Table of Contents
OMB APPROVAL | ||
OMB Number: 3235-0570 | ||
Expires: October 31, 2006 | ||
Estimated average burden | ||
hours per response. . . . . . .19.3 | ||
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 002-73024
GARTMORE VARIABLE INSURANCE TRUST
1200 RIVER ROAD, SUITE 1000, CONSHOHOCKEN, PENNSYLVANIA 19428
(Address of principal executive offices) (Zip code)
Eric E. Miller, Esq.
1200 River Road
SUITE 1000
Conshohocken, PA 19428
(Name and address of agent for service)
Registrant’s telephone number, including area code: (484) 530-1300
Date of fiscal year end: 12/31/2004
Date of reporting period: 06/30/2004
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Semi-Annual Report
GARTMORE VARIABLE INSURANCE TRUST
SEMI-ANNUAL REPORT
June 30, 2004 (Unaudited)
TABLE OF CONTENTS
Statements of Investments: | ||||||||
2 | ||||||||
5 | ||||||||
7 | ||||||||
10 | ||||||||
23 | ||||||||
27 | ||||||||
29 | ||||||||
38 | ||||||||
40 | ||||||||
42 | ||||||||
50 | ||||||||
56 | ||||||||
67 | ||||||||
77 | ||||||||
80 | ||||||||
82 | ||||||||
87 | ||||||||
89 | ||||||||
90 | ||||||||
91 | ||||||||
95 | ||||||||
98 | ||||||||
103 | ||||||||
104 | ||||||||
105 | ||||||||
106 | ||||||||
107 | ||||||||
108 | ||||||||
109 | ||||||||
111 | ||||||||
113 | ||||||||
117 | ||||||||
125 | ||||||||
131 | ||||||||
144 | ||||||||
175 | ||||||||
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICERS | ||||||||
CERTIFICATIONS PURSUANT TO SECTION 906 OF SARBANES-OXLEY ACT |
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT NATIONWIDE FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (97.1%) | ||||||||
Aerospace/ Defense (0.4%) | ||||||||
Northrop Grumman Corp. | 129,092 | $ | 6,932,240 | |||||
Airlines (0.5%) | ||||||||
Southwest Airlines Co. | 499,690 | 8,379,801 | ||||||
Appliances (0.5%) | ||||||||
Whirlpool Corp. | 122,817 | 8,425,246 | ||||||
Auto/ Truck Parts & Equipment (0.1%) | ||||||||
Autoliv, Inc. | 45,700 | 1,928,540 | ||||||
Banks (4.7%) | ||||||||
Bank of America Corp. | 339,470 | 28,725,951 | ||||||
U.S. Bancorp | 559,535 | 15,420,785 | ||||||
Wachovia Corp. | 333,722 | 14,850,629 | ||||||
Zions Bancorp | 240,000 | 14,748,000 | ||||||
73,745,365 | ||||||||
Broadcast Media/ Cable Television (0.9%) | ||||||||
Clear Channel Communications, Inc. | 58,258 | 2,152,633 | ||||||
Comcast Corp., Class A (b) | 90,380 | 2,533,351 | ||||||
Viacom, Inc., Class B | 278,065 | 9,932,482 | ||||||
14,618,466 | ||||||||
Business Services (0.5%) | ||||||||
Automatic Data Processing, Inc. | 79,343 | 3,322,884 | ||||||
Medco Health Solutions, Inc. (b) | 62,397 | 2,339,888 | ||||||
R.R. Donnelley & Sons Co. | 74,730 | 2,467,585 | ||||||
8,130,357 | ||||||||
Capital Goods (4.4%) | ||||||||
General Electric Co. | 1,873,515 | 60,701,886 | ||||||
PACCAR, Inc. | 148,761 | 8,626,650 | ||||||
69,328,536 | ||||||||
Chemicals (1.4%) | ||||||||
Dow Chemical Co. | 250,505 | 10,195,554 | ||||||
Lubrizol Corp. | 72,440 | 2,652,753 | ||||||
Praxair, Inc. | 240,106 | 9,582,630 | ||||||
22,430,937 | ||||||||
Computer Equipment (4.1%) | ||||||||
Dell, Inc. (b) | 128,721 | 4,610,786 | ||||||
Hewlett Packard Co. | 683,043 | 14,412,207 | ||||||
International Business Machines Corp. | 381,209 | 33,603,574 | ||||||
Lexmark International Group, Inc. (b) | 118,907 | 11,478,093 | ||||||
64,104,660 | ||||||||
Computer Networks (2.3%) | ||||||||
Cisco Systems, Inc. (b) | 1,108,206 | 26,264,482 | ||||||
Juniper Networks, Inc. (b) | 377,168 | 9,267,018 | ||||||
35,531,500 | ||||||||
Computer Software & Services (7.5%) | ||||||||
Adobe Systems, Inc. | 186,609 | 8,677,319 | ||||||
Computer Sciences Corp. (b) | 42,761 | 1,985,393 | ||||||
Electronic Arts, Inc. (b) | 153,636 | 8,380,844 | ||||||
EMC Corp. (b) | 140,813 | 1,605,268 | ||||||
Microsoft Corp. | 2,007,444 | 57,332,600 | ||||||
NCR Corp. (b) | 38,628 | 1,915,563 | ||||||
Oracle Corp. (b) | 2,386,049 | 28,465,565 | ||||||
SAP AG ADR-DE | 252,510 | 10,557,443 | ||||||
118,919,995 | ||||||||
Conglomerates (1.1%) | ||||||||
Ingersoll Rand Co. | 262,712 | 17,945,857 | ||||||
Construction & Building Materials (0.8%) | ||||||||
Centex Corp. | 274,232 | 12,546,114 | ||||||
Consumer Products (0.8%) | ||||||||
Estee Lauder Cos., Class A | 69,710 | 3,400,454 | ||||||
Gillette Co. | 206,957 | 8,774,977 | ||||||
12,175,431 | ||||||||
Cruise Lines (0.8%) | ||||||||
Royal Caribbean Cruises Ltd. | 297,710 | 12,923,591 | ||||||
Drugs (3.8%) | ||||||||
Amgen, Inc. (b) | 45,490 | 2,482,389 | ||||||
Elan Corp. PLC ADR-IE (b) | 784,343 | 19,404,646 | ||||||
Eli Lilly & Co. | 213,775 | 14,945,010 | ||||||
Hospira, Inc. (b) | 55,000 | 1,518,000 | ||||||
Merck & Company, Inc. | 162,010 | 7,695,475 | ||||||
Teva Pharmaceutical Industries Ltd. ADR-IL | 196,048 | 13,192,070 | ||||||
59,237,590 | ||||||||
E-Commerce (0.1%) | ||||||||
Ebay, Inc. (b) | 16,210 | 1,490,510 | ||||||
Financial Services (10.2%) | ||||||||
American Express Co. | 274,465 | 14,102,012 | ||||||
Capital One Financial Corp. | 118,592 | 8,109,321 | ||||||
CIT Group, Inc. | 467,784 | 17,911,449 | ||||||
Citigroup, Inc. | 968,820 | 45,050,129 | ||||||
Countrywide Credit Industries, Inc. | 140,930 | 9,900,333 | ||||||
Goldman Sachs Group, Inc. | 153,490 | 14,452,618 | ||||||
J.P. Morgan Chase & Co. | 137,430 | 5,328,161 | ||||||
Lehman Brothers Holding, Inc. | 211,652 | 15,926,813 | ||||||
Merrill Lynch & Co., Inc. | 248,449 | 13,411,277 | ||||||
Wells Fargo & Co. | 265,201 | 15,177,453 | ||||||
159,369,566 | ||||||||
Food & Beverage (3.8%) | ||||||||
Anheuser Busch Cos., Inc. | 239,809 | 12,949,686 | ||||||
Archer-Daniels-Midland Co. | 168,670 | 2,830,283 | ||||||
Campbell Soup Co. | 110,244 | 2,963,359 | ||||||
Coca-Cola Co. (The) | 189,178 | 9,549,705 | ||||||
Constellation Brands, Inc. (b) | 62,321 | 2,313,979 | ||||||
Dean Foods Co. (b) | 240,255 | 8,963,914 | ||||||
Kraft Foods, Inc. | 254,730 | 8,069,846 | ||||||
PepsiCo, Inc. | 229,515 | 12,366,268 | ||||||
60,007,040 | ||||||||
Healthcare (4.0%) | ||||||||
Aetna, Inc. | 24,346 | 2,069,410 | ||||||
Guidant Corp. | 166,688 | 9,314,525 | ||||||
Johnson & Johnson, Inc. | 460,305 | 25,638,989 | ||||||
Unitedhealth Group, Inc. | 419,900 | 26,138,775 | ||||||
63,161,699 | ||||||||
2
Table of Contents
GARTMORE GVIT NATIONWIDE FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Hotels/ Motels (1.1%) | ||||||||
Starwood Hotels & Resorts Worldwide | 369,887 | $ | 16,589,432 | |||||
Instruments (0.7%) | ||||||||
St. Jude Medical, Inc. (b) | 112,849 | 8,537,027 | ||||||
Thermo Electron Corp. (b) | 73,980 | 2,274,145 | ||||||
10,811,172 | ||||||||
Insurance (4.6%) | ||||||||
American International Group, Inc. | 416,766 | 29,707,081 | ||||||
Chubb Corp. | 50,210 | 3,423,318 | ||||||
Hartford Financial Services Group, Inc. | 116,737 | 8,024,501 | ||||||
Lincoln National Corp. | 66,845 | 3,158,426 | ||||||
MetLife, Inc. | 314,983 | 11,292,141 | ||||||
Principal Financial Group | 79,370 | 2,760,489 | ||||||
Prudential Financial, Inc. | 83,573 | 3,883,637 | ||||||
RenaissanceRe Holdings Ltd. | 182,574 | 9,849,867 | ||||||
72,099,460 | ||||||||
Leisure Products (1.1%) | ||||||||
Brunswick Corp. | 427,505 | 17,442,204 | ||||||
Manufacturing (1.5%) | ||||||||
Illinois Tool Works, Inc. | 55,820 | 5,352,580 | ||||||
Tyco International Ltd. | 556,308 | 18,436,047 | ||||||
23,788,627 | ||||||||
Medical Products (0.6%) | ||||||||
Bausch & Lomb, Inc. | 29,840 | 1,941,689 | ||||||
Boston Scientific Corp. (b) | 188,710 | 8,076,788 | ||||||
10,018,477 | ||||||||
Metals (1.3%) | ||||||||
Alcoa, Inc. | 264,862 | 8,748,392 | ||||||
Phelps Dodge Corp. | 142,104 | 11,014,481 | ||||||
19,762,873 | ||||||||
Multimedia (1.0%) | ||||||||
News Corp. Ltd. (The) ADR-AU | 230,759 | 7,587,356 | ||||||
Time Warner, Inc. (b) | 287,865 | 5,060,667 | ||||||
Walt Disney Co. (The) | 121,002 | 3,084,341 | ||||||
15,732,364 | ||||||||
Oil & Gas (7.1%) | ||||||||
Apache Corp. | 335,070 | 14,592,299 | ||||||
ChevronTexaco Corp. | 406,221 | 38,229,458 | ||||||
Conocophillips | 127,810 | 9,750,625 | ||||||
EOG Resources, Inc. | 64,768 | 3,867,297 | ||||||
Exxon Mobil Corp. | 153,918 | 6,835,498 | ||||||
Nabors Industries Ltd. (b) | 221,680 | 10,024,370 | ||||||
Schlumberger Ltd. | 156,820 | 9,959,638 | ||||||
Sunoco, Inc. | 177,824 | 11,313,163 | ||||||
Williams Cos., Inc. (The) | 617,956 | 7,353,676 | ||||||
111,926,024 | ||||||||
Paper & Forest Products (2.2%) | ||||||||
Boise Cascade Corp. | 63,680 | 2,396,915 | ||||||
International Paper Co. | 733,246 | 32,776,096 | ||||||
35,173,011 | ||||||||
Pharmaceuticals (3.9%) | ||||||||
Amerisourcebergen Corp. | 33,717 | 2,015,602 | ||||||
Genentech, Inc. (b) | 126,601 | 7,114,976 | ||||||
McKesson Corp. | 54,054 | 1,855,674 | ||||||
Pfizer, Inc. | 1,459,466 | 50,030,495 | ||||||
61,016,747 | ||||||||
Real Estate Investment Trusts (0.2%) | ||||||||
Public Storage, Inc. | 74,540 | 3,429,585 | ||||||
Restaurants (0.6%) | ||||||||
McDonald’s Corp. | 360,183 | 9,364,758 | ||||||
Retail (5.6%) | ||||||||
Albertson’s, Inc. | 539,677 | 14,323,028 | ||||||
Amazon.com, Inc. (b) | 62,485 | 3,399,184 | ||||||
Federated Department Stores, Inc. | 53,523 | 2,627,979 | ||||||
Home Depot, Inc. | 265,244 | 9,336,589 | ||||||
Kroger Co. (b) | 174,029 | 3,167,328 | ||||||
SUPERVALU, Inc. | 74,279 | 2,273,680 | ||||||
Target Corp. | 355,491 | 15,097,703 | ||||||
Wal-Mart Stores, Inc. | 413,393 | 21,810,614 | ||||||
Walgreen Co. | 240,236 | 8,698,946 | ||||||
Williams Sonoma, Inc. (b) | 254,900 | 8,401,504 | ||||||
89,136,555 | ||||||||
Semiconductors (4.2%) | ||||||||
Agere Systems, Inc., Class A (b) | 1,173,147 | 2,698,238 | ||||||
Analog Devices, Inc. | 151,770 | 7,145,332 | ||||||
Applied Materials, Inc. (b) | 637,230 | 12,502,453 | ||||||
Fairchild Semiconductor Corp., Class A (b) | 161,920 | 2,650,630 | ||||||
Intel Corp. | 1,073,578 | 29,630,752 | ||||||
Micron Technology, Inc. (b) | 99,780 | 1,527,632 | ||||||
National Semiconductor Corp. (b) | 368,994 | 8,114,178 | ||||||
Texas Instruments, Inc. | 93,970 | 2,272,195 | ||||||
66,541,410 | ||||||||
Telecommunications (3.7%) | ||||||||
Adtran, Inc. | 184,756 | 6,165,308 | ||||||
AT&T Corp. | 658,062 | 9,627,447 | ||||||
AT&T Wireless Services, Inc. (b) | 142,812 | 2,045,068 | ||||||
Motorola, Inc. | 79,113 | 1,443,812 | ||||||
Nextel Communications, Inc., Class A (b) | 224,600 | 5,987,836 | ||||||
Qwest Communications Intl. (b) | 751,230 | 2,696,916 | ||||||
SBC Communications, Inc. | 95,176 | 2,308,018 | ||||||
Sprint Corp. | 493,229 | 8,680,830 | ||||||
Telephone & Data Systems, Inc. | 26,945 | 1,918,484 | ||||||
Verizon Communications | 484,531 | 17,535,177 | ||||||
58,408,896 | ||||||||
Tobacco (1.2%) | ||||||||
Altria Group, Inc. | 384,768 | 19,257,638 | ||||||
Transportation (1.7%) | ||||||||
Burlington Northern Santa Fe Corp. | 96,977 | 3,400,983 | ||||||
J.B. Hunt Transport Services, Inc. | 450,914 | 17,396,263 |
3
Table of Contents
GARTMORE GVIT NATIONWIDE FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Transportation (continued) | ||||||||
Norfolk Southern Corp. | 119,690 | $ | 3,174,179 | |||||
Ryder System, Inc. | 58,477 | 2,343,173 | ||||||
26,314,598 | ||||||||
Utilities (1.3%) | ||||||||
Ameren Corp. | 173,625 | 7,458,930 | ||||||
Constellation Energy Group | 62,721 | 2,377,126 | ||||||
Edison International | 77,520 | 1,982,186 | ||||||
Exelon Corp. | 223,250 | 7,431,993 | ||||||
P G & E Corp. (b) | 66,750 | 1,864,995 | ||||||
21,115,230 | ||||||||
Waste Disposal (0.8%) | ||||||||
Waste Management, Inc. | 430,161 | 13,184,435 | ||||||
Total Common Stocks | 1,532,446,537 | |||||||
Security Description | Principal | Value | ||||||
Short-Term Securities Held as Collateral for Securities Lending (6.9%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | $ | 108,610,385 | 108,610,385 | |||||
Total Short-Term Securities Held as Collateral for Securities Lending | 108,610,385 | |||||||
COMMERCIAL PAPER (1.8%) | ||||||||
Broker/ Dealers (0.7%) | ||||||||
Goldman Sachs Group, Inc., 1.25%, 07/02/04 | 10,195,000 | 10,194,646 | ||||||
Electrical Equipment (0.5%) | ||||||||
Johnson Controls, Inc., 1.43%, 07/01/04 | 8,381,000 | 8,381,000 | ||||||
Transportation (0.6%) | ||||||||
Nework Rail, 1.54%, 07/01/04 | 10,000,000 | 10,000,000 | ||||||
Total Commercial Paper | 28,575,646 | |||||||
MUTUAL FUNDS (0.5%) | ||||||||
Biotechnology (0.5%) | ||||||||
IShares Nasdaq Biotech Index | 107,251 | 8,054,550 | ||||||
Total Mutual Funds | 8,054,550 | |||||||
Total Investments (Cost $1,555,420,851) (a) — 106.3% | 1,677,687,118 | |||||||
Liabilities in excess of other assets — (6.3)% | (98,811,507 | ) | ||||||
NET ASSETS — 100.0% | $ | 1,578,875,611 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 145,908,443 | ||
Unrealized depreciation | (23,642,176 | ) | ||
Net unrealized appreciation (depreciation) | $ | 122,266,267 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
(b) | Denotes a non-income producing security. |
ADR | American Depositary Receipt |
AU | Australia |
DE | Germany |
IE | Ireland |
IL | Israel |
See notes to financial statements.
4
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT GROWTH FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (99.6%) | ||||||||
Aerospace/ Defense (0.6%) | ||||||||
General Dynamics Corp. | 16,120 | $ | 1,600,716 | |||||
Banks (1.6%) | ||||||||
Northern Trust Corp. | 65,150 | 2,754,542 | ||||||
U.S. Bancorp | 58,120 | 1,601,787 | ||||||
4,356,329 | ||||||||
Business Services (0.7%) | ||||||||
DST Systems, Inc. (b) | 17,050 | 819,935 | ||||||
Viad Corp. | 40,580 | 1,096,065 | ||||||
1,916,000 | ||||||||
Chemicals (1.1%) | ||||||||
Praxair, Inc. | 75,920 | 3,029,967 | ||||||
Computer Equipment (3.0%) | ||||||||
Dell, Inc. (b) | 93,430 | 3,346,663 | ||||||
EMC Corp. (b) | 164,860 | 1,879,404 | ||||||
Lexmark International, Inc., Class A (b) | 30,540 | 2,948,026 | ||||||
8,174,093 | ||||||||
Computer Networks (3.4%) | ||||||||
Cisco Systems, Inc. (b) | 382,320 | 9,060,984 | ||||||
Computer Software & Services (10.6%) | ||||||||
Adobe Systems, Inc. | 35,780 | 1,663,770 | ||||||
Check Point Software Technologies Ltd. (b) | 79,980 | 2,158,660 | ||||||
Hyperion Solutions Corp. (b) | 86,240 | 3,770,413 | ||||||
Mercury Interactive Corp. (b) | 47,770 | 2,380,379 | ||||||
Microsoft Corp. | 355,920 | 10,165,076 | ||||||
Oracle Corp. (b) | 177,310 | 2,115,308 | ||||||
Symantec Corp. (b) | 33,280 | 1,456,998 | ||||||
VeriSign, Inc. (b) | 62,540 | 1,244,546 | ||||||
Yahoo!, Inc. (b) | 99,820 | 3,626,461 | ||||||
28,581,611 | ||||||||
Consumer Products (3.4%) | ||||||||
Colgate-Palmolive Co. | 27,800 | 1,624,910 | ||||||
Fortune Brands, Inc. | 28,780 | 2,170,875 | ||||||
Gillette Co. (The) | 92,950 | 3,941,080 | ||||||
Smithfield Foods, Inc. (b) | 45,860 | 1,348,284 | ||||||
Sotheby’s Holdings, Inc. (b) | 32 | 511 | ||||||
9,085,660 | ||||||||
Drugs (11.0%) | ||||||||
Abbott Laboratories | 80,360 | 3,275,474 | ||||||
Biogen Idec, Inc. (b) | 32,440 | 2,051,830 | ||||||
Elan Corp. PLC ADR — IE (b) | 79,020 | 1,954,955 | ||||||
Eli Lilly & Co. | 44,460 | 3,108,199 | ||||||
Merck & Co., Inc. | 71,080 | 3,376,300 | ||||||
Pfizer, Inc. | 464,460 | 15,921,688 | ||||||
29,688,446 | ||||||||
Electronics (7.1%) | ||||||||
3M Co. | 55,020 | 4,952,350 | ||||||
Altera Corp. (b) | 77,100 | 1,713,162 | ||||||
Intel Corp. | 328,890 | 9,077,365 | ||||||
Mettler-Toledo International, Inc. (b) | 32,980 | 1,620,637 | ||||||
Rockwell Collins, Inc. | 54,060 | 1,801,279 | ||||||
19,164,793 | ||||||||
Financial Services (5.8%) | ||||||||
American Express Co. | 51,870 | 2,665,081 | ||||||
Capital One Financial Corp. | 38,690 | 2,645,622 | ||||||
Countrywide Financial Corp. | 19,420 | 1,364,255 | ||||||
Fiserv, Inc. (b) | 46,620 | 1,813,052 | ||||||
Global Payments, Inc. | 35,000 | 1,575,700 | ||||||
Goldman Sachs Group, Inc. (The) | 36,150 | 3,403,883 | ||||||
Legg Mason, Inc. | 25,680 | 2,337,137 | ||||||
15,804,730 | ||||||||
Food & Beverage (3.7%) | ||||||||
Anheuser-Busch Cos., Inc. | 50,120 | 2,706,480 | ||||||
Coca-Cola Co. | 80,600 | 4,068,688 | ||||||
PepsiCo, Inc. | 61,090 | 3,291,529 | ||||||
10,066,697 | ||||||||
Healthcare (11.1%) | ||||||||
Aetna, Inc. | 16,900 | 1,436,500 | ||||||
Amgen, Inc. (b) | 74,980 | 4,091,659 | ||||||
Anthem, Inc. (b) | 19,920 | 1,784,035 | ||||||
Boston Scientific Corp. (b) | 106,880 | 4,574,465 | ||||||
Caremark Rx, Inc. (b) | 42,060 | 1,385,456 | ||||||
Covance, Inc. (b) | 48,840 | 1,884,247 | ||||||
Fisher Scientific International, Inc. (b) | 56,880 | 3,284,820 | ||||||
ImClone Systems, Inc. (b) | 16,980 | 1,456,714 | ||||||
Invitrogen Corp. (b) | 18,520 | 1,333,255 | ||||||
Johnson & Johnson | 74,110 | 4,127,928 | ||||||
Medtronic, Inc. | 65,820 | 3,206,750 | ||||||
Zimmer Holdings, Inc. (b) | 19,590 | 1,727,838 | ||||||
30,293,667 | ||||||||
Hotels & Casinos (3.1%) | ||||||||
Caesars Entertainment, Inc. (b) | 133,800 | 2,007,000 | ||||||
Marriott International, Inc., Class A | 94,720 | 4,724,634 | ||||||
Station Casinos, Inc. | 33,380 | 1,615,592 | ||||||
8,347,226 | ||||||||
Insurance (3.9%) | ||||||||
AFLAC, Inc. | 39,980 | 1,631,584 | ||||||
American International Group, Inc. | 83,070 | 5,921,230 | ||||||
Hartford Financial Services Group, Inc. (The) | 42,360 | 2,911,826 | ||||||
10,464,640 | ||||||||
Manufacturing (5.2%) | ||||||||
American Standard Cos., Inc. (b) | 30,620 | 1,234,292 | ||||||
Caterpillar, Inc. | 22,140 | 1,758,802 | ||||||
Danaher Corp. | 69,480 | 3,602,538 | ||||||
General Electric Co. | 125,500 | 4,066,200 | ||||||
Tyco International Ltd. | 106,180 | 3,518,805 | ||||||
14,180,637 | ||||||||
Medical Products (0.5%) | ||||||||
Millipore Corp. (b) | 22,120 | 1,246,904 | ||||||
5
Table of Contents
GARTMORE GVIT GROWTH FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Multimedia (2.5%) | ||||||||
Time Warner, Inc. (b) | 154,680 | $ | 2,719,274 | |||||
Univision Communications, Inc. (b) | 43,820 | 1,399,173 | ||||||
Walt Disney Co. (The) | 106,360 | 2,711,116 | ||||||
6,829,563 | ||||||||
Oil & Gas (1.5%) | ||||||||
EOG Resources, Inc. | 44,240 | 2,641,570 | ||||||
Schlumberger Ltd. | 21,160 | 1,343,872 | ||||||
3,985,442 | ||||||||
Pipelines (0.0%) | ||||||||
Enbridge Energy Management LLC (b) | 62 | 2,642 | ||||||
Kinder Morgan Management LLC | 42 | 1,544 | ||||||
4,186 | ||||||||
Retail (8.6%) | ||||||||
CVS Corp. | 65,240 | 2,741,385 | ||||||
Dollar General Corp. | 93,620 | 1,831,207 | ||||||
eBay, Inc. (b) | 20,780 | 1,910,721 | ||||||
Home Depot, Inc. | 75,930 | 2,672,736 | ||||||
Lowe’s Cos., Inc. | 60,180 | 3,162,459 | ||||||
Staples, Inc. | 45,500 | 1,333,605 | ||||||
Target Corp. | 128,100 | 5,440,407 | ||||||
Wal-Mart Stores, Inc. | 76,500 | 4,036,140 | ||||||
23,128,660 | ||||||||
Semiconductors (4.7%) | ||||||||
Advanced Micro Devices, Inc. (b) | 131,250 | 2,086,875 | ||||||
Analog Devices, Inc. | 63,580 | 2,993,346 | ||||||
Broadcom Corp., Class A (b) | 79,280 | 3,707,926 | ||||||
Maxim Integrated Products, Inc. | 32,100 | 1,682,682 | ||||||
National Semiconductor Corp. (b) | 98,180 | 2,158,978 | ||||||
12,629,807 | ||||||||
Telecommunications (5.0%) | ||||||||
ADTRAN, Inc. | 40,780 | 1,360,829 | ||||||
Juniper Networks, Inc. (b) | 174,630 | 4,290,658 | ||||||
Nextel Communications, Inc. (b) | 75,630 | 2,016,296 | ||||||
QUALCOMM, Inc. | 58,460 | 4,266,411 | ||||||
Sprint Corp. | 85,100 | 1,497,760 | ||||||
13,431,954 | ||||||||
Transportation Services (1.5%) | ||||||||
C.H. Robinson Worldwide, Inc. | 23,960 | 1,098,326 | ||||||
Ryder System, Inc. | 27,150 | 1,087,901 | ||||||
Southwest Airlines Co. | 113,020 | 1,895,345 | ||||||
4,081,572 | ||||||||
Total Common Stocks | 269,154,284 | |||||||
Security Description | Principal | Value | ||||||
Short-Term Securities Held as Collateral for Securities Lending (3.5%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | $9,540,183 | 9,540,183 | ||||||
Total Short-Term Securities Held as Collateral for Securities Lending | 9,540,183 | |||||||
Total Investments (Cost $263,304,263) (a) — 103.1% | 278,694,467 | |||||||
Liabilities in excess of other assets — (3.1)% | (8,359,174 | ) | ||||||
NET ASSETS — 100.0% | $ | 270,335,293 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 17,026,807 | ||
Unrealized depreciation | (1,636,603 | ) | ||
Net unrealized appreciation (depreciation) | $ | 15,390,204 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
(b) | Denotes a non-income producing security. |
ADR | American Depositary Receipt |
IE | Ireland |
See notes to financial statements.
6
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT GOVERNMENT BOND FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Principal | Value | ||||||
U.S. TREASURY OBLIGATIONS (21.8%) | ||||||||
U.S. Treasury Bonds (19.6%) | ||||||||
12.75%, 11/15/10 | $ | 45,000,000 | $ | 51,210,360 | ||||
8.88%, 08/15/17 | 45,000,000 | 61,662,285 | ||||||
9.00%, 11/15/18 | 40,000,000 | 55,831,240 | ||||||
8.75%, 05/15/20 | 25,000,000 | 34,573,250 | ||||||
6.25%, 08/15/23 | 34,000,000 | 37,649,696 | ||||||
6.25%, 05/15/30 | 22,000,000 | 24,632,256 | ||||||
265,559,087 | ||||||||
U.S. Treasury Inflation Protected Bonds (0.3%) | ||||||||
3.88%, 04/15/29 | 2,830,000 | 4,126,900 | ||||||
U.S. Treasury STRIPS (1.9%) | ||||||||
3.20%, 05/15/11 | 10,000,000 | 9,466,490 | ||||||
4.35%, 11/15/11 | 17,000,000 | 15,755,702 | ||||||
25,222,192 | ||||||||
Total U.S. Treasury Obligations | 294,908,179 | |||||||
U.S. GOVERNMENT SPONSORED AND AGENCY OBLIGATIONS (54.2%) | ||||||||
Agency For International Development (5.7%) | ||||||||
AID-Israel, 5.50%, 04/26/24 | 60,000,000 | 58,831,980 | ||||||
Fond’s D’Equipment Communication, 7.29%, 05/01/23 | 8,550,000 | 9,587,115 | ||||||
Government Backed Trust T-1, 3.17%, 05/15/07 | 10,000,000 | 9,013,240 | ||||||
77,432,335 | ||||||||
Federal Farm Credit Bank (1.2%) | ||||||||
5.88%, 10/03/16 | 15,000,000 | 15,862,305 | ||||||
Federal Home Loan Bank (5.1%) | ||||||||
5.74%, 02/25/05 | 4,135,000 | 4,238,073 | ||||||
7.32%, 04/21/05 | 8,500,000 | 8,862,432 | ||||||
5.80%, 08/12/05 | 6,395,000 | 6,642,915 | ||||||
5.24%, 12/18/08 | 16,375,000 | 17,181,026 | ||||||
5.91%, 04/07/09 | 6,860,000 | 7,387,850 | ||||||
5.50%, 08/15/16 | 23,625,000 | 24,124,243 | ||||||
68,436,539 | ||||||||
Federal Home Loan Mortgage Corporation (19.6%) | ||||||||
6.80%, 08/22/05 | 5,000,000 | 5,253,495 | ||||||
6.79%, 08/26/05 | 5,000,000 | 5,254,860 | ||||||
2.25%, 12/15/05 | 16,120,000 | 15,961,879 | ||||||
2.60%, 05/10/06 | 32,960,000 | 32,763,657 | ||||||
6.75%, 05/30/06 | 4,400,000 | 4,712,792 | ||||||
2.15%, 06/02/06 | 20,000,000 | 19,645,020 | ||||||
5.38%, 08/16/06 | 10,000,000 | 10,042,470 | ||||||
6.70%, 01/09/07 | 5,000,000 | 5,412,095 | ||||||
2.85%, 02/23/07 | 20,000,000 | 19,745,280 | ||||||
5.50%, 04/01/07 | 1,875,711 | 1,922,771 | ||||||
4.26%, 07/19/07 | 20,000,000 | 20,384,260 | ||||||
3.35%, 04/01/08 | 20,000,000 | 19,691,000 | ||||||
4.75%, 08/13/09 | 33,360,000 | 33,459,647 | ||||||
5.50%, 08/15/13 | 7,891,980 | 8,073,523 | ||||||
6.00%, 03/15/19 | 10,000,000 | 10,383,600 | ||||||
6.00%, 02/15/21 | 8,613,200 | 8,982,748 | ||||||
6.50%, 09/15/23 | 18,000,000 | 18,878,980 | ||||||
4.50%, 12/15/24 | 18,605,000 | 16,836,494 | ||||||
6.00%, 01/15/28 | 3,500,000 | 3,640,603 | ||||||
6.50%, 03/15/31 | 4,305,195 | 4,489,740 | ||||||
265,534,914 | ||||||||
Federal National Mortgage Association (14.1%) | ||||||||
6.63%, 03/21/06 | 5,000,000 | 5,317,075 | ||||||
3.50%, 12/22/06 | 21,455,000 | 21,525,501 | ||||||
3.55%, 01/12/07 | 30,970,000 | 31,138,880 | ||||||
5.15%, 05/03/07 | 10,000,000 | 10,253,430 | ||||||
0.00%, 05/15/07 | 10,651,000 | 9,634,852 | ||||||
6.50%, 07/25/08 | 4,551,751 | 4,705,262 | ||||||
2.75%, 06/17/09 | 12,955,000 | 12,966,336 | ||||||
5.00%, 09/01/09 | 3,743,924 | 3,800,034 | ||||||
4.50%, 04/01/10 | 22,188,263 | 22,144,587 | ||||||
7.41%, 04/01/10 | 14,487,967 | 16,405,539 | ||||||
4.00%, 05/01/10 | 21,518,422 | 21,068,733 | ||||||
6.25%, 07/19/11 | 12,000,000 | 12,028,344 | ||||||
5.38%, 11/15/11 | 40,000 | 41,348 | ||||||
6.68%, 05/01/16 | 4,360,496 | 4,732,267 | ||||||
9.25%, 10/25/18 | 152,858 | 168,899 | ||||||
6.30%, 10/17/38 | 14,128,283 | 14,576,845 | ||||||
190,507,932 | ||||||||
Financial Assistance Corporation (1.5%) | ||||||||
8.80%, 06/10/05 | 18,825,000 | 19,979,236 | ||||||
Government-Backed Trust (0.2%) | ||||||||
Government Loan Trust, 4.65%, 04/01/15 | 6,072,000 | 3,381,454 | ||||||
Guaranteed Export Trust (0.8%) | ||||||||
7.12%, 04/15/06 | 10,830,643 | 11,287,805 | ||||||
Housing and Urban Development (2.3%) | ||||||||
7.08%, 08/01/16 | 9,000,000 | 9,928,503 | ||||||
6.51%, 08/01/18 | 10,000,000 | 10,760,710 | ||||||
6.62%, 08/01/20 | 10,000,000 | 10,815,480 | ||||||
31,504,693 | ||||||||
Sovereign Agency (3.7%) | ||||||||
Overseas Private Investment Corp., 4.05%, 11/15/14 | 24,152,800 | 23,771,910 | ||||||
Overseas Private Investment Corp., 4.10%, 11/15/14 | 26,256,000 | 25,728,517 | ||||||
49,500,427 | ||||||||
Total U.S. Government Sponsored and Agency Obligations | 733,427,640 | |||||||
MORTGAGE-BACKED SECURITIES (20.1%) | ||||||||
Federal Home Loan Mortgage Corporation (7.8%) | ||||||||
Gold Pool #C01184, 6.50%, 06/01/31 | 23,919 | 24,969 | ||||||
Gold Pool #C60657, 6.50%, 11/01/31 | 130,045 | 135,751 | ||||||
Gold Pool #D94600, 7.50%, 03/01/21 | 213,624 | 230,280 | ||||||
Pool #170217, 8.00%, 03/01/17 | 3,069 | 3,364 | ||||||
Pool #309774, 8.00%, 11/01/08 | 34,451 | 36,237 | ||||||
Pool #C01172, 6.50%, 05/01/31 | 115,061 | 120,109 |
7
Table of Contents
GARTMORE GVIT GOVERNMENT BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
MORTGAGE-BACKED SECURITIES (continued) | ||||||||
Federal Home Loan Mortgage Corporation (continued) | ||||||||
Series 107-F, 8.65%, 12/15/04 | $ | 22,295 | $ | 22,329 | ||||
Series 1136-H, 6.00%, 09/15/21 | 985,748 | 985,118 | ||||||
Series 13-PL, 7.00%, 08/25/22 | 2,174,079 | 2,179,538 | ||||||
Series 1541-H, 7.00%, 10/15/22 | 317,958 | 318,151 | ||||||
Series 1711-PD, 6.75%, 06/15/23 | 1,470,716 | 1,491,518 | ||||||
Series 2043-VH, 6.50%, 05/15/14 | 3,271,000 | 3,362,605 | ||||||
Series 2063-PL, 6.25%, 04/15/12 | 93,520 | 93,477 | ||||||
Series 2149-TG, 6.50%, 09/15/27 | 1,903,331 | 1,915,527 | ||||||
Series 2348-JE, 6.50%, 11/15/14 | 3,616,050 | 3,664,080 | ||||||
Series 2353-PC, 6.50%, 09/15/15 | 4,616,003 | 4,694,313 | ||||||
Series 2458-TE, 6.00%, 08/15/31 | 15,000,000 | 15,545,498 | ||||||
Series 2485-PQ, 6.00%, 12/15/26 | 6,374,788 | 6,448,026 | ||||||
Series 2496-VK, 6.00%, 02/15/19 | 15,000,000 | 15,562,805 | ||||||
Series 2498, 5.50%, 01/15/20 | 8,000,000 | 8,045,329 | ||||||
Series 2509, 5.50%, 10/15/17 | 18,750,000 | 19,084,367 | ||||||
Series 2517, 5.50%, 10/15/17 | 15,000,000 | 15,242,489 | ||||||
Series 2580-VA, 5.50%, 09/15/10 | 6,151,620 | 6,364,407 | ||||||
105,570,287 | ||||||||
Federal National Mortgage Association (10.2%) | ||||||||
Pool #250559, 7.50%, 03/01/26 | 88,444 | 96,110 | ||||||
Pool #251532, 10.50%, 11/01/17 | 40,385 | 43,601 | ||||||
Pool #252228, 7.00%, 12/01/28 | 42,251 | 44,893 | ||||||
Pool #252396, 7.00%, 09/01/28 | 210,189 | 222,898 | ||||||
Pool #252471, 8.50%, 04/01/28 | 191,744 | 210,940 | ||||||
Pool #323286, 7.13%, 09/01/07 | 8,582,850 | 9,013,857 | ||||||
Pool #375593, 6.68%, 12/01/07 | 8,546,635 | 8,708,669 | ||||||
Pool #380276, 6.36%, 04/01/08 | 4,787,476 | 5,121,577 | ||||||
Pool #380348, 6.28%, 05/01/08 | 13,814,188 | 14,754,651 | ||||||
Pool #380538, 6.24%, 08/01/08 | 6,232,012 | 6,656,778 | ||||||
Pool #381089, 5.70%, 01/01/09 | 4,674,922 | 4,930,898 | ||||||
Pool #383661, 6.62%, 06/01/16 | 11,122,914 | 12,249,896 | ||||||
Pool #4486, 6.00%, 09/01/17 | 421,186 | 439,310 | ||||||
Pool #50544, 8.00%, 03/01/22 | 55,829 | 61,197 | ||||||
Pool #535159, 7.00%, 02/01/30 | 120,823 | 127,908 | ||||||
Pool #535723, 7.00%, 02/01/31 | 111,018 | 117,495 | ||||||
Pool #538673, 8.00%, 06/01/23 | 59,033 | 64,637 | ||||||
Pool #555456, 5.50%, 04/01/18 | 171,598 | 176,006 | ||||||
Pool #591224, 7.00%, 08/01/31 | 234,044 | 247,500 | ||||||
Pool #633937, 6.50%, 03/01/32 | 218,540 | 227,716 | ||||||
Pool #649431, 6.50%, 07/01/32 | 230,863 | 240,557 | ||||||
Pool #650872, 7.00%, 07/01/32 | 251,413 | 265,344 | ||||||
Pool #672366, 5.50%, 12/01/17 | 2,603,317 | 2,670,187 | ||||||
Pool #688602, 6.50%, 03/01/33 | 533,102 | 555,482 | ||||||
Pool #703444, 5.00%, 05/01/18 | 156,847 | 157,405 | ||||||
Pool #73442, 7.08%, 05/01/06 | 7,294,676 | 7,651,393 | ||||||
Pool #M80696, 6.00%, 08/01/08 | 1,138,724 | 1,167,855 | ||||||
Series 1991-73A, 8.00%, 07/25/21 | 176,036 | 190,382 | ||||||
Series 1992-192J, 6.50%, 08/25/07 | 470,894 | 475,377 | ||||||
Series 1993-149M, 7.00%, 08/25/23 | 10,000,000 | 10,416,271 | ||||||
Series 1993-188PH, 6.25%, 03/25/13 | 1,345,223 | 1,372,518 | ||||||
Series 1994-33H, 6.00%, 03/25/09 | 3,020,822 | 3,139,319 | ||||||
Series 1994-76H, 5.00%, 02/25/24 | 6,772,839 | 6,910,315 | ||||||
Series 1997-26B, 7.00%, 05/18/27 | 5,000,000 | 5,314,441 | ||||||
Series 1998-M2C, 6.43%, 02/17/30 | 2,343,217 | 2,483,404 | ||||||
Series 2001-41QN, 6.50%, 01/25/15 | 8,905,437 | 8,982,474 | ||||||
Series 2001-60VD, 6.00%, 04/25/19 | 15,160,363 | 15,517,426 | ||||||
Series 2001-T11B, 5.50%, 09/25/11 | 6,215,000 | 6,417,625 | ||||||
137,444,312 | ||||||||
Government National Mortgage Association (1.1%) | ||||||||
Pool #348813, 7.50%, 06/15/23 | 175,381 | 189,993 | ||||||
Pool #366564, 7.50%, 09/15/23 | 123,775 | 134,088 | ||||||
Pool #387078, 7.00%, 04/15/09 | 93,876 | 100,142 | ||||||
Pool #536369, 7.50%, 11/15/30 | 15,908 | 17,165 | ||||||
Pool #541200, 7.00%, 07/15/31 | 110,889 | 117,871 | ||||||
Pool #551733, 7.00%, 03/15/32 | 165,189 | 175,535 | ||||||
Pool #552525, 7.00%, 04/15/32 | 241,184 | 256,289 | ||||||
Pool #781525, 6.50%, 11/15/32 | 1,989,672 | 2,081,853 | ||||||
Pool #781572, 6.00%, 01/15/33 | 179,344 | 184,168 | ||||||
Pool #781613, 7.00%, 02/15/33 | 374,758 | 398,406 | ||||||
Series 2002-49VB, 6.50%, 08/20/17 | 10,000,000 | 10,430,024 | ||||||
Series 96-22VB, 7.00%, 08/16/13 | 1,180,060 | 1,185,432 | ||||||
15,270,966 | ||||||||
Veterans Administration (1.0%) | ||||||||
Vendee Mortgage Trust, Series 1996-2, 6.75%, 06/15/26 | 12,507,910 | 13,340,472 | ||||||
Total Mortgage-Backed Securities | 271,626,037 | |||||||
Repurchase Agreement (3.8%) | ||||||||
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $20,903,129 (Fully collateralized by AA Rated Corporate Bonds) | 20,902,270 | 20,902,270 | ||||||
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $30,971,994 (Fully collateralized by U.S. Agency Securities) | 30,970,723 | 30,970,723 | ||||||
Total Repurchase Agreement | 51,872,993 | |||||||
8
Table of Contents
GARTMORE GVIT GOVERNMENT BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
Short-Term Securities Held as Collateral for Securities Lending (4.2%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | $ | 57,174,750 | $ | 57,174,750 | ||||
Total Short-Term Securities Held as Collateral for Securities Lending | 57,174,750 | |||||||
Total Investments (Cost $1,414,032,260) (a) — 104.1% | 1,409,009,599 | |||||||
Other assets in excess of liabilities — (4.1)% | (55,130,521 | ) | ||||||
NET ASSETS — 100.0% | $ | 1,353,879,078 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 18,387,605 | ||
Unrealized depreciation | (23,410,266 | ) | ||
Net unrealized appreciation (depreciation) | $ | (5,022,661 | ) | |
Aggregate cost for federal income tax purposes is substantially the same. |
STRIPS | Separate Trading of Registered Interest and Principal Securities |
See notes to financial statements.
9
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
GVIT SMALL COMPANY FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (97.1%) | ||||||||
Australia (0.8%) | ||||||||
Building & Construction (0.0%) | ||||||||
United Group Ltd. | 93,351 | $ | 331,644 | |||||
Metals (0.1%) | ||||||||
BlueScope Steel Ltd. | 205,418 | 964,455 | ||||||
OneSteel Ltd. | 258,967 | 449,187 | ||||||
1,413,642 | ||||||||
Oil & Gas (0.1%) | ||||||||
Caltex Australia Ltd. | 158,503 | 1,019,114 | ||||||
Pharmaceuticals (0.1%) | ||||||||
CSL Ltd. | 60,285 | 936,478 | ||||||
Publishing (0.1%) | ||||||||
John Fairfax Holdings Ltd. | 202,712 | 526,710 | ||||||
Real Estate Investment Trust (0.1%) | ||||||||
Lend Lease Corp. | 98,872 | 708,027 | ||||||
Retail (0.1%) | ||||||||
Colorado Group Ltd. | 172,115 | 613,864 | ||||||
Television (0.2%) | ||||||||
Ten Network Holdings Ltd. | 667,846 | 1,395,665 | ||||||
6,945,144 | ||||||||
Austria (0.0%) | ||||||||
Airports Development (0.0%) | ||||||||
Flughafen Wien AG | 1,850 | 106,688 | ||||||
Belgium (0.1%) | ||||||||
Electronics (0.0%) | ||||||||
Barco NV | 1,515 | 136,583 | ||||||
Metals (0.0%) | ||||||||
Umicore | 3,724 | 234,469 | ||||||
Transportation (0.1%) | ||||||||
CMB Compagnie Maritime Belge SA | 1,971 | 239,202 | ||||||
610,254 | ||||||||
China (0.2%) | ||||||||
Internet Content (0.2%) | ||||||||
Netease.com, Inc. ADR (b) | 37,300 | 1,541,236 | ||||||
Denmark (0.2%) | ||||||||
Electrical & Electronic (0.0%) | ||||||||
Bang & Olufsen AS | 1,944 | 106,917 | ||||||
Telephone Communications (0.2%) | ||||||||
GN Store Nord AS | 143,889 | 1,271,843 | ||||||
1,378,760 | ||||||||
Finland (0.2%) | ||||||||
Computer Services (0.1%) | ||||||||
TietoEnator Oyj | 34,460 | 1,046,047 | ||||||
Financial Services (0.0%) | ||||||||
OKO Osuuspankkien Oyj | 10,184 | 109,283 | ||||||
Pharmaceuticals (0.1%) | ||||||||
Orion-Yhtymae Oyj | 19,482 | 500,129 | ||||||
Steel (0.0%) | ||||||||
Rautaruukki Oyj | 42,129 | 339,829 | ||||||
Telecommunication Equipment (0.0%) | ||||||||
Elcoteq Network Corp. | 6,051 | 117,865 | ||||||
2,113,153 | ||||||||
France (0.6%) | ||||||||
Building & Construction (0.2%) | ||||||||
Eiffage SA | 15,193 | 1,250,481 | ||||||
Commercial Services (0.0%) | ||||||||
SR Teleperformance | 4,391 | 103,908 | ||||||
Computer Services (0.0%) | ||||||||
GFI Informatique | 13,436 | 93,177 | ||||||
Groupe Steria | 2,909 | 100,975 | ||||||
194,152 | ||||||||
Electrical Equipment (0.0%) | ||||||||
Nexans SA | 3,071 | 113,958 | ||||||
Food (0.0%) | ||||||||
Elior | 15,094 | 142,322 | ||||||
Food — Retail (0.0%) | ||||||||
Guyenne ET Gascogne SA | 877 | 101,152 | ||||||
Metals (0.1%) | ||||||||
CFF Recycling | 49,301 | 794,762 | ||||||
Publishing (0.3%) | ||||||||
Spir Communication | 9,778 | 1,553,671 | ||||||
Retail (0.0%) | ||||||||
Camaieu | 1,164 | 103,877 | ||||||
Rallye SA | 2,195 | 122,471 | ||||||
226,348 | ||||||||
Software (0.0%) | ||||||||
Cie Generale de Geophysique SA (b) | 2,061 | 125,877 | ||||||
Steel (0.0%) | ||||||||
Vallourec SA | 1,151 | 112,939 | ||||||
4,719,570 | ||||||||
Germany (0.7%) | ||||||||
Banking/ Insurance (0.0%) | ||||||||
IKB Deutsche Industriebank | 8,321 | 195,894 | ||||||
Computer Services (0.0%) | ||||||||
SAP Systems Integration AG (b) | 6,868 | 169,208 | ||||||
Diversified (0.4%) | ||||||||
K&S AG | 54,064 | 1,836,494 | ||||||
Tui AG | 40,206 | 767,991 | ||||||
2,604,485 | ||||||||
Electronic Components/ Instruments (0.0%) | ||||||||
Epcos AG (b) | 8,474 | 176,815 | ||||||
Electronics (0.1%) | ||||||||
Techem AG (b) | 18,153 | 466,011 | ||||||
Machinery & Equipment (0.0%) | ||||||||
IWKA AG | 4,775 | 112,821 | ||||||
10
Table of Contents
GVIT SMALL COMPANY FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Germany (continued) | ||||||||
Metals (0.0%) | ||||||||
Salzgitter AG | 8,617 | $ | 103,161 | |||||
Retail (0.1%) | ||||||||
Phoenix AG (b) | 47,529 | 904,980 | ||||||
Telecommunications (0.1%) | ||||||||
Telegate AG (b) | 62,079 | 854,226 | ||||||
5,587,601 | ||||||||
Greece (0.2%) | ||||||||
Banking (0.1%) | ||||||||
Piraeus Bank SA | 42,331 | 494,419 | ||||||
Entertainment (0.1%) | ||||||||
Intralot SA | 54,399 | 865,694 | ||||||
1,360,113 | ||||||||
Hong Kong (0.6%) | ||||||||
Building & Construction (0.0%) | ||||||||
New World Development Ltd. | 460,000 | 339,111 | ||||||
Electronics (0.1%) | ||||||||
VTech Holdings Ltd. | 398,000 | 760,302 | ||||||
Financial Services (0.3%) | ||||||||
Guoco Group Ltd. | 195,000 | 1,625,041 | ||||||
Metals (0.0%) | ||||||||
Maanshan Iron & Steel Ltd. | 1,024,000 | 331,496 | ||||||
Telephone Communications (0.2%) | ||||||||
SmarTone Telecommunications Holdings Ltd. | 1,479,500 | 1,621,801 | ||||||
4,677,751 | ||||||||
Ireland (0.1%) | ||||||||
Building & Construction (0.1%) | ||||||||
McInerney Holdings PLC | 127,802 | 808,550 | ||||||
Italy (0.4%) | ||||||||
Building & Construction (0.0%) | ||||||||
Buzzi Unicem SPA | 9,367 | 120,232 | ||||||
Food & Beverage (0.1%) | ||||||||
Cremonini SPA | 594,708 | 1,150,447 | ||||||
Insurance (0.0%) | ||||||||
Milano Assicurazioni (b)(c) | 49,085 | 194,685 | ||||||
Publishing (0.1%) | ||||||||
Compagnie Industriali Riunite SPA | 256,591 | 540,074 | ||||||
Textile Products (0.2%) | ||||||||
Marzotto (Gaetano) & Figli SPA | 140,085 | 1,772,517 | ||||||
3,777,955 | ||||||||
Japan (4.4%) | ||||||||
Audio/ Video Products (0.1%) | ||||||||
Hitachi Maxell Ltd. | 49,400 | 762,856 | ||||||
Auto & Auto Parts (0.2%) | ||||||||
Keihin Corp. | 29,600 | 382,496 | ||||||
Ngk Spark Plug Co. Ltd. | 51,000 | 489,364 | ||||||
Nissan Diesel Motor Co. Ltd. (b) | 196,000 | 607,139 | ||||||
1,478,999 | ||||||||
Banking/ Insurance (0.2%) | ||||||||
Shinki Co. Ltd. | 219,600 | 1,791,174 | ||||||
Business Services (0.1%) | ||||||||
Secom Techno Service Co. Ltd. | 16,000 | 586,537 | ||||||
Chemicals (0.3%) | ||||||||
Mec Co. Ltd. | 49,500 | 1,134,125 | ||||||
Sumitomo Bakelite Co. Ltd. | 125,000 | 875,223 | ||||||
Sumitomo Rubber Industries Ltd. | 61,000 | 547,303 | ||||||
2,556,651 | ||||||||
Computers (0.1%) | ||||||||
Otsuka Shokai Co. Ltd. | 15,200 | 820,492 | ||||||
Electrical & Electronic (0.5%) | ||||||||
Brother Industries Ltd. | 103,000 | 997,764 | ||||||
Casio Computer Co. Ltd. | 107,000 | 1,619,980 | ||||||
Geomatec Co. Ltd | 19,600 | 758,026 | ||||||
KOA Corp. | 103,400 | 931,514 | ||||||
New Japan Radio Co. Ltd. | 50,000 | 614,031 | ||||||
4,921,315 | ||||||||
Entertainment Software (0.1%) | ||||||||
Konami Corp. | 18,600 | 472,181 | ||||||
Financial Services (0.4%) | ||||||||
The Bank of Fukuoka, Ltd. | 295,000 | 1,749,209 | ||||||
The Joyo Bank Ltd. | 165,000 | 733,401 | ||||||
The Tokyo Tomin Bank Ltd. | 20,500 | 510,081 | ||||||
2,992,691 | ||||||||
Food (0.1%) | ||||||||
Yamazaki Baking Co. Ltd. | 91,000 | 894,029 | ||||||
Foreign Banking (0.1%) | ||||||||
Bank of Kyoto Ltd. | 81,000 | 570,114 | ||||||
Leisure/ Entertainment (0.2%) | ||||||||
Namco Ltd. | 60,800 | 1,705,063 | ||||||
Machinery (0.4%) | ||||||||
Fuji Electric Co. Ltd. | 633,000 | 1,711,360 | ||||||
Sumitomo Heavy Industries Ltd. (b) | 539,000 | 1,689,392 | ||||||
3,400,752 | ||||||||
Medical Instruments (0.3%) | ||||||||
Nihon Kohden Corp. | 142,000 | 1,988,508 | ||||||
Sysmex Corp. | 12,800 | 395,326 | ||||||
2,383,834 | ||||||||
Medical-Drugs (0.1%) | ||||||||
Eiken Chemical Co. Ltd. | 124,000 | 1,159,144 | ||||||
Metals (0.2%) | ||||||||
Osaka Steel Co. Ltd. | 136,700 | 1,775,227 | ||||||
11
Table of Contents
GVIT SMALL COMPANY FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
Oil & Gas (0.2%) | ||||||||
Showa Shell Sekiyu | 155,800 | $ | 1,400,722 | |||||
Real Estate (0.3%) | ||||||||
Aeon Mall Co. Ltd. | 21,700 | 1,290,684 | ||||||
Creed Corp. | 116 | 574,073 | ||||||
Goldcrest Co. Ltd. | 14,170 | 975,271 | ||||||
2,840,028 | ||||||||
Retail (0.3%) | ||||||||
Belluna Co. Ltd. | 11,600 | 467,763 | ||||||
Okuwa Co. Ltd. | 125,000 | 1,757,321 | ||||||
Sundrug Co. Ltd. | 21,200 | 1,194,887 | ||||||
3,419,971 | ||||||||
Textile Products (0.0%) | ||||||||
Nitto Boseki Co. Ltd. | 152,000 | 330,147 | ||||||
Transportation (0.2%) | ||||||||
Kawasaki Kisen Kaisha Ltd. | 373,000 | 1,883,545 | ||||||
38,145,472 | ||||||||
Netherlands (0.3%) | ||||||||
Building & Construction (0.0%) | ||||||||
AM NV | 11,419 | 106,976 | ||||||
Commercial Services (0.1%) | ||||||||
Randstad Holding NV | 27,996 | 767,402 | ||||||
Diversified (0.0%) | ||||||||
Aalberts Industries NV | 3,576 | 107,029 | ||||||
Ordina Beheer NV | 9,799 | 103,959 | ||||||
210,988 | ||||||||
Medical-Drugs (0.0%) | ||||||||
OPG Groep NV | 2,032 | 108,828 | ||||||
Printing & Publishing (0.2%) | ||||||||
OCE NV | 66,445 | 1,075,175 | ||||||
Semiconductor Equipment (0.0%) | ||||||||
ASM International NV (b) | 6,557 | 135,459 | ||||||
2,404,828 | ||||||||
New Zealand (0.2%) | ||||||||
Oil & Gas (0.2%) | ||||||||
NGC Holdings Ltd. | 854,244 | 1,546,090 | ||||||
Norway (0.1%) | ||||||||
Computers-Integrated Systems (0.0%) | ||||||||
Visma ASA | 9,728 | 95,434 | ||||||
Finance Services (0.1%) | ||||||||
Aktiv Kapital ASA | 41,741 | 535,952 | ||||||
Oil — Field Services (0.0%) | ||||||||
Kvaerner ASA (b) | 11,025 | 172,974 | ||||||
804,360 | ||||||||
Portugal (0.1%) | ||||||||
Industrial Holding Company (0.1%) | ||||||||
Sonae SA | 438,315 | 479,948 | ||||||
Singapore (0.2%) | ||||||||
Transportation (0.2%) | ||||||||
Neptune Orient Lines | 1,312,000 | 1,797,625 | ||||||
Spain (0.3%) | ||||||||
Advertising (0.1%) | ||||||||
Telefonica Publicidad SA | 89,819 | 595,567 | ||||||
Airlines (0.0%) | ||||||||
Iberia Lineas Aereas de Espana SA | 79,777 | 229,063 | ||||||
Computer Services (0.2%) | ||||||||
Indra Sistemas SA | 53,259 | 679,080 | ||||||
Energy Sources (0.0%) | ||||||||
Gamesa Corp. | 22,704 | 334,512 | ||||||
Financial Services (0.0%) | ||||||||
Inmobiliaria Colonial SA | 5,413 | 138,300 | ||||||
Healthcare (0.0%) | ||||||||
Fabrica Espanola de Productos Quimicos y Farmaceuticos SA | 6,834 | 103,350 | ||||||
Industrial Holding Company (0.0%) | ||||||||
Corporacion Financiara Alba SA | 5,273 | 157,498 | ||||||
Paper & Pulp (0.0%) | ||||||||
Grupo Empresarial Ence SA | 13,303 | 365,783 | ||||||
2,603,153 | ||||||||
Sweden (0.5%) | ||||||||
Building & Construction (0.1%) | ||||||||
Sek Skanska AB | 57,692 | 507,384 | ||||||
Diversified Manufacturing (0.1%) | ||||||||
Alfa Laval AB | 34,402 | 545,741 | ||||||
Finance Services (0.1%) | ||||||||
D. Carnegie & Co. AB | 67,878 | 644,273 | ||||||
Home Furnishing (0.1%) | ||||||||
Nobia AB | 133,882 | 1,577,340 | ||||||
Metal Fabricate/ Hardware (0.0%) | ||||||||
SSAB | 10,340 | 174,325 | ||||||
Paper & Related Products (0.0%) | ||||||||
Billerud AB | 12,948 | 211,418 | ||||||
Real Estate (0.1%) | ||||||||
Kungsleden AB | 25,140 | 690,829 | ||||||
Retail (0.0%) | ||||||||
Lindex AB | 3,652 | 94,537 | ||||||
4,445,847 | ||||||||
Switzerland (0.6%) | ||||||||
Appliances (0.2%) | ||||||||
AFG Arbonia-Forster Holding AG | 10,770 | 1,659,701 | ||||||
Building & Construction (0.3%) | ||||||||
Sika Finanz AG (b) | 3,352 | 1,844,082 | ||||||
Food (0.0%) | ||||||||
Barr Callebaut AG | 1,124 | 264,307 | ||||||
Machinery (0.0%) | ||||||||
Saurer AG (b) | 2,425 | 124,019 | ||||||
12
Table of Contents
GVIT SMALL COMPANY FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Switzerland (continued) | ||||||||
Manufacturing — Capital Goods (0.1%) | ||||||||
Georg Fischer AG (b) | 3,638 | $ | 840,946 | |||||
Medical Products (0.0%) | ||||||||
Straumann Holding AG | 2,106 | 422,915 | ||||||
Retail (0.0%) | ||||||||
Charles Voegele Holding AG | 1,468 | 60,952 | ||||||
5,216,922 | ||||||||
United Kingdom (2.0%) | ||||||||
Auto — Retail (0.2%) | ||||||||
Inchcape PLC | 63,359 | 2,014,224 | ||||||
Building & Construction (0.1%) | ||||||||
Kier Group PLC | 67,544 | 780,268 | ||||||
Persimmon PLC | 26,774 | 306,865 | ||||||
1,087,133 | ||||||||
�� | ||||||||
Building Products (0.1%) | ||||||||
SIG PLC | 64,932 | 483,381 | ||||||
Consumer Cyclicals (0.4%) | ||||||||
Berkeley Group PLC | 79,136 | 1,775,975 | ||||||
Mcbride PLC | 473,696 | 1,262,800 | ||||||
3,038,775 | ||||||||
Diversified Operations (0.1%) | ||||||||
Brambles Industries PLC | 245,619 | 948,766 | ||||||
Engineering (0.1%) | ||||||||
Barratt Developments PLC | 103,686 | 1,108,464 | ||||||
Financial Services (0.3%) | ||||||||
Amlin PLC | 271,683 | 773,534 | ||||||
Bradford & Bingley PLC | 299,973 | 1,515,042 | ||||||
Brit Insurance Holdings PLC | 393,460 | 592,238 | ||||||
Close Brothers Group PLC | 39,061 | 550,404 | ||||||
3,431,218 | ||||||||
Food Diversified (0.1%) | ||||||||
Devro PLC | 326,317 | 637,579 | ||||||
Industrial Holding Company (0.1%) | ||||||||
Balfour Beatty PLC | 155,106 | 746,811 | ||||||
Insurance (0.1%) | ||||||||
Hiscox PLC | 182,268 | 541,264 | ||||||
Jewelry (0.1%) | ||||||||
Signet Group PLC | 298,375 | 619,563 | ||||||
Real Estate (0.0%) | ||||||||
NHP PLC | 88,518 | 313,430 | ||||||
Retail (0.1%) | ||||||||
Kesa Electricals PLC | 128,735 | 675,286 | ||||||
Transportation (0.1%) | ||||||||
Ecel PLC | 59,717 | 830,636 | ||||||
Travel Services (0.1%) | ||||||||
First Choice Holidays PLC | 343,985 | 779,771 | ||||||
17,256,301 | ||||||||
United States (84.3%) | ||||||||
Advertising/ Marketing (1.0%) | ||||||||
Arbitron, Inc. (b) | 50,200 | 1,833,304 | ||||||
Getty Images, Inc. (b) | 50,400 | 3,024,000 | ||||||
Harte-Hanks, Inc. | 111,700 | 2,726,597 | ||||||
Modem Media, Inc. (b) | 121,700 | 640,142 | ||||||
Ventiv Health, Inc. (b) | 6,347 | 98,252 | ||||||
8,322,295 | ||||||||
Aerospace/ Defense (1.2%) | ||||||||
Alliant Techsystems, Inc. (b) | 15,350 | 972,269 | ||||||
DRS Technologies, Inc. (b) | 65,000 | 2,073,500 | ||||||
Ducommun, Inc. (b) | 3,927 | 83,959 | ||||||
Esterline Technologies Corp. (b) | 4,525 | 133,623 | ||||||
Moog, Inc., Class A (b) | 2,091 | 77,597 | ||||||
MTC Technologies, Inc. (b) | 34,500 | 890,790 | ||||||
Teledyne Technologies, Inc. (b) | 5,000 | 100,100 | ||||||
United Defense Industries, Inc. (b) | 156,213 | 5,467,456 | ||||||
9,799,294 | ||||||||
Airlines (0.0%) | ||||||||
Mesa Air Group (b) | 5,632 | 45,563 | ||||||
Applications Software (0.2%) | ||||||||
Salesforce.com, Inc. (b) | 56,600 | 909,562 | ||||||
SS&C Technologies, Inc. | 36,800 | 688,160 | ||||||
1,597,722 | ||||||||
Auction House (0.4%) | ||||||||
Ritchie Brothers Auctioneers, Inc. | 131,400 | 3,825,054 | ||||||
Auto & Auto Parts (1.9%) | ||||||||
American Axle & Manufacturing Holdings, Inc. | 19,625 | 713,565 | ||||||
Clarcor, Inc. | 58,600 | 2,683,880 | ||||||
Dana Corp. | 49,200 | 964,320 | ||||||
Gentex Corp. | 90,600 | 3,595,008 | ||||||
LKQ Corp. (b) | 66,228 | 1,227,205 | ||||||
O’Reilly Automotive, Inc. (b) | 66,690 | 3,014,388 | ||||||
Polaris Industries, Inc. | 378 | 18,144 | ||||||
Tenneco Automotive, Inc. (b) | 62,956 | 832,908 | ||||||
Terex Corp. (b) | 44,600 | 1,522,198 | ||||||
United Auto Group, Inc. | 39,600 | 1,213,740 | ||||||
15,785,356 | ||||||||
Banking (2.3%) | ||||||||
Americanwest Bancorporation (b) | 6,400 | 122,560 | ||||||
BankAtlantic Bancorp, Inc., Class A | 123,830 | 2,284,663 | ||||||
Banner Corp. | 7,600 | 220,856 | ||||||
BOK Financial Corp. (b) | 462 | 18,143 | ||||||
Boston Private Financial Holdings, Inc. | 60,000 | 1,389,600 | ||||||
Capital Crossing Bank (b) | 8,044 | 449,097 | ||||||
Cathay Bancorp, Inc. | 30,000 | 2,001,000 | ||||||
City Holding Co. | 5,915 | 186,796 | ||||||
Columbia Banking System, Inc. | 4,907 | 108,935 | ||||||
Corus Bankshares, Inc. | 8,591 | 353,176 | ||||||
Dime Community Bancshares | 131,850 | 2,304,737 | ||||||
First Citizens BancShares, Inc., Class A | 1,297 | 158,234 |
13
Table of Contents
GVIT SMALL COMPANY FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Banking (continued) | ||||||||
First Republic Bancorp, Inc. | 1,889 | $ | 81,378 | |||||
Firstbank Corp. | 965 | 39,324 | ||||||
Flagstar Bancorp, Inc. | 55,767 | 1,108,648 | ||||||
Franklin Bank Corp. (b) | 50,600 | 800,492 | ||||||
Fremont General Corp. | 12,892 | 227,544 | ||||||
Hanmi Financial Corp. | 6,417 | 189,302 | ||||||
Hudson River Bancorp, Inc. | 12,400 | 211,668 | ||||||
Independence Community Bank Corp. | 41,549 | 1,512,384 | ||||||
Irwin Financial Corp. | 15,394 | 406,402 | ||||||
MBT Financial Corp. | 9,000 | 163,980 | ||||||
Mercantile Bank Corp. | 5,985 | 218,153 | ||||||
Nara Bankcorp, Inc. | 19,000 | 325,470 | ||||||
New Century Financial Corp. | 26,863 | 1,257,726 | ||||||
Oriental Financial Group, Inc. | 6,391 | 173,004 | ||||||
Pacific Capital Bancorp | 12,171 | 342,370 | ||||||
Santander Bancorp | 1,478 | 36,536 | ||||||
Sky Financial Group, Inc. | 35,000 | 865,550 | ||||||
Southwest Bancorp, Inc. | 19,000 | 346,750 | ||||||
Sterling Financial Corp. (b) | 698 | 22,245 | ||||||
Texas Capital Bancshares, Inc. (b) | 103,500 | 1,718,100 | ||||||
W Holding Co. Inc. | 1,023 | 17,565 | ||||||
Wilshire State Bank (b) | 820 | 20,106 | ||||||
19,682,494 | ||||||||
Beverages/ Alcoholic (0.2%) | ||||||||
The Robert Mondavi Corp., Class A (b) | 48,200 | 1,784,364 | ||||||
Broadcasting (0.2%) | ||||||||
4Kids Entertainment, Inc. (b) | 8,600 | 205,712 | ||||||
Hearst — Argyle Television, Inc. | 659 | 16,989 | ||||||
Radio One, Inc. (b) | 106,500 | 1,705,065 | ||||||
1,927,766 | ||||||||
Building & Construction (1.4%) | ||||||||
Brookfield Homes Corp. | 48,000 | 1,257,120 | ||||||
Chicago Bridge & Iron Co. | 30,400 | 846,640 | ||||||
Hughes Supply, Inc. | 8,180 | 482,047 | ||||||
KB Home | 15,649 | 1,073,991 | ||||||
Levitt Corp., Class A (b) | 21,357 | 550,156 | ||||||
Louisiana-Pacific Corp. | 43,590 | 1,030,904 | ||||||
NCI Building Systems, Inc. (b) | 8,404 | 273,550 | ||||||
NVR, Inc. (b) | 3,691 | 1,787,182 | ||||||
Simpson Manufacturing Co. Inc. | 31,000 | 1,739,720 | ||||||
Standard-Pacific Corp. | 13,100 | 645,830 | ||||||
USG Corp. (b) | 62,955 | 1,106,749 | ||||||
Washington Group International, Inc. (b) | 19,700 | 707,033 | ||||||
11,500,922 | ||||||||
Business Services (0.4%) | ||||||||
Administaff, Inc. (b) | 16,531 | 274,415 | ||||||
Firstmerit Corp. | 30,000 | 791,100 | ||||||
Manpower, Inc. | 11,000 | 558,470 | ||||||
NCO Group, Inc. (b) | 67,200 | 1,793,567 | ||||||
Resource America, Inc., Class A | 743 | 17,535 | ||||||
US Oncology, Inc. (b) | 14,786 | 217,650 | ||||||
3,652,737 | ||||||||
Chemicals (1.3%) | ||||||||
A. Schulman, Inc. | 90,000 | 1,934,100 | ||||||
FMC Corp. (b) | 9,104 | 392,473 | ||||||
Georgia Gulf Corp. | 68,678 | 2,462,793 | ||||||
IMC Global, Inc. | 107,400 | 1,439,160 | ||||||
Macdermid, Inc. | 3,510 | 118,814 | ||||||
Methanex Corp. | 9,873 | 130,531 | ||||||
Millennium Chemicals, Inc. (b) | 47,900 | 829,628 | ||||||
Minerals Technologies, Inc. | 14,000 | 812,000 | ||||||
Newmarket Corp. (b) | 25,134 | 539,627 | ||||||
Octel Corp. (b) | 27,370 | 720,652 | ||||||
OM Group, Inc. (b) | 10,433 | 344,393 | ||||||
Valspar Corp. | 18,100 | 912,964 | ||||||
10,637,135 | ||||||||
Coal (0.2%) | ||||||||
Alliance Resource Partners | 10,595 | 494,151 | ||||||
Consol Energy, Inc. | 25,300 | 910,800 | ||||||
1,404,951 | ||||||||
Commercial Services (0.2%) | ||||||||
Coinstar, Inc. (b) | 11,172 | 245,449 | ||||||
Plexus Corp. (b) | 93,500 | 1,262,250 | ||||||
1,507,699 | ||||||||
Communications & Media (0.5%) | ||||||||
Emmis Communications Corp., Class A (b) | 62,500 | 1,311,250 | ||||||
R.H. Donnelley Corp. (b) | 74,421 | 3,255,175 | ||||||
4,566,425 | ||||||||
Computer Service (1.6%) | ||||||||
Anteon International Corp. (b) | 69,800 | 2,276,876 | ||||||
Carreker, Inc. (b) | 11,856 | 118,797 | ||||||
Cerner Corp. (b) | 73,900 | 3,294,462 | ||||||
Compuware Corp. (b) | 236,000 | 1,557,600 | ||||||
Digitalnet Holdings, Inc. (b) | 6,769 | 137,614 | ||||||
Earthlink, Inc. (b) | 73,897 | 764,834 | ||||||
Manhattan Associates, Inc. (b) | 24,900 | 768,912 | ||||||
MICROS Systems, Inc. (b) | 42,235 | 2,026,013 | ||||||
MTS Systems | 24,107 | 565,309 | ||||||
RSA Security, Inc. (b) | 73,700 | 1,508,639 | ||||||
SI International, Inc. (b) | 10,150 | 206,959 | ||||||
Tyler Technologies, Inc. (b) | 9,227 | 87,287 | ||||||
13,313,302 | ||||||||
Computer Software (2.1%) | ||||||||
Activision, Inc. (b) | 32,300 | 513,570 | ||||||
Advent Software, Inc. (b) | 35,200 | 636,064 | ||||||
Ansys, Inc. (b) | 962 | 45,214 | ||||||
Aspen Technologies, Inc. (b) | 175,000 | 1,270,500 | ||||||
Autodesk, Inc. | 25,270 | 1,081,809 | ||||||
Avid Technology, Inc. (b) | 76,500 | 4,174,605 | ||||||
Docucorp International, Inc. (b) | 5,769 | 50,536 |
14
Table of Contents
GVIT SMALL COMPANY FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Computer Software (continued) | ||||||||
EPIQ Systems, Inc. (b) | 65,820 | $ | 954,390 | |||||
FileNET Corp. (b) | 24,000 | 757,680 | ||||||
Hyperion Solutions Corp. (b) | 17,200 | 751,984 | ||||||
Inter-Tel, Inc. | 5,658 | 141,280 | ||||||
MicroStrategy, Inc. (b) | 32,747 | 1,398,297 | ||||||
Netiq Corp. (b) | 94,000 | 1,240,800 | ||||||
OPNET Technologies, Inc. (b) | 33,900 | 444,090 | ||||||
Parametric Technology Corp. (b) | 144,200 | 721,000 | ||||||
Pinnacle Systems, Inc. (b) | 57,600 | 411,840 | ||||||
Sybase, Inc. (b) | 33,836 | 609,048 | ||||||
Synaptics, Inc. (b) | 60,000 | 1,149,000 | ||||||
Transaction Systems Architects, Inc. (b) | 22,971 | 494,566 | ||||||
Verint Systems, Inc. (b) | 22,500 | 769,950 | ||||||
17,616,223 | ||||||||
Computer Systems (0.2%) | ||||||||
Agilysys, Inc. | 1,629 | 22,464 | ||||||
Brocade Communications Systems, Inc. (b) | 202,300 | 1,209,754 | ||||||
RadiSys Corp. (b) | 11,100 | 206,127 | ||||||
1,438,345 | ||||||||
Consulting Services (0.8%) | ||||||||
Maximus, Inc. (b) | 75,002 | 2,659,571 | ||||||
MemberWorks, Inc. (b) | 70,500 | 2,088,210 | ||||||
Navigant Consulting, Inc. (b) | 33,400 | 716,096 | ||||||
PDI, Inc. (b) | 13,718 | 416,067 | ||||||
Sourcecorp, Inc. (b) | 15,448 | 425,129 | ||||||
The Advisory Board Co. (b) | 19,800 | 704,880 | ||||||
7,009,953 | ||||||||
Consumer Goods & Services (1.4%) | ||||||||
Aaron Rents, Inc. | 2,685 | 88,981 | ||||||
AptarGroup, Inc. | 83,900 | 3,665,590 | ||||||
Blyth, Inc. | 5,881 | 202,836 | ||||||
Church & Dwight Co. Inc. | 75,400 | 3,451,812 | ||||||
Energizer Holdings, Inc. (b) | 20,618 | 927,810 | ||||||
Kellwood Co. | 13,750 | 598,813 | ||||||
Matthews International Corp., Class A | 66,700 | 2,197,098 | ||||||
Wolverine World Wide, Inc. | 21,732 | 570,465 | ||||||
11,703,405 | ||||||||
Consumer Products (0.2%) | ||||||||
Central Garden & Pet Co. (b) | 19,000 | 679,629 | ||||||
Rayovac Corp. (b) | 22,656 | 636,634 | ||||||
Yankee Candle Co. Inc. (b) | 11,203 | 327,688 | ||||||
1,643,951 | ||||||||
Containers (0.4%) | ||||||||
Anchor Glass Container Corp. | 30,200 | 408,606 | ||||||
Chesapeake Corp. | 9,600 | 256,128 | ||||||
Crown Holdings, Inc. (b) | 221,977 | 2,213,110 | ||||||
Silgan Holdings, Inc. | 15,863 | 639,438 | ||||||
3,517,282 | ||||||||
Cosmetics (0.9%) | ||||||||
Alberto-Culver Co. Class B | 95,500 | 4,788,370 | ||||||
Chattem, Inc. (b) | 28,469 | 821,900 | ||||||
Del Laboratories, Inc. (b) | 15,800 | 490,116 | ||||||
Elizabeth Arden, Inc. (b) | 56,600 | 1,190,864 | ||||||
7,291,250 | ||||||||
Data Processing & Reproduction (0.4%) | ||||||||
Acxiom Corp. | 41,849 | 1,039,110 | ||||||
Fair, Issac and Co. Inc. | 45,575 | 1,521,293 | ||||||
infoUSA, Inc. (b) | 10,425 | 105,710 | ||||||
Komag, Inc. (b) | 53,376 | 745,663 | ||||||
3,411,776 | ||||||||
Defense (0.6%) | ||||||||
Engineered Support Systems, Inc. | 52,025 | 3,043,983 | ||||||
Mantech International Corp., Class A (b) | 96,900 | 1,818,813 | ||||||
4,862,796 | ||||||||
Diagnostic Equipment (0.2%) | ||||||||
Biosite Diagnostics, Inc. (b) | 22,349 | 1,003,917 | ||||||
Diagnostic Products Corp. | 13,200 | 580,008 | ||||||
1,583,925 | ||||||||
Diversified Manufacturing Operations (0.5%) | ||||||||
Carlisle Companies, Inc. | 25,500 | 1,587,375 | ||||||
Jacuzzi Brands, Inc. (b) | 114,100 | 920,787 | ||||||
Pentair, Inc. | 27,400 | 921,736 | ||||||
Teleflex, Inc. | 23,400 | 1,173,510 | ||||||
4,603,408 | ||||||||
Education (0.5%) | ||||||||
ITT Educational Services, Inc. (b) | 87,300 | 3,319,146 | ||||||
Skillsoft PLC (b) | 105,000 | 798,000 | ||||||
4,117,146 | ||||||||
Electric Integrated (0.6%) | ||||||||
Black Hills Corp. | 32,550 | 1,025,325 | ||||||
Centerpoint Energy, Inc. | 92,712 | 1,066,188 | ||||||
Duquesne Light Holdings, Inc. | 71,300 | 1,376,803 | ||||||
El Paso Electric Co. (b) | 7,392 | 114,132 | ||||||
Great Plains Energy, Inc. | 14,264 | 423,641 | ||||||
OGE Energy Corp. | 51,500 | 1,311,705 | ||||||
5,317,794 | ||||||||
Electrical Equipment (0.1%) | ||||||||
Ametek, Inc. | 608 | 18,787 | ||||||
Kulicke & Soffa Industries, Inc. (b) | 101,642 | 1,113,997 | ||||||
1,132,784 | ||||||||
Electronic Components (0.3%) | ||||||||
Amphenol Corp., Class A (b) | 21,400 | 713,048 | ||||||
Arrow Electronics, Inc. (b) | 39,073 | 1,047,938 | ||||||
Richardson Electronics Ltd. | 13,600 | 150,688 | ||||||
Stoneridge, Inc. (b) | 21,696 | 368,832 | ||||||
2,280,506 | ||||||||
15
Table of Contents
GVIT SMALL COMPANY FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Electronic Components/ Instruments (0.2%) | ||||||||
Cyberoptics Corp. (b) | 1,986 | $ | 51,596 | |||||
FLIR Systems, Inc. (b) | 25,700 | 1,410,930 | ||||||
Microsemi Corp. (b) | 37,400 | 531,454 | ||||||
1,993,980 | ||||||||
Electronics (1.5%) | ||||||||
Actel Corp. (b) | 79,800 | 1,476,300 | ||||||
Brady Corp., Class A | 34,600 | 1,595,060 | ||||||
Cree Research, Inc. (b) | 203,700 | 4,742,136 | ||||||
Hubbell, Inc. | 12,800 | 597,888 | ||||||
Integrated Silicon Solution, Inc. (b) | 95,000 | 1,159,950 | ||||||
Littlefuse, Inc. (b) | 17,627 | 747,561 | ||||||
Power Integrations, Inc. (b) | 28,200 | 702,180 | ||||||
Varian Semicondutor Equipment Associates, Inc. (b) | 42,000 | 1,619,520 | ||||||
WESCO International, Inc. (b) | 16,440 | 302,496 | ||||||
12,943,091 | ||||||||
Energy Sources (0.1%) | ||||||||
Maverick Tube Corp. (b) | 33,741 | 886,039 | ||||||
Engineering Services (0.1%) | ||||||||
Jacobs Engineering Group, Inc. (b) | 22,900 | 901,802 | ||||||
Entertainment (0.1%) | ||||||||
Ameristar Casinos | 519 | 17,428 | ||||||
Hollywood Entertainment Corp. (b) | 14,104 | 188,429 | ||||||
Multimedia Games, Inc. (b) | 25,600 | 686,592 | ||||||
892,449 | ||||||||
Entertainment Software (0.4%) | ||||||||
Take-Two Interactive Software, Inc. (b) | 70,940 | 2,173,602 | ||||||
THQ, Inc. (b) | 55,800 | 1,277,820 | ||||||
3,451,422 | ||||||||
Environmental Services (0.6%) | ||||||||
Stericycle, Inc. (b) | 94,550 | 4,892,017 | ||||||
Financial (5.4%) | ||||||||
Affiliated Managers Group, Inc. (b) | 57,700 | 2,906,349 | ||||||
Alabama National Bankcorp | 14,800 | 820,956 | ||||||
American Capital Strategies Ltd. | 61,100 | 1,712,022 | ||||||
BankUnited Financial Corp. (b) | 44,600 | 1,150,680 | ||||||
Central Pacific Financial Corp. | 88,100 | 2,422,750 | ||||||
City National Corp. | 28,197 | 1,852,543 | ||||||
Commercial Capital Bancorp, Inc. (b) | 73,800 | 1,281,906 | ||||||
Cullen/ Frost Bankers, Inc. | 57,373 | 2,567,442 | ||||||
Doral Financial Corp. | 10,626 | 366,597 | ||||||
East-West Bancorp, Inc. | 127,408 | 3,911,426 | ||||||
Financial Federal Corp. (b) | 92,700 | 3,268,602 | ||||||
First Midwest Bancorp, Inc. | 54,000 | 1,901,340 | ||||||
First State Bancorp | 39,600 | 1,216,512 | ||||||
Greenhill & Co. Inc. (b) | 66,200 | 1,384,242 | ||||||
Hudson United Bancorp | 2,846 | 106,099 | ||||||
Mid-State Bancshares | 31,300 | 735,863 | ||||||
Prosperity Bancshares, Inc. | 40,600 | 988,610 | ||||||
Provident Financial Holdings, Inc. | 14,357 | 339,543 | ||||||
Provident Financial Services, Inc. | 400 | 7,020 | ||||||
Southwest Bancorp of Texas, Inc. | 83,200 | 3,670,784 | ||||||
Texas Regional Bancshares, Inc., Class A | 104,670 | 4,805,400 | ||||||
The Chicago Mercantile Exchange | 26,697 | 3,854,246 | ||||||
UCBH Holdings, Inc. | 31,200 | 1,233,024 | ||||||
Webster Financial Corp. | 27,800 | 1,307,156 | ||||||
Westamerica Bankcorp. | 54,900 | 2,879,505 | ||||||
46,690,617 | ||||||||
Financial Services (1.4%) | ||||||||
Ace Cash Express, Inc. (b) | 29,990 | 770,443 | ||||||
Bank of Hawaii Corp. | 22,575 | 1,020,842 | ||||||
Corporate Executive Board Co. | 70,300 | 4,062,637 | ||||||
Factset Research Systems, Inc. | 61,700 | 2,916,559 | ||||||
Interactive Data Corp. (b) | 39,900 | 695,058 | ||||||
Jackson Hewitt Tax Service, Inc. (b) | 25,100 | 439,250 | ||||||
R & G Financial Corp., Class B | 24,130 | 797,738 | ||||||
SWS Group, Inc. | 2,968 | 45,410 | ||||||
Triad Guaranty, Inc. (b) | 16,401 | 954,538 | ||||||
WSFS Financial Corp. | 3,571 | 173,801 | ||||||
11,876,276 | ||||||||
Food & Beverage (0.8%) | ||||||||
American Italian Pasta Co. | 80,100 | 2,441,448 | ||||||
Chiquita Brands International, Inc. (b) | 27,620 | 577,810 | ||||||
Corn Products International, Inc. | 896 | 41,709 | ||||||
Dean Foods Co. (b) | 32,100 | 1,197,651 | ||||||
Del Monte Foods Co. (b) | 70,000 | 711,200 | ||||||
Krispy Kreme Doughnuts, Inc. (b) | 50,700 | 967,863 | ||||||
M & F Worldwide Corp. (b) | 17,954 | 245,970 | ||||||
Pilgrim’s Pride Corp. | 16,171 | 467,989 | ||||||
6,651,640 | ||||||||
Food — Retail (0.2%) | ||||||||
Pantry, Inc. (b) | 20,488 | 446,638 | ||||||
Ralcorp Holding, Inc. (b) | 35,000 | 1,232,000 | ||||||
1,678,638 | ||||||||
Food Distributors, Supermarkets & Wholesalers (0.5%) | ||||||||
Nasch-Finch Co. | 21,995 | 550,535 | ||||||
Sanderson Farms, Inc. | 11,491 | 616,147 | ||||||
SUPERVALU, Inc. | 28,600 | 875,446 | ||||||
United Natural Foods, Inc. (b) | 65,000 | 1,879,150 | ||||||
3,921,278 | ||||||||
Gaming/ Hotels (0.7%) | ||||||||
Global Payment, Inc. | 32,000 | 1,440,640 | ||||||
Kerzner International Ltd. (b) | 38,500 | 1,831,060 | ||||||
Penn National Gaming, Inc. (b) | 7,155 | 237,546 | ||||||
Shuffle Master, Inc. (b) | 67,900 | 2,465,449 | ||||||
5,974,695 | ||||||||
Gold Mining (0.1%) | ||||||||
Stillwater Mining Co. (b) | 66,800 | 1,002,668 | ||||||
16
Table of Contents
GVIT SMALL COMPANY FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Healthcare (5.6%) | ||||||||
American Healthways, Inc. (b) | 163,000 | $ | 4,339,060 | |||||
Apria Healthcare Group, Inc. (b) | 92,000 | 2,640,400 | ||||||
Beverly Enterprises, Inc. (b) | 178,500 | 1,535,100 | ||||||
Charles River Laboratories International, Inc. (b) | 91,942 | 4,493,206 | ||||||
Coventry Health Care, Inc. (b) | 3,494 | 170,857 | ||||||
Datascope Corp. | 12,000 | 476,280 | ||||||
Eclipsys Corp. (b) | 55,100 | 840,826 | ||||||
Haemonetics Corp. (b) | 30,260 | 897,209 | ||||||
Henry Schein, Inc. (b) | 14,200 | 896,588 | ||||||
IDEXX Laboratories, Inc. (b) | 82,739 | 5,207,593 | ||||||
K-V Pharmaceutical Co. (b) | 255,550 | 5,900,649 | ||||||
LifePoint Hospitals, Inc. (b) | 48,000 | 1,786,560 | ||||||
Mentor Corp. | 101,900 | 3,494,151 | ||||||
Odyssey Healthcare, Inc. (b) | 234,650 | 4,416,113 | ||||||
Patterson Dental Co. (b) | 9,700 | 741,953 | ||||||
Psychiatric Solutions, Inc. (b) | 70,000 | 1,745,100 | ||||||
Renal Care Group, Inc. (b) | 24,700 | 818,311 | ||||||
Respironics, Inc. (b) | 43,250 | 2,540,938 | ||||||
Techne Corp. (b) | 27,422 | 1,191,486 | ||||||
VISX, Inc. (b) | 151,300 | 4,042,736 | ||||||
48,175,116 | ||||||||
Healthcare Services (1.7%) | ||||||||
Amsurg Corp. (b) | 200,516 | 5,038,967 | ||||||
Chemed Corp. | 27,800 | 1,348,300 | ||||||
Dendrite International, Inc. (b) | 225,200 | 4,184,216 | ||||||
Omnicare, Inc. | 64,900 | 2,778,369 | ||||||
PacifiCare Health Systems, Inc. (b) | 14,707 | 568,573 | ||||||
Prime Medical Services, Inc. (b) | 6,531 | 51,856 | ||||||
Res-Care, Inc. (b) | 1,356 | 17,221 | ||||||
Vistacare, Inc., Class A (b) | 24,400 | 452,620 | ||||||
14,440,122 | ||||||||
Home Furnishings (0.5%) | ||||||||
American Woodmark Corp. | 4,200 | 251,370 | ||||||
Culp, Inc. (b) | 6,630 | 51,581 | ||||||
Furniture Brands International, Inc. | 704 | 17,635 | ||||||
Genlyte Group, Inc. (b) | 7,508 | 472,103 | ||||||
SCP Pool Corp. | 64,200 | 2,889,001 | ||||||
Stanley Furniture Co. Inc. | 7,412 | 312,119 | ||||||
Toro Co. | 4,260 | 298,498 | ||||||
4,292,307 | ||||||||
Hospital Management & Services (0.2%) | ||||||||
Sierra Health Services, Inc. (b) | 28,687 | 1,282,309 | ||||||
Hospitals (0.2%) | ||||||||
Triad Hospitals, Inc. (b) | 44,700 | 1,664,181 | ||||||
Hotels & Motels (0.2%) | ||||||||
Choice Hotels International, Inc. | 352 | 17,656 | ||||||
Orient Express Hotels Ltd. | 80,000 | 1,355,200 | ||||||
Prime Hospitality Corp. (b) | 19,300 | 204,966 | ||||||
1,577,822 | ||||||||
Human Resources (0.0%) | ||||||||
Labor Ready, Inc. (b) | 2,848 | 44,144 | ||||||
Industrial/ Miscellaneous (0.8%) | ||||||||
Actuant Corp. (b) | 32,800 | 1,278,872 | ||||||
Agnico-Eagle Mines Ltd. | 196,500 | 2,595,765 | ||||||
CUNO, Inc. (b) | 35,900 | 1,915,265 | ||||||
Gerber Scientific, Inc. (b) | 50,443 | 356,128 | ||||||
Harsco Corp. | 9,784 | 459,848 | ||||||
6,605,878 | ||||||||
Instruments-Controls (0.2%) | ||||||||
PerkinElmer, Inc. | 70,500 | 1,412,820 | ||||||
Instruments-Scientific (0.2%) | ||||||||
Fisher Scientific International, Inc. (b) | 23,300 | 1,345,575 | ||||||
Insurance (2.2%) | ||||||||
American Financial Group, Inc. | 677 | 20,696 | ||||||
Arch Capital Group Ltd. (b) | 40,500 | 1,615,140 | ||||||
Aspen Insurance Holdings Ltd. | 103,900 | 2,413,596 | ||||||
Assurant, Inc. | 33,620 | 886,896 | ||||||
Brown & Brown, Inc. | 26,200 | 1,129,220 | ||||||
Delphi Financial Group, Inc. | 7,778 | 346,121 | ||||||
First American Financial Corp. | 20,544 | 531,884 | ||||||
FPIC Insurance Group, Inc. (b) | 1,697 | 41,899 | ||||||
HCC Insurance Holdings, Inc. | 56,300 | 1,880,982 | ||||||
Hilb, Rogal & Hamilton Co. | 40,300 | 1,437,904 | ||||||
Markel Corp. (b) | 3,500 | 971,250 | ||||||
Max Re Capital Ltd. | 50,000 | 974,000 | ||||||
Montpelier Re Holdings Ltd. | 17,900 | 625,605 | ||||||
Odyssey Re Holdings Corp. | 6,051 | 145,224 | ||||||
Proassurance Corp. (b) | 36,000 | 1,227,960 | ||||||
Reinsurance Group of America, Inc. | 18,100 | 735,765 | ||||||
StanCorp Financial Group, Inc. | 2,645 | 177,215 | ||||||
UICI (b) | 42,634 | 1,015,116 | ||||||
United Fire & Casualty Co. | 1,574 | 90,899 | ||||||
W. R. Berkley Corp. | 24,775 | 1,064,086 | ||||||
Zenith National Insurance Corp. | 25,651 | 1,246,639 | ||||||
18,578,097 | ||||||||
Internet (0.6%) | ||||||||
Checkfree Corp. (b) | 124,785 | 3,743,550 | ||||||
Sohu.com, Inc. (b) | 74,300 | 1,477,084 | ||||||
5,220,634 | ||||||||
Internet Applications Software (0.5%) | ||||||||
Akamai Technologies, Inc. (b) | 84,500 | 1,516,775 | ||||||
Avocent Corp. (b) | 20,300 | 745,822 | ||||||
Kintera, Inc. (b) | 17,742 | 185,049 | ||||||
Packeteer, Inc. (b) | 90,000 | 1,453,500 | ||||||
3,901,146 | ||||||||
17
Table of Contents
GVIT SMALL COMPANY FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Internet Content (0.9%) | ||||||||
Ask Jeeves, Inc. (b) | 27,500 | $ | 1,073,325 | |||||
Autobytel, Inc. (b) | 74,800 | 679,184 | ||||||
CNET Networks, Inc. (b) | 89,600 | 991,872 | ||||||
Infospace, Inc. (b) | 45,000 | 1,711,800 | ||||||
SINA Corp. (b) | 39,800 | 1,313,002 | ||||||
Valueclick, Inc. (b) | 44,100 | 528,318 | ||||||
Websense, Inc. (b) | 47,000 | 1,749,810 | ||||||
8,047,311 | ||||||||
Internet Services (0.4%) | ||||||||
Macromedia, Inc. (b) | 46,000 | 1,129,300 | ||||||
Neoforma Inc. (b) | 69,800 | 847,372 | ||||||
Riverstone Networks, Inc. (b) | 1 | 1 | ||||||
United Online, Inc. (b) | 81,974 | 1,443,562 | ||||||
3,420,235 | ||||||||
Leisure (0.4%) | ||||||||
AMC Entertainment, Inc. (b) | 20,400 | 313,548 | ||||||
Brunswick Corp. | 25,385 | 1,035,708 | ||||||
Carmike Cinemas, Inc. (b) | 8,443 | 333,076 | ||||||
K2, Inc. (b) | 63,700 | 1,000,090 | ||||||
Regal Entertainment Group, Class A | 23,500 | 425,350 | ||||||
Steinway Musical Instruments, Inc. (b) | 6,844 | 240,156 | ||||||
3,347,928 | ||||||||
Machinery (1.1%) | ||||||||
AGCO Corp. (b) | 55,400 | 1,128,498 | ||||||
Briggs & Stratton Corp. | 12,636 | 1,116,391 | ||||||
Cascade Corp. | 6,800 | 212,500 | ||||||
Global Power Equipment Group, Inc. (b) | 14,700 | 117,894 | ||||||
JLG Industries, Inc. | 130,000 | 1,805,700 | ||||||
Joy Global, Inc. | 70,500 | 2,110,770 | ||||||
Lufkin Industries, Inc. | 4,600 | 147,108 | ||||||
Middleby Corp. | 2,493 | 136,168 | ||||||
Wabtec Corp. | 144,800 | 2,612,191 | ||||||
9,387,220 | ||||||||
Machinery & Capital Goods (1.2%) | ||||||||
Cognex Corp. | 34,400 | 1,323,712 | ||||||
Cummins Engine, Inc. | 16,268 | 1,016,750 | ||||||
Dionex Corp. (b) | 52,800 | 2,912,976 | ||||||
Gardner Denver, Inc. (b) | 888 | 24,775 | ||||||
Kennametal, Inc. | 21,400 | 980,120 | ||||||
Roper Industries, Inc. | 29,100 | 1,655,790 | ||||||
Zebra Technologies Corp. (b) | 29,165 | 2,537,355 | ||||||
10,451,478 | ||||||||
Manufactured Housing (0.1%) | ||||||||
Fleetwood Enterprises, Inc. (b) | 44,590 | 648,785 | ||||||
Medical — Information Systems (0.3%) | ||||||||
NDC Health Corp. | 57,500 | 1,334,000 | ||||||
Per-Se Technologies, Inc. (b) | 93,600 | 1,360,944 | ||||||
2,694,944 | ||||||||
Medical Equipment & Supplies (1.0%) | ||||||||
Advanced Medical Optics, Inc. (b) | 18,600 | 791,802 | ||||||
Advanced Neuromodulation Systems, Inc. (b) | 30,000 | 984,000 | ||||||
American Medical Systems Holdings, Inc. (b) | 46,900 | 1,580,529 | ||||||
Angelica Corp. | 8,300 | 208,413 | ||||||
Ocular Sciences, Inc. (b) | 549 | 20,862 | ||||||
ResMed, Inc. (b) | 30,500 | 1,554,280 | ||||||
Sola International, Inc. (b) | 3,703 | 63,803 | ||||||
STERIS Corp. (b) | 67,700 | 1,527,312 | ||||||
Sybron Dental Specialties, Inc. (b) | 51,509 | 1,537,544 | ||||||
Unifirst Corp. | 2,446 | 71,154 | ||||||
8,339,699 | ||||||||
Medical Instruments (0.3%) | ||||||||
Apogent Technologies, Inc. (b) | 30,337 | 970,784 | ||||||
Conmed Corp. (b) | 22,000 | 602,800 | ||||||
DJ Orthopedics, Inc. (b) | 7,350 | 169,050 | ||||||
Young Innovations, Inc. | 34,200 | 868,680 | ||||||
2,611,314 | ||||||||
Medical Products (2.3%) | ||||||||
Affymetrix, Inc. (b) | 335 | 10,965 | ||||||
Animas Corp. (b) | 34,200 | 637,830 | ||||||
Bausch & Lomb, Inc. | 1,634 | 106,324 | ||||||
Bio-Rad Laboratories, Inc., Class A (b) | 19,000 | 1,118,340 | ||||||
CNS, Inc. | 10,509 | 105,416 | ||||||
Dade Behring Holdings, Inc. (b) | 87,915 | 4,177,720 | ||||||
Dyax Corp. (b) | 47,300 | 555,775 | ||||||
Epix Medical, Inc. (b) | 57,300 | 1,209,030 | ||||||
Gen-Probe, Inc. (b) | 30,900 | 1,462,188 | ||||||
ICU Medical, Inc. (b) | 64,100 | 2,149,273 | ||||||
Inamed Corp. (b) | 42,700 | 2,683,694 | ||||||
Luminex Corp. (b) | 13,500 | 135,810 | ||||||
Martek Biosciences Corp. (b) | 11,000 | 617,870 | ||||||
Meridian Bioscience, Inc. | 4,331 | 47,983 | ||||||
MGI Pharma, Inc. (b) | 13,400 | 361,934 | ||||||
Millipore Corp. (b) | 3,080 | 173,620 | ||||||
Nabi Biopharmaceuticals (b) | 87,500 | 1,244,250 | ||||||
Owens & Minor, Inc. | 23,043 | 596,814 | ||||||
Telik, Inc. (b) | 68,950 | 1,645,837 | ||||||
The Medicines Co. (b) | 16,400 | 500,364 | ||||||
USANA Health Sciences, Inc. (b) | 5,853 | 181,911 | ||||||
Vital Signs, Inc. | 1,819 | 52,824 | ||||||
19,775,772 | ||||||||
Medical Providers (0.3%) | ||||||||
Humana, Inc. (b) | 61,958 | 1,047,090 | ||||||
Mariner Health Care, Inc. (b) | 21,100 | 567,590 | ||||||
Select Medical Corp. | 10,248 | 137,528 | ||||||
WellChoice, Inc. (b) | 24,200 | 1,001,880 | ||||||
2,754,088 | ||||||||
Metals (0.6%) | ||||||||
Allegheny Technologies, Inc. | 116,000 | 2,093,800 | ||||||
Coeur d’Alene Mines Corp. (b) | 273,400 | 1,115,472 |
18
Table of Contents
GVIT SMALL COMPANY FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Metals (continued) | ||||||||
Glamis Gold Ltd. (b) | 57,200 | $ | 1,002,716 | |||||
RTI International Metals, Inc. (b) | 14,100 | 224,895 | ||||||
Timken Co. | 36,600 | 969,534 | ||||||
5,406,417 | ||||||||
Multi-Media (0.2%) | ||||||||
Cumulus Media, Inc. (b) | 64,065 | 1,076,933 | ||||||
Journal Communications, Inc., Class A | 12,700 | 239,141 | ||||||
1,316,074 | ||||||||
Networking Products (0.1%) | ||||||||
Anixter International, Inc. | 9,379 | 319,167 | ||||||
Belden, Inc. | 5,884 | 126,094 | ||||||
Hypercom Corp. (b) | 80,400 | 679,380 | ||||||
1,124,641 | ||||||||
Office Equipment & Supplies (0.5%) | ||||||||
Global Imaging Systems, Inc. (b) | 39,446 | 1,446,090 | ||||||
IKON Office Solutions, Inc. | 1,951 | 22,378 | ||||||
Imagistics International, Inc. (b) | 27,800 | 984,120 | ||||||
United Stationers, Inc. (b) | 40,700 | 1,616,604 | ||||||
4,069,192 | ||||||||
Oil & Gas (4.5%) | ||||||||
Cabot Oil & Gas Corp., Class A | 55,471 | 2,346,423 | ||||||
Cal Dive International, Inc. (b) | 51,405 | 1,558,600 | ||||||
Cascade Natural Gas Corp. | 6,600 | 145,662 | ||||||
Cimarex Energy Co. (b) | 65,848 | 1,990,585 | ||||||
Encore Acquisition Co. (b) | 81,300 | 2,268,270 | ||||||
Energen Corp. | 13,333 | 639,851 | ||||||
FMC Technologies, Inc. (b) | 66,500 | 1,915,200 | ||||||
Giant Industries, Inc. (b) | 7,961 | 175,142 | ||||||
Key Energy Services, Inc. (b) | 101,500 | 958,160 | ||||||
National-Oilwell, Inc. (b) | 65,052 | 2,048,487 | ||||||
Newfield Exploration Co. (b) | 114,800 | 6,398,952 | ||||||
Oceaneering International, Inc. (b) | 54,700 | 1,873,475 | ||||||
Offshore Logistics, Inc. (b) | 49,200 | 1,383,504 | ||||||
Questar Corp. | 37,500 | 1,449,000 | ||||||
St. Mary Land & Exploration Co. | 58,500 | 2,085,525 | ||||||
Swift Energy Co. (b) | 41,200 | 908,872 | ||||||
UGI Corp. | 29,461 | 945,698 | ||||||
Ultra Petroleum Corp. (b) | 109,500 | 4,087,635 | ||||||
Unit Corp. (b) | 54,600 | 1,717,170 | ||||||
Universal Compression Hldgs, Inc. (b) | 71,303 | 2,187,576 | ||||||
W-H Energy Services, Inc. (b) | 103,500 | 2,028,600 | ||||||
39,112,387 | ||||||||
Oil & Gas Exploration Services (1.8%) | ||||||||
Callon Petroleum Co. (b) | 8,116 | 115,734 | ||||||
Carrizo Oil & Gas, Inc. (b) | 188,500 | 1,924,585 | ||||||
Clayton Williams Energy, Inc. (b) | 5,946 | 142,109 | ||||||
Delta Petroleum Corp. (b) | 42,800 | 575,660 | ||||||
Denbury Resources, Inc. (b) | 41,500 | 869,425 | ||||||
Evergreen Resources, Inc. (b) | 65,400 | 2,642,160 | ||||||
KCS Energy, Inc. (b) | 60,500 | 805,860 | ||||||
Patina Oil & Gas Corp. | 24,200 | 722,854 | ||||||
Pogo Producing Co. | 15,239 | 752,807 | ||||||
Quicksilver Resources, Inc. (b) | 32,300 | 2,166,361 | ||||||
RPC, Inc. | 1,263 | 19,968 | ||||||
Seacor Holdings, Inc. (b) | 2,989 | 131,307 | ||||||
Southwestern Energy Co. (b) | 24,700 | 708,149 | ||||||
Tesoro Petroleum Corp. (b) | 31,105 | 858,498 | ||||||
Veritas DGC, Inc. (b) | 59,080 | 1,367,702 | ||||||
Western Gas Resources, Inc. | 50,400 | 1,636,992 | ||||||
15,440,171 | ||||||||
Paper & Related Products (0.4%) | ||||||||
Glatfelter Co. | 142,000 | 1,999,360 | ||||||
Potlatch Corp. | 16,063 | 668,863 | ||||||
Rayonier, Inc. | 6,991 | 310,750 | ||||||
2,978,973 | ||||||||
Pharmaceuticals (1.7%) | ||||||||
Andrx Group (b) | 33,272 | 929,287 | ||||||
Angiotech Pharmaceuticals, Inc. (b) | 47,100 | 949,065 | ||||||
Atherogenics, Inc. (b) | 18,600 | 353,958 | ||||||
Corixa Corp. (b) | 22,100 | 103,207 | ||||||
Dendreon Corp. (b) | 24,900 | 305,025 | ||||||
Encysive Pharmaceuticals, Inc. (b) | 28,000 | 238,000 | ||||||
Enzon Pharmaceuticals, Inc. (b) | 22,600 | 288,376 | ||||||
Eyetech Pharmaceuticals, Inc. (b) | 7,800 | 334,776 | ||||||
Kos Pharmaceuticals, Inc. (b) | 18,457 | 608,527 | ||||||
Ligand Pharmaceuticals, Inc. (b) | 23,900 | 415,382 | ||||||
Medicis Pharmaceutical Corp., Class A | 35,000 | 1,398,250 | ||||||
Neighborcare, Inc. (b) | 61,200 | 1,917,396 | ||||||
NeoPharm, Inc. (b) | 63,124 | 652,071 | ||||||
Noven Pharmaceuticals, Inc. (b) | 48,700 | 1,072,374 | ||||||
NPS Pharmaceuticals, Inc. (b) | 12,900 | 270,900 | ||||||
Par Pharmaceutical Cos, Inc. (b) | 15,500 | 545,755 | ||||||
Perrigo Co. | 25,317 | 480,263 | ||||||
Sciclone Pharmaceuticals, Inc. (b) | 23,200 | 118,552 | ||||||
SuperGen, Inc. (b) | 14,100 | 90,945 | ||||||
Taro Pharmaceuticals USA, Inc. (b) | 73,700 | 3,205,951 | ||||||
14,278,060 | ||||||||
Printing (0.2%) | ||||||||
Consolidated Graphics, Inc. (b) | 16,166 | 712,112 | ||||||
TransAct Technologies, Inc. (b) | 20,200 | 638,724 | ||||||
1,350,836 | ||||||||
Printing & Publishing (0.1%) | ||||||||
Proquest Co. (b) | 32,600 | 888,350 | ||||||
Thomas Nelson, Inc. | 6,592 | 149,902 | ||||||
1,038,252 | ||||||||
Quarrying (0.2%) | ||||||||
Compass Minerals International, Inc. | 85,000 | 1,647,300 | ||||||
19
Table of Contents
GVIT SMALL COMPANY FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Real Estate Investment Trust (1.4%) | ||||||||
American Financial Realty Trust | 121,500 | $ | 1,736,235 | |||||
Ashford Hospitality Trust | 166,400 | 1,389,440 | ||||||
Associated Estates Realty Corp. | 58,607 | 471,786 | ||||||
Capital Lease Funding, Inc. (b) | 74,800 | 777,920 | ||||||
CBL & Associates Properties, Inc. | 56,264 | 3,094,521 | ||||||
Developers Diversified Realty Corp. | 36,200 | 1,280,394 | ||||||
Equity Inns, Inc. | 23,500 | 218,315 | ||||||
Felcor Lodging Trust, Inc. (b) | 17,779 | 215,126 | ||||||
Friedman, Billings, Ramsey Group, Inc., Class A | 57,480 | 1,137,529 | ||||||
InnKeepers USA Trust | 31,595 | 325,744 | ||||||
Liberty Property Trust | 17,100 | 687,591 | ||||||
Mission West Properties, Inc. | 4,034 | 48,852 | ||||||
National Health Investors, Inc. | 6,928 | 188,372 | ||||||
PS Business Parks, Inc. | 2,361 | 95,007 | ||||||
Winston Hotels, Inc. | 19,800 | 204,930 | ||||||
11,871,762 | ||||||||
Recreation (0.4%) | ||||||||
WMS Industries, Inc. (b) | 119,700 | 3,567,060 | ||||||
Recreational Vehicles (0.3%) | ||||||||
Arctic Cat, Inc. | 793 | 21,831 | ||||||
Monaco Coach Corp. | 5,105 | 143,808 | ||||||
Thor Industries, Inc. | 39,300 | 1,314,978 | ||||||
Winnebago Industries, Inc. | 21,300 | 794,064 | ||||||
2,274,681 | ||||||||
Resorts/ Theme Parks (0.4%) | ||||||||
Vail Resorts, Inc. (b) | 161,900 | 3,102,004 | ||||||
Restaurants (1.6%) | ||||||||
CEC Entertainment, Inc. (b) | 1,356 | 40,016 | ||||||
Checkers Drive-In Restaurants, Inc. (b) | 2,566 | 29,637 | ||||||
Chicago Pizza & Brewery, Inc. (b) | 47,700 | 725,517 | ||||||
CKE Restaurants, Inc. (b) | 11,269 | 150,216 | ||||||
Dave & Buster’s, Inc. (b) | 15,250 | 286,548 | ||||||
IHOP Corp. | 24,100 | 861,816 | ||||||
Jack In the Box, Inc. (b) | 42,325 | 1,257,053 | ||||||
Lone Star Steakhouse & Saloon, Inc. | 25,734 | 699,707 | ||||||
P.F. Chang’s China Bistro, Inc. (b) | 39,100 | 1,608,965 | ||||||
Panera Bread Co. (b) | 40,700 | 1,460,316 | ||||||
Papa John’s International, Inc. (b) | 25,940 | 766,268 | ||||||
Ruby Tuesday, Inc. | 71,700 | 1,968,165 | ||||||
Sonic Corp. (b) | 93,000 | 2,115,749 | ||||||
Steak n Shake Co. (b) | 104,000 | 1,894,880 | ||||||
13,864,853 | ||||||||
Retail (4.7%) | ||||||||
7-ELEVEN, Inc. (b) | 6,583 | 117,507 | ||||||
AC Moore Arts & Crafts, Inc. (b) | 45,000 | 1,237,950 | ||||||
American Eagle Outfitters, Inc. (b) | 19,887 | 574,933 | ||||||
Barnes & Noble, Inc. (b) | 32,994 | 1,121,136 | ||||||
Big 5 Sporting Goods Corp. (b) | 66,800 | 1,749,492 | ||||||
Big Lots, Inc. (b) | 42,800 | 618,888 | ||||||
Blockbuster, Inc. | 11,282 | 171,261 | ||||||
Blue Nile, Inc. (b) | 28,500 | 1,071,885 | ||||||
Borders Group, Inc. | 1,215 | 28,480 | ||||||
Brookstone, Inc. (b) | 34,500 | 691,725 | ||||||
Brown Shoe Company, Inc. | 23,700 | 970,041 | ||||||
Cabelas, Inc., Class A (b) | 17,400 | 468,930 | ||||||
Callaway Golf Co. | 3,345 | 37,932 | ||||||
Carter’s Inc. (b) | 35,700 | 1,039,227 | ||||||
Casual Male Retail Group, Inc. (b) | 67,400 | 492,020 | ||||||
CBRL Group, Inc. | 33,400 | 1,030,390 | ||||||
Charming Shoppes, Inc. (b) | 3,675 | 32,818 | ||||||
Claire’s Stores, Inc. | 31,366 | 680,642 | ||||||
CSK Auto Corp. (b) | 41,400 | 709,596 | ||||||
Dick’s Sporting Goods, Inc. (b) | 26,500 | 883,775 | ||||||
Dress Barn, Inc. (b) | 1,374 | 23,523 | ||||||
EZCORP, Inc. (b) | 13,947 | 138,354 | ||||||
Finlay Enterprises, Inc. (b) | 1,674 | 31,505 | ||||||
Fossil, Inc. (b) | 167,800 | 4,572,549 | ||||||
Genesco, Inc. (b) | 40,154 | 948,839 | ||||||
Guitar Center, Inc. (b) | 65,100 | 2,894,996 | ||||||
Hancock Fabrics, Inc. | 74,200 | 946,050 | ||||||
J. Jill Group, Inc. (b) | 42,900 | 1,012,011 | ||||||
Jos. A. Bank Clothiers, Inc. (b) | 24,250 | 761,208 | ||||||
Linen ’n Things, Inc. (b) | 24,000 | 703,440 | ||||||
Marinemax, Inc. (b) | 9,281 | 266,179 | ||||||
Mothers Work, Inc. (b) | 4,500 | 92,565 | ||||||
Movado Group, Inc. | 21,948 | 378,603 | ||||||
Oxford Industries, Inc. | 13,200 | 574,992 | ||||||
Pacific Sunwear of California, Inc. (b) | 62,500 | 1,223,125 | ||||||
Petco Animal Supplies, Inc. (b) | 88,050 | 2,836,091 | ||||||
Regis Corp. | 4,644 | 207,076 | ||||||
Rent-A-Center, Inc. (b) | 34,432 | 1,030,550 | ||||||
School Specialty, Inc. (b) | 27,700 | 1,005,787 | ||||||
ShopKo Stores, Inc. (b) | 38,600 | 545,804 | ||||||
Smart & Final, Inc. (b) | 13,509 | 162,378 | ||||||
Stage Store, Inc. (b) | 25,986 | 978,633 | ||||||
Stein Mart, Inc. (b) | 22,182 | 360,679 | ||||||
Talbots, Inc. | 29,900 | 1,170,585 | ||||||
Tractor Supply Company (b) | 36,200 | 1,513,884 | ||||||
Trans World Entertainment Corp. (b) | 33,240 | 333,065 | ||||||
Tuesday Morning Corp. (b) | 48,600 | 1,409,400 | ||||||
Zale Corp. (b) | 39,096 | 1,065,757 | ||||||
40,916,256 | ||||||||
Schools (0.7%) | ||||||||
Bright Horizons Family Solutions, Inc. (b) | 14,000 | 750,540 | ||||||
Laureate Education, Inc. (b) | 18,400 | 703,616 | ||||||
Strayer Education, Inc. | 22,700 | 2,532,639 | ||||||
Universal Technical Institute, Inc. (b) | 36,200 | 1,447,276 | ||||||
University of Phoenix Online, Inc. (b) | 9,004 | 788,660 | ||||||
6,222,731 | ||||||||
20
Table of Contents
GVIT SMALL COMPANY FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Security Services (0.2%) | ||||||||
Brinks, (The) Co. | 1,384 | $ | 47,402 | |||||
Checkpoint Systems, Inc. (b) | 40,877 | 732,925 | ||||||
Integrated Alarm Services Group (b) | 121,500 | 656,100 | ||||||
1,436,427 | ||||||||
Semiconductor Equipment (0.7%) | ||||||||
Axcelis Technologies, Inc. (b) | 126,500 | 1,573,660 | ||||||
FSI International, Inc. (b) | 73,180 | 571,536 | ||||||
Helix Technology Corp. | 27,400 | 584,442 | ||||||
Photronics, Inc. (b) | 3,622 | 68,601 | ||||||
Sigmatel Inc. (b) | 93,899 | 2,728,704 | ||||||
SIPEX Corp. (b) | 27,500 | 156,750 | ||||||
Standard Microsystems Corp. (b) | 11,833 | 275,946 | ||||||
5,959,639 | ||||||||
Semiconductors (0.3%) | ||||||||
Cymer, Inc. (b) | 46,300 | 1,733,472 | ||||||
Cypress Semiconductor Corp. (b) | 7,365 | 104,509 | ||||||
Integrated Circuit Systems, Inc. (b) | 17,200 | 467,152 | ||||||
Leadis Technology, Inc. (b) | 18,800 | 252,108 | ||||||
ON Semiconductor Corp. (b) | 14,975 | 75,175 | ||||||
2,632,416 | ||||||||
Steel (0.2%) | ||||||||
Carpenter Technology Corp. | 11,577 | 394,197 | ||||||
Olympic Steel, Inc. (b) | 21,662 | 442,338 | ||||||
Steel Technologies, Inc. | 21,268 | 469,597 | ||||||
1,306,132 | ||||||||
Technology (0.8%) | ||||||||
Avnet, Inc. (b) | 29,506 | 669,786 | ||||||
Black Box Corp. | 21,400 | 1,011,364 | ||||||
CACI International, Inc., Class A (b) | 23,300 | 942,252 | ||||||
Electronics For Imaging, Inc. (b) | 90,500 | 2,557,530 | ||||||
Ingram Micro, Inc. (b) | 2,582 | 37,362 | ||||||
Intergraph Corp. (b) | 49,400 | 1,277,484 | ||||||
Progress Software Corp. (b) | 22,452 | 486,535 | ||||||
Tech Data Corp. (b) | 3,440 | 134,607 | ||||||
Tessco Technologies, Inc. (b) | 1,169 | 20,294 | ||||||
7,137,214 | ||||||||
Telecommunication Equipment (0.9%) | ||||||||
Andrew Corp. (b) | 51,400 | 1,028,514 | ||||||
C-Cor.Net Corp. (b) | 33,410 | 343,789 | ||||||
Commscope, Inc. (b) | 47,149 | 1,011,346 | ||||||
Harris Corp. | 25,000 | 1,268,750 | ||||||
NMS Communications Corp. (b) | 230,000 | 1,697,400 | ||||||
Plantronics, Inc. (b) | 36,500 | 1,536,650 | ||||||
Tekelec (b) | 34,700 | 630,499 | ||||||
West Corp. (b) | 1,165 | 30,465 | ||||||
Westell Technologies, Inc. (b) | 48,441 | 247,049 | ||||||
7,794,462 | ||||||||
Telecommunication Services (1.0%) | ||||||||
Arch Wireless, Inc., Class A (b) | 16,600 | 472,934 | ||||||
Aspect Communications Corp. (b) | 73,269 | 1,040,420 | ||||||
Commonwealth Telephone Enterprises, Inc. (b) | 6,581 | 294,631 | ||||||
IDT Corp. (b) | 32,100 | 591,924 | ||||||
Nextel Partners, Inc., Class A (b) | 46,000 | 732,320 | ||||||
NII Holdings, Inc. (b) | 20,000 | 673,800 | ||||||
PanAmSat Corp. (b) | 21,895 | 508,402 | ||||||
SpectraSite, Inc. (b) | 80,000 | 3,457,600 | ||||||
Talk America Holdings, Inc. (b) | 68,103 | 522,350 | ||||||
8,294,381 | ||||||||
Telecommunications (0.2%) | ||||||||
Boston Communications Group, Inc. (b) | 3,839 | 39,350 | ||||||
PTEK Holdings, Inc. (b) | 173,987 | 2,006,070 | ||||||
2,045,420 | ||||||||
Tire & Rubber (0.4%) | ||||||||
Cooper Tire & Rubber Co. | 154,000 | 3,542,000 | ||||||
Tobacco (0.0%) | ||||||||
Standard Commercial Corp. | 5,700 | 102,885 | ||||||
Tools (0.2%) | ||||||||
Snap-On, Inc. | 22,300 | 748,165 | ||||||
The Stanley Works | 23,265 | 1,060,419 | ||||||
1,808,584 | ||||||||
Toys (0.0%) | ||||||||
RC2 Corp. (b) | 1,389 | 49,310 | ||||||
Transportation (2.1%) | ||||||||
Arkansas Best Corp. | 5,124 | 168,682 | ||||||
Atlantic Coast Airlines Holdings, Inc. (b) | 8,582 | 49,261 | ||||||
EGL, Inc. (b) | 10,437 | 277,624 | ||||||
Forward Air Corp. (b) | 4,798 | 179,445 | ||||||
Frontier Airlines, Inc. (b) | 8,506 | 92,545 | ||||||
Heartland Express, Inc. | 11,129 | 304,489 | ||||||
J.B. Hunt Transport Services, Inc. | 89,600 | 3,456,768 | ||||||
Kansas City Southern Industries, Inc. (b) | 142,763 | 2,212,827 | ||||||
Kirby Corp. (b) | 40,942 | 1,592,644 | ||||||
Knight Transportation, Inc. (b) | 8,394 | 241,160 | ||||||
Landstar System, Inc. (b) | 28,619 | 1,513,087 | ||||||
Overnite Corp. | 30,600 | 899,640 | ||||||
Pacer International, Inc. (b) | 52,500 | 971,250 | ||||||
RailAmerica, Inc. (b) | 9,200 | 134,320 | ||||||
SCS Transportation, Inc. (b) | 13,300 | 350,987 | ||||||
SkyWest, Inc. | 93,156 | 1,621,846 | ||||||
Tidewater, Inc. | 39,400 | 1,174,120 | ||||||
USF Corp. | 6,303 | 221,424 | ||||||
UTI Worldwide, Inc. | 32,500 | 1,712,425 | ||||||
Yellow Roadway Corp. (b) | 10,370 | 413,348 | ||||||
17,587,892 | ||||||||
Travel Services (0.2%) | ||||||||
Pegasus Solutions, Inc. (b) | 110,700 | 1,453,491 | ||||||
21
Table of Contents
GVIT SMALL COMPANY FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Utilities (1.2%) | ||||||||
AGL Resources | 12,051 | $ | 350,082 | |||||
American States Water Co. | 979 | 22,752 | ||||||
Arch Coal, Inc. | 47,500 | 1,738,025 | ||||||
Artesyn Technologies, Inc. (b) | 53,388 | 480,492 | ||||||
California Water Service Group | 6,400 | 176,320 | ||||||
Peabody Energy Corp. | 25,000 | 1,399,750 | ||||||
UniSource Energy Corp. | 18,114 | 450,133 | ||||||
Waste Connections, Inc. (b) | 50,550 | 1,499,313 | ||||||
Westar Energy, Inc. | 139,700 | 2,781,426 | ||||||
Wisconsin Energy Corp. | 42,500 | 1,385,925 | ||||||
10,284,218 | ||||||||
Veterinary Diagnostics (0.5%) | ||||||||
VCA Antech, Inc. (b) | 88,500 | 3,966,570 | ||||||
Waste Disposal (0.1%) | ||||||||
Casella Waste Systems, Inc. (b) | 19,000 | 249,850 | ||||||
Metal Management, Inc. (b) | 42,724 | 846,362 | ||||||
1,096,212 | ||||||||
Water Treatments (0.0%) | ||||||||
Duratek, Inc. (b) | 4,761 | 71,939 | ||||||
Ionics, Inc. (b) | 7,200 | 203,400 | ||||||
275,339 | ||||||||
Wholesale Distribution (0.0%) | ||||||||
Brightpoint, Inc. (b) | 5,679 | 78,086 | ||||||
Handleman Co. | 7,100 | 164,436 | ||||||
Watsco, Inc. | 3,696 | 103,747 | ||||||
346,269 | ||||||||
717,359,671 | ||||||||
Total Common Stocks | 825,686,992 | |||||||
Security Description | Principal | Value | ||||||
CORPORATE BONDS (0.0%) | ||||||||
United States (0.0%) | ||||||||
Wholesale Distribution (0.0%) | ||||||||
Timco Aviation Services, Inc., 8.00%, 01/02/07 | $ | 252 | 0 | |||||
Total Corporate Bonds | 0 | |||||||
Commercial Paper (0.2%) | ||||||||
Financial Services (0.2%) | ||||||||
Network, 1.54%, 07/01/04 | 1,989,000 | 1,989,000 | ||||||
Total Commercial Paper | 1,989,000 | |||||||
Money Market (0.0%) | ||||||||
Federated Prime Obligation, Institutional Class | 173,286 | 173,286 | ||||||
Total Money Market | 173,286 | |||||||
Repurchase Agreement (2.2%) | ||||||||
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $7,412,183 (Fully collateralized by AA Rated Corporate Bonds) | 7,411,879 | 7,411,879 | ||||||
Nomura Securities, 1.48%, Dated 06/30/04, due 07/01/04, repurchase price $10,982,571 (Fully collateralized by U.S. Agency Securities) | 10,982,119 | 10,982,119 | ||||||
Total Repurchase Agreements | 18,393,998 | |||||||
Short-Term Securities Held as Collateral for Securities Lending (16.3%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | 138,484,521 | 138,484,521 | ||||||
Total Short-Term Securities Held as Collateral for Securities Lending | 138,484,521 | |||||||
Total Investments (Cost $855,468,883) (a) — 115.8% | 984,727,797 | |||||||
Other assets in excess of liabilities — (15.8)% | (134,279,247 | ) | ||||||
NET ASSETS — 100.0% | $ | 850,448,550 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 142,281,334 | ||
Unrealized depreciation | (13,022,420 | ) | ||
Net unrealized appreciation (depreciation) | $ | 129,258,914 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
(b) | Denotes a non-income producing security. |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
See notes to financial statements.
22
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT MONEY MARKET FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Principal | Value | ||||||
ASSET BACKED COMMERCIAL PAPER (32.1%) | ||||||||
Asset Backed — Equipment Trust (0.7%) | ||||||||
CIT Equipment Collateral (b) (0.3%) | ||||||||
1.12%, 03/20/05 | $ | 6,092,772 | $ | 6,092,772 | ||||
CNH Equipment Trust (0.4%) | ||||||||
1.23%, 12/13/04 | 7,072,932 | 7,072,933 | ||||||
13,165,705 | ||||||||
Asset Backed — Auto Receivables (5.1%) | ||||||||
FCAR Owner Trust I (2.1%) | ||||||||
1.09%, 07/08/04 | 17,000,000 | 16,996,397 | ||||||
1.13%, 07/09/04 | 25,000,000 | 24,993,856 | ||||||
41,990,253 | ||||||||
New Center Asset Trust (3.0%) | ||||||||
1.10%, 07/07/04 | 60,000,000 | 59,989,000 | ||||||
101,979,253 | ||||||||
Asset Backed — Domestic (2.4%) | ||||||||
CC USA, Inc. (b) (0.8%) | ||||||||
1.12%, 07/07/04 | 4,000,000 | 3,999,253 | ||||||
1.22%, 07/12/04 | 12,000,000 | 11,995,527 | ||||||
15,994,780 | ||||||||
Three Pillars Funding Corp. (b) (1.6%) | ||||||||
1.11%, 07/06/04 | 32,811,000 | 32,805,925 | ||||||
48,800,705 | ||||||||
Asset Backed — Mortgages (3.9%) | ||||||||
Georgetown Funding Co. (b) (3.9%) | ||||||||
1.11%, 07/01/04 | 40,000,000 | 40,000,000 | ||||||
1.12%, 07/06/04 | 11,000,000 | 10,998,294 | ||||||
1.09%, 07/15/04 | 18,000,000 | 17,992,370 | ||||||
1.28%, 07/22/04 | 5,000,000 | 4,996,267 | ||||||
1.34%, 07/27/04 | 5,000,000 | 4,995,161 | ||||||
78,982,092 | ||||||||
Asset Backed — Trade & Term Receivables (12.6%) | ||||||||
Falcon Asset Securitization Corp. (b) (3.8%) | ||||||||
1.11%, 07/06/04 | 12,068,000 | 12,066,134 | ||||||
1.25%, 07/19/04 | 4,730,000 | 4,727,044 | ||||||
1.25%, 07/20/04 | 6,115,000 | 6,110,966 | ||||||
1.25%, 07/21/04 | 40,000,000 | 39,972,221 | ||||||
1.26%, 07/26/04 | 14,418,000 | 14,405,292 | ||||||
77,281,657 | ||||||||
Golden Funding Corp. (b) (2.6%) | ||||||||
1.20%, 07/12/04 | 51,761,000 | 51,742,006 | ||||||
Kitty Hawk Funding Corp. (b) (1.3%) | ||||||||
1.08%, 07/07/04 | 3,727,000 | 3,726,329 | ||||||
1.21%, 07/12/04 | 3,821,000 | 3,819,587 | ||||||
1.25%, 07/20/04 | 19,095,000 | 19,082,403 | ||||||
26,628,319 | ||||||||
Old Line Funding Corp. (b) (3.8%) | ||||||||
1.11%, 07/07/04 | 4,821,000 | 4,820,108 | ||||||
1.09%, 07/08/04 | 52,388,000 | 52,376,750 | ||||||
1.26%, 07/22/04 | 10,977,000 | 10,968,932 | ||||||
1.33%, 08/04/04 | 7,533,000 | 7,523,538 | ||||||
75,689,328 | ||||||||
Three Rivers Funding Corp. (b) (0.4%) | ||||||||
1.05%, 07/01/04 | 8,678,000 | 8,678,000 | ||||||
Variable Funding Capital Corp. (b) (0.7%) | ||||||||
1.07%, 07/02/04 | 15,000,000 | 14,999,554 | ||||||
255,018,864 | ||||||||
Asset Backed — Yankee (7.4%) | ||||||||
Giro Funding Corp. (b) (1.0%) | ||||||||
1.27%, 07/27/04 | 20,000,000 | 19,981,656 | ||||||
K2 (USA) LLC (b) (1.4%) | ||||||||
1.10%, 07/09/04 | 1,100,000 | 1,099,731 | ||||||
1.06%, 07/28/04 | 13,000,000 | 12,989,665 | ||||||
1.50%, 09/10/04 | 4,150,000 | 4,137,723 | ||||||
1.15%, 11/15/04 | 10,000,000 | 9,956,617 | ||||||
28,183,736 | ||||||||
Premier Asset Collateralized Entity LLC (b) (1.7%) | ||||||||
1.06%, 07/02/04 | 10,000,000 | 9,999,706 | ||||||
1.12%, 07/07/04 | 14,100,000 | 14,097,368 | ||||||
1.21%, 07/08/04 | 10,000,000 | 9,997,647 | ||||||
34,094,721 | ||||||||
Sigma Finance, Inc. (b) (1.7%) | ||||||||
1.20%, 08/10/04 | 25,000,000 | 24,999,999 | ||||||
1.24%, 12/03/04 | 10,000,000 | 10,000,000 | ||||||
34,999,999 | ||||||||
Stanfield Victoria Funding LLC (b) (1.6%) | ||||||||
1.11%, 07/06/04 | 957,000 | 956,852 | ||||||
1.13%, 07/23/04 | 7,000,000 | 6,995,239 | ||||||
1.24%, 07/26/04 | 4,000,000 | 3,996,556 | ||||||
1.12%, 07/30/04 | 2,780,000 | 2,777,492 | ||||||
1.50%, 09/13/04 | 7,000,000 | 6,978,417 | ||||||
1.50%, 09/20/04 | 10,000,000 | 9,966,250 | ||||||
31,670,806 | ||||||||
148,930,918 | ||||||||
Total Asset Backed Commercial Paper | 646,877,537 | |||||||
COMMERCIAL PAPER (39.5%) | ||||||||
Banks — Domestic (9.7%) | ||||||||
Bank Of America Corp. (1.2%) | ||||||||
1.07%, 07/12/04 | 25,000,000 | 24,991,826 | ||||||
Citicorp (0.6%) | ||||||||
1.08%, 07/08/04 | 12,000,000 | 11,997,480 | ||||||
National City Credit Corp. (3.4%) | ||||||||
1.06%, 07/02/04 | 65,789,000 | 65,787,067 | ||||||
PB Finance (Delaware) (3.7%) | ||||||||
1.09%, 07/06/04 | 1,882,000 | 1,881,715 | ||||||
1.08%, 07/07/04 | 8,000,000 | 7,998,560 | ||||||
1.07%, 07/08/04 | 10,000,000 | 9,997,919 | ||||||
1.16%, 07/09/04 | 1,000,000 | 999,742 | ||||||
1.26%, 07/22/04 | 10,000,000 | 9,992,650 | ||||||
1.28%, 07/26/04 | 14,000,000 | 13,987,555 | ||||||
1.27%, 08/02/04 | 14,000,000 | 13,984,196 | ||||||
1.25%, 08/06/04 | 12,000,000 | 11,985,000 | ||||||
1.30%, 08/11/04 | 2,361,000 | 2,357,474 | ||||||
73,184,811 | ||||||||
23
Table of Contents
GARTMORE GVIT MONEY MARKET FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
COMMERCIAL PAPER (continued) | ||||||||
State Street Corp. (0.8%) | ||||||||
1.45%, 07/01/04 | $ | 17,000,000 | $ | 17,000,000 | ||||
192,961,184 | ||||||||
Banks — Foreign (4.8%) | ||||||||
Barclays US Funding Corp. (1.6%) | ||||||||
1.10%, 07/09/04 | 33,070,000 | 33,061,916 | ||||||
HBOS Treasury Services (0.6%) | ||||||||
1.07%, 07/08/04 | 2,935,000 | 2,934,391 | ||||||
1.11%, 08/02/04 | 5,440,000 | 5,433,989 | ||||||
1.30%, 08/03/04 | 1,643,000 | 1,641,035 | ||||||
1.30%, 08/06/04 | 1,100,000 | 1,098,570 | ||||||
11,107,985 | ||||||||
National Bank of New Zealand (0.4%) | ||||||||
1.06%, 07/06/04 | 3,284,000 | 3,283,517 | ||||||
1.10%, 07/16/04 | 1,200,000 | 1,199,450 | ||||||
1.31%, 07/21/04 | 1,000,000 | 999,272 | ||||||
1.31%, 07/28/04 | 2,800,000 | 2,797,249 | ||||||
8,279,488 | ||||||||
Scotiabank, Inc. (b) (1.7%) | ||||||||
1.55%, 09/30/04 | 35,000,000 | 34,862,868 | ||||||
UBS Finance (DE) LLC (0.2%) | ||||||||
1.06%, 07/01/04 | 1,600,000 | 1,600,000 | ||||||
1.32%, 07/29/04 | 1,454,000 | 1,452,507 | ||||||
3,052,507 | ||||||||
Westpac Capital Corp. (0.3%) | ||||||||
1.08%, 07/07/04 | 6,000,000 | 5,998,925 | ||||||
1.07%, 07/09/04 | 500,000 | 499,881 | ||||||
6,498,806 | ||||||||
96,863,570 | ||||||||
Banks — Mortgage (3.1%) | ||||||||
Northern Rock PLC (b) (3.1%) | ||||||||
1.07%, 07/26/04 | 12,600,000 | 12,590,638 | ||||||
1.10%, 07/28/04 | 26,000,000 | 25,978,550 | ||||||
1.52%, 09/27/04 | 25,000,000 | 24,907,111 | ||||||
63,476,299 | ||||||||
Broker/ Dealer (2.7%) | ||||||||
Morgan Stanley Dean Witter & Co. (2.7%) | ||||||||
1.07%, 07/06/04 | 5,000,000 | 4,999,257 | ||||||
1.30%, 08/02/04 | 20,000,000 | 19,976,889 | ||||||
1.30%, 08/05/04 | 30,000,000 | 29,962,083 | ||||||
54,938,229 | ||||||||
Building Society (5.1%) | ||||||||
Nationwide Building Society (1.4%) | ||||||||
1.06%, 07/06/04 | 11,670,000 | 11,668,282 | ||||||
1.10%, 08/09/04 | 7,080,000 | 7,071,563 | ||||||
1.54%, 09/24/04 | 10,000,000 | 9,963,639 | ||||||
28,703,484 | ||||||||
Yorkshire Building Society (3.7%) | ||||||||
1.06%, 07/06/04 | 20,250,000 | 20,246,994 | ||||||
1.25%, 07/22/04 | 949,000 | 948,308 | ||||||
1.08%, 07/23/04 | 20,000,000 | 19,986,678 | ||||||
1.25%, 07/26/04 | 4,028,000 | 4,024,503 | ||||||
1.50%, 09/17/04 | 24,000,000 | 23,922,001 | ||||||
1.21%, 10/12/04 | 5,000,000 | 4,982,690 | ||||||
74,111,174 | ||||||||
102,814,658 | ||||||||
Electrical Equipment (0.4%) | ||||||||
Johnson Controls, Inc. (b) (0.4%) | ||||||||
1.44%, 07/01/04 | 8,161,000 | 8,161,000 | ||||||
Finance — Automotive (0.1%) | ||||||||
American Honda Finance Corp. (0.1%) | ||||||||
1.20%, 07/07/04 | 1,475,000 | 1,474,705 | ||||||
Finance — Consumer Sales (2.1%) | ||||||||
American General Finance Corp. (0.6%) | ||||||||
1.06%, 07/02/04 | 12,000,000 | 11,999,647 | ||||||
Household Finance Corp. (1.5%) | ||||||||
1.06%, 07/01/04 | 12,000,000 | 12,000,000 | ||||||
1.10%, 07/06/04 | 4,000,000 | 3,999,389 | ||||||
1.10%, 07/07/04 | 15,000,000 | 14,997,250 | ||||||
30,996,639 | ||||||||
42,996,286 | ||||||||
Finance — Diversified (4.8%) | ||||||||
ABN Amro NA Finance, Inc. (0.5%) | ||||||||
1.09%, 07/06/04 | 2,000,000 | 1,999,697 | ||||||
1.08%, 08/12/04 | 8,000,000 | 7,989,920 | ||||||
9,989,617 | ||||||||
General Electric Capital Corp. (1.5%) | ||||||||
1.13%, 07/14/04 | 20,000,000 | 19,991,839 | ||||||
1.33%, 08/13/04 | 224,000 | 223,644 | ||||||
1.11%, 10/05/04 | 977,000 | 974,108 | ||||||
1.76%, 11/23/04 | 10,000,000 | 9,929,514 | ||||||
31,119,105 | ||||||||
Network Rail PLC (b) (2.8%) | ||||||||
1.52%, 07/01/04 | 20,000,000 | 20,000,001 | ||||||
1.10%, 07/06/04 | 17,402,000 | 17,399,341 | ||||||
1.25%, 07/22/04 | 18,000,000 | 17,986,875 | ||||||
55,386,217 | ||||||||
96,494,939 | ||||||||
Finance — Heavy Equipment (0.1%) | ||||||||
Cargill, Inc. (b) (0.1%) | ||||||||
1.45%, 07/01/04 | 1,200,000 | 1,200,000 | ||||||
Insurance (4.7%) | ||||||||
Allianz Finance Corp. (b) (3.6%) | ||||||||
1.09%, 07/06/04 | 15,000,000 | 14,997,729 | ||||||
1.11%, 07/07/04 | 12,000,000 | 11,997,780 | ||||||
1.14%, 07/09/04 | 12,000,000 | 11,996,960 | ||||||
1.18%, 08/05/04 | 22,000,000 | 21,974,761 | ||||||
1.23%, 08/06/04 | 12,000,000 | 11,985,240 | ||||||
72,952,470 | ||||||||
ING America Insurance Holdings (1.1%) | ||||||||
1.08%, 07/06/04 | 21,900,000 | 21,896,715 | ||||||
94,849,185 | ||||||||
24
Table of Contents
GARTMORE GVIT MONEY MARKET FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
COMMERCIAL PAPER (continued) | ||||||||
Multimedia (1.2%) | ||||||||
Gannett Co. (b) (1.2%) | ||||||||
1.31%, 07/06/04 | $ | 25,000,000 | $ | 24,995,451 | ||||
Transportation (0.7%) | ||||||||
Netjets, Inc. (b) (0.7%) | ||||||||
1.25%, 08/04/04 | 15,000,000 | 14,982,292 | ||||||
Total Commercial Paper | 796,207,798 | |||||||
FLOATING RATE NOTES (c) (21.1%) | ||||||||
Asset Backed — CDO (4.7%) | ||||||||
Castle Hill III CLO Ltd. (b) (0.5%) | ||||||||
1.56%, 09/16/04 | 10,000,000 | 10,000,000 | ||||||
Commodore CDO I Ltd. (b) (1.3%) | ||||||||
1.64%, 09/12/04 | 25,000,000 | 25,000,000 | ||||||
Davis Square Funding Ltd. (b) (0.7%) | ||||||||
1.20%, 08/06/04 | 15,000,000 | 15,000,000 | ||||||
Duke Funding VI Managed (b) (0.2%) | ||||||||
1.48%, 04/08/05 | 5,000,000 | 5,000,000 | ||||||
Newcastle CDO, Ltd. (b) (0.7%) | ||||||||
1.35%, 09/24/04 | 15,000,000 | 15,000,000 | ||||||
NorthLake CDO Class I-MM (b) (1.3%) | ||||||||
1.49%, 09/06/04 | 25,000,000 | 25,000,000 | ||||||
95,000,000 | ||||||||
Asset Backed — Yankee (7.8%) | ||||||||
K2 (USA) LLC (b) (2.1%) | ||||||||
1.12%, 02/07/05 | 30,000,000 | 29,999,096 | ||||||
1.08%, 06/03/05 | 10,000,000 | 9,999,077 | ||||||
39,998,173 | ||||||||
Premier Asset Collateralized Entity LLC (b) (1.7%) | ||||||||
1.25%, 08/20/04 | 20,000,000 | 20,000,000 | ||||||
1.21%, 02/18/05 | 15,000,000 | 15,000,000 | ||||||
35,000,000 | ||||||||
Sigma Finance, Inc. (b) (2.0%) | ||||||||
1.24%, 08/20/04 | 15,000,000 | 14,999,693 | ||||||
1.24%, 05/31/05 | 25,000,000 | 24,997,731 | ||||||
39,997,424 | ||||||||
Stanfield Victoria Funding LLC (b) (2.0%) | ||||||||
1.25%, 08/13/04 | 15,000,000 | 14,999,910 | ||||||
1.26%, 02/25/05 | 10,000,000 | 10,000,000 | ||||||
1.08%, 05/25/05 | 15,000,000 | 14,997,244 | ||||||
39,997,154 | ||||||||
154,992,751 | ||||||||
Banks — Domestic (0.8%) | ||||||||
Wells Fargo & Co. (0.8%) | ||||||||
1.13%, 08/02/05 | 17,000,000 | 17,000,000 | ||||||
Banks — Foreign (2.6%) | ||||||||
HBOS Treasury Services (1.1%) | ||||||||
1.28%, 06/20/05 | 22,000,000 | 22,000,000 | ||||||
Westdeutsche Landesbank Giro (b) (1.5%) | ||||||||
1.13%, 06/10/05 | 30,000,000 | 30,000,000 | ||||||
52,000,000 | ||||||||
Banks — Mortgage (0.8%) | ||||||||
Northern Rock PLC (b) (0.8%) | ||||||||
1.40%, 12/09/04 | 12,500,000 | 12,500,000 | ||||||
1.11%, 01/13/05 | 3,000,000 | 2,999,380 | ||||||
15,499,380 | ||||||||
Broker/ Dealer (1.8%) | ||||||||
Goldman Sachs Group, Inc. (1.8%) | ||||||||
1.12%, 05/20/05 | 37,000,000 | 37,000,000 | ||||||
Finance — Automotive (0.5%) | ||||||||
American Honda Finance Corp. (0.5%) | ||||||||
1.13%, 05/06/05 | 10,000,000 | 10,000,000 | ||||||
Finance — Diversified (1.4%) | ||||||||
General Electric Capital Corp. (1.4%) | ||||||||
1.36%, 07/15/05 | 8,000,000 | 8,000,000 | ||||||
1.25%, 08/09/05 | 21,000,000 | 21,000,000 | ||||||
29,000,000 | ||||||||
Insurance (0.7%) | ||||||||
Allstate Life Global Funding (b) (0.7%) | ||||||||
1.15%, 04/08/05 | 15,000,000 | 15,000,000 | ||||||
Total Floating Rate Notes | 425,492,131 | |||||||
U.S. GOVERNMENT SPONSORED & AGENCY OBLIGATIONS (4.0%) | ||||||||
Federal Home Loan Bank (3.2%) | ||||||||
1.30%, 02/23/05 | 15,000,000 | 15,000,000 | ||||||
1.46%, 03/01/05 | 10,000,000 | 10,000,000 | ||||||
1.43%, 03/11/05 | 10,000,000 | 10,000,000 | ||||||
1.44%, 03/11/05 | 9,000,000 | 9,000,000 | ||||||
1.35%, 03/23/05 | 10,000,000 | 10,000,000 | ||||||
1.30%, 04/13/05 | 10,000,000 | 10,000,000 | ||||||
64,000,000 | ||||||||
Federal Home Loan Mortgage Corporation (0.1%) | ||||||||
1.20%, 12/03/04 | 2,000,000 | 1,989,753 | ||||||
Federal National Mortgage Association (0.7%) | ||||||||
1.19%, 02/14/05 | 5,000,000 | 5,000,000 | ||||||
1.40%, 05/03/05 | 10,000,000 | 10,000,000 | ||||||
15,000,000 | ||||||||
Total U.S. Government Sponsored & Agency Obligations | 80,989,753 | |||||||
25
Table of Contents
GARTMORE GVIT MONEY MARKET FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
CERTIFICATES OF DEPOSIT (1.7%) | ||||||||
Banks — Domestic (1.7%) | ||||||||
State Street Corp. (1.7%) | ||||||||
1.31%, 04/15/05 | $ | 35,000,000 | $ | 35,000,000 | ||||
Total Certificates of Deposit | 35,000,000 | |||||||
TAXABLE MUNICIPAL BONDS (1.6%) | ||||||||
Government Agency (1.6%) | ||||||||
Sunshine State Governmental Financing Commission (1.6%) | ||||||||
1.13%, 07/01/04 | 5,000,000 | 5,000,000 | ||||||
1.07%, 07/02/04 | 6,600,000 | 6,599,804 | ||||||
1.09%, 07/06/04 | 15,777,000 | 15,774,612 | ||||||
1.13%, 07/06/04 | 4,935,000 | 4,934,225 | ||||||
32,308,641 | ||||||||
Total Taxable Municipal Bonds | 32,308,641 | |||||||
Total Investments (Cost $2,016,875,860) (a) — 100.0% | 2,016,875,860 | |||||||
Liabilities in excess of other assets — 0.0% | (955,593 | ) | ||||||
NET ASSETS — 100.0% | $ | 2,015,920,267 | ||||||
(a) | Aggregate cost for federal income tax purposes is substantially the same. |
(b) | Restricted securities issued pursuant to Section 4(2) of the Securities Act of 1933. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
(c) | Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2004. The maturity date represents the actual maturity date. |
CDO | Collateralized Debt Obligation |
See notes to financial statements.
26
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT MONEY MARKET FUND II
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Principal | Value | ||||||
COMMERCIAL PAPERS (81.0%) | ||||||||
Banks — Domestic (5.0%) | ||||||||
PB Finance (DE), 1.31%, 07/08/04 | $ | 2,500,000 | $ | 2,499,363 | ||||
State Street Corp., 1.45%, 07/01/04 | 8,500,000 | 8,500,000 | ||||||
10,999,363 | ||||||||
Banks — Foreign (9.5%) | ||||||||
Abbey National North America LLC, 1.18%, 07/09/04 | 6,200,000 | 6,198,374 | ||||||
National Australia Funding (DE), 1.11%, 07/07/04 | 6,200,000 | 6,198,853 | ||||||
Societe Generale North America, 1.37%, 07/01/04 | 8,500,000 | 8,500,000 | ||||||
20,897,227 | ||||||||
Broker/ Dealers (10.0%) | ||||||||
Bear Stearns Cos., Inc., 1.24%, 07/12/04 (b) | 5,000,000 | 4,998,106 | ||||||
Citigroup Global Markets Holdings, Inc., 1.13%, 07/07/04 | 6,200,000 | 6,198,833 | ||||||
Goldman Sachs Group, Inc., 1.25%, 07/12/04 | 6,000,000 | 5,997,708 | ||||||
Morgan Stanley Dean Witter & Co., 1.06%, 07/02/04 | 5,000,000 | 4,999,853 | ||||||
22,194,500 | ||||||||
Building Society (3.2%) | ||||||||
Yorkshire Building Society, 1.36%, 07/06/04 | 7,000,000 | 6,998,678 | ||||||
Cutlery (5.4%) | ||||||||
Bemis Co., Inc., 1.30%, 07/06/04 (b) | 3,410,000 | 3,409,384 | ||||||
Gillete Co., 1.40%, 07/01/04 (b) | 8,500,000 | 8,500,000 | ||||||
11,909,384 | ||||||||
Electrical Equipment (3.9%) | ||||||||
Johnson Controls, Inc., 1.50%, 07/01/04 (b) | 8,500,000 | 8,500,000 | ||||||
Finance — Automotive (2.3%) | ||||||||
Harley-Davidson Funding Corp., 1.23%, 07/13/04 (b) | 5,000,000 | 4,997,950 | ||||||
Finance — Consumer Sales (4.6%) | ||||||||
American Express Credit Corp., 1.15%, 07/08/04 | 6,000,000 | 5,998,658 | ||||||
American General Finance Corp., 1.26%, 07/09/04 | 4,000,000 | 3,998,880 | ||||||
9,997,538 | ||||||||
Finance — Diversified (10.9%) | ||||||||
AIG Funding, 1.20%, 07/13/04 | 3,000,000 | 2,998,800 | ||||||
Caterpillar Financial Service Corp., 1.16%, 07/06/04 | 1,285,000 | 1,284,793 | ||||||
Caterpillar Financial Service Corp., 1.30%, 07/07/04 | 3,507,000 | 3,506,240 | ||||||
General Electric Capital Corp., 1.21%, 07/07/04 (b) | 5,225,000 | 5,223,946 | ||||||
Network Rail Capital Finance PLC, 1.15%, 07/06/04 (b) | 5,000,000 | 4,999,201 | ||||||
Prudential Funding LLC, 1.15%, 07/09/04 | 6,200,000 | 6,198,417 | ||||||
24,211,397 | ||||||||
Heavy Equipment Finance (3.9%) | ||||||||
Cargill, Inc., 1.40%, 07/01/04 (b) | 8,500,000 | 8,500,000 | ||||||
Insurance (8.1%) | ||||||||
Allstate Corp., 1.42%, 07/01/04 (b) | 8,500,000 | 8,499,999 | ||||||
ING America Insurance Holdings, 1.25%, 07/08/04 | 3,000,000 | 2,999,271 | ||||||
New York Life Capital Corp., 1.12%, 07/07/04 (b) | 6,200,000 | 6,198,843 | ||||||
17,698,113 | ||||||||
Multi-Media (2.8%) | ||||||||
Gannett Co., 1.10%, 07/08/04 (b) | 6,200,000 | 6,198,674 | ||||||
Pharmaceuticals (1.1%) | ||||||||
Pfizer, Inc., 1.04%, 07/01/04 (b) | 2,319,000 | 2,319,000 | ||||||
Real Estate Investment Trusts — Diversified (3.9%) | ||||||||
Ventures Business Trust, 1.43%, 07/01/04 (b) | 8,500,000 | 8,500,000 | ||||||
Retail (6.4%) | ||||||||
Target Corp., 1.30%, 07/07/04 | 7,000,000 | 6,998,483 | ||||||
Wal-Mart Stores, Inc., 1.25%, 07/07/04 (b) | 7,000,000 | 6,998,542 | ||||||
13,997,025 | ||||||||
Total Commercial Papers | 177,918,849 | |||||||
ASSET BACKED SECURITIES (12.8%) | ||||||||
Domestic (2.8%) | ||||||||
Three Pillars Funding Corp., 1.26%, 07/02/04 (b) | 6,200,000 | 6,199,783 | ||||||
Yankee (1.5%) | ||||||||
Stanfield Victoria Funding, 1.30%, 07/06/04 (b) | 3,200,000 | 3,199,422 | ||||||
Trade & Term Receivables (8.5%) | ||||||||
Falcon Asset Securitization Corp., 1.35%, 07/09/04 (b) | 1,502,000 | 1,501,549 | ||||||
Kitty Hawk Funding Corp., 1.25%, 07/02/04 (b) | 6,000,000 | 5,999,792 | ||||||
Old Line Funding Corp., 1.18%, 07/08/04 (b) | 6,200,000 | 6,198,577 | ||||||
Variable Funding Capital Corp., 1.17%, 07/06/04 (b) | 5,000,000 | 4,999,188 | ||||||
18,699,106 | ||||||||
Total Asset Backed Securities | 28,098,311 | |||||||
U.S. GOVERNMENT AGENCIES (6.3%) | ||||||||
Federal Home Loan Bank System (2.3%) | ||||||||
Federal Home Loan Bank System, 1.12%, 07/07/04 | 5,000,000 | 4,999,067 | ||||||
Federal Home Loan Mortgage Corporation (1.3%) | ||||||||
Freddie Mac, 1.27%, 07/15/04 | 2,900,000 | 2,898,568 | ||||||
27
Table of Contents
GARTMORE GVIT MONEY MARKET FUND II
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
U.S. GOVERNMENT AGENCIES (continued) | ||||||||
Federal National Mortgage Association (2.7%) | ||||||||
Federal National Mortgage Association, 1.24%, 07/12/04 | $ | 6,000,000 | $ | 5,997,726 | ||||
Total U.S. Government Agencies | 13,895,361 | |||||||
Total Investments (Cost $219,912,521) (a) — 100.1% | 219,912,521 | |||||||
Liabilities in excess of other assets — (0.1)% | (237,379 | ) | ||||||
NET ASSETS — 100.0% | $ | 219,675,142 | ||||||
(a) | Aggregate cost for federal income tax purposes is substantially the same. |
(b) | Restricted Securities issued pursuant to Section 4(2) of the Securities Act of 1933. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. |
See notes to financial statements.
28
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
J.P. MORGAN GVIT BALANCED FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (60.4%) | ||||||||
Aerospace/ Defense (0.9%) | ||||||||
Lockheed Martin Corp. | 19,100 | $ | 994,728 | |||||
Northrop Grumman Corp. | 18,600 | 998,820 | ||||||
Raytheon Co. | 100 | 3,577 | ||||||
1,997,125 | ||||||||
Apparel (0.3%) | ||||||||
Nike, Inc., Class B | 10,500 | 795,375 | ||||||
Auto Parts & Equipment (0.1%) | ||||||||
Lear Corp. | 4,500 | 265,455 | ||||||
Automobiles (0.4%) | ||||||||
Ford Motor Co. | 25,900 | 405,335 | ||||||
General Motors Corp. | 11,900 | 554,421 | ||||||
959,756 | ||||||||
Biotechnology (0.0%) | ||||||||
Human Genome Sciences, Inc. (b) | 5,600 | 65,128 | ||||||
Broadcast Media/ Cable Television (1.6%) | ||||||||
E.W. Scripps Co., Class A | 5,100 | 535,500 | ||||||
Fox Entertainment Group, Inc. (b) | 28,600 | 763,620 | ||||||
Time Warner, Inc. (b) | 13,700 | 240,846 | ||||||
Viacom, Inc., Class B | 59,100 | 2,111,052 | ||||||
3,651,018 | ||||||||
Building — Residential & Commercial (0.1%) | ||||||||
KB HOME | 2,900 | 199,027 | ||||||
Lennar Corp., Class A | 2,400 | 107,328 | ||||||
306,355 | ||||||||
Business & Consumer Services (0.4%) | ||||||||
eBay, Inc. (b) | 8,200 | 753,990 | ||||||
FedEx Corp. | 1,200 | 98,028 | ||||||
852,018 | ||||||||
Chemicals/ Diversified (1.0%) | ||||||||
Air Products & Chemicals, Inc. | 4,200 | 220,290 | ||||||
Dow Chemical Co. | 19,400 | 789,580 | ||||||
Eastman Chemical Co. | 1,200 | 55,476 | ||||||
PPG Industries, Inc. | 3,700 | 231,213 | ||||||
Praxair, Inc. | 16,600 | 662,506 | ||||||
Rohm & Haas Co. | 7,800 | 324,324 | ||||||
2,283,389 | ||||||||
Communication Equipment (0.8%) | ||||||||
Corning, Inc. (b) | 33,400 | 436,204 | ||||||
Motorola, Inc. | 26,900 | 490,925 | ||||||
QUALCOMM, Inc. | 10,100 | 737,098 | ||||||
Tellabs, Inc. (b) | 31,500 | 275,310 | ||||||
1,939,537 | ||||||||
Computer Equipment (2.0%) | ||||||||
Dell, Inc. (b) | 44,300 | 1,586,826 | ||||||
Hewlett-Packard Co. | 46,800 | 987,480 | ||||||
International Business Machines Corp. | 15,000 | 1,322,250 | ||||||
Juniper Networks, Inc. (b) | 11,600 | 285,012 | ||||||
Lexmark International, Inc. (b) | 5,500 | 530,915 | ||||||
4,712,483 | ||||||||
Computer Software & Services (4.9%) | ||||||||
Cisco Systems, Inc. (b) | 105,600 | 2,502,720 | ||||||
Computer Sciences Corp. (b) | 11,800 | 547,874 | ||||||
First Data Corp. | 14,400 | 641,088 | ||||||
Mercury Interactive Corp. (b) | 12,500 | 622,875 | ||||||
Microsoft Corp. | 135,500 | 3,869,880 | ||||||
NCR Corp. (b) | 6,100 | 302,499 | ||||||
Oracle Corp. (b) | 144,800 | 1,727,464 | ||||||
Sungard Data Systems, Inc. (b) | 12,400 | 322,400 | ||||||
Take-Two Interactive Software, Inc. (b) | 9,300 | 284,952 | ||||||
VERITAS Software Corp. (b) | 19,600 | 542,920 | ||||||
11,364,672 | ||||||||
Conglomerates (1.8%) | ||||||||
ITT Industries, Inc. | 500 | 41,500 | ||||||
Johnson Controls, Inc. | 10,800 | 576,504 | ||||||
Tyco International Ltd. | 59,700 | 1,978,458 | ||||||
United Technologies Corp. | 17,100 | 1,564,308 | ||||||
4,160,770 | ||||||||
Construction & Building Materials (0.5%) | ||||||||
Caterpillar, Inc. | 2,300 | 182,712 | ||||||
Centex Corp. | 10,600 | 484,950 | ||||||
Deere & Co. | 200 | 14,028 | ||||||
Masco Corp. | 14,600 | 455,228 | ||||||
1,136,918 | ||||||||
Consumer/ Non-Cyclical (0.8%) | ||||||||
Gillette Co. | 42,800 | 1,814,720 | ||||||
Kimberly-Clark Corp. | 400 | 26,352 | ||||||
1,841,072 | ||||||||
Consumer Products (1.3%) | ||||||||
Procter & Gamble Co. | 53,600 | 2,917,984 | ||||||
Smurfit-Stone Container Corp. (b) | 6,900 | 137,655 | ||||||
3,055,639 | ||||||||
Diversified Manufacturing Operations (0.3%) | ||||||||
Cooper Industries Ltd., Class A | 9,200 | 546,572 | ||||||
SPX Corp. | 1,600 | 74,304 | ||||||
620,876 | ||||||||
Drugs (5.0%) | ||||||||
Amgen, Inc. (b) | 27,400 | 1,495,218 | ||||||
Eli Lilly & Co. | 19,700 | 1,377,227 | ||||||
Forest Laboratories, Inc. (b) | 22,200 | 1,257,186 | ||||||
Johnson & Johnson, Inc. | 50,100 | 2,790,570 | ||||||
Medicis Pharmaceutical Corp., Class A | 9,700 | 387,515 | ||||||
Merck & Co., Inc. | 11,600 | 551,000 | ||||||
Pfizer, Inc. | 99,700 | 3,417,716 | ||||||
Watson Pharmaceutical, Inc. (b) | 8,400 | 225,960 | ||||||
11,502,392 | ||||||||
Electrical Equipment (2.5%) | ||||||||
Eaton Corp. | 5,100 | 330,174 | ||||||
General Electric Co. | 171,300 | 5,550,120 | ||||||
5,880,294 | ||||||||
Electrical Services (1.6%) | ||||||||
Dominion Resources, Inc. | 6,500 | 410,020 | ||||||
Edison International | 2,100 | 53,697 | ||||||
Entergy Corp. | 10,100 | 565,701 |
29
Table of Contents
J.P. MORGAN GVIT BALANCED FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Electrical Services (continued) | ||||||||
Florida Power & Light, Inc. | 7,300 | $ | 466,835 | |||||
PG&E Corp. (b) | 11,200 | 312,928 | ||||||
Pinnacle West Capital Corp. | 12,100 | 488,719 | ||||||
PPL Corp. | 11,500 | 527,850 | ||||||
Scana Corp. | 2,500 | 90,925 | ||||||
TXU Corp. | 7,300 | 295,723 | ||||||
Xcel Energy, Inc. | 32,900 | 549,759 | ||||||
3,762,157 | ||||||||
Financial (5.6%) | ||||||||
CIT Group, Inc. | 15,100 | 578,179 | ||||||
Citigroup, Inc. | 98,000 | 4,557,000 | ||||||
Countrywide Credit Industries, Inc. | 13,500 | 948,375 | ||||||
Fannie Mae | 12,100 | 863,456 | ||||||
First Horizon National Corp. | 600 | 27,282 | ||||||
Freddie Mac | 19,200 | 1,215,360 | ||||||
Goldman Sachs Group, Inc. | 9,500 | 894,520 | ||||||
Legg Mason, Inc. | 3,200 | 291,232 | ||||||
MBNA Corp. | 12,500 | 322,375 | ||||||
Morgan Stanley | 39,900 | 2,105,523 | ||||||
Schwab (Charles) Corp. | 52,900 | 508,369 | ||||||
Washington Mutual, Inc. | 8,200 | 316,848 | ||||||
12,628,519 | ||||||||
Financial/ Banks (3.6%) | ||||||||
AmSouth Bancorp | 5,300 | 134,991 | ||||||
Bank of America Corp. | 24,300 | 2,056,266 | ||||||
Bank of New York Co., Inc. | 53,900 | 1,588,972 | ||||||
Doral Financial Corp. | 2,500 | 86,250 | ||||||
GreenPoint Financial Corp. | 9,100 | 361,270 | ||||||
KeyCorp | 13,400 | 400,526 | ||||||
North Fork Bancorp, Inc. | 9,100 | 346,255 | ||||||
SunTrust Banks, Inc. | 5,400 | 350,946 | ||||||
Wachovia Corp. | 25,100 | 1,116,950 | ||||||
Wells Fargo Co. | 32,600 | 1,865,698 | ||||||
8,308,124 | ||||||||
Food & Beverage (1.7%) | ||||||||
Anheuser-Busch Companies, Inc. | 16,100 | 869,400 | ||||||
Coca-Cola Co. (The) | 46,800 | 2,362,464 | ||||||
Kellogg Co. | 3,600 | 150,660 | ||||||
PepsiCo, Inc. | 8,000 | 431,040 | ||||||
SYSCO Corp. | 3,300 | 118,371 | ||||||
3,931,935 | ||||||||
Healthcare (2.6%) | ||||||||
Anthem, Inc. (b) | 11,800 | 1,056,808 | ||||||
Becton, Dickinson & Co. | 2,500 | 129,500 | ||||||
Biogen Idec, Inc. (b) | 1,100 | 69,575 | ||||||
Boston Scientific Corp. (b) | 19,500 | 834,600 | ||||||
Gilead Sciences, Inc. (b) | 2,700 | 180,900 | ||||||
Guidant Corp. | 23,700 | 1,324,356 | ||||||
HCA-The Healthcare Co. | 12,800 | 532,352 | ||||||
MedImmune, Inc. (b) | 6,000 | 140,400 | ||||||
Sepracor, Inc. (b) | 8,000 | 423,200 | ||||||
WellPoint Health Networks, Inc. (b) | 3,800 | 425,638 | ||||||
Wyeth | 26,100 | 943,776 | ||||||
6,061,105 | ||||||||
Hotels/ Motels (0.2%) | ||||||||
Hilton Hotels Corp. | 16,000 | 298,560 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 4,000 | 179,400 | ||||||
477,960 | ||||||||
Insurance (3.3%) | ||||||||
Aetna, Inc. | 9,500 | 807,500 | ||||||
Allstate Corp. (The) | 33,400 | 1,554,770 | ||||||
AMBAC Financial Group, Inc. | 13,900 | 1,020,816 | ||||||
American International Group, Inc. | 15,100 | 1,076,328 | ||||||
Assurant, Inc. | 2,800 | 73,864 | ||||||
Genworth Financial, Inc., Class A (b) | 16,700 | 383,265 | ||||||
Hartford Financial Services Group, Inc. | 18,200 | 1,251,068 | ||||||
MBIA, Inc. | 7,800 | 445,536 | ||||||
Protective Life Corp. | 900 | 34,803 | ||||||
St. Paul Cos., Inc. | 15,900 | 644,586 | ||||||
Torchmark Corp. | 2,300 | 123,740 | ||||||
XL Capital Ltd., Class A | 2,300 | 173,558 | ||||||
7,589,834 | ||||||||
Leisure & Amusements (0.4%) | ||||||||
Walt Disney Co. (The) | 38,900 | 991,561 | ||||||
Leisure Products (0.5%) | ||||||||
Carnival Corp. | 14,000 | 658,000 | ||||||
Hasbro, Inc. | 30,700 | 583,300 | ||||||
1,241,300 | ||||||||
Metals & Mining (0.8%) | ||||||||
Alcoa, Inc. | 24,300 | 802,629 | ||||||
United States Steel Corp. | 26,800 | 941,216 | ||||||
1,743,845 | ||||||||
Motorcycle Manufacturers (0.0%) | ||||||||
Harley-Davidson, Inc. | 600 | 37,164 | ||||||
Office Equipment & Services (0.1%) | ||||||||
3M Co. | 2,400 | 216,024 | ||||||
Oil & Gas (4.0%) | ||||||||
Anadarko Petroleum Corp. | 6,100 | 357,460 | ||||||
Baker Hughes, Inc. | 15,700 | 591,105 | ||||||
ChevronTexaco Corp. | 9,100 | 856,401 | ||||||
ConocoPhillips | 23,600 | 1,800,444 | ||||||
Cooper Cameron Corp. (b) | 9,400 | 457,780 | ||||||
Devon Energy Corp. | 7,100 | 468,600 | ||||||
Dynegy, Inc. (b) | 12,500 | 53,250 | ||||||
Exxon Mobil Corp. | 72,600 | 3,224,166 | ||||||
Pride International, Inc. (b) | 15,600 | 266,916 | ||||||
Rowan Companies, Inc. (b) | 14,700 | 357,651 | ||||||
Unocal Corp. | 9,500 | 361,000 | ||||||
Valero Energy Corp. | 5,900 | 435,184 | ||||||
9,229,957 | ||||||||
Paper & Forest Products (0.0%) | ||||||||
Georgia Pacific Corp. | 600 | 22,188 | ||||||
Printing & Publishing (0.4%) | ||||||||
Gannett Co., Inc. | 11,700 | 992,745 | ||||||
30
Table of Contents
J.P. MORGAN GVIT BALANCED FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Railroads (0.4%) | ||||||||
CSX Corp. | 6,000 | $ | 196,620 | |||||
Norfolk Southern Corp. | 24,000 | 636,480 | ||||||
833,100 | ||||||||
Real Estate (0.3%) | ||||||||
CarrAmerica Realty Corp. | 3,800 | 114,874 | ||||||
Mack-Cali Realty Corp. | 400 | 16,552 | ||||||
ProLogis | 9,100 | 299,572 | ||||||
Rouse Co. | 3,200 | 152,000 | ||||||
582,998 | ||||||||
Restaurants (0.5%) | ||||||||
McDonald’s Corp. | 42,500 | 1,105,000 | ||||||
Wendy’s International, Inc. | 1,400 | 48,776 | ||||||
1,153,776 | ||||||||
Retail (4.2%) | ||||||||
Abercrombie & Fitch Co. | 5,400 | 209,250 | ||||||
Bed, Bath & Beyond, Inc. (b) | 5,800 | 223,010 | ||||||
CVS Corp. | 5,900 | 247,918 | ||||||
Family Dollar Stores, Inc. | 2,100 | 63,882 | ||||||
Federated Department Stores, Inc. | 9,400 | 461,540 | ||||||
Gap, Inc. | 21,300 | 516,525 | ||||||
Home Depot, Inc. | 52,300 | 1,840,960 | ||||||
Jones Apparel Group, Inc. | 18,700 | 738,276 | ||||||
Kohl’s Corp. (b) | 15,800 | 668,024 | ||||||
Lowe’s Companies, Inc. | 15,900 | 835,545 | ||||||
Ross Stores, Inc. | 800 | 21,408 | ||||||
Target Corp. | 16,900 | 717,743 | ||||||
TJX Companies, Inc. (The) | 1,000 | 24,140 | ||||||
Wal-Mart Stores, Inc. | 48,700 | 2,569,412 | ||||||
Yum! Brands, Inc. (b) | 13,000 | 483,860 | ||||||
9,621,493 | ||||||||
Semiconductors (2.2%) | ||||||||
Altera Corp. (b) | 35,200 | 782,144 | ||||||
Analog Devices, Inc. | 14,700 | 692,076 | ||||||
Intel Corp. | 68,200 | 1,882,320 | ||||||
Intersil Holding Corp., Class A | 15,700 | 340,062 | ||||||
Linear Technology Corp. | 5,900 | 232,873 | ||||||
Novellus Systems, Inc. (b) | 19,000 | 597,360 | ||||||
Xilinx, Inc. | 14,800 | 492,988 | ||||||
5,019,823 | ||||||||
Telecommunications (2.2%) | ||||||||
Bellsouth Corp. | 3,700 | 97,014 | ||||||
EchoStar Communications Corp., Class A (b) | 6,500 | 199,875 | ||||||
Nextel Communications, Inc., Class A (b) | 23,100 | 615,846 | ||||||
Qwest Communications International, Inc. (b) | 19,100 | 68,569 | ||||||
SBC Communications, Inc. | 48,100 | 1,166,425 | ||||||
Sprint Corp. | 35,650 | 627,440 | ||||||
Verizon Communications, Inc. | 61,300 | 2,218,447 | ||||||
4,993,616 | ||||||||
Tobacco (0.9%) | ||||||||
Altria Group, Inc. | 40,300 | 2,017,015 | ||||||
Transportation Services (0.2%) | ||||||||
United Parcel Service, Inc., Class B | 7,300 | 548,741 | ||||||
Total Common Stocks | 139,395,252 | |||||||
COMMERCIAL PAPERS (10.0%) | ||||||||
Financial Services (10.0%) | ||||||||
ABN Amro NA Finance, Inc., 1.06%, 07/06/04 | $ | 1,550,000 | 1,549,706 | |||||
Alpine Securitization Corp., 1.09%, 07/06/04 | 1,400,000 | 1,399,720 | ||||||
Amsterdam Funding Corp., 1.14%, 07/19/04 | 1,700,000 | 1,698,827 | ||||||
CRC Funding LLC, 1.08%, 07/06/04 | 1,800,000 | 1,799,730 | ||||||
Dexia Delaware LLC, 1.14%, 08/02/04 | 1,750,000 | 1,747,978 | ||||||
Gemini Securitization Corp., 1.28%, 07/29/04 | 1,600,000 | 1,598,320 | ||||||
Giro Balanced, 1.08%, 07/07/04 | 1,650,000 | 1,649,703 | ||||||
HSH Nordbank AG NY, 1.05%, 07/06/04 | 1,800,000 | 1,799,737 | ||||||
Norddeutsche Landesbank Luxemberg, 1.23%, 07/22/04 | 1,650,000 | 1,648,811 | ||||||
Scaldis Capital Ltd., 1.28%, 07/26/04 | 1,750,000 | 1,748,444 | ||||||
Sheffield Receivables Corp., 1.20%, 07/16/04 | 1,350,000 | 1,349,325 | ||||||
Surrey Funding Corp., 1.21%, 07/15/04 | 1,600,000 | 1,599,136 | ||||||
Thames Asset Global Securitization Corp., 1.24%, 07/20/04 | 1,750,000 | 1,748,855 | ||||||
UBS Finance (Delware), 1.28%, 08/02/04 | 1,750,000 | 1,748,009 | ||||||
Total Commercial Papers | 23,086,301 | |||||||
CORPORATE BONDS (12.2%) | ||||||||
Aerospace/ Defense (0.1%) | ||||||||
General Dynamics Corp., 2.13%, 05/15/06 | 165,000 | 162,301 | ||||||
Auto Related (0.5%) | ||||||||
Ford Motor Credit Co., 7.38%, 10/28/09 | 200,000 | 213,445 | ||||||
Ford Motor Credit Co., 7.88%, 06/15/10 | 355,000 | 386,262 | ||||||
Ford Motor Credit Co., 7.00%, 10/01/13 | 485,000 | 489,592 | ||||||
1,089,299 | ||||||||
Automotive Parts and Supplies (0.0%) | ||||||||
Breed Technologies, Inc., 0.00%, 04/15/08 (e)(f)(g) | 125,000 | 0 | ||||||
Banks (2.5%) | ||||||||
Abbey National Capital Trust I, 8.96%, 06/30/30 (h) | 45,000 | 56,119 | ||||||
ABN Amro Holding NA, 6.52%, 11/08/12 (d)(h) | 160,000 | 168,683 | ||||||
ANZ Capital Trust I, 5.36%, 12/15/13 (d)(h) | 365,000 | 349,166 | ||||||
Cadets Trust 2003-1, 4.80%, 07/15/13 (d) | 110,000 | 102,963 |
31
Table of Contents
J.P. MORGAN GVIT BALANCED FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
CORPORATE BONDS (continued) | ||||||||
Banks (continued) | ||||||||
Danske Bank A/S, 5.91%, 06/16/14 (d)(h) | $ | 250,000 | $ | 253,391 | ||||
HBOS Capital Funding LP, 6.07%, 06/30/14 (d)(h) | 185,000 | 185,739 | ||||||
HBOS PLC, 5.38%, 11/01/13 (d)(h) | 260,000 | 250,565 | ||||||
HSBC Capital Funding LP, 9.55%, 06/30/10 (d)(h) | 265,000 | 323,444 | ||||||
HSBC Capital Funding LP, 4.61%, 06/27/13 (d)(h) | 220,000 | 199,439 | ||||||
Independence Comm Bank, 3.75%, 04/01/14 | 195,000 | 185,541 | ||||||
Industrial Bank of Korea, 4.00%, 05/19/14 (d) | 115,000 | 107,577 | ||||||
KBC Bank Funding Trust III, 9.86%, 11/02/09 (d)(h) | 195,000 | 238,506 | ||||||
Korea First Bank, 7.27%, 03/03/34 (d) | 260,000 | 249,881 | ||||||
Mizuho Finance (Cayman), 5.79%, 04/15/14 (d) | 170,000 | 167,108 | ||||||
Northern Rock PLC, 5.60%, 04/30/14 (h) | 270,000 | 262,337 | ||||||
Popular N.A., 4.70%, 06/30/09 | 245,000 | 245,214 | ||||||
Rabobank Capital Fund II, 5.26%, 12/31/13 (d)(h) | 165,000 | 159,668 | ||||||
RBS Capital Trust I, 4.71%, 07/01/13 (h) | 335,000 | 308,861 | ||||||
RBS Capital Trust II, 6.43%, 01/03/34 (h) | 95,000 | 90,944 | ||||||
Royal Bank of Scotland, 7.65%, 09/30/31 (h) | 45,000 | 50,524 | ||||||
Skandinaviska Enskilda, 4.96%, 03/25/14 (d)(h) | 220,000 | 205,663 | ||||||
Standard Chartered Bank, 8.00%, 05/30/31 (d) | 140,000 | 165,504 | ||||||
Suntrust Bank, 2.50%, 11/01/06 | 275,000 | 269,423 | ||||||
Swedbank, 9.00%, 03/17/10 (d)(h) | 60,000 | 71,420 | ||||||
U.S. Bank NA Minnesota, 6.50%, 02/01/08 | 200,000 | 217,658 | ||||||
Westpac Capital Trust III, 5.82%, 09/30/13 (d)(h) | 260,000 | 258,307 | ||||||
Westpac Capital Trust IV, 5.26%, 03/31/16 (d)(h) | 145,000 | 133,580 | ||||||
Woori Bank, 5.75%, 03/13/14 (d) | 295,000 | 291,299 | ||||||
5,568,524 | ||||||||
Broadcast Media/ Cable Television (0.3%) | ||||||||
AOL Time Warner, Inc., 7.63%, 04/15/31 | 160,000 | 173,143 | ||||||
AOL Time Warner, Inc., 7.70%, 05/01/32 | 110,000 | 120,166 | ||||||
Comcast Corp., 6.50%, 01/15/15 | 225,000 | 233,202 | ||||||
Echostar DBS Corp., 6.38%, 10/01/11 (d) | 35,000 | 34,475 | ||||||
Liberty Media Corp., 5.70%, 05/15/13 | 45,000 | 44,330 | ||||||
Mediacom LLC/ Cap Corp., 9.50%, 01/15/13 | 35,000 | 33,775 | ||||||
News America, Inc., 8.88%, 04/26/23 | 100,000 | 124,928 | ||||||
764,019 | ||||||||
Building — Residential/ Commercial (0.3%) | ||||||||
Centex Corp., 5.70%, 05/15/14 | 145,000 | 141,886 | ||||||
D.R. Horton, Inc., 8.50%, 04/15/12 | 30,000 | 33,150 | ||||||
KB Home, 5.75%, 02/01/14 (d) | 230,000 | 211,600 | ||||||
Pulte Homes, Inc., 5.25%, 01/15/14 | 155,000 | 146,352 | ||||||
Standard Pacific Corp., 6.88%, 05/15/11 | 45,000 | 43,988 | ||||||
Toll Brothers, Inc., 5.95%, 09/15/13 | 100,000 | 100,411 | ||||||
677,387 | ||||||||
Chemicals/ Diversified (0.2%) | ||||||||
Dow Chemical Co., 7.38%, 11/01/29 | 25,000 | 27,202 | ||||||
Huntsman International LLC, 9.88%, 03/01/09 | 35,000 | 37,800 | ||||||
ICI Wilmington, 5.63%, 12/01/13 | 175,000 | 171,061 | ||||||
Lyondell Chemical Co., 10.88%, 05/01/09 | 70,000 | 73,150 | ||||||
Nova Chemicals Corp., 6.50%, 01/15/12 (d) | 180,000 | 177,300 | ||||||
Polyone Corp., 10.63%, 05/15/10 | 65,000 | 68,900 | ||||||
555,413 | ||||||||
Commercial Services (0.1%) | ||||||||
Cendant Corp., 7.13%, 03/15/15 | 125,000 | 136,896 | ||||||
Iron Mountain, Inc., 6.63%, 01/01/16 | 35,000 | 31,850 | ||||||
168,746 | ||||||||
Computer Software & Services (0.0%) | ||||||||
Electronic Data Systems, 6.00%, 08/01/13 | 65,000 | 62,081 | ||||||
Unisys Corp., 6.88%, 03/15/10 | 40,000 | 41,200 | ||||||
103,281 | ||||||||
Containers (0.1%) | ||||||||
Crown Euro Holdings SA, 9.50%, 03/01/11 | 40,000 | 43,600 | ||||||
Owens-Brockway Glass Container, 8.88%, 02/15/09 | 75,000 | 81,000 | ||||||
Owens-Brockway Glass Container, 7.75%, 05/15/11 | 30,000 | 31,200 | ||||||
155,800 | ||||||||
Crude Petroleum and Natural Gas (0.0%) | ||||||||
Peabody Energy Corp., 6.88%, 03/15/13 | 35,000 | 35,438 | ||||||
Diversified Manufacturing Operations (0.1%) | ||||||||
Bombardier, Inc., 6.30%, 05/01/14 (d) | 65,000 | 55,208 | ||||||
Hutchison Whamp International Ltd., 6.25%, 01/24/14 (d) | 130,000 | 126,031 | ||||||
181,239 | ||||||||
Electrical Services (1.4%) | ||||||||
Alabama Power Co., 2.80%, 12/01/06 | 130,000 | 128,272 | ||||||
Arizona Pub Service Co., 4.65%, 05/15/15 | 80,000 | 72,556 | ||||||
Calpine Corp., 8.75%, 07/15/13 (d) | 45,000 | 36,900 | ||||||
Consolidated Edison Co. NY, 5.63%, 07/01/12 | 250,000 | 258,735 | ||||||
Dominion Resources, Inc., 8.13%, 06/15/10 | 50,000 | 57,700 |
32
Table of Contents
J.P. MORGAN GVIT BALANCED FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
CORPORATE BONDS (continued) | ||||||||
Electrical Services (continued) | ||||||||
Dominion Resources, Inc., 5.00%, 03/15/13 | $ | 195,000 | $ | 186,283 | ||||
DTE Energy Co., 6.38%, 04/15/33 | 140,000 | 131,106 | ||||||
Duke Capital Corp., 6.25%, 02/15/13 | 425,000 | 430,878 | ||||||
FPL Group Capital, Inc., 7.63%, 09/15/06 | 215,000 | 234,404 | ||||||
General Electric Co., 5.00%, 02/01/13 | 5,000 | 4,921 | ||||||
Nisource Finance Corp., 6.15%, 03/01/13 | 260,000 | 269,376 | ||||||
Pacific Gas & Electric, 4.20%, 03/01/11 | 130,000 | 123,786 | ||||||
Pacific Gas & Electric, 4.80%, 03/01/14 | 140,000 | 132,656 | ||||||
Pacificorp, 4.30%, 09/15/08 | 125,000 | 124,998 | ||||||
Pepco Holdings, Inc., 6.45%, 08/15/12 | 20,000 | 20,716 | ||||||
Pepco Holdings, Inc., 7.45%, 08/15/32 | 110,000 | 116,403 | ||||||
PSEG Power, 5.50%, 12/01/15 | 220,000 | 210,174 | ||||||
Reliant Resources, Inc., 9.50%, 07/15/13 | 65,000 | 70,038 | ||||||
Southern Cal Edison, 5.00%, 01/15/14 | 95,000 | 92,425 | ||||||
Southern Cal Edison, 6.00%, 01/15/34 | 55,000 | 52,700 | ||||||
TXU Energy Co., 7.00%, 03/15/13 | 185,000 | 201,456 | ||||||
Westar Energy, Inc., 6.00%, 07/01/14 | 195,000 | 198,115 | ||||||
3,154,598 | ||||||||
Environmental (0.1%) | ||||||||
Allied Waste North America, Inc., 6.13%, 02/15/14 (d) | 165,000 | 150,975 | ||||||
Allied Waste North America, Inc., 7.38%, 04/15/14 (d) | 10,000 | 9,725 | ||||||
160,700 | ||||||||
Financial Products/ Services (1.4%) | ||||||||
American General Finance Corp., 3.00%, 11/15/06 | 315,000 | 311,258 | ||||||
American General Finance Corp., 4.50%, 11/15/07 | 330,000 | 335,195 | ||||||
Anadarko Finance Co., 7.50%, 05/01/31 | 25,000 | 28,465 | ||||||
Arch Western Finance, 6.75%, 07/01/13 (d) | 40,000 | 40,000 | ||||||
Associates Corporation of North America, 6.95%, 11/01/18 | 100,000 | 110,587 | ||||||
Capital One Financial, 8.75%, 02/01/07 | 375,000 | 414,978 | ||||||
Fund American Co., Inc., 5.88%, 05/15/13 | 130,000 | 129,723 | ||||||
General Electric Capital Corp., 5.88%, 02/15/12 | 190,000 | 199,264 | ||||||
General Electric Capital Corp., 5.45%, 01/15/13 | 65,000 | 65,904 | ||||||
General Electric Capital Corp., 6.75%, 03/15/32 | 50,000 | 53,751 | ||||||
Goldman Sachs Capital I, 6.35%, 02/15/34 | 210,000 | 197,205 | ||||||
Goldman Sachs Group, Inc., 6.60%, 01/15/12 | 155,000 | 166,794 | ||||||
Goldman Sachs Group, Inc., 4.75%, 07/15/13 | 105,000 | 98,637 | ||||||
Istar Financial, Inc., 6.00%, 12/15/10 | 115,000 | 114,281 | ||||||
Mizuho JGB Investment, 9.87%, 06/30/08 (d)(h) | 190,000 | 214,927 | ||||||
Mizuho Preferred Capital, 8.79%, 06/30/08 (d)(h) | 210,000 | 229,950 | ||||||
Morgan Stanley, 4.75%, 04/01/14 | 170,000 | 156,846 | ||||||
Morgan Stanley Capital I, 6.22%, 06/03/30 | 228,962 | 234,303 | ||||||
National Rural Utilities, 3.88%, 02/15/08 | 110,000 | 109,689 | ||||||
National Rural Utilities, 7.25%, 03/01/12 | 50,000 | 56,781 | ||||||
3,268,538 | ||||||||
Healthcare (0.2%) | ||||||||
HCA, Inc., 5.25%, 11/06/08 | 230,000 | 228,577 | ||||||
Hospira, Inc., 4.95%, 06/15/09 (d) | 165,000 | 165,928 | ||||||
Medex, Inc., 8.88%, 05/15/13 | 15,000 | 15,825 | ||||||
Tenet Healthcare Corp., 5.00%, 07/01/07 | 50,000 | 49,750 | ||||||
460,080 | ||||||||
Insurance (0.7%) | ||||||||
Ace Ina Holdings, Inc., 5.88%, 06/15/14 | 140,000 | 141,637 | ||||||
Arch Capital Group Ltd., 7.35%, 05/01/34 | 105,000 | 105,695 | ||||||
Assurant, Inc., 5.63%, 02/15/14 (d) | 40,000 | 39,272 | ||||||
Assurant, Inc., 6.75%, 02/15/34 (d) | 55,000 | 54,429 | ||||||
AXA, 8.60%, 12/15/30 | 140,000 | 171,446 | ||||||
Genworth Financial, Inc., 5.75%, 06/15/14 | 140,000 | 141,380 | ||||||
Genworth Financial, Inc., 6.50%, 06/15/34 | 55,000 | 55,360 | ||||||
ING Cap Funding Trust III, 8.44%, 12/31/10 (h) | 140,000 | 162,605 | ||||||
Liberty Mutual Group, 5.75%, 03/15/14 (d) | 285,000 | 275,039 | ||||||
Penn Mutual Life Insurance Co., 6.65%, 06/15/34 (d) | 125,000 | 124,355 | ||||||
Prudential Holdings LLC, 8.70%, 12/18/23 (d) | 55,000 | 66,026 | ||||||
QBE Insurance Group Ltd., 5.65%, 07/01/23 (d) | 80,000 | 76,103 | ||||||
UnitedHealth Group, Inc., 3.30%, 01/30/08 | 175,000 | 171,052 | ||||||
1,584,399 | ||||||||
Motor Vehicles (0.3%) | ||||||||
Daimler Chrysler NA Holding Corp., 4.75%, 01/15/08 | 125,000 | 126,035 | ||||||
General Motors Corp., 7.20%, 01/15/11 | 70,000 | 73,346 | ||||||
General Motors Corp., 8.25%, 07/15/23 | 90,000 | 94,253 |
33
Table of Contents
J.P. MORGAN GVIT BALANCED FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
CORPORATE BONDS (continued) | ||||||||
Motor Vehicles (continued) | ||||||||
General Motors Corp., 8.38%, 07/15/33 | $ | 430,000 | $ | 455,151 | ||||
TRW Automotive, Inc., 9.38%, 02/15/13 | 41,000 | 46,228 | ||||||
795,013 | ||||||||
Natural Gas Transmission (0.0%) | ||||||||
Transcontinental Gas Pipeline Corp., 8.88%, 07/15/12 | 17,000 | 19,210 | ||||||
Williams Cos., Inc., 8.13%, 03/15/12 | 18,000 | 19,215 | ||||||
38,425 | ||||||||
Office Equipment & Services (0.1%) | ||||||||
Quebecor World Capital Corp., 6.13%, 11/15/13 | 175,000 | 166,704 | ||||||
Von Hoffmann Corp., 10.25%, 03/15/09 | 80,000 | 82,300 | ||||||
Xerox Corp., 7.63%, 06/15/13 | 20,000 | 20,450 | ||||||
269,454 | ||||||||
Oil & Gas (0.6%) | ||||||||
Amerada Hess Corp., 6.65%, 08/15/11 | 90,000 | 95,239 | ||||||
Amerada Hess Corp., 7.30%, 08/15/31 | 30,000 | 30,460 | ||||||
BP Capital Markets PLC, 2.75%, 12/29/06 | 205,000 | 202,389 | ||||||
Canadian National Resources, 7.20%, 01/15/32 | 25,000 | 27,593 | ||||||
Enterprise Products, 6.38%, 02/01/13 | 85,000 | 84,195 | ||||||
Haliburton Co., 5.50%, 10/15/10 (d) | 165,000 | 166,929 | ||||||
Husky Energy, Inc., 6.15%, 06/15/19 | 115,000 | 115,475 | ||||||
Kerr Mcgee Corp., 6.95%, 07/01/24 | 125,000 | 124,597 | ||||||
Kinder Morgan Energy Partners, 7.40%, 03/15/31 | 135,000 | 143,851 | ||||||
Kinder Morgan Energy Partners, 7.30%, 08/15/33 | 35,000 | 36,926 | ||||||
Pemex Project Funding Master Trust, 8.63%, 02/01/22 | 79,000 | 82,160 | ||||||
Plains All America Pipeline Corp., 5.63%, 12/15/13 (d) | 185,000 | 175,613 | ||||||
Transocean, Inc., 6.63%, 04/15/11 | 40,000 | 43,647 | ||||||
1,329,074 | ||||||||
Paper & Forest Products (0.1%) | ||||||||
Abitibi Consolidated, Inc., 6.00%, 06/20/13 | 10,000 | 8,851 | ||||||
Georgia Pacific Corp., 7.38%, 07/15/08 | 10,000 | 10,650 | ||||||
International Paper Co., 5.85%, 10/30/12 | 65,000 | 66,019 | ||||||
Medianews Group, Inc., 6.88%, 10/01/13 | 45,000 | 42,525 | ||||||
Tembec Industries, Inc., 8.50%, 02/01/11 | 90,000 | 90,900 | ||||||
218,945 | ||||||||
Pharmaceuticals (0.0%) | ||||||||
Wyeth, 6.45%, 02/01/24 | 80,000 | 76,075 | ||||||
Railroads (0.0%) | ||||||||
Norfolk Southern Corp., 7.80%, 05/15/27 | 50,000 | 57,949 | ||||||
Union Pacific Corp., 6.63%, 02/01/29 | 25,000 | 25,683 | ||||||
83,632 | ||||||||
Retail (0.1%) | ||||||||
Federated Department Stores, Inc., 6.90%, 04/01/29 | 20,000 | 20,749 | ||||||
Ingles Markets, Inc., 8.88%, 12/01/11 | 50,000 | 51,375 | ||||||
Safeway, Inc., 4.13%, 11/01/08 | 240,000 | 234,922 | ||||||
307,046 | ||||||||
Sovereign (1.2%) | ||||||||
Fannie Mae, 6.41%, 03/08/06 | 1,000,000 | 1,059,075 | ||||||
Federal Republic of Brazil, 14.50%, 10/15/09 | 60,000 | 69,900 | ||||||
Federal Republic of Brazil, 10.00%, 08/07/11 | 75,000 | 72,750 | ||||||
Federal Republic of Brazil, 12.75%, 01/15/20 | 30,000 | 31,950 | ||||||
Federal Republic of Brazil, 8.00% 04/15/14 | 29,319 | 26,754 | ||||||
Republic Of Colombia, 9.75%, 04/09/11 | 225,781 | 249,488 | ||||||
Republic of Peru, 8.38%, 05/03/16 | 180,000 | 167,400 | ||||||
Russian Federation, 10.00%, 06/26/07 | 22,000 | 24,805 | ||||||
Russian Federation, 5.00%, 03/31/30 | 185,000 | 168,905 | ||||||
Russian Federation, 8.75%, 07/24/05 | 205,000 | 216,480 | ||||||
Ukraine Government, 6.88%, 03/04/11 (d) | 100,000 | 94,250 | ||||||
United Mexican States, 9.88%, 02/01/10 | 25,000 | 30,038 | ||||||
United Mexican States, 8.38%, 01/14/11 | 35,000 | 39,550 | ||||||
United Mexican States, 7.50%, 01/14/12 | 15,000 | 16,163 | ||||||
United Mexican States, 6.38%, 01/16/13 | 175,000 | 174,650 | ||||||
United Mexican States, 5.88%, 01/15/14 | 105,000 | 100,905 | ||||||
United Mexican States, 11.50%, 05/15/26 | 80,000 | 112,160 | ||||||
United Mexican States, 8.30%, 08/15/31 | 110,000 | 115,225 | ||||||
2,770,448 | ||||||||
Special Purpose Entity (0.7%) | ||||||||
Core Invest Grade Trust, 4.73%, 11/30/07 | 500,000 | 510,679 | ||||||
Fresenius Medical Capital Trust II, 7.88%, 02/01/08 | 45,000 | 47,475 | ||||||
Mantis Reef Ltd., 4.69%, 11/14/08 (d) | 35,000 | 34,569 | ||||||
Pricoa Global Funding I, 3.90%, 12/15/08 (d) | 400,000 | 392,744 |
34
Table of Contents
J.P. MORGAN GVIT BALANCED FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
CORPORATE BONDS (continued) | ||||||||
Special Purpose Entity (continued) | ||||||||
TRAINS HY-2004-1, 8.22%, 08/01/15 (d) | $ | 485,000 | $ | 503,188 | ||||
UFJ Finance Aruba AEC, 6.75%, 07/15/13 | 115,000 | 118,918 | ||||||
1,607,573 | ||||||||
Telecommunications (1.1%) | ||||||||
AT&T Broadband Corp., 8.38%, 03/15/13 | 220,000 | 258,268 | ||||||
AT&T Wireless Services, Inc., 7.50%, 05/01/07 | 150,000 | 164,467 | ||||||
AT&T Wireless Services, Inc., 8.13%, 05/01/12 | 15,000 | 17,342 | ||||||
AT&T Wireless Services, Inc., 8.75%, 03/01/31 | 155,000 | 188,971 | ||||||
British Telecom PLC, 8.38%, 12/15/10 | 135,000 | 157,655 | ||||||
Deutsche Telekom, 8.50%, 06/15/10 | 130,000 | 151,913 | ||||||
Deutsche Telekom, 5.25%, 07/22/13 | 75,000 | 73,015 | ||||||
Deutsche Telekom, 8.75%, 06/15/30 | 45,000 | 54,771 | ||||||
France Telecom, 9.50%, 03/01/31 | 115,000 | 144,327 | ||||||
France Telecom SA, 8.75%, 03/01/11 | 150,000 | 173,823 | ||||||
Nextel Communications, 7.38%, 08/01/15 | 35,000 | 35,350 | ||||||
Rogers Wireless, Inc., 6.38%, 03/01/14 (d) | 230,000 | 211,600 | ||||||
Sprint Capital Corp., 6.90%, 05/01/19 | 125,000 | 125,745 | ||||||
Sprint Capital Corp., 8.75%, 03/15/32 | 105,000 | 122,354 | ||||||
Tele-Communications, Inc., 7.88%, 08/01/13 | 30,000 | 34,178 | ||||||
Telecom Italia Capital, 4.00%, 11/15/08 (d) | 135,000 | 132,616 | ||||||
Verizon Global Funding Corp., 7.38%, 09/01/12 | 60,000 | 67,486 | ||||||
Verizon Global Funding Corp., 7.75%, 12/01/30 | 200,000 | 224,636 | ||||||
Verizon New York, Inc., 6.88%, 04/01/12 | 105,000 | 112,572 | ||||||
2,451,089 | ||||||||
Transportation Services (0.0%) | ||||||||
Teekay Shipping Corp., 8.88%, 07/15/11 | 45,000 | 49,781 | ||||||
Total Corporate Bonds | 28,086,317 | |||||||
MORTGAGE-BACKED SECURITIES (25.2%) | ||||||||
Federal Home Loan Mortgage Corporation (4.5%) | ||||||||
1.21%, 07/23/04 | 4,110,000 | 4,106,961 | ||||||
4.88%, 11/15/13 | 1,150,000 | 1,127,051 | ||||||
6.25%, 07/15/32 | 175,000 | 184,335 | ||||||
TBA, 5.50%, 07/01/34 | 3,000,000 | 3,062,814 | ||||||
TBA, 6.00%, 07/01/34 | 2,000,000 | 1,990,624 | ||||||
10,471,785 | ||||||||
Federal National Mortgage Association (10.3%) | ||||||||
1.43%, 09/22/04 | 4,110,000 | 4,097,304 | ||||||
7.25%, 05/15/30 | 635,000 | 750,806 | ||||||
6.63%, 11/15/30 | 30,000 | 33,017 | ||||||
TBA, 5.00%, 07/01/18 | 6,500,000 | 6,506,097 | ||||||
TBA, 6.00%, 08/01/29 | 4,000,000 | 4,066,248 | ||||||
TBA, 5.50%, 07/01/33 | 8,207,000 | 8,165,965 | ||||||
23,619,437 | ||||||||
Financial Services (7.6%) | ||||||||
American Express Credit Account Master Trust, Series 03-4, Class A, 1.69%, 01/15/09 | 355,000 | 345,743 | ||||||
Americredit Automobile Receivables Trust, Series 03-CF, Class A3, 2.75%, 10/09/07 | 135,000 | 135,047 | ||||||
Americredit Automobile Receivables Trust, Series 03-CF, Class A4, 3.48%, 05/06/10 | 210,000 | 210,017 | ||||||
Americredit Automobile Receivables Trust, Series 04-BM, Class A4, 2.75%, 03/07/11 | 550,000 | 532,556 | ||||||
Banc of America Commercial Mortgage, Inc., Series 03-2, Class A4, 5.06%, 03/11/41 | 530,000 | 521,482 | ||||||
Bear Stearns Commercial Mortgage Securities Trust, Series 03-T12, Class A4, 4.93%, 08/13/39 | 670,000 | 642,775 | ||||||
Capital Auto Receivables Asset Trust, Series 03-2, Class A, 1.96%, 01/15/09 | 275,000 | 265,969 | ||||||
Capital One Master Trust, Series 01-BA, Class A, 4.60%, 08/17/09 | 420,000 | 431,748 | ||||||
Capital One Multi-Asset Execution Trust, Series 03-A4, Class A4, 3.65%, 07/15/11 | 520,000 | 509,068 | ||||||
Countrywide Asset-Backed Certificates, Series 03-5, Class MF1, 5.41%, 01/25/34 | 180,000 | 177,160 | ||||||
Countrywide Home Loans, Inc., Series 03-29, Class A1, 5.50%, 08/25/33 | 788,888 | 800,642 | ||||||
CS First Boston Mortgage Securities Corp., Series 02-CKN2, Class A3, 6.13%, 04/15/37 | 480,000 | 509,995 | ||||||
CS First Boston Mortgage Securities Corp., Series 01-CK1, Class A3, 6.38%, 12/16/35 | 550,000 | 593,288 | ||||||
CS First Boston Mortgage Securities Corp., Series 03-29, Class 7A1, 6.50%, 12/25/33 | 396,913 | 412,083 | ||||||
CS First Boston Mortgage Securities Corp., Series 03-C4, Class A4, 5.14%, 08/15/36 | 480,000 | 475,083 | ||||||
Daimler Chrysler Auto Trust, Series 03-A, Class A4, 2.88%, 10/08/09 | 100,000 | 99,309 | ||||||
Gracechurch Card Funding PLC, Series 5, Class A2, 2.70%, 08/15/08 | 585,000 | 578,881 | ||||||
Greenwich Capital Commercial Funding Corp., Series 03-C1, Class A4, 4.11%, 07/05/35 | 560,000 | 516,454 |
35
Table of Contents
J.P. MORGAN GVIT BALANCED FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
MORTGAGE-BACKED SECURITIES (continued) | ||||||||
Financial Services (continued) | ||||||||
Greenwich Capital Commercial Funding Corp., Series 04-GG1, Class A3, 4.34%, 06/10/36 | $ | 1,185,000 | $ | 1,178,891 | ||||
Honda Auto Receivables Owner Trust, Series 04-2, Class A3, 3.30%, 06/16/08 | 925,000 | 926,533 | ||||||
Household Automotive Trust, Series 03-2, Class A4, 3.02%, 12/17/10 | 350,000 | 342,800 | ||||||
LB-UBS Commercial Mortgage Trust, Series 03-C5, Class A4, 4.69%, 07/20/27 | 445,000 | 426,844 | ||||||
LB-UBS Commercial Mortgage Trust, Series 04-C2, Class A2, 3.25%, 03/01/29 | 410,000 | 390,709 | ||||||
Long Beach Mortgage Loan Trust, Series 03-4, Class AV3, 1.44%, 08/25/33 | 493,790 | 494,612 | ||||||
M&I Auto Loan Trust, Series 03-1, Class A4, 2.97%, 04/20/09 | 140,000 | 138,210 | ||||||
MBNA Credit Card Master Note Trust, Series 03-A1, Class A1, 3.30%, 07/15/10 | 485,000 | 475,798 | ||||||
Morgan Stanley Auto Loan Trust, Series 03-HB1, Class A2, 2.17%, 04/15/11 | 210,000 | 205,316 | ||||||
Morgan Stanley Capital I, Series 98-WF2, Class A1, 6.34%, 07/15/30 | 184,193 | 190,052 | ||||||
Morgan Stanley Capital I, Series 04-HQ3, Class A2, 4.05%, 01/13/41 | 390,000 | 377,678 | ||||||
Morgan Stanley Capital I, Series 04-T13, Class A4, 4.66%, 09/13/45 | 515,000 | 490,394 | ||||||
Morgan Stanley Dean Witter Capital I, Series 03-HQ2, Class A2, 4.92%, 03/12/35 | 250,000 | 244,938 | ||||||
Onyx Acceptance Auto Trust, Series 03-C, Class A4, 2.66%, 05/17/10 | 200,000 | 196,115 | ||||||
Onyx Acceptance Auto Trust, Series 03-D, Class A4, 3.20%, 03/15/10 | 140,000 | 138,267 | ||||||
PSE&G Transition Funding LLC, Series 01-1, Class A6, 6.61%, 06/15/15 | 240,000 | 265,146 | ||||||
Residential Asset Securities Corp., Series 02-KS4, Class AIIB, 1.37%, 07/25/32 | 118,105 | 118,105 | ||||||
Residential Asset Securities Corp., Series 03-KS5, Class AIIB, 1.39%, 07/25/31 | 262,072 | 262,249 | ||||||
Residential Asset Securities Corp., Series 03-KS7, Class AI3, 3.37%, 12/25/28 | 225,000 | 223,634 | ||||||
SLM Student Loan Trust, Series 03-11, Class A5, 2.99%, 12/15/22 | 460,000 | 455,984 | ||||||
Toyota Auto Receivables Owner Trust, Series 03-B, Class A4, 2.79%, 01/15/10 | 500,000 | 494,388 | ||||||
Triad Auto Receivables Owner Trust, Series 03-B, Class A4, 3.20%, 12/13/10 | 235,000 | 231,273 | ||||||
Volkswagen Auto Loan Enhanced Trust, Series 03-1, Class A4, 1.93%, 01/20/10 | 665,000 | 644,535 | ||||||
Volkswagen Auto Loan Enhanced Trust, Series 03-2, Class A4, 2.94%, 03/22/10 | 275,000 | 270,721 | ||||||
Wachovia Asset Securitization, Inc., Series 03-HE2, Class AII1, 1.36%, 07/25/33 | 283,878 | 284,200 | ||||||
WFS Financial Owner Trust, Series 03-4, Class A4, 3.15%, 05/20/11 | 180,000 | 178,147 | ||||||
17,402,839 | ||||||||
Government National Mortgage Association (2.8%) | ||||||||
TBA, 5.50%, 07/01/34 | 3,000,000 | 2,994,375 | ||||||
TBA, 6.00%, 07/01/34 | 3,500,000 | 3,571,092 | ||||||
6,565,467 | ||||||||
Total Mortgage-Backed Securities | 58,059,528 | |||||||
U.S. GOVERNMENT LONG-TERM OBLIGATIONS (4.3%) | ||||||||
U.S. Treasury Bonds (0.9%) | ||||||||
7.88%, 02/15/21 | 1,250,000 | 1,613,573 | ||||||
6.25%, 05/15/30 | 55,000 | 61,581 | ||||||
5.38%, 02/15/31 | 160,000 | 161,369 | ||||||
8.88%, 02/15/19 (c) | 200,000 | 276,906 | ||||||
2,113,429 | ||||||||
U.S. Treasury Notes (3.4%) | ||||||||
3.13%, 04/15/09 | 915,000 | 889,016 | ||||||
3.88%, 05/15/09 | 1,780,000 | 1,785,979 | ||||||
4.00%, 06/15/09 | 2,650,000 | 2,672,671 | ||||||
4.75%, 05/15/14 | 2,340,000 | 2,364,406 | ||||||
7,712,072 | ||||||||
Total U.S. Government Long-Term Obligations | 9,825,501 | |||||||
MUNICIPAL BOND — TAXABLE (0.3%) | ||||||||
General Obligation (0.3%) | ||||||||
California St. Department Transportation Revenue Federal Highway Grant, 5.00%, 02/01/14 | 135,000 | 145,293 | ||||||
Chicago Illinois Board of Education, 5.00%, 12/01/14 | 15,000 | 16,069 | ||||||
Chicago Illinois Board of Education, 5.00%, 12/01/15 | 25,000 | 26,500 | ||||||
Chicago Illinois Board of Education, 5.00%, 12/01/16 | 50,000 | 52,749 | ||||||
Chicago Illinois Board of Education, 5.00%, 12/01/17 | 35,000 | 36,706 | ||||||
Chicago Illinois Board of Education, 5.00%, 12/01/18 | 35,000 | 36,969 |
36
Table of Contents
J.P. MORGAN GVIT BALANCED FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
MUNICIPAL BOND — TAXABLE (continued) | ||||||||
General Obligation (continued) | ||||||||
Colorado Department Transportation Revenue, 5.00%, 12/15/14 | $ | 15,000 | $ | 16,144 | ||||
Colorado Department Transportation Revenue, 5.00%, 12/15/15 | 80,000 | 85,699 | ||||||
Colorado Department Transportation Revenue, 5.00%, 12/15/16 | 45,000 | 47,869 | ||||||
New Jersey St., 5.00%, 04/01/14 | 30,000 | 32,288 | ||||||
New Jersey St., 5.00%, 04/01/15 | 30,000 | 32,288 | ||||||
New Jersey St., 5.00%, 04/01/16 | 30,000 | 32,025 | ||||||
New Jersey St., 5.00%, 04/01/17 | 30,000 | 31,800 | ||||||
Ohio St., 5.00%, 06/15/14 | 10,000 | 10,763 | ||||||
Ohio St., 5.00%, 06/15/16 | 10,000 | 10,563 | ||||||
South Carolina St. Public Service Authority Revenue, 5.00%, 01/01/14 | 5,000 | 5,375 | ||||||
South Carolina St. Public Service Authority Revenue, 5.00%, 01/01/15 | 10,000 | 10,675 | ||||||
South Carolina St. Public Service Authority Revenue, 5.00%, 01/01/16 | 15,000 | 15,881 | ||||||
South Carolina St. Public Service Authority Revenue, 5.00%, 01/01/17 | 20,000 | 21,025 | ||||||
South Carolina St. Public Service Authority Revenue, 5.00%, 01/01/18 | 30,000 | 31,313 | ||||||
South Carolina St. Public Service Authority Revenue, 5.00%, 01/01/19 | 20,000 | 20,725 | ||||||
Total Municipal Bond — Taxable | 718,719 | |||||||
Repurchase Agreements (1.9%) | ||||||||
CS First Boston, 1.48% dated 06/30/04, due 07/01/04, repurchase price $1,772,154 (Fully collateralized by AA Corporate Bonds) | $ | 1,772,081 | 1,772,081 | |||||
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $2,625,786 (Fully collateralized by AA Corporate Bonds, Treasury Notes, & U.S. Agency Securities) | 2,625,678 | 2,625,678 | ||||||
Total Repurchase Agreements | 4,397,759 | |||||||
Total Investments (Cost $247,634,102) (a) — 114.3% | 263,569,377 | |||||||
Liabilities in excess of other assets — (14.3)% | (32,942,021 | ) | ||||||
NET ASSETS — 100.0% | $ | 230,627,356 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 19,515,754 | ||
Unrealized depreciation | (3,580,479 | ) | ||
Net unrealized appreciation (depreciation) | $ | 15,935,275 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
(b) | Denotes a non-income producing security. |
(c) | Pledged as collateral for futures. |
(d) | Represents a restricted security acquired and eligible for resale under Rule 144A, which limits the resale to certain qualified buyers. |
(e) | Bond in default. |
(f) | Fair Valued Security. |
(g) | Security has been deemed illiquid. The pricing committee has deemed the security to have zero value based upon procedures adopted by the Board of Trustees. |
(h) | Securities with perpetual maturity. First call date disclosed. |
TBA | To Be Announced |
TRAINS | Targeted Return Index Securities Trust |
At June 30, 2004 the Fund’s open futures contracts were as follows:
Market | ||||||||||||||||
Value | Unrealized | |||||||||||||||
Number of | Covered by | Appreciation | ||||||||||||||
Contracts | Contracts | Expiration | Contracts | (Depreciation) | ||||||||||||
Long Contracts: | ||||||||||||||||
36 | U.S. 2 yr Note Future | 9/30/04 | $ | 7,579,688 | $ | 8,655 | ||||||||||
16 | U.S. Long Bond Future | 9/30/04 | 1,702,000 | 36,444 | ||||||||||||
Total Long Contracts | $ | 9,281,688 | $ | 45,099 | ||||||||||||
Short Contracts: | ||||||||||||||||
33 | U.S. 5 yr Note Future | 9/30/04 | $ | 3,586,688 | $ | (25,506 | ) | |||||||||
90 | U.S. 10 yr Note Future | 9/30/04 | 9,839,531 | (115,002 | ) | |||||||||||
Total Short Contracts | $ | 13,426,219 | $ | (140,508 | ) | |||||||||||
See notes to financial statements.
37
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT MID CAP GROWTH FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (96.4%) | ||||||||
Apparel (1.6%) | ||||||||
Coach, Inc. (b) | 83,100 | $ | 3,755,289 | |||||
Chemicals (1.3%) | ||||||||
Sigma-Aldrich Corp. | 50,900 | 3,034,149 | ||||||
Commercial Services (5.2%) | ||||||||
ChoicePoint, Inc. (b) | 81,266 | 3,710,606 | ||||||
Manpower, Inc. | 108,300 | 5,498,391 | ||||||
Stericycle, Inc. (b) | 63,200 | 3,269,968 | ||||||
12,478,965 | ||||||||
Computer Equipment (1.1%) | ||||||||
Network Appliance, Inc. (b) | 120,300 | 2,590,059 | ||||||
Computer Software & Services (8.9%) | ||||||||
Adobe Systems, Inc. | 61,400 | 2,855,100 | ||||||
Alliance Data Systems Corp. (b) | 111,700 | 4,719,325 | ||||||
Fiserv, Inc. (b) | 171,900 | 6,685,190 | ||||||
Research in Motion Ltd. ADR — CA (b) | 48,400 | 3,312,496 | ||||||
Veritas Software Corp. (b) | 125,000 | 3,462,500 | ||||||
21,034,611 | ||||||||
Construction (2.2%) | ||||||||
D. R. Horton, Inc. | 104,750 | 2,974,900 | ||||||
Terex Corp. (b) | 68,200 | 2,327,666 | ||||||
5,302,566 | ||||||||
Consumer Products (1.4%) | ||||||||
Church & Dwight Co., Inc. | 74,800 | 3,424,344 | ||||||
Education (2.1%) | ||||||||
Apollo Group, Inc. (b) | 30,500 | 2,692,845 | ||||||
Education Management Corp. (b) | 70,400 | 2,313,344 | ||||||
5,006,189 | ||||||||
Electronics (6.8%) | ||||||||
Amphenol Corp, Class A (b) | 90,000 | 2,998,800 | ||||||
Jabil Circuit, Inc. (b) | 124,900 | 3,144,982 | ||||||
L-3 Communications Holdings, Inc. | 119,500 | 7,982,600 | ||||||
Tessera Technologies, Inc. (b) | 113,501 | 2,045,288 | ||||||
16,171,670 | ||||||||
Financial Services (6.9%) | ||||||||
City National Corp. | 49,100 | 3,225,870 | ||||||
Investors Financial Services Corp. | 166,500 | 7,256,070 | ||||||
New York Community Bancorp, Inc. | 93,744 | 1,840,195 | ||||||
Zions Bancorp | 65,600 | 4,031,120 | ||||||
16,353,255 | ||||||||
Gaming (3.1%) | ||||||||
International Game Technology | 61,300 | 2,366,180 | ||||||
Penn National Gaming, Inc. (b) | 154,400 | 5,126,080 | ||||||
7,492,260 | ||||||||
Healthcare (6.5%) | ||||||||
Express Scripts, Inc., Class A (b) | 36,700 | 2,907,741 | ||||||
Omnicare, Inc. | 106,800 | 4,572,108 | ||||||
ResMed, Inc. (b) | 92,800 | 4,729,088 | ||||||
Techne Corp. (b) | 77,100 | 3,349,995 | ||||||
15,558,932 | ||||||||
Instruments (1.9%) | ||||||||
Waters Corp. (b) | 94,700 | 4,524,766 | ||||||
Insurance (3.1%) | ||||||||
ACE Ltd. | 110,300 | 4,663,484 | ||||||
Everest Re Group Ltd. | 34,500 | 2,772,420 | ||||||
7,435,904 | ||||||||
Internet Broker (1.3%) | ||||||||
Ameritrade Holdings Corp. (b) | 282,600 | 3,207,510 | ||||||
Machinery (1.2%) | ||||||||
Cognex Corp. | 72,600 | 2,793,648 | ||||||
Management Consulting Services (1.0%) | ||||||||
Corporate Executive Board Co. | 42,800 | 2,473,412 | ||||||
Manufacturing (2.0%) | ||||||||
Ball Corp. | 64,700 | 4,661,635 | ||||||
Medical (4.7%) | ||||||||
Advanced Medical Optics, Inc. (b) | 140,400 | 5,976,828 | ||||||
Invitrogen Corp. (b) | 39,400 | 2,836,406 | ||||||
Kinetic Concepts, Inc. (b) | 45,653 | 2,278,085 | ||||||
11,091,319 | ||||||||
Oil & Gas (8.3%) | ||||||||
BJ Services Co. (b) | 52,900 | 2,424,936 | ||||||
EOG Resources, Inc. | 61,600 | 3,678,136 | ||||||
Kinder Morgan, Inc. | 62,800 | 3,723,412 | ||||||
Patterson-UTI Energy, Inc. | 79,300 | 2,649,413 | ||||||
XTO Energy, Inc. | 241,748 | 7,201,673 | ||||||
19,677,570 | ||||||||
Pharmaceuticals (5.1%) | ||||||||
Axcan Pharma, Inc. (b) | 181,600 | 3,831,760 | ||||||
Impax Laboratories, Inc. (b) | 133,100 | 2,579,478 | ||||||
Ligand Pharmaceuticals, Inc. (b) | 118,100 | 2,052,578 | ||||||
Martek Biosciences Corp. (b) | 40,000 | 2,246,800 | ||||||
Par Pharmaceutical Cos., Inc. (b) | 42,700 | 1,503,467 | ||||||
12,214,083 | ||||||||
Restaurants (1.1%) | ||||||||
Applebee’s International, Inc. | 111,600 | 2,569,032 | ||||||
Retail (7.1%) | ||||||||
Dollar Tree Stores, Inc. (b) | 83,400 | 2,287,662 | ||||||
O’Reilly Automotive, Inc. (b) | 60,100 | 2,716,520 | ||||||
Regis Corp. | 78,800 | 3,513,692 | ||||||
Staples, Inc. | 127,700 | 3,742,887 | ||||||
Williams Sonoma, Inc. (b) | 142,800 | 4,706,688 | ||||||
16,967,449 | ||||||||
Security & Commodity Exchanges (1.3%) | ||||||||
Chicago Mercantile Exchange (The) | 21,900 | 3,161,703 | ||||||
Semiconductors (6.9%) | ||||||||
KLA-Tencor Corp. (b) | 40,400 | 1,994,952 | ||||||
Marvel Technology Group Ltd. (b) | 188,600 | 5,035,620 | ||||||
Pixelworks, Inc. (b) | 198,300 | 3,037,956 | ||||||
Semtech Corp. (b) | 94,000 | 2,212,760 | ||||||
Vitesse Semiconductor Corp. (b) | 844,400 | 4,120,672 | ||||||
16,401,960 | ||||||||
38
Table of Contents
GARTMORE GVIT MID CAP GROWTH FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Telecommunications (4.3%) | ||||||||
ADC Telecommunications, Inc. (b) | 848,400 | $ | 2,409,456 | |||||
Amdocs Ltd. (b) | 172,000 | 4,029,960 | ||||||
Comverse Technology, Inc. (b) | 187,300 | 3,734,762 | ||||||
10,174,178 | ||||||||
Total Common Stocks | 229,556,458 | |||||||
REPURCHASE AGREEMENTS (1.6%) | ||||||||
Banks (1.6%) | ||||||||
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $1,566,067 (Fully collateralized by AA Rated Corporate Bonds) | $ | 1,566,003 | 1,566,004 | |||||
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $2,320,429 (Fully collateralized by AA Rated Corporate Bonds & U.S. Agency Mortgages) | 2,320,334 | 2,320,334 | ||||||
Total Repurchase Agreements | 3,886,338 | |||||||
Short-Term Securities Held as Collateral for Securities Lending (17.0%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | 40,578,696 | 40,578,696 | ||||||
Total Short-Term Securities Held as Collateral for Securities Lending | 40,578,696 | |||||||
Total Investments (Cost $228,086,854) (a) — 115.0% | 274,021,492 | |||||||
Liabilities in excess of other assets — (15.0)% | (35,841,914 | ) | ||||||
NET ASSETS — 100.0% | $ | 238,179,578 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 52,321,282 | ||
Unrealized depreciation | (6,387,644 | ) | ||
Net unrealized appreciation (depreciation) | $ | 45,934,638 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
(b) | Denotes a non-income producing security. |
ADR | American Depositary Receipt |
CA | Canada |
39
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
COMSTOCK GVIT VALUE FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (94.6%) | ||||||||
Banks (7.5%) | ||||||||
Bank of America Corp. | 36,067 | $ | 3,051,990 | |||||
Citigroup, Inc. | 51,700 | 2,404,050 | ||||||
J.P. Morgan Chase & Co. | 22,300 | 864,571 | ||||||
PNC Bank Corp. | 28,600 | 1,518,088 | ||||||
Suntrust Banks, Inc. | 4,300 | 279,457 | ||||||
Wells Fargo & Co. | 42,900 | 2,455,167 | ||||||
10,573,323 | ||||||||
Broadcast Media/ Cable Television (2.8%) | ||||||||
Clear Channel Communications, Inc. | 61,100 | 2,257,645 | ||||||
Liberty Media Corp., Class A (b) | 155,400 | 1,397,046 | ||||||
Liberty Media International, Inc. (b) | 7,805 | 289,566 | ||||||
3,944,257 | ||||||||
Chemicals (3.8%) | ||||||||
Dow Chemical Co. | 71,800 | 2,922,260 | ||||||
E.I. du Pont de Nemours & Co. | 41,900 | 1,861,198 | ||||||
Eastman Chemical Co. | 4,800 | 221,904 | ||||||
Lyondell Chemical Co. | 6,500 | 113,035 | ||||||
Monsanto Co. | 6,100 | 234,850 | ||||||
5,353,247 | ||||||||
Chemicals/ Diversified (0.5%) | ||||||||
Rohm & Haas Co. | 15,800 | 656,964 | ||||||
Computer Hardware (1.6%) | ||||||||
Hewlett-Packard Co. | 37,200 | 784,920 | ||||||
International Business Machines Corp. | 7,200 | 634,680 | ||||||
Lexmark International Group, Inc., Class A (b) | 8,495 | 820,022 | ||||||
2,239,622 | ||||||||
Computer Software & Services (1.4%) | ||||||||
Affiliated Computer Services, Inc., Class A (b) | 11,200 | 592,928 | ||||||
Check Point Software Technologies Ltd. (b) | 7,800 | 210,522 | ||||||
Cisco Systems, Inc. (b) | 4,500 | 106,650 | ||||||
Microsoft Corp. | 26,200 | 748,272 | ||||||
SunGard Data Systems, Inc. (b) | 13,400 | 348,400 | ||||||
2,006,772 | ||||||||
Consumer Products (2.7%) | ||||||||
Kimberly-Clark Corp. | 38,900 | 2,562,732 | ||||||
Mattel, Inc. | 35,900 | 655,175 | ||||||
Procter & Gamble Co. | 11,450 | 623,338 | ||||||
3,841,245 | ||||||||
Electronics (1.3%) | ||||||||
Cognex Corp. | 16,300 | 627,224 | ||||||
Credence Systems Corp. (b) | 32,000 | 441,600 | ||||||
Flextronics International Ltd. (b) | 36,800 | 586,960 | ||||||
Jabil Circuit, Inc. (b) | 8,853 | 222,919 | ||||||
1,878,703 | ||||||||
Entertainment (1.4%) | ||||||||
The Walt Disney Co. | 76,125 | 1,940,426 | ||||||
Financial Services (5.2%) | ||||||||
AMBAC Financial, Inc. | 11,350 | 833,544 | ||||||
Capital One Financial Corp. | 3,100 | 211,978 | ||||||
Fannie Mae | 7,850 | 560,176 | ||||||
Freddie Mac | 74,000 | 4,684,200 | ||||||
Goldman Sachs Group, Inc. | 1,000 | 94,160 | ||||||
Lehman Brothers Holdings, Inc. | 5,700 | 428,925 | ||||||
Merrill Lynch & Co., Inc. | 7,800 | 421,044 | ||||||
7,234,027 | ||||||||
Food & Related (1.7%) | ||||||||
Kraft Foods, Inc. | 39,800 | 1,260,864 | ||||||
Unilever NV | 16,400 | 1,123,564 | ||||||
2,384,428 | ||||||||
Healthcare (1.3%) | ||||||||
Aetna, Inc. | 20,900 | 1,776,500 | ||||||
Insurance (4.6%) | ||||||||
Assurant, Inc. | 17,600 | 464,288 | ||||||
Genworth Financial, Inc. (b) | 19,200 | 440,640 | ||||||
MetLife, Inc. | 21,000 | 752,850 | ||||||
RenaissanceRe Holdings Ltd. | 4,300 | 231,985 | ||||||
St. Paul Travelers Companies, Inc. | 10,862 | 440,345 | ||||||
The Allstate Corp. | 31,700 | 1,475,635 | ||||||
The Chubb Corp. | 24,350 | 1,660,183 | ||||||
Torchmark Corp. | 18,500 | 995,300 | ||||||
6,461,226 | ||||||||
Metals & Mining (1.6%) | ||||||||
Alcoa, Inc. | 66,700 | 2,203,101 | ||||||
Oil & Gas (14.3%) | ||||||||
BP PLC ADR | 19,000 | 1,017,830 | ||||||
ConocoPhillips | 14,137 | 1,078,512 | ||||||
Global Santa Fe Corp. | 77,200 | 2,045,800 | ||||||
Halliburton Co. | 196,876 | 5,957,467 | ||||||
Petroleo Brasileiro SA ADR | 42,600 | 1,195,782 | ||||||
Royal Dutch Petroleum Co. | 13,000 | 671,710 | ||||||
Schlumberger Ltd. | 70,400 | 4,471,104 | ||||||
Total SA ADR | 16,600 | 1,594,928 | ||||||
Transocean, Inc. (b) | 66,500 | 1,924,510 | ||||||
19,957,643 | ||||||||
Paper & Forest Products (6.4%) | ||||||||
Georgia Pacific Corp. | 94,790 | 3,505,334 | ||||||
International Paper Co. | 112,200 | 5,015,340 | ||||||
MeadWestvaco Corp. | 6,898 | 202,732 | ||||||
Smurfit-Stone Container Corp. (b) | 7,000 | 139,650 | ||||||
Temple-Inland, Inc. | 700 | 48,475 | ||||||
8,911,531 | ||||||||
Pharmaceuticals (10.6%) | ||||||||
AmerisourceBergen Corp. | 13,900 | 830,942 | ||||||
Bristol-Myers Squibb Co. | 163,000 | 3,993,500 | ||||||
GlaxoSmithKline PLC ADR | 100,200 | 4,154,292 | ||||||
Merck & Co., Inc. | 10,100 | 479,750 | ||||||
Pfizer, Inc. | 53,947 | 1,849,303 | ||||||
Roche Holding AG | 13,800 | 1,362,750 | ||||||
Schering-Plough Corp. | 63,700 | 1,177,176 | ||||||
Wyeth | 23,200 | 838,912 | ||||||
14,686,625 | ||||||||
40
Table of Contents
COMSTOCK GVIT VALUE FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Photographic Equipment & Supplies (0.8%) | ||||||||
Eastman Kodak Co. | 40,500 | $ | 1,092,690 | |||||
Restaurants (1.4%) | ||||||||
Darden Restaurants, Inc. | 26,500 | 544,575 | ||||||
McDonald’s Corp. | 55,300 | 1,437,800 | ||||||
1,982,375 | ||||||||
Retail (3.8%) | ||||||||
Boise Cascade Corp. | 26,200 | 986,168 | ||||||
CVS Corp. | 19,100 | 802,582 | ||||||
Federated Department Stores, Inc. | 18,200 | 893,620 | ||||||
Jones Apparel Group, Inc. | 30,400 | 1,200,192 | ||||||
Kroger Co. (b) | 64,600 | 1,175,720 | ||||||
The May Department Stores Co. | 11,500 | 316,135 | ||||||
5,374,417 | ||||||||
Semiconductors (0.1%) | ||||||||
Novellus Systems, Inc. (b) | 3,800 | 119,472 | ||||||
Telecommunications (10.3%) | ||||||||
SBC Communications, Inc. | 161,400 | 3,913,950 | ||||||
Sprint Corp. | 357,020 | 6,283,552 | ||||||
Verizon Communications, Inc. | 118,900 | 4,302,991 | ||||||
14,500,493 | ||||||||
Telecommunications Equipment (0.7%) | ||||||||
Andrew Corp. (b) | 4,600 | 92,046 | ||||||
Comverse Technology, Inc. (b) | 3,800 | 75,772 | ||||||
Ericsson ADR (b) | 15,200 | 454,784 | ||||||
JDS Uniphase Corp. (b) | 17,700 | 67,083 | ||||||
Nokia Corp. ADR | 23,100 | 335,874 | ||||||
1,025,559 | ||||||||
Tobacco (1.3%) | ||||||||
Altria Group, Inc. | 37,750 | 1,889,388 | ||||||
Transportation & Shipping (0.4%) | ||||||||
Burlington Northern Santa Fe Corp. | 15,800 | 554,106 | ||||||
Utilities (7.1%) | ||||||||
Ameren Corp. | 3,300 | 141,768 | ||||||
American Electric Power Co., Inc. | 22,040 | 705,280 | ||||||
Centerpoint Energy, Inc. | 34,800 | 400,200 | ||||||
Consolidated Edison, Inc. | 3,700 | 147,112 | ||||||
Constellation Energy Group, Inc. | 16,900 | 640,510 | ||||||
Dominion Resources, Inc. | 17,400 | 1,097,592 | ||||||
DTE Energy Co. | 1,800 | 72,972 | ||||||
Exelon Corp. | 8,200 | 272,978 | ||||||
FirstEnergy Corp. | 28,900 | 1,081,149 | ||||||
Pinnacle West Capital Corp. | 2,200 | 88,858 | ||||||
PPL Corp. | 4,000 | 183,600 | ||||||
Public Service Enterprise Group, Inc. | 21,100 | 844,633 | ||||||
Scottish Power PLC ADR | 15,600 | 460,356 | ||||||
Sempra Energy | 9,300 | 320,199 | ||||||
TXU Corp. | 83,950 | 3,400,815 | ||||||
Wisconsin Energy Corp. | 4,900 | 159,789 | ||||||
10,017,811 | ||||||||
Total Common Stocks | 132,605,951 | |||||||
Security Description | Principal | Value | ||||||
Repurchase Agreement (6.7%) | ||||||||
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $3,805,347 (Fully collateralized by AA Rated Corporate Bonds) | $ | 3,805,191 | $ | 3,805,191 | ||||
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $5,638,352 (Fully collateralized by U.S. Agency Securities) | 5,638,120 | 5,638,120 | ||||||
Total Repurchase Agreement | 9,443,311 | |||||||
Short-Term Securities Held as Collateral for Securities Lending (4.9%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | 6,861,750 | 6,861,750 | ||||||
Total Short-Term Securities Held as Collateral for Securities Lending | 6,861,750 | |||||||
Total Investments (Cost $126,115,053) (a) — 106.2% | 148,911,012 | |||||||
Liabilities in excess of other assets — (6.2)% | (8,713,193 | ) | ||||||
NET ASSETS — 100.0% | $ | 140,197,819 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 23,626,629 | ||
Unrealized depreciation | (830,670 | ) | ||
Net unrealized appreciation (depreciation) | $ | 22,795,959 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
(b) | Denotes a non-income producing security. |
ADR | American Depositary Receipt |
See notes to financial statements.
41
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
FEDERATED GVIT HIGH INCOME BOND FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (0.1%) | ||||||||
Diversified Manufacturing (0.0%) | ||||||||
Simonds Industries, Inc. (d) | 5,214 | $ | 130,819 | |||||
Media — Cable (0.1%) | ||||||||
NTL, Inc. | 2,260 | 130,221 | ||||||
Packaging (0.0%) | ||||||||
Russell Stanley Holdings, Inc. (c)(d)(f) | 4,000 | 0 | ||||||
Wireline Communications (0.0%) | ||||||||
Viatel Holding (Bermuda) Ltd. | 2,210 | 1,989 | ||||||
Total Common Stocks | 263,029 | |||||||
Principal | Value | |||||||
Security Description | ||||||||
CORPORATE BONDS (95.9%) | ||||||||
Aerospace & Defense (1.6%) | ||||||||
Alliant Techsystems, Inc., 8.50%, 05/15/11 | $ | 575,000 | $ | 623,875 | ||||
Argo Tech Corp., 9.25%, 06/01/11 (b) | 350,000 | 362,250 | ||||||
Hexcel Corp., 9.88%, 10/01/08 | 225,000 | 248,063 | ||||||
Hexcel Corp., 9.75%, 01/15/09 | 825,000 | 870,375 | ||||||
L-3 Communications Corp., 6.13%, 01/15/14 (b) | 1,300,000 | 1,254,500 | ||||||
TransDigm, Inc., 8.38%, 07/15/11 | 725,000 | 750,375 | ||||||
4,109,438 | ||||||||
Automotive (2.0%) | ||||||||
Accuride Corp., 9.25%, 02/01/08 | 175,000 | 178,938 | ||||||
Advanced Accessory Systems LLC, 10.75%, 06/15/11 | 675,000 | 664,875 | ||||||
Dana Corp., 9.00%, 08/15/11 | 175,000 | 205,625 | ||||||
General Motors Corp., 7.13%, 07/15/13 | 500,000 | 514,905 | ||||||
Stoneridge, Inc., 11.50%, 05/01/12 | 900,000 | 1,053,000 | ||||||
Transportation Technology Industries, 12.50%, 03/31/10 (b) | 650,000 | 646,750 | ||||||
TRW Automotive, Inc., 11.00%, 021/5/13 | 1,059,000 | 1,260,210 | ||||||
United Components, Inc., 9.38%, 06/15/13 | 600,000 | 615,000 | ||||||
5,139,303 | ||||||||
Building Materials (3.1%) | ||||||||
AMH Holdings, Inc., 9.55%, 03/01/14 (b) | 950,000 | 641,250 | ||||||
Associated Materials, Inc., 9.75%, 04/15/12 | 475,000 | 529,625 | ||||||
Collins & Aikman Floorcoverings, Inc., 9.75%, 02/15/10 | 575,000 | 586,500 | ||||||
ERICO International Corp., 8.88%, 03/01/12 (b) | 650,000 | 666,250 | ||||||
Euramax International PLC, 8.50%, 08/15/11 | 975,000 | 1,023,750 | ||||||
Fimep S.A., 10.50%, 02/15/13 | 350,000 | 400,750 | ||||||
MAAX Corp., 9.75%, 06/15/12 (b) | 175,000 | 181,834 | ||||||
MMI Products, Inc., 11.25%, 04/15/07 | 700,000 | 675,500 | ||||||
Mueller Group, Inc., 10.00%, 05/01/12 (b) | 525,000 | 548,625 | ||||||
Norcraft Cos. LLC, 9.00%, 11/01/11 (b) | 700,000 | 742,000 | ||||||
Nortek Holdings, Inc., 8.01%, 05/15/11 (b) | 1,100,000 | 874,500 | ||||||
PLY Gem Industries, Inc., 9.00%, 02/15/12 (b) | 650,000 | 663,000 | ||||||
US Concrete, Inc., 8.38%, 04/01/14 (b) | 275,000 | 276,375 | ||||||
7,809,959 | ||||||||
Chemicals (5.1%) | ||||||||
BCP Caylux Holding SCA, 9.63%, 06/15/14 (b) | 1,000,000 | 1,044,999 | ||||||
Compass Mineral Group, 10.00%, 08/15/11 | 600,000 | 670,500 | ||||||
Compass Mineral Group, 8.60%, 12/15/12 | 500,000 | 397,500 | ||||||
Compass Mineral Group, 8.15%, 06/01/13 | 1,050,000 | 813,750 | ||||||
Equistar Chemical LP, 10.13%, 09/01/08 | 875,000 | 966,875 | ||||||
FMC Corp., 10.25%, 11/01/09 | 425,000 | 491,938 | ||||||
General Chemical Industries Products, Inc., 101.93%, 05/01/09 (e) | 400,000 | 41,000 | ||||||
Huntsman Advanced Materials, 11.00%, 07/15/10 (b) | 475,000 | 537,938 | ||||||
Huntsman ICI Chemicals LLC, 10.13%, 07/01/09 | 1,325,000 | 1,351,499 | ||||||
Invista, 9.25%, 05/01/12 (b) | 650,000 | 656,500 | ||||||
Koppers, Inc., 9.88%, 10/15/13 | 500,000 | 550,000 | ||||||
Lyondell Chemical Co., 9.63%, 05/01/07 | 475,000 | 498,750 | ||||||
Lyondell Chemical Co., 9.88%, 05/01/07 | 600,000 | 631,500 | ||||||
Lyondell Chemical Co., 9.50%, 12/15/08 | 575,000 | 603,750 | ||||||
Lyondell Chemical Co., 10.88%, 05/01/09 | 800,000 | 842,000 | ||||||
Nalco Co., 7.75%, 11/15/11 (b) | 225,000 | 236,250 | ||||||
Nalco Co., 8.88%, 11/15/13 (b) | 600,000 | 630,000 | ||||||
Nalco Co., 8.95%, 02/01/14 (b) | 725,000 | 485,750 | ||||||
Rhodia SA, 7.63%, 06/01/10 (b) | 150,000 | 136,500 | ||||||
Rhodia SA, 8.88%, 06/01/11 (b) | 325,000 | 275,438 | ||||||
Union Carbide Corp., 8.75%, 08/01/22 | 675,000 | 667,406 | ||||||
Union Carbide Corp., 7.88%, 04/01/23 | 75,000 | 72,656 | ||||||
Union Carbide Corp., 7.50%, 06/01/25 | 350,000 | 326,813 | ||||||
12,929,312 | ||||||||
Construction Machinery (1.6%) | ||||||||
AGCO Corp., 9.50%, 05/01/08 | 750,000 | 817,500 | ||||||
Case New Holland, Inc., 9.25%, 08/01/11 (b) | 925,000 | 980,500 | ||||||
Clark Materials Handling, Inc., 0.00%, 11/15/06 (c)(d)(f) | 100,000 | 0 | ||||||
Columbus McKinnon Corp., 8.50%, 04/01/08 | 800,000 | 732,000 | ||||||
Columbus McKinnon Corp., 10.00%, 08/01/10 | 125,000 | 132,500 |
42
Table of Contents
FEDERATED GVIT HIGH INCOME BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
CORPORATE BONDS (continued) | ||||||||
Construction Machinery (continued) | ||||||||
NationsRent Cos., Inc., 9.50%, 10/15/10 (b) | $ | 825,000 | $ | 874,500 | ||||
United Rentals, Inc., 6.50%, 02/15/12 (b) | 425,000 | 399,500 | ||||||
3,936,500 | ||||||||
Consumer Products (4.3%) | ||||||||
Alltrista Corp., 9.75%, 05/01/12 | 1,000,000 | 1,095,000 | ||||||
American Achievement Corp., 8.25%, 04/01/12 (b) | 250,000 | 255,000 | ||||||
Ames True Temper, Inc., 10.00%, 07/15/12 (b) | 525,000 | 530,250 | ||||||
Armkel Finance, Inc., 9.50%, 08/15/09 | 625,000 | 685,938 | ||||||
Chattem, Inc., 7.00%, 03/01/14 | 450,000 | 432,000 | ||||||
Diamond Brands, Inc., 0.00%, 04/15/09 (c)(d)(e)(f) | 50,000 | 0 | ||||||
ICON Health & Fitness, Inc., 11.25%, 04/01/12 | 475,000 | 520,125 | ||||||
Jostens Holding Corp., 9.42%, 12/01/13 | 1,300,000 | 884,000 | ||||||
Jostens, Inc., 12.75%, 05/01/10 | 675,000 | 766,125 | ||||||
K2 Corp, Inc., 7.38%, 07/01/14 (b) | 125,000 | 127,820 | ||||||
Leiner Health Products, 11.00%, 06/01/12 (b) | 425,000 | 439,875 | ||||||
NBC Acqusition Corp., 11.79%, 03/15/13 | 625,000 | 396,875 | ||||||
Nebraska Book Co., 8.63%, 03/15/12 | 475,000 | 469,063 | ||||||
Playtex Products, Inc., 9.38%, 06/01/11 | 825,000 | 818,813 | ||||||
Sealy Mattress Co., 8.25%, 06/15/14 (b) | 525,000 | 530,250 | ||||||
Simmons Co., 7.88%, 01/15/14 (b) | 650,000 | 664,625 | ||||||
Sleepmaster LLC, 50.13%, 05/15/09 (e) | 175,000 | 47,906 | ||||||
Tempur World, 10.25%, 08/15/10 (b) | 162,000 | 183,465 | ||||||
True Temper Sports, Inc., 8.38%, 09/15/11 | 350,000 | 351,750 | ||||||
United Industries Corp., 9.88%, 04/01/09 | 1,075,000 | 1,127,405 | ||||||
WH Holdings/ WH Capital, 9.50%, 04/01/11 (b) | 525,000 | 547,313 | ||||||
10,873,598 | ||||||||
Diversified (2.3%) | ||||||||
TRAINS HY-2004-1 A, 8.22%, 08/01/15 (b) | 5,500,000 | 5,706,250 | ||||||
Diversified Manufacturing (1.3%) | ||||||||
Amsted Industries, Inc., 10.25%, 10/15/11 (b) | 425,000 | 461,125 | ||||||
Polypore, Inc., 8.75%, 05/15/12 (b) | 550,000 | 583,000 | ||||||
Simonds Industries, Inc., 10.00%, 10/01/08 (d) | 750 | 750 | ||||||
Thermadyne Holdings Corp., 9.25%, 02/01/14 (b) | 275,000 | 273,625 | ||||||
Tyco International Group, 6.38%, 06/15/05 | 1,250,000 | 1,294,212 | ||||||
Tyco International Group, 5.80%, 08/01/06 | 525,000 | 549,266 | ||||||
3,161,978 | ||||||||
Energy (2.4%) | ||||||||
Chesapeake Energy Corp., 7.50%, 06/15/14 (b) | 250,000 | 258,125 | ||||||
CITGO Petroleum Corp., 11.38%, 02/01/11 | 700,000 | 819,000 | ||||||
Compton Petroleum Corp., 9.90%, 05/15/09 | 750,000 | 815,625 | ||||||
Continental Resources, Inc., 10.25%, 08/01/08 | 575,000 | 596,563 | ||||||
Ferrellgas Escrow LLC, 6.75%, 05/01/14 (b) | 450,000 | 434,250 | ||||||
Lone Star Technologies, Inc., 9.00%, 06/01/11 | 225,000 | 235,125 | ||||||
Magnum Hunter Resources, 9.60%, 03/15/12 | 250,000 | 276,250 | ||||||
Petroleum Helicoptors, Inc., 9.38%, 05/01/09 | 475,000 | 501,125 | ||||||
Range Resources Corp., 7.38%, 07/15/13 (b) | 250,000 | 250,000 | ||||||
Swift Energy Co., 9.38%, 05/01/12 | 825,000 | 882,750 | ||||||
Tesoro Petroleum Corp., 8.00%, 04/15/08 | 275,000 | 295,625 | ||||||
Tesoro Petroleum Corp., 9.00%, 07/01/08 | 150,000 | 155,250 | ||||||
Tesoro Petroleum Corp., 9.63%, 11/01/08 | 525,000 | 577,500 | ||||||
6,097,188 | ||||||||
Entertainment (2.6%) | ||||||||
AMC Entertainment, Inc., 9.88%, 02/01/12 | 1,050,000 | 1,105,125 | ||||||
Cinemark USA, Inc., 9.00%, 02/01/13 | 400,000 | 438,000 | ||||||
Cinemark USA, Inc., 9.34%, 03/15/14 (b) | 1,075,000 | 706,813 | ||||||
Intrawest Corp., 10.50%, 02/01/10 | 575,000 | 626,031 | ||||||
Six Flags, Inc., 9.75%, 04/15/13 | 175,000 | 177,188 | ||||||
Six Flags, Inc., 9.63%, 06/01/14 (b) | 525,000 | 527,625 | ||||||
Universal City Development, 11.75%, 04/01/10 | 1,350,000 | 1,569,374 | ||||||
Vivendi Universal SA, 6.25%, 07/15/08 | 900,000 | 959,625 | ||||||
Vivendi Universal SA, 9.25%, 04/15/10 | 350,000 | 413,875 | ||||||
6,523,656 | ||||||||
Environmental (1.5%) | ||||||||
Allied Waste North America, Inc., 7.63%, 01/01/06 | 1,050,000 | 1,103,812 | ||||||
Allied Waste North America, Inc., 8.88%, 04/01/08 | 750,000 | 824,063 | ||||||
Allied Waste North America, Inc., 9.25%, 09/01/12 | 650,000 | 729,625 |
43
Table of Contents
FEDERATED GVIT HIGH INCOME BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
CORPORATE BONDS (continued) | ||||||||
Environmental (continued) | ||||||||
Clean Harbors, Inc., 11.25%, 07/15/12 (b) | $ | 625,000 | $ | 634,375 | ||||
Synagro Technologies, Inc., 9.50%, 04/01/09 | 550,000 | 577,500 | ||||||
3,869,375 | ||||||||
Financial Institutions (0.3%) | ||||||||
Dollar Financial Group, Inc., 9.75%, 11/15/11 | 650,000 | 682,500 | ||||||
Food & Beverage (6.5%) | ||||||||
Agrilink Foods, Inc., 11.88%, 11/01/08 | 350,000 | 373,625 | ||||||
American Seafoods Group LLC, 10.13%, 04/15/10 | 825,000 | 989,999 | ||||||
B&G Foods, Inc., 9.63%, 08/01/07 | 500,000 | 511,250 | ||||||
Constellation Brands, Inc., 8.00%, 02/15/08 | 650,000 | 703,625 | ||||||
Cott Beverages, Inc., 8.00%, 12/15/11 | 500,000 | 532,500 | ||||||
Del Monte Corp., 9.25%, 05/15/11 | 1,200,000 | 1,301,999 | ||||||
Del Monte Corp., 8.63%, 12/15/12 | 475,000 | 510,625 | ||||||
Dole Foods Co., 8.63%, 05/01/09 | 1,150,000 | 1,216,124 | ||||||
Dole Foods Co., 7.25%, 06/15/10 | 500,000 | 492,500 | ||||||
Eagle Family Foods, Inc., 8.75%, 01/15/08 | 250,000 | 186,250 | ||||||
Gold Kist, Inc., 10.25%, 03/15/14 (b) | 625,000 | 678,125 | ||||||
Land O’ Lakes, Inc., 8.75%, 11/15/11 | 800,000 | 748,000 | ||||||
Michael Foods, Inc., 8.00%, 11/15/13 (b) | 675,000 | 696,938 | ||||||
National Beef Packaging Co., 10.50%, 08/01/11 | 325,000 | 346,125 | ||||||
Pierre Foods, Inc., 9.88%, 07/15/12 (b) | 875,000 | 888,125 | ||||||
Pilgrim’s Pride Corp., 9.63%, 09/15/11 | 875,000 | 969,063 | ||||||
Pilgrim’s Pride Corp., 9.25%, 11/15/13 | 850,000 | 907,375 | ||||||
Reddy Ice Group, Inc., 8.88%, 08/01/11 | 650,000 | 689,000 | ||||||
Smithfield Foods, Inc., 7.63%, 02/15/08 | 300,000 | 315,000 | ||||||
Smithfield Foods, Inc., 8.00%, 10/15/09 | 650,000 | 700,375 | ||||||
Smithfield Foods, Inc., 7.75%, 05/15/13 | 675,000 | 710,438 | ||||||
Swift & Co., 10.13%, 10/01/09 | 375,000 | 404,063 | ||||||
Swift & Co., 12.50%, 01/01/10 | 375,000 | 402,188 | ||||||
UAP Holding Corp., 8.37%, 07/15/12 (b) | 1,000,000 | 780,000 | ||||||
United Agri Products, 8.25%, 12/15/11 (b) | 225,000 | 249,750 | ||||||
16,303,062 | ||||||||
Gaming (7.2%) | ||||||||
America Casino & Entertainment, 7.85%, 02/01/12 (b) | 250,000 | 255,000 | ||||||
Boyd Gaming Corp., 8.75%, 04/15/12 | 525,000 | 560,438 | ||||||
Boyd Gaming Corp., 7.75%, 12/15/12 | 475,000 | 480,344 | ||||||
Coast Hotels & Casinos, Inc., 9.50%, 04/01/09 | 600,000 | 633,000 | ||||||
Global Cash ACC/ Finance, 8.75%, 03/15/12 (b) | 675,000 | 707,906 | ||||||
Isle of Capri Casinos, Inc., 9.00%, 03/15/12 | 425,000 | 462,719 | ||||||
Isle of Capri Casinos, Inc., 7.00%, 03/01/14 (b) | 250,000 | 233,125 | ||||||
Majestic Star Casino LLC, 9.50%, 10/15/10 | 525,000 | 531,563 | ||||||
Mandalay Resort Group, 10.25%, 08/01/07 | 1,150,000 | 1,293,749 | ||||||
Mandalay Resort Group, 9.50%, 08/01/08 | 250,000 | 281,250 | ||||||
Mandalay Resort Group, 9.38%, 02/15/10 | 700,000 | 766,500 | ||||||
MGM Grand, Inc., 9.75%, 06/01/07 | 1,925,000 | 2,117,499 | ||||||
MGM Grand, Inc., 6.00%, 10/01/09 | 500,000 | 492,500 | ||||||
MGM Grand, Inc., 8.50%, 09/15/10 | 250,000 | 271,563 | ||||||
MGM Grand, Inc., 8.38%, 02/01/11 | 700,000 | 738,500 | ||||||
Mohegan Tribal Gaming Authority, 6.38%, 07/15/09 | 300,000 | 302,625 | ||||||
Mohegan Tribal Gaming Authority, 8.38%, 07/01/11 | 350,000 | 378,438 | ||||||
Mohegan Tribal Gaming Authority, 8.00%, 04/01/12 | 500,000 | 535,625 | ||||||
MTR Gaming Group, Inc., 9.75%, 04/01/10 | 800,000 | 864,000 | ||||||
Park Place Entertainment Corp., 9.38%, 02/15/07 | 375,000 | 409,688 | ||||||
Park Place Entertainment Corp., 7.88%, 03/15/10 | 850,000 | 896,749 | ||||||
Park Place Entertainment Corp., 8.13%, 05/15/11 | 1,000,000 | 1,066,249 | ||||||
Penn National Gaming, Inc., 11.13%, 03/01/08 | 575,000 | 636,813 | ||||||
Penn National Gaming, Inc., 8.88%, 03/15/10 | 175,000 | 190,750 | ||||||
Station Casinos, Inc., 6.50%, 02/01/14 | 525,000 | 505,313 | ||||||
Sun International Hotels, 8.88%, 08/15/11 | 825,000 | 884,813 | ||||||
Venitian Casino/ LV Sands, 11.00%, 06/15/10 | 800,000 | 924,999 | ||||||
Wynn Las Vegas LLC, 12.00%, 11/01/10 | 452,000 | 542,400 | ||||||
17,964,118 | ||||||||
Healthcare (4.4%) | ||||||||
Alaris Medical Systems, Inc., 7.25%, 07/01/11 | 150,000 | 166,500 | ||||||
AmeriPath, Inc., 10.50%, 04/01/13 | 1,050,000 | 1,065,750 | ||||||
Ardent Health Services, 10.00%, 08/15/13 | 525,000 | 564,375 | ||||||
Concentra Operating Corp., 9.50%, 08/15/10 | 450,000 | 481,500 | ||||||
Concentra Operating Corp., 9.13%, 060/1/12 (b) | 175,000 | 184,188 | ||||||
Fisher Scientific International, 8.00%, 09/01/13 | 1,150,000 | 1,233,374 | ||||||
Hanger Orthopedic Group, Inc., 10.38%, 02/15/09 | 450,000 | 464,625 |
44
Table of Contents
FEDERATED GVIT HIGH INCOME BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
CORPORATE BONDS (continued) | ||||||||
Healthcare (continued) | ||||||||
HCA — The Healthcare Corp., 6.91%, 06/15/05 | $ | 950,000 | $ | 980,913 | ||||
HCA — The Healthcare Corp., 8.75%, 09/01/10 | 300,000 | 342,384 | ||||||
HCA — The Healthcare Corp., 7.88%, 02/01/11 | 575,000 | 630,114 | ||||||
HCA — The Healthcare Corp., 6.75%, 07/15/13 | 1,250,000 | 1,285,649 | ||||||
Hudson Respiratory Care, Inc., 9.13%, 04/15/08 | 150,000 | 155,250 | ||||||
Magellan Health Services, 9.38%, 11/15/08 | 429,874 | 463,190 | ||||||
Medical Device, Inc., 10.00%, 07/15/12 (b) | 275,000 | 280,500 | ||||||
Sybron Dental Specialties, Inc., 8.13%, 06/15/12 | 475,000 | 510,625 | ||||||
Tenet Healthcare Corp., 9.88%, 07/01/14 (b) | 475,000 | 484,500 | ||||||
Universal Hospital Services, Inc., 10.13%, 11/01/11 | 375,000 | 384,375 | ||||||
Vanguard Health Systems Co., 9.75%, 08/01/11 | 1,075,000 | 1,169,062 | ||||||
VWR International, Inc., 8.00%, 04/15/14 (b) | 225,000 | 230,625 | ||||||
11,077,499 | ||||||||
Industrial — Other (4.1%) | ||||||||
Aearo, Co., 8.25%, 04/15/12 (b) | 325,000 | 333,125 | ||||||
Brand Services, Inc., 12.00%, 10/15/12 | 725,000 | 844,625 | ||||||
Eagle-Picher Industries, Inc., 9.75%, 09/01/13 | 1,125,000 | 1,215,000 | ||||||
Foamex LP, 9.88%, 06/15/07 | 450,000 | 373,500 | ||||||
Foamex LP, 10.75%, 04/01/09 | 275,000 | 273,625 | ||||||
Greif Brothers Corp., 8.88%, 08/01/12 | 525,000 | 567,000 | ||||||
Hines Nurseries, Inc., 10.25%, 10/01/11 | 550,000 | 596,750 | ||||||
Interline Brands, Inc., 11.50%, 05/15/11 | 750,000 | 832,500 | ||||||
Milacron Escrow Corp., 11.50%, 05/15/11 (b) | 750,000 | 768,750 | ||||||
Neenah Corp., 11.00%, 09/30/10 (b) | 842,000 | 896,730 | ||||||
Neenah Corp., 13.00%, 09/30/13 (b) | 514,185 | 514,185 | ||||||
Norcross Safety Products, 9.88%, 08/15/11 | 750,000 | 806,250 | ||||||
Rexnord Corp., 10.13%, 12/15/12 | 675,000 | 745,875 | ||||||
Sensus Metering Systems, 8.63%, 12/15/13 (b) | 875,000 | 844,375 | ||||||
Superior Essex Communications, 9.00%, 04/15/12 (b) | 450,000 | 436,500 | ||||||
Valmont Industries, Inc., 6.88%, 05/01/14 (b) | 300,000 | 295,500 | ||||||
10,344,290 | ||||||||
Lodging (1.8%) | ||||||||
Courtyard By Marriott, 10.75%, 02/01/08 | 475,000 | 478,563 | ||||||
Hilton Hotels Corp., 7.63%, 05/15/08 | 250,000 | 270,938 | ||||||
Hilton Hotels Corp., 8.25%, 02/15/11 | 550,000 | 614,625 | ||||||
Hilton Hotels Corp., 7.63%, 12/01/12 | 400,000 | 433,000 | ||||||
HMH Properties, Inc., 7.88%, 08/01/08 | 481,000 | 494,228 | ||||||
Royal Caribbean Cruises, 8.00%, 05/15/10 | 600,000 | 649,499 | ||||||
Starwood Hotels Resorts, 7.38%, 05/01/07 | 975,000 | 1,040,812 | ||||||
Starwood Hotels Resorts, 7.88%, 05/01/12 | 450,000 | 482,625 | ||||||
4,464,290 | ||||||||
Media — Cable (2.7%) | ||||||||
Cablevision Systems Corp., 7.88%, 12/15/07 | 1,200,000 | 1,254,000 | ||||||
Cablevision Systems Corp., 8.13%, 07/15/09 | 650,000 | 679,250 | ||||||
Cablevision Systems Corp., 8.00%, 04/15/12 (b) | 775,000 | 771,125 | ||||||
Charter Communications Holdings Capital Corp., 9.92%, 04/01/11 | 1,575,000 | 1,248,188 | ||||||
Charter Communications Holdings Capital Corp., 10.00%, 05/15/11 | 450,000 | 357,750 | ||||||
Charter Communications Holdings II, 10.25%, 09/15/10 (b) | 1,050,000 | 1,068,375 | ||||||
Kabel Deutschland Gmbh, 10.63%, 07/01/14 (b) | 1,450,000 | 1,489,875 | ||||||
6,868,563 | ||||||||
Media — Non-Cable (9.1%) | ||||||||
Advanstar Communications, Inc., 10.75%, 08/15/10 | 200,000 | 222,000 | ||||||
Advanstar Communications, Inc., 12.00%, 02/15/11 | 1,075,000 | 1,150,250 | ||||||
Advanstar, Inc., 15.55%, 10/15/11 | 425,000 | 343,188 | ||||||
Affinity Group, Inc., 9.00%, 02/15/12 (b) | 425,000 | 440,406 | ||||||
American Media Operation, Inc., 10.25%, 05/01/09 | 650,000 | 672,750 | ||||||
American Media Operation, Inc., 8.88%, 01/15/11 | 325,000 | 316,875 | ||||||
Block Communications, Inc., 9.25%, 04/15/09 | 450,000 | 473,625 | ||||||
Cadmus Communications Corp., 8.38%, 06/15/14 (b) | 300,000 | 300,750 | ||||||
Dex Media East LLC, 12.13%, 11/15/12 | 1,500,000 | 1,758,749 | ||||||
Dex Media West LLC, 9.88%, 08/15/13 (b) | 1,600,000 | 1,759,999 | ||||||
Dex Media, Inc., 9.56%, 11/15/13 (b) | 875,000 | 568,750 | ||||||
DIRECTV Holdings LLC, 8.38%, 03/15/13 | 1,300,000 | 1,446,250 | ||||||
Echostar DBS Corp., 10.38%, 10/01/07 | 800,000 | 860,000 | ||||||
Echostar DBS Corp., 5.75%, 10/01/08 | 1,250,000 | 1,240,625 | ||||||
Houghton Mifflin Co., 13.57%, 10/15/13 | 500,000 | 263,750 | ||||||
Inmarsat Finance PLC, 7.63%, 06/30/12 (b) | 125,000 | 122,500 | ||||||
Lamar Media Corp., 7.25%, 01/01/13 | 700,000 | 717,500 |
45
Table of Contents
FEDERATED GVIT HIGH INCOME BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
CORPORATE BONDS (continued) | ||||||||
Media — Non-Cable (continued) | ||||||||
Liberty Group Ltd., 9.38%, 02/01/08 | $ | 225,000 | $ | 225,000 | ||||
Lodgenet Entertainment, 9.50%, 06/15/13 | 550,000 | 598,125 | ||||||
PanAmSat Corp., 6.38%, 01/15/08 | 250,000 | 257,813 | ||||||
PanAmSat Corp., 8.50%, 02/01/12 | 1,225,000 | 1,391,906 | ||||||
Quebecor Media, Inc., 6.93%, 07/15/11 | 425,000 | 395,250 | ||||||
Quebecor Media, Inc., 11.13%, 07/15/11 | 500,000 | 572,500 | ||||||
R.H. Donnelly Finance Corp., 10.88%, 12/15/12 (b) | 925,000 | 1,079,938 | ||||||
Reader’s Digest Association, Inc., 6.50%, 03/01/11 | 175,000 | 171,938 | ||||||
Sinclair Broadcast Group, 8.75%, 12/15/11 | 475,000 | 509,438 | ||||||
Sinclair Broadcast Group, 8.00%, 03/15/12 | 350,000 | 358,750 | ||||||
Sun Media Corp., 7.63%, 02/15/13 | 425,000 | 433,500 | ||||||
Vertis, Inc., 9.75%, 04/01/09 | 250,000 | 271,250 | ||||||
Vertis, Inc., 10.88%, 06/15/09 | 1,700,000 | 1,844,499 | ||||||
XM Satellite Radio, Inc., 8.47%, 12/31/09 | 570,095 | 538,740 | ||||||
XM Satellite Radio, Inc., 12.00%, 06/15/10 | 373,000 | 428,950 | ||||||
Yell Finance BV, 5.93%, 08/01/11 | 539,000 | 509,355 | ||||||
Yell Finance BV, 10.75%, 08/01/11 | 410,000 | 480,725 | ||||||
Ziff Davis Media, Inc., 12.00%, 08/12/09 | 45,947 | 44,454 | ||||||
22,770,098 | ||||||||
Metals & Mining (1.5%) | ||||||||
California Steel Industries, 6.13%, 03/15/14 (b) | 225,000 | 211,500 | ||||||
Commonwealth Aluminum Co., 10.75%, 10/01/06 | 225,000 | 227,250 | ||||||
Imco Recycling, Inc., 10.38%, 10/15/10 | 850,000 | 915,874 | ||||||
Ispat Inland ULC, 9.75%, 04/01/14 (b) | 475,000 | 494,000 | ||||||
Republic Technologies International, 0.00%, 07/15/09 (c)(d)(e)(f) | 200,000 | 0 | ||||||
RYERSON TULL, INC., 9.13%, 07/15/06 | 525,000 | 551,250 | ||||||
United States Steel Corp., 9.75%, 05/15/10 | 715,000 | 791,863 | ||||||
Wise Metals Group LLC, 10.25%, 05/15/12 (b) | 475,000 | 483,313 | ||||||
3,675,050 | ||||||||
Packaging (2.9%) | ||||||||
Berry Plastics Corp., 10.75%, 07/15/12 | 775,000 | 864,125 | ||||||
Graham Packaging Co., 4.80%, 01/15/08 | 500,000 | 477,500 | ||||||
Graham Packaging Co., 5.02%, 01/15/08 | 950,000 | 959,500 | ||||||
Huntsman Packaging Corp., 13.00%, 06/01/10 | 725,000 | 656,125 | ||||||
Owens-Brockway Glass Container, 8.88%, 02/15/09 | 300,000 | 325,500 | ||||||
Owens-Brockway Glass Container, 7.75%, 05/15/11 | 475,000 | 494,000 | ||||||
Owens-Brockway Glass Container, 8.25%, 05/15/13 | 375,000 | 388,125 | ||||||
Owens-Illinois, Inc., 8.10%, 05/15/07 | 825,000 | 853,875 | ||||||
Owens-Illinois, Inc., 7.35%, 05/15/08 | 300,000 | 300,750 | ||||||
Plastipak Holdings, Inc., 10.75%, 09/01/11 | 400,000 | 430,000 | ||||||
Pliant Corp., 11.13%, 09/01/09 | 150,000 | 162,000 | ||||||
Pliant Corp., 13.00%, 06/01/10 | 325,000 | 294,125 | ||||||
Russell Stanley Holdings, Inc., 9.00%, 11/30/08 (b)(c)(d)(f) | 33,424 | 0 | ||||||
Tekni-Plex, Inc., 12.75%, 06/15/10 | 1,175,000 | 1,133,875 | ||||||
7,339,500 | ||||||||
Paper (3.6%) | ||||||||
Boise Cascade Co., 6.50%, 11/01/10 | 100,000 | 102,250 | ||||||
Boise Cascade Co., 7.00%, 11/01/13 | 150,000 | 153,750 | ||||||
Georgia Pacific Corp., 8.13%, 05/15/11 | 1,025,000 | 1,132,625 | ||||||
Georgia Pacific Corp., 9.38%, 02/01/13 | 2,675,000 | 3,056,187 | ||||||
Graphic Packaging International, 9.50%, 08/15/13 | 550,000 | 599,500 | ||||||
Jefferson Smurfit Corp., 8.25%, 10/01/12 | 450,000 | 468,000 | ||||||
Jefferson Smurfit Corp., 7.50%, 06/01/13 | 400,000 | 397,000 | ||||||
MDP Acquisitions PLC, 9.63%, 10/01/12 | 400,000 | 446,000 | ||||||
MDP Acquisitions PLC, 15.50%, 10/01/13 | 781,333 | 914,160 | ||||||
Riverside Forest Products, 7.88%, 03/01/14 (b) | 475,000 | 489,250 | ||||||
Stone Container Corp., 9.75%, 02/01/11 | 600,000 | 663,000 | ||||||
Tembec Industries, Inc., 8.50%, 02/01/11 | 575,000 | 583,625 | ||||||
9,005,347 | ||||||||
Restaurants (0.8%) | ||||||||
Advantica Restaurant Group, Inc., 11.25%, 01/15/08 | 425,000 | 408,000 | ||||||
Buffets, Inc., 11.25%, 07/15/10 | 150,000 | 159,375 | ||||||
Carrols Corp., 9.50%, 12/01/08 | 850,000 | 884,000 | ||||||
Dominos, Inc., 8.25%, 07/01/11 | 575,000 | 606,625 | ||||||
2,058,000 | ||||||||
Retailers (3.8%) | ||||||||
Buhrmann US, Inc., 12.25%, 11/01/09 | 1,050,000 | 1,160,250 | ||||||
Couche-Tard Financing Co., 7.50%, 12/15/13 | 700,000 | 698,250 | ||||||
Finlay Fine Jewerly Corp., 8.38%, 06/01/12 (b) | 375,000 | 391,875 | ||||||
FTD, Inc., 7.75%, 02/15/14 | 650,000 | 617,500 | ||||||
General Nutrition Center, 8.50%, 12/01/10 (b) | 350,000 | 364,000 |
46
Table of Contents
FEDERATED GVIT HIGH INCOME BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
CORPORATE BONDS (continued) | ||||||||
Retailers (continued) | ||||||||
Lazy Days R.V. Center, Inc., 11.75%, 05/15/12 (b) | $ | 600,000 | $ | 633,000 | ||||
Michaels Stores, Inc., 9.25%, 07/01/09 | 400,000 | 440,000 | ||||||
PCA International, Inc., 11.88%, 08/01/09 | 800,000 | 864,000 | ||||||
Penney (J.C.) Co., Inc., 7.60%, 04/01/07 | 650,000 | 705,250 | ||||||
Penney (J.C.) Co., Inc., 9.00%, 08/01/12 | 929,000 | 1,100,865 | ||||||
Petro Stopping Centers, 9.00%, 02/15/12 (b) | 600,000 | 597,000 | ||||||
Rite Aid Corp., 8.13%, 05/01/10 | 875,000 | 927,500 | ||||||
Rite Aid Corp., 9.50%, 02/15/11 | 175,000 | 193,813 | ||||||
Rite Aid Corp., 6.88%, 08/15/13 | 300,000 | 279,000 | ||||||
U.S. Office Products Co., 0.00%, 06/15/08 (c)(d)(f) | 475,000 | 0 | ||||||
United Auto Group, Inc., 9.63%, 03/15/12 | 500,000 | 550,000 | ||||||
9,522,303 | ||||||||
Services (0.8%) | ||||||||
Brickman Group Ltd. (The), 11.75%, 12/15/09 | 725,000 | 837,375 | ||||||
CB Richard Ellis Services, Inc., 9.75%, 05/15/10 | 275,000 | 303,875 | ||||||
Language Line, Inc., 11.13%, 06/15/12 (b) | 200,000 | 204,000 | ||||||
Language Line, Inc., 13.54%, 06/15/13 (b) | 225,000 | 118,688 | ||||||
SITEL Corp., 9.25%, 03/15/06 | 575,000 | 566,375 | ||||||
2,030,313 | ||||||||
Supermarkets (0.0%) | ||||||||
Jitney-Jungle Stores of America, Inc., 0.00%, 09/15/07 (c)(d)(f) | 100,000 | 0 | ||||||
Technology (3.5%) | ||||||||
Activant Solutions, Inc., 10.50%, 06/15/11 | 825,000 | 874,500 | ||||||
AMI Semiconductor, Inc., 10.75%, 02/01/13 | 548,000 | 641,845 | ||||||
Da-Lite Screen Co., Inc., 9.50%, 05/15/11 (b) | 350,000 | 364,000 | ||||||
Danka Business Systems, 11.00%, 06/15/10 | 450,000 | 468,000 | ||||||
Ingram Micro, Inc., 9.88%, 08/15/08 | 825,000 | 909,563 | ||||||
Seagate Technology HDD Holding, 8.00%, 05/15/09 | 575,000 | 603,750 | ||||||
Telex Communications, Inc., 11.50%, 10/15/08 | 450,000 | 484,875 | ||||||
UGS Corp., 10.00%, 06/01/12 (b) | 1,100,000 | 1,174,250 | ||||||
Unisys Corp., 6.88%, 03/15/10 | 600,000 | 621,000 | ||||||
Xerox Corp., 9.75%, 01/15/09 | 1,500,000 | 1,717,500 | ||||||
Xerox Corp., 7.63%, 06/15/13 | 975,000 | 1,004,250 | ||||||
8,863,533 | ||||||||
Textile (1.2%) | ||||||||
GFSI, Inc., 9.63%, 03/01/07 | 600,000 | 579,000 | ||||||
Glenoit Corp., 0.00%, 04/15/07 (c)(d)(f) | 125,000 | 0 | ||||||
Levi Strauss & Co., 11.63%, 01/15/08 | 100,000 | 98,500 | ||||||
Levi Strauss & Co., 12.25%, 12/15/12 | 300,000 | 295,500 | ||||||
Phillips Van-Heusen Corp., 8.13%, 05/01/13 | 350,000 | 368,375 | ||||||
Warnaco Group, Inc., 8.88%, 06/15/13 | 1,175,000 | 1,257,250 | ||||||
William Carter Co., 10.88%, 08/15/11 | 422,000 | 476,860 | ||||||
3,075,485 | ||||||||
Tobacco (0.6%) | ||||||||
Commonwealth Brands, Inc., 10.63%, 09/01/08 (b) | 625,000 | 670,312 | ||||||
Dimon, Inc., 9.63%, 10/15/11 | 150,000 | 152,625 | ||||||
Dimon, Inc., 7.75%, 06/01/13 | 525,000 | 489,563 | ||||||
Standard Commercial Corp., 8.00%, 04/15/12 (b) | 250,000 | 245,625 | ||||||
1,558,125 | ||||||||
Transportation (0.8%) | ||||||||
Allied Holdings, Inc., 8.63%, 10/01/07 | 550,000 | 492,250 | ||||||
Holt Group, Inc. (The), 0.00%, 01/15/06 (c)(d)(f) | 50,000 | 0 | ||||||
Stena AB, 9.63%, 12/01/12 | 825,000 | 917,812 | ||||||
Stena AB, 7.50%, 11/01/13 | 575,000 | 570,688 | ||||||
1,980,750 | ||||||||
Utility — Electric (3.2%) | ||||||||
Caithness Coso Funding Corp., 9.05%, 12/15/09 | 819,060 | 896,870 | ||||||
Calpine Canada Energy Financing Co., 8.50%, 05/01/08 | 150,000 | 102,750 | ||||||
Calpine Corp., 8.50%, 02/15/11 | 1,175,000 | 787,250 | ||||||
CMS Energy Corp., 8.90%, 07/15/08 | 750,000 | 792,188 | ||||||
CMS Energy Corp., 7.50%, 01/15/09 | 250,000 | 250,938 | ||||||
Illinois Power Corp., 11.50%, 12/15/10 | 1,125,000 | 1,333,124 | ||||||
Nevada Power Co., 9.00%, 08/15/13 | 850,000 | 922,250 | ||||||
Nevada Power Co., 6.50%, 04/15/12 (b) | 75,000 | 71,146 | ||||||
NRG Energy, Inc., 8.00%, 12/15/13 (b) | 650,000 | 661,375 | ||||||
PSEG Energy Holdings, 10.00%, 10/01/09 | 1,125,000 | 1,285,313 | ||||||
Reliant Resources, Inc., 9.25%, 07/15/10 | 375,000 | 403,125 | ||||||
Reliant Resources, Inc., 9.50%, 07/15/13 | 525,000 | 569,625 | ||||||
8,075,954 | ||||||||
Utility — Natural Gas (4.0%) | ||||||||
ANR Pipeline Co., 8.88%, 03/15/10 | 150,000 | 164,250 | ||||||
EL Paso Corp., 6.75%, 05/15/09 | 825,000 | 748,688 | ||||||
EL Paso Corp., 7.75%, 06/01/13 | 950,000 | 881,125 | ||||||
EL Paso Corp., 8.05%, 10/15/30 | 675,000 | 553,500 | ||||||
EL Paso Corp., 7.80%, 08/01/31 | 2,675,000 | 2,166,749 | ||||||
Pacific Energy Partners, 7.13%, 06/15/14 (b) | 500,000 | 510,000 | ||||||
Semco Energy, Inc., 7.13%, 05/15/08 | 400,000 | 412,000 |
47
Table of Contents
FEDERATED GVIT HIGH INCOME BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
CORPORATE BONDS (continued) | ||||||||
Utility — Natural Gas (continued) | ||||||||
Tennessee Gas Pipeline, 7.50%, 04/01/17 | $ | 200,000 | $ | 198,000 | ||||
Tennessee Gas Pipeline, 8.38%, 06/15/32 | 1,225,000 | 1,203,563 | ||||||
Transcontinental Gas Pipeline Corp., 7.00%, 08/15/11 | 150,000 | 154,688 | ||||||
Transcontinental Gas Pipeline Corp., 8.88%, 07/15/12 | 350,000 | 397,250 | ||||||
Williams Cos., Inc. (The), 8.63%, 06/01/10 | 525,000 | 578,813 | ||||||
Williams Cos., Inc. (The), 7.63%, 07/15/19 | 750,000 | 727,500 | ||||||
Williams Cos., Inc. (The), 7.88%, 09/01/21 | 1,425,000 | 1,382,249 | ||||||
10,078,375 | ||||||||
Wireless Communications (1.8%) | ||||||||
American Cellular Corp., 10.00%, 08/01/11 | 775,000 | 678,125 | ||||||
NEXTEL Communications, Inc., 9.38%, 11/15/09 | 1,075,000 | 1,158,312 | ||||||
NEXTEL Communications, Inc., 7.38%, 08/01/15 | 1,400,000 | 1,417,499 | ||||||
Nextel Partners, Inc., 12.50%, 11/15/09 | 205,000 | 240,363 | ||||||
Nextel Partners, Inc., 8.13%, 07/01/11 | 100,000 | 102,500 | ||||||
Rogers Wireless, Inc., 6.38%, 03/01/14 (b) | 625,000 | 579,688 | ||||||
Triton PCS, Inc., 8.50%, 06/01/13 | 100,000 | 95,750 | ||||||
US Unwired, Inc., 10.00%, 06/15/12 (b) | 275,000 | 279,813 | ||||||
4,552,050 | ||||||||
Wireline Communications (3.5%) | ||||||||
Alaska Communications System Holdings, 9.88%, 08/15/11 | 725,000 | 757,625 | ||||||
Cincinnati Bell, Inc., 7.25%, 07/15/13 | 825,000 | 779,625 | ||||||
Cincinnati Bell, Inc., 8.38%, 01/15/14 | 625,000 | 565,625 | ||||||
Eircom Funding, 8.25%, 08/15/13 | 400,000 | 420,800 | ||||||
Primus Telecommunication Group, 8.00%, 01/15/14 (b) | 275,000 | 243,375 | ||||||
Qwest Capital Funding, 7.25%, 02/15/11 | 350,000 | 302,750 | ||||||
Qwest Corp., 9.13%, 03/15/12 (b) | 2,725,000 | 2,990,688 | ||||||
Qwest Services Corp., 13.50%, 12/15/10 (b) | 2,300,000 | 2,685,250 | ||||||
8,745,738 | ||||||||
Total Corporate Bonds | 241,191,500 | |||||||
PREFERRED STOCKS (0.6%) | ||||||||
Healthcare (0.0%) | ||||||||
River Holdings Corp., Series B, PIK, 11.50%, 04/15/03 (c)(d)(f) | 975 | $ | 0 | |||||
Media — Cable (0.0%) | ||||||||
Pegasus Communications, 12.75% | 0 | 9 | ||||||
Media — Non-Cable (0.3%) | ||||||||
Primedia, Inc., Series E, 9.20%, 11/01/09 | 5,325 | 473,924 | ||||||
Primedia, Inc., Series H, 8.63%, 04/01/10 | 3,650 | 317,550 | ||||||
Ziff Davis Media, Inc., Series E-1, PIK | 12 | 6,000 | ||||||
797,474 | ||||||||
Retailers (0.3%) | ||||||||
General Nutrition Center (b) | 725 | 788,438 | ||||||
Wireline Communications (0.0%) | ||||||||
McLeodUSA, Inc., Series A, 2.50%, 04/18/02 | 4,671 | 12,149 | ||||||
Total Preferred Stocks | 1,598,070 | |||||||
WARRANTS (0.0%) | ||||||||
Entertainment (0.0%) | ||||||||
AMF Bowling Worldwide, Inc., Class B, expiring 03/09/09 | 811 | 284 | ||||||
Industrial — Other (0.0%) | ||||||||
ACP Holding Co., expiring 09/13/13 (b) | 96,401 | 95,436 | ||||||
Media — Non-Cable (0.0%) | ||||||||
Advanstar Holdings Corp., expiring 10/15/11 (c)(d)(f) | 150 | 0 | ||||||
XM Satellite Radio, Inc., expiring 03/15/10 (b) | 300 | 16,500 | ||||||
Ziff Davis Media, Inc., expiring 08/12/12 (c)(d)(f) | 2,200 | 0 | ||||||
16,500 | ||||||||
Metals & Mining (0.0%) | ||||||||
Republic Technologies International, Inc., expiring 07/15/09 (c)(d)(f) | 200 | 0 | ||||||
Packaging (0.0%) | ||||||||
Pliant Corp., expiring 06/01/10 (c)(d)(f) | 275 | 0 | ||||||
Paper (0.0%) | ||||||||
MDP Acquisitions, expiring 10/01/13 (b) | 300 | 1,350 | ||||||
Wireline Communications (0.0%) | ||||||||
McLeodUSA, Inc., expiring 04/16/07 | 10,348 | 1,449 | ||||||
Total Warrants | 115,019 | |||||||
48
Table of Contents
FEDERATED GVIT HIGH INCOME BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Principal | Value | |||||||
Security Description | ||||||||
Repurchase Agreements (1.9%) | ||||||||
CS First Boston, 1.48% dated 06/30/04, due 07/01/04, repurchase price $1,957,969 (Fully collateralized by AA Corporate Bonds) | $ | 1,957,889 | $ | 1,957,889 | ||||
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $2,901,108 (Fully collateralized by AA Corporate Bonds, Treasury Notes, & U.S. Agency Securities) | 2,900,989 | 2,900,989 | ||||||
Total Repurchase Agreements | 4,858,878 | |||||||
Short-Term Securities Held as Collateral for Securities Lending (29.0%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | 72,820,709 | 72,820,709 | ||||||
Total Short-Term Securities Held as Collateral for Securities Lending | 72,820,709 | |||||||
Total Investments (Cost $313,341,516) (a) — 127.5% | 320,847,205 | |||||||
Liabilities in excess of other assets — (27.5)% | (69,192,728 | ) | ||||||
NET ASSETS — 100.0% | $ | 251,654,477 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 12,910,572 | ||
Unrealized depreciation | (5,404,883 | ) | ||
Net unrealized appreciation (depreciation) | $ | 7,505,689 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | Represents a restricted security acquired and eligible for resale under Rule 144A, which limits the resale to certain qualified buyers. | |
(c) | Bond in default. | |
(d) | Fair Valued Security. | |
(e) | Security has filed for bankruptcy protection. | |
(f) | Security has been deemed illiquid. The pricing committee has deemed the security to have zero value based upon procedures adopted by the Board of Trustees. |
HYTOPS | High Yield Trust Offered Preferred Securities |
PIK | Paid-In-Kind |
TRAINS | Targeted Return Index Securities Trust |
See notes to financial statements.
49
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (99.3%) | ||||||||
Aerospace & Defense (1.7%) | ||||||||
Boeing Co. (The) | 22,062 | $ | 1,127,148 | |||||
General Dynamics Corp. | 5,100 | 506,430 | ||||||
Goodrich Corp. | 3,200 | 103,456 | ||||||
Lockheed Martin Corp. | 11,800 | 614,544 | ||||||
Northrop Grumman Corp. | 9,462 | 508,109 | ||||||
Raytheon Co. | 11,400 | 407,778 | ||||||
Rockwell Collins, Inc. | 4,814 | 160,402 | ||||||
United Technologies Corp. | 13,500 | 1,234,980 | ||||||
4,662,847 | ||||||||
Agriculture (0.1%) | ||||||||
Monsanto Co. | 6,795 | 261,608 | ||||||
Airlines (0.1%) | ||||||||
Delta Air Lines, Inc. (b) | 3,800 | 27,056 | ||||||
Southwest Airlines Co. | 21,150 | 354,686 | ||||||
381,742 | ||||||||
Apparel (0.3%) | ||||||||
Jones Apparel Group, Inc. | 3,200 | 126,336 | ||||||
Liz Claiborne, Inc. | 2,900 | 104,342 | ||||||
Nike, Inc., Class B | 6,900 | 522,675 | ||||||
Reebok International Ltd. | 1,700 | 61,166 | ||||||
V.F. Corp. | 2,800 | 136,360 | ||||||
950,879 | ||||||||
Auto Parts & Equipment (0.6%) | ||||||||
AutoNation, Inc. (b) | 7,300 | 124,830 | ||||||
AutoZone, Inc. (b) | 2,200 | 176,220 | ||||||
Dana Corp. | 4,300 | 84,280 | ||||||
Delphi Automotive Systems Corp. | 14,500 | 154,860 | ||||||
Genuine Parts Co. | 4,500 | 178,560 | ||||||
Ingersoll Rand Co. | 4,500 | 307,395 | ||||||
Johnson Controls, Inc. | 4,900 | 261,562 | ||||||
Navistar International Corp. (b) | 1,700 | 65,892 | ||||||
PACCAR, Inc. | 4,425 | 256,606 | ||||||
Snap-On, Inc. | 1,400 | 46,970 | ||||||
Visteon Corp. | 3,723 | 43,447 | ||||||
1,700,622 | ||||||||
Automobiles (0.7%) | ||||||||
Ford Motor Co. | 48,232 | 754,830 | ||||||
General Motors Corp. | 14,652 | 682,637 | ||||||
Harley-Davidson, Inc. | 7,800 | 483,132 | ||||||
1,920,599 | ||||||||
Banks (5.5%) | ||||||||
AmSouth Bancorp | 9,300 | 236,871 | ||||||
Bank of America Corp. | 53,370 | 4,516,170 | ||||||
Bank of New York Co., Inc. | 20,328 | 599,269 | ||||||
Bank One Corp. | 29,400 | 1,499,400 | ||||||
BB&T Corp. | 14,200 | 524,974 | ||||||
Bear Stearns Cos., Inc. | 2,800 | 236,068 | ||||||
Charter One Financial, Inc. | 5,878 | 259,749 | ||||||
Fifth Third Bancorp | 14,685 | 789,759 | ||||||
Huntington Bancshares, Inc. | 6,010 | 137,629 | ||||||
KeyCorp. | 10,700 | 319,823 | ||||||
M&T Bank Corp. | 3,200 | 279,360 | ||||||
Mellon Financial Corp. | 11,300 | 331,429 | ||||||
National City Corp. | 15,800 | 553,158 | ||||||
Northern Trust Corp. | 5,800 | 245,224 | ||||||
PNC Bank Corp. | 7,100 | 376,868 | ||||||
Regions Financial Corp. | 5,800 | 211,990 | ||||||
SouthTrust Corp. | 8,600 | 333,766 | ||||||
SunTrust Banks, Inc. | 7,500 | 487,425 | ||||||
Synovus Financial Corp. | 8,100 | 205,092 | ||||||
U.S. Bancorp | 49,568 | 1,366,094 | ||||||
Union Planters Corp. | 5,100 | 152,031 | ||||||
Wachovia Corp. | 34,300 | 1,526,350 | ||||||
Zions Bancorp | 2,400 | 147,480 | ||||||
15,335,979 | ||||||||
Beverages (2.7%) | ||||||||
Adolph Coors Co., Class B | 900 | 65,106 | ||||||
Anheuser-Busch Companies, Inc. | 21,043 | 1,136,322 | ||||||
Brown-Forman Corp., Class B | 3,200 | 154,464 | ||||||
Coca-Cola Co. | 63,912 | 3,226,278 | ||||||
Coca-Cola Enterprises, Inc. | 11,900 | 344,981 | ||||||
Pepsi Bottling Group, Inc. (The) | 7,000 | 213,780 | ||||||
PepsiCo, Inc. | 44,730 | 2,410,052 | ||||||
7,550,983 | ||||||||
Biotechnology (0.2%) | ||||||||
Applera Corp. — Applied Biosystems | 5,600 | 121,800 | ||||||
Group Chiron Corp. (b) | 4,900 | 218,736 | ||||||
Waters Corp. (b) | 3,200 | 152,896 | ||||||
493,432 | ||||||||
Business Services (3.1%) | ||||||||
Apollo Group, Inc. (b) | 4,600 | 406,134 | ||||||
Autodesk, Inc. | 2,865 | 122,651 | ||||||
Automatic Data Processing, Inc. | 15,608 | 653,663 | ||||||
Cintas Corp. | 4,500 | 214,515 | ||||||
Compuware Corp. (b) | 10,200 | 67,320 | ||||||
Convergys Corp. (b) | 3,500 | 53,900 | ||||||
Deluxe Corp. | 1,300 | 56,550 | ||||||
Dow Jones & Company, Inc. | 2,100 | 94,710 | ||||||
eBay, Inc. (b) | 16,900 | 1,553,955 | ||||||
Electronic Data Systems Corp. | 12,400 | 237,460 | ||||||
Equifax, Inc. | 3,700 | 91,575 | ||||||
Exelon Corp. | 17,124 | 570,058 | ||||||
First Data Corp. | 22,816 | 1,015,768 | ||||||
Fiserv, Inc. (b) | 5,250 | 204,173 | ||||||
IMS Health, Inc. | 7,253 | 170,010 | ||||||
Interpublic Group of Cos., Inc. (The) (b) | 11,100 | 152,403 | ||||||
Monster Worldwide, Inc. (b) | 2,800 | 72,016 | ||||||
Moody’s, Corp. | 3,954 | 255,666 | ||||||
Omnicom Group, Inc. | 4,900 | 371,861 | ||||||
Paychex, Inc. | 9,850 | 333,718 | ||||||
Pitney Bowes, Inc. | 6,000 | 265,500 | ||||||
Robert Half International, Inc. | 4,300 | 128,011 | ||||||
Sabre Holdings, Inc. | 3,368 | 93,327 | ||||||
Sungard Data Systems, Inc. (b) | 7,700 | 200,200 | ||||||
Unisys Corp. (b) | 8,400 | 116,592 | ||||||
Yahoo!, Inc. (b) | 34,800 | 1,264,284 | ||||||
8,766,020 | ||||||||
50
Table of Contents
GVIT EQUITY 500 INDEX FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Chemicals & Allied Products (1.4%) | ||||||||
Air Products & Chemicals, Inc. | 6,000 | $ | 314,700 | |||||
Dow Chemical Co. | 24,566 | 999,836 | ||||||
E.I. du Pont de Nemours and Co. | 26,200 | 1,163,804 | ||||||
Eastman Chemical Co. | 2,100 | 97,083 | ||||||
Engelhard Corp. | 3,300 | 106,623 | ||||||
Great Lakes Chemical Corp. | 1,500 | 40,590 | ||||||
Hercules, Inc. (b) | 3,200 | 39,008 | ||||||
Millipore Corp. (b) | 1,400 | 78,918 | ||||||
Occidental Petroleums Corp. | 10,100 | 488,941 | ||||||
Praxair, Inc. | 8,400 | 335,244 | ||||||
Rohm & Haas Co. | 6,000 | 249,480 | ||||||
Sigma Aldrich Corp. | 1,800 | 107,298 | ||||||
4,021,525 | ||||||||
Computers (9.8%) | ||||||||
Adobe Systems, Inc. | 6,300 | 292,950 | ||||||
Affiliated Computer Services, Inc. Class A (b) | 3,600 | 190,584 | ||||||
American Power Conversion Corp. | 5,200 | 102,180 | ||||||
Apple Computer, Inc. (b) | 9,800 | 318,892 | ||||||
Avaya, Inc. (b) | 11,366 | 179,469 | ||||||
BMC Software, Inc. (b) | 5,700 | 105,450 | ||||||
Cisco Systems, Inc. (b) | 176,957 | 4,193,881 | ||||||
Citrix Systems, Inc. (b) | 4,600 | 93,656 | ||||||
Computer Associates International, Inc. | 15,200 | 426,512 | ||||||
Computer Sciences Corp. (b) | 5,000 | 232,150 | ||||||
Dell Computer Corp. (b) | 66,000 | 2,364,120 | ||||||
EMC Corp. (b) | 62,900 | 717,060 | ||||||
Gateway, Inc. (b) | 9,900 | 44,550 | ||||||
Hewlett Packard Co. | 80,100 | 1,690,110 | ||||||
International Business Machines Corp. | 44,117 | 3,888,914 | ||||||
Intuit, Inc. (b) | 5,200 | 200,616 | ||||||
Lexmark International, Inc. (b) | 3,400 | 328,202 | ||||||
Mercury Interactive Corp. (b) | 2,500 | 124,575 | ||||||
Microsoft Corp. | 282,540 | 8,069,342 | ||||||
NCR Corp. (b) | 2,400 | 119,016 | ||||||
Network Appliance, Inc. (b) | 9,200 | 198,076 | ||||||
Novell, Inc. (b) | 10,200 | 85,578 | ||||||
NVIDIA Corp. (b) | 4,500 | 92,250 | ||||||
Oracle Corp. (b) | 136,008 | 1,622,575 | ||||||
Parametric Technology Corp. (b) | 7,100 | 35,500 | ||||||
PeopleSoft, Inc. (b) | 9,700 | 179,450 | ||||||
Siebel Systems, Inc. (b) | 13,500 | 144,180 | ||||||
Sun Microsystems, Inc. (b) | 87,356 | 379,125 | ||||||
Symantec Corp. (b) | 8,100 | 354,618 | ||||||
Symbol Technologies, Inc. | 5,600 | 82,544 | ||||||
VERITAS Software Corp. (b) | 11,100 | 307,470 | ||||||
27,163,595 | ||||||||
Conglomerates (1.0%) | ||||||||
Illinois Tool Works, Inc. | 8,100 | 776,709 | ||||||
ITT Industries, Inc. | 2,500 | 207,500 | ||||||
Tyco International Ltd. | 52,356 | 1,735,078 | ||||||
2,719,287 | ||||||||
Construction & Building Materials (0.8%) | ||||||||
Caterpillar, Inc. | 9,000 | 714,959 | ||||||
Centex Corp. | 3,200 | 146,400 | ||||||
Deere & Co. | 6,400 | 448,896 | ||||||
Fluor Corp. | 2,300 | 109,641 | ||||||
KB Home | 1,200 | 82,356 | ||||||
Masco Corp. | 11,481 | 357,978 | ||||||
Pulte Corp. | 3,400 | 176,902 | ||||||
Sherwin Williams Co. | 3,700 | 153,735 | ||||||
Vulcan Materials Co. | 2,792 | 132,760 | ||||||
2,323,627 | ||||||||
Consumer Products (3.2%) | ||||||||
Alberto Culver Co., Class B | 2,250 | 112,815 | ||||||
Avon Products, Inc. | 12,200 | 562,908 | ||||||
Black & Decker Corp. | 2,000 | 124,260 | ||||||
Clorox Co. (The) | 5,599 | 301,114 | ||||||
Colgate-Palmolive Co. | 14,061 | 821,865 | ||||||
Danaher Corp. | 8,200 | 425,170 | ||||||
Ecolab, Inc. | 6,600 | 209,220 | ||||||
Fortune Brands, Inc. | 3,800 | 286,634 | ||||||
Gillette Co. (The) | 26,400 | 1,119,360 | ||||||
International Flavor and Fragrances, Inc. | 2,500 | 93,500 | ||||||
Kimberly-Clark Corp. | 13,100 | 863,028 | ||||||
Leggett & Platt, Inc. | 5,200 | 138,892 | ||||||
Maytag Corp. | 2,100 | 51,471 | ||||||
Pall Corp. | 3,400 | 89,046 | ||||||
Procter & Gamble Co. | 67,242 | 3,660,655 | ||||||
Whirlpool Corp. | 1,800 | 123,480 | ||||||
8,983,418 | ||||||||
Containers (0.2%) | ||||||||
Ball Corp. | 1,500 | 108,075 | ||||||
Bemis Co., Inc. | 2,800 | 79,100 | ||||||
Newell Rubbermaid, Inc. | 6,900 | 162,150 | ||||||
Sealed Air Corp. (b) | 2,200 | 117,194 | ||||||
466,519 | ||||||||
Drugs (5.6%) | ||||||||
Amerisource Bergen Corp. | 2,954 | 176,590 | ||||||
Biogen, Inc. (b) | 8,639 | 546,417 | ||||||
Eli Lilly & Co. | 29,370 | 2,053,257 | ||||||
Express Scripts, Inc. (b) | 2,100 | 166,383 | ||||||
Forest Laboratories, Inc. (b) | 9,600 | 543,648 | ||||||
Genzyme Corp. (b) | 6,000 | 283,980 | ||||||
Medimmune, Inc. (b) | 6,709 | 156,991 | ||||||
Merck & Co., Inc. | 58,164 | 2,762,790 | ||||||
Mylan Laboratories, Inc. | 6,800 | 137,700 | ||||||
Pfizer, Inc. | 199,561 | 6,840,950 | ||||||
Schering Plough Corp. | 38,900 | 718,872 | ||||||
Wyeth | 34,700 | 1,254,752 | ||||||
15,642,330 | ||||||||
Electrical Equipment (3.6%) | ||||||||
Cooper Industries Ltd., Class A | 2,515 | 149,416 | ||||||
Eaton Corp. | 4,000 | 258,960 | ||||||
Emerson Electric Co. | 11,000 | 699,050 | ||||||
General Electric Co. | 276,248 | 8,950,435 | ||||||
Grainger (W.W.), Inc. | 2,300 | 132,250 | ||||||
10,190,111 | ||||||||
51
Table of Contents
GVIT EQUITY 500 INDEX FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Electronics (2.9%) | ||||||||
Agilent Technologies, Inc. (b) | 12,537 | $ | 367,083 | |||||
Altera Corp. (b) | 10,000 | 222,200 | ||||||
Broadcom Corp., Class A (b) | 8,000 | 374,160 | ||||||
Intel Corp. | 169,273 | 4,671,935 | ||||||
Molex, Inc. | 5,125 | 164,410 | ||||||
RadioShack Corp. | 4,500 | 128,835 | ||||||
Rockwell International Corp. | 5,000 | 187,550 | ||||||
Sanmina Corp. (b) | 14,000 | 127,400 | ||||||
Solectron Corp. (b) | 24,000 | 155,280 | ||||||
Tektronix, Inc. | 2,100 | 71,442 | ||||||
Teradyne, Inc. (b) | 4,800 | 108,960 | ||||||
Texas Instruments, Inc. | 45,500 | 1,100,190 | ||||||
Thomas & Betts Corp. | 1,700 | 46,291 | ||||||
Xilinx, Inc. | 9,200 | 306,452 | ||||||
8,032,188 | ||||||||
Entertainment (0.8%) | ||||||||
Electronic Arts, Inc. (b) | 7,700 | 420,035 | ||||||
International Game Technology | 9,200 | 355,120 | ||||||
Walt Disney Co. (The) | 53,500 | 1,363,715 | ||||||
2,138,870 | ||||||||
Financial Services (9.6%) | ||||||||
AMBAC Financial Group, Inc. | 2,850 | 209,304 | ||||||
American Express Co. | 33,400 | 1,716,092 | ||||||
Capital One Financial Corp. | 6,100 | 417,118 | ||||||
Charles Schwab Corp. | 34,950 | 335,870 | ||||||
Citigroup, Inc. | 135,354 | 6,293,960 | ||||||
Comerica, Inc. | 4,600 | 252,448 | ||||||
Countrywide Credit Industries, Inc. | 7,150 | 502,288 | ||||||
E*TRADE Financial Corp. (b) | 9,700 | 108,155 | ||||||
Fannie Mae | 25,386 | 1,811,545 | ||||||
Federated Investors, Inc. | 2,600 | 78,884 | ||||||
First Horizon National Corp. | 3,400 | 154,598 | ||||||
Franklin Resources, Inc. | 6,400 | 320,512 | ||||||
Freddie Mac | 18,000 | 1,139,400 | ||||||
Golden West Financial Corp. | 4,000 | 425,400 | ||||||
Goldman Sachs Group, Inc. | 12,600 | 1,186,416 | ||||||
H&R Block, Inc. | 4,700 | 224,096 | ||||||
J.P. Morgan Chase & Co. | 54,493 | 2,112,693 | ||||||
Janus Capital Group, Inc. | 6,200 | 102,238 | ||||||
Lehman Brothers Holdings, Inc. | 7,267 | 546,842 | ||||||
Marshall & Ilsley Corp. | 6,000 | 234,540 | ||||||
MBNA Corp. | 33,250 | 857,518 | ||||||
Merrill Lynch & Co. | 25,200 | 1,360,296 | ||||||
Morgan Stanley Dean Witter & Co. | 28,700 | 1,514,499 | ||||||
North Fork Bancorp, Inc. | 4,300 | 163,615 | ||||||
Providian Financial Corp. (b) | 7,400 | 108,558 | ||||||
SLM Corp. | 11,700 | 473,265 | ||||||
State Street Corp. | 8,900 | 436,456 | ||||||
T. Rowe Price Group, Inc. | 3,300 | 166,320 | ||||||
Washington Mutual, Inc. | 22,615 | 873,844 | ||||||
Wells Fargo Co. | 44,159 | 2,527,219 | ||||||
26,653,989 | ||||||||
Food & Related (2.4%) | ||||||||
Altria Group, Inc. | 53,600 | 2,682,680 | ||||||
Archer-Daniels Midland Co. | 16,937 | 284,203 | ||||||
Campbell Soup Co. | 10,900 | 292,992 | ||||||
ConAgra, Inc. | 13,800 | 373,704 | ||||||
General Mills, Inc. | 9,900 | 470,547 | ||||||
H.J. Heinz Co. | 9,300 | 364,560 | ||||||
Hershey Foods Corp. | 6,800 | 314,636 | ||||||
Kellogg Co. | 10,900 | 456,165 | ||||||
McCormick & Co. | 3,600 | 122,400 | ||||||
Sara Lee Corp. | 21,029 | 483,457 | ||||||
SYSCO Corp. | 16,700 | 599,029 | ||||||
Wrigley (WM) Jr. Co. | 5,900 | 371,995 | ||||||
6,816,368 | ||||||||
Healthcare (5.6%) | ||||||||
Abbott Laboratories | 40,967 | 1,669,815 | ||||||
Allergan, Inc. | 3,500 | 313,320 | ||||||
Bausch & Lomb, Inc. | 1,300 | 84,591 | ||||||
Baxter International, Inc. | 16,100 | 555,611 | ||||||
Becton Dickinson & Co. | 6,700 | 347,060 | ||||||
Bristol-Myers Squibb Co. | 51,062 | 1,251,019 | ||||||
Cardinal Health, Inc. | 11,353 | 795,278 | ||||||
Guidant Corp. | 8,000 | 447,040 | ||||||
HCA, Inc. | 12,900 | 536,511 | ||||||
Health Management Associates, Inc., Class A | 6,100 | 136,762 | ||||||
Humana, Inc. (b) | 4,100 | 69,290 | ||||||
Johnson & Johnson Co. | 77,811 | 4,334,072 | ||||||
King Pharmaceuticals, Inc. (b) | 6,133 | 70,223 | ||||||
McKesson HBOC, Inc. | 7,700 | 264,341 | ||||||
Medco Health Solutions, Inc. (b) | 6,948 | 260,550 | ||||||
Medtronic, Inc. | 31,900 | 1,554,168 | ||||||
Quest Diagnostics, Inc. | 2,700 | 229,365 | ||||||
St. Jude Medical, Inc. (b) | 4,600 | 347,990 | ||||||
Stryker Corp. | 10,400 | 572,000 | ||||||
Tenet Healthcare Corp. (b) | 11,700 | 156,897 | ||||||
UnitedHealth Group, Inc. | 16,122 | 1,003,595 | ||||||
Watson Pharmaceutical, Inc. (b) | 2,800 | 75,320 | ||||||
Wellpoint Health Networks, Inc. (b) | 4,100 | 459,241 | ||||||
15,534,059 | ||||||||
Hotels & Motels (0.5%) | ||||||||
Cendant Corp. | 26,100 | 638,928 | ||||||
Harrah’s Entertainment, Inc. | 3,000 | 162,300 | ||||||
Hilton Hotels Corp. | 9,600 | 179,136 | ||||||
Marriott International, Inc., Class A | 6,100 | 304,268 | ||||||
Starwood Hotels & Resorts Worldwide, Inc. | 5,300 | 237,705 | ||||||
1,522,337 | ||||||||
Industrial Diversified (0.1%) | ||||||||
Parker Hannifin Corp. | 3,200 | 190,272 | ||||||
Thermo Electron Corp. (b) | 4,500 | 138,330 | ||||||
328,602 | ||||||||
Insurance (4.9%) | ||||||||
ACE Ltd. | 7,412 | 313,379 | ||||||
Aetna, Inc. | 4,000 | 340,000 | ||||||
AFLAC, Inc. | 13,500 | 550,935 | ||||||
Allstate Corp. (The) | 18,300 | 851,865 | ||||||
American International Group, Inc. | 68,368 | 4,873,272 |
52
Table of Contents
GVIT EQUITY 500 INDEX FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Insurance (continued) | ||||||||
AON Corp. | 8,300 | $ | 236,301 | |||||
Chubb Corp. (The) | 5,000 | 340,900 | ||||||
CIGNA Corp. | 3,600 | 247,716 | ||||||
Cincinnati Financial Corp. | 4,320 | 188,006 | ||||||
Hartford Financial Services Group, Inc | 7,600 | 522,424 | ||||||
Jefferson-Pilot Corp. | 3,681 | 186,995 | ||||||
Lincoln National Corp. | 4,700 | 222,075 | ||||||
Loews Corp. | 4,767 | 285,829 | ||||||
Marsh & McLennan Cos., Inc. | 13,900 | 630,782 | ||||||
MBIA, Inc. | 3,750 | 214,200 | ||||||
MetLife, Inc. | 19,800 | 709,830 | ||||||
MGIC Investment Corp. | 2,600 | 197,236 | ||||||
Principal Financial Group, Inc. | 8,300 | 288,674 | ||||||
Progressive Corp. (The) | 5,600 | 477,680 | ||||||
Prudential Financial, Inc. | 13,800 | 641,286 | ||||||
SAFECO Corp. | 3,700 | 162,800 | ||||||
St. Paul Cos., Inc. | 17,465 | 708,031 | ||||||
Torchmark Corp. | 2,800 | 150,640 | ||||||
UnumProvident Corp. | 7,400 | 117,660 | ||||||
XL Capital Ltd., Class A | 3,600 | 271,656 | ||||||
13,730,172 | ||||||||
Leisure Products (0.4%) | ||||||||
Brunswick Corp. | 2,300 | 93,840 | ||||||
Carnival Corp. | 16,400 | 770,800 | ||||||
Hasbro, Inc. | 4,400 | 83,600 | ||||||
Mattel, Inc. | 11,200 | 204,400 | ||||||
1,152,640 | ||||||||
Manufacturing (1.4%) | ||||||||
3M Co. | 20,438 | 1,839,624 | ||||||
American Standard Cos., Inc. (b) | 5,700 | 229,767 | ||||||
Crane Co. | 1,400 | 43,946 | ||||||
Cummins, Inc. | 1,100 | 68,750 | ||||||
Dover Corp. | 5,400 | 227,340 | ||||||
Honeywell International, Inc. | 22,300 | 816,849 | ||||||
Power-One, Inc. (b) | 2,300 | 25,254 | ||||||
PPG Industries, Inc. | 4,600 | 287,454 | ||||||
Stanley Works (The) | 2,000 | 91,160 | ||||||
Textron, Inc. | 3,600 | 213,660 | ||||||
3,843,804 | ||||||||
Medical & Medical Services (1.0%) | ||||||||
Amgen Corp. (b) | 33,232 | 1,813,469 | ||||||
Anthem, Inc. (b) | 3,600 | 322,416 | ||||||
Caremark Rx, Inc. (b) | 11,841 | 390,043 | ||||||
Hospira Inc. (b) | 4,136 | 114,154 | ||||||
Manor Care, Inc. | 2,200 | 71,896 | ||||||
2,711,978 | ||||||||
Medical Equipment & Supplies (0.7%) | ||||||||
Bard (C.R.), Inc. | 2,800 | 158,620 | ||||||
Biomet, Inc. | 6,751 | 300,014 | ||||||
Boston Scientific Corp. (b) | 21,600 | 924,481 | ||||||
PerkinElmer, Inc. | 3,500 | 70,140 | ||||||
Zimmer Holdings, Inc. (b) | 6,226 | 549,133 | ||||||
2,002,388 | ||||||||
Metals & Mining (0.5%) | ||||||||
Alcoa, Inc. | 22,640 | 747,799 | ||||||
Freeport-McMoRan Copper & Gold, Inc. | 4,400 | 145,860 | ||||||
Newmont Mining Corp. | 11,458 | 444,112 | ||||||
Phelps Dodge Corp. | 2,400 | 186,024 | ||||||
1,523,795 | ||||||||
Multimedia (2.1%) | ||||||||
Clear Channel Communications, Inc. | 16,300 | 602,285 | ||||||
Comcast Corp., Class A (b) | 58,648 | 1,643,903 | ||||||
Time Warner, Inc. (b) | 118,821 | 2,088,874 | ||||||
Viacom, Inc., Class B | 45,335 | 1,619,366 | ||||||
5,954,428 | ||||||||
Office Equipment & Supplies (0.2%) | ||||||||
Avery Dennison Corp. | 3,000 | 192,030 | ||||||
Xerox Corp. (b) | 21,200 | 307,400 | ||||||
499,430 | ||||||||
Oil & Gas (5.9%) | ||||||||
Amerada Hess Corp. | 2,300 | 182,137 | ||||||
Anadarko Petroleum Corp. | 6,449 | 377,911 | ||||||
Apache Corp. | 8,598 | 374,443 | ||||||
Ashland, Inc. | 1,700 | 89,777 | ||||||
Baker Hughes, Inc. | 8,600 | 323,790 | ||||||
BJ Services Co. (b) | 4,300 | 197,112 | ||||||
ChevronTexaco Corp. | 27,990 | 2,634,139 | ||||||
ConocoPhillips | 17,866 | 1,362,997 | ||||||
Devon Energy Corp. | 6,100 | 402,600 | ||||||
El Paso Corp. | 16,377 | 129,051 | ||||||
EOG Resources, Inc. | 3,100 | 185,101 | ||||||
Exxon Mobil Corp. | 171,154 | 7,600,949 | ||||||
KeySpan Corp. | 4,200 | 154,140 | ||||||
Kinder Morgan, Inc. | 3,300 | 195,657 | ||||||
Marathon Oil Corp. | 8,700 | 329,208 | ||||||
Nabors Industries Ltd. (b) | 3,800 | 171,836 | ||||||
NICOR, Inc. | 1,300 | 44,161 | ||||||
Noble Corp. (b) | 3,600 | 136,404 | ||||||
People’s Energy Corp. | 1,100 | 46,365 | ||||||
Sempra Energy | 5,807 | 199,935 | ||||||
Sunoco, Inc. | 2,100 | 133,602 | ||||||
Transocean Sedco Forex, Inc. (b) | 8,500 | 245,990 | ||||||
Unocal Corp. | 6,600 | 250,800 | ||||||
Valero Energy Corp. | 3,300 | 243,408 | ||||||
Williams Cos., Inc. (The) | 13,600 | 161,840 | ||||||
16,173,353 | ||||||||
Oil Equipment & Services (0.7%) | ||||||||
Burlington Resources, Inc. | 10,200 | 369,036 | ||||||
Dynegy, Inc., Class A (b) | 10,900 | 46,434 | ||||||
Halliburton Co. | 11,300 | 341,938 | ||||||
Kerr-Mcgee Corp. | 3,900 | 209,703 | ||||||
Rowan Cos., Inc. (b) | 2,400 | 58,392 | ||||||
Schlumberger Ltd. | 15,390 | 977,419 | ||||||
2,002,922 | ||||||||
Paper & Forest Products (0.6%) | ||||||||
Boise Cascade Corp. | 2,100 | 79,044 | ||||||
Georgia-Pacific Corp. | 6,790 | 251,094 |
53
Table of Contents
GVIT EQUITY 500 INDEX FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Paper & Forest Products (continued) | ||||||||
International Paper Co. | 12,421 | $ | 555,219 | |||||
Louisiana-Pacific Corp. | 2,500 | 59,125 | ||||||
MeadWestvaco Corp. | 5,407 | 158,912 | ||||||
Pactiv Corp. (b) | 4,200 | 104,748 | ||||||
Temple Inland, Inc. | 1,500 | 103,875 | ||||||
Weyerhaeuser Co. | 6,000 | 378,720 | ||||||
1,690,737 | ||||||||
Photography Equipment & Supplies (0.1%) | ||||||||
Eastman Kodak Co. | 7,600 | 205,048 | ||||||
Printing & Publishing (0.7%) | ||||||||
Donnelley (R.R.) & Sons Co. | 5,700 | 188,214 | ||||||
Gannett Co., Inc. | 7,000 | 593,950 | ||||||
Knight-Ridder, Inc. | 2,000 | 144,000 | ||||||
McGraw-Hill Cos., Inc. (The) | 5,100 | 390,507 | ||||||
Meredith Corp. | 1,200 | 65,952 | ||||||
New York Times Co., Class A | 3,900 | 174,369 | ||||||
Tribune Co. | 8,664 | 394,559 | ||||||
1,951,551 | ||||||||
Railroads (0.4%) | ||||||||
Burlington Northern Santa Fe Corp. | 9,800 | 343,686 | ||||||
CSX Corp. | 5,700 | 186,789 | ||||||
Norfolk Southern Corp. | 10,500 | 278,460 | ||||||
Union Pacific Corp. | 6,700 | 398,315 | ||||||
1,207,250 | ||||||||
Real Estate Investment Trusts (0.4%) | ||||||||
Apartment Investment & Management Co. | 2,600 | 80,938 | ||||||
Equity Office Properties Trust | 10,300 | 280,160 | ||||||
Equity Residential Property Trust | 7,500 | 222,975 | ||||||
Plum Creek Timber Co, Inc. | 4,824 | 157,166 | ||||||
ProLogis Trust | 4,900 | 161,308 | ||||||
Simon Property Group, Inc. | 5,200 | 267,384 | ||||||
1,169,931 | ||||||||
Restaurants (0.5%) | ||||||||
Darden Restaurants, Inc. | 4,450 | 91,448 | ||||||
McDonald’s Corp. | 33,300 | 865,800 | ||||||
Wendy’s International, Inc. | 3,000 | 104,520 | ||||||
YUM! Brands, Inc. (b) | 7,800 | 290,316 | ||||||
1,352,084 | ||||||||
Retail (6.5%) | ||||||||
Albertson’s, Inc. | 9,559 | 253,696 | ||||||
Bed Bath & Beyond, Inc. (b) | 7,800 | 299,910 | ||||||
Best Buy Co., Inc. | 8,550 | 433,827 | ||||||
Big Lots, Inc. (b) | 3,200 | 46,272 | ||||||
Circuit City Stores, Inc. | 5,600 | 72,520 | ||||||
Costco Wholesale Corp. | 11,900 | 488,733 | ||||||
CVS Corp. | 10,254 | 430,873 | ||||||
Dillards, Inc., Class A | 2,300 | 51,290 | ||||||
Dollar General Corp. | 8,875 | 173,595 | ||||||
Family Dollar Stores, Inc. | 4,500 | 136,890 | ||||||
Federated Department Stores, Inc. | 4,700 | 230,770 | ||||||
Gap, Inc. (The) | 23,200 | 562,600 | ||||||
Home Depot, Inc. | 58,182 | 2,048,006 | ||||||
Kohl’s Corp. (b) | 8,800 | 372,064 | ||||||
Kroger Co. (b) | 19,900 | 362,180 | ||||||
Limited, Inc. (The) | 12,571 | 235,078 | ||||||
Lowe’s Companies, Inc. | 20,686 | 1,087,049 | ||||||
May Department Stores Co. (The) | 7,600 | 208,924 | ||||||
Nordstrom, Inc. | 3,500 | 149,135 | ||||||
Office Depot, Inc. (b) | 8,100 | 145,071 | ||||||
Penney (J.C.) Co., Inc. | 7,000 | 264,320 | ||||||
Safeway, Inc. (b) | 11,800 | 299,012 | ||||||
Sears, Roebuck & Co. | 5,600 | 211,456 | ||||||
Staples, Inc. | 13,100 | 383,961 | ||||||
Starbucks Corp. (b) | 10,400 | 452,192 | ||||||
Supervalu, Inc. | 3,400 | 104,074 | ||||||
Target Corp. | 23,916 | 1,015,713 | ||||||
Tiffany & Co. | 3,900 | 143,715 | ||||||
TJX Cos., Inc. | 12,900 | 311,406 | ||||||
Toys “R” Us, Inc. (b) | 5,700 | 91,086 | ||||||
Wal-Mart Stores, Inc. | 112,288 | 5,924,315 | ||||||
Walgreen Co. | 26,800 | 970,428 | ||||||
Winn-Dixie Stores, Inc. | 3,700 | 26,640 | ||||||
17,986,801 | ||||||||
Semiconductors (1.2%) | ||||||||
Advanced Micro Devices, Inc. (b) | 9,000 | 143,100 | ||||||
Analog Devices, Inc. | 9,800 | 461,384 | ||||||
Applied Materials, Inc. (b) | 44,300 | 869,166 | ||||||
Applied Micro Circuits Corp. (b) | 9,200 | 48,944 | ||||||
Jabil Circuit, Inc. (b) | 5,200 | 130,936 | ||||||
KLA-Tencor Corp. (b) | 5,200 | 256,776 | ||||||
Linear Technology Corp. | 8,300 | 327,601 | ||||||
LSI Logic Corp. (b) | 9,700 | 73,914 | ||||||
Maxim Integrated Products, Inc. | 8,400 | 440,328 | ||||||
Micron Technology, Inc. (b) | 16,100 | 246,491 | ||||||
National Semiconductor Corp. (b) | 9,600 | 211,104 | ||||||
Novellus Systems, Inc. (b) | 4,100 | 128,904 | ||||||
PMC-Sierra, Inc. (b) | 4,600 | 66,010 | ||||||
QLogic Corp. (b) | 2,600 | 69,134 | ||||||
3,473,792 | ||||||||
Steel (0.1%) | ||||||||
Allegheny Teledyne, Inc. | 2,100 | 37,905 | ||||||
Nucor Corp. | 2,000 | 153,520 | ||||||
United States Steel Corp. | 2,900 | 101,848 | ||||||
Worthington Industries, Inc. | 2,300 | 47,219 | ||||||
340,492 | ||||||||
Telecommunications (5.0%) | ||||||||
ADC Telecommunications, Inc. (b) | �� | 21,400 | 60,776 | |||||
ALLTEL Corp. | 8,100 | 410,022 | ||||||
Andrew Corp. (b) | 3,700 | 74,037 | ||||||
AT&T Corp. | 21,062 | 308,137 | ||||||
AT&T Wireless Services, Inc. (b) | 71,515 | 1,024,095 | ||||||
BellSouth Corp. | 48,000 | 1,258,560 | ||||||
CenturyTel, Inc. | 3,900 | 117,156 | ||||||
CIENA Corp. (b) | 16,939 | 63,013 | ||||||
Citizens Communications Co. (b) | 7,600 | 91,960 | ||||||
Comverse Technology, Inc. (b) | 5,300 | 105,682 | ||||||
Corning, Inc. (b) | 35,200 | 459,712 | ||||||
JDS Uniphase Corp. (b) | 39,300 | 148,947 |
54
Table of Contents
GVIT EQUITY 500 INDEX FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Telecommunications (continued) | ||||||||
Lucent Technologies, Inc. (b) | 113,100 | $ | 427,518 | |||||
Motorola, Inc. | 61,200 | 1,116,900 | ||||||
Nextel Communications, Inc. (b) | 28,500 | 759,810 | ||||||
QUALCOMM, Inc. | 21,100 | 1,539,878 | ||||||
Qwest Communications International, Inc. (b) | 47,323 | 169,890 | ||||||
SBC Communications, Inc. | 86,358 | 2,094,182 | ||||||
Scientific-Atlanta, Inc. | 3,900 | 134,550 | ||||||
Sprint Corp. | 37,250 | 655,600 | ||||||
Tellabs, Inc. (b) | 11,000 | 96,140 | ||||||
Univision Communications, Inc., Class A (b) | 8,300 | 265,019 | ||||||
Verizon Communications, Inc. | 72,302 | 2,616,608 | ||||||
13,998,192 | ||||||||
Tire & Rubber (0.0%) | ||||||||
Cooper Tire & Rubber Co. | 1,800 | 41,400 | ||||||
Goodyear Tire & Rubber Co. (b) | 4,800 | 43,632 | ||||||
85,032 | ||||||||
Tobacco (0.1%) | ||||||||
R.J. Reynolds Tobacco | 2,200 | 148,698 | ||||||
UST, Inc. | 4,400 | 158,400 | ||||||
307,098 | ||||||||
Trucking (1.0%) | ||||||||
FedEx Corp. | 7,800 | 637,182 | ||||||
Ryder System, Inc. | 1,500 | 60,105 | ||||||
United Parcel Service, Inc., Class B | 29,500 | 2,217,515 | ||||||
2,914,802 | ||||||||
Utilities (2.3%) | ||||||||
AES Corp. (The) (b) | 17,000 | 168,810 | ||||||
Allegheny Energy, Inc. (b) | 3,800 | 58,558 | ||||||
Ameren Corp. | 4,800 | 206,208 | ||||||
American Electric Power Co., Inc. | 10,560 | 337,920 | ||||||
Calpine Corp. (b) | 10,600 | 45,792 | ||||||
Centerpoint Energy, Inc. | 7,600 | 87,400 | ||||||
Cinergy Corp. | 4,600 | 174,800 | ||||||
CMS Energy Corp. (b) | 4,000 | 36,520 | ||||||
Consolidated Edison, Inc. | 6,100 | 242,536 | ||||||
Constellation Energy Group, Inc. | 4,500 | 170,550 | ||||||
Dominion Resources, Inc. | 8,600 | 542,488 | ||||||
DTE Energy Co. | 4,300 | 174,322 | ||||||
Duke Energy Corp. | 23,800 | 482,902 | ||||||
Edison International | 8,800 | 225,016 | ||||||
Entergy Corp. | 6,100 | 341,661 | ||||||
FirstEnergy Corp. | 8,586 | 321,202 | ||||||
FPL Group, Inc. | 4,900 | 313,355 | ||||||
NiSource, Inc. | 6,664 | 137,412 | ||||||
PG&E Corp. (b) | 11,100 | 310,134 | ||||||
Pinnacle West Capital Corp. | 2,400 | 96,936 | ||||||
PPL Corp. | 4,600 | 211,140 | ||||||
Progress Energy, Inc. | 6,326 | 278,660 | ||||||
Public Service Enterprise Group, Inc. | 6,200 | 248,186 | ||||||
Southern Co. | 19,000 | 553,850 | ||||||
TECO Energy, Inc. | 4,500 | 53,955 | ||||||
TXU Corp. | 8,400 | 340,284 | ||||||
Xcel Energy, Inc. | 10,680 | 178,463 | ||||||
6,339,060 | ||||||||
Waste Management (0.2%) | ||||||||
Allied Waste Industries, Inc. (b) | 8,000 | 105,440 | ||||||
Waste Management, Inc. | 15,100 | 462,815 | ||||||
568,255 | ||||||||
Total Common Stocks | 277,746,571 | |||||||
Security Description | Principal | Value | ||||||
Repurchase Agreements (0.4%) | ||||||||
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $492,926 (Fully collateralized by AA Rated Corporate Bonds) | $ | 492,906 | $ | 492,906 | ||||
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $730,364 (Fully collateralized by AA Rated Corporate Bonds & U.S. Agency Securities) | 730,334 | 730,334 | ||||||
Total Repurchase Agreements | 1,223,240 | |||||||
Short-Term Securities Held as Collateral for Securities Lending (1.8%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | 4,897,985 | 4,897,985 | ||||||
Total Short-Term Securities Held as Collateral for Securities Lending | 4,897,985 | |||||||
Total Investments (Cost $319,941,758) (a) — 101.5% | 283,867,796 | |||||||
Liabilities in access of other assets — 1.5% | (4,260,056 | ) | ||||||
NET ASSETS — 100.0% | $ | 279,607,740 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 41,232,313 | ||
Unrealized depreciation | (77,306,275 | ) | ||
Net unrealized appreciation (depreciation) | $ | (36,073,962 | ) | |
Aggregate cost for federal income tax purposes is substantially the same. |
(b) | Denotes a non-income producing security. |
At June 30, 2004, the Fund’s open futures contracts were as follows:
Market | ||||||||||||||||
Value | ||||||||||||||||
Number of | Covered by | Appreciation | ||||||||||||||
Contracts | Contracts* | Expiration | Contracts | (Depreciation) | ||||||||||||
Long Contracts: | ||||||||||||||||
8 | S&P 500 Futures | 09/17/04 | $ | 2,280,800 | $ | 11,983 |
* | Cash pledged as collateral. |
See notes to financial statements.
55
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
VAN KAMPEN GVIT MULTI-SECTOR BOND FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Principal | Value | ||||||
CORPORATE BONDS (35.4%) | ||||||||
Advertising (0.5%) | ||||||||
Advanstar Communications, Inc., 8.68%, 08/15/08 (e) | $ | 297,750 | $ | 311,894 | ||||
Advanstar Communications, Inc., Series B, 12.00%, 02/15/11 | 90,000 | 95,850 | ||||||
Interep National Radio Sales, Inc., 10.00%, 07/01/08 | 250,000 | 207,500 | ||||||
WPP Finance (UK) Corp., 5.88%, 06/15/14 (c) | 260,000 | 261,065 | ||||||
WPP Group, PLC, 6.00%, 06/18/08 (EUR) | 120,000 | 156,542 | ||||||
1,032,851 | ||||||||
Aerospace/ Defense (0.3%) | ||||||||
Dunlop Stand Aero Holdings, 11.88%, 05/15/09 (c) | 120,000 | 127,500 | ||||||
Lockheed Martin, 8.50%, 12/01/29 | 65,000 | 81,533 | ||||||
Raytheon Co., 8.30%, 03/01/10 | 120,000 | 140,760 | ||||||
Raytheon Co., 4.85%, 01/15/11 | 20,000 | 19,850 | ||||||
Systems 2001 Asset Trust, 6.66%, 09/15/13 (c) | 330,678 | 356,627 | ||||||
726,270 | ||||||||
Airlines (0.2%) | ||||||||
Continental Airlines, Inc., 6.90%, 01/02/18 | 308,159 | 289,601 | ||||||
Continental Airlines, Inc. Series 991A, 6.65%, 03/15/19 | 76,657 | 71,547 | ||||||
Continental Airlines, Inc. Series 991A, 6.55%, 02/02/19 | 97,082 | 90,843 | ||||||
451,991 | ||||||||
Auto Parts & Equipment (0.2%) | ||||||||
Tenneco Automotive, Inc. Series B, 11.63%, 10/15/09 | 185,000 | 198,875 | ||||||
TRW Automotive, Inc., 9.38%, 02/15/13 | 236,000 | 266,090 | ||||||
464,965 | ||||||||
Automotive (0.5%) | ||||||||
Autonation, Inc., 9.00%, 08/01/08 | 250,000 | 282,500 | ||||||
DaimlerChrysler NA Holdings, 7.30%, 01/15/12 | 425,000 | 463,869 | ||||||
General Motors Corp., 8.38%, 07/05/33 (EUR) | 180,000 | 241,313 | ||||||
Sonic Automotive Inc., Series B, 8.63%, 08/15/13 | 210,000 | 218,925 | ||||||
1,206,607 | ||||||||
Banking (0.7%) | ||||||||
Bank One Corp., 6.00%, 02/17/09 | 95,000 | 100,974 | ||||||
Chase Manhattan Corp., 7.00%, 11/15/09 | 240,000 | 266,466 | ||||||
Deutsche Bank AG, 5.13%, 01/31/13 (EUR) | 80,000 | 100,330 | ||||||
JP Morgan Chase & Co., 5.35%, 03/01/07 | 140,000 | 146,730 | ||||||
KFW International Finance, 2.05%, 09/21/09 (JPY) | 94,000,000 | 904,455 | ||||||
1,518,955 | ||||||||
Brewery (0.1%) | ||||||||
Miller Brewing Co., 4.25%, 08/15/08 (c) | 140,000 | 139,317 | ||||||
Broadcast Media (0.7%) | ||||||||
Clear Channel Communications, 7.65%, 09/15/10 | 90,000 | 101,394 | ||||||
EchoStar DBS Corp., 9.13%, 01/15/09 | 286,000 | 313,528 | ||||||
EchoStar DBS Corp., 6.38%, 10/01/11 (c) | 200,000 | 197,000 | ||||||
Granite Broadcasting Corp., 9.75%, 12/01/10 (c) | 85,000 | 79,050 | ||||||
News America, Inc., 7.30%, 04/30/28 | 105,000 | 113,861 | ||||||
Pegasus Communications, Corp., 12.38%, 08/01/06 | 200,000 | 97,000 | ||||||
Salem Communications Holding Corp., 9.00%, 07/01/11 | 194,000 | 210,490 | ||||||
TV Azteca SA, Series B, 10.50%, 02/15/07 | 380,000 | 387,599 | ||||||
1,499,922 | ||||||||
Business Services (0.5%) | ||||||||
Adecco Financial Services, 6.00%, 03/15/06 (EUR) | 100,000 | 125,741 | ||||||
Electronic Data Systems, 7.13%, 10/15/09 | 40,000 | 41,859 | ||||||
Electronic Data Systems, Series B, 6.00%, 08/01/13 | 170,000 | 162,365 | ||||||
Iron Mountain, Inc., 8.63%, 04/01/13 | 195,000 | 206,700 | ||||||
Iron Mountain, Inc., 7.75%, 01/15/15 | 100,000 | 99,250 | ||||||
Iron Mountain, Inc., 6.63%, 01/01/16 | 90,000 | 81,900 | ||||||
Muzak, LLC, 10.00%, 02/15/09 | 215,000 | 189,200 | ||||||
Muzak, LLC, 9.88%, 03/15/09 | 110,000 | 84,700 | ||||||
Veolia Environnement, 5.88%, 06/27/08 (EUR) | 100,000 | 130,420 | ||||||
1,122,135 | ||||||||
Cable (1.1%) | ||||||||
Avalon Cable, LLC, 6.28%, 12/01/08 | 85,078 | 90,183 | ||||||
Cablevision Systems Corp, 5.66%, 04/01/09 (c)(e) | 65,000 | 66,625 | ||||||
Charter Communications, LLC, 9.63%, 11/15/09 | 365,000 | 295,650 | ||||||
Charter Communications, LLC, Series B, 10.25%, 01/15/10 | 140,000 | 115,500 | ||||||
Comcast Cable Communication, Inc., 6.75%, 01/30/11 | 300,000 | 323,725 | ||||||
CSC Holdings, Inc., 8.13%, 07/15/09 | 325,000 | 338,000 | ||||||
DIRECTV Holdings, 8.38%, 03/15/13 | 205,000 | 226,781 | ||||||
General Cable Corp., 9.50%, 11/15/10 | 100,000 | 107,500 | ||||||
Kabel Deutschland GMBH, 10.63%, 07/01/14 (c) | 180,000 | 184,950 | ||||||
Renaissance Media Group, 10.00%, 04/15/08 | 120,000 | 123,600 |
56
Table of Contents
VAN KAMPEN GVIT MULTI-SECTOR BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
CORPORATE BONDS (continued) | ||||||||
Cable (continued) | ||||||||
TCI Communications, Inc., 7.88%, 02/15/26 | $ | 155,000 | $ | 174,924 | ||||
Telenet Group Holdings NV, 10.87%, 06/15/14 | 640,000 | 406,400 | ||||||
2,453,838 | ||||||||
Chemicals/ Plastics (1.3%) | ||||||||
Ashland, Inc., 7.83%, 08/15/05 | 200,000 | 209,451 | ||||||
Avecia Group, PLC, 11.00%, 07/01/09 | 125,000 | 95,000 | ||||||
Equistar Chemical, 10.13%, 09/01/08 | 330,000 | 361,350 | ||||||
FMC Corp., 10.25%, 11/01/09 | 125,000 | 143,750 | ||||||
Huntsman Corp., 10.13%, 07/01/09 | 320,000 | 326,400 | ||||||
ICI Wilmington, 4.38%, 12/01/08 | 115,000 | 112,808 | ||||||
ISP, Inc., 10.63%, 12/15/09 | 350,000 | 385,001 | ||||||
JohnsonDiversey, Inc., 9.63%, 05/15/12 | 180,000 | 196,200 | ||||||
Millennium America, Inc., 9.25%, 06/15/08 | 260,000 | 279,500 | ||||||
Nalco Co., 7.75%, 11/15/11 (c) | 250,000 | 261,875 | ||||||
Rhodia SA, 8.88%, 06/01/11 (c) | 250,000 | 211,250 | ||||||
Rockwood Specialities Group, 10.63%, 05/15/11 | 235,000 | 250,275 | ||||||
Syngenta Luxembourg Finance, 5.50%, 07/10/06 (EUR) | 100,000 | 127,343 | ||||||
Westlake Chemical Corp., 8.75%, 07/15/11 | 95,000 | 103,075 | ||||||
3,063,278 | ||||||||
Construction & Building Materials (0.5%) | ||||||||
Associated Materials, Inc., 9.69%, 03/01/14 (c) | 485,000 | 324,950 | ||||||
D.R. Horton, Inc., 6.88%, 05/01/13 | 135,000 | 137,700 | ||||||
Kennametal, Inc., 7.20%, 06/15/12 | 150,000 | 158,643 | ||||||
Schuler Homes, 9.38%, 07/15/09 | 100,000 | 109,750 | ||||||
Technical Olympic USA, Inc., 9.00%, 07/01/10 | 200,000 | 205,000 | ||||||
Technical Olympic USA, Inc., 10.38%, 07/01/12 | 280,000 | 291,900 | ||||||
1,227,943 | ||||||||
Consumer Products (0.1%) | ||||||||
Amscan Holdings Inc, 8.75%, 05/01/14 (c) | 135,000 | 132,638 | ||||||
Prestige Brands, Inc., 9.25%, 04/15/12 (c) | 190,000 | 182,400 | ||||||
315,038 | ||||||||
Distribution/ Wholesale (0.3%) | ||||||||
Buhrmann US, Inc., 12.25%, 11/01/09 | 190,000 | 208,163 | ||||||
Buhrmann US, Inc., 8.25%, 07/01/14 (c) | 250,000 | 249,375 | ||||||
Nebraska Book Co., 8.63%, 03/15/12 | 190,000 | 186,200 | ||||||
643,738 | ||||||||
Diversified (0.0%) | ||||||||
Hutchison Whampoa Ltd., 5.88%, 07/08/13 (EUR) | 45,000 | 55,488 | ||||||
Murrin Murrin Holdings, 9.38%, 08/31/07 (f)(g)(i) | 125,000 | 0 | ||||||
Tyco International Group SA, 6.13%, 04/04/07 (EUR) | 40,000 | 51,781 | ||||||
107,269 | ||||||||
Electronics (0.0%) | ||||||||
Avnet, Inc., 9.75%, 02/15/08 | 50,000 | 56,750 | ||||||
Entertainment (0.3%) | ||||||||
Cinemark, Inc., 9.48%, 03/15/14 (c) | 295,000 | 192,488 | ||||||
Horseshoe Gaming Holdings, 8.63%, 05/15/09 | 550,000 | 573,375 | ||||||
765,863 | ||||||||
Environmental Controls (0.7%) | ||||||||
Allied Waste North America, Inc., 8.88%, 04/01/08 | 575,000 | 629,626 | ||||||
Allied Waste North America, Inc., 6.50%, 11/15/10 (c) | 40,000 | 39,600 | ||||||
Allied Waste North America, Inc., Series B, 8.50%, 12/01/08 | 100,000 | 109,375 | ||||||
Republic Services, Inc., 6.75%, 08/15/11 | 280,000 | 306,309 | ||||||
Waste Management, Inc., 7.13%, 10/01/07 | 450,000 | 493,598 | ||||||
Waste Management, Inc., 6.88%, 05/15/09 | 60,000 | 65,878 | ||||||
Waste Management, Inc., 5.00%, 03/15/14 | 45,000 | 42,771 | ||||||
1,687,157 | ||||||||
Financial Services (4.8%) | ||||||||
AIG SunAmerica Global Finance, 6.30%, 05/10/11 (c) | 355,000 | 381,312 | ||||||
AXA Financial, Inc., 7.75%, 08/01/10 | 460,000 | 527,516 | ||||||
Bombardier Capital, 6.13%, 05/14/07 (EUR) | 60,000 | 70,225 | ||||||
Chase Funding Mortgage Loan, 1.44%, 11/25/18 (e) | 636,699 | 636,631 | ||||||
Chase Manhattan Auto Owner Trust, 1.45%, 10/15/06 | 800,000 | 796,577 | ||||||
Cit Group, Inc., 7.38%, 04/02/07 | 120,000 | 131,284 | ||||||
Citigroup, Inc., 6.00%, 02/21/12 | 285,000 | 302,175 | ||||||
Citigroup, Inc., 5.63%, 08/27/12 | 50,000 | 51,396 | ||||||
Citigroup, Inc., 6.63%, 06/15/32 | 50,000 | 51,785 | ||||||
Countrywide Home Loans, Inc., 3.25%, 05/21/08 | 220,000 | 211,629 | ||||||
Farmers Exchange Capital, 7.05%, 07/15/28 (c) | 285,000 | 273,530 | ||||||
Ford Motor Credit Co., 7.38%, 10/28/09 | 70,000 | 74,706 | ||||||
Ford Motor Credit Co., 7.25%, 10/25/11 | 435,000 | 454,267 | ||||||
General Electric Capital Corp., 4.25%, 12/01/10 | 100,000 | 97,220 |
57
Table of Contents
VAN KAMPEN GVIT MULTI-SECTOR BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
CORPORATE BONDS (continued) | ||||||||
Financial Services (continued) | ||||||||
General Electric Capital Corp., 6.75%, 03/15/32 | $ | 220,000 | $ | 236,503 | ||||
General Motors Acceptance Corp., 4.50%, 07/15/06 | 175,000 | 176,867 | ||||||
General Motors Acceptance Corp., 6.88%, 09/15/11 | 395,000 | 404,992 | ||||||
General Motors Acceptance Corp., 8.00%, 11/01/31 | 310,000 | 317,622 | ||||||
Global Cash Acc/ Finance, 8.75%, 03/15/12 (c) | 200,000 | 208,000 | ||||||
Goldman Sachs Group, Inc., 6.50%, 10/06/10 (EUR) | 150,000 | 203,425 | ||||||
Goldman Sachs Group, Inc., 6.88%, 01/15/11 | 75,000 | 82,333 | ||||||
Goldman Sachs Group, Inc., 6.60%, 01/15/12 | 145,000 | 156,033 | ||||||
Goldman Sachs Group, Inc., 5.25%, 10/15/13 | 170,000 | 165,067 | ||||||
Household Finance Corp., 6.40%, 06/17/08 | 150,000 | 161,359 | ||||||
Household Finance Corp., 6.50%, 05/05/09 (EUR) | 140,000 | 188,774 | ||||||
Household Finance Corp., 8.00%, 07/15/10 | 250,000 | 290,099 | ||||||
John Hancock Global Funding, 7.90%, 07/02/10 (c) | 155,000 | 179,564 | ||||||
JSG Funding, PLC, 10.13%, 10/01/12 (EUR) | 200,000 | 262,796 | ||||||
KFW International Finance, 6.25%, 07/15/05 (AUD) | 800,000 | 561,529 | ||||||
Mantis Reef, Ltd., 4.69%, 11/14/08 (c) | 425,000 | 419,761 | ||||||
MBNA Corp., 6.13%, 03/01/13 | 255,000 | 263,354 | ||||||
Merrill Lynch & Co., 6.00%, 11/15/04 | 30,000 | 30,444 | ||||||
Prudential Holdings, LLC, 7.25%, 12/18/23 (c) | 485,000 | 549,743 | ||||||
Prudential Holdings, LLC, 8.70%, 12/18/23 (c) | 210,000 | 252,101 | ||||||
SL Finance, PLC, 6.38%, 07/12/22 (e) (EUR) | 90,000 | 117,109 | ||||||
TRAC-X EM Ltd. Series TRX1, 6.50%, 12/23/08 | 160,000 | 153,920 | ||||||
UCAR Finance, Inc., 10.25%, 02/15/12 | 200,000 | 222,500 | ||||||
Washington Mutual, Inc., 8.25%, 04/01/10 | 340,000 | 395,896 | ||||||
Wells Fargo Financial Auto Owner Trust Series 2004-A, 1.47%, 03/15/07 | 600,000 | 596,406 | ||||||
WII Components, Inc., 10.00%, 02/15/12 (c) | 90,000 | 88,200 | ||||||
10,744,650 | ||||||||
Food Products/ Services (0.9%) | ||||||||
Albertson’s, Inc., 7.50%, 02/15/11 | 130,000 | 146,497 | ||||||
Kraft Foods, Inc., 5.63%, 11/01/11 | 325,000 | 330,620 | ||||||
Kroger Co., 7.50%, 04/01/31 | 45,000 | 49,805 | ||||||
Michael Foods, 8.00%, 11/15/13 (c) | 160,000 | 165,200 | ||||||
Pilgrim’s Pride Corp., 9.63%, 09/15/11 | 360,000 | 397,800 | ||||||
Pilgrim’s Pride Corp., 9.25%, 11/15/13 | 95,000 | 101,175 | ||||||
Smithfield Foods, Inc., 8.00%, 10/15/09 | 655,000 | 705,762 | ||||||
Smithfield Foods, Inc., 7.75%, 05/15/13 | 170,000 | 178,500 | ||||||
2,075,359 | ||||||||
Forestry (0.3%) | ||||||||
Tembec Industries, Inc., 8.50%, 02/01/11 | 350,000 | 353,501 | ||||||
Weyerhaeuser Co., 6.00%, 08/01/06 | 55,000 | 57,866 | ||||||
Weyerhaeuser Co., 6.75%, 03/15/12 | 325,000 | 351,959 | ||||||
763,326 | ||||||||
HealthCare/ HealthCare Services (1.2%) | ||||||||
Aetna, Inc., 7.88%, 03/01/11 | 355,000 | 409,449 | ||||||
HCA, Inc., 8.75%, 09/01/10 | 500,000 | 570,932 | ||||||
HCA, Inc., 6.30%, 10/01/12 | 400,000 | 400,205 | ||||||
HCA, Inc., 7.58%, 09/15/25 | 175,000 | 171,541 | ||||||
Health Net, Inc., 8.38%, 04/15/11 | 295,000 | 344,906 | ||||||
Leiner Health Products, 11.00%, 06/01/12 (c) | 60,000 | 61,950 | ||||||
Medcath Holdings Corp., 9.88%, 07/15/12 (c) | 95,000 | 95,910 | ||||||
National Nephrology Association, 9.00%, 11/01/11 (c) | 40,000 | 45,800 | ||||||
Schering-Plough Corp., 5.30%, 12/01/13 | 100,000 | 98,204 | ||||||
Team Health, INC., 9.00%, 04/01/12 (c) | 185,000 | 177,600 | ||||||
Tenet Healthcare Corp., 6.88%, 11/15/31 | 400,000 | 314,000 | ||||||
2,690,497 | ||||||||
Hotels/ Casinos (1.7%) | ||||||||
Harrahs Entertainment, 8.00%, 02/01/11 | 135,000 | 152,394 | ||||||
Harrahs Operating Co., Inc., 5.50%, 07/01/10 (c) | 185,000 | 185,926 | ||||||
Hilton Hotels Corp., 7.63%, 12/01/12 | 635,000 | 682,625 | ||||||
HMH Properties, Inc., Series B, 7.88%, 08/01/08 | 300,000 | 307,500 | ||||||
Hyatt Equities, LLC, 6.88%, 06/15/07 (c) | 130,000 | 138,213 | ||||||
MGM Mirage, Inc., 6.00%, 10/01/09 | 300,000 | 294,000 | ||||||
MGM Mirage, Inc., 8.50%, 09/15/10 | 190,000 | 205,200 | ||||||
Park Place Entertainment, 7.88%, 12/15/05 | 350,000 | 367,938 | ||||||
Park Place Entertainment, 7.50%, 09/01/09 | 700,000 | 736,749 | ||||||
Starwood Hotels & Resorts, 7.38%, 05/01/07 | 150,000 | 157,875 | ||||||
Starwood Hotels & Resorts, 7.88%, 05/01/12 | 35,000 | 37,450 |
58
Table of Contents
VAN KAMPEN GVIT MULTI-SECTOR BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
CORPORATE BONDS (continued) | ||||||||
Hotels/ Casinos (continued) | ||||||||
Station Casinos, Inc., 6.00%, 04/01/12 | $ | 150,000 | $ | 145,125 | ||||
Station Casinos, Inc., 6.50%, 02/01/14 | 295,000 | 283,938 | ||||||
Venetian Casino/ LV Sands, 11.00%, 06/15/10 | 180,000 | 207,900 | ||||||
3,902,833 | ||||||||
Insurance (0.6%) | ||||||||
Allianz Finance II B.V., 6.13%, 05/31/22 (EUR) | 120,000 | 157,868 | ||||||
Anthem Insurance, 9.13%, 04/01/10 (c) | 240,000 | 294,372 | ||||||
Farmers Insurance Exchange, 8.63%, 05/01/24 (c) | 250,000 | 280,021 | ||||||
Hartford Financial Services Group, 2.38%, 06/01/06 | 40,000 | 39,351 | ||||||
Hartford Financial Services Group, 7.90%, 06/15/10 | 275,000 | 318,680 | ||||||
Munich Re Finance BV, 6.75%, 06/21/23 (EUR) | 130,000 | 174,709 | ||||||
1,265,001 | ||||||||
Internet (0.0%) | ||||||||
Exodus Communications, Inc., 11.63%, 07/15/10 (f)(g)(h)(i) | 127,998 | 0 | ||||||
Rhythms Netconnections, 14.00%, 02/15/10 (f)(g)(h)(i) | 367,351 | 0 | ||||||
Machinery-Construction & Mining (0.2%) | ||||||||
Flowserve Corp., 12.25%, 08/15/10 | 129,000 | 146,093 | ||||||
Manitowoc Co., Inc., 10.50%, 08/01/12 | 330,000 | 377,850 | ||||||
523,943 | ||||||||
Manufacturing (1.0%) | ||||||||
Amsted Industries, Inc., 10.25%, 10/15/11 (c) | 285,000 | 309,225 | ||||||
Honeywell International, 6.13%, 11/01/11 | 150,000 | 160,936 | ||||||
Hutchison Whamp International., Ltd., 6.50%, 02/13/13 (c) | 145,000 | 145,110 | ||||||
Interface, Inc., 7.30%, 04/01/08 | 55,000 | 54,519 | ||||||
Interface, Inc., 10.38%, 02/01/10 | 60,000 | 66,900 | ||||||
Interface, Inc., 9.50%, 02/01/14 (c) | 225,000 | 223,875 | ||||||
Koppers, Inc., 9.88%, 10/15/13 | 70,000 | 76,650 | ||||||
NMHG Holding Co., 10.00%, 05/15/09 | 200,000 | 220,000 | ||||||
TriMas Corp., 9.88%, 06/15/12 | 200,000 | 212,000 | ||||||
Tyco International Group SA, 6.75%, 02/15/11 | 150,000 | 162,987 | ||||||
Xerox Corp., 7.13%, 06/15/10 | 540,000 | 550,801 | ||||||
2,183,003 | ||||||||
Medical Instruments (0.3%) | ||||||||
Fisher Scientific International, 8.13%, 05/01/12 | 273,000 | 292,110 | ||||||
Fresenius Medical Cap TR II, 7.88%, 02/01/08 | 350,000 | 369,250 | ||||||
661,360 | ||||||||
Medical Products (0.1%) | ||||||||
VWR International, Inc., 6.88%, 04/15/12 (c) | 95,000 | 95,356 | ||||||
VWR International, Inc., 8.00%, 04/15/14 (c) | 120,000 | 123,000 | ||||||
218,356 | ||||||||
Metals (0.1%) | ||||||||
Inco Ltd., 7.75%, 05/15/12 | 120,000 | 136,488 | ||||||
Inco Ltd., 7.20%, 09/15/32 | 165,000 | 173,853 | ||||||
310,341 | ||||||||
Mortgage Backed Securities (0.4%) | ||||||||
Centex Home Equity Series 2004-A, Class AF1, 2.03%, 06/25/19 | 481,690 | 480,394 | ||||||
Centex Home Equity Series 2004-B, Class AF1, 1.83%, 09/25/19 | 539,056 | 536,101 | ||||||
1,016,495 | ||||||||
Multimedia (0.4%) | ||||||||
AOL Time Warner, Inc., 6.63%, 05/15/29 | 330,000 | 320,236 | ||||||
AOL Time Warner, Inc., 7.63%, 04/15/31 | 105,000 | 113,625 | ||||||
News America Holdings, Inc., 8.88%, 04/26/23 | 240,000 | 299,828 | ||||||
Vivendi Universal, 9.25%, 04/15/10 | 85,000 | 100,466 | ||||||
834,155 | ||||||||
Oil & Gas (4.0%) | ||||||||
Amerada Hess Corp., 7.88%, 10/01/29 | 315,000 | 340,295 | ||||||
Chesapeake Energy Corp., 7.50%, 09/15/13 | 565,000 | 587,599 | ||||||
CITGO Petroleum Corp., 11.38%, 02/01/11 | 200,000 | 232,000 | ||||||
Conoco, Inc., 6.95%, 04/15/29 | 235,000 | 258,723 | ||||||
Consolidated Natural Gas Co., Series A, 5.00%, 03/01/14 | 165,000 | 158,074 | ||||||
El Paso Production Holdings, 7.75%, 06/01/13 | 430,000 | 394,525 | ||||||
Empresa Nacional del Petroleo, 6.75%, 11/15/12 | 230,000 | 246,855 | ||||||
Empresa Nacional del Petroleo, 6.75%, 11/15/12 (c) | 330,000 | 352,440 | ||||||
Gaz Capital SA, 8.63%, 04/28/34 (c) | 440,000 | 426,250 | ||||||
Hanover Compressor Co., 8.63%, 12/15/10 (c) | 10,000 | 10,350 | ||||||
Hanover Equipment Trust, Series A, 8.50%, 09/01/08 | 285,000 | 301,388 | ||||||
Hilcorp Energy, 10.50%, 09/01/10 (c) | 215,000 | 232,738 | ||||||
Husky Oil Ltd., 8.90%, 08/15/28 | 525,000 | 592,361 |
59
Table of Contents
VAN KAMPEN GVIT MULTI-SECTOR BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
CORPORATE BONDS (continued) | ||||||||
Oil & Gas (continued) | ||||||||
Kerr-McGee Corp., 6.88%, 09/15/11 | $ | 45,000 | $ | 48,409 | ||||
Kerr-McGee Corp., 7.88%, 09/15/31 | 225,000 | 248,170 | ||||||
Magnum Hunter Resources, 9.60%, 03/15/12 | 45,000 | 49,500 | ||||||
Marathon Oil Corp., 6.80%, 03/15/32 | 95,000 | 98,502 | ||||||
Nexen, Inc., 5.05%, 11/20/13 | 165,000 | 158,244 | ||||||
Nortek Holdings, Inc., 7.82%, 05/15/11 (c) | 435,000 | 348,000 | ||||||
Pemex Project Funding Master Trust, 6.63%, 04/04/10 (EUR) | 250,000 | 319,827 | ||||||
Pemex Project Funding Master Trust, 2.82%, 06/15/10 (c)(e) | 570,000 | 572,564 | ||||||
Pemex Project Funding Master Trust, 9.13%, 10/13/10 | 720,000 | 824,399 | ||||||
Pemex Project Funding Master Trust, 7.38%, 12/15/14 | 175,000 | 178,500 | ||||||
Pemex Project Funding Master Trust, 8.63%, 02/01/22 | 170,000 | 176,800 | ||||||
Petro Stopping Centers, 9.00%, 02/15/12 (c) | 185,000 | 183,150 | ||||||
Petro-Canada, 5.35%, 07/15/33 | 115,000 | 97,909 | ||||||
Petroleos Mexicanos, 8.63%, 12/01/23 | 250,000 | 257,500 | ||||||
Petroleos Mexicanos, 9.50%, 09/15/27 | 300,000 | 343,500 | ||||||
Plains Exploration & Production Co., 7.13%, 06/15/14 (c) | 75,000 | 76,313 | ||||||
RAS Laffan Liquid Natural Gas, 8.29%, 03/15/14 (c) | 220,000 | 246,400 | ||||||
Tesoro Petroleum Corp., 9.63%, 04/01/12 | 310,000 | 347,975 | ||||||
Vintage Petroleum, Inc., 7.88%, 05/15/11 | 345,000 | 353,625 | ||||||
9,062,885 | ||||||||
Packaging/ Containers (0.8%) | ||||||||
Graphic Packaging International, 9.50%, 08/15/13 | 250,000 | 271,250 | ||||||
Huntsman Packaging Corp., 13.00%, 06/01/10 | 270,000 | 241,650 | ||||||
Norampac Inc., 6.75%, 06/01/13 | 100,000 | 98,000 | ||||||
Owens-Illinois, Inc., 7.50%, 05/15/10 | 500,000 | 490,001 | ||||||
Owens-Illinois, Inc., 7.75%, 05/15/11 | 185,000 | 192,400 | ||||||
Owens-Illinois, Inc., 8.75%, 11/15/12 | 55,000 | 59,675 | ||||||
Packaging Co. of America, 5.75%, 08/01/13 | 100,000 | 99,160 | ||||||
Sealed Air Corp., 5.63%, 07/15/13 (c) | 175,000 | 172,868 | ||||||
Tekni-Plex, Inc., 8.75%, 11/15/13 (c) | 80,000 | 76,400 | ||||||
Tekni-Plex, Inc., Series B, 12.75%, 06/15/10 | 200,000 | 192,000 | ||||||
1,893,404 | ||||||||
Paper & Forest Products (1.0%) | ||||||||
Abitibi-Consolidated, Inc., 8.55%, 08/01/10 | 455,000 | 479,766 | ||||||
Abitibi-Consolidated, Inc., 8.85%, 08/01/30 | 125,000 | 121,804 | ||||||
Bowater, Inc., 7.95%, 11/15/11 | 300,000 | 309,893 | ||||||
Georgia-Pacific Corp., 8.88%, 02/01/10 | 360,000 | 407,700 | ||||||
International Paper Co., 4.25%, 01/15/09 | 110,000 | 108,133 | ||||||
Pindo Deli Financial Mauritius, 10.75%, 10/01/07 (f) | 1,520,000 | 399,000 | ||||||
Sappi Papier Holding AG, 6.75%, 06/15/12 (c) | 95,000 | 101,377 | ||||||
Tjiwi Kimia Finance Mauritius, 10.00%, 08/01/04 (f) | 395,000 | 147,138 | ||||||
Tjiwi Kimia International BV, 13.25%, 08/01/49 (f) | 610,000 | 227,225 | ||||||
2,302,036 | ||||||||
Pharmacy Services (0.2%) | ||||||||
Amerisourcebergen Corp., 8.13%, 09/01/08 | 520,000 | 560,300 | ||||||
Pipelines (0.9%) | ||||||||
Centerpoint Energy, 7.75%, 02/15/11 | 95,000 | 105,552 | ||||||
Dynegy Holdings, Inc., 9.88%, 07/15/10 (c) | 450,000 | 483,750 | ||||||
GulfTerra Energy Partners, LP, 6.25%, 06/01/10 | 520,000 | 525,200 | ||||||
GulfTerra Energy Partners, LP, 10.63%, 12/01/12 | 124,000 | 147,560 | ||||||
Pacific Energy Partners, 7.13%, 06/15/14 (c) | 150,000 | 152,250 | ||||||
Panhandle Eastern Pipeline, 2.75%, 03/15/07 (c) | 35,000 | 33,586 | ||||||
Southern Natural Gas Co., 8.88%, 03/15/10 | 185,000 | 202,113 | ||||||
Texas Eastern Transmission, 7.00%, 07/15/32 | 85,000 | 88,867 | ||||||
The Williams Cos., Inc., 7.88%, 09/01/21 | 255,000 | 245,438 | ||||||
Transcontinental Gas Pipe Line Corp., Series B, 8.88%, 07/15/12 | 95,000 | 107,350 | ||||||
2,091,666 | ||||||||
Printing & Publishing (0.4%) | ||||||||
Dex Media East, LLC, 12.13%, 11/15/12 | 160,000 | 186,800 | ||||||
Dex Media West, LLC, 9.88%, 08/15/13 (c) | 75,000 | 82,313 | ||||||
Dex Media, Inc., 9.68%, 11/15/13 (c) | 305,000 | 196,725 | ||||||
PEI Holdings, Inc., 11.00%, 03/15/10 | 125,000 | 145,000 | ||||||
Primedia, Inc., 8.88%, 05/15/11 | 255,000 | 252,450 | ||||||
VNU NV, 6.63%, 05/30/07 (EUR) | 100,000 | 131,372 | ||||||
994,660 | ||||||||
Real Estate (0.9%) | ||||||||
CB Richard Ellis, 11.25%, 06/15/11 | 300,000 | 342,000 | ||||||
EOP Operating, LP, 4.75%, 03/15/14 | 25,000 | 23,033 | ||||||
EOP Operating, LP, 7.25%, 06/15/28 | 130,000 | 134,665 | ||||||
EOP Operating, LP, 7.88%, 07/15/31 | 50,000 | 55,801 | ||||||
Istar Financial, Inc., 7.00%, 03/15/08 | 40,000 | 42,445 | ||||||
Istar Financial, Inc., 8.75%, 08/15/08 | 491,000 | 543,058 |
60
Table of Contents
VAN KAMPEN GVIT MULTI-SECTOR BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
CORPORATE BONDS (continued) | ||||||||
Real Estate (continued) | ||||||||
LNR Property Corp., 7.63%, 07/15/13 | $ | 200,000 | $ | 199,000 | ||||
World Financial, 6.91%, 09/01/13 (c) | 644,585 | 700,783 | ||||||
2,040,785 | ||||||||
Real Estate Investment Trust (0.1%) | ||||||||
Reckson Operating Partnership, 5.15%, 01/15/11 | 110,000 | 106,553 | ||||||
Rouse Co., 3.63%, 03/15/09 | 70,000 | 66,503 | ||||||
Rouse Co., 5.38%, 11/26/13 | 30,000 | 28,980 | ||||||
202,036 | ||||||||
Rental Auto/ Equipment (0.3%) | ||||||||
Hertz Corp., 7.63%, 08/15/07 | 265,000 | 284,012 | ||||||
United Rentals NA INC., 7.75%, 11/15/13 | 195,000 | 184,275 | ||||||
United Rentals NA, Inc., 6.50%, 02/15/12 (c) | 185,000 | 174,825 | ||||||
643,112 | ||||||||
Retail (0.7%) | ||||||||
Delhaize America, Inc., 8.13%, 04/15/11 | 265,000 | 289,255 | ||||||
Federated Department Stores, 6.90%, 04/01/29 | 215,000 | 223,049 | ||||||
General Nutrition Center, 8.50%, 12/01/10 (c) | 135,000 | 140,063 | ||||||
Penney (JC) Co., Inc., 7.60%, 04/01/07 | 55,000 | 59,331 | ||||||
Penney (JC) Co., Inc., 8.00%, 03/01/10 | 20,000 | 22,350 | ||||||
Penney (JC) Co., Inc., 9.00%, 08/01/12 | 120,000 | 141,600 | ||||||
Rayovac Corp., 8.50%, 10/01/13 | 150,000 | 157,499 | ||||||
Rite Aid Corp., 7.13%, 01/15/07 | 150,000 | 153,375 | ||||||
Rite Aid Corp., 8.13%, 05/01/10 | 55,000 | 57,888 | ||||||
Toys “R” US, Inc., 7.88%, 04/15/13 | 105,000 | 105,394 | ||||||
Toys “R” Us, Inc., 7.38%, 10/15/18 | 150,000 | 138,563 | ||||||
Yum! Brands, Inc., 8.88%, 04/15/11 | 130,000 | 156,875 | ||||||
1,645,242 | ||||||||
Steel Manufacturing/ Products (0.1%) | ||||||||
United States Steel Corp., 9.75%, 05/15/10 | 147,000 | 162,803 | ||||||
Telecommunications (2.6%) | ||||||||
American Tower Corp., 9.38%, 02/01/09 | 225,000 | 240,188 | ||||||
American Tower Corp., 7.50%, 05/01/12 (c) | 135,000 | 130,613 | ||||||
AT&T Corp., 6.75%, 11/21/06 (EUR) | 100,000 | 128,548 | ||||||
AT&T Corp., 8.75%, 11/15/31 | 220,000 | 214,745 | ||||||
AT&T Wireless Services, Inc., 8.75%, 03/01/31 | 115,000 | 140,204 | ||||||
Axtel SA, 11.00%, 12/15/13 (c) | 285,000 | 270,038 | ||||||
Centennial Communications Corp, 8.13%, 02/01/14 (c) | 280,000 | 259,700 | ||||||
Corning, Inc., 6.25%, 02/18/10 (EUR) | 60,000 | 73,729 | ||||||
Deutsche Telekom, 8.75%, 06/15/30 | 170,000 | 206,913 | ||||||
Deutsche Telekom International Finance, 8.13%, 05/29/12 (EUR) | 160,000 | 236,600 | ||||||
France Telecom, 9.50%, 03/01/31 | 85,000 | 106,677 | ||||||
France Telecom SA, 7.00%, 12/23/09 (EUR) | 90,000 | 123,507 | ||||||
France Telecom SA, 8.13%, 01/28/33 (EUR) | 90,000 | 138,132 | ||||||
GTE Corp., 6.94%, 04/15/28 | 245,000 | 250,029 | ||||||
Metro PCS, Inc., 10.75%, 10/01/11 | 225,000 | 244,125 | ||||||
Nextlink Communications, Inc., 10.38%, 06/01/09 (f)(g)(j) | 350,000 | 0 | ||||||
Nextlink Communications, Inc., 12.25%, 06/01/09 (f)(g)(j) | 500,000 | 0 | ||||||
Nortel Networks Ltd., 6.13%, 02/15/06 | 215,000 | 216,075 | ||||||
Olivetti Finance NV, 5.88%, 01/24/08 (EUR) | 150,000 | 194,643 | ||||||
Primus Telecomm Group, 8.00%, 01/15/14 (c) | 405,000 | 356,400 | ||||||
Qwest Communications International, 4.75%, 02/15/09 (c)(e) | 210,000 | 196,350 | ||||||
Qwest Corp., 6.63%, 09/15/05 | 75,000 | 76,500 | ||||||
Qwest Corp., 13.00%, 12/15/07 (c) | 235,000 | 267,900 | ||||||
Qwest Corp., 5.63%, 11/15/08 | 45,000 | 43,988 | ||||||
Rural Cellular Corp., 6.02%, 03/15/10 (c)(e) | 120,000 | 123,600 | ||||||
Satelites Mexicanos SA de CV, 10.13%, 11/01/04 (f) | 617,000 | 259,140 | ||||||
SBA Communications Corp., 10.25%, 02/01/09 | 420,000 | 430,499 | ||||||
Sprint Capital Corp., 8.38%, 03/15/12 | 150,000 | 172,399 | ||||||
Sprint Capital Corp., 8.75%, 03/15/32 | 40,000 | 46,611 | ||||||
Telecom Italia, 4.00%, 11/15/08 (c) | 110,000 | 108,058 | ||||||
TPSA, 6.63%, 03/01/06 (EUR) | 100,000 | 128,113 | ||||||
Ubiquitel Operating Co., 10.36%, 04/15/10 | 75,000 | 74,250 | ||||||
US Unwired, Inc., 10.00%, 06/15/12 (c) | 145,000 | 146,450 | ||||||
Verizon Global Funding Corp., 7.75%, 12/01/30 | 225,000 | 252,716 | ||||||
Verizon New England, 6.50%, 09/15/11 | 10,000 | 10,655 | ||||||
5,868,095 | ||||||||
Textiles (0.1%) | ||||||||
Mohawk Industries, Inc., Series D, 7.20%, 04/15/12 | 40,000 | 44,382 | ||||||
Oxford Industries, Inc., 8.88%, 06/01/11 (c) | 100,000 | 105,500 | ||||||
Tempur-Pedic, Inc., 10.25%, 08/15/10 | 71,000 | 80,053 | ||||||
229,935 | ||||||||
Tobacco (0.2%) | ||||||||
Altria Finance Ltd., 5.63%, 06/24/08 (EUR) | 90,000 | 112,126 | ||||||
Altria Group, Inc., 7.00%, 11/04/13 | 65,000 | 66,191 |
61
Table of Contents
VAN KAMPEN GVIT MULTI-SECTOR BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
CORPORATE BONDS (continued) | ||||||||
Tobacco (continued) | ||||||||
Altria Group, Inc., 7.75%, 01/15/27 | $ | 125,000 | $ | 127,808 | ||||
BAT International. Finance, PLC, 4.88%, 02/25/09 (EUR) | 160,000 | 198,121 | ||||||
504,246 | ||||||||
Transportation Services (0.3%) | ||||||||
CHC Helicopter Corp., 7.38%, 05/01/14 (c) | 255,000 | 250,538 | ||||||
Fedex Corp., 2.65%, 04/01/07 (c) | 110,000 | 106,820 | ||||||
Laidlaw International, Inc., 10.75%, 06/15/11 | 275,000 | 300,093 | ||||||
657,451 | ||||||||
Utilities/ Power Producers (2.8%) | ||||||||
AES Corp., 9.38%, 09/15/10 | 53,000 | 56,511 | ||||||
AES Corp., 7.75%, 03/01/14 | 95,000 | 91,319 | ||||||
AES Corp., 9.00%, 05/15/15 (c) | 305,000 | 326,731 | ||||||
Allegheny Energy, Inc., 7.75%, 08/01/05 | 200,000 | 207,000 | ||||||
Appalachian Power, Co., 5.95%, 05/15/33 | 40,000 | 36,883 | ||||||
Arizona Public Service Co., 5.80%, 06/30/14 | 115,000 | 115,111 | ||||||
BRL Universal Equipment, 8.88%, 02/15/08 | 325,000 | 348,156 | ||||||
Calpine Corp., 8.50%, 07/15/10 (c) | 320,000 | 264,800 | ||||||
Cincinnati Gas & Electric Co., 5.70%, 09/15/12 | 65,000 | 66,457 | ||||||
Cincinnati Gas & Electric Co., 5.40%, 06/15/33 | 80,000 | 69,196 | ||||||
CMS Energy Corp., 7.50%, 01/15/09 | 150,000 | 149,250 | ||||||
CMS Energy Corp., 8.50%, 04/15/11 | 455,000 | 464,100 | ||||||
Columbus Southern Power Co., Series D, 6.60%, 03/01/33 | 35,000 | 35,660 | ||||||
Detroit Edison Co., 6.13%, 10/01/10 | 85,000 | 90,586 | ||||||
Entergy Gulf States, 3.60%, 06/01/08 | 65,000 | 62,716 | ||||||
Exelon Corp., 6.75%, 05/01/11 | 210,000 | 228,380 | ||||||
GIE Suez Alliance, 5.50%, 02/20/09 (EUR) | 80,000 | 103,015 | ||||||
Monongahela Power Co., 5.00%, 10/01/06 | 170,000 | 173,573 | ||||||
MSW Energy Holdings, 7.38%, 09/01/10 (c) | 185,000 | 184,075 | ||||||
MSW Energy Holdings, 8.50%, 09/01/10 | 45,000 | 47,588 | ||||||
National Grid Transco, PLC, 5.00%, 07/02/18 (EUR) | 110,000 | 127,811 | ||||||
Nevada Power Co., 9.00%, 08/15/13 (c) | 415,000 | 451,313 | ||||||
NiSource Finance Corp., 7.63%, 11/15/05 | 155,000 | 164,424 | ||||||
Ohio Edison Co., 5.45%, 05/01/15 | 275,000 | 261,656 | ||||||
Ohio Power Co., 6.60%, 02/15/33 | 150,000 | 153,224 | ||||||
Pacific Gas & Electric, 6.05%, 03/01/34 | 215,000 | 202,220 | ||||||
PSEG Energy Holdings, 7.75%, 04/16/07 | 495,000 | 518,512 | ||||||
RWE Finance BV, 5.50%, 10/26/07 (EUR) | 90,000 | 116,398 | ||||||
Southern Cal Edison, 5.00%, 01/15/14 | 25,000 | 24,322 | ||||||
Texas-New Mexico Power, 6.25%, 01/15/09 | 90,000 | 90,314 | ||||||
TNP Enterprises, Inc., 10.25%, 04/01/10 | 370,000 | 382,950 | ||||||
TXU Corp., 4.81%, 11/15/12 | 300,000 | 300,129 | ||||||
TXU Corp., Series J, 6.38%, 06/15/06 | 65,000 | 68,454 | ||||||
TXU Energy Co., 7.00%, 03/15/13 | 140,000 | 152,453 | ||||||
Westar Energy, Inc., 6.00%, 07/01/14 | 220,000 | 223,514 | ||||||
Wisconsin Electric Power Co., 5.63%, 05/15/33 | 60,000 | 56,040 | ||||||
6,414,841 | ||||||||
Total Corporate Bonds | 80,946,703 | |||||||
CASH EQUIVALENTS (20.7%) | ||||||||
Federal Home Loan Bank Discount Notes (10.5%) | ||||||||
1.02%, 08/20/04 | 6,900,000 | 6,887,635 | ||||||
1.02%, 08/25/04 | 7,000,000 | 6,986,203 | ||||||
1.02%, 09/03/04 | 10,000,000 | 9,976,179 | ||||||
23,850,017 | ||||||||
Federal National Mortgage Association Discount Notes (10.0%) | ||||||||
1.02%, 07/12/04 | 4,300,000 | 4,298,345 | ||||||
1.02%, 07/14/04 | 5,000,000 | 4,997,725 | ||||||
1.02%, 08/18/04 | 3,500,000 | 3,493,980 | ||||||
1.02%, 09/08/04 | 10,000,000 | 9,974,320 | ||||||
22,764,370 | ||||||||
U.S. Treasury Bills (0.2%) | ||||||||
1.01%, 07/15/04 (h) | 400,000 | 399,854 | ||||||
1.01%, 09/23/04 (h) | 100,000 | 99,699 | ||||||
499,553 | ||||||||
Total Cash Equivalents | 47,113,940 | |||||||
SOVEREIGN BONDS (19.8%) | ||||||||
Argentina (0.3%) | ||||||||
Republic of Argentina, 0.00%, 04/10/05 (b) | 570,000 | 190,950 | ||||||
Republic of Argentina, 0.00%, 04/07/09 (b) | 845,000 | 240,825 | ||||||
Republic of Argentina, 0.00%, 03/15/10 (b) | 140,000 | 41,300 | ||||||
Republic of Argentina, 0.00%, 06/15/15 (b) | 50,000 | 14,750 | ||||||
Republic of Argentina, 0.00%, 01/30/17 (b) | 95,000 | 27,550 | ||||||
Republic of Argentina, 0.00%, 02/01/20 (b) | 20,000 | 5,600 |
62
Table of Contents
VAN KAMPEN GVIT MULTI-SECTOR BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
SOVEREIGN BONDS (continued) | ||||||||
Argentina (continued) | ||||||||
Republic of Argentina, 0.00%, 03/31/23 (b) | $ | 315,000 | $ | 159,863 | ||||
Republic of Argentina, 2.06%, 03/31/23 | 160,000 | 80,800 | ||||||
761,638 | ||||||||
Brazil (2.0%) | ||||||||
Federal Republic of Brazil, 11.25%, 07/26/07 | 540,000 | 581,850 | ||||||
Federal Republic of Brazil, 14.50%, 10/15/09 | 880,000 | 1,025,200 | ||||||
Federal Republic of Brazil, 6.00% 04/15/24 | 200,000 | 156,500 | ||||||
Federal Republic of Brazil, 8.88%, 04/15/24 (e) | 610,000 | 494,100 | ||||||
Federal Republic of Brazil, 11.00%, 08/17/40 | 810,000 | 763,425 | ||||||
Federal Republic of Brazil C-Bond, 8.00%, 04/15/14 | 1,606,695 | 1,466,109 | ||||||
4,487,184 | ||||||||
Bulgaria (0.2%) | ||||||||
Republic of Bulgaria, 8.25%, 01/15/15 | 310,000 | 361,460 | ||||||
Republic of Bulgaria, 8.25%, 01/15/15 | 99,000 | 115,088 | ||||||
476,548 | ||||||||
Canada (0.6%) | ||||||||
Canadian Govt., 3.00%, 06/01/06 (CAD) | 1,200,000 | 890,367 | ||||||
Canadian Govt., 5.25%, 06/01/12 (CAD) | 700,000 | 537,529 | ||||||
1,427,896 | ||||||||
Columbia (0.2%) | ||||||||
Republic of Columbia, 9.75%, 04/09/11 | 388,185 | 428,945 | ||||||
France (1.4%) | ||||||||
Government of France, 6.50%, 04/25/11 (EUR) | 2,350,000 | 3,289,855 | ||||||
Germany (3.7%) | ||||||||
Bundes Republic of Deutschland, 5.63%, 01/04/28 (EUR) | 3,820,000 | 5,106,749 | ||||||
Treuhananstalt, 7.50%, 09/09/04 (EUR) | 2,650,000 | 3,254,971 | ||||||
8,361,720 | ||||||||
Italy (0.1%) | ||||||||
Buoni Poliennali Del Tesson, 5.25%, 11/01/29 (EUR) | 120,000 | 149,991 | ||||||
Ivory Coast (0.0%) | ||||||||
Ivory Coast, 2.00%, 03/29/18 (b) | 285,000 | 39,900 | ||||||
Japan (0.2%) | ||||||||
Japanese Government, 0.80%, 03/20/13 (JPY) | 50,000,000 | 427,528 | ||||||
Korea (0.7%) | ||||||||
Republic of Korea, 5.30%, 10/05/05 (c) | 710,000 | 715,006 | ||||||
Republic of Korea, 5.30%, 10/05/05 | 890,000 | 900,039 | ||||||
1,615,045 | ||||||||
Malaysia (0.4%) | ||||||||
Malaysia, 8.75%, 06/01/09 | 810,000 | 952,074 | ||||||
Mexico (2.0%) | ||||||||
United Mexican States, 10.38%, 02/17/09 | 190,000 | 229,520 | ||||||
United Mexican States, 8.38%, 01/14/11 | 2,130,000 | 2,406,899 | ||||||
United Mexican States, 11.38%, 09/15/16 | 360,000 | 503,100 | ||||||
United Mexican States, 8.13%, 12/30/19 | 570,000 | 609,900 | ||||||
United Mexican States, 8.00%, 09/24/22 | 205,000 | 212,893 | ||||||
United Mexican States, 11.50%, 05/15/26 | 390,000 | 546,780 | ||||||
4,509,092 | ||||||||
Nigeria (0.2%) | ||||||||
Central Bank Of Nigeria, 6.25%, 11/15/20 | 500,000 | 421,750 | ||||||
Panama (0.2%) | ||||||||
Republic of Panama, 9.63%, 02/08/11 | 180,000 | 197,550 | ||||||
Republic of Panama, 9.38%, 04/01/29 | 240,000 | 265,800 | ||||||
463,350 | ||||||||
Peru (0.3%) | ||||||||
Republic of Peru, 9.88%, 02/06/15 | 515,000 | 538,175 | ||||||
Republic of Peru, 8.38%, 05/03/16 | 120,000 | 111,600 | ||||||
649,775 | ||||||||
Philippines (0.5%) | ||||||||
Republic of Philippines, 8.88%, 03/17/15 | 880,000 | 847,000 | ||||||
Republic of Philippines, 9.88%, 01/15/19 | 330,000 | 328,350 | ||||||
1,175,350 | ||||||||
Qatar (0.1%) | ||||||||
State of Qatar, 9.75%, 06/15/30 | 170,000 | 234,175 | ||||||
Russia (2.6%) | ||||||||
Russian Federation, 8.25%, 03/31/10 | 490,000 | 532,238 | ||||||
Russian Federation, 11.00%, 07/24/18 | 921,000 | 1,161,381 | ||||||
Russian Federation, 12.75%, 06/24/28 | 940,000 | 1,367,700 | ||||||
Russian Federation, 7.85%, 03/31/30 | 3,171,948 | 2,895,988 | ||||||
5,957,307 | ||||||||
Spain (1.5%) | ||||||||
Bonos Y Oblig Del Estado, 5.15%, 07/30/09 (EUR) | 2,250,000 | 2,927,084 | ||||||
Bonos Y Oblig Del Estado, 6.15%, 01/31/13 (EUR) | 330,000 | 456,324 | ||||||
3,383,408 | ||||||||
63
Table of Contents
VAN KAMPEN GVIT MULTI-SECTOR BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
SOVEREIGN BONDS (continued) | ||||||||
Sweden (0.3%) | ||||||||
Swedish Government, 5.00%, 01/28/09 (SEK) | $ | 4,500,000 | $ | 621,629 | ||||
Tunisia (0.1%) | ||||||||
Banque Cent De Tunisie, 7.38%, 04/25/12 | 110,000 | 119,900 | ||||||
Turkey (0.7%) | ||||||||
Republic of Turkey, 11.50%, 01/23/12 | 400,000 | 448,000 | ||||||
Republic of Turkey, 11.00%, 01/14/13 | 1,020,000 | 1,111,800 | ||||||
1,559,800 | ||||||||
United Kingdom (1.0%) | ||||||||
UK Treasury, 8.50%, 12/07/05 (GBP) | 1,250,000 | 2,382,950 | ||||||
Venezuela (0.5%) | ||||||||
Republic of Venezuela, 10.75%, 09/19/13 | 810,000 | 797,850 | ||||||
Republic of Venezuela, 9.25%, 09/15/27 | 460,000 | 388,700 | ||||||
1,186,550 | ||||||||
Total Sovereign Bonds | 45,083,360 | |||||||
U.S. GOVERNMENT AGENCIES (10.8%) | ||||||||
Federal Home Loan Mortgage Corporation (0.4%) | ||||||||
5.13%, 11/07/13 | 990,000 | 969,184 | ||||||
IOETTE, Series 1103, Class N, 1156.50%, 06/15/21 | 31 | 61 | ||||||
969,245 | ||||||||
Federal National Mortgage Association (10.4%) | ||||||||
4.50%, 07/01/18 TBA, (d) | 2,150,000 | 2,100,281 | ||||||
5.00%, 07/01/18 TBA, (d) | 3,200,000 | 3,203,002 | ||||||
5.50%, 07/01/33 TBA, (d) | 3,175,000 | 3,159,125 | ||||||
5.50%, 08/01/19 TBA, (d) | 2,700,000 | 2,750,625 | ||||||
5.50%, 08/01/33 TBA, (d) | 2,000,000 | 1,983,124 | ||||||
6.00%, 07/01/32 TBA, (d) | 5,350,000 | 5,438,606 | ||||||
6.00%, 08/01/32 TBA, (d) | 1,300,000 | 1,348,750 | ||||||
6.50%, 07/01/32 TBA, (d) | 3,550,000 | 3,695,330 | ||||||
23,678,843 | ||||||||
Total U.S. Government Agencies | 24,648,088 | |||||||
MORTGAGE-BACKED OBLIGATIONS (9.6%) | ||||||||
Federal Home Loan Mortgage Corporation (2.1%) | ||||||||
Gold, Pool #C00712, 6.50%, 02/01/29 | 70,392 | 73,563 | ||||||
Gold, Pool #C01104, 8.00%, 12/01/30 | 109,012 | 118,376 | ||||||
Gold, Pool #C01132, 8.00%, 01/01/31 | 134,221 | 145,750 | ||||||
Gold, Pool #C01150, 8.00%, 02/01/31 | 76,220 | 82,767 | ||||||
Gold, Pool #C01385, 6.50%, 08/01/32 | 7,097 | 7,402 | ||||||
Gold, Pool #C29808, 8.00%, 08/01/29 | 61,600 | 66,942 | ||||||
Gold, Pool #C37329, 8.00%, 03/01/30 | 3,360 | 3,649 | ||||||
Gold, Pool #C39060, 8.00%, 06/01/30 | 8,833 | 9,592 | ||||||
Gold, Pool #C41333, 7.50%, 08/01/30 | 56,970 | 61,380 | ||||||
Gold, Pool #C41531, 8.00%, 08/01/30 | 33,687 | 36,581 | ||||||
Gold, Pool #C42327, 8.00%, 09/01/30 | 5,596 | 6,077 | ||||||
Gold, Pool #C44964, 7.50%, 11/01/30 | 158,276 | 170,529 | ||||||
Gold, Pool #C46101, 6.50%, 08/01/29 | 492,141 | 514,311 | ||||||
Gold, Pool #C46763, 8.00%, 01/01/31 | 7,077 | 7,690 | ||||||
Gold, Pool #C46946, 8.00%, 01/01/31 | 23,896 | 25,949 | ||||||
Gold, Pool #C47256, 8.00%, 02/01/31 | 3,106 | 3,372 | ||||||
Gold, Pool #C48997, 8.00%, 03/01/31 | 174,212 | 189,177 | ||||||
Gold, Pool #C49587, 8.00%, 03/01/31 | 167,456 | 181,784 | ||||||
Gold, Pool #C50477, 8.00%, 04/01/31 | 63,678 | 69,127 | ||||||
Gold, Pool #C53381, 8.00%, 06/01/31 | 17,268 | 18,751 | ||||||
Gold, Pool #C53597, 8.00%, 06/01/31 | 157,532 | 171,010 | ||||||
Gold, Pool #C53657, 8.00%, 06/01/31 | 68,587 | 74,455 | ||||||
Gold, Pool #C60019, 7.50%, 11/01/31 | 21,276 | 22,915 | ||||||
Gold, Pool #C67851, 7.50%, 06/01/32 | 385,261 | 414,440 | ||||||
Gold, Pool #C69951, 6.50%, 08/01/32 | 238,617 | 248,883 | ||||||
Gold, Pool #C70690, 6.50%, 09/01/32 | 561,921 | 586,097 | ||||||
Gold, Pool #C70834, 6.50%, 09/01/32 | 320,318 | 334,100 | ||||||
Gold, Pool #C70981, 6.50%, 09/01/32 | 474,052 | 494,448 | ||||||
Gold, Pool #C90381, 7.50%, 11/01/20 | 3,694 | 3,983 | ||||||
Pool #170271, 12.00%, 08/01/15 | 525,572 | 591,008 | ||||||
4,734,108 | ||||||||
Federal National Mortgage Association (6.4%) | ||||||||
Pool #251752, 6.50%, 06/01/28 | 295,538 | 308,540 | ||||||
Pool #252009, 6.50%, 07/01/28 | 666,700 | 696,032 | ||||||
Pool #253113, 7.50%, 03/01/30 | 56,465 | 60,556 | ||||||
Pool #253673, 7.50%, 03/01/31 | 81,321 | 87,178 | ||||||
Pool #253674, 8.00%, 03/01/31 | 6,994 | 7,605 | ||||||
Pool #254702, 7.00%, 03/01/33 | 391,002 | 412,668 | ||||||
Pool #255116, 6.50%, 01/01/34 | 670,807 | 698,968 | ||||||
Pool #323320, 6.50%, 10/01/28 | 127,602 | 133,215 | ||||||
Pool #323591, 6.50%, 03/01/29 | 483,535 | 504,808 | ||||||
Pool #346286, 6.50%, 05/01/26 | 161,916 | 169,441 |
64
Table of Contents
VAN KAMPEN GVIT MULTI-SECTOR BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
MORTGAGE-BACKED OBLIGATIONS (continued) | ||||||||
Federal National Mortgage Association (continued) | ||||||||
Pool #370191, 6.50%, 01/01/27 | $ | 6,458 | $ | 6,759 | ||||
Pool #415967, 6.50%, 10/01/28 | 257,089 | 268,400 | ||||||
Pool #437281, 6.50%, 09/01/28 | 76,620 | 79,991 | ||||||
Pool #456669, 6.50%, 01/01/29 | 2,903 | 3,030 | ||||||
Pool #457953, 6.50%, 01/01/29 | 199,127 | 207,888 | ||||||
Pool #482616, 6.50%, 02/01/29 | 455,288 | 475,091 | ||||||
Pool #50946, 6.50%, 12/01/23 | 50,763 | 53,259 | ||||||
Pool #511954, 7.50%, 10/01/29 | 87,960 | 94,322 | ||||||
Pool #515828, 8.00%, 10/01/29 | 42,720 | 46,501 | ||||||
Pool #517874, 7.50%, 02/01/30 | 100,264 | 107,485 | ||||||
Pool #519145, 7.50%, 10/01/29 | 52,807 | 56,626 | ||||||
Pool #523284, 7.50%, 11/01/29 | 27,276 | 29,249 | ||||||
Pool #527589, 7.50%, 01/01/30 | 39,841 | 42,723 | ||||||
Pool #535399, 8.00%, 07/01/30 | 92,726 | 100,821 | ||||||
Pool #535533, 8.00%, 10/01/30 | 358,038 | 389,296 | ||||||
Pool #540017, 8.00%, 05/01/30 | 8,013 | 8,712 | ||||||
Pool #540091, 7.50%, 06/01/30 | 37,307 | 39,993 | ||||||
Pool #545239, 8.00%, 09/01/31 | 135,590 | 147,427 | ||||||
Pool #545551, 8.00%, 04/01/32 | 82,869 | 90,104 | ||||||
Pool #545604, 8.00%, 09/01/31 | 47,399 | 51,595 | ||||||
Pool #555254, 6.50%, 01/01/33 | 2,331,727 | 2,431,662 | ||||||
Pool #555533, 6.50%, 04/01/33 | 229,281 | 239,108 | ||||||
Pool #564222, 7.00%, 12/01/30 | 8,694 | 9,201 | ||||||
Pool #564363, 8.00%, 01/01/31 | 14,076 | 15,305 | ||||||
Pool #564993, 7.50%, 03/01/31 | 61,959 | 66,422 | ||||||
Pool #569762, 7.00%, 02/01/31 | 25,336 | 26,814 | ||||||
Pool #576112, 7.00%, 05/01/31 | 10,266 | 10,856 | ||||||
Pool #577304, 7.50%, 04/01/31 | 38,074 | 40,806 | ||||||
Pool #577407, 7.50%, 07/01/31 | 68,064 | 72,948 | ||||||
Pool #580822, 7.00%, 05/01/31 | 10,439 | 11,039 | ||||||
Pool #583912, 6.50%, 05/01/31 | 601,702 | 627,490 | ||||||
Pool #596466, 6.50%, 08/01/31 | 25,247 | 26,329 | ||||||
Pool #606566, 7.50%, 10/01/31 | 146,549 | 157,065 | ||||||
Pool #613017, 8.00%, 03/01/31 | 14,135 | 15,386 | ||||||
Pool #614544, 8.00%, 07/01/31 | 126,881 | 137,821 | ||||||
Pool #630601, 7.00%, 05/01/32 | 545,892 | 576,140 | ||||||
Pool #639119, 7.00%, 08/01/32 | 23,390 | 24,686 | ||||||
Pool #642656, 7.00%, 07/01/32 | 238,441 | 251,653 | ||||||
Pool #651875, 6.50%, 08/01/32 | 166,168 | 173,145 | ||||||
Pool #661427, 6.50%, 09/01/32 | 642,730 | 669,717 | ||||||
Pool #663285, 6.50%, 09/01/32 | 7,820 | 8,149 | ||||||
Pool #666097, 7.00%, 10/01/32 | 263,352 | 277,944 | ||||||
Pool #667591, 6.50%, 10/01/32 | 567,365 | 591,187 | ||||||
Pool #667599, 6.50%, 10/01/32 | 84,054 | 87,583 | ||||||
Pool #684746, 7.00%, 04/01/33 | 141,236 | 149,065 | ||||||
Pool #738581, 6.50%, 10/01/32 | 86,982 | 90,709 | ||||||
Pool #741875, 6.50%, 09/01/33 | 70,652 | 73,618 | ||||||
Pool #751150, 6.50%, 01/01/34 | 359,416 | 374,505 | ||||||
Pool #759607, 7.00%, 01/01/34 | 643,839 | 679,532 | ||||||
Pool #770753, 7.00%, 04/01/34 | 719,380 | 760,741 | ||||||
Pool #776904, 7.00%, 11/01/29 | 561,856 | 595,503 | ||||||
14,650,412 | ||||||||
Government National Mortgage Association (1.1%) | ||||||||
Pool #780141, 10.00%, 12/15/20 | 377,146 | 421,619 | ||||||
Pool #780349, 10.00%, 09/15/21 | 450,738 | 503,653 | ||||||
Pool #780378, 11.00%, 01/15/19 | 439,363 | 495,267 | ||||||
Pool #780699, 9.50%, 12/15/17 | 401,321 | 452,411 | ||||||
Pool #780709, 11.00%, 01/15/21 | 466,616 | 525,607 | ||||||
2,398,557 | ||||||||
Total Mortgage-Backed Obligations | 21,783,077 | |||||||
U.S. TREASURY OBLIGATIONS (9.4%) | ||||||||
U.S. Treasury Notes (9.4%) | ||||||||
6.50%, 02/15/10 | 4,450,000 | 5,014,247 | ||||||
8.13%, 08/15/19 | 2,025,000 | 2,652,118 | ||||||
5.71%, 02/15/25 | 4,500,000 | 1,412,060 | ||||||
5.73%, 02/15/25 | 2,800,000 | 875,098 | ||||||
7.63%, 02/15/25 | 500,000 | 641,621 | ||||||
5.74%, 05/15/25 | 1,700,000 | 522,810 | ||||||
6.13%, 08/15/29 | 9,250,000 | 10,174,999 | ||||||
Total U.S. Treasury Obligations | 21,292,953 | |||||||
INTEREST ONLY BONDS (1.0%) | ||||||||
Federal Home Loan Mortgage Corporation (0.4%) | ||||||||
6.00%, 04/15/32 | 3,057,302 | 625,140 | ||||||
7.00%, 07/15/33 | 1,328,787 | 319,015 | ||||||
944,155 | ||||||||
Federal National Mortgage Association (0.6%) | ||||||||
5.50%, 05/25/27 | 3,439,168 | 286,876 | ||||||
6.00%, 08/25/32 | 1,050,093 | 192,525 | ||||||
6.00%, 05/25/33 | 1,019,373 | 154,676 | ||||||
6.00%, 06/25/33 | 973,297 | 165,989 | ||||||
3.47%, 11/25/33 | 454,823 | 456,703 | ||||||
1,256,769 | ||||||||
Total Interest Only Bonds | 2,200,924 | |||||||
WARRANTS (0.0%) | ||||||||
Banking (0.0%) | ||||||||
Central Bank of Nigeria, 11/15/20 | 500 | $ | 0 | |||||
Foreign Government (0.0%) | ||||||||
Republic of Venezuela, 0.00%, 04/15/20 | 1,150 | 0 | ||||||
Total Warrants | 0 | |||||||
65
Table of Contents
VAN KAMPEN GVIT MULTI-SECTOR BOND FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
REPURCHASE AGREEMENTS (2.2%) | ||||||||
Banks (2.2%) | ||||||||
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $2,982,571 (Fully collateralized by AA Corporate Bonds and U.S. Agency Mortgages) | $ | 2,982,448 | $ | 2,982,448 | ||||
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $2,012,950 (Fully collateralized by AA Corporate Bonds) | 2,012,867 | 2,012,867 | ||||||
Total Repurchase Agreements | 4,995,315 | |||||||
Short-Term Securities Held as Collateral for Securities Lending (12.1%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | 27,492,048 | 27,492,048 | ||||||
Total Short-Term Securities Held as Collateral for Securities Lending | 27,492,048 | |||||||
Total Investments (Cost $269,669,297) (a) — 121.0% | 275,556,408 | |||||||
Liabilities in excess of other assets — (21.0)% | (47,828,837 | ) | ||||||
NET ASSETS — 100.0% | $ | 227,727,571 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 8,964,513 | ||
Unrealized depreciation | (3,077,402 | ) | ||
Net unrealized appreciation (depreciation) | $ | 5,887,111 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | Denotes a non-income producing security. | |
(c) | Represents a restricted security acquired and eligible for resale under Rule 144A, which limits the resale to certain qualified buyers. | |
(d) | Mortgage Dollar Rolls. | |
(e) | Variable Rate security. The rate reflected in the Statement of Investments is the rate reflected in effect on June 30, 2004. | |
(f) | Security in default. | |
(g) | Fair Valued Security. | |
(h) | Security has filed for bankruptcy protection. | |
(i) | Security has been deemed illiquid. The pricing committee has deemed the security to have zero value based upon procedures adopted by the Board of Trustees. |
C-Bond | Capitalization Bond |
AUD | Principal amount denominated in Australian Dollar. |
CAD | Principal amount denominated in Canadian Dollar. |
EUR | Principal amount denominated in Euro. |
GBP | Principal amount denominated in British Pound. |
JPY | Principal amount denominated in Japanese Yen. |
SEK | Principal amount denominated in Swedish Krone. |
TBA | To Be Announced |
At June 30, 2004, the Fund’s open forward foreign currency contracts were as follows:
Unrealized | ||||||||||||||
Delivery | Contract | Market | Appreciation | |||||||||||
Currency | Date | Value | Value | (Depreciation) | ||||||||||
Short Contract: | ||||||||||||||
Euro | 07/26/04 | $ | 404,073 | $ | 413,420 | $ | (9,347 | ) | ||||||
Euro | 09/28/04 | 252,720 | 252,714 | 6 | ||||||||||
British Pound | 08/24/04 | 369,180 | 378,939 | (9,759 | ) | |||||||||
Swedish Krone | 09/21/04 | 394,690 | 397,804 | (3,114 | ) | |||||||||
Swiss Franc | 07/22/04 | 268,199 | 279,665 | (11,466 | ) | |||||||||
Total Short Contracts | $ | 1,688,862 | $ | 1,722,542 | $ | (33,680 | ) | |||||||
Long Contracts: | ||||||||||||||
Japanese Yen | 08/10/04 | $ | 8,981,498 | $ | 9,024,930 | $ | 43,432 | |||||||
Total Long Contracts | $ | 8,981,498 | $ | 9,024,930 | $ | 43,432 | ||||||||
At June 30, 2004, the Fund’s open forward foreign currency contracts were as follows:
Market | ||||||||||||||||
Value | ||||||||||||||||
Number of | Covered by | Appreciation | ||||||||||||||
Contracts | Contracts* | Expiration | Contracts | (Depreciation) | ||||||||||||
Long Contracts: | ||||||||||||||||
2 | JGB 10 yr Bond Future | 09/21/04 | $ | 2,476,286 | $ | (25,181 | ) | |||||||||
19 | U.S. Long Bond Futures | 09/30/04 | 2,021,125 | 39,713 | ||||||||||||
Total Long Contracts | $ | 4,497,411 | $ | 14,532 | ||||||||||||
Short Contracts: | ||||||||||||||||
12 | Euro Bond Future | 09/10/04 | $ | 1,651,968 | $ | 11,151 | ||||||||||
30 | U.S. 2 yr Future | 09/30/04 | 6,316,406 | (473 | ) | |||||||||||
114 | U.S. 5 yr Future | 09/30/04 | 12,390,975 | (106,840 | ) | |||||||||||
65 | U.S. 10 yr Future | 09/30/04 | 7,106,328 | (95,240 | ) | |||||||||||
Total Short Contracts | $ | 27,465,677 | $ | (191,402 | ) | |||||||||||
* | Cash pledged as collateral. |
See notes to financial statements.
66
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (96.5%) | ||||||||
Advertising Services (0.0%) | ||||||||
R. H. Donnelley Corp. (b) | 7,800 | $ | 341,172 | |||||
Aerospace/ Defense (1.1%) | ||||||||
AAR Corp. (b) | 15,300 | 173,655 | ||||||
Alliant Techsystems, Inc. (b) | 25,650 | 1,624,671 | ||||||
BE Aerospace, Inc. (b) | 477,200 | 3,617,176 | ||||||
Curtiss-Wright Corp. | 14,200 | 797,898 | ||||||
Ducommun, Inc. (b) | 5,200 | 111,176 | ||||||
Esterline Technologies Corp. (b) | 17,500 | 516,775 | ||||||
HEICO Corp. | 8,100 | 147,825 | ||||||
Kaman Corp., Class A | 28,600 | 400,114 | ||||||
Moog, Inc., Class A (b) | 28,550 | 1,059,491 | ||||||
Orbital Sciences Corp. (b) | 18,900 | 261,009 | ||||||
Teledyne Technologies, Inc. (b) | 8,800 | 176,176 | ||||||
Triumph Group, Inc. (b) | 8,900 | 284,177 | ||||||
9,170,143 | ||||||||
Airlines (1.2%) | ||||||||
Alaska Air Group, Inc. (b) | 8,600 | 205,282 | ||||||
Atlantic Coast Airlines Holdings (b) | 147,900 | 848,946 | ||||||
Continental Airlines, Inc., Class B (b) | 215,000 | 2,444,550 | ||||||
ExpressJet Holdings, Inc. (b) | 178,800 | 2,170,632 | ||||||
Northwest Airlines Corp., Class A (b) | 39,900 | 443,688 | ||||||
Pinnacle Airlines Co. (b) | 22,600 | 255,380 | ||||||
SkyWest, Inc. | 182,476 | 3,176,907 | ||||||
9,545,385 | ||||||||
Alternative Power Generation (0.5%) | ||||||||
Calpine Corp. (b) | 921,540 | 3,981,053 | ||||||
Applications Software (0.2%) | ||||||||
Pinnacle Systems, Inc. (b) | 102,800 | 735,020 | ||||||
Progress Software Corp. (b) | 14,400 | 312,048 | ||||||
SS&C Technologies, Inc. | 20,650 | 386,155 | ||||||
1,433,223 | ||||||||
Auto Dealers (0.3%) | ||||||||
Lithia Motors, Inc., Class A | 21,700 | 537,726 | ||||||
United Auto Group, Inc. | 74,600 | 2,286,490 | ||||||
2,824,216 | ||||||||
Auto Parts & Equipment (1.5%) | ||||||||
Aftermarket Technology Corp. (b) | 22,700 | 374,550 | ||||||
American Axle & Manufacturing Holdings, Inc. | 8,900 | 323,604 | ||||||
Asbury Automotive Group, Inc. (b) | 41,600 | 624,000 | ||||||
Collins & Aikman Corp. (b) | 498,900 | 2,788,851 | ||||||
Dana Corp. | 112,300 | 2,201,080 | ||||||
Keystone Automotive Industries, Inc. (b) | 7,400 | 206,386 | ||||||
Navistar International Corp. (b) | 79,100 | 3,065,916 | ||||||
Superior Industries International, Inc. | 8,900 | 297,705 | ||||||
Tenneco Automotive, Inc. (b) | 63,900 | 845,397 | ||||||
Visteon Corp. | 102,000 | 1,190,340 | ||||||
11,917,829 | ||||||||
Banks (5.1%) | ||||||||
ABC Bancorp | 7,200 | 146,448 | ||||||
Amcore Financial, Inc. | 11,500 | 346,840 | ||||||
Americanwest Bancorp (b) | 17,300 | 331,295 | ||||||
BancFirst Corp. | 4,600 | 274,850 | ||||||
Bank of the Ozarks, Inc. | 9,100 | 212,030 | ||||||
Banner Corp. | 17,200 | 499,832 | ||||||
Capital Corp. of the West | 2,200 | 85,448 | ||||||
Capitol Bancorp Ltd. | 8,900 | 231,489 | ||||||
Chemical Financial Corp. | 16,700 | 616,063 | ||||||
City Holding Co. | 4,600 | 145,268 | ||||||
Colonial Bancgroup, Inc. | 32,800 | 595,976 | ||||||
Columbia Banking System, Inc. | 9,030 | 200,466 | ||||||
Community Bank System, Inc. | 32,000 | 729,280 | ||||||
Community Trust Bancorp, Inc. | 7,800 | 237,900 | ||||||
Corus Bankshares, Inc. | 36,000 | 1,479,960 | ||||||
Cullen/ Frost Bankers, Inc. | 100,700 | 4,506,325 | ||||||
East West Bancorp, Inc. | 68,712 | 2,109,458 | ||||||
Financial Institutions, Inc. | 2,000 | 49,400 | ||||||
First Citizens BancShares, Class A | 1,100 | 134,200 | ||||||
First Oak Brook Bank | 4,600 | 139,380 | ||||||
First Republic Bancorp, Inc. | 15,300 | 659,124 | ||||||
First State Bancorp | 16,100 | 494,592 | ||||||
FirstMerit Corp. | 57,400 | 1,513,638 | ||||||
Gold Banc Corp. | 79,800 | 1,236,900 | ||||||
Great Southern Bancorp, Inc. | 8,000 | 234,000 | ||||||
Greater Bay Bancorp | 28,600 | 826,540 | ||||||
Hanmi Financial Corp. | 49,000 | 1,445,500 | ||||||
Iberiabank Corp. | 24,900 | 1,473,582 | ||||||
Independent Bank Corp. (Mass.) | 28,100 | 813,495 | ||||||
Independent Bank Corp. (Mich.) | 28,060 | 712,724 | ||||||
International Bancshares Corp. | 946 | 38,360 | ||||||
Irwin Financial Corp. | 32,900 | 868,560 | ||||||
Lakeland Financial Corp. | 1,100 | 36,850 | ||||||
Mainsource Financial Group, Inc. | 3,330 | 67,599 | ||||||
MB Financial, Inc. | 8,850 | 325,769 | ||||||
MBT Financial Corp. | 16,100 | 293,342 | ||||||
Mercantile Bank Corp. | 20,895 | 761,623 | ||||||
Mid-State Bancshares | 18,900 | 444,339 | ||||||
Nara Bankcorp, Inc. | 33,200 | 568,716 | ||||||
Old Second Bancorp, Inc. | 1,800 | 94,950 | ||||||
Oriental Financial Group | 18,300 | 495,381 | ||||||
Peoples Bancorp, Inc. | 5,600 | 148,904 | ||||||
Provident Bankshares Corp. | 18,900 | 545,076 | ||||||
R & G Finanical Corp., Class B | 38,650 | 1,277,769 | ||||||
Republic Bancorp Inc., Class A | 4,900 | 98,931 | ||||||
Republic Bancorp, Inc. | 69,770 | 969,803 | ||||||
Royal Bancshares of Pennsylvania, Class A | 5,250 | 130,200 | ||||||
SCBT Financial Corp. | 4,000 | 120,600 | ||||||
Second Bancorp, Inc. | 11,900 | 372,351 | ||||||
Silicon Valley Bancshares (b) | 8,900 | 352,885 | ||||||
Simmons First National Corp., Class A | 7,800 | 203,034 | ||||||
Sky Financial Group, Inc. | 61,600 | 1,523,368 | ||||||
Southside Bancshares, Inc. | 8,000 | 168,000 | ||||||
Southwest Bancorp | 37,700 | 688,025 | ||||||
State Financial Services Corp. | 11,500 | 341,090 | ||||||
Sterling Financial Corp. | 16,150 | 420,385 | ||||||
Summit Bancshares, Inc. | 8,800 | 256,080 | ||||||
Sun Bancorp, Inc. (b) | 5,420 | 115,229 |
67
Table of Contents
GVIT SMALL CAP VALUE FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Banks (continued) | ||||||||
Taylor Capital Group, Inc. | 9,800 | $ | 213,150 | |||||
Texas Regional Bancshares, Inc. | 67,800 | 3,112,698 | ||||||
Trico Bancshares | 7,000 | 132,300 | ||||||
Umpqua Holdings Corp. | 11,900 | 249,781 | ||||||
United Bankshares, Inc. | 23,000 | 747,500 | ||||||
W Holding Co., Inc. | 64,343 | 1,104,769 | ||||||
West Coast Bancorp | 45,100 | 966,944 | ||||||
Western Sierra Bancorp (b) | 3,500 | 108,395 | ||||||
Wintrust Financial Corp. | 2,200 | 111,122 | ||||||
40,955,881 | ||||||||
Biotechnology Research & Production (0.5%) | ||||||||
Enzon, Inc. (b) | 288,800 | 3,685,088 | ||||||
Pharmaceutical Product Development, Inc. (b) | 16,200 | 514,674 | ||||||
4,199,762 | ||||||||
Broadcast Media/ Television (0.8%) | ||||||||
4Kids Entertainment, Inc. (b) | 15,500 | 370,760 | ||||||
Citadel Broadcasting Corp. (b) | 161,500 | 2,353,055 | ||||||
Cumulus Media, Inc. (b) | 168,587 | 2,833,947 | ||||||
Mediacom Communications, Class A (b) | 33,000 | 258,060 | ||||||
Sinclair Broadcast Group, Inc. | 6,000 | 61,620 | ||||||
World Wrestling Entertainment, Inc. | 26,000 | 331,500 | ||||||
6,208,942 | ||||||||
Building (2.7%) | ||||||||
Apogee Enterprises | 141,400 | 1,470,560 | ||||||
Beazer Homes USA, Inc. | 2,900 | 290,899 | ||||||
Building Materials Holding Corp. | 8,100 | 153,333 | ||||||
Dominion Homes, Inc. (b) | 5,600 | 129,360 | ||||||
Dycom Industries, Inc. (b) | 85,600 | 2,396,800 | ||||||
Eagle Materials, Inc. | 5,600 | 397,712 | ||||||
Fleetwood Enterprises, Inc. (b) | 139,710 | 2,032,781 | ||||||
Genlyte Group, Inc. (b) | 18,200 | 1,144,416 | ||||||
Integrated Electrical Services (b) | 21,200 | 170,660 | ||||||
Lennox International, Inc. | 72,500 | 1,312,250 | ||||||
Levitt Corp., Class A (b) | 52,355 | 1,348,665 | ||||||
LSI Industries, Inc. | 20,800 | 239,200 | ||||||
Meritage Corp. (b) | 8,600 | 591,680 | ||||||
NCI Building Systems (b) | 3,900 | 126,945 | ||||||
Standard Pacific Corp. | 21,400 | 1,055,020 | ||||||
Texas Industries, Inc. | 15,800 | 650,486 | ||||||
Thor Industries, Inc. | 68,900 | 2,305,394 | ||||||
Universal Forest Products, Inc. | 32,900 | 1,061,025 | ||||||
USG Corp. (b) | 30,000 | 527,400 | ||||||
Watsco, Inc. | 7,400 | 207,718 | ||||||
WCI Communities, Inc. (b) | 35,900 | 800,929 | ||||||
York International Corp. | 96,810 | 3,975,986 | ||||||
22,389,219 | ||||||||
Business Services (0.8%) | ||||||||
BISYS Group, Inc. (b) | 29,500 | 414,770 | ||||||
Bowne & Co., Inc. | 33,500 | 530,975 | ||||||
Catalina Marketing Corp. (b) | 14,600 | 267,034 | ||||||
IKON Office Solutions, Inc. | 219,600 | 2,518,812 | ||||||
infoUSA, Inc. (b) | 4,900 | 49,686 | ||||||
Manpower, Inc. | 25,300 | 1,284,481 | ||||||
Sotheby’s Holdings (b) | 45,500 | 726,180 | ||||||
Spherion Corp. (b) | 49,800 | 504,972 | ||||||
US Oncology, Inc. (b) | 20,100 | 295,872 | ||||||
6,592,782 | ||||||||
Casinos & Gambling (0.2%) | ||||||||
Ameristar Casinos, Inc. | 7,400 | 248,492 | ||||||
Aztar Corp. (b) | 34,300 | 960,400 | ||||||
Boyd Gaming Corp. | 11,500 | 305,555 | ||||||
Isle of Capris Casino (b) | 8,600 | 150,070 | ||||||
1,664,517 | ||||||||
Chemicals (2.7%) | ||||||||
Crompton Corp. | 88,300 | 556,290 | ||||||
Cytec Industries, Inc. | 20,000 | 909,000 | ||||||
FMC Corp. (b) | 22,800 | 982,908 | ||||||
Georgia Gulf Corp. | 104,800 | 3,758,128 | ||||||
Great Lakes Chemical Corp. | 119,500 | 3,233,670 | ||||||
H. B. Fuller Co. | 27,600 | 783,840 | ||||||
Hercules, Inc. (b) | 234,100 | 2,853,679 | ||||||
Millennium Chemicals, Inc. (b) | 93,900 | 1,626,348 | ||||||
Minerals Technologies, Inc. | 35,800 | 2,076,400 | ||||||
Newmarket Corp. (b) | 20,100 | 431,547 | ||||||
NL Industries, Inc. | 35,900 | 520,550 | ||||||
Octel Corp. | 39,800 | 1,047,934 | ||||||
OM Group, Inc. (b) | 14,000 | 462,140 | ||||||
PolyOne Corp. (b) | 299,900 | 2,231,256 | ||||||
Valhi, Inc. | 15,600 | 177,372 | ||||||
W.R. Grace & Co. (b) | 48,800 | 302,560 | ||||||
Wellman, Inc. | 35,300 | 286,989 | ||||||
22,240,611 | ||||||||
Coal (1.2%) | ||||||||
Consol Energy, Inc. | 45,100 | 1,623,600 | ||||||
Massey Energy Co. | 203,100 | 5,729,451 | ||||||
Peabody Energy Corp. | 44,700 | 2,502,753 | ||||||
9,855,804 | ||||||||
Commercial Services (1.7%) | ||||||||
Arbitron, Inc. (b) | 8,600 | 314,072 | ||||||
Century Business Services, Inc. (b) | 45,800 | 199,688 | ||||||
Chemed Corp. | 48,400 | 2,347,400 | ||||||
Clark, Inc. (b) | 103,300 | 1,916,215 | ||||||
Coinstar, Inc. (b) | 18,700 | 410,839 | ||||||
Consolidated Graphics, Inc. (b) | 15,700 | 691,585 | ||||||
LodgeNet Entertainment Corp. (b) | 38,700 | 638,550 | ||||||
Maximus, Inc. (b) | 3,500 | 124,110 | ||||||
MemberWorks, Inc. (b) | 2,200 | 65,164 | ||||||
NCO Group, Inc. (b) | 129,600 | 3,459,024 | ||||||
PDI, Inc. (b) | 9,600 | 291,168 | ||||||
Quanta Services, Inc. (b) | 352,700 | 2,193,794 | ||||||
Sourcecorp (b) | 13,700 | 377,024 | ||||||
TeleTech Holdings, Inc. (b) | 37,800 | 331,506 | ||||||
Volt Information Sciences, Inc. (b) | 5,600 | 176,456 | ||||||
13,536,595 | ||||||||
Communications Technology (1.3%) | ||||||||
Artesyn Technologies, Inc. (b) | 75,000 | 675,000 | ||||||
CommScope, Inc. (b) | 276,915 | 5,939,827 |
68
Table of Contents
GVIT SMALL CAP VALUE FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Communications Technology (continued) | ||||||||
Harris Corp. | 38,800 | $ | 1,969,100 | |||||
Network Associates, Inc. (b) | 108,500 | 1,967,105 | ||||||
10,551,032 | ||||||||
Computer Software & Services (4.8%) | ||||||||
Agilysys, Inc. | 34,300 | 472,997 | ||||||
Ascential Software Corp. (b) | 109,700 | 1,754,103 | ||||||
Aspen Technologies, Inc. (b) | 21,200 | 153,912 | ||||||
Black Box Corp. | 11,500 | 543,490 | ||||||
Borland Software Corp. (b) | 95,600 | 811,644 | ||||||
Brocade Communications Systems, Inc. (b) | 360,500 | 2,155,790 | ||||||
CACI International, Inc. (b) | 6,500 | 262,860 | ||||||
Ciber, Inc. (b) | 30,600 | 251,532 | ||||||
Compucom Systems, Inc. (b) | 79,100 | 359,114 | ||||||
Compuware Corp. (b) | 413,900 | 2,731,740 | ||||||
Electronics for Imaging, Inc. (b) | 26,800 | 757,368 | ||||||
Gateway, Inc. (b) | 334,700 | 1,506,150 | ||||||
Hutchinson Technology, Inc. (b) | 154,100 | 3,789,319 | ||||||
Hyperion Solutions Corp. (b) | 1,100 | 48,092 | ||||||
Internet Security Systems, Inc. (b) | 4,000 | 61,360 | ||||||
IONA Technologies PLC ADR — IE (b) | 171,200 | 698,496 | ||||||
Komag, Inc. (b) | 6,800 | 94,996 | ||||||
Magma Design Automation, Inc. (b) | 4,600 | 88,458 | ||||||
ManTech International Corp. (b) | 68,600 | 1,287,622 | ||||||
Manugistics Group, Inc. (b) | 440,800 | 1,441,416 | ||||||
Maxtor Corp. (b) | 246,600 | 1,634,958 | ||||||
Mcdata Corp., Class A (b) | 348,900 | 1,877,082 | ||||||
Mcdata Corp., Class B (b) | 23,100 | 118,041 | ||||||
Mentor Graphics Corp. (b) | 81,700 | 1,263,899 | ||||||
MRO Software, Inc. (b) | 145,900 | 1,985,699 | ||||||
MTS Systems Corp. | 9,700 | 227,465 | ||||||
NetIQ Corp. (b) | 173,600 | 2,291,520 | ||||||
Nuance Comunications, Inc. (b) | 202,000 | 921,120 | ||||||
Palmone, Inc. (b) | 8,900 | 309,453 | ||||||
Parametric Technology Corp. (b) | 839,100 | 4,195,500 | ||||||
Perot Systems Corp., Class A (b) | 21,100 | 279,997 | ||||||
Quantum Corp. (b) | 55,600 | 172,360 | ||||||
RadiSys Corp. (b) | 26,800 | 497,676 | ||||||
Silicon Graphics, Inc. (b) | 117,100 | 257,620 | ||||||
Silicon Storage Technology, Inc. (b) | 17,000 | 175,100 | ||||||
Sykes Enterprises, Inc. (b) | 18,200 | 137,592 | ||||||
THQ, Inc. (b) | 97,700 | 2,237,330 | ||||||
Trizetto Group, Inc. (b) | 72,100 | 483,070 | ||||||
TTM Technologies (b) | 8,800 | 104,280 | ||||||
Tyler Technologies, Inc. (b) | 20,900 | 197,714 | ||||||
United Online, Inc. (b) | 17,600 | 309,936 | ||||||
Verity, Inc. (b) | 15,000 | 202,650 | ||||||
39,150,521 | ||||||||
Computer Technology (0.4%) | ||||||||
Advanced Digital Information Corp. (b) | 133,900 | 1,298,830 | ||||||
Intergraph Corp. (b) | 86,900 | 2,247,234 | ||||||
3,546,064 | ||||||||
Construction (0.8%) | ||||||||
MasTec, Inc. (b) | 319,000 | 1,732,170 | ||||||
Terex Corp. (b) | 117,500 | 4,010,275 | ||||||
Washington Group International, Inc. (b) | 25,600 | 918,784 | ||||||
6,661,229 | ||||||||
Consulting Services (0.5%) | ||||||||
Bearingpoint, Inc. (b) | 133,300 | 1,182,371 | ||||||
Charles River Associates, Inc. (b) | 4,600 | 142,370 | ||||||
Gartner Group, Inc., Class A (b) | 54,500 | 720,490 | ||||||
Modem Media Poppe Tyson, Inc. (b) | 252,796 | 1,329,707 | ||||||
Tetra Technology, Inc. (b) | 35,731 | 583,130 | ||||||
3,958,068 | ||||||||
Consumer Products (1.1%) | ||||||||
American Greetings Corp. (b) | 9,800 | 227,164 | ||||||
Applica, Inc. (b) | 14,200 | 126,380 | ||||||
Central Garden & Pet Co. (b) | 33,200 | 1,187,564 | ||||||
CSS Industries, Inc. | 4,000 | 140,160 | ||||||
Elizabeth Arden, Inc. (b) | 110,000 | 2,314,400 | ||||||
Intertape Polymer Group, Inc. (b) | 125,570 | 955,588 | ||||||
Nu Skin Enterprises, Inc. | 13,600 | 344,352 | ||||||
Rayovac Corp. (b) | 24,800 | 696,880 | ||||||
RC2 Corp. (b) | 16,000 | 568,000 | ||||||
Revlon, Inc. (b) | 40,000 | 118,000 | ||||||
Snap-On, Inc. | 39,300 | 1,318,515 | ||||||
Toro Co. | 14,700 | 1,030,029 | ||||||
Tupperware Corp. | 6,600 | 128,238 | ||||||
9,155,270 | ||||||||
Containers & Packaging (0.7%) | ||||||||
Anchor Glass Container Corp. | 102,900 | 1,392,237 | ||||||
Chesapeake Corp. | 35,600 | 949,808 | ||||||
Crown Holdings, Inc. (b) | 154,100 | 1,536,377 | ||||||
Greif, Inc., Class A | 18,200 | 768,950 | ||||||
Silgan Holdings, Inc. | 27,400 | 1,104,494 | ||||||
5,751,866 | ||||||||
Distribution/ Wholesale (0.2%) | ||||||||
Aviall, Inc. (b) | 38,200 | 726,182 | ||||||
Handleman Co. | 10,600 | 245,496 | ||||||
United Stationers, Inc. (b) | 18,900 | 750,708 | ||||||
1,722,386 | ||||||||
Diversified Minerals (0.0%) | ||||||||
AMCOL International Corp. | 14,700 | 278,565 | ||||||
Drugs & Pharmaceuticals (1.6%) | ||||||||
Adolor Corp. (b) | 20,300 | 257,404 | ||||||
Alexion Pharmaceuticals, Inc. (b) | 2,200 | 40,920 | ||||||
Alpharma, Inc., Class A | 7,800 | 159,744 | ||||||
Atherogenics, Inc. (b) | 19,404 | 369,258 | ||||||
Barr Pharmaceuticals, Inc. (b) | 52,300 | 1,762,510 | ||||||
Biovail Corp. ADR — CA (b) | 95,400 | 1,810,693 | ||||||
Cephalon, Inc. (b) | 16,300 | 880,200 | ||||||
Cubist Pharmaceuticals, Inc. (b) | 11,800 | 130,980 | ||||||
Cypress Bioscience, Inc. (b) | 72,500 | 995,425 | ||||||
Inveresk Resh Group, Inc. (b) | 19,500 | 601,380 | ||||||
K-V Pharmaceutical Co. (b) | 71,500 | 1,650,935 | ||||||
Par Pharmaceutical Cos., Inc. (b) | 27,200 | 957,712 |
69
Table of Contents
GVIT SMALL CAP VALUE FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Drugs & Pharmaceuticals (continued) | ||||||||
Rigel Pharmaceuticals, Inc. (b) | 11,600 | $ | 164,836 | |||||
Savient Pharmaceuticals, Inc. (b) | 622,800 | 1,544,544 | ||||||
Telik, Inc. (b) | 18,558 | 442,979 | ||||||
Watson Pharmaceutical, Inc. (b) | 54,300 | 1,460,670 | ||||||
13,230,190 | ||||||||
E-Commerce & Services (0.3%) | ||||||||
Ebookers.Com PLC ADR — GB (b) | 238,200 | 2,358,180 | ||||||
Electronics (0.9%) | ||||||||
Bel Fuse, Class B | 10,600 | 442,020 | ||||||
Benchmark Electronics, Inc. (b) | 22,150 | 644,565 | ||||||
CTS Corp. | 33,600 | 405,216 | ||||||
Del Global Technologies Corp. (b) | 164 | 492 | ||||||
EarthLink, Inc. (b) | 367,700 | 3,805,694 | ||||||
Riverstone Networks, Inc. (b) | 2 | 3 | ||||||
Sanmina Corp. (b) | 170,200 | 1,548,820 | ||||||
Stoneridge, Inc. (b) | 23,700 | 402,900 | ||||||
Sypris Solutions, Inc. | 12,800 | 245,632 | ||||||
Trimble Navigation Ltd. (b) | 3,850 | 106,992 | ||||||
WESCO International, Inc. (b) | 4,600 | 84,640 | ||||||
7,686,974 | ||||||||
Engineering (0.3%) | ||||||||
Emcor Group, Inc. (b) | 4,600 | 202,308 | ||||||
Jacobs Engineering Group, Inc. (b) | 39,600 | 1,559,448 | ||||||
McDermott International, Inc. (b) | 30,100 | 305,816 | ||||||
2,067,572 | ||||||||
Environmental Controls (0.1%) | ||||||||
Mine Safety Appliances Co. | 21,500 | 724,550 | ||||||
Fertilizers (0.3%) | ||||||||
IMC Global, Inc. | 188,500 | 2,525,900 | ||||||
Filtration and Separation Products (0.2%) | ||||||||
Clarcor, Inc. | 36,500 | 1,671,700 | ||||||
Finance (1.6%) | ||||||||
Accredited Home Lenders Holding Co. (b) | 13,600 | 382,840 | ||||||
Advanta Corp., Class B | 13,768 | 315,563 | ||||||
CompuCredit Corp. (b) | 18,200 | 314,860 | ||||||
eSPEED, Inc. (b) | 2,500 | 44,125 | ||||||
John H. Harland Co. | 20,100 | 589,935 | ||||||
Knight Trading Group, Inc. (b) | 416,700 | 4,175,334 | ||||||
Metris Companies, Inc. (b) | 311,300 | 2,705,197 | ||||||
New Century Financial Corp. | 42,700 | 1,999,214 | ||||||
Triad Guaranty, Inc. (b) | 29,322 | 1,706,540 | ||||||
World Acceptance Corp. (b) | 39,300 | 720,369 | ||||||
12,953,977 | ||||||||
Foods (1.3%) | ||||||||
Chiquita Brands International, Inc. (b) | 70,400 | 1,472,768 | ||||||
Corn Products International, Inc. | 5,200 | 242,060 | ||||||
Dean Foods Co. (b) | 55,500 | 2,070,705 | ||||||
Del Monte Foods Co. (b) | 160,400 | 1,629,664 | ||||||
Flowers Foods, Inc. | 9,800 | 256,270 | ||||||
J & J Snack Foods Corp. (b) | 5,200 | 212,316 | ||||||
J.M. Smucker Co. (The) | 1,025 | 47,058 | ||||||
Nasch-Finch Co. | 6,500 | 162,695 | ||||||
Performance Food Group Co. (b) | 107,700 | 2,858,358 | ||||||
Ralcorp Holding, Inc. (b) | 8,900 | 313,280 | ||||||
Sensient Technologies Corp. | 5,600 | 120,288 | ||||||
SUPERVALU, Inc. | 50,400 | 1,542,744 | ||||||
10,928,206 | ||||||||
Funeral Services (0.2%) | ||||||||
Alderwoods Group, Inc. (b) | 18,100 | 220,820 | ||||||
Stewart Enterprises, Inc., Class A (b) | 166,300 | 1,353,682 | ||||||
1,574,502 | ||||||||
Healthcare (1.2%) | ||||||||
Apria Healthcare Group, Inc. (b) | 52,800 | 1,515,360 | ||||||
Beverly Enterprises, Inc. (b) | 20,900 | 179,740 | ||||||
Gentiva Health Services (b) | 23,800 | 386,988 | ||||||
Kindred Healthcare, Inc. (b) | 39,600 | 1,043,460 | ||||||
Mariner Health Care, Inc. (b) | 102,700 | 2,762,630 | ||||||
Pediatrix Medical Group, Inc. (b) | 14,200 | 991,870 | ||||||
Province Healthcare Co. (b) | 9,600 | 164,640 | ||||||
Sierra Health Services, Inc. (b) | 4,000 | 178,800 | ||||||
Triad Hospitals, Inc. (b) | 78,600 | 2,926,278 | ||||||
10,149,766 | ||||||||
Hotels & Motels (0.0%) | ||||||||
Prime Hospitality Corp. (b) | 29,100 | 309,042 | ||||||
Household Furnishings (0.1%) | ||||||||
American Woodmark Corp. | 6,000 | 359,100 | ||||||
Furniture Brands International, Inc. | 6,500 | 162,825 | ||||||
Kimball International, Inc., Class B | 18,900 | 278,775 | ||||||
800,700 | ||||||||
Identification Systems (0.2%) | ||||||||
Checkpoint Systems, Inc. (b) | 14,700 | 263,571 | ||||||
Hubbell, Inc. | 23,300 | 1,088,343 | ||||||
Paxar Corp. (b) | 3,600 | 70,272 | ||||||
1,422,186 | ||||||||
Industrial Specialties (0.3%) | ||||||||
Graftech International Ltd. (b) | 175,800 | 1,838,868 | ||||||
Unova, Inc. (b) | 31,600 | 639,900 | ||||||
2,478,768 | ||||||||
Instruments (0.7%) | ||||||||
Analogic Corp. | 11,800 | 500,674 | ||||||
Fisher Scientific International, Inc. (b) | 41,200 | 2,379,300 | ||||||
PerkinElmer, Inc. | 123,700 | 2,478,948 | ||||||
Watts Industries | 13,000 | 350,350 | ||||||
5,709,272 | ||||||||
Insurance: Life (1.5%) | ||||||||
Amerus Group Co. | 27,400 | 1,134,360 | ||||||
Conseco, Inc. (b) | 130,100 | 2,588,990 | ||||||
Delphi Financial Group | 35,550 | 1,581,975 | ||||||
FBL Financial Group, Inc., Class A | 5,800 | 163,908 | ||||||
Phoenix Co., Inc. | 88,300 | 1,081,675 | ||||||
Scottish Annuity & Life Holdings | 83,800 | 1,948,350 | ||||||
UICI (b) | 19,400 | 461,914 |
70
Table of Contents
GVIT SMALL CAP VALUE FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Insurance: Life (continued) | ||||||||
Universal American Financial Corp. (b) | 16,800 | $ | 184,464 | |||||
Unum Provident Corp. | 196,100 | 3,117,990 | ||||||
12,263,626 | ||||||||
Insurance: Multi-Line (1.0%) | ||||||||
Allmerica Financial Corp. (b) | 38,000 | 1,284,400 | ||||||
Aspen Insurance Holdings Ltd. | 70,600 | 1,640,038 | ||||||
Assurant, Inc. | 60,310 | 1,590,978 | ||||||
Reinsurance Group of America, Inc. | 31,800 | 1,292,670 | ||||||
United Fire & Casualty Corp. | 4,600 | 265,650 | ||||||
Wellchoice, Inc. (b) | 46,200 | 1,912,680 | ||||||
7,986,416 | ||||||||
Insurance: Property-Casualty (1.5%) | ||||||||
Argonaut Group, Inc. (b) | 25,900 | 477,337 | ||||||
Baldwin & Lyons, Inc., Class B | 5,200 | 139,568 | ||||||
Bristol West Holdings, Inc. | 24,800 | 451,112 | ||||||
Direct General Corp. | 11,400 | 367,764 | ||||||
LandAmerica Financial Group, Inc. | 21,200 | 825,316 | ||||||
Midland Co. | 1,100 | 32,615 | ||||||
Navigators Group, Inc. (The) (b) | 2,900 | 83,781 | ||||||
Nymagic, Inc. | 4,900 | 129,360 | ||||||
PMA Capital Corp., Class A | 75,500 | 679,500 | ||||||
PMI Group, Inc. | 91,400 | 3,977,728 | ||||||
ProAssurance Corp. (b) | 63,800 | 2,176,218 | ||||||
RLI Corp. | 8,900 | 324,850 | ||||||
Safety Insurance Group, Inc. | 2,300 | 49,266 | ||||||
Selective Insurance Group, Inc. | 19,300 | 769,684 | ||||||
State Auto Financial Corp. | 7,400 | 227,328 | ||||||
Stewart Information Services Corp. | 32,400 | 1,094,148 | ||||||
Zenith National Insurance Co. | 11,900 | 578,340 | ||||||
12,383,915 | ||||||||
Internet Software/ Services (0.4%) | ||||||||
Art Technology Group, Inc. (b) | 513,500 | 616,200 | ||||||
Harris Interactive, Inc. (b) | 6,000 | 40,320 | ||||||
Macromedia, Inc. (b) | 80,600 | 1,978,730 | ||||||
Safeguard Scientifics, Inc. (b) | 58,900 | 135,470 | ||||||
Secure Computing Corp. (b) | 24,500 | 285,425 | ||||||
Webmethods, Inc. (b) | 54,600 | 467,922 | ||||||
3,524,067 | ||||||||
Investment Banks/ Brokers (2.0%) | ||||||||
Affiliated Managers Group, Inc. (b) | 66,350 | 3,342,050 | ||||||
American Capital Strategies Ltd. | 115,000 | 3,222,300 | ||||||
Apollo Investment Corp. (b) | 124,400 | 1,712,988 | ||||||
E*TRADE Group, Inc. (b) | 374,300 | 4,173,444 | ||||||
Friedman, Billings, Ramsey Group, Inc. | 102,705 | 2,032,532 | ||||||
Labranche & Co., Inc. | 188,300 | 1,585,486 | ||||||
Technology Investment Capital Corp. | 43,910 | 593,268 | ||||||
16,662,068 | ||||||||
Leisure (1.1%) | ||||||||
Action Performance Companies, Inc. | 67,100 | 1,011,197 | ||||||
AMC Entertainment, Inc. (b) | 69,400 | 1,066,678 | ||||||
Arctic Cat, Inc. | 6,500 | 178,945 | ||||||
Argosy Gaming Co. (b) | 9,800 | 368,480 | ||||||
Bally Total Fitness Holding Corp. (b) | 1,100 | 5,500 | ||||||
Callaway Golf Co. | 53,400 | 605,556 | ||||||
K2, Inc. (b) | 120,800 | 1,896,560 | ||||||
Multimedia Games, Inc. (b) | 51,300 | 1,375,866 | ||||||
Regal Entertainment Group, Class A | 40,700 | 736,670 | ||||||
Six Flags, Inc. (b) | 254,000 | 1,844,040 | ||||||
9,089,492 | ||||||||
Linen Supply & Related Items (0.2%) | ||||||||
Angelica Corp. | 50,100 | 1,258,011 | ||||||
Unifirst Corp. | 12,500 | 363,625 | ||||||
1,621,636 | ||||||||
Machinery (2.6%) | ||||||||
AGCO Corp. (b) | 277,200 | 5,646,564 | ||||||
Albany International Corp., Class A | 21,100 | 708,116 | ||||||
Applied Industrial Technologies, Inc. | 59,700 | 1,798,164 | ||||||
BHA Group Holdings, Inc. | 1,900 | 71,915 | ||||||
Cascade Corp. | 36,600 | 1,143,750 | ||||||
Flowserve Corp. (b) | 60,400 | 1,506,376 | ||||||
Gardner Denver Machinery, Inc. (b) | 1,800 | 50,220 | ||||||
Global Power Equipment Group, Inc. (b) | 21,200 | 170,024 | ||||||
JLG Industries, Inc. | 66,700 | 926,463 | ||||||
Joy Global, Inc. | 86,800 | 2,598,792 | ||||||
Kadant, Inc. (b) | 1,800 | 41,634 | ||||||
Kennametal, Inc. | 29,100 | 1,332,780 | ||||||
Lufkin Industries, Inc. | 7,700 | 246,246 | ||||||
Milacron, Inc. (b) | 19,527 | 78,108 | ||||||
NACCO Industries, Inc., Class A | 5,600 | 532,000 | ||||||
Regal-Beloit Corp. | 12,500 | 278,250 | ||||||
Sauer-Danfoss, Inc. | 14,200 | 242,394 | ||||||
Tecumseh Products Co. | 7,800 | 321,282 | ||||||
Wabtec Corp. | 214,500 | 3,869,580 | ||||||
21,562,658 | ||||||||
Manufacturing (2.0%) | ||||||||
A.O. Smith Corp. | 11,900 | 378,301 | ||||||
Actuant Corp. (b) | 11,900 | 463,981 | ||||||
Acuity Brands, Inc. | 19,400 | 523,800 | ||||||
Ameron International Corp. | 7,100 | 242,323 | ||||||
Barnes Group, Inc. | 31,500 | 912,870 | ||||||
Carlisle Companies, Inc. | 44,000 | 2,739,000 | ||||||
ESCO Technologies, Inc. (b) | 8,600 | 458,896 | ||||||
Gerber Scientific, Inc. (b) | 51,700 | 365,002 | ||||||
Griffon Corp. (b) | 18,900 | 421,092 | ||||||
Harsco Corp. | 17,036 | 800,692 | ||||||
Jacuzzi Brands, Inc. (b) | 263,800 | 2,128,866 | ||||||
Oshkosh Truck Corp. | 27,400 | 1,570,294 | ||||||
Pentair, Inc. | 41,800 | 1,406,152 | ||||||
Quanex Corp. | 20,100 | 978,870 | ||||||
Teleflex, Inc. | 40,700 | 2,041,105 | ||||||
Thomas Industries, Inc. | 7,400 | 245,680 | ||||||
Tower Automotive, Inc. (b) | 27,600 | 100,464 | ||||||
Walter Industries, Inc. | 26,900 | 366,378 | ||||||
16,143,766 | ||||||||
71
Table of Contents
GVIT SMALL CAP VALUE FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Marketing Services (0.0%) | ||||||||
aQuantive, Inc. (b) | 26,800 | $ | 264,784 | |||||
E.Piphany, Inc. (b) | 11,900 | 57,477 | ||||||
322,261 | ||||||||
Medical & Dental Instruments & Supplies (0.9%) | ||||||||
CONMED Corp. (b) | 23,000 | 630,200 | ||||||
CTI Molecular Imaging, Inc. (b) | 9,800 | 138,964 | ||||||
Dj Orthopedics, Inc. (b) | 11,670 | 268,410 | ||||||
Invacare Corp. | 2,200 | 98,384 | ||||||
Kyphon, Inc. (b) | 16,100 | 453,698 | ||||||
Luminex Corp. (b) | 22,300 | 224,338 | ||||||
Orthovita, Inc. (b) | 70,200 | 360,828 | ||||||
Palatin Technologies, Inc. (b) | 8,600 | 36,206 | ||||||
PSS World Medical, Inc. (b) | 29,200 | 327,040 | ||||||
Quidel Corp. (b) | 230,000 | 1,354,700 | ||||||
Sola International, Inc. (b) | 28,600 | 492,778 | ||||||
STERIS Corp. (b) | 127,500 | 2,876,400 | ||||||
Surmodics, Inc. (b) | 1,100 | 27,104 | ||||||
7,289,050 | ||||||||
Medical — Biomedical/ Genetic (0.5%) | ||||||||
Bio-Rad Laboratories, Inc., Class A (b) | 41,200 | 2,425,032 | ||||||
Celera Genomics Group (b) | 10,600 | 122,006 | ||||||
Cell Genesys, Inc. (b) | 7,100 | 73,769 | ||||||
Cytogen Corp. (b) | 40,400 | 642,360 | ||||||
Cytokinetics, Inc. (b) | 21,900 | 325,215 | ||||||
Genelabs Technologies (b) | 171,800 | 396,858 | ||||||
Human Genome Sciences, Inc. (b) | 27,100 | 315,173 | ||||||
SuperGen, Inc. (b) | 22,700 | 146,415 | ||||||
4,446,828 | ||||||||
Medical Information Systems (0.4%) | ||||||||
Computer Programs & Systems, Inc. | 13,000 | 264,940 | ||||||
PER-SE Technologies, Inc. (b) | 192,500 | 2,798,950 | ||||||
3,063,890 | ||||||||
Metals (1.1%) | ||||||||
Circor International, Inc. | 12,100 | 246,719 | ||||||
Commercial Metals Co. | 15,700 | 509,465 | ||||||
Maverick Tube Corp. (b) | 59,390 | 1,559,581 | ||||||
Nn, Inc. | 25,900 | 329,189 | ||||||
Penn Energineering & Manufacturing Corp. | 1,500 | 32,160 | ||||||
RTI International Metals, Inc. (b) | 20,900 | 333,355 | ||||||
Ryerson Tull, Inc. | 28,800 | 457,344 | ||||||
Stillwater Mining Co. (b) | 115,500 | 1,733,655 | ||||||
Timken Co. | 114,100 | 3,022,509 | ||||||
Valmont Industries, Inc. | 31,500 | 721,350 | ||||||
8,945,327 | ||||||||
Music (0.1%) | ||||||||
Steinway Musical Instruments, Inc. (b) | 13,000 | 456,170 | ||||||
Networking Products (0.7%) | ||||||||
Anixter International, Inc. | 15,300 | 520,659 | ||||||
Enterasys Networks, Inc. (b) | 496,800 | 1,048,248 | ||||||
Foundry Networks, Inc. (b) | 5,700 | 80,199 | ||||||
Hypercom Corp. (b) | 149,800 | 1,265,810 | ||||||
Safenet, Inc. (b) | 97,785 | 2,706,689 | ||||||
5,621,605 | ||||||||
Office Equipment & Services (0.4%) | ||||||||
Global Imaging Systems, Inc. (b) | 63,700 | 2,335,242 | ||||||
Imagistics International, Inc (b) | 17,500 | 619,500 | ||||||
2,954,742 | ||||||||
Oil & Gas (5.0%) | ||||||||
Cal Dive International, Inc. (b) | 4,400 | 133,408 | ||||||
Cascade Natural Gas Corp. | 11,800 | 260,426 | ||||||
Chesapeake Energy Corp. | 200,600 | 2,952,832 | ||||||
Cimarex Energy Co. (b) | 18,900 | 571,347 | ||||||
Comstock Resources, Inc. (b) | 22,800 | 443,688 | ||||||
Cooper Cameron Corp. (b) | 35,600 | 1,733,720 | ||||||
Denbury Resources, Inc. (b) | 52,900 | 1,108,255 | ||||||
Energen Corp. | 22,700 | 1,089,373 | ||||||
Global Industries Ltd. (b) | 360,100 | 2,059,772 | ||||||
Grant Prideco, Inc. (b) | 145,400 | 2,684,084 | ||||||
Hanover Compressor Co. (b) | 12,500 | 148,750 | ||||||
Houston Exploration Co. (b) | 14,700 | 762,048 | ||||||
KCS Energy, Inc. (b) | 106,100 | 1,413,252 | ||||||
Key Energy Services, Inc. (b) | 558,455 | 5,271,815 | ||||||
Lone Star Technologies, Inc. (b) | 78,100 | 2,152,436 | ||||||
Magnum Hunter Resources, Inc. (b) | 68,500 | 711,030 | ||||||
New Jersey Resources Corp. | 38,200 | 1,588,356 | ||||||
Newfield Exploration Co. (b) | 43,600 | 2,430,264 | ||||||
Northwest Natural Gas Co. | 17,800 | 542,900 | ||||||
Oceaneering International, Inc. (b) | 8,900 | 304,825 | ||||||
Oil States International, Inc. (b) | 27,700 | 423,810 | ||||||
Parker Drilling Co. (b) | 584,400 | 2,232,408 | ||||||
Patterson-UTI Energy, Inc. | 92,700 | 3,097,107 | ||||||
RPC Energy Services, Inc. | 21,500 | 339,915 | ||||||
South Jersey Industries, Inc. | 20,200 | 888,800 | ||||||
Stone Energy Corp. (b) | 19,400 | 886,192 | ||||||
Swift Energy Co. (b) | 35,400 | 780,924 | ||||||
Tesoro Petroleum Corp. (b) | 49,900 | 1,377,240 | ||||||
Universal Compression Holdings (b) | 9,800 | 300,664 | ||||||
Veritas DGC, Inc. (b) | 20,100 | 465,315 | ||||||
Vintage Petroleum, Inc. | 41,100 | 697,467 | ||||||
39,852,423 | ||||||||
Paints & Coatings (0.2%) | ||||||||
Kronos Worldwide, Inc. | 432 | 14,778 | ||||||
Valspar Corp. | 31,300 | 1,578,772 | ||||||
1,593,550 | ||||||||
Paper & Related Products (0.2%) | ||||||||
Rock-Tenn Co. | 11,300 | 191,535 | ||||||
Schweitzer-Mauduit International, Inc. | 26,800 | 820,884 | ||||||
Wausau-Mosinee Paper Corp. | 35,500 | 614,150 | ||||||
1,626,569 | ||||||||
Pharmacy Services (0.4%) | ||||||||
Omnicare, Inc. | 69,300 | 2,966,733 | ||||||
72
Table of Contents
GVIT SMALL CAP VALUE FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Private Corrections (0.0%) | ||||||||
Cornell Corrections, Inc. (b) | 11,500 | $ | 156,400 | |||||
Geo Group, Inc. (The) (b) | 11,500 | 234,600 | ||||||
391,000 | ||||||||
Publishing (0.4%) | ||||||||
Banta Corp. | 4,600 | 204,286 | ||||||
Donnelley (R.R.) & Sons Co. | 32,261 | 1,065,258 | ||||||
Journal Register Co. (b) | 9,800 | 196,000 | ||||||
Proquest Co. (b) | 45,725 | 1,246,006 | ||||||
Pulitzer, Inc. | 6,500 | 317,850 | ||||||
3,029,400 | ||||||||
Railroads (0.1%) | ||||||||
Genesee & Wyoming, Inc. (b) | 31,400 | 744,180 | ||||||
Real Estate (0.1%) | ||||||||
HomeStore.com, Inc. (b) | 73,400 | 292,866 | ||||||
Jones Lang Lasalle, Inc. (b) | 22,800 | 617,880 | ||||||
910,746 | ||||||||
Real Estate Investment Trusts (5.8%) | ||||||||
Alexandria Real Estate Equities, Inc. | 9,500 | 539,410 | ||||||
American Financial Realty Trust | 273,000 | 3,901,169 | ||||||
American Home Mortgage Investment Corp. | 67,489 | 1,749,990 | ||||||
Anthracite Capital, Inc. | 102,600 | 1,229,148 | ||||||
Ashford Hospitality Trust | 306,800 | 2,561,780 | ||||||
Associated Estates Realty Corp. | 31,600 | 254,380 | ||||||
Bedford Property Investors, Inc. | 34,800 | 1,017,552 | ||||||
Capital Automotive | 37,500 | 1,099,875 | ||||||
Capital Lease Funding, Inc. (b) | 141,600 | 1,472,640 | ||||||
CarrAmerica Realty Corp. | 111,500 | 3,370,645 | ||||||
CBL & Associates Properties, Inc. | 66,000 | 3,630,000 | ||||||
Developers Diversified Realty Corp. | 62,100 | 2,196,477 | ||||||
Equity Inns, Inc. | 120,400 | 1,118,516 | ||||||
Gables Residential Trust | 9,800 | 333,004 | ||||||
Glenborough Realty Trust, Inc. | 51,300 | 941,355 | ||||||
Government Properties Trust | 31,900 | 333,355 | ||||||
Highwood Properties, Inc. | 32,300 | 759,050 | ||||||
Impac Mortgage Holdings | 42,700 | 961,604 | ||||||
IndyMac Bancorp, Inc. | 8,100 | 255,960 | ||||||
InnKeepers USA Trust | 56,400 | 581,484 | ||||||
La Quinta Corp. (b) | 13,200 | 110,880 | ||||||
Lasalle Hotel Properties | 19,400 | 473,360 | ||||||
Lexington Corporate Properties Trust | 86,900 | 1,730,179 | ||||||
Liberty Property Trust | 30,200 | 1,214,342 | ||||||
LTC Properties, Inc. | 35,900 | 595,940 | ||||||
MeriStar Hospitality Corp. (b) | 93,800 | 641,592 | ||||||
MFA Mortgage Investments, Inc. | 29,500 | 262,550 | ||||||
Mid-America Apartment Communities, Inc. | 58,000 | 2,197,620 | ||||||
National Health Investors, Inc. | 52,900 | 1,438,351 | ||||||
Novastar Financial, Inc. | 13,000 | 493,480 | ||||||
Parkway Properties, Inc. | 13,000 | 577,850 | ||||||
Pennsylvania Real Estate Investment Trust | 36,300 | 1,243,275 | ||||||
Rait Investment Trust | 40,800 | 1,005,720 | ||||||
Saul Centers, Inc. | 25,500 | 818,805 | ||||||
Senior Housing Properties Trust | 54,500 | 915,055 | ||||||
Sun Communities, Inc. | 22,800 | 858,420 | ||||||
Tanger Factory Outlet Centers | 11,000 | 430,100 | ||||||
Taubman Centers, Inc. | 17,600 | 402,864 | ||||||
Urstadt Biddle Properties, Class A | 5,600 | 82,936 | ||||||
Ventas, Inc. | 95,200 | 2,222,920 | ||||||
Winston Hotels | 55,300 | 572,355 | ||||||
46,595,988 | ||||||||
Rental Auto/ Equipment (0.4%) | ||||||||
Aaron Rents, Inc. | 21,700 | 719,138 | ||||||
Dollar Thrifty Automotive Group, Inc. (b) | 83,300 | 2,285,752 | ||||||
Rent-Way, Inc. (b) | 34,800 | 313,200 | ||||||
3,318,090 | ||||||||
Research & Development (0.1%) | ||||||||
PAREXEL International Corp. (b) | 8,600 | 170,280 | ||||||
URS Corp. (b) | 13,000 | 356,200 | ||||||
526,480 | ||||||||
Restaurants (1.0%) | ||||||||
Bob Evans Farms | 1,800 | 49,284 | ||||||
CBRL Group, Inc. | 57,200 | 1,764,620 | ||||||
Jack in the Box, Inc. (b) | 24,400 | 724,680 | ||||||
Krispy Kreme Doughnuts, Inc. (b) | 108,400 | 2,069,356 | ||||||
Landry’s Seafood Restaurants, Inc. | 41,600 | 1,243,424 | ||||||
Papa John’s International, Inc. (b) | 7,400 | 218,596 | ||||||
Ruby Tuesday, Inc. | 71,500 | 1,962,675 | ||||||
Ryans Restaurant Group, Inc. (b) | 6,500 | 102,700 | ||||||
8,135,335 | ||||||||
Retail (4.7%) | ||||||||
Abercrombie & Fitch Co. | 19,400 | 751,750 | ||||||
Aeropostale, Inc. (b) | 43,200 | 1,162,512 | ||||||
Big Lots, Inc. (b) | 76,500 | 1,106,190 | ||||||
Bombay Co., Inc. (b) | 160,500 | 983,865 | ||||||
Brown Shoe Company, Inc. | 54,800 | 2,242,964 | ||||||
Casey’s General Stores, Inc. | 11,800 | 215,940 | ||||||
Cash America International, Inc. | 54,500 | 1,253,500 | ||||||
Charlotte Russe Holding, Inc. (b) | 4,000 | 85,520 | ||||||
Charming Shoppes, Inc. (b) | 119,800 | 1,069,814 | ||||||
Children’s Place (b) | 5,400 | 127,008 | ||||||
Circuit City Stores, Inc. | 353,800 | 4,581,710 | ||||||
Cole (Kenneth) Productions, Inc. | 11,600 | 397,532 | ||||||
Cole National Corp., Class A (b) | 1,800 | 42,030 | ||||||
CSK Auto Corp. (b) | 100,300 | 1,719,142 | ||||||
Dillard’s, Inc., Class A | 29,200 | 651,160 | ||||||
Dollar Tree Stores, Inc. (b) | 82,600 | 2,265,718 | ||||||
Dress Barn, Inc.(b) | 19,200 | 328,704 | ||||||
Finlay Enterprises, Inc. (b) | 51,500 | 969,230 | ||||||
Gamestop Corp., Class A (b) | 8,300 | 126,326 | ||||||
Genesco, Inc. (b) | 18,500 | 437,155 | ||||||
Goody’s Family Clothing, Inc. | 7,900 | 81,923 | ||||||
Great Atlantic & Pacific Tea Co., Inc. (The) (b) | 14,700 | 112,602 | ||||||
Guitar Center, Inc. (b) | 30,100 | 1,338,547 | ||||||
Hollywood Entertainment Corp. (b) | 32,300 | 431,528 | ||||||
Insight Enterprises, Inc. (b) | 60,600 | 1,076,256 | ||||||
J. Jill Group, Inc. (b) | 10,200 | 240,618 |
73
Table of Contents
GVIT SMALL CAP VALUE FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Retail (continued) | ||||||||
Jo-Ann Stores, Inc. (b) | 15,300 | $ | 449,820 | |||||
Jos A Bank Clothiers, Inc. (b) | 43,400 | 1,362,326 | ||||||
Linen ’n Things, Inc. (b) | 119,300 | 3,496,683 | ||||||
Men’s Wearhouse, Inc. (The) (b) | 13,600 | 358,904 | ||||||
Mothers Work, Inc (b) | 8,100 | 166,617 | ||||||
Movado Group, Inc. | 2,200 | 37,950 | ||||||
Movie Gallery, Inc. | 5,600 | 109,480 | ||||||
Pantry, Inc. (b) | 4,700 | 102,460 | ||||||
Pathmark Stores, Inc. (b) | 18,100 | 137,922 | ||||||
Payless Shoesource, Inc. (b) | 31,900 | 475,629 | ||||||
Pep Boys-Manny, Moe & Jack | 26,800 | 679,380 | ||||||
School Specialty, Inc. (b) | 2,200 | 79,882 | ||||||
ShopKo Stores, Inc. (b) | 113,900 | 1,610,546 | ||||||
Smart & Final, Inc. (b) | 14,700 | 176,694 | ||||||
Sonic Automotive, Inc. | 5,600 | 124,040 | ||||||
Sports Authority, Inc. (The) (b) | 4,600 | 165,140 | ||||||
Stage Stores, Inc. (b) | 12,700 | 478,282 | ||||||
Systemax, Inc. (b) | 23,000 | 154,100 | ||||||
Talbots, Inc. | 52,800 | 2,067,120 | ||||||
Too, Inc. (b) | 23,300 | 389,110 | ||||||
Vans, Inc. (b) | 14,400 | 295,920 | ||||||
Winn-Dixie Stores, Inc. | 97,600 | 702,720 | ||||||
World Fuel Services Corp. | 5,200 | 234,416 | ||||||
Zale Corp. (b) | 11,600 | 316,216 | ||||||
37,970,601 | ||||||||
Rubber/ Tires (0.6%) | ||||||||
Cooper Tire & Rubber Co. | 205,000 | 4,715,000 | ||||||
Savings & Loans (2.7%) | ||||||||
Bankatlantic Bancorp, Inc. | 276,020 | 5,092,569 | ||||||
Bankunited Financial Corp. (b) | 79,700 | 2,056,260 | ||||||
Commercial Capital Bancorp (b) | 142,566 | 2,476,371 | ||||||
Commercial Federal Corp. | 11,500 | 311,650 | ||||||
Dime Community Bancshares | 17,850 | 312,018 | ||||||
First Financial Holdings, Inc. | 5,400 | 155,574 | ||||||
First Niagara Financial Group, Inc. | 13,439 | 161,268 | ||||||
FirstFed Financial Corp. (b) | 11,500 | 478,400 | ||||||
Flagstar Bancorp | 21,700 | 431,396 | ||||||
Franklin Bank Corp. (b) | 85,540 | 1,353,243 | ||||||
Hudson River Bancorp | 63,800 | 1,089,066 | ||||||
Independence Community Bank Corp. | 55,000 | 2,002,000 | ||||||
ITLA Capital Corp. (b) | 5,200 | 210,964 | ||||||
MAF Bancorp, Inc. | 19,843 | 846,899 | ||||||
NetBank, Inc. | 36,700 | 401,131 | ||||||
Ocwen Financial Corp. (b) | 22,200 | 267,288 | ||||||
Sterling Financial Corp. (b) | 42,570 | 1,356,706 | ||||||
Tierone Corp. | 16,700 | 359,217 | ||||||
Webster Financial Corp. | 47,800 | 2,247,556 | ||||||
WSFS Financial Corp. | 8,600 | 418,562 | ||||||
22,028,138 | ||||||||
Security Services (0.1%) | ||||||||
Integrated Alarm Systems Group, Inc. (b) | 218,100 | 1,177,740 | ||||||
Semiconductors (4.1%) | ||||||||
Actel Corp. (b) | 7,400 | 136,900 | ||||||
Atmel Corp. (b) | 345,500 | 2,045,360 | ||||||
Axcelis Technologies, Inc. (b) | 603,700 | 7,510,028 | ||||||
Bookham Technology PLC ADR — GB (b) | 1,745,700 | 1,675,872 | ||||||
Cirrus Logic, Inc. (b) | 46,700 | 280,667 | ||||||
Cohu, Inc. | 4,700 | 89,488 | ||||||
Conexant Systems, Inc. (b) | 296,600 | 1,284,278 | ||||||
Dsp Group, Inc. (b) | 12,500 | 340,500 | ||||||
DuPont Photomasks, Inc. (b) | 86,200 | 1,752,446 | ||||||
Emulex Corp. (b) | 87,300 | 1,249,263 | ||||||
ESS Technology, Inc. (b) | 23,000 | 246,330 | ||||||
Exar Corp. (b) | 7,800 | 114,348 | ||||||
Fairchild Semiconductor Corp. (b) | 209,575 | 3,430,743 | ||||||
Fsi International, Inc. (b) | 109,790 | 857,460 | ||||||
Intergrated Silicon Solution (b) | 16,300 | 199,023 | ||||||
Lattice Semiconductor Corp. (b) | 251,900 | 1,765,819 | ||||||
LTX Corp. (b) | 460,100 | 4,973,681 | ||||||
MKS Instruments, Inc. (b) | 6,100 | 139,202 | ||||||
On Semiconductor Corp. (b) | 35,500 | 178,210 | ||||||
Photronics, Inc. (b) | 206,700 | 3,914,898 | ||||||
Richardson Electronics Ltd. | 24,200 | 268,136 | ||||||
SIPEX Corp. (b) | 43,100 | 245,670 | ||||||
Skyworks Solutions, Inc. (b) | 29,500 | 257,535 | ||||||
Standard Microsystems Corp. (b) | 7,400 | 172,568 | ||||||
Vitesse Semiconductor Corp. (b) | 26,600 | 129,808 | ||||||
33,258,233 | ||||||||
Steel (2.3%) | ||||||||
AK Steel Holding Corp. (b) | 57,000 | 300,390 | ||||||
Allegheny Technologies, Inc. | 220,700 | 3,983,635 | ||||||
Carpenter Technology Corp. | 8,600 | 292,830 | ||||||
Intl Steel Group Co. (b) | 139,800 | 4,159,050 | ||||||
Reliance Steel & Aluminum Co. | 31,900 | 1,286,208 | ||||||
Schnitzer Steel Industries, Inc. | 8,500 | 288,660 | ||||||
Shaw Group, Inc. (b) | 311,700 | 3,157,521 | ||||||
Steel Dynamics (b) | 47,500 | 1,359,925 | ||||||
United States Steel Corp. | 115,800 | 4,066,896 | ||||||
18,895,115 | ||||||||
Telecommunications (2.0%) | ||||||||
Airgate PCS., Inc. (b) | 35,700 | 653,310 | ||||||
Alamosa Holdings, Inc. (b) | 234,400 | 1,722,840 | ||||||
Arris Group, Inc. (b) | 437,100 | 2,596,374 | ||||||
Asiainfo Holdings, Inc. (b) | 6,500 | 34,320 | ||||||
C-COR.net Corp. (b) | 6,100 | 62,769 | ||||||
Corvis Corp. (b) | 142,800 | 201,348 | ||||||
Ditech Communications Corp. (b) | 14,200 | 331,428 | ||||||
Dobson Communications Corp., Class A (b) | 1,157,600 | 3,773,776 | ||||||
General Communication, Inc. (b) | 20,100 | 159,594 | ||||||
MRV Communications, Inc. (b) | 63,200 | 173,168 | ||||||
North Pittsburgh Systems, Inc. | 9,800 | 196,490 | ||||||
Primus Telecommunications Group, Inc. (b) | 566,900 | 2,879,852 | ||||||
Ptek Holdings, Inc. (b) | 126,800 | 1,462,004 | ||||||
Sycamore Networks, Inc. (b) | 31,700 | 134,091 | ||||||
Talk America Holdings, Inc. (b) | 18,900 | 144,963 |
74
Table of Contents
GVIT SMALL CAP VALUE FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Telecommunications (continued) | ||||||||
Terayon Communication Systems, Inc. (b) | 31,900 | $ | 74,646 | |||||
UbiquiTel, Inc. (b) | 402,200 | 1,697,284 | ||||||
16,298,257 | ||||||||
Textiles (0.6%) | ||||||||
G & K Services, Inc. | 16,100 | 647,059 | ||||||
Kellwood Co. | 75,800 | 3,301,090 | ||||||
Quiksilver, Inc. (b) | 16,000 | 380,960 | ||||||
Tommy Hilfiger Corp. (b) | 49,700 | 752,458 | ||||||
5,081,567 | ||||||||
Therapeutics (0.5%) | ||||||||
Abgenix, Inc. (b) | 13,000 | 152,360 | ||||||
Avanir Pharmaceuticals, Class A (b) | 376,900 | 633,192 | ||||||
Corixa Corp. (b) | 37,000 | 172,790 | ||||||
Discovery Laboratories, Inc. (b) | 22,700 | 217,693 | ||||||
Dyax Corp. (b) | 84,400 | 991,700 | ||||||
Neopharm, Inc. (b) | 111,006 | 1,146,692 | ||||||
Sciclone Pharmaceuticals (b) | 39,600 | 202,356 | ||||||
United Therapeutics Corp. (b) | 6,100 | 156,465 | ||||||
3,673,248 | ||||||||
Tires & Rubber (0.0%) | ||||||||
Bandag, Inc. | 5,400 | 240,462 | ||||||
�� | ||||||||
Tobacco (0.3%) | ||||||||
Standard Commercial Corp. | 27,600 | 498,180 | ||||||
Universal Corp. | 42,000 | 2,139,480 | ||||||
2,637,660 | ||||||||
Toys (0.0%) | ||||||||
JAKKS Pacific, Inc. (b) | 7,700 | 160,083 | ||||||
Transportation (3.4%) | ||||||||
Central Freight Lines, Inc. (b) | 80,800 | 646,400 | ||||||
Covenant Transport, Inc., Class A (b) | 12,500 | 213,625 | ||||||
Gatx Corp. | 29,900 | 813,280 | ||||||
Greenbrier Cos., Inc. (b) | 7,400 | 140,970 | ||||||
Interpool, Inc. | 13,500 | 223,425 | ||||||
Kirby Corp. (b) | 63,410 | 2,466,649 | ||||||
Offshore Logistics, Inc. (b) | 13,600 | 382,432 | ||||||
Overnite Corp. | 92,075 | 2,707,005 | ||||||
Overseas Shipholding Group, Inc. | 17,200 | 759,036 | ||||||
Pacer International, Inc. (b) | 92,400 | 1,709,400 | ||||||
Quality Distribution, Inc. (b) | 178,220 | 1,965,767 | ||||||
RailAmerica, Inc. (b) | 49,800 | 727,080 | ||||||
Scs Transportation, Inc. (b) | 49,500 | 1,306,305 | ||||||
Swift Transportation Co., Inc. (b) | 140,900 | 2,529,155 | ||||||
Tidewater, Inc. | 146,400 | 4,362,720 | ||||||
U.S. Xpress Enterprises, Inc. (b) | 8,800 | 138,424 | ||||||
USF Corp. | 32,700 | 1,148,751 | ||||||
Werner Enterprises, Inc. | 25,700 | 542,270 | ||||||
Yellow Roadway Corp. (b) | 115,000 | 4,583,900 | ||||||
27,366,594 | ||||||||
Travel Services (0.8%) | ||||||||
Navigant International, Inc. (b) | 20,900 | 371,811 | ||||||
Orbitz, Inc. (b) | 158,700 | 3,431,094 | ||||||
Pegasus Systems, Inc. (b) | 198,700 | 2,608,931 | ||||||
Sabre Holdings, Inc. | 11,600 | 321,436 | ||||||
6,733,272 | ||||||||
Utilities (4.0%) | ||||||||
Allegheny Energy, Inc. (b) | 15,300 | 235,773 | ||||||
American States Water Co. | 9,158 | 212,832 | ||||||
Atmos Energy Corp. | 11,900 | 304,521 | ||||||
Avista Corp. | 28,600 | 526,812 | ||||||
Black Hills Corp. | 65,820 | 2,073,330 | ||||||
California Water Service Group | 18,800 | 517,940 | ||||||
CH Energy Group, Inc. | 14,200 | 659,448 | ||||||
Charter Communications, Inc. (b) | 110,500 | 433,160 | ||||||
Cincinnati Bell, Inc. (b) | 135,900 | 603,396 | ||||||
Cleco Corp. | 21,200 | 381,176 | ||||||
CMS Energy Corp. (b) | 130,600 | 1,192,378 | ||||||
Commonwealth Telephone Enterprises, Inc. (b) | 6,500 | 291,005 | ||||||
CT Communications, Inc. | 43,400 | 653,170 | ||||||
Duquesne Light Holdings | 127,700 | 2,465,887 | ||||||
El Paso Electric Co. (b) | 49,800 | 768,912 | ||||||
Insight Communications Co., Inc. (b) | 25,600 | 237,056 | ||||||
Nextel Partners, Inc. (b) | 82,300 | 1,310,216 | ||||||
NUI Corp. | 12,500 | 182,500 | ||||||
PNM Resource, Inc. | 49,350 | 1,025,000 | ||||||
Questar Corp. | 67,200 | 2,596,608 | ||||||
Sierra Pacific Resources (b) | 170,200 | 1,312,242 | ||||||
SJW Corp. | 2,000 | 68,000 | ||||||
Southern Union Co. (b) | 62,200 | 1,311,176 | ||||||
Southwest Gas Corp. | 40,600 | 979,678 | ||||||
Southwestern Energy Co. (b) | 86,900 | 2,491,423 | ||||||
Time Warner Telecom, Inc. (b) | 30,600 | 128,214 | ||||||
Uil Holdings Corp. | 7,800 | 379,782 | ||||||
UniSource Energy Corp. | 59,700 | 1,483,545 | ||||||
Westar Energy, Inc. | 131,100 | 2,610,201 | ||||||
Western Gas Resources, Inc. | 90,000 | 2,923,199 | ||||||
Wisconsin Energy Corp. | 76,200 | 2,484,882 | ||||||
32,843,462 | ||||||||
Waste Management (0.4%) | ||||||||
Casella Waste Systems, Inc., Class A (b) | 34,100 | 448,415 | ||||||
Ionics, Inc. (b) | 13,100 | 370,075 | ||||||
Waste Connections, Inc. (b) | 89,100 | 2,642,706 | ||||||
3,461,196 | ||||||||
Wire and Cable Products (0.1%) | ||||||||
Encore Wire Corp. (b) | 15,300 | 421,821 | ||||||
Wireless Equipment (0.2%) | ||||||||
REMEC, Inc. (b) | 260,900 | 1,648,888 | ||||||
Total Common Stocks | 786,862,968 | |||||||
75
Table of Contents
GVIT SMALL CAP VALUE FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
Repurchase Agreements (4.2%) | ||||||||
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $13,716,353 (Fully collateralized by AA Rated Corporate Bonds) | $ | 13,715,789 | $ | 13,715,789 | ||||
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $20,323,406 (Fully collateralized by AA Rated Corporate Bonds & U.S. Agency Mortgages) | 20,322,571 | 20,322,571 | ||||||
Total Repurchase Agreements | 34,038,360 | |||||||
U.S. Treasury Notes (0.1%) | ||||||||
United States Treasury Note, 2.125%, 10/31/04 | 960,000 | 961,837 | ||||||
Total U.S. Treasury Notes | 961,837 | |||||||
WARRANT (0.0%) | ||||||||
Electrical Equipment (0.0%) | ||||||||
Del Global Tech Corp. | 66 | 53 | ||||||
Total Warrant | 53 | |||||||
Total Investments (Cost $773,831,105) (a) — 100.8% | 821,863,218 | |||||||
Liabilities in excess of other assets — (0.8)% | (6,732,326 | ) | ||||||
NET ASSETS — 100.0% | $ | 815,130,892 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 85,495,526 | ||
Unrealized depreciation | (37,463,413 | ) | ||
Net unrealized appreciation (depreciation) | $ | 48,032,113 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | Denotes a non-income producing security. |
ADR | American Depositary Receipt |
CA | Canada |
GB | United Kingdom |
IE | Ireland |
At June 30, 2004 the Fund’s open futures contracts were as follows:
Market | ||||||||||||||||
Value | Unrealized | |||||||||||||||
Number of | Covered by | Appreciation | ||||||||||||||
Contracts | Long Contracts | Expiration | Contracts | (Depreciation) | ||||||||||||
51 | Russell 2000 Future | 09/17/04 | $ | 15,104,925 | $ | 436,608 |
See notes to financial statements.
76
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (94.0%) | ||||||||
Advertising Services (2.0%) | ||||||||
Getty Images, Inc. (b) | 33,750 | $ | 2,025,000 | |||||
Ventiv Health, Inc. (b) | 78,800 | 1,219,824 | ||||||
3,244,824 | ||||||||
Aerospace/ Defense (0.8%) | ||||||||
Innovative Solutions & Support, Inc. (b) | 30,500 | 595,360 | ||||||
MTC Technologies, Inc. (b) | 28,500 | 735,870 | ||||||
1,331,230 | ||||||||
Airlines (0.5%) | ||||||||
Mesa Air Group, Inc. (b) | 96,300 | 779,067 | ||||||
Auto Parts & Equipment (4.2%) | ||||||||
A.S.V., Inc. (b) | 30,683 | 960,685 | ||||||
Gentex Corp. | 58,700 | 2,329,216 | ||||||
LKQ Corp. (b) | 43,497 | 805,999 | ||||||
Noble International, Ltd. | 20,000 | 495,400 | ||||||
O’Reilly Automotive, Inc. (b) | 44,700 | 2,020,440 | ||||||
6,611,740 | ||||||||
Beverages (0.5%) | ||||||||
Hansen Natural Corp. (b) | 32,567 | 824,922 | ||||||
Computer Software & Services (6.9%) | ||||||||
Altiris, Inc. (b) | 52,500 | 1,449,525 | ||||||
Avid Technology, Inc. (b) | 34,000 | 1,855,380 | ||||||
Cerner Corp. (b) | 49,650 | 2,213,396 | ||||||
EPIQ Systems, Inc. (b) | 44,910 | 651,195 | ||||||
Lexar Media, Inc. (b) | 64,300 | 429,524 | ||||||
Magma Design Automation, Inc. (b) | 21,900 | 421,137 | ||||||
MemberWorks, Inc. (b) | 37,650 | 1,115,193 | ||||||
Merge Technologies, Inc. (b) | 46,900 | 686,147 | ||||||
Secure Computing Corp. (b) | 35,000 | 407,750 | ||||||
Synaptics, Inc. (b) | 87,600 | 1,677,540 | ||||||
10,906,787 | ||||||||
Consulting Services (1.1%) | ||||||||
MAXIMUS, Inc. (b) | 49,900 | 1,769,454 | ||||||
Cosmetics & Toiletries (0.9%) | ||||||||
Alberto Culver Co., Class B | 28,750 | 1,441,525 | ||||||
Diagnostic Equipment (0.5%) | ||||||||
Gen-Probe, Inc. (b) | 17,600 | 832,832 | ||||||
Distribution (1.2%) | ||||||||
Central European Distribution Corp. (b) | 71,600 | 1,855,156 | ||||||
E-Marketing & Information (1.9%) | ||||||||
aQuantive, Inc. (b) | 174,800 | 1,727,024 | ||||||
ValueClick, Inc. (b) | 105,100 | 1,259,098 | ||||||
2,986,122 | ||||||||
Education (1.4%) | ||||||||
ITT Educational Services, Inc. (b) | 59,700 | 2,269,794 | ||||||
Electronics (3.1%) | ||||||||
Cree, Inc. (b) | 135,550 | 3,155,604 | ||||||
Intergrated Silicon Solution, Inc. (b) | 58,100 | 709,401 | ||||||
Pixelworks, Inc. (b) | 70,000 | 1,072,400 | ||||||
4,937,405 | ||||||||
Entertainment Software (0.9%) | ||||||||
Take-Two Interactive Software, Inc. (b) | 48,260 | 1,478,686 | ||||||
Environmental (1.0%) | ||||||||
Stericycle, Inc. (b) | 30,720 | 1,589,453 | ||||||
Financial (3.7%) | ||||||||
Chicago Mercantile Exchange | 18,109 | 2,614,396 | ||||||
Euronet Worldwide, Inc. (b) | 52,191 | 1,207,178 | ||||||
Financial Federal Corp. (b) | 60,050 | 2,117,363 | ||||||
5,938,937 | ||||||||
Financial Services (4.5%) | ||||||||
City National Corp. | 13,200 | 867,240 | ||||||
FactSet Research Systems, Inc. | 42,450 | 2,006,612 | ||||||
Portfolio Recovery Associates, Inc. (b) | 29,000 | 799,530 | ||||||
Southwest Bancorp of Texas, Inc. | 30,600 | 1,350,072 | ||||||
The Corporate Executive Board Co. | 37,900 | 2,190,241 | ||||||
7,213,695 | ||||||||
Food & Beverage (2.2%) | ||||||||
American Italian Pasta Co. | 51,900 | 1,581,912 | ||||||
Krispy Kreme Doughnuts, Inc. (b) | 33,950 | 648,106 | ||||||
Robert Mondavi Corp. (The)(b) | 33,400 | 1,236,468 | ||||||
3,466,486 | ||||||||
Healthcare Services (10.2%) | ||||||||
American Healthways, Inc. (b) | 112,926 | 3,006,089 | ||||||
AmSurg Corp. (b) | 94,900 | 2,384,837 | ||||||
Dendrite International, Inc. (b) | 147,800 | 2,746,124 | ||||||
HealthExtras, Inc. (b) | 50,240 | 832,477 | ||||||
Odyssey Healthcare, Inc. (b) | 137,200 | 2,582,104 | ||||||
Omnicare, Inc. | 21,000 | 899,010 | ||||||
ResMed, Inc. (b) | 20,800 | 1,059,968 | ||||||
VISX, Inc. (b) | 103,350 | 2,761,512 | ||||||
16,272,121 | ||||||||
Housewares (0.4%) | ||||||||
Lifetime Hoan Corp. | 27,711 | 631,534 | ||||||
Instruments — Control (0.9%) | ||||||||
BEI Technologies, Inc. | 48,200 | 1,364,542 | ||||||
Internet (5.8%) | ||||||||
Ask Jeeves, Inc. (b) | 17,600 | 686,928 | ||||||
Checkfree Corp. (b) | 84,006 | 2,520,180 | ||||||
Ctrip.com International Ltd. ADR — KY (b) | 22,713 | 768,381 | ||||||
Kintera, Inc. (b) | 12,173 | 126,964 | ||||||
Netease.com, Inc. ADR — KY (b) | 38,900 | 1,607,348 | ||||||
Safenet, Inc. (b) | 36,800 | 1,018,624 | ||||||
SINA Corp. (b) | 26,300 | 867,637 | ||||||
Sohu.com, Inc. (b) | 77,950 | 1,549,646 | ||||||
9,145,708 | ||||||||
Internet Applications Software (2.3%) | ||||||||
At Road, Inc. (b) | 85,985 | 657,785 | ||||||
CyberSource Corp. (b) | 36,500 | 305,140 |
77
Table of Contents
GVIT SMALL CAP GROWTH FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Internet Applications Software (continued) | ||||||||
eResearch Technology, Inc. (b) | 65,600 | $ | 1,836,800 | |||||
SupportSoft, Inc. (b) | 92,700 | 804,636 ------------ 3,604,361 | ||||||
Internet Security (0.5%) | 23,302 | 780,384 | ||||||
Blue Coat Systems, Inc. (b) | ||||||||
Machinery, Equipment, & Supplies (0.7%) | 16,775 | 339,694 | ||||||
Gehl Co. (b) | 59,500 | 826,455 | ||||||
JLG Industries, Inc. | 1,166,149 | |||||||
Medical (4.5%) | 19,200 | 364,416 | ||||||
Abaxis, Inc. (b) | 13,100 | 429,680 | ||||||
Advanced Neuromodulation Systems, Inc. (b) | 37,400 | 753,610 | ||||||
Angiotech Pharmaceuticals, Inc. (b) | 29,166 | 1,124,349 | ||||||
Centene Corp. (b) | 25,000 | 258,750 | ||||||
Endocardial Solutions, Inc. (b) | 39,400 | 831,340 | ||||||
Epix Medical, Inc. (b) | 30,600 | 862,308 | ||||||
Kyphon, Inc. (b) | 58,300 | 1,698,279 | ||||||
LCA-Vision, Inc. (b) | 70,117 | 791,621 | ||||||
Lifecell Corp. (b) | 7,114,353 | |||||||
Medical Products (3.1%) | 29,100 | 846,228 | ||||||
Arthrocare Corp. (b) | 17,500 | 439,425 | ||||||
Closure Medical Corp. (b) | 30,200 | 743,826 | ||||||
Flamel Technologies S.A. — ADR — FR (b) | 39,100 | 1,348,950 | ||||||
Kensey Nash Corp. (b) | 19,600 | 1,100,932 | ||||||
Martek Biosciences Corp. (b) | 79,000 | 448,720 | ||||||
Sonic Innovations, Inc. (b) | 4,928,081 | |||||||
Miscellaneous Manufacturing (1.7%) | 17,500 | 507,850 | ||||||
Applied Films Corp. (b) | 61,300 | 2,192,701 | ||||||
Ceradyne, Inc. (b) | 2,700,551 | |||||||
Multimedia (0.1%) | 8,450 | 159,114 | ||||||
Journal Communications, Inc., Class A | ||||||||
Oil & Gas (2.4%) | 129,700 | 1,324,237 | ||||||
Carrizo Oil & Gas, Inc. (b) | 45,750 | 2,550,105 | ||||||
Newfield Exploration Co. (b) | 3,874,342 | |||||||
Pharmaceuticals (2.2%) | 24,700 | 507,832 | ||||||
Able Laboratories, Inc. (b) | 9,300 | 41,478 | ||||||
Draxis Health, Inc. (b) | 18,498 | 757,123 | ||||||
Eon Labs, Inc. (b) | 89,056 | 344,647 | ||||||
InKine Pharmaceutical Co., Inc. (b) | 24,085 | 794,082 | ||||||
Kos Pharmaceuticals, Inc. (b) | 35,100 | 1,090,908 | ||||||
USANA Health Sciences, Inc. (b) | 3,536,070 | |||||||
Radio Broadcasting (0.0%) | 59 | 992 | ||||||
Cumulus Media, Inc., Class A (b) | ||||||||
Research & Development (1.0%) | 49,300 | 1,544,569 | ||||||
SFBC International, Inc. (b) | ||||||||
Resorts & Theme Parks (1.4%) | 112,200 | 2,149,752 | ||||||
Vail Resorts, Inc. (b) | ||||||||
Restaurants (0.6%) | 27,700 | 993,876 | ||||||
Panera Bread Co., Class A (b) | ||||||||
Retail (2.5%) | 35,000 | 1,580,600 | ||||||
Chico’s FAS, Inc. (b) | 23,000 | 693,910 | ||||||
Finish Line, Inc. (The), Class A (b) | 65,250 | 1,778,063 | ||||||
Fossil, Inc. (b) | 4,052,573 | |||||||
Semiconductors (5.4%) | 43,800 | 1,130,040 | ||||||
Artisan Components, Inc. (b) | 62,132 | 779,135 | ||||||
August Technology Corp. (b) | 70,359 | 943,514 | ||||||
Leadis Technology, Inc. (b) | 85,400 | 1,362,130 | ||||||
Omnivision Technologies, Inc. (b) | 64,121 | 1,863,357 | ||||||
Sigmatel, Inc. (b) | 113,700 | 1,492,881 | ||||||
Silicon Image, Inc. (b) | 57,000 | 1,027,140 | ||||||
Tessera Technologies, Inc. (b) | 8,598,197 | |||||||
Telecommunications (2.5%) | 24,000 | 841,200 | ||||||
Applied Signal Technology, Inc. | 58,300 | 1,360,722 | ||||||
Ditech Communications Corp. (b) | 70,100 | 597,252 | ||||||
Harmonic, Inc. (b) | 24,000 | 436,080 | ||||||
Tekelec (b) | 68,006 | 795,670 | ||||||
Ulticom, Inc. (b) | 4,030,924 | |||||||
Textiles (0.6%) | 58,672 | 890,641 | ||||||
DHB Industries, Inc. (b) | ||||||||
Therapeutics (1.3%) | 25,910 | 450,575 | ||||||
Anika Therapeutics, Inc. (b) | 35,600 | 833,752 | ||||||
Bone Care International, Inc. (b) | 34,800 | 702,960 | ||||||
Connetics Corp. (b) | 1,987,287 | |||||||
Transportation (2.3%) | 60,700 | 2,341,806 | ||||||
J.B. Hunt Transport Services, Inc. | 86,250 | 1,336,875 | ||||||
Kansas City Southern Industries, Inc. (b) | 3,678,681 | |||||||
Veterinary Diagnostics (0.9%) | 171,600 | 1,376,060 | ||||||
PetMed Express, Inc. (b) | ||||||||
Wireless Equipment (3.4%) | 52,300 | 694,544 | ||||||
Alvarion Ltd. (b) | 87,593 | 1,044,109 | ||||||
Carrier Access Corp. (b) | 52,800 | 1,955,184 | ||||||
Sierra Wireless, Inc. (b) | 34,900 | 870,755 | ||||||
ViaSat, Inc. (b) | 78,200 | 768,706 | ||||||
Wireless Facilities, Inc. (b) | 5,333,298 | |||||||
------------ 149,392,275 | ||||||||
Total Common Stocks | ||||||||
78
Table of Contents
GVIT SMALL CAP GROWTH FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
Repurchase Agreements (6.1%) | ||||||||
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $5,782,482 (Fully collaterized by AA Rated Corporate Bonds & U.S. Agency Securities) | $ | 5,782,244 | $ | 5,782,244 | ||||
CS First Boston, 1.48%, Dated 06/30/04, due 07/01/04, repurchase price $3,902,621 (Fully collateralized by AA Rated Corporate Bonds) | 3,902,461 | 3,902,461 | ||||||
Total Repurchase Agreements | 9,684,705 | |||||||
Short-Term Securities Held as Collateral for Securities Lending (10.4%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | 16,507,425 | 16,507,425 | ||||||
Total Short-Term Securities Held as Collateral for Securities Lending | 16,507,425 | |||||||
Total Investments (Cost $155,149,622) (a) — 110.5% | 175,584,405 | |||||||
Liabilities in excess of other assets — (10.5)% | (16,645,166 | ) | ||||||
NET ASSETS — 100.0% | $ | 158,939,239 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 24,738,207 | ||
Unrealized depreciation | (4,303,424 | ) | ||
Net unrealized appreciation (depreciation) | $ | 20,434,783 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | Denotes a non-income producing security. |
ADR | American Depositary Receipt |
FR | France |
KY | Cayman Islands |
See notes to financial statements.
79
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT WORLDWIDE LEADERS FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (99.2%) | ||||||||
Australia (2.8%) | ||||||||
Multimedia (2.8%) | ||||||||
News Corp. Ltd. (The) ADR | 28,100 | $ | 923,928 | |||||
China (2.6%) | ||||||||
Telecommunications (2.6%) | ||||||||
China Unicom Ltd. | 478,000 | 376,894 | ||||||
China Unicom Ltd. ADR | 58,800 | 464,520 | ||||||
841,414 | ||||||||
France (4.1%) | ||||||||
Financial Services (4.1%) | ||||||||
Credit Agricole S.A. | 55,600 | 1,352,915 | ||||||
Germany (2.5%) | ||||||||
Manufacturing (2.5%) | ||||||||
Siemens AG | 11,600 | 834,792 | ||||||
Japan (17.1%) | ||||||||
Banking (2.9%) | ||||||||
Sumitomo Mitsui Financial Group, Inc. | 139 | 952,866 | ||||||
Financial Services (5.4%) | ||||||||
Credit Saison Co. Ltd. | 22,500 | 676,351 | ||||||
Mitsubishi Tokyo Financial Group, Inc. | 122 | 1,129,267 | ||||||
1,805,618 | ||||||||
Office Equipment & Services (2.7%) | ||||||||
Seiko Epson Corp. | 24,000 | 873,207 | ||||||
Real Estate (3.5%) | ||||||||
Mitsui Fudosan Co. Ltd. | 96,000 | 1,150,786 | ||||||
Semiconductors (2.6%) | ||||||||
NEC Electronics Corp. | 14,000 | 859,644 | ||||||
5,642,121 | ||||||||
Switzerland (3.7%) | ||||||||
Pharmaceuticals (3.7%) | ||||||||
Roche Holding AG | 12,400 | 1,227,723 | ||||||
United Kingdom (19.1%) | ||||||||
Building & Construction (1.1%) | ||||||||
Westbury PLC | 47,698 | 373,465 | ||||||
Gas — Distribution (3.0%) | ||||||||
Centrica PLC | 245,000 | 997,470 | ||||||
Home Furnishing (2.9%) | ||||||||
MFI Furniture Group PLC | 350,770 | 962,133 | ||||||
Metals (4.2%) | ||||||||
Rio Tinto PLC | 55,800 | 1,341,824 | ||||||
Mining (2.0%) | ||||||||
BHP Billiton PLC | 77,000 | 668,175 | ||||||
Pharmaceuticals (2.8%) | ||||||||
GlaxoSmithKline PLC | 45,800 | 926,930 | ||||||
Retail (3.1%) | ||||||||
Boots Group PLC | 82,000 | 1,023,104 | ||||||
6,293,101 | ||||||||
United States (47.3%) | ||||||||
Auto Parts & Equipment (3.0%) | ||||||||
Advance Auto Parts, Inc. (b) | 22,400 | 989,632 | ||||||
Computer Software (3.3%) | ||||||||
Microsoft Corp. | 38,360 | 1,095,562 | ||||||
Computer Software & Services (2.7%) | ||||||||
Automatic Data Processing, Inc. | 20,900 | 875,292 | ||||||
Cosmetics/ Toiletries (3.0%) | ||||||||
Gillette Co. | 23,600 | 1,000,640 | ||||||
Financial Services (4.1%) | ||||||||
J.P. Morgan Chase & Co. | 34,600 | 1,341,442 | ||||||
Hotels & Motels (4.1%) | ||||||||
Hilton Hotels Corp. | 71,800 | 1,339,788 | ||||||
Insurance (3.3%) | ||||||||
Hartford Financial Services Group, Inc. | 15,900 | 1,092,966 | ||||||
Manufacturing (8.5%) | ||||||||
Caterpillar, Inc. | 10,500 | 834,120 | ||||||
General Electric Co. | 59,200 | 1,918,079 | ||||||
2,752,199 | ||||||||
Medical Products (3.1%) | ||||||||
Johnson & Johnson | 18,200 | 1,013,740 | ||||||
Metals (1.4%) | ||||||||
Freeport-McMoRan Copper & Gold, Inc. | 14,080 | 466,752 | ||||||
Oil & Gas (7.6%) | ||||||||
ConocoPhillips | 17,300 | 1,319,817 | ||||||
Eog Resources, Inc. | 20,050 | 1,197,186 | ||||||
2,517,003 | ||||||||
Transportation (3.2%) | ||||||||
Norfolk Southern Corp. | 39,100 | 1,036,932 | ||||||
15,521,948 | ||||||||
Total Common Stocks | 32,637,942 | |||||||
80
Table of Contents
GARTMORE GVIT WORLDWIDE LEADERS FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
Repurchase Agreements (2.6%) | ||||||||
CS First Boston, 1.48% dated 06/30/04, due 07/01/04, repurchase price $348,347 (Fully collateralized by AA Rated Corporate Bonds) | $ | 348,333 | $ | 348,333 | ||||
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $516,143 (Fully collateralized by U.S. Agency Securities) | 516,121 | 516,121 | ||||||
Total Repurchase Agreements | 864,454 | |||||||
Short-Term Securities Held as Collateral for Securities Lending (6.2%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | 2,028,842 | 2,028,842 | ||||||
Total Short-Term Securities Held as Collateral for Securities Lending | 2,028,842 | |||||||
Total Investments (Cost $34,494,534) (a) — 108.0% | 35,531,238 | |||||||
Liabilities in excess of other assets — (8.0%) | (2,623,638 | ) | ||||||
NET ASSETS — 100.0% | $ | 32,907,600 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 1,391,898 | ||
Unrealized depreciation | (355,194 | ) | ||
Net unrealized appreciation (depreciation) | $ | 1,036,704 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | Denotes a non-income producing security. |
ADR | American Depositary Receipt |
81
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
DREYFUS GVIT MID CAP INDEX FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (95.8%) | �� | |||||||
Aerospace/ Defense (0.6%) | ||||||||
Alliant Techsystems, Inc. (b) | 17,400 | $ | 1,102,116 | |||||
Precision Castparts Corp. | 30,200 | 1,651,638 | ||||||
Sequa Corp. (b) | 4,800 | 280,656 | ||||||
3,034,410 | ||||||||
Agricultural Products (0.1%) | ||||||||
Universal Corp. | 11,900 | 606,186 | ||||||
Airlines (0.3%) | ||||||||
Alaska Air Group, Inc. (b) | 12,500 | 298,375 | ||||||
Jetblue Airways Corp. (b) | 48,000 | 1,410,240 | ||||||
1,708,615 | ||||||||
Amusement & Recreation (0.4%) | ||||||||
Callaway Golf Co. | 35,200 | 399,168 | ||||||
International Speedway Corp. | 24,900 | 1,211,136 | ||||||
Six Flags, Inc. (b) | 43,500 | 315,810 | ||||||
1,926,114 | ||||||||
Auto Parts & Equipment (1.5%) | ||||||||
Arvinmeritor, Inc. | 32,425 | 634,557 | ||||||
Bandag, Inc. | 9,100 | 405,223 | ||||||
BorgWarner Automotive, Inc. | 26,100 | 1,142,397 | ||||||
Carmax, Inc. (b) | 48,500 | 1,060,695 | ||||||
Gentex Corp. | 36,200 | 1,436,416 | ||||||
Lear Corp. | 32,300 | 1,905,377 | ||||||
Modine Manufacturing Co. | 16,100 | 512,785 | ||||||
Superior Industries International, Inc. | 12,500 | 418,125 | ||||||
7,515,575 | ||||||||
Automotive (0.2%) | ||||||||
O’Reilly Automotive, Inc. (b) | 25,600 | 1,157,120 | ||||||
Banks (7.5%) | ||||||||
Associated Banc Corp. | 51,615 | 1,529,352 | ||||||
Astoria Financial Corp. | 36,600 | 1,338,828 | ||||||
Banknorth Group, Inc. | 80,600 | 2,617,888 | ||||||
City National Corp. | 22,800 | 1,497,960 | ||||||
Colonial Bancgroup, Inc. | 59,500 | 1,081,115 | ||||||
Compass Bancshares, Inc. | 57,300 | 2,463,900 | ||||||
Cullen/ Frost Bankers, Inc. | 24,000 | 1,074,000 | ||||||
FirstMerit Corp. | 39,700 | 1,046,889 | ||||||
Greater Bay Bancorp | 24,000 | 693,600 | ||||||
GreenPoint Financial Corp. | 61,700 | 2,449,490 | ||||||
Hibernia Corp. | 72,600 | 1,764,180 | ||||||
Independence Community Bank Corp. | 38,800 | 1,412,320 | ||||||
IndyMac Bancorp, Inc. | 28,600 | 903,760 | ||||||
Mercantile Bankshare Corp. | 37,000 | 1,732,340 | ||||||
National Commerce Financial Co. | 95,490 | 3,103,425 | ||||||
New York Community Bancorp, Inc. | 123,688 | 2,427,995 | ||||||
Provident Financial Group | 23,200 | 915,472 | ||||||
Silicon Valley Bancshares (b) | 16,500 | 654,225 | ||||||
Sovereign Bancorp, Inc. | 143,400 | 3,169,140 | ||||||
TCF Financial Corp. | 33,000 | 1,915,650 | ||||||
Washington Federal, Inc. | 36,690 | 880,560 | ||||||
Webster Financial Corp. | 24,800 | 1,166,096 | ||||||
West America Bancorp | 14,900 | 781,505 | ||||||
Wilmington Trust Corp. | 31,100 | 1,157,542 | ||||||
37,777,232 | ||||||||
Biotechnology (2.2%) | ||||||||
Gilead Sciences, Inc. (b) | 100,300 | 6,720,100 | ||||||
Millenium Pharmaceuticals, Inc. (b) | 142,587 | 1,967,701 | ||||||
Protein Design Labs, Inc. (b) | 44,100 | 843,633 | ||||||
Valeant Pharmaceuticals International | 39,200 | 784,000 | ||||||
Vertex Pharmaceuticals, Inc. (b) | 36,900 | 399,996 | ||||||
10,715,430 | ||||||||
Broadcasting (0.5%) | ||||||||
Emmis Communications Corp. (b) | 26,200 | 549,676 | ||||||
Entercom Communications Corp. (b) | 24,100 | 898,930 | ||||||
Westwood One, Inc. (b) | 45,700 | 1,087,660 | ||||||
2,536,266 | ||||||||
Business Services (2.6%) | ||||||||
Acxiom Corp. | 40,400 | 1,003,132 | ||||||
Catalina Marketing Corp. (b) | 24,400 | 446,276 | ||||||
Ceridian Corp. (b) | 69,500 | 1,563,750 | ||||||
CheckFree Corp. (b) | 39,600 | 1,188,000 | ||||||
CSG Systems International, Inc. (b) | 24,300 | 503,010 | ||||||
DST Systems, Inc. (b) | 39,500 | 1,899,555 | ||||||
Fair Issac Corp. | 33,000 | 1,101,540 | ||||||
Gartner Group, Inc. (b) | 61,700 | 815,674 | ||||||
Harte-Hanks, Inc. | 40,750 | 994,708 | ||||||
Kelly Services, Inc. | 16,400 | 488,720 | ||||||
Korn/ Ferry International (b) | 17,700 | 342,849 | ||||||
Manpower, Inc. | 42,100 | 2,137,417 | ||||||
MPS Group, Inc. (b) | 49,200 | 596,304 | ||||||
13,080,935 | ||||||||
Chemicals (2.3%) | ||||||||
Airgas, Inc. | 34,700 | 829,677 | ||||||
Albemarle Corp. | 19,400 | 614,010 | ||||||
Cabot Corp. | 29,100 | 1,184,370 | ||||||
Crompton Corp. | 53,600 | 337,680 | ||||||
Cytec Industries, Inc. | 18,200 | 827,190 | ||||||
Ferro Corp. | 19,600 | 522,928 | ||||||
FMC Corp. (b) | 17,000 | 732,870 | ||||||
IMC Global, Inc. | 54,200 | 726,280 | ||||||
Lubrizol Corp. | 24,200 | 886,204 | ||||||
Lyondell Chemical Co. | 83,300 | 1,448,587 | ||||||
Minerals Technologies, Inc. | 9,600 | 556,800 | ||||||
Olin Corp. | 32,500 | 572,650 | ||||||
RPM, Inc. | 54,300 | 825,360 | ||||||
Valspar Corp. | 24,000 | 1,210,560 | ||||||
11,275,166 | ||||||||
Communication Equipment (3.4%) | ||||||||
Adtran, Inc. | 37,200 | 1,241,364 | ||||||
Advanced Fibre Communications, Inc. (b) | 41,200 | 832,240 | ||||||
Cincinnati Bell, Inc. (b) | 114,700 | 509,268 | ||||||
CommScope, Inc. (b) | 28,800 | 617,760 | ||||||
Harman International Industries, Inc. | 30,900 | 2,811,900 | ||||||
Harris Corp. | 31,100 | 1,578,325 | ||||||
L-3 Communications Holdings, Inc. | 49,600 | 3,313,280 | ||||||
Plantronics, Inc. (b) | 22,300 | 938,830 | ||||||
Polycom, Inc. (b) | 46,700 | 1,046,547 | ||||||
Powerwave Technologies, Inc. (b) | 48,900 | 376,530 |
82
Table of Contents
DREYFUS GVIT MID CAP INDEX FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Communication Equipment (continued) | ||||||||
Telephone & Data Systems, Inc. | 26,800 | $ | 1,908,160 | |||||
Utstarcom Incorporated (b) | 53,300 | 1,612,325 | ||||||
16,786,529 | ||||||||
Computer Hardware (0.7%) | ||||||||
Keane, Inc. (b) | 29,700 | 406,593 | ||||||
National Instruments Corp. | 36,850 | 1,129,453 | ||||||
Quantum Corp. (b) | 84,500 | 261,950 | ||||||
Storage Technology Corp. (b) | 52,600 | 1,525,400 | ||||||
3,323,396 | ||||||||
Computer Software & Services (4.2%) | ||||||||
3COM Corp. (b) | 182,700 | 1,141,875 | ||||||
Activision, Inc. (b) | 64,600 | 1,027,140 | ||||||
Advent Software, Inc. (b) | 15,500 | 280,085 | ||||||
Ascential Software Corp. (b) | 27,725 | 443,323 | ||||||
Avocent Corp. (b) | 23,000 | 845,020 | ||||||
Cadence Design Systems, Inc. (b) | 127,900 | 1,871,177 | ||||||
CDW Corp. | 39,100 | 2,493,016 | ||||||
Cognizant Technology Solutions Corp. (b) | 60,600 | 1,539,846 | ||||||
Henry (Jack) & Associates, Inc. | 42,000 | 844,200 | ||||||
Macromedia, Inc. (b) | 32,300 | 792,965 | ||||||
Macrovision Corp. (b) | 23,100 | 578,193 | ||||||
McData Corp. (b) | 55,000 | 295,900 | ||||||
Mentor Graphics Corp. (b) | 32,800 | 507,416 | ||||||
Network Associates, Inc. (b) | 77,400 | 1,403,262 | ||||||
Retek, Inc. (b) | 26,100 | 160,254 | ||||||
RSA Security, Inc. (b) | 28,900 | 591,583 | ||||||
SanDisk Corp. (b) | 75,600 | 1,639,764 | ||||||
Sybase, Inc. (b) | 45,400 | 817,200 | ||||||
Synopsys, Inc. (b) | 72,600 | 2,064,018 | ||||||
Titan Corp. (The) (b) | 39,300 | 510,114 | ||||||
Transaction Systems Architects, Inc. (b) | 17,400 | 374,622 | ||||||
Wind River Systems, Inc. (b) | 38,300 | 450,408 | ||||||
20,671,381 | ||||||||
Construction (2.7%) | ||||||||
D.R. Horton, Inc. | 109,100 | 3,098,440 | ||||||
Dycom Industries, Inc. (b) | 22,700 | 635,600 | ||||||
Granite Construction, Inc. | 19,450 | 354,574 | ||||||
Hovnanian Enterprises, Inc. (b) | 28,600 | 992,706 | ||||||
Jacobs Engineering Group, Inc. (b) | 26,300 | 1,035,694 | ||||||
Lennar Corp. | 73,080 | 3,268,137 | ||||||
Martin Marietta Materials, Inc. | 22,600 | 1,001,858 | ||||||
The Ryland Group, Inc. | 11,300 | 883,660 | ||||||
Thor Industries, Inc. | 26,700 | 893,382 | ||||||
Toll Brothers, Inc. (b) | 34,800 | 1,472,736 | ||||||
13,636,787 | ||||||||
Consumer & Commercial Services (2.0%) | ||||||||
Career Education Corp. (b) | 47,400 | 2,159,544 | ||||||
Corinthian Colleges, Inc. (b) | 42,200 | 1,044,028 | ||||||
DeVry, Inc. (b) | 32,900 | 902,118 | ||||||
Dun & Bradstreet Corp. (b) | 33,300 | 1,795,203 | ||||||
Quanta Services, Inc. (b) | 54,800 | 340,856 | ||||||
Rent-A-Center, Inc. (b) | 37,600 | 1,125,368 | ||||||
Rollins, Inc. | 21,300 | 490,113 | ||||||
Sotheby’s Holdings, Inc. (b) | 29,400 | 469,224 | ||||||
United Rentals, Inc. (b) | 36,100 | 645,829 | ||||||
Viad Corp. | 41,400 | 1,118,214 | ||||||
10,090,497 | ||||||||
Consumer Products (2.3%) | ||||||||
Blyth Industries, Inc. | 21,400 | 738,086 | ||||||
Choicepoint, Inc. (b) | 41,333 | 1,887,265 | ||||||
Church & Dwight, Inc. | 19,200 | 878,976 | ||||||
Energizer Holdings, Inc. (b) | 38,400 | 1,728,000 | ||||||
Furniture Brands International, Inc. | 26,200 | 656,310 | ||||||
Lancaster Colony Corp. | 16,700 | 695,388 | ||||||
Mohawk Industries Co. (b) | 31,300 | 2,295,229 | ||||||
The Scotts Co. (b) | 15,300 | 977,364 | ||||||
Timberland Co., Class A (b) | 16,300 | 1,052,817 | ||||||
Tupperware Corp. | 27,400 | 532,382 | ||||||
11,441,817 | ||||||||
Containers/ Packaging (0.5%) | ||||||||
Packaging Corp. of America | 49,700 | 1,187,830 | ||||||
Sonoco Products Co. | 45,800 | 1,167,900 | ||||||
2,355,730 | ||||||||
Electronics (4.7%) | ||||||||
Arrow Electronics, Inc. (b) | 53,900 | 1,445,598 | ||||||
Atmel Corp. (b) | 222,400 | 1,316,608 | ||||||
Avnet, Inc. (b) | 56,400 | 1,280,280 | ||||||
Cabot Microelectronics Corp. (b) | 11,582 | 354,525 | ||||||
Credence Systems Corp. (b) | 45,100 | 622,380 | ||||||
Cree, Inc. (b) | 34,700 | 807,816 | ||||||
Cypress Semiconductor Corp. (b) | 57,700 | 818,763 | ||||||
Hubbell, Inc. | 28,300 | 1,321,893 | ||||||
Integrated Device Technology, Inc. (b) | 49,600 | 686,464 | ||||||
International Rectifier Corp. (b) | 30,900 | 1,279,878 | ||||||
Intersil Corp. | 65,600 | 1,420,896 | ||||||
Kemet Corp. (b) | 40,500 | 494,910 | ||||||
Lam Research Corp. (b) | 62,700 | 1,680,360 | ||||||
Lattice Semiconductor Corp. (b) | 52,900 | 370,829 | ||||||
LTX Corp. (b) | 28,500 | 308,085 | ||||||
Micrel, Inc. (b) | 43,200 | 524,880 | ||||||
Microchip Technology, Inc. | 97,400 | 3,071,996 | ||||||
Newport Corp. (b) | 18,400 | 297,528 | ||||||
Plexus Corp. (b) | 20,100 | 271,350 | ||||||
RF Micro Devices, Inc. (b) | 87,300 | 654,750 | ||||||
Semtech Corp. (b) | 35,300 | 830,962 | ||||||
SPX Corp. | 35,500 | 1,648,620 | ||||||
TriQuint Semiconductor, Inc. (b) | 63,691 | 347,753 | ||||||
Vishay Intertechnology, Inc. (b) | 75,150 | 1,396,287 | ||||||
23,253,411 | ||||||||
Financial Services (3.9%) | ||||||||
Americredit Corp. (b) | 73,700 | 1,439,361 | ||||||
Bank of Hawaii Corp. | 24,900 | 1,125,978 | ||||||
Certegy, Inc. | 29,800 | 1,156,240 | ||||||
Commerce Bancorp, Inc. | 36,500 | 2,007,865 | ||||||
Eaton Vance Corp. | 31,700 | 1,211,257 | ||||||
Edwards (A.G.), Inc. | 37,400 | 1,272,722 | ||||||
Investors Financial Services Corp. | 30,900 | 1,346,622 | ||||||
Jefferies Group, Inc. | 26,000 | 803,920 |
83
Table of Contents
DREYFUS GVIT MID CAP INDEX FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Financial Services (continued) | ||||||||
Labranche & Co., Inc. | 28,000 | $ | 235,760 | |||||
Legg Mason, Inc. | 31,100 | 2,830,411 | ||||||
PMI Group, Inc. | 44,800 | 1,949,696 | ||||||
Raymond James Financial, Inc. | 34,450 | 911,203 | ||||||
SEI Corp. | 48,400 | 1,405,536 | ||||||
The BISYS Group, Inc. (b) | 56,300 | 791,578 | ||||||
Waddell & Reed Financial, Inc. | 38,600 | 853,446 | ||||||
19,341,595 | ||||||||
Food & Beverage (3.8%) | ||||||||
Constellation Brands, Inc. (b) | 50,000 | 1,856,500 | ||||||
Dean Foods Co.(b) | 73,533 | 2,743,516 | ||||||
Hormel Foods Corp. | 64,800 | 2,015,280 | ||||||
Interstate Bakeries Corp. | 21,200 | 230,020 | ||||||
J.M. Smucker Co. | 27,367 | 1,256,419 | ||||||
Krispy Kreme Doughnuts, Inc. (b) | 28,700 | 547,883 | ||||||
PepsiAmericas, Inc. | 64,200 | 1,363,608 | ||||||
Sensient Technologies Corp. | 21,900 | 470,412 | ||||||
Smithfield Foods, Inc. (b) | 51,900 | 1,525,860 | ||||||
Tootsie Roll Industries, Inc. | 24,594 | 799,305 | ||||||
Tyson Foods, Inc. | 164,881 | 3,454,257 | ||||||
Whole Foods Market, Inc. | 28,900 | 2,758,505 | ||||||
19,021,565 | ||||||||
Gaming (1.3%) | ||||||||
Boyd Gaming Corp. | 31,100 | 826,327 | ||||||
Caesars Entertainment, Inc. (b) | 143,900 | 2,158,500 | ||||||
GTECH Holdings Corp. | 27,800 | 1,287,418 | ||||||
Mandalay Resort Group | 31,600 | 2,169,024 | ||||||
6,441,269 | ||||||||
Healthcare (8.8%) | ||||||||
Apogent Technologies, Inc. (b) | 41,900 | 1,340,800 | ||||||
Apria Healthcare Group, Inc. (b) | 23,300 | 668,710 | ||||||
Barr Laboratories, Inc. (b) | 48,875 | 1,647,088 | ||||||
Beckman Coulter, Inc. | 28,800 | 1,756,800 | ||||||
Cephalon, Inc. (b) | 26,300 | 1,420,200 | ||||||
Charles River Laboratories International, Inc. (b) | 21,600 | 1,055,592 | ||||||
Community Health Systems, Inc. (b) | 46,200 | 1,236,774 | ||||||
Covance, Inc. (b) | 29,400 | 1,134,252 | ||||||
Coventry Health Care, Inc. (b) | 41,450 | 2,026,905 | ||||||
Cytyc Corp. (b) | 51,700 | 1,311,629 | ||||||
Dentsply International, Inc. | 37,700 | 1,964,170 | ||||||
Edwards Lifesciences Corp. (b) | 27,800 | 968,830 | ||||||
First Health Group Corp. (b) | 42,900 | 669,669 | ||||||
Health Net, Inc. (b) | 52,800 | 1,399,200 | ||||||
Henry Schein, Inc. (b) | 20,600 | 1,300,684 | ||||||
IVAX Corp. (b) | 92,425 | 2,217,276 | ||||||
LifePoint Hospitals, Inc. (b) | 17,900 | 666,238 | ||||||
Lincare Holdings, Inc. (b) | 46,500 | 1,527,990 | ||||||
Omnicare, Inc. | 48,600 | 2,080,566 | ||||||
Oxford Health Plans, Inc. | 38,200 | 2,102,528 | ||||||
PacifiCare Health Systems, Inc. (b) | 40,300 | 1,557,998 | ||||||
Par Pharmaceutical Cos, Inc. (b) | 16,000 | 563,360 | ||||||
Patterson Dental Co. (b) | 32,000 | 2,447,679 | ||||||
Perrigo Co. | 33,100 | 627,907 | ||||||
Regis Corp. | 20,700 | 923,013 | ||||||
Renal Care Group, Inc. (b) | 31,300 | 1,036,969 | ||||||
Sepracor, Inc. (b) | 40,100 | 2,121,290 | ||||||
Steris Corp. (b) | 32,200 | 726,432 | ||||||
Triad Hospitals, Inc. (b) | 35,608 | 1,325,686 | ||||||
Universal Health Services, Inc. | 27,200 | 1,248,208 | ||||||
Varian Medical Systems, Inc. (b) | 32,000 | 2,539,199 | ||||||
Visx, Inc. (b) | 22,800 | 609,216 | ||||||
44,222,858 | ||||||||
Insurance (5.1%) | ||||||||
Allmerica Financial Corp. (b) | 24,900 | 841,620 | ||||||
American Financial Group, Inc. | 34,300 | 1,048,551 | ||||||
AmerUs Group Co. | 18,400 | 761,760 | ||||||
Arthur J. Gallagher & Co. | 42,500 | 1,294,125 | ||||||
Brown & Brown, Inc. | 32,200 | 1,387,820 | ||||||
Everest Re Group Ltd. | 26,200 | 2,105,432 | ||||||
Fidelity National Financial, Inc. | 80,583 | 3,008,969 | ||||||
First American Financial Corp. | 41,600 | 1,077,024 | ||||||
HCC Insurance Holdings, Inc. | 30,200 | 1,008,982 | ||||||
Horace Mann Educators Corp. | 20,000 | 349,600 | ||||||
Leucadia National Corp. | 33,200 | 1,650,040 | ||||||
Mony Group, Inc. (b) | 23,500 | 735,550 | ||||||
Ohio Casualty Corp. (b) | 28,700 | 577,731 | ||||||
Old Republic International Corp. | 85,150 | 2,019,758 | ||||||
Protective Life Corp. | 32,400 | 1,252,908 | ||||||
Radian Group, Inc. | 44,000 | 2,107,600 | ||||||
Stancorp Financial Group, Inc. | 13,500 | 904,500 | ||||||
Unitrin, Inc. | 32,000 | 1,363,200 | ||||||
W.R. Berkley Corp. | 39,200 | 1,683,640 | ||||||
25,178,810 | ||||||||
Machinery (0.8%) | ||||||||
AGCO Corp. (b) | 42,200 | 859,614 | ||||||
Graco, Inc. | 32,450 | 1,007,573 | ||||||
Tecumseh Products Co. | 8,600 | 354,234 | ||||||
Zebra Technologies Corp., Class A (b) | 22,300 | 1,940,100 | ||||||
4,161,521 | ||||||||
Manufacturing (3.0%) | ||||||||
Ametek, Inc. | 31,500 | 973,350 | ||||||
Carlisle Cos., Inc. | 14,500 | 902,625 | ||||||
Diebold, Inc. | 34,000 | 1,797,580 | ||||||
Donaldson Co., Inc. | 40,400 | 1,183,720 | ||||||
Federal Signal Corp. | 22,500 | 418,725 | ||||||
Flowserve Corp. (b) | 25,400 | 633,476 | ||||||
Harsco Corp. | 19,200 | 902,400 | ||||||
Hillenbrand Industry, Inc. | 29,200 | 1,765,140 | ||||||
Nordson Corp. | 16,700 | 724,279 | ||||||
Pentair, Inc. | 46,900 | 1,577,716 | ||||||
Teleflex, Inc. | 18,800 | 942,820 | ||||||
The Brink’s Co. | 26,600 | 911,050 | ||||||
Trinity Industries, Inc. | 22,000 | 699,380 | ||||||
Varian, Inc. (b) | 16,200 | 682,830 | ||||||
York International Corp. | 19,300 | 792,651 | ||||||
14,907,742 | ||||||||
Metals (0.2%) | ||||||||
Kennametal, Inc. | 17,100 | 783,180 | ||||||
84
Table of Contents
DREYFUS GVIT MID CAP INDEX FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Mining (0.5%) | ||||||||
Arch Coal, Inc. | 25,600 | $ | 936,704 | |||||
Peabody Energy Corp. | 29,900 | 1,674,101 | ||||||
2,610,805 | ||||||||
Office Equipment & Supplies (0.6%) | ||||||||
Hni Corp. | 27,200 | 1,151,376 | ||||||
Miller (Herman), Inc. | 33,700 | 975,278 | ||||||
Reynolds & Reynolds Co. | 30,700 | 710,091 | ||||||
2,836,745 | ||||||||
Oil & Gas (6.4%) | ||||||||
Cooper Cameron Corp. (b) | 25,100 | 1,222,370 | ||||||
ENSCO International, Inc. | 70,700 | 2,057,370 | ||||||
FMC Technologies, Inc. (b) | 31,421 | 904,925 | ||||||
Forest Oil Corp. (b) | 27,300 | 745,836 | ||||||
Grant Prideco, Inc. (b) | 57,200 | 1,055,912 | ||||||
Hanover Compressor Co. (b) | 36,000 | 428,400 | ||||||
Helmerich & Payne, Inc. | 23,600 | 616,432 | ||||||
Murphy Oil Corp. | 43,000 | 3,169,100 | ||||||
National-Oilwell, Inc. (b) | 40,200 | 1,265,898 | ||||||
Newfield Exploration Co. (b) | 26,400 | 1,471,536 | ||||||
Noble Energy, Inc. | 27,200 | 1,387,200 | ||||||
Patterson-UTI Energy, Inc. | 38,900 | 1,299,649 | ||||||
Pioneer Natural Resources Co. | 56,200 | 1,971,496 | ||||||
Plains Exploration & Production Co. (b) | 36,000 | 660,600 | ||||||
Pogo Producing Co. | 29,900 | 1,477,060 | ||||||
Pride International, Inc. (b) | 63,600 | 1,088,196 | ||||||
Smith International, Inc. (b) | 48,900 | 2,726,664 | ||||||
Tidewater, Inc. | 28,300 | 843,340 | ||||||
Varco International, Inc. (b) | 45,408 | 993,981 | ||||||
Weatherford International Ltd. (b) | 62,000 | 2,788,760 | ||||||
XTO Energy, Inc. | 121,123 | 3,608,254 | ||||||
31,782,979 | ||||||||
Paper & Forest Products (0.7%) | ||||||||
Bowater, Inc. | 26,000 | 1,081,340 | ||||||
Glatfelter | 20,500 | 288,640 | ||||||
Longview Fibre Co. (b) | 23,900 | 352,047 | ||||||
Potlatch Corp. | 13,800 | 574,632 | ||||||
Rayonier, Inc. | 23,218 | 1,032,040 | ||||||
3,328,699 | ||||||||
Photography/ Imaging (0.1%) | ||||||||
Imation Corp. | 16,600 | 707,326 | ||||||
Publishing & Printing (2.1%) | ||||||||
American Greetings Corp., Class A (b) | 31,900 | 739,442 | ||||||
Banta Corp. | 11,600 | 515,156 | ||||||
Belo Corp., Class A | 54,300 | 1,457,955 | ||||||
Lee Enterprises, Inc. | 21,100 | 1,013,011 | ||||||
Media General, Inc. | 11,100 | 712,842 | ||||||
Readers Digest Association | 46,300 | 740,337 | ||||||
Scholastic Corp. (b) | 18,500 | 554,075 | ||||||
Valassis Communications, Inc. (b) | 24,400 | 743,468 | ||||||
Washington Post Co. | 4,470 | 4,157,145 | ||||||
10,633,431 | ||||||||
Real Estate Investment Trusts (1.7%) | ||||||||
AMB Property Corp. | 38,700 | 1,340,181 | ||||||
Highwood Properties, Inc. | 25,100 | 589,850 | ||||||
Hospitality Properties Trust | 31,400 | 1,328,220 | ||||||
Liberty Property Trust | 39,600 | 1,592,316 | ||||||
Mack-Cali Realty Corp. | 28,300 | 1,171,054 | ||||||
New Plan Excel Realty Trust | 46,900 | 1,095,584 | ||||||
United Dominion Realty Trust, Inc. | 59,800 | 1,182,844 | ||||||
8,300,049 | ||||||||
Restaurants (1.4%) | ||||||||
Applebee’s International, Inc. | 38,550 | 887,421 | ||||||
Bob Evans Farms, Inc. | 16,500 | 451,770 | ||||||
Brinker International, Inc. (b) | 45,100 | 1,538,812 | ||||||
CBRL Group, Inc. | 22,800 | 703,380 | ||||||
Cheesecake Factory, Inc. (The) (b) | 24,200 | 962,918 | ||||||
Outback Steakhouse, Inc. | 34,800 | 1,439,328 | ||||||
Ruby Tuesday, Inc. | 31,200 | 856,440 | ||||||
6,840,069 | ||||||||
Retail (6.4%) | ||||||||
99 Cents Only Stores (b) | 33,800 | 515,450 | ||||||
Abercrombie & Fitch Co. | 44,400 | 1,720,500 | ||||||
American Eagle Outfitters Ltd. (b) | 33,550 | 969,931 | ||||||
Anntaylor Stores Corp. (b) | 31,900 | 924,462 | ||||||
Barnes & Noble, Inc. (b) | 32,300 | 1,097,554 | ||||||
BJ’s Wholesale Club, Inc. (b) | 32,700 | 817,500 | ||||||
Borders Group, Inc. | 36,300 | 850,872 | ||||||
Chico’s FAS, Inc. (b) | 41,700 | 1,883,172 | ||||||
Claire’s Stores, Inc. | 46,300 | 1,004,710 | ||||||
Coach, Inc. (b) | 88,100 | 3,981,238 | ||||||
Copart, Inc. (b) | 42,100 | 1,124,070 | ||||||
Dollar Tree Stores, Inc. (b) | 53,250 | 1,460,648 | ||||||
Fastenal Co. | 35,500 | 2,017,465 | ||||||
Michael’s Stores, Inc. | 31,900 | 1,754,500 | ||||||
Nieman Marcus Group, Inc. | 23,100 | 1,285,515 | ||||||
Pacific Sunwear of California, Inc. (b) | 35,900 | 702,563 | ||||||
Payless Shoesource, Inc. (b) | 31,800 | 474,138 | ||||||
PETsMART, Inc. | 67,600 | 2,193,620 | ||||||
Pier 1 Imports, Inc. | 41,200 | 728,828 | ||||||
Ross Stores, Inc. | 70,100 | 1,875,876 | ||||||
Ruddick Corp. | 21,800 | 489,410 | ||||||
Saks, Inc. | 66,800 | 1,002,000 | ||||||
Tech Data Corp. (b) | 27,100 | 1,060,423 | ||||||
Williams Sonoma, Inc. (b) | 54,400 | 1,793,024 | ||||||
31,727,469 | ||||||||
Schools (0.6%) | ||||||||
Education Management Corp. (b) | 34,200 | 1,123,812 | ||||||
ITT Educational Services, Inc. (b) | 21,400 | 813,628 | ||||||
Laureate Education, Inc. (b) | 21,100 | 806,864 | ||||||
2,744,304 | ||||||||
Semiconductors (0.6%) | ||||||||
Fairchild Semiconductor International, Inc. (b) | 55,800 | 913,446 | ||||||
Integrated Circuit Systems, Inc. (b) | 34,000 | 923,440 | ||||||
Silicon Laboratories, Inc. (b) | 24,100 | 1,117,035 | ||||||
2,953,921 | ||||||||
85
Table of Contents
DREYFUS GVIT MID CAP INDEX FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Shipping/ Transportation (2.1%) | ||||||||
Alexander & Baldwin, Inc. | 19,900 | $ | 665,655 | |||||
CNF Transportation, Inc. | 23,600 | 980,816 | ||||||
Expeditors International of Washington, Inc. | 49,300 | 2,435,913 | ||||||
GATX Corp. | 23,100 | 628,320 | ||||||
Hunt (J.B.) Transport Services, Inc. | 37,600 | 1,450,608 | ||||||
Overseas Shipholding Group, Inc. | 18,400 | 811,992 | ||||||
Robinson (C.H.) Worldwide, Inc. | 40,000 | 1,833,600 | ||||||
Swift Transportation Co., Inc. (b) | 37,800 | 678,510 | ||||||
Werner Enterprises, Inc. | 37,150 | 783,865 | ||||||
10,269,279 | ||||||||
Utilities (6.4%) | ||||||||
AGL Resources, Inc. | 30,300 | 880,215 | ||||||
Allete, Inc. | 41,300 | 1,375,290 | ||||||
Alliant Energy Corp. | 52,100 | 1,358,768 | ||||||
Aqua America, Inc. | 43,500 | 872,175 | ||||||
Aquila, Inc. (b) | 91,500 | 325,740 | ||||||
Black Hills Corp. | 15,200 | 478,800 | ||||||
DPL, Inc. | 59,200 | 1,149,664 | ||||||
Duquesne Light Holdings Inc. | 35,700 | 689,367 | ||||||
Energy East Corp. | 68,600 | 1,663,550 | ||||||
Equitable Resources, Inc. | 29,200 | 1,509,932 | ||||||
Great Plains Energy, Inc. | 34,800 | 1,033,560 | ||||||
Hawaiian Electric Industries, Inc. | 37,600 | 981,360 | ||||||
Idacorp, Inc. | 17,900 | 483,300 | ||||||
MDU Resources Group, Inc. | 54,600 | 1,312,038 | ||||||
National Fuel Gas Co. | 38,400 | 960,000 | ||||||
Northeast Utilities | 59,900 | 1,166,253 | ||||||
NSTAR | 24,800 | 1,187,424 | ||||||
Oklahoma Gas & Electric Co. | 41,000 | 1,044,270 | ||||||
Oneok, Inc. | 48,000 | 1,055,520 | ||||||
Pepco Holdings, Inc. | 80,538 | 1,472,235 | ||||||
PNM, Inc. | 28,250 | 586,753 | ||||||
Puget Energy, Inc. | 46,500 | 1,018,815 | ||||||
Questar Corp. | 39,200 | 1,514,688 | ||||||
Scana Corp. | 52,000 | 1,891,239 | ||||||
Sierra Pacific Resources (b) | 54,900 | 423,279 | ||||||
Vectren Corp. | 35,500 | 890,695 | ||||||
Westar Energy, Inc. | 40,000 | 796,400 | ||||||
Western Gas Resources, Inc. | 34,400 | 1,117,312 | ||||||
WGL Holdings, Inc. | 22,800 | 654,816 | ||||||
Wisconsin Energy Corp. | 55,300 | 1,803,333 | ||||||
WPS Resources Corp. | 17,400 | 806,490 | ||||||
32,503,281 | ||||||||
Waste Disposal (0.6%) | ||||||||
Republic Services, Inc. | 72,200 | 2,089,468 | ||||||
Stericycle, Inc. (b) | 20,300 | 1,050,322 | ||||||
3,139,790 | ||||||||
Total Common Stocks | 477,329,284 | |||||||
Security Description | Principal | Value | ||||||
U.S. Treasury Bill (0.2%) | ||||||||
0.92%, 09/23/04(c) | $ | 910,000 | $ | 907,259 | ||||
Total U.S. Treasury Bill | 907,259 | |||||||
Repurchase Agreement (3.9%) | ||||||||
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $7,728,492 (Fully collateralized by AA Rated Corporate Bonds) | 7,728,175 | 7,728,175 | ||||||
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $11,451,243 (Fully collateralized by U.S. Agency Securities) | 11,450,773 | 11,450,773 | ||||||
Total Repurchase Agreement | 19,178,948 | |||||||
Short-Term Securities Held as Collateral for Securities Lending (18.7%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | 93,027,042 | 93,027,042 | ||||||
Total Short-Term Securities Held as Collateral for Securities Lending | 93,027,042 | |||||||
Total Investments (Cost $525,563,049) (a) — 118.6% | 590,442,533 | |||||||
Other assets in excess of liabilities — (18.6)% | (92,718,019 | ) | ||||||
NET ASSETS — 100.0% | $ | 497,724,514 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 96,538,789 | ||
Unrealized depreciation | (31,659,305 | ) | ||
Net unrealized appreciation (depreciation) | $ | 64,879,484 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | Denotes a non-income producing security. | |
(c) | Pledged as collateral for futures. |
At June 30, 2004, the Fund’s open futures contracts were as follows:
Market | ||||||||||||||
Value | Unrealized | |||||||||||||
Number of | Covered by | Appreciation | ||||||||||||
Contracts | Long Contract | Expiration | Contracts | (Depreciation) | ||||||||||
68 | S&P Midcap 400 Future | 09/17/2004 | $ | 20,680,500 | $ | 375,100 |
See notes to financial statements.
86
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (99.0%) | ||||||||
Aerospace/ Defense (2.4%) | ||||||||
GenCorp, Inc. | 58,000 | $ | 776,620 | |||||
General Dynamics Corp. | 5,200 | 516,360 | ||||||
1,292,980 | ||||||||
Applications Software (4.2%) | ||||||||
Microsoft Corp. | 79,200 | 2,261,952 | ||||||
Building Products (0.9%) | ||||||||
Asahi Glass Co. Ltd. ADR-JP | 49,000 | 509,692 | ||||||
Computer Hardware (2.0%) | ||||||||
EMC Corp. (b) | 92,300 | 1,052,220 | ||||||
Computer Services (7.3%) | ||||||||
Insight Enterprises, Inc. (b) | 27,400 | 486,624 | ||||||
Research in Motion Ltd. (b) | 12,100 | 828,124 | ||||||
Yahoo, Inc. (b) | 71,600 | 2,601,228 | ||||||
3,915,976 | ||||||||
Computer Software (0.5%) | ||||||||
S1 Corp. (b) | 24,600 | 244,524 | ||||||
Computers — Memory Devices (2.7%) | ||||||||
Western Digital Corp. (b) | 166,700 | 1,443,622 | ||||||
Consulting Services (4.0%) | ||||||||
BearingPoint, Inc. (b) | 172,600 | 1,530,962 | ||||||
Keynote Systems, Inc. (b) | 46,800 | 643,500 | ||||||
2,174,462 | ||||||||
Data Processing & Reproduction (1.8%) | ||||||||
FileNETCorp. (b) | 31,100 | 981,827 | ||||||
E-Commerce (9.8%) | ||||||||
eBay, Inc. (b) | 32,000 | 2,942,400 | ||||||
Overstock.com, Inc. (b) | 29,300 | 1,145,044 | ||||||
Websense, Inc. (b) | 32,500 | 1,209,975 | ||||||
5,297,419 | ||||||||
Electronic Components (10.5%) | ||||||||
Agilent Technologies, Inc. (b) | 20,300 | 594,384 | ||||||
Altera Corporation (b) | 34,400 | 764,368 | ||||||
Cadence Design Systems, Inc. (b) | 80,700 | 1,180,641 | ||||||
Intel Corp. | 47,500 | 1,311,000 | ||||||
Leadis Technology, Inc. (b) | 8,400 | 112,644 | ||||||
MEMC Electronic Materials, Inc. (b) | 50,900 | 502,892 | ||||||
Micron Technology, Inc. (b) | 54,000 | 826,740 | ||||||
Xilinx, Inc. | 10,900 | 363,079 | ||||||
5,655,748 | ||||||||
Entertainment Software (2.8%) | ||||||||
Activision, Inc. (b) | 37,300 | 593,070 | ||||||
THQ, Inc. (b) | 39,500 | 904,550 | ||||||
1,497,620 | ||||||||
Instruments — Controls (3.2%) | ||||||||
Photon Dynamics, Inc. (b) | 48,500 | 1,700,895 | ||||||
Internet Security (5.1%) | ||||||||
Check Point Software Technologies Ltd. (b) | 70,400 | 1,900,096 | ||||||
WatchGuard Technologies, Inc. (b) | 115,700 | 835,354 | ||||||
2,735,450 | ||||||||
Internet Services/ Software (1.6%) | ||||||||
Akamai Technologies, Inc. (b) | 48,600 | 872,370 | ||||||
Motion Pictures & Services (1.5%) | ||||||||
Macrovision Corp. (b) | 32,000 | 800,960 | ||||||
Networking (8.4%) | ||||||||
Cisco Systems, Inc. (b) | 155,600 | 3,687,720 | ||||||
Juniper Networks, Inc. (b) | 33,500 | 823,095 | ||||||
4,510,815 | ||||||||
Semiconductors (16.0%) | ||||||||
Advanced Micro Devices, Inc. (b) | 152,940 | 2,431,746 | ||||||
Broadcom Corp., Class A (b) | 63,200 | 2,955,864 | ||||||
Integrated Device Technology, Inc. (b) | 55,800 | 772,272 | ||||||
Marvel Technology Group Ltd. (b) | 41,600 | 1,110,720 | ||||||
Powersdsine Ltd. (b) | 16,900 | 204,321 | ||||||
Sigmatel, Inc. (b) | 38,500 | 1,118,810 | ||||||
8,593,733 | ||||||||
Telecommunication Equipment (6.1%) | ||||||||
Comverse Technology, Inc. (b) | 29,500 | 588,230 | ||||||
Corning, Inc. (b) | 82,300 | 1,074,838 | ||||||
Lucent Technologies, Inc. (b) | 138,600 | 523,908 | ||||||
Telefonaktiebolaget LM Ericsson (b) | 37,000 | 1,107,040 | ||||||
3,294,016 | ||||||||
Telephone — Integrated (0.7%) | ||||||||
Nippon Telgraph and Telephone Corp. | 14,800 | 397,232 | ||||||
Travel (1.5%) | ||||||||
Sabre Group Holdings, Inc. | 29,700 | 822,987 | ||||||
Wireless Equipment (6.0%) | ||||||||
Crown Castle International Corp. (b) | 33,000 | 486,750 | ||||||
QUALCOMM, Inc. | 37,800 | 2,758,644 | ||||||
3,245,394 | ||||||||
Total Common Stocks | 53,301,894 | |||||||
87
Table of Contents
GARTMORE GVIT GLOBAL TECHNOLOGY AND COMMUNICATIONS FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
Short-Term Securities Held as Collateral for Securities Lending (13.4%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | $ | 7,206,496 | $ | 7,206,496 | ||||
Total Short-Term Securities Held as Collateral for Securities Lending | 7,206,496 | |||||||
Total Investments (Cost $57,619,222) (a) — 112.4% | 60,508,390 | |||||||
Other assets in excess of liabilities — (12.4)% | (6,667,659 | ) | ||||||
NET ASSETS — 100.0% | $ | 53,840,731 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 3,385,715 | ||
Unrealized depreciation | (496,547 | ) | ||
Net unrealized appreciation (depreciation) | $ | 2,889,168 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | Denotes a non-income producing security. |
ADR | American Depositary Receipt |
JP | Japan |
See notes to financial statements.
88
Table of Contents
GARTMORE GVIT GLOBAL HEALTH SCIENCES FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (90.6%) | ||||||||
Dental Supplies & Equipment (1.1%) | ||||||||
DENTSPLY International, Inc. | 12,410 | $ | 646,561 | |||||
Diagnostic Equipment (0.6%) | ||||||||
Cytyc Corp. (b) | 13,800 | 350,106 | ||||||
Drugs (42.2%) | ||||||||
Abbott Laboratories | 45,500 | 1,854,580 | ||||||
Allergan, Inc. | 7,540 | 674,981 | ||||||
Amgen, Inc. (b) | 37,860 | 2,066,020 | ||||||
Andrx Corp. (b) | 19,660 | 549,104 | ||||||
Elan Corp. PLC ADR-IE (b) | 54,680 | 1,352,783 | ||||||
Eli Lilly & Co. | 44,540 | 3,113,791 | ||||||
Forest Laboratories, Inc. (b) | 7,540 | 426,990 | ||||||
Merck & Co., Inc. | 93,730 | 4,452,175 | ||||||
Novartis AG ADR-CH | 24,780 | 1,102,710 | ||||||
Pfizer, Inc. | 143,808 | 4,929,738 | ||||||
Schering-Plough Corp. | 80,580 | 1,489,118 | ||||||
Sepracor, Inc. (b) | 13,240 | 700,396 | ||||||
Valeant Pharmaceuticals International | 43,380 | 867,600 | ||||||
Wyeth | 49,230 | 1,780,157 | ||||||
25,360,143 | ||||||||
Hospitals (0.7%) | ||||||||
Triad Hospitals, Inc. (b) | 11,360 | 422,933 | ||||||
Insurance (6.5%) | ||||||||
Anthem, Inc. (b) | 6,400 | 573,184 | ||||||
Coventry Health Care, Inc. (b) | 13,610 | 665,529 | ||||||
UnitedHealth Group, Inc. | 31,690 | 1,972,703 | ||||||
WellPoint Health Networks, Inc. (b) | 6,310 | 706,783 | ||||||
3,918,199 | ||||||||
Medical Information Systems (1.2%) | ||||||||
Dendrite International, Inc. (b) | 39,210 | 728,522 | ||||||
Medical Instruments (11.9%) | ||||||||
Beckman Coulter, Inc. | 13,530 | 825,330 | ||||||
Boston Scientific Corp. (b) | 16,820 | 719,896 | ||||||
Fisher Scientific International, Inc. (b) | 17,720 | 1,023,330 | ||||||
Gen-Probe, Inc. (b) | 16,310 | 771,789 | ||||||
Medtronic, Inc. | 38,560 | 1,878,643 | ||||||
Thermo Electron Corp. (b) | 61,980 | 1,905,265 | ||||||
7,124,253 | ||||||||
Medical Products (11.7%) | ||||||||
Baxter International, Inc. | 38,870 | 1,341,404 | ||||||
Biomet, Inc. | 15,520 | 689,709 | ||||||
C. R. Bard, Inc. | 20,190 | 1,143,764 | ||||||
Cooper Companies, Inc. (The) | 11,280 | 712,558 | ||||||
Kinetic Concepts, Inc. (b) | 8,850 | 441,615 | ||||||
Stryker Corp. | 29,890 | 1,643,949 | ||||||
Zimmer Holdings, Inc. (b) | 12,040 | 1,061,928 | ||||||
7,034,927 | ||||||||
Medical Services (7.0%) | ||||||||
Cardinal Health, Inc. | 17,470 | 1,223,774 | ||||||
Caremark Rx, Inc. (b) | 27,780 | 915,073 | ||||||
Inveresk Research Group, Inc. (b) | 43,150 | 1,330,746 | ||||||
Medco Health Solutions, Inc. (b) | 17,240 | �� | 646,500 | |||||
TriPath Imaging, Inc. (b) | 10,920 | 102,757 | ||||||
4,218,850 | ||||||||
Therapeutics (6.4%) | ||||||||
Genentech, Inc. (b) | 45,140 | 2,536,868 | ||||||
Gilead Sciences, Inc. (b) | 9,270 | 621,090 | ||||||
MedImmune, Inc. (b) | 16,280 | 380,952 | ||||||
Nabi Biopharmaceuticals (b) | 19,400 | 275,868 | ||||||
3,814,778 | ||||||||
Veterinary Diagnostics (1.3%) | ||||||||
VCA Antech, Inc. (b) | 18,080 | 810,346 | ||||||
Total Common Stocks | 54,429,618 | |||||||
Security Description | Principal | Value | ||||||
Repurchase Agreements (8.2%) | ||||||||
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $1,980,365 (Fully collateralized by AA Rated Corporate Bonds) | $ | 1,980,284 | 1,980,284 | |||||
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $2,934,292 (Fully collateralized by AA Rated Corporate Bonds & U.S. Agency Securities) | 2,934,171 | 2,934,971 | ||||||
Total Repurchase Agreements | 4,914,455 | |||||||
MUTUAL FUND (0.0%) | ||||||||
Exchange Traded Funds (0.0%) | ||||||||
NASDAQ Biotech Index Fund — Institutional Shares (b) | 50 | 3,755 | ||||||
Total Mutual Fund | 3,755 | |||||||
Short-Term Securities Held as Collateral for Securities Lending (8.8%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | 5,295,773 | 5,295,773 | ||||||
Total Short-Term Securities Held as Collateral for Securities Lending | 5,295,773 | |||||||
Total Investments (Cost $62,454,278) (a) — 107.6% | 64,643,601 | |||||||
Liabilities in excess of other assets — (7.6)% | (4,589,049 | ) | ||||||
NET ASSETS — 100.0% | $ | 60,054,552 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 3,017,932 | ||
Unrealized depreciation | (828,609 | ) | ||
Net unrealized appreciation (depreciation) | $ | 2,189,323 | ||
Aggregate cost for income tax purposes is substantially the same. | ||
(b) | Denotes a non-income producing security. |
ADR | American Depositary Receipt |
CH | Switzerland |
IE | Ireland |
See notes to financial statements.
89
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (101.9%) | ||||||||
Coal (3.9%) | ||||||||
Peabody Energy Corp. | 6,294 | $ | 352,401 | |||||
Computer Equipment (2.5%) | ||||||||
International Business Machines Corp. | 2,600 | 229,190 | ||||||
Computer Networks (3.2%) | ||||||||
Cisco Systems, Inc. (b) | 12,000 | 284,400 | ||||||
Computer Software & Services (3.3%) | ||||||||
Microsoft Corp. | 10,500 | 299,880 | ||||||
Construction & Building Materials (2.1%) | ||||||||
Lennar Corp. | 4,148 | 185,499 | ||||||
Diversified (3.8%) | ||||||||
Ingersoll-Rand Co., Class A | 4,966 | 339,227 | ||||||
Financial Services (15.8%) | ||||||||
Capital One Financial Corp. | 3,500 | 239,330 | ||||||
CIT Group, Inc. | 9,710 | 371,796 | ||||||
Citigroup, Inc. | 8,642 | 401,853 | ||||||
Goldman Sachs Group, Inc. (The) | 4,400 | 414,303 | ||||||
1,427,282 | ||||||||
Food and Beverages (2.0%) | ||||||||
Kraft Foods, Inc. Class A | 5,800 | 183,744 | ||||||
Hotels/ Motels (3.4%) | ||||||||
Starwood Hotels & Resorts Worldwide, Inc. | 6,850 | 307,223 | ||||||
Manufacturing (6.0%) | ||||||||
General Electric Co. | 9,600 | 311,040 | ||||||
Tyco International Ltd. | 7,000 | 231,980 | ||||||
543,020 | ||||||||
Metals (7.6%) | ||||||||
Alcoa, Inc. | 10,913 | 360,456 | ||||||
Phelps Dodge Corp. | 4,200 | 325,542 | ||||||
685,998 | ||||||||
Oil & Gas (13.4%) | ||||||||
Apache Corp. | 7,258 | 316,086 | ||||||
BJ Services Co. (b) | 7,548 | 346,000 | ||||||
ConocoPhillips | 4,732 | 361,005 | ||||||
GlobalSantaFe Corp. | 7,000 | 185,500 | ||||||
1,208,591 | ||||||||
Pharmaceuticals (14.0%) | ||||||||
Andrx Corp. (b) | 10,199 | 284,858 | ||||||
Elan Corp. PLC (b) | 8,700 | 215,238 | ||||||
Pfizer, Inc. | 10,503 | 360,043 | ||||||
Shire Pharmaceuticals Group PLC ADR — GB (b) | 6,928 | 185,255 | ||||||
Valeant Pharmaceuticals International | 11,082 | 221,640 | ||||||
1,267,034 | ||||||||
Retail (4.9%) | ||||||||
Wal-Mart Stores, Inc. | 8,395 | 442,920 | ||||||
Semiconductors (6.5%) | ||||||||
Applied Materials, Inc. (b) | 13,000 | 255,060 | ||||||
Intel Corp. | 12,000 | 331,200 | ||||||
586,260 | ||||||||
Transportation (4.5%) | ||||||||
J.B. Hunt Transport Services, Inc. | 10,426 | 402,235 | ||||||
Travel (5.0%) | ||||||||
Royal Caribbean Cruises Ltd. | 10,434 | 452,940 | ||||||
Total Common Stocks | 9,197,844 | |||||||
Total Investments (Cost $8,503,052) (a) — 101.9% | 9,197,844 | |||||||
Liabilities in excess of other assets — (1.9)% | (170,555 | ) | ||||||
NET ASSETS — 100.0% | $ | 9,027,289 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 860,508 | ||
Unrealized depreciation | (165,716 | ) | ||
Net unrealized appreciation (depreciation) | $ | 694,792 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | Denotes a non-income producing security. |
ADR | American Depositary Receipt |
GB | United Kingdom |
See notes to financial statements.
90
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (96.0%) | ||||||||
Brazil (8.0%) | ||||||||
Banking (1.1%) | ||||||||
Banco Itau Holding Financeira SA ADR | 20,300 | $ | 946,792 | |||||
Beverages (0.6%) | ||||||||
Companhia de Bebidas das Americas ADR | 26,800 | 537,876 | ||||||
Electric Utility (0.9%) | ||||||||
Companhia Energetica de Minas Gerais | 51,622,100 | 770,914 | ||||||
Oil & Gas (2.3%) | ||||||||
Petroleo Brasileiro SA ADR | 54,619 | 1,376,399 | ||||||
Petroleo Brasileiro SA ADR | 24,100 | 676,487 | ||||||
2,052,886 | ||||||||
Paper Products (1.2%) | ||||||||
Klabin SA | 764,000 | 1,004,030 | ||||||
Steel (1.0%) | ||||||||
Gerdau SA ADR | 71,920 | 871,670 | ||||||
Telecommunications (0.9%) | ||||||||
Tele Norte Leste Participacoes SA ADR | 60,700 | 772,711 | ||||||
6,956,879 | ||||||||
Chile (0.9%) | ||||||||
Retail Stores (0.9%) | ||||||||
Cencosud SA ADR (b) | 41,100 | 760,634 | ||||||
China (5.4%) | ||||||||
Coal (1.9%) | ||||||||
China Resources Power Holdings Co. (b) | 2,914,000 | 1,643,837 | ||||||
Coal Mining (1.0%) | ||||||||
Yanzhou Coal Mining Co. Ltd. | 786,000 | 856,560 | ||||||
Oil & Gas (1.1%) | ||||||||
CNOOC Ltd. | 1,435,500 | 607,343 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd. | 1,068,000 | 356,009 | ||||||
963,352 | ||||||||
Telecommunications (1.4%) | ||||||||
China Telecom Corp. Ltd. | 3,596,000 | 1,256,327 | ||||||
4,720,076 | ||||||||
Hong Kong (1.7%) | ||||||||
Agriculture (0.7%) | ||||||||
Global Bio-ChemTechnology Group Co. Ltd. | 886,000 | 641,799 | ||||||
Electronics (0.2%) | ||||||||
Nam Tai Electronic & Electrical Products Ltd. (b) | 422,000 | 160,959 | ||||||
Semiconductor Comp — Integrated Circuits (0.8%) | ||||||||
Solomon Systech International Ltd. (b) | 2,716,000 | 672,053 | ||||||
1,474,811 | ||||||||
Hungary (0.4%) | ||||||||
Banking (0.4%) | ||||||||
OTP Bank | 18,600 | 379,906 | ||||||
India (2.0%) | ||||||||
Chemicals (0.6%) | ||||||||
Indian Petrochemicals Corp. Ltd. | 150,200 | 480,640 | ||||||
Data Processing & Reproduction (0.8%) | ||||||||
Satyam Computer Services Ltd. | 122,200 | 812,630 | ||||||
Financial Services (0.6%) | ||||||||
ICICI Bank Ltd. ADR | 39,676 | 480,080 | ||||||
1,773,350 | ||||||||
Indonesia (2.8%) | ||||||||
Banking (1.0%) | ||||||||
PT Bank Mandiri | 7,826,500 | 978,052 | ||||||
Coal Mining (0.7%) | ||||||||
PT Bumi Resources | 9,600,000 | 587,078 | ||||||
Oil & Gas (0.5%) | ||||||||
PT Perusahaan Gas Negara | 2,537,164 | 391,267 | ||||||
Telecommunications (0.6%) | ||||||||
PT Telekomunikasi Indonesia (b) | 616,500 | 485,201 | ||||||
2,441,598 | ||||||||
Israel (3.3%) | ||||||||
Banking (0.8%) | ||||||||
Bank Hapoalim Ltd. | 271,200 | 721,232 | ||||||
Computer Hardware (0.4%) | ||||||||
M-Systems Flash Disk Pioneer Ltd. (b) | 23,211 | 346,076 | ||||||
Electronic Measuring Instruction (0.8%) | ||||||||
Orbotech Ltd. (b) | 37,100 | 754,984 | ||||||
Software & Computer Services (0.8%) | ||||||||
Retalix Ltd. (b) | 32,200 | 652,050 | ||||||
Telecommunications (0.5%) | ||||||||
Nice Systems Ltd. ADR (b) | 17,500 | 419,108 | ||||||
2,893,450 | ||||||||
Korea (19.6%) | ||||||||
Airlines (0.9%) | ||||||||
Korean Air (b) | 60,000 | 778,884 | ||||||
Automobile (0.8%) | ||||||||
Ssangyong Motor Co. (b) | 108,500 | 732,410 | ||||||
Banking (2.0%) | ||||||||
Hana Bank | 33,210 | 701,276 | ||||||
Kookmin Bank ADR | 32,600 | 1,022,988 | ||||||
1,724,264 | ||||||||
Electronics (9.5%) | ||||||||
KH Vatec Co. Ltd. | 25,400 | 984,786 | ||||||
Kumho Electric Co. Ltd. | 10,994 | 448,133 | ||||||
LG Electronics Inc. | 19,700 | 934,280 | ||||||
Samsung Electro-Mechanics (b) | 34,200 | 969,321 |
91
Table of Contents
GARTMORE GVIT EMERGING MARKETS FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
Korea (continued) | ||||||||
Electronics (continued) | ||||||||
Samsung Electronics | 1,500 | $ | 619,212 | |||||
Samsung Electronics GDR (e) | 32,600 | 4,238,000 | ||||||
8,193,732 | ||||||||
Financial Services (0.6%) | ||||||||
Daishin Securities Co. | 89,000 | 516,054 | ||||||
Internet (0.7%) | ||||||||
Daum Communication Corp. (b) | 13,400 | 619,264 | ||||||
Retail (1.1%) | ||||||||
Shinsegae Department Store Co. | 3,800 | 914,236 | ||||||
Steel (0.9%) | ||||||||
Dongkuk Steel Mill Co. | 102,200 | 788,059 | ||||||
Telecommunications (2.0%) | ||||||||
SK Telecom Co. Ltd. | 12,100 | 253,979 | ||||||
SK Telecom Co. Ltd. | 9,010 | 1,481,523 | ||||||
1,735,502 | ||||||||
Tobacco (1.1%) | ||||||||
KT&G Corp | 40,600 | 938,139 | ||||||
16,940,544 | ||||||||
Malaysia (6.4%) | ||||||||
Agriculture (0.8%) | ||||||||
IOI Corporation Berhad | 320,700 | 687,817 | ||||||
Banking (2.3%) | ||||||||
CIMB Berhad | 711,200 | 1,048,084 | ||||||
Public Bank Berhad | 508,700 | 883,532 | ||||||
1,931,616 | ||||||||
Electric Utility (0.2%) | ||||||||
Tenega Nasional Berhad | 74,000 | 196,684 | ||||||
Property Management (1.0%) | ||||||||
Magnum Corp Berhad | 1,342,400 | 858,429 | ||||||
Telecommunications (2.1%) | ||||||||
Maxis Communications Berhad | 329,000 | 761,895 | ||||||
Telekom Malaysia Berhad | 404,600 | 1,096,679 | ||||||
1,858,574 | ||||||||
5,533,120 | ||||||||
Mexico (7.9%) | ||||||||
Beverages (1.0%) | ||||||||
Coca-Cola Femsa, SA de CV | 40,100 | 889,819 | ||||||
Diversified (1.0%) | ||||||||
Alfa SA, Class A | 254,300 | 853,326 | ||||||
Financial Services (1.6%) | ||||||||
Grupo Financiero Banorte SA de CV | 390,700 | 1,381,831 | ||||||
Real Estate (1.0%) | ||||||||
Urbi, Desarrolloas Urbanos SA de CV (b) | 263,100 | 846,355 | ||||||
Retail (1.2%) | ||||||||
Organizacion Soriana SA de CV | 355,630 | 1,055,512 | ||||||
Telecommunications (2.1%) | ||||||||
America Movil SA de CV ADR | 36,617 | 1,331,759 | ||||||
Telefonos de Mexico SA de CV ADR | 15,800 | 525,666 | ||||||
1,857,425 | ||||||||
6,884,268 | ||||||||
Poland (1.5%) | ||||||||
Banking (1.2%) | ||||||||
Bank Pekao SA | 30,100 | 1,005,478 | ||||||
Real Estate Development (0.3%) | ||||||||
Globe Trade Centre (b) | 9,100 | 280,598 | ||||||
1,286,076 | ||||||||
Russia (6.2%) | ||||||||
Oil & Gas (4.9%) | ||||||||
Lukoil — Spon ADR | 14,500 | 1,518,875 | ||||||
OAO Gazprom ADR | 33,900 | 970,557 | ||||||
Surgutneftgaz ADR | 53,168 | 1,732,213 | ||||||
4,221,645 | ||||||||
Telecommunications (1.3%) | ||||||||
AO VimpelCom ADR (b) | 7,100 | 684,795 | ||||||
Golden Telecom, Inc. | 16,500 | 464,310 | ||||||
1,149,105 | ||||||||
5,370,750 | ||||||||
Singapore (0.5%) | ||||||||
Oil & Gas (0.5%) | ||||||||
China Aviation Oil Singapore Corp. Ltd. | 490,520 | 444,257 | ||||||
South Africa (10.1%) | ||||||||
Banking (2.3%) | ||||||||
ABSA Group Ltd. | 157,573 | 1,293,609 | ||||||
African Bank Investments Ltd. | 376,500 | 715,152 | ||||||
2,008,761 | ||||||||
Forest Products (0.9%) | ||||||||
Sappi Ltd. (b) | 50,400 | 768,301 | ||||||
Insurance (1.0%) | ||||||||
Sanlam Ltd. (b) | 588,200 | 833,218 | ||||||
Metals & Mining (2.6%) | ||||||||
Anglo American PLC | 110,000 | 2,250,553 | ||||||
Mining (0.9%) | ||||||||
Impala Platinum Holdings Ltd. | 9,999 | 758,104 | ||||||
Oil & Gas (0.8%) | ||||||||
Sasol Ltd. | 44,531 | 688,869 | ||||||
Retail (1.0%) | ||||||||
Massmart Holdings Ltd. | 163,100 | 858,525 | ||||||
Telecommunications (0.6%) | ||||||||
Telkom South Africa Ltd. | 44,000 | 563,435 | ||||||
8,729,766 | ||||||||
92
Table of Contents
GARTMORE GVIT EMERGING MARKETS FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
Taiwan (12.3%) | ||||||||
Banking (2.6%) | ||||||||
Bank of Kaohsiung | 865,000 | $ | 611,980 | |||||
Chinatrust Financial Holding Co. Ltd. | 503,000 | 560,716 | ||||||
Taishin Financial Holdings Co. Ltd. | 1,300,000 | 1,070,453 | ||||||
2,243,149 | ||||||||
Chemicals (0.7%) | ||||||||
Taiyen Biotech Co. Ltd. (b) | 517,000 | 613,207 | ||||||
Electronics (2.3%) | ||||||||
Ichia Technologies, Inc. (b) | 452,000 | 906,956 | ||||||
Yageo Corp. (b) | 2,133,000 | 1,096,935 | ||||||
2,003,891 | ||||||||
Financial Services (1.0%) | ||||||||
Cathay Financial Holding Co. Ltd. | 465,000 | 836,281 | ||||||
Paper Products (0.8%) | ||||||||
Cheng Loong Corp. | 2,145,490 | 733,446 | ||||||
Semiconductors (2.9%) | ||||||||
Taiwan Semiconductor Manufacturing Co Ltd. | 1,275,709 | 1,835,444 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 74,747 | 621,147 | ||||||
2,456,591 | ||||||||
Software & Computer Services (1.2%) | ||||||||
Accton Technology Corp. (b) | 1,853,000 | 1,035,565 | ||||||
Textiles (0.8%) | ||||||||
Far Eastern Textile Co. Ltd. | 1,113,070 | 658,445 | ||||||
10,580,575 | ||||||||
Thailand (5.1%) | ||||||||
Airlines (1.4%) | ||||||||
Thai Airways International Public Co. Ltd. | 856,100 | 1,183,066 | ||||||
Diversified Minerals (0.6%) | ||||||||
Banpu Public Co. Ltd. (b) | 168,800 | 532,596 | ||||||
Financial Services (2.5%) | ||||||||
Kiatnakin Finance Public Co. Ltd. | 321,800 | 285,319 | ||||||
Kiatnakin Finance Public Co. Ltd. | 406,600 | 360,505 | ||||||
Siam Commercial Bank Public Co. Ltd. (c) | 605,000 | 688,089 | ||||||
Tisco Finance Public Co. Ltd. (b) | 1,287,100 | 857,856 | ||||||
2,191,769 | ||||||||
Telecommunications (0.6%) | ||||||||
Shin Corporation Public Co. Ltd. (b) | 573,100 | 511,634 | ||||||
4,419,065 | ||||||||
Turkey (1.9%) | ||||||||
Automotive (0.7%) | ||||||||
Ford Otomotiv Sanayii AS | 86,402,700 | 628,807 | ||||||
Banking (1.2%) | ||||||||
Türkiye Garanti Bankasi AS (b) | 333,954,499 | 995,787 | ||||||
1,624,594 | ||||||||
Total Common Stocks | 83,213,719 | |||||||
Security Description | Principal | Value | ||||||
PARTICIPATION NOTES (1.9%) | ||||||||
India (1.9%) | ||||||||
Banking (0.2%) | ||||||||
Deutsche Bank Ltd. (d) | 35,300 | $ | 187,796 | |||||
Financial Services (0.6%) | ||||||||
Union Bank of India Ltd. (d) | 448,400 | 564,984 | ||||||
Oil & Gas (1.1%) | ||||||||
Oil and Natural Gas Corp. Ltd. (d) | 67,600 | 926,120 | ||||||
Total Participation Notes | 1,678,900 | |||||||
WARRANT (0.3%) | ||||||||
Thailand (0.3%) | ||||||||
Banking (0.3%) | ||||||||
Kiatnakin Finance Ltd. | 617,900 | 270,525 | ||||||
Total Warrant | 270,525 | |||||||
Repurchase Agreement (1.2%) | ||||||||
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $427,650 (Fully collateralized by AA Rated Corporate Bonds) | 427,633 | 427,633 | ||||||
Nomura Securities, 1.48% dated 06/30/04, due 07/01/04, repurchase price $633,646 (Fully collateralized by U.S. Agency Securities) | 633,620 | 633,620 | ||||||
Total Repurchase Agreements | 1,061,253 | |||||||
Short-Term Securities Held as Collateral for Securities Lending (3.2%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | 2,798,950 | 2,798,950 | ||||||
Total Short-Term Securities Held as Collateral for Securities Lending | 2,798,950 | |||||||
Total Investments (Cost $87,868,922) (a) — 102.6% | 89,023,347 | |||||||
Other assets in excess of liabilities — (2.6%) | (2,224,422 | ) | ||||||
NET ASSETS — 100.0% | $ | 86,798,925 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 6,287,408 | ||
Unrealized depreciation | (5,132,983 | ) | ||
Net unrealized appreciation (depreciation) | $ | 1,154,425 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | Denotes a non-income producing security. | |
(c) | Foreign Shares. | |
(d) | Fair Valued Security. | |
(e) | Represents a restricted security acquired and eligible for resale under Rule 144A, which limits the resale to certain qualified buyers. |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
93
Table of Contents
GARTMORE GVIT EMERGING MARKETS FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
At June 30, 2004, the Fund’s open forward foreign currency contracts were as follows:
Unrealized | ||||||||||||||
Delivery | Contract | Market | Appreciation | |||||||||||
Currency | Date | Value | Value | (Depreciation) | ||||||||||
Short Contract: | ||||||||||||||
Hong Kong Dollar | 07/02/04 | $ | 577,807 | $ | 577,778 | $ | 29 | |||||||
See notes to financial statements.
94
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT INTERNATIONAL GROWTH FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (97.0%) | ||||||||
Australia (2.1%) | ||||||||
Multimedia (2.1%) | ||||||||
News Corp. Ltd. (The) ADR | 6,700 | $ | 220,296 | |||||
China (2.2%) | ||||||||
Telecommunications (2.2%) | ||||||||
China Unicom Ltd. | 130,000 | 102,503 | ||||||
China Unicom Ltd. ADR | 15,800 | 124,820 | ||||||
227,323 | ||||||||
France (8.7%) | ||||||||
Banking (1.8%) | ||||||||
BNP Paribas SA | 1,700 | 104,553 | ||||||
Societe Generale | 1,004 | 85,323 | ||||||
189,876 | ||||||||
Financial Services (2.7%) | ||||||||
Credit Agricole S.A. | 11,600 | 282,262 | ||||||
Food & Beverage (1.6%) | ||||||||
Pernod — Richard SA | 1,271 | 162,523 | ||||||
Oil & Gas (1.5%) | ||||||||
Total Fina Elf SA | 800 | 152,519 | ||||||
Pharmaceuticals (1.1%) | ||||||||
Aventis SA | 1,500 | 113,240 | ||||||
900,420 | ||||||||
Germany (4.9%) | ||||||||
Banking (0.4%) | ||||||||
Deutsche Bank AG | 500 | 39,328 | ||||||
Manufacturing (2.4%) | ||||||||
Siemens AG | 3,600 | 259,074 | ||||||
Telecommunications (1.1%) | ||||||||
Deutsche Telekom AG (b) | 6,290 | 110,582 | ||||||
Utilities (1.0%) | ||||||||
E. ON AG | 1,400 | 100,836 | ||||||
509,820 | ||||||||
Hong Kong (1.9%) | ||||||||
Real Estate (1.9%) | ||||||||
Sun Hung Kai Properties Ltd. | 24,000 | 196,928 | ||||||
Ireland (1.7%) | ||||||||
Building & Construction (1.7%) | ||||||||
CRH PLC | 8,261 | 174,481 | ||||||
Italy (2.1%) | ||||||||
Oil & Gas (2.1%) | ||||||||
ENI SpA | 11,000 | 218,413 | ||||||
Japan (22.3%) | ||||||||
Automotive (1.0%) | ||||||||
Honda Motor Co. Ltd. | 2,100 | 101,233 | ||||||
Banking (2.4%) | ||||||||
Sumitomo Mitsui Financial Group, Inc. | 15 | 102,827 | ||||||
Sumitomo Trust & Banking Co. Ltd. (The) | 20,000 | 142,419 | ||||||
245,246 | ||||||||
Building Products (2.0%) | ||||||||
Asahi Glass Co. Ltd. | 20,000 | 208,037 | ||||||
Chemicals (3.1%) | ||||||||
Asahi Kasei Corp. | 27,000 | 139,807 | ||||||
Shin-Etsu Chemical Co. Ltd. | 5,100 | 182,285 | ||||||
322,092 | ||||||||
Electronics (1.0%) | ||||||||
Canon, Inc. | 1,000 | 52,697 | ||||||
NEC Corp. | 7,000 | 49,269 | ||||||
101,966 | ||||||||
Financial Services (6.0%) | ||||||||
Credit Saison Co. Ltd. | 7,000 | 210,420 | ||||||
Mitsubishi Tokyo Financial Group, Inc. | 21 | 194,382 | ||||||
Promise Co. Ltd. | 3,450 | 230,178 | ||||||
634,980 | ||||||||
Import/ Export (0.5%) | ||||||||
Mitsubishi Corp. | 5,000 | 48,573 | ||||||
Insurance (0.7%) | ||||||||
Millea Holdings, Inc. | 5 | 74,234 | ||||||
Manufacturing (0.8%) | ||||||||
Fuji Electric Holdings Co. Ltd. | 31,000 | 83,811 | ||||||
Pharmaceuticals (1.7%) | ||||||||
Takeda Chemical Industries Ltd. | 4,000 | 175,595 | ||||||
Real Estate (2.1%) | ||||||||
Mitsui Fudosan Co. Ltd. | 18,000 | 215,772 | ||||||
Semiconductors (1.0%) | ||||||||
NEC Electronics Corp. | 1,700 | 104,385 | ||||||
2,315,924 | ||||||||
Korea (2.0%) | ||||||||
Electronics (2.0%) | ||||||||
Samsung Electronics Co. Ltd. | 1,011 | 208,013 | ||||||
Mexico (1.0%) | ||||||||
Retail (1.0%) | ||||||||
Grupo Electra SA de CV | 4,400 | 104,016 | ||||||
Netherlands (6.2%) | ||||||||
Electronics (1.5%) | ||||||||
Koninlijke (Royal) Philips Electronics N.V. | 5,800 | 156,162 | ||||||
Food & Beverage (1.8%) | ||||||||
Koninklijke (Royal) Numico N.V. (b) | 5,700 | 183,151 | ||||||
Oil & Gas (1.3%) | ||||||||
Royal Dutch Petroleum Co. | 2,574 | 132,093 | ||||||
95
Table of Contents
GARTMORE GVIT INTERNATIONAL GROWTH FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Netherlands (continued) | ||||||||
Semiconductors (1.6%) | ||||||||
ASML Holding N.V. (b) | 10,076 | $ | 170,522 | |||||
641,928 | ||||||||
Portugal (0.9%) | ||||||||
Telecommunications (0.9%) | ||||||||
Portugal Telecom SA | 8,686 | 93,737 | ||||||
Russia (2.1%) | ||||||||
Oil & Gas Transmission (2.1%) | ||||||||
Gazprom ADR | 7,604 | 217,703 | ||||||
Singapore (0.9%) | ||||||||
Cruise Lines (0.9%) | ||||||||
Star Cruises Ltd. (b) | 361,000 | 90,250 | ||||||
Spain (1.3%) | ||||||||
Real Estate (1.3%) | ||||||||
Fadesa Inmobiliaria SA (b) | 8,842 | 129,092 | ||||||
Television (0.0%) | ||||||||
Antena 3 Television SA (b) | 23 | 1,217 | ||||||
130,309 | ||||||||
Switzerland (8.5%) | ||||||||
Banking (3.0%) | ||||||||
Credit Suisse Group (b) | 5,000 | 177,659 | ||||||
UBS AG | 1,883 | 132,685 | ||||||
310,344 | ||||||||
Engineering (0.5%) | ||||||||
ABB Ltd. (b) | 9,300 | 50,866 | ||||||
Food & Beverage (1.5%) | ||||||||
Nestle SA | 600 | 160,013 | ||||||
Pharmaceuticals (3.5%) | ||||||||
Alcon, Inc. | 1,500 | 117,975 | ||||||
Roche Holding AG | 2,500 | 247,525 | ||||||
365,500 | ||||||||
886,723 | ||||||||
Taiwan (0.9%) | ||||||||
Semiconductors (0.9%) | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 68,452 | 98,489 | ||||||
United Kingdom (27.3%) | ||||||||
Banking (2.2%) | ||||||||
HSBC Holdings PLC | 8,000 | 118,966 | ||||||
Royal Bank of Scotland Group PLC | 3,900 | 112,314 | ||||||
231,280 | ||||||||
Building & Construction (2.6%) | ||||||||
Westbury PLC | 34,895 | 273,219 | ||||||
Food & Beverage (0.5%) | ||||||||
Diageo PLC | 4,200 | 56,630 | ||||||
Gambling (2.4%) | ||||||||
Hilton Group PLC | 50,500 | 252,766 | ||||||
Gas — Distribution (0.5%) | ||||||||
Centrica PLC | 12,800 | 52,113 | ||||||
Metals (2.2%) | ||||||||
Rio Tinto PLC | 9,577 | 230,298 | ||||||
Mining (2.7%) | ||||||||
Anglo American PLC | 8,000 | 163,650 | ||||||
BHP Billiton PLC | 13,435 | 116,584 | ||||||
280,234 | ||||||||
Oil & Gas (3.7%) | ||||||||
BP PLC | 42,008 | 371,003 | ||||||
Pharmaceuticals (4.8%) | ||||||||
AstraZeneca PLC | 3,600 | 161,518 | ||||||
GlaxoSmithKline PLC | 16,357 | 331,043 | ||||||
492,561 | ||||||||
Retail (2.2%) | ||||||||
GUS PLC | 15,000 | 229,997 | ||||||
Telecommunications (2.4%) | ||||||||
Vodafone Group PLC | 113,100 | 247,666 | ||||||
Television (1.1%) | ||||||||
ITV PLC | 54,071 | 113,257 | ||||||
2,831,024 | ||||||||
Total Common Stocks | 10,065,797 | |||||||
Security Description | Principal | Value | ||||||
Repurchase Agreements (1.3%) | ||||||||
CS First Boston, 1.48% dated 06/30/04, due 07/01/04, repurchase price $56,385 (Fully collateralized by AA Corporate Bonds) | $ | 56,383 | $ | 56,383 | ||||
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $83,545 (Fully collateralized by AA Corporate Bonds, Treasury Notes, & U.S. Agency Securities) | 83,542 | 83,542 | ||||||
Total Repurchase Agreements | 139,925 | |||||||
Total Investments (Cost $9,986,483) (a) — 98.3% | 10,205,722 | |||||||
Other assets in excess of liabilities — 1.7% | 178,352 | |||||||
NET ASSETS — 100.0% | $ | 10,384,074 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 493,405 | ||
Unrealized depreciation | (274,166 | ) | ||
Net unrealized appreciation (depreciation) | $ | 219,239 | ||
(b) | Denotes a non-income producing security. |
ADR | American Depositary Receipt |
96
Table of Contents
GARTMORE GVIT INTERNATIONAL GROWTH FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
At June 30, 2004, the Fund’s open forward foreign currency contracts were as follows:
Unrealized | ||||||||||||||
Delivery | Contract | Market | Appreciation | |||||||||||
Currency | Date | Value | Value | (Depreciation) | ||||||||||
Short Contract: | ||||||||||||||
Japanese Yen | 07/01/04 | $ | 102,056 | $ | 100,732 | $ | 1,324 | |||||||
Long Contract: | ||||||||||||||
Japanese Yen | 07/02/04 | $ | 103,204 | $ | 102,575 | $ | (629 | ) | ||||||
See notes to financial statements.
97
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
DREYFUS GVIT INTERNATIONAL VALUE FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (94.3%) | ||||||||
Australia (1.5%) | ||||||||
Banking (0.7%) | ||||||||
National Australia Bank Ltd. | 39,958 | $ | 830,588 | |||||
Containers (0.3%) | ||||||||
Amcor Ltd. | 79,900 | 387,939 | ||||||
Oil & Gas (0.4%) | ||||||||
Santos Ltd. | 90,100 | 434,952 | ||||||
Publishing (0.1%) | ||||||||
John Fairfax Holdings Ltd. | 27,000 | 70,155 | ||||||
1,723,634 | ||||||||
Belgium (0.6%) | ||||||||
Banking (0.6%) | ||||||||
Dexia | 40,260 | 668,119 | ||||||
Dexia Strips (b) | 45,100 | 549 | ||||||
668,668 | ||||||||
Brazil (1.1%) | ||||||||
Oil & Gas (0.6%) | ||||||||
Petroleo Brasileiro SA ADR (c) | 14,150 | 397,190 | ||||||
Petroleo Brasileiro SA ADR | 9,200 | 231,840 | ||||||
629,030 | ||||||||
Telecommunications (0.5%) | ||||||||
Telecomunicacoes Brasileiras SA ADR | 21,211 | 618,301 | ||||||
1,247,331 | ||||||||
China (0.6%) | ||||||||
Telecommunications (0.6%) | ||||||||
China Mobile (Hong Kong) Ltd. | 232,500 | 703,480 | ||||||
Denmark (0.7%) | ||||||||
Banking (0.7%) | ||||||||
Danske Bank A/ S | 33,500 | 793,735 | ||||||
Finland (2.0%) | ||||||||
Financial Services (0.6%) | ||||||||
Sampo Oyj | 74,650 | 724,767 | ||||||
Paper Products (0.8%) | ||||||||
UPM-Kymmene Oyj | 50,300 | 957,128 | ||||||
Telecommunications (0.6%) | ||||||||
Nokia Oyj | 11,800 | 170,268 | ||||||
Nokia Oyj ADR | 32,846 | 477,581 | ||||||
647,849 | ||||||||
2,329,744 | ||||||||
France (8.0%) | ||||||||
Aerospace & Defense (0.5%) | ||||||||
Societe Nationale d’Etude et de Construction de Moteurs d’Avion (b) | 30,600 | 599,395 | ||||||
Audio/ Video Products (1.3%) | ||||||||
Thomson | 74,700 | 1,473,226 | ||||||
Banking (0.8%) | ||||||||
Banque Nationale de Paris SA | 15,630 | 961,271 | ||||||
Food & Beverages (1.0%) | ||||||||
Carrefour SA | 24,700 | 1,198,444 | ||||||
Insurance (0.1%) | ||||||||
Assurances Generales de France | 1,478 | 89,785 | ||||||
Machinery (0.6%) | ||||||||
Schneider Electric SA | 10,660 | 727,588 | ||||||
Medical (0.7%) | ||||||||
Sanofi-Synthelabo SA | 13,600 | 862,070 | ||||||
Oil & Gas (1.4%) | ||||||||
TotalFinaElf SA | 5,800 | 1,105,764 | ||||||
TotalFinaElf SA ADR | 5,541 | 532,379 | ||||||
1,638,143 | ||||||||
Rubber — Tires (0.2%) | ||||||||
Michelin | 4,253 | 235,177 | ||||||
Steel (0.4%) | ||||||||
Arcelor | 25,320 | 425,117 | ||||||
Telecommunications (1.0%) | ||||||||
France Telecom SA | 46,100 | 1,201,396 | ||||||
9,411,612 | ||||||||
Germany (7.0%) | ||||||||
Airlines (0.7%) | ||||||||
Deutsche Lufthansa AG (b) | 58,212 | 793,933 | ||||||
Automotive (0.9%) | ||||||||
Volkswagen AG | 25,820 | 1,090,063 | ||||||
Banking (1.1%) | ||||||||
Deutsche Bank AG | 10,700 | 841,623 | ||||||
Deutsche Postbank AG (b) | 12,700 | 457,363 | ||||||
1,298,986 | ||||||||
Distribution/ Wholesale (0.4%) | ||||||||
Medion AG | 12,300 | 492,342 | ||||||
Electric & Gas (1.4%) | ||||||||
E.On AG | 21,452 | 1,545,094 | ||||||
Machinery/ Print Trade (0.3%) | ||||||||
Heidelberger Druckmaschinen AG (b) | 12,100 | 400,424 | ||||||
Medical (0.4%) | ||||||||
Schering AG | 8,300 | 489,763 | ||||||
Retail (0.8%) | ||||||||
KarstadtQuelle AG | 44,800 | 972,931 | ||||||
Transportation (1.0%) | ||||||||
Deutsche Post AG | 53,160 | 1,146,079 | ||||||
8,229,615 | ||||||||
98
Table of Contents
DREYFUS GVIT INTERNATIONAL VALUE FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Greece (0.7%) | ||||||||
Telecommunications (0.7%) | ||||||||
Hellenic Telecommunications Organization SA | 61,347 | $ | 797,133 | |||||
Hellenic Telecommunications Organization SA ADR | 1 | 6 | ||||||
797,139 | ||||||||
Hong Kong (1.0%) | ||||||||
Banking (0.3%) | ||||||||
Bank of East Asia Ltd. | 86,825 | 248,237 | ||||||
Dah Sing Banking Group Ltd. (b) | 5,760 | 9,453 | ||||||
Dah Sing Financial Group | 14,400 | 84,925 | ||||||
342,615 | ||||||||
Diversified Operations (0.3%) | ||||||||
Swire Pacific Ltd. Class A | 58,700 | 380,055 | ||||||
Transportation (0.4%) | ||||||||
MTR Corp. Ltd. | 273,615 | 413,940 | ||||||
1,136,610 | ||||||||
Ireland (1.5%) | ||||||||
Banking (1.5%) | ||||||||
Bank of Ireland | 133,455 | 1,779,554 | ||||||
Italy (4.1%) | ||||||||
Aerospace & Defense (0.9%) | ||||||||
Finmeccanica SpA | 1,320,240 | 1,048,894 | ||||||
Apparel (0.4%) | ||||||||
Benetton Group SpA | 40,400 | 462,035 | ||||||
Banking (1.8%) | ||||||||
Banche Popolari Unite Scrl | 19,250 | 319,222 | ||||||
Sanpaolo IMI SpA | 26,582 | 320,176 | ||||||
UniCredito Italiano SpA | 304,500 | 1,504,108 | ||||||
2,143,506 | ||||||||
Oil & Gas (1.0%) | ||||||||
Eni SpA | 60,060 | 1,192,535 | ||||||
4,846,970 | ||||||||
Japan (25.0%) | ||||||||
Advertising (0.3%) | ||||||||
Dentsu, Inc. | 160 | 412,042 | ||||||
Appliances (0.8%) | ||||||||
Rinnai Corp. | 29,300 | 891,500 | ||||||
Automotive (3.3%) | ||||||||
Fuji Heavy Industries Ltd. | 115,500 | 647,812 | ||||||
Honda Motor Co. Ltd. | 33,100 | 1,595,620 | ||||||
Toyota Motor Corp. | 18,300 | 741,291 | ||||||
Yamaha Motor Co. Ltd. | 67,000 | 1,043,239 | ||||||
4,027,962 | ||||||||
Banking (0.7%) | ||||||||
The 77 Bank Ltd. | 126,000 | 859,130 | ||||||
Building & Construction (0.7%) | ||||||||
Sekisui House Ltd. | 72,500 | 804,633 | ||||||
Chemicals (2.3%) | ||||||||
Shin-Etsu Chemical Co. Ltd. | 32,500 | 1,161,618 | ||||||
Sumitomo Bakelite Co. Ltd. | 99,000 | 693,177 | ||||||
Sumitomo Chemical Co. Ltd. | 177,600 | 828,469 | ||||||
2,683,264 | ||||||||
Computers (0.3%) | ||||||||
TDK Corp. | 4,600 | 349,063 | ||||||
Convenience Stores (0.8%) | ||||||||
Lawson, Inc. | 23,900 | 985,657 | ||||||
Cosmetics & Toiletries (1.6%) | ||||||||
Kao Corp. | 47,800 | 1,152,124 | ||||||
Shiseido Co. Ltd. | 54,000 | 680,475 | ||||||
1,832,599 | ||||||||
Drugstores (0.7%) | ||||||||
Matsumotokiyoshi Co. Ltd. | 26,100 | 789,351 | ||||||
Electronic Components (2.1%) | ||||||||
Mabuchi Motor Co. Ltd. | 15,000 | 1,112,129 | ||||||
Minebea Co. Ltd. | 170,000 | 791,459 | ||||||
Murata Manufacturing Co. Ltd. | 9,700 | 552,940 | ||||||
2,456,528 | ||||||||
Electronics (2.1%) | ||||||||
ALPS ELECTRIC CO. Ltd. | 53,000 | 753,847 | ||||||
Funai Electric Co. Ltd. | 4,700 | 708,134 | ||||||
Rohm Co. Ltd. | 8,100 | 969,490 | ||||||
2,431,471 | ||||||||
Financial Services (2.5%) | ||||||||
Aiful Corp. | 8,850 | 923,810 | ||||||
Credit Saison Co. | 45,000 | 1,352,701 | ||||||
Shohkoh Fund & Co. Ltd. | 3,850 | 772,717 | ||||||
3,049,228 | ||||||||
Machinery (0.1%) | ||||||||
Fuji Machine Manufacturing Co. Ltd. | 14,700 | 170,421 | ||||||
Office Automation & Equipment (0.9%) | ||||||||
Canon, Inc. | 21,000 | 1,106,631 | ||||||
Pharmaceuticals (1.8%) | ||||||||
Eisai Co. Ltd. | 29,700 | 854,676 | ||||||
Takeda Chemical Industries Ltd. | 29,200 | 1,281,841 | ||||||
2,136,517 | ||||||||
Photographic Products (1.0%) | ||||||||
Fuji Photo Film Co. Ltd. | 37,800 | 1,184,768 | ||||||
Restaurants (0.8%) | ||||||||
Skylark Co. Ltd. | 44,500 | 893,140 | ||||||
Security Services (0.4%) | ||||||||
Sohgo Security Services Co. Ltd. | 33,100 | 433,183 | ||||||
Telecommunications (0.6%) | ||||||||
Nippon Telegraph & Telephone Corp. | 122 | 651,844 | ||||||
99
Table of Contents
DREYFUS GVIT INTERNATIONAL VALUE FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
Textile Products (0.1%) | ||||||||
Kuraray Co. Ltd. | 14,500 | $ | 118,668 | |||||
Transportation (1.1%) | ||||||||
Nippon Express Co. Ltd. | 225,000 | 1,319,709 | ||||||
29,587,309 | ||||||||
Korea (1.7%) | ||||||||
Steel (0.5%) | ||||||||
POSCO ADR | 17,500 | 586,425 | ||||||
Telecommunications (0.6%) | ||||||||
KT Corp. SP ADR | 38,400 | 692,736 | ||||||
Utilities (0.6%) | ||||||||
Korea Electric Power Corp. ADR | 73,500 | 673,260 | ||||||
1,952,421 | ||||||||
Mexico (1.0%) | ||||||||
Food & Beverages (0.5%) | ||||||||
Coca-Cola Femsa S.A. de C.V. ADR | 27,400 | 608,006 | ||||||
Telecommunications (0.5%) | ||||||||
Telefonos de Mexico SA de CV ADR | 17,216 | 572,776 | ||||||
1,180,782 | ||||||||
Netherlands (6.0%) | ||||||||
Banking (1.8%) | ||||||||
ABN AMRO Holding NV | 26,647 | 582,913 | ||||||
Fortis NV | 72,560 | 1,601,401 | ||||||
2,184,314 | ||||||||
Chemicals (1.2%) | ||||||||
Akzo Nobel NV | 28,190 | 1,036,810 | ||||||
DSM NV | 9,900 | 485,768 | ||||||
1,522,578 | ||||||||
Electronics (0.8%) | ||||||||
Koninklijke (Royal) Philips Electronics NV | 16,600 | 446,946 | ||||||
Koninklijke (Royal) Philips Electronics NV ADR | 17,050 | 463,760 | ||||||
910,706 | ||||||||
Food & Beverages (0.4%) | ||||||||
Heineken NV | 14,141 | 464,698 | ||||||
Oil & Gas (0.9%) | ||||||||
Royal Dutch Petroleum Co. | 19,600 | 1,005,839 | ||||||
Printing & Publishing (0.9%) | ||||||||
Wolters Kluwer NV | 55,369 | 1,005,081 | ||||||
7,093,216 | ||||||||
New Zealand (0.5%) | ||||||||
Paper & Related Products (0.2%) | ||||||||
Carter Holt Harvey Ltd. | 197,600 | 259,756 | ||||||
Telecommunications (0.3%) | ||||||||
Telecom Corp. of New Zealand Ltd. | 100,224 | 374,246 | ||||||
634,002 | ||||||||
Norway (0.5%) | ||||||||
Oil & Gas (0.5%) | ||||||||
Norsk Hydro ASA | 9,350 | 607,686 | ||||||
Portugal (0.4%) | ||||||||
Utilities (0.4%) | ||||||||
Electricidade de Portugal SA | 151,220 | 423,158 | ||||||
Singapore (1.6%) | ||||||||
Banking (1.1%) | ||||||||
DBS Group Holdings Ltd. | 158,500 | 1,325,089 | ||||||
Engineering (0.3%) | ||||||||
Singapore Technologies Engineering Ltd. | 295,500 | 356,841 | ||||||
Telecommunications (0.2%) | ||||||||
MobileOne Ltd. | 260,900 | 227,205 | ||||||
1,909,135 | ||||||||
South Africa (0.7%) | ||||||||
Banking (0.6%) | ||||||||
Nedcor Ltd. | 76,920 | 763,969 | ||||||
Insurance (0.1%) | ||||||||
Old Mutual PLC | 32,200 | 61,168 | ||||||
825,137 | ||||||||
Spain (2.3%) | ||||||||
Banking (0.3%) | ||||||||
Banco de Sabadell SA | 16,500 | 357,330 | ||||||
Oil & Gas (0.9%) | ||||||||
Repsol YPF SA | 5,000 | 109,499 | ||||||
Repsol YPF SA ADR | 42,170 | 921,836 | ||||||
1,031,335 | ||||||||
Utilities (1.1%) | ||||||||
Endesa SA | 70,346 | 1,355,689 | ||||||
2,744,354 | ||||||||
Sweden (0.9%) | ||||||||
Appliances (0.6%) | ||||||||
Electrolux AB Series B | 39,600 | 759,623 | ||||||
Financial Services (0.3%) | ||||||||
Investor AB Class B | 34,580 | 353,468 | ||||||
1,113,091 | ||||||||
100
Table of Contents
DREYFUS GVIT INTERNATIONAL VALUE FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Switzerland (6.2%) | ||||||||
Banking (1.0%) | ||||||||
Julius Baer Holding Ltd. | 570 | $ | 158,156 | |||||
United Bank of Switzerland AG | 13,890 | 978,755 | ||||||
1,136,911 | ||||||||
Chemicals (1.5%) | ||||||||
Clariant AG | 51,109 | 746,802 | ||||||
Lonza Group AG | 19,100 | 967,658 | ||||||
1,714,460 | ||||||||
Food & Beverages (1.0%) | ||||||||
Nestle SA | 4,240 | 1,130,757 | ||||||
Insurance (1.2%) | ||||||||
Swiss Re | 11,630 | 755,429 | ||||||
Zurich Financial Services AG | 3,950 | 623,693 | ||||||
1,379,122 | ||||||||
Pharmaceuticals (1.5%) | ||||||||
Novartis AG | 42,890 | 1,892,106 | ||||||
7,253,356 | ||||||||
Taiwan (0.6%) | ||||||||
Semiconductor Components (0.6%) | ||||||||
United Microelectronics Corp. ADR (b) | 154,891 | 667,580 | ||||||
United Kingdom (18.1%) | ||||||||
Aerospace & Defense (0.8%) | ||||||||
British Aerospace PLC | 230,866 | 917,946 | ||||||
Airlines (0.1%) | ||||||||
Easyjet PLC (b) | 48,400 | 139,999 | ||||||
Airport (0.5%) | ||||||||
BAA PLC | 64,200 | 644,422 | ||||||
Auto Parts & Equipment (1.2%) | ||||||||
GKN PLC | 302,300 | 1,373,294 | ||||||
Banking (2.5%) | ||||||||
Barclays PLC | 133,722 | 1,139,166 | ||||||
Lloyds TSB Group PLC | 73,700 | 577,055 | ||||||
Royal Bank of Scotland Group PLC | 42,456 | 1,222,664 | ||||||
2,938,885 | ||||||||
Building Products (0.0%) | ||||||||
RMC Group PLC | 3,200 | 35,225 | ||||||
Chemicals (0.6%) | ||||||||
BOC Group PLC | 43,703 | 731,527 | ||||||
Containers — Metal/ Glass (0.4%) | ||||||||
Rexam PLC | 64,826 | 526,971 | ||||||
Food & Beverages (3.3%) | ||||||||
Allied Domecq PLC | 47,100 | 401,882 | ||||||
Cadbury Schweppes PLC | 139,268 | 1,201,566 | ||||||
Diageo PLC | 81,664 | 1,101,106 | ||||||
Sainsbury (J) PLC | 235,938 | 1,218,370 | ||||||
3,922,924 | ||||||||
Industrial Goods & Services (0.8%) | ||||||||
Bunzl PLC | 109,284 | 911,162 | ||||||
Mining (1.9%) | ||||||||
Anglo American PLC | 26,900 | 550,274 | ||||||
Rio Tinto PLC | 69,970 | 1,682,569 | ||||||
2,232,843 | ||||||||
Oil & Gas (2.4%) | ||||||||
Centrica PLC | 209,100 | 851,310 | ||||||
Shell Transportation & Trading Co. PLC | 270,117 | 1,981,472 | ||||||
2,832,782 | ||||||||
Pharmaceuticals (1.6%) | ||||||||
GlaxoSmithKline PLC | 92,620 | 1,874,504 | ||||||
Retail (0.4%) | ||||||||
Marks & Spencer Group PLC | 71,700 | 471,676 | ||||||
Telecommunications (0.9%) | ||||||||
BT Group PLC | 297,800 | 1,072,020 | ||||||
Utilities (0.7%) | ||||||||
Scottish & Southern Energy PLC | 66,410 | 820,761 | ||||||
21,446,941 | ||||||||
Total Common Stocks | 111,106,260 | |||||||
101
Table of Contents
DREYFUS GVIT INTERNATIONAL VALUE FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Principal | Value | ||||||
Repurchase Agreements (3.8%) | ||||||||
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $1,780,611 (Fully collateralized by AA Rated Corporate Bonds) | $ | 1,780,538 | $ | 1,780,538 | ||||
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $2,638,317 (Fully collateralized by AA Rated Corporate Bonds & U.S. Agency Securities) | 2,638,209 | 2,638,209 | ||||||
Total Repurchase Agreements | 4,418,747 | |||||||
Short-Term Securities Held as Collateral for Securities Lending (11.0%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | 12,966,431 | 12,966,431 | ||||||
Total Short-Term Securities Held as Collateral for Securities Lending | 12,966,431 | |||||||
Total Investments (Cost $113,883,522) (a) — 109.1% | 128,491,438 | |||||||
Liabilities in excess of other assets — (9.1)% | (10,744,133 | ) | ||||||
NET ASSETS — 100.0% | $ | 117,747,305 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 15,345,779 | ||
Unrealized depreciation | (737,863 | ) | ||
Net unrealized appreciation (depreciation) | $ | 14,607,916 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | Denotes a non-income producing security. | |
(c) | Represents preferred stock. |
See notes to financial statements.
102
Table of Contents
GARTMORE GVIT INVESTOR DESTINATIONS AGGRESSIVE FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
MUTUAL FUNDS (100.0%) | ||||||||
Equity Funds (95.0%) | ||||||||
Gartmore International Index Fund, Institutional Class* | 8,576,257 | $ | 63,721,589 | |||||
Gartmore Mid Cap Market Index Fund, Institutional Class* | 2,465,012 | 32,217,709 | ||||||
Gartmore S&P 500 Index Fund, Institutional Class* | 6,513,060 | 64,153,637 | ||||||
Gartmore Small Cap Index Fund, Institutional Class* | 1,884,753 | 21,448,485 | ||||||
One Group Equity Index Fund, Institutional Class | 817,687 | 21,308,930 | ||||||
202,850,350 | ||||||||
Fixed Income Funds (5.0%) | ||||||||
Gartmore Bond Index Fund, Institutional Class* | 986,919 | 10,688,329 | ||||||
Total Mutual Funds | 213,538,679 | |||||||
Total Investments (Cost $200,146,918) (a) — 100.0% | 213,538,679 | |||||||
Other assets in excess of liabilities — 0.0% | 3,125 | |||||||
NET ASSETS — 100.0% | $ | 213,541,804 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 13,548,255 | ||
Unrealized depreciation | (156,494 | ) | ||
Net unrealized appreciation (depreciation) | $ | 13,391,761 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
* | Investment in affiliate. |
See notes to financial statements.
103
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT INVESTOR DESTINATIONS MODERATELY AGGRESSIVE FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
MUTUAL FUNDS (97.5%) | ||||||||
Equity Funds (80.0%) | ||||||||
Gartmore International Index Fund, Institutional Class * | 16,792,320 | $ | 124,766,937 | |||||
Gartmore Mid Cap Market Index Fund, Institutional Class * | 5,791,796 | 75,698,767 | ||||||
Gartmore S&P 500 Index Fund, Institutional Class * | 12,752,577 | 125,612,886 | ||||||
Gartmore Small Cap Index Fund, Institutional Class * | 2,214,209 | 25,197,693 | ||||||
One Group Equity Index Fund, Institutional Class | 1,921,393 | 50,071,490 | ||||||
401,347,773 | ||||||||
Fixed Income Funds (17.5%) | ||||||||
Gartmore Bond Index Fund, Institutional Class * | 6,956,596 | 75,339,934 | ||||||
Gartmore Morley Enhanced Income Fund, Institutional Class * | 1,365,751 | 12,523,936 | ||||||
87,863,870 | ||||||||
Total Mutual Funds | 489,211,643 | |||||||
Security Description | Principal | Value | ||||||
FIXED CONTRACT (2.5%) | ||||||||
Fixed Income Funds (2.5%) | ||||||||
Nationwide Fixed Contract, 3.70% *(b) | $ | 12,511,492 | 12,511,492 | |||||
Total Fixed Contract | 12,511,492 | |||||||
Total Investments (Cost $463,103,570) (a) — 100.0% | 501,723,135 | |||||||
Other assets in excess of liabilities — 0.0% | 156,606 | |||||||
NET ASSETS — 100.0% | $ | 501,879,741 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 40,038,809 | ||
Unrealized depreciation | (1,419,244 | ) | ||
Net unrealized appreciation (depreciation) | $ | 38,619,565 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | The Nationwide Fixed Contract rate changes quarterly. Security is restricted. The security has been deemed liquid pursuant to procedures approved by the Board of Trustees. | |
* | Investment in affiliate. |
See notes to financial statements.
104
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
MUTUAL FUNDS (92.5%) | ||||||||
Equity Funds (60.0%) | ||||||||
Gartmore International Index Fund, Institutional Class * | 17,150,248 | $ | 127,426,343 | |||||
Gartmore Mid Cap Market Index Fund, Institutional Class * | 6,572,497 | 85,902,540 | ||||||
Gartmore S&P 500 Index Fund, Institutional Class * | 26,048,797 | 256,580,647 | ||||||
Gartmore Small Cap Index Fund, Institutional Class * | 3,769,007 | 42,891,303 | ||||||
512,800,833 | ||||||||
Fixed Income Funds (32.5%) | ||||||||
Gartmore Bond Index Fund, Institutional Class * | 19,735,766 | 213,738,343 | ||||||
Gartmore Morley Enhanced Income Fund, Institutional Class * | 6,974,309 | 63,954,417 | ||||||
277,692,760 | ||||||||
Total Mutual Funds | 790,493,593 | |||||||
Security Description | Principal | Value | ||||||
FIXED CONTRACT (7.5%) | ||||||||
Fixed Income Funds (7.5%) | ||||||||
Nationwide Fixed Contract, 3.70% *(b) | $ | 63,890,893 | 63,890,893 | |||||
Total Fixed Contract | 63,890,893 | |||||||
Total Investments (Cost $788,448,912) (a) — 100.0% | 854,384,486 | |||||||
Other assets in excess of liabilities — 0.0% | 293,339 | |||||||
NET ASSETS — 100.0% | $ | 854,677,825 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 70,430,212 | ||
Unrealized depreciation | (4,494,638 | ) | ||
Net unrealized appreciation (depreciation) | $ | 65,935,574 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | The Nationwide Fixed Contract rate changes quarterly. Security is restricted. The security has been deemed liquid pursuant to procedures approved by the Board of Trustees. | |
* | Investment in affiliate. |
See notes to financial statements.
105
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT INVESTOR DESTINATIONS MODERATELY CONSERVATIVE FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
MUTUAL FUNDS (87.4%) | ||||||||
Equity Funds (40.0%) | ||||||||
Gartmore International Index Fund, Institutional Class * | 4,680,767 | $ | 34,778,101 | |||||
Gartmore Mid Cap Market Index Fund, Institutional Class * | 2,690,719 | 35,167,695 | ||||||
Gartmore S&P 500 Index Fund, Institutional Class * | 7,109,422 | 70,027,810 | ||||||
139,973,606 | ||||||||
Fixed Income Funds (47.4%) | ||||||||
Gartmore Bond Index Fund, Institutional Class * | 11,311,493 | 122,503,467 | ||||||
Gartmore Morley Enhanced Income Fund, Institutional Class * | 4,758,695 | 43,637,232 | ||||||
166,140,699 | ||||||||
Total Mutual Funds | 306,114,305 | |||||||
Security Description | Principal | Value | ||||||
FIXED CONTRACT (12.5%) | ||||||||
Fixed Income Funds (12.5%) | ||||||||
Nationwide Fixed Contract, 3.70% *(b) | $ | 43,593,909 | 43,593,909 | |||||
Total Fixed Contract | 43,593,909 | |||||||
Total Investments (Cost $329,832,738) (a) — 99.9% | 349,708,214 | |||||||
Other assets in excess of liabilities — 0.1% | 247,189 | |||||||
NET ASSETS — 100.0% | $ | 349,955,403 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 22,650,465 | ||
Unrealized depreciation | (2,774,989 | ) | ||
Net unrealized appreciation (depreciation) | $ | 19,875,476 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | The Nationwide Fixed Contract rate changes quarterly. Security is restricted. The security has been deemed liquid pursuant to procedures approved by the Board of Trustees. | |
* | Investment in affiliate. |
See notes to financial statements.
106
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT INVESTOR DESTINATIONS CONSERVATIVE FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
MUTUAL FUNDS (80.0%) | ||||||||
Equity Funds (20.0%) | ||||||||
Gartmore International Index Fund, Institutional Class * | 1,513,415 | $ | 11,244,672 | |||||
Gartmore Mid Cap Market Index Fund, Institutional Class * | 869,980 | 11,370,638 | ||||||
Gartmore S&P 500 Index Fund, Institutional Class * | 2,298,663 | 22,641,828 | ||||||
45,257,138 | ||||||||
Fixed Income Funds (55.0%) | ||||||||
Gartmore Bond Index Fund, Institutional Class * | 7,314,605 | 79,217,168 | ||||||
Gartmore Morley Enhanced Income Fund, Institutional Class * | 4,923,555 | 45,148,997 | ||||||
124,366,165 | ||||||||
Money Market Fund (5.0%) | ||||||||
Gartmore Money Market Fund, Institutional Class * | 11,274,940 | 11,274,940 | ||||||
Total Mutual Funds | 180,898,243 | |||||||
Security Description | Principal | Value | ||||||
FIXED CONTRACT (19.9%) | ||||||||
Fixed Income Funds (19.9%) | ||||||||
Nationwide Fixed Contract, 3.70% *(b) | $ | 45,104,197 | 45,104,197 | |||||
Total Fixed Contract | 45,104,197 | |||||||
Total Investments (Cost $220,619,980) (a) — 99.9% | 226,002,440 | |||||||
Other assets in excess of liabilities — 0.1% | 197,653 | |||||||
NET ASSETS — 100.0% | $ | 226,200,093 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 7,769,010 | ||
Unrealized depreciation | (2,386,550 | ) | ||
Net unrealized appreciation (depreciation) | $ | 5,382,460 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | The Nationwide Fixed Contract rate changes quarterly. Security is restricted. The security has been deemed liquid pursuant to procedures approved by the Board of Trustees. | |
* | Investment in affiliate. |
See notes to financial statements.
107
Table of Contents
GARTMORE GVIT U.S. GROWTH LEADERS FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (97.8%) | ||||||||
Chemicals (2.5%) | ||||||||
Praxair, Inc. | 32,060 | $ | 1,279,515 | |||||
Computer Equipment (3.4%) | ||||||||
Lexmark International, Inc., Class A (b) | 18,130 | 1,750,089 | ||||||
Computer Software & Services (6.9%) | ||||||||
Check Point Software Technologies Ltd. ADR — IL (b) | 49,520 | 1,336,545 | ||||||
Hyperion Solutions Corp. (b) | 50,160 | 2,192,995 | ||||||
3,529,540 | ||||||||
Consumer Products (3.1%) | ||||||||
Gillette Co. (The) | 37,910 | 1,607,384 | ||||||
Drugs (6.2%) | ||||||||
Biogen Idec, Inc. (b) | 19,900 | 1,258,675 | ||||||
Pfizer, Inc. | 56,190 | 1,926,193 | ||||||
3,184,868 | ||||||||
Electronics (1.5%) | ||||||||
Rockwell Collins, Inc. | 23,600 | 786,352 | ||||||
Financial Services (7.2%) | ||||||||
Capital One Financial Corp. | 21,980 | 1,502,992 | ||||||
Goldman Sachs Group, Inc. (The) | 23,190 | 2,183,571 | ||||||
3,686,563 | ||||||||
Healthcare (10.2%) | ||||||||
Boston Scientific Corp. (b) | 46,730 | 2,000,044 | ||||||
Fisher Scientific International, Inc. (b) | 36,660 | 2,117,115 | ||||||
ImClone Systems, Inc. (b) | 13,300 | 1,141,007 | ||||||
5,258,166 | ||||||||
Hotels & Casinos (5.6%) | ||||||||
Caesars Entertainment, Inc. (b) | 50,600 | 759,000 | ||||||
Marriott International, Inc., Class A | 42,840 | 2,136,859 | ||||||
2,895,859 | ||||||||
Insurance (6.5%) | ||||||||
American International Group, Inc. | 30,810 | 2,196,137 | ||||||
Hartford Financial Services Group, Inc. (The) | 16,720 | 1,149,333 | ||||||
3,345,470 | ||||||||
Internet Services/ Software (4.1%) | ||||||||
Macromedia, Inc. (b) | 31,100 | 763,505 | ||||||
Yahoo!, Inc. (b) | 37,500 | 1,362,375 | ||||||
2,125,880 | ||||||||
Manufacturing (9.1%) | ||||||||
Danaher Corp. | 45,800 | 2,374,730 | ||||||
Tyco International Ltd. | 69,540 | 2,304,556 | ||||||
4,679,286 | ||||||||
Oil & Gas (2.9%) | ||||||||
EOG Resources, Inc. | 25,060 | 1,496,333 | ||||||
Retail (6.1%) | ||||||||
Staples, Inc. | 42,750 | 1,253,003 | ||||||
Target Corp. | 44,270 | 1,880,146 | ||||||
3,133,149 | ||||||||
Semiconductors (11.1%) | ||||||||
Advanced Micro Devices, Inc. (b) | 99,260 | 1,578,234 | ||||||
Analog Devices, Inc. | 39,260 | 1,848,361 | ||||||
Broadcom Corp., Class A (b) | 47,900 | 2,240,282 | ||||||
5,666,877 | ||||||||
Telecommunications (8.7%) | ||||||||
Juniper Networks, Inc. (b) | 107,640 | 2,644,715 | ||||||
QUALCOMM, Inc. | 25,210 | 1,839,826 | ||||||
4,484,541 | ||||||||
Transportation Services (2.7%) | ||||||||
Southwest Airlines Co. | 82,560 | 1,384,531 | ||||||
Total Common Stocks | 50,294,403 | |||||||
Security Description | Principal | Value | ||||||
REPURCHASE AGREEMENTS (2.4%) | ||||||||
Banks (2.4%) | ||||||||
CS First Boston, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $487,698 (Fully collateralized by AA Rated Corporate Bonds) | $ | 487,678 | 487,678 | |||||
Nomura Securities, 1.48%, dated 06/30/04, due 07/01/04, repurchase price $722,619 (Fully collateralized by AA Rated Corporate Bonds & U.S. Agency Securities) | 722,589 | 722,589 | ||||||
Total Repurchase Agreements | 1,210,267 | |||||||
Short-Term Securities Held as Collateral for Securities Lending (7.4%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | 3,818,085 | 3,818,085 | ||||||
Total Short-Term Securities Held as Collateral for Securities Lending | 3,818,085 | |||||||
Total Investments (Cost $53,066,149) (a) — 107.6% | 55,322,755 | |||||||
Liabilities in excess of other assets — (7.6)% | (3,915,225 | ) | ||||||
NET ASSETS — 100.0% | $ | 51,407,530 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 2,656,816 | ||
Unrealized depreciation | (400,210 | ) | ||
Net unrealized appreciation (depreciation) | $ | 2,256,606 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | Denotes a non-income producing security. |
ADR | American Depositary Receipt |
IL | Israel |
See notes to financial statements.
108
Table of Contents
GARTMORE GVIT GLOBAL UTILITIES FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (98.6%) | ||||||||
Austria (1.6%) | ||||||||
Telecommunications (1.6%) | ||||||||
Telekom Austria AG | 11,512 | $ | 175,776 | |||||
Finland (3.3%) | ||||||||
Oil & Gas Utility (3.3%) | ||||||||
Fortum Oyj | 28,161 | 359,752 | ||||||
France (1.8%) | ||||||||
Water Utility (1.8%) | ||||||||
Veolia Environment | 6,998 | 197,442 | ||||||
Germany (7.1%) | ||||||||
Gas & Electric Utility (7.1%) | ||||||||
E. ON AG | 9,153 | 659,251 | ||||||
RWE AG | 2,609 | 122,843 | ||||||
782,094 | ||||||||
Hong Kong (0.4%) | ||||||||
Electric Utility (0.4%) | ||||||||
CLP Holdings Ltd. | 8,500 | 46,533 | ||||||
Italy (2.6%) | ||||||||
Electric Utility (1.3%) | ||||||||
Enel SpA | 17,235 | 138,185 | ||||||
Telecommunications (1.3%) | ||||||||
Telecom Italia SpA | 34,384 | 106,884 | ||||||
Telecom Italia SpA RNC | 21,303 | 47,042 | ||||||
153,926 | ||||||||
292,111 | ||||||||
Japan (9.4%) | ||||||||
Electric Utility (6.2%) | ||||||||
Chubu Electric Power Co., Inc. | 9,500 | 200,683 | ||||||
Kansai Electric Power Co., Inc. | 4,300 | 78,382 | ||||||
Kyushu Electric Power Co., Inc. | 6,700 | 124,955 | ||||||
Tohoku Electric Power Co., Inc. | 3,800 | 64,010 | ||||||
Tokyo Electric Power Co., Inc. | 9,200 | 208,679 | ||||||
676,709 | ||||||||
Gas Utility (1.0%) | ||||||||
OSAKA GAS CO. Ltd. | 23,000 | 63,869 | ||||||
TOKYO GAS CO. Ltd. | 13,000 | 46,107 | ||||||
109,976 | ||||||||
Telecommunications (2.2%) | ||||||||
Nippon Telegraph & Telephone Corp. | 46 | 245,777 | ||||||
1,032,462 | ||||||||
Portugal (4.4%) | ||||||||
Electric Utility (0.3%) | ||||||||
Electricidade de Portugal SA | 12,733 | 35,631 | ||||||
Telecommunications (4.1%) | ||||||||
Portugal Telecom SA | 41,557 | 448,470 | ||||||
484,101 | ||||||||
Singapore (0.6%) | ||||||||
Telecommunications (0.6%) | ||||||||
Singapore Telecommunications Ltd. | 48,000 | 62,701 | ||||||
Spain (6.7%) | ||||||||
Electric Utility (1.0%) | ||||||||
Iberdrola SA | 5,220 | 110,188 | ||||||
Gas Utility (0.4%) | ||||||||
Gas Natural SDG SA | 1,831 | 43,863 | ||||||
Oil & Gas Utility (0.5%) | ||||||||
Repsol YPF SA | 2,454 | 53,742 | ||||||
Telecommunications (4.8%) | ||||||||
Telefonica SA | 35,322 | 522,141 | ||||||
Television (0.0%) | ||||||||
Antena 3 Television SA (b) | 87 | 4,604 | ||||||
734,538 | ||||||||
United Kingdom (16.0%) | ||||||||
Electric Utility (3.5%) | ||||||||
Scottish & Southern Energy PLC | 6,129 | 75,748 | ||||||
Scottish Power PLC | 42,543 | 307,643 | ||||||
383,391 | ||||||||
Gas Utility (2.6%) | ||||||||
Centrica PLC | 71,672 | 291,799 | ||||||
Telecommunications (7.0%) | ||||||||
Vodafone Group PLC | 355,569 | 778,625 | ||||||
Water Utility (2.9%) | ||||||||
AWG PLC (b) | 4,735 | 50,319 | ||||||
AWG PLC Redeemable Shares (b) | 1,644,064 | 2,982 | ||||||
Northumbrian Water Group PLC | 85,973 | 212,040 | ||||||
Severn Trent PLC | 3,648 | 52,661 | ||||||
318,002 | ||||||||
1,771,817 | ||||||||
United States (44.7%) | ||||||||
Electric Utility (9.3%) | ||||||||
American Electric Power Co., Inc. | 2,773 | 88,736 | ||||||
Dominion Resources, Inc. | 5,376 | 339,117 | ||||||
Edison International | 12,805 | 327,424 | ||||||
PPL Corp. | 2,403 | 110,298 | ||||||
Southern Co. (The) | 5,632 | 164,173 | ||||||
1,029,748 | ||||||||
Gas & Electric Utility (9.4%) | ||||||||
Exelon Corp. | 6,545 | 217,883 | ||||||
Questar Corp. | 4,351 | 168,123 | ||||||
Sempra Energy | 8,024 | 276,266 | ||||||
TXU Corp. | 9,626 | 389,949 | ||||||
1,052,221 | ||||||||
109
Table of Contents
GARTMORE GVIT GLOBAL UTILITIES FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Gas Utility (5.3%) | ||||||||
Energen Corp. | 3,496 | $ | 167,773 | |||||
Equitable Resources, Inc. | 3,509 | 181,450 | ||||||
FirstEnergy Corp. | 883 | 33,033 | ||||||
Western Gas Resources, Inc. | 6,082 | 197,544 | ||||||
579,800 | ||||||||
Oil & Gas Utility (11.6%) | ||||||||
BJ Services Co. (b) | 4,077 | 186,890 | ||||||
ConocoPhillips | 3,825 | 291,809 | ||||||
EOG Resources Inc | 3,120 | 186,295 | ||||||
Sunoco, Inc. | 4,695 | 298,696 | ||||||
Valero Energy Corp. | 4,384 | 323,365 | ||||||
1,287,055 | ||||||||
Telecommunications (6.0%) | ||||||||
BellSouth Corp. | 1,673 | 43,866 | ||||||
Nextel Communications, Inc., Class A (b) | 7,665 | 204,349 | ||||||
SBC Communications, Inc. | 4,461 | 108,179 | ||||||
Verizon Communications, Inc. | 8,478 | 306,819 | ||||||
663,213 | ||||||||
Transportation (3.1%) | ||||||||
Norfolk Southern Corp. | 6,762 | 179,328 | ||||||
Teekay Shipping Corp. | 4,233 | 158,230 | ||||||
337,558 | ||||||||
4,949,595 | ||||||||
Total Common Stocks | 10,888,922 | |||||||
Total Investments (Cost $10,516,330) (a) — 98.6% | 10,888,922 | |||||||
Other assets in excess of liabilities — 1.4% | 149,462 | |||||||
NET ASSETS — 100.0% | $ | 11,038,384 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 534,195 | ||
Unrealized depreciation | (161,603 | ) | ||
Net unrealized appreciation (depreciation) | $ | 372,592 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | Denotes a non-income producing security. |
ADR American Depositary Receipt
At June 30, 2004, the Fund’s open forward currency contracts were as follows:
Unrealized | ||||||||||||||
Delivery | Contract | Market | Appreciation | |||||||||||
Currency | Date | Value | Value | (Depreciation) | ||||||||||
Long Contracts: | ||||||||||||||
British Pound | 7/01/04 | $ | 258,410 | $ | 256,150 | $ | (2,260 | ) | ||||||
Euro | 7/01/04 | 88,034 | 87,850 | (184 | ) | |||||||||
Total Long Contracts | $ | 346,444 | $ | 344,000 | $ | (2,444 | ) | |||||||
See notes to financial statements.
110
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT GLOBAL FINANCIAL SERVICES FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (99.2%) | ||||||||
Australia (1.0%) | ||||||||
Banking (1.0%) | ||||||||
Australia & New Zealand Banking Group Ltd. | 18,620 | $ | 237,104 | |||||
Belgium (1.6%) | ||||||||
Financial Services (1.6%) | ||||||||
Fortis NV | 18,010 | 397,481 | ||||||
France (2.5%) | ||||||||
Banking (2.5%) | ||||||||
BNP Paribas SA | 10,070 | 619,322 | ||||||
Germany (3.5%) | ||||||||
Financial Services (3.5%) | ||||||||
Hypo Real Estate Holding AG (b) | 28,960 | 847,382 | ||||||
Hong Kong (2.4%) | ||||||||
Financial Services (2.4%) | ||||||||
Hang Lung Group Ltd. | 432,760 | 582,576 | ||||||
Ireland (2.4%) | ||||||||
Banking (2.4%) | ||||||||
Bank of Ireland | 44,590 | 594,585 | ||||||
Italy (1.3%) | ||||||||
Banking (1.3%) | ||||||||
UniCredito Italiano SPA | 62,770 | 310,059 | ||||||
Japan (7.2%) | ||||||||
Banking (0.3%) | ||||||||
Suruga Bank Ltd. (The) | 11,000 | 84,278 | ||||||
Financial Services (6.1%) | ||||||||
Daito Trust Construction Co. Ltd. | 4,500 | 173,212 | ||||||
Mitsubishi Tokyo Financial Group, Inc. | 32 | 296,202 | ||||||
Mizuho Financial Group, Inc. | 63 | 285,799 | ||||||
Nomura Holdings, Inc. | 16,000 | 236,814 | ||||||
Orix Corp. | 2,200 | 252,028 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 35 | 239,930 | ||||||
1,483,985 | ||||||||
Insurance (0.8%) | ||||||||
Millea Holdings, Inc. | 13 | 193,007 | ||||||
1,761,270 | ||||||||
Spain (2.1%) | ||||||||
Banking (2.1%) | ||||||||
Banco Popular Espanol SA | 3,800 | 214,612 | ||||||
Banco Santander Central Hispano SA | 27,920 | 289,755 | ||||||
504,367 | ||||||||
Sweden (1.0%) | ||||||||
Banking (1.0%) | ||||||||
Skandinaviska Enskilda Banken, Series A | 16,330 | 236,291 | ||||||
Switzerland (3.9%) | ||||||||
Financial Services (2.8%) | ||||||||
UBS AG | 9,830 | 692,668 | ||||||
Insurance (1.1%) | ||||||||
Zurich Financial Services AG | 1,730 | 273,162 | ||||||
965,830 | ||||||||
United Kingdom (14.6%) | ||||||||
Banking (13.5%) | ||||||||
Barclays PLC | 55,960 | 476,718 | ||||||
HBOS PLC | 64,561 | 799,080 | ||||||
HSBC Holdings PLC | 36,176 | 537,962 | ||||||
Lloyds TSB Group PLC | 61,900 | 484,664 | ||||||
Royal Bank of Scotland Group PLC | 35,182 | 1,013,185 | ||||||
3,311,609 | ||||||||
Insurance (1.1%) | ||||||||
Royal & Sun Alliance Insurance Group PLC | 172,698 | 258,380 | ||||||
3,569,989 | ||||||||
United States (55.7%) | ||||||||
Banking (16.0%) | ||||||||
Bank Of America Corp. | 13,060 | 1,105,136 | ||||||
New York Community Bancorp, Inc. | 4,800 | 94,224 | ||||||
Northern Trust Corp. | 1,750 | 73,990 | ||||||
Silicon Valley Bancshares (b) | 3,250 | 128,863 | ||||||
South Financial Group, Inc. (The) | 7,540 | 213,684 | ||||||
TCF Financial Corp. | 1,120 | 65,016 | ||||||
U.S. Bancorp | 20,920 | 576,555 | ||||||
Wachovia Corp. | 14,930 | 664,385 | ||||||
Wells Fargo & Co. | 9,950 | 569,439 | ||||||
Zions Bancorp | 7,140 | 438,753 | ||||||
3,930,045 | ||||||||
111
Table of Contents
GARTMORE GVIT GLOBAL FINANCIAL SERVICES FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) | ||||||||
Financial Services (27.7%) | ||||||||
Ambac Financial Group, Inc. | 1,720 | $ | 126,317 | |||||
American Capital Strategies Ltd. | 10,830 | 303,457 | ||||||
American Express Co. | 6,690 | 343,732 | ||||||
Ameritrade Holding Corp. (b) | 6,484 | 73,593 | ||||||
Capital One Financial Corp. | 3,850 | 263,263 | ||||||
CapitalSource, Inc. (b) | 7,060 | 172,617 | ||||||
CIT Group, Inc. | 14,090 | 539,506 | ||||||
Citigroup, Inc. | 20,600 | 957,900 | ||||||
Countrywide Financial Corp. | 6,810 | 478,403 | ||||||
Fannie Mae | 7,090 | 505,942 | ||||||
Freddie Mac | 4,470 | 282,951 | ||||||
Goldman Sachs Group, Inc. | 5,142 | 484,171 | ||||||
Investors Financial Services Corp. | 4,340 | 189,137 | ||||||
J.P. Morgan Chase & Co. | 14,990 | 581,162 | ||||||
Legg Mason, Inc. | 4,090 | 372,231 | ||||||
Lehman Brothers Holding, Inc. | 4,102 | 308,676 | ||||||
MBNA Corp. | 7,040 | 181,562 | ||||||
Merrill Lynch & Co., Inc. | 4,740 | 255,865 | ||||||
Protective Life Corp. | 3,300 | 127,611 | ||||||
SLM Corp. | 3,110 | 125,800 | ||||||
Washington Mutual, Inc. | 3,200 | 123,648 | ||||||
6,797,544 | ||||||||
Insurance (12.0%) | ||||||||
AFLAC, Inc. | 5,080 | 207,315 | ||||||
Allstate Corp. | 9,200 | 428,260 | ||||||
American International Group, Inc. | 16,008 | 1,141,049 | ||||||
Hartford Financial Services Group | 5,950 | 409,003 | ||||||
Metlife, Inc. | 7,710 | 276,404 | ||||||
RenaissanceRE Holdings Ltd. | 5,080 | 274,066 | ||||||
Torchmark Corp. | 3,580 | 192,604 | ||||||
2,928,701 | ||||||||
13,656,290 | ||||||||
Total Common Stocks | 24,282,546 | |||||||
Total Investments (Cost $23,832,019) (a) — 99.2% | 24,282,546 | |||||||
Other assets in excess of liabilities — 0.8% | 198,140 | |||||||
NET ASSETS — 100.0% | $ | 24,480,686 | ||||||
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 923,565 | ||
Unrealized depreciation | (473,038 | ) | ||
Net unrealized appreciation (depreciation) | $ | 450,527 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | Denotes a non-income producing security. |
See notes to financial statements.
112
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT DEVELOPING MARKETS FUND
Statement of Investments — June 30, 2004 (Unaudited)
Security Description | Shares | Value | ||||||
COMMON STOCKS (95.3%) | ||||||||
Brazil (8.0%) | ||||||||
Banking (1.1%) | ||||||||
Banco Itau Holding Financeira SA ADR | 30,400 | $ | 1,417,856 | |||||
Beverages (0.5%) | ||||||||
Companhia de Bebidas das Americas ADR | 32,900 | 660,303 | ||||||
Electric Utility (1.0%) | ||||||||
Companhia Energetica de Minas Gerais | 82,000,000 | 1,224,572 | ||||||
Oil & Gas (2.3%) | ||||||||
Petroleo Brasileiro SA | 90,000 | 2,505,296 | ||||||
Petroleo Brasileiro SA ADR | 10,400 | 291,928 | ||||||
2,797,224 | ||||||||
Paper Products (1.2%) | ||||||||
Klabin SA | 1,183,000 | 1,554,669 | ||||||
Steel (1.0%) | ||||||||
Gerdau SA ADR | 108,700 | 1,317,444 | ||||||
Telecommunications (0.9%) | ||||||||
Tele Norte Leste Participacoes SA ADR | 90,000 | 1,145,700 | ||||||
10,117,768 | ||||||||
Chile (1.0%) | ||||||||
Food (1.0%) | ||||||||
Cencosud SA (b) | 65,500 | 1,212,202 | ||||||
China (4.0%) | ||||||||
Electric Utility (1.9%) | ||||||||
China Resources Power Holdings Co. Ltd. (b) | 4,116,000 | 2,321,906 | ||||||
Mining (1.0%) | ||||||||
Yanzhou Coal Mining Co. Ltd. | 1,186,000 | 1,292,469 | ||||||
Oil & Gas (1.1%) | ||||||||
CNOOC Ltd. | 2,147,000 | 908,369 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd. | 1,596,000 | 532,014 | ||||||
1,440,383 | ||||||||
5,054,758 | ||||||||
Hong Kong (3.2%) | ||||||||
Agriculture (0.7%) | ||||||||
Global Bio-chem Technology Group Co. Ltd. | 1,159,000 | 839,554 | ||||||
Electronics (0.2%) | ||||||||
Nam Tai Electronic & Electrical Products Ltd. (b) | 714,000 | 272,334 | ||||||
Semiconductors (1.0%) | ||||||||
Solomon Systech International Ltd. (b) | 5,158,000 | 1,276,307 | ||||||
Telecommunications (1.3%) | ||||||||
China Telecom Corp. Ltd. | 4,762,000 | 1,663,690 | ||||||
4,051,885 | ||||||||
Hungary (0.6%) | ||||||||
Banking (0.6%) | ||||||||
OTP Bank | 39,800 | 812,918 | ||||||
India (0.6%) | ||||||||
Financial Services (0.6%) | ||||||||
ICICI Bank Ltd. ADR | 66,447 | 804,009 | ||||||
Indonesia (2.8%) | ||||||||
Banking (1.2%) | ||||||||
PT Bank Mandiri | 11,749,000 | 1,468,234 | ||||||
Mining (0.6%) | ||||||||
PT Bumi Resources | 13,496,500 | 825,364 | ||||||
Oil & Gas (0.4%) | ||||||||
Perusahaan Gas Negara | 3,195,271 | 492,757 | ||||||
Telecommunications (0.6%) | ||||||||
PT Telekomunikasi Indonesia (b) | 968,000 | 761,840 | ||||||
3,548,195 | ||||||||
Israel (3.5%) | ||||||||
Banking (0.9%) | ||||||||
Bank Hapoalim Ltd. | 425,000 | 1,130,249 | ||||||
Computer Hardware (0.2%) | ||||||||
M-Systems Flash Disk Pioneer Ltd. (b) | 17,500 | 260,925 | ||||||
Computer Software (0.8%) | ||||||||
Retalix Ltd. ADR (b) | 51,000 | 1,032,750 | ||||||
Electronics (1.6%) | ||||||||
NICE Systems Ltd. ADR (b) | 29,700 | 711,285 | ||||||
Orbotech Ltd. (b) | 62,000 | 1,261,700 | ||||||
1,972,985 | ||||||||
4,396,909 | ||||||||
Korea (19.8%) | ||||||||
Automobile (0.8%) | ||||||||
Ssangyong Motor Co. (b) | 148,000 | 999,048 | ||||||
Banking (2.1%) | ||||||||
Hana Bank | 47,800 | 1,009,364 | ||||||
Kookmin Bank ADR | 55,300 | 1,735,314 | ||||||
2,744,678 | ||||||||
Electronics (9.4%) | ||||||||
KH Vatec Co. Ltd. | 36,000 | 1,395,759 | ||||||
LG Electronics, Inc. | 20,070 | 951,827 | ||||||
LG Electronics, Inc. GDR (b)(c)(d) | 25,900 | 358,715 | ||||||
Samsung Electro Mechanics Co. Ltd. (b) | 58,200 | 1,649,546 | ||||||
Samsung Electronics Co. Ltd. | 17,376 | 7,172,956 | ||||||
Samsung Electronics GDR (d) | 3,900 | 507,000 | ||||||
12,035,803 | ||||||||
Financial Services (0.6%) | ||||||||
Daishin Securities Co. Ltd. | 130,700 | 757,845 | ||||||
Internet (0.7%) | ||||||||
Daum Communications Corp. (b) | 19,300 | 891,926 | ||||||
113
Table of Contents
GARTMORE GVIT DEVELOPING MARKETS FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Korea (continued) | ||||||||
Retail (1.1%) | ||||||||
Shinsegae Co. Ltd. | 5,700 | $ | 1,371,354 | |||||
Steel (0.9%) | ||||||||
Dongkuk Steel Mill Co. Ltd. | 144,000 | 1,110,376 | ||||||
Telecommunications (2.0%) | ||||||||
SK Telecom Co. Ltd. | 15,710 | 2,583,211 | ||||||
Tobacco (1.4%) | ||||||||
KT&G Corp. | 78,000 | 1,802,337 | ||||||
Transportation (0.8%) | ||||||||
Korean Air Lines Co. Ltd. (b) | 74,100 | 961,921 | ||||||
25,258,499 | ||||||||
Malaysia (6.5%) | ||||||||
Agricultural Operations (0.8%) | ||||||||
IOI Corp. Berhad | 484,100 | 1,038,267 | ||||||
Banking (2.3%) | ||||||||
CIMB Berhad | 1,066,400 | 1,571,537 | ||||||
Public Bank Berhad | 733,300 | 1,273,626 | ||||||
2,845,163 | ||||||||
Electronics (0.2%) | ||||||||
Mal Tenega Nasional | 106,800 | 283,863 | ||||||
Gambling (1.0%) | ||||||||
Magnum Corp. Berhad | 2,012,800 | 1,287,133 | ||||||
Telecommunications (2.2%) | ||||||||
Maxis Communications Berhad | 459,000 | 1,062,947 | ||||||
Telekom Malaysia Berhad | 635,500 | 1,722,540 | ||||||
2,785,487 | ||||||||
8,239,913 | ||||||||
Mexico (8.1%) | ||||||||
Beverages (1.1%) | ||||||||
Coca — Cola Femsa SA de CV (Femsa) ADR | 63,000 | 1,397,970 | ||||||
Construction (1.0%) | ||||||||
Urbi, Desarrolloas Urbanos, SA de CV (b) | 407,700 | 1,311,512 | ||||||
Diversified (1.1%) | ||||||||
Alfa SA, Class A | 423,000 | 1,419,414 | ||||||
Financial Services (1.4%) | ||||||||
Grupo Financiero Banorte SA de CV | 514,400 | 1,819,334 | ||||||
Retail (1.4%) | ||||||||
Organizacion Soriana SA de CV | 591,000 | 1,754,091 | ||||||
Telecommunications (2.1%) | ||||||||
America Movil SA de CV ADR | 50,000 | 1,818,500 | ||||||
Telefonos de Mexico ADR | 23,800 | 791,826 | ||||||
2,610,326 | ||||||||
10,312,647 | ||||||||
Poland (1.7%) | ||||||||
Banking (1.3%) | ||||||||
Bank Pekao SA | 51,000 | 1,703,632 | ||||||
Construction (0.4%) | ||||||||
Globe Trade Centre SA (b) | 15,600 | 481,026 | ||||||
2,184,658 | ||||||||
Russia (6.4%) | ||||||||
Oil & Gas (4.9%) | ||||||||
LUKOIL ADR | 20,200 | 2,115,950 | ||||||
OAO Gazprom ADR | 56,200 | 1,609,006 | ||||||
Surgutneftegaz ADR | 76,173 | 2,481,716 | ||||||
6,206,672 | ||||||||
Telecommunications (1.5%) | ||||||||
AO VimpelCom ADR (b) | 12,200 | 1,176,690 | ||||||
Golden Telecom, Inc. | 26,000 | 731,640 | ||||||
1,908,330 | ||||||||
8,115,002 | ||||||||
Singapore (0.5%) | ||||||||
Oil & Gas (0.5%) | ||||||||
China Aviation Oil Singapore Corp. Ltd. | 738,000 | 668,397 | ||||||
South Africa (10.0%) | ||||||||
Banking (1.2%) | ||||||||
ABSA Group Ltd. | 188,000 | 1,543,402 | ||||||
Financial Services (1.9%) | ||||||||
African Bank Investments Ltd. | 600,000 | 1,139,684 | ||||||
Sanlam Ltd. | 937,200 | 1,327,595 | ||||||
2,467,279 | ||||||||
Mining (3.3%) | ||||||||
Anglo American PLC | 158,500 | 3,242,842 | ||||||
Impala Platinum Holdings Ltd. | 13,820 | 1,047,804 | ||||||
4,290,646 | ||||||||
Oil & Gas (0.9%) | ||||||||
Sasol Ltd. | 77,000 | 1,191,147 | ||||||
Paper Products (0.9%) | ||||||||
Sappi Ltd. | 72,600 | 1,106,720 | ||||||
Retail (1.1%) | ||||||||
Massmart Holdings Ltd. | 271,400 | 1,428,594 | ||||||
Telecommunications (0.7%) | ||||||||
Telkom SA Ltd. | 66,000 | 845,153 | ||||||
12,872,941 | ||||||||
Taiwan (11.9%) | ||||||||
Banking (2.4%) | ||||||||
Bank of Kaohsiung | 1,274,000 | 901,344 | ||||||
Chinatrust Financial Holding Co. Ltd. | 640,000 | 713,436 | ||||||
Taishin Financial Holdings Co. Ltd. | 1,911,000 | 1,573,564 | ||||||
3,188,344 | ||||||||
114
Table of Contents
GARTMORE GVIT DEVELOPING MARKETS FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) | ||||||||
Taiwan (continued) | ||||||||
Chemicals (0.8%) | ||||||||
Taiyen Biotech Co. Ltd. (b) | 855,000 | $ | 1,014,105 | |||||
Electronics (2.2%) | ||||||||
Ichia Technologies, Inc. (b) | 664,500 | 1,333,346 | ||||||
Yageo Corp. (b) | 2,755,000 | 1,416,810 | ||||||
2,750,156 | ||||||||
Insurance (1.0%) | ||||||||
Cathay Financial Holding Co. Ltd. | 699,000 | 1,257,120 | ||||||
Networking Products (1.2%) | ||||||||
Accton Technology Corp. (b) | 2,679,000 | 1,497,182 | ||||||
Paper Products (0.8%) | ||||||||
Cheng Loong Corp. | 3,017,900 | 1,031,684 | ||||||
Semiconductors (2.6%) | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,612,092 | 2,319,418 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 136,156 | 1,131,458 | ||||||
3,450,876 | ||||||||
Textiles (0.9%) | ||||||||
Far Eastern Textile Ltd. | 1,846,000 | 1,092,015 | ||||||
15,281,482 | ||||||||
Thailand (4.9%) | ||||||||
Financial Services (2.4%) | ||||||||
Kiatnakin Finance Public Co. Ltd. | 148,400 | 131,576 | ||||||
Kiatnakin Finance Public Co. Ltd. | 523,900 | 464,507 | ||||||
Siam Commercial Bank Public Co. Ltd. | 850,000 | 966,736 | ||||||
TISCO Finance Public Co. Ltd. (b) | 2,139,000 | 1,425,652 | ||||||
2,988,471 | ||||||||
Mining (0.6%) | ||||||||
Banpu Public Co. Ltd. (b) | 254,900 | 804,258 | ||||||
Telecommunications (0.6%) | ||||||||
Shin Corp. Pub | 862,900 | 770,352 | ||||||
Transportation (1.3%) | ||||||||
Thai Airways International Public Co. Ltd. (c) | 1,185,000 | 1,637,581 | ||||||
6,200,662 | ||||||||
Turkey (1.8%) | ||||||||
Automotive (0.7%) | ||||||||
Ford Otomotiv Sanayi AS | 125,493,000 | 913,291 | ||||||
Banking (1.1%) | ||||||||
Türkiye Garanti Bankasi AS (b) | 440,873,000 | 1,314,598 | ||||||
2,227,889 | ||||||||
Total Common Stocks | 121,360,734 | |||||||
FOREIGN BOND (0.0%) | ||||||||
Brazil (0.0%) | ||||||||
Oil & Gas (0.0%) | ||||||||
Comp Vale Do Rio Doce (c) | $ | 20,000 | $ | 0 | ||||
Total Foreign Bond | 0 | |||||||
PARTICIPATION NOTES (3.3%) | ||||||||
India (3.3%) | ||||||||
Banking (0.9%) | ||||||||
Union Bank of India Ltd., 09/25/06 (c) | 940,200 | 1,184,652 | ||||||
Chemicals (0.5%) | ||||||||
Indian Petrochemicals Corp. Ltd., 05/20/05 (c) | 210,000 | 672,000 | ||||||
Oil & Gas (0.9%) | ||||||||
Oil and Natural Gas Corp. Ltd., 10/31/05 (c) | 80,900 | 1,108,330 | ||||||
Software & Computer Services (1.0%) | ||||||||
Satyam Computer Services Ltd., 03/07/23 (c) | 186,700 | 1,241,555 | ||||||
Total Participation Notes | 4,206,537 | |||||||
PREFERRED STOCK (0.4%) | ||||||||
Korea (0.4%) | ||||||||
Electronics (0.4%) | ||||||||
LG Electronics, Inc. | 18,300 | 506,794 | ||||||
Total Preferred Stock | 506,794 | |||||||
WARRANTS (0.7%) | ||||||||
India (0.2%) | ||||||||
Banking (0.2%) | ||||||||
Deutsche Bank Ltd., 03/30/07 | 43,100 | 229,292 | ||||||
Thailand (0.5%) | ||||||||
Financial Services (0.5%) | ||||||||
Kiatnakin Finance Public Co. Ltd., 01/18/11 | 1,412,300 | 618,324 | ||||||
Total Warrants | 847,616 | |||||||
Short-Term Securities Held as Collateral for Securities Lending (3.9%) | ||||||||
Pool of various securities for Gartmore Variable Insurance Trust Funds — footnote 2 (Securities Lending) | 4,929,035 | 4,929,035 | ||||||
Total Short-Term Securities Held as Collateral for Securities Lending | 4,929,035 | |||||||
Total Investments (Cost $129,800,074) (a) — 103.6% | 131,850,716 | |||||||
Other assets in excess of liabilities — (3.6)% | (4,616,292 | ) | ||||||
NET ASSETS — 100.0% | $ | 127,234,424 | ||||||
115
Table of Contents
GARTMORE GVIT DEVELOPING MARKETS FUND
Statement of Investments — June 30, 2004 (Unaudited) (continued)
(a) | Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 9,043,027 | ||
Unrealized depreciation | (6,992,385 | ) | ||
Net unrealized appreciation (depreciation) | $ | 2,050,642 | ||
Aggregate cost for federal income tax purposes is substantially the same. | ||
(b) | Denotes a non-income producing security. | |
(c) | Fair valued securities. | |
(d) | Represents a restricted security acquired and eligible for resale under Rule 144A, which limits the resale to certain qualified buyers. |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
See notes to financial statements.
116
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
June 30, 2004 (Unaudited)
Gartmore GVIT | Gartmore | Gartmore | ||||||||||||
Nationwide | GVIT Growth | GVIT Government | ||||||||||||
Fund | Fund | Bond Fund | ||||||||||||
Assets: | ||||||||||||||
Investments, at value (cost $1,555,420,851; $263,304,263; $1,362,159,267; $837,074,885; $2,016,875,860 and $219,912,521; respectively) | $ | 1,677,687,118 | $ | 278,694,467 | $ | 1,357,136,606 | ||||||||
Repurchase agreements, at cost and value | — | — | 51,872,993 | |||||||||||
Total Investments | 1,677,687,118 | 278,694,467 | 1,409,009,599 | |||||||||||
Cash | 916 | — | 1,038 | |||||||||||
Foreign currencies, at value (cost $0; $0; $0; $159,075; $0 and $0; respectively) | — | — | — | |||||||||||
Interest and dividends receivable | 1,447,795 | 174,893 | 12,140,773 | |||||||||||
Receivable for investments sold | 19,942,621 | 32,368,157 | 21,826,077 | |||||||||||
Receivable from adviser | — | — | — | |||||||||||
Reclaims receivable | — | — | — | |||||||||||
Prepaid expenses and other assets | 26,109 | 4,353 | 21,208 | |||||||||||
Total Assets | 1,699,104,559 | 311,241,870 | 1,442,998,695 | |||||||||||
Liabilities: | ||||||||||||||
Payable to custodian | — | 720,046 | — | |||||||||||
Distributions payable | — | — | — | |||||||||||
Payable for investments purchased | 10,390,482 | 30,431,204 | 30,970,000 | |||||||||||
Payable for return of collateral received for securities on loan | 108,610,385 | 9,540,183 | 57,174,750 | |||||||||||
Accrued expenses and other payables: | ||||||||||||||
Investment advisory fees | 760,272 | 131,835 | 547,501 | |||||||||||
Fund administration fees | 69,023 | 11,839 | 63,440 | |||||||||||
Distribution fees | 1,703 | — | 3,756 | |||||||||||
Administrative servicing fees | 194,257 | 32,421 | 167,293 | |||||||||||
Other | 202,826 | 39,049 | 192,877 | |||||||||||
Total Liabilities | 120,228,948 | 40,906,577 | 89,119,617 | |||||||||||
Net Assets | $ | 1,578,875,611 | $ | 270,335,293 | $ | 1,353,879,078 | ||||||||
Represented by: | ||||||||||||||
Capital | $ | 1,785,139,642 | $ | 590,652,325 | $ | 1,353,931,697 | ||||||||
Accumulated net investment income (loss) | 343,601 | (74,098 | ) | (1,123,318 | ) | |||||||||
Accumulated net realized gains (losses) from investment and foreign currency transactions | (328,873,899 | ) | (335,633,138 | ) | 6,093,360 | |||||||||
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies | 122,266,267 | 15,390,204 | (5,022,661 | ) | ||||||||||
Net Assets | $ | 1,578,875,611 | $ | 270,335,293 | $ | 1,353,879,078 | ||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
GVIT | Gartmore | Gartmore | ||||||||||||
Small | GVIT Money | GVIT Money | ||||||||||||
Company Fund | Market Fund | Market Fund II | ||||||||||||
Assets: | ||||||||||||||
Investments, at value (cost $1,555,420,851; $263,304,263; $1,362,159,267; $837,074,885; $2,016,875,860 and $219,912,521; respectively) | $ | 966,333,799 | $ | 2,016,875,860 | $ | 219,912,521 | ||||||||
Repurchase agreements, at cost and value | 18,393,998 | — | — | |||||||||||
Total Investments | 984,727,797 | 2,016,875,860 | 219,912,521 | |||||||||||
Cash | 3,485,566 | — | 331 | |||||||||||
Foreign currencies, at value (cost $0; $0; $0; $159,075; $0 and $0; respectively) | 150,705 | — | — | |||||||||||
Interest and dividends receivable | 536,336 | 1,184,040 | — | |||||||||||
Receivable for investments sold | 9,075,408 | — | — | |||||||||||
Receivable from adviser | — | 10,393 | 10,342 | |||||||||||
Reclaims receivable | 136,356 | — | — | |||||||||||
Prepaid expenses and other assets | 11,309 | 28,667 | — | |||||||||||
Total Assets | 998,123,477 | 2,018,098,960 | 219,923,194 | |||||||||||
Liabilities: | ||||||||||||||
Payable to custodian | — | 1,141 | — | |||||||||||
Distributions payable | — | 921,034 | 23,476 | |||||||||||
Payable for investments purchased | 8,360,828 | — | — | |||||||||||
Payable for return of collateral received for securities on loan | 138,484,521 | — | — | |||||||||||
Accrued expenses and other payables: | ||||||||||||||
Investment advisory fees | 627,963 | 657,482 | 107,490 | |||||||||||
Fund administration fees | 37,469 | 99,486 | 11,735 | |||||||||||
Distribution fees | 6,882 | — | 53,745 | |||||||||||
Administrative servicing fees | 102,405 | 232,396 | 32,449 | |||||||||||
Other | 54,859 | 267,154 | 19,157 | |||||||||||
Total Liabilities | 147,674,927 | 2,178,693 | 248,052 | |||||||||||
Net Assets | $ | 850,448,550 | $ | 2,015,920,267 | $ | 219,675,142 | ||||||||
Represented by: | ||||||||||||||
Capital | $ | 647,746,082 | $ | 2,015,954,467 | $ | 219,675,178 | ||||||||
Accumulated net investment income (loss) | (463,654 | ) | — | — | ||||||||||
Accumulated net realized gains (losses) from investment and foreign currency transactions | 73,910,525 | (34,200 | ) | (36 | ) | |||||||||
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies | 129,255,597 | — | — | |||||||||||
Net Assets | $ | 850,448,550 | $ | 2,015,920,267 | $ | 219,675,142 | ||||||||
117
Table of Contents
Statements of Assets and Liabilities
June 30, 2004 (Unaudited) (continued)
Gartmore GVIT | Gartmore | Gartmore | |||||||||||
Nationwide | GVIT Growth | GVIT Government | |||||||||||
Fund | Fund | Bond Fund | |||||||||||
Net Assets: | |||||||||||||
Class I Shares** | $ | 1,404,697,208 | $ | 232,601,691 | $ | 1,288,339,918 | |||||||
Class II Shares | 8,462,767 | — | 18,074,579 | ||||||||||
Class III Shares | 740,405 | — | 5,343,816 | ||||||||||
Class IV Shares | 164,975,231 | 37,733,602 | 42,120,765 | ||||||||||
Class V Shares | — | — | — | ||||||||||
Total | $ | 1,578,875,611 | $ | 270,335,293 | $ | 1,353,879,078 | |||||||
Shares outstanding (unlimited number of shares authorized): | |||||||||||||
Class I Shares** | 134,552,243 | 22,703,965 | 112,310,708 | ||||||||||
Class II Shares | 811,785 | — | 1,579,564 | ||||||||||
Class III Shares | 70,823 | — | 465,572 | ||||||||||
Class IV Shares | 15,804,503 | 3,683,719 | 3,672,315 | ||||||||||
Class V Shares | — | — | — | ||||||||||
Total | 151,239,354 | 26,387,684 | 118,028,159 | ||||||||||
Net asset value and offering price per share:* | |||||||||||||
Class I Shares** | $ | 10.44 | $ | 10.24 | $ | 11.47 | |||||||
Class II Shares | $ | 10.42 | $ | — | $ | 11.44 | |||||||
Class III Shares | $ | 10.45 | $ | — | $ | 11.48 | |||||||
Class IV Shares | $ | 10.44 | $ | 10.24 | $ | 11.47 | |||||||
Class V Shares | $ | — | $ | — | $ | — |
[Additional columns below]
[Continued from above table, first column(s) repeated]
GVIT | Gartmore | Gartmore | |||||||||||
Small | GVIT Money | GVIT Money | |||||||||||
Company Fund | Market Fund | Market Fund II | |||||||||||
Net Assets: | |||||||||||||
Class I Shares** | $ | 768,928,923 | $ | 1,551,493,562 | $ | 219,675,142 | |||||||
Class II Shares | 36,703,184 | — | — | ||||||||||
Class III Shares | 1,706,209 | — | — | ||||||||||
Class IV Shares | 43,110,234 | 94,193,492 | — | ||||||||||
Class V Shares | — | 370,233,213 | — | ||||||||||
Total | $ | 850,448,550 | $ | 2,015,920,267 | $ | 219,675,142 | |||||||
Shares outstanding (unlimited number of shares authorized): | |||||||||||||
Class I Shares** | 33,123,072 | 1,551,518,914 | 219,675,177 | ||||||||||
Class II Shares | 1,589,275 | — | — | ||||||||||
Class III Shares | 73,451 | — | — | ||||||||||
Class IV Shares | 1,857,078 | 94,195,540 | — | ||||||||||
Class V Shares | — | 370,243,661 | — | ||||||||||
Total | 36,642,876 | 2,015,958,115 | 219,675,177 | ||||||||||
Net asset value and offering price per share:* | |||||||||||||
Class I Shares** | $ | 23.21 | $ | 1.00 | $ | 1.00 | |||||||
Class II Shares | $ | 23.09 | $ | — | $ | — | |||||||
Class III Shares | $ | 23.23 | $ | — | $ | — | |||||||
Class IV Shares | $ | 23.21 | $ | 1.00 | $ | — | |||||||
Class V Shares | $ | — | $ | 1.00 | $ | — |
* | Not subject to a front-end sales charge. |
** | Gartmore GVIT Money Market Fund II shares have no class designation. |
See notes to financial statements.
118
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Assets and Liabilities
June 30, 2004 (Unaudited)
J.P. Morgan | Gartmore GVIT | |||||||||
GVIT Balanced | Mid Cap | |||||||||
Fund | Growth Fund | |||||||||
Assets: | ||||||||||
Investments, at value (cost $243,236,343; $224,200,516; $116,671,742; $308,482,638 and $318,718,518; respectively) | $ | 259,171,618 | $ | 270,135,154 | ||||||
Repurchase agreements, at cost | 4,397,759 | 3,886,338 | ||||||||
Total Investments | 263,569,377 | 274,021,492 | ||||||||
Cash | 124,876 | — | ||||||||
Interest and dividends receivable | 1,148,789 | 47,845 | ||||||||
Receivable for investments sold | 13,110,047 | 5,173,107 | ||||||||
Receivable from adviser | 2,809 | 3,444 | ||||||||
Receivable for variation margin on futures contracts | 33,000 | — | ||||||||
Prepaid expenses and other assets | 3,711 | 3,550 | ||||||||
Total Assets | 277,992,609 | 279,249,438 | ||||||||
Liabilities: | ||||||||||
Payable to custodian | — | 288,781 | ||||||||
Payable for investments purchased | 47,085,902 | — | ||||||||
Payable for return of collateral received for securities on loan | — | 40,578,696 | ||||||||
Payable for variation margin on futures contracts | 81,188 | — | ||||||||
Accrued expenses and other payables: | ||||||||||
Investment advisory fees | 135,719 | 140,591 | ||||||||
Fund administration and transfer agent fees | 11,786 | 10,684 | ||||||||
Distribution fees | — | 1,620 | ||||||||
Administrative servicing fees | 27,982 | 27,517 | ||||||||
Other | 22,676 | 21,971 | ||||||||
Total Liabilities | 47,365,253 | 41,069,860 | ||||||||
Net Assets | $ | 230,627,356 | $ | 238,179,578 | ||||||
Represented by: | ||||||||||
Capital | $ | 240,540,973 | $ | 355,132,160 | ||||||
Accumulated net investment income (loss) | 23,859 | (544,845 | ) | |||||||
Accumulated net realized gains (losses) from investment, futures and foreign currency transactions | (25,777,342 | ) | (162,342,375 | ) | ||||||
Net unrealized appreciation (depreciation) on investments and futures | 15,839,866 | 45,934,638 | ||||||||
Net Assets | $ | 230,627,356 | $ | 238,179,578 | ||||||
Net Assets: | ||||||||||
Class I Shares | $ | 180,285,325 | $ | 135,414,935 | ||||||
Class II Shares | — | 8,782,328 | ||||||||
Class III Shares | — | 959,057 | ||||||||
Class IV Shares | 50,342,031 | 93,023,258 | ||||||||
Total | $ | 230,627,356 | $ | 238,179,578 | ||||||
Shares outstanding (unlimited number of shares authorized): | ||||||||||
Class I Shares | 19,068,323 | 5,929,568 | ||||||||
Class II Shares | — | 385,171 | ||||||||
Class III Shares | — | 41,947 | ||||||||
Class IV Shares | 5,323,696 | 4,071,921 | ||||||||
Total | 24,392,019 | 10,428,607 | ||||||||
Net asset value and offering price per share:* | ||||||||||
Class I Shares | $ | 9.45 | $ | 22.84 | ||||||
Class II Shares | $ | — | $ | 22.80 | ||||||
Class III Shares | $ | — | $ | 22.86 | ||||||
Class IV Shares | $ | 9.46 | $ | 22.85 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Comstock | Federated GVIT | GVIT | ||||||||||||
GVIT Value | High Income | Equity 500 | ||||||||||||
Fund | Bond Fund | Index Fund | ||||||||||||
Assets: | ||||||||||||||
Investments, at value (cost $243,236,343; $224,200,516; $116,671,742; $308,482,638 and $318,718,518; respectively) | $ | 139,467,701 | $ | 315,988,327 | $ | 282,644,556 | ||||||||
Repurchase agreements, at cost | 9,443,311 | 4,858,878 | 1,223,240 | |||||||||||
Total Investments | 148,911,012 | 320,847,205 | 283,867,756 | |||||||||||
Cash | — | 98,722 | 137,764 | |||||||||||
Interest and dividends receivable | 250,166 | 5,120,305 | 315,733 | |||||||||||
Receivable for investments sold | 167,714 | 517,338 | 340,396 | |||||||||||
Receivable from adviser | 1,035 | — | 33,764 | |||||||||||
Receivable for variation margin on futures contracts | — | — | 9,200 | |||||||||||
Prepaid expenses and other assets | 2,085 | 3,898 | 4,784 | |||||||||||
Total Assets | 149,332,012 | 326,587,468 | 284,709,437 | |||||||||||
Liabilities: | ||||||||||||||
Payable to custodian | — | — | — | |||||||||||
Payable for investments purchased | 2,154,400 | 1,903,483 | 64,626 | |||||||||||
Payable for return of collateral received for securities on loan | 6,861,750 | 72,820,709 | 4,897,985 | |||||||||||
Payable for variation margin on futures contracts | — | — | — | |||||||||||
Accrued expenses and other payables: | ||||||||||||||
Investment advisory fees | 79,510 | 139,339 | 54,682 | |||||||||||
Fund administration and transfer agent fees | 6,059 | 12,610 | 13,530 | |||||||||||
Distribution fees | 2,925 | — | — | |||||||||||
Administrative servicing fees | 16,639 | 31,016 | 22,820 | |||||||||||
Other | 12,910 | 25,834 | 48,054 | |||||||||||
Total Liabilities | 9,134,193 | 74,932,991 | 5,101,697 | |||||||||||
Net Assets | $ | 140,197,819 | $ | 251,654,477 | $ | 279,607,740 | ||||||||
Represented by: | ||||||||||||||
Capital | $ | 142,305,617 | $ | 263,211,673 | $ | 367,353,719 | ||||||||
Accumulated net investment income (loss) | 81,788 | 159,547 | 72,398 | |||||||||||
Accumulated net realized gains (losses) from investment, futures and foreign currency transactions | (24,985,545 | ) | (19,222,432 | ) | (51,756,398 | ) | ||||||||
Net unrealized appreciation (depreciation) on investments and futures | 22,795,959 | 7,505,689 | (36,061,979 | ) | ||||||||||
Net Assets | $ | 140,197,819 | $ | 251,654,477 | $ | 279,607,740 | ||||||||
Net Assets: | ||||||||||||||
Class I Shares | $ | 73,991,029 | $ | 251,654,477 | $ | — | ||||||||
Class II Shares | 15,201,521 | — | — | |||||||||||
Class III Shares | — | — | — | |||||||||||
Class IV Shares | 51,005,269 | — | 279,607,740 | |||||||||||
Total | $ | 140,197,819 | $ | 251,654,477 | $ | 279,607,740 | ||||||||
Shares outstanding (unlimited number of shares authorized): | ||||||||||||||
Class I Shares | 7,142,343 | 31,998,139 | — | |||||||||||
Class II Shares | 1,470,050 | — | — | |||||||||||
Class III Shares | — | — | — | |||||||||||
Class IV Shares | 4,923,645 | — | 35,046,670 | |||||||||||
Total | 13,536,038 | 31,998,139 | 35,046,670 | |||||||||||
Net asset value and offering price per share:* | ||||||||||||||
Class I Shares | $ | 10.36 | $ | 7.86 | $ | — | ||||||||
Class II Shares | $ | 10.34 | $ | — | $ | — | ||||||||
Class III Shares | $ | — | $ | — | $ | — | ||||||||
Class IV Shares | $ | 10.36 | $ | — | $ | 7.98 |
* | Not subject to a front-end sales charge. |
See notes to financial statements.
119
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Assets and Liabilities
June 30, 2004 (Unaudited)
Van Kampen | |||||||||||
GVIT | GVIT | ||||||||||
Multi Sector | Small Cap | ||||||||||
Bond Fund | Value Fund | ||||||||||
Assets: | |||||||||||
Investments, at value (cost $264,673,982; $739,792,745; $145,464,917; $33,630,080 and $506,384,101; respectively) | $ | 270,561,093 | $ | 787,824,858 | |||||||
Repurchase agreements, at cost and value | 4,995,315 | 34,038,360 | |||||||||
Total Investments | 275,556,408 | 821,863,218 | |||||||||
Cash | 330,713 | 60,948 | |||||||||
Foreign currencies, at value (cost $0; $0; $0; $27,779; $0 and $0; respectively) | — | — | |||||||||
Interest and dividends receivable | 3,277,711 | 773,180 | |||||||||
Receivable for investments sold | 6,516,313 | 6,923,877 | |||||||||
Unrealized appreciation on forward foreign currency contracts | 43,438 | — | |||||||||
Receivable for variation margin on futures contracts | 27,894 | 98,175 | |||||||||
Reclaims receivable | 5,680 | — | |||||||||
Prepaid expenses and other assets | 3,414 | 13,344 | |||||||||
Total Assets | 285,761,571 | 829,732,742 | |||||||||
Liabilities: | |||||||||||
Payable to custodian | — | — | |||||||||
Payable for investments purchased | 30,183,499 | 13,856,698 | |||||||||
Payable for return of collateral received for securities on loan | 27,492,048 | — | |||||||||
Unrealized depreciation on forward foreign currency contracts | 33,685 | — | |||||||||
Payable for variation margin on futures contracts | 124,705 | — | |||||||||
Accrued expenses and other payables: | |||||||||||
Investment advisory fees | 138,149 | 559,904 | |||||||||
Fund administration and transfer agent fees | 9,787 | 31,709 | |||||||||
Distribution fees | — | 6,291 | |||||||||
Administrative servicing fees | 27,288 | 96,064 | |||||||||
Other | 24,839 | 51,184 | |||||||||
Total Liabilities | 58,034,000 | 14,601,850 | |||||||||
Net Assets | $ | 227,727,571 | $ | 815,130,892 | |||||||
Represented by: | |||||||||||
Capital | $ | 224,536,079 | $ | 731,042,979 | |||||||
Accumulated net investment income (loss) | (11,478 | ) | (588,806 | ) | |||||||
Accumulated net realized gains (losses) from investment, futures and foreign currency transactions | (2,497,359 | ) | 36,207,998 | ||||||||
Net unrealized appreciation (depreciation) on investments, futures and translation of assets and liabilities denominated in foreign currencies | 5,700,329 | 48,468,721 | |||||||||
Net Assets | $ | 227,727,571 | $ | 815,130,892 | |||||||
Net Assets: | |||||||||||
Class I Shares | $ | 227,727,571 | $ | 724,741,120 | |||||||
Class II Shares | — | 32,411,156 | |||||||||
Class III Shares | — | 2,498,744 | |||||||||
Class IV Shares | — | 55,479,872 | |||||||||
Total | $ | 227,727,571 | $ | 815,130,892 | |||||||
Shares outstanding (unlimited number of shares authorized): | |||||||||||
Class I Shares | 23,715,050 | 59,472,597 | |||||||||
Class II Shares | — | 2,670,662 | |||||||||
Class III Shares | — | 204,793 | |||||||||
Class IV Shares | — | 4,552,383 | |||||||||
Total | 23,715,050 | 66,900,435 | |||||||||
Net asset value and offering price per share:* | |||||||||||
Class I Shares | $ | 9.60 | $ | 12.19 | |||||||
Class II Shares | $ | — | $ | 12.14 | |||||||
Class III Shares | $ | — | $ | 12.20 | |||||||
Class IV Shares | $ | — | $ | 12.19 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Gartmore | Dreyfus | ||||||||||||||
GVIT | GVIT | GVIT | |||||||||||||
Small Cap | Worldwide | Mid Cap | |||||||||||||
Growth Fund | Leaders Fund | Index Fund | |||||||||||||
Assets: | |||||||||||||||
Investments, at value (cost $264,673,982; $739,792,745; $145,464,917; $33,630,080 and $506,384,101; respectively) | $ | 165,899,700 | $ | 34,666,784 | $ | 571,263,585 | |||||||||
Repurchase agreements, at cost and value | 9,684,705 | 864,454 | 19,178,948 | ||||||||||||
Total Investments | 175,584,405 | 35,531,238 | 590,442,533 | ||||||||||||
Cash | — | — | 73,625 | ||||||||||||
Foreign currencies, at value (cost $0; $0; $0; $27,779; $0 and $0; respectively) | — | 27,497 | — | ||||||||||||
Interest and dividends receivable | 30,884 | 83,650 | 321,074 | ||||||||||||
Receivable for investments sold | 626,897 | 1,162,273 | — | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | — | — | — | ||||||||||||
Receivable for variation margin on futures contracts | — | — | 185,750 | ||||||||||||
Reclaims receivable | — | 24,427 | — | ||||||||||||
Prepaid expenses and other assets | 2,596 | 543 | 7,146 | ||||||||||||
Total Assets | 176,244,782 | 36,829,628 | 591,030,128 | ||||||||||||
Liabilities: | |||||||||||||||
Payable to custodian | — | 495,912 | — | ||||||||||||
Payable for investments purchased | 638,541 | 1,339,995 | — | ||||||||||||
Payable for return of collateral received for securities on loan | 16,507,425 | 2,028,842 | 93,027,042 | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | — | — | — | ||||||||||||
Payable for variation margin on futures contracts | — | — | — | ||||||||||||
Accrued expenses and other payables: | |||||||||||||||
Investment advisory fees | 120,190 | 26,552 | 155,217 | ||||||||||||
Fund administration and transfer agent fees | 6,773 | 1,207 | 21,420 | ||||||||||||
Distribution fees | 2,328 | — | 2,333 | ||||||||||||
Administrative servicing fees | 19,152 | 3,925 | 58,477 | ||||||||||||
Other | 11,134 | 25,595 | 41,125 | ||||||||||||
Total Liabilities | 17,305,543 | 3,922,028 | 93,305,614 | ||||||||||||
Net Assets | $ | 158,939,239 | $ | 32,907,600 | $ | 497,724,514 | |||||||||
Represented by: | |||||||||||||||
Capital | $ | 189,839,937 | $ | 52,680,121 | $ | 441,067,159 | |||||||||
Accumulated net investment income (loss) | (665,731 | ) | 213,363 | 95,730 | |||||||||||
Accumulated net realized gains (losses) from investment, futures and foreign currency transactions | (50,669,750 | ) | (21,021,904 | ) | (8,692,959 | ) | |||||||||
Net unrealized appreciation (depreciation) on investments, futures and translation of assets and liabilities denominated in foreign currencies | 20,434,783 | 1,036,020 | 65,254,584 | ||||||||||||
Net Assets | $ | 158,939,239 | $ | 32,907,600 | $ | 497,724,514 | |||||||||
Net Assets: | |||||||||||||||
Class I Shares | $ | 145,788,840 | $ | 25,255,399 | $ | 485,792,785 | |||||||||
Class II Shares | 12,169,474 | — | 11,931,729 | ||||||||||||
Class III Shares | 980,925 | 7,652,201 | — | ||||||||||||
Class IV Shares | — | — | — | ||||||||||||
Total | $ | 158,939,239 | $ | 32,907,600 | $ | 497,724,514 | |||||||||
Shares outstanding (unlimited number of shares authorized): | |||||||||||||||
Class I Shares | 10,866,671 | 2,739,905 | 31,180,922 | ||||||||||||
Class II Shares | 912,409 | — | 768,034 | ||||||||||||
Class III Shares | 73,534 | 830,340 | — | ||||||||||||
Class IV Shares | — | — | — | ||||||||||||
Total | 11,852,614 | 3,570,245 | 31,948,956 | ||||||||||||
Net asset value and offering price per share:* | |||||||||||||||
Class I Shares | $ | 13.42 | $ | 9.22 | $ | 15.58 | |||||||||
Class II Shares | $ | 13.34 | $ | — | $ | 15.54 | |||||||||
Class III Shares | $ | 13.34 | $ | 9.22 | $ | — | |||||||||
Class IV Shares | $ | — | $ | — | $ | — |
* | Not subject to a front-end sales charge. |
See notes to financial statements.
120
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Assets and Liabilities
June 30, 2004 (Unaudited)
Gartmore | ||||||||||||||
GVIT Global | Gartmore | Gartmore | ||||||||||||
Technology and | GVIT | GVIT | ||||||||||||
Communications | Global Health | Nationwide | ||||||||||||
Fund | Sciences Fund | Leaders Fund | ||||||||||||
Assets: | ||||||||||||||
Investments, at value (cost $57,619,222; $57,539,823; $8,503,052; $86,807,669; $9,846,558 and $109,464,775; respectively) | $ | 60,508,390 | $ | 59,729,146 | $ | 9,197,844 | ||||||||
Repurchase agreements, at cost | — | 4,914,455 | — | |||||||||||
Total Investments | 60,508,390 | 64,643,601 | 9,197,844 | |||||||||||
Cash | — | 6,435 | — | |||||||||||
Foreign currencies, at value (cost $895,549; $0; $0; $286,962; $25,185 and $1,477,338; respectively) | 888,292 | — | — | |||||||||||
Interest and dividends receivable | 14,042 | 32,633 | 3,405 | |||||||||||
Receivable for investments sold | 3,668,034 | 1,336,084 | — | |||||||||||
Unrealized appreciation on forward foreign currency contracts | — | — | — | |||||||||||
Reclaims receivable | — | — | — | |||||||||||
Prepaid expenses and other assets | 9,013 | 615 | 146 | |||||||||||
Total Assets | 65,087,771 | 66,019,368 | 9,201,395 | |||||||||||
Liabilities: | ||||||||||||||
Payable to custodian | 1,185,106 | — | 164,958 | |||||||||||
Payable for investments purchased | 2,798,592 | 602,756 | — | |||||||||||
Payable for return of collateral received for securities on loan | 7,206,496 | 5,295,773 | — | |||||||||||
Unrealized depreciation on forward foreign currency contracts | — | — | — | |||||||||||
Accrued expenses and other payables: | ||||||||||||||
Investment advisory fees | 41,722 | 48,379 | 6,679 | |||||||||||
Fund administration and transfer agency fees | 2,181 | 2,614 | 241 | |||||||||||
Distribution fees | 846 | 1,244 | — | |||||||||||
Administrative servicing fees | 6,167 | 7,183 | 959 | |||||||||||
Other | 5,930 | 6,867 | 1,269 | |||||||||||
Total Liabilities | 11,247,040 | 5,964,816 | 174,106 | |||||||||||
Net Assets | $ | 53,840,731 | $ | 60,054,552 | $ | 9,027,289 | ||||||||
Represented by: | ||||||||||||||
Capital | $ | 62,761,828 | $ | 56,247,145 | $ | 8,360,349 | ||||||||
Accumulated net investment income (loss) | (270,172 | ) | (85,932 | ) | (66 | ) | ||||||||
Accumulated net realized gains (losses) from investment, futures and foreign currency transactions | (11,532,804 | ) | 1,704,016 | (27,786 | ) | |||||||||
Net unrealized appreciation (depreciation) on investments, futures and translation of assets and liabilities denominated in foreign currencies | 2,881,879 | 2,189,323 | 694,792 | |||||||||||
Net Assets | $ | 53,840,731 | $ | 60,054,552 | $ | 9,027,289 | ||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Gartmore | Gartmore | Dreyfus | ||||||||||||
GVIT | GVIT | GVIT | ||||||||||||
Emerging | International | International | ||||||||||||
Markets Fund | Growth Fund | Value Fund | ||||||||||||
Assets: | ||||||||||||||
Investments, at value (cost $57,619,222; $57,539,823; $8,503,052; $86,807,669; $9,846,558 and $109,464,775; respectively) | $ | 87,962,094 | $ | 10,065,797 | $ | 124,072,691 | ||||||||
Repurchase agreements, at cost | 1,061,253 | 139,925 | 4,418,747 | |||||||||||
Total Investments | 89,023,347 | 10,205,722 | 128,491,438 | |||||||||||
Cash | — | 133,861 | 31,981 | |||||||||||
Foreign currencies, at value (cost $895,549; $0; $0; $286,962; $25,185 and $1,477,338; respectively) | 297,333 | 24,947 | 1,475,702 | |||||||||||
Interest and dividends receivable | 285,578 | 17,499 | 268,821 | |||||||||||
Receivable for investments sold | 2,143,434 | 173,427 | 492,494 | |||||||||||
Unrealized appreciation on forward foreign currency contracts | 30 | 1,323 | — | |||||||||||
Reclaims receivable | 360 | 13,229 | 183,881 | |||||||||||
Prepaid expenses and other assets | 1,487 | 1,930 | 11,104 | |||||||||||
Total Assets | 91,751,569 | 10,571,938 | 130,955,421 | |||||||||||
Liabilities: | ||||||||||||||
Payable to custodian | 519,311 | — | — | |||||||||||
Payable for investments purchased | 1,535,018 | 175,270 | 150,814 | |||||||||||
Payable for return of collateral received for securities on loan | 2,798,950 | — | 12,966,431 | |||||||||||
Unrealized depreciation on forward foreign currency contracts | — | 629 | — | |||||||||||
Accrued expenses and other payables: | ||||||||||||||
Investment advisory fees | 80,662 | 8,588 | 70,120 | |||||||||||
Fund administration and transfer agency fees | 4,148 | 1,493 | 4,964 | |||||||||||
Distribution fees | 2,171 | — | 1,175 | |||||||||||
Administrative servicing fees | 10,364 | 1,171 | 9,643 | |||||||||||
Other | 2,020 | 713 | 4,969 | |||||||||||
Total Liabilities | 4,952,644 | 187,864 | 13,208,116 | |||||||||||
Net Assets | $ | 86,798,925 | $ | 10,384,074 | $ | 117,747,305 | ||||||||
Represented by: | ||||||||||||||
Capital | $ | 78,480,815 | $ | 12,516,932 | $ | 105,494,623 | ||||||||
Accumulated net investment income (loss) | 515,618 | 93,574 | 28,989 | |||||||||||
Accumulated net realized gains (losses) from investment, futures and foreign currency transactions | 6,638,978 | (2,447,180 | ) | (2,406,764 | ) | |||||||||
Net unrealized appreciation (depreciation) on investments, futures and translation of assets and liabilities denominated in foreign currencies | 1,163,514 | 220,748 | 14,630,457 | |||||||||||
Net Assets | $ | 86,798,925 | $ | 10,384,074 | $ | 117,747,305 | ||||||||
121
Table of Contents
Statements of Assets and Liabilities
June 30, 2004 (Unaudited) (continued)
Gartmore | |||||||||||||
GVIT Global | Gartmore | Gartmore | |||||||||||
Technology and | GVIT | GVIT | |||||||||||
Communications | Global Health | Nationwide | |||||||||||
Fund | Sciences Fund | Leaders Fund | |||||||||||
Net Assets: | |||||||||||||
Class I Shares | $ | 16,341,204 | $ | 8,179,511 | $ | 756,614 | |||||||
Class II Shares | 3,380,957 | 3,900,988 | — | ||||||||||
Class III Shares | 33,112,767 | 45,316,606 | 8,270,675 | ||||||||||
Class IV Shares | — | — | — | ||||||||||
Class VI Shares | 1,005,803 | 2,657,447 | — | ||||||||||
Total | $ | 53,840,731 | $ | 60,054,552 | $ | 9,027,289 | |||||||
Shares Outstanding (unlimited number of shares authorized): | |||||||||||||
Class I Shares | 4,366,005 | 777,520 | 61,390 | ||||||||||
Class II Shares | 902,940 | 371,770 | — | ||||||||||
Class III Shares | 8,775,026 | 4,300,734 | 670,254 | ||||||||||
Class IV Shares | — | — | — | ||||||||||
Class VI Shares | 268,856 | 252,161 | — | ||||||||||
Total | 14,312,827 | 5,702,185 | 731,644 | ||||||||||
Net asset value and offering price per share:* | |||||||||||||
Class I Shares | $ | 3.74 | $ | 10.52 | $ | 12.32 | |||||||
Class II Shares | $ | 3.74 | $ | 10.49 | $ | — | |||||||
Class III Shares | $ | 3.77 | $ | 10.54 | $ | 12.34 | |||||||
Class IV Shares | $ | — | $ | — | $ | — | |||||||
Class VI Shares | $ | 3.74 | $ | 10.54 | $ | — |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Gartmore | Gartmore | Dreyfus | |||||||||||
GVIT | GVIT | GVIT | |||||||||||
Emerging | International | International | |||||||||||
Markets Fund | Growth Fund | Value Fund | |||||||||||
Net Assets: | |||||||||||||
Class I Shares | $ | 17,203,209 | $ | 3,056,366 | $ | 2,133,029 | |||||||
Class II Shares | 8,607,391 | — | 3,478,934 | ||||||||||
Class III Shares | 58,417,469 | 7,327,708 | 31,430,385 | ||||||||||
Class IV Shares | — | — | 77,820,388 | ||||||||||
Class VI Shares | 2,570,856 | — | 2,884,569 | ||||||||||
Total | $ | 86,798,925 | $ | 10,384,074 | $ | 117,747,305 | |||||||
Shares Outstanding (unlimited number of shares authorized): | |||||||||||||
Class I Shares | 1,782,556 | 487,676 | 152,442 | ||||||||||
Class II Shares | 894,644 | — | 249,334 | ||||||||||
Class III Shares | 6,056,105 | 1,168,009 | 2,251,499 | ||||||||||
Class IV Shares | — | — | 5,562,479 | ||||||||||
Class VI Shares | 266,343 | — | 206,367 | ||||||||||
Total | 8,999,648 | 1,655,685 | 8,422,121 | ||||||||||
Net asset value and offering price per share:* | |||||||||||||
Class I Shares | $ | 9.65 | $ | 6.27 | $ | 13.99 | |||||||
Class II Shares | $ | 9.62 | $ | — | $ | 13.95 | |||||||
Class III Shares | $ | 9.65 | $ | 6.27 | $ | 13.96 | |||||||
Class IV Shares | $ | — | $ | — | $ | 13.99 | |||||||
Class VI Shares | $ | 9.65 | $ | — | $ | 13.98 |
* | Not subject to a front-end sales charge. |
See notes to financial statements.
122
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Assets and Liabilities
June 30, 2004 (Unaudited)
Gartmore | Gartmore GVIT | |||||||||
GVIT Investor | Investor | |||||||||
Destinations | Destinations | |||||||||
Aggressive | Moderately | |||||||||
Fund | Aggressive Fund | |||||||||
Assets: | ||||||||||
Investments in affiliated securities, at value (cost $180,164,662; $417,405,795; $788,448,912; $329,832,738 and $220,619,980; respectively) | $ | 192,229,749 | $ | 451,651,645 | ||||||
Investments, at value (cost $19,982,256; $45,697,775; $0; $0 and $0; respectively) | 21,308,930 | 50,071,490 | ||||||||
Total Investments | 213,538,679 | 501,723,135 | ||||||||
Interest and dividends receivable | 96,175 | 383,089 | ||||||||
Prepaid expenses and other assets | 2,065 | 5,557 | ||||||||
Total Assets | 213,636,919 | 502,111,781 | ||||||||
Liabilities: | ||||||||||
Payable to custodian | 20 | 52 | ||||||||
Accrued expenses and other payables: | ||||||||||
Investment advisory fees | 21,146 | 50,700 | ||||||||
Distribution fees | 40,666 | 97,501 | ||||||||
Administrative servicing fees | 24,621 | 58,874 | ||||||||
Other | 8,662 | 24,914 | ||||||||
Total Liabilities | 95,115 | 232,040 | ||||||||
Net Assets | $ | 213,541,804 | $ | 501,879,741 | ||||||
Represented by: | ||||||||||
Capital | $ | 198,178,691 | $ | 459,368,767 | ||||||
Accumulated net investment income (loss) | 61,453 | 164,270 | ||||||||
Accumulated net realized gains (losses) from investment transactions | 1,909,899 | 3,727,139 | ||||||||
Net unrealized appreciation (depreciation) on investments | 13,391,761 | 38,619,565 | ||||||||
Net Assets | $ | 213,541,804 | $ | 501,879,741 | ||||||
Net Assets: | ||||||||||
Class II Shares | $ | 213,423,744 | $ | 501,527,995 | ||||||
Class VI Shares | 118,060 | 351,746 | ||||||||
Total | $ | 213,541,804 | $ | 501,879,741 | ||||||
Shares outstanding (unlimited number of shares authorized): | ||||||||||
Class II Shares | 19,840,342 | 46,355,975 | ||||||||
Class VI Shares | 10,976 | 32,536 | ||||||||
19,851,318 | 46,388,511 | |||||||||
Net asset value and offering price per share:* | ||||||||||
Class II Shares | $ | 10.76 | $ | 10.82 | ||||||
Class VI Shares | $ | 10.76 | $ | 10.81 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Gartmore | Gartmore GVIT | Gartmore | ||||||||||||
GVIT Investor | Investor | GVIT Investor | ||||||||||||
Destinations | Destinations | Destinations | ||||||||||||
Moderate | Moderately | Conservative | ||||||||||||
Fund | Conservative Fund | Fund | ||||||||||||
Assets: | ||||||||||||||
Investments in affiliated securities, at value (cost $180,164,662; $417,405,795; $788,448,912; $329,832,738 and $220,619,980; respectively) | $ | 854,384,486 | $ | 349,708,214 | $ | 226,002,440 | ||||||||
Investments, at value (cost $19,982,256; $45,697,775; $0; $0 and $0; respectively) | — | — | — | |||||||||||
Total Investments | 854,384,486 | 349,708,214 | 226,002,440 | |||||||||||
Interest and dividends receivable | 695,118 | 413,211 | 312,041 | |||||||||||
Prepaid expenses and other assets | 10,396 | 4,445 | 3,040 | |||||||||||
Total Assets | 855,090,000 | 350,125,870 | 226,317,521 | |||||||||||
Liabilities: | ||||||||||||||
Payable to custodian | 93 | 39 | 27 | |||||||||||
Accrued expenses and other payables: | ||||||||||||||
Investment advisory fees | 88,074 | 36,284 | 24,443 | |||||||||||
Distribution fees | 169,374 | 69,778 | 47,006 | |||||||||||
Administrative servicing fees | 102,269 | 40,746 | 27,718 | |||||||||||
Other | 52,365 | 23,620 | 18,234 | |||||||||||
Total Liabilities | 412,175 | 170,467 | 117,428 | |||||||||||
Net Assets | $ | 854,677,825 | $ | 349,955,403 | $ | 226,200,093 | ||||||||
Represented by: | ||||||||||||||
Capital | $ | 790,024,018 | $ | 330,512,085 | $ | 220,094,553 | ||||||||
Accumulated net investment income (loss) | 50,927 | 38,823 | 32,684 | |||||||||||
Accumulated net realized gains (losses) from investment transactions | (1,332,694 | ) | (470,981 | ) | 690,396 | |||||||||
Net unrealized appreciation (depreciation) on investments | 65,935,574 | 19,875,476 | 5,382,460 | |||||||||||
Net Assets | $ | 854,677,825 | $ | 349,955,403 | $ | 226,200,093 | ||||||||
Net Assets: | ||||||||||||||
Class II Shares | $ | 853,540,805 | $ | 349,704,793 | $ | 225,858,233 | ||||||||
Class VI Shares | 1,137,020 | 250,610 | 341,860 | |||||||||||
Total | $ | 854,677,825 | $ | 349,955,403 | $ | 226,200,093 | ||||||||
Shares outstanding (unlimited number of shares authorized): | ||||||||||||||
Class II Shares | 79,939,738 | 33,293,417 | 22,001,973 | |||||||||||
Class VI Shares | 106,619 | 23,870 | 33,317 | |||||||||||
80,046,357 | 33,317,287 | 22,035,290 | ||||||||||||
Net asset value and offering price per share:* | ||||||||||||||
Class II Shares | $ | 10.68 | $ | 10.50 | $ | 10.27 | ||||||||
Class VI Shares | $ | 10.66 | $ | 10.50 | $ | 10.26 |
* | Not subject to a front-end sales charge. |
See notes to financial statements.
123
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Assets and Liabilities
June 30, 2004 (Unaudited)
Gartmore GVIT | Gartmore | |||||||||
U.S. Growth | GVIT Global | |||||||||
Leaders Fund | Utilities Fund | |||||||||
Assets: | ||||||||||
Investments, at value (cost $51,855,882; $10,516,330; $23,832,019 and $129,800,074; respectively) | $ | 54,112,488 | $ | 10,888,922 | ||||||
Repurchase agreements, at cost and value | 1,210,267 | — | ||||||||
Total Investments | 55,322,755 | 10,888,922 | ||||||||
Cash | 4,293 | — | ||||||||
Foreign currency, at value (cost $0; $5,466; $3,712; and $124,124; respectively) | — | 5,465 | ||||||||
Interest and dividends receivable | 10,180 | 24,419 | ||||||||
Receivable for investments sold | 2,348,508 | 1,233,828 | ||||||||
Reclaims receivable | — | 3,521 | ||||||||
Prepaid expenses and other assets | 1,097 | 476 | ||||||||
Total Assets | 57,686,833 | 12,156,631 | ||||||||
Liabilities: | ||||||||||
Payable to custodian | — | 49,765 | ||||||||
Payable for investments purchased | 2,400,578 | 1,056,607 | ||||||||
Payable for return of collateral received for securities on loan | 3,818,085 | — | ||||||||
Unrealized depreciation on forward foreign currency contracts | — | 2,444 | ||||||||
Accrued expenses and other payables: | ||||||||||
Investment advisory fees | 44,039 | 7,392 | ||||||||
Fund administration fees | 2,036 | 315 | ||||||||
Distribution fees | 1,469 | 225 | ||||||||
Administrative servicing fees | 6,204 | 1,044 | ||||||||
Other | 6,892 | 455 | ||||||||
Total Liabilities | 6,279,303 | 1,118,247 | ||||||||
Net Assets | $ | 51,407,530 | $ | 11,038,384 | ||||||
Represented by: | ||||||||||
Capital | $ | 46,570,262 | $ | 10,045,290 | ||||||
Accumulated net investment income (loss) | (223,718 | ) | 50,174 | |||||||
Accumulated net realized gains (losses) from investment and foreign currency transactions | 2,804,380 | 570,600 | ||||||||
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies | 2,256,606 | 372,320 | ||||||||
Net Assets | $ | 51,407,530 | $ | 11,038,384 | ||||||
Net Assets: | ||||||||||
Class I Shares | $ | 5,791,514 | $ | 1,212,104 | ||||||
Class II Shares | 7,581,541 | 1,105,825 | ||||||||
Class III Shares | 38,034,475 | 8,720,455 | ||||||||
Total | $ | 51,407,530 | $ | 11,038,384 | ||||||
Shares outstanding (unlimited number of shares authorized): | ||||||||||
Class I Shares | 548,299 | 126,270 | ||||||||
Class II Shares | 717,448 | 114,969 | ||||||||
Class III Shares | 3,583,894 | 906,730 | ||||||||
Total | 4,849,641 | 1,147,969 | ||||||||
Net asset value and offering price per share:* | ||||||||||
Class I Shares | $ | 10.56 | $ | 9.60 | ||||||
Class II Shares | $ | 10.57 | $ | 9.62 | ||||||
Class III Shares | $ | 10.61 | $ | 9.62 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Gartmore | Gartmore | |||||||||
GVIT Global | GVIT | |||||||||
Financial | Developing | |||||||||
Services Fund | Markets Fund | |||||||||
Assets: | ||||||||||
Investments, at value (cost $51,855,882; $10,516,330; $23,832,019 and $129,800,074; respectively) | $ | 24,282,546 | $ | 131,850,716 | ||||||
Repurchase agreements, at cost and value | — | — | ||||||||
Total Investments | 24,282,546 | 131,850,716 | ||||||||
Cash | — | — | ||||||||
Foreign currency, at value (cost $0; $5,466; $3,712; and $124,124; respectively) | 3,712 | 124,149 | ||||||||
Interest and dividends receivable | 42,846 | 435,141 | ||||||||
Receivable for investments sold | 204,944 | 5,221,064 | ||||||||
Reclaims receivable | 8,183 | 3,988 | ||||||||
Prepaid expenses and other assets | 366 | 2,993 | ||||||||
Total Assets | 24,542,597 | 137,638,051 | ||||||||
Liabilities: | ||||||||||
Payable to custodian | 35,760 | 2,343,685 | ||||||||
Payable for investments purchased | — | 2,845,091 | ||||||||
Payable for return of collateral received for securities on loan | — | 4,929,035 | ||||||||
Unrealized depreciation on forward foreign currency contracts | — | — | ||||||||
Accrued expenses and other payables: | ||||||||||
Investment advisory fees | 20,227 | 119,243 | ||||||||
Fund administration fees | 568 | 5,804 | ||||||||
Distribution fees | 431 | 25,922 | ||||||||
Administrative servicing fees | 2,949 | 92,683 | ||||||||
Other | 1,976 | 42,164 | ||||||||
Total Liabilities | 61,911 | 10,403,627 | ||||||||
Net Assets | $ | 24,480,686 | $ | 127,234,424 | ||||||
Represented by: | ||||||||||
Capital | $ | 22,853,051 | $ | 140,734,958 | ||||||
Accumulated net investment income (loss) | 47,703 | 372,852 | ||||||||
Accumulated net realized gains (losses) from investment and foreign currency transactions | 1,128,903 | (15,920,838 | ) | |||||||
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies | 451,029 | 2,047,452 | ||||||||
Net Assets | $ | 24,480,686 | $ | 127,234,424 | ||||||
Net Assets: | ||||||||||
Class I Shares | $ | 3,800,130 | $ | — | ||||||
Class II Shares | 2,092,212 | 127,234,424 | ||||||||
Class III Shares | 18,588,344 | — | ||||||||
Total | $ | 24,480,686 | $ | 127,234,424 | ||||||
Shares outstanding (unlimited number of shares authorized): | ||||||||||
Class I Shares | 323,099 | — | ||||||||
Class II Shares | 178,241 | 12,507,377 | ||||||||
Class III Shares | 1,580,170 | — | ||||||||
Total | 2,081,510 | 12,507,377 | ||||||||
Net asset value and offering price per share:* | ||||||||||
Class I Shares | $ | 11.76 | $ | — | ||||||
Class II Shares | $ | 11.74 | $ | 10.17 | ||||||
Class III Shares | $ | 11.76 | $ | — |
* | Not subject to a front-end sales charge. |
See notes to financial statements.
124
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Operations
For the Six Months Ended June 30, 2004 (Unaudited)
Gartmore GVIT | Gartmore GVIT | Gartmore GVIT | |||||||||||
Nationwide | Growth | Government | |||||||||||
Fund | Fund | Bond Fund | |||||||||||
Investment Income: | |||||||||||||
Interest income | $ | 38,408 | $ | 6,963 | $ | 33,064,109 | |||||||
Dividend income (net of foreign withholding tax of $0; $0; $0; $184,172; $0 and $0; respectively) | 11,159,852 | 1,085,866 | — | ||||||||||
Income from securities lending | 114,466 | 6,740 | 117,252 | ||||||||||
Total Income | 11,312,726 | 1,099,569 | 33,181,361 | ||||||||||
Expenses: | |||||||||||||
Investment advisory fees | 4,756,700 | 825,691 | 3,540,429 | ||||||||||
Fund administration and transfer agent fees | 491,392 | 84,990 | 445,269 | ||||||||||
Distribution fees | — | — | — | ||||||||||
Distribution fees Class II Shares | 8,886 | — | 24,395 | ||||||||||
Administrative servicing fees Class I Shares* | 1,076,424 | 178,649 | 1,028,374 | ||||||||||
Administrative servicing fees Class II Shares | 5,378 | — | 14,637 | ||||||||||
Administrative servicing fees Class III Shares | 633 | — | 4,268 | ||||||||||
Administrative servicing fees Class IV Shares | 126,077 | 27,776 | 31,545 | ||||||||||
Administrative servicing fees Class V Shares | — | — | — | ||||||||||
Other | 272,131 | 56,580 | 194,309 | ||||||||||
Total expenses before waived or reimbursed expenses | 6,737,621 | 1,173,686 | 5,283,226 | ||||||||||
Expenses waived or reimbursed | — | — | — | ||||||||||
Total Expenses | 6,737,621 | 1,173,686 | 5,283,226 | ||||||||||
Net Investment Income (Loss) | 4,575,105 | (74,117 | ) | 27,898,135 | |||||||||
REALIZED / UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | |||||||||||||
Net realized gains (losses) on investment transactions | 91,546,141 | 21,036,303 | 6,101,398 | ||||||||||
Net realized gains (losses) on foreign currency transactions | — | — | — | ||||||||||
Net realized gains (losses) on investment and foreign currency transactions | 91,546,141 | 21,036,303 | 6,101,398 | ||||||||||
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | (61,070,773 | ) | (13,611,973 | ) | (33,753,999 | ) | |||||||
Net realized/unrealized gains (losses) on investments and foreign currencies | 30,475,368 | 7,424,330 | (27,652,601 | ) | |||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 35,050,473 | $ | 7,350,213 | $ | 245,534 | |||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
GVIT Small | Gartmore GVIT | Gartmore GVIT | |||||||||||
Company | Money Market | Money Market | |||||||||||
Fund | Fund | Fund II | |||||||||||
Investment Income: | |||||||||||||
Interest income | $ | 169,525 | $ | 11,230,063 | $ | 1,117,560 | |||||||
Dividend income (net of foreign withholding tax of $0; $0; $0; $184,172; $0 and $0; respectively) | 3,825,447 | 109 | 21,676 | ||||||||||
Income from securities lending | 462,075 | — | — | ||||||||||
Total Income | 4,457,047 | 11,230,172 | 1,139,236 | ||||||||||
Expenses: | |||||||||||||
Investment advisory fees | 3,865,092 | 3,898,451 | 555,548 | ||||||||||
Fund administration and transfer agent fees | 265,254 | 619,109 | 67,469 | ||||||||||
Distribution fees | — | — | 277,774 | ||||||||||
Distribution fees Class II Shares | 32,742 | — | — | ||||||||||
Administrative servicing fees Class I Shares* | 578,807 | 1,151,184 | 166,387 | ||||||||||
Administrative servicing fees Class II Shares | 19,865 | — | — | ||||||||||
Administrative servicing fees Class III Shares | 1,113 | — | — | ||||||||||
Administrative servicing fees Class IV Shares | 33,222 | 72,189 | — | ||||||||||
Administrative servicing fees Class V Shares | — | 129,428 | — | ||||||||||
Other | 97,184 | 255,796 | 25,350 | ||||||||||
Total expenses before waived or reimbursed expenses | 4,893,279 | 6,126,157 | 1,092,528 | ||||||||||
Expenses waived or reimbursed | — | (60,437 | ) | (66,379 | ) | ||||||||
Total Expenses | 4,893,279 | 6,065,720 | 1,026,149 | ||||||||||
Net Investment Income (Loss) | (436,232 | ) | 5,164,452 | 113,087 | |||||||||
REALIZED / UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | |||||||||||||
Net realized gains (losses) on investment transactions | 111,991,508 | 225 | 3 | ||||||||||
Net realized gains (losses) on foreign currency transactions | 143,952 | — | — | ||||||||||
Net realized gains (losses) on investment and foreign currency transactions | 112,135,460 | 225 | 3 | ||||||||||
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | (57,250,938 | ) | — | — | |||||||||
Net realized/unrealized gains (losses) on investments and foreign currencies | 54,884,522 | 225 | 3 | ||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 54,448,290 | $ | 5,164,677 | $ | 113,090 | |||||||
* | Gartmore GVIT Money Market Fund II shares have no class designation. |
See notes to financial statements.
125
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Operations
For the Six Months Ended June 30, 2004 (Unaudited)
J.P. Morgan | Gartmore GVIT | ||||||||
GVIT Balanced | Mid Cap | ||||||||
Fund | Growth Fund | ||||||||
Investment Income: | |||||||||
Interest income | $ | 2,035,420 | $ | 27,013 | |||||
Dividend income | 1,095,657 | 464,598 | |||||||
Income from securities lending | — | 93,186 | |||||||
Total Income | 3,131,077 | 584,797 | |||||||
Expenses: | |||||||||
Investment advisory fees | 835,431 | 863,425 | |||||||
Fund administration and transfer agent fees | 89,358 | 71,781 | |||||||
Distribution fees Class II Shares | — | 8,208 | |||||||
Administrative servicing fees Class I Shares | 135,734 | 101,020 | |||||||
Administrative servicing fees Class II Shares | — | — | |||||||
Administrative servicing fees Class III Shares | — | 615 | |||||||
Administrative servicing fees Class IV Shares | 37,961 | 69,181 | |||||||
Other | 28,236 | 28,701 | |||||||
Total expenses before waived or reimbursed expenses | 1,126,720 | 1,142,931 | |||||||
Expenses waived or reimbursed | (15,947 | ) | (13,289 | ) | |||||
Total Expenses | 1,110,773 | 1,129,642 | |||||||
Net Investment Income (Loss) | 2,020,304 | (544,845 | ) | ||||||
REALIZED/ UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | |||||||||
Net realized gains (losses) on investment transactions | 7,077,209 | 14,459,541 | |||||||
Net realized gains (losses) on futures transactions | 200,620 | — | |||||||
Net realized gains (losses) on foreign currency transactions | (3,663 | ) | — | ||||||
Net realized gains (losses) on investment, futures and foreign currency transactions | 7,274,166 | 14,459,541 | |||||||
Net change in unrealized appreciation/depreciation on investments and futures | (5,507,181 | ) | 170,933 | ||||||
Net realized/unrealized gains (losses) on investments, futures, and foreign currencies | 1,766,985 | 14,630,474 | |||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,787,289 | $ | 14,085,629 | |||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Comstock | Federated GVIT | GVIT | |||||||||||
GVIT Value | High Income | Equity 500 | |||||||||||
Fund | Bond Fund | Index Fund | |||||||||||
Investment Income: | |||||||||||||
Interest income | $ | 48,185 | $ | 10,703,038 | $ | 2,595 | |||||||
Dividend income | 1,437,982 | 43,914 | 2,283,273 | ||||||||||
Income from securities lending | 11,414 | 73,704 | 5,984 | ||||||||||
Total Income | 1,497,581 | 10,820,656 | 2,291,852 | ||||||||||
Expenses: | |||||||||||||
Investment advisory fees | 461,392 | 864,148 | 334,691 | ||||||||||
Fund administration and transfer agent fees | 41,062 | 101,651 | 89,253 | ||||||||||
Distribution fees Class II Shares | 12,683 | — | — | ||||||||||
Administrative servicing fees Class I Shares | 52,533 | 193,285 | — | ||||||||||
Administrative servicing fees Class II Shares | 12,683 | — | — | ||||||||||
Administrative servicing fees Class III Shares | — | — | — | ||||||||||
Administrative servicing fees Class IV Shares | 31,417 | — | 137,170 | ||||||||||
Other | 14,466 | 29,510 | 41,862 | ||||||||||
Total expenses before waived or reimbursed expenses | 626,236 | 1,188,594 | 602,976 | ||||||||||
Expenses waived or reimbursed | (4,488 | ) | — | (207,286 | ) | ||||||||
Total Expenses | 621,748 | 1,188,594 | 395,690 | ||||||||||
Net Investment Income (Loss) | 875,833 | 9,632,062 | 1,896,162 | ||||||||||
REALIZED/ UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | |||||||||||||
Net realized gains (losses) on investment transactions | 1,545,346 | 2,202,223 | (1,836,134 | ) | |||||||||
Net realized gains (losses) on futures transactions | — | — | 99,751 | ||||||||||
Net realized gains (losses) on foreign currency transactions | — | — | — | ||||||||||
Net realized gains (losses) on investment, futures and foreign currency transactions | 1,545,346 | 2,202,223 | (1,736,383 | ) | |||||||||
Net change in unrealized appreciation/depreciation on investments and futures | 3,490,934 | (7,125,312 | ) | 8,956,180 | |||||||||
Net realized/unrealized gains (losses) on investments, futures, and foreign currencies | 5,036,280 | (4,923,089 | ) | 7,219,797 | |||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 5,912,113 | $ | 4,708,973 | $ | 9,115,959 | |||||||
See notes to financial statements.
126
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Operations
For the Six Months Ended June 30, 2004 (Unaudited)
Van Kampen | |||||||||
GVIT | GVIT | ||||||||
Multi Sector | Small Cap | ||||||||
Bond Fund | Value Fund | ||||||||
Investment Income: | |||||||||
Interest income (net of foreign withholding tax of $7,504; $0; $0; $0 and $0; respectively) | $ | 6,059,365 | $ | 136,096 | |||||
Dividend income (net of foreign withholding tax of $0; $0; $175; $29,063 and $0; respectively) | — | 3,777,252 | |||||||
Income from securities lending | 36,561 | — | |||||||
Total Income | 6,095,926 | 3,913,348 | |||||||
Expenses: | |||||||||
Investment advisory fees | 851,149 | 3,516,363 | |||||||
Fund administration and transfer agent fees | 97,553 | 251,743 | |||||||
Distribution fees Class II Shares | — | 32,397 | |||||||
Administrative servicing fees Class I Shares | 171,735 | 548,325 | |||||||
Administrative servicing fees Class II Shares | — | 19,634 | |||||||
Administrative servicing fees Class III Shares | — | 2,168 | |||||||
Administrative servicing fees Class IV | — | 41,773 | |||||||
Other | 28,248 | 89,751 | |||||||
Total Expenses | 1,148,685 | 4,502,154 | |||||||
Net Investment Income (Loss) | 4,947,241 | (588,806 | ) | ||||||
REALIZED/ UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | |||||||||
Net realized gains (losses) on investment transactions | 1,407,655 | 101,720,396 | |||||||
Net realized gains (losses) on futures | (260,405 | ) | (284,216 | ) | |||||
Net realized gains (losses) on foreign currency transactions | (38,625 | ) | — | ||||||
Net realized gains (losses) on investment, futures and foreign currency transactions | 1,108,625 | 101,436,180 | |||||||
Net change in unrealized appreciation/depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies | (7,425,856 | ) | (60,169,322 | ) | |||||
Net realized/unrealized gains (losses) on investments, futures and foreign currencies | (6,317,231 | ) | 41,266,858 | ||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,369,990 | ) | $ | 40,678,052 | ||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
GVIT | Gartmore GVIT | Dreyfus GVIT | |||||||||||
Small Cap | Worldwide | Mid Cap | |||||||||||
Growth Fund | Leaders Fund | Index Fund | |||||||||||
Investment Income: | |||||||||||||
Interest income (net of foreign withholding tax of $7,504; $0; $0; $0 and $0; respectively) | $ | 63,038 | $ | 2,389 | $ | 57,021 | |||||||
Dividend income (net of foreign withholding tax of $0; $0; $175; $29,063 and $0; respectively) | 181,389 | 433,886 | 2,715,225 | ||||||||||
Income from securities lending | 42,064 | 2,223 | 102,731 | ||||||||||
Total Income | 286,491 | 438,498 | 2,874,977 | ||||||||||
Expenses: | |||||||||||||
Investment advisory fees | 752,454 | 165,018 | 1,079,699 | ||||||||||
Fund administration and transfer agent fees | 50,011 | 11,654 | 146,519 | ||||||||||
Distribution fees Class II Shares | 12,705 | — | 13,681 | ||||||||||
Administrative servicing fees Class I Shares | 110,458 | 19,883 | 343,842 | ||||||||||
Administrative servicing fees Class II Shares | 7,705 | — | 4,751 | ||||||||||
Administrative servicing fees Class III Shares | 729 | 4,906 | — | ||||||||||
Administrative servicing fees Class IV | — | — | — | ||||||||||
Other | 18,160 | 19,068 | 52,666 | ||||||||||
Total Expenses | 952,222 | 220,529 | 1,641,158 | ||||||||||
Net Investment Income (Loss) | (665,731 | ) | 217,969 | 1,233,819 | |||||||||
REALIZED/ UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | |||||||||||||
Net realized gains (losses) on investment transactions | 15,229,277 | 1,685,894 | 6,922,112 | ||||||||||
Net realized gains (losses) on futures | — | — | 276,707 | ||||||||||
Net realized gains (losses) on foreign currency transactions | — | (25,897 | ) | — | |||||||||
Net realized gains (losses) on investment, futures and foreign currency transactions | 15,229,277 | 1,659,997 | 7,198,819 | ||||||||||
Net change in unrealized appreciation/depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies | (9,043,374 | ) | (2,234,980 | ) | 17,240,311 | ||||||||
Net realized/unrealized gains (losses) on investments, futures and foreign currencies | 6,185,903 | (574,983 | ) | 24,439,130 | |||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 5,520,172 | $ | (357,014 | ) | $ | 25,672,949 | ||||||
See notes to financial statements.
127
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Operations
For the Six Months Ended June 30, 2004 (Unaudited)
Gartmore GVIT | |||||||||||||
Global Technology | Gartmore | ||||||||||||
and | GVIT | Gartmore GVIT | |||||||||||
Communications | Global Health | Nationwide | |||||||||||
Fund | Sciences Fund | Leaders Fund | |||||||||||
Investment Income: | |||||||||||||
Interest income | $ | 3,940 | $ | 12,985 | $ | 1,019 | |||||||
Dividend income (net of foreign withholding tax of $191; $0; $0; $121,534; $18,829 and $216,036 respectively) | 58,605 | 171,086 | 53,707 | ||||||||||
Income from securities lending | 21,495 | 11,357 | — | ||||||||||
Total Income | 84,040 | 195,428 | 54,726 | ||||||||||
Expenses: | |||||||||||||
Investment advisory fees | 278,287 | 222,007 | 42,821 | ||||||||||
Fund administration and transfer agency fees | 17,230 | 13,488 | 2,893 | ||||||||||
Distribution fees Class II Shares | 5,365 | 4,492 | — | ||||||||||
Distribution fees Class VI Shares | 206 | 583 | — | ||||||||||
Administrative servicing fees Class I Shares | 12,849 | 4,739 | 516 | ||||||||||
Administrative servicing fees Class II Shares | 3,242 | 2,725 | — | ||||||||||
Administrative servicing fees Class III Shares | 26,688 | 26,221 | 5,761 | ||||||||||
Administrative servicing fees Class IV Shares | — | — | — | ||||||||||
Other | 10,345 | 7,105 | 2,801 | ||||||||||
Total Expenses | 354,212 | 281,360 | 54,792 | ||||||||||
Net Investment Income (Loss) | (270,172 | ) | (85,932 | ) | (66 | ) | |||||||
REALIZED/ UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | |||||||||||||
Net realized gains (losses) on investment transactions | (1,651,845 | ) | 2,204,273 | 528,579 | |||||||||
Net realized gains (losses) on foreign currency transactions | 8,072 | — | — | ||||||||||
Net realized gains (losses) on futures transactions | — | — | — | ||||||||||
Net realized gains (losses) on investment, futures and foreign currency transactions | (1,643,773 | ) | 2,204,273 | 528,579 | |||||||||
Net change in unrealized appreciation/depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies | 1,523,911 | (135,174 | ) | (190,625 | ) | ||||||||
Net realized/unrealized gains (losses) on investments, futures and foreign currencies | (119,862 | ) | 2,069,099 | 337,954 | |||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (390,034 | ) | $ | 1,983,167 | $ | 337,888 | ||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Gartmore GVIT | Gartmore GVIT | Dreyfus GVIT | |||||||||||
Emerging | International | International | |||||||||||
Markets Fund | Growth Fund | Value Fund | |||||||||||
Investment Income: | |||||||||||||
Interest income | $ | 9,203 | $ | 1,567 | $ | 17,800 | |||||||
Dividend income (net of foreign withholding tax of $191; $0; $0; $121,534; $18,829 and $216,036 respectively) | 1,190,369 | 164,793 | 1,740,467 | ||||||||||
Income from securities lending | 6,154 | — | 55,314 | ||||||||||
Total Income | 1,205,726 | 166,360 | 1,813,581 | ||||||||||
Expenses: | |||||||||||||
Investment advisory fees | 528,778 | 55,168 | 385,122 | ||||||||||
Fund administration and transfer agency fees | 27,899 | 3,347 | 31,178 | ||||||||||
Distribution fees Class II Shares | 11,549 | — | 3,861 | ||||||||||
Distribution fees Class VI Shares | 520 | — | 589 | ||||||||||
Administrative servicing fees Class I Shares | 15,317 | 2,048 | — | ||||||||||
Administrative servicing fees Class II Shares | 6,982 | — | — | ||||||||||
Administrative servicing fees Class III Shares | 46,821 | 5,831 | — | ||||||||||
Administrative servicing fees Class IV Shares | — | — | 57,775 | ||||||||||
Other | 20,208 | 6,392 | 16,827 | ||||||||||
Total Expenses | 658,074 | 72,786 | 495,352 | ||||||||||
Net Investment Income (Loss) | 547,652 | 93,574 | 1,318,229 | ||||||||||
REALIZED/ UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | |||||||||||||
Net realized gains (losses) on investment transactions | 7,005,956 | 771,279 | 5,565,241 | ||||||||||
Net realized gains (losses) on foreign currency transactions | (115,672 | ) | 3,348 | 6,073 | |||||||||
Net realized gains (losses) on futures transactions | — | (33,805 | ) | — | |||||||||
Net realized gains (losses) on investment, futures and foreign currency transactions | 6,890,284 | 740,822 | 5,571,314 | ||||||||||
Net change in unrealized appreciation/depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies | (11,938,199 | ) | (971,835 | ) | 457,672 | ||||||||
Net realized/unrealized gains (losses) on investments, futures and foreign currencies | (5,047,915 | ) | (231,013 | ) | 6,028,986 | ||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (4,500,263 | ) | $ | (137,439 | ) | $ | 7,347,215 | |||||
See notes to financial statements.
128
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Operations
For the Six Months Ended June 30, 2004 (Unaudited)
Gartmore | |||||||||
Gartmore | GVIT Investor | ||||||||
GVIT Investor | Destinations | ||||||||
Destinations | Moderately | ||||||||
Aggressive | Aggressive | ||||||||
Fund | Fund | ||||||||
Investment Income: | |||||||||
Interest income from affiliates | $ | — | $ | 170,432 | |||||
Dividend income from affiliates | 97,874 | 3,137,203 | |||||||
Dividend income | 1,087,190 | 251,648 | |||||||
Total Income | 1,185,064 | 3,559,283 | |||||||
Expenses: | |||||||||
Investment advisory fees | 96,227 | 252,077 | |||||||
Distribution Fees Class II | 185,045 | 484,699 | |||||||
Distribution Fees Class VI | 9 | 66 | |||||||
Administrative servicing Class II | 112,154 | 293,212 | |||||||
Other | 12,023 | 34,433 | |||||||
Total Expenses | 405,458 | 1,064,487 | |||||||
Net Investment Income (Loss) | 779,606 | 2,494,796 | |||||||
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS: | |||||||||
Realized gains (losses) on investment transactions with affiliates | 2,055,509 | 5,163,208 | |||||||
Net change in unrealized appreciation/depreciation on investments | 2,700,943 | 3,867,373 | |||||||
Net realized/unrealized gains (losses) on investments | 4,756,452 | 9,030,581 | |||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 5,536,058 | $ | 11,525,377 | |||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Gartmore | |||||||||||||
Gartmore | GVIT Investor | Gartmore | |||||||||||
GVIT Investor | Destinations | GVIT Investor | |||||||||||
Destinations | Moderately | Destinations | |||||||||||
Moderate | Conservative | Conservative | |||||||||||
Fund | Fund | Fund | |||||||||||
Investment Income: | |||||||||||||
Interest income from affiliates | $ | 937,899 | $ | 666,225 | $ | 746,168 | |||||||
Dividend income from affiliates | 6,672,981 | 3,138,757 | 2,102,198 | ||||||||||
Dividend income | — | — | — | ||||||||||
Total Income | 7,610,880 | 3,804,982 | 2,848,366 | ||||||||||
Expenses: | |||||||||||||
Investment advisory fees | 461,964 | 196,757 | 137,680 | ||||||||||
Distribution Fees Class II | 888,185 | 378,356 | 264,732 | ||||||||||
Distribution Fees Class VI | 209 | 25 | 37 | ||||||||||
Administrative servicing Class II | 537,629 | 227,016 | 158,841 | ||||||||||
Other | 66,179 | 29,860 | 22,002 | ||||||||||
Total Expenses | 1,954,166 | 832,014 | 583,292 | ||||||||||
Net Investment Income (Loss) | 5,656,714 | 2,972,968 | 2,265,074 | ||||||||||
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS: | |||||||||||||
Realized gains (losses) on investment transactions with affiliates | 1,574,759 | 756,905 | 1,210,469 | ||||||||||
Net change in unrealized appreciation/depreciation on investments | 8,507,108 | 785,176 | (1,718,789 | ) | |||||||||
Net realized/unrealized gains (losses) on investments | 10,081,867 | 1,542,081 | (508,320 | ) | |||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 15,738,581 | $ | 4,515,049 | $ | 1,756,754 | |||||||
See notes to financial statements.
129
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Operations
For the Six Months Ended June 30, 2004 (Unaudited)
Gartmore GVIT | Gartmore | Gartmore GVIT | Gartmore GVIT | ||||||||||||||
U.S. Growth | GVIT Global | Global Financial | Developing | ||||||||||||||
Leaders Fund | Utilities Fund | Services Fund | Markets Fund | ||||||||||||||
Investment Income: | |||||||||||||||||
Interest income | $ | 6,921 | $ | 1,258 | $ | 7,097 | $ | 73,687 | |||||||||
Dividend income (net of foreign withholding tax of $0; $18,040; $27,066 and $236,425; respectively) | 155,484 | 170,329 | 360,023 | 2,039,674 | |||||||||||||
Income from securities lending | 3,217 | — | — | 41,768 | |||||||||||||
Total Income | 165,622 | 171,587 | 367,120 | 2,155,129 | |||||||||||||
Expenses: | |||||||||||||||||
Investment advisory fees | 309,958 | 43,182 | 122,623 | 960,301 | |||||||||||||
Fund administration fees | 18,599 | 5,259 | 8,818 | 54,721 | |||||||||||||
Distribution fees Class II Shares | 8,256 | 1,405 | 2,353 | 208,761 | |||||||||||||
Administrative servicing fees Class I Shares | 4,529 | 1,118 | 2,894 | — | |||||||||||||
Administrative servicing fees Class II Shares | 4,998 | 850 | 1,412 | 201,264 | |||||||||||||
Administrative servicing fees Class III Shares | 34,664 | 4,009 | 11,527 | — | |||||||||||||
Other | 8,336 | 1,625 | 3,174 | 20,127 | |||||||||||||
Total Expenses | 389,340 | 57,448 | 152,801 | 1,445,174 | |||||||||||||
Net Investment Income (Loss) | (223,718 | ) | 114,139 | 214,319 | 709,955 | ||||||||||||
REALIZED/ UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | |||||||||||||||||
Net realized gains (losses) on investment transactions | 2,991,239 | 1,388,167 | 1,192,998 | 25,220,201 | |||||||||||||
Net realized gains (losses) on foreign currency transactions | — | (7,376 | ) | (2,463 | ) | (344,083 | ) | ||||||||||
Net realized gains (losses) on investment and foreign currency transactions | 2,991,239 | 1,380,791 | 1,190,535 | 24,876,118 | |||||||||||||
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | (1,877,761 | ) | (965,894 | ) | (1,035,552 | ) | (32,536,689 | ) | |||||||||
Net realized/unrealized gains (losses) on investments and foreign currencies | 1,113,478 | 414,897 | 154,983 | (7,660,571 | ) | ||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 889,760 | $ | 529,036 | $ | 369,302 | $ | (6,950,616 | ) | ||||||||
See notes to financial statements.
130
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Changes in Net Assets
Gartmore | Gartmore | ||||||||||||||||
GVIT Nationwide Fund | GVIT Growth Fund | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
From Investment Activities: | |||||||||||||||||
Operations: | |||||||||||||||||
Net investment income (loss) | $ | 4,575,105 | $ | 12,009,634 | $ | (74,117 | ) | $ | 214,500 | ||||||||
Net realized gains (losses) on investment transactions | 91,546,141 | 27,972,725 | 21,036,303 | 28,747,913 | |||||||||||||
Net change in unrealized appreciation/depreciation on investments | (61,070,773 | ) | 322,235,736 | (13,611,973 | ) | 41,383,359 | |||||||||||
Change in net assets resulting from operations | 35,050,473 | 362,218,095 | 7,350,213 | 70,345,772 | |||||||||||||
Distributions to Class I shareholders from: | |||||||||||||||||
Net investment income | (7,296,841 | ) | (7,472,339 | ) | (135,826 | ) | (45,300 | ) | |||||||||
Distributions to Class II shareholders from: | |||||||||||||||||
Net investment income | (29,849 | ) | (9,472 | ) | — | — | |||||||||||
Distributions to Class III shareholders from: | |||||||||||||||||
Net investment income | (4,084 | ) | (5,026 | ) | — | — | |||||||||||
Distributions to Class IV shareholders from: | |||||||||||||||||
Net investment income | (857,467 | ) | (567,652 | )(a) | (22,180 | ) | (11,175 | )(a) | |||||||||
Change in net assets from shareholder distributions | (8,188,241 | ) | (8,054,489 | ) | (158,006 | ) | (56,475 | ) | |||||||||
Change in net assets from capital transactions | (84,034,341 | ) | 28,034,459 | (15,617,997 | ) | 6,782,866 | |||||||||||
Change in net assets | (57,172,109 | ) | 382,198,065 | (8,425,790 | ) | 77,072,163 | |||||||||||
Net Assets: | |||||||||||||||||
Beginning of period | 1,636,047,720 | 1,253,849,655 | 278,761,083 | 201,688,920 | |||||||||||||
End of period | $ | 1,578,875,611 | $ | 1,636,047,720 | $ | 270,335,293 | $ | 278,761,083 | |||||||||
(a) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. |
See notes to financial statements.
131
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Changes in Net Assets
Gartmore | Gartmore GVIT | ||||||||||||||||
GVIT Government Bond Fund | Small Company Fund | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
From Investment Activities: | |||||||||||||||||
Operations: | |||||||||||||||||
Net investment income (loss) | $ | 27,898,135 | $ | 78,458,650 | $ | (436,232 | ) | $ | (2,494,797 | ) | |||||||
Net realized gains (losses) on investment and foreign currency transactions | 6,101,398 | 30,902,140 | 112,135,460 | 56,778,229 | |||||||||||||
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | (33,753,999 | ) | (72,461,290 | ) | (57,250,938 | ) | 184,949,212 | ||||||||||
Change in net assets resulting from operations | 245,534 | 36,899,500 | 54,448,290 | 239,232,644 | |||||||||||||
Distributions to Class I shareholders from: | |||||||||||||||||
Net investment income | (47,557,898 | ) | (58,024,221 | ) | — | — | |||||||||||
Net realized gains on investments | (26,959,476 | ) | (2,616,610 | ) | — | — | |||||||||||
Distributions to Class II shareholders from: | |||||||||||||||||
Net investment income | (653,662 | ) | (618,833 | ) | — | — | |||||||||||
Net realized gains on investments | (385,901 | ) | (26,042 | ) | — | — | |||||||||||
Distributions to Class III shareholders from: | |||||||||||||||||
Net investment income | (213,471 | ) | (281,346 | ) | — | — | |||||||||||
Net realized gains on investments | (125,495 | ) | (16,120 | ) | — | — | |||||||||||
Distributions to Class IV shareholders from: | |||||||||||||||||
Net investment income | (1,484,652 | ) | (1,253,511 | )(a) | — | — | |||||||||||
Net realized gains on investments | (825,774 | ) | — | — | — | ||||||||||||
Change in net assets from shareholder distributions | (78,206,329 | ) | (62,836,683 | ) | — | — | |||||||||||
Change in net assets from capital transactions | (124,859,696 | ) | (417,774,498 | ) | (31,873,456 | ) | 24,428,840 | ||||||||||
Change in net assets | (202,820,491 | ) | (443,711,681 | ) | 22,574,834 | 263,661,484 | |||||||||||
Net Assets: | |||||||||||||||||
Beginning of period | 1,556,699,569 | 2,000,411,250 | 827,873,716 | 564,212,232 | |||||||||||||
End of period | $ | 1,353,879,078 | $ | 1,556,699,569 | $ | 850,448,550 | $ | 827,873,716 | |||||||||
(a) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. |
See notes to financial statements.
132
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Changes in Net Assets
Gartmore | Gartmore | ||||||||||||||||
GVIT Money Market Fund | GVIT Money Market Fund II | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
From Investment Activities: | |||||||||||||||||
Operations: | |||||||||||||||||
Net investment income | $ | 5,164,452 | $ | 16,366,260 | $ | 113,087 | $ | 242,791 | |||||||||
Net realized gains (losses) on investment transactions | 225 | (28,808 | ) | 3 | — | ||||||||||||
Change in net assets resulting from operations | 5,164,677 | 16,337,452 | 113,090 | 242,791 | |||||||||||||
Distributions to Class I shareholders from*: | |||||||||||||||||
Net investment income | (3,801,058 | ) | (13,144,861 | ) | (113,087 | ) | (242,791 | ) | |||||||||
Distributions to Class IV shareholders from: | |||||||||||||||||
Net investment income | (300,261 | ) | (553,741 | )(a) | — | — | |||||||||||
Distributions to Class V shareholders from: | |||||||||||||||||
Net investment income | (1,063,133 | ) | (2,703,484 | ) | — | — | |||||||||||
Change in net assets from shareholder distributions | (5,164,452 | ) | (16,402,086 | ) | (113,087 | ) | (242,791 | ) | |||||||||
Change in net assets from capital transactions | (26,789,183 | ) | (718,958,580 | ) | 71,939,366 | 37,694,575 | |||||||||||
Change in net assets | (26,788,958 | ) | (719,023,214 | ) | 71,939,369 | 37,694,575 | |||||||||||
Net Assets: | |||||||||||||||||
Beginning of period | 2,042,709,225 | 2,761,732,439 | 147,735,773 | 110,041,198 | |||||||||||||
End of period | $ | 2,015,920,267 | $ | 2,042,709,225 | $ | 219,675,142 | $ | 147,735,773 | |||||||||
* | Gartmore GVIT Money Market Fund II shares have no class designation. | |
(a) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. |
See notes to financial statements.
133
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Changes in Net Assets
J.P. Morgan | Gartmore GVIT | ||||||||||||||||
GVIT Balanced Fund | Mid Cap Growth Fund | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 (a) | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
From Investment Activities: | |||||||||||||||||
Operations: | |||||||||||||||||
Net investment income (loss) | $ | 2,020,304 | $ | 3,529,610 | $ | (544,845 | ) | $ | (844,531 | ) | |||||||
Net realized gains (losses) on investment, futures and foreign currency transactions | 7,274,166 | 631,270 | 14,459,541 | 24,325,653 | |||||||||||||
Net change in unrealized appreciation/depreciation on investments and futures | (5,507,181 | ) | 31,190,383 | 170,933 | 34,237,539 | ||||||||||||
Change in net assets resulting from operations | 3,787,289 | 35,351,263 | 14,085,629 | 57,718,661 | |||||||||||||
Distributions to Class I shareholders from: | |||||||||||||||||
Net investment income | (1,552,799 | ) | (2,843,946 | ) | — | — | |||||||||||
Distributions to Class IV shareholders from: | |||||||||||||||||
Net investment income | (444,162 | ) | (697,321 | )(b) | — | — | |||||||||||
Change in net assets from shareholder distributions | (1,996,961 | ) | (3,541,267 | ) | — | — | |||||||||||
Change in net assets from capital transactions | (4,029,498 | ) | 53,767,545 | (6,173,165 | ) | 101,879,679 | |||||||||||
Change in net assets | (2,239,170 | ) | 85,577,541 | 7,912,464 | 159,598,340 | ||||||||||||
Net Assets: | |||||||||||||||||
Beginning of period | 232,866,526 | 147,288,985 | 230,267,114 | 70,668,774 | |||||||||||||
End of period | $ | 230,627,356 | $ | 232,866,526 | $ | 238,179,578 | $ | 230,267,114 | |||||||||
(a) | Effective April 28, 2003, upon reorganization of Market Street Mid Cap Growth Fund, the existing shares of the Fund were designated Class IV shares of the Gartmore Mid Cap Growth Fund. | |
(b) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. |
See notes to financial statements.
134
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Changes in Net Assets
Comstock | Federated GVIT | ||||||||||||||||
GVIT Value Fund | High Income Bond Fund | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
From Investment Activities: | |||||||||||||||||
Operations: | |||||||||||||||||
Net investment income (loss) | $ | 875,833 | $ | 1,111,288 | $ | 9,632,062 | $ | 16,620,670 | |||||||||
Net realized gains (losses) on investment and futures transactions | 1,545,346 | 2,953,736 | 2,202,223 | (1,498,935 | ) | ||||||||||||
Net change in unrealized appreciation/ depreciation on investments and futures | 3,490,934 | 20,890,829 | (7,125,312 | ) | 26,996,345 | ||||||||||||
Change in net assets resulting from operations | 5,912,113 | 24,955,853 | 4,708,973 | 42,118,080 | |||||||||||||
Distributions to Class I shareholders from: | |||||||||||||||||
Net investment income | (427,097 | ) | (647,772 | ) | (9,498,128 | ) | (16,621,669 | ) | |||||||||
Distributions to Class II shareholders from: | |||||||||||||||||
Net investment income | (64,209 | ) | (23,508 | )(b) | — | — | |||||||||||
Distributions to Class IV shareholders from: | |||||||||||||||||
Net investment income | (302,739 | ) | (446,549 | )(c) | — | — | |||||||||||
Change in net assets from shareholder distributions | (794,045 | ) | (1,117,829 | ) | (9,498,128 | ) | (16,621,669 | ) | |||||||||
Change in net assets from capital transactions | 18,400,377 | 53,417,701 | (11,892,339 | ) | 80,106,315 | ||||||||||||
Change in net assets | 23,518,445 | 77,255,725 | (16,681,494 | ) | 105,602,726 | ||||||||||||
Net Assets: | |||||||||||||||||
Beginning of period | 116,679,374 | 39,423,649 | 268,335,971 | 162,733,245 | |||||||||||||
End of period | $ | 140,197,819 | $ | 116,679,374 | $ | 251,654,477 | $ | 268,335,971 | |||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Gartmore GVIT | |||||||||
Equity 500 Index Fund | |||||||||
Six Months | Year Ended | ||||||||
Ended June 30, | December 31, | ||||||||
2004 | 2003 (a) | ||||||||
(Unaudited) | |||||||||
From Investment Activities: | |||||||||
Operations: | |||||||||
Net investment income (loss) | $ | 1,896,162 | $ | 3,762,301 | |||||
Net realized gains (losses) on investment and futures transactions | (1,736,383 | ) | (8,976,714 | ) | |||||
Net change in unrealized appreciation/ depreciation on investments and futures | 8,956,180 | 68,267,204 | |||||||
Change in net assets resulting from operations | 9,115,959 | 63,052,791 | |||||||
Distributions to Class I shareholders from: | |||||||||
Net investment income | — | — | |||||||
Distributions to Class II shareholders from: | |||||||||
Net investment income | — | — | |||||||
Distributions to Class IV shareholders from: | |||||||||
Net investment income | (4,554,241 | ) | (4,701,755 | ) | |||||
Change in net assets from shareholder distributions | (4,554,241 | ) | (4,701,755 | ) | |||||
Change in net assets from capital transactions | (6,068,955 | ) | (13,197,464 | ) | |||||
Change in net assets | (1,507,237 | ) | 45,153,572 | ||||||
Net Assets: | |||||||||
Beginning of period | 281,114,977 | 235,961,405 | |||||||
End of period | $ | 279,607,740 | $ | 281,114,977 | |||||
(a) | Effective April 28, 2003, upon reorganization of Market Street Equity 500 Index Fund, the existing shares of the Fund were designated Class IV shares of the GVIT Equity 500 Index Fund. | |
(b) | For the period from March 28, 2003 (commencement of operations) through December 31, 2003. | |
(c) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. |
See notes to financial statements.
135
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Changes in Net Assets
Van Kampen GVIT | Gartmore GVIT | ||||||||||||||||
Multi Sector Bond Fund | Small Cap Value Fund | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
From Investment Activities: | |||||||||||||||||
Operations: | |||||||||||||||||
Net investment income (loss) | $ | 4,947,241 | $ | 8,422,623 | $ | (588,806 | ) | $ | (1,065,938 | ) | |||||||
Net realized gains (losses) on investment, futures and foreign currency transactions | 1,108,625 | 6,515,691 | 101,436,180 | 47,107,633 | |||||||||||||
Net change in unrealized appreciation/depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies | (7,425,856 | ) | 10,720,209 | (60,169,322 | ) | 225,645,478 | |||||||||||
Change in net assets resulting from operations | (1,369,990 | ) | 25,658,523 | 40,678,052 | 271,687,173 | ||||||||||||
Distributions to Class I shareholders from: | |||||||||||||||||
Net investment income | (4,974,556 | ) | (12,019,597 | ) | — | (2,654 | ) | ||||||||||
Distributions to Class III shareholders from: | |||||||||||||||||
Net investment income | — | — | — | (4 | ) | ||||||||||||
Change in net assets from shareholder distributions | (4,974,556 | ) | (12,019,597 | ) | — | (2,658 | ) | ||||||||||
Change in net assets from capital transactions | 7,547,368 | 3,606,169 | (15,485,937 | ) | 49,554,529 | ||||||||||||
Change in net assets | 1,202,822 | 17,245,095 | 25,192,115 | 321,239,044 | |||||||||||||
Net Assets: | |||||||||||||||||
Beginning of period | 226,524,749 | 209,279,654 | 789,938,777 | 468,699,733 | |||||||||||||
End of period | $ | 227,727,571 | $ | 226,524,749 | $ | 815,130,892 | $ | 789,938,777 | |||||||||
See notes to financial statements.
136
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Changes in Net Assets
Gartmore GVIT | Gartmore GVIT | ||||||||||||||||
Small Cap Growth Fund | Worldwide Leaders Fund | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
From Investment Activities: | |||||||||||||||||
Operations: | |||||||||||||||||
Net investment income (loss) | $ | (665,731 | ) | $ | (1,361,319 | ) | $ | 217,969 | $ | 72,263 | |||||||
Net realized gains (losses) on investment and foreign currency transactions | 15,229,277 | (1,791,667 | ) | 1,659,997 | 5,739,157 | ||||||||||||
Net change in unrealized appreciation/ depreciation on investments and translation of assets and liabilities denominated in foreign currencies | (9,043,374 | ) | 40,618,636 | (2,234,980 | ) | 3,363,244 | |||||||||||
Change in net assets resulting from operations | 5,520,172 | 37,465,650 | (357,014 | ) | 9,174,664 | ||||||||||||
Distributions to Class I shareholders from: | |||||||||||||||||
Net investment income | — | — | — | — | |||||||||||||
Net realized gains on investments | — | — | — | — | |||||||||||||
Distributions to Class II shareholders from: | |||||||||||||||||
Net investment income | — | — | — | — | |||||||||||||
Net realized gains on investments | — | — | — | — | |||||||||||||
Change in net assets from shareholder distributions | — | — | — | — | |||||||||||||
Change in net assets from capital transactions | (13,378,429 | ) | 27,354,548 | (211,957 | ) | (2,164,627 | ) | ||||||||||
Change in net assets | (7,858,257 | ) | 64,820,198 | (568,971 | ) | 7,010,037 | |||||||||||
Net Assets: | |||||||||||||||||
Beginning of period | 166,797,496 | 101,977,298 | 33,476,571 | 26,466,534 | |||||||||||||
End of period | $ | 158,939,239 | $ | 166,797,496 | $ | 32,907,600 | $ | 33,476,571 | |||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Dreyfus GVIT | |||||||||
Mid Cap Index Fund | |||||||||
Six Months | Year Ended | ||||||||
Ended June 30, | December 31, | ||||||||
2004 | 2003 | ||||||||
(Unaudited) | |||||||||
From Investment Activities: | |||||||||
Operations: | |||||||||
Net investment income (loss) | $ | 1,233,819 | $ | 1,609,365 | |||||
Net realized gains (losses) on investment and foreign currency transactions | 7,198,819 | (3,322,921 | ) | ||||||
Net change in unrealized appreciation/ depreciation on investments and translation of assets and liabilities denominated in foreign currencies | 17,240,311 | 102,630,342 | |||||||
Change in net assets resulting from operations | 25,672,949 | 100,916,786 | |||||||
Distributions to Class I shareholders from: | |||||||||
Net investment income | (1,121,935 | ) | (1,599,696 | ) | |||||
Net realized gains on investments | — | (2,404 | ) | ||||||
Distributions to Class II shareholders from: | |||||||||
Net investment income | (16,684 | ) | (12,525 | ) | |||||
Net realized gains on investments | — | (29 | ) | ||||||
Change in net assets from shareholder distributions | (1,138,619 | ) | (1,614,654 | ) | |||||
Change in net assets from capital transactions | 32,551,762 | 54,134,435 | |||||||
Change in net assets | 57,086,092 | 153,436,567 | |||||||
Net Assets: | |||||||||
Beginning of period | 440,638,422 | 287,201,855 | |||||||
End of period | $ | 497,724,514 | $ | 440,638,422 | |||||
See notes to financial statements.
137
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Changes in Net Assets
Gartmore GVIT | |||||||||||||||||
Global Technology | Gartmore GVIT | ||||||||||||||||
and Communications Fund | Global Health Sciences Fund | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
From Investment Activities: | |||||||||||||||||
Operations: | |||||||||||||||||
Net investment income (loss) | $ | (270,172 | ) | $ | (296,533 | ) | $ | (85,932 | ) | $ | (98,350 | ) | |||||
Net realized gains (losses) on investment and foreign currency transactions | (1,643,773 | ) | 8,952,781 | 2,204,273 | 4,412,019 | ||||||||||||
Net change in unrealized appreciation/ depreciation on investments and translation of assets and liabilities denominated in foreign currencies | 1,523,911 | 1,985,726 | (135,174 | ) | 2,497,579 | ||||||||||||
Change in net assets resulting from operations | (390,034 | ) | 10,641,974 | 1,983,167 | 6,811,248 | ||||||||||||
Distributions to Class I shareholders from: | |||||||||||||||||
Net investment income | — | — | — | — | |||||||||||||
Net realized gains on investments | — | — | (28,764 | ) | (485,439 | ) | |||||||||||
Distributions to Class II shareholders from: | |||||||||||||||||
Net realized gains on investments | — | — | (18,194 | ) | (230,524 | ) | |||||||||||
Distributions to Class III shareholders from: | |||||||||||||||||
Net investment income | — | — | — | — | |||||||||||||
Net realized gains on investments | — | — | (148,723 | ) | (2,950,167 | ) | |||||||||||
Change in net assets from shareholder distributions | — | — | (195,681 | ) | (3,666,130 | ) | |||||||||||
Change in net assets from capital transactions | 2,745,300 | 27,230,928 | 24,574,630 | 18,525,153 | |||||||||||||
Change in net assets | 2,355,266 | 37,872,902 | 26,362,116 | 21,670,271 | |||||||||||||
Net Assets: | |||||||||||||||||
Beginning of period | 51,485,465 | 13,612,563 | 33,692,436 | 12,022,165 | |||||||||||||
End of period | $ | 53,840,731 | $ | 51,485,465 | $ | 60,054,552 | $ | 33,692,436 | |||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Gartmore GVIT | |||||||||
Nationwide Leaders Fund | |||||||||
Six Months | Year Ended | ||||||||
Ended June 30, | December 31, | ||||||||
2004 | 2003 | ||||||||
(Unaudited) | |||||||||
From Investment Activities: | |||||||||
Operations: | |||||||||
Net investment income (loss) | $ | (66 | ) | $ | 13,358 | ||||
Net realized gains (losses) on investment and foreign currency transactions | 528,579 | 353,623 | |||||||
Net change in unrealized appreciation/ depreciation on investments and translation of assets and liabilities denominated in foreign currencies | (190,625 | ) | 1,472,002 | ||||||
Change in net assets resulting from operations | 337,888 | 1,838,983 | |||||||
Distributions to Class I shareholders from: | |||||||||
Net investment income | — | (667 | ) | ||||||
Net realized gains on investments | — | — | |||||||
Distributions to Class II shareholders from: | |||||||||
Net realized gains on investments | — | — | |||||||
Distributions to Class III shareholders from: | |||||||||
Net investment income | — | (17,036 | ) | ||||||
Net realized gains on investments | — | — | |||||||
Change in net assets from shareholder distributions | — | (17,703 | ) | ||||||
Change in net assets from capital transactions | (641,751 | ) | (1,200,130 | ) | |||||
Change in net assets | (303,863 | ) | 621,150 | ||||||
Net Assets: | |||||||||
Beginning of period | 9,331,152 | 8,710,002 | |||||||
End of period | $ | 9,027,289 | $ | 9,331,152 | |||||
See notes to financial statements.
138
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Changes in Net Assets
Gartmore GVIT | Gartmore GVIT | |||||||||||||||||
Emerging Markets Fund | International Growth Fund | |||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | |||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | |||||||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||
From Investment Activities: | ||||||||||||||||||
Operations: | ||||||||||||||||||
Net investment income (loss) | $ | 547,652 | $ | 349,596 | $ | 93,574 | $ | 63,655 | ||||||||||
Net realized gains (losses) on investment, futures, and foreign currency transactions | 6,890,284 | 4,841,973 | 740,822 | 2,117,041 | ||||||||||||||
Net change in unrealized appreciation/ depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies | (11,938,199 | ) | 15,474,903 | (971,835 | ) | 1,296,552 | ||||||||||||
Change in net assets resulting from operations | (4,500,263 | ) | 20,666,472 | (137,439 | ) | 3,477,248 | ||||||||||||
Distributions to Class I shareholders from: | ||||||||||||||||||
Net investment income | (11,721 | ) | (78,053 | ) | — | — | ||||||||||||
Net realized gains on investments | (132,832 | ) | — | — | — | |||||||||||||
Distributions to Class II shareholders from: | ||||||||||||||||||
Net investment income | (344 | ) | (6,845 | ) | — | — | ||||||||||||
Net realized gains on investments | (60,634 | ) | — | — | — | |||||||||||||
Distributions to Class III shareholders from: | ||||||||||||||||||
Net investment income | (38,095 | ) | (131,739 | ) | — | — | ||||||||||||
Net realized gains on investments | (420,429 | ) | — | — | — | |||||||||||||
Distributions to Class IV shareholders from: | ||||||||||||||||||
Net investment income | — | — | — | — | ||||||||||||||
Distributions to Class VI shareholders from: | ||||||||||||||||||
From net investment income | — | — | — | — | ||||||||||||||
Change in net assets from shareholder distributions | (664,055 | ) | (216,637 | ) | — | — | ||||||||||||
Change in net assets from capital transactions | 21,758,606 | 27,861,065 | (67,846 | ) | (1,979,607 | ) | ||||||||||||
Change in net assets | 16,594,288 | 48,310,900 | (205,285 | ) | 1,497,641 | |||||||||||||
Net Assets: | ||||||||||||||||||
Beginning of period | 70,204,637 | 21,893,737 | 10,589,359 | 9,091,718 | ||||||||||||||
End of period | $ | 86,798,925 | $ | 70,204,637 | $ | 10,384,074 | $ | 10,589,359 | ||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Dreyfus GVIT | ||||||||||
International Value Fund | ||||||||||
Six Months | Year Ended | |||||||||
Ended June 30, | December 31, | |||||||||
2004 | 2003 | |||||||||
(Unaudited) | ||||||||||
From Investment Activities: | ||||||||||
Operations: | ||||||||||
Net investment income (loss) | $ | 1,318,229 | $ | 1,055,940 | ||||||
Net realized gains (losses) on investment, futures, and foreign currency transactions | 5,571,314 | (4,411,581 | ) | |||||||
Net change in unrealized appreciation/ depreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies | 457,672 | 26,455,210 | ||||||||
Change in net assets resulting from operations | 7,347,215 | 23,099,569 | ||||||||
Distributions to Class I shareholders from: | ||||||||||
Net investment income | (31,535 | ) | — | |||||||
Net realized gains on investments | — | — | ||||||||
Distributions to Class II shareholders from: | ||||||||||
Net investment income | (66,119 | ) | — | |||||||
Net realized gains on investments | — | — | ||||||||
Distributions to Class III shareholders from: | ||||||||||
Net investment income | (499,123 | ) | — | |||||||
Net realized gains on investments | — | — | ||||||||
Distributions to Class IV shareholders from: | ||||||||||
Net investment income | (1,448,531 | ) | (1,575,263 | )(a) | ||||||
Distributions to Class VI shareholders from: | ||||||||||
From net investment income | (24,161 | ) | — | |||||||
Change in net assets from shareholder distributions | (2,069,469 | ) | (1,575,263 | ) | ||||||
Change in net assets from capital transactions | 23,437,618 | 8,172,268 | ||||||||
Change in net assets | 28,715,364 | 29,696,574 | ||||||||
Net Assets: | ||||||||||
Beginning of period | 89,031,941 | 59,335,367 | ||||||||
End of period | $ | 117,747,305 | $ | 89,031,941 | ||||||
(a) | Effective April 28, 2003, upon reorganization of Market Street International Fund, the existing shares of the Fund were designated Class IV shares of the Dreyfus International Value Fund. |
See notes to financial statements.
139
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Changes in Net Assets
Gartmore | Gartmore | ||||||||||||||||
GVIT Investor Destinations | GVIT Investor Destinations | ||||||||||||||||
Aggressive Fund | Moderately Aggressive Fund | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
From Investment Activities: | |||||||||||||||||
Operations: | |||||||||||||||||
Net investment income (loss) | $ | 779,606 | $ | 713,597 | $ | 2,494,796 | $ | 2,628,984 | |||||||||
Net realized gains (losses) on investment transactions | 2,055,509 | 3,182,319 | 5,163,208 | 2,347,258 | |||||||||||||
Net change in unrealized appreciation/ depreciation on investments | 2,700,943 | 11,084,658 | 3,867,373 | 37,245,950 | |||||||||||||
Change in net assets resulting from operations | 5,536,058 | 14,980,574 | 11,525,377 | 42,222,192 | |||||||||||||
Distributions to Class II Shareholders from: | |||||||||||||||||
Net investment income | (717,821 | )(a) | (718,839 | ) | (2,495,266 | )(a) | (2,479,355 | ) | |||||||||
Net realized gains on investments | (1,342,976 | )(a) | (1,040,495 | ) | (2,062,927 | )(a) | — | ||||||||||
Distributions to Class VI Shareholders from: | |||||||||||||||||
Net investment income | (332 | )(b) | — | (1,161 | )(b) | — | |||||||||||
Change in net assets from shareholder distributions | (2,061,129 | ) | (1,759,334 | ) | (4,559,354 | ) | (2,479,355 | ) | |||||||||
Change in net assets from capital transactions | 115,566,938 | 61,785,665 | 204,247,389 | 178,961,322 | |||||||||||||
Change in net assets | 119,041,867 | 75,006,905 | 211,213,412 | 218,704,159 | |||||||||||||
Net Assets: | |||||||||||||||||
Beginning of period | 94,499,937 | 19,493,032 | 290,666,329 | 71,962,170 | |||||||||||||
End of period | $ | 213,541,804 | $ | 94,499,937 | $ | 501,879,741 | $ | 290,666,329 | |||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Gartmore | |||||||||
GVIT Investor Destinations | |||||||||
Moderate Fund | |||||||||
Six Months | Year Ended | ||||||||
Ended June 30, | December 31, | ||||||||
2004 | 2003 | ||||||||
(Unaudited) | |||||||||
From Investment Activities: | |||||||||
Operations: | |||||||||
Net investment income (loss) | $ | 5,656,714 | $ | 6,625,088 | |||||
Net realized gains (losses) on investment transactions | 1,574,759 | 1,679,663 | |||||||
Net change in unrealized appreciation/ depreciation on investments | 8,507,108 | 60,756,254 | |||||||
Change in net assets resulting from operations | 15,738,581 | 69,061,005 | |||||||
Distributions to Class II Shareholders from: | |||||||||
Net investment income | (5,602,455 | )(a) | (6,625,092 | ) | |||||
Net realized gains on investments | (2,799,098 | )(a) | (213,823 | ) | |||||
Distributions to Class VI Shareholders from: | |||||||||
Net investment income | (4,687 | )(b) | — | ||||||
Change in net assets from shareholder distributions | (8,406,240 | ) | (6,838,915 | ) | |||||
Change in net assets from capital transactions | 280,429,599 | 339,138,327 | |||||||
Change in net assets | 287,761,940 | 401,360,417 | |||||||
Net Assets: | |||||||||
Beginning of period | 566,915,885 | 165,555,468 | |||||||
End of period | $ | 854,677,825 | $ | 566,915,885 | |||||
(a) | On April 30, 2004, the existing share Class of the Funds’ was renamed Class II Shares. | |
(b) | For the period from April 30, 2004 (commencement of operations) through June 30, 2004. |
See notes to financial statements.
140
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Changes in Net Assets
Gartmore | Gartmore | ||||||||||||||||
GVIT Investor Destinations | GVIT Investor Destinations | ||||||||||||||||
Moderately Conservative Fund | Conservative Fund | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
From Investment Activities: | |||||||||||||||||
Operations: | |||||||||||||||||
Net investment income (loss) | $ | 2,972,968 | $ | 4,065,626 | $ | 2,265,074 | $ | 3,736,737 | |||||||||
Net realized gains (losses) on investment transactions | 756,905 | 1,780,599 | 1,210,469 | 1,769,518 | |||||||||||||
Net change in unrealized appreciation/depreciation on investments | 785,176 | 19,318,812 | (1,718,789 | ) | 6,488,593 | ||||||||||||
Change in net assets resulting from operations | 4,515,049 | 25,165,037 | 1,756,754 | 11,994,848 | |||||||||||||
Distributions to Class II Shareholders from | |||||||||||||||||
Net investment income | (2,933,863 | )(a) | (4,066,217 | ) | (2,231,287 | )(a) | (3,738,171 | ) | |||||||||
Net realized gains on investments | (1,406,338 | )(a) | (411,637 | ) | (923,521 | )(a) | (713,029 | ) | |||||||||
Distributions to Class VI Shareholders from: | |||||||||||||||||
Net investment income | (921 | )(b) | — | (1,455 | )(b) | — | |||||||||||
Change in net assets from shareholder distributions | (4,341,122 | ) | (4,477,854 | ) | (3,156,263 | ) | (4,451,200 | ) | |||||||||
Change in net assets from capital transactions | 91,252,872 | 142,172,419 | 36,976,099 | 92,721,801 | |||||||||||||
Change in net assets | 91,426,799 | 162,859,602 | 35,576,590 | 100,265,449 | |||||||||||||
Net Assets: | |||||||||||||||||
Beginning of period | 258,528,604 | 95,669,002 | 190,623,503 | 90,358,054 | |||||||||||||
End of period | $ | 349,955,403 | $ | 258,528,604 | $ | 226,200,093 | $ | 190,623,503 | |||||||||
(a) | On April 30, 2004, the existing share Class of the Funds’ was renamed Class II Shares. | |
(b) | For the period from April 30, 2004 (commencement of operations) through June 30, 2004. |
See notes to financial statements.
141
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Changes in Net Assets
Gartmore GVIT | Gartmore GVIT | ||||||||||||||||
U.S. Growth Leaders Fund | Global Utilities Fund | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
From Investment Activities: | |||||||||||||||||
Operations: | |||||||||||||||||
Net investment income (loss) | $ | (223,718 | ) | $ | (167,477 | ) | $ | 114,139 | $ | 78,111 | |||||||
Net realized gains (losses) on investment and foreign currency transactions | 2,991,239 | 8,136,339 | 1,380,791 | 10,415 | |||||||||||||
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | (1,877,761 | ) | 4,162,076 | (965,894 | ) | 1,314,079 | |||||||||||
Change in net assets resulting from operations | 889,760 | 12,130,938 | 529,036 | 1,402,605 | |||||||||||||
Distributions to Class I shareholders from: | |||||||||||||||||
Net investment income | — | — | (7,620 | ) | (3,939 | ) | |||||||||||
Net realized gains on investments | (239,931 | ) | (416,890 | ) | — | — | |||||||||||
Distributions to Class II shareholders from: | |||||||||||||||||
Net investment income | — | — | (5,098 | ) | (2,379 | ) | |||||||||||
Net realized gains on investments | (276,023 | ) | (262,488 | ) | — | — | |||||||||||
Distributions to Class III shareholders from: | |||||||||||||||||
Net investment income | — | — | (52,110 | ) | (31,006 | ) | |||||||||||
Net realized gains on investments | (1,806,676 | ) | (3,599,512 | ) | — | — | |||||||||||
Change in net assets from shareholder distributions | (2,322,630 | ) | (4,278,890 | ) | (64,828 | ) | (37,324 | ) | |||||||||
Change in net assets from capital transactions | (12,418,942 | ) | 50,429,903 | 1,325,168 | 4,144,182 | ||||||||||||
Change in net assets | (13,851,812 | ) | 58,281,951 | 1,789,376 | 5,509,463 | ||||||||||||
Net Assets: | |||||||||||||||||
Beginning of period | 65,259,342 | 6,977,391 | 9,249,008 | 3,739,545 | |||||||||||||
End of period | $ | 51,407,530 | $ | 65,259,342 | $ | 11,038,384 | $ | 9,249,008 | |||||||||
See notes to financial statements.
142
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Statements of Changes in Net Assets
Gartmore GVIT | Gartmore GVIT | ||||||||||||||||
Global Financial Services Fund | Developing Markets Fund | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 (a) | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
From Investment Activities: | |||||||||||||||||
Operations: | |||||||||||||||||
Net investment income (loss) | $ | 214,319 | $ | 145,281 | $ | 709,955 | $ | 766,187 | |||||||||
Net realized gains (losses) on investment and foreign currency transactions | 1,190,535 | 1,912,292 | 24,876,118 | 13,886,911 | |||||||||||||
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | (1,035,552 | ) | 1,343,429 | (32,536,689 | ) | 36,982,971 | |||||||||||
Change in net assets resulting from operations | 369,302 | 3,401,002 | (6,950,616 | ) | 51,636,069 | ||||||||||||
Distributions to Class I shareholders from: | |||||||||||||||||
Net investment income | (23,353 | ) | (12,436 | ) | — | — | |||||||||||
Net realized gains on investments | (33,528 | ) | (293,901 | ) | — | — | |||||||||||
Distributions to Class II shareholders from: | |||||||||||||||||
Net investment income | (11,658 | ) | (2,984 | ) | (571,824 | ) | (77,018 | ) | |||||||||
Net realized gains on investments | (20,300 | ) | (79,225 | ) | — | — | |||||||||||
Distributions to Class III shareholders from: | |||||||||||||||||
Net investment income | (128,235 | ) | (46,221 | ) | — | — | |||||||||||
Net realized gains on investments | (186,450 | ) | (1,105,844 | ) | — | — | |||||||||||
Change in net assets from shareholder distributions | (403,524 | ) | (1,540,611 | ) | (571,824 | ) | (77,018 | ) | |||||||||
Change in net assets from capital transactions | 8,846,495 | 7,581,144 | (30,843,720 | ) | 38,720,555 | ||||||||||||
Change in net assets | 8,812,273 | 9,441,535 | (38,366,160 | ) | 90,279,606 | ||||||||||||
Net Assets: | |||||||||||||||||
Beginning of period | 15,668,413 | 6,226,878 | 165,600,584 | 75,320,978 | |||||||||||||
End of period | $ | 24,480,686 | $ | 15,668,413 | $ | 127,234,424 | $ | 165,600,584 | |||||||||
(a) | Upon reorganization on June 23, 2003, the existing shares of the Fund were designated Class II shares. |
See notes to financial statements.
143
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Nationwide Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Asset | ||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Net | Value, | ||||||||||||||||||||||||||
Beginning | Income | on | Investment | Investment | Realized | Total | End of | |||||||||||||||||||||||||
of Period | (Loss) | Investments | Activities | Income | Gains | Distributions | Period | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 18.40 | 0.12 | 1.13 | 1.25 | (0.12 | ) | (0.72 | ) | (0.84 | ) | $ | 18.81 | |||||||||||||||||||
Year Ended December 31, 2000 | $ | 18.81 | 0.12 | (0.47 | ) | (0.35 | ) | (0.12 | ) | (6.70 | ) | (6.82 | ) | $ | 11.64 | |||||||||||||||||
Year Ended December 31, 2001 (c) | $ | 11.64 | 0.08 | (1.46 | ) | (1.38 | ) | (0.08 | ) | (0.29 | ) | (0.37 | ) | $ | 9.89 | |||||||||||||||||
Year Ended December 31, 2002 | $ | 9.89 | 0.08 | (1.79 | ) | (1.71 | ) | (0.08 | ) | — | (0.08 | ) | $ | 8.10 | ||||||||||||||||||
Year Ended December 31, 2003 | $ | 8.10 | 0.08 | 2.14 | 2.22 | (0.05 | ) | — | (0.05 | ) | $ | 10.27 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 10.27 | 0.03 | 0.19 | 0.22 | (0.05 | ) | — | (0.05 | ) | $ | 10.44 | ||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (d) | $ | 8.68 | 0.04 | (0.57 | ) | (0.53 | ) | (0.05 | ) | — | (0.05 | ) | $ | 8.10 | ||||||||||||||||||
Year Ended December 31, 2003 | $ | 8.10 | 0.05 | 2.15 | 2.20 | (0.04 | ) | — | (0.04 | ) | $ | 10.26 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 10.26 | 0.01 | 0.19 | 0.20 | (0.04 | ) | — | (0.04 | ) | $ | 10.42 | ||||||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (e) | $ | 9.78 | 0.05 | (1.65 | ) | (1.60 | ) | (0.07 | ) | — | (0.07 | ) | $ | 8.11 | ||||||||||||||||||
Year Ended December 31, 2003 | $ | 8.11 | 0.09 | 2.13 | 2.22 | (0.05 | ) | — | (0.05 | ) | $ | 10.28 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 10.28 | 0.03 | 0.19 | 0.22 | (0.05 | ) | — | (0.05 | ) | $ | 10.45 | ||||||||||||||||||||
Class IV Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (f) | $ | 8.30 | 0.05 | 1.95 | 2.00 | (0.03 | ) | — | (0.03 | ) | $ | 10.27 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 10.27 | 0.03 | 0.19 | 0.22 | (0.05 | ) | — | (0.05 | ) | $ | 10.44 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||||||
End of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||||||
Total | Period | Net | Net | Net | Net | Turnover | ||||||||||||||||||||||
Return | (000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | ||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Year Ended December 31, 1999 | 6.94 | % | $ | 2,419,737 | 0.72 | % | 0.64 | % | (i) | (i) | 29.95 | % | ||||||||||||||||
Year Ended December 31, 2000 | (2.12 | %) | $ | 2,014,759 | 0.78 | % | 0.63 | % | 0.81 | % | 0.60 | % | 148.28 | % | ||||||||||||||
Year Ended December 31, 2001 (c) | (11.82 | %) | $ | 1,677,316 | 0.78 | % | 0.77 | % | 0.82 | % | 0.73 | % | 58.36 | % | ||||||||||||||
Year Ended December 31, 2002 | (17.35 | %) | $ | 1,252,686 | 0.83 | % | 0.84 | % | 0.84 | % | 0.83 | % | 33.25 | % | ||||||||||||||
Year Ended December 31, 2003 | 27.51 | % | $ | 1,459,917 | 0.83 | % | 0.83 | % | (i) | (i) | 129.01 | % | ||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 2.18 | %(g) | $ | 1,404,697 | 0.84 | %(h) | 0.58 | %(h) | (i) | (i) | 57.96 | % | ||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2002 (d) | (6.14 | %)(g) | $ | 765 | 1.07 | %(h) | 1.03 | %(h) | (i) | (i) | 33.25 | % | ||||||||||||||||
Year Ended December 31, 2003 | 27.23 | % | $ | 5,570 | 1.08 | % | 0.60 | % | (i) | (i) | 129.01 | % | ||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 1.97 | %(g) | $ | 8,463 | 1.09 | %(h) | 0.34 | %(h) | (i) | (i) | 57.96 | % | ||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2002 (e) | (16.38 | %)(g) | $ | 399 | 0.72 | %(h) | 1.07 | %(h) | (i) | (i) | 33.25 | % | ||||||||||||||||
Year Ended December 31, 2003 | 27.48 | % | $ | 870 | 0.83 | % | 0.83 | % | (i) | (i) | 129.01 | % | ||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 2.17 | %(g) | $ | 740 | 0.84 | %(h) | 0.54 | %(h) | (i) | (i) | 57.96 | % | ||||||||||||||||
Class IV Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2003 (f) | 24.17 | %(g) | $ | 169,690 | 0.83 | %(h) | 0.85 | %(h) | (i) | (i) | 129.01 | % | ||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 2.18 | %(g) | $ | 164,975 | 0.84 | %(h) | 0.57 | %(h) | (i) | (i) | 57.96 | % |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | The existing shares of the Fund were designated Class I shares as of May 1, 2001. | |
(d) | For the period from July 11, 2002 (commencement of operations) through December 31, 2002. | |
(e) | For the period from May 6, 2002 (commencement of operations) through December 31, 2002. | |
(f) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. | |
(g) | Not annualized. | |
(h) | Annualized. | |
(i) | There were no fee reductions during the period. |
See notes to financial statements. |
144
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Growth Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | |||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Net | Tax | ||||||||||||||||||||||||||
Beginning | Income | on | Investment | Investment | Realized | Return of | Total | |||||||||||||||||||||||||
of Period | (Loss) | Investments | Activities | Income | Gains | Capital | Distributions | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 26.59 | 0.17 | 0.92 | 1.09 | (0.17 | ) | (1.60 | ) | (0.20 | ) | (1.97 | ) | |||||||||||||||||||
Year Ended December 31, 2000 | $ | 25.71 | (0.01 | ) | (6.76 | ) | (6.77 | ) | (0.04 | ) | (4.22 | ) | — | (4.26 | ) | |||||||||||||||||
Year Ended December 31, 2001 (c) | $ | 14.68 | (0.01 | ) | (4.12 | ) | (4.13 | ) | — | — | — | — | ||||||||||||||||||||
Year Ended December 31, 2002 | $ | 10.55 | — | (3.03 | ) | (3.03 | ) | — | — | — | — | |||||||||||||||||||||
Year Ended December 31, 2003 | $ | 7.52 | 0.01 | 2.45 | 2.46 | (e | ) | — | — | — | ||||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.98 | — | 0.27 | 0.27 | (0.01 | ) | — | — | (0.01 | ) | |||||||||||||||||||||
Class IV Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (d) | $ | 7.90 | — | 2.08 | 2.08 | (e | ) | — | — | — | ||||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.98 | — | 0.27 | 0.27 | (0.01 | ) | — | — | (0.01 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||||||||||
Net | Net | Expenses | Income | Reimburse- | Reimburse- | |||||||||||||||||||||||||||
Asset | Assets at | to | (Loss) to | ments) to | ments) to | |||||||||||||||||||||||||||
Value, | End of | Average | Average | Average | Average | Portfolio | ||||||||||||||||||||||||||
End of | Total | Period | Net | Net | Net | Net | Turnover | |||||||||||||||||||||||||
Period | Return | (000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 25.71 | 4.28 | % | $ | 1,067,839 | 0.74 | % | 0.62 | % | (h) | (h) | 24.70 | % | ||||||||||||||||||
Year Ended December 31, 2000 | $ | 14.68 | (26.53 | %) | $ | 606,599 | 0.80 | % | (0.07 | %) | 0.83 | % | (0.10 | %) | 205.34 | % | ||||||||||||||||
Year Ended December 31, 2001 (c) | $ | 10.55 | (28.13 | %) | $ | 352,147 | 0.80 | % | (0.10 | %) | 0.85 | % | (0.15 | %) | 227.28 | % | ||||||||||||||||
Year Ended December 31, 2002 | $ | 7.52 | (28.72 | %) | $ | 201,689 | 0.85 | % | (0.03 | %) | 0.85 | % | (0.03 | %) | 231.69 | % | ||||||||||||||||
Year Ended December 31, 2003 | $ | 9.98 | 32.74 | % | $ | 244,671 | 0.84 | % | 0.09 | % | (h) | (h) | 293.58 | % | ||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 10.24 | 2.66 | %(f) | $ | 232,602 | 0.85 | %(g) | (0.05 | %)(g) | (h) | (h) | 151.96 | % | ||||||||||||||||||
Class IV Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (d) | $ | 9.98 | 26.37 | %(f) | $ | 34,090 | 0.84 | %(g) | 0.10 | %(g) | (h) | (h) | 293.58 | % | ||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 10.24 | 2.67 | %(f) | $ | 37,734 | 0.85 | %(g) | (0.05 | %)(g) | (h) | (h) | 151.96 | % |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | The existing shares of the Fund were designated Class I shares as of May 1, 2001. | |
(d) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. | |
(e) | The amount is less than $0.005 per share. | |
(f) | Not annualized. | |
(g) | Annualized. | |
(h) | There were no fee reductions during the period. |
See notes to financial statements. |
145
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Government Bond Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Asset | ||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Net | Value, | ||||||||||||||||||||||||||
Beginning | Income | on | Investment | Investment | Realized | Total | End of | |||||||||||||||||||||||||
of Period | (Loss) | Investments | Activities | Income | Gains | Distributions | Period | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 11.69 | 0.61 | (0.88 | ) | (0.27 | ) | (0.61 | ) | (0.02 | ) | (0.63 | ) | $ | 10.79 | |||||||||||||||||
Year Ended December 31, 2000 | $ | 10.79 | 0.66 | 0.65 | 1.31 | (0.66 | ) | — | (0.66 | ) | $ | 11.44 | ||||||||||||||||||||
Year Ended December 31, 2001 (c) | $ | 11.44 | 0.58 | 0.24 | 0.82 | (0.58 | ) | (0.02 | ) | (0.60 | ) | $ | 11.66 | |||||||||||||||||||
Year Ended December 31, 2002 | $ | 11.66 | 0.53 | 0.72 | 1.25 | (0.53 | ) | (0.10 | ) | (0.63 | ) | $ | 12.28 | |||||||||||||||||||
Year Ended December 31, 2003 (d) | $ | 12.28 | 0.50 | (0.25 | ) | 0.25 | (0.38 | ) | (0.02 | ) | (0.40 | ) | $ | 12.13 | ||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 12.13 | 0.25 | (0.25 | ) | — | (0.42 | ) | (0.24 | ) | (0.66 | ) | $ | 11.47 | ||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (e) | $ | 11.88 | 0.18 | 0.55 | 0.73 | (0.26 | ) | (0.09 | ) | (0.35 | ) | $ | 12.26 | |||||||||||||||||||
Year Ended December 31, 2003 (d) | $ | 12.26 | 0.47 | (0.25 | ) | 0.22 | (0.36 | ) | (0.02 | ) | (0.38 | ) | $ | 12.10 | ||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 12.10 | 0.24 | (0.25 | ) | (0.01 | ) | (0.41 | ) | (0.24 | ) | (0.65 | ) | $ | 11.44 | |||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (f) | $ | 11.75 | 0.36 | 0.67 | 1.03 | (0.41 | ) | (0.10 | ) | (0.51 | ) | $ | 12.27 | |||||||||||||||||||
Year Ended December 31, 2003 (d) | $ | 12.27 | 0.50 | (0.24 | ) | 0.26 | (0.37 | ) | (0.02 | ) | (0.39 | ) | $ | 12.14 | ||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) (d) | $ | 12.14 | 0.23 | (0.23 | ) | — | (0.42 | ) | (0.24 | ) | (0.66 | ) | $ | 11.48 | ||||||||||||||||||
Class IV Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (g) | $ | 12.29 | 0.34 | (0.24 | ) | 0.10 | (0.26 | ) | — | (0.26 | ) | $ | 12.13 | |||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 12.13 | 0.24 | (0.24 | ) | — | (0.42 | ) | (0.24 | ) | (0.66 | ) | $ | 11.47 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/ Supplemental Data | ||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||||||
End of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||||||
Total | Period | Net | Net | Net | Net | Turnover | ||||||||||||||||||||||
Return | (000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | ||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Year Ended December 31, 1999 | (2.35% | ) | $ | 769,957 | 0.65% | 5.41% | (j | ) | (j | ) | 51.61% | |||||||||||||||||
Year Ended December 31, 2000 | 12.54% | $ | 867,139 | 0.66% | 6.00% | 0.73% | 5.93% | 75.91% | ||||||||||||||||||||
Year Ended December 31, 2001 (c) | 7.25% | $ | 1,301,828 | 0.66% | 5.21% | 0.73% | 5.14% | 55.80% | ||||||||||||||||||||
Year Ended December 31, 2002 | 10.98% | $ | 1,982,676 | 0.73% | 4.53% | 0.73% | 4.53% | 49.00% | ||||||||||||||||||||
Year Ended December 31, 2003 (d) | 2.00% | $ | 1,488,089 | 0.73% | 4.12% | (j | ) | (j | ) | 40.46% | ||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | (0.08% | )(h) | $ | 1,288,340 | 0.73% | (i) | 3.88% | (i) | (j | ) | (j | ) | 28.32% | |||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2002 (e) | 6.16% | (h) | $ | 10,111 | 0.97% | (i) | 3.93% | (i) | (j | ) | (j | ) | 49.00% | |||||||||||||||
Year Ended December 31, 2003 (d) | 1.77% | $ | 20,998 | 0.98% | 3.85% | (j | ) | (j | ) | 40.46% | ||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | (0.21% | )(h) | $ | 18,075 | 0.98% | (i) | 3.63% | (i) | (j | ) | (j | ) | 28.32% | |||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2002 (f) | 8.84% | (h) | $ | 7,625 | 0.73% | (i) | 4.12% | (i) | (j | ) | (j | ) | 49.00% | |||||||||||||||
Year Ended December 31, 2003 (d) | 2.11% | $ | 4,369 | 0.73% | 4.10% | (j | ) | (j | ) | 40.46% | ||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) (d) | (0.08% | )(h) | $ | 5,344 | 0.73% | (i) | 3.87% | (i) | (j | ) | (j | ) | 28.32% | |||||||||||||||
Class IV Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2003 (g) | 0.84% | (h) | $ | 43,244 | 0.70% | (i) | 4.07% | (i) | (j | ) | (j | ) | 40.46% | |||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | (0.08% | )(h) | $ | 42,121 | 0.73% | (i) | 3.88% | (i) | (j | ) | (j | ) | 28.32% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | The existing shares of the Fund were designated Class I shares as of May 1, 2001. | |
(d) | Net investment income (loss) is calculated based average shares outstanding during the period. | |
(e) | For the period from July 8, 2002 (commencement of operations) through December 31, 2002. | |
(f) | For the period from May 20, 2002 (commencement of operations) through December 31, 2002. | |
(g) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. | |
(h) | Not annualized. | |
(i) | Annualized. | |
(j) | There were no fee reductions during the period. |
See notes to financial statements. |
146
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
GVIT Small Company Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Asset | ||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Net | Value, | ||||||||||||||||||||||||||
Beginning | Income | on | Investment | Investment | Realized | Total | End of | |||||||||||||||||||||||||
of Period | (Loss) | Investments | Activities | Income | Gains | Distributions | Period | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 16.01 | (0.03 | ) | 7.03 | 7.00 | — | (0.89 | ) | (0.89 | ) | $ | 22.12 | |||||||||||||||||||
Year Ended December 31, 2000 | $ | 22.12 | 0.02 | 1.91 | 1.93 | (0.01 | ) | (4.04 | ) | (4.05 | ) | $ | 20.00 | |||||||||||||||||||
Year Ended December 31, 2001 (b) | $ | 20.00 | — | (1.34 | ) | (1.34 | ) | (0.02 | ) | — | (0.02 | ) | $ | 18.64 | ||||||||||||||||||
Year Ended December 31, 2002 | $ | 18.64 | (0.07 | ) | (3.16 | ) | (3.23 | ) | — | — | — | $ | 15.41 | |||||||||||||||||||
Year Ended December 31, 2003 | $ | 15.41 | (0.07 | ) | 6.39 | 6.32 | — | — | — | $ | 21.73 | |||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 21.73 | (0.01 | ) | 1.49 | 1.48 | — | — | — | $ | 23.21 | |||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (c) | $ | 18.70 | (0.03 | ) | (3.28 | ) | (3.31 | ) | — | — | — | $ | 15.39 | |||||||||||||||||||
Year Ended December 31, 2003 | $ | 15.39 | (0.12 | ) | 6.37 | 6.25 | — | — | — | $ | 21.64 | |||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 21.64 | (0.02 | ) | 1.47 | 1.45 | — | — | — | $ | 23.09 | |||||||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (d) | $ | 17.48 | (0.01 | ) | (2.05 | ) | (2.06 | ) | — | — | — | $ | 15.42 | |||||||||||||||||||
Year Ended December 31, 2003 | $ | 15.42 | (0.08 | ) | 6.40 | 6.32 | — | — | — | $ | 21.74 | |||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 21.74 | (0.01 | ) | 1.50 | 1.49 | — | — | — | $ | 23.23 | |||||||||||||||||||||
Class IV Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (e) | $ | 15.61 | (0.05 | ) | 6.17 | 6.12 | — | — | — | $ | 21.73 | |||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 21.73 | (0.01 | ) | 1.49 | 1.48 | — | — | — | $ | 23.21 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||
Ratio of | ||||||||||||||||||||
Net | ||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||
Net | Expenses | Income | ||||||||||||||||||
Assets at | to | (Loss) to | ||||||||||||||||||
End of | Average | Average | Portfolio | |||||||||||||||||
Total | Period | Net | Net | Turnover | ||||||||||||||||
Return | (000s) | Assets | Assets | (a) | ||||||||||||||||
Class I Shares | ||||||||||||||||||||
Year Ended December 31, 1999 | 44.02% | $ | 542,537 | 1.15% | (0.16% | ) | 134.74% | |||||||||||||
Year Ended December 31, 2000 | 8.90% | $ | 790,607 | 1.21% | 0.06% | 163.66% | ||||||||||||||
Year Ended December 31, 2001 (b) | (6.70% | ) | $ | 743,468 | 1.20% | 0.02% | 135.90% | |||||||||||||
Year Ended December 31, 2002 | (17.33% | ) | $ | 561,836 | 1.18% | (0.33% | ) | 92.59% | ||||||||||||
Year Ended December 31, 2003 | 41.01% | $ | 760,078 | 1.17% | (0.37% | ) | 93.72% | |||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 6.81% | (f) | $ | 768,929 | 1.17% | (g) | (0.11% | )(g) | 86.61% | |||||||||||
Class II Shares | ||||||||||||||||||||
Period Ended December 31, 2002 (c) | (17.70% | )(f) | $ | 2,325 | 1.44% | (g) | (0.54% | )(g) | 92.59% | |||||||||||
Year Ended December 31, 2003 | 40.61% | $ | 18,345 | 1.42% | (0.63% | ) | 93.72% | |||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 6.70% | (f) | $ | 36,703 | 1.42% | (g) | (0.30% | )(g) | 86.61% | |||||||||||
Class III Shares | ||||||||||||||||||||
Period Ended December 31, 2002 (d) | (11.78% | )(f) | $ | 51 | 1.15% | (g) | (0.25% | )(g) | 92.59% | |||||||||||
Year Ended December 31, 2003 | 40.99% | $ | 1,199 | 1.17% | (0.39% | ) | 93.72% | |||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 6.85% | (f) | $ | 1,706 | 1.17% | (g) | (0.07% | )(g) | 86.61% | |||||||||||
Class IV Shares | ||||||||||||||||||||
Period Ended December 31, 2003 (e) | 39.21% | (f) | $ | 48,252 | 1.16% | (g) | (0.36% | )(g) | 93.72% | |||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 6.81% | (f) | $ | 43,110 | 1.17% | (g) | (0.12% | )(g) | 86.61% |
(a) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(b) | The existing shares of the Fund were designated Class I shares as of May 1, 2001. | |
(c) | For the period from March 5, 2002 (commencement of operations) through December 31, 2002. | |
(d) | For the period from July 1, 2002 (commencement of operations) through December 31, 2002. | |
(e) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. | |
(f) | Not annualized. | |
(g) | Annualized. |
See notes to financial statements. |
147
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Money Market Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Net Asset | Net | Total | Asset | |||||||||||||||||||||||||
Value, | Investment | from | Net | Value, | ||||||||||||||||||||||||
Beginning | Income | Investment | Investment | Total | End of | Total | ||||||||||||||||||||||
of Period | (Loss) | Activities | Income | Distributions | Period | Return | ||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 1.00 | 0.05 | 0.05 | (0.05 | ) | (0.05 | ) | $ | 1.00 | 4.81% | |||||||||||||||||
Year Ended December 31, 2000 | $ | 1.00 | 0.06 | 0.06 | (0.06 | ) | (0.06 | ) | $ | 1.00 | 6.03% | |||||||||||||||||
Year Ended December 31, 2001 (b) | $ | 1.00 | 0.04 | 0.04 | (0.04 | ) | (0.04 | ) | $ | 1.00 | 3.60% | |||||||||||||||||
Year Ended December 31, 2002 | $ | 1.00 | 0.01 | 0.01 | (0.01 | ) | (0.01 | ) | $ | 1.00 | 1.21% | |||||||||||||||||
Year Ended December 31, 2003 | $ | 1.00 | 0.01 | 0.01 | (0.01 | ) | (0.01 | ) | $ | 1.00 | 0.63% | |||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 1.00 | — | — | (e | ) | (e | ) | $ | 1.00 | 0.25% | (f) | ||||||||||||||||
Class IV Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2003 (c) | $ | 1.00 | (e | ) | (e | ) | (e | ) | (e | ) | $ | 1.00 | 0.46% | (f) | ||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 1.00 | — | — | (e | ) | (e | ) | $ | 1.00 | 0.31% | (f) | ||||||||||||||||
Class V Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2002 (d) | $ | 1.00 | (e | ) | (e | ) | (e | ) | (e | ) | $ | 1.00 | 0.22% | (f) | ||||||||||||||
Year Ended December 31, 2003 | $ | 1.00 | 0.01 | 0.01 | (0.01 | ) | (0.01 | ) | $ | 1.00 | 0.71% | |||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 1.00 | — | — | (e | ) | (e | ) | $ | 1.00 | 0.29% | (f) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||
Ratio of | ||||||||||||||||||||
Net | ||||||||||||||||||||
Investment | ||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||
End of | Average | Average | Average | Average | ||||||||||||||||
Period | Net | Net | Net | Net | ||||||||||||||||
(000s) | Assets | Assets | Assets (a) | Assets (a) | ||||||||||||||||
Class I Shares | ||||||||||||||||||||
Year Ended December 31, 1999 | $ | 2,127,500 | 0.54% | 4.77% | (h | ) | (h | ) | ||||||||||||
Year Ended December 31, 2000 | $ | 1,982,922 | 0.55% | 5.87% | 0.61% | 5.81% | ||||||||||||||
Year Ended December 31, 2001 (b) | $ | 2,869,354 | 0.55% | 3.41% | 0.61% | 3.35% | ||||||||||||||
Year Ended December 31, 2002 | $ | 2,436,783 | 0.62% | 1.21% | 0.62% | 1.21% | ||||||||||||||
Year Ended December 31, 2003 | $ | 1,573,895 | 0.63% | 0.63% | (h | ) | (h | ) | ||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 1,551,494 | 0.63% | (g) | 0.50% | (g) | (h | ) | (h | ) | ||||||||||
Class IV Shares | ||||||||||||||||||||
Period Ended December 31, 2003 (c) | $ | 103,515 | 0.50% | (g) | 0.67% | (g) | 0.63% | (g) | 0.55% | (g) | ||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 94,193 | 0.50% | (g) | 0.62% | (g) | 0.63% | (g) | 0.50% | (g) | ||||||||||
Class V Shares | ||||||||||||||||||||
Period Ended December 31, 2002 (d) | $ | 324,950 | 0.56% | (g) | 1.11% | (g) | (h | ) | (h | ) | ||||||||||
Year Ended December 31, 2003 | $ | 365,299 | 0.55% | 0.70% | (h | ) | (h | ) | ||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 370,233 | 0.55% | (g) | 0.57% | (g) | (h | ) | (h | ) |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | The existing shares of the Fund were designated Class I shares as of May 1, 2001. | |
(c) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. | |
(d) | For the period from October 31, 2002 (commencement of operations) through December 31, 2002. | |
(e) | The amount is less than $0.005. | |
(f) | Not annualized. | |
(g) | Annualized. | |
(h) | There were no fee reductions during the period. |
See notes to financial statements. |
148
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
GVIT Money Market Fund II
Investment Activities | Distributions | |||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Net Asset | Net | Total | Asset | |||||||||||||||||||||||||
Value, | Investment | from | Net | Value, | ||||||||||||||||||||||||
Beginning | Income | Investment | Investment | Total | End of | Total | ||||||||||||||||||||||
of Period | (Loss) | Activities | Income | Distributions | Period | Return | ||||||||||||||||||||||
Period Ended December 31, 2001 (b) | $ | 1.00 | (c | ) | (c | ) | (c | ) | (c | ) | $ | 1.00 | 0.24% | (d) | ||||||||||||||
Year Ended December 31, 2002 | $ | 1.00 | 0.01 | 0.01 | (0.01 | ) | (0.01 | ) | $ | 1.00 | 0.70% | |||||||||||||||||
Year Ended December 31, 2003 | $ | 1.00 | (c | ) | (c | ) | (c | ) | (c | ) | $ | 1.00 | 0.18% | |||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 1.00 | — | — | (c | ) | (c | ) | $ | 1.00 | 0.05% | (d) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||
Ratio of | ||||||||||||||||||||
Net | ||||||||||||||||||||
Investment | ||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||
End of | Average | Average | Average | Average | ||||||||||||||||
Period | Net | Net | Net | Net | ||||||||||||||||
(000s) | Assets | Assets | Assets (a) | Assets (a) | ||||||||||||||||
Period Ended December 31, 2001 (b) | $ | 37,411 | 1.30% | (e) | 0.93% | (e) | 1.45% | (e) | 0.78% | (e) | ||||||||||
Year Ended December 31, 2002 | $ | 110,041 | 0.99% | 0.66% | 0.99% | 0.66% | ||||||||||||||
Year Ended December 31, 2003 | $ | 147,736 | 0.95% | 0.17% | 0.99% | 0.13% | ||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 219,675 | 0.92% | (e) | 0.10% | (e) | 0.98% | (e) | 0.04% | (e) |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | For the period from October 2, 2001 (commencement of operations) through December 31, 2001. | |
(c) | The amount is less than $0.005. | |
(d) | Not annualized. | |
(e) | Annualized. |
See notes to financial statements. |
149
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
JP Morgan GVIT Balanced Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Asset | ||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Value, | |||||||||||||||||||||||||||
Beginning | Income | on | Investment | Investment | Total | End of | Total | |||||||||||||||||||||||||
of Period | (Loss) | Investments | Activities | Income | Distributions | Period | Return | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 10.58 | 0.37 | (0.28 | ) | 0.09 | (0.36 | ) | (0.36 | ) | $ | 10.31 | 0.87% | |||||||||||||||||||
Year Ended December 31, 2000 | $ | 10.31 | 0.28 | (0.30 | ) | (0.02 | ) | (0.29 | ) | (0.29 | ) | $ | 10.00 | (0.35% | ) | |||||||||||||||||
Year Ended December 31, 2001 (c) | $ | 10.00 | 0.22 | (0.60 | ) | (0.38 | ) | (0.22 | ) | (0.22 | ) | $ | 9.40 | (3.77% | ) | |||||||||||||||||
Year Ended December 31, 2002 | $ | 9.40 | 0.19 | (1.34 | ) | (1.15 | ) | (0.19 | ) | (0.19 | ) | $ | 8.06 | (12.31% | ) | |||||||||||||||||
Year Ended December 31, 2003 | $ | 8.06 | 0.15 | 1.32 | 1.47 | (0.15 | ) | (0.15 | ) | $ | 9.38 | 18.41% | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.38 | 0.08 | 0.07 | 0.15 | (0.08 | ) | (0.08 | ) | $ | 9.45 | 1.62% | (e) | |||||||||||||||||||
Class IV Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (d) | $ | 8.23 | 0.11 | 1.16 | 1.27 | (0.12 | ) | (0.12 | ) | $ | 9.38 | 15.47% | (e) | |||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.38 | 0.08 | 0.08 | 0.16 | (0.08 | ) | (0.08 | ) | $ | 9.46 | 1.74% | (e) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||
Net | ||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||
End of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||
Period | Net | Net | Net | Net | Turnover | |||||||||||||||||||
(000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | |||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 78,157 | 0.90% | 3.68% | 1.00% | 3.58% | 103.69% | |||||||||||||||||
Year Ended December 31, 2000 | $ | 112,577 | 0.90% | 2.86% | 1.07% | 2.69% | 252.43% | |||||||||||||||||
Year Ended December 31, 2001 (c) | $ | 149,875 | 0.90% | 2.34% | 1.03% | 2.21% | 181.89% | |||||||||||||||||
Year Ended December 31, 2002 | $ | 147,289 | 0.99% | 2.22% | 1.00% | 2.21% | 297.08% | |||||||||||||||||
Year Ended December 31, 2003 | $ | 182,056 | 0.98% | 1.80% | (g | ) | (g | ) | 310.16% | |||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 180,285 | 0.97% | (f) | 1.73% | (f) | (g | ) | (g | ) | 143.75% | |||||||||||||
Class IV Shares | ||||||||||||||||||||||||
Period Ended December 31, 2003 (d) | $ | 50,811 | 0.91% | (f) | 1.79% | (f) | 0.96% | (f) | 1.74% | (f) | 310.16% | |||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 50,342 | 0.91% | (f) | 1.79% | (f) | 0.97% | (f) | 1.73% | (f) | 143.75% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | The existing shares of the Fund were designated Class I shares as of May 1, 2001. | |
(d) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. | |
(e) | Not annualized. | |
(f) | Annualized. | |
(g) | There were no fee reductions during the period. |
See notes to financial statements. |
150
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Mid Cap Growth Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Asset | ||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Net | Value, | ||||||||||||||||||||||||||
Beginning | Income | on | Investment | Investment | Realized | Total | End of | |||||||||||||||||||||||||
of Period | (Loss) | Investments | Activities | Income | Gains | Distributions | Period | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (c) | $ | 16.53 | (0.07 | ) | 4.99 | 4.92 | — | — | — | $ | 21.45 | |||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 21.45 | (0.05 | ) | 1.44 | 1.39 | — | — | — | $ | 22.84 | |||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (c) | $ | 16.77 | (0.03 | ) | 4.69 | 4.66 | — | — | — | $ | 21.43 | |||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 21.43 | (0.05 | ) | 1.42 | 1.37 | — | — | — | $ | 22.80 | |||||||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (c) | $ | 16.53 | (0.03 | ) | 4.98 | 4.95 | — | — | — | $ | 21.48 | |||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 21.48 | (0.05 | ) | 1.43 | 1.38 | — | — | — | $ | 22.86 | |||||||||||||||||||||
Class IV Shares (d) | ||||||||||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 21.91 | 0.11 | 2.89 | 3.00 | (0.11 | ) | (2.83 | ) | (2.94 | ) | $ | 21.97 | |||||||||||||||||||
Year Ended December 31, 2000 | $ | 21.97 | 0.18 | 7.48 | 7.66 | (0.11 | ) | (1.81 | ) | (1.92 | ) | $ | 27.71 | |||||||||||||||||||
Year Ended December 31, 2001 | $ | 27.71 | (0.07 | ) | (1.00 | ) | (1.07 | ) | (0.18 | ) | (6.45 | ) | (6.63 | ) | $ | 20.01 | ||||||||||||||||
Year Ended December 31, 2002 | $ | 20.01 | (0.11 | ) | (4.35 | ) | (4.46 | ) | — | (0.09 | ) | (0.09 | ) | $ | 15.46 | |||||||||||||||||
Year Ended December 31, 2003 | $ | 15.46 | (0.10 | ) | 6.10 | 6.00 | — | — | — | $ | 21.46 | |||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 21.46 | (0.05 | ) | 1.44 | 1.39 | — | — | — | $ | 22.85 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||||||
End of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||||||
Total | Period | Net | Net | Net | Net | Turnover | ||||||||||||||||||||||
Return | (000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | ||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2003 (c) | 29.76% | (e) | $ | 137,837 | 0.98% | (f) | (0.49% | )(f) | (g | ) | (g | ) | 109.73% | |||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 6.48% | (e) | $ | 135,415 | 0.98% | (f) | (0.48% | )(f) | (g | ) | (g | ) | 38.31% | |||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2003 (c) | 27.79% | (e) | $ | 2,388 | 1.17% | (f) | (0.64% | )(f) | (g | ) | (g | ) | 109.73% | |||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 6.39% | (e) | $ | 8,782 | 1.08% | (f) | (0.58% | )(f) | (g | ) | (g | ) | 38.31% | |||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2003 (c) | 29.95% | (e) | $ | 628 | 0.98% | (f) | (0.48% | )(f) | (g | ) | (g | ) | 109.73% | |||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 6.42% | (e) | $ | 959 | 0.98% | (f) | (0.47% | )(f) | (g | ) | (g | ) | 38.31% | |||||||||||||||
Class IV Shares (d) | ||||||||||||||||||||||||||||
Year Ended December 31, 1999 | 15.96% | $ | 62,513 | 0.57% | 0.59% | 0.57% | 0.59% | 46.00% | ||||||||||||||||||||
Year Ended December 31, 2000 | 38.24% | $ | 98,969 | 0.53% | 0.81% | 0.53% | 0.81% | 68.00% | ||||||||||||||||||||
Year Ended December 31, 2001 | (3.36% | ) | $ | 98,214 | 0.92% | (0.37% | ) | 1.01% | (0.46% | ) | 135.00% | |||||||||||||||||
Year Ended December 31, 2002 | (22.38% | ) | $ | 70,669 | 0.95% | (0.61% | ) | 1.00% | (0.66% | ) | 64.00% | |||||||||||||||||
Year Ended December 31, 2003 | 38.81% | $ | 89,413 | 0.95% | (0.51% | ) | 1.02% | (0.58% | ) | 109.73% | ||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 6.48% | (e) | $ | 93,023 | 0.95% | (f) | (0.45% | )(f) | 0.98% | (f) | (0.48% | )(f) | 38.31% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. | |
(d) | The Gartmore Mid Cap Growth Fund retained the financial history of the Market Street Mid Cap Growth Fund and the existing shares of the Fund were designated Class IV shares. | |
(e) | Not annualized. | |
(f) | Annualized. | |
(g) | There were no fee reductions during the period. |
See notes to financial statements. |
151
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Comstock GVIT Value Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Asset | ||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Net | Value, | ||||||||||||||||||||||||||
Beginning | Income | on | Investment | Investment | Realized | Total | End of | |||||||||||||||||||||||||
of Period | (Loss) | Investments | Activities | Income | Gains | Distributions | Period | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 11.47 | 0.05 | 2.06 | 2.11 | (0.04 | ) | (0.01 | ) | (0.05 | ) | $ | 13.53 | |||||||||||||||||||
Year Ended December 31, 2000 | $ | 13.53 | 0.12 | (1.54 | ) | (1.42 | ) | (0.12 | ) | — | (0.12 | ) | $ | 11.99 | ||||||||||||||||||
Year Ended December 31, 2001 (c) | $ | 11.99 | 0.15 | (1.61 | ) | (1.46 | ) | (0.15 | ) | — | (0.15 | ) | $ | 10.38 | ||||||||||||||||||
Year Ended December 31, 2002 | $ | 10.38 | 0.12 | (2.72 | ) | (2.60 | ) | (0.12 | ) | — | (0.12 | ) | $ | 7.66 | ||||||||||||||||||
Year Ended December 31, 2003 | $ | 7.66 | 0.11 | 2.28 | 2.39 | (0.11 | ) | — | (0.11 | ) | $ | 9.94 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.94 | 0.07 | 0.41 | 0.48 | (0.06 | ) | — | (0.06 | ) | $ | 10.36 | ||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (d) | $ | 7.47 | 0.08 | 2.47 | 2.55 | (0.09 | ) | — | (0.09 | ) | $ | 9.93 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.93 | 0.05 | 0.41 | 0.46 | (0.05 | ) | — | (0.05 | ) | $ | 10.34 | ||||||||||||||||||||
Class IV Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (e) | $ | 7.76 | 0.09 | 2.18 | 2.27 | (0.09 | ) | — | (0.09 | ) | $ | 9.94 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.94 | 0.07 | 0.41 | 0.48 | (0.06 | ) | — | (0.06 | ) | $ | 10.36 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||||||
End of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||||||
Total | Period | Net | Net | Net Assets | Net | Turnover | ||||||||||||||||||||||
Return | (000s) | Assets | Assets | (a) | Assets (a) | (b) | ||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Year Ended December 31, 1999 | 18.49% | $ | 29,189 | 0.95% | 0.43% | 1.09% | 0.29% | 45.16% | ||||||||||||||||||||
Year Ended December 31, 2000 | (10.62% | ) | $ | 55,951 | 0.95% | 0.96% | 1.11% | 0.80% | 72.32% | |||||||||||||||||||
Year Ended December 31, 2001 (c) | (12.15% | ) | $ | 52,848 | 0.95% | 1.41% | 1.09% | 1.27% | 127.03% | |||||||||||||||||||
Year Ended December 31, 2002 | (25.14% | ) | $ | 39,424 | 1.11% | 1.30% | 1.11% | 1.30% | 245.24% | |||||||||||||||||||
Year Ended December 31, 2003 | 31.43% | $ | 62,517 | 0.99% | 1.37% | (h | ) | (h | ) | 71.31% | ||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 4.84% | (f) | $ | 73,991 | 0.94% | (g) | 1.35% | (g) | (h | ) | (h | ) | 10.60% | |||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2003 (d) | 34.20% | (f) | $ | 6,092 | 1.20% | (g) | 1.27% | (g) | 1.31% | (g) | 1.16% | (g) | 71.31% | |||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 4.65% | (f) | $ | 15,202 | 1.20% | (g) | 1.16% | (g) | 1.29% | (g) | 1.07% | (g) | 10.60% | |||||||||||||||
Class IV Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2003 (e) | 29.38% | (f) | $ | 48,070 | 0.94% | (g) | 1.50% | (g) | (h | ) | (h | ) | 71.31% | |||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 4.85% | (f) | $ | 51,005 | 0.92% | (g) | 1.36% | (g) | (h | ) | (h | ) | 10.60% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | The existing shares of the Fund were designated Class I shares as of May 1, 2001. | |
(d) | For the period from March 28, 2003 (commencement of operations) through December 31, 2003. | |
(e) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. | |
(f) | Not annualized. | |
(g) | Annualized. | |
(h) | There were no fee reductions during the period. |
See notes to financial statements. |
152
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Federated GVIT High Income Bond Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Asset | ||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Return | Value, | ||||||||||||||||||||||||||
Beginning | Income | on | Investment | Investment | of | Total | End of | |||||||||||||||||||||||||
of Period | (Loss) | Investments | Activities | Income | Capital | Distributions | Period | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 10.04 | 0.83 | (0.52 | ) | 0.31 | (0.83 | ) | — | (0.83 | ) | $ | 9.52 | |||||||||||||||||||
Year Ended December 31, 2000 | $ | 9.52 | 0.89 | (1.62 | ) | (0.73 | ) | (0.89 | ) | (0.01 | ) | (0.90 | ) | $ | 7.89 | |||||||||||||||||
Year Ended December 31, 2001 (c) | $ | 7.89 | 0.76 | (0.45 | ) | 0.31 | (0.76 | ) | — | (0.76 | ) | $ | 7.44 | |||||||||||||||||||
Year Ended December 31, 2002 | $ | 7.44 | 0.61 | (0.38 | ) | 0.23 | (0.61 | ) | — | (0.61 | ) | $ | 7.06 | |||||||||||||||||||
Year Ended December 31, 2003 | $ | 7.06 | 0.57 | 0.96 | 1.53 | (0.57 | ) | — | (0.57 | ) | $ | 8.02 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 8.02 | 0.30 | (0.16 | ) | 0.14 | (0.30 | ) | — | (0.30 | ) | $ | 7.86 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||||||
End of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||||||
Total | Period | Net | Net | Net Assets | Net | Turnover | ||||||||||||||||||||||
Return | (000s) | Assets | Assets | (a) | Assets (a) | (b) | ||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Year Ended December 31, 1999 | 3.19% | $ | 64,754 | 0.95% | 8.81% | 1.15% | 8.61% | 22.04% | ||||||||||||||||||||
Year Ended December 31, 2000 | (8.28% | ) | $ | 78,631 | 0.95% | 10.44% | 1.12% | 10.27% | 18.12% | |||||||||||||||||||
Year Ended December 31, 2001 (c) | 4.22% | $ | 114,022 | 0.95% | 9.96% | 1.03% | 9.88% | 31.64% | ||||||||||||||||||||
Year Ended December 31, 2002 | 3.23% | $ | 162,733 | 0.97% | 8.82% | 0.97% | 8.82% | 30.59% | ||||||||||||||||||||
Year Ended December 31, 2003 | 22.27% | $ | 268,336 | 0.95% | 7.74% | (d | ) | (d | ) | 41.30% | ||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 1.76% | (e) | $ | 251,654 | 0.93% | (f) | 7.55% | (f) | (d | ) | (d | ) | 32.00% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | The existing shares of the Fund were designated Class I shares as of May 1, 2001. | |
(d) | There were no fee reductions during the period. | |
(e) | Not Annualized. | |
(f) | Annualized. |
See notes to financial statements. |
153
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
GVIT Equity 500 Index Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Asset | ||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Net | Value, | ||||||||||||||||||||||||||
Beginning | Income | on | Investment | Investment | Realized | Total | End of | |||||||||||||||||||||||||
of Period | (Loss) | Investments | Activities | Income | Gains | Distributions | Period | |||||||||||||||||||||||||
Class IV Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2000 (c) | $ | 10.00 | 0.09 | (0.73 | ) | (0.64 | ) | — | — | — | $ | 9.36 | ||||||||||||||||||||
Year Ended December 31, 2001 | $ | 9.36 | 0.09 | (1.22 | ) | (1.13 | ) | (0.09 | ) | (0.02 | ) | (0.11 | ) | $ | 8.12 | |||||||||||||||||
Year Ended December 31, 2002 | $ | 8.12 | 0.10 | (1.89 | ) | (1.79 | ) | (0.09 | ) | — | (0.09 | ) | $ | 6.24 | ||||||||||||||||||
Year Ended December 31, 2003 (d) | $ | 6.24 | 0.11 | 1.63 | 1.74 | (0.13 | ) | — | (0.13 | ) | $ | 7.85 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 7.85 | 0.05 | 0.21 | 0.26 | (0.13 | ) | — | (0.13 | ) | $ | 7.98 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||||||
End of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||||||
Total | Period | Net | Net | Net | Net | Turnover | ||||||||||||||||||||||
Return | (000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | ||||||||||||||||||||||
Class IV Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2000 (c) | (6.40% | )(e) | $ | 366,338 | 0.28% | (f) | 0.99% | (f) | 0.40% | (f) | 0.87% | (f) | 5.00% | |||||||||||||||
Year Ended December 31, 2001 | (12.24% | ) | $ | 324,915 | 0.28% | 1.06% | 0.53% | 0.81% | 6.00% | |||||||||||||||||||
Year Ended December 31, 2002 | (22.31% | ) | $ | 235,961 | 0.28% | 1.32% | 0.50% | 1.10% | 19.00% | |||||||||||||||||||
Year Ended December 31, 2003 (d) | 28.33% | $ | 281,115 | 0.28% | 1.51% | 0.47% | 1.32% | 2.41% | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 3.34% | (e) | $ | 279,608 | 0.28% | (f) | 1.36% | (f) | 0.43% | (f) | 1.21% | (f) | 1.33% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | For the period from February 7, 2000 (commencement of operations) through December 31, 2000. | |
(d) | The GVIT Equity 500 Index Fund retained the history of Market Street Equity 500 Index Fund and the existing shares of the fund were designated Class IV Shares. | |
(e) | Not annualized. | |
(f) | Annualized. |
See notes to financial statements. |
154
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Van Kampen GVIT Multi Sector Bond Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Gains | Total | Asset | |||||||||||||||||||||||||||||
Value, | Net | (Losses) | from | Net | Value, | |||||||||||||||||||||||||||
Beginning | Investment | on | Investment | Investment | Total | End of | Total | |||||||||||||||||||||||||
of Period | Income | Investments | Activities | Income | Distributions | Period | Return | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 9.82 | 0.61 | (0.47 | ) | 0.14 | (0.59 | ) | (0.59 | ) | $ | 9.37 | 1.56% | |||||||||||||||||||
Year Ended December 31, 2000 | $ | 9.37 | 0.61 | (0.10 | ) | 0.51 | (0.60 | ) | (0.60 | ) | $ | 9.28 | 5.65% | |||||||||||||||||||
Year Ended December 31, 2001 (b) | $ | 9.28 | 0.54 | (0.16 | ) | 0.38 | (0.52 | ) | (0.52 | ) | $ | 9.14 | 4.19% | |||||||||||||||||||
Year Ended December 31, 2002 | $ | 9.14 | 0.42 | 0.22 | 0.64 | (0.50 | ) | (0.50 | ) | $ | 9.28 | 7.21% | ||||||||||||||||||||
Year Ended December 31, 2003 | $ | 9.28 | 0.36 | 0.74 | 1.10 | (0.52 | ) | (0.52 | ) | $ | 9.86 | 12.12% | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.86 | 0.21 | (0.26 | ) | (0.05 | ) | (0.21 | ) | (0.21 | ) | $ | 9.60 | (0.52% | )(d) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||
Net | ||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||
Ratio of | Expenses | Income | ||||||||||||||||||||||
Ratio of | Net | (Prior to | (Prior to | |||||||||||||||||||||
Net | Expenses | Investment | Reimburse- | Reimburse- | ||||||||||||||||||||
Assets at | to | Income to | ments) to | ments) to | ||||||||||||||||||||
End of | Average | Average | Average | Average | ||||||||||||||||||||
Period | Net | Net | Net | Net | Portfolio | |||||||||||||||||||
(000s) | Assets | Assets | Assets (a) | Assets (a) | Turnover | |||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 72,862 | 0.90% | 7.03% | 1.02% | 6.91% | 242.89% | |||||||||||||||||
Year Ended December 31, 2000 | $ | 132,227 | 0.90% | 7.07% | 1.09% | 6.88% | 399.03% | |||||||||||||||||
Year Ended December 31, 2001 (b) | $ | 177,324 | 0.90% | 5.99% | 1.04% | 5.85% | 340.77% | |||||||||||||||||
Year Ended December 31, 2002 | $ | 209,280 | 1.01% | 4.61% | 1.02% | 4.60% | 385.94% | |||||||||||||||||
Year Ended December 31, 2003 | $ | 226,525 | 1.01% | 3.75% | (c | ) | (c | ) | 296.62% | |||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 227,728 | 1.00% | (e) | 4.32% | (e) | (c | ) | (c | ) | 111.89% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | The existing shares of the Fund were designated Class I shares as of May 1, 2001. | |
(c) | There were no fee reductions during the period. | |
(d) | Not annualized. | |
(e) | Annualized. |
See notes to financial statements. |
155
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
GVIT Small Cap Value Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Net | Asset | |||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Realized | Value, | |||||||||||||||||||||||||||
Beginning | Income | on | Investment | Gains | Total | End of | Total | |||||||||||||||||||||||||
of Period | (Loss) | Investments | Activities | (Losses) | Distributions | Period | Return | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 9.49 | (0.02 | ) | 2.38 | 2.36 | (2.13 | ) | (2.13 | ) | $ | 9.72 | 27.84% | |||||||||||||||||||
Year Ended December 31, 2000 | $ | 9.72 | (0.02 | ) | 1.06 | 1.04 | (2.06 | ) | (2.06 | ) | $ | 8.70 | 11.20% | |||||||||||||||||||
Year Ended December 31, 2001 (c) | $ | 8.70 | — | 2.44 | 2.44 | (0.78 | ) | (0.78 | ) | $ | 10.36 | 28.28% | ||||||||||||||||||||
Year Ended December 31, 2002 | $ | 10.36 | — | (2.78 | ) | (2.78 | ) | (0.21 | ) | (0.21 | ) | $ | 7.37 | (27.16% | ) | |||||||||||||||||
Year Ended December 31, 2003 | $ | 7.37 | (0.02 | ) | 4.21 | 4.19 | — | — | $ | 11.56 | 56.85% | |||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 11.56 | (0.01 | ) | 0.64 | 0.63 | — | — | $ | 12.19 | 5.45% | (i) | ||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (d) | $ | 10.26 | — | (2.68 | ) | (2.68 | ) | (0.21 | ) | (0.21 | ) | $ | 7.37 | (26.46% | )(h) | |||||||||||||||||
Year Ended December 31, 2003 (e) | $ | 7.37 | (0.04 | ) | 4.20 | 4.16 | — | — | $ | 11.53 | 56.45% | |||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 11.53 | (0.02 | ) | 0.63 | 0.61 | — | — | $ | 12.14 | 5.29% | (i) | ||||||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (f) | $ | 10.48 | — | (2.89 | ) | (2.89 | ) | (0.21 | ) | (0.21 | ) | $ | 7.38 | (27.88% | )(h) | |||||||||||||||||
Year Ended December 31, 2003 (e) | $ | 7.38 | (0.01 | ) | 4.20 | 4.19 | — | — | $ | 11.57 | 56.78% | |||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 11.57 | (0.01 | ) | 0.64 | 0.63 | — | — | $ | 12.20 | 5.45% | (i) | ||||||||||||||||||||
Class IV Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (g) | $ | 7.49 | (0.01 | ) | 4.08 | 4.07 | — | — | $ | 11.56 | 54.34% | (h) | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 11.56 | (0.01 | ) | 0.64 | 0.63 | — | — | $ | 12.19 | 5.45% | (i) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||
Net | ||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||
End of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||
Period | Net | Net | Net | Net | Turnover | |||||||||||||||||||
(000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | |||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 131,929 | 1.05% | (0.28% | ) | 1.27% | (0.50% | ) | 270.26% | |||||||||||||||
Year Ended December 31, 2000 | $ | 280,110 | 1.05% | (0.31% | ) | 1.20% | (0.46% | ) | 181.85% | |||||||||||||||
Year Ended December 31, 2001 (c) | $ | 697,860 | 1.05% | 0.04% | 1.15% | (0.06% | ) | 164.87% | ||||||||||||||||
Year Ended December 31, 2002 | $ | 467,165 | 1.11% | 0.01% | 1.11% | 0.01% | 127.77% | |||||||||||||||||
Year Ended December 31, 2003 | $ | 715,099 | 1.11% | (0.18% | ) | (j | ) | (j | ) | 126.29% | ||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 724,741 | 1.10% | (h) | (0.14% | )(h) | (j | ) | (j | ) | 78.73% | |||||||||||||
Class II Shares | ||||||||||||||||||||||||
Period Ended December 31, 2002 (d) | $ | 1,472 | 1.32% | (i) | 0.13% | (i) | (j | ) | (j | ) | 127.77% | |||||||||||||
Year Ended December 31, 2003 (e) | $ | 18,446 | 1.36% | (0.41% | ) | (j | ) | (j | ) | 126.29% | ||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 32,411 | 1.35% | (h) | (0.34% | )(h) | (j | ) | (j | ) | 78.73% | |||||||||||||
Class III Shares | ||||||||||||||||||||||||
Period Ended December 31, 2002 (f) | $ | 63 | 1.07% | (i) | 0.60% | (i) | (j | ) | (j | ) | 127.77% | |||||||||||||
Year Ended December 31, 2003 (e) | $ | 2,568 | 1.11% | (0.13% | ) | (j | ) | (j | ) | 126.29% | ||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 2,499 | 1.10% | (h) | (0.12% | )(h) | (j | ) | (j | ) | 78.73% | |||||||||||||
Class IV Shares | ||||||||||||||||||||||||
Period Ended December 31, 2003 (g) | $ | 53,826 | 1.10% | (i) | (0.18% | )(i) | (j | ) | (j | ) | 126.29% | |||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 55,480 | 1.10% | (h) | (0.13% | )(h) | (j | ) | (j | ) | 78.73% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | The existing shares of the Fund were designated Class I shares as of May 1, 2001. | |
(d) | For the period from May 6, 2002 (commencement of operations) through December 31, 2002. | |
(e) | Net investment income (loss) is based on average shares outstanding during the period. | |
(f) | For the period from May 3, 2002 (commencement of operations) through December 31, 2002. | |
(g) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. | |
(h) | Annualized. | |
(i) | Not annualized. | |
(j) | There were no fee reductions during the period. |
See notes to financial statements. |
156
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
GVIT Small Cap Growth Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Net | Asset | |||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Realized | Value, | |||||||||||||||||||||||||||
Beginning | Income | on | Investment | Gains | Total | End of | Total | |||||||||||||||||||||||||
of Period | (Loss) | Investments | Activities | (Losses) | Distributions | Period | Return | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 1999 (c) | $ | 10.00 | (0.01 | ) | 10.48 | 10.47 | (0.78 | ) | (0.78 | ) | $ | 19.69 | 105.01% | (g) | ||||||||||||||||||
Year Ended December 31, 2000 | $ | 19.69 | (0.02 | ) | (3.10 | ) | (3.12 | ) | (0.33 | ) | (0.33 | ) | $ | 16.24 | (16.17% | ) | ||||||||||||||||
Year Ended December 31, 2001 (d) | $ | 16.24 | (0.07 | ) | (1.69 | ) | (1.76 | ) | — | — | $ | 14.48 | (10.84% | ) | ||||||||||||||||||
Year Ended December 31, 2002 | $ | 14.48 | (0.11 | ) | (4.71 | ) | (4.82 | ) | — | — | $ | 9.66 | (33.29% | ) | ||||||||||||||||||
Year Ended December 31, 2003 | $ | 9.66 | (0.11 | ) | 3.42 | 3.31 | — | — | $ | 12.97 | 34.27% | |||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 12.97 | (0.06 | ) | 0.51 | 0.45 | — | — | $ | 13.42 | 3.47% | (g) | ||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (e) | $ | 13.59 | (0.04 | ) | (3.92 | ) | (3.96 | ) | — | — | $ | 9.63 | (29.14% | )(g) | ||||||||||||||||||
Year Ended December 31, 2003 | $ | 9.63 | (0.09 | ) | 3.37 | 3.28 | — | — | $ | 12.91 | 34.06% | |||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 12.91 | (0.06 | ) | 0.49 | 0.43 | — | — | $ | 13.34 | 3.33% | (g) | ||||||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (f) | $ | 10.95 | (0.04 | ) | (1.29 | ) | (1.33 | ) | — | — | $ | 9.62 | (12.15% | )(g) | ||||||||||||||||||
Year Ended December 31, 2003 | $ | 9.62 | (0.05 | ) | 3.33 | 3.28 | — | — | $ | 12.90 | 34.10% | |||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 12.90 | (0.05 | ) | 0.49 | 0.44 | — | — | $ | 13.34 | 3.41% | (g) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||
Net | ||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||
End of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||
Period | Net | Net | Net | Net | Turnover | |||||||||||||||||||
(000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | |||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||
Period Ended December 31, 1999 (c) | $ | 19,541 | 1.30% | (h) | (0.24% | )(h) | 3.40% | (h) | (2.34% | )(h) | 130.98% | |||||||||||||
Year Ended December 31, 2000 | $ | 93,891 | 1.30% | (0.22% | ) | 1.60% | (0.52% | ) | 182.48% | |||||||||||||||
Year Ended December 31, 2001 (d) | $ | 143,982 | 1.30% | (0.65% | ) | 1.43% | (0.78% | ) | 124.61% | |||||||||||||||
Year Ended December 31, 2002 | $ | 100,308 | 1.35% | (1.03% | ) | 1.35% | (1.03% | ) | 165.97% | |||||||||||||||
Year Ended December 31, 2003 | $ | 156,978 | 1.34% | (1.03% | ) | (i | ) | (i | ) | 121.69% | ||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 145,789 | 1.19% | (h) | (0.82% | )(h) | (i | ) | (i | ) | 77.31% | |||||||||||||
Class II Shares | ||||||||||||||||||||||||
Period Ended December 31, 2002 (e) | $ | 1,652 | 1.63% | (h) | (1.33% | )(h) | (i | ) | (i | ) | 165.97% | |||||||||||||
Year Ended December 31, 2003 | $ | 8,842 | 1.59% | (1.29% | ) | (i | ) | (i | ) | 121.69% | ||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 12,169 | 1.44% | (h) | (1.08% | )(h) | (i | ) | (i | ) | 77.31% | |||||||||||||
Class III Shares | ||||||||||||||||||||||||
Period Ended December 31, 2002 (f) | $ | 17 | 1.27% | (h) | (0.94% | )(h) | (i | ) | (i | ) | 165.97% | |||||||||||||
Year Ended December 31, 2003 | $ | 978 | 1.34% | (1.04% | ) | (i | ) | (i | ) | 121.69% | ||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 981 | 1.19% | (h) | (0.82% | )(h) | (i | ) | (i | ) | 77.31% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | For the period from May 1, 1999 (commencement of operations) through December 31, 1999. | |
(d) | The existing shares of the Fund were designated Class I shares as of May 1, 2001. | |
(e) | For the period from March 7, 2002 (commencement of operations) through December 31, 2002. | |
(f) | For the period from July 5, 2002 (commencement of operations) through December 31, 2002. | |
(g) | Not annualized. | |
(h) | Annualized. | |
(i) | There were no fee reductions during the period. |
See notes to financial statements. |
157
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Worldwide Leaders Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Net | ||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Realized | Tax | ||||||||||||||||||||||||||
Beginning | Income | on | Investment | Investment | Gains | Return of | Total | |||||||||||||||||||||||||
of Period | (Loss) | Investments | Activities | Income | (Losses) | Capital | Distributions | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 11.75 | 0.07 | 2.60 | 2.67 | (0.05 | ) | (0.48 | ) | — | (0.53 | ) | ||||||||||||||||||||
Year Ended December 31, 2000 | $ | 13.89 | 0.13 | (1.81 | ) | (1.68 | ) | (0.11 | ) | (0.44 | ) | (0.01 | ) | (0.56 | ) | |||||||||||||||||
Year Ended December 31, 2001 (c) | $ | 11.65 | 0.07 | (2.26 | ) | (2.19 | ) | (0.18 | ) | — | — | (0.18 | ) | |||||||||||||||||||
Year Ended December 31, 2002 | $ | 9.28 | (0.04 | ) | (2.29 | ) | (2.33 | ) | (0.08 | ) | — | (0.02 | ) | (0.10 | ) | |||||||||||||||||
Year Ended December 31, 2003 | $ | 6.85 | 0.01 | 2.46 | 2.47 | — | — | — | — | |||||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.32 | 0.06 | (0.16 | ) | (0.10 | ) | — | — | — | — | |||||||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (d) | $ | 6.89 | (0.01 | ) | 2.44 | 2.43 | — | — | — | — | ||||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.32 | 0.05 | (0.15 | ) | (0.10 | ) | — | — | — | — |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||||||||||
Net | Net | Expenses | Income | Reimburse- | Reimburse- | |||||||||||||||||||||||||||
Asset | Assets at | to | (Loss) to | ments) to | ments) to | |||||||||||||||||||||||||||
Value, | End of | Average | Average | Average | Average | Portfolio | ||||||||||||||||||||||||||
End of | Total | Period | Net | Net | Net | Net | Turnover | |||||||||||||||||||||||||
Period | Return | (000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 13.89 | 22.92% | $ | 60,840 | 1.20% | 0.31% | 1.54% | (0.03% | ) | 79.22% | |||||||||||||||||||||
Year Ended December 31, 2000 | $ | 11.65 | (12.32% | ) | $ | 81,359 | 1.20% | 1.01% | 1.42% | 0.79% | �� | 184.98% | ||||||||||||||||||||
Year Ended December 31, 2001 (c) | $ | 9.28 | (18.81% | ) | $ | 70,469 | 1.20% | 0.66% | 1.30% | 0.56% | 128.06% | |||||||||||||||||||||
Year Ended December 31, 2002 | $ | 6.85 | (25.39% | ) | $ | 26,467 | 1.32% | 0.29% | 1.32% | 0.29% | 529.97% | |||||||||||||||||||||
Year Ended December 31, 2003 | $ | 9.32 | 36.06% | $ | 27,624 | 1.32% | 0.30% | (g | ) | (g | ) | 603.34% | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.22 | (1.07% | )(e) | $ | 25,255 | 1.34% | (f) | 1.32% | (f) | (g | ) | (g | ) | 255.82% | |||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (d) | $ | 9.32 | 35.27% | (e) | $ | 5,853 | 1.35% | (f) | (0.31% | )(f) | (g | ) | (g | ) | 603.34% | |||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.22 | (1.07% | )(e) | $ | 7,652 | 1.34% | (f) | 1.34% | (f) | (g | ) | (g | ) | 255.82% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | The existing shares of the Fund were designated Class I shares as of May 1, 2001. | |
(d) | For the period May 2, 2003 (commencement of operations) through December 31, 2003. | |
(e) | Not annualized. | |
(f) | Annualized. | |
(g) | There were no fee reductions during the period. |
See notes to financial statements. |
158
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Dreyfus GVIT Mid Cap Index Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Net | Asset | |||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Realized | Value, | ||||||||||||||||||||||||||
Beginning | Income | on | Investment | Investment | Gains | Total | End of | |||||||||||||||||||||||||
of Period | (Loss) | Investments | Activities | Income | (Losses) | Distributions | Period | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 10.92 | 0.05 | 2.21 | 2.26 | (0.03 | ) | (0.83 | ) | (0.86 | ) | $ | 12.32 | |||||||||||||||||||
Year Ended December 31, 2000 | $ | 12.32 | 0.07 | 1.79 | 1.86 | (0.09 | ) | (0.54 | ) | (0.63 | ) | $ | 13.55 | |||||||||||||||||||
Year Ended December 31, 2001 (c) | $ | 13.55 | 0.07 | (0.25 | ) | (0.18 | ) | (0.07 | ) | (0.13 | ) | (0.20 | ) | $ | 13.17 | |||||||||||||||||
Year Ended December 31, 2002 | $ | 13.17 | 0.04 | (2.05 | ) | (2.01 | ) | (0.04 | ) | (0.10 | ) | (0.14 | ) | $ | 11.02 | |||||||||||||||||
Year Ended December 31, 2003 | $ | 11.02 | 0.06 | 3.75 | 3.81 | (0.06 | ) | (e | ) | (0.06 | ) | $ | 14.77 | |||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 14.77 | 0.04 | 0.81 | 0.85 | (0.04 | ) | — | (0.04 | ) | $ | 15.58 | ||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (d) | $ | 13.64 | 0.02 | (2.53 | ) | (2.51 | ) | (0.03 | ) | (0.10 | ) | (0.13 | ) | $ | 11.00 | |||||||||||||||||
Year Ended December 31, 2003 | $ | 11.00 | 0.03 | 3.74 | 3.77 | (0.04 | ) | (e | ) | (0.04 | ) | $ | 14.73 | |||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 14.73 | 0.02 | 0.81 | 0.83 | (0.02 | ) | — | (0.02 | ) | $ | 15.54 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||||||
End of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||||||
Total | Period | Net | Net | Net | Net | Turnover | ||||||||||||||||||||||
Return | (000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | ||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Year Ended December 31, 1999 | 20.92% | $ | 20,259 | 1.03% | 0.56% | 1.74% | (0.15% | ) | 275.04% | |||||||||||||||||||
Year Ended December 31, 2000 | 15.21% | $ | 145,350 | 0.65% | 0.68% | 0.90% | 0.43% | 83.45% | ||||||||||||||||||||
Year Ended December 31, 2001 (c) | (1.30% | ) | $ | 257,623 | 0.65% | 0.53% | 0.78% | 0.40% | 28.43% | |||||||||||||||||||
Year Ended December 31, 2002 | (15.30% | ) | $ | 285,970 | 0.74% | 0.37% | 0.75% | 0.36% | 27.32% | |||||||||||||||||||
Year Ended December 31, 2003 | 34.65% | $ | 432,589 | 0.74% | 0.49% | (h | ) | (h | ) | 11.58% | ||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 5.74% | (f) | $ | 485,793 | 0.69% | (g) | 0.53% | (g) | (h | ) | (h | ) | 6.66% | |||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2002 (d) | (18.44% | )(f) | $ | 1,232 | 0.96% | (f) | 0.25% | (h | ) | (h | ) | 27.32% | ||||||||||||||||
Year Ended December 31, 2003 | 34.30% | $ | 8,049 | 0.98% | 0.27% | (h | ) | (h | ) | 11.58% | ||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 5.65% | (f) | $ | 11,932 | 0.88% | (g) | 0.35% | (g) | (h | ) | (h | ) | 6.66% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | The existing shares of the Fund were designated Class I shares as of May 1, 2001. | |
(d) | For the period from May 6, 2002 (commencement of operations) through December 31, 2002. | |
(e) | The amount is less than $0.005. | |
(f) | Not annualized. | |
(g) | Annualized. | |
(h) | There were no fee reductions during the period. |
See notes to financial statements. |
159
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Global Technology and Communications Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Asset | ||||||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Value, | |||||||||||||||||||||||||||||||
Beginning | Income | on | Investment | Realized | Return of | Total | End of | Total | ||||||||||||||||||||||||||||
of Period | (Loss) | Investments | Activities | Gains | Capital | Distributions | Period | Return | ||||||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||||||
Period Ended December 31, 2000 (c) | $ | 10.00 | (0.01 | ) | (2.48 | ) | (2.49 | ) | (0.16 | ) | — | (0.16 | ) | $ | 7.35 | (24.96% | )(g) | |||||||||||||||||||
Year Ended December 31, 2001 (d) | $ | 7.35 | (0.03 | ) | (3.11 | ) | (3.14 | ) | — | — | — | $ | 4.21 | (42.72% | ) | |||||||||||||||||||||
Year Ended December 31, 2002 | $ | 4.21 | (0.03 | ) | (1.77 | ) | (1.80 | ) | — | (0.02 | ) | (0.02 | ) | $ | 2.39 | (42.78% | ) | |||||||||||||||||||
Year Ended December 31, 2003 | $ | 2.39 | (0.03 | ) | 1.35 | 1.32 | — | — | — | $ | 3.71 | 55.23% | ||||||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 3.71 | (0.02 | ) | 0.05 | 0.03 | — | — | — | $ | 3.74 | 0.81% | (g) | |||||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (e) | $ | 2.45 | (0.01 | ) | 1.28 | 1.27 | — | — | — | $ | 3.72 | 51.84% | (g) | |||||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 3.72 | (0.03 | ) | 0.05 | 0.02 | — | — | — | $ | 3.74 | 0.54% | (g) | |||||||||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (f) | $ | 3.29 | (0.01 | ) | (0.85 | ) | (0.86 | ) | — | (0.02 | ) | (0.02 | ) | $ | 2.41 | (26.14% | )(g) | |||||||||||||||||||
Year Ended December 31, 2003 | $ | 2.41 | (0.02 | ) | 1.35 | 1.33 | — | — | — | $ | 3.74 | 55.19% | ||||||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 3.74 | (0.02 | ) | 0.05 | 0.03 | — | — | — | $ | 3.77 | 0.80% | (g) | |||||||||||||||||||||||
Class VI Shares | ||||||||||||||||||||||||||||||||||||
Period Ended June 30, 2004 (Unaudited) (j) | $ | 3.59 | — | 0.15 | 0.15 | — | — | — | $ | 3.74 | 4.18% | (g) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||
Net | ||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||
Ratio of | Radio of | Income | ||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||
End of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||
Period | Net | Net | Net | Net | Turnover | |||||||||||||||||||
(000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | |||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||
Period Ended December 31, 2000 (c) | $ | 12,127 | 1.35% | (h) | (0.44% | )(h) | 2.57% | (h) | (1.66% | )(h) | 305.36% | |||||||||||||
Year Ended December 31, 2001 (d) | $ | 15,585 | 1.35% | (0.88% | ) | 2.02% | (1.55% | ) | 894.05% | |||||||||||||||
Year Ended December 31, 2002 | $ | 7,791 | 1.34% | (0.65% | ) | 1.39% | (0.70% | ) | 879.28% | |||||||||||||||
Year Ended December 31, 2003 | $ | 15,960 | 1.24% | (0.94% | ) | (i | ) | (i | ) | 1,045.37% | ||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 16,341 | 1.23% | (h) | (0.93% | )(h) | (i | ) | (i | ) | 336.58% | |||||||||||||
Class II Shares | ||||||||||||||||||||||||
Period Ended December 31, 2003 (e) | $ | 2,128 | 1.49% | (h) | (1.27% | )(h) | (i | ) | (i | ) | 1,045.37% | |||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 3,381 | 1.48% | (h) | (1.16% | )(h) | (i | ) | (i | ) | 336.58% | |||||||||||||
Class III Shares | ||||||||||||||||||||||||
Period Ended December 31, 2002 (f) | $ | 5,822 | 1.37% | (h) | (3.49% | )(h) | 1.79% | (3.91% | ) | 879.28% | ||||||||||||||
Year Ended December 31, 2003 | $ | 33,398 | 1.25% | (1.00% | ) | (i | ) | (i | ) | 1,045.37% | ||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 33,113 | 1.23% | (h) | (0.93% | )(h) | (i | ) | (i | ) | 336.58% | |||||||||||||
Class VI Shares | ||||||||||||||||||||||||
Period Ended June 30, 2004 (Unaudited) (j) | $ | 1,006 | 1.33% | (h) | (0.97% | )(h) | (i | ) | (i | ) | 336.58% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as whole without distinguishing among the classes of shares. | |
(c) | For the period from June 30, 2000 (commencement of operations) through December 31, 2000. | |
(d) | The existing shares of the Fund were designated Class I shares as of May 1, 2001. | |
(e) | For the period from March 28, 2003 (commencement of operations) through December 31, 2003. | |
(f) | For the period from May 2, 2002 (commencement of operations) through December 31, 2002. | |
(g) | Not annualized. | |
(h) | Annualized. | |
(i) | There were no fee reductions during the period. | |
(j) | For the period from April 28, 2004 (commencement of operations) through June 30, 2004. |
See notes to financial statements. |
160
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Global Health Sciences Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | |||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Net | |||||||||||||||||||||||||||
Beginning | Income | Redemption | on | Investment | Investment | Realized | Total | |||||||||||||||||||||||||
of Period | (Loss) | Fees | Investments | Activities | Income | Gains | Distributions | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2000 (c) | $ | 10.00 | — | — | (0.17 | ) | (0.17 | ) | — | — | — | |||||||||||||||||||||
Period Ended December 27, 2001 (d)(e) | $ | 9.38 | (0.03 | ) | — | 0.39 | 0.36 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||||
Period Ended December 31, 2002 (f) | $ | 9.51 | (0.02 | ) | 0.01 | (1.31 | ) | (1.32 | ) | — | — | — | ||||||||||||||||||||
Year Ended December 31, 2003 | $ | 8.19 | (0.02 | ) | 0.01 | 3.01 | 3.00 | — | (1.23 | ) | (1.23 | ) | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.96 | (0.01 | ) | — | 0.62 | 0.61 | — | (0.05 | ) | (0.05 | ) | ||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (g) | $ | 8.72 | (0.01 | ) | 0.01 | 2.46 | 2.46 | — | (1.23 | ) | (1.23 | ) | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.95 | (0.03 | ) | — | 0.62 | 0.59 | — | (0.05 | ) | (0.05 | ) | ||||||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2001 (e) | $ | 10.17 | — | — | (0.03 | ) | (0.03 | ) | — | — | — | |||||||||||||||||||||
Year Ended December 31, 2002 | $ | 10.14 | (0.03 | ) | 0.01 | (1.92 | ) | (1.94 | ) | — | — | — | ||||||||||||||||||||
Year Ended December 31, 2003 | $ | 8.20 | (0.03 | ) | 0.01 | 3.03 | 3.01 | — | (1.23 | ) | (1.23 | ) | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.98 | (0.01 | ) | — | 0.62 | 0.61 | — | (0.05 | ) | (0.05 | ) | ||||||||||||||||||||
Class VI Shares | ||||||||||||||||||||||||||||||||
Period Ended June 30, 2004 (Unaudited) (k) | $ | 10.70 | (0.01 | ) | — | (0.15 | ) | (0.16 | ) | — | — | — |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||||||||||
Net | Net | Expenses | Income | Reimburse- | Reimburse- | |||||||||||||||||||||||||||
Asset | Assets at | to | (Loss) to | ments) to | ments) to | |||||||||||||||||||||||||||
Value, | End of | Average | Average | Average | Average | Portfolio | ||||||||||||||||||||||||||
End of | Total | Period | Net | Net | Net | Net | Turnover | |||||||||||||||||||||||||
Period | Return | (000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2000 (c) | $ | 9.83 | (1.70% | )(h) | $ | 2,458 | 1.00% | (i) | (1.00% | )(i) | 28.69% | (i) | (28.69% | )(i) | 0.00% | |||||||||||||||||
Period Ended December 27, 2001 (d)(e) | $ | 10.17 | 3.67% | (h) | $ | 2,549 | 1.24% | (i) | (0.32% | )(i) | 5.51% | (i) | (4.59% | )(i) | 892.96% | |||||||||||||||||
Period Ended December 31, 2002 (f) | $ | 8.19 | (13.88% | )(h) | $ | 370 | 1.22% | (i) | (0.25% | )(i) | (j | ) | (j | ) | 764.93% | |||||||||||||||||
Year Ended December 31, 2003 | $ | 9.96 | 36.69% | $ | 4,434 | 1.24% | (0.36% | ) | (j | ) | (j | ) | 542.89% | |||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 10.52 | 6.14% | $ | 8,180 | 1.24% | (i) | (0.37% | )(i) | (j | ) | (j | ) | 170.11% | ||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (g) | $ | 9.95 | 28.27% | (h) | $ | 2,232 | 1.49% | (i) | (0.59% | )(i) | (j | ) | (j | ) | 542.89% | |||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 10.49 | 5.95% | (h) | $ | 3,901 | 1.49% | (i) | (0.62% | )(i) | (j | ) | (j | ) | 170.11% | |||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2001 (e) | $ | 10.14 | (0.30% | )(h) | $ | 2,540 | 1.35% | (i) | (1.13% | )(i) | 1.35% | (i) | (1.13% | )(i) | 892.96% | |||||||||||||||||
Year Ended December 31, 2002 | $ | 8.20 | 19.13% | $ | 11,652 | 1.23% | (0.37% | ) | 1.24% | (0.38% | ) | 764.93% | ||||||||||||||||||||
Year Ended December 31, 2003 | $ | 9.98 | 36.77% | $ | 27,026 | 1.22% | (0.39% | ) | (j | ) | (j | ) | 542.89% | |||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 10.54 | 6.13% | (h) | $ | 45,317 | 1.25% | (i) | (0.36% | )(i) | (j | ) | (j | ) | 170.11% | |||||||||||||||||
Class VI Shares | ||||||||||||||||||||||||||||||||
Period Ended June 30, 2004 (Unaudited) (k) | $ | 10.54 | (1.50% | )(h) | $ | 2,657 | 1.34% | (i) | (0.62% | )(i) | (j | ) | (j | ) | 170.11% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as whole without distinguishing among the classes of shares. | |
(c) | For the period from December 29, 2000 (commencement of operations) through December 31, 2000. | |
(d) | The existing shares of the Fund were designated Class I shares as of May 1, 2001. | |
(e) | Class I shares were exchanged into Class III shares effective December 28, 2001. | |
(f) | For the period from May 6, 2002 (recommencement of sales to the public) through December 31, 2002. | |
(g) | For the period from March 28, 2003 (commencement of operations) through December 31, 2003. | |
(h) | Not annualized. | |
(i) | Annualized. | |
(j) | There were no fee reductions during the period. | |
(k) | For the period from April 28, 2004 (commencement of operations) through June 30, 2004. |
See notes to financial statements. |
161
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Nationwide Leaders Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Asset | ||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Value, | |||||||||||||||||||||||||||
Beginning | Income | Redemption | on | Investment | Investment | Total | End of | |||||||||||||||||||||||||
of Period | (Loss) | Fees | Investments | Activities | Income | Distributions | Period | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (c) | $ | 11.20 | 0.03 | 0.02 | (1.75 | ) | (1.70 | ) | (0.06 | ) | (0.06 | ) | $ | 9.44 | ||||||||||||||||||
Year Ended December 31, 2003 | $ | 9.44 | 0.01 | 0.01 | 2.37 | 2.39 | (0.02 | ) | (0.02 | ) | $ | 11.81 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 11.81 | — | 0.03 | 0.48 | 0.51 | — | — | $ | 12.32 | ||||||||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2001 (d) | $ | 10.00 | — | — | 0.08 | 0.08 | — | — | $ | 10.08 | ||||||||||||||||||||||
Year Ended December 31, 2002 | $ | 10.08 | 0.04 | 0.02 | (0.64 | ) | (0.58 | ) | (0.06 | ) | (0.06 | ) | $ | 9.44 | ||||||||||||||||||
Year Ended December 31, 2003 | $ | 9.44 | 0.01 | 0.01 | 2.39 | 2.41 | (0.02 | ) | (0.02 | ) | $ | 11.83 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 11.83 | — | 0.03 | 0.48 | 0.51 | — | — | $ | 12.34 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||||||
End of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||||||
Total | Period | Net | Net | Net | Net | Turnover | ||||||||||||||||||||||
Return | (000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | ||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2002 (c) | (15.17% | )(e) | $ | 247 | 1.12% | (f) | 1.03% | (f) | (g | ) | (g | ) | 105.28% | |||||||||||||||
Year Ended December 31, 2003 | 25.38% | $ | 530 | 1.14% | 0.05% | (g | ) | (g | ) | 244.94% | ||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 4.32% | (e) | $ | 757 | 1.17% | (f) | (0.02% | )(f) | (g | ) | (g | ) | 70.79% | |||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2001 (d) | 0.80% | (e) | $ | 1,008 | 1.25% | (f) | (0.16% | )(f) | 20.55% | (f) | (19.46% | )(f) | 0.00% | |||||||||||||||
Year Ended December 31, 2002 | (5.78% | ) | $ | 8,463 | 1.15% | 0.80% | 1.16% | 0.79% | 105.28% | |||||||||||||||||||
Year Ended December 31, 2003 | 25.59% | $ | 8,801 | 1.13% | 0.16% | (g | ) | (g | ) | 244.94% | ||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 4.31% | (e) | $ | 8,271 | 1.15% | (f) | 0.00% | (f) | (g | ) | (g | ) | 70.79% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as whole without distinguishing among the classes of shares. | |
(c) | For the period from May 9, 2002 (recommencement of operations) through December 31, 2002. | |
(d) | For the period from December 18, 2001 (commencement of operations) through December 31, 2001. Registration of shares effective with the Securities and Exchange Commission on December 31, 2001. On the effective date, the net asset value was $10.08 per | |
(e) | Not annualized. | |
(f) | Annualized. | |
(g) | There were no fee reductions during the period. |
See notes to financial statements. |
162
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Emerging Markets Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Asset | ||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Value, | |||||||||||||||||||||||||||
Beginning | Income | Redemption | on | Investment | Investment | Total | End of | |||||||||||||||||||||||||
of Period | (Loss) | Fees | Investments | Activities | Income | Distributions | Period | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2000 (c) | $ | 10.00 | — | — | (2.48 | ) | (2.48 | ) | (0.01 | ) | (0.01 | ) | $ | 7.51 | ||||||||||||||||||
Year Ended December 31, 2001 (d) | $ | 7.51 | 0.06 | — | (0.45 | ) | (0.39 | ) | (0.04 | ) | (0.04 | ) | $ | 7.08 | ||||||||||||||||||
Year Ended December 31, 2002 | $ | 7.08 | 0.05 | 0.01 | (1.14 | ) | (1.08 | ) | (0.01 | ) | (0.01 | ) | $ | 5.99 | ||||||||||||||||||
Year Ended December 31, 2003 | $ | 5.99 | 0.09 | 0.01 | 3.80 | 3.90 | (0.05 | ) | (0.05 | ) | $ | 9.84 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.84 | 0.07 | — | (0.18 | ) | (0.11 | ) | (0.01 | ) | (0.08 | ) | $ | 9.65 | ||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (e) | $ | 7.71 | 0.01 | 0.01 | (1.73 | ) | (1.71 | ) | (0.01 | ) | (0.01 | ) | $ | 5.99 | ||||||||||||||||||
Year Ended December 31, 2003 | $ | 5.99 | 0.04 | 0.01 | 3.81 | 3.86 | (0.03 | ) | (0.03 | ) | $ | 9.82 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.82 | 0.05 | — | (0.18 | ) | (0.13 | ) | — | (0.07 | ) | $ | 9.62 | |||||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (f) | $ | 7.90 | 0.01 | 0.01 | (1.91 | ) | (1.89 | ) | (0.02 | ) | (0.02 | ) | $ | 5.99 | ||||||||||||||||||
Year Ended December 31, 2003 | $ | 5.99 | 0.06 | 0.01 | 3.82 | 3.89 | (0.04 | ) | (0.04 | ) | $ | 9.84 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.84 | 0.07 | — | (0.18 | ) | (0.11 | ) | (0.01 | ) | (0.08 | ) | $ | 9.65 | ||||||||||||||||||
Class VI Shares | ||||||||||||||||||||||||||||||||
Period Ended June 30, 2004 (Unaudited) (j) | $ | 10.11 | 0.02 | — | (0.48 | ) | (0.46 | ) | — | — | $ | 9.65 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||||||
End of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||||||
Total | Period | Net | Net | Net | Net | Turnover | ||||||||||||||||||||||
Return | (000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | ||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2000 (c) | (24.83 | %)(g) | $ | 3,991 | 1.75 | %(h) | (0.21 | %)(h) | 4.09 | %(h) | (2.55 | %)(h) | 43.33 | % | ||||||||||||||
Year Ended December 31, 2001 (d) | (5.18 | %) | $ | 15,974 | 1.70 | % | 0.57 | % | 2.39 | % | (0.12 | %) | 140.18 | % | ||||||||||||||
Year Ended December 31, 2002 | (15.23 | %) | $ | 10,005 | 1.43 | % | 0.63 | % | (i) | (i) | 219.84 | % | ||||||||||||||||
Year Ended December 31, 2003 | 65.26 | % | $ | 16,993 | 1.39 | % | 1.17 | % | (i) | (i) | 133.49 | % | ||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | (1.25 | %)(g) | $ | 17,203 | 1.40 | %(h) | 1.18 | %(h) | (i) | (i) | 74.16 | % | ||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2002 (e) | (22.23 | %)(g) | $ | 454 | 1.71 | %(h) | 0.44 | %(h) | (i) | (i) | 219.84 | % | ||||||||||||||||
Year Ended December 31, 2003 | 64.66 | % | $ | 6,360 | 1.66 | % | 0.35 | % | (i) | (i) | 133.49 | % | ||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | (1.41 | %)(g) | $ | 8,607 | 1.66 | %(h) | 0.99 | %(h) | (i) | (i) | 74.16 | % | ||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2002 (f) | (23.99 | %)(g) | $ | 11,435 | 1.39 | %(h) | 0.61 | %(h) | (i) | (i) | 219.84 | % | ||||||||||||||||
Year Ended December 31, 2003 | 65.22 | % | $ | 46,902 | 1.42 | % | 0.89 | % | (i) | (i) | 133.49 | % | ||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | (1.25 | %)(g) | $ | 58,417 | 1.41 | %(h) | 1.22 | %(h) | (i) | (i) | 74.16 | % | ||||||||||||||||
Class VI Shares | ||||||||||||||||||||||||||||
Period Ended June 30, 2004 (Unaudited) (j) | (4.55 | %)(g) | $ | 2,571 | 1.52 | %(h) | 2.15 | %(h) | (i) | (i) | 74.16 | % |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as whole without distinguishing among the classes of shares. | |
(c) | For the period from August 30, 2000 (commencement of operations) through December 31, 2000. | |
(d) | The existing shares of the Fund were designated Class I shares as of May 1, 2001. | |
(e) | For the period from March 4, 2002 (commencement of operations) through December 31, 2002. | |
(f) | For the period from May 2, 2002 (commencement of operations) through December 31, 2002. | |
(g) | Not annualized. | |
(h) | Annualized. | |
(i) | There were no fee reductions during the period. | |
(j) | For the period from April 28, 2004 (commencement of operations) June 30, 2004. |
See notes to financial statements. |
163
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT International Growth Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Asset | ||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Value, | |||||||||||||||||||||||||||
Beginning | Income | Redemption | on | Investment | Investment | Total | End of | |||||||||||||||||||||||||
of Period | (Loss) | Fees | Investments | Activities | Income | Distributions | Period | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2000 (c) | $ | 10.00 | (0.01 | ) | — | (1.37 | ) | (1.38 | ) | — | — | $ | 8.62 | |||||||||||||||||||
Year Ended December 31, 2001 (d) | $ | 8.62 | 0.01 | — | (2.47 | ) | (2.46 | ) | (0.02 | ) | (0.02 | ) | $ | 6.14 | ||||||||||||||||||
Year Ended December 31, 2002 | $ | 6.14 | 0.01 | 0.01 | (1.50 | ) | (1.48 | ) | — | — | $ | 4.66 | ||||||||||||||||||||
Year Ended December 31, 2003 | $ | 4.66 | 0.07 | — | 1.59 | 1.66 | — | — | $ | 6.32 | ||||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 6.32 | 0.05 | 0.01 | (0.11 | ) | (0.05 | ) | — | — | $ | 6.27 | ||||||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (e) | $ | 5.95 | (0.01 | ) | 0.01 | (1.28 | ) | (1.28 | ) | — | — | $ | 4.67 | |||||||||||||||||||
Year Ended December 31, 2003 | $ | 4.67 | 0.02 | — | 1.63 | 1.65 | — | — | $ | 6.32 | ||||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 6.32 | 0.06 | 0.01 | (0.12 | ) | (0.05 | ) | — | — | $ | 6.27 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||||||
End of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||||||
Total | Period | Net | Net | Net | Net | Turnover | ||||||||||||||||||||||
Return | (000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | ||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2000 (c) | (13.70 | %)(f) | $ | 9,239 | 1.60 | %(g) | (0.17 | %)(g) | 2.88 | %(g) | (1.45 | %)(g) | 93.02 | % | ||||||||||||||
Year Ended December 31, 2001 (d) | (28.65 | %) | $ | 9,448 | 1.58 | % | 0.05 | % | 2.69 | % | (1.06 | %) | 245.96 | % | ||||||||||||||
Year Ended December 31, 2002 | (24.10 | %) | $ | 6,859 | 1.29 | % | 0.53 | % | 1.33 | % | 0.49 | % | 257.38 | % | ||||||||||||||
Year Ended December 31, 2003 | 35.62 | % | $ | 3,678 | 1.25 | % | 0.83 | % | (h) | (h) | 331.02 | % | ||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | (0.79 | %)(f) | $ | 3,056 | 1.30 | %(g) | 1.59 | %(g) | (h) | (h) | 142.43 | % | ||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2002 (e) | (21.51 | %)(f) | $ | 2,232 | 1.32 | %(g) | 0.08 | %(g) | (h) | (h) | 257.38 | % | ||||||||||||||||
Year Ended December 31, 2003 | 35.33 | % | $ | 6,912 | 1.33 | % | 0.24 | % | (h) | (h) | 331.02 | % | ||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | (0.79 | %)(f) | $ | 7,328 | 1.33 | %(g) | 1.74 | %(g) | (h) | (h) | 142.43 | % |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as whole without distinguishing among the classes of shares. | |
(c) | For the period from August 30, 2000 (commencement of operations) through December 31, 2000. | |
(d) | The existing shares of the Fund were designated Class I shares as of May 1, 2001. | |
(e) | For the period from May 2, 2002 (commencement of operations) through December 31, 2002. | |
(f) | Not annualized. | |
(g) | Annualized. | |
(h) | There were no fee reductions during the period. |
See notes to financial statements. |
164
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Dreyfus GVIT International Value Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | |||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Net | |||||||||||||||||||||||||||
Beginning | Income | Redemption | on | Investment | Investment | Realized | Total | |||||||||||||||||||||||||
of Period | (Loss) | Fees | Investments | Activities | Income | Gains | Distributions | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (b) | $ | 9.25 | 0.02 | 0.09 | 3.90 | 4.01 | — | — | — | |||||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 13.26 | 0.11 | 0.01 | 0.88 | 1.00 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (b) | $ | 9.25 | 0.01 | 0.09 | 3.87 | 3.98 | — | — | — | |||||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 13.22 | 0.10 | 0.01 | 0.87 | 0.98 | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (b) | $ | 9.25 | 0.05 | 0.09 | 3.84 | 3.98 | — | — | — | |||||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 13.96 | 0.11 | 0.01 | 0.15 | 0.27 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||||
Class IV Shares (c) | ||||||||||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 13.85 | 0.19 | — | 3.61 | 3.80 | (0.16 | ) | (0.81 | ) | (0.97 | ) | ||||||||||||||||||||
Year Ended December 31, 2000 | $ | 16.68 | 0.17 | — | (0.61 | ) | (0.44 | ) | (0.19 | ) | (1.91 | ) | (2.10 | ) | ||||||||||||||||||
Year Ended December 31, 2001 | $ | 14.14 | 0.12 | — | (1.67 | ) | (1.55 | ) | (0.17 | ) | (1.22 | ) | (1.39 | ) | ||||||||||||||||||
Year Ended December 31, 2002 | $ | 11.20 | 0.18 | — | (1.41 | ) | (1.23 | ) | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||
Year Ended December 31, 2003 | $ | 9.85 | 0.18 | 0.09 | 3.41 | 3.68 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 13.26 | 0.17 | 0.01 | 0.81 | 0.99 | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||||||
Class VI Shares | ||||||||||||||||||||||||||||||||
Period Ended June 30, 2004 (Unaudited) (f) | $ | 13.63 | 0.04 | 0.01 | 0.42 | 0.47 | (0.12 | ) | — | (0.12 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||
Net | ||||||||||||||||||||||||
Ratio of | Investment | |||||||||||||||||||||||
Net | Net | Expenses | Income | |||||||||||||||||||||
Asset | Assets at | to | (Loss) to | |||||||||||||||||||||
Value, | End of | Average | Average | |||||||||||||||||||||
End of | Total | Period | Net | Net | Portfolio | |||||||||||||||||||
Period | Return | (000s) | Assets | Assets | Turnover (a) | |||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||
Period Ended December 31, 2003 (b) | $ | 13.26 | 45.08% | (d) | $ | 542 | 1.20% | (e) | 0.56% | (e) | 91.20% | |||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 13.99 | 7.57% | (d) | $ | 2,133 | 0.84% | (e) | 3.12% | (e) | 21.36% | |||||||||||||
Class II Shares | ||||||||||||||||||||||||
Period Ended December 31, 2003 (b) | $ | 13.22 | 44.64% | (d) | $ | 1,523 | 1.45% | (e) | 0.20% | (e) | 91.20% | |||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 13.95 | 7.48% | (d) | $ | 3,479 | 1.09% | (e) | 2.92% | (e) | 21.36% | |||||||||||||
Class III Shares | ||||||||||||||||||||||||
Period Ended December 31, 2003 (b) | $ | 13.23 | 44.75% | (d) | $ | 9,620 | 1.13% | (e) | 1.30% | (e) | 91.20% | |||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 13.96 | 7.59% | (d) | $ | 31,430 | 0.84% | (e) | 3.01% | (e) | 21.36% | |||||||||||||
Class IV Shares (c) | ||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 16.68 | 29.33% | $ | 88,796 | 0.98% | 1.32% | 41.00% | ||||||||||||||||
Year Ended December 31, 2000 | $ | 14.14 | (2.75% | ) | $ | 78,501 | 0.95% | 1.33% | 37.00% | |||||||||||||||
Year Ended December 31, 2001 | $ | 11.20 | (12.20% | ) | $ | 68,746 | 1.08% | 1.04% | 36.00% | |||||||||||||||
Year Ended December 31, 2002 | $ | 9.85 | (11.10% | ) | $ | 59,335 | 1.00% | 1.63% | 35.00% | |||||||||||||||
Year Ended December 31, 2003 | $ | 13.26 | 38.52% | $ | 77,347 | 1.12% | 1.62% | 91.20% | ||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 13.99 | 7.49% | (d) | $ | 77,820 | 0.99% | (e) | 2.42% | (e) | 21.36% | |||||||||||||
Class VI Shares | ||||||||||||||||||||||||
Period Ended June 30, 2004 (Unaudited) (f) | $ | 13.98 | 3.46% | (d) | $ | 2,885 | 1.10% | (e) | 3.40% | (e) | 21.36% |
(a) | Portfolio turnover is calculated on the basis of the Fund as whole without distinguishing among the classes of shares. | |
(b) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. | |
(c) | The Dreyfus GVIT International Value Fund retained the history of the Market Street International Fund and the existing shares of the Fund were designated Class IV shares. | |
(d) | Not annualized. | |
(e) | Annualized. | |
(f) | For the period from April 28, 2004 (commencement of operations) through June 30, 2004. |
See notes to financial statements. |
165
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Investor Destinations Aggressive Fund
�� | ||||||||||||||||||||||||||||||||
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Gains | Total | Asset | |||||||||||||||||||||||||||||
Value, | Net | (Losses) | from | Net | Net | Value, | ||||||||||||||||||||||||||
Beginning | Investment | on | Investment | Investment | Realized | Total | End of | |||||||||||||||||||||||||
of Period | Income | Investments | Activities | Income | Gains | Distributions | Period | |||||||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2001 (c) | $ | 10.00 | 0.02 | 0.11 | 0.13 | (0.02 | ) | — | (0.02 | ) | $ | 10.11 | ||||||||||||||||||||
Year Ended December 31, 2002 | $ | 10.11 | 0.09 | (1.96 | ) | (1.87 | ) | (0.09 | ) | — | (0.09 | ) | $ | 8.15 | ||||||||||||||||||
Year Ended December 31, 2003 | $ | 8.15 | 0.12 | 2.46 | 2.58 | (0.12 | ) | (0.12 | ) | (0.24 | ) | $ | 10.49 | |||||||||||||||||||
Six Months Ended June 30, 2004 (d) (Unaudited) | $ | 10.49 | 0.04 | 0.37 | 0.41 | (0.04 | ) | (0.10 | ) | (0.14 | ) | $ | 10.76 | |||||||||||||||||||
Class VI Shares | ||||||||||||||||||||||||||||||||
Period Ended June 30, 2004 (h) (Unaudited) | $ | 10.52 | 0.03 | 0.24 | 0.27 | (0.03 | ) | — | (0.03 | ) | $ | 10.76 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||||||
End of | Average | Average | Average | Average | ||||||||||||||||||||||||
Total | Period | Net | Net | Net | Net | Portfolio | ||||||||||||||||||||||
Return | (000s) | Assets | Assets | Assets (a) | Assets (a) | Turnover (b) | ||||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2001 (c) | 1.31% | (e) | $ | 506 | 0.61% | (f) | 4.36% | (f) | 24.83% | (f) | (19.86% | )(f) | 10.90% | |||||||||||||||
Year Ended December 31, 2002 | (18.50% | ) | $ | 19,493 | 0.56% | 1.41% | (g | ) | (g | ) | 111.74% | |||||||||||||||||
Year Ended December 31, 2003 | 31.87% | $ | 94,500 | 0.55% | 1.60% | (g | ) | (g | ) | 49.13% | ||||||||||||||||||
Six Months Ended June 30, 2004 (d) (Unaudited) | 3.97% | (e) | $ | 213,424 | 0.55% | (f) | 1.05% | (f) | (g | ) | (g | ) | 9.17% | |||||||||||||||
Class VI Shares | ||||||||||||||||||||||||||||
Period Ended June 30, 2004 (h) (Unaudited) | 2.57% | (e) | $ | 118 | 0.40% | (f) | 9.94% | (f) | (g | ) | (g | ) | 9.17% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | For the period from December 12, 2001 (commencement of operations) through December 31, 2001. | |
(d) | On April 30, 2004, the existing share Class of the Fund was renamed Class II Shares. | |
(e) | Not annualized. | |
(f) | Annualized. | |
(g) | There were no fee reductions during the period. | |
(h) | For the period from April 30, 2004 (commencement of operations) through June 30, 2004. |
See notes to financial statements. |
166
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Investor Destinations Moderately Aggressive Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Gains | Total | Asset | |||||||||||||||||||||||||||||
Value, | Net | (Losses) | from | Net | Net | Value, | ||||||||||||||||||||||||||
Beginning | Investment | on | Investment | Investment | Realized | Total | End of | |||||||||||||||||||||||||
of Period | Income | Investments | Activities | Income | Gains | Distributions | Period | |||||||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2001 (c) | $ | 10.00 | 0.02 | 0.09 | 0.11 | (0.02 | ) | — | (0.02 | ) | $ | 10.09 | ||||||||||||||||||||
Year Ended December 31, 2002 | $ | 10.09 | 0.12 | (1.59 | ) | (1.47 | ) | (0.12 | ) | (0.01 | ) | (0.13 | ) | $ | 8.49 | |||||||||||||||||
Year Ended December 31, 2003 | $ | 8.49 | 0.14 | 2.10 | 2.24 | (0.13 | ) | — | (0.13 | ) | $ | 10.60 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (d) (Unaudited) | $ | 10.60 | 0.06 | 0.28 | 0.34 | (0.06 | ) | (0.06 | ) | (0.12 | ) | $ | 10.82 | |||||||||||||||||||
Class VI Shares | ||||||||||||||||||||||||||||||||
Period Ended June 30, 2004 (h) (Unaudited) | $ | 10.63 | 0.04 | 0.18 | 0.22 | (0.04 | ) | — | (0.04 | ) | $ | 10.81 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||
Net | Ratio of | Investment | (Prior to | (Prior to | ||||||||||||||||||||||||
Assets | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||||||
at End | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||||||
of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||||||
Total | Period | Net | Net | Net | Net | Turnover | ||||||||||||||||||||||
Return | (000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | ||||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2001 (c) | 1.12% | (e) | $ | 505 | 0.61% | (f) | 4.56% | (f) | 24.85% | (f) | (19.68% | )(f) | 11.10% | |||||||||||||||
Year Ended December 31, 2002 | (14.59% | ) | $ | 71,962 | 0.56% | 1.89% | (g | ) | (g | ) | 43.38% | |||||||||||||||||
Year Ended December 31, 2003 | 26.64% | $ | 290,666 | 0.56% | 1.73% | (g | ) | (g | ) | 22.22% | ||||||||||||||||||
Six Months Ended June 30, 2004 (d) (Unaudited) | 3.21% | (e) | $ | 501,528 | 0.55% | (f) | 1.29% | (f) | (g | ) | (g | ) | 6.24% | |||||||||||||||
Class VI Shares | ||||||||||||||||||||||||||||
Period Ended June 30, 2004 (h) (Unaudited) | 2.03% | (e) | $ | 352 | 0.40% | (f) | 3.59% | (f) | (g | ) | (g | ) | 6.24% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | For the period from December 12, 2001 (commencement of operations) through December 31, 2001. | |
(d) | On April 30, 2004, the existing share Class of the Fund was renamed Class II Shares. | |
(e) | Not annualized. | |
(f) | Annualized. | |
(g) | There were no fee reductions during the period. | |
(h) | For the period from April 30, 2004 (commencement of operations) through June 30, 2004. |
See notes to financial statements. |
167
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Investor Destinations Moderate Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Gains | Total | Asset | |||||||||||||||||||||||||||||
Value, | Net | (Losses) | from | Net | Net | Value, | ||||||||||||||||||||||||||
Beginning | Investment | on | Investment | Investment | Realized | Total | End of | |||||||||||||||||||||||||
of Period | Income | Investments | Activities | Income | Gains | Distributions | Period | |||||||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2001 (c) | $ | 10.00 | 0.02 | 0.06 | 0.08 | (0.02 | ) | — | (0.02 | ) | $ | 10.06 | ||||||||||||||||||||
Year Ended December 31, 2002 | $ | 10.06 | 0.15 | (1.11 | ) | (0.96 | ) | (0.15 | ) | (0.01 | ) | (0.16 | ) | $ | 8.94 | |||||||||||||||||
Year Ended December 31, 2003 | $ | 8.94 | 0.17 | 1.60 | 1.77 | (0.17 | ) | — | (0.17 | ) | $ | 10.54 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (d) (Unaudited) | $ | 10.54 | 0.08 | 0.18 | 0.26 | (0.08 | ) | (0.04 | ) | (0.12 | ) | $ | 10.68 | |||||||||||||||||||
Class VI Shares | ||||||||||||||||||||||||||||||||
Period Ended June 30, 2004 (h) (Unaudited) | $ | 10.54 | 0.05 | 0.12 | 0.17 | (0.05 | ) | — | (0.05 | ) | $ | 10.66 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||
Ratio | Net | Expenses | (Loss) | |||||||||||||||||||||||||
Net | of | Investment | (Prior to | (Prior to | ||||||||||||||||||||||||
Assets | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||||||
at End | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||||||
of | Average | Average | Average | Average | ||||||||||||||||||||||||
Total | Period | Net | Net | Net | Net | Portfolio | ||||||||||||||||||||||
Return | (000s) | Assets | Assets | Assets (a) | Assets (a) | Turnover (b) | ||||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2001 (c) | 0.84% | (e) | $ | 504 | 0.61% | (f) | 4.42% | (f) | 24.86% | (f) | (19.83 | %)(f) | 0.74% | |||||||||||||||
Year Ended December 31, 2002 | (9.60% | ) | $ | 165,555 | 0.56% | 2.41% | (g | ) | (g | ) | 21.58% | |||||||||||||||||
Year Ended December 31, 2003 | 20.05% | $ | 566,916 | 0.56% | 2.01% | (g | ) | (g | ) | 9.90% | ||||||||||||||||||
Six Months Ended June 30, 2004 (d) (Unaudited) | 2.46% | (e) | $ | 853,541 | 0.55% | (f) | 1.59% | (f) | (g | ) | (g | ) | 1.28% | |||||||||||||||
Class VI Shares | ||||||||||||||||||||||||||||
Period Ended June 30, 2004 (h) (Unaudited) | 1.57% | (e) | $ | 1,137 | 0.40% | (f) | 3.29% | (f) | (g | ) | (g | ) | 1.28% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | For the period from December 12, 2001 (commencement of operations) through December 31, 2001. | |
(d) | On April 30, 2004, the existing share Class of the Fund was renamed Class II Shares. | |
(e) | Not annualized. | |
(f) | Annualized. | |
(g) | There were no fee reductions during the period. | |
(h) | For the period from April 30, 2004 (commencement of operations) through June 30, 2004. |
See notes to financial statements. |
168
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Investor Destinations Moderately Conservative Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||||||
Net Asset | Unrealized | Net | ||||||||||||||||||||||||||||||||||
Value, | Gains | Total | Asset | |||||||||||||||||||||||||||||||||
Beginning | Net | (Losses) | from | Net | Net | Value, | ||||||||||||||||||||||||||||||
of Period | Investment | on | Investment | Investment | Realized | Total | End of | Total | ||||||||||||||||||||||||||||
Average | Income | Investments | Activities | Income | Gains | Distributions | Period | Return | ||||||||||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||||||
Period Ended December 31, 2001 (c) | $ | 10.00 | 0.03 | 0.04 | 0.07 | (0.03 | ) | — | (0.03 | ) | $ | 10.04 | 0.65% | (e) | ||||||||||||||||||||||
Year Ended December 31, 2002 | $ | 10.04 | 0.18 | (0.60 | ) | (0.42 | ) | (0.18 | ) | (0.01 | ) | (0.19 | ) | $ | 9.43 | (4.15% | ) | |||||||||||||||||||
Year Ended December 31, 2003 | $ | 9.43 | 0.21 | 1.07 | 1.28 | (0.21 | ) | (0.02 | ) | (0.23 | ) | $ | 10.48 | 13.70% | ||||||||||||||||||||||
Six Months Ended June 30, 2004 (d) (Unaudited) | $ | 10.48 | 0.10 | 0.07 | 0.17 | (0.10 | ) | (0.05 | ) | (0.15 | ) | $ | 10.50 | 1.57% | (e) | |||||||||||||||||||||
Class VI Shares | ||||||||||||||||||||||||||||||||||||
Period Ended June 30, 2004 (h) (Unaudited) | $ | 10.44 | 0.05 | 0.06 | 0.11 | (0.05 | ) | — | (0.05 | ) | $ | 10.50 | 1.10% | (e) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||
Net | ||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||
End of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||
Period | Net | Net | Net | Net | Turnover | |||||||||||||||||||
(000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | |||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||
Period Ended December 31, 2001 (c) | $ | 503 | 0.61% | (f) | 4.56% | (f) | 24.88% | (f) | (19.71% | )(f) | 0.60% | |||||||||||||
Year Ended December 31, 2002 | $ | 95,669 | 0.56% | 2.96% | (g | ) | (g | ) | 35.19% | |||||||||||||||
Year Ended December 31, 2003 | $ | 258,529 | 0.56% | 2.32% | (g | ) | (g | ) | 12.61% | |||||||||||||||
Six Months Ended June 30, 2004 (d) (Unaudited) | $ | 349,705 | 0.55% | (f) | 1.96% | (f) | (g | ) | (g | ) | 1.44% | |||||||||||||
Class VI Shares | ||||||||||||||||||||||||
Period Ended June 30, 2004 (h) (Unaudited) | $ | 251 | 0.40% | (f) | 3.68% | (f) | (g | ) | (g | ) | 1.44% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | For the period from December 12, 2001 (commencement of operations) through December 31, 2001. | |
(d) | On April 30, 2004, the existing share Class of the Fund was renamed Class II Shares. | |
(e) | Not annualized. | |
(f) | Annualized. | |
(g) | There were no fee reductions during the period. | |
(h) | For the period from April 30, 2004 (commencement of operations) through June 30, 2004. |
See notes to financial statements. |
169
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Investor Destinations Conservative Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||||||
Net Asset | Gains | Total | Asset | |||||||||||||||||||||||||||||||||
Value, | Net | (Losses) | from | Net | Net | Value, | ||||||||||||||||||||||||||||||
Beginning | Investment | on | Investment | Investment | Realized | Total | End of | Total | ||||||||||||||||||||||||||||
of Period | Income | Investments | Activities | Income | Gains | Distributions | Period | Return | ||||||||||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||||||
Period Ended December 31, 2001 (c) | $ | 10.00 | 0.02 | 0.01 | 0.03 | (0.02 | ) | — | (0.02 | ) | $ | 10.01 | 0.34% | (e) | ||||||||||||||||||||||
Year Ended December 31, 2002 | $ | 10.01 | 0.21 | (0.18 | ) | 0.03 | (0.21 | ) | — | (0.21 | ) | $ | 9.83 | 0.40% | ||||||||||||||||||||||
Year Ended December 31, 2003 | $ | 9.83 | 0.24 | 0.53 | 0.77 | (0.24 | ) | (0.04 | ) | (0.28 | ) | $ | 10.32 | 7.91% | ||||||||||||||||||||||
Six Months Ended June 30, 2004 (d) (Unaudited) | $ | 10.32 | 0.10 | (0.01 | ) | 0.09 | (0.10 | ) | (0.04 | ) | (0.14 | ) | $ | 10.27 | 0.96% | (e) | ||||||||||||||||||||
Class VI Shares | ||||||||||||||||||||||||||||||||||||
Period Ended June 30, 2004 (h) (Unaudited) | $ | 10.26 | 0.06 | — | 0.06 | (0.06 | ) | — | (0.06 | ) | $ | 10.26 | 0.60% | (e) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||
Net | ||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||
Net | Ratio of | Investment | (Prior to | (Prior to | ||||||||||||||||||||
Assets | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||
at End | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||
of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||
Period | Net | Net | Net | Net | Turnover | |||||||||||||||||||
(000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | |||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||
Period Ended December 31, 2001 (c) | $ | 502 | 0.61% | (f) | 4.39% | (f) | 24.89% | (f) | (19.89% | )(f) | 0.40% | |||||||||||||
Year Ended December 31, 2002 | $ | 90,358 | 0.56% | 3.30% | (g | ) | (g | ) | 28.70% | |||||||||||||||
Year Ended December 31, 2003 | $ | 190,624 | 0.56% | 2.55% | (g | ) | (g | ) | 24.84% | |||||||||||||||
Six Months Ended June 30, 2004 (d) (Unaudited) | $ | 225,858 | 0.55% | (f) | 2.14% | (f) | (g | ) | (g | ) | 7.90% | |||||||||||||
Class VI Shares | ||||||||||||||||||||||||
Period Ended June 30, 2004 (h) (Unaudited) | $ | 342 | 0.40% | (f) | 2.93% | (f) | (g | ) | (g | ) | 7.90% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | For the period from December 12, 2001 (commencement of operations) through December 31, 2001. | |
(d) | On April 30, 2004, the existing share Class of the Fund was renamed Class II Shares. | |
(e) | Not annualized. | |
(f) | Annualized. | |
(g) | There were no fee reductions during the period. | |
(h) | For the period from April 30, 2004 (commencement of operations) through June 30, 2004. |
See notes to financial statements. |
170
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT U.S. Growth Leaders Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Asset | ||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Value, | |||||||||||||||||||||||||||
Beginning | Income | Redemption | on | Investment | Realized | Total | End of | |||||||||||||||||||||||||
of Period | (Loss) | Fees | Investments | Activities | Gains | Distributions | Period | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (c) | $ | 8.64 | (0.02 | ) | 0.01 | (1.07 | ) | (1.08 | ) | — | — | $ | 7.56 | |||||||||||||||||||
Year Ended December 31, 2003 | $ | 7.56 | (0.02 | ) | 0.01 | 3.95 | 3.94 | (0.76 | ) | (0.76 | ) | $ | 10.74 | |||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 10.74 | (0.04 | ) | — | 0.30 | 0.26 | (0.44 | ) | (0.44 | ) | $ | 10.56 | |||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (d) | $ | 8.17 | (0.02 | ) | 0.01 | 3.36 | 3.35 | (0.76 | ) | (0.76 | ) | $ | 10.76 | |||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 10.76 | (0.05 | ) | — | 0.30 | 0.25 | (0.44 | ) | (0.44 | ) | $ | 10.57 | |||||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2001 (e) | $ | 10.00 | — | — | (0.08 | ) | (0.08 | ) | — | — | $ | 9.92 | ||||||||||||||||||||
Year Ended December 31, 2002 | $ | 9.92 | (0.05 | ) | 0.01 | (2.30 | ) | (2.34 | ) | — | — | $ | 7.58 | |||||||||||||||||||
Year Ended December 31, 2003 | $ | 7.58 | (0.03 | ) | 0.01 | 3.99 | 3.97 | (0.76 | ) | (0.76 | ) | $ | 10.79 | |||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 10.79 | (0.05 | ) | — | 0.31 | 0.26 | (0.44 | ) | (0.44 | ) | $ | 10.61 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||||||
End of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||||||
Total | Period | Net | Net | Net | Net | Turnover | ||||||||||||||||||||||
Return | (000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | ||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2002 (c) | (12.50% | )(f) | $ | 476 | 1.16% | (g) | (0.56% | )(g) | (h | ) | (h | ) | 754.41% | |||||||||||||||
Year Ended December 31, 2003 | 52.14% | $ | 6,199 | 1.19% | (0.50% | ) | (h | ) | (h | ) | 580.71% | |||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 2.45% | (f) | $ | 5,792 | 1.30% | (g) | (0.74% | )(g) | (h | ) | (h | ) | 268.72% | |||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2003 (d) | 41.02% | (f) | $ | 4,101 | 1.43% | (g) | (0.66% | )(g) | (h | ) | (h | ) | 580.71% | |||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 2.35% | (f) | $ | 7,582 | 1.55% | (g) | (1.00% | )(g) | (h | ) | (h | ) | 268.72% | |||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2001 (e) | (0.80% | )(f) | $ | 2,976 | 1.25% | (g) | (0.40% | )(g) | 7.56% | (g) | (6.71% | )(g) | 9.71% | |||||||||||||||
Year Ended December 31, 2002 | (23.59% | ) | $ | 6,501 | 1.10% | (0.64% | ) | (h | ) | (h | ) | 754.41% | ||||||||||||||||
Year Ended December 31, 2003 | 52.39% | $ | 54,959 | 1.19% | (0.50% | ) | (h | ) | (h | ) | 580.71% | |||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 2.44% | (f) | $ | 38,034 | 1.30% | (g) | (0.73% | )(g) | (h | ) | (h | ) | 268.72% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | For the period from June 3, 2002 (commencement of operations) through December 31, 2002. | |
(d) | For the period from March 21, 2003 (commencement of operations) through December 31, 2003. | |
(e) | For the period from December 18, 2001 (commencement of operations) through December 31, 2001. Registration of shares effective with the Securities and Exchange Commission on December 28, 2001. On the effective date, the net asset value was $9.92 per share. | |
(f) | Not annualized. | |
(g) | Annualized. | |
(h) | There were no fee reductions during the period. |
See notes to financial statements. |
171
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Global Utilities Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Asset | ||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Value, | |||||||||||||||||||||||||||
Beginning | Income | Redemption | on | Investment | Investment | Total | End of | |||||||||||||||||||||||||
of Period | (Loss) | Fees | Investments | Activities | Income | Distributions | Period | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (c) | $ | 8.38 | 0.08 | 0.01 | (0.96 | ) | (0.87 | ) | (0.09 | ) | (0.09 | ) | $ | 7.42 | ||||||||||||||||||
Year Ended December 31, 2003 | $ | 7.42 | 0.06 | 0.01 | 1.71 | 1.78 | (0.04 | ) | (0.04 | ) | $ | 9.16 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.16 | 0.11 | 0.01 | 0.37 | 0.49 | (0.05 | ) | (0.05 | ) | $ | 9.60 | ||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (d) | $ | 7.08 | 0.03 | 0.01 | 2.09 | 2.13 | (0.03 | ) | (0.03 | ) | $ | 9.18 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.18 | 0.09 | 0.01 | 0.38 | 0.48 | (0.04 | ) | (0.04 | ) | $ | 9.62 | ||||||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2001 (e) | $ | 10.00 | — | — | 0.01 | 0.01 | — | — | $ | 10.01 | ||||||||||||||||||||||
Year Ended December 31, 2002 | $ | 10.01 | 0.12 | 0.01 | (2.62 | ) | (2.49 | ) | (0.09 | ) | (0.09 | ) | $ | 7.43 | ||||||||||||||||||
Year Ended December 31, 2003 | $ | 7.43 | 0.10 | 0.01 | 1.68 | 1.79 | (0.04 | ) | (0.04 | ) | $ | 9.18 | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 9.18 | 0.10 | 0.01 | 0.39 | 0.50 | (0.06 | ) | (0.06 | ) | $ | 9.62 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||
Net | Ratio of | Investment | (Prior to | (Prior to | ||||||||||||||||||||||||
Assets | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||||||
at End | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||||||
of | Average | Average | Average | Average | Portfolio | |||||||||||||||||||||||
Total | Period | Net | Net | Net | Net | Turnover | ||||||||||||||||||||||
Return | (000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | ||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2002 (c) | (10.36% | )(f) | $ | 169 | 1.20% | (g) | 1.83% | (g) | (h | ) | (h | ) | 153.83% | |||||||||||||||
Year Ended December 31, 2003 | 24.05% | $ | 1,104 | 1.11% | 1.28% | (h | ) | (h | ) | 116.62% | ||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 5.41% | (f) | $ | 1,212 | 1.08% | (g) | 2.09% | (g) | (h | ) | (h | ) | 240.15% | |||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2003 (d) | 30.16% | (f) | $ | 1,092 | 1.36% | (g) | 0.76% | (g) | (h | ) | (h | ) | 116.62% | |||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 5.27% | (f) | $ | 1,106 | 1.33% | (g) | 1.90% | (g) | (h | ) | (h | ) | 240.15% | |||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||
Period Ended December 31, 2001 (e) | 0.10% | (f) | $ | 3,002 | 1.15% | (g) | (0.12% | )(g) | 8.45% | (g) | (7.42% | )(g) | 0.00% | |||||||||||||||
Year Ended December 31, 2002 | (24.85% | ) | $ | 3,571 | 1.10% | 1.79% | 1.11% | 1.78% | 153.83% | |||||||||||||||||||
Year Ended December 31, 2003 | 24.17% | $ | 7,054 | 1.04% | 1.39% | (h | ) | (h | ) | 116.62% | ||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | 5.44% | (f) | $ | 8,720 | 1.03% | (g) | 2.15% | (g) | (h | ) | (h | ) | 240.15% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | For the period from May 10, 2002 (commencement of operations) through December 31, 2002. | |
(d) | For the period from March 28, 2003 (commencement of operations) through December 31, 2003. | |
(e) | For the period from December 18, 2001 (commencement of operations) through December 31, 2001. Registration of shares effective with the Securities and Exchange Commission on December 28, 2001. On the effective date, the net asset value was $10.01 per share. | |
(f) | Not annualized. | |
(g) | Annualized. | |
(h) | There were no fee reductions during the period. |
See notes to financial statements. |
172
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Global Financial Services Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | |||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Net | |||||||||||||||||||||||||||
Beginning | Income | Redemption | on | Investment | Investment | Realized | Total | |||||||||||||||||||||||||
of Period | (Loss) | Fees | Investments | Activities | Income | Gains | Distributions | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (c) | $ | 10.23 | — | 0.01 | (1.27 | ) | (1.26 | ) | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||
Year Ended December 31, 2003 | $ | 8.96 | 0.10 | 0.01 | 3.58 | 3.69 | (0.05 | ) | (1.21 | ) | (1.26 | ) | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 11.39 | 0.12 | 0.01 | 0.41 | 0.54 | (0.07 | ) | (0.10 | ) | (0.17 | ) | ||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (d) | $ | 8.46 | 0.04 | 0.01 | 4.11 | 4.16 | (0.04 | ) | (1.21 | ) | (1.25 | ) | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 11.37 | 0.07 | 0.01 | 0.45 | 0.53 | (0.06 | ) | (0.10 | ) | (0.16 | ) | ||||||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2001 (e) | $ | 10.00 | — | — | 0.13 | 0.13 | — | — | — | |||||||||||||||||||||||
Year Ended December 31, 2002 | $ | 10.13 | 0.04 | 0.01 | (1.21 | ) | (1.16 | ) | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||
Year Ended December 31, 2003 | $ | 8.96 | 0.13 | 0.01 | 3.55 | 3.69 | (0.05 | ) | (1.21 | ) | (1.26 | ) | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 11.39 | 0.09 | 0.01 | 0.44 | 0.54 | (0.07 | ) | (0.10 | ) | (0.17 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||||||||||
Net | Net | Expenses | Income | Reimburse- | Reimburse- | |||||||||||||||||||||||||||
Asset | Assets at | to | (Loss) to | ments) to | ments) to | |||||||||||||||||||||||||||
Value, | End of | Average | Average | Average | Average | Portfolio | ||||||||||||||||||||||||||
End of | Total | Period | Net | Net | Net | Net | Turnover | |||||||||||||||||||||||||
Period | Return | (000s) | Assets | Assets | Assets (a) | Assets (a) | (b) | |||||||||||||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2002 (c) | $ | 8.96 | (12.26% | )(f) | $ | 218 | 1.37% | (g) | 0.30% | (g) | (h | ) | (h | ) | 211.21% | |||||||||||||||||
Year Ended December 31, 2003 | $ | 11.39 | 41.45% | $ | 3,121 | 1.27% | 1.47% | (h | ) | (h | ) | 261.68% | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 11.76 | 4.69% | (f) | $ | 3,800 | 1.25% | (g) | 1.64% | (g) | (h | ) | (h | ) | 62.47% | |||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2003 (d) | $ | 11.37 | 49.51% | (f) | $ | 913 | 1.51% | (g) | 1.20% | (g) | (h | ) | (h | ) | 261.68% | |||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 11.74 | 4.60% | (f) | $ | 2,092 | 1.50% | (g) | 1.53% | (g) | (h | ) | (h | ) | 62.47% | |||||||||||||||||
Class III Shares | ||||||||||||||||||||||||||||||||
Period Ended December 31, 2001 (e) | $ | 10.13 | 1.32% | (f) | $ | 3,041 | 1.35% | (g) | 0.33% | (g) | 8.56% | (g) | (6.88% | )(g) | 0.00% | |||||||||||||||||
Year Ended December 31, 2002 | $ | 8.96 | (11.41% | ) | $ | 6,009 | 1.31% | 0.66% | (h | ) | (h | ) | 211.21% | |||||||||||||||||||
Year Ended December 31, 2003 | $ | 11.39 | 41.46% | $ | 11,634 | 1.22% | 1.57% | (h | ) | (h | ) | 261.68% | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 11.76 | 4.71% | (f) | $ | 18,588 | 1.22% | (g) | 1.79% | (g) | (h | ) | (h | ) | 62.47% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares. | |
(c) | For the period from May 10, 2002 (commencement of operations) through December 31, 2002. | |
(d) | For the period from March 28, 2003 (commencement of operations) through December 31, 2003. | |
(e) | For the period from December 18, 2001 (commencement of operations) through December 31, 2001. Registration of shares effective with the Securities and Exchange Commission on December 28, 2001. On the effective date, the net asset value was $10.13 per share. | |
(f) | Not annualized. | |
(g) | Annualized. | |
(h) | There were no fee reductions during the period. |
See notes to financial statements. |
173
Table of Contents
Financial Highlights
Selected data for each share of capital outstanding
Gartmore GVIT Developing Markets Fund
Investment Activities | Distributions | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Realized | ||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||
Unrealized | Net | |||||||||||||||||||||||||||||||
Net Asset | Net | Gains | Total | Asset | ||||||||||||||||||||||||||||
Value, | Investment | (Losses) | from | Net | Value, | |||||||||||||||||||||||||||
Beginning | Income | on | Investment | Investment | Total | End of | Total | |||||||||||||||||||||||||
of Period | (Loss) | Investments | Activities | Income | Distributions | Period | Return | |||||||||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 6.59 | 0.02 | 4.25 | 4.27 | — | — | $ | 10.86 | 64.81% | ||||||||||||||||||||||
Year Ended December 31, 2000 | $ | 10.86 | (0.03 | ) | (3.07 | ) | (3.10 | ) | — | — | $ | 7.76 | (28.55% | ) | ||||||||||||||||||
Year Ended December 31, 2001 | $ | 7.76 | 0.08 | (0.62 | ) | (0.54 | ) | — | — | $ | 7.22 | (6.96% | ) | |||||||||||||||||||
Year Ended December 31, 2002 | $ | 7.22 | 0.03 | (0.73 | ) | (0.70 | ) | (0.01 | ) | (0.01 | ) | $ | 6.51 | (9.68% | ) | |||||||||||||||||
Year Ended December 31, 2003 (b) | $ | 6.51 | 0.06 | 3.83 | 3.89 | (0.01 | ) | (0.01 | ) | $ | 10.39 | 59.70% | ||||||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 10.39 | 0.05 | (0.23 | ) | (0.18 | ) | (0.04 | ) | (0.04 | ) | $ | 10.17 | (1.73% | )(c) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratios/Supplemental Data | ||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||
Net | ||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||
Ratio of | Ratio of | Income | ||||||||||||||||||||||
Net | Expenses | (Loss) | ||||||||||||||||||||||
Ratio of | Investment | (Prior to | (Prior to | |||||||||||||||||||||
Net | Expenses | Income | Reimburse- | Reimburse- | ||||||||||||||||||||
Assets at | to | (Loss) to | ments) to | ments) to | ||||||||||||||||||||
End of | Average | Average | Average | Average | ||||||||||||||||||||
Period | Net | Net | Net | Net | Portfolio | |||||||||||||||||||
(000s) | Assets | Assets | Assets (a) | Assets (a) | Turnover | |||||||||||||||||||
Class II Shares | ||||||||||||||||||||||||
Year Ended December 31, 1999 | $ | 131,197 | 1.62% | 0.20% | 1.65% | 0.17% | 124.00% | |||||||||||||||||
Year Ended December 31, 2000 | $ | 100,730 | 1.56% | (0.34% | ) | 1.81% | (0.59% | ) | 103.00% | |||||||||||||||
Year Ended December 31, 2001 | $ | 100,899 | 1.59% | 1.19% | 1.67% | 1.11% | 118.00% | |||||||||||||||||
Year Ended December 31, 2002 | $ | 75,321 | 1.60% | 0.44% | 1.68% | 0.36% | 97.00% | |||||||||||||||||
Year Ended December 31, 2003 (b) | $ | 165,601 | 1.64% | 0.75% | 1.80% | 0.60% | 167.45% | |||||||||||||||||
Six Months Ended June 30, 2004 (Unaudited) | $ | 127,234 | 1.73% | (d) | 0.85% | (d) | (e | ) | (e | ) | 83.00% |
(a) | During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated. | |
(b) | Upon reorganization on June 23, 2003, the existing shares of the Fund were designated Class II shares. | |
(c) | Not Annualized. | |
(d) | Annualized. | |
(e) | There were no fee reductions during the period. |
See notes to financial statements. |
174
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
June 30, 2004 (Unaudited)
1. Organization
Gartmore Variable Insurance Trust (“GVIT” or the “Trust”) is an open-end management investment company. GVIT was organized as a Massachusetts business trust as of June 30, 1981, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). On June 30, 2004, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”) without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Trust’s series. Also to date, the separate accounts of American Skandia Life Insurance Corporation and Peoples Benefit Life Insurance Company, a subsidiary of Aegon, have purchased shares of the GVIT Developing Markets Fund and the separate accounts of Great-West Life & Annuity Insurance Company have purchased shares of the GVIT Developing Markets Fund and Dreyfus GVIT MidCap Index Fund. The Trust operates thirty-one (31) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Funds listed below (individually a “Fund”, collectively the “Funds”):
Gartmore GVIT Nationwide Fund (“Nationwide”) | |
Gartmore GVIT Growth Fund (“Growth”) | |
Gartmore GVIT Government Bond Fund (“Government Bond”) | |
GVIT Small Company Fund (“Small Company”) | |
Gartmore GVIT Money Market Fund (“Money Market”) | |
Gartmore GVIT Money Market Fund II (“Money Market II”) | |
J.P. Morgan GVIT Balanced Fund (“Balanced”) | |
Gartmore GVIT Mid Cap Growth Fund (“Mid Cap Growth”) | |
Comstock GVIT Value Fund (“Value”) | |
Federated GVIT High Income Bond Fund (“High Income Bond”) | |
GVIT Equity 500 Index Fund (“Equity 500 Index”) | |
Van Kampen GVIT Multi Sector Bond Fund (“Multi Sector Bond”) | |
GVIT Small Cap Value Fund (“Small Cap Value”) | |
GVIT Small Cap Growth Fund (“Small Cap Growth”) | |
Gartmore GVIT Worldwide Leaders Fund (“Worldwide Leaders”) | |
Dreyfus GVIT Mid Cap Index Fund (“Mid Cap Index”) | |
Gartmore GVIT Global Technology and Communications Fund (“Global Technology and Communications”) | |
Gartmore GVIT Global Health Sciences Fund (“Global Health Sciences”) | |
Gartmore GVIT Nationwide Leaders Fund (“Nationwide Leaders”) | |
Gartmore GVIT Emerging Markets Fund (“Emerging Markets”) | |
Gartmore GVIT International Growth Fund (“International Growth”) | |
Dreyfus GVIT International Value Fund (“International Value”) | |
Gartmore GVIT Investor Destinations Aggressive Fund (“Aggressive”) | |
Gartmore GVIT Investor Destinations Moderately Aggressive Fund (“Moderately Aggressive”) | |
Gartmore GVIT Investor Destinations Moderate Fund (“Moderate”) | |
Gartmore GVIT Investor Destinations Moderately Conservative Fund (“Moderately Conservative”) | |
Gartmore GVIT Investor Destinations Conservative Fund (“Conservative”) | |
Gartmore GVIT U.S. Growth Leaders Fund (“US Growth Leaders”) | |
Gartmore GVIT Global Utilities Fund (“Global Utilities”) | |
Gartmore GVIT Global Financial Services Fund (“Global Financial Services”) | |
Gartmore GVIT Developing Markets Fund (“Developing Markets”) |
The Aggressive, Moderately Aggressive, Moderate, Moderately Conservative, and Conservative Funds (collectively the “Investor Destinations Funds”) are constructed as “fund of funds” which means that these GVIT Funds pursue their investment objectives primarily by allocating their investments among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. The Investor Destinations Funds, except for the Aggressive Fund, may also invest in a non-registered fixed interest contract issued by Nationwide Life Insurance Company up to each Fund’s designated limit.
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.
175
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
2. | Summary of Significant Accounting Policies |
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.
(a) | Security Valuation |
Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Board of Trustees. Prices are taken from the primary market or exchange in which each security trades. Most securities listed on a foreign exchange are valued at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. Dollar, as of Valuation Time, as provided by an independent pricing service provided by the Board of Trustees.
Except for the High Income Bond Fund, debt (including defaulted issues) and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Funds’ Board of Trustees. The securities held by the High Income Bond Fund are valued at the mean between the last quoted bid and asked price as provided by an independent pricing servicing approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are considered to be “short-term” and are valued at amortized cost which approximates market value.
Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Funds’ investment adviser or designee, are valued at fair value under procedures approved by the Trust’s Board of Trustees. The “Fair Value�� of such securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of SEC acceptable methods: (I) a multiple of earnings, (ii) the discount from market value of a similar, freely traded security, (iii) the yield-to-maturity for debt issues, or (iv) a consolidation of the methods. The Gartmore Fair Value Committee considers a non-exclusive list of factors to arrive at the appropriate method upon determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.
Beginning July 1, 2004, the Funds holding foreign equity securities (the “Foreign Equity Funds”) will begin to value foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Foreign Equity Funds, the Foreign Equity Funds will fair value their foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Foreign Equity Funds’ foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees of the Trust has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. In determining fair value prices, the Trust utilizes data furnished by an independent pricing service (and that data draws upon, among other information, the market values of foreign investments). The fair value prices of portfolio securities generally will be used when it is determined that the use of such prices will have a material impact on the net asset value of a Foreign Equity Fund. When a Foreign Equity Fund uses fair value pricing, the values assigned to the Foreign Equity Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.
Investments of the Money Market and Money Market II Funds (together, the “Money Market Funds”) are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant (straight-line) basis to the maturity of the security.
176
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
Shares of the Underlying Funds in which the Investor Destinations Funds invest are valued at their respective net asset values as reported by the Underlying Funds. The securities in the Underlying Funds are generally valued as of the close of business of the regular session of trading on the New York Stock Exchange. Underlying Funds generally value securities and assets at value. Under most circumstances, the fixed interest contract is valued at par value each day, which is deemed to be fair value. The par value is calculated each day by the summation of the following factors: prior day’s par value; prior day’s interest accrued (par multiplied by guaranteed fixed rate); and current day net purchase or redemption.
(b) | Repurchase Agreements |
The Funds may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by a Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Funds’ custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited.
(c) | Foreign Currency Transactions |
The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expense, are translated at the prevailing rate of exchange on the respective date of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.
(d) | Risks Associated with Foreign Securities and Currencies |
Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.
Certain countries may also impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.
(e) | Forward Foreign Currency Contracts |
Certain Funds may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Funds could be exposed to risks if the counter parties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.
(f) | Futures Contracts |
Certain Funds may invest in financial futures contracts (“futures contracts”) for the purpose of hedging their existing portfolio securities or securities they intend to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes. Upon entering into a futures contract, these Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value of the underlying security. A gain or loss equal to the daily variation margin is recognized on a daily basis. Future contracts are valued daily at their last quoted sale price.
177
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.
Should market conditions change unexpectedly, a Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.
(g) | Written Options Contracts |
Certain Funds may write options contracts. A written option obligates the Funds to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. The value of the option contract is recorded as a liability and unrealized gain or loss is measured by the difference between the current value and the premium received. Options traded on a an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes.
(h) | Mortgage Dollar Rolls |
Certain Funds may enter into mortgage “dollar rolls” in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls are referred to as TBA’s on the Statement of Investments of the applicable Funds. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. The Fund is compensated by fee income or the difference between the current sales price and the lower forward price for the future purchase. Mortgage dollar rolls are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees.
(i) | Short Sales |
The Funds are authorized to engage in short-selling of portfolio securities which obligates a Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date. The collateral for securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date. The collateral for securities sold short includes the deposits with brokers and securities held long as shown in the Statement of Investments for each Fund.
(j) | Security Transactions and Investment Income |
Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.
(k) | Securities Lending |
To generate additional income, each of the Funds, with the exception of the Investor Destinations Funds and the Money Market Funds, may lend up to 33 1/3% of the Fund’s total assets pursuant to agreements, requiring that the Fund receives cash or securities as collateral with respect to each loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each loan of non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned, and at all times thereafter shall require the borrower to mark to market the collateral on a daily basis so that the market value of the collateral does not fall below 100% of the market value of the portfolio securities loaned. The cash collateral received by the Funds at June 30, 2004, was invested in a Bank Note (with a interest rate of 1.56% and maturity date of September 9, 2004), Funding Agreements (with interest rates ranging from 1.29% to 1.59% and maturity dates ranging from July 2004 to September 2004), Master Notes (with interest rates ranging from 1.60% to 1.68% and maturity dates of July 1, 2004), Medium Term Notes (with interest rates ranging from 1.17% to 1.60% and maturity dates ranging from July 2004 to September 2004), Repurchase Agreements (with interest rates ranging from 1.50% to 1.52% and maturity dates of July 1, 2004), and Yankee Certificate of Deposits (with interest rates ranging from 1.13% to 1.69% and maturity dates ranging from July 2004 to September 2004).
178
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
Information on the investment of cash collateral is shown in the Statement of Investments. The Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on securities lent while simultaneously seeking to earn income on the investment of cash collateral. Collateral is marked to market daily to provide a level of collateral at least equal to the market value of securities lent. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Funds or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Funds. JPMorgan Chase Bank receives a custody fee based on the value of collateral received from borrowers. As of June 30, 2004, the following Funds had securities with the following market values on loan:
Market Value of | Market Value | |||||||
Fund | Loaned Securities | of Collateral* | ||||||
Nationwide | $ | 107,120,555 | $ | 108,610,385 | ||||
Growth | 9,448,315 | 9,540,183 | ||||||
Government Bond | 263,674,836 | 268,152,685 | ||||||
Small Company | 138,344,345 | 140,379,399 | ||||||
Mid Cap Growth | 40,257,172 | 40,578,696 | ||||||
Value | 6,720,770 | 6,861,750 | ||||||
High Income Bond | 71,783,323 | 72,820,709 | ||||||
Equity 500 Index | 4,804,140 | 4,897,985 | ||||||
Multi Sector Bond | 35,436,326 | 36,155,361 | ||||||
Small Cap Growth | 16,312,866 | 16,507,425 | ||||||
Worldwide Leaders | 1,925,385 | 2,028,842 | ||||||
Mid Cap Index | 91,607,040 | 93,027,042 | ||||||
Global Technology and Communications | 7,162,240 | 7,206,496 | ||||||
Global Health Sciences | 5,263,683 | 5,295,773 | ||||||
Emerging Markets | 2,613,882 | 2,798,950 | ||||||
International Value | 12,283,138 | 12,966,431 | ||||||
US Growth Leaders | 3,779,642 | 3,818,085 | ||||||
Developing Markets | 4,668,334 | 4,929,035 |
* | Includes securities and cash collateral |
(l) | Distributions to Shareholders |
For all Funds excluding the Money Market Funds, dividends from net investment income, if any, are declared and paid quarterly. For the Money Market Funds, dividends from net investment income are declared daily and paid monthly. For all Funds, distributable net realized capital gains, if any, are declared and distributed at least annually.
Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with AICPA (American Institute of Certified Public Accountants) Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, gain/loss, paydowns, and distributions) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the respective Funds. Dividends and distributions that exceed net investment income and net realized gains for financial reporting purposes, but not for tax purposes; are reported as distributions in excess of net investment income or net realized gains. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.
179
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
(m) | Federal Income Taxes |
It is the policy of each Fund to qualify or continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.
(n) | Allocation of Expenses, Income, and Gains and Losses |
Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among various or all Funds within the Trust. For the Equity Funds, the method for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. For the Bond Funds, the allocation method used is based on the fair value of settled shares outstanding. Under this method, earnings are allocated based on the fair value of settled shares. Expenses specific to a class (such are 12b-1 and administrative services fees) are charged to that class.
180
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
(o) | Capital Share Transactions |
Transactions in capital shares of the Funds were as follows:
Nationwide | Growth | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
CAPITAL TRANSACTIONS: | |||||||||||||||||
Class I Shares | |||||||||||||||||
Proceeds from shares issued | $ | 4,843,066 | $ | 70,306,071 | $ | 6,147,528 | $ | 49,717,843 | |||||||||
Dividends reinvested | 7,296,841 | 7,472,339 | 135,826 | 45,300 | |||||||||||||
Cost of shares redeemed | (91,336,019 | ) | (189,984,512 | ) | (24,636,240 | ) | (69,692,819 | ) | |||||||||
(79,196,112 | ) | (112,206,102 | ) | (18,352,886 | ) | (19,929,676 | ) | ||||||||||
Class II Shares | |||||||||||||||||
Proceeds from shares issued | 3,551,524 | 4,406,476 | — | — | |||||||||||||
Dividends reinvested | 29,849 | 9,472 | — | — | |||||||||||||
Cost of shares redeemed | (782,343 | ) | (307,817 | ) | — | — | |||||||||||
2,799,030 | 4,108,131 | — | — | ||||||||||||||
Class III Shares | |||||||||||||||||
Proceeds from shares issued | 372,291 | 2,152,735 | — | — | |||||||||||||
Dividends reinvested | 4,084 | 5,026 | — | — | |||||||||||||
Cost of shares redeemed | (520,197 | ) | (1,919,412 | ) | — | — | |||||||||||
(143,822 | ) | 238,349 | — | — | |||||||||||||
Class IV Shares | |||||||||||||||||
Proceeds from shares issued | 2,961,515 | 4,176,713 | (a) | 5,654,080 | 15,253,753 | (a) | |||||||||||
Proceeds from shares issued in connection with merger | — | 146,829,542 | — | 30,711,320 | |||||||||||||
Dividends reinvested | 857,467 | 567,652 | (a) | 22,180 | 11,175 | (a) | |||||||||||
Cost of shares redeemed | (11,312,419 | ) | (15,679,826 | )(a) | (2,941,371 | ) | (19,263,706 | )(a) | |||||||||
(7,493,437 | ) | 135,894,081 | 2,734,889 | 26,712,542 | |||||||||||||
Change in net assets from capital transactions | $ | (84,034,341 | ) | $ | 28,034,459 | $ | (15,617,997 | ) | $ | 6,782,866 | |||||||
SHARE TRANSACTIONS: | |||||||||||||||||
Class I Shares | |||||||||||||||||
Issued | 464,855 | 8,697,821 | 604,013 | 6,172,533 | |||||||||||||
Reinvested | 700,817 | 852,320 | 13,448 | 4,926 | |||||||||||||
Redeemed | (8,771,888 | ) | (22,047,218 | ) | (2,437,350 | ) | (8,476,829 | ) | |||||||||
(7,606,216 | ) | (12,497,077 | ) | (1,819,889 | ) | (2,299,370 | ) | ||||||||||
Class II Shares | |||||||||||||||||
Issued | 340,906 | 480,594 | — | — | |||||||||||||
Reinvested | 2,871 | 1,053 | — | — | |||||||||||||
Redeemed | (75,047 | ) | (33,051 | ) | — | — | |||||||||||
268,730 | 448,596 | — | — | ||||||||||||||
Class III Shares | |||||||||||||||||
Issued | 35,422 | 241,235 | — | — | |||||||||||||
Reinvested | 393 | 550 | — | — | |||||||||||||
Redeemed | (49,627 | ) | (206,303 | ) | — | — | |||||||||||
(13,812 | ) | 35,482 | — | — | |||||||||||||
Class IV Shares | |||||||||||||||||
Issued | 284,337 | 444,468 | (a) | 554,910 | 1,699,528 | (a) | |||||||||||
Issued in connection with merger | — | 17,696,964 | — | 3,889,915 | |||||||||||||
Reinvested | 82,354 | 61,005 | (a) | 2,196 | 1,244 | (a) | |||||||||||
Redeemed | (1,087,711 | ) | (1,676,914 | )(a) | (290,730 | ) | (2,173,344 | )(a) | |||||||||
(721,020 | ) | 16,525,523 | 266,376 | 3,417,343 | |||||||||||||
(a) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. |
181
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
Government Bond | Small Company | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
CAPITAL TRANSACTIONS: | |||||||||||||||||
Class I Shares | |||||||||||||||||
Proceeds from shares issued | $ | 55,278,720 | $ | 290,118,172 | $ | 39,533,269 | $ | 263,956,779 | |||||||||
Dividends reinvested | 74,517,222 | 60,640,831 | — | — | |||||||||||||
Cost of shares redeemed | (255,362,474 | ) | (821,583,078 | ) | (80,486,283 | ) | (288,371,125 | ) | |||||||||
(125,566,532 | ) | (470,824,075 | ) | (40,953,014 | ) | (24,414,346 | ) | ||||||||||
Class II Shares | |||||||||||||||||
Proceeds from shares issued | 2,421,725 | 15,775,027 | 20,463,645 | 21,674,070 | |||||||||||||
Dividends reinvested | 1,039,561 | 644,875 | — | — | |||||||||||||
Cost of shares redeemed | (5,302,331 | ) | (5,150,524 | ) | (3,702,802 | ) | (8,639,677 | ) | |||||||||
(1,841,045 | ) | 11,269,378 | 16,760,843 | 13,034,393 | |||||||||||||
Class III Shares | |||||||||||||||||
Proceeds from shares issued | 4,450,115 | 11,840,779 | 738,524 | 1,179,942 | |||||||||||||
Dividends reinvested | 338,966 | 297,466 | — | — | |||||||||||||
Cost of shares redeemed | (3,419,039 | ) | (14,991,773 | ) | (324,921 | ) | (182,695 | ) | |||||||||
1,370,042 | (2,853,528 | ) | 413,603 | 997,247 | |||||||||||||
Class IV Shares | |||||||||||||||||
Proceeds from shares issued | 5,565,447 | 5,187,279 | (a) | 2,079,471 | 6,458,014 | (a) | |||||||||||
Proceeds from shares issued in connection with merger | — | 71,183,753 | — | 35,126,129 | |||||||||||||
Dividends reinvested | 2,310,422 | 1,253,511 | (a) | — | — | ||||||||||||
Cost of shares redeemed | (6,698,030 | ) | (32,990,816 | )(a) | (10,174,359 | ) | (6,772,597 | )(a) | |||||||||
1,177,839 | 44,633,727 | (8,094,888 | ) | 34,811,546 | |||||||||||||
Change in net assets from capital transactions | $ | (124,859,696 | ) | $ | (417,774,498 | ) | $ | (31,873,456 | ) | $ | 24,428,840 | ||||||
SHARE TRANSACTIONS: | |||||||||||||||||
Class I Shares | |||||||||||||||||
Issued | 4,625,365 | 23,627,729 | 1,751,548 | 15,169,153 | |||||||||||||
Reinvested | 6,328,704 | 4,956,555 | — | — | |||||||||||||
Redeemed | (21,323,542 | ) | (67,405,215 | ) | (3,609,944 | ) | (16,642,303 | ) | |||||||||
(10,369,473 | ) | (38,820,931 | ) | (1,858,396 | ) | (1,473,150 | ) | ||||||||||
Class II Shares | |||||||||||||||||
Issued | 205,307 | 1,283,905 | 911,078 | 1,205,253 | |||||||||||||
Reinvested | 88,467 | 52,807 | — | — | |||||||||||||
Redeemed | (449,496 | ) | (426,107 | ) | (169,442 | ) | (508,695 | ) | |||||||||
(155,722 | ) | 910,605 | 741,636 | 696,558 | |||||||||||||
Class III Shares | |||||||||||||||||
Issued | 367,818 | 964,676 | 32,737 | 60,856 | |||||||||||||
Reinvested | 28,740 | 24,176 | — | — | |||||||||||||
Redeemed | (290,995 | ) | (1,250,045 | ) | (14,428 | ) | (9,042 | ) | |||||||||
105,563 | (261,193 | ) | 18,309 | 51,814 | |||||||||||||
Class IV Shares | |||||||||||||||||
Issued | 475,703 | 420,977 | (a) | 92,951 | 323,032 | (a) | |||||||||||
Issued in connection with merger | — | 5,789,853 | — | 2,250,088 | |||||||||||||
Reinvested | 196,300 | 101,932 | (a) | — | — | ||||||||||||
Redeemed | (564,994 | ) | (2,747,456 | )(a) | (456,563 | ) | (352,430 | )(a) | |||||||||
107,009 | 3,565,306 | (363,612 | ) | 2,220,690 | |||||||||||||
(a) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. |
182
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
Money Market | Money Market II | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
CAPITAL TRANSACTIONS: | |||||||||||||||||
Class I Shares* | |||||||||||||||||
Proceeds from shares issued | $ | 716,641,717 | $ | 4,568,404,119 | $ | 978,412,217 | $ | 656,324,317 | |||||||||
Dividends reinvested | 3,854,067 | 14,431,650 | 105,253 | 251,131 | |||||||||||||
Cost of shares redeemed | (742,897,717 | ) | (5,445,670,886 | ) | (906,578,104 | ) | (618,880,873 | ) | |||||||||
(22,401,933 | ) | (862,835,117 | ) | 71,939,366 | 37,694,575 | ||||||||||||
Class IV Shares | |||||||||||||||||
Proceeds from shares issued | 24,181,959 | 33,828,214 | (a) | — | — | ||||||||||||
Proceeds from shares issued in connection with merger | — | 131,179,154 | — | — | |||||||||||||
Dividends reinvested | 308,503 | 574,852 | (a) | — | — | ||||||||||||
Cost of shares redeemed | (33,812,159 | ) | (62,065,333 | )(a) | — | — | |||||||||||
(9,321,697 | ) | 103,516,887 | — | — | |||||||||||||
Class V Shares | |||||||||||||||||
Proceeds from shares issued | 144,614,114 | 367,084,493 | — | — | |||||||||||||
Dividends reinvested | 1,087,157 | 2,742,364 | — | — | |||||||||||||
Cost of shares redeemed | (140,766,824 | ) | (329,467,207 | ) | — | — | |||||||||||
4,934,447 | 40,359,650 | — | — | ||||||||||||||
Change in net assets from capital transactions | $ | (26,789,183 | ) | $ | (718,958,580 | ) | $ | 71,939,366 | $ | 37,694,575 | |||||||
SHARE TRANSACTIONS: | |||||||||||||||||
Class I Shares* | |||||||||||||||||
Issued | 716,641,717 | 4,568,404,119 | 978,412,217 | 656,324,316 | |||||||||||||
Reinvested | 3,854,067 | 14,431,650 | 105,253 | 251,131 | |||||||||||||
Redeemed | (742,897,717 | ) | (5,445,670,886 | ) | (906,578,104 | ) | (618,880,873 | ) | |||||||||
(22,401,933 | ) | (862,835,117 | ) | 71,939,366 | 37,694,574 | ||||||||||||
Class IV Shares | |||||||||||||||||
Issued | 24,181,959 | 33,828,214 | (a) | — | — | ||||||||||||
Issued in connection with merger | — | 131,179,504 | — | — | |||||||||||||
Reinvested | 308,503 | 574,852 | (a) | — | — | ||||||||||||
Redeemed | (33,812,159 | ) | (62,065,333 | )(a) | — | — | |||||||||||
(9,321,697 | ) | 103,517,237 | — | — | |||||||||||||
Class V Shares | |||||||||||||||||
Issued | 144,614,114 | 367,084,493 | — | — | |||||||||||||
Reinvested | 1,087,157 | 2,742,364 | — | — | |||||||||||||
Redeemed | (140,766,824 | ) | (329,467,207 | ) | — | — | |||||||||||
4,934,447 | 40,359,650 | — | — | ||||||||||||||
* | Gartmore GVIT Money Market Fund II shares have no class designation. | |
(a) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. |
183
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
Balanced | Mid Cap Growth | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 (a) | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
CAPITAL TRANSACTIONS: | |||||||||||||||||
Class I Shares | |||||||||||||||||
Proceeds from shares issued | $ | 7,503,895 | $ | 26,745,158 | $ | 22,849,542 | $ | 99,294,680 | (b) | ||||||||
Dividends reinvested | 1,552,799 | 2,843,946 | — | 105,382,691 | (b) | ||||||||||||
Cost of shares redeemed | (12,202,924 | ) | (19,693,879 | ) | (33,240,229 | ) | (98,190,143 | )(b) | |||||||||
(3,146,230 | ) | 9,895,225 | (10,390,687 | ) | 106,487,228 | ||||||||||||
Class II Shares | |||||||||||||||||
Proceeds from shares issued | — | — | 8,620,615 | 2,363,960 | (b) | ||||||||||||
Cost of shares redeemed | — | — | (2,664,173 | ) | (96,876 | )(b) | |||||||||||
— | — | 5,956,442 | 2,267,084 | ||||||||||||||
Class III Shares | |||||||||||||||||
Proceeds from shares issued | — | — | 1,134,260 | 1,080,621 | (b) | ||||||||||||
Proceeds from shares issued in connection with merger | — | — | — | 145,511 | |||||||||||||
Cost of shares redeemed | — | — | (853,114 | ) | (669,620 | )(b) | |||||||||||
— | — | 281,146 | 556,512 | ||||||||||||||
Class IV Shares | |||||||||||||||||
Proceeds from shares issued | 2,019,855 | 3,361,331 | (b) | 4,737,415 | 7,036,200 | ||||||||||||
Proceeds from shares issued in connection with merger | — | 59,267,431 | — | — | |||||||||||||
Dividends reinvested | 444,162 | 697,321 | (b) | — | — | ||||||||||||
Cost of shares redeemed | (3,347,285 | ) | (19,453,763 | )(b) | (6,757,481 | ) | (14,467,345 | ) | |||||||||
(883,268 | ) | 43,872,320 | (2,020,066 | ) | (7,431,145 | ) | |||||||||||
Change in net assets from capital transactions | $ | (4,029,498 | ) | $ | 53,767,545 | $ | (6,173,165 | ) | $ | 101,879,679 | |||||||
SHARE TRANSACTIONS: | |||||||||||||||||
Class I Shares | |||||||||||||||||
Issued | 791,295 | 3,126,362 | 1,034,536 | 5,133,149 | (b) | ||||||||||||
Issued in connection with merger | — | — | — | 6,376,823 | |||||||||||||
Reinvested | 164,150 | 325,643 | — | — | |||||||||||||
Redeemed | (1,286,099 | ) | (2,319,045 | ) | (1,529,608 | ) | (5,085,332 | )(b) | |||||||||
(330,654 | ) | 1,132,960 | (495,072 | ) | 6,424,640 | ||||||||||||
Class II Shares | |||||||||||||||||
Issued | — | — | 393,672 | 116,297 | (b) | ||||||||||||
Redeemed | ��� | — | (119,951 | ) | (4,847 | )(b) | |||||||||||
— | — | 273,721 | 111,450 | ||||||||||||||
Class III Shares | |||||||||||||||||
Issued | — | — | 51,838 | 54,657 | (b) | ||||||||||||
Reinvested | — | — | — | 8,805 | |||||||||||||
Redeemed | — | — | (39,139 | ) | (34,214 | )(b) | |||||||||||
— | — | 12,699 | 29,248 | ||||||||||||||
Class IV Shares | |||||||||||||||||
Issued | 214,907 | 385,394 | (b) | 215,759 | 388,891 | ||||||||||||
Issued in connection with merger | — | 7,199,989 | — | — | |||||||||||||
Reinvested | 46,948 | 77,627 | (b) | — | — | ||||||||||||
Redeemed | (352,334 | ) | (2,248,835 | )(b) | (310,565 | ) | (792,162 | ) | |||||||||
(90,479 | ) | 5,414,175 | (94,806 | ) | (403,271 | ) | |||||||||||
(a) | Effective April 28, 2003, upon reorganization of Market Street Mid Cap Growth Fund, the existing shares of the Fund were designated Class IV Shares of the Gartmore Mid Cap Growth Fund. | |
(b) | For the period from March 28, 2003 (commencement of operations) through December 31, 2003. |
184
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
Value | High Income | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
CAPITAL TRANSACTIONS: | |||||||||||||||||
Class I Shares | |||||||||||||||||
Proceeds from shares issued | $ | 13,768,492 | $ | 21,468,200 | $ | 75,951,835 | $ | 223,527,805 | |||||||||
Dividends reinvested | 427,097 | 647,770 | 9,498,144 | 16,621,668 | |||||||||||||
Cost of shares redeemed | (5,386,700 | ) | (11,770,058 | ) | (97,342,318 | ) | (160,043,158 | ) | |||||||||
8,808,889 | 10,345,912 | (11,892,339 | ) | 80,106,315 | |||||||||||||
Class II Shares | |||||||||||||||||
Proceeds from shares issued | 9,368,689 | 5,625,486 | (b) | — | — | ||||||||||||
Dividends reinvested | 64,209 | 23,508 | (b) | — | — | ||||||||||||
Cost of shares redeemed | (720,430 | ) | (54,177 | )(b) | — | — | |||||||||||
8,712,468 | 5,594,817 | — | — | ||||||||||||||
Class IV Shares | |||||||||||||||||
Proceeds from shares issued | 3,883,210 | 5,287,230 | (c) | — | — | ||||||||||||
Proceeds from shares issued in connection with merger | — | 38,687,395 | — | — | |||||||||||||
Dividends reinvested | 302,739 | 446,549 | (c) | — | — | ||||||||||||
Cost of shares redeemed | (3,306,929 | ) | (6,944,202 | )(c) | — | — | |||||||||||
879,020 | 37,476,972 | — | — | ||||||||||||||
Change in net assets from capital transactions | $ | 18,400,377 | $ | 53,417,701 | $ | (11,892,339 | ) | $ | 80,106,315 | ||||||||
SHARE TRANSACTIONS: | |||||||||||||||||
Class I Shares | |||||||||||||||||
Issued | 1,336,605 | 2,567,130 | 9,455,625 | 29,353,063 | |||||||||||||
Reinvested | 41,786 | 73,588 | 1,198,469 | 2,156,292 | |||||||||||||
Redeemed | (525,702 | ) | (1,497,167 | ) | (12,133,078 | ) | (21,076,437 | ) | |||||||||
852,689 | 1,143,551 | (1,478,984 | ) | 10,432,918 | |||||||||||||
Class II Shares | |||||||||||||||||
Issued | 919,249 | 616,930 | (b) | — | — | ||||||||||||
Reinvested | 6,282 | 2,428 | (b) | — | — | ||||||||||||
Redeemed | (69,251 | ) | (5,588 | )(b) | — | — | |||||||||||
856,280 | 613,770 | — | — | ||||||||||||||
Class IV Shares | |||||||||||||||||
Issued | 380,596 | 573,503 | (c) | — | — | ||||||||||||
Issued in connection with merger | — | 4,988,136 | — | — | |||||||||||||
Reinvested | 29,621 | 48,629 | (c) | — | — | ||||||||||||
Redeemed | (323,028 | ) | (773,812 | )(c) | — | — | |||||||||||
87,189 | 4,836,456 | — | — | ||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Equity 500 Index | |||||||||
Six Months | Year Ended | ||||||||
Ended June 30, | December 31, | ||||||||
2004 | 2003 (a) | ||||||||
(Unaudited) | |||||||||
CAPITAL TRANSACTIONS: | |||||||||
Class I Shares | |||||||||
Proceeds from shares issued | $ | — | $ | — | |||||
Dividends reinvested | — | — | |||||||
Cost of shares redeemed | — | — | |||||||
— | — | ||||||||
Class II Shares | |||||||||
Proceeds from shares issued | — | — | |||||||
Dividends reinvested | — | — | |||||||
Cost of shares redeemed | — | — | |||||||
— | — | ||||||||
Class IV Shares | |||||||||
Proceeds from shares issued | 6,297,017 | 15,144,191 | |||||||
Proceeds from shares issued in connection with merger | — | — | |||||||
Dividends reinvested | 4,554,261 | 4,701,733 | |||||||
Cost of shares redeemed | (16,920,233 | ) | (33,043,388 | ) | |||||
(6,068,955 | ) | (13,197,464 | ) | ||||||
Change in net assets from capital transactions | $ | (6,068,955 | ) | $ | (13,197,464 | ) | |||
SHARE TRANSACTIONS: | |||||||||
Class I Shares | |||||||||
Issued | — | — | |||||||
Reinvested | — | — | |||||||
Redeemed | — | — | |||||||
— | — | ||||||||
Class II Shares | |||||||||
Issued | — | — | |||||||
Reinvested | — | — | |||||||
Redeemed | — | — | |||||||
— | — | ||||||||
Class IV Shares | |||||||||
Issued | 798,712 | 2,292,786 | |||||||
Issued in connection with merger | — | — | |||||||
Reinvested | 578,938 | 738,105 | |||||||
Redeemed | (2,134,872 | ) | (5,044,493 | ) | |||||
(757,222 | ) | (2,013,602 | ) | ||||||
(a) | Effective April 28, 2003, upon reorganization of Market Street Equity 500 Index Fund, the existing shares of the Fund were designated Class IV shares of the GVIT Equity 500 Index Fund. | |
(b) | For the period from March 28, 2003 (commencement of operations) through December 31, 2003. | |
(c) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. |
185
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
Multi Sector Bond | Small Cap Value | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
CAPITAL TRANSACTIONS: | |||||||||||||||||
Class I Capital Transactions: | |||||||||||||||||
Proceeds from shares issued | $ | 23,459,425 | $ | 86,794,686 | $ | 55,515,045 | $ | 283,367,039 | |||||||||
Dividends reinvested | 4,974,561 | 12,019,620 | — | 2,618 | |||||||||||||
Cost of shares redeemed | (20,886,618 | ) | (95,208,137 | ) | (82,664,977 | ) | (282,856,984 | ) | |||||||||
7,547,368 | 3,606,169 | (27,149,932 | ) | 512,673 | |||||||||||||
Class II Capital Transactions: | |||||||||||||||||
Proceeds from shares issued | — | — | 15,287,641 | 14,921,396 | |||||||||||||
Cost of shares redeemed | — | — | (2,330,510 | ) | (1,133,929 | ) | |||||||||||
— | — | 12,957,131 | 13,787,467 | ||||||||||||||
Class III Capital Transactions: | |||||||||||||||||
Proceeds from shares issued | — | — | 1,698,821 | 2,433,404 | |||||||||||||
Dividends reinvested | — | — | — | 4 | |||||||||||||
Cost of shares redeemed | — | — | (1,862,162 | ) | (204,402 | ) | |||||||||||
— | — | (163,341 | ) | 2,229,006 | |||||||||||||
Class IV Capital Transactions: | |||||||||||||||||
Proceeds from shares issued | — | — | 5,143,365 | 6,552,015 | (a) | ||||||||||||
Proceeds from shares issued in connection with merger | — | — | — | 38,499,981 | |||||||||||||
Cost of shares redeemed | — | — | (6,273,160 | ) | (12,026,613 | )(a) | |||||||||||
— | — | (1,129,795 | ) | 33,025,383 | |||||||||||||
Change in net assets from capital transactions | $ | 7,547,368 | $ | 3,606,169 | $ | (15,485,937 | ) | $ | 49,554,529 | ||||||||
SHARE TRANSACTIONS: | |||||||||||||||||
Class I Share Transactions: | |||||||||||||||||
Issued | 2,374,705 | 9,091,339 | 4,574,334 | 31,436,669 | |||||||||||||
Reinvested | 510,704 | 1,246,618 | — | 374 | |||||||||||||
Redeemed | (2,146,632 | ) | (9,922,086 | ) | (6,965,211 | ) | (32,925,200 | ) | |||||||||
738,777 | 415,871 | (2,390,877 | ) | (1,488,157 | ) | ||||||||||||
Class II Share Transactions: | |||||||||||||||||
Issued | — | — | 1,268,771 | 1,522,549 | |||||||||||||
Redeemed | — | — | (198,510 | ) | (121,848 | ) | |||||||||||
— | — | 1,070,261 | 1,400,701 | ||||||||||||||
Class III Share Transactions: | |||||||||||||||||
Issued | — | — | 139,197 | 233,946 | |||||||||||||
Reinvested | — | — | — | 1 | |||||||||||||
Redeemed | — | — | (156,329 | ) | (20,533 | ) | |||||||||||
— | — | (17,132 | ) | 213,414 | |||||||||||||
Class IV Share Transactions: | |||||||||||||||||
Issued | — | — | 427,594 | 696,382 | (a) | ||||||||||||
Issued in connection with merger | — | — | — | 5,139,972 | |||||||||||||
Redeemed | — | — | (531,322 | ) | (1,180,243 | )(a) | |||||||||||
— | — | (103,728 | ) | 4,656,111 | |||||||||||||
(a) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. |
186
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
Small Cap Growth | Worldwide Leaders | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
CAPITAL TRANSACTIONS: | |||||||||||||||||
Class I Capital Transactions: | |||||||||||||||||
Proceeds from shares issued | $ | 46,330,052 | $ | 202,240,744 | $ | 687,232 | $ | 66,131,740 | |||||||||
Dividends reinvested | — | — | — | — | |||||||||||||
Cost of shares redeemed | (62,650,720 | ) | (181,618,660 | ) | (2,786,477 | ) | (73,217,523 | ) | |||||||||
(16,320,668 | ) | 20,622,084 | (2,099,245 | ) | (7,085,783 | ) | |||||||||||
Class II Capital Transactions: | |||||||||||||||||
Proceeds from shares issued | 5,161,228 | 17,070,698 | — | — | |||||||||||||
Dividends reinvested | — | — | — | — | |||||||||||||
Cost of shares redeemed | (2,189,115 | ) | (11,206,152 | ) | — | — | |||||||||||
2,972,113 | 5,864,546 | — | — | ||||||||||||||
Class III Capital Transactions: | |||||||||||||||||
Proceeds from shares issued | 309,240 | 1,542,102 | 2,368,576 | 5,618,261 | (a) | ||||||||||||
Cost of shares redeemed | (339,114 | ) | (674,184 | ) | (481,288 | ) | (697,105 | )(a) | |||||||||
(29,874 | ) | 867,918 | 1,887,288 | 4,921,156 | |||||||||||||
Change in net assets from capital transactions | $ | (13,378,429 | ) | $ | 27,354,548 | $ | (211,957 | ) | $ | (2,164,627 | ) | ||||||
Class I Share Transactions: | |||||||||||||||||
Issued | 3,478,817 | 17,817,897 | 72,815 | 9,934,250 | |||||||||||||
Reinvested | — | — | — | — | |||||||||||||
Redeemed | (4,713,929 | ) | (16,100,872 | ) | (296,120 | ) | (10,835,058 | ) | |||||||||
(1,235,112 | ) | 1,717,025 | (223,305 | ) | (900,808 | ) | |||||||||||
Class II Share Transactions: | |||||||||||||||||
Issued | 394,697 | 1,541,549 | — | — | |||||||||||||
Reinvested | — | — | — | — | |||||||||||||
Redeemed | (167,109 | ) | (1,028,164 | ) | — | — | |||||||||||
227,588 | 513,385 | — | — | ||||||||||||||
Class III Share Transactions: | |||||||||||||||||
Issued | 23,557 | 136,858 | 253,698 | 707,953 | (a) | ||||||||||||
Redeemed | (25,820 | ) | (62,879 | ) | (51,246 | ) | (80,065 | )(a) | |||||||||
(2,263 | ) | 73,979 | 202,452 | 627,888 | |||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Mid Cap Index | |||||||||
Six Months | Year Ended | ||||||||
Ended June 30, | December 31, | ||||||||
2004 | 2003 | ||||||||
(Unaudited) | |||||||||
CAPITAL TRANSACTIONS: | |||||||||
Class I Capital Transactions: | |||||||||
Proceeds from shares issued | $ | 59,251,070 | $ | 181,859,457 | |||||
Dividends reinvested | 1,121,935 | 1,602,091 | |||||||
Cost of shares redeemed | (31,146,477 | ) | (134,974,983 | ) | |||||
29,226,528 | 48,486,565 | ||||||||
Class II Capital Transactions: | |||||||||
Proceeds from shares issued | 6,380,203 | 6,570,982 | |||||||
Dividends reinvested | 16,684 | 12,554 | |||||||
Cost of shares redeemed | (3,071,653 | ) | (935,666 | ) | |||||
3,325,234 | 5,647,870 | ||||||||
Class III Capital Transactions: | |||||||||
Proceeds from shares issued | — | — | |||||||
Cost of shares redeemed | — | — | |||||||
— | — | ||||||||
Change in net assets from capital transactions | $ | 32,551,762 | $ | 54,134,435 | |||||
Class I Share Transactions: | |||||||||
Issued | 3,878,500 | 14,477,774 | |||||||
Reinvested | 73,012 | 124,389 | |||||||
Redeemed | (2,058,960 | ) | (11,269,236 | ) | |||||
1,892,552 | 3,332,927 | ||||||||
Class II Share Transactions: | |||||||||
Issued | 423,449 | 510,468 | |||||||
Reinvested | 1,088 | 928 | |||||||
Redeemed | (203,059 | ) | (76,759 | ) | |||||
221,478 | 434,637 | ||||||||
Class III Share Transactions: | |||||||||
Issued | — | — | |||||||
Redeemed | — | — | |||||||
— | — | ||||||||
(a) | For the period from May 2, 2003 (commencement of operations) through December 31, 2003. |
187
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
Global Technology and | |||||||||||||||||
Communications | Global Health Sciences | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
CAPITAL TRANSACTIONS: | |||||||||||||||||
Class I Shares | |||||||||||||||||
Proceeds from shares issued | $ | 6,166,388 | $ | 12,803,928 | $ | 5,006,029 | $ | 6,829,948 | |||||||||
Dividends reinvested | — | — | 28,764 | 485,439 | |||||||||||||
Cost of shares redeemed | (5,881,968 | ) | (9,808,131 | ) | (1,582,029 | ) | (3,351,412 | ) | |||||||||
284,420 | 2,995,797 | 3,452,764 | 3,963,975 | ||||||||||||||
Class II Shares | |||||||||||||||||
Proceeds from shares issued | 4,248,267 | 2,684,836 | (a) | 2,406,807 | 2,230,568 | (b) | |||||||||||
Dividends reinvested | — | — | 18,194 | 230,524 | (b) | ||||||||||||
Cost of shares redeemed | (2,858,370 | ) | (624,612 | )(a) | (894,758 | ) | (124,602 | )(b) | |||||||||
1,389,897 | 2,060,224 | 1,530,243 | 2,336,490 | ||||||||||||||
Class III Shares | |||||||||||||||||
Proceeds from shares issued | 9,348,998 | 31,233,358 | 21,230,768 | 26,421,259 | |||||||||||||
Dividends reinvested | — | — | 148,722 | 2,950,166 | |||||||||||||
Cost of shares redeemed | (9,239,053 | ) | (9,058,451 | ) | (4,442,221 | ) | (17,146,737 | ) | |||||||||
109,945 | 22,174,907 | 16,937,269 | 12,224,688 | ||||||||||||||
Class VI Shares | |||||||||||||||||
Proceeds from shares issued | 962,556 | — | 2,658,038 | — | |||||||||||||
Cost of shares redeemed | (1,518 | ) | — | (3,684 | ) | — | |||||||||||
961,038 | — | 2,654,354 | — | ||||||||||||||
Change net assets from capital transactions | $ | 2,745,300 | $ | 27,230,928 | $ | 24,574,630 | $ | 18,525,153 | |||||||||
SHARE TRANSACTIONS: | |||||||||||||||||
Class I Shares | |||||||||||||||||
Issued | 1,579,969 | 4,120,360 | 480,018 | 683,944 | |||||||||||||
Reinvested | — | — | 2,817 | 49,034 | |||||||||||||
Redeemed | (1,515,178 | ) | (3,074,060 | ) | (150,317 | ) | (333,091 | ) | |||||||||
64,791 | 1,046,300 | 332,518 | 399,887 | ||||||||||||||
Class II Shares | |||||||||||||||||
Issued | 1,084,304 | 746,394 | (a) | 231,005 | 213,068 | (b) | |||||||||||
Reinvested | — | — | 1,786 | 23,309 | (b) | ||||||||||||
Redeemed | (754,090 | ) | (173,668 | )(a) | (85,341 | ) | (12,057 | )(b) | |||||||||
330,214 | 572,726 | 147,450 | 224,320 | ||||||||||||||
Class III Shares | |||||||||||||||||
Issued | 2,318,059 | 9,471,667 | 2,005,278 | 2,699,488 | |||||||||||||
Reinvested | — | — | 14,538 | 297,396 | |||||||||||||
Redeemed | (2,470,300 | ) | (2,955,644 | ) | (426,989 | ) | (1,709,366 | ) | |||||||||
(152,241 | ) | 6,516,023 | 1,592,827 | 1,287,518 | |||||||||||||
Class VI Shares | |||||||||||||||||
Issued | 269,298 | — | 252,517 | — | |||||||||||||
Redeemed | (442 | ) | — | (356 | ) | — | |||||||||||
268,856 | — | 252,161 | — | ||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Nationwide Leaders | |||||||||
Six Months | Year Ended | ||||||||
Ended June 30, | December 31, | ||||||||
2004 | 2003 | ||||||||
(Unaudited) | |||||||||
CAPITAL TRANSACTIONS: | |||||||||
Class I Shares | |||||||||
Proceeds from shares issued | $ | 490,505 | $ | 1,412,216 | |||||
Dividends reinvested | — | 667 | |||||||
Cost of shares redeemed | (285,439 | ) | (1,240,038 | ) | |||||
205,066 | 172,845 | ||||||||
Class II Shares | |||||||||
Proceeds from shares issued | — | — | |||||||
Dividends reinvested | — | — | |||||||
Cost of shares redeemed | — | — | |||||||
— | — | ||||||||
Class III Shares | |||||||||
Proceeds from shares issued | 1,879,820 | 3,147,132 | |||||||
Dividends reinvested | — | 17,036 | |||||||
Cost of shares redeemed | (2,726,637 | ) | (4,537,143 | ) | |||||
(846,817 | ) | (1,372,975 | ) | ||||||
Class VI Shares | |||||||||
Proceeds from shares issued | — | — | |||||||
Cost of shares redeemed | — | — | |||||||
— | — | ||||||||
Change net assets from capital transactions | $ | (641,751 | ) | $ | (1,200,130 | ) | |||
SHARE TRANSACTIONS: | |||||||||
Class I Shares | |||||||||
Issued | 40,185 | 132,333 | |||||||
Reinvested | — | 70 | |||||||
Redeemed | (23,677 | ) | (113,647 | ) | |||||
16,508 | 18,756 | ||||||||
Class II Shares | |||||||||
Issued | — | — | |||||||
Reinvested | — | — | |||||||
Redeemed | — | — | |||||||
— | — | ||||||||
Class III Shares | |||||||||
Issued | 151,534 | 315,807 | |||||||
Reinvested | — | 1,814 | |||||||
Redeemed | (225,497 | ) | (469,788 | ) | |||||
(73,963 | ) | (152,167 | ) | ||||||
Class VI Shares | |||||||||
Issued | — | — | |||||||
Redeemed | — | — | |||||||
— | — | ||||||||
(a) | For the period from March 28, 2003 (commencement of operations) through December 31, 2003. | |
(b) | For the period from May 9, 2003 (commencement of operations) through December 31, 2003. |
188
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
Emerging Markets | International Growth | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
CAPITAL TRANSACTIONS: | |||||||||||||||||
Class I Shares | |||||||||||||||||
Proceeds from shares issued | $ | 12,076,818 | $ | 14,169,070 | $ | 1,453,175 | $ | 32,428,946 | |||||||||
Dividends reinvested | 156,668 | 78,053 | — | — | |||||||||||||
Cost of shares redeemed | (10,862,401 | ) | (13,552,644 | ) | (2,068,888 | ) | (37,571,919 | ) | |||||||||
1,371,085 | 694,479 | (615,713 | ) | (5,142,973 | ) | ||||||||||||
Class II Shares | |||||||||||||||||
Proceeds from shares issued | 11,139,765 | 88,992,985 | — | — | |||||||||||||
Dividends reinvested | 65,513 | 6,845 | — | — | |||||||||||||
Cost of shares redeemed | (8,348,806 | ) | (85,005,385 | ) | — | — | |||||||||||
2,856,472 | 3,994,445 | — | — | ||||||||||||||
Class III Shares | |||||||||||||||||
Proceeds from shares issued | 29,781,650 | 33,299,281 | 2,438,893 | 4,524,858 | |||||||||||||
Dividends reinvested | 491,965 | 131,737 | — | — | |||||||||||||
Cost of shares redeemed | (15,277,835 | ) | (10,258,877 | ) | (1,891,026 | ) | (1,361,492 | ) | |||||||||
14,995,780 | 23,172,141 | 547,867 | 3,163,366 | ||||||||||||||
Class IV Shares | |||||||||||||||||
Proceeds from shares issued | — | — | — | — | |||||||||||||
Dividends reinvested | — | — | — | — | |||||||||||||
Cost of shares redeemed | — | — | — | — | |||||||||||||
— | — | — | — | ||||||||||||||
Class VI Shares | |||||||||||||||||
Proceeds from shares issued | 3,652,519 | — | — | — | |||||||||||||
Dividends reinvested | — | — | — | — | |||||||||||||
Cost of shares redeemed | (1,117,250 | ) | — | — | — | ||||||||||||
2,535,269 | — | — | — | ||||||||||||||
Change net assets from capital transactions | $ | 21,758,606 | $ | 27,861,065 | $ | (67,846 | ) | $ | (1,979,607 | ) | |||||||
SHARE TRANSACTIONS: | |||||||||||||||||
Class I Shares | |||||||||||||||||
Issued | 1,135,277 | 1,866,041 | 222,256 | 7,019,913 | |||||||||||||
Reinvested | 13,548 | 10,132 | — | — | |||||||||||||
Redeemed | (1,092,779 | ) | (1,820,661 | ) | (316,699 | ) | (7,909,063 | ) | |||||||||
56,046 | 55,512 | (94,443 | ) | (889,150 | ) | ||||||||||||
Class II Shares | |||||||||||||||||
Issued | 1,053,959 | 12,010,767 | — | — | |||||||||||||
Reinvested | 5,731 | 916 | — | — | |||||||||||||
Redeemed | (812,753 | ) | (11,439,853 | ) | — | — | |||||||||||
246,937 | 571,830 | — | — | ||||||||||||||
Class III Shares | |||||||||||||||||
Issued | 2,823,946 | 4,119,991 | 374,140 | 868,245 | |||||||||||||
Reinvested | 43,013 | 16,797 | — | — | |||||||||||||
Redeemed | (1,578,664 | ) | (1,279,424 | ) | (298,933 | ) | (253,412 | ) | |||||||||
1,288,295 | 2,857,364 | 75,207 | 614,833 | ||||||||||||||
Class IV Shares | |||||||||||||||||
Issued | — | — | — | — | |||||||||||||
Reinvested | — | — | — | — | |||||||||||||
Redeemed | — | — | — | — | |||||||||||||
— | — | — | — | ||||||||||||||
Class VI Shares | |||||||||||||||||
Issued | 386,005 | — | — | — | |||||||||||||
Reinvested | — | — | — | — | |||||||||||||
Redeemed | (119,662 | ) | — | — | — | ||||||||||||
266,343 | — | — | — | ||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
International Value | |||||||||
Six Months | Year Ended | ||||||||
Ended June 30, | December 31, | ||||||||
2004 | 2003 | ||||||||
(Unaudited) | |||||||||
CAPITAL TRANSACTIONS: | |||||||||
Class I Shares | |||||||||
Proceeds from shares issued | $ | 1,925,783 | $ | 3,257,092 | (a) | ||||
Dividends reinvested | 31,535 | — | |||||||
Cost of shares redeemed | (438,708 | ) | (2,793,681 | )(a) | |||||
1,518,610 | 463,411 | ||||||||
Class II Shares | |||||||||
Proceeds from shares issued | 7,825,552 | 11,109,788 | (a) | ||||||
Dividends reinvested | 66,118 | — | |||||||
Cost of shares redeemed | (6,036,472 | ) | (9,822,204 | )(a) | |||||
1,855,198 | 1,287,584 | ||||||||
Class III Shares | |||||||||
Proceeds from shares issued | 24,163,836 | 72,969,275 | (a) | ||||||
Dividends reinvested | 499,123 | — | |||||||
Cost of shares redeemed | (3,763,056 | ) | (65,134,971 | )(a) | |||||
20,899,903 | 7,834,304 | ||||||||
Class IV Shares | |||||||||
Proceeds from shares issued | 3,512,437 | 7,143,440 | (b) | ||||||
Dividends reinvested | 1,448,540 | 1,575,261 | (b) | ||||||
Cost of shares redeemed | (8,589,747 | ) | (10,131,732 | )(b) | |||||
(3,628,770 | ) | (1,413,031 | ) | ||||||
Class VI Shares | |||||||||
Proceeds from shares issued | 2,768,644 | — | |||||||
Dividends reinvested | 24,161 | — | |||||||
Cost of shares redeemed | (128 | ) | — | ||||||
2,792,677 | — | ||||||||
Change net assets from capital transactions | $ | 23,437,618 | $ | 7,545,772 | |||||
SHARE TRANSACTIONS: | |||||||||
Class I Shares | |||||||||
Issued | 140,844 | 292,441 | (a) | ||||||
Reinvested | 2,593 | — | |||||||
Redeemed | (31,899 | ) | (251,537 | )(a) | |||||
111,538 | 40,904 | ||||||||
Class II Shares | |||||||||
Issued | 573,778 | 960,051 | (a) | ||||||
Reinvested | 4,795 | — | |||||||
Redeemed | (443,598 | ) | (845,692 | )(a) | |||||
134,975 | 114,359 | ||||||||
Class III Shares | |||||||||
Issued | 1,766,326 | 6,872,822 | (a) | ||||||
Reinvested | 36,039 | — | |||||||
Redeemed | (279,014 | ) | (6,144,674 | )(a) | |||||
1,523,351 | 728,148 | ||||||||
Class IV Shares | |||||||||
Issued | 216,714 | 646,609 | (b) | ||||||
Reinvested | 104,695 | 170,115 | (b) | ||||||
Redeemed | (594,163 | ) | (1,006,465 | )(b) | |||||
(272,754 | ) | (189,741 | ) | ||||||
Class VI Shares | |||||||||
Issued | 204,660 | — | |||||||
Reinvested | 1,716 | — | |||||||
Redeemed | (9 | ) | — | ||||||
206,367 | — | ||||||||
(a) | For the period from April 28, 2003 (commencement of operations) through December 31, 2003. | |
(b) | Effective April 28, 2003, upon reorganization of Market Street International Fund, the existing shares of the Fund were designated Class IV shares of the Dreyfus International Value Fund. |
189
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
Aggressive | Moderately Aggressive | Moderate | |||||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | Six Months | |||||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | Ended June 30, | |||||||||||||||||
2004 | 2003 | 2004 | 2003 | 2004 | |||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||
CAPITAL TRANSACTIONS: | |||||||||||||||||||||
Class II Shares | |||||||||||||||||||||
Proceeds from shares issued | $ | 124,340,692 | (a) | $ | 83,857,615 | $ | 212,592,369 | (a) | $ | 190,374,741 | $ | 284,690,469 | (a) | ||||||||
Dividends reinvested | 2,060,791 | (a) | 1,759,329 | 4,558,155 | (a) | 2,479,364 | 8,401,470 | (a) | |||||||||||||
Cost of shares redeemed | (10,951,821 | )(a) | (23,831,279 | ) | (13,249,231 | )(a) | (13,892,783 | ) | (13,789,190 | )(a) | |||||||||||
115,449,662 | 61,785,665 | 203,901,293 | 178,961,322 | 279,302,749 | |||||||||||||||||
Class VI Shares | |||||||||||||||||||||
Proceeds from shares issued | 116,986 | (b) | — | 378,860 | (b) | — | 1,122,712 | (b) | |||||||||||||
Dividends reinvested | 332 | (b) | — | 1,161 | (b) | — | 4,687 | (b) | |||||||||||||
Cost of shares redeemed | (42 | )(b) | — | (33,925 | )(b) | — | (549 | )(b) | |||||||||||||
117,276 | — | 346,096 | — | 1,126,850 | |||||||||||||||||
Change in net assets from capital transactions | $ | 115,566,938 | $ | 61,785,665 | $ | 204,247,389 | $ | 178,961,322 | $ | 280,429,599 | |||||||||||
SHARE TRANSACTIONS: | |||||||||||||||||||||
Class II Shares (a) | |||||||||||||||||||||
Issued | 11,674,772 | (a) | 8,947,150 | 19,755,046 | (a) | 20,195,284 | 26,685,045 | (a) | |||||||||||||
�� | Reinvested | 193,487 | (a) | 173,839 | 423,562 | (a) | 255,487 | 788,178 | (a) | ||||||||||||
Redeemed | (1,032,204 | )(a) | (2,508,884 | ) | (1,245,590 | )(a) | (1,505,077 | ) | (1,307,066 | )(a) | |||||||||||
10,836,055 | 6,612,105 | 18,933,018 | 18,945,694 | 26,166,157 | |||||||||||||||||
Class VI Shares | |||||||||||||||||||||
Issued | 10,949 | (b) | — | 35,585 | (b) | — | 106,230 | (b) | |||||||||||||
Reinvested | 31 | (b) | — | 108 | (b) | — | 441 | (b) | |||||||||||||
Redeemed | (4 | )(b) | — | (3,157 | )(b) | — | (52 | )(b) | |||||||||||||
10,976 | — | 32,536 | — | 106,619 | |||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Moderate | |||||
Year Ended | |||||
December 31, | |||||
2003 | |||||
CAPITAL TRANSACTIONS: | |||||
Class II Shares | |||||
Proceeds from shares issued | $ | 347,615,889 | |||
Dividends reinvested | 6,838,850 | ||||
Cost of shares redeemed | (15,316,412 | ) | |||
339,138,327 | |||||
Class VI Shares | |||||
Proceeds from shares issued | — | ||||
Dividends reinvested | — | ||||
Cost of shares redeemed | — | ||||
— | |||||
Change in net assets from capital transactions | $ | 339,138,327 | |||
SHARE TRANSACTIONS: | |||||
Class II Shares (a) | |||||
Issued | 36,222,806 | ||||
Reinvested | 690,206 | ||||
Redeemed | (1,655,473 | ) | |||
35,257,539 | |||||
Class VI Shares | |||||
Issued | — | ||||
Reinvested | — | ||||
Redeemed | — | ||||
— | |||||
(a) | On April 30, 2004, the existing share Class of the Funds’ was renamed Class II Shares. | |
(b) | For the period from April 30, 2004 (commencement of operations) through June 30, 2004. |
190
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
Moderately Conservative | Conservative | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
CAPITAL TRANSACTIONS: | |||||||||||||||||
Class II Shares | |||||||||||||||||
Proceeds from shares issued | $ | 97,593,024 | (a) | $ | 156,313,584 | $ | 59,601,538 | (a) | $ | 131,243,376 | |||||||
Dividends reinvested | 4,340,174 | (a) | 4,477,817 | 3,154,804 | (a) | 4,451,138 | |||||||||||
Cost of shares redeemed | (10,930,678 | )(a) | (18,618,982 | ) | (26,121,830 | )(a) | (42,972,713 | ) | |||||||||
91,002,520 | 142,172,419 | 36,634,512 | 92,721,801 | ||||||||||||||
Class VI Shares | |||||||||||||||||
Proceeds from shares issued | 249,530 | (b) | — | 340,303 | (b) | ||||||||||||
Dividends reinvested | 921 | (b) | — | 1,455 | (b) | ||||||||||||
Cost of shares redeemed | (99 | )(b) | — | (171 | )(b) | ||||||||||||
250,352 | — | 341,587 | — | ||||||||||||||
Change in net assets from capital transactions | $ | 91,252,872 | $ | 142,172,419 | $ | 36,976,099 | $ | 92,721,801 | |||||||||
SHARE TRANSACTIONS: | |||||||||||||||||
Class II Shares (a) | |||||||||||||||||
Issued | 9,251,028 | (a) | 15,964,121 | 5,747,679 | (a) | 13,121,722 | |||||||||||
Reinvested | 411,993 | (a) | 445,022 | 305,625 | (a) | 438,700 | |||||||||||
Redeemed | (1,038,342 | )(a) | (1,889,016 | ) | (2,524,429 | )(a) | (4,276,783 | ) | |||||||||
8,624,679 | 14,520,127 | 3,528,875 | 9,283,639 | ||||||||||||||
Class VI Shares | |||||||||||||||||
Issued | 23,791 | (b) | — | 33,192 | (b) | — | |||||||||||
Reinvested | 88 | (b) | — | 142 | (b) | — | |||||||||||
Redeemed | (9 | )(b) | — | (17 | )(b) | — | |||||||||||
23,870 | — | 33,317 | — | ||||||||||||||
(a) | On April 30, 2004, the existing share Class of the Funds’ was renamed Class II Shares. | |
(b) | For the period from April 30, 2004 (commencement of operations) through June 30, 2004. |
191
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
U.S. Growth Leaders | Global Utilities | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
CAPITAL TRANSACTIONS: | |||||||||||||||||
Class I Shares | |||||||||||||||||
Proceeds from shares issued | $ | 4,827,746 | $ | 15,331,231 | $ | 810,780 | $ | 2,012,238 | |||||||||
Dividends reinvested | 239,930 | 416,890 | 7,620 | 3,939 | |||||||||||||
Cost of shares redeemed | (5,305,000 | ) | (10,654,656 | ) | (774,953 | ) | (1,202,747 | ) | |||||||||
(237,324 | ) | 5,093,465 | 43,447 | 813,430 | |||||||||||||
Class II Shares | |||||||||||||||||
Proceeds from shares issued | 5,283,537 | 3,997,699 | (a) | 387,199 | 1,226,778 | (b) | |||||||||||
Dividends reinvested | 276,022 | 262,487 | (a) | 5,096 | 2,379 | (b) | |||||||||||
Cost of shares redeemed | (1,852,926 | ) | (216,508 | )(a) | (424,090 | ) | (262,724 | )(b) | |||||||||
3,706,633 | 4,043,678 | (31,795 | ) | 966,433 | |||||||||||||
Class III Shares | |||||||||||||||||
Proceeds from shares issued | 7,509,552 | 53,474,003 | 2,620,140 | 4,368,443 | |||||||||||||
Dividends reinvested | 1,806,673 | 3,599,508 | 52,110 | 31,006 | |||||||||||||
Cost of shares redeemed | (25,204,476 | ) | (15,780,751 | ) | (1,358,734 | ) | (2,035,130 | ) | |||||||||
(15,888,251 | ) | 41,292,760 | 1,313,516 | 2,364,319 | |||||||||||||
Change in net assets from capital transactions | $ | (12,418,942 | ) | $ | 50,429,903 | $ | 1,325,168 | $ | 4,144,182 | ||||||||
SHARE TRANSACTIONS: | |||||||||||||||||
Class I Shares | |||||||||||||||||
Issued | 452,817 | 1,532,591 | 86,329 | 247,853 | |||||||||||||
Reinvested | 23,004 | 38,744 | 805 | 451 | |||||||||||||
Redeemed | (504,503 | ) | (1,057,289 | ) | (81,313 | ) | (150,583 | ) | |||||||||
(28,682 | ) | 514,046 | 5,821 | 97,721 | |||||||||||||
Class II Shares | |||||||||||||||||
Issued | 491,430 | 377,442 | (a) | 41,123 | 150,495 | (b) | |||||||||||
Reinvested | 26,439 | 24,349 | (a) | 535 | 272 | (b) | |||||||||||
Redeemed | (181,504 | ) | (20,708 | )(a) | (45,580 | ) | (31,876 | )(b) | |||||||||
336,365 | 381,083 | (3,922 | ) | 118,891 | |||||||||||||
Class III Shares | |||||||||||||||||
Issued | 687,739 | 5,664,204 | 277,868 | 543,283 | |||||||||||||
Reinvested | 172,392 | 332,980 | 5,482 | 3,591 | |||||||||||||
Redeemed | (2,367,938 | ) | (1,762,695 | ) | (145,033 | ) | (259,063 | ) | |||||||||
(1,507,807 | ) | 4,234,489 | 138,317 | 287,811 | |||||||||||||
(a) | For the period from March 21, 2003 (commencement of operations) through December 31, 2003. | |
(d) | For the period from March 28, 2003 (commencement of operations) through December 31, 2003. |
192
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
Global Financial Services | Developing Markets | ||||||||||||||||
Six Months | Year Ended | Six Months | Year Ended | ||||||||||||||
Ended June 30, | December 31, | Ended June 30, | December 31, | ||||||||||||||
2004 | 2003 | 2004 | 2003 (a) | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
CAPITAL TRANSACTIONS: | |||||||||||||||||
Class I Shares | |||||||||||||||||
Proceeds from shares issued | $ | 2,035,111 | $ | 4,138,661 | $ | — | $ | — | |||||||||
Dividends reinvested | 56,881 | 306,338 | — | — | |||||||||||||
Cost of shares redeemed | (1,491,835 | ) | (1,734,955 | ) | — | — | |||||||||||
600,157 | 2,710,044 | — | — | ||||||||||||||
Class II Shares | |||||||||||||||||
Proceeds from shares issued | 2,035,327 | 1,246,725 | (b) | 65,567,165 | 293,180,381 | ||||||||||||
Dividends reinvested | 31,958 | 82,209 | (b) | 571,815 | 77,022 | ||||||||||||
Cost of shares redeemed | (866,373 | ) | (434,549 | )(b) | (96,982,700 | ) | (254,536,848 | ) | |||||||||
1,200,912 | 894,385 | (30,843,720 | ) | 38,720,555 | |||||||||||||
Class III Shares | |||||||||||||||||
Proceeds from shares issued | 13,408,425 | 6,754,567 | — | — | |||||||||||||
Dividends reinvested | 314,684 | 1,152,063 | — | — | |||||||||||||
Cost of shares redeemed | (6,677,683 | ) | (3,929,915 | ) | — | — | |||||||||||
7,045,426 | 3,976,715 | — | — | ||||||||||||||
Change in net assets from capital transactions | $ | 8,846,495 | $ | 7,581,144 | $ | (30,843,720 | ) | $ | 38,720,555 | ||||||||
SHARE TRANSACTIONS: | |||||||||||||||||
Class I Shares | |||||||||||||||||
Issued | 168,773 | 401,664 | — | — | |||||||||||||
Reinvested | 4,746 | 27,131 | — | — | |||||||||||||
Redeemed | (124,443 | ) | (179,129 | ) | — | — | |||||||||||
49,076 | 249,666 | — | — | ||||||||||||||
Class II Shares | |||||||||||||||||
Issued | 169,047 | 115,619 | (b) | 5,855,965 | 38,494,905 | ||||||||||||
Reinvested | 2,669 | 7,293 | (b) | 54,311 | 8,823 | ||||||||||||
Redeemed | (73,797 | ) | (42,590 | )(b) | (9,339,995 | ) | (34,139,262 | ) | |||||||||
97,919 | 80,322 | (3,429,719 | ) | 4,364,466 | |||||||||||||
Class III Shares | |||||||||||||||||
Issued | 1,104,352 | 660,966 | — | — | |||||||||||||
Reinvested | 26,232 | 102,138 | — | — | |||||||||||||
Redeemed | (571,761 | ) | (412,275 | ) | — | — | |||||||||||
558,823 | 350,829 | — | — | ||||||||||||||
(a) | Upon reorganization on June 23, 2003, the existing shares of the Fund were designated Class II shares. | |
(b) | For the period from March 28, 2003 (commencement of operations) through December 31, 2003. |
193
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
3. | Transactions with Affiliates |
Under the terms of the Trust’s Investment Advisory Agreements, Gartmore Global Asset Management Trust (“GGAMT”) manages the investment of the assets and supervises the daily business affairs of the Emerging Markets, International Growth, Global Utilities, Global Financial Services, and Developing Markets Funds. Pursuant to a similar Investment Advisory Agreement, Gartmore Mutual Fund Capital Trust (“GMF”) provides these services to the remaining Funds of the Trust. GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. (“GGI”), a holding company. GGI is a majority-owned subsidiary of GGAMT. GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders. GMF and GGAMT also provide investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadvisers, if any, for the Funds that GMF or GGAMT, as appropriate, advises. The subadvisers listed below manage all or a portion of their respective Fund’s investments and have the responsibility for making all investment decisions for that portion of the applicable Fund unless otherwise indicated. Additional information regarding the subadvised Funds is as follows:
Fund | Subadviser(s) | |
Small Company * | — The Dreyfus Corporation | |
— Neuberger Berman, LLC | ||
— Gartmore Global Partners ** | ||
— Strong Capital Management, Inc. prior to June 14, 2004. | ||
— American Century Investment Management Company after June 14, 2004. | ||
— Morgan Stanley Investments Management, Inc. after June 14, 2004. | ||
— Waddell & Reed Investment Management Company | ||
Balanced | — JPMorgan Investment Management, Inc. | |
Value | — Van Kampen Asset Management, Inc. | |
High Income Bond | — Federated Investment Counseling | |
Equity 500 Index | — SSgA Funds Management, Inc. | |
Multi Sector Bond | — Morgan Stanley Investments Management, Inc. | |
Small Cap Value * | — The Dreyfus Corporation | |
— JPMorgan Investment Management, Inc. | ||
Small Cap Growth | — Waddell & Reed Investment Management Company | |
— Neuberger Berman, LLC prior to June 14, 2004. | ||
— Oberweis Asset Management, Inc. after June 14, 2004. | ||
Worldwide Leaders | — Gartmore Global Partners ** | |
Mid Cap Index | — The Dreyfus Corporation | |
Emerging Markets | — Gartmore Global Partners ** | |
International Growth | — Gartmore Global Partners ** | |
International Value | — The Dreyfus Corporation | |
Global Utilities | — Gartmore Global Partners ** | |
Global Financial Services | — Gartmore Global Partners ** | |
Developing Markets | — Gartmore Global Partners ** | |
* | GMF, as investment adviser, directly manages a portion of these Funds. | |
** | Affiliate of GMF and GGAMT. |
194
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
Under the terms of the Investment Advisory Agreements, each Fund pays its respective adviser an investment advisory fee based on that Fund’s average daily net assets. From such fees, pursuant to the sub-advisory agreements, GMF or GGAMT, as appropriate, pays fees to each applicable subadviser. Additional information regarding investment advisory fees for GMF and GGAMT and the subadvisory fees is as follows for the six months ended June 30, 2004:
Fee | Total | Fees | Paid to | |||||||||||
Fund | Schedule | Fees | Retained | Sub-advisor | ||||||||||
Nationwide and Growth | Up to $1 billion | 0.60 | % | 0.60 | % | N/A | ||||||||
Next $1 billion | 0.58 | % | 0.58 | % | N/A | |||||||||
Next $3 billion | 0.55 | % | 0.55 | % | N/A | |||||||||
$5 billion or more | 0.50 | % | 0.50 | % | N/A | |||||||||
Government Bond | Up to $1 billion | 0.50 | % | 0.50 | % | N/A | ||||||||
Next $1 billion | 0.48 | % | 0.48 | % | N/A | |||||||||
Next $3 billion | 0.45 | % | 0.45 | % | N/A | |||||||||
$5 billion or more | 0.40 | % | 0.40 | % | N/A | |||||||||
Small Company | All assets | 0.93 | % | 0.33 | % | 0.60 | % | |||||||
Money Market | Up to $1 billion | 0.40 | % | 0.40 | % | N/A | ||||||||
Next $1 billion | 0.38 | % | 0.38 | % | N/A | |||||||||
Next $3 billion | 0.36 | % | 0.36 | % | N/A | |||||||||
$5 billion or more | 0.34 | % | 0.34 | % | N/A | |||||||||
Money Market II | Up to $1 billion | 0.50 | % | 0.50 | % | N/A | ||||||||
Next $1 billion | 0.48 | % | 0.48 | % | N/A | |||||||||
Next $3 billion | 0.46 | % | 0.46 | % | N/A | |||||||||
$5 billion or more | 0.44 | % | 0.44 | % | N/A | |||||||||
Balanced | Up to $100 million | 0.75 | % | 0.40 | % | 0.35 | % | |||||||
$100 million or more | 0.70 | % | 0.40 | % | 0.30 | % | ||||||||
Mid Cap Growth | Up to $200 million | 0.75 | % | 0.75 | % | N/A | ||||||||
$200 million or more | 0.70 | % | 0.70 | % | N/A | |||||||||
Value | Up to $50 million | 0.80 | % | 0.45 | % | 0.35 | % | |||||||
Next $200 million | 0.65 | % | 0.35 | % | 0.30 | % | ||||||||
Next $250 million | 0.60 | % | 0.35 | % | 0.25 | % | ||||||||
$500 million or more | 0.55 | % | 0.35 | % | 0.20 | % | ||||||||
High Income Bond | Up to $50 million | 0.80 | % | 0.40 | % | 0.40 | % | |||||||
Next $200 million | 0.65 | % | 0.40 | % | 0.25 | % | ||||||||
Next $250 million | 0.60 | % | 0.40 | % | 0.20 | % | ||||||||
$500 million or more | 0.55 | % | 0.40 | % | 0.15 | % | ||||||||
Equity 500 Index | Up to $1.5 billion | 0.24 | % | 0.21 | % | 0.03 | % | |||||||
Next $1.5 billion | 0.23 | % | 0.21 | % | 0.02 | % | ||||||||
$3 billion or more | 0.22 | % | 0.20 | % | 0.02 | % | ||||||||
Multi Sector Bond | Up to $200 million | 0.75 | % | 0.45 | % | 0.30 | % | |||||||
$200 million or more | 0.70 | % | 0.45 | % | 0.25 | % | ||||||||
Small Cap Value | Up to $200 million | 0.90 | % | 0.40 | % | 0.50 | % | |||||||
$200 million or more | 0.85 | % | 0.40 | % | 0.45 | % | ||||||||
Small Cap Growth | All assets | 1.10 | % | 0.50 | % | 0.60 | % | |||||||
Worldwide Leaders | Up to $50 million | 1.00 | % | 0.40 | % | 0.60 | % | |||||||
$50 million or more | 0.95 | % | 0.40 | % | 0.55 | % | ||||||||
195
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
Fee | Total | Fees | Paid to | |||||||||||
Fund | Schedule | Fees | Retained | Sub-advisor | ||||||||||
Mid Cap Index | Up to $250 million | 0.30 | % | 0.20 | % | 0.10 | % | |||||||
Next $250 million | 0.29 | % | 0.20 | % | 0.09 | % | ||||||||
Next $250 million | 0.28 | % | 0.20 | % | 0.08 | % | ||||||||
Next $250 million | 0.27 | % | 0.20 | % | 0.07 | % | ||||||||
$1 billion or more | 0.25 | % | 0.20 | % | 0.05 | % | ||||||||
Global Technology and Communications | Up to $500 million | 0.98 | % | 0.98 | % | N/A | ||||||||
Next $1.5 billion | 0.93 | % | 0.93 | % | N/A | |||||||||
Over $2 billion | 0.88 | % | 0.88 | % | N/A | |||||||||
Global Health Sciences | Up to $500 million | 1.00 | % | 1.00 | % | N/A | ||||||||
Next $1.5 billion | 0.95 | % | 0.95 | % | N/A | |||||||||
Over $2 billion | 0.90 | % | 0.90 | % | N/A | |||||||||
Nationwide Leaders and US Growth Leaders * | Up to $500 million | 0.90 | % | 0.90 | % | N/A | ||||||||
Next $1.5 billion | 0.80 | % | 0.80 | % | N/A | |||||||||
$2 billion or more | 0.75 | % | 0.75 | % | N/A | |||||||||
Emerging Markets and Developing Markets | Up to $500 million | 1.15 | % | 0.575 | % | 0.575 | % | |||||||
Next $1.5 billion | 1.10 | % | 0.525 | % | 0.575 | % | ||||||||
Over $2 billion | 1.05 | % | 0.475 | % | 0.575 | % | ||||||||
International Growth | Up to $500 million | 1.00 | % | 0.50 | % | 0.50 | % | |||||||
Next $1.5 billion | 0.95 | % | 0.45 | % | 0.50 | % | ||||||||
Over $2 billion | 0.90 | % | 0.40 | % | 0.50 | % | ||||||||
Global Financial Services | Up to $500 million | 1.00 | % | 1.00 | % | N/A | ||||||||
Next $1.5 billion | 0.95 | % | 0.95 | % | N/A | |||||||||
Over $2 billion | 0.90 | % | 0.90 | % | N/A | |||||||||
International Value | Up to $500 million | 0.75 | % | 0.375 | % | 0.375 | % | |||||||
$500 million or more | 0.70 | % | 0.40 | % | 0.30 | % | ||||||||
Aggressive, Moderately Aggressive, Moderate, Moderately Conservative and Conservative | All assets | 0.13 | % | 0.13 | % | N/A | ||||||||
Global Utilities | Up to $500 million | 0.80 | % | 0.80 | % | N/A | ||||||||
Next $1.5 billion | 0.75 | % | 0.75 | % | N/A | |||||||||
Over $2 billion | 0.70 | % | 0.70 | % | N/A | |||||||||
* | The US Growth Leaders Fund pays GMF a base management fee (as shown above) which may be adjusted upward or downward depending on the Fund’s performance relative to its benchmark, the S&P 500 Index for the US Growth Leaders Fund. Thus, if the Fund outperforms its benchmark by 12% or more over a 36 month period, that Fund will pay higher management fees. Conversely, if the Fund underperforms its benchmark by 12% or more over a 36 month period, that Fund will pay lower management fees. No adjustment will take place if the under or overperformance is less than 12% and GMF will receive the applicable base fee. The fee adjustment described above will be phased in over a 24 month period beginning after the first year of operations of the Fund. The base fee is either increased or decreased by the following amounts at each breakpoint: |
Fee Schedule | Fee Adjustment | |||
Up to $500 million | +/– 0.22 | % | ||
Next $1.5 million | +/– 0.18 | % | ||
$2 billion or more | +/– 0.16 | % |
196
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
GMF or GGAMT, where applicable, and the Funds have entered into written contracts (“Expense Limitation Agreements”) limiting operating expenses (excluding any taxes, interest, brokerage fees, extraordinary expenses, short sale dividend expenses, Rule 12b-1 fees, and administrative services fees) from exceeding the amounts listed in the table below until at least April 30, 2005:
Fund | Expense Caps | |||||
Global Technology and Communications | All Classes | 1.25 | % | |||
Emerging Markets | All Classes | 1.40 | % | |||
International Growth | All Classes | 1.25 | % | |||
Global Health Sciences | All Classes | 1.25 | % | |||
Nationwide Leaders | All Classes | 1.10 | % | |||
US Growth Leaders | All Classes | 1.15 | % | |||
Global Utilities | All Classes | 1.05 | % | |||
Global Financial Services | All Classes | 1.25 | % | |||
Aggressive | 0.61 | %1 | ||||
Moderately Aggressive | 0.61 | %1 | ||||
Moderate | 0.61 | %1 | ||||
Moderately Conservative | 0.61 | %1 | ||||
Conservative | 0.61 | %1 |
1 | The expense caps described above do not exclude Rule 12b-1 and administrative service fees. |
Effective April 28, 2003, GMF or GGAMT, where applicable, and the Funds have entered into written contracts (“Expense Limitation Agreements”) limiting operating expenses from exceeding the amounts listed in the table below until at least October 1, 2004 for Class IV shares and April 30, 2005 for the remaining classes/ Funds:
Fund | Expense Caps | |||||
Value | Class II Shares | 1.20 | % | |||
Value | Class IV Shares | 0.95 | % | |||
Mid Cap Growth | Class IV Shares | 0.95 | % | |||
Money Market | Class IV Shares | 0.50 | % | |||
Money Market | Class V Shares | 0.55 | % | |||
Equity 500 Index | Class IV Shares | 0.28 | % | |||
Balanced | Class IV Shares | 0.91 | % | |||
Developing Markets | Class II Shares | 1.35 | %1 |
1 | The expense caps described above exclude taxes, interest, brokerage fees, extraordinary expenses, Rule 12b-1 fees, short sale dividend expenses, and administrative service fees. |
Pursuant to the Expense Limitation Agreements applicable for certain Funds described above, GMF or GGAMT may request and receive reimbursement of the advisory fees waived or limited and other expenses reimbursed by GMF or GGAMT, as appropriate, at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made, depending on the Fund (as described below), if a Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement of previous waivers and reimbursements will be made to GMF or GGAMT unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class of Fund making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreements, reimbursement of amounts previously waived or assumed by GMF or GGAMT is not permitted.
197
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
As of the six months ended June 30, 2004, the cumulative potential reimbursements for all classes of the following Funds (unless otherwise indicated) based on reimbursements within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by GMF or GGAMT would be:
Amount | Amount | Amount | Six Months | |||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | Ended June 30, | |||||||||||||
Fund | 2001 | 2002 | 2003 | 2004 | ||||||||||||
Money Market IV | $ | — | $ | — | $ | 103,443 | $ | 60,437 | ||||||||
Balanced Class IV | — | — | 20,093 | 15,947 | ||||||||||||
Mid Cap Growth Class IV | — | — | 56,667 | 13,289 | ||||||||||||
Value Class II | — | — | 1,369 | 4,488 | ||||||||||||
Equity 500 Index Class IV | — | — | 486,617 | 207,286 | ||||||||||||
Global Health Sciences | 95,729 | 283 | — | — | ||||||||||||
Nationwide Leaders | 7,433 | 155 | — | — | ||||||||||||
Aggressive | 6,646 | — | — | — | ||||||||||||
Moderately Aggressive | 6,646 | — | — | — | ||||||||||||
Moderate | 6,646 | — | — | — | ||||||||||||
Moderately Conservative | 6,646 | — | — | — | ||||||||||||
Conservative | 6,646 | — | — | — | ||||||||||||
US Growth Leaders | 7,223 | — | — | — | ||||||||||||
Global Utilities | 8,323 | 220 | — | — | ||||||||||||
Global Financial Services | 8,320 | — | — | — | ||||||||||||
Developing Markets | — | — | 5,714 | — |
Under the terms of a Fund Administration and Transfer Agency Agreement, Gartmore SA Capital Trust (“GSA”) provides the Funds with various administrative and accounting services, and Gartmore Investors Services, Inc. (“GISI”), an indirect subsidiary of GSA, serves as Transfer and Dividend Disbursing Agent for each of the Funds. The fees for the services provided under this agreement are combined and calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all Funds within the Trust (other than the Investor Destinations Funds) in relation to the average daily net assets of each Fund and are paid to GSA. GSA pays GISI from these fees for its services.
Combined Fee Schedule* | ||||
Up to $1 billion | 0.13% | |||
$1 billion and more up to $3 billion | 0.08% | |||
$3 billion and more up to $8 billion | 0.05% | |||
$8 billion and more up to $10 billion | 0.04% | |||
$10 billion and more up to $12 billion | 0.02% | |||
$12 billion or more | 0.01% |
* | The assets of the Investor Destinations Funds are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee. |
GSA and GISI have entered into agreements with BISYS Fund Services Ohio, Inc., to provide sub-administration and sub-transfer agency services, respectively, to the Funds.
Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Gartmore Distribution Services, Inc. (“GDSI”), the Funds’ Distributor, is compensated by the Funds for expenses associated with the distribution of Class II shares of the Funds. These fees are based on average daily net assets of Class II shares of the Funds at an annual rate not to exceed 0.25% for Class II shares.
Under the terms of an Administrative Services Plan, the Funds pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, and financial institutions, which agree to provide administrative support services. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Funds; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of each of the applicable Funds, Money Market II, and the Investor Destinations Funds.
198
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
The Funds reserve the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less. The short-term trading fee is paid directly to the applicable Fund and is designed to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.
For the six months ended June 30, 2004, the following Funds had contributions to capital due to collection of short-term trading fee:
Fund | Amount | |||
Nationwide | $ | 2,939 | ||
Government Bond | 14,705 | |||
Small Company | 123 | |||
Mid Cap Growth | 4,853 | |||
Small Cap Value | 2,157 | |||
Small Cap Growth | 917 | |||
Worldwide Leaders | 1,120 | |||
Global Technology and Communications | 22,688 | |||
Global Health Sciences | 23,939 | |||
Nationwide Leaders | 4,683 | |||
Emerging Markets | 11,220 | |||
International Growth | 3,461 | |||
International Value | 53,515 | |||
US Growth Leaders | 7,872 | |||
Global Utilities | 2,925 | |||
Global Financial Services | 15,783 | |||
Aggressive | 650 |
As of June 30, 2004, the advisers or affiliates of the advisers directly held the percentage indicated of the shares outstanding of the applicable Fund:
% of Shares | ||||
Fund | Outstanding Owned | |||
Value | 17 | % | ||
Nationwide Leaders | 15 | % | ||
Global Utilities | 34 | % | ||
Global Financial Services | 21 | % |
199
Table of Contents
NOTES TO FINANCIAL STATEMENTS (Continued)
June 30, 2004 (Unaudited)
7. | Investment Transactions |
Purchases and sales of securities (excluding short-term securities) for the six months ended June 30, 2004 are summarized as follows:
Fund | Purchases | Sales | ||||||
Nationwide | $ | 932,682,252 | $ | 1,053,042,471 | ||||
Growth | 418,001,850 | 432,949,978 | ||||||
Government Bond | 396,862,657 | 570,503,446 | ||||||
Small Company | 695,918,930 | 715,990,921 | ||||||
Balanced | 324,978,672 | 330,770,017 | ||||||
Mid Cap Growth | 87,548,816 | 99,881,040 | ||||||
Value | 32,367,535 | 12,833,451 | ||||||
High Income Bond | 78,944,826 | 86,321,885 | ||||||
Equity 500 Index | 3,696,841 | 12,807,089 | ||||||
Multi Sector Bond | 234,346,526 | 218,901,283 | ||||||
Small Cap Value | 624,018,163 | 643,469,044 | ||||||
Small Cap Growth | 115,668,728 | 122,821,497 | ||||||
Worldwide Leaders | 83,171,346 | 84,807,501 | ||||||
Mid Cap Index | 53,872,630 | 30,582,528 | ||||||
Global Technology and Communications | 190,455,554 | 187,470,573 | ||||||
Global Health Sciences | 92,782,309 | 71,453,173 | ||||||
Nationwide Leaders | 6,563,680 | 6,793,477 | ||||||
Emerging Markets | 85,997,471 | 65,384,163 | ||||||
International Growth | 14,826,127 | 14,770,416 | ||||||
International Value | 42,482,500 | 20,870,795 | ||||||
Aggressive | 127,402,311 | 13,735,900 | ||||||
Moderately Aggressive | 219,017,387 | 23,817,443 | ||||||
Moderate | 263,161,134 | 8,454,726 | ||||||
Moderately Conservative | 81,593,981 | 3,820,270 | ||||||
Conservative | 42,371,809 | 13,385,921 | ||||||
US Growth Leaders | 153,554,476 | 167,371,286 | ||||||
Global Utilities | 26,695,869 | 25,138,313 | ||||||
Global Financial Services | 23,716,484 | 14,171,962 | ||||||
Developing Markets | 135,560,891 | 160,376,832 |
8. | Portfolio Investment Risks |
Credit and Market Risk. Funds that invest in high yield and emerging market instruments are subject to certain additional credit and market risks. The yields of high yield and emerging market debt obligations reflect, among other things, perceived credit risk. The Funds’ investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Funds.
200
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Management Information (Unaudited)
Trustees who are not Interested Persons (as defined in the 1940 Act) of the Funds
June 30, 2004
Term of | ||||||||||
Office | ||||||||||
with | ||||||||||
Trust— | ||||||||||
Position(s) | Length of | |||||||||
Name, Address, | Held with | Time | Principal Occupation(s) During Past | |||||||
and Date of Birth | Fund | Served1 | 5 Years | |||||||
Charles E. Allen 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1948 | Trustee | Since July 2000 | Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management). | |||||||
Michael J. Baresich 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1954 | Trustee | Since March 2004 | Mr. Baresich is Chief Executive Officer and Director of Cokinetic Systems Corp. (software company). From 1999 to 2001, Mr. Baresich was a Managing Director of Deutsche Bank and from 1985 to 1999 he was a Managing Director of Bankers Trust. | |||||||
Paula H.J. Cholmondeley 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1947 | Trustee | Since July 2000 | Ms. Cholmondeley is an independent strategy consultant and Chairman of Sorrel Group (2004-present). Prior to this, Ms. Cholmondeley was Vice President and General Manager of Specialty Products at Sappi Fine Paper North America (2000-2004). Ms. Cholmondeley was an independent strategy consultant (1998-2000), and held various positions with Owens Corning, including Vice President and General Manager of the Residential Insulation Division (1997-1998). | |||||||
C. Brent DeVore 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1940 | Trustee | Since May 1998 | Dr. DeVore is President of Otterbein College. | |||||||
Robert M. Duncan 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1927 | Trustee | Since April 1997 | Since 1999, Mr. Duncan has worked as an arbitration and mediation consultant. From 1996 to 1999, Mr. Duncan was Commissioner of the Ohio Elections Commission. | |||||||
Barbara L. Hennigar 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1935 | Trustee | Since July 2000 | Retired; Ms. Hennigar was formally the Chairman of OppenheimerFunds Services and Shareholder Services Inc. Ms. Hennigar held this position from October 1999 to June, 2000. Prior to that, Ms. Hennigar served as President and Chief Executive Officer of OppenheimerFunds Services. | |||||||
Thomas J. Kerr, IV 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1933 | Trustee | Since June 1981 | Dr. Kerr is President Emeritus of Kendall College. | |||||||
Douglas F. Kridler 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1955 | Trustee | Since September 1997 | Mr. Kridler is the President and Chief Executive Officer of the Columbus Foundation, Columbus, OH based (a foundation which manages over 1,000 individual endowment funds). Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau. | |||||||
David C. Wetmore 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1948 | Trustee | Since May 1995 | Retired; Mr. Wetmore was formally the Managing Director of Updata Capital, Inc., a venture capital firm. |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Number of | ||||||
Portfolios in | ||||||
Fund | ||||||
Complex | ||||||
Name, Address, | Overseen by | Other Directorships | ||||
and Date of Birth | Trustee | Held by Trustee2 | ||||
Charles E. Allen 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1948 | 78 | None | ||||
Michael J. Baresich 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1954 | 78 | None | ||||
Paula H.J. Cholmondeley 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1947 | 78 | Director of Dentsply International, Inc. Director of Ultra Life Batteries, Inc. Director of Terex Corporation | ||||
C. Brent DeVore 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1940 | 78 | None | ||||
Robert M. Duncan 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1927 | 78 | None | ||||
Barbara L. Hennigar 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1935 | 78 | None | ||||
Thomas J. Kerr, IV 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1933 | 78 | None | ||||
Douglas F. Kridler 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1955 | 78 | None | ||||
David C. Wetmore 1200 River Rd. Suite 1000 Conshohocken, PA 19428 1948 | 783 | None |
201
Table of Contents
GARTMORE VARIABLE INSURANCE TRUST
Management Information (Continued) (Unaudited)
Trustees and Officers who are Interested Persons (as defined in the 1940 Act) and
June 30, 2004
Term of | ||||||||||
Office— | ||||||||||
Position(s) | Length of | |||||||||
Name, Address, | Held with | Time | Principal Occupation(s) During Past | |||||||
and Date of Birth | Fund | Served1 | 5 Years | |||||||
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Conshohocken, PA 19428 1948 | Trustee and Chairman | Since July 2000 | Mr. Hondros is President and Chief Executive Officer of Gartmore Distribution Services, Inc.*, Gartmore Investor Services, Inc.*, Gartmore Morley Capital Management, Inc.*, Gartmore Morley Financial Services, Inc.,* NorthPointe Capital, LLC*, GGAMT*, GGI*, GMF*, and GSA* and a Director of Nationwide Securities, Inc.* as well as several entities within Nationwide Financial Services, Inc. | |||||||
Arden L. Shisler Gartmore Global Investments, Inc. 1200 River Road, Conshohocken, PA 19428 1941 | Trustee | Since February 2000 | Mr. Shisler is President and Chief Executive Officer of K&B Transport, Inc., a trucking firm, Chairman of the Board for Nationwide Mutual Insurance Company* and a Director of Nationwide Financial Services, Inc.* | |||||||
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Conshohocken, PA 19428 1951 | Treasurer | Since March 2001 | Mr. Holland is Senior Vice President — Operations for GGI*, GMF* and GSA.* Mr. Holland was Assistant Treasurer to the Funds. Prior to July 2000, Mr. Holland was Vice President for First Data Investor Services, an investment company service provider. | |||||||
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Conshohocken, PA 19428 1953 | Secretary | Since December 2002 | Mr. Miller is Senior Vice President, Chief Counsel for GGI*, GMF* and GSA*. Prior to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP. | |||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Number of | ||||||
Portfolios in | ||||||
Fund | ||||||
Complex | ||||||
Name, Address, | Overseen by | Other Directorships | ||||
and Date of Birth | Trustee | Held by Trustee2 | ||||
Paul J. Hondros Gartmore Global Investments, Inc. 1200 River Road, Conshohocken, PA 19428 1948 | 783 | None | ||||
Arden L. Shisler Gartmore Global Investments, Inc. 1200 River Road, Conshohocken, PA 19428 1941 | 78 | None | ||||
Gerald J. Holland Gartmore Global Investments, Inc. 1200 River Road, Conshohocken, PA 19428 1951 | 78 | None | ||||
Eric E. Miller Gartmore Global Investments, Inc. 1200 River Road, Conshohocken, PA 19428 1953 | 78 | None | ||||
1 | The term of office length is until a director resigns or reaches a mandatory retirement age of 70. The Trust adopted a five-year implementation period for any Trustee 65 or older as of the adoption of this policy. | |
2 | Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act. | |
3 | Mr. Wetmore served as an independent director, and Mr. Hondros serves as a director of the Board of Directors for each of the various offshore hedge funds managed by Gartmore SA Capital Trust (“GSA”). (Mr. Wetmore resigned as an independent director of these Boards effective as of December 3, 2003.) | |
* | This position is held with an affiliated person or principal underwriter of the Funds. | |
Trustees and Officers who are not Interested Persons (as defined in the 1940 Act) of the Funds received aggregate compensation of $202,833 from the Trust for the six months ended June 30, 2004. Additional information regarding the Trustees and Officers may be found in the Trust’s statement of additional information, which is available without charge upon request, by calling 1-800-848-0920. | ||
Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 1-800-848-0920, (ii) on the Fund’s website at www.gartmorefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov. |
202
Table of Contents
Item 2. Code of Ethics.
Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so. |
Not applicable – The information required by this item is required only in an annual report on this Form N-CSR.
Item 3. Audit Committee Financial Expert.
(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:
(i) Has at least one audit committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert serving on its audit committee.
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a- 2(a)(19)).
(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable – The information required by this item is required only in an annual report on this Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of nonaudit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved
Table of Contents
pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Not applicable – The information required by this item is required only in an annual report on this Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
(a) | If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state. | |||
(b) | If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees. |
Not applicable. The registrant is not a listed issuer as defined in Rule 10A-3 under the Exchange Act.
Item 6. Schedule of Investments.
File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in § 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
This schedule is included as part of the registrant’s report to shareholders, as filed under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.
Not applicable. The registrant is an open-end management investment company, not a closed-end management investment company.
Item 8. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).
Not applicable. The registrant is an open-end management investment company, not a closed-end management investment company.
Item 9. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
The Independent Trustees and the Board of Trustees of the registrant adopted a formal, written “Policy Regarding Shareholder Submission of Trustee Candidates,” as well as a formal, written “Statement of Policy On Criteria For Selecting Trustees,” on June 9, 2004, and June 10, 2004, respectively. Neither this policy nor this statement of policy has been materially changed since the Board of Trustees adoption of the policy and the statement of policy, respectively.
Item 10. Controls and Procedures.
Table of Contents
(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures, as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is: (i) accumulated and communicated to the investment company’s management, including the registrant’s certifying officers, to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s applicable rules and forms.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely materially to affect, the registrant’s internal control over financial reporting.
Item 11. Exhibits.
(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. Not applicable. The information required by this item is required only in an annual report on this Form N-CSR.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2). Certifications pursuant to Rule 30a-2(a) are attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. Rule 23c-1 under the Act applies to closed-end management investment companies, not to open-end management investment companies.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by rule 30a-2(b) under the Act as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant incorporates it by reference. Certifications pursuant to Rule 30a-2(b) are furnished herewith.
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | GARTMORE VARIABLE INSURANCE TRUST | |||
By (Signature and Title)* | /s/ | GERALD J. HOLLAND | ||
Name: | Gerald J. Holland | |||
Title: | Treasurer | |||
Date: | September 8, 2004 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ | PAUL J. HONDROS | ||
Name: | Paul J. Hondros | |||
Title: | President & Chairman of the Board | |||
Date: | September 8, 2004 | |||
By (Signature and Title)* | /s/ | GERALD J. HOLLAND | ||
Name: | Gerald J. Holland | |||
Title: | Treasurer | |||
Date: | September 8, 2004 |
* Print the name and title of each signing officer under his or her signature.