Nationwide Small Company Growth Fund NCSR Certified annual shareholder report (management investment company)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-0495

GARTMORE MUTUAL FUNDS

(Exact name of registrant as specified in charter)

1200 RIVER ROAD, SUITE 1000, CONSHOHOCKEN, PENNSYLVANIA 19428

(Address of principal executive offices) (Zip code)

ERIC E. MILLER, ESQ.
1200 RIVER ROAD
SUITE 1000
CONSHOHOCKEN, PA 19428
(Name and address of agent for service)

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

Date of fiscal year end: 10/31/2004

Date of reporting period: 10/31/2004

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

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

TABLE OF CONTENTS


	Item 1. Reports to Stockholders
	Item 2. Code of Ethics
	Item 3. Audit Committee Financial Expert
	Item 4. Principal Accountant Fees and Services
	Item 5. Audit Committee of Listed Registrants
	Item 6. Schedule of Investments
	Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
	Item 8. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
	Item 9. Submission of Matters to a Vote of Security Holders
	Item 10. Controls and Procedures
	Item 11. Exhibits
SIGNATURES
CODE OF ETHICS
CERTIFICATIONS
CERTIFICATIONS PURSUANT TO RULE 906

Item 1. Reports to Stockholders.

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

(COVER)

Annual Report
October 31, 2004

Gartmore S&P 500 Index Fund Gartmore Mid Cap Market Index Fund Gartmore Small Cap Index Fund Gartmore International Index Fund Gartmore Bond Index Fund NorthPointe Small Cap Growth Fund NorthPointe Small Cap Value Fund

www.gartmorefunds.com

Solutions.

(LOGO)

UNITED STATES | UNITED KINGDOM | JAPAN

Based in greater metropolitan Philadelphia, Gartmore is the global asset management arm of Nationwide®. Gartmore’s affiliated advisers* collectively manage more than $77 billion¹in assets through its global investment platform encompassing more than 185 investment management professionals supported by an 800-person staff.

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

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

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

www.gartmore.com

*Gartmore’s Affiliated Advisers
The following 10 asset management affiliates of Nationwide do business under the trade name “Gartmore Group”: Gartmore Capital Management Ltd², Gartmore Fund Managers Ltd², Gartmore Global Partners^{2, 3}, Gartmore Investment Ltd², Gartmore Japan Ltd², Gartmore Morley Capital Management, Inc.³, Gartmore Mutual Fund Capital Trust^{3, 4}, Gartmore SA Capital Trust^{3, 4}, Gartmore Separate Accounts LLC³, and NorthPointe Capital® LLC³
1. As of Oct. 31, 2004.
2. These advisers are subsidiaries of Gartmore Investment Management plc, which ultimately reports to Nationwide®.
3. These are SEC-registered investment advisers based in the United States. Collectively, these advisers manage $40 billion as of Oct. 31, 2004.
4. Together, these advisers do business as Gartmore Global Investments, Inc.
Gartmore Global Investments is the investment adviser to Gartmore Funds. NorthPointe Capital is a federally registered service mark of Gartmore Global Investments, Inc. Nationwide is a federally registered service mark of Nationwide Mutual Insurance Company.
Gartmore Funds distributed by Gartmore Distribution Services, Inc., Member NASD. 1200 River Road, Suite 1000, Conshohocken, PA 19428.
© 2004 Gartmore Global Investments, Inc. All rights reserved.

(LOGO)

Annual Report

October 31, 2004


		Contents

3		Gartmore S&P 500 Index Fund
15		Gartmore Mid Cap Market Index Fund
25		Gartmore Small Cap Index Fund
52		Gartmore International Index Fund
76		Gartmore Bond Index Fund
102		NorthPointe Small Cap Growth Fund
107		NorthPointe Small Cap Value Fund

120		Notes to Financial Statements

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

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

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

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

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

Statement Regarding Availability of Quarterly Portfolio Schedule.
The Gartmore Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on www.gartmorefunds.com or upon request without charge.

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

Index Series


	Gartmore S&P 500 Index Fund

For the annual period ended Oct. 31, 2004, the Gartmore S&P 500 Index Fund returned 8.99% (Class A at NAV) versus 9.42% 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 8.75%.

The first half of 2004 showed flat to positive returns for the domestic equity market, influenced mainly by indecisive investors. This behavior stemmed from continued political tension in the United States, violence in Iraq, and record high oil prices, with improving economic data being the redeeming factor. A shift in investor favor from low-quality, low-price and high-beta or more volatile securities to higher-quality, higher-cap and lower-beta stocks took place at the end of the first quarter of 2004, growing stronger into the second quarter.

The S&P 500 Index posted a negative total return of -1.87% for the third quarter of 2004. The flow of economic news continually pointed toward a strengthening economy. The stock market, however, still faced a number of uncertain challenges, including the geopolitical situation, record high oil prices, the buildup to the U.S. presidential election and a shifting Federal Reserve policy.

Value significantly outperformed growth for the reporting period, with the S&P 500/Barra Value Index returning 14.46%, while the S&P 500/Barra Growth Index posted a return of 4.49%.

Turning to sector performance, nine of 10 S&P 500 Index sectors posted positive returns for the period. Energy was the leader, up 41.29%. Utilities and telecommunications services were also top performers with respective returns of 19.14% and 17.08%. The only negative sector return came from information technology, down 1.21%. Other bottom performers were health care, up 0.27%, and consumer staples, up 1.84%.

Top Fund security holdings at the end of the period were General Electric Co., Exxon Mobil Corp. and Microsoft Corp. Fund holding weights for each security are determined by each security’s respective benchmark weighting. All transactions during the period were driven either by changes to the composition of the benchmark index or Fund shareholder activity.

As we look ahead, many investors will be watching to see whether the election results will allow the President and Congress to enact the equity-friendly legislation that they have proposed. In terms of initiatives that will likely affect the markets, we think that some of the most important ones include Social Security reform and an introduction of some sort of private accounting system, attempts to make President Bush’s first-term tax cuts permanent, increased military spending, tort reform, and attempts to pass a comprehensive energy bill. Social Security reform and the introduction of private accounts could mean more money flowing into stocks. Making the tax cuts permanent would improve the after-tax return on equity investments. Tort reform could improve corporate profits and make corporations less risk-averse. Increased military spending and energy policy changes would likely help the defense and energy sectors of the economy. The unknown equation is how much tension will center on fiscal policy and higher spending levels, given the current budget deficit.

Portfolio Manager:

Fund Asset Management, L.P.—Subadviser


	Class A: GRMAX
	Class B: GRMBX
	Class C: GRMCX
	Institutional Class: GRMIX
	Service Class: GRMSX
	Institutional Service Class: GRISX
	Local Fund: GRMLX

2004 Annual Report 3

Index Series

Gartmore S&P 500 Index Fund


	Fund Performance

Average Annual Total Return

(For Periods Ended October 31, 2004)


		One		Five
		year		year		Inception¹


Class A²	without sales charge³		8.99%		-2.70%		0.87%
	with sales charge⁴		2.74%		-3.84%		-0.08%

Class B²	without sales charge³		8.23%		-3.32%		0.35%
	with sales charge⁵		3.23%		-3.70%		0.35%

Class C⁶	without sales charge³		8.06%		-3.33%		0.34%
	with sales charge⁷		7.06%		-3.33%		0.34%

Institutional Class^8,9			9.24%		-2.39%		1.12%

Service Class^2,9			8.85%		-2.85%		0.67%

Institutional Service Class^2,9			8.86%		-2.70%		0.83%

Local Fund Shares⁹			9.14%		-2.56%		0.98%

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


¹	Fund commenced operations on July 24, 1998.

²	These returns for the period prior to the creation of a particular class include the performance of the Fund’s Local Fund Shares. These returns were achieved prior to the creation of Class A and Class B shares (12/29/99) and Service Class and Institutional Service Class shares (11/2/98). Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A, Class B, Service Class and Institutional Service Class shares would have produced because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class A, Class B, Service Class and Institutional Service Class would have been lower.

³	These returns do not reflect the effects of sales charges.

⁴	A 5.75% front-end sales charge was deducted.

⁵	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.

⁶	These returns until the creation of Class C shares (10/22/03) include the performance of the Fund’s Local Fund Shares for the period through December 28, 1999 and the Fund’s Class B shares for the period from December 29, 1999 to October 21, 2003. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as the Fund’s other classes. The performance f or the Class C shares has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class C shares would have been lower.

⁷	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁸	These returns until the creation of the Institutional Class shares (12/29/99) include the performance of the Fund’s Local Fund shares. The returns have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because Institutional Class shares invest in the same portfolio of securities as Local Fund Shares.

⁹	Not subject to any sales charges.

Performance of a $10,000 Investment

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

LOGO

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


(a)		The S&P 500 Index is an unmanaged index of 500 widely held stocks of large U.S. companies that gives a broad look at how the stock prices of large U.S. companies have performed.

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

4 Annual Report 2004

Gartmore S&P 500 Index Fund

Shareholder Expense Example

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, May 1, 2004, and continued to hold your shares at the end of the reporting period, October 31, 2004. Per SEC requirements, the examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period ended October 31, 2004.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(October 31, 2004)


			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
S&P 500 Index Fund			5/1/04		10/31/04		During Period*		Expense Ratio


Class A	Actual		$	1,000	$	1,028	$	2.60		0.51%
	Hypothetical	¹	$	1,000	$	1,022	$	2.60		0.51%

Class B	Actual		$	1,000	$	1,024	$	6.26		1.23%
	Hypothetical	¹	$	1,000	$	1,019	$	6.26		1.23%

Class C	Actual		$	1,000	$	1,024	$	6.26		1.23%
	Hypothetical	¹	$	1,000	$	1,019	$	6.26		1.23%

Institutional Service Class	Actual		$	1,000	$	1,027	$	2.45		0.48%
	Hypothetical	¹	$	1,000	$	1,023	$	2.44		0.48%

Institutional Class	Actual		$	1,000	$	1,029	$	1.17		0.23%
	Hypothetical	¹	$	1,000	$	1,024	$	1.17		0.23%

Local Shares	Actual		$	1,000	$	1,029	$	1.53		0.30%
	Hypothetical	¹	$	1,000	$	1,023	$	1.53		0.30%

Service Class	Actual		$	1,000	$	1,027	$	3.21		0.63%
	Hypothetical	¹	$	1,000	$	1,022	$	3.21		0.63%


*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 184/366 (to reflect the one-half year period).
¹	Represents the hypothetical 5% annual return before expenses.

2004 Annual Report 5

Gartmore S&P 500 Index Fund

Index Series


	Portfolio Summary
	(October 31, 2004)

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 schedule 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			93.9%
Repurchase Agreements			5.7%
Other Investments*			2.0%
Other Liabilities in excess of Assets**			-1.6%

			100.0%


*	Includes value of collateral received from securities lending.

**	Includes value of collateral owed from securities lending.


Top Industries


Computer Software & Services			6.7%
Banks			6.4%
Retail			5.8%
Oil & Gas			5.8%
Healthcare			5.7%
Drugs			5.3%
Electrical Equipment			3.9%
Insurance			3.9%
Financial			3.3%
Telecommunications			3.0%
Other Industries			50.2%

			100.0%


Top Holdings


General Electric Co.			3.2%
Exxon Mobil Corp.			2.9%
Microsoft Corp.			2.7%
Citigroup, Inc.			2.1%
Wal-Mart Stores, Inc.			2.1%
Pfizer, Inc.			2.0%
Bank of America Corp.			1.6%
Johnson & Johnson Co.			1.6%
American International Group, Inc.			1.4%
International Business Machines Corp.			1.3%
Other Holdings			79.1%

			100.0%

6 Annual Report 2004

Statement of Investments

October 31, 2004

Gartmore S&P 500 Index Fund



Common Stocks (93.9%)

	Shares or
	Principal Amount		Value

Advertising Services (0.0%)
Interpublic Group of Cos., Inc. (The) (b)		70,078	$	859,156



Aerospace & Defense (1.6%)
Boeing Co. (The)		139,471		6,959,603
General Dynamics Corp.		33,231		3,393,550
Goodrich Corp.		19,151		590,425
Lockheed Martin Corp.		73,922		4,072,363
Northrop Grumman Corp.		59,576		3,083,058
Raytheon Co.		74,987		2,735,526
Rockwell Collins, Inc.		29,441		1,044,272
United Technologies Corp.		85,028		7,892,299


				29,771,096



Agriculture (0.1%)
Monsanto Co.		44,390		1,897,673



Airlines (0.4%)
Delta Air Lines, Inc. (b)		33,081		180,291
FedEx Corp.		49,902		4,547,070
Southwest Airlines Co.		131,276		2,070,223


				6,797,584



Analytical Instruments (0.1%)
Applera Corp.-Applied Biosystems Group		33,571		640,535
Waters Corp. (b)		19,671		812,215


				1,452,750



Apparel (0.2%)
Nike, Inc., Class B		43,736		3,556,174
Reebok International Ltd.		9,175		339,475


				3,895,649



Apparel & Accessories (0.2%)
Coach, Inc. (b)		30,300		1,412,889
Liz Claiborne, Inc.		16,311		666,794
V.F. Corp.		18,306		985,412


				3,065,095



Appliance and Household Durable (0.1%)
Maytag Corp.		13,165		229,071
Newell Rubbermaid, Inc.		41,942		904,270


				1,133,341



Auto Parts & Equipment (0.3%)
AutoNation, Inc. (b)		44,291		763,134
Dana Corp.		24,801		369,783
Delphi Automotive Systems Corp.		93,233		784,090
Genuine Parts Co.		29,116		1,161,437
Ingersoll Rand Co.		23,826		1,630,651
Snap-On, Inc.		9,570		281,167


				4,990,262



Automobiles (0.5%)
Ford Motor Co.		304,096		3,962,370
General Motors Corp.		93,856		3,618,149
PACCAR, Inc.		28,796		1,995,851
Visteon Corp.		20,987		149,218


				9,725,588



Banks (6.4%)
AmSouth BanCorp		58,752		1,550,465
Bank of America Corp.		676,006		30,278,309
Bank of New York Co., Inc.		129,344		4,198,506
BB&T Corp.		92,173		3,789,232
Bear Stearns Cos., Inc.		16,067		1,522,348
Fifth Third Bancorp		94,704		4,658,490
Huntington Bancshares, Inc.		38,220		915,369
J.P. Morgan Chase & Co.		592,001		22,851,239
KeyCorp		67,572		2,269,743
M&T Bank Corp.		19,461		2,004,483
Mellon Financial Corp.		70,422		2,035,196
National City Corp.		110,153		4,292,662
North Fork Bancorp, Inc.		52,111		2,298,095
Northern Trust Corp.		36,536		1,554,241
PNC Bank Corp.		46,901		2,452,922
Regions Financial Corp.		76,807		2,694,390
SouthTrust Corp.		55,352		2,411,687
State Street Corp.		55,877		2,517,259
SunTrust Banks, Inc.		59,526		4,189,440
Synovus Financial Corp.		50,617		1,376,276
U.S. Bancorp		312,303		8,934,989
Wachovia Corp.		217,592		10,707,702
Zions Bancorp		14,520		960,788


				120,463,831



Beverages/Alcoholic (0.4%)
Adolph Coors Co., Class B		5,770		384,859
Anheuser-Busch Cos., Inc.		133,134		6,650,043
Brown-Forman Corp., Class B		20,171		905,678


				7,940,580



Beverages/Soft Drink (1.8%)
Coca-Cola Co.		403,217		16,394,803
Coca-Cola Enterprises, Inc.		76,757		1,604,989
Pepsi Bottling Group, Inc. (The)		42,221		1,183,877
PepsiCo, Inc.		281,574		13,960,439


				33,144,108



Biotechnology (0.0%)
Chiron Corp. (b)		26,981		874,724

2004 Annual Report 7


	Statement of Investments (Continued)
	October 31, 2004

Gartmore S&P 500 Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Broadcast Media/Cable Television (0.8%)
Clear Channel Communications, Inc.		99,200	$	3,313,280
Comcast Corp. Special, Class A (b)		39,600		1,149,984
Comcast Corp., Class A (b)		331,775		9,787,363


				14,250,627



Business Services (0.3%)
Cintas Corp.		24,001		1,035,403
Compuware Corp. (b)		62,707		363,074
Convergys Corp. (b)		23,682		308,103
Monster Worldwide, Inc. (b)		17,031		477,720
NCR Corp. (b)		15,345		864,691
Pitney Bowes, Inc.		38,396		1,679,824


				4,728,815



Chemicals (0.2%)
Great Lakes Chemical Corp.		6,935		177,675
Millipore Corp. (b)		6,625		304,684
Praxair, Inc.		54,032		2,280,150
Sigma Aldrich Corp.		11,825		657,943


				3,420,452



Chemicals/ Diversified (1.2%)
Air Products & Chemicals, Inc.		37,766		2,008,396
Dow Chemical Co.		156,090		7,014,685
E.I. du Pont de Nemours and Co.		165,850		7,109,990
Eastman Chemical Co.		11,660		553,500
Engelhard Corp.		20,691		585,555
Hercules, Inc. (b)		16,021		228,780
Occidental Petroleums Corp.		65,127		3,636,040
Rohm & Haas Co.		33,977		1,440,285


				22,577,231



Communications Equipment (1.6%)
CIENA Corp. (b)		91,908		227,013
Citizens Communications Co.		41,536		556,582
Corning, Inc. (b)		231,622		2,652,072
JDS Uniphase Corp. (b)		239,354		758,752
Motorola, Inc.		392,628		6,776,759
Tellabs, Inc. (b)		74,052		592,416
Verizon Communications, Inc.		460,080		17,989,129


				29,552,723



Computer Equipment (1.7%)
American Power Conversion Corp.		33,331		642,622
Dell Computer Corp. (b)		414,858		14,544,921
EMC Corp. (b)		399,587		5,142,685
Gateway, Inc. (b)		50,362		294,618
Hewlett Packard Co.		501,890		9,365,267
Network Appliance, Inc. (b)		56,284		1,377,269


				31,367,382



Computer Integrated Systems Design (0.1%)
Avaya, Inc. (b)		74,419		1,071,634



Computer Software & Services (6.7%)
Adobe Systems, Inc.		39,821		2,231,171
Affiliated Computer Services, Inc., Class A (b)		20,641		1,125,967
Automatic Data Processing, Inc.		97,078		4,212,214
BMC Software, Inc. (b)		37,056		701,100
Cisco Systems, Inc. (b)		1,123,709		21,586,449
Citrix Systems, Inc. (b)		28,071		677,353
Computer Associates International, Inc.		97,238		2,694,465
Electronic Data Systems Corp.		78,462		1,668,887
First Data Corp.		142,452		5,880,419
Fiserv, Inc. (b)		30,866		1,096,978
Intuit, Inc. (b)		31,231		1,416,638
Mercury Interactive Corp. (b)		15,820		687,063
Microsoft Corp.		1,806,889		50,574,822
Novell, Inc. (b)		64,272		462,116
NVIDIA Corp. (b)		26,861		388,679
Oracle Corp. (b)		859,338		10,879,218
Parametric Technology Corp. (b)		40,551		210,460
PeopleSoft, Inc. (b)		61,012		1,267,219
Siebel Systems, Inc. (b)		84,003		798,029
Sun Microsystems, Inc. (b)		552,782		2,504,102
Sungard Data Systems, Inc. (b)		47,951		1,270,222
Symantec Corp. (b)		52,362		2,981,492
Symbol Technologies, Inc.		39,736		583,722
Unisys Corp. (b)		55,662		591,130
VERITAS Software Corp. (b)		71,951		1,574,288
Yahoo!, Inc. (b)		226,148		8,184,296


				126,248,499



Computers/Hardware (1.6%)
Apple Computer, Inc. (b)		64,437		3,384,876
International Business Machines Corp.		278,410		24,987,297
Lexmark International, Inc. (b)		21,501		1,786,948


				30,159,121



Conglomerates (1.0%)
Illinois Tool Works, Inc.		50,247		4,636,793
ITT Industries, Inc.		15,330		1,243,876
Johnson Controls, Inc.		31,586		1,811,457
Tyco International Ltd.		320,300		9,977,345


				17,669,471

8 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Construction & Building Materials (0.3%)
Centex Corp.		19,481	$	1,011,843
Fluor Corp.		13,885		644,819
KB Home		8,915		733,259
Pulte Corp.		20,891		1,146,499
Sherwin Williams Co.		23,686		1,011,866
Vulcan Materials Co.		16,976		845,065


				5,393,351



Construction & Housing (0.1%)
Masco Corp.		72,027		2,467,645



Construction Machinery (0.2%)
Caterpillar, Inc.		56,932		4,585,303



Consumer Durable (0.3%)
Black & Decker Corp.		12,865		1,032,802
Danaher Corp.		51,247		2,825,247
Fortune Brands, Inc.		23,986		1,746,661
Whirlpool Corp.		10,725		630,094


				6,234,804



Consumer Finance (2.1%)
Citigroup, Inc.		860,888		38,197,601



Consumer Non-Cyclical (2.5%)
Alberto Culver Co., Class B		12,020		539,217
Avon Products, Inc.		78,617		3,109,302
Clorox Co. (The)		34,386		1,877,476
Colgate-Palmolive Co.		88,208		3,935,841
Ecolab, Inc.		42,811		1,449,152
Gillette Co. (The)		166,540		6,908,080
International Flavor and Fragrances, Inc.		14,540		567,787
Kimberly-Clark Corp.		82,187		4,904,098
Pall Corp.		20,791		537,655
Procter & Gamble Co.		422,474		21,622,220


				45,450,828



Containers (0.1%)
Ball Corp.		18,630		742,406
Bemis Co., Inc.		17,796		471,060
Sealed Air Corp. (b)		13,997		693,411


				1,906,877



Credit Reporting Services (0.1%)
Moody’s Corp.		24,601		1,914,204



Data Processing & Reproduction (0.1%)
Computer Sciences Corp. (b)		30,681		1,523,925



Distribution (0.2%)
SYSCO Corp.		106,233		3,428,139



Drugs (5.3%)
Amerisource Bergen Corp.		16,626		915,095
Amgen Corp. (b)		210,348		11,947,766
Biogen, Inc. (b)		56,272		3,272,780
Eli Lilly & Co.		187,891		10,317,095
Express Scripts, Inc. (b)		13,560		867,840
Forest Laboratories, Inc. (b)		61,532		2,744,327
Genzyme Corp. (b)		37,851		1,986,042
Gilead Sciences, Inc. (b)		71,600		2,479,508
Laboratory Corp. of America Holdings (b)		22,900		1,048,820
Medimmune, Inc. (b)		38,361		1,090,220
Merck & Co., Inc.		368,676		11,543,246
Mylan Laboratories, Inc.		41,051		706,898
Pfizer, Inc.		1,254,834		36,327,443
Schering Plough Corp.		244,727		4,432,006
Wyeth		221,672		8,789,295


				98,468,381



Educational Services (0.1%)
Apollo Group, Inc. (b)		32,026		2,113,716



Electrical Equipment (3.9%)
Agilent Technologies, Inc. (b)		80,663		2,021,415
Cooper Industries Ltd., Class A		14,930		954,027
Eaton Corp.		25,016		1,599,773
Emerson Electric Co.		69,782		4,469,537
Fisher Scientific International, Inc. (b)		18,500		1,061,160
General Electric Co.		1,754,632		59,868,044
Rockwell International Corp.		29,076		1,212,178
W.W. Grainger, Inc.		13,725		804,148


				71,990,282



Electronics (2.6%)
Altera Corp. (b)		60,582		1,377,029
Applied Micro Circuits Corp. (b)		52,062		189,506
Broadcom Corp., Class A (b)		51,531		1,393,914
Intel Corp.		1,066,138		23,732,231
Jabil Circuit, Inc. (b)		28,741		698,694
KLA-Tencor Corp. (b)		32,121		1,462,469
Linear Technology Corp.		51,067		1,934,418
LSI Logic Corp. (b)		60,282		274,283
Maxim Integrated Products, Inc.		54,014		2,376,075
Molex, Inc.		31,521		932,076
National Semiconductor Corp.		59,477		993,266
PMC-Sierra, Inc. (b)		29,411		301,757
QLogic Corp. (b)		15,345		498,713
RadioShack Corp.		26,571		795,270
Sanmina Corp. (b)		86,639		693,112
Solectron Corp. (b)		130,876		683,173
Tektronix, Inc.		15,295		463,897
Teradyne, Inc. (b)		32,001		529,937

2004 Annual Report 9


	Statement of Investments (Continued)
	October 31, 2004

Gartmore S&P 500 Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Electronics (continued)
Texas Instruments, Inc.		287,659	$	7,033,262
Xilinx, Inc.		57,722		1,766,293


				48,129,375



Entertainment (0.7%)
Electronic Arts, Inc. (b)		50,507		2,268,774
International Game Technology		57,232		1,890,945
Walt Disney Co. (The)		341,440		8,611,118


				12,770,837



Farm Machinery (0.1%)
Deere & Co.		41,246		2,465,686



Financial (3.3%)
American Express Co.		210,657		11,179,567
Capital One Financial Corp.		40,186		2,964,119
Charles Schwab Corp.		227,087		2,077,846
CIT Group, Inc.		36,200		1,462,480
Comerica, Inc.		28,526		1,754,634
Countrywide Credit Industries, Inc.		93,592		2,988,393
Fannie Mae		160,875		11,285,382
Federated Investors, Inc.		15,311		443,866
Golden West Financial Corp.		25,411		2,971,054
Goldman Sachs Group, Inc.		80,772		7,946,349
Lehman Brothers Holdings, Inc.		45,101		3,705,047
MBNA Corp.		212,347		5,442,454
Providian Financial Corp. (b)		48,666		756,756
Washington Mutual, Inc.		145,032		5,614,189


				60,592,136



Financial Services (1.5%)
AMBAC Financial Group, Inc.		16,701		1,303,680
E*TRADE Financial Corp. (b)		56,722		731,714
First Horizon National Corp.		20,491		886,850
H&R Block, Inc.		28,336		1,347,377
Janus Capital Group, Inc.		39,731		605,898
Marshall & Ilsley Corp.		37,066		1,555,660
SLM Corp.		72,422		3,277,820
Sovereign Bancorp, Inc.		57,000		1,234,050
Wells Fargo Co.		280,664		16,761,254


				27,704,303



Food & Related (2.1%)
Altria Group, Inc.		340,943		16,522,097
Archer-Daniels Midland Co.		108,143		2,094,730
Campbell Soup Co.		68,232		1,831,347
ConAgra, Inc.		87,828		2,318,659
General Mills, Inc.		63,162		2,794,919
H.J. Heinz Co.		58,057		2,110,372
Hershey Foods Corp.		42,022		2,130,095
Kellogg Co.		68,742		2,955,906
McCormick & Co.		22,746		805,891
Sara Lee Corp.		131,799		3,068,281
W.M. Wrigley Jr. Co.		37,356		2,443,082


				39,075,379



Furniture & Home Furnishings (0.0%)
Leggett & Platt, Inc.		31,901		897,375



Healthcare (5.7%)
Abbott Laboratories		259,463		11,060,908
Allergan, Inc.		21,916		1,568,309
Bard (C.R.), Inc.		17,386		987,525
Bausch & Lomb, Inc.		8,845		539,191
Baxter International, Inc.		102,173		3,142,841
Becton Dickinson & Co.		41,686		2,188,515
Biomet, Inc.		42,251		1,972,277
Boston Scientific Corp. (b)		139,954		4,940,376
Bristol-Myers Squibb Co.		323,240		7,573,513
Cardinal Health, Inc.		71,497		3,342,485
Guidant Corp.		52,267		3,482,028
HCA, Inc.		80,233		2,946,958
Health Management Associates, Inc., Class A		40,441		835,511
Humana, Inc. (b)		26,461		506,728
Johnson & Johnson Co.		493,225		28,794,475
King Pharmaceuticals, Inc. (b)		40,123		437,742
Manor Care, Inc.		14,520		475,385
McKesson HBOC, Inc.		48,747		1,299,595
Medco Health Solutions, Inc. (b)		45,226		1,533,614
Medtronic, Inc.		201,006		10,273,417
Quest Diagnostics, Inc.		16,086		1,408,168
St. Jude Medical, Inc. (b)		29,411		2,252,000
Stryker Corp.		66,677		2,873,112
Tenet Healthcare Corp. (b)		77,487		830,661
UnitedHealth Group, Inc.		110,509		8,000,852
Watson Pharmaceutical, Inc. (b)		16,806		471,072
Wellpoint Health Networks, Inc. (b)		26,126		2,551,465


				106,288,723



Hotels & Casinos (0.1%)
Harrah’s Entertainment, Inc.		18,221		1,066,293



Hotels/Motels (0.5%)
Cendant Corp.		175,445		3,612,412
Hilton Hotels Corp.		63,387		1,261,401
Marriott International, Inc., Class A		38,081		2,075,034
Starwood Hotels & Resorts Worldwide, Inc.		34,624		1,652,604


				8,601,451

10 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Industrial Diversified (0.1%)
Parker Hannifin Corp.		17,156	$	1,211,728
Thermo Electron Corp. (b)		27,176		788,104


				1,999,832



Insurance (3.9%)
ACE Ltd.		40,611		1,545,655
Aetna, Inc.		25,521		2,424,495
Allstate Corp. (The)		115,214		5,540,641
American International Group, Inc.		432,966	��	26,285,366
Anthem, Inc. (b)		23,175		1,863,270
AON Corp.		47,927		978,190
Chubb Corp. (The)		31,781		2,292,364
CIGNA Corp.		22,861		1,450,759
Cincinnati Financial Corp.		27,971		1,167,789
Hartford Financial Services Group, Inc.		48,771		2,852,128
Lincoln National Corp.		29,236		1,280,537
Loews Corp.		30,171		1,807,243
MBIA, Inc.		23,776		1,375,679
MetLife, Inc.		124,679		4,781,440
MGIC Investment Corp.		15,360		987,802
Principal Financial Group, Inc.		52,107		1,967,560
Progressive Corp. (The)		13,700		1,281,635
Prudential Financial, Inc.		86,243		4,007,712
SAFECO Corp.		22,551		1,042,758
St. Paul Cos., Inc.		111,115		3,773,465
Torchmark Corp.		18,231		984,839
UnumProvident Corp.		42,149		575,755
XL Capital Ltd., Class A		20,646		1,496,835


				71,763,917



Insurance/Life (0.2%)
AFLAC, Inc.		84,313		3,025,150
Jefferson-Pilot Corp.		22,661		1,094,300


				4,119,450



Insurance Brokers (0.1%)
Marsh & McLennan Cos., Inc.		86,493		2,392,396



Investment Management (1.2%)
Franklin Resources, Inc.		41,471		2,513,972
Merrill Lynch & Co.		156,095		8,419,764
Morgan Stanley Dean Witter & Co.		182,542		9,326,071
T. Rowe Price Group, Inc.		21,191		1,181,822


				21,441,629



Leisure Products (0.4%)
Brunswick Corp.		15,840		743,213
Carnival Corp.		95,863		4,846,833
Hasbro, Inc.		29,421		520,457
Mattel, Inc.		62,923		1,101,782


				7,212,285



Manufacturing (1.2%)
3M Co.		130,089		10,091,003
American Standard Cos., Inc. (b)		35,516		1,298,820
Crane Co.		9,825		273,823
Cummins, Inc.		6,100		427,488
Dover Corp.		33,756		1,325,598
Honeywell International, Inc.		142,869		4,811,827
Power-One, Inc. (b)		11,690		82,064
PPG Industries, Inc.		28,506		1,817,258
Stanley Works (The)		13,580		604,582
Textron, Inc.		22,246		1,516,065


				22,248,528



Medical Equipment & Supplies (0.0%)
PerkinElmer, Inc.		16,896		347,044



Medical Products (0.2%)
Zimmer Holdings, Inc. (b)		40,746		3,161,482



Metals & Mining (0.6%)
Alcoa, Inc.		144,526		4,697,095
Freeport-McMoRan Copper & Gold, Inc.		29,806		1,079,573
Newmont Mining Corp.		73,632		3,498,993
Phelps Dodge Corp.		15,343		1,343,126


				10,618,787



Mortgage/Asset Backed Obligations (0.4%)
Freddie Mac		114,138		7,601,591



Motor Vehicles (0.2%)
Harley-Davidson, Inc.		49,027		2,822,484
Navistar International Corp. (b)		12,820		442,931


				3,265,415



Multimedia (1.3%)
Time Warner, Inc. (b)		759,893		12,644,620
Viacom, Inc., Class A		100		3,706
Viacom, Inc., Class B		288,174		10,515,469


				23,163,795



Natural Gas (0.1%)
NICOR, Inc.		7,305		274,084
People’s Energy Corp.		5,775		247,055
Sempra Energy		37,281		1,250,404


				1,771,543



Office Equipment & Supplies (0.2%)
Avery Dennison Corp.		18,316		1,114,345
Xerox Corp. (b)		138,254		2,042,012


				3,156,357

2004 Annual Report 11


	Statement of Investments (Continued)
	October 31, 2004

Gartmore S&P 500 Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Oil & Gas (5.8%)
Amerada Hess Corp.		15,420	$	1,244,548
Apache Corp.		54,224		2,749,157
Ashland, Inc.		11,825		681,357
BJ Services Co.		27,746		1,415,046
ChevronTexaco Corp.		353,956		18,780,905
ConocoPhillips		114,491		9,652,736
Devon Energy Corp.		40,154		2,970,191
El Paso Corp.		98,413		879,812
EOG Resources, Inc.		20,441		1,360,553
Exxon Mobil Corp.		1,081,161		53,214,745
KeySpan Corp.		26,591		1,062,310
Kinder Morgan, Inc.		20,576		1,324,477
Marathon Oil Corp.		57,502		2,191,401
Nabors Industries Ltd. (b)		26,177		1,285,814
Noble Corp. (b)		23,031		1,052,056
Rowan Cos., Inc. (b)		15,986		408,123
Sunoco, Inc.		11,560		859,602
Transocean Sedco Forex, Inc. (b)		49,207		1,734,547
Unocal Corp.		44,016		1,837,668
Valero Energy Corp.		41,992		1,804,396
Williams Cos., Inc. (The)		92,338		1,155,148


				107,664,592



Oil Equipment & Services (1.0%)
Anadarko Petroleum Corp.		41,538		2,801,738
Baker Hughes, Inc.		55,447		2,374,795
Burlington Resources, Inc.		65,562		2,720,823
Dynegy, Inc., Class A (b)		63,072		310,945
Halliburton Co.		73,362		2,717,328
Kerr-Mcgee Corp.		23,055		1,365,317
Schlumberger Ltd.		87,568		5,511,531


				17,802,477



Paper & Forest Products (0.5%)
Boise Cascade Corp.		13,210		389,959
Georgia-Pacific Corp.		42,954		1,485,779
International Paper Co.		80,858		3,113,841
Louisiana-Pacific Corp.		18,196		445,984
MeadWestvaco Corp.		33,547		1,057,737
Pactiv Corp. (b)		25,036		593,103
Temple Inland, Inc.		8,755		517,596
Weyerhaeuser Co.		39,801		2,493,135


				10,097,134



Pharmacy Services (0.2%)
Caremark Rx, Inc. (b)		77,420		2,320,277
Hospira, Inc. (b)		25,946		827,937


				3,148,214



Photographic (0.1%)
Eastman Kodak Co.		43,546		1,318,573



Pollution Control (0.2%)
Allied Waste Industries, Inc. (b)		40,007		326,457
Waste Management, Inc.		96,413		2,745,842


				3,072,299



Printing & Publishing (0.7%)
Dow Jones & Company, Inc.		12,680		561,090
Gannett Co., Inc.		44,376		3,680,989
Knight-Ridder, Inc.		12,875		882,324
McGraw-Hill Cos., Inc. (The)		31,601		2,725,586
Meredith Corp.		8,335		408,415
New York Times Co., Class A		24,406		977,460
R.R. Donnelley & Sons Co.		32,806		1,031,749
Tribune Co.		52,909		2,285,669


				12,553,282



Railroads (0.5%)
Burlington Northern Santa Fe Corp.		61,852		2,586,032
CSX Corp.		35,706		1,303,269
Norfolk Southern Corp.		65,437		2,221,586
Union Pacific Corp.		43,116		2,715,015


				8,825,902



Real Estate Investment Trusts (0.4%)
Apartment Investment & Management Co.		14,440		529,804
Equity Office Properties Trust		66,982		1,883,533
Equity Residential Property Trust		45,411		1,514,457
Plum Creek Timber Co., Inc.		30,461		1,105,430
ProLogis Trust		27,951		1,089,530
Simon Property Group, Inc.		31,661		1,846,469


				7,969,223



Restaurants (0.5%)
Darden Restaurants, Inc.		26,276		643,762
McDonald’s Corp.		208,741		6,084,800
Wendy’s International, Inc.		18,836		628,557
YUM! Brands, Inc.		48,281		2,100,224


				9,457,343



Retail (5.8%)
AutoZone, Inc. (b)		14,010		1,146,158
Bed Bath & Beyond, Inc. (b)		49,902		2,035,503
Best Buy Co., Inc.		53,977		3,196,518
Big Lots, Inc. (b)		19,151		237,281
Circuit City Stores, Inc.		30,636		497,835
Costco Wholesale Corp.		76,657		3,674,937
CVS Corp.		66,367		2,884,310
Dillards, Inc., Class A		13,890		284,606
Dollar General Corp.		50,097		964,367
Family Dollar Stores, Inc.		28,006		827,577
Federated Department Stores, Inc.		29,151		1,470,668
Gap, Inc. (The)		150,220		3,001,396

12 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Retail (continued)
Home Depot, Inc.		364,867	$	14,988,735
J.C. Penney Co., Inc.		47,781		1,652,745
Jones Apparel Group, Inc.		20,691		730,392
Kohl’s Corp. (b)		56,797		2,883,016
Limited, Inc. (The)		75,528		1,871,584
Lowe’s Cos., Inc.		129,599		7,293,832
May Department Stores Co. (The)		48,456		1,262,763
Nordstrom, Inc.		23,246		1,003,762
Office Depot, Inc. (b)		52,062		842,884
Sears, Roebuck & Co.		35,146		1,230,110
Staples, Inc.		82,648		2,457,952
Starbucks Corp. (b)		66,062		3,493,359
Target Corp.		150,090		7,507,502
Tiffany & Co.		22,886		671,246
TJX Cos., Inc.		81,268		1,948,807
Toys “R” Us, Inc. (b)		31,801		572,736
Wal-Mart Stores, Inc.		705,082		38,018,020


				108,650,601



Retail/Food & Drug (0.6%)
Albertson’s, Inc.		61,861		1,411,049
Kroger Co. (b)		122,809		1,855,644
Safeway, Inc. (b)		74,282		1,354,904
Supervalu, Inc.		21,331		629,051
Walgreen Co.		170,225		6,109,376
Winn-Dixie Stores, Inc.		18,066		62,147


				11,422,171



Semiconductors (0.5%)
Advanced Micro Devices, Inc. (b)		58,942		991,404
Analog Devices, Inc.		62,857		2,530,623
Applied Materials, Inc. (b)		282,219		4,543,727
Micron Technology, Inc. (b)		101,668		1,238,316
Novellus Systems, Inc. (b)		25,621		663,840


				9,967,910



Services (1.3%)
Autodesk, Inc.		19,431		1,024,985
Deluxe Corp.		8,335		317,480
eBay, Inc. (b)		109,838		10,721,288
Equifax, Inc.		22,651		592,324
Exelon Corp.		109,698		4,346,235
IMS Health, Inc.		38,874		823,351
Omnicom Group, Inc.		31,091		2,453,080
Paychex, Inc.		62,852		2,061,168
Robert Half International, Inc.		28,606		758,917
Ryder System, Inc.		9,905		496,241
Sabre Holdings, Inc.		22,773		489,847


				24,084,916



Steel (0.1%)
Allegheny Teledyne, Inc.		15,075		253,411
Nucor Corp.		26,730		1,128,808
United States Steel Corp.		19,931		731,866
Worthington Industries, Inc.		14,505		287,924


				2,402,009



Telecommunications (3.0%)
ADC Telecommunications, Inc. (b)		126,192		278,884
ALLTEL Corp.		51,267		2,816,096
Andrew Corp. (b)		26,746		373,909
AT&T Corp.		132,100		2,260,231
BellSouth Corp.		304,224		8,113,654
CenturyTel, Inc.		22,676		727,673
Comverse Technology, Inc. (b)		34,306		708,076
Lucent Technologies, Inc. (b)		716,132		2,542,269
Nextel Communications, Inc. (b)		185,076		4,902,663
QUALCOMM, Inc.		270,478		11,308,685
Qwest Communications International, Inc. (b)		301,630		1,031,575
SBC Communications, Inc.		550,718		13,911,137
Scientific-Atlanta, Inc.		25,416		696,144
Sprint Corp.		241,442		5,058,210
Univision Communications, Inc., Class A (b)		49,417		1,529,950


				56,259,156



Tire & Rubber (0.0%)
Cooper Tire & Rubber Co.		13,745		267,752
Goodyear Tire & Rubber Co. (b)		26,421		266,324


				534,076



Tobacco (0.2%)
Reynolds American, Inc.		24,995		1,721,156
UST, Inc.		27,081		1,114,654


				2,835,810



Trucking (0.8%)
United Parcel Service, Inc., Class B		186,816		14,792,091



Utilities (2.4%)
AES Corp. (The) (b)		92,693		1,010,354
Allegheny Energy, Inc. (b)		24,496		448,522
Ameren Corp.		24,556		1,178,688
American Electric Power Co., Inc.		65,797		2,166,695
Calpine Corp. (b)		83,542		208,020
Centerpoint Energy, Inc.		51,142		537,502
Cinergy Corp.		27,836		1,100,079
CMS Energy Corp. (b)		16,956		158,708
Consolidated Edison, Inc.		40,526		1,760,855
Constellation Energy Group, Inc.		29,186		1,185,535
Dominion Resources, Inc.		54,894		3,530,782
DTE Energy Co.		25,191		1,075,908
Duke Energy Corp.		155,817		3,822,191

2004 Annual Report 13


	Statement of Investments (Continued)
	October 31, 2004

Gartmore S&P 500 Index Fund (Continued)

Index Series





Common Stocks (continued)
	Shares or
	Principal Amount		Value

Utilities (continued)
Edison International		54,132	$	1,651,026
Entergy Corp.		37,776		2,469,039
FirstEnergy Corp.		54,800		2,264,884
FPL Group, Inc.		30,766		2,119,777
NiSource, Inc.		43,358		930,029
PG&E Corp. (b)		68,172		2,184,231
Pinnacle West Capital Corp.		15,225		648,890
PPL Corp.		24,431		1,270,412
Progress Energy, Inc.		41,051		1,695,406
Public Service Enterprise Group, Inc.		39,411		1,678,514
Southern Co.		122,649		3,874,482
TECO Energy, Inc.		33,081		463,134
TXU Corp.		51,722		3,166,421
Xcel Energy, Inc.		66,487		1,136,928


				43,737,012


Total Common Stocks				1,739,182,848


Repurchase Agreements (5.7%)
CS First Boston, 1.75%, dated 10/29/04, due 11/01/04, repurchase price $44,253,083 (Fully collateralized by U.S. Agency Securities and Treasury Notes)	$	44,246,630		44,246,630


Nomura Securities, 1.75%, dated 10/29/04, due 11/01/04, repurchase price $61,832,237 (Fully collateralized by U.S. Agency Securities and AA Rated Corporate Bonds)		61,823,222		61,823,222


Total Repurchase Agreements				106,069,852





Short-Term Securities Held as Collateral for Securities Lending (2.0%)
	Shares or
	Principal Amount		Value


Pool of short-term securities for Gartmore Mutual Funds - footnote 2 (Securities Lending)	$	36,450,779		36,450,779


Total Short-Term Securities Held as Collateral for Securities Lending				36,450,779


Total Investments (Cost $1,808,872,715) (a) — 101.6%				1,881,703,479


Other liabilities in excess of assets — (1.6%)				(28,947,704)


NET ASSETS — 100.0%			$	1,852,755,775


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

(b)		Denotes a non-income producing security.

At October 31, 2004 the Fund’s open long future contracts were as follows:

Market Value

Unrealized

Number of

Long

Covered by

Appreciation

Contracts

Contracts*

Expiration

Securities

(Depreciation)

410

S&P 500

12/17/04

115,855,750

912,296


*		Cash pledged as collateral.

See notes to financial statements.

14 Annual Report 2004

Index Series


	Gartmore Mid Cap Market Index Fund

For the annual period ended Oct. 31, 2004, the Gartmore Mid Cap Market Index Fund returned 10.07% (Class A at NAV) versus 11.04% for its benchmark, the S&P MidCap 400 Index. For broader comparison, the average return for this Fund’s Lipper peer category of Mid-Cap Core Funds was 10.62%.

The second quarter of 2004 showed flat to positive returns for the domestic equity market, influenced mainly by indecisive investors. This behavior stemmed from continued political tension in the United States, violence in Iraq, record high oil prices and improving economic data. A shift in investor favor from low-quality, low-price and high-beta (more volatile) securities to higher-quality, higher-cap and lower-beta stocks took place at the end of the first quarter of 2004 and grew stronger into the second quarter.

The S&P Mid Cap 400 Index total return posted a negative return of -2.10% for the third quarter of 2004. The flow of economic news continually pointed toward a strengthening economy. The stock market, however, still faced a number of uncertain challenges, including the geopolitical situation, record high oil prices, the buildup to the U.S. presidential election and a shifting Federal Reserve policy. The S&P Mid Cap 400 Index returned to positive territory in October 2004 and posted a total return of 1.60%.

Turning to sector performance, nine of 10 S&P Mid Cap 400 Index sectors posted positive returns during the reporting period. Energy was the leader, returning 42.87%. Materials and financials also were top performers, returning 28.12% and 13.54%, respectively. Information technology was the bottom performer, returning -10.58%, followed by health care and telecommunication services with respective returns of 7.07% and 7.93%.

Top Fund security holdings at the end of the period were The Washington Post Co., XTO Energy Inc. and Harman International Industries, Inc. Fund holding weights for each security are determined by each security’s respective benchmark weighting. All transactions during the period were driven either by changes to the composition of the benchmark index or Fund shareholder activity.

As we look ahead, many investors will be watching to see whether the election results will allow the President and Congress to enact the equity-friendly legislation that they have proposed. In terms of initiatives that will likely affect the markets, we think some of the most important ones include Social Security reform and an introduction of some sort of private accounting system, attempts to make President Bush’s first-term tax cuts permanent, as well as increased military spending, tort reform, and attempts to pass a comprehensive energy bill. Social Security reform and the introduction of private accounts could mean more money flowing into stocks. Making the tax cuts permanent would improve the after-tax return on equity investments. Tort reform could improve corporate profits and make corporations less risk-averse. Increased military spending and energy policy changes would likely help the defense and energy sectors of the economy. The unknown equation is how much tension will center on fiscal policy and higher spending levels, given the current budget deficit.

Portfolio Manager:

Fund Asset Management, L.P.,—Subadviser


	Class A: GMXAX
	Class B: GMCBX
	Class C: GMCCX
	Institutional Class: GMXIX

2004 Annual Report 15

Index Series

Gartmore Mid Cap Market Index Fund


	Fund Performance

Average Annual Total Return

(For Periods Ended October 31, 2004)


		One year		Inception¹


Class A	without sales charge²		10.07%		7.13%
	with sales charge³		3.78%		5.83%

Class B⁴	without sales charge²		9.44%		6.61%
	with sales charge⁵		4.44%		6.29%

Class C⁶	without sales charge²		9.48%		6.60%
	with sales charge⁷		8.48%		6.60%

Institutional Class⁸			10.47%		7.60%

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


¹	Fund commenced operations on December 29, 1999.

²	These returns do not reflect the effects of sales charges.

³	A 5.75% front-end sales charge was deducted.

⁴	These returns until the creation of Class B shares (5/25/01) include performance based on the Fund’s Class A shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class B shares would have produced because Class B shares invest in the same portfolio of securities as Class A shares. The performance for this class has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class B shares would have been lower.

⁵	A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.

⁶	These returns until the creation of Class C shares (10/22/03) include the performance of the Fund’s Class A for the period through May 24, 2001 and the Fund’s Class B shares for the period from May 25, 2001 to October 21, 2003. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as the Fund’s other classes. The performance for the Class C shares has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class C shares would have been lower.

⁷	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁸	Not subject to any sales charges.

Performance of a $10,000 Investment

LOGO

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


(a)		The S&P MidCap 400 Index is an unmanaged index that measures the performance of mid-sized U.S. companies.

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

16 Annual Report 2004

Gartmore Mid Cap Market Index Fund

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(October 31, 2004)


			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Mid Cap Market Index Fund			5/1/04		10/31/04		During Period*		Expense Ratio


Class A	Actual		$	1,000	$	1,034	$	3.58		0.70%
	Hypothetical	¹	$	1,000	$	1,021	$	3.56		0.70%

Class B	Actual		$	1,000	$	1,032	$	6.69		1.31%
	Hypothetical	¹	$	1,000	$	1,018	$	6.67		1.31%

Class C	Actual		$	1,000	$	1,032	$	6.69		1.31%
	Hypothetical	¹	$	1,000	$	1,018	$	6.67		1.31%

Institutional Class	Actual		$	1,000	$	1,036	$	1.59		0.31%
	Hypothetical	¹	$	1,000	$	1,023	$	1.58		0.31%


*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 184/366 (to reflect the one-half year period).

¹	Represents the hypothetical 5% annual return before expenses.

2004 Annual Report 17

Gartmore Mid Cap Market Index Fund

Index Series


	Portfolio Summary
	(October 31, 2004)


Asset Allocation


Common Stock			89.9%
Repurchase Agreements			9.2%
Other Investments*			15.1%
Liabilities in excess of Other Assets**			-14.2%

			100.0%


*	Includes value of collateral received from securities lending.

**	Includes value of collateral owed from securities lending.


Top Industries


Healthcare			7.5%
Retail			6.9%
Oil & Gas			6.8%
Utilities			6.5%
Banks			5.9%
Insurance			4.8%
Computer Software & Services			4.2%
Electronics			4.1%
Financial Services			3.9%
Communications Equipment			3.2%
Other Industries			46.2%

			100.0%


Top Holdings


Washington Post Co.			0.8%
XTO Energy, Inc.			0.8%
Murphy Oil Corp.			0.7%
Harman International Industries, Inc.			0.7%
L-3 Communications Holdings, Inc.			0.7%
Lennar Corp.			0.6%
D.R. Horton, Inc.			0.6%
Legg Mason, Inc.			0.6%
Weatherford International Ltd.			0.6%
Fidelity National Financial, Inc.			0.6%
Other Holdings			93.3%

			100.0%

18 Annual Report 2004

Statement of Investments

October 31, 2004

Gartmore Mid Cap Market Index Fund



Common Stocks (89.9%)

	Shares or
	Principal Amount		Value

Aerospace/Defense (0.6%)
Alliant Techsystems, Inc. (b)		21,200	$	1,218,788
Precision Castparts Corp.		34,300		2,058,000
Sequa Corp. (b)		4,660		251,547


				3,528,335



Agricultural Products (0.1%)
Universal Corp.		15,140		693,109



Airlines (0.4%)
AirTran Holdings, Inc. (b)		45,000		522,900
Alaska Air Group, Inc. (b)		15,200		400,368
Jetblue Airways Corp. (b)		57,950		1,277,798


				2,201,066



Amusement & Recreation (0.3%)
Callaway Golf Co.		40,900		426,587
International Speedway Corp.		27,800		1,307,712
Six Flags, Inc. (b)		52,200		263,088


				1,997,387



Auto Parts & Equipment (1.2%)
Arvinmeritor, Inc.		35,460		661,684
Bandag, Inc.		8,700		400,200
BorgWarner Automotive, Inc.		29,820		1,383,052
Gentex Corp.		43,440		1,433,954
Lear Corp.		38,220		2,060,822
Modine Manufacturing Co.		17,800		546,638
Superior Industries International, Inc.		16,200		441,774


				6,928,124



Automotive (0.2%)
Adesa, Inc. (b)		53,500		1,078,025



Banks (5.9%)
Associated Banc Corp.		69,821		2,422,090
Astoria Financial Corp.		39,680		1,551,091
Banknorth Group, Inc.		95,407		3,365,005
City National Corp.		27,500		1,894,750
Colonial Bancgroup, Inc.		69,540		1,505,541
Compass Bancshares, Inc.		65,940		3,149,954
Cullen/ Frost Bankers, Inc.		27,480		1,346,520
FirstMerit Corp.		44,480		1,162,262
Greater Bay Bancorp		29,680		927,352
Hibernia Corp.		82,900		2,404,100
Independence Community Bank Corp.		47,136		1,773,728
IndyMac Bancorp, Inc.		34,800		1,122,648
Mercantile Bankshare Corp.		42,450		2,069,013
New York Community Bancorp, Inc.		142,614		2,618,393
Silicon Valley Bancshares (b)		20,620		825,006
Suntrust Banks, Inc.		505		35,542
TCF Financial Corp.		77,500		2,442,800
Washington Federal, Inc.		39,510		1,008,295
Webster Financial Corp.		27,600		1,319,280
West America Bancorp		16,320		933,341
Wilmington Trust Corp.		35,300		1,219,968


				35,096,679



Biotechnology (0.8%)
Millenium Pharmaceuticals, Inc. (b)		164,463		2,134,730
Protein Design Labs, Inc. (b)		52,020		996,183
Valeant Pharmaceuticals International		46,900		1,125,600
Vertex Pharmaceuticals, Inc. (b)		39,580		430,630


				4,687,143



Broadcasting (0.4%)
Emmis Communications Corp. (b)		28,400		531,080
Entercom Communications Corp. (b)		28,480		945,536
Westwood One, Inc. (b)		51,780		1,195,082


				2,671,698



Business Services (2.0%)
Acxiom Corp.		45,240		1,131,000
Catalina Marketing Corp.		29,700		760,617
Ceridian Corp. (b)		79,040		1,363,440
CheckFree Corp. (b)		45,900		1,422,900
CSG Systems International, Inc. (b)		28,480		478,749
Fair Issac Corp.		39,350		1,188,370
Gartner Group, Inc. (b)		18,780		223,482
Gartner Group, Inc., Class B (b)		38,200		443,502
Harte-Hanks, Inc.		44,240		1,138,738
Kelly Services, Inc.		18,175		489,180
Korn/ Ferry International (b)		22,800		396,720
Manpower, Inc.		49,960		2,260,690
MPS Group, Inc. (b)		51,140		538,504


				11,835,892



Chemicals (2.2%)
Airgas, Inc.		38,300		942,180
Albemarle Corp.		21,100		756,435
Cabot Corp.		32,500		1,107,600
Crompton Corp.		63,500		590,550
Cytec Industries, Inc.		22,400		1,041,824
Ferro Corp.		25,100		528,857
FMC Corp. (b)		19,460		853,321
Lubrizol Corp.		37,380		1,298,207
Lyondell Chemical Co.		98,600		2,265,828
Minerals Technologies, Inc.		12,240		735,624
Olin Corp.		40,660		760,342
RPM, Inc.		62,800		1,107,164
Valspar Corp.		27,000		1,259,820


				13,247,752

2004 Annual Report 19


	Statement of Investments (Continued)
	October 31, 2004

Gartmore Mid Cap Market Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Commercial Services (0.3%)
Alliance Data Systems Corp. (b)		42,800	$	1,809,584



Communication Equipment (3.2%)
Adtran, Inc.		41,700		900,720
Advanced Fibre Communications, Inc. (b)		50,000		781,000
Cincinnati Bell, Inc. (b)		116,800		398,288
CommScope, Inc. (b)		25,020		450,610
Harman International Industries, Inc.		36,200		4,350,516
Harris Corp.		37,040		2,279,071
L-3 Communications Holdings, Inc.		58,720		3,871,410
Plantronics, Inc.		25,200		1,096,200
Polycom, Inc. (b)		52,400		1,082,060
Powerwave Technologies, Inc. (b)		52,420		391,577
Telephone & Data Systems, Inc.		30,800		2,306,920
Utstarcom, Inc. (b)		63,800		1,092,256


				19,000,628



Computer Hardware (0.6%)
Keane, Inc. (b)		33,700		532,797
National Instruments Corp.		41,430		1,140,568
Quantum Corp. (b)		73,860		197,945
Storage Technology Corp. (b)		60,200		1,626,604


				3,497,914



Computer Software & Services (4.2%)
3COM Corp. (b)		221,020		915,023
Activision, Inc. (b)		77,525		1,122,562
Advent Software, Inc. (b)		16,369		341,457
Ascential Software Corp. (b)		34,238		482,413
Avocent Corp. (b)		25,700		914,920
Cadence Design Systems, Inc. (b)		144,680		1,799,819
CDW Corp.		45,740		2,837,253
Cognizant Technology Solutions Corp. (b)		72,440		2,462,960
DST Systems, Inc. (b)		46,740		2,096,289
Henry (Jack) & Associates, Inc.		46,500		866,760
Macromedia, Inc. (b)		36,000		977,040
Macrovision Corp. (b)		25,420		687,357
McAfee, Inc. (b)		85,700		2,073,940
McData Corp. (b)		54,200		340,376
Mentor Graphics Corp. (b)		35,100		408,564
Retek, Inc. (b)		28,860		159,307
RSA Security, Inc. (b)		36,400		744,744
SanDisk Corp. (b)		89,000		1,857,430
Sybase, Inc. (b)		48,200		763,006
Synopsys, Inc. (b)		86,620		1,406,709
Titan Corp. (The) (b)		42,770		634,707
Transaction Systems Architects, Inc. (b)		22,200		363,969
Wind River Systems, Inc. (b)		42,300		566,397


				24,823,002



Construction (2.8%)
D.R. Horton, Inc.		124,985		3,749,550
Dycom Industries, Inc. (b)		25,200		822,780
Granite Construction, Inc.		23,060		559,897
Hovnanian Enterprises, Inc. (b)		34,220		1,284,619
Jacobs Engineering Group, Inc. (b)		29,780		1,212,939
Lennar Corp.		84,960		3,821,501
Martin Marietta Materials, Inc.		24,500		1,115,485
The Ryland Group, Inc.		13,400		1,278,226
Thor Industries, Inc.		30,500		848,205
Toll Brothers, Inc. (b)		41,600		1,928,160


				16,621,362



Consumer & Commercial Services (1.6%)
Career Education Corp. (b)		56,660		1,777,424
Corinthian Colleges, Inc. (b)		51,180		734,945
DeVry, Inc. (b)		39,700		579,620
Dun & Bradstreet Corp. (b)		38,160		2,158,329
MoneyGram International, Inc.		47,500		883,500
Quanta Services, Inc. (b)		60,600		407,232
Rent-A-Center, Inc. (b)		44,800		1,074,752
Rollins, Inc.		23,610		622,124
Sotheby’s Holdings, Inc. (b)		32,300		603,687
United Rentals, Inc. (b)		44,500		687,525


				9,529,138



Consumer Products (2.3%)
Blyth Industries, Inc.		23,740		713,862
Choicepoint, Inc. (b)		47,620		1,982,421
Church & Dwight, Inc.		33,300		906,426
Education Management Corp. (b)		38,500		1,032,570
Energizer Holdings, Inc. (b)		43,400		2,015,062
Furniture Brands International, Inc.		30,200		658,662
Lancaster Colony Corp.		18,340		788,253
Mohawk Industries Co. (b)		35,440		3,015,235
Scotts Co. (The) (b)		17,360		1,114,859
Timberland Co., Class A (b)		18,900		1,160,460
Tupperware Corp.		34,833		581,363


				13,969,173



Containers/Packaging (0.4%)
Packaging Corp. of America		55,420		1,215,361
Sonoco Products Co.		51,700		1,377,805


				2,593,166



Electric and Electronic Equipment (0.0%)
Fisher Scientific International, Inc. (b)		1,169		67,054

20 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Electronics (4.1%)
Amphenol Corp., Class A (b)		50,200	$	1,723,366
Arrow Electronics, Inc. (b)		60,800		1,456,768
Atmel Corp. (b)		252,500		802,950
Avnet, Inc. (b)		63,878		1,083,371
Cabot Microelectronics Corp. (b)		13,528		487,414
Credence Systems Corp. (b)		43,760		330,388
Cree, Inc. (b)		40,788		1,407,594
Cypress Semiconductor Corp. (b)		67,100		706,563
Hubbell, Inc.		31,700		1,449,324
Integrated Device Technology, Inc. (b)		61,200		723,384
International Rectifier Corp. (b)		35,500		1,411,125
Intersil Corp.		80,700		1,317,024
Kemet Corp. (b)		43,660		338,802
Lam Research Corp. (b)		71,460		1,860,104
Lattice Semiconductor Corp. (b)		50,360		250,289
LTX Corp. (b)		37,600		244,400
Micrel, Inc. (b)		46,500		522,195
Microchip Technology, Inc.		113,172		3,423,452
Newport Corp. (b)		20,400		230,316
Plexus Corp. (b)		22,900		283,731
RF Micro Devices, Inc. (b)		106,600		693,966
SPX Corp.		42,620		1,634,477
Thomas & Betts Corp.		31,548		894,070
TriQuint Semiconductor, Inc. (b)		63,705		226,790
Vishay Intertechnology, Inc. (b)		89,030		1,151,158


				24,653,021



Financial Services (3.9%)
Americredit Corp. (b)		84,000		1,629,600
Bank of Hawaii Corp.		29,300		1,399,075
BISYS Group, Inc. (The) (b)		63,400		925,640
Certegy, Inc.		33,300		1,177,155
Commerce Bancorp, Inc.		43,620		2,584,049
Eaton Vance Corp.		36,100		1,574,682
Edwards (A.G.), Inc.		44,700		1,620,822
Investors Financial Services Corp.		37,084		1,427,363
Jefferies Group, Inc.		29,800		1,195,874
Labranche & Co., Inc. (b)		24,800		175,832
Legg Mason, Inc.		55,770		3,553,106
PMI Group, Inc.		53,600		2,080,752
Raymond James Financial, Inc.		37,620		981,882
SEI Corp.		55,340		1,991,687
Waddell & Reed Financial, Inc.		42,100		884,521


				23,202,040



Food & Beverage (3.1%)
Constellation Brands, Inc. (b)		56,620		2,221,203
Dean Foods Co. (b)		87,498		2,611,815
Hormel Foods Corp.		74,120		2,083,513
J.M. Smucker Co.		32,971		1,467,210
Krispy Kreme Doughnuts, Inc. (b)		33,500		355,100
PepsiAmericas, Inc.		73,800		1,494,450
Sensient Technologies Corp.		26,380		572,974
Smithfield Foods, Inc. (b)		61,000		1,478,030
Tootsie Roll Industries, Inc.		27,133		822,673
Tyson Foods, Inc.		189,130		2,742,385
Whole Foods Market, Inc.		34,380		2,799,562


				18,648,915



Gaming (1.4%)
Boyd Gaming Corp		45,300		1,517,097
Caesars Entertainment, Inc. (b)		166,680		2,983,572
GTECH Holdings Corp.		65,600		1,552,752
Mandalay Resort Group		37,340		2,568,992


				8,622,413



Healthcare (7.5%)
Apria Healthcare Group, Inc. (b)		28,700		785,232
Barr Laboratories, Inc. (b)		57,445		2,162,804
Beckman Coulter, Inc.		34,240		2,037,280
Cephalon, Inc. (b)		31,500		1,501,605
Charles River Laboratories International, Inc. (b)		36,074		1,687,921
Community Health Systems, Inc. (b)		48,600		1,303,452
Covance, Inc. (b)		34,980		1,389,406
Coventry Health Care, Inc. (b)		48,300		1,975,470
Cytyc Corp. (b)		59,640		1,556,008
Dentsply International, Inc.		44,880		2,334,209
Edwards Lifesciences Corp. (b)		31,900		1,090,342
First Health Group Corp. (b)		47,640		758,429
Health Net, Inc. (b)		58,440		1,417,754
Henry Schein, Inc. (b)		24,340		1,539,018
IVAX Corp. (b)		134,618		2,436,586
LifePoint Hospitals, Inc. (b)		22,060		715,185
Lincare Holdings, Inc. (b)		55,780		2,050,473
Omnicare, Inc.		57,800		1,594,702
PacifiCare Health Systems, Inc. (b)		44,800		1,595,776
Par Pharmaceutical Cos., Inc. (b)		19,300		761,385
Patterson Cos., Inc. (b)		75,720		2,839,500
Perrigo Co.		40,100		729,018
Renal Care Group, Inc. (b)		35,750		1,128,270
Sepracor, Inc. (b)		48,100		2,209,233
Steris Corp. (b)		36,480		756,230
Triad Hospitals, Inc. (b)		42,913		1,417,416
Universal Health Services, Inc.		32,700		1,359,012
Varian Medical Systems, Inc. (b)		72,300		2,902,844
Visx, Inc. (b)		25,400		423,672


				44,458,232

2004 Annual Report 21


	Statement of Investments (Continued)
	October 31, 2004

Gartmore Mid Cap Market Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Insurance (4.8%)
Allmerica Financial Corp. (b)		28,700	$	863,870
American Financial Group, Inc.		39,100		1,157,360
AmerUs Group Co.		22,600		944,228
Arthur J. Gallagher & Co.		48,000		1,348,800
Brown & Brown, Inc.		38,560		1,610,266
Everest Re Group Ltd.		31,080		2,466,819
Fidelity National Financial, Inc.		93,475		3,527,746
First American Financial Corp.		46,120		1,438,483
HCC Insurance Holdings, Inc.		36,960		1,097,712
Horace Mann Educators Corp.		26,500		450,500
Leucadia National Corp.		37,420		2,213,393
Ohio Casualty Corp. (b)		35,600		743,328
Old Republic International Corp.		97,830		2,284,331
Protective Life Corp.		39,000		1,532,700
Radian Group, Inc.		49,000		2,348,570
Stancorp Financial Group, Inc.		16,200		1,221,156
Unitrin, Inc.		36,000		1,554,480
W.R. Berkley Corp.		44,800		1,914,752


				28,718,494



Machinery (0.8%)
AGCO Corp. (b)		51,000		990,420
Graco, Inc.		36,870		1,268,328
Tecumseh Products Co.		9,700		419,816
Zebra Technologies Corp., Class A (b)		38,040		2,015,740


				4,694,304



Manufacturing (2.7%)
Ametek, Inc.		36,300		1,194,996
Brink’s Co. (The)		30,280		971,988
Carlisle Cos., Inc.		16,540		961,470
Diebold, Inc.		38,000		1,818,300
Donaldson Co., Inc.		44,880		1,332,936
Federal Signal Corp.		25,000		415,500
Flowserve Corp. (b)		28,420		613,304
Harsco Corp.		21,800		1,056,210
Hillenbrand Industry, Inc.		32,800		1,632,784
Nordson Corp.		20,700		724,914
Pentair, Inc.		53,460		1,998,334
Teleflex, Inc.		23,220		1,016,804
Trinity Industries, Inc.		25,600		797,696
Varian, Inc. (b)		18,360		669,773
York International Corp.		24,000		764,160


				15,969,169



Medical Products (0.5%)
INAMED Corp. (b)		20,200		1,073,630
Invitrogen Corp. (b)		29,700		1,719,630


				2,793,260



Metals (0.2%)
Kennametal, Inc.		21,100		981,783



Mining (0.6%)
Arch Coal, Inc.		34,640		1,126,493
Peabody Energy Corp.		35,620		2,271,843


				3,398,336



Office Equipment & Supplies (0.5%)
Hni Corp.		30,070		1,214,828
Miller (Herman), Inc.		38,000		877,800
Reynolds & Reynolds Co.		35,000		861,350


				2,953,978



Oil & Gas (6.8%)
Cooper Cameron Corp. (b)		30,840		1,491,114
ENSCO International, Inc.		83,760		2,558,868
FMC Technologies, Inc. (b)		34,862		1,053,878
Forest Oil Corp. (b)		31,700		966,850
Grant Prideco, Inc. (b)		64,320		1,322,419
Hanover Compressor Co. (b)		39,700		516,894
Helmerich & Payne, Inc.		27,800		793,690
Murphy Oil Corp.		50,540		4,044,211
National-Oilwell, Inc. (b)		47,800		1,611,338
Newfield Exploration Co. (b)		32,800		1,908,960
Noble Energy, Inc.		31,200		1,809,600
Patterson-UTI Energy, Inc.		93,140		1,791,082
Pioneer Natural Resources Co.		78,260		2,535,624
Plains Exploration & Production Co. (b)		41,101		1,027,525
Pogo Producing Co.		33,600		1,540,560
Pride International, Inc. (b)		72,600		1,341,648
Smith International, Inc. (b)		57,720		3,352,378
Tidewater, Inc.		34,620		1,070,797
Varco International, Inc. (b)		52,372		1,449,657
Weatherford International Ltd. (b)		71,280		3,725,093
XTO Energy, Inc.		138,848		4,634,746


				40,546,932



Paper & Forest Products (0.7%)
Bowater, Inc.		31,700		1,167,828
Glatfelter		28,300		351,769
Longview Fibre Co.		26,340		405,636
Potlatch Corp.		17,100		805,239
Rayonier, Inc.		28,187		1,336,064


				4,066,536



Photography/Imaging (0.1%)
Imation Corp.		20,480		640,410

22 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Publishing & Printing (2.0%)
American Greetings Corp., Class A		39,100	$	1,034,195
Banta Corp.		15,000		610,200
Belo Corp., Class A		61,420		1,428,015
Lee Enterprises, Inc.		23,980		1,110,754
Media General, Inc.		12,400		722,920
Readers Digest Association		50,600		712,448
Scholastic Corp. (b)		23,100		700,392
Valassis Communications, Inc. (b)		29,700		1,021,086
Washington Post Co.		5,126		4,690,290


				12,030,300



Real Estate Investment Trusts (2.1%)
AMB Property Corp.		44,320		1,662,000
Developers Diversified Realty Corp.		58,300		2,436,939
Highwood Properties, Inc.		29,460		730,903
Hospitality Properties Trust		35,060		1,502,321
Liberty Property Trust		47,600		1,930,180
Mack-Cali Realty Corp.		34,200		1,510,614
New Plan Excel Realty Trust		54,460		1,424,674
United Dominion Realty Trust, Inc.		72,400		1,526,192


				12,723,823



Restaurants (1.3%)
Applebee’s International, Inc.		46,500		1,063,455
Bob Evans Farms, Inc.		18,300		436,272
Brinker International, Inc. (b)		50,750		1,639,225
CBRL Group, Inc.		28,000		1,015,280
Cheesecake Factory, Inc. (The) (b)		29,300		1,271,913
Outback Steakhouse, Inc.		39,400		1,559,846
Ruby Tuesday, Inc.		35,300		871,910


				7,857,901



Retail (6.9%)
99 Cents Only Stores (b)		34,633		533,695
Abercrombie & Fitch Co.		50,233		1,968,129
Aeropostale, Inc. (b)		31,600		996,980
American Eagle Outfitters Ltd.		39,737		1,624,449
Anntaylor Stores Corp. (b)		40,290		904,913
Barnes & Noble, Inc. (b)		36,840		1,225,667
BJ’s Wholesale Club, Inc. (b)		39,200		1,137,976
Borders Group, Inc.		40,495		922,881
Carmax, Inc. (b)		55,800		1,469,772
Chico’s FAS, Inc. (b)		48,340		1,935,050
Claire’s Stores, Inc.		52,360		1,362,407
Copart, Inc. (b)		48,100		893,698
Dollar Tree Stores, Inc. (b)		62,850		1,816,365
Fastenal Co.		41,920		2,315,242
Foot Locker, Inc.		85,900		2,095,960
Michael’s Stores, Inc.		73,740		2,145,834
Nieman Marcus Group, Inc.		26,000		1,581,580
O’Reilly Automotive, Inc. (b)		31,073		1,338,003
Pacific Sunwear of California, Inc. (b)		40,700		954,008
Payless Shoesource, Inc. (b)		35,195		334,704
PETsMART, Inc.		80,160		2,563,516
Pier 1 Imports, Inc.		49,540		889,243
Regis Corp.		23,420		1,002,376
Ross Stores, Inc.		81,040		2,128,921
Ruddick Corp.		22,900		460,977
Saks, Inc.		80,200		980,044
Tech Data Corp. (b)		32,560		1,315,098
Urban Outfitters, Inc. (b)		43,700		1,791,700
Williams Sonoma, Inc. (b)		64,140		2,448,224


				41,137,412



Schools (0.3%)
ITT Educational Services, Inc. (b)		25,640		974,576
Laureate Education, Inc. (b)		25,880		1,015,014


				1,989,590



Semiconductors (0.6%)
Fairchild Semiconductor International, Inc. (b)		62,420		896,975
Integrated Circuit Systems, Inc. (b)		41,100		926,806
Semtech Corp. (b)		42,230		881,762
Silicon Laboratories, Inc. (b)		29,040		870,329


				3,575,872



Shipping/Transportation (2.3%)
Alexander & Baldwin, Inc.		24,900		912,710
CNF Transportation, Inc.		27,340		1,196,945
Expeditors International of Washington, Inc.		58,520		3,341,492
GATX Corp.		25,000		682,000
Hunt (J.B.) Transport Services, Inc.		42,600		1,740,636
Overseas Shipholding Group, Inc.		21,100		1,201,645
Robinson (C.H.) Worldwide, Inc.		47,580		2,566,465
Swift Transportation Co., Inc. (b)		45,510		860,139
Werner Enterprises, Inc.		44,905		951,986


				13,454,018



Utilities (6.5%)
AGL Resources, Inc.		37,140		1,158,768
Alliant Energy Corp.		59,000		1,556,420
Aqua America, Inc.		48,345		1,056,822
Aquila, Inc. (b)		129,737		411,266
Black Hills Corp.		18,200		536,172
DPL, Inc.		67,470		1,457,352
Duquesne Light Holdings, Inc.		44,700		767,052
Energy East Corp.		78,020		1,966,104
Equitable Resources, Inc.		33,100		1,830,430
Great Plains Energy, Inc.		42,200		1,202,278
Hawaiian Electric Industries, Inc.		43,400		1,216,936
Idacorp, Inc.		22,700		703,246
MDU Resources Group, Inc.		61,550		1,578,758

2004 Annual Report 23


	Statement of Investments (Continued)
	October 31, 2004

Gartmore Mid Cap Market Index Fund (Continued)

Index Series





Common Stocks (continued)
	Shares or
	Principal Amount		Value

Utilities (continued)
National Fuel Gas Co.		42,700	$	1,196,454
Northeast Utilities		68,300		1,320,239
NSTAR		30,060		1,487,068
Oklahoma Gas & Electric Co.		48,600		1,232,982
Oneok, Inc.		58,080		1,557,706
Pepco Holdings, Inc.		103,594		2,135,072
PNM, Inc.		33,350		776,388
Puget Energy, Inc.		52,000		1,209,520
Questar Corp.		46,900		2,251,199
Scana Corp.		58,979		2,188,121
Sierra Pacific Resources (b)		67,580		648,768
Vectren Corp.		38,860		1,005,308
Westar Energy, Inc.		49,350		1,033,883
Western Gas Resources, Inc.		38,600		1,130,594
WGL Holdings, Inc.		28,400		807,980
Wisconsin Energy Corp.		63,400		2,069,376
WPS Resources Corp.		21,500		1,021,250


				38,513,512



Veterinary Diagnostics (0.1%)
VCA Antech, Inc. (b)		22,600		506,692



Waste Disposal (0.6%)
Republic Services, Inc.		81,560		2,512,049
Stericycle, Inc. (b)		25,760		1,167,701


				3,679,750


Total Common Stocks				535,692,924


Repurchase Agreements (9.2%)
CS First Boston, 1.75%, dated 10/29/04, due 11/01/04, repurchase price $22,780,824 (Fully collateralized by U.S. Agency Securities & U.S. Treasury Notes)	$	22,777,503		22,777,503
Nomura Securities, 1.75%, dated 10/29/04, due 11/01/04, repurchase price $31,830,310 (Fully collateralized by AA Rated Corporate Bonds & U.S. Agency Securities)		31,825,669		31,825,669


Total Repurchase Agreements				54,603,172





Short-Term Securities Held as Collateral for Securities Lending (15.1%)
	Shares or
	Principal Amount		Value


Pool of short-term securities for Gartmore Mutual Funds - footnote 2 (Securities Lending)	$	89,916,465		89,916,465


Total Short-Term Securities Held as Collateral for Securities Lending				89,916,465


Total Investments (Cost $624,949,530) (a) — 114.2%				680,212,561
Liabilities in excess of other assets — (14.2)%				(84,279,954)


NET ASSETS — 100.0%			$	595,932,607


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

(b)		Denotes a non-income producing security.

At October 31, 2004 the Fund’s open long futures were as follows:

Market Value

Unrealized

Number of

Covered by

Appreciation

Contracts

Long Contracts*

Expiration

Contracts

(Depreciation)

199

S&P MidCap 400

12/17/04

59,978,600

948,717


*	Cash pledged as collateral

See notes to financial statements.

24 Annual Report 2004

Index Series


	Gartmore Small Cap Index Fund

For the annual period ended Oct. 31, 2004, the Gartmore Small Cap Index Fund returned 11.08% (Class A at NAV) versus 11.73% for its benchmark, the Russell 2000® Index. For broader comparison, the average return for this Fund’s Lipper peer category of Small-Cap Core Funds was 12.93%.

The end of 2003 and the beginning of 2004 brought a significant rise in equities, driven by better-than-expected earnings. In fact, the two months ended Dec. 31, 2003, showed a Russell 2000 Index total return of 5.65%, followed by a return of 6.26% for the first quarter of 2004.

The second quarter of 2004 showed flat to positive returns for the domestic equity market, influenced mainly by indecisive investors. This behavior stemmed from continued political tension in the United States, violence in Iraq, record high oil prices and improving economic data. A shift in investor favor from low-quality, low-price and high-beta securities (more volatile) to higher-quality, higher-cap and lower-beta stocks took place at the end of the first quarter of 2004 and grew stronger into the second quarter.

The Russell 2000 Index posted a negative total return of -2.86% for the third quarter of 2004. The flow of economic news continually pointed toward a strengthening economy. The stock market, however, still faced a number of uncertain challenges, including the geopolitical situation, record high oil prices, the U.S. presidential election buildup and a shifting Federal Reserve policy. The Russell 2000 Index returned to positive territory in October 2004 and posted a total return of 1.97%.

Turning to sector performance, 11 of the 12 Russell 2000 Index sectors posted positive returns for the reporting period. Integrated oils was the leader, up 61.52%. Other energy and other also were top performers, returning 60.16% and 40.52%, respectively.

As we look ahead, many investors will be watching to see whether the election results will allow the president and Congress to enact the equity-friendly legislation that they have proposed. In terms of initiatives that will likely affect the markets, we think that some of the most important ones include Social Security reform and an introduction of some sort of private accounting system, attempts to make Bush’s first-term tax cuts permanent, increased military spending, tort reform and attempts to pass a comprehensive energy bill. Social Security reform and the introduction of private accounts could mean more money flowing into stocks. Making the tax cuts permanent would improve the after-tax return on equity investments. Tort reform could improve corporate profits and make corporations less risk-averse. Increased military spending and energy policy changes would likely help the defense and energy sectors of the economy. The unknown equation is how much tension will center on fiscal policy and higher spending levels, given the current budget deficit.

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


	Class A: GMRAX
	Class B: GMRBX
	Class C: GMRCX
	Institutional Class: GMRIX

2004 Annual Report 25

Index Series

Gartmore Small Cap Index Fund


	Fund Performance

Average Annual Total Return

(For Periods Ended October 31, 2004)


		One		Five
		year		year		Inception¹


Class A	without sales charge²		11.08%		6.68%		7.93%
	with sales charge³		4.64%		5.41%		7.09%

Class B⁴	without sales charge²		10.28%		6.27%		7.66%
	with sales charge⁵		5.28%		6.00%		7.66%

Class C⁶	without sales charge²		10.48%		6.29%		7.67%
	with sales charge⁷		9.48%		6.29%		7.67%

Institutional Class⁸			11.51%		7.16%		8.25%

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


¹	These returns until the creation of Class A and Institutional shares (12/29/99) include the performance of the Master Small Cap Series (the “Series”), which began operations on April 9, 1997. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A and Institutional Class shares would have produced because these classes of the Fund’s shares invested in the same portfolio of securities as the Series. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees applicable to such classes; if these fees were reflected, the performance for Class A and Institutional Class shares would have been lower.

²	These returns do not reflect the effects of sales charges.

³	A 5.75% front-end sales charge was deducted.

⁴	These returns until the creation of Class B shares (11/29/01) include performance based on the Series for the period through December 28, 1999 and the Fund’s Class A shares for the period from December 29, 1999 to November 28, 2001. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class B shares would have produced because Class B shares invest in the same portfolio of securities as Class A shares. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class B shares would have been lower.

⁵	A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.

⁶	These returns until the creation of Class C shares (10/22/03) include the performance of the Series for the period through December 28, 1999 and the Fund’s Class A shares for the period from December 29, 1999 to November 28, 2001 and the Fund’s Class B shares for the period from November 29, 2001 to October 21, 2003. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as the Fund’s other classes. The performance for the Class C shares has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class C shares would have been lower.

⁷	A CDSC of 1.00% was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁸	Not subject to any sales charges.

Performance of a $10,000 Investment

LOGO

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


(a)		The Russell 2000 is an unmanaged index of approximately 2000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.

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

26 Annual Report 2004

Gartmore Small Cap Index Fund

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(October 31, 2004)


		Beginning		Ending
		Account Value,		Account Value,		Expenses Paid		Annualized
Small Cap Index Fund		5/1/04		10/31/04		During Period*		Expense Ratio


Class A	Actual	$	1,000	$	1,045	$	3.55		0.69%
	Hypothetical ¹	$	1,000	$	1,022	$	3.51		0.69%

Class B	Actual	$	1,000	$	1,043	$	6.63		1.29%
	Hypothetical ¹	$	1,000	$	1,019	$	6.57		1.29%

Class C	Actual	$	1,000	$	1,043	$	6.63		1.29%
	Hypothetical ¹	$	1,000	$	1,019	$	6.57		1.29%

Institutional Class	Actual	$	1,000	$	1,048	$	1.49		0.29%
	Hypothetical ¹	$	1,000	$	1,024	$	1.48		0.29%


*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 184/366 (to reflect the one-half year period).

¹	Represents the hypothetical 5% annual return before expenses.

2004 Annual Report 27

Gartmore Small Cap Index Fund

Index Series


	Portfolio Summary
	(October 31, 2004)


Asset Allocation


Common Stocks			86.8%
Repurchase Agreements			14.4%
Other Investments*			26.6%
Liabilities in excess of Other Assets**			-27.8%

			100.0%


*	Includes value of collateral received from securities lending.


**	Includes value of collateral owed from securities lending.


Top Industries


Bank Holdings Companies			9.1%
Real Estate Investment Trusts			5.9%
Computer Software & Services			3.7%
Oil & Gas			3.1%
Retail			2.9%
Pharmaceuticals			2.4%
Healthcare			2.4%
Semiconductors			2.4%
Financial			2.4%
Business Services			2.3%
Other Industries			63.4%

			100.0%


Top Holdings


Landstar System, Inc.			0.2%
East West Bancorp, Inc.			0.2%
Cytec Industries, Inc.			0.2%
Plains Exploration & Production Co.			0.2%
Valassis Communications, Inc.			0.2%
Realty Income Corp.			0.2%
Valeant Pharmaceuticals International			0.2%
Tesoro Petroleum Corp.			0.2%
IDEX Corp.			0.2%
West America Bancorp, Inc.			0.2%
Other Holdings			98.0%

			100.0%

28 Annual Report 2004

Statement of Investments

October 31, 2004

Gartmore Small Cap Index Fund



Common Stocks (86.8%)

	Shares or
	Principal Amount		Value

Advertising Services (0.2%)
24/7 Real Media, Inc. (b)		2,700	$	9,450
Cross Media Marketing Corp. (b)		100		0
Greenfield Online, Inc. (b)		700		14,721
Grey Global Group, Inc.		227		227,229
R.H. Donnelley Corp. (b)		5,050		273,963
SITEL Corp. (b)		7,900		14,931
Ventiv Health, Inc. (b)		4,200		72,660


				612,954



Aerospace/Defense (0.9%)
AAR Corp. (b)		8,263		97,090
BE Aerospace, Inc. (b)		10,060		86,315
Curtiss-Wright Corp.		4,528		252,708
DRS Technologies, Inc. (b)		5,322		192,763
Ducommun, Inc. (b)		1,400		32,998
Esterline Technologies Corp. (b)		4,200		132,720
Gencorp, Inc.		10,838		150,648
HEICO Corp.		4,577		82,844
Herley Industries, Inc. (b)		4,260		74,848
Hexcel Corp. (b)		3,600		55,800
Innovative Solutions and Support, Inc. (b)		2,000		41,960
Kaman Corp., Class A		6,508		71,588
Moog, Inc., Class A (b)		5,789		217,261
Sequa Corp., Class A (b)		941		50,795
Taser International, Inc. (b)		5,940		242,946
Teledyne Technologies, Inc. (b)		7,163		183,158
Titan Corp. (The) (b)		18,423		273,397
United Industrial Corp.		3,200		102,400


				2,342,239



Agricultural Products (0.1%)
Alico, Inc. (b)		1,300		65,455
Delta and Pine Land Co.		8,228		216,561
Maui Land & Pineapple Co., Inc. (b)		537		17,506


				299,522



Airlines (0.5%)
AirTran Holdings, Inc. (b)		17,923		208,264
Alaska Air Group, Inc. (b)		6,178		162,729
America West Holdings Corp., Class B (b)		6,400		29,312
Continental Airlines, Inc., Class B (b)		14,439		133,994
Delta Air Lines, Inc. (b)		26,640		145,188
ExpressJet Holdings, Inc. (b)		6,646		73,904
FLYi, Inc. (b)		10,263		14,368
Frontier Airlines, Inc. (b)		7,757		64,849
Mesa Air Group, Inc. (b)		9,819		56,361
Northwest Airlines Corp., Class A (b)		19,588		173,354
Pinnacle Airlines Corp. (b)		2,600		28,184
SkyWest, Inc.		14,357		245,217


				1,335,724



Analytical Instruments (0.4%)
ArthroCare Corp. (b)		5,626		173,337
Datascope Corp.		2,593		84,169
Diagnostic Products Corp.		4,914		216,952
Haemonetics Corp. (b)		4,315		141,748
Illumina, Inc. (b)		9,300		59,985
Inverness Medical Innovations, Inc. (b)		1,981		40,967
Molecular Devices Corp. (b)		3,439		68,832
Thoratec Corp. (b)		10,323		90,636
Urologix, Inc. (b)		3,500		17,150
Ventana Medical Systems, Inc. (b)		3,500		189,420
West Pharmaceutical Services, Inc.		6,102		139,797


				1,222,993



Apparel/Accessories (1.4%)
Aeropostale, Inc. (b)		12,350		389,642
Angelica Corp.		2,000		48,000
Bebe Stores, Inc.		2,200		67,914
Brown Shoe Co., Inc.		4,502		122,905
Buckle, Inc. (The)		844		21,792
Burlington Coat Factory Warehouse Corp.		3,725		82,211
Charming Shoppes, Inc. (b)		25,110		191,589
Cherokee, Inc.		2,600		73,970
Deb Shops, Inc.		100		2,423
Deckers Outdoor Corp. (b)		2,380		90,107
DHB Industries, Inc. (b)		4,990		68,962
Finish Line, Inc., Class A		4,450		154,104
G & K Services, Inc., Class A		4,022		158,024
Goody’s Family Clothing, Inc.		4,600		40,434
Guess?, Inc. (b)		2,100		35,070
Hartmarx Corp. (b)		2,100		17,556
HOT Topic, Inc. (b)		11,138		228,997
Jos. A. Bank Clothiers, Inc. (b)		2,840		90,142
K-Swiss, Inc., Class A		7,181		179,525
Kellwood Co.		7,207		226,732
Kenneth Cole Productions, Inc., Class A		2,970		78,705
Oxford Industries, Inc.		3,228		119,727
Payless ShoeSource, Inc. (b)		14,864		141,357
Perry Ellis International, Inc. (b)		2,100		45,150
Phillips-Van Heusen Corp.		5,290		120,559
Russell Corp.		6,286		108,685
Shoe Carnival, Inc. (b)		1,500		17,955
Skechers U.S.A., Inc. (b)		4,485		49,514
Stage Stores, Inc. (b)		3,701		133,273
Steven Madden Ltd. (b)		2,519		40,329
Stride Rite Corp. (The)		9,312		96,379
UniFirst Corp.		1,898		50,449
Warnaco Group, Inc. (The) (b)		10,174		207,550
Wolverine World Wide, Inc.		10,231		311,431


				3,811,162

2004 Annual Report 29


	Statement of Investments (Continued)
	October 31, 2004

Gartmore Small Cap Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Appliances & Household Durables (0.0%)
Applica, Inc. (b)		6,526	$	26,496
Middleby Corp.		1,100		53,931
National Presto Industries, Inc.		1,081		43,467


				123,894



Auto Parts & Equipment (0.9%)
A.S.V., Inc. (b)		1,768		64,002
Aftermarket Technology Corp. (b)		1,436		20,664
ArvinMeritor, Inc.		17,500		326,549
Collins & Aikman Corp. (b)		8,340		32,443
Commercial Vehicle Group, Inc. (b)		1,300		21,021
Dollar Thrifty Automotive Group, Inc. (b)		5,600		135,072
Electro Rent Corp.		2,500		28,338
Exide Technologies (b)		4,600		68,218
Hayes Lemmerz International, Inc. (b)		10,700		89,024
Hayes Lemmerz International, Inc. (c) (d) (b)		110		0
Lithia Motors, Inc., Class A		3,000		67,950
LKQ Corp. (b)		1,900		31,094
McGrath Rentcorp		2,943		114,571
Midas, Inc. (b)		4,264		80,718
Modine Manufacturing Co.		5,400		165,834
Monro Muffler, Inc. (b)		1,850		45,020
Noble International Ltd.		1,700		32,011
Pep Boys - Manny, Moe & Jack (The)		12,643		179,783
Sports Resorts International, Inc. (b)		1,300		4,134
Standard Motor Products, Inc.		1,400		21,336
Strattec Security Corp. (b)		400		25,164
Superior Industries International, Inc.		6,284		171,365
TBC Corp. (b)		4,661		103,614
Tenneco Automotive, Inc. (b)		9,510		121,157
Tower Automotive, Inc. (b)		26,334		39,238
United Auto Group, Inc.		3,322		89,694
Visteon Corp.		27,995		199,043
Wabash National Corp. (b)		6,040		148,463


				2,425,520



Bank Holdings Companies (9.1%)
1st Source Corp.		2,000		54,220
ABC Bancorp		2,090		42,511
Alabama National Bancorp		2,975		190,103
AMCORE Financial, Inc.		6,526		198,586
AmericanWest Bancorp (b)		4,580		90,913
Arrow Financial Corp.		1,792		52,165
BancFirst Corp.		500		32,520
BancorpSouth, Inc.		16,780		399,196
BancTrust Financial Group, Inc.		1,400		26,600
Bank Mutual Corp.		16,123		197,990
Bank of Granite Corp.		1,887		39,202
Bank of the Ozarks, Inc.		3,416		110,286
BankAtlantic Bancorp, Inc., Class A		10,912		190,851
BankUnited Financial Corp. (b)		6,027		179,303
Banner Corp.		1,987		59,411
Berkshire Hills Bancorp, Inc.		1,100		41,558
BFC Financial Corp. (b)		300		3,098
Boston Private Financial Holdings, Inc.		7,487		183,731
Brookline Bancorp, Inc.		13,905		215,388
Bryn Mawr Bank Corp.		1,400		27,496
Camden National Corp.		1,000		36,850
Capital City Bank Group, Inc.		1,294		50,608
Capital Corp of the West		1,000		46,050
Capital Crossing Bank (b)		1,800		49,500
Capitol Bancorp Ltd.		2,240		68,746
Cascade Bancorp		4,375		88,594
Cathay Bancorp, Inc.		10,824		426,465
Center Financial Corp.		3,680		72,294
Central Coast Bancorp (b)		982		21,830
Century Bancorp, Inc.		1,392		43,681
Charter Financial, Inc.		200		7,580
Chemical Financial Corp.		4,881		182,208
Chittenden Corp.		11,722		331,967
Citizens Banking Corp.		10,906		357,172
Citizens First Bancorp, Inc.		1,100		25,993
City Bank		1,207		46,276
City Holding Co.		4,762		165,003
Clifton Savings Bancorp, Inc.		1,000		11,695
Coastal Financial Corp.		2,560		37,926
CoBiz, Inc.		2,474		49,097
Columbia Bancorp		1,200		37,344
Columbia Banking System, Inc.		4,409		108,021
Commercial Federal Corp.		10,522		292,617
Community Bank System, Inc.		6,764		186,754
Community Banks, Inc.		2,003		58,367
Community First Bankshares, Inc.		9,420		303,512
Community Trust Bancorp, Inc.		2,242		73,986
Corus Bankshares, Inc.		3,100		142,631
CVB Financial Corp.		7,164		177,667
Dime Community Bancshares		8,949		143,721
East West Bancorp, Inc.		12,418		497,216
Eurobancshares, Inc. (b)		3,100		57,505
F.N.B. Corp.		9,420		193,393
Farmers Capital Bank Corp.		520		18,398
Fidelity Bankshares, Inc.		3,014		117,184
Financial Institutions, Inc.		800		21,088
First Bancorp		976		36,785
First Bancorp		7,660		417,699
First Busey Corp.		1,850		35,085
First Charter Corp.		8,100		206,793
First Citizens BancShares, Inc., Class A		1,334		157,345
First Commonwealth Financial Corp.		14,628		212,399
First Community Bancorp		3,380		141,859
First Community Bankshares, Inc.		1,620		53,735
First Federal Capital Corp.		4,865		162,005
First Financial Bancorp		6,531		113,901

30 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Bank Holdings Companies (continued)
First Financial Bankshares, Inc.		2,437	$	102,793
First Financial Corp.		2,994		94,580
First Indiana Corp.		1,400		31,024
First Merchants Corp.		3,225		80,238
First Midwest Bancorp, Inc.		10,420		363,762
First National Bankshares of Florida		12,360		305,168
First Niagara Financial Group, Inc.		21,658		301,913
First Oak Brook Bank		700		22,162
First of Long Island Corp. (The)		400		17,604
First Place Financial Corp.		1,500		29,625
First Republic Bancorp, Inc.		3,595		173,279
First State Bancorp		2,489		87,862
FirstFed Financial Corp. (b)		3,600		185,040
Flagstar Bancorp, Inc.		8,800		183,832
Flushing Financial Corp.		2,950		56,847
FNB Corp.		800		22,048
Franklin Bank Corp. (b)		3,300		54,450
Frontier Financial Corp.		2,846		109,557
GB&T Bancshares, Inc.		725		16,820
German American Bancorp		829		13,911
Glacier Bancorp, Inc.		6,562		207,687
Great Southern Bancorp, Inc.		1,676		55,928
Greater Bay Bancorp		12,928		403,935
Hancock Holding Co.		5,380		170,277
Hanmi Financial Corp.		4,330		131,545
Harbor Florida Bancshares, Inc.		4,719		151,197
Harleysville National Corp.		5,761		147,309
Heartland Financial USA, Inc.		1,350		25,043
HomeBanc Corp. (b)		7,900		68,730
Horizon Financial Corp.		1,800		35,280
Hudson River Bancorp, Inc.		6,655		130,505
Iberiabank Corp.		1,900		115,938
Independent Bank Corp.		4,410		145,398
Independent Bank Corp.		4,949		134,464
Integra Bank Corp.		3,598		78,868
Interchange Financial Services Corp.		1,600		38,960
International Bancshares Corp.		0		11
ITLA Capital Corp. (b)		1,835		88,853
KNBT Bancorp, Inc.		5,500		94,600
Lakeland Bancorp, Inc.		2,532		41,981
Lakeland Financial Corp.		600		21,324
Macatawa Bank Corp.		1,007		27,451
MAF Bancorp, Inc.		7,130		305,663
Main Street Banks, Inc.		4,190		123,018
MB Financial, Inc.		4,850		207,289
MBT Financial Corp.		1,938		39,128
Mercantile Bank Corp.		1,931		72,644
Mid-State Bancshares, Inc.		5,200		139,516
Midwest Banc Holding, Inc.		3,920		81,379
Nara Bancorp, Inc.		5,038		96,276
NASB Financial, Inc.		400		16,000
National Penn Bancshares, Inc.		6,965		184,294
NBC Capital Corp.		604		15,952
NBT Bancorp, Inc.		6,285		145,435
Northwest Bancorp, Inc.		3,200		76,160
OceanFirst Financial Corp.		1,134		27,035
Ocwen Financial Corp. (b)		7,760		58,200
Old National Bancorp		15,000		371,550
Old Second Bancorp, Inc.		2,924		85,878
Omega Financial Corp.		2,533		91,365
Oriental Financial Group, Inc.		5,004		141,763
Pacific Capital Bancorp		10,174		323,838
Park National Corp.		3,020		392,298
Partners Trust Financial Group, Inc.		9,652		98,260
Peapack-Gladstone Financial Corp.		837		24,943
PennFed Financial Services, Inc.		970		31,447
PennRock Financial Services Corp.		904		26,089
Peoples Bancorp, Inc.		3,235		90,742
Peoples Holding Co.		1,217		40,465
PFF Bancorp, Inc.		3,037		119,810
Placer Sierra Bancshares (b)		2,500		60,000
PrivateBancorp, Inc.		4,400		142,340
Prosperity Bancshares, Inc.		4,940		134,615
Provident Bancorp, Inc.		6,975		84,293
Provident Bankshares Corp.		8,388		291,315
Provident Financial Holdings, Inc.		1,190		34,581
Provident Financial Services, Inc.		16,623		299,214
R&G Financial Corp., Class B		6,494		244,304
Republic Bancorp, Inc.		16,678		278,689
Republic Bancorp, Inc., Class A		1,635		45,535
Riggs National Corp.		4,991		105,360
Royal Bancshares of Pennsylvania, Inc., Class A		600		16,080
S&T Bancorp, Inc.		5,430		195,697
S.Y. Bancorp, Inc.		1,400		31,780
Sandy Spring Bancorp, Inc.		3,056		105,676
Santander BanCorp		242		6,752
Seacoast Banking Corporation of Florida		2,325		50,267
Security Bank Corp.		1,800		63,450
Signature Bank (b)		2,100		61,887
Silicon Valley Bancshares (b)		8,888		355,609
Simmons First National Corp., Class A		2,100		56,595
Smithtown Bancorp, Inc.		1,500		44,498
Southern Community Financial Corp.		1,200		13,710
Southside Bancshares, Inc.		1,765		35,494
Southwest Bancorp, Inc.		3,700		86,876
Southwest of Texas Bancorp, Inc.		17,222		403,684
State Bancorp, Inc.		672		15,456
State Financial Services Corp.		1,200		34,428
Sterling Bancorp		2,525		72,872
Sterling Bancshares, Inc.		12,426		176,076
Sterling Financial Corp.		4,712		124,868
Sterling Financial Corp. (b)		6,046		227,148
Suffolk Bancorp		2,383		73,396
Sun Bancorp, Inc. (b)		2,201		50,953

2004 Annual Report 31


	Statement of Investments (Continued)
	October 31, 2004

Gartmore Small Cap Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Bank Holdings Companies (continued)
Susquehanna Bancshares, Inc.		11,785	$	293,093
Taylor Capital Group, Inc.		1,800		52,830
Texas Capital Bancshares, Inc. (b)		6,420		126,923
Texas Regional Bancshares, Inc.		10,422		332,774
Tierone Corp.		4,961		110,531
Tompkins Trustco, Inc.		1,671		76,448
TriCo Bancshares		2,324		50,454
TrustCo Bank Corp. NY		19,444		260,355
Trustmark Corp.		10,700		337,371
U.S.B Holding Co., Inc.		1,923		52,262
UMB Financial Corp.		4,131		212,540
Umpqua Holdings Corp.		11,192		278,457
Union Bankshares Corp.		2,530		84,502
United Bankshares, Inc.		10,100		370,367
United Community Banks, Inc.		5,150		124,012
United Community Financial Corp.		5,311		59,324
Univest Corporation of Pennsylvania		1,100		44,165
Unizan Financial Corp.		5,415		143,931
Virginia Commerce Bancorp, Inc. (b)		2,125		62,475
Virginia Financial Group, Inc.		900		30,654
Washington Trust Bancorp		2,940		81,056
Waypoint Financial Corp.		7,176		197,053
WesBanco, Inc.		4,000		121,280
West America Bancorp, Inc.		7,929		453,459
West Bancorp, Inc.		5,250		88,069
West Coast Bancorp		4,800		113,760
Western Sierra Bancorp (b)		1,345		48,111
Westfield Financial, Inc.		100		2,433
Wilshire Bancorp, Inc. (b)		2,080		57,886
Wintrust Financial Corp.		5,191		295,887
Yardville National Bancorp		2,600		86,268


				25,088,137



Beverages/Alcoholic (0.1%)
Boston Beer Co., Inc., Class A (b)		2,480		62,670
Robert Mondavi Corp. (The) (b)		2,651		144,453


				207,123



Biotechnology (1.0%)
Abgenix, Inc. (b)		18,543		168,927
Accelrys, Inc. (b)		8,106		46,691
Advancis Pharmaceutical Corp. (b)		400		1,124
Aksys Ltd. (b)		3,400		17,680
Axonyx, Inc. (b)		14,300		88,517
Cambrex Corp.		6,085		136,121
CancerVax Corp. (b)		2,000		17,100
Ciphergen Biosystems, Inc. (b)		4,400		16,192
CuraGen Corp. (b)		8,800		43,384
Curis, Inc. (b)		5,700		21,261
Cypress Bioscience, Inc. (b)		6,400		67,264
Digene Corp. (b)		3,201		80,505
Diversa Corp. (b)		4,533		39,074
Dyax Corp. (b)		6,000		34,440
Enzo Biochem, Inc. (b)		4,761		84,229
Exelixis, Inc. (b)		13,400		119,260
Genelabs Technologies, Inc. (b)		47,100		31,086
Genencor International, Inc. (b)		700		10,868
Genta, Inc. (b)		17,210		43,025
GTx, Inc. (b)		200		2,375
Human Genome Sciences, Inc. (b)		33,440		344,098
Integra LifeSciences Holdings (b)		4,580		146,926
Kosan Biosciences, Inc. (b)		7,360		46,000
Lexicon Genetics, Inc. (b)		11,500		74,865
Luminex Corp. (b)		4,200		32,760
Maxygen, Inc. (b)		3,909		37,526
Medarex, Inc. (b)		18,347		139,621
Myogen, Inc. (b)		1,400		12,138
Myriad Genetics, Inc. (b)		5,900		104,548
Nabi Biopharmaceuticals (b)		14,915		206,573
Neose Technologies, Inc. (b)		1,820		13,059
Nuvasive, Inc. (b)		2,500		24,650
Palomar Medical Technologies, Inc. (b)		3,560		72,944
SciClone Pharmaceuticals, Inc. (b)		10,600		48,230
SonoSite, Inc. (b)		3,800		109,763
Third Wave Technologies (b)		8,357		64,182
Zymogenetics, Inc. (b)		3,454		65,246


				2,612,252



Broadcast Media/Cable Television (0.9%)
4Kids Entertainment, Inc. (b)		2,601		47,572
Charter Communications, Inc., Class A (b)		67,680		170,554
Crown Media Holdings, Inc. (b)		3,358		30,239
Cumulus Media, Inc. (b)		12,898		209,593
Emmis Communications Corp. (b)		12,978		242,689
Entravision Communications Corp. (b)		7,500		60,375
Fisher Companies, Inc. (b)		900		42,345
Insight Communications Co., Inc. (b)		12,909		109,210
Journal Communications, Inc.		4,200		67,704
Liberty Corp.		3,425		138,473
Lin TV Corp., Class A (b)		6,800		123,624
Macrovision Corp. (b)		10,811		292,328
Martha Stewart Living Omnimedia, Inc. (b)		3,888		68,818
Mediacom Communications Corp. (b)		10,900		71,395
Nexstar Broadcasting Group, Inc., Class A (b)		3,200		23,328
Paxson Communications Corp. (b)		11,900		14,518
Readers Digest Association, Inc. (The)		21,520		303,001
Salem Communications Corp., Class A (b)		1,900		47,500
Sinclair Broadcast Group, Inc., Class A		13,235		92,645
TiVo, Inc. (b)		11,339		76,255
ValueVision International, Inc., Class A (b)		4,118		42,992
Young Broadcasting, Inc., Class A (b)		4,784		55,016


				2,330,174

32 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Business Services (2.3%)
Aaron Rents, Inc.		7,243	$	157,173
ABM Industries, Inc.		8,178		169,694
Administaff, Inc. (b)		4,774		54,662
Advisory Board Co. (The) (b)		2,992		97,479
ADVO, Inc.		6,992		223,394
AMN Healthcare Services, Inc. (b)		2,666		31,459
CACI International, Inc., Class A (b)		6,619		403,559
Catalina Marketing Corp.		11,147		285,475
CDI Corp.		4,321		71,297
Century Business Services, Inc. (b)		12,843		56,894
Charles River Associates, Inc. (b)		3,131		125,804
Chemed Corp.		3,350		202,508
Ciber, Inc. (b)		11,154		100,832
Circle Group Holdings, Inc. (b)		1,900		2,508
Circor International, Inc.		1,985		37,616
Consolidated Graphics, Inc. (b)		1,900		81,130
CoStar Group, Inc. (b)		4,400		177,628
DiamondCluster International, Inc. (b)		3,900		47,522
Gartner Group, Inc. (b)		13,826		164,529
Gartner Group, Inc., Class B (b)		1,200		13,932
Gevity HR, Inc.		5,883		104,776
GSI Commerce, Inc. (b)		2,600		28,626
Heidrick & Struggles International, Inc. (b)		3,851		110,273
Hewitt Associates, Inc., Class A (b)		2,012		56,396
Hudson Highland Group, Inc. (b)		2,439		69,670
Hypercom Corp. (b)		11,130		72,122
Infocrossing, Inc. (b)		5,100		75,021
Insurance Auto Auctions, Inc. (b)		2,800		53,788
iPayment Holdings, Inc. (b)		2,500		112,025
Kelly Services, Inc., Class A		3,840		103,354
Kforce, Inc. (b)		7,780		82,390
Korn/ Ferry International (b)		7,734		134,572
LECG Corp. (b)		3,300		60,357
Marlin Business Services, Inc. (b)		900		15,863
MAXIMUS, Inc. (b)		3,100		84,258
Medical Staffing Network Holdings, Inc. (b)		2,500		18,300
MemberWorks, Inc. (b)		1,991		59,332
Metris Companies, Inc. (b)		6,500		62,400
MicroStrategy, Inc. (b)		3,141		188,397
Modis Professional Services, Inc. (b)		22,529		237,230
Navigant Consulting Co. (b)		10,108		251,386
NCO Group, Inc. (b)		6,338		169,542
NetRatings, Inc. (b)		2,346		44,246
Paxar Corp. (b)		8,516		187,778
PDI, Inc. (b)		1,900		54,359
Portfolio Recovery Associates, Inc. (b)		3,431		115,693
Prepaid Depot, Inc. (b)		2,250		62,753
Resources Connection, Inc. (b)		5,872		246,507
RSA Security, Inc. (b)		14,130		289,100
Source Interlink Companies, Inc. (b)		5,746		57,920
SOURCECORP, Inc. (b)		3,485		58,478
Spherion Corp. (b)		14,823		106,577
SRA International, Inc., Class A (b)		2,600		139,776
StarTek, Inc.		2,662		73,604
TeleTech Holdings, Inc. (b)		8,211		82,110
Watson Wyatt & Co. Holdings		6,537		173,557


				6,347,631



Capital Goods (1.2%)
American Greetings Corp., Class A		15,860		419,497
C&D Technologies, Inc.		4,442		79,512
Kennametal, Inc.		9,063		421,702
Lawson Products, Inc.		1,100		47,630
Libbey, Inc.		3,533		64,124
Lindsay Manufacturing Co.		2,568		60,553
Manitowoc Co., Inc.		6,074		214,412
Nu Skin Enterprises, Inc.		13,698		264,919
Regal-Beloit Corp.		6,366		148,964
Robbins & Myers, Inc.		2,123		44,265
Sola International, Inc. (b)		6,400		122,752
Technitrol, Inc. (b)		8,326		135,880
Tecumseh Products Co.		3,965		171,605
Texas Industries, Inc.		5,288		269,318
Trinity Industries, Inc.		8,440		262,990
Vicor Corp.		3,588		33,333
Yankee Candle Co., Inc. (b)		10,568		292,734
York International Corp.		10,540		335,594


				3,389,784



Chemicals (2.2%)
A. Schulman, Inc.		8,413		166,998
Aceto Corp.		5,218		82,236
Albemarle Corp.		7,222		258,909
American Vanguard Corp.		1,300		42,081
Arch Chemicals, Inc.		4,429		125,562
Cabot Microelectronics Corp. (b)		5,637		203,101
Crompton Corp.		28,844		268,249
Cytec Industries, Inc.		10,378		482,680
Ferro Corp.		9,542		201,050
FMC Corp. (b)		8,314		364,569
Georgia Gulf Corp.		6,644		300,774
Great Lakes Chemical Corp.		12,994		332,906
H.B. Fuller Co.		6,227		167,506
Hercules, Inc. (b)		27,559		393,542
MacDermid, Inc.		5,086		160,514
Millennium Chemicals, Inc. (b)		14,789		317,668
Minerals Technologies, Inc.		4,535		272,554
Mosaic Co. (The) (b)		25,223		379,354
NewMarket Corp. (b)		2,300		51,543
NL Industries, Inc.		1,828		36,469
Octel Corp.		2,292		44,236
Olin Corp.		15,886		297,068
OM Group, Inc. (b)		6,200		204,538

2004 Annual Report 33


	Statement of Investments (Continued)
	October 31, 2004

Gartmore Small Cap Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Chemicals (continued)
PolyOne Corp. (b)		19,988	$	151,309
Schawk, Inc., Class A		800		13,296
Spartech Corp.		4,459		112,367
Symyx Technologies, Inc. (b)		6,459		158,019
Terra Industries, Inc. (b)		11,400		87,210
Valhi, Inc.		3,742		57,178
W.R. Grace & Co. (b)		16,200		173,664
Wellman, Inc.		8,758		64,634
Westlake Chemical Corp. (b)		1,850		42,680


				6,014,464



Circuit Boards (0.2%)
DDi Corp. (b)		3,800		14,972
Merix Corp. (b)		5,000		51,500
Micrel, Inc. (b)		14,342		161,061
Park Electrochemical Corp.		3,958		83,158
RF Micro Devices, Inc. (b)		45,596		296,829


				607,520



Coal (0.0%)
KFX, Inc. (b)		8,600		80,324



Communications Equipment (0.4%)
Anixter International, Inc.		7,605		293,857
Audiovox Corp. (b)		4,088		58,867
Enterasys Networks, Inc. (b)		45,877		64,228
Gray Television, Inc.		8,631		114,620
Harmonic, Inc. (b)		15,684		130,491
Inter-Tel, Inc.		5,282		142,614
LodgeNet Entertainment Corp. (b)		1,989		26,951
Standard Microsystems Corp. (b)		5,261		115,847
Stratex Networks, Inc. (b)		20,660		37,498
Terayon Communications Systems, Inc. (b)		15,224		24,967


				1,009,940



Computer Equipment (0.4%)
Analogic Corp.		3,349		142,483
Gateway, Inc. (b)		47,813		279,706
Hutchinson Technology, Inc. (b)		6,723		225,960
InFocus Corp. (b)		9,024		58,115
Iomega Corp. (b)		11,305		52,003
Komag, Inc. (b)		6,211		105,432
McData Corp. (b)		25,980		163,154
Network Equipment Technologies, Inc. (b)		7,971		67,993
Overland Storage, Inc. (b)		2,600		37,466
Paradyne Network, Inc. (b)		5,500		21,065


				1,153,377



Computer Integrated Systems Design (0.9%)
Adaptec, Inc. (b)		28,257		220,405
Brady Corp., Class A		3,721		201,790
Digital River, Inc. (b)		6,963		231,868
Eclipsys Corp. (b)		8,337		141,479
eSPEED, Inc., Class A (b)		6,038		59,474
F5 Networks, Inc. (b)		7,907		315,884
FileNET Corp. (b)		9,615		267,585
Keynote Systems, Inc. (b)		2,483		34,923
MTS Systems Corp.		5,256		135,579
Netscout Systems, Inc. (b)		3,200		21,056
RadiSys Corp. (b)		5,620		74,634
SafeNet, Inc. (b)		5,150		157,745
Sapient Corp. (b)		17,462		140,569
Tekelec (b)		12,466		278,241
WebEx Communications, Inc. (b)		6,629		145,838


				2,427,070



Computer Software & Services (3.7%)
ActivCard Corp. (b)		12,068		96,423
Actuate Corp. (b)		7,000		17,325
Advanced Digital Information Corp. (b)		14,640		131,028
Advent Software, Inc. (b)		5,493		114,584
Agile Software Corp. (b)		11,396		97,322
Agilysys, Inc.		7,950		135,866
Altiris, Inc. (b)		4,862		132,222
Answerthink, Inc. (b)		7,000		28,105
Ansys, Inc. (b)		8,068		222,677
Anteon International Corp. (b)		5,610		220,473
Ascential Software Corp. (b)		15,010		211,491
Aspen Technologies, Inc. (b)		11,639		69,950
Authentidate Holding Corp. (b)		4,600		31,970
Borland Software Corp. (b)		17,646		180,695
Captaris, Inc. (b)		11,500		52,900
Catapult Communications Corp. (b)		2,228		54,720
CCC Information Services Group, Inc. (b)		1,580		28,946
Chordiant Software, Inc. (b)		15,000		36,900
Computer Programs & Systems, Inc.		1,300		27,346
Concord Communications, Inc. (b)		4,902		40,294
Corillian Corp. (b)		6,700		32,964
Covansys Corp. (b)		2,800		32,256
Cray, Inc. (b)		18,751		62,722
Cybersource Corp. (b)		6,600		43,164
Dendrite International, Inc. (b)		8,365		122,547
Digital Insight Corp. (b)		8,031		125,765
Digitas, Inc. (b)		14,551		130,959
E.piphany, Inc. (b)		16,654		72,945
Echelon Corp. (b)		6,087		42,974
Electronics For Imaging, Inc. (b)		12,349		222,776
Epicor Software Corp. (b)		10,720		164,766
EPIQ Systems, Inc. (b)		3,117		46,693
Eresearch Technology, Inc. (b)		10,315		120,582
Extreme Networks, Inc. (b)		23,562		137,838
FactSet Research Systems, Inc.		4,500		224,280
FalconStor Software, Inc. (b)		6,022		47,092

34 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Computer Software & Services (continued)
GameStop Corp., Class A (b)		4,500	$	88,155
Hyperion Solutions Corp. (b)		9,616		385,889
iGATE Corp. (b)		2,100		7,256
Informatica Corp. (b)		17,800		139,018
Intervideo, Inc. (b)		2,300		26,715
JDA Software Group, Inc. (b)		7,729		86,797
Keane, Inc. (b)		11,032		174,416
Kintera, Inc. (b)		2,100		20,087
LaserCard Corp. (b)		3,227		26,623
Lawson Software, Inc. (b)		16,040		91,749
Lexar Media, Inc. (b)		18,816		127,196
Magma Design Automation, Inc. (b)		7,298		94,655
ManTech International Corp., Class A (b)		4,260		92,101
Manugistics Group, Inc. (b)		12,500		31,875
MAPICS, Inc. (b)		5,700		50,787
MapInfo Corp. (b)		4,800		47,472
Maxwell Technologies, Inc. (b)		1,400		14,770
Mentor Graphics Corp. (b)		15,600		181,584
Mercury Computer Systems, Inc. (b)		5,853		147,818
Micromuse, Inc. (b)		17,100		73,359
MRO Software, Inc. (b)		3,800		41,420
MSC.Software Corp. (b)		3,971		34,508
NETGEAR, Inc. (b)		6,180		84,233
NetiQ Corp. (b)		13,057		165,563
Open Solutions, Inc. (b)		3,700		104,211
Opnet Technologies, Inc. (b)		2,400		18,348
Packeteer, Inc. (b)		7,129		87,972
PalmOne, Inc. (b)		10,263		297,319
PalmSource, Inc. (b)		4,093		91,765
Parametric Technology Corp. (b)		69,428		360,330
PDF Solutions, Inc. (b)		2,500		32,500
PEC Solutions, Inc. (b)		4,322		60,551
Pinnacle Systems, Inc. (b)		17,595		81,993
PlxTech, Inc. (b)		4,900		44,174
Portal Software, Inc. (b)		11,060		26,710
QAD, Inc.		2,300		17,572
Quantum Corp. (b)		32,148		86,157
Quest Software, Inc. (b)		9,800		143,766
RealNetworks, Inc. (b)		22,300		108,155
Renaissance Learning, Inc.		965		18,354
Retek, Inc. (b)		16,100		88,872
Safeguard Scientifics, Inc. (b)		26,123		43,625
SBS Technologies, Inc. (b)		4,356		58,065
Scansoft, Inc. (b)		17,642		68,363
SeaChange International, Inc. (b)		6,075		103,518
SeeBeyond Technology Corp. (b)		9,800		30,723
Serena Software, Inc. (b)		6,163		109,332
SI International, Inc. (b)		1,560		40,451
Silicon Graphics, Inc. (b)		57,067		73,616
SimpleTech, Inc. (b)		7,000		37,590
SonicWall, Inc. (b)		14,026		70,130
SPSS, Inc. (b)		2,073		28,006
SS&C Technologies, Inc.		3,910		92,432
Stratasys, Inc. (b)		2,400		70,272
Sykes Enterprises, Inc. (b)		5,507		32,849
Synaptics, Inc. (b)		5,757		182,151
SYNNEX Corp. (b)		500		9,865
Syntel, Inc.		540		9,990
Sypris Solutions, Inc.		1,300		17,940
Take-Two Interactive Software, Inc. (b)		10,184		335,664
TALX Corp.		3,000		85,050
THQ, Inc. (b)		10,161		192,043
Tier Technologies, Inc., Class B (b)		4,262		36,781
Tradestation Group, Inc. (b)		3,500		21,665
TransAct Technologies, Inc. (b)		2,300		57,546
Transaction Systems Architects, Inc. (b)		8,834		144,833
Trident Microsystems, Inc. (b)		5,140		67,797
Tumbleweed Communications Corp. (b)		16,000		65,600
Tyler Technologies, Inc. (b)		7,300		63,656
Ulticom, Inc. (b)		3,440		59,134
Ultimate Software Group, Inc. (The) (b)		3,900		50,174
Verint Systems, Inc. (b)		2,200		85,536
Verity, Inc. (b)		6,498		83,954
Verso Technologies, Inc. (b)		20,500		10,660
Viisage Technology, Inc. (b)		6,000		43,380
webMethods, Inc. (b)		11,980		83,021
Wind River Systems, Inc. (b)		15,811		211,709
Witness Systems, Inc. (b)		5,100		79,356
Xybernaut Corp. (b)		27,000		32,130
Zoran Corp. (b)		9,774		98,620


				10,451,582



Construction & Building Materials (1.1%)
AMCOL International Corp.		4,050		71,240
Brookfield Homes Corp.		3,300		85,470
Ceradyne, Inc. (b)		3,785		162,339
Comfort Systems USA, Inc. (b)		5,500		38,115
Dot Hill Systems Corp. (b)		9,900		61,875
Drew Industries, Inc. (b)		1,900		59,565
ElkCorp		5,543		156,035
Genlyte Group, Inc. (The) (b)		3,200		235,392
Granite Construction, Inc.		6,905		167,653
Infrasource Services, Inc. (b)		400		4,176
Integrated Electrical Services, Inc. (b)		5,439		20,668
JLG Industries, Inc.		10,191		169,986
Kronos Worldwide, Inc.		1,133		45,207
Layne Christensen Co. (b)		3,220		55,481
LSI Industries, Inc.		3,475		37,009
Meritage Corp. (b)		2,150		190,705
NCI Building Systems, Inc. (b)		4,724		151,877
Omnova Solutions, Inc. (b)		6,300		33,012
Orleans Homebuilders, Inc. (b)		500		10,450
Shaw Group Inc. (The) (b)		12,700		154,813
Simpson Manufacturing Co., Inc.		3,900		250,691

2004 Annual Report 35


	Statement of Investments (Continued)
	October 31, 2004

Gartmore Small Cap Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Construction & Building Materials (continued)
Technical Olympic USA, Inc.		1,500	$	37,935
Trex Co., Inc. (b)		2,500		100,300
U.S. Concrete, Inc. (b)		1,900		13,300
Universal Display Corp. (b)		4,000		39,320
USF Corp.		6,343		227,333
Walter Industries, Inc.		7,117		121,060
Washington Group International, Inc. (b)		6,739		234,989


				2,935,996



Consumer Durables (0.9%)
1-800 CONTACTS, Inc. (b)		600		9,864
Blyth, Inc.		6,300		189,441
Central Garden & Pet Co. (b)		4,599		164,276
Chattem, Inc. (b)		4,652		155,656
Coca-Cola Bottling Co.		800		42,284
Crown Holdings, Inc. (b)		37,627		427,067
Elizabeth Arden, Inc. (b)		5,107		122,466
Greif Bros Corp., Class A		3,000		124,650
Lifetime Hoan Corp.		2,100		29,253
Nature’s Sunshine Products, Inc.		3,195		48,340
Playtex Products, Inc. (b)		4,600		28,842
Rayovac Corp. (b)		7,697		191,732
Revlon Co., Inc. (b)		25,126		61,056
Russ Berrie & Co., Inc.		2,557		53,313
Silgan Holdings, Inc.		2,468		117,119
Toro Co.		5,457		372,441
Tupperware Corp.		12,753		212,848
Ultralife Batteries, Inc. (b)		4,160		45,926
Water Pik Technologies, Inc. (b)		900		14,094


				2,410,668



Data Processing & Reproduction (0.3%)
Carreker-Antinori, Inc. (b)		2,800		25,284
CSG Systems International, Inc. (b)		12,287		206,545
eFunds Corp. (b)		10,493		206,608
Embarcadero Technologies, Inc. (b)		5,160		41,951
HomeStore, Inc. (b)		24,639		60,242
infoUSA, Inc. (b)		5,600		58,660
InterCept Group, Inc. (The) (b)		4,493		84,423
Intrado, Inc. (b)		5,258		71,193
Pegasystems, Inc. (b)		800		5,932


				760,838



Distribution (0.8%)
Actuant Corp. (b)		5,400		214,218
Advanced Marketing Services, Inc.		2,953		31,007
Aviall, Inc. (b)		4,854		105,089
Brightpoint, Inc. (b)		4,100		62,279
Central European Distribution Corp. (b)		3,395		85,927
Handleman Co.		5,232		112,540
Keystone Automotive Industries, Inc. (b)		4,855		87,511
Navarre Corp. (b)		5,900		88,500
Owens & Minor, Inc.		8,592		225,024
Provide Commerce (b)		300		7,050
ScanSource, Inc. (b)		3,259		201,830
SCP Pool Corp.		13,252		386,827
United Stationers, Inc. (b)		8,034		357,513
Watsco, Inc.		4,272		121,581


				2,086,896



Drugs (1.2%)
ABIOMED, Inc. (b)		2,100		23,762
Adolor Corp. (b)		10,560		125,030
Alkermes, Inc. (b)		18,844		233,099
Alpharma, Inc.		9,048		153,364
ARIAD, Inc. (b)		11,414		64,717
Atrix Laboratories, Inc. (b)		5,719		177,175
AVANT Immunotherapeutics, Inc. (b)		14,600		27,302
Bentley Pharmaceuticals, Inc. (b)		2,149		18,696
Bio-Rad Laboratories, Inc., Class A (b)		3,700		192,474
BioCryst Pharmaceuticals, Inc. (b)		4,500		23,738
Caraco Pharmaceutical Laboratories Ltd. (b)		700		5,656
Cell Therapeutics, Inc. (b)		11,465		71,083
Connetics Corp. (b)		7,062		189,827
Corgentech, Inc. (b)		400		7,628
CV Therapeutics, Inc. (b)		7,614		127,382
Decode Genetics, Inc. (b)		12,000		84,000
DUSA Pharmaceuticals, Inc. (b)		1,800		20,988
Guilford Pharmaceuticals, Inc. (b)		10,009		45,241
Immunomedics, Inc. (b)		9,810		27,959
Incyte Genomics, Inc. (b)		15,592		162,157
InterMune, Inc. (b)		6,783		87,976
K-V Pharmaceutical Co., Class A (b)		7,321		145,834
Ligand Pharmaceuticals, Inc. (b)		16,155		144,022
Marshall Edwards, Inc. (b)		200		1,517
Nanogen, Inc. (b)		8,400		33,432
NPS Pharmaceuticals, Inc. (b)		9,687		165,454
Par Pharmaceutical Cos, Inc. (b)		7,560		298,241
Priority Healthcare Corp., Class B (b)		7,082		127,901
Quidel Corp. (b)		9,398		53,005
Rigel Pharmaceuticals, Inc. (b)		2,993		71,832
Seattle Genetics, Inc. (b)		7,508		45,498
SFBC International, Inc. (b)		2,400		66,744
Tanox, Inc. (b)		6,855		107,624
Zila, Inc. (b)		11,200		50,568


				3,180,926



Educational Services (0.4%)
Ambassadors Groups, Inc.		3,400		106,233
Blackboard, Inc. (b)		1,100		19,591
Bright Horizons Family Solutions, Inc. (b)		2,992		189,394
Leapfrog Enterprises, Inc. (b)		8,100		98,820

36 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Educational Services (continued)
Learning Tree International, Inc. (b)		3,841	$	52,929
PLATO Learning, Inc. (b)		5,600		49,868
Princeton Review, Inc. (b)		2,400		13,932
Strayer Education, Inc.		3,740		362,929
Universal Technical Institute, Inc. (b)		2,400		78,744


				972,440



Electrical Equipment (0.8%)
ADE Corp. (b)		3,200		49,120
Artesyn Technologies, Inc. (b)		8,613		83,546
Avista Corp.		11,016		195,864
Bel Fuse, Inc., Class B		1,900		63,745
California Micro Devices Corp. (b)		6,000		46,800
Capstone Turbine Corp. (b)		11,400		20,178
Cherokee International Corp. (b)		2,300		15,870
Cleco Corp.		10,528		191,820
Digital Theater Systems, Inc. (b)		4,012		68,244
DSP Group, Inc. (b)		7,900		156,657
El Paso Electric Co. (b)		12,862		214,153
EMCOR Group, Inc. (b)		3,300		130,581
Encore Wire Corp. (b)		4,831		59,470
Energy Conversion Devices, Inc. (b)		5,580		93,939
II-VI Corp.		3,108		106,418
Intergrated Silicon Solution, Inc. (b)		10,147		76,204
Measurement Specialties, Inc. (b)		1,500		38,850
Plug Power, Inc. (b)		13,285		79,511
Power-One, Inc. (b)		13,300		93,366
RAE Systems, Inc. (b)		4,800		33,456
SpatiaLight, Inc. (b)		7,900		51,429
Stoneridge, Inc. (b)		2,019		27,156
Tripath Imaging, Inc. (b)		4,239		29,122
Triumph Group, Inc. (b)		4,456		153,108
X-Rite, Inc.		4,241		55,896


				2,134,503



Electronics (1.1%)
Aeroflex, Inc. (b)		14,414		159,995
Ansoft Corp. (b)		400		6,400
BEI Technologies, Inc.		2,768		82,736
Belden CDT, Inc.		10,276		228,435
Coherent, Inc. (b)		6,814		164,422
Cyberoptics Corp. (b)		1,900		20,710
Daktronics, Inc. (b)		3,101		76,533
EDO Corp.		3,579		100,140
Electro Scientific Industries, Inc. (b)		7,586		128,659
Engineered Support Systems, Inc.		5,265		252,931
FARO Technologies, Inc. (b)		2,500		62,125
Graftech International Ltd. (b)		22,216		205,720
Itron, Inc. (b)		5,944		124,467
Keithley Instruments, Inc.		2,379		41,609
LeCroy Corp. (b)		800		13,464
MagneTek, Inc. (b)		6,100		37,515
Methode Electronics, Inc.		7,800		104,754
Mobility Electronics, Inc. (b)		3,500		24,570
Multi-Fineline Electronix, Inc. (b)		2,400		29,640
Planar Systems, Inc. (b)		5,071		49,290
Rogers Corp. (b)		3,623		155,499
Tektronix, Inc.		1,297		39,338
Thomas & Betts Corp.		12,648		358,444
Trimble Navigation Ltd. (b)		11,552		331,427
Tripath Technology, Inc. (b)		3,900		5,031
TTM Technologies, Inc. (b)		7,200		67,428
Watts Industries, Inc., Class A		5,230		135,666
Woodhead Industries, Inc.		2,300		36,110
Zygo Corp. (b)		3,100		31,543


				3,074,601



Entertainment (0.6%)
AMC Entertainment, Inc. (b)		6,900		132,549
Carmike Cinemas, Inc.		1,631		58,390
Dover Downs Entertainment, Inc.		1,948		19,558
Dover Motorsports, Inc.		3,112		14,782
Gaylord Entertainment Co. (b)		6,539		219,122
Magna Entertainment Corp., Class A (b)		10,520		59,228
Midway Games, Inc. (b)		10,037		95,050
Multimedia Games, Inc. (b)		5,878		77,590
Penn National Gaming, Inc. (b)		8,077		335,437
Pinnacle Entertainment, Inc. (b)		8,666		127,390
Reading International, Inc. (b)		900		7,479
Shuffle Master, Inc. (b)		6,006		252,792
Six Flags, Inc. (b)		18,700		94,248
Steinway Musical Instruments, Inc. (b)		1,400		38,710
World Wrestling Federation Entertainment, Inc.		2,999		37,188


				1,569,513



Fiber Optics (0.2%)
Avanex Corp. (b)		18,022		49,561
C-Cor.net Corp. (b)		9,400		70,688
MRV Communications, Inc. (b)		29,095		100,960
Newport Corp. (b)		8,142		91,923
Sycamore Networks, Inc. (b)		36,018		132,185


				445,317



Financial (2.4%)
Accredited Home Lenders Holding Co. (b)		4,000		144,320
ACE Cash Express, Inc. (b)		2,900		75,429
Advanta Corp., Class B		5,560		135,497
Affiliated Managers Group, Inc. (b)		5,723		319,571
Anchor BanCorp Wisconsin, Inc.		4,517		117,171
Anworth Mtg Asset Corp.		10,100		103,323
Apollo Investment Corp.		14,160		192,576
Archipelago Holdings, Inc. (b)		1,700		29,019

2004 Annual Report 37


	Statement of Investments (Continued)
	October 31, 2004

Gartmore Small Cap Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Financial (continued)
Asset Acceptance Capital Corp. (b)		500	$	9,113
ASTA Funding, Inc.		900		16,268
Bancorp Bank (The) (b)		2,300		40,549
Beverly Hills Bancorp, Inc.		1,100		11,132
BISYS Group, Inc. (The) (b)		26,540		387,483
BKF Capital Group		800		25,288
Capital Southwest Corp.		300		23,250
Central Pacific Financial Corp.		8,175		249,746
Charter Municipal Mortgage Acceptance Co.		9,612		222,614
Cohen & Steers Inc.		1,050		15,488
Collegiate Funding Services (b)		1,300		16,055
Commercial Capital Bancorp, Inc.		9,642		216,270
CompuCredit Corp. (b)		2,862		54,464
Credit Acceptance Corp. (b)		1,600		35,472
Downey Financial Corp.		4,080		225,461
Education Lending Group, Inc. (b)		4,100		65,252
Encore Capital Group, Inc. (b)		1,600		30,040
Euronet Worldwide, Inc. (b)		5,100		116,892
Federal Agricultural Mortgage Corp. (b)		1,000		19,670
Financial Federal Corp. (b)		3,463		129,205
First Cash Financial Services, Inc. (b)		3,700		87,246
First Financial Holdings, Inc.		2,900		88,073
Gabelli Asset Management, Inc.		1,468		67,675
GATX Corp.		13,078		356,767
Gladstone Capital Corp.		2,931		67,706
Gold Banc Corp., Inc.		11,177		162,625
Greenhill & Co., Inc.		1,900		42,731
Harris & Harris Group, Inc. (b)		3,500		41,615
Interactive Data Corp. (b)		7,200		142,056
Intersections, Inc. (b)		2,900		38,846
Investment Technology Group, Inc. (b)		9,997		153,954
Irwin Financial Corp.		3,885		96,853
Jackson Hewitt Tax Service, Inc.		9,600		201,600
Knight Trading Group, Inc. (b)		28,980		301,102
Labranche & Co., Inc. (b)		8,900		63,101
MainSource Financial Group, Inc.		934		20,128
MCG Capital Corp.		9,453		167,980
National Financial Partners Corp.		8,800		270,512
Nelnet, Inc., Class A (b)		700		13,587
Novastar Financial, Inc.		5,787		250,461
Piper Jaffray Companies, Inc. (b)		4,100		179,293
PRG-Schultz International, Inc. (b)		8,925		46,232
Resource America, Inc., Class A		3,005		73,322
Rewards Network, Inc. (b)		3,310		18,304
Royal Gold, Inc.		5,400		86,454
Sanders Morris Harris Group Inc.		3,353		48,015
SCBT Financial Corp.		950		31,265
Stifel Financial Corp. (b)		533		10,457
SWS Group, Inc.		3,250		62,400
TNS, Inc. (b)		2,200		43,032
United Panam Financial Corp. (b)		1,000		19,255
World Acceptance Corp. (b)		4,365		102,141
WSFS Financial Corp.		2,009		109,099


				6,490,505



Food & Related (1.2%)
American Italian Pasta Co.		3,860		78,358
Anchor Glass Container Corp.		4,300		36,980
Aurora Foods, Inc. (c) (d) (b)		100		0
Cal-Maine Foods, Inc.		3,600		36,756
Chiquita Brands International, Inc. (b)		8,187		147,530
Corn Products International, Inc.		9,132		449,293
Darling International, Inc. (b)		12,200		47,702
Farmer Brothers Co.		1,100		29,370
Flowers Foods, Inc.		7,879		199,811
Great Atlantic & Pacific Tea Co., Inc. (b)		5,312		34,528
Hain Celestial Group, Inc. (b)		7,493		121,237
Hansen Natural Corp. (b)		1,780		47,170
J & J Snack Foods Corp. (b)		1,392		61,568
Jarden Corp. (b)		6,407		225,014
John B. Sanfilippo & Son, Inc. (b)		1,300		23,439
Krispy Kreme Doughnuts, Inc. (b)		14,260		151,156
Lance, Inc.		7,716		130,246
MGP Ingredients, Inc.		3,640		30,085
National Beverage Corp.		1,610		13,041
NuCo2, Inc. (b)		2,800		59,360
Nutraceutical International Corp. (b)		2,539		39,355
Peet’s Coffee & Tea, Inc. (b)		2,282		58,168
Performance Food Group Co. (b)		11,860		275,863
Ralcorp Holding, Inc.		7,053		259,198
Red Robin Gourmet Burgers (b)		2,922		121,877
Ryan’s Restaurant Group, Inc. (b)		9,329		130,513
Sanderson Farms, Inc.		2,640		85,774
Seaboard Corp.		100		69,500
Sensient Technologies Corp.		10,254		222,717
Tejon Ranch Co. (b)		983		35,280
Winn-Dixie Stores, Inc.		18,500		63,640


				3,284,529



Furniture (0.5%)
American Woodmark Corp.		2,200		81,796
Bassett Furniture Industries, Inc.		2,247		41,570
Bombay Co., Inc. (b)		7,800		43,680
Ethan Allen Interiors, Inc.		8,900		339,001
Furniture Brands International, Inc.		11,700		255,177
Hooker Furniture Corp.		400		8,864
Kimball International, Inc., Class B		4,748		64,335
La-Z-Boy, Inc.		13,900		183,341
Select Comfort Corp. (b)		7,551		129,273
Stanley Furniture Co., Inc.		1,758		78,213
Tempur-Pedic International, Inc. (b)		2,300		37,352


				1,262,602

38 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Gambling - Non-Hotel Casinos (0.3%)
Argosy Gaming Co. (b)		5,446	$	215,607
Churchill Downs, Inc.		1,000		37,990
Empire Resorts, Inc. (b)		2,500		19,450
Isle of Capris Casinos, Inc. (b)		4,016		90,962
Scientific Games Corp. (b)		19,148		405,555


				769,564



Gas - Distribution (1.4%)
Atmos Energy Corp.		15,589		402,352
Cascade Natural Gas Corp.		3,139		63,596
Energen Co.		8,300		446,374
New Jersey Resources Corp.		6,343		260,761
Nicor, Inc.		11,060		414,971
Northwest Natural Gas Co.		6,176		195,779
NUI Corp.		5,234		70,450
Peoples Energy Corp.		9,440		403,843
Piedmont Natural Gas Co., Inc.		9,320		424,340
South Jersey Industries, Inc.		3,102		146,414
Southwest Gas Corp.		7,406		180,929
Southwestern Energy Co. (b)		8,982		412,633
WGL Holdings, Inc.		11,080		315,226


				3,737,668



Healthcare (2.4%)
Amedisys, Inc. (b)		3,580		108,223
America Service Group, Inc. (b)		1,000		35,770
American Healthways, Inc. (b)		7,100		214,278
American Medical Security Group, Inc. (b)		3,400		107,950
American Medical Systems Holdings, Inc. (b)		6,550		243,005
AMERIGROUP Corp. (b)		5,222		313,320
AmSurg Corp. (b)		8,225		192,383
Apria Healthcare Group, Inc. (b)		12,700		347,472
Beverly Enterprises, Inc. (b)		23,481		204,050
Centene Corp. (b)		5,316		252,138
CorVel Corp. (b)		3,100		81,050
Cross Country Healthcare, Inc. (b)		5,500		81,565
DJ Orthopedics, Inc. (b)		2,900		49,445
Dynacq Healthcare, Inc. (b)		2		10
Genesis HealthCare Corp. (b)		3,654		112,105
Gentiva Health Services, Inc. (b)		7,509		127,390
HealthExtras, Inc. (b)		4,093		58,407
Hooper Holmes, Inc.		9,649		50,657
Immucor, Inc. (b)		7,528		232,239
Invacare Corp.		6,449		297,815
Kindred Healthcare, Inc. (b)		7,042		169,712
LCA-Vision, Inc.		2,580		75,891
LifePoint Hospitals, Inc. (b)		8,919		289,154
Magellan Health Services, Inc. (b)		6,980		261,052
Matria Healthcare, Inc. (b)		2,900		90,538
Medcath Corp. (b)		1,800		31,590
Molina Healthcare, Inc. (b)		1,600		58,912
OCA, Inc. (b)		11,100		45,843
Odyssey Healthcare, Inc. (b)		10,623		82,010
Option Care, Inc.		4,843		63,637
Pediatrix Medical Group, Inc. (b)		6,500		365,625
Per-Se Technologies, Inc. (b)		6,613		96,484
PolyMedica Corp.		6,219		217,665
Province Healthcare Co. (b)		11,284		241,929
Proxymed, Inc. (b)		400		3,750
Psychiatric Solutions, Inc. (b)		2,680		68,206
Quality Systems, Inc. (b)		1,055		53,425
RehabCare Group, Inc. (b)		3,700		84,952
Res-Care, Inc. (b)		2,300		27,922
Select Medical Corp.		22,676		389,799
Sierra Health Services, Inc. (b)		5,062		241,559
Sunrise Assisted Living, Inc. (b)		3,649		139,063
Symbion, Inc. (b)		800		12,432
United Surgical Partners International, Inc. (b)		7,284		255,013
USNA Health Sciences, Inc. (b)		3,080		91,876
Vistacare, Inc. (b)		2,493		38,642


				6,605,953



Hotels & Casinos (0.3%)
Ameristar Casinos, Inc.		3,246		112,717
Aztar Corp. (b)		9,547		295,480
Boyd Gaming Corp.		9,717		325,422
Lakes Entertainment, Inc. (b)		4,500		52,740
MTR Gaming Group, Inc. (b)		5,300		47,700


				834,059



Hotels & Motels (0.1%)
Boca Resorts, Inc. (b)		6,301		149,334
Marcus Corp.		4,034		85,763
Sunterra Corp. (b)		5,480		58,362


				293,459



Insurance (1.6%)
21st Century Insurance Group		4,800		63,600
Affirmative Insurance Holdings, Inc. (b)		3,800		64,353
Alfa Corp.		6,024		83,734
American Equity Investment Life Holding Co.		2,300		22,586
American Physicians Capital, Inc. (b)		2,382		75,938
Argonaut Group, Inc. (b)		5,600		103,656
Baldwin & Lyons, Inc., Class B		1,481		37,143
Bristol West Holdings, Inc.		1,900		32,680
Ceres Group, Inc. (b)		5,800		31,320
Citizens, Inc. (b)		3,746		21,802
CNA Surety Corp. (b)		1,400		16,478
Commerce Group, Inc. (The)		5,307		268,587
Direct General Corp.		4,640		136,880
Donegal Group, Inc., Class A		1,200		25,896
EMC Insurance Group, Inc.		1,800		35,532

2004 Annual Report 39


	Statement of Investments (Continued)
	October 31, 2004

Gartmore Small Cap Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Insurance (continued)
Enstar Group, Inc. (The) (b)		200	$	10,800
FBL Financial Group, Inc., Class A		1,802		46,690
First Acceptance Corp. (b)		2,100		16,884
First Health Group Corp. (b)		22,900		364,568
FPIC Insurance Group, Inc. (b)		1,960		54,488
Harleysville Group, Inc.		3,558		74,113
Horace Mann Educators Corp.		10,486		178,262
Independence Holding Co.		820		15,572
Infinity Property & Casualty Corp.		5,764		179,145
Kansas City Life Insurance Co.		300		12,300
LandAmerica Financial Group, Inc.		4,323		211,611
Midland Co. (The)		1,000		27,630
Navigators Group, Inc. (b)		1,692		49,897
Nymagic, Inc.		600		12,180
Ohio Casualty Corp. (b)		15,678		327,357
Penn-America Group, Inc.		4,300		63,124
Philadelphia Consolidated Holding Corp. (b)		4,720		273,666
PICO Holdings, Inc. (b)		1,100		20,790	��
PMA Capital Corp., Class A (b)		7,584		62,189
ProAssurance Corp. (b)		5,957		212,605
RLI Corp.		4,446		169,081
Safety Insurance Group, Inc.		1,100		24,761
Selective Insurance Group, Inc.		7,166		280,047
State Auto Financial Corp.		3,100		88,195
Stewart Information Services Corp.		3,862		163,826
Triad Guaranty, Inc. (b)		1,600		87,216
U.S.I. Holdings Corp. (b)		10,640		103,368
United Fire & Casualty Co.		1,883		113,187
Vesta Insurance Group, Inc.		5,200		23,660
Zenith National Insurance Co.		2,298		94,379


				4,381,776



Insurance/Life (0.5%)
AmerUs Group Co.		9,812		409,946
Delphi Financial Group, Inc.		5,756		235,248
Great American Financial Resources, Inc.		1,620		25,434
National Western Life Insurance Co., Class A (b)		300		45,045
Phoenix Co., Inc. (The)		21,236		224,040
Presidential Life Corp.		4,181		66,812
UICI		9,597		283,879
Universal American Financial Corp. (b)		8,700		105,792


				1,396,196



Insurance Brokers (0.1%)
Crawford & Co., Class B		2,920		19,768
Hilb, Rogal & Hamilton Co.		8,054		255,312


				275,080



Internet (1.9%)
@Road, Inc. (b)		6,600		41,580
Alloy, Inc. (b)		7,933		30,304
Ariba, Inc. (b)		14,110		216,589
AsiaInfo Holdings, Inc. (b)		9,403		44,194
Autobytel, Inc. (b)		9,530		66,329
Blue Coat Systems, Inc. (b)		2,760		48,052
Blue Nile, Inc. (b)		1,200		29,160
Brocade Communications Systems, Inc. (b)		57,440		390,017
CMGI, Inc. (b)		78,265		107,223
CNET Networks, Inc. (b)		27,886		227,829
DoubleClick, Inc. (b)		24,700		157,092
Drugstore.com, Inc. (b)		5,630		17,903
EarthLink, Inc. (b)		34,384		355,187
eCollege.com (b)		4,695		43,053
Entrust, Inc. (b)		19,962		65,875
Equinix, Inc. (b)		2,000		75,380
FindWhat.com (b)		5,607		112,420
Harris Interactive, Inc. (b)		10,600		72,080
INTAC International, Inc. (b)		700		5,569
Internap Network Services Corp. (b)		36,600		28,182
Internet Capital Group, Inc. (b)		8,900		61,054
Internet Security, Inc. (b)		8,638		187,963
Interwoven, Inc. (b)		11,061		100,323
iPass, Inc. (b)		12,400		71,300
iVillage, Inc. (b)		4,100		21,013
j2 Global Communications, Inc. (b)		4,265		128,590
Jupitermedia Corp. (b)		4,400		87,274
LookSmart Ltd. (b)		28,670		47,879
MarketWatch.com, Inc. (b)		1,000		13,255
MatrixOne, Inc. (b)		10,609		60,471
Neoforma, Inc. (b)		1,700		11,730
Net.B@nk, Inc.		13,407		124,417
Net2Phone, Inc. (b)		11,231		38,972
Netegrity, Inc. (b)		9,185		97,820
NIC, Inc. (b)		5,900		24,839
Omicell, Inc. (b)		6,853		70,757
Openwave Systems, Inc. (b)		14,679		172,772
Orbitz, Inc., Class A (b)		3,260		89,128
Overstock.com, Inc. (b)		2,900		157,006
PC-Tel, Inc. (b)		7,299		56,275
Priceline.com, Inc. (b)		5,199		103,668
PTEK Holdings, Inc. (b)		13,902		138,464
Redback Networks, Inc. (b)		6,356		28,666
RightNow Technologies, Inc. (b)		600		9,936
S1 Corp. (b)		15,378		144,399
Sohu.com Inc. (b)		5,411		90,634
Stamps.com, Inc. (b)		4,493		62,363
Stellent, Inc. (b)		5,200		37,336
SupportSoft, Inc. (b)		11,600		58,812
TippingPoint Technologies, Inc. (b)		200		5,624
Travelzoo, Inc. (b)		560		38,780
TriZetto Group, Inc. (The) (b)		4,998		33,986
United Online, Inc. (b)		10,600		99,534
ValueClick, Inc. (b)		17,269		160,429

40 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Internet (continued)
Vignette Corp. (b)		63,109	$	70,051
WatchGuard Technologies, Inc. (b)		7,681		30,570
Websense, Inc. (b)		5,319		215,792
Zixit Corp. (b)		5,300		28,620


				5,114,520



Lasers (0.1%)
Metrologic Instruments, Inc. (b)		2,000		37,300
Rofin-Sinar Technologies, Inc. (b)		3,500		104,895


				142,195



Leisure Products (0.5%)
Action Performance Co., Inc.		3,553		32,865
Alliance Gaming Corp. (b)		13,822		127,854
Atari, Inc. (b)		2,140		3,210
Callaway Golf Co.		14,689		153,206
Coachmen Industries, Inc.		2,800		40,516
Department 56, Inc. (b)		2,600		39,234
Escalade, Inc.		800		11,172
Greg Manning Auctions, Inc. (b)		1,600		15,944
JAKKS Pacific, Inc. (b)		7,287		114,843
K2, Inc. (b)		8,161		132,371
LIFE TIME FITNESS, Inc. (b)		1,700		39,610
Marine Products Corp.		1,084		19,783
MarineMax, Inc. (b)		3,200		80,640
Nautilus Group, Inc. (The)		6,230		122,420
Party City Corp. (b)		2,054		30,071
RC2 Corp. (b)		4,565		127,181
Speedway Motorsports, Inc.		2,700		89,370
Topps Co., Inc.		8,027		80,912
Vail Resorts, Inc. (b)		3,908		78,394
WMS Industries, Inc. (b)		5,184		151,632


				1,491,228



Machinery (1.6%)
Advanced Energy Industries, Inc. (b)		4,605		45,405
Albany International Corp., Class A		5,627		168,923
Applied Industrial Technologies, Inc.		4,716		175,435
Astec Industries, Inc. (b)		4,779		69,248
Baldor Electric Co.		6,953		162,909
Blount International, Inc. (b)		2,900		41,934
Bucyrus International, Inc., Class A		3,501		105,030
Cascade Corp.		2,446		72,646
Cubic Corp.		3,346		73,612
Flowserve Corp. (b)		11,459		247,285
Franklin Electric Co., Inc.		3,246		124,581
Gardner Denver, Inc. (b)		4,532		135,869
Gorman-Rupp		975		21,158
IDEX Corp.		12,515		461,804
Intermagnetics General Corp. (b)		7,200		183,528
Intevac, Inc. (b)		1,900		9,529
Joy Global, Inc.		12,660		427,781
Kadant, Inc. (b)		2,903		52,399
Lennox International, Inc.		12,407		179,405
Milacron, Inc. (b)		7,997		21,992
NACCO Industries, Inc.		1,022		95,516
Nordson Corp.		6,964		243,879
Photon Dynamics, Inc. (b)		3,773		69,046
Sauer-Danfoss, Inc.		993		17,973
Stewart & Stevenson Services, Inc.		6,914		117,538
Tennant Co.		1,762		71,890
Terex Corp. (b)		10,893		413,934
Thomas Industries, Inc.		2,600		87,880
UNOVA, Inc. (b)		10,601		162,725
Wabtec Corp.		9,607		194,734


				4,255,588



Manufactured Housing (0.7%)
Aaon, Inc. (b)		1,000		14,700
Apogee Enterprises, Inc.		8,330		106,707
Beazer Homes USA, Inc.		3,470		380,937
Eagle Materials, Inc.		4,769		329,586
Fleetwood Enterprises, Inc. (b)		11,761		148,071
Highwood Properties, Inc.		13,648		338,607
Levitt Corp., Class A		3,482		83,046
Monaco Coach Corp.		5,739		101,867
Palm Harbor Homes, Inc. (b)		2,804		42,032
Skyline Corp.		918		36,793
WCI Communities, Inc. (b)		6,860		161,896
Winnebago Industries, Inc.		5,196		163,154


				1,907,396



Manufacturing (1.1%)
American Superconductor Corp. (b)		3,900		45,065
Applied Films Corp. (b)		4,147		96,169
AptarGroup, Inc.		8,420		395,067
Armor Holdings, Inc. (b)		6,308		233,522
Champion Enterprises, Inc. (b)		15,384		167,532
Checkpoint Systems, Inc. (b)		8,208		140,357
Cognex Corp.		10,177		260,531
CSS Industries, Inc.		1,551		47,848
CUNO, Inc. (b)		4,498		258,635
EnerSys (b)		2,050		27,060
EnPro Industries, Inc. (b)		4,200		92,232
Identix, Inc. (b)		22,520		164,171
Jacuzzi Brands, Inc. (b)		16,486		142,604
Lincoln Electric Holdings, Inc.		8,711		290,773
Mine Safety Appliances Co.		4,170		157,292
Myers Industries, Inc.		5,300		56,339
OshKosh B’Gosh, Inc., Class A		2,027		36,810
Powell Industries, Inc. (b)		1,369		22,068
Quixote Corp.		1,690		30,378

2004 Annual Report 41


	Statement of Investments (Continued)
	October 31, 2004

Gartmore Small Cap Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Manufacturing (continued)
Raven Industries, Inc.		4,820	$	108,739
Sturm, Ruger & Co., Inc.		4,637		40,898
Valence Technology, Inc. (b)		8,330		26,823
Woodward Governor Co.		2,040		123,522
Young Innovations Inc.		500		16,075


				2,980,510



Manufacturing/ Diversified (0.9%)
A.O. Smith Corp.		5,008		132,912
Acuity Brands, Inc.		9,142		242,537
Barnes Group, Inc.		3,402		88,452
CLARCOR, Inc.		6,603		325,528
ESCO Technologies, Inc. (b)		2,994		208,981
Federal Signal Corp.		10,943		181,873
Global Power Equipment Group, Inc. (b)		5,100		41,106
Griffon Corp. (b)		6,260		139,285
Imation Corp.		7,800		243,906
Lancaster Colony Corp.		7,021		301,763
Matthews International Corp., Class A		6,682		223,880
Penn Energineering & Manufacturing Corp.		1,200		21,480
Standex International Corp.		2,654		69,508
Tredegar Industries, Inc.		5,706		95,576
USG Corp. (b)		8,465		189,531


				2,506,318



Medical Equipment & Supplies (2.2%)
Abaxis, Inc. (b)		5,500		71,088
Advanced Medical Optics, Inc. (b)		7,650		299,115
Advanced Neuromodulation Systems, Inc. (b)		4,611		146,768
Allscripts Healthcare Solution, Inc. (b)		5,650		52,517
Animas Corp. (b)		1,600		22,832
Arrow International, Inc.		4,144		118,373
Aspect Medical Systems, Inc. (b)		3,780		67,964
BioLase Technology, Inc.		5,901		40,245
Bioveris Corp. (b)		4,496		28,977
Bruker BioSciences Corp. (b)		3,213		11,085
Candela Corp. (b)		5,202		52,930
Cardiac Science, Inc. (b)		20,020		34,034
CardioDyamics International Corp. (b)		6,700		24,221
Cepheid, Inc. (b)		9,100		82,082
Closure Medical Corp. (b)		2,400		40,944
Conceptus, Inc. (b)		5,000		42,825
CONMED Corp. (b)		7,553		212,013
CTI Molecular Imaging, Inc. (b)		7,000		54,880
Cyberonics, Inc. (b)		4,470		83,902
Durect Corp. (b)		13,500		24,570
E-Z-EM, Inc.		600		11,130
Encore Medical Corp. (b)		8,500		43,648
Endocardial Solutions, Inc. (b)		6,500		73,645
EPIX Medical, Inc. (b)		6,330		98,938
Exactech, Inc. (b)		1,100		18,942
Hanger Orthopedic Group, Inc. (b)		7,000		45,150
Hologic, Inc. (b)		4,300		86,344
I-Flow Corp. (b)		2,700		37,368
ICU Medical, Inc. (b)		3,650		81,943
IDX Systems Corp. (b)		4,131		138,533
Intuitive Surgical, Inc. (b)		8,509		248,293
Kensey Nash Corp. (b)		2,580		73,788
Kyphon, Inc. (b)		6,000		150,720
Landauer, Inc.		1,722		83,965
Laserscope (b)		4,100		110,946
Lifeline Systems, Inc. (b)		3,500		84,175
Mannkind Corp. (b)		2,900		50,808
Medical Action Industries, Inc. (b)		2,166		36,021
Mentor Corp.		9,524		331,434
Merit Medical Systems, Inc. (b)		6,429		66,540
Microtek Medical Holdings, Inc. (b)		14,700		54,390
Oakley, Inc.		4,723		59,982
Ocular Sciences, Inc. (b)		5,004		244,445
OraSure Technologies, Inc. (b)		11,273		76,093
Orthologic Corp. (b)		9,654		59,565
Orthovita, Inc. (b)		10,600		46,640
Possis Medical, Inc. (b)		5,103		56,541
PSS World Medical, Inc. (b)		15,338		172,783
Serologicals Corp. (b)		6,768		160,063
Sonic Innovations, Inc. (b)		5,300		19,928
STERIS Corp. (b)		15,800		327,533
Surmodics, Inc. (b)		3,423		91,908
Sybron Dental Specialties, Inc. (b)		8,452		275,282
Techne Corp. (b)		9,536		343,486
ThermoGenesis Corp. (b)		6,300		35,186
Viasys Healthcare, Inc. (b)		6,125		104,676
VISX, Inc. (b)		10,084		168,201
Vital Signs, Inc.		1,130		39,126
WellCare Health Plans, Inc. (b)		1,350		30,915
Wright Medical Group, Inc. (b)		7,036		181,740
Zoll Medical Corp. (b)		2,846		91,072


				6,023,251



Medical Laboratories (0.3%)
Able Laboratories, Inc. (b)		4,785		103,715
Alliance Imaging, Inc. (b)		1,400		10,402
Applera Corp. - Celera Genomics Group (b)		15,469		198,313
Bio-Reference Laboratories, Inc. (b)		2,300		32,361
Cerner Corp. (b)		7,251		327,382
Discovery Laboratories, Inc. (b)		10,200		69,462
LabOne, Inc. (b)		3,839		115,170
Specialty Laboratories, Inc. (b)		276		2,680


				859,485

42 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Metal Processors (0.5%)
Commercial Metals Co.		6,326	$	228,685
Kaydon Corp.		6,348		187,901
Metal Management, Inc. (b)		5,200		94,640
Metals USA, Inc. (b)		6,000		102,360
Mueller Industries, Inc.		8,856		236,100
NN, Inc.		5,615		62,046
Quanex Corp.		4,000		202,800
Steel Technologies, Inc.		3,160		75,714
Valmont Industries, Inc.		2,600		56,550


				1,246,796



Metals (0.5%)
Brush Engineered Materials, Inc. (b)		3,396		52,978
Century Aluminum Co. (b)		4,257		98,507
Cleveland-Cliffs, Inc. (b)		2,512		183,125
Coeur d’Alene Mines Corp. (b)		53,397		264,315
Compass Minerals International, Inc.		2,400		51,408
Gibraltar Industries, Inc.		4,519		158,210
Hecla Mining Co. (b)		27,902		188,059
RTI International Metals, Inc. (b)		4,500		90,135
Stepan Co.		500		12,050
Stillwater Mining Co. (b)		7,835		96,841
Titanium Metals Corp. (b)		500		9,675
USEC, Inc.		17,300		167,118


				1,372,421



Natural Gas (0.4%)
Airgas, Inc.		13,040		320,784
EnergySouth, Inc.		2,100		56,847
Laclede Group, Inc. (The)		4,900		147,735
Southern Union Co. (b)		16,747		367,932
St. Mary Land & Exploration Co.		6,498		256,216
Syntroleum Corp. (b)		7,200		50,004


				1,199,518



Office Equipment & Supplies (0.4%)
Ennis Business Forms, Inc.		3,400		68,782
General Binding Corp. (b)		500		7,138
Global Imaging Systems, Inc. (b)		5,083		178,922
Imagistics International, Inc. (b)		3,500		120,470
Interface, Inc. (b)		9,655		83,902
John H. Harland Co.		6,374		205,434
School Specialty, Inc. (b)		5,987		244,987
Standard Register Co.		4,514		47,939


				957,574



Oil & Gas (3.1%)
Atlas America, Inc. (b)		1,300		33,391
Atwood Oceanics, Inc. (b)		3,115		149,364
Berry Petroleum Co.		5,080		193,802
Brigham Exploration Co. (b)		6,600		59,895
Cabot Oil & Gas Corp.		7,145		302,305
Cal Dive International, Inc. (b)		9,656		341,919
Callon Petroleum Co. (b)		3,100		41,881
Cheniere Energy, Inc. (b)		4,300		106,812
Cimarex Energy Co. (b)		9,402		337,344
Clayton Williams Energy, Inc. (b)		2,000		40,820
Comstock Resources, Inc. (b)		7,836		172,392
Delta Petroleum Corp. (b)		5,900		84,547
Denbury Resources, Inc. (b)		11,731		290,929
Edge Petroleum Corp. (b)		4,346		65,929
Encore Acquisition Co. (b)		4,820		157,373
Energy Partners Ltd. (b)		7,220		126,783
Forest Oil Corp. (b)		12,592		384,056
FX Energy, Inc. (b)		3,800		32,319
Giant Industries, Inc. (b)		2,900		66,613
Grey Wolf, Inc. (b)		49,117		254,426
Hanover Compressor Co. (b)		16,200		210,924
Harvest Natural Resources, Inc. (b)		7,865		118,919
Helmerich & Payne, Inc.		11,500		328,325
Houston Exploration Co. (The) (b)		3,322		194,669
KCS Energy, Inc. (b)		10,731		146,049
Lufkin Industries, Inc.		1,582		56,019
Magnum Hunter Resources, Inc. (b)		25,740		311,454
Matrix Service Co. (b)		6,000		30,840
McMoRan Exploration Co. (b)		4,000		55,440
Meridian Resource Corp. (The) (b)		14,600		117,530
Mission Resources Corp. (b)		9,700		59,413
Newpark Resources, Inc. (b)		18,284		99,282
Oceaneering International, Inc. (b)		5,702		202,706
Parker Drilling Co. (b)		21,477		83,760
Penn Virginia Corp.		3,600		129,600
Petroleum Development Corp. (b)		4,356		153,418
Plains Exploration & Production Co. (b)		19,102		477,550
Quaker Chemical Corp.		1,600		36,128
Quicksilver Resources, Inc. (b)		6,172		195,220
Quiksilver Resources, Inc. (b)		12,168		331,578
Range Resources Corp.		15,363		241,199
Remington Oil & Gas Corp. (b)		5,080		129,235
RPC, Inc.		2,201		45,671
Spinnaker Exploration Co. (b)		5,109		163,079
Stone Energy Corp. (b)		5,541		228,123
Swift Energy Co. (b)		6,620		160,535
Tesoro Petroleum Corp. (b)		15,451		467,856
Todco, Class A (b)		4,460		75,686
Unit Corp. (b)		7,900		293,011
Vintage Petroleum, Inc.		12,076		253,596
Whiting Petroleum Corp. (b)		4,180		124,062
World Fuel Services Corp.		2,540		86,665


				8,850,442

2004 Annual Report 43


	Statement of Investments (Continued)
	October 31, 2004

Gartmore Small Cap Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Oil Equipment & Services (0.9%)
CARBO Ceramics, Inc.		2,546	$	183,949
Dril-Quip, Inc. (b)		1,013		22,691
Frontier Oil Corp.		7,109		174,739
Global Industries Ltd. (b)		22,744		152,612
Holly Corp.		5,838		143,323
Hydril Co. (b)		4,356		191,620
Key Energy Services, Inc. (b)		29,100		334,649
Lone Star Technologies, Inc. (b)		6,334		167,218
SEACOR SMIT, Inc. (b)		4,018		191,297
SJW Corp.		700		23,702
Superior Energy Services, Inc. (b)		13,164		169,684
TETRA Technologies, Inc. (b)		5,408		161,916
TRC Cos., Inc. (b)		1,600		27,872
Veritas DGC, Inc. (b)		7,460		157,406
W-H Energy Services, Inc. (b)		6,200		126,170
WD-40 Co.		4,127		116,650


				2,345,498



Oil Field Machinery & Equipment (0.1%)
Gulf Island Fabrication, Inc.		2,845		58,209
Oil States International, Inc. (b)		5,270		96,757
Universal Compression Holdings, Inc. (b)		3,100		107,198


				262,164



Paper & Forest Products (0.6%)
Buckeye Technologies, Inc. (b)		4,290		45,260
Caraustar Industries, Inc. (b)		7,021		104,402
Chesapeake Corp.		3,770		87,502
Deltic Timber Corp.		2,256		89,766
Glatfelter & Co.		9,165		113,921
Graphic Packaging Corp. (b)		12,700		87,122
Longview Fibre Co.		11,200		172,480
Pope & Talbot, Inc.		3,192		48,135
Potlatch Corp.		6,686		314,843
Rock-Tenn Co.		4,600		71,530
Schweitzer-Mauduit International, Inc.		4,242		133,878
Universal Forest Products, Inc.		3,666		134,451
Wausau-Mosinee Paper Corp.		9,947		155,571


				1,558,861



Pharmaceuticals (2.4%)
Alexion Pharmaceuticals, Inc. (b)		5,929		105,803
American Pharmaceutical Partners, Inc. (b)		1		28
Array BioPharma, Inc. (b)		3,400		23,766
AtheroGenics, Inc. (b)		8,831		264,399
Barrier Therapeutics, Inc. (b)		500		6,995
Bioenvision, Inc. (b)		2,500		19,563
BioMarin Pharmaceutical, Inc. (b)		15,185		62,714
Bone Care International, Inc. (b)		4,266		97,969
Bradley Pharmaceuticals, Inc. (b)		3,608		59,748
Cell Genesys, Inc. (b)		12,692		83,260
Corixa Corp. (b)		13,029		51,790
Cubist Pharmaceuticals, Inc. (b)		9,650		98,478
CYTOGEN Corp. (b)		3,900		38,454
Cytokinetics, Inc. (b)		700		6,300
Del Laboratories, Inc. (b)		1,116		37,219
Dendreon Corp. (b)		12,600		130,284
Depomed, Inc. (b)		3,300		14,768
DOV Pharmaceutical, Inc. (b)		3,820		62,954
Encysive Pharmaceuticals, Inc. (b)		12,497		109,099
Enzon, Inc. (b)		11,500		185,955
First Horizon Pharmaceutical Corp. (b)		6,400		157,312
Genaera Corp. (b)		7,300		29,018
Geron Corp. (b)		12,437		97,693
Hollis-Eden Pharmaceuticals, Inc. (b)		3,791		38,536
ILEX Oncology, Inc. (b)		9,962		251,540
ImmunoGen, Inc. (b)		8,338		44,275
Impax Laboratories, Inc. (b)		11,384		168,028
Indevus Pharmaceuticals, Inc. (b)		10,330		69,159
Inkine Pharmaceutical Co., Inc. (b)		8,500		46,325
Inspire Pharmaceuticals, Inc. (b)		9,169		143,587
Inter Parfums, Inc.		1,800		24,183
Isis Pharmaceuticals, Inc. (b)		15,180		70,663
Isolagen, Inc. (b)		5,500		37,455
Ista Pharmaceuticals, Inc. (b)		500		4,895
Keryx Biopharmaceuticals, Inc. (b)		3,300		38,379
Kos Pharmaceuticals, Inc. (b)		2,668		95,248
Lannett Co., Inc. (b)		600		6,798
LifeCell Corp. (b)		8,400		74,592
Mannatech, Inc.		4,400		75,020
Maxim Pharmaceuticals, Inc. (b)		10,840		27,100
Medical Co. (b)		11,977		319,066
NeighborCare, Inc. (b)		7,755		198,761
NeoPharm, Inc. (b)		6,255		45,443
NitroMed, Inc. (b)		2,980		72,414
Northfield Laboratories, Inc. (b)		4,600		63,020
Noven Pharmaceuticals, Inc. (b)		5,300		119,515
Nuvelo, Inc. (b)		8,223		75,487
Onyx Pharmaceuticals, Inc. (b)		7,540		211,572
Oscient Pharmaceuticals Corp. (b)		9,600		32,544
Pain Therapeutics, Inc. (b)		7,300		50,735
Parexel International Corp. (b)		7,503		144,433
Penwest Pharmaceuticals Co. (b)		4,553		49,537
Peregrine Pharmaceuticals, Inc. (b)		25,573		32,989
Perrigo Co.		14,411		261,991
PetMed Express, Inc. (b)		3,100		16,880
Pharmacyclics, Inc. (b)		3,600		42,156
Pharmion Corp. (b)		3,900		179,205
Pharmos Corp. (b)		14,200		39,050
POZEN, Inc. (b)		6,350		55,626
PRAECIS Pharmaceuticals, Inc. (b)		15,873		27,778
Progenics Pharmaceuticals, Inc. (b)		2,300		34,351
Regeneron Pharmaceuticals, Inc. (b)		6,617		48,106

44 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Pharmaceuticals (continued)
Renovis, Inc. (b)		200	$	2,290
Salix Pharmaceuticals, Inc. (b)		9,400		150,682
Santarus, Inc. (b)		600		5,892
SuperGen, Inc. (b)		11,634		70,967
Telik, Inc. (b)		10,033		185,109
Transkaryotic Therapies, Inc. (b)		7,161		123,957
United Therapeutics Corp. (b)		5,147		160,895
Valeant Pharmaceuticals International		19,500		467,999
Vertex Pharmaceuticals, Inc. (b)		20,000		217,599
Vicuron Pharmaceuticals, Inc. (b)		10,694		149,930
Vion Pharmaceuticals, Inc. (b)		10,000		46,700


				6,662,031



Pipelines (0.1%)
Aquila, Inc. (b)		50,070		158,722
TransMontaigne, Inc. (b)		1,854		10,994


				169,716



Pollution Control (0.2%)
Calgon Carbon Corp.		10,748		73,946
Casella Waste Systems, Inc., Class A (b)		6,547		81,314
Duratek, Inc. (b)		3,723		75,298
Flanders Corp. (b)		4,100		33,682
Imco Recycling, Inc. (b)		3,700		43,364
Waste Connections, Inc. (b)		10,501		330,991


				638,595



Printing & Publishing (0.7%)
Banta Corp.		5,807		236,229
Bowne & Co., Inc.		10,388		129,123
Courier Corp.		1,000		43,500
Hollinger International, Inc.		13,084		233,549
Information Holdings, Inc. (b)		2,619		71,734
Journal Register Co. (b)		8,259		155,269
Playboy Enterprises, Inc. (b)		4,034		44,777
Presstek, Inc. (b)		6,210		62,783
PRIMEDIA, Inc. (b)		28,800		73,440
ProQuest Co. (b)		5,279		137,571
Pulitzer, Inc.		1,672		88,148
Scholastic Corp. (b)		7,820		237,102
Thomas Nelson, Inc.		2,000		44,280
Valassis Communications, Inc. (b)		13,800		474,445


				2,031,950



Radio (0.1%)
Beasley Broadcast Group, Inc. (b)		1,130		18,566
Saga Communications, Inc. (b)		3,125		52,563
Spanish Broadcasting System, Inc. (b)		8,803		89,086


				160,215



Railroads (0.1%)
Florida East Coast Industries, Inc.		4,319		163,517



Real Estate (0.3%)
Avatar Holdings, Inc. (b)		1,692		73,991
CB Richard Ellis Group, Inc., Class A (b)		4,700		121,730
Consolidated-Tomoka Land Co.		800		29,192
Getty Realty Corp.		2,900		81,548
Jones Lang LaSalle, Inc. (b)		6,962		222,784
LNR Property Corp.		4,460		278,928
Tarragon Realty Investors, Inc. (b)		125		1,689
Trammell Crow Co. (b)		4,400		67,980


				877,842



Real Estate Investment Trusts (5.9%)
Acadia Realty Trust		6,199		95,465
Affordable Residential Communities		8,000		104,160
Alexandria Real Estate Equities, Inc.		4,177		275,891
American Campus Communities, Inc. (b)		4,350		82,215
American Financial Realty Trust		27,600		405,719
American Home Mortgage Investment Corp.		7,013		193,769
Amli Residential Properties Trust		5,100		160,497
Anthracite Capital, Inc.		9,801		113,496
Arbor Realty Trust, Inc.		400		8,360
Ashford Hospitality Trust		1,700		16,473
Bedford Property Investors, Inc.		4,350		125,063
BioMed Realty Trust, Inc.		8,000		145,440
Bluegreen Corp. (b)		2,200		26,994
Brandywine Realty Trust		12,224		359,630
Capital Automotive REIT		8,598		277,371
Capital Lease Funding, Inc.		6,300		68,985
Capital Trust, Inc., Class A		1,040		30,441
Capstead Mortgage Corp.		5,360		59,067
CarrAmerica Realty Corp.		13,580		437,682
Cedar Shopping Centers, Inc.		4,800		64,944
Colonial Properties Trust		5,166		201,371
Commercial Net Lease Realty		10,569		203,242
Cornerstone Realty Income Trust, Inc.		14,407		141,477
Corporate Office Properties Trust		8,085		221,691
Correctional Properties Trust		2,200		59,356
Corrections Corporation of America (b)		8,025		278,869
Cousins Properties, Inc.		7,600		282,872
CRT Properties, Inc.		6,431		142,511
EastGroup Properties, Inc.		4,176		147,956
Entertainment Properties Trust		5,414		216,019
Equity Inns, Inc.		13,500		128,250
Equity One, Inc.		6,600		138,534
Essex Property Trust, Inc.		5,691		446,515
Extra Space Storage, Inc.		6,750		93,555
FelCor Lodging Trust, Inc. (b)		10,100		117,362
First Industrial Realty Trust, Inc.		10,320		398,352
Gables Residential Trust		6,960		254,040

2004 Annual Report 45


	Statement of Investments (Continued)
	October 31, 2004

Gartmore Small Cap Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Real Estate Investment Trusts (continued)
Glenborough Realty Trust, Inc.		5,452	$	114,492
Glimcher Realty Trust		7,738		199,795
Global Signal, Inc.		1,250		29,750
Government Properties Trust, Inc.		6,280		62,988
Gramercy Capital Corp. (b)		4,000		65,200
Healthcare Realty Trust, Inc.		10,420		420,446
Heritage Property Investment		5,385		164,727
Highland Hospitality Corp.		5,700		64,980
Home Properties of New York, Inc.		8,290		341,134
Impac Mortgage Holdings, Inc.		14,455		326,828
Innkeepers USA Trust		9,661		133,805
Investors Real Estate Trust		8,997		91,320
Kilroy Realty Corp.		6,791		269,942
Kite Realty Group Trust		6,300		83,160
Kramont Realty Trust		5,277		99,524
La Quinta Corp. (b)		40,231		323,860
LaSalle Hotel Properties		6,096		175,077
Lexington Corporate Properties Trust		10,785		242,015
LTC Properties, Inc.		2,900		54,839
Luminent Mortgage Capital, Inc.		5,500		63,250
Maguire Properties, Inc.		9,020		235,873
Manufactured Home Communities, Inc.		4,700		162,103
MeriStar Hospitality Corp. (b)		18,309		106,925
MFA Mortgage Investments, Inc.		17,174		144,949
Mid-America Apartment Communities, Inc.		3,912		153,859
Mission West Properties, Inc.		4,160		41,184
MortgageIT Holdings, Inc. (b)		5,050		73,730
National Health Investors, Inc.		4,437		126,943
Nationwide Health Properties, Inc.		15,189		342,816
New Century Financial Corp.		7,114		392,337
Newcastle Investment Corp.		7,777		238,054
Omega Healthcare Investors, Inc.		10,100		113,827
Origen Financial, Inc.		5,900		44,398
Parkway Properties, Inc.		2,700		137,106
Pennsylvania Real Estate Investment Trust		7,323		296,948
Post Properties, Inc.		10,174		326,484
Prentiss Properties Trust		11,209		403,299
Price Legacy Corp.		5,087		95,686
PS Business Parks, Inc.		2,877		126,358
Rait Investment Trust		5,568		148,721
Ramco-Gershenson Properties Trust		3,000		81,000
Realty Income Corp.		9,840		472,221
Redwood Trust, Inc.		4,020		241,843
Saul Centers, Inc.		2,945		95,713
Senior Housing Properties Trust		11,026		206,848
Sovran Self Storage, Inc.		2,700		105,489
Strategic Hotel Capital, Inc.		6,450		92,493
Summit Properties, Inc.		7,516		227,960
Sun Communities, Inc.		3,238		125,861
Tanger Factory Outlet Centers, Inc.		3,461		163,532
Taubman Centers, Inc.		11,504		330,165
Town & Country Trust		5,113		141,221
U.S. Restaurant Properties, Inc.		6,127		108,570
Universal Health Realty Income Trust		2,273		71,418
Urstadt Biddle Properties, Inc., Class A		5,580		89,838
Washington Real Estate Investment Trust		8,760		275,502
Winston Hotels, Inc.		4,545		50,222


				16,442,262



Recreational Vehicles & Boats (0.1%)
Arctic Cat, Inc.		4,358		109,429
Thor Industries, Inc.		7,893		219,505


				328,934



Research & Development (0.2%)
Albany Molecular Research, Inc. (b)		7,585		65,383
Antigenics, Inc. (b)		8,550		57,884
Biosite, Inc. (b)		3,131		152,823
Exponet, Inc. (b)		1,800		48,600
Forrester Research, Inc. (b)		4,781		73,747
Neurogen Corp. (b)		3,300		23,579
Regeneration Technologies, Inc. (b)		7,500		58,125
Trimeris, Inc. (b)		4,288		49,355


				529,496



Residential Building Construction (0.3%)
Ameron International Corp.		1,600		54,128
Dominion Homes, Inc. (b)		1,039		21,632
Dycom Industries, Inc. (b)		12,096		394,935
Insituform Technologies, Inc. (b)		7,454		147,738
M/ I Schottenstein Homes, Inc.		2,792		120,056
William Lyon Homes (b)		800		55,160


				793,649



Restaurants (1.0%)
BJ’s Restaurants, Inc. (b)		2,200		33,715
Bob Evans Farms, Inc.		9,469		225,741
Buffalo Wild Wings, Inc. (b)		2,200		63,360
California Pizza Kitchen, Inc. (b)		5,780		127,854
CKE Restaurants, Inc. (b)		10,600		127,942
Cosi, Inc. (b)		2,400		12,324
Dave & Buster’s, Inc. (b)		2,600		46,150
Domino’s Pizza, Inc. (b)		3,900		63,960
IHOP Corp.		4,500		172,350
Jack in the Box, Inc. (b)		8,005		267,127
Landry’s Restaurants, Inc.		5,714		154,735
Lone Star Steakhouse & Saloon, Inc.		4,861		117,199
O’Charley’s, Inc. (b)		5,127		79,571
P.F. Chang’s China Bistro, Inc. (b)		5,825		296,143
Panera Bread Co. (b)		5,829		203,607
Papa John’s International, Inc. (b)		2,962		95,613
Sonic Corp. (b)		14,831		403,847

46 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Restaurants (continued)
Steak n Shake Co. (The) (b)		3,710	$	61,141
Triarc Companies, Inc.		7,790		89,040


				2,641,419



Retail (2.9%)
1-800-FLOWERS.COM (b)		5,089		41,094
99 CENTS Only Stores (b)		10,180		156,874
A.C. Moore Arts & Crafts, Inc. (b)		4,040		104,091
Alexander’s, Inc. (b)		300		59,280
America’s Car-Mart, Inc. (b)		1,400		48,342
Asbury Automotive Group, Inc. (b)		1,200		16,236
Big 5 Sporting Goods Corp. (b)		3,900		99,021
Blair Corp.		2,100		65,730
Bon-Ton Stores, Inc. (The)		3,200		38,400
Brookstone, Inc. (b)		5,150		98,674
Building Materials Holding Corp.		3,800		109,820
Cache, Inc. (b)		3,300		51,794
Carter’s, Inc. (b)		1,400		44,044
Casey’s General Stores, Inc.		11,400		202,920
Cash America International, Inc.		7,854		198,706
Casual Male Retail Group, Inc. (b)		8,300		41,708
Cato Corp.		4,294		98,590
CBRL Group, Inc.		12,327		446,976
CEC Entertainment, Inc. (b)		8,408		319,671
Charlotte Russe Holding, Inc. (b)		3,367		44,478
Children’s Place Retail Store, Inc. (The) (b)		4,131		127,524
Christopher & Banks Corp.		8,219		133,559
Coldwater Creek, Inc. (b)		5,748		132,319
Conn’s, Inc. (b)		400		6,128
Cost Plus, Inc. (b)		5,885		190,086
CSK Auto Corp. (b)		10,200		149,328
Dick’s Sporting Goods, Inc. (b)		6,584		237,024
Dress Barn, Inc. (b)		4,691		75,197
Electronics Boutique Holdings Corp. (b)		3,067		104,707
Fred’s, Inc.		9,154		160,470
Gander Mountain Co. (b)		2,600		50,583
Genesco, Inc. (b)		4,720		120,832
Group 1 Automotive, Inc. (b)		3,301		93,385
Guitar Center, Inc. (b)		6,220		277,599
Gymboree Corp. (b)		8,842		106,988
Hancock Fabrics, Inc.		5,400		55,458
Haverty Furniture Co., Inc.		2,900		48,952
Hibbet Sporting Goods, Inc. (b)		5,746		128,481
Hollywood Entertainment Corp. (b)		14,317		139,161
Insight Enterprises, Inc. (b)		11,062		205,255
J. Jill Group, Inc. (b)		4,303		75,647
Jo-Ann Stores, Inc. (b)		4,083		100,687
Kirkland’s, Inc. (b)		3,760		32,768
Linens ’n Things, Inc. (b)		9,588		230,879
M&F Worldwide Corp. (b)		2,000		26,800
Men’s Wearhouse, Inc. (b)		7,119		221,259
Movado Group, Inc.		3,062		52,820
Movie Gallery, Inc.		7,807		126,317
Pantry, Inc. (The) (b)		3,500		80,465
PC Connection, Inc. (b)		1,500		11,085
PC Mall, Inc. (b)		2,800		43,190
RARE Hospitality International, Inc. (b)		9,381		259,948
Rent-Way, Inc. (b)		6,063		47,534
Restoration Hardware, Inc. (b)		6,600		33,990
Retail Ventures, Inc. (b)		1,400		10,038
Sharper Image Corp. (b)		3,165		64,803
ShopKo Stores, Inc. (b)		6,600		113,784
Smart & Final, Inc. (b)		2,565		37,911
Sonic Automotive, Inc.		6,052		122,432
Sports Authority, Inc. (The) (b)		5,180		125,252
Stein Mart, Inc. (b)		5,833		96,944
Too, Inc. (b)		7,532		165,855
Tractor Supply Co. (b)		7,868		285,450
Trans World Entertainment Corp. (b)		5,005		51,952
Tuesday Morning Corp. (b)		6,767		220,875
United Rentals, Inc. (b)		9,525		147,161
Weis Markets, Inc.		2,483		91,275
WESCO International, Inc. (b)		5,200		130,416
West Marine, Inc. (b)		3,962		97,188
Zale Corp. (b)		11,600		330,831


				8,265,041



Retail/ Food & Drug (0.3%)
Arden Group, Inc., Class A		168		16,412
Ingles Markets, Inc., Class A		4,183		51,033
Longs Drug Stores Corp.		6,608		163,218
Nash-Finch Co.		3,191		98,474
Pathmark Stores, Inc. (b)		10,818		46,626
Ruddick Corp.		7,189		144,715
United Natural Foods, Inc. (b)		9,052		246,123
Wild Oats Markets, Inc. (b)		9,490		57,699


				824,300



Semiconductors (2.4%)
Actel Corp. (b)		6,182		93,781
Alliance Semiconductor Corp. (b)		4,631		15,977
AMIS Holdings, Inc. (b)		6,400		97,280
Artisan Components, Inc. (b)		5,399		174,604
Asyst Technologies, Inc. (b)		10,709		57,347
ATMI, Inc. (b)		8,155		190,419
August Technology Corp. (b)		6,200		48,329
Axcelis Technologies, Inc. (b)		21,763		187,162
Brooks Automation, Inc. (b)		9,787		145,631
Cirrus Logic, Inc. (b)		16,447		83,057
COHU, Inc.		6,445		101,058
Credence Systems Corp. (b)		19,462		146,938
Cymer, Inc. (b)		7,443		212,274
Diodes, Inc. (b)		1,500		43,845

2004 Annual Report 47


	Statement of Investments (Continued)
	October 31, 2004

Gartmore Small Cap Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Semiconductors (continued)
DuPont Photomasks, Inc. (b)		4,196	$	110,019
Emulex Corp. (b)		18,660		196,117
Entegris, Inc. (b)		8,839		81,805
ESS Technology, Inc. (b)		7,900		51,666
Exar Corp. (b)		9,436		141,729
FEI Co. (b)		5,123		99,181
FormFactor, Inc. (b)		6,800		159,460
FSI International, Inc. (b)		7,400		34,521
Genesis Microchip, Inc. (b)		8,644		122,485
Helix Technology Corp.		6,737		94,587
Integrated Device Technology, Inc. (b)		27,900		329,777
Ixia (b)		4,836		61,756
IXYS Corp. (b)		3,702		26,358
Kopin Corp. (b)		15,307		56,024
LTX Corp. (b)		14,853		96,545
Mattson Technology, Inc. (b)		6,486		54,418
Microsemi Corp. (b)		13,358		207,583
Microtune, Inc. (b)		7,900		34,839
Microvision, Inc. (b)		5,720		30,430
Mindspeed Technologies, Inc. (b)		31,946		75,712
MIPS Technologies, Inc. (b)		6,200		50,530
MKS Instruments, Inc. (b)		7,923		125,342
Mykrolis Corp. (b)		7,665		80,559
OmniVision Technologies, Inc. (b)		13,972		222,155
ON Semiconductor Corp. (b)		27,408		98,669
Oplink Communications, Inc. (b)		21,781		41,928
Optical Communication Products, Inc. (b)		917		1,953
OSI Systems, Inc. (b)		3,860		67,203
Pericom Semiconductor Corp. (b)		4,800		43,176
Photronics Corp. (b)		7,372		129,379
Pixelworks, Inc. (b)		8,830		99,691
Power Integrations, Inc. (b)		6,731		144,043
Rudolph Technologies, Inc. (b)		2,900		43,732
Semitool, Inc. (b)		3,218		24,891
Sigmatel, Inc. (b)		6,400		188,800
Silicon Image, Inc. (b)		16,203		221,981
Silicon Storage Technology, Inc. (b)		17,784		132,491
Siliconix, Inc. (b)		1,300		53,833
SIPEX Corp. (b)		5,600		32,088
SiRF Technology Holdings, Inc. (b)		1,400		16,576
Skyworks Solutions Co. (b)		34,167		303,744
Staktek Holdings, Inc. (b)		500		1,775
Supertex, Inc. (b)		852		18,280
Tessera Technologies, Inc. (b)		6,200		173,166
Transmeta Corp. (b)		43,200		90,288
TriQuint Semiconductor, Inc. (b)		28,739		102,311
Ultratech Stepper, Inc. (b)		5,850		99,567
Veeco Instruments, Inc. (b)		5,642		110,245
Vitesse Semiconductor Corp. (b)		56,088		152,559


				6,533,669



Services (1.1%)
Alderwoods Group, Inc. (b)		9,599		97,238
aQuantive, Inc. (b)		11,317		101,287
Arbitron, Inc. (b)		6,743		243,894
Central Parking Corp.		3,477		47,113
Clark, Inc. (b)		3,300		42,768
Coinstar, Inc. (b)		5,838		150,796
Cornell Cos., Inc. (b)		4,400		60,720
CyberGuard Corp. (b)		2,583		13,974
First Advantage Corp., Class A (b)		1,200		20,016
FTI Consulting, Inc. (b)		8,707		163,343
Geo Group, Inc. (The) (b)		2,300		46,023
Healthcare Services Group, Inc.		3,000		55,590
Labor Ready, Inc. (b)		9,994		143,414
Manhattan Associates, Inc. (b)		8,300		170,731
MasTec, Inc. (b)		2,400		16,584
National Healthcare Corp.		1,100		32,758
NDCHealth Corp.		8,223		138,064
Perini Corp. (b)		2,283		36,071
Perot Systems Corp., Class A (b)		16,000		256,481
Quanta Services, Inc. (b)		19,368		130,153
Rollins, Inc.		4,474		117,890
Secure Computing Corp. (b)		9,650		75,704
Sotheby’s Holdings, Inc. (b)		9,678		180,882
Stewart Enterprises, Inc., Class A (b)		20,964		149,264
Tetra Tech, Inc. (b)		14,263		187,416
URS Corp. (b)		7,553		208,463
Volt Information Sciences, Inc. (b)		1,405		40,815


				2,927,452



Steel (0.8%)
AK Steel Holding Corp. (b)		24,800		236,344
Allegheny Technologies, Inc.		21,237		356,994
Carpenter Technology Corp.		5,017		238,107
Maverick Tube Corp. (b)		9,252		243,975
NS Group, Inc. (b)		4,486		85,279
Oregon Steel Mills, Inc. (b)		6,100		88,572
Reliance Steel & Aluminum Co.		5,800		199,056
Ryerson Tull, Inc.		7,174		117,080
Schnitzer Steel Industries, Inc.		5,379		151,957
Steel Dynamics, Inc.		9,527		316,296
Wheeling-Pittsburgh Corp. (b)		2,040		64,566


				2,098,226



Technology (1.6%)
Benchmark Electronics, Inc. (b)		9,095		308,957
Black Box Corp.		3,682		144,629
CommScope, Inc. (b)		10,617		191,212
Concur Technologies, Inc. (b)		5,200		54,106
CTS Corp.		7,837		103,527
Digi International, Inc. (b)		6,700		91,723
Digimarc Corp. (b)		3,897		36,164

48 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Technology (continued)
Dionex Corp. (b)		4,891	$	273,896
EMS Technologies, Inc. (b)		2,200		37,400
Excel Technology, Inc. (b)		1,819		45,875
Input/ Output, Inc. (b)		13,881		97,028
Intergraph Corp. (b)		8,780		218,929
Invision Technologies, Inc. (b)		4,129		190,677
Kanbay International, Inc. (b)		1,000		23,890
KEMET Corp. (b)		18,606		144,383
Kronos, Inc. (b)		7,675		376,458
Kulicke & Soffa Industries, Inc. (b)		11,468		81,882
Lattice Semiconductor Corp. (b)		22,553		112,088
Lionbridge Technologies, Inc. (b)		14,500		68,005
Medis Technologies, Inc. (b)		1,977		25,444
Merge Technologies, Inc. (b)		2,800		50,302
Micros Systems, Inc. (b)		3,977		235,120
Monolithic System Technology, Inc. (b)		4,600		20,286
MTC Technologies, Inc. (b)		1,362		37,217
Opsware, Inc. (b)		12,208		66,045
Orbital Sciences Corp. (b)		11,022		114,078
Palatin Technologies, Inc. (b)		12,000		28,200
Plexus Corp. (b)		8,525		105,625
Progress Software Corp. (b)		7,285		144,680
Salesforce.com, Inc. (b)		1,850		37,592
Sonic Solutions (b)		4,300		85,355
Symmetricom, Inc. (b)		8,500		72,165
Varian Semiconductor Equipment Associates, Inc. (b)		7,908		273,696
Varian, Inc. (b)		7,568		276,081
Westell Technologies, Inc., Class A (b)		12,129		68,044
Wilson Greatbatch Technologies, Inc. (b)		5,330		90,344


				4,331,103



Telecommunications (1.3%)
Airgate PCS, Inc. (b)		1,700		38,378
Airspan Networks, Inc. (b)		6,400		39,232
Alamosa Holdings, Inc. (b)		18,160		182,235
Alaska Communications Systems Holdings, Inc.		200		1,412
Align Technology, Inc. (b)		11,392		118,192
Anaren Microwave, Inc. (b)		4,433		54,282
Applied Signal Technology, Inc.		2,730		82,692
Arch Wireless, Inc. (b)		3,900		111,501
Arris Group, Inc. (b)		16,226		75,451
Aspect Communications Corp. (b)		8,877		84,465
Boston Communications Group, Inc. (b)		5,158		46,938
Broadwing Corp. (b)		8,480		48,251
Carrier Access Corp. (b)		5,180		45,791
Centennial Communications Corp. (b)		1,100		6,864
Cincinnati Bell, Inc. (b)		51,500		175,614
Commonwealth Telephone Enterprises, Inc. (b)		5,620		256,440
Comtech Telecommunications Corp. (b)		3,880		106,351
CT Communications, Inc.		3,500		43,820
D&E Communications, Inc.		2,500		30,925
Ditech Communications Corp. (b)		6,800		155,992
Dobson Communications Corp. (b)		30,540		40,618
Eagle Broadband, Inc. (b)		25,900		16,058
Finisar Corp. (b)		27,700		40,719
General Cable Corp. (b)		8,600		105,780
General Communication, Inc. (b)		9,900		90,684
Golden Telecom, Inc.		2,875		81,909
Infonet Services Corp., Class B (b)		6,300		11,466
InfoSpace, Inc. (b)		7,233		379,732
InterVoice-Brite, Inc. (b)		9,656		119,541
ITC( 7/8)DeltaCom, Inc. (b)		500		2,298
KVH Industries, Inc. (b)		4,831		40,532
Metrocall Holdings, Inc. (b)		1,100		71,330
Neon Communications, Inc. (c) (d) (b)		125		0
NMS Communications Corp. (b)		7,300		31,865
North Pittsburgh Systems, Inc.		2,263		46,663
Price Communications Corp. (b)		10,437		166,261
Primus Telecommunications Group, Inc. (b)		27,032		51,631
Regent Communications, Inc. (b)		5,831		32,071
SBA Communications Corp. (b)		14,000		117,180
Shenandoah Telecommunications Co.		746		19,873
SureWest Communications		2,900		82,172
Talk America Holdings, Inc. (b)		7,414		42,186
Terremark Worldwide, Inc. (b)		46,900		27,202
Triton PCS Holdings, Inc. (b)		4,800		11,664
UbiquiTel, Inc. (b)		16,000		90,720
WJ Communications, Inc. (b)		9,500		18,715
XO Communications, Inc. (c) (d) (b)		5,400		0
Zhone Technologies, Inc. (b)		7,000		17,920


				3,461,616



Tire & Rubber (0.3%)
Bandag, Inc.		2,587		119,002
Cooper Tire & Rubber Co.		16,870		328,628
Goodyear Tire & Rubber Co. (The) (b)		37,680		379,814


				827,444



Tobacco (0.2%)
DIMON, Inc.		13,956		81,224
Standard Commercial Corp.		1,220		19,435
Star Scientific, Inc. (b)		8,085		44,468
Universal Corp.		6,479		296,608
Vector Group Ltd.		6,620		102,345


				544,080



Transportation Services (1.8%)
Alexander & Baldwin, Inc.		10,706		392,428
AMERCO, Inc. (b)		1,700		68,646
Arkansas Best Corp.		5,879		229,810
Central Freight Lines, Inc. (b)		3,700		20,683
Covenant Transport, Inc., Class A (b)		2,600		45,019

2004 Annual Report 49


	Statement of Investments (Continued)
	October 31, 2004

Gartmore Small Cap Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Transportation Services (continued)
EGL, Inc. (b)		9,098	$	290,954
Forward Air Corp. (b)		4,400		181,148
Genesee & Wyoming, Inc., Class A (b)		3,550		89,886
Greenbrier Companies, Inc.		200		4,938
Gulfmark Offshore, Inc. (b)		4,900		94,399
Heartland Express, Inc.		11,145		228,027
HUB Group, Inc., Class A (b)		1,900		76,418
Kansas City Southern Industries, Inc. (b)		14,279		242,029
Kirby Corp. (b)		4,757		199,794
Knight Transportation, Inc. (b)		6,994		164,289
Laidlaw International, Inc. (b)		22,680		378,076
Landstar System, Inc. (b)		7,399		502,688
Marten Transport Ltd. (b)		800		14,648
Navigant International, Inc. (b)		5,289		65,795
Offshore Logistics, Inc. (b)		4,400		159,104
Old Dominion Freight Line, Inc. (b)		3,353		93,968
Overnite Corp.		6,100		197,396
Overseas Shipholding Group, Inc.		5,886		335,208
P.A.M. Transportation Services, Inc. (b)		1,200		22,572
Pacer International, Inc. (b)		7,852		139,373
Pegasus Solutions, Inc. (b)		5,635		58,660
Quality Distribution, Inc. (b)		2,548		13,759
RailAmerica, Inc. (b)		6,847		75,933
SCS Transportation, Inc. (b)		4,125		74,539
Seabulk International, Inc. (b)		1,100		12,375
Swift Transportation Co., Inc. (b)		12,700		240,030
U.S. Xpress Enterprises, Inc. (b)		1,700		34,765
Werner Enterprises, Inc.		12,600		267,120


				5,014,477



Utilities (1.4%)
Black Hills Corp.		7,410		218,299
Calpine Corp. (b)		105,660		263,093
Central Vermont Public Service Corp.		3,926		86,293
CH Energy Group, Inc.		3,463		154,554
CMS Energy Corp. (b)		41,300		386,569
Danielson Holding Corp. (b)		8,600		64,242
Duquesne Light Holdings, Inc.		19,380		332,561
Empire District Electric Co.		7,213		150,319
FuelCell Energy, Inc. (b)		11,203		138,189
Headwaters, Inc. (b)		8,342		262,773
IDACORP, Inc.		8,534		264,383
Littlelfuse, Inc. (b)		5,897		192,360
MGE Energy, Inc.		3,829		121,341
Otter Tail Co.		5,310		137,370
PNM Resources, Inc.		13,792		321,066
Sierra Pacific Resources (b)		26,224		251,750
Time Warner Telecom, Inc. (b)		14,174		72,571
UIL Holdings Corp.		3,228		163,595
UniSource Energy Corp.		8,021		197,236


				3,778,564



Warehousing (0.0%)
Mobile Mini, Inc. (b)		3,904		110,717



Water (0.2%)
American States Water Co.		5,101		125,485
California Water Service Group		3,052		90,003
Connecticut Water Service, Inc.		911		23,959
Ionics, Inc. (b)		4,170		118,845
Middlesex Water Co.		3,116		55,699
Southwest Water Co.		5,560		71,474


				485,465



Wireless Equipment (0.3%)
Atheros Communications (b)		800		9,600
InterDigital Communications Corp. (b)		12,700		201,931
Novatel Wireless, Inc. (b)		4,200		87,150
Powerwave Technologies, Inc. (b)		22,166		165,580
Remec, Inc. (b)		13,437		74,038
SpectraLink Corp.		5,730		69,906
Universal Electronics, Inc. (b)		4,356		77,493
ViaSat, Inc. (b)		4,723		89,217
Wireless Facilities, Inc. (b)		7,887		58,206


				833,121


Total Common Stocks				237,345,141


Repurchase Agreements (14.4%)
CS First Boston, 1.75%, dated 10/29/04, due 11/01/04, repurchase price $16,438,073 (Fully collateralized by Treasury Notes and U.S. Agency Securities)	$	16,435,676		16,435,676
Nomura Securities, 1.75% dated 10/29/04, due 11/01/04, repurchase price $22,967,953 (Fully collateralized by AA Corporate Bonds and U.S. Agency Securities)		22,964,604		22,964,604


Total Repurchase Agreements				39,400,280

50 Annual Report 2004



Corporate Bonds (0.0%)

	Shares or
	Principal Amount		Value


Construction & Building Materials (0.0%)
Brookfield Homes, 12.00%, 6/30/20	$	450	$	461



Metal Processors (0.0%)
Mueller Industries, Inc., 6.00%, 11/1/14		75,976		74,750


Total Corporate Bonds				75,211


Rights (0.0%)
Machinery (0.0%)
Milacron, Inc. expiring 11/22/04		3,614		2,711


Total Rights				2,711


Pool of short-term securities for Gartmore Mutual Funds - footnote 2 (Securities Lending)	$	72,622,377		72,622,377


Total Short-Term Securities Held as Collateral for Securities Lending				72,622,377


Total Investments (Cost $326,477,560) (a) — 127.8%				349,445,720
Liabilities in excess of other assets — (27.8)%				(75,971,978)


NET ASSETS — 100.0%			$	273,473,742


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

(b)		Denotes a non-income producing security.

(c)		Fair Valued Security.

(d)		Security has been deemed illiquid. The pricing committee has deemed the security to have zero value based upon procedures adopted by the Board of Trustees.

At October 31, 2004, the Fund’s open long futures contracts were as follows:

Market Value

Unrealized

Number of

Long

Covered By

Appreciation

Contracts

Contracts*

Expiration

Contracts

(Depreciation)

124

Russell 2000

12/17/04

36,239,000

708,877


*	Cash pledged as collateral.

See notes to financial statements.

2004 Annual Report 51

Index Series


	Gartmore International Index Fund

For the annual period ended Oct. 31, 2004, the Gartmore International Index Fund returned 18.01% (Class A at NAV) versus 19.27% for its benchmark, the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE®) Index. For broader comparison, the average return for the Fund’s Lipper peer category of International Multi-Cap Core Funds was 17.08%. (The returns quoted in this commentary are stated in terms of U.S. dollars.)

The first quarter of 2004 began with a renewed investor appetite for risk and upward movement, followed by setbacks in February and March 2004. Fears of terrorist activity resurfaced as the markets reacted sharply to the March 2004 commuter rail attacks in Madrid. The “flight to quality” took over, and top performers featured high-quality and value issues. Market uncertainty caused investors to change favor from the low-quality, low-price and high beta or more volatile securities that performed well during the fourth quarter of 2003 to higher-quality, higher-cap and lower-beta stocks; the shift grew even stronger during the second quarter.

The global equity markets showed positive yet unimpressive returns for the second quarter of 2004, influenced mainly by indecisive global investors. This behavior stemmed from continued political tension in the United States, violence in Iraq, record-high oil prices and improving economic data during the quarter.

The third quarter of 2004 was an unsettled period for international equity markets. Concerns about geopolitical risks and skyrocketing oil prices created a difficult period for equities resulting in the MSCI EAFE Index’s posting a total return of -0.23% for the quarter. The MSCI EAFE Index returned to positive territory in October 2004 and posted a total return of 3.41%.

In the area of individual country performance, all 21 MSCI EAFE Index countries posted positive returns for the reporting period. The following country returns are stated in terms of U.S. dollars. Austria was the leader, with 62.41% for the period. Other top-performing countries were Norway, with 50.26%, and Greece, with 45.29%. Bottom performers were Finland, Japan and Hong Kong, with respective returns of 2.38%, 8.96% and 13.59%.

In regard to sector performance, nine of the 10 MSCI EAFE Index sectors posted positive returns for the reporting period. Top performers were utilities, with a return of 38.70%; energy, with 38.00%; and telecommunications services, with 20.14%. The worst-performing MSCI EAFE sector was information technology, with a return of -1.18%, followed by consumer staples and industrials, with respective returns of 14.72% and 16.18%.

Top security holdings at the end of the reporting period were BP p.l.c., HSBC Holdings plc and Vodafone Group PLC. Fund holding weights for each security are determined by each security’s respective benchmark weighting. All transactions during the period were driven either by changes to the composition of the benchmark Index or Fund shareholder activity.

Japan and Europe (excluding the United Kingdom) are “late cycle” markets in which monetary conditions remain accommodative and positive earnings surprises are still likely. Bottom-up analysis suggests that Japan’s economy is still on the recovery path, despite recent softer economic data. While its export levels show signs of slowing, Japan should remain strong, supported by the lagging effect of capital expenditure and with supply headwinds for Japanese equities likely to diminish.

The euro-zone economy continues to lag the economies of the rest of the world, but on a relative basis, the outlook has improved. Despite a sluggish economy, Europe (excluding the United Kingdom) shows the greatest potential for positive surprises. Earnings momentum is building, and the visibility of future earnings is improving. The region also shows the greatest potential for a recovery in merger and acquisition activity.

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


	Class A: GIIAX
	Class B: GIIBX
	Institutional Class: GBXIX

52 Annual Report 2004

Gartmore International Index Fund

Fund Performance

Average Annual Total Return

(For Periods Ended October 31, 2004)



		One year		Inception¹


Class A	without sales charge²		18.01%		-4.26%
	with sales charge³		11.22%		-5.42%

Class B	without sales charge²		17.21%		-4.93%
	with sales charge⁴		12.21%		-5.31%

Institutional Class⁵			18.43%		-3.89%

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


¹	Fund commenced operations on December 29, 1999.

²	These returns do not reflect the effects of sales charges.

³	A 5.75% front-end sales charge was deducted.

⁴	A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.

⁵	Not subject to any sales charges.

Performance of a $10,000 Investment

LOGO

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


(a)		The MSCI EAFE is an unmanaged index that measures the performance of equity securities of global companies from various industrial sectors whose primary trading markets are located outside the United States.

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

2004 Annual Report 53

Gartmore International Index Fund

Index Series


	Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(October 31, 2004)


			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
International Index Fund			5/1/04		10/31/04		During Period*		Expense Ratio


Class A	Actual		$	1,000	$	1,057	$	3.93		0.76%
	Hypothetical	¹	$	1,000	$	1,021	$	3.87		0.76%

Class B	Actual		$	1,000	$	1,053	$	7.02		1.36%
	Hypothetical	¹	$	1,000	$	1,018	$	6.92		1.36%

Institutional Class	Actual		$	1,000	$	1,059	$	1.86		0.36%
	Hypothetical	¹	$	1,000	$	1,023	$	1.83		0.36%


*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 184/366 (to reflect the one-half year period).

¹	Represents the hypothetical 5% annual return before expenses.

54 Annual Report 2004

Gartmore International Index Fund

Portfolio Summary

(October 31, 2004)


Asset Allocation


Common Stock			97.7%
Repurchase Agreements			1.1%
Preferred Stock			0.3%
Treasury Bills			0.2%
Other Investments*			10.4%
Liabilities in excess of Other Assets**			-9.7%

			100.0%


*	Includes value of collateral received from securities lending.


**	Includes value of collateral owed from securities lending.


Top Countries


United Kingdom			25.5%
Japan			21.5%
France			8.9%
Germany			6.5%
Switzerland			5.9%
Australia			5.3%
Netherlands			4.9%
Italy			4.1%
Spain			3.7%
Sweden			2.4%
Other Countries			11.3%

			100.0%


Top Holdings


BP Amoco PLC			2.6%
HSBC Holdings PLC			2.1%
Vodafone Group PLC			2.1%
Glaxosmithkline PLC			1.5%
TotalFinaElf SA			1.5%
Novartis AG			1.4%
Royal Dutch Petroleum Co.			1.4%
Toyota Motor Co. Ltd.			1.4%
Nestle SA			1.2%
Royal Bank of Scotland Group PLC			1.0%
Other Holdings			83.8%

			100.0%

2004 Annual Report 55

Index Series


	Statement of Investments
	October 31, 2004

Gartmore International Index Fund



Common Stocks (97.7%)

	Shares or
	Principal Amount		Value

AUSTRALIA (5.1%)
Banks (1.6%)
Australia & New Zealand Banking Group Ltd. (d)		176,582	$	2,703,401
Commonwealth Bank of Australia (d)		136,948		3,289,733
Macquarie Bank Ltd. (d)		31,844		943,077
National Australia Bank Ltd. (d)		163,104		3,449,320
Suncorp-Metway Ltd. (d)		47,669		610,050
Westpac Banking Corp. Ltd. (d)		197,269		2,794,296


				13,789,877


Beverages (0.0%)
Southcorp Ltd. (b) (d)		9,759		26,237


Brewery (0.1%)
Foster’s Group Ltd. (d)		222,533		839,905


Building & Construction (0.2%)
Boral Ltd. (d)		74,775		370,657
CSR Ltd. (d)		99,098		200,027
James Hardie Industries NV (d)		55,800		262,084
Leighton Holdings Ltd. (d)		35,992		300,212
Rinker Group Ltd. (d)		86,250		560,416


				1,693,396


Casino & Gambling (0.0%)
Aristocrat Leisure Ltd. (d)		55,697		357,804


Commercial Services (0.1%)
Brambles Industries Ltd. (d)		142,564		755,068
Mayne Nickless Ltd.		97,123		319,202


				1,074,270


Computer Software/Services (0.0%)
Computershare Ltd. (d)		130		508


Diversified (0.1%)
Orica Ltd. (d)		13,358		169,602
Patrick Corp. Ltd. (d)		53,942		224,311
Wesfarmers Ltd. (d)		30,933		803,106


				1,197,019


Energy (0.2%)
Australian Gas and Light Co. Ltd. (d)		34,781		340,705
Origin Energy Ltd. (d)		30,424		153,554
Santos Ltd. (d)		69,829		431,367
Woodside Petroleum Ltd. (d)		53,770		782,861


				1,708,487


Entertainment (0.1%)
TABCORP Holdings Ltd. (d)		55,727		624,727


Food Products (0.2%)
Coles Myer Ltd. (d)		141,374		1,007,145
Woolworths Ltd. (d)		110,542		1,105,734


				2,112,879


Food/Beverage (0.0%)
Coca-Cola Amatil Ltd. (d)		50,317		276,923


Healthcare (0.0%)
Cochlear Ltd. (d)		13,722		254,487


Industrial (0.1%)
BHP Steel Ltd. (d)		79,251		458,973
OneSteel Ltd. (d)		116,163		228,933


				687,906


Insurance (0.3%)
AMP Ltd. (d)		200,746		956,892
Insurance Australia Group Ltd. (d)		134,640		542,508
QBE Insurance Group Ltd. (d)		81,862		840,686


				2,340,086


Investment Company (0.1%)
Macquarie Infrastructure Group (d)		212,975		590,480


Manufacturing (0.0%)
Ansell Ltd. (d)		20,438		136,788


Metals & Mining (0.3%)
Newcrest Mining Ltd. (d)		35,611		445,182
Rio Tinto Ltd. (d)		40,831		1,117,339
WMC Ltd. (d)		85,355		350,067
WMC Resources Ltd. (d)		179,914		912,444


				2,825,032


Minerals (0.5%)
BHP Billiton Ltd. (d)		416,357		4,305,757
Iluka Resources Ltd. (d)		25,244		92,503


				4,398,260


Multi-Media (0.1%)
News Corp. Ltd. (d)		121,768		978,096
Publishing & Broadcasting Ltd. (d)		25,011		273,596


				1,251,692


Paper Products (0.1%)
Amcor Ltd. (d)		103,168		588,356
Paperlinx Ltd. (d)		35,326		127,230


				715,586


Pharmaceuticals (0.1%)
CSL Ltd. (d)		21,548		463,909


Printing & Publishing (0.1%)
John Fairfax Holdings Ltd. (d)		170,193		545,760

56 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

AUSTRALIA (continued)
Property Trust (0.5%)
Centro Properties Group		58,838	$	212,713
Commonwealth Property Office Fund (d)		141,096		137,079
DB RREEF Trust (b)		111,277		107,223
Gandel Retail Trust (d)		165,197		193,975
General Property Trust (d)		298,889		832,368
Investa Property Group (d)		192,571		299,794
Macquarie Goodman Industrial Trust (d)		34,546		51,946
Mirvac Group (d)		110,386		374,244
Stockland Trust Group (d)		111,194		490,050
Westfield Group (b)		154,551		1,731,627


				4,431,019


Public Thoroughfares (0.0%)
Transurban Group (d)		63,967		304,040


Puerto Rico (0.1%)
National Mutual Holdings (d)		159,581		455,535


Real Estate (0.1%)
Lend Lease Corp. Ltd. (d)		62,691		541,606


Retail (0.0%)
Harvey Norman Holdings Ltd. (d)		31,561		71,748


Telecommunications (0.1%)
Telstra Corp. Ltd. (d)		272,927		950,855


Transportation (0.0%)
Toll Holdings Ltd. (d)		38,985		344,409


				45,011,230



AUSTRIA (0.3%)
Airports (0.0%)
Flughafen Wien AG (d)		4		263


Banks (0.2%)
Bank Austria Creditanstalt (d)		3,994		295,284
Ersete Bank Der Oesterreichischen Sparkassen AG (d)		12,948		575,742


				871,026


Building & Construction (0.0%)
Wienerberger AG (d)		8,564		339,572


Energy (0.0%)
OMV AG (d)		1,494		358,590


Industrial (0.0%)
VA Technologie AG (b) (d)		3,852		240,441


Manufacturing (0.0%)
RHI AG (b) (d)		5,844		136,677


Paper Products (0.0%)
Mayr-Melnhof Karton AG (d)		7		987


Real Estate (0.0%)
Immofinanz Immobilien Anlagen AG (b) (d)		6,627		57,080


Steel (0.0%)
Boehler-Uddeholm AG (d)		1,451		138,606
Voest-Alpine AG (d)		1,846		107,283


				245,889


Telecommunications (0.1%)
Telekom Austria AG (d)		29,942		454,133


Utilities (0.0%)
Oesterrichische Elektrizitaetswirtschafts AG (d)		5		978


				2,705,636



BELGIUM (1.4%)
Banks (0.7%)
Dexia (d)		65,835		1,319,545
Fortis (d)		135,395		3,442,597
KBC Bankverzekeringsholding (d)		8,977		658,023


				5,420,165


Brewery (0.1%)
Interbrew (d)		18,176		645,917


Chemicals (0.1%)
Solvay SA (d)		4,754		479,607


Consumer Cyclicals (0.0%)
D’ Ieteren NV (d)		300		54,387


Diversified (0.1%)
Groupe Bruxelles Lambert SA (d)		7,503		565,008


Electronics (0.0%)
Barco NV (d)		2,408		205,974


Food Products (0.0%)
Colruyt NV (d)		1,039		150,514


Metals (0.0%)
Umicore (d)		5,340		412,399
Umicore-Strip VVPR		106		15


				412,414


Pharmaceuticals (0.1%)
Omega Pharma SA		2,767		150,998
UCB SA (d)		11,933		630,123


				781,121


Photographic Products (0.0%)
AGFA Gevaert NV (d)		12,886		406,137


Real Estate (0.0%)
Cofinimmo (d)		646		93,781

2004 Annual Report 57


	Statement of Investments (Continued)
	October 31, 2004

Gartmore International Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

BELGIUM (continued)
Retail (0.1%)
Delhaize Le Lion SA (d)		10,608	$	683,855


Telecommunications (0.1%)
Belgacom SA (b)		21,056		771,387
Mobistar SA (b) (d)		1,253		93,983


				865,370


Transportation (0.0%)
CMB Compagnie Maritime Belge (d)		1,067		225,017


Utilities (0.1%)
Electrabel SA (d)		2,997		1,119,410


				12,108,677



DENMARK (0.8%)
Banks (0.2%)
Danske Bank AS (d)		50,253		1,402,882


Brewery (0.0%)
Carlsberg AG (d)		5,426		251,836


Commercial Services (0.0%)
ISS International Service System AS (d)		4,797		255,069


Electronics (0.0%)
Bang & Olufsen AS (d)		2,517		149,309
Vestas Wind Systems AS (b) (d)		23,775		294,758


				444,067


Food Products (0.0%)
Danisco AS (d)		7,475		413,988


Healthcare (0.0%)
Coloplast AS (d)		1,495		148,170


Insurance (0.0%)
Topdanmark AS (b) (d)		2,500		176,032


Pharmaceuticals (0.3%)
H. Lunbeck AS (d)		1,799		32,417
Novo Nordisk AS, Class B (d)		28,042		1,394,497
Novozymes AS, Class B (d)		2,574		114,330


				1,541,244


Security Services (0.0%)
Group 4 Securicor PLC (b)		85,993		186,965


Telecommunications (0.2%)
GN Store Nord AS (GN Great Nordic) (d)		38,270		387,667
TDC AS (d)		25,822		957,526


				1,345,193


Transportation (0.1%)
Dampskibsselskabet Svendborg AS (d)		95		701,018
DSV, De Sammensluttede Vognmaend (d)		2,459		139,775


				840,793


				7,006,239



FINLAND (1.5%)
Computer Software/Services (0.0%)
TietoEnator Oyj (d)		9,012		252,723


Financial Services (0.1%)
Sampo Insurance Co. Oyj (d)		38,372		457,145


Food Products (0.0%)
Kesko Oyj (d)		6,438		144,002


Industrial (0.0%)
Metso Oyj (d)		11,121		156,590


Insurance (0.0%)
Pohjola Group PLC, Class D (d)		3,603		37,734


Machinery & Equipment (0.1%)
KCI Konecranes Oyj (d)		3,818		152,102
Kone Corporation, Class B (d)		5,325		341,649


				493,751


Manufacturing (0.0%)
Amer Group Ltd. (d)		2,057		98,882


Metal Fabricate/Hardware (0.0%)
Rautaruukki Oyj (d)		18,670		193,658


Metals (0.0%)
Outokumpu Oyj (d)		2,868		49,382


Oil & Gas (0.1%)
Fortum Oyj (d)		43,169		660,147


Paper Products (0.3%)
Stora Enso Oyj (d)		67,835		965,424
UPM-Kymmene Oyj (d)		66,748		1,318,744


				2,284,168


Pharmaceuticals (0.0%)
Orion Oyj (d)		7,784		111,483


Puerto Rico (0.0%)
Asko Oyj (d)		3,200		112,456


Telecommunications (0.9%)
Elisa Oyj (b) (d)		5,100		74,132
Nokia Oyj (d)		504,452		7,766,680


				7,840,812

58 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

FINLAND (continued)
Tire & Rubber (0.0%)
Nokian Renkaat Oyj (d)		1,998	$	216,394


				13,109,327



FRANCE (8.9%)
Advertising (0.0%)
Publicis Groupe SA (d)		11,137		332,068


Aerospace/Defense (0.2%)
European Aeronautic Defence and Space Co. (d)		26,514		756,461
Thales SA (d)		12,025		434,390
Zodiac SA (d)		4,032		156,087


				1,346,938


Airlines (0.0%)
Air France (d)		9,281		161,922


Apparel (0.0%)
Hermes International (d)		192		37,091


Automotive (0.4%)
PSA Peugeot Citroen (d)		21,931		1,348,563
Renault SA (d)		19,801		1,657,368
Valeo SA (d)		8,263		305,491


				3,311,422


Banks (1.3%)
Banque Nationale de Paris (d)		86,029		5,859,417
Credit Agricole SA (d)		62,160		1,822,787
Societe BIC SA (d)		107		4,968
Societe Generale (d)		36,303		3,370,411


				11,057,583


Building & Construction (0.4%)
Compagnie Francaise d’Etudes et de Construction Technip SA (d)		2,567		402,601
Imerys SA (d)		688		48,471
Lafarge SA (d)		19,826		1,809,447
Vinci SA (d)		9,850		1,174,091


				3,434,610


Chemicals (0.2%)
L’Air Liquide SA (d)		11,817		1,909,412


Computer Software/Services (0.1%)
Atos Origin SA (b) (d)		2,927		183,219
Business Objects SA (b) (d)		12,949		330,358
Cap Gemini SA (b) (d)		19,355		488,169
Dassault Systems SA (d)		3,845		194,765


				1,196,511


Cosmetics/Personal Care (0.2%)
L’Oreal SA (d)		28,734		1,961,672


Electronics & Electrical Equipment (0.3%)
Alstom (b) (d)		732,624		494,435
Schneider Electric SA (d)		23,912		1,585,994
Thomson Multimedia (d)		32,280		731,634


				2,812,063


Energy (1.6%)
TotalFinaElf SA (d)		62,405		12,986,991


Entertainment (0.3%)
Vivendi Universal SA (b) (d)		113,184		3,092,743


Financial Services (0.1%)
Pernod Ricard SA (d)		7,275		1,007,286


Food Products (0.6%)
Carrefour SA (d)		56,876		2,492,154
Casino Guichard Perrachon SA (d)		2,982		206,110
Groupe Danone (d)		27,685		2,320,722


				5,018,986


Healthcare (1.0%)
Essilor International SA (d)		11,874		805,615
Sanofi-Synthelabo SA (d)		98,395		7,176,517


				7,982,132


Hotels & Lodging (0.1%)
Accor SA (d)		25,825		1,071,648


Insurance (0.3%)
AXA (d)		138,398		2,985,205
CNP Assurances (d)		1,152		78,483


				3,063,688


Manufacturing (0.3%)
Compagnie de Saint-Gobain (d)		33,119		1,819,014
Compagnie Generale des Etablissements Michelin (d)		19,523		1,063,122


				2,882,136


Printing & Publishing (0.1%)
Lagardere S.C.A. (d)		13,650		881,519


Public Thoroughfares (0.0%)
Autoroutes du Sud de la France (d)		3,410		157,718


Real Estate (0.1%)
Gecina SA (d)		1,308		113,117
Klepierre (d)		1,997		152,297
Unibail SA (d)		5,917		778,976


				1,044,390


Restaurants (0.0%)
Sodexho Alliance SA (d)		14,027		353,950


Retail (0.1%)
Pinault-Printemps-Redoute SA (d)		9,792		923,583

2004 Annual Report 59


	Statement of Investments (Continued)
	October 31, 2004

Gartmore International Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

FRANCE (continued)
Telecommunications (0.9%)
Alcatel SA (b) (d)		139,243	$	2,036,594
Bouygues SA (d)		22,265		877,526
France Telecom SA (d)		110,866		3,178,723
LVMH Moet Louis Vuitton Hennessy SA (d)		25,339		1,737,070
Sagem SA (d)		763		69,586


				7,899,499


Television (0.0%)
Societe Television Francaise 1 (d)		14,021		422,453


Utilities (0.3%)
Suez SA (d)		92,122		2,152,057
Veolia Environnement (d)		28,607		866,214


				3,018,271


				79,368,285



GERMANY (6.5%)
Airlines (0.1%)
Lufthansa AG (b) (d)		44,119		581,942


Apparel (0.2%)
Adidas AG (d)		6,305		879,823
Puma AG (d)		2,450		612,923


				1,492,746


Automotive (0.7%)
DaimlerChrysler AG (d)		85,423		3,533,804
Deutsche Post AG (d)		42,998		840,387
Porsche AG (d)		1,201		766,100
Volkswagen AG (d)		28,731		1,277,874


				6,418,165


Banks (0.8%)
Bayerische Vereins AG (b) (d)		71,266		1,397,424
Commerzbank AG (b) (d)		58,902		1,078,841
Deutsche Bank AG (d)		56,593		4,307,092
Hypo Real Estate Holding AG (b) (d)		14,177		530,470


				7,313,827


Chemicals (0.7%)
BASF AG (d)		58,420		3,658,989
Bayer AG (d)		76,165		2,162,705
Henkel KGaA (d)		6,351		475,963


				6,297,657


Computer Software/Services (0.4%)
Sap AG (d)		20,618		3,512,040


Construction Materials & Supplies (0.0%)
HeidelbergCement AG		3,695		181,147


Electronics & Electrical Equipment (0.0%)
Epcos AG (b) (d)		5,353		81,774


Financial Services (0.1%)
Deutsche Boerse AG (d)		13,376		666,722
MLP AG (d)		2,663		44,476


				711,198


Healthcare (0.0%)
Fresenius Medical Care AG (d)		2,026		155,392
Fresenius Medical Care AG		377		20,529


				175,921


Hotels & Lodging (0.0%)
Preussag AG (d)		18,700		389,719


Industrial (0.8%)
Linde AG (d)		9,053		546,683
MAN AG (d)		11,459		398,057
Siemens AG (d)		82,781		6,175,723


				7,120,463


Insurance (0.6%)
Allianz AG (d)		30,566		3,255,058
Muenchener Rueckversicherungs-Gesellschaft AG (d)		21,029		2,061,538


				5,316,596


Manufacturing (0.1%)
Continental AG (d)		17,109		933,435


Metals & Mining (0.1%)
Thyssen Krupp AG (d)		33,584		632,418


Personal Care (0.0%)
Beiersdorf AG (d)		561		52,978


Pharmaceuticals (0.3%)
Altana AG (d)		8,633		437,526
Gehe AG (d)		1,201		86,930
Merck KGaA (d)		7,024		391,276
Schering AG (d)		21,375		1,370,695


				2,286,427


Retail (0.1%)
Douglas Holding AG (d)		2,243		68,813
Karstadt AG (d)		3,245		36,946
Metro AG (d)		14,492		689,971


				795,730


Semiconductors (0.1%)
Infineon Technologies AG (b) (d)		81,904		893,586


Telecommunications (0.6%)
Deutsche Telecom AG (b) (d)		254,764		4,894,686

60 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

GERMANY (continued)
Utilities (0.8%)
E.On AG (d)		64,367	$	5,249,640
RWE AG (d)		45,098		2,386,739


				7,636,379


				57,718,834



GREECE (0.5%)
Banks (0.4%)
Alpha Bank A.E. (d)		29,141		835,053
Commercial Bank of Greece SA		2,765		72,162
Eurobank (d)		16,797		459,498
National Bank of Greece SA (d)		34,839		971,984
Piraeus Bank SA		4,063		54,177


				2,392,874


Beverages (0.0%)
Hellenic Bottling Co. SA (d)		5,270		117,148


Building & Construction (0.0%)
Hellenic Technodomiki Tev SA (d)		11,986		42,459
Technical Olympic SA (d)		12,569		60,344


				102,803


Casino & Gambling (0.0%)
Greek Organization of Football Prognostics (d)		17,315		352,668


Electric Utility (0.0%)
Public Power Corp. (d)		11,359		281,777


Retail (0.0%)
Folli-Follie SA		1,393		42,527
Germanos SA (d)		7,900		209,984
Hellenic Duty Free Shops SA (d)		5,509		84,913


				337,424


Telecommunications (0.1%)
Cosmote Mobile Telecommunications SA (d)		16,139		291,177
Hellenic Telecommunication		28,530		441,036
Organization SA (d)
Intracom SA (d)		9,223		37,661


				769,874


Tobacco (0.0%)
Papastratos Cigarette Co. (b) (d)		5,006		112,075


				4,466,643



HONG KONG (1.6%)
Airlines (0.0%)
Cathay Pacific Airways Ltd. (d)		89,000		154,228


Banks (0.3%)
Bank of East Asia Ltd. (d)		176,400		505,528
BOC Hong Kong Holdings Ltd. (d)		433,600		789,164
Hang Seng Bank Ltd. (d)		64,400		856,580


				2,151,272


Broadcasting & Television (0.0%)
Television Broadcasts Ltd. (d)		14,000		59,915


Chemicals (0.0%)
Kingboard Chemicals Holdings Ltd. (b)		66,000		138,217


Distribution (0.1%)
Esprit Asia Holdings Ltd. (d)		77,500		414,266
Li & Fung Ltd. (d)		208,000		307,775


				722,041


Diversified Operations (0.1%)
Swire Pacific Ltd. (d)		106,000		749,132
Wharf (Holdings) Ltd. (The) (d)		73,000		240,435


				989,567


Electronics & Electrical Equipment (0.1%)
Hongkong Electric Holdings Ltd. (d)		154,000		688,427
Johnson Electric Holdings Ltd. (d)		157,200		156,731


				845,158


Financial Services (0.0%)
Hong Kong Exchanges & Clearing Ltd. (d)		162,000		368,873


Industrial (0.2%)
Hutchison Whampoa Ltd. (d)		223,000		1,712,672


Manufacturing (0.0%)
Techtronic Industries Co. Ltd. (d)		36,500		72,825
Yue Yuen Industrial Holdings Ltd. (d)		33,000		82,781


				155,606


Printing & Publishing (0.0%)
South China Morning Post Ltd. (d)		4,000		1,606


Real Estate (0.6%)
Cheung Kong Holdings Ltd. (d)		184,000		1,523,989
Hang Lung Properties Ltd. (d)		271,000		402,289
Henderson Land Development Co. Ltd. (d)		78,300		363,339
Hopewell Holdings Ltd. (d)		71,581		154,053
New World Developments Co. (d)		406,531		355,804
Sino Land Co. Ltd. (d)		296,000		253,093
Sun Hung Kai Properties Ltd. (d)		161,000		1,490,230


				4,542,797


Retail (0.0%)
Giordano International Ltd. (d)		157,200		87,882


Semiconductors (0.0%)
ASM Pacific Technology Ltd. (d)		18,800		61,071

2004 Annual Report 61


	Statement of Investments (Continued)
	October 31, 2004

Gartmore International Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

HONG KONG (continued)
Telecommunications (0.0%)
PCCW Ltd. (b) (d)		377,700	$	229,004


Transportation (0.0%)
MTR Corp. Ltd. (d)		15,214		22,799
Orient Overseas International (d)		21,600		78,523


				101,322


Utilities (0.2%)
CLP Holdings Ltd. (d)		195,600		1,123,110
Hong Kong & China Gas Co. Ltd. (d)		277,100		533,740


				1,656,850


				13,978,081



IRELAND (0.9%)
Airlines (0.0%)
Ryanair Holdings PLC (b) (d)		3,804		19,658


Banks (0.4%)
Allied Irish Banks PLC (d)		105,360		1,830,288
Bank of Ireland		115,288		1,578,931
Depfa Bank PLC (d)		29,868		453,621


				3,862,840


Building & Construction (0.2%)
CRH PLC (d)		66,370		1,578,887
Kingspan Group PLC (d)		23,341		183,098


				1,761,985


Consumer Products (0.0%)
Waterford Wedgewood PLC (b)		215		25


Diversified (0.0%)
DCC PLC (d)		2,464		49,856


Financial Services (0.1%)
Irish Life & Permanent PLC (d)		29,280		491,689


Food Products (0.1%)
Greencore Group PLC (d)		40,796		150,016
Kerry Group PLC (d)		13,385		299,624


				449,640


Pharmaceuticals (0.1%)
Elan Corp. PLC (b) (d)		41,960		1,080,398


Retail (0.0%)
Grafton Group PLC (b)		37,794		338,935


				8,055,026



ITALY (4.1%)
Aerospace/Defense (0.1%)
Finmeccanica SpA (d)		642,173		510,480


Apparel (0.0%)
Benetton Group SpA (d)		876		10,106


Automotive (0.1%)
Fiat SpA (b) (d)		85,930		623,933


Banks (1.0%)
Banc Monte Dei Paschi Di Seina SpA (d)		58,331		174,081
Banca Antonveneta SpA (b) (d)		25,067		526,265
Banca di Roma SpA (d)		201,487		774,055
Banca Nazionale del Lavoro (BNC) (b) (d)		233,654		541,073
Banche Popolari Unite Scrl (d)		32,986		586,401
Banco Popolare di Verona e Novara Scrl (d)		28,601		507,034
FinecoGroup SpA (b) (d)		1,818		13,109
IntesaBci SpA (d)		341,818		1,400,303
IntesaBci SpA - RNC (d)		47,090		158,547
Mediobanca SpA (d)		35,630		493,520
San Paolo IMI SpA (d)		113,757		1,441,137
UniCredito Italiano SpA (d)		495,391		2,659,806


				9,275,331


Broadcasting & Television (0.1%)
Mediaset SpA (d)		83,443		951,064


Energy (0.7%)
Eni SpA (d)		281,403		6,419,496


Financial Services (0.1%)
Banca Fideuram SpA (d)		68,553		345,813
Mediolanum SpA (d)		38,558		242,169


				587,982


Gas-Transportation (0.1%)
Snam Rete Gas SpA (d)		144,059		730,572


Insurance (0.5%)
Alleanza Assicurazioni SpA (d)		50,574		596,779
Assicurazioni Generali SpA (d)		105,104		3,119,951
Riunione Adriatica di Sicurta SpA (d)		33,786		713,653


				4,430,383


Medical Products (0.0%)
Luxottica Group SA (d)		5,687		105,157


Multi-Media (0.0%)
Seat Pagine Gialle SpA (d)		165,904		56,275
Telecom Italia Media SpA (b) (d)		308,068		113,069


				169,344


Pharmaceuticals (0.0%)
Banca Popolare de Milano (d)		44,753		314,459


Printing & Publishing (0.0%)
Gruppo Editorale L’Espresso SA (d)		5,450		29,186

62 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

ITALY (continued)
Public Thoroughfares (0.1%)
Autostrade SpA (d)		37,173	$	812,099


Restaurants (0.0%)
Autogrill SpA (b) (d)		12,474		183,362


Retail (0.0%)
Bulgari SpA (d)		14,516		150,217


Telecommunications (0.8%)
Telecom Italia Mobile SpA (d)		431,517		2,542,918
Telecom Italia SpA (d)		809,365		2,694,237
Telecom Italia SpA RNC (d)		546,451		1,359,002
Tiscali SpA (b) (d)		67,789		277,325


				6,873,482


Tire & Rubber (0.0%)
Pirelli & C. SpA (d)		198,881		221,223


Utilities (0.5%)
Edison SpA (b) (d)		29,101		57,674
Enel SpA (d)		396,224		3,577,943
Terna SpA		189,936		461,471


				4,097,088


				36,494,964



JAPAN (21.5%)
Advertising (0.1%)
Dentsu, Inc. (d)		231		619,202


Agriculture (0.1%)
Ajinomoto Co., Inc. (d)		81,000		895,320


Airline Services (0.1%)
All Nippon Airways Co. Ltd. (d)		54,700		170,551
Japan Airlines System Corp. (b) (d)		72,700		198,459
Yamato Transport Co. Ltd. (d)		58,000		780,085


				1,149,095


Apparel (0.0%)
Fast Retailing Co. Ltd. (d)		3,900		247,245
Gunze Ltd. (d)		25,000		114,480
World Co. Ltd. (d)		100		2,919


				364,644


Audio/Video Products (0.0%)
Yamaha Corp. (d)		17,900		272,483


Automotive (2.3%)
Aisin Seiki Co. Ltd. (d)		17,400		389,344
Denso Corp. (d)		47,400		1,131,779
Hino Motors Ltd. (d)		8,000		53,091
Honda Motor Co. Ltd. (d)		80,600		3,907,446
NGK Spark Plug Co. (d)		19,000		186,533
Nissan Motor Co. (d)		246,800		2,774,371
Nok Corp. (d)		7,000		212,018
Sanden Corp. (d)		34,000		221,710
Toyoda Gosei Co. Ltd. (d)		2,000		38,052
Toyota Industries Corp. (d)		12,000		271,773
Toyota Motor Co. Ltd. (d)		309,100		11,968,554
USS Co. Ltd. (d)		800		64,596
Yamaha Motor Co. Ltd. (d)		22,000		333,945


				21,553,212


Banks (1.8%)
77th Bank Ltd. (The) (d)		12,000		71,357
Bank of Fukuoka Ltd. (The) (d)		74,000		420,526
Bank of Yokohama Ltd. (The) (d)		114,000		679,669
Chiba Bank (d)		98,000		627,175
Daiwa Bank Holdings, Inc. (b) (d)		492,800		812,817
Gunma Bank Ltd. (d)		8,000		40,683
Hokugin Financial Group, Inc. (d)		119,000		270,580
Joyo Bank (d)		34,000		150,995
Mitsubishi Tokyo Financial Group, Inc. (d)		488		4,128,839
Mitsui Trust Holdings, Inc. (d)		58,000		398,334
Mizuho Financial Group, Inc. (d)		783		3,017,847
Shinsei Bank Ltd. (d)		33,000		215,003
Shizuoka Bank Ltd. (The) (d)		41,000		341,029
Sumitomo Mitsui Financial Group, Inc. (d)		451		2,928,497
Suruga Bank Ltd. (The) (d)		6,000		46,116
UFJ Holdings, Inc. (d)		435		2,016,500


				16,165,967


Beverages (0.0%)
Ito En Ltd. (d)		1,100		49,621
Takara Shuzo Co. Ltd. (d)		3,000		19,383
Yakult Honsha Co. Ltd.		14,000		221,093


				290,097


Brewery (0.2%)
Asahi Breweries Ltd. (d)		62,000		637,801
Kirin Brewery Co. Ltd. (d)		53,000		474,979
Sapporo Holdings Ltd. (d)		64,000		255,001


				1,367,781


Broadcasting & Television (0.0%)
Fuji Television Network, Inc. (d)		80		180,299


Building & Construction (0.9%)
Asahi Glass Co. Ltd. (d)		82,700		758,633
Central Glass Co. Ltd. (d)		5,000		33,608
Daikin Industries Ltd. (d)		29,000		704,990
Daiwa House Industry Co. Ltd. (d)		64,000		653,045
Hitachi Construction Machinery Co. Ltd. (d)		23,000		281,157
Kajima Corp. (d)		110,000		414,480
Keio Teito Electric Railway Co. Ltd. (d)		59,200		312,251
Komatsu Ltd. (d)		127,000		847,841
Matsushita Electric Works Ltd. (d)		37,284		306,968

2004 Annual Report 63


	Statement of Investments (Continued)
	October 31, 2004

Gartmore International Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

JAPAN (continued)
Building & Construction (continued)
Nippon Sheet Glass Co. Ltd. (d)		42,000	$	141,152
Nippon Yusen Kabushiki Kaisha (d)		99,900		501,950
Nishimatsu Construction Co. Ltd.		25,600		79,556
Obayashi Corp. (d)		62,500		335,599
Sanwa Shutter Corp. (d)		36,000		183,679
Sekisui House Ltd. (d)		65,000		669,399
Shimizu Corp. (d)		52,000		220,608
Sumitomo Osaka Cement Co. Ltd. (d)		39,400		86,398
Taiheiyo Cement Corp. (d)		111,000		250,951
Taisei Construction Corp. (d)		96,000		343,132
Toda Corp. (d)		44,000		173,987
Tostem Inax Holding Corp. (d)		17,000		301,986


				7,601,370


Chemicals (0.9%)
Asahi Kasei Corp. (d)		89,000		378,296
Hitachi Chemical Co. Ltd. (d)		2,000		31,490
Ishihara Sangyo Kaisha Ltd. (d)		72,000		150,693
Kaneka Corp. (d)		40,000		416,803
Kansai Paint Co. Ltd. (d)		30,000		172,337
Kuraray Co. (d)		39,400		307,291
Mitsubishi Chemical Corp. (d)		241,000		697,554
Mitsubishi Gas Chemical Co. Ltd. (d)		5,000		21,382
Mitsui Chemicals, Inc. (d)		64,100		312,658
Nippon Kayaku Co. Ltd. (d)		20,000		104,234
Nippon Shokubai Co. Ltd. (d)		16,000		115,762
Nissan Chemical Industries Ltd. (d)		26,000		210,744
Nitto Denko Corp. (d)		18,610		881,702
Sekisui Chemical Co. Ltd. (d)		43,800		278,005
Shin-Etsu Chemical Co. Ltd. (d)		43,700		1,656,922
Showa Denko K.K. (d)		129,000		310,933
Sumitomo Bakelite Co. Ltd. (d)		22,000		129,295
Sumitomo Chemical Co. Ltd. (d)		108,000		522,456
Toray Industries, Inc. (d)		134,000		625,525
Tosoh Corp. (d)		88,000		373,033
Ube Industries Ltd. (b) (d)		124,000		182,267


				7,879,382


Commercial Services (0.2%)
Bellsystem 24, Inc. (d)		660		169,900
Goodwill Group, Inc. (d)		861		168,081
Nichii Gakkan Co. (d)		7,900		212,112
NTT Data Corp. (d)		82		224,069
Secom Co. (d)		28,000		1,013,884
TIS, Inc. (d)		4,700		158,377


				1,946,423


Computer Hardware (0.4%)
Fujitsu Ltd. (d)		156,000		925,781
NEC Corp. (d)		206,000		1,138,164
NEC Electronics Corp. (d)		5,000		243,620
Toshiba Corp. (d)		362,000		1,453,785


				3,761,350


Computer Software/Services (0.5%)
Capcom Co. Ltd. (d)		12,400		104,136
CSK Corp. (d)		8,000		322,613
Fuji Soft ABC, Inc. (d)		5,200		164,482
Hitachi Software Engineering Co. Ltd. (d)		3,100		60,650
Konami Co. Ltd. (d)		9,100		204,839
Meitec Corp. (d)		3,800		142,862
Net One Systems Co. Ltd. (d)		68		258,548
Nomura Research Institute Ltd. (d)		2,300		200,746
OBIC Co. Ltd. (d)		100		18,738
Oracle Corp. (d)		900		45,072
Rakuten, Inc. (d)		74		555,701
Softbank Corp. (d)		27,100		1,225,490
Trend Micro, Inc. (d)		7,000		334,248
Yahoo Japan Corp. (b) (d)		83		375,335
Yahoo Japan Corp. (b)		76		329,937


				4,343,397


Consumer Products (0.0%)
Bandai Co. Ltd. (d)		2,300		50,326
Onward Kashiyama Co. Ltd. (d)		10,000		130,080


				180,406


Containers (0.0%)
Toyo Seikan Kaisha Ltd. (d)		15,200		236,395


Cosmetics & Toiletries (0.1%)
Kanebo Ltd. (b) (d)		16,000		169,361
Uni-Charm Corp. (d)		6,100		307,758


				477,119


Electric Utilities (0.0%)
Alps Electric Co. Ltd. (d)		22,000		264,095


Electronics & Electrical Equipment (3.1%)
Anritsu Corp. (d)		21,000		149,914
Canon, Inc. (d)		90,100		4,444,240
Casio Computer Co. Ltd. (d)		34,000		403,439
Dainippon Screen Mfg. Co. Ltd. (d)		43,000		221,496
Fujikura Ltd. (d)		45,000		197,304
Furukawa Electric Co. Ltd. (b) (d)		60,400		252,192
Hirose Electric Co. Ltd. (d)		1,800		177,867
Hitachi Ltd. (d)		307,000		1,921,526
Hoya Corp. (d)		12,100		1,240,736
Keyence Corp. (d)		2,980		670,282
Kyocera Corp. (d)		17,600		1,272,757
Mabuchi Motor Co. Ltd. (d)		2,900		214,968

64 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

JAPAN (continued)
Electronics & Electrical Equipment (continued)
Matsushita Electric Industrial Co. Ltd. (d)		235,902	$	3,413,383
Mitsumi Electric Co. Ltd. (d)		17,000		190,440
Murata Manufacturing Co. (d)		22,100		1,050,676
NGK Insulators Ltd. (d)		20,000		161,290
Nidec Corp. (d)		3,400		368,090
Nintendo Co. (d)		12,100		1,360,847
Omron Corp. (d)		15,000		339,617
Pioneer Electronic Corp. (d)		25,200		465,831
Ricoh Co. Ltd. (d)		62,900		1,171,754
Sanyo Electric Co. (d)		162,200		518,373
Sharp Corp. (d)		113,000		1,557,117
Sony Corp. (d)		94,800		3,300,924
Stanley Electric Co. Ltd. (d)		21,000		323,490
Sumitomo Electric Industries Ltd. (d)		49,000		462,730
Taiyo Yuden Co. Ltd. (d)		28,000		291,386
TDK Corp. (d)		15,000		1,038,389
Uniden Corp. (d)		11,000		237,741
Ushio, Inc. (d)		3,000		51,878
Yokogawa Electric Co. Ltd. (d)		42,000		546,263


				28,016,940


Energy (0.1%)
Nippon Oil Co. Ltd. (d)		140,000		887,839
Teikoko Oil Co. Ltd. (d)		57,000		312,442
TonenGeneral Sekiyu K.K. (d)		9,000		78,375


				1,278,656


Engineering (0.1%)
COMSYS Holdings Corp. (d)		23,000		173,849
Mitsui Engineering & Shipbuilding Co. Ltd. (d)		155,000		262,979
Takuma Co. Ltd. (d)		7,100		52,111


				488,939


Entertainment (0.0%)
Namco Ltd. (d)		200		2,334
Sankyo Co. Ltd. (d)		2,000		79,955
Toho Co. Ltd. (d)		2,400		34,491


				116,780


Financial Services (1.0%)
Acom Co. Ltd. (d)		7,800		488,049
Aeon Credit Service Co. Ltd. (d)		2,500		163,788
Aiful Corp. (d)		3,650		362,860
Credit Saison Co. (d)		20,900		667,346
Daiwa Securities Ltd. (d)		161,000		986,071
Itochu Techno-Science Corp. (d)		400		16,109
JAFCO Co. Ltd. (d)		1,000		51,257
Nikko Securities Co. Ltd. (d)		210,000		937,791
Nomura Securities Co. (d)		183,000		2,226,357
Orix Corp. (d)		9,100		1,063,419
Promise Co. Ltd. (d)		7,000		444,420
Sumitomo Trust & Banking Co. Ltd. (d)		123,000		715,708
Takefuji Corp. (d)		6,580		414,732


				8,537,907


Food Products (0.3%)
Ariake Japan Co. Ltd. (d)		6,500		164,394
Japan Tobacco, Inc. (d)		122		1,070,174
Kikkoman Corp. (d)		21,000		184,173
Meiji Seika Kaisha Ltd. (d)		6,000		24,630
Nippon Meat Packers, Inc. (d)		30,000		374,282
Nisshin Seifun Group, Inc. (d)		17,700		176,457
Nissin Food Products Co. Ltd.		10,600		258,037
Q.P. Corp. (d)		11,800		100,610
Snow Brand Milk Products Co. Ltd. (b) (d)		41,000		120,443


				2,473,200


Healthcare (0.1%)
Terumo Corp. (d)		21,900		543,437


Holding Companies — Diversified (0.2%)
JFE Holdings, Inc. (d)		50,200		1,346,434


Household Products (0.3%)
Kao Corp. (d)		64,000		1,473,533
Shiseido Co. Ltd. (d)		41,000		533,826
Toto Ltd. (d)		36,000		322,440


				2,329,799


Import/Export (0.5%)
Itochu Corp. (d)		110,000		471,217
Marubenii Corp. (d)		192,000		503,430
Mitsubishi Corp. (d)		111,000		1,223,930
Mitsui & Co. Ltd. (d)		154,000		1,291,829
Sojitz Holdings Corp. (b) (d)		60,167		269,271
Sumitomo Corp. (d)		115,000		853,659


				4,613,336


Industrial (0.6%)
Ebara Corp. (d)		27,500		126,992
Fanuc Co. Ltd. (d)		11,700		704,319
JGC Corp. (d)		29,000		306,273
Kawasaki Heavy Industries Ltd. (d)		156,000		246,572
Kubota Corp. (d)		70,000		318,644
Minebea Co. Ltd. (d)		52,000		220,408
Mitsubishi Heavy Industries Ltd. (d)		310,700		871,090
Nippon Steel Corp. (d)		742,000		1,732,308
SMC Corp. (d)		5,800		619,549
THK Co. Ltd. (d)		12,600		218,489


				5,364,644


Insurance (0.5%)
Millea Holdings, Inc. (d)		173		2,278,010
Mitsui Sumito Insurance Co. (d)		122,300		1,001,786

2004 Annual Report 65


	Statement of Investments (Continued)
	October 31, 2004

Gartmore International Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

JAPAN (continued)
Insurance (continued)
T&D Holdings, Inc (b)		16,050	$	707,355
Yasuda Fire & Marine Insurance Co. Ltd. (d)		84,000		731,060


				4,718,211


Manufacturing (0.3%)
Amada Co. Ltd. (d)		34,000		180,514
Amano Corp. (d)		13,000		107,484
Ishikawajima-Harima Heavy Industries Co. Ltd. (b) (d)		218,000		285,052
JSR Corp. (d)		29,000		527,233
Kobe Steel Ltd. (d)		150,000		208,970
Komori Corp. (d)		10,000		137,958
Koyo Seiko Co. Ltd. (d)		13,000		146,242
Makita Corp. (d)		2,000		27,480
Nisshin Steel Co. Ltd. (d)		111,000		242,887
NTN Corp. (d)		45,200		237,083
Shimano, Inc. (d)		2,000		49,124
Sumitomo Heavy Industries Ltd. (b) (d)		68,000		196,895


				2,346,922


Metals & Mining (0.3%)
Dowa Mining Co. Ltd. (d)		29,600		178,328
Mitsubishi Material Corp. (d)		182,000		365,274
Mitsui Mining & Smelting Co. Ltd. (d)		80,000		315,867
Nippon Minings Holdings, Inc. (d)		99,500		472,987
NSK Ltd. (d)		47,800		205,058
Sumitomo Metal & Mining Corp. (d)		74,000		499,494
Sumitomo Metal Industries Ltd. (d)		493,000		593,914


				2,630,922


Multi-Media (0.0%)
Tokyo Broadcasting System, Inc. (d)		3,900		62,537


Office Equipment & Supplies (0.1%)
Seiko Epson Corp. (d)		11,800		486,545


Paper Products (0.1%)
Nippon Unipac Holding (d)		59		261,313
Oji Paper Ltd. (d)		110,000		627,105


				888,418


Personal Care (0.0%)
Aderans Co. Ltd.		3,600		74,414


Pharmaceuticals (1.2%)
Alfresa Holdings Corp. (d)		3,900		141,978
Chugai Pharmaceutical Ltd. (d)		16,400		256,355
Daiichi Pharmaceuticals Co. (d)		26,400		513,497
Eisai Co. (d)		28,000		805,056
Fujisawa Pharmaceutical Co. (d)		30,400		793,281
Kaken Pharmaceutical Co. Ltd. (d)		29,000		169,459
Kyowa Hakko Kogyo Co. Ltd. (d)		18,000		125,742
Sankyo Co. (d)		41,700		865,543
Shionogi & Co. (d)		25,000		386,965
Suzuken Co. Ltd. (d)		1,100		23,303
Taisho Pharmaceutical Co. Ltd. (d)		9,000		162,229
Takeda Chemical Industries Ltd. (d)		98,000		4,724,070
Yamanouchi Pharmaceutical Co. Ltd. (d)		36,000		1,319,506


				10,286,984


Photographic Products (0.4%)
Fuji Photo Film Ltd. (d)		55,000		1,865,861
Konica Corp. (d)		44,800		595,366
Nikon Corp. (d)		30,000		293,544
Olympus Optical Co. Ltd. (d)		34,000		657,056


				3,411,827


Printing & Publishing (0.2%)
Dai Nippon Printing Co. Ltd. (d)		76,000		1,037,716
Toppan Printing Co. Ltd. (d)		81,000		780,016


				1,817,732


Railroads (0.5%)
Central Japan Railway Co. (d)		80		646,998
East Japan Railway Co. (d)		400		2,100,229
Keihin Electric Express Railway Co. Ltd. (d)		10,000		57,623
Kinki Nippon Railway Co. Ltd. (d)		104,000		330,240
Odakyu Electric Railway Co. Ltd. (d)		86,000		457,855
Tobu Railway Co. Ltd. (d)		41,000		145,570
West Japan Railway Co. (d)		227		904,422


				4,642,937


Real Estate (0.5%)
Daito Trust Construction Co. Ltd. (d)		7,100		299,876
Japan Real Estate Investment Corp.		19		151,728
Japan Retail Fund Investment Corp.		37		295,122
MDI Corp. (d)		20,675		377,017
Mitsubishi Estate Co. (d)		105,500		1,111,608
Mitsui Fudosan Co. Ltd. (d)		76,000		805,118
Nippon Building Fund, Inc.		51		428,402
Sumitomo Realty & Development Co. Ltd. (d)		55,000		604,100
Tokyu Land Corp. (d)		57,000		170,889


				4,243,860


Resorts/Theme Parks (0.0%)
Oriental Land Co. Ltd. (d)		2,800		166,698


Restaurants (0.0%)
Saizeriya Co. Ltd. (d)		6,400		109,475
Skylark Co. Ltd. (d)		1,500		24,847


				134,322


Retail (0.8%)
Aeon Co. Ltd. (d)		70,000		1,118,770
Aoyama Trading Co., Inc. (d)		1,400		30,485
Citizen Watch Co. Ltd. (d)		49,000		459,764

66 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

JAPAN (continued)
Retail (continued)
Daimaru, Inc. (The) (d)		6,000	$	44,526
FamilyMart Co. Ltd. (d)		6,900		184,986
Isetan Co. Ltd. (d)		34,000		345,998
Ito Yokado Co. (d)		39,000		1,395,394
Lawson, Inc. (d)		3,700		123,311
Marui Co. (d)		52,000		650,405
Matsumotokiyoshi Co. Ltd. (d)		5,900		148,250
Mitsukoshi Ltd. (d)		29,300		129,682
Ryohin Keikaku Co. Ltd. (d)		4,300		192,167
Seven - Eleven Japan Co. Ltd. (d)		37,700		1,089,744
Shimachu Co. Ltd. (d)		4,000		92,540
Shimamura Co. Ltd. (d)		600		43,894
Takashimaya Co. (d)		47,000		401,869
Tokyo Style Co. (d)		5,000		54,478
Uny Co. Ltd. (d)		12,600		125,703
Yamada Denki Co. Ltd. (d)		9,200		325,642


				6,957,608


Schools (0.0%)
Benesse Corp. (d)		2,300		64,005


Semiconductors (0.3%)
Advantest Corp. (d)		9,900		688,824
Rohm Co. (d)		10,100		1,033,731
Tokyo Electron Ltd. (d)		21,000		1,133,012


				2,855,567


Telecommunications (0.7%)
Nippon Telegraph & Telephone Corp. (d)		497		2,109,346
NTT Docomo, Inc. (d)		1,985		3,497,611
Oki Electric Industry Co. Ltd. (b) (d)		70,000		239,156


				5,846,113


Textile Products (0.1%)
Mitsubishi Rayon Co. Ltd. (d)		53,000		168,538
Nisshinbo Industries, Inc. (d)		17,600		116,091
Teijin Ltd. (d)		110,000		426,663
Toyobo Co. Ltd. (d)		112,000		251,177


				962,469


Tire & Rubber (0.1%)
Bridgestone Corp. (d)		70,100		1,267,930


Toys (0.1%)
Sega Sammy Holdings, Inc. (b)		12,772		591,753


Transportation (0.3%)
Kamigumi Co. Ltd. (d)		12,000		85,047
Kawasaki Kisen Kaisha Ltd. (d)		78,000		520,246
Mitsubishi Logistics Corp. (d)		8,400		74,630
Mitsui O.S.K. Lines Ltd. (d)		128,000		757,490
Nippon Express Co. Ltd. (d)		84,500		406,229
Seino Transportation Co. Ltd. (d)		36,000		325,426
Tokyo Corp. (d)		105,400		477,113


				2,646,181


Utilities (1.1%)
Chubu Electric Power Co., Inc.		60,900		1,321,918
Electric Power Development Co. Ltd. (b)		30,100		785,168
Hokkaido Electric Power Co., Inc.		18,200		336,783
Kansai Electric Power, Inc. (d)		71,000		1,328,416
Kyushu Electric Power Co., Inc.		32,400		640,738
Mitsubishi Electric Co. (d)		140,600		656,608
Osaka Gas Co. Ltd.		175,000		505,933
Tohoku Electric Power Co. Ltd.		33,700		574,096
Tokyo Electric Power Co. Ltd. (d)		131,200		2,965,802
Tokyo Gas Ltd. (d)		274,100		1,020,385


				10,135,847


				191,897,911



LUXEMBOURG (0.1%)
Steel (0.1%)
Arcelor (d)		63,888		1,193,521



NETHERLANDS (4.9%)
Banks (0.5%)
ABN Amro Holding NV (d)		172,472		4,132,203


Biotechnology (0.0%)
Qiagen NV (b) (d)		4,818		50,836


Business Services (0.0%)
Vedior NV (d)		8,580		126,199


Chemicals (0.2%)
Akzo Nobel NV (d)		23,793		895,302
DSM NV (d)		12,133		660,957


				1,556,259


Commercial Services (0.0%)
Randstad Holding NV (d)		1,201		40,501


Computer Service (0.0%)
Getronics NV (b) (d)		129,497		268,740


Diversified (0.0%)
Hagemeyer NV (b) (d)		83,404		152,365
IHC Caland NV (d)		3,691		211,319


				363,684


Electronics & Electrical Equipment (0.5%)
Koninklijke Ahold NV (b) (d)		181,385		1,257,528
Philips Electronics NV (d)		147,615		3,511,098


				4,768,626

2004 Annual Report 67


	Statement of Investments (Continued)
	October 31, 2004

Gartmore International Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

NETHERLANDS (continued)
Energy (1.4%)
Royal Dutch Petroleum Co. (d)		224,090	$	12,151,505


Financial Services (0.6%)
Euronext NV (d)		12,456		360,628
ING Groep NV (d)		194,455		5,163,846


				5,524,474


Food Products (0.6%)
Heineken NV (d)		24,931		783,699
Koninklijke Numico NV (b) (d)		15,809		532,659
Unilever NV CVA (d)		63,660		3,701,761


				5,018,119


Insurance (0.2%)
Aegon NV (d)		147,385		1,616,590


Printing & Publishing (0.3%)
Elsevier NV (d)		83,217		1,093,235
Oce NV (d)		22		305
VNU NV (d)		25,870		706,831
Wolters Kluwer CVA (d)		30,135		549,399


				2,349,770


Real Estate (0.1%)
Corio NV (d)		4,554		227,401
Rodamco Europe NV (d)		2,299		156,275
Wereldhave NV (d)		1,655		147,676


				531,352


Semiconductors (0.2%)
ASML Holding NV (b) (d)		63,045		898,514
STMicroelectronics NV (d)		63,944		1,179,690


				2,078,204


Telecommunications (0.2%)
KPN NV (d)		216,696		1,731,703


Transportation (0.1%)
TPG NV (d)		42,398		1,022,071


				43,330,836



NEW ZEALAND (0.2%)
Airports (0.0%)
Auckland International Airport Ltd. (d)		8,490		41,746


Building & Construction (0.0%)
Fletcher Building Ltd. (d)		35,553		132,856


Entertainment (0.0%)
Sky City Entertainment Group Ltd. (d)		49,604		152,343


Financial Services (0.0%)
Tower Ltd. (b) (d)		43,365		70,342


Healthcare (0.0%)
Fisher & Paykel Industries Ltd. (d)		116,830		232,167


Household Products (0.0%)
Fisher & Paykel Appliances Holdings Ltd. (d)		35,484		97,208


Paper Products (0.0%)
Carter Holt Harvey Ltd. (d)		349		514


Retail (0.0%)
Warehouse Group Ltd. (The) (d)		14,900		41,642


Telecommunications (0.2%)
Telecom Corp. of New Zealand Ltd. (d)		201,852		800,136


Waste Disposal (0.0%)
Waste Management NZ Ltd. (d)		60,182		221,190


				1,790,144



NORWAY (0.7%)
Banks (0.1%)
DnB Holding ASA (d)		71,919		609,890


Chemicals (0.0%)
Yara International ASA (b)		33,447		357,136


Food Products (0.1%)
Orkla ASA (d)		20,951		595,204


Industrial (0.3%)
Norsk Hydro ASA (d)		18,784		1,381,519
Tomra Systems ASA (d)		50,564		223,272


				1,604,791


Insurance (0.0%)
Storebrand ASA (d)		25,700		195,567


Oil & Gas (0.1%)
Statoil ASA (d)		65,608		953,989


Paper Products (0.0%)
Norske Skogsindustrier ASA (d)		11,534		210,138


Shipping (0.0%)
Frontline Ltd. (d)		8,033		396,825


Telecommunications (0.1%)
Tandberg ASA (d)		19,305		181,842
Telenor ASA (d)		93,934		748,208


				930,050


				5,853,590



PORTUGAL (0.3%)
Automotive (0.0%)
Brisa- Auto Estradas SA (d)		20,131		164,157

68 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

PORTUGAL (continued)
Banks (0.1%)
Banco Commercial Portuguese SA (d)		194,822	$	459,177
Banco Espirito Santo SA (d)		2,084		35,576


				494,753


Building Products (0.0%)
CIMPOR-Cimentos de Portugal SGPS SA (d)		26,903		143,466


Financial Services (0.0%)
BPI-SGPS SA (d)		35,288		137,060


Food Products (0.0%)
Jeronimo Martins SGPS SA (b) (d)		22		258


Industrial (0.0%)
Sonae SGPS SA (d)		179,588		219,668


Telecommunications (0.1%)
Portugal Telecom SA (d)		106,961		1,205,678
PT Multimedia-Servicos de		2,703		62,922


Telecomunicacoes e Multimedia (d)				1,268,600


Utilities (0.1%)
Electricidade de Portugal SA (d)		204,702		605,265


				3,033,227



SINGAPORE (0.9%)
Aerospace/Defense (0.0%)
Singapore Tech Engineering Ltd. (d)		39,000		48,979


Airlines (0.0%)
Singapore Airlines Ltd. (d)		31,000		199,453


Banks (0.5%)
Development Bank of Singapore Ltd. (d)		121,500		1,139,653
Oversea-Chinese Banking Corp. Ltd. (d)		127,000		1,052,880
United Overseas Bank Ltd. (d)		128,200		1,040,341


				3,232,874


Beverages (0.0%)
Fraser & Neave Ltd. (d)		7,200		59,312


Distribution/Wholesale (0.0%)
Jardine Cycle & Carriage Ltd. (d)		8,800		42,307


Diversified (0.1%)
Haw Par Corporation Ltd. (d)		36,226		107,970
Keppel Corp. (d)		98,000		471,292


				579,262


Engineering (0.0%)
SembCorp Industries Ltd. (d)		99,100		91,127


Finance (0.0%)
Singapore Exchange Ltd. (d)		78,300		82,765


Financial Services (0.0%)
Creative Technology Ltd. (d)		4,500		50,812


Healthcare (0.0%)
Parkway Holdings Ltd. (d)		233,000		200,249


Manufacturing (0.0%)
Venture Manufacturing Ltd. (d)		30,000		284,594


Printing & Publishing (0.1%)
Singapore Press Holdings Ltd. (d)		249,500		705,262


Real Estate (0.1%)
Capitaland Ltd. (d)		109,500		121,689
City Developments Ltd. (d)		105,000		397,204
United Overseas Land Ltd.		150,000		202,672


				721,565


Semiconductors (0.0%)
Chartered Semiconductor Manufacturing Ltd. (b) (d)		258,000		159,054
ST Assembly Test Services Ltd. (b) (d)		119,000		71,107


				230,161


Shipping (0.0%)
Singapore Post Ltd. (d)		315,411		152,558


Telecommunications (0.1%)
Datacraft Asia Ltd. (b) (d)		107,000		84,477
Singapore Telecommunications Ltd. (d)		624,000		907,609


				992,086


Transportation (0.0%)
ComfortDelgro Corp. Ltd. (d)		189,220		162,416


				7,835,782



SPAIN (3.7%)
Advertising (0.0%)
Telefonica Publicidad e Informacion SA (d)		28,982		213,346


Airline Services (0.0%)
Iberia Lineas Aereas de Espana SA (d)		50,582		143,253


Banks (1.4%)
Banco Bilbao Vizcaya Argentaria SA (d)		351,828		5,528,254
Banco Popular Espanol SA (d)		21,122		1,196,786
Banco Santander Central Hispanoamericano SA (d)		444,540		4,962,139


				11,687,179


Broadcasting & Television (0.0%)
Antena 3 Television SA (b) (d)		2,597		166,462
Sogecable SA (b) (d)		6,185		244,591


				411,053

2004 Annual Report 69


	Statement of Investments (Continued)
	October 31, 2004

Gartmore International Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

SPAIN (continued)
Building & Construction (0.1%)
Acciona SA (d)		2,784	$	196,079
ACS, Actividades de Construccion y Servicios SA (d)		32,311		625,036
Fomento De Construcciones Y Contrates SA (d)		3,386		128,846
Grupo Ferrovial SA (d)		3,703		163,696


				1,113,657


Computer Software/Services (0.0%)
Indra Sistemas SA (d)		22,335		330,923


Energy (0.3%)
Gamesa Corporacion Tecnologica SA (d)		15,455		212,949
Repsol SA (d)		105,478		2,284,743


				2,497,692


Food Products (0.1%)
Altadis SA (d)		31,405		1,150,797


Hotels & Lodging (0.0%)
NH Hoteles SA (d)		5,728		68,486


Insurance (0.0%)
Corporacion Mapfre SA (d)		14,664		185,072


Metals & Mining (0.0%)
Acerinox SA (d)		27,048		375,554


Pharmaceuticals (0.0%)
Zeltia SA (d)		2,221		15,563


Railroads (0.1%)
Autopistas, Concesionaria Espanola SA (d)		27,994		523,092


Real Estate (0.0%)
Metrovacesa SA (d)		863		37,534
Vallehermoso SA (d)		7,811		119,776


				157,310


Retail (0.1%)
Industria de Diseno Textil SA (d)		23,758		602,793


Telecommunications (1.0%)
Telefonica SA (d)		476,261		7,882,180


Travel (0.0%)
Amadeus Global Travel Distribution SA (d)		37,459		307,255


Utilities (0.6%)
Endesa SA (d)		110,720		2,248,489
Gas Natural SA (d)		17,060		463,390
Iberdrola SA (d)		85,717		1,874,218
Union Electrica Fenosa SA (d)		23,168		563,949


				5,150,046


				32,815,251



SWEDEN (2.4%)
Airlines (0.0%)
SAS AB (b) (d)		16,675		123,912


Automotive (0.2%)
Scania AB, B Shares (d)		9,873		358,363
Volvo AB, Class A (d)		5,027		183,996
Volvo AB, Class B (d)		25,507		965,201


				1,507,560


Banks (0.5%)
Nordea AB (d)		237,916		2,055,083
Skandiaviska Enskilda Banken AB (d)		57,252		953,175
Svenska Handelsbanken AB (d)		59,891		1,296,922


				4,305,180


Building & Construction (0.1%)
Assa Abloy AB (d)		40,265		543,877
Skanska AB (d)		39,905		434,601


				978,478


Commercial Services (0.1%)
Securitas AB (d)		39,095		534,771


Computer Software/Services (0.0%)
WM-data AB, Class B (d)		29,093		57,523


Financial Services (0.0%)
D. Carnegie & Co. AB (d)		6,186		62,864


Household Products (0.1%)
Electrolux AB, B Shares (d)		34,203		633,250


Industrial (0.2%)
Atlas Copco AB, Class A (d)		16,506		683,104
Atlas Copco AB, Class B (d)		2,894		110,548
Sandvik AB (d)		29,078		1,088,878
Trelleborg AB, Class B (d)		5,022		70,452


				1,952,982


Insurance (0.1%)
Skandia Forsakrings AB (d)		151,564		565,439


Medical Instruments (0.0%)
Getinge AB, B Shares (d)		26,004		290,630


Medical Products (0.0%)
Gambro AB (d)		6,354		74,052


Metals (0.1%)
S.K.F. AB		15,247		589,461


Oil & Gas (0.0%)
Lundin Petroleum AB (b) (d)		17,800		110,762

70 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

SWEDEN (continued)
Paper Products (0.1%)
Billerud (d)		12,628	$	193,193
Svenska Cellusoa (d)		17,942		667,585


				860,778


Personal Care (0.0%)
Oriflame Cosmetics SA SDR (b)		12,087		244,692


Printing & Publishing (0.0%)
Eniro AB (d)		8,699		73,562


Real Estate (0.0%)
Castellum AB (d)		3,900		112,067
Wihlborgs Fastigheter AB (d)		9,747		168,173


				280,240


Retail (0.2%)
Hennes & Mauritz AB (d)		52,951		1,541,125


Telecommunications (0.6%)
Ericsson SA (b) (d)		1,593,763		4,622,584
Tele2 AB (d)		12,717		423,231
Telia AB (d)		158,848		851,880


				5,897,695


Television (0.0%)
Modern Times Group AB, Class B (b)		5,519		122,202


Tobacco (0.1%)
Swedish Match AB (d)		42,932		472,824


				21,279,982



SWITZERLAND (5.9%)
Aerospace/Defense (0.0%)
Unaxis Holdings AG (d)		1,269		105,236


Banks (0.5%)
Credit Suisse Group (d)		129,862		4,439,214


Building & Construction (0.1%)
Geberit AG (d)		225		146,144
Holcim Ltd. (d)		19,970		1,065,634


				1,211,778


Chemicals (0.3%)
Ciba Specialty Chemicals AG (d)		7,598		522,391
Clariant AG (d)		26,399		357,021
Lonza Group AG (d)		5,253		256,182
Syngenta AG (d)		13,866		1,319,098


				2,454,692


Commercial Services (0.1%)
Adecco SA (d)		17,345		834,040
SGS Societe Generale de Surveillance Holdings SA (d)		210		133,588


				967,628


Computers (0.0%)
Logitech International SA (b) (d)		3,884		201,606


Electronics & Electrical Equipment (0.1%)
ABB Ltd. (b) (d)		180,868		1,042,281


Food Products (1.3%)
Nestle SA (d)		44,808		10,581,142


Industrial (0.0%)
Rieter Holding AG (d)		500		132,334


Insurance (0.6%)
Swiss Re (d)		38,546		2,362,944
Zurich Financial Services AG (d)		17,147		2,439,861


				4,802,805


Manufacturing (0.0%)
Sulzer AG (d)		87		29,302


Medical Products (0.1%)
Nobel Biocare Holding AG (d)		3,556		580,016
Phonak Holding AG (d)		7,021		219,516
Straumann Holding AG (d)		206		42,560
Synthes, Inc. (b) (d)		3,149		335,233


				1,177,325


Pharmaceuticals (2.5%)
Givaudan (d)		745		464,866
Novartis AG (d)		263,561		12,592,187
Roche Holding AG-Genusscheine (d)		78,491		8,010,397
Serono SA (d)		806		497,578


				21,565,028


Retail (0.2%)
Compagnie Finacnce Richemont AG (d)		54,581		1,545,995
Swatch Group AG (d)		372		10,240
Swatch Group AG, Class B (d)		3,707		496,487


				2,052,722


Semiconductors (0.0%)
Micronas Semiconductor Holding AG (b) (d)		4,858		190,496


Telecommunications (0.1%)
Kudelski SA (b) (d)		5,849		177,306
Swisscom AG (d)		3,014		1,085,429


				1,262,735


				52,216,324



UNITED KINGDOM (25.5%)
Advertising (0.2%)
Aegis Group PLC (d)		82,273		154,120
WPP Group PLC (d)		135,130		1,355,611


				1,509,731

2004 Annual Report 71


	Statement of Investments (Continued)
	October 31, 2004

Gartmore International Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

UNITED KINGDOM (continued)
Aerospace/Defense (0.3%)
British Aerospace PLC (d)		341,959	$	1,495,302
Cobham PLC (d)		5,322		134,844
Meggitt PLC		8,736		39,297
Rolls Royce Group PLC, B Shares (b)		6,080,383		11,141
Rolls-Royce Group PLC (d)		191,207		909,901


				2,590,485


Airlines (0.2%)
BAA PLC (d)		115,928		1,218,636
British Airways PLC (b) (d)		95,797		380,167


				1,598,803


Automotive (0.1%)
GKN PLC (d)		131,745		516,781


Banks (5.7%)
Barclays PLC (d)		700,188		6,843,037
HBOS PLC (d)		397,723		5,326,262
HSBC Holdings PLC (d)		1,174,439		18,946,484
HSBC Holdings PLC ADR		2,986		241,956
MAN Group PLC (d)		37,284		893,885
Royal Bank of Scotland Group PLC (d)		314,927		9,270,171
UBS AG (d)		119,043		8,592,815


				50,114,610


Brewery (0.2%)
SABMiller PLC (d)		83,935		1,208,984
Scottish & Newcastle PLC (d)		114,509		847,232


				2,056,216


Building & Construction (0.3%)
Berkeley Group Holdings PLC		4,684		102,132
BICC Group PLC (d)		11,057		55,006
BPB PLC (d)		82,412		634,531
George Wimpey PLC (d)		42,276		271,484
Hanson PLC (d)		81,507		600,895
Persimmon PLC (d)		32,237		365,399
Pilkington PLC (d)		17,134		27,115
RMC Group PLC		40,804		635,879
Taylor Woodrow PLC (d)		85,499		362,986


				3,055,427


Chemicals (0.2%)
BOC Group PLC (d)		66,195		1,066,409
Imperial Chemical Industries PLC (d)		102,301		393,575


				1,459,984


Commercial Services (0.2%)
Brambles Industries PLC (d)		100,703		485,757
Capita Group PLC (d)		73,163		472,006
Rentokil Initial PLC (d)		221,379		629,334


				1,587,097


Computer Software/Services (0.2%)
Hays PLC (d)		198,797		469,865
Logica PLC (d)		81,557		264,672
Mysis PLC (d)		57,839		228,407
Sage Group PLC (The) (d)		132,628		446,552


				1,409,496


Consumer Products (0.2%)
Reckitt Benckiser PLC (d)		60,752		1,664,133


Diversified (0.0%)
Serco Group PLC (d)		6,016		24,041
Tompkins PLC (d)		83,609		382,116


				406,157


Electronics & Electrical Equipment (0.3%)
Electrocomponents PLC (d)		19,130		102,058
National Grid Group PLC (d)		342,835		2,984,484


				3,086,542


Energy (3.9%)
BG PLC (d)		355,712		2,322,099
BP Amoco PLC (d)		2,362,654		22,903,525
BP PLC ADR		100		5,825
Shell Transportation & Trading Co. PLC (d)		1,040,279		8,192,314


				33,423,763


Engineering (0.0%)
AMEC PLC (d)		10,663		62,004
Barratt Developments PLC (d)		31,007		287,573


				349,577


Entertainment (0.5%)
British Sky Broadcasting Group PLC (d)		128,372		1,197,876
Carnival PLC (d)		13,843		732,259
EMI Group PLC (d)		93,955		365,506
Enterprise Inns PLC (d)		37,809		429,462
Hilton Group PLC (d)		209,303		989,585
Rank Group PLC (d)		80,885		424,558
William Hill PLC (d)		67,321		603,756


				4,743,002


Financial Services (0.8%)
3I Group PLC (d)		71,847		768,075
Amvescap PLC (d)		106,715		577,764
Cattles PLC (d)		4,275		27,906
Close Brothers Group PLC (d)		3,133		38,187
ICAP PLC (d)		11,326		48,701
Lloyds TSB Group PLC (d)		617,519		4,878,696
London Stock Exchange PLC (d)		47,582		318,202
Provident Financial PLC		15,445		165,413


				6,822,944

72 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

UNITED KINGDOM (continued)
Food Products (1.5%)
Cadbury Schweppes PLC (d)		244,738	$	2,036,450
Diageo PLC (d)		338,358		4,525,316
Tate & Lyle PLC (d)		59,793		465,295
Tesco PLC (d)		790,468		4,159,760
Unilever PLC (d)		279,151		2,351,810


				13,538,631


Healthcare (1.0%)
AstraZeneca Group PLC (d)		181,470		7,430,981
Kidde PLC (d)		91,517		281,799
Smith & Nephew PLC (d)		115,859		985,643


				8,698,423


Hotels & Motels (0.1%)
InterContinental Hotels Group PLC (d)		77,526		947,797


Import/Export (0.1%)
Wolseley PLC (d)		63,059		1,093,291


Industrial (0.2%)
BBA Group PLC (d)		16,819		81,528
FKI PLC (d)		63,201		138,582
IMI PLC (d)		23,082		147,815
Invensys PLC (b) (d)		740,443		207,138
Smiths Industries PLC (d)		74,351		1,016,778


				1,591,841


Insurance (0.7%)
Aviva PLC (d)		244,280		2,444,053
Friends Provident PLC (d)		192,949		481,663
Legal & General Group PLC (d)		621,506		1,129,334
Prudential PLC (d)		238,506		1,750,526
Royal & Sun Alliance Insurance Group PLC (d)		312,728		428,731


				6,234,307


Investment Company (0.0%)
Schroders PLC (d)		82		964


Medical Products (0.0%)
Alliance Unichem PLC (d)		31,882		389,637
SSL International PLC (d)		5,503		27,340


				416,977


Metals & Mining (0.7%)
BHP Billiton PLC (d)		251,782		2,558,398
Corus Group PLC (b) (d)		433,900		387,535
Johnson Matthey PLC (d)		27,911		486,352
Rio Tinto PLC (d)		120,559		3,162,801


				6,595,086


Paper Products (0.1%)
Bunzl PLC (d)		55,943		424,027
Rexam PLC (d)		84,546		669,353


				1,093,380


Pharmaceuticals (1.5%)
Glaxosmithkline PLC (d)		639,836		13,454,280


Printing & Publishing (0.6%)
Daily Mail & General Trust (d)		16,959		225,289
EMAP PLC (d)		31,668		456,674
Pearson PLC (d)		102,269		1,120,609
Reed International PLC (d)		157,942		1,410,238
Reuters Group PLC (d)		172,650		1,175,173
Trinity Mirror PLC (d)		16,340		193,240
United Business Media PLC (d)		55,756		487,926
Yell Group PLC (d)		101,310		680,100


				5,749,249


Railroads (0.0%)
FirstGroup PLC (d)		57,787		304,312


Real Estate (0.3%)
British Land Co. PLC (d)		67,415		920,892
Great Portland Estates PLC (d)		9,115		50,497
Hammerson PLC (d)		15,396		206,951
Land Securities Group PLC (d)		58,865		1,288,650
Liberty International PLC (d)		26,115		412,035
Slough Estates PLC (d)		22,263		185,505


				3,064,530


Restaurants (0.2%)
Compass Group PLC (d)		280,176		1,157,351
Mitchells & Butlers PLC		65,817		343,399
Whitbread PLC (d)		33,532		499,348


				2,000,098


Retail (1.1%)
Boots Group PLC (d)		98,250		1,184,894
Dixons Group PLC (d)		215,702		679,496
Great Universal Stores PLC (d)		119,810		1,958,609
Inchcape PLC (d)		2,752		74,546
J. Sainsbury PLC (d)		187,632		886,907
Kesa Electricals PLC (d)		44,762		223,513
Kingfisher PLC (d)		241,487		1,339,744
Marks & Spencer PLC (d)		191,770		1,262,667
MFI Furniture Group PLC (d)		145,776		274,330
Next PLC (d)		34,236		1,048,944
Punch Taverns PLC (d)		25,555		259,406
Signet Group PLC (d)		187,750		365,122


				9,558,178


Security Services (0.0%)
Group 4 Securicor PLC (b)		160,174		341,912


Semiconductors (0.0%)
Arm Holdings PLC (d)		208,522		372,754

2004 Annual Report 73


	Statement of Investments (Continued)
	October 31, 2004

Gartmore International Index Fund (Continued)

Index Series



Common Stocks (continued)

	Shares or
	Principal Amount		Value

UNITED KINGDOM (continued)
Telecommunications (2.5%)
BT Group PLC (d)		956,237	$	3,262,407
Cable & Wireless PLC (d)		258,233		495,686
Marconi Corp. PLC (b) (d)		7,875		76,638
Vodafone Group PLC (d)		7,266,481		18,649,022


				22,483,753

Television (0.1%)
ITV PLC (d)		419,527		823,705

Tobacco (0.5%)
British American Tobacco PLC (d)		161,909		2,433,252
Imperial Tobacco Group PLC (d)		72,733		1,698,418


				4,131,670

Transportation (0.1%)
Associated British Ports Holdings PLC (d)		11,139		94,417
Exel PLC (d)		49,807		646,301
National Express Group PLC		2,859		36,356
Peninsular & Oriental Steam Navigation Co. (d)		39,657		194,821
Stagecoach Group PLC (d)		67,551		109,769


				1,081,664

Utilities (0.9%)
Centrica PLC (d)		449,591		1,987,085
International Power PLC (b) (d)		187,256		552,898
Scottish & Southern Energy PLC (d)		105,291		1,611,784
Scottish Power PLC (d)		221,658		1,791,478
Severn Trent PLC (d)		42,267		709,725
United Utilities PLC (d)		81,324		857,409
United Utilities PLC, A Shares		18,660		133,002


				7,643,381

Water/Sewer (0.0%)
Kelda Group PLC (d)		40,856		419,019


				228,033,950


UNITED STATES (0.0%)
Transportation (0.0%)
Ship Finance International Ltd.		644		12,944


Total Common Stocks				869,316,404



Preferred Stocks (0.3%)
AUSTRALIA (0.2%)
Multi-Media (0.2%)
News Corp. Ltd., 7,50% (d)		262,434		2,054,111



GERMANY (0.1%)
Automotive (0.0%)
Volkswagen AG, 4.50% (d)		6,426		205,882


Television (0.1%)
ProSiebenSat.1 Media AG, 0.16%		12,836		229,828


Utilities (0.0%)
RWE AG, 3.70% (d)		704		31,749


				467,459


Total Preferred Stocks				2,521,570



Repurchase Agreements (1.1%)
CS First Boston, 1.75%, dated 10/29/04, due 11/01/04, repurchase price $4,005,486 (Fully collateralized by U.S. Agency Securities & U.S. Treasury Notes)	$	4,004,901		4,004,901
Nomura Securities, 1.75%, dated 10/29/04, due 11/01/04, repurchase price $5,596,630 (Fully collateralized by AA Rated Corporate Bonds & U.S. Agency Securities)		5,595,814		5,595,814


Total Repurchase Agreements				9,600,715



Rights (0.0%)
BELGIUM (0.0%)
Retail (0.0%)
Colruyt SA, Expires 03/31/05 (b)		1,039		1,520



HONG KONG (0.0%)
Telecommunications (0.0%)
Hutchison Telecommunications International Ltd. Expires 12/31/04 (e)		2,613		0



UNITED KINGDOM (0.0%)
Financial Services (0.0%)
Prudential PLC, Expires 11/10/04		39,195		66,072


Utilities (0.0%)
United Utilities PLC, Expires 06/30/05 (e)		33,588		0


				66,072


Total Rights				67,592

74 Annual Report 2004



Short-Term Securities Held as Collateral for Securities Lending (10.4%)

	Shares or
	Principal
	Amount		Value

Pool of short-term securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending)	$	92,706,773	$	92,706,773


Total Short-Term Securities Held as Collateral for Securities Lending				92,706,773


Treasury Bills (0.2%)
US Treasuries (0.2%)
U.S. Treasury Bills, 1/27/05 (c)		1,500,000		1,493,222


Total Treasury Bills				1,493,222



Warrants (0.0%)
HONG KONG (0.0%)
Real Estate (0.0%)
Hopewell Holdings Ltd., Expires 08/05/06		7,158		1,147



SINGAPORE (0.0%)
Real Estate (0.0%)
City Developments Ltd., Expires 05/10/06		6,800		15,599


Total Warrants				16,746


Total Investments (Cost $860,300,319) (a) — 109.7%				975,723,022
Liabilities in excess of other assets — (9.7)%				(86,331,121)


NET ASSETS — 100.0%			$	889,391,901


(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.

(d)		Fair Valued Security

(e)		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.

ADR American Depositary Receipt

SDR Special Drawing Rights

At October 31, 2004, the Fund’s open forward foreign currency contracts were as follows:


							Unrealized
	Delivery		Contract		Market		Appreciation/
Currency	Date		Value		Value		(Depreciation)


Long:
Australia Dollar		11/29/04	$	487,950	$	487,789	$	(161)
British Pound		11/29/04		2,858,559		2,860,923		2,364
Danish Kroner		11/01/04		34,983		34,924		(59)
Danish Kroner		11/02/04		17,214		17,119		(95)
Euro		11/29/04		4,604,050		4,603,873		(177)
Hong Kong Dollar		11/01/04		75,208		75,160		(48)
Hong Kong Dollar		11/02/04		32,123		32,119		(4)
Japanese Yen		11/29/04		3,052,532		3,056,617		4,085
New Zealand Dollar		11/01/04		43,237		43,098		(139)
Norwegian Krone		11/01/04		27,665		27,691		26
Singapore Dollar		11/01/04		55,913		55,848		(65)
Singapore Dollar		11/02/04		18,045		18,015		(30)
Swedish Krona		11/01/04		109,302		108,953		(349)
Swedish Krona		11/29/04		239,082		238,355		(727)
Swiss Franc		11/29/04		1,230,735		1,233,512		2,777


Total Long Contracts			$	12,886,598	$	12,893,996	$	7,398

At October 31, 2004, the Fund’s open long futures contracts were as follows:


	Number						Market Value		Unrealized
	of		Long				Covered By		Appreciation
	Contracts		Contracts		Expiration		Contract		(Depreciation)


Australia		17		S&P 200 Index		12/17/04	$	1,200,292	$	17,847
Europe		1		CAC40 10 Euro		11/19/04		47,244		738
Europe		7		DAX Index		12/17/04		885,203		7,976
Europe		117		DJ Euro Stoxx 50		12/17/04		4,195,511		19,149
Hong Kong		10		Hang Seng Index		11/30/04		837,680		13,947
Japan		56		Topix Index		12/13/04		5,695,452		(26,510)
Sweden		132		OMX Index		11/26/04		573,424		(5,505)
United Kingdom		53		FTSE 100 Index		12/17/04		4,504,537		(12,942)


							$	17,939,343	$	14,700

See notes to financial statements.

2004 Annual Report 75

Index Series


	Gartmore Bond Index Fund

For the annual period ended Oct. 31, 2004, the Gartmore Bond Index Fund returned 4.94% (Class A at NAV) versus 5.54% for its benchmark, the Lehman Brothers U.S. Aggregate Bond Index. For broader comparison, the average return for the Fund’s Lipper peer category of Intermediate Investment Grade Debt Funds was 4.86%.

The U.S. fixed-income markets, represented by the Index, enjoyed a generally favorable environment during the reporting period with a total return of approximately 5.54%. Interest rates were fairly stable for the first half of the reporting period, rising uniformly across the maturity spectrum in March and April 2004 by about 30 to 40 basis points. In the second half of the period, interest rates were meaningfully affected in June, when the Federal Open Market Committee (FOMC) began increasing the target federal funds rate.

Through October 2004, the FOMC increased the federal funds rate by a total of 75 basis points to reach 1.75%. This movement caused interest rates in shorter maturities to rise. For example, the yield on six-month Treasury bills rose from about 1.30% at the beginning of the reporting period to about 2.17% by the end of the period. In addition, yields on three-year Treasury notes rose from 2.24% to 2.80%, while yields on longer-dated securities actually fell as the FOMC increased short-term rates; the yield on the benchmark 10-year Treasury note fell from 4.29% to 4.07%.

In the year ended Oct. 31, 2004, the government bond sector posted a total return of 4.83%. The positive outcome in this sector was slightly less than the 5.54% return for the overall market. Government bonds enjoyed a fairly quiet year, as rates moved in a fairly predictable fashion during the first half, with long rates remaining relatively stable after the FOMC began raising the federal funds rate. The credit sector posted a 6.59% return during the period, which was more than a full percentage point higher than the overall Index return. Corporate profitability continued to improve throughout the reporting period as the economy expanded. This was magnified due to the fact that companies had far better cost structures after the companies repaired their financial condition following the recession.

The confluence of these factors led to a contraction in credit spreads throughout the reporting period. The broad market yield spread for corporate bonds relative to the Treasury market went from about 1.40% early last year to about 0.98% by October 2003. The securitized sector (dominated by mortgage-backed securities, or MBS) also had a fairly stable year; its total return during the reporting period was 5.51%, virtually the same as the overall Index return. The MBS market is affected by changing interest rates and how these translate into lending and refinancing activity. Since long-term interest rates were fairly stable during the reporting period, refinancing activity was fairly muted and relatively predictable.

The Fund is currently positioned to mimic the exposure of the major market sectors. We do not envision deviating from this plan in any meaningful way. Since it is widely expected that the FOMC will continue to increase the federal funds rate, longer-term rates will probably drift higher during the next reporting period. This expected movement should put pressure on future bond prices, but it should occur at a measured pace. Other concerns include the pace of inflation, oil prices, the rate of U.S. consumer spending and the continued threat of geopolitical risks.

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


	Class A: GBIAX
	Class B: GBIBX
	Institutional Class: GBXIX

76 Annual Report 2004

Gartmore Bond Index Fund

Fund Performance

Average Annual Total Return

(For Periods Ended October 31, 2004)


		One		Five
		year		years		Inception¹


Class A	without sales charge²		4.94%		6.83%		6.89%
	with sales charge³		-1.10%		5.57%		6.07%

Class B⁴	without sales charge²		4.32%		6.44%		6.64%
	with sales charge⁵		-0.68%		6.13%		6.64%

Institutional Class⁶			5.36%		7.30%		7.20%

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


¹	These returns until the creation of Class A and Institutional shares (12/29/99) include the performance of the Master Aggregate Bond Index Series (the “Series”), which began operations on April 3, 1997. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A and Institutional Class shares would have produced because these classes of the Fund’s shares invested in the same portfolio of securities as the Series. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees applicable to such classes; if these fees were reflected, the performance for Class A and Institutional Class shares would have been lower.

²	These returns do not reflect the effects of sales charges.

³	A 5.75% front-end sales charge was deducted.

⁴	These returns until the creation of Class B shares (10/12/01) include performance based on the Series for the period through December 28, 1999 and the Fund’s Class A shares for the period from December 29, 1999 to October 11, 2001. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class B shares would have produced because Class B shares invest in the same portfolio of securities as Class A shares. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class B shares would have been lower.

⁵	A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.

⁶	Not subject to any sales charges.

Performance of a $10,000 Investment

LOGO

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


(a)		The LB Aggregate Bond is an unmanaged index comprised of U.S. government securities and corporate debt securities and is generally representative of the bond market as a whole.

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

2004 Annual Report 77

Gartmore Bond Index Fund

Index Series


	Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(October 31, 2004)


			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Bond Index Fund			5/1/04		10/31/04		During Period*		Expense Ratio


Class A	Actual		$	1,000	$	1,040	$	3.64		0.71%
	Hypothetical	¹	$	1,000	$	1,021	$	3.61		0.71%

Class B	Actual		$	1,000	$	1,036	$	6.71		1.31%
	Hypothetical	¹	$	1,000	$	1,018	$	6.67		1.31%

Institutional Class	Actual		$	1,000	$	1,043	$	1.59		0.31%
	Hypothetical	¹	$	1,000	$	1,023	$	1.58		0.31%


*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 184/366 (to reflect the one-half year period).

¹	Represents the hypothetical 5% annual return before expenses.

78 Annual Report 2004

Gartmore Bond Index Fund

Portfolio Summary

(October 31, 2004)


Asset Allocation


U.S. Government and Agency Long-Term Obligations			71.6%
Corporate Bonds			31.7%
Repurchase Agreements			9.9%
Sovereign Bonds			1.9%
Treasury Notes			0.3%
Municipal Bonds			0.1%
Other Investments*			5.5%
Other Liabilities in excess of Assets**			-21.0%

			100.0%


*	Includes value of collateral received from securities lending.


**	Includes value of collateral owed from securities lending.


Top Industries


Federal Home Loan Mortgage Corporation			42.0%
Financial Services			13.4%
Federal National Mortgage Association			10.0%
U.S. Treasury Notes			8.1%
U.S. Treasury Bonds			5.8%
Government National Mortgage Association			5.6%
Banking			3.7%
Special Purpose Entity			1.7%
Oil & Gas			1.7%
Telecommunications			1.6%
Other Industries			6.4%

			100.0%


Top Holdings


Federal Home Loan Mortgage Corporation, TBA, 5.50%, 11/01/33			8.0%
U.S. Treasury Notes 5.75%, 11/15/05			4.8%
Federal Home Loan Mortgage Corporation, TBA, 6.00%, 11/01/33			4.3%
Federal National Mortgage Association, 5.75%, 02/15/08			3.5%
Federal National Mortgage Association, 6.63%, 11/15/10			3.5%
Wachovia Bank Commercial Mortgage, 2.01%, 10/15/15			3.0%
Federal Home Loan Mortgage Corporation, 4.88%, 03/15/07			2.9%
Federal Home Loan Mortgage Corporation, 5.50%, 07/15/06			2.7%
Federal Home Loan Mortgage Corporation, Gold, Pool #CO1811, 5.00%, 04/01/34			2.5%
U.S. Treasury Bonds, 6.25%, 08/15/23			2.5%
Other Holdings			62.3%

			100.0%

2004 Annual Report 79

Index Series


	Portfolio of Investments
	October 31, 2004

Gartmore Bond Index Fund



U.S. Government and Agency Long-Term Obligations (71.6%)

	Principal
	Amount		Value

Federal Home Loan Mortgage Corporation (42.0%)
5.25%, 06/15/06	$	365,000	$	379,943
7.18%, 06/27/06		55,000		59,047
5.50%, 07/15/06		25,420,000		26,599,690
4.88%, 03/15/07		27,475,000		28,716,045
6.63%, 09/15/09		575,000		650,933
5.13%, 07/15/12		9,600,000		10,171,901
4.88%, 11/15/13		17,050,000		17,628,386
5.00%, 07/15/14		5,435,000		5,648,606
6.75%, 09/15/29		945,000		1,137,353
6.25%, 07/15/32		2,110,000		2,418,480
6.50%, 02/01/33		1,321,880		1,392,261
Gold, Pool #G10399, 6.50%, 07/01/09		168,134		176,968
Gold, Pool #E00394, 7.50%, 09/01/10		218,651		232,251
Gold, Pool #M80898, 4.50%, 02/01/11		1,449,780		1,471,948
Gold, Pool #M80917, 4.50%, 05/01/11		194,294		197,265
Gold, Pool #M80926, 4.50%, 07/01/11		787,325		799,364
Gold, Pool #M80934, 4.50%, 08/01/11		981,158		996,161
Gold, Pool #G10940, 6.50%, 11/01/11		79,282		84,095
Gold, Pool #E00507, 7.50%, 09/01/12		13,959		14,826
Gold, Pool #G10749, 6.00%, 10/01/12		351,786		369,866
Gold, Pool #E69050, 6.00%, 02/01/13		203,605		214,075
Gold, Pool #E72896, 7.00%, 10/01/13		94,541		100,310
Gold, Pool #E00802, 7.50%, 02/01/15		251,452		267,065
Gold, Pool #G11001, 6.50%, 03/01/15		169,604		179,816
Gold, Pool #G11003, 7.50%, 04/01/15		13,500		14,338
Gold, Pool #G11164, 7.00%, 05/01/15		43,143		45,778
Gold, Pool #E81396, 7.00%, 10/01/15		7,371		7,822
Gold, Pool #E81394, 7.50%, 10/01/15		54,623		58,014
Gold, Pool #E84097, 6.50%, 12/01/15		24,007		25,446
Gold, Pool #E82132, 7.00%, 01/01/16		19,604		20,801
Gold, Pool #E00938, 7.00%, 01/01/16		107,528		114,097
Gold, Pool #E82815, 6.00%, 03/01/16		81,706		85,837
Gold, Pool #E83231, 6.00%, 04/01/16		25,297		26,560
Gold, Pool #E83233, 6.00%, 04/01/16		71,735		75,317
Gold, Pool #E83046, 7.00%, 04/01/16		13,227		14,035
Gold, Pool #E83636, 6.00%, 05/01/16		163,645		171,816
Gold, Pool #E83355, 6.00%, 05/01/16		82,979		87,122
Gold, Pool #E00975, 6.00%, 05/01/16		307,979		323,357
Gold, Pool #E83933, 6.50%, 05/01/16		6,652		7,049
Gold, Pool #E00985, 6.00%, 06/01/16		159,967		167,954
Gold, Pool #E00987, 6.50%, 06/01/16		137,149		145,328
Gold, Pool #E84236, 6.50%, 06/01/16		41,713		44,201
Gold, Pool #E00996, 6.50%, 07/01/16		17,455		18,496
Gold, Pool #E85137, 6.50%, 08/01/16		65,603		69,515
Gold, Pool #E84912, 6.50%, 08/01/16		59,325		62,863
Gold, Pool #E85387, 6.00%, 09/01/16		199,599		209,565
Gold, Pool #E85800, 6.50%, 10/01/16		48,672		51,574
Gold, Pool #E86183, 6.00%, 11/01/16		21,547		22,623
Gold, Pool #E01083, 7.00%, 11/01/16		31,434		33,353
Gold, Pool #G11207, 7.00%, 11/01/16		94,859		100,654
Gold, Pool #E86533, 6.00%, 12/01/16		58,477		61,397
Gold, Pool #E01095, 6.00%, 01/01/17		62,783		65,918
Gold, Pool #E87584, 6.00%, 01/01/17		58,302		61,213
Gold, Pool #E87291, 6.50%, 01/01/17		140,797		149,194
Gold, Pool #E86995, 6.50%, 01/01/17		97,485		103,299
Gold, Pool #E87446, 6.50%, 01/01/17		33,155		35,132
Gold, Pool #E88076, 6.00%, 02/01/17		45,500		47,776
Gold, Pool #E01127, 6.50%, 02/01/17		100,916		106,935
Gold, Pool #E88106, 6.50%, 02/01/17		213,629		226,372
Gold, Pool #E88055, 6.50%, 02/01/17		305,886		324,131
Gold, Pool #E88768, 6.00%, 03/01/17		182,116		191,209
Gold, Pool #E88134, 6.00%, 03/01/17		13,946		14,643
Gold, Pool #E88474, 6.00%, 03/01/17		97,478		102,352
Gold, Pool #E01137, 6.00%, 03/01/17		90,605		95,136
Gold, Pool #E01138, 6.50%, 03/01/17		50,808		53,839
Gold, Pool #E89151, 6.00%, 04/01/17		115,574		121,354
Gold, Pool #E89347, 6.00%, 04/01/17		19,785		20,774
Gold, Pool #E01139, 6.00%, 04/01/17		403,609		423,791
Gold, Pool #E89217, 6.00%, 04/01/17		49,238		51,700
Gold, Pool #E89149, 6.00%, 04/01/17		118,949		124,897
Gold, Pool #E89496, 6.00%, 04/01/17		98,950		103,898
Gold, Pool #E88729, 6.00%, 04/01/17		67,931		71,328
Gold, Pool #E89222, 6.00%, 04/01/17		339,291		356,257
Gold, Pool #E89203, 6.50%, 04/01/17		46,897		49,695
Gold, Pool #E89746, 6.00%, 05/01/17		772,525		811,155
Gold, Pool #E89530, 6.00%, 05/01/17		244,555		256,784
Gold, Pool #E89909, 6.00%, 05/01/17		92,199		96,810
Gold, Pool #E89788, 6.00%, 05/01/17		51,878		54,472
Gold, Pool #E01140, 6.00%, 05/01/17		345,670		362,955
Gold, Pool #E01156, 6.50%, 05/01/17		147,233		156,016
Gold, Pool #E89924, 6.50%, 05/01/17		272,414		288,663
Gold, Pool #B15071, 6.00%, 06/01/17		894,933		939,619
Gold, Pool #E01157, 6.00%, 06/01/17		247,316		259,683
Gold, Pool #E90227, 6.00%, 06/01/17		55,537		58,314
Gold, Pool #E90313, 6.00%, 06/01/17		36,583		38,413
Gold, Pool #E90194, 6.00%, 06/01/17		85,578		89,857
Gold, Pool #E90591, 5.50%, 07/01/17		335,626		347,916
Gold, Pool #E90645, 6.00%, 07/01/17		435,920		457,718
Gold, Pool #E90667, 6.00%, 07/01/17		56,349		59,167
Gold, Pool #E90594, 6.00%, 07/01/17		208,900		219,345
Gold, Pool #E01205, 6.50%, 08/01/17		103,458		109,629
Gold, Pool #G11458, 6.00%, 09/01/17		224,116		235,500
Gold, Pool #E93476, 5.00%, 01/01/18		589,499		601,890
Gold, Pool #G11434, 6.50%, 01/01/18		173,530		183,879
Gold, Pool #E01311, 5.50%, 02/01/18		7,194,669		7,458,138
Gold, Pool #E01344, 4.50%, 04/01/18		376,844		378,840
Gold, Pool #E98207, 5.00%, 04/01/18		160,299		163,681
Gold, Pool #E96459, 5.00%, 05/01/18		238,865		243,906
Gold, Pool #E99869, 5.00%, 06/01/18		291,954		298,090
Gold, Pool #E97366, 5.00%, 07/01/18		1,231,395		1,257,380
Gold, Pool #E98258, 5.00%, 07/01/18		741,035		756,672
Gold, Pool #E97335, 5.00%, 07/01/18		5,295,779		5,407,529
Gold, Pool #E97702, 5.00%, 07/01/18		1,970,163		2,011,737
Gold, Pool #E99498, 5.00%, 09/01/18		389,863		398,090

80 Annual Report 2004



U.S. Government and Agency Long-Term Obligations (continued)

	Principal
	Amount		Value

Federal Home Loan Mortgage Corporation (continued)
Gold, Pool #E99579, 5.00%, 09/01/18	$	399,102	$	407,524
Gold, Pool #E01488, 5.00%, 10/01/18		421,800		430,701
Gold, Pool #E99673, 5.00%, 10/01/18		236,050		241,031
Gold, Pool #E99675, 5.00%, 10/01/18		2,268,287		2,316,152
Gold, Pool #G11480, 5.00%, 11/01/18		2,241,466		2,288,765
Gold, Pool #B10650, 5.00%, 11/01/18		726,334		741,661
Gold, Pool #B10653, 5.50%, 11/01/18		941,590		975,982
Gold, Pool #B11186, 4.50%, 12/01/18		15,482,285		15,564,284
Gold, Pool #E01538, 5.00%, 12/01/18		2,820,993		2,880,521
Gold, Pool #B11803, 4.50%, 01/01/19		2,414,745		2,427,535
Gold, Pool #B13147, 5.00%, 01/01/19		1,656,647		1,691,605
Gold, Pool #G11531, 5.50%, 02/01/19		335,181		347,423
Gold, Pool #B13067, 4.50%, 03/01/19		833,846		837,025
Gold, Pool #B12737, 4.50%, 03/01/19		1,275,926		1,280,790
Gold, Pool #B12908, 5.50%, 03/01/19		544,517		564,222
Gold, Pool #B13135, 4.50%, 04/01/19		627,216		630,538
Gold, Pool #B13456, 4.50%, 04/01/19		589,624		591,872
Gold, Pool #B13585, 4.50%, 04/01/19		493,506		495,388
Gold, Pool #B13671, 5.00%, 04/01/19		383,639		391,695
Gold, Pool #B13600, 5.50%, 04/01/19		386,445		400,429
Gold, Pool #B13525, 4.50%, 05/01/19		1,205,889		1,210,487
Gold, Pool #B14020, 4.50%, 05/01/19		141,771		142,312
Gold, Pool #B14236, 5.00%, 05/01/19		1,174,027		1,198,681
Gold, Pool #B15172, 4.50%, 06/01/19		877,380		880,725
Gold, Pool #B15067, 4.50%, 06/01/19		703,198		705,879
Gold, Pool #B15394, 4.50%, 06/01/19		2,949,543		2,960,789
Gold, Pool #B15013, 5.00%, 06/01/19		883,396		901,948
Gold, Pool #B15661, 4.50%, 07/01/19		5,177,635		5,197,375
Gold, Pool #B15759, 4.50%, 07/01/19		1,289,353		1,294,269
Gold, Pool #B15872, 5.00%, 07/01/19		500,000		510,500
Gold, Pool #G18002, 5.00%, 07/01/19		486,369		496,583
Gold, Pool #B15503, 5.00%, 07/01/19		592,828		605,277
Gold, Pool #B15717, 5.00%, 07/01/19		995,547		1,016,453
Gold, Pool #G18007, 6.00%, 07/01/19		312,006		327,665
Gold, Pool #G18005, 5.00%, 08/01/19		1,281,364		1,308,273
Gold, Pool #G18006, 5.50%, 08/01/19		489,754		507,477
Gold, Pool #B16761, 4.50%, 09/01/19		500,000		501,906
Gold, Pool #B16601, 4.50%, 09/01/19		498,095		499,994
Gold, Pool #B16327, 4.50%, 09/01/19		997,063		1,000,864
Gold, Pool #B16648, 5.00%, 09/01/19		498,168		508,629
Gold, Pool #G18009, 5.00%, 09/01/19		1,487,416		1,518,652
Gold, Pool #B16985, 5.00%, 10/01/19		400,000		408,400
Gold, Pool #C00351, 8.00%, 07/01/24		9,577		10,458
Gold, Pool #D60780, 8.00%, 06/01/25		15,684		17,139
Gold, Pool #D64617, 8.00%, 10/01/25		125,227		136,664
Gold, Pool #D82854, 7.00%, 10/01/27		36,768		39,142
Gold, Pool #C00566, 7.50%, 12/01/27		47,274		50,861
Gold, Pool #C16221, 7.00%, 10/01/28		1,375		1,463
Gold, Pool #C00676, 6.50%, 11/01/28		234,265		246,808
Gold, Pool #C00678, 7.00%, 11/01/28		59,887		63,718
Gold, Pool #C18271, 7.00%, 11/01/28		39,930		42,484
Gold, Pool #C24416, 8.50%, 02/01/29		17,100		18,674
Gold, Pool #C00836, 7.00%, 07/01/29		28,248		30,035
Gold, Pool #C30265, 6.50%, 08/01/29		64,684		68,128
Gold, Pool #A16201, 7.00%, 08/01/29		781,000		830,407
Gold, Pool #C31282, 7.00%, 09/01/29		9,900		10,527
Gold, Pool #C31285, 7.00%, 09/01/29		68,200		72,514
Gold, Pool #C32914, 8.00%, 11/01/29		37,038		40,248
Gold, Pool #C37436, 8.00%, 01/01/30		39,746		43,190
Gold, Pool #C36306, 7.00%, 02/01/30		27,469		29,192
Gold, Pool #C36429, 7.00%, 02/01/30		38,613		41,035
Gold, Pool #C00921, 7.50%, 02/01/30		37,431		40,199
Gold, Pool #G01108, 7.00%, 04/01/30		24,322		25,861
Gold, Pool #C37703, 7.50%, 04/01/30		30,883		33,167
Gold, Pool #G01133, 6.50%, 07/01/30		178,766		188,337
Gold, Pool #C41561, 8.00%, 08/01/30		15,632		16,976
Gold, Pool #C01051, 8.00%, 09/01/30		80,928		87,890
Gold, Pool #C43550, 7.00%, 10/01/30		53,401		56,749
Gold, Pool #C44017, 7.50%, 10/01/30		12,604		13,537
Gold, Pool #C43967, 8.00%, 10/01/30		118,226		128,397
Gold, Pool #C44978, 7.00%, 11/01/30		19,529		20,754
Gold, Pool #C44535, 7.50%, 11/01/30		38,131		40,952
Gold, Pool #C44957, 8.00%, 11/01/30		40,716		44,218
Gold, Pool #C55715, 7.00%, 12/01/30		7,795		8,284
Gold, Pool #C01106, 7.00%, 12/01/30		419,767		446,091
Gold, Pool #C01103, 7.50%, 12/01/30		32,897		35,330
Gold, Pool #C01116, 7.50%, 01/01/31		32,950		35,387
Gold, Pool #C46932, 7.50%, 01/01/31		64,941		69,744
Gold, Pool #C47143, 8.00%, 01/01/31		89,266		96,945
Gold, Pool #C47287, 7.50%, 02/01/31		32,488		34,891
Gold, Pool #G01217, 7.00%, 03/01/31		336,206		357,290
Gold, Pool #C48851, 7.00%, 03/01/31		95,937		101,922
Gold, Pool #C48206, 7.50%, 03/01/31		33,891		36,398
Gold, Pool #C48938, 7.50%, 03/01/31		111,376		119,614
Gold, Pool #C52685, 6.50%, 05/01/31		167,653		176,495
Gold, Pool #C01172, 6.50%, 05/01/31		183,514		193,194
Gold, Pool #C52136, 7.00%, 05/01/31		81,026		86,081
Gold, Pool #C53589, 6.50%, 06/01/31		344,674		362,853
Gold, Pool #C53324, 7.00%, 06/01/31		81,327		86,400
Gold, Pool #C01209, 8.00%, 06/01/31		24,773		26,904
Gold, Pool #C54897, 6.50%, 07/01/31		310,140		326,498
Gold, Pool #C54792, 7.00%, 07/01/31		328,351		348,836
Gold, Pool #C55071, 7.50%, 07/01/31		42,028		45,111
Gold, Pool #G01309, 7.00%, 08/01/31		92,738		98,524
Gold, Pool #C56769, 8.00%, 08/01/31		19,723		21,412
Gold, Pool #C01220, 6.50%, 09/01/31		43,288		45,571
Gold, Pool #C58215, 6.50%, 09/01/31		13,098		13,789
Gold, Pool #C58362, 6.50%, 09/01/31		96,154		101,225
Gold, Pool #C01222, 7.00%, 09/01/31		64,439		68,459
Gold, Pool #G01315, 7.00%, 09/01/31		20,399		21,678
Gold, Pool #G01311, 7.00%, 09/01/31		545,288		579,484
Gold, Pool #C01244, 6.50%, 10/01/31		252,135		265,433
Gold, Pool #C58961, 6.50%, 10/01/31		2,022,056		2,128,706
Gold, Pool #C58647, 7.00%, 10/01/31		10,591		11,251

2004 Annual Report 81


	Portfolio of Investments (Continued)
	October 31, 2004

Gartmore Bond Index Fund (Continued)

Index Series



U.S. Government and Agency Long-Term Obligations (continued)

	Principal
	Amount		Value

Federal Home Loan Mortgage Corporation (continued)
Gold, Pool #C58694, 7.00%, 10/01/31	$	163,585	$	173,791
Gold, Pool #C60991, 6.50%, 11/01/31		22,398		23,579
Gold, Pool #C60012, 7.00%, 11/01/31		61,205		65,024
Gold, Pool #C61298, 8.00%, 11/01/31		48,845		53,027
Gold, Pool #C01271, 6.50%, 12/01/31		70,662		74,389
Gold, Pool #C61105, 7.00%, 12/01/31		41,769		44,375
Gold, Pool #C01305, 7.50%, 12/01/31		35,865		38,496
Gold, Pool #C62218, 7.00%, 01/01/32		82,490		87,636
Gold, Pool #C63171, 7.00%, 01/01/32		131,889		140,117
Gold, Pool #C01355, 6.50%, 02/01/32		96,219		101,294
Gold, Pool #C64121, 7.50%, 02/01/32		124,138		133,243
Gold, Pool #C65466, 6.50%, 03/01/32		842,508		886,650
Gold, Pool #C01310, 6.50%, 03/01/32		383,316		403,399
Gold, Pool #C64668, 6.50%, 03/01/32		79,699		83,874
Gold, Pool #C01343, 6.50%, 04/01/32		332,451		349,870
Gold, Pool #C66192, 6.50%, 04/01/32		82,839		87,179
Gold, Pool #C66191, 6.50%, 04/01/32		124,229		130,738
Gold, Pool #C66088, 6.50%, 04/01/32		63,425		66,748
Gold, Pool #C01345, 7.00%, 04/01/32		246,837		262,171
Gold, Pool #C66744, 7.00%, 04/01/32		28,304		30,062
Gold, Pool #G01391, 7.00%, 04/01/32		904,579		961,307
Gold, Pool #C65717, 7.50%, 04/01/32		76,953		82,549
Gold, Pool #C01370, 8.00%, 04/01/32		87,802		95,322
Gold, Pool #C66758, 6.50%, 05/01/32		1,668,785		1,756,219
Gold, Pool #C67313, 6.50%, 05/01/32		23,617		24,854
Gold, Pool #C01351, 6.50%, 05/01/32		221,823		233,445
Gold, Pool #C66919, 6.50%, 05/01/32		38,683		40,710
Gold, Pool #C67097, 6.50%, 05/01/32		51,141		53,820
Gold, Pool #C66916, 7.00%, 05/01/32		186,915		198,526
Gold, Pool #C67235, 7.00%, 05/01/32		467,297		496,326
Gold, Pool #C67259, 7.00%, 05/01/32		18,667		19,826
Gold, Pool #C01381, 8.00%, 05/01/32		350,575		380,595
Gold, Pool #C01364, 6.50%, 06/01/32		225,300		237,104
Gold, Pool #C67996, 6.50%, 06/01/32		55,340		58,240
Gold, Pool #C72361, 6.50%, 06/01/32		121,706		128,126
Gold, Pool #C72497, 6.50%, 06/01/32		88,511		93,179
Gold, Pool #C68300, 7.00%, 06/01/32		366,530		389,300
Gold, Pool #C68290, 7.00%, 06/01/32		62,886		66,792
Gold, Pool #C68307, 8.00%, 06/01/32		38,414		41,704
Gold, Pool #G01433, 6.50%, 07/01/32		126,929		133,579
Gold, Pool #C71403, 6.50%, 07/01/32		210,323		221,416
Gold, Pool #G01449, 7.00%, 07/01/32		620,564		659,481
Gold, Pool #C68988, 7.50%, 07/01/32		126,893		136,120
Gold, Pool #G01443, 6.50%, 08/01/32		858,155		903,117
Gold, Pool #C01385, 6.50%, 08/01/32		314,476		330,953
Gold, Pool #G01444, 6.50%, 08/01/32		864,360		909,949
Gold, Pool #C74006, 6.50%, 08/01/32		94,179		99,114
Gold, Pool #C69951, 6.50%, 08/01/32		323,014		339,938
Gold, Pool #C69908, 7.00%, 08/01/32		319,426		339,269
Gold, Pool #C70211, 7.00%, 08/01/32		314,194		333,713
Gold, Pool #C01396, 6.50%, 09/01/32		500,279		526,490
Gold, Pool #C71089, 7.50%, 09/01/32		99,042		106,245
Gold, Pool #C01404, 6.50%, 10/01/32		1,314,917		1,383,811
Gold, Pool #C72160, 7.50%, 10/01/32		161,880		173,652
Gold, Pool #A14012, 6.50%, 11/01/32		313,871		330,316
Gold, Pool #C73984, 6.50%, 12/01/32		151,355		159,285
Gold, Pool #C77531, 6.50%, 02/01/33		401,794		422,846
Gold, Pool #A10212, 6.50%, 06/01/33		162,411		170,800
Gold, Pool #A16419, 6.50%, 11/01/33		294,629		309,849
Gold, Pool #A17262, 6.50%, 12/01/33		1,226,791		1,290,165
Gold, Pool #A17177, 6.50%, 12/01/33		389,838		409,977
Gold, Pool #C01811, 5.00%, 04/01/34		24,608,751		24,564,290
Gold, Pool #A20802, 5.00%, 04/01/34		4,790,768		4,782,113
Gold, Pool #A21514, 5.00%, 04/01/34		2,601,780		2,597,080
Gold, Pool #A20105, 5.00%, 04/01/34		3,443,898		3,437,676
Gold, Pool #A20962, 5.00%, 04/01/34		972,992		971,235
Gold, Pool #C01845, 4.50%, 05/01/34		987,544		959,528
Gold, Pool #A23096, 5.00%, 05/01/34		3,274,623		3,268,707
Gold, Pool #A23542, 4.50%, 06/01/34		3,130,402		3,041,595
Gold, Pool #A23188, 5.00%, 06/01/34		3,629,945		3,623,387
Gold, Pool #A23131, 5.00%, 06/01/34		8,063,765		8,049,196
Gold, Pool #C01846, 5.00%, 06/01/34		492,117		491,227
Gold, Pool #A23562, 5.00%, 06/01/34		1,380,052		1,377,559
Gold, Pool #G08019, 4.50%, 08/01/34		1,300,000		1,263,120
TBA, 4.00%, 11/01/18 (c)		5,687,000		5,587,478
TBA, 4.50%, 11/01/18 (c)		1,400,000		1,403,500
TBA, 4.50%, 12/01/18 (c)		600,000		600,187
TBA, 6.00%, 12/01/18 (c)		900,000		942,188
TBA, 5.00%, 01/01/19 (c)		800,000		812,000
TBA, 4.50%, 11/01/33 (c)		730,000		708,556
TBA, 5.00%, 11/01/33 (c)		2,400,000		2,392,500
TBA, 5.50%, 11/01/33 (c)		78,157,000		79,598,058
TBA, 6.00%, 11/01/33 (c)		41,166,000		42,619,653
TBA, 6.50%, 11/01/33 (c)		2,900,000		3,046,813
TBA, 5.50%, 12/01/33 (c)		700,000		711,157
TBA, 6.00%, 12/01/33 (c)		900,000		929,250
TBA, 5.50%, 01/01/34 (c)		500,000		482,500
TBA, 5.50%, 01/01/34 (c)		2,000,000		2,026,250
TBA, 6.00%, 01/01/34 (c)		1,000,000		1,029,688


				416,522,245



Federal National Mortgage Association (10.0%)
5.75%, 02/15/08		32,600,000		35,185,538
6.63%, 11/15/10		30,460,000		34,871,186
5.50%, 03/15/11		5,155,000		5,590,510
5.38%, 11/15/11		4,070,000		4,385,177
4.38%, 03/15/13		15,090,000		15,155,008
4.63%, 10/15/14		1,090,000		1,098,615
5.00%, 03/25/18		214,062		214,031
Pool #709921, 5.00%, 06/01/18		259,421		265,114
Pool #255315, 4.00%, 07/01/19		598,851		588,596
Pool #560868, 7.50%, 02/01/31		21,213		22,737
Pool #607212, 7.50%, 10/01/31		360,404		386,284
Pool #607632, 6.50%, 11/01/31		9,445		9,951

82 Annual Report 2004



U.S. Government and Agency Long-Term Obligations (continued)

	Principal
	Amount		Value

Federal National Mortgage Association (continued)
Pool #607559, 6.50%, 11/01/31	$	11,242	$	11,844
Pool #661664, 7.50%, 09/01/32		598,918		641,594
Pool #694846, 6.50%, 04/01/33		228,279		240,246
Pool #750229, 6.50%, 10/01/33		921,182		969,472


				99,635,903



Financing Corporation (0.0%)
9.80%, 11/30/17		30,000		44,399



Government National Mortgage Association (5.7%)
2.63%, 11/15/06		17,200,000		17,142,811
Pool #279461, 9.00%, 11/15/19		14,974		16,872
Pool #376510, 7.00%, 05/15/24		36,317		38,958
Pool #780678, 6.50%, 11/15/27		27,492		29,220
Pool #457801, 7.00%, 08/15/28		57,127		61,056
Pool #486936, 6.50%, 02/15/29		45,300		48,021
Pool #490258, 6.50%, 02/15/29		24,082		25,529
Pool #502969, 6.00%, 03/15/29		133,733		139,558
Pool #487053, 7.00%, 03/15/29		45,970		49,101
Pool #781014, 6.00%, 04/15/29		112,623		117,596
Pool #509099, 7.00%, 06/15/29		53,746		57,407
Pool #470643, 7.00%, 07/15/29		234,860		250,856
Pool #434505, 7.50%, 08/15/29		11,036		11,887
Pool #416538, 7.00%, 10/15/29		23,831		25,454
Pool #524269, 8.00%, 11/15/29		19,392		21,152
Pool #781265, 6.50%, 12/15/29		129,240		137,051
Pool #781124, 7.00%, 12/15/29		255,385		272,862
Pool #525561, 8.00%, 01/15/30		23,990		26,162
Pool #531352, 7.50%, 09/15/30		43,305		46,639
Pool #507396, 7.50%, 09/15/30		389,911		419,931
Pool #536334, 7.50%, 10/15/30		7,553		8,134
Pool #519020, 7.50%, 11/15/30		6,972		7,508
Pool #545233, 7.50%, 12/15/30		4,035		4,346
Pool #540659, 7.00%, 01/15/31		11,632		12,420
Pool #486019, 7.50%, 01/15/31		30,003		32,314
Pool #535388, 7.50%, 01/15/31		36,777		39,610
Pool #537406, 7.50%, 02/15/31		15,899		17,124
Pool #528589, 6.50%, 03/15/31		166,696		176,573
Pool #520073, 6.50%, 04/15/31		648,800		687,243
Pool #508473, 7.50%, 04/15/31		82,828		89,209
Pool #533723, 7.50%, 04/15/31		22,419		24,146
Pool #544470, 8.00%, 04/15/31		43,199		47,101
Pool #781287, 7.00%, 05/15/31		161,427		172,385
Pool #541499, 6.50%, 07/15/31		24,159		25,591
Pool #781319, 7.00%, 07/15/31		56,262		60,075
Pool #549742, 7.00%, 07/15/31		103,656		110,677
Pool #485879, 7.00%, 08/15/31		142,629		152,290
Pool #781328, 7.00%, 09/15/31		147,269		157,269
Pool #555125, 7.00%, 09/15/31		37,488		40,027
Pool #485857, 6.50%, 10/15/31		34,358		36,393
Pool #550991, 6.50%, 10/15/31		64,746		68,583
Pool #571267, 7.00%, 10/15/31		28,360		30,281
Pool #547948, 6.50%, 11/15/31		42,133		44,630
Pool #574837, 7.50%, 11/15/31		41,483		44,679
Pool #555171, 6.50%, 12/15/31		24,748		26,215
Pool #427546, 6.50%, 12/15/31		17,628		18,673
Pool #781380, 7.50%, 12/15/31		52,094		56,105
Pool #781481, 7.50%, 01/15/32		293,271		315,857
Pool #580972, 6.50%, 02/15/32		55,445		58,731
Pool #781401, 7.50%, 02/15/32		158,102		170,278
Pool #579669, 6.50%, 03/15/32		158,277		167,657
Pool #552474, 7.00%, 03/15/32		120,279		128,412
Pool #781478, 7.50%, 03/15/32		88,305		95,105
Pool #781429, 8.00%, 03/15/32		126,229		137,604
Pool #569426, 6.50%, 05/15/32		150,331		159,240
Pool #581925, 6.50%, 05/15/32		59,640		63,174
Pool #587673, 6.50%, 05/15/32		410,108		434,412
Pool #587661, 6.50%, 05/15/32		301,712		319,593
Pool #583942, 6.50%, 06/15/32		212,327		224,910
Pool #583645, 8.00%, 07/15/32		85,455		93,172
Pool #590424, 6.50%, 09/15/32		68,597		72,662
Pool #565506, 6.50%, 09/15/32		135,879		143,931
Pool #552822, 5.50%, 10/15/32		1,080,997		1,109,007
Pool #595077, 6.00%, 10/15/32		400,032		416,939
Pool #596657, 7.00%, 10/15/32		54,087		57,744
Pool #552952, 6.00%, 12/15/32		428,215		446,313
Pool #612953, 7.00%, 12/15/32		144,519		154,291
Pool #603863, 6.50%, 01/15/33		389,721		412,459
Pool #588192, 6.00%, 02/15/33		223,823		233,066
Pool #602102, 6.00%, 02/15/33		484,297		504,295
Pool #602779, 6.50%, 02/15/33		190,821		201,954
Pool #604004, 6.50%, 02/15/33		696,415		737,046
Pool #608138, 5.50%, 03/15/33		617,866		633,458
Pool #603520, 6.00%, 03/15/33		453,001		471,708
Pool #604243, 6.00%, 04/15/33		858,096		893,530
Pool #611526, 6.00%, 05/15/33		216,723		225,672
Pool #611955, 6.50%, 05/15/33		684,267		724,189
Pool #781627, 5.50%, 06/15/33		1,556,603		1,596,788
Pool #572733, 6.00%, 07/15/33		298,302		310,620
Pool #616031, 6.50%, 07/15/33		598,339		633,248
Pool #620452, 5.50%, 08/15/33		859,323		881,009
Pool #608319, 5.50%, 10/15/33		3,138,359		3,217,561
Pool #622637, 5.50%, 11/15/33		1,399,252		1,434,563
Pool #573916, 6.00%, 11/15/33		697,962		726,784
Pool #781690, 6.00%, 12/15/33		674,390		702,876
Pool #622399, 6.50%, 12/15/33		428,840		453,860
Pool #781699, 7.00%, 12/15/33		368,243		393,193
Pool #621856, 6.00%, 01/15/34		918,771		956,527
Pool #623673, 5.00%, 06/15/34		0		0
Pool #629973, 6.00%, 06/15/34		1,572,693		1,637,320
Pool #632831, 5.50%, 07/15/34		2,243,318		2,298,832
Pool #562376, 5.50%, 08/15/34		898,916		921,161
TBA, 5.50%, 11/01/33 (c)		1,000,000		1,022,812

2004 Annual Report 83


	Portfolio of Investments (Continued)
	October 31, 2004

Gartmore Bond Index Fund (Continued)

Index Series



U.S. Government and Agency Long-Term Obligations (continued)

	Principal
	Amount		Value

Government National Mortgage Association (continued)
TBA, 4.50%, 11/01/34 (c)	$	2,069,000	$	2,021,803
TBA, 5.00%, 12/01/34 (c)		6,922,000		6,919,841


				57,062,931



Tennessee Valley Authority (0.0%)
6.25%, 12/15/17		85,000		96,364



U.S. Treasury Bonds (5.8%)
8.75%, 05/15/17		6,335,000		9,003,619
8.50%, 02/15/20		4,995,000		7,136,217
6.25%, 08/15/23		20,540,000		24,262,875
6.38%, 08/15/27		7,785,000		9,412,859
5.38%, 02/15/31		6,820,000		7,407,427


				57,222,997



U.S. Treasury Notes (8.1%)
5.88%, 11/15/04		885,000		886,313
1.75%, 12/31/04		2,270,000		2,269,292
5.75%, 11/15/05		45,925,000		47,566,451
5.88%, 11/15/05		410,000		425,199
4.38%, 05/15/07		4,305,000		4,480,730
3.25%, 08/15/07		2,260,000		2,289,222
3.00%, 11/15/07		1,965,000		1,975,132
2.63%, 05/15/08		2,405,000		2,378,131
3.13%, 09/15/08		1,820,000		1,825,118
3.13%, 10/15/08		1,325,000		1,327,899
3.38%, 11/15/08		8,640,000		8,731,126
4.88%, 02/15/12		1,000,000		1,071,680
4.00%, 11/15/12		5,180,000		5,237,467


				80,463,760


Total U.S. Government and Agency Long-Term Obligations				711,048,599


Corporate Bonds (31.7%)
Aerospace (0.5%)
General Dynamics Corp., 3.00%, 05/15/08		425,000		419,195
Lockheed Martin Corp., 8.50%, 12/01/29		600,000		805,773
Northrop Grumman Corp., 7.13%, 02/15/11		535,000		616,866
Raytheon Co., 6.30%, 03/15/05		190,000		192,577
Raytheon Co., 6.50%, 07/15/05		135,000		138,545
Raytheon Co., 8.20%, 03/01/06		600,000		643,653
Raytheon Co., 8.30%, 03/01/10		250,000		299,856
Raytheon Co., 5.50%, 11/15/12		150,000		158,924
Rockwell Collins Corp., 4.75%, 12/01/13		500,000		505,497
United Technologies Corp., 6.35%, 03/01/11		675,000		757,895


				4,538,781



Agricultural Products (0.0%)
Potash Corp. of Saskatchewan, Inc., 7.75%, 05/31/11		70,000		82,873
Potash Corp. of Saskatchewan, Inc., 4.88%, 03/01/13		250,000		252,130


				335,003



Airlines (0.1%)
Continental Airlines, Inc., 6.56%, 02/15/12		395,000		426,128
Continental Airlines, Inc., 7.88%, 07/02/18		249,877		235,339
Southwest Airlines Corp., 8.00%, 03/01/05		40,000		40,623
Southwest Airlines Corp., 7.88%, 09/01/07		24,000		26,683


				728,773



Auto Parts & Equipment (0.0%)
Delphi Auto Systems Corp., 6.55%, 06/15/06		120,000		125,221



Automobiles (0.4%)
DaimlerChrysler AG, 6.40%, 05/15/06		350,000		367,991
DaimlerChrysler AG, 4.05%, 06/04/08		700,000		704,720
DaimlerChrysler AG, 7.30%, 01/15/12		660,000		755,999
DaimlerChrysler AG, 6.50%, 11/15/13		200,000		218,397
DaimlerChrysler AG, 8.50%, 01/18/31		150,000		185,502
Ford Motor Co., 7.45%, 07/16/31		700,000		681,720
General Motors, 7.13%, 07/15/13		750,000		778,156
General Motors, 8.38%, 07/15/33		150,000		156,088


				3,848,573



Banking (3.7%)
Anadarko Finance Co., 6.75%, 05/01/11		200,000		227,625
Andina de Fomento Corp., 6.88%, 03/15/12		400,000		448,617
Banco Nacional Co. Ext, 3.88%, 01/21/09 (b)		100,000		97,625
Bank of America Corp., 5.88%, 02/15/09		400,000		434,266
Bank of America Corp., 4.88%, 09/15/12		490,000		503,224
Bank of America Corp., 4.88%, 01/15/13		850,000		868,012
Bank of America Corp., 5.25%, 12/01/15		500,000		512,892
Bank of New York Corp., 5.20%, 07/01/07		565,000		594,150
Bank One Corp., 6.88%, 08/01/06		115,000		123,015
Bank One Corp., 4.13%, 09/01/07		1,615,000		1,655,091
Bank One Corp., 7.88%, 08/01/10		100,000		118,384
Bank One Corp., 5.25%, 01/30/13		800,000		828,854
Bank One Corp., 8.00%, 04/29/27		122,000		154,396
BB&T Corp., 6.50%, 08/01/11		300,000		338,173
BHP Finance Corp., 6.42%, 03/01/26		135,000		148,757
BSCH Issuances Ltd., 7.63%, 09/14/10		100,000		118,572
Cit Group, Inc., 5.13%, 09/30/14		200,000		201,256
Citicorp, Inc., 6.38%, 11/15/08		275,000		302,578
Citigroup, Inc., 6.50%, 02/07/06		400,000		418,105
Citigroup, Inc., 5.63%, 08/27/12		500,000		539,091
Citigroup, Inc., 5.00%, 09/15/14 (b)		683,000		692,969
Citigroup, Inc., 6.63%, 06/15/32		565,000		630,429
Comerica, Inc., 4.80%, 05/01/15		300,000		295,142

84 Annual Report 2004



Corporate Bonds (continued)

	Principal
	Amount		Value

Banking (continued)
Deutsche Bank AG, 7.50%, 04/25/09	$	100,000	$	115,259
European Investment Bank, 3.38%, 03/16/09		1,600,000		1,604,674
European Investment Bank, 4.63%, 05/15/14		525,000		541,165
Fifth Third Bank, 3.38%, 08/15/08		280,000		278,427
First Union Corp., 7.00%, 03/15/06		500,000		529,587
Firstbank Puerto Rico Corp., 7.63%, 12/20/05		100,000		103,311
FleetBoston Financial Corp., 7.25%, 09/15/05		640,000		665,158
FleetBoston Financial Corp., 4.20%, 11/30/07		300,000		308,957
FleetBoston Financial Corp., 3.85%, 02/15/08		750,000		760,777
HBOS PLC, 5.38%, 11/29/49 (b)		600,000		614,858
HSBC Bank USA, 5.88%, 11/01/34		200,000		200,693
HSBC Holdings PLC, 7.50%, 07/15/09		955,000		1,104,345
Inter-American Development Bank, 5.75%, 02/26/08		250,000		270,307
Inter-American Development Bank, 6.80%, 10/15/25		700,000		836,954
International Bank for Reconstruction & Development, 7.63%, 01/19/23		750,000		991,058
JP Morgan Chase & Co., 5.63%, 08/15/06		1,000,000		1,046,671
JP Morgan Chase & Co., 6.25%, 01/15/09		100,000		109,262
JP Morgan Chase & Co., 3.50%, 03/15/09		800,000		792,504
JP Morgan Chase & Co., 4.50%, 11/15/10		500,000		511,044
JP Morgan Chase & Co., 6.63%, 03/15/12		940,000		1,061,327
KFW International Finance, Inc., 4.75%, 01/24/07		2,005,000		2,092,803
M & T Bank Corp., 3.85%, 04/01/13		300,000		299,707
Marshall & Ilsley, Inc., 4.13%, 09/04/07		125,000		127,789
MBNA America Bank Corp., 6.25%, 01/17/07		665,000		706,594
MBNA America Bank Corp., 7.13%, 11/15/12		190,000		218,609
National City Bank Corp., 4.00%, 09/28/07		300,000		306,471
Nationsbank Corp., 6.60%, 05/15/10		200,000		223,906
PNC Funding Corp., 5.25%, 11/15/15		600,000		614,637
Popular N.A., 4.70%, 06/30/09		200,000		205,800
Regions Financial Corp., 6.38%, 05/15/12		150,000		167,567
Sovereign Bancorp., Inc., 5.13%, 03/15/13		200,000		202,239
St. George Bank Ltd., 5.30%, 10/15/15 (b)		400,000		412,410
SunTrust Banks, Inc., 5.45%, 12/01/17		310,000		323,319
U.S. Bancorp, 5.10%, 07/15/07		500,000		523,627
Union Planters Corp., 4.38%, 12/01/10		150,000		151,503
Unionbancal Corp., 5.25%, 12/16/13		350,000		359,680
US Bank N.A., 2.85%, 11/15/06		1,500,000		1,499,091
US Bank N.A., Minnesota, 6.38%, 08/01/11		250,000		280,287
Wachovia Bank NA, 4.85%, 07/30/2007, 4.85%, 07/30/07		800,000		834,886
Wachovia Corp., 3.63%, 02/17/09		2,175,000		2,170,207
Wachovia Corp., 4.88%, 02/15/14		310,000		312,165
Wells Fargo & Co., 7.25%, 08/24/05		400,000		414,554
Wells Fargo & Co., 3.13%, 04/01/09		900,000		880,242
Wells Fargo & Co., 6.45%, 02/01/11		1,090,000		1,227,865
Westpac Banking Corp., 4.63%, 06/01/18		250,000		239,403


				37,492,922



Beverages (0.0%)
Cadbury Schweppes PLC, 5.13%, 10/01/13 (b)		300,000		306,334



Building & Construction (0.2%)
Centex Corp., 7.88%, 02/01/11		250,000		292,106
Centex Corp., 7.50%, 01/15/12		100,000		115,747
Hanson Australia Funding, 5.25%, 03/15/13		450,000		459,778
Korea Development Bank Corp., 4.25%, 11/13/07		250,000		255,600
Lennar Corp., 5.95%, 03/01/13		90,000		95,576
MDC Holdings, Inc., 5.50%, 05/15/13		250,000		255,283
Pulte Homes, Inc., 7.88%, 08/01/11		40,000		46,683
Pulte Homes, Inc., 6.25%, 02/15/13		105,000		112,604
Toll Brothers, Inc., 6.88%, 11/15/12		150,000		167,786


				1,801,163



Business Services (0.1%)
Fiserv, Inc., 4.00%, 04/15/08		200,000		203,182
Pitney Bowes, Inc., 4.75%, 05/15/18		150,000		147,064
Sungard Data Systems, Inc., 4.88%, 01/15/14 (b)		500,000		490,705


				840,951



Cable (0.3%)
British Sky Broadcasting Group PLC, 8.20%, 07/15/09		375,000		439,386
Comcast Corp., 6.20%, 11/15/08		100,000		109,051
Comcast Corp., 5.85%, 01/15/10		465,000		500,115
Comcast Corp., 8.38%, 03/15/13		400,000		490,760
Comcast Corp., 7.05%, 03/15/33		250,000		282,381
Cox Communications, Inc., 7.13%, 10/01/12		500,000		562,380
Harris Corp., 6.35%, 02/01/28		250,000		268,757
USA Interactive, 7.00%, 01/15/13		690,000		763,256


				3,416,086



Chemicals (0.2%)
Chevron Phillips Chemical, 5.38%, 06/15/07		100,000		104,805
Dow Chemical Co., 5.75%, 11/15/09		570,000		612,407
ICI North America, 8.88%, 11/15/06		300,000		330,823
Praxair, Inc., 6.85%, 06/15/05		70,000		71,770
Praxair, Inc., 3.95%, 06/01/13		300,000		288,198
Rohm & Haas Co., 7.40%, 07/15/09		470,000		539,765


				1,947,768



Commercial Services (0.1%)
Aramark Services, Inc., 6.38%, 02/15/08		140,000		151,439
Cendant Corp., 6.88%, 08/15/06		580,000		617,963


				769,402



Computers (0.2%)
First Data Corp., 6.38%, 12/15/07		350,000		382,636
Hewlett Packard Co., 3.63%, 03/15/08		250,000		251,726
Hewlett Packard Co., 6.50%, 07/01/12		250,000		281,417
IBM Corp., 6.45%, 08/01/07		115,000		124,942
IBM Corp., 5.50%, 01/15/09		200,000		214,029
IBM Corp., 4.75%, 11/29/12		475,000		485,205

2004 Annual Report 85


	Portfolio of Investments (Continued)
	October 31, 2004

Gartmore Bond Index Fund (Continued)

Index Series



Corporate Bonds (continued)

	Principal
	Amount		Value

Computers (continued)
IBM Corp., 5.88%, 11/29/32	$	415,000	$	435,882
Kern River Funding Corp., 4.89%, 04/30/18 (b)		93,888		95,480


				2,271,317



Conglomerates (0.1%)
Fortune Brands, Inc., 2.88%, 12/01/06		500,000		498,965



Construction (0.0%)
Masco Corporation, 5.88%, 07/15/12		360,000		389,106



Containers (0.1%)
Newell Rubbermaid, Inc., 4.63%, 12/15/09		350,000		358,807
Newell Rubbermaid, Inc., 4.00%, 05/01/10		150,000		146,773
Packaging Corp. of America, 5.75%, 08/01/13 (b)		150,000		155,085
Sealed Air Corp., 5.38%, 04/15/08 (b)		200,000		209,065
Sealed Air Corp., 6.95%, 05/15/09 (b)		55,000		61,088


				930,818



Cosmetics/ Toiletries (0.1%)
Procter & Gamble Co., 4.95%, 08/15/14		500,000		515,695



Cruise Lines (0.1%)
Carnival Corp., 3.75%, 11/15/07 (b)		500,000		504,625



Department Stores (0.4%)
Federated Department Stores, 6.63%, 04/01/11		370,000		415,413
Federated Department Stores, 6.90%, 04/01/29		250,000		277,249
Kimberly-Clark Corp., 7.10%, 08/01/07		106,000		117,551
Kimberly-Clark Corp., 5.63%, 02/15/12		500,000		543,633
Kohl’s Corp., 6.30%, 03/01/11		50,000		55,455
Target Corp., 10.00%, 01/01/11		112,000		145,154
Target Corp., 6.35%, 01/15/11		210,000		235,400
Target Corp., 7.00%, 07/15/31		295,000		356,189
Wal-Mart Stores, Inc., 6.88%, 08/10/09		990,000		1,127,053
Wal-Mart Stores, Inc., 4.13%, 02/15/11		650,000		655,757


				3,928,854



Electric - Integrated (1.5%)
Amerenenergy Generating Co., 7.95%, 06/01/32		105,000		131,178
American Electric Power Co., 6.13%, 05/15/06		600,000		628,034
Cincinnati Gas & Electric Corp., 5.70%, 09/15/12		70,000		74,797
Commonwealth Edison Corp., 6.15%, 03/15/12		200,000		224,762
Conectiv, Inc., 5.30%, 06/01/05		45,000		45,589
Consolidated Edison, Inc., 7.15%, 12/01/09		60,000		68,783
Consolidated Edison, Inc., 4.88%, 02/01/13		560,000		573,945
Constellation Energy Group, Inc., 6.13%, 09/01/09		530,000		578,723
Consumers Energy - ITC, 4.25%, 04/15/08		205,000		208,750
Consumers Energy - ITC, 4.00%, 05/15/10		200,000		197,400
Dominion Resource, Inc., 6.30%, 03/15/33		300,000		310,291
Duke Energy Corp., 3.75%, 03/05/08		1,200,000		1,209,334
Duke Energy Corp., 6.25%, 01/15/12		770,000		844,637
Emerson Electric Co., 7.88%, 06/01/05		115,000		118,674
Entergy Gulf States, Inc., 5.25%, 08/01/15		300,000		299,573
Entergy Mississippi, Inc., 5.15%, 02/01/13		490,000		497,438
Florida Power & Light Co., 6.88%, 12/01/05		225,000		235,233
Florida Power & Light Co., 5.95%, 10/01/33		130,000		139,300
Florida Power Corp., 5.90%, 03/01/33		115,000		118,285
General Electric Cap Corp, 4.63%, 09/15/09		675,000		701,632
General Electric Co., 5.00%, 02/01/13		1,575,000		1,632,609
Georgia Power Corp., 5.13%, 11/15/12		180,000		188,388
Midamerican Energy Holdings Co., 5.88%, 10/01/12		675,000		722,310
New York State Electric & Gas Corp., 5.75%, 05/01/23		100,000		100,624
Ohio Power Co., 6.60%, 02/15/33 (b)		200,000		222,238
Oncor, Inc., 6.38%, 05/01/12		165,000		183,069
Pacific Gas & Electric Co., 4.20%, 03/01/11		1,200,000		1,194,010
Pepco Holdings, Inc., 4.00%, 05/15/10		200,000		195,472
Progress Energy, Inc., 5.85%, 10/30/08		105,000		112,260
Progress Energy, Inc., 7.10%, 03/01/11		440,000		499,012
PSEG Power Corp., 6.95%, 06/01/12		125,000		140,808
Public Service Electric & Gas, 5.13%, 09/01/12		330,000		343,482
Public Service New Mexico Corp., 4.40%, 09/15/08		175,000		177,002
Scana Corp., 6.88%, 05/15/11		50,000		57,024
Scana Corp., 6.25%, 02/01/12		250,000		276,299
Southern California Edison Co., 8.00%, 02/15/07		856,000		946,533
Southern California Edison Co., 6.00%, 01/15/34		300,000		316,904
Southern Power Co., 6.25%, 07/15/12		225,000		247,158
Wisconsin Electric Power, 5.63%, 05/15/33		100,000		101,425


				14,862,985



Electric - Distribution (0.1%)
Hydro Quebec Corp., 8.88%, 03/01/26		265,000		386,688
Pepco Holdings, Inc., 6.45%, 08/15/12		180,000		198,482
TXU Corp., 6.15%, 11/15/13 (b)		320,000		350,645


				935,815



Electronics (0.1%)
Emerson Electric Co., 6.00%, 08/15/32		140,000		150,103
Exelon Corp., 6.75%, 05/01/11		425,000		478,870


				628,973



Farm Machinery & Equipment (0.0%)
Deere & Co., 7.85%, 05/15/10		220,000		261,632



Financial Services (13.4%)
Ace Ina Holdings, 8.30%, 08/15/06		250,000		270,610
Ace Ina Holdings, 5.88%, 06/15/14		350,000		363,780
American Express Co., 6.88%, 11/01/05		100,000		104,052
American Express Co., 4.88%, 07/15/13		285,000		291,052
American General Finance, 5.38%, 10/01/12		575,000		601,708
American Honda Financial, 2.29%, 10/03/05 (b) (d)		245,000		245,646
Associates Corp. of North America, 6.95%, 11/01/18		575,000		676,665

86 Annual Report 2004



Corporate Bonds (continued)

	Principal
	Amount		Value

Financial Services (continued)
Axa Financial, Inc., 7.75%, 08/01/10	$	450,000	$	528,804
Bear Stearns Co., Inc., 7.63%, 02/01/05		165,000		167,169
Bear Stearns Co., Inc., 5.70%, 01/15/07		600,000		633,490
Bear Stearns Co., Inc., 5.70%, 11/15/14		425,000		451,262
Boeing Capital Corp., 5.75%, 02/15/07		1,200,000		1,270,435
Boeing Capital Corp., 6.10%, 03/01/11		85,000		93,404
Capital One Bank, 6.88%, 02/01/06		120,000		125,944
Capital One Bank, 4.88%, 05/15/08		700,000		726,900
Caterpillar Financial Services Corp., 4.88%, 06/15/07		90,000		93,861
Caterpillar Financial Services Corp., 2.70%, 07/15/08		700,000		680,412
CIT Group, Inc., 3.88%, 11/03/08		500,000		502,234
CIT Group, Inc., 4.75%, 12/15/10		340,000		347,110
CitiFinancial Credit Co., 10.00%, 05/15/09		100,000		125,189
Citigroup, Inc., 6.50%, 01/18/11		225,000		254,239
Countrywide Financial Corp., 5.63%, 07/15/09		950,000		1,012,401
Credit Suisse First Boston USA, Inc., 5.88%, 08/01/06		1,525,000		1,602,388
Credit Suisse First Boston USA, Inc., 6.13%, 11/15/11		450,000		493,725
Credit Suisse First Boston USA, Inc., 6.50%, 01/15/12		600,000		672,293
Credit Suisse First Boston USA, Inc., 5.13%, 01/15/14		290,000		295,643
Credit Suisse First Boston USA, Inc., 2.09%, 05/15/14 (d)		16,342,809		16,335,362
Ford Motor Credit Co., 6.88%, 02/01/06		2,194,000		2,281,049
Ford Motor Credit Co., 6.50%, 01/25/07		1,550,000		1,628,514
Ford Motor Credit Co., 7.25%, 10/25/11		1,140,000		1,228,583
Ford Motor Credit Co., 7.00%, 10/01/13		1,435,000		1,515,437
General Electric Capital Corp., 4.25%, 01/15/08		480,000		493,483
General Electric Capital Corp., 5.88%, 02/15/12		100,000		109,114
General Electric Capital Corp., 6.00%, 06/15/12		645,000		708,180
General Electric Capital Corp., 5.45%, 01/15/13		200,000		213,491
General Electric Capital Corp., 6.75%, 03/15/32		1,345,000		1,568,567
General Motors Acceptance Corp., 6.13%, 08/28/07		1,700,000		1,773,199
General Motors Acceptance Corp., 7.75%, 01/19/10		50,000		54,570
General Motors Acceptance Corp., 6.88%, 09/15/11		150,000		156,148
General Motors Acceptance Corp., 7.00%, 02/01/12		390,000		408,601
General Motors Acceptance Corp., 6.88%, 08/28/12		750,000		780,786
General Motors Acceptance Corp., 8.00%, 11/01/31		800,000		828,037
Golden West Financial Corp., 4.75%, 10/01/12		265,000		268,790
Goldman Sachs Group, Inc., 4.13%, 01/15/08		1,060,000		1,084,328
Goldman Sachs Group, Inc., 6.60%, 01/15/12		175,000		196,610
Goldman Sachs Group, Inc., 5.25%, 04/01/13		525,000		539,819
Goldman Sachs Group, Inc., 5.25%, 10/15/13		1,475,000		1,510,022
Goldman Sachs Group, Inc., 6.13%, 02/15/33		500,000		509,851
Harley Davidson Funding, 3.63%, 12/15/08 (b)		600,000		600,097
Household Finance Corp., 5.88%, 02/01/09		720,000		778,638
Household Finance Corp., 7.00%, 05/15/12		1,375,000		1,588,531
International Lease Finance Corp., 4.38%, 12/15/05		450,000		457,766
International Lease Finance Corp., 4.00%, 01/17/06		250,000		253,599
J Paul Getty Trust Corp., 5.88%, 10/01/33		2,500,000		2,620,172
John Deere Capital Corp., 3.90%, 01/15/08		1,000,000		1,017,480
John Hancock Financial Services, Inc., 5.63%, 12/01/08		100,000		106,959
JP Morgan Chase & Co., 1.72%, 04/16/19 (d)		20,000,000		19,998,683
Lehman Brothers Holdings, Inc., 3.50%, 08/07/08		400,000		398,108
Lehman Brothers Holdings, Inc., 7.88%, 08/15/10		97,000		115,301
Lehman Brothers Holdings, Inc., 6.63%, 01/18/12		890,000		1,003,783
Lehman Brothers, Inc., 2.04%, 10/15/17 (d)		20,000,000		19,998,751
Mellon Financial Corp., 7.00%, 03/15/06		200,000		211,751
Mellon Financial Corp., 6.40%, 05/14/11		450,000		504,898
Mellon Financial Corp., 5.00%, 12/01/14		200,000		204,428
Morgan Stanley, 7.75%, 06/15/05		200,000		206,514
Morgan Stanley, 6.10%, 04/15/06		300,000		314,196
Morgan Stanley, 3.63%, 04/01/08		750,000		754,150
Morgan Stanley, 6.60%, 04/01/12		450,000		507,173
Morgan Stanley, 5.30%, 03/01/13		625,000		648,942
Morgan Stanley, 4.75%, 04/01/14		1,000,000		979,632
Morgan Stanley Dean Witter, 5.80%, 04/01/07		850,000		902,493
National Rural Utilities, 4.75%, 03/01/14		550,000		555,793
Nisource Finance Corp., 7.63%, 11/15/05		170,000		178,183
Prudential Financial, Inc., 3.75%, 05/01/08		205,000		205,186
Prudential Financial, Inc., 5.10%, 09/20/14		300,000		300,800
Synovus Financial Corp., 4.88%, 02/15/13		150,000		151,610
Textron Financial Corp., 2.75%, 06/01/06		435,000		433,417
Wachovia Bank Commercial Mortgage, 2.01%, 10/15/15 (d)		30,000,000		29,986,568
Washington Mutual, Inc., 4.38%, 01/15/08		550,000		564,361
Washington Mutual, Inc., 5.50%, 01/15/13		445,000		465,263


				133,836,183



Food & Related (1.0%)
Albertson’s, Inc., 7.50%, 02/15/11		800,000		933,656
Anheuser-Busch Co., Inc., 4.38%, 01/15/13		300,000		299,267
Anheuser-Busch Co., Inc., 6.00%, 11/01/41		250,000		264,322
Archer Daniels Midland Co., 5.94%, 10/01/32		485,000		509,895
Campbell Soup Co., 4.88%, 10/01/13		400,000		406,781
Coca-Cola Bottling Co., 5.00%, 11/15/12		150,000		151,679
Coca-Cola Enterprises, Inc., 6.13%, 08/15/11		535,000		592,452
Coca-Cola Enterprises, Inc., 6.75%, 09/15/28		395,000		457,246
Conagra Foods, Inc., 6.75%, 09/15/11		150,000		170,420
Conagra Foods, Inc., 7.00%, 10/01/28		300,000		347,088
Diageo Capital PLC, 3.50%, 11/19/07		860,000		864,327
General Mills, Inc., 6.00%, 02/15/12		158,000		171,855
Kellogg Co., 6.00%, 04/01/06		163,000		170,186
Kellogg Co., 2.88%, 06/01/08		500,000		490,069
Kraft Foods, Inc., 4.63%, 11/01/06		60,000		61,755
Kraft Foods, Inc., 5.63%, 11/01/11		794,000		845,999
Kroger Co., 6.80%, 04/01/11		340,000		384,010
Kroger Co., 6.20%, 06/15/12		400,000		438,227
Kroger Co., 7.50%, 04/01/31		135,000		158,639

2004 Annual Report 87


	Portfolio of Investments (Continued)
	October 31, 2004

Gartmore Bond Index Fund (Continued)

Index Series



Corporate Bonds (continued)

	Principal
	Amount		Value

Food & Related (continued)
Miller Brewing Co., 5.50%, 08/15/13 (b)	$	250,000	$	262,403
Safeway, Inc., 6.15%, 03/01/06		150,000		156,233
Safeway, Inc., 6.50%, 03/01/11		400,000		441,886
Sara Lee Corp., 6.25%, 09/15/11		425,000		475,252
Supervalu, Inc., 7.50%, 05/15/12		125,000		145,720
Unilever Capital Corp., 7.13%, 11/01/10		550,000		640,327


				9,839,694



Healthcare Services (0.1%)
Eli Lilly & Co., 6.00%, 03/15/12		300,000		332,360
Eli Lilly & Co., 7.13%, 06/01/25		200,000		244,289
Health Care Property Investors, Inc., 6.45%, 06/25/12		95,000		104,073


				680,722



Hotels (0.0%)
Harrahs Operating Co., Inc., 5.50%, 07/01/10		380,000		396,514



Household Products (0.0%)
Dial Corp., 6.50%, 09/15/08		250,000		273,613



Industrials (0.0%)
News America Corp., 7.28%, 06/30/28		130,000		149,183



Insurance (0.5%)
Allstate Corp., 5.38%, 12/01/06		675,000		706,581
Allstate Corp., 6.13%, 02/15/12		430,000		474,155
Allstate Corp., 6.13%, 12/15/32		200,000		208,588
American General Corp., 7.50%, 07/15/25		250,000		306,096
Berkley Corp., 5.13%, 09/30/10		175,000		178,194
General Motors Acceptance Corp., 5.63%, 05/15/09		250,000		252,448
Hartford Life, Inc., 7.38%, 03/01/31		100,000		118,973
Infinity Property & Casualty, 5.50%, 02/18/14		200,000		199,550
Marsh & Mclennan Cos., Inc., 6.25%, 03/15/12		175,000		181,785
Metlife, Inc., 6.13%, 12/01/11		835,000		910,327
Monumental Global Funding II, 4.38%, 07/30/09 (b)		500,000		508,696
New York Life Insurance, 5.88%, 05/15/33 (b)		200,000		204,697
NLV Financial Corp., 7.50%, 08/15/33 (b)		125,000		134,376
Principal Life Global Funding, 6.25%, 02/15/12 (b)		150,000		165,584
Progressive Corp., 6.25%, 12/01/32		150,000		159,726
RLI Corp., 5.95%, 01/15/14		200,000		202,392
Travelers Property Casualty Corp., 6.38%, 03/15/33		200,000		205,713
Western & Southern Finance, 5.75%, 07/15/33 (b)		250,000		242,799


				5,360,680



Manufacturing (0.2%)
Cooper Industries, Inc., 5.50%, 11/01/09		175,000		187,092
Honeywell International, Inc., 6.13%, 11/01/11		250,000		276,637
Norsk Hydro A/S, 6.36%, 01/15/09		460,000		503,230
Tyco International Group SA, 6.13%, 01/15/09		165,000		180,019
Tyco International Group SA, 6.00%, 11/15/13		500,000		546,233


				1,693,211



Medical Products (0.2%)
Baxter International, Inc., 4.63%, 03/15/15 (b)		130,000		125,271
Boston Scientific, 5.45%, 06/15/14		600,000		630,674
Wyeth, 5.50%, 02/01/14		900,000		922,195


				1,678,140



Metals & Minerals (0.3%)
Alcan, Inc., 6.45%, 03/15/11		75,000		83,994
Alcan, Inc., 4.50%, 05/15/13		230,000		227,589
Alcoa, Inc., 6.00%, 01/15/12		310,000		341,542
BHP Billiton Ltd., 4.80%, 04/15/13		400,000		406,997
Codelco, Inc., 6.38%, 11/30/12 (b)		120,000		132,955
Inco Ltd., 7.75%, 05/15/12		300,000		356,833
Noranda, Inc., 7.00%, 07/15/05		510,000		524,933
Placer Dome, Inc., 6.38%, 03/01/33		235,000		248,405
Timken Co., 6.75%, 08/21/06		200,000		208,462


				2,531,710



Multimedia (0.7%)
AOL Time Warner, Inc., 6.88%, 05/01/12		820,000		932,731
AOL Time Warner, Inc., 7.70%, 05/01/32		630,000		754,449
Belo Corp., 8.00%, 11/01/08		145,000		165,355
Clear Channel Communications, Inc., 4.40%, 05/15/11		200,000		194,692
Gannet Co., Inc., 5.50%, 04/01/07		185,000		195,524
Johnson Controls, Inc., 4.88%, 09/15/13		300,000		306,374
Liberty Media Corp., 7.88%, 07/15/09		265,000		299,252
Liberty Media Corp., 5.70%, 05/15/13		300,000		303,039
Liberty Media Corp., 8.25%, 02/01/30		200,000		228,476
News America Holdings, Inc., 9.25%, 02/01/13		200,000		258,821
News America Holdings, Inc., 8.00%, 10/17/16		200,000		247,631
Reed Elsevier Capital, 6.13%, 08/01/06		900,000		945,769
Time Warner, Inc., 6.88%, 06/15/18		298,000		332,058
Viacom, Inc., 5.63%, 05/01/07		1,000,000		1,061,895
Viacom, Inc., 5.63%, 08/15/12		250,000		267,194
Viacom, Inc., 7.88%, 07/30/30		135,000		170,693
Walt Disney Co., 6.38%, 03/01/12		236,000		262,900


				6,926,853



Natural Gas Transmission (0.1%)
Plains All American Pipeline, 5.63%, 12/15/13		560,000		583,260



Non-Hazardous Waste Disposal (0.1%)
Waste Management, Inc., 7.38%, 08/01/10		250,000		289,656
Waste Management, Inc., 6.38%, 11/15/12		350,000		388,843


				678,499

88 Annual Report 2004



Corporate Bonds (continued)

	Principal
	Amount		Value

Oil & Gas (1.7%)
AGL Capital Corp., 4.45%, 04/15/13	$	300,000	$	289,134
Anadarko Petroleum Corp., 7.50%, 05/01/31		205,000		254,804
Apache Corp., 6.25%, 04/15/12		390,000		438,547
Apache Corp., 7.63%, 07/01/19		100,000		125,481
Apache Finance Canada, 4.38%, 05/15/15		400,000		388,966
Atmos Energy Corp., 5.13%, 01/15/13		225,000		230,521
Australian Gas Light Co., 5.30%, 09/25/15 (b)		150,000		154,257
BP Amoco PLC, 5.90%, 04/15/09		200,000		218,239
BP Capital Markets America, 4.20%, 06/15/18		250,000		235,207
Brascan Corp., 5.75%, 03/01/10		305,000		325,599
Burlington Resources, Inc., 6.50%, 12/01/11		350,000		396,711
ChevronTexaco Capital Corp., 3.50%, 09/17/07		90,000		91,103
ChevronTexaco Capital Corp., 3.38%, 02/15/08		500,000		502,443
ChevronTexaco Capital Corp., 8.63%, 06/30/10		120,000		148,117
Colonial Pipeline, 7.63%, 04/15/32 (b)		365,000		471,647
Conoco Funding Co., 6.35%, 10/15/11		600,000		673,864
Conoco Funding Co., 4.75%, 10/15/12		1,300,000		1,334,972
Conoco, Inc., 6.35%, 04/15/09		250,000		276,947
Conoco, Inc., 6.95%, 04/15/29		170,000		198,840
Consolidated Natural Gas, Inc., 5.38%, 11/01/06 (b)		60,000		62,687
Consolidated Natural Gas, Inc., 6.25%, 11/01/11		264,000		290,978
Halliburton Co., 2.41%, 01/26/07 (d)		450,000		450,150
Halliburton Co., 5.50%, 10/15/10		400,000		422,966
Keyspan Corp., 7.63%, 11/15/10		210,000		249,270
Kinder Morgan Energy Partners LP, 6.65%, 03/01/05		120,000		121,564
Kinder Morgan Energy Partners LP, 7.50%, 11/01/10		351,000		408,968
Kinder Morgan Energy Partners LP, 6.75%, 03/15/11		155,000		174,317
Kinder Morgan Energy Partners LP, 6.50%, 09/01/12		300,000		332,284
Marathon Oil Corp., 5.38%, 06/01/07		700,000		736,236
Motiva Enterprises Corp., 5.20%, 09/15/12 (b)		125,000		130,133
Murphy Oil Corp., 6.38%, 05/01/12		100,000		110,833
Nabors, Inc., 5.38%, 08/15/12		70,000		73,632
Nexen, Inc., 5.05%, 11/20/13		500,000		501,825
Occidental Peteroleum, 6.75%, 01/15/12		450,000		514,353
Ocean Energy, Inc., 7.25%, 10/01/11		980,000		1,130,391
Pemex Project Funding Master, 9.13%, 10/13/10		885,000		1,064,212
Pemex Project Funding Master, 7.38%, 12/15/14		625,000		692,500
Petroleos Mexicanos, 8.85%, 09/15/07		475,000		540,313
Praxair, Inc., 6.50%, 03/01/08		390,000		427,499
South Carolina Electric & Gas Co., 4.80%, 10/01/12		650,000		665,922
Transocean Sedco Forex, Inc., 6.63%, 04/15/11		163,000		183,851
Transocean, Inc., 7.50%, 04/15/31		300,000		363,865
Valero Energy Corp., 6.88%, 04/15/12		500,000		569,087
XTO Energy, Inc., 4.90%, 02/01/14		250,000		250,904


				17,224,139



Paper & Forest Products (0.4%)
Celulosa Arauco y Constitucion SA, 5.13%, 07/09/13		300,000		296,792
Domtar, Inc., 7.88%, 10/15/11		90,000		104,499
International Paper Co., 4.00%, 04/01/10		300,000		295,261
International Paper Co., 5.85%, 10/30/12		300,000		320,293
Inversiones CMPC SA, 4.88%, 06/18/13 (b)		300,000		294,725
Meadwestvaco Corp., 6.80%, 11/15/32		120,000		128,004
Norske Skogindustrier, 6.13%, 10/15/15 (b)		150,000		155,394
Rock-Tenn Co., 5.63%, 03/15/13		455,000		460,869
Sappi Papier Holding AG, 6.75%, 06/15/12 (b)		80,000		88,617
Weyerhaeuser Co., 5.95%, 11/01/08		320,000		346,258
Weyerhaeuser Co., 6.75%, 03/15/12		725,000		820,529
Weyerhaeuser Co., 7.38%, 03/15/32		150,000		174,974


				3,486,215



Pharmaceuticals (0.2%)
Abbott Laboratories, 5.63%, 07/01/06		104,000		108,776
Abbott Laboratories, 6.40%, 12/01/06		550,000		588,898
Astrazeneca PLC, 5.40%, 06/01/14		500,000		532,720
Glaxosmithkline PLC, 5.38%, 04/15/34		140,000		138,667
Pfizer, Inc., 5.63%, 02/01/06		400,000		415,098
Pharmacia Corp., 6.60%, 12/01/28		300,000		348,616


				2,132,775



Pipelines (0.1%)
Panhandle Eastern Pipeline, 2.75%, 03/15/07 (b)		400,000		393,065
Texas Gas Transmission, 4.60%, 06/01/15 (b)		300,000		291,904
TGT Pipelines, 5.20%, 06/01/18 (b)		150,000		144,616


				829,585



Publishing - Newspapers (0.0%)
Thomson Corp., 4.25%, 08/15/09		425,000		430,671



Real Estate (0.2%)
Avalonbay Communities, Inc., 6.63%, 09/15/11		150,000		167,306
BRE Properties, Inc., 5.95%, 03/15/07		140,000		147,688
Centerpoint Properties Corp., 4.75%, 08/01/10		350,000		356,863
Developers Diversified Realty Corp., 6.63%, 01/15/08		250,000		270,137
Duke Realty Corp., 5.25%, 01/15/10		300,000		313,800
EOP Operating LP, 6.75%, 02/15/12		200,000		222,805
Equity Residential, 6.88%, 11/01/04		200,000		200,000
Liberty Property Trust, 7.25%, 03/15/11		65,000		74,444
New Plan Realty Corp., 5.88%, 06/15/07		90,000		94,962


				1,848,005



Real Estate Investment Trusts (0.2%)
Camden Property Trust Corp., 7.00%, 11/15/06		600,000		640,617
Health Care REIT, Inc., 6.00%, 11/15/13		300,000		310,304
HRPT Properties Trust Corp., 5.75%, 02/15/14		300,000		308,357
JDN Realty Corp., 6.95%, 08/01/07		20,000		21,767

2004 Annual Report 89


	Portfolio of Investments (Continued)
	October 31, 2004

Gartmore Bond Index Fund (Continued)

Index Series



Corporate Bonds (continued)

	Principal
	Amount		Value

Real Estate Investment Trusts (continued)
Washington REIT, 5.25%, 01/15/14	$	200,000	$	203,931
Westfield Capital Corp, 5.13%, 11/15/14 (b)		260,000		260,521


				1,745,497



Research & Development (0.0%)
Science Applications International Co., 5.50%, 07/01/33 (b)		300,000		284,928



Retail (0.1%)
CVS Corp., 4.00%, 09/15/09 (b)		200,000		200,959
Limited Brands, Inc., 6.13%, 12/01/12		250,000		268,835
Lowe’s Cos., Inc., 6.50%, 03/15/29		400,000		448,089
Staples, Inc., 7.13%, 08/15/07		500,000		546,926


				1,464,809



Special Purpose Entity (1.7%)
FPL Group Capital, Inc., 7.63%, 09/15/06		85,000		92,090
Morgan Stanley TRACERS, 5.88%, 03/01/07 (b) (d)		5,046,000		5,277,561
Morgan Stanley TRACERS, 6.80%, 06/15/12 (b) (d)		10,640,000		11,909,884


				17,279,535



Telecommunications (1.6%)
360 Communications Co., 7.50%, 03/01/06		180,000		191,224
Alltel Corp., 7.00%, 07/01/12		230,000		265,943
Ameritech Capital Funding, 6.45%, 01/15/18		150,000		162,627
AT&T Wireless Services, Inc., 8.13%, 05/01/12		75,000		91,498
AT&T Wireless Services, Inc., 8.75%, 03/01/31		545,000		731,672
BellSouth Corp., 6.00%, 10/15/11		1,421,000		1,557,704
Bellsouth Corp., 6.55%, 06/15/34		300,000		320,741
British Telecom PLC, 8.38%, 12/15/10		1,270,000		1,541,093
Centurytel, Inc., 7.88%, 08/15/12		130,000		153,665
Clear Channel Communication, 5.50%, 09/15/14		300,000		302,730
Clear Channel Communications, Inc., 7.65%, 09/15/10		200,000		228,773
Deutsche Telecom International Finance, 3.88%, 07/22/08		700,000		705,401
Deutsche Telekom Int Fin, 5.25%, 07/22/13		550,000		568,652
Deutsche Telekom AG, 8.25%, 06/15/30		625,000		824,728
France Telecom, 8.75%, 03/01/11		650,000		780,666
France Telecom, 9.50%, 03/01/31		165,000		222,740
GTE Corp., 6.84%, 04/15/18		350,000		391,354
GTE Corp., 6.94%, 04/15/28		250,000		275,503
Koninklijke KPN NV, 8.00%, 10/01/10		525,000		628,290
SBC Communications, Inc., 6.25%, 03/15/11		205,000		226,337
SBC Communications, Inc., 5.88%, 08/15/12		720,000		777,527
Sprint Capital Corp., 6.13%, 11/15/08		150,000		162,517
Sprint Capital Corp., 8.38%, 03/15/12 (b)		150,000		184,093
Sprint Capital Corp., 8.38%, 03/15/12		400,000		490,914
Sprint Capital Corp., 8.75%, 03/15/32		750,000		982,734
Tele-Communications, Inc., 9.80%, 02/01/12		520,000		670,040
Univison Communication, Inc., 7.85%, 07/15/11		250,000		296,092
Verizon Global Funding Corp., 6.75%, 12/01/05		270,000		281,990
Verizon Global Funding Corp., 6.88%, 06/15/12		80,000		92,138
Verizon Global Funding Corp., 7.38%, 09/01/12		350,000		415,767
Verizon Global Funding Corp., 7.75%, 12/01/30		250,000		306,717
Verizon New York, Inc., 6.88%, 04/01/12		535,000		604,263
Vodafone Group PLC, 7.75%, 02/15/10		150,000		176,490
Vodafone Group PLC, 7.88%, 02/15/30		350,000		449,848


				16,062,471



Tools & Accessories (0.1%)
Black & Decker Corp., 4.75%, 11/01/14 (b)		390,000		388,144
Stanley Works, 4.90%, 11/01/12		225,000		229,321


				617,465



Transportation & Shipping (0.5%)
Burlington Northern Santa Fe Corp., 6.75%, 07/15/11		365,000		413,656
Burlington Northern Santa Fe Corp., 7.95%, 08/15/30		350,000		443,852
Canadian National Railway Co., 6.90%, 07/15/28		210,000		240,867
CSX Corp., 7.45%, 05/01/07		180,000		196,976
CSX Corp., 6.75%, 03/15/11		225,000		252,776
CSX Corp., 5.50%, 08/01/13		240,000		249,085
Norfolk Southern Corp., 6.75%, 02/15/11		835,000		944,247
Norfolk Southern Corp., 7.25%, 02/15/31		300,000		354,939
Union Pacific Corp., 6.50%, 05/15/05		250,000		254,873
Union Pacific Corp., 5.75%, 10/15/07		545,000		579,799
Union Pacific Corp., 3.63%, 06/01/10		410,000		397,991
United Parcel Service, Inc., 8.38%, 04/01/20		200,000		270,066


				4,599,127


Total Corporate Bonds				314,513,246


Sovereign Bonds (1.9%)
Brazil (0.0%)
Cia Brasileira de Bebida Corp., 8.75%, 09/15/13		400,000		454,000



Canada (0.4%)
British Columbia, 4.63%, 10/03/06		100,000		103,449
Government of Canada, 5.25%, 11/05/08		630,000		675,252
Ontario Province, 5.50%, 10/01/08		350,000		376,163
Ontario Province, 4.38%, 02/15/13		725,000		727,259
Province of British Columbia, 4.30%, 05/30/13		270,000		274,685
Province of Quebec, 5.00%, 07/17/09		1,400,000		1,477,865
Quebec Province, 7.50%, 09/15/29		630,000		821,814


				4,456,487



Denmark (0.0%)
Kfw International Finance, 4.13%, 10/15/14		400,000		394,043

90 Annual Report 2004



Sovereign Bonds (continued)

	Principal
	Amount		Value

Finland (0.1%)
Republic of Finland, 5.88%, 02/27/06	$	300,000	$	313,277
Republic of Finland, 4.75%, 01/01/49		700,000		729,266


				1,042,543



Italy (0.6%)
Republic of Italy, 5.25%, 04/05/06		300,000		311,575
Republic of Italy, 4.38%, 10/25/06		2,400,000		2,467,831
Republic of Italy, 4.38%, 06/15/13		950,000		956,475
Republic of Italy, 6.88%, 09/27/23		425,000		508,549
Republic of Italy, 5.38%, 06/15/33		450,000		451,939


				4,696,369



Korea (0.0%)
Korea Developmental Bank, 5.75%, 09/10/13		200,000		216,422



Luxembourg (0.1%)
Telecom Italia Capital, 5.25%, 11/15/13		500,000		511,944
Telecom Italia Capital, 6.00%, 09/30/34 (b)		140,000		137,604


				649,548



Mexico (0.7%)
United Mexican States, 9.88%, 02/01/10		2,750,000		3,412,749
United Mexican States, 6.38%, 01/16/13		2,775,000		2,948,438


				6,361,187



South Africa (0.0%)
Republic of South Africa, 6.50%, 06/02/14		350,000		380,188



United Kingdom (0.0%)
Vodafone Group PLC, 5.00%, 12/16/13		300,000		307,067


Total Sovereign Bonds				18,957,854


Treasury Notes (0.3%)
US Treasuries (0.3%)
U.S. Treasury Note, 2.75%, 08/15/07		3,000,000		2,998,359


Total Treasury Notes				2,998,359


Municipal Bonds (0.1%)
Illinois (0.1%)
Illinois State Taxable Pension General Obligation, 5.10%, 06/01/33		700,000		677,250



Texas (0.0%)
Harris County Texas Industrial Development Corp. Solid Waste Disposal Revenue, 5.68%, 03/01/23		250,000		255,000


Total Municipal Bonds				932,250


Repurchase Agreements (9.9%)
CS First Boston, 1.75%, dated 10/29/04, due 11/1/04, repurchase price $41,194,767 (Fully collateralized by Treasury Notes and U.S. Agency Securities)		41,188,417		41,188,417
Nomura Securities, 1.75%, dated 10/29/04, due 11/1/04, repurchase price $57,559,464 (Fully collateralized by U.S. Agency Securities and AA Rated Corporate Bonds)		57,550,160		57,550,160


Total Repurchase Agreements				98,738,577


Short-Term Securities Held as Collateral for Securities Lending (5.5%)
Pool of short-term securities for Gartmore Mutual Funds - footnote 2 (Securities Lending)		54,424,088		54,424,088


Total Short-Term Securities Held as Collateral for Securities Lending				54,424,088


Total Investments (Cost $1,186,957,103) (a) — 121.0%				1,201,612,973
Liabilities in excess of other assets — (21.0)%				(208,357,882)


NET ASSETS — 100.0%			$	993,255,091


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

(b)		Rule 144A, Section 4(2) or other security, which is restricted as to resale to institutional investors. The security has been deemed liquid pursuant to procedures approved by the Board of Trustees.

(c)		Mortgage Dollar Rolls

(d)		Variable rate security. The rate reflected in the Statement of Investments is the rate reflected in effect on October 31, 2004.

TBA To Be Announced

TRACERS Tradable Custodial Receipts

See notes to financial statements.

2004 Annual Report 91

Index Series


			Gartmore			Gartmore		Gartmore		Gartmore
			S&P 500			Mid Cap Market		Small Cap		International
			Index Fund			Index Fund		Index Fund		Index Fund



Assets:
Investments, at value (cost $1,702,802,863; $570,346,358; $287,077,280; $850,669,604 and $1,088,218,526; respectively)			$	1,775,633,627		$	625,609,389	$	310,045,440	$	966,122,307
Repurchase agreements, at cost				106,069,852			54,603,172		39,400,280		9,600,715


		Total Investments		1,881,703,479			680,212,561		349,445,720		975,723,022


Cash				6,507,668			2,237,862		2,303,378		2,380,054
Foreign currency, at value (cost $0; $0; $0; $3,551,643 and $0; respectively)				—			—		—		3,554,519
Interest and dividends receivable				2,384,602			389,194		201,835		1,300,345
Receivable for investments sold				—			3,328,861		245,694		468,827
Unrealized appreciation on forward foreign currency contracts				—			—		—		17,165
Unrealized appreciation on open swap contracts				—			—		—		—
Receivable from adviser				81,760			32,796		20,018		54,839
Receivable for variation margin on futures contracts				280,355			226,332		—		597
Reclaims receivable				—			—		—		128,787
Prepaid expenses and other assets				20,496			17,613		14,949		16,922


		Total Assets		1,890,978,360			686,444,919		352,231,594		983,645,077

Liabilities:
Distributions payable				—			—		—		—
Payable for investments purchased				1,047,911			377,842		5,989,885		1,118,684
Unrealized depreciation on forward foreign currency contracts				—			—		—		9,767
Payable for variation margin on futures contracts				—			—		28,500		50,262
Payable for return of collateral received for securities on loan				36,450,779			89,916,465		72,622,377		92,706,773
Accrued expenses and other payables
	Investment advisory fees			196,268			107,524		45,102		196,446
	Fund administration and transfer agent fees			167,768			52,617		31,817		109,107
	Distribution fees			71,578			14,003		13,546		7,054
	Administrative servicing fees			118,284			7,239		8,225		4,696
	Other			169,997			36,622		18,400		50,387


		Total Liabilities		38,222,585			90,512,312		78,757,852		94,253,176


Net Assets			$	1,852,755,775		$	595,932,607	$	273,473,742	$	889,391,901

Represented by:
Capital			$	1,793,587,888		$	527,499,136	$	239,157,115	$	762,865,022
Accumulated net investment income (loss)				2,412,035			437,567		326,493		5,972,697
Accumulated net realized gains (losses) from investment, futures, swaps and foreign currency transactions				(16,987,210	)		11,784,157		10,313,097		5,180,650
Net unrealized appreciation (depreciation) on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies				73,743,062			56,211,747		23,677,037		115,373,532


Net Assets			$	1,852,755,775		$	595,932,607	$	273,473,742	$	889,391,901

Net Assets:
Class A Shares			$	7,821,623		$	65,059,025	$	62,688,382	$	34,183,174
Class B Shares				4,820,480			656,523		424,121		159,092
Class C Shares				250,270			25,592		39,105		—
Institutional Class Shares				1,247,060,623			530,191,467		210,322,134		855,049,635
Service Class Shares				523,127,367			—		—		—
Institutional Service Class Shares				69,569,089			—		—		—
Local Fund Shares				106,323			—		—		—


Total			$	1,852,755,775		$	595,932,607	$	273,473,742	$	889,391,901

[Additional columns below]

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


			Gartmore
			Bond Index
			Fund



Assets:
Investments, at value (cost $1,702,802,863; $570,346,358; $287,077,280; $850,669,604 and $1,088,218,526; respectively)			$	1,102,874,396
Repurchase agreements, at cost				98,738,577

		Total Investments		1,201,612,973

Cash				36,783
Foreign currency, at value (cost $0; $0; $0; $3,551,643 and $0; respectively)				—
Interest and dividends receivable				9,992,754
Receivable for investments sold				1,288,492
Unrealized appreciation on forward foreign currency contracts				—
Unrealized appreciation on open swap contracts				251,754
Receivable from adviser				49,196
Receivable for variation margin on futures contracts				—
Reclaims receivable				—
Prepaid expenses and other assets				18,780

		Total Assets		1,213,250,732

Liabilities:
Distributions payable				4,129,505
Payable for investments purchased				161,073,675
Unrealized depreciation on forward foreign currency contracts				—
Payable for variation margin on futures contracts				—
Payable for return of collateral received for securities on loan				54,424,088
Accrued expenses and other payables
	Investment advisory fees			181,610
	Fund administration and transfer agent fees			103,367
	Distribution fees			8,983
	Administrative servicing fees			5,870
	Other			68,543

		Total Liabilities		219,995,641

Net Assets			$	993,255,091

Represented by:
Capital			$	977,923,510
Accumulated net investment income (loss)				(15,084	)
Accumulated net realized gains (losses) from investment, futures, swaps and foreign currency transactions				439,041
Net unrealized appreciation (depreciation) on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies				14,907,624

Net Assets			$	993,255,091

Net Assets:
Class A Shares			$	40,756,609
Class B Shares				456,641
Class C Shares				—
Institutional Class Shares				952,041,841
Service Class Shares				—
Institutional Service Class Shares				—
Local Fund Shares				—

Total			$	993,255,091

92 Annual Report 2004

Statements of Assets and Liabilities

October 31, 2004


	Gartmore			Gartmore			Gartmore			Gartmore
	S&P 500			Mid Cap Market			Small Cap			International
	Index Fund			Index Fund			Index Fund			Index Fund



Shares outstanding (unlimited number of shares authorized):
Class A Shares		803,223			5,047,158			5,620,314			4,480,534
Class B Shares		497,190			51,512			38,286			21,108
Class C Shares		25,879			2,010			3,529			—
Institutional Class Shares		127,591,985			40,904,354			18,713,127			111,960,462
Service Class Shares		53,764,697			—			—			—
Institutional Service Class Shares		7,124,515			—			—			—
Local Fund Shares		10,858			—			—			—


Total		189,818,347			46,005,034			24,375,256			116,462,104

Net asset value:
Class A Shares	$	9.74		$	12.89		$	11.15		$	7.63
Class B Shares (a)	$	9.70		$	12.75		$	11.08		$	7.54
Class C Shares (b)	$	9.67		$	12.74		$	11.08		$	—
Institutional Class Shares	$	9.77		$	12.96		$	11.24		$	7.64
Service Class Shares	$	9.73		$	—		$	—		$	—
Institutional Service Class Shares	$	9.77		$	—		$	—		$	—
Local Fund Shares	$	9.79		$	—		$	—		$	—
Maximum offering price per share (100%/100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.33		$	13.68		$	11.83		$	8.10


Maximum Sales Charge — Class A Shares		5.75	%		5.75	%		5.75	%		5.75	%

[Additional columns below]

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


	Gartmore
	Bond Index
	Fund



Shares outstanding (unlimited number of shares authorized):
Class A Shares		3,660,807
Class B Shares		41,015
Class C Shares		—
Institutional Class Shares		85,565,769
Service Class Shares		—
Institutional Service Class Shares		—
Local Fund Shares		—

Total		89,267,591

Net asset value:
Class A Shares	$	11.13
Class B Shares (a)	$	11.13
Class C Shares (b)	$	—
Institutional Class Shares	$	11.13
Service Class Shares	$	—
Institutional Service Class Shares	$	—
Local Fund Shares	$	—
Maximum offering price per share (100%/100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	11.81

Maximum Sales Charge — Class A Shares		5.75	%


(a)		For Class B shares, the redemption price per share varies by length of time shares are held.
(b)		For Class C shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

See notes to financial statements.

2004 Annual Report 93

Index Series


	Statements of Operations
	For the Year Ended October 31, 2004


		Gartmore			Gartmore			Gartmore			Gartmore			Gartmore
		S&P 500			Mid Cap Market			Small Cap			International			Bond
		Index Fund			Index Fund			Index Fund			Index Fund			Index Fund



INVESTMENT INCOME:
Interest income		$	1,005,765		$	527,411		$	390,086		$	449,733		$	30,746,680
Dividend income (net of foreign withholding tax of $0; $0; $0; $1,632,568 and $0; respectively)			24,162,693			4,616,887			2,097,509			13,981,714			—
Income from securities lending			143,803			132,269			153,925			450,272			215,605


	Total Income		25,312,261			5,276,567			2,641,520			14,881,719			30,962,285


Expenses:
Investment advisory fees			1,945,756			966,746			421,119			1,713,016			1,705,664
Fund administration and transfer agent fees			1,613,497			475,566			258,187			760,263			916,592
Distribution fees Class A			17,011			133,422			146,393			62,466			99,220
Distribution fees Class B			46,499			5,191			3,783			1,471			3,385
Distribution fees Class C			1,108			244			234			—			—
Distribution fees Service Class			732,105			—			—			—			—
Distribution fees Local Class			72			—			—			—			—
Administrative servicing fees Class A			1,337			75,908			86,787			36,814			59,533
Administrative servicing fees Service Class			1,219,498			—			—			—			—
Administrative servicing fees Institutional Service Class			161,406			—			—			—			—
Other			551,448			204,810			102,847			191,936			231,472


	Total expenses before reimbursed expenses		6,289,737			1,861,887			1,019,350			2,765,966			3,015,866
Expenses reimbursed			(653,174	)		(284,881	)		(171,476	)		(381,189	)		(450,279	)


	Total Expenses		5,636,563			1,577,006			847,874			2,384,777			2,565,587


Net Investment Income (Loss)			19,675,698			3,699,561			1,793,646			12,496,942			28,396,698

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) on investment transactions			(10,368,372	)		14,818,535			12,671,494			8,002,917			2,506,520
Net realized gains (losses) on future transactions			8,019,961			2,451,284			1,552,942			2,691,580			—
Net realized gains (losses) on foreign currency transactions			—			—			—			1,961,768			—
Net realized gains (losses) on swap transactions			—			—			—			—			461,086


Net realized gains (losses) on investment, futures, swaps and foreign currency transactions			(2,348,411	)		17,269,819			14,224,436			12,656,265			2,967,606
Net change in unrealized appreciation/depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies			98,975,299			17,534,939			4,487,848			68,963,585			11,512,393


Net realized/unrealized gains (losses) on investments, futures, swaps and foreign currencies			96,626,888			34,804,758			18,712,284			81,619,850			14,479,999


CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	116,302,586		$	38,504,319		$	20,505,930		$	94,116,792		$	42,876,697

See notes to financial statements.

94 Annual Report 2004

Statements of Changes in Net Assets



	Gartmore S&P 500						Gartmore Mid Cap Market
	Index Fund						Index Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	October 31, 2004			October 31, 2003			October 31, 2004			October 31, 2003





FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)	$	19,675,698		$	10,355,546		$	3,699,561		$	1,409,842
Net realized gains (losses) on investment and futures transactions		(2,348,411	)		1,965,555			17,269,819			3,378,232
Net change in unrealized appreciation/depreciation on investments and futures		98,975,299			144,937,306			17,534,939			49,692,253


Change in net assets resulting from operations		116,302,586			157,258,407			38,504,319			54,480,327

Distributions to Class A Shareholders from:
Net investment income		(79,387	)		(53,816	)		(183,148	)		(102,486	)
Net realized gains on investments		—			—			(455,159	)		—
Distributions to Class B Shareholders from:
Net investment income		(19,380	)		(13,370	)		—			(49	)
Net realized gains on investments		—			—			(3,534	)		—
Distributions to Class C Shareholders from:
Net investment income		(607	)		—			(7	)		—
Net realized gains on investments		—			—			(229	)		—
Distributions to Institutional Class Shareholders from:
Net investment income		(13,237,951	)		(5,401,331	)		(3,295,582	)		(1,165,898	)
Net realized gains on investments		—			—			(2,971,536	)		—
Distributions to Service Class Shareholders from:
Net investment income		(4,915,272	)		(3,281,327	)		—			—
Distributions to Institutional Service Class Shareholders from:
Net investment income		(759,266	)		(564,817	)		—			—
Distributions to Local Fund Shareholders from:
Net investment income		(1,378	)		(1,148	)		—			—


Change in net assets from shareholder distributions		(19,013,241	)		(9,315,809	)		(6,909,195	)		(1,268,433	)


Change in net assets from capital transactions		656,502,224			401,229,702			277,368,892			130,541,811


Change in net assets		753,791,569			549,172,300			308,964,016			183,753,705
Net Assets:
Beginning of period		1,098,964,206			549,791,906			286,968,591			103,214,886


End of period	$	1,852,755,775		$	1,098,964,206		$	595,932,607		$	286,968,591

[Additional columns below]

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



	Gartmore Small Cap
	Index Fund
	Year Ended			Year Ended
	October 31, 2004			October 31, 2003




FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)	$	1,793,646		$	735,267
Net realized gains (losses) on investment and futures transactions		14,224,436			3,741,724
Net change in unrealized appreciation/depreciation on investments and futures		4,487,848			26,652,394


Change in net assets resulting from operations		20,505,930			31,129,385


Distributions to Class A Shareholders from:
Net investment income		(287,052	)		(108,894	)
Net realized gains on investments		(802,932	)		—
Distributions to Class B Shareholders from:
Net investment income		(6	)		(116	)
Net realized gains on investments		(4,908	)		—
Distributions to Class C Shareholders from:
Net investment income		(18	)		—
Net realized gains on investments		(343	)		—
Distributions to Institutional Class Shareholders from:
Net investment income		(1,326,145	)		(540,240	)
Net realized gains on investments		(1,892,332	)		—
Distributions to Service Class Shareholders from:
Net investment income		—			—
Distributions to Institutional Service Class Shareholders from:
Net investment income		—			—
Distributions to Local Fund Shareholders from:
Net investment income		—			—


Change in net assets from shareholder distributions		(4,313,736	)		(649,250	)


Change in net assets from capital transactions		114,765,029			67,621,008


Change in net assets		130,957,223			98,101,143
Net Assets:
Beginning of period		142,516,519			44,415,376


End of period	$	273,473,742		$	142,516,519

See notes to financial statements.

2004 Annual Report 95

Index Series


	Statements of Changes in Net Assets



	Gartmore International Index Fund						Gartmore Bond Index Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	October 31, 2004			October 31, 2003			October 31, 2004			October 31, 2003




FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)	$	12,496,942		$	4,512,567		$	28,396,698		$	11,874,597
Net realized gains (losses) on investment, futures, swaps and foreign currency transactions		12,656,265			4,116,133			2,967,606			1,751,890
Net change in unrealized appreciation/depreciation on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies		68,963,585			57,935,263			11,512,393			(1,002,957	)


Change in net assets resulting from operations		94,116,792			66,563,963			42,876,697			12,623,530


Distributions to Class A Shareholders from:
Net investment income		(311,725	)		(253,106	)		(1,379,130	)		(1,681,042	)
Net realized gains on investments		(3,274	)		—			—			(46,646	)
Distributions to Class B Shareholders from:
Net investment income		(1,045	)		(1,222	)		(9,948	)		(3,112	)
Net realized gains on investments		(24	)		—			—			(32	)
Distributions to Institutional Class Shareholders from:
Net investment income		(10,010,686	)		(4,721,725	)		(28,789,702	)		(12,615,132	)
Net realized gains on investments		(77,718	)		—			—			(246,690	)


Change in net assets from shareholder distributions		(10,404,472	)		(4,976,053	)		(30,178,780	)		(14,592,654	)


Change in net assets from capital transactions		429,465,827			182,494,474			456,683,198			302,227,401


Change in net assets		513,178,147			244,082,384			469,381,115			300,258,277
Net Assets:
Beginning of period		376,213,754			132,131,370			523,873,976			223,615,699


End of period	$	889,391,901		$	376,213,754		$	993,255,091		$	523,873,976

See notes to financial statements.

96 Annual Report 2004

Financial Highlights

Selected Data for Each Share of Capital Outstanding

Gartmore S&P 500 Index Fund



												Distributions
			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net			Net						Net Asset
	Beginning		Income			(Losses) on			Investment			Investment			Realized			Total			Value, End		Total
	of Period		(Loss)			Investments			Activities			Income			Gains			Distributions			of Period		Return (a)



Class A Shares
Period Ended October 31, 2000 (d)	$	12.73		0.05			(0.24	)		(0.19	)		(0.08	)		—			(0.08	)	$	12.46		5.71%	(f)
Year Ended October 31, 2001	$	12.46		0.06			(3.17	)		(3.11	)		(0.06	)		(0.17	)		(0.23	)	$	9.12		(25.24%	)
Year Ended October 31, 2002	$	9.12		0.09			(1.50	)		(1.41	)		(0.09	)		—			(0.09	)	$	7.62		(15.62%	)
Year Ended October 31, 2003	$	7.62		0.10			1.41			1.51			(0.09	)		—			(0.09	)	$	9.04		20.03%
Year Ended October 31, 2004	$	9.04		0.11			0.70			0.81			(0.11	)		—			(0.11	)	$	9.74		8.99%
Class B Shares
Period Ended October 31, 2000 (d)	$	12.73		(0.01	)		(0.25	)		(0.26	)		(0.05	)		—			(0.05	)	$	12.42		5.17%	(f)
Year Ended October 31, 2001	$	12.42		0.01			(3.16	)		(3.15	)		(0.01	)		(0.17	)		(0.18	)	$	9.09		(25.65%	)
Year Ended October 31, 2002	$	9.09		0.03			(1.50	)		(1.47	)		(0.03	)		—			(0.03	)	$	7.59		(16.24%	)
Year Ended October 31, 2003	$	7.59		0.04			1.41			1.45			(0.04	)		—			(0.04	)	$	9.00		19.14%
Year Ended October 31, 2004	$	9.00		0.05			0.69			0.74			(0.04	)		—			(0.04	)	$	9.70		8.23%
Class C Shares
Period Ended October 31, 2003 (e)	$	8.83		—			0.18			0.18			—			—			—		$	9.01		2.04%	(f)
Year Ended October 31, 2004	$	9.01		0.05			0.67			0.72			(0.06	)		—			(0.06	)	$	9.67		8.06%
Institutional Class Shares
Period Ended October 31, 2000 (d)	$	12.73		0.09			(0.25	)		(0.16	)		(0.08	)		—			(0.08	)	$	12.49		6.01%	(f)
Year Ended October 31, 2001	$	12.49		0.11			(3.17	)		(3.06	)		(0.11	)		(0.17	)		(0.28	)	$	9.15		(24.84%	)
Year Ended October 31, 2002	$	9.15		0.11			(1.51	)		(1.40	)		(0.11	)		—			(0.11	)	$	7.64		(15.44%	)
Year Ended October 31, 2003	$	7.64		0.11			1.43			1.54			(0.11	)		—			(0.11	)	$	9.07		20.39%
Year Ended October 31, 2004	$	9.07		0.13			0.70			0.83			(0.13	)		—			(0.13	)	$	9.77		8.86%
Service Class Shares
Year Ended October 31, 2000	$	11.91		0.07			0.56			0.63			(0.07	)		(0.02	)		(0.09	)	$	12.45		5.25%
Year Ended October 31, 2001	$	12.45		0.07			(3.17	)		(3.10	)		(0.07	)		(0.17	)		(0.24	)	$	9.11		(25.22%	)
Year Ended October 31, 2002	$	9.11		0.08			(1.50	)		(1.42	)		(0.08	)		—			(0.08	)	$	7.61		(15.73%	)
Year Ended October 31, 2003	$	7.61		0.09			1.41			1.50			(0.08	)		—			(0.08	)	$	9.03		19.89%
Year Ended October 31, 2004	$	9.03		0.11			0.69			0.80			(0.10	)		—			(0.10	)	$	9.73		9.24%
Institutional Service Class Shares
Year Ended October 31, 2000	$	11.94		0.08			0.56			0.64			(0.08	)		(0.02	)		(0.10	)	$	12.48		5.37%
Year Ended October 31, 2001	$	12.48		0.08			(3.17	)		(3.09	)		(0.08	)		(0.17	)		(0.25	)	$	9.14		(25.04%	)
Year Ended October 31, 2002	$	9.14		0.09			(1.50	)		(1.41	)		(0.09	)		—			(0.09	)	$	7.64		(15.56%	)
Year Ended October 31, 2003	$	7.64		0.10			1.42			1.52			(0.09	)		—			(0.09	)	$	9.07		20.11%
Year Ended October 31, 2004	$	9.07		0.12			0.69			0.81			(0.11	)		—			(0.11	)	$	9.77		9.14%
Local Fund Shares
Year Ended October 31, 2000	$	11.95		0.11			0.54			0.65			(0.10	)		(0.02	)		(0.12	)	$	12.48		5.43%
Year Ended October 31, 2001	$	12.48		0.07			(3.14	)		(3.07	)		(0.07	)		(0.17	)		(0.24	)	$	9.17		(24.91%	)
Year Ended October 31, 2002	$	9.17		0.11			(1.52	)		(1.41	)		(0.10	)		—			(0.10	)	$	7.66		(15.47%	)
Year Ended October 31, 2003	$	7.66		0.12			1.42			1.54			(0.11	)		—			(0.11	)	$	9.09		20.26%
Year Ended October 31, 2004	$	9.09		0.14			0.69			0.83			(0.13	)		—			(0.13	)	$	9.79		8.85%

[Additional columns below]

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



	Ratios / Supplemental Data
												Ratio of Net
						Ratio of Net			Ratio of			Investment
						Investment			Expenses			Income (Loss)
	Net Assets		Ratio of			Income			(Prior to			(Prior to
	at End of		Expenses			(Loss)			Reimbursements)			Reimbursements)
	Period		to Average			to Average			to Average			to Average			Portfolio
	(000s)		Net Assets			Net Assets			Net Assets (b)			Net Assets (b)			Turnover (c)



Class A Shares
Period Ended October 31, 2000 (d)	$	2,214		0.63%	(g)		0.47%	(g)		0.88%	(g)		0.22%	(g)		9.72%
Year Ended October 31, 2001	$	3,237		0.63%			0.70%			1.03%			0.30%			1.85%
Year Ended October 31, 2002	$	3,942		0.52%			1.06%			0.61%			0.97%			3.06%
Year Ended October 31, 2003	$	5,795		0.48%			1.28%			0.56%			1.21%			1.30%
Year Ended October 31, 2004	$	7,822		0.50%			1.18%			0.54%			1.13%			1.71%
Class B Shares
Period Ended October 31, 2000 (d)	$	987		1.23%	(g)		(0.12%	) (g)		2.05%	(g)		(0.94%	) (g)		9.72%
Year Ended October 31, 2001	$	1,879		1.23%			0.11%			2.21%			(0.87%	)		1.85%
Year Ended October 31, 2002	$	2,423		1.23%			0.35%			1.39%			0.19%			3.06%
Year Ended October 31, 2003	$	3,713		1.23%			0.54%			1.30%			0.47%			1.30%
Year Ended October 31, 2004	$	4,820		1.23%			0.45%			1.27%			0.41%			1.71%
Class C Shares
Period Ended October 31, 2003 (e)	$	10		1.23%	(g)		0.48%	(g)		1.23%	(g)		0.48%	(g)		1.30%
Year Ended October 31, 2004	$	250		1.23%			0.46%			1.27%			0.42%			1.71%
Institutional Class Shares
Period Ended October 31, 2000 (d)	$	92,190		0.23%	(g)		0.83%	(g)		0.30%	(g)		0.76%	(g)		9.72%
Year Ended October 31, 2001	$	107,955		0.23%			1.10%			0.29%			1.04%			1.85%
Year Ended October 31, 2002	$	235,333		0.23%			1.37%			0.33%			1.27%			3.06%
Year Ended October 31, 2003	$	620,598		0.23%			1.52%			0.30%			1.45%			1.30%
Year Ended October 31, 2004	$	1,247,061		0.23%			1.45%			0.27%			1.41%			1.71%
Service Class Shares
Year Ended October 31, 2000	$	189,443		0.63%			0.54%			0.70%			0.47%			9.72%
Year Ended October 31, 2001	$	233,943		0.63%			0.70%			0.69%			0.64%			1.85%
Year Ended October 31, 2002	$	266,515		0.63%			0.94%			0.72%			0.85%			3.06%
Year Ended October 31, 2003	$	413,554		0.63%			1.14%			0.70%			1.06%			1.30%
Year Ended October 31, 2004	$	523,127		0.63%			1.05%			0.67%			1.01%			1.71%
Institutional Service Class Shares
Year Ended October 31, 2000	$	31,917		0.48%			0.69%			0.55%			0.62%			9.72%
Year Ended October 31, 2001	$	35,097		0.48%			0.84%			0.54%			0.78%			1.85%
Year Ended October 31, 2002	$	41,498		0.48%			1.09%			0.57%			1.00%			3.06%
Year Ended October 31, 2003	$	55,197		0.48%			1.29%			0.55%			1.21%			1.30%
Year Ended October 31, 2004	$	69,569		0.48%			1.21%			0.52%			1.16%			1.71%
Local Fund Shares
Year Ended October 31, 2000	$	10,555		0.35%			0.84%			0.38%			0.81%			9.72%
Year Ended October 31, 2001	$	96		0.35%			0.94%			0.37%			0.92%			1.85%
Year Ended October 31, 2002	$	81		0.31%			1.25%			0.39%			1.17%			3.06%
Year Ended October 31, 2003	$	97		0.30%			1.47%			0.37%			1.40%			1.30%
Year Ended October 31, 2004	$	106		0.30%			1.38%			0.34%			1.34%			1.71%


(a)		Excludes sales charge.
(b)		During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c)		Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)		For period from December 29, 1999 (commencement of operations) through October 31, 2000.
(e)		For the period from October 22, 2003 (commencement of operations) through October 31, 2003.
(f)		Not annualized.
(g)		Annualized.

See notes to financial statements.

2004 Annual Report 97


	Financial Highlights
	Selected Data for Each Share of Capital Outstanding

Index Series

Gartmore Mid Cap Market Index Fund



			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from
	Beginning		Income			(Losses) on			Investment
	of Period		(Loss)			Investments			Activities



Class A Shares
Period Ended October 31, 2000 (d)	$	10.00		0.09			1.76			1.85
Year Ended October 31, 2001	$	11.77		0.07			(1.50	)		(1.43	)
Year Ended October 31, 2002	$	9.79		0.04			(0.59	)		(0.55	)
Year Ended October 31, 2003	$	9.19		0.04			2.68			2.72
Year Ended October 31, 2004	$	11.87		0.05			1.13			1.18
Class B Shares
Period Ended October 31, 2001 (e)	$	11.62		—			(1.83	)		(1.83	)
Year Ended October 31, 2002	$	9.74		(0.01	)		(0.58	)		(0.59	)
Year Ended October 31, 2003	$	9.13		(0.02	)		2.66			2.64
Year Ended October 31, 2004	$	11.77		(0.02	)		1.12			1.10
Class C Shares
Period Ended October 31, 2003 (f)	$	11.43		—			0.33			0.33
Year Ended October 31, 2004	$	11.76		(0.02	)		1.12			1.10
Institutional Class Shares
Period Ended October 31, 2000 (d)	$	10.00		0.14			1.76			1.90
Year Ended October 31, 2001	$	11.80		0.10			(1.49	)		(1.39	)
Year Ended October 31, 2002	$	9.84		0.08			(0.58	)		(0.50	)
Year Ended October 31, 2003	$	9.25		0.08			2.70			2.78
Year Ended October 31, 2004	$	11.95		0.11			1.13			1.24

[Additional columns below]

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



	Distributions
	Net			Net						Net Asset
	Investment			Realized			Total			Value, End		Total
	Income			Gains			Distributions			of Period		Return (a)



Class A Shares
Period Ended October 31, 2000 (d)		(0.08	)		—			(0.08	)	$	11.77		18.51%	(g)
Year Ended October 31, 2001		(0.08	)		(0.47	)		(0.55	)	$	9.79		(12.57%	)
Year Ended October 31, 2002		(0.05	)		—			(0.05	)	$	9.19		(5.67%	)
Year Ended October 31, 2003		(0.04	)		—			(0.04	)	$	11.87		29.72%
Year Ended October 31, 2004		(0.04	)		(0.12	)		(0.16	)	$	12.89		10.07%
Class B Shares
Period Ended October 31, 2001 (e)		—			(0.05	)		(0.05	)	$	9.74		(16.05%	) (g)
Year Ended October 31, 2002		(0.02	)		—			(0.02	)	$	9.13		(6.13%	)
Year Ended October 31, 2003		—			—			—		$	11.77		28.96%
Year Ended October 31, 2004		—			(0.12	)		(0.12	)	$	12.75		9.44%
Class C Shares
Period Ended October 31, 2003 (f)		—			—			—		$	11.76		2.89%	(g)
Year Ended October 31, 2004		—			(0.12	)		(0.12	)	$	12.74		9.48%
Institutional Class Shares
Period Ended October 31, 2000 (d)		(0.10	)		—			(0.10	)	$	11.80		19.03%	(g)
Year Ended October 31, 2001		(0.10	)		(0.47	)		(0.57	)	$	9.84		(12.17%	)
Year Ended October 31, 2002		(0.09	)		—			(0.09	)	$	9.25		(5.19%	)
Year Ended October 31, 2003		(0.08	)		—			(0.08	)	$	11.95		30.21%
Year Ended October 31, 2004		(0.11	)		(0.12	)		(0.23	)	$	12.96		10.47%

[Additional columns below]

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



	Ratios / Supplemental Data
												Ratio of Net
						Ratio of Net			Ratio of			Investment
						Investment			Expenses			Income (Loss)
	Net Assets		Ratio of			Income			(Prior to			(Prior to
	at End of		Expenses			(Loss)			Reimbursements)			Reimbursements)
	Period		to Average			to Average			to Average			to Average			Portfolio
	(000s)		Net Assets			Net Assets			Net Assets (b)			Net Assets (b)			Turnover (c)



Class A Shares
Period Ended October 31, 2000 (d)	$	3,049		0.81%	(h)		0.95%	(h)		3.12%	(h)		(1.36%	) (h)		35.19%
Year Ended October 31, 2001	$	9,028		0.81%			0.56%			1.27%			0.10%			119.76%
Year Ended October 31, 2002	$	19,002		0.73%			0.42%			0.83%			0.32%			15.82%
Year Ended October 31, 2003	$	38,693		0.71%			0.48%			0.82%			0.37%			8.26%
Year Ended October 31, 2004	$	65,059		0.70%			0.50%			0.77%			0.44%			15.75%
Class B Shares
Period Ended October 31, 2001 (e)	$	6		1.41%	(h)		(0.38%	) (h)		3.66%	(h)		(2.63%	) (h)		119.76%
Year Ended October 31, 2002	$	86		1.32%			(0.16%	)		1.44%			(0.28%	)		15.82%
Year Ended October 31, 2003	$	295		1.31%			(0.13%	)		1.42%			(0.25%	)		8.26%
Year Ended October 31, 2004	$	657		1.31%			(0.10%	)		1.37%			(0.17%	)		15.75%
Class C Shares
Period Ended October 31, 2003 (f)	$	21		1.31%	(h)		0.16%	(h)		1.71%	(h)		(0.24%	) (h)		8.26%
Year Ended October 31, 2004	$	26		1.31%			(0.10%	)		1.38%			(0.17%	)		15.75%
Institutional Class Shares
Period Ended October 31, 2000 (d)	$	7,957		0.31%	(h)		1.49%	(h)		2.76%	(h)		(0.96%	) (h)		35.19%
Year Ended October 31, 2001	$	26,719		0.31%			1.08%			1.00%			0.39%			119.76%
Year Ended October 31, 2002	$	84,128		0.31%			0.84%			0.44%			0.71%			15.82%
Year Ended October 31, 2003	$	247,960		0.31%			0.87%			0.42%			0.76%			8.26%
Year Ended October 31, 2004	$	530,191		0.31%			0.89%			0.37%			0.83%			15.75%


(a)		Excludes sales charge.
(b)		During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c)		Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)		For period from December 29, 1999 (commencement of operations) through October 31, 2000.
(e)		For the period from May 25, 2001 (commencement of operations) through October 31, 2001.
(f)		For the period from October 22, 2003 (commencement of operations) through October 31, 2003.
(g)		Not annualized.
(h)		Annualized.

See notes to financial statements.

98 Annual Report 2004

Gartmore Small Cap Index Fund



			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from
	Beginning		Income			(Losses) on			Investment
	of Period		(Loss)			Investments			Activities



Class A Shares
Period Ended October 31, 2000 (d)	$	10.00		0.07			(0.34	)		(0.27	)
Year Ended October 31, 2001	$	9.67		0.07			(1.32	)		(1.25	)
Year Ended October 31, 2002	$	8.34		0.05			(1.07	)		(1.02	)
Year Ended October 31, 2003	$	7.27		0.05			2.98			3.03
Year Ended October 31, 2004	$	10.25		0.06			1.06			1.12
Class B Shares
Period Ended October 31, 2002 (e)	$	8.84		0.03			(1.59	)		(1.56	)
Year Ended October 31, 2003	$	7.25		—			2.97			2.97
Year Ended October 31, 2004	$	10.21		(0.01	)		1.05			1.04
Class C Shares
Period Ended October 31, 2003 (f)	$	9.91		—			0.29			0.29
Year Ended October 31, 2004	$	10.20		—			1.06			1.06
Institutional Class Shares
Period Ended October 31, 2000 (d)	$	10.00		0.09			(0.32	)		(0.23	)
Year Ended October 31, 2001	$	9.70		0.11			(1.32	)		(1.21	)
Year Ended October 31, 2002	$	8.38		0.08			(1.06	)		(0.98	)
Year Ended October 31, 2003	$	7.32		0.08			3.00			3.08
Year Ended October 31, 2004	$	10.32		0.10			1.09			1.19

[Additional columns below]

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



	Distributions
	Net			Net						Net Asset
	Investment			Realized			Total			Value, End		Total
	Income			Gains			Distributions			of Period		Return (a)



Class A Shares
Period Ended October 31, 2000 (d)		(0.06	)		—			(0.06	)	$	9.67		(2.71%	) (g)
Year Ended October 31, 2001		(0.08	)		—			(0.08	)	$	8.34		(12.95%	)
Year Ended October 31, 2002		(0.05	)		—			(0.05	)	$	7.27		(12.29%	)
Year Ended October 31, 2003		(0.05	)		—			(0.05	)	$	10.25		41.89%
Year Ended October 31, 2004		(0.05	)		(0.17	)		(0.22	)	$	11.15		11.08%
Class B Shares
Period Ended October 31, 2002 (e)		(0.03	)		—			(0.03	)	$	7.25		(17.68%	) (g)
Year Ended October 31, 2003		(0.01	)		—			(0.01	)	$	10.21		40.98%
Year Ended October 31, 2004		—			(0.17	)		(0.17	)	$	11.08		10.28%
Class C Shares
Period Ended October 31, 2003 (f)		—			—			—		$	10.20		2.93%	(g)
Year Ended October 31, 2004		(0.01	)		(0.17	)		(0.18	)	$	11.08		10.48%
Institutional Class Shares
Period Ended October 31, 2000 (d)		(0.07	)		—			(0.07	)	$	9.70		(2.30%	) (g)
Year Ended October 31, 2001		(0.11	)		—			(0.11	)	$	8.38		(12.54%	)
Year Ended October 31, 2002		(0.08	)		—			(0.08	)	$	7.32		(11.80%	)
Year Ended October 31, 2003		(0.08	)		—			(0.08	)	$	10.32		42.49%
Year Ended October 31, 2004		(0.10	)		(0.17	)		(0.27	)	$	11.24		11.51%

[Additional columns below]

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



	Ratios / Supplemental Data
												Ratio of Net
						Ratio of Net			Ratio of			Investment
						Investment			Expenses			Income (Loss)
	Net Assets		Ratio of			Income			(Prior to			(Prior to
	at End of		Expenses			(Loss)			Reimbursements)			Reimbursements)
	Period		to Average			to Average			to Average			to Average			Portfolio
	(000s)		Net Assets			Net Assets			Net Assets (b)			Net Assets (b)			Turnover (c)



Class A Shares
Period Ended October 31, 2000 (d)	$	32		0.79%	(h)		1.00%	(h)		329.04%	(h)		(327.25%	) (h)		48.27%
Year Ended October 31, 2001	$	4,098		0.79%			0.75%			1.64%			(0.10%	)		50.19%
Year Ended October 31, 2002	$	11,079		0.71%			0.71%			0.97%			0.45%			34.77%
Year Ended October 31, 2003	$	42,343		0.69%			0.61%			0.83%			0.47%			25.63%
Year Ended October 31, 2004	$	62,688		0.69%			0.56%			0.77%			0.48%			24.10%
Class B Shares
Period Ended October 31, 2002 (e)	$	89		1.29%	(h)		0.15%	(h)		1.55%	(h)		(0.11%	) (h)		34.77%
Year Ended October 31, 2003	$	249		1.29%			0.04%			1.44%			(0.11%	)		25.63%
Year Ended October 31, 2004	$	424		1.29%			(0.04%	)		1.37%			(0.12%	)		24.10%
Class C Shares
Period Ended October 31, 2003 (f)	$	21		1.29%	(h)		0.07%	(h)		1.38%	(h)		(0.02%	) (h)		25.63%
Year Ended October 31, 2004	$	39		1.29%			(0.04%	)		1.37%			(0.12%	)		24.10%
Institutional Class Shares
Period Ended October 31, 2000 (d)	$	2,301		0.29%	(h)		1.69%	(h)		19.76%	(h)		(17.78%	) (h)		48.27%
Year Ended October 31, 2001	$	11,366		0.29%			1.30%			1.94%			(0.35%	)		50.19%
Year Ended October 31, 2002	$	33,247		0.29%			1.14%			0.58%			0.85%			34.77%
Year Ended October 31, 2003	$	99,904		0.29%			1.04%			0.44%			0.89%			25.63%
Year Ended October 31, 2004	$	210,322		0.29%			0.97%			0.37%			0.88%			24.10%


(a)		Excludes sales charge.
(b)		During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c)		Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)		For period from December 29, 1999 (commencement of operations) through October 31, 2000.
(e)		For the period from November 29, 2001 (commencement of operations) through October 31, 2002.
(f)		For the period from October 22, 2003 (commencement of operations) through October 31, 2003.
(g)		Not annualized.
(h)		Annualized.

See notes to financial statements.

2004 Annual Report 99


	Financial Highlights
	Selected Data for Each Share of Capital Outstanding

Index Series

Gartmore International Index Fund



			Investment Activities
					Net Realized
					and
	Net Asset		Net		Unrealized			Total
	Value,		Investment		Gains			from
	Beginning		Income		(Losses) on			Investment
	of Period		(Loss)		Investments			Activities



Class A Shares
Period Ended October 31, 2000 (d)	$	10.00		0.06		(1.36	)		(1.30	)
Year Ended October 31, 2001	$	8.65		0.08		(2.28	)		(2.20	)
Year Ended October 31, 2002	$	6.37		0.08		(1.06	)		(0.98	)
Year Ended October 31, 2003	$	5.31		0.09		1.25			1.34
Year Ended October 31, 2004	$	6.55		0.10		1.07			1.17
Class B Shares
Period Ended October 31, 2000 (d)	$	10.00		0.02		(1.38	)		(1.36	)
Year Ended October 31, 2001	$	8.62		0.04		(2.30	)		(2.26	)
Year Ended October 31, 2002	$	6.32		0.03		(1.04	)		(1.01	)
Year Ended October 31, 2003	$	5.26		0.06		1.24			1.30
Year Ended October 31, 2004	$	6.48		0.06		1.05			1.11
Institutional Class Shares
Period Ended October 31, 2000 (d)	$	10.00		0.09		(1.35	)		(1.26	)
Year Ended October 31, 2001	$	8.66		0.10		(2.29	)		(2.19	)
Year Ended October 31, 2002	$	6.37		0.09		(1.04	)		(0.95	)
Year Ended October 31, 2003	$	5.32		0.11		1.25			1.36
Year Ended October 31, 2004	$	6.56		0.12		1.08			1.20

[Additional columns below]

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



	Distributions
	Net			Net						Net Asset
	Investment			Realized			Total			Value, End		Total
	Income			Gains			Distributions			of Period		Return (a)



Class A Shares
Period Ended October 31, 2000 (d)		(0.05	)		—			(0.05	)	$	8.65		(13.03%)	(e)
Year Ended October 31, 2001		(0.08	)		—			(0.08	)	$	6.37		(25.44%)
Year Ended October 31, 2002		(0.08	)		—			(0.08	)	$	5.31		(15.65%)
Year Ended October 31, 2003		(0.10	)		—			(0.10	)	$	6.55		25.51%
Year Ended October 31, 2004		(0.09	)		—	(g)		(0.09	)	$	7.63		18.01%
Class B Shares
Period Ended October 31, 2000 (d)		(0.02	)		—			(0.02	)	$	8.62		(13.62%)	(e)
Year Ended October 31, 2001		(0.04	)		—			(0.04	)	$	6.32		(26.17%)
Year Ended October 31, 2002		(0.05	)		—			(0.05	)	$	5.26		(16.12%)
Year Ended October 31, 2003		(0.08	)		—			(0.08	)	$	6.48		24.88%
Year Ended October 31, 2004		(0.05	)		—	(g)		(0.05	)	$	7.54		17.21%
Institutional Class Shares
Period Ended October 31, 2000 (d)		(0.08	)		—			(0.08	)	$	8.66		(12.65%)	(e)
Year Ended October 31, 2001		(0.10	)		—			(0.10	)	$	6.37		(25.28%)
Year Ended October 31, 2002		(0.10	)		—			(0.10	)	$	5.32		(15.20%)
Year Ended October 31, 2003		(0.12	)		—			(0.12	)	$	6.56		25.90%
Year Ended October 31, 2004		(0.12	)		—	(g)		(0.12	)	$	7.64		18.43%

[Additional columns below]

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



	Ratios / Supplemental Data
												Ratio of Net
						Ratio of Net			Ratio of			Investment
						Investment			Expenses			Income (Loss)
	Net Assets		Ratio of			Income			(Prior to			(Prior to
	at End of		Expenses			(Loss)			Reimbursements)			Reimbursements)
	Period		to Average			to Average			to Average			to Average			Portfolio
	(000s)		Net Assets			Net Assets			Net Assets (b)			Net Assets (b)			Turnover (c)



Class A Shares
Period Ended October 31, 2000 (d)	$	230		0.86%	(f)		1.01%	(f)		49.77%	(f)		(47.90%	) (f)		5.66%
Year Ended October 31, 2001	$	10,877		0.86%			1.17%			3.97%			(1.94%	)		30.18%
Year Ended October 31, 2002	$	12,549		0.79%			1.15%			0.96%			0.98%			32.45%
Year Ended October 31, 2003	$	16,404		0.75%			1.71%			0.88%			1.58%			7.71%
Year Ended October 31, 2004	$	34,183		0.76%			1.57%			0.82%			1.51%			7.62%
Class B Shares
Period Ended October 31, 2000 (d)	$	53		1.46%	(f)		0.39%	(f)		63.29%	(f)		(61.44%	) (f)		5.66%
Year Ended October 31, 2001	$	59		1.46%			0.42%			7.41%			(5.53%	)		30.18%
Year Ended October 31, 2002	$	80		1.39%			0.64%			1.72%			0.31%			32.45%
Year Ended October 31, 2003	$	105		1.36%			1.03%			1.48%			0.90%			7.71%
Year Ended October 31, 2004	$	159		1.36%			0.98%			1.42%			0.92%			7.62%
Institutional Class Shares
Period Ended October 31, 2000 (d)	$	2,858		0.36%	(f)		1.16%	(f)		8.18%	(f)		(6.66%	) (f)		5.66%
Year Ended October 31, 2001	$	32,422		0.36%			1.42%			2.60%			(0.82%	)		30.18%
Year Ended October 31, 2002	$	119,502		0.36%			1.66%			0.56%			1.46%			32.45%
Year Ended October 31, 2003	$	359,705		0.36%			1.99%			0.48%			1.87%			7.71%
Year Ended October 31, 2004	$	855,050		0.36%			1.99%			0.42%			1.93%			7.62%


(a)		Excludes sales charge.
(b)		During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c)		Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)		For period from December 29, 1999 (commencement of operations) through October 31, 2000.
(e)		Not annualized.
(f)		Annualized.
(g)		The amount is less than $0.005.

See notes to financial statements.

100 Annual Report 2004

Gartmore Bond Index Fund



			Investment Activities
					Net Realized
					and
	Net Asset		Net		Unrealized		Total
	Value,		Investment		Gains		from
	Beginning		Income		(Losses) on		Investment
	of Period		(Loss)		Investments		Activities



Class A Shares
Period Ended October 31, 2000 (d)	$	10.00		0.50		0.08		0.58
Year Ended October 31, 2001	$	10.08		0.57		0.93		1.50
Year Ended October 31, 2002	$	10.93		0.47		0.05		0.52
Year Ended October 31, 2003	$	10.96		0.34		0.09		0.43
Year Ended October 31, 2004	$	10.98		0.36		0.17		0.53
Class B Shares
Period Ended October 31, 2001 (e)	$	10.75		0.02		0.18		0.20
Year Ended October 31, 2002	$	10.93		0.41		0.05		0.46
Year Ended October 31, 2003	$	10.96		0.29		0.07		0.36
Year Ended October 31, 2004	$	10.98		0.30		0.17		0.47
Institutional Class Shares
Period Ended October 31, 2000 (d)	$	10.00		0.54		0.09		0.63
Year Ended October 31, 2001	$	10.09		0.63		0.91		1.54
Year Ended October 31, 2002	$	10.92		0.52		0.05		0.57
Year Ended October 31, 2003	$	10.95		0.39		0.09		0.48
Year Ended October 31, 2004	$	10.98		0.41		0.17		0.58

[Additional columns below]

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



	Distributions
	Net			Net						Net Asset
	Investment			Realized			Total			Value, End		Total
	Income			Gains			Distributions			of Period		Return (a)



Class A Shares
Period Ended October 31, 2000 (d)		(0.50	)		—			(0.50	)	$	10.08		5.92%	(f)
Year Ended October 31, 2001		(0.57	)		(0.08	)		(0.65	)	$	10.93		15.28%
Year Ended October 31, 2002		(0.48	)		(0.01	)		(0.49	)	$	10.96		5.01%
Year Ended October 31, 2003		(0.40	)		(0.01	)		(0.41	)	$	10.98		3.96%
Year Ended October 31, 2004		(0.38	)		—			(0.38	)	$	11.13		4.94%
Class B Shares
Period Ended October 31, 2001 (e)		(0.02	)		—			(0.02	)	$	10.93		1.85%	(f)
Year Ended October 31, 2002		(0.42	)		(0.01	)		(0.43	)	$	10.96		4.38%
Year Ended October 31, 2003		(0.33	)		(0.01	)		(0.34	)	$	10.98		3.34%
Year Ended October 31, 2004		(0.32	)		—			(0.32	)	$	11.13		4.32%
Institutional Class Shares
Period Ended October 31, 2000 (d)		(0.54	)		—			(0.54	)	$	10.09		6.47%	(f)
Year Ended October 31, 2001		(0.63	)		(0.08	)		(0.71	)	$	10.92		15.71%
Year Ended October 31, 2002		(0.53	)		(0.01	)		(0.54	)	$	10.95		5.46%
Year Ended October 31, 2003		(0.44	)		(0.01	)		(0.45	)	$	10.98		4.47%
Year Ended October 31, 2004		(0.43	)		—			(0.43	)	$	11.13		5.36%

[Additional columns below]

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



	Ratios / Supplemental Data
												Ratio of Net
						Ratio of Net			Ratio of			Investment
						Investment			Expenses			Income (Loss)
	Net Assets		Ratio of			Income			(Prior to			(Prior to
	at End of		Expenses			(Loss)			Reimbursements)			Reimbursements)
	Period		to Average			to Average			to Average			to Average			Portfolio
	(000s)		Net Assets			Net Assets			Net Assets (b)			Net Assets (b)			Turnover (c)



Class A Shares
Period Ended October 31, 2000 (d)	$	8,352		0.81%	(g)		6.06%	(g)		3.48%	(g)		3.39%	(g)		35.74%
Year Ended October 31, 2001	$	9,693		0.81%			5.04%			1.12%			4.73%			150.27%
Year Ended October 31, 2002	$	38,447		0.72%			4.29%			0.84%			4.17%			124.75%
Year Ended October 31, 2003	$	42,292		0.71%			3.07%			0.82%			2.96%			139.66%
Year Ended October 31, 2004	$	40,757		0.71%			3.25%			0.77%			3.19%			151.56%
Class B Shares
Period Ended October 31, 2001 (e)	$	10		1.41%	(g)		3.05%	(g)		1.63%	(g)		2.83%	(g)		150.27%
Year Ended October 31, 2002	$	28		1.33%			3.69%			1.44%			3.58%			124.75%
Year Ended October 31, 2003	$	256		1.31%			2.10%			1.41%			2.00%			139.66%
Year Ended October 31, 2004	$	457		1.31%			2.70%			1.37%			2.65%			151.56%
Institutional Class Shares
Period Ended October 31, 2000 (d)	$	3,763		0.31%	(g)		6.49%	(g)		10.87%	(g)		(4.07%	) (g)		35.74%
Year Ended October 31, 2001	$	45,750		0.31%			5.51%			1.10%			4.72%			150.27%
Year Ended October 31, 2002	$	185,141		0.31%			4.67%			0.45%			4.53%			124.75%
Year Ended October 31, 2003	$	481,326		0.31%			3.34%			0.42%			3.23%			139.66%
Year Ended October 31, 2004	$	952,042		0.31%			3.69%			0.37%			3.63%			151.56%


(a)		Excludes sales charge.
(b)		During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c)		Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)		For period from December 29, 1999 (commencement of operations) through October 31, 2000.
(e)		For the period from October 12, 2001 (commencement of operations) through October 31, 2001.
(f)		Not annualized.
(g)		Annualized.

See notes to financial statements.

2004 Annual Report 101


	NorthPointe Small Cap Growth Fund

From its inception on Sept. 29, 2004, through Oct. 31, 2004, the NorthPointe Small Cap Growth Fund returned 1.20% (Class A at NAV) versus 0.27% for its benchmark, the Russell 2000® Growth Index.

From a macroeconomic perspective, the economy is slowing into a more normalized growth curve. Corporate profits are, therefore, not expected to be as strong during the next reporting period as they have been during the period ending October 31, 2004. Furthermore, the markets continue to watch closely the war in Iraq, the effect of high energy prices on consumers, the uneven job picture and interest rates. With these factors as a backdrop, we believe that the next reporting period will turn out to be a stock-picker’s market as the major indexes are likely to produce modest gains. This type of environment works to our advantage, since small-cap stocks tend to be overlooked and underfollowed, which creates opportunities for investors who are focused on fundamentals and quality companies. However, working against us is the shift in investors’ preferred market-cap range. During the past five years, small-cap stocks have outperformed large-cap stocks, but this leadership is changing, as we are beginning to see signs of large-cap leadership.

The driving force behind this Fund’s investment philosophy is stock selection. From time to time, we may consider our relative benchmark weightings and the weightings of particular stocks, but these issues are secondary to our primary objective of finding the best-in-class companies within their respective industries. We do not give in to the temptation to follow the latest trend or chase the hottest sector. We primarily focus on earnings-positive companies. Only rarely will we buy a company that does not have earnings.

Although we maintain a well-diversified portfolio of stocks, our bottom-up approach to finding stocks is the key to our success. Our results for the reporting period validate this process. Of our 93 basis points (0.93%) of outperformance, 64 came from stock selection, or 69% of the total. The remaining basis points of outperformance came from industry selection. Our stock selection in consumer discretionary (68 basis points) and consumer staples (55 basis points) were particularly noteworthy. In fact, two of our top-performing stocks during the period, Bebe Stores, Inc. and NBTY, Inc., were in these two sectors. On a total contribution basis, only health care stands out as a poor performer, down 88 basis points during the period. Three of our bottom-performing stocks, Align Technology, Inc.; Merit Medical Systems, Inc.; and Option Care, Inc. were health-care stocks. A pillar of our investment philosophy incorporates a “cockroach” theory, which holds that the first negative event that occurs generally is not the last. In staying true to the Fund’s philosophy, we sold these stocks during the period in order to minimize Fund exposure in this area.

Portfolio Managers: Carl Wilk and Karl Knas


	Class A: GNSAX
	Class B: GNSBX
	Class C: GNSCX
	Class R: GNPRX
	Institutional Service Class: GNSIX
	Institutional Class: GNSSX

102 Annual Report 2004

NorthPointe Small Cap Growth Fund

Fund Performance

Average Annual Total Return

(For Periods Ended October 31, 2004)


		Inception¹


Class A	without sales charge²		4.70%
	with sales charge³		-1.32%

Class B	without sales charge²		4.60%
	with sales charge⁴		-0.40%

Class C	without sales charge²		4.60%
	with sales charge⁵		3.60%

Class R²			4.60%

Institutional Class²			4.70%

Institutional Service Class²			4.70%


¹	Fund commenced operations on September 29, 2004.

²	Not subject to any sales charges.

³	A 5.75% front-end sales charge was deducted.

⁴	A 5.00% contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years.

⁵	A CDSC of 1.00% was deducted because it is charged when you sell Class C shares within the first year after purchase.

Performance of a $10,000 Investment

LOGO

Comparative performance of $10,000 invested in the Class A of the NorthPointe Small Cap Growth Fund, Russell 2000 Growth Index (Russell 2000)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged


(a)		The Russell 2000 is an unmanaged index of approximately 2000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.

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


*	The Shareholder Expense Example is not required for Funds operational less than six months.

2004 Annual Report 103

NorthPointe Small Cap Growth Fund


	Portfolio Summary
	(October 31, 2004)


Asset Allocation


Common Stocks			93.3%
Other Assets in excess of Liabilities			6.7%

			100.0%


Top Industries


Retail			13.2%
Healthcare			6.9%
Pharmaceuticals			6.6%
Financial Services			6.1%
Electronics			5.7%
Lasers			5.3%
Business Services			4.4%
Telecommunications			4.4%
Semiconductors			3.7%
Banks			3.6%
Other Industries			40.1%

			100.0%


Top Holdings


Metrologic Instruments, Inc.			2.2%
Westell Technologies, Inc.			2.0%
Charles River Associates, Inc.			1.9%
Engineered Support Systems, Inc.			1.9%
Jos. A. Bank Clothiers, Inc.			1.9%
Option Care, Inc.			1.8%
West Pharmaceutical Services, Inc.			1.8%
Duratek, Inc.			1.8%
K2, Inc.			1.8%
Rofin-Sinar Technologies, Inc.			1.8%
Other Holdings			81.1%

			100.0%

104 Annual Report 2004

Statement of Investments

October 31, 2004

NorthPointe Small Cap Growth Fund



Common Stocks (93.3%)

	Shares or
	Principal Amount		Value

Aerospace/Defense (1.1%)
Moog, Inc., Class A (b)		15,000	$	562,950



Banks (3.6%)
East West Bancorp, Inc.		20,000		800,800
Royal Bancshares of Pennsylvania, Inc., Class A		5,100		136,680
Wintrust Financial Corp.		15,000		855,000


				1,792,480



Business Services (4.4%)
Charles River Associates, Inc. (b)		24,000		964,320
Kforce, Inc. (b)		50,000		529,500
Labor Ready, Inc. (b)		50,000		717,500


				2,211,320



Computer Software (2.6%)
QAD, Inc.		60,600		462,984
SS&C Technologies, Inc.		35,000		827,400


				1,290,384



Computer Software & Services (1.2%)
Intergraph Corp. (b)		23,100		575,999



Consumer Products (3.6%)
Central Garden & Pet Co. (b)		25,000		893,000
Jarden Corp. (b)		25,000		878,000


				1,771,000



Diversified Manufacturing (2.2%)
Actuant Corp. (b)		17,000		674,390
Jacuzzi Brands, Inc. (b)		50,000		432,500


				1,106,890



Electronics (5.7%)
Cubic Corp.		35,000		770,000
Cyberoptics Corp. (b)		39,500		430,550
Engineered Support Systems, Inc.		20,000		960,800
TTM Technologies, Inc. (b)		75,000		702,375


				2,863,725



Financial Services (6.1%)
Collegiate Funding Services (b)		40,000		494,000
Commercial Capital Bancorp, Inc.		25,000		560,750
Euronet Worldwide, Inc. (b)		28,000		641,760
Piper Jaffray Companies, Inc. (b)		20,000		874,600
World Acceptance Corp. (b)		20,400		477,360


				3,048,470



Healthcare (6.9%)
HealthExtras, Inc. (b)		40,000		570,800
Matria Healthcare, Inc. (b)		20,000		624,400
Molina Healthcare, Inc. (b)		20,000		736,400
Option Care, Inc.		70,000		919,800
RehabCare Group, Inc. (b)		25,000		574,000


				3,425,400



Industrial Products & Equipment (2.9%)
Brady Corp., Class A		15,000		813,450
Photon Dynamics, Inc. (b)		35,000		640,500


				1,453,950



Insurance (0.6%)
Navigators Group, Inc. (The) (b)		10,100		297,849



Internet Security (2.7%)
Aladdin Knowledge Systems (b)		24,600		618,690
Websense, Inc. (b)		18,000		730,260


				1,348,950



Lasers (5.3%)
Excel Technology, Inc. (b)		24,500		617,890
Metrologic Instruments, Inc. (b)		60,000		1,119,000
Rofin-Sinar Technologies, Inc. (b)		30,000		899,100


				2,635,990



Machinery & Equipment (2.8%)
Lincoln Electric Holdings, Inc.		15,000		500,700
Lufkin Industries, Inc.		9,500		336,395
Newport Corp. (b)		50,000		564,500


				1,401,595



Medical Products (3.4%)
Advanced Medical Optics, Inc. (b)		20,000		782,000
West Pharmaceutical Services, Inc.		40,000		916,400


				1,698,400



Pharmaceuticals (6.6%)
Axcan Pharma, Inc. (b)		30,000		453,900
Bone Care International, Inc. (b)		30,000		688,950
First Horizon Pharmaceutical Corp. (b)		30,000		737,400
NBTY, Inc. (b)		30,000		826,200
Salix Pharmaceuticals Ltd. (b)		35,000		561,050


				3,267,500



Retail (13.2%)
A.C. Moore Arts & Crafts, Inc. (b)		25,000		644,125
Bebe Stores, Inc.		20,000		617,400
Fossil, Inc. (b)		25,000		744,000
Guess?, Inc. (b)		40,000		668,000
Guitar Center, Inc. (b)		15,000		669,450

2004 Annual Report 105


	Statement of Investments (Continued)
	October 31, 2004

NorthPointe Small Cap Growth Fund (Continued)



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Retail (continued)
Jos. A. Bank Clothiers, Inc. (b)		30,000	$	952,200
K2, Inc. (b)		56,000		908,320
Quiksilver, Inc. (b)		30,000		817,500
Tractor Supply Co. (b)		15,000		544,200


				6,565,195



Semiconductors (3.7%)
02Micro International Ltd. (b)		42,000		510,720
Axcelis Technologies, Inc. (b)		60,000		516,000
Diodes, Inc. (b)		700		20,460
Omnivision Technologies, Inc. (b)		50,000		795,000


				1,842,180



Telecommunications (4.4%)
Alvarion Ltd. (b)		40,000		536,000
Digi International, Inc. (b)		50,000		684,500
Westell Technologies, Inc. (b)		175,000		981,750


				2,202,250



Textile - Apparel (1.7%)
DHB Industries, Inc. (b)		60,000		829,200



Transportation (1.2%)
Celadon Group, Inc. (b)		29,813		579,863



Veterinary Diagnostics (1.4%)
VCA Antech, Inc. (b)		30,000		672,600



Waste Management (1.8%)
Duratek, Inc. (b)		45,000		910,125



Wholesale Distribution (2.8%)
Navarre Corp. (b)		40,000		600,000
ScanSource, Inc. (b)		13,000		805,090


				1,405,090



X-Ray Equipment (1.4%)
Hologic, Inc. (b)		35,000		702,800


Total Common Stocks				46,462,155



Repurchase Agreements (0.0%)

	Shares or
	Principal Amount		Value


CS First Boston, 1.75%, dated 10/29/04, due 11/01/04, repurchase price $1,032 (Fully collateralized by U.S. Agency Securities and Treasury Notes)	$	1,031		1,031
Nomura Securities, 1.75%, dated 10/29/04, due 11/01/04, repurchase price $1,441 (Fully collateralized by U.S. Agency Securities and AA Corporate Bonds)		1,441		1,441


Total Repurchase Agreements				2,472


Total Investments (Cost $46,657,445) (a) — 93.3%				46,464,627
Other assets in excess of liabilities — 6.7%				3,333,434

NET ASSETS — 100.0%			$	49,798,063


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

(b)		Represents non-income producing securities.

See notes to financial statements.

106 Annual Report 2004

NorthPointe Small Cap Value Fund

For the annual period ended Oct. 31, 2004, the NorthPointe Small Cap Value Fund returned 12.65% (Institutional Class at NAV) versus 11.73% for its benchmark, the Russell 2000® Index. For broader comparison, the average return for the Fund’s Lipper peer category of Small-Cap Core Funds was 12.93%.

The current reporting period has been challenging for value managers who focus on fundamentals, such as a company’s growth, revenues, earnings, management, and capital structure. Nonetheless, our investment objective remains the same: to buy, at attractive valuations, well-positioned companies in which we see tangible evidence of fundamental improvement. As a longer-term perspective, we are in the midst of some rare market moves, occurring less than 1% of the time over the equity market’s history, that have been in play since late 1999. First, many financial experts heralded the death of value investing as growth stocks rallied into 2000. Fortunately, except for brief, unsustainable rallies in the highly speculative areas of the market, value investing, in general, has made a comeback from the premature death watch.

Subsequently, however, there has been a shift to a “deep” value market that has generally rewarded cheap stocks with little or no fundamental progress, which are not in our investment purview. The move to deep value has been an even larger and rarer occurrence than the speculative move toward high growth stocks in the late 90s. Due to these conditions, we underperformed the benchmark for the reporting period.

Historically, we have sought to add value to the portfolio largely through stock selection. For the reporting period, stock selection was strong in the information technology and financial services sectors. Technology names Harris Corp. and Parametric Technology Corp. were particularly strong performers during the period. Harris Corp. made an acquisition in the third quarter of 2004 that strengthened the company’s leading market position in the broadcast segment. The company had an average weighting in the portfolio of 0.72% for the period, while Parametric Technology had an average weighting of 0.49%.

Conversely, stock selection was weaker in the health-care and materials and processing sectors. Health-care name Par Pharmaceutical Cos., Inc. experienced a tough year, despite strong management. The stock’s performance suffered as a result of sales declines in generic Paxil sales and the loss of two out of three patent challenges in court. Par Pharmaceutical had an average weighting in the portfolio of 0.71% during the period.

Fortunately, while market extremes, such as those we discussed above, always seem to persist longer than expected, they rarely usher in a new “paradigm” for investors. We believe that it’s just a matter of time before investors return to a more fundamentally focused investment discipline. As the next year unfolds, we expect to see investors pay closer attention to the fundamentals that we think are important for long-term investing success, and we believe that our discipline and style will yield favorable results.

Portfolio Managers: Jeffery Petherick and Mary Champagne


	Institutional Class: NNSVX

2004 Annual Report 107

NorthPointe Small Cap Value Fund


	Fund Performance

Average Annual Total Return

(For Periods Ended October 31, 2004)


	One year		Inception¹


Institutional Class		12.65%		12.11%

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


¹	Fund commenced operations on June 29, 2000.

Performance of a $10,000 Investment

LOGO

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


(a)		The Russell 2000 is an unmanaged index of approximately 2000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.

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

108 Annual Report 2004

NorthPointe Small Cap Value Fund

Shareholder Expense Example

Actual Expenses

Hypothetical Example for Comparison Purposes

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(October 31, 2004)


		Beginning		Ending
		Account Value,		Account Value,		Expenses Paid		Annualized
Small Cap Value Fund		5/1/04		10/31/04		During Period*		Expense Ratio


Institutional Class	Actual	$	1,000	$	1,044	$	5.09		0.99%
	Hypothetical ¹	$	1,000	$	1,020	$	5.04		0.99%


*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 184/366 (to reflect the one-half year period).

¹	Represents the hypothetical 5% annual return before expenses.

2004 Annual Report 109

NorthPointe Small Cap Value Fund


	Portfolio Summary
	(October 31, 2004)


Asset Allocation


Common Stock			96.6%
Repurchase Agreements			2.2%
Other Investments*			27.4%
Other Liabilities in excess of Assets**			-26.2%

			100.0%


*	Includes value of collateral received from securities lending.

**	Includes value of collateral owed from securities lending.


Top Industries


Real Estate Investment Trusts (REITS)			9.1%
Banks: Outside New York City			7.9%
Services: Commercial			3.4%
Communications Technology			3.4%
Savings & Loan			2.9%
Production Technology Equipment			2.7%
Utilities: Electrical			2.6%
Metal Fabricating			2.6%
Retail			2.5%
Utilities: Gas Distributors			2.4%
Other Industries			60.5%

			100.0%


Top Holdings


Nationwide Health Properties, Inc.			1.3%
Southwestern Energy Co.			1.2%
Energen Corp.			1.2%
Cullen/ Frost Bankers, Inc.			1.2%
Energy Partners Ltd.			1.2%
Affiliated Managers Group, Inc.			1.2%
Westar Energy, Inc.			1.2%
NCO Group, Inc.			1.2%
Ashford Hospitality Trust			1.2%
Oshkosh Truck Corp.			1.1%
Other Holdings			88.0%

			100.0%

110 Annual Report 2004

Statement of Investments

October 31, 2004

NorthPointe Small Cap Value Fund



Common Stocks (96.6%)

	Shares or
	Principal Amount		Value

Aerospace (1.6%)
Alliant Techsystems, Inc. (b)		2,000	$	114,980
Orbital Sciences Corp. (b)		20,100		208,035
Teledyne Technologies, Inc. (b)		7,500		191,775


				514,790



Air Transport (1.0%)
Offshore Logistics, Inc. (b)		8,500		307,360



Auto Parts - After Market (0.1%)
TBC Corp. (b)		1,400		31,122



Auto Trucks & Parts (1.1%)
Oshkosh Truck Corp.		6,230		366,947



Banks - Outside New York City (7.9%)
BOK Financial Corp. (b)		3,532		160,741
Capital Corp. of the West		5,782		266,261
Columbia Banking System, Inc.		9,350		229,075
Cullen/ Frost Bankers, Inc.		8,000		392,000
First Community Bancorp, Inc.		5,000		209,850
FirstMerit Corp.		13,300		347,529
Franklin Bank Corp. (b)		13,540		223,410
Oriental Financial Group, Inc.		9,300		263,469
Piper Jaffray Co. (b)		5,700		249,261
Security Bank Corp.		5,917		208,574


				2,550,170



Beverage - Brewers (Wineries) (0.0%)
Robert Mondavi Corp. (The) (b)		100		5,449



Biotechnology Research & Production (1.0%)
Kensey Nash Corp. (b)		6,000		171,600
Protein Design Labs, Inc. (b)		8,000		153,200


				324,800



Building Materials (0.3%)
LSI Industries, Inc.		10,312		109,823



Building - Heating & Plumbing (0.6%)
Jacuzzi Brands, Inc. (b)		24,100		208,465



Building - Roofing & Wallboard (0.8%)
ElkCorp.		8,900		250,535



Chemicals (2.1%)
Airgas, Inc.		9,500		233,700
Georgia Gulf Corp.		3,900		176,553
Millennium Chemicals, Inc. (b)		10,100		216,948
OM Group, Inc. (b)		1,900		62,681


				689,882



Coal (0.7%)
Peabody Energy Corp.		3,300		210,474



Communications Technology (3.4%)
CommScope, Inc. (b)		9,505		171,185
Comtech Telecommunications Corp. (b)		9,900		271,359
Harris Corp.		4,000		246,120
Inter-Tel, Inc.		7,387		199,449
Standard Microsystems Corp. (b)		9,200		202,584


				1,090,697



Computer Services, Software & Systems (2.2%)
Digital River, Inc. (b)		4,600		153,180
Macromedia, Inc. (b)		10,000		271,400
Parametric Technology Corp. (b)		26,200		135,978
Retek, Inc. (b)		26,600		146,832


				707,390



Computer Technology (1.5%)
Intergraph Corp. (b)		4,400		109,714
Komag, Inc. (b)		17,700		300,458
Western Digital Corp. (b)		8,800		73,304


				483,476



Consumer Electronics (0.5%)
CNET Networks, Inc. (b)		20,200		165,034



Cosmetics (1.0%)
Elizabeth Arden, Inc. (b)		13,700		328,526



Distributors (0.6%)
Beacon Roofing Supply, Inc. (b)		9,800		183,750



Diversified Materials & Processing (0.7%)
Olin Corp.		12,800		239,360



Diversified Production (0.8%)
Thomas & Betts Corp.		8,700		246,558



Drugs & Pharmaceuticals (1.6%)
Endo Pharmaceuticals Holdings, Inc. (b)		5,400		117,720
Guilford Pharmaceuticals, Inc. (b)		15,000		67,800
K-V Pharmaceutical Co. (b)		11,200		223,104
Par Pharmaceutical Cos, Inc. (b)		2,800		110,460


				519,084



Electrical & Electronics (0.6%)
Benchmark Electronics, Inc. (b)		5,600		190,232



Electronics (0.7%)
Avid Technology, Inc. (b)		4,100		217,218

2004 Annual Report 111


	Statement of Investments (Continued)
	October 31, 2004

NorthPointe Small Cap Value Fund (Continued)



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Electronics - Semi-Conductors & Components (0.6%)
Atmel Corp. (b)		60,502	$	192,396



Fertilizers (0.7%)
Mosaic Co. (The) (b)		15,600		234,624



Finance Companies (0.7%)
Saxon Capital, Inc. (b)		11,400		218,880



Finance - Small Loan (0.7%)
QC Holdings, Inc. (b)		14,600		232,578



Financial Data Processing Services & Systems (1.7%)
CCC Information Services Group, Inc. (b)		9,400		172,208
Hypercom Corp. (b)		21,700		140,616
TradeStation Group, Inc. (b)		35,600		220,364


				533,188



Financial Miscellaneous (0.7%)
Triad Guaranty, Inc. (b)		4,250		231,668



Foods (1.3%)
Del Monte Foods Co. (b)		28,000		299,040
Lance, Inc.		7,860		132,677


				431,717



Forest Products (0.6%)
Universal Forest Products, Inc.		4,900		179,708



Health Care Facilities (1.0%)
Kindred Healthcare, Inc. (b)		12,700		306,070



Health Care Management Services (1.3%)
Community Health Systems, Inc. (b)		4,800		128,736
Per-Se Technologies, Inc. (b)		19,800		288,882


				417,618



Homebuilding (0.5%)
Standard Pacific Corp.		2,600		145,990



Household Furnishings (0.4%)
Domestic (0.4%)
Tempur-Pedic International, Inc. (b)		7,900		128,296



Identification Control & Filter Devices (0.4%)
Hubbell, Inc.		2,700		123,444



Insurance - Life (1.1%)
Scottish Re Group Ltd.		15,400		346,500



Insurance - Multi-Line (0.1%)
Allmerica Financial Corp. (b)		1,400		42,140



Insurance - Property & Casualty (2.3%)
Aspen Insurance Holdings Ltd.		11,598		266,754
ProAssurance Corp. (b)		7,900		281,951
Tower Group, Inc. (b)		20,000		178,200


				726,905



Investment Management Companies (2.4%)
Affiliated Managers Group, Inc. (b)		6,950		388,088
National Financial Partners Corp.		6,900		212,106
Tortoise Energy Infrastructure Corp.		6,500		164,775


				764,969



Leisure Time (1.4%)
K2, Inc. (b)		15,000		243,300
West Marine, Inc. (b)		8,800		215,864


				459,164



Machinery - Agricultural (0.5%)
AGCO Corp. (b)		7,600		147,592



Machinery - Industrial/ Specialty (0.9%)
Gardner Denver, Inc. (b)		6,100		182,878
Joy Global, Inc.		2,900		97,991


				280,869



Machinery - Oil Well Equipment & Services (1.6%)
Key Energy Services, Inc. (b)		20,700		238,050
Oil States International, Inc. (b)		15,200		279,072


				517,122



Medical and Dental Instruments & Supplies (1.0%)
Bio-Rad Laboratories, Inc., Class A (b)		3,400		176,868
ThermoGenesis Corp. (b)		24,900		139,067


				315,935



Metal Fabricating (2.6%)
Commercial Metals Co.		5,400		195,210
Kaydon Corp.		7,300		216,080
Maverick Tube Corp. (b)		7,200		189,864
Timken Co.		9,500		228,000


				829,154



Multi-Sector Companies (1.6%)
Carlisle Cos., Inc.		5,400		313,902
Teleflex, Inc.		4,800		210,192


				524,094

112 Annual Report 2004



Common Stocks (continued)

	Shares or
	Principal Amount		Value

Oil - Crude Producers (2.2%)
Chesapeake Energy Corp.		19,500	$	313,560
Energy Partners Ltd. (b)		22,140		388,778


				702,338



Oil - Integrated Domestic (1.0%)
KCS Energy, Inc. (b)		22,500		306,225



Paper (1.1%)
Albany International Corp., Class A		4,100		123,082
Glatfelter		19,200		238,656


				361,738



Printing And Copying Services (0.4%)
Bowne & Co., Inc.		9,077		112,827



Production Technology Equipment (2.7%)
ATMI, Inc. (b)		8,927		208,445
August Technology Corp. (b)		13,000		101,335
Axcelis Technologies, Inc. (b)		33,300		286,381
Cymer, Inc. (b)		6,000		171,120
Photon Dynamics, Inc. (b)		5,401		98,838


				866,119



Railroad Equipment (1.4%)
Greenbrier Cos., Inc. (The)		7,400		182,706
Wabtec Corp.		13,400		271,618


				454,324



Railroads (0.7%)
RailAmerica, Inc. (b)		21,200		235,108



Real Estate Investment Trusts (REIT) (9.1%)
American Financial Realty Trust		24,800		364,560
Ashford Hospitality Trust		38,300		371,127
BioMed Realty Trust, Inc.		18,200		330,876
CBL & Associates Properties, Inc.		5,000		327,750
Corporate Office Properties Trust		4,300		117,906
Eagle Hospitality Properties Trust, Inc. (b)		19,540		185,630
Equity One, Inc.		12,600		264,474
Friedman, Billings, Ramsey Group, Inc.		16,870		289,152
Nationwide Health Properties, Inc.		18,000		406,259
New Century Financial Corp.		5,200		286,780


				2,944,514



Restaurants (0.4%)
Triarc Cos., Inc.		3,600		40,896
Triarc Cos., Inc., Class B		7,200		82,296


				123,192



Retail (2.5%)
Genesco, Inc. (b)		9,500		243,200
Jos. A. Bank Clothiers, Inc. (b)		6,350		201,549
ShopKo Stores, Inc. (b)		7,000		120,680
Zale Corp. (b)		8,600		245,272


				810,701



Savings & Loan (2.9%)
BankAtlantic Bancorp, Inc., Class A		20,152		352,458
BankUnited Financial Corp., Class A (b)		8,110		241,273
ITLA Capital Corp. (b)		6,962		337,107


				930,838



Securities Brokerage & Services (2.2%)
American Capital Strategies Ltd.		10,600		328,070
NCO Group, Inc. (b)		13,900		371,825


				699,895



Services - Commercial (3.4%)
Chemed Corp.		5,500		332,475
Hudson Highland Group, Inc. (b)		5,200		148,538
Integrated Alarm Services Group, Inc. (b)		12,500		55,375
Labor Ready, Inc. (b)		11,600		166,460
Pegasus Systems, Inc. (b)		8,493		88,412
Waste Connections, Inc. (b)		9,900		312,048


				1,103,308



Shipping (1.1%)
Kirby Corp. (b)		8,080		339,360



Shoes (0.6%)
Finish Line, Inc. Class A (The)		6,000		207,780



Steel (1.3%)
Harsco Corp.		5,000		242,250
Wheeling-Pittsburgh Corp. (b)		5,400		170,910


				413,160



Telecommunications Equipment (0.9%)
Andrew Corp. (b)		15,017		209,938
C-COR, Inc. (b)		10,400		78,208


				288,146



Utilities - Electrical (2.6%)
PNM Resources, Inc.		8,300		193,224
Westar Energy, Inc.		18,200		381,290
WPS Resources Corp.		5,700		270,750


				845,264

2004 Annual Report 113


	Statement of Investments (Continued)
	October 31, 2004

NorthPointe Small Cap Value Fund (Continued)





Common Stocks (continued)
	Shares or
	Principal Amount		Value

Utilities - Gas Distributors (2.4%)
Energen Corp.		7,300	$	392,594
Southwestern Energy Co. (b)		8,600		395,084


				787,678



Utilities - Telecommunications (0.8%)
NII Holdings, Inc. (b)		6,100		270,047


Total Common Stocks				31,074,397


Repurchase Agreements (2.2%)
CS First Boston, 1.75%, dated 10/29/04, due 11/01/04, repurchase price $296,258 (Fully collateralized by Treasury Notes and U.S. Agency Securities)		$296,215		296,215
Nomura Securities, 1.75% dated 10/29/04, due 11/01/04, repurchase price $413,944 (Fully collateralized by AA Corporate Bonds and U.S. Agency Securities)		413,884		413,884


Total Repurchase Agreements				710,099





Short-Term Securities Held as Collateral for Securities Lending (27.4%)
	Shares or
	Principal Amount		Value


Pool of short-term securities for Gartmore Mutual Funds - footnote 2 (Securities Lending)	$	8,810,314		8,810,314


Total Short-Term Securities Held as Collateral for Securities Lending				8,810,314


Total Investments (Cost $37,308,739) (a) — 126.2%				40,594,810
Liabilities in excess of other assets — (26.2)%				(8,438,457)


NET ASSETS — 100.0%			$	32,156,353


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

(b)		Denotes a non-income producing security.

See notes to financial statements.

114 Annual Report 2004

Statements of Assets and Liabilities

October 31, 2004


			NorthPointe Small			NorthPointe Small
			Cap Growth Fund			Cap Value Fund



Assets:
Investments, at value (cost $46,654,973 and $36,598,640; respectively)			$	46,462,155		$	39,884,711
Repurchase agreements, at cost				2,472			710,099

		Total Investments		46,464,627			40,594,810

Interest and dividends receivable				275			6,507
Receivable for capital shares issued				49,000,000			—
Receivable for investments sold				10,950			732,625
Receivable from adviser				7,391			133
Prepaid expenses and other assets				2,776			242

		Total Assets		95,486,019			41,334,317

Liabilities:
Payable for investments purchased				45,679,547			336,689
Payable for return of collateral received for securities on loan				—			8,810,314
Accrued expenses and other payables
	Investment advisory fees			5,927			23,058
	Fund administration and transfer agent fees			1,357			3,856
	Distribution fees			4			—
	Administrative servicing fees			1			—
	Other			1,120			4,047

		Total Liabilities		45,687,956			9,177,964

Net Assets			$	49,798,063		$	32,156,353

Represented by:
Capital			$	49,993,439		$	21,327,198
Accumulated net investment income (loss)				(30	)		1,822
Accumulated net realized gains (losses) from investment transactions				(2,528	)		7,541,262
Net unrealized appreciation (depreciation) on investments				(192,818	)		3,286,071

Net Assets			$	49,798,063		$	32,156,353

Net Assets:
Class A Shares			$	1,047		$	—
Class B Shares				1,046			—
Class C Shares				1,046			—
Class R Shares				1,046			—
Institutional Service Class Shares				1,047			—
Institutional Class Shares				49,792,831			32,156,353

Total			$	49,798,063		$	32,156,353

Shares outstanding (unlimited number of shares authorized):
Class A Shares				100			—
Class B Shares				100			—
Class C Shares				100			—
Class R Shares				100			—
Institutional Service Class Shares				100			—
Institutional Class Shares				4,755,967			2,229,091

Total				4,756,467			2,229,091

Net asset value:
Class A Shares			$	10.47		$	—
Class B Shares (a)			$	10.46		$	—
Class C Shares (b)			$	10.46		$	—
Class R Shares			$	10.46		$	—
Institutional Service Class Shares			$	10.47		$	—
Institutional Class Shares			$	10.47		$	14.43
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares			$	11.11		$	—

Maximum Sales Charge — Class A Shares				5.75	%


(a)		For Class B shares, the redemption price per share varies by the length of time shares are held
(b)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year

See notes to financial statements.

2004 Annual Report 115


	Statements of Operations
	For the Year Ended October 31, 2004


		NorthPointe Small			NorthPointe Small Cap
		Cap Growth Fund (a)			Value Fund



INVESTMENT INCOME:
Interest income		$	162		$	14,508
Dividend income			113			374,004
Income from securities lending			—			23,720


	Total Income		275			412,232

Expenses:
Investment advisory fees			5,927			295,327
Fund administration and transfer agent fees			1,357			40,938
Distribution fees Class A			1			—
Distribution fees Class B			1			—
Distribution fees Class C			1			—
Distribution fees Class R			1			—
Administrative Service Class R			1			—
Professional Fees			921			2,522
Registration and filing fees			5,259			147
Printing			—			—
Other			788			6,630


	Total expenses before waived or reimbursed expenses		14,257			345,564


Expenses reimbursed			(7,391	)		(528	)


	Total Expenses		6,866			345,036


Net Investment Income (Loss)			(6,591	)		67,196

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains (losses) on investments transactions			(2,528	)		7,609,857
Net change in unrealized appreciation/depreciation on investments			(192,818	)		(3,245,906	)


Net realized/unrealized gains (losses) on investments			(195,346	)		4,363,951


CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	(201,937	)	$	4,431,147

(a) For the period from September 29, 2004 (commencement of operations) through October 31, 2004.

See notes to financial statements.

116 Annual Report 2004

Statements of Changes in Net Assets


	NorthPointe Small Cap
	Growth Fund			NorthPointe Small Cap Value Fund
	Period Ended			Year Ended			Year Ended
	October 31, 2004 (a)			October 31, 2004			October 31, 2003



FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)	$	(6,591	)	$	67,196		$	79,608
Net realized gains (losses) on investment transactions		(2,528	)		7,609,857			2,327,065
Net change in unrealized appreciation/depreciation on investments		(192,818	)		(3,245,906	)		8,548,390


Change in net assets resulting from operations		(201,937	)		4,431,147			10,955,063


Distributions to Institutional Class Shareholders from:
Net investment income		—			(65,374	)		(102,987	)
Net realized gains on investments		—			(2,004,933	)		—


Change in net assets from shareholder distributions		—			(2,070,307	)		(102,987	)


Change in net assets from capital transactions		50,000,000			(9,532,527	)		(1,484,707	)


Change in net assets		49,798,063			(7,171,687	)		9,367,369
Net Assets:
Beginning of period		—			39,328,040			29,960,671


End of period	$	49,798,063		$	32,156,353		$	39,328,040


(a)		For the period from September 29, 2004 (commencement of operations) through October 31, 2004.

See notes to financial statements.

2004 Annual Report 117


	Financial Highlights
	Selected Data for Each Share of Capital Outstanding.

NorthPointe Small Cap Growth Fund



			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized		Total
	Value,		Investment			Gains		from
	Beginning		Income			(Losses) on		Investment
	of Period		(Loss)			Investments		Activities



Class A Shares
Period Ended October 31, 2004 (d)	$	10.00		(0.01	)		0.48		0.47
Class B Shares
Period Ended October 31, 2004 (d)	$	10.00		(0.01	)		0.47		0.46
Class C Shares
Period Ended October 31, 2004 (d)	$	10.00		(0.01	)		0.47		0.46
Class R Shares
Period Ended October 31, 2004 (d)	$	10.00		(0.01	)		0.47		0.46
Institutional Service Class Shares
Period Ended October 31, 2004 (d)	$	10.00		(0.01	)		0.48		0.47
Institutional Class Shares
Period Ended October 31, 2004 (d)	$	10.00		(0.01	) (g)		0.48		0.47

[Additional columns below]

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


	Net Asset
	Value, End		Total
	of Period		Return (a)



Class A Shares
Period Ended October 31, 2004 (d)	$	10.47		4.70%	(e)
Class B Shares
Period Ended October 31, 2004 (d)	$	10.46		4.60%	(e)
Class C Shares
Period Ended October 31, 2004 (d)	$	10.46		4.60%	(e)
Class R Shares
Period Ended October 31, 2004 (d)	$	10.46		4.60%	(e)
Institutional Service Class Shares
Period Ended October 31, 2004 (d)	$	10.47		4.70%	(e)
Institutional Class Shares
Period Ended October 31, 2004 (d)	$	10.47		4.70%	(e)

[Additional columns below]

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

Ratios / Supplemental Data

Ratio of Net

Ratio of

Investment

Expenses

Income (Loss)

Net Assets

Ratio of

Income

(Prior to

at End of

Expenses

(Loss)

Reimbursements)

Reimbursements

Period

to Average

Portfolio

(000s)

Net Assets

Net Assets (b)

Turnover (c)

Class A Shares

Period Ended October 31, 2004 (d)

1.50%

(f)

(1.17%

) (f)

9.82%

(f)

(9.48%

) (f)

0.48%

Class B Shares

Period Ended October 31, 2004 (d)

2.07%

(f)

(1.78%

) (f)

9.13%

(f)

(8.84%

) (f)

0.48%

Class C Shares

Period Ended October 31, 2004 (d)

2.07%

(f)

(1.78%

) (f)

9.13%

(f)

(8.84%

) (f)

0.48%

Class R Shares

Period Ended October 31, 2004 (d)

1.73%

(f)

(1.17%

) (f)

8.65%

(f)

(6.92%

) (f)

0.48%

Institutional Service Class Shares

Period Ended October 31, 2004 (d)

1.04%

(f)

(0.74%

) (f)

8.22%

(f)

(7.92%

) (f)

0.48%

Institutional Class Shares

Period Ended October 31, 2004 (d)

49,793

1.07%

(f)

(1.02%

) (f)

2.18%

(f)

(2.14%

) (f)

0.48%


(a)		Excludes sales charges.
(b)		During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c)		Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)		For the period from September 29, 2004 (commencement of operations) through October 31, 2004.
(e)		Not annualized.
(f)		Annualized.
(g)		Net investment income (loss) is based on average shares outstanding during the period.

See notes to financial statements.

118 Annual Report 2004

NorthPointe Small Cap Value Fund



			Investment Activities
					Net Realized
					and
	Net Asset		Net		Unrealized			Total
	Value,		Investment		Gains			from
	Beginning		Income		(Losses) on			Investment
	of Period		(Loss)		Investments			Activities



Institutional Class Shares
Period Ended October 31, 2000 (b)	$	10.00		0.02		0.49			0.51
Year Ended October 31, 2001	$	10.50		0.13		0.62			0.75
Year Ended October 31, 2002	$	11.14		0.06		(0.69	)		(0.63	)
Year Ended October 31, 2003	$	9.82		0.03		3.72			3.75
Year Ended October 31, 2004	$	13.53		0.03		1.64			1.67

[Additional columns below]

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



	Distributions
	Net			Net						Net Asset
	Investment			Realized			Total			Value, End		Total
	Income			Gains			Distributions			of Period		Return



Institutional Class Shares
Period Ended October 31, 2000 (b)		(0.01	)		—			(0.01	)	$	10.50		5.14%	(c)
Year Ended October 31, 2001		(0.11	)		—			(0.11	)	$	11.14		7.13%
Year Ended October 31, 2002		(0.06	)		(0.63	)		(0.69	)	$	9.82		(6.43%	)
Year Ended October 31, 2003		(0.04	)		—			(0.04	)	$	13.53		38.25%
Year Ended October 31, 2004		(0.03	)		(0.74	)		(0.77	)	$	14.43		12.65%

[Additional columns below]

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



	Ratios / Supplemental Data
												Ratio of Net
						Ratio of Net			Ratio of			Investment
						Investment			Expenses			Income (Loss)
	Net Assets		Ratio of			Income			(Prior to			(Prior to
	at End of		Expenses			(Loss)			Reimbursements)			Reimbursements)
	Period		to Average			to Average			to Average			to Average			Portfolio
	(000s)		Net Assets			Net Assets			Net Assets (a)			Net Assets (a)			Turnover



Institutional Class Shares
Period Ended October 31, 2000 (b)	$	23,359		1.00%	(d)		0.82%	(d)		1.79%	(d)		0.03%	(d)		49.93%
Year Ended October 31, 2001	$	30,470		1.00%			1.00%			1.38%			0.62%			150.45%
Year Ended October 31, 2002	$	29,961		1.00%			0.52%			1.06%			0.46%			105.59%
Year Ended October 31, 2003	$	39,328		1.00%			0.25%			1.01%			0.23%			102.63%
Year Ended October 31, 2004	$	32,156		0.99%			0.19%			1.00%			0.18%			135.45%


(a)		During the period certain fees were waived and/or reimbursed. If such waivers/ reimbursements had not occurred, the ratios would have been as indicated.
(b)		For the period from June 29, 2000 (commencement of operations) through October 31, 2000.
(c)		Not annualized.
(d)		Annualized.

See notes to financial statements.

2004 Annual Report 119


	Notes to Financial Statements
	October 31, 2004

1. Organization

Gartmore Mutual Funds (the “Trust”) is an open-end management investment company. Prior to January 25, 2002 the Trust was named Nationwide Mutual Funds. The Trust was created under the laws of Ohio as an Ohio business trust pursuant to a Declaration of Trust dated as of October 30, 1997, as subsequently amended, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As of October 31, 2004, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”) without par value. The Trust operates forty-five (45) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the 7 funds listed below (individually a “Fund”, collectively the “Funds”):


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

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

Pursuant to a plan and agreement of redomestication and reorganization dated September 15, 2004, the shareholders of the Trust will be requested, at a special meeting to be held on December 23, 2004, to approve the redomestication of the Trust to a Delaware statutory trust; said Trust redomestication is expected to be effective as of March 1, 2005. The redomestication is a change in Statutory Status and will not affect the operations of the Trust.

2. Summary of Significant Accounting Policies

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


(a)	Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange to date have been valued at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

120 Annual Report 2004


	Debt and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Funds’ Board of Trustees. Short-term debt securities such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase are considered to be “short-term” and are valued at amortized cost which approximates market value.

	Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Funds’ investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value” of such securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of SEC acceptable methods: (I) a multiple of earnings, (ii) the discount from market value of a similar, freely traded security, (iii) the yield-to-maturity for debt issues, or (iv) a consolidation of the methods. The Gartmore Fair Value Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

	Beginning July 1, 2004, the Funds holding foreign equity securities (the “Foreign Equity Funds”) began to value foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Foreign Equity Funds, the Foreign Equity Funds will fair value their foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Foreign Equity Funds’ foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees of the Trust has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. In determining fair value prices, the Trust utilizes data furnished by an independent pricing service (and that data draws upon, among other information, the market values of foreign investments). The fair value prices of portfolio securities generally will be used when it is determined that the use of such prices will have a material impact on the net asset value of a Foreign Equity Fund. When a Foreign Equity Fund uses fair value pricing, the values assigned to the Foreign Equity Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.


(b)	Repurchase Agreements

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

2004 Annual Report 121


	Notes to Financial Statements (Continued)
	October 31, 2004 (Continued)


(c)	Foreign Currency Transactions

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


(d)	Risks Associated with Foreign Securities and Currencies


	Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could adversely affect investments in those countries.

	Certain countries may also impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and a high price volatility with respect to securities of issuers from developing countries.


(e)	Forward Foreign Currency Contracts

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


(f)	Futures Contracts


	Certain Funds may invest in financial futures contracts (“futures contracts”) for the purpose of hedging their existing portfolio securities or securities they intend to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes. Upon entering into a futures contract, these Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin”, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Future contracts are valued daily at their last quoted sale price.

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

	Should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.


(g)	Swap Contracts


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

122 Annual Report 2004


	losses are reported as a liability on the Statement of Assets and Liabilities. The change in unrealized gains or losses on swap contracts is reported as unrealized gains or losses in the Statement of Operations. A realized gain or loss is recorded upon termination of swap contracts. Swap contracts are stated at fair value. Notional principal amounts are used to express the extent of involvement in these contracts, but the amounts potentially subject to credit risk are much smaller.

	At October 31, 2004, Bond Index’s open swap contracts were as follows:

Underlying

Unrealized

Expiration

Notional

Appreciation

Description

Date

Value

(Depreciation)

Index Swap with Morgan Stanley Capital Services Inc., Pays net of the total return of the Lehman Brothers CMBS Investment Grade plus 100 bps minus Libor minus 40 bps. Gartmore Bond Index Fund receives positive pays negative

04/01/05

28,000,000

251,754


(h)	Mortgage Dollar Rolls

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


(i)	Security Transactions and Investment Income


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


(j)	Securities Lending

To generate additional income, each of the Funds may lend up to 33 1/3% of the Fund’s total assets pursuant to agreements, requiring that the Fund receives cash or securities as collateral with respect to each loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and at all times thereafter requiring the borrower to mark to market the collateral on a daily basis so that the market value of the collateral does not fall below 100% of the market value of the portfolio securities loaned. The Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral. Collateral is marked to market daily to provide a level of collateral at least equal to the market value of securities lent. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Funds’ investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Funds or the borrower at any time, and therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Funds. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers.

2004 Annual Report 123


	Notes to Financial Statements (Continued)
	October 31, 2004 (Continued)


	The cash collateral received by the Funds at October 31, 2004, was pooled and invested in the following:


Security Type	Security Name	Market Value		Maturity Rate


Commercial Paper	AJAX Bambino Funding Ltd.	$	20,668,318		1.90%

Funding Agreement/ GIC	Protective Life Insurance Company		21,000,000		2.24%

Funding Agreement/ GIC	GE Life and Annuity		18,200,000		1.97%

Master Note — Floating	CDC Financial Product Inc.		14,000,000		1.98%

Master Note — Floating	Goldman Sachs Group LP		6,000,000		2.06%

Medium Term Note — Fixed	Concord Minutemen C.C. LLC		17,904,351		1.86%

Medium Term Note — Floating	Countrywide Home Loans Inc.		30,033,700		1.84%

Medium Term Note — Floating	Northern Rock PLC		17,999,757		1.88%

Medium Term Note — Floating	Pacific Life Global Funding		14,994,078		2.18%

Medium Term Note — Floating	General Electric Capital Corp.		7,578,842		1.69%

Money Market Fund	JPM S/ L Collateral Investment		8,100,000		1.81%

Repurchase Agreement	Barclays Capital		83,983,399		1.91%

Yankee Certificates of Deposit — Floating	Societe Generale, New York		21,996,909		1.82%

Yankee Certificates of Deposit — Floating	Deutsche Bank N.Y.		16,002,299		1.99%

Yankee Certificates of Deposit — Floating	Canadian Imperial Bank N.Y.		25,986,817		2.01%

Yankee Certificates of Deposit — Floating	Rabobank, New York		24,984,996		1.88%

Yankee Certificates of Deposit — Floating	Nordea Bank New York		5,497,375		1.85%

[Additional columns below]

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


Security Type	Maturity Date


Commercial Paper		11/18/04

Funding Agreement/ GIC		01/31/05

Funding Agreement/ GIC		11/15/04

Master Note — Floating		11/01/04

Master Note — Floating		11/01/04

Medium Term Note — Fixed		11/09/04

Medium Term Note — Floating		11/23/04

Medium Term Note — Floating		12/09/04

Medium Term Note — Floating		01/26/05

Medium Term Note — Floating		11/03/04

Money Market Fund		11/01/04

Repurchase Agreement		11/01/04

Yankee Certificates of Deposit — Floating		11/01/04

Yankee Certificates of Deposit — Floating		11/01/04

Yankee Certificates of Deposit — Floating		11/01/04

Yankee Certificates of Deposit — Floating		11/01/04

Yankee Certificates of Deposit — Floating		11/01/04


	Information on the investment of cash collateral is shown in the Statement of Investments.

	As of October 31, 2004, the following Funds had securities with the following market values on loan:


	Market Value
	of Loaned		Market Value
Fund	Securities		of Collateral*


S&P 500 Index	$	35,668,835	$	36,450,779

Mid Cap Market Index		88,252,745		89,916,465

Small Cap Index		70,741,255		72,622,377

International Index		88,166,258		92,706,773

Bond Index		282,235,746		287,576,673

Small Cap Value		8,626,409		8,810,314


	*	Includes securities and cash collateral


(k)	Distributions to Shareholders


	Net investment income, if any, is declared daily and paid monthly for the Bond Index Fund and is declared and paid quarterly for all other Funds. For all Funds, distributable net realized capital gains, if any, are declared and distributed at least annually.

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

124 Annual Report 2004


(l)	Federal Income Taxes

It is the policy of each Fund to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.


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

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


(n)	Capital Share Transactions


	Transactions in capital shares of the Funds were as follows:

2004 Annual Report 125


	Notes to Financial Statements (Continued)
	October 31, 2004 (Continued)



		S&P 500 Index						Mid Cap Market Index
		Year Ended			Year Ended			Year Ended			Year Ended
		October 31, 2004			October 31, 2003			October 31, 2004			October 31, 2003




CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	3,841,704		$	1,828,678		$	43,015,880		$	22,747,677
	Dividends reinvested		76,060			52,980			629,448			102,486
	Cost of shares redeemed		(2,337,539	)		(888,404	)		(21,026,712	)		(10,104,677	)


			1,580,225			993,254			22,618,616			12,745,486


Class B Shares
	Proceeds from shares issued		1,646,256			1,202,549			404,383			172,330
	Dividends reinvested		15,986			13,037			3,504			49
	Cost of shares redeemed		(837,720	)		(438,620	)		(74,493	)		(7,981	)


			824,522			776,966			333,394			164,398


Class C Shares
	Proceeds from shares issued		237,978			9,977	(a)		2,986			20,011	(a)
	Dividends reinvested		573			—			229			—
	Cost of shares redeemed		(1,200	)		—			—			—


			237,351			9,977			3,215			20,011


Institutional Class Shares
	Proceeds from shares issued		736,845,278			381,796,247			293,159,004			145,491,963
	Dividends reinvested		13,212,499			5,403,845			6,267,087			1,165,898
	Cost of shares redeemed		(182,979,506	)		(80,291,097	)		(45,012,424	)		(29,045,945	)


			567,078,271			306,908,995			254,413,667			117,611,916


Service Class Shares
	Proceeds from shares issued		124,577,939			115,667,745			—			—
	Dividends reinvested		4,915,270			3,283,193			—			—
	Cost of shares redeemed		(52,626,707	)		(31,059,326	)		—			—


			76,866,502			87,891,612			—			—


Institutional Service Class Shares
	Proceeds from shares issued		22,349,604			21,783,046			—			—
	Dividends reinvested		759,266			565,062			—			—
	Cost of shares redeemed		(13,194,895	)		(17,700,358	)		—			—


			9,913,975			4,647,750			—			—


Local Fund Shares
	Proceeds from shares issued		—			—			—			—
	Dividends reinvested		1,378			1,148			—			—


			1,378			1,148			—			—


Change in net assets from capital transactions		$	656,502,224		$	401,229,702		$	277,368,892		$	130,541,811


SHARE TRANSACTIONS:
Class A Shares
	Issued		399,081			224,195			3,397,710			2,175,011
	Reinvested		7,956			6,546			51,098			10,230
	Redeemed		(244,706	)		(107,324	)		(1,662,023	)		(992,214	)


			162,331			123,417			1,786,785			1,193,027


Class B Shares
	Issued		171,050			147,704			32,301			16,581
	Reinvested		1,682			1,630			289			5
	Redeemed		(87,911	)		(56,310	)		(6,184	)		(861	)


			84,821			93,024			26,406			15,725


Class C Shares
	Issued		24,813			1,133	(a)		241			1,750	(a)
	Reinvested		60			—			19			—
	Redeemed		(127	)		—			—			—


			24,746			1,133			260			1,750


Institutional Class Shares
	Issued		76,540,250			46,941,237			23,165,268			14,421,674
	Reinvested		1,376,142			660,006			500,868			114,442
	Redeemed		(18,716,166	)		(10,009,047	)		(3,519,484	)		(2,875,636	)


			59,200,226			37,592,196			20,146,652			11,660,480


Service Class Shares
	Issued		12,975,238			14,209,589			—			—
	Reinvested		514,689			406,279			—			—
	Redeemed		(5,500,195	)		(3,862,780	)		—			—


			7,989,732			10,753,088			—			—


Institutional Service Class Shares
	Issued		2,323,717			2,727,480			—			—
	Reinvested		79,256			69,828			—			—
	Redeemed		(1,366,721	)		(2,144,113	)		—			—


			1,036,252			653,195			—			—


Local Fund Shares
	Issued		—			—			—			—
	Reinvested		144			141			—			—


			144			141			—			—


Total change in shares			68,498,252			49,216,194			21,960,103			12,870,982

[Additional columns below]

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



		Small Cap Index
		Year Ended			Year Ended
		October 31, 2004			October 31, 2003




CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	55,133,106		$	35,834,926
	Dividends reinvested		1,085,234			108,894
	Cost of shares redeemed		(40,084,424	)		(11,941,012	)


			16,133,916			24,002,808


Class B Shares
	Proceeds from shares issued		177,466			117,116
	Dividends reinvested		4,574			116
	Cost of shares redeemed		(27,774	)		(4,489	)


			154,266			112,743


Class C Shares
	Proceeds from shares issued		17,986			20,111	(a)
	Dividends reinvested		362			—
	Cost of shares redeemed		(2,025	)		—


			16,323			20,111


Institutional Class Shares
	Proceeds from shares issued		125,348,059			59,524,627
	Dividends reinvested		3,218,879			540,240
	Cost of shares redeemed		(30,106,414	)		(16,579,521	)


			98,460,524			43,485,346


Service Class Shares
	Proceeds from shares issued		—			—
	Dividends reinvested		—			—
	Cost of shares redeemed		—			—


			—			—


Institutional Service Class Shares
	Proceeds from shares issued		—			—
	Dividends reinvested		—			—
	Cost of shares redeemed		—			—


			—			—


Local Fund Shares
	Proceeds from shares issued		—			—
	Dividends reinvested		—			—


			—			—


Change in net assets from capital transactions		$	114,765,029		$	67,621,008


SHARE TRANSACTIONS:
Class A Shares
	Issued		5,049,499			3,998,321
	Reinvested		101,916			13,066
	Redeemed		(3,661,727	)		(1,403,843	)


			1,489,688			2,607,544


Class B Shares
	Issued		16,234			12,631
	Reinvested		434			15
	Redeemed		(2,745	)		(598	)


			13,923			12,048


Class C Shares
	Issued		1,657			2,018	(a)
	Reinvested		34			—
	Redeemed		(180	)		—


			1,511			2,018


Institutional Class Shares
	Issued		11,448,553			7,033,832
	Reinvested		298,715			64,463
	Redeemed		(2,710,102	)		(1,963,299	)


			9,037,166			5,134,996


Service Class Shares
	Issued		—			—
	Reinvested		—			—
	Redeemed		—			—


			—			—


Institutional Service Class Shares
	Issued		—			—
	Reinvested		—			—
	Redeemed		—			—


			—			—


Local Fund Shares
	Issued		—			—
	Reinvested		—			—


			—			—


Total change in shares			10,542,288			7,756,606


(a)		For the period from October 22, 2003 (commencement of operations) through October 31, 2003.

126 Annual Report 2004



		International Index						Bond Index
		Year Ended			Year Ended			Year Ended			Year Ended
		October 31, 2004			October 31, 2003			October 31, 2004			October 31, 2003




CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shares issued	$	42,445,138		$	119,622,571		$	13,347,490		$	30,725,035
	Dividends reinvested		310,013			252,921			1,350,691			1,726,592
	Cost of shares redeemed		(28,400,557	)		(119,862,372	)		(16,812,393	)		(28,679,148	)


			14,354,594			13,120			(2,114,212	)		3,772,479


Class B Shares
	Proceeds from shares issued		75,346			13,648			222,398			261,455
	Dividends reinvested		1,045			1,222			7,736			2,592
	Cost of shares redeemed		(42,325	)		(10,145	)		(35,062	)		(31,327	)


			34,066			4,725			195,072			232,720


Institutional Class Shares
	Proceeds from shares issued		461,901,238			248,081,936			509,207,305			335,894,088
	Dividends reinvested		10,088,380			4,721,725			26,390,060			11,973,979
	Cost of shares redeemed		(56,912,451	)		(70,327,032	)		(76,995,027	)		(49,645,865	)


			415,077,167			182,476,629			458,602,338			298,222,202


Change in net assets from capital transactions		$	429,465,827		$	182,494,474		$	456,683,198		$	302,227,401


SHARE TRANSACTIONS:
Class A Shares
	Issued		5,890,638			21,676,575			1,210,795			2,776,357
	Reinvested		42,652			45,133			122,641			155,870
	Redeemed		(3,956,219	)		(21,579,769	)		(1,523,237	)		(2,589,441	)


			1,977,071			141,939			(189,801	)		342,786


Class B Shares
	Issued		10,681			2,702			20,196			23,372
	Reinvested		146			218			702			235
	Redeemed		(5,909	)		(1,900	)		(3,184	)		(2,816	)


			4,918			1,020			17,714			20,791


Institutional Class Shares
	Issued		63,612,835			44,034,205			46,269,303			30,355,893
	Reinvested		1,388,539			828,041			2,398,550			1,082,080
	Redeemed		(7,893,235	)		(12,488,487	)		(6,954,345	)		(4,489,431	)


			57,108,139			32,373,759			41,713,508			26,948,542


Total change in shares			59,090,128			32,516,718			41,541,421			27,312,119

2004 Annual Report 127


	Notes to Financial Statements (Continued)
	October 31, 2004 (Continued)


		NorthPointe Small
		Cap Growth		NorthPointe Small Cap Value
		Period Ended		Year Ended			Year Ended
		October 31, 2004 (a)		October 31, 2004			October 31, 2003




CAPITAL TRANSACTIONS:
Class A Shares
	Proceeds from shared issued	$	1,000	$	—		$	—


			1,000		—			—


Class B Shares
	Proceeds from shared issued		1,000		—			—


			1,000		—			—


Class C Shares
	Proceeds from shared issued		1,000		—			—


			1,000		—			—


Class R Shares
	Proceeds from shared issued		1,000		—			—


			1,000		—			—


Institutional Service Class Shares
	Proceeds from shared issued		1,000		—			—


			1,000		—			—


Institutional Class Shares
	Proceeds from shared issued		49,995,000		3,946,839			2,061,469
	Dividends reinvested		—		2,016,737			64,171
	Cost of shares redeemed		—		(15,496,103	)		(3,610,347	)


			49,995,000		(9,532,527	)		(1,484,707	)


Total change in shares		$	50,000,000	$	(9,532,527	)	$	(1,484,707	)


		NorthPointe Small
		Cap Growth		NorthPointe Small Cap Value
		Period Ended		Year Ended			Year Ended
		October 31, 2004 (a)		October 31, 2004			October 31, 2003




SHARE TRANSACTIONS:
Class A Shares
	Issued		100		—			—


			100		—			—


Class B Shares
	Issued		100		—			—


			100		—			—


Class C Shares
	Issued		100		—			—


			100		—			—


Class R Shares
	Issued		100		—			—


			100		—			—


Institutional Service Class Shares
	Issued		100		—			—


			100		—			—


Institutional Class Shares
	Issued		4,755,967		269,490			195,363
	Reinvested		—		147,071			6,148
	Redeemed		—		(1,093,972	)		(345,488	)


			4,755,967		(677,411	)		(143,977	)


Total change in shares			4,756,467		(677,411	)		(143,977	)


(a)		For the period from September 29, 2004 (commencement of operations) through October 31, 2004.

128 Annual Report 2004

3. Transactions with Affiliates

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


Fund	Adviser		Subadviser


S&P 500 Index		GMF		Fund Asset Management, L.P.

Mid Cap Market Index		GMF		Fund Asset Management, L.P.

Small Cap Index		GMF		Fund Asset Management, L.P.

International Index		GMF		Fund Asset Management, L.P.

Bond Index		GMF		Fund Asset Management, L.P.

Small Cap Growth		GMF		NorthPointe Capital, LLC (a)

Small Cap Value		GMF		NorthPointe Capital, LLC (a)


(a)		Affiliate of GMF.

Under the terms of the Investment Advisory Agreements, each Fund pays GMF an investment advisory fee based on that Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreements, GMF pays fees to the subadviser. Additional information regarding the investment advisory fees and subadvisory fees for GMF and the subadvisers, where applicable, is as follows for the year ended October 31, 2004:


			Total		Fees		Paid to
Fund	Fee Schedule		Fees		Retained		Subadviser


S&P 500 Index		Up to $1.5 billion		0.13%		0.13%		0.02%
		$1 billion up to $3 billion		0.12%		0.12%		0.02%
		$3 billion and more		0.11%		0.11%		0.02%

Mid Cap Market Index (a)		Up to $1.5 billion		0.22%		0.13%		0.09%
		On the next $1.5 billion		0.21%		0.12%		0.09%
		On $3 billion and more		0.20%		0.11%		0.09%

Small Cap Index (b)		Up to $1.5 billion		0.20%		0.13%		0.07%
		On the next $1.5 billion		0.19%		0.12%		0.07%
		On $3 billion and more		0.18%		0.11%		0.07%

International Index (c)		Up to $1.5 billion		0.27%		0.15%		0.12%
		On the next $1.5 billion		0.26%		0.14%		0.12%
		On $3 billion and more		0.25%		0.13%		0.12%

Bond Index (d)		Up to $1.5 billion		0.22%		0.13%		0.09%
		On the next $1.5 billion		0.21%		0.12%		0.09%
		On $3 billion and more		0.20%		0.11%		0.09%

Small Cap Growth		All Assets		0.95%		—		0.95%

Small Cap Value		All Assets		0.85%		—		0.85%


(a)		Prior to March 1, 2004, the advisory fee was 0.22% on all asset levels.
(b)		Prior to March 1, 2004, the advisory fee was 0.20% on all asset levels.
(c)		Prior to March 1, 2004, the advisory fee was 0.27% on all asset levels.
(d)		Prior to March 1, 2004, the advisory fee was 0.22% on all asset levels.

2004 Annual Report 129


	Notes to Financial Statements (Continued)
	October 31, 2004 (Continued)

GMF and the Funds have entered into written contracts (“Expense Limitation Agreements”) limiting operating expenses (excluding any taxes, interest, brokerage fees, extraordinary expenses, short sale dividend expenses, Rule 12b-1 fees, and administrative services fees) from exceeding the amounts listed in the table below until February 28, 2005:



	Expense Caps

												Institutional
	Class A		Class B			Class C		Class R		Institutional		Service Class
Fund	Shares		Shares			Shares		Shares		Class Shares		Shares


S&P 500 Index		0.63%		1.23%			1.23%		0.23%		0.23%		0.48%

Mid Cap Market Index		0.81%		1.41%			1.41%		0.31%		0.31%		n/a

Small Cap Index (a)		0.79%		1.39%			1.39%		0.29%		0.29%		n/a

International Index (a)		0.86%		1.46%			1.46%		0.36%		0.36%		n/a

Bond Index (a)		0.81%		1.41%			1.41%		0.31%		0.31%		n/a

Small Cap Growth		1.10%		1.10%			1.10%		1.10%		1.10%		1.10%

Small Cap Value		n/a		n/a	��		n/a				1.00%		n/a

[Additional columns below]

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



	Expense Caps

	Service Class		Local Fund
Fund	Shares		Shares


S&P 500 Index		0.63%		0.35%

Mid Cap Market Index		n/a		n/a

Small Cap Index (a)		n/a		n/a

International Index (a)		n/a		n/a

Bond Index (a)		n/a		n/a

Small Cap Growth		n/a		n/a

Small Cap Value		n/a		n/a


(a)		The Expense Limitation Agreement for these Funds also states that the expense ratio for each class will not exceed 4.00% through March 1, 2011.

GMF may request and receive reimbursement from certain Funds of the advisory fees waived and other expenses reimbursed by GMF pursuant to the Expense Limitation Agreements at a later date not to exceed five fiscal years from commencement of operations 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 year ended October 31, 2004, the cumulative potential reimbursements were as follows:


Fund	Amount		Expires


Mid Cap Market Index	$	785,391		December 29, 2004

Small Cap Index		589,813		December 29, 2004

International Index		1,084,129		December 29, 2004

Bond Index		1,202,586		December 29, 2004

Small Cap Value		177,634		June 29, 2005

As of the year ended October 31, 2004, the cumulative potential reimbursements of the following Funds (unless otherwise indicated), based on reimbursements which expire within three years from the fiscal year in which the corresponding reimbursements to the Fund was made for expenses reimbursed by GMF or GMCM, would be:

Amount

Fiscal Year

Fund

2002

2003

2004

Small Cap Growth

—

7,391

130 Annual Report 2004

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

Class A

Class B

Class C

Class R

Service Class

Local Fund

Fund

Shares

S&P 500 Index

0.25%

1.00%

n/a

0.15%

0.07%

Mid Cap Market Index

0.25%

1.00%

n/a

Small Cap Index

0.25%

1.00%

n/a

International Index

0.25%

1.00%

n/a

Bond Index

0.25%

1.00%

n/a

Small Cap Growth

0.25%

1.00%

0.50%

n/a

Small Cap Value

n/a

Pursuant to an Underwriting Agreement, GDSI serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on the Class A and Class C shares (until April 1, 2004). These fees are deducted from and are not included in proceeds from sales of Class A and Class C shares. From these fees, GDSI pays sales commissions, salaries, and other expenses in connection with generating new sales of Class A and Class C shares of the Funds. GDSI also receives fees for services as principal underwriter for Class B shares of the Funds. These fees are contingent deferred sales charges (“CDSCs”) ranging from 1% to 5% imposed on redemptions of Class B shares which may cause the current value of a shareholder’s account to fall below the total purchase payments. The CDSC, if applicable, will be imposed on redemptions made within six years of the purchase. In addition, Class C shares also have a CDSC fee of 1% imposed on redemptions of Class C shares made within one year of purchase. For the year ended October 31, 2004, GDSI received commissions of $194,774 from front-end sales charges of Class A and Class C shares and from CDSC fees from Class B and Class C shares of the Funds, of which $14,712 was reallowed to affiliated broker-dealers of the Funds.

The Funds (except the Small Cap Value Fund) assess a 2.00% redemption fee on all classes of shares that are purchased and are sold or exchanged within 5 days of purchase (within 90 days for the Small Cap Growth Fund). The redemption fee, if any, is paid directly to the applicable Fund and is designed to offset brokerage commissions, market impact and other costs associated with short-term trading of Fund shares. For purposes of determining whether the redemption fee applies, the shares that were held the longest will be redeemed first. This redemption fee is in addition to any CDSCs that may be applicable at the time of sale. The redemption fee may not apply in certain circumstances, such as redemptions or exchanges of shares held in certain omnibus accounts or retirement plans that cannot implement the redemption fee. The fee does not apply to shares purchased through reinvested dividends or capital gains. For the year ended October 31, 2004, the Funds had no contributions to capital due to collection of redemption fees.

2004 Annual Report 131


	Notes to Financial Statements (Continued)
	October 31, 2004 (Continued)

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


Combined Fee Schedule*


Up to $1 billion		0.25%

$1 billion and more up to $3 billion		0.18%

$3 billion and more up to $4 billion		0.14%

$4 billion and more up to $5 billion		0.07%

$5 billion and more up to $10 billion		0.04%

$10 billion and more up to $12 billion		0.02%

$12 billion or more		0.01%

The assets of the Gartmore Investor Destinations Aggressive, Gartmore Investor Destinations Moderately Aggressive, Gartmore Investor Destinations Moderate, Gartmore Investor Destinations Moderately Conservative and Gartmore Investor Destinations Conservative Funds (collectively, the “Investor Destinations Funds”) and the Gartmore Optimal Allocations Fund: Aggressive, Gartmore Optimal Allocations Fund: Moderate, Gartmore Optimal Allocations Fund: Moderately Aggressive, and Gartmore Optimal Allocations Fund: Specialty (collectively, the “Optimal Funds”) are excluded from the Trust asset level amount in order to calculate this asset based fee. The Investor Destinations Funds and the Optimal Funds do not pay any part of this fee.

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

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

As of October 31, 2004, the advisers or affiliates of the advisers directly held 100% of the shares outstanding of the S&P 500 Index Fund and 33% of the Small Cap Growth Fund.

4. Bank Loans

The Trust has a credit agreement of $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs are included in custodian fees in the Statement of Operations. No compensation balances were required under the terms of the line of credit. There were no borrowings outstanding as of October 31, 2004.

5. Investment Transactions

Purchases and sales of securities (excluding short-term securities) for the year ended October 31, 2004, are summarized as follows:


Fund	Purchases		Sales


S&P 500 Index	$	789,068,886	$	24,138,781

Mid Cap Market Index		343,030,353		62,025,182

Small Cap Index		150,838,033		43,156,444

International Index		508,094,230		44,881,882

Bond Index		1,702,552,424		1,162,960,762

Small Cap Growth		45,803,580		113,222

Small Cap Value		44,990,708		55,533,706

132 Annual Report 2004

6. Portfolio Investment Risks

Credit and Market Risk. Funds that invest in high yield and emerging market instruments are subject to certain additional credit and market risks. The yields of high yield and emerging market debt obligations reflect, among other things, perceived credit risk. The Funds’ investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Funds.

7. Federal Tax Information

The tax character of distributions paid during the fiscal year ended October 31, 2004, were as follows: (Total distributions paid differ from the Statement of Changes in Net Assets because for tax purposes dividends are recognized when actually paid.)



	Distributions Paid From
									Total
	Ordinary		Net Long Term		Total Taxable		Tax Exempt		Distributions
Fund	Income		Capital Gains		Distributions		Distributions		Paid


S&P 500 Index	$	19,013,241	$	—	$	19,013,241	$	—	$	19,013,241

Mid Cap Market Index		3,948,470		2,960,725		6,909,195		—		6,909,195

Small Cap Index		3,020,382		1,293,354		4,313,736		—		4,313,736

International Index		10,404,472		—		10,404,472		—		10,404,472

Bond Index		27,750,785		—		27,750,785		—		27,750,785

Small Cap Growth		—		—		—		—		—

Small Cap Value		1,222,852		847,455		2,070,307		—		2,070,307

The tax character of distributions paid during the fiscal year ended October 31, 2003 was as follows:

(Total distributions paid differ from the Statement of Changes in Net Assets because for tax purposes dividends are recognized when actually paid.)



	Distributions Paid From
									Total
	Ordinary		Net Long Term		Total Taxable		Tax Exempt		Distributions
Fund	Income		Capital Gains		Distributions		Distributions		Paid


S&P 500 Index	$	9,315,809	$	—	$	9,315,809	$	—	$	9,315,809

Mid Cap Market Index		1,268,433		—		1,268,433		—		1,268,433

Small Cap Index		649,250		—		649,250		—		649,250

International Index		4,976,053		—		4,976,053		—		4,976,053

Bond Index		13,692,112		21,047		13,713,159		—		13,713,159

Small Cap Growth		—		—		—		—		—

Small Cap Value		102,987		—		102,987		—		102,987

2004 Annual Report 133


	Notes to Financial Statements (Continued)
	October 31, 2004 (Continued)

As of October 31, 2004, the components of accumulated earnings (deficit) on a tax basis was as follows:


	Undistributed		Undistributed		Undistributed
	Tax Exempt		Ordinary		Long-Term		Accumulated		Distributions
Fund	Income		Income		Capital Gains		Earnings		Payable


S&P 500 Index	$	—	$	2,412,036	$	—	$	2,412,036	$	—

Mid Cap Market Index		—		4,425,919		9,178,811		13,604,730		—

Small Cap Index		—		5,479,483		6,667,420		12,146,903		—

International Index		—		11,577,300		6,212,796		17,790,096		—

Bond Index		—		4,675,625		—		4,675,625		(4,129,505	)

Small Cap Growth		—		—		—		—		—

Small Cap Value		—		1,819,535		5,862,954		7,682,489		—

[Additional columns below]

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


							Total
	Accumulated			Unrealized			Accumulated
	Capital and			Appreciation			Earnings
Fund	Other Losses			(Depreciation)*			(Deficit)


S&P 500 Index	$	(8,304,953	)	$	65,276,345		$	59,383,428

Mid Cap Market Index		—			54,828,740			68,433,470

Small Cap Index		—			22,169,724			34,316,627

International Index		—			108,838,352			126,628,448

Bond Index		—			14,533,707			15,079,827

Small Cap Growth		(2,528	)		(192,818	)		(195,346	)

Small Cap Value		—			3,146,665			10,829,154


*	The differences between the book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to: tax deferral of losses on wash sales; the difference between book and tax amortization methods for premium and market discount; and the return of capital adjustments from real estate investment trusts.

As of October 31, 2004, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:


								Net Unrealized
	Tax Cost of		Unrealized		Unrealized			Appreciation
Fund	Securities		Appreciation		Depreciation			(Depreciation)


S&P 500 Index	$	1,816,399,968	$	222,529,658	$	(157,253,313	)	$	65,276,345

Mid Cap Market Index		625,383,821		82,492,028		(27,683,232	)		54,828,740

Small Cap Index		327,275,996		38,954,139		(16,784,415	)		22,169,724

International Index		866,884,670		134,909,432		(25,999,510	)		108,909,922

Bond Index		1,187,079,266		16,823,217		(2,289,510	)		14,533,707

Small Cap Growth		46,657,445		529,608		(722,424	)		(192,818	)

Small Cap Value		37,448,145		3,991,193		(844,516	)		3,146,665

As of October 31, 2004, for Federal income tax purposes, the following Funds have capital loss carryforwards available to offset capital gains, if any, to the extent provided by the treasury regulations:


Fund	Amount		Expires


S&P 500 Index	$	8,304,953		2009

Small Cap Growth		2,528		2012

134 Annual Report 2004


8.	Other Federal Tax Information (Unaudited):

For the period ended October 31, 2004, certain dividends paid by the Funds may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2004 Form 1099-DIV.

For the period ended October 31, 2004, the following Funds paid qualified dividend income:


	Qualified
	Dividend
Fund	Income


S&P 500 Index	$	17,263,662

Mid Cap Market Index		3,948,470

Small Cap Index		823,033

International Index		8,182,875

Small Cap Value		197,412

For the taxable year ended October 31, 2004, the following percentage of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:


	Dividend
	Received
Fund	Deduction


S&P 500 Index		100%

Mid Cap Market Index		100%

Small Cap Index		38%

Small Cap Value		31%

2004 Annual Report 135


	Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Gartmore Mutual Funds:

In our opinion, the accompanying statements of assets and liabilities, including the statements of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Gartmore S&P 500 Index Fund, Gartmore Mid Cap Market Index Fund, Gartmore Small Cap Index Fund, Gartmore International Index Fund, Gartmore Bond Index Fund, NorthPointe Small Cap Growth Fund and NorthPointe Small Cap Value Fund (seven series of Gartmore Mutual Funds, hereafter referred to as the “Funds”) at October 31, 2004, the results of each of their operations for the year (or period) then ended, the changes in each of their net assets for each of the two years (or periods) then ended and the financial highlights for each of the three years (or periods) then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States.) Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2004 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial highlights of S&P 500 Index Fund, Gartmore Mid Cap Market Index Fund, Gartmore Small Cap Index Fund, Gartmore International Index Fund, Gartmore Bond Index Fund and NorthPointe Small Cap Value Fund for the periods ended on or before October 31, 2001 were audited by other independent accountants whose report dated December 14, 2001 expressed an unqualified opinion on those financial statements.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 27, 2004

136 Annual Report 2004

Management Information (Unaudited)

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

October 31, 2004


			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Gartmore Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen		Held by Trustee
and Date of Birth	Time Served¹	Five Years	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).³		84	None

Michael J. Baresich c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000, Conshohocken, PA 19428 1954	Trustee since March 2004	Mr. Baresich has been Chairman of the Board of Cokinetic Systems Corp. (software company) since July 2004. Prior thereto and since 2001, Mr. Baresich served as its Chief Executive Officer. From June 1999 through August 2001, Mr. Baresich was a managing Director of Deutsche Bank. Prior to June 1999, Mr. Baresich was a Managing Director of Bankers Trust.		84	None

Paula H.J. Cholmondeley c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley has been the Chairman and Chief Executive Officer of the Sorrel Group, a management consulting company, since January 2004. From March 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America. Prior thereto, Ms. Cholmondeley was Vice President and General Manager of Residential Insulation of Owens Corning.		84	Director of Dentsply International, Inc., Ultralife Batteries, Inc., and Terex Corporation.

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	Nominee	Ms. Dryden was a former Managing Partner of marchFIRST, a global management consulting firm prior to 2002.		84	None

2004 Annual Report 137


	Management Information (Unaudited)

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

October 31, 2004 (Continued)


			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Gartmore Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen		Held by Trustee
and Date of Birth	Time Served¹	Five Years	by Trustee		or Nominee²
Robert M. Duncan* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1927	Trustee since April 1987	Mr. Duncan is Vice President and Secretary Emeritus of The Ohio State University.		84	None

Barbara L. Hennigar* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired since June 2000. Prior thereto, Ms. Hennigar was the Chairman or President and Chief Executive Officer of OppenheimerFunds Services and a member of the Executive Committee of OppenheimerFunds.		84	None

Barbara I. Jacobs c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Nominee	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 (Teacher Insurance Annuity Association — College Retirement Equity Funds).		84	None

Thomas J. Kerr, IV* c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1933	Trustee since October 1971	Dr. Kerr is President Emeritus of Kendall College.		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

138 Annual Report 2004

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

October 31, 2004 (Continued)


			Number of Portfolios
	Position(s) Held		in the		Other
	with the Trust	Principal Occupation(s)	Gartmore Fund		Directorships
Name, Address	and Length of	During Past	Complex Overseen		Held by Trustee
and Date of Birth	Time Served¹	Five Years	by Trustee		or Nominee²
Michael D. McCarthy c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Nominee	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).		84⁴	None

David C. Wetmore c/o Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995	Mr. Wetmore is a Managing Director of Updata Capital, an investment banking and venture capital firm.		84	None


*		Pursuant to the Trust’s mandatory retirement policy, Mr. Duncan and Dr. Kerr are expected to retire on or about March 2, 2005, and Ms. Hennigar is expected to retire on or about October 12, 2005.
1		The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy.
2		Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3		Mr. Allen owns a 51% interest in Graimark Realty Advisors, Inc., a 67% owner of G/ W Jefferson-St Jean LLC (“Jefferson-St”), a real estate development company. Until July 28, 2004, Jefferson-St had a construction loan, guaranteed by Mr. Allen, in the principal amount of $12.5 million (“Construction Loan”), from Bank One, NA, obtained in August, 2002. On July 1, 2004, Bank One Corporation merged with and into J.P. Morgan Chase & Co. (the “Merger”). Bank One Corporation was the parent company of Bank One, N.A. J.P. Morgan Chase & Co. is the parent company of J.P. Morgan Investment Management, Inc., subadviser of two of the Funds of the Trust. On July 28, 2004, the Construction Loan was refinanced with an unaffiliated permanent lender. Neither Mr. Allen nor the Trust’s management believes that the Construction Loan, secured well in advance of the Merger, and refinanced within 28 days following the completion of the Merger, should result in Mr. Allen’s being deemed to have a “material business relationship” with an investment adviser to the Trust.
4		Messrs. McCarthy and Hondros (see table below) are also Administrative Committee Members for the Alphagen Arneb Fund, LLC , The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA.
**		Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $384,292 from the Trust for the Year Ended October 31, 2004. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920. Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 1-800-848-0920, (ii) on the Fund’s website at www.gartmorefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2004 Annual Report 139


	Management Information (Unaudited)

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

October 31, 2004


			Number of Portfolios
	Position(s) Held		in the
Name,	with the Trust	Principal Occupation(s)	Gartmore Fund		Other
Address	and Length of	During Past	Complex Overseen		Directorships
and Age	Time Served¹	Five Years	by Trustee		Held by Trustee²
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee and Chairman since July 2000	Mr. Hondros has been President and Chief Executive Officer of various Gartmore entities, including Gartmore Distribution Services, Inc. (“GDSI”),³Gartmore Investor Services, Inc. (“GISI”),³Gartmore Morley Capital Management, Inc. (“GMCM”),³Gartmore Morley Financial Services, Inc. (“GMFS”),³NorthPointe Capital, LLC (“NorthPointe”),³Gartmore Global Asset Management Trust (“GGAMT”)³, Gartmore Global Investments, Inc. (“GGI”)³, Gartmore Mutual Fund Capital Trust (“GMFCT”) ³and 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 Company.		84	Director of Nationwide Financial Services, Inc.

Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President — Operations for GGI³, GMFCT³, and GSA³. Prior to July 2000, Mr, Holland was Vice President for First Data Investor Services, an investment company service provider.		84	None

Michael A. Krulikowski Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer since June 2004	Since November 1999, Mr. Krulikowski has served as a Vice President and Chief Compliance Officer of GGI. Prior thereto, Mr. Krulikowski served as Chief Compliance Officer of 1717 Capital Management Company/ Provident Mutual Insurance Company.		84	None

140 Annual Report 2004

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

October 31, 2004 (Continued)


			Number of Portfolios
	Position(s) Held		in the
Name,	with the Trust	Principal Occupation(s)	Gartmore Fund		Other
Address	and Length of	During Past	Complex Overseen		Directorships
and Age	Time Served¹	Five Years	by Trustee		Held by Trustee²
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Suite 1000 Conshohocken, PA 19428 1954	Secretary since December 2002	Mr. Miller is Senior Vice President, Chief Counsel for GGI³, GMFCT³and GSA³since August 2002. From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronan Stevens & Young, LLP. Prior to August 2000, Mr. Miller served as Senior Vice President and Deputy General Counsel at Delaware Investments.		84	None


1		The term of office length is until a trustee resigns or reaches a mandatory retirement age of 70. On March 2, 2000, the Board adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy.
2		Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3		This position is held with an affiliated person or principal underwriter of the Trust.
4		Messrs. McCarthy and Hondros (see table below) are also Administrative Committee Members for the Alphagen Arneb Fund, LLC , The Healthcare Fund LDC, The Leaders Long-Short Fund, LLC, and The Leaders Leaders Long-Short Fund LDC, four private investment companies (hedge funds) managed by GSA.
*		Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $384,292 from the Trust for the Year Ended October 31, 2004. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920. Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 1-800-848-0920, (ii) on the Fund’s website at www.gartmorefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2004 Annual Report 141

Index Definitions

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.

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

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

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

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

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

(LOGO)

Gartmore Funds

1200 River Road, Suite 1000
Conshohocken, PA 19428

www.gartmorefunds.com

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

AR-SUB 12/04

Item 2. Code of Ethics.

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

	The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as Exhibit 11 (a)(1).

	The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 11(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

	If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

	During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

Item 3. Audit Committee Financial Expert.

(a)

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

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

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

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

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

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

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

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

3(a)(2) The audit committee financial expert is Paula H.J. Cholmondeley, who is “independent” for purposes of this Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) through (d). The information in the table below is provided for services rendered to the registrant by its principal accountant, PricewaterhouseCoopers LLP (“PwC”), for its fiscal years ended October 31, 2003 and October 31, 2004.


	2003		2004
Audit Fees	$	357,445	$	396,045
Audit-Related Fees¹	$	74,900	$	30,000
Tax Fees²	$	94,800	$	118,125
All Other Fees	$	50,000	$	0

Total	$	577,145	$	544,170

¹		Services include security counts performed under Rule 17f-2 of the 1940 Act.

²		Tax services in connection with the Funds’ excise tax calculations and review of the Funds’ applicable tax returns.

The information in the table below is provided with respect to non-audit services that directly relate to the registrant’s operations and financial reporting and that were rendered by PwC to the registrant’s investment adviser, Gartmore Global Investors(“GGI”), and any service provider to the registrant controlling, controlled by or under common control with GGI that provided ongoing services to the registrant (“Covered Services Provider”), for the registrant’s fiscal years ended October 31, 2003 and October 31, 2004.


	2003	2004
Audit-Related Fees	None.	None.
Tax Fees	None.	None.
All Other Fees	None	None.

Total	None.	None.

(e)(1) Pre-Approval Policies and Procedures. The Audit Committee (“Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent auditors to the registrant and (ii) all permissible non-audit services to be provided by the independent auditors to GGI and any Covered Services Provider if the engagement relates directly to the operations and financial reporting of the registrant. The Committee may delegate its responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson shall report to the Committee, at its next regularly scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s). The Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to other persons (other than GGI or the registrant’s officers). Pre-approval by the Committee of any permissible non-audit services shall not be required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the registrant, GGI and any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by the registrant to its independent auditors during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

(e)(2) The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by PwC to the registrant for which the pre-approval requirement was waived pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X: [indicate if percentages calculated with or without all audit fees for all funds] [or: Not Applicable]

Not Applicable.


	2003	2004
	None.	None.
Audit-Related Fees
Tax Fees
All Other Fees

Total

The information in the table below sets forth the percentages of fees for services (other than audit, review or attest services) rendered by PwC to GGI and any Covered Services Provider required to be approved pursuant to Rule 2-01(c)(7)(ii)of Regulation S-X, for the registrant’s fiscal years ended October 31, 2003 and October 31, 2004: [indicate if percentages calculated with or without all audit fees for all funds] [or: Not Applicable]


	2003		2004
Audit-Related Fees		N/A		N/A
Tax Fees		N/A		N/A
All Other Fees		N/A		N/A

Total		N/A		N/A

(f) The percentage of hours expended to audit the registrant’s financial statements for the fiscal year ended October 31, 2004 that were attributed to work performed by persons other than PwC’s full-time, permanent employees was ___%. [if over 50%] [or: Not Applicable]

Not applicable.

(g) The aggregate fees billed by PwC for non-audit services rendered to the registrant and service affiliates for the fiscal years ended October 31, 2003 and October 31, 2004 were $1,143,226 and $1,855,629 respectively.

(h) The registrant’s Audit Committee has considered whether the provision by PwC of non-audit services to GGI and Covered Services Providers that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X because they did not directly relate to the registrant’s operations and financial reporting is compatible with maintaining PwC’s independence. [or: Not Applicable]

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

	(a)	If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

	(b)	If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

Item 6. Schedule of Investments.

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

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

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

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

Not applicable.

Item 8. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

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

Not applicable

Item 9. Submission of Matters to a Vote of Security Holders.

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

There were no material changes in the registrant’s procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 10. Controls and Procedures.

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

The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is (i) accumulated and communicated to the investment company’s management, including the 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 registrant’s last fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 11. Exhibits.

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

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

The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

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

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

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

SIGNATURES

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

(Registrant) GARTMORE MUTUAL FUNDS


By (Signature and Title)*		/s/ GERALD J. HOLLAND Name: Gerald J. Holland Title: Treasurer Date: January 10, 2005

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


By (Signature and Title)*		/s/ PAUL J. HONDROS Name: Paul J. Hondros Title: President & Chairman of the Board Date: January 10, 2005


By (Signature and Title)*		/s/ GERALD J. HOLLAND Name: Gerald J. Holland Title: Treasurer Date: January 10, 2005

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

Nationwide Small Company Growth Fund (NWSAX) N-CSRCertified annual shareholder report (management investment company)