4,600		206,172
CMS Energy Corp. (b)	4,900		73,794
Consolidated Edison, Inc.	5,900		276,356
Constellation Energy Group, Inc.	4,400		253,836
Detroit Edison Co.	4,300		201,111
Dominion Resources, Inc.	8,300		609,137
Duke Energy Corp.	22,400		665,952
Edison International	7,800		316,290
Entergy Corp.	5,200		392,860
FirstEnergy Corp.	7,986		384,206
FPL Group, Inc.	9,500		399,570
Nisource, Inc.	6,664		164,801

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Utilities (continued)
PG & E Corp.	8,800	$	330,352
Pinnacle West Capital Corp.	2,400		106,680
PPL Corp.	4,700		279,086
Progress Energy, Inc.	5,926		268,092
Public Service Enterprise Group, Inc.	5,800		352,756
Southern Co.	18,000		624,060
TECO Energy, Inc.	5,100		96,441
TXU Corp.	5,800		481,922
Xcel Energy, Inc.	9,780		190,906
			7,754,658
Waste Management (0.2%)
Allied Waste Industries, Inc. (b)	5,800		45,994
Waste Management, Inc.	13,700		388,258
			434,252
Total Common Stocks			263,270,031

Shares or Principal Amount			Value
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (5.0%)
Pool of short-term securities for Gartmore Variable Insurance Trust Funds — note 2 (Securities Lending)	$	13,395,658	$	13,395,658
Total Short-term Securities Held as Collateral for Securities Lending				13,395,658
Total Investments (Cost $295,783,639) (a) — 103.7%				276,665,689
Liabilities in excess of other assets — (3.7)%				(9,974,155	)
NET ASSETS — 100.0%			$	266,691,534

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(b) Denotes a non-income producing security.

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

Number of Contracts	Long Contracts *	Expiration	Market Value Covered by Contracts		Unrealized Appreciation/ (Depreciation)
3	S&P 500 Futures	09/15/05	$	896,625	$	(7,962	)
44	S&P 500 Emini Futures	09/16/05	$	2,630,100	$	(23,232	)

* Cash pledged as collateral.

See notes to financial statements.

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Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $295,906,789)	$	276,665,689
Cash		123,150
Interest and dividends receivable		325,390
Receivable for investments sold		3,466,050
Receivable from adviser		40,451
Prepaid expenses and other assets		3,637
Total Assets		280,624,367
Liabilities:
Payable to custodian		388,926
Payable for investments purchased		26,976
Payable for variation margin on futures contracts		28,782
Payable for return of collateral received for securities on loan		13,395,658
Accrued expenses and other payables:
Investment advisory fees		53,296
Fund administration and transfer agent fees		9,015
Administrative servicing fees		19,530
Other		10,650
Total Liabilities		13,932,833
Net Assets	$	266,691,534
Represented by:
Capital	$	343,295,619
Accumulated net investment income (loss)		73,461
Accumulated net realized gain (losses) from investment and futures transactions		(57,528,403	)
Net unrealized appreciation (depreciation) on investments and futures		(19,149,143	)
Net Assets	$	266,691,534
Net Assets:
Class IV Shares	$	266,691,534
Shares outstanding (unlimited number of shares authorized):
Class IV Shares		32,094,367
Net asset value and offering price per share:*
Class IV Shares	$	8.31

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	19,365
Dividend income		2,460,418
Income from securities lending		15,337
Total Income		2,495,120
Expenses:
Investment advisory fees		325,234
Fund administration and transfer agent fees		91,703
Administrative servicing fees Class IV Shares		132,396
Other**		57,108
Total expenses before waived or reimbursed expenses		606,441
Expenses waived or reimbursed		(223,357	)
Total Expenses		383,084
Net Investment Income (Loss)		2,112,036
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		(3,518,360	)
Net realized gains (losses) on futures		(8,932	)
Net realized gains (losses) on investment and futures transactions		(3,527,292	)
Net change in unrealized appreciation/depreciation on investments and futures		(1,361,460	)
Net realized/unrealized gains (losses) on investments and futures		(4,888,752	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,776,716	)

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

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Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	2,112,036		$	4,810,067
Net realized gains (losses) on investment and futures transactions		(3,527,292	)		(3,981,096	)
Net change in unrealized appreciation/depreciation on investments and futures		(1,361,460	)		27,230,476
Change in net assets resulting from operations		(2,776,716	)		28,059,447
Distributions to Class IV shareholders from:
Net investment income		(2,071,131	)		(7,507,988	)
Change in net assets from shareholder distributions		(2,071,131	)		(7,507,988	)
Change in net assets from capital transactions		(15,394,053	)		(14,733,002	)
Change in net assets		(20,241,900	)		5,818,457
Net Assets:
Beginning of period		286,933,434			281,114,977
End of period	$	266,691,534		$	286,933,434
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	4,945,612		$	12,161,407
Dividends reinvested		2,071,135			7,507,987
Cost of shares redeemed		(22,410,800	)		(34,402,396	)
	$	(15,394,053	)	$	(14,733,002	)
SHARE TRANSACTIONS:
Issued		598,718			1,536,379
Reinvested		251,185			939,606
Redeemed		(2,701,917	)		(4,333,496	)
		(1,852,014	)		(1,857,511	)

See notes to financial statements.

14

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

GVIT Equity 500 Index Fund

			Investment Activities					Distributions										Ratios/Supplemental Data:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income(Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover
Class IV Shares
Period Ended December 31, 2000(b)	$	10.00	0.09	(0.73	)	(0.64	)	—		—		—		$	9.36	(6.40%	)(d)	$	366,338	0.28%	(e)	0.99%	(e)	0.40%	(e)	0.87%	(e)	5.00%
Year Ended December 31, 2001	$	9.36	0.09	(1.22	)	(1.13	)	(0.09	)	(0.02	)	(0.11	)	$	8.12	(12.24%	)	$	324,915	0.28%		1.06%		0.53%		0.81%		6.00%
Year Ended December 31, 2002	$	8.12	0.10	(1.89	)	(1.79	)	(0.09	)	—		(0.09	)	$	6.24	(22.31%	)	$	235,961	0.28%		1.32%		0.50%		1.10%		19.00%
Year Ended December 31, 2003(c)	$	6.24	0.11	1.63		1.74		(0.13	)	—		(0.13	)	$	7.85	28.33%		$	281,115	0.28%		1.51%		0.47%		1.32%		2.41%
Year Ended December 31, 2004	$	7.85	0.14	0.68		0.82		(0.22	)	—		(0.22	)	$	8.45	10.59%		$	286,933	0.28%		1.74%		0.43%		1.59%		3.10%
Six Months Ended June 30, 2005 (Unaudited)	$	8.45	0.06	(0.14	)	(0.08	)	(0.06	)	—		(0.06	)	$	8.31	(0.89%	)(d)	$	266,692	0.28%	(e)	1.56%	(e)	0.45%	(e)	1.39%	(e)	1.52%

(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 February 7, 2000 (commencement of operations) through December 31, 2000.

(c) 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.

(d) Not annualized.

(e) Annualized.

See notes to financial statements.

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, was subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 GVIT Equity 500 Index Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these 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

16

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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 also may 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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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.

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GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the 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 the Fund.

(i) Security Transactions and Investment Income

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

(j) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s

18

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

The cash collateral received by the Fund was pooled and, at June 30, 2005, was invested in the following:

Security Type	Security Name	Market Value		Maturity Rate	Maturity Date
Commercial Paper	MacQuarie Bank Ltd.	$	998,736	3.25%	07/01/05
Funding Agreement	GE Life and Annutiy		400,000	3.32%	07/14/05
Medium Term Note — Floating	General Electric Capital Corp.		2,000,342	3.37%	09/08/05
Medium Term Note — Floating	Northern Rock PLC		3,000,000	3.41%	09/09/05
Repurchase Agreements	Nomura Securities		6,996,581	3.48%	07/01/05

As of June 30, 2005, the Fund had securities with the following market values on loan:

Market Value of Loaned Securities		Market Value of Collateral
$	13,084,297	$	13,395,658

(k) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(l) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$22,375,109	$	30,750,209	$	(72,243,268	)	$	(41,493,059	)

(m) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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

19

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders. In addition, GMF provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser, for the Fund that GMF advises. SsgA Funds Management, Inc. (the “subadviser”), manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

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

Fee Schedule	Total Fees	Fees Retained	Paid to Sub-adviser
Up to $200 million	0.24%	0.21%	0.03%
Next $500 million	0.23%	0.21%	0.02%
$700 million or more	0.22%	0.20%	0.02%

Effective May 1, 2005, GMF and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses from exceeding 0.28% for Class IV shares until at least May 1, 2006.

GMF may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by GMF, respectively, pursuant to the Expense Limitation Agreement 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 the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by GMF is not permitted.

As of the six months ended June 30, 2005, the cumulative potential reimbursements for the Class IV shares of the Fund, based on reimbursements which expires within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by GMF would be:

Amount Fiscal Year 2003	Amount Fiscal Year 2004		Amount Six Months Ended June 30, 2005
$486,617	$	414,515	$	223,357

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under

20

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I and Class II shares of the Fund and 0.20% of Class IV shares of the Fund.

4. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $4,124,548 and sales of $21,018,718.

21

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

5. Bank Loans

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

6. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)

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GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)

23

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

24

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

25

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

26

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

27

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President - Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

28

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

29

Van Kampen GVIT Multi Sector Bond Fund

Semiannual Report

|  June 30, 2005

	Contents
5	Statement of Investments
20	Statement of Assets and Liabilities
20	Statement of Operations
21	Statements of Changes in Net Assets
22	Financial Highlights
23	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Van Kampen GVIT Multi Sector Bond Fund

For the semiannual period ended June 30, 2005 the Van Kampen GVIT Multi Sector Bond Fund returned 1.27% (Class I at NAV) versus 1.59% for its blended benchmark, which consists of 60% Citigroup U.S. Broad Investment-Grade Bond Index, 15% Citigroup U.S. High Yield Market Index, 15% Citigroup World Government Bond Index—Unhedged and 10% J.P. Morgan Emerging Markets Bond Index. For broader comparison, the average return for the Fund’s Lipper peer category of General Bond Funds was 1.41%.

Among the larger detractors from the Fund’s performance was its overweighting relative to its blended benchmark in high-yield bonds. These securities experienced a difficult environment during the reporting period as corporate yield spreads (the added yield that compensates for additional risk) widened across the corporate credit markets. On a more positive note, the Fund benefited from having reduced exposure to the investment-grade segment of the corporate bond market, which experienced similarly unfavorable conditions during the reporting period. This beneficial positioning was driven by the low level of corporate bond spreads during much of the period.

Yield spreads were similarly uninteresting in the mortgage-backed securities market, which led to a generally underweighted position in that sector. Fortunately, those securities the Fund did hold were able to deliver performance on a par with that of the blended benchmark, even with its higher weighting.

Outside the United States, the Fund benefited from strong performance in its emerging-markets bond positions, which outperformed their index counterparts. A below-benchmark position in non-U.S. government securities also was beneficial, as the strengthening U.S. dollar was a detriment to their returns.

The Fund maintains below-benchmark interest-rate sensitivity (-1.0 year versus the blended benchmark) as U.S. Treasury rates are expected to move higher to levels more consistent with current economic growth and inflation. This approach will tend to mute the negative impact of rising interest rates, although it can potentially hamper returns during periods of declining interest rates.

PORTFOLIO MANAGERS:

Morgan Stanley Investment Management

Taxable Fixed Income Team:

W. David Armstrong

Sheila Finnerty, David S. Horowitz,

Gordon W. Loery, Abigail McKenna,

Paul F. O’Brien (lead portfolio manager)

and Robert M. Sella

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

There is no assurance that the investment objective of any fund will be achieved. Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

Citigroup Broad Investment Grade Bond Index: An unmanaged, market capitalization-weighted, fixed-income index that includes fixed-rate U.S. Treasury, government-sponsored, mortgage and investment-grade corporate securities with maturities of one year or more, and generally represents the U.S. bond market.

Citigroup High Yield Market Index: An unmanaged index that reflects the performance of below-investment-grade debt, including cash-pay and deferred-interest securities, issued by corporations domiciled in the United States or Canada.

Citigroup World Government Bond Index (unhedged): An unmanaged, market capitalization-weighted index that reflects the performance of developed government bond markets in 20-plus countries; includes securities with maturities of one year or more that are deemed suitable for global investors, based on quality, size, pricing and currency.

J.P. Morgan Emerging Markets Bond Index: An unmanaged index that reflects the total returns for traded external debt instruments of emerging markets, including external-currency-denominated Brady bonds, loans, eurobonds and U.S. dollar-denominated local markets instruments.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

1

Van Kampen GVIT Multi Sector Bond Fund Fund Performance

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Five years	Inception2
Class I3	1.27%	8.45%	6.85%	5.46%

* Not Annualized.

1 Not subject to any sales charges.

2 The Fund commenced operations on October 31, 1997.

3 The existing shares of the Fund were designated Class I shares as of May 1, 2001.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class I shares of the Van Kampen GVIT Multi Sector Bond Fund, the Van Kampen GVIT Multi Sector Bond Composite Index (the Composite (new))(a), Citigroup US Broad Investment-Grade Bond Index (Citigroup USBIG Index)(b), Citigroup US High Yield Market Index(c), Citigroup World Government Bond Index-unhedged(d), JP Morgan Emerging Markets Bond Index(JP Morgan EMBI Global)(e), Lehman Brothers U.S. Aggregate Bond Index (LB U.S. Aggregate Bond Index (old))(f), and Consumer Price Index (CPI)(g) since inception. Unlike, the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) The Composite (new) index is a combination of Citigroup U.S. Broad Investment-Grade Bond Index (60%), Citigroup U.S. High-Yield Market Index (15%), Citigroup World Government Bond Index—unhedged (15%) and J.P. Morgan Emerging Market Bond Index (10%). Unlike mutual funds, the composite index does not include expenses. If expenses were included, the actual returns would be lower.

(b) The Citigroup USBIG Index is designed to track the performance of bonds issued in the U.S. investment grade bond market. The USBIG Index includes institutionally traded U.S. Treasury, government-sponsored (US agency and supranational), mortgage, asset-backed, and investment-grade securities and provides a reliable and fair benchmark for an investment-grade portfolio manager.

(c) The Citigroup U.S. High-Yield Market Index captures the performance of below-investment grade debt issued by corporations domiciled in the United States and Canada.

(d) The Citigroup World Government Bond Index—unhedged includes the 21 government bond markets of Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Japan, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

(e) The J.P. Morgan EMBI Global, which currently covers 27 emerging market countries. Included in the EMBI Global are US-dollar-denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by sovereign and quasi-sovereign entities.

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

(g) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2

Shareholder

Expense Example Van Kampen GVIT Multi Sector Bond Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

			Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Multi Sector Bond Fund
Class I	Actual		$	1,000	$	1,013	$	5.09	1.02%
	Hypothetical	1	$	1,000	$	1,020	$	5.12	1.02%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

3

Portfolio Summary

(June 30, 2005) Van Kampen GVIT Multi Sector Bond Fund

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

Asset Allocation
Corporate Bonds	38.0%
U.S. Treasury Obligations	35.9%
Sovereign Bonds	13.5%
Cash Equivalents	8.1%
U.S. Government Agencies	5.8%
Mortgage-Backed Obligations	4.2%
Interest Only Bonds	0.5%
Warrants	0.0%
Other Investments*	4.6%
Liabilities in excess of other assets**	-10.6%
	100.0%

Top Holdings***
U.S. Treasury Notes, 4.25%, 08/15/13	14.1%
U.S. Treasury Notes, 3.50%, 11/15/06	6.0%
U.S. Treasury Notes, 6.13%, 08/15/29	5.2%
U.S. Treasury Notes, 3.13%, 05/15/07	3.9%
Federal Home Loan Mortgage Discount Notes, 0.00%, 07/12/05	2.9%
Federal Home Loan Bank Discount Notes, 0.00%, 08/12/05	2.8%
U.S. Treasury Notes, 3.88%, 02/15/13	2.5%
Bundes Republic of Deutschland, 5.63%, 01/04/28	2.5%
Federal National Mortgage Association, 6.00%, 07/01/32	2.2%
U.S. Treasury Notes, 8.13%, 08/15/19	2.0%
Other Holdings	55.9%
	100.0%

Top Industries
U.S. Treasury Notes	36.3%
Financial Services	8.5%
Federal National Mortgage Association	7.4%
Asset Backed Securities	3.9%
Oil & Gas	3.0%
Federal Home Loan Mortgage Discount Notes	2.9%
Federal Home Loan Bank Discount Notes	2.8%
Federal Home Loan Mortgage Corporation	2.4%
Telecommunications	2.4%
Utilities / Power Producers	2.1%
Other Industries	28.3%
	100.0%

* Includes value of collateral received from securities lending.

** Includes value of collateral owed from securities lending.

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

4

GARTMORE VARIABLE INSURANCE TRUST

VAN KAMPEN GVIT MULTI SECTOR BOND FUND

Statement of Investments — June 30, 2005 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS (38.0%)
Advertising (0.3%)
Advanstar Communications, Inc., 10.77%, 08/15/08	$	294,750	$	316,267
Interpublic Group Co., Inc., 5.40%, 11/15/09		75,000		71,328
Vertis, Inc., 13.50%, 12/07/09		85,000		63,431
WPP Finance (UK) Corp., 5.88%, 06/15/14		190,000		200,880
WPP Group, PLC, 6.00%, 06/18/08 (EUR)		120,000		159,063
				810,969
Aerospace & Defense (0.2%)
Northrop Grumman Corp., 4.08%, 11/16/06		115,000		114,668
Raytheon Co., 8.30%, 03/01/10		120,000		139,067
Systems 2001 Asset Trust, 6.66%, 09/15/13 (c)		287,232		313,266
				567,001
Airlines (0.1%)
Continental Airlines, Inc., 6.90%, 01/02/18		170,323		169,376
Continental Airlines, Inc. Series 991A, 6.65%, 03/15/19		207,202		204,463
				373,839
Asset Backed Securities (3.9%)
Asset Backed Funding Certificates, 3.39%, 03/25/35 (e)		1,087,025		1,087,099
Capital Auto Receivables Asset Trust, 3.47%, 04/15/08 (e)		1,250,000		1,250,806
GSAMP Trust, 3.40%, 04/25/35 (e)		836,202		836,261
GSAMP Trust, 3.25%, 06/25/35 (e)		1,150,000		1,150,000
Master Asset Backed Securities Trust, 3.40%, 03/25/35 (e)		912,014		912,078
Structured Asset Investment Loan Trust, 3.30%, 05/25/35 (e)		1,975,000		1,975,000

	Principal Amount		Value
CORPORATE BONDS (continued)
Asset Backed Securities (continued)
Structured Asset Investment Loan Trust, 3.40%, 06/25/35 (e)	$	1,221,799	$	1,221,776
Structured Asset Securities Corp., 3.39%, 05/25/35 (e)		1,638,658		1,637,260
				10,070,280
Auto Parts & Equipment (0.3%)
Arvinmeritor, Inc., 6.80%, 02/15/09		150,000		148,500
Arvinmeritor, Inc., 8.75%, 03/01/12		145,000		151,163
Commercial Vehicle Group, 8.00%, 07/01/13 (c)		40,000		40,800
Lear Corp., 8.11%, 05/15/09		105,000		108,574
TRW Automotive, Inc. Series B, 9.38%, 02/15/13		236,000		261,370
				710,407
Automotive (0.8%)
Autonation, Inc., 9.00%, 08/01/08		250,000		273,125
DaimlerChrysler NA Holdings, 7.30%, 01/15/12		125,000		139,679
Ford Motor Co., 7.45%, 07/16/31		90,000		75,133
General Motors, 7.13%, 07/15/13		115,000		102,925
General Motors Corp., 8.38%, 07/05/33 (EUR)		180,000		179,237
General Motors Corp., 8.38%, 07/15/33 (EUR)		900,000		751,501
Sonic Automotive Inc., Series B, 8.63%, 08/15/13		445,000		449,450
				1,971,050
Banking (0.8%)
Bank One Corp., 6.00%, 02/17/09		95,000		100,128
Chase Manhattan Corp., 7.00%, 11/15/09		240,000		263,986
Deutsche Bank AG, 5.13%, 01/31/13 (EUR)		80,000		108,123
JP Morgan Chase & Co., 5.35%, 03/01/07		140,000		142,798

5

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Principal Amount		Value
CORPORATE BONDS (continued)
Banking (continued)
KFW International Finance, 2.05%, 09/21/09 (JPY)	$	94,000,000	$	910,766
Marshall & Ilsley Bank, 3.80%, 02/08/08		605,000		600,184
				2,125,985
Brewery (0.1%)
FBG Finance Ltd., 5.13%, 06/15/15 (c)		250,000		250,978
Broadcast Media (0.1%)
Salem Communications Holding Corp., 9.00%, 07/01/11		184,000		198,260
Business Services (0.2%)
Adecco Financial Services, 6.00%, 03/15/06 (EUR)		100,000		123,886
Iron Mountain, Inc., 8.63%, 04/01/13		195,000		201,825
Iron Mountain, Inc., 7.75%, 01/15/15		220,000		221,100
Iron Mountain, Inc., 6.63%, 01/01/16		90,000		83,250
				630,061
Cable (1.0%)
Cablevision Systems Corp., 7.89%, 04/01/09 (c)		215,000		215,538
Charter Communications, LLC, 9.63%, 11/15/09		465,000		347,588
Comcast Cable Communication, Inc., 6.75%, 01/30/11		300,000		330,977
Cox Communications, Inc., 4.63%, 01/15/10		195,000		194,485
Echostar DBS Corp., 6.38%, 10/01/11		475,000		470,843
Echostar DBS Corp., 6.63%, 10/01/14		70,000		69,125
General Cable Corp., 9.50%, 11/15/10		100,000		107,000
Kabel Deutschland GMBH, 10.63%, 07/01/14 (c)		330,000		358,049
Renaissance Media Group, 10.00%, 04/15/08		120,000		118,800

	Principal Amount		Value
CORPORATE BONDS (continued)
Cable (continued)
TCI Communications, Inc., 7.88%, 02/15/26	$	90,000	$	112,405
Telenet Group Holdings NV, 8.63%, 06/15/14		300,000		233,250
				2,558,060
Chemicals & Plastics (1.4%)
Ashland, Inc., 7.83%, 08/15/05		200,000		200,899
Equistar Chemical, 10.13%, 09/01/08		330,000		357,225
Hexcel Corp., 6.75%, 02/01/15 (c)		215,000		215,000
Huntsman Corp., 10.13%, 07/01/09		195,000		200,606
ICI Wilmington, 4.38%, 12/01/08		115,000		114,126
IMC Global, Inc., 10.88%, Series B 06/01/08		25,000		28,125
Innophos, Inc., 8.88%, 08/15/14 (c)		320,000		326,400
ISP, Inc., 10.63%, 12/15/09		350,000		376,250
JohnsonDiversey, Inc., 9.63%, 05/15/12		180,000		182,700
Lyondell Chemicals Co., 10.50%, 06/01/13		200,000		228,750
Millennium America, Inc., 9.25%, 06/15/08		385,000		416,762
Nalco Co., 7.75%, 11/15/11		165,000		175,725
Nalco Co., 8.88%, 11/15/13		85,000		91,163
Rhodia SA, 8.88%, 06/01/11		250,000		240,625
Rockwood Specialities Group, 10.63%, 05/15/11		320,000		352,800
				3,507,156
Construction & Building Materials (0.9%)
Associated Materials, Inc., 9.34%, 03/01/14 (c)		660,000		419,100
Beazer Homes USA, 6.88%, 07/15/15 (c)		155,000		153,450
Goodman Global Holdings, 6.62%, 06/15/12 (c)		70,000		68,950
Goodman Global Holdings, 7.88%, 12/15/12 (c)		365,000		337,625
Nortek Holdings, Inc., 8.50%, 03/01/14		310,000		145,700

6

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Principal Amount		Value
CORPORATE BONDS (continued)
Construction & Building Materials (continued)
Nortek, Inc., 8.50%, 09/01/14	$	250,000	$	232,500
Ply Gem Industries, Inc., 9.00%, 02/15/12		100,000		84,500
RMCC Acquisition Co., 9.50%, 11/01/12 (c)		240,000		229,200
Technical Olympic USA, Inc., 9.00%, 07/01/10		200,000		205,750
Technical Olympic USA, Inc., 10.38%, 07/01/12		280,000		292,600
				2,169,375
Consumer Products (0.1%)
Amscan Holdings, Inc., 8.75%, 05/01/14		135,000		123,525
Clorox Co., 3.53%, 12/14/07 (c)		210,000		210,327
				333,852
Cosmetic & Toiletries (0.0%)
Del Laboratories Inc., 8.00%, 02/01/12 (c)		50,000		43,000
Distribution & Wholesale (0.3%)
Buhrmann US, Inc., 8.25%, 07/01/14		250,000		250,000
Buhrmann US, Inc., 7.88%, 03/01/15		240,000		234,000
Nebraska Book Co., 8.63%, 03/15/12		190,000		177,175
				661,175
Diversified (0.0%)
Murrin Murrin Holdings, 0.00%, 08/31/07 (b) (f) (g) (i)		125,000		0
Tyco International Group SA, 6.13%, 04/04/07		40,000		51,332
Drugs (0.1%)
Warner Chilcott Corp., 8.75%, 02/01/15 (c)		210,000		204,225
Electronic Components (0.1%)
Sanmina-Sci Corp., 6.75%, 03/01/13		270,000		257,850
Entertainment (0.2%)
Isle Of Capri Casinos, 7.00%, 03/01/14		325,000		326,625

	Principal Amount		Value
CORPORATE BONDS (continued)
Entertainment (continued)
Marquee, Inc., 7.52%, 08/15/10 (c)	$	155,000	$	160,231
				486,856
Environmental Controls (0.5%)
Allied Waste North America, Inc., 8.88%, 04/01/08		375,000		393,750
Allied Waste North America, Inc., 6.38%, 04/15/11		65,000		62,400
Allied Waste North America, Inc., Series B, 8.50%, 12/01/08		200,000		209,750
Waste Management, Inc., 7.13%, 10/01/07		450,000		476,048
				1,141,948
Financial Services (8.5%)
AIG SunAmerica Global Finance, 6.30%, 05/10/11 (c)		395,000		430,508
Altria Finance Ltd., 5.63%, 06/24/08 (EUR)		90,000		116,956
American General Finance Corp., 4.63%, 05/15/09		95,000		95,486
AXA Financial, Inc., 7.75%, 08/01/10		460,000		528,937
Carrington Mortgage Loan Trust, 3.24%, 06/25/35		950,000		949,799
Caterpillar Financial Services Corp., 3.35%, 08/20/07		220,000		220,247
Caterpillar Financial Services Corp., 3.63%, 11/15/07		75,000		74,059
Chase Funding Mortgage Loan, 3.42%, 11/25/18		73,593		73,592
Chase Manhattan Auto Owner Trust, 1.45%, Series 2004-A, Class A2 10/15/06		126,511		126,325
CIT Group, Inc., 7.38%, 04/02/07		120,000		126,426
Citigroup Turkey, Inc., 0.00%, 09/28/06		220,000		231,088
Citigroup, Inc., 6.00%, 02/21/12		285,000		311,224
Citigroup, Inc., 5.63%, 08/27/12		245,000		261,692
Citigroup, Inc., 6.63%, 06/15/32		50,000		59,688

7

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Principal Amount		Value
CORPORATE BONDS (continued)
Financial Services (continued)
Citigroup Mortgage Loan Trust, 3.30%, 07/25/35 (e)	$	1,775,000	$	1,775,000
Countrywide Home Loans, Inc., 3.25%, 05/21/08		220,000		213,612
Equifirst Mortgage Loan Trust, 3.37%, 04/25/35 (e)		1,220,344		1,220,408
Farmers Exchange Capital, 7.05%, 07/15/28 (c)		285,000		308,200
Ford Motor Credit Co., 7.38%, 10/28/09		70,000		68,403
Ford Motor Credit Co., 7.25%, 10/25/11		220,000		211,699
GE Capital Credit Card Master Note Trust, 3.27%, 06/15/10 (e)		1,350,000		1,351,170
General Electric Capital Corp., 4.25%, 12/01/10		100,000		99,627
General Electric Capital Corp., 6.75%, 03/15/32		220,000		271,477
General Motors Acceptance Corp., 6.88%, 09/15/11		490,000		452,313
General Motors Acceptance Corp., 8.00%, 11/01/31		555,000		495,250
Goldman Sachs Group, Inc., 6.60%, 01/15/12		145,000		161,155
Goldman Sachs Group, Inc., 5.25%, 10/15/13		245,000		252,816
Household Finance Corp., 6.50%, 05/05/09 (EUR)		140,000		193,031
Household Finance Corp., 8.00%, 07/15/10		250,000		288,466
John Hancock Global Funding, 7.90%, 07/02/10		155,000		180,254
JSG Funding, PLC, 10.13%, 10/01/12 (EUR)		155,000		194,219
KFW International Finance, 6.25%, 07/15/05 (AUD)		800,000		608,902
Mantis Reef, Ltd., 4.69%, 11/14/08 (c)		425,000		426,285
MBNA Corp., 3.64%, 05/05/08		460,000		462,703
MBNA Corp., 6.13%, 03/01/13		350,000		381,403
MBNA Credit Card Master Note Trust, 3.34%, 08/16/10		1,750,000		1,754,963
Nationwide Building Society, 4.25%, 02/01/10 (c)		290,000		289,278

	Principal Amount		Value
CORPORATE BONDS (continued)
Financial Services (continued)
Novastar Home Equity Loan, 3.43%, 06/25/35 (e)	$	1,690,630	$	1,690,880
Park Place Securities, Inc., 3.39%, 06/25/35 (e)		1,329,504		1,328,925
Prudential Holdings, LLC, 7.25%, 12/18/23 (c)		150,000		185,912
Refco Finance Holdings, 9.00%, 08/01/12		250,000		265,000
Residential Capital Corp., 6.38%, 06/30/10 (c)		275,000		276,323
Saxon Asset Securities Trust, 3.40%, 05/25/35 (e)		1,552,064		1,552,036
SLM Corp., 4.00%, 01/15/10		240,000		237,083
UCAR Finance, Inc., 10.25%, 02/15/12		200,000		210,500
Washington Mutual, Inc., 8.25%, 04/01/10		500,000		574,240
Wells Fargo Financial Auto Owner Trust Series 2004-A, 1.47%, Series 2004-A, Class A2 03/15/07		80,183		80,085
				21,667,645
Food Products & Services (0.6%)
Albertson’s, Inc., 7.45%, 08/01/29		295,000		335,928
Kraft Foods, Inc., 5.63%, 11/01/11		325,000		344,767
Michael Foods, 8.00%, 11/15/13		120,000		122,100
Pilgrim’s Pride Corp., 9.63%, 09/15/11		360,000		393,300
Pilgrim’s Pride Corp., 9.25%, 11/15/13		95,000		105,450
Smithfield Foods, Inc., 8.00%, 10/15/09		90,000		97,200
				1,398,745
Forestry (0.1%)
Tembec Industries, Inc., 8.50%, 02/01/11		225,000		173,812
Weyerhaeuser Co., 6.00%, 08/01/06		55,000		55,980
				229,792

8

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Principal Amount		Value
CORPORATE BONDS (continued)
Health Care & Health Care Services (0.7%)
Aetna, Inc., 7.88%, 03/01/11	$	355,000	$	414,374
Community Health Systems, 6.50%, 12/15/12		185,000		188,238
Davita, Inc., 6.63%, 03/15/13 (c)		145,000		149,713
HCA, Inc., 6.30%, 10/01/12		300,000		307,945
HCA, Inc., 7.58%, 09/15/25		175,000		184,512
Health Net, Inc., 9.88%, 04/15/11		295,000		350,938
National Nephrology Association, 9.00%, 11/01/11 (c)		40,000		44,900
Tenet Healthcare Corp., 6.88%, 11/15/31		185,000		155,400
				1,796,020
Hotels & Casinos (0.9%)
Harrah’s Operating Co., Inc., 5.63%, 06/01/15 (c)		135,000		137,504
HMH Properties, Inc., Series B, 7.88%, 08/01/08		63,000		63,945
Hyatt Equities, LLC, 6.88%, 06/15/07 (c)		130,000		134,145
MGM Mirage, Inc., 6.00%, 10/01/09		300,000		301,500
MGM Mirage, Inc., 8.50%, 09/15/10		190,000		210,900
MGM Mirage, Inc., 6.75%, 09/01/12		560,000		576,800
Starwood Hotels & Resorts, 7.38%, 05/01/07		150,000		156,750
Starwood Hotels & Resorts, 7.88%, 05/01/12		210,000		236,775
Station Casinos, Inc., 6.00%, 04/01/12		340,000		345,100
				2,163,419
Insurance (0.9%)
Farmers Insurance Exchange, 8.63%, 05/01/24 (c)		250,000		310,348
Hartford Financial Services Group, 2.38%, 06/01/06		40,000		39,285
Marsh & McLennan Cos., Inc., 5.88%, 08/01/33		660,000		629,076
Munich Re Finance BV, 6.75%, 06/21/23 (EUR)		130,000		187,965

	Principal Amount		Value
CORPORATE BONDS (continued)
Insurance (continued)
Specialty Underwriting & Residential Finance, 3.19%, 12/25/35 (e)	$	961,963	$	961,946
St. Paul Travelers, 5.01%, 08/16/07		240,000		242,992
				2,371,612
Internet (0.0%)
Exodus Communications, Inc., 0.00%, 07/15/10 (f) (g) (h) (i)		126,186		0
Rhythms Netconnections, 0.00%, 02/15/10 (f) (g) (h) (i)		366,692		0
Machinery, Construction & Mining (0.2%)
Flowserve Corp., 12.25%, 08/15/10		129,000		139,320
Manitowoc Co., Inc., 10.50%, 08/01/12		214,000		241,820
				381,140
Manufacturing (0.7%)
Amsted Industries, Inc., 10.25%, 10/15/11 (c)		310,000		334,800
Interface, Inc., 7.30%, 04/01/08		55,000		56,100
Interface, Inc., 10.38%, 02/01/10		60,000		66,000
Interface, Inc., 9.50%, 02/01/14		225,000		229,500
Koppers, Inc., 9.88%, 10/15/13		70,000		75,600
Levi Strauss & Co., 7.73%, 04/01/12		360,000		340,200
NMHG Holding Co., 10.00%, 05/15/09		200,000		210,000
Propex Fabrics, Inc., 10.00%, 12/01/12		215,000		204,250
TriMas Corp., 9.88%, 06/15/12		200,000		168,000
				1,684,450
Medical Instruments (0.3%)
Fisher Scientific International, 6.75%, 08/15/14		365,000		381,425
Fresenius Medical Cap TR II, 7.88%, 02/01/08		350,000		365,750
				747,175

9

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Principal Amount		Value
CORPORATE BONDS (continued)
Medical Products (0.1%)
VWR International, Inc., 6.88%, 04/15/12	$	95,000	$	93,575
VWR International, Inc., 8.00%, 04/15/14		120,000		114,300
				207,875
Metals (0.2%)
Novelis, Inc., 7.25%, 02/15/15		380,000		381,425
Multimedia (0.1%)
AOL Time Warner, Inc., 6.63%, 05/15/29		220,000		245,138
AOL Time Warner, Inc., 7.63%, 04/15/31		105,000		131,133
				376,271
Oil & Gas (3.0%)
Chesapeake Energy Corp., 7.50%, 09/15/13		240,000		259,800
Chesapeake Energy Corp., 6.63%, 01/15/16 (c)		230,000		237,475
Citgo Petroleum Corp., 6.00%, 10/15/11		255,000		254,363
Consolidated Natural Gas Co., Series A, 5.00%, 03/01/14		165,000		167,374
El Paso Production Holdings, 7.75%, 06/01/13		480,000		512,400
Empresa Nacional del Petroleo, 6.75%, 11/15/12 (c)		230,000		255,344
Empresa Nacional del Petroleo, 6.75%, 11/15/12		180,000		199,314
Gazprom Capital, 8.625%, 04/28/2034		390,000		485,940
Hanover Compressor Co., 8.63%, 12/15/10 (c)		10,000		10,575
Hanover Equipment Trust, Series A, 8.50%, 09/01/08		285,000		296,400
Hilcorp Energy, 10.50%, 09/01/10 (c)		315,000		348,075
Husky Oil Ltd., 8.90%, 08/15/28		525,000		580,552
Kerr-McGee Corp., 7.88%, 09/15/31		285,000		324,532
Magnum Hunter Resources, 9.60%, 03/15/12		29,000		32,190
Pemex Project Funding Master Trust, 6.63%, 04/04/10		250,000		342,736

	Principal Amount		Value
CORPORATE BONDS (continued)
Oil & Gas (continued)
Pemex Project Funding Master Trust, 4.71%, 06/15/10 (c) (e)	$	570,000	$	587,955
Pemex Project Funding Master Trust, 9.50%, 09/15/27		110,000		142,802
Pemex Project Funding Master Trust, 9.50%, 09/15/27		30,000		38,700
Petro Shopping Centre, 9.00%, 02/15/12		320,000		321,600
Petroleos Mexicanos, 8.63%, 12/01/23		250,000		303,750
Petroleos Mexicanos, 9.50%, 09/15/27		580,000		756,899
Plains Exploration & Company, 7.13%, 06/15/14		95,000		101,650
RAS Laffan Liquid Natural Gas, 8.29%, 03/15/14 (c)		220,000		261,888
Sempra Energy, 4.62%, 05/17/07		155,000		155,732
Tesoro Petroleum Corp., 9.63%, 04/01/12		310,000		342,938
Vintage Petroleum, Inc., 7.88%, 05/15/11 (c)		445,000		469,475
				7,790,459
Packaging & Containers (0.6%)
Graham Packaging Co., 8.50%, 10/15/12 (c)		120,000		121,200
Graham Packaging Co., 9.88%, 10/15/14		220,000		220,550
Graphic Packaging International, 9.50%, 08/15/13		250,000		251,875
Huntsman Packaging Corp., 13.00%, 06/01/10		270,000		218,700
Owens-Illinois, Inc., 7.50%, 05/15/10		325,000		341,250
Sealed Air Corp., 5.63%, 07/15/13 (c)		390,000		400,756
				1,554,331
Paper & Forest Products (0.9%)
Abitibi-Consolidated, Inc., 8.55%, 08/01/10		455,000		474,337
Abitibi-Consolidated, Inc., 8.85%, 08/01/30		125,000		119,688
Bowater, Inc., 7.95%, 11/15/11		300,000		317,625
Georgia-Pacific Corp., 8.88%, 02/01/10		360,000		408,600

10

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Principal Amount		Value
CORPORATE BONDS (continued)
Paper & Forest Products (continued)
Pindo Deli Financial Mauritius, 0.00%, 10/01/07 (b) (f)	$	1,520,000	$	471,200
Tjiwi Kimia Finance Mauritius, 0.00%, 08/01/05 (b) (f)		395,000		158,000
Tjiwi Kimia International BV, 0.00%, 08/01/49 (b) (f)		610,000		237,900
				2,187,350
Pharmacy Services (0.2%)
Amerisourcebergen Corp., 8.13%, 09/01/08		520,000		564,200
Pipelines (0.7%)
Consolidated Natural Gas, 5.00%, 12/01/14		310,000		313,603
Dynegy Holdings, Inc., 9.88%, 07/15/10 (c)		450,000		497,249
Pacific Energy Partners, 7.13%, 06/15/14		150,000		156,188
Panhandle Eastern Pipelines Series B, 2.75%, 03/15/07		85,000		82,782
Southern Natural Gas Co., 8.88%, 03/15/10		185,000		202,932
Texas Eastern Transmission, 7.00%, 07/15/32 (c)		85,000		103,937
The Williams Cos., Inc., 7.88%, 09/01/21		255,000		290,063
				1,646,754
Printing & Publishing (0.4%)
Dex Media East, LLC, 12.13%, 11/15/12		104,000		124,540
Dex Media West/Finance Series B, 9.88%, 08/15/13		75,000		85,500
Houghton Mifflin Co., 8.25%, 02/01/11		40,000		41,500
Houghton Mifflin Co., 9.88%, 02/01/13		170,000		181,475
Houghton Mifflin Co., 11.50%, 10/15/13		355,000		259,150
Primedia, Inc., 8.88%, 05/15/11		255,000		267,112
VNU NV, 6.63%, 05/30/07		100,000		130,386
				1,089,663
Real Estate (0.4%)
Brascan Corp., 7.13%, 06/15/12		105,000		118,117

	Principal Amount		Value
CORPORATE BONDS (continued)
Real Estate (continued)
EOP Operating, LP, 4.75%, 03/15/14	$	280,000	$	274,513
World Financial, 6.91%, 09/01/13 (c)		593,025		642,562
				1,035,192
Real Estate Investment Trust (0.1%)
Host Marriott LP, 6.38%, 03/15/15 (c)		235,000		232,650
Reckson Operating Partnership, 5.15%, 01/15/11		110,000		111,625
				344,275
Rental Auto & Equipment (0.1%)
Hertz Corp., 7.63%, 08/15/07		265,000		269,575
Retail (0.8%)
Brown Shoe Company, Inc., 8.75%, 05/01/12 (c)		140,000		145,950
Delhaize America, Inc., 8.13%, 04/15/11		215,000		241,141
General Nutrition Center, 8.50%, 12/01/10		275,000		220,000
JC Penney Co., Inc., 7.40%, 04/01/37		195,000		210,600
Jean Coutu Group PJC, Inc., 7.63%, 08/01/12		60,000		61,950
Jean Coutu Group PJC, Inc., 8.50%, Callable 08/01/14		450,000		444,375
Rayovac Corp., 8.50%, 10/01/13 (c)		310,000		323,950
Rayovac Corp., 7.38%, 02/01/15		170,000		164,475
Rite Aid Corp., 8.13%, 05/01/10		55,000		56,650
Safeway, Inc., 7.25%, 02/01/31		110,000		127,376
				1,996,467
Seismic Data Collection (0.0%)
Cie Gener De Geophysique, 7.50%, 05/15/15 (c)		40,000		41,700
Special Purpose Entity (0.7%)
Aries Vermogenswaltung, 9.60%, 10/25/14		500,000		647,300
CanWest Media, Inc., 8.00%, 09/15/12		400,000		421,000
Innophos Investments, 11.27%, 02/15/15 (c)		135,000		124,200

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Principal Amount		Value
CORPORATE BONDS (continued)
Special Purpose Entity (continued)
K&F Acquisition, Inc., 7.75%, 11/15/14	$	370,000	$	378,325
Medcath Holdings Corp., 9.88%, 07/15/12		210,000		234,675
				1,805,500
Steel Manufacturing & Products (0.1%)
United States Steel Corp., 9.75%, 05/15/10		147,000		158,760
Telecommunications (2.4%)
American Tower Corp., 7.50%, 05/01/12		275,000		293,563
American Tower Corp., 7.13%, 10/15/12		100,000		105,750
AT&T Corp., 6.50%, 11/21/06		100,000		128,296
AT&T Corp., 9.75%, 11/15/31		295,000		383,869
AT&T Wireless Services, Inc., 8.75%, 03/01/31		115,000		161,188
Axtel SA, 11.00%, 12/15/13		285,000		310,650
Corning, Inc., 6.25%, 02/18/10 (EUR)		60,000		80,266
Deutsche Telekom, 8.75%, 06/15/30		40,000		54,159
Deutsche Telekom International Finance, 8.13%, 05/29/12 (EUR)		160,000		251,083
France Telecom, 8.75%, 03/01/31		85,000		118,508
France Telecom SA, 8.13%, 01/28/33		90,000		168,123
Intelsat Bermuda Ltd., 7.79%, 01/15/12 (c)		190,000		193,325
Nextlink Communications, Inc., 0.00%, 06/01/09 (f) (g) (i)		350,000		0
Nextlink Communications, Inc., 0.00%, 06/01/09 (f) (g) (i)		500,000		0
Nortel Networks Corp., 4.25%, 09/01/08		190,000		177,175
Nortel Networks Ltd., 6.13%, 02/15/06		215,000		216,344
Panamsat Corp., 9.00%, 08/15/14		146,000		159,323
Panamsat Holding Corp., 10.375% 11/01/14 (c)		175,000		120,313
Qwest Communications International, 6.77%, 02/15/09 (c)		475,000		466,687

	Principal Amount		Value
CORPORATE BONDS (continued)
Telecommunications (continued)
Qwest Corp., 5.63%, 11/15/08	$	45,000	$	44,213
Qwest Services Corp., 13.50%, 12/15/10		350,000		404,249
Qwest Services Corp., 14.00%, 12/15/14		105,000		127,313
Rogers Wireless Inc., 7.50%, 03/15/15		165,000		179,438
Rural Cellular Corp., 7.91%, 03/15/10		450,000		463,499
Satelites Mexicanos SA de CV, 10.13%, 11/01/04		212,000		112,360
SBA Communications Corp., 8.50%, 12/01/12		175,000		188,563
SBA Telecommunications, 7.67%, 12/15/11		330,000		303,600
Sprint Capital Corp., 8.38%, 03/15/12		150,000		180,423
Sprint Capital Corp., 8.75%, 03/15/32		40,000		55,644
Telecom Italia Capital, 4.00%, 11/15/08 (c)		110,000		108,339
Telecom Italia Capital, 4.00%, 01/15/10		195,000		189,476
Ubiquitel Operating Co., 9.88%, 03/01/11 (c)		220,000		241,450
Verizon New England, 6.50%, 09/15/11		10,000		10,876
				5,998,065
Textiles (0.1%)
Mohawk Industries, Inc., Series D, 7.20%, 04/15/12		125,000		142,866
Oxford Industries, Inc., 8.88%, 06/01/11		100,000		107,000
Tempur-Pedic, Inc., 10.25%, 08/15/10		71,000		78,100
				327,966
Tobacco (0.1%)
Altria Group, Inc., 7.00%, 11/04/13		65,000		72,741
Altria Group, Inc., 7.75%, 01/15/27		125,000		150,105
				222,846

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Principal Amount		Value
CORPORATE BONDS (continued)
Transportation Services (0.6%)
Burlington North Santa Fe, 4.58%, 01/15/21	$	110,000	$	110,913
CHC Helicopter Corp., 7.38%, 05/01/14		255,000		254,363
CHC Helicopter Corp., 7.38%, 05/01/14 (c)		95,000		94,763
CSX Corp., 2.75%, 02/15/06		70,000		69,516
Fedex Corp, 2.65%, 04/01/07		110,000		107,134
Laidlaw International, Inc., 10.75%, 06/15/11		275,000		322,211
Norfolk Southern Corp., 7.35%, 05/15/07		115,000		121,382
Union Pacific Corp., 6.79%, 11/09/07		100,000		105,821
Union Pacific Corp., 6.63%, 02/01/08		180,000		190,201
Union Pacific Corp., 6.65%, 01/15/11		130,000		144,623
				1,520,927
Utilities & Power Producers (2.1%)
AES Corp., 9.38%, 09/15/10		53,000		60,023
AES Corp., 7.75%, 03/01/14 (c)		95,000		103,075
AES Corp., 9.00%, 05/15/15 (c)		305,000		342,363
Allegheny Energy, Inc., 7.75%, 08/01/05		200,000		200,600
Arizona Public Service Co., 5.80%, 06/30/14		200,000		214,847
CC Funding Trust I, 6.90%, 02/16/07		160,000		166,654
Cincinnati Gas & Electric Co., 5.70%, 09/15/12		65,000		69,479
CMS Energy Corp., 7.50%, 01/15/09		150,000		157,875
CMS Energy Corp., 8.50%, 04/15/11		455,000		507,325
Detroit Edison Co., 6.13%, 10/01/10		85,000		91,735
Detroit Edison Co., 4.80%, 02/15/15		125,000		125,721
Entergy Gulf States, 3.60%, 06/01/08		65,000		63,631
Entergy Gulf States, 3.73%, 12/01/09		105,000		105,221
Exelon Corp., 6.75%, 05/01/11		210,000		233,212

	Principal Amount		Value
CORPORATE BONDS (continued)
Utilities & Power Producers (continued)
Foundation PA Coal Co., 7.25%, 08/01/14	$	50,000	$	52,500
Monongahela Power Co., 5.00%, 10/01/06		170,000		171,376
MSW Energy Holdings, 7.38%, 09/01/10		185,000		189,625
MSW Energy Holdings, 8.50%, 09/01/10		45,000		47,588
National Grid Transco, PLC, 5.00%, 07/02/18		110,000		145,840
Nevada Power Co., 9.00%, 08/15/13		415,000		466,875
NiSource Finance Corp., 7.63%, 11/15/05		155,000		157,033
Nisource Finance Corp., 3.85%, 11/23/09		120,000		120,445
Pacific Gas & Electric, 6.05%, 03/01/34		160,000		176,334
PSEG Energy Holdings, 7.75%, 04/16/07		220,000		227,150
Reliant Energy, Inc., 6.75%, 12/15/14		265,000		259,038
RWE Finance BV, 5.50%, 10/26/07		9,000		11,669
TNP Enterprises, Inc., 10.25%, 04/01/10		370,000		389,610
TXU Corp., 4.81%, 11/15/14		300,000		304,830
TXU Corp. Series J, 6.38%, 06/15/06		65,000		66,100
Wisconsin Electric Power Co., 3.50%, 12/01/07		110,000		108,291
				5,336,065
Total Corporate Bonds				96,419,323
U.S. TREASURY OBLIGATIONS (35.9%)
U.S. Treasury Bonds (0.7%)
6.38%, 08/15/27		1,300,000		1,685,480
U.S. Treasury Notes (35.2%)
3.50%, 11/15/06		15,200,000		15,182,778
3.13%, 05/15/07		10,000,000		9,905,470
3.88%, 02/15/13		6,375,000		6,382,720
4.25%, 08/15/13		34,825,000		35,695,625
8.13%, 08/15/19		3,625,000		5,136,737

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Principal Amount		Value
U.S. TREASURY OBLIGATIONS (continued)
U.S. Treasury Notes (continued)
0.00%, 02/15/25	$	7,000,000	$	2,985,633
7.63%, 02/15/25		500,000		720,352
6.13%, 08/15/29		10,350,000		13,215,253
				89,224,568
Total U.S. Treasury Obligations				90,910,048
SOVEREIGN BONDS (13.5%)
Argentina (0.2%)
Republic of Argentina, 0.00%, 04/10/05 (b)		390,000		113,100
Republic of Argentina, 11.38%, 04/07/09 (b)		695,000		201,550
Republic of Argentina, 11.38%, 03/15/10 (b)		140,000		40,600
Republic of Argentina, 11.75%, 06/15/15 (b)		50,000		14,750
Republic of Argentina, 11.38%, 01/30/17 (b)		95,000		27,550
Republic of Argentina, 12.00%, 02/01/20 (b)		20,000		5,800
Republic Of Argentina, 8.28%, 12/31/33 (b)		106,605		98,077
Republic of Argentina, 12.13%, 05/21/05 (b)		220,000		78,100
				579,527
Brazil (1.7%)
Federal Republic of Brazil, 14.50%, 10/15/09		520,000		676,000
Federal Republic of Brazil, 10.50%, 07/14/14		570,000		674,025
Federal Republic of Brazil, 8.88%, 10/14/19		956,000		1,013,360
Federal Republic of Brazil, 4.25%, 04/15/24		450,000		424,710
Federal Republic of Brazil, 6.00%, 04/15/24		200,000		192,440
Federal Republic of Brazil, 8.88%, 04/15/24 (e)		470,000		487,860
Federal Republic of Brazil, 11.00%, 08/17/40		70,000		84,210
Federal Republic of Brazil C-Bond, 8.00%, 04/15/14		749,398		767,608
				4,320,213

	Principal Amount		Value
SOVEREIGN BONDS (continued)
Bulgaria (0.2%)
Republic of Bulgaria, 8.25%, 01/15/15 (c)	$	210,000	$	264,411
Republic of Bulgaria, 8.25%, 01/15/15		99,000		124,369
				388,780
Canada (0.2%)
Canadian Government, 5.25%, 06/01/12 (CAD)		700,000		627,937
Columbia (0.1%)
Republic of Columbia, 9.75%, 04/09/11		148,822		169,954
Republic of Columbia, 11.75%, 02/25/20		90,000		118,350
Republic of Columbia, 10.38%, 01/28/33		70,000		83,475
				371,779
Germany (2.5%)
Bundes Republic of Deutschland, 5.63%, 01/04/28		3,820,000		6,025,589
Italy (0.1%)
Buoni Poliennali Del Tesson, 5.25%, 11/01/29 (EUR)		120,000		176,158
Ivory Coast (0.0%)
Ivory Coast, 0.00%, 03/29/18 (b)		285,000		52,725
Japan (0.2%)
Japanese Government, 0.80%, 03/20/13 (JPY)		50,000,000		450,089
Malaysia (0.4%)
Malaysia, 8.75%, 06/01/09		690,000		799,947
Malaysia, 7.50%, 07/15/11		150,000		173,656
				973,603
Mexico (1.3%)
United Mexican States, 10.38%, 02/17/09		520,000		620,360
United Mexican States, 8.38%, 01/14/11		1,130,000		1,315,320
United Mexican States, 8.13%, 12/30/19		610,000		748,775
United Mexican States, 11.50%, 05/15/26		238,000		381,990

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Principal Amount		Value
SOVEREIGN BONDS (continued)
Mexico (continued)
United Mexican States, 8.30%, 08/15/31	$	240,000	$	298,800
				3,365,245
Nigeria (0.2%)
Central Bank Of Nigeria, 6.25%, 11/15/20		500,000		492,500
Panama (0.3%)
Republic of Panama, 9.63%, 02/08/11		150,000		177,750
Republic of Panama, 10.75%, 05/15/20		90,000		121,950
Republic of Panama, 8.88%, 09/30/27		300,000		357,750
Republic of Panama, 9.38%, 04/01/29		140,000		173,250
				830,700
Peru (0.2%)
Republic of Peru, 9.88%, 02/06/15		335,000		414,563
Republic of Peru, 8.38%, 05/03/16		180,000		202,050
				616,613
Philippines (0.8%)
Republic of Philippines, 8.88%, 03/17/15		1,220,000		1,271,850
Republic of Philippines, 10.63%, 03/16/25		220,000		246,125
Republic of Philippines, 9.50%, 02/02/30		390,000		397,995
				1,915,970
Qatar (0.1%)
State of Qatar, 9.75%, 06/15/30		170,000		264,384
Russia (1.4%)
Russian Federation, 8.25%, 03/31/10		390,000		425,451
Russian Federation, 11.00%, 07/24/18		621,000		926,346
Russian Federation, 12.75%, 06/24/28		910,000		1,645,825
Russian Federation, 5.00%, 03/31/30		451,948		504,555
				3,502,177

	Principal Amount		Value
SOVEREIGN BONDS (continued)
Spain (1.4%)
Bonos Y Oblig Del Estado, 5.15%, 07/30/09 (EUR)	$	2,250,000	$	3,012,929
Bonos Y Oblig Del Estado, 6.15%, 01/31/13 (EUR)		330,000		487,322
				3,500,251
Sweden (0.2%)
Swedish Government, 5.00%, 01/28/09 (SEK)		4,500,000		632,271
Tunisia (0.0%)
Banque Cent De Tunisie, 7.38%, 04/25/12		110,000		126,500
Turkey (0.7%)
Republic of Turkey, 0.00%, 02/23/06 (c)		19,000		26,537
Republic of Turkey, 0.00%, 02/23/06 (c)		280,000		404,964
Republic of Turkey, 0.00%, 02/23/06 (c)		300,000		409,620
Republic of Turkey, 11.50%, 01/23/12		550,000		702,625
Republic of Turkey, 11.00%, 01/14/13		120,000		151,500
				1,695,246
United Kingdom (0.9%)
United Kingdom Treasury, 8.50%, 12/07/05 (BPS)		1,250,000		2,280,413
Venezuela (0.4%)
Republic of Venezuela, 10.75%, 09/19/13		240,000		280,920
Republic of Venezuela, 8.50%, 10/08/14		270,000		280,395
Republic of Venezuela, 9.38%, 01/13/34		340,000		356,150
				917,465
Total Sovereign Bonds				34,106,135
U.S. GOVERNMENT AGENCIES (5.8%)
Federal Home Loan Mortgage Corporation (1.5%)
5.13%, 11/07/13		990,000		993,770
5.50%, 07/01/18 TBA		2,700,000		2,770,032
IOETTE, Series 1103, Class N, 1156.50%, 06/15/21		20		40
				3,763,842

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Principal Amount		Value
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mortgage Association (4.3%)
4.50%, 07/01/18 TBA (d)	$	2,150,000	$	2,139,921
5.00%, 07/01/18 TBA (d)		3,200,000		3,235,002
6.00%, 07/01/32 TBA (d)		5,350,000		5,483,750
				10,858,673
Total U.S. Government Agencies				14,622,515
MORTGAGE BACKED OBLIGATIONS (4.2%)
Federal Home Loan Mortgage Corporation (0.7%)
Gold, Pool # C00712, 6.50%, 02/01/29		48,923		50,834
Gold, Pool # C01104, 8.00%, 12/01/30		68,128		73,365
Gold, Pool # C01132, 8.00%, 01/01/31		65,137		70,143
Gold, Pool # C01150, 8.00%, 02/01/31		49,007		52,774
Gold, Pool # C29808, 8.00%, 08/01/29		36,468		39,292
Gold, Pool # C37329, 8.00%, 03/01/30		3,319		3,574
Gold, Pool # C39060, 8.00%, 06/01/30		4,321		4,653
Gold, Pool # C41333, 7.50%, 08/01/30		32,376		34,667
Gold, Pool # C41531, 8.00%, 08/01/30		22,035		23,729
Gold, Pool # C42327, 8.00%, 09/01/30		2,560		2,757
Gold, Pool # C44964, 7.50%, 11/01/30		73,900		79,129
Gold, Pool # C46763, 8.00%, 01/01/31		4,802		5,174
Gold, Pool # C46946, 8.00%, 01/01/31		19,252		20,732
Gold, Pool # C48997, 8.00%, 03/01/31		128,814		138,715
Gold, Pool # C49587, 8.00%, 03/01/31		96,454		103,869
Gold, Pool # C50477, 8.00%, 04/01/31		43,982		47,363
Gold, Pool # C53381, 8.00%, 06/01/31		6,559		7,063
Gold, Pool # C53597, 8.00%, 06/01/31		155,860		167,842

	Principal Amount		Value
MORTGAGE BACKED OBLIGATIONS (continued)
Federal Home Loan Mortgage Corporation (continued)
Gold, Pool # C53657, 8.00%, 06/01/31	$	50,492	$	54,374
Gold, Pool # C60019, 7.50%, 11/01/31		14,559		15,589
Gold, Pool # C67851, 7.50%, 06/01/32		244,124		261,399
Gold, Pool # C69951, 6.50%, 08/01/32		156,633		162,394
Gold, Pool # C90381, 7.50%, 11/01/20		2,343		2,510
Pool # 170271, 12.00%, 08/01/15		408,156		451,055
				1,872,996
Federal National Mortgage Association (2.8%)
Pool # 251752, 6.50%, 06/01/28		198,760		206,405
Pool # 252009, 6.50%, 07/01/28		463,379		481,202
Pool # 253113, 7.50%, 03/01/30		34,307		36,682
Pool # 253673, 7.50%, 03/01/31		52,978		56,609
Pool # 253674, 8.00%, 03/01/31		3,924		4,220
Pool # 254695, 6.50%, 04/01/33		494,921		512,515
Pool # 323591, 6.50%, 03/01/29		331,476		344,225
Pool # 346286, 6.50%, 05/01/26		108,950		113,175
Pool # 370191, 6.50%, 01/01/27		6,295		6,539
Pool # 415967, 6.50%, 10/01/28		189,898		197,202
Pool # 457953, 6.50%, 01/01/29		160,954		167,145
Pool # 482616, 6.50%, 02/01/29		302,234		313,876
Pool # 50946, 6.50%, 12/01/23		36,955		38,464
Pool # 511954, 7.50%, 10/01/29		31,932		34,139
Pool # 515828, 8.00%, 10/01/29		42,220		45,430

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Principal Amount		Value
MORTGAGE BACKED OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
Pool # 517874, 7.50%, 02/01/30	$	55,211	$	58,995
Pool # 519145, 7.50%, 10/01/29		33,914		36,257
Pool # 523284, 7.50%, 11/01/29		9,130		9,760
Pool # 527589, 7.50%, 01/01/30		13,930		14,893
Pool # 535399, 8.00%, 07/01/30		54,899		59,044
Pool # 535533, 8.00%, 10/01/30		207,277		222,927
Pool # 540017, 8.00%, 05/01/30		6,184		6,650
Pool # 540091, 7.50%, 06/01/30		27,791		29,696
Pool # 545239, 8.00%, 09/01/31		81,654		87,819
Pool # 545551, 8.00%, 04/01/32		48,233		51,875
Pool # 545604, 8.00%, 09/01/31		28,795		30,984
Pool # 545759, 6.50%, 07/01/32		309,199		320,529
Pool # 545762, 6.50%, 07/01/32		1,407,018		1,458,574
Pool # 555533, 6.50%, 04/01/33		147,573		153,076
Pool # 555571, 6.50%, 03/01/33		268,713		278,559
Pool # 564363, 8.00%, 01/01/31		6,342		6,821
Pool # 564993, 7.50%, 03/01/31		43,243		46,207
Pool # 576112, 7.00%, 05/01/31		5,988		6,316
Pool # 577304, 7.50%, 04/01/31		20,058		21,432
Pool # 577407, 7.50%, 07/01/31		67,322		71,935
Pool # 606566, 7.50%, 10/01/31		74,502		79,607
Pool # 613017, 8.00%, 03/01/31		3,823		4,113

	Principal Amount		Value
MORTGAGE BACKED OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
Pool # 630601, 7.00%, 05/01/32	$	309,616	$	326,597
Pool # 642656, 7.00%, 07/01/32		151,985		160,321
Pool # 656557, 6.50%, 01/01/33		34,017		35,263
Pool # 666097, 7.00%, 10/01/32		190,709		201,168
Pool # 667591, 6.50%, 10/01/32		445,203		461,516
Pool # 741875, 6.50%, 09/01/33		47,805		49,504
Pool # 766095, 6.50%, 02/01/34		260,571		269,834
				7,118,100
Government National Mortgage Association (0.7%)
Pool # 780141, 10.00%, 12/15/20		269,545		304,885
Pool # 780349, 10.00%, 09/15/21		329,671		372,485
Pool # 780378, 11.00%, 01/15/19		324,208		359,880
Pool # 780699, 9.50%, 12/15/17		296,886		327,523
Pool # 780709, 11.00%, 01/15/21		349,217		387,306
				1,752,079
Total Mortgage-Backed Obligations				10,743,175
INTEREST ONLY BONDS (0.5%)
Federal Home Loan Mortgage Corporation (0.2%)
3.75%, 06/17/27		2,718,781		168,502
6.00%, 04/15/32		1,713,026		193,625
7.00%, 07/15/33		748,483		123,896
				486,023
Federal National Mortgage Association (0.3%)
5.50%, 05/25/27		1,461,301		93,130
6.00%, 08/25/32		617,904		62,915
6.00%, 05/25/33		670,293		107,379
6.50%, 05/25/33		633,219		111,339
6.50%, 05/25/33		1,560,596		256,711
6.00%, 06/25/33		675,796		106,552
6.50%, 06/25/33		631,971		111,763
				849,789
Total Interest Only Bonds				1,335,812

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Principal Amount		Value
WARRANTS (0.0%)
Foreign Government (0.0%)
Republic of Venezuela, 04/15/20	$	1,150	$	0
Total Warrants				0
CASH EQUIVALENTS (8.1%)
Cash Sweep (1.0%)
Investments in repurchase agreements (collateralized by AA Corporate Bonds in a joint trading account at 3.49%, dated 06/30/05, due 07/01/05, repurchase price $2,528,173)		2,527,928		2,527,928
Federal Home Loan Bank Discount Notes (2.8%)
0.00%, 08/12/05		7,000,000		6,973,379
Federal Home Loan Mortgage Discount Notes (2.9%)
0.00%, 07/12/05		7,500,000		7,492,687
US Treasury Bills (0.3%)
0.00%, 07/14/05		700,000		699,282
US Treasury Notes (1.1%)
0.00%, 02/15/27		7,000,000		2,743,069
Total Cash Equivalents				20,436,345

	Principal Amount		Value
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (4.6%)
Pool of short-term securities for Gartmore Variable Trust Funds — note 2 (Securities Lending)	$	11,753,471	$	11,753,471
Total Short-Term Securities Held as Collateral for Securities Lending				11,753,471
Total Investments (Cost $269,301,515) (a) — 110.6%				280,326,824
Liabilities in excess of other assets — (10.6%)				(26,986,182	)
NET ASSETS — 100.0%			$	253,340,642

(a) See notes to financial statements for unrealized appreciation (depreciation) of securities.

(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, 2005.

(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.

(AUD) Principal amount denominated in Australian Dollar.

(BPS) Principal amount denominated in British Pound.

(CAD) Principal amount denominated in Canadian Dollar.

(EUR) Principal amount denominated in Euro.

(JPY) Principal amount denominated in Japanese Yen.

(SEK) Principal amount denominated in Swedish Krone.

C-Bond Capitalization Bond.

TBA To Be Announced

18

GARTMORE VARIABLE INSURANCE TRUST

VAN KAMPEN GVIT MULTI SECTOR BOND FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

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

Currency	Delivery Date	Contract Value			Market Value			Unrealized Appreciation/ (Depreciation)
Short Contract:
Australian Dollar	08/23/05	$	(527,765	)	$	(530,939	)	$	(3,174	)
British Pound	09/23/05		(744,560	)		(732,994	)		11,566
Euro	07/26/05		(5,360,160	)		(4,957,097	)		403,063
Swedish Krone	09/21/05		(399,734	)		(385,912	)		13,822
Total Short Contracts		$	(7,032,219	)	$	(6,606,942	)	$	425,277
Long Contracts:
Euro	07/26/05	$	614,722		$	581,663		$	(36,058	)
Japanese Yen	08/10/05		12,777,585			12,024,476			(753,110	)
Japanese Yen	08/10/05		6,830,667			6,428,748			(401,919	)
Japanese Yen	08/10/05		746,965			724,366			(22,599	)
Total Long Contracts		$	20,969,939		$	19,759,253		$	(1,210,686	)

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

Number of Contracts	Contracts	Expiration	Market Value Covered by Contracts		Appreciation (Depreciation)
Long Contracts:
77	U.S. 10 yr Note Future	08/23/2005	$	8,737,094	$	103,163
2	JGB 10 yr Bond Future	08/23/2005		282,400,000		1,554,000
Total Long Contracts			$	291,137,094	$	1,657,163

Number of Contracts	Contracts	Expiration	Market Value Covered by Contracts			Appreciation (Depreciation)
Short Contracts:
505	U.S. 5 yr Note Future	08/23/2005	$	(54,989,766	)	$	(84,047	)
390	U.S. 2 yr Note Future	08/23/2005		(80,998,125	)		51,118
97	U.S. Bond Futures	08/23/2005		(11,518,750	)		(190,916	)
12	Euro Bond Future	08/23/2005		(1,482,000	)		(135,285	)
Total Short Contracts			$	(148,988,641	)	$	(359,130	)

See notes to financial statements.

19

GARTMORE VARIABLE INSURANCE TRUST

VAN KAMPEN GVIT MULTI SECTOR BOND FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $266,773,587)	$	277,798,896
Repurchase agreements, at cost and value		2,527,928
Total Investments		280,326,824
Cash		434,750
Interest and dividends receivable		3,145,218
Receivable for investments sold		388,006
Receivable for variation margin on futures contracts		136,372
Unrealized appreciation on forward foreign currency contracts		428,452
Reclaims receivable		8,261
Prepaid expenses and other assets		7,438
Total Assets		284,875,321
Liabilities:
Securities sold short, at value (proceeds $94,473)		93,632
Payable to custodian		397,313
Payable for investments purchased		17,729,609
Unrealized depreciation on forward foreign currency contracts		1,216,860
Payable for variation margin on futures contracts		143,183
Payable for return of collateral received for securities on loan		11,753,471
Accrued expenses and other payables:
Investment advisory fees		153,332
Fund administration and transfer agent fees		15,044
Administrative servicing fees		29,178
Other		3,057
Total Liabilities		31,534,679
Net Assets	$	253,340,642
Represented by:
Capital	$	243,324,526
Accumulated net investment income (loss)		123,509
Accumulated net realized gain (losses) from investment, futures and foreign currency transactions		(28,086	)
Net unrealized appreciation (depreciation) on investments, futures and translation of assets and liabilities denominated in foreign currencies		9,920,693
Net Assets	$	253,340,642
Net Assets:
Class I Shares	$	253,340,642
Shares outstanding (unlimited number of shares authorized):
Class I Shares		25,612,583
Net asset value and offering price per share:*
Class I Shares	$	9.89

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	6,387,677
Income from securities lending		62,943
Total Income		6,450,620
Expenses:
Investment advisory fees		909,159
Fund administration and transfer agent fees		111,239
Administrative servicing fees Class I Shares		182,924
Other**		45,767
Total Expenses		1,249,089
Net Investment Income (Loss)		5,201,531
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		1,773,824
Net realized gains (losses) on futures		(358,504	)
Net realized gains (losses) on foreign currency transactions		(91,757	)
Net realized gains (losses) on investment, futures, and foreign currency transactions		1,323,563
Net change in unrealized appreciation/depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies		(3,403,020	)
Net realized/unrealized gains (losses) on investments, futures and foreign currencies		(2,079,457	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,122,074

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

20

GARTMORE VARIABLE INSURANCE TRUST

VAN KAMPEN GVIT MULTI SECTOR BOND FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	5,201,531		$	9,828,371
Net realized gains (losses) on investment, futures and foreign currency transactions		1,323,563			4,661,687
Net change in unrealized appreciation/depreciation on investments, futures and translation of assets and liabilities denomintated in foreign currencies		(3,403,020	)		197,528
Change in net assets resulting from operations		3,122,074			14,687,586
Distributions to Class I shareholders from:
Net investment income		(5,863,355	)		(11,466,227	)
Change in net assets from shareholder distributions		(5,863,355	)		(11,466,227	)
Change in net assets from capital transactions		17,579,471			8,756,344
Change in net assets		14,838,190			11,977,703
Net Assets:
Beginning of period		238,502,452			226,524,749
End of period	$	253,340,642		$	238,502,452
CAPITAL TRANSACTIONS:
Class I Capital Transactions:
Proceeds from shares issued	$	29,889,029		$	41,465,680
Dividends reinvested		5,863,367			11,466,245
Cost of shares redeemed		(18,172,925	)		(44,175,581	)
		17,579,471			8,756,344
SHARE TRANSACTIONS:
Class I Share Transactions:
Issued		3,001,131			4,199,606
Reinvested		598,217			1,165,350
Redeemed		(1,830,252	)		(4,497,742	)
		1,769,096			867,214

See notes to financial statements.

21

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Van Kampen GVIT Multi Sector Bond Fund

			Investment Activities				Distributions								Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities	Net Investment Income		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover
Class I Shares
Year Ended December 31, 2000	$	9.37	0.61	(0.10	)	0.51	(0.60	)	(0.60	)	$	9.28	5.65%		$	132,227	0.90%		7.07%		1.09%		6.88%		399.03%
Year Ended December 31, 2001(b)	$	9.28	0.54	(0.16	)	0.38	(0.52	)	(0.52	)	$	9.14	4.19%		$	177,324	0.90%		5.99%		1.04%		5.85%		340.77%
Year Ended December 31, 2002	$	9.14	0.42	0.22		0.64	(0.50	)	(0.50	)	$	9.28	7.21%		$	209,280	1.01%		4.61%		1.02%		4.60%		385.94%
Year Ended December 31, 2003	$	9.28	0.36	0.74		1.10	(0.52	)	(0.52	)	$	9.86	12.12%		$	226,525	1.01%		3.75%		(c	)	(c	)	296.62%
Year Ended December 31, 2004	$	9.86	0.42	0.21		0.63	(0.49	)	(0.49	)	$	10.00	6.53%		$	238,502	1.01%		4.23%		(c	)	(c	)	212.84%
Six Months Ended June 30, 2005 (Unaudited)	$	10.00	0.20	(0.08	)	0.12	(0.23	)	(0.23	)	$	9.89	1.27%	(d)	$	253,341	1.02%	(e)	4.24%	(e)	(c	)	(c	)	67.31%

(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) 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.

22

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, was subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Van Kampen GVIT Multi Sector Bond Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Trust’s 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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these securities is

23

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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.

The Fund values 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 Fund, the Fund will fair value its 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 Fund’s 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 these prices will have a material impact on the net asset value of the Fund. When the Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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

24

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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 also may 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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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

The Fund may enter into mortgage “dollar rolls” in which the 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 Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. The Fund is

25

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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) 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.

(j) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

The cash collateral received by the Fund was pooled and, at June 30, 2005, was invested in the following:

Security Type	Security Name	Market Value		Maturity Rate	Maturity Date
Commercial Paper	MacQuarie Bank Ltd.	$	499,368	3.25%	07/01/05
Funding Agreement	GE Life and Annutiy		5,500,000	3.32%	07/14/05
Money Market Fund	JPM S/L Collateral Investment		400,000	3.26%	07/01/05
Repurchase Agreements	Nomura Securities		854,990	3.48%	07/01/05
Yankee Certificates of Deposit — Floating	Canadian Imperial Bank NY		4,499,112	3.52%	07/01/05

As of June 30, 2005, the Fund had securities with the following market values on loan:

Market Value of Loaned Securities	Market Value of Collateral*
$77,878,721	$	79,486,173

* Includes securities and cash collateral.

(k) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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

26

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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 Fund. 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.

(l) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$52,189	$	13,074,816	$	(2,101,696	)	$	10,973,120

(m) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders. In addition, GMF provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser, for the Fund that GMF advises. Morgan Stanley Investments Management, Inc. (the “subadviser”), manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

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

Fee Schedule	Total Fees	Fees Retained	Paid to Sub-advisor
Up to $200 million	0.75%	0.45%	0.30%
$200 million or more	0.70%	0.45%	0.25%

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under

27

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; 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 the Fund.

4. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $165,291,014 and sales of $151,897,329.

5. Bank Loans

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

28

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

6. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)

29

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)

30

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

31

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

32

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

33

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

34

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President - Operations for GGI3, GMFCT3, and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

35

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

36

GVIT Small Cap Value Fund

Semiannual Report

|  June 30, 2005

	Contents
6	Statement of Investments
18	Statement of Assets and Liabilities
18	Statement of Operations
19	Statements of Changes in Net Assets
21	Financial Highlights
22	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

GVIT Small Cap Value Fund

For the semiannual period ended June 30, 2005, the GVIT Small Cap Value Fund returned -1.04% (Class I at NAV) versus 0.90% for its benchmark, the Russell 2000® Value Index. For broader comparison, the average return for the Fund’s Lipper peer category of Small-Cap Value Funds was 1.04%.

Gartmore Mutual Fund Capital Trust (GMF), The Dreyfus Corp. and J.P Morgan Investment Management Inc. each manage a portion of the Fund’s portfolio on a day-to-day basis. GMF is the Fund’s investment adviser and has selected Dreyfus and J.P Morgan as subadvisers for the Fund; the three portions, or sleeves, of the portfolio returned 0.07%, -4.34% and 2.71%, respectively. Below are the individual reports on how each sleeve of the portfolio performed.

Gartmore Mutual Fund Capital Trust

While performance was strong in the consumer staples, information technology and telecommunications sectors, weak stock selection in financials and industrials detracted from Fund performance. In the financials sector, Oriental Financial Group suffered due to the challenging margin environment of the banking industry. In the industrials sector, American Woodmark Corp.’s stock weakened when the company missed earnings expectations; the company has since made up lost ground. In contrast, the technology sector, which generally has been a poorly performing sector this year, attributed more than 100 basis points to Fund performance during the reporting period. Our focus on quality and fundamental improvement within this sector–and an overall theme applied to the entire portfolio–has benefited this space.

At this time last year, our style faced a challenging environment. However, beyond the challenges lay promise in factors that could lead to better performance. While value has remained the “preferred” style, it is no longer the market of extremes it once was. At the height of value’s run, performance was driven primarily by deep-value or high-beta (risky) stocks. We believe that this past year marked the beginning of a multi-year cycle that will provide strong returns for both value and growth stocks, with less disparity between the styles. In the past this so-called “core” market environment has been more conducive to strong stock selection for us.

The Dreyfus Corp.

Despite a strong first quarter, holdings in the energy sector underperformed throughout the second quarter. We remain bullish on energy for the long term as we maintain our slight overweight position in the sector, though we do believe many of the stocks are now fully valued due to recent price increases.

Notwithstanding a surge in May and June, our overweight position in technology underperformed. We believe that the fundamental outlook for many technology companies is robust, and in coming quarters we expect corporate capital spending to strengthen. Continued underperformance in the consumer services sector has led us to reduce our weighting in that area. Increases in energy prices and interest rates are expected to reduce consumer spending, placing earnings estimates under increased near-term pressure. Currently, our focus is on the retail industry, as well as for-profit colleges.

Conversely, our overweight position in health care continues to be attractive and is a significant contributor to the sleeve’s performance. We feel that there are still many solid health-care companies with good historical earnings growth selling at prices that do not reflect their prospects. The demand for health-related services continues to grow as the U.S. population ages, and the stocks appear to be somewhat immune to swings in the economy. Consumer non durables, transportation and utilities also were positives for the Fund. We have maintained our underweight position in consumer non durables and transportation, because these sectors are almost fully valued. Due to strong stock performance, we have increased our weight in utilities but are still comparatively underweight in the sector.

In a rising-interest-rate environment laced with fears of inflationary pressure, small-cap stocks generally are less attractive. In addition, the energy and commodities markets should continue to contribute to volatility with sustained upward demands still present in the market. We believe that significant momentum is building for a shift toward quality and away from marginal small-cap companies that have outpaced large-cap companies for 19 of the past 20 quarters. We believe that corporate capital spending will be a major driver in the near future; modest economic growth should continue for several quarters; we are confident that the sleeve is well-positioned to take advantage of this opportunity.

J.P. Morgan Investment Management Inc.

Positive stock selection in the energy and industrials sectors contributed to relative performance. Top sleeve contributors included Southwestern Energy Co. and Zenith National Insurance Corp. Southwestern Energy advanced nearly 60% during the year due to an increase in production volumes and higher natural gas prices. Its stock price rose to record highs in June after the company reported that it had successfully drilled new wells for a major Arkansas project. Zenith National Insurance benefited from positive first-quarter results based on improved net income driven by favorable trends in the company’s workers’ compensation agreement.

Despite the sleeve’s positive performance, the financials and basic materials sectors detracted from results. The largest detractors were R&G Financial Co. and Cash America Investments Inc. R&G’s shares

1

GVIT Small Cap Value Fund (Continued)

declined after the company announced a 2004 restatement, which is expected to reduce the fair value of residual interests. Shares of Cash America suffered after the company withdrew its fiscal 2005 earnings forecast, based on uncertainty about more stringent requirements issued in April by the Federal Deposit Insurance Corp.

U.S. equity markets continue to trade within a fairly tight range as investors attempt to gauge the direction of economic growth, inflation and Fed policy. Up to this point, markets have had a difficult time breaking out to the high or low side, because economic news has been balanced. On the positive side, weakness in manufacturing appears to be subsiding, recent inflation data has been more benign than originally thought, and U.S. corporate balance sheets are in excellent shape. On the negative side, rising labor costs point to a deceleration in profit growth, high commodity prices are putting downward pressure on economic growth and upward pressure on inflation, and major developed economies (outside of the United States) remain sluggish.

PORTFOLIO MANAGERS:

Gartmore Mutual Fund Trust: Jeffery C. Petherick, CFA, Mary C. Champagne, CFA

The Dreyfus Corp.: Peter I. Higgins

J.P. Morgan Investment Management Inc: Christopher T. Blum, CFA

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

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

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

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

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance GVIT Small Cap Value Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Five years	Inception2
Class I3	-1.04%	10.08%	11.25%	11.53%
Class II4	-1.20%	9.78%	10.99%	11.27%
Class III4	-1.03%	10.16%	11.29%	11.55%
Class IV4	-1.04%	10.08%	11.25%	11.53%

* Not Annualized.

1 Not subject to any sales charges.

2 The Fund commenced operations on October 31, 1997. From inception to February 5, 2001, Dreyfus managed the Fund alone. From February 5, 2001 until October 1, 2003, GMF and Dreyfus have managed the Fund together. Beginning October 1, 2003, J.P. Morgan was added as a Fund subadviser.

3 The existing shares of the Fund were designated Class I shares as of May 1, 2001.

4 These returns until the creation of the Class II shares (May 6, 2002), Class III shares (May 3, 2002) and Class IV shares (April 28, 2003) are based on the performance of the Class I shares of the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class II, Class III and Class IV shares would have produced because all classes of shares invest in the same portfolio of securities. Class II shares’ annual returns have been restated to reflect the additional fees applicable to Class II shares and therefore are lower than those of Class I shares. For Class III shares, these returns do not reflect the short-term trading fees applicable to such shares; if these fees were reflected, the annual returns for Class III shares would have been lower.

Performance of a $10,000 Investment

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

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

(a) The Russell 2000 Value measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example GVIT Small Cap Value Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

			Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Small Cap Value
Class I	Actual		$	1,000	$	990	$	5.48	1.11%
	Hypothetical	1	$	1,000	$	1,019	$	5.57	1.11%
Class II	Actual		$	1,000	$	988	$	6.70	1.36%
	Hypothetical	1	$	1,000	$	1,018	$	6.83	1.36%
Class III	Actual		$	1,000	$	990	$	5.48	1.11%
	Hypothetical	1	$	1,000	$	1,019	$	5.57	1.11%
Class IV	Actual		$	1,000	$	990	$	5.48	1.11%
	Hypothetical	1	$	1,000	$	1,019	$	5.57	1.11%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

(June 30, 2005) GVIT Small Cap Value Fund

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

Asset Allocation
Common Stocks	97.1%
Cash Equivalents	2.3%
U.S. Treasury Notes	0.1%
Warrants	0.0%
Other assets in excess of liabilities	0.5%
	100.0%

Top Holdings*
Cephalon, Inc.	1.1%
Dobson Communications Corp., Class A	1.0%
IVAX Corp.	1.0%
Career Education Corp.	0.9%
Westcorp	0.8%
Sanmina Corp.	0.7%
Key Energy Services, Inc.	0.7%
WCI Communities, Inc.	0.6%
Affiliated Managers Group, Inc.	0.6%
Axcelis Technologies, Inc.	0.6%
Other Holdings	92.0%
	100.0%

Top Industries
Real Estate Investment Trusts	7.9%
Oil & Gas	5.7%
Banks	5.6%
Semiconductors	4.9%
Retail	4.9%
Utilities	4.0%
Drugs & Pharmaceuticals	3.8%
Computer Software & Services	3.5%
Building	3.2%
Transportation	3.1%
Other Industries	53.4%
	100.0%

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

5

GARTMORE VARIABLE INSURANCE TRUST

GVIT SMALL CAP VALUE FUND

Statement of Investments — June 30, 2005 (Unaudited)

Shares or Principal Amount		Value
COMMON STOCKS (97.1%)
Advertising Services (0.1%)
R. H. Donnelley Corp. (b)	7,300	$	452,454
Aerospace & Defense (1.0%)
AAR Corp. (b)	14,100		221,511
BE Aerospace, Inc. (b)	119,700		1,870,911
Curtiss-Wright Corp.	13,000		701,350
Esterline Technologies Corp. (b)	58,500		2,344,680
HEICO Corp.	7,400		173,234
Kaman Corp., Class A	26,700		481,668
Moog, Inc., Class A (b)	39,675		1,249,366
Orbital Sciences Corp. (b)	17,600		174,240
Triumph Group, Inc. (b)	8,200		285,032
			7,501,992
Airlines (1.3%)
Alaska Air Group, Inc. (b)	90,900		2,704,275
Continental Airlines, Inc., Class B (b)	186,800		2,480,704
ExpressJet Holdings, Inc. (b)	167,100		1,422,021
Pinnacle Airlines Co. (b)	69,400		596,146
SkyWest, Inc.	146,900		2,670,642
			9,873,788
Alternative Power Generation (0.3%)
Calpine Corp. (b)	606,940		2,063,596
Apparel (0.0%)
Russell Corp.	12,200		249,490
Applications Software (0.1%)
Progress Software Corp. (b)	13,200		397,980
Auto Dealers (0.1%)
Lithia Motors, Inc., Class A	24,300		701,055
United Auto Group, Inc.	6,400		190,720
			891,775
Auto Parts & Equipment (1.2%)
Aftermarket Technology Corp. (b)	21,100		367,773
American Axle & Manufacturing Holding, Inc.	85,700		2,165,639
Asbury Automotive Group, Inc. (b)	54,600		841,386
Exide Technologies (b)	80,300		389,455
Hayes Lemmerz International (b)	30,500		217,160
Keystone Automotive Industries, Inc. (b)	6,800		168,164
Navistar International Corp. (b)	121,300		3,881,600

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Auto Parts & Equipment (continued)
Superior Industries International, Inc.	8,200	$	194,340
Tenneco Automotive, Inc. (b)	59,200		985,088
Visteon Corp.	26,300		158,589
			9,369,194
Banks (5.6%)
ABC Bancorp	7,880		142,470
Amcore Financial, Inc.	50,200		1,499,976
Americanwest Bancorp (b)	5,000		99,750
Amgey Bancorp, Inc.	35,700		798,966
BancFirst Corp.	4,200		365,358
Bank of the Ozarks, Inc.	8,400		275,856
Banner Corp.	4,300		120,443
BOK Financial Corp.	49,770		2,295,392
Capitol Bancorp Ltd.	8,200		275,602
Cathay General Bancorp	9,300		313,503
Central Pacific Financial Corp.	78,100		2,780,359
Chemical Financial Corp.	22,655		750,107
City Holding Co.	5,400		197,208
Colonial Bancgroup, Inc.	122,200		2,695,731
Columbia Banking System, Inc.	8,330		205,085
Community Bank System, Inc.	29,500		719,505
Community Trust Bancorp, Inc.	7,870		257,506
Corus Bankshares, Inc.	33,400		1,853,366
Cullen/Frost Bankers, Inc.	19,700		938,705
East West Bancorp, Inc.	59,300		1,991,887
Eurobancshares, Inc. (b)	17,500		280,875
Financial Institutions, Inc.	2,000		36,040
First BanCorp.	62,100		2,493,314
First Citizens BancShares, Class A	2,378		343,740
First Oak Brook Bank	4,200		118,524
First Republic Bancorp, Inc.	21,250		750,763
Fremont General Corp.	26,600		647,178
Gold Banc Corp.	54,900		798,795
Great Southern Bancorp, Inc.	7,300		228,417
Greater Bay Bancorp	26,500		698,805
Hanmi Financial Corp.	90,800		1,516,360
Iberiabank Corp.	23,200		1,429,352
Independent Bank Corp. (Mass.)	26,000		733,460
Independent Bank Corp. (Mich.)	25,960		738,302
Irwin Financial Corp.	30,300		672,357
Lakeland Financial Corp.	1,100		44,748
Mainsource Financial Group, Inc.	3,496		63,243

6

GARTMORE VARIABLE INSURANCE TRUST

GVIT SMALL CAP VALUE FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Banks (continued)
MB Financial, Inc.	4,950	$	197,159
MBT Financial Corp.	6,200		119,350
Mercantile Bank Corp.	9,490		417,275
Mid-State Bancshares	17,500		485,975
Nara Bankcorp, Inc.	2,200		32,296
Old Second Bancorp, Inc.	3,500		101,815
Oriental Financial Group	132,000		2,014,320
Pacific Capital Bancorp	3,145		116,617
Peoples Bancorp, Inc.	5,000		133,750
Prosperity Bancshares, Inc.	11,800		337,598
Provident Bankshares Corp.	17,500		558,425
R & G Financial Corp., Class B	113,550		2,008,700
Republic Bancorp, Inc.	71,047		1,064,284
Republic Bancorp, Inc., Class A	4,625		100,409
Royal Bancshares of Pennsylvania, Class A	4,853		115,259
SCBT Financial Corp.	3,995		126,442
Security Bank Corp	2,800		64,120
Simmons First National Corp., Class A	7,100		192,481
Southside Bancshares, Inc.	8,100		166,050
Southwest Bancorp	5,500		112,640
State Financial Services Corp.	10,700		430,782
Sterling Bancshares, Inc.	6,600		102,696
Sterling Financial Corp.	18,612		396,622
Summit Bancshares, Inc.	16,100		278,530
Sun Bancorp, Inc. (b)	5,071		104,818
Taylor Capital Group, Inc.	9,100		357,175
Texas Regional Bancshares, Inc.	20,300		618,744
Trico Bancshares	6,400		142,976
Umpqua Holdings Corp.	13,983		329,160
United Bankshares, Inc.	21,300		758,493
W Holding Co., Inc.	48,991		500,688
West Coast Bancorp	41,700		1,017,897
Western Sierra Bancorp (b)	3,400		115,090
			43,789,684
Broadcast Media & Television (1.5%)
4Kids Entertainment, Inc. (b)	1,800		35,784
Citadel Broadcasting Corp. (b)	164,200		1,880,090
Cumulus Media, Inc. (b)	326,200		3,842,636
Emmis Communications Corp. (b)	125,300		2,214,051
Entravision Communications Corp. (b)	7,350		57,257
Mediacom Communications, Class A (b)	24,300		166,941

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Broadcast Media & Television (continued)
Radio One, Inc. (b)	274,100	$	3,500,257
Saga Communications, Inc. (b)	9,100		127,400
Sinclair Broadcast Group, Inc.	5,300		48,124
			11,872,540
Building (3.2%)
Apogee Enterprises, Inc.	179,700		2,761,989
Baker (Michael) Corp. (b)	49,400		882,284
Beazer Homes USA, Inc.	5,400		308,610
Building Materials Holding Corp.	7,400		512,746
Dycom Industries, Inc. (b)	2,700		53,487
Fleetwood Enterprises, Inc. (b)	219,800		2,230,970
Genlyte Group, Inc. (b)	43,900		2,139,686
Lennox International, Inc.	42,500		899,725
Levitt Corp., Class A	13,475		403,172
Meritage Corp. (b)	8,700		691,650
NCI Building Systems (b)	14,600		478,880
Texas Industries, Inc.	34,900		1,962,427
Universal Forest Products, Inc.	30,300		1,255,935
USG Corp. (b)	15,900		675,750
Watsco, Inc.	6,800		289,680
WCI Communities, Inc. (b)	158,000		5,060,740
York International Corp.	99,410		3,777,580
			24,385,311
Business Services (0.7%)
BISYS Group, Inc. (The) (b)	19,300		288,342
CCC Information Services Group, Inc. (b)	42,300		1,013,085
CRA International, Inc. (b)	4,200		226,170
First Marblehead Corp. (The) (b)	35,600		1,248,136
infoUSA, Inc.	4,300		50,310
Peoplesupport, Inc. (b)	177,654		1,620,204
Spherion Corp. (b)	46,000		303,600
StarTek.	4,100		67,322
TALX.	6,100		176,351
Viad Corp	3,700		104,858
			5,098,378
Casinos & Gambling (0.3%)
Alliance Gaming Corp. (b)	86,300		1,209,926
Ameristar Casinos, Inc.	13,600		354,824
Aztar Corp. (b)	9,300		318,525
Isle of Capris Casino (b)	8,000		209,600
			2,092,875

7

GARTMORE VARIABLE INSURANCE TRUST

GVIT SMALL CAP VALUE FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Chemicals (2.3%)
Albemarle Corp.	45,200	$	1,648,444
Crompton Corp.	163,400		2,312,110
Cytec Industries, Inc.	2,300		91,540
FMC Corp. (b)	33,400		1,875,076
Georgia Gulf Corp.	21,600		670,680
Great Lakes Chemical Corp.	61,100		1,922,817
H. B. Fuller Co.	25,400		865,124
Hercules, Inc. (b)	63,800		902,770
Minerals Technologies, Inc.	9,900		609,840
Mykrolis Corp (b)	5,500		78,155
Newmarket Corp. (b)	18,700		276,573
Octel Corp.	51,700		930,600
PolyOne Corp. (b)	257,500		1,704,650
Terra Industries, Inc. (b)	147,700		1,005,837
Valhi, Inc.	103,406		1,809,605
W.R. Grace & Co. (b)	53,000		412,870
Wellman, Inc.	32,600		332,194
			17,448,885
Coal (1.0%)
Alpha Natural Resources, Inc. (b)	50,110		1,196,627
Arch Coal, Inc.	39,300		2,140,671
Massey Energy Co.	122,700		4,628,244
			7,965,542
Commercial Services (0.8%)
Arbitron, Inc.	3,300		141,570
Century Business Services, Inc. (b)	26,300		106,515
Clark, Inc.	6,800		97,444
Consolidated Graphics, Inc. (b)	5,000		203,850
LodgeNet Entertainment Corp. (b)	35,600		590,604
Maximus, Inc.	3,400		119,986
NCO Group, Inc. (b)	7,100		153,573
PHH Corp. (b)	92,000		2,366,240
Quanta Services, Inc. (b)	177,700		1,563,760
TeleTech Holdings, Inc. (b)	36,300		295,845
Vertrue, Inc. (b)	2,100		81,816
Volt Information Sciences, Inc. (b)	5,100		121,023
			5,842,226
Communications Technology (0.5%)
CIENA Corp. (b)	70,600		147,554
CommScope, Inc. (b)	22,300		388,243
Digi International, Inc. (b)	67,800		804,108
Harris Corp.	60,200		1,878,842

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Communications Technology (continued)
Inter-Tel, Inc.	22,000	$	409,420
Powerwave Technologies, Inc. (b)	6,800		69,496
			3,697,663
Computer Software & Services (3.5%)
Agilysys, Inc.	88,200		1,384,740
Ansoft Corp. (b)	45,200		1,092,032
Black Box Corp.	47,300		1,674,420
Borland Software Corp. (b)	185,690		1,273,833
Brocade Communications Systems, Inc. (b)	127,000		492,760
CACI International, Inc. (b)	3,700		233,692
Ciber, Inc. (b)	28,300		225,834
Covansys Corp (b)	9,300		119,505
Electronics for Imaging, Inc. (b)	12,700		267,208
FactSet Research Systems, Inc.	46,800		1,677,312
Gateway, Inc. (b)	297,900		983,070
Hutchinson Technology, Inc. (b)	54,300		2,091,093
Internet Security Systems, Inc. (b)	3,900		79,131
iPass, Inc. (b)	257,200		1,558,632
Komag, Inc. (b)	10,800		306,396
Magma Design Automation, Inc. (b)	4,100		34,276
ManTech International Corp. (b)	9,100		282,464
Manugistics Group, Inc. (b)	408,200		726,596
Maxtor Corp. (b)	437,310		2,274,012
Mcdata Corp., Class A (b)	596,100		2,384,400
Mcdata Corp., Class B (b)	5,700		21,204
MTS Systems Corp.	30,200		1,014,116
NetIQ Corp. (b)	12,100		137,335
Palmone, Inc. (b)	46,800		1,393,236
Parametric Technology Corp. (b)	79,600		507,848
Perot Systems Corp., Class A (b)	40,000		568,800
Quantum Corp. (b)	63,900		189,783
RadiSys Corp. (b)	9,100		146,965
Silicon Graphics, Inc. (b)	99,300		70,503
Silicon Storage Technology, Inc. (b)	15,700		63,271
Sykes Enterprises, Inc. (b)	206,500		1,957,620
Synnex Corp. (b)	3,000		52,530
Synopsys, Inc. (b)	66,700		1,111,889
TTM Technologies (b)	8,100		61,641
Tyler Technologies, Inc. (b)	19,300		145,908
United Online, Inc.	16,300		177,018
			26,781,073

8

GARTMORE VARIABLE INSURANCE TRUST

GVIT SMALL CAP VALUE FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Computer Technology (0.4%)
Cray, Inc. (b)	586,770	$	727,595
Creative Technology Ltd. ADR-SG	114,800		741,608
Intergraph Corp. (b)	4,500		155,070
Western Digital Corp. (b)	89,300		1,198,406
			2,822,679
Construction (0.9%)
Comstock Homebuilding Cos., Class A (b)	45,600		1,104,432
MasTec, Inc. (b)	165,100		1,452,880
Newmark Homes Corp.	32,400		786,672
Terex Corp. (b)	11,100		437,340
Washington Group International, Inc. (b)	55,900		2,857,608
			6,638,932
Consulting Services (0.6%)
Bearingpoint, Inc. (b)	280,000		2,052,400
Gartner Group, Inc., Class A (b)	29,300		311,166
Tetra Technology, Inc. (b)	161,200		2,181,036
			4,544,602
Consumer Products (1.2%)
American Greetings Corp.	18,900		500,850
Applica, Inc. (b)	13,300		42,959
CSS Industries, Inc.	3,123		105,682
Department 56, Inc. (b)	4,500		46,125
Elizabeth Arden, Inc. (b)	78,400		1,833,777
Intertape Polymer Group, Inc. (b)	163,470		1,665,759
RC2 Corp. (b)	14,700		552,279
Snap-On, Inc.	48,100		1,649,830
Spectrum Brands, Inc. (b)	22,700		749,100
Toro Co.	27,000		1,042,470
Tupperware Corp.	27,200		635,664
Water Pik Technologies, Inc. (b)	6,300		120,015
			8,944,510
Containers & Packaging (0.6%)
Chesapeake Corp.	24,100		504,654
Crown Holdings, Inc. (b)	28,400		404,132
Greif, Inc., Class A	16,800		1,026,480
Silgan Holdings, Inc.	25,300		1,422,872
Smurfit-Stone Container Corp. (b)	99,000		1,006,830
			4,364,968

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Distribution & Wholesale (0.3%)
Aviall, Inc. (b)	35,400	$	1,118,286
Brightpoint, Inc. (b)	9,400		208,586
NuCo2, Inc. (b)	19,370		497,228
United Stationers, Inc. (b)	17,500		859,250
			2,683,350
Drugs & Pharmaceuticals (3.8%)
Adolor Corp. (b)	18,900		174,825
Alexion Pharmaceuticals, Inc. (b)	7,700		177,408
Alpharma, Inc., Class A	15,900		230,073
Atherogenics, Inc. (b)	21,904		350,026
Auxilium Pharmaceuticals, Inc. (b)	15,900		75,843
Biovail Corp. ADR-CA (b)	147,150		2,283,768
Cephalon, Inc. (b)	209,300		8,332,233
Cypress Bioscience, Inc. (b)	40,600		535,920
Impax Laboratories, Inc. (b)	94,500		1,483,650
IVAX Corp. (b)	343,600		7,387,400
King Pharmaceuticals, Inc. (b)	16,800		175,056
Kos Pharmaceuticals, Inc. (b)	28,500		1,866,750
Par Pharmaceutical Cos., Inc. (b)	50,270		1,599,089
Rigel Pharmaceuticals, Inc. (b)	7,600		151,392
Savient Pharmaceuticals, Inc. (b)	526,200		2,320,542
Telik, Inc. (b)	116,858		1,900,111
Valeant Pharmaceuticals Intl.	9,400		165,722
			29,209,808
Electronics (1.7%)
Amis Holdings, Inc. (b)	12,100		161,414
Applied Micro Circuits Corp. (b)	84,900		217,344
Ariba, Inc. (b)	55,900		324,220
Bel Fuse, Class B	9,800		299,488
Bell Microproducts (b)	2,400		22,560
Benchmark Electronics, Inc. (b)	20,550		625,131
CTS Corp.	31,100		382,219
DRS Technologies.	9,400		482,032
EarthLink, Inc. (b)	58,200		504,012
Entegris, Inc. (b)	35,252		348,995
Integrated Device Technology, Inc. (b)	49,200		528,900
LeCroy Corp. (b)	52,100		716,375
Mobility Electronics, Inc. (b)	118,800		1,087,020
Remec, Inc. (b)	1,715		10,976
Riverstone Networks, Inc. (b)	2		1
Sanmina Corp. (b)	974,000		5,327,780

9

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Electronics (continued)
Stoneridge, Inc. (b)	6,900	$	45,540
Sypris Solutions, Inc.	11,900		147,203
Trimble Navigation Ltd. (b)	2,100		81,837
Vishay Intertechnology, Inc. (b)	61,500		730,005
WESCO International, Inc. (b)	30,800		966,504
			13,009,556
Engineering (0.0%)
Emcor Group, Inc. (b)	4,200		205,380
Finance (2.2%)
Accredited Home Lenders Holding Co. (b)	12,600		554,400
Advance America Cash Advance Centers, Inc.	223,910		3,582,560
Advanta Corp., Class B	115,922		3,264,364
Capital Corp. of the West	3,960		109,890
CompuCredit Corp. (b)	16,800		575,904
Credit Acceptance Corp. (b)	3,600		53,604
Dollar Financial Corp. (b)	9,300		98,673
Doral Financial Corp.	66,300		1,096,602
eSPEED, Inc. (b)	2,400		21,384
Financial Federal Corp.	11,200		432,768
Investment Technology Group (b)	108,900		2,289,078
John H. Harland Co.	27,700		1,052,600
Metris Cos., Inc. (b)	94,570		1,367,482
New Century Financial Corp.	8,200		421,890
Svb Financial Group (b)	8,200		392,780
Triad Guaranty, Inc. (b)	14,324		721,786
World Acceptance Corp. (b)	36,300		1,090,815
			17,126,580
Foods (1.6%)
Chiquita Brands International, Inc.	58,500		1,606,410
Corn Products International, Inc.	19,300		458,568
Flowers Foods, Inc.	9,100		321,776
J & J Snack Foods Corp.	4,700		246,045
Nasch-Finch Co.	5,900		216,766
NBTY, Inc. (b)	3,400		88,196
Performance Food Group Co. (b)	68,590		2,072,104
Pilgrim’s Pride Corp.	65,800		2,245,754
Ralcorp Holding, Inc.	8,200		337,430
Sanderson Farms, Inc.	46,400		2,108,416
Seaboard Corp.	1,400		2,329,600
Sensient Technologies Corp.	5,000		103,050
			12,134,115

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Funeral Services (0.1%)
Alderwoods Group, Inc. (b)	16,700	$	239,979
Stewart Enterprises, Inc., Class A	104,000		680,160
			920,139
Healthcare (2.0%)
Amedisys, Inc. (b)	29,900		1,099,722
Gentiva Health Services (b)	10,900		194,674
Healthtronics Surgical Services, Inc. (b)	351,406		4,564,763
Kindred Healthcare, Inc. (b)	31,600		1,251,676
LCA-Vision, Inc.	9,200		445,832
Magellan Health Services (b)	6,400		225,984
Odyssey Healthcare, Inc. (b)	92,100		1,328,082
Omnicare, Inc.	29,500		1,251,685
Pediatrix Medical Group, Inc. (b)	16,500		1,213,410
Res-Care, Inc. (b)	6,600		89,496
Sierra Health Services, Inc. (b)	3,900		278,694
WebMD Corp. (b)	320,300		3,289,481
Zoll Medical Corp. (b)	20,950		533,178
			15,766,677
Hotels & Motels (0.1%)
Felcor Lodging Trust, Inc. (b)	43,100		624,088
Household Furnishings (0.6%)
American Woodmark Corp.	61,000		1,830,610
Bassett Furniture Industries	84,800		1,599,328
Furniture Brands International, Inc.	5,900		127,499
Hooker Furniture Corp.	56,000		978,320
Kimball International, Inc., Class B	17,600		232,320
La-Z-Boy, Inc.	9,500		138,415
			4,906,492
Identification Systems (0.0%)
American Bank Note Holograph (b) (b)	87		357
Checkpoint Systems, Inc. (b)	13,500		238,950
Paxar Corp. (b)	3,500		62,125
			301,432
Industrial Specialties (0.2%)
Graftech International Ltd. (b)	357,600		1,537,680
Instruments (0.4%)
Analogic Corp.	11,000		553,520
Photon Dynamics, Inc. (b)	91,200		1,879,632

10

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Instruments (continued)
Watts Industries	12,100	$	405,229
			2,838,381
Insurance (1.8%)
American Physicians Capital, Inc. (b)	1,409		52,344
Aspen Insurance Holdings Ltd.	102,075		2,813,187
Delphi Financial Group	32,950		1,454,743
Phoenix Co., Inc.	119,900		1,426,810
Pxre Group Ltd.	50,100		1,263,522
Scottish Annuity & Life Holdings	115,100		2,790,024
U.S.I. Holdings Corp. (b)	83,400		1,074,192
UICI	17,900		532,883
United Fire & Casualty Corp.	55,300		2,456,426
Universal American Financial Corp. (b)	15,400		348,348
			14,212,479
Insurance: Property—Casualty (2.5%)
Arch Capital Group Ltd. (b)	46,500		2,094,825
Argonaut Group, Inc. (b)	23,900		551,851
Baldwin & Lyons, Inc., Class B	4,700		113,270
Bristol West Holdings, Inc.	29,300		536,190
Direct General Corp.	10,600		197,266
First American Corp.	94,400		3,789,216
Infinity Property & Casualty Corp.	13,000		453,440
LandAmerica Financial Group, Inc.	19,700		1,169,589
Midland Co.	8,800		309,672
Navigators Group, Inc. (The) (b)	2,900		100,253
PMA Capital Corp., Class A (b)	97,700		862,691
ProAssurance Corp. (b)	2,200		91,872
RLI Corp.	8,200		365,720
Safety Insurance Group, Inc.	63,000		2,126,880
Selective Insurance Group, Inc.	17,900		886,945
State Auto Financial Corp.	6,800		211,072
Stewart Information Services Corp.	24,100		1,012,200
Tower Group, Inc.	171,600		2,682,108
Zenith National Insurance Co.	28,400		1,927,224
			19,482,284
Internet Software/Services (0.6%)
Art Technology Group, Inc. (b)	490,700		515,235
Infospace, Inc. (b)	4,900		161,357
Redback Networks, Inc. (b)	13,800		88,044

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Internet Software/Services (continued)
Safeguard Scientifics, Inc. (b)	1,800	$	2,304
Valueclick, Inc. (b)	153,100		1,887,723
Webmethods, Inc. (b)	313,600		1,756,160
			4,410,823
Investment Banks & Brokers (1.7%)
Affiliated Managers Group, Inc. (b)	72,550		4,957,341
American Capital Strategies Ltd.	62,700		2,264,097
E*TRADE Group, Inc. (b)	256,100		3,582,839
Greenhill & Co., Inc.	1,100		44,561
Knight Capital Group, Inc., Class A (b)	92,250		702,945
LaBranche & Co., Inc. (b)	110,680		697,284
Piper Jaffray Cos. (b)	5,400		164,322
Technology Investment Capital Corp.	55,437		820,468
			13,233,857
Lasers—System & Components (0.3%)
Coherent, Inc. (b)	50,400		1,814,904
Electro Scientific Industries, Inc. (b)	8,900		159,132
			1,974,036
Leisure (0.1%)
Argosy Gaming Co. (b)	9,100		424,151
K2, Inc. (b)	17,800		225,704
Six Flags, Inc. (b)	24,300		112,995
			762,850
Linen Supply & Related Items (0.6%)
Angelica Corp.	32,700		801,477
Unifirst Corp.	86,900		3,522,926
			4,324,403
Machinery (1.7%)
AGCO Corp. (b)	49,400		944,528
Applied Industrial Technologies, Inc.	82,600		2,667,154
Astec Industries, Inc. (b)	4,800		111,312
Cascade Corp.	10,300		445,475
Flowserve Corp. (b)	10,500		317,730
Gardner Denver Machinery, Inc. (b)	1,800		63,144
Imation Corp.	7,700		298,683
JLG Industries, Inc.	61,600		1,692,768
Joy Global, Inc.	10,500		352,695

11

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Machinery (continued)
Kadant, Inc. (b)	1,600	$	35,088
Kennametal, Inc.	20,100		921,585
NACCO Industries, Inc., Class A	5,000		536,100
Regal-Beloit Corp.	11,700		341,172
Sauer-Danfoss, Inc.	13,000		231,010
Tecumseh Products Co.	73,600		2,019,584
Thomas Industries, Inc.	45,000		1,798,200
			12,776,228
Manufacturing (1.8%)
A.O. Smith Corp.	19,000		507,490
Actuant Corp. (b)	11,100		532,134
Acuity Brands, Inc.	18,000		462,420
Ameron International Corp.	6,500		243,100
Barnes Group, Inc.	29,100		963,210
ESCO Technologies, Inc. (b)	6,200		624,960
Federal Signal Corp.	89,300		1,393,080
Griffon Corp. (b)	17,600		390,720
Jacuzzi Brands, Inc. (b)	47,900		513,967
Maverick Tube Corp. (b)	100,170		2,985,066
Quanex Corp.	27,900		1,478,979
Walter Industries, Inc.	103,200		4,148,640
			14,243,766
Marketing Services (0.0%)
aQuantive, Inc. (b)	14,500		256,940
E.Piphany, Inc. (b)	11,000		38,280
			295,220
Medical & Dental Instruments & Supplies (0.8%)
CONMED Corp. (b)	21,200		652,324
Invacare Corp.	2,200		97,592
Kyphon, Inc. (b)	11,600		403,564
Neurometrix, Inc. (b)	22,100		442,663
Palatin Technologies, Inc. (b)	5,800		10,150
PSS World Medical, Inc. (b)	26,900		334,905
Quidel Corp. (b)	435,570		2,256,253
STERIS Corp.	10,700		275,739
Surmodics, Inc. (b)	1,100		47,707
Viasys Healthcare, Inc. (b)	64,200		1,450,278
			5,971,175
Medical—Biomedical & Genetic (0.7%)
Adeza Biomedical Corp. (b)	64,600		1,096,908
Bio-Rad Laboratories, Inc., Class A (b)	34,700		2,054,587

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Medical—Biomedical & Genetic (continued)
Celera Genomics Group (b)	9,900	$	108,603
Cell Genesys, Inc. (b)	6,500		34,775
Cytokinetics, Inc. (b)	20,500		142,475
Enzon Pharmaceuticals, Inc. (b)	272,700		1,767,096
Genelabs Technologies (b)	102,655		51,328
Human Genome Sciences, Inc. (b)	7,600		88,008
			5,343,780
Medical Information Systems (0.5%)
Alliance Imaging, Inc. (b)	19,100		199,786
Computer Programs & Systems, Inc.	12,100		450,967
NDCHealth Corp.	154,730		2,780,498
PER-SE Technologies, Inc. (b)	24,800		521,296
			3,952,547
Metals (1.1%)
Circor International, Inc.	11,300		278,771
Cleveland-Cliffs, Inc.	17,600		1,016,576
Commercial Metals Co.	98,200		2,339,124
Mine Safety Appliances Co.	11,700		540,540
NN, Inc.	23,800		301,784
Ryerson Tull, Inc.	102,800		1,466,956
Timken Co.	69,370		1,602,447
Valmont Industries, Inc.	29,100		750,780
Wolverine Tube, Inc. (b)	75,000		440,250
			8,737,228
Motor Homes (0.1%)
Winnebago Industries, Inc.	29,500		966,125
Multimedia (0.1%)
Carmike Cinemas, Inc.	4,113		126,187
Primedia, Inc. (b)	94,900		384,345
			510,532
Music (0.0%)
Steinway Musical Instruments, Inc. (b)	12,100		355,256
Networking Products (0.7%)
Adaptec, Inc. (b)	63,300		245,604
Anixter International, Inc. (b)	14,100		524,097
Enterasys Networks, Inc. (b)	1,197,600		1,077,840
Foundry Networks, Inc. (b)	125,780		1,085,481
Hypercom Corp. (b)	7,700		49,819
Safenet, Inc. (b)	67,045		2,283,553
			5,266,394

12

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Office Equipment & Services (0.1%)
Global Imaging Systems, Inc. (b)	1,800	$	57,348
Imagistics International, Inc (b)	16,100		450,800
			508,148
Oil & Gas (5.7%)
Airgas, Inc.	76,400		1,884,788
Cal Dive International, Inc. (b)	4,100		214,717
Chesapeake Energy Corp.	129,400		2,950,320
Cimarex Energy Co. (b)	37,485		1,458,541
Comstock Resources, Inc. (b)	21,100		533,619
Energen Corp.	55,400		1,941,770
Energy Partners Ltd. (b)	11,900		311,899
Giant Industries, Inc. (b)	1,600		57,600
Global Industries Ltd. (b)	246,400		2,094,400
Hanover Compressor Co. (b)	11,800		135,818
Harvest Natural Resources, Inc. (b)	11,200		122,416
Houston Exploration Co. (b)	13,500		716,175
KCS Energy, Inc. (b)	125,900		2,186,883
Key Energy Services, Inc. (b)	428,255		5,199,015
Lone Star Technologies, Inc. (b)	37,000		1,683,500
Meridian Resource Corp. (b)	313,900		1,500,442
New Jersey Resources Corp.	40,100		1,934,825
Northwest Natural Gas Co.	61,200		2,340,288
Oceaneering International, Inc. (b)	6,300		243,495
Oil States International, Inc. (b)	25,600		644,352
RPC Energy Services, Inc.	13,250		224,190
SEACOR Holdings, Inc. (b)	23,900		1,536,770
South Jersey Industries, Inc.	22,200		1,356,864
Stone Energy Corp. (b)	92,600		4,528,140
Swift Energy Co. (b)	95,400		3,417,228
Tesoro Petroleum Corp.	59,000		2,744,680
Todco (b)	55,000		1,411,850
Universal Compression Holdings (b)	9,100		329,784
Veritas DGC, Inc. (b)	18,700		518,738
Vintage Petroleum, Inc.	25,300		770,891
			44,993,998
Paints & Coatings (0.0%)
Kronos Worldwide, Inc.	432		13,042
Paper & Related Products (0.3%)
Glatfelter	87,291		1,082,408
Rock-Tenn Co.	10,500		132,825
Schweitzer-Mauduit International, Inc.	24,700		768,911

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Paper & Related Products (continued)
Wausau-Mosinee Paper Corp.	22,400	$	268,352
			2,252,496
Plastics (0.2%)
Myers Industries, Inc.	118,800		1,485,000
Poultry (0.0%)
Gold Kist, Inc. (b)	7,000		151,060
Private Corrections (0.1%)
Geo Group, Inc. (The) (b)	19,200		480,960
Publishing (1.1%)
Banta Corp.	4,200		190,512
Journal Register Co. (b)	9,100		159,341
ProQuest Co. (b)	146,325		4,797,997
Scholastic Corp. (b)	67,900		2,617,545
Valassis Communications, Inc. (b)	9,500		351,975
			8,117,370
Racetracks (0.1%)
Speedway Motorsports, Inc.	28,500		1,041,960
Railroads (0.1%)
Genesee & Wyoming, Inc. (b)	29,000		789,090
Real Estate (0.1%)
HomeStore.com, Inc. (b)	68,000		138,040
Jones Lang Lasalle, Inc. (b)	12,600		557,298
			695,338
Real Estate Investment Trusts (7.9%)
Affordable Residential Communities	33,400		445,890
Alexander’s, Inc. (b)	14,400		3,582,000
Alexandria Real Estate Equities, Inc.	8,800		646,360
American Financial Realty Trust	78,900		1,213,482
American Home Mortgage Investment Corp.	91,289		3,191,463
Amli Residential Properties Trust	33,300		1,040,958
Anthracite Capital, Inc.	94,800		1,123,380
Ashford Hospitality Trust	236,800		2,557,440
Boykin Lodging Co. (b)	10,200		136,680
Capital Automotive	34,700		1,324,499
Capital Trust, Inc., Class A	8,900		297,349
CarrAmerica Realty Corp.	91,300		3,303,234
Eagle Materials, Inc.	7,100		657,389
ECC Capital Corp.	265,200		1,766,232
Equity Inns, Inc.	206,300		2,743,790

13

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Essex Property Trust, Inc.	13,900	$	1,154,534
First Potomac Realty Trust	8,800		218,240
Gables Residential Trust	39,400		1,703,262
Glimcher Realty Trust	117,800		3,268,950
Government Properties Trust	29,500		286,740
Impac Mortgage Holdings	39,300		732,945
IndyMac Bancorp, Inc.	93,900		3,824,546
InnKeepers USA Trust	83,400		1,245,996
Kilroy Realty Corp.	3,700		175,713
Lasalle Hotel Properties	83,800		2,749,478
Lexington Corporate Properties Trust	80,300		1,952,093
LTC Properties, Inc.	33,300		689,310
Maguire Properties, Inc.	30,600		867,204
MeriStar Hospitality Corp. (b)	130,200		1,119,720
MFA Mortgage Investments, Inc.	26,900		200,405
Mid-America Apartment Communities, Inc.	53,500		2,429,970
National Health Investors, Inc.	48,900		1,372,623
Nationwide Health Properties, Inc.	117,700		2,778,897
Novastar Financial, Inc.	12,100		473,715
Parkway Properties, Inc.	12,100		605,121
Pennsylvania Real Estate Investment Trust	33,700		1,600,750
Prentiss Properties Trust	35,600		1,297,264
Rait Investment Trust	37,600		1,126,120
Saul Centers, Inc.	23,500		854,225
Senior Housing Properties Trust	50,300		951,173
Sun Communities, Inc.	21,100		784,709
Taubman Centers, Inc.	60,900		2,076,081
Urstadt Biddle Properties, Class A	5,000		86,600
Ventas, Inc.	33,000		996,600
			61,653,130
Rental & Leasing Services (0.4%)
Aaron Rents, Inc.	30,050		747,945
Dollar Thrifty Automotive Group, Inc. (b)	21,900		831,762
Electro Rent Corp. (b)	8,104		117,832
Rent-A-Center, Inc. (b)	10,300		239,887
Rent-Way, Inc. (b)	32,100		315,864
United Rentals, Inc. (b)	36,700		741,707
			2,994,997
Research & Development (0.1%)
PAREXEL International Corp. (b)	7,900		156,815

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Research & Development (continued)
URS Corp. (b)	12,100	$	451,935
			608,750
Restaurants (0.8%)
Bob Evans Farms	1,700		39,644
Cosi, Inc. (b)	94,720		651,674
Jack in the Box, Inc. (b)	26,500		1,004,880
Landry’s Seafood Restaurants, Inc.	38,400		1,155,456
Luby’s Cafeteria, Inc. (b)	4,000		47,800
O’Charleys, Inc. (b)	13,200		233,112
Papa John’s International, Inc. (b)	6,800		271,796
Ruby Tuesday, Inc.	48,800		1,263,920
Ryans Restaurant Group, Inc. (b)	126,700		1,775,067
			6,443,349
Retail (4.9%)
Aeropostale, Inc. (b)	18,200		611,520
Afc Enterprises, Inc.	59,300		781,574
American Eagle Outfitters, Inc.	41,200		1,262,780
Big Lots, Inc. (b)	152,200		2,015,128
Bombay Co., Inc. (b)	41,700		237,690
Brown Shoe Co., Inc.	12,600		493,290
Build-A-Bear-Workshop, Inc. (b)	6,800		159,460
Burlington Coat Factory Warehouse Corp.	21,200		903,968
Casey’s General Stores, Inc.	11,000		218,020
Cash America International, Inc.	158,800		3,195,056
Charming Shoppes, Inc. (b)	111,000		1,035,630
Cole (Kenneth) Productions, Inc.	10,800		336,096
Cost Plus, Inc. (b)	152,000		3,790,880
CSK Auto Corp. (b)	19,600		326,928
Dollar Tree Stores, Inc. (b)	176,600		4,238,399
Dress Barn, Inc. (b)	24,200		547,646
Genesco, Inc. (b)	34,100		1,264,769
Great Atlantic & Pacific Tea Co., Inc. (The) (b)	13,400		389,404
Insight Enterprises, Inc. (b)	11,500		232,070
J. Jill Group, Inc. (b)	158,810		2,183,638
Jo-Ann Stores, Inc. (b)	14,000		369,460
Linen ‘n Things, Inc. (b)	30,000		709,800
Men’s Wearhouse, Inc. (The) (b)	7,500		258,225
Movado Group, Inc.	10,100		190,688
Movie Gallery, Inc.	90,785		2,399,448
Pantry, Inc. (b)	5,700		220,761
Pathmark Stores, Inc. (b)	16,600		145,416

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Retail (continued)
Payless Shoesource, Inc. (b)	21,900	$	420,480
Radioshack Corp.	57,100		1,323,007
Rex Stores Corp. (b)	85,600		1,236,920
ShopKo Stores, Inc. (b)	74,000		1,798,940
Smart & Final, Inc. (b)	21,300		260,925
Sonic Automotive, Inc.	5,000		106,300
Sports Authority, Inc. (The) (b)	4,200		133,560
Stage Stores, Inc. (b)	15,500		675,800
Systemax, Inc. (b)	21,000		141,120
Too, Inc. (b)	19,900		465,063
Trans World Entertainment Corp. (b)	100,600		1,190,098
West Marine, Inc. (b)	66,660		1,203,880
Zale Corp. (b)	13,000		411,970
			37,885,807
Savings & Loans (2.4%)
Bankatlantic Bancorp, Inc.	40,900		775,055
Bankunited Financial Corp.	13,091		353,981
Commercial Capital Bancorp	11,666		194,939
Commercial Federal Corp.	10,700		360,376
Dime Community Bancshares	16,150		245,480
Downey Financial Corp.	17,200		1,259,040
First Financial Holdings, Inc.	4,800		143,568
First Niagara Financial Group, Inc.	68,996		1,005,962
First Place Financial Corp.	1,371		27,543
FirstFed Financial Corp. (b)	35,200		2,098,272
Flagstar Bancorp	20,200		382,386
Franklin Bank Corp. (b)	114,040		2,139,390
ITLA Capital Corp. (b)	4,700		253,330
MAF Bancorp, Inc.	18,443		786,225
Ocwen Financial Corp. (b)	20,400		137,904
Partners Trust Financial Group	18,200		194,376
Sterling Financial Corp. (b)	39,270		1,468,698
Tierone Corp.	15,400		417,802
Westcorp	117,300		6,148,866
WSFS Financial Corp.	7,900		432,209
			18,825,402
Schools (1.1%)
Career Education Corp. (b)	179,500		6,571,495
Corinthian Colleges, Inc. (b)	156,900		2,003,613
			8,575,108
Seismic Data Collection (0.1%)
Input/Output, Inc. (b)	138,160		867,645

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Semiconductors (4.9%)
Actel Corp. (b)	17,200	$	239,080
Amkor Technology, Inc. (b)	16,000		72,000
Atmel Corp. (b)	1,627,100		3,856,227
Axcelis Technologies, Inc. (b)	712,600		4,888,436
Bookham, Inc. (b)	315,550		1,000,294
Brooks Automation, Inc. (b)	212,600		3,157,110
Cirrus Logic, Inc. (b)	9,300		49,383
Cohu, Inc.	9,300		186,465
Conexant Systems, Inc. (b)	965,800		1,554,938
Credence Systems Corp. (b)	38,600		349,330
Cypress Semiconductor Corp. (b)	347,600		4,376,284
Dsp Group, Inc. (b)	11,700		279,279
Emulex Corp. (b)	10,000		182,600
Exar Corp. (b)	7,200		107,208
Fairchild Semiconductor Corp. (b)	308,875		4,555,906
Genesis Microchip, Inc. (b)	9,800		180,908
Intergrated Silicon Solution (b)	14,800		109,668
Lattice Semiconductor Corp. (b)	30,500		135,420
LTX Corp. (b)	640,800		3,178,368
Mattson Technology, Inc. (b)	127,400		912,184
MKS Instruments, Inc. (b)	22,300		376,647
On Semiconductor Corp. (b)	420,200		1,932,920
Photronics, Inc. (b)	16,200		378,108
Skyworks Solutions, Inc. (b)	27,300		201,201
Standard Microsystems Corp. (b)	6,800		158,984
Veeco Instruments, Inc. (b)	88,400		1,439,152
Vitesse Semiconductor Corp. (b)	24,500		51,205
Zoran Corp. (b)	315,100		4,187,679
			38,096,984
Steel (0.9%)
Allegheny Technologies, Inc.	114,630		2,528,738
NS Group, Inc. (b)	12,100		393,371
Oregon Steel Mills, Inc. (b)	7,600		130,796
Reliance Steel & Aluminum Co.	19,600		726,572
Schnitzer Steel Industries, Inc.	7,800		184,860
Shaw Group, Inc. (b)	93,270		2,006,238
Steel Dynamics	29,400		771,750
			6,742,325
Telecommunications (2.5%)
Agere Systems, Inc. (b)	102,510		1,230,120
Arris Group, Inc. (b)	14,400		125,424

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Telecommunications (continued)
Asiainfo Holdings, Inc. (b)	5,900	$	32,509
Broadwing Corp. (b)	30,580		141,280
C-COR.net Corp. (b)	5,600		38,360
Centennial Communications (b)	6,506		90,303
Comtech Telecommunications (b)	55,650		1,815,860
Ditech Communications Corp. (b)	13,000		84,370
Dobson Communications Corp., Class A (b)	1,780,800		7,586,207
General Communication, Inc. (b)	18,700		184,569
ITC Deltacom, Inc. (b)	43,500		36,975
MRV Communications, Inc. (b)	40,800		88,536
Newport Corp. (b)	6,500		90,090
NII Holdings, Inc. (b)	35,800		2,289,052
North Pittsburgh Systems, Inc.	9,100		177,996
Premiere Global Services, Inc. (b)	117,100		1,322,059
Primus Telecommunications Group, Inc. (b)	33,600		21,168
Sycamore Networks, Inc. (b)	29,300		101,085
Talk America Holdings, Inc. (b)	17,400		174,174
UbiquiTel, Inc. (b)	441,400		3,601,824
Utstarcom, Inc. (b)	17,800		133,322
			19,365,283
Textiles (0.2%)
Interface (b)	110,000		885,500
Kellwood Co.	20,200		543,380
Quiksilver, Inc. (b)	29,600		473,008
			1,901,888
Therapeutics (0.1%)
Avanir Pharmaceuticals, Class A (b)	149,200		417,760
United Therapeutics Corp. (b)	12,000		578,400
			996,160
Tobacco (0.3%)
Alliance One International, Inc.	59,800		359,398
Universal Corp.	38,700		1,694,286
			2,053,684
Toys (0.2%)
JAKKS Pacific, Inc. (b)	45,100		866,371
Marvel Enterprises, Inc. (b)	50,500		995,860
			1,862,231

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Transportation (3.1%)
AMERCO	5,800	$	310,590
Arkansas Best Corp.	6,000		190,860
Covenant Transport, Inc., Class A (b)	11,700		154,440
EGL, Inc. (b)	155,100		3,151,632
Gatx Corp.	27,700		955,650
Greenbrier Cos., Inc.	6,800		184,280
Hornbeck Offshore Services, Inc. (b)	30,700		831,663
Hub Group, Inc., Class A (b)	44,400		1,112,220
Interpool, Inc.	12,500		268,125
Laidlaw International (b)	86,900		2,094,290
Offshore Logistics, Inc. (b)	73,500		2,413,740
Overnite Corp.	16,000		687,680
Overseas Shipholding Group, Inc.	29,500		1,759,675
RailAmerica, Inc. (b)	253,681		3,018,804
SCS Transportation, Inc. (b)	94,000		1,673,200
Swift Transportation Co., Inc. (b)	21,280		495,611
Tidewater, Inc.	97,000		3,697,640
U.S. Xpress Enterprises, Inc. (b)	14,600		173,886
Werner Enterprises, Inc.	23,700		465,468
			23,639,454
Travel Services (0.0%)
Navigant International, Inc. (b)	19,300		283,517
Utilities (4.0%)
Allegheny Energy, Inc. (b)	73,000		1,841,060
American States Water Co.	68,500		2,011,845
Atmos Energy Corp.	16,000		460,800
Avista Corp.	14,600		271,414
Black Hills Corp.	15,600		574,860
California Water Service Group	6,700		251,518
CH Energy Group, Inc.	10,300		500,889
Charter Communications, Inc. (b)	122,900		145,022
Cincinnati Bell, Inc. (b)	164,500		707,350
Cleco Corp.	19,700		424,929
CMS Energy Corp. (b)	177,280		2,669,837
Commonwealth Telephone Enterprises, Inc.	5,900		247,269
CT Communications, Inc.	40,100		523,305
Duquesne Light Holdings.	65,200		1,217,936
El Paso Electric Co. (b)	45,900		938,655
Idacorp, Inc.	14,400		441,072
Insight Communications Co., Inc. (b)	23,600		260,780
NICOR, Inc.	2,100		86,457

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
COMMON STOCKS (continued)
Utilities (continued)
PNM Resource, Inc.		45,650	$	1,315,177
Sierra Pacific Resources (b)		346,700		4,316,414
SJW Corp.		2,000		94,020
Southern Union Co. (b)		44,900		1,102,295
Southwest Gas Corp.		46,700		1,191,317
Southwestern Energy Co. (b)		87,100		4,091,958
Time Warner Telecom, Inc. (b)		28,500		168,720
Uil Holdings Corp.		3,400		182,954
UniSource Energy Corp.		55,000		1,691,250
Westar Energy, Inc.		130,500		3,135,915
				30,865,018
Wire and Cable Products (0.1%)
Encore Wire Corp. (b)		18,450		213,836
General Cable Corp. (b)		17,100		253,593
				467,429
Total Common Stocks				749,829,421
CASH EQUIVALENTS (2.3%)
Investments in repurchase agreements (Collateralized by AA Corporate Bonds, in a joint trading account at 3.34%, dated 06/30/05, due 07/01/05, repurchase price $17,415,930)	$	17,414,314		17,414,314
Total Cash Equivalents				17,414,314

Shares or Principal Amount		Value
U.S. TREASURY NOTES (0.1%)
United States Treasury Note, 1.875%, 11/30/05 (c)	530,000	$	526,915
Total U.S. Treasury Notes			526,915
WARRANT (0.0%)
Electrical Equipment (0.0%)
Del Global Tech Corp.	66		98
Total Warrant			98
Total Investments (Cost $732,345,615) (a) — 99.5%			767,770,748
Other assets in excess of liabilities — 0.5%			3,638,478
NET ASSETS — 100.0%		$	771,409,226

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(b) Denotes a non-income producing security.

(c) Collateral for futures.

ADR American Depositary Receipt

CA Canada

SG Singapore

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

Number of Contracts	Long Contracts	Expiration	Market Value Covered by Contracts		Unrealized Appreciation/ (Depreciation)
27	Russell 2000 Future	09/16/05	$	8,681,850	$	74,272

See notes to financial statements.

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Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $714,931,300)	$	750,356,434
Repurchase agreements, at cost and value		17,414,314
Total Investments		767,770,748
Interest and dividends receivable		804,314
Receivable for investments sold		12,845,633
Prepaid expenses and other assets		14,347
Total Assets		781,435,042
Liabilities:
Payable to custodian		201,172
Payable for investments purchased		9,189,481
Payable for variation margin on futures contracts		12,785
Accrued expenses and other payables:
Investment advisory fees		505,783
Fund administration and transfer agent fees		25,364
Distribution fees		9,045
Administrative servicing fees		82,038
Other		148
Total Liabilities		10,025,816
Net Assets	$	771,409,226
Represented by:
Capital	$	693,430,680
Accumulated net investment income (loss)		739,392
Accumulated net realized gain (losses) from investment and futures transactions		41,739,749
Net unrealized appreciation (depreciation) on investments and futures		35,499,405
Net Assets	$	771,409,226
Net Assets:
Class I Shares	$	671,406,180
Class II Shares		44,642,879
Class III Shares		1,649,943
Class IV Shares		53,710,224
Total	$	771,409,226
Shares outstanding (unlimited number of shares authorized):
Class I Shares		55,161,872
Class II Shares		3,694,171
Class III Shares		135,358
Class IV Shares		4,412,306
Total		63,403,707
Net asset value and offering price per share:*
Class I Shares	$	12.17
Class II Shares	$	12.08
Class III Shares	$	12.19
Class IV Shares	$	12.17

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	160,386
Dividend income		4,908,688
Total Income		5,069,074
Expenses:
Investment advisory fees		3,321,111
Fund administration and transfer agent fees		256,203
Distribution fees Class II Shares		51,272
Administrative servicing fees Class I Shares		485,580
Administrative servicing fees Class II Shares		29,763
Administrative servicing fees Class III Shares		1,200
Administrative servicing fees Class IV Shares		37,721
Other**		146,832
Total Expenses		4,329,682
Net Investment Income (Loss)		739,392
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		52,416,190
Net realized gains (losses) on futures		(81,749	)
Net realized gains (losses) on investment and futures transactions		52,334,441
Net change in unrealized appreciation/depreciation on investments and futures		(65,209,601	)
Net realized/unrealized gains (losses) on investments		(12,875,160	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,135,768	)

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

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Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	739,392		$	(758,959	)
Net realized gains (losses) on investment and futures transactions		52,334,441			134,254,078
Net change in unrealized appreciation/depreciation on investments and futures		(65,209,601	)		(7,929,037	)
Change in net assets resulting from operations		(12,135,768	)		125,566,082
Distributions to Class I shareholders from:
Net investment income		—			(1,502	)
Net realized gains on investments		(16,895,441	)		(52,316,633	)
Distributions to Class II shareholders from:
Net realized gains on investments		(1,132,630	)		(2,917,493	)
Distributions to Class III shareholders from:
Net investment income		—			(39	)
Net realized gains on investments		(41,489	)		(140,747	)
Distributions to Class IV shareholders from:
From net investment income		—			(1,114	)
From net realized gain on investment		(1,354,302	)		(4,060,239	)
Change in net assets from shareholder distributions		(19,423,862	)		(59,437,767	)
Change in net assets from capital transactions		(53,797,864	)		699,628
Change in net assets		(85,357,494	)		66,827,943
Net Assets:
Beginning of period		856,766,720			789,938,777
End of period	$	771,409,226		$	856,766,720
CAPITAL TRANSACTIONS:
Class I Capital Transactions:
Proceeds from shares issued	$	19,383,227		$	82,045,644
Dividends reinvested		16,895,428			52,318,109
Cost of shares redeemed		(91,442,114	)		(154,125,647	)
		(55,163,459	)		(19,761,894	)
Class II Capital Transactions:
Proceeds from shares issued		8,646,401			22,405,469
Dividends reinvested		1,132,630			2,917,492
Cost of shares redeemed		(5,450,900	)		(4,389,395	)
		4,328,131			20,933,566
Class III Capital Transactions:
Proceeds from shares issued		450,042			2,497,277
Dividends reinvested		41,489			140,786
Cost of shares redeemed		(793,807	)		(3,277,456	)
		(302,276	)		(639,393	)
Class IV Capital Transactions:
Proceeds from shares issued		1,471,871			7,649,124
Dividends reinvested		1,354,301			4,061,351
Cost of shares redeemed		(5,486,432	)		(11,543,126	)
		(2,660,260	)		167,349
Change in net assets from capital transactions	$	(53,797,864	)	$	699,628

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Statement of Changes in Net Assets (continued)

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
SHARE TRANSACTIONS:
Class I Share Transactions:
Issued	$	1,592,764		$	6,753,115
Reinvested		1,409,127			4,142,368
Redeemed		(7,607,135	)		(12,991,841	)
		(4,605,244	)		(2,096,358	)
Class II Share Transactions:
Issued		720,569			1,868,697
Reinvested		95,179			232,284
Redeemed		(452,541	)		(370,418	)
		363,207			1,730,563
Class III Share Transactions:
Issued		37,033			203,927
Reinvested		3,457			11,129
Redeemed		(65,655	)		(276,458	)
		(25,165	)		(61,402	)
Class IV Share Transactions:
Issued		121,535			634,685
Reinvested		112,952			321,564
Redeemed		(458,048	)		(976,493	)
		(223,561	)		(20,244	)

See notes to financial statements.

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FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

GVIT Small Cap Value Fund

			Investment Activities						Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains (Losses)		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class I Shares
Year Ended December 31, 2000	$	9.72	(0.02	)	1.06		1.04		—		(2.06	)	(2.06	)	$	8.70	11.20	%	$	280,110	1.05	%	(0.31	%)	1.20	%	(0.46	%)	181.85	%
Year Ended December 31, 2001(c)	$	8.70	—		2.44		2.44		—		(0.78	)	(0.78	)	$	10.36	28.28	%	$	697,860	1.05	%	0.04	%	1.15	%	(0.06	%)	164.87	%
Year Ended December 31, 2002	$	10.36	—		(2.78	)	(2.78	)	—		(0.21	)	(0.21	)	$	7.37	(27.16	%)	$	467,165	1.11	%	0.01	%	1.11	%	0.01	%	127.77	%
Year Ended December 31, 2003	$	7.37	(0.02	)	4.21		4.19		—		—		—		$	11.56	56.85	%	$	715,099	1.11	%	(0.18	%)		(k)		(k)	126.29	%
Year Ended December 31, 2004	$	11.56	(0.01	)	2.01		2.00			(h)	(0.94	)	(0.94	)	$	12.62	17.30	%	$	754,412	1.11	%	(0.09	%)		(k)		(k)	132.11	%
Six Months Ended June 30, 2005 (Unaudited)	$	12.62	0.01		(0.15	)	(0.14	)	—		(0.31	)	(0.31	)	$	12.17	(1.04	%)(i)	$	671,406	1.11	%(j)	0.11	%(j)		(k)		(k)	78.72	%
Class II Shares
Period Ended December 31, 2002(d)	$	10.26	—		(2.68	)	(2.68	)	—		(0.21	)	(0.21	)	$	7.37	(26.46	%)(i)	$	1,472	1.32	%(j)	0.13	%(j)		(k)		(k)	127.77	%
Year Ended December 31, 2003(e)	$	7.37	(0.04	)	4.20		4.16		—		—		—		$	11.53	56.45	%	$	18,446	1.36	%	(0.41	%)		(k)		(k)	126.29	%
Year Ended December 31, 2004	$	11.53	(0.03	)	1.99		1.96		—		(0.94	)	(0.94	)	$	12.55	17.00	%	$	41,804	1.36	%	(0.30	%)		(k)		(k)	132.11	%
Six Months Ended June 30, 2005 (Unaudited)	$	12.55	(0.01	)	(0.15	)	(0.16	)	—		(0.31	)	(0.31	)	$	12.08	(1.20	%)(i)	$	44,643	1.36	%(j)	(0.13	%)(j)		(k)		(k)	78.72	%
Class III Shares
Period Ended December 31, 2002(f)	$	10.48	—		(2.89	)	(2.89	)	—		(0.21	)	(0.21	)	$	7.38	(27.88	%)(i)	$	63	1.07	%(j)	0.60	%(j)		(k)		(k)	127.77	%
Year Ended December 31, 2003(e)	$	7.38	(0.01	)	4.20		4.19		—		—		—		$	11.57	56.78	%	$	2,568	1.11	%	(0.13	%)		(k)		(k)	126.29	%
Year Ended December 31, 2004	$	11.57	(0.01	)	2.02		2.01			(h)	(0.94	)	(0.94	)	$	12.64	17.37	%	$	2,029	1.11	%	(0.09	%)		(k)		(k)	132.11	%
Six Months Ended June 30, 2005 (Unaudited)	$	12.64	0.01		(0.15	)	(0.14	)	—		(0.31	)	(0.31	)	$	12.19	(1.03	%)(i)	$	1,650	1.11	%(j)	0.10	%(j)		(k)		(k)	78.72	%
Class IV Shares
Period Ended December 31, 2003(g)	$	7.49	(0.01	)	4.08		4.07		—		—		—		$	11.56	54.34	%(i)	$	53,826	1.10	%(j)	(0.18	%)(j)		(k)		(k)	126.29	%
Year Ended December 31, 2004	$	11.56	(0.01	)	2.01		2.00			(h)	(0.94	)	(0.94	)	$	12.62	17.30	%	$	58,521	1.11	%	(0.08	%)		(k)		(k)	132.11	%
Six Months Ended June 30, 2005 (Unaudited)	$	12.62	0.01		(0.15	)	(0.14	)	—		(0.31	)	(0.31	)	$	12.17	(1.04	%)(i)	$	53,710	1.11	%(j)	0.11	%(j)		(k)		(k)	78.72	%

(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) 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) The amount is less than $0.005.

(i) Not annualized.

(j) Annualized.

(k) There were no fee reductions during the period.

See notes to financial statements.

21

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, was subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 GVIT Small Cap Value Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these 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

22

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values 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 Fund, the Fund will fair value its 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 Fund’s 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 these prices will have a material impact on the net asset value of the Fund. When the Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities it intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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.

23

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(d) 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.

(e) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

(f) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(g) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$6,015,048	$	87,914,389	$	(58,504,303	)	$	29,410,085

(h) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income,

24

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders. In addition, GMF provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadvisers, for the Fund. The subadvisers listed below manage all or a portion of the Fund’s investments and have the responsibility for making all investment decisions for that portion of the Fund unless otherwise indicated. Below is a list of the subadvisers to the Fund:

Subadvisers*

-  The Dreyfus Corporation

-  JPMorgan Investment Management, Inc.

* GMF, as investment adviser, directly manages a portion of the Fund.

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

Fee Schedule	Total Fees	Fees Retained	Paid to Sub-adviser
Up to $200 million	0.90%	0.40%	0.50%
$200 million or more	0.85%	0.40%	0.45%

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

25

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II, and Class II shares of the Fund and 0.20% of Class IV shares of the Fund.

4. Short-Term Trading Fees

The Fund reserves 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, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $605,062,895 and sales of $678,376,485.

6. Bank Loans

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

26

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)

27

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

28

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

29

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of march FIRST, a global management consulting firm prior to 2002.	84	None

30

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

31

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

32

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President - Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr. Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

33

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

34

GVIT Small Cap Growth Fund

Semiannual Report

|  June 30, 2005

	Contents
6	Statement of Investments
9	Statement of Assets and Liabilities
9	Statement of Operations
10	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

GVIT Small Cap Growth Fund

For the semiannual period ended June 30, 2005, the GVIT Small Cap Growth Fund returned -0.88% (Class I at NAV) versus -3.58% for its benchmark, the Russell 2000® Growth Index. For broader comparison, the average return for the Fund’s Lipper peer category of Small-Cap Growth Funds was -0.22%.

The Fund is subadvised by Oberweis Asset Management, Inc. and Waddell & Reed Investment Management Co., which returned -3.55% and 3.07% for their respective sleeves of the Fund.

Oberweis Asset Management, Inc.

The first quarter of 2005 proved to be a challenge for small-capitalization investors. The global trade deficit, rising interest rates and an uncertain economic picture led to a swift correction during that time frame. Fortunately, the second quarter proved remarkably better, as attractive valuations and a clearer economic picture led to a rally for small caps.

The greatest detractors from sleeve performance included Altiris, Inc.; Ceradyne, Inc.; and Silicon Image, Inc. Altiris had lower-than-expected results, citing a weak environment for the company’s information technology software. The company then pre-announced lower-than-anticipated results a second time. Based on the trend in weak end-user demand for its products, we sold the stock. Ceradyne pre-announced a weaker-than-expected quarter primarily as a result of the U.S. government’s shifting its demand for a certain type of body armor earlier than had been anticipated. The company did retain the contract, however, and pushed much of the company’s results out to later quarters. We still hold the stock in the portfolio, and it has doubled in price from lows it set in April. Silicon Image missed quarterly expectations due to a weak semiconductor environment. The company also announced multiple management changes and the resignation of directors from its board; in addition, an anticipated new product has yet to lead to meaningful revenue. Because of these factors, we sold the stock.

Top contributors to sleeve performance included LCA-Vision Inc., Hansen Natural Corp. and aQuantive, Inc. LCA-Vision provides laser refractive eye surgery through 44 vision correction centers in the United States and Canada. Hansen manufactures alternative beverages, including energy drinks such as the popular Monster Energy drink. aQuantive is an online advertising agency that provides media buying, planning and campaign management to companies interested in advertising on the Internet.

From a sector perspective, our portfolios tend to be overweighted in sectors with above-average growth opportunities. With that in mind, our largest sector overweights continue to be health care, technology and consumer discretionary. Health care, with a 27.55% weighting in the Fund compared to 19.91% for the Russell 2000 Growth Index, performed well, particularly during the second quarter as returns for our health-care investments outpaced those of their counterparts in the Index. However, an overweight in technology hurt Fund performance in both the first and second quarters.

We attempt to invest in high-growth companies before these companies become well known among institutional investors. As a result, the average company size of the sleeve’s holdings tends to be somewhat smaller than that of our peers, and the average earnings growth rate of holdings tends to be higher.

Waddell & Reed Investment Management Co.

Overall, the financial markets were restrained throughout the period, primarily due to rising short-term interest rates and increasing oil prices. Unfortunately, we do not foresee those circumstances changing for the better in the near term. Investors’ hope for signs of a more tepid economy, which could potentially allow the Federal Reserve to terminate its interest-rate-increasing campaign, have not materialized, although oil prices soared to historical highs.

The second quarter of 2005 is best characterized by a rebound of some of the biggest losers from the previous quarter. Health care jumped 8.4% toward the end of the second quarter after a decline of 10.1% from January to March. Telecommunications and utilities also produced more than 10% returns after posting negative results in the first quarter. Energy was the exception, with strong positive returns throughout the six-month period. By contrast, technology remained sluggish during the same period and remains the worst sector from the 2002-2003 market trough.

The consumer discretionary sector contributed positively to the sleeve’s performance, while the consumer staples sector was the largest detractor. Given the volatility and cyclical nature of energy and technology, we remain underweight in the sectors. We believe the opportunistic nature of these groups is not in line with our larger emphasis on high, stable profitability. As we look ahead, our greater concentration remains in the health-care and consumer discretionary sectors.

Overall, our higher-quality, mainstream holdings continued to edge out lower-quality companies, defined by their negative earnings and smaller size. This is a significant point, given that in the recent past, some performance boosts resulted from a spurt of more speculative strategies rather than from higher-quality holdings that may be part of a longer-term strategy.

PORTFOLIO MANAGERS:

Oberweis Asset Management, Inc.: James W. Oberweis

Waddell & Reed Investment Management Co.: Mark G. Seferovich, Kenneth McQuade

1

GVIT Small Cap Growth Fund (Continued)

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

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

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

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

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428

2

Fund Performance GVIT Small Cap Growth Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Five year	Inception2
Class I3	-0.88%	8.64%	-6.47%	7.30%
Class II4	-1.03%	8.40%	-6.71%	7.08%
Class III4	-0.89%	8.70%	-6.58%	7.20%

* Not Annualized.

1 Not subject to any sales charges.

2 The Fund commenced operations on May 1, 1999.

3 The existing shares of the Fund were designated Class I shares as of May 1, 2001.

4 These returns until the creation of the Class II shares (March 7, 2002) and Class III shares (July 5, 2002) are based on the performance of the Class I shares of the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class II and Class III shares would have produced, because all classes of shares invest in the same portfolio of securities. Class II shares’ annual returns have been restated to reflect the additional fees applicable to Class II shares and therefore are lower than those of Class I shares. For Class III shares, these returns do not reflect the short-term trading fees applicable to such shares: if these fees were reflected, the annual returns for Class III shares would have been lower.

Performance of a $10,000 Investment

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

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

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

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example GVIT Small Cap Growth Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

			Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Small Cap Growth
Class I	Actual		$	1,000	$	991	$	5.97	1.21%
	Hypothetical	1	$	1,000	$	1,019	$	6.08	1.21%
Class II	Actual		$	1,000	$	990	$	7.20	1.46%
	Hypothetical	1	$	1,000	$	1,018	$	7.33	1.46%
Class III	Actual		$	1,000	$	991	$	5.92	1.20%
	Hypothetical	1	$	1,000	$	1,019	$	6.03	1.20%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

(June 30, 2005) GVIT Small Cap Growth Fund

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

Asset Allocation
Common Stocks	94.5%
Cash Equivalents	4.9%
Other Investments*	11.6%
Liabilities in excess of other assets**	-11.0%
	100.0%

Top Holdings***
aQuantive, Inc.	2.2%
American Healthways, Inc.	2.0%
Corporate Executive Board Co. (The )	2.0%
ITT Educational Services, Inc.	1.9%
Kos Pharmaceuticals, Inc.	1.8%
O’Reilly Automotive, Inc.	1.8%
FactSet Research Systems, Inc.	1.7%
Cerner Corp.	1.7%
Getty Images, Inc.	1.7%
Newfield Exploration Co.	1.6%
Other Holdings	81.6%
	100.0%

Top Industries
Medical Products	5.2%
Computer Software & Services	4.6%
Drugs and Pharmaceuticals	4.4%
Financial Services	4.3%
Advertising Agencies	4.2%
Auto Parts & Equipment	4.1%
Internet	3.9%
Medical & Dental Instruments & Supplies	3.7%
Health Care Facilities	3.5%
Computer Services, Software & Systems	3.3%
Other Industries	58.8%
	100.0%

* Includes value of collateral received from securities lending.

** Includes value of collateral owed from securities lending.

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

5

GARTMORE VARIABLE INSURANCE TRUST

GVIT SMALL CAP GROWTH FUND

Statement of Investments — June 30, 2005 (Unaudited)

Shares or Principal Amount		Value
COMMON STOCKS (94.5%)
Advertising Agencies (4.2%)
aQuantive, Inc. (b)	188,630	$	3,342,523
Greenfield Online, Inc. (b)	42,437		515,610
ValueClick, Inc. (b)	98,649		1,216,342
Ventiv Health, Inc. (b)	62,378		1,202,648
			6,277,123
Advertising Services (1.7%)
Getty Images, Inc. (b)	33,750		2,506,275
Aerospace (0.7%)
MTC Technologies, Inc. (b)	27,293		1,005,201
Audio and Video Products (0.2%)
Sonic Solutions (b)	16,000		297,600
Auto Parts & Equipment (4.1%)
Gentex Corp.	117,400		2,136,680
LKQ Corp. (b)	52,697		1,430,724
O’Reilly Automotive, Inc. (b)	89,400		2,665,014
			6,232,418
Banks: Outside New York City (0.1%)
Mercantile Bank Corp.	4,000		175,880
Biotechnology Research & Production (2.0%)
Anika Therapeutics, Inc. (b)	54,824		629,928
Arthrocare Corp. (b)	32,900		1,149,526
Kensey Nash Corp. (b)	19,433		587,654
Vnus Medical Technologies (b)	56,382		678,275
			3,045,383
Casinos & Gambling (1.1%)
Scientific Games Corp. (b)	63,400		1,707,362
Commercial Information Services (0.9%)
Audible, Inc. (b)	74,680		1,297,192
Commercial Services (1.4%)
CoStar Group, Inc. (b)	30,800		1,342,880
Vertrue, Inc. (b)	18,150		707,124
			2,050,004
Computer Services, Software & Systems (3.3%)
Digital River, Inc. (b)	13,236		420,243
Merge Technologies, Inc. (b)	40,944		767,700
PDF Solutions, Inc. (b)	51,846		680,220
RightNow Technologies, Inc. (b)	49,196		591,336
Safenet, Inc. (b)	39,279		1,337,843
Synaptics, Inc. (b)	28,106		600,344
TALX Corp.	19,531		564,641
			4,962,327

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Computer Software & Services (4.6%)
Avid Technology, Inc. (b)	34,000	$	1,811,519
Cerner Corp. (b)	37,250		2,531,882
EPIQ Systems, Inc. (b)	44,910		734,728
Intergraph Corp. (b)	13,500		465,210
MicroStrategy, Inc. (b)	23,100		1,225,224
			6,768,563
Computer Technology (1.0%)
Hutchinson Technology, Inc. (b)	18,577		715,400
M-Systems Flash Disk Pioneers Ltd. (b)	38,457		737,221
			1,452,621
Construction & Engineering (1.1%)
Chicago Bridge & Iron Co.	71,200		1,627,632
Consulting Services (0.7%)
Cra International, Inc. (b)	17,321		932,736
Lecg Corp. (b)	3,700		78,662
			1,011,398
Consumer Products (0.6%)
USANA Health Sciences, Inc. (b)	22,591		955,599
Diversified Financial Services (1.2%)
Euronet Worldwide, Inc. (b)	63,747		1,853,125
Drugs & Pharmaceuticals (4.4%)
Kos Pharmaceuticals, Inc. (b)	42,080		2,756,240
Salix Pharmaceuticals, Inc. (b)	43,003		759,433
SFBC International, Inc. (b)	51,362		1,984,114
United Therapeutics Corp. (b)	22,886		1,103,105
			6,602,892
E-Commerce & Products (0.6%)
Provide Commerce, Inc. (b)	40,900		883,031
Education (1.9%)
ITT Educational Services, Inc. (b)	52,700		2,815,234
Educational Software (0.9%)
Blackboard, Inc. (b)	56,200		1,344,304
Electronics (1.3%)
Cree, Inc. (b)	75,450		1,921,712
Electronics—Medical Systems (0.6%)
Hologic, Inc. (b)	22,956		912,501

6

GARTMORE VARIABLE INSURANCE TRUST

GVIT SMALL CAP GROWTH FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Electronics—Semiconductors (1.5%)
PowerDsine Ltd. (b)	104,235	$	1,042,350
Silicon Motion Technology Corp. ADR-TW (b)	37,000		388,500
Tessera Technologies, Inc. (b)	23,444		783,264
			2,214,114
Energy Miscellaneous (1.1%)
Veritas DGC, Inc. (b)	61,216		1,698,132
Entertainment Software (1.2%)
Take-Two Interactive Software, Inc. (b)	72,390		1,842,326
Financial (1.5%)
Financial Federal Corp.	60,050		2,320,332
Financial & Miscellaneous (0.5%)
Portfolio Recovery Associates, Inc. (b)	17,995		756,150
Financial Services (4.3%)
City National Corp.	13,200		946,572
Corporate Executive Board Co. (The )	37,900		2,968,707
FactSet Research Systems, Inc.	72,875		2,611,840
			6,527,119
Food & Beverage (1.1%)
J.M. Smucker Co. (The)	35,700		1,675,758
Health Care Facilities (3.5%)
American Healthways, Inc. (b)	72,864		3,079,962
LCA-Vision, Inc.	45,792		2,219,080
			5,299,042
Health Care Management Services (0.5%)
Centene Corp. (b)	22,827		766,531
Health Care Products (0.0%)
Adeza Biomedical Corp. (b)	1,600		27,168
Health Care Services (3.0%)
AmSurg Corp. (b)	78,500		2,173,665
Dendrite International, Inc. (b)	132,400		1,827,120
Lhc Group, Inc (b)	30,466		553,872
			4,554,657
Home Building (0.8%)
Desarrolladora Homex SA de CV (b)	42,756		1,172,370

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Identification Systems (0.5%)
Cogent, Inc. (b)	28,200	$	805,110
Insurance: Multi-Line (0.3%)
HealthExtras, Inc. (b)	25,481		511,404
Internet (3.9%)
Jupiter Media Corp. (b)	43,418		743,750
Checkfree Corp. (b)	66,306		2,258,382
Online Resources Corp. (b)	73,670		833,208
Openwave Systems, Inc. (b)	63,279		1,037,776
Stamps.com, Inc. (b)	53,405		1,001,344
			5,874,460
Jewelry (0.3%)
Charles & Colvard Ltd.	20,075		492,840
Lawn & Garden Services (1.0%)
Scotts Co. (The) (b)	20,200		1,438,442
Machinery—Thermal Process (0.8%)
TurboChef Technologies, Inc. (b)	69,343		1,242,627
Machinery, Equipment, & Supplies (0.5%)
Bucyrus International, Inc. Class A	19,000		721,620
Machinery: Construction & Handling (0.9%)
A.S.V., Inc. (b)	33,096		1,341,712
Manufacturing & Consumer Goods (0.5%)
Parlux Fragrances, Inc. (b)	29,042		803,592
Medical (0.2%)
Angiotech Pharmaceuticals, Inc. (b)	21,000		291,060
Medical & Dental Instruments & Supplies (3.7%)
American Science & Engineering, Inc. (b)	18,350		814,006
Kyphon, Inc. (b)	59,626		2,074,388
Laserscope (b)	26,847		1,112,540
Lifecell Corp. (b)	102,517		1,620,794
			5,621,728
Medical Products (5.2%)
Advanced Medical Optics (b)	41,151		1,635,752
Allscripts Healthcare Solutions, Inc. (b)	98,400		1,634,424
Aspect Medical Systems, Inc. (b)	25,479		757,745
Intralase Corp. (b)	49,057		962,498
Martek Biosciences Corp. (b)	41,700		1,582,515
Syneron Medical Ltd. (b)	28,732		1,051,304
			7,624,238

7

GARTMORE VARIABLE INSURANCE TRUST

GVIT SMALL CAP GROWTH FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Miscellaneous Materials & Processing (1.0%)
Ceradyne, Inc. (b)	62,743	$	1,510,224
Oil & Gas (1.6%)
Newfield Exploration Co. (b)	62,100		2,477,169
Oil: Crude Producers (2.5%)
Atp Oil & Gas Corp. (b)	36,391		851,549
Carrizo Oil & Gas, Inc. (b)	116,089		1,980,478
Whiting Petroleum Corp. (b)	26,012		944,496
			3,776,523
Optical Supplies (0.2%)
Shamir Optical Industry Ltd. (b)	16,348		264,020
Pharmaceuticals (0.3%)
MGI Pharma, Inc. (b)	17,400		378,624
Resorts & Theme Parks (1.1%)
Vail Resorts, Inc. (b)	61,100		1,716,910
Retail (1.0%)
Fossil, Inc. (b)	65,250		1,481,175
Services: Commercial (1.0%)
Ctrip.com International Ltd. ADR-KY	28,505		1,450,334
Soft Drinks (0.8%)
Hansen Natural Corp. (b)	15,047		1,274,782
Software & Services (0.2%)
Concur Technologies, Inc. (b)	32,327		340,403
Sporting & Recreational Goods (0.6%)
Cabelas, Inc. (b)	36,200		773,232
Zumiez, Inc. (b)	3,700		107,855
			881,087
Technology (1.7%)
AudioCodes Ltd. (b)	99,931		994,313
Ixia (b)	83,525		1,623,726
			2,618,039
Telecommunications (1.0%)
Glenayre Technologies, Inc. (b)	124,622		469,825
Orckit Communications Ltd. (b)	39,928		1,056,495
			1,526,320
Transportation (2.4%)
J.B. Hunt Transport Services, Inc.	100,200		1,933,860
Kansas City Southern Industries, Inc. (b)	86,250		1,740,525
			3,674,385

Shares or Principal Amount			Value
COMMON STOCKS (continued)
Veterinary Diagnostics (1.0%)
VCA Antech, Inc. (b)		60,500	$	1,467,125
Wholesale & International Trade (1.3%)
Central European Distribution Corp. (b)		50,452		1,883,373
Wireless Telecommunication Services (1.4%)
Jamdat Mobile, Inc. (b)		73,641		2,038,383
Total Common Stocks				142,086,785
CASH EQUIVALENTS (4.9%)
Investments in repurchase agreements (collateralized by AA Corporate Bonds in a joint trading account at 3.49%, dated 06/30/05, due 07/01/05, repurchase price $7,365,712)	$	7,364,997		7,364,997
Total Cash Equivalents				7,364,997
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (11.6%)
Pool of short-term securities for Gartmore Variable Trust Funds — note 2 (Securities Lending)		17,486,673		17,486,673
Total Short-Term Securities Held as Collateral for Securities Lending				17,486,673
Total Investments (Cost $132,390,277) (a) — 111.0%				166,938,455
Liabilities in excess of other assets — (11.0)%				(16,515,699	)
NET ASSETS — 100.0%			$	150,422,756

(a) See notes to financial statements for unrealized appreciation (depreciation) of securities.

(b) Denotes a non-income producing security.

ADR American Depositary Receipt

KY Cayman Islands

TW Taiwan

See notes to financial statements.

8

GARTMORE VARIABLE INSURANCE TRUST

GVIT SMALL CAP GROWTH FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $125,025,280)	$	159,573,458
Repurchase agreements, at cost and value		7,364,997
Total Investments		166,938,455
Cash		115,938
Interest and dividends receivable		43,272
Receivable for investments sold		1,837,990
Prepaid expenses and other assets		21,948
Total Assets		168,957,603
Liabilities:
Payable for investments purchased		895,249
Payable for collateral received for securities on loan		17,486,673
Accrued expenses and other payables:
Investment advisory fees		116,502
Fund administration and transfer agent fees		4,337
Distribution fees		3,125
Administrative servicing fees		15,715
Other		13,246
Total Liabilities		18,534,847
Net Assets	$	150,422,756
Represented by:
Capital	$	167,882,878
Accumulated net investment income (loss)		(634,106	)
Accumulated net realized gain (losses) from investments		(51,374,194	)
Net unrealized appreciation (depreciation) on investments		34,548,178
Net Assets	$	150,422,756
Net Assets:
Class I Shares	$	133,883,473
Class II Shares		15,636,930
Class III Shares		902,353
Total	$	150,422,756
Shares outstanding (unlimited number of shares authorized):
Class I Shares		9,180,395
Class II Shares		1,081,273
Class III Shares		62,233
Total		10,323,901
Net asset value and offering price per share:*
Class I Shares	$	14.58
Class II Shares	$	14.46
Class III Shares	$	14.50

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	119,699
Dividend income		121,040
Income from securities lending		40,600
Total Income		281,339
Expenses:
Investment advisory fees		706,718
Fund administration and transfer agent fees		49,907
Distribution fees Class II Shares		18,415
Administrative servicing fees Class I Shares		97,224
Administrative servicing fees Class II Shares		10,662
Administrative servicing fees Class III Shares		598
Other**		31,921
Total Expenses		915,445
Net Investment Income (Loss)		(634,106	)
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses)		2,963,116
Net change in unrealized appreciation/depreciation on investments		(4,933,095	)
Net realized/unrealized gains (losses) on investments		(1,969,979	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,604,085	)

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

9

GARTMORE VARIABLE INSURANCE TRUST

GVIT SMALL CAP GROWTH FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	(634,106	)	$	(1,415,886	)
Net realized gains (losses) on investment transactions		2,963,116			11,561,717
Net change in unrealized appreciation/depreciation on investments		(4,933,095	)		10,003,116
Change in net assets resulting from operations		(2,604,085	)		20,148,947
Change in net assets from capital transactions		(20,421,692	)		(13,497,910	)
Change in net assets		(23,025,777	)		6,651,037
Net Assets:
Beginning of period		173,448,533			166,797,496
End of period	$	150,422,756		$	173,448,533
CAPITAL TRANSACTIONS:
Class I Capital Transactions:
Proceeds from shares issued	$	24,678,686		$	65,684,679
Cost of shares redeemed		(44,916,399	)		(84,230,503	)
		(20,237,713	)		(18,545,824	)
Class II Capital Transactions:
Proceeds from shares issued		2,752,244			8,459,820
Cost of shares redeemed		(2,857,997	)		(3,277,063	)
		(105,753	)		5,182,757
Class III Capital Transactions:
Proceeds from shares issued		181,307			768,352
Cost of shares redeemed		(259,533	)		(903,195	)
		(78,226	)		(134,843	)
Change in net assets from capital transactions	$	(20,421,692	)	$	(13,497,910	)
SHARE TRANSACTIONS:
Class I Share Transactions:
Issued		1,769,436			4,955,945
Redeemed		(3,229,368	)		(6,417,401	)
		(1,459,932	)		(1,461,456	)
Class II Share Transactions:
Issued		198,374			657,393
Redeemed		(206,799	)		(252,516	)
		(8,425	)		404,877
Class III Share Transactions:
Issued		12,950			59,336
Redeemed		(18,846	)		(67,004	)
		(5,896	)		(7,668	)

See notes to financial statements.

10

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

GVIT SMALL CAP GROWTH FUND

			Investment Activities:						Distributions								Ratios/Supplemental Data:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Realized Gains (Losses)		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class I Shares
Year Ended December 31, 2000	$	19.69	(0.02	)	(3.10	)	(3.12	)	(0.33	)	(0.33	)	$	16.24	(16.17	%)	$	93,891	1.30	%	(0.22	%)	1.60	%	(0.52	%)	182.48	%
Year Ended December 31, 2001(c)	$	16.24	(0.07	)	(1.69	)	(1.76	)	—		—		$	14.48	(10.84	%)	$	143,982	1.30	%	(0.65	%)	1.43	%	(0.78	%)	124.61	%
Year Ended December 31, 2002	$	14.48	(0.11	)	(4.71	)	(4.82	)	—		—		$	9.66	(33.29	%)	$	100,308	1.35	%	(1.03	%)	1.35	%	(1.03	%)	165.97	%
Year Ended December 31, 2003	$	9.66	(0.11	)	3.42		3.31		—		—		$	12.97	34.27	%	$	156,978	1.34	%	(1.03	%)		(h)		(h)	121.69	%
Year Ended December 31, 2004	$	12.97	(0.12	)	1.86		1.74		—		—		$	14.71	13.42	%	$	156,535	1.21	%	(0.90	%)		(h)		(h)	112.22	%
Six Months Ended June 30, 2005 (Unaudited)	$	14.71	(0.06	)	(0.07	)	(0.13	)	—		—		$	14.58	(0.88	%)(f)	$	133,883	1.21	%(g)	(0.83	%)(g)		(h)		(h)	27.30	%
Class II Shares
Period Ended December 31, 2002(d)	$	13.59	(0.04	)	(3.92	)	(3.96	)	—		—		$	9.63	(29.14	%)(f)	$	1,652	1.63	%(g)	(1.33	%)(g)		(h)		(h)	165.97	%
Year Ended December 31, 2003	$	9.63	(0.09	)	3.37		3.28		—		—		$	12.91	34.06	%	$	8,842	1.59	%	(1.29	%)		(h)		(h)	121.69	%
Year Ended December 31, 2004	$	12.91	(0.12	)	1.82		1.70		—		—		$	14.61	13.17	%	$	15,917	1.47	%	(1.16	%)		(h)		(h)	112.22	%
Six Months Ended June 30, 2005 (Unaudited)	$	14.61	(0.07	)	(0.08	)	(0.15	)	—		—		$	14.46	(1.03	%)(f)	$	15,637	1.46	%(g)	(1.08	%)(g)		(h)		(h)	27.30	%
Class III Shares
Period Ended December 31, 2002(e)	$	10.95	(0.04	)	(1.29	)	(1.33	)	—		—		$	9.62	(12.15	%)(f)	$	17	1.27	%(g)	(0.94	%)(g)		(h)		(h)	165.97	%
Year Ended December 31, 2003	$	9.62	(0.05	)	3.33		3.28		—		—		$	12.90	34.10	%	$	978	1.34	%	(1.04	%)		(h)		(h)	121.69	%
Year Ended December 31, 2004	$	12.90	(0.14	)	1.87		1.73		—		—		$	14.63	13.41	%	$	996	1.21	%	(0.91	%)		(h)		(h)	112.22	%
Six Months Ended June 30, 2005 (Unaudited)	$	14.63	(0.06	)	(0.07	)	(0.13	)	—		—		$	14.50	(0.89	%)(f)	$	902	1.20	%(g)	(0.82	%)(g)		(h)		(h)	27.30	%

(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 7, 2002 (commencement of operations) through December 31, 2002.

(e) For the period from July 5, 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.

11

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, was subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 GVIT Small Cap Growth Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Trust’s 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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these securities is

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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.

The Fund values 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 Fund, the Fund will fair value its 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 Fund’s 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 these prices will have a material impact on the net asset value of the Fund. When the Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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.

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(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 also may 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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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) 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.

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(i) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

The cash collateral received by the Fund was pooled and, at June 30, 2005, was invested in the following:

Security Type	Security Name	Market Value		Maturity Rate	Maturity Date
Commercial Paper	MacQuarie Bank Ltd.	$	998,736	3.25%	07/01/05
Domestic Certificates of Deposit — Fixed	Washington Mutual Bank FA		1,700,443	3.15%	08/01/05
Funding Agreement	GE Life and Annuity		1,000,000	3.32%	07/14/05
Master Note — Floating	CDC Financial Product Inc.		6,500,000	3.54%	07/01/05
Medium Term Note — Floating	General Electric Capital Corp.		1,000,171	3.37%	09/08/05
Repurchase Agreements	Nomura Securities		6,287,323	3.48%	07/01/05

As of June 30, 2005, the Fund had securities with the following market values on loan:

Market Value of Loaned Securities	Market Value of Collateral
$17,214,143	$17,486,673

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(k) Federal Income Taxes

It is the policy of the 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 U.S. 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.

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$589,177	$	36,783,917	$	(2,824,916	)	$	33,959,001

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders. In addition, GMF provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadvisers, for the Fund. The subadvisers listed below manage all or a portion of the Fund’s investments and have the responsibility for making all investment decisions for that portion of the Fund unless otherwise indicated. Below is a list of the subadvisers to the Fund:

Subadvisers

-   Waddell & Reed Investment Management Company

-   Oberweis Asset Management, Inc.

Under the terms of the Investment Advisory Agreement, the Fund pays GMF an investment advisory fee of 0.95% based on that Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreements, GMF pays fees of 0.60% to the subadvisers.

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

16

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; 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 the Fund.

4. Short-Term Trading Fees

The Fund reserves 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, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $39,292,526 and sales of $59,373,882.

6. Bank Loans

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

17

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)

18

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)

19

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

20

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

21

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

December 31, 2004

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

22

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

December 31, 2004

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

23

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President – Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

24

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

December 31, 2004

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

25

Gartmore GVIT Worldwide Leaders Fund

Semiannual Report

|  June 30, 2005

	Contents
6	Statement of Investments
8	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Worldwide Leaders Fund

For the semiannual period ended June 30, 2005, the Gartmore GVIT Worldwide Leaders Fund returned 0.60% (Class I at NAV) versus -0.40% for its benchmark, the Morgan Stanley Capital International (MSCI) World Index. For broader comparison, the average return for the Fund’s Lipper peer category of Global Core Funds was - -0.59%.

In local currency terms, international stock markets significantly outperformed their U.S. counterparts during the first six months of the year. However, a surge in the U.S. dollar during the second quarter offset much of the rise in international markets. Increases in the value of the U.S. dollar undercut market gains abroad when transactions are converted from weaker foreign currencies to U.S. dollars.

The Fund was helped most by favorable stock selection in information technology, along with stock picking in materials and energy. In technology, Apple Computer, Inc. was a standout. Sales of the iPod, the company’s portable digital music player, continued to be robust, and multimedia applications related to the iPod drove brisk sales of Apple’s computers. However, we felt that the stock’s valuation had become stretched, and we liquidated our position to lock in profits. Also turning in a strong performance was South Korea’s Hynix Semiconductor Inc., which surged by more than 40% due to improving demand for its chips as well as positive investor sentiment, triggered in part by industry bellwether Intel Corp., which in June raised its second-quarter revenue and earnings estimates.

In the materials sector, the Fund was helped by its exposure to U.K. mining stock Rio Tinto Ltd., which has projects in Australia and New Zealand, among other locations. Another strong contributor was Australian coal mining stock BHP Billiton, one of the Fund’s largest holdings, on average, during the period. Demand for coal from China and the United States continued to drive this stock’s performance. In energy, ConocoPhillips and Canada’s Suncor Energy Inc. were two of the Fund’s strongest contributors; both companies particularly benefited from their refining operations.

On the negative side, stock selection in financials and industrials detracted from the Fund’s returns versus the Index. Nomura Holdings, Inc. also detracted from Fund results, because the company’s brokerage revenues suffered from Japan’s stagnant stock market. Meanwhile, German industrial conglomerate Siemens AG was hampered by investors’ uncertainty about management’s efforts to streamline and revitalize the company.

Among individual holdings, media conglomerate The News Corp. Ltd. was one of the Fund’s largest detractors. Although the stock lost ground during the period, in our opinion News Corp. remained financially strong.

We anticipate a reasonably favorable backdrop for the balance of 2005. That said, we believe that stock selection will be important due to sluggish economic growth in many developed countries and uneven gains in corporate profits. When economic growth is sluggish, it takes careful research and analysis to find companies with the potential for above-average earnings gains. Often, the stocks of these promising companies are driven by product cycles and other factors that are less dependent on overall economic conditions. Accordingly, we will continue to spend the majority of our time on bottom-up, fundamental analysis of individual companies, and allow that process to drive the Fund’s country and sector allocations.

PORTFOLIO MANAGER: Neil Rogan

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

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

Funds that concentrate on specific sectors or a relatively small number of securities may be subject to greater volatility than a more diversified investment.

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

Morgan Stanley Capital International (MSCI) World Index^SM: An unmanaged, free float-adjusted, market-capitalization index that is designed to measure the performance of global developed-market equities.

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market

1

Gartmore GVIT Worldwide Leaders Fund (Continued)

indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Gartmore GVIT Worldwide Leaders Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*		One year		Five years		Inception2
Class I3	0.60	%	17.62	%	-3.28	%	2.91	%
Class III4	0.60	%	17.63	%	-3.28	%	2.91	%

* Not Annualized.

1 Not subject to any sales charges.

2 Fund commenced operations on October 31, 1997.

3 The existing shares of the Fund were designated Class I shares as of May 1, 2001.

4 These returns until Class III shares (July 5, 2002) are based on the performance of the Class I shares of the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class III shares would have produced, because all classes of shares invest in the same portfolio of securities. For Class III shares, these returns do not reflect the short-term trading fees applicable to such shares: if these fees were reflected, the annual returns for Class III shares would have been lower

Performance of a $10,000 Investment

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

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

(a) The MSCI World is an unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of global developed-market equities.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Gartmore GVIT Worldwide Leaders Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

			Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Worldwide Leaders Fund
Class I	Actual		$	1,000	$	1,006	$	6.47	1.30%
	Hypothetical	1	$	1,000	$	1,019	$	6.53	1.30%
Class III	Actual		$	1,000	$	1,006	$	6.52	1.31%
	Hypothetical	1	$	1,000	$	1,019	$	6.58	1.31%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

(June 30, 2005) Gartmore GVIT Worldwide Leaders Fund

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

Asset Allocation
Common Stocks	97.1%
Cash Equivalents	0.2%
Other assets in excess of liabilities	2.7%
	100.0%

Top Holdings*
Fortum Oyj	5.4%
ConocoPhillips	5.4%
BHP Billiton PLC	5.2%
Starwood Hotels & Resorts Worldwide, Inc.	4.9%
Caterpillar, Inc.	4.7%
Microsoft Corp.	4.2%
Cheung Kong (Holdings) Ltd.	4.1%
Motorola, Inc.	4.1%
ABN AMRO Holdings NV	4.0%
UniCredito Italiano	4.0%
Other Holdings	54.0%
	100.0%

Top Industries
Oil & Gas	14.7%
Computer Software & Services	12.9%
Banking	11.0%
Financial Services	6.5%
Real Estate	6.5%
Transportation	6.4%
Mining	5.2%
Hotel & Gaming	4.9%
Machinery & Equipment	4.7%
Telecommunications	4.1%
Other Industries	23.1%
	100.0%

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

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT WORLDWIDE LEADERS FUND

Statement of Investments — June 30, 2005 (Unaudited)

Shares or Principle Amount		Value
COMMON STOCKS (97.1%)
AUSTRALIA (4.8%)
Coal (1.8%)
Excel Coal Ltd. (c)	109,031	$	618,444
Computer Software & Services (3.0%)
Computershare Ltd. (c)	243,670		1,079,605
			1,698,049
CANADA (3.9%)
Oil & Gas (3.9%)
Suncor Energy, Inc. (c)	29,330		1,386,997
FINLAND (5.4%)
Oil & Gas (5.4%)
Fortum Oyj (c)	119,520		1,917,240
FRANCE (3.0%)
Banking (3.0%)
BNP Paribas SA (c)	15,300		1,045,420
HONG KONG (4.1%)
Real Estate (4.1%)
Cheung Kong (Holdings) Ltd. (c)	150,000		1,455,026
IRELAND (3.5%)
Transportation (3.5%)
Ryanair Holdings PLC ADR (b) (c)	27,900		1,251,036
ITALY (4.0%)
Banking (4.0%)
UniCredito Italiano (c)	267,000		1,408,275
JAPAN (3.4%)
Internet (1.0%)
Livedoor Co. Ltd (b) (c)	100,000		356,202
Real Estate (2.4%)
Mitsui Fudosan Co. Ltd. (c)	77,000		858,967
			1,215,169
NETHERLANDS (4.0%)
Banking (4.0%)
ABN AMRO Holdings NV (c)	58,200		1,430,437
SOUTH KOREA (1.7%)
Electronics (1.7%)
Hynix Semiconductor, Inc. (b) (c)	36,100		584,450

Shares or Principle Amount		Value
COMMON STOCKS (continued)
UNITED KINGDOM (12.2%)
Gambling (1.0%)
PartyGaming PLC (b)	125,993	$	336,493
Mining (5.2%)
BHP Billiton PLC (c)	143,100		1,824,950
Television (1.6%)
ITV PLC (c)	251,000		551,539
Transportation (2.9%)
BAA PLC (c)	92,240		1,022,423
Water & Sewerage Services (1.5%)
Pennon Group PLC (c)	29,100		541,966
			4,277,371
UNITED STATES (47.1%)
Computer Software & Services (9.9%)
Alliance Data Systems Corp. (b)	22,400		908,544
Microsoft Corp.	60,270		1,497,106
Symantec Corp. (b)	50,900		1,106,566
			3,512,216
Cosmetics & Toiletries (3.8%)
Gillette Co. (The)	26,530		1,343,214
Financial Services (6.5%)
Goldman Sachs Group, Inc. (The)	12,432		1,268,312
Merrill Lynch & Co., Inc.	18,500		1,017,685
			2,285,997
Healthcare Services (2.5%)
Health Net, Inc. (b)	22,800		870,048
Hotel & Gaming (4.9%)
Starwood Hotels & Resorts Worldwide, Inc.	29,800		1,745,386
Insurance (1.6%)
American International Group, Inc.	9,600		557,760
Machinery & Equipment (4.7%)
Caterpillar, Inc.	17,300		1,648,863
Oil & Gas (5.4%)
ConocoPhillips	32,940		1,893,721
Retail (3.7%)
Federated Department Stores, Inc.	18,000		1,319,040

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GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT WORLDWIDE LEADERS FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principle Amount			Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Telecommunications (4.1%)
Motorola, Inc.		78,500	$	1,433,410
				16,609,655
Total Common Stocks				34,279,125
Cash Equivalents (0.2%)
Investments in repurchase agreements (collateralized by AA Corporate Bonds in a joint trading account at 3.49%, dated 06/30/05, due 07/01/05, repurchase price $87,554)	$	87,546		87,546
Total Cash Equivalents				87,546
Total Investments (Cost $32,404,521) (a) — 97.3%				34,366,671
Other assets in excess of liabilities — 2.7%				961,391
NET ASSETS — 100.0%			$	35,328,062

(a) See Notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(b) Denotes a non-income producing security

(c) Fair Valued Security

ADR American Depository Receipt

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

Currency	Delivery Date	Contract Value			Market Value			Unrealized Appreciation (Depreciation)
Short Contracts:
Hong Kong Dollar	07/05/05	$	(166,648	)	$	(166,722	)	$	(74	)
Japanese Yen	07/05/05		(669,063	)		(665,813	)		3,250
Swiss Franc	07/05/05		(1,321,679	)		(1,325,686	)		(4,008	)
Total Short Contracts:		$	(2,157,390	)	$	(2,158,221	)	$	(832	)
Long Contract:
Euro	07/01/05	$	311,221		$	311,867		$	647
Japanese Yen	07/05/05		355,445			354,842			(604	)
Total Long Contracts:		$	666,666		$	666,709		$	43

See notes to financial statements.

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GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT WORLDWIDE LEADERS FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $32,316,975)	$	34,279,125
Repurchase agreements, at cost and value		87,546
Total Investments		34,366,671
Cash		669,061
Foreign currencies, at value (cost $18,650)		14,249
Interest and dividends receivable		44,870
Receivable for capital shares issued		15
Receivable for investments sold		4,313,305
Unrealized appreciation on forward foreign currency contracts		3,897
Reclaims receivable		26,272
Prepaid expenses and other assets		3,036
Total Assets		39,441,376
Liabilities:
Payable for investments purchased		4,071,248
Unrealized depreciation on forward foreign currency contracts		4,685
Accrued expenses and other payables:
Investment advisory fees		28,937
Fund administration and transfer agent fees		580
Administrative servicing fees		3,912
Other		3,952
Total Liabilities		4,113,314
Net Assets	$	35,328,062
Represented by:
Capital	$	50,020,731
Accumulated net investment income (loss)		(5,795	)
Accumulated net realized gains (losses) from investment and foreign currency transactions		(16,645,675	)
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		1,958,801
Net Assets	$	35,328,062
Net Assets:
Class I Shares	$	26,969,834
Class III Shares		8,358,228
Total	$	35,328,062
Shares outstanding (unlimited number of shares authorized):
Class I Shares		2,510,729
Class III Shares		778,272
Total		3,289,001
Net asset value and offering price per share:*
Class I Shares	$	10.74
Class III Shares	$	10.74

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	14,695
Dividend income (net of foreign withholding tax of $20,806)		289,316
Income from securities lending		7,144
Total Income		311,155
Expenses:
Investment advisory fees		176,738
Fund administration and transfer agent fees		17,047
Administrative servicing fees Class I Shares		20,067
Administrative servicing fees Class III Shares		5,980
Other**		10,416
Total Expenses		230,248
Net Investment Income (Loss)		80,907
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		2,903,478
Net realized gains (losses) on foreign currency transactions		1,141
Net realized gains (losses) on investment and foreign currency transactions		2,904,619
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(2,738,270	)
Net realized/unrealized gains (losses) on investments and foreign currencies		166,349
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	247,256

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

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GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT WORLDWIDE LEADERS FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	80,907		$	312,821
Net realized gains (losses) on investment and foreign currency transactions		2,904,619			3,086,877
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(2,738,270	)		1,426,071
Change in net assets resulting from operations		247,256			4,825,769
Distributions to Class I shareholders from:
Net investment income		(270,433	)		—
Distributions to Class III shareholders from:
Net investment income		(79,754	)		—
Change in net assets from shareholder distributions		(350,187	)		—
Change in net assets from capital transactions		(721,229	)		(2,150,118	)
Change in net assets		(824,160	)		2,675,651
Net Assets:
Beginning of period		36,152,222			33,476,571
End of period	$	35,328,062		$	36,152,222
CAPITAL TRANSACTIONS:
Class I Capital Transactions:
Proceeds from shares issued	$	2,045,967		$	1,810,036
Dividends reinvested		270,433			—
Cost of shares redeemed		(4,045,831	)		(4,522,861	)
		(1,729,431	)		(2,712,825	)
Class III Capital Transactions:
Proceeds from shares issued		1,729,823			3,923,836
Dividends reinvested		79,754			—
Cost of shares redeemed		(801,375	)		(3,361,129	)
		1,008,202			562,707
Change in net assets from capital transactions	$	(721,229	)	$	(2,150,118	)
SHARE TRANSACTIONS:
Class I Share Transactions:
Issued		192,427			183,254
Reinvested		25,257			—
Redeemed		(376,184	)		(477,235	)
		(158,500	)		(293,981	)
Class III Share Transactions:
Issued		161,528			419,365
Reinvested		7,448			—
Redeemed		(75,087	)		(362,870	)
		93,889			56,495

See notes to financial statements.

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GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Worldwide Leaders Fund

			Investment Activities:						Distributions												Ratios/Supplemental Data:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains (Losses)		Tax Return of Capital		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class I Shares
Year Ended December 31, 2000	$	13.89	0.13		(1.81	)	(1.68	)	(0.11	)	(0.44	)	(0.01	)	(0.56	)	$	11.65	(12.32	%)	$	81,359	1.20	%	1.01	%	1.42	%	0.79	%	184.98	%
Year Ended December 31, 2001(c)	$	11.65	0.07		(2.26	)	(2.19	)	(0.18	)	—		—		(0.18	)	$	9.28	(18.81	%)	$	70,469	1.20	%	0.66	%	1.30	%	0.56	%	128.06	%
Year Ended December 31, 2002	$	9.28	(0.04	)	(2.29	)	(2.33	)	(0.08	)	—		(0.02	)	(0.10	)	$	6.85	(25.39	%)	$	26,467	1.32	%	0.29	%	1.32	%	0.29	%	529.97	%
Year Ended December 31, 2003	$	6.85	0.01		2.46		2.47		—		—		—		—		$	9.32	36.06	%	$	27,624	1.32	%	0.30	%		(g)		(g)	603.34	%
Year Ended December 31, 2004	$	9.32	0.09		1.37		1.46		—		—		—		—		$	10.78	15.67	%	$	28,776	1.25	%	0.95	%		(g)		(g)	452.01	%
Six Months Ended June 30, 2005 (Unaudited)	$	10.78	0.02		0.04		0.06		(0.10	)	—		—		(0.10	)	$	10.74	0.60	%(e)	$	26,970	1.30	%(f)	0.46	%(f)		(g)		(g)	191.74	%
Class III Shares
Period Ended December 31, 2003(d)	$	6.89	(0.01	)	2.44		2.43		—		—		—		—		$	9.32	35.27	%(e)	$	5,853	1.35	%(f)	(0.31	%)(f)		(g)		(g)	603.34	%
Year Ended December 31, 2004	$	9.32	0.09		1.37		1.46		—		—		—		—		$	10.78	15.67	%	$	7,376	1.25	%	0.94	%		(g)		(g)	452.01	%
Six Months Ended June 30, 2005 (Unaudited)	$	10.78	0.01		0.05		0.06		(0.10	)	—		—		(0.10	)	$	10.74	0.60	%(e)	$	8,358	1.31	%(f)	0.46	%(f)		(g)		(g)	191.74	%

(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.

10

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 30, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT Worldwide Leaders Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these 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

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June 30, 2005

subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values 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 Fund, the Fund will fair value its 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 Fund’s 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 these prices will have a material impact on the net asset value of the Fund. When the Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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.

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June 30, 2005

Certain countries also may 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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the 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

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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 the Fund.

(i) Security Transactions and Investment Income

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

(j) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

(k) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(l) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$223,251	$	1,862,121	$	(123,222	)	$	1,738,899

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(m) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class. Included in the statement of operations under the caption “Other” are expense offsets of $67 arising from credits offset of fees on Demand Deposit Accounts.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders. In addition, GMF provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser, for the Fund. Gartmore Global Partners (the “subadviser”) manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund. The subadviser is an affiliate of GMF and GGAMT.

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

Fee Schedule	Total Fees	Fees Retained	Paid to Sub-adviser
Up to $50 million	1.00%	0.40%	0.60%
$50 million or more	0.95%	0.40%	0.55%

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; 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 the Fund.

4. Short-Term Trading Fees

The Fund reserves 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, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $66,108,823 and sales of $67,130,771.

6. Bank Loans

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

7. Shareholder Meeting

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

Two Proposals:The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

8. Subsequent Event

On July 29, 2005, the Trust filed a Post-Effective Amendment to its Registration Statement on Form N-1A to change the structure of the Fund’s investment advisory fee and sub-advisory fee from the current asset-based fee structure to a performance based fee structure on or about October 1, 2005. On that date, or, if later, upon SEC effectiveness, the Fund will immediately lower its base advisory fee by 0.10% at each breakpoint. Beginning one year after implementation of the new performance fee structure, the Fund’s base advisory fee may be adjusted proportionately upward or downward if the Fund outperforms or underperforms its stated benchmark by the following amounts:

Out or Underperformance	Change in Fees
+/–  1 percentage point	+/–  0.02%
+/–  2 percentage points	+/–  0.04%
+/–  3 percentage points	+/–  0.06%
+/–  4 percentage points	+/–  0.08%
+/–  5 percentage points	+/–  0.10%

The prospectus describing the above Fund will be supplemented upon the effectiveness of the Post-Effective Amendment to the Trust’s Registration Statement. Please refer to the prospectus, as supplemented by a notice you will receive after the effectiveness of the Post-Effective Amendment, for further information about this new fee structure.

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Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

20

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

21

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

22

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President – Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

23

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

24

Dreyfus GVIT Mid Cap Index Fund

Semiannual Report

|  June 30, 2005

	Contents
5	Statement of Investments
12	Statement of Assets and Liabilities
12	Statement of Operations
13	Statements of Changes in Net Assets
14	Financial Highlights
15	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Dreyfus GVIT Mid Cap Index Fund

For the semiannual period ended June 30, 2005, the Dreyfus GVIT Mid Cap Index Fund returned 3.67% (Class I at NAV) versus 3.85% for its benchmark, the S&P MidCap 400 Index. For broader comparison, the average return for the Fund’s Lipper peer category of Mid-Cap Core Funds was 3.18%.

The Fund tracked the return of its benchmark index during the reporting period with Fund expenses and trading costs primarily accounting for the difference between the Fund’s performance and that of the Index.

The U.S. equity market traded in a narrow range during the reporting period with the economy showing signs of strength as the employment picture steadily improved and interest rates remained surprisingly low. The market was held in check, because many investors were uncertain about the effect on the economy of rising energy prices and multiple Federal Reserve Board short-term interest-rate increases. The mid-capitalization portion of the stock market continued to outperform large-capitalization stocks as represented by the S&P 500^® Index.

In the technology sector, the computer hardware industry experienced a difficult year as profit margins began to erode due to increased competition. At the end of 2004, most technology stocks had risen sharply and were not able to hold onto their gains due to lofty expectations that were not achieved. Companies that supply parts to the domestic auto manufacturers also experienced a difficult year as sales for new domestic cars and trucks proved to be disappointing.

Among the top-performing industries in the benchmark and therefore the Fund were energy, medical providers, construction and clothing stores. The top-performing securities during the reporting period were: Legg Mason, Inc.; D.R. Horton, Inc.; Toll Brothers, Inc.; Murphy Oil Corp.; and Chico’s FAS, Inc.

Broad-based gains were reported by most of the companies in the energy sector. Higher prices for crude oil and natural gas, increased demand from developing markets, and limited refining capacity drove the prices of these companies higher. Medical providers such as hospitals and HMOs also experienced strong gains as the price for health care continued to rise and the improving employment situation added new participants. Construction stocks continued their strong run as interest rates remained low and housing prices continued to soar in some parts of the country.

The Fund experienced no significant changes during the reporting period, and continues to passively replicate the mid-capitalization U.S. equity market, as represented by the S&P MidCap 400 Index. The portfolio employs a strategy of full replication, which entails holding each stock in direct proportion to its weight in the Index. S&P MidCap 400 futures are used to efficiently manage cash flows.

PORTFOLIO MANAGER: Tom Durante

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

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

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

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

1

Fund Performance Dreyfus GVIT Mid Cap Index Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*		One year		Five years		Inception2
Class I2	3.67	%	13.47	%	7.53	%	10.01	%
Class II3	3.60	%	13.26	%	7.28	%	9.74	%

* Not Annualized.

1 Not subject to any sales charges.

2 The Fund commenced operations on October 31, 1997. Until September 27, 1999, the Fund was actively managed by three subadvisers; since that date, the Fund has been managed as an index fund, and its returns may have been affected by this change in investment strategy.

3 These returns until the creation of the Class II shares (May 6, 2002), are based on the performance of the Class I shares of the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class II shares would have produced because all classes of shares invest in the same portfolio of securities. Class II shares’ annual returns have been restated to reflect the additional fees applicable to Class II shares and therefore are lower than those of Class I.

Performance of a $10,000 Investment

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

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

(a) S&P Midcap 400 is an unmanaged index that measures the performance of 400 stocks of medium-sized U.S. companies.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2

Shareholder

Expense Example Dreyfus GVIT Mid Cap Index Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Mid Cap Index Fund
Class I	Actual	$	1,000	$	1,037	$	2.68	0.53%
	Hypothetical1	$	1,000	$	1,022	$	2.66	0.53%
Class II	Actual	$	1,000	$	1,036	$	3.63	0.72%
	Hypothetical1	$	1,000	$	1,021	$	3.62	0.72%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

3

Portfolio Summary

(June 30, 2005) Dreyfus GVIT Mid Cap Index Fund

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

Asset Allocation
Common Stocks	98.4%
Cash Equivalents	1.4%
Treasury Bills	0.1%
Other Investments*	21.6%
Liabilities in excess of other assets**	-21.5%
	100.0%

Top Industries
Healthcare	8.4 %
Retail	7.7 %
Utilities	7.5 %
Oil & Gas	7.2 %
Insurance	5.1 %
Banks	4.9 %
Computer Software & Services	4.8 %
Financial Services	4.5 %
Electronics	4.4 %
Construction	4.0 %
Other Industries	41.5 %
	100.0%

Top Holdings***
Legg Mason, Inc.	1.1%
D.R. Horton, Inc.	1.0%
Lennar Corp.	0.8%
Murphy Oil Corp.	0.8%
Weatherford International Ltd.	0.8%
Whole Foods Market, Inc.	0.7%
Coventry Health Care, Inc.	0.7%
Smith International, Inc.	0.6%
Noble Energy, Inc.	0.6%
Cognizant Technology Solutions Corp.	0.6%
Other Holdings	92.3%
	100.0%

* Includes value of collateral received from securities lending.

** Includes value of collateral owed from securities lending.

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

4

GARTMORE VARIABLE INSURANCE TRUST

DREYFUS GVIT MID CAP INDEX FUND

Statement of Investments — June 30, 2005 (Unaudited)

Shares or Principal Amount		Value
COMMON STOCKS (98.4%)
Aerospace & Defense (0.8%)
Alliant Techsystems, Inc. (b)	18,800	$	1,327,280
Precision Castparts Corp.	33,700		2,625,230
Sequa Corp. (b)	4,300		284,531
			4,237,041
Agricultural Products (0.1%)
Universal Corp.	13,100		573,518
Airlines (0.3%)
AirTran Holdings, Inc. (b)	44,300		408,889
Alaska Air Group, Inc. (b)	13,200		392,700
Jetblue Airways Corp. (b)	50,100		1,024,044
			1,825,633
Amusement & Recreation (0.3%)
Callaway Golf Co.	36,200		558,566
International Speedway Corp.	22,500		1,265,850
			1,824,416
Auction House & Art Dealer (0.2%)
Adesa, Inc.	45,500		990,535
Auto Parts & Equipment (1.5%)
Advance Auto Parts, Inc. (b)	36,500		2,356,075
Arvinmeritor, Inc.	35,725		635,548
Bandag, Inc.	8,000		368,400
BorgWarner Automotive, Inc.	28,800		1,545,696
Gentex Corp.	79,500		1,446,900
Lear Corp.	34,200		1,244,196
Modine Manufacturing Co.	16,600		540,496
			8,137,311
Automotive (0.3%)
Carmax, Inc. (b)	53,100		1,415,115
Banks (4.9%)
Associated Banc Corp.	65,115		2,191,771
Astoria Financial Corp.	51,250		1,459,088
City National Corp.	23,000		1,649,330
Colonial Bancgroup, Inc.	79,100		1,744,946
Cullen/Frost Bankers, Inc.	24,800		1,181,720
FirstMerit Corp.	42,600		1,112,286
Greater Bay Bancorp	26,100		688,257
Hibernia Corp.	80,000		2,654,399
Independence Community Bank Corp.	39,800		1,469,814
IndyMac Bancorp, Inc.	31,900		1,299,287
Mercantile Bankshare Corp.	40,500		2,086,965

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Banks (continued)
New York Community Bancorp, Inc.	124,588	$	2,257,535
SVB Financial Group (b)	18,100		866,990
TCF Financial Corp.	64,100		1,658,908
Texas Regional Bancshares, Inc.	21,000		640,080
Washington Federal, Inc.	44,189		1,039,325
Webster Financial Corp.	27,400		1,279,306
West America Bancorp	16,700		881,927
Wilmington Trust Corp.	34,400		1,238,744
			27,400,678
Biotechnology (0.8%)
Millenium Pharmaceuticals, Inc. (b)	156,787		1,453,415
Protein Design Labs, Inc. (b)	54,100		1,093,361
Valeant Pharmaceuticals International	47,200		832,136
Vertex Pharmaceuticals, Inc. (b)	47,400		798,216
			4,177,128
Broadcasting (0.3%)
Emmis Communications Corp. (b)	17,000		300,390
Entercom Communications Corp. (b)	21,500		715,735
Westwood One, Inc.	43,400		886,662
			1,902,787
Business Services (2.3%)
Acxiom Corp.	44,800		935,424
Catalina Marketing Corp.	24,200		614,922
Ceridian Corp. (b)	76,400		1,488,272
CheckFree Corp. (b)	43,300		1,474,798
ChoicePoint, Inc. (b)	46,033		1,843,621
CSG Systems International, Inc. (b)	25,700		487,786
Fair Issac Corp.	34,400		1,255,600
Gartner Group, Inc. (b)	44,000		467,280
Harte-Hanks, Inc.	36,150		1,074,740
Kelly Services, Inc.	14,000		400,960
Korn/Ferry International (b)	17,900		317,725
Manpower, Inc.	45,900		1,825,902
MPS Group, Inc. (b)	52,900		498,318
			12,685,348

5

GARTMORE VARIABLE INSURANCE TRUST

DREYFUS GVIT MID CAP INDEX FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Chemicals (2.5%)
Airgas, Inc.	36,100	$	890,587
Albemarle Corp.	23,700		864,339
Cabot Corp.	32,100		1,059,300
Crompton Corp.	59,900		847,585
Cytec Industries, Inc.	22,000		875,600
Ferro Corp.	21,400		425,004
FMC Corp. (b)	19,100		1,072,274
Lubrizol Corp.	34,600		1,453,546
Lyondell Chemical Co.	112,700		2,977,534
Minerals Technologies, Inc.	10,500		646,800
Olin Corp.	36,300		662,112
RPM, Inc.	59,900		1,093,774
Valspar Corp.	26,000		1,255,540
			14,123,995
Communication Equipment (2.1%)
Adtran, Inc.	34,900		865,171
Cincinnati Bell, Inc. (b)	125,300		538,790
CommScope, Inc. (b)	26,100		454,401
Harman International Industries, Inc.	32,600		2,652,336
Harris Corp.	68,100		2,125,401
Plantronics, Inc.	24,000		872,640
Polycom, Inc. (b)	50,000		745,500
Powerwave Technologies, Inc. (b)	50,800		519,176
Telephone & Data Systems, Inc.	48,700		1,987,447
Telephone & Data Systems, Inc.	7,000		268,380
Special Shares Utstarcom, Inc. (b)	53,300		399,217
			11,428,459
Computer Hardware (0.8%)
Keane, Inc. (b)	28,600		391,820
National Instruments Corp.	34,050		721,860
Storage Technology Corp. (b)	54,700		1,985,063
Western Digital Corp. (b)	108,500		1,456,070
			4,554,813
Computer Software & Services (4.8%)
3COM Corp. (b)	195,600		711,984
Activision, Inc. (b)	102,900		1,699,908
Advent Software, Inc. (b)	13,600		275,536
Anteon International Corp. (b)	16,400		748,168
Avocent Corp. (b)	25,300		661,342

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Computer Software & Services (continued)
Cadence Design Systems, Inc. (b)	139,900	$	1,911,034
CDW Corp.	37,000		2,112,330
Cognizant Technology Solutions Corp. (b)	69,000		3,251,970
DST Systems, Inc. (b)	38,700		1,811,160
F5 Networks, Inc. (b)	19,200		906,912
Henry ( Jack) & Associates, Inc.	41,500		759,865
Macromedia, Inc. (b)	38,300		1,463,826
Macrovision Corp. (b)	25,700		579,278
McAfee, Inc. (b)	83,000		2,172,940
McData Corp. (b)	80,400		321,600
Mentor Graphics Corp. (b)	39,800		407,950
RSA Security, Inc. (b)	36,300		416,724
SanDisk Corp. (b)	92,400		2,192,652
Sybase, Inc. (b)	45,700		838,595
Synopsys, Inc. (b)	73,300		1,221,911
Titan Corp. (The) (b)	43,500		989,190
Transaction Systems Architects, Inc. (b)	18,100		445,803
Wind River Systems, Inc. (b)	40,300		631,904
			26,532,582
Construction (4.0%)
D.R. Horton, Inc.	149,666		5,628,938
Dycom Industries, Inc. (b)	24,900		493,269
Granite Construction, Inc.	18,950		532,495
Hovnanian Enterprises, Inc. (b)	24,900		1,623,480
Jacobs Engineering Group, Inc. (b)	29,200		1,642,792
Lennar Corp.	73,780		4,681,341
Martin Marietta Materials, Inc.	23,800		1,645,056
Ryland Group, Inc. (The)	24,000		1,820,880
Thor Industries, Inc.	23,400		735,462
Toll Brothers, Inc. (b)	32,000		3,249,600
			22,053,313
Consumer & Commercial Services (2.1%)
Alliance Data Systems Corp. (b)	34,000		1,379,040
Career Education Corp. (b)	52,400		1,918,364
Corinthian Colleges, Inc. (b)	46,400		592,528
Deluxe Corp.	25,800		1,047,480
DeVry, Inc. (b)	33,000		656,700
Dun & Bradstreet Corp. (b)	34,700		2,139,255
MoneyGram International, Inc.	44,000		841,280
Quanta Services, Inc. (b)	49,800		438,240

6

GARTMORE VARIABLE INSURANCE TRUST

DREYFUS GVIT MID CAP INDEX FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Consumer & Commercial Services (continued)
Rent-A-Center, Inc. (b)	35,800	$	833,782
Rollins, Inc.	25,100		503,004
Sotheby’s Holdings, Inc. (b)	24,500		335,650
United Rentals, Inc. (b)	36,900		745,749
			11,431,072
Consumer Products (1.9%)
Blyth Industries, Inc.	18,000		504,900
Church & Dwight, Inc.	32,350		1,171,070
Energizer Holdings, Inc. (b)	36,400		2,262,988
Furniture Brands International, Inc.	27,100		585,631
Lancaster Colony Corp.	15,400		660,968
Mohawk Industries Co. (b)	30,300		2,499,750
Scotts Co. (The) (b)	14,200		1,011,182
Timberland Co., Class A (b)	30,800		1,192,576
Tupperware Corp.	28,800		673,056
			10,562,121
Containers & Packaging (0.4%)
Packaging Corp. of America	43,300		911,465
Sonoco Products Co.	50,600		1,340,900
			2,252,365
Electronics (4.4%)
Amphenol Corp., Class A	45,000		1,807,650
Arrow Electronics, Inc. (b)	60,000		1,629,600
Atmel Corp. (b)	230,300		545,811
Avnet, Inc. (b)	61,500		1,385,595
Cabot Microelectronics Corp. (b)	12,582		364,752
Credence Systems Corp. (b)	46,600		421,730
Cree, Inc. (b)	38,400		978,048
Cypress Semiconductor Corp. (b)	67,200		846,048
Hubbell, Inc.	31,400		1,384,740
Integrated Device Technology, Inc. (b)	53,600		576,200
International Rectifier Corp. (b)	32,900		1,569,988
Intersil Corp.	77,900		1,462,183
Kemet Corp. (b)	44,200		278,460
Lam Research Corp. (b)	70,700		2,046,058
Lattice Semiconductor Corp. (b)	57,900		257,076
LTX Corp. (b)	31,300		155,248
Micrel, Inc. (b)	39,200		451,584
Microchip Technology, Inc.	106,300		3,148,606
Newport Corp. (b)	22,000		304,920

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Electronics (continued)
Plexus Corp. (b)	22,100	$	314,483
RF Micro Devices, Inc. (b)	95,900		520,737
SPX Corp.	38,300		1,761,034
Thomas & Betts Corp. (b)	30,600		864,144
TriQuint Semiconductor, Inc. (b)	70,791		235,734
Vishay Intertechnology, Inc. (b)	91,750		1,089,073
			24,399,502
Financial Services (4.5%)
Americredit Corp. (b)	75,300		1,920,150
Bank of Hawaii Corp.	26,700		1,355,025
BISYS Group, Inc. (The) (b)	61,600		920,304
Certegy, Inc.	31,500		1,203,930
Commerce Bancorp, Inc.	82,600		2,503,606
Eaton Vance Corp.	67,100		1,604,361
Edwards (A.G.), Inc.	39,300		1,774,395
Investors Financial Services Corp.	34,100		1,289,662
Jefferies Group, Inc.	26,500		1,004,085
Labranche & Co., Inc. (b)	29,400		185,220
Legg Mason, Inc.	56,100		5,840,571
PMI Group, Inc.	47,700		1,859,346
Raymond James Financial, Inc.	33,950		959,088
SEI Investments Co.	42,300		1,579,905
Waddell & Reed Financial, Inc.	42,700		789,950
			24,789,598
Food & Beverage (3.5%)
Constellation Brands, Inc. (b)	106,500		3,141,750
Dean Foods Co. (b)	76,733		2,704,071
Hormel Foods Corp.	53,600		1,572,088
J.M. Smucker Co.	29,767		1,397,263
Krispy Kreme Doughnuts, Inc. (b)	31,500		219,240
PepsiAmericas, Inc.	53,200		1,365,112
Sensient Technologies Corp.	24,100		496,701
Smithfield Foods, Inc. (b)	51,100		1,393,497
Tootsie Roll Industries, Inc.	21,573		631,010
Treehouse Foods, Inc. (b)	1		17
Tyson Foods, Inc.	155,081		2,760,442
Whole Foods Market, Inc.	33,300		3,939,390
			19,620,581
Gaming (0.6%)
Boyd Gaming Corp.	34,200		1,748,646
GTECH Holdings Corp.	58,600		1,713,464
			3,462,110

7

GARTMORE VARIABLE INSURANCE TRUST

DREYFUS GVIT MID CAP INDEX FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Healthcare (8.4%)
Apria Healthcare Group, Inc. (b)	25,000	$	866,000
Barr Laboratories, Inc. (b)	47,375		2,309,058
Beckman Coulter, Inc.	31,500		2,002,455
Cephalon, Inc. (b)	29,600		1,178,376
Community Health Systems, Inc. (b)	34,600		1,307,534
Covance, Inc. (b)	32,100		1,440,327
Coventry Health Care, Inc. (b)	54,699		3,869,953
Cytyc Corp. (b)	58,100		1,281,686
Dentsply International, Inc.	38,500		2,079,000
Edwards Lifesciences Corp. (b)	30,400		1,307,808
Health Net, Inc. (b)	57,400		2,190,384
Henry Schein, Inc. (b)	44,200		1,835,184
LifePoint Hospitals, Inc. (b)	26,200		1,323,624
Lincare Holdings, Inc. (b)	50,500		2,062,420
Omnicare, Inc.	53,500		2,270,005
PacifiCare Health Systems, Inc. (b)	44,400		3,172,380
Par Pharmaceutical Cos., Inc. (b)	17,400		553,494
Patterson Cos., Inc. (b)	70,100		3,160,108
Perrigo Co.	45,500		634,270
Renal Care Group, Inc. (b)	34,700		1,599,670
Sepracor, Inc. (b)	53,400		3,204,534
Steris Corp.	35,300		909,681
Triad Hospitals, Inc. (b)	41,208		2,251,605
Universal Health Services, Inc.	29,600		1,840,528
Varian Medical Systems, Inc. (b)	67,400		2,516,042
			47,166,126
Insurance (5.1%)
Allmerica Financial Corp. (b)	27,200		1,008,848
American Financial Group, Inc.	29,900		1,002,248
AmerUs Group Co.	20,000		961,000
Arthur J. Gallagher & Co.	47,500		1,288,675
Brown & Brown, Inc.	31,700		1,424,598
Everest Re Group Ltd.	28,700		2,669,100
Fidelity National Financial, Inc.	88,083		3,143,681
First American Financial Corp.	43,800		1,758,132
HCC Insurance Holdings, Inc.	35,600		1,348,172
Horace Mann Educators Corp.	21,900		412,158
Leucadia National Corp.	48,250		1,863,898
Ohio Casualty Corp.	31,900		771,342
Old Republic International Corp.	93,150		2,355,764
Protective Life Corp.	35,500		1,498,810
Radian Group, Inc.	43,900		2,072,958

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Insurance (continued)
Stancorp Financial Group, Inc.	14,300	$	1,095,094
Unitrin, Inc.	29,600		1,453,360
W.R. Berkley Corp.	60,800		2,169,344
			28,297,182
Machinery (0.7%)
AGCO Corp. (b)	46,100		881,432
Graco, Inc.	35,250		1,200,968
Tecumseh Products Co.	9,400		257,936
Zebra Technologies Corp., Class A (b)	36,700		1,607,093
			3,947,429
Manufacturing (3.1%)
Ametek, Inc.	35,500		1,485,675
Brink’s Co. (The)	28,900		1,040,400
Carlisle Cos., Inc.	15,900		1,091,217
Crane Co.	28,200		741,660
Diebold, Inc.	36,400		1,642,004
Donaldson Co., Inc.	38,800		1,176,804
Federal Signal Corp.	24,700		385,320
Flowserve Corp. (b)	28,200		853,332
Harsco Corp.	21,200		1,156,460
Hillenbrand Industry, Inc.	29,800		1,506,390
Nordson Corp.	16,700		572,476
Pentair, Inc.	51,800		2,217,558
Teleflex, Inc.	19,700		1,169,589
Trinity Industries, Inc.	21,700		695,051
Varian, Inc. (b)	17,400		657,546
York International Corp.	21,400		813,200
			17,204,682
Medical Products (0.9%)
Gen-Probe, Inc. (b)	25,800		934,734
INAMED Corp. (b)	18,400		1,232,248
Invitrogen Corp. (b)	26,500		2,207,185
Techne Corp. (b)	19,600		899,836
			5,274,003
Medical Services (0.4%)
Charles River Laboratories International, Inc. (b)	34,000		1,640,500
Martek Biosciences Corp. (b)	16,100		610,995
			2,251,495
Metals (0.2%)
Kennametal, Inc.	19,400		889,490

8

GARTMORE VARIABLE INSURANCE TRUST

DREYFUS GVIT MID CAP INDEX FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Mining (0.9%)
Arch Coal, Inc.	32,300	$	1,759,381
Peabody Energy Corp.	60,700		3,158,828
			4,918,209
Office Equipment & Supplies (0.6%)
Hni Corp.	26,400		1,350,360
Miller (Herman), Inc.	35,900		1,107,156
Reynolds & Reynolds Co.	29,400		794,682
			3,252,198
Oil & Gas (7.2%)
Cooper Cameron Corp. (b)	28,000		1,737,400
ENSCO International, Inc.	77,400		2,767,050
FMC Technologies, Inc. (b)	35,221		1,126,015
Forest Oil Corp. (b)	28,800		1,209,600
Grant Prideco, Inc. (b)	63,500		1,679,575
Hanover Compressor Co. (b)	39,900		459,249
Helmerich & Payne, Inc.	26,100		1,224,612
Murphy Oil Corp.	89,300		4,664,139
Newfield Exploration Co. (b)	64,400		2,568,916
Noble Energy, Inc.	44,400		3,358,860
Patterson-UTI Energy, Inc.	86,500		2,407,295
Pioneer Natural Resources Co.	73,400		3,088,672
Plains Exploration & Production Co. (b)	39,500		1,403,435
Pogo Producing Co.	31,100		1,614,712
Pride International, Inc. (b)	74,900		1,924,930
Smith International, Inc.	54,100		3,446,170
Tidewater, Inc.	31,000		1,181,720
Weatherford International Ltd. (b)	70,500		4,087,590
			39,949,940
Optical Supplies (0.2%)
Advanced Medical Optics, Inc. (b)	33,186		1,319,144
Paper & Forest Products (0.7%)
Bowater, Inc.	28,500		922,545
Glatfelter	19,100		236,840
Longview Fibre Co.	26,000		534,300
Potlatch Corp.	14,800		774,484
Rayonier, Inc.	25,618		1,358,523
			3,826,692
Pharmaceuticals (0.5%)
IVAX Corp. (b)	118,206		2,541,429

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Photography & Imaging (0.1%)
Imation Corp.	17,100	$	663,309
Publishing & Printing (1.8%)
American Greetings Corp., Class A	34,900		924,850
Banta Corp.	12,600		571,536
Belo Corp., Class A	54,500		1,306,365
Lee Enterprises, Inc.	23,100		926,079
Media General, Inc.	12,200		790,072
Readers Digest Association	50,800		838,200
Scholastic Corp. (b)	19,100		736,305
Valassis Communications, Inc. (b)	25,500		944,775
Washington Post Co.	3,570		2,981,057
			10,019,239
Real Estate Investment Trusts (3.0%)
AMB Property Corp.	42,900		1,863,147
Developers Diversified Realty Corp.	55,400		2,546,184
Highwood Properties, Inc.	27,400		815,424
Hospitality Properties Trust	34,400		1,516,008
Liberty Property Trust	44,400		1,967,364
Mack-Cali Realty Corp.	28,900		1,309,170
New Plan Excel Realty Trust	52,600		1,429,142
Regency Centers Corp.	32,200		1,841,840
United Dominion Realty Trust, Inc.	69,800		1,678,690
Weingarten Realty Investors	43,200		1,694,304
			16,661,273
Restaurants (1.4%)
Applebee’s International, Inc.	41,350		1,095,362
Bob Evans Farms, Inc.	18,000		419,760
Brinker International, Inc. (b)	45,200		1,810,259
CBRL Group, Inc.	23,900		928,754
Cheesecake Factory, Inc. (The) (b)	39,850		1,383,991
Outback Steakhouse, Inc.	34,700		1,569,828
Ruby Tuesday, Inc.	32,900		852,110
			8,060,064
Retail (7.7%)
99 Cents Only Stores (b)	30,100		382,571
Abercrombie & Fitch Co.	44,000		3,022,800
Aeropostale, Inc. (b)	28,300		950,880
American Eagle Outfitters Ltd.	70,700		2,166,955
Anntaylor Stores Corp. (b)	37,200		903,216
Barnes & Noble, Inc. (b)	32,200		1,249,360
BJ’s Wholesale Club, Inc. (b)	34,900		1,133,901

9

GARTMORE VARIABLE INSURANCE TRUST

DREYFUS GVIT MID CAP INDEX FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Retail (continued)
Borders Group, Inc.	36,200	$	916,222
Chico’s FAS, Inc. (b)	92,000		3,153,760
Claire’s Stores, Inc.	50,600		1,216,930
Copart, Inc. (b)	40,900		973,420
Dollar Tree Stores, Inc. (b)	55,350		1,328,400
Fastenal Co.	34,800		2,131,848
Foot Locker, Inc.	79,900		2,174,878
Michael’s Stores, Inc.	69,100		2,858,667
Nieman Marcus Group, Inc.	25,000		2,423,000
O’Reilly Automotive, Inc. (b)	53,900		1,606,759
Pacific Sunwear of California, Inc. (b)	38,300		880,517
Payless Shoesource, Inc. (b)	34,400		660,480
PETsMART, Inc.	73,200		2,221,620
Pier 1 Imports, Inc.	43,900		622,941
Regis Corp.	22,900		894,932
Ross Stores, Inc.	75,100		2,171,141
Ruddick Corp.	23,000		587,190
Saks, Inc. (b)	71,200		1,350,664
Tech Data Corp. (b)	30,000		1,098,300
Urban Outfitters, Inc. (b)	33,400		1,893,446
Williams Sonoma, Inc. (b)	59,100		2,338,587
			43,313,385
Schools (0.7%)
Education Management Corp. (b)	34,900		1,177,177
ITT Educational Services, Inc. (b)	23,500		1,255,370
Laureate Education, Inc. (b)	25,200		1,206,072
			3,638,619
Semiconductors (0.5%)
Fairchild Semiconductor International, Inc. (b)	61,000		899,750
Integrated Circuit Systems, Inc. (b)	35,700		736,848
Semtech Corp. (b)	37,700		627,705
Silicon Laboratories, Inc. (b)	23,200		608,072
			2,872,375
Shipping & Transportation (2.4%)
Alexander & Baldwin, Inc.	22,300		1,033,605
CNF Transportation, Inc.	26,800		1,203,320
Expeditors International of Washington, Inc.	54,400		2,709,664
GATX Corp.	25,500		879,750
Hunt (J.B.) Transport Services, Inc.	69,500		1,341,350
Overseas Shipholding Group, Inc.	17,700		1,055,805

Shares or Principal Amount		Value
COMMON STOCKS (continued)
Shipping & Transportation (continued)
Robinson (C.H.) Worldwide, Inc.	43,700	$	2,543,340
Swift Transportation Co., Inc. (b)	31,700		738,293
Werner Enterprises, Inc.	32,350		635,354
Yellow Roadway Corp. (b)	29,300		1,488,440
			13,628,921
Steel (0.2%)
Steel Dynamics, Inc.	21,000		551,250
Worthington Industries, Inc.	40,800		644,640
			1,195,890
Utilities (7.5%)
AGL Resources, Inc.	39,300		1,518,945
Alliant Energy Corp.	59,300		1,669,295
Aqua America, Inc.	48,800		1,451,312
Aquila, Inc. (b)	123,300		445,113
Black Hills Corp.	16,600		611,710
DPL, Inc.	64,500		1,770,525
Duquesne Light Holdings, Inc.	39,500		737,860
Energy East Corp.	75,100		2,176,398
Equitable Resources, Inc.	31,100		2,114,800
Great Plains Energy, Inc.	38,000		1,211,820
Hawaiian Electric Industries, Inc.	41,200		1,104,572
Idacorp, Inc.	21,500		658,545
MDU Resources Group, Inc.	60,400		1,701,468
National Fuel Gas Co.	40,000		1,156,400
Northeast Utilities	66,000		1,376,760
NSTAR	54,400		1,677,152
Oklahoma Gas & Electric Co.	46,000		1,331,240
Oneok, Inc.	52,000		1,697,800
Pepco Holdings, Inc.	96,238		2,303,938
PNM, Inc.	35,150		1,012,672
Puget Energy, Inc.	51,000		1,192,380
Questar Corp.	43,200		2,846,879
Scana Corp.	57,900		2,472,909
Sierra Pacific Resources (b)	59,900		745,755
Vectren Corp.	38,800		1,114,724
Westar Energy, Inc.	44,200		1,062,126
Western Gas Resources, Inc.	32,900		1,148,210
WGL Holdings, Inc.	24,800		834,272
Wisconsin Energy Corp.	59,600		2,324,401
WPS Resources Corp.	19,300		1,085,625
			42,555,606
Veterinary Diagnostics (0.2%)
VCA Antech, Inc. (b)	39,000		945,750

10

GARTMORE VARIABLE INSURANCE TRUST

DREYFUS GVIT MID CAP INDEX FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

Shares or Principal Amount			Value
COMMON STOCKS (continued)
Waste Disposal (0.6%)
Republic Services, Inc.		65,800	$	2,369,458
Stericycle, Inc. (b)		22,500		1,132,200
				3,501,658
Total Common Stocks				548,274,129
TREASURY BILL (0.1%)
US Treasuries (0.1%)
U.S. Treasury Bill, 2.97%, 09/22/05	$	360,000		357,503
Total Treasury Bill				357,503
CASH EQUIVALENTS (1.4%)
Investments in repurchase agreements (Collateralized by AA Corporate Bonds, in a joint trading account at 3.34%, dated 06/30/05, due 07/01/05, repurchase price $7,889,460)		7,888,728		7,888,728
Total Cash Equivalents				7,888,728

Shares or Principal Amount			Value
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (21.6%)
Pool of short-term securities for Gartmore Variable Trust Funds — note 2 (Securities Lending)	$	120,005,144	$	120,005,144
Total Short-Term Securities Held as Collateral for Securities Lending				120,005,144
Total Investments (Cost $573,638,443) (a) — 121.5%				676,525,504
Liabilities in excess of other assets — (21.5)%				(119,719,505	)
NET ASSETS — 100.0%			$	556,805,999

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(b) Denotes a non-income producing security

(c) Pledged as collateral for futures.

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

Number of Contracts	Long Contract	Expiration	Market Value Covered by Contracts		Unrealized Depreciation at 06/30/05
128	S&P 400 Mini Midcap 400 Future	09/22/05	$	8,810,880.00	$	(14,570	)

See notes to financial statements.

11

GARTMORE VARIABLE INSURANCE TRUST

DREYFUS GVIT MID CAP INDEX FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $565,749,715)	$	668,636,776
Repurchase agreements, at cost and value		7,888,728
Total Investments		676,525,504
Cash		4,910
Interest and dividends receivable		361,649
Receivable for investments sold		142,999
Prepaid expenses and other assets		35,622
Total Assets		677,070,684
Liabilities:
Payable for variation margin on futures contracts		30,830
Payable for return of collateral received for securities on loan		120,005,144
Accrued expenses and other payables:
Investment advisory fees		129,850
Fund administration and transfer agent fees		16,837
Distribution fees		3,907
Administrative servicing fees		62,225
Other		15,892
Total Liabilities		120,264,685
Net Assets	$	556,805,999
Represented by:
Capital	$	456,176,559
Accumulated net investment income (loss)		812,126
Accumulated net realized gain (losses) from investment and futures transactions		(3,055,173	)
Net unrealized appreciation (depreciation) on investments and futures		102,872,487
Net Assets	$	556,805,999
Net Assets:
Class I Shares	$	537,233,189
Class II Shares		19,572,810
Total	$	556,805,999
Shares outstanding (unlimited number of shares authorized):
Class I Shares		31,595,250
Class II Shares		1,154,790
Total		32,750,040
Net asset value and offering price per share:*
Class I Shares	$	17.00
Class II Shares	$	16.95

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	92,119
Dividend income		3,923,094
Income from securities lending		118,692
Total Income		4,133,905
Expenses:
Investment advisory fees		767,840
Fund administration and transfer agent fees		175,402
Distribution fees Class II Shares		20,235
Administrative servicing fees Class I Shares		379,675
Administrative servicing fees Class II Shares		7,237
Other**		88,886
Total Expenses		1,439,275
Net Investment Income (Loss)		2,694,630
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		9,599,191
Net realized gains (losses) on futures		(199,531	)
Net realized gains (losses) on investment and futures transactions		9,399,660
Net change in unrealized appreciation/depreciation on investments and futures		6,172,636
Net realized/unrealized gains (losses) on investments and futures		15,572,296
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,266,926

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

12

GARTMORE VARIABLE INSURANCE TRUST

DREYFUS GVIT MID CAP INDEX FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	2,694,630		$	2,968,699
Net realized gains (losses) on investment and futures transactions		9,399,660			20,689,475
Net change in unrealized appreciation /depreciation on investments and futures		6,172,636			48,685,578
Change in net assets resulting from operations		18,266,926			72,343,752
Distributions to Class I shareholders from:
Net investment income		(2,151,250	)		(2,597,273	)
Net realized gains on investments		(4,309,837	)		(12,427,707	)
Distributions to Class II shareholders from:
Net investment income		(56,885	)		(46,325	)
Net realized gains on investments		(157,445	)		(357,541	)
Change in net assets from shareholder distributions		(6,675,417	)		(15,428,846	)
Change in net assets from capital transactions		(2,626,554	)		50,287,716
Change in net assets		8,964,955			107,202,622
Net Assets:
Beginning of period		547,841,044			440,638,422
End of period	$	556,805,999		$	547,841,044
CAPITAL TRANSACTIONS:
Class I Capital Transactions:
Proceeds from shares issued	$	43,542,780		$	92,861,658
Dividends reinvested		6,461,063			15,024,967
Cost of shares redeemed		(56,380,413	)		(63,446,695	)
		(6,376,570	)		44,439,930
Class II Capital Transactions:
Proceeds from shares issued		5,783,335			9,656,717
Dividends reinvested		214,330			403,865
Cost of shares redeemed		(2,247,649	)		(4,212,796	)
		3,750,016			5,847,786
Change in net assets from capital transactions	$	(2,626,554	)	$	50,287,716
SHARE TRANSACTIONS:
Class I Share Transactions:
Issued		2,621,537			6,041,748
Reinvested		385,875			915,623
Redeemed		(3,462,960	)		(4,194,943	)
		(455,548	)		2,762,428
Class II Share Transactions:
Issued		351,952			634,817
Reinvested		12,830			24,589
Redeemed		(137,793	)		(278,161	)
		226,989			381,245

See notes to financial statements.

13

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Dreyfus GVIT Mid Cap Index Fund

			Investment Activities					Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains (Losses)		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class I Shares
Year Ended December 31, 2000	$	12.32	0.07	1.79		1.86		(0.09	)	(0.54	)	(0.63	)	$	13.55	15.21%		$	145,350	0.65%		0.68%		0.90%		0.43%		83.45%
Year Ended December 31, 2001(c)	$	13.55	0.07	(0.25	)	(0.18	)	(0.07	)	(0.13	)	(0.20	)	$	13.17	(1.30%	)	$	257,623	0.65%		0.53%		0.78%		0.40%		28.43%
Year Ended December 31, 2002	$	13.17	0.04	(2.05	)	(2.01	)	(0.04	)	(0.10	)	(0.14	)	$	11.02	(15.30%	)	$	285,970	0.74%		0.37%		0.75%		0.36%		27.32%
Year Ended December 31, 2003	$	11.02	0.06	3.75		3.81		(0.06	)	(e	)	(0.06	)	$	14.77	34.65%		$	432,589	0.74%		0.49%		(h	)	(h	)	11.58%
Year Ended December 31, 2004	$	14.77	0.09	2.23		2.32		(0.08	)	(0.40	)	(0.48	)	$	16.61	15.73%		$	532,474	0.60%		0.62%		(h	)	(h	)	15.90%
Six Months Ended June 30, 2005 (Unaudited)	$	16.61	0.09	0.51		0.60		(0.07	)	(0.14	)	(0.21	)	$	17.00	3.67%	(f)	$	537,233	0.53%	(g)	1.02%	(g)	(h	)	(h	)	7.36%
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	(18.44%	)(f)	$	1,232	0.96%	(g)	0.25%	(g)	(h	)	(h	)	27.32%
Year Ended December 31, 2003	$	11.00	0.03	3.74		3.77		(0.04	)	(e	)	(0.04	)	$	14.73	34.30%		$	8,049	0.98%		0.27%		(h	)	(h	)	11.58%
Year Ended December 31, 2004	$	14.73	0.07	2.22		2.29		(0.06	)	(0.40	)	(0.46	)	$	16.56	15.50%		$	15,367	0.78%		0.45%		(h	)	(h	)	15.90%
Six Months Ended June 30, 2005 (Unaudited)	$	16.56	0.06	0.52		0.58		(0.05	)	(0.14	)	(0.19	)	$	16.95	3.60%	(f)	$	19,573	0.72%	(g)	0.82%	(g)	(h	)	(h	)	7.36%

(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.

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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”) and Great West Life & Annuity Insurance Company have purchased shares of the Trust’s series. 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 Dreyfus GVIT Mid Cap Index Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Trust’s 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 Fund’s investment adviser or designee,

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

are valued at fair value under procedures approved by the Fund’s Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account the relevant factors and surrounding circumstances. Information 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 for which market quotations are not reliable or readily available and for securities whose value is affected by a “significant” event that will materially affect the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e. a “subsequent event”). Typically this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values 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 Fund, the Fund will fair value its 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 Fund’s 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 these prices will have a material impact on the net asset value of the Fund. When the Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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.

16

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(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 also may 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) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund 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 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.

(g) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the 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 the Fund.

17

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(h) 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.

(i) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

The cash collateral received by the Fund was pooled and, at June 30, 2005, was invested in the following:

Security Type	Security Name	Market Value		Maturity Rate		Maturity Date
Commercial Paper	HSBC Finance Corp.	$	13,937,600	3.14	%	07/05/05
Commercial Paper	MacQuarie Bank Ltd.		24,968,403	3.25	%	07/01/05
Commercial Paper	Master Fund LLC Series B		4,983,761	3.17	%	07/14/05
Domestic Certificates of Deposit — Fixed	Washington Mutual Bank FA		12,002,605	3.15	%	08/01/05
Funding Agreement	GE Life and Annuity		3,500,000	3.32	%	07/14/05
Funding Agreement	Protective Life Insurance Company		15,000,000	3.31	%	07/29/05
Master Note — Floating	CDC Financial Product Inc.		3,100,000	3.54	%	07/01/05
Medium Term Note — Floating	General Electric Capital Corp.		10,501,793	3.37	%	09/08/05
Money Market Fund	JPM S/L Collateral Investment		1,000,000	3.26	%	07/01/05
Repurchase Agreements	Nomura Securities		25,996,839	3.48	%	07/01/05
Yankee Certificates of Deposit — Floating	Canadian Imperial Bank NY		4,999,112	3.52	%	07/01/05

As of June 30, 2005, the Fund had securities with the following market values on loan:

Market Value of Loaned Securities	Market Value of Collateral
$116,938,934	$	120,005,144

(j) Distributions to Shareholders

Dividends from net investment income, if any, are declared and paid quarterly. 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 the American Institute of Certified Public Accountants (“AICPA”) 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

18

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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 Fund. 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.

(k) 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
$13,151,144	$126,250,290	$(36,514,377)	$89,735,913

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders. In addition, GMF provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the Dreyfus Corporation, the Fund’s subadviser (the “subadviser”). The subadviser manages the Fund’s investments and has responsibility for making all investment decisions for the Fund.

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

Fee Schedule	Total Fees	Fees Retained	Paid to Sub-adviser
$0 up to $250 million	0.30%	0.20%	0.10%
$250 million up to $500 million	0.29%	0.20%	0.09%
$500 million up to $750 million	0.28%	0.20%	0.08%
$750 million up to $1 billion	0.27%	0.20%	0.07%
$1 billion and more	0.25%	0.20%	0.05%

19

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on an annual rate not to exceed 0.25% of the average daily net assets of the Class II shares of the Fund.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; 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 the Fund.

4. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $39,154,174 and sales of $41,065,628.

20

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

5. Bank Loans

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

6. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)

21

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)

22

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

23

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

24

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

25

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

26

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President - Operations for GGI3, GMFCT3, and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

27

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

28

Gartmore GVIT Global Technology and Communications Fund

Semiannual Report

|  June 30, 2005

	Contents
6	Statement of Investments
8	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Global Technology and Communications Fund

On Jan. 4, 2005, Portfolio Manager Chip Zhu took over full responsibility of the Fund due to the departure of former co-Portfolio Manager Aaron Harris. The Fund has been repositioned to have a small- to mid-cap bias with stock selection focused on more valuation-sensitive securities. The industry risk, tracking error and beta—the measurement of the fund’s volatility as compared to that of the fund’s benchmark index—have been reduced, and the emphasis is on stock selection to add value.

For the semiannual period ended June 30, 2005, the Gartmore GVIT Global Technology and Communications Fund returned -11.89% (Class I at NAV) versus -7.55% for its benchmark, the Goldman Sachs Technology Composite Index (GSTI^®).

Global technology and communications stocks struggled during the reporting period, even a decent rally in May was not enough to overcome declines suffered in January, March and April. In relation to the Fund’s benchmark, the biggest negative was the Fund’s significant overweighting in the Internet software and services group. In the first week of 2005, the prices of stocks in this group suddenly fell, putting the Fund’s performance behind that of the benchmark by almost five percentage points. On the positive side, Fund performance benefited from the Fund’s underweight positions in the communications equipment group as well as in Internet and catalog retailing.

In January, with the change in portfolio management noted above, the Fund’s holdings began to be restructured to implement an investment strategy which should improve results for the long term. A shift occurred from a thematic management style, which uses a top-down approach focusing on various themes or ideas offering potentially above-average growth, to a greater emphasis on fundamental, bottom-up stock selection. This transition led to the sale of certain stocks that appeared overvalued or that lacked superior growth characteristics. One liquidated position that nevertheless detracted significantly from the Fund’s performance was Sonus Networks, Inc. Also hurting performance were TIBCO Software Inc. and eBay Inc., one of the stocks in which the Fund carried an overweight exposure early in the reporting period, when Internet shares suffered steep declines.

After missing its fourth-quarter earnings estimates, eBay lowered its guidance for the first quarter and all of 2005, citing higher advertising costs as the major factor cutting into profits. Toward the end of the period the Fund purchased more eBay, but it remained an underweight position, which reflected concern about the stock’s valuation.

The share price of security software provider Symantec Corp., another of the Fund’s detractors, sank due to investors’ skepticism about the company’s plan to acquire VERITAS Software Corp.

Although the Fund’s emphasis on mid- and small-cap stocks increased during the reporting period, two large-cap stalwarts were particularly beneficial to performance: Intel Corp. and Hewlett-Packard Co. In both cases, the Fund moved to an overweight position by the end of the period, in large part because of a change in CEO and an accompanying favorable shift in strategic direction. Also aiding performance was ARRIS Group, Inc., a provider of communication equipment to major cable television companies worldwide. Aggressive investment by cable firms to expand their broadband capabilities helped the stock to post a return of more than 30% during the reporting period. Another holding boosting the Fund’s performance was 24/7 Real Media, Inc., a provider of interactive marketing and technology solutions. The 24/7 stock experienced a respectable rally near the end of the period after the company announced better-than-expected earnings in May and raised full-year profit guidance.

Given widespread expectations for the economy to slow and the current tepid level of information technology spending, the Fund is positioned for greater sensitivity to valuations. The Fund is likely to maintain a focus on less-widely followed names in the small- and mid-cap segments, where more opportunity appears to exist for uncovering hidden growth stories that other investors have not yet discovered. Finally, the Fund will continue striving to add value through careful bottom-up, fundamental stock selection—an investment strategy that involves considering companies simply on their own merit, without regard to their given industries/sectors or the current economic conditions.

PORTFOLIO MANAGER: Chip Zhu

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

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

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

Funds that concentrate on specific sectors or a relatively small number of securities may be subject to greater volatility than a more diversified investment.

1

Gartmore GVIT Global Technology and Communications Fund (continued)

Goldman Sachs Technology Composite Index (GSTI^®): An unmanaged, market capitalization-weighted index that is designed to measure the performance of companies in the technology sector.

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance Gartmore GVIT Global Technology and Communications Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Five years	Inception2
Class I	-11.89%	-8.82%	-18.90%	-18.90%
Class II3	-12.14%	-9.09%	-18.94%	-18.94%
Class III3	-11.79%	-8.75%	-18.75%	-18.75%
Class VI3	-12.14%	-9.09%	-18.97%	-18.97%

* Not Annualized.

1 Not subject to any sales charges.

2 Fund commenced operations on June 30, 2000.

3 These returns until the creation of the Class II shares (March 28, 2003) and Class III shares (May 2, 2002) and through December 31, 2003 for the Class VI shares are based on the performance of the Class I shares of the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class II, Class III and Class VI shares would have produced because all classes of shares invest in the same portfolio of securities. Class II and Class VI shares’ annual returns have been restated to reflect the additional fees applicable to Class II and Class VI shares and therefore are lower than those of Class I. For Class III and Class VI shares, these returns do not reflect the short-term trading fees applicable to such shares; if these fees were reflected, the annual returns for Class III shares would have been lower.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class I shares of the Gartmore GVIT Global Technology and Communications Fund, Goldman Sachs Technology Composite Index (GSTI)(a) and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) GSTI (new) is an unmanaged, modified, market capitalization-weighted index that is designed to measure the performance of companies in the technology sector.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Gartmore GVIT Global Technology and Communications Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Global Technology and Communications Fund
Class I	Actual	$	1,000	$	881	$	6.02	1.29%
	Hypothetical1	$	1,000	$	1,019	$	6.48	1.29%
Class II	Actual	$	1,000	$	879	$	7.22	1.55%
	Hypothetical1	$	1,000	$	1,017	$	7.78	1.55%
Class III	Actual	$	1,000	$	882	$	6.07	1.30%
	Hypothetical1	$	1,000	$	1,019	$	6.53	1.30%
Class VI	Actual	$	1,000	$	879	$	6.52	1.40%
	Hypothetical1	$	1,000	$	1,018	$	7.03	1.40%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

(June 30, 2005) Gartmore GVIT Global Technology and Communications Fund

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

Asset Allocation
Common Stocks	96.0%
Cash Equivalents	1.9%
Other Investments*	13.6%
Liabilities in excess of other assets**	-11.5%
	100.0%

Top Holdings***
Microsoft Corp.	7.8%
Intel Corp.	6.8%
International Business Machines Corp.	5.8%
Cisco Systems, Inc.	5.3%
Dell, Inc.	4.3%
Sonic Solutions	4.1%
TTM Technologies, Inc.	3.4%
Hewlett Packard Co.	3.3%
Oracle Corp.	3.3%
ATI Technologies, Inc.	2.9%
Other Holdings	53.0%
	100.0%

Top Industries
Electronic Components	18.1%
Computer Software	15.6%
Computer Hardware	14.5%
Telecommunication Equipment	8.5 %
Computer Services	7.2 %
Networking	6.4 %
Semiconductors	5.2 %
Wireless Equipment	3.9 %
Internet Services/Software	3.8 %
Computers — Peripheral Equipment	3.7 %
Other Industries	13.1%
	100.0%

* Includes value of collateral received from securities lending.

** Includes value of collateral owed from securities lending.

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

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GLOBAL TECHNOLOGY AND COMMUNICATIONS FUND

Statement of Investments — June 30, 2005 (Unaudited)

	Shares or Principal Amount	Value
COMMON STOCKS (96.0%)
Advertising (1.0%)
24/7 Real Media, Inc.	85,200	$	348,468
Amusement & Recreation (0.8%)
Movie Gallery	10,400		274,872
Computer Hardware (14.5%)
Dell, Inc. (b)	37,900		1,497,429
EMC Corp. (b)	27,400		375,654
Hewlett Packard Co.	48,800		1,147,288
International Business Machines Corp.	26,800		1,988,560
			5,008,931
Computer Services (7.2%)
ATI Technologies, Inc. (b)	84,700		1,003,695
Cognizant Technology Solutions Corp.,	21,200		999,156
Class A (b)
Unisys Corp. (b)	77,500		490,575
			2,493,426
Computer Software (15.2%)
AutoDesk, Inc.	4,700		161,539
Emulex Corp. (b)	8,900		162,514
Microsoft Corp.	108,600		2,697,624
Oracle Corp. (b)	85,400		1,127,280
Packeteer, Inc. (b)	13,800		194,580
Siebel Systems, Inc. (b)	58,900		524,210
Synaptics, Inc. (b)	17,000		363,120
			5,230,867
Computers—Peripheral Equipment (3.7%)
BMC Software, Inc.	38,900		698,255
M-Systems Flash Disk Pioneers, Ltd.	30,400		582,768
			1,281,023
E-Commerce (1.3%)
eBay, Inc. (b)	13,500		445,635
Electronic Components (18.1%)
Broadcom Corp., Class A (b)	4,700		166,897
Catapult Communications Corp.	26,300		448,678
Emcore Corp.	53,600		221,368
Intel Corp.	90,300		2,353,218
Sonic Solutions (b)	75,200		1,398,720
TTM Technologies, Inc. (b)	151,500		1,152,915
Xilinx, Inc.	18,000		459,000
			6,200,796

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Electronic Equipment (1.6%)
Novatel Inc.	8,900	$	238,787
Rambus Inc. (b)	23,800		318,444
			557,231
Instruments—Scientific (0.7%)
PerkinElmer, Inc.	12,000		226,800
Internet Services/Software (3.8%)
Blue Coat Systems, Inc.	6,600		197,208
Sapient Corp. (b)	84,500		670,085
Tibco Software, Inc. (b)	25,000		163,500
VeriSign, Inc. (b)	10,200		293,352
			1,324,145
Networking (6.4%)
Cisco Systems, Inc. (b)	95,700		1,828,827
Juniper Networks, Inc. (b)	14,700		370,146
			2,198,973
Office machines (1.2%)
Xerox Corp.	29,600		408,184
Semiconductors (5.2%)
Analog Devices, Inc.	14,000		522,340
Cymer, Inc. (b)	6,100		160,735
KLA-Tencor Corp.	10,900		476,330
Texas Instruments, Inc.	23,000		645,610
			1,805,015
Telecommunication Equipment (8.5%)
Adc Telecomm, Inc.	15,700		341,789
Adtran, Inc.	6,700		166,093
Arris Group, Inc. (b)	96,700		842,257
AudioCodes LTD (Israel)	15,600		155,220
Lucent Technologies, Inc. (b)	115,800		336,978
Neustar, Inc.	16,700		427,520
Tekelec (b)	10,100		169,680
Westell Technologies, Inc.	81,700		488,566
			2,928,103
Telephone communication (2.9%)
Motorola, Inc.	36,700		670,142
Nokia Corp. ADR FI	9,800		163,072
Redback Networks, Inc.	25,100		160,138
			993,352
Wireless Equipment (3.9%)
Qualcomm, Inc.	28,900		953,989
RF Micro Devices, Inc.	70,900		384,987
			1,338,976
Total Common Stocks			33,064,797

6

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GLOBAL TECHNOLOGY AND COMMUNICATIONS FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount		Value
CASH EQUIVALENTS (1.9%)
Investments in repurchase agreements (collateralized by AA Corporate Bonds in a joint trading account at 3.49%, dated 06/30/05, due 07/01/05, repurchase price $660,358)	$	660,293	$	660,293
Total Cash Equivalents				660,293
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (13.6%)
Pool of short-term securities for Gartmore Variable Trust Funds — note 2 (Securities Lending)		4,693,903		4,693,903
Total Short-Term Securities Held as Collateral for Securities Lending				4,693,903

	Shares or Principal Amount	Value
Total Investments (Cost $38,284,033) (a) — 111.5%		$	38,418,993
Liabilities in excess of other assets — (11.5%)			(3,955,690	)
NET ASSETS — 100.0%		$	34,463,303

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(b) Non-income producing securities.

ADR American Depository Receipt

FI Finland

See notes to financial statements.

7

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GLOBAL TECHNOLOGY AND COMMUNICATIONS FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $37,623,740)	$	37,758,700
Repurchase agreements, at cost and value		660,293
Total Investments		38,418,993
Foreign currencies, at value (cost $896,169)		944,541
Receivable for capital shares issued		6
Interest and dividends receivable		12,742
Receivable for investments sold		338,710
Prepaid expenses and other assets		333
Total Assets		39,715,325
Liabilities:
Payable for investments purchased		512,600
Payable for return of collateral received for securities on loan		4,693,903
Accrued expenses and other payables:
Investment advisory fees		27,732
Fund administration and transfer agent fees		433
Distribution fees		902
Administrative servicing fees		2,982
Other		13,470
Total Liabilities		5,252,022
Net Assets	$	34,463,303
Represented by:
Capital	$	49,010,894
Accumulated net investment income (loss)		(123,219	)
Accumulated net realized gains (losses) from investment and foreign currency transactions		(14,607,705	)
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		183,333
Net Assets	$	34,463,303
Net Assets:
Class I Shares	$	14,072,764
Class II Shares		1,615,848
Class III Shares		16,038,942
Class VI Shares		2,735,749
Total	$	34,463,303
Shares outstanding (unlimited number of shares authorized):
Class I Shares		4,129,120
Class II Shares		475,128
Class III Shares		4,669,255
Class VI Shares		803,544
Total		10,077,047
Net asset value and offering price per share:*
Class I Shares	$	3.41
Class II Shares	$	3.40
Class III Shares	$	3.44
Class VI Shares	$	3.40

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	10,675
Dividend income		77,993
Income from securities lending		17,136
Total Income		105,804
Expenses:
Investment advisory fees		170,721
Fund administration and transfer agent fees		12,405
Distribution fees Class II Shares		2,259
Distribution fees Class VI Shares		2,994
Administrative servicing fees Class I Shares		9,779
Administrative servicing fees Class II Shares		1,313
Administrative servicing fees Class III Shares		12,526
Other**		17,026
Total Expenses		229,023
Net Investment Income (Loss)		(123,219	)
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		(2,219,585	)
Net realized gains (losses) on foreign currency transactions		83
Net realized gains (losses) on investment and foreign currency transactions		(2,219,502	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(3,266,885	)
Net realized/unrealized gains (losses) on investments and foreign currencies		(5,486,387	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,609,606	)

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

8

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GLOBAL TECHNOLOGY AND COMMUNICATIONS FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	(123,219	)	$	(358,914	)
Net realized gains (losses) on investment and foreign currency transactions		(2,219,502	)		(2,493,186	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(3,266,885	)		2,092,250
Change in net assets resulting from operations		(5,609,606	)		(759,850	)
Change in net assets from capital transactions		(7,828,646	)		(2,824,060	)
Change in net assets		(13,438,252	)		(3,583,910	)
Net Assets:
Beginning of period		47,901,555			51,485,465
End of period	$	34,463,303		$	47,901,555
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	3,788,613		$	13,348,148
Cost of shares redeemed		(7,561,936	)		(9,682,763	)
		(3,773,323	)		3,665,385
Class II Shares
Proceeds from shares issued		849			4,248,694
Cost of shares redeemed		(495,848	)		(3,829,138	)
		(494,999	)		419,556
Class III Shares
Proceeds from shares issued		2,052,967			12,911,950
Cost of shares redeemed		(5,976,049	)		(22,278,002	)
		(3,923,082	)		(9,366,052	)
Class VI Shares
Proceeds from shares issued		934,711			2,727,660	(a)
Cost of shares redeemed		(571,953	)		(270,609	)(a)
		362,758			2,457,051
Change net assets from capital transactions	$	(7,828,646	)	$	(2,824,060	)
SHARE TRANSACTIONS:
Class I Shares
Issued		1,122,450			3,535,990
Redeemed		(2,196,911	)		(2,633,623	)
		(1,074,461	)		902,367
Class II Shares
Issued		220			1,084,304
Redeemed		(147,889	)		(1,034,233	)
		(147,669	)		50,071
Class III Shares
Issued		617,269			3,334,188
Redeemed		(1,753,958	)		(6,455,511	)
		(1,136,689	)		(3,121,323	)
Class VI Shares
Issued		278,120			775,393	(a)
Redeemed		(170,529	)		(79,440	)(a)
		107,591			695,953

(a) For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

See notes to financial statements.

9

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Global Technology and Communications Fund

			Investment Activities						Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Realized Gains		Return of Capital		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
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)	$	12,127	1.35%	(h)	(0.44%	)(h)	2.57%	(h)	(1.66%	)(h)	305.36%
Year Ended December 31, 2001(d)	$	7.35	(0.03	)	(3.11	)	(3.14	)	—		—		—		$	4.21	(42.72%	)	$	15,585	1.35%		(0.88%	)	2.02%		(1.55%	)	894.05%
Year Ended December 31, 2002	$	4.21	(0.03	)	(1.77	)	(1.80	)	—		(0.02	)	(0.02	)	$	2.39	(42.78%	)	$	7,791	1.34%		(0.65%	)	1.39%		(0.70%	)	879.28%
Year Ended December 31, 2003	$	2.39	(0.03	)	1.35		1.32		—		—		—		$	3.71	55.23%		$	15,960	1.24%		(0.94%	)	(i	)	(i	)	1045.37%
Year Ended December 31, 2004	$	3.71	(0.02	)	0.18		0.16		—		—		—		$	3.87	4.31%		$	20,144	1.30%		(0.69%	)	(i	)	(i	)	728.29%
Six Months Ended June 30, 2005 (Unaudited)	$	3.87	(0.01	)	(0.45	)	(0.46	)	—		—		—		$	3.41	(11.89%	)(g)	$	14,073	1.29%	(h)	(0.68%	)(h)	(i	)	(i	)	319.44%
Class II Shares
Period Ended December 31, 2003(e)	$	2.45	(0.01	)	1.28		1.27		—		—		—		$	3.72	51.84%	(g)	$	2,128	1.49%	(h)	(1.27%	)(h)	(i	)	(i	)	1045.37%
Year Ended December 31, 2004	$	3.72	(0.05	)	0.20		0.15		—		—		—		$	3.87	4.03%		$	2,409	1.53%		(0.98%	)	(i	)	(i	)	728.29%
Six Months Ended June 30, 2005 (Unaudited)	$	3.87	(0.02	)	(0.45	)	(0.47	)	—		—		—		$	3.40	(12.14%	)(g)	$	1,616	1.55%	(h)	(0.94%	)(h)	(i	)	(i	)	319.44%
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)	$	5,822	1.37%	(h)	(3.49%	)(h)	1.79%		(3.91%	)	879.28%
Year Ended December 31, 2003	$	2.41	(0.02	)	1.35		1.33		—		—		—		$	3.74	55.19%		$	33,398	1.25%		(1.00%	)	(i	)	(i	)	1045.37%
Year Ended December 31, 2004	$	3.74	(0.04	)	0.20		0.16		—		—		—		$	3.90	4.28%		$	22,656	1.28%		(0.73%	)	(i	)	(i	)	728.29%
Six Months Ended June 30, 2005 (Unaudited)	$	3.90	(0.01	)	(0.45	)	(0.46	)	—		—		—		$	3.44	(11.79%	)(g)	$	16,039	1.30%	(h)	(0.69%	)(h)	(i	)	(i	)	319.44%
Class VI Shares
Period Ended December 31, 2004(j)	$	3.59	(0.01	)	0.29		0.28		—		—		—		$	3.87	7.80%	(g)	$	2,693	1.46%	(h)	(0.44%	)(h)	(i	)	(i	)	728.29%
Six Months Ended June 30, 2005 (Unaudited)	$	3.87	(0.01	)	(0.46	)	(0.47	)	—		—		—		$	3.40	(12.14%	)(g)	$	2,736	1.40%	(h)	(0.79%	)(h)	(i	)	(i	)	319.44%

(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 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 December 31, 2004.

See notes to financial statements.

10

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT Global Technology and Communications Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these 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

11

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values 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 Fund, the Fund will fair value its 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 Fund’s 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 these prices will have a material impact on the net asset value of the Fund. When the Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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.

12

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Certain countries also may 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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the 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

13

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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 the Fund.

(i) Security Transactions and Investment Income

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

(j) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

Security Type	Security Name	Market Value		Maturity Rate	Maturity Date
Funding Agreement	GE Life and Annuity	$	400,000	3.32%	07/14/05
Master Note — Floating	CDC Financial Product Inc.		1,000,000	3.54%	07/01/05
Repurchase Agreements	Nomura Securities		3,293,903	3.48%	07/01/05

The cash collateral received by the Fund was pooled and, at June 30, 2005, was invested in the following:

As of June 30, 2005, the Fund had securities with the following market values on loan:

Market Value of Loaned Securities	Market Value of Collateral
$4,536,732	$	4,693,903

(k) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(l) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$509,051	$	1,011,864	$	(1,385,955	)	$	(374,091	)

(m) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders

Under the terms of the Investment Advisory Agreement, the Fund pays GMF an investment advisory fee based on the Fund’s average daily net assets and the following schedule:

Fee Schedule	Fees
$0 up to $500 million	0.98%
$500 million up to $2 billion	0.93%
$2 billion and more	0.88%

GMF and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage fees, extraordinary expenses, short sale dividend expenses, Rule 12b-1 fees, and administrative service fees) from exceeding 1.23% for all classes until at least May 1, 2006.

GMF may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by GMF, respectively, pursuant to the Expense Limitation Agreement 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 the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by GMF is not permitted.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

As of the six months ended June 30, 2005, there were no cumulative potential reimbursements for all classes of shares of the Fund, based on reimbursements which expires within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by GMF.

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VI shares of the Fund. These fees are based on average daily net assets of Class II and Class VI shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing

16

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

shareholder sub-accounting; answering inquires regarding the Fund; 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 the Fund.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III and Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III or Class VI 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 or Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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 or Class VI 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $113,663,791 and sales of $121,790,111.

6. Bank Loans

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

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)

18

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

19

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

8. Subsequent Event

On July 29, 2005, the Trust filed a Post-Effective Amendment to its Registration Statement on Form N-1A to change the structure of the Fund’s investment advisory fee from the current asset-based fee structure to a performance based fee structure on or about October 1, 2005. On that date, or, if later, upon SEC effectiveness, the Fund will immediately lower its base advisory fee by 0.10% at each breakpoint. Beginning one year after implementation of the new performance fee structure, the Fund’s base advisory fee may be adjusted proportionately upward or downward if the Fund outperforms or underperforms its stated benchmark by the following amounts:

Out or Underperformance	Change in Fees
+/- 1 percentage point	+/- 0.02%
+/- 2 percentage points	+/- 0.04%
+/- 3 percentage points	+/- 0.06%
+/- 4 percentage points	+/- 0.08%
+/- 5 percentage points	+/- 0.10%

The prospectus describing the above Fund will be supplemented upon the effectiveness of the Post-Effective Amendment to the Trust’s Registration Statement. Please refer to the prospectus, as supplemented by a notice you will receive after the effectiveness of the Post-Effective Amendment, for further information about this new fee structure.

20

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

21

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

22

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

23

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President — Operations for GGI3, GMFCT3, and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

24

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

25

Gartmore GVIT Global Health Sciences Fund

Semiannual Report

|  June 30, 2005

	Contents
6	Statement of Investments
8	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Global Health Sciences Fund

For the semiannual period ended June 30, 2005, the Gartmore GVIT Global Health Sciences Fund returned 3.03% (Class I at NAV) versus 5.95% for its benchmark, the Goldman Sachs Healthcare Index.

Health-care stocks experienced a mediocre first quarter, as product controversies continued to dog the pharmaceuticals and biotechnology industries. However, investor sentiment turned more positive in the second quarter, and the health-care sector strongly outperformed the rest of the market, especially in April. Compared with the benchmark, the Fund’s most negative performance factor was its overweighting and unfavorable stock selection in biotechnology. Unfavorable stock selection in the pharmaceuticals group and an underweight position in the health-care providers and services industry, by far the health-care sector’s best-performing segment during the reporting period, also hurt Fund returns relative to the benchmark.

Among individual holdings, one of the biggest detractors to Fund performance was Biogen Idec Inc., one of the two companies that jointly developed Tysabri, a biotechnology treatment for multiple sclerosis. The drug was a subject of controversy during the first quarter after two patients taking the medication developed a rare and fatal brain disease. In February, the two companies voluntarily removed Tysabri from the market, the first such setback for the biotechnology industry. Due to our uncertainty about Tysabri’s chances for returning to market, we sold Biogen Idec. Also turning in a disappointing performance for the Fund was Valeant Pharmaceuticals Inc., one of the Fund’s mid-cap holdings. Increasing competition in the market for hepatitis B drugs, one area of focus for the company, led us to sell our position at a loss in the first quarter. Relative to the benchmark, our underweighting in Genentech, Inc. hurt Fund returns, because the stock gained almost 50% during the reporting period.

On the positive side, the Fund’s performance was helped by biotechnology stock Gilead Sciences, Inc., marketer of a new HIV drug that was capturing market share. Another strong performer was HMO UnitedHealth Group Inc., whose profits were boosted by a widening spread between premiums charged and costs incurred. Furthermore, investors became increasingly positive on the HMO sector as the likelihood increased that a prescription drug benefit favorable to the industry would be added to Medicare in 2006. Partly in response to this development, we added significantly to the Fund’s position in PacifiCare Health Systems, Inc., another HMO that aided Fund performance; the company derives about 50% of its revenues from Medicare reimbursements.

Looking ahead, we are more positive on the health-care sector than we have been in quite some time. Valuations in the group are attractive and sentiment is negative, a combination that often coincides with a bottoming in share prices. Given our positive outlook, we have been adding to the Fund’s biotechnology holdings, a move designed to provide the Fund with more upside potential. In addition, we are reducing the Fund’s average capitalization size, buying more small- and mid-cap names because of their more attractive valuations. Accompanying this shift, we are increasing the number of stocks in the Fund for diversification purposes.

PORTFOLIO MANAGER: Paul Cluskey

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

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

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

Funds that concentrate on specific sectors or a relatively small number of securities may be subject to greater volatility than a more diversified investment.

There is no assurance that a diversified portfolio will produce better results than a nondiversified one.

Goldman Sachs Healthcare Index: An unmanaged, market capitalization-weighted index that is generally representative of the stocks in the health-care sector.

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests

1

Gartmore GVIT Global Health Sciences Fund (continued)

in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance Gartmore GVIT Global Health Sciences Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Inception2
Class I3	3.03%	4.70%	5.02%
Class II3	2.95%	4.52%	4.92%
Class III3	3.03%	4.69%	5.06%
Class VI4	2.93%	4.59%	5.00%

* Not Annualized.

1 Not subject to any sales charges.

2 Fund commenced operations on December 29, 2000.

3 These returns until the creation of the Class II shares (March 28, 2003) are based on the performance of the Class I shares of the Fund until December 28, 2001 and on the performance of Class III shares of the Fund for the remainder of the period. These returns for Class I shares from December 29, 2001 until May 5, 2002 are based on the performance of Class III shares because no Class I shares were outstanding during that period. These returns until the creation of Class III shares (December 29, 2001) are based on the performance of Class I shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what each class would have produced because all classes of shares invest in the same portfolio of securities. For Class II shares, these returns have been restated to reflect the additional fees applicable to Class II shares and therefore are lower than those of Class I. For Class III shares, these returns do not reflect the short-term trading fees applicable to such shares; if these fees were reflected, the annual returns for Class III shares would have been lower. If these fees were reflected, returns would be less than those shown.

4 These returns through December 31, 2003 were achieved prior to the creation of Class VI shares and include the performance of the Fund’s Class I shares, from December 29, 2000 to December 28, 2001 and the performance of Class III shares for the remainder of that period. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class VI shares would have produced because Class VI shares invest in the same portfolio of securities. Class VI shares’ annual returns have been restated to reflect the additional fees applicable to Class VI shares and are therefore lower than Class I shares. Additionally, Class VI shares’ returns do not reflect the short-term trading fees applicable to such shares; if these fees were deducted, the annual returns for Class VI shares earned by the variable contract owner would have been lower.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class III shares of the Gartmore GVIT Global Health Sciences Fund, the Goldman Sachs Healthcare Index (GS Healthcare)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) The GS Healthcare is an unmanaged market capitalization-weighted index that is generally representative of the stocks in the health-care sector.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Gartmore GVIT Global Health Sciences Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Global Health Sciences Fund
Class I	Actual	$	1,000	$	1,030	$	6.29	1.25%
	Hypothetical1	$	1,000	$	1,019	$	6.28	1.25%
Class II	Actual	$	1,000	$	1,030	$	7.55	1.50%
	Hypothetical1	$	1,000	$	1,018	$	7.53	1.50%
Class III	Actual	$	1,000	$	1,030	$	6.29	1.25%
	Hypothetical1	$	1,000	$	1,019	$	6.28	1.25%
Class VI	Actual	$	1,000	$	1,029	$	6.84	1.36%
	Hypothetical1	$	1,000	$	1,018	$	6.83	1.36%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

(June 30, 2005) Gartmore GVIT Global Health Sciences Fund

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

Asset Allocation
Common Stocks	93.7%
Cash Equivalents	7.7%
Mutual Fund	4.9%
Other Investments*	11.1%
Liabilities in excess of other assets**	-17.4%
	100.0%

Top Holdings***
Johnson & Johnson	8.6%
Pfizer, Inc.	5.2%
UnitedHealth Group, Inc.	5.0%
NASDAQ Biotechnology Index Fund	4.9%
Genentech, Inc.	4.7%
Amgen, Inc.	4.6%
Abbott Laboratories	4.4%
Wyeth	3.8%
Eli Lilly & Co.	3.6%
Medtronic, Inc.	3.4%
Other Holdings	51.8%
	100.0%

Top Industries
Drugs	28.6%
Medical Products	17.8%
Insurance	16.6%
Therapeutics	7.3 %
Medical Instruments	6.8 %
Medical Services	6.3 %
Exchange Traded Funds	4.9 %
Medical — Biomedical/Genetic	3.8 %
Hospitals	3.4 %
Medical Supplies	1.1 %
Other Industries	3.4 %
	100.0%

* Includes value of collateral received from securities lending.

** Includes value of collateral owed from securities lending.

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

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GLOBAL HEALTH SCIENCES FUND

Statement of Investments — June 30, 2005 (Unaudited)

	Shares or Principal Amount	Value
COMMON STOCKS (93.7%)
Drugs (28.6%)
Abbott Laboratories	59,280		$2,905,313
Allion Healthcare, Inc. (b)	11,910		195,348
Amgen, Inc. (b)	51,010		3,084,065
Eli Lilly & Co.	42,770		2,382,717
Forest Laboratories, Inc. (b)	17,500		679,875
GlaxoSmithKline PLC ADR — GB	24,970		1,211,295
Pfizer, Inc.	125,298		3,455,719
Roche Holding AG — CH	10,190		1,285,744
Schering-Plough Corp.	34,200		651,852
Sepracor, Inc. (b)	10,945		656,809
Wyeth	56,730		2,524,485
			19,033,222
Hospitals (3.4%)
Community Health Systems, Inc. (b)	16,360		618,244
LifePoint Hospitals, Inc. (b)	19,380		979,078
Triad Hospitals, Inc. (b)	12,510		683,546
			2,280,868
Insurance (16.6%)
CIGNA Corp.	10,810		1,156,994
Coventry Health Care, Inc. (b)	10,300		728,725
Humana, Inc. (b)	23,430		931,108
PacifiCare Health Systems, Inc. (b)	30,340		2,167,793
UnitedHealth Group, Inc.	63,720		3,322,361
Universal American Financial Corp (b)	29,000		655,980
WellPoint, Inc. (b)	29,720		2,069,701
			11,032,662
Medical—Biomedical & Genetic (3.8%)
Affymetrix, Inc. (b)	12,740		687,068
Alexion Pharmaceuticals, Inc. (b)	16,110		371,174
Encysive Pharmaceuticals, Inc. (b)	32,920		355,865
Invitrogen Corp. (b)	8,860		737,950
Protein Design Labs, Inc. (b)	17,670		357,111
			2,509,168
Medical Instruments (6.8%)
Beckman Coulter, Inc.	20,300		1,290,471
Guidant Corp.	20,420		1,374,266

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
Medical Instruments (continued)
St. Jude Medical, Inc. (b)	43,410	$	1,893,110
			4,557,847
Medical Laboratories (1.0%)
Laboratory Corporation of America Holdings (b)	13,290		663,171
Medical Products (17.8%)
Bard (C.R.), Inc.	20,260		1,347,493
Baxter International, Inc.	33,300		1,235,430
Diagnostic Products Corp.	5,710		270,254
Immucor, Inc. (b)	12,040		348,558
Johnson & Johnson	88,230		5,734,949
Medtronic, Inc.	43,840		2,270,474
ResMed, Inc. (b)	10,310		680,357
			11,887,515
Medical Products & Services (1.0%)
Caremark Rx, Inc. (b)	14,910		663,793
Medical Services (6.3%)
Amedisys, Inc. (b)	6,840		251,575
Fisher Scientific International, Inc. (b)	11,100		720,390
Hythiam, Inc. (b)	19,800		110,880
Manor Care, Inc.	17,940		712,756
McKesson Corp.	18,020		807,116
Medco Health Solutions, Inc. (b)	16,030		855,361
Priority Healthcare Corp. (b)	28,930		733,665
			4,191,743
Medical Supplies (1.1%)
PRA International (b)	27,560		738,057
Therapeutics (7.3%)
Genentech, Inc. (b)	39,270		3,152,595
Genzyme Corp. (b)	10,300		618,927
Gilead Sciences, Inc. (b)	24,650		1,084,354
			4,855,876
Total Common Stocks			62,413,922
MUTUAL FUND (4.9%)
Exchange Traded Funds (4.9%)
NASDAQ Biotechnology Index Fund (b)	48,110		3,266,669
Total Mutual Fund			3,266,669

6

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GLOBAL HEALTH SCIENCES FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount		Value
CASH EQUIVALENTS (7.7%)
Investments in repurchase agreements (collaterized by AA Corporate Bonds, in a joint trading account at 3.49%, dated 06/30/05, due 07/01/05, repurchase price $5,150,653)	$	5,150,175	$	5,150,175
Total Cash Equivalents				5,150,175
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (11.1%)
Pool of short-term securities for Gartmore Variable Trust Funds — note 2 (Securities Lending)		7,378,770		7,378,770
Total Short-Term Securities Held as Collateral for Securities Lending				7,378,770

	Shares or Principal Amount	Value
Total Investments (Cost $74,149,958) (a) — 117.4%		$	78,209,536
Liabilities in excess of other assets — (17.4%)			(11,579,306	)
NET ASSETS — 100.0%		$	66,630,230

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(b) Non-income producing securities

ADR American Depositary Receipt

CH Switzerland

GB United Kingdom

See notes to financial statements.

7

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GLOBAL HEALTH SCIENCES FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $68,999,783)	$	73,059,361
Repurchase agreements, at cost and value		5,150,175
Total Investments		78,209,536
Interest and dividends receivable		69,393
Receivable for capital shares issued		67
Receivable for investments sold		2,902,335
Prepaid expenses and other assets		807
Total Assets		81,182,138
Liabilities:
Payable for investments purchased		7,104,643
Payable for return of collateral received for securities on loan		7,378,770
Accrued expenses and other payables:
Investment advisory fees		54,385
Fund administration and transfer agent fees		1,865
Distribution fees		2,064
Administrative servicing fees		6,239
Other		3,942
Total Liabilities		14,551,908
Net Assets	$	66,630,230
Represented by:
Capital	$	62,300,105
Accumulated net investment income (loss)		(19,305	)
Accumulated net realized gains (losses) from investment and foreign currency transactions		289,919
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		4,059,511
Net Assets	$	66,630,230
Net Assets:
Class I Shares	$	10,231,152
Class II Shares		2,769,723
Class III Shares		46,120,566
Class VI Shares		7,508,789
Total	$	66,630,230
Shares outstanding (unlimited number of shares authorized):
Class I Shares		951,493
Class II Shares		258,901
Class III Shares		4,281,774
Class VI Shares		697,742
Total		6,189,910
Net asset value and offering price per share:*
Class I Shares	$	10.75
Class II Shares	$	10.70
Class III Shares	$	10.77
Class VI Shares	$	10.76

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	41,682
Dividend income		301,646
Income from securities lending		7,384
Total Income		350,712
Expenses:
Investment advisory fees		290,031
Fund administration and transfer agent fees		19,816
Distribution fees Class II Shares		3,661
Distribution fees Class VI Shares		7,384
Administrative servicing fees Class I Shares		6,420
Administrative servicing fees Class II Shares		2,120
Administrative servicing fees Class III Shares		28,795
Other**		11,790
Total Expenses		370,017
Net Investment Income (Loss)		(19,305	)
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		1,477,458
Net realized gains (losses) on foreign currency transactions		(2,653	)
Net realized gains (losses) on investment and foreign currency transactions		1,474,805
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		320,412
Net realized/unrealized gains (losses) on investments and foreign currencies		1,795,217
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,775,912

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

8

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GLOBAL HEALTH SCIENCES FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	(19,305	)	$	(149,451	)
Net realized gains (losses) on investment and foreign currency transactions		1,474,805			1,055,705
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		320,412			1,414,602
Change in net assets resulting from operations		1,775,912			2,320,856
Distributions to Class I shareholders from:
Net realized gains on investments		(243,285	)		(28,764	)
Distributions to Class II shareholders from:
Net realized gains on investments		(66,452	)		(18,194	)
Distributions to Class III shareholders from:
Net realized gains on investments		(1,104,561	)		(148,723	)
Distributions to Class VI shareholders from:
From net realized gain on investment		(176,585	)		—
Change in net assets from shareholder distributions		(1,590,883	)		(195,681	)
Change in net assets from capital transactions		10,622,736			20,004,854
Change in net assets		10,807,765			22,130,029
Net Assets:
Beginning of period		55,822,465			33,692,436
End of period	$	66,630,230		$	55,822,465
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	5,221,841		$	7,063,842
Dividends reinvested		243,285			28,764
Cost of shares redeemed		(3,195,609	)		(4,003,735	)
		2,269,517			3,088,871
Class II Shares
Proceeds from shares issued		1,912			2,408,238
Dividends reinvested		66,452			18,194
Cost of shares redeemed		(516,993	)		(1,599,362	)
		(448,629	)		827,070
Class III Shares
Proceeds from shares issued		11,700,562			31,609,821
Dividends reinvested		1,104,560			148,722
Cost of shares redeemed		(6,512,093	)		(20,508,099	)
		6,293,029			11,250,444
Class VI Shares
Proceeds from shares issued		2,690,224			5,746,069	(a)
Dividends reinvested		176,584			—
Cost of shares redeemed		(357,989	)		(907,600	)(a)
		2,508,819			4,838,469
Change net assets from capital transactions	$	10,622,736		$	20,004,854

9

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GLOBAL HEALTH SCIENCES FUND

Statement of Changes in Net Assets (continued)

	Six Months Ended June 30, 2005		Year Ended December 31, 2004
	(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
Issued	486,087		682,900
Reinvested	22,737		2,817
Redeemed	(297,090	)	(390,960	)
	211,734		294,757
Class II Shares
Issued	137		231,007
Reinvested	6,246		1,785
Redeemed	(48,628	)	(155,966	)
	(42,245	)	76,826
Class III Shares
Issued	1,080,342		3,030,056
Reinvested	103,037		14,537
Redeemed	(610,220	)	(2,043,885	)
	573,159		1,000,708
Class VI Shares
Issued	249,697		557,949	(a)
Reinvested	16,488		—
Redeemed	(33,653	)	(92,739	)(a)
	232,532		465,210

(a) For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

See notes to financial statements.

10

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Global Health Sciences Fund

			Investment Activities							Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Redemption Fees	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class I Shares
Period Ended December 31, 2000(c)	$	10.00	—		—	(0.17	)	(0.17	)	—		—		—		$	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)	$	9.83	(0.03	)	—	0.39		0.36		(0.02	)	—		(0.02	)	$	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)	$	9.51	(0.02	)	0.01	(1.31	)	(1.32	)	—		—		—		$	8.19	(13.88%	)(h)	$	370	1.22%	(i)	(0.25%	)(i)	(j	)	(j	)	764.93%
Year Ended December 31, 2003	$	8.19	(0.02	)	0.01	3.01		3.00		—		(1.23	)	(1.23	)	$	9.96	36.69%		$	4,434	1.24%		(0.36%	)	(j	)	(j	)	542.89%
Year Ended December 31, 2004	$	9.96	(0.03	)	0.01	0.80		0.78		—		(0.05	)	(0.05	)	$	10.69	7.86%		$	7,910	1.26%		(0.28%	)	(j	)	(j	)	424.94%
Six Months Ended June 30, 2005 (Unaudited)	$	10.69	—		0.01	0.31		0.32		—		(0.26	)	(0.26	)	$	10.75	3.03%	(h)	$	10,231	1.25%	(i)	(0.02%	)(i)	(j	)	(j	)	191.29%
Class II Shares
Period Ended December 31, 2003(g)	$	8.72	(0.01	)	0.01	2.46		2.46		—		(1.23	)	(1.23	)	$	9.95	28.27%	(h)	$	2,232	1.49%	(i)	(0.59%	)(i)	(j	)	(j	)	542.89%
Year Ended December 31, 2004	$	9.95	(0.06	)	0.01	0.80		0.75		—		(0.05	)	(0.05	)	$	10.65	7.56%		$	3,208	1.50%		(0.54%	)	(j	)	(j	)	424.94%
Six Months Ended June 30, 2005 (Unaudited)	$	10.65	(0.02	)	0.01	0.32		0.31		—		(0.26	)	(0.26	)	$	10.70	2.95%	(h)	$	2,770	1.50%	(i)	(0.30%	)(i)	(j	)	(j	)	191.29%
Class III Shares
Period Ended December 31, 2001(e)	$	10.17	—		—	(0.03	)	(0.03	)	—		—		—		$	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	$	10.14	(0.03	)	0.01	(1.92	)	(1.94	)	—		—		—		$	8.20	19.13%		$	11,652	1.23%		(0.37%	)	1.24%		(0.38%	)	764.93%
Year Ended December 31, 2003	$	8.20	(0.03	)	0.01	3.03		3.01		—		(1.23	)	(1.23	)	$	9.98	36.77%		$	27,026	1.22%		(0.39%	)	(j	)	(j	)	542.89%
Year Ended December 31, 2004	$	9.98	(0.03	)	0.01	0.80		0.78		—		(0.05	)	(0.05	)	$	10.71	7.84%		$	39,723	1.26%		(0.29%	)	(j	)	(j	)	424.94%
Six Months Ended June 30, 2005 (Unaudited)	$	10.71	—		0.01	0.31		0.32		—		(0.26	)	(0.26	)	$	10.77	3.03%	(h)	$	46,121	1.25%	(i)	(0.04%	)(i)	(j	)	(j	)	191.29%
Class VI Shares
Period Ended December 31, 2004(k)	$	10.70	(0.02	)	0.01	0.02		0.01		—		—		—		$	10.71	0.09%	(h)	$	4,981	1.35%	(i)	(0.36%	)(i)	(j	)	(j	)	424.94%
Six Months Ended June 30, 2005 (Unaudited)	$	10.71	(0.01	)	0.01	0.31		0.31		—		(0.26	)	(0.26	)	$	10.76	2.93%	(h)	$	7,509	1.36%	(i)	(0.17%	)(i)	(j	)	(j	)	191.29%

(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 December 31, 2004.

See notes to financial statements.

11

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT Global Health Sciences Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these 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

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values 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 Fund, the Fund will fair value its 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 Fund’s 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 these prices will have a material impact on the net asset value of the Fund. When the Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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.

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Certain countries also may 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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the 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 the Fund.

(h) 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.

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(i) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

Security Type	Security Name	Market Value		Maturity Rate	Maturity Date
Commercial Paper	MacQuarie Bank Ltd.	$	998,736	3.25%	07/01/05
Repurchase Agreements	Nomura Securities		6,380,034	3.48%	07/01/05

As of June 30, 2005, the Fund had securities with the following market values on loan:

Market Value of Loaned Securities	Market Value of Collateral
$7,263,845	$	7,378,770

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(k) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$322,679	$	4,579,389	$	(842,490	)	$	3,736,899

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders

Under the terms of the Investment Advisory Agreement, the Fund pays GMF an investment advisory fee based on the Fund’s average daily net assets and the following schedule:

Fee Schedule	Fees
$0 up to $500 million	1.00%
$500 million up to $2 billion	0.95%
$2 billion and more	0.90%

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

16

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), to provide sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VI shares of the Fund. These fees are based on average daily net assets of Class II and Class VI shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; 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 the Fund.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III and Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III and Class VI 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 and Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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 and Class VI 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $116,890,906 and sales of $104,419,982.

6. Bank Loans

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

7. Shareholder Meeting

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

17

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)

18

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)

19

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

8. Subsequent Event

On July 29, 2005, the Trust filed a Post-Effective Amendment to its Registration Statement on Form N-1A to change the structure of the Fund’s investment advisory fee from the current asset-based fee structure to a performance based fee structure on or about October 1, 2005. On that date, or, if later, upon SEC effectiveness, the Fund will immediately lower its base advisory fee by 0.10% at each breakpoint. Beginning one year after implementation of the new performance fee structure, the Fund’s base advisory fee may be adjusted proportionately upward or downward if the Fund outperforms or uderperforms its stated benchmark by the following amounts:

Out or Underperformance	Change in Fees
+/- 1 percentage point	+/- 0.02%
+/- 2 percentage points	+/- 0.04%
+/- 3 percentage points	+/- 0.06%
+/- 4 percentage points	+/- 0.08%
+/- 5 percentage points	+/- 0.10%

The prospectus describing the above Fund will be supplemented upon the effectiveness of the Post-Effective Amendment to the Trust’s Registration Statement. Please refer to the prospectus, as supplemented by a notice you will receive after the effectiveness of the Post-Effective Amendment, for further information about this new fee structure.

20

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

21

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

22

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

23

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President — Operations for GGI3, GMFCT3, and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

24

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

25

Gartmore GVIT Nationwide Leaders Fund

Semiannual Report

|  June 30, 2005

	Contents
6	Statement of Investments
7	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
9	Financial Highlights
10	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Nationwide Leaders Fund

For the semiannual period ended June 30, 2005, the Gartmore GVIT Nationwide Leaders Fund returned 1.21% (Class I at NAV) versus -0.81% for its benchmark, the S&P 500^® Index. For broader comparison, the average return for the Fund’s Lipper peer category of Multi-Cap Core Funds was -0.59%.

Against the backdrop of a range-bound market, we added significant value through stock selection during the reporting period. Sectors that added most to performance relative to the benchmark were consumer discretionary, information technology and health care. In the latter two cases, favorable stock selection accounted for all or virtually all of the relative contribution. In the consumer discretionary sector, our stock selections were the driving force, but underweighting the sector also helped. On the other hand, unfavorable stock selection and a large overweighting in the industrials sector, along with an underweighting and disappointing stock selection in the strongly performing utilities sector, hampered Fund performance.

Stocks that aided Fund performance in the consumer discretionary sector included homebuilder Lennar Corp. Although this stock was somewhat overlooked prior to the reporting period, it benefited from an attractive valuation and continued strength in housing, particularly in the robust Florida market. Also providing a boost to the Fund’s results was office supplies retailer Staples, Inc. While the company’s financial results continued to be strong, the stock drifted lower from January through the end of April, providing us with an attractive buying opportunity. Department store chain Nordstrom, Inc. was another retailer whose stock performed well, because robust sales enabled the company’s profit margins to expand beyond their historical peak. In information technology, one of the Fund’s strongest contributors was disk drive maker Seagate Technology, which continued to experience growing demand from consumer applications such as portable digital music players, television set-top boxes and cellular handsets.

On the negative side, the Fund experienced poor performance from railroad Norfolk Southern Corp., one of the Fund’s largest holdings at the end of the reporting period. Concerns about increasing freight capacity at a time when demand could falter caused the stock to retreat. A large position in PACCAR Inc., a manufacturer of heavy trucks, also put downward pressure on the Fund’s return; a slight weakening in orders pushed the stock’s price lower.

Our outlook is fairly positive for the balance of 2005, because we believe that stock valuations are generally reasonable, and global economic growth, while not spectacular, should allow for pockets of strong earnings gains. At $60 per barrel, crude oil represents a significant challenge for both consumer and business spending. However, we think that high oil prices should not prevent the U.S. economy from continuing to grow at a moderate pace, if perhaps at a somewhat slower rate than it did in the first half of the year. Rising short-term interest rates also could inhibit growth, but it is important to remember that, from a historical standpoint, these rates remain low. At the company level, we are still finding opportunities with strong earnings prospects, along with good dividend yields.

PORTFOLIO MANAGER: Gary Haubold, CFA

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

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

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

Funds that concentrate on specific sectors or a relatively small number of securities may be subject to greater volatility than a more diversified investment.

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

1

Gartmore GVIT Nationwide Leaders Fund (continued)

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance Gartmore GVIT Nationwide Leaders Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Inception2
Class I3	1.21%	15.25%	10.58%
Class III4	1.21%	15.24%	10.61%

* Not Annualized.

1 Not subject to any sales charges.

2 Fund commenced operations on December 31, 2001.

3 These returns until the creation of the Class I shares (May 9, 2002) are based on the performance of the Class III shares of the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class I and Class III shares would have produced because all classes of shares invest in the same portfolio of securities.

4 For Class III shares, these returns do not reflect the short-term trading fees applicable to such shares; if these fees were reflected, the annual returns for Class III shares would have been lower.

Performance of a $10,000 Investment

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

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

(a) The S&P 500 is an unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Gartmore GVIT Nationwide Leaders Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Nationwide Leaders Fund
Class I	Actual	$	1,000	$	1,012	$	5.84	1.17%
	Hypothetical1	$	1,000	$	1,019	$	5.87	1.17%
Class III	Actual	$	1,000	$	1,012	$	5.79	1.16%
	Hypothetical1	$	1,000	$	1,019	$	5.82	1.16%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

(June 30, 2005) Gartmore GVIT Nationwide Leaders Fund

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

Asset Allocation
Common Stocks	88.6%
Cash Equivalents	14.7%
Liabilities in excess of other assets	-3.3%
	100.0%

Top Holdings*
Ball Corp.	6.2%
Norfolk Southern Corp.	5.7%
Oracle Corp.	4.8%
Burlington Northern Santa Fe Corp.	4.7%
Albemarle Corp.	4.5%
Deere & Co.	4.5%
American Standard Cos., Inc.	4.4%
Progress Energy, Inc.	4.0%
Bank of America Corp.	4.0%
Reynolds American, Inc.	3.9%
Other Holdings	53.3%
	100.0%

Top Industries
Computer Software & Services	10.8%
Oil & Gas	8.7%
Metals & Glass Packing	6.1%
Railroads	5.7%
Financial Services	5.5%
Transportation Services	4.7%
Chemicals	4.5%
Farm & Garden Machinery	4.5%
Manufacturing	4.4%
Energy Equipment & Services	4.0%
Other Industries	41.1%
	100.0%

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

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT NATIONWIDE LEADERS FUND

Statement of Investments — June 30, 2005 (Unaudited)

	Shares or Principal Amount	Value
COMMON STOCKS (88.6%)
Auto—Medium & Heavy Duty Trucks (3.5%)
PACCAR, Inc.	10,500	$	714,000
Building—Residential (3.3%)
Lennar Corp.	10,600		672,570
Chemicals (4.5%)
Albemarle Corp.	25,200		919,044
Coal (1.1%)
Peabody Energy Corp.	4,400		228,976
Communication Services (2.8%)
Citizens Communications Co.	42,400		569,856
Computer Software & Services (10.8%)
Oracle Corp. (b)	74,000		976,800
Seagate Technology	34,100		598,455
Yahoo! Inc. (b)	17,600		609,840
			2,185,095
Electronics (1.5%)
Intel Corp.	12,000		312,720
Energy Equipment & Services (4.0%)
Progress Energy, Inc.	18,000		814,320
Farm & Garden Machinery (4.5%)
Deere & Co.	13,900		910,311
Financial Services (5.5%)
Bank of America Corp.	17,700		807,297
Goldman Sachs Group, Inc.	3,000		306,060
			1,113,357
Health Care (2.5%)
Aetna, Inc.	6,200		513,484
Information Technology Services (3.4%)
Total System Services, Inc.	11,900		286,790
Westwood One, Inc.	19,800		404,514
			691,304
Insurance: Multi-Line (2.7%)
Old Republic International Corp.	22,000		556,380
Manufacturing (4.4%)
American Standard Cos., Inc.	21,400		897,088
Metals (1.0%)
Phelps Dodge Corp.	2,200		203,500

	Shares or Principal Amount		Value
COMMON STOCKS (continued)
Metals & Glass Packing (6.1%)
Ball Corp.		34,800	$	1,251,408
Oil & Gas (8.7%)
ChevronTexaco Corp.		10,400		581,568
Exxon Mobil Corp.		13,400		770,098
Kerr-Mcgee Corp.		5,300		404,443
				1,756,109
Railroads (5.7%)
Norfolk Southern Corp.		37,800		1,170,288
Retail—Office Supplies (3.0%)
Staples, Inc.		28,200		601,224
Semiconductors (1.0%)
Advanced Micro Devices, Inc. (b)		12,000		208,080
Tobacco (3.9%)
Reynolds American, Inc.		10,100		795,880
Transportation Services (4.7%)
Burlington Northern Santa Fe Corp.		20,500		965,140
Total Common Stocks				18,050,134
CASH EQUIVALENTS (14.7%)
Investments in repurchase agreements (collateralized by AA Corporate Bonds in a joint trading account at 3.49%, dated 06/30/05, due 07/01/05, repurchase price $2,991,944)	$	2,991,653		2,991,653
Total Cash Equivalents				2,991,653
Total Investments (Cost $21,226,338) (a) — 103.3%				21,041,787
Liabilities in excess of other assets — (3.3%)				(679,452	)
NET ASSETS — 100.0%			$	20,362,335

(a) See notes to financial statements for unrealized appreciation (depreciation) of securities.

(b) Denotes a non-income producing security.

ADR American Depositary Receipt

See notes to financial statements.

6

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT NATIONWIDE LEADERS FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $18,234,685)	$	18,050,134
Repurchase agreements, at cost and value		2,991,653
Total Investments		21,041,787
Cash		367
Interest and dividends receivable		19,974
Receivable for investments sold		804,236
Prepaid expenses and other assets		227
Total Assets		21,866,591
Liabilities:
Payable for investments purchased		1,484,767
Accrued expenses and other payables:
Investment advisory fees		15,080
Fund administration and transfer agent fees		328
Administrative servicing fees		2,073
Other		2,008
Total Liabilities		1,504,256
Net Assets	$	20,362,335
Represented by:
Capital	$	19,259,761
Accumulated net investment income (loss)		(310	)
Accumulated net realized gains (losses) from investment transactions		1,287,435
Net unrealized appreciation (depreciation) on investments		(184,551	)
Net Assets	$	20,362,335
Net Assets:
Class I Shares	$	1,688,338
Class III Shares		18,673,997
Total	$	20,362,335
Shares outstanding (unlimited number of shares authorized):
Class I Shares		126,617
Class III Shares		1,398,511
Total		1,525,128
Net asset value and offering price per share:*
Class I Shares	$	13.33
Class III Shares	$	13.35

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	14,328
Dividend income		121,866
Total Income		136,194
Expenses:
Investment advisory fees		71,369
Fund administration and transfer agent fees		6,241
Administrative servicing fees Class I Shares		938
Administrative servicing fees Class III Shares		9,670
Other**		3,593
Total Expenses		91,811
Net Investment Income (Loss)		44,383
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		1,287,435
Net change in unrealized appreciation/depreciation on investments		(1,015,599	)
Net realized/unrealized gains (losses) on investments		271,836
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	316,219

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

7

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT NATIONWIDE LEADERS FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	44,383		$	44,596
Net realized gains (losses) on investment transactions		1,287,435			1,537,844
Net change in unrealized appreciation/depreciation on investments		(1,015,599	)		(54,369	)
Change in net assets resulting from operations		316,219			1,528,071
Distributions to Class I shareholders from:
Net investment income		(4,054	)		(3,421	)
Net realized gains on investments		(69,962	)		(12,728	)
Distributions to Class III shareholders from:
Net investment income		(45,024	)		(36,790	)
Net realized gains on investments		(764,857	)		(133,932	)
Change in net assets from shareholder distributions		(883,897	)		(186,871	)
Change in net assets from capital transactions		10,386,130			(128,469	)
Change in net assets		9,818,452			1,212,731
Net Assets:
Beginning of period		10,543,883			9,331,152
End of period	$	20,362,335		$	10,543,883
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,294,827		$	778,642
Dividends reinvested		74,016			16,148
Cost of shares redeemed		(538,698	)		(514,245	)
		830,145			280,545
Class III Shares
Proceeds from shares issued		10,315,110			2,975,997
Dividends reinvested		809,879			170,723
Cost of shares redeemed		(1,569,004	)		(3,555,734	)
		9,555,985			(409,014	)
Change net assets from capital transactions	$	10,386,130		$	(128,469	)
SHARE TRANSACTIONS:
Class I Shares
Issued		92,866			62,651
Reinvested		5,570			1,169
Redeemed		(39,074	)		(41,447	)
		59,362			22,373
Class III Shares
Issued		753,525			234,709
Reinvested		60,853			12,344
Redeemed		(112,873	)		(294,264	)
		701,505			(47,211	)

See notes to financial statements.

8

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Nationwide Leaders Fund

			Investment Activities						Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)	Redemption Fees	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
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	(15.17%	)(e)	$	247	1.12%	(f)	1.03%	(f)	(g	)	(g	)	105.28%
Year Ended December 31, 2003	$	9.44	0.01	0.01	2.37		2.39		(0.02	)	—		(0.02	)	$	11.81	25.38%		$	530	1.14%		0.05%		(g	)	(g	)	244.94%
Year Ended December 31, 2004	$	11.81	0.06	0.01	2.15		2.22		(0.05	)	(0.20	)	(0.25	)	$	13.78	18.79%		$	927	1.19%		0.55%		(g	)	(g	)	259.37%
Six Months Ended June 30, 2005 (Unaudited)	$	13.78	0.03	0.01	0.13		0.17		(0.04	)	(0.58	)	(0.62	)	$	13.33	1.21%	(e)	$	1,688	1.17%	(f)	0.56%	(f)	(g	)	(g	)	266.73%
Class III Shares
Period Ended December 31, 2001(d)	$	10.00	—	—	0.08		0.08		—		—		—		$	10.08	0.80%	(e)	$	1,008	1.25%	(f)	(0.16%	)(f)	20.55%	(f)	(19.46%	)(f)	0.00%
Year Ended December 31, 2002	$	10.08	0.04	0.02	(0.64	)	(0.58	)	(0.06	)	—		(0.06	)	$	9.44	(5.78%	)	$	8,463	1.15%		0.80%		1.16%		0.79%		105.28%
Year Ended December 31, 2003	$	9.44	0.01	0.01	2.39		2.41		(0.02	)	—		(0.02	)	$	11.83	25.59%		$	8,801	1.13%		0.16%		(g	)	(g	)	244.94%
Year Ended December 31, 2004	$	11.83	0.06	0.01	2.15		2.22		(0.05	)	(0.20	)	(0.25	)	$	13.80	18.77%		$	9,617	1.17%		0.48%		(g	)	(g	)	259.37%
Six Months Ended June 30, 2005 (Unaudited)	$	13.80	0.03	0.01	0.13		0.17		(0.04	)	(0.58	)	(0.62	)	$	13.35	1.21%	(e)	$	18,674	1.16%	(f)	0.56%	(f)	(g	)	(g	)	266.73%

(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 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 share.

(e) Not annualized.

(f) Annualized.

(g) There were no fee reductions during the period.

See notes to financial statements.

9

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981,was subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT Nationwide Leaders Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these 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

10

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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.

(d) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund 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 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.

(e) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the 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

11

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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 the Fund.

(f) 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.

(g) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

(h) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(i) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
$158,107	$118,053	$(460,711)	$(342,658)

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(j) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Under the terms of the Investment Advisory Agreement, the Fund pays GMF an investment advisory fee based on the Fund’s average daily net assets and the following schedule:

Fee Schedule	Fees
Up to $500 million	0.90%
$500 million up to $2 billion	0.80%
$2 billion or more	0.75%

GMF and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage fees, extraordinary expenses, short sale dividend expenses, Rule 12b-1 fees, and administrative service fees) from exceeding 1.10% for all classes until at least May 1, 2006.

GMF may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by GMF, respectively, pursuant to the Expense Limitation Agreement 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 the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by GMF is not permitted.

As of the six months ended June 30, 2005, the cumulative potential reimbursements for all classes of shares of the Fund, based on reimbursements which expires within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by GMF would be:

Amount Fiscal Year      2002	Amount Fiscal Year 2003	Amount Fiscal Year 2004	Amount Six Months Ended June 30, 2005
$155	$—	$—	$—

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; 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 the Fund.

4. Short-Term Trading Fees

The Fund reserves 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

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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 in Class III shares. 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $47,470,439 and sales of $40,149,563.

6. Bank Loans

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

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)

16

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

17

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

8. Subsequent Event

On July 29, 2005, the Trust filed a Post-Effective Amendment to its Registration Statement on Form N-1A to change the structure of the Fund’s investment advisory fee from the current asset-based fee structure to a performance based fee structure on or about October 1, 2005. On that date, or, if later, upon SEC effectiveness, the Fund will immediately lower its base advisory fee by 0.10% at each breakpoint. Beginning one year after implementation of the new performance fee structure, the Fund’s base advisory fee may be adjusted proportionately upward or downward if the Fund outperforms or underperforms its stated benchmark by the following amounts:

Out or Underperformance	Change in Fees
+/- 1 percentage point	+/- 0.02%
+/- 2 percentage points	+/- 0.04%
+/- 3 percentage points	+/- 0.06%
+/- 4 percentage points	+/- 0.08%
+/- 5 percentage points	+/- 0.10%

The prospectus describing the above Fund will be supplemented upon the effectiveness of the Post-Effective Amendment to the Trust’s Registration Statement. Please refer to the prospectus, as supplemented by a notice you will receive after the effectiveness of the Post-Effective Amendment, for further information about this new fee structure.

18

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

19

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

20

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

21

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President — Operations for GGI3, GMFCT3, and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

22

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

23

Gartmore GVIT Emerging Markets Fund

Semiannual Report

|  June 30, 2005

	Contents
6	Statement of Investments
10	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Emerging Markets Fund

For the semiannual period ended June 30, 2005, the Gartmore GVIT Emerging Markets Fund returned 6.57% (Class I at NAV) versus 6.26% for the Fund’s benchmark, the Morgan Stanley Capital International Emerging Markets (MSCI EM) Index. For broader comparison, the average return for the Fund’s Lipper peer category of Emerging Markets Funds was 5.88%.

An emphasis on growth stocks was one factor that enabled the Fund to keep pace with the benchmark during the reporting period, as that segment of the market had a strong run during May and much of June. On a country basis, favorable stock selection in South Korea, Turkey and South Africa was also helpful to performance. Conversely, our selections in Taiwan, China and Russia hurt performance.

Regarding sectors, the Fund was particularly helped by stock selection in financials, information technology and consumer discretionary. Our financial holdings gained materially from the Fund’s position in Turkish bank DenizBank, whose share price almost doubled during the reporting period. The company benefited from several factors, including: 1) a strong management team; 2) increased interest in Turkish stocks ahead of further discussions about the country’s possible inclusion in the European Union; and 3) speculation that the bank could be a takeover candidate.

In technology, performance was aided by Solomon Systech Ltd., a leading Asian maker of integrated circuit products used in cellular phones, handheld devices and LCD (liquid-crystal display) televisions. South Korean holdings Seoul Semiconductor Co., Ltd. and LG Electronics, a leading maker of LCDs, cellular handsets and electrical appliances, also contributed to performance. In the consumer discretionary sector, CJ Home Shopping Co., Ltd. benefited from South Korea’s ongoing recovery in domestic spending.

Sectors that detracted from performance versus the benchmark included energy and telecommunication services. Despite turning in the highest return among all of the Fund’s sectors, our energy holdings lagged relative to the benchmark because we were under-represented in some stocks that performed well, including PetroChina Co. Ltd. and Russia-based LUKOIL. High valuations made us reluctant to take meaningful positions in these and a number of other exploration and production stocks. Instead, we chose to emphasize the services side of the energy group, where we thought the fundamentals were even stronger.

In telecommunication services, the Fund was hampered by overweighted positions in lackluster performers Telekom Malaysia Berhad, SK Telecom Co., Ltd. and Vimpel-Communications, the stocks of companies based in Malaysia, South Korea and Russia, respectively.

For the balance of 2005, we anticipate maintaining our emphasis on domestic consumption in a number of emerging markets where consumer spending trends have been constructive. However, we also think technology stocks could perform well and have recently increased the Fund’s positions in some globally competitive exporters of technology based in South Korea, Taiwan and elsewhere. These purchases were funded mainly from the sale of materials stocks, many of which we believe could underperform due to new capacity coming on line and volatility in commodity prices. Overall, we like the emerging markets sector, as we believe that valuations remain attractive compared with developed markets. Profitability has improved significantly, a development we think represents the early stages of an important long-term trend.

PORTFOLIO MANAGERS: Philip Ehrmann and Peter Dalgliesh

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

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

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

Morgan Stanley Capital International (MSCI) Emerging Markets Index^SM: An unmanaged, free float-adjusted, market-capitalization index that is designed to measure the performance of the stocks in emerging-country markets.

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in

1

Gartmore GVIT Emerging Markets Fund (continued)

one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance Gartmore GVIT Emerging Markets Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Inception2
Class I3	6.57%	30.31%	5.32%
Class II4	6.46%	30.05%	5.07%
Class III4	6.58%	30.33%	5.33%
Class VI4	6.54%	30.25%	5.11%

* Not Annualized.

1 Not subject to any sales charges.

2 Fund commenced operations on August 30, 2000.

3 The existing shares of the Fund were designated Class I shares as of May 1, 2001.

4 These returns until the creation of Class II shares (March 4, 2002), Class III shares (May 2, 2002) and through December 31, 2003 for Class VI shares are based on the performance of the Class I shares of the Fund. Excluding the effect of fee waivers or reimbursements, such prior performance is similar to what Class II, Class III and Class VI shares would have produced because all classes of shares invest in the same portfolio of securities. Class II and Class VI shares’ annual returns have been restated to reflect the additional fees applicable to Class II and Class VI shares and therefore are lower than those of Class I. For Class III and Class VI shares, these returns do not reflect the short-term trading fees applicable to such shares; if these fees were reflected, the annual returns for Class III and Class VI shares would have been lower.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class I shares of the Gartmore GVIT Emerging Markets Fund, Morgan Stanley Capital International Emerging Markets Free Index (MSCI Emerging Markets (new))(a) and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) The MSCI Emerging Markets (new) is an unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of the stocks in emerging-country markets.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Gartmore GVIT Emerging Markets Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Emerging Markets Fund
Class I	Actual	$	1,000	$	1,066	$	7.02	1.37%
	Hypothetical1	$	1,000	$	1,018	$	6.88	1.37%
Class II	Actual	$	1,000	$	1,065	$	8.19	1.60%
	Hypothetical1	$	1,000	$	1,017	$	8.03	1.60%
Class III	Actual	$	1,000	$	1,066	$	6.97	1.36%
	Hypothetical1	$	1,000	$	1,018	$	6.83	1.36%
Class VI	Actual	$	1,000	$	1,065	$	7.63	1.49%
	Hypothetical1	$	1,000	$	1,018	$	7.48	1.49%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

(June 30, 2005) Gartmore GVIT Emerging Markets Fund

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

Asset Allocation
Common Stocks	91.1%
Participation Notes	5.9%
Cash Equivalents	2.9%
Other Investments*	1.8%
Liabilities in excess of other assets**	-1.7%
	100.0%

Top Holdings***
Samsung Electronics GDR	4.1%
Au Optronics Corp.	2.7%
Denizbank AS	2.3%
Companhia Vale do Rio Doce, Class A	2.0%
Surgutneftgaz ADR	1.9%
China Telecom Corp. Ltd.	1.9%
Solomon Systech International Ltd.	1.9%
Taiwan Semiconductor Manufacturing Co., Ltd.	1.8%
Shin Kong Financial Holding Co., Ltd.	1.8%
Oil and Natural Gas Corp. Ltd., 10/31/05	1.7%
Other Holdings	77.9%
	100.0%

Top Industries
Telecommunications	9.7%
Electronics	9.1%
Banking	8.7%
Oil & Gas	8.6%
Financial Services	6.7%
Retail	6.3%
Semiconductors	5.9%
Metals & Mining	3.4%
Diversified Operations	2.9%
Steel	2.4%
Other Industries	36.3%
	100.0%

* Includes value of collateral received from securities lending.

** Includes value of collateral owed from securities lending.

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

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Statement of Investments — June 30, 2005 (Unaudited)

	Shares or Principal Amount	Value
COMMON STOCKS (91.1%)
ARGENTINA (1.0%)
Steel (1.0%)
Tenaris SA	15,700	$	1,228,839
BERMUDA (1.4%)
Television (1.4%)
Central European Media Enterprises Ltd. (b)	37,600		1,819,088
BRAZIL (12.2%)
Banking (1.5%)
Banco Itau Holding Financeira SA ADR	21,400		1,979,500
Brewery (1.1%)
Ambev Cia Bebid (b)	585,180		150,690
Ambev Cia Bebid	3,991,900		1,239,339
			1,390,029
Electric Utility (0.9%)
Companhia Energetica de Minas Gerais	37,452,894		1,192,706
Insurance (0.8%)
Porto Seguro SA (b)	115,300		1,039,185
Metals & Mining (2.0%)
Companhia Vale do Rio Doce, Class A	103,700		2,637,006
Oil & Gas (3.1%)
Petroleo Brasileiro SA	10,200		471,039
Petroleo Brasileiro SA ADR	28,000		1,459,640
Petroleo Brasileiro SA ADR	45,319		2,086,486
			4,017,165
Paper Products (0.8%)
Klabin SA	585,867		1,013,324
Retail (0.8%)
Companhia Brasileira de Distribuicao Pao de Acucar ADR	50,600		1,006,434
Telecommunications (1.2%)
Tele Norte Leste Participacoes SA ADR	89,300		1,486,845
			15,762,194
CHINA (6.3%)
Coal Mining (0.7%)
Yanzhou Coal Mining Co., Ltd.	1,132,800		893,432

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
CHINA (continued)
Manufacturing (1.0%)
Shanghai Electric Group Co., Ltd. (b)	5,556,000	$	1,258,470
Oilfield Services & Equipment (0.9%)
China Oilfield Services Ltd.	3,156,000		1,162,130
Semiconductors (1.8%)
Solomon Systech International Ltd.	6,716,000		2,368,098
Telecommunications (1.9%)
China Telecom Corp. Ltd.	6,762,000		2,415,118
			8,097,248
HUNGARY (1.0%)
Oil & Gas (1.0%)
MOL Magyar Olaj-es Gazipari	15,097		1,266,870
INDIA (0.5%)
Financial Services (0.5%)
ICICI Bank Ltd. ADR	31,376		685,566
INDONESIA (0.9%)
Coal Mining (0.9%)
PT Bumi Resources (b)	13,781,900		1,170,486
ISRAEL (1.9%)
Electronic Measuring Instruction (0.9%)
Orbotech Ltd. (b)	54,700		1,175,503
Software & Computer Services (1.0%)
Retalix Ltd. (b)	58,000		1,247,000
			2,422,503
KOREA (17.2%)
Automotive (1.2%)
Hyundai Motor Co.	27,600		1,520,477
Construction (1.5%)
Hyundai Development Co.	35,400		821,637
Kumho Industrial Co., Ltd.	62,300		1,100,063
			1,921,700
Diversified Operations (1.3%)
GS Holdings Corp.	72,700		1,708,233
Electronic Components (1.7%)
Hynix Semiconductor, Inc. (b)	71,500		1,157,567
Seoul Semiconductor Co., Ltd.	34,918		1,042,498
			2,200,065

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
KOREA (continued)
Electronics (5.5%)
KH Vatec Co., Ltd.	39,780	$	760,544
Samsung Electronics	2,100		994,598
Samsung Electronics GDR	32,000		5,200,001
			6,955,143
Financial Services (3.1%)
Korea Investment Holdings Co., Ltd.	70,500		1,252,318
LG Card Co., Ltd. (b)	34,000		1,131,832
Woori Finance Holdings Co., Ltd.	168,630		1,663,561
			4,047,711
Retail (2.3%)
CJ Home Shopping	17,029		1,267,827
Hyundai Department Store Co., Ltd.	38,100		1,744,146
			3,011,973
Telecommunication Services (0.6%)
KT Freetel Co., Ltd.	35,600		820,285
			22,185,587
MALAYSIA (3.6%)
Foreign Banking (0.1%)
Commerce Asset Holdings Berhad	101,800		135,120
Real Estate (1.0%)
SP Setia Berhad	1,157,100		1,242,523
Telecommunications (1.1%)
Telekom Malaysia Berhad	589,300		1,547,939
Transportation (0.8%)
Malaysai & Services Holdings Berhad (b)	1,093,000		1,005,201
Transportation & Marine (0.6%)
Malaysia International Shipping Corp.	164,600		774,653
			4,705,436
MEXICO (7.1%)
Building Materials (1.2%)
Cemex SA ADR	35,700		1,514,394
Diversified Operations (0.8%)
Grupo Carso SA de CV	530,600		1,027,414

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
MEXICO (continued)
Financial Services (1.3%)
Grupo Financiero Banorte SA de CV	266,200	$	1,759,468
Real Estate (0.8%)
Urbi, Desarrolloas Urbanos SA de CV (b)	178,200		981,245
Retail (1.0%)
Wal-Mart de Mexico SA de CV	318,930		1,298,641
Steel Manufacturing/Products (0.7%)
Industrias CH SA (b)	426,200		906,597
Telecommunications (1.3%)
America Movil SA de CV ADR	27,217		1,622,405
			9,110,164
NETHERLANDS (1.2%)
Retail—Food Products (1.2%)
Pyaterochka Holding NV GDR (b)	104,296		1,501,862
POLAND (0.2%)
Real Estate Development (0.2%)
Globe Trade Centre SA (b)	7,900		267,324
RUSSIA (5.4%)
Automobile Manufacturers (0.7%)
JSC Severstal-Avto (b)	60,500		877,250
Brewery (1.2%)
Efes Breweries International GDR (b)	45,600		1,543,560
Metals (0.6%)
Norilsk Nickel ADR	12,000		732,000
Oil & Gas (1.9%)
Surgutneftgaz ADR	69,200		2,586,004
Telecommunications (1.0%)
AO VimpelCom ADR (b)	37,300		1,269,319
			7,008,133
SOUTH AFRICA (7.7%)
Banking (1.6%)
ABSA Group Ltd.	155,738		1,926,340

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
SOUTH AFRICA (continued)
Diversified Operations (0.8%)
Barloworld Ltd.	70,300	$	1,001,133
Foreign Banking (0.7%)
Standard Bank Group Ltd.	99,500		963,189
Metals & Mining (1.4%)
Anglo American PLC	43,300		1,014,365
Anglogold Ashanti Ltd.	23,500		840,914
			1,855,279
Oil & Gas (0.9%)
Sasol Ltd.	44,731		1,208,693
Retail (1.0%)
Lewis Group Ltd.	225,757		1,236,896
Telecommunications (1.3%)
MTN Group Ltd.	263,176		1,743,240
			9,934,770
TAIWAN (17.0%)
Banking (1.7%)
E.Sun Financial Holding Co., Ltd. (b)	1,444,000		1,153,826
TA Chong Bank Ltd. (b)	3,527,748		1,096,026
			2,249,852
Chemicals (1.4%)
Taiwan Fertilizer Co., Ltd. (b)	1,363,000		1,796,372
Computer (2.0%)
Compal Electronics, Inc.	1,472,000		1,457,552
Foxconn Technology Co., Ltd. (b)	307,000		1,156,363
			2,613,915
Electronics (3.6%)
Au Optronics Corp.	2,074,000		3,452,528
Ichia Technologies, Inc. (b)	474		481
MediaTek, Inc.	135,000		1,166,186
			4,619,195
Financial Services (1.8%)
Shin Kong Financial Holding Co., Ltd. (b)	2,259,000		2,270,873
Photographic Products (0.9%)
Largan Precision Co., Ltd.	176,000		1,155,198

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
TAIWAN (continued)
Semiconductors (4.1%)
Powerchip Semiconductor Corp.	1,367,000	$	953,069
Taiwan Semiconductor Manufacturing Co., Ltd.	1,359,405		2,367,580
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	106,170		968,270
United Microelectronics Corp. ADR (b)	233,000		957,630
			5,246,549
Steel (0.7%)
China Steel Corp. (b)	943,000		951,206
Textiles (0.8%)
Far Eastern Textile Co., Ltd.	1,516,408		1,079,075
			21,982,235
THAILAND (3.5%)
Banking (1.4%)
Kasikornbank Public Co., Ltd.	1,309,800		1,798,883
Chemicals (0.9%)
Aromatics Public Co., Ltd. NVDR	979,200		1,213,901
Electric Utility (0.7%)
Ratchaburi Electricity Generating Holding Public Co., Ltd.	922,100		901,621
Telecommunications (0.5%)
Shin Corporation Public Co., Ltd.	737,300		666,124
			4,580,529
TURKEY (3.0%)
Banking (2.3%)
Denizbank AS (b)	717,654		2,913,707
Financial Investments (0.7%)
Haci Omer Sabanci Holding AS	234,640		898,553
			3,812,260
Total Common Stocks			117,541,094

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount		Value
PARTICIPATION NOTES (5.9%)
INDIA (5.9%)
Banking (0.2%)
ICICI Bank Ltd., 03/30/07	$	7,762	$	76,068
ICICI Bank Ltd., 03/30/07		19,016		186,356
				262,424
Computer Service (1.0%)
Tata Consultancy Services Ltd.		41,700		1,303,542
Engineering Services (1.2%)
Larsen & Toubro Ltd., 10/09/19		59,700		1,555,782
Oil & Gas (1.7%)
Oil and Natural Gas Corp. Ltd., 10/31/05		95,000		2,246,750
Telecommunication Services (0.8%)
Bharti Televentures Ltd. (b)		187,600		1,048,684
Tobacco (1.0%)
ITC Ltd., 04/07/30		33,100		1,266,075
Total Participation Notes				7,683,257
CASH EQUIVALENTS (2.9%)
Investments in repurchase agreements (collateralized by AA Corporate Bonds in a joint trading account at 3.49%, dated 06/30/05, due 07/01/05, repurchase price $3,772,744)		3,772,378		3,772,378
Total Cash Equivalents				3,772,378

	Shares or Principal Amount		Value
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (1.8%)
Pool of short-term securities for Gartmore Variable Trust Funds — note 2 (Securities Lending)	$	2,342,692	$	2,342,692
Total Short-Term Securities Held as Collateral for Securities Lending				2,342,692
Total Investments (Cost $117,151,438) (a) — 101.7%				131,339,421
Liabilities in excess of other assets — (1.7%)				(2,182,893	)
NET ASSETS — 100.0%			$	129,156,528

(a) See notes to financial statements for unrealized appreciation (depreciation) of securities.

(b) Denotes a non-income producing security.

ADR American Depository Receipt

GDR Global Depositary Receipt

Currency	Delivery Date	Contract Value			Market Value			Unrealized Appreciation (Depreciation)
Short Contracts:
U.S Dollar	07/05/05	$	(204,443	)	$	(204,443	)	$	0
U.S Dollar	07/06/05		(81,300	)		(81,300	)		0
Total Short Contracts		$	(285,742	)	$	(285,742	)	$	0

Currency	Delivery Date	Contract Value		Market Value		Unrealized Appreciation (Depreciation)
Long Contracts:
Hong Kong Dollar	07/05/05	$	204,443	$	204,526	$	83
South African Rand	07/06/05		81,300		81,961		661
Total Long Contracts		$	285,743	$	286,487	$	744

See notes to financial statements.

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Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $113,379,060)	$	127,567,043
Repurchase agreements, at cost and value		3,772,378
Total Investments		131,339,421
Foreign currencies, at value (cost $935,909)		933,043
Interest and dividends receivable		309,757
Receivable for capital shares issued		1,787
Receivable for investments sold		130,150
Unrealized appreciation on forward foreign currency contracts		744
Reclaims receivable		913
Prepaid expenses and other assets		1,888
Total Assets		132,717,703
Liabilities:
Payable to adviser		532
Payable to custodian		97,612
Payable for investments purchased		976,837
Payable for return of collateral received for securities on loan		2,342,692
Accrued expenses and other payables:
Investment advisory fees		119,082
Fund administration and transfer agent fees		980
Distribution fees		5,032
Administrative servicing fees		11,826
Other		6,582
Total Liabilities		3,561,175
Net Assets	$	129,156,528
Represented by:
Capital	$	108,394,703
Accumulated net investment income (loss)		223,762
Accumulated net realized gains (losses) from investment and foreign currency transactions		6,345,834
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		14,192,229
Net Assets	$	129,156,528
Net Assets:
Class I Shares	$	22,888,075
Class II Shares		7,386,221
Class III Shares		80,616,272
Class VI Shares		18,265,960
Total	$	129,156,528
Shares outstanding (unlimited number of shares authorized):
Class I Shares		2,019,686
Class II Shares		654,378
Class III Shares		7,117,274
Class VI Shares		1,612,324
Total		11,403,662
Net asset value and offering price per share:*
Class I Shares	$	11.33
Class II Shares	$	11.29
Class III Shares	$	11.33
Class VI Shares	$	11.33

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	62,513
Dividend income (net of foreign withholding tax of $102,311)		1,539,836
Income from securities lending		71,388
Total Income		1,673,737
Expenses:
Investment advisory fees		687,282
Fund administration and transfer agent fees		45,086
Distribution fees Class II Shares		9,647
Distribution fees Class VI Shares		16,843
Administrative servicing fees Class I Shares		17,244
Administrative servicing fees Class II Shares		5,608
Administrative servicing fees Class III Shares		54,535
Other**		38,297
Total Expenses		874,542
Net Investment Income (Loss)		799,195
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		6,673,981
Net realized gains (losses) on foreign currency transactions		(197,721	)
Net realized gains (losses) on investment and foreign currency transactions		6,476,260
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(683,624	)
Net realized/unrealized gains (losses) on investments and foreign currencies		5,792,636
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,591,831

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

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Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	799,195		$	936,624
Net realized gains (losses) on investment and foreign currency transactions		6,476,260			9,445,319
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(683,624	)		1,774,140
Change in net assets resulting from operations		6,591,831			12,156,083
Distributions to Class I shareholders from:
Net investment income		(109,777	)		(185,714	)
Net realized gains on investments		(314,979	)		(1,606,981	)
Distributions to Class II shareholders from:
Net investment income		(24,818	)		(65,733	)
Net realized gains on investments		(102,734	)		(661,796	)
Distributions to Class III shareholders from:
Net investment income		(367,254	)		(611,941	)
Net realized gains on investments		(1,111,396	)		(5,276,397	)
Distributions to Class VI shareholders from:
Net investment income		(73,584	)		(73,446	)(a)
Net realized gain on investment		(251,276	)		(630,691	)(a)
Change in net assets from shareholder distributions		(2,355,818	)		(9,112,699	)
Change in net assets from capital transactions		20,757,392			30,915,102
Change in net assets		24,993,405			33,958,486
Net Assets:
Beginning of period		104,163,123			70,204,637
End of period	$	129,156,528		$	104,163,123
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	12,619,085		$	17,689,956
Dividends reinvested		424,753			1,792,695
Cost of shares redeemed		(10,821,469	)		(16,936,351	)
		2,222,369			2,546,300
Class II Shares
Proceeds from shares issued		38,897			11,140,398
Dividends reinvested		127,551			727,528
Cost of shares redeemed		(1,314,198	)		(10,346,782	)
		(1,147,750	)		1,521,144
Class III Shares
Proceeds from shares issued		16,346,951			46,954,657
Dividends reinvested		1,478,640			5,888,335
Cost of shares redeemed		(7,053,801	)		(34,383,311	)
		10,771,790			18,459,681
Class VI Shares
Proceeds from shares issued		9,609,614			9,280,798	(a)
Dividends reinvested		324,858			704,137	(a)
Cost of shares redeemed		(1,023,489	)		(1,596,958	)(a)
		8,910,983			8,387,977
Change in net assets from capital transactions	$	20,757,392		$	30,915,102

11

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT EMERGING MARKETS FUND

Statement of Changes in Net Assets (continued)

	Six Months Ended June 30, 2005		Year Ended December 31, 2004
	(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
Issued	1,106,204		1,694,553
Reinvested	37,502		167,436
Redeemed	(996,517	)	(1,716,002	)
	147,189		145,987
Class II Shares
Issued	3,303		1,053,978
Reinvested	11,291		68,201
Redeemed	(118,416	)	(1,011,686	)
	(103,822	)	110,493
Class III Shares
Issued	1,457,670		4,439,140
Reinvested	130,577		550,472
Redeemed	(646,540	)	(3,581,855	)
	941,707		1,407,757
Class VI Shares
Issued	858,111		920,316	(a)
Reinvested	28,645		65,746	(a)
Redeemed	(92,877	)	(167,617	)(a)
	793,879		818,445

(a) For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

See notes to financial statements.

12

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Emerging Markets Fund

			Investment Activities						Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)	Redemption Fees	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class I Shares
Period Ended December 31, 2000(c)	$	10.00	—	—	(2.48	)	(2.48	)	(0.01	)	—		(0.01	)	$	7.51	(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)	$	7.51	0.06	—	(0.45	)	(0.39	)	(0.04	)	—		(0.04	)	$	7.08	(5.18%	)	$	15,974	1.70%		0.57%		2.39%		(0.12%	)	140.18%
Year Ended December 31, 2002	$	7.08	0.05	0.01	(1.14	)	(1.08	)	(0.01	)	—		(0.01	)	$	5.99	(15.23%	)	$	10,005	1.43%		0.63%		(i	)	(i	)	219.84%
Year Ended December 31, 2003	$	5.99	0.09	0.01	3.80		3.90		(0.05	)	—		(0.05	)	$	9.84	65.26%		$	16,993	1.39%		1.17%		(i	)	(i	)	133.49%
Year Ended December 31, 2004	$	9.84	0.13	0.01	1.89		2.03		(0.11	)	(0.93	)	(1.04	)	$	10.83	20.74%		$	20,280	1.47%		1.08%		(i	)	(i	)	151.18%
Six Months Ended June 30, 2005 (Unaudited)	$	10.83	0.07	0.01	0.63		0.71		(0.05	)	(0.16	)	(0.21	)	$	11.33	6.57%	(g)	$	22,888	1.37%	(h)	1.33%	(h)	(i	)	(i	)	64.72%
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	(22.23%	)(g)	$	454	1.71%	(h)	0.44%	(h)	(i	)	(i	)	219.84%
Year Ended December 31, 2003	$	5.99	0.04	0.01	3.81		3.86		(0.03	)	—		(0.03	)	$	9.82	64.66%		$	6,360	1.66%		0.35%		(i	)	(i	)	133.49%
Year Ended December 31, 2004	$	9.82	0.11	0.01	1.87		1.99		(0.09	)	(0.93	)	(1.02	)	$	10.79	20.44%		$	8,178	1.72%		0.87%		(i	)	(i	)	151.18%
Six Months Ended June 30, 2005 (Unaudited)	$	10.79	0.05	0.01	0.64		0.70		(0.04	)	(0.16	)	(0.20	)	$	11.29	6.46%	(g)	$	7,386	1.60%	(h)	0.90%	(h)	(i	)	(i	)	64.72%
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	(23.99%	)(g)	$	11,435	1.39%	(h)	0.61%	(h)	(i	)	(i	)	219.84%
Year Ended December 31, 2003	$	5.99	0.06	0.01	3.82		3.89		(0.04	)	—		(0.04	)	$	9.84	65.22%		$	46,902	1.42%		0.89%		(i	)	(i	)	133.49%
Year Ended December 31, 2004	$	9.84	0.12	0.01	1.90		2.03		(0.11	)	(0.93	)	(1.04	)	$	10.83	20.76%		$	66,844	1.48%		1.08%		(i	)	(i	)	151.18%
Six Months Ended June 30, 2005 (Unaudited)	$	10.83	0.06	0.01	0.64		0.71		(0.05	)	(0.16	)	(0.21	)	$	11.33	6.58%	(g)	$	80,616	1.36%	(h)	1.21%	(h)	(i	)	(i	)	64.72%
Class VI Shares
Period Ended December 31, 2004(j)	$	10.11	0.05	0.01	1.62		1.68		(0.10	)	(0.86	)	(0.96	)	$	10.83	16.70%	(g)	$	8,862	1.68%	(h)	0.97%	(h)	(i	)	(i	)	151.18%
Six Months Ended June 30, 2005 (Unaudited)	$	10.83	0.05	0.01	0.65		0.71		(0.05	)	(0.16	)	(0.21	)	$	11.33	6.54%	(g)	$	18,266	1.49%	(h)	1.15%	(h)	(i	)	(i	)	64.72%

(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 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) December 31, 2004.

See notes to financial statements.

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT Emerging Markets Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these 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

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values 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 Fund, the Fund will fair value its 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 Fund’s 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 these prices will have a material impact on the net asset value of the Fund. When the Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

(b) Repurchase Agreements

The Funds may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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 also may 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

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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) 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.

(i) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the

16

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

The cash collateral received by the Fund was pooled and, at June 30, 2005, was invested in the following:

Security Type	Security Name	Market Value		Maturity Rate		Maturity Date
Master Note — Floating	Merrill Lynch Mortgage Capital	$	2,000,000	3.54	%	07/01/05
Repurchase Agreements	Nomura Securities		342,692	3.48	%	07/01/05

As of June 30, 2005, the Fund had securities with the following market values on loan:

Market Value of Loaned Securities	Market Value of Collateral
$2,008,782	$	2,342,692

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(k) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
$286,714	$16,051,398	$(2,150,129)	$13,901,269

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income,

17

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Global Asset Management Trust (“GGAMT”) manages the investment of the assets and supervises the daily business affairs of the Fund. 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. In addition, GGAMT provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser, for the Fund that GGAMT advises. Gartmore Global Partners (the “subadviser”), an affiliate of GGAMT, manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays the Fund’s adviser an investment advisory fee based on the Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreements, the adviser pays fees to the subadviser. Additional information regarding investment advisory fees and subadvisory fees for GGAMT and the subadviser is as follows for the six months ended June 30, 2005:

Fee Schedule	Total Fees	Fees Retained	Paid to Sub-adviser
Up to $500 million	1.15%	0.575%	0.575%
Next $1.5 billion	1.10%	0.525%	0.575%
Next $2 billion or more	1.05%	0.475%	0.575%

GGAMT and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage fees, extraordinary expenses, short sale dividend expenses, Rule 12b-1 fees, and administrative service fees) from exceeding 1.40% for all classes until at least May 1, 2006.

GGAMT may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by GGAMT, respectively, pursuant to the Expense Limitation Agreement 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 the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by GGAMT is not permitted.

As of the six months ended June 30, 2005, there were no cumulative potential reimbursements for all classes of the Fund, based on reimbursements which expires within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by GGAMT.

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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.

18

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VI shares of the Fund. These fees are based on average daily net assets of Class II and Class VI shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; 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 the Fund.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III and Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III and Class VI 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 and Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the 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

19

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III and Class VI 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $95,441,353 and sales of $74,042,302.

6. Portfolio Investment Risks

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s 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 Fund.

7. Bank Loans

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

8. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

20

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)

21

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

22

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

9. Subsequent Event

On July 29, 2005, the Trust filed a Post-Effective Amendment to its Registration Statement on Form N-1A to change the structure of the Fund’s investment advisory fee and sub-advisory fee from the current asset-based fee structure to a performance based fee structure on or about October 1, 2005. On that date, or, if later, upon SEC effectiveness, the Fund will immediately lower its base advisory fee by 0.10% at each breakpoint. Beginning one year after implementation of the new performance fee structure, the Fund’s base advisory fee may be adjusted proportionately upward or downward if the Fund outperforms or underperforms its stated benchmark by the following amounts:

Out or Underperformance	Change in Fees
+/- 1 percentage point	+/- 0.02%
+/- 2 percentage points	+/- 0.04%
+/- 3 percentage points	+/- 0.06%
+/- 4 percentage points	+/- 0.08%
+/- 5 percentage points	+/- 0.10%

The prospectus describing the above Fund will be supplemented upon the effectiveness of the Post-Effective Amendment to the Trust’s Registration Statement. Please refer to the prospectus, as supplemented by a notice you will receive after the effectiveness of the Post-Effective Amendment, for further information about this new fee structure.

23

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

24

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

25

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

26

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President — Operations for GGI3, GMFCT3, and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

27

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

28

Gartmore GVIT International Growth Fund

Semiannual Report

|  June 30, 2005

	Contents
6	Statement of Investments
10	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
12	Financial Highlights
13	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT International Growth Fund

For the semiannual period ended June 30, 2005, the Gartmore GVIT International Growth Fund returned 2.69% (Class I at NAV) versus 0.32% for its benchmark, the Morgan Stanley Capital International (MSCI) All Country World Ex-United States Index. For broader comparison, the average return for the Fund’s Lipper peer category of International Core Funds was -0.80%.

On an absolute basis, the returns of both the Fund and its benchmark were limited by strength in the U.S. dollar, especially in the second quarter. A stronger greenback works against gains in foreign stock markets because those gains are diminished when converted from the weaker foreign currency into U.S. dollars. While we do not make investment decisions based on anticipated currency movements, we believe that this dollar strength is probably temporary, and the primary trend of the U.S. currency is most likely still down.

Relative to its benchmark, the Fund was helped by a huge overweighting and solid stock selection in the energy sector. The big story for the Fund was rising crude oil prices, which reached $60 per barrel near the end of the reporting period. Secondarily, the Fund benefited from an overweighting and stock selection in the materials and utilities sectors. On a country basis, Australia, Canada and Austria were particularly strong contributors. These positive factors were offset to some extent by an underweighting and unfavorable stock selection in health care, along with disappointing picks in the financials sector. Among countries, Switzerland, France and Belgium were some of the biggest negative influences.

Regarding individual holdings, most of the Fund’s top contributors were from the energy, materials or utilities sectors. For example, one of our best-performing holdings was Excel Coal Ltd., an Australian coal mining company whose stock was aided by a modest valuation and strong demand for coal from China and the United States. Also providing a boost to Fund performance was Suncor Energy Inc., a Canadian exploration and production (E&P) company. Other strong Fund performers included the shares of Austrian E&P firm OMV AG, Norwegian drilling and equipment provider Stolt Offshore S.A. and Finnish utility Fortum OYJ. In the energy and materials groups, we favored smaller and mid-sized companies, which we thought might benefit more from strong commodity prices.

Stocks that detracted from Fund performance included Belgian telecommunications services provider Belgacom SA, which fell sharply after announcing in May that its wireless revenues could drop in 2005 due to stiffer competition. Also turning in disappointing performances were Mitsubishi Tokyo Financial Group, Inc., Japan’s second-largest bank, and rival UFJ Holdings, Inc. Both sustained double-digit losses amid investor doubts about a proposed merger between the two companies.

While our longer-term outlook remains positive, over the near term we believe that international markets could take a breather to consolidate their recent gains, especially given the fact that a number of these markets are near multi-year highs. Additional short-term concerns are lackluster economic growth and high consumer debt in many European economies, high oil prices and the threat of further terrorist incidents. That said, we think valuations remain reasonable, interest rates are low, and many opportunities exist to find attractively valued stocks of companies capable of dynamic earnings growth.

PORTFOLIO MANAGERS: Brian O’Neill, Ben Walker

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

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

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

Morgan Stanley Capital International (MSCI) All Country World excluding U.S. Index: An unmanaged, free float-adjusted, market-capitalization index that is designed to measure the performance of the stocks in companies in all countries except the United States.

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

1

Gartmore GVIT International Growth Fund (continued)

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance Gartmore GVIT International Growth Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Inception2
Class I3	2.69%	18.20%	-5.96%
Class III4	2.68%	18.35%	-5.93%

* Not Annualized.

1 Not subject to any sales charges.

2 Fund commenced operations on August 30, 2000.

3 The existing shares of the Fund were designated Class I shares as of May 1, 2001.

4 These returns until the creation of Class III shares (May 2, 2002) are based on the performance of the Class I shares of the Fund. Excluding the effect of fee waivers or reimbursements, such prior performance is similar to what Class III shares would have produced because all classes of shares invest in the same portfolio of securities. For Class III shares, these returns do not reflect the short-term trading fees applicable to such shares; if these fees were reflected, the annual returns for Class III shares would have been lower.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class I shares of the Gartmore GVIT International Growth Fund, the Morgan Stanley Capital International All Country World Free ex U.S. Index (MSCI AC World ex U.S.)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) The MSCI AC World Free ex U.S. is an unmanaged, free float-adjusted, market-capitalization weighted index that is designed to measure the performance of the stocks in companies in all countries except the United States.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Gartmore GVIT International Growth Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
International Growth Fund
Class I	Actual	$	1,000	$	1,027	$	6.78	1.35%
	Hypothetical1	$	1,000	$	1,018	$	6.78	1.35%
Class III	Actual	$	1,000	$	1,027	$	6.78	1.35%
	Hypothetical1	$	1,000	$	1,018	$	6.78	1.35%

 * Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

(June 30, 2005) Gartmore GVIT International Growth Fund

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

Asset Allocation
Common Stocks	99.8%
Cash Equivalents	0.0%
Other assets in excess of liabilities	0.2%
	100.0%

Top Holdings*
BP PLC	2.8%
Fortum Oyj	2.2%
Credit Saison Co. Ltd.	2.1%
Suncor Energy, Inc.	2.1%
Nokia Oyj	2.0%
ENI SPA	2.0%
E.ON AG	2.0%
OMV AG	2.0%
LM Ericsson, Class B	2.0%
Excel Coal Ltd.	2.0%
Other Holdings	78.8%
	100.0%

Top Industries
Oil & Gas	17.2%
Banking	13.5%
Financial Services	7.9%
Transportation	4.8%
Telecommunications	4.3%
Real Estate	4.2%
Aerospace & Defense	4.0%
Chemicals	3.7%
Electronics	3.5%
Coal	2.8%
Other Industries	34.1%
	100.0%

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

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INTERNATIONAL GROWTH FUND

Statement of Investments — June 30, 2005 (Unaudited)

	Shares or Principal Amount	Value
COMMON STOCKS (99.8%)
AUSTRALIA (4.1%)
Coal (2.8%)
Excel Coal Ltd. (c)	66,587	$	377,694
Felix Resources Ltd. (b) (c)	71,136		154,140
			531,834
Minerals (1.3%)
BHP Billiton Ltd. (c)	18,493		252,481
			784,315
AUSTRIA (2.0%)
Oil & Gas (2.0%)
OMV AG (c)	873		379,992
CANADA (3.2%)
Oil & Gas (3.2%)
Encana Corp. (c)	5,568		219,711
Suncor Energy, Inc. (c)	8,231		389,238
			608,949
DENMARK (0.3%)
Telecommunications (0.3%)
TDC A/S (c)	1,320		56,520
FINLAND (4.9%)
Electric Utility (2.2%)
Fortum Oyj (c)	26,284		421,626
Oil & Gas (0.7%)
Neste Oil (b) (c)	4,882		126,483
Telecommunications (2.0%)
Nokia Oyj (c)	22,980		382,524
			930,633
FRANCE (9.8%)
Automotive (1.0%)
Renault SA (c)	2,240		196,825
Banking (3.0%)
BNP Paribas SA (c)	3,903		266,684
Societe Generale (c)	2,784		282,424
			549,108
Building & Construction (0.7%)
Bouygues SA (c)	3,161		130,726
Diversified Operations (1.5%)
LVMH Moet Hennessy SA (c)	3,720		286,507

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
FRANCE (continued)
Food—Diversified (0.7%)
Groupe Danone (b) (c)	1,600	$	140,244
Multimedia (0.5%)
Vivendi Universal SA (b) (c)	3,059		95,904
Oil & Gas (1.1%)
Total SA (c)	885		207,173
Utilities (1.3%)
Suez SA (c)	9,260		250,404
			1,856,891
GERMANY (7.0%)
Chemicals (1.2%)
Bayer AG (c)	6,900		229,674
Electric (1.9%)
E.ON AG (c)	4,284		380,463
Financial Services (1.5%)
Deutsche Bank AG (c)	3,536		275,300
Gas & Electric Utility (1.3%)
RWE AG (c)	3,729		239,649
Manufacturing—Consumer Goods (1.1%)
Adidas Salomon (c)	1,220		204,014
			1,329,100
HONG KONG (3.5%)
Diversified Operations (0.8%)
Hutchison Whampoa Ltd. (c)	16,000		144,022
Real Estate (2.7%)
Cheung Kong (Holdings) Ltd. (c)	23,000		223,105
New World Development Co. Ltd. (c)	128,000		156,304
Sun Hung Kai Properties Ltd. (c)	14,000		137,711
			517,120
			661,142
IRELAND (2.5%)
Beverages (1.0%)
C&C Group PLC (c)	44,000		199,052
Transportation (1.5%)
Ryanair Holdings PLC ADR	6,130		274,870
			473,922

6

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INTERNATIONAL GROWTH FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
ITALY (4.8%)
Banking (2.8%)
Banca Intesa SPA (c)	30,901	$	141,127
Banca Nazionale del Lavoro SPA (b) (c)	45,243		155,977
UniCredito Italiano (b) (c)	44,950		237,086
			534,190
Oil & Gas (2.0%)
ENI SPA (c)	14,825		381,081
			915,271
JAPAN (9.9%)
Financial Services (6.4%)
Credit Saison Co. Ltd. (c)	12,000		397,293
Matsui Securities Co. Ltd. (c)	25,600		273,106
Mitsubishi Tokyo Financial Group, Inc. (c)	28		236,093
Sumitomo Mitsui Financial Group, Inc. (c)	20		134,529
UFJ Holdings, Inc. (c)	29		150,070
			1,191,091
Import & Export (1.5%)
Mitsubishi Corp. (c)	21,100		285,433
Real Estate (1.5%)
Mitsui Fudosan Co. Ltd. (c)	26,000		290,041
Transportation—Marine (0.5%)
Nippon Yusen Kabushiki Kaisha (c)	17,000		97,209
			1,863,774
KOREA (3.5%)
Electronics (3.5%)
Hynix Semiconductor, Inc. (b) (c)	17,500		283,320
Samsung Electronics Co. Ltd. ADR	1,560		372,840
			656,160
NETHERLANDS (3.8%)
Banking (1.4%)
ABN AMRO Holding NV (c)	11,700		287,562
Food (1.2%)
Koninlijke Numico NV (b) (c)	5,583		223,011

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
NETHERLANDS (continued)
Oil & Gas (1.2%)
Royal Dutch Petroleum Co. (c)	3,370	$	219,171
			729,744
NORWAY (4.8%)
Chemicals (1.3%)
Yara International ASA (b) (c)	15,600		246,576
Oil & Gas (1.7%)
Statoil ASA (c)	15,700		319,680
Oil—Field Services (1.8%)
Stolt Offshore SA (b) (c)	37,637		341,385
			907,641
SOUTH AFRICA (1.5%)
Oil & Gas (1.5%)
Sasol Ltd. (c)	10,670		288,318
SPAIN (2.3%)
Building & Construction (1.1%)
Acciona SA (c)	2,200		218,019
Construction & Engineering (1.2%)
Abengoa, SA (c)	18,920		219,295
			437,314
SWEDEN (3.2%)
Banking (1.2%)
Skandiaviska Enskilda Banken AB, Series A (b) (c)	13,400		222,414
Telecommunications (2.0%)
LM Ericsson, Class B (b) (c)	119,050		379,933
			602,347
SWITZERLAND (5.5%)
Banking (2.0%)
Credit Suisse Group (c)	3,400		133,272
UBS AG (c)	3,239		252,497
			385,769
Chemicals (1.2%)
Syngenta AG (c)	2,137		218,646
Food—Diversified (0.7%)
Nestle SA (c)	510		130,286
Pharmaceuticals (1.6%)
Novartis AG (c)	6,510		309,073
			1,043,774

7

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INTERNATIONAL GROWTH FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
UNITED KINGDOM (23.2%)
Aerospace & Defense (4.0%)
BAE Systems (c)	73,230	$	375,355
Rolls-Royce Group PLC (b) (c)	71,250		365,693
			741,048
Banking (3.1%)
Barclays PLC (c)	17,660		175,123
HSBC Holdings PLC (c)	11,310		179,932
Royal Bank of Scotland Group PLC (c)	7,480		225,307
			580,362
Beverages (0.7%)
Diageo PLC (c)	8,850		130,246
Food & Household Products (1.1%)
Cadbury Schweppes PLC (c)	22,790		216,969
Gambling (0.8%)
PartyGaming PLC (c)	56,452		150,768
Gas & Electric Utility (1.1%)
Scottish Power PLC (c)	24,340		216,060
Mining (2.0%)
BHP Billiton PLC (c)	14,550		185,556
Rio Tinto PLC (c)	6,483		197,493
			383,049
Oil & Gas (3.8%)
BP PLC (c)	50,851		529,052
Shell Transport & Trading Co. PLC (c)	19,009		184,133
			713,185
Pharmaceuticals (0.9%)
AstraZeneca PLC	1,360		56,093
GlaxoSmithKline PLC	4,990		120,626
			176,719

	Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED KINGDOM (continued)
Transportation (3.3%)
BAA PLC (c)		31,250	$	346,387
British Airways PLC (b) (c)		59,140		277,602
				623,989
Utilities (1.0%)
AWG PLC (c)		11,110		190,916
Water & Sewerage Services (1.4%)
Pennon Group PLC (c)		14,270		265,768
				4,389,079
UNITED STATES (0.0%)
Multi-Media (0.0%)
News Corp. Ltd. (The), Class B		330		5,564
Total Common Stocks				18,920,450
CASH EQUIVALENTS (0.0%)
Investments in repurchase agreements (Collateralized by AA Corporate Bonds, in a joint trading account at 3.34%, dated 06/30/05, due 07/01/05, repurchase price $8,208)	$	8,207		8,207
Total Cash Equivalents				8,207
Total Investments (Cost $18,004,676) (a) — 99.8%				18,928,657
Other assets in excess of liabilities — 0.2%				37,199
NET ASSETS — 100.0%			$	18,965,856

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(b) Denotes a non-income producing security.

(c) Fair Valued Security.

ADR American Depositary Receipt

8

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INTERNATIONAL GROWTH FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

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

Currency	Delivery Date	Contract Value		Market Value		Unrealized Appreciation/ (Depreciation)
Short Contracts:
Euro Dollar	07/01/05	$	240,801	$	241,791	$	(990	)
British Pound	07/05/05		56,001		55,991		10
Total Short Contracts		$	296,802	$	297,782	$	(980	)
Long Contracts:
Euro Dollar	07/01/05	$	105,866	$	106,505	$	(639	)
British Pound	07/01/05		251,846		249,734		2,112
Total Long Contracts		$	357,712	$	356,239	$	1,473

See notes to financial statements.

9

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INTERNATIONAL GROWTH FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $17,996,469)	$	18,920,450
Repurchase agreements, at cost and value		8,207
Total Investments		18,928,657
Foreign currencies, at value (cost $156,487)		162,453
Interest and dividends receivable		30,656
Receivable for investments sold		894,833
Unrealized appreciation on forward foreign currency contracts		11
Reclaims receivable		22,856
Prepaid expenses and other assets		4,284
Total Assets		20,043,750
Liabilities:
Payable to custodian		53,623
Payable for investments purchased		1,005,082
Accrued expenses and other payables:
Investment advisory fees		15,480
Fund administration and transfer agent fees		142
Administrative servicing fees		1,966
Other		1,601
Total Liabilities		1,077,894
Net Assets	$	18,965,856
Represented by:
Capital	$	19,054,085
Accumulated net investment income (loss)		77,785
Accumulated net realized gain (losses) from investment and foreign currency transactions		(1,095,231	)
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		929,217
Net Assets	$	18,965,856
Net Assets:
Class I Shares	$	4,640,501
Class III Shares		14,325,355
Total	$	18,965,856
Shares outstanding (unlimited number of shares authorized):
Class I Shares		634,896
Class III Shares		1,957,836
Total		2,592,732
Net asset value and offering price per share:*
Class I Shares	$	7.31
Class III Shares	$	7.32

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	9,581
Dividend income (net of foreign withholding tax of $43,366)		293,363
Total Income		302,944
Expenses:
Investment advisory fees		86,671
Fund administration and transfer agent fees		12,916
Administrative servicing fees Class I Shares		2,999
Administrative servicing fees Class III Shares		9,415
Other**		4,724
Total Expenses		116,725
Net Investment Income (Loss)		186,219
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		1,052,508
Net realized gains (losses) on foreign currency transactions		17,415
Net realized gains (losses) on investment and foreign currency transactions		1,069,923
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(874,431	)
Net realized/unrealized gains (losses) on investments, and foreign currencies		195,492
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		381,711

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

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GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INTERNATIONAL GROWTH FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	186,219		$	113,685
Net realized gains (losses) on investment and foreign currency transactions		1,069,923			1,030,071
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(874,431	)		611,065
Change in net assets resulting from operations		381,711			1,754,821
Distributions to Class I shareholders from:
Net investment income		(26,518	)		(28,665	)
Distributions to Class III shareholders from:
Net investment income		(81,407	)		(94,733	)
Change in net assets from shareholder distributions		(107,925	)		(123,398	)
Change in net assets from capital transactions		3,022,109			3,449,179
Change in net assets		3,295,895			5,080,602
Net Assets:
Beginning of period		15,669,961			10,589,359
End of period	$	18,965,856		$	15,669,961
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,852,112		$	1,857,450
Dividends reinvested		26,518			28,665
Cost of shares redeemed		(923,733	)		(2,343,099	)
		954,897			(456,984	)
Class III Shares
Proceeds from shares issued		4,059,477			6,765,019
Dividends reinvested		81,407			94,733
Cost of shares redeemed		(2,073,672	)		(2,953,589	)
		2,067,212			3,906,163
Change in net assets from capital transactions	$	3,022,109		$	3,449,179
SHARE TRANSACTIONS:
Class I Shares
Issued		249,009			282,973
Reinvested		3,639			4,026
Redeemed		(127,151	)		(359,719	)
		125,497			(72,720	)
Class III Shares
Issued		554,069			1,036,648
Reinvested		11,157			13,287
Redeemed		(285,049	)		(465,078	)
		280,177			584,857

See notes to financial statements.

11

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT International Growth Fund

			Investment Activities							Distributions								Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Redemption Fees	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class I Shares
Period Ended December 31, 2000(c)	$	10.00	(0.01	)	—	(1.37	)	(1.38	)	—		—		$	8.62	(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)	$	8.62	0.01		—	(2.47	)	(2.46	)	(0.02	)	(0.02	)	$	6.14	(28.65%	)	$	9,448	1.58%		0.05%		2.69%		(1.06%	)	245.96%
Year Ended December 31, 2002	$	6.14	0.01		0.01	(1.50	)	(1.48	)	—		—		$	4.66	(24.10%	)	$	6,859	1.29%		0.53%		1.33%		0.49%		257.38%
Year Ended December 31, 2003	$	4.66	0.07		—	1.59		1.66		—		—		$	6.32	35.62%		$	3,678	1.25%		0.83%		(h	)	(h	)	331.02%
Year Ended December 31, 2004	$	6.32	0.07		—	0.83		0.90		(0.06	)	(0.06	)	$	7.16	14.19%		$	3,647	1.33%		0.98%		(h	)	(h	)	262.03%
Six Months Ended June 30, 2005 (Unaudited)	$	7.16	0.07		—	0.12		0.19		(0.04	)	(0.04	)	$	7.31	2.69%	(f)	$	4,641	1.35%	(g)	2.23%	(g)	(h	)	(h	)	134.58%
Class III Shares
Period Ended December 31, 2002(e)	$	5.95	(0.01	)	0.01	(1.28	)	(1.28	)	—		—		$	4.67	(21.51%	)(f)	$	2,232	1.32%	(g)	0.08%	(g)	(h	)	(h	)	257.38%
Year Ended December 31, 2003	$	4.67	0.02		—	1.63		1.65		—		—		$	6.32	35.33%		$	6,912	1.33%		0.24%		(h	)	(h	)	331.02%
Year Ended December 31, 2004	$	6.32	0.05		—	0.86		0.91		(0.06	)	(0.06	)	$	7.17	14.35%		$	12,023	1.35%		0.98%		(h	)	(h	)	262.03%
Six Months Ended June 30, 2005 (Unaudited)	$	7.17	0.07		—	0.12		0.19		(0.04	)	(0.04	)	$	7.32	2.68%	(f)	$	14,325	1.35%	(g)	2.12%	(g)	(h	)	(h	)	134.58%

(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 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.

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT International Growth Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these 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

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values 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 Fund, the Fund will fair value its 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 Fund’s 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 these prices will have a material impact on the net asset value of the Fund. When the Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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 also may 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

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the 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 the Fund.

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(i) Security Transactions and Investment Income

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

(j) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

(k) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(l) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$99,183	$	1,106,746	$	(281,948	)	$	824,798

(m) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income,

16

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Global Asset Management Trust (“GGAMT”) manages the investment of the assets and supervises the daily business affairs of the Fund. 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. In addition, GGAMT provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser, for the Fund that GGAMT advises. Gartmore Global Partners (the “subadviser”), an affiliate of GGAMT, manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays GGAMT an investment advisory fee based on that Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreement, GGAMT pays fees to the subadviser. Additional information regarding investment advisory fees and subadvisory fees for GGAMT and the subadviser is as follows for the six months ended June 30, 2005:

Fee Schedule	Total Fees	Fees Retained	Paid to Sub-adviser
Up to $500 million	1.00%	0.50%	0.50%
$500 million up to $2 billion	0.95%	0.45%	0.50%
Next $2 billion or more	0.90%	0.40%	0.50%

GGAMT and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage fees, extraordinary expenses, short sale dividend expenses, Rule 12b-1 fees, and administrative service fees) from exceeding 1.25% for all classes until at least May 1, 2006.

GGAMT may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by GGAMT, respectively, pursuant to the Expense Limitation Agreement 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 the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by GGAMT is not permitted.

As of the six months ended June 30, 2005, there were no cumulative potential reimbursements for all classes of the Fund, based on reimbursements which expires within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by GGAMT.

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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.

17

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; 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 the Fund.

4. Short-Term Trading Fees

The Fund reserves 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, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the 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.

18

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

For the six months ended June 30, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $25,817,043 and sales of $22,593,071.

6. Bank Loans

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

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)

19

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)

20

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

8. Subsequent Event

On July 29, 2005, the Trust filed a Post-Effective Amendment to its Registration Statement on Form N-1A to change the structure of the Fund’s investment advisory fee and sub-advisory fee from the current asset-based fee structure to a performance based fee structure on or about October 1, 2005. On that date, or, if later, upon SEC effectiveness, the Fund will immediately lower its base advisory fee by 0.10% at each breakpoint. Beginning one year after implementation of the new performance fee structure, the Fund’s base advisory fee may be adjusted proportionately upward or downward if the Fund outperforms or uderperforms its stated benchmark by the following amounts:

Out or Underperformance	Change in Fees
+/- 1 percentage point	+/- 0.02%
+/- 2 percentage points	+/- 0.04%
+/- 3 percentage points	+/- 0.06%
+/- 4 percentage points	+/- 0.08%
+/- 5 percentage points	+/- 0.10%

The prospectus describing the above Fund will be supplemented upon the effectiveness of the Post-Effective Amendment to the Trust’s Registration Statement. Please refer to the prospectus, as supplemented by a notice you will receive after the effectiveness of the Post-Effective Amendment, for further information about this new fee structure.

21

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

22

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

23

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

24

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President — Operations for GGI3, GMFCT3, and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

25

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

26

Dreyfus GVIT International Value Fund

Semiannual Report

|  June 30, 2005

	Contents
6	Statement of Investments
11	Statement of Assets and Liabilities
11	Statement of Operations
12	Statements of Changes in Net Assets
14	Financial Highlights
15	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Dreyfus GVIT International Value Fund

For the semiannual period ended June 30, 2005, the Dreyfus GVIT International Value Fund returned -1.47% (Class I at NAV) versus -0.85% for its benchmark, the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. For broader comparison, the average return for the Fund’s Lipper peer category of International Value Funds was -1.38%.

The first half of 2005 was a difficult trading environment dominated by currency moves, surging oil prices and the U.S. Federal Reserve Board’s tightening cycle entering its late stages. Corporate borrowing costs continue to remain at historic lows in both the United States and Europe, with the long bond below 4% in both regions. The recent sell-off of the euro versus the U.S. dollar has helped European exporters, and many are now looking for the European Central Bank to cut rates later this year as inflation remains quite low, and high unemployment rates as well as slow growth persist (Italy is now in a mild recession).

Despite Mr. Greenspan’s words of caution in March, inflation remains historically low, corporate balance sheets are healthy, hiring is expected to pick up, and China has successfully avoided a significant production decline thus far. Although the Japanese stock market had a difficult second quarter, more positive trends are surfacing in consumer spending and property values. The weakening yen in recent weeks also has assisted exporters. Any signal that Japan is transitioning from a deflationary to a slightly inflationary environment would be positive to the domestic demand-oriented sectors, where we run an overweight position versus the benchmark.

The international markets were driven down in the first half of 2005 by factors such as rising energy prices, tighter U.S. monetary policy, a strengthening U.S. dollar, and continued concern that earnings and gross domestic product (GDP) growth have peaked. China continues to dominate headlines as its growth persists. Recently, the country has been shopping for Western assets; Chinese companies are keen on building national brands, gaining management expertise and securing natural resources.

The emerging markets region continues to attract investors wary that developed economies are approaching an economic slowdown; thus, our emerging markets exposure yielded positive results.

As evidenced by the Fund’s holdings in Funai Electric Co. Ltd, Nippon Express Co., and Swiss Reinsurance Co., weaker stock selection tended to be stock-specific rather than driven by sectors or macroeconomics during the period. Funai Electric Co. Ltd, maker of DVDs and TVs, recently received a directive from the Osaka tax office to amend its last two years of back taxes. Transportation and logistics provider Nippon Express Co., Ltd. is expected to deliver in line with management guidance this year. However, concern over rising fuel costs, declining global growth and the potential impact on freight carriers has weakened the stock price. Finally, Swiss Reinsurance Co. is highly exposed to global interest rates and benefits from tighter monetary policy. As Organisation for Economic Co-operation and Development indicators pointed to slower growth, the bond market rallied and analysts moved to a neutral position on the stock. The company has since reported a higher-than-expected internal rate of return on new business due to product mix and duration.

Fund holding Mabuchi Motor Co., Ltd. lowered guidance due to pricing pressure in conventional motors. The company is working to diversify its product line by expanding mass production of brushless motors and increasing automotive motor exposure. Continued consumer weakness in Italy led to lower casual apparel sales at Benetton Group S.p.A., one of the country’s leading apparel retailers. The company has begun a substantial restructuring program to boost offshore sourcing, streamline logistics and revitalize merchandise content. Benetton has a strong balance sheet, high cash flow and valuable property assets. The brand is highly popular in Italy and well positioned for a rebound in consumer spending. Singapore-based DBS Group Holdings Ltd. reported a decline in the net interest margin due to higher funding costs and an increase in longer-term deposits. Hong Kong margins were expected to come under pressure from heightened competition. With loan growth up 15% for the year against 5% for the industry, the bank has executed a successful strategy to gain market share.

Many market commentators believe that Fed Chairman Alan Greenspan will conclude the tightening cycle at 3.75% by the end of the year. As always, our disciplined approach to our value investment process uncovers interesting new opportunities for the strategy. We recently added HSBC Holdings plc and BP p.l.c. to the portfolio due to these two companies’ share price weakness and lagging performance relative to that of their firms’ industry peers. In both cases, we have been able to pay value multiples for traditionally premium-rated securities. After close analysis, we determined that the long-term positive fundamentals outweighed the short-term negative trading news for both stocks. Regardless of macroeconomic trends or geopolitical events, we will continue to search for high-quality companies that we believe have been overlooked by the market.

PORTFOLIO MANAGER: D. Kirk Henry

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

1

Dreyfus GVIT International Value Fund (continued)

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

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

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

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance Dreyfus GVIT International Value Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Five year	Ten year	Inception
Class I2	-1.47%	10.18%	4.60%	8.67%	8.47%
Class II2	-1.53%	9.94%	4.33%	8.39%	8.19%
Class III2	-1.41%	10.20%	4.56%	8.65%	8.45%
Class IV3	-1.48%	10.02%	4.56%	8.64%	8.45%
Class VI2	-1.58%	9.84%	4.31%	8.38%	8.19%

* Not Annualized.

1 Not subject to any sales charges.

2 These returns until the creation of the Class I, Class II and Class III shares (April 28, 2003) and through December 31, 2003 for the Class VI shares are based on the performance of the Class IV shares of the Fund (which was based on the performance of the Fund’s predecessor until April 28, 2003). Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class I, Class II, Class III and Class VI shares would have produced, because all classes of shares invest in the same portfolio of securities. Class II and Class VI share’s annual returns have been restated to reflect the additional fees applicable to Class II and Class VI shares and therefore are lower than those of Class I. For Class III and Class VI shares, these returns do not reflect the short-term trading fees applicable to such shares; if these fees were reflected, the annual returns for Class III and Class VI shares would have been lower.

3 The Fund’s predecessor, the Market Street International Portfolio, commenced operation on November 1, 1991. As of April 28, 2003, the Dreyfus GVIT International Value Fund (which previously had not commenced operations) acquired all the assets, subject to stated liabilities, of the Market Street International Portfolio. At that time the Dreyfus GVIT International Value Fund took on the performance of the Market Street International Portfolio.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class IV shares of the Dreyfus GVIT International Value Fund, the Morgan Stanley Capital International Europe, Australasia Far East Index(MSCI EAFE)(a), and the Consumer Price Index (CPI)(b) over a 10-year period ended 06/30/05. Unlike the Fund, the returns for these unmanaged indexes

(a) The MSCI EAFE is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US & Canada. As of December 2003 the MSCI EAFE Index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Dreyfus GVIT International Value Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
International Value Fund
Class I	Actual	$	1,000	$	985	$	4.23	0.86%
	Hypothetical1	$	1,000	$	1,021	$	4.32	0.86%
Class II	Actual	$	1,000	$	985	$	5.46	1.11%
	Hypothetical1	$	1,000	$	1,019	$	5.57	1.11%
Class III	Actual	$	1,000	$	986	$	4.23	0.86%
	Hypothetical1	$	1,000	$	1,021	$	4.32	0.86%
Class IV	Actual	$	1,000	$	985	$	4.97	1.01%
	Hypothetical1	$	1,000	$	1,020	$	5.07	1.01%
Class VI	Actual	$	1,000	$	984	$	5.51	1.12%
	Hypothetical1	$	1,000	$	1,019	$	5.62	1.12%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

(June 30, 2005) Dreyfus GVIT International Value Fund

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

Asset Allocation
Common Stock	94.9%
Cash Equivalents	3.2%
Other Investments*	16.9%
Liabilities in excess of other assets**	-15.0%
	100.0%

Top Holdings***
Vodafone Group PLC	1.7%
GlaxoSmithKline PLC	1.7%
Bank of Ireland	1.5%
Sumitomo Mitsui Financial Group, Inc.	1.5%
Novartis AG	1.4%
Royal Bank of Scotland Group PLC	1.3%
France Telecom SA	1.3%
TotalFinaElf SA	1.3%
BP PLC	1.3%
UniCredito Italiano SpA	1.2%
Other Holdings	85.8%
	100.0%

Top Industries
Banking	20.5%
Telecommunications	8.6%
Oil & Gas	7.7%
Food & Beverages	5.7%
Chemicals	4.3%
Pharmaceuticals	3.9%
Automotive	3.4%
Electronics	3.1%
Insurance	2.6%
Transportation	2.5%
Other Industries	37.7%
	100.0%

* Includes value of collateral received from securities lending.

** Includes value of collateral owed from securities lending.

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

5

GARTMORE VARIABLE INSURANCE TRUST

DREYFUS GVIT INTERNATIONAL VALUE FUND

Statement of Investments — June 30, 2005 (Unaudited)

	Shares or Principal Amount	Value
COMMON STOCKS (94.9%)
AUSTRALIA (1.6%)
Banking (0.9%)
National Australia Bank Ltd.	82,132	$	1,918,745
Containers (0.7%)
Amcor Ltd.	309,096		1,571,520
			3,490,265
BRAZIL (1.2%)
Oil & Gas (0.7%)
Petroleo Brasileiro SA ADR	5,500		253,220
Petroleo Brasileiro SA ADR	23,650		1,232,874
			1,486,094
Telecommunications (0.5%)
Telecomunicacoes Brasileiras SA ADR	37,611		1,147,136
			2,633,230
CHINA (0.4%)
Telecommunications (0.4%)
China Mobile (Hong Kong) Ltd.	246,100		912,033
FINLAND (1.6%)
Paper Products (1.2%)
M-Real Oyj B Shares	246,100		1,333,542
UPM-Kymmene Oyj	60,939		1,166,822
			2,500,364
Telecommunications (0.4%)
Nokia Oyj	34,300		570,956
Nokia Oyj ADR	21,626		359,857
			930,813
			3,431,177
FRANCE (8.4%)
Auto Parts & Equipment (0.9%)
Valeo SA	40,411		1,999,526
Banking (1.9%)
Banque Nationale de Paris SA	34,020		2,324,520
Credit Agricole SA	77,760		1,965,433
			4,289,953
Food & Beverages (1.2%)
Carrefour SA	51,210		2,477,666

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
FRANCE (continued)
Machinery (0.6%)
Schneider Electric SA	16,170	$	1,216,460
Medical (0.9%)
Sanofi-Synthelabo SA	22,460		1,840,190
Oil & Gas (1.6%)
TotalFinaElf SA	11,610		2,717,823
TotalFinaElf SA ADR	5,541		647,466
			3,365,289
Telecommunications (1.3%)
France Telecom SA	93,840		2,732,066
			17,921,150
GERMANY (8.2%)
Airlines (0.7%)
Deutsche Lufthansa AG (b)	117,182		1,432,487
Automotive (1.1%)
Volkswagen AG	49,880		2,270,037
Banking (1.7%)
Deutsche Bank AG	27,515		2,142,218
Deutsche Postbank AG (b)	26,520		1,298,727
			3,440,945
Distribution & Wholesale (0.1%)
Medion AG	15,200		252,868
Electric & Gas (0.8%)
E.On AG	19,027		1,689,788
Insurance (0.7%)
Allianz AG	13,460		1,539,657
Machinery & Print Trade (0.4%)
Heidelberger Druckmaschinen AG (b)	32,000		931,380
Retail (0.2%)
KarstadtQuelle AG	33,454		445,181
Semiconductors (0.6%)
Infineon Technologies AG (b)	145,100		1,349,510
Telecommunications (0.7%)
Deutsche Telecom AG	84,700		1,561,173
Transportation (1.2%)
Deutsche Post AG	108,190		2,516,372
			17,429,398

6

GARTMORE VARIABLE INSURANCE TRUST

DREYFUS GVIT INTERNATIONAL VALUE FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
HONG KONG (0.7%)
Banking (0.6%)
Bank of East Asia Ltd.	464,329	$	1,367,806
Diversified Operations (0.1%)
Citic Pacific Ltd.	50,000		145,913
			1,513,719
IRELAND (1.5%)
Banking (1.5%)
Bank of Ireland	200,155		3,227,344
ITALY (4.0%)
Aerospace & Defense (0.6%)
Finmeccanica SpA	1,479,680		1,378,299
Apparel (0.5%)
Benetton Group SpA	106,020		973,321
Banking (1.8%)
Banche Popolari Unite Scrl	23,030		456,779
Banco Popolare di Verona e Novara Scrl	43,160		734,968
UniCredito Italiano SpA	504,600		2,661,481
			3,853,228
Oil & Gas (1.1%)
Eni SpA	93,460		2,402,420
			8,607,268
JAPAN (25.2%)
Advertising (0.4%)
Dentsu, Inc.	377		928,252
Appliances (0.6%)
Rinnai Corp.	56,000		1,375,803
Automotive (2.3%)
Fuji Heavy Industries Ltd.	346,100		1,435,125
Toyoda Gosei	75,300		1,208,909
Toyota Motor Corp.	40,200		1,434,957
Yamaha Motor Co. Ltd.	44,600		815,721
			4,894,712
Banking (3.0%)
Mitsubishi Tokyo Financial Group, Inc.	171		1,441,854
Sumitomo Mitsui Financial Group, Inc.	479		3,221,958
The 77 Bank Ltd.	233,700		1,433,870
			6,097,682

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
JAPAN (continued)
Building & Construction (1.2%)
JS Group Corp.	61,700	$	1,042,712
Sekisui House Ltd.	153,900		1,547,146
			2,589,858
Chemicals (2.1%)
Shin-Etsu Chemical Co. Ltd.	52,700		1,994,506
Sumitomo Bakelite Co. Ltd.	183,300		1,181,926
Sumitomo Chemical Co. Ltd.	271,500		1,243,139
			4,419,571
Computers (0.4%)
TDK Corp.	11,500		781,871
Convenience Stores (0.3%)
Lawson, Inc.	18,800		654,197
Cosmetics & Toiletries (0.9%)
Kao Corp.	82,200		1,931,873
Drugstores (0.4%)
Matsumotokiyoshi Co. Ltd.	28,000		762,367
Electronic Components (2.0%)
Mabuchi Motor Co. Ltd.	31,300		1,800,937
Minebea Co. Ltd.	295,000		1,187,401
Murata Manufacturing Co. Ltd.	25,300		1,282,120
			4,270,458
Electronics (1.9%)
ALPS ELECTRIC CO. LTD.	58,000		884,560
Funai Electric Co. Ltd.	13,600		1,387,954
Rohm Co. Ltd.	19,000		1,821,828
			4,094,342
Finance (0.7%)
Orix Corp. (b)	9,900		1,478,666
Financial Services (1.6%)
Credit Saison Co.	40,600		1,344,175
Takefuji Corp.	30,540		2,056,048
			3,400,223
Office Automation & Equipment (0.9%)
Canon, Inc.	36,900		1,934,619
Pharmaceuticals (0.8%)
Takeda Chemical Industries Ltd.	36,500		1,805,333

7

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DREYFUS GVIT INTERNATIONAL VALUE FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
JAPAN (continued)
Photographic Products (0.7%)
Fuji Photo Film Co. Ltd.	48,100	$	1,554,889
Restaurants (0.7%)
Skylark Co. Ltd.	91,400		1,389,161
Retail (0.8%)
Aeon Co. Ltd.	113,100		1,720,601
Security Services (0.3%)
Sohgo Security Services Co. Ltd.	42,394		560,139
Telecommunications (1.5%)
KDDI Corp.	415		1,915,866
Nippon Telegraph & Telephone Corp.	310		1,325,908
			3,241,774
Textile Products (0.5%)
Kuraray Co. Ltd.	112,600		1,063,491
Transportation (1.2%)
Nippon Express Co. Ltd.	601,600		2,601,658
			53,551,540
KOREA (1.1%)
Telecommunications (0.6%)
KT Corp. SP ADR	56,600		1,216,900
Utilities (0.5%)
Korea Electric Power Corp. ADR	74,700		1,170,549
			2,387,449
MEXICO (1.4%)
Food & Beverages (0.7%)
Coca-Cola Femsa SA de CV ADR	55,300		1,477,063
Telecommunications (0.7%)
Telefonos de Mexico SA de CV ADR	79,232		1,496,692
			2,973,755
NETHERLANDS (7.1%)
Banking (1.8%)
ABN AMRO Holding NV	67,935		1,669,704
Fortis NV	81,560		2,257,035
			3,926,739

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
NETHERLANDS (continued)
Electronics (1.2%)
Koninklijke (Royal) Philips Electronics NV	82,450	$	2,077,630
Koninklijke (Royal) Philips Electronics NV ADR	17,050		429,490
			2,507,120
Food & Beverages (1.0%)
Heineken NV	67,601		2,086,390
Insurance (0.9%)
Aegon NV	146,327		1,885,043
Oil & Gas (1.1%)
Royal Dutch Petroleum Co.	37,290		2,425,192
Printing & Publishing (0.9%)
Wolters Kluwer NV	99,890		1,907,420
Publishing (0.2%)
VNU NV (b)	15,610		398,200
			15,136,104
NEW ZEALAND (0.1%)
Paper & Related Products (0.1%)
Carter Holt Harvey Ltd.	195,360		308,528
PORTUGAL (0.8%)
Utilities (0.8%)
Electricidade de Portugal SA	660,680		1,660,406
SINGAPORE (2.0%)
Banking (2.0%)
DBS Group Holdings Ltd.	303,340		2,567,131
United Overseas Land Ltd. (b)	19,820		26,768
United Overseas Bank Ltd.	198,200		1,667,294
			4,261,193
SOUTH AFRICA (0.5%)
Banking (0.5%)
Nedcor Ltd.	87,059		971,811
SPAIN (2.6%)
Banking (0.4%)
Banco de Sabadell SA	34,160		882,280

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DREYFUS GVIT INTERNATIONAL VALUE FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
SPAIN (continued)
Oil & Gas (1.0%)
Repsol YPF SA	42,600	$	1,081,554
Repsol YPF SA ADR	43,270		1,087,375
			2,168,929
Utilities (1.2%)
Endesa SA	110,646		2,572,981
			5,624,190
SWEDEN (1.0%)
Paper & Related Products (1.0%)
Svenska Cellusoa AB	63,810		2,039,231
SWITZERLAND (6.4%)
Banking (1.2%)
United Bank of Switzerland AG	32,090		2,501,581
Chemicals (1.6%)
Ciba Specialty Chemicals AG	37,748		2,194,953
Clariant AG	55,810		739,335
Lonza Group AG	12,520		691,610
			3,625,898
Food & Beverages (1.2%)
Nestle SA	9,960		2,544,409
Insurance (1.0%)
Swiss Re	33,720		2,067,678
Pharmaceuticals (1.4%)
Novartis AG	63,030		2,992,453
			13,732,019
TAIWAN (0.6%)
Semiconductor Components (0.6%)
United Microelectronics Corp. ADR (b)	302,862		1,244,763
UNITED KINGDOM (18.5%)
Aerospace & Defense (0.6%)
British Aerospace PLC	267,966		1,373,517
Airport (0.6%)
BAA PLC	120,200		1,332,342
Auto Parts & Equipment (0.8%)
GKN PLC	383,190		1,766,992
Banking (3.2%)
Barclays PLC	230,222		2,282,959

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
UNITED KINGDOM (continued)
HSBC Holdings PLC (b)	97,210	$	1,546,524
Royal Bank of Scotland Group PLC	92,496		2,786,097
			6,615,580
Business Services (0.1%)
Bunzl PLC	24,585		228,222
Chemicals (0.6%)
BOC Group PLC	62,903		1,129,143
Filtrona PLC	28,854		125,679
			1,254,822
Containers–Metal & Glass (0.4%)
Rexam PLC	98,326		846,638
Food & Beverages (1.6%)
Diageo PLC	149,262		2,196,696
Sainsbury (J) PLC	231,928		1,182,725
			3,379,421
Food & Household Products (1.1%)
Unilever PLC	234,210		2,254,143
Mining (1.8%)
Anglo American PLC	83,354		1,950,019
Rio Tinto PLC	61,470		1,872,569
			3,822,588
Oil & Gas (2.2%)
BP PLC (b)	260,100		2,706,076
Centrica PLC (b)	494,630		2,049,097
			4,755,173
Pharmaceuticals (1.7%)
GlaxoSmithKline PLC	147,544		3,566,648
Retail (1.3%)
Boots Group PLC	189,900		2,068,845
Marks & Spencer Group PLC	121,100		780,292
			2,849,137
Telecommunications (2.5%)
BT Group PLC	449,089		1,850,218
Vodafone Group PLC	1,467,796		3,570,062
			5,420,280
			39,465,503
Total Common Stocks			202,522,076

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DREYFUS GVIT INTERNATIONAL VALUE FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount		Value
CASH EQUIVALENTS (3.2%)
Investments in repurchase agreements (collateralized by AA Corporate Bonds in a joint trading account at 3.49%, dated 06/30/05, due 07/01/05, repurchase price $6,730,423)	$	6,729,770	$	6,729,770
Total Cash Equivalents				6,729,770
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (16.9%)
Pool of short-term securities for Gartmore Variable Trust Funds — note 2 (Securities Lending)		36,086,037		36,086,037
Total Short-Term Securities Held as Collateral for Securities Lending				36,086,037

	Shares or Principal Amount	Value
Total Investments (Cost $234,384,524) (a) — 115.0%		$	245,337,883
Liabilities in excess of other assets — (15.0%)			(32,079,746	)
NET ASSETS — 100.0%		$	213,258,137

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(b) Represents a non-income producing security.

(c) Fair Valued Security.

ADR American Depositary Receipt

Currency	Delivery Date	Contract Value			Market Value			Unrealized Appreciation (Depreciation)
Short Contracts:
New Zealand Dollar	07/05/05	$	(64,498	)	$	(64,605	)	$	(107	)
Japanese Yen	07/05/05		(122,674	)		(122,709	)		(35	)
Total Short Contracts		$	(187,172	)	$	(187,314	)	$	(142	)

Currency	Delivery Date	Contract Value		Market Value		Unrealized Appreciation (Depreciation)
Long Contracts:
U.S. Dollar	07/05/05	$	122,674	$	122,674	$	0
U.S. Dollar	07/05/05		64,498		64,498		0
Total Long Contracts		$	187,172	$	187,172	$	0

See notes to financial statements.

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Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $227,654,754)	$	238,608,113
Repurchase agreements, at cost and value		6,729,770
Total Investments		245,337,883
Cash		333,601
Foreign currencies, at value (cost $2,726,513)		2,643,431
Interest and dividends receivable		532,413
Receivable for investments sold		1,171,895
Reclaims receivable		125,180
Prepaid expenses and other assets		18,682
Total Assets		250,163,085
Liabilities:
Payable for investments purchased		662,605
Unrealized depreciation on forward foreign currency contracts		142
Payable for return of collateral received for securities on loan		36,086,037
Accrued expenses and other payables:
Investment advisory fees		130,959
Fund administration and transfer agent fees		7,178
Distribution fees		7,637
Administrative servicing fees		8,320
Other		2,070
Total Liabilities		36,904,948
Net Assets	$	213,258,137
Represented by:
Capital	$	197,012,152
Accumulated net investment income (loss)		1,374,867
Accumulated net realized gains (losses) from investment and foreign currency transactions		4,003,295
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		10,867,823
Net Assets	$	213,258,137
Net Assets:
Class I Shares	$	5,980,469
Class II Shares		2,835,678
Class III Shares		104,808,994
Class IV Shares		64,336,180
Class VI Shares		35,296,816
Total	$	213,258,137
Shares outstanding (unlimited number of shares authorized):
Class I Shares		407,040
Class II Shares		193,589
Class III Shares		7,150,948
Class IV Shares		4,379,729
Class VI Shares		2,406,961
Total		14,538,267
Net asset value and offering price per share:*
Class I Shares	$	14.69
Class II Shares	$	14.65
Class III Shares	$	14.66
Class IV Shares	$	14.69
Class VI Shares	$	14.66

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	105,401
Dividend income (net of foreign withholding tax of $308,573)		3,452,744
Income from securities lending		144,430
Total Income		3,702,575
Expenses:
Investment advisory fees		718,676
Fund administration and transfer agent fees		76,075
Distribution fees Class II Shares		3,826
Distribution fees Class III Shares		811
Distribution fees Class VI Shares		30,218
Administrative servicing fees Class IV Shares		49,499
Other**		30,496
Total Expenses		909,601
Net Investment Income (Loss)		2,792,974
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		7,792,551
Net realized gains (losses) on foreign currency transactions		(265,894	)
Net realized gains (losses) on investment and foreign currency transactions		7,526,657
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(13,547,124	)
Net realized/unrealized gains (losses) on investments and foreign currencies		(6,020,467	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,227,493	)

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

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DREYFUS GVIT INTERNATIONAL VALUE FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	2,792,974		$	1,760,624
Net realized gains (losses) on investment and foreign currency transactions		7,526,657			12,178,705
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(13,547,124	)		10,242,162
Change in net assets resulting from operations		(3,227,493	)		24,181,491
Distributions to Class I shareholders from:
Net investment income		(47,125	)		(50,082	)
Net realized gains on investments		(217,911	)		—
Distributions to Class II shareholders from:
Net investment income		(18,209	)		(75,409	)
Net realized gains on investments		(101,702	)		—
Distributions to Class III shareholders from:
Net investment income		(750,755	)		(732,954	)
Net realized gains on investments		(3,745,272	)		—
Distributions to Class IV shareholders from:
Net investment income		(439,245	)		(1,686,812	)
Net realized gain on investment		(2,306,987	)		—
Distributions to Class VI shareholders from:
Net investment income		(197,451	)		(54,819	)(a)
Net realized gain on investment		(1,258,216	)		—
Change in net assets from shareholder distributions		(9,082,873	)		(2,600,076	)
Change in net assets from capital transactions		59,841,249			55,113,898
Change in net assets		47,530,883			76,695,313
Net Assets:
Beginning of period		165,727,254			89,031,941
End of period	$	213,258,137		$	165,727,254
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	2,457,176		$	6,048,733
Dividends reinvested		265,036			50,082
Cost of shares redeemed		(2,624,071	)		(1,044,136	)
		98,141			5,054,679
Class II Shares
Proceeds from shares issued		108,625			7,826,097
Dividends reinvested		119,911			75,408
Cost of shares redeemed		(588,371	)		(6,496,630	)
		(359,835	)		1,404,875
Class III Shares
Proceeds from shares issued		41,727,850			57,309,558
Dividends reinvested		4,496,021			732,953
Cost of shares redeemed		(4,461,757	)		(6,188,891	)
		41,762,114			51,853,620
Class IV Shares
Proceeds from shares issued		725,174			4,137,833
Dividends reinvested		2,746,229			1,686,821
Cost of shares redeemed		(9,285,098	)		(20,851,756	)
		(5,813,695	)		(15,027,102	)
Class VI Shares
Proceeds from shares issued		23,154,632			12,222,388	(a)
Dividends reinvested		1,455,664			54,819	(a)
Cost of shares redeemed		(455,772	)		(449,381	)(a)
		24,154,524			11,827,826
Change in net assets from capital transactions	$	59,841,249		$	55,113,898

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Statement of Changes in Net Assets (continued)

	Six Months Ended June 30, 2005		Year Ended December 31, 2004
	(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
Issued	158,109		431,831
Reinvested	17,969		3,527
Redeemed	(169,835	)	(75,465	)
	6,243		359,893
Class II Shares
Issued	6,814		573,792
Reinvested	8,159		5,443
Redeemed	(38,113	)	(476,865	)
	(23,140	)	102,370
Class III Shares
Issued	2,697,156		4,113,554
Reinvested	305,664		52,134
Redeemed	(292,256	)	(453,452	)
	2,710,564		3,712,236
Class IV Shares
Issued	46,579		260,036
Reinvested	186,311		121,246
Redeemed	(599,057	)	(1,470,619	)
	(366,167	)	(1,089,337	)
Class VI Shares
Issued	1,494,858		872,132	(a)
Reinvested	99,085		3,811	(a)
Redeemed	(29,898	)	(33,027	)(a)
	1,564,045		842,916

(a) For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

See notes to financial statements.

13

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Dreyfus GVIT International Value Fund

			Investment Activities						Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)	Redemption Fees	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover(a)
Class I Shares
Period Ended December 31, 2003(b)	$	9.25	0.02	0.09	3.90		4.01		—		—		—		$	13.26	45.08%	(d)	$	542	1.20%	(e)	0.56%	(e)	91.20%
Year Ended December 31, 2004	$	13.26	0.18	0.01	2.46		2.65		(0.33	)	—		(0.33	)	$	15.58	20.29%		$	6,247	0.86%		1.33%		42.68%
Six Months Ended June 30, 2005 (Unaudited)	$	15.58	0.24	0.01	(0.48	)	(0.23	)	(0.11	)	(0.55	)	(0.66	)	$	14.69	(1.47%	)(d)	$	5,980	0.86%	(e)	2.93%	(e)	20.26%
Class II Shares
Period Ended December 31, 2003(b)	$	9.25	0.01	0.09	3.87		3.97		—		—		—		$	13.22	44.64%	(d)	$	1,523	1.45%	(e)	0.20%	(e)	91.20%
Year Ended December 31, 2004	$	13.22	0.14	0.01	2.46		2.61		(0.30	)	—		(0.30	)	$	15.53	20.00%		$	3,368	1.10%		1.69%		42.68%
Six Months Ended June 30, 2005 (Unaudited)	$	15.53	0.21	0.01	(0.45	)	(0.23	)	(0.10	)	(0.55	)	(0.65	)	$	14.65	(1.53%	)(d)	$	2,836	1.11%	(e)	2.53%	(e)	20.26%
Class III Shares
Period Ended December 31, 2003(b)	$	9.25	0.05	0.09	3.84		3.98		—		—		—		$	13.23	44.75%	(d)	$	9,620	1.13%	(e)	1.30%	(e)	91.20%
Year Ended December 31, 2004	$	13.23	0.18	0.01	2.45		2.64		(0.33	)	—		(0.33	)	$	15.54	20.26%		$	69,043	0.86%		1.42%		42.68%
Six Months Ended June 30, 2005 (Unaudited)	$	15.54	0.20	0.01	(0.43	)	(0.22	)	(0.11	)	(0.55	)	(0.66	)	$	14.66	(1.41%	)(d)	$	104,809	0.86%	(e)	3.04%	(e)	20.26%
Class IV Shares(c)
Year Ended December 31, 2000	$	16.68	0.17	—	(0.61	)	(0.44	)	(0.19	)	(1.91	)	(2.10	)	$	14.14	(2.75%	)	$	78,501	0.95%		1.33%		37.00%
Year Ended December 31, 2001	$	14.14	0.12	—	(1.67	)	(1.55	)	(0.17	)	(1.22	)	(1.39	)	$	11.20	(12.20%	)	$	68,746	1.08%		1.04%		36.00%
Year Ended December 31, 2002	$	11.20	0.18	—	(1.41	)	(1.23	)	(0.12	)	—		(0.12	)	$	9.85	(11.10%	)	$	59,335	1.00%		1.63%		35.00%
Year Ended December 31, 2003	$	9.85	0.18	0.09	3.41		3.68		(0.27	)	—		(0.27	)	$	13.26	38.52%		$	77,347	1.12%		1.62%		91.20%
Year Ended December 31, 2004	$	13.26	0.22	0.01	2.39		2.62		(0.31	)	—		(0.31	)	$	15.57	20.04%		$	73,953	1.00%		1.56%		42.68%
Six Months Ended June 30, 2005 (Unaudited)	$	15.57	0.21	0.01	(0.45	)	(0.23	)	(0.10	)	(0.55	)	(0.65	)	$	14.69	(1.48%	)(d)	$	64,336	1.01%	(e)	2.68%	(e)	20.26%
Class VI Shares
Period Ended December 31, 2004(f)	$	13.63	0.13	0.01	1.95		2.09		(0.17	)	—		(0.17	)	$	15.55	15.45%	(d)	$	13,117	1.11%	(e)	0.63%	(e)	42.68%
Six Months Ended June 30, 2005 (Unaudited)	$	15.55	0.18	0.01	(0.43	)	(0.24	)	(0.10	)	(0.55	)	(0.65	)	$	14.66	(1.58%	)(d)	$	35,297	1.12%	(e)	3.15%	(e)	20.26%

(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 December 31, 2004.

See notes to financial statements.

14

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June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Dreyfus GVIT International Value Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these 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

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June 30, 2005

Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values 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 Fund, the Fund will fair value its 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 Fund’s 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 these prices will have a material impact on the net asset value of the Fund. When the Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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 also may 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

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the 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 the Fund.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(i) Security Transactions and Investment Income

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

(j) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

The cash collateral received by the Fund was pooled and, at June 30, 2005, was invested in the following:

Security Type	Security Name	Market Value		Maturity Rate		Maturity Date
Bank Note — Floating Rate	U.S. Bank N.A.	$	1,998,465	3.12	%	07/05/05
Commercial Paper	MacQuarie Bank Ltd.		2,996,208	3.25	%	07/01/05
Domestic Certificates of Deposit — Fixed	Washington Mutual Bank FA		5,001,303	3.15	%	08/01/05
Funding Agreement	GE Life and Annuity		1,000,000	3.32	%	07/14/05
Master Note — Floating	CDC Financial Product Inc.		1,000,000	3.54	%	07/01/05
Master Note — Floating	CITIGroup Global Markets Inc.		14,300,000	3.51	%	07/01/05
Medium Term Note — Floating	General Electric Capital Corp.		3,000,512	3.37	%	09/08/05
Repurchase Agreements	Nomura Securities		6,789,549	3.48	%	07/01/05

As of June 30, 2005, the Fund had securities with the following market values on loan:

Market Value of Loaned Securities	Market Value of Collateral
$34,426,179	$	36,086,037

(k) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

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June 30, 2005

(l) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$277,803	$	15,460,541	$	(4,784,985	)	$	10,675,556

(m) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders. In addition, GMF provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser, for the Fund. The Dreyfus Corporation (the “subadviser”) manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund. The subadviser is an affiliate of GMF and GGAMT.

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

Fee Schedule	Total Fees	Fees Retained	Paid to Sub-adviser
Up to $500 million	0.75%	0.375%	0.375%
$500 million up to $2 billion	0.70%	0.40%	0.30%
$2 billion or more	0.65%	0.35%	0.30%

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to GSA. GSA pays GISI from these fees for 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VI shares of the Fund. These fees are based on average daily net assets of Class II and Class VI shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II, Class III, and Class VI shares of the Fund and 0.20% of Class IV shares of the Fund.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III and Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III or Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

separate account held the Class III or Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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 or Class VI 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $86,062,262 and sales of $36,981,812.

6. Portfolio Investment Risks

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s 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 Fund.

7. Bank Loans

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

8. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

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June 30, 2005

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)

22

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

23

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

24

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

25

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

26

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President — Operations for GGI3, GMFCT3, and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

27

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

28

Gartmore GVIT Investor Destinations Aggressive Fund

Semiannual Report

|  June 30, 2005

	Contents
6	Statement of Investments
7	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in New Assets
9	Financial Highlights
10	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Investor Destinations Aggressive Fund

For the semiannual period ended June 30, 2005, the Gartmore GVIT Investor Destinations Aggressive Fund returned -0.47% (Class II at NAV) versus -0.64% for its benchmark, which consists of 95% S&P 500^® Index and 5% Lehman Brothers U.S. Aggregate Index. For broader comparison, the average return for the Fund’s Lipper peer category of Global Core Funds was - -0.59%.

The year began with a slide after the strong fourth quarter of 2004, with cyclical and small-capitalization stocks among the worst performers. January was characterized by mixed economic data, increasing interest rates, disappointing earnings reports and climbing oil prices. In addition, gross domestic product (GDP) growth for the fourth quarter of 2004 was released in January, and it came in weaker than expected at 3.1%, primarily as a result of the foreign trade deficit. The markets were able to reverse course in February, even as oil prices continued to climb and the productivity report showed a continued slowdown. In March, the markets resumed their downward slide due to a combination of the trade deficit, mixed economic news, high oil prices and rising interest rates.

For most of April, equity markets were dogged by continuing inflation concerns as the price of oil climbed above $57 per barrel. April closed with the announcement of one of the biggest jumps in the Consumer Price Index (CPI) in several months—the CPI had risen 0.6% in March. May featured the announcement of continued weak first quarter GDP growth of 3.1%. Despite concerns about economic deceleration, slowing profit growth, and continued high oil prices, first quarter earnings reports remained strong. June brought a slowdown in the equity market rally that had begun in May as the specter of economic deceleration dampened markets. In addition, the price of oil continued to pressure equity markets as it climbed to a record high of $60 per barrel.

As expected, short-term interest rates moved upward during the period, causing the yield curve to flatten dramatically. The Federal Reserve Board through the Federal Open Market Committee continued its “measured pace” of monetary tightening by raising the federal funds rate 25 basis points on four occasions during the reporting period; the rate rose from 2.25% to 3.25%.

The chart below illustrates how each of the Fund’s underlying funds contributed to or detracted from overall performance.

Underlying Fund	Six-Month Return*	Target Allocation
Gartmore S&P 500 Index Fund	-0.89%	30%
Gartmore International Index Fund	-1.34%	30%
Gartmore Mid Cap Market Index Fund	3.80%	15%
J.P. Morgan Equity Index Fund	-0.91%	10%
Gartmore Small Cap Index Fund	-1.24%	10%
Gartmore Bond Index Fund	2.39%	5%
Gartmore GVIT Investor Destinations Aggressive Fund — Class II	-0.47%	100%

* Index returns represented by Institutional Share Class (except J.P. Morgan-Select).

The Fund will continue to pursue its primary goal of maximizing total investment return by seeking growth of capital and income. The Fund will remain weighted toward stock investments while including a position in bonds, with the goal of adding income and reducing volatility.

PORTFOLIO MANAGERS: Young Chin, Co-Global Chief Investment Officer-Equities, heads the Fund’s portfolio management team and is responsible for the day-to-day management of the allocation of the Fund’s assets among the asset classes and Underlying Funds.

When discussing asset allocation theory and the three major asset classes, short-term investments typically are represented by an investment in 90-day Treasury bills. The short-term investments component of the Gartmore GVIT Investor Destinations Funds comprises an investment in one or a combination of the following: the Gartmore Morley Enhanced Income Fund (a short-term fixed-income fund), the Gartmore Money Market Fund and/or the Nationwide Contract (a fixed-interest contract issued and guaranteed by the Nationwide Life Insurance Company). While there can be no guarantee, it is believed that this strategy will provide a return in excess of the 90-day T-bill without substantially increasing risk.

The Gartmore GVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of the Gartmore GVIT Investor Destinations Funds, you are indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds. International investing involves additional risks, including currency fluctuations, differences in accounting standards, political instability and foreign regulations, all of which are magnified in emerging markets. Small-company stocks have higher

1

Gartmore GVIT Investor Destinations Aggressive Fund (continued)

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

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

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

The Gartmore GVIT Investor Destinations Aggressive Fund benchmark consists of 95% S&P 500 Index and 5% Lehman Brothers U.S. Aggregate Bond Index.

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

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

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance Gartmore GVIT Investor Destinations Aggressive Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Inception2
Class II3	-0.47%	9.15%	6.15%
Class VI4	-0.38%	9.34%	6.22%

* Not Annualized.

1 Not subject to any sales charges.

2 Fund commenced operations on December 12, 2001.

3 Existing shares were designated Class II shares as of April 29, 2004.

4 These returns through December 31, 2003 were achieved prior to the creation of Class VI shares and include the performance of the Fund’s Class II shares. Excluding the effect of periodic fee waivers or reimbursements, such prior performance is substantially similar to what Class VI shares would have produced because Class VI shares invest in the same portfolio of securities as Class II shares and have the same expenses. Class VI shares’ returns do not reflect the short-term trading fees applicable to such shares; if these fees were deducted, the annual returns for Class VI shares earned by the variable contract owner would have been lower.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class II shares of the Gartmore GVIT Investor Destinations Aggressive Fund, Lehman Brothers U.S. Aggregate Bond Index (LB U.S. Aggregate Bond Index)(a), S&P 500 Index (S&P 500)(b), the Aggressive Composite Index (c), and the Consumer Price Index (CPI)(d) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

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

(b) S&P 500 is an unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

(c) The Aggressive Composite Index is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The Aggressive Composite is a combination of the S&P 500 (95%) and the LB U.S. Aggregate Bond (5%).

(d) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Gartmore GVIT Investor Destinations Aggressive Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Investor Destinations Aggressive Fund
Class II	Actual	$	1,000	$	995	$	2.72	0.55%
	Hypothetical1	$	1,000	$	1,022	$	2.76	0.55%
Class VI	Actual	$	1,000	$	996	$	2.03	0.41%
	Hypothetical1	$	1,000	$	1,023	$	2.06	0.41%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

June 30, 2005 Gartmore GVIT Investor Destinations Aggressive Fund

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

Asset Allocation
Mutual Funds	100.0%
	100.0%

Asset Allocation Detail
Equity Funds	95.0%
Fixed Income Funds	5.0%
	100.0%

Top Holdings
Gartmore International Index Fund, Institutional Class	30.1%
Gartmore S&P 500 Index Fund, Institutional Class	29.9%
Gartmore Mid Cap Market Index Fund, Institutional Class	15.0%
Gartmore Small Cap Index Fund, Institutional Class	10.0%
JP Morgan Equity Index Fund	10.0%
Gartmore Bond Index Fund, Institutional Class	5.0%
	100.0%

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INVESTOR DESTINATIONS AGGRESSIVE FUND

Statement of Investments — June 30, 2005 (Unaudited)

	Shares	Value
MUTUAL FUNDS (100.0%)
Equity Funds (95.0%)
Gartmore International Index Fund, Institutional Class (b)	16,643,924	$	134,815,784
Gartmore Mid Cap Market Index Fund, Institutional Class (b)	4,657,087		67,294,906
Gartmore S&P 500 Index Fund, Institutional Class (b)	13,070,470		134,233,729
Gartmore Small Cap Index Fund, Institutional Class (b)	3,782,498		44,860,429
JP Morgan Equity Index Fund	1,645,510		44,626,222
			425,831,070
Fixed Income Funds (5.0%)
Gartmore Bond Index Fund, Institutional Class (b)	2,034,759		22,565,472
Total Mutual Funds			448,396,542
Total Investments (Cost $422,965,466) (a) — 100.0%			448,396,542
Other assets in excess of liabilities — 0.0%			72,128
NET ASSETS — 100.0%		$	448,468,670

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(b) Investment in affiliate.

See notes to financial statements.

6

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INVESTOR DESTINATIONS AGGRESSIVE FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments in affiliated securities, at value (cost $422,965,466)	$	448,396,542
Cash		71
Interest and dividends receivable		236,775
Prepaid expenses and other assets		23,559
Total Assets		448,656,947
Liabilities:
Accrued expenses and other payables:
Investment advisory fees		46,785
Distribution fees		89,972
Administrative servicing fees		48,053
Other		3,467
Total Liabilities		188,277
Net Assets	$	448,468,670
Represented by:
Capital	$	419,845,154
Accumulated net investment income (loss)		136,224
Accumulated net realized gain (losses) from investment transactions		3,056,216
Net unrealized appreciation (depreciation) on investments		25,431,076
Net Assets	$	448,468,670
Net Assets:
Class II Shares	$	447,036,333
Class VI Shares		1,432,337
Total	$	448,468,670
Shares outstanding (unlimited number of shares authorized):
Class II Shares		39,616,732
Class VI Shares		127,004
Total		39,743,736
Net asset value and offering price per share:*
Class II Shares	$	11.28
Class VI Shares	$	11.28

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	35
Dividend income from affiliates		4,145,106
Total Income		4,145,141
Expenses:
Investment advisory fees		246,663
Distribution Fees Class II		473,192
Distribution Fees Class VI		1,165
Administrative servicing fees Class II Shares		275,261
Other**		54,981
Total Expenses		1,051,262
Net Investment Income (Loss)		3,093,879
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		3,079,395
Net change in unrealized appreciation/depreciation on investments		(6,258,767	)
Net realized/unrealized gains (losses) on investments		(3,179,372	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(85,493	)

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

7

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INVESTOR DESTINATIONS AGGRESSIVE FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	3,093,879		$	4,294,188
Net realized gains (losses) on investment transactions		3,079,395			8,242,112
Net change in unrealized appreciation/depreciation on investments		(6,258,767	)		20,999,025
Change in net assets resulting from operations		(85,493	)		33,535,325
Distributions to Class II Shareholders from:
Net investment income		(3,106,793	)		(4,128,694	)(a)
Net realized gains on investments		(3,861,098	)		(5,584,330	)(a)
Distributions to Class VI Shareholders from:
Net investment income		(10,387	)		(5,161	)(b)
Net realized gains on investments		(12,377	)		(5,660	)(b)
Change in net assets from shareholder distributions		(6,990,655	)		(9,723,845	)
Change in net assets from capital transactions		123,007,283			214,226,118
Change in net assets		115,931,135			238,037,598
Net Assets:
Beginning of period		332,537,535			94,499,937
End of period	$	448,468,670		$	332,537,535
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	127,938,933		$	234,106,970	(a)
Dividends reinvested		6,967,856			9,712,979	(a)
Cost of shares redeemed		(12,910,015	)		(30,005,562	)(a)
		121,996,774			213,814,387
Class VI Shares
Proceeds from shares issued		1,004,530			425,539	(b)
Dividends reinvested		22,764			10,821	(b)
Cost of shares redeemed		(16,785	)		(24,629	)(b)
		1,010,509			411,731
Change in net assets from capital transactions	$	123,007,283		$	214,226,118
SHARE TRANSACTIONS:
Class II Shares
Issued		11,316,819			21,830,654	(a)
Reinvested		619,916			863,349	(a)
Redeemed		(1,145,745	)		(2,872,548	)(a)
		10,790,990			19,821,455
Class VI Shares
Issued		88,218			39,729	(b)
Reinvested		2,027			950	(b)
Redeemed		(1,481	)		(2,439	)(b)
		88,764			38,240

(a) On April 30, 2004, the existing share Class of the Fund’s was renamed Class II Shares.

(b) For the period from April 30, 2004 (commencement of operations) through December 31, 2004.

See notes to financial statements.

8

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Investor Destinations Aggressive Fund

			Investment Activities					Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class II Shares
Period Ended December 31, 2001(c)	$	10.00	0.02	0.11		0.13		(0.02	)	—		(0.02	)	$	10.11	1.31%	(e)	$	506	0.61%	(f)	4.36%	(f)	24.83%	(f)	(19.86%	)(f)	10.90%
Year Ended December 31, 2002	$	10.11	0.09	(1.96	)	(1.87	)	(0.09	)	—		(0.09	)	$	8.15	(18.50%	)	$	19,493	0.56%		1.41%		(g	)	(g	)	111.74%
Year Ended December 31, 2003	$	8.15	0.12	2.46		2.58		(0.12	)	(0.12	)	(0.24	)	$	10.49	31.87%		$	94,500	0.55%		1.60%		(g	)	(g	)	49.13%
Year Ended December 31, 2004(d)	$	10.49	0.17	1.28		1.45		(0.17	)	(0.25	)	(0.42	)	$	11.52	14.03%		$	332,097	0.56%		2.13%		(g	)	(g	)	18.26%
Six Months Ended June 30, 2005 (Unaudited)	$	11.52	0.09	(0.15	)	(0.06	)	(0.09	)	(0.10	)	(0.18	)	$	11.28	(0.47%	)(e)	$	447,036	0.55%	(f)	1.63%	(f)	(g	)	(g	)	5.39%
Class VI Shares
Period Ended December 31, 2004(h)	$	10.52	0.17	1.15		1.32		(0.17	)	(0.15	)	(0.32	)	$	11.52	12.58%	(e)	$	440	0.41%	(f)	3.59%	(f)	(g	)	(g	)	18.26%
Six Months Ended June 30, 2005 (Unaudited)	$	11.52	0.08	(0.13	)	(0.05	)	(0.09	)	(0.10	)	(0.19	)	$	11.28	(0.38%	)(e)	$	1,432	0.41%	(f)	2.23%	(f)	(g	)	(g	)	5.39%

(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 December 31, 2004.

See notes to financial statements.

9

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT Investor Destinations Aggressive Fund (the “Fund”).

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective primarily by allocating the Fund’s investments among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities including the Nationwide Contract. The Nationwide Contract is a fixed interest contract issued and guaranteed by Nationwide. This contract has a stable principal value and will pay the Fund a fixed rate of interest. The fixed interest rate must be at least 3.50% (on an annual basis), but may be higher and is currently adjusted on a quarterly basis. Nationwide will calculate the interest rate in the same way that it calculates guaranteed interest rates for similar contracts. Because the contract is not guaranteed by Nationwide, assuming no default, the Fund receives no more or less than the guaranteed amount and will not directly participate in the actual experience of the assets underlying the contract. Although under certain market conditions the Fund’s performance may be hurt by its investment in the Nationwide Contract, the portfolio management team believes that the relatively stable nature of the Nationwide Contract should reduce the Fund’s volatility and overall risk, especially when the bond and stock markets decline simultaneously. The Fund’s target allocation range is 0-10%.

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values as reported by the Underlying Funds. The securities in the Underlying Funds generally are valued as of the close of business of the regular session of trading on the New York Stock Exchange (usually at 4 p.m. Eastern time). The Underlying Funds generally value securities and assets at current market 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.

10

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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 also may 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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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.

11

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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

The Fund may enter into mortgage “dollar rolls” in which the 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 Fund. 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 Fund is authorized to engage in short-selling of portfolio securities which obligates the 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 the 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.

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(k) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(l) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
$28,009	$25,403,067	$—	$25,403,067

(m) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Under the terms of the Investment Advisory Agreement, the Fund pays GMF an investment advisory fee of 0.13% based on the Fund’s average daily net assets.

Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. GSA and GISI have entered into agreements with BISYS Fund Services Ohio, Inc. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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 the shares of the Funds. These fees are based on average daily net assets of each class of shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of the Fund. 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 Fund; 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 the Fund.

Because the Fund invests primarily in other Gartmore Funds, the Fund is a shareholder of those Underlying Funds. The Underlying Funds and the Nationwide Contract do not charge the Fund any sales charge for buying or selling shares. However, the Fund indireclty pays a portion of the operating expenses, including management fees of the Underlying Funds and short-term investments the Fund holds. These expenses are deducted from the Underlying Funds before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the underlying investments.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class VI 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 VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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 VI 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $139,844,149 and sales of $20,673,216.

6. Bank Loans

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

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

16

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

17

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

18

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

19

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President – Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

20

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

21

Gartmore GVIT Investor Destinations Moderately Aggressive Fund

Semiannual Report

|  June 30, 2005

	Contents
6	Statement of Investments
7	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in New Assets
9	Financial Highlights
10	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Investor Destinations Moderately Aggressive Fund

For the semiannual reporting period ended June 30, 2005, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund returned 0.05% (Class II at NAV) versus -0.21% for its benchmark, which consists of 80% S&P 500^® Index, 15% Lehman Brothers U.S. Aggregate Index and 5% Citigroup 3-Month T-Bill Index. For broader comparison, the average return for the Fund’s Lipper peer category of Global Flexible Portfolio Funds was -0.17%.

The year began with a slide after the strong fourth quarter of 2004, with cyclical and small-capitalization stocks among the worst performers. January was characterized by mixed economic data, increasing interest rates, disappointing earnings reports and climbing oil prices. In addition, gross domestic product (GDP) growth for the fourth quarter of 2004 was released in January, and it came in weaker than expected at 3.1%, primarily as a result of the foreign trade deficit. The markets were able to reverse course in February, even as oil prices continued to climb and the productivity report showed a continued slowdown. In March, the markets resumed their downward slide due to a combination of the trade deficit, mixed economic news, high oil prices and rising interest rates.

For most of April, equity markets were dogged by continuing inflation concerns as the price of oil climbed above $57 per barrel. April closed with the announcement of one of the biggest jumps in the Consumer Price Index (CPI) in several months—the CPI had risen 0.6% in March. May featured the announcement of continued weak first quarter GDP growth of 3.1%. Despite concerns about economic deceleration, slowing profit growth, and continued high oil prices, first quarter earnings reports remained strong. June brought a slowdown in the equity market rally that had begun in May as the specter of economic deceleration dampened markets. In addition, the price of oil continued to pressure equity markets as it climbed to a record high of $60 per barrel.

As expected, short-term interest rates moved upward during the period, causing the yield curve to flatten dramatically. The Federal Reserve Board through the Federal Open Market Committee continued its “measured pace” of monetary tightening by raising the federal funds rate 25 basis points on four occasions during the reporting period; the rate rose from 2.25% to 3.25%.

The chart below illustrates how each of the Fund’s underlying funds contributed to or detracted from overall performance.

Underlying Fund	Six-Month Return*	Target Allocation
Gartmore S&P 500 Index Fund	-0.89%	25%
Gartmore International Index Fund	-1.34%	25%
Gartmore Mid Cap Market Index Fund	3.80%	15%
Gartmore Bond Index Fund	2.39%	15%
J.P. Morgan Equity Index Fund	-0.91%	10%
Gartmore Small Cap Index Fund	-1.24%	5%
Short-Term Investments	2.31%	5%
Gartmore GVIT Investor Destinations Moderately Aggressive Fund — Class II	0.05%	100%

* Index returns represented by Institutional Share Class (except J.P. Morgan-Select).

The Fund will continue to pursue its primary goal of maximizing total investment return by seeking growth of capital and income. The Fund will remain weighted toward stock investments while including a sizable position in bonds and short-term investments, with the goal of adding income and reducing volatility.

PORTFOLIO MANAGERS: Young Chin, Co-Global Chief Investment Officer-Equities, heads the Fund’s portfolio management team and is responsible for the day-to-day management of the allocation of the Fund’s assets among the asset classes and Underlying Funds.

When discussing asset allocation theory and the three major asset classes, short-term investments typically are represented by an investment in 90-day Treasury bills. The short-term investments component of the Gartmore GVIT Investor Destinations Funds comprises an investment in one or a combination of the following: the Gartmore Morley Enhanced Income Fund (a short-term fixed-income fund), the Gartmore Money Market Fund and/or the Nationwide Contract (a fixed-interest contract issued and guaranteed by the Nationwide Life Insurance Company). While there can be no guarantee, it is believed that this strategy will provide a return in excess of the 90-day T-bill without substantially increasing risk.

The Gartmore GVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of the Gartmore GVIT Investor Destinations Funds, you are indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds. International investing involves additional risks, including currency fluctuations, differences in accounting standards, political instability and foreign regulations, all of which are

1

Gartmore GVIT Investor Destinations Moderately Aggressive Fund (continued)

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

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

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

The Gartmore GVIT Investor Destinations Moderately Aggressive Fund benchmark consists of 80% S&P 500 Index, 25% Lehman Brothers U.S. Aggregate Bond Index, and 5% Citigroup 3-Month T-Bill Index.

Citigroup 3-Month T-Bill Index: An unmanaged index that is generally representative of 3-month Treasury bills; consists of an average of the last 3-month Treasury bill issues (excluding the current month-end bill).

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

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

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance Gartmore GVIT Investor Destinations Moderately Aggressive Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Inception2
Class II3	0.05%	8.65%	5.93%
Class VI4	0.04%	8.75%	5.95%

* Not Annualized.

1 Not subject to any sales charges.

2 Fund commenced operations on December 12, 2001.

3 Existing shares were designated Class II shares as of April 29, 2004.

4 These returns through December 31, 2003 were achieved prior to the creation of Class VI shares and include the performance of the Fund’s Class II shares. Excluding the effect of periodic fee waivers or reimbursements, such prior performance is substantially similar to what Class VI shares would have produced because Class VI shares invest in the same portfolio of securities as Class II shares and have the same expenses. Class VI shares’ returns do not reflect the short-term trading fees applicable to such shares; if these fees were deducted, the annual returns for Class VI shares earned by the variable contract owner would have been lower.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class II shares of the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, Lehman Brothers Aggregate Bond Index (LB Aggregate Bond)(a), S&P 500 Index (S&P 500)(b), the Citigroup 3-Month T Bill Index(c), the Moderately Aggressive Composite Index(d), and the Consumer Price Index (CPI)(e) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

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

(b) S&P 500 is an unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

(c) The Citigroup 3-Month T Bill Index is an average of the last 3-month treasury bill issues (excluding the current month-end bill).

(d) The Moderately Aggressive Composite is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The Moderately Aggressive Composite is a combination of the S&P 500 (80%), the LB Aggregate Bond (15%), and the Citigroup 3-Month T Bill Index (5%).

(e) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Gartmore GVIT Investor Destinations Moderately Aggressive Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Investor Destinations Moderately Aggressive Fund
Class II	Actual	$	1,000	$	1,001	$	2.78	0.56%
	Hypothetical1	$	1,000	$	1,022	$	2.81	0.56%
Class VI	Actual	$	1,000	$	1,000	$	2.03	0.41%
	Hypothetical1	$	1,000	$	1,023	$	2.06	0.41%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

June 30, 2005 Gartmore GVIT Investor Destinations Moderately Aggressive Fund

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

Asset Allocation
Mutual Funds	97.4%
Fixed Contract	2.5%
Other assets in excess of liabilities	0.1%
	100.0%

Asset Allocation Detail
Equity Funds	79.8%
Fixed Income Funds	17.6%
Fixed Contract	2.5%
Other	0.1%
	100.0%

Top Holdings
Gartmore International Index Fund, Institutional Class	25.0%
Gartmore S&P 500 Index Fund, Institutional Class	24.9%
Gartmore Bond Index Fund, Institutional Class	15.1%
Gartmore Mid Cap Market Index Fund, Institutional Class	15.0%
JP Morgan Equity Index Fund	9.9%
Gartmore Small Cap Index Fund, Institutional Class	5.0%
Nationwide Fixed Contract, 3.50%	2.5%
Gartmore Morley Enhanced Income Fund, Institutional Class	2.5%
Other Holdings	0.1%
	100.0%

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INVESTOR DESTINATIONS MODERATELY AGGRESSIVE FUND

Statement of Investments — June 30, 2005 (Unaudited)

	Shares or Principal Amount		Value
MUTUAL FUNDS (97.4%)
Equity Funds (79.8%)
Gartmore International Index Fund, Institutional Class (b)		29,487,649	$	238,849,961
Gartmore Mid Cap Market Index Fund, Institutional Class (b)		9,901,022		143,069,767
Gartmore S&P 500 Index Fund, Institutional Class (b)		23,156,645		237,818,748
Gartmore Small Cap Index Fund, Institutional Class (b)		4,020,818		47,686,902
JP Morgan Equity Index Fund		3,497,650		94,856,279
				762,281,657
Fixed Income Funds (17.6%)
Gartmore Bond Index Fund, Institutional Class (b)		12,977,762		143,923,384
Gartmore Morley Enhanced Income Fund, Institutional Class (b)		2,625,435		23,943,971
				167,867,355
Total Mutual Funds				930,149,012
FIXED CONTRACT (2.5%)
Nationwide Fixed Contract, 3.50% (b) (c)	$	23,946,231		23,946,231
Total Fixed Contract				23,946,231
Total Investments (Cost $887,512,100) (a) — 99.9%				954,095,243
Other assets in excess of liabilities — 0.1%				565,597
NET ASSETS — 100.0%			$	954,660,840

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(b) Investment in affiliate.

(c) The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, and it has been deemed liquid pursuant to procedures approved by the Board of Trustees in accordance with rule 144A under the Securities Act of 1933, as amended.

See notes to financial statements.

6

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INVESTOR DESTINATIONS MODERATELY AGGRESSIVE FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments in affiliated securities, at value (cost $887,512,100)	$	954,095,243
Cash		107
Interest and dividends receivable		919,123
Prepaid expenses and other assets		52,237
Total Assets		955,066,710
Liabilities:
Accrued expenses and other payables:
Investment advisory fees		99,946
Distribution fees		192,207
Administrative servicing fees		104,357
Other		9,360
Total Liabilities		405,870
Net Assets	$	954,660,840
Represented by:
Capital	$	882,993,583
Accumulated net investment income (loss)		363,741
Accumulated net realized gain (losses) from investment transactions		4,720,373
Net unrealized appreciation (depreciation) on investments		66,583,143
Net Assets	$	954,660,840
Net Assets:
Class II Shares	$	950,334,396
Class VI Shares		4,326,444
Total	$	954,660,840
Shares outstanding (unlimited number of shares authorized):
Class II Shares		83,952,856
Class VI Shares		382,712
Total		84,335,568
Net asset value and offering price per share:*
Class II Shares	$	11.32
Class VI Shares	$	11.30

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income from affiliates	$	354,971
Interest income		53
Dividend income from affiliates		9,714,477
Total Income		10,069,501
Expenses:
Investment advisory fees		534,177
Distribution Fees Class II		1,023,126
Distribution Fees Class VI		4,148
Administrative servicing fees Class II Shares		601,805
Other**		121,162
Total Expenses		2,284,418
Net Investment Income (Loss)		7,785,083
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		5,499,739
Net change in unrealized appreciation/depreciation on investments		(10,485,421	)
Net realized/unrealized gains (losses) on investments		(4,985,682	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,799,401

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

7

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INVESTOR DESTINATIONS MODERATELY AGGRESSIVE FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	7,785,083		$	10,402,110
Net realized gains (losses) on investment transactions		5,499,739			15,503,898
Net change in unrealized appreciation/depreciation on investments		(10,485,421	)		42,316,372
Change in net assets resulting from operations		2,799,401			68,222,380
Distributions to Class II Shareholders from:
Net investment income		(7,798,156	)		(10,125,084	)(a)
Net realized gains on investments		(8,532,694	)		(8,314,679	)(a)
Distributions to Class VI Shareholders from:
Net investment income		(37,523	)		(28,613	)(b)
Net realized gains on investments		(39,145	)		(23,581	)(b)
Change in net assets from shareholder distributions		(16,407,518	)		(18,491,957	)
Change in net assets from capital transactions		231,273,726			396,598,479
Change in net assets		217,665,609			446,328,902
Net Assets:
Beginning of period		736,995,231			290,666,329
End of period	$	954,660,840		$	736,995,231
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	229,521,947		$	398,084,101	(a)
Dividends reinvested		16,330,796			18,439,685	(a)
Cost of shares redeemed		(16,227,974	)		(22,518,213	)(a)
		229,624,769			394,005,573
Class VI Shares
Proceeds from shares issued		1,867,272			2,680,602	(b)
Dividends reinvested		76,668			52,194	(b)
Cost of shares redeemed		(294,983	)		(139,890	)(b)
		1,648,957			2,592,906
Change in net assets from capital transactions	$	231,273,726		$	396,598,479
SHARE TRANSACTIONS:
Class II Shares
Issued		20,206,509			36,764,518	(a)
Reinvested		1,446,980			1,643,064	(a)
Redeemed		(1,430,623	)		(2,100,549	)(a)
		20,222,866			36,307,033
Class VI Shares
Issued		162,966			247,307	(b)
Reinvested		6,804			4,580	(b)
Redeemed		(26,177	)		(12,768	)(b)
		143,593			239,119

(a) On April 30, 2004, the existing share Class of the Fund’s was renamed Class II Shares.

(b) For the period from April 30, 2004 (commencement of operations) through December 31, 2004.

See notes to financial statements.

8

GARTMORE GVIT INVESTOR DESTINATIONS MODERATELY AGGRESSIVE FUND

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Investor Destinations Moderately Aggressive Fund

			Investment Activities					Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class II Shares
Period Ended December 31, 2001(c)	$	10.00	0.02	0.09		0.11		(0.02	)	—		(0.02	)	$	10.09	1.12%	(e)	$	505	0.61%	(f)	4.56%	(f)	24.85%	(f)	(19.68%	)(f)	11.10%
Year Ended December 31, 2002	$	10.09	0.12	(1.59	)	(1.47	)	(0.12	)	(0.01	)	(0.13	)	$	8.49	(14.59%	)	$	71,962	0.56%		1.89%		(g	)	(g	)	43.38%
Year Ended December 31, 2003	$	8.49	0.14	2.10		2.24		(0.13	)	—		(0.13	)	$	10.60	26.64%		$	290,666	0.56%		1.73%		(g	)	(g	)	22.22%
Year Ended December 31, 2004(d)	$	10.60	0.19	1.08		1.27		(0.19	)	(0.16	)	(0.35	)	$	11.52	12.09%		$	734,244	0.55%		2.11%		(g	)	(g	)	11.44%
Six Months Ended June 30, 2005 (Unaudited)	$	11.52	0.10	(0.10	)	—		(0.10	)	(0.10	)	(0.20	)	$	11.32	0.05%	(e)	$	950,334	0.56%	(f)	1.89%	(f)	(g	)	(g	)	3.48%
Class VI Shares
Period Ended December 31 2004(h)	$	10.63	0.17	0.98		1.15		(0.17	)	(0.10	)	(0.27	)	$	11.51	10.92%	(e)	$	2,751	0.41%	(f)	4.26%	(f)	(g	)	(g	)	11.44%
Six Months Ended June 30, 2005 (Unaudited)	$	11.51	0.10	(0.10	)	—		(0.11	)	(0.10	)	(0.21	)	$	11.30	0.04%	(e)	$	4,326	0.41%	(f)	2.19%	(f)	(g	)	(g	)	3.48%

(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 December 31, 2004.

See notes to financial statements.

9

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT Investor Destinations Moderately Aggressive Fund (the “Fund”).

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective primarily by allocating the Fund’s investments among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities including the Nationwide Contract. The Nationwide Contract is a fixed interest contract issued and guaranteed by Nationwide. This contract has a stable principal value and will pay the Fund a fixed rate of interest. The fixed interest rate must be at least 3.50% (on an annual basis), but may be higher and is currently adjusted on a quarterly basis. Nationwide will calculate the interest rate in the same way that it calculates guaranteed interest rates for similar contracts. Because the contract is not guaranteed by Nationwide, assuming no default, the Fund receives no more or less than the guaranteed amount and will not directly participate in the actual experience of the assets underlying the contract. Although under certain market conditions the Fund’s performance may be hurt by its investment in the Nationwide Contract, the portfolio management team believes that the relatively stable nature of the Nationwide Contract should reduce the Fund’s volatility and overall risk, especially when the bond and stock markets decline simultaneously. The Fund’s target allocation range is 0-10%.

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of its 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

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values as reported by the Underlying Funds. The securities in the Underlying Funds generally are valued as of the close of business of the regular session of trading on the New York Stock Exchange (usually at 4 p.m. Eastern time). The Underlying Funds generally value securities and assets at current market 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.

10

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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 also may 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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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.

11

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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

The Fund may enter into mortgage “dollar rolls” in which the 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 Fund. 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 Fund is authorized to engage in short-selling of portfolio securities which obligates the 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 the 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.

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(k) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(l) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
$709,552	$66,119,014	$(245,423)	$65,873,591

(m) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Under the terms of the Investment Advisory Agreement, the Fund pays GMF an investment advisory fee of 0.13% based on the Fund’s average daily net assets.

Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. GSA and GISI have entered into agreements with BISYS Fund Services Ohio, Inc. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the shares of the Fund. These fees are based on average daily net assets of each class of shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of the Fund. 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 the Fund.

Because the Fund invests primarily in other Gartmore Funds, the Fund is a shareholder of those Underlying Funds. The Underlying Funds and the Nationwide Contract do not charge the Fund any sales charge for buying or selling shares. However, the Fund indirectly pays a portion of the operating expenses, including management fees of the Underlying Funds and short-term investments the Fund holds. These expenses are deducted from the Underlying Funds before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the underlying investments.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class VI 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 VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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 VI 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $245,250,184 and sales of $28,159,207.

6. Bank Loans

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

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

16

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

17

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

18

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

19

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President – Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

20

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

21

Gartmore GVIT Investor Destinations Moderate Fund

Semiannual Report

|  June 30, 2005

	Contents
6	Statement of Investments
7	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in New Assets
9	Financial Highlights
10	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Investor Destinations Moderate Fund

For the semiannual period ended June 30, 2005, the Gartmore GVIT Investor Destinations Moderate Fund returned 0.36% (Class II at NAV) versus 0.33% for its benchmark, which consists of 60% S&P 500^® Index, 25% Lehman Brothers U.S. Aggregate Index and 15% Citigroup 3-Month T-Bill Index. For broader comparison, the average return for the Fund’s Lipper peer category of Balanced Funds was 0.51%.

The year began with a slide after the strong fourth quarter of 2004, with cyclical and small-capitalization stocks among the worst performers. January was characterized by mixed economic data, increasing interest rates, disappointing earnings reports and climbing oil prices. In addition, gross domestic product (GDP) growth for the fourth quarter of 2004 was released in January, and it came in weaker than expected at 3.1%, primarily as a result of the foreign trade deficit. The markets were able to reverse course in February, even as oil prices continued to climb and the productivity report showed a continued slowdown. In March, the markets resumed their downward slide due to a combination of the trade deficit, mixed economic news, high oil prices and rising interest rates.

For most of April, equity markets were dogged by continuing inflation concerns as the price of oil climbed above $57 per barrel. April closed with the announcement of one of the biggest jumps in the Consumer Price Index (CPI) in several months—the CPI had risen 0.6% in March. May featured the announcement of continued weak first quarter GDP growth of 3.1%. Despite concerns about economic deceleration, slowing profit growth, and continued high oil prices, first quarter earnings reports remained strong. June brought a slowdown in the equity market rally that had begun in May as the specter of economic deceleration dampened markets. In addition, the price of oil continued to pressure equity markets as it climbed to a record high of $60 per barrel.

As expected, short-term interest rates moved upward during the period, causing the yield curve to flatten dramatically. The Federal Reserve Board through the Federal Open Market Committee continued its “measured pace” of monetary tightening by raising the federal funds rate 25 basis points on four occasions during the reporting period; the rate rose from 2.25% to 3.25%.

The chart below illustrates how each of the Fund’s underlying funds contributed to or detracted from overall performance.

Underlying Fund	Six-Month Return*	Target Allocation
Gartmore S&P 500 Index Fund	-0.89%	30%
Gartmore Bond Index Fund	2.39%	25%
Short-Term Investments	2.31%	15%
Gartmore International Index Fund	-1.34%	15%
Gartmore Mid Cap Market Index Fund	3.80%	10%
Gartmore Small Cap Index Fund	-1.24%	5%
Gartmore GVIT Investor Destinations Moderate Fund — Class II	0.36%	100%

* Index returns represented by Institutional Share Class.

The Fund will continue to pursue its primary goal of maximizing total investment return by seeking growth of capital and income. The Fund will remain weighted toward stock investments while including a sizable position in bonds and short-term investments, with the goal of adding income and reducing volatility.

PORTFOLIO MANAGERS: Young Chin, Co-Global Chief Investment Officer-Equities, heads the Fund’s portfolio management team and is responsible for the day-to-day management of the allocation of the Fund’s assets among the asset classes and Underlying Funds.

When discussing asset allocation theory and the three major asset classes, short-term investments typically are represented by an investment in 90-day Treasury bills. The short-term investments component of the Gartmore GVIT Investor Destinations Funds comprises an investment in one or a combination of the following: the Gartmore Morley Enhanced Income Fund (a short-term fixed-income fund), the Gartmore Money Market Fund and/or the Nationwide Contract (a fixed-interest contract issued and guaranteed by the Nationwide Life Insurance Company). While there can be no guarantee, it is believed that this strategy will provide a return in excess of the 90-day T-bill without substantially increasing risk.

The Gartmore GVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of the Gartmore GVIT Investor Destinations Funds, you are indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds. International investing involves additional risks, including currency fluctuations, differences in accounting standards, political instability and foreign regulations, all of which are magnified in emerging markets. Small-company stocks have higher risks than the stocks of larger, more established companies and have significant short-term price volatility.

1

Gartmore GVIT Investor Destinations Moderate Fund (continued)

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

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

The Gartmore GVIT Investor Destinations Moderate Fund benchmark consists of 60% S&P 500 Index, 25% Lehman Brothers U.S. Aggregate Bond Index, and 15% Citigroup 3-Month T-Bill Index.

Citigroup 3-Month T-Bill Index: An unmanaged index that is generally representative of 3-month Treasury bills; consists of an average of the last 3-month Treasury bill issues (excluding the current month-end bill).

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

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

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance Gartmore GVIT Investor Destinations Moderate Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Inception2
Class II3	0.36%	7.29%	5.35%
Class VI4	0.52%	7.59%	5.40%

* Not Annualized.

1 Not subject to any sales charges.

2 Fund commenced operations on December 12, 2001.

3 Existing shares were designated Class II shares as of April 29, 2004.

4 These returns through December 31, 2003 were achieved prior to the creation of Class VI shares and include the performance of the Fund’s Class II shares. Excluding the effect of periodic fee waivers or reimbursements, such prior performance is substantially similar to what Class VI shares would have produced because Class VI shares invest in the same portfolio of securities as Class II shares and have the same expenses. Class VI shares’ returns do not reflect the short-term trading fees applicable to such shares; if these fees were deducted, the annual returns for Class VI shares earned by the variable contract owner would have been lower.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class II shares of the Gartmore GVIT Investor Destinations Moderate Fund, Lehman Brothers Aggregate Bond Index (LB Aggregate Bond)(a), S&P 500 Index (S&P 500)(b), the Citigroup 3-Month T Bill Index(c), the Moderate Composite Index(d), and the Consumer Price Index (CPI)(e) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

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

(b) S&P 500 is an unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

(c) The Citigroup 3-Month T Bill Index is an average of the last 3-month treasury bill issues (excluding the current month-end bill).

(d) The Moderate Composite is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The Moderate Composite is a combination of S&P 500 (60%), LB Aggregate Bond (25%) and Citigroup 3-Month T Bill Index (15%).

(e) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Gartmore GVIT Investor Destinations Moderate Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Investor Destinations Moderate Fund
Class II	Actual	$	1,000	$	1,004	$	2.78	0.56%
	Hypothetical1	$	1,000	$	1,022	$	2.81	0.56%
Class VI	Actual	$	1,000	$	1,005	$	2.04	0.41%
	Hypothetical1	$	1,000	$	1,023	$	2.06	0.41%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

June 30, 2005 Gartmore GVIT Investor Destinations Moderate Fund

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

Asset Allocation
Mutual Funds	92.4%
Fixed Contract	7.5%
Other assets in excess of liabilities	0.1 %
	100.0%

Asset Allocation Detail
Equity Funds	59.8%
Fixed Income Funds	32.6%
Fixed Contract	7.5%
Other	0.1%
	100.0%

Top Holdings
Gartmore S&P 500 Index Fund, Institutional Class	29.8%
Gartmore Bond Index Fund, Institutional Class	25.1%
Gartmore International Index Fund, Institutional Class	15.0%
Gartmore Mid Cap Market Index Fund, Institutional Class	10.0%
Nationwide Fixed Contract, 3.50%	7.5%
Gartmore Morley Enhanced Income Fund, Institutional Class	7.5%
Gartmore Small Cap Index Fund, Institutional Class	5.0%
Other Holdings	0.1%
	100.0%

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INVESTOR DESTINATIONS MODERATE FUND

Statement of Investments — June 30, 2005 (Unaudited)

	Shares or Principal Amount		Value
MUTUAL FUNDS (92.4%)
Equity Funds (59.8%)
Gartmore International Index Fund, Institutional Class (b)		24,389,414	$	197,554,254
Gartmore Mid Cap Market Index Fund, Institutional Class (b)		9,099,106		131,482,082
Gartmore S&P 500 Index Fund, Institutional Class (b)		38,306,004		393,402,664
Gartmore Small Cap Index Fund, Institutional Class (b)		5,542,738		65,736,877
				788,175,877
Fixed Income Funds (32.6%)
Gartmore Bond Index Fund, Institutional Class (b)		29,816,628		330,666,403
Gartmore Morley Enhanced Income Fund, Institutional Class (b)		10,857,568		99,021,021
				429,687,424
Total Mutual Funds				1,217,863,301
FIXED CONTRACT (7.5%)
Nationwide Fixed Contract, 3.50% (b) (c)	$	99,030,366		99,030,366
Total Fixed Contract				99,030,366
Total Investments (Cost $1,214,618,431) (a) — 99.9%				1,316,893,667
Other assets in excess of liabilities — 0.1%				977,721
NET ASSETS — 100.0%			$	1,317,871,388

(a) See notes to financial statements for unrealized appreciation (depreciation) of securities.

(b) Investment in affiliate.

(c) The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, and it has been deemed liquid pursuant to procedures approved by the Board of Trustees in accordance with rule 144A under the Securities Act of 1933, as amended.

See notes to financial statements

6

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INVESTOR DESTINATIONS MODERATE FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments in affiliated securities, at value (cost $1,214,618,431)	$	1,316,893,667
Cash		263
Interest and dividends receivable		1,464,582
Prepaid expenses and other assets		79,928
Total Assets		1,318,438,440
Liabilities:
Accrued expenses and other payables:
Investment advisory fees		139,702
Distribution fees		268,660
Administrative servicing fees		139,469
Other		19,221
Total Liabilities		567,052
Net Assets	$	1,317,871,388
Represented by:
Capital	$	1,214,891,943
Accumulated net investment income (loss)		148,435
Accumulated net realized gain (losses) from investment transactions		555,774
Net unrealized appreciation (depreciation) on investments		102,275,236
Net Assets	$	1,317,871,388
Net Assets:
Class II Shares	$	1,305,686,441
Class VI Shares		12,184,947
Total	$	1,317,871,388
Shares outstanding (unlimited number of shares authorized):
Class II Shares		117,819,769
Class VI Shares		1,100,936
Total		118,920,705
Net asset value and offering price per share:*
Class II Shares	$	11.08
Class VI Shares	$	11.07

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income from affiliates	$	1,557,590
Interest income		132
Dividend income from affiliates		14,613,373
Total Income		16,171,095
Expenses:
Investment advisory fees		783,239
Distribution Fees Class II		1,493,038
Distribution Fees Class VI		13,205
Administrative servicing fees Class II Shares		867,336
Other**		184,524
Total Expenses		3,341,342
Net Investment Income (Loss)		12,829,753
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		2,979,114
Net change in unrealized appreciation/depreciation on investments		(8,908,990	)
Net realized/unrealized gains (losses) on investments		(5,929,876	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,899,877

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

7

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INVESTOR DESTINATIONS MODERATE FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	12,829,753		$	18,507,538
Net realized gains (losses) on investment transactions		2,979,114			14,877,254
Net change in unrealized appreciation/depreciation on investments		(8,908,990	)		53,755,760
Change in net assets resulting from operations		6,899,877			87,140,552
Distributions to Class II Shareholders from:
Net investment income		(12,559,365	)		(18,487,818	)(a)
Net realized gains on investments		(12,358,854	)		(4,603,467	)(a)
Distributions to Class VI Shareholders from:
Net investment income		(121,953	)		(120,802	)(b)
Net realized gains on investments		(115,029	)		(15,162	)(b)
Change in net assets from shareholder distributions		(25,155,201	)		(23,227,249	)
Change in net assets from capital transactions		208,626,492			496,671,032
Change in net assets		190,371,168			560,584,335
Net Assets:
Beginning of period		1,127,500,220			566,915,885
End of period	$	1,317,871,388		$	1,127,500,220
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	202,652,163		$	492,446,066	(a)
Dividends reinvested		24,918,089			23,091,113	(a)
Cost of shares redeemed		(21,902,892	)		(27,752,291	)(a)
		205,667,360			487,784,888
Class VI Shares
Proceeds from shares issued		5,363,683			9,284,226	(b)
Dividends reinvested		236,981			135,964	(b)
Cost of shares redeemed		(2,641,532	)		(534,046	)(b)
		2,959,132			8,886,144
Change in net assets from capital transactions	$	208,626,492		$	496,671,032
SHARE TRANSACTIONS:
Class II Shares
Issued		18,205,702			46,046,676	(a)
Reinvested		2,254,340			2,117,183	(a)
Redeemed		(1,966,659	)		(2,611,054	)(a)
		18,493,383			45,552,805
Class VI Shares
Issued		482,310			873,389	(b)
Reinvested		21,463			12,350	(b)
Redeemed		(237,535	)		(51,041	)(b)
		266,238			834,698

(a) On April 30, 2004, the existing share Class of the Fund’s was renamed Class II Shares.

(b) For the period from April 30, 2004 (commencement of operations) through December 31, 2004.

See notes to financial statements.

8

GARTMORE GVIT INVESTOR DESTINATIONS MODERATE FUND

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Investor Destinations Moderate Fund

			Investment Activities					Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class II Shares
Period Ended December 31, 2001(c)	$	10.00	0.02	0.06		0.08		(0.02	)	—		(0.02	)	$	10.06	0.84%	(e)	$	504	0.61%	(f)	4.42%	(f)	24.86%	(f)	(19.83%	)(f)	0.74%
Year Ended December 31, 2002	$	10.06	0.15	(1.11	)	(0.96	)	(0.15	)	(0.01	)	(0.16	)	$	8.94	(9.60%	)	$	165,555	0.56%		2.41%		(g	)	(g	)	21.58%
Year Ended December 31, 2003	$	8.94	0.17	1.60		1.77		(0.17	)	—		(0.17	)	$	10.54	20.05%		$	566,916	0.56%		2.01%		(g	)	(g	)	9.90%
Year Ended December 31, 2004(d)	$	10.54	0.21	0.78		0.99		(0.21	)	(0.06	)	(0.27	)	$	11.26	9.54%		$	1,118,116	0.56%		2.19%		(g	)	(g	)	5.54%
Six Months Ended June 30, 2005 (Unaudited)	$	11.26	0.11	(0.07	)	0.04		(0.11	)	(0.11	)	(0.22	)	$	11.08	0.36%	(e)	$	1,305,686	0.56%	(f)	2.13%	(f)	(g	)	(g	)	1.18%
Class VI Shares
Period Ended December 31 2004(h)	$	10.54	0.19	0.72		0.91		(0.19	)	(0.02	)	(0.21	)	$	11.24	8.72%	(e)	$	9,384	0.41%	(f)	3.84%	(f)	(g	)	(g	)	5.54%
Six Months Ended June 30, 2005 (Unaudited)	$	11.24	0.12	(0.06	)	0.06		(0.12	)	(0.11	)	(0.23	)	$	11.07	0.52%	(e)	$	12,185	0.41%	(f)	2.30%	(f)	(g	)	(g	)	1.18%

(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 December 31, 2004.

See notes to financial statements.

9

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT Investor Destinations Moderate Fund (the “Fund”).

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective primarily by allocating the Fund’s investments among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities including the Nationwide Contract. The Nationwide Contract is a fixed interest contract issued and guaranteed by Nationwide. This contract has a stable principal value and will pay the Fund a fixed rate of interest. The fixed interest rate must be at least 3.50% (on an annual basis), but may be higher and is currently adjusted on a quarterly basis. Nationwide will calculate the interest rate in the same way that it calculates guaranteed interest rates for similar contracts. Because the contract is not guaranteed by Nationwide, assuming no default, the Fund receives no more or less than the guaranteed amount and will not directly participate in the actual experience of the assets underlying the contract. Although under certain market conditions the Fund’s performance may be hurt by its investment in the Nationwide Contract, the portfolio management team believes that the relatively stable nature of the Nationwide Contract should reduce the Fund’s volatility and overall risk, especially when the bond and stock markets decline simultaneously. The Fund’s target allocation range is 5-15%.

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values as reported by the Underlying Funds. The securities in the Underlying Funds generally are valued as of the close of business of the regular session of trading on the New York Stock Exchange (usually at 4 p.m. Eastern Time). The Underlying Funds generally value securities and assets at current market 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.

10

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(b) Repurchase Agreements

The Fund 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 the Fund plus interest negotiated on the basis of 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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 also may 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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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.

11

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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

The Fund may enter into mortgage “dollar rolls” in which the 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 Fund. 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 Fund is authorized to engage in short-selling of portfolio securities which obligates the 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 suffciently 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 the 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.

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(k) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(l) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
$2,262,960	$101,407,457	$(1,395,181)	$100,012,276

(m) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Under the terms of the Investment Advisory Agreement, the Fund pays GMF an investment advisory fee of 0.13% based on the Fund’s average daily net assets.

Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. GSA and GISI have entered into agreements with BISYS Fund Services Ohio, Inc. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the shares of the Fund. These fees are based on average daily net assets of each class of shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of the Fund. 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 Fund; 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 the Fund.

Because the Fund invests primarily in other Gartmore Funds, the Fund is a shareholder of those Underlying Funds. The Underlying Funds and the Nationwide Contract do not charge the Fund any sales charge for buying or selling shares. However, the Fund indirectly pays a portion of the operating expenses, including management fees of the Underlying Funds and short-term investments the Fund holds. These expenses are deducted from the Underlying Funds before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the underlying investments.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class VI shares that a separate account makes on behalf of a variable insurance contract owner (“contract owner”). A separate account that redeems Class VI shares on behalf of a contact owner may be subject to a 1.00% short-term trading fee if the separate account held the Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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 VI 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $194,455,568 and sales of $13,239,591.

6. Bank Loans

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

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

16

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

17

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

18

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

19

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President – Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

20

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

21

Gartmore GVIT Investor Destinations Moderately Conservative Fund

Semiannual Report

|  June 30, 2005

	Contents
6	Statement of Investments
7	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in New Assets
9	Financial Highlights
10	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Investor Destinations Moderately Conservative Fund

For the semiannual reporting period ended June 30, 2005, the Gartmore GVIT Investor Destinations Moderately Conservative Fund returned 1.01% (Class II at NAV) versus 0.87% for its benchmark, which consists of 40% S&P 500^® Index, 35% Lehman Brothers U.S. Aggregate Index and 25% Citigroup 3-Month T-Bill Index. For broader comparison, the average return for the Fund’s Lipper peer category of Income Funds was 1.30%.

The year began with a slide after the strong fourth quarter of 2004, with cyclical and small-capitalization stocks among the worst performers. January was characterized by mixed economic data, increasing interest rates, disappointing earnings reports and climbing oil prices. In addition, gross domestic product (GDP) growth for the fourth quarter of 2004 was released in January, and it came in weaker than expected at 3.1%, primarily as a result of the foreign trade deficit. The markets were able to reverse course in February, even as oil prices continued to climb and the productivity report showed a continued slowdown. In March, the markets resumed their downward slide due to a combination of the trade deficit, mixed economic news, high oil prices and rising interest rates.

For most of April, equity markets were dogged by continuing inflation concerns as the price of oil climbed above $57 per barrel. April closed with the announcement of one of the biggest jumps in the Consumer Price Index (CPI) in several months—the CPI had risen 0.6% in March. May featured the announcement of continued weak first quarter GDP growth of 3.1%. Despite concerns about economic deceleration, slowing profit growth, and continued high oil prices, first quarter earnings reports remained strong. June brought a slowdown in the equity market rally that had begun in May as the specter of economic deceleration dampened markets. In addition, the price of oil continued to pressure equity markets as it climbed to a record high of $60 per barrel.

As expected, short-term interest rates moved upward during the period, causing the yield curve to flatten dramatically. The Federal Reserve Board through the Federal Open Market Committee continued its “measured pace” of monetary tightening by raising the federal funds rate 25 basis points on four occasions during the reporting period; the rate rose from 2.25% to 3.25%.

The chart below illustrates how each of the Fund’s underlying funds contributed to or detracted from overall performance.

Underlying Fund	Six-Month Return*	Target Allocation
Gartmore Bond Index Fund	2.39%	35%
Short-Term Investments	2.31%	25%
Gartmore S&P 500 Index Fund	-0.89%	20%
Gartmore International Index Fund	-1.34%	10%
Gartmore Mid Cap Market Index Fund	3.80%	10%
Gartmore GVIT Investor Destinations Moderately Conservative Fund — Class II	1.01%	100%

* Index returns represented by Institutional Share Class.

The Fund will continue to pursue its primary goal of maximizing total investment return by seeking income and, secondarily, long-term growth of capital. The Fund will remain weighted toward bonds and short-term investments while including substantial stock investments for long-term growth.

PORTFOLIO MANAGERS: Young Chin, Co-Global Chief Investment Officer-Equities, heads the Fund’s portfolio management team and is responsible for the day-to-day management of the allocation of the Fund’s assets among the asset classes and Underlying Funds.

When discussing asset allocation theory and the three major asset classes, short-term investments typically are represented by an investment in 90-day Treasury bills. The short-term investments component of the Gartmore GVIT Investor Destinations Funds comprises an investment in one or a combination of the following: the Gartmore Morley Enhanced Income Fund (a short-term fixed-income fund), the Gartmore Money Market Fund and/or the Nationwide Contract (a fixed-interest contract issued and guaranteed by the Nationwide Life Insurance Company). While there can be no guarantee, it is believed that this strategy will provide a return in excess of the 90-day T-bill without substantially increasing risk.

The Gartmore GVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of the Gartmore GVIT Investor Destinations Funds, you are indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds. International investing involves additional risks, including currency fluctuations, differences in accounting standards, political instability and foreign regulations, all of which are magnified in emerging markets. Small-company stocks have higher risks than the stocks of larger, more established companies and have significant short-term price volatility.

1

Gartmore GVIT Investor Destinations Moderately Conservative Fund (continued)

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

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

The Gartmore GVIT Investor Destinations Moderately Conservative Fund benchmark consists of 40% S&P 500 Index, 35% Lehman Brothers U.S. Aggregate Bond Index, and 25% Citigroup 3-Month T-Bill Index.

Citigroup 3-Month T-Bill Index: An unmanaged index that is generally representative of 3-month Treasury bills; consists of an average of the last 3-month Treasury bill issues (excluding the current month-end bill).

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

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

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance Gartmore GVIT Investor Destinations Moderately Conservative Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Inception2
Class II3	1.01%	6.56%	4.96%
Class VI4	1.11%	6.68%	5.01%

* Not Annualized.

1 Not subject to any sales charges.

2 Fund commenced operations on December 12, 2001.

3 Existing shares were designated Class II shares as of April 29, 2004.

4 These returns through December 31, 2003 were achieved prior to the creation of Class VI shares and include the performance of the Fund’s Class II shares. Excluding the effect of periodic fee waivers or reimbursements, such prior performance is substantially similar to what Class VI shares would have produced because Class VI shares invest in the same portfolio of securities as Class II shares and have the same expenses. Class VI shares’ returns do not reflect the short-term trading fees applicable to such shares; if these fees were deducted, the annual returns for Class VI shares earned by the variable contract owner would have been lower.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class II shares of the Gartmore GVIT Investor Destinations Moderately Conservative Fund, Lehman Brothers Aggregate Bond Index (LB Aggregate Bond)(a), S&P 500 Index (S&P 500)(b), the Citigroup 3-Month T Bill Index(c), the Moderately Conservative Composite Index(d), and the Consumer Price Index (CPI)(e) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

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

(b) S&P 500 is an unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

(c) The Citigroup 3-Month T Bill Index is an average of the last 3-month treasury bill issues (excluding the current month-end bill).

(d) The Moderately Conservative Composite is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The Moderate Composite is a combination of LB Aggregate Bond (35%), S&P 500 (40%), and Citigroup 3-Month T Bill Index (25%).

(e) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Gartmore GVIT Investor Destinations Moderately Conservative Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Investor Destinations Moderately Conservative Fund
Class II	Actual	$	1,000	$	1,010	$	2.79	0.56%
	Hypothetical1	$	1,000	$	1,022	$	2.81	0.56%
Class VI	Actual	$	1,000	$	1,011	$	2.04	0.41%
	Hypothetical1	$	1,000	$	1,023	$	2.06	0.41%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

June 30, 2005 Gartmore GVIT Investor Destinations Moderately Conservative Fund

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

Asset Allocation
Mutual Funds	87.4%
Fixed Contract	12.5%
Other assets in excess of liabilities	0.1%
	100.0%

Asset Allocation Detail
Fixed Income Funds	47.6%
Equity Funds	39.8%
Fixed Contract	12.5%
Other	0.1%
	100.0%

Top Holdings
Gartmore Bond Index Fund, Institutional Class	35.1%
Gartmore S&P 500 Index Fund, Institutional Class	19.8%
Nationwide Fixed Contract, 3.50%	12.5%
Gartmore Morley Enhanced Income Fund, Institutional Class	12.5%
Gartmore International Index Fund, Institutional Class	10.0%
Gartmore Mid Cap Market Index Fund, Institutional Class	10.0%
Other Holdings	0.1%
	100.0%

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INVESTOR DESTINATIONS MODERATELY CONSERVATIVE FUND

Statement of Investments — June 30, 2005 (Unaudited)

	Shares or Principal Amount		Value
MUTUAL FUNDS (87.4%)
Equity Funds (39.8%)
Gartmore International Index Fund, Institutional Class (b)		5,893,805	$	47,739,823
Gartmore Mid Cap Market Index Fund, Institutional Class (b)		3,298,256		47,659,804
Gartmore S&P 500 Index Fund, Institutional Class (b)		9,256,808		95,067,421
				190,467,048
Fixed Income Funds (47.6%)
Gartmore Bond Index Fund, Institutional Class (b)		15,131,160		167,804,568
Gartmore Morley Enhanced Income Fund, Institutional Class (b)		6,559,443		59,822,124
				227,626,692
Total Mutual Funds				418,093,740
FIXED CONTRACT (12.5%)
Nationwide Fixed Contract, 3.50% (b) (c)	$	59,827,779		59,827,779
Total Fixed Contract				59,827,779
Total Investments (Cost $448,797,660) (a) — 99.9%				477,921,519
Other assets in excess of liabilities — 0.1%				589,555
NET ASSETS — 100.0%			$	478,511,074

(a) See notes to financial statements for unrealized appreciation (depreciation) of securities.

(b) Investment in affiliate.

(c) The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, and it has been deemed liquid pursuant to procedures approved by the Board of Trustees in accordance with rule 144A under the Securities Act of 1933, as amended.

See notes to financial statements.

6

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INVESTOR DESTINATIONS MODERATELY CONSERVATIVE FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments in affiliated securities, at value (cost $448,797,660)	$	477,921,519
Cash		42
Interest and dividends receivable		768,152
Prepaid expenses and other assets		29,938
Total Assets		478,719,651
Liabilities:
Accrued expenses and other payables:
Investment advisory fees		50,769
Distribution fees		97,634
Administrative servicing fees		52,063
Other		8,111
Total Liabilities		208,577
Net Assets	$	478,511,074
Represented by:
Capital	$	448,013,710
Accumulated net investment income (loss)		95,123
Accumulated net realized gain (losses) from investment transactions		1,278,382
Net unrealized appreciation (depreciation) on investments		29,123,859
Net Assets	$	478,511,074
Net Assets:
Class II Shares	$	476,244,605
Class VI Shares		2,266,469
Total	$	478,511,074
Shares outstanding (unlimited number of shares authorized):
Class II Shares		44,093,218
Class VI Shares		210,057
Total		44,303,275
Net asset value and offering price per share:*
Class II Shares	$	10.80
Class VI Shares	$	10.79

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income from affiliates	$	958,826
Interest income		21
Dividend income from affiliates		5,824,532
Total Income		6,783,379
Expenses:
Investment advisory fees		290,439
Distribution Fees Class II		557,043
Distribution Fees Class VI		1,499
Administrative servicing fees Class II Shares		325,593
Other**		70,776
Total Expenses		1,245,350
Net Investment Income (Loss)		5,538,029
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		1,976,933
Net change in unrealized appreciation/depreciation on investments		(2,640,808	)
Net realized/unrealized gains (losses) on investments		(663,875	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,874,154

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

7

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INVESTOR DESTINATIONS MODERATELY CONSERVATIVE FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	5,538,029		$	8,096,593
Net realized gains (losses) on investment transactions		1,976,933			5,515,979
Net change in unrealized appreciation/depreciation on investments		(2,640,808	)		12,674,367
Change in net assets resulting from operations		4,874,154			26,286,939
Distributions to Class II Shareholders from:
Net investment income		(5,420,576	)		(8,143,739	)(a)
Net realized gains on investments		(3,944,963	)		(2,371,530	)(a)
Distributions to Class VI Shareholders from:
Net investment income		(22,330	)		(9,518	)(b)
Net realized gains on investments		(18,823	)		(1,641	)(b)
Change in net assets from shareholder distributions		(9,406,692	)		(10,526,428	)
Change in net assets from capital transactions		57,258,610			151,495,887
Change in net assets		52,726,072			167,256,398
Net Assets:
Beginning of period		425,785,002			258,528,604
End of period	$	478,511,074		$	425,785,002
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	70,171,329		$	166,759,578	(a)
Dividends reinvested		9,365,519			10,515,242	(a)
Cost of shares redeemed		(23,844,104	)		(26,475,605	)(a)
		55,692,744			150,799,215
Class VI Shares
Proceeds from shares issued		1,548,085			817,280	(b)
Dividends reinvested		41,153			11,159	(b)
Cost of shares redeemed		(23,372	)		(131,767	)(b)
		1,565,866			696,672
Change in net assets from capital transactions	$	57,258,610		$	151,495,887
SHARE TRANSACTIONS:
Class II Shares
Issued		6,470,940			15,804,279	(a)
Reinvested		869,265			986,049	(a)
Redeemed		(2,202,821	)		(2,503,232	)(a)
		5,137,384			14,287,096
Class VI Shares
Issued		142,441			77,407	(b)
Reinvested		3,821			1,038	(b)
Redeemed		(2,163	)		(12,487	)(b)
		144,099			65,958

(a) On April 30, 2004, the existing share Class of the Fund’s was renamed Class II Shares.

(b) For the period from April 30, 2004 (commencement of operations) through December 31, 2004.

See notes to financial statements.

8

GARTMORE GVIT INVESTOR DESTINATIONS MODERATELY CONSERVATIVE FUND

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Investor Destinations Moderately Conservative Fund

			Investment Activities					Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
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)	$	503	0.61%	(f)	4.56%	(f)	24.88%	(f)	(19.71%	)(f)	0.60%
Year Ended December 31, 2002	$	10.04	0.18	(0.60	)	(0.42	)	(0.18	)	(0.01	)	(0.19	)	$	9.43	(4.15%	)	$	95,669	0.56%		2.96%		(g	)	(g	)	35.19%
Year Ended December 31, 2003	$	9.43	0.21	1.07		1.28		(0.21	)	(0.02	)	(0.23	)	$	10.48	13.70%		$	258,529	0.56%		2.32%		(g	)	(g	)	12.61%
Year Ended December 31, 2004(d)	$	10.48	0.23	0.50		0.73		(0.23	)	(0.07	)	(0.30	)	$	10.91	7.16%		$	425,066	0.56%		2.35%		(g	)	(g	)	7.18%
Six Months Ended June 30, 2005 (Unaudited)	$	10.91	0.13	(0.02	)	0.11		(0.13	)	(0.09	)	(0.22	)	$	10.80	1.01%	(e)	$	476,245	0.56%	(f)	2.48%	(f)	(g	)	(g	)	3.54%
Class VI Shares
Period Ended December 31, 2004(h)	$	10.44	0.20	0.49		0.69		(0.20	)	(0.03	)	(0.23	)	$	10.90	6.67%	(e)	$	719	0.41%	(f)	3.37%	(f)	(g	)	(g	)	7.18%
Six Months Ended June 30, 2005 (Unaudited)	$	10.90	0.14	(0.02	)	0.12		(0.14	)	(0.09	)	(0.23	)	$	10.79	1.11%	(e)	$	2,266	0.41%	(f)	2.84%	(f)	(g	)	(g	)	3.54%

(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 December 31, 2004.

See notes to financial statements.

9

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT Investor Destinations Moderately Conservative Fund (the “Fund”).

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective primarily by allocating the Fund’s investments among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities including the Nationwide Contract. The Nationwide Contract is a fixed interest contract issued and guaranteed by Nationwide. This contract has a stable principal value and will pay the Fund a fixed rate of interest. The fixed interest rate must be at least 3.50% (on an annual basis), but may be higher and is currently adjusted on a quarterly basis. Nationwide will calculate the interest rate in the same way that it calculates guaranteed interest rates for similar contracts. Because the contract is not guaranteed by Nationwide, assuming no default, the Fund receives no more or less than the guaranteed amount and will not directly participate in the actual experience of the assets underlying the contract. Although under certain market conditions the Fund’s performance may be hurt by its investment in the Nationwide Contract, the portfolio management team believes that the relatively stable nature of the Nationwide Contract should reduce the Fund’s volatility and overall risk, especially when the bond and stock markets decline simultaneously. The Fund’s target allocation range is 10-20%.

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of its 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

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values as reported by the Underlying Funds. The securities in the Underlying Funds generally are valued as of the close of business of the regular session of trading on the New York Stock Exchange (usually at 4 p.m. Eastern time). The Underlying Funds generally value securities and assets at current market 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.

10

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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 also may 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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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.

11

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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

The Fund may enter into mortgage “dollar rolls” in which the 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 Fund. 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 Fund is authorized to engage in short-selling of portfolio securities which obligates the 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 the 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.

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(k) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(l) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
$690,124	$29,429,590	$(995,855)	$28,433,735

(m) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Under the terms of the Investment Advisory Agreement, the Fund pays GMF an investment advisory fee of 0.13% based on the Fund’s average daily net assets.

Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. GSA and GISI have entered into agreements with BISYS Fund Services Ohio, Inc. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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 Fund for expenses associated with the distribution of the shares of the Fund. These fees are based on average daily net assets of each class of shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of the Fund. 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 Fund; 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 the Fund.

Because the Fund invests primarily in other Gartmore Funds, the Fund is a shareholder of those Underlying Funds. The Underlying Funds and the Nationwide Contract do not charge the Fund any sales charge for buying or selling shares. However, the Fund indireclty pays a portion of the operating expenses, including management fees of the Underlying Funds and short-term investments the Fund holds. These expenses are deducted from the Underlying Funds before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the underlying investments.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class VI 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 VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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 VI 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $60,387,519 and sales of $13,942,100.

6. Bank Loans

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

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

16

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

17

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

18

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

19

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President – Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

20

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

21

Gartmore GVIT Investor Destinations Conservative Fund

Semiannual Report

|  June 30, 2005

	Contents
6	Statement of Investments
7	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in New Assets
9	Financial Highlights
10	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Investor Destinations Conservative Fund

For the semiannual period ended June 30, 2005, the Gartmore GVIT Investor Destinations Conservative Fund returned 1.23% (Class II at NAV) versus 1.29% for its benchmark. The benchmark which consists of 45% Citigroup 3-Month T-Bill Index, 35% Lehman Brothers U.S. Aggregate Index and 20% S&P 500^® Index. For broader comparison, the average return for the Fund’s Lipper peer category of Income Funds was 1.30%.

The year began with a slide after the strong fourth quarter of 2004, with cyclical and small-capitalization stocks among the worst performers. January was characterized by mixed economic data, increasing interest rates, disappointing earnings reports and climbing oil prices. In addition, gross domestic product (GDP) growth for the fourth quarter of 2004 was released in January, and it came in weaker than expected at 3.1%, primarily as a result of the foreign trade deficit. The markets were able to reverse course in February, even as oil prices continued to climb and the productivity report showed a continued slowdown. In March, the markets resumed their downward slide due to a combination of the trade deficit, mixed economic news, high oil prices and rising interest rates.

For most of April, equity markets were dogged by continuing inflation concerns as the price of oil climbed above $57 per barrel. April closed with the announcement of one of the biggest jumps in the Consumer Price Index (CPI) in several months—the CPI had risen 0.6% in March. May featured the announcement of continued weak first quarter GDP growth of 3.1%. Despite concerns about economic deceleration, slowing profit growth, and continued high oil prices, first quarter earnings reports remained strong. June brought a slowdown in the equity market rally that had begun in May as the specter of economic deceleration dampened markets. In addition, the price of oil continued to pressure equity markets as it climbed to a record high of $60 per barrel.

As expected, short-term interest rates moved upward during the period, causing the yield curve to flatten dramatically. The Federal Reserve Board through the Federal Open Market Committee continued its “measured pace” of monetary tightening by raising the federal funds rate 25 basis points on four occasions during the reporting period; the rate rose from 2.25% to 3.25%.

The chart below illustrates how each of the Fund’s underlying funds contributed to or detracted from overall performance.

Underlying Fund	Six-Month Return*	Target Allocation
Short-Term Investments	2.31%	40%
Gartmore Bond Index Fund	2.39%	35%
Gartmore S&P 500 Index Fund	-0.89%	10%
Gartmore International Index Fund	-1.34%	5%
Gartmore Mid Cap Market Index Fund	3.80%	5%
Gartmore Money Market Fund	1.10%	5%
Gartmore GVIT Investor Destinations Conservative Fund — Class II	1.23%	100%

* Index returns represented by Institutional Share Class.

The Fund will continue to pursue its primary goal of maximizing total investment return by seeking income and, secondarily, long-term growth of capital. The Fund will remain weighted toward bonds and short-term investments while including some stock investments for long-term growth.

PORTFOLIO MANAGERS: Young Chin, Co-Global Chief Investment Officer-Equities, heads the Fund’s portfolio management team and is responsible for the day-to-day management of the allocation of the Fund’s assets among the asset classes and Underlying Funds.

When discussing asset allocation theory and the three major asset classes, short-term investments typically are represented by an investment in 90-day Treasury bills. The short-term investments component of the Gartmore GVIT Investor Destinations Funds comprises an investment in one or a combination of the following: the Gartmore Morley Enhanced Income Fund (a short-term fixed-income fund), the Gartmore Money Market Fund and/or the Nationwide Contract (a fixed-interest contract issued and guaranteed by the Nationwide Life Insurance Company). While there can be no guarantee, it is believed that this strategy will provide a return in excess of the 90-day T-bill without substantially increasing risk.

The Gartmore GVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of the Gartmore GVIT Investor Destinations Funds, you are indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds. International investing involves additional risks, including currency fluctuations, differences in accounting standards, political instability and foreign regulations, all of which are magnified in emerging markets. Small-company stocks have higher risks than the stocks of larger, more established companies and have significant short-term price volatility.

1

Gartmore GVIT Investor Destinations Conservative Fund (continued)

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

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

The Gartmore GVIT Investor Destinations Conservative Fund benchmark consists of 45% Citigroup 3-Month T-Bill Index, 35% Lehman Brothers U.S. Aggregate Bond Index, and 20% S&P 500 Index.

Citigroup 3-Month T-Bill Index: An unmanaged index that is generally representative of 3-month Treasury bills; consists of an average of the last 3-month Treasury bill issues (excluding the current month-end bill).

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

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

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance Gartmore GVIT Investor Destinations Conservative Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Inception2
Class II3	1.23%	4.94%	4.06%
Class VI4	1.23%	5.14%	4.11%

* Not Annualized.

1 Not subject to any sales charges.

2 Fund commenced operations on December 12, 2001.

3 Existing shares were designated Class II shares as of April 29, 2004.

4 These returns through December 31, 2003 were achieved prior to the creation of Class VI shares and include the performance of the Fund’s Class II shares. Excluding the effect of periodic fee waivers or reimbursements, such prior performance is substantially similar to what Class VI shares would have produced because Class VI shares invest in the same portfolio of securities as Class II shares and have the same expenses. Class VI shares’ returns do not reflect the short-term trading fees applicable to such shares; if these fees were deducted, the annual returns for Class VI shares earned by the variable contract owner would have been lower.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class II shares of the Gartmore GVIT Investor Destinations Conservative Fund, Lehman Brothers Aggregate Bond Index (LB Aggregate Bond)(a), S&P 500 Index (S&P 500)(b), the Citigroup 3-Month T Bill Index(c), the Conservative Composite Index(d), and the Consumer Price Index (CPI)(e) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

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

(b) S&P 500 is an unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

(c) The Citigroup 3-Month T Bill Index is an average of the last 3-month treasury bill issues (excluding the current month-end bill).

(d) The Conservative Composite is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The Conservative Composite is a combination of LB Aggregate Bond (35%), S&P 500 (20%), and Citigroup 3-Month T Bill Index (45%).

(e) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Gartmore GVIT Investor Destinations Conservative Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Investor Destinations Conservative Fund
Class II	Actual	$	1,000	$	1,012	$	2.79	0.56%
	Hypothetical1	$	1,000	$	1,022	$	2.81	0.56%
Class VI	Actual	$	1,000	$	1,012	$	2.05	0.41%
	Hypothetical1	$	1,000	$	1,023	$	2.06	0.41%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

June 30, 2005 Gartmore GVIT Investor Destinations Conservative Fund

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

Asset Allocation
Mutual Funds	79.8%
Fixed Contract	20.0%
Other assets in excess of liabilities	0.2%
	100.0%

Asset Allocation Detail
Fixed Income Funds	54.9%
Fixed Contract	20.0%
Equity Funds	19.9%
Money Market Fund	5.0%
Other	0.2%
	100.0%

Top Holdings
Gartmore Bond Index Fund, Institutional Class	34.9%
Nationwide Fixed Contract, 3.50%	20.0%
Gartmore Morley Enhanced Income Fund, Institutional Class	20.0%
Gartmore S&P 500 Index Fund, Institutional Class	9.9%
Gartmore Money Market Fund, Institutional Class	5.0%
Gartmore International Index Fund, Institutional Class	5.0%
Gartmore Mid Cap Market Index Fund, Institutional Class	5.0%
Other Holdings	0.2%
	100.0%

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INVESTOR DESTINATIONS CONSERVATIVE FUND

Statement of Investments — June 30, 2005 (Unaudited)

	Shares or Principal Amount	Value
MUTUAL FUNDS (79.8%)
Equity Funds (19.9%)
Gartmore International Index Fund, Institutional Class (b)	1,704,959	$	13,810,167
Gartmore Mid Cap Market Index Fund, Institutional Class (b)	954,119		13,787,019
Gartmore S&P 500 Index Fund, Institutional Class (b)	2,677,808		27,501,084
			55,098,270
Fixed Income Funds (54.9%)
Gartmore Bond Index Fund, Institutional Class (b)	8,754,278		97,084,946
Gartmore Morley Enhanced Income Fund, Institutional Class (b)	6,072,046		55,377,063
			152,462,009
Money Market Fund (5.0%)
Gartmore Money Market Fund, Institutional Class*	13,844,266		13,844,266
Total Mutual Funds			221,404,545
FIXED CONTRACT (20.0%)
Nationwide Fixed Contract, 3.50% (b) (c)	55,382,307		55,382,307
Total Fixed Contract			55,382,307
Total Investments (Cost $269,861,831) (a) — 99.8%			276,786,852
Other assets in excess of liabilities — 0.2%			432,402
NET ASSETS — 100.0%		$	277,219,254

(a) See notes to financial statements for unrealized appreciation (depreciation) of securities.

(b) Investment in affiliate.

(c) The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, and it has been deemed liquid pursuant to procedures approved by the Board of Trustees in accordance with rule 144A under the Securities Act of 1933, as amended.

See notes to financial statements.

6

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INVESTOR DESTINATIONS CONSERVATIVE FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments in affiliated securities, at value (cost $269,861,831)	$	276,786,852
Cash		10
Interest and dividends receivable		541,203
Prepaid expenses and other assets		17,945
Total Assets		277,346,010
Liabilities:
Accrued expenses and other payables:
Investment advisory fees		30,342
Distribution fees		58,351
Administrative servicing fees		30,853
Other		7,210
Total Liabilities		126,756
Net Assets	$	277,219,254
Represented by:
Capital	$	268,468,789
Accumulated net investment income (loss)		72,666
Accumulated net realized gain (losses) from investment transactions		1,752,778
Net unrealized appreciation (depreciation) on investments		6,925,021
Net Assets	$	277,219,254
Net Assets:
Class II Shares	$	273,441,018
Class VI Shares		3,778,236
Total	$	277,219,254
Shares outstanding (unlimited number of shares authorized):
Class II Shares		26,358,459
Class VI Shares		364,581
Total		26,723,040
Net asset value and offering price per share:*
Class II Shares	$	10.37
Class VI Shares	$	10.36

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income from affiliates	$	930,781
Interest income		5
Dividend income from affiliates		3,454,533
Total Income		4,385,319
Expenses:
Investment advisory fees		176,541
Distribution Fees Class II		336,402
Distribution Fees Class VI		3,103
Administrative servicing fees Class II Shares		197,009
Other**		43,326
Total Expenses		756,381
Net Investment Income (Loss)		3,628,938
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		2,177,218
Net change in unrealized appreciation/depreciation on investments		(2,206,589	)
Net realized/unrealized gains (losses) on investments		(29,371	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,599,567

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

7

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT INVESTOR DESTINATIONS CONSERVATIVE FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	3,628,938		$	5,473,143
Net realized gains (losses) on investment transactions		2,177,218			3,444,495
Net change in unrealized appreciation/depreciation on investments		(2,206,589	)		2,030,361
Change in net assets resulting from operations		3,599,567			10,947,999
Distributions to Class II Shareholders from:
Net investment income		(3,513,470	)		(5,494,511	)(a)
Net realized gains on investments		(1,877,420	)		(2,320,988	)(a)
Distributions to Class VI Shareholders from:
Net investment income		(42,802	)		(19,759	)(b)
Net realized gains on investments		(25,268	)		(7,932	)(b)
Change in net assets from shareholder distributions		(5,458,960	)		(7,843,190	)
Change in net assets from capital transactions		21,347,123			64,003,212
Change in net assets		19,487,730			67,108,021
Net Assets:
Beginning of period		257,731,524			190,623,503
End of period	$	277,219,254		$	257,731,524
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	53,371,214		$	100,983,002	(a)
Dividends reinvested		5,390,885			7,815,483	(a)
Cost of shares redeemed		(39,762,383	)		(46,226,403	)(a)
		18,999,716			62,572,082
Class VI Shares
Proceeds from shares issued		2,633,344			1,645,576	(b)
Dividends reinvested		68,070			27,690	(b)
Cost of shares redeemed		(354,007	)		(242,136	)(b)
		2,347,407			1,431,130
Change in net assets from capital transactions	$	21,347,123		$	64,003,212
SHARE TRANSACTIONS:
Class II Shares
Issued		5,119,859			9,753,470	(a)
Reinvested		520,615			754,197	(a)
Redeemed		(3,800,095	)		(4,462,685	)(a)
		1,840,379			6,044,982
Class VI Shares
Issued		252,759			160,003	(b)
Reinvested		6,578			2,667	(b)
Redeemed		(33,979	)		(23,447	)(b)
		225,358			139,223

(a) On April 30, 2004, the existing share Class of the Fund’s was renamed Class II Shares.

(b) For the period from April 30, 2004 (commencement of operations) through December 31, 2004.

See notes to financial statements.

8

GARTMORE GVIT INVESTOR DESTINATIONS CONSERVATIVE FUND

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Investor Destinations Conservative Fund

			Investment Activities				Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities	Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
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)	$	502	0.61%	(f)	4.39%	(f)	24.89%	(f)	(19.89%	)(f)	0.40%
Year Ended December 31, 2002	$	10.01	0.21	(0.18	)	0.03	(0.21	)	—		(0.21	)	$	9.83	0.40%		$	90,358	0.56%		3.30%		(g	)	(g	)	28.70%
Year Ended December 31, 2003	$	9.83	0.24	0.53		0.77	(0.24	)	(0.04	)	(0.28	)	$	10.32	7.91%		$	90,624	0.56%		2.55%		(g	)	(g	)	24.84%
Year Ended December 31, 2004(d)	$	10.32	0.24	0.23		0.47	(0.24	)	(0.10	)	(0.34	)	$	10.45	4.65%		$	256,277	0.56%		2.39%		(g	)	(g	)	15.34%
Six Months Ended June 30, 2005 (Unaudited)	$	10.45	0.14	(0.01	)	0.13	(0.14	)	(0.07	)	(0.21	)	$	10.37	1.23%	(e)	$	273,441	0.56%	(f)	2.67%	(f)	(g	)	(g	)	12.48%
Class VI Shares
Period Ended December 31, 2004(h)	$	10.26	0.21	0.25		0.46	(0.21	)	(0.06	)	(0.27	)	$	10.45	4.48%	(e)	$	1,454	0.41%	(f)	3.00%	(f)	(g	)	(g	)	15.34%
Six Months Ended June 30, 2005 (Unaudited)	$	10.45	0.14	(0.02	)	0.12	(0.14	)	(0.07	)	(0.21	)	$	10.36	1.23%	(e)	$	3,778	0.41%	(f)	2.91%	(f)	(g	)	(g	)	12.48%

(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 December 31, 2004.

See notes to financial statements.

9

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT Investor Destinations Conservative Fund (the “Fund”).

The Fund is constructed as “fund of funds,” which means that the Fund pursues its investment objective primarily by allocating the Fund’s investments among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities including the Nationwide Contract. The Nationwide Contract is a fixed interest contract issued and guaranteed by Nationwide. This contract has a stable principal value and will pay the Fund a fixed rate of interest. The fixed interest rate must be at least 3.50% (on an annual basis), but may be higher and is currently adjusted on a quarterly basis. Nationwide will calculate the interest rate in the same way that it calculates guaranteed interest rates for similar contracts. Because the contract is not guaranteed by Nationwide, assuming no default, the Fund receives no more or less than the guaranteed amount and will not directly participate in the actual experience of the assets underlying the contract. Although under certain market conditions the Fund’s performance may be hurt by its investment in the Nationwide Contract, the portfolio management team believes that the relatively stable nature of the Nationwide Contract should reduce the Fund’s volatility and overall risk, especially when the bond and stock markets decline simultaneously. The Fund’s target allocation range is 15-25%.

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of its 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

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values as reported by the Underlying Funds. The securities in the Underlying Funds generally are valued as of the close of business of the regular session of trading on the New York Stock Exchange (usually at 4 p.m. Eastern time). The Underlying Funds generally value securities and assets at current market 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.

10

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchase or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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 also may 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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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.

11

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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

The Fund may enter into mortgage “dollar rolls” in which the 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 Fund. 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 Fund is authorized to engage in short-selling of portfolio securities which obligates the 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 the 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.

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(k) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(l) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
$617,492	$7,179,083	$(871,555)	$6,307,529

(m) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Under the terms of the Investment Advisory Agreement, the Fund pays GMF an investment advisory fee of 0.13% based on the Fund’s average daily net assets.

Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. GSA and GISI have entered into agreements with BISYS Fund Services Ohio, Inc. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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 Fund for expenses associated with the distribution of the shares of the Fund. These fees are based on average daily net assets of each class of shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of the Fund. 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 Fund; 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 the Fund.

Because the Fund invests primarily in other Gartmore Funds, the Fund is a shareholder of those Underlying Funds. The Underlying Funds and the Nationwide Contract do not charge the Fund any sales charge for buying or selling shares. However, the Fund indirectly pays a portion of the operating expenses, including management fees of the Underlying Funds and short-term investments the Fund holds. These expenses are deducted from the Underlying Funds before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the underlying investments.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class VI 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 VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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 VI 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $42,609,076 and sales of $27,196,594.

6. Bank Loans

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

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

16

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

17

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

18

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

19

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”),3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President – Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

20

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

21

Gartmore GVIT U.S. Growth Leaders Fund

SemiannualReport

|  June 30, 2005

	Contents
6	Statement of Investments
8	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in New Assets
10	Financial Highlights
11	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT U.S. Growth Leaders Fund

For the semiannual period ended June 30, 2005, the Gartmore GVIT U.S. Growth Leaders Fund returned 2.05% (Class I at NAV) versus -0.81% for its benchmark, the Standard & Poor’s 500^® (S&P 500) Index. For broader comparison, the average return for the Fund’s Lipper peer category of Multi-Cap Growth Funds was -0.33%.

The Fund’s outperformance was driven by strong stock selection, particularly in the information technology and consumer discretionary sectors. In technology, the Fund benefited from its holdings in Internet search engine Google Inc., which rewarded investors with upwardly revised earnings, increasing market share and robust paid-search revenues. Another technology holding boosting the Fund’s results was design software maker Autodesk, Inc., whose healthy sales of licenses and subscriptions for its products enabled the company to deliver double-digit revenue and earnings growth for the first quarter of 2005. The company also lifted its outlook for the second quarter and the entire fiscal year.

In the consumer discretionary sector, Nordstrom, Inc. was a key contributor to Fund performance. The share price of the department store chain benefited from solid increases in same-store sales. Home products retailer Kohl’s Corp. also helped performance, as stronger-than-expected same-store sales for May gave the stock a big boost during the second half of the reporting period. We added to this position, gradually building it into one of the Fund’s largest holdings.

Investors Financial Services, a provider of back-office services to asset management companies, was one holding that detracted from the Fund’s performance. The stock struggled in part because a flattening yield curve, a condition in which the difference between long-term interest rates and short-term rates narrows, cut into the company’s earnings. Another stock that held back Fund performance was Quest Software Inc., which makes application and database management software designed to guarantee application performance and monitor the delivery of information by means of corporate networks and the Internet. Quest Software reported solid gains in first-quarter revenue and earnings but issued full-year guidance that disappointed analysts, reflecting the costs associated with the company’s proposed acquisition of Imceda Software Inc.

Important changes during the period included a reduction in the Fund’s industrials weighting, which went from an overweighting to an underweighting versus the benchmark. In our opinion, sentiment regarding this sector had been overly optimistic, and we did not see that optimism justified in the capital spending we were observing for industrial products. Conversely, we increased the Fund’s weighting in consumer discretionary stocks, especially in the retail area and the hotels, restaurants & leisure segment.

While the U.S. economy could slow from its recent pace, we should keep in mind that for the past two quarters, economists have had to revise gross domestic product growth upward from initial estimates. Similarly, personal disposable income continues to be surprisingly strong, buoyed in part by a robust housing market. At present, therefore, we are comfortable with the Fund’s modest overweightings in the technology and consumer discretionary sectors, and we anticipate a reasonably favorable near-term environment for applying our disciplined brand of bottom-up stock picking—a strategy that involves considering companies simply on their own merit, without regard to their given industries/sectors or the current economic conditions.

Portfolio Managers: Christopher Baggini, CFA and Douglas Burtnick, CFA

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

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

Funds that concentrate on specific sectors or a relatively small number of securities may be subject to greater volatility than a more diversified investment.

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

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance

1

Gartmore GVIT U.S. Growth Leaders Fund

carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance Gartmore GVIT U.S. Growth Leaders Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six Months*	1 Yr.	Inception2
Class I3	2.05%	11.97%	8.50%
Class II3	1.87%	11.57%	8.41%
Class III4	1.95%	11.91%	8.61%

* Not Annualized.

1 Not subject to any sales charges.

2 Fund commenced operations on December 31, 2001.

3 These returns until the creation of the Class I shares (June 3, 2002) and Class II shares (March 21, 2003) are based on the performance of the Class III shares of the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class I and Class II shares would have produced because all classes of shares invest in the same portfolio of securities. Class II shares’ annual returns have been restated to reflect the additional fees applicable to Class II shares and therefore are lower than those of Class I.

4 For Class III shares, these returns do not reflect the short-term trading fees applicable to such shares; if these fees were reflected, the annual returns for Class III shares would have been lower.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class III shares of the Gartmore GVIT U.S. Growth Leaders Fund, Standard & Poor’s 500 Index (S&P 500)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) S&P 500 is an unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Gartmore GVIT U.S. Growth Leaders Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
U.S Growth Leaders Fund
Class I	Actual	$	1,000	$	1,021	$	5.91	1.18%
	Hypothetical1	$	1,000	$	1,019	$	5.92	1.18%
Class II	Actual	$	1,000	$	1,019	$	7.16	1.43%
	Hypothetical1	$	1,000	$	1,018	$	7.18	1.43%
Class III	Actual	$	1,000	$	1,020	$	5.91	1.18%
	Hypothetical1	$	1,000	$	1,019	$	5.92	1.18%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

(June 30, 2005) Gartmore GVIT U.S. Growth Leaders Fund

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

Asset Allocation
Common Stocks	96.2%
Cash Equivalents	5.7%
Other Investments*	3.5%
Liabilities in excess of other assets**	-5.4 %
	100.0%

Top Holdings***
Verisign, Inc.	5.0%
Franklin Resources, Inc.	4.3%
Kohl’s Corp.	4.2%
Wellpoint, Inc.	4.0%
Juniper Networks, Inc.	3.8%
Capital One Financial Corp.	3.8%
St. Jude Medical, Inc.	3.7%
Comverse Technology, Inc.	3.7%
Brinker International, Inc.	3.5%
Invitrogen Corp.	3.5%
Other Holdings	60.5%
	100.0%

Top Industries
Computer Software & Services	14.8%
Financial Services	14.2%
Retail	10.4%
Telecommunications	10.1%
Healthcare	10.1%
Semiconductors	6.4%
Oil & Gas	6.0%
Restaurants	3.5%
Medical Products	3.5%
Hotels & Motels	3.3%
Other Industries	17.7%
	100.0%

* Includes value of collateral received from securities lending.

** Includes value of collateral owed from securities lending.

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

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT U.S. GROWTH LEADERS FUND

Statement of Investments — June 30, 2005 (Unaudited)

Shares or Principal Amount		Value
COMMON STOCKS (96.2%)
Building & Construction (3.2%)
Pulte Corp.	20,030	$	1,687,528
Casino Hotels (2.5%)
Station Casinos, Inc.	19,420		1,289,488
Coal (2.0%)
Peabody Energy Corp.	19,500		1,014,780
Computer Software & Services (14.8%)
Activision, Inc. (b)	46,420		766,858
AutoDesk, Inc.	38,240		1,314,309
Cognizant Technology Solutions Corp. (b)	22,040		1,038,745
Juniper Networks, Inc. (b)	78,620		1,979,652
Verisign, Inc. (b)	89,840		2,583,797
			7,683,361
Financial Services (14.2%)
Capital One Financial Corp.	24,700		1,976,247
Countrywide Credit Industries, Inc.	40,700		1,571,427
Franklin Resources, Inc.	28,800		2,217,023
Goldman Sachs Group, Inc.	15,600		1,591,512
			7,356,209
Food & Beverage (3.0%)
PepsiCo, Inc.	28,820		1,554,263
Healthcare (10.1%)
Ivax Corp. (b)	55,850		1,200,775
St. Jude Medical, Inc. (b)	44,350		1,934,104
Wellpoint, Inc. (b)	30,080		2,094,771
			5,229,650
Hotels & Motels (3.3%)
Starwood Hotels & Resorts Worldwide	29,110		1,704,973
Manufacturing (3.2%)
Textron, Inc.	22,070		1,674,010

Shares or Principal Amount			Value
COMMON STOCKS (continued)
Medical Products (3.5%)
Invitrogen Corp. (b)		21,900	$	1,824,051
Oil & Gas (6.0%)
Praxair, Inc.		35,600		1,658,960
Transocean, Inc. (b)		27,000		1,457,190
				3,116,150
Restaurants (3.5%)
Brinker International, Inc. (b)		45,820		1,835,091
Retail (10.4%)
American Eagle Outfitters, Inc.		46,450		1,423,693
CVS Corp.		62,050		1,803,794
Kohl’s Corp. (b)		39,140		2,188,316
				5,415,803
Semiconductors (6.4%)
Broadcom Corp. (b)		45,600		1,619,256
National Semiconductor Corp.		76,850		1,693,006
				3,312,262
Telecommunications (10.1%)
Comverse Technology, Inc. (b)		80,160		1,895,784
Corning, Inc. (b)		108,400		1,801,608
Nokia Corp. ADR-FI		93,350		1,553,344
				5,250,736
Total Common Stocks				49,948,355
CASH EQUIVALENTS (5.7%)
Investments in repurchase agreements (Collateralized by AA Corporate Bonds, in a joint trading account at 3.34%, dated 06/30/05, due 07/01/05, repurchase price $2,975,077)	$	2,974,801		2,974,801
Total Cash Equivalents				2,974,801

6

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT U.S. GROWTH LEADERS FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount		Value
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (3.5%)
Pool of short-term securities for Gartmore Variable Insurance Trust Funds — note 2
(Securities Lending)	$	1,795,200	$	1,795,200
Total Short-Term Securities Held as Collateral for Securities Lending				1,795,200
Total Investments (Cost $52,331,256) (a) — 105.4%				54,718,356
Liabilities in excess of other assets — (5.4%)				(2,774,940	)
NET ASSETS — 100.0%			$	51,943,416

(a) See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(b) Denotes a non-income producing security.

ADR American Depositary Receipt

FI Finland

See notes to financial statements.

7

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT U.S. GROWTH LEADERS FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $49,356,455)	$	51,743,555
Repurchase agreements, at cost and value		2,974,801
Total Investments		54,718,356
Interest and dividends receivable		21,378
Receivable for investments sold		4,032,859
Prepaid expenses and other assets		578
Total Assets		58,773,171
Liabilities:
Payable for investments purchased		4,961,513
Payable for return of collateral received for securities on loan		1,795,200
Accrued expenses and other payables:
Investment advisory fees		58,969
Fund administration and transfer agent fees		1,140
Distribution fees		2,688
Administrative servicing fees		5,503
Other		4,742
Total Liabilities		58,768,429
Net Assets	$	51,943,416
Represented by:
Capital	$	46,542,254
Accumulated net investment income (loss)		(78,423	)
Accumulated net realized gain (losses) from investments		3,092,485
Net unrealized appreciation (depreciation) on investments		2,387,100
Net Assets	$	51,943,416
Net Assets:
Class I Shares	$	7,102,033
Class II Shares		13,531,127
Class III Shares		31,310,256
Total	$	51,943,416
Shares outstanding (unlimited number of shares authorized):
Class I Shares		656,578
Class II Shares		1,253,756
Class III Shares		2,879,776
Total		4,790,110
Net asset value and offering price per share:*
Class I Shares	$	10.82
Class II Shares	$	10.79
Class III Shares	$	10.87

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	18,128
Dividend income		199,529
Income from securities lending		2,073
Total Income		219,730
Expenses:
Investment advisory fees		217,153
Fund administration and transfer agent fees		16,678
Distribution fees Class II Shares		14,285
Administrative servicing fees Class I Shares		4,318
Administrative servicing fees Class II Shares		8,242
Administrative servicing fees Class III Shares		22,748
Other**		14,729
Total Expenses		298,153
Net Investment Income (Loss)		(78,423	)
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		3,110,759
Net change in unrealized appreciation/depreciation on investments		(2,084,388	)
Net realized/unrealized gains (losses) on investments		1,026,371
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	947,948

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

8

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT U.S. GROWTH LEADERS FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	(78,423	)	$	(424,063	)
Net realized gains (losses) on investment transactions		3,110,759			4,929,661
Net change in unrealized appreciation/depreciation on investments		(2,084,388	)		337,121
Change in net assets resulting from operations		947,948			4,842,719
Distributions to Class I shareholders from:
Net realized gains on investments		(583,903	)		(254,356	)
Distributions to Class II shareholders from:
Net realized gains on investments		(1,107,845	)		(299,998	)
Distributions to Class III shareholders from:
Net realized gains on investments		(2,532,029	)		(1,881,512	)
Change in net assets from shareholder distributions		(4,223,777	)		(2,435,866	)
Change in net assets from capital transactions		5,099,031			(17,545,981	)
Change in net assets		1,823,202			(15,139,128	)
Net Assets:
Beginning of period		50,120,214			65,259,342
End of period	$	51,943,416		$	50,120,214
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	2,642,718		$	5,960,920
Dividends reinvested		583,903			254,355
Cost of shares redeemed		(2,025,857	)		(6,400,463	)
		1,200,764			(185,188	)
Class II Shares
Proceeds from shares issued		3,498,407			7,795,254
Dividends reinvested		1,107,844			299,997
Cost of shares redeemed		(836,954	)		(2,317,336	)
		3,769,297			5,777,915
Class III Shares
Proceeds from shares issued		2,974,187			8,789,593
Dividends reinvested		2,532,027			1,881,507
Cost of shares redeemed		(5,377,244	)		(33,809,808	)
		128,970			(23,138,708	)
Change in net assets from capital transactions	$	5,099,031		$	(17,545,981	)
SHARE TRANSACTIONS:
Class I Shares
Issued		231,375			563,139
Reinvested		54,519			24,253
Redeemed		(180,261	)		(613,428	)
		105,633			(26,036	)
Class II Shares
Issued		306,949			734,900
Reinvested		103,634			28,516
Redeemed		(73,871	)		(227,455	)
		336,712			535,961
Class III Shares
Issued		261,245			810,698
Reinvested		235,100			178,838
Redeemed		(471,173	)		(3,226,633	)
		25,172			(2,237,097	)

See notes to financial statements.

9

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT U.S. Growth Leaders Fund

			Investment Activities							Distributions								Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Redemption fees	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class I Shares
Period Ended December 31, 2002(c)	$	8.64	(0.02	)	0.01	(1.07	)	(1.08	)	—		—		$	7.56	(12.50%	)(f)	$	476	1.16%	(g)	(0.56%	)(g)	(h	)	(h	)	754.41%
Year Ended December 31, 2003	$	7.56	(0.02	)	0.01	3.95		3.94		(0.76	)	(0.76	)	$	10.74	52.14%		$	6,199	1.19%		(0.50%	)	(h	)	(h	)	580.71%
Year Ended December 31, 2004	$	10.74	(0.08	)	—	1.36		1.28		(0.46	)	(0.46	)	$	11.56	12.41%		$	6,369	1.29%		(0.77%	)	(h	)	(h	)	520.00%
Six Months Ended June 30, 2005 (Unaudited)	$	11.56	(0.01	)	—	0.24		0.23		(0.97	)	(0.97	)	$	10.82	2.05%	(f)	$	7,102	1.18%	(g)	(0.28%	)(g)	(h	)	(h	)	242.14%
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	41.02%	(f)	$	4,101	1.43%	(g)	(0.66%	)(g)	(h	)	(h	)	580.71%
Year Ended December 31, 2004	$	10.76	(0.08	)	—	1.33		1.25		(0.46	)	(0.46	)	$	11.55	12.10%		$	10,593	1.53%		(1.03%	)	(h	)	(h	)	520.00%
Six Months Ended June 30, 2005 (Unaudited)	$	11.55	(0.02	)	—	0.23		0.21		(0.97	)	(0.97	)	$	10.79	1.87%	(f)	$	13,531	1.43%	(g)	(0.51%	)(g)	(h	)	(h	)	242.14%
Class III Shares
Period Ended December 31, 2001(e)	$	10.00	—		—	(0.08	)	(0.08	)	—		—		$	9.92	(0.80%	)(f)	$	2,976	1.25%	(g)	(0.40%	)(g)	7.56%	(g)	(6.71%	)(g)	9.71%
Year Ended December 31, 2002	$	9.92	(0.05	)	0.01	(2.30	)	(2.34	)	—		—		$	7.58	(23.59%	)	$	6,501	1.10%		(0.64%	)	(h	)	(h	)	754.41%
Year Ended December 31, 2003	$	7.58	(0.03	)	0.01	3.99		3.97		(0.76	)	(0.76	)	$	10.79	52.39%		$	54,959	1.19%		(0.50%	)	(h	)	(h	)	580.71%
Year Ended December 31, 2004	$	10.79	(0.11	)	—	1.40		1.29		(0.46	)	(0.46	)	$	11.62	12.45%		$	33,158	1.29%		(0.77%	)	(h	)	(h	)	520.00%
Six Months Ended June 30, 2005 (Unaudited)	$	11.62	(0.01	)	—	0.23		0.22		(0.97	)	(0.97	)	$	10.87	1.95%	(f)	$	31,310	1.18%	(g)	(0.27%	)(g)	(h	)	(h	)	242.14%

(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.

10

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2005 (Unaudited)

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, was subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT U.S. Growth Leaders Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these 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

11

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2005 (Unaudited)

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.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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 also may 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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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.

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2005 (Unaudited)

(f) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the 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 the Fund.

(i) Security Transactions and Investment Income

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

(j) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2005 (Unaudited)

least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

The cash collateral received by the Fund was pooled and, at June 30, 2005, was invested in the following:

Security Type	Security Name	Market Value		Maturity Rate	Maturity Date
Commercial Paper	MacQuarie Bank Ltd.	$	499,368	3.25%	07/01/05
Repurchase Agreements	Nomura Securities		1,295,832	3.48%	07/01/05

As of June 30, 2005, the Fund had securities with the following market values on loan:

Market Value of Loaned Securities		Market Value of Collateral
$	1,759,085	$	1,795,200

(k) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(l) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$274,938	$	2,357,938	$	(245,777	)	$	2,112,162

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2005 (Unaudited)

(m) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) manages the investment of the assets and supervises the daily business affairs of the Fund. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of Gartmore Global Asset Management Trust (“GGAMT”). GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Under the terms of the Investment Advisory Agreement, the Fund pays GMF a base investment advisory fee that can vary depending on the Fund’s performance relative to its benchmark, the S&P 500 Index, as follows:

Fee Schedule*	Fees
Up to $500 million	0.90%
$500 million up to $2 billion	0.80%
$2 billion or more	0.75%

* 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, the Fund will pay higher management fees. Conversely, if the Fund underperforms its benchmark by 12% or more over a 36 month period, the 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 base rate and the performance rate are applied separately. The base rate (as may be reduced by any applicable base advisory fee breakpoints) is applied to the Fund’s average net assets over the current quarter, while the performance adjustment percentage is applied to the Fund’s average net assets over the rolling 36-month performance period. The corresponding dollar values are then added to arrive at the overall GMF advisory fee for the current period. 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%
$500 million up to $2 billion	+/- 0.18%
$2 billion or more	+/- 0.16%

On September 21, 2004, the Enforcement Staff of the Commission’s Fort Worth District Office (the “Staff”) contacted Gartmore Mutual Fund Capital Trust (the “Adviser”), the investment adviser to the U.S. Growth Leaders Fund (the “Fund”), a series of Gartmore Variable Insurance Trust (“GVIT”). The Staff asserted that the methodology used to calculate the performance fee for the Fund did not comply with the requirements of Rule 205-2 under the Investment Advisers Act of 1940 (the “Advisers Act”). The Adviser agreed temporarily to forego the collection of any performance fees pending an evaluation of the Staff’s assertion. Discussions with the Staff are ongoing, and the outcome of those discussions will determine the remedial steps, if any, to be taken.

GMF and the Fund have entered into a written contract (“Expense Limitation Agreement”) limiting operating expenses (excluding any taxes, interest, brokerage fees, extraordinary expenses, short sale dividend expenses, Rule 12b-1 fees, and administrative service fees) from exceeding 1.15% for all classes until at least May 1, 2006.

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2005 (Unaudited)

GMF may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by GMF, respectively, pursuant to the Expense Limitation Agreement 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 the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by GMF is not permitted.

As of the six months ended June 30, 2005, there were no cumulative potential reimbursements for all classes of shares of the Fund, based on reimbursements which expires within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by GMF.

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (”BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

16

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2005 (Unaudited)

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; 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 the Fund.

4. Short-Term Trading Fees

The Fund reserves 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, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $116,188,397 and sales of $115,475,823.

6. Bank Loans

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

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

Proposal Two: As specifically set forth in the October 29, 2004 Proxy Statement, the Reorganization proposal requested the shareholders of the Trust’s predecessor to approve the proposed “Agreement and Plan of Reorganization” of the Trust’s predecessor (on behalf of each of the its funds) into a new Delaware-domiciled Trust, whereby the Funds of the new Delaware Trust would acquire all of the assets of the corresponding funds of the Trust’s predecessor subject to the liabilities,

17

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2005 (Unaudited)

expenses, costs, charges, and reserves of the corresponding funds of the Trust’s predecessor (contingent or otherwise), in exchange for shares of the acquiring Funds to be distributed pro rata by the Trust to the holders of the shares of the funds of the Trust’s predecessor, in a complete liquidation of the Trust’s predecessor.

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust
Charles E. Allen:
FOR		2,797,230,318.955 shares		(96.078%)
WITHHOLD		114,195,693.660 shares		(3.922%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Michael J. Baresich:
FOR		2,796,135,979.559 shares		(96.040%)
WITHHOLD		115,290,033.056 shares		(3.960%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Paula H.J. Cholmondeley:
FOR		2,795,095,945.396 shares		(96.004%)
WITHHOLD		116,330,067.219 shares		(3.996%)
TOTAL	2,912,726,012.615 shares		(100.000%)
C. Brent DeVore:
FOR		2,797,207,046.916 shares		(96.077%)
WITHHOLD		114,218,965.699 shares		(3.923%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Phyllis Kay Dryden:
FOR		2,795,587,023.994 shares		(96.021%)
WITHHOLD		115,838,988.621 shares		(3.979%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Robert M. Duncan:
FOR		2,790,191,720.503 shares		(95.836%)
WITHHOLD		121,234,292.112 shares		(4.164%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Barbara L. Hennigar:
FOR		2,792,939,848.858 shares		(95.937%)
WITHHOLD		118,486,163.757 shares		(4.070%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Paul J. Hondros:
FOR		2,797,557,404.448 shares		(96.089%)
WITHHOLD		113,868,608.167 shares		(3.911%)
TOTAL	2,912,726,012.615 shares		(100.000%)

18

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2005 (Unaudited)

Barbara I. Jacobs:
FOR		2,796,306,126.654 shares		(96.046%)
WITHHOLD		115,119,885.961 shares		(3.954%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Thomas J. Kerr IV:
FOR		2,789,755,720.087 shares		(95.821%)
WITHHOLD		121,670,292.528 shares		(4.179%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Douglas F. Kridler:
FOR		2,798,065,774.375 shares		(96.106%)
WITHHOLD		113,360,238.240 shares		(3.894%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Michael D. McCarthy:
FOR		2,797,452,613.694 shares		(96.085%)
WITHHOLD		113,973,395.921 shares		(3.915%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Arden L. Shisler:
FOR		2,796,738,454.730 shares		(96.061%)
WITHHOLD		114,687,557.885 shares		(3.939%)
TOTAL	2,912,726,012.615 shares		(100.000%)
David C. Wetmore:
FOR		2,794,784,752.247 shares		(95.994%)
WITHHOLD		116,641,260.368 shares		(4.006%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Proposal 2:   Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust
FOR		2,561,003,822.546 shares		(87.964%)
AGAINST		103,593,261.010 shares		(3.558%)
ABSTAIN		246,828,929.059 shares		(8.478%)
TOTAL	2,912,726,012.615 shares		(100.000%)

19

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

20

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

21

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

22

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”), 3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3,, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

23

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

24

Gartmore GVIT Global Utilities Fund

SemiannualReport

|  June 30, 2005

	Contents
6	Statement of Investments
9	Statement of Assets and Liabilities
9	Statement of Operations
10	Statements of Changes in New Assets
12	Financial Highlights
13	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Global Utilities Fund

For the semiannual period ended June 30, 2005, the Gartmore GVIT Global Utilities Fund returned 3.09% (Class I at NAV) versus -1.36% for its blended benchmark, which consists of 60% Morgan Stanley Capital International (MSCI) World Telecommunication Services Index^SM and 40% MSCI World Utilities Index^SM.

Led by power utilities, global utilities performed well during the reporting period. A key factor contributing to the Fund’s outperformance versus the benchmark was a large overweighting in a number of the oil- and gas-related stocks of companies that supply the power utility industry. Also helping Fund returns from an industry standpoint were overweightings in independent power producers and water utilities, along with favorable stock selection in electric utilities. Looking at country allocations, stock selection in the United States, the United Kingdom and Italy was especially helpful, together with an overweighting in Finland. Conversely, stock selection in Belgium was the primary drawback relative to the benchmark.

Among individual Fund holdings, EOG Resources, Inc., an oil and natural gas producer based in Houston, was a top contributor. In April, the company reported stronger-than-expected profits and reaffirmed its previously stated 13.5% production growth target for 2005. Other energy holdings making meaningful contributions to Fund performance were ConocoPhillips, Canada’s Suncor Energy Inc. and Sunoco, Inc. In the utility segment, Finnish power producer Fortum OYJ turned in a strong performance; the company was able to raise its prices while benefiting from stable production costs because of its hydroelectric production facilities. Water utility Northumbrian Water Group plc posted strong first-quarter earnings following favorable regulatory developments in December 2004. All of the previously mentioned contributors, except Fortum OYJ, were stocks not held by the benchmark index.

Many of the Fund’s biggest detractors were on the telecommunications side of the portfolio. For example, the stock of Belgian telecommunications services provider Belgacom SA weakened in May after the company scaled back revenue growth projections for its wireless unit due to competitive pressures. Another service provider in the telecommunications area, France Telecom SA, performed poorly during the reporting period despite announcing a proposed doubling of its dividend and making progress in its plans to cut costs and streamline its service plans.

We continue to believe that the global utilities space offers attractive opportunities. However, the mix of the Fund’s holdings could change as we try to find stocks with the most attractive valuations and strongest growth prospects. For example, we already have reduced our energy-related holdings to some extent and may do so further as the year progresses. Conversely, we have increased the Fund’s weighting in telecommunications stocks, with a primary focus on Europe, where wireline competition is less intense than in the United States and where fewer customers substitute wireless for wireline service.

Overall, we like the utilities sector’s combination of attractive dividend yields plus earnings growth prospects, with industry consolidation another factor likely to have a net positive effect on share prices in the sector for the near term.

Portfolio Manager: Ben Walker

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

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

Funds that concentrate on specific sectors or a relatively small number of securities may be subject to greater volatility than a more diversified investment.

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

Morgan Stanley Capital International (MSCI) World Utilities Index^SM: An unmanaged index that is based on developed-market country indexes and is generally representative of the stocks in the utilities sector, which includes industry groups such as electric, gas, multi-utilities, and unregulated power and water.

Morgan Stanley Capital International (MSCI) World Telecommunication Services Index^SM: An unmanaged index that is based on developed-market country indexes and is generally representative of the stocks in the global utilities sector.

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison

1

Gartmore GVIT Global Utilities Fund

purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance Gartmore GVIT Global Utilities Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six Months*	1 Yr.	Inception2
Class I3	3.09%	27.11%	6.54%
Class II3	3.04%	26.81%	6.34%
Class III4	3.09%	27.05%	6.57%

* Not Annualized.

1 Not subject to any sales charges.

2 Fund commenced operations on December 28, 2001.

3 These returns until the creation of the Class I shares (May 10, 2002) and Class II shares (March 28, 2003) are based on the performance of the Class III shares of the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class I and Class II shares would have produced because all classes of shares invest in the same portfolio of securities. Class II shares’ annual returns have been restated to reflect the additional fees applicable to Class II shares and therefore are lower than those of Class I.

4 For Class III shares, these returns do not reflect the short-term trading fees applicable to such shares; if these fees were reflected, the annual returns for Class III shares would have been lower.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class III shares of the Gartmore GVIT Global Utilities Fund, Morgan Stanley Capital International (MSCI) World Telecommunication Services IndexSM(MSCI World Telecommunication Services )(a),Morgan Stanley Capital International World Utilities Index (MSCI World Utilities)(b), the Gartmore GVIT Global Utilities Composite Index (Composite)(c) and the Consumer Price Index (CPI)(d) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) MSCI World Telecommunication Services is an unmanaged index that is based on developed-market country indexes and is generally representative of the stocks in the global utilities sector.

(b) MSCI World Utilities is an unmanaged index that is based on developed-market country indexes and is generally representative of the stocks in the utilities sector, which includes industry groups such as electric, gas, multi-utilities, and unregulated power and water.

(c) The Composite is a combination of MSCI World Telecom (60%) and MSCI World Utilities (40%).

(d) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Gartmore GVIT Global Utilities Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Global Utilities Fund
Class I	Actual	$	1,000	$	1,031	$	5.44	1.08%
	Hypothetical1	$	1,000	$	1,020	$	5.42	1.08%
Class II	Actual	$	1,000	$	1,030	$	6.70	1.33%
	Hypothetical1	$	1,000	$	1,018	$	6.68	1.33%
Class III	Actual	$	1,000	$	1,031	$	5.39	1.07%
	Hypothetical1	$	1,000	$	1,020	$	5.37	1.07%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

(June 30, 2005) Gartmore GVIT Global Utilities Fund

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

Asset Allocation
Common Stocks	99.3%
Other assets in excess of liabilities	0.7%
	100.0%

Top Industries
Telecommunications	33.4%
Gas & Electric Utility	23.8%
Electric Utility	18.4%
Oil & Gas Utility	12.3%
Water Utility	7.7%
Gas Utility	1.8%
Oil & Gas	1.4%
Building & Construction	0.5%
Other Industries	0.7%
	100.0%

Top Holdings
Verizon Communications, Inc.	5.8%
Vodafone Group PLC	5.4%
SBC Communications, Inc.	4.6%
Exelon Corp.	3.2%
E. ON AG	3.0%
BellSouth Corp.	3.0%
TXU Corp.	2.6%
Fortum Oyj	2.6%
Scottish Power PLC	2.6%
Sprint Corp.	2.5%
Other Holdings	64.7%
	100.0%

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Statement of Investments — June 30, 2005 (Unaudited)

	Shares or Principal Amount	Value
COMMON STOCKS (99.3%)
BELGIUM (0.8%)
Electric Utility (0.6%)
Elia System Operator SA/NV (b)	8,370	$	287,782
Telecommunications (0.2%)
Mobistar SA (c)	810		67,676
			355,458
CANADA (1.9%)
Oil & Gas Utility (1.6%)
Suncor Energy, Inc.	16,000		756,629
Telecommunications (0.3%)
BCE, Inc.	5,093		120,589
			877,218
DENMARK (0.4%)
Telecommunications (0.4%)
TDC (c)	4,270		182,834
FINLAND (3.4%)
Oil & Gas Utility (3.4%)
Fortum Oyj (c)	73,735		1,182,796
Neste Oil Oyj (b)	12,853		332,995
			1,515,791
FRANCE (4.0%)
Building & Construction (0.5%)
Bouygues SA (c)	5,070		209,675
Telecommunications (1.4%)
France Telecom SA (c)	21,782		634,163
Water Utility (2.1%)
Suez SA (c)	35,000		946,450
			1,790,288
GERMANY (6.3%)
Gas & Electric Utility (5.3%)
E. ON AG (c)	15,000		1,332,151
Rwe AG (c)	16,562		1,064,380
			2,396,531
Telecommunications (1.0%)
Deutsche Telekom AG (c)	24,787		456,869
			2,853,400

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
GREECE (1.9%)
Electric Utility (0.2%)
Public Power Corp. (c)	3,040	$	75,788
Telecommunications (1.7%)
Hellenic Telecommunications Organization SA (OTE) (b) (c)	34,019		659,259
Tim Hellas Telecommunications SA ADR	7,046		133,663
			792,922
			868,710
HONG KONG (0.2%)
Electric Utility (0.2%)
CLP Holdings Ltd. (c)	12,000		68,763
ITALY (2.9%)
Electric Utility (1.4%)
Enel SpA (c)	74,000		646,045
Oil & Gas (1.4%)
Eni SpA (c)	21,670		557,034
Snam Rete Gas SpA (c)	14,885		79,589
			636,623
Telecommunications (0.1%)
Telecom Italia SpA (c)	7,519		23,457
			1,306,125
JAPAN (5.3%)
Electric Utility (2.1%)
Chubu Electric Power Co., Inc. (c)	8,600		206,146
Kansai Electric Power Co., Inc. (c)	7,400		148,638
Kyushu Electric Power Co., Inc. (c)	6,000		130,315
Tohoku Electric Power Co., Inc. (c)	5,600		119,345
Tokyo Electric Power Co., Inc. (c)	14,000		333,562
			938,006

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
JAPAN (continued)
Gas Utility (0.5%)
Osaka Gas Co. Ltd. (c)	34,000	$	106,849
Tokyo Gas Co. Ltd. (c)	26,000		97,120
			203,969
Telecommunications (2.7%)
Nippon Telegraph & Telephone Corp. (c)	126		538,917
NTT DoCoMo, Inc. (c)	470		692,662
			1,231,579
			2,373,554
LUXEMBURG (0.4%)
Oil & Gas Utility (0.4%)
Stolt Offshore SA (b) (c)	22,310		202,362
NORWAY (1.4%)
Oil & Gas Utility (1.4%)
Statoil ASA (c)	30,000		610,853
SINGAPORE (0.6%)
Telecommunications (0.6%)
Singapore Telecommunications Ltd. (b) (c)	161,114		264,204
SOUTH AFRICA (0.5%)
Oil & Gas Utility (0.5%)
Sasol Ltd. (c)	8,700		235,086
SPAIN (3.5%)
Electric Utility (1.0%)
Iberdrola SA (c)	16,880		444,699
Gas & Electric Utility (1.5%)
Endesa SA (c)	21,530		500,663
Union Fenosa SA (c)	6,654		202,570
			703,233
Telecommunications (1.0%)
Telefonica SA (c)	27,193		443,794
			1,591,726
UNITED KINGDOM (17.4%)
Electric Utility (6.4%)
International Power PLC (c)	250,000		921,036

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
UNITED KINGDOM (continued)
National Grid Transco PLC (c)	59,302	$	573,395
Scottish & Southern Energy PLC (c)	12,082		218,731
Scottish Power PLC (c)	129,702		1,151,334
			2,864,496
Telecommunications (5.4%)
Vodafone Group PLC (c)	1,000,000		2,432,260
Water Utility (5.6%)
AWG PLC (c)	42,451		729,485
Northumbrian Water Group PLC (c)	179,478		721,139
Pennon Group PLC (c)	38,199		711,429
United Utilities PLC (c)	6,800		80,236
United Utilities PLC, Class A (c)	47,490		280,018
			2,522,307
			7,819,063
UNITED STATES (48.4%)
Electric Utility (6.5%)
Dominion Resources, Inc.	5,743		421,479
Dpl, Inc.	28,540		783,423
Edison International	20,566		833,951
PPL Corp.	14,407		855,488
Southern Co. (The)	1,179		40,876
			2,935,217
Gas & Electric Utility (17.0%)
Centerpoint Energy, Inc.	65,370		863,537
Duke Energy Corp.	18,987		564,484
Energy East Corp	19,870		575,833
Exelon Corp.	28,435		1,459,568
FirstEnergy Corp.	15,960		767,836
NiSource, Inc.	25,600		633,088
PG&E Corp.	19,340		726,024
SCANA Corp.	10,280		439,059
TXU Corp.	14,285		1,186,940
Wisconsin Energy Corp.	11,700		456,300
			7,672,669
Gas Utility (1.3%)
The Williams Companies, Inc.	30,000		570,000

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Oil & Gas Utility (5.0%)
Burlington Resources, Inc.	12,000	$	662,880
ConocoPhillips	11,686		671,828
EOG Resources, Inc.	4,489		254,975
Valero Energy Corp.	8,600		680,346
			2,270,029
Telecommunications (18.6%)
AT&T Corp.	4,977		94,762
BellSouth Corp.	49,964		1,327,543
Nextel Communications, Inc., Class A (b)	34,964		1,129,687
SBC Communications, Inc.	87,203		2,071,071
Sprint Corp.	45,230		1,134,821

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Verizon Communications, Inc.	76,070	$	2,628,218
			8,386,102
			21,834,017
Total Common Stocks			44,749,452
Total Investments (Cost $43,157,903) (a) — 99.3%			44,749,452
Other assets in excess of liabilities — 0.7%			297,697
NET ASSETS — 100.0%		$	45,047,149

(a) See notes to Statement of Investments for tax unrealized (depreciation) of securities.

(b) Denotes a non-income producing security.

(c) Fair Value Security

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

Currency	Delivery Date	Contract Value			Market Value			Unrealized Appreciation/ (Depreciation)
Short Contracts
British Pound	07/05/05	$	(763,457	)	$	(763,296	)	$	161
Euro	07/05/05		(286,987	)		(287,503	)		(516	)
Total Short Contracts		$	(1,050,444	)	$	(1,050,799	)	$	(355	)
Currency	Delivery Date	Contract Value			Market Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
US Dollar	07/05/05	$	1,050,444		$	1,050,444		$	0
Total Long Contracts		$	(1,050,444	)	$	1,050,444		$	0

See notes to financial statements.

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Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $43,157,903)	$	44,749,452
Interest and dividends receivable		121,988
Receivable for investments sold		2,054,251
Unrealized appreciation on forward foreign currency contracts		161
Reclaims receivable		40,107
Prepaid expenses and other assets		4,702
Total Assets		46,970,661
Liabilities:
Payable to custodian		550,511
Payable to foreign currencies, at value (cost $46,116)		45,706
Payable for investments purchased		1,291,748
Unrealized depreciation on forward foreign currency contracts		516
Accrued expenses and other payables:
Investment advisory fees		29,000
Fund administration and transfer agent fees		1,080
Distribution fees		195
Administrative servicing fees		4,306
Other		450
Total Liabilities		1,923,512
Net Assets	$	45,047,149
Represented by:
Capital	$	40,417,201
Accumulated net investment income (loss)		265,451
Accumulated net realized gains (losses) from investment and foreign currency transactions		2,775,234
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		1,589,263
Net Assets	$	45,047,149
Net Assets:
Class I Shares	$	5,333,530
Class II Shares		961,489
Class III Shares		38,752,130
Total	$	45,047,149
Shares outstanding (unlimited number of shares authorized):
Class I Shares		477,988
Class II Shares		85,957
Class III Shares		3,465,066
Total		4,029,011
Net asset value and offering price per share:*
Class I Shares	$	11.16
Class II Shares	$	11.19
Class III Shares	$	11.18

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	9,446
Dividend income (net of foreign withholding tax of $86,039)		798,134
Total Income		807,580
Expenses:
Investment advisory fees		160,908
Fund administration and transfer agent fees		19,376
Distribution fees Class II Shares		1,241
Administrative servicing fees Class I Shares		3,235
Administrative servicing fees Class II Shares		722
Administrative servicing fees Class III Shares		21,901
Other**		8,738
Total Expenses		216,121
Net Investment Income (Loss)		591,459
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		2,882,680
Net realized gains (losses) on foreign currency transactions		6,679
Net realized gains (losses) on investment and foreign currency transactions		2,889,359
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(2,180,261	)
Net realized/unrealized gains (losses) on investments and foreign currencies		709,098
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,300,557

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

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Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	591,459		$	311,174
Net realized gains (losses) on investment and foreign currency transactions		2,889,359			3,623,572
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(2,180,261	)		2,431,310
Change in net assets resulting from operations		1,300,557			6,366,056
Distributions to Class I shareholders from:
Net investment income		(38,862	)		(35,204	)
Net realized gains on investments		(161,171	)		(195,255	)
Distributions to Class II shareholders from:
Net investment income		(6,227	)		(10,770	)
Net realized gains on investments		(29,377	)		(44,745	)
Distributions to Class III shareholders from:
Net investment income		(289,510	)		(249,205	)
Net realized gains on investments		(1,186,768	)		(1,318,457	)
Change in net assets from shareholder distributions		(1,711,915	)		(1,853,636	)
Change in net assets from capital transactions		8,233,047			23,464,032
Change in net assets		7,821,689			27,976,452
Net Assets:
Beginning of period		37,225,460			9,249,008
End of period	$	45,047,149		$	37,225,460
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	2,041,094		$	4,019,864
Dividends reinvested		200,033			230,459
Cost of shares redeemed		(1,544,453	)		(1,096,781	)
		696,674			3,153,542
Class II Shares
Proceeds from shares issued		95			387,374
Dividends reinvested		35,604			55,513
Cost of shares redeemed		(135,410	)		(680,957	)
		(99,711	)		(238,070	)
Class III Shares
Proceeds from shares issued		10,427,586			22,718,673
Dividends reinvested		1,476,278			1,567,660
Cost of shares redeemed		(4,267,780	)		(3,737,773	)
		7,636,084			20,548,560
Change in net assets from capital transactions	$	8,233,047		$	23,464,032

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Statement of Changes in Net Assets (continued)

	Six Months Ended June 30, 2005		Year Ended December 31, 2004
	(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
Issued	180,460		384,984
Reinvested	18,106		20,666
Redeemed	(136,277	)	(110,400	)
	62,289		295,250
Class II Shares
Issued	—		41,123
Reinvested	3,214		5,018
Redeemed	(11,964	)	(70,325	)
	(8,750	)	(24,184	)
Class III Shares
Issued	918,711		2,253,756
Reinvested	133,258		140,330
Redeemed	(377,427	)	(371,975	)
	674,542		2,022,111

See notes to financial statements.

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GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Global Utilities Fund

			Investment Activities						Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)	Redemption Fees	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
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	(10.36%	)(f)	$	169	1.20%	(g)	1.83%	(g)	(h	)	(h	)	153.83%
Year Ended December 31, 2003	$	7.42	0.06	0.01	1.71		1.78		(0.04	)	—		(0.04	)	$	9.16	24.05%		$	1,104	1.11%		1.28%		(h	)	(h	)	116.62%
Year Ended December 31, 2004	$	9.16	0.13	—	2.60		2.73		(0.13	)	(0.50	)	(0.63	)	$	11.26	29.97%		$	4,679	1.08%		1.78%		(h	)	(h	)	358.63%
Six Months Ended June 30, 2005 (Unaudited)	$	11.26	0.15	—	0.19		0.34		(0.09	)	(0.35	)	(0.44	)	$	11.16	3.09%	(f)	$	5,334	1.08%	(g)	2.93%	(g)	(h	)	(h	)	126.58%
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	30.16%	(f)	$	1,092	1.36%	(g)	0.76%	(g)	(h	)	(h	)	116.62%
Year Ended December 31, 2004	$	9.18	0.18	—	2.53		2.71		(0.11	)	(0.50	)	(0.61	)	$	11.28	29.56%		$	1,069	1.33%		1.58%		(h	)	(h	)	358.63%
Six Months Ended June 30, 2005 (Unaudited)	$	11.28	0.15	—	0.18		0.33		(0.07	)	(0.35	)	(0.42	)	$	11.19	3.04%	(f)	$	961	1.33%	(g)	2.53%	(g)	(h	)	(h	)	126.58%
Class III Shares
Period Ended December 31, 2001(e)	$	10.00	—	—	0.01		0.01		—		—		—		$	10.01	0.10%	(f)	$	3,002	1.15%	(g)	(0.12%	)(g)	8.45%	(g)	(7.42%	)(g)	0.00%
Year Ended December 31, 2002	$	10.01	0.12	0.01	(2.62	)	(2.49	)	(0.09	)	—		(0.09	)	$	7.43	(24.85%	)	$	3,571	1.10%		1.79%		1.11%		1.78%		153.83%
Year Ended December 31, 2003	$	7.43	0.10	0.01	1.68		1.79		(0.04	)	—		(0.04	)	$	9.18	24.17%		$	7,054	1.04%		1.39%		(h	)	(h	)	116.62%
Year Ended December 31, 2004	$	9.18	0.14	—	2.60		2.74		(0.14	)	(0.50	)	(0.64	)	$	11.28	29.95%		$	31,478	1.05%		1.73%		(h	)	(h	)	358.63%
Six Months Ended June 30, 2005 (Unaudited)	$	11.28	0.16	—	0.18		0.34		(0.09	)	(0.35	)	(0.44	)	$	11.18	3.09%	(f)	$	38,752	1.07%	(g)	2.95%	(g)	(h	)	(h	)	126.58%

(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 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.

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2005 (Unaudited)

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT Global Utilities Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these 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

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2005 (Unaudited)

Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values 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 Fund, the Fund will fair value its 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 Fund’s 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 these prices will have a material impact on the net asset value of the Fund. When the Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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 also may 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

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2005 (Unaudited)

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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the 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

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2005 (Unaudited)

date. The collateral for securities sold short includes the deposits with brokers and securities held long as shown in the Statement of Investments for the Fund.

(i) Security Transactions and Investment Income

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

(j) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

(k) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(l) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
$439,478	$1,848,071	$(696,000)	$1,152,071

16

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2005 (Unaudited)

(m) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Global Asset Management Trust (“GGAMT”) manages the investment of the assets and supervises the daily business affairs of the Fund. 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. In addition, GGAMT provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser, for the Fund that GGAMT advises. Gartmore Global Partners (the “subadviser”), an affiliate of GGAMT, manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays GGAMT an investment advisory fee based on that Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreement, GGAMT pays fees to the subadviser. Additional information regarding investment advisory fees and subadvisory fees for GGAMT and the subadviser is as follows for the six months ended June 30, 2005:

Fee Schedule	Total Fees	Fees Retained	Paid to Sub-adviser
Up to $500 million	0.80%	0.40%	0.40%
$500 million up to $2 billion	0.75%	0.35%	0.40%
Over $2 billion	0.70%	0.30%	0.40%

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

17

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2005 (Unaudited)

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; 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 the Fund.

4. Short-Term Trading Fees

The Fund reserves 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, unless an exception applies as disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $57,109,447 and sales of $51,755,501.

18

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2005 (Unaudited)

6. Bank Loans

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

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust
Charles E. Allen:
FOR		2,797,230,318.955 shares		(96.078%)
WITHHOLD		114,195,693.660 shares		(3.922%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Michael J. Baresich:
FOR		2,796,135,979.559 shares		(96.040%)
WITHHOLD		115,290,033.056 shares		(3.960%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Paula H.J. Cholmondeley:
FOR		2,795,095,945.396 shares		(96.004%)
WITHHOLD		116,330,067.219 shares		(3.996%)
TOTAL	2,912,726,012.615 shares		(100.000%)

19

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2005 (Unaudited)

C. Brent DeVore:
FOR		2,797,207,046.916 shares		(96.077%)
WITHHOLD		114,218,965.699 shares		(3.923%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Phyllis Kay Dryden:
FOR		2,795,587,023.994 shares		(96.021%)
WITHHOLD		115,838,988.621 shares		(3.979%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Robert M. Duncan:
FOR		2,790,191,720.503 shares		(95.836%)
WITHHOLD		121,234,292.112 shares		(4.164%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Barbara L. Hennigar:
FOR		2,792,939,848.858 shares		(95.937%)
WITHHOLD		118,486,163.757 shares		(4.070%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Paul J. Hondros:
FOR		2,797,557,404.448 shares		(96.089%)
WITHHOLD		113,868,608.167 shares		(3.911%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Barbara I. Jacobs:
FOR		2,796,306,126.654 shares		(96.046%)
WITHHOLD		115,119,885.961 shares		(3.954%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Thomas J. Kerr IV:
FOR		2,789,755,720.087 shares		(95.821%)
WITHHOLD		121,670,292.528 shares		(4.179%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Douglas F. Kridler:
FOR		2,798,065,774.375 shares		(96.106%)
WITHHOLD		113,360,238.240 shares		(3.894%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Michael D. McCarthy:
FOR		2,797,452,613.694 shares		(96.085%)
WITHHOLD		113,973,395.921 shares		(3.915%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Arden L. Shisler:
FOR		2,796,738,454.730 shares		(96.061%)
WITHHOLD		114,687,557.885 shares		(3.939%)
TOTAL	2,912,726,012.615 shares		(100.000%)

20

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2005 (Unaudited)

David C. Wetmore:
FOR		2,794,784,752.247 shares		(95.994%)
WITHHOLD		116,641,260.368 shares		(4.006%)
TOTAL	2,912,726,012.615 shares		(100.000%)
Proposal 2:   Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust
FOR		2,561,003,822.546 shares		(87.964%)
AGAINST		103,593,261.010 shares		(3.558%)
ABSTAIN		246,828,929.059 shares		(8.478%)
TOTAL	2,912,726,012.615 shares		(100.000%)

8. Subsequent Event

On July 29, 2005, the Trust filed a Post-Effective Amendment to its Registration Statement on Form N-1A to change the structure of the Fund’s investment advisory fee and sub-advisory fee from the current asset-based fee structure to a performance based fee structure on or about October 1, 2005. On that date, or, if later, upon SEC effectiveness, the Fund will immediately lower its base advisory fee by 0.10% at each breakpoint. Beginning one year after implementation of the new performance fee structure, the Fund’s base advisory fee may be adjusted proportionately upward or downward if the Fund outperforms or uderperforms its stated benchmark by the following amounts:

Out or Underperformance	Change in Fees
+/- 1 percentage point	+/- 0.02%
+/- 2 percentage points	+/- 0.04%
+/- 3 percentage points	+/- 0.06%
+/- 4 percentage points	+/- 0.08%
+/- 5 percentage points	+/- 0.10%

The prospectus describing the above Fund will be supplemented upon the effectiveness of the Post-Effective Amendment to the Trust’s Registration Statement. Please refer to the prospectus, as supplemented by a notice you will receive after the effectiveness of the Post-Effective Amendment, for further information about this new fee structure.

21

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc. , Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

22

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

23

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

24

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”), 3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3,, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President— Operations for GGI3, GMFCT3 , and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

25

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

26

Gartmore GVIT Global Financial Services Fund

SemiannualReport

|  June 30, 2005

	Contents
6	Statement of Investments
8	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in New Assets
11	Financial Highlights
12	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Global Financial Services Fund

For the semiannual period ended June 30, 2005, the Gartmore GVIT Global Financial Services Fund returned -2.87% (Class I at NAV), versus -2.08% for its benchmark, the Morgan Stanley Capital International (MSCI) World Financials Index(sm).

Financial services stocks marginally underperformed the broader market, which was essentially flat during the period. Compared with its benchmark, the Fund was hurt by unfavorable stock selection and an underweighting in the real estate group. Our view was that real estate stocks were expensive and, with short-term interest rates on the rise, we thought that long-term rates would shortly follow suit, thereby causing a slowdown in homebuilding and related industries. However, long-term rates actually fell during the period, enabling real estate stocks in the Index to collectively post a modest gain, and making real estate one of the benchmark’s better-performing subsectors. The Fund’s results also were hampered by the Fund’s position in a Hong Kong real estate stock, Hang Lung Group Ltd., that underperformed its counterpart in the Index.

Elsewhere, stocks that detracted from the Fund’s performance included Investors Financial Services Corp., a provider of back-office services to asset management companies. Despite the company’s first-quarter earnings gain of 12%, its stock slumped badly in April, as investors expected even better results. Meanwhile, the share price of Mitsubishi Tokyo Financial Group, Inc., Japan’s second-largest bank, sustained a double-digit loss amid investor doubts about a proposed merger with rival UFJ Holdings, Inc. The merger was approved by shareholders near the end of the reporting period and is scheduled to take effect Oct. 1, 2005.

Counterbalancing these detractors to Fund performance extent was favorable stock selection in the insurance industry. The strongest contributor in the group was The Allstate Corp., which was aided by news of better-than-expected first-quarter earnings. Allstate also reaffirmed its earnings targets for all of 2005. In the thrifts and mortgage finance area, the Fund benefited from its holdings in Countrywide Financial Corp., which was helped by low long-term interest rates, and the resulting strong demand for mortgages and home equity loans. Capital market Fund holding American Capital Strategies, Ltd. was another strong performer, as the company continued to execute its business model effectively.

The U.S. economy appears to be doing moderately well and is even providing some positive surprises. Reasonably healthy economic growth, together with recent strength in the U.S. dollar, is likely to prompt us to maintain the Fund’s overweighting in U.S. stocks. The situation in the United Kingdom and in Europe is less appealing. In particular, recently we have seen a distinct deterioration in U.K. credit conditions, and Europe could be ready to follow suit. As a result, we are inclined to limit the Fund’s exposure in those regions to larger, more defensive stocks that might offer better protection if conditions worsen. We continue to favor capital market stocks, because we believe that merger and acquisition activity could proceed at a healthy pace, barring any unforeseen drag on economic growth, especially in the United States.

PORTFOLIO MANAGER: Douglas Burtnick, CFA and Stuart Quint, CFA, equity research analyst

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

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

Funds that concentrate on specific sectors or a relatively small number of securities may be subject to greater volatility than a more diversified investment.

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

Morgan Stanley Capital International (MSCI) World Financials Index^SM: An unmanaged index that is based on developed-market country indexes and is generally representative of the stocks in the global financial services sector.

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

1

Gartmore GVIT Global Financial Services Fund (continued)

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance Gartmore GVIT Global Financial Services Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*	One year	Inception2
Class I3	-2.87%	12.25%	11.69%
Class II3	-2.99%	11.99%	11.42%
Class III4	-2.93%	12.29%	11.70%

* Not Annualized.

1 Not subject to any sales charges.

2 Fund commenced operations on December 28, 2001.

3 These returns until the creation of the Class I shares (May 10, 2002) and Class II shares (March 28, 2003) are based on the performance of the Class shares of the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class I and Class shares would have produced because all classes of shares invest in the same portfolio of securities. Class II shares’ annual returns have been restated to reflect the additional fees applicable to Class II shares and therefore are lower than those of Class I.

4 For Class III shares, these returns do not reflect the short-term trading fees applicable to such shares; if these fees were reflected, the annual returns for Class III shares would have been lower.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class III shares of the Gartmore GVIT Global Financial Services Fund, Morgan Stanley Capital International World Financials Index (MSCI World Financials)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) The MSCI World Financials is an an unmanaged index that is based on developed-market country indexes and is generally representative of the stocks in the global financial services sector.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Gartmore GVIT Global Financial Services Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Global Financial Services Fund
Class I	Actual	$	1,000	$	971	$	6.40	1.31%
	Hypothetical1	$	1,000	$	1,019	$	6.58	1.31%
Class II	Actual	$	1,000	$	970	$	7.62	1.56%
	Hypothetical1	$	1,000	$	1,017	$	7.83	1.56%
Class III	Actual	$	1,000	$	971	$	6.21	1.27%
	Hypothetical1	$	1,000	$	1,019	$	6.38	1.27%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

(June 30, 2005) Gartmore GVIT Global Financial Services Fund

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

Asset Allocation
Common Stocks	98.2%
Cash Equivalents	1.8%
	100.0%

Top Holdings*
Bank of America Corp.	4.8%
Citigroup, Inc.	4.0%
UBS AG	3.6%
Wells Fargo & Co.	3.2%
HSBC Holdings PLC	2.9%
American Express Co.	2.8%
Bank of Ireland	2.8%
Capital One Financial Corp.	2.6%
Banco Santander Central Hispano SA	2.6%
Royal Bank of Scotland Group PLC	2.6%
Other Holdings	68.1%
	100.0%

Top Industries
Financial Services	42.6%
Banking	41.6%
Insurance	12.7%
Real Estate Investment Trusts	1.3%
Other Industries	1.8%
	100.0%

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

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GLOBAL FINANCIAL SERVICES FUND

Statement of Investments — June 30, 2005 (Unaudited)

	Shares or Principal Amount	Value
COMMON STOCKS (98.2%)
AUSTRALIA (2.9%)
Banking (2.9%)
Australia & New Zealand Banking Group Ltd. (c)	20,400	$	336,790
National Australia Bank Ltd. (c)	9,180		214,461
			551,251
AUSTRIA (0.8%)
Banking (0.8%)
Bank Austria Creditanstalt (c)	1,532		159,453
BELGIUM (2.2%)
Financial Services (2.2%)
Fortis NV (c)	15,400		426,169
CANADA (0.8%)
Financial Services (0.8%)
Manulife Financial Corp.	3,100		148,090
FRANCE (3.5%)
Banking (2.5%)
BNP Paribas SA (c)	7,070		483,080
Insurance (1.0%)
Axa (c)	7,790		194,030
			677,110
GERMANY (1.8%)
Financial Services (1.8%)
Hypo Real Estate Holding AG (c)	8,890		336,808
HONG KONG (1.0%)
Financial Services (1.0%)
Hang Lung Group Ltd. (c)	110,360		195,465
IRELAND (2.8%)
Banking (2.8%)
Bank of Ireland (c)	33,100		533,712
ITALY (1.4%)
Banking (1.4%)
UniCredito Italiano SpA (c)	52,050		274,534

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
JAPAN (5.9%)
Financial Services (5.5%)
Mitsubishi Tokyo Financial Group, Inc. (c)	46	$	387,867
Mizuho Financial Group, Inc. (c)	61		274,276
Orix Corp. (c)	1,700		253,912
Sumitomo Mitsui Financial Group, Inc. (c)	20		134,529
			1,050,584
Insurance (0.4%)
Millea Holdings, Inc. (c)	6		80,489
			1,131,073
PORTUGAL (1.8%)
Banking (1.8%)
Banco Commercial Portuguese SA (c)	136,960		350,848
SPAIN (3.6%)
Banking (3.6%)
Banco Popular Espanol SA (b) (c)	16,150		194,964
Banco Santander Central Hispano SA (c)	43,310		501,615
			696,579
SWITZERLAND (3.6%)
Financial Services (3.6%)
UBS AG (c)	8,820		687,564
UNITED KINGDOM (10.9%)
Banking (10.1%)
Barclays PLC (c)	40,370		400,323
HBOS PLC (c)	19,300		296,852
HSBC Holdings PLC (c)	34,540		549,500
Lloyds TSB Group PLC (c)	22,390		189,162
Royal Bank of Scotland Group PLC (c)	16,547		498,417
			1,934,254
Insurance (0.8%)
Royal & Sun Alliance Insurance Group PLC (c)	106,148		158,885
			2,093,139

6

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GLOBAL FINANCIAL SERVICES FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
UNITED STATES (55.2%)
Banking (15.7%)
Bank Of America Corp.	20,230	$	922,689
Centerstate Banks of Florida, Inc.	2,320		75,702
Colonial BancGroup, Inc. (The)	13,930		307,296
Hudson City Bancorp, Inc. (b)	21,500		245,315
North Fork Bancorp, Inc.	7,080		198,877
Southwest Bancorp	3,000		61,440
Wachovia Corp.	4,570		226,672
Wells Fargo & Co.	10,080		620,725
Western Alliance Bancorp (b)	3,080		78,232
Zions Bancorp	3,810		280,149
			3,017,097
Financial Services (27.7%)
American Capital Strategies Ltd.	6,410		231,465
American Express Co.	10,030		533,897
Capital One Financial Corp.	6,290		503,263
Chicago Mercantile Exchange (The)	420		124,110
Citigroup, Inc.	16,720		772,965
Countrywide Financial Corp.	8,760		338,224
Franklin Resources, Inc.	5,190		399,526
Freddie Mac	3,060		199,604
Goldman Sachs Group, Inc.	4,600		469,292
Greenhill & Co., Inc.	3,260		132,063
Host Marriott Corp.	7,100		124,250
J.P. Morgan Chase & Co.	4,080		144,106
Jefferies Group, Inc.	3,150		119,354
Legg Mason, Inc.	1,250		130,138
Lehman Brothers Holding, Inc.	3,040		301,811
MBIA, Inc.	2,430		144,123
MBNA Corp.	5,500		143,880
Merrill Lynch & Co., Inc.	3,980		218,940
Raymond James Financial, Inc.	3,500		98,875
SLM Corp.	1,390		70,612
T. Rowe Price Group, Inc.	1,600		100,160
			5,300,658

	Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED STATES (continued)
Insurance (10.5%)
Allstate Corp.		4,180	$	249,755
American International Group, Inc.		7,970		463,057
Aspen Insurance Holdings Ltd.		3,550		97,838
Hartford Financial Services Group		3,430		256,495
PartnerRe Ltd.		5,080		327,255
Principal Financial Group, Inc.		4,800		201,120
St. Paul Travelers Cos.		6,720		265,642
U.S.I. Holdings Corp. (b)		11,740		151,211
				2,012,373
Real Estate Investment Trusts (1.3%)
KKR Financial Corp. (b)		5,990		149,750
ProLogis		2,290		92,150
				241,900
				10,572,028
Total Common Stocks				18,833,823
CASH EQUIVALENTS (1.8%)
Investments in repurchase agreements (Collateralized by AA Corporate Bonds, in a joint trading account at 3.34%, dated 06/30/05, due 07/01/05, repurchase price $354,809)	$	354,776		354,776
Total Cash Equivalents				354,776
Total Investments (Cost $18,076,368) (a) — 100.0%				19,188,599
Liabilities in excess of other assets — 0.0%				(1,230	)
NET ASSETS — 100.0%			$	19,187,369

(a) See Notes to Statement of Investments for tax unrealized appreciation (depreciation) of securities.

(b) Denotes a non-income producing security.

(c) Fair Valued Security.

See notes to financial statements.

7

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GLOBAL FINANCIAL SERVICES FUND

Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $17,721,592)	$	18,833,823
Repurchase agreements, at cost and value		354,776
Total Investments		19,188,599
Foreign currencies, at value (cost $3,327)		3,326
Interest and dividends receivable		46,324
Receivable for investments sold		193,304
Reclaims receivable		18,006
Prepaid expenses and other assets		3,602
Total Assets		19,453,161
Liabilities:
Payable to custodian		3,320
Payable for investments purchased		243,616
Accrued expenses and other payables:
Investment advisory fees		15,834
Fund administration and transfer agent fees		410
Distribution fees		339
Administrative servicing fees		1,664
Other		609
Total Liabilities		265,792
Net Assets	$	19,187,369
Represented by:
Capital	$	17,047,534
Accumulated net investment income (loss)		(105,470	)
Accumulated net realized gains (losses) from investment and foreign currency transactions		1,133,313
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		1,111,992
Net Assets	$	19,187,369
Net Assets:
Class I Shares	$	3,178,505
Class II Shares		1,656,367
Class III Shares		14,352,497
Total	$	19,187,369
Shares outstanding (unlimited number of shares authorized):
Class I Shares		264,838
Class II Shares		138,314
Class III Shares		1,195,726
Total		1,598,878
Net asset value and offering price per share:*
Class I Shares	$	12.00
Class II Shares	$	11.98
Class III Shares	$	12.00

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	5,246
Dividend income (net of foreign withholding tax of $20,678)		366,793
Total Income		372,039
Expenses:
Investment advisory fees		108,591
Fund administration and transfer agent fees		12,116
Distribution fees Class II Shares		2,166
Administrative servicing fees Class I Shares		2,417
Administrative servicing fees Class II Shares		1,283
Administrative servicing fees Class III Shares		8,727
Other**		5,563
Total Expenses		140,863
Net Investment Income (Loss)		231,176
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		1,176,351
Net realized gains (losses) on foreign currency transactions		7,258
Net realized gains (losses) on investment and foreign currency transactions		1,183,609
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(2,190,896	)
Net realized/unrealized gains (losses) on investments and foreign currencies		(1,007,287	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(776,111	)

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

8

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GLOBAL FINANCIAL SERVICES FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	231,176		$	298,833
Net realized gains (losses) on investment and foreign currency transactions		1,183,609			1,691,506
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(2,190,896	)		1,816,307
Change in net assets resulting from operations		(776,111	)		3,806,646
Distributions to Class I shareholders from:
Net investment income		(46,389	)		(52,216	)
Net realized gains on investments		(69,664	)		(231,224	)
Distributions to Class II shareholders from:
Net investment income		(22,722	)		(23,093	)
Net realized gains on investments		(36,176	)		(113,086	)
Distributions to Class III shareholders from:
Net investment income		(217,377	)		(273,711	)
Net realized gains on investments		(313,511	)		(1,153,388	)
Change in net assets from shareholder distributions		(705,839	)		(1,846,718	)
Change in net assets from capital transactions		(4,853,991	)		7,894,969
Change in net assets		(6,335,941	)		9,854,897
Net Assets:
Beginning of period		25,523,310			15,668,413
End of period	$	19,187,369		$	25,523,310
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	732,516		$	2,552,458
Dividends reinvested		116,053			283,440
Cost of shares redeemed		(1,454,776	)		(2,337,109	)
		(606,207	)		498,789
Class II Shares
Proceeds from shares issued		—			2,035,636
Dividends reinvested		58,923			136,178
Cost of shares redeemed		(164,708	)		(1,333,003	)
		(105,785	)		838,811
Class III Shares
Proceeds from shares issued		1,327,973			15,215,307
Dividends reinvested		530,887			1,427,097
Cost of shares redeemed		(6,000,859	)		(10,085,035	)
		(4,141,999	)		6,557,369
Change in net assets from capital transactions	$	(4,853,991	)	$	7,894,969

9

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT GLOBAL FINANCIAL SERVICES FUND

Statement of Changes in Net Assets (continued)

	Six Months Ended June 30, 2005		Year Ended December 31, 2004
	(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
Issued	59,235		211,272
Reinvested	9,692		22,515
Redeemed	(116,829	)	(195,070	)
	(47,902	)	38,717
Class II Shares
Issued	—		169,047
Reinvested	4,931		10,850
Redeemed	(13,458	)	(113,378	)
	(8,527	)	66,519
Class III Shares
Issued	106,964		1,253,232
Reinvested	44,328		113,503
Redeemed	(486,325	)	(857,323	)
	(335,033	)	509,412

See notes to financial statements.

10

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Global Financial Services Fund

			Investment Activities						Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)	Redemption Fees	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover(b)
Class I Shares
Period Ended December 31, 2002(c)	$	10.23	—	0.01	(1.27	)	(1.26	)	(0.01	)	—		(0.01	)	$	8.96	(12.26%	)(f)	$	218	1.37%	(g)	0.30%	(g)	(h	)	(h	)	211.21%
Year Ended December 31, 2003	$	8.96	0.10	0.01	3.58		3.69		(0.05	)	(1.21	)	(1.26	)	$	11.39	41.45%		$	3,121	1.27%		1.47%		(h	)	(h	)	261.68%
Year Ended December 31, 2004	$	11.39	0.17	0.01	2.19		2.37		(0.17	)	(0.77	)	(0.94	)	$	12.82	20.99%		$	4,011	1.27%		1.19%		(h	)	(h	)	127.69%
Six Months Ended June 30, 2005 (Unaudited)	$	12.82	0.14	0.01	(0.52	)	(0.37	)	(0.18	)	(0.27	)	(0.45	)	$	12.00	(2.87%	)(f)	$	3,179	1.31%	(g)	2.14%	(g)	(h	)	(h	)	71.26%
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	)	$	11.37	49.51%	(f)	$	913	1.51%	(g)	1.20%	(g)	(h	)	(h	)	261.68%
Year Ended December 31, 2004	$	11.37	0.11	0.01	2.22		2.34		(0.14	)	(0.77	)	(0.91	)	$	12.80	20.76%		$	1,879	1.52%		1.00%		(h	)	(h	)	127.69%
Six Months Ended June 30, 2005 (Unaudited)	$	12.80	0.12	0.01	(0.52	)	(0.39	)	(0.16	)	(0.27	)	(0.43	)	$	11.98	(2.99%	)(f)	$	1,656	1.56%	(g)	1.91%	(g)	(h	)	(h	)	71.26%
Class III Shares
Period Ended December 31, 2001(e)	$	10.00	—	—	0.13		0.13		—		—		—		$	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	$	10.13	0.04	0.01	(1.21	)	(1.16	)	(0.01	)	—		(0.01	)	$	8.96	(11.41%	)	$	6,009	1.31%		0.66%		(h	)	(h	)	211.21%
Year Ended December 31, 2003	$	8.96	0.13	0.01	3.55		3.69		(0.05	)	(1.21	)	(1.26	)	$	11.39	41.46%		$	11,634	1.22%		1.57%		(h	)	(h	)	261.68%
Year Ended December 31, 2004	$	11.39	0.14	0.01	2.23		2.38		(0.17	)	(0.77	)	(0.94	)	$	12.83	21.13%		$	19,634	1.24%		1.28%		(h	)	(h	)	127.69%
Six Months Ended June 30, 2005 (Unaudited)	$	12.83	0.15	0.01	(0.54	)	(0.38	)	(0.18	)	(0.27	)	(0.45	)	$	12.00	(2.93%	)(f)	$	14,352	1.27%	(g)	2.15%	(g)	(h	)	(h	)	71.26%

(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.

11

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of October 30, 1997, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. 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 Gartmore GVIT Global Financial Services Fund (the “Fund”).

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these 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

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values 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 Fund, the Fund will fair value its 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 Fund’s 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 these prices will have a material impact on the net asset value of the Fund. When the Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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.

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Certain countries also may 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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the 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

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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 the Fund.

(i) Security Transactions and Investment Income

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

(j) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

(k) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(l) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
$279,637	$1,051,390	$(218,797)	$832,594

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(m) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Global Asset Management Trust (“GGAMT”) manages the investment of the assets and supervises the daily business affairs of the Fund. 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. In addition, GGAMT provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser, for the Fund that GGAMT advises. Gartmore Global Partners (the “subadviser”), an affiliate of GGAMT, manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays GGAMT an investment advisory fee based on that Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreement, GGAMT pays fees to the subadviser. Additional information regarding investment advisory fees and subadvisory fees for GGAMT and the subadviser is as follows for the six months ended June 30, 2005:

Fee Schedule	Total Fees	Fees Retained	Paid to Sub-adviser
Up to $500 million	1.00%	0.50%	0.50%
$500 million up to $2 billion	0.95%	0.45%	0.50%
Over $2 billion	0.90%	0.40%	0.50%

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

16

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; 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 the Fund.

As of June 30, 2005, the advisers or affiliates of the advisers directly held 28% of the shares outstanding of the Fund.

4. Short-Term Trading Fees

The Fund reserves 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, unless an exception applies disclosed in the prospectus. The short-term trading fee is paid directly to the Fund and is intended 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, 2005, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $15,287,391 and sales of $20,539,459.

6. Bank Loans

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

17

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)

18

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)

19

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:     Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

8. Subsequent Event

On July 29, 2005, the Trust filed a Post-Effective Amendment to its Registration Statement on Form N-1A to change the structure of the Fund’s investment advisory fee and sub-advisory fee from the current asset-based fee structure to a performance based fee structure on or about October 1, 2005. On that date, or, if later, upon SEC effectiveness, the Fund will immediately lower its base advisory fee by 0.10% at each breakpoint. Beginning one year after implementation of the new performance fee structure, the Fund’s base advisory fee may be adjusted proportionately upward or downward if the Fund outperforms or underperforms its stated benchmark by the following amounts:

Out or Underperformance	Change in Fees
+/- 1 percentage point	+/- 0.02%
+/- 2 percentage points	+/- 0.04%
+/- 3 percentage points	+/- 0.06%
+/- 4 percentage points	+/- 0.08%
+/- 5 percentage points	+/- 0.10%

The prospectus describing the above Fund will be supplemented upon the effectiveness of the Post-Effective Amendment to the Trust’s Registration Statement. Please refer to the prospectus, as supplemented by a notice you will receive after the effectiveness of the Post-Effective Amendment, for further information about this new fee structure.

20

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

21

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

22

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

23

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”), 3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3,, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President – Operations for GGI3, GMFCT3, and GSA3. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

24

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

25

Gartmore GVIT Developing Markets Fund

SemiannualReport

|  June 30, 2005

	Contents
6	Statement of Investments
10	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in New Assets
12	Financial Highlights
13	Notes to Financial Statements

Commentary provided by Gartmore Global Investments, investment adviser to Gartmore Variable Insurance Trust. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Gartmore Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

Gartmore GVIT Developing Markets Fund

For the semiannual period ended June 30, 2005, the Gartmore GVIT Developing Markets Fund returned 6.29% (Class II at NAV) versus 6.26% for its benchmark, the Morgan Stanley Capital International Emerging Markets (MSCI EM) Index. For broader comparison, the average return for the Fund’s Lipper peer category of Emerging Markets Funds was 5.88%.

An emphasis on growth stocks was one factor that enabled the Fund to keep pace with the benchmark during the reporting period, as that segment of the market had a strong run during May and much of June. On a country basis, favorable stock selection in South Korea, Turkey and South Africa also was helpful to performance. Conversely, our selections in Taiwan, China and Russia hurt performance.

Regarding sectors, the Fund’s performance was particularly helped by stock selection in financials, information technology and consumer discretionary. The Fund’s financials holdings gained materially from positions in Turkish bank DenizBank, whose share price almost doubled during the reporting period. The company benefited from several factors, including: 1) a strong management team; 2) increased interest in Turkish stocks ahead of further discussions about the country’s possible inclusion in the European Union; and 3) speculation that the bank could be a takeover candidate.

In the technology sector, the Fund’s performance was aided by Solomon Systech Ltd., a leading Asian maker of integrated circuit products used in cellular phones, handheld devices and LCD (liquid-crystal display) televisions. South Korean holdings Seoul Semiconductor Co., Ltd. and LG Electronics, a leading maker of LCDs, cellular handsets and electrical appliances, also contributed to Fund performance. In the consumer discretionary sector, Fund holding CJ Home Shopping Co., Ltd. benefited from South Korea’s ongoing recovery in domestic spending.

Sectors that detracted from Fund performance included energy and telecommunications services. Despite turning in the highest return among all of the Fund’s sectors, the Fund’s energy holdings lagged relative to the benchmark because we were under-represented in some stocks that performed well, including PetroChina Co. Ltd. and Russia-based LUKOIL. High valuations made us reluctant to take meaningful positions in these stocks and a number of other exploration and production stocks. Instead, we chose to emphasize the services side of the energy group, where we thought the fundamentals were even stronger.

In telecommunication services, the Fund was hampered by overweighted positions in lackluster performers Telekom Malaysia Berhad, SK Telecom Co., Ltd. and Vimpel-Communications, the stocks of companies based in Malaysia, South Korea and Russia, respectively.

For the balance of 2005, we anticipate maintaining our emphasis on domestic consumption in a number of emerging markets where consumer spending trends have been constructive. However, we also think technology stocks could perform well and have recently increased the Fund’s positions in some globally competitive exporters of technology based in South Korea, Taiwan and elsewhere. These purchases were funded mainly from the sale of materials stocks, many of which we believe could underperform due to new capacity coming on line and volatility in commodity prices. Overall, we like the emerging markets sector, as we believe that valuations remain attractive compared with developed markets. Profitability has improved significantly, a development we think represents the early stages of an important long-term trend.

PORTFOLIO MANAGERS: Philip Ehrmann and Peter Dalgliesh

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

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

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

Morgan Stanley Capital International (MSCI) Emerging Markets Index^SM: An unmanaged, free float-adjusted, market-capitalization index that is designed to measure the performance of the stocks in emerging-country markets.

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effects of sales charges.

The Gartmore Variable Insurance Trust Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these funds outside of an insurance product. Performance information found herein reflects only the performance of these funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume reinvestment of all distributions. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Index performance is provided for comparison purposes only; the indexes shown are unmanaged and do not reflect any fees or expenses. Investors cannot invest directly in market indexes. To obtain performance information about the sub-account option under your insurance contract that invests

1

Gartmore GVIT Developing Markets Fund (continued)

in one of these funds, please contact your variable insurance carrier. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Commentary provided by Gartmore Global Investments. All opinions and estimates included in this report constitute Gartmore Global Investments’ judgment as of the date of this report and are subject to change without notice.

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Gartmore Variable Insurance Trust, please contact your variable insurance contract provider or call 800-848-0920. Please read the Trust’s prospectus carefully before investing any money.

Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.

2

Fund Performance Gartmore GVIT Developing Markets Fund

Average Annual Total Return¹

(For Periods Ended June 30, 2005)

	Six months*		One year		Five years		Inception2
Class II2	6.29	%	29.56	%	5.30	%	3.12	%

* Not Annualized.

1 Not subject to any sales charges.

2 The Fund’s predecessor, the Montgomery Variable Series: Emerging Markets Fund, commenced operations on February 2, 1996. As of June 23, 2003, the Gartmore GVIT Developing Markets Fund (which previously had not commenced operations) acquired all the assets, subject to stated liabilities, of the Montgomery Variable Series: Emerging Markets Fund. At that time the Gartmore GVIT Developing Markets Fund took on the performance of the Montgomery Variable Series: Emerging Markets Fund.

Performance of a $10,000 Investment

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

Comparative performance of $10,000 invested in Class II shares of the Gartmore GVIT Developing Markets Fund, Morgan Stanley Capital International Emerging Markets Free Index (MSCI Emerging Markets)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.

(a) The MSCI Emerging Markets is an unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of the stocks in emerging-country markets.

(b) The CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

3

Shareholder

Expense Example Gartmore GVIT Developing Markets Fund

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

		Beginning Account Value, January 1, 2005		Ending Account Value, June 30, 2005		Expenses Paid During Period*		Annualized Expense Ratio*
Developing Markets Fund
Class II	Actual	$	1,000	$	1,063	$	8.90	1.74%
	Hypothetical1	$	1,000	$	1,016	$	8.74	1.74%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six month, annualized ratio in accordance with SEC guidelines.

1 Represents the hypothetical 5% return before expenses.

4

Portfolio Summary

June 30, 2005 Gartmore GVIT Developing Markets Fund

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

Asset Allocation
Common Stocks	90.0%
Participation Notes	5.7%
Cash Equivalents	4.6%
Foreign Bonds	0.0%
Other Investments*	1.3%
Liabilities in excess of other assets**	-1.6 %
	100.0%

Top Holdings***
Samsung Electronics	4.4%
Au Optronics Corp.	2.6%
Denizbank AS	2.2%
Companhia Vale do Rio Doce, Class A	2.0%
Surgutneftgaz ADR	2.0%
China Telecom Corp. Ltd.	1.8%
Solomon Systech International Ltd.	1.8%
Petroleo Brasileiro SA	1.8%
Shin Kong Financial Holding Co., Ltd.	1.7%
Oil and Natural Gas Corp. Ltd., 10/31/05	1.6%
Other Holdings	78.1%
	100.0%

Top Industries
Oil & Gas	8.9%
Electronics	8.8%
Banking	8.4%
Telecommunications	8.2%
Financial Services	6.8%
Semiconductors	5.8%
Retail	5.0%
Metals & Mining	3.5%
Diversified Operations	2.7%
Brewery	2.3%
Other Industries	39.6%
	100.0%

* Includes value of collateral received from securities lending.

** Includes value of collateral owed from securities lending.

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

5

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT DEVELOPING MARKETS FUND

Statement of Investments — June 30, 2005 (Unaudited)

	Shares or Principal Amount	Value
COMMON STOCKS (90.0%)
ARGENTINA (0.9%)
Steel (0.9%)
Tenaris SA	22,300	$	1,745,421
BERMUDA (1.4%)
Television (1.4%)
Central European Media Enterprises Ltd. (b)	54,500		2,636,710
BRAZIL (12.1%)
Banking (1.5%)
Banco Itau Holding Financeira SA ADR	30,400		2,812,000
Brewery (1.1%)
Ambev Cia Bebid (b)	863,260		222,299
Ambev Cia Bebid Preferred	5,675,300		1,761,973
			1,984,272
Electric Utility (0.9%)
Companhia Energetica de Minas Gerais	55,256,600		1,759,674
Insurance (0.8%)
Porto Seguro SA (b)	164,100		1,479,013
Metals & Mining (2.0%)
Companhia Vale do Rio Doce, Class A	147,670		3,755,128
Oil & Gas (3.3%)
Petroleo Brasileiro SA	64,100		3,345,304
Petroleo Brasileiro SA ADR	56,434		2,941,904
			6,287,208
Paper Products (0.7%)
Klabin SA	755,143		1,306,106
Retail (0.7%)
Companhia Brasileira de Distribuicao Pao de Acucar ADR	61,400		1,221,246
Telecommunications (1.1%)
Tele Norte Leste Participacoes SA ADR	124,900		2,079,585
			22,684,232

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
CHINA (6.1%)
Coal Mining (0.7%)
Yanzhou Coal Mining Co., Ltd. (c)	1,590,400	$	1,254,339
Manufacturing (0.9%)
Shanghai Electric Group Co., Ltd. (b)	7,766,000		1,759,049
Oilfield Services & Equipment (0.9%)
China Oilfield Services Ltd. (c)	4,474,000		1,647,455
Semiconductors (1.8%)
Solomon Systech International Ltd. (c)	9,528,000		3,359,625
Telecommunications (1.8%)
China Telecom Corp. Ltd.	9,662,000		3,450,882
			11,471,350
HUNGARY (1.0%)
Oil & Gas (1.0%)
MOL Magyar Olaj-es Gazipari	21,492		1,803,508
INDIA (0.7%)
Financial Services (0.7%)
ICICI Bank Ltd. ADR	58,447		1,277,067
INDONESIA (0.9%)
Coal Mining (0.9%)
PT Bumi Resources (b)	20,848,400		1,770,638
ISRAEL (1.8%)
Electronic Measuring Instruction (0.9%)
Orbotech Ltd. (b)	77,400		1,663,326
Software & Computer Services (0.9%)
Retalix Ltd. (b)	82,400		1,771,600
			3,434,926
KOREA (17.1%)
Automotive (1.2%)
Hyundai Motor Co.	39,500		2,176,044
Construction (1.5%)
Hyundai Development Co.	50,400		1,169,788
Kumho Industrial Co., Ltd.	88,800		1,567,988
			2,737,776

6

GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT DEVELOPING MARKETS FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
KOREA (continued)
Diversified Operations (1.3%)
GS Holdings Corp.	102,600	$	2,410,794
Electronic Components (1.7%)
Hynix Semiconductor, Inc. (b)	102,100		1,652,972
Seoul Semiconductor Co., Ltd.	49,645		1,482,182
			3,135,154
Electronics (5.3%)
KH Vatec Co., Ltd.	55,900		1,068,738
Samsung Electronics	17,476		8,276,953
Samsung Electronics GDR	3,900		633,750
			9,979,441
Financial Services (3.1%)
Korea Investment Holdings Co., Ltd.	99,900		1,774,561
LG Card Co., Ltd. (b)	50,600		1,684,433
Woori Finance Holdings Co., Ltd.	240,740		2,374,937
			5,833,931
Retail (2.4%)
CJ Home Shopping	23,900		1,779,381
Hyundai Department Store Co., Ltd.	57,200		2,618,507
			4,397,888
Telecommunication Services (0.6%)
KT Freetel Co., Ltd.	50,500		1,163,606
			31,834,634
MALAYSIA (3.5%)
Foreign Banking (0.1%)
Commerce Asset Holdings Berhad	145,100		192,592
Real Estate (0.9%)
SP Setia Berhad	1,640,300		1,761,396
Telecommunications (1.2%)
Telekom Malaysia Berhad	821,300		2,157,343
Transportation (0.7%)
Malaysai & Services Holdings Berhad (b)	1,446,500		1,330,305

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
MALAYSIA (continued)
Transportation-Marine (0.6%)
Malaysia International Shipping Corp.	231,500	$	1,089,503
			6,531,139
MEXICO (7.1%)
Building Materials (1.2%)
Cemex SA ADR	50,900		2,159,178
Diversified Operations (0.8%)
Grupo Carso SA de CV	752,142		1,456,391
Financial Services (1.3%)
Grupo Financiero Banorte SA de CV	390,400		2,580,377
Real Estate (0.9%)
Urbi, Desarrolloas Urbanos SA de CV (b)	291,800		1,606,774
Retail (1.0%)
Wal-Mart de Mexico SA de CV	464,700		1,892,197
Steel Manufacturing Products (0.7%)
Industrias CH SA (b)	658,700		1,401,163
Telecommunications (1.2%)
America Movil SA de CV ADR	37,000		2,205,570
			13,301,650
NETHERLANDS (1.1%)
Retail Food Products (1.1%)
Pyaterochka Holding NV GDR (b)	149,063		2,146,507
POLAND (0.3%)
Real Estate Development (0.3%)
Globe Trade Centre SA (b)	14,200		480,506
RUSSIA (5.5%)
Automobile Manufacturers (0.7%)
JSC Severstal-Avto (b)	92,200		1,336,900
Brewery (1.2%)
Efes Breweries International GDR (b)	66,400		2,247,640
Metals (0.6%)
Norilsk Nickel ADR	17,200		1,049,200

7

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GARTMORE GVIT DEVELOPING MARKETS FUND

Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
RUSSIA (continued)
Oil & Gas (2.0%)
Surgutneftgaz ADR	97,600	$	3,647,312
Telecommunications (1.0%)
AO VimpelCom ADR (b)	57,600		1,960,128
			10,241,180
SOUTH AFRICA (6.7%)
Banking (1.5%)
ABSA Group Ltd.	221,655		2,741,673
Diversified Operations (0.6%)
Barloworld Ltd.	80,100		1,140,694
Foreign Banking (0.7%)
Standard Bank Group Ltd.	137,000		1,326,200
Metals & Mining (0.7%)
Anglogold Ashanti Ltd.	37,600		1,345,462
Oil & Gas (0.9%)
Sasol Ltd.	63,400		1,713,155
Retail (0.9%)
Lewis Group Ltd.	320,938		1,758,382
Telecommunications (1.4%)
MTN Group Ltd.	381,763		2,528,744
			12,554,310
TAIWAN (16.7%)
Banking (1.7%)
E.Sun Financial Holding Co., Ltd. (b)	2,047,000		1,635,653
TA Chong Bank Ltd. (b)	5,024,972		1,561,194
			3,196,847
Chemicals (1.4%)
Taiwan Fertilizer Co., Ltd. (b)	1,928,000		2,541,016
Computer (2.0%)
Compal Electronics, Inc.	2,104,000		2,083,349
Foxconn Technology Co., Ltd. (b)	438,000		1,649,795
			3,733,144
Electronics (3.5%)
Au Optronics Corp.	2,954,000		4,917,441
Ichia Technologies, Inc. (b)	1,012		1,026
MediaTek, Inc.	190,000		1,641,298
			6,559,765

	Shares or Principal Amount	Value
COMMON STOCKS (continued)
TAIWAN (continued)
Financial Services (1.7%)
Shin Kong Financial Holding Co., Ltd. (b)	3,214,000	$	3,230,892
Photographic Products (0.9%)
Largan Precision Co., Ltd.	251,000		1,647,470
Semiconductors (4.0%)
Powerchip Semiconductor Corp.	1,947,000		1,357,443
Taiwan Semiconductor Manufacturing Co., Ltd.	1,339,846		2,333,517
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	254,670		2,322,590
United Microelectronics Corp. ADR (b)	331,300		1,361,643
			7,375,193
Steel (0.7%)
China Steel Corp. (b)	1,340,000		1,351,661
Textiles (0.8%)
Far Eastern Textile Co., Ltd.	2,159,092		1,536,408
			31,172,396
THAILAND (3.4%)
Banking (1.4%)
Kasikornbank Public Co., Ltd.	1,866,600		2,563,595
Chemicals (0.9%)
Aromatics Public Co., Ltd. NVDR	1,393,600		1,727,627
Electric Utility (0.6%)
Ratchaburi Electricity Generating Holding Public Co., Ltd	1,135,200		1,109,988
Telecommunications (0.5%)
Shin Corporation Public Co., Ltd.	1,042,000		941,409
			6,342,619
TURKEY (2.9%)
Banking (2.2%)
Denizbank AS (b)	1,017,539		4,131,255
Financial Investments (0.7%)
Sabanci Holding AS	329,450		1,261,627
			5,392,882

8

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Statement of Investments — June 30, 2005 (Unaudited) (continued)

	Shares or Principal Amount		Value
COMMON STOCKS (continued)
UNITED KINGDOM (0.8%)
Metals & Mining (0.8%)
Anglo American PLC		61,200	$	1,433,698
Total Common Stocks				168,255,373
FOREIGN BOND (0.0%)
BRAZIL (0.0%)
Metals & Mining (0.0%)
Comp Vale DO Rio Doce, 0.00%, 09/29/49		20,000		0
Total Foreign Bond				0
PARTICIPATION NOTES (5.7%)
INDIA (5.7%)
Banking (0.1%)
ICICI Bank Ltd., 03/30/07	$	2,742		26,872
ICICI Bank Ltd., 12/21/07		14,035		137,543
				164,415
Computer Service (1.0%)
Tata Consultancy Services Ltd.		59,100		1,847,466
Engineering Services (1.2%)
Larsen & Toubro Ltd.		87,300		2,275,038
Oil & Gas (1.7%)
Oil and Natural Gas Corp. Ltd., 10/31/05		129,400		3,060,310
Telecommunication Services (0.8%)
Bharti Televentures Ltd. (b)		265,300		1,483,027
Tobacco (0.9%)
ITC Ltd., 04/07/30		45,900		1,755,675
Total Participation Notes				10,585,931

	Shares or Principal Amount		Value
CASH EQUIVALENTS (4.6%)
Investments in repurchase agreements (collateralized by AA Corporate Bonds in a joint trading account at 3.49%, dated 06/30/05, due 07/01/05, repurchase price $8,665,336)	$	8,664,496	$	8,664,496
Total Cash Equivalents				8,664,496
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (1.3%)
Pool of short-term securities for Gartmore Variable Trust Funds — note 2 (Securities Lending)		2,356,202		2,356,202
Total Short-Term Securities Held as Collateral for Securities Lending				2,356,202
Total Investments (Cost $174,108,791) (a) — 101.6%				189,862,002
Liabilities in excess of other assets — (1.6%)				(2,994,856	)
NET ASSETS — 100.0%			$	186,867,146

(a) See Notes to Statement of Investments for tax unrealized appreciation (depreciation) of securities.

(b) Denotes a non-income producing security

(c) Fair valued securities

Securities denominated in foreign currencies are shown at the U.S. dollar cost and value.

ADR American Depositary Receipt

GDR Global Depositary Receipt

PREF Preferred Stock

NVDR Non Voting Depository Receipt

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

Currency	Delivery Date	Contract Value		Market Value		Unrealized Appreciation (Depreciation)
Long Contract:
Hong Kong Dollar	07/05/05	$	301,968	$	302,090	$	122
South African Rand	07/06/05		95,148		95,288		140
Total Long Contracts:		$	397,116	$	397,378	$	262

See notes to financial statements.

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Statement of Assets and Liabilities

June 30, 2005 (Unaudited)

Assets:
Investments, at value (cost $165,444,295)	$	181,197,506
Repurchase agreements, at cost and value		8,664,496
Total Investments		189,862,002
Foreign currencies, at value (cost $1,162,862)		1,159,964
Interest and dividends receivable		424,579
Receivable for investments sold		48,708
Unrealized appreciation on forward foreign currency contracts		262
Reclaims receivable		4,916
Prepaid expenses and other assets		3,425
Total Assets		191,503,856
Liabilities:
Payable to custodian		560,816
Payable for investments purchased		1,389,509
Payable for return of collateral received for securities on loan		2,356,202
Accrued expenses and other payables:
Investment advisory fees		173,638
Fund administration and transfer agent fees		1,667
Distribution fees		37,747
Administrative servicing fees		92,693
Other		24,438
Total Liabilities		4,636,710
Net Assets	$	186,867,146
Represented by:
Capital	$	171,605,518
Accumulated net investment income (loss)		224,308
Accumulated net realized gains (losses) from investment and foreign currency transactions		(731,691	)
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies		15,769,011
Net Assets	$	186,867,146
Net Assets:
Class II Shares	$	186,867,146
Shares outstanding (unlimited number of shares authorized):
Class II Shares		17,699,733
Net asset value and offering price per share:*
Class II Shares	$	10.56

* Not subject to a front-end sales charge.

Statement of Operations

For the Six Months Ended June 30, 2005 (Unaudited)

Investment Income:
Interest income	$	64,173
Dividend income (net of foreign withholding tax of $182,051)		2,726,346
Income from securities lending		5,310
Total Income		2,795,829
Expenses:
Investment advisory fees		1,124,822
Fund administration and transfer agent fees		69,990
Distribution fees Class II Shares		244,526
Administrative servicing fees Class II Shares		214,291
Other**		52,514
Total Expenses		1,706,143
Net Investment Income (Loss)		1,089,686
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions		16,995,473
Net realized gains (losses) on foreign currency transactions		(252,687	)
Net realized gains (losses) on investment and foreign currency transactions		16,742,786
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(9,218,794	)
Net realized/unrealized gains (losses) on investments and foreign currencies		7,523,992
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,613,678

** Other expenses may include the following fees: audit, custody, insurance, legal, printing, trustee, and out-of-pocket expenses.

See notes to financial statements.

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GARTMORE VARIABLE INSURANCE TRUST

GARTMORE GVIT DEVELOPING MARKETS FUND

Statement of Changes in Net Assets

	Six Months Ended June 30, 2005			Year Ended December 31, 2004
	(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	1,089,686		$	1,092,831
Net realized gains (losses) on investment and foreign currency transactions		16,742,786			32,137,377
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(9,218,794	)		(9,596,336	)
Change in net assets resulting from operations		8,613,678			23,633,872
Distributions to Class II shareholders from:
Net investment income		(887,593	)		(869,653	)
Net realized gains on investments		(29,349,917	)		(6,076,649	)
Change in net assets from shareholder distributions		(30,237,510	)		(6,946,302	)
Change in net assets from capital transactions		13,592,642			12,610,182
Change in net assets		(8,031,190	)		29,297,752
Net Assets:
Beginning of period		194,898,336			165,600,584
End of period	$	186,867,146		$	194,898,336
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	70,759,515		$	139,079,878
Dividends reinvested		30,237,493			6,946,293
Cost of shares redeemed		(87,404,366	)		(133,415,989	)
Change in net assets from capital transactions	$	13,592,642		$	12,610,182
SHARE TRANSACTIONS:
Class II Shares
Issued		5,755,834			12,668,914
Reinvested		2,851,999			677,427
Redeemed		(7,377,682	)		(12,813,855	)
		1,230,151			532,486

See notes to financial statements.

11

GARTMORE VARIABLE INSURANCE TRUST

FINANCIAL HIGHLIGHTS

Selected Data for Each Share of Capital Outstanding

Gartmore GVIT Developing Markets Fund

			Investment Activities						Distributions										Ratios/Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains		Total Distributions		Net Asset Value, End of Period		Total Return		Net Assets at End of Period (000s)		Ratio of Expenses to Average Net Assets		Ratio of Net Investment Income (Loss) to Average Net Assets		Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(a)		Ratio of Net Investment Income (Loss) (Prior to Reimbursements) to Average Net Assets(a)		Portfolio Turnover
Class II Shares
Year Ended December 31, 2000	$	10.86	(0.03	)	(3.07	)	(3.10	)	—		—		—		$	7.76	(28.55%	)	$	100,730	1.56%		(0.34%	)	1.81%		(0.59%	)	103.00%
Year Ended December 31, 2001	$	7.76	0.08		(0.62	)	(0.54	)	—		—		—		$	7.22	(6.96%	)	$	100,899	1.59%		1.19%		1.67%		1.11%		118.00%
Year Ended December 31, 2002	$	7.22	0.03		(0.73	)	(0.70	)	(0.01	)	—		(0.01	)	$	6.51	(9.68%	)	$	75,321	1.60%		0.44%		1.68%		0.36%		97.00%
Year Ended December 31, 2003(b)	$	6.51	0.06		3.83		3.89		(0.01	)	—		(0.01	)	$	10.39	59.70%		$	165,601	1.64%		0.75%		1.80%		0.60%		167.45%
Year Ended December 31, 2004	$	10.39	0.07		1.90		1.97		(0.06	)	(0.47	)	(0.53	)	$	11.83	19.78%		$	194,898	1.78%		0.69%		(c	)	(c	)	167.98%
Six Months Ended June 30, 2005 (Unaudited)	$	11.83	0.07		0.68		0.75		(0.06	)	(1.96	)	(2.02	)	$	10.56	6.29%	(d)	$	186,867	1.74%	(e)	1.11%	(e)	(c	)	(c	)	81.04%

(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) There were no fee reductions during the period.

(d) Not annualized.

(e) Annualized.

See notes to financial statements.

12

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2005

1. Organization

Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication is a change in statutory status and does not affect the operations of the Trust. As of June 30, 2005, 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. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”), American Skandia Life Insurance Cooperation, Peoples Benefit Life Insurance Company, a subsidiary of Aegon, and Great West Life & Annuity Insurance Company have purchased shares of the Gartmore GVIT Developing Markets Fund (the “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 Fund.

Under the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. 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 exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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 Trust’s Board of Trustees. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

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 Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of these 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

13

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

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.

The Fund values 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 Fund, the Fund will fair value its 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 Fund’s 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 these prices will have a material impact on the net asset value of the Fund. When the Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

(b) Repurchase Agreements

The Fund 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 the 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 Fund’s 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 Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by AA-rated Corporate Bonds with the counterparties of CS First Boston and Nomura Securities.

(c) Foreign Currency Transactions

The accounting records of the Fund 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. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does 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.

14

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Certain countries also may 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

The Fund 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 Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. 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

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends 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, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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

The Fund may write options contracts. A written option obligates the Fund 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 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) 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.

(i) Securities Lending

To generate additional income, the Fund may lend up to 33 ¹/3% of the Fund’s total assets pursuant to agreements, requiring that the borrower deliver cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least

15

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

102% of the value of the portfolio securities loaned, and with respect to each new loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and thereafter requiring the borrower to mark to market the collateral on a daily basis and requiring the borrower to make up any shortfall of collateral. The Fund receives 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 loaned. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund 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 Fund. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

The cash collateral received by the Fund was pooled and, at June 30, 2005, was invested in the following:

Security Type	Security Name	Market Value		Maturity Rate	Maturity Date
Repurchase Agreement	Nomura Securities	$	2,356,202	3.48%	07/01/05

As of June 30, 2005, the Fund had securities with the following market values on loan:

Market Value of Loaned Securities	Market Value of Collateral
$2,239,943	$	2,356,202

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s 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 the American Institute of Certified Public Accountants (“AICPA”) 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 Fund. 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.

(k) Federal Income Taxes

It is the policy of the 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 U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2005, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund is as follows:

Tax Cost of Securities	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
$1,035,761	$	17,968,170	$	(3,250,721	)	$	14,717,450

16

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund 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. Expenses specific to a class (such as rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Gartmore Global Asset Management Trust (“GGAMT”) manages the investment of the assets and supervises the daily business affairs of the Fund. 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. In addition, GGAMT provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser, for the Fund that GGAMT advises. Gartmore Global Partners (the “subadviser”), an affiliate of GGAMT, manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays the Fund’s adviser an investment advisory fee based on the Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreements, the adviser pays fees to the subadviser. Additional information regarding investment advisory fees and subadvisory fees for GGAMT and the subadviser is as follows for the six months ended June 30, 2005:

Fee Schedule	Total Fees	Fees Retained	Paid to Sub-adviser
Up to $500 million	1.15%	0.575%	0.575%
$500 million up to $2 billion	1.10%	0.525%	0.575%
Next $2 billion or more	1.05%	0.475%	0.575%

GGAMT and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage fees, extraordinary expenses, short sale dividend expenses, Rule 12b-1 fees, and administrative service fees) from exceeding 1.40% for all classes until at least May 1, 2006.

GGAMT may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by GGAMT, respectively, pursuant to the Expense Limitation Agreement 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 the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by GGAMT is not permitted.

As of the six months ended June 30, 2005, the cumulative potential reimbursements for all classes of the Fund, based on reimbursements which expires within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by GGAMT, would be:

Amount Fiscal Year      2003	Amount Fiscal Year 2004		Amount Six Months Ended June 30, 2005
$5,714	$	—	$	—

17

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Fund 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 the Fund. The fees for the services provided under this Agreement are 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 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 Gartmore GVIT Investor Destinations Aggressive Fund, the Gartmore GVIT Investor Destinations Moderately Aggressive Fund, the Gartmore GVIT Investor Destinations Moderate Fund, the Gartmore GVIT Investor Destinations Moderately Conservative Fund, and the Gartmore GVIT Investor Destinations Conservative Fund (collectively, 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.

Effective January 1, 2005, the fee for the fund administration and transfer agency services increased as set forth below. The fees are 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 in relation to the average daily net assets of each fund and are paid to GSA.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion and more up to $3 billion	0.10%
$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 each 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. (“BISYS”), pursuant to which BISYS provides sub-administration and sub-transfer agency services, respectively, to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Fund’s Distributor, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; 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 the Fund.

18

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

4. Investment Transactions

For the six months ended June 30, 2005, (excluding short-term securities) the Fund had purchases of $155,609,350 and sales of $179,419,257.

5. Portfolio Investment Risks

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s 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 Fund.

6. Bank Loans

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

7. Shareholder Meeting

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

Two Proposals: The purpose of the December 23, 2004 meeting was to allow the shareholders of the Trust’s predecessor to vote on:

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

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

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

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

19

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Voting Results:

The shareholders of the Trust’s predecessor voted to approve both Proposal One and Proposal Two, as follows:

Proposal 1:    Election of a Board of Trustees of Gartmore Variable Insurance Trust

Charles E. Allen:
FOR	2,797,230,318.955 shares (96.078%)
WITHHOLD	114,195,693.660 shares (3.922%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael J. Baresich:
FOR	2,796,135,979.559 shares (96.040%)
WITHHOLD	115,290,033.056 shares (3.960%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paula H.J. Cholmondeley:
FOR	2,795,095,945.396 shares (96.004%)
WITHHOLD	116,330,067.219 shares (3.996%)
TOTAL	2,912,726,012.615 shares (100.000%)
C. Brent DeVore:
FOR	2,797,207,046.916 shares (96.077%)
WITHHOLD	114,218,965.699 shares (3.923%)
TOTAL	2,912,726,012.615 shares (100.000%)
Phyllis Kay Dryden:
FOR	2,795,587,023.994 shares (96.021%)
WITHHOLD	115,838,988.621 shares (3.979%)
TOTAL	2,912,726,012.615 shares (100.000%)
Robert M. Duncan:
FOR	2,790,191,720.503 shares (95.836%)
WITHHOLD	121,234,292.112 shares (4.164%)
TOTAL	2,912,726,012.615 shares (100.000%)
Barbara L. Hennigar:
FOR	2,792,939,848.858 shares (95.937%)
WITHHOLD	118,486,163.757 shares (4.070%)
TOTAL	2,912,726,012.615 shares (100.000%)
Paul J. Hondros:
FOR	2,797,557,404.448 shares (96.089%)
WITHHOLD	113,868,608.167 shares (3.911%)
TOTAL	2,912,726,012.615 shares (100.000%)

20

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

Barbara I. Jacobs:
FOR	2,796,306,126.654 shares (96.046%)
WITHHOLD	115,119,885.961 shares (3.954%)
TOTAL	2,912,726,012.615 shares (100.000%)
Thomas J. Kerr IV:
FOR	2,789,755,720.087 shares (95.821%)
WITHHOLD	121,670,292.528 shares (4.179%)
TOTAL	2,912,726,012.615 shares (100.000%)
Douglas F. Kridler:
FOR	2,798,065,774.375 shares (96.106%)
WITHHOLD	113,360,238.240 shares (3.894%)
TOTAL	2,912,726,012.615 shares (100.000%)
Michael D. McCarthy:
FOR	2,797,452,613.694 shares (96.085%)
WITHHOLD	113,973,395.921 shares (3.915%)
TOTAL	2,912,726,012.615 shares (100.000%)
Arden L. Shisler:
FOR	2,796,738,454.730 shares (96.061%)
WITHHOLD	114,687,557.885 shares (3.939%)
TOTAL	2,912,726,012.615 shares (100.000%)
David C. Wetmore:
FOR	2,794,784,752.247 shares (95.994%)
WITHHOLD	116,641,260.368 shares (4.006%)
TOTAL	2,912,726,012.615 shares (100.000%)

Proposal 2:    Approval of the Agreement and Plan of Reorganization of Gartmore Variable Insurance Trust

FOR	2,561,003,822.546 shares (87.964%)
AGAINST	103,593,261.010 shares (3.558%)
ABSTAIN	246,828,929.059 shares (8.478%)
TOTAL	2,912,726,012.615 shares (100.000%)

21

GARTMORE VARIABLE INSURANCE TRUST

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2005

8. Subsequent Event

On July 29, 2005, the Trust filed a Post-Effective Amendment to its Registration Statement on Form N-1A to change the structure of the Fund’s investment advisory fee and sub-advisory fee from the current asset-based fee structure to a performance based fee structure on or about October 1, 2005. On that date, or, if later, upon SEC effectiveness, the Fund will immediately lower its base advisory fee by 0.10% at each breakpoint. Beginning one year after implementation of the new performance fee structure, the Fund’s base advisory fee may be adjusted proportionately upward or downward if the Fund outperforms or underperforms its stated benchmark by the following amounts:

Out or Underperformance	Change in Fees
+/- 1 percentage point	+/- 0.02%
+/- 2 percentage points	+/- 0.04%
+/- 3 percentage points	+/- 0.06%
+/- 4 percentage points	+/- 0.08%
+/- 5 percentage points	+/- 0.10%

The prospectus describing the above Fund will be supplemented upon the effectiveness of the Post-Effective Amendment to the Trust’s Registration Statement. Please refer to the prospectus, as supplemented by a notice you will receive after the effectiveness of the Post-Effective Amendment, for further information about this new fee structure.

22

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Funds June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Charles E. Allen c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of the Graimark Realty Advisors, Inc. (real estate development, investment and asset management).	84	None
Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.	84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., Terex Corporation, Minerals Technology, Inc. and Albany International Corp.
C. Brent DeVore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.	84	None
Phyllis K. Dryden c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.	84	None

23

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.	84	None
Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs has served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, since December 2000. Prior to 2004, Ms. Jacobs was also a Managing Director and European Portfolio Manager with CREF Investments (Teachers Insurance Annuity Association — College Retirement Equity Fund).	84	None
Douglas F. Kridler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. Mr. Kridler was the President of the Columbus Association for the Performing Arts prior thereto and Chairman of the Greater Columbus Convention and Visitors Bureau during 2000 and 2001.	84	None
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Mr. McCarthy serves as: the Founder and Chairman of The Eureka Foundation (which sponsors and funds the “Great Museums” series on PBS); and a Partner of Pineville Properties LLC (a commercial real estate development firm).	843	None

24

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Date of Birth	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee or Nominee2
David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was formerly a Managing Director of Updata Capital, an investment banking and venture capital firm.	84	None

* Pursuant to the Trust’s mandatory retirement policy, Ms. Hennigar is expected to retire on or about January 12, 2006.

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

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. McCarthy was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. McCarthy resigned as an Administrative Committee Member effective June 30, 2005.

Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $274,882 from the Trust for the Six Months Ended June 30, 2005. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920.

25

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Funds June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past Five Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),3 Gartmore Investor Services, Inc. (“GISI”),3 Gartmore Morley Capital Management, Inc. (“GMCM”),3 Gartmore Morley Financial Services, Inc. (“GMFS”), 3 NorthPointe Capital, LLC (“NorthPointe”),3 Gartmore Global Asset Management Trust (“GGAMT”)3, Gartmore Global Investments, Inc. (“GGI”)3, Gartmore Mutual Fund Capital Trust (“GMFCT”)3 and Gartmore SA Capital Trust (“GSA”)3; and a Director of Nationwide Securities, Inc.3, as well as several entities within Nationwide Financial Services, Inc.	844	None
Arden L. Shisler c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Mr. Shisler has been a consultant since January 2003. Prior thereto, he was President and Chief Executive Officer of K&B Transport, Inc., a trucking firm. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company3.	84	Director of Nationwide Financial Services, Inc.
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President - Operations for GGI3, GMFCT3, and GSA3. Prior to July 2000, Mr. Holland was Vice President for First Data Investor Services, an investment company service provider.	84	None

26

GARTMORE VARIABLE INSURANCE TRUST

Management Information (Unaudited)

June 30, 2005

Name, Address and Age	Position(s) Held with the Trust and Length of Time Served1	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Gartmore Fund Complex Overseen by Trustee	Other Directorships Held by Trustee2
Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/Provident Mutual Insurance Company.	84	None
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI3, GMFCT3 and GSA3 since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.	84	None

1 The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. Pursuant to this policy, Messrs. Duncan and Kerr retired as trustees effective as of March 12, 2005.

2 Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

3 This position is held with an affiliated person or principal underwriter of the Trust.

4 Mr. Hondros was also an Administrative Committee Member for the Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA. Mr. Hondros resigned as Administrative Committee Member effective June 30, 2005.

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

27

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

Item 5. Audit Committee of Listed Registrants.

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 report to shareholders filed under Item 1 of this Form N-CSR.

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

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

Not applicable. The registrant is an open-end management investment company, not a closed-end management investment company.

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

Not applicable. The registrant is an open-end management investment company, not a closed-end management investment company.

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

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

Not applicable. The registrant is an open-end management investment company, not a closed-end management investment company.

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

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

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

Item 11. Controls and Procedures.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the

Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

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

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

There were no changes in the registrant’s internal control over financial reporting that occurred during the 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 to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

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

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

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

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

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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

Not applicable.

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

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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 7, 2005

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

By (Signature and Title)	/S/    PAUL J. HONDROS
	Name:	Paul J. Hondros
	Title:	President & Principal Executive Officer
	Date:	September 7, 2005
By (Signature and Title)	/S/    GERALD J. HOLLAND
	Name:	Gerald J. Holland
	Title:	Treasurer
	Date:	September 7, 2005

EX-99.CERT

SARBANES-OXLEY ACT SECTION 302 CERTIFICATIONS

I, Paul J. Hondros, certify that:

1. I have reviewed this report on Form N-CSR of Gartmore Variable Insurance Trust (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including the registrant’s consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within ninety (90) days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change 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 has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are

reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

6. On September 21, 2004, the Enforcement Staff of the Securities and Exchange Commission’s Fort Worth District Office (the “Staff”) contacted Gartmore Mutual Fund Capital Trust (the “Adviser”), the investment adviser to the Gartmore U.S. Growth Leaders Fund (the “Fund”), a series of Gartmore Mutual Funds. The Staff asserted that the methodology used to calculate the performance fee for the Fund did not comply with the requirements of Rule 205-2 under the Investment Advisers Act of 1940, as amended. The Adviser agreed temporarily to forego the collection of any performance fees pending an evaluation of the Staff’s assertion. Discussions with the Staff are ongoing, and the outcome of those discussions will determine the remedial steps, if any, to be taken.

September 7, 2005	/S/    PAUL J. HONDROS
Date	Paul J. Hondros
	Principal Executive Officer

2

SARBANES-OXLEY ACT SECTION 302 CERTIFICATIONS

I, Gerald J. Holland, certify that:

1. I have reviewed this report on Form N-CSR of Gartmore Variable Insurance Trust (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including the registrant’s consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within ninety (90) days prior to the filing date of this report based on such evaluation; and

d. Disclosed in this report any change 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 has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are

reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

6. On September 21, 2004, the Enforcement Staff of the Securities and Exchange Commission’s Fort Worth District Office (the “Staff”) contacted Gartmore Mutual Fund Capital Trust (the “Adviser”), the investment adviser to the Gartmore U.S. Growth Leaders Fund (the “Fund”), a series of Gartmore Mutual Funds. The Staff asserted that the methodology used to calculate the performance fee for the Fund did not comply with the requirements of Rule 205-2 under the Investment Advisers Act of 1940, as amended. The Adviser agreed temporarily to forego the collection of any performance fees pending an evaluation of the Staff’s assertion. Discussions with the Staff are ongoing, and the outcome of those discussions will determine the remedial steps, if any, to be taken.

September 7, 2005	/S/    GERALD J. HOLLAND
Date	Gerald J. Holland
	Principal Financial Officer

2

EX-99.906CERT

SARBANES-OXLEY ACT SECTION 906 CERTIFICATIONS

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2005, of Gartmore Variable Insurance Trust (the “Registrant”).

I, Paul J. Hondros, the Principal Executive Officer of the Registrant, certify that, to the best of my knowledge,:

1. the Form N-CSR fully complies with the requirements of Section 13(a) and Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. § 78m(a) and § 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

September 7, 2005

Date

/S/    PAUL J. HONDROS        

Paul J. Hondros

Principal Executive Officer

Gartmore Variable Insurance Trust

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the Commission”) or the Commission’s staff upon request.

SARBANES-OXLEY ACT SECTION 906 CERTIFICATIONS

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2005, of Gartmore Variable Insurance Trust (the “Registrant”).

I, Gerald J. Holland, the Principal Financial Officer of the Registrant, certify that, to the best of my knowledge,:

1. the Form N-CSR fully complies with the requirements of Section 13(a) and Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. § 78m(a) and § 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

September 7, 2005

Date

/S/    GERALD J. HOLLAND        

Gerald J. Holland

Principal Financial Officer

Gartmore Variable Insurance Trust

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the Commission”) or the Commission’s staff upon request.